Federal Reserve Bulletin, 1951-05

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Business Financing in the Defense Period. 481-489 Federal Reserve Responsibilities under Defense Production Act. 490-494 Voluntary Credit Restraint Releases. 495-500 Member Bank Earnings, 1950.. 501-504 Ownership of Demand Deposits. . 505-507 Law Department. 508-510 Current Events and Announcements. . 510 National Summary of Business Conditions. . 511-512 Financial, Industrial, Commercial Statistics, U. S. (See p. 513 for list of tables) . 513-587 International Financial Statistics (See p. 589 for list of tables). 589-607 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 608 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 609 Federal Reserve Publications. 610-611 Map of Federal Reserve Districts. . 612 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 May 1951 NUMBER 5 BUSINESS FINANCING IN THE DEFENSE PERIOD American business concerns are currently financing institutions may ultimately deterspending an unprecedented amount for en- mine whether or not projected capital exlargement and modernization of productive penditures will be made. facilities. At a time when Government pur- Credit and monetary measures are exertchases of military equipment are making ing a restraining influence upon the availincreasingly large demands on labor and ability of short- and long-term business on many materials already in short supply, funds. Some further reduction in the supsuch large business capital expenditures are ply of such funds to finance nonessential a source of inflationary pressures. Though capital expenditures is expected as a result of the increased production made possible by an the Voluntary Credit Restraint Program, in expansion of plant and equipment will help which many commercial and mutual savings to moderate inflationary tendencies at some banks, life insurance companies, savings and future time, the immediate effect of large loan associations, and investment bankers are capital outlays is to accentuate such forces. actively participating. These restraining in- If plant and equipment outlays, together fluences, by diverting credit from nonessenwith increased working capital requirements, tial to defense and defense-supporting uses, prove during 1951 to be as large as or larger can help to lessen inflationary pressures. than currently contemplated, business financ- PLANT AND EQUIPMENT EXPENDITURES ing requirements will be greater than in 1950. Some concerns will rely heavily, as they have During the past year and a half business in recent years, upon retained earnings and concerns have been revising their plant and current depreciation accruals in meeting equipment expenditure plans upward. Rethese requirements. A larger number than visions made in the early part of 1950 in recent years, however, may have to obtain reflected improved business prospects that funds through bank loans and security issues. accompanied the accelerated recovery from While the over-all business financing out- the moderate recession of the preceding year; look for 1951 is one of somewhat greater subsequent changes were made largely in dependence upon external sources of funds, response to developments following the inthe degree of dependence will vary among vasion of South Korea. individual companies and, to a certain extent, Part of these post-Korean revisions in capiamong major industries. For those com- tal expenditure programs represented addipanies and industries that are largely depend- tions to defense and defense-supporting proent upon external financing, the availability ductive facilities and were undertaken in of funds from commercial banks and other accordance with Government policy, as out- MAY 1951 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD lined in the Defense Production Act of 1950. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT At the same time, a substantial number of [Amounts in billions of dollars] capital expenditure programs for nondefense Amount Percent- Previous purposes were also revised upward on age in- peak crease the basis of businessmen's expectations of Industry- (a 1 n 9 ti 5 c 1 i- 1950 1 o 9 v 5 e 1 r pated) (actual) 1950 Amount Year high levels of activity and employment for some years to come, of strong private de- Manufacturing 11.9 8.2 45 8.3 1948 Transportation other mands for goods and services of all types, of than railroad 0.6 0.4 41 0.8 1947 Railroad 1.5 1.1 33 1.4 1949 large current and prospective profits, and of Mining 0.9 0.7 31 0.8 1948 Electric and gas utility. . 3.5 3.2 12 3.2 1950 future material shortages and further price Commercial and miscellaneous 5.4 4.9 10 5.4 1948 increases. All industries 23.9 18.6 29 19.2 1948 Current capital expenditure program. A Source.—Department of Commerce; Securities and Exchange survey conducted by the Department of Com- Commission. merce and the Securities and Exchange Comrently anticipated will depend on a number mission during the first quarter of 1951 of factors. Comparisons of anticipated with revealed that business concerns are anticipatactual capital expenditures in previous years ing expenditures on new plant and equipindicate that business concerns tend to underment of nearly 24 billion dollars during 1951. estimate the effect of price changes and to Such expenditures, if realized, would repreexclude relatively small, though often nusent an increase of 11 per cent from the seamerous, capital outlays. Thus, in years of sonally adjusted annual rate in the fourth increasing economic activity and rising quarter of 1950, and would be almost 25 prices, actual expenditures tend to exceed per cent above the previous all-time record anticipations, sometimes by substantial of 19.2 billion dollars in 1948. amounts. Such may again be the case in Anticipated increases from 1950 to 1951 in 1951, though two important forces will operplant and equipment expenditures of major ate to prevent it. For one thing, some less industries range from 45 per cent in manuessential capital expenditure programs may facturing to 10 per cent in the commercial be curtailed or postponed by Government and miscellaneous group, as shown in the restrictions or by lack of necessary materials table. With the exception of transportation and equipment. For another, unavailability other than railroads, all major groups are of financing because of tighter credit and expecting to spend as much or more on new capital market conditions may prevent the plant and equipment during 1951 as in any realization of expenditure anticipations. previous postwar year. Part of the antici- Nevertheless, a sizable proportion of planned pated increase in business capital outlays rebusiness investment will not be affected by flects higher prices rather than an increased physical volume. Estimates indicate, how- such factors, since it is defense supporting ever, that on an over-all basis the increase in and is being encouraged by the Government. physical volume of business capital formation Expansion for defense purposes. On an could be as much as 20 per cent. over-all basis, it appears that defense or de- Whether actual expenditures on new plant fense-supporting industries will account for and equipment during 1951 will eventually perhaps half of the business plant and equipprove to be more or less than those cur- ment expenditures anticipated for 1951. In- 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD eluded among the defense-supporting indus- preciation accruals. For nonfinancial cortries are: electric and gas utilities, railroads, porations in the aggregate about three-fifths other transportation, and mining, which to- of 1946-50 financing requirements was met gether expect to make capital outlays totaling with internal funds. 6l/ billion dollars. In addition, planned ex- In 1950, as shown in the table, nonfinan- 2 penditures by the chemical, petroleum refin- cial corporations invested more than 17 biling, electrical and other machinery, steel, lion dollars in new plant and equipment and and other transportation equipment groups, another 17 billion in inventories and receivwhose operations may be assumed to be ables. The latter investment reflected largely closely related to defense activities, are esti- the sharp rise in prices and expansion of mated at 6 billion dollars. It should be noted, activity during the second half of 1950. It however, that not all capital expenditures contrasts with the situation in 1949 when, in these industries are necessarily defense as is characteristic of a period of contraction, supporting. inventories and receivables were liquidated While the remaining half of the planned on balance and provided, rather than abcapital expenditures of business undoubtedly sorbed, business funds. Net purchases of includes some defense-connected investment, tax notes and other United States Governthere is a substantial amount of nondefense ment securities during 1950, amounting to plant expansion that possibly could be de- 3.6 billion dollars, were larger than in any ferred. For example, a major part of the 5.4 previous postwar year, while corporate holdbillion dollar expenditure anticipated by the ings of cash increased by 1.0 billion. commercial and miscellaneous group might USES AND SOURCES OF CORPORATE FUNDS, 1948—501 be classed as nonessential and deferrable. In [In billions of dollars] view of the high level of capital expenditures reached during the first quarter of 1951, there Item 1950 1949 1948 is some question as to how much reduction Uses of funds: Plant and equipment 17.2 16.1 17.4 in nonessential expenditures will be effected Inventories 7.3 -4.6 5.0 Receivables . . 9.7 -0.5 2.5 during the remainder of the year. Many Cash 1.0 1.0 -0.2 U. S. Government securities 3.6 2.0 0.3 difficulties will necessarily be encountered in Other . 0.3 -0.2 (2) cutting back construction and equipment Total 39.1 13.8 25.0 purchases for which contracts have already Sources of funds: Retained earnings 12.5 8.6 12.8 Depreciation accruals 7.0 6.7 6.0 been let or on which work has already begun. Income tax liability 7.7 -2.4 0.8 Trade debt. 5.6 -2.2 0.9 Bank debt 2.9 -1.8 1.1 Security issues 3.4 4.7 5.6 INTERNAL FINANCING OF BUSINESS Other 1.6 0.6 0.8 INVESTMENT Total 40.7 14.4 27.9 Throughout the postwar period business 1 Excludes banks and insurance companies. 2 Less than 50 million dollars. concerns have expended large amounts on Source.—Department of Commerce, Securities and Exchange Commission, and Federal Reserve. new plant and equipment and in most years have added substantial amounts to their in- Retained profits plus depreciation accruals ventories, receivables, and liquid assets. A provided about 50 per cent of total funds large proportion of total business investment used by nonfinancial corporations in 1950, has been financed with funds obtained in- while current income tax accruals, funds ternally—primarily retained profits plus de- obtained from bank loans and new security MAY 1951 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD issues, and trade credit each accounted for corporations totaled 13.4 billion dollars in 15 to 20 per cent of total funds. 1950, 46 per cent above the 1949 level. With the substantial increase in their ex- CORPORATE PROFITS penditures on plant and equipment contem- BILLIONS BILLIONS OF DOLLARS OF DOLLARS plated for 1951, business concerns will have to rely upon relatively permanent forms 50 of financing to a much greater extent than during 1950, when additions to inventories and receivables accounted for more than twofifths of their total uses of funds. Included among the more permanent forms of financing are current retained earnings and depreciation accruals, previously accumulated liquid assets, and proceeds of security issues and long-term insurance company loans. Corporations will account for most of the anticipated increase of 5.3 billion dollars in business expenditures on plant and equip- 2 3 4 1950, BY QUARTERS ment. However, their retained earnings and Quarterly figures at seasonally adjusted annual rates. depreciation accruals are likely to increase Source.—Department of Commerce. only slightly, and there is little likelihood Should profits before taxes remain near that corporations in the aggregate will fi- the fourth-quarter 1950 level during the curnance their increased capital expenditures rent year, retained profits are likely to be from previously accumulated holdings of cash only slightly above the 1950 average level. and United States Government securities. Even without any further increase in present Funds from operations. Corporate profits corporate tax rates, the proportion of profits before taxes increased sharply during 1950, paid out in Federal income and excess profits from a seasonally adjusted annual rate of taxes will be larger in 1951, since the higher 27.6 billion dollars in the fourth quarter of tax rates, which were effective on only half 1949 to about 50 billion in the fourth quarter of 1950 income, will apply to all of 1951 inof 1950, as shown in the chart. This rise come. Dividends may be reduced somewhat in profits reflected both an expansion of from the 9.4 billion dollar total for 1950 besales volume and a widening of profit mar- cause of large corporate requirements for gins. For the 200 large manufacturing cor- funds. However, the probable need for porations whose sales, earnings, and divi- raising equity capital from outside sources dends are published regularly in the BULLE- will exert pressure on corporations to main- TIN, the ratio of profits before taxes to sales tain dividend payments at as high a level was 18 per cent in 1950, a higher proportion as possible. than in any year since 1941. Despite an Depreciation allowances have been increasincrease in maximum Federal normal in- ing throughout the postwar period, reflecting come and surtax rates, the imposition of an the addition to fixed assets of higher cost excess profits tax, and a record level of divi- plant and equipment. This trend will condend disbursements, retained profits of all tinue in 1951. Furthermore, accelerated de- 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD preciation will begin to apply on those in 1949. Liquidation of inventories by comdefense-connected facilities that have been panies that built up excessive stocks durgranted certificates of necessity. As of May ing the latter part of 1950 and early 1951 4 such certificates had been issued on 1,235 may free some funds; however, to the extent projects, involving gross expenditures of 5.2 that the inventory accumulation was origibillion dollars and permitting amortization nally financed with bank or trade credit, over a five-year period of 3.8 billion—an aver- funds obtained from such liquidation would age of 73 per cent. presumably be used to pay off debt rather Other internal sources. In addition to than to finance capital expenditures. retained profits and depreciation allowances, EXTERNAL FINANCING an important though temporary source of funds is provided in years of rising taxes With aggregate funds from operations exthrough deferral of income tax payments. pected to increase relatively little during Corporations deduct from current income 1951, business concerns may have to rely the tax liability on that income, but they heavily upon external sources of funds to actually pay out only the smaller amount finance a substantially larger volume of capidue on the previous year's income. In 1950 tal expenditures. Whether they will actually current tax accruals exceeded tax payments realize, through bank borrowing and the by 7.7 billion dollars; in 1951 the figure will sale of new securities, the volume of external be substantially higher. However, such financing that current estimates of their funds are generally used to increase cash financial needs imply depends in large part holdings or to purchase United States Gov- on the availability of such funds. So far ernment securities, especially tax notes; if as defense contractors, subcontractors, and used for other purposes such as the financing others closely associated with the defense proof capital expenditures, provision must be gram are concerned, the Government may made to replace the funds when tax pay- be expected to develop means of assuring ments fall due. needed funds, from either private or public sources. Any further increase in output and employment in 1951, particularly if accom- During the first quarter of 1951 corporate panied by some additional price rise, may security issues for new capital, as shown in well be reflected in larger receivables and the table, totaled 1.6 billion dollars, compared inventories, especially in connection with with 1.1 billion in the same period of 1950. armament production, and may necessitate accumulation of additional cash. Moreover, CORPORATE SECURITY ISSUES FOR NEW CAPITAL [In millions of dollars] the fact that tax accruals will be sharply higher in 1951 can be expected to increase First quarter Year corporate demand for short-term Govern- Industry 1951 1950 1950 1949 1948 ment securities. Thus it appears doubtful whether corporations in the aggregate will Manufacturing 389 126 1,027 1,346 2,127 Railroad 82 160 355 445 561 finance any appreciable portion of 1951 re- O Co th m e m r e p r u c b i l a i l c utility.... 9 1 1 3 3 9 65 6 5 2 2,4 4 9 7 5 5 2,8 3 9 1 7 0 3,0 3 2 8 5 2 Real estate and finance . 88 104 517 558 557 quirements by drawing down their holdings All industries 1,611 1,107 4,869 5,556 6,652 of cash and Governments as in 1946 or by liquidating inventories and receivables as Source.—Compiled by Federal Reserve from Securities and Exchange Commission data. MAY 1951 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD In April, despite uncertainties in the capital with enough additional funds to meet the markets and postponement of several large large annual serial repayments on such loans. issues, nearly 700 million dollars of new cor- Very few concerns are being permitted to porate securities were publicly offered or amortize more than 50 to 80 per cent of their privately placed. new facilities within five years; and even if While figures for corporations in the ag- they were, such amortization would increase gregate indicate substantial reliance upon funds available for rapid debt repayment funds from external sources, the extent of only to the extent of the tax savings involved. such reliance varies greatly among individual Present indications are that the Governcompanies and industries. In recent years ment will again follow the World War II such industries as railroads and electric and practice of prohibiting companies from raisgas utilities, which financed the major part ing their prices in order to recover the of their capital expenditures with funds amount of their increased annual depreciaobtained externally, accounted for more than tion charges. Furthermore, one of the prinhalf of total corporate security issues for new cipal advantages offered by term loans, as capital. contrasted with bond issues, in the early post- Despite a higher level of stock prices this war years has largely disappeared, now that year than last, the relative costs of equity and the gap between long- and short-term interdebt capital—as reflected by their respective est rates has narrowed considerably. yields—still favor the latter. Increased cor- Consequently, for purposes of financing porate surtaxes and the excess profits tax capital expenditures, it is likely that most are additional factors favoring debt financborrowers will continue to prefer the fifing, since interest costs are either wholly or teen- or twenty-year obligation sold to longpartially deductible in computing these taxes. term investors, with its smaller annual re- Consequently, it is anticipated that debt payments, to the five-year, or in exceptional financing will continue to predominate, circumstances ten-year, loan available at comthough many corporations may seek funds mercial banks. The amount of both types of through stock issues in order to maintain borrowing may, of course, be limited by the balance in their capital structures. reduced availability of funds. Some corporations may prefer commercial bank term loans to security issues since, in FACTORS LIMITING AVAILABILITY OF periods of defense activity, their longer-run EXTERNAL FUNDS working capital requirements are indeterminate, and the term loan is a relatively Realization of the increased business deflexible financing arrangement. It has been mand for external funds may be limited suggested that manufacturing corporations by two recent developments which tend to may find bank term loans particularly suited reduce the availability of business credit. to the financing of facilities subject to accel- One reflects the change in Federal Reserve erated amortization. However, no extensive open market policy early in March, which substitution of term loans for security issues introduced an element of uncertainty into in financing plant and equipment should the calculations of both borrowers and lendbe expected for this reason, since accelerated ers. Since that time financial institutions amortization may not provide borrowers have been less willing to sell United States 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD Government securities in order to buy cor- While the recent increase in Government porate securities or extend business loans. security yields has diminished the incentives The other is the Voluntary Credit Restraint for savings institutions, such as life insur- Program under which many financing insti- ance companies and mutual savings banks, tutions are acting to discourage the granting to sell Governments in order to reinvest of loans and the purchase or flotation of funds in mortgages and corporate securities, security issues where the proceeds may be their prospective excess of receipts, including used to finance activities not essential to the maturities and amortization payments on defense effort. Joans outstanding, over disbursements will The extent to which capital market con- provide them with a substantial volume of ditions have changed since early March is funds to be invested during 1951. With reflected by the higher yields on long-term the higher yields now prevailing on corbonds, as shown in the chart. Yields on high- porate securities, the tendency will be—as the current backlog of mortgage commitgrade corporate bonds rose from an average ments is reduced—to shift their future investof 2.66 per cent for the week ending February ments from real estate mortgages to busi- 10 to 2.89 for that of May 12, an increase of ness loans and securities. Since many of 23 percentage points. In response to changthese financing institutions are participants ing conditions in the long-term capital marin the Voluntary Credit Restraint Program, ket, a number of corporate bond issues have it may be assumed that such a shift in their been postponed or cancelled, while others— investment will be directed toward meeting originally offered at yields that were not the financing requirements of concerns ensufficiently attractive to investors—have been gaged in defense and defense-supporting repriced to provide higher rates of return. activities. Program of Voluntary Credit Restraint. BOND YIELDS WEEKLY While monetary policy has been directed toward curbing further expansion of credit in general, the Voluntary Credit Restraint Program is directed more specifically toward limiting expansion of nonessential credit. Section 708 of the Defense Production Act of 1950 authorizes the President to encourage financing institutions to enter into voluntary agreements and programs to further the objectives of the Act by restraining unnecessary credit HIGH-GRADE \ 1 /— expansion. The Board of Governors, to MUNICIPAL V~v / whom the President's authority over financing institutions was delegated, has established in cooperation with representatives of such institutions a Voluntary Credit Restraint 1948 1949 1950 1951 Committee. One of the primary responsi- Latest figures plotted are for the last week of April. bilities of this Committee is the formulation Source.—Corporate, Moody's Investors Service; U. S. Government, U. S. Treasury; Municipal, Standard and Poor's of criteria for distinguishing between essen- Corporation. MAY 1951 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD tial and nonessential credit. guarantees primarily to working capital Thus far the Committee has issued two credits. bulletins relating to business capital and With respect to the financing of plant and credit: one covering the granting of credit equipment expenditures through direct Govto finance inventory accumulation; the other ernment loans, the only provision made thus dealing with the supplying of funds to far is that contained in Section 304 of the finance capital expenditures. In the latter Defense Production Act of 1950, which the Committee emphasized that in a period authorizes agencies of the Government to of inflationary pressures, such as the present, lend up to a total of 600 million dollars outgreat care should be exercised by financing standing at any one time, and to expend an institutions in extending credit for investadditional 1.4 billion dollars, if and when ment purposes where such credit does not appropriated, to finance the development tend to increase output essential to the deand/or purchase of essential resources and fense program, and that business savings not the expansion of essential productive caspent on plant and equipment should be used pacity. to meet working capital requirements, To date financing under these programs thereby reducing the need for bank loans has not achieved significant proportions. As and other credit. of April 30 a total of 327 guaranteed loans, amounting to 422 million dollars, had been GOVERNMENT FINANCIAL AIDS approved, while 31 loans for a total of 60 To the extent that the funds required million had, as of May 4, been certified by the for essential plant expansion and working Defense Production Authority for disbursecapital are not forthcoming from private ment by the Reconstruction Finance Corsources, the Government may be expected to poration, which acts as fiscal agent for the meet such needs. Thus far in the defense delegate agencies. Information available on program, Government financial aid to prithe current status of contract advances and vate business concerns has taken the forms prepayments indicates that the amounts inof (1) guaranteed commercial bank loans volved to date have been relatively small. (2) prepayments and advances on defense Emphasis on private financing of defense contracts and (3) direct loans. plant expansion contrasts sharply with that Drawing on its World War II experience, of World War II, when nearly three-fourths the Government in the Defense Production of the 23 billion dollar investment in defense Act of 1950 authorized the guarantee of facilities was both financed and owned by credits extended for defense purposes by the Government. Considering the present private financing institutions. Under this provision of the Act the Board of Governors emphasis on enlargement of productive of the Federal Reserve System—designated to capacity in such basic industries as steel, nonhandle the program—reinstituted its Regula- ferrous metals, and petroleum, as contrasted tion V. While the Act provides for guaran- with the World War II emphasis on specteed financing of productive facilities as well ialized armament production facilities, it as working capital requirements, the majority seems unlikely that the Government will of the agencies participating in the program undertake the financing and ownership of have announced that they will limit their plant and equipment on a large scale. On 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN THE DEFENSE PERIOD the other hand, should direct Government mitted themselves through construction conlending, or ownership of facilities, prove nec- tracts and equipment orders to capital exessary to the realization of current defense penditure programs involving substantial production objectives, the Government's role amounts of money. There are others, howin this field might be expanded. ever, whose programs are still in the planning stage; to the extent that external sources CONCLUSION might be relied upon to finance such outlays, Large business investment in new plant the cumulative influence of various restricand equipment and inventory during a petions on the availability of credit may operriod of heavy inflationary pressures has conate to curtail their investment plans. The fronted the monetary and credit authorities Controlled Materials Plan, which is schedwith the necessity for action designed to divert capital and credit from nondefense to uled to begin operation on July 1, by suppledefense uses, and wherever possible to curb menting existing restrictions on the use of the availability of credit for nonessential or materials, will also act to curtail some nondeferrable productive facilities and inventory defense plant construction and equipment expansion. Many concerns have already com- programs. MAY 1951 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE RESPONSIBILITIES UNDER DEFENSE PRODUCTION ACT1 Mr. Chairman and Members of this Committee— rise sharply and may account for as much as 20 per cent of total output within a year. This is I appreciate this opportunity to present to you the overriding consideration for national stabilithe views of the Board of Governors of the Federal zation policy. If inflationary trends are to be held Reserve System with respect to the responsibilities in check, public policy will need to limit private placed upon or delegated to the Federal Reserve spending, especially such spending as is financed System under the Defense Production Act of 1950. by borrowing or by the use of past savings. This The Board is strongly of the opinion that these is a time for saving, not spending. provisions of the Act should be continued. As has been repeatedly emphasized before this ROLE OF CREDIT RESTRAINT and other committees of the Congress primary Credit expansion has financed a substantial share reliance must be placed on fiscal, credit, and moneof the increased consumer and business spending tary measures in combating those inflationary forces since June 1950. Without the restraints provided inevitably generated by the expanding defense effort. by the Defense Production Act the expansion in It is hardly necessary to emphasize that the forces credit and upward price pressures undoubtedly creating upward pressures on prices are likely to would have been even greater. From the end of continue dominant in the economy even though June 1950 to the end of March outstanding loans these pressures may appear temporarily to have and holdings of corporate and municipal securities been moderated. Nor is it necessary to recount by all banks increased by over 12 billion dollars. again the many circumstances and factors which This increase was almost as much as occurred in have combined to produce grave inflationary danthe two years 1947 and 1948 together and these gers, or the preventive and precautionary steps alwere both years of rapid credit expansion and inready taken to safeguard the economy. On behalf flationary trends. Credit extended by other lendof the Board I therefore shall address myself parers to businesses, municipalities, and consumers ticularly to those provisions of the Act with which also was in unprecedented volume. we have been directly concerned. These provisions deal with certain supplementary rather than pri- Such credit was supplemented by drawing on mary credit restrictions as well as with the so-called liquid asset holdings. Between the end of June V-loan program to aid the defense effort. 1950 and the end of March of this year, redemptions of savings bonds exceeded cash pur- It is important to emphasize that the marked chases by over a billion dollars, and savings acadvances in prices and the exceptionally large incounts were reduced by close to three-quarters of a crease in bank and other credit that have taken billion dollars. Reflecting the demand for and use place up to the present time reflect mainly exof ready cash, demand deposits of businesses and pansion in private expenditures. The full effects individuals increased by over 7 billion dollars in the of expansion of defense activities are still to be last half of 1950 and showed only a moderate seafelt. While expenditures for defense purposes have sonal decline in the first quarter of 1951. The doubled since last summer as yet they account for only about 10 per cent of total output. Moreover, turnover or rate of use of these deposit balances they have thus far been met out of growing Gov- rose sharply. ernment revenues and no new Federal borrowing It has become increasingly evident during recent has been needed. However, Federal expenditures weeks that this acceleration of inflationary tendfor defense and related activities are scheduled to encies has been checked, temporarily at least. The prospects for getting inflation under control are 1 Statement by William McChesney Martin, Jr., Chairman of now better than at any time since Korea. To sucthe Board of Governors of the Federal Reserve System, before ceed, however, will require full and continued use the House Banking and Currency Committee, May 10, 1951, on extension of the Defense Production Act of 1950. of all the credit measures now up for renewal in 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE RESPONSIBILITIES UNDER DEFENSE PRODUCTION ACT the Defense Production Act. It would be ex- pressures become more evident. Some weeks later, tremely unfortunate if any of the means we have after careful consideration of current and prosbeen using to stem the inflationary tide should be pective developments not only in the consumer allowed to lapse at this critical moment when they durable goods field but in the economy as a whole, are achieving a considerable measure of success. the Board announced, effective October 16, a more There are tangible evidences that the availability restrictive set of terms which has remained in effect of bank reserves has been reduced, that banks have since that time. become more restrictive in their lending policies, The regulation now provides that in buying an and that the over-all expansion of bank credit has automobile on instalment a buyer must pay onedefinitely slackened despite acceleration of lending third down and repay the balance of his contract to finance defense production. Further evidences in not more than 15 months; for other durables of the effects of the various measures of monetary such as washing machines and television sets, the and credit restraint may be seen in the markets for minimum down payment requirement is 25 per consumer credit, mortgages, and new capital issues. cent, and the maximum term allowed is also 15 Consumer instalment credit has ceased to grow. months. More liberal terms are permitted for fur- New commitments by insurance companies and niture and home repairs and improvements. savings banks to purchase mortgages have been re- The present provisions of Regulation W are duced. Plans for issuance of some new securities more lenient in some respects than those in effect have been withdrawn or postponed and others have during most of World War II. The regulation is had to be revised, although the total volume of new also substantially less restrictive than the terms of issues has continued very large. similar regulations now in force in Canada, where The record of the past year has clearly demonthe regulation of consumer credit is also included strated that selective measures of credit restraint in the arsenal of anti-inflation weapons. are an effective and necessary supplement to general credit measures. Under the present terms of Regulation W, the highly inflationary expansion of outstanding in- CONTINUING AUTHORITY TO REGULATE stalment credit has been stopped. In the six-month CONSUMER CREDIT period October 1950 through March 1951, instalment credit outstanding declined by 364 million Regulation of consumer credit, reinstated last dollars. This decline contrasts sharply with the fall under authority of the Defense Production Act, increase of 2.3 billion dollars in the preceding has played an important part and as defense spendsix months, and with the rise of 1.2 billion dollars ing continues to expand should play an even more in the period October 1949 to March 1950. important part in the program to control inflationary forces. While consumer credit regulation Recently there has been some reduction in dealone cannot solve the problem of inflation, never- mand for consumer durable goods from the exceptheless, Regulation W, by establishing minimum tionally large volume of December and January, down payment requirements and maximum pe- although sales of most continue close to the high riods for repayment of consumer instalment debt, levels reached a year ago. Conditions in these has effectively limited the expansion of consumer markets are being watched closely and frequent purchasing power in the form of credit dollars and consultations are being held with representatives is an essential part of any continuing compre- of the industries and trades which have been afhensive anti-inflationary program. fected. Even though inflationary pressures may The terms initially established in September temporarily be checked, a highly volatile demand 1950, after extensive consultation with trade situation is to be expected as long as the defense groups, were only slightly more restrictive than the program and international developments play such average terms prevailing in consumer markets in a dominant role in the economy. Let me assure the period just preceding the regulation. In an- you that the Board is prepared either to tighten nouncing them the Board indicated that further or to relax credit terms whenever such action tightening might be in order as the magnitude of would be consistent with the objectives of the Dethe defense program and resulting inflationary fense Production Act. MAY 1951 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE RESPONSIBILITIES UNDER DEFENSE PRODUCTION ACT REGULATION OF REAL ESTATE CREDIT April starts appear to have been about one-fifth below a year ago. In the field of real estate credit, several impor- It now appears likely that under present regutant steps have been taken to check inflationary lations the effective demand for new houses will developments and conserve materials and other rebe less than in 1950 when a record total of 1,400,sources. Last July, prior to the passage of the 000 units were started. At the same time, with Defense Production Act, the Federal Housing Adabout 360,000 units started in the first four months ministration and the Veterans Administration of 1951, the total for the year will probably exceed tightened the terms under which they would inthe 800,000 to 850,000 units set as a target last sure or guarantee mortgage loans, both on new and October when the terms were first announced. on existing properties. Since the passage of that Prospects for a smaller volume of construction this Act, further action has been taken to regulate real year together with recent high levels of producestate construction credit. The first step was the tion of most building materials have resulted in a issuance, effective October 12, of Regulation X by leveling off of building material prices since the first the Board and companion regulations by FHA and of the year. Even so, these prices average about 20 VA covering credit extended in connection with per cent higher than in the spring of 1950 and purchases of one- to two-family houses. The next shortages of some metal items are rather widely was amendment of these regulations as of January reported. 12, 1951, to cover new multi-family units. Finally, To make restrictions of mortgage credit adeanother amendment to Regulation X, effective Febquately effective, the authority over such credit ruary 15, covered loans in connection with certain needs to be extended to cover loans made on exnonresidential construction. At every stage in deisting properties. Since passage of the Defense veloping the regulations valuable advice and as- Production Act prices of old as well as new houses sistance has been sought and obtained from lenders, have increased significantly, thereby raising the builders, and other private groups, as well as from loan values of old properties and adding to the public officials. potential volume of credit based on this type of Under the terms of Regulation X and com- asset. Price increases for old properties in turn panion FHA regulations, mortgage loans on houses tend to support increases in prices of, and the are limited to various percentages from 90 per cent amount of credit extended on, new houses. Thus, for houses valued at $5,000 or less to 50 per cent restriction of credit extended on existing properties for houses valued at over $24,250. With respect would help to make the restraint of new constructo loans guaranteed by the Veterans Administra- tion credit more effective as well as to limit intion, loan ratios 5 to 10 percentage points higher flationary mortgage credit expansion generally. were authorized by the Housing Administrator to The amount of mortgage credit extended on old preserve the relative credit preference granted to houses during 1950 was the largest on record, alveterans. At the time of their announcement the most 9 billion dollars or about three-fifths of all terms were widely regarded as being strict and the credit extended on all one- to four-family likely to lead to sharp curtailment in the volume properties. In the first quarter of 1951 lending on of residential building. old houses was maintained at a very high rate and The effectiveness of the regulation was consider- continued to account for a large share of the total ably limited at the outset by the large volume of volume of mortgage credit extension. building then under way and by the large vol- The President, as well as the Council of Ecoume of financing commitments outstanding. Thus, nomic Advisers and the Joint Committee on the while construction activity and extensions of mort- Economic Report, has recommended that authorgage credit have continued at very high levels, the ity be granted to control credit on purchases of restrictions imposed have been important in help- existing houses. The Board joins in this recoming to reduce the number of new units being mendation and urges that the authority provided started. During the winter months housing starts in the bill presently under consideration be granted. were equal to those a year earlier but were down Total mortgage debt outstanding on one- to more than seasonally from the extraordinary high four-family houses, new and old combined, is 254 level of last spring and summer. In March and times what it was at the end of World War II. 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE RESPONSIBILITIES UNDER DEFENSE PRODUCTION ACT Continuation of such rapid expansion of mortgage Members chosen to serve on the National Comdebt would not only threaten the stability of real mittee as well as on the various subcommittees estate markets but also have a serious inflationary have been very carefully selected to provide broad impact on the whole economy. participation by the financial community. The membership of the national and regional commit- VOLUNTARY CREDIT RESTRAINT PROGRAM tees is an impressive roster of financial leaders and The recently inaugurated Voluntary Credit Re- shows that some real work is being done on this straint Program is designed to encourage financing problem. institutions to conduct their credit operations in such The National Committee has issued three bullea way as to contribute to meeting defense and other tins, the first dealing with means of restraining essential needs and at the same time to help limit the inventory financing, the second with the principles use of credit for other purposes. This Program has to be followed in financing capital expansion probeen established as a result of the President's dele- grams, and the third with State and local governgation to the Board of the authority contained in ment financing. These bulletins, together with the Defense Production Act to encourage the mak- the Statement of Principles of the Program, have ing of voluntary agreements in the field of financ- been distributed to all financing institutions paring. It has been developed after consultation ticipating in the Program to provide a common with and approval by the Attorney General and guide for combating inflationary loan expansion in also after consultation with the Federal Trade their respective fields. Other bulletins as may be Commission. appropriate and helpful will be issued from time The Program is entirely voluntary on the part to time. of participating financing institutions and its suc- While there has not yet been time to build up cess is wholly dependent on the cooperation of such a body of statistical information to enable the Cominstitutions. The Board and the Reserve Banks mittee to analyze thoroughly the effects of the participate in it to the extent required under the Program, there are indications that the initiation terms of the Program in order to be of assistance of the Program has had a salutary effect on the to the voluntary committees appointed under the trend of credit. Expansion of bank credit, which Program. Governor Powell of the Federal Reserve was very sharp during the last half of 1950, has Board has been designated to be Chairman of the shown some signs of abating in recent weeks. National Voluntary Credit Restraint Committee by Endorsements of the Program and pledges of the Board. This Committee originally consisted of wholehearted cooperation have been received from four representatives each of banks, insurance com- many representative industry groups. In the cirpanies, and investment banking houses chosen after cumstances, those connected with the Program are consultation with the lending associations in these most encouraged, and it is the Board's view that areas. More recently, two representatives each of the authorization for this unique cooperative effort mutual savings banks and savings and loan associa- as one means of restraining the further expansion tions have been added to the Committee. of private credit should be developed and continued. The National Voluntary Credit Restraint Com- V-LOAN PROGRAM mittee has established initially 12 subcommittees for banks, one located in each Federal Reserve dis- Section 301 of the Defense Production Act protrict, and 4 regional subcommittees each for in- vides the authority for the current guaranteed surance companies and investment banking houses. loan program under which loans made by private These subcommittees are available for consultation financing institutions to defense contractors are with individual financing institutions to assist them guaranteed by defense procurement agencies. Esin determining the application of the Program to sentially this program is a revival of the so-called specific loans for which application has been made V4oan program which was successful in helping to financing institutions. Of course, the final de- to finance war production during World War II. cision with respect to making or refusing to make Under the present program, there are eight any particular loan or loans is wholly within the guaranteeing agencies: the Departments of the discretion of each financing institution, whether or Army, Navy, Air Force, Commerce, Interior, and not it has consulted with any of the subcommittees. Agriculture, the General Services Administration, MAY 1951 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE RESPONSIBILITIES UNDER DEFENSE PRODUCTION ACT and the Atomic Energy Commission. The twelve for defense loans. However, this situation will be Federal Reserve Banks act as fiscal agents of the remedied by a clarifying amendment to the As- United States on behalf of these guaranteeing signment of Claims Act recently approved by the agencies. The Board, after consultation with the Senate and the House of Representatives. With guaranteeing agencies, has prescribed regulations this impediment to lending on defense contracts governing the guarantee operations of the Reserve removed, and with the anticipated acceleration in Banks and rates, fees, forms, and procedures to the defense production program, there is every reabe utilized in connection with such guarantees. son to expect that the volume of applications for One of the special virtues of the V-loan program guaranteed loans under the V-loan program will is the fact that the procedure for obtaining a guar- increase greatly. anteed loan is relatively simple. Briefly, any de- The basic purpose of the V-loan program is to fense contractor who requires financing in order utilize the private banking system so far as posto carry out his contracts first gets in touch with sible in financing necessary defense production. his local bank or financing institution. The financ- V-loan guarantees are especially useful to smaller ing institution, after working out the terms of the contractors who may not be otherwise able to proposed loan, files an application for a guarantee obtain necessary financing for defense contracts. with the Federal Reserve Bank of its district. The Reserve Bank makes any necessary credit investiga- CONTINUING NEED FOR RESTRAINTS ON INFLATION tion and submits the loan to the appropriate Defense production is in the early stages and agency for approval. If the guaranteeing agency demand for civilian goods remains at high levels. approves the application, it authorizes the Reserve Present schedules call for doubling defense outlays Bank as its agent to execute the guarantee agreeas a percentage of national output within a year. ment. In addition, private outlays for new plant and A maximum interest rate of 5 per cent and a equipment are expected to increase substantially, schedule of guarantee fees have been established by adding to inflationary tendencies. Although rethe Board after consultation with the guaranteeing cently inflationary pressures appear to have modagencies. The higher the percentage of guarantee erated, the fundamental situation in this country requested by the financing institution, the higher and abroad is still strongly inflationary. the guarantee fee which it is required to pay. This Estimates of possible increases both in total outencourages financing institutions to assume as put and in output of particular products indicate much of the risk as possible and, of course, reduces that the defense and other essential goals cannot the Government's contingent liability. be realized unless civilian production and de- Up to April 30, 503 applications for guarantees mand for important types of goods are curtailed. totaling about 565 million dollars had been re- Present and prospective shortages of steel, copper, ceived; 327 applications were approved for about 422 million dollars, 105 applications for about 123 and other metals require restraint on competing million dollars are under consideration, 57 appli- civilian uses of metals, such as automobiles, apcations aggregating about 11 million dollars were pliances, houses, and commercial construction. Undeclined, and the remaining few applications were less both public and private expenditures for nonwithdrawn. At present, applications are being re- defense purposes are limited, the only alternative ceived at a rate of slightly more than 100 a month. is a further advance in prices. It is of para- Because of rulings of the Comptroller General, mount importance, therefore, that the anti-inflafinancing institutions have been reluctant to take tion programs now in operation be continued and assignments of Government contracts as security strengthened. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES BULLETIN NUMBER 2 OF THE VOLUNTARY CREDIT RESTRAINT COMMITTEE RESTRICTION OF BUSINESS CAPITAL EXPENDITURE FINANCING The Voluntary Credit Restraint Committee, at petroleum; additions to electric power generating its meeting on April 18, 1951, in considering the and transmission facilities; and the purchase of functioning of the Program to date, discussed the additional rolling stock by the railroads. Every matter of financing for capital expenditures and effort should be made to assure availability of unanimously adopted the following statement. materials, equipment, and financing essential to the American business concerns are currently plan- completion of these projects. ning to spend, and are spending, record sums for On the other hand, approximately half of the the enlargement and modernization of their facili- capital expenditures planned by business for 1951 ties. According to a recent survey of business plans, falls in a more or less indeterminate class so far as outlays for new plant and equipment during 1951 their relationship to the defense effort is concerned. may total 24 billion dollars, an increase of 29 per Some are clearly nonessential and deferrable, while cent from the 1950 level, nearly one-fourth greater others border closely on the defense-supporting area. than the previous peak expenditure of 19.2 billion There is, for example, the 5.4 billion dollar capital in 1948, and three times the dollar expenditures expenditure anticipated by the commercial and in 1941.x miscellaneous group, a large part of which could This huge expenditure for capital investment undoubtedly be postponed without detriment to bids fair to exceed the total amount of savings, the defense effort and in the interest of reducing both corporate and individual, for the next twelve inflationary pressures and conserving labor and months. Perhaps some substitution of bank credit materials. Limitations on construction of specific for savings will be necessary. But at a time like types and governmental restrictions and allocations the present when materials and labor are scarce, of materials should play a large part in curtailing it becomes imperative, if we desire to curtail in- some business plans for capital expenditures and in flationary forces, that great care be exercised by eliminating others. Thus the responsibility of financing institutions participating in the Voluntary financing institutions will be limited to those cases Credit Restraint Program in extending credit for whose essentiality has not been predetermined by investment purposes where such an extension does Government agencies. not tend to increase output essential for the defense Since it may be difficult in individual cases to program. differentiate essential from nonessential capital In nondefense industry, business savings, if not expenditures, as well as those which it would be spent on plant and equipment, could be used as desirable to postpone in the interest of longer run working capital to meet payrolls, carry inventories, economic stability, certain tests are suggested to and finance accounts of buyers of their products. financing institutions cooperating in the Voluntary This would reduce the need for bank loans and Credit Restraint Program in making financing other credit. decisions. Among the nonessential uses of long- Roughly half of the anticipated capital expendi- term financing that in the judgment of the Comtures of business concerns during 1951 may be mittee might be postponed to a more propitious classed as defense or defense supporting, with time are those for such purposes as: emphasis on the latter. Included in these categories (1) Construction of facilities to improve the are expansion of basic productive capacity in such competitive position of an individual producer of manufacturing industries as steel, aluminum, and nonessential goods. (2) Expansion and modernization expenditures 1The survey referred to is that of the U. S. Department of Commerce and the Securities and Exchange Commission. of concerns in distribution or service lines where MAY 1951 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES the distribution or service is not defense supporting. Financing institutions are urged to give equal (3) Expansion and modernization programs consideration to the needs of small as well as large for the manufacture of consumer goods not related business in screening applications for long-term to the defense effort. financing. STATEMENT OF VOLUNTARY CREDIT RESTRAINT COMMITTEE APRIL 24, 1951 The National Voluntary Credit Restraint Com- AMENDMENTS TO PROGRAM FOR VOLUNTARY CREDIT mittee has announced the following appointment RESTRAINT and designations relative to the regional commer- The following amendments, suggested by the cial banking committees: Voluntary Credit Restraint Committee, were ap- Mr. Walter S. Bucklin, President, The National proved by the Attorney General on April IS, 1951. Shawmut Bank of Boston, Boston, Massachusetts, Accordingly, on April 20, 1951, the Board of Govhas been designated Chairman of the First District ernors issued its Request under Section 70S of the Commercial Banking Voluntary Credit Restraint Defense Production Act of 1950 to financing insti- Committee, succeeding Mr. Charles E. Spencer, tutions that they act pursuant to the Program for Jr., Chairman of the Board, The First National Voluntary Credit Restraint as amended. Bank of Boston, Boston, Massachusetts, who was forced to resign his membership on the Committee 1. Strike out the fifth sentence of Paragraph 1 for reasons of health. of the Procedure for Implementing the Program Mr. George Champion, Senior Vice President, beginning "In selecting and appointing" and insert The Chase National Bank of the City of New York, in lieu thereof two new sentences reading as New York, New York, has been designated Vice follows: Chairman of the Second District Commercial Bank- "The Board may appoint one or more alternates ing Voluntary Credit Restraint Committee. from each group to serve on the Committee in case Mr. J. Finley McRae, President, The Merchants of the absence of a member or members of the National Bank of Mobile, Mobile, Alabama, has Committee representing such group. In selecting been designated Vice Chairman of the Sixth Disand appointing the members of the Committee and trict Commercial Banking Voluntary Credit alternates, the Board shall have due regard to fair Restraint Committee. representation thereon for small, for medium Certain amendments to the Program for Volunand for large financing institutions, and for different tary Credit Restraint were recently suggested by geographical areas." the Voluntary Credit Restraint Committee to the Board of Governors of the Federal Reserve System 2. At the end of Paragraph 1 of the Procedure and were approved by the Board. The Board con- for Implementing the Program, insert the following sulted with the Attorney General and the Chairman new sub-paragraphs: of the Federal Trade Commission regarding these "(d) Issue bulletins or memoranda from time to amendments, and the Attorney General, by letter time to the subcommittees or to financing institudated April 18, 1951, has approved a request of tions regarding general matters relating to the Prothe Board to all financing institutions to act in acgram and related credit problems, including statecordance with the Program as thus amended. All ments implementing or clarifying the Statement of of the changes except one are of a procedural Principles, and describing the types of credits which, character and do not modify the Statement of in the Committee's opinion should or should not Principles. The last change is a slight modification be regarded as proper under the terms of the Proof one of the paragraphs in the Statement of Pringram. ciples. "(e) Request the chairman of the Committee There is attached a memorandum showing the to designate an employee of the Board of Governors changes which were made in the Program by these to serve as secretary. Such secretary, in consultaamendments. tion with the chairman of the Committee, is authorized to conduct correspondence on behalf of 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES the Committee in conformity with actions taken by Bank or branch, as the case may be, may provide the Committee within the scope of the Program." an alternate to the subcommittee member designated by it whenever necessary. Each subcom- 3. At the end of Paragraph 2 of the Procedure mittee may appoint a secretary who may be a memfor Implementing the Program, insert the following ber of the subcommittee or otherwise, and he may paragraph: conduct correspondence on behalf of the subcom- "The chairman of each subcommittee will be mittee in conformity with actions taken by the designated by the Committee and in the absence subcommittee within the scope of the Program." of such chairman, the subcommittee may elect an 4. In the last sentence of Paragraph 2 of the acting chairman from among its members. The Statement of Principles describing the types of Committee may appoint one or more alternates to loans which financing institutions should not make serve at the request of the chairman of a subcom- under present conditions, beginning with the phrase mittee in case of the absence of a member or mem- "The foregoing principles," strike out the words bers of the subcommittee. The Federal Reserve "whether or." POSTPONEMENT OF STATE AND LOCAL GOVERNMENT BORROWING Following is the text of a letter sent by Charles Borrowing—bank loans, insurance loans and E. Wilson, Director, Office of Defense Mobilization, bond issues—adds dollars of buying power to to the Governors of all States, the Mayors of prin- today's income. In effect, they mortgage future cipal cities, and financial officials of counties and buying power to spend today. Regardless of the other political subdivisions. The letter was released soundness of the borrower's credit, it should be simultaneously with a bulletin of the Voluntary used sparingly if at all at this time. You and the Credit Restraint Committee on postponement of citizens of your communities will agree that this State and local government borrowing. rule applies to State and municipal borrowing as well as to private borrowing. On behalf of our Government I ask you to post- EXECUTIVE OFFICE OF THE PRESIDENT pone borrowing, no matter how worthy the pur- OFFICE OF DEFENSE MOBILIZATION pose, if the project is postponable. While many WASHINGTON 25, D. C. municipal projects are urgent, others might be set back to a time when they would contribute to May 7, 1951 maintaining a high level of employment in a period To: GOVERNORS OF ALL STATES of slack business. Soldiers' bonus payments, many MAYORS OF MAJOR CITIES war memorials, and municipal recreational projects FINANCIAL OFFICIALS OF PRINCIPAL COUNTIES are but a few important examples of postponable AND OTHER POLITICAL SUBDIVISIONS: projects which will serve the nation better at a future time. Gentlemen: Your Federal Government has set up machinery Control of inflation is vital to national defense. for voluntary screening of loans as to desirability The national defense outlay will grow monthly to in this defense period. Under the Defense Proa peak in 1952 or later. It will take a steadily duction Act of 1950, the Board of Governors of increasing share of our country's production and the Federal Reserve System has appointed a Volunabsorb a growing portion of its manpower during tary Credit Restraint Committee. I am attaching this period. Thus, to avoid a runaway rise in a bulletin from that Committee with the urgent prices, it is vital that all practicable steps be taken request that you read it and with the hope that you to reduce other demand for goods and labor at this will conduct your constituency's financing in accord time. with its spirit. I am writing to you as the leader of a great Regional committees have been chosen from the municipality to enlist your support and the under- leading investment bankers of the nation. They are standing and cooperation of your constituents in at your service to advise as to the current desirathis objective which is second only to adequate bility of your financing. Their names appear in defense to the future well-being of our people. the attached bulletin. MAY 1951 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES It is my earnest request that, during the defense voter approval before Korea are turning out to be emergency, every State and municipal borrowing of underfinanced at present prices and may require 1 million dollars or over receive the approval of additional financing if they are carried forward one of these committees before being consummated on the basis of original plans. Examination of either by a single lender or by public sale. Unprece- these plans might eliminate nonessential features dented as this request may be, your patriotic co- and avoid more borrowing. operation will be a major contribution to the future It is sometimes difficult in individual cases to welfare of our country. No one could have a higher differentiate essential from nonessential expendiaim. tures and to sort out those programs which should Sincerely, be undertaken immediately from those which it would be desirable to postpone. Therefore, certain (Signed) CHARLES E. WILSON, tests are suggested to financing institutions cooper- Director ating in the Voluntary Credit Restraint Program BULLETIN NUMBER 3 OF THE VOLUNTARY CREDIT to be used in arriving at financing decisions in RESTRAINT COMMITTEE discussions with municipal authorities. Soldiers' bonus issues are inflationary under to- The Voluntary Credit Restraint Committee, at day's conditions. They add to the spending power its latest meeting on May 3, 1951, discussed the of the public through the creation of credit. It matter of credits to State and local governments would seem desirable to postpone such issues until and unanimously adopted the following statea time when immediate purchasing power is ment: needed to counteract unemployment and when it In 1951 State and local debt outstanding has might be more beneficial to the veteran. reached an all-time high approaching 22 billion Among the types of State and local government dollars. Since Korea nearly 2 billion dollars of capital outlays for which, in the judgment of the public securities have been sold to raise new money. Committee, the financing should be postponed are: To curb inflation in 1951 every segment of the economy, public and private, must reduce expendi- 1. Replacement of any existing facilities that tures wherever possible. Financing institutions can continue to perform their function during the participating in the Voluntary Credit Restraint emergency period. Program should carefully screen loans to State and 2. Construction of facilities of the types not local governments as well as loans to other borrow- recommended by the Defense Production Adminers. Expansion programs that under normal condi- istration—such as recreational facilities and war tions would be financed without hesitation should memorials. be critically examined. Ordinary government as 3. Acquisition of sites or rights-of-way not imwell as private expenditures should be met largely mediately needed. out of current revenue rather than financed by 4. Purchase of privately owned utilities by new borrowing. If not urgently needed for pres- municipalities, which involves borrowing to reervation of public health and safety or for purposes place equity capital. directly related to defense, public works should be Short-term indebtedness. Lenders are urged to endeferred. courage local governments to balance operating Long-term borrowing. Projects for expanding or budgets and thus to avoid any deficit borrowing. modernizing municipally owned facilities consti- Borrowing in anticipation of taxes or other revetute the major demand for public capital borrow- nues should be held to the minimum amounts and ing. Roads, schools, water systems, drainage and periods required for operation of State and local sewage projects and the like are the principal pur- governments. Such borrowing should be disposes. In the majority of cases local governments couraged if it exceeds reasonable expectations of can borrow only on the approval of the electorate, revenues, since there is always the danger that which means that long periods intervene between deficits may thus be concealed. first proposals and final financing. In many cases Temporary borrowing for capital purposes, unless funds were authorized some time ago to finance anticipating current revenues, should be judged by projects that are just being put under way or which the standards specified above for long-term capital will be started shortly. Some projects which had loans. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Advance clearance of large issues. Regional com- be referred to the regional committees if the financmittees have been established for consultation as to ing institutions so desire. whether or not pending financing is consistent with The regional committees available to consider the principles of the Voluntary Credit Restraint these transactions are the investment banking re- Program. gional committees as follows: The Committee recognizes that the established Committee Chairman Territory procedure for origination and bidding on public Eastern Percy M. Stewart, The Atlantic Seaissues of State and local governments differs from Kuhn, Loeb & Co., board to and includother types of financing. We are advised that for 52 William Street, ing Ohio, West Vir- New York, New York, ginia, Tennessee and this reason Defense Mobilization Director Wilson Alabama. has requested public bodies to submit financing of Mid-Western D. Dean McCormick, Michigan, Indiana, 1 million dollars or more to these regional commit- McCormick & Co., Kentucky, Missistees for a ruling as to conformance with the Pro- 231 S. LaSalle St., sippi, Missouri, Kangram before negotiation of private sale or adver- Chicago 4, Illinois. sas, Nebraska, the tising for public sale. Dakotas, Minnesota, Iowa and Colorado. Financing institutions are requested to cooperate Southwestern John H. Rauscher, Texas, Louisiana, in this matter by not participating in the public or Rauscher, Pierce & Co. Arkansas, Oklahoma private sale or purchase of such securities unless the Mercantile Bank Bldg., and New Mexico. issue involved has been cleared by the proposed Dallas 1, Texas. issuer, or as the result of an application for a ruling Western Frank F. Walker, The West Coast "by the financing institution itself. All such trans- Dean Witter & Co., States along with 45 Montgomery St., Arizona, Utah, Wyactions, regardless of size, should be screened by San Francisco, Calif. oming, Montana, the financing institutions in accordance with the Idaho and Nevada. Statement of Principles of the Program, and may May 7, 1951. STATEMENT OF VOLUNTARY CREDIT RESTRAINT COMMITTEE MAY 10, 1951 The Board of Governors of the Federal Reserve have been announced by the Voluntary Credit "System has approved the expansion of the mem- Restraint Committee: bership of the Voluntary Credit Restraint Com- First District Commercial Banking Voluntary mittee to include two representatives each of Credit Restraint Committee mutual savings banks and savings and loan asso- John E. Toulmin, Senior Vice President, The First ciations and has appointed the following as mem- National Bank of Boston, Boston, Massachusetts, bers of the Committee to represent these groups: has been appointed a member of the Committee Mutual Savings Banks and has been designated as Vice Chairman. Harry Held, Vice President, Bowery Savings Bank, Second District Commercial Banking Voluntary New York, New York Credit Restraint Committee Robert M. Morgan, Vice President and Treasurer, The following have been appointed alternate The Boston Five Cents Savings Bank, Boston, members of the Committee: Massachusetts Stuart W. Cragin, Vice President, J. P. Morgan & Savings and Loan Associations Co., Incorporated, New York, New York M. K. M. Murphy, President, Boiling Springs Sav- Walter E. Dennis, Vice President, The Chase Naings and Loan Association, Rutherford, New tional Bank of the City of New York, New Jersey York, New York W. H. Walker, President, First Federal Savings J. L. Hockenos, Vice President, Lincoln Rochester and Loan Association, Miami, Florida Trust Company, Rochester, New York The following appointments and designations af- Edward Schickhaus, Vice President, Fidelity Union fecting the membership of regional committees Trust Company, Newark, New Jersey MAY 1951 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Francis A. Smith, Vice President, The Marine Mid-Western Investment Banking Voluntary Trust Company of Buffalo, Buffalo, New York Credit Restraint Committee Robert E. Simond, of Halsey, Stuart & Co., Inc., R. G. Coombe, Vice President, Central Hanover 123 South LaSalle Street, Chicago, Illinois, has Bank and Trust Company, New York, New been appointed a member of the Committee. York Eastern Insurance Voluntary Credit Fifth District Commercial Banking Voluntary Restraint Committee Credit Restraint Committee Frederick W. Ecker, Executive Vice President, John S. Alfriend, President, National Bank of Metropolitan Life Insurance Company, New Commerce, Norfolk, Virginia, has been ap- York, New York, has been designated as Vice pointed an alternate member of the Committee. Chairman of the Committee. Ninth District Commercial Banking Voluntary Mid-Western Insurance Voluntary Credit Credit Restraint Committee Restraint Committee The following have been appointed alternate Willard N. Boyden, Vice President, Continental members of the Committee: Assurance Company, Chicago, Illinois, has been designated as Chairman of the Committee re- E. C. Brown, Senior Vice President, The First Naplacing Robert B. Richardson, President, Westtional Bank of Saint Paul, Saint Paul, Minneern Life Insurance Company, Helena, Montana, sota who has resigned as Chairman but will continue Wendell T. Burns, Vice President, Northwestern as a member of the Committee. National Bank, Minneapolis, Minnesota Emmons W. Collins, Vice President, First and The following have been appointed members of American National Bank of Duluth, Duluth, the Committee: Minnesota Robert B. Patrick, Financial Vice President, Bank- Gordon Murray, Vice President, First National ers Life Company, Des Moines, Iowa Bank of Minneapolis, Minneapolis, Minnesota Howard J. Tobin, Vice President, The Northwestern Mutual Life Insurance Company, Milwau- Eastern Investment Banking Voluntary Credit Restraint Committee kee, Wisconsin T. Jerrold Bryce, of Clarke, Dodge & Company, West Coast Insurance Voluntary Credit 61 Wall Street, New York, New York, has been Restraint Committee designated as Vice Chairman of the Committee. Harry J. Stewart, President, West Coast Life Insurance Company, San Francisco, California, has The following have been appointed alternate been designated as Chairman of the Committee members of the Committee: replacing Asa V. Call, President, Pacific Mutual }. Emerson Thors, Kuhn, Loeb & Co., 52 William Life Insurance Company, Los Angeles, Cali- Street, New York, New York fornia, who has resigned as Chairman but will continue as a member of the Committee. William M. Rex, Clarke, Dodge & Co., 61 Wall Street, New York, New York At the request of its members the name of the Belmont Towbin, C. E. Unterberg & Co., 61 Broad- West Coast Investment Banking Voluntary Credit way, New York, New York Restraint Committee has been changed to Western Joshua A. Davis, Reynolds & Co., 120 Broadway, Investment Banking Voluntary Credit Restraint New York, New York Committee. 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950 The favorable trends that have generally char- million dollars, 207 million above the previous year. acterized the postwar earnings of member banks This amount, together with smaller increases in continued during 1950. Net current earnings be- other earnings categories, more than offset an infore income taxes advanced by 148 million dollars crease of 131 million dollars in expenses. to a total of 1,245 million.2 As in earlier postwar Net profits after adjustments for losses, recoveryears the dominant factor in this increase was earn- ies, transfers, and income taxes amounted to 781 ings on loans. Rapid expansion in the volume of million dollars, 95 million more than in 1949. loans during the last half of the year and a moder- This represented a return of 8.3 per cent on averate increase in the average rate of return on loans age total capital accounts as compared to 7.6 per brought earnings from this source to a total of 1,634 cent in 1949. The increase resulted primarily from higher net current earnings and a slight decline in 1This article was prepared by Paul F. Smith of the the net adjustments for losses and transfers to re- Board's Division of Bank Operations. 2 Net current earnings are gross current operating earnings serves; these factors more than offset an increase of less gross current operating expenses, before adjustments for 94 million dollars in income taxes. A slightly losses, recoveries, and transfers to and from valuation re- smaller proportion of net profits was distributed in serves, and before taxes on net income. MEMBER BANK EARNINGS, SELECTED YEARS, 1929-50 [Dollar amounts in millions Item 1929 1932 1939 1941 1942 1944 1945 1946 1947 1948 1949 1950 Earnings $2,399 $1,554 $1,296 $1,417 $1,487 $1,874 $2,102 $2,403 $2,579 $2,828 $2,986 $3,265 On U. S. Government securi- On t i o es th i er securities 1 473 458 444 2 2 3 0 9 6 3 2 3 0 6 4 8 1 0 5 2 8 9 1 9 3 7 9 1,0 1 5 4 4 8 9 1 2 4 1 9 8 1 5 5 5 8 8 1 5 6 9 9 8 1 6 9 5 0 On loans 2 1,563 851 560 665 649 563 588 772 1,044 1,308 1,427 1,634 Service charges on deposit ac- Ot c h o e u r n e t a s rnings 2 363 245 \ 23 5 7 4 24 6 2 5 23 6 0 8 26 8 5 6 29 8 1 7 3 1 2 0 8 0 3 1 4 1 6 9 3 1 6 4 7 1 3 1 7 5 3 8 4 1 0 7 3 2 Expenses 2 1,684 1,143 895 988 1,002 1,127 1,268 1,469 1,650 1,795 1,889 2,020 Salaries and wages 464 357 388 426 461 525 580 699 797 876 926 1,000 Interest on time deposits 3. . . 445 302 159 140 128 144 183 212 236 250 261 271 Interest on interbank and demand deposits 314 132 Taxes other than on net income 2 112 67 85 129 81 83 83 82 90 96 109 Other expenses 2 348 285 262 293 331 375 422 476 529 579 605 640 Net current earnings before income taxes2 715 410 401 429 485 747 835 934 929 1,033 1,097 1,245 Recoveries and profits4 137 113 327 278 188 318 454 356 232 190 155 175 Losses and charge-ofTs 2 4 295 778 380 318 223 232 230 247 251 195 166 149 Net additions to valuation reserves 4 173 125 121 Profits before income taxes. . 451 833 1,058 1,043 910 854 961 1,150 Taxes on net income 68 184 270 285 257 234 275 369 Net profits 557 -255 347 390 383 649 788 758 653 621 686 781 Cash dividends declared 6 387 245 207 211 203 226 246 267 281 294 313 346 Number of banks at end of year. 8,522 6,816 6,362 6,619 6,679 6,814 6,884 6,900 6,923 6,918 6,892 6,873 1 Not reported separately prior to 1945; data for 1941 to 1944 are estimated. 2 The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 3 Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. 4 For description of the composition of this item beginning with 1948, see footnote to table on p. 504. 6 Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947. 6 Includes interest on capital notes and debentures. MAY 1951 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950 cash dividends than in 1949, although actual pay- MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 30, 1950 ments, amounting to 346 million dollars, were 33 [Dollar amounts in millions] million larger. Largely through retention of profits, capital ac- Change from Dec. 30, Dec. 31, 1949 counts increased in approximately the same pro- Item 1950 portion as total assets, leaving the ratio of average Amount Percentage capital accounts to average total assets practically unchanged at 7 per cent. However, a shift from Total loans and investments. $107,424 +$5,896 + 5.8 United States Government securities to loans and Lo C a o n m s m l ercial and industrial. . . 4 2 4 0 , , 7 5 0 2 5 1 + +4 8 , , 6 4 6 7 4 4 + + 2 2 3 9 . . 4 4 other securities resulted in a continuation of the Agricultural 1,808 - 136 - 7.0 For purchasing and carrying downward trend in the ratio of capital to "risk securities 2,697 + 203 + 8.1 Real estate 10,522 + 1,688 + 19.1 assets" (total assets less cash assets and United Consumer 6,167 +1,390 +29.1 All other 3,585 +27.7 States Government securities). This ratio was 18.9 + 777 U. S. Government securities. 52,365 - 7.9 per cent for the year, the lowest since the 1920's. Treasury bills, notes, and -4,519 certificates 19,187 + 1.6 Earnings figures for selected years beginning Bonds and guaranteed obliga- + 304 with 1929 appear in the table on the preceding page. tions 33,178 -4,825 -12.7 Earnings. Current earnings of all member banks Other securities 10,355 +1,941 +23.1 for the year amounted to 3,265 million dollars, 1 Totals are net (after deductions of valuation reserves); individ- 279 million above 1949. Earnings on loans ac- ual loan items are gross and do not add to the totals. counted for 207 million of the increase; the remaining portion was widely distributed among all dollars, 22 million more than in 1949, and reflected other reported categories of earnings. a rapid expansion in holdings. Average holdings The shift from earnings on United States Gov- were nearly 2 billion dollars or 20 per cent larger ernment securities to earnings on loans continued. than in 1949. The average rate earned on these Earnings on loans constituted 50 per cent of total securities, however, declined from 2.15 to 2.02 per earnings in 1950 as compared to 48 per cent in cent. 1949, and earnings on Government securities ac- Expenses. Current expenses of all member counted for 27 per cent as compared to 29 per cent. banks advanced to 2,020 million dollars, 131 mil- The distribution among other items remained prac- lion above the previous year, but there were no sigtically unchanged except for a slight increase in nificant changes in the relative importance of exthe proportion of earnings from other securities. pense items. Salaries and wages were the largest The increase in earnings on loans resulted pri- component and accounted for 50 per cent of all marily from a 4 billion dollar expansion in the expenses. Officers' salaries amounted to 345 milaverage volume of loans outstanding. An increase lion dollars, an increase of 27 million from 1949, in the average rate of return on loans from 4.04 and salaries and wages of other employees per cent in 1949 to 4.17 per cent in 1950 also con- amounted to 655 million, an increase of 47 million. tributed to the increase. As indicated in the ac- These increases reflected both a larger number of companying table, nearly all categories of loans officers and employees and an increase in the avershared in the expansion in loan volume but more age salary payment. than half of the increase was in commercial and All other reported items of expense contributed industrial loans. This is in contrast to a substan- to the expansion in total expenses. Taxes other tial decline in these loans during 1949. than income taxes increased by 13 million dollars Although there was a decline of more than 4 and interest paid on time deposits increased by 10 billion dollars in holdings of United States Govern- million. ment securities during the year, average holdings Factors affecting net profits. Net profits of all were nearly a billion dollars larger than in 1949. member banks during 1950 amounted to 781 mil- This offset a slight decline in the average rate of lion dollars, a return of 8.3 per cent on average return on these securities and resulted in a small total capital accounts as compared to 7.6 per cent increase of 6 million dollars in earnings. in 1949. However, since this ratio was computed Earnings on securities other than United States from aggregates of capital and net profits of all Government securities amounted to 190 million member banks, it is heavily weighted by the large 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950 banks and does not necessarily represent the earn- reserves on securities amounted to about 2 per ings of the "average" bank. A ratio computed by cent of the book value of securities other than averaging individual bank ratios indicates that the United States Government securities. "average" bank earned about 9.7 per cent on its Taxes on net income increased by 94 million capital accounts or 1.4 points more than the rate dollars and amounted to about 369 million. This earned on aggregate total capital accounts of all unusually large increase reflected primarily a larger member banks. taxable income and an increase in corporate tax rates during the year. The excess profits tax af- FACTORS IN HIGHER NET PROFITS fected very few member banks. [In millions of dollars] A summary of the factors that contributed to the increase in net profits in 1950 is given in the Factor fr C om ha 1 n 9 g 4 e 9 accompanying table. Cash dividends and capital. Member banks re- Increase in net profits + 95 tained more than half of net profits, or about 435 Factors increasing net profits, total +325 million dollars, to strengthen their capital positions. Increase in earnings on loans 207 This amount, together with smaller amounts from Increase in other earnings 72 minor sources, was sufficient to maintain approxi- Increase in profits on securities sold 18 D D e e c c r r e e a a s s e e i i n n n n e e t t l a o d ss d e i s ti o o n n s lo to an v s a * luation reserves l 2 4 4 mately the same relationship between total assets and total capital accounts that existed during 1949, Factors decreasing net profits, total -231 despite the expansion in assets during 1950. The Increase in expenses 131 Increase in accruals for income taxes 94 shift from United States Government securities to Increase in other losses, net 6 loans, however, caused a decline in the ratio of 1 For description of composition of these items, see footnote to capital to "risk assets" (total assets less Governtable on p. 504. ment securities and cash assets) from 20.2 to 18.9 Losses and charge-offs on loans amounted to 61 per cent. million dollars and recoveries amounted to 40 mil- Sales of common stock provided about 130 million, leaving a net loss of about 21 million or about lion dollars in capital to member banks during the 1.3 per cent of earnings on loans. This compares year. This was offset in part, however, by retirewith net losses and charge-offs of 45 million in 1949. ment of preferred stock amounting to about 16 Changes in losses and recoveries on securities million dollars and decreases in capital that resulted were also relatively small. Net losses and charge- from consolidations and absorptions. ofTs exceeded recoveries by 23 million dollars as Cash dividends continued their gradual upward compared with 20 million in 1949. Profits from trend and amounted to 346 million dollars, an inthe sale of securities, however, were 18 million crease of 33 million over 1949. This represented a higher than in 1949 and amounted to 82 million payment of 3.7 per cent on total capital accounts, dollars. This total was larger in 1950 than in up slightly from previous years. either of the two previous years but smaller than Earnings by class of bank. Earnings, expenses, in most other recent years. and net current earnings before income taxes were Although transfers to valuation reserves on loans higher in 1950 than in 1949 at all classes of memand securities were considerably below the peak ber banks. With minor differences in the rate of in 1948 (the first year after special tax provisions expansion in various items, the growth followed were made for loan reserves), they were still an the same general pattern at all classes of banks. important factor in the interpretation of member Earnings on loans, which increased about 14-15 bank profits. Net transfers to these reserves per cent at all except Chicago central reserve city amounted to 153 million dollars. After adjust- banks and about 6 per cent at Chicago banks, were ments for losses and recoveries charged directly the principal source of additional earnings. Exto these reserves, net additions amounted to 110 penses were between 6 and 8 per cent higher than million dollars on loan reserves and 11 million on in 1949 at all classes except Chicago banks, for securities reserves. At the end of 1950 valuation which they were practically unchanged. Reflecting reserves on loans amounted to about 1.3 per cent the larger growth in earnings than in expenses, net of the outstanding volume of loans and valuation current earnings increased 17-20 per cent at Chi- MAY 1951 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950 cago and reserve city banks and 10-11 per cent at The relationship between capital and total assets New York City and country banks. remained practically unchanged from 1949 at all Adjustments for noncurrent items, however, re- classes of banks but ratios of capital to "risk sulted in marked variations in net profits at differ- assets" declined. In 1950 the latter ratio was ent classes of banks. They increased by 31 per cent lowest at reserve city banks, 16.5 per cent, and at New York City banks and decreased by 16 per highest at New York banks, 22.8 per cent. cent at Chicago banks. Between these extremes, Summary data by class of bank are shown in reserve city and country banks reported increases of the accompanying table and detailed figures of 12-13 per cent. The principal factor in the decline earnings and related items, together with selected in net profits at Chicago banks was an increase in ratios, will be found on pages 574-585 of this additions to valuation reserves. BULLETIN. MEMBER BANK EARNINGS, BY CLASS OF BANKS, 1949-50 [Dollar amounts in millions] Central reserve city banks Total Reserve city Country banks banks Item New York Chicago 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Earnings $3,265 $2,986 $512 $476 $132 $123 $1,257 $1,136 $1,364 $1,250 On U. S. Government securities 865 859 145 148 48 46 311 305 362 361 On other securities 190 169 31 26 12 11 69 59 77 73 On loans 1,634 1,427 215 189 48 46 659 571 712 622 All other 575 531 121 114 24 21 218 201 213 195 Expenses 2,020 1,889 298 282 78 78 777 727 867 802 Salaries and wages. . 1,000 926 170 164 37 37 382 353 411 372 Interest on deposits. 271 261 10 8 11 11 112 108 138 135 All others 749 702 118 110 30 31 282 266 318 295 Net current earnings before income taxes 1,245 1,097 214 194 54 45 409 497 448 Recoveries and profits 1 175 155 27 28 13 15 77 50 58 62 Losses and charge-offs l 149 166 19 23 7 8 55 58 67 76 Net addition to valuation reserves l. . 121 125 7 33 9 -1 63 48 42 46 Profits before income taxes 1,150 961 214 166 50 53 439 354 447 388 Taxes on net income 369 275 69 55 15 11 155 104 131 105 Net profits 781 686 145 111 35 42 284 251 316 283 Gash dividends declared 2 346 313 89 82 16 15 133 118 108 97 Ratios (per cent): Net current earnings before income taxes to average total capital accounts 13.2 12.2 9.2 8.4 11.3 9.9 14.9 13.6 14.5 13.9 Net profits to— Average total capital accounts.. . . 8.3 7.6 6.2 4.8 7.4 9.1 8.3 9.2 8.8 Average total assets 0.57 0.53 0.54 0.43 0.49 0.62 0.55 0.52 0.63 0.59 Earnings on loans to average holdings 4.17 4.04 2.62 2.46 2.85 2.82 4.24 4.13 5.19 5.12 1 Data for these items and corresponding items in the table on p. 501 were derived by combining detailed earnings data on p. 574 of this BULLETIN as described below: (a) Recoveries and profits were obtained by combining profits on securities sold with recoveries credited to profits (shown in the body of the detailed table) and recoveries credited to valuation reserves (shown under memoranda items in the detailed table). The combined figures represent the gross recoveries of member banks during the year regardless of the accounting methods of the individual banks. (b) Losses are the combination of losses charged against profits with losses charged to valuation reserves. These totals represent the gross losses of member banks during the year regardless of the accounting methods of the individual banks. (c) Net additions to valuation reserves on securities and loans represent the combination of four amounts given in the detailed table: the sum of the two items that increase valuation reserves (transfers to reserves reported in the body of the detailed table plus recoveries credited to reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from reserves reported in the body of the detailed table plus losses charged to reserves reported as memoranda items). includes interest on capital notes and debentures. 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS1 Demand deposits of individuals and businesses profit associations, trust funds, and foreign busiincreased 7 per cent in the 12 months ending nesses and individuals also increased, as shown by January 31, 1951, reflecting for the most part the Table 1 on the following page. exceptionally large expansion of bank loans during Business deposits. A sharp rise of nearly 2 bilthe year. Information as to holdings of different lion dollars or 11 per cent in the demand deposits groups of depositors was obtained in the Federal of manufacturing and mining concerns apparently Reserve System's annual Survey of Ownership of represents their tendency to hold larger working Demand Deposits of Individuals, Partnerships, and balances in view of current conditions. This was Corporations. The results show that deposits of the largest annual increase in the deposits of these farmers increased by 3 per cent while deposits of concerns since the inception of the survey on the individuals other than farmers rose by 7 per cent. present basis in 1944. Manufacturers increased Balances of all businesses as a group rose by 8 per their demand deposits notwithstanding a concent. Within the business category, deposits of siderable growth in expenditures for inventories, corporations increased more sharply than those of plant and equipment, operating costs, and taxes. noncorporate enterprises. Balances held by non- They obtained funds through increased profits as well as through greatly expanded borrowing and 1 This article was prepared by Charles Fox of the Board's security financing. Some of the additional funds Division of Research and Statistics. OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES FEDERAL RESERVE ESTIMATES BILLIONS OF DOLLARS SELECTED DATES BILLIONS OF DOLLARS BROAD GROUPS NorJFINANC AL BUS NESSES 01HER HOLDEF - 100 20 24 - AA INDINflDUALS y EXCLUDN6 FARMERS - - - 80 r y ^—. *——/ 16 / M / ANUFACTURING / 20 TOTAL - AN) MINING / / J y• / 1 / 60 V / / / 16 / TRADE / f - NCNFINANCIAL 40 / - EUSINESSEs «* » -. — 8 - FARMERs / "'1 / OTHER y , ' NONFINANCIAL AS N S O O N C P I R A O TI F O IT NS / 1 AND OTHER* / 20 y y INDIVIDUALS >** ^^ UT P I U L B IT LI I C ES "^ -X B F U IN S A IN N E C S IA SE L S - EUSIN J E C S I S A E L s - - INSURANCE (X)MPANIES 0 i | ,AND OTHER* 1 1942 1944 1946 1948 1950 1942 1944 1946 1948 1950 1942 1944 1946 1948 1950 * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1951. MAY 1951 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS were probably held as a precaution against rising TABLE 2 costs and in preparation for further expansion in OWNERSHIP OF DEPOSITS OF CORPORATE AND NONCORPORATE operations. BUSINESSES Public utilities increased their demand balances [Estimates, dollar amounts in billions] by 9 per cent, the highest rate of growth since 1944. Increased incomes for most of the industries in this Change from Jan. 31, 1950 category, together with provision for continued ex- Jan. 31, pansion of plant and facilities, probably account for 1951 Dollar Peramount centage most of this growth. Type of holder cen D t e , p c o o s n i s t id g e r r o ab w ly th le f s o s r th t a ra n d e th e co a n v c e e r r a n g s e w gr a o s w t 4 h p fo er r C r p a o o t r - e - N r c p a o o o t r - e n - - C r p a o o t r - e - N r c p a o o o t r - e n - - C r p a o o t - r e - N r c p a o o o t r n - e - all businesses in this period and less than might have been expected considering the substantial ex- Domestic businesses— pansion in retail and wholesale sales. In three of total1 $39.2 $12.4 +3.1 +0.6 +8.6 +4.7 the six previous annual surveys since 1944, growth Nonfinancial—total. . . . 32.8 10.5 +2.6+0.4 +8.7 +3.7 in trade deposits was larger both in amount and Manufacturing and mining 17.8 1.8 + 1.8+0.2 +11.1 +11.0 percentagewise than during the 12 months ended T Pu ra b d li e c utilities 4 8. . 0 1 0 6 . . 2 0 + +0 0 . . 5 4 (2) + + 6 9 . . 1 8 + -3 1 . . 2 7 January 31, 1951. The comparatively small rise Other nonfinancial... 2.9 2.5 +0.1 +0.8 +4.2 +0.1 shown by the 1951 survey was due in large part Financial—total 6.4 2.0 +0.5+0.2 +7.9+10.7 to heavy accumulation of trade inventories follow- Insurance 2.6 0.2 () () +0.1 +6.6 ing the invasion of South Korea. Other financial 3.8 1.8 +0.5 +0.2 +14.0 +11.1 Financial enterprises other than insurance com- 1 The difference between the 3.1 billion dollar growth in panies expanded their demand deposits substan- demand deposits of corporations as estimated from bank records and the 1.0 billion increase in corporate cash as estimated from corporate records and shown on page 483 of the leading article is largely attributable to an increase in the volume of corporate TABLE 1 payments which had not yet cleared the banks. This unusual growth in corporate cash "float" reflected the increased tempo of business activity after mid-19 50. OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, 2 Less than 50 million dollars. PARTNERSHIPS, AND CORPORATIONS NOTE.—Detailed figures may not add to totals because of rounding. [Estimates, dollar amounts in billions] tially, reflecting their increased volume of business Am ou o t u - nt J C a h n a . n 3 g 1 e , f 1 r 9 o 5 m 0 during 1950. Deposits of this group, which in- Type of holder standing cludes primarily finance companies, investment Ja 1 n 9 . 5 3 1 1, a D m o o l u la n r t ce P n e ta r- ge trusts, and savings and loan associations, rose by 13 per cent and continued the unbroken series of Domestic businesses—total. .. $51.6 +3.6 +7.6 annual increases that began in 1944. The sharp Nonfinancial businesses—total. . 43.2 +3.0 +7.4 increase in the demand balances of finance com- Manufacturing and mining. . 19.5 + 1.9 + 11.1 panies in 1950 occurred despite substantial increases T Pu ra b d li e c utilities 1 4 3 . . 4 9 + + 0 0 . . 6 4 + +4 9 . . 2 1 in holdings of receivables. There was an unprece- Other nonfinancial 5.4 +0.1 +2.3 dentedly large growth in the share accounts of sav- Financial businesses—total 8.4 +0.7 +8.6 ings and loan associations, which enabled them to Insurance companies 2.8 0) +0.4 increase their deposits in addition to making a 5.6 +0.6 +13.1 Other financial record volume of new mortgage loans. Individuals—total 30.8 +1.7 +6.0 Demand deposits of all corporations increased by Farmers 2 7 3 . . 0 8 + + 0 1 . . 2 6 + + 2 7 . . 7 0 an estimated 3 billion dollars or 9 per cent, as compared with a growth of 5 per cent for noncorporate Other individuals 5.3 +0.3 +6.6 businesses. This sharper rise for corporations was Other holders—total 1.6 +0.1 +8.7 3.0 +0.2 +5.9 true of all businesses as a group and also for various Trust funds 0.6 V) +5.2 lines of industry, as is shown in Table 2. The Nonprofit associations Foreigners 2 87.7 +5.7 +7.0 tendency for corporate balances to become a larger Total proportion of all privately owned demand deposits 1 Less than 50 million dollars. 2 Excludes foreign banks and governments. as well as of total business deposits has been evi- NOTE.—Detailed figures may not add to totals because of dent in each survey since 1946. rounding. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS Deposits of individuals. Demand deposits of indi- come was 9 per cent larger than in the last quarviduals increased by 6 per cent, notwithstanding ter of 1949. a substantial increase in consumer expenditures. TABLE 3 Personal incomes rose sharply and outstanding con- PERCENTAGE CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS, sumer credit rose considerably more than during PARTNERSHIPS, AND CORPORATIONS, BY FEDERAL RESERVE the preceding 12 months. As a result, individuals DISTRICT AND TYPE OF HOLDER, JANUARY 31, were able to add somewhat to their holdings of de- 1950 TO JANUARY 31, 1951 mand deposits as well as of other liquid assets. Type of holder The percentage increase in demand deposits was u sm al a s l , l e a r s i f t o r h a f d ar m be e e r n s i l n as t t h y e e p ar re t v h i a o n u s f o tw r o o t y h e e a r r s i . n di T v h id is - Fede d ra is l tr R ic e t serve All Individuals fin N a o n n c - ial holders * businesses was a reversal of the situation prior to 1948, when Farmers Nonfarmers annual growth of demand deposits had been more Boston +6.3 +3.6 +6.5 +9.3 rapid for farmers than for other individuals and, New York +5.0 -8.8 +6.1 +4.6 Philadelphia +7.3 -0.3 +8.1 +6.8 in several years, more rapid than for most types of Cleveland +9.1 +5.6 + 11.8 +7.4 business. The relatively smaller increase in the Richmond +6.8 +3.3 +5.7 +6.7 deposits of farmers in recent years has been due in Atlanta +7.5 +0.1 +8.7 +5.8 large part to smaller aggregate farm receipts and S C t h . ic L a o g u o is + + 8 6 . . 6 1 + + 2 4 . . 7 4 + + 1 1 0 .3 .3 + + 1 8 0 .7 .9 larger expenditures on equipment. Minneapolis +3.0 -5.5 +4.1 +5.6 Farm income was smaller in the first half of 1950 Kansas City +4.9 -1.1 +4.8 +7.2 Dallas +10.2 +19.5 +5.6 +12.1 than in 1949 owing to smaller agricultural output San Francisco +8.7 -0.5 +7.0 +11.9 and lower selling prices. However, prices of farm All districts +7.0 +2.7 +7.0 +7.4 products rose in the course of 1950, especially after June, and in the last quarter of the year farm in- 1 Includes also financial businesses, nonprofit associations, trust funds, and foreigners. TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-51 [Estimates, in billions of dollars] Dec. 31, Feb. 29, Jan. 31, Jan. 31, Feb. 26, Jan. 30, Jan. 31, Jan. 31, Jan. 31, Type of holder 1941 1944 1945 1946 1947 1948 1949 1950 1951 Domestic businesses—total. 24.8 35.9 40.4 42.9 43.8 47.1 46.6 47.9 51.6 Corporate.... 30.6 31.1 32.1 35.0 34.9 36.1 39.2 Noncorporate. 9.9 11.9 11.7 12.1 11.7 11.8 12.4 Nonfinancial businesses—total. 20.4 31.5 35.3 37.0 37.2 39.8 39.4 40.2 43.2 Manufacturing and mining. 10.0 16.3 17.5 16.1 16.0 17.3 17.1 17.6 19.5 Public utilities 3.1 3.7 3.7 4.0 4.2 4.1 3.9 4.0 4.4 Trade 4.6 8.2 10.3 12.6 12.5 13.4 13.4 13.3 13.9 Other nonfinancial 2.7 3.4 3.7 4.2 4.5 4.9 5.0 5.3 5.4 Financial businesses—total. . 4.4 4.3 5.2 5.9 6.5 7.4 7.2 7.7 8.4 Insurance companies... 1.9 1.7 1.9 1.8 2.1 2.7 2.5 2.7 2.8 Other financial 2.5 2.6 3.3 4.1 4.5 4.7 4.7 5.0 5.6 Individuals—total. 9.6 17.7 21.5 26.4 28.9 30.1 29.1 29.1 30.8 Farmers 4.2 5.0 6.3 7.2 7.5 7.1 6.8 7.0 Other individuals. * 13.5 16.5 20.1 21.7 22.6 22.0 22.3 23.8 Other holders. 3.2 3.6 4.0 4.8 5.2 5.2 5.1 5.0 5.3 Trust funds * 1.3 1.4 1.6 1.7 1.6 1.6 1.5 1.6 Nonprofit associations 1.5 1.9 2.4 2.7 2.8 2.9 2.9 3.0 Foreigners—businesses and individuals * 0.8 0.7 0.8 0.8 0.7 0.7 0.6 0.6 Total. 37.6 57.2 65.9 74.1 77.8 82.4 80.8 82.0 87.7 * Not available. NOTE.—Detailed figures may not add to totals because of rounding. MAY 1951 507 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 Assignment of Claims Against the disbursing officer, if any, designated in such Government contract to make payment. Amendment to Statute "Notwithstanding any law to the contrary gov- On May 15, 1951, the President approved an erning the validity of assignments any assignment Act "To facilitate the financing of defense contracts pursuant to the Assignment of Claims Act of 1940, by banks and other financing institutions, to as amended, shall constitute a valid assignment amend the Assignment of Claims Act of 1940, and for all purposes. for other purposes." The principal purpose of this "In any case in which moneys due or to become legislation is to clarify the rights of financing insti- due under any contract are or have been assigned tutions taking assignments of Government con- pursuant to this section, no liability of any nature tracts as security for loans to defense contractors. of the assignor to the United States or any de- Heretofore, because of certain rulings of the Comp- partment or agency thereof, whether arising from troller General of the United States, financing or independently of such contract, shall create or institutions have been reluctant to make loans se- impose any liability on the part of the assignee to cured by assignments of Government contracts make restitution, refund, or repayment to the either with or without guarantees of such loans United States of any amount heretofore since July under the current V-loan program; and, conse- 1, 1950, or hereafter received under the assignquently, many contractors have been unable to ment. obtain the necessary financing for the performance "Any contract of the Department of Defense, of their defense contracts. The text of the amend- the General Services Administration, the Atomic ing Act is set forth below: Energy Commission, or any other department or agency of the United States designated by the [PUBLIC LAW 30—82D CONGRESS] President, except any such contract under which [CHAPTER 75—1ST SESSION] full payment has been made, may, in time of war [H.R. 3692] or national emergency proclaimed by the President (including the national emergency proclaimed AN ACT December 16, 1950) or by Act or joint resolution To facilitate the financing of defense contracts by banks and of the Congress and until such war or national other financing institutions, to amend the Assignment of emergency has been terminated in such manner, Claims Act of 1940, and for other purposes. provide or be amended without consideration to Be it enacted by the Senate and House of Repprovide that payments to be made to the assignee resentatives of the United States of America in of any moneys due or to become due under such Congress assembled, That section 1 of the Assigncontract shall not be subject to reduction or set-off, ment of Claims Act of 1940, approved October 9, and if such provision or one to the same general 1940 (54 Stat. 1029), is amended by striking out effect has been at any time heretofore or is hereall after clause 3 of the proviso and inserting in after included or inserted in any such contract, lieu thereof the following: payments to be made thereafter to an assignee of "4. That in the event of any such assignment, any moneys due or to become due under such conthe assignee thereof shall file written notice of the tract, whether during or after such war or emerassignment together with a true copy of the in- gency, shall not be subject to reduction or set-off strument of assignment with—(a) the contracting for any liability of any nature of the assignor to officer or the head of his department or agency, the United States or any department or agency (b) the surety or sureties upon the bond or bonds, thereof which arises independently of such conif any, in connection with such contract, and (c) tract, or hereafter for any liability of the assignor 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT on account of (1) renegotiation under any renego- at any such Bank or branch. All persons who tiation statute or under any statutory renegotiation thereafter become so engaged in business must article in the contract, (2) fines, (3) penalties register within 30 days. (which term does not include amounts which may be collected or withheld from the assignor in ac- Newspaper Printing Plant cordance with or for failure to comply with the It is the opinion of the Board that a newspaper terms of the contract, or—(4) taxes, social-security is a "manufactured product" within the meaning contributions, or the withholding or nonwithof section 2(r)(5)(z) of Regulation X. Accordholding of taxes or social-security contributions, ingly, the definition of "nonresidential structure" whether arising from or independently of such in section 2(r) does not include a structure more contract. than 80 per cent of the floor space of which is used "Except as herein otherwise provided, nothing or designed for use in the printing of newspapers in this Act, as amended, shall be deemed to affect and, therefore, credit for the financing of such or impair rights or obligations heretofore accrued." construction is not subject to Regulation X. Approved May 15, 1951. Consumer Credit Real Estate Credit Amendment to Regulation W Amendment to Regulation X The Board of Governors of the Federal Reserve The Board of Governors of the Federal Reserve System, effective May 15, 1951, issued Amendment System, with the concurrence of the Housing and No. 3 to Regulation W, relating to consumer credit, Home Finance Administrator, effective May 11, to provide certain technical changes in the exemp- 1951, issued Amendment No. 5 to Regulation X, tion provisions of the regulation. One change rerelating to real estate credit, so as to provide that lates to the method to be used by a Federal Reserve every person engaged on May 31, 1951, in the Bank in designating disaster areas under the regubusiness of extending real estate credit with respect lation and the other change, dealing with rental to residences, residential property, multi-unit resiagreements, permits the continuation of certain dential property, or nonresidential property, inrental arrangements in effect during the year 1950. cluding any person who acts as an agent for a The text of the amendment is as follows: lender in arranging for such credit, must register on or before June 30, 1951, with the nearest Fed- AMENDMENT NO. 3 TO REGULATION W eral Reserve Bank or branch thereof; and every Regulation W is hereby amended in the followperson who hereafter becomes engaged in such ing respects, effective May 15, 1951: business must register within 30 days after the date on which he becomes engaged in the business. The 1. By amending subsection (/) of section 7 to text of the amendment is as follows: read as follows: (;') Disaster Credits—Any credit of a kind AMENDMENT NO. 5 TO REGULATION X designated by a Federal Reserve Bank under this Issued by the Board of Governors of the Federal Reserve subsection as a result of a flood or other similar System with the Concurrence of the Housing and Home Finance Administrator. disaster which the Federal Reserve Bank deter- Regulation X is hereby amended in the follow- mines has created within its district an emergency ing respects, effective May 11, 1951: affecting the credit needs of a substantial number of the inhabitants of the stricken area. This In subsection (b) of section 3, add reference lla exemption shall apply only within such areas and after the word ''announcement" in the fifth line, during such periods, and shall be subject to such and add this footnote at the bottom of the page: other conditions, as the Federal Reserve Bank lia Pursuant to public announcement made by may prescribe. the Board on May 11, 1951, all persons so engaged in the business described above on May 31, 2. By amending subsection (/) of section 7 to 1951, must register with the nearest Federal read as follows: Reserve Bank or branch not later than June 30, (/) Certain Rentals.—Any rental, leasing or 1951, on Form F.R. 269, which may be obtained bailment contract or arrangement (1) for a speci- MAY 1951 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT fied period of not more than 3 months if (i) the Common Trust Funds transaction is to be terminated, and the article Transfer to Fund of United States Bonds returned to the Registrant, on or before the expiration of the specified period, and (ii) the trans- The Treasury Department has issued a ruling to the effect that the Department does not object action is not renewable and does not directly or to the transfer at par value of the nonmarketable indirectly relate to or involve any subsequent 2% per cent Treasury bonds from individual trusts lease, use of, or other interest in, the article or any to a common trust fund. A similar ruling was similar article; or (2) existing during 1950 becontained in Public Debt Bulletin No. 21 of March tween the Registrant and the obligor, or any 6, 1945, with respect to the transfer of Series F or bona fide continuation or modification thereafter G United States savings bonds. of such existing contract or arrangement, which Although it is provided in the second paragraph (i) does not expand the number of articles outof section 17(a) of Regulation F that the term standing between the Registrant and the obligor "common trust fund" means a fund maintained by beyond the maximum number outstanding bea national bank exclusively for the collective investtween them at any one time during 1950, and (ii) ment and reinvestment of moneys contributed does not otherwise alter the essential nature of thereto by the bank in its capacity as trustee, exthe original contract or arrangement. ecutor, administrator, or guardian, the Board will Air Conditioners not object to the direct transfer at par value of The classification "air conditioners, room unit" United States savings bonds or the recently issued in Group B of the Supplement to Regulation W 2% per cent nonmarketable Treasury bonds from does not include units of 2 horsepower or more individual trust estates to a common trust fund in rated capacity. exchange for participations therein. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Mr. Brown was Chairman of the Board of the Johns-Manville Corporation, New York, New York. The Conference of Chairmen of the Federal Reserve Banks met in Washington on May 7-8, 1951. Revised Edition of Historical Supplement to Monthly The Federal Advisory Council held a meeting Chart Book on Bank Credit, Money Rates, in Washington on May 13-15, 1951, and met with and Business the Board of Governors of the Federal Reserve Sys- The Board of Governors has available for distem on May 15, 1951. tribution a revised edition of the historical supplement to the monthly Federal Reserve Chart Boo\ Elections of Class B Directors on Ban\ Credit, Money Kates, and Business. The The Federal Reserve Bank of Dallas, on April 24, format and the charts included, of which there 1951, announced the election of Mr. George H. are 113 pages, are the same as for the March 1950 Zimmerman, Chairman of the Board and Presi- issue of the supplement. In most cases charts dent, Wm. Cameron & Company, Waco, Texas, cover the period beginning with 1919 or some as a Class B director of the Bank for the unexpired earlier year and include plotting space through portion of the three-year term ending December 31, 1951. All charts include the latest data available 1951, to succeed Mr. J. R. Milam, deceased. Mr. on April 16, 1951. Milam was President of The Cooper Company, The historical supplement will be distributed Inc., Waco, Texas. free of charge to annual subscribers to the monthly The Federal Reserve Bank of New York, on Chart Book. Single copies of the supplement may May 4, 1951, announced the election of Mr. Clar- be purchased for 60 cents each; in quantities of ence Francis, Chairman of the Board, General 10 or more copies for shipment to one address, Foods Corporation, New York, New York, as a there is a special price of 50 cents per copy. Orders Class B director of the Bank for the unexpired should be sent to the Division of Administrative portion of the three-year term ending December 31, Services, Board of Governors of the Federal Re- 1952, to succeed Mr. Lewis H. Brown, deceased. serve System, Washington 25, D. C. 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 30 and released for publication May 1] Economic activity and incomes were maintained Activity in the textile industries has decreased at record levels in March and early April. Retail since February partly reflecting labor disputes. sales showed a less than seasonal rise. Wholesale Production of other nondurable goods generally has commodity prices continued to show little change, continued at about the high February rate. Crude while consumer prices rose further. Bank loans petroleum output rose further during March and to business continued to rise somewhat, although a early April, while production of coal, stocks of decrease is usual at this season. Bond yields con- which are large, remained well below the January tinued to rise. volume. EMPLOYMENT INDUSTRIAL PRODUCTION Employment in nonagricultural establishments, The Board's seasonally adjusted industrial proseasonally adjusted, continued to increase moderduction index was 222 per cent of the 1935-39 ately in March, reflecting mainly further gains in average in March, as compared with 221 in January durable manufacturing industries and in Governand February. Preliminary data indicate little ment employment. Hours of work in manufacchange for April. Output has increased 3 per cent turing remained unchanged at 41 hours per week, in the past six months and is about 20 per cent slightly below the 1950 year-end level, while hourly higher than a year ago. earnings continued the moderate increases of recent Steel output has been at new record levels since months. Unemployment at 2.1 million in March early March. Output of producers equipment and was 2 million below a year ago and at the lowest munitions has shown continued marked expansion, level for this month since 1945. and on April 1 more stringent curbs were initiated on use of metals for consumer goods. Over-all CONSTRUCTION output of consumer durable goods was maintained Value of contract awards for most types of priat advanced levels in March partly because of very vate construction rose less than seasonally in high assembly rates for passenger cars. In April, March. The number of housing units started car production has decreased to a rate about 5 per totaled 93,000 as compared with 80,000 in Februcent below average first quarter levels; and output ary and 117,000 in March 1950. The value of of household durable goods has apparently also construction work put in place, reflecting earlier been reduced owing in part to demand influences. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION MH.U3NS OF PERSONS SEASONALLY ADJUSTED = ^ MILLIONS OF PER kPHYSICAL VOLUME, SEASONALLY ADJUSTED. 1935 - 39 ' 100 < 46 •^/ v MANUFACTURING y TOTAs AND MINING V / 44 y 42 \ / 200 M 200 40 -— V fl —^ 180/ VV 180 FINANCEAND SERViCE - r 6 160 160 — TRAN PORTATIOd 4 ^V • • • • UTILITIES 140 ~ ~~ 2 CONSTRUCTION - 120 0 100• 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 Bureau of Labor Statistics' data adjusted for seasonal varia- 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 tion by Federal Reserve. Proprietors and domestic servants Federal Reserve index. Monthly figures, latest shown are are not included. Midmonth figures, latest shown are for for March. March. MAY 1951 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS record awards and starts, rose to a new peak in tion with the voluntary credit restraint program March, after allowing for seasonal influences. indicate that borrowing to finance defense contracts is much more important now than it was last fall DISTRIBUTION and that commodity loans are currently being re- Retail sales of housefurnishings have declined paid. Retailers and wholesalers have been imfrom the exceptionally high rates at the beginning portant borrowers in recent weeks, as have textile of the year, and sales of apparel and automobiles manufacturers. Real estate loans and bank holdhave shown a less than seasonal expansion since ings of corporate and municipal securities conthat time. Demand for foods and various other tinued to increase moderately. goods has remained at advanced levels. Distribu- Average interest rates charged by commercial tors' stocks have increased further. Preliminary banks on short-term business loans rose from 2.84 seasonally adjusted figures on the value of departper cent in the first half of December to 3.02 per ment store stocks at the beginning of April were cent in the first half of March. about 12 per cent higher than at the beginning of Deposits and currency held by businesses and January and 30 per cent above year-ago levels. individuals declined in the latter part of March COMMODITY PRICES reflecting a seasonal shift of funds to Government Wholesale commodity prices have generally con- balances as a result of tax payments. In early tinued to show little change during the past month April, however, the private money supply inat a level 20 per cent above a year ago. Prices of creased as Government balances were reduced. some materials which had declined in March have Member bank reserve balances increased somestrengthened during the past ten days. what further in late March and early April. Fed- Consumer prices advanced .4 per cent further eral Reserve purchases of Treasury bonds during in March, reflecting chiefly increases in retail prices this period supplied reserve funds to banks. The of apparel, housefurnishings, and miscellaneous effect of these additional reserves was offset only in goods and services. Foods showed little change for part by an outflow of gold and an increase in the first time since last November. The all-items Treasury and other deposits at the Reserve Banks. index was 10 per cent above a year ago, with food SECURITY MARKETS prices 15 per cent higher. Yields on long-term Treasury bonds increased BANK CREDIT AND THE MONEY SUPPLY during the first three weeks of April. While Expansion in business loans slackened in late yields on outstanding high-grade corporate bonds March and the first half of April. These loans rose only slightly, there was a marked increase in usually decline at this time of year. Business loans yields on new corporate issues. Prices of common declined slightly at New York City banks, but stocks advanced rapidly during the first two weeks increased somewhat further at banks in other lead- of April to the peak level of early February, and ing cities. Preliminary data collected in connec- then declined slightly during the third week. WHOLESALE COMMODITY PRICES LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U. S. GOVERNMENT SECURITIES BILLIONS OF DOLLARS 1944 1945 1946 1947 1948 1949 1950 1951 1948 1949 1950 1951 1948 1949 1950 Bureau of Labor Statistics' index. Weekly figures, latest Wednesday figures, latest shown are for May 2. shown are for week ending May 1. 512 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. . ... 515-516 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V. 516-517 Federal Reserve Bank statistics. . 518-522 Guaranteed Regulation V loans 522 Deposits and reserves of member banks 523 Money in circulation... 524-525 Bank debits and deposit turnover; Postal Savings System. ... 525 Consolidated statement of the monetary system, deposits and currency 526 All banks in the United States, by classes . 527-529 All banks in the United States and possessions, by States, December 30, 1950 . . 530-531 All insured commercial banks in the United States, by classes 532-533 Weekly reporting member banks ... 534-537 Number of banking offices on Federal Reserve par list and not on par list 538 Commercial paper, bankers' acceptances, and brokers' balances. 539 Money rates; bank rates on business loans; bond yields 540 Security prices and new issues 541-542 Corporate sales, profits, and dividends. . 542-544 Treasury finance. . .... 545—547 Government corporations and credit agencies. . 548 Business indexes 549-558 Department store statistics. . 559-562 Cost of living. . 562 Wholesale prices 563 Gross national product, national income, and personal income. 564-565 Consumer credit statistics 566-568 Current statistics for Federal Reserve chart book. 569-573 Member bank earnings, 1950. 574-585 Number of banks and branches in operation on December 31, 1950 586-587 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. MAY 1951 513 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 20 15 15 10 10 U^^ 1942 1943 1944 1945 1946 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures, latest shown are for April 25. See page 515. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o D a a a u n n i d s n c d - - e ts s To U ta . l S s . e G B cu o o r n v i d e ti r s e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A he ll r Total s G to o c ld k T s r t o c e u r i a u n n u e r n a r c y g t d - - s y - - M i c n t u i o o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R r e o d y a e r i s e n e t v a i d r - h k t s e a e s s - l - b p m N e o r e o s m n d it e - s - - c O s F o e R e a t e r u r c h e a v d n - - e l e - t r s Total qu R ir e e - d2 c E es x s - " and notes Wednesday figures: 1950—Mar. 1. 31417,757 6,840 10,917 383 18,454 24,345 4,600 27,060 1,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,363 24,345 4,601 27,105 1,322 433 1,454 73916,258 15,261 997 Mar. 15. 7117,791 6,615 11,176 402 24,320 4,601 27,023 1,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,036 24,271 4,600 26,972 1,308 759 1,139 76115,969 15,324 645 Mar. 29. 36517,516 6,415 11,101 263 18,14424,246 4,599 26,969 1,321 997 1,155 76615,782 15,268 514 Apr. 5. 16817,572 6,357 11,215 392 18,13224,246 4,601 27,133 1,317 622 1,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 1,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,92824,247 4,600 26,992 1,319 647 1,261 77115,786 15,265 521 Apr. 26. 21817,640 6,204 11,436 282 18,14124,247 4,600 26,962 1,316 833 1,208 77215,898 15,243 655 May 3. 12117,711 6,098 11,613 359 18,192 24,247 4,602 27,051 1,326 678 1,287 71315,986 15,224 762 May 10. 9017,591 5,976 11,615 297 17,97824,249 4,602 27,041 1,318 533 1,314 71715,907 15,147 760 May 17. 7917,401 5,911 11,490 521 18,00124,230 4,601 26,980 1,294 426 1,293 71616,123 15,275 848 May 24. 10617,290 5,854 11,436 288 17,68324,230 4,601 26,908 1,292 428 1,246 71815,922 15,305 617 May 31. 30617,389 5,802 11,587 239 17,93524,231 4,606 27,090 1,309 588 1,254 71815,814 15,288 526 June 7. 9417,672 5,726 11,946 377 18,143 24,232 ,605 27,079 1,309 472 1,321 73316,067 15,350 717 June 14. 7917,693 5,681 12,012 498 18,270 24,232 ,604 26,993 1,304 319 1,447 73516,309 15,433 876 June 21. 7417,679 5,650 12,029 508 18,26124,231 ,604 26.926 1,294 529 1,395 78416,169 15,522 647 June 28. 6918,217 5,644 12,573 281 18,56724,230 ,608 27,026 1,306 866 1,441 77815,988 15,462 526 July 5. 8318,586 5,555 13,031 281 18,950 24,231 .607 27,315 1,302 645 1,470 80216,254 15,463 791 July 12. 6518,294 5,411 12.883 399 18,75"7 24,207 ,606 27,169 1,309 383 1,457 80416,448 15,544 904 July 19. 19917,869 5,286 12,583 407 18,47524,207 ,606 27,029 1,310 525 1,462 80416,157 15,527 630 July 26. 35017,964 4,997 12,967 322 18,636 24,157 ,605 26,915 1,315 504 1,439 80916,415 15,585 830 Aug. 2. 30118.143 4,860 13,283 318 18,76224,136 ,609 27,000 1,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,90424,035 ,608 27,015 1.309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 449 18,88923,954 ,608 26,976 1,309 717 1,392 75916,298 15,613 685 Aug. 23. 11518,577 5,440 13,137 191 18,88323,803 4,609 26,963 1,308 562 1,272 74816,442 15,686 756 Aug. 30. 10718,584 6,551 12,033 18,97923,752 4,611 27,042 1,308 676 1,304 72816,285 15,767 518 Sept. 6. 18,942 7,284 11,658 396 19,438 23,577 4,613 27,259 1,311 511 1,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 23,576 4,613 27,151 1,305 648 1,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,169 23,525 4,613 27,081 1,301 654 1,204 76816,299 15,946 353 Sept. 27. 12019,353 3,773 15,580 601 20,0"7253,474 4,614 27,060 1,307 1,144 1,190 76216,699 15,837 862 Oct. 4. 4519,375 3,824 15,551 552 19,972 23,482 4,617 27,188 1,308 848 1,288 81316.626 15,848 778 Oct. 11. 6819,507 3,923 15,584 470 20,044 23,432 4,618 27,339 1,316 508 1,332 81016,789 15,829 960 Oct. 18. 3919,506 3,979 15,527 881 20,426 23,291 4,617 27,228 1,313 449 1,292 80717,245 15,995 1,250 Oct. 25. 5019,229 4,058 15,171 19,753 23,290 4,618 27,121 1,300 420 1,367 16,649 15,962 687 Nov. 1. 11119.291 4,198 15,093 19,860 23,249 4,622 27,219 1,304 452 1,335 74816,674 15,947 727 Nov. 8. 29119,311 4,271 15,040 251 19,853 23,198 4,622 27,388 1,292 298 1,324 74816,625 15,906 719 Nov. 15. 7119,425 4,281 15,144 67520", 17^123,148 4,621 27,296 1,304 341 1,199 74517,054 16,044 1,010 Nov. 22. 24719,296 4,268 15,028 619 20,16223,097 4,622 27,450 1,281 541 1,242 74516,622 16,084 538 Nov. 29. 24019,569 4,346 15,223 692 20,50123,037 4,626 27,543 1,298 564 1,218 74216,799 16,120 679 Dec. 6. 110 20,239 4,571 15,668 57320,92222,976 4,628 27,698 1.294 540 1,220 72517,049 16,100 949 Dec. 13. 69 20,529 4,820 15,709 74621,34422,926 4,628 27,759 1,294 451 71617,465 16,365 1,100 Dec. 20. 5420.227 4,533 15,694 1,58321,86422,796 4,630 27,929 1,291 685 76017,416 16,550 866 Dec. 27. 30120,337 4,589 15,748 1,08121,72022,795 4,631 27,916 1,295 786 1,215 76017,174 16,415 759 1951—Jan. 3. 28 20,571 4,624 15,9471,28121,87922,706 4,634 27,685 1,299 546 250 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 70021,23522,546 4,635 27,415 1,308 273 173 74517,502 16,391 1,111 Jan. 17. 10120,798 4,747 16,0511,02421,923 22,494 4,635 27,200 1,303 105 113 74318,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 79021,60822,443 4,635 27,028 1,303 256 095 74318,260 17,610 650 Jan. 31. 798 21,484 4,965 16,519 76923,05122,392 4,638 27,048 1,297 807 1,206 73718,984 18,047 937 Feb. 7. 64321,641 5,080 16,561 23,26022,341 4,638 27,125 1,307 795 73619,075 18,249 826 Feb. 14. 29421,8 5,202 16,6061,229!23,33022,260 4,637 27,159 1,292 864 73418,952 18,211 741 Feb. 21. 196 21,854 5,320 16,5341,233123,28322,207 4,637 27,164 1,277 796 73318,934 18,357 577 Feb. 28. 39721,881 5,393 16,488 909 23,18822,086 4,640 27,188 1,293 465 72919,066 18,366 700 Mar. 7. 20722,179 5,592 16,587 84023,22621,951 27,219 1,308 495 1,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,09323,65221,900 27,167 1,283 420 1,102 72119,498 18,456 1,042 Mar. 21. 15122,348 5,891 16,4571,10923,60721,856 27,121 1,295 608 1,042 73419,301 18,724 577 Mar. 28. 22,606 6,032 16,574 77523,85221,855 27,038 1,299 1,052 1,197 73619,023 18,535 488 Apr. 4. 126 22,914 6,288 16,626 77323,81321,806 27,138 1,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,89521,806 27,166 1,287 411 1,190 75319,533 18,546 987 Apr. 18. 114 23,086 6,544 16,5421,03424,23421,807 27,157 1,293 621 1,184 75219,674P18.537Pl,137 Apr. 25. 149 22,940 6,570 16,370 70023,78921,807 4,641 27,122 1,296 678 1,212 75319,176 P18.483 *>693 * Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAY 1951 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n d i n s d - - ts U. S. s e G cu o r v i e ti r e n s m c B e e r i n t l i l t f s i , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u r a u n u e r n y r c t a - - d y s - - M in c t u o io l c n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - F u T p e s w r R r e o d y e r i s e e t v a d i r h - t e s a e s - l - b p m N e o r e o s m d n it e - s - - O s F e R e a t e r r h c e a d v - e - l - e r Total qu R ir e e - d1 c E es x s - * vances Total Bonds cates, ing Banks 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 11,360 291 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 ,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 ,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 ,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 ,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 ,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 ,312 821 L.517 706 16,568 15,550 1,018 1950—Apr. 113 17,796 6,155 11,641 392 18,301 24,247 4,603 27,048 ,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 ,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 ,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 ,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 ,304 733 1,190 724 15,989 15,770 219 Sept 72 19,572 3,793 15,779 695 20,340 23,483 4,618 27,161 ,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 ,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 ,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 ,293 668 1,460 714 17,681 16,509 1,172 1951—Jan. 798 21,484 4,965 16,519 769 23,051 22,392 4,638 2 7,048 ,297 807 L.206 737 18,984 18,047 937 Feb. 397 21,881 5,393 16,488 909 23,188 22,086 4,640 27,188 ,293 465 1,172 729 19,066 18,366 700 Mar 275 22.910 6,187 16,723 964 24,150 21,806 4.640 27.119 .293 1,114 1,322 734 19,014 18.367 647 Apr 283 22,742 6,570 16,172 535 23,560 P21,805 P4,643 P27,274 ,288 611 1,236 698 18,901 ^18,457 P444 Averages of daily figures: 1950—Feb 178 17,705 6,948 10,757 427 18,310 24,346 4,598 27,008 ,310 585 1,478 728 16,146 15,409 737 Mar 170 17,682 6,640 11,042 389 18.242 24,311 4,600 27,043 ,307 638 1,331 752 16,081 15,298 783 Apr 140 17,608 6,274 11,334 388 18,136 24,247 4,601 27,062 1,313 695 1,250 764 15,898 15,204 694 Ifl51—Feb. 330 21,733 5,197 16,536 1,222 23,286 22,249 4,637 27,145 1,290 842 1,255 734 18,907 18,279 627 Mar 242 22,333 5,784 16,549 1,088 23,663 21,909 4,639 27,171 1,289 603 1,212 730 19,207 18,494 713 Apr 162 22,975 6,488 16,487 846'23,983 21,806 4,640 27,179 1,292 632 1,252 750 19,324 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits * Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time deposits S P a o v s i t n al g s S a d v e i p n o g s s i ts deposits Ef o fe f c t c i h ve a ng d e ate C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r Other deposits payable: banks In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 12 5 1941—Nov. 1 20 2 14 6 1942—Aug. 20 24 NOTE.—Maximum rates that may be paid by member banks as Sept. 14 22 established by the Board of Governors under provisions of Regula- Oct. 3 20 tion Q. Under this Regulation the rate payable by a member bank 1948—Feb. 27 22 may not in any event exceed the maximum rate payable by State June 11 24 e p b in f a a f i e n w d c k t h s i b v i c y o e h r F i t t n e r h s u b e u s . r t m 1 ed , c e o 1 m m 9 n b 3 o p e 6 n a r , m n a b i e r e a e m s n t k b o h e n e r i s s l i a b k l m o a e c n e a d k t a e s e s p d o a t . h s s i o ts s e M e s u t a i a n x n b d i l m e e i f s r f u h e m t e c h d t e f r o a b la r t y e w m s s t e h t o m h e f a b t t F e h r . m e D b a . S a y I n t . a k C b t s e e , . 1949— S S M e e a p p y t t . . 2 1 4 i 6 26 22 1 1 6 5 S \ 7 Y 1/ 2 May 5 24 21 «7 June 30 20 «6 July 1 14 »6 MARGIN REQUIREMENTS * Aug. 1 13 [Per cent of market value] Aug. 11 23^ 19^ »5 Aug. 16 12 »5 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951—Jan. 11 23 19 •6 Jan. 16 13 Jan. 25 24 20 Regulation T: Feb 1 14 For extensions of credit by brokers In effect May 1, 1951*.... 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 Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 e , p o h s a i v ts e s b u e b e j n e ct t o t t o a l r e d se e r m ve a n r d e qu de ir p e o m si e t n s ts m , i w n h u i s c h c a b s e h g i i n t n e i m n s g For loans by banks on stocks 75 50 75 in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a 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. 516 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 Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan. 14, 1948 New York.... Aug. 21,1950 Aug. 21,1950 *Oct. 30, 1942 Philadelphia.. Aug. 25,1950 Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 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 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug.23, 1948 Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 2 San Francisco Aug. 24,1950 Aug. 24,1950 'Oct. 28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 8 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 Apr. 30 ginning— rate Maturities not exceeding five years 1- 90 days Aug. 21, 1950 [In effect April 30. Per cent per annum] 91-120 days IK Aug. 21, 1950 121-180 days 2 Aug. 21, 1950 To industrial or NOTE.—Minimum buying rates at the Federal Reserve Bank of commercial To financing institutions New York on prime bankers' acceptances payable in dollars. The businesses same rates generally apply to any purchases made by the other Federal Reserve Banks. 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 l ments for which Re- ments ON LOANS GUARANTEED PURSUANT TO DEFENSE institu- maining PRODUCTION ACT OF 1950 AND EXECUTIVE tion is portion ORDER NO. 10161 obligated [In effect April 30] Fees Payable to Guaranteeing Agency by Financing Institution on Boston Guaranteed Portion of Loan New York Philadelphia Cleveland Guarantee fee Percentage of Richmond Percentage of (percentage of any commitment Atlanta loan guaranteed interest payable fee charged Chicago 2XM-S 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. * Rate charged borrower but not to exceed 1 per cent above the .discount rate. Maximum Rates Financing Institutions May Charge Borrowers * Charge of \i 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. MAY 1951 517 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 Knd of month Item 1951 1951 1950 Apr. 25 Apr. 18 Apr. 11 Apr. 4 Mar. 28 Mar. 21 Mar. 14 April Mar. April Assets Gold certificates 19,945,90219,947,90519,954,90119,948,40120,017,40420,020,903 20,080,40319,944,40119,950,40422,509,431 Redemption fund for F. R. notes 622,292 623,429 619,420 618,292 601,495 601,842 594,666 622,386 616,292 525,931 Total gold certificate reserves. . .. 20,568,19420,571,334 20,574,32120,566,69320,618,89920,622,74520,675,069 20,566,78720,566,69623,035,362 Other cash 340,538 332,201 336,488 343,750 350,254 333,570 340,363 331,572 352,979 227,407 Discounts and advances: For member banks.. . 149,228 113,490 92,087 125,989 470,569 150,794 132,142 283,315 275,023 73,056 For nonmember banks, etc 39,800 Total discounts and advances 149,228 113,490 92,087 125,989 470,569 150,794 132,142 283,315 275,023 112,856 Industrial loans 4,521 4,243 4,104 3,955 3,990 3,793 3,828 4,775 3,918 2,574 Acceptances purchased.. 258 418 709 1,309 1,996 178 1,996 U. S. Govt. securities: Bills 1,424,698 1,563,598 1,602,098 1,629,098 1,598,598 1,499,798 1,510,172 1,248,298 1,719,598 4,368,475 Certificates: Special Other 5,765,750 Notes 14,945,133 14,977,633 14,986.233 14,997,233 14,974,833 14,956,883 15,056,883 14,923,633 15,003,433 1,506,700 Bonds 6,570,259 6,544,546 6,497,824 6,287,531 6,032,331 5,891,231 5,859,431 6,570,259 6,187,231 6,155,000 Total U. S. Govt. securities 22,940,090 23,085,77723,086,15522,913,86222,605,76222,347,91222,426,486 22,742,19022,910,26217,795,925 Other Reserve Bank credit outstanding 694,705 1,030,173 711,536 767,910 769,446 1,104,629 ,089,183 529,759 958,325 389,638 Total Reserve Bank credit outstanding 23,788,802 24,234,101 23,894,591 23,813,025 23,851,763 23,607,128 23,651,639 23,560,217 24,149,524 18,300,993 Liabilities Federal Reserve notes. . 23 ,014,260 23 ,037,944 23 ,053 ,56723,050,174 22,961,687 23,016,479 23,068,185 23,143,897 23,040,941 22,879,576 Deposits: Member bank — reserve accounts 19,175,559 19,673,844 19,533,098 19,141,423 19,022,611 19,301,051 19,497,535 18,900,984 19,014,238 15,877,830 U. S. Treasurer—general account 678,403 621,459 411,171 710,702 1,052,143 608,156 420,405 611,161 1,113,904 858,039 Foreign 891,742 866,679 827,711 848,810 898,261 840,159 856,444 914,405 841,594 912,057 Other 320,146 317,033 361,728 363,557 299,161 201,859 245,863 321,323 480,637 434,886 Total deposits 21,065,850 21,479,015 21,133,708 21,064,49221,272,176 20,951,22521,020,24720,747,87321,450,37318,082,812 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 46.6 46.9 46.2 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 Within 16 to 90 91 days to Over 1 year Over 5 years Over 15 days days 1 year to 5 years to 10 years 10 years Discounts and advances: Mar. 28 470,569 454,005 16,555 9 Apr. 4 125,989 107,899 18,081 9 Apr. 11 92,087 77,305 14,773 9 Apr. 18 113,490 100 041 13 440 9 Apr. 25 149,228 131,454 17,665 109 Industrial loans: Mar 28 3 990 217 208 2 275 1 290 Apr 4 3 955 199 311 2 309 1 136 Apr. 11 4 104 194 298 2 426 1 186 Apr. 18 4,243 176 346 2 544 1 177 Apr. 25 4,521 184 572 2,500 1 265 Acceptances purchased: Mar. 28 1,996 1,315 681 Apr. 4 1,309 892 417 Apr. 11 709 451 258 Apr. 18 418 263 155 Apr 25 258 258 U. S. Government securities: Mar. 28 22,605,762 260,257 1,346,041 12,176,385 4,392 566 1 029 704 3 400 809 Apr 4 22,913,862 361,113 3", 118,480 10,389,590 4,436,766 1,031,904 3,576,009 Apr 11 23,086,155 501,513 2,951,080 10,378,590 4,436,766 1,031,904 3,786,302 Apr. 18 23,085,777 586,147 2,827,946 10,369,990 4 436 766 1 031 904 3 833 024 Apr. 25 22,940,090 599,874 2,669,319 10,343,490 4,436,766 1,031,904 3,858,737 518 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 lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates: Mar. 28 20,017,404 641,461 6,741,8981,142,8241,453,507 777,694 823,7114,104,834 507,826 303,866 721,123 501,6282,297,032 Apr. 4 19,948,401 665,257 6,806,5381,150,8381,413,957 762,815 816,2994,020,498 491,878 304,945 693,570 528,8072,292,999 Apr. 11 19,954,901 615,486 7,054,5151,116,6411,376,430 739,139 799,0814,043,342 490,991 301,707 675,520 454,8382,287,211 Apr. 18 19,947,905 671,488 7,084,5571,111,9881,358,731 692,631 788,4524,007,733 495,512 299,456 697,609 470,2062,269,542 Apr. 25 19,945,902 629,164 7,014,6361,139,0601,370,736 726,059 801,4584,087,378 481,746 302,955 686,647 428,4572,277,606 Redemption fund for F. R. notes: Mar. 28 601,495 55,607 50,632 48,115 70,113 60,527 43,332 98,476 44,183 22,749 34,616 26,053 47,092 Apr. 4 618,292 55,505 50,236 47,930 69,994 61,538 43,242 105,333 44,144 22,734 34,588 26,023 57,025 Apr. 11 619,420 55,397 49,832 51,233 69,876 60,415 43,152 105,203 44,105 22,716 34,563 25,993 56,935 Apr. 18 623,429 58,264 49,288 50,997 70,720 61,087 43,024 105,020 44,053 23,689 34,525 25,940 56,822 Apr. 25 622,292 58,120 48,771 50,707 70,562 61,815 42,895 104,823 43,996 23,660 34,488 25,896 56,559 Total gold certificate reserves: Mar. 28 20,618,899 697,068 6,792,5301,190,9391,523,620 838,221 867,0434,203,310 552,009 326,615 755,739 527,6812,344,124 Apr. 4 20,566,693 720,762 6,856,7741,198,7681,483,951 824,353 859,5414,125,831 536,022 327,679 728,158 554,8302,350,024 Apr. 11 20,574,321 670,883 7,104,3471,167,8741,446,306 799,554 842,2334,148,545 535,096 324,423 710,083 480,8312,344,146 Apr. 18 20,571,334 729,752 7,133,8451,162,9851,429,451 753,718 831,4764,112,753 539,565 323,145 732,134 496,1462,326,364 Apr. 25 20,568,194 687,284 7,063,4071,189,7671,441,298 787,874 844,3534,192,201 525,742 326,615 721,135 454,3532,334,165 Other cash: Mar. 28 350,254 35,882 59,324 19,378 31,857 23,733 30,734 54,234 18,562 6,156 12,766 14,575 43,053 Apr. 4 343,750 39,064 58,607 20,025 29,181 23,612 31,369 53,306 16,299 7,234 11,862 14,489 38,702 Apr. 11 336,488 37,958 63,805 17,521 30,243 21,445 28,786 52,932 16,482 5,875 11,413 13,472 36,556 Apr. 18 332,201 35,704 61,566 15,769 26,707 21,651 31,029 53,312 17,060 6,967 12,111 13,147 37,178 Apr. 25 340,538 36,461 65,032 15,796 29,252 22,525 30,428 51,916 16,614 6,281 12,202 13,663 40,368 <L/ loVVv Ua il ntwc eVs-*-: dV-L Secured by U. S. Govt. securities: Mar. 28. . 467,150 16,595 127,547 24,735 11,550 19,080 10,903 173,585 12,200 31,580 18,115 60 21,200 Apr. 4.. 121,201 7,620 27,942 8,615 4,400 3,180 1,249 18,335 12,050 14,750 15,200 2,160 5,700 Apr 11.. 88,323 5,940 30,090 6,115 4,950 2,880 2,178 20,485 2,550 3,875 6,900 160 2,200 Apr. 18.. 110,053 4,665 19,447 6,540 3,500 11,430 126 4,885 9,150 28,400 17,750 1,060 3,100 Apr. 25. . 146,136 5,945 22,307 7,315 8,150 19,910 10,274 13,685 16,600 13,180 20,225 2,270 6,275 Other: Mar. 28.. 3,419 163 200 49 3,007 Apr. 4. . 4,788 149 200 600 3,839 Apr. 11.. 3,764 145 200 3,419 Apr. 18.. 3,437 144 200 3,093 Apr. 25. . 3,092 134 106 2,852 Industrial loans: Mar. 28 3,990 26 2,732 134 122 29 172 775 Apr 4 3 955 26 2,695 134 125 29 169 777 Apr. 11 4,104 26 2^810 170 117 29 157 18 777 Apr. 18... . 4,243 26 2,925 185 127 28 157 17 778 Apr. 25 4,521 26 3,045 349 121 28 157 17 778 Acceptances purchased: Mar. 28 1,996 1,996 Apr. 4 1,309 1 309 Apr. 11 . 709 709 Apr. 18" 418 418 Apr 25 258 258 U. S. Govt. securities: Bills: Mar. 28 1,598,598 104,959 413,026 96,387 143,094 101,860 82,660 228,490 83,517 48,632 72,128 73,305 150,540 Apr. 4.... 1,629,098 92,976 398,072 102,503 152,174 108,323 87,904 242,989 77,689 51,718 76,704 77,955 160,091 Apr 11 1 602,098 88,930 400,533 100,804 149,652 106,528 86,447 238,961 69,848 50.860 75,433 76,664 157,438 Apr. 18 1,563,598 60,357 446,248 98,382 146,055 103,969 84,370 233,218 58,572 30,330 73,621 74,822 153,654 Apr. 25.... 1,424,698 63,346 379,409 89,643 133,081 94,732 76,875 212,501 72,737 27,114 67,080 68,175 140,005 Notes: Mar. 28.... 14,974,833 1,062,352 3,354,545 941,732 1,398,080 995,210 807,6122,232,423 815,993 475,147 704,712 716,2071,470,820 Apr. 4 14,997,233 1,064,489 3,353,576 943,626 1,400,891 997,211 809,2362,236,912 817,634 476,102 706,130 717,6481,473,778 Apr. 11.... 14,986,233 1,063,708 3,351,116 942,934 1,399,864 996,480 808,6422,235,272 817,034 475,753 705,612 717,1211,472,697 Apr. 18 14,977,633 1,063,097 3,349,193 942,3931,399,061 995,908 808,1782,233,989 816,565 475,480 705,207 716,7101,471,852 Apr. 25.... 14,945,133 1,060,790 3,341,925 940,3481,396,025 993,746 806,4252,229,141 814,795 474,449 703,677 715,1531,468,659 Bonds: Mar. 28.... 6,032,331 428,169 1,348,908 379,554 563,480 401,108 325,498 899,752 328,877 191,502 284,027 288,659 592,797 Apr 4 6 287,531 446,282 1,405,973 395 611 587,319 418,078 339,269 937,816 342,790 199,604 296,042 300,871 617,876 Apr. 11.... 6,497,824 461,208 1,452,998 408,843 606,962 432,060 350,617 969,182 354,255 206,280 305,944 310,934 638,541 Apr. 18.... 6,544,546 464,526 1,463,446 411,782 611,326 435,166 353,137 976,152 356,803 207,763 308,143 313,169 643,133 Apr. 25.... 6,570,259 466,351 1,469,196 413,400 613,728 436,877 354,524 979,987 358,203 208,579 309,354 314,401 645,659 Total U. S. Govt. securities: Mar. 28 22,605,762 1,595,480 5,116,4791,417,6732,104,6541,498,1781,215,7703,360,6651,228,387 715,2811,060,8671,078,1712,214,157 Apr 4 22 913,862 1 603,747 5 157 6211,441,7402,140,3841,523,6121,236,4093,417,7171,238,113 727,4241,078,8761,096,4742,251,745 Apr. 11 23,086,155 1,613,846 5,204,6471,452,5812,156,4781,535,0681,245,7063,443,4151,241,137 732,8931,086,9891,104,7192,268,676 Apr. 18 23,085,777 1,587,980 5,258,8871,452,5572,156,4421,535,0431,245,6853,443,3591,231,940 713,5731,086,9711,104,7012,268,639 Apr. 25 22,940,090 1,590,487 5,190,5301,443,3912,142,8341,525,3551,237,8243,421,6291,245,735 710,1421,080,1111,097,7292,254,323 Total loans and securities: Mar. 28 23,082,317 1,612,238 5,246,2481,445,1402,116,3871,517,3801,226,7023,534,2501,240,587 747,0331,081,9891,078,2312,236,132 Apr. 4 23,045,115 1,611,516 5,187,0981,453,0502,144,9181,527,5171,237,6873,436,0521,250,163 742,3431,097,9151,098,6342,258,222 Apr. 11 23,183,055 1,619,931 5,235,6721,461,5062,161,5981,538,0651,247,9133,463,9001,243,687 736,9251,097,3081,104,8972,271,653 Apr. 18 23,203,928 1,592,789 5,278,9781,462,0222,160,1271,546,6001,245,8393,448,2441,241,090 742,1301,107,8141,105,7782,272,517 Apr. 25 23,094,097 1,596,566 5,213,2271,453,7512,151,3331,545,3861,248,1263,435,3141,262,335 723,4791,103,1881,100,0162,261,376 MAY 1951 519 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 banks: Mar. 28 24 2 17 2 2 1 1 3 1 1 1 2 Apr. 4 24 2 17 2 2 1 1 3 1 1 1 2 Apr. 11 33 2 MO 3 3 2 1 5 1 1 1 3 Apr. 18 33 2 MO 3 3 2 1 5 1 1 1 3 Apr. 25 33 2 110 3 3 2 1 5 1 1 1 3 Federal Reserve notes of other Banks: Mar. 28 148,472 4,500 19,850 9,067 9,777 32,190 18,008 15,799 8,082 4,503 6,685 6,174 13,837 Apr. 4 143,995 4,345 19,943 6,836 6,869 36,347 14,533 15,461 6,220 3,689 6,192 6,954 16,606 Apr. 11 135,054 3,507 17,809 6,035 5,821 36,451 11,889 15,338 7,611 2,904 6,305 7,261 14,123 Apr. 18 131,317 4,353 18,283 5,855 6,872 32,746 12,449 13,526 7,148 2,972 6,182 6,312 14,619 Apr. 25 135,462 4,497 19,007 6,385 7,137 33,969 15,416 13.684 7,563 3,823 5,929 5,262 12,790 Uncollected cash items: Mar. 28 3,615,261 232,435 658,649 260,002 350,874 311,485 263,623 640,402 148.589 99,368 172,675 146,101 331,058 Apr. 4 3,302,515 280,778 604,549 234,766 305,134 261,518 217,944 563,755 144,100 86,741 164,253 133,878 305,099 Apr. 11 3,250,138 272,481 565,793 207,679 304,987 281,177 233,249 526,485 146,712 86,268 169,512 145,686 310,109 Apr. 18 3,946,254 353,657 750,304 250,955 400,026 333,680 271,193 628,368 160,005 100,476 191,561 169,511 336,518 Apr. 25 3,271,350 287,979 609,755 199,444 320,178 256,267 214,611 510,303 138,690 88,993 184,054 165,648 295,428 Bank premises: Mar. 28 40,585 1,059 7,630 2,904 4,757 2,931 2,023 5,328 3,481 1,106 2,591 671 6,104 Apr. 4 40,525 1,059 7,612 2,904 4,755 2,931 2,024 5,327 3,460 1,106 2,575 668 6,104 Apr. 11 40,670 1,059 7,622 2,904 4,755 2,932 2,126 5,328 3,460 1,106 2,575 668 6,135 Apr. 18 40,884 1,059 7,622 2,904 4,752 2,932 2,135 5,536 3,460 1,106 2,575 668 6,135 Apr. 25 40,871 1,059 7,629 2,898 4,752 2,925 2,135 5,537 3,459 1,106 2,575 667 6,129 Other assets: Mar. 28 163,209 11,616 36,457 9,943 15,380 11,505 8,581 24,209 8,693 5,030 7,909 7,781 16,105 Apr. 4 150,386 10,735 33,561 9,273 14,450 10,255 7,954 22,178 7,991 4,661 7,357 7,033 14,938 Apr. 11 154,900 11,073 34,636 9,485 14,718 10,659 8,188 22,779 8,261 4,800 7,658 7,247 15,396 Apr. 18 161,930 11,605 36,246 9,916 15,312 11,081 8,578 23,780 8,616 5,017 7,977 7,692 16,110 Apr. 25 168,074 12,168 36,909 10,455 15,952 11,464 9,032 24,903 8,960 5,296 8,134 7,952 16,849 Total assets: Mar. 28 48,019,021 2,594,800 12,820,6952,937,3754,052,6542,737,4462,416,7158,477,5351,980,0041,189,8122,040,355 1,781,2154,990,415 Apr. 4 47,593,003 2,668,261 12,768,1512,925,6243,989,2602,686,5342,371,0538,221,9131,964,2561,173,4542,018,313 1,816,4874,989,697 Apr. 11 47,674,659 2,616,894 13,029,6942,873,0073,968,4312,690,2852,374,3858,235.3121,961,3101,162,3022,004,855 1,760,0634,998,121 Apr. 18 48,387,881 2,728,921 13,286,8542,910,4094,043,2502,702,4102,402,7008,285,5241,976,9451,181,8142,060,355 1,799,2555,009,444 Apr. 25 47,618,619 2,626,016 13,014,9762,878,4993,969,9052,660,4122,364,1028 233 8631,963,3641,155,5942,037,218 1,747,5624,967,108 Liabilities Federal Reserve notes: Mar. 28 22,961,687 1,404,346 5,181,4341,627,6482,066,458 1,554,5431,235,6594,453,854 1,059,491 601,675 900,837 611,3372,264,405 Apr. 4 23,050,174 1,413,337 5,199,9801,627,0072,063,525 1,556,5291,249,8334,460,5531,067,828 604,129 908,135 617,8042,281,514 Apr. 11 23,053,567 1,416,961 5,192,1021,627,8452,070,816 1,549,2211,246,5614,465,5751,064,975 604,500 906,085 613,3722,295,554 Apr. 18 23,037,944 1,425,412 5,189,2631,625,8562,069,186 1,545,1811,242,0444,471,087 1,062,714 603,938 903,871 612,5472,286,845 Apr. 25 23,014,260 1,421,041 5,188,7041,629,3822,073,682 1,539,8091,240,1254,473,840 1,058,031 602,935 901,048 611,4952,274,168 Deposits: Member bank —reserve accounts: Mar. 28.. 19,022,611 801,573 6,188,055 899,3231,443,497 747,852 816,0203,060,335 674,742 409,776 880,428 889,7182,211,292 Apr. 4. . 19,141,423 866,491 6,223,057 927,7461,447,116 773,870 817,8652,962,374 676.429 416,976 884,965 924,4702,220,064 Apr 11. 19,533,098 832,994 6,512,270 917,6041,459,564 779,578 822,2163,094,218 680 088 417,972 872,012 903,6972,240,885 Apr. 18.. 19,673,844 884,783 6,678,709 907,057 1,455,820 773,837 823,7593017 369 679 886 417^546 900^235 918^704 Apr. 25. 19,175,559 817,451 6,408,955 879,4111,427,557 765,252 814,0123,042,144 671,308 406,398 863,633 882,9792496|459 U. S. Treasurer—general account: Mar. 28.. 1,052,143 43,345 208,640 66,190 99,124 71,531 57,660 218,859 50,242 57,556 54,473 74,570 49,953 Apr. 4.. 710,702 46,063 111,610 50,858 68,282 47.65S 45,759 108,991 37,141 37,121 30,178 76,639 50,405 Apr. 11.. 411,171 23,705 87,450 27,895 35,748 38,602 30,416 18,344 27,959 23,826 23,279 47,827 26,120 Apr. 18.. 621,459 38,920 146,454 51,981 59,345 33,817 31,618 65,742 31,901 33,736 31,688 40,138 56,119 Apr. 25. . 678,403 45,175 167,632 59,592 47,352 37,322 44,907 62,933 48,851 28,483 50,168 35,154 50,834 Foreign: Mar. 28.. 898,261 55,056 2282,865 70,152 82,584 44,400 37,296 122,544 32,856 22,200 32,856 32,856 82,596 Apr. 4.. 848,810 52,173 2265,638 66,479 78,260 42,075 35,343 116,127 31,135 21,038 31,135 31,135 78,272 Apr. 11.. 827,711 51,076 2256,804 65,080 76,613 41,190 34,600 113,684 30,481 20,595 30,481 30,481 76,626 Apr. 18.. 866,679 52,799 2276,509 67,276 79,199 42,580 35,767 117,521 31,509 21,290 31,509 31,509 79,211 Apr. 25.. 891,742 55,013 2276,830 70,097 82,519 44,365 37,267 122,447 32,830 22,183 32,830 32,830 82,531 Other: Mar. 28.. 299,161 5,421 238,553 1,933 5,063 2,097 1,287 2,201 6,069 1,245 1,474 831 32,987 Apr. 4.. 363,557 3,671 299,131 1,265 5,478 3,976 4,926 2,072 6,206 1,165 2,430 997 32,240 Apr. 11.. 361,728 4,659 297,114 1,982 4,656 4,221 6,460 2,355 6.031 1,072 162 941 32,075 Apr. 18.. 317,033 5,154 252,689 1,267 4,337 2,984 7,016 1,998 5,452 1,675 570 870 33,021 Apr. 25.. 320,146 4,397 259,157 2,393 4,578 2,199 5,459 2,330 5,543 1,732 580 772 31,006 Total deposits: Mar. 28 21,272,176 905,395 6,918,1131,037,5981,630,268 865,880 912,2633,403,939 763,909 490,777 969,231 997,9752,376,828 Apr. 4 21,064,492 968,398 6,899,4361,046,3481,599,136 867,576 903,8933,189,564 750,911 476,300 948,7081,033,2412,380,981 Apr. 11 21,133,708 912,434 7,153,6381,012,5611,576,581 863,591 893,6923,228,601 744,559 463,465 925,934 982,9462,375,706 Apr. 18 21,479,015 981,656 7,354,3611,027,5811,598,701 853,218 898,1603,202,630 748,748 474,247 964,002 991,2212,384,490 Apr. 25 21,065,850 922,036 7,112,5741,011,4931,562,006 849,138 901,6453,229,854 758,532 458,796 947,211 951,7352,360,830 1 After deducting $17,000 participations of other Federal Reserve Banks on Mar. 28, and Apr. 4; $23,000 on Apr. 11; Apr. 18; and Apr. 25. 2 After deducting $615,384,000 participations of other Federal Reserve Banks on Mar. 28; $583,159,000 on Apr. 4; $570,893,000 on Apr 11: $590U,15599.,000000 oonn AApprr.. 1188;; aanndd $$661144,,889999,,000000 oonn AApprr.. 2255.. 520 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 r a a n ncisco Liabilities (cont.) Deferred availability cash items: Mar. 28.... 2,845,839 225,204 447,349 200,097 268,912 266,892 226,622 489,701 118,899 71,607 133,018 135,177 262,361 Apr. 4.... 2,534,629 225,721 394,730 179,838 239,004 212,048 174,956 440,829 107,654 67,116 124,051 128,579 240,103 Apr. 11.... 2,538,635 226,998 408,682 159,864 233,028 226,699 191,469 409,428 113,575 68,140 135,099 126,535 239,118 Apr. 18.... 2,916,114 260,943 466,359 183,819 286,852 252,864 219,532 479,321 127,039 77,400 154,516 157,902 249,567 Apr. 25.... 2,576,678 221,651 434,949 164,151 245,008 219,862 179,012 396,879 107,960 67,251 150,648 146,401 242,906 Other liabilities and accrued dividends: Mar. 28 12,735 1,178 4,408 530 1,235 545 469 1,535 434 391 419 550 1,041 Apr. 4. ... 12,454 1,734 3,567 634 1,327 492 436 1,753 445 378 396 428 864 Apr. 11.... 12,043 1,088 3,706 604 1,216 524 455 1,709 472 450 338 428 1,053 Apr. 18.... 12,610 1,048 4,171 653 1,273 535 482 1,680 449 325 394 533 1,067 Apr. 25.... 14,419 1,114 4,894 637 1,406 610 559 1,804 584 520 416 611 1,264 Total liabilities: Mar. 28 47,092,437 2,536,123 12,551,3042,865,8733,966,8732,687,8602,375,0138,349,0291,942,7331,164,4502,003,505 1,745,0394,904,635 Apr. 4. ... 46,661,749 2,609,190 12,497,7132,853,8273,902,9922,636,6452,329,1188,092,6991,926.8381,147,9231,981,2901,780,0524,903,462 Apr. 11. . . .46,737,953 2,557,481 12,758,1282,800,8743,881,6412,640,0352,332,1778,105,3131,923,5811,136,5551,967,4561,723,2814,911,431 Apr. 18.... 47,445,683 2,669,059 13,014,1542,837,9093,956,0122,651,7982,360,2188,154,7181,938,9501,155,9102,022,783 1,762,2034,921,969 Apr. 25.... 46,671,207 2,565,842 12,741,1212,805,6633,882,1022,609,4192,321,3418,102,3771,925,1071,129,5021,999,3231,710,2424,879,168 Capital Accts. : Capital paid in: Mar. 28.... 228,247 12,293 73,770 15,985 21,842 10,129 9,335 29,300 7,587 5,212 8,606 10,036 24,152 Apr. 4.... 228,168 12,293 73,667 15,985 21,844 10,129 9,337 29,302 7,590 5,212 8,612 10,045 24,152 Apr. 11.... 228,314 12,295 73,673 15,987 21,863 10,132 9,337 29,302 7,606 5,213 8,619 10,135 24,152 Apr. 18 228,624 12,298 73,674 16,019 21,865 10,141 9,340 29,309 7,610 5,213 8,628 10,146 24,381 Apr. 25.... 228,722 12,298 73,694 16,020 21,920 10,146 9,340 29,312 7,611 5,213 8,628 10,158 24,382 Surplus: (section 7): Mar. 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 Apr. 4.... 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 Apr. 11 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Apr. 18.... 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 Apr. 25.... 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): Mar. 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 Apr. 4.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 11 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 18.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 25.... 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. Mar. 28. ... 160,772 11,127 35,012 11,318 14,919 10,941 9,236 22,432 8,868 5,909 8,060 7,981 14,969 Apr. 4.... 165,521 11,521 36,162 11,613 15,404 11,244 9,467 23,138 9,012 6,078 8,227 8,231 15,424 Apr. 11.... 170,827 11,861 37,284 11,947 15,907 11,602 9,740 23,923 9,307 6,293 8,596 8,488 15,879 Apr. 18.... 176,009 12,307 38,417 12,282 16,353 11,955 10,011 24,723 9,569 6,450 8,760 8,747 16,435 Apr. 25. ... 181,125 12,619 39,552 12,617 16,863 12,331 10,290 25,400 9,830 6,638 9,083 9,003 16,899 Total liabilities and cap. accts. Mar. 28 48,019,021 2,594,800 12,820,6952,937,3754,052,654 2,737,4462,416,7158,477,5351,980,0041,189,8122,040,355 1,781,2154,990,415 Apr. 4. ... 47,593,003 2,668,261 12,768,1512,925,6243,989,2602,686,5342,371,0538,221,9131,964,2561,173,4542,018,3131,816,4874,989,697 Apr. 11.... 47,674,659 2,616,894 13,029,6942,873,007 3,968,4312,690,2852,374,3858,235,312 1,961,3101,162,3022,004,855 1,760,0634,998,121 Apr. 18 48,387,881 2,728,921 13,286,8542,910,4094,043,2502,702,4102,402,7008,285,5241,976,9451,181,8142,060,355 1,799,2555,009,444 Apr. 25. ... 47,618,619 2,626,016 13,014,9762,878,4993,969,9052,660,412 2,364,1028,233,8631,963,3641,155,5942,037,218 1,747,5624,967,108 Contingent liability on acceptances purchased for foreign correspondents Mar. 28 31,491 1,952 19,667 2,488 2,929 1,575 1,323 4,346 1,165 787 1,165 1,165 2,929 Apr. 4.... 32,342 2,006 19,925 2,555 3,008 1,617 1,359 4,464 1,197 809 1,197 1,197 3,008 Apr. 11 32,792 2,033 110,071 2,590 3,049 1,639 1,377 4,525 1,213 820 1,213 1,213 3,049 Apr. 18.... 31,119 1,929 19,554 2,459 2,894 1,556 1,307 4,295 1,151 778 1,151 1,151 2,894 Apr. 25 30,997 1,922 19,515 2,449 2,883 1,550 1,302 4,277 1,147 775 1,147 1,147 2,883 Industrial loan commitments: Mar. 28. ... 2 800 1,467 473 48 222 490 100 Apr' 4 2,747 1,434 473 48 209 485 98 Apr. 11 2,628 1,319 473 48 208 485 95 Apr 18 2723 1*394 494 48 208 485 94 Apr. 25.... 2,753 1,274 644 48 208 485 94 1 After deducting $21,824,000 participations of other Federal Reserve Banks on Mar. 28; $22,417,000 on Apr. 4; $22,721,000 on Apr. 11; $21,565,000 on Apr. 18; and $21,482,000 on Apr. 25. MAY 1951 521 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 N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S ra an ncisco F. R. notes outstanding (issued to Bank): Mar. 28 23,947,873 1,472,851 5,376,0391,700,5022,156,7781,635,9851,342,485 4,547,364 109,661612,554 933,347 657,349 2,402,958 Apr. 4 23,944,415 1,479,769 5,377,7331,697,7422,154,1901,637,2581,346,243 4,537,043 107,499 ,871 935,439 656,998 2,401,630 Apr. 11 23,948,568 1,478,679 5,364,0111,704,866 2,160,7871,630,6541,349,3524,543,500 108,577615,350 936,137 655,227 2,401,428 Apr. 18 23,946,568 1,483,992 5,376,3321,698,1482,161,7391,620,5301,347,716 ,556,772 104,329 615,095 933,640 656,182 2,392,093 Apr. 25 23,966,476 1,481,530 5,378,3201,705,1612,163,5851,620,2901,347,309 4,552,993 110,740 614,129 934,082661,314 2,397,023 Collateral held against notes outstanding: Gold certificates: Mar. 28 12,519,000 390,000 4,470,000 750,000 765,000 475,000 510,0002,680,000 250,000170,000 280,000179,0001,600,000 Apr. 4 12,219,000 390,000 4,470,000 750,000 765,000 475,000 551100,,000000 22,,448800,,000000 250,000170,000 280,000179,0001,500,000 Apr. 11 12,159,000 380,000 4,470,000 700,000 765,000 475,000 510,0002,480,000 250,000170,000 280,000179,0001,500,000 Apr. 18 12,084,000 350,000 4,470,000 700,000 765,000 450,000 510,000 2,480,000 250,000150,000 280,000179,0001,500,000 Apr. 25 12,194,000 350,000 4,470,000 710,000 765,000 450,000 510,000 2,580,000 250,000150,000 280,000179,0001,500,000 Eligible paper: Mar. 28 270,222 16,758 125,497 24,735 17,130 12,200 31,580 21,122 21,200 Apr. 4 91,152 7,769 25,992 8,615 2 '" 12,050 14,750 18,896 200 Apr. 11 60,597 6,085 29,115 6,115 2,480 2,550 3,875 10,177 200 Apr. 18 99,378 4,809 18,647 6,540 11,030 9,150 28,400 20,702 100 Apr. 25 103,758 6,079 16,063 7,315 18,810 16,600 13,180 22,936 2,775 U. S. Govt. sec: Mar. 28 12,140,000 1,100,0001,000,0001,000,000 1,425,0001,190,000 850,0001,900,000 925,000 450,000 700,000500,0001,100,000 Apr. 4 12,440,000 1,100,0001,000,0001,000,000 1,425,0001,190,000 850,000 2,100,000 925,000 450,000 700,000500,0001,200,000 Apt. 11 12,440,000 1,100,0001,000,000 ,000,0001,425,0001,190,000 850,0002,100,000 925,000 450,000 700,000 500,0001,200,000 Apr. 18 12,580,000 1,200,0001,000,000 ,000,0001,425,0001,190.000 850,0002,100,000 925,000 490,000 700,000 500,0001,200,000 Apr. 25 12,480,000 1,200,000 1,000,000 ,000,000 1,425,0001,190,000 850,000 2,000,000 925,000 490,000 700,000 500,0001,200,000 Total collateral: Mar. 28 24,929,2221,506,7585,595,497 ,774,7352,190,0001,682,1301,360,000 4,580,0001,187,200 651,5801,001,122679,000 2,721,200 Apr. 4 24,750,1521,497,7695,495,992 ,758,6152,190,0001,667,8801,360,000 4,580,0001,187,050 634,750 998,896 679,0002,700,200 Apr. 11 24,659,5971,486,0855,499,115 ,706,1152,190,0001,667,4801,360,000 4,,580,0001,177,550 623,875 990,177679,000 2,,:700,200 Apr. 18 24,763,3781,554,8095,488,647 ,706,5402,190,0001,651,0301,360,0004,580,0001,184,150 668,400t.000,702679,000 2,,\700,100 Apr. 25 24.777,758 556,0795,486,063 ,717,3152,190,0001,658,8101,360,000 4,580,0001,191,600 653,1801,002,936 679,0002,702,775 LOANS GUARANTEED THROUGH FEDERAL RESERVE INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EX [A E m C o U u T nt I s V i E n th O o R u D sa E n R ds o N f O d . o l 1 la 0 r 1 s 6 ] 1 W D e a d te n e ( s la d s a t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it-o in P p f g a a f t r i i i n t o n i a c n s n i t s - c i- or last day com- standing2 out- tutions of period) pleted i (amount) standing out- Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) to date outstanding available to 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 e m s e t e a a n n g t d s r i e n e g - 1 1 1 9 9 9 4 4 4 5 6 7 3 3 3 , , , 5 5 5 1 4 7 1 2 4 5 5 5 6 4 8 5 4 6 , , , 9 7 9 2 1 6 6 3 1 4,5 3 9 7 2 4 7 0 5 1 1, , 3 9 5 8 9 5 7 5 4 8 7 1 , , , 6 3 4 4 0 3 4 4 9 2 4 1 , , , 6 8 08 6 7 6 9 0 1948 3,607 615,653 335 995 1,643 1,990 1949 3,649 629,326 539 2,178 2,288 2,947 1950 1950 Oct. 31... 3 1,000 Mar. 31.. . 3,663 632,049 1,225 2,673 1,272 2.651 Nov. 30... 23 13,585 2,340 2,232 3,335 Apr. 29... 3,667 632,573 1,172 2,665 1,288 2,652 Dec. 31... 62 31,326 8,017 6,265 8,299 May 31. .. 3,670 633,124 1,306 2,675 1,286 2,641 1951 J Ju u l n y e 3 3 1 0 . . . . . . 3 3 , , 6 6 7 8 7 0 6 6 3 3 8 9 , , 0 1 1 5 5 8 4 4 , ,3 4 6 1 2 6 2 2 , , 7 4 7 7 9 9 1 1 , , 3 7 5 2 2 9 2 2 , , 7 7 3 5 1 3 Jan. 31... 119 109,433 23,748 19,801 13.658 Aug. 31. .. 3,684 644,464 6,985 2,333 2,481 3,273 Feb. 28... P161 P123.041 43,489 36,005 33,601 Sept. 30. . . 3,690 646,276 8,030 2,293 2,509 3,224 Mar. 31... P254 P301.442 68,833 56,973 47,822 Oct. 31. .. 3,692 647,432 5,108 2,307 3,035 3,707 Nov. 30. .. 3,695 649,748 5,519 2,413 3,466 4,050 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 * Preliminary. 1951 NOTE.—The difference between guaranteed loans authorized and ium of loans outstanding and additional amounts available to bor- Jan. 31... 3,707 654,199 1,862 3,520 3,325 5,402 rowers under guarantee agreements outstanding represents amounts Feb. 28... 3.706 655,702 1,523 3,681 2,937 5,358 repaid, guarantees authorized but not completed, and authorizations Mar. 31. .. 3,710 660,525 3,980 3,988 2,824 5,262 expired or withdrawn. 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. 522 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 e R a i r n 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 e R a i r n 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 March 1951 Second half of March 1951 Gross demand deposits: Total 98,712 22,532 5,680 37,320 33,179 99,386 23,077 5,663 37,696 32,950 Interbank 11,353 3,926 1,082 5,350 994 11,070 3,861 1,095 5,159 955 Other 87,358 18,606 4,598 31,970 32,185 88,316 19,216 4,568 32,537 31,995 Net demand deposits 2 86,430 20,534 5,110 32,263 28,523 87,437 21,235 5,101 32,601 28,499 Demand deposits adjusted 8. 77,550 77,000 Time deposits * 29,587 1,934 1,093 11,634 14,926 29,584 2,005 1,083 11,577 14,919 Demand balances due from domestic banks... 5,515 41 117 1,755 3,603 5,340 60 97 1,777 3,406 Reserves with Federal Reserve Banks: Total 19,144 5,105 1,298 7,345 5,396 19,267 5,253 1,287 7,362 5,365 Required 18,376 5,044 1,292 7,151 4,889 18,606 5,217 1,289 7,215 4,885 Excess 768 61 6 194 507 661 36 2 147 480 Borrowings at Federal Reserve Banks. 201 34 104 60 280 52 53 118 57 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report, MEMBER BANK RESERVES AND BORROWINGS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS * [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- Coun- In places of 15,000 In places of under Month, or mem- serve try and over population2 15,000 population8 week ending Wednesday ber city banks banksl New Chi- banks York cago Demand Demand deposits deposits except Time except Time Total reserves held: inter- deposits inter- deposits 1950—March 16,081 4,337 ,094 184 4,466 bank bank 1951—February 18,907 4,925 ,296 329 5,356 March 19,207 5,181 ,292 7,354 5,380 1950 Mar. 21 19,545 5,329 ,299 7,445 5,472 January 18,672 9,179 11,079 5,609 Mar. 28 19,118 5,217 ,295 7,312 5,294 February 18,653 9,240 10,976 5,630 Apr. 4 19,073 5,211 ,199 7,330 5,332 March . . 18,613 9,325 10,944 5,642 Apr. 11 19,443 5,352 ,282 7,409 5,400 Apr. 18 19,610 5,454 ,302 7,390 5,464 1951 Apr. 25 19,318 5,351 ,295 7,316 5,356 January 20,556 9,245 11,776 5,628 February 20,475 9,225 11,613 5,624 Excess reserves: March 20,610 9,303 11,477 5,620 1950—March 783 34 -2 157 595 1951—February 627 23 -3 121 487 By district, March 713 48 2 170 493 March 1951 Mar. 21 863 84 -6 202 583 Boston 2,364 837 314 204 Mar. 28 524 10 -6 109 411 New York 3,730 2,288 1,092 1,052 Apr. 4 686 47 3 170 466 Philadelphia 1,462 815 978 888 Apr. 11 932 171 12 212 537 Cleveland 1,559 927 1,070 787 Apr. 18 Pl.058 276 3 183 P596 Apr. 25 P827 188 2 143 P494 Richmond 1,291 451 803 442 Atlanta 1,990 497 609 187 borrowings at Federal Chicago 2,831 1,746 1,670 883 Reserve Banks: St. Louis 845 371 902 266 1950—March 128 58 20 34 17 1951—February 330 79 12 189 50 Minneapolis 673 317 712 407 March 242 43 29 111 59 Kansas City 792 129 1,472 190 Dallas 1,656 230 1,401 62 Mar. 21 111 5 4 59 43 San Francisco 1,417 695 452 252 Mar. 28 374 85 70 '157 '62 Apr. 4 281 29 71 108 73 Apr. 11 144 4 43 97 1 Includes any banks in outlying sections of reserve cities that havt Apr. 18 118 21 41 56 been given permission to carry the same reserve as country banks. Apr. 25 148 3 91 54 2 Classification by population is based on the 1950 census. v Preliminary. r Revised. 1 Weekly figures of excess reserves of all member banks and of .country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. MAY 1951 523 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 andsmall denomination currency> Large denomination currency l End of year or in cir- Unasmonth cula- sorted tion1 Total Coin '$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—December. . . 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950—January 26,941 18,475 1,457 1,008 60 1,926 5,715 8,309 8,469 2,401 5,010 380 666 4 8 3 February.... 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 March 27,042 18,651 1,468 1,013 59 1,949 5,834 8,327 8,393 2,375 4,968 384 654 5 8 1 April ... 27,048 18,661 1,478 1,016 60 1,945 5,830 8.333 8.389 2,380 4,961 382 650 4 11 1 May 27,090 18,730 1,490 1,033 60 1,963 5,851 8,333 8,361 2,380 4,949 380 639 4 9 1 June 27,156 18,813 1,496 1,037 61 1,966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July. . .. 27,010 18,696 1,498 1,029 60 1,946 5,836 8,328 8,316 2,374 4 934 375 620 4 9 2 August 27,120 18,795 1,506 1,037 61 1,955 5.881 8,355 8,328 2,374 4,950 372 617 4 9 2 September... 27,161 18,834 1,515 1,054 61 1,964 5,884 8,357 8,329 2,369 4,964 370 613 4 9 2 October 27,228 18,901 1,527 1,072 61 1,978 5,874 8,388 8,329 2,368 4,987 367 595 4 9 2 November... 27,595 19,252 1,547 1,089 62 2,021 6,021 8,511 8,345 2,384 4,994 365 589 4 9 2 December. . . 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—January 27,048 18,694 1,530 1,056 61 1,943 5,791 8,313 8,356 2,393 5,002 366 583 4 9 3 February 27,188 18.861 1,535 1,057 61 1,959 5.880 8,369 8,329 2,385 4,986 365 581 4 9 2 March .... 27,119 18,845 1,542 1,059 61 1,953 5,881 8,348 8,275 2,369 4,955 362 576 4 8 1 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 M 1 a 9 r. 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 e s r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d M 1 a 9 r. 5 3 1 1, Fe 1 b 9 . 5 2 1 8, M 1 a 9 r. 5 3 0 1, certificates agents Gold 21,806 20,606 21,199 Gold certificates 20,606 17,751 2,816 39 40 41 Federal Reserve notes 23,936 51 1,050 22,834 22,916 22,749 Treasury currency—total 4,640 s2,332 42 353 4,245 4,233 4,252 Standard silver dollars 493 282 31 3 177 177 168 Silver bullion . . . 2 ,050 2,050 Silver certificates and Treasury notes of 1890.. 32,332 271 2,061 2,052 2,096 Subsidiary silver coin 1,028 5 30 993 987 944 M^inor coin 386 3 11 373 372 356 United States notes 347 2 34 310 311 317 Federal Reserve Bank notes 253 (5) 3 250 252 283 National Bank notes 83 (5) 1 82 83 88 Total—Mar 31 1951 (4) 22,938 1,293 17,751 4,219 27,119 Feb 28 1951 (4) 23,217 1,293 18,037 4,166 27,188 Mar. 31 1950 (4) 25,345 1,315 20,204 3,872 '27,042" 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. 515, and seasonally adjusted figures in table on p. 525. * Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 1 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired 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. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a f n l or s a e s d a e s j r u o i s e n t s a e l d l * y End of month D a i n b t e c o a p e r l o - s s s ' - l Total d C ep i a n o s s h i- G u m ov . e e s n r t . n- r f e C u s n a e d s rv h s, e End 1 o 9 f 4 p 0 eriod: 8,732 + 1,134 b t a o n ry ks se t c ie u s ri- etc.2 1941 11,160 +2.428 1 1 9 9 4 4 2 3 2 1 0 5 , , 4 4 4 1 9 0 + +5 4 . , 0 2 3 5 9 0 1 1 9 9 4 4 3 4 — — D D e e c c e e m m b b e e r r 2 1 , ,7 3 8 4 8 2 2 1 , , 4 8 1 4 1 3 1 8 0 2 1 , ,7 2 1 5 6 2 1 15 1 2 8 1944 25,307 +4.858 1945—December 2,933 3,022 6 2.837 179 1945 28,515 +3,208 1946—December 3,284 3,387 6 3.182 200 1946 28,952 +437 1947—December 3,417 3,525 6 3,308 212 1947 28,868 -84 1948—December 3,330 3,449 7 3,244 198 1948 28,224 -644 1949 27,600 -624 1950 27,741 +141 1949— N O o ct v o e b m er ber. . . 3 3, , 1 2 9 1 9 5 3 3, , 3 3 2 3 2 6 7 7 3 3 , , 1 1 2 1 7 8 2 1 0 9 2 7 December.... 3,188 3,312 7 3.118 187 Averages of daily figures: 1950—March 27,043 27,124 +116 1950—January 3,183 3,307 7 3,117 182 April 27,062 27,280 +156 February. . . . 3.177 3.301 7 3,107 186 May 27,022 27,212 -68 March 3,168 3,293 8 3,107 178 J Ju u l n y e 2 27 7 , , 1 0 1 2 7 6 2 2 7 7 , , 1 1 6 7 2 1 - + 50 9 A M p a r y il 3 3. , 1 1 2 5 5 1 3 3 , , 2 2 7 5 6 0 8 8 3 3 , , 0 0 9 6 2 8 1 1 7 7 6 5 August 27,009 27,145 -26 June 3,097 3,218 10 3,038 171 September 27,154 27,208 +63 July 3,061 3,181 9 3,027 145 October 27,233 27,233 +25 August 3,021 3,141 10 2,962 169 November 27,380 27,298 +65 September. . . 2,991 3,111 10 2,923 177 December 27,806 27,531 +233 October 2,967 3,088 10 2,903 175 November. . . 2,947 3,069 10 2,888 171 1951—January 27,304 27.222 -309 December 2,924 3.045 11 2,868 166 February 27,145 27,145 -77 March 27,171 27,253 + 108 1951—January 2,901 3,022 11 2,858 153 April 27,179 27,398 + 145 February P2.878 March... P2,849 1 For end-of-year figures, represents change computed on absolute amounts in first column. P Preliminary. fig N ur O e T s E o .— n F c o o r m d p i a sc ra u b ss le io n b a o si f s s s e e a e so n B a U l L a L d E j T u IN st m fo en r t S f e a p c t t e o m rs b e a r n d 1 9 fo 4 r 3 b , a p c p k . 1 2 O In u c t l s u t d a e n s d i w ng o rk p i r n in g c i c p a a s l h , r w ep it r h e se p n o t s e t d m a b s y t e c r e s r , ti 5 fi c p a e te r s c o en f t d r e e p s o e s r i v t. e 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 City i centers x centers City centers City ^ cities 2 City 2 cities 2 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s 3 3 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 2 5 5 . . 2 5 1 16 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—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 February '•114,041 39,067 '62,350 12,624 26.1 14.3 38,916 62,239 30.7 21.5 March 144,072 53,171 76,001 14,900 29.0 14.9 53,142 75,892 35.5 22.5 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. MAY 1951 525 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] Liabilities and Capital Total Bank credit assets, net— Total Date T u re r a y s- U. S. Government obligations li i a ti b e i s l- Total C a a n p d ital 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, de a p n o d sits c m o a n u c i e s n - 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 4,031 286 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—Tune 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—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 Aug. 30 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. 27 23,500 4,600 166,800 56,300 96,000 73,800 19,400 2,900 14,500 194,900 179,900 14,900 Oct. 25 23,300 4,600 167,700 57,500 95,800 73,600 19,200 2,900 14,400 195,600 180,100 15,500 Nov. 29 23,000 4,600 168,700 59,100 95,200 72,700 19,600 2,900 14,500 196,400 181,000 15,300 Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Tan. 3U"- 22,400 4,600 170,500 60,600 95,200 70,800 21,500 2,900 14,700 197,500 182,500 15,100 Feb. 28*"- 22,100 4,600 170,700 61,500 94,500 69,800 21,900 2,900 14,800 197,500 182,600 14,800 Mar. 28P. 21,900 4,600 172,100 62 ,500 94,700 69,300 22,600 2,800 14,900 198,600 183,700 14,900 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date 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 e v a c n r n i c n o d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a o i r n m m c k i e a s - l de M s b p a a o v u n s i t i k n u ts s g a a * 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 ,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 ,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 ,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 ,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 ,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 ,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 ,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 ,657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 ,234 1,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 ,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 ,857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 ,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—June 30 ,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31 ,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Apr. 26 176,100 2,400 1,300 3,200 800 168,400 84,300 59,500 36,600 19,700 3,200 24,600 May 31 176,700 2,400 1,300 3,200 600 169,200 85,000 59,500 36,600 19,800 3,100 24,700 June 30 178,568 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 Aug. 30 179,200 2,400 1,300 3,800 700 171,000 87,400 59,100 36,200 19,800 3,000 24,500 Sept. 27 179,900 2,300 1,300 3,600 1,100 171,600 88,000 59,000 36,200 19,900 3,000 24,500 Oct. 25 180,100 2,500 1 ,300 3,100 400 172,800 89,200 59,000 36,200 19,900 3,000 24,600 Nov. 29 181,000 2,300 1,300 3,000 600 173,900 90,300 58,700 35,900 19,800 2,900 24,900 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,010 2,923 25,398 1951—Tan. 31P' 182,500 2,400 ,300 2,800 800 175,200 91,600 59,000 36,100 20,000 2,900 24,600 Feb. 28P' 182,600 2,400 ,300 4,200 500 174,200 90,600 59,000 36,100 20,000 2,900 24,600 Mar. 28? 183,700 2,400 1,300 6,400 1,100 172,500 89,000 59,100 36,200 20,100 2,800 24,400 * 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 htly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" System and the Exchange Stabilization Fund with the U S Treasury are netted 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES. BY CLASSES* PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets l Total 1 b In a t n e k r- 1 a c c a c p o i u ta n l ts ba o n f ks De- Total ment secu- Time obliga- rities mand tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 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 Sept. 27 144,780 56,570 88,210 73,750 14,460 35,070 165,730 11,540 97,960 56,230 13,720 14,658 Oct. 25 145,730 57,690 88,040 73,610 14,430 35,430 167,180 12,340 98,610 56,230 13,800 14,658 Nov. 29 146,660 59,520 87,140 72,690 14,450 35,880 168,040 12,310 99,830 55,900 13,850 14,659 Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Jan. 31 v* 146,500 60,970 85,530 70,830 14,700 37,660 169,280 12,220 100,800 56,260 13,870 14,645 Feb. 28*»" 146,480 61,920 84,560 69,800 14,760 38,590 170,500 12,160 102.050 56,290 13,890 14,639 Mar. 28v 147,120 62,950 84,170 69,250 14,920 37,440 169,760 11,630 101,660 56,470 13,940 14,649 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 * 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—June 30 121,767 44,796 76,972 65,751 11,221 33,268 143,827 11,435 95,485 36,907 11,387 14,144 Sept. 27 123,560 48,930 74,630 62,540 12,090 34,270 145,840 11,540 97,940 36,360 11,500 14,129 Oct. 25 124,450 49,850 74,600 62,520 12,080 34,700 147,280 12,340 98,590 36,350 11,580 14,129 Nov. 29 125,380 51,510 73,870 61,740 12,130 35,160 148.190 12,310 99,810 36,070 11,620 14,130 Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Jan. 31 w 125,050 52,710 72,340 59,980 12,360 36,950 149,230 12,220 100,780 36,230 11,610 14,116 Feb. 28?"- 125,010 53,540 71,470 59,060 12,410 37,870 150,440 12,160 102,030 36,250 11,630 14,110 Mar. 28? 125,740 54,420 71,320 58,770 12,550 36,560 149,650 11,630 101,640 36,380 11,660 14,120 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 59,556 52,154 7,402 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 Sept. 27 104,554 41,542 63,012 52,882 10,130 30,144 124,572 10,968 84,386 29,218 9,628 6.887 Oct. 25 105,258 42,347 62,911 52,816 10,095 30,427 125,691 11,725 84,748 29,218 9,683 6,883 Nov. 29 106,138 43,969 62,169 52,050 10,119 30,834 126,563 11,679 85,873 29,011 9,724 6,881 Dec 30 107,424 44,705 62,720 52,365 10,355 35,524 133 089 13,447 90,306 29,336 9,695 6.873 1951—Tan. 31P 105,766 45,114 60,652 50,336 10,316 32,622 127,535 11,622 86,751 29,162 9,715 6^870 Feb 28P 105,655 45 873 59,782 49 415 10,367 33 508 128,660 11 565 87,927 29,168 9,733 6,870 Mar. 28? 106,366 46,618 59,748 49,264 10,484 32,336 128,046 11,129 87,697 29,220 9,750 6,871 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 1J236 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 Sept. 27 21,220 7,640 13,580 11,210 2,370 800 19,890 20 19,870 2,220 529 Oct 25 21,280 7,840 13,440 11,090 2,350 730 19,900 20 19,880 2,220 529 Nov 29 21,280 8,010 13,270 10,950 2,320 720 19,850 20 19,830 2 ,230 529 Dec 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,010 2^247 529 1951—Tan. 31*>r. . . . 21,450 8,260 13,190 10,850 2,340 710 20,050 20 20,030 2,260 529 Feb 28Pr. . . 21,470 8,380 13,090 10,740 2,3.50 720 20,060 20 20,040 2,260 529 Mar. 28P 21.380 8,530 12,850 10,480 2,370 880 20,110 20 20,090 2,280 529 P Preliminary. r Revised, g * "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 mjllion at all insured commercial banks. For other footnotes see following two pages. MAY 1951 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets i Total 1 b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec 3ft 9 339 3 296 6 043 4 772 J .272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec 31 19, 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 1? 547 1,294 5 864 99 078 3,945 17,399 734 1,727 37 1943—Dec 31 19 994 4 428 1S,565 14 563 L.002 s,197 256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 L.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 ''O 834 6 368 14,465 13 308 1,158 6,238 723 4,246 19,028 1449 2 205 37 1947—Dec 31 393 7,179 13,214 11 972 1,242 7 261 ?S 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 ,033 10 746 1,287 6 985 17, 983 4,192 18,139 1 ,651 2 312 25 1950—June 30 19 548 7,723 11,825 10 281 1,544 6 329 213 3,894 17,668 1 650 2,341 25 Sept.27 19860 8,814 11,046 9 167 1,879 6,635 23,585 3,956 17,982 1,647 2,343 24 Oct 25 10 877 8,919 10,958 Q 134 1,824 6,515 602 4,146 17,851 1 ,605 2 352 23 Nov 29 . 136 9,554 10,582 8 794 1,788 6 836 23 948 4,042 18,260 1 646 2,356 23 Dec. 30 20 612 9,729 10,883 8 993 1,890 7 922 25 646 4,638 19,287 1 722 2,351 23 1951—Jan. 31* 19 842 9,758 10,084 8,234 1,850 7,315 23 847 4,131 18,066 1,650 2,363 23 Feb 28? 093 10,098 Q,995 8 109 1,886 7 344 399 4,154 18,603 1 642 2 371 23 Mar. 28? 20 594 10,307 10,287 8 326 L.961 7 272 24 799 4,054 19,002 1 743 2,354 23 Chicago: 1939—Dec. 30 2 105 569 1,536 1203 333 446 3,330 888 1,947 495 250 14 1941—Dec. 31 2 760 954 1,806 1430 376 566 4 057 1,035 2,546 476 288 13 1942—Dec 31 3 973 832 3,141 9 789 352 352 s 040 1,117 3,468 455 304 13 1943—Dec. 31 4 554 L,004 3,550 3 238 312 283 5 523 985 4,029 508 326 13 1944—Dec. 30 5 443 1,184 4,258 3 913 345 378 6 468 1,148 4,700 620 354 13 1945—Dec. 31 5 931 1,333 4,598 4 213 385 489 7 046 1,312 5,015 719 377 12 1946—Dec. 31 . ... 4 765 1,499 3,266 912 355 545 S 905 1,153 3,922 829 404 14 1947—Dec. 31 5 088 L ,801 3,287 2 890 397 739 6 402 1,217 4,273 913 426 14 1948—Dec. 31 4 799 1,783 3,016 2 633 383 932 6 293 1,064 4,227 1,001 444 13 1949—Dec 31 S424 1,618 3,806 3 324 482 850 6 810 1,191 4,535 083 470 13 1950—June 30 5 256 1,557 3,700 3 138 562 640 6 419 1,014 4,305 099 481 13 Sept.27 5 302 1,786 3,516 2 950 566 841 6 621 1,058 4,488 075 483 13 Oct 25 5394 1,854 3,540 987 553 777 6 668 1,109 4,486 073 484 13 Nov. 29 5 456 1.972 3,484 2 928 556 812 6 719 1,064 4,566 089 490 13 Dec. 30 5 569 2,083 3,487 2 911 576 2 034 7 109 1,228 4,778 103 490 13 1951— F Ja e n b . . 31* 5 4 3 4 6 8 4 2 2 , , 1 1 2 3 4 6 3 3 , , 3 2 2 2 4 8 2 6 7 6 6 6 2 5 5 6 6 2 2 19 0 7 5 7 4 6 6 8 8 5 9 8 3 1 1 , ,0 0 7 8 1 0 4 4 , , 6 7 8 2 2 4 0 1 8 0 9 5 4 4 8 8 9 9 1 1 3 3 Mar. 2gp 5 461 2,163 3,298 2 743 555 1 888 6 667 1,059 4,528 1 080 490 13 Reserve city member banks: 1939—Dec. 30 12 272 5,329 6,944 5 194 1,749 6 785 17 741 3,686 9,439 4 616 1,828 346 1941—Dec 31 . 15 347 7,105 8,243 6 467 1,776 8 518 313 4 460 13,047 4 806 1,967 351 1942—Dec. 31 20 915 6,102 14,813 13038 1,775 9 426 9298 700 4,957 18,747 4 995 2,028 354 1943—Dec. 31 97 521 6,201 ,321 19 682 1,639 Q 327 3S070 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 3S351 10,825 ,527 99 250 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 13066 46 467 5,649 29,395 11 423 2,844 353 1948—Dec 31 ... 3S332 14,285 ,047 18 594 2,453 13317 45 943 5,400 29,153 11391 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 ... 697 14,868 ,829 510 3,319 11 639 47 187 5 069 30,306 11 812 3 268 336 Sept.27 39 536 16,525 23,011 19 404 3,607 11 858 47 978 5,100 31,300 11 578 3,305 337 Oct. 25 39 844 16,931 22,913 19301 3,612 12070 48 493 5,503 31,388 11 602 3,320 337 Nov. 29 40 133 17,536 22..597 18960 3,637 11 945 48 595 5,540 31,551 11 504 3,337 337 Dec. 30 40 685 17,906 22 19 084 3,695 13 998 51 437 6,448 33,342 11 647 3,322 336 1951— F Ja e n b . . 3 2 1 8 P * 4 3 0 9 0 8 5 6 8 9 1 1 8 8 , , 1 4 5 2 9 5 2 2 1 1 ! ,4 8 4 9 4 9 1 1 8 7 1 72 8 5 9 3 3, , 7 7 1 1 9 0 1 1 3 28 2 1 7 2 5 4 4 9 9 5 2 3 1 6 4 5 5, , 3 4 6 2 9 8 3 32 2 , , 5 1 6 8 2 1 1 1 1 1 6 6 0 0 5 5 3 3 , , 3 3 3 3 2 6 3 3 3 3 6 6 Mar. 39 735 18,543 21,192 17 479 3,713 12 672 48 933 5,063 32,380 11490 3,326 325 Country memt>er 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 17415 822 10,335 6 258 1,982 6,219 1942—Dec. 31 .... 16 419 5,038 11.380 Q 172 2,208 7 638 99 459 980 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. 31 002 5,596 29-407 999 2,408 10 632 43 418 1 223 29,700 494 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 14053 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 ?S,527 ,862 3,665 10 314 4S,534 1 001 29,771 1-1762 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 Sept 27 39,856 14,417 25,439 21,361 4,078 9 810 46,388 854 30,616 14,918 3,497 6,513 Oct. 25 40 143 14,643 ,500 ,394 4,106 10065 46,928 967 31,023 ,938 3,527 6,510 Xov.29 40,413 14,907 25,506 21,368 4,138 10,241 47,301 1,033 31,496 14,772 3,541 6,508 Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Jan. 31* 40,418 15,073 25,345 21,151 4,194 10,518 47,616 992 31,822 14,802 3,531 6,498 Feb. 28* 40,329 15,214 25,115 20,915 4,200 10,835 47,832 962 %32,038 14,832 3,537 6,498 Mar. 28* 40,576 15,605 24,971 20,716 4,255 10,504 47,647 953 31,787 14,907 3,580 6,510 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. 528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets l Total i b In a t n e k r * - a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec 3i 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 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 Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 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 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 Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 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 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 Dec. 30 35,334 15,521 19,813 16,778 3.035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 Ensured 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 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 Dec. 30.. 17,414 7,023 10,391 8,632 1.759 4,299 20,216 297 13,194 6,726 1,570 6,562 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 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 Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 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 7,261 1948—Dec 31.. . 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—Tune 30 19,038 7,141 11,896 10,003 1,893 3,890 21,137 586 13,253 7,299 1,865 7,262 Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7,251 Insured mutual savings banks: 1941 Dec M 1 693 642 1 050 629 421 151 1,789 1,789 164 52 1945—De<\ 31 10.846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec 31 ... 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949 Der SI 14 209 4 814 9 394 7 832 1 562 682 13,592 16 13,575 1,420 192 1950 Tune 30 14 827 5 288 9 539 7,945 1,594 659 14,128 18 14,109 1,467 192 Dec 30 15 101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 1,513 194 Noninsured mutual savings banks: 1941 Tier 31 8 687 4 259 4 428 3 075 1 353 642 8,744 6 8,738 1,077 496 1945 Dec 31 5 361 1 198 4 163 3 522 641 180 5,022 2 5,020 558 350 1947—Dec. 31 » 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949 Dec 31 6 192 1 764 4 428 3 596 832 191 5,702 3 5,699 702 339 1950—June 30 6,365 1,915 4.450 3,625 826 172 5,815 2 5,813 722 338 Dec 30 6,245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 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. MAY 1951 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 30, 1950 ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Loans 1 Investments Cash, Total i T n o v t e a a s l n t m d lo e a n n t s s Total i o C p o in e m n p c l m a u m p e d e a r i r c n rk i g a e l t , Rea lo l a e n s s tate O lo t a h n e s r Total U ob . l S ig . a G ti o o v ns 't o O i f u p b S b o l t d i a l g i i t v t a e i i t c s s i a o i a o l n n n s d s se O cu th ri e t r ies b c d a r a e u n s s h e k e s r f i , v t r e o e a m m s n , d s e a R s s t s e a e a t t l e s a O s t s h e e ts r a l n a i d a s t b s o c e i t l a t a i s p t l — i i e t s al United States and possessions 148,715,908 60,711,146 22,067,761 21,925,027 17,645,405 88,004,762 73,188,217 8,249,124 6,567,421 41,235,803 1,377,238 911,724 192,240,673 United States 148,021,278 60,386,227 21,956,478 21,802,346 17,553,551 87,635,051 72,894,335 8,205,965 6,534,751 41,086,365 1,366,371 842,882 191,316,896 Possessions 694,630 324,919 111,283 122,681 91,854 369,711 293,882 43,159 32,670 149,438 10,867 68,842 923,777 State Alabama 996,814 430,749 154,957 109,029 173,016 566,065 447,883 98,214 19,968 362,967 10,081 5,106 1,374,968 Arizona 395,295 202,782 63,537 61,656 78,734 192,513 159,081 21,226 12,206 99,122 7,026 2,138 503,581 Arkansas 612,878 203,066 64,706 50,255 89,405 409,812 336,881 61,198 11,733 290,765 4,468 860 908,971 California 12,242,832 5,808,630 1,796,279 2,724,056 1,372,129 6,434,202 5,277,673 792,602 363,927 2,739,683 137,288 73,436 15,193,239 Colorado 938,965 373,382 112,797 69,188 193,834 565,583 515,739 32,559 17,285 353,925 4,144 3,299 1,300,333 Connecticut 2,841,622 966,750 179,686 625,653 176,227 1,874,872 1507,220 126,906 240,746 488,610 28,155 16,347 3,374,734 Delaware 573,671 191,984 58,496 86,109 47,997 381,687 280,654 24,289 76,744 114,454 5,055 1,787 694,967 District of Columbia 923,353 347,853 119,142 115,666 115,689 575,500 524,678 10,996 39,826 302,364 17,842 2,604 1,246,163 Florida 1,566,426 491,990 193,127 108,908 194,101 1,074,436 946,594 108,417 19,425 553,812 21,048 6,878 2,148,164 Georgia 1,365,290 749,780 316,453 163.428 276,773 615,510 517,475 75,122 22,913 537,950 18,777 4,854 1,926,871 Idaho 368,844 176,983 45,345 59,214 74,377 191,861 178,457 11,940 1,464 96,785 3,700 211 469,540 Illinois 10,491,436 3,400,936 1,902,239 532,501 1,016,440 7,090,500 6,004,034 682,466 404,000 3,390,627 54,425 42,795 13,979,283 Indiana 2,707,291 864,313 219,741 368,478 286,112 1,842,978 1,642,005 136,572 64,401 811,536 20,420 6,343 3,545,590 Iowa 1,938,677 811,644 157,559 246,364 414,904 1,127,033 915,354 173,609 38,070 580,077 11,899 2,972 2,533,625 Kansas 1,321,933 535,308 119,116 90,739 328,063 786,625 628,308 127,840 30,477 471,987 7,600 2,452 1,803,972 Kentucky 1,268,805 555,873 170,885 165,952 225,803 712,932 635,928 42,833 34,171 468,099 9,865 2,387 1,749,156 Louisiana 1,372,639 488,397 231,365 98,544 164,723 884,242 713,838 156,169 14,235 552,875 14,395 9,819 1,949,728 Maine 661,491 234,699 59,663 122,133 55,197 426,792 343,725 17,766 65,301 102,530 5,719 1,490 771,230 Maryland 1,806,083 535,109 130,799 228,246 180,155 1,270,974 1,126,866 46,726 97,382 424,876 16,768 17,366 2,265,093 Massachusetts 7,309,857 2,915,300 871,539 1,613,088 472,476 4,394,557 3,720,520 171,239 502,798 1,174,601 55,597 44,545 8,584,600 Michigan 4,848,399 1,681,495 404,128 751,342 544,175 3,166,904 2,692,379 308,175 166,350 1,309,449 38,245 15,660 6,211,753 Minnesota 2,574,735 1,072,519 307,190 375,426 401,783 1,502,216 1,203,082 161,727 137,407 737,299 17,348 9,018 3,338,400 Mississippi 617,161 224,775 87,929 53,204 86,657 392,386 269,837 117,082 5,467 248,098 6,712 1,469 873,440 Missouri 3,511,984 1,673,607 637,896 496,069 552,305 1,838,377 1,531,704 195,077 111,596 1,359,339 26,551 12,244 4,910,118 Montana 454,016 142,830 25,915 34,654 84,747 311,186 281,179 17,665 12,342 152,775 3,008 1,242 611,041 Nebraska 1,065,778 403,858 110,843 46,812 251,098 661,920 563,298 72,933 25,689 392,317 6,556 2,318 1,466,969 Nevada 155,231 58,631 8,049 31,211 19,563 96,600 86,015 7,213 3,372 33,125 1,772 750 190,878 New Hampshire 551,371 236,025 35,539 168,160 32,853 315,346 250,121 12,090 53,135 72,530 4,244 424 628,569 New Jersey 4,878,773 1,627,651 330,494 905,068 417,377 3,251,122 2,612,912 362,495 275,715 942,841 59,071 18,744 5,899,429 New Mexico 259,766 118,276 35,418 29,537 55,002 141,490 129,044 11,031 1,415 119,587 2,837 507 382,697 New York 39,134,030 17,540,185 7,242,247 6,677,047 4,012,253 21,593,845 18,155,666 1,633,276 1,804,903 9,892,311 305,413 392,485 49,724,239 North Carolina 1,496,611 681,567 283,399 141,182 266,616 815,044 603,973 146,592 64,479 540,232 14,620 9,089 2,060,552 North Dakota 495,199 126,531 15,343 25,825 86,930 368,668 326,055 30,524 12,089 103,607 1,833 1,010 601,649 Ohio 6,700,488 2,504,369 758,273 940,935 842,313 4,196,119 3,524,747 406,665 264,707 1,877,179 65,765 20,978 8,664,410 Oklahoma 1,282,439 512,721 230,639 65,165 220,328 769,718 623,732 122,882 23,104 573,165 11,658 3,243 1,870,505 Oregon 1,191,857 523,040 185,053 159,847 181,340 668,817 536,903 115,310 16,604 322,304 16,100 5,964 1,536,225 Pennsylvania 10,467,807 3,612,955 1,451,797 1,225,691 995,869 6,854,852 5,222,076 593,463 1,039,313 2,576,222 127,257 44,710 13,215,996 Rhode Island 995,859 384,611 109,650 214,814 65,108 611,248 514,944 14,112 82,192 145,422 13,939 2,808 1,158,028 South Carolina 514,987 198,869 74,328 50,885 75,899 316,118 258,008 42,023 16,087 200,223 4,799 1,124 721,133 South Dakota 420,865 145,819 22,007 35,589 91,142 275,046 243,430 22,217 9,399 112,640 2,547 1,401 537,453 Tennessee 1,600,411 826,160 388,163 148,150 299,593 774,251 631,674 119,277 23,300 588,807 20,523 3,845 2,213,586 Texas 5,274,600 2,536,532 1,321,254 261,216 978,069 2,738,068 2,351,387 305,271 81,410 2,581,788 81,870 22,377 7,960,635 Utah 474,156 234,380 59,403 89,567 87,632 239,776 211,590 23,894 4,292 152,748 4,664 632 632,200 Vermont 328,499 196,853 18,717 135,889 43,707 131,646 106,102 13,433 12,111 49,120 3,411 488 381,518 Virginia 1,627,155 767,853 214,840 260,684 299,204 859,302 755,253 67,656 36,393 533,922 23,414 4,275 2,188,766 Washington 1,818,150 804,318 302,168 282,078 228,664 1,013,832 790,381 160,845 62,606 511,011 17,994 5,038 2,352,193 West Virginia 773,162 291,398 55,089 135,315 104,658 481,764 435,220 31,556 14,988 254,757 9,099 2,515 1,039,533 Wisconsin 2,599,384 895,169 257,440 396,146 255,681 1,704,215 1,447,147 162,569 94,499 703,481 19,132 10,542 3,332,539 Wyoming 204,203 77,702 15,836 25,631 36,830 126,501 113,563 10,223 2,715 82,421 1,717 293 288,634 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANkS IN THE UNITED StAf ES ANt) POSSESSIONS, feY STAtES, DEC&MftER 30, i960—Continued *< ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Deposits Borrowings Total Number Total Interbank G a o n v d U e r P . n o S m s . t e a n l t S p ta o t l e i s ti c a a n l d an C d e r o ti f f f i i e c d ers' Indiv an id d u a c l o s r , p p o a ra rt t n io e n rs s hips de T m ot a a n l d T ti o m ta e l a li n a d b i o li t t h ie e s r a c c a c p o i u t n al ts ban o k f s 2 Savings subdivisions checks, etc. Demand Time deposits deposits United States and possessions 176,120,158 14,050,317 3,069,426 9,545,624 2,938,481 91,313,759 55,202,551 118,794,232 57,325,926 2,204,650 13,915,865 14,693 United States 175,296,191 14,039,231 2,998,225 9,404,224 2,923,257 90,998,891 54,932,363 118,321,612 56,974,579 2,183,626 13,837,079 14,650 Possessions. . 823,967 11,086 71,201 141,400 15,224 314,868 270,188 472,620 351,347 21,024 78,786 43 State Alabama 1,271,312 79,939 22,684 122 061 9,975 783,223 253,430 1 013 786 257 526 10 097 93,559 225 Arizona 470,746 7,046 5,552 45,967 8,459 304,540 99,182 371,417 99,329 5,686 27,149 11 Arkansas 847,093 70,166 9 874 72,230 5,676 591,222 97,925 747,363 99 730 2 006 59,872 232 California . 14,018,278 533,893 198,473 1,123,646 312,110 6,491,156 5,359,000 8,123,689 5,894, $89 281,622 893,339 202 Colorado 1,216,378 89,987 19,998 69,282 12,725 801,564 222,822 991,944 224,434 6,014 77,941 154 Connecticut 3 047,612 43,323 46,740 67,120 42,173 1,104,150 1,744,106 1,301 233 1 746,379 25 216 301,906 184 Delaware ... 623,149 4,469 20,524 41,445 9,370 387,707 159,634 444,562 178,587 4,071 67,747 40 District of Columbia 1,162,112 73,507 30,010 765 24,080 825,844 207,906 935,423 226,689 7,542 76,509 19 Florida ... . . ... 2,008,324 156,504 25,669 230,654 21,625 1,220,513 353,359 1,644,316 364,008 10,328 129,512 199 Georgia 1,779,546 206,952 35,559 131,681 15,917 1,078,436 311,001 1,462,597 316,949 17,772 129,553 397 Idaho 442,985 7,064 8,233 54,962 4,048 265,586 103,092 338,096 104,889 2,379 24,176 43 Illinois . . 13,037,855 1,352,742 275,300 642,775 127,486 7,610,986 3,028,566 9,860,704 3,177,151 98 961 842,467 891 Indiana 3,322,273 131,007 67,322 315,173 48,812 1,836,484 923,475 2,393,327 928,946 14,727 208,590 490 Iowa . . . . .. 2,368,138 138,919 48,946 218,468 32,250 1,406,634 522,921 1,842,046 526,092 3 795 161,692 663 Kansas 1,687,499 94,930 24,123 281,037 14,605 1,106,179 166,625 1,517,883 169,616 4,195 112,278 612 Kentucky 1,617,182 163,021 26,266 105,674 13,275 1,086,333 222,613 1,390,046 227,136 7,995 123,979 385 Louisiana . . . . 1,835,437 231,585 24,450 275,861 15,871 1,012,910 274,760 1,552,846 282,591 12,768 101,523 165 Maine 686,384 8,164 9,481 22,201 6,680 212,498 427,360 256,586 429,798 4,051 80,795 95 Maryland 2,072,700 109,195 38,560 114,520 13,325 984,265 812,835 1,252,962 819,738 14,353 178,040 173 Ivtassachusetts 7,691,547 362,856 101,249 273,084 82,136 2,840,444 4,031,778 3,649,893 4,041,654 84,962 808,091 371 Michigan ... 5,829,254 203,597 165,359 305,743 61,735 2,903,472 2,189,348 3,618,704 2,210,550 47 154 335,345 442 Minnesota 3,099,199 328,922 68,706 176,164 35,855 1,480,999 1,008,553 2,082,624 1,016,575 22,633 216,568 681 Mississippi 816,911 63,210 11,202 102,672 5 287 502,696 131,844 683 862 133,040 3 509 53,020 201 Missouri 4,584,006 810,835 74,993 267,783 36,244 2,697,913 696,238 3,878,501 705,505 29,830 296,282 600 JVtontana 581,765 32,645 12,415 47,642 5,839 386,155 97,069 484,104 97,661 2,414 26,862 110 Nebraska 1,375,030 168,139 25,037 72,486 11,013 958,963 139,392 1,235,501 139,529 4,024 87,915 418 Nevada 178,579 715 3,833 19,721 2,134 93,188 58,988 116,863 61,716 1,409 10,890 8 New Hampshire 555,949 7,289 6,427 16,507 6,695 131,182 387,849 166,901 389,048 1,825 70,795 109 New Jersey 5,454,936 61,172 93,213 323,237 79,284 2,334,544 2,563,486 2,839,873 2,615 ,063 35,618 408,875 347 New M^exico 360,852 13,312 10,891 50,070 5,469 237,491 43,619 313,999 46,853 893 20,952 51 New York 44,392,898 5,005,916 639,797 823,523 1,209,225 21,137,614 15,576,823 28,290,452 16,102,446 1,103,447 4,227,894 759 North Carolina ... 1,899,074 243,338 37,239 157,120 23,590 1,091,744 346,043 1,504,469 394,605 27,086 134,392 225 North Dakota 563,699 12,513 8,376 97,238 3,193 331,110 111,269 404,510 159,189 2,197 35,753 150 Ohio 8,082,933 356,304 167,430 483,602 131,656 4,234,143 2,709,798 5,213,170 2,869,763 53,882 527,595 662 Oklahoma 1,736,190 178,156 28,573 206,602 22,565 1,180,326 119,968 1,604,837 131,353 8,611 125,704 386 Oregon 1,436,308 40,957 19,801 117,555 25,045 840,743 392,207 1,037,415 398,893 10,417 89,500 71 Pennsylvania 11,905,575 691,968 223,112 410,716 117,548 6,400,096 4,062,135 7,706,207 4,199,368 82,871 1,227,550 978 Rhode Island 1,044,003 13,680 14,797 41,197 11,152 400,789 562,388 479,835 564,168 14,044 99,981 24 South Carolina . . . . .. 672,370 23,308 12,095 64,415 7,986 479,520 85,046 584,432 87,938 4 213 44 550 148 South Dakota 504,500 11,733 7,837 45,483 3,255 349,856 86,336 414,806 89,694 1,794 31,159 169 Tennessee 2,061,331 319,843 28,847 163,912 15,065 1,094,477 439,187 1 601,525 459 806 13 896 138 359 297 Texas 7,470,584 1,052,168 100,930 638,791 151,893 4,971,719 555,083 6,806,044 664,540 44,750 445 301 908 Utah 589,691 48,162 6,865 57,131 4 544 294,728 178,261 409 474 180 217 4 206 38 303 55 Vermont . . . 340,724 1,665 3,428 10,089 3,080 86,628 235,834 102,818 237 906 2 225 38 569 77 Virginia 2,014.777 189,904 44,613 143,755 30,142 1,025,359 581,004 1,381,638 633,139 15,090 158,899 313 Washi ngton 2,199,767 83,760 38,952 124,542 19,414 1,210,965 722,134 1,472,780 726,987 12,125 140,301 121 West Virginia 949,802 43,486 32,074 81,682 26,552 513,460 252,548 694,456 255,346 4,286 85,445 180 Wisconsin. . 3,117,446 154,690 69,524 112,976 43,391 1,504,616 1,232,249 1,875,304 1,242,142 9,644 205,449 556 Wyoming . . . 271,488 12,575 2,846 33,264 3,808 173,721 45,274 225,789 45,699 993 16,153 53 Digitized for FRASER 1 Figures for various loan items are shown gross (i. e. before deduction of valuation reserves'): thev do not add to the total, which is shown net. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments Com- p L u o rc a h n a s s f i o n r g U. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e m k p i l i n u n a e e g d - r n t - - - A t c g u a u r r l l i - - - b e r T o r o s k- o T t o h- l R t o e a a e s t n a - e l s s lo u C a m o n n e s r - 2 O lo t a h n e s r 2 Total Total Bills C o c e f a r t t i e i n f s i - - Notes Bonds G t a e u n e a - d r- S p s a i t o u c a o n a l b t f d i e l - t s - O s ri e t t h c i e e u r s pa- and ers debt- diviper deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,^45 28,031 21,046 988 3,159 12,7974,1023,6513,333 1945—Dec. 31. 121,809 25,765 9,461 1,3143,1643,606 4,677 1,351 2,19196,043 88,912 2,455 19',07116,04551,321 22 3,8733,258 1947—Dec. 31. 114,274 37.583 18.012 1,610 823 1,190 9,2663,8452,837 76,691 67,941 2,124 7,552 5,91852,334 145,1293,621 1948—Dec. 31. 112.286 41,968 18,761 2,775 1,336 939 10,6664,907 2,992 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 11,4056,0023,124 75,793 65,820 3,692 12,479 5,81043,833 66,4003,574 1950—June 30. 119.808 44,304 16.8142.819 1,856 912 12.2706,8873,33575,504 64.546 3.847 6,102 11,59143,000 87.2373,721 Dec. 30. 124,822 51,723 21,7762,823 1,789 1,036 13,3897,6283,95573,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 Member banks, total: 1941—Dec. 31. 43,521 18,021 8.671 972 594 598 3,494 3,t 92 25,500 19,539 971 3,007 11,7293,8323.0902,871 1945—Dec. 31. 107,183 22,775 8,949 8553,1333,378 3,455 1,027 1,977 84,408 78,338 2,275 16',98514,27144,792 163,2542,815 1947—Dec. 31. 97,846 32.628 16,962 1.046 811 1,065 7,1303,0642,55065,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1948—Dec. 31. 95,616 36.060 17,631 I ,8001,324 834 8 ?443,9332,65859,556 52,154 2,588 7 999 2,800 38 761 54,4802 922 1949—Dec. 31 .101.528 36.230 15.857 1,945 1,737 758 8,8344,7762,80965,297 56,883 3,38910.409 5,08537,996 45,2743,140 1950—June 30. 102.745 37,658 15.708 1.770 1,840 807 9.5475,5053,00165,087 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 10,1176,1453,52962,755 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 10,5226,1673,58562,719 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 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 111 240 654 13.215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31. 18,759 8,048 5,642 ' 31,102 225 224 313 636 10.712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 31 4 19,583 7.550 4,792 1.410 219 256 377 621 12,033 10,746 720 1,785 835 7,405 752 535 1950—June 30. 19.548 7,723 4.656 1,497 242 339 426 686 11,825 10.281 900 458 1,594 7,328 959 585 Oct. 4. 19,821 8,821 5,672 1,105 276 414 507 971 11.001 9,132 781 159 1,643 6,549 1,144 725 Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6,206 ""2 1,123 767 Chicago:3 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. 5,088 1,801 1,418 3 73 87 46 91 84 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31. 4,799 1,783 1,412 4 71 63 51 115 88 3,016 2,633 183 275 217 1,958 210 174 1949—Dec. 31. 5,424 1,618 1,211 7 109 56 51 115 91 3,806 3,324 331 690 358 1,945 290 192 1950—June 30. 5.256 1,557 1,116 24 109 64 54 121 95 3,699 3,138 352 276 555 1,954 340 221 Oct. 4. 5,305 1,776 1,322 5 81 65 58 146 127 3,529 2,969 253 140 673 1,903 327 233 Dec. 30. 5,569 2,083 1,567 9 110 69 65 147 147 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 l.i 12 8,243 6,467 295 751 4 2481 173 956 82O1 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 1,459 433 82631,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 3,147 1,256 1,079 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 3\ . 35,332 14,285 7,282 437 130 360 3.5031,609 1,118 21,047 18,594 1,056 3.201 1,090 13,247 11,421 1,032 1949—Dec. 31 4 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 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 4,029 2,291 1,274 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 2,563 1,411 22,859 19,268 1.211 699 5,05312,303 2,119 1,472 Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,567 1,534 22,779 19,084 1,218 499 5,53611,830 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 1945—Dec. 31. 35,002 5,596 1 ,484 648 42 471 1,881 492 578 29,407 26,999 630 5',iO2 4,544 16,713 9 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 3,827 1,476 732 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31. 36,726 11,945 3,2961,356 21 187 4,467 1,895 817 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 2,320 884 25.527 21,862 1,148 3,753 1,768 15,189 42,505 1,1601 1950—June 30. 39,245 13,510 3,339 1 ,379 33 177 5,125 2,666 946 25,734 21,830 1,107 2,133 3,83514,750 52,753 r,i5i Oct. 4. 39,808 14,441 3,656 1,371 28 189 5,4062,928 1,020 25,367 21,250 1,344 869 5,26313,769 52,923 1,195 Dec. 30. 40,558 14,988 3,9801,407 33 187 5,591 2,913 1,054 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 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 "l, 087 1,774 6,538 6 619 443 1947—Dec. 31. 16,444 4,958 1,049 563 13 125 2,139 781 287 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 2,426 975 334 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 1,225 315 10,508 8,947 303 2,071 725 5,846 21,127 434 1950—June 30 17,079 6.650 1.106 1.049 16 105 2,727 1,382 335 10.429 8.799 308 1,281 1,601 5,606 21,198 432 Dec. 30. 17,414 7,023 1,255 1,015 18 109 2,872 1,461 370 10,391 8,632 453 465 2,702 5,008 3 1,294 465 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 532 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- Cl f a c s a s l a l o n d f d a b te ank F s B e s w e R e d a r r i 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 a o c s t k l e t - h - i s s c 5 j p m u D o a d s a t d s e e e n i - - - t d d s 6 m D e I s n d o t t - e i e c p 5 r o b s a i F e n t i s o g k r n - U m G er . 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 i d e c n i s a - s l c C h c a o f e e e e i f n t e c f r r c d i d t s k . - i ' s - , p a v n a s p t I i h d i r n o d o t i d n r p u c n a i e s o a s - - , r l r - s - I b n a t n e k r- P U m G S e i a o n r . a n o e s g n v d n v S t s - - 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 - p a 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 e s o s - l - , r s r - - , 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 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 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31. . 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—Dec. 31.. 16,428 1,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—June 30. . 15,863 1,801 8,358 83,916 9.577 1,281 3,590 7,924 2,145 80.639 209 188 1,321 34,925 36 11,061 Dec. 30. . 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 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 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31. . 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—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. . 17,459 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: 3 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 ""io 20 1,206 " 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Dec. 31. . 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31 4. 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 1,594 2,341 Oct. 4. . 4,418 125 41 15,313 2,900 1,132 515 273 575 15,975 172 37 28 1,565 "'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:3 1941—Dec. 31. . 1,021 43 298 2 ,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—Dec. 31.. 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—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,'7 73 1,098 44 167 328 52 3,823 3 9 1,060 i 484 Dec. 30. . 1,216 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 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Dec. 31 4. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 11950—June 30. . 6,206 428 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. . 6,806 519 2,206 27,938 6,174 217 976 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 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—June 30. . 4,343 813 3,579 27,879 850 9 1,036 3,246 549 25,122 12 75 434 14,555 15 3,433 Oct. 4. . 4,628 994 3,683 29,125 894 10 828 3,116 558 26,400 13 76 444 14,414 64 3,555 Dec. 30. . 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 Insured nonmember com- [ mercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 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 5 6 182 6,524 3 1,473 ^950—June 30 442 2.880 11,653 209 3 250 1,496 144 10.176 5 6 206 6,613 7 1,539 Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1,570 2 "Consumer loans" exclude, and "Other loans" include, single-payment loans of $3,000 and over, which heretofore have been included in consumer loans. The amounts of these loans prior to June 30, 1949, the first call date on which they were reported separately, have been estimated (see BULLETIN for November 1950, p. 1465). 8 Central reserve city banks. 4 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks. 6 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. MAY 1951 533 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. S. Government obligations or carrying securities Com- Total merloans cial, To brokers Date or month n m a v n e e n d s t t s - Total i i t n a r d i n a u d l s , - and dealers 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 ie e u s r t a c u g u r r l a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t s u i t e e h r - s i e - r G U l t o i i g o o . b S a v n - - . t s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total— Leading Cities 1950—March 66,708 24,712 13,831 579 910 141 441 4,440 247 4,500 41,99636,587 2,120 4,851 5,26824,3485,409 1951—January.. 70,479 31,398 17,990 4891,026 165 581 5,292 405 5,89439,081 32,584 2,149 9,03321,4026,497 February. 69.300 31,914 18,533 481 999 172 576 5,321 392 5,88637,386 30,911 1,482 8.50220.9276,475 March 69,8 32,428 19,005 2511,182 151 577 5,352 459 5,89937,440 30,868 1,838 8,26320,7676,572 Feb. 7.., 69,225 31,669 18,331 516 ,012 167 577 5,303 313 5,89937,556 31,093 1,444 8,609 21,040 6,463 Feb. 14. .. 69,241 31,922 18,459 519 ,000 175 575 5,326 441 5,87537,319 30,858 1,402 8,51820,938 6,461 Feb. 21... 69,231 31,877 18,598 397 978 174 575 5,327 403 5,869 37,35430,900 1,505 8,49720,898 6,454 Feb. 28... 69,501 32,189 18,743 4921,006 171 577 5,331 412 5,90037,312 30,791 1,577 8,384 20,830 6,521 Mar. 7. . 69,290 32,145 18,689 2741,119 163 583 5.326 542 5,89337,14530,606 1,479 8,303 20,824 6,539 Mar. 14. . 69,538 32,173 18,956 2311,113 150 578 5,342 365 5,88637,36530,782 1,718 8,29820,766 6,583 Mar. 21. . 70,447 32,687 19,174 2181,263 145 576 5,371 505 5,88437,76031,198 2,220 8,24320,735 6,562 Mar. 28. . 70,198 32,707 19,202 2791,233 146 572 5,369 425 5,93037,491 30,886 1,933 8,209 20,744 6,605 Apr. 4.. 70,122 32,849 19,196 2431,263 144 577 5,365 595 5,92137,27330,674 1,812 8,139 20,723 6,599 Apr. 11. . 69,707 32,377 19,262 1381,095 132 595 5,382 319 5,90737,33030,713 1,829 8,166 20,7186,617 Apr. 18. . 69,756 32,381 19,198 1241,060 129 602 5,406 404 5,91337,37530,750 1,842 8,18720,7216,625 Apr. 25. . 69,863 32,478 19,127 1961,071 127 597 5,420 465 5,93237,38530,805 1,946 8,126 20,733 6,580 New York City 1950—March. . . 19,114 7,482 4,842 521 712 171 277 147 91211,632 10,128 512 1,004 1,381 7,231 ,504 1951—January.. 20,146 9,768 6,381 427 786 250 433 278 ,32210,378 8,507 630 1,836 6,041 1,871 February. 19,657 9,948 6,645 396 758 237 427 258 ,331 9,709 7,870 293 1 .708 5.8691,839 March. . . 20,238 10,158 6,785 204 924 237 444 338 ,33510,080 8,164 513 1,712 5,939I,9i6 Feb. 7. . 19,545 9,829 6,562 779 237 423 171 ,342 9,716 7,885 283 1,725 5,8771,831 Feb. 14.. 19,516 9,935 6,611 417 765 236 428 255 ,325 9,581 7,753 216 1,690 5.8471,828 Feb. 21. . 19,585 9,922 6,659 333 740 235 431 302 ,325 9,663 7,845 301 1,704 5,8401,818 Feb. 28. . 19,982 10,108 6,747 412 750 239 427 306 ,332 9,874 7,997 371 1,715 5,911 1,877 Mar. 7.. 19,927 10,045 6,683 218 851 242 431 395 ,333 9,882 7,997 331 1,714 5,9521,885 Mar. 14. . 20,045 9,995 6,771 192 862 236 435 277 ,33110,050 8,128 460 1,730 5.9381,922 Mar. 21. . 20,608 10,331 6,849 1831,002 237 458 384 ,32810,277 8,369 752 1.709 5,9081 ,908 Mar. 28. . 20,371 10,258 6,836 227 979 231 454 294 ,34710,113 8,163 509 1,694 5,9601,950- Apr. 4. . 20,551 10,430 6,839 202 986 234 450 498 ,33410,121 8,183 543 1,677 5,9631,938 Apr. 11. . 20,105 9,899 6,808 107 805 245 455 256 ,33610,206 8,268 614 1,702 5,9521,938 Apr. 18. . 20,062 9,882 6,741 96 800 244 463 315 ,33810,180 8,233 588 1,699 5,9461,947 Apr. 25. . 20,234 9,982 6,713 166 814 243 465 350 ,34710,252 8,355 690 1,673 5,9921,897 Outside New York City 1950—March 47,594 17,230 8,989 58 198 116 270 4,163 100 3,58830,36426,459 1,608 3,847 3,88717,1173,905 1951—January.. 50,333 21,630 11,609 62 240 135 331 4,859 127 4,57228,70324,077 1,519 7,197 15,3614,626 February. 49,643 21.966 11,888 85 241 137 339 4,894 134 4,55527.677 23.041 1 .189 6,794 15.0584,636 March. . . 49,630 22,270 12,220 47 258 121 340 4,908 121 4,56427,36022,704 1,325 6,551 14,8284,656 Feb. 7. . 49,680 21,840 11,769 93 233 340 4,880 142 4,55727.84023.208 1 .161 6,884 15,1634,632 Feb. 14. . 49,725 21,987 11,848 102 235 138 339 4,898 186 4.55027 73823,105 1 .186 6,828 15,0914,633 Feb. 21. . 49,646 21,955 11,939 64 238 138 340 4,896 101 4.544 27,69123,055 1,204 6,793 15,0584,636 Feb. 28. . 49,519 22,081 11,996 80 256 137 338 4,904 106 4,56827,43822,794 1,206 6,669 14,9194,644 Mar. 7. . 49,363 22,100 12,006 56 268 132 341 4.895 147 4,56027.263 22,609 1,148 6,589 14,872 4,654 Mar. 14. . 49,493 22,178 12,185 39 251 120 342 4.907 88 4,55. 27,315 22,654 1,258 6,568 14,8284,661 Mar. 21. . 49,839 22,356 12,325 3? 261 116 339 4,913 121 4,55627.483 22.829 1.468 6,534 14,82 4,654 Mar. 28. . 49,827 22,449 12,366 52 254 117 341 4,915 131 4,58327.37822,723 1,424 6,515 14,784 4,655 Apr. 4.. 49,571 22,419 12,357 41 277 117 343 4,915 97 4,58727,152 22,491 1,269 6,46214,7604,661 Apr. 11. .. 49,602 22,478 12,454 31 290 105 350 4,927 63 4,57127,12422,445 1,215 6,46414,766 4,679 Apr. 18. .. 49,694 22,499 12,457 28 260 104 358 4,943 89 4,57 27,19522,517 1,254 6,48814,7754,678 Apr. 25... 49,629 22,496 12,414 30 257 102 354 4,955 115 4,58,29,133 22,450 1,256 6,45314,7414,685 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. * Includes guaranteed obligations. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n t d v h - l k - e s v C a a i u n sh lt m b a w a n d e n i o c s t - e k h ti s s c m u a d s a d t e n e - - d d3 s p p u v n c h a o a a o i n e i r d r l p r r d s a t - - - s - , - , S p d s a i o t u i c n a v l a b d i t i l - t e - - s c C h c O a f e e e e i n t f e c r r c f d t i d s k . - i ' - s, U m G er . o e n v n S - - t . s p p u v n c h a o a a o e i n i r d r p l r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i e l - t - s - s P U m G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l m D t D e i o c s e - - man F e d i 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—March.... 12,028 752 2,166 46,848 46,7013,367 1,395 2,39214,668 612 121 9,1241,267 140 330 6,240100,277 1951—January... 13,500 854 2,462 51,44352,436 3,501 ,583 1,31314,579 668 12710,1531,371 362 550 6,529120,787 February.. 14,061 839 2,214 50,60751,636 3.594 ,465 2,19314,496 706 126 9,226 ,345 376 628 6.550101,155 March.... 14,266 852 2,318 50,55351,483 3,459 ,596 3,24214,524 699 127 9,192 ,344 386 527 6,553129,039 Feb. 7... 14,145 818 2,113 50,78150,767 3,619 ,437 1,739 14,516 712 127 9,181 ,347 374 825 6,559 25,086 Feb. 14... 13,945 882 2,362 50,510 52,684 3,574 ,528 1,983 14,492 703 124 9,637 ,327 375 551 6,548 22,642 Feb. 21... 13,981 833 2,177 50,49151,285 3,541 ,358 2,462 14,479 706 126 9,050 ,333 377 478 6,534 28,707 Feb. 28... 14,173 823 2,203 50,649 51,813 3,640 2,588 14,495 703 126 9,034 ,372 377 664 6,560 24,720 Mar. 7... 14,056 828 2,27350,57751,078 3,476 ,713 2,108 14,499 700 126 9,383 1,339 380 647 6,560 28,516 Mar. 14... 14,518 871 2,51851,82653,660 3,433 ,750 1,992 14,513 700 126 9,615 1,354 382 281 6,551 28,062 Mar. 21... 14,339 834 2,36850,32151,092 3,436 ,440 4,248 14,527 700 127 9,124 1,343 384 462 6,546 32,163 Mar. 28... 14,150 872 2,118 49,48750,104 3,489 ,481 4,622 14,555 697 127 8,646 1,340 398 717 6,554 25,476 Apr. 4... 14,234 796 2,280 49,04249,511 3,488 ,521 4,957 14,555 719 127 9,024 1,419 346 490 6,571 29,644 Apr. 11... 14,536 844 2,42249,20550,346 3,365 ,281 4,821 14,556 727 127 9,299 1,395 349 215 6,583 25.324 Apr. 18... 14,651 826 2,413 49,87051,039 3,521 ,502 4,241 14,524 735 127 9,271 1,376 360 311 6,582 27,578 14,267 849 2,24750,21450,645 3,686 ,302 3,882 14,519 728 128 8,765 1,377 356 416 6,590 25,792 Apr. 25... New York City 4,442 118 14,85915,572 213 734 637 1,504 2,7481,048 96 208 2,283 41,164 1950—March 1951—January... 4,769 131 15,83016,735 231 752 345 ,530 2,969 ,113 274 293 2,319 47,561 February.. 5,020 132 15.63216,560 246 717 563 ,508 2.746 ,092 281 302 2,327 38,916 March 5,222 131 15,82016,683 235 819 1,109 ,563 2,803 ,111 292 237 2,319 53,142 Feb. 7... 5,165 125 15,66116,277 250 742 450 ,509 2,689 ,093 279 457 2,327 10,214 Feb. 14... 4,891 143 15,37916,685 236 783 499 ,502 2,832 ,078 280 292 2,324 8,524 Feb. 21... 4,942 133 15,570 16,421 218 584 642 ,506 2,734 ,080 282 153 2,324 11,009 Feb. 28... 5,083 125 15,91516,856 279 757 660 ,516 2,729 ,117 282 307 2,333 9,169 Mar. 7... 5,111 130 15,88016,624 242 951 537 1,503 2,866 ,103 286 343 2,328 11,792 Mar. 14... 5,331 137 16,42717,567 227 962 506 1,553 2,908 ,118 289 94 2,325 12,320 Mar. 21... 5,268 123 15,55116,350 224 634 ,729 1,584 2,832 ,108 290 212 2,313 13,155 Mar. 28... 5,179 135 15,42216,191 245 729 ,663 1,614 2,607 ,11. 304 299 2,310 9,902 Apr. 4... 5,128 125 15,53316,206 228 728 1,756 1,586 2,691 ,18; 257 14! 2,320 11,945 Apr. 11... 5,413 136 15,32816.167 237 557 1,672 1,583 2,878 .154 260 37 2,321 10,402 Apr. 18... 5,475 12 15,65916,536 320 722 1,396 1,547 2,856 1,133 272 51 2,323 10,173 Apr. 25... 5,291 131 15,84016,606 315 598 1,221 1,540 2,743 1,132 270 150 2,324 9,932 Outside New York City 1950—March.... 7,586 634 2,13131,84231,276 3,154 661 1,75513,164 591 6,376 219 122 3,957 59,113 1951—January... 8,731 723 2,420 35,61335,701 3.270 831 96813,049 632 7,184 258 257 4,210 73,226 February.. 9,041 70' 2,182 34,97535,076 3,348 748 1,63012,988 670 6,480 253 326 4,223 62,239 March.... 9,044 721 2,274 34,73334,800 3,224 777 2,13312,961 665 6,389 233 290 4,234 75,897 Feb. 7... 8,980 693 2,083 35,12034.490 3,369 695 1,289 13,007 676 6,492 254 368 4,232 14,872 Feb. 14... 9,054 739 2,32835,13135,999 3,338 74. 1,484 12,990 667 6,805 249 259 4,224 14,118 Feb. 21... 9,039 700 2,144 34,92134,864 3,323 774 1,820 12,973 671 6,316 253 325 4,210 17,698 Feb. 28... 9,090 698 2,173 34,734 34,9573,361 779 1,92812,979 668 6,305 255 357 4,227 15,551 Mar. 7... 8,945 698 2,24334,69734,454 3,234 76: 1,571 12,996 665 6,51 236 304 4,23 16,724 Mar. 14... 9,187 734 2,45335,39936,093 3,206 788 1,486 12,960 665 6,707 236 187 4,226 15,742 Mar. 21... 9,071 711 2,336 34,77034,742 3,212 806 2,519 12,943 665 6,292 235 250 4,233 19,008 Mar. 28... 8,971 73 2,07134,06533,913 3,244 752 2,959 12,941 66 6,039 225 418 4,244 15,574 Apr. 4... 9,106 671 2,20733,509 33 305 3,260 793 3,20112,969 690 6,333 236 345 4,251 17,699 Apr. 11... 9,123 708 2,392 33,87734,179 3,128 724 3,14912,973 691 6,421 241 178 4,262 14,922 Apr. 18... 9,176 701 2,37834,211 34,503 3,201 780 2,84512,977 700 6,415 243 260 4,259 17,405 Apr. 25... 8,976 718 2,21334,374 34,039 3,371 704 2,66112,979 699 90 6,02 24. 266 4,266 15,860 1 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. MAY 1951 535 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 * Investmen .3 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 m n lo a e v n a n e n d t s s s t- Totali i t a t c n a c u r g i d u n i r a r a l u d a l i - l , - l s , - G a U T t l i o i n o o o g . b d n a S v - - s . t b . d r e o O a c k t l s u t e i e e h e r r r - s s i e s - r G l U t T o i i o g o b o . v a S n - - t s . . ot O h c t s u t e i e h e r r - s s e i- r e R l s o t e a a a n t l e s L ba o t n o a k n s sO lo th an e s r Total Total Bills o d c C n t f e a e i e f e d t b i s e i r - - t n s - s - - Notes Bonds2 s O r e it t c i h u e e s - r Boston Mar. 28 3,245 1,551 999 6 14 10 26 210 23 288 1,694 1,451 101 266 1,084 243 Apr. 4 3,211 1,528 998 5 14 10 26 210 5 285 1,683 1,443 112 260 1 071 240 Apr. 11 3,223 1,533 1,012 4 12 10 25 209 4 282 1,690 1,445 115 259 1,071 245 Apr. 18 3,210 1,551 1,015 3 13 10 25 210 18 282 1,659 1,412 85 257 1,070 247 Apr. 25 3,200 1,545 1,003 3 10 10 25 208 27 285 1,655 1,406 81 256 1,069 249 New York* Mar. 28 22,859 11,255 7,275 233 987 34 248 754 2941,591 11,604 9,414 599 J 999 6,893 2,190 Apr. 4 22,995 11,432 7,277 210 999 32 251 750 4981,578 11,563 9,387 574 ,904 6,909 2 176 Apr. 11 22,558 10,903 7,252 113 817 32 262 756 256 1,578 11,655 9,475 657 ,929 6,889 2,180 Apr. 18 22,530 10,886 7,186 105 811 31 261 764 3151,576 11,644 9,457 641 ,933 6,883 2,187 Apr. 25 22,741 10,988 7,158 175 823 30 260 768 3501,587 11,753 9,617 775 .909 6,933 2,136 Philadelphia Mar. 28 2,867 1,309 742 1 38 3 7 139 10 392 1,558 1,217 48 283 886 341 Apr. 4 2 870 1,316 748 1 39 3 6 139 11 392 1 554 1,212 48 281 883 342 Apr. 11 2,864 1,306 747 1 37 3 7 139 5 390 1,558 1,213 48 281 884 345 Apr. 18 2,857 1,307 747 1 38 3 7 138 8 388 1,550 1,206 51 281 874 344 Apr. 25 2 849 1,317 750 1 45 3 7 139 7 388 1 532 1 186 47 265 874 346 Cleveland Mar 28 4,962 1,942 1,134 7 30 18 67 368 9 339 3,020 2,555 197 610 1,748 465 Apr. 4 5,037 1,966 1,140 8 36 17 65 368 22 341 3,071 2,597 240 611 1,746 474 Apr. 11 5,039 1,979 1,157 7 45 16 66 371 2 345 3,060 2,584 226 611 1 747 476 Apr. 18 5 019 1 957 1,142 6 32 15 71 372 4 345 3 062 2 585 223 613 1 749 477 Apr. 25 4,953 1,973 1,142 6 30 15 69 374 23 345 2,980 2,503 189 610 1,704 477 Richmond Mar. 28 2,787 1,198 594 2 7 12 32 240 17 308 1,589 1,420 93 381 946 169 Apr. 4 2,759 1,186 596 3 7 11 32 237 3 311 1,573 1,406 89 376 941 167 Apr. 11 2,773 1,204 602 1 7 11 39 240 5 313 1,569 1,401 92 373 936 168 Apr. 18 2 776 1,203 605 2 6 11 39 240 5 309 1,573 1 405 96 370 939 168 Apr. 25 2,769 1,201 601 1 7 11 38 241 6 310 1,568 1,399 91 369 939 169 Atlanta Mar. 28 2,535 1,157 695 14 11 24 93 11 326 1,378 1,163 52 468 643 215 Apr. 4 2,527 1,148 695 15 11 24 92 5 324 1,379 1,164 64 465 635 215 Apr. 11 2,529 1,146 688 17 11 24 92 10 322 1,383 1,166 68 465 633 217 Apr. 18 2,520 1,138 686 15 11 23 94 5 322 1,382 1,167 58 471 638 215 Apr 25 2,514 1,135 684 14 11 23 93 6 322 1,379 1,165 57 469 639 214 Chicago* Mar. 28 9,934 3,530 2,295 26 91 27 60 452 17 618 6,404 5,452 494 1.564 3 394 952 Apr. 4 9,820 3,506 2,290 12 94 28 63 453 5 617 6,314 5,363 388 L ,562 3,413 951 Apr. 11 9,798 3,511 2,295 9 97 22 61 452 24 607 6,287 5,329 310 1,562 3,457 958 Apr. 18 9,863 3,520 2,307 3 97 20 60 453 23 614 6,343 5,382 346 1,564 3 472 961 Apr 25 9,854 3,500 2,297 7 94 20 60 455 12 612 6,354 5,390 342 <^9 3,496 964 St. Louis Mar. 28 2,322 1,247 716 2 7 9 15 240 8 264 1,075 899 39 281 579 176 Apr 4 2 298 1 234 716 2 6 9 15 240 1 259 1 064 887 41 276 570 177 Apr. 11 2 302 1,237 720 1 6 9 14 241 2 258 1,065 891 47 275 569 174 Apr. 18 2,312 1,239 716 2 7 9 14 242 3 260 1,073 899 58 273 568 174 Apr. 25 2 298 1,230 705 2 6 9 14 244 2 262 1,068 895 53 274 568 173 Minneapolis Mar. 28 1,241 627 353 3 2 6 106 165 614 471 4 138 329 143 Apr 4 1 234 627 354 3 2 6 107 163 607 466 2 136 328 141 Apr. 11 1,232 634 361 4 1 6 107 163 598 458 4 135 319 140 Apr 18 1,240 641 367 3 2 6 107 164 599 459 3 137 319 140 Apr. 25 1,230 633 359 3 1 6 107 " i 164 597 458 2 137 319 139 Kansas City Mar. 28 2,716 1,242 806 1 9 4 13 168 6 244 1,474 1,200 144 449 607 274 Apr. 4 2,692 1,235 805 1 9 4 14 167 1 243 1,457 1,185 135 449 601 272 Apr 11 2 717 1 246 812 1 9 4 14 169 1 244 1 471 1 198 145 450 603 273 Apr. 18 2 734 1,252 819 1 8 4 15 170 2 242 1,482 1,209 153 454 602 273 Apr. 25 2,722 1,252 817 9 4 16 171 2 242 1,470 1,196 141 451 604 274 Dallas Mar 28 2,647 1,471 1,022 10 10 46 121 2 275 1,176 1,011 77 351 583 165 Apr. 4 2,620 1,462 1,017 10 11 47 121 1 271 1,158 991 61 338 592 167 Apr 11 2 620 1,469 1,030 11 49 122 1 265 1 151 984 58 337 589 167 Apr. 18 2,615 1,469 1,023 10 7 53 124 1 267 1,146 979 47 344 588 167 Apr. 25 2,615 1,462 1,013 9 7 51 124 2 272 1,153 986 55 347 584 167 San Francisco Mar 28 12,083 6,178 2,571 1 23 6 282,478 281,120 5,905 4,633 85 1,496 3,052 1,272 Apr. 4 12,059 6,209 2,560 1 31 6 282,481 431,137 5,850 4,573 58 1 481 3 0341 277 Apr. 11 12,052 6,209 2,586 1 33 6 28 2,484 9 1,140 5,843 4,569 59 1,489 3 0211 274 Apr 18 12 080 6 218 2 585 1 20 6 28 2,492 20 1 144 5 862 4 590 81 1 490 3 0191 272 Apr. 25 12,118 6,242 2,598 1 21 6 282,496 271,143 5,876 4,604 113 1,487 3,004 1,272 City of Chicago* Mar 28 6,058 2,310 1,737 26 85 24 51 102 1 323 3,748 3,144 367 877 1,900 604 Apr. 4 5,993 2,294 1,728 12 87 25 54 102 1 324 3,699 3,093 299 884 1 910 606 Apr. 11 5,962 2,293 1,725 8 88 19 51 102 21 318 3,669 3,056 224 879 1,953 613 Apr 18 5 992 2,289 1,726 86 17 51 102 21 323 3 703 3 087 239 882 1 966 616 Apr. 25 5,982 2,273 1,718 6 85 17 51 102 11 322 3,709 3,091 239 871 1,981 618 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figure* 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. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e a R e e r i n r e a t d v - k h l - e s v C a a i u n sh lt m b a w a n d e o n i s c t - t e k h i s c s j m p u o d a s a e t d s - n e i - t d d s 5 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n b v t l a n d i - e i l t - s s - c C h c O a f e e e e i t n f e c c r r f d . t d i s k - i ' s - , U m G er . o e n n v S - t - . p u s p v c n a h o a o a i n e d l i r r r r d s p a - - - t , s - - S p s d s t a i i o u a i c o n v b l t a n i - d e i l t - s s - P U m G S o e i a n r . a s o n e g n v t d v n S a s - - - t l . m D t e o i s c - - F ei o g r n - Time r B i o n o w g r s - - C i a t p a - l B d it e a s b ' n - k tions tions Boston Mar. 28 569 59 93 2,699 2,659 197 59 147 478 273 32 13 338 1,069 Apr. 4 596 56 101 2,662 2,627 195 47 178 478 270 34 18 338 1,237 Apr. 11 570 58 111 2,624 2,601 203 60 191 476 293 32 16 339 1,164 Apr. 18 609 56 105 2,657 2,617 234 60 175 476 303 32 6 339 1,208 Apr. 25 558 60 91 2,613 2,553 237 52 163 476 280 32 19 339 1,107 New York* Mar. 28 ,461 193 13917,07617,658 523 780 ,815 ,436 2,680 1,118 305 319 2,515 10,541 Apr. 4 ,494 178 16617,16817,647 496 782 ,915 ,415 2,767 1,187 258 204 2,526 12,814 Apr. 11 ,747 192 12916,95417,650 493 608 ,834 ,413 2,956 1,157 261 87 2,526 11,038 Apr. 18 ,885 182 14317,40018,038 632 789 ,547 ,378 2,933 1,136 273 2,529 11,146 Apr. 25 ,644 188 13417,56418,090 626 646 ,3682,372 2,8171,135 271 2,529 10,615 Philadelphia Mar. 28 542 48 116 2,237 2,368 97 27 197 401 357 16 42 323 954 Apr. 4 561 43 128 2,258 2,315 108 28 215 402 374 15 15 325 1,090 Apr. 11 543 46 127 2,234 2,349 95 30 215 402 376 17 13 325 1,006 Apr. 18 546 45 126 2,209 2,346 92 38 199 402 391 17 33 325 1,061 Apr. 25 519 46 113 2,221 2,316 97 27 186 402 355 17 23 325 992 Cleveland Mar. 28 914 89 148 3,415 3,522 199 60 4341,307 435 7 486 1,502 Apr. 4 915 83 172 3,428 3,441 218 95 4751,310 465 1 487 1,750 Apr. 11 923 84 171 3,418 3,531 211 58 4571,310 471 31 487 1,384 Apr. 18 914 83 165 3,455 3,561 226 53 3971,310 473 17 487 1,669 Apr. 25 907 86 154 3,449 3,514 219 48 3561,311 436 18 1,629 Richmond Mar. 28 495 73 170 2,164 2,169 187 54 145 551 365 21 245 914 Apr. 4 530 67 173 2,152 2,148 184 50 160 551 381 7 245 971 Apr. 11 528 71 177 2,160 2,203 172 45 161 552 387 9 245 924 Apr. 18 523 71 166 149 2,183 164 52 151 553 384 16 245 990 Apr. 25 519 71 151 2,159 2,158 188 46 140 552 355 25 245 877 Atlanta Mar. 28 474 47 174 1,873 1,765 312 29 110 507 513 14 211 853 Apr. 4 471 42 201 1,866 1,750 314 28 120 507 531 6 211 906 Apr. 11 470 45 232 1,881 1,796 316 27 117 507 555 5 212 861 Apr. 18 482 43 202 1,875 1,813 299 26 107 508 541 6 212 970 Apr. 25 478 46 189 1,894 1,776 317 26 103 509 494 14 212 876 Chicago* Mar. 28 1,104 110 260 6,462 6,560 606 127 9042,576 1,403 209 777 3,672 Apr. 4 :,oi3 99 295 6,179 6,332 604 129 9552,589 1,504 141 780 4,710 Apr. 11 1,143 105 355 6,549 6,698 583 115 918 2,596 1,465 17 779 3,235 Apr. 18 1,060 101 376 6,605 6,776 594 125 8212,597 1,500 21 779 3,899 Apr. 25 1,096 10, 352 6,774 6,782 631 114 7642,598 1,400 14 779 3,556 St. Louis Mar. 28 433 33 111 ,491 1,584 109 19 145 464 571 15 196 722 Apr. 4 432 31 118 ,445 1,552 96 18 151 466 594 11 196 757 Apr. 11 43. 33 132 ,471 1,608 98 17 147 466 605 1 196 652 Apr. 18 435 32 124 ,501 1,632 96 19 131 466 576 17 196 781 Apr. 25 432 33 120 ,514 1,616 99 18 120 467 553 17 197 707 Minneapolis Mar. 28 207 14 7 801 797 119 15 83 236 269 37 107 386 Apr. 4 210 13 75 775 777 119 17 91 236 286 31 107 435 Apr. 11 201 14 76 778 802 106 15 89 236 293 15 108 407 Apr. 18 206 1 75 771 800 104 1 81 235 282 51 108 450 Apr. 25 196 14 74 784 798 111 13 76 235 277 29 108 418 Kansas City Mar. 28 560 36 252 2,030 1,979 284 32 146 385 6 754 18 231 921 Apr. 4 564 3: 250 1,952 1,938 260 3. 153 386 19 787 18 231 975 Apr. 11 54. 35 280 1.979 1,996 247 30 151 385 19 803 16 231 865 Apr. 18 574 34 286 2,026 2,055 251 30 137 386 19 812 24 232 1,077 Apr. 25 544 35 268 2,005 2,002 267 30 129 386 19 774 31 232 974 Dallas Mar. 28 509 41 31 2,195 2,151 228 106 358 56 587 238 894 Apr. 4 550 37 319 2,15 2,100 232 127 361 56 616 238 905 Apr. 11 516 38 375 2,163 2,142 221 38 123 360 56 632 241 779 Apr. 18 529 38 362 172 2,180 208 44 110 361 60 617 4 242 993 Apr. 25 502 39 338 2,160 2,155 209 46 101 362 60 590 1 24; 904 San Francisco Mar. 28 882 129 26. 7,044 6,892 628 234 3904,856 461 439 10J 22 3,048 Apr. 4 898 11 282 7,004 6,854 662 249 4174,854 461 449 106 36 3,094 Apr. 11 91 123 25 6,994 6,970 620 238 4184,853 460 463 111 894 3,009 Apr. 18 888 128 28. 7,050 7,038 621 251 3854,852 463 459 113 18 888 3,334 Apr. 25 872 128 263 7,077 6,! 685 236 3764,849 464 434 113 29 3,137 City of Chicago* Mar. 28 396 38 88 3,909 4,095 268 57 5141,358 2: 1,026 31 190 519 2,256 Apr. 4 317 34 113 3,729 3,869 280 65 5421,370 2: 1,108 34 123 522 3,397 Apr. 11 448 36 183 4,060 4,221 28; 58 5241,375 2: 1,070 36 1 521 1,952 Apr. 18 38. 34 205 4,107 4,278 300 59 4581,375 2 1,08.^ 35 521 2,424 Apr. 25 390 36 189 4,196 4,280 316 58 4241,376 21 1,017 35 521 2,170 For footnotes see opposite page and preceding table. MAY 1951 537 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 onDar list drawn, and their (nonmember) Federal Reserve branches and offices * Total Member Nonmember district or State Banks a B n r d a 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 1940 14,051 4.S62 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 Mar. 31, 1951 P 14,015 4,868 12,173 4,577 6,866 3,627 5,307 950 1,842 291 By districts and by States Mar. 31, 1951 v District Boston 474 342 474 342 325 269 149 73 New York 871 952 871 952 748 883 123 69 Philadelphia 836 165 836 165 639 126 197 39 Cleveland 1,114 315 1,114 315 690 271 424 44 Richmond 1,007 549 807 408 477 257 330 151 200 iii Atlanta 1,202 222 602 182 355 155 247 27 600 40 Chicago 2,486 620 2,486 620 1,008 264 1,478 356 St. Louis 1,468 150 1,136 90 496 52 640 38 332 60 Minneapolis 1,275 112 677 71 476 28 201 43 598 41 Kansas City 1,759 15 1,750 15 756 8 994 7 9 Dallas 1,030 60 927 51 630 34 297 17 103 9 San Francisco 493 1,366 493 1,366 266 1,280 227 86 State Alabama 225 26 129 26 93 26 36 96 Arizona 10 58 10 58 5 44 5 14 Arkansas 231 20 109 5 68 2 41 3 122 15 California . 192 981 192 981 119 931 73 50 Colorado 149 4 149 4 93 3 56 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 192 5 132 4 75 4 57 60 1 Georgia 399 43 115 40 66 36 49 4 284 3 Idaho 43 56 43 56 24 51 19 5 Illinois 888 2 886 2 510 2 376 2 Indiana 485 110 485 110 238 56 247 54 Iowa 661 164 661 164 161 500 164 Kansas 610 608 215 393 2 Kentucky 381 46 381 46 113 29 268 17 Louisiana .... 166 77 62 54 47 47 15 7 104 23 Maine 62 71 62 71 38 37 24 34 Maryland 163 120 163 120 77 78 86 42 Massachusetts 176 178 176 178 140 161 36 17 Michigan 438 243 438 243 231 187 207 56 Minnesota .... 678 6 266 6 206 6 60 412 Mississippi 201 68 41 14 31 7 10 7 160 54 Missouri 596 1 530 1 180 1 350 66 110 110 84 26 Nebraska .. 412 2 412 2 141 2 271 Nevada 8 19 8 19 6 18 2 1 New Hampshire 74 2 74 2 52 22 1 New Jersey 321 165 321 165 276 149 45 16 New M^exico 51 15 51 15 35 2 16 13 New York 625 794 625 794 544 741 81 53 North Carolina 208 220 97 85 54 46 43 39 iii 135 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 658 228 658 228 421 197 237 31 Oklahoma 384 1 376 1 224 1 152 8 Oregon 69 102 69 102 30 90 39 12 Pennsylvania 964 198 964 198 733 171 231 27 Rhode Island 14 50 14 50 8 38 6 12 South Carolina 150 49 66 43 32 35 34 8 84 6 South Dakota 169 50 71 25 62 22 9 3 98 25 Tennessee 296 98 208 85 83 63 125 22 88 13 Texas 907 12 855 12 578 12 277 52 Utah 55 24 55 24 31 22 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 312 115 308 115 203 63 105 52 4 ^^ashington 118 145 118 145 52 136 66 9 ^^est Virginia 180 179 108 71 1 Wisconsin ... 551 152 551 152 164 22 387 130 Wyoming 53 53 39 14 P Preliminary. 1 Branches and othe banking facilities" at military reservvaattiioonnss aanndd Ootthneer G VjOVcriimciiL CSL<IUUSIIIIICU.LO vst'c UULLJ,IUII iui icuiuaiy iyji, p. z.z.o, HJUL Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others, 2 I U S m i t n n p a i t o t t o e e r s d ts E U S f x r t n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i d p te s p p d e o 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 1950—February...... 257 256 120 69 51 136 175 45 (3) 25 11 March 258 245 100 63 37 145 165 45 (3) 23 12 April 257 237 93 62 31 144 157 47 (3) 18 15 May 250 231 93 59 34 138 142 58 (3) 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 February 369 470 201 121 79 270 304 99 2 36 29 March 381 479 198 122 76 279 314 106 2 30 26 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on Mar. 31, 1951, when their holdings were $1,996,000. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances l Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)» and trading and trading banks Free Other investment investment I a n c c c o a u p n it t a s l accounts accounts (net) and trading and trading (net) accounts accounts 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—April 1,084 '619 »678 May 1,175 * 750 8 657 June 1,256 12 386 314 827 673 166 25 11 312 July 1,208 8 755 8 712 August 1,231 8 752 8 780 September.. 1,284 8 751 8 738 October 1,351 8 759 8771 November. . 1,360 8 774 8 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January 1,411 8 690 8 948 February 1 367 8 642 8 953 March 1 304 3715 3918 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. 1 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 1 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): January, 114; February, 97; March, 54. 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 MAY 1951 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES Stock U. S. Government [Per cent per annum] mo Y w n e e th a e r k , , or 4 m p P - c a r o e t i p r m o m c e i r - 6 e a , - l a P b a c n e a r c i r c n m s e e k ' p s e - , t- ch l c E o r a a e x a n l - n - l ge 3 s - ecuri 9 ti - e t s o ( 1 t 2 a - xa 3 b - l e to ) 5- Area and period lo A a H ns $1,000- $10 S ,0 iz 0 e 0 - of $ 1 lo 0 a 0 n ,000- $200,000 months1 da 9 y 0 s* n a e ls w 2 - m bi o ll n s t h s i m ss o u n es th 4 is y su e e a s r 8 $10,000 $100,000 $200,000 and over Annual averages: 1948 average 1.44 111 L 55 1.040 I 14 1 62 19 cities: 1949 average 1.48 I 12 I 63 L 102 L 14 1 43 1941 2 0 4 3 3 0 1 9 1.8 1950 average 1.45 L.15 1.63 1.218 1.26 1.50 1942 2.2 4.4 3 2 2 2 2 0 1943 . 2.6 4.4 3.4 2.5 2.4 1950—April 1 31 1.06 1.63 1.159 L.17 1.45 1944 2 4 4 3 3 3 2 6 2.2 1.31 L.06 L 63 L 166 L 18 1 45 1945 2.2 4.3 3.2 2 3 2.0 June 1 31 L 06 1.63 L .174 1.23 1.47 1946 .. . 2.1 4.2 3.1 2.2 1.7 July 1.31 I 06 1.63 L. 172 1.23 1.45 1947 2 1 4 2 3 1 2 5 1 8 August.... 1 44 t 16 I 63 L .211 I 26 1 45 1948 2.5 4.4 3 5 2.8 2.2 September. 1 66 1.31 I 63 1.315 I 33 1.55 1949 2 7 4 6 3 7 3 0 2 4 October. . 1.73 L 31 L .63 1.329 1.40 1.65 1950 2.7 4.5 3.6 3.0 2.4 November. 1.69 1.31 1.63 t.364 I 47 1 62 Quarterly: December.. 1.72 L .31 1.63 1.367 L.46 1.64 19 cities: 1951—January... 1.86 L .39 2.00 L .387 1.47 1.66 1950— S ju e n p e t. 2 2 .6 6 8 3 4 4 .5 5 0 1 3 3 . 6 6 5 3 2 2 9 9 4 5 2 2 . .3 3 4 9 February. . 1.96 L .50 >,00 L 391 L .52 1.67 Dec 2.84 4.60 3 73 3.10 2.57 March 2.06 .63 >.00 ,422 .62 1 .86 1951—Mar 3.02 4.68 3.88 3.27 2.76 April 2.13 L .63 1.00 1,520 L.60 5 2.03 New York City: Week ending: 1950—June 2.34 3.94 3 35 2 73 2 16 A A M p p a r r r . . . 3 1 1 4 7 . . . . . . . . . 2 2 2 - - - 2 2 2 Y M % % 1% 2 2 2 1 L 1 . . 5 5 .5 0 2 7 8 17 L L 1. . . 6 6 7 3 5 2 5 2 1 2 . . . 9 0 0 8 2 3 1951— S D M e e a p c r t. 2 2 2 . . . 3 5 7 2 1 4 4 4 4 . . . 0 2 1 6 0 7 3 3 3 . . 4 6 3 4 8 3 2 2 3 . . 0 8 7 6 0 2 2 2 2 . . . 1 5 3 5 9 5 xA.pr. 21 ... 2-2 M \y% 2 L .529 L.63 2.06 7 Northern and East- Apr. 28... 2-2 M 2 .506 L .53 2.00 ern cities: 1950—june 2.67 4.58 3 62 2.82 2.45 Sept 2 63 4.56 3 59 2.87 2.39 1 Monthly figures are averages of weekly prevailing rates. Dec. 2 87 4 64 3 70 3 18 2.65 2 The average rate on 90-day Stock Exchange time loans was 1.50 1951—Mar 3 02 4.74 3 86 3.23 2.81 per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948- 11 Southern and Jan 1, 1951; and 2.13 beginning Jan. 2, 1951. Western cities: a Rate on new issues within period. 1950—June 3 22 4 70 3.83 3 17 2.82 4 Series includes certificates of indebtedness, when outstanding in Sept 3.13 4.71 3.83 3.15 2.67 p 1 r 9 o 5 5 p 1 S , e e r s r i e m e r s i a e t s i u n c r in i l t u c y d l u e r d s a e n s n g o e 1 t , % e s a n a p d n e d r s e c s l e e e n c le t t e c d n te o d n t e o b t o e o f n a d M n d i a s r s b . u o e n 1 s d 5 . , i 1 s B 9 su e 5 g e 5 s i , n . \ n % i / n i g p A er p r c . en 1 t , 1951— D M e a c r 3 3. . 4 2 2 8 4 4 . . 8 7 7 8 3 4 . . 9 0 1 1 3 3. . 4 2 1 1 3 2 . . 0 9 6 0 note of Dec. 15, 1955. and 2y2 per cent bond of Mar. 15, 1956-58. NOTE.—For description of series see BULLETIN for March 1949, pp. B a 4 c 4 k 8 - fi 4 g 5 u 9 re , s. a — nd Se e B UL B L a E nk T i I n N g fo a r n d M M a o y n e 1 ta 9 r 4 y 5 , S p ta p t . i s 4 ti 8 cs 3 , - 49 T 0 a , b a le n s d 1 O 20 c - to 1 b 2 e 1, r pp. 228-237. 1947, pp. 1251-1253. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)8 Total years or Indus- Rail- Public more Aaa Aa A Baa trial road utility Number of issues 1-5 1-8 15 9 120 30 30 30 30 40 40 40 1948 average . ?. no 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average L 71 2.31 2 21 2.65 2.96 2.66 2 75 3 00 3.42 2.74 3 24 2.90 L.84 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1950—April 80 2.30 2.08 2 57 2.84 2.60 2 66 2 86 3 23 2 64 3 08 2 79 May L80 2.31 2.07 2.57 2.86 2.61 2.69 2.88 3.25 2.65 3 12 2.81 June L.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 L82 2.33 1.90 2.58 2.85 2 61 2.67 2.87 3.23 2.66 3.08 2.80 September L .89 2.36 1.88 2.62 2.86 2.64 2 71 2 88 3.21 2.68 3.07 2 84 October L94 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 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 March 2.47 1.87 2.78 2.95 2.78 2.81 2 98 3 22 2.79 3 09 2.95 April 2.56 2.05 2.88 3.07 2.87 2.93 3.12 3.34 2.89 3.24 3.07 Week ending: Mar. 31 2.51 1.94 2.84 3.01 2 83 2 87 3 05 3 27 2 85 3 16 3 01 Apr 7 2.51 2.01 2.87 3.04 2.87 2.91 3.09 3.30 2.88 3.21 3.04 Apr 14 2.54 2.02 2.87 3.05 2.87 2.91 3.10 3.31 2.89 3.21 3.05 Apr. 21 2.60 2.09 2.88 3.07 2.87 2.94 3.12 3.35 2.89 3.24 3.08 Apr 28 2.60 2.08 2.88 3.09 2.89 2.95 3.14 3.39 2.90 3.28 3.10 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 8 Standard and Poor's Corporation. 8 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 6 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. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSI Bond prices Stock prices * Corporate * Common (index 1935-39=100) V of o l t u ra m d e - Year, month, or week m U G e e r . o n S n v - . t - * g M ( r h i a p u i d g a n h e l i ) c - - • H gr i a g d h e - Total M In tr d e i d u al i s u - m-g R r r o a a a i d d l- e P ut u i b li l t i y c fe P r r r e e - d' Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c i s s n a t h g n h a 7 d o r s u e ( s - o i ) n f 1-8 15 12 14 5 5 4 15 416 365 20 31 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 102.73 128.9 101.9 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—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—Tanuary 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 March 100.28 135.5 174.9 170 184 149 111 1,549 April 98.93 131.9 170.4 172 187 149 110 1.517 Week ending: Mar. 31 99 80 134 0 172 6 168 182 144 r110 1,329 Apr. 7 99.76 132 6 171.5 169 183 147 110 1,386 Apr 14 99.34 132.4 170.8 171 186 147 110 1,559 Apr. 21 98 32 131 1 170 1 176 191 152 111 1,448 Apr. 28 98.42 169.2 174 189 149 110 1,626 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. * Average of taxable bonds due or callable in 15 years or more. • Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from average yields, as computed by Standard and Poor's Corporation. * Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Apr. 1, 1950. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Year or month f i u a n r n n e g - d d ) - m T e ( a f i o d e o g n s r t o 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 r e e e a d s n ^ l - - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r- * m T e ( a f i e d o o g n s r o t n t d 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 r e e e a d s n l 1 - - Total Co B n r a o p o n n t o d e d r s s ate Stocks e F i o g r n - 1 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 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 89,691 »7,566 7,255 2,228 239 4,787 3.567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 . . 10,220 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 8,131 2,803 233 5,095 4,125 971 29 1,593 1,492 104 943 445 393 52 101 1950 310,935 8,271 8,160 3,370 394 4,395 3,199 1,197 111 32,665 2,441 112 992 1,338 1,280 58 123 1950—February. 813 715 712 550 13 150 84 66 3 98 84 6 57 21 20 1 14 March.... 1,063 771 749 363 21 364 282 83 22 293 230 3 58 169 165 5 63 April 744 580 575 170 23 382 204 178 5 164 164 6 65 93 85 9 May 1,002 718 716 304 39 373 254 120 2 284 284 14 31 239 233 6 June 1,293 965 957 334 18 605 437 169 8 328 328 20 35 273 273 July 589 513 510 204 8 297 221 77 3 76 76 1 53 22 22 August.. . 794 555 523 265 258 213 r45 32 239 193 8 48 137 131 5 46 September 950 729 712 272 145 295 244 51 18 220 220 6 193 21 21 October. . 802 658 653 181 472 272 200 5 144 144 3 63 78 77 1 November 853 613 599 356 244 201 43 14 240 240 14 150 75 67 8 December. 840 630 630 138 98 394 319 75 210 210 28 79 103 91 12 1951—January . 515 437 437 154 41 242 192 50 78 78 19 45 14 11 3 February. 3 833 3 649 594 181 48 365 332 33 5 184 184 3 154 27 25 2 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947, 1950, and February 1951 include 244 million dollars, 100 million, and 50 million, respectively, of issues of the International Bank for Reconstruction and Development. • Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues. Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. MAY 1951 541 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 Repayment Other of Total e P q la u n ip t m an en d t 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 purposes 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—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—Januarv 274 269 243 193 49 14 12 2 11 2 February '383 '377 '314 ••243 '71 '30 '28 2 '26 '6 March 1,009 994 845 699 146 68 68 53 28 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing * C m o is m c m el e la r n ci e a o l u s a n 6 d 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- money ments 10 pro- money ments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 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 "2i 617 546 56 2,281 1,998 145 "kn "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—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 14 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 44 44 133 126 6 2 2 27 25 February '62 '53 2 '26 '20 5 26 8 ""is '220 '200 4 2 2 '36 33 1 March 298 219 28 50 44 2 30 30 155 115 37 422 422 18 16 r Revised. 1 Estimates of new issues sold for cash in the United States. * Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 1 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e.,s compensation to underwriters, agents, etc., and expenses. * Classifications for years 1938-47 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. » Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 8 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. • 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. 542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets oi 10 million dollars and over Assets 0150 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939. . 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 ... 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2 ,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,327 2,033 1,202 943 17,416 1,573 932 804 3,912 460 271 139 1947 30,815 4,099 2,521 1,167 25 686 3,423 2,105 1,000 5,129 676 416 167 1948 36,955 5,315 3,310 1,403 31,238 4,593 2,860 1,210 5,717 721 450 192 1949 36,702 5,035 3,099 1 657 31 578 4 506 2 768 1 474 5,124 529 330 183 1950 43,956 '7,892 '4,050 2,237 37,703 '6,994 '3,561 2,013 6,253 '897 489 224 Quarterly 1949—1 9,363 1,326 808 343 8,056 1 .1R7 723 303 1 .307 139 84 40 2 9,369 1,196 726 354 8,115 L ,077 653 312 1,254 119 73 42 3 . 9,420 1,312 799 331 8,148 1,183 717 292 ,273 129 82 39 4 8,550 1,201 766 629 7,259 L,059 675 567 L ,291 142 91 62 1950—1 i 9,255 1,400 '801 387 7,935 1,254 '715 347 r ,320 146 87 40 21 . 10,649 1,821 '1,046 393 9 179 631 '934 347 1,471 190 112 46 31 11,790 2,185 1,245 583 10,110 1,925 1,092 534 1,681 260 152 49 4 1 12,261 '2,485 '958 873 10,480 2,185 '820 785 L 781 '300 138 88 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e g r n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v in e e g r n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v in e e g r n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939. 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 8,685 777 479 236 4,291 954 643 494 2,149 193 131 134 1948 9,672 1,148 699 289 4,830 983 657 493 2,541 269 183 181 1949 8.580 700 438 252 r5 055 1 129 r757 '553 2,817 332 220 216 1950 9,473 1,385 783 312 5,431 1,303 824 619 3,178 565 341 281 Quarterly I949—1 2,147 119 58 69 '1,317 316 206 123 670 62 42 50 2 2,226 183 115 55 1,226 272 180 135 695 75 50 51 3 2,140 174 104 50 1,224 '260 175 140 711 84 55 54 4 . .. 2,066 224 161 78 1,288 281 196 156 '742 112 '73 61 1950—1 1,985 109 '252 61 1 378 351 2 230 146 749 114 2 74 63 2 2,238 '248 "2157 53 1,322 321 2212 153 780 135 2 86 68 3 2,534 ••454 2257 55 1,317 293 2 171 152 809 150 2 85 71 4 2,716 574 2318 142 1,415 339 2211 168 840 166 2 96 78 r Revised. 1 Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total 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). MAY 1951 543 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 1948 1949 1950 4 1 2 3 4 1 i 2 i 3l 41 Nondurable goods industries Total (94 corps.):2 Sales 13,364 12 790 14,712 3,532 3 ?43 3,051 3 163 3 333 3,453 4 069 Profits before taxes 2 208 1 843 '2,701 565 496 397 446 503 504 581 787 8S4 Profits after taxes 1,474 1 211 1,510 394 256 347 '307 353 468 38? Dividends 656 708 887 225 146 166 147 ?49 166 175 Selected industries: Foods and kindred products (28 corps.): Sales 3,447 3 254 3,416 904 80S 792 8?? 835 757 811 9S7 891 Profits before taxes 410 377 '464 111 85 89 101 102 83 100 157 124 Profits after taxes . . . 257 233 '253 71 S? 54 63 64 47 '58 88 S9 Dividends 135 134 141 42 30 31 ?9 44 31 33 34 44 Chemicals and allied products (26 corps.): Sales 3,563 3,562 4,456 936 896 860 896 910 952 1,049 1,192 1,263 Profits before taxes 655 673 1,114 183 170 140 174 189 205 247 311 3S1 Profits after taxes 408 403 560 119 100 83 105 115 117 141 176 Dividends 254 311 438 85 64 66 68 113 72 79 112 174 Petroleum refining (14 corps.): Sales 3 945 3 865 4,234 1 077 993 934 94? 996 960 989 1 ,113 1 ,17? Profits before taxes 721 525 '652 173 161 119 114 131 121 133 188 Profits after taxes 548 406 '443 141 119 92 86 109 87 95 131 130 Dividends 172 172 205 66 31 47 31 63 42 42 44 77 Durable goods industries Total (106 corps.):8 Sales 23 591 23 914 29,244 6,605 6 1?0 6,320 6 5 '6 004 '7,196 7,8S1 8,19? Profits before taxes 3,107 3 192 '5,190 958 830 799 866 697 896 1,240 1 40 S 1 ,6S1 Profits after taxes 1,836 1 888 '2,540 564 487 470 508 4?4 '693 777 S76 Dividends . 746 949 1,350 274 197 188 184 380 220 218 370 541 Selected industries: Primary metals and products (39 corps.): Sales 9,066 8,197 10,324 2,601 2,430 2,175 2,050 1,542 2,200 2,528 2,672 2,923 Profits before taxes 1,174 993 1,697 385 252 160 299 400 455 543 Profits after taxes 720 578 '853 240 ?04 144 130 100 167 225 r706 Dividends 270 285 377 90 71 64 61 89 66 73 80 157 Machinery (27 corps.): Sales 4,554 4 372 5,082 1,283 1 106 1,110 1,055 1,101 ,106 1 200 1 ,777 1 498 Profits before taxes 569 520 '846 177 133 120 119 148 145 168 194 » Profits after taxes 334 321 422 105 79 77 75 91 '81 ••93 108 140 Dividends 126 136 206 42 33 32 31 41 49 37 38 83 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 2,221 151 2,601 707 118 2,975 3, 3SS 19? Profits before taxes 1,131 1,473 '2,306 327 298 376 462 337 398 596 656 T656 Profits after taxes 639 861 1,089 176 177 218 267 200 215 330 358 186 Dividends 282 451 671 112 79 76 80 216 90 91 232 258 r Revised. 1 Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter profits to cover 1950 liability for excess profits taxes. 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). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t e r a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x te f e i r s ts d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t r e a o f x o f e i r s t e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1939 6.5 1.5 5.0 3.8 1.2 1949—1 28.3 10.9 17.4 7.9 9.5 1940 9.3 2.9 6.4 4.0 2.4 2 26 4 10 0 16 4 7 7 8 7 1941 17.2 7.8 9.4 4.5 4.9 3 28.2 10.8 17 3 7 4 9.9 1942 21.1 11.7 9.4 4.3 5.1 4 27.6 10.6 16.9 8 2 8.7 1943 25.1 14.4 10.6 4.5 6.2 1 1 1 1 9 9 9 9 4 4 4 4 7 6 5 4 3 2 2 1 0 3 4 9 . . . . 5 5 3 7 1 1 1 9 1 1 3 . . . . 6 2 9 5 1 1 1 8 0 3 8 . . . . 5 8 9 5 4 6 4 5 . . . . 6 7 8 7 1 3 6 8 1 . . . . 8 1 1 9 1O^O 1 2 3 2 3 4 9 7 6 . . . 2 4 4 2 1 1 0 3 6 . . . 6 2 5 2 2 1 0 5 6 . . . 9 8 0 9 8 8 . . . 4 1 1 1 1 7 2 6 . . . 9 7 5 1948 33.9 13.0 20.9 7.5 13.4 4 '50.8 '22 .3 '28.5 11.5 '17 .0 1949 27.6 10.6 17.0 7.8 9.2 1950 '41.0 18.2 '22.8 9.4 13.4 1951—1 i '50.8 '26.0 '24.0 '9.3 14.7 ' Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KINDS 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 publicissues 1 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 Total2 Tr b ea 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 2 s b a U o v . n i n d S g s . s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l i b n N e d te a e o r r b n e in t s - g t- se g c u t u e a r e r i a d ti n e - 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—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 Mar 255,018 254,997 151,623 13,630 43,802 94,035 67,405 57,764 8,296 33,525 2,444 21 AApprr 225544,,774488 225544,,772277 113388,,007755 1133,,662277 44,35,,880022 8800,,449900 8800,,661155 | 5577,,665522 88,,110099 3333,,559900 22,,444477 2121 1 Includes amounts held by Government agencies and trust funds, which aggregated 6,143 million dollars on Mar. 31, 1951. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes Treasury investnt bonds, adjusted service bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. IL uoiius, aujusieu sci vice UUHUS, ucposiicuy UUHUS, a.nu .rwiiicu. xun-co JL^CCIVC UUHU Back figures.—See Banking and Monetary Statistics. Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING APRIL 30, 1951 [In millions of dollars] [On basis of daily statements o o f f d U o n l i l t a e 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 se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Fiscal year Treasury bills * Treasury bonds—Cont. ending: May 3, 1951 103 June 15, 1952-54 2 5,825 June—1943.. 21,256 11,789 8,271 758 2,759 848 May 10, 1951 103 June 15, 1952-55... 2 M 1,501 1944.. 34,606 15,498 11,820 802 2,876 2,371 May 17, 1951 102 Dec. 15, 1952-54 2 8,662 1945. . 45,586 14,891 11,553 679 2,658 4,298 May 24, 1951 103 June 15, 1953-552 2 725 1946.. 49,035 9,612 6,739 407 2,465 6,717 May 31, 1951 107 June 15, 1954-562 2\i 681 1947.. 51,367 7,208 4,287 360 2,561 5,545 J T u u n n e e 14 7 , , 1 1 9 9 5 5 1 1 0 1 0 0 1 1 M M a a r r . . 1 15 5 , , 1 1 9 9 55 5 -6 6 0 - 2 58 2 . ^ H 2 1 , ,4 6 4 1 9 1 1 1 9 9 4 4 9 8 . . . . 5 5 6 3, , 2 2 7 6 4 0 6 7 , ,1 2 4 3 1 5 4 4 , , 2 02 7 6 8 4 3 7 0 3 1 2 1 , ,9 3 0 9 7 0 5 5, , 1 0 1 6 3 7 June 21, 1951 002 Sept. 15, 1956-592. .2% 982 1950.. 57,536 5,673 3,993 231 1,449 5,422 Tune 28, 1951 1,001 Sept. 15, 1956-59... 2 M 3,823 July 5, 1951 1,002 June 15, 1958-632. .2% 919 1950—Apr 57,427 423 305 15 102 413 Tuly 12, 1951 1,000 June 15, 1959-628. .2\i 5,284 May... 57,477 416 307 16 92 454 July 19, 1951 1,001 Dec. 15, 1959-623. .2M 3,470 June... 57,536 398 297 14 86 456 July 26, 1951 1,003 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 60 2 - - 6 6 5 7 2 3 . . -223 % ^ . , 4 1 8 1 5 8 A Ju u l g y... 5 57 7 , , 4 5 7 6 0 8 3 4 5 1 0 7 3 2 1 7 8 0 1 1 1 3 8 7 7 0 5 5 3 0 7 5 Dec. 15, 1963-683. .2^ ,831 Sept... 57,396 310 244 8 58 475 June 15, 1964-693. .2^ ,761 Oct.... 57,954 971 271 145 555 496 Dec. 15, 1964-693. .2H .838 Nov... 58,027 436 246 37 153 448 T J J A O J r u u u e u c l l l a t y y g y . s . ur 1 1 1 1 1 y , , , , , 1 1 1 n 1 1 9 9 9 o 9 9 5 5 5 t 5 5 1 1 1 e 1 1 - s - - D C B . . . . . . \ \ . . . . M A M 1 1 M M M 4 5 2 1 , , , , 3 9 8 7 8 1 5 1 4 8 8 1 8 1 6 J S D M M u e e a a n p c r r e t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 5 6 7 7 - - - - - 7 7 7 7 7 2 0 1 2 2 3 3 3 3 . . . . . . . . . . . 2 2 22 2 ^ % K % ^ 4 3 2 1 , . . , , 1 4 9 7 1 8 5 5 1 9 1 4 7 6 7 1951— A F D M J e a p e a n b c r r . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 7 7 8 7 8 , , , , , 6 7 0 7 0 5 6 1 6 1 2 9 7 4 9 3 3 3 5 4 8 5 1 7 4 6 9 0 5 1 2 2 3 2 2 7 8 5 4 8 2 4 4 3 0 6 1 1 1 1 7 8 2 9 1 1 9 4 6 9 1 7 7 7 7 5 5 6 5 5 4 0 5 7 2 6 9 3 2 8 0 Oct. 15, 1951 \\i 5,941 Nov. 1, 1951 1M 5,253 Maturities and amounts outstanding April 30, 1951 Mar. 15, 1954 1^ 4,675 Postal Savings D M e a c r . . 1 1 5 5 , , 1 1 9 95 5 5 5 W \% 2 6 5 , , 8 3 5 6 4 5 bonds 106 Year of All Series Series Series maturity series E F G Panama Canal Loan. 3 50 1951.. 1,087 1,087 Treasury bonds Total direct issues 138,075 1952.. 3,822 3,822 June 15, 1951-54 2 <2 % 1,627 1953. . . 6,498 5,291 193 1,013 Sept. 15. 1951-53. .2 7,986 1954 8,217 5,817 487 1,913 Sept. 15, 1951-552. . . .3 755 1955 7,055 4,580 513 1,962 Dec. 15, 1951-532. .2^ 1,118 Guaranteed securities 1956 5,231 2,356 590 2,285 Dec. 15, 1951-55 2 510 Federal Housing Admin. 1957 5,012 2,460 470 2,081 Mar. 15, 1952-54... 2V2 1,024 Various 19 1 19 9 5 5 9 8 5 5 , , 1 0 6 2 0 4 2 2, , 8 7 4 0 7 9 2 2 5 7 2 0 2 1 , ,9 2 0 0 6 0 1960 5,628 2,827 451 2,349 1 Sold on discount basis. See table on Open-Market Money Rates, 1961.. 2,391 846 214 1,330 p 540. 1962.. . 2,311 402 1 ,908 2 Partially tax exempt. 8 Restricted. 1 063 344 51 293 4 Called for redemption on June 15, 1951. Unclassified. -128 Total. 57,652 34,643 3,895 19,242 MAY 1951 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d a - r- trust funds l Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscellaneous anteed Total Reserve mercial savings corpo- local 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 tors3 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 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 1951—Jan 256,143 33,992 5,569 216,582 21,484 59,600 10,800 18,800 19,500 7,900 49,500 17,500 11,400 Feb 255,958 33,933 5,794 216,231 21,881 58,700 10,700 18,700 19,800 7,900 49,400 17,600 11,500 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on December 31, 1950. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U, S. Government agencies and trust funds are reported figures; holdings of other investo groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. Total G ag o e v n t - . F e e ra d l - Com- M tu u al - Insur- Total G ag o e v n t - . F e e ra d l - Com- M tu u al - Insur- End of month out- cies Re- mer- sav- ance Other End of month out- cies Re- mer- sav- ance Other st i a n n g d- and serve ba ci n a k l s1 ings p c a o n m ie - s st i a n n g d- and serve ba ci n a k l s1 iings p c a o n m ie - s trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: Total:8 Within 1 year: 1 1 1 9 9 9 5 4 4 9 0 8 — — — D D J J D u e u e e c n n c c e e . . . . . . . . . . . .. 1 1 1 1 1 5 5 5 5 5 2 7 5 5 5 , , , , , 4 4 3 1 1 7 9 2 6 3 1 6 5 0 8 5 5 5 5 5 , , , , , 3 4 3 3 3 7 6 7 2 5 7 5 4 7 0 2 2 1 1 1 0 3 8 9 8 , , , , , 7 3 3 3 8 3 7 3 8 4 1 8 3 5 3 5 5 5 5 5 6 5 4 8 9 , , , , , 9 2 3 8 8 7 3 5 9 5 2 7 3 3 6 1 1 1 1 1 0 0 0 1 0 , , , , , 1 8 8 7 0 4 7 7 7 2 4 7 7 2 9 1 1 1 1 1 6 9 9 8 8 , , , , , 8 1 0 8 5 6 3 9 3 1 2 2 0 5 9 4 4 4 4 4 4 4 2 3 1 , , , , , 4 0 6 6 7 8 2 3 6 6 7 9 7 3 3 1 1 1 9 9 9 4 4 5 8 9 0 — — — D D D J J u e u e e c n c n c e e . . . . . .. 3 1 1 1 1 8 0 0 1 4 , , , , , 9 3 2 2 3 0 8 1 2 1 5 7 6 6 9 9 3 4 7 8 6 9 9 0 12,3 9 8 5 8 7 8 0 6 7 3 2 5 1 8 1 5 9 7 7 4 , , , , , 5 0 0 0 6 7 1 0 2 4 1 4 1 1 5 2 2 2 2 1 3 3 3 3 5 0 2 6 8 1 3 9 3 3 4 2 2 6 6 8 6 9 0 8 5 1 3 2 3 2 0 , , , , , 1 3 5 6 7 2 0 2 5 8 5 0 2 3 5 1951—Jan 151,635 5,44321,484 52,888 10,110 16,72844,982 Feb 151,640 5,66721,881 51,982 9,992 16,55045,568 1951—Jan 38,905 10 12,167 13,989 230 1,018 11,491 Treasury bills: Feb 38,905 10 12,231 13,512 221 1,074 11,857 1948—Dec 12,224 69 5,487 2,794 50 84 3,740 1949—June... 11,536 63 4,346 2,817 13 60 4,237 1-5 years: Dec... 12,319 11 4.829 3,514 15 70 3,880 1948—Dec. 44,053 226 3,25828,045 1,769 2,501 8,254 1950—Tune.... 13,533 3 3,856 3,703 35 90 5,846 1949—June 39,175 212 2,121 26,304 1,279 2,124 7,135 Dec... 13,627 35 1,296 3,888 33 474 7,901 Dec 35,067 186 1,922 24,907 1,121 1,641 5,290 1951— F Ja e n b 1 1 3 3, , 6 6 3 2 2 9 3 7 3 1 1 1 , , 6 5 9 2 9 7 3 2 , , 0 8 3 7 1 5 4 4 1 8 6 7 1 8 1 1 8 8 , , 1 3 7 6 6 8 1950—T D u e n c e. 3 5 3 1 , .8 3 0 7 2 8 3 1 2 8 7 9 5 1, . 2 1 8 1 5 6 2 3 4 3. , 1 5 2 3 7 4 1 . 5 0 6 5 8 8 1 1, 1 7 4 3 2 11 5 0 , . 6 4 6 43 0 Ce 1 1 rt 9 9 i 4 f 4 i 9 8 c — a — te J D s u : n ec e. . . .. 2 2 6 9 , ,4 5 2 2 7 5 2 2 4 6 6 6, , 8 0 5 7 7 8 9 9, , 5 0 6 7 1 2 2 2 5 0 6 7 6 6 7 0 2 2 1 12 0 , , 1 4 7 2 4 3 1951— F Ja eb n 3 37 7 , , 9 9 2 2 2 0 1 1 9 8 0 9 4 4 , , 0 3 0 0 2 9 2 2 5 5 , , 5 2 7 7 6 3 5 5 6 6 0 4 1 1 , , 1 1 9 8 2 7 6 6, , 4 3 0 9 4 6 Dec. 29,636 48 6,275 11,520 169 633 10,991 5-10 years-- 1950— D T e u c ne... 1 5 8 , , 3 4 7 18 3 (3) 7 2 5 , . 3 3 3 5 4 7 5 1, , 5 3 4 5 4 4 64 7 38 5 2 3 7 1, , 4 2 3 5 5 4 1 1 9 9 4 4 8 9 — — D Ju e n c e... 1 1 5 0 , , 0 46 6 4 7 3 5 1 3 4 2 4 5 3 8 4 4 6 6 , , 3 5 1 8 4 7 2,0 5 0 2 2 0 1,7 9 3 9 2 7 3 1 , ,8 6 8 3 5 0 1951—Tan Dec ... 18,537 568 1,388 6,995 2,640 2,230 4,716 Treasury F n e o b tes: 1950— D j eunce 1 1 7 5 , . 4 9 1 2 1 6 4 4 1 2 2 3 1,1 9 4 8 8 2 5 7 ,3 6 2 7 9 5 2 2 , . 1 4 2 3 5 9 2 1 . ,9 0 4 5 8 5 4 4 , . 6 1 1 8 5 6 1948—Dec. 7,131 7 791 3,099 84 166 2,984 1949—June.. 3,596 47 359 1,801 41 104 1,244 1951—Jan 17,411 421 987 7,341 2,081 1,953 4,628 Dec 8,249 15 562 5,569 107 244 1,752 Feb 17,411 421 987 7,354 2,018 1,944 4,687 1950—Tune 20,404 29 3,500 11,204 154 403 5.114 Dec 39,258 10 12,527 15,833 136 707 10,045 After 10 years: 1951— F Ja e n b 4 43 3 , , 8 8 0 0 2 0 1 1 2 1 1 1 4 4 , , 8 9 2 6 0 1 1 1 6 6 , , 5 1 3 4 8 0 1 1 4 4 5 0 8 91 5 2 41 1 1 1 , , 4 6 3 3 1 8 1 1 9 9 4 4 9 8 — — D J D u e n e c e c . . . 5 4 4 3 8 5 , , , 8 5 0 3 5 8 8 4 4 4 4 4 , , , 4 7 4 4 1 5 1 0 5 3 4 7 , , , 4 2 5 5 1 9 2 5 3 3 3 3 , , , 5 8 9 4 8 3 1 7 3 8 6 7 , , , 2 0 5 9 4 8 3 8 8 1 1 1 5 4 3 , , , 2 1 4 3 7 8 0 9 5 1 1 1 5 4 3 , , , 0 2 0 9 4 9 4 2 0 Tre 1 1 a 9 9 s 4 4 u 8 9 r — — y D J b u e o n c n e d . s . : 1 11 1 0 1 , , 4 4 2 4 6 0 5 5, , 2 3 0 4 1 0 tO 7, , 7 9 8 7 0 74 4 0 2 , ,0 3 4 7 2 1 1 1 0 0 , , 4 7 8 6 6 8 1 1 8 8 , , 8 3 9 1 1 5 2 2 5 6 , , 3 3 7 2 5 0 1950— D Tu e n c e 4 4 3 5 , . 5 08 9 4 9 4 4 , . 6 48 8 2 2 2 2 , . 5 3 0 4 8 9 2 4 , . 9 0 3 9 2 2 7 7 , , 1 1 8 3 0 0 1 1 2 3 , ,5 3 0 0 7 8 1 1 3 3 . , 5 9 2 8 4 9 1950— D D Ju e e c n c e . . . . . . 1 1 9 0 0 4 2 4 , , , 0 7 7 3 0 5 5 5 8 5 5 5 . . , 2 2 2 1 7 8 7 3 3 4 5 7 , . , 6 6 2 1 1 2 8 8 0 3 3 3 8 3 9 , , , 6 6 2 9 0 3 1 7 5 1 1 9 0 0 , , , 9 6 4 6 2 8 7 4 0 1 1 1 7 5 7 , , , 2 6 5 4 1 7 9 7 92 2 2 5 5 4 . , , 3 0 9 4 2 4 0 9 1 1951— F Ja e n b 4 4 3 3 , , 5 5 9 9 9 9 4 4 , , 7 9 1 7 6 9 2 2 , , 6 8 3 2 0 8 2 2 , , 9 9 3 4 2 8 7 7 . , 1 1 9 4 2 4 1 1 1 1 , , 9 5 4 5 6 6 1 1 4 4 , , 1 1 8 4 3 4 1951—Jan 94,035 5,324 4,965 33,299 9,923 15,256 25,268 Feb 94,035 5,587 5,39332,948 9,802 14,85025,455 * 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 smallfamounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. ^'includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 3 Less than $500,000. 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+)or General fund of the Treasury (end of period) income and outgo ° decrease v, —j during period Assets 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 B ( d u + u e r f ) d p i o c g lu i e r t s t c T o e a r u t c c u n - . s t i t s, c C o i a l n u e c g a n - r t - 1 G de r b os t s G ba f e u l n a n e n d r c a e l a g B e n i e r a n a c n l l e - - Total F e D R r e e e a d - p l - osit S s c p ia i e n l - 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 o n + x c u ) o c tg e m o o s e s r fund serve deposbanks* itaries 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 ,653 392 41^62840,576 +1 *051 1950... 37,045 40,167 —3,122 +99 +483 +4,587 +2,047 5,517 5.927 950 3,268 ,709 410 40,97043,155 2 * 185 1950—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 .. £.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 43,102 4 -252 4+169 -63 +140 -6 4,139 4,586 714 2,232 1,640 446 3,487 3,415 +72 Dec. 4,211 3,742 +470 +45 -52 -369 +93 4,232 4,724 690 2,344 1,690 492 4,488 4,004 +485 1951—Jan... 4,448 3,808 +640 -83 +247 -583 +221 4,454 4,865 807 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 4,877 3,522 +1,356 Mar.. 8,112 4,058 +4,054 -34 + 111 -944 +3,187 8,569 8,991 1,120 5,900 1,971 422 8,489 4,219 +4,270 Apr... 2,626 4,007 -1,381 -69 + 106 -270 -1,614 6,955 7,360 611 5,030 1,719 405 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnited 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 t v e e e e l o r i l n s u a n - u - s a e l S S t r a o e i x c c t i e y 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 s o r a t i y l • t - y ce N r i e p e - t ts W i h n e c it l o d h m - e O ta th x e e r s N s a u o a n r r n d t m d a x p a r l ofits E p o r t x a t a o n h c x f e d e i e t s r s s s t t a a g E a n x i s t f d e e - t s m l E a o ta a x i n 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 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1950.. 10,073 18,189 8,303 2,892 1,853 41,311 2,160 2,106 37,045 9,889 7,264 10,760 95 706 7,599 1950—Apr 479 788 629 93 103 2,092 518 86 1,488 530 470 283 5 60 548 May. . . 1,342 379 704 295 176 2,895 301 274 2,320 1,763 116 201 12 52 660 June... 817 2,709 714 351 184 4,776 149 222 4,404 188 917 1,773 7 54 670 July 434 594 737 204 179 2,148 66 201 1,881 689 228 402 12 45 718 Aug.. . . 1,423 345 948 340 181 3,238 62 316 2,860 1,790 98 205 7 67 894 Sept 819 2,816 775 315 117 4,842 52 185 4,605 81 1,012 1,820 3 50 697 Oct 514 591 808 186 202 2,300 62 181 2,056 807 183 398 5 51 763 Nov... . 1,620 320 746 310 187 3,184 45 288 2,851 1,853 103 211 2 47 712 Dec 988 2,175 764 377 169 4,474 23 239 4,211 245 257 1,894 13 44 679 1951—Jan 6 680 2,709 853 e 149 230 4,621 42 131 4,448 7 829 2,527 295 3 80 820 Feb.. .. 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 146 5 54 730 Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 5 129 682 Apr.. .. 1,688 690 P158 177 3,289 513 150 2,626 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 I t 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 i e p - 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 2,598 850 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—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 11 79 Aus 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 40 Oct 3,170 1,338 229 360 457 -45 84 747 300 157 214 192 -9 146 Nov «3,102 1,446 142 321 465 96 9 624 549 207 219 132 * -15 101 Dec 3,742 1,510 968 252 437 23 6 546 288 7 241 91 33 53 1951—Jan 3,808 1,651 514 334 462 115 73 ••659 414 233 278 157 194 -50 Feb 3,211 1,695 156 328 417 (s) 9 606 582 194 258 125 15 14 Mar. 4,058 P2.059 580 P344 454 68 2 P552 280 101 259 150 27 77 Apr 4,007 P2.126 253 P383 427 P311 82 P625 283 83 255 184 24 173 P Preliminary. 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. * 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. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 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. 7 Beginning January 1951 includes old-age insurance employment taxes, not reported separately. 8 Less than $500,000. MAY 1951 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Li i a n b t i e l r it a i g es e , n c o y th e it r e m th s an m Co o m di - - I m nv e e n s t t s - Land, t B u a o r n e n d s d s d p , e a n b y o e a t n b e - l s e , U G e . r o n v S - - . v P a r te i- ly Corporation or agency Total Cash L c a r e o b e i a l v - e n - s p s t a i l u n i e e p s d s - , , U. S. Other s t e u t a q r r n u u e d i c s p - , - O s a t e h s t - e s r F gu u a ll r y - O li i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s n e t r e - d m ri a a t l e s - G s ri e o t c i v e u t s - . r s i e ti c e u s - : ment an b te y ed Other U. S. All agencies: Mar. 31, 1950 24,360 387 13,350 1,567 2,221 3,488 2,932 414 708 2,07221,368 191 June 30, 1950 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 1,446 ,679 201 Sept. 30, 1950 24,102 59812,769 1,739 2,112 3,478 2,931 476 1,108 97021,791 214 Dec. 31, 1950 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 Classification by agency, Dec. 31, 1950 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 408 342 6 110 275 21 Federal intermediate credit banks 579 510 7 520 55 Production credit corporations 59 16 1 59 Agricultural Marketing Act Revolving Fund 2 1 1 2 Federal Farm Mortgage Corp 42 39 1 41 Rural Electrification Administration ,621 1,542 () 36 ( 1,620 F C a o r m m m er o s d ' i H ty o m Cr e e d A it d m C i o n r i p s o tr r a a t t i i o o n n 4 , 5 8 4 2 0 9 4 8 1 9 7 3 1,638 112 1 2 6 5 6 513 6 2,3 5 1 34 6 Federal Crop Insurance Corp 37 3 35 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,058 816 199 560 229 57 Federal Savings and Loan Insurance Corp. 200 193 195 Home Owners' Loan Corp 17 10 14 Public Housing Administration 5 1,685 369 1,248 16 1,669 Federal Housing Administration 361 20 1 175 165 Office of the Administrator: Federal National Mortgage Association. . 1,359 1,347 1,354 Other 79 18 79 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 771 1 108 604 55 771 Other 7 913 16 782 68 47 63 850 Export-Import Bank 2,244 2 ,219 2i 2,177 Federal Deposit Insurance Corp 1,314 2 1,307 () 71 1,243 Tennessee Valley Authority 1,012 106 () 886 995 Allother s 7,505 133 3,903 3,385 8 7,491 23 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1950 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 c k r s a o s - - m C C C r o o o e d r m d p i i - t . t y t A R r E t i i f u d l 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 r a s n p ' n - e . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a S g e 1 e p 9 a n t 5 l . c l 0 3 ie , 0 s , To aid agriculture 45 510 345 898 1,543 535 (3) 3,884 3,684 To aid home owners . . 10 3 137 1,379 1,528 1,387 To aid industry: Railroads 108 2 110 113 Other (3) 403 55 458 539 To aid financial institutions: Banks (») (3) 2 Other 816 8 824 708 Foreign loans 101 2,226 3,750 6,078 6,103 Other 366 59 105 531 498 Less: Reserve for losses 6 (3) 3 5 1 118 (3) 33 7 9 185 266 Total loans receivable (net)... 39 510 342 893 1,542 All 10 369 816 783 2,219 5,289 13,228 12,769 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. < Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are as of Nov. 30, 1950. BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 548 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] In (p d h u 1 y s 9 s t 3 r i 5 c ia - a 3 l l 9 v p = o ro lu d 1 m u 0 c e 0 t ) i * o 1 n aw C a o c r n d o s e n d t t r r u a ( c v c t a t i s l o u n e)2 Em 1 p 93 lo 9 y = m e 1 n 0 t 0 s Depart- Year or month Total r D ab u f M l a - e c a tu n r u N e d - s o u n - - M era in ls - Tot 1 a 9 l 23- R d 2 t e e 5 ia s n l = i - - 1 o 0 A t 0 h l e l r N t a c u g o u r r l n a i - - l - Factory 1 r F p t o 9 1 o a a l 3 0 l r c y s 0 9 y - - = » c 1 F = a 9 i r n r 3 1 e l g 5 o i 0 s g - a 0 * 3 h d 9 t - 1 u = 9 m s s ( e 3 t 1 v a ) o e 5 l a 0 e n r * - l 0 e s - 3 t 9 *1 s p — 9 u C r 3 i m c o 1 5 e n e 0 - s - 3 r 0 s 3 9 ' p W m = c r 1 s i 1 o o 9 a h c m 2 d 0 l e o e 6 0 i s l - t e 3 y rable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted j usted justed justed j listed 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 6^ 89 94 95 94 91 7 93 7 101 8 139 104 122 2 98 1 1925 90 107 76 92 122 124 120 94.1 97.0 107 3 146 109 125 4 103 5 1926 96 114 79 100 129 121 135 97.5 98.9 110 5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108.5 147 113 124 0 95 4 1928 99 117 85 99 135 126 142 98.1 96.9 109 8 148 114 122 6 96 7 1929 111) 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 !68 135 211 1.92 226 142 0 141.6 325.3 116 286 169 1 155 0 1950 P200 -B237 P187 P148 295 305 287 145.7 149.7 371 8 128 304 171 2 161 5 1949 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 6 154 5 July 161 163 185 154 123 209 200 217 141.1 139.1 136.9 312.8 110 281 168.5 153 6 August 170 174 193 165 129 229 228 230 141.3 139.4 141.1 323.0 117 284 168 8 152 9 September 174 178 199 172 119 246 254 240 142.0 141.1 143.7 335.1 105 289 169.6 153 5 October . . . 166 169 175 177 112 263 269 259 139.1 136.3 138.8 320.9 92 277 168 5 152 2 November 173 174 181 177 141 265 256 273 140.1 136.3 137.8 313.9 117 278 168.6 151 6 December 179 178 203 176 132 262 255 268 141.2 139.3 140.4 329.3 115 295 167 5 151 2 1950 January . 183 179 209 179 130 242 245 239 140.7 140.5 139.8 329.2 117 282 168 2 151 5 February 180 177 207 180 118 263 260 266 139.6 140.2 139.9 330.0 104 280 167.9 152 7 March ... . 187 183 211 181 144 275 278 274 141.2 141.3 141.0 333.5 127 274 168.4 152 7 April .... 190 188 222 180 140 284 298 273 142.7 143.2 141.6 337.2 126 292 168 5 152 9 May 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 290 169.3 155 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 196 198 235 181 144 325 369 289 146.1 150.9 148.3 367.5 126 362 172.0 16^ 9 August 209 212 247 195 159 334 362 311 148.3 155.0 156.3 394.4 135 335 173 4 166 4 September 211 216 251 194 163 321 332 312 149.2 156.0 158.9 403.2 134 320 174.6 169 5 October 216 220 '261 196 166 299 294 303 149.9 157.7 160.3 415.8 136 291 175 6 169 1 November 215 215 260 195 160 306 284 323 150.2 157.7 159.2 414.6 136 290 176.4 171 7 December 218 216 268 197 157 332 297 360 150.6 158.1 '159.4 '426.0 140 325 178 8 175 3 1951 Tanuarv 221 216 268 201 164 333 312 350 rl51.2 159 7 158.9 423.7 146 362 181 5 180 1 February 221 217 271 200 158 323 311 334 152.2 161.3 160.9 429.4 129 326 183 8 183 6 March P222 P218 P276 Pi 99 P158 304 292 314 P152.6 P161.3 P160.9 e433.3 139 P290 184 5 184 0 April e222 •220 *278 «198 "159 P136 e306 * Average per working day. « Estimated. PPreliminary. r Revised. 1 For indexes by groups or industries, see pp. 550-553. For points in total index, by major groups, see p. 572. 2 Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For mthly data (dollar value) by groups, see p. 557. - rv>« 1 • , 1 • 1 £ -_ 1 i _ 1 . _ 11 _ 1 1 1 ^ _~ l'^__ • J , _ » • _ _ _ M _ led forces. 4 For indexes by Federal Reserve districts and other department store data see pp. 559-562. 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. MAY 1951 549 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production— Total 187 190 195 199 196 209 211 216 215 218 221 221 P222 Manufactures—Total 194 199 204 208 206 218 220 225 224 229 231 232 P234 Durable Manufactures 211 222 231 237 235 247 251 '261 260 268 268 271 Iron and Steel * 205 222 226 231 228 236 245 253 246 253 254 252 ?6? Pig iron . 175 219 222 221 223 219 223 225 211 216 224 217 228 Steel 243 270 273 271 264 265 275 286 272 280 288 281 798 Open hearth 180 204 206 202 201 198 203 209 198 207 212 206 217 Klectric . . . . .. 691 739 755 763 710 744 792 835 803 802 827 815 879 Machinery 243 251 258 262 265 279 283 303 311 321 321 328 P334 Transportation Equipment ... 214 226 262 277 272 287 284 291 278 '292 '289 307 P308 Automobiles (including parts) 189 204 249 268 262 273 265 271 249 '260 '249 262 P257 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)* z Nonferrous Aletals and Products ... 200 198 197 207 202 212 216 223 226 227 224 218 Smelting and refining ....... 208 207 208 219 208 212 209 217 221 218 219 222 (Copper smelting; Lead refining; Zinc smelting; Fabricating 197 194 192 202 199 212 219 225 228 230 '226 216 P2O7 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products ... 156 159 158 155 151 165 166 166 169 173 '172 169 P170 Lumber 145 150 149 144 140 151 150 150 155 162 162 156 156 Furniture 176 175 175 178 174 192 196 198 197 '195 '190 194 P199 Stone Clay, and Glass Products ... 188 200 203 210 212 212 215 229 227 235 '236 236 P241 Glass products 191 209 211 220 225 206 212 245 235 247 241 243 P249 Glass containers 201 222 223 234 244 215 225 262 247 265 257 261 269 Cement 192 218 210 214 208 214 206 214 214 232 238 245 252 Clay products 158 158 160 161 161 167 169 168 175 '173 '189 182 P182 Other stone and clay products 2 Nondurable Manufactures 181 180 181 184 181 195 194 196 195 197 201 200 P199 Textiles and Products . . .. 173 174 175 173 165 189 191 197 193 194 194 P189 Textile fabrics 156 157 158 156 146 172 171 178 173 173 '174 176 P173 Cotton consumption 138 139 140 132 123 155 152 162 158 158 163 174 175 Rayon deliveries . 350 348 347 348 361 366 380 374 381 397 392 390 374 Nylon and silk consumption * Wool textiles 152 154 157 161 134 172 171 180 164 160 '156 144 Carpet wool consumption 210 222 216 205 135 210 204 228 204 201 180 182 Apparel wool consumption 153 143 149 152 139 178 170 179 148 140 150 139 Wool and worsted yarn . 134 134 140 147 127 159 158 163 146 141 '142 132 Woolen yarn 116 119 127 134 117 144 137 142 122 121 '121 119 Worsted yarn 161 156 158 165 140 179 187 192 180 169 '173 151 Woolen and worsted cloth 146 149 153 162 143 168 172 180 172 169 '163 143 Leather and Products 116 no 101 105 101 120 124 115 109 108 115 120 Leather tanning 98 101 95 102 91 108 111 106 108 106 107 112 Cattle hide leathers . 108 112 104 115 106 121 125 119 121 120 120 126 Calf and kip leathers 77 83 75 79 56 83 91 84 89 84 77 88 Goat and kid leathers.... 91 83 88 89 80 86 84 88 96 88 '94 96 Sheep and lamb leathers 82 97 81 86 76 101 104 94 81 87 98 92 Shoes 128 115 106 107 107 128 133 121 110 109 '121 125 Manufactured Food Products 165 164 164 164 167 168 167 162 161 165 168 165 P168 Wheat flour 111 105 107 106 113 116 103 100 107 116 128 119 112 Cane sugar meltings2 Manufactured dairy products. 154 153 150 153 152 150 148 145 143 141 142 142 146 Butter 94 91 85 87 85 80 78 75 72 70 73 '71 72 Cheese 191 195 175 184 178 169 161 158 164 167 170 169 176 Canned and dried milk 158 155 155 165 167 169 158 150 142 131 131 135 152 Ice cream i P Preliminary. p 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. 8 Series included in total and group indexes but not available for publication separately. 550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1950 1951 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Man ufar hi red Food Produrfs— Con f ir.ued 160 157 144 147 151 155 168 158 165 171 162 148 159 Pork and lard , 184 182 161 165 169 175 196 188 195 202 188 171 194 150 144 142 141 146 145 153 138 148 155 152 141 139 108 104 98 108 114 121 120 107 108 104 93 88 82 I arnb and ir?'i^ton 76 74 71 79 78 78 78 77 76 77 80 66 62 Other manufactured food? , 173 171 173 173 175 176 174 171 168 172 176 175 P178 Processed fruit? and vegetables 152 148 150 158 147 134 142 147 149 142 161 ••159 P183 136 131 131 133 146 158 146 125 125 147 148 138 Other food prodp^*<5 1S4 184 186 184 187 190 187 184 181 184 185 186 Pi 84 Alcoholic Beverages . .... 175 169 172 184 206 248 203 182 207 208 248 225 207 *f-*: 'inner 1.72 159 157 163 171 168 155 150 183 168 185 166 169 V./l ->V.t v .... , , 81 97 93 95 84 111 146 157 178 157 155 135 150 p^fJyV;^^.;,1 • •• • • • • —.. - • 268 242 3 2 6 3 3 5 4 2 1 6 7 9 315 464 340 304 3 23 4 .- 1 > 340 7 4 1 3 6 9 408 240 Tohac-'n F}^di'c!s. . 176 161 168 170 154 197 172 165 171 153 177 179 170 97 91 93 106 96 126 120 124 80 101 100 C; ,f.t)W . ) 248 224 237 233 212 269 229 227 215 248 249 238 72 67 63 68 59 80 71 72 65 56 70 69 62 Pa^r,..) r>,Vr -,,, : 179 181 180 185 173 191 194 202 201 107 201 207 208 172 174 173 177 166 181 185 193 191 189 102 197 197 }* • !)(,' , , 198 204 199 205 202 211 213 228 220 218 220 9 28 229 G round word pulp 94 97 99 109 119 124 133 127 109 125 117 119 116 113 121 119 120 110 115 114 96 02 02 94 98 94 350 365 363 373 372 381 382 427 414 402 412 ••130 438 152 153 145 146 140 152 152 162 161 157 158 161 162 Fa'orr .. 169 170 168 173 161 177 180 188 186 184 188 193 192 Paperboard , . , 203 207 211 213 198 228 232 238 240 229 247 245 248 Printing paper 175 171 167 172 156 174 180 187 183 1SS 181 ••192 187 Tissue and absorbent paper , . 173 185 166 171 182 183 185 207 196 202 206 205 206 Wrapping paper ... .... . 163 160 158 167 151 155 156 164 163 165 159 172 171 102 111 112 115 117 116 116 117 112 117 117 120 119 '•>••,-.•i-VirjqrH container** f«snip as Paoerboard) 169 169 166 170 162 169 172 179 174 17 f 170 177 175 v. Mrtiwmt!on 163 168 165 168 167 165 163 171 165 162 159 162 162 PrJntirv1* T)^por I'-^'-JTIT* ?^ ^hown under Pciopr) Petroleuip and Coal Prod* ~U . . . . 207 206 216 222 229 238 243 251 253 263 r272 268 P263 Gasoline 173 171 181 188 194 200 195 196 195 197 202 198 P198 Fuel oil . 178 172 175 179 187 190 200 210 209 225 238 238 P230 Lubricating oil . .. 152 133 143 152 154 174 177 184 187 188 192 179 Kerosene . 188 170 184 177 186 194 198 195 195 208 237 230 Coke . 146 174 175 177 176 176 178 183 178 182 ••187 183 P182 By-product T>ke 145 170 171 170 170 167 170 175 170 174 nil 174 Beehive coke. 181 320 328 428 368 470 443 467 436 457 ••522 487 ^463 Chemical Products. . 247 252 256 261 263 269 271 277 280 r284 287 288 P291 Paint? . . . 147 147 147 154 161 168 168 164 162 160 ••163 166 P164 R ayon 352 349 350 350 359 363 376 371 378 385 387 384 P374 Industrial chemicals 428 434 443 451 453 458 465 488 497 ••504 505 509 P523 Rubber Products.... 197 203 213 221 222 236 244 250 250 '251 '245 236 P240 Minerals—Total.... 144 140 145 151 144 159 163 166 160 157 164 158 P158 Fuels 148 147 148 155 148 162 167 170 165 163 169 163 P]63 Coal 141 131 124 128 101 133 133 141 127 130 140 118 111 Bituminous coal 149 143 131 136 109 142 144 151 138 143 151 125 127 Anthracite 108 83 97 96 68 97 92 102 84 80 96 89 48 Crude petroleum , 152 155 160 168 171 177 184 184 184 178 184 185 ^188 Metals 119 98 125 130 124 136 141 141 130 126 130 131 P128 Metals other than gold and silver 159 121 166 177 167 188 198 199 180 173 180 P182 P176 Iron ore . . .. . . (Conner* Lead* Zinc)2 Gold 62 62 66 63 62 60 59 59 59 57 57 Silver 72 81 76 77 73 85 73 73 70 77 78 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, 753-77! and 825-882. MAY 1951 551 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] 1950 1951 Industry Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 183 188 195 200 198 212 216 220 215 216 216 217 v218 Manufactures — Total 191 197 203 209 207 221 224 229 226 r227 227 228 P230 Durable Manufactures 210 221 232 238 237 249 253 263 260 266 265 268 P274 Iron and Steel * 205 222 226 231 228 236 245 253 246 253 254 252 262 Pig iron 175 219 222 221 223 219 223 225 211 216 224 '217 228 Steel 243 270 273 271 264 265 275 286 272 280 288 281 298 Open hearth . . . . 180 204 206 202 201 198 203 209 198 207 212 206 217 Electric 691 739 755 763 710 744 792 835 803 802 827 815 879 Machinery 243 251 258 262 265 279 283 303 311 321 321 328 P334 Transportation EQiiiptnent 214 226 262 277 272 287 284 291 278 '292 '289 307 P308 Automobiles (including parts) 189 204 249 268 262 273 265 271 249 '260 ••249 262 P257 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)' Nonferrous Metals and Products 201 198 197 206 202 212 216 223 226 227 224 218 P212 Smelting and refining 208 207 208 218 207 212 209 217 221 219 '220 222 P225 (Copper smelting; Lead refining; Zinc smelting; Fabricating 197" 194' 192 202 199 212 219 225 228 230 ••226 216 P207 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products. 147 158 162 166 161 177 179 176 168 158 153 154 P161 Lumber ... 133 150 155 160 155 170 170 165 153 140 134 134 P141 Furniture 176 175 175 178 174 192 196 198 197 195 190 194 P199 Stone Clay and Glass Products 180 197 209 212 214 221 223 240 233 227 223 221 *>230 Glass products 191 209 222 218 217 212 215 251 237 233 237 238 P249 Glass containers 201 222 238 232 234 223 229 269 250 246 251 253 269 Cement . . 157 207 221 229 229 242 239 249 231 211 193 186 207 Clay products 151 154 160 160 162 172 175 177 182 ••178 175 173 P173 Nondurable Manufactures. . . . 177 178 180 184 182 198 201 201 197 196 196 195 P194 Textiles and ProductSt. 173 174 175 173 165 189 191 197 193 194 r194 194 P189 Textile fabrics 156 157 158 156 146 172 171 178 173 173 174 176 P173 Cotton consumption 138 139 140 132 123 155 152 162 158 158 163 174 175 Ravon deliveries . ... 350 348 347 348 361 366 380 374 381 397 392 390 374 Wool textiles 152 154 157 161 134 172 171 180 164 160 156 144 Carpet wool consumption 210 222 216 205 135 210 204 228 204 201 180 182 Apparel wool consumption 153 143 149 152 139 178 170 179 148 140 150 139 Woolen and worsted yarn . 134 134 140 147 127 159 158 163 146 141 142 132 Woolen varn 116 119 127 134 117 144 137 142 122 121 121 119 Worsted yarn .... 161 156 158 165 140 179 187 192 180 169 173 151 Woolen and worsted cloth 146 149 153 162 143 168 172 180 172 169 163 143 Leather and Products 115 110 101 104 99 119 123 115 111 107 *116 123 Leather tanning 97 101 94 100 87 106 109 107 111 106 108 120 Cattle hide leathers 108 112 104 111 100 117 122 120 126 120 123 136 Calf and kip leathers 75 80 72 80 56 88 89 86 91 82 •75 93 Goat and kid leathers 90 86 86 90 79 84 85 88 93 89 '94 100 Sheep and lamb leathers 79 95 88 86 71 104 102 94 85 ••83 91 101 Shoes 128 115 106 107 107 128 133 121 110 109 121 125 Manufactured Food Products 148 150 157 164 178 191 192 175 164 162 155 148 149 Wheat flour 109 101 103 102 112 114 112 107 108 115 128 120 P110 Manufactured dairy products 128 159 199 226 223 217 173 132 103 99 90 101 120 Butter 85 93 109 120 104 87 74 64 55 55 61 63 65 Cheese 172 203 235 261 219 189 164 142 123 121 126 139 158 Canned and dried milk 155 175 215 228 193 174 145 122 102 101 106 121 149 Ice cream' p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. « Series included in total and group indexes but not available for publication separately. 552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Cqntinued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average= 100] 1950 1951 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued IMeat packing 148 145 144 146 141 134 152 158 184 203 193 142 147 Pork and lard 171 166 161 165 148 135 155 177 228 267 247 168 180 Beef 137 136 142 138 147 147 165 151 154 155 155 129 127 Veal 101 102 102 108 114 119 132 122 116 98 86 77 77 Lamb and mutton . . . 74 72 73 73 75 76 84 80 76 75 85 67 60 Other manufactured foods 154 153 157 163 182 202 206 189 175 169 158 157 Processed fruits and vegetables. 83 90 98 122 191 254 276 190 137 111 105 100 P101 Confectionery 126 108 101 99 120 171 189 164 147 148 15? 139 Other food products 177 177 182 185 190 194 191 193 190 188 178 177 177 Alcoholic Beverages. 162 168 177 202 219 237 217 205 195 189 211 198 185 Malt liquor .... 160 167 179 205 214 191 156 139 141 134 151 149 157 Whiskev . 81 97 93 95 84 111 146 157 178 157 155 135 150 Other distilled spirits 139 168 218 258 354 504 753 798 493 509 466 394 440 Rectified liquors 268 242 235 269 315 464 340 304 341 340 439 408 240 Tobacco Products 167 152 168 176 160 204 181 170 174 142 177 170 161 Cigars 97 91 93 106 96 126 120 124 127 89 101 107 100 Cigarettes . . . 230 209 237 245 223 283 245 224 231 198 248 234 222 Other tobacco products... 72 67 64 69 59 78 76 77 67 50 69 67 62 Paper and Paper Products 179 182 181 185 172 191 194 202 201 197 203 208 208 Paper and pulp 173 175 173 178 166 181 184 193 191 188 192 198 198 Pulp 199 205 201 205 200 209 211 227 221 218 '221 '228 231 Groundwood pulp 101 107 106 110 105 110 119 119 115 126 121 124 124 Soda pulp 113 121 119 120 110 115 114 96 92 92 94 98 94 Sulphate pulp 350 365 363 373 372 381 382 427 414 402 '412 '430 438 Sulphite pulp 152 153 145 146 140 152 152 162 161 157 158 161 162 Paper . . 169 170 168 173 160 177 180 188 186 184 188 104 192 Paperboard 203 207 211 213 198 228 232 238 240 229 247 245 248 Fine paper 2 . Printing paper. . . 175 171 167 172 156 174 180 187 183 188 181 '192 187 Tissue and absorbent paper. . 173 187 166 174 174 183 185 209 196 196 204 '214 206 Wrapping paper 163 160 158 167 151 155 156 164 163 165 159 172 P171 Newsprint 102 113 113 116 115 115 116 117 113 114 117 120 119 Paperboard containers (same as Paperboard) Printing and Publishing 172 174 169 169 150 161 172 183 182 179 '164 '176 178 Newsprint consumption . 170 178 172 166 144 148 165 180 180 170 148 159 169 Printing paper (same as shown under Paper) Petroleum and Coal Products. . .2 0.7 206 216 222 229 238 243 251 253 263 '272 268 263 Petroleum refining2 Gasoline 173 171 181 188 194 200 195 196 195 197 20? 198 198 Fuel oil. . 178 172 175 179 187 190 200 210 209 225 238 238 230 Lubricating oil 150 139 149 152 153 173 177 184 187 187 186 177 Kerosene 192 174 186 166 173 187 196 195 201 214 241 241 Other petroleum products 2 Coke 146 174 175 177 176 176 178 183 178 182 '187 183 182 By-product coke 145 170 171 170 170 167 170 175 170 174 '177 174 Beehive coke . 181 320 328 428 368 470 443 467 436 457 '522 487 P463 Chemical Products 250 253 255 258 259 265 272 282 284 '288 288 291 P294 Paints 147 149 151 158 159 166 166 164 160 160 159 164 P164 Rayon 352 349 350 350 359 363 376 371 378 385 387 384 P374 Industrial chemicals 428 434 443 451 453 458 465 488 497 '504 505 509 P523 Other chemical products 2 Rubber Products 197 203 213 221 222 236 244 250 250 '251 '245 236 P240 Minerals—Total... 139 138 147 155 149 163 168 169 159 '153 159 153 P152 Fuels 148 147 148 155 148 162 167 170 165 163 169 163 P163 Coal 141 131 124 128 101 133 133 141 127 130 140 118 111 Bituminous coal 149 143 131 136 109 142 144 151 138 143 151 125 127 Anthracite 108 83 97 96 68 97 92 102 84 80 96 89 48 Crude petroleum 152 155 160 168 171 177 184 184 184 178 184 185 188 Metals 83 87 140 155 158 170 171 161 124 93 '94 94 P92 Metals other than gold and silver 101 105 197 224 227 244 244 227 166 115 118 P121 P118 Iron ore 63 79 273 325 343 368 365 331 195 86 97 93 P89 (Copper; Lead; Zinc)2 Gold 55 55 57 59 61 65 68 69 66 59 55 Silver 74 82 75 74 72 83 74 73 70 77 78 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. MAY 1951 553 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] 1950 1951 Industry group or industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total . . . 11,574 11,731 12,C48 12,200 12,358 12,697 12,783 12,921 12,915 '12,953 '13,084 13,212 13,212 Durable goods 6,042 6,200 6,493 6,624 6,713 6,939 6,996 7,135 7,155 '7,193 '7,250 7,352 7,383 Primary metal industries 977 1,007 1,036 1,055 1,070 1,091 1,105 1,111 1,120 1,131 1,143 1,146 1,150 Fabricated metal products 702 718 749 777 793 826 837 846 846 839 '838 844 848 Machinery except electrical 971 998 1,017 1,028 1,042 1,071 1,055 1,110 1,139 1,157 1,191 1,211 1,218 Electrical machinery .... 574 595 612 618 639 672 676 703 710 710 703 708 712 Transportation equipment 879 899 1,045 1,078 1,070 1,118 1,134 1,157 1,139 '1,160 '1,188 1,245 1,259 Lumber and wood products 687 703 723 734 750 764 775 773 765 ••758 '748 747 731 Furniture and fixtures 298 305 311 312 316 324 325 323 319 '320 '317 318 324 Stone, clay, and glass products. . 410 419 432 441 447 457 456 469 475 '469 477 474 477 Instruments and related products 170 173 176 180 184 189 199 204 208 '209 '209 213 215 Miscellaneous manufacturing industries 356 365 373 382 383 407 412 417 411 416 412 419 422 Ordnance and accessories 18 18 19 19 19 20 22 22 23 24 24 27 27 Nondurable goods 5,532 5,531 5,555 5,576 5,645 5,758 5,787 5,786 5,760 5,760 '5,834 5,860 5,829 Textile-mill products 1,171 1,172 1,168 1,174 1,196 1,243 1,268 1,264 1,250 1,239 1,245 1,250 1,217 Apparel and other finished textiles 1,027 1,018 1,022 1,022 1,044 1,073 1,067 1,063 1,046 '1,048 1,071 1,083 1,066 Leather and leather products. . . 348 344 349 350 356 363 365 363 362 361 '364 366 361 Food and kindred products 1,167 1,166 1,172 1,171 1,176 1,179 1,171 1,166 1,171 '1,173 '1,208 1,208 1,220 Tobacco manufactures 81 82 82 79 80 79 82 82 79 81 80 81 81 Paper and allied products 387 391 394 401 404 412 420 419 423 424 421 421 423 Printing, publishing and allied industries 498 499 501 500 504 509 510 509 510 510 511 511 514 Chemicals and allied products... 480 490 492 497 499 501 503 513 511 '514 '522 525 530 Products of petroleum and coal. 185 178 178 180 180 189 186 190 190 192 192 193 195 Rubber products . . 188 191 197 202 206 210 215 217 218 '218 '220 222 222 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,549 11,597 11,841 12,066 12,151 12,802 13,016 13,133 13,044 '13,056 '13,019 13,185 13,181 Durable goods 6,070 6,195 6,456 6,596 6,597 6,900 7,013 7,186 7,210 '7,254 '7,257 7,371 7,416 Primary Metal Industries 982 1,007 1,026 1,050 1,054 1,086 1,105 1,117 1,126 1,142 1,149 1,152 1,156 Blast furnaces, steel works and rolling mills 507 523 529 538 543 550 552 553 554 556 558 559 Nonferrous smelting and refining, primary 45 45 46 46 45 46 46 46 45 47 '47 47 Nonferrous rolling, drawing and alloying 77 77 79 80 80 83 85 86 86 87 87 87 Fabricated Metal Products 709 722 742 769 773 814 837 850 850 852 ^846 852 856 Cutlery, hand tools and hardware. . 128 129 131 133 129 132 138 141 143 144 144 144 Heating apparatus and plumbers' supplies 114 118 119 122 120 132 137 137 135 133 130 133 Fabricated structural metal products 143 146 149 154 158 165 166 171 172 173 173 175 Machinery except Electrical 981 1,003 1,022 1,033 1,032 1,060 1,050 1,104 1,133 1,163 1,191 1,217 1,230 Agricultural machinery and tractors 140 142 142 141 141 140 102 124 125 '135 146 150 Metalworking machinery... 152 155 158 163 162 171 181 190 197 '204 211 218 Special-industry machinery 119 121 123 125 124 127 132 136 138 '141 144 147 Service-industry and household machines 138 143 149 148 146 145 146 148 151 148 147 149 Electrical Machinery 580 595 606 615 620 655 673 710 721 724 710 715 719 Electrical apparatus (generating, etc) 213 217 222 222 227 237 237 252 254 '257 '256 258 Communication equipment. 212 217 220 227 228 248 255 272 278 278 '267 269 Transportation Equipment 879 899 1,045 1,078 1,070 1,118 1,134 1,157 1,139 '1,160 •7 ,188 1,245 1,259 Motor vehicles and equipment 576 595 736 765 757 781 788 795 760 '767 '775 801 Aircraft and parts 184 185 185 187 188 199 209 225 239 '251 '268 289 Ship and boat building and repairing ... 67 67 67 68 68 79 76 76 76 79 82 95 Lumber and Wood Products 677 692 723 741 750 783 790 785 773 '754 '733 728 720 Sawmills and planing mills. . 399 410 430 437 444 465 468 462 452 '440 '425 422 Millwork, plywood, etc 102 104 106 109 109 114 114 115 114 '112 111 108 Furniture and Fixtures 301 303 303 303 303 319 327 329 327 r326 r322 324 327 Household furniture 221 222 221 222 222 234 240 242 242 238 235 236 Stone, Clay, and Glass Products.. 410 419 432 441 440 459 458 471 477 '474 472 472 477 Glass and glass products. . . 109 113 116 118 114 122 117 127 129 128 128 127 Structural clay products 69 69 73 76 77 79 80 80 81 79 79 78 Instruments and Related Products. 172 174 176 180 178 187 199 205 209 r211 *210 214 217 Miscellaneous Manufacturing Industries 361 363 362 367 358 399 418 436 432 424 412 425 428 Ordnance and Accessories 18 18 19 19 19 20 22 22 23 24 24 27 27 r Revised. NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for March 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. 554 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] 1950 Industry group or industry Mar. Apr, May June July Aug Sept. Oct. Nov. Dec. Feb. Mar. f Nondurable goods. . 5,479 5,402 5,385 5,470 5,554 5,902 6,003 5,947 5,834 5,802 '•5,762 5,814 5,765 Textile-mill Products 1,183 1,172 1,162 1,174 1,160 1,224 1,255 1,264 / , 2621,258 1,257 /, 269 /,229 Yarn and thread mills 149 145 143 146 147 154 159 161 161 162 164 Broad-woven fabric mills 574 573 573 580 571 595 606 607 606 '604 '602 604 Knitting mills 221 218 213 212 209 227 233 236 234 234 232 236 Apparel and Other Finished Textiles 1,058 1,003 976 976 981 1,089 1,099 1,100 1,056 1,071 1,115 1, OQS Men's and boys' suits, coats and overcoats 136 132 129 135 127 138 137 138 137 137 138 142 Men's and boys' furnishings 245 241 239 238 232 252 254 254 253 251 250 258 Women's and misses' outerwear......... 305 272 254 248 266 307 305 297 275 '296 '303 317 Leather and Leather Products 357 341 335 343 351 370 372 367 360 359 '364 373 370 Footwear (except rubber) 235 222 218 224 230 237 237 230 226 229 234 238 Food and Kindred Products 1,060 1,065 /, 090 1,141 1,231 1,331 1,350 1,260 1,196 '1,155 1,117 1,096 1,101 Meat products 228 223 227 232 235 236 236 240 244 '254 '251 233 Dairy products 99 103 108 114 116 114 107 .102 100 97 95 95 Canning and preserving 109 120 127 151 223 302 324 226 171 143 131 126 Bakery products 190 191 193 191 194 192 194 196 193 '190 '188 189 Beverage industries 139 141 146 157 164 169 159 149 149 146 146 145 Tobacco Manufactures 78 76 76 75 75 82 84 S3 80 80 78 Paper and Allied Products 389 391 392 399 396 410 418 421 427 428 423 423 425 Pulp, paper and paperboard mills 200 201 202 205 204 207 210 210 211 212 209 209 Printing, Publishing and Allied Industries. . . . 496 497 498 500 499 504 510 514 515 518 511 511 511 Newspapers 146 148 149 150 150 150 151 150 150 '152 149 150 Commercial printing 165 165 164 166 164 165 167 170 170 171 '171 170 Chemicals and Allied Products 487 490 485 482 479 491 506 523 521 r524 533 538 Industrial inorganic chemicals 52 53 53 54 51 49 50 56 57 57 57 58 Industrial organic chemicals 145 146 148 150 152 155 158 159 160 162 163 163 Drugs and medicines 58 61 61 62 63 63 65 66 66 '67 '67 69 Products of Petroleum and Coal 182 176 177 181 182 193 189 190 191 191 190 191 192 Petroleum refining 143 136 136 138 139 147 145 147 148 147 147 149 Rubber Products 189 191 194 208 215 219 222 T222 '222 223 223 Tires and inner tubes 83 84 86 90 92 92 93 '92 '91 91 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 1951 1950 1950 1951 Mar- Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Manufacturing—Total. 56.53 '63.71 63.76 64.36 39.7 41.0 40.9 41.1 1.424 1.554 1.559 1.566 Durable goods 59.74 '67.77 68.10 68.80 40.2 '41.6 41.6 41.8 1.486 1.629 1.637 1.646 Primary metal industries 62.40 '74.78 72.92 74.40 38.9 '41.8 41.2 41.8 1.604 1.789 1.770 1.780 Fabricated metal products 59.64 '67.40 68.06 69.10 40.3 '41.5 41.5 41.8 1.480 1.624 1.640 1.653 Machinery except electrical 63.34 '74.30 75.04 76.69 40.6 43.4 43.5 44.0 1.560 '1.712 1.725 1.743 Electrical machinery 58.44 '64.29 64.80 65.63 40.5 41.4 41.3 41.3 1.443 '1.553 1.569 1.589 Transportation equipment , 67.46 -•72.26 73.71 72.30 40.2 '40.1 40.7 39.9 1.678 '1.802 1.811 1.812 Lumber and wood products 52.24 '56.36 56.39 57.02 40.4 '40.9 40.8 41.5 1.293 '1.378 1.382 1.374 Furniture and fixtures 52.17 '56.94 57.91 59.16 41.7 '41.9 42.3 42.9 1.251 '1.359 1.369 1.379 Stone, clay, and glass products 55.70 '63.29 63.02 63.59 40.1 41.5 41.3 41.4 1.389 '1.525 1.526 1.536 Instruments and related products. 57.40 '65.30 66.57 67.64 40.0 '41.7 42.0 42.3 1.435 '1.566 1.585 1.599 Miscellaneous manufacturing industriei 51.82 '57.49 58.53 58.25 40.2 41.3 41.6 41.4 1.289 1.392 1.407 1.407 Ordnance and accessories 61.31 '68.85 70.66 71.99 40.6 41.7 42.8 42.9 1.510 1.651 1.651 1.678 Nondurable goods. 53.04 '58.68 58.32 58.47 39.2 40.3 40.0 40.1 1.353 1.456 1.458 1.458 Textile-mill products 47.39 '53.86 53.98 53.51 39.2 40.8 40.8 40.6 1.209 1.320 1.323 1.318 Apparel and other finished products.... 43.50 '47.53 48.45 47.21 36.4 36.9 37.5 37.5 1.195 •1.288 1.292 1.259 Leather and leather products 44.15 '48.26 49.39 49.28 37.9 '38.7 39.2 38.8 1.165 •1.247 1.260 1.270 ' Food and kindred products 54.42 '60.25 59.08 59.04 40.7 41.9 41.0 41.0 1.337 1.438 1.441 1.440 ! Tobacco manufactures 39.49 '44.04 43.09 43.16 36.7 '38.6 37.6 1.076 1.141 1.143 1.148 Paper and allied products 58.06 '65.79 65.57 66.51 42.6 43.8 43.9 1.363 1.502 1.504 1.515 Printing, publishing and allied products. 72.14 73.92 74.07 75.62 38.6 38.7 38.8 1.869 1.910 1.934 1.949 Chemicals and allied products 60.09 '66.83 67.01 66.98 41.1 41.9 41.6 1.462 1.595 1.607 1.610] Products of petroleum and coal 71.54 '78.88 77.33 77.79 39.7 41.0 40.6 1.802 1.924 1.914 1.916 I Rubber products 59.70 '66.91 63.05 67.02 39.3 '40.5 38.8 40.3 1.519 1.652 1.625 1.663 J p Revised. NOTE.—Data are for production and related workers. Figures for March 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. MAY 1951 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted. Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 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 44,124 14,884 904 2,318 4,010 9,524 1.812 4,761 5,910 SEASONALLY ADJUSTED 1950—March 42,752 14,135 944 2,096 3,906 9,348 1,791 4,756 5,776 April 43,212 14,302 942 2,163 3,948 9,391 1,794 4,757 5,915 May 43,578 14,629 941 2,223 3,888 9,459 1,803 4,766 5,869 June .... 44,010 14,802 943 2,299 3,995 9,532 1 .800 4,778 5,852 July 44,259 14,977 915 2,366 4,021 9,556 1,804 4,769 5,851 August.. 44,914 15,333 942 2,434 4,073 9,651 1,819 4,779 5,883 September 45,196 15,444 942 2,454 4,119 9,650 1,836 4,768 5 983 October 45,408 15,606 937 2,506 4,138 9,630 1,839 4,733 6,019 November 45,501 15,635 937 2,521 4,126 9,620 1,838 4,747 6,077 December '45,605 '15,692 938 '2,452 4,125 '9,692 '1,846 '4,741 6,119 1951—January r45,802 '•15.834 939 '2,514 '4,106 '9,733 1,840 '4,736 6,100 February.. 46 082 15,987 943 2,503 4 116 9,791 1 850 4 727 6 165 March 46,206 16,025 936 2,543 4,166 9.728 1 ,854 4,724 6,230 UNADJUSTED 1950—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 15,827 939 2,631 4,132 9,752 1,821 4,757 6 039 November . 45,873 15,765 938 2,571 4,123 9,896 I 8?0 4,723 6,037 December '46,595 15,789 '937 '2,403 4,125 '10,443 1,828 '4,694 6,376 1951—January '45,244 15,766 '932 '2,288 '4,071 '9,603 1,831 '4,665 6,088 February 45,393 15,957 933 2,228 4,081 9,575 i1,841 4,656 6,122 March 45,786 15,985 929 2,314 4,131 9,679 1,854 4,677 6,217 ' 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. March 1951 figures 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 * 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—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 109,587 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 47,658 February . . 108,933 61,313 58,905 52,976 5,930 2,407 47 619 March . 108,964 62,325 60,179 53,785 6,393 2,147 46,638 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. 556 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] Total R b es u i i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o l r ic ks Month 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 1,140.5 361.5 531.1 27.9 116.2 58.3 101.8 58.0 81.0 121.4 132.2 152.5 178.2 March 1,300.2 1,267.5 574.7 574.6 161.5 122.7 88.6 78.8 96.3 128.4 154.3 139.4 224.9 223.6 April 1,350.5 674.8 119.2 106.8 97 0 125 6 227 0 May 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 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 1949 1950 1951 1949 1950 1951 1949 1950 1951 1951 1950 Federal Reserve district Jan 483 731 1,043 160 201 306 323 530 737 Mar. Feb. Mar. Feb 568 780 1,141 252 285 332 317 495 808 Mar 748 1,300 282 481 466 819 Apr 846 1,350 319 354 527 996 Boston 69,471 55,670 67,979 May.... 885 1,348 369 389 517 959 New York 174 303 213 202 195,726 June.... 950 1,345 375 428 574 917 Philadelphia 69,523 70,071 78,956 July 948 1,420 410 460 537 960 Cleveland 122,277 89,040 99,931 Aug 911 1,549 316 438 595 1,111 Richmond 136,495 130 938 152,339 Sept 1,072 1,287 289 364 783 922 Atlanta 136,026 124,115 239,937 Oct 1,062 1,136 332 308 730 828 Chicago 223,251 158,732 185,528 Nov 958 1,087 316 320 642 767 St. Louis 96 558 59 941 71,460 Dec 929 1,168 299 381 630 787 Minneapolis 41,580 30,593 36,589 Year.. 10,359 14,501 3,718 4,409 6,641 10,092 K Da a l n l s a a s s City 1 6 2 9 8 . , 1 7 6 9 8 8 1 4 6 7 0 , , 2 9 7 5 4 1 1 6 0 4 7 , , 0 7 0 4 8 8 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,267,450 1,140,527 1,300,201 [In millions of dollars] Title I loans Mortgages Y m e o a n r t o h r Total p m P e i r 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 I t u D i o s t i l l e 4 e y s - h R g ( o T a e r 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 a r e I i s n t ) t a i l 2 - s n e n ' g d V ( h M t T i o a I n i i u r I t g l y I s l i e - ) - 3 INSURED P O F R H T A F O H L O I M O [ , E I n B M m Y i O l C li R o L T n A s G S o A S f G O d E o F S ll 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 1946 755 321 347 3 85 Sav- 1 1 1 1 9 9 9 9 4 5 4 4 7 0 9 8 3 4 3 1 , , , , 3 3 8 7 4 2 8 3 2 1 7 8 6 5 6 5 9 1 9 3 4 4 4 4 (4 6 1 ) 7 3 2 1 , , 4 8 4 8 6 5 4 8 6 5 6 0 18 7 1 1 1 , , , 8 3 0 8 3 3 3 0 6 9 1 8 12 1 3 2 End of month Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v a u k s l - - s a a l s i a t o n s i n a o g o d n c s n i s - p I c a n a o n s n m c u i e e - r s - a c F e g i e e r e a d s n l - 1 - Other2 1950—Mar.. . 353 44 1 209 (4) 88 12 April. . 329 27 171 122 9 May. . 351 48 176 1 110 15 1936—Dec 365 228 8 56 41 5 27 June.. 376 78 181 1 113 3 1937—Dec 771 430 27 110 118 32 53 July... 369 61 183 8 111 5 1938—Dec 1,199 634 38 149 212 77 90 Aug.. . 414 69 (4) 217 122 6 1939—Dec 1,793 902 71 192 342 153 133 Sept... 373 55 (4) 216 (4) 88 14 1940—Dec 2,409 1,162 130 224 542 201 150 Oct.... 379 82 (4) 241 3 43 10 1941—Dec 3,107 1,465 186 254 789 234 179 Nov.. . 379 74 (4) 236 1 49 17 1942—Dec 3,620 1,669 236 276 1,032 245 163 Dec. .. 349 54 (4) 204 3 63 23 1943—Dec 3,626 1,705 256 292 1,134 79 159 1944—Dec 3,399 1,590 260 269 1,072 68 140 1951—Jan.... 330 63 1 225 (4) 28 13 1945—Dec 3,156 1,506 263 253 1,000 13 122 Feb.... 261 44 1 176 27 10 Mar... 294 50 2 180 3 32 28 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent 1947—June 2,860 1,386 245 229 889 8 102 mainly mortgages insured under the Veterans' Housing Title VI Dec 2,871 1,379 244 232 899 7 110 (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with 1948—June 2,988 1,402 251 245 973 7 110 December 1947, figures include mortgages insured in connection with Dec 3,237 1,429 265 269 1,113 9 152 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1949—June 3,894 1,587 305 323 1,431 21 227 8 Mortgages insured on new rental housing at or near military Dec 4,751 1,771 378 416 1,828 52 305 installations under Title VIII, approved Aug. 8, 1949. 4 Less than $500,000. 1950—Dec 6,695 2,205 693 603 2,712 60 421 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 do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u ev ri i n o g u sl t y h e in p s e u ri r o e d d Un 2 i t I e n d c lu S d ta e t s e s m H or 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. MAY 1951 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars; Merchandise exports 1 Merchandise imports J Excess of exports Month 1950 1951 1947 1948 1949 1950 1951 1947 1950 January 1,114 \,092 1.105 7-11 v1,076 547 | 590 623 v\ ,022 5 S3 545 515 118 p-49 February 1, 146 1.085 1 ,043 765 |P1,2S1 589 I 567 '600 P907 709 496 477 164 P166 March 1,326 1,139 1 ,1 89 861 675 I 633 665 Pl.100 882 464 557 196 Pi 81 April 1 .294 1 .121 1 .173 512 532 j 535 P585 782 590 P218 May 1,414 1 ,103 1 . 0^5 P829 474 554 j 541 P659 940 549 554 P170 June 1 ,235 1 .014 1 ,108 P878 463 625 j 526 P687 772 389 582 P191 July 1 .155 1 ,010 900 450 564 I 457 P709 705 456 444 *70 i August.... 1.145 992 885 v 762 4.00 606 49 i P82O 745 386 394 P-59 September. . . . 1 ,112 926 910 P9.11 473 560 530 P361 639 365 380 October 1,235 1 ,023 8: j 492 600 557 743 423 299 j P~17 D No ec v e e m m b be e r r.. . , . 1,3 8 1 2 8 3 ! ! 9 8- 4 1- 5 2 |P1 P ,0 <) 6 7 5 7 I i 4 60 5 3 5 5 7 5 2 4 0 605 6 51 8 1 7 2 5 6 9 9 8 3 2 4 4 0 9 II P1 9 2 8 4 Jan.-Mar.. . J 3,586 | 3,315 I 3,338 2,306 P3.329 1 ,412 1,810 I 1 ,789 1.8S9 2,17 1,505 1 ,549 i 477 P299 I p Preliminary* r Revised. 1 Includes both domestic and foreign merchandise. Beginning; January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 8 Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. Source.— -Department of Commerce, Back figures.—See BULLEITN for February 1951. p. 210; Marc 1917, 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 I Total!' Coal I CokeGrain s L t i o v c e k - p e r s o t d- Ore l c a e n l e - - c d h i a s n e - Total Net ucts ous I.C.I. Year or month ope v r e a n ti u n e g s ex T p o e t n a s l es op in e c ra o t m 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 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9.055 7,695 1,360 873 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,331 1,106 667 1946 132 |j 130 116 138 129 143 136 139 78 1945 8,902 8,047 852 450 1947 143 I! 147 182 150 107 153 181 1 -18 75 1946 7,628 7,009 620 287 1948 138 I 141 184 136 88 149 184 146 68 1947 8,685 7,904 781 479 1949 116 Ij 100 145 142 77 123 151 127 57 1948 9,672 8,670 1,002 699 1950 128 ! 117 ISO 135 68 140 172 M0 53 1949 8,580 7,893 687 438 1950 P9.473 P8.434 p\,040 P783 SEASONALLY i ADJUSTED SEASONALLY ADJUSTED 1950—March 127 139 143 126 67 ^124 134 131 53 April 126 123 181 131 68 129 121 137 53 1950—March 723 655 67 36 May 122 119 181 127 66 134 121 133 51 April 730 667 63 32 June 127 116 192 130 61 144 179 138 52 May 715 661 54 20 July 126 105 195 135 61 148 186 140 51 June 791 691 100 70 August 135 126 194 139 60 155 190 147 56 July 772 686 86 54 September. . . 134 135 201 128 72 148 198 142 55 August.... 833 744 88 55 O N D c o e t c v o e e b m m er b b e e r r . . . . . . 1 1 1 3 3 4 6 6 0 1 1 1 3 2 2 5 6 9 2 1 1 0 9 9 6 8 4 1 1 1 5 6 5 9 6 8 7 7 7 2 5 2 1 1 1 4 5 6 6 7 2 1 1 1 9 8 8 9 4 4 1 1 1 5 4 4 1 6 5 5 5 5 2 4 3 S O N e c o p t v t o e e b m m e b b r. e e . r r . . . 8 8 8 8 6 5 5 3 8 7 7 7 7 4 6 6 9 0 1 1 1 0 0 0 9 3 8 7 7 7 3 4 0 December. 941 849 92 60 1951—January 146 133 199 153 69 170 243 158 52 February.... 129 114 186 134 55 143 241 141 48 1951—January... 863 766 98 March 139 112 202 150 62 147 241 157 53 783 742 41 February.. UNADJUSTED UNADJUSTED 1950—March 120 139 144 116 53 '124 39 127 54 743 668 76 49 April 122 123 177 115 61 129 63 135 54 1950—March 714 652 62 38 May 125 119 179 112 59 139 217 135 51 April 745 678 67 45 June 131 116 188 133 51 150 277 142 52 May 779 689 90 72 J A S O N D u e u c o e l p t y g c v o t u e e e b m s m m e t r b b b e e e r r r . . . . . . . . . 1 1 1 1 1 1 4 3 4 3 3 4 5 9 7 0 0 0 1 1 1 1 1 1 2 0 3 3 2 2 9 5 5 5 6 6 2 2 1 1 1 1 0 0 8 9 9 9 1 4 6 8 0 8 1 1 1 1 1 1 6 4 6 5 4 5 2 8 2 9 3 0 1 4 9 9 5 7 1 8 5 0 7 6 0 1 1 1 1 1 1 4 4 6 6 5 5 9 3 0 4 5 4 2 2 2 2 1 6 8 9 6 9 8 2 5 8 2 8 8 1 1 1 1 1 1 4 4 5 4 5 5 1 2 2 9 8 4 5 5 5 5 5 5 0 1 6 7 6 4 J J A S O N u u e u o c n l p y g t v e t o u e e b s m m t e b b r. e e . r r . . . 8 9 9 8 8 7 2 2 7 9 6 7 5 8 2 0 2 2 6 8 7 7 7 7 1 8 9 5 4 6 5 8 1 2 9 8 1 1 1 1 1 8 2 1 3 2 1 4 2 3 5 3 0 1 1 5 9 9 8 0 2 9 6 9 6 8 0 December. 1951—January 133 133 209 153 66 153 61 145 50 1951—January.. . 849 771 78 '55 F M e a b rc r h uary.... 1 1 1 3 9 0 1 1 1 1 4 2 2 1 0 9 4 7 1 1 3 3 1 8 4 4 4 9 1 1 3 4 7 7 6 7 0 0 1 1 3 4 3 9 4 5 6 4 February.. 716 697 19 P-3 ' Revised. P Preliminary. r Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. NOTE.—Descriptive material and back figures may be ob- 529-533. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 558 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 ~ 100j Federal Reserve district United States Bosto Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Louis M ap i o n l n is e- K C a i n ty sa Dai las 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. . 304 240 244 288 303 325 401 291 331 289 329 42 7 354 SEASONALLY ADJUSTED 1950—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.. 362 303 291 342 395 369 450 349 363 325 395 475 421 February. 326 '251 263 321 333 341 419 322 327 324 346 439 375 March J>290 P217 230 283 286 297 413 290 298 250 P321 414 335 UNADJUSTED 1950—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 534 436 450 525 538 584 708 495 540 476 556 711 627 1951—January. . 277 230 233 253 293 267 342 261 298 248 300 375 333 February. 262 ••193 218 241 266 266 352 251 275 239 280 351 '316 March ^284 P217 230 286 286 307 422 269 298 236 P308 397 317 STOCKS» 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—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. . . 338 274 273 297 357 351 472 320 337 343 351 437 399 February. . 349 280 281 '305 369 384 458 320 412 350 343 443 414 March 2 73 299 320 396 412 462 331 425 363 465 445 UNADJUSTED 1950—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 Tune 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 303 !| 243 240 258 313 322 424 288 290 316 319 406 363 February 334 I 264 273 '299 343 374 463 311 371 336 336 434 389 March I *>372 II 265 306 336 392 425 485 344 413 378 P373 493 436 v 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. MAY 1951 559 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 from a year ago stocks to without seasonal adjustment (value) sales x 1941 average monthly saes=10C12 Num- Department b s e to r r e o s f Sale p s e r d io u d ring m ( S e t o n o n d c t k h o s ) f February Sae pe s r d i u o r d ing Sto o c f k s m o a n t t h end reporting 1951 1950 1951 1950 F 19 e 5 b 1 . months F 19 e 5 b 1 . 1951 1950 1951 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store 3. . . 354 +15 +23 +27 4.1 3.7 MAIN STORE—total 354 +15 +24 +27 4.2 3.9 176 215 153 747 689 592 Piece goods and household textiles 316 + 16 +34 +21 4.6 4.4 171 376 147 783 718 647 Piece goods 294 +6 +12 +8 4.0 4.0 208 227 195 838 750 775 Silks, velvets, and synthetics 196 +4 +9 +6 3.9 3.9 176 195 169 688 622 657 Woolen yard goods 173 +4 +10 +6 4.0 3.9 232 269 224 921 916 885 Cotton yard goods 187 + 11 + 17 +21 4.2 3.8 214 233 194 892 783 747 Household textiles 307 +24 +45 +31 4.9 4.7 153 453 123 756 693 579 Linens and towels 277 + 10 +29 +29 5.6 4.8 139 391 126 781 779 606 Domestics—muslins, sheetings 251 +46 +64 +20 3.5 4.3 196 730 134 687 620 574 Blankets, comforters, and spreads 227 + 19 +33 +47 6.2 5.0 127 285 107 785 743 541 Small wares 344 +4 + 10 +18 4.6 4.1 150 171 144 690 662 587 Laces, trimmings, embroideries, and ribbons... 207 + 13 +17 +12 4.4 4.4 169 164 150 742 642 669 Notions 239 +4 +8 + 19 4.7 4.1 176 215 169 834 790 697 Toilet articles, drug sundries 329 +9 + 17 + 14 4.1 3.9 133 167 122 547 539 479 Silverware and jewelry 313 +2 + 10 +25 6.4 5.3 141 151 139 918 844 733 Silverware and clocks4 214 + 14 +25 +36 7.8 6.6 Costume jewelry4 277 -6 -3 +13 4.2 3.5 Fine jewelry and watches4 86 +8 +20 +20 10 6 9.4 Art needlework 235 + 1 +3 +23 4l6 3.8 156 199 155 725 704 591 Books and stationery 270 0 +2 + 10 3.6 3.2 165 164 165 589 595 538 Books and magazines 129 +3 +2 + 1 2.7 2.7 157 154 153 417 440 418 Stationery 233 -2 +1 + 14 4.1 3.5 159 163 162 649 658 576 Women's and misses' apparel and accessories 351 +14 +19 +16 3.4 3.4 165 189 145 576 516 497 Women's and misses' ready-to-wear accessories 351 + 14 +19 +21 4.1 3.9 159 175 140 660 588 549 Neckwear and scarfs 310 +12 + 12 + 16 2.9 2.8 211 191 188 606 507 530 Handkerchiefs 283 0 +1 + 11 4.4 4.0 113 102 113 508 490 455 Millinery 162 + 12 + 10 +8 1.8 1.9 141 112 125 252 166 241 Women's and children's gloves 318 + 10 +13 + 19 5.6 5.2 110 114 100 617 526 520 Corsets and brassieres 337 +18 +26 +30 3.9 3.6 226 295 191 888 813 681 Women's and children's hosiery 344 + 14 +24 +43 3.0 2.4 132 146 116 396 356 277 Underwear, slips, and negligees 343 +14 +22 + 12 3.9 4.0 152 179 133 596 551 537 Knit underwear 252 +23 +36 + 18 3.5 3.6 203 262 166 714 674 605 Silk, and muslin underwear, and slips.... 287 +11 + 17 + 10 4.5 4.5 132 163 119 595 576 542 Negligees, robes, and lounging apparel... . 256 +11 +12 +1 3.0 3.3 135 145 122 408 405 400 Infants' wear 325 + 11 + 12 +24 4.2 3.8 201 209 181 854 759 697 Handbags and small leather goods 333 +9 + 13 + 15 3.6 3.3 128 121 118 455 398 394 Women's and children's shoes 242 + 17 +26 +20 6.3 6.1 177 207 150 1,107 990 923 Children's shoes 4 213 + 11 + 10 +22 7.4 6 8 Women's shoes 4 223 +19 +29 +20 6.0 6.0 Women's and misses' ready-to-wear apparel. . . 351 +14 + 18 + 10 2.8 2.9 172 204 ' i'sb'*486 " 439' 442 Women's and misses' coats and suits 340 +21 +28 + 10 2.4 2.6 215 276 177 507 456 461 Coats4 215 +24 +30 + 10 2.2 2.4 Suits4 205 +18 +25 + 12 2^4 2 6 Juniors' and girls' wear 315 +17 +16 +10 3!l 3.3 190 175 162 578 501 523 Juniors' coats, suits, and dresses 275 +13 + 14 +7 2.4 2.6 195 202 172 476 442 445 Girls' wear 315 +23 +20 + 13 3.8 4.2 193 154 157 735 603 650 Women's and misses' dresses 341 +6 + 10 +8 2.5 2.4 152 178 144 381 336 355 Inexpensive dresses 4 256 +4 +8 +4 2.1 2.1 Better dresses 4 270 +8 +12 + 12 2 9 2.8 Blouses, skirts, and sportswear 341 +7 +9 + 13 3.4 3.2 186 203 173 626 563 553 Aprons, housedresses, and uniforms 291 +7 + 11 +6 2.8 2.8 150 199 140 416 385 391 Furs 267 +58 +62 + 12 3.8 5.4 102 170 65 390 401 344 Men's and boys' wear 332 +17 +25 +24 5.8 5.4 139 175 119 805 721 649 Men's clothing 258 +26 +32 +22 5.5 5.7 160 237 127 887 811 728 Men's furnishings and hats 316 +10 +20 +26 5.4 4.7 128 148 116 691 624 551 Boys' wear 302 + 14 +14 +24 7.0 6.4 125 120 110 870 713 708 Men's and boys' shoes and slippers 194 +25 +34 +28 6.8 6.7 150 189 120 1,018 904 815 Homef urnishings 320 +21 +33 +43 4.4 3.8 241 277 199 1,080 1,022 756 Furniture and bedding 247 + 17 +27 +32 3.8 3.4 246 258 210 940 910 704 Mattresses, springs, and studio beds4 167 +20 +34 +82 2.6 1.7 Upholstered and other furniture 4 175 + 16 +24 +24 4 1 3.8 Domestic floor coverings 278 +38 +52 +49 sli 4.7 235 292 171 1,201 1,102 808 Rugs and carpets 4 159 +43 +56 +51 5 0 4.8 Linoleum 4 96 +6 +16 + 12 5 4 5.1 Draperies, curtains, and upholstery 299 + 15 +23 +24 5.3 4.9 174 193 151 929 839 753 Lamps and shades 250 -6 +2 +21 4.7 3.6 165 200 176 771 738 636 China and glassware. 251 +8 + 16 + 12 7.2 6.9 153 174 141 1,094 1,040 984 Major household appliances 240 +47 +63 +82 3.4 2.8 305 380 208 1,057 1,034 578 Housewares (including small appliances) 262 +23 +35 +45 5.0 4.2 246 298 201 1,223 1,107 845 Gift shop 4 168 +4 +12 + 19 6.3 5 S Radios, phonographs, television, records, etc.4. 231 +15 +30 + 171 3 6 1.5 Radios, phonographs, television 4 179 +9 +32 +222 3.5 1.2 Records, sheet music, and instruments 4. . . . 124 +7 + 14 +26 5.1 4.3 Miscellaneous merchandise departments. . . 317 +11 +15 +38 4.3 3.4 153 161 138 660 690 486 Toys, games, sporting goods, cameras 295 +7 + 12 +48 10.6 7.6 80 68 75 851 760 575 Toys and games 244 +3 +5 +59 11.4 7.4 60 33 58 679 572 430 Sporting goods and cameras 144 + 11 +17 +39 9.8 7.8 87 83 79 852 694 613 Luggage 265 +6 + 13 +25 6.4 5.4 138 176 129 882 856 712 Candy 4 191 0 +5 +26 1.6 1.3 For footnotes see following page. 560 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 Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales l 1941 average monthly sales = 100 2 Num- Department r b s e t e p o r o r e o rt s f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f February Sale p s e r d io u d ring Stc c > )f c k m s o a n t t e h nd ing F 1 e 9 b 5 . 1 m T 1 o 9 n w 5 t o h 1 s F 19 eb 5 . 1 1951 1950 1951 1950 1951 1950 Feb. Jan. Feb. Feb. Jan. Feb. BASEMENT STORE—total . 197 + 14 +20 +26 3.4 3.1 156 186 137 539 463 425 Domestics and blankets 4. . . . 136 +30 +46 +41 3.9 3.5 Women's and misses' ready-to-wear 189 + 12 +15 + 17 2.7 2.6 154 169 138 413 352 352 C In o t a im ts a a te n d a p su p i a ts r e4l4 1 17 6 5 4 + + 2 1 0 7 + + 2 1 4 8 + + 2 9 0 3 2 . . 0 2 2 2 . . 9 4 Dresses 4 172 +3 +7 0 1.8 1.8 Blouses, skirts, and sportswear 4 158 +4 +6 +22 2.8 2.4 Girls' wear 4 123 + 19 + 17 + 18 3.5 3.5 Infants' wear 4 119 + 15 +17 +33 4.0 3.4 Men's and boys' wear 158 + 15 + 19 +31 4.5 4.0 155 173 135 698 593 521 Men's wear 4 134 + 14 +20 +32 4.2 3.7 Men's clothing 4 94 + 16 + 18 +38 4.3 3.6 Men's furnishings 4.. . 118 + 12 +21 +30 4.1 3.5 Boys' wear 4 115 + 17 + 18 5.4 4.9 +29 Homefurnishings. . 102 +18 +22 4.0 3.2 180 182 153 728 650 481 +51 Shoes.. . 123 + 17 +23 5.1 4.8 124 145 105 624 539 522 +22 NONMERCHANDISE—total4 174 +8 + 14 (4) (4) (4) Barber and beauty shop 4. . 72 — 5 -4 (4) (4) (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. 559. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.-—Based on reports from a group of large department stores located in various cities throughout the country. In 1949, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average=100j [In millions of dollars] Reported data Derived data 1 Without seasonal adjustment Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o n s ) f g R m ( e t o c f o o n e t r t i a h p l ) ts m o ( N o r t f o d o n e t e r w t a r h l s ) June 1 1 4 1 94 .. 9 .. . . 2 2 8 5 8 9June 1 1 3 0 950 . .3 2 0 6 2 1 Dec. 1 1 3 0 9 . . 4 . . 9 . .. . . . 5 4 4 4 2 9Dec. 1 2 9 9 . 5 . . . 0 . .. . . . 5 4 5 4 4 4 18.... .285 17 .302 17... . .584 16... ..638 1942 average... 179 599 263 182 192 25.... .247 24 .250 24.. .. .541 23... . .640 1943 average... 204 509 530 203 223 July 2 .238 July .263 31... ..197 30... ..237 1944 average... 227 535 560 226 236 9 .201 s'.'.'.'..218 1945 average... 255 563 729 256 269 16 .213 15 .265 1950 1951 1946 average... 318 715 909 344 327 23 .207 22.... .303 1947 average... 337 826 552 338 336 30 .209 29.... .295 Jan. 7... . .205Jan. 6.. ...285 1948 average... 352 912 465 366 345 Aug. 6.... .228Aug. 5.... .296 14... . . 233 13... ..305 1949 average... 333 861 350 330 331 13.... .218 12 .273 21... . .230 20.. .. .301 1950 average... 347 941 466 361 370 20 .252 19 .281 28... . .222 27.. .. .278 27.... .252 26.... .288 Feb. 4... ..22ft Feb. 3.. .. .234 1950—Mar 320 920 326 386 319 Sept. 3 .295Sept. 2.... .310 11... ..238 10.. ...273 Apr 319 926 271 325 270 10.... .273 9 .295 18... ..231 17... . .272 May... . 330 906 248 310 287 17 .315 16 .368 25... ..221 24... . .274 June... . 317 833 369 244 365 24 .292 23.... .322 Mar. 4.. .. .244Mar. 3 ..288 July.... 292 789 693 248 572 Oct. 1.... .302 30 .320 11.. ..,253 10... ..303 Aug 331 918 755 460 522 8.... .297Oct. 7 .325 18... ..264 17.. .. .292 Sept 370 1,029 702 481 428 15 .29C 14 .322 25... . .279 24. . ...304 Oct 361 1,169 593 501 392 22.... .296 21 .304 Apr. I... ..301 31... . . 258 Nov 403 1,203 442 437 286 29.... .298 28 .313 8... ..320 Apr. 7... . -292 Dec 616 957 412 370 340 Nov. 5.... .315 Nov. 4 .315 15... ..254 14... ..288 1951—Jan 337 994 658 374 620 12 .318 11 .342 22... . .279 21... . .281 Feb 286 1,094 656 386 384 19.... .342 18 .368 29... ..285 28... ..293 Mar P348 Pi,207 P463 P461 P268 26.... .330 25 .319 May 6... ..301 May 5. . . 13... ..308 12. . . P Preliminary. 20. .. . 275 19. 1 These figures are not estimates for all department stores in the 27. . .. 282 26. United States. Figures for sales, stocks, and outstanding orders are 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. MAY 1951 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 M 9 a 5 r 1 .! ! 1 F 9 e 5 b 1 .I ' i T m 1 h 9 o r 5 s e 1 . e 1 M 95 ar 1 .I 1 F 9 e 5 b 1 . | 1951 1 M 95 a 1 r. |1 F 9 e S b 1 . || | Three United States. Cleveland-cont. Chicago. +13\ +2, +22\ Dallas +9! +16 N B A N N W S P N B P D L B e o B p r o o l r L e e e o o w o o b r i s w r w w w o s w a d i v r a t t n t s c w o l g e a i o n n Y t g a e d l H e n r o n y B r t l f n s o k e p - o e n i . a t d e n e r A . o n w e 1 v , d l k c r r c d r n e e t f e e o n * a , r . d . . . , . . + 14 j R A R L N C G A W R W C W H P B E i y a i c o i o n h s r a a r i a t h c e l h h n l r l a d g n t e i s h u e t e f e s m c r e e s e i i h o e m n m b l v g m h t r r e . l i o l v o i u h . s s k b i n o b s l n o n i t n o r l u g t n l i o e r d g g o l - n a r t e d , e w S h n o g , l , . a n N n S i S l . . e 1 . . . C . . . m C . . . C . . . . . . . + + + + + + + + + + 2 1 1 o 1 1 1 1 1 0 8 3 4 5 7 5 4 8 1 ' \ J ; ; ; + + + + + + + + + + 4 — 1 2 1 2 1 1 1 1 ! 3 4 6 5 4 8 2 2 3 5 ; ; \ , ! ! i : ! ! + + + + + + + + + + + + + + 2 2 1 2 2 2 1 1 1 1 1 1 1 2 6 4 4 7 8 5 3 2 3 3 5 1 1 | J ! i J . .S F L T G G M L M P F D D F C I V n l a o e i o e r h r e e i a i t d . e n a r r n o r s l i t t d L t r i w e t c l n r s t r a e e i o n a M i o d i s W n a S n i g i u a o u H t R a g m o o B 1 i n R a k p . s i a o a i i . y e o n ! a . t u y c . n e h l e p . t k i e e s l s i . . 1 1 . d . . . . x K 1 . . . s . . . . . . . . . . . . . , v + + • + + + + + 1 + + 2 - 1 1 1 5 1 1 4 7 5 9 2 4 2 1 5 2 , ! 1 | | ! ' ''4 + + + + + + + + + + + - + + 4 2 2 3 2 2 3 2 1 2 1 1 9 6 0 5 0 0 2 8 6 7 8 3 2 5 \ 1 1 \ ] j 1 | | | | | + + + + + + + + + + + + + + + + 2 2 1 2 5 3 2 2 3 2 2 1 1 1 1 1 5 1 1 2 0 8 9 2 6 9 1 5 5 2 9 8 \ S E O T F L L S P B S F H C D a l B r a o h u o h o a a n o o a e n s o n c k r r k e l r u P s t e l s g e p e l r n s A A a a v o a r n k u t W s o s s n n e o n B i n s e F o f x p d i n 1 g i l t o e r e e o o C e x a a a r l 1 y r l n d t c n h . n e t h 1 h i . c s r d o l i i . . l s s . . . 1 . . . c t . . ! o . . , . . . . . . . P P P P + + + + + + + + 1 + + + + + + 2 2 1 1 1 1 9 9 1 9 4 4 9 9 4 7 3 4 5 4 | ! ! + + + + + + + + + + + + + + 2 2 1 1 1 1 1 1 1 1 4 3 6 4 7 5 3 8 2 2 5 O 8 4 ; | ! 1 ! ; i ; + + + + + + + + + + + + + + + 2 2 2 2 2 1 1 1 1 1 1 1 9 6 0 1 9 8 8 1 9 5 8 1 3 8 7 S E N N P R B B c o l o u i e i m n h a u w c f g g f e g h i a r a n h h e Y a l r e a s k o a o t m c 1 e e r . t e F k r t a p o a d 1 C s n l y i l i e . s t . . y . . . . + 4- 3 7 9 .S | I A M M C H B R t i h l o u o o r a ' a n m b n l n n s t i t i i l ' t g o e n t n a o o k g g m e n h t . o a e W n m ry . V 1 1 . . a . . . P+ + + + + 1 2 2 1 7 1 6 0 5 \ 9 J J | + + + + + + 2 2 1 1 9 9 9 9 9 O 5 ] j ; | ; j + + + + + + 3 2 1 1 1 9 7 1 8 6 5 Q S S S L M E p t t o u v . . e r u i a i m L n L i n n s c o g o p v s y u f u h i v i i l i i e s l s s i l e l d A 1 l 1 e . r . . e . . a .. . . . + + + + + + 1 1 1 2 8 3 0 2 3 1 + + + + + 2 1 2 1 4 2 2 1 0 + + + + + + + 2 2 1 1 1 1 1 6 7 4 7 4 4 8 S S S S S S R S a a a t a a i o n n n a v n c c n r e ta k J a F D r o s m B t r i o i R s a e d e e e n n g o r e n c l o n s t a i a a o s l n . r c 1 1 d d . o . . i . . n . 1 . . o . . + + + + + + 1 1 1 1 1 1 2 2 1 6 7 8 + + + + + + 1 1 1 1 1 9 7 3 1 4 3 + + + + + + + 2 2 2 1 1 1 1 2 2 1 5 9 5 9 Syracuse x Jacksonville 1... + | +9| + 17 Vallejo and 1 ' P T L W Y U R P h h a r e o t i i e i n i a r l l c l n k k a c d a a t e a i d d o i n s s e e n - g t l l B e p p * r * a h h . r * i i . r a a e . . . * * . . . . . r+ + + + + l 2 1 1 1 7 1 6 7 8 \ \ , O T A S M M A C R t a o o r u t . a i l l m m l g a a c a u P u m n o n p e m e s n d t a i a t t o b 2 a e l 1 u i r s sburg.. P + + + + + + + + + 2 2 5 3 2 4 4 1 1 8 7 1 4 1 6 3 1 5 ! | m + + + + + i 1 1 1 ; t 8 4 5 i i ; ! i ; + + + + + + + + + 2 3 3 2 2 3 1 1 1 2 7 6 6 3 3 4 7 9M K S P D D M a S i t u e u n . n i u e n n l n s P p b u v n a e e l a t e e s o a h r u r a p i - l o p o C r o i l i i l x s t i y . s . 1.. . . . . . + + + + 1 1 1 3 3 1 6 1 \ + + + + + i 1 1 1 o 3 5 2 9 | + + + + + + + 2 1 2 1 2 1 1 5 4 6 1 9 3 S S P S B E B N N e a o p o v e l a r i o l a e t a s l t t k p i e t r l L m n l a e a a e a g a n t n p n k h i t d i e 1 a e d a l m . C . . 1 i . t . y . . . » . . . P P + + + - + + + 3 3 3 1 1 6 7 0 1 5 8 + + + + + + + + 2 2 2 1 1 1 1 1 2 1 1 7 9 4 4 3 + + + + + + + + 2 2 2 2 2 3 2 1 4 4 2 6 5 0 9 8 C A le k v ro e n la l nd S B a a v to a n n n R ah ouge 1.. + + 4 6 3! ! H -1 -1 0 3 ; ; + + 2 8 1 T H o u p t e c k h a inson.... + + 1 1 3 9 + ( 2 ) 6 + + 2 2 0 8 T Y a a c k o i m m a a 1 1 P+ + 10 7 + + 2 1 3 9 + + 2 2 5 7 Canton x New Orleans 1.. +3! -3| +5 Wichita +31 +32 +38 C Cl i e n v c e in la n n a d ti x i J M ac e k ri s d o i n a n i + + 1 1 0 7 ! + -1 4 ! + + 1 8 1 J K o a p n li s n as City.... + + 2 1 6 7 + 13 + + 2 3 2 4 Columbus! Bristol + 12 +4 + 12 St. Joseph + 12 +24 Springfield 1.... Chattanooga *.. + 18 + 16! +20 Omaha +8 +20 Toledo1 Knoxville 1 +9 + 11, + + 15 Oklahoma City. +3 +9 Youngstown l. . Nashville1 +7 -2-2 +9 Tulsa + 10 +9 + 19 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city ia located. 8 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] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e i c g t e r r i a c t i i t o y 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 i 171.9 204.5 187.7 131.1 140.6 190.2 156 5 1950—Januaryx 168.2 196.0 185.0 1^9.4 140 0 184 7 155 1 February 167.9 194.9 184.9 129.7 140.1 185 2 155 1 March 168.4 196.6 185.1 129.8 140.3 185.3 155.0 April 168.5 197.3 184.9 130.1 140.3 185.4 154.7 Mav . . .. 169.3 199.8 184.7 130.6 138 8 185 0 155 1 June 170.2 203.1 184.6 130.9 139.1 184.8 154.6 julv 172 0 208.2 184.5 131 3 139 4 186 1 1SS 2 August 173 4 209.9 185.7 131.6 140 2 189 1 156 8 September 174.6 210.0 189.8 131.8 141.2 194.2 157.8 October 175.6 I 210.6 193.0 132.0 142.0 198.7 158.3 November 176 4 1| 710.8 194.3 132.5 142 5 201 1 159 2 December 178.8 216.3 195.5 132.9 142.8 203.2 160.6 1951—Tanuary 181.5 221.9 198.5 133.2 143.3 207.4 162.1 February 183.8 226.0 202.0 134.0 143.9 209 7 163 2 March 184.5 226.2 203.1 134.7 144.2 210.7 164.3 1 Adjusted series, beginning January 1950, reflecting allowances for rents of new housing units and interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 562 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 Manu- ~- -nonth, or week m c t A o o ie m l d s l i - - F p u r a c o r t m d 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 1 i r 3 i - e li m g F r a i a h u n a t t d e l e i s l n - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p u l l h r s l c o e i a e t d m s n d - i d - H g n f o o i i u n u s o r g h s d - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 ...1 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 09 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 Q 69 8 65 6 77 0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65 9 51 4 60 5 71 2 80.9 64 8 66 3 79 8 77 0 72 1 75 8 62 5 56 5 70 5 1934 74 9 65 3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81 5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 8f'.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 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 8? 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 3 74 8 70 2 80 4 1940 78 6 67 7 71 3 83.0 100 8 7^? 8 71 7 95 8 94 8 77 0 8? 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 04 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 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—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 152.9 159.3 155.3 146.4 179.4 136,4 131.2 168.7 194.8 117.1 145.8V 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 Tune 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 Tuly 162 9 176 0 171 4 151.5 187.2 14? 6 133.4 172.4 207 3 118 1 148 7 119 0 175 8 158 0 August . . . 166 4 177 6 174 6 155.5 195.6 140 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 15C.2 127.4 181.8 164.0 October. 169.1 177.8 172.5 161.5 208.5 163 1 135.4 178.6 218.9 132.2 161 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 16f .9 137.6 184.5 165.1 December 175.3 187.4 179.0 166.6 218.8 171.2 135.6 184.8 221.4 139.6 16?.9 140.5 187.1 168.9 1951—Tanuary 180.1 194.2 '182.2 170.3 234.8 '178.2 136.4 '187.5 '226.1 '144.5 174L7 142.4 192.6 173.1 February , . 183.6 202.6 '187.6 171.8 '238.1 '180.8 138.1 '188.1 228.1 '147.3 175.3 142.7 '108.9 '175.4 March 184 0 203 8 186 6 172 4 236.4 183.1 138.6 188.8 228 5 146 4 17? 7 142 5 199 4 175 8 Week Ending:1 1951—Mar. 6 183 5 202 3 188 9 171 8 18? 8 138.6 190.7 226.9 148 7 Mar. 13 183.4 203.3 187.8 171.7 185 1 139.0 189.3 227.7 146.9 Mar. 20 183 9 204 6 187 9 172 1 185 1 139.0 189.3 227 7 145 6 Mar 27 183 9 203 8 187 3 172 3 185 1 139 0 189 3 227 5 145 5 A or 3 183 3 201 8 186 1 172.1 184 5 139.0 189.8 227.5 145 3 Apr. 10 183.0 201.3 185.7 171.9 184.3 138.9 189.9 227.6 144.8 Apr 17 183 1 201 2 186 8 171 8 184 1 138.9 189 6 227 5 144 5 Apr. 24... ..... 183.6 202.4 188.0 171.7 183.9 138.3 189.6 227.5 144.0 1950 1951 1950 1951 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan Feb. Mar. Farm Products: Metals and Metal Products: Grains . . . . 165.4 180 9 186 6 192.0 188.0 Agricultural mach. & eemin.. . 143 1 154 6 '156 '158.5 158.9 Livestock atid poultry 180.3 204.9 222.2 238.2 241.2 Farm nlachinerjT 145.6 157.1 158 4 '161.C 161.0 Other farm products . ... 144.2 177 A 178.2 182.8 184.3 Iron and steel.. 169.0 182.1 '185 7 '185.7 185.5 Motor vehicles. 175 1 178.4 178 8 '179.C 184.1 Dairy products.. . . 144.8 164.4 171.5 173.0 170.3 Nonfenous metils 127.2 182.5 187 9 191.1 183.5 Cereal products 145 C 157 7 '163 0 166.3 164.5 Plumbing and heating.. 151.9 183.6 183 7 183.7 183.7 Fruits and vegetables 134.5 138.0 136.1 142.4 139.9 Building Mijterials: Meats, poultry and fish. . . 200. f 233. 7 242.7 255.2 254.5 Brick and tile. . 163.3 179.9 M80 7 '180.8 180.8 Other foods 129 8 161 5 157 7 159 0 160 0 Cement 134 9 141 ? 147 147 1 147 1 Hides and Leather Products: Lumbei 295.9 348.4 356 8 359.8 361.2 Sho^s 184.3 209 4 '219 4 »224.4 222.2 Paint and paint materials.... 138 2 154 9 162 1 164 C 164 4 Hides and skins 190.4 277.5 '318.2 317.8 313.0 Plumbing and heating. 151.9 183.6 183 7 183.7 183.7 Leather 177.9 213.8 224.8 229.1 229.7 Structural steel 191.6 204 3 204 3 204.3 204 3 Other leather products.... 143.1 173 .9 188.0 188.0 188.2 Other tuilding rnaterials 172.2 193.8 195 8 198.2 198.2 Textile Products: Chemicals and Allied Products: a; Clothing 143 5 155.4 161.6 163.9 163.9 Chemicals 115.4 136.1 138 1 139. C) 138.2 Cotton goods. 176.5 236.1 '239.2 240.5 239.9 Drugs iind Pharmaceuticals. . 121.9 175.1 '184 4 '185.: 185.1 PTosiery and underwear.... 98.0 113 7 115 2 '113 8 113 8 Fertilizpr materials 117 3 115 6 '118 1 118 1 118 1 Silk 40 t 75 0 '86.1 '90.8 90.8 Mixed fertilizers 103.5 107.4 '108.9 '108/> 108.9 RPVOP and nvlon 30 9 43 0 4 3 1 43 1 43 1 Oils and fats. . 125 6 180 9 200 4- 217 :5 214 6 •*' Woolen and won»ted goods. 146.3 195.3 217.4 225.5 230 7Housefurnis king Goods: Other textile prodii 229.6 238.1 243.8 246.1 Furnishings 152.2 180.2 186.2 '186.f> 193.4 Fuel avd I izhting Mater F jrriiture . .. 138 6 150 2 162 163 () 163 0 Anthracite . . 141 9 145.7 145.8 156.5 156.1 MtSc -'Uaneous: Bituminous coal.. . , 198.5 103.2 193.2 197.5 197.3 Auto tires and tubes 64 3 82 5 82 8 82.?I 82.8 Coke 224.7 232.7 232.8 234.1 234.5 Cattle feed 193.7 224 A 226.3 229. () 236.5 Fleetricity 67 01 65 7 65.7 . Paper and miln 155.5 189 0 196 5 196 .^ 196 3 Gas 88.3 00.2 90.0 92.2 Rubber crude 41 3 146.1 148.4 147.:5 145.4 Petroleum products....... 108 6 118.0 119.4 119.4 120.3 Other nliscellantous.... V-0.4 136.6 137.1 137. (5 136.8 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures,—Bureau of Labor Statistics, Department of Labor. MAY 1951 563 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 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 1 2 3 4 1 Gross national product. 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 279.8 263.3 271.6 283.9 300.3 313.9 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 12.2 14.8 17.4 18.8 20.8 19.7 20.5 21.3 21.7 22.2 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 23.7 22.0 23.2 25.3 24.3 26.1 S B t u a s t i i n s e ti s c s a l t ra d n is s c f r e e r pa p n a c y y ments — 6 l 1 2 7 1 5 4 1 5 6 1.7 6 .3 7 -2.9 7 -1.9 7r — 1 7 9 4 1 7 — 1 7 3 —7 7 6 —2 7 7 n a 7 Plus: Subsidies less current surplus of government enterprises -.1 (l) 5 1 9 — l 0 1 2 5 _ 3 _ j _ i Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 '236.6 216.9 229.1 244.0 256.2 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 '35.9 28.1 35.0 38.1 42.2 n.a. Contributions for social insurance. . .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 6.8 6.7 6.8 6.9 7.2 8.1 Excess of wage accruals over disbursements 0 0 0 0 0 0 0 .0 0 0 0 0 o 0 Plus* Government transfer payments .9 1.5 2.5 2 6 10.9 11.1 10.6 11.6 14.3 20 9 14 2 11 2 11 2 11 5 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 4.8 4.8 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.5 7.8 9.4 8.1 8.2 9.3 11.5 9.3 Business transfer pavments .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 Ml .1 191.0 209.5 206.1 223.2 216.4 215.1 224.9 234 9 241 6 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 18.8 21.5 21.2 18.7 20.5 19.0 19.5 20.3 23.3 26.7 Federal 1.3 5 1 2 2 0 17.2 19.6 19.0 16.2 17.8 16 3 16 8 17 5 20 4 23 8 State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.2 2.5 2.8 2.7 2.7 2.8 2 8 2 9 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 158.9 169.5 188.4 187.4 202.7 197.4 195.6 204.6 211.6 214.9 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 190.8 182.6 185.8 198.9 195.8 204.8 Equals: Personal savin** 3.7 -1.2 2.7 9.8 12.0 3.9 10.9 8.6 11.9 14.8 9.8 5.7 15.8 10.1 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 1 National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 236.6 216.9 229.1 244.0 256.2 n.a. C9mpensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 152.2 142.3 147.9 155.3 162 170.2 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 134.2 144.9 135.2 140.6 147.8 155 162.1 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.7 122.6 114.3 119.5 125.3 130 135.5 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.3 n.a. 4.5 4.5 n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14 16.1 n.a. 16.4 16.6 n.a. n.a. Supplements to wages and salaries. .6 .5 2.1 2.6 5.9 5.9 5 6.4 7.3 7.1 7.3 7.4 8.1 Proprietors' and rental income 3. 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.7 43.6 41.5 41.2 45.5 48.0 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 23.2 21 22.3 24.6 25.8 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.4 13.1 12.8 11.7 13.5 14.8 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.3 7.4 7.3 7.1 7.4 7.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 '35.9 28.1 35.0 38.1 42.2 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.5 30.5 33.9 27.6 '41.0 29.2 37.4 46.4 50.8 n.a. Corporate profits tax liability. . 1.4 .5 1.5 7.8 9.6 11.9 13.0 10.6 '22.8 13.2 16.5 20.6 22.3 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 13.9 18.5 20.9 17.0 '18.2 16.0 20.9 25.8 28.5 n.a. Inventory valuation adjustment. . .5 -2.1 -.7 -2.6 -5.2 -5.8 -2.0 2.2 -5.1 -1.0 -2.4 -8.3 -8.5 -9.3 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.1 4.7 5.0 5.0 5.0 5.0 5.1 5.2 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1939-49, see Survey of Current Business, July 1950. For a discussion of the revisions, together with annual data for the period 1929-38, see also pp. 1105-1114 of the BULLETIN for September, 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since been revised. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d ju q s u t a e r d t e a rs nnual rates 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 1 2 3 4 1 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 279.8 263.3 271.6 283.9 300.3 313.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 190.8 182.6 185.8 198.9 195.8 204.8 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.8 29.2 26.4 26.5 34.0 30.0 31.6 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.5 101.6 97.9 99.9 104.5 104 3 110 7 Services 31.7 20.6 25.5 28.5 44.5 49.1 53.7 56.4 59.9 58.3 59.5 60.4 61.5 62.6 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 43.1 33.0 49.4 41.8 47.7 47.8 60.2 59.0 New construction l 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.3 21.8 20.0 21.5 23.0 22.9 23.5 Producers' durable equipment 6 4 1 8 4.6 7.7 12 3 17.1 19 9 19.5 23.4 19.5 21 8 26 3 26 1 27 6 Change in business inventories.... 1.6 -1.6 .4 3.9 6.1 -.8 5.5 -3.7 4.1 2.3 4.4 -1.5 11.2 7.9 Net foreign investment 8 2 9 1 1 4 6 8 9 1 9 .4 -2.5 -1.7 -1 7 -3 3 -3 4 -2 6 Government purchases of $*oods and services 8.5 8.0 13.1 24.7 30.9 28.6 36.6 43.3 42.1 40.5 39.9 40.4 47.6 52.6 Federal 1 3 2 0 5 2 16 9 20 9 15 8 21 0 25.3 22.7 21.8 21 1 20 9 26 9 32 0 W No a n r war } 1.3 2.0 3 1 .3 9 1 3 3 .8 2 2 2 1 .2 5 } 17-1 21.5 25.7 22.9 22.1 21.4 21.1 27.1 32.2 Less: Government sales 2 (*) (3) (3) (3) 2.7 1 1.3 .5 .4 .2 .3 .3 .2 .2 .2 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.0 19.4 18.7 18.8 19.5 20.8 20.7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s t n s a - e t l s - d p m i C u n ro o g s o d d t m r i u i i n t e c - y - s - D i u n i t s r t d i i t u e v ri s s e b - - S i e n t r r d v i u e ic s s e - m G er o e n v n - - t b c p i s u n o a l o f o t n s n o c i y u c o t i r r a e e r n i - l e - s in O l c a t o b h m o e r r e6 i p n r r e c a i o n e n m t t d o a e l rs 6 ' i i n n s p t a c o e e n o n r r d m a e - l s e t m T p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m a n u l - e l- 8 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—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 240.9 156.7 160.2 71.1 43.2 19.9 26.0 3.5 3.5 49.3 19.0 12.4 220.9 February 241.3 158.7 162.1 72.0 43.7 19.8 26.6 3.4 3.5 47.7 19.3 12.1 222.4 March? 242.5 160.4 164.0 72.6 44.1 20.0 27.3 3.6 3.5 47.1 19.5 12.0 223.8 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. * 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. MAY 1951 565 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 d ta m i l t er i c T m n r s o e e t t d n a a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans l no c T n m 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 n s - 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 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 59Q 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. 20,098 13,460 7,905 4,126 3.779 5,555 6,638 1,332 4,239 1 .067 1950—February 16,159 10.884 6,213 3,256 2,957 4,671 5,275 1,034 3,233 1,008 March 16,338 11,077 6,334 3,355 2,979 4,743 5,261 1,045 3,211 1,005 April 16,639 11,322 6,511 3,470 3,041 4,811 5,317 1,067 3,241 1,009 May 17,077 11,667 6,733 3,600 3,133 4,934 5,410 1,092 3,290 1,028 June 17,651 12,105 6,995 3,790 3,205 5,110 5,546 1,116 3,392 1,038 July 18,295 12,598 7,343 3,994 3,349 5,255 5,697 1,133 3,527 L,037 August 18,842 13,009 7,613 4,107 3,506 5,396 5,833 1,157 3,636 1,040 September 19,329 13,344 7,858 4,213 3,645 5,486 5,985 1,197 3,741 1,047 October 19,398 13,389 7,879 4,227 3,652 5,510 6,009 1,250 3,703 L.056 November 19,405 13,306 7,805 4,175 3,630 5,501 6,099 1,298 3,739 1,062 December 20,098 13,460 7,905 4,126 3,779 5,555 6,638 1,332 4,239 L.067 1951—January 19,942 13,257 7,699 4,056 3,643 5,558 6,685 1,352 4,248 L.085 February? 19,536 13,075 7,524 3,990 3,534 5,551 6,461 1,369 4,010 1,082 March?, 19,375 12,980 7,379 3.942 3,437 5,601 6,395 1,373 3,938 1,084 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 1 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 - l l p S c l a m o o n m a a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n t l 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 l i r n o z o e a s a a p d u n t n i a e d r s o e i r r n n d 8 - b m C a e n o r k m c 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 t n r d i k u a s l s - * p I a c n t l o n r o d i m i a u a e n l s s - - * u C n r i e o d n i s t 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 1950 5,555 2,431 1,084 291 203 525 157 864 3,875 1,946 481 358 894 1950—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 December. .. 5,555 2,431 1,084 291 203 525 157 864 289 234 37 29 72 L951—January.... 5,558 2,438 1,090 289 202 518 158 863 326 162 39 28 67 February?. . 5,551 2,441 1,094 286 202 515 158 855 296 158 35 27 64 March? 5,601 2,476 1,111 286 203 517 160 848 367 207 43 33 79 ? 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 March amounted to 103 million dollars, and other loans made during March were 13 million. 8 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. • Includes only loans insured by Federal Housing Administration. 566 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] r 1Depart- Automobile > Other Repair Per- E y m e nd o ar nth o o f r in e g m T x o o c b t l a a i u u l l , d e t - o- h s o m m o t q r a o f e u d i, i ] r s nt e l e r - e s s F s u to r r n e i s - H o > ~ h o " > - o u i ~ f l f s d 'S e y - \- J s e t w o e r l es ry s r o t e t A o t h l a r l er e il s Year or month c P ha u s r- e r d ett I ial il Direct ! j d p e i a t u t r i n la d r e - i ct l , J I j e l r o t n a m i i d n o o u z s d 1 - 2 a- i l s m c n o o a e s a n t s n h n t a a s l l- Outstanding at end of 1,525 377 536 273 93 246 period: 1,721 439 599 3«)J 110 271 1948 3,563 570 736 751 636 870 1,802 ! 466 619 313 120 284 1949 4,416 854 915 922 781 944 1,135 252 440 188 76 179 1950... 5,645 1,143 1,223 1,267 905 1,107 2 3 3 1 1 , , , , , 5 0 7 9 1 6 7 7 6 9 7 3 0 9 0 1 7 6 9 5 4 1 7 5 i 1 1, , 2 3 6 0 8 1 1 1 4 3 5 1 7 7 8 9 5 0 7 0 4 2 3 8 1, 2 0 2 2 3 9 5 7 9 8 2 9 8 3 8 5 9 3 9 6 6 5 7 0 2 3 5 1 7 8 4 0 5 5 1 7 1 7 9 0 0 1 8 8 1 1 1 1 5 5 5 8 5 4 6 7 6 7 9 2 4 3 754 3 4 4 1 1 1 1 0 0 8 1 1 0 7 5 4 8 1 3 9 4 1950—F J A J A S M M e u u p e u a a l b y n r y p g e r i r l t u ch u e st m ar b y er... , . 4 4 4 4 5 5 5 5 , , , , , , , , 2 5 8 6 4 4 0 6 9 9 6 8 9 9 8 8 1 5 5 2 3 4 4 8 1 1 1 1 , , , , 1 1 0 9 9 9 1 8 2 9 4 7 5 5 1 8 3 7 0 0 2 2 3 8 1 1 1 1 1 , , , , , 2 2 0 1 0 9 9 9 5 1 9 3 5 9 3 6 1 7 6 5 8 2 5 4 1 1 1 1 1 , , , , , 9 9 9 2 1 1 0 0 8 4 6 5 1 7 2 6 3 1 6 8 2 8 8 4 8 8 8 8 8 7 7 7 9 5 3 7 0 8 7 8 1 1 4 2 4 3 4 0 1 1 1 1 1 , , , , , 9 9 9 0 0 1 0 0 6 4 8 8 0 0 6 4 9 7 0 3 3 8 0 0 October 5,726 1.180 1,254 1,282 905 1,105 2 2 , , 9 9 5 7 7 9 9 9 5 6 8 0 8 8 9 9 9 1 4 5 9 0 2 2 6 6 1 18 6 N De o c v e e m m b b e e r. r .. . . . 5 5 , , 6 6 6 4 1 5 1 1, . 1 1 4 5 3 9 1 1, , 2 2 3 23 -1 1 1 , ,2 2 6 6 1 7 9 90 0 5 7 1 1 , , 1 1 0 0 7 0 3,041 979 913 518 631 1951—January 5,610 1,116 1,219 1,268 890 1,117 3,133 L ,011 935 537 650 February? 5,530 1,096 1,222 1,217 877 1,118 3,205 L,032 947 561 665 March? 5,519 1,079 1,232 1.193 874 1,141 3,349 L.081 976 597 695 3,506 L ,123 998 658 727 Volume extended dur- 3,645 L,159 1,028 702 756 ing month: 3,652 1,170 1,019 705 758 1950—February 542 117 124 118 49 134 3,630 1,172 1,003 702 753 March 646 142 151 139 42 172 3,779 L.245 1,029 711 794 April 607 130 141 129 52 155 M ay 721 148 164 163 74 172 June 768 165 184 154 82 183 3,643 1,201 982 698 762 July 789 174 191 167 80 177 3,534 1,162 956 680 736 August 799 157 190 187 82 183 3,437 1,141 925 658 713 September... , 782 152 174 211 75 170 October 647 123 132 166 71 155 November.. . 517 91 101 124 55 146 December. . . 562 94 117 141 48 162 1951—January 606 98 137 147 47 177 February?.... 536 93 132 117 41 153 March? 637 108 160 123 52 194 I CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT C O N S U M ER I N S T A L M E NT C R E D I TS OF I N D U S T R I AL [Estimates. In millions of dollars] L O AN C O M P A N I E S, BY T Y PE OF C R E D IT [Estimates. In millions of dollars] Retail nstal- Repair Personal ment paper 2 and instal- Retail instal- Repair Personal Year or month Total modern- ment ment paper 2 and instalm A o u b t i o- le Other l i o z a a n t s i * on 2 l c o a a sh ns Year or month Total m A o u b t i o- le Other l m i o z o a a d n t s e io r n i2 n- l m c o a e a s n h n t s Outstanding at end Outstanding at end of period: of period: 1948 286.2 66.6 43.4 51.7 124.5 1948 177.1 38.3 23.7 5.0 110.1 1949 343.2 93.6 63.1 55.4 131.1 1949 194.7 43.5 31.4 6.5 113.3 1950 391.0 118.5 79.7 54.9 137.9 1950 226.9 57.9 41.1 7.3 120.6 1950—February.. 347.4 98.6 65.2 54.2 129 A 1950—February.1. 9.3.7 44.6 30.8 6.6 111.7 March.... 350.5 100.4 66.9 53.0 130.2 March 196.2 46.1 31.0 6.5 112.6 April 355.0 102.6 68.9 52.8 130.7 April 198.7 47.5 31.6 6.4 113.2 J A S O D J N M u u e c u e o a l y p n y t g c v e o t e u e e b m s m m e t. b b r b e e . e . r . . r . r . . . 3 3 3 3 3 3 3 3 8 9 9 8 9 7 9 6 0 5 2 9 6 1 1 1 . . . . . . . . 9 4 6 8 4 8 0 0 1 1 1 1 1 1 1 1 0 1 2 1 1 2 1 2 5 5 1 1 9 1 8 0 . . . . . . . . 6 8 9 9 5 5 6 4 8 7 7 7 7 7 7 7 0 0 1 6 9 9 9 3 . , . . . . . . 3 2 7 9 3 9 7 4 5 5 5 5 5 5 5 5 3 6 4 5 5 6 4 4 . . . . . . . . 1 5 2 5 1 7 9 9 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 9 8 2 6 6 3 7 7 . . . . . . . . 1 7 3 7 0 7 0 9 S J A O D M N T u e c e u u o ay l p y t n c v g e t o e e u e b m m s m er b t b b . e e e . r r r . . . . . . . . 2 2 2 2 2 2 2 2 1 0 0 1 2 2 2 2 4 8 2 9 3 3 6 4 . . . . . , . . 3 7 8 9 8 3 9 0 4 5 5 5 5 5 5 5 9 5 7 2 7 4 7 7 . . . . . . . . 5 3 2 9 4 8 3 9 3 3 3 3 4 4 4 4 9 5 2 4 1 1 1 0 . . . . . . . . 2 7 1 3 9 7 1 9 o 6 7 7 7 7 7 7 . . . . . . . . 7 9 3 2 3 4 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 3 5 8 6 7 0 7 7 . . . . . . . . 2 1 4 5 6 8 6 9- 1951—J F M a e a n b r u r c a h u r a P y r . . . y .. ? . . 3 3 3 8 8 8 2 6 2. . . 5 5 9 1 1 1 1 1 1 7 6 6 . . . 2 9 4 7 7 7 8 7 6 . . . 4 4 4 5 5 5 3 2 2 . . . 6 4 0 1 1 1 3 3 3 7 5 7. . . 7 7 8 1951— F M e a J b r a r ch u n a P u . ry a . . r P .. . y..2 2 2 . 2 2 2 .5 6 4 . . . 2 6 7 5 5 5 6 7 6 . . . 0 8 8 4 4 4 0 0 0 . . . 2 8 5 7 7 7 . . . 2 0 0 1 1 1 2 2 2 0. 0 1 . . 7 7 & Volume extended Volume extended d 1 u 9 r 5 i 0 ng — F J A S D A O J N M M m e u e u p u c e o a a b o l y p r y n t g c v e r r i n t o l u e e c u e t b m s m h a m h e : t. b . r b r b e . y e . e . . r . . . r . . . r . . . 4 5 4 4 5 4 3 4 4 5 4 3 0 3 7 7 2 0 1 7 8 0 . . . . . . . . . . . 1 5 5 2 2 7 1 3 3 9 3 1 1 1 1 1 1 1 1 1 8 9 1 6 3 5 3 2 5 2 3 . . . . . . . . . . . 2 3 7 5 4 7 7 6 9 7 1 1 1 9 9 8 9 8 8 8 7 7 0 1 . . . . . . . . . . . 5 0 6 6 7 9 6 6 8 0 9 3 3 4 3 3 3 2 2 4 4 2 . . . . . . . . . . . 9 9 9 0 0 7 1 2 5 6 3 2 2 2 2 2 2 1 1 1 1 1 7 1 1 2 1 2 0 8 8 7 9 . . . . . . . . . . 2 2 5 6 2 6 6 7 1 9 A d 1 u 9 ri 5 ng 0 — A J A S D O M N M F m u e p e c u o u a a F o l y p r y t c n v g r e i n t l o e e e u c e h t b m m b s m h e : b t b r b r . e e e . u . r r . r a .. . . . . . . . . ry.. 3 2 3 3 3 3 2 2 3 2 3 . 4 3 9 5 9 2 5 1 5 7 0 . . . . . . . . . . . 1 2 8 5 3 2 8 4 4 4 4 9 5 6 8 8 6 6 6 7 7 7 . . . . . . . . . . . 1 1 1 9 8 6 9 3 5 3 9 3 3 4 5 4 3 4 6 3 5 7 . . . . . . . , . . . 5 9 7 9 8 0 9 8 0 3 3 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 5 3 5 3 5 4 4 3 4 5 4 2 1 1 1 1 1 1 1 1 1 1 0 7 9 9 7 9 8 6 8 9 9 . . . . . . . . . . . 2 7 6 9 1 5 0 6 9 0 9 1951—J F M a e a n b r u r c a u h r a ? y r . . y . . . . ?. 3 4 4 8 2 6 . . . 3 2 8 1 1 1 0 0 2 . . . 6 8 4 8 8 7 . . . 2 2 5 3 2 2 . . . 0 5 3 2 2 1 2 0 8 . . 9 0 .9 1951—J F M a e a n b r u r c a u h r a ? y ry .. ? . . . . 2 2 3 9 7 4 . . . 1 7 1 6 6 7 . . . 8 4 3 4 3 4 . . . 3 8 9 0 0 0 . . . 3 3 4 2 1 1 1 7 7 . . 7 2 .5 p Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. MAY 1951 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts from preceding month of preceding month year Year or month Depart- Furni- h H ol o d u a se p - - Depart- 1 M 95 a 1 r. ? F 19 e 5 b 1 . 1 J 9 a 5 n 1 . 1 M 95 a 1 r. ? F 19 e 5 b 1 . 1 J 9 a 5 n 1 . s m to e r n e t s s t to u r r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: 1950 Total . .. +8 -8 -31 +2 + 11 +25 February 17 10 11 47 C Ca re s d h i t s a s l a e l s es: +1 -13 -33 +6 +18 +37 A M p a r r i c l h 1 1 7 9 1 1 0 1 1 1 2 1 5 5 3 0 Instalment +11 -3 -37 -7 -1 '+11 May 18 10 12 52 Charge account +6 -14 -18 +25 +36 +57 J J u u n ly e 1 1 7 7 1 1 0 1 1 1 0 1 4 5 9 1 Accounts receivable, end August 18 11 11 50 of month: September 18 11 10 51 Total _2 -3 -4 +7 + 13 + 14 October 18 11 11 51 Instalment -2 -2 -5 +4 +7 +8 N D o ec v e e m m b b e e r r 1 1 8 7 10 1 1 0 0 4 5 9 1 11 Collections during month: 1951 Total +5 -10 +7 + 14 + 17 + 19 January 19 10 12 50 Instalment +9 Q +1 +6 +7 +11 F M e a b r r c u h a P ry 2 1 0 7 1 1 0 1 1 1 1 2 4 5 6 1 Inventories, end of month, at retail value . +7 +4 +3 +36 +37 +39 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. * Revised. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year or month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a th ble Collec m tio o n n s t h during Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t C sa a l s e h s I m n sa s e l t e n a s t l- a C c s h c a a o le r u g s n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 200 212 165 196 200 224 51 8 41 1950 220 213 246 223 233 210 250 237 48 10 42 1950—February 156 152 184 154 207 191 222 241 48 11 41 March 203 199 ••231 202 209 185 250 230 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 1951—January 212 195 233 228 269 269 318 354 45 10 45 February 179 167 211 187 262 236 289 279 46 10 44 March? 220 210 234 228 255 227 317 270 48 9 43 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 559. 568 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 1951 Chart Chart book book page Mar. Apr. Apr. Apr. Apr. page Mar. Apr. Apr. Apr. Apr. 25 i 28 18 25 i WEEKLY FIGURES 2 In billions of dollars WEEKLY FIGURES *—Cont. In unit indicated RESERVE BANK CREDIT, ETC. Reserve Bank credit, total 23.85 23.81 23.90 24.23 23.79 MONEY RATES, ETC.—Cont. U. S. Govt. securities, total. 22.61 22.91 23.09 23.09 22.94 Bills 1.60 1.63 1.60 1.56 1.42 Stock prices (1935-39=100): G M T M r o o e e l m n d a N e s B b s u y o o e t r o r n t y i e c n d b s k c s a c a a i n s r n k h c d u r a c l e n a e s t d e r i 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 2 2 4 3 2 2 1 1 6 2 1 7 9 4 . . . . . . 0 3 8 0 0 9 3 5 6 2 4 7 2 2 1 1 6 2 7 1 5 9 . . . . . . 2 0 1 8 0 1 9 2 4 1 0 4 2 2 1 1 6 7 1 1 4 9 . . . . . . 5 7 1 8 9 5 0 7 1 0 9 3 2 2 1 1 6 1 7 1 4 9 . . . . . . 5 9 8 1 6 9 4 1 1 6 7 8 2 2 1 1 6 7 1 1 4 9 . . . . . . 9 5 1 8 9 1 7 7 2 1 5 8 Vo T R P I l n u u o a d m b t il u a l r e i l s o c t o a r u d i f 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 1 1 1 1 1 . 1 3 8 4 6 0 3 2 4 8 1 1 1 1 1 .3 4 1 6 8 9 7 0 9 3 1 1 . 1 1 1 5 4 1 8 7 6 7 0 6 1 1 1 1 . 1 1 4 5 1 9 7 5 2 1 1 6 1 1 1 1 . 1 4 8 1 6 7 9 9 0 4 3 N Ch ew ic a Y go o rk City 5 5 5 1 . . 2 3 2 0 5 1 . .2 2 0 1 5 1 . . 3 2 5 8 5 1 . . 4 2 5 5 5 1 . . 3 3 5 0 PRODUCTION AND DISTRIBUTION Reserve city banks 5 7.31 7.33 7.41 7.39 7.32 Production: County banks 5 5.29 5.33 5.40 5.46 5.36 Steel (thous. tons) 66 2,069 2,047 2,045 2,057 2,065 R Ex e c q e u s i s r e r d e s r e e r s v e e r s v , e t s o tala 4 4 18. . 5 49 4 18. . 5 65 0 18. . 5 99 5 P P 18 l. . 1 5 4 4P1 P 8 . . 4 6 8 9 A Cr u u to d m e o p b et i r le o l ( e t u h m ous. cars)... 66 173 147 151 156 154 New York City 5 .01 .05 .17 .28 .19 (thous. bbls.) 67 5,957 6,042 6,034 6,061 6,069 C C R h o es i u c e n a r t v g r e o y c b i a ty n k b s a e nks 5 " -.0 . . 1 4 1 1 1 (3 . . ) 4 1 7 7 . . . 2 5 0 1 4 1 P (3 . . ) 6 18 0 P. . 4 1 9 4 P M B a i e t p u a e t m r b ( in o m o a i r u l d l s , c l ( b o th s a . o l ) u (m s. i t ll o , n to s n ) s . ) .. . 6 6 6 8 7 8 1 2 2 .7 3 8 0 7 9 1 2 2 .7 5 9 5 4 8 1 2 2 .6 9 4 6 2 8 1 2 3 .7 0 5 7 2 7 1 2 3 . 4 0 7 8 0 4 Electric power (mill. kw. hrs.) 70 6,767 6,736 6,747 6,730 6,674 MEMBER BANKS IN LEADING CITIES Freight carloadings (thous. All reporting banks: cars): Loans and investments 14 70.20 70.12 69.71 69.76 69.86 Total 69 755 740 778 810 825 U. S. Govt. securities, total. 14 30.89 30.67 30.71 30.75 30.81 Miscellaneous 69 401 393 393 395 398 Bonds 16 20.74 20.72 20.72 20.72 20.73 Department store sales Notes and certificates.... 16 8.21 8.14 8.17 8.19 8.13 (1935-39=100) 70 258 292 288 281 293 Bills 16 1.93 1.81 1.83 1.84 1.95 Other securities 18 6.61 6.60 6.62 6.63 6.58 PRICES Demand deposits adjusted.. 14 49.49 49.04 49.21 49.87 50.21 L U o . F C R a S o n o e . r a s m , G l p m t u e o o s r e v t c t r a t a c h . l t i a e a d s l e i n p g o s s i e ts c urities: 1 1 1 1 4 8 8 4 3 1 4 5 2 9 . . . . 3 7 7 2 7 5 1 0 3 1 5 5 2 9 . . . . 3 0 8 2 7 8 5 6 3 1 4 5 2 9 . . . . 9 3 3 2 5 8 8 6 3 1 4 5 2 9 . . . . 3 4 3 2 7 1 8 0 3 1 4 5 2 9 . . . . 4 0 4 1 2 0 8 3 Wh In o d T F le e a o s x r a t m a e le l s ( p p 1 r r 9 o ic 2 d e 6 u s = c : 1 ts 0 0): 7 7 5 5 2 1 0 8 3 3 . . 8 9 2 1 0 8 1 3 . . 8 3 2 1 0 8 1 3 . . 3 0 2 1 0 8 1 3 . . 2 1 2 1 0 8 2 3 . . 4 6 Ot T U O he o t . h r t S a e . l r G se o c v u t r . i t s i e e c s urities. . 1 1 1 1 8 8 8 8 2 5 1 . . . . 8 9 2 4 3 3 1 3 2 5 1 . . . . 9 2 8 3 2 3 9 4 5 1 1 . . . . 9 6 9 2 6 7 9 1 5 1 1 . . . . 9 6 9 2 2 6 1 5 5 1 1 . . . . 6 9 9 3 7 9 , 2 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 1 ti 0 es 0 ): 7 7 7 5 7 5 3 1 1 7 8 7 8 7 2 . . . 4 3 3 3 1 1 7 7 8 6 2 6 . . . 1 1 1 3 1 1 7 8 7 4 5 1 . . . 2 7 9 3 1 1 7 7 8 2 1 6 . . . 5 8 8 3 1 1 7 7 8 1 8 3 . . . 7 0 3 Ne L U w o . a Y S n . o s G r a k o n v d C t . i i t n s y v e c e b u s a t r m i n ti e k e n s s , t : s t otal. 1 1 5 5 2 8 0 . . 1 37 6 2 8 0 . . 1 55 8 2 8 0 . . 2 1 7 1 2 8 0 . . 2 0 3 6 2 8 0 . . 3 2 6 3 Se F l I e n o c d o te u 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 3 6 9 8 7 . . 6 3 3 3 6 9 7 2 . . 7 7 3 3 9 6 2 4 . . 7 4 3 36 9 1 2 . 7 A 3 3 9 6 5 1 . . 4 0 Bonds, total holdings. ... 17 5.96 5.96 5.95 5.95 5.99 Rubber (cents per 1b.) 78 73.8 68.4 66.0 66.0 66.0 T L U I D n i o . e m t C N B a e m S n o i e o r . l D a s b m l t , s G n d e a u m s d e n t e o o p k e a v d o t o r n a t e r c s d . l d p i i c e t a d o a s p c l e s l o e l p i a r s t o s t b i i s t l f s i a e i t c d — s a j t u 5 e s s y t e e d ar .. s 1 1 1 1 1 1 1 1 1 5 5 5 5 9 5 7 1 1 4 4 6 1 1 0 1 5 . . . . . . . . . 8 0 7 6 6 6 2 4 5 4 3 4 0 4 9 6 2 1 1 1 4 6 4 1 1 1 0 5 . . . . . . . . . 8 6 1 6 7 6 4 5 5 4 3 4 2 9 4 8 3 3 1 9 4 6 4 1 1 1 5 . . . . . . . . . 9 8 6 2 6 7 7 3 6 0 1 9 4 2 1 0 1 3 1 4 9 4 6 1 1 1 5 . . . . . . . . . 4 7 5 8 7 2 6 6 5 3 4 8 8 0 6 3 9 6 1 4 4 9 6 1 1 1 5 . . . . . . . . . 6 5 2 7 6 9 1 8 6 7 7 6 1 7 8 5 4 9 Se W W S P W l H C C e t r c o o i e o o i i d t p t e n n o o e e t l p t t l o d l s e s e n c t r ( c r o ( l f c r o c p o ( e a ( w e t c o s c n p h n e d h e t ( t n s ( n s e ( c s d t c t t a e s p u o s e p t n f e l n p e t f l p r s t a s r e ( s e : r l c r p l r s b p b e e l . p n e l b . ) r b ) r e t . l s . ) r y b ) t d . p o ) . . e n ) . r . ) 7 7 7 7 7 7 7 8 8 8 8 8 8 8 4 3 '3 4 4 2 2 1 6 4 3 5 3 4 4 0 . . . . . . . 8 4 5 1 5 0 0 4 3 3 4 2 4 2 1 3 4 2 4 3 5 4 0 . . . . . . . 8 9 5 5 0 0 1 4 3 3 4 2 4 2 1 1 4 2 4 3 5 4 5 . . . . . . . 8 9 5 0 5 0 1 4 3 3 4 4 2 2 1 1 4 2 5 3 4 4 5 . . . . . . . 8 8 1 5 0 5 0 4 3 3 4 4 2 2 1 1 5 2 4 4 3 4 5 . . . . . . . 2 7 5 5 8 0 0 For purchasing securities: bu.) 79 241.7 242.4 241.8 242.8 243.3 Re T T a o o l 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 S e r a s r . n : G s d 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. . . . 8 2 9 2 6 0 8 3 1. . . . 7 9 2 2 8 9 6 0 1. . . . 7 2 8 1 9 1 1 7 1. . . . 8 2 1 8 0 0 0 7 1. . . . 8 8 1 2 1 7 1 7 S H C C C t o o o o e f w r g e f n e s 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 p s s e p p p p r e e e e r b r 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 7 1 6 7 4 . . . 6 3 9 0 . . 0 9 8 5 0 3 2 2 1 5 6 1 6 7 . 4 . 6 . 6 4 0 . . 7 2 5 9 0 3 2 2 1 7 5 1 6 7 . 4 . . 9 3 3 1 . . 2 5 9 8 8 3 2 2 1 5 7 1 6 8 4 . . . 1 5 3 4 . . 9 5 4 8 8 3 2 2 1 5 7 2 6 8 4 . . . 1 0 5 8 . . 5 0 5 6 0 Banks outside New York City: Cocoa (cents per lb.) 79 38.4 38.4 38.4 38.4 38.3 Loans and investments 15 49.83 49.57 49.60 49.69 49.63 Butter (cents per lb.) .... 79 66.3 66.1 66.3 66.3 67.2 U. S. Govt. securities, total.. 15 22.72 22.49 22.45 22 52 22.45 Eggs (cents per doz.) 79 41.5 44.0 44.6 44.7 45.1 Bonds 17 14.78 14.76 14.77 14.78 14.74 Notes and certificates.... 17 6.52 6.46 6.46 6.49 6.45 Bills 17 1.42 1.27 1.22 1.25 1.26 Demand deposits adjusted.. 15 34.07 33.51 33.88 34.21 34.37 U. S. Govt. deposits 15 3.05 3.29 3.24 2.93 2.75 Interbank deposits 15 6.36 6.66 6.75 6.75 6.35 T Lo im an e s , d e to p t o a s l i ts 1 1 5 5 2 1 2 3 . . 4 6 5 1 2 1 2 3 . . 4 6 2 6 2 1 2 3 . .6 4 7 8 2 1 2 3 . . 5 6 0 8 2 1 2 3 . . 5 6 0 8 MONTHLY FIGURES Jan. Feb. Mar. x Commercial 19 12.37 12.36 12.45 12.46 12.41 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. . 9 7 2 6 4. . 9 7 2 8 4. . 9 7 3 8 4. . 9 7 4 5 4. . 9 7 6 4 DEPOSITS AND CURRENCY In billions of dollars Other 19 4.59 4.59 4.57 4.58 4.59 Deposits and currency:6 MONEY RATES, ETC. Per cent per annum Total deposits and currency. 6 P178.80 ^178.90 P179.90 Total deposits adjusted and U. S. Govt. securities: currency 6 P175.20 P174.20 P172.5O Bills (new issues) 23 1 .507 1.517 1.528 1.529 1.506 Demand deposits adjusted . . 6 P91.60 J>90.60 ?89.00 9-12 months 23 1 7?. I 65 1 .63 1.63 1.53 Time deposits adjusted 6 P59.00 P59.00 P59A0 3-5 years 23 1.98 2 03 2.02 2.06 2.00 Currency outside banks. ... 6 P24.60 P24.60 P24.40 15 years or more 23, 25 2.51 2 51 2.54 2.60 2.60 U. S. Govt. deposits 6 P3.60 P4.70 P7.40 Corporate bonds: Money in circulation, total... 7 27.05 27.19 27.12 Aaa 25 2.83 2 87 2.87 2.87 2.89 Bills of $50 and over 7 8.36 8.33 8.27 Baa 25 3.27 3 30 3.31 3.35 3.39 $10 and $20 bills 7 14.10 14.25 14.23 High-grade municipal bonds. . 25 1.94 2 01 2.02 2.09 2. Coins, $1, $2, and $5 bills... 7 4.59 4.61 4.62 For footnotes see p. 573. MAY 1951 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1951 book page Jan. Feb. Mar." Annual rate MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont MONEY RATES, ETC. DEPOSITS AND CURRENCY—Cont. {Treasury bills (new issues) Turnover of demand deposits: 4 {Corporate bonds: New York City 31.9 30.7 35. Aaa 22 Other leading cities 22.0 21.5 Baa 22 F. R. Bank discount rate 22 jCommereial paper 22 In billions of dollars {Stock yields: COMMERCIAL BANKS Dividends/price ratio: Common stock 26 Cash assets e 9 P30.40 P30.50 P30. Preferred stock 26 Loans and investments, totale 9 P125.10 Pl25.00 P125. Loans e 9 P52.7O P53.50 P54. In unit indicated U. S. Govt. securities " 9 P60.00 2*59.10 P58. Other securitiese 9 P12.40 P12.40 P12. Margin requirements (per cent) 28 Holdings of U. S. Govt. securities: Stock prices (1935-39=100), total. .. 28 Within 1 year: jVolume of trading (mill, shares) 28 Total 10 17.04 16.40 Stock market credit (mill, dollars): Bills 10 3.03 2.88 Bank loans 28 Notes and bonds 10 14.01 13.53 Customers' debit balances 28, 29 Over 1 year: Money borrowed 29 Total 10 35.85 35.58 Customers'free credit balances.... 29 Notes and bonds (1-5 yrs.) 10 25.58 25.27 Bonds (5-10 yrs.) 10 7.34 7.35 In billions of dollars Bonds (over 10 yrs.) 10 2.93 2.95 GOVERNMENT FINANCE MEMBER BANKS Gross debt of the U. S. Government: Total (direct and guaranteed) 30 256.14 255.96 255.02 All member banks: Bonds (marketable issues) 30 94.19 94.19 94.19 Loans and investments, total 12 105.77 105.66 106.37 Notes, certificates, and bills 30 57.43 57.43 57.43 Loans 12 45.11 45.87 46.62 Savings bonds, savings notes.... 30 66.76 66.50 66.06 U. S. Govt. securities 12 50.34 49.42 49.26 Special issues 30 33.99 33.93 33.53 Other securities 12 10.32 10.37 10.48 Investment bonds, guaranteed Demand deposits adjusted * 12 77.93 77.01 75.55 debt., etc 30 3.77 3.90 3.81 Time deposits 12 29.55 29.56 29.63 Ownership of U. S. Govt. securities: Balances due to banks 12 12.34 11.28 11.21 Total: Balances due from banks 12 6.15 5.50 5.43 Commercial banks « 31 59.60 '58.70 Reserves 12 18.09 18.91 19.21 Fed. agencies and trust funds. . . 31 39.56 '39.73 39.80 F. R. Banks 31 21.48 21.88 22.91 Central reserve city banks: Individuals« 31 67.00 '67.00 Loans and investments, total 12 25.29 25.46 26.06 Corporations« 31 19.50 '19.80 Loans 12 11.88 12.23 12.47 Insurance companies • 31 18.80 18.70 U. S. Govt. securities 12 11.00 10.78 11.07 Mutual savings banks • 31 10.80 10.70 Other securities 12 2.41 2.45 2.52 State and local govts. • 31 7.90 7.90 Demand deposits adjusted « 12 19.79 19.83 19.04 Miscellaneous« 31 11.40 '11.50 Time deposits 12 3.04 3.02 3.13 Marketable public issues: Balances due to banks 12 5.24 4.89 4.98 By class of security: Reserves 12 6.01 6.22 6.47 Bills—Total outstanding 32 13.63 13.63 13.63 Commercial bank and F. R. Reserve city banks: Bank 32 4.73 4.40 Loans and investments, total 13 40.06 39.87 39.74 F. R. Bank 32 1.70 1.53 * 1172 Loans 13 18.16 18.43 18.54 Notes and certificates—Total U. S. Govt. securities 13 18.19 17.73 17.48 outstanding 32 43.80 43.80 43.80 Other securities 13 3.71 3.72 3.71 Commercial bank and F. R. Demand deposits adjusted « 13 28.07 27.39 26.84 Bank 32 31.36 31.10 Time deposits ,*•••• 13 11.70 11.70 11.58 F. R. Bank 32 14.82 14.96 15.00 Balances due to banks 13 6.01 5.40 5.25 Bonds—Total outstanding. ... 32 94.19 94.19 94.19 Balances due from banks 13 1.94 1.75 1.77 Nonbank (unrestricted issues Reserves 13 7.08 7.33 7.35 only), commercial bank, and F. R. Bank 32 49.17 49.34 Co L u o n a t n r s y a b nd a n in k v s e : stments, total 13 40.42 40.33 40.58 | Co B m a m nk e rcial bank and F. R. 32 38.28 38.35 L U o . a S n . s Govt. securities 1 1 3 3 2 1 1 5 . . 1 0 5 7 2 1 0 5 . . 9 2 2 1 2 1 0 5 . . 7 6 2 1 By e F a . r li R es . t B c a a n ll k a ble or due date: 32 4.97 5.39 6.19 De O m th an er d s d e e c p u o ri s t i i t e s s adjusted « 1 1 3 3 3 4 0 . . 1 0 9 7 2 4 9 . . 2 7 0 8 2 4 9 . . 2 6 6 7 Wi C th o i m n m 1 e y rc e i a a r l - T b o a t n a k l o a u n t d s ta F n . d R in . g 33 <52.64 52.64 53.66 Time deposits 13 14.81 14.84 14.92 I Bank 33 30.90 30.16 Balances due from banks 13 4.05 3.60 3.50 j F. R. Bank 33 13.87 13.76 13.96 Reserves. 13 5.00 5.36 5.38 1-5 years—Total outstanding. 33 37.92 37.92 38.35 Commercial bank and F. R. j Bank 33 29.58 29.58 LENDING INSTITUTIONS OTHER THAN F. R. Bank 33 4.00 4.31 4.44 COMMERCIAL BANKS 5-10 years—Total outstanding 33 17.41 17.41 15.96 Nonbank (unrestricted issues Mutual savings banks:6 { only), commercial bank, Total assets 20 22.49 22.53 22.60 and F. R. Bank 33 9.94 9.95 U. S. Govt. securities 20 10.88 10.77 10.51 Commercial Bank and F. R, Real estate mortgages 20 8.17 8.28 8.42 Bank 33 8.33 8.34 Other securities 20 2.33 2.34 2.36 F. R. Bank 33 .99 .99 1.03 Other assets 20 1.11 1.14 1.31 Over 10 years—Total outstand- | ing 33 43.65 43.65 43.65 Life insurance companies: I Nonbank (unrestricted issues Total assets 20 64.29 64.54 I only), commercial bank, Business securities 20 24.53 24.72 and F. R. Bank 33 6.09 6.26 Reai estate mortgages. 20 16.44 16.77 Commercial bank and F. R. U. S. Govt. securities 20 13.24 13.08 Bank 33 5.56 5.78 Other assets , 20 10.07 9.97 F. R. Bank 33 2.63 2.83 For footnotes see p. 573. 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1951 1951 Chart Chart book book page Jan. Feb. Mar.i page Jan. Feb. Mar.1 In millions of dollars In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES-Cont. PRODUCTION AND DISTRIBUTION GOVERNMENT FINANCE—Cont. Industrial production:4 Sales and redemptions of U. S. savings Total (1935-39=100) 56,57 221 221 P222 securities: Points in total index: 6 Savings notes: Durable manufactures 56 101. 102.9 P104.8 S R a e l d e e s m .. p . tions . 3 3 4 4 2 1 5 5 5 7 1 13 1 7 6 5 1 9 6 9 1 N M o in n e d r u a r l a s ble manufac , t . u , res.... 5 5 6 6 9 24 4 . . 9 1 9 2 3 4. . 1 8 P P 9 2 3 4 . . 0 2 Net sales or redemptions 34 +98 -21 -438 Indexes (1935-39-100): Savings bonds: Durable manufactures. ...... 57 268 271 P276 All series: Nondurable manufactures.... 57 201 200 P199 Sales... 34 475 386 359 Minerals. 57 164 158 Redemptions 34 595 484 499 Selected durable manufactures Net sales or redemptions 34 -120 -98 -140 (1935-39=100): Series A-E: Nonferrous metals. 58 219 222 £224 Sales 35 343 272 280 Steel 58 288 281 298 Redemptions 35 P512 P404 P399 Cement 58 238 245 252 Net sales or redemptions 35 -169 -132 -119 Lumber , . 58 162 156 156 •Series F and G: Transportation equipment 58 '289 307 P308 Sales....> 35 133 114 Machinery 58 321 328 ^334 Redemptions 35 P84 P80 Selected nondurable manufactures Net sales or redemptions 35 +49 +34 (1935-39=100): Apparel wool consumption 59 150 139 Cotton consumption 59 163 174 175 In billions of dollars Paperboard 59 247 245 248 Newsprint consumption. 59 159 162 162 Cash income and outgo: Fuel oil 59 238 238 »230 Cash income 36 4.70 4.88 8.49 Gasoline 59 202 198 »198 Cash outgo 36 3.44 3.52 4.22 Industrial chemicals 59 505 509 P523 Excess of cash income or outgo.... 36 + 1.26 +1.36 +4.27 Rayon 59 387 384 P3 74 Sales, inventories, and new orders: Sales (bill, dollars) :4 CONSUMER FINANCE Manufacturing, total 60 '23.2 '22.7 P23A Durable 60 10.4 10.3 Consumer credit, total « 45 19.94 P19.54 P19.38 Nondurable 60 12.8 12.3 PU.5 Single-payment loans 45 1.35 Pl.37 Pi.3 Wholesale, total 61 10.2 '9.7 P9.4 Charge accounts 45 4.25 M.01 P3 .94 Durable , 61 2.9 2.7 Service credit 45 1.09 Pl.OS PI. 08 Nondurable 61 7.3 '7.0 Instalment credit, total 45, 46 13.26 P13.Q8 ^12.98 Retail, total 61 13.3 13.0 P12.4 Instalment loans 46 5.56 P5.55 P5.60 Durable 61 4.8 4.7 P4.3 Instalment sale credit, total 46 7.70 Pi .52 P7.3S Nondurable 61 8.5 8.3 P8.1 Automobile 46 4.06 P3. 99 P3.94 Inventories (bill, dollars) :4 Other 46 3.64 P3.53 P3A4 Manufacturing, total 60 '34.9 '35.5 P36.4 Durable 60 16.2 16.7 P17.0 PERSONAL INCOME Nondurable 60 18.7 18.8 P19.4 Trade: Personal income (annual rates):4 Total 61 '28.4 29.0 P29.8 Total 52 240.9 241.3 Durable 61 10.6 10.7 Pll.5 Wage and salary receipts 52 156.7 158.7 Nondurable 61 17.9 18.2 P18.3 Proprietors' income, dividends, and Wholesale 61 11.0 11.2 P\\ .4 interest 52 68.3 67.0 P66.6 Retail 61 17.4 17.8 P18.4 All other 52 '15.9 15.6 P15.5 New orders (bill, dollars): Manufacturing, total 60 '27.7 '25.5 P29.3 Durable 60 13.9 13.2 P16.3 Nondurable 60 13.7 12.3 P13.0 In unit indicated Construction contracts (3 mo. moving EMPLOYMENT avg., mill, dollars) :4 Total 62 1,365 1,327 1,248 Labor force (mill, persons): • Residential 62 575 572 539 Civilian 53 61.5 61.3 62.3 Other 62 791 755 710 Unemployment , 53 2.5 2.4 2.1 Value of construction activity (mill. Employment 53 59.0 58.9 60.2 dollars): Nonagricultural 53 53.0 53.0 53.8 Total6 63 2,068 1,933 2,127 Employment in nonagricultural estab- Nonresidential:« lishments (mill, persons):• 4 Public 63 468 403 511 Total 54 45.80 46.08 P46.21 Private 63 670 681 730 Manufacturing and mining 54 16.77 16.93 P16.96 Residential:6 Trade 54 '9.73 9.79 *>9.73 Public 63 29 29 35 Construction 54 '2.51 2.50 P2 .54 Private 63 901 820 851 Transportation and utilities 54 4.11 4.12 M.17 Residential construction: Finance and service 54 6.58 6.58 P6.58 Contracts awarded (mill, dollars): Government 54 6.10 6.17 P6.23 Total 64 598 710 521 Average hours and earnings of factory 1- and 2-family dwellings 64 507 527 402 employees: Other 64 91 182 119 Hours worked (per week): Dwellings started (thous. units). . . 65 P87 P93 All 55 41.0 40.9 P41.1 Nonfarm mortgage lending Durable. 55 '41.6 41.6 Ml.8 (mill, dollars): Nondurable 55 40.3 40.0 Mortgages under $20,000 65 1,331 1,183 1,369 Hourly earnings (dollars): FHA insured home loans 65 225 176 180 All 55 1.554 1.559 P1.566 GI home loans 65 361 325| 293 Durable .^ 55 1.629 1.637 P1.646Freight carloadings:4 Nondurable 55 1.456 1.458 Pi,458 Total (1935-39 =100) 71 146 129 139 Weeklv earnings (dollars): Groups (points in total index): All.*. 55 63.71 63.76 P64.36 Miscellaneous 71 86.6 77.4 85.9 Durable... 55 67.77 68.10 P68.80I Coal 71 28.4 24.2 23.9 Nondurable., 55 58.68 58.32 P58.47J All other 7! 30.9 27.4 29.3 For footnotes see p. 573. MAY 1951 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1951 Chart 1950 1951 book book page Jan. Feb. Mar.1 page J S u e l p y t - . O D c e t c .- . J M an a . r - . In unit indicated Per cent per annum QUARTERLY FIGURES—Gont. MONTHLY FIGURES—Gont. MONEY RATES, ETC. PRODUCTION AND DISTRIBUTION—Cont. Bank rates on loans to business: Department stores: All loans: Indexes (1935-39 = 100) :* 19 cities 24 2.63 2.84 3.02 Sales 72 362 326 290 New York City 24 2.32 2.51 2.74 Stocks 72 338 349 366 7 Northern and Eastern cities. . . 24 2.63 2.87 3.02 296 stores: 11 Southern and Western cities.. 24 3.13 3.28 3.42 Sales (mill, dollars) 73 337 »-286 348 O St u o t c s k t s a n ( d m in il g l, o d r o d l e la r r s s ) ( mill, dollars) 7 7 3 3 9 6 9 5 4 8 1,0 •• 9 65 4 6 1,2 4 0 6 7 3 Lo 1 a 9 n s c i o ti f e s $ 1,000-$ 10,000: 24 4.51 4.60 4.68 Ratios to sales (months' supply): New York City 24 4.06 4.17 4.20 Total commitments 73 4.9 6.1 4.8 7 Northern and Eastern cities. . . 24 4.56 4.64 4.74 Stocks 73 2.9 3.8 3.4 11 Southern and Western cities.. 24 4.71 4.78 4.87 Loans of $10,000-$100,000: PRICES 19 cities 24 3.63 3.73 3.88 New York City 24 3.33 3.44 3.68 Co F A n o l s l o u d i m t e e m rs s ' prices (1935-39= 100):« 7 7 4 4 2 1 2 8 1 1 . . 9 5 2 1 2 8 6 3 . . 0 8 2 1 2 84 6 . . 5 2 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n r n c i c t i i t e ie s. s . . . . 2 2 4 4 3 3 . . 5 8 9 3 3 3. . 9 7 1 0 3 4 . . 8 0 6 1 Apparel 74 198.5 202.0 203.1 Loans of $100,000-$200,000: Rent 74 133.2 134.0 134.7 19 cities 24 2.95 3.10 3.27 Fuel, electricity, and refrigeration. 74 143.3 143.9 144.2 New York City 24 2.72 2.80 3.06, Miscellaneous 74 162.1 163.2 164.3 7 Northern and Eastern cities... 24 2.87 3.18 3.23 Wholesale prices (1926=100): 11 Southern and Western cities.. 24 3.15 3.21 3.41 Total 75 180.1 183.6 184.0 Farm products 75 194.2 202.6 203.8 Loans of $200,000 and over: Food 75 '182.2 187.6 186.6 19 cities 24 2.34 2.57 2.76. Other commodities 75 170.3 171.8 172.4 New York City 24 2.15 2.35 2.59 Textile products 76 178.2 180.8 183.1 7 Northern and Eastern cities... 24 2.39 2.65 2.81 Hides and leather products 76 234.8 »-238.1 236.4 11 Southern and Western cities.. 24 2.67 2.90 3.06. F M C B u h u e e e i t l l m a d l a i i s n n c g d a a l n s m l d i a g a m n h te d t e r i n i t a a a g l l l l s i m p ed r a o t p e d r r u i o c a d t l s s u cts... 7 7 7 7 6 7 7 7 1 1 •• 1 8 4 2 3 2 7 4 6 6 . . . 5 5 . 4 1 1 1 2 1 4 8 2 3 8 7 8 8 . . . . 1 3 1 1 2 1 1 1 2 8 3 4 8 8 8 6 . . . . 6 8 4 5 Stock E a y s r i t n e o i l c n d k g s s : s /price ratio, common 26 15.41 14.09 Miscellaneous 76 142.4 142.7 142.5 In billions of dollars AGRICULTURE GOVERNMENT FINANCE Prices paid and received by farmers Budget receipts and expenditures of (1910-14=100): U. S. Treasury: Ca P R s a h e i c d f e a , i r v e m e t d c income (mill, dollars): 8 8 0 0 3 2 0 7 0 2 3 2 1 7 3 6 3 2 1 8 1 0 Ex V N p e e a t n t e i d o r i a n t n u a s l r e d s A e , f d t e o m n t s i a e n l istration 37, 3 3 3 7 8 8 3 9 1 . . . 2 3 0 1 1 5 1 4 1 0 . . . 3 2 0 6 9 1 P 1 1 1 5 . . . 3 0 4 3 8 1 . T C L o i r v o t e a p l s s t ock and products 8 8 8 1 1 1 2 1 , ,5 4 9 0 9 6 5 9 5 1 1 , , 8 2 5 6 7 5 1 8 7 P P 2 1 , , P 0 4 5 6 9 2 5 0 3 A I In n l t t l e e o r r e n th s a t e t r i o o n n a d l e a b i t d 3 3 3 8 8 8 1 1 . . . 0 9 8 5 4 3 1 1 . . . 3 9 9 4 9 3 P P 1 2 l. . . 2 0 0 5 1 0 Receipts: INTERNATIONAL TRADE AND FINANCE N In e d t i v re id c u ei a p l ts in come taxes 3 3 7 8 9 3 . . 3 9 4 8 9 3 . . 1 6 2 8 1 9 6 . . 3 8 7 2 Exports and imports (mill, dollars): Corporate income, etc 38 2.45 2.52 4.76 I E E m x x c p p e o o s r r s t t s s o f exports or imports 8 8 8 2 2 2 P P l. P - 0 9 4 2 7 9 2 3 Pl P . 9 0 0 7 7 6 PI.1 8 00 T A M a l i l x s c o r e t e h l f l e a u r n n e d o s us ( d i e n d te u r c n t) a l revenue. . 3 3 3 8 8 8 2. . . 4 1 6 8 3 6 2. . . 3 7 1 2 2 3 2. . . 4 8 6 9 8 9 Short-term liabilities to and claims on foreigners reported by banks (bill, BUSINESS FINANCE dollars): Total liabilities 83 P6.82 Current assets and liabilities of Off I i n ci v a e l sted in U. S. Treasury bills 83 P3.38 P3.41 Cu c r o re rp n o t r a a s t s io et n s s , :e total 39 143.0 150.5 and certificates 83 Pi.10 Cash 39 26.9 26.9 Private 83 P3.44 P3.45 U. S. Govt. securities 39 19.5 19.9 Fo C re l i a g im n s e x o c n h a fo n r g e e i g r n a e t r e s s : 83 P. 86 P. 92 R In e v c e e n iv to a r b i l e e s s 3 3 9 9 M 4 : 6 7 . . 9 8 5 5 1 0 . . 9 0 See p. 605 of this BULLETIN 84,85 Cu N rr o e t n e t s l a ia n b d i l a it c i c e o s, u t n o ts ta p l ayable 3 3 9 9 ' r4 6 0 7 .1 3 4 7 4 4 .7 5 Federal income tax liabilities.... 39 12.3 15.5 Net working capital 39 75.9 75.8 1950 1951 In unit indicated July- Oct.- Jan.- QUARTERLY FIGURES Sept. Dec. Mar. LENDING INSTITUTIONS OTHER THAN Corporate security issues: COMMERCIAL BANKS In billions of dollars Total (bill, dollars)« 40 1.12 1.48 1.73 New money, total (bill, dollars)«. . 40 .74 .96 1.46 Assets of savings institutions: Type of security (bill, dollars): Savings and loan associations:e Bonds 40 '.60 .70 1.24 Total assets 20 16.30 17.18 Preferred stock 40 .07 .13 .05 Real estate mortgages 20 13.48 14.04 Common stock 40 .07 .13 .17 U. S. Govt. securities 20 1.52 1.53 Use of proceeds (mill, dollars): Other assets 20 1.30 1.61 Plant and equipment: Loans and loan guarantees and in- All issuers 41 577 717 1,167 surance of Federal agencies: Public utility 41 432 470 440 Total" 21 33.36 34.77 Railroad 41 67 72 76 Loans 21 12.58 12.87 Industrial 41 75 174 217 Foreign 21 6.04 6.01 Working capital: Domestic: All issuers 41 165 239 293 Agriculture 21 3.57 3 59 Public utility 41 6 5 1 Home owners 21 2.45 2.74 Railroad 41 1 5 Other 21 .80 .71 Industrial 41 "94 178 212 Loan guarantees and insurance:* Bonds (bill, dollars) :e Nonfarm mortgages 21 20.20 21.15 Public 40 .37 '.32 .91 Other 21 .58 .76 Private 40 »\55 '.82 55 For footnotes, see p. 573. 572 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 July- Oct.- Jan.- page July- Oct.- Jan.- Sept. Dec. Mar. Sept. Dec. Mar. In unit indicated Annual rates QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Gont. in billions of dollars BUSINESS FINANCE—Cont. GROSS NATIONAL PRODUCT, ETC. e Corporate profits, taxes, and dividends Gross national product4 48 283.9 300.3 313.9 (annual rates, bill, dollars):e 4 Govt. purchases of goods and services 48 40.4 47.6 52.6 Profits before taxes 42 46.4 -50.8 Personal consumption expenditures 48 198.9 195.8 204.8 Profits after taxes (dividends and Durable goods 50 34.0 30.0 31.6 undistributed profits) 42 25.8 '28.5 '724.0 Nondurable goods 50 104.5 104.3 110.7 Undistributed profits 42 16.5 '17.0 '714.7 Services 50 60.4 61.5 62.6 Private domestic and foreign invest- •Corporate profits after taxes (quar- ment 48 44.5 56.8 56.4 terly totals): Gross private domestic investment: All corporations (bill, dollars)e. . . . 43 6.4 Producers' durable equipment. 49 26.3 26.1 27.6 Large corporations, total (bill, dol- New construction 49 23.0 22.9 23.5 lars) 43 1.8 1.6 Change in business inventories. 49 -1.5 11.2 7.9 Manufacturing (mill, dollars): Net foreign investment 49 -3.3 -3.4 -2.6 Durable 43 777 568 Personal income, consumption, and Nondurable 43 468 381 saving:l Electric power and telephone Personal income 51 224.9 234.9 241.6 (mill, dollars) 43 256 307 Disposable income 51 204.6 211.6 214.9 Railroads (mill, dollars) 43 253 318 Consumption expenditures 51 198.9 195.8 204.8 Net personal saving 51 5.7 15.8 10.1 Plant and equipment expenditures (bill, dollars): •8 1949 1950 All business 44 4.7 5.8 5.5 Manufacturing and mining; railroads and utilities 44 3.3 4.3 4.1 Dec. June Dec. Manufacturing and mining 44 2.2 3.0 2.9 31 30 30 SEMIANNUAL FIGURES CONSUMER FINANCE In billions of dollars INSURED COMMERCIAL BANKS In billions of dollars Loans: Individual savings:« Commercial 11 16.94 16.81 21.78 Agricultural 11 2.96 2.82 2.82 Gross savings 47 + 13.3 + 14.3 Real estate 11 11.41 12.27 13.39 Liquid savings 47 +0.8 +2 .6 Consumer 9 11 6.00 6.89 7.63 Cash 47 +2.3 +3 .6 For purchasing securities: U. S. Govt. securities 47 -0.4 -0.7 To brokers and dealers 11 1.75 1.86 1.79 Other securities 47 +0.2 +0 .0 To others 11 0.86 0.91 1.04 Insurance 47 +2.1 +2 .3 State and local government securities. 11 6.40 7.24 7.93 Debt liquidation 47 -3.5 -2 .6 Other securities 11 3.57 3.72 4.18 c Corrected. e Estimated. P Preliminary. ' 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 Less than 5 million dollars. 4 Adjusted for seasonal variation. 8 Effective Jan. 17, margin requirements were increased from 50 to 75 per cent. 8 Adjusted series reflecting allowances forr ents of new housing units and interim revision of series and weights. 7 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 8 Expenditures anticipated by business during the second quarter of 1951 are (in billions of dollars): all business 6.1; manufacturing and •mining, railroads and utilities, 4.5; manufacturing and mining, 3.2. 9 Excludes 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 dssues at 60 cents each. MAY 1951 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950 ALL MEMBER BANKS, BY CLASSES [An;omits in thousands of dollars] All member banks I ! ij | j | n m b a e A a A ti m n o l k l b n s e a r l b S a A t n a l t k l e s cit C y c m A nt e i n • J 1 •kl(h' C m b o e a u m n n k b t s e ry r 1950 Year 1950 r Earnings 2,578,629 2,828,342 2,985,639 3,264,686| 2,185,946 1,078,740 512,1521 132,097; 1,256,57 ,363,86! Interest and dividends on securities: U. S. Government 920,821 854,803 859,218 865,063|i 588,733 276,330 144,643 47.718J 310,546 362,155 Other 149,166 157,844 168,502 190,173;! 132,093 58,080 31,2511 12.485J 69,106 77,33! Interest and discount on loans 1,028,863 1,289,454 1,405,636 1,607,967;! 1,099,861 508,106 211,681! 47,3211 643,859 705,105 Other charges on loans... 14,855 18,331 21,434 26.068J! ^1 7,7"4"9" 8,319 3,431 1,0201 14,852 6,764 Service charges on deposits 119,254 141,133 157,957 172.489j| 119,216 53,273 16,315 1,851| 66,426 87,897 Other charges, fees, etc... 65,803 65,329 64,497 70, 754,, 45,492 25,262 9,530 938| 26,614 33,673 Trust department , 135,934 147,513 151,384 170,5191! 70,078 100,441 57,484 14,135| 63,675 35,224 Other current earnings. . . j 143,933 153.935 157,012 161,655 | 112,724 48,931 37,817 6,629! 61,498 55,711 Expenses 1,649,980 1,795,225 1,888,915 2,019,7461 ,332,609 687,137 297,861 78,274I 776,880 866,732 Salaries—officers 269,456 297,325 318,189 344,77/! 229,596 115,181 44,214 11,389 312,295 176,87^ Salaries and wages—others 527,525 578,468 607,927 655,1511! 420,115 235,036 125,522 25,772 270,12S 233,72l> Directors' fees, etc 13,731 14,910 16,064 17,449! 11,760 5,689 1 ,412 167 3,130 12.740 Interest on time deposits. 235,948 250,487 261,102 271,016j 189,458 81,558 9,686 11,042 112,203 138,086 Interest on borrowed money 2,461 3,133 3,336 3,895! 1,747 2,148 1,926 268 1,126 574 Taxes other than income. 87,946 89,928 96,285 108,854| 74,265 34,589 11,785 4,289 47,110 45,670 Recurring depreciation... 34,841 39,376 43,901 48,0161 33,467 14,549 3,478 874 17,056 26,609 Other current expenses... 478,072 521,598 542,111 57O.588J 372,201 198,38 99,839 24,472 213,832 232,445, Net current earnings before income taxes 928,649 1,033,117 1,096,724 1,244,941! 853,337 391,604 214,291 53,823[ 479,697 497,129 Recoveries, transfers from reserves, and profits.. 232,065 242,523 182,476 218,570| 153,514 65,056 45,397 15,946 95,834} 61,394 On securities: T R r e a c n o s v f e e r r i s e s from reserves. 40,358 2 2 6 3 , , 4 3 7 6 7 3 2 1 2 3 , , 2 4 8 4 9 7 3 1 6 2, , 7 7 8 9 9 9 ! 2 9 8, , 9 6 9 7 9 0 3 7 , , 1 8 1 0 9 0 1 1 0 , , 7 8 1 6 5 3 5 5 8 8 0 7 20 5 , , 9 0 0 5 1 8 ! 5 4 , , 4 4 2 5 9 4 * Profits on securities 89,647 54,754 63,943 82,149 60,920 21,229 13,597 5,431 42,265! 20,856-. On loans: T R r e a c n o s v f e e r r i s e s from reserves. 59,082 3 4 3 5 , , 9 5 0 4 8 7 2 1 4 8 , , 9 1 1 2 8 5 2 26 2 , , 9 5 6 4 0 8 ! 1 13 5 , , 3 2 3 2 3 0 1 7 3, , 6 3 2 2 6 8 1 3 1 , , 9 5 7 2 1 5 5 6 , , 5 2 5 5 9 4 1 6 1, , 9 2 9 5 4 7 . All other 42,978 58,474 39,753 37.3271 25,372 11,955 3,726 5 ,'400 15,797: 12,404, Losses, charge-offs, and transfers to reserves. 251,205 421,175 317,875 313,6611 215,646 98,015 45,657 19,773 136,631 111,600 On securities: i T L r o a s n se s s f e a rs n d t o c h re ar s g e e r - v o e f s fs .. . . . 101,342 3 6 5 8 , , 5 3 2 3 1 4 3 2 0 8 , , 8 0 5 0 7 4 3 5 2 0 , , 6 9 2 3 3 3 ! ! 2 4 4 1 , , 0 3 0 6 5 0 9 8, , 6 5 1 7 8 3 3 2 , , 1 5 6 7 5 8 2 2 , , 0 8 1 1 0 0 3 1 9 2 , , 6 0 4 8 5 0 1 6 5 , , 1 1 1 5 3 4 . On loans: T L r o a s n se s s f e a rs n d t o c h re a s rg e e r - v o e f s fs .. . . . 102,653 2 2 4 3 7 , , 7 1 8 7 4 8 19 19 1 , , 1 2 5 5 2 4 16 1 6 4 , , 2 2 7 6 2 9 10 10 9 , , 8 0 4 9 2 4 5 3 7 , , 4 1 2 79 6 31,8 5 7 7 3 3 11,0 2 8 4 2 9 64 2 . , 1 0 1 6 0 0 5 l 9 l , , 2 3 0 8 8 t , , All other 47,210 46,358 48,607 49,565 30,345 19,220 7,469 3,621 18,735 19,740* Profits before income taxes 909,509 854,465 961,325 l,149,850| 791,205 358,645 214,031 49,997 438,900 446,923: Taxes on net income 256,518 233,556 275,066 369,060!! 254,641 114,419 68,612 14,830 154,951 130,667 Federal 239,481 218,711 257,069 346,909! | 241,100 105,809 60,529 14,830 147,039 124,512 State 17,037 14,845 17,997 13,541 8,610 8,083 7,912 6,156 Net profits 652,991 620,909 686,259 780,790! 536,564 244,226 145,418 35,167 283,949 316,254 Gash dividends declared. 280,942 293,818 312,666 345,522 228,991 116,531 89,354 15,535j 132,877 107,754 * On preferred stock 2. . . . 4,304 3,866 3,488 2,835 709 2,126 59 68 552 2,155 On common stock 276,638 289,952 309,178 342,687 228,282 114,405 89,295 15,467 132,325 105,601 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities ( 7,017 2,399 3,036i! 1,839 1,197 1,449 32| 1,217 33R On loans C3) 9,305 17,512 17,O16l| 12,962 4,053 2,107 206| 7 ,485 7.21& Losses charged to reserves (not included in losses above): On securities 17,079 5,144 5,808! 2,815 2,993! 6001 4,388 On loans 39,645 61,857 46,329; 33,543 12,785] 8,182! 3661 18,196 19,584 Loans 29,326,253 34,186,509 35,249,000 39,098,000:1 8,196,000 1,694,000! 15,501,00013,707,000 U. S. Government securities. 60,051,428 54,735,701 54,063,000 54,916,000! 9,815,000 3,087,000 20,251,00021,763,000 Other securities 6,958,737 7,381,518 7,847, 000 9,398,000! 1,626,000 545.000 3,327,000 3,900,000 Cash assets 30,375,421 32,450,070 30,098,000 29,854,000! 6,535,000 1 ,735,00011,655,000 9,929,000 Other assets 1,320,781 1,496,025 1.554,000 1,622,000! 403,000 47,000 661,000 512,000 I j I Total assets.... 128,032,620 130,249,823 128,810,000 131,889,00011 |J26,576,000J7,107,000 51,396,000|49,810,000 Time deposits 28,720,582 29,145, 000 29,506,000!r ! 1, 780.000j I ,085,000 11 ,704,000 j 14,937,000 Total deposits 23 ,333 ,000|6 ,556,000 47,536,000146,133 ,000 Total capital accounts 2,336,000| 478,OOO| 3,210,000) 3,431,000 Number of officers 34,263 14,704 3,330] 831! 12,906 31.900 Number of employees 172,089 91,554 43,0021 8,9271 104,529 107,095 Number of banks 4,958 1,915 23J nl 3361 6,501 See footnotes on pp. 575-577. 574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950—Continued ALL MEMBER BANKS. BY FLDERAL RESERVE DISTRICTS district New j San Boston York lclb Francisco i i ~ ~ "" ~ • ~ ' * Famines 787,714 191,799| 265,7"5' 1^ ib2J2", 457,S74J 124,52S| 94,9C2 :!»,(»•? 173,424 533,584 1 it( rt ^ 1 v- ' 217,407 53,662 J0 MC-i 15 1,9861 31,110 26,413 55,615 106,458 Or ox 47,272 16,307 19, I'M 30,690 7,661 4,944 7,712 24,586 I' Hns 1 ' Ki » 8 ^ 1'' 196,548 67,616 46.207 103,0121 311,799 O *• f 0 1 < \ r i. C * T i 8 894 10 ?f^> 2 4 3 . , 3 1 3 7 3 4 1 i 4,9 63 2 8 9 J 6,1 5 3 5 8 1 8 1 , , 1 1 7 8 1 7 1 36 8 , , 3 8 1 6 9 7 Other (' i, 4,7^5 8,563 i 4.1191 4,434 4,468 9,701 liu-t " , 6 <-6 20,5461 3,946! 2,308 2,877 15,438 : MM 19,03 4! 4,509 3,90 10,384 20,415 j I iltr/71 4&7,4 ^' It ,,?22 93,7 8 290,273j 74,339 j . 4,984!|101,9761 331.31)9 '0 7 - ' 8 0 J 71 •17,4711 1.S.394I 12,898 | 22.059J 50,351 28 O'lt 89,9581 21,987 17,133 0 1] 28,458! 112,454 1/' 1 2,148i 574 1,02 71 1,035 1 Hi 49,!67i 8:154-l 8,568 5,529j 71,396 j i c 362; 165] HTI 11'» 30 143 10,011' I4,611| 4,321 j 2,126 ^ ^ 9,763 15,833 6,107| 1,706! 1,540 2 I I 3,07<>i 7,515 Ot , i 80.448 21,6711 17,106 , 611 31,130! 72,582 %. t cir- v ' , V2 167,601 50,1891 34,84r \,1 . J 71,44">i 202,275 67,0611 4V CO 29,32l! 5,052j 3,102; 7,4-M, 7,399| 17,749 2,797 908 i l,284i l,223j 62oi 551! 1,595 13,341 821 i 2.225J 291| 29S| 7971 2,051 22,409 5.377; 1, \ i 5 S.815J 1,802! 471 9021 4,564 On '( . -. 6,310 1,873! 2,639j 542! 1,147! 2,110! 1,649 15,111 1571 4,795 75| 42 ij 1,752 Ml ot J. - 7,093 1,6301 9,563 487 j 2,588| 6,138 Losses, cy Tf-<'* F trarr fn <• *' ; ^S( 74,250: 17,329 9,565 12,721 47,932J 10,587| 8,1401 12,093J 16,932 34,511 On sec ,r,f,( 4.7741 2,480 1 492' 2 1 ' 6,718| 2,"264 1 746 2,279 2,244 3,677 6,4181 2,164 150 4,1 SO j 1,355 935| 4.81 4,936 M ' l J i > n fh , c ,. • i 4 1 9 1 1 . , , 7 4 8 3 7 5 0 5 4 J | 9 2. , 3 4 8 7 5 5 8 2 6 1 J 9 20, ( 11s 26 8 1 , , , 7 9 3 3 7 2 6 7 2 4 2 , , 7 1 7 2 1 5 7 2 8 J j ; 3 1 , . 9 8 21 5 6 6 6 8 J ! j 4 2 1 . , f3 5 9 1 6 9 7 7 4 2 3 8 , , , 5 0 6 0 5 5 2 3 2 20 4 , , 2 8 7 6 4 9 0 6 4 Pi ofits beft u i'•cm.. 293,033 66,016 97 5«, 174. 54,953 148,990i 44,654! 29,S02J 59,457 61,916 185,513 I axes on ret xi 91,824 17,470 19,074 17,S72| 44,385 13,721 10,130 18,048 19,921 72,484 1 e lei i 81,778 17,469 18,SS9| 44,334 13,399 8,909 17,022 19,894 66,741 10,046 2 1 5" ''5861 51 322 1,221 1,025 28 5,743 Net profits. 34,404 201,209 48,546 37,100 37,081j 104,605 30,933 19,671 41,409 41,995 113,029 Clash t'.ivKS^nds ret 18,612! 109,615 23,054 14,896 12,80 lj 37,773 11,275 7,984 12,067 15,081 57,502 O On n C p O r K ef iU er l' r ! e !' d ? " - t ' :H ]-. '-'. 18,59 1 3 9 1 l 107 1 , ,7 8 6 5 0 6 22,8 1 9 6 3 1 14,86 2 7 9 12,78 1 3 8 ! 37, 3 4 1 6 0 3 11,2 4 3 2 3 7,9 3 4 8 6 12,065 2 15,0 1 6 4 7 57,1 3 6 3 8 4 Memoranda it* ilked 111. i serves (\\c>t recf;veries u\ On securitir- 27 1,734 59 332 17 3| 52 5 40 134 633 On )f}un<. . !,060 3,917 492 994 679 576 2,417! 551 783 1,157 3,914 Losses chcirue'! to vc,erv O O n n s J o o e a ; n n r s i . f It-.-. 2,58 2 3 5 12 1 , ,8 1 9 6 5 2 2, 4 1 7 2 1 3 2, 2 98 9 1 8 1,9 3 3 5 0 1,63 1 5 3 3, 1 8 8 2 8 7 1, 1 38 4 6 9 1,02 1 6 2 1,90 3 0 2 3,9 1 1 3 5 3 1 2 0 , , 5 8 5 6 7 1 Loans .... 1,923,000 11,134,0001,976,000 2,891,000 1,754,000 1,750,000 4,939,000 1.608,000 993,000 1,700,000 2,141,000 6,290,000 U. S. Government securities 2,725,000 14,191,000 3,100,000 4,961,000 2,517,000 2,398,000 9,985,000 1,964,000 1,600,000 2,447,000 2,265,000 6,763,000 Other securities. .! 423,000 2,438,000 721,000 847,000 302,000 447,000 1,585,000 368,000 264,000 446,000 336,000 1,222,000 Cash assets..... . (1,324,0008,194,000 1,471,000 2,210,000 1,438,000 1,529,000 4,616,000 1,229,000 813,000 1,732,000 2,014,000 3,284,000 Other assets. . . • 106,000 518,000 98,000 118,000 78,000 81,000 167,000 44,000 32,000 47,000 92,000 240,000 Total assets. .j 6,501,00036,473,0007,365,000 11,028,000 6,089,000 6,205,00021,292,0005,212,000 3,702,000 6,373,000 6,849,00017,799,000 Time deposits. 11,2 50,000 5,440,000 1,951.000 3,205,000 1.331,000 1,119,000 5,700,000 982,000 924,000 685,000 659,000 6,259,000 Total deposits . 15,874,00032,433,0006,652,000 10,105,0005,626,0005,780,000 19,910,0004,848,0003,446,000 5,958,000 6,420,00016,506,000 Total capita] accounts. . 540,000 3,050,000 657,000 851,000 418,000 376,000 1,235,000 326,000 219,000 382,000 401,000 1,001,000 Number of officers. . . 2,668 7,938 3,253 3,830 2,934 2,719 6,254 2,682 2,274 3,615 3,717 7,083 Number of employees. 15,753 67,470 15,736 19,783 12,654 13,514 35,848 10,375 7,767 11,426 12,530 40,787 Number of banks. 75l| 477 353 1,008 496| 267 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during :ie year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation uring part of the year but not at the end of the year. Data may not add to totals because of rounding. 2 Includes interest on capital notes and debentures. 3 Not available. 4 Not available on the 13-month basis used for all member banks. See note on p. 576. For other footnotes see pp. 576-577. MAY 1951 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950— Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago St. Louis M a i p n ol n i e s - Ka C n i s ty as Dallas Fra S n a c n isco Earnings 58,826 31,874 70,798 144,146 62,923 68,028 138,417 58,812 30,107 72,118 80,426 440,103 Interest and dividends on securities: U. S. Government 14,883 7,140 16,485 44,770 18,354 14,347 51,153 13,005 7,618 18,895 16,864 87,034 Other 2,364 1,377 7,003 11,177 2,301 4,264 7,120 3,448 1,852 4,361 2,767 21,073 Interest and discount on loans. 26,213 16,575 30,502 59,335 28,567 35,251 57,932 32,771 15,286 36,929 47,227 257,272 Other charges on loans 332 300 310 977 371 950 2,192 402 208 233 804 7,775 Service charges on deposits.. . 2,042 2,588 1,974 5,019 3,727 3,247 9,551 1,617 1,272 3,364 1,984 30,041 Other charges, fees, etc 1,620 642 700 2,314 2,406 3,003 3,070 2,195 628 952 1,783 7,301 Trust department 6,815 898 10,434 11,937 4,493 2,953 2,601 3,359 1,815 2,690 2,295 13,387 Other current earnings 4,557 2,355 3,392 8,618 2,705 4,013 4,798 2,014 1,429 4,695 6,702 16,220 Expenses 35,845 22,506 44,765 88,712 38,194 42,480 92,614 34,060 19,086 41,240 47,142 270,237 Salaries—officers 6,018 2,986 6,352 10,947 6,636 6,055 11,575 5,552 2,954 6,671 7,751 38,798 Salaries and wages—others.. . 12,874 8,317 17,737 30,328 13,635 13,279 32,738 12,070 7,630 14,163 13,837 93,521 Directors' fees, etc 159 149 277 317 300 247 417 165 94 233 192 581 Interest on time deposits 1,639 2,270 1,642 12,432 3,130 4,690 15,436 2,637 1,645 2,932 3,533 60,218 Interest on borrowed money.. 77 81 73 181 85 60 77 147 96 96 21 132 Taxes other than income 1,603 866 2,195 8,799 2,408 3,409 4,215 1,921 412 1,614 5,714 13,955 Recurring depreciation 915 437 781 2,033 953 1,009 1,890 481 387 1,171 1,343 5,657 Other current expenses 12,560 7,401 15,708 23,676 11,048 13,730 26,265 11,088 14,360 14,752 57,376 Net current earnings before income taxes 22,980 9,367 26,033 55,434 24,729 25,548 45,803 24,752 11,021 30,879 33,284 169,866 Recoveries, transfers from reserves, and profits 5,458 3,976 4,642 43,283 1,985 2,739 7,527 2,932 997 4,506 3,255 14,533 On securities: Recoveries 3 4 98 587 153 150 103 1,003 127 1,143 251 1,437 Transfers from reserves 1,349 1,250 736 12,777 62 1,449 204 1,165 424 1,485 Profits on securities 1,009 1,823 26,829 676 1,162 1,110 1,196 153 1,548 510 3,557 On loans: 2,692 Recoveries 492 52 362 419 387 899 151 570 337 273 1,187 Transfers from reserves 1,780 544 429 743 55 33 1,170 152 8 45 212 1,512 All other 825 303 1,985 620 1,008 2,797 227 139 268 1,586 5,354 686 Losses, charge-offs, and transfers to reserves 8,861 5,968 8,571 41,816) 4,075 5,659 13,487 5,888 2,040 5,718 7,696] 26,852 On securities: Losses and charge-offs 475 184 695 675 497 1,072 1,096 1,447 80 1,2' 1,429! 3,163 Transfers to reserves 2,302 1,394 1,801 25,876 134 150 1,867 617 250 834 116! 4,304 On loans: Losses and charge-offs 1 4 291 34 103 321 63 398 332 159 j 355 Transfers to reserves 3,817 3,964 5,383 12.193 2,359 2,913 7,550 2,531 1,173 2,375 J 15,078 All other 2,267 427 688 2,781 1,051 1,422 2,653 1,232 138 909 3,952 Profits before income taxes. . 19,577 7,376 22,104 56,902 22,639 22,629 39,843 21,796 9,978 29,667 28,843 j 157,547 Taxes on net income 6,918 2,088 5,920 15,368 8,045 8,070 13,268 7,706 3,958 9,576 10,884 63,151 Federal 5,360 1,852 5,920 15,368 8,045 7,821 13,265 7,450 3,382 9,035 10,884! 58,659 State 237 249 3 256 576 4,492 1,558 541 Net profits 5,287 16,185 41,534 14,594 14,559 26,575 14,090 6,020 17,960 i 94,396 12,658 20,091 Cash dividends declared 2,613 10,411 15,445 6,830 5,923 9,472 6,348 2,917 7,7131 51,536 On preferred stock 2 7,983 17 102 132 30 5,688 272 On common stock 2,596 "10,41 i 15,343 ' 6',830 ' 5,923 9,340 6,348 2,887 ' 7,713 51,265 ' 7,983 5,688 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 122 47 319 17 40 128j 542 On loans 239 201 203 640 208 1,433 128 252 596! 3,059 Losses charged to reserves (not included in losses above): On securities 1,008 462 224 35 11 77 142 12 32 2,384 On loans 603 598 987 1,676 509 481 1,647 608 268 773 1.937J 8,111 Loans 789,000 429,000 23,0001,669,000 734,000 843,000 1,418,000 926,000 402,000 964,000 1,212,000 5,293,000 U. S. Government securities. . . . 955,000 491,000 1,003,0002,875,0001,210,000 978,000 3,457,000 872,000 478,000 1,321,0001,045,000 5,567,000 Other securities 128,000 68,000 296,000 444,000 119,000 176,000 421,000 160,000 101,000 243,000 123,000 1,050,000 Cash assets 553,000 287,000 702,0001,384,000 709,000 714,000 1,517,000 679,000 359,000 1,019,0001,002,000 2,731,000 Other assets 53,000 19,000 41,000 77,000 40,000 39,000 57,000 22,000 12,000 31,000 58,000 212,000 Total assets 2,477,0001,294,0002,865,0006,450,000 2,811,0002,749,000 6,870,0002,658,0001,353,0003,578,000 3,440,00014,853,000 Time deposits 191,000 286,000 230,0001,487,000 437,000 434,0002,025,000 343,000 178,000 366,000 415,000 5,312,000 Total deposits 2,206,0001,195,0002,588,0005,880,0002,607,0002,559,000 6,,449955,,0000002,461,0001,242,0003,,334466,,000000 3,221133,,00000013,744,000 Total capital accounts. 216,000 87,000 238,000 511,000 177,000 159,000 330,000 167,000 84,000 206,000 205,000 831,000 Number of officers 608 318 588 1,030 721 712 1,192 619 299 806 795 5,218 Number of employees. 5,498 3,239 6,778 11,336 5,912 5,813 12,893 5,443 3,059 6,156 5,706 32,696 Number of banks 10 21 77 50 38 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of the year for 1947 and 1948. For 1949 and 1950 these three call dates were used, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of the end of the year. Cash assets are comprised (continued on following page) For other footnotes see'pp. 575-577. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 110,224 243,688 121,001 121,649 91,874 94,098 187,360 65,716 64,795 76,977 92,999 93,481 Interest and dividends on securities: U. S. Government 29,582 65,714 37,178 35,471 22,277 22,533 56,115 18,105 18,795 18,211 18,751 19,424 Other 5,115 14,645 9,304 8,004 3,723 5,735 11,085 4,212 3,092 3,958 4,945 3,513 Interest and discount on loans 53,081 123,786 56,853 60,850 52,649 48,090 91,295 34,844 30,921 42,425 55,785 54,527 Other charges on loans 295 1,527 339 337 413 152 1,120 236 343 527 383 1,092 Service charges on deposits 8,379 16,987 5,259 6,329 5,167 7,142 11,772 3,312 4,867 6,219 6,187 6,279 Other charges, fees, etc 1,728 4,467 1,739 2,152 2,350 3,788 4,555 1,925 3,805 2,080 2,684 2,401 Trust department 6,477 7,629 5,762 2,820 2,377 2,025 3,810 587 493 613 582 2,050 Other current earnings 5,566 8,933 4,567 5,687 2,921 4,633 7,607 2,495 2,479 2,946 3,682 4,195 Expenses 74,826 167,125 74,457 76,569 55,545 57,919 119,386 40,279 40,976 43,745 54,834 61,072 Salaries—officers 13,322 27,756 13,416 14,370 11,412 11,809 24,506 9,841 9,944 13,742 15,208 11,553 Salaries and wages—others. . . . 22,056 48,235 18,959 18,096 14,396 16,706 31,449 9,917 9,503 10,858 14,622 18,934 Directors' fees, etc 1,015 2,252 1,875 1,219 884 663 1,564 777 480 724 835 454 Interest on time deposits 11,235 29,461 14,949 15,076 9,623 6,439 22 689 5,517 6,923 2,998 1,996 11,178 Interest on borrowed money... 104 222 42 24 56 27 17 18 21 23 9 11 Taxes other than income 3,477 7,437 3,965 7,212 2,635 3,142 6,107 2,400 1,715 1,654 4,049 1,879 Recurring depreciation 2,076 5,189 2,650 2,191 1,956 2,087 3,344 1,225 1,152 1,146 1,736 1,858 Other current expenses 21,542 46,574 18,600 18,382 14,583 17,047 29,710 10,584 11,238 12,601 16,378 15,206 Net current earnings before income taxes 35,398 76,563 46,544 45,080 36,330 36,179 67,975 25,437 23,819 33,232 38,165 32,409 Recoveries, transfers from reserves, and profits 6,674 17,689 6,126 4,616 2,717 3,207 5,848 2,120 2,105 2,932 4,144 3,217 On securities: Recoveries 732 1,078 809 446 276 152 594 220 498 166 300 158 Transfers from reserves 614 1,228 87 424 30 361 196 88 298 190 373 567 Profits on securities 2,749 6,989 2,684 1,532 770 1,085 2,275 606 318 450 393 1,007 On loans: Recoveries 1,018 2,287 1,444 704 562 647 715 391 577 1,321 1,86 461 Transfers from reserves 344 3,042 157 884 169 52 702 235 67 156 209 240 All other 1,218 3,064 944 627 910 911 1,366 580 348 649 1,002 784 Losses, charge-offs, and transfers to reserves 10,250 22,625 8,758 8,654 5,511 7,062 14,672 4,699 6,101 6,374 9,236 7,659 On securities: Losses and charge-offs 1,297 2,013 1,785 1,385 994 1,047 2,812 817 665 1,011 814 514 Transfers to reserves 603 1,859 363 440 16 218 303 109 1,105 101 365 632 On loans: Losses and charge-offs 565 1,281 853 629 522 801 807 664 818 1,666 2,343 439 Transfers to reserves 5,506 13,894 4,074 5,025 2,989 3,506 8,104 2,228 2,683 2,142 3,877 5,182 All other 2,277 3,579 1,684 1,176 990 1,491 2,647 880 829 1,455 1,838 894 Profits before income taxes. . 31,822 71,627 43,912 41,043 33,536 32,324 59,150 22,858 19,823 29,790 33,073 27,966 Taxes on net income 10,077 21,124 11,550 11,769 11,029 9,802 16,287 6,015 6,172 8,471 9,038 9,334 Federal 8,693 19,398 11,549 11,769 10,844 9,464 16,239 5,949 5,527 7,987 9,010 8,083 State 1,384 1,726 2 185 337 66 645 484 28 1,251 Net profits 21,745 50,503 32,361 29,273 22,507 22,522 42,863 16,843 13,651 21,319 24,035 18,632 Cash dividends declared 10,629 17,649 12,643 9,417 8,066 6,878 12,766 4,927 5,068 6,379 7,369 5,966 On preferred stock 2 19 1,684, 161 6 29 18 110 42 8 2 14 62 On common stock 10,610 15,965 12,482 9,411 8,037 6,860 12,656 4,885 5,060 6,377 7,355 5,904 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 27 163 12 13 3 18 5 6 91 Lo O ss n e s l oa c n h s arged to reserves 821 1,610 290 354 470 294 778 305 347 561 856 (not included in losses above): On securities 25 288 9 75 2 106 7 133 173 On loans . . . . 1,980 3,382 1,137 1,305 1,421 1,154 1,815 777 758 1,127 1,978 2,751 Loans 1,134,000 2,509,0001,152,0001,222,0001,020,000 906,000 1,827,000 682,000 591,000 736,000 929,000 997,000 U. S. Government securities 1,770,000 3,885,000 2,097,0002,085,000 1,307,0001,420,0003,442,000 1,092,0001,121,0001,127,0001,220,0001,196,000 Other securities 296,000 743,000 425,000 403,000 183,000 271,000 619,000 208,000 163,000 203,000 213,000 173,000 Cash assets 771,000 1,371,000 769,000 826,000 730,000 816,000 1,364,000 550,000 454,000 713,000 1,012,000 553,000 Other assets. 53,000 96,000 57,000 41,000 38,000 43,000 63,000 22,000 20,000 15,000 35,000 28,000 Total assets. 4,025,000 8,605,000 4,500,000 4,578,000 3,278,0003,456,000 7,315,000 2,554,000 2,350,0002,795,000 3,409,0002,947,000 Time deposits 1,059,000 3,374,000 11,,772211,,000000 11,,771188,,000000 894,000 686,000 2,591,000 639,000 746,000 320,000 244,000 946,000 Total deposits 3,668,000 7,905,000 4,,006644,,000000 4,222255,,000000 3,001199,,000000 3,221,000 6,859,0002,,338866,,000000 2,,220055,,0000002,661122,,000000 3,220077,,000000 2,761,000 Total capital accounts. 324,000 627,000 419,000 341,000 241,000 218,000 427,000 159,000 136,000 176,000 195,000 170,000 Number of officers 2,060 4,290 2,665 2,800 2,213 2,007 4,231 2,063 1,975 2,809 2,922 1,865 Number of employees 10,255 21,139 8,958 8,447 6,742 7,701 14,028 4,932 4,708 5,270 6,824 8,091 Number of banks 445 332 918 475 468 706 592 240 NOTE.—(cont.)—of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other footnotes see pp. 575-576. MAY 1951 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1950 ALL MEMBER BANKS [Amounts in thousands of dollars] s ze group—total deposits (in thousands of dollar 3) Item Total3 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,060 Earnings. . . 3,251,049 12,314 61,925 225,732 253,477 338,899 267,441 249,579 ,841,682 Interest and dividends on securities: U S. Government 861,698 2,769 15,146 58,886 66,786 92,259 69,932 66.532 489,388 Other 189 235 528 2,976 1^,972 15 525 19,686 15,397 11,440 110,711 Interest and discount on loans. . 1,603,374 7,617 36,437 125,960 134,175 169,909 131,153 122,6611 875,462 Other charges on loans 26,033 37 155 778 1,512 2,105 2 ,008 1,923 j 17,515 Service charges on deposits 171,852 675 3,593 13,768 17,722 25,056 17,886 15,560 77,592 Other charges fees etc. 70,571 411 2,090 6,547 6,611 7,645 5,780 5,907 35,580 Trust department 167,157 3 50 856 3,046 8,393 10,607 11,704 132,498 Other current earnings 161,130 276 1,478 5,963 8,099 13,846 14,679 13,852 102,937 Expenses 2,010,168 7,814 38,395 140,522 160,396 218,100 173,957 160,035 1,110,950 Salaries—officers 342,963 2,951 12,571 37,704 35,347 40,693 29,547 25,854 158,297 Salaries and wages—others 652,384 1,013 6,269 28,902 39,676 61,997 53,326 52,219 408,983 Directors' fees, etc 17,360 204 1.051 3,513 2,898 2,813 1,503 1,157 4,222 Interest on time deposits 270,006 952 5,807 23,905 27,498 35,989 24,656 19,951 131,249 Interest on borrowed money.. . . 3,891 4 41 109 79 136 119 220 3,184 Taxes other than income 108,497 430 1,961 7,304 8,480 11,129 9,484 8,140 61,569 Recurring depreciation 47,829 213 1,103 4,466 4,956 6,733 4,839 4,694 20,825 Other current expenses 567,237 2,047 9,593 34,619 41,462 58,610 50,484 4 7,800 322,622 Net current earnings before income taxes 1,240,881 4,501 23,530 85,210 93,081 120,800 93,484 89,544 730,732 Recoveries, transfers from reserves, and profits 216,476 445 1,923 7,109 9,416 15,021 13,630 10,173 158,759 On securities: Recoveries 12,393 11 177 752 1,551 1,432 1,192 577 6,702 Transfers from reserves 36,472 5 6 230 424 703 1 ,577 530 32,996 Profits on securities 81,681 49 340 1,658 2,561 5,026 4,824 4,444 62,778 On loans: Recoveries 22,471 332 869 2,420 2,236 2,758 2,031 2,011 9,815 Transfers from reserves 26,727 2 67 511 763 1 ,179 1,234 1,018 21,954 All other . .. 36,733 47 465 1,537 1,880 3,923 2,772 1 ,594 24,515 Losses, charge-offs, and transfers to reserves 312,546 986 4,019 15,873 21,147 27,403 23,817 21,923! 197,378 On securities: Losses and charge-offs 32,227 82 470 2,352 3,549 3,961 2,965 3.197 15,652 Transfers to reserves 50,890 1 94 379 966 1,345 1,817 756 45,532 On loans: Losses and charge-offs 14,157 611 1,618 3,666 2,141 1,863 784 981 2,494 Transfers to reserves . 166,074 187 1,255 6,806 10,532 15,074 13,847 13,585 104,789 All other 49,197 105 583 2,669 3,959 5,160 4,404 3,404| 28,912 Profits before income taxes.... 1,144,812 3,959 21,434 76,447 81,351 108,418 83,296 77,794 692,113 Taxes on net income 367,645 782 4,386 18,511 23,650 33,229 26,414 26,039 234,634 Federal 345 590 737 4 103 17,648 22,708 31 ,771 25 574 24,835 218,216 State 22 055 45 284 863 943 1,459 840 1,204 16,418 Net profits 777,167 3,177 17,048 57,936 57,701 75,189 56,882 51,756 457,479 Cash dividends declared 344,574 1,045 5,267 18,229 18,771 25,877 20,076 18,206 237,103 On preferred stock 2 . . . 2,824 6 27 104 190 399 185 632 1,281 On common stock 341,751 1,040 5,240 18,125 18,581 25,478 19,891 17,574 235,822 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities .... 3,036 7 2 60 81 79 154 2,653 On loans 16 952 37 181 1,120 1,537 1,793 1,416 1 ,253 9,615 Losses charged to reserves (not included in losses above): On securities . .. 5,808 19 24 99 147 310 132 5,078 On loans 46,250 133 637 2,928 4,235 5,040 3,603 3,399 26,276 Loans 44,684,592 122,443 636,806 2,388,957 2,672,506 3 664,281 3,098,258 3,137,942 28, 963,399 (J. S. Government securities 52,313,703 139,277 810,090 3,300,054 3,891,146 5 488,826 4,262,829 4,192,842 30,228,639 Other securities 10,344,792 21,837 130,917 631,350 851,605 1 111,228 870,303 708,084 6,019,468 Cash assets 35,500 525 107,185 523,59? 1,936,361 2,131,852 2 933,918 2,540,355 2,691,440 ?? ,635,822 Other assets 1,710,308 2,680 14,137 64,755 84,503 141,602 128,882 137,429 1,136,320 Total assets.... 144,553,920 393,422 2,115,542 8,321,477 9,631,612 13339,855 10,900,627 10,867,737 88,983,648 Time deposits .... 29,646,836 90,014 551,090 ?,382,920 2,944,352 4 052,203 2,847,841 2,284,312 14,494,104 Total deposits . . 133,002,962 352,893 1,928,290 7,678,176 8,935,500 409,358 10,163,979 10,171,185 81,363,581 Total capital accounts 9,675,063 39,809 182,902 625,323 661,423 864,973 671,498 617,876 6,011,259 Number of officers. . 48,811 1,100 3,610 8,611 6,475 6,142 3,825 3,113 15,935 Number of employees 263,052 751 3,886 14,912 18,521 27,704 23,065 22,699 151,514 Number of banks 6,851 474 1,280 2,374 1,276 817 297 145 188 1 Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See note on preceding page regarding the composition of cash assets and total capital accounts. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1950—Continued NATIONAL BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,177,635 8,769 42,209 170,598 184,892 241,992 176,194 160,610 1,192,371 Interest and dividends on securities: U. S. Government 586,132 1,976 10,551 45,554 50,159 68,482 48,931 43,931 316,548 Other 131,339 409 2,137 10,351 11,743 14,430 10,464 7,944 73,861 Interest and discount on loans. 1,096,086 5,393 24,392 93,641 96,294 119,512 84,263 76,736 595,855 Other charges on loans 17,723 27 104 572 1,168 1,035 1,186 1,366 12,265 Service charges on deposits.... 118,739 493 2,493 10,360 13,139 17,704 12,136 10,182 52,232 Other charges, fees, etc 45,350 268 1,449 4,912 4,633 5,563 3,765 4,081 20,679 Trust department 70,017 1 30 640 1,661 5,545 5,309 6,372 50,459 Other current earnings 112,249 202 1,053 4,568 6,095 9,721 10,140 9,998 70,472 Expenses 1,327,046 5,509 26,091 106,131 116,464 153,598 113,906! 102,720 702,627 Salaries—officers 228,637 2,063 8,456 28,323 25,564 29,241 19,254j 16,913 98,823 Salaries and wages—others.... 418,619 743 4,315 21,980 28,918 43,537 34,832] 32,885 251,409 Directors' fees, etc 11,700 149 725 2,721 2,125 2,022 967| 726 2,265 Interest on time deposits 188,701 660 3,935 17,901 19,626 24,826 15,345 11,601 94,807 Interest on borrowed money... 1,745 1 23 68 66 87 72 157 1,271 Taxes other than income 74,011 284 1,284 5,509 6,149 7,993 6,269| 5,354 41,169 Recurring depreciation 33,333 147 773 3,423 3,601 4,806 3,227 3,031 14,325 Other current expenses 370,300 1,462 6,580 26,206 30,415 41,086 33,940 32,053 198,558 Net current earnings before income taxes 850,589 3,260 16,118 64,467 68,428 88,394 62,288^ 57,890 489,744 Recoveries, transfers from reserves, and profits 151,808 339 1,408 5,466 7,245 8,932 8,427 6,642 113,349 On securities: Recoveries 9,351 7 100 660 1,288 995 1,009 249 5,043 Transfers from reserves 28,672 5 92 334 453 374 494 26,920 Profits on securities 60,689 37 ' '253 1,322 2,022 3,111 2,899 3,150 47,895 On loans: Recoveries 15,184 255 671 2,018 1,664 1,898 1,731 1,454 5,493 Transfers from reserves 13,101 1 41 255 512 263 494 327 11,208 All other 24,811 34 1,119 1,425 2,212 1,920 968 16,790 343 Losses, charge-offs, and transfers to reserves 214,877 730 2,751 11,995 15,652 19,238 14,753 13,878 135,880 On securities: Losses and charge-offs 23,710 57 390 1,989 2,889 3,217 2,423 2,515 10,230 Transfers to reserves 41,324 62 292 713 872 611 141 38,633 On loans: Losses and charge-offs 10,762 471 1,173 2,982 1,695 1,511 674 745 1,511 Transfers to reserves 108,898 126 748 4,782 7,393 10,199 7,978 8,366 69,306 All other 30,183 76 378 1 ,950 2,962 3,439 3,067 2,111 16,200 Profits before income taxes. . . 787,520 2,869 14,775 57,938 60,021 78,088 55,962 50,654 467,213 Taxes on net income 253,790 565 3,005 13,990 17,229 23,958 17,869 17,132 160,042 Federal 240,272 529 2,788 13,278 16,551 22,890 17,326 16,584 150,326 State 13,518 36 217 712 678 1,068 543 548 9,716 Net profits 533,730 2,304 11,770 43,948 42,792 54,130 38,093 33,522 307,171 Cash dividends declared 228,523 776 3,741 14,202 14,060 18,709 13,174 11,693 152,168 On preferred stock 698 3 18 65 98 136 61 130 187 On common stock 227,825 773 3,723 14,137 13,962 18,573 13,113 11,563 151.981 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,839 1 1 29 28 4 130 1,646 On loans 12,899 123 873 1,264 1,226 895 935 7,549 Losses charged to reserves (not included in losses above): On securities 2,815 13 10 66 50 19 49 2,608 On loans 33,465 116 471 2,268 3,289 3,583 2,252 2,194 19,292 Loans 29,165,859 85,360 422,304 1,767,418 1,913,237 2,551,553 2,005,036 2,034,09818,386,853 U. S. Government securities 35,549,211 97,930 560,415 2,530,042 2,904,569 4,074,381 3,003,075 2,815,65119,563,148 Other securities 7,310,601 16,637 90,832 494,507 641,484 823,675 591,644 497,735 4,154,087 Cash assets 23,742,626 75,768 357,401 1,465,045 1,588,661 2,164,877 1,806,964 1,949,76214,334,148 Other assets 1,121,757 2,016 10,118 49,721 61,313 98,213 85,484 87,621 727,271 Total assets.... 96,890,054 277,711 1,441,070 6,306,733 7,109,264 9,712,699 7,492,203 7,384,86757,165,507 Time deposits 20,055,107 61,428 364,899 1,785,996 2,096,196 2,820,273 1,842,749 1,395,413 9,688,153 Total deposits 89,202,379 247,411 1,308,139 5,808,195 6,595,109 9,048,569 7,007,835 6,922,29852,264,823 Total capital accounts 6,307,408 29,829 130,046 485,441 491,226 620,970 443,504 414,114 3,692,278 Number of officers 34,205 782 2,416 6,521 4,753 4,477 2,508 2,025 10,723 Number of employees 171,907 550 2,663 11,369 13,540 19,445 15,255 14,260 94,825 Number of banks 4,945 334 860 1,781 940 See footnotes on preceding page. MAY 1951 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1950— Continued STATE MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,073,414 3,545 19,716 55,134 68,585 96,907 91,247 88,969 649,311 Interest and dividends on securities: U. S. Government 275,566 793 4,595 13,332 16,627 23,777 21,001 22,601 172,840 Other 57,896 119 839 2,621 3,782 5,256 4,933 3,496 36,850 Interest and discount on loans. 507,288 2 224 12,045 32,319 37,881 50,397 46,890 45,925 279,607 Other charges on loans 8,310 10 51 206 344 1,070 822 557 5,250 Service charges on deposits. . . . 53,113 182 1,100 3,408 4,583 7,352 5,750 5,378 25,360 Other charges, fees, etc 25,221 143 641 1,635 1,978 2,082 2,015 1,826 14,901 Trust department 97,140 2 20 216 1,385 2,848 5,298 5,332 82,039 Other current earnings 48,881 74 425 1 ,395 2,004 4,125 4,539 3,854 32,465 Expenses 683,122 2,305 12,304 34,391 43,932 64,502 60,051 57,315 408,323 Salaries—officers 114,326 888 4,115 9,381 9,783 11,452 10,293 8,941 59,474 Salaries and wages—others.... 233,765 270 1,954 6,0?? 10,758 18,460 18,494 19,334 157,574 Directors' fees, etc 5,660 55 326 792 773 791 536 431 1,957 Interest on time deposits 81,305 292 1,872 6,004 7,872 11,163 9,311 8,350 36,442 Interest on borrowed money... 2,146 3 18 41 13 49 47 63 1,913 Taxes other than income 34,486 146 677 1,795 2,331 3,136 3,215 2,786 20,400 Recurring depreciation 14,496 66 330 1 ,043 1,355 1,927 1,612 1,663 6,500 Other current expenses 196,937 585 3,013 8.413 11,047 17,524 16,544 15,747 124,064 Net current earnings before income taxes 390,292 1,241 7,412 20,743 24,653 32,406 31,196 31,654 240,988 Recoveries, transfers from reserves, and profits.... 64,668 106 515 1,643 2,171 6,089 5,203 3,531 45,410 On securities: Recoveries 3,042 4 77 92 263 437 183 328 1,659 Transfers from reserves 7,800 6 138 90 250 1,203 36 6,076 Profits on securities 20,992 12 87 336 539 1,915 1,925 1 ,294 14,883 On loans: Recoveries 7,287 77 198 402 572 860 300 557 4,322 Transfers from reserves 13,626 1 26 256 251 916 740 691 10,746 All other 11,922 13 122 418 455 1,711 852 626 7,725 Losses, charge-offs, and transfers to reserves 97,669 256 1,268 3,878 5,495 8,165 9,064 8,045 61,498 On securities: Losses and charge-offs 8,517 25 80 363 660 744 542 682 5,422 Transfers to reserves 9,566 1 32 87 253 473 1,206 615 6,899 On loans: Losses and charge-offs 3,395 140 445 684 446 352 110 236 983 Transfer to reserves 57,176 61 507 2 0?4 3,139 4,875 5,869 5,219 35,483 All other 19,014 29 2051 I 719 997 1,721 1,337 1,293 12,712 Profits before income taxes. . . 357,292 1,090 6,659 18,509 21,330 30,330 27,334 27,140 224,900 Taxes on net income 113,855 217 1,381 4,521 6,42li 9,271 8,545 8,907 74,592 Federal 105,318 208 1,315 4,370 6,157 8,881 8,248 8,251 67,890 State. 8,537 9 67 151 265 391 297 656 6,702 Net profits 243,437 873 5,278 13,988 14,909 21,059 18,789 18,234 150,308 Ga O s n h p d r i e v f i e d rr e e n d d s s t d oc e k c l 2 ared 11 2 6 , , 1 0 2 5 6 1 26 3 9 1,526 9 4,0 3 2 9 7 4,71 9 1 2 7,1 2 6 6 8 3 6,9 1 0 2 2 4 6,5 5 1 0 3 2 84 1 , ,0 9 9 3 4 5 On common stock 113,926 267 1,517 3,988 4,619 6,905 6,778 6,011 83,841 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,197 1 31 53 75 24 1,007 On loans 4,053 247 273 567 521 318 2,066 Losses charged to reserves (not included in losses above): On securities 2,993 6 14 33 97 291 83 2,470 On loans 12,785 17 166 660 946 1,457 1,351 1,205 6,984 Loans 15,518,733 37,083 214,502 621,539 759,269 1,112,728 1,093,222 1,103,84410,576,546 U. S. Government securities 16,764,492 41,347 249,675 770,012 986.577 1,414,445 1,259,754 1,377,19110,665,491 Other securities 3,034,191 5,200 40,085 136,843 210,121 287,553 278,659 210,349 1,865,381 Cash assets 11,757,899 31,417 166,191 471,316 543,191 769,041 733,391 741,678 8,301,674 Other assets 588,551 664 4,019 15,034 23,190 43,389 43,398 49,808 409,049 Total assets... 47,663,866 115,711 674,472 2,014,744 2,522,348 3,627,156 3,408,424 3,482,870 31,818,141 Time deposits 9,591,729 28,586 186,191 596,924 848,156 1,231,930 1,005,092 888,899 4,805,951 Total deposits 43,800,583 105,482 620,151 1,869,981 2,340,391 3,360,789 3,156,144 3,248,88729,098,758 Total capital accounts 3,367,655 9,980 52,856 139,882 170,197 244,003 227,994 203,762 2,318,981 Number of officers 14,606 318 1,194 2,090 1,722 1,665 1,317 1,088 5,212 Number of employees 91,145 201 1,223 3,543 4,981 8,259 7,810 8,439 56,689 Number of banks 1,906 140 593 336 91 48 63 See footnotes on p. 578. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city b a m n e k m s ber Re c s i e ty rve C m o e u m n b tr e y r member banks Y N o e r w k Chicago banks 1947 1948 1950 Year 1950 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 11.2 12.0 12.2 13.2 9.2 11.3 14.9 14.5 Profits before income taxes l 11.0 9.9 10.7 12.2 9.2 10.5 13.7 13.0 Net profits l 7.9 7.2 7.6 8.3 6.2 7.4 9.2 Cash dividends declared 3.4 3.4 3.5 3.7 3.8 3.3 3.1 Percentage of total assets: Total earnings 2.01 2.17 2.31 2.42 1.92 1.85 2.44 2.73 Net current earnings before income taxes . . .72 .79 .85 .92 .80 .75 .93 .99 Net profits x .51 .47 .53 .57 .54 .49 .55 .63 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 35.7 30.2 28.8 26.5 28.2 36.1 24.7 26.6 Other securities 5.8 5.6 5.6 5.8 6.1 7.5 5.5 5.7 Earnings on loans 40.5 46.2 47.8 50.1 42.0 36.6 52.4 52.2 Service charges on deposit accounts 4.6 5.0 5.3 5.3 3.2 1.4 5.3 6.4 Other current earnings 13.4 13.0 12.5 12.3 20.5 16.4 12.1 9.1 Total earnings. . . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.9 31.0 31.0 30.6 33.1 28.1 30.4 30.1 Interest on time deposits 9.2 8.9 8.8 8.3 1.9 8.4 8.9 10.1 Other current expenses 23.1 ? 22.8 22.5 23.3 23.9 23.6 23.5 23.0 Total expenses 58.1 59.3 61.8 63.5 64.0 63.5 63.3 61.9 Net current earnings before income taxes. 41.9 38.2 | 36.5 36.0 36.5 36.7 38.1 Net losses including transfers (or recoveries and profits +)1 .7 6.3 4.5 2.9 .1 2.9 3.2 3.7 Taxes on net income * 10.0 8.2 9.2 11.3 13.4 11.2 12.4 9.6 Net profits x 25.3 22.0 23.0 23.9 28.4 26.6 22.6 23.2 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.53 1.56 1.58 1.57 1.47 1.54 1.53 1.66 Interest and dividends on total securities 1.59 1.63 1.66 1.64 1.53 1.65 1.61 1.71 Net losses including transfers (or recoveries and profits +)4 -.04 .0 + .06 + .07 .17 + .04 + .06 + .03 Net losses (or recoveries and profits +)2 4 .0 + .07 + .09 .11 + .08 + .13 + .04 Return on loans: Earnings on loans 3.55 3.82 4.04 4.17 2.62 2.85 4.24 5.19 Net losses including transfers (or recoveries +)1. .14 .56 .47 .33 .20 .43 .35 .38 Net losses (or recoveries -(-)2. .05 .12 .05 .03 + .03 .04 .08 Distribution of assets: Percentage of total assets: U. S. Government securities 46.9 42.0 42.0 40.7 36.9 43.4 39.4 43.7 Other securities 5.4 5.7 6.1 7.0 6.1 7.7 6.5 7.8 Loans 22.9 26.2 27.4 29.0 30.8 23.8 30.2 27.5 Cash assets 23.7 24.9 23.3 22.1 24.6 24.4 22.7 19.9 Other assets 1.1 1.2 1.2 1.2 1.6 .7 1.2 1.1 Other ratios: Total capital accounts to: Total assets 6.5 7.0 6.7 Total assets less Government securities and cash assets 22.0 20.0 20.2 18.9 22.8 20.9 16.5 ! 18.9 Total deposits 7.0 7.2 7.6 7.7 10.0 7.3 6.8 | 7.4 Time to total deposits 23.5 23.8 23.9 7.6 16.5 24.6 ! 32.4 Interest on time deposits to time deposits .84 .87 .91 .54 1.01 .95 1 .92 Number of banks 6,923 6,918 6,892 6,873 23 13 336 6,501 1 Ratios for 1947 are not entirely comparable with subsequent years due to transfers to reserves for bad debt losses on loans beginning in 1948. 2 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits_ credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 3 Data for losses and recoveries exclusive of transfers to and from reserves are not available. In 1947 transfers to valuation reserves were included with losses and transfers from these reserves were included with recoveries. ^Ratios of less than .005 are shown as .0. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,700.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1951 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district I j Boston Y N o e r w k P c h i i e l i a - - C l l a e n v d e- m Ri o c n h d - | ! la A n t t - a c C a h g i o - L S o t u . is n M o e l a i i n p s - - ! K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.8 9.8 11.0 11.8 14.6 16.4 13.6 15.4 15.9 16.8 17.8 20.2 Profits before income taxes 9.5 9.6 10.0 11.5 13.4 14.6 12.1 13.7 13.6 15.6 15.4 18.5 Net profits 6.4 6.6 7.4 8.3 8.9 9.9 9.5 9.0 10.8 10.5 11.3 Cash dividends declared 3.4 3.6 3.5 2.9 3.6 3.4 3.1 3.5 3.6 3.2 3.8 5.7 Percentage of total assets: Total earnings 2.60 2.15 2.60 2.41 2.54 2.61 2.15| 2.38 2.56 2.33 2.99 Net current earnings before income taxes. ^. " .89 .9S .91 1.00 .99 .7S| .96 .94 1.00 1.04 1.13 Not ;.roxits .52 .64 .60 .59 .49j .59 .53 .64 .61 .63 Sources um\ disposition of earnings: 7't fccntii'ie uf total > • '.vvin^: intcuVi c lid dividerds on: ">~. S. Cvernment stcuritics ', 26.3 27.6 30.2 26.3 22.7 33. S 25.0 27.8 24.9 20.5 20.0 Other securities i 4.4 6.0 7.2 3.9 6.2 6.7 6.1 5.2 5.6 4.5 4.6 I-.nnings on LMIIS. . . 47.3 45.3 45.9 45.7 53 !o 52.1 43.9 54.8 49.3 53.7 60.1 60.1 O Se ti r . v .T ic e C c T h r n ? r , g it r ^ c i o r n - i d n e r- 'v i-i, account5 15 6 . . 8 2 1 4 6 . . 6 5 1 3 3 . . 8 8 1 4 2 . . 3 6 111 i 1 6 2 . . 4 6 lt.5 1 4 0. . 1 0 1 6 1 . . 5 2 9 6 . . 4 4 1 4 0 . . 7 2 6 8. . 5 8 Total earn ings.. . .! 100. 0 100.0 100.0 100.0 100.0 100.0 | 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 32.6 29,4 27.8 29.8 29.5 30.0 30.0 31.7 30.5 29.6 30.5 Interest on time deposits 7.6 5.3 8.7 10.3 8^2 (>. 9 10.7 6.6 i 9.0 4.0 3.2 13.4 Other current expenses 25.8 24.0 24.1 24.1 22.6 22.7 | 23.1 | 22.6 22.5 26.0 18.2 Total expenses. . 65.5 60.6 61.9 63.4 | 59.7 ! 63.3 57.0 58.8 62.1 Net current earnings before income taxes. 37.8 39.4 38.1 36.6 | 40.3 43.0 41.2 37.9 Net losses including transfers (or recoveries and profits +) 4.1 .9 3.4 1.0 3.1 4.2 4.1 4.5 5.3 3.1 5.5 3.1 Taxes on net income 10.1 11.7 9.1 10.2 12.3 11.0 9.7 11.0 10.7 12.1 11.5 13.6 Net profits... . . 20.3 25.5 25.3 26.6 24.0 22.9 22.8 24.8 20.7 27.8 24.2 21.2 Rates of return on ities and loans: Return on securities: Interest on U. S, Government securities 1 .63 1-53J 1.73 1.61 1.61 1.531 1.55 1.58 1.65 1.51 1.5 1.57 Interest and dividends on total securities 1.65 1.59J 1.83 1.71 1.651 1.64 1.60 1.66 1.68 1.57 1.66 1.64 Net losses (or recoveries and I profits +)1 2 + .08 + .12 + .08 + .47J + .01 +.01 + .02 + .02 + .01 + .03 .03 .0 Return on loans: Earnings on loans . . . . 4.U 3.20 4.45 4.20 4.67 4.82 4.06 4.24 4.70J 4.71 4.86 5.09 Net losses (or recoveries +)1 2 .03 .03 .06 .04 .05 .0 ,06 .061 .08 .14 .09 Distribution of assets: Percentage of total assets: U. S. Government securities 41.9 38.9 42.1 45.0 41.3 38.6 46.9 37.7 43.2 38.4 33.1 38.0 Other securities 6.5 6.7 9.8 7.7 5.0 7.2 7.4 7.0 7.1 7.0 4.9 6.9 Loans 29.6 30.5 26.8 26.2 28.8 28.2 23.2 30.9 26.8 26.7 31.3 35.3 Cash assets 20.4 22.5 20 0 20.0 23.6 24.6 21.7 23.6 22.0 27.1 29.4 18.5 Other assets 1.6 1.4 1.3 1.1 1.3 1.4 .8 .9 1.3 1.3 Other ratios: Total capital accounts to: Total assets 8.3 7.7 6.3 6.0 Total assets less Government securities and cash assets 22.0 21.6 23.5 22.1 19.6 16.5 18.5 16.1 17.0 17.4 15.6 12.9 Total deposits 9.2 9.4 9.9 8.4 7.4 6.5 6.2 6.7 6.4 6.4 6.2 6.1 Time to total deposits 21.3 16.8 | 29.3 31.7 23.7 19.4 28.6 20.3 10.3 37.9 Interest on time deposits to time deposits 1.02 .761 .85 .85 .95 .99 .86 .83 .92 .83 1.14 Number of banks. . . 326 751 639 693 477 353 1,008 496 477 756 630 267 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Bostor Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M ea in p - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.6 10.8 10.9 10.9 14.0 16.1 13.9 14.8 13.1 15.0 16.2 20.4 Profits before income taxes 9.1 8.5 9.3 11.1 12.8 14.2 12.1 13.1 11.9 14.4 14.1 19.0 Net profits 5.9 6.1 6.8 8.1 8.2 9.2 8.1 8.4 7.2 9.8 11.4 Cash dividends declared 3.7 3.0 4.4 3.0 3.9 3.7 2.9 3.8 3.5 2.8 6.2 Percentage of total assets: Total earnings 2.46 2.47 2.23 2.01 2.21 2.22 2.01 2.33 2.96 Net current earnings before income taxes .9; .72 .90 .85 .87 .92 .66 .93 .81 .86 .96 1.14 Net profits .51 .40 .56 .64 .51 .52 .38 .53 .44 .56 .52 .63 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 25.3 22.4 23.3 31.1 29.2 21.1 37.0 22.1 25.3 26.2 21.0 19.8 Other securities 4.0 4.3 9.9 7.8 3.7 6.3 5.1 5.9 6.2 6.0 3.4 4.8 Earnings on loans 45.1 52.9 43.5 41.8 46.0 53.2 43.4 56.4 51.5 51.5 59.7 60.2 Service charges on deposit accounts. 3.5 8.1 2.8 3.5 5.9 4.8 6.9 2.7 4.2 4.7 2.5 6.8 Other current earnings 22.1 12.3 20.5 15.8 15.2 14.6 7.6 12.9 12.8 11.6 13.4 8.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 35.5 34.0 28.6 32.2 28.4 32.0 30.0 35.2 28.9 26.8 30.1 Interest on time deposits. . 2.8 7.1 2.3 8.6 5.0 6.9 11.2 4.5 5.5 4.1 4.4 13.7 Other current expenses. . . 26.0 28.0 26.9 24.3 23.5 27.1 23.7 23.4 22.7 24.2 27.4 17.6 Total expenses 60.9 70.6 63.2 61.5 60.7 62.4 66.9 57.9 63.4 57.2 58.6 61.4 Net current earnings before income taxes 39.1 29.4 36.£ 38.5 39.3 37.6 33.1 42.1 36.6 42.8 38.6 Net losses including transfers (or recoveries and profits +) 5.8 6.2 5.5 + 1.0 3.3 4.3 4.3 5.0 3.5 1.6 5.6 2.8 Taxes on net income 11.8 6.6 8.4 10.7 12.8 11.9 9.6 13.1 13.1 13.3 13.5 14.4 Net profits 21.5 16.6 22.9 28.8 23.2 21.4 19.2 24.0 20.0 27.9 22.3 21.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.55 1.45 1.64 1.55 1.51 1.46 1.47 1.49 1.59 1.43 1.61 1.56 Interest and dividends on total securities 1.59 1.52 1.80 1.68 1.55 1.61 1.50 1.59 1.63 1.48 1.68 1.63 Net losses (or recoveries and profits +)1 2 + .04 + .13 + .12 + .80 + .02 + .02 .0 + .05 + .03 + .09 .04 .0 Return on loans: Earnings on loans 3.36 3.93 3.74 3.61 3.94 4.29 4.24 3.58 3.85 3.85 3.96 5.00 Net losses (or recoveries +)12 + .01 .08 .04 .05 + .01 + .01 + .02 .02 .0 .05 .10 .07 Distribution of assets: Percentage of total assets: U. S. Government securities 38.5 37.9 35.0 44.6 43.1 35.6 50.3 32.8 35.3 36.9 30.4 37.5 Other securities 5.2 5.3 10.3 6.9 4.2 6.4 6.1 6.0 7.5 6.8 3.6 7.1 Loans 31.9 33.2 28.7 25.9 26.1 30.6 20.7 34.8 29.7 26.9 35.2 35.6 Cash assets 22.3 22.2 24.5 21.4 25.2 26.0 22.1 25.6 26.6 28.5 29.1 18.4 Other assets 2.1 1.4 1.5 1.2 1.4 1.4 .9 .9 1.7 1.4 Other ratios: Total capital account to: Total assets 8.7 6.7 7.9 6.3 6.3 6.0 5.6 Total assets less Government securities and cash assets 22.3 16.9 20.5 23.3 19.8 15.0 17.4 15.1 16.3 16.6 14.7 12.7 Total deposits 9.8 7.3 9.2 8.7 6.8 6.2 5.1 6.8 6.8 6.2 6.4 6.0 Time to total deposits 8.7 23.9 8.9 25.3 16.8 17.0 31.2 13.9 14.3 10.9 12.9 38.6 Interest on time deposits to time deposits .85 .71 .83 .71 1.08 .76 .76 .92 .80 .85 1.13 Number of banks 10 12 13 26 32 21 77 21 50 38 27 * Not including central reserve city banks. 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. MAY 1951 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1950—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Profits before income taxes Net profits Cash dividends declared Percentage of total assets: Total earnings Net current earnings before income taxes Net profits Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities Other securities Earnings on loans Service charges on deposit accounts. Other current earnings. Total earnings.... Salaries and wages Interest on time deposits... Other current expenses. . . Total expenses Net current earnings before income taxes Net losses including transfers (or recoveries and profits +) Taxes on net income Net profits Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1 .67 1.69 Interest and dividends on total securities 1.67 1. 73 Net losses (or recoveries and profits +)i2 + .10 +.12 Return on loans: Earnings on loans 4.70 4.99 Net losses (or recoveries +)1 .06 .03 Distribution of assets: Percentage of total assets: U. S. Government securities 44.0 45_2 Other securities 7.4 8!6 Loans 28.2 29.2 Cash assets 19.1 15.9 Other assets 1.3 1.1 Other ratios: Total capital account to: Total assets 8.0 7.3 Total assets less Government securities and cash assets. . . 21.8 18 25.6 Total deposits 8.8 7'.9 10.3 Time to total deposits 28.9 42.7 42.3 Interest on time deposits to time deposits 1.06 .87 .86 Number of banks 316 716 626 667 240 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1950 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1947-1950 [Amounts in thousands of dollars] All insured commercial banks 1 F B ed an er k a s l n R o e t s m er e v m e b S e y r s s te o m f Items 1947 1948 1949 1950 1918 1949 1950 Earnings. 3,097,670 3,403,586 3,606,879 3,930,696 519,449 575,682 621,695 666,514 Interest and dividends on securities: U. S. Government 1,079,535 1,008,138 1,013,515 1,015,456 158,960 153,592 154,552 150,662 Other 179,408 189,559 201,691 225,425 30,274 31,749 33,220 35,283 Interest and discount on loans 1,263,788 1,577,633 1,733,690 1,976,100 235,039 288,310 328,207 368,320 Other charges on loans 18,386 22,315 26,090 31,724 3,532 3,985 4,658 5,658 Service charges on deposits 147,761 173,791 194,013 212,272 28,507 32.658 36,057 39,783 Other charges, fees, etc 97,264 97,456 95,420 104,602 31,469 32,134 30,929 33,855 Trust department 144,734 156,678 160,430 180,674 8.802 9,167 9,049 10,157 Other current earnings 166,794 178,016 182,030 184,445 22,866 24,087 25,024 22,797 Expenses 1,981,787 2,163,514 2,283,727 2,444,534 332,120 368,611 395,169 425,210 Salaries—officers 344,845 381.756 410,685 446,043 75,431 84,478 92,553 101,325 Salaries and wages—others 602,266 662,696 700,065 755,681 74,779 84.268 92,173 100,568 Directors' fees, etc 18,954 20,859 22,608 24,745 5,225 5,952 6,546 7,298 Interest on time deposits 298,274 316,570 328,010 343,040 62,482 66,244 67,100 72,266 Interest on borrowed money 2.656 3,432 3,582 4,296 195 299 246 401 Taxes other than income 103,516 106,163 113,569 128,101 15,582 16,247 17,296 19,259 Recurring depreciation 42,276 48,271 53,988 59.469 7.440 8,899 10,091 11,456 Other current expenses 569,000 623,767 651,219 683,159 90,986 102,224 109,165 112,636 Net current earnings before income taxes 1,115,883 1,240,072 1,323,153 1,486,164 187,329 207,071 226,527 241,306 Recoveries, transfers from reserves, and profits 262,042 266,439 213,187 245,461 29,993 23,925 30,726 26,891 On securities: T R r e a c n o s v f e e r r i s e s from reserves. ... 45,360 2 2 9 4 , , 2 1 2 6 1 1 2 1 6 6 , , 6 4 7 1 2 2 3 1 8 4, ,6 7 3 1 9 8 } 5,002 2,7 7 4 98 4 1 1 , , 9 8 3 4 0 0 Profits on securities 100,189 60,025 73,196 90,469 10, 555 5,274 8,321 On loans: T R r e a c n o s v f e e r r i s e s from reserves . . . 67,687 3 4 9 8 , , 7 9 4 3 8 4 2 2 3 8 , , 1 2 4 2 2 0 2 2 8 9 , , 5 9 0 7 6 1 I 8,608 3 5 , , 3 8 8 4 7 0 5 3, , 3 0 0 1 2 7 3 5 , , 0 9 1 5 1 8 All other 48,806 64,350 45,546 43,157 5, 825 5,882 5,793 5,830 Losses, charge-offs, and transfers to reserves 294,286 485,753 379,824 366,932 43,109 64,595 61,966 53,301 On securities: T Lo ra s n se s s f e a rs n d t o c r h e a s r e g r e v -o e f s f . s . 118,498 4 7 0 8 , , 9 5 4 9 1 0 3 3 8 3 , , 6 0 7 4 1 4 3 5 8 4 , , 7 5 2 1 1 8 17,182 1 5 0 , , 4 26 2 6 0 5 7 , , 0 8 4 2 1 2 6 3, , 5 0 8 9 5 8 On loans: T L r o a s n se s s f e a rs n d t o c h re a s rg er e v -o es ffs. , , 120,370 27 3 8 2 , ,3 6 9 6 3 6 22 2 1 9 , , 1 0 6 6 7 4 1 2 9 3 1 , ,2 0 4 3 8 0 17,717 31 8 , , 4 6 8 0 9 9 2 9 9 , , 9 9 1 19 2 2 8 4 , , 7 9 6 80 2 All other 55,418 55,163 57,878 59,414 8,210 8,811 9,272 9,875 Profits before income taxes. 1,083,639 1,020,758 1,156,514 1,364,690 174,213 166,401 195,285 214,894 Taxes on net income 302,242 275,422 325,148 427,776 45,724 41,866 50,082 58,716 Federal 283,046 258,490 304,572 402,582 43,565 39,779 47,503 55,673 State 19,196 16,932 20,576 25,194 2,159 2,087 2,579 3,043 Net profits 781,397 745,336 831,364 936,915 128,489 124,535 145,201 156,179 Cash dividends declared.... 315,215 331,833 354,144 391,249 34,273 38,015 41,478 45,727 On preferred stock 2 5,981 5,230 5,093 4,333 1,677 1,364 1,605 1 ,498 On common stock 309,234 326,603 349,052 386,916 32,596 36,651 39,874 44,229 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities . . . 7,224 2,600 3,565 207 201 529 On loans 10,844 19,645 20,385 1,539 2,133 3,369 Losses charged to reserves (not included in losses above): On securities 18,031 6,324 952 960 516 On loans 46,486 56,250 6,842 11,123 9,921 Loans 33,863,334 39,650,962 46,250,272 4,539,644 5,467,547 6,092,203 6,723,419 U. S, Government securities. 70,229,835 64,291,298 63,846,83010,189,728 9,566,975 9,035,341 8,855,315 Other securities 8,315,081 8,872,676 11,043,342 1,357.629 1,492,432 1,541,486 1,678,776 Cash assets. .. 34,279,792 36,247,026 36,006,423 3,906,621 3,798,976 3,705,187 3,934,637 Other assets 1,482,219 1,664,551 1,840,027 161,507 168,593 182,596 201,885 Total assets. 148,170,261150,726,513151,566,078158,986,89420,155,12920,494,52320,556,81321,394,032 Time deposits 34,378,653 35,322,398 35,902,235 36,446,656 6,489,350 6,618,112 6,708,045 6,853,262 Total deposits 137,537,907139,517,461139,764,394146,269,29418,843,04919,086,48719,038,25719,725,789 Total capital accounts. 9,527,968 9,951,200 10,421,106 11,007,396 1,238,073 1,322,909 1,423,677 1,545,040 Number of officers. . . . 65,740 67,609 69,439 71,566 20,790 21,342 21,996 22,610 Number of employees.. 284,072 292,015 296,308 312,324 43,082 44,406 45,959 48,696 Number of banks. 13,403 13,419 13,436 13,446 6,483 6,504 6,54^ 6,576 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceeddiinngg ppaaggeess.. 2* )ITn-c_1lu_1d_e_s. ti n„-t Je rest • oonn ccaappiitt• aai ll <nn oottee.s s aanndd 1 ddee•» bb*eennttuurres. 8 Not available. NNOOTTEE..——TThhee ffiigguress ooff aasssseettss,, ddeeposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and eenndd ooff eeaacchh yyeeaarr TThhee nnuummbbeerr oof officers, employees, and banks are as of the end of each year. MAY 1951 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1950 All banks, by class of bank All banks maintai b n y in g c la b s r s a n o c f h b e a s n o k r l additional offices, Commercial Danks Commercial Mutual sav- State Member Nonmember ings banks Member Total banks banks Total banks Total Total ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su I r n e - d s N u i o n re n - d - ti N on a a - l United States 14,650 214,121 4,958 21,915 6,562 689 2 194 335 1,404 1,291 367 Alabama 225 225 70 23 132 6 6 5 Arizona 11 11 3 2 5 1 7 7 Arkansas 232 232 52 16 154 10 17 17 California 202 202 93 27 71 11 46 46 Colorado . . 154 154 77 16 51 10 4 4 Connecticut 184 112 47 15 30 20 3 69 19 16 Delaware 40 38 13 4 20 1 2 9 8 Dist of Col 19 19 9 6 4 15 15 Florida 199 199 62 12 121 4 6 6 Georgia 397 397 51 15 265 66 19 19 Idaho . . 43 43 13 11 18 1 8 8 Illinois 891 891 384 124 368 15 2 2 Indiana 490 2486 125 2 113 238 11 23 1 58 58 Iowa 663 663 97 64 445 57 121 121 Kansas 612 612 174 41 251 146 Kentucky 385 385 92 21 249 23 24 24 Louisiana 165 165 36 11 117 1 39 39 Maine 95 63 32 5 16 10 6 26 26 24 Maryland 173 164 61 16 85 2 2 7 34 31 Massachusetts 371 182 116 25 33 8 189 87 51 Michigan 442 442 78 153 183 28 64 64 Minnesota 681 680 178 28 455 19 1 2 2 Mississippi 201 201 24 7 166 4 37 37 Missouri 600 600 79 101 396 24 1 1 Montana 110 110 39 45 26 Nebraska 418 418 124 17 226 51 2 2 Nevada 8 8 5 1 2 5 5 New Hampshire 109 75 51 1 6 17 34 3 2 New Jersey 347 324 205 71 44 4 23 65 60 New Mexico 51 51 26 9 16 9 9 New York 759 629 376 171 75 7 130 173 119 North Carolina 225 225 46 8 170 1 63 63 North Dakota 150 150 41 2 102 5 15 15 Ohio 662 659 241 181 228 9 3 57 57 Oklahoma 386 386 199 25 151 11 1 1 Oregon 71 70 20 10 38 2 1 14 14 Pennsylvania 978 971 627 108 219 17 7 68 64 Rhode Island 24 16 7 2 3 4 2 6 13 11 148 148 25 7 99 17 17 17 South Dakota 169 169 35 27 107 26 26 Tennessee 297 297 72 10 207 8 33 33 Texas 908 908 442 136 283 47 13 13 Utah . . . 55 55 11 20 24 6 6 Vermont 77 70 39 1 29 1 7 9 8 Virginia 313 313 132 71 110 54 54 Washington 121 118 36 16 63 3 3 15 14 West Virginia 180 180 74 34 68 4 Wisconsin 556 2 552 95 271 379 9 23 1 92 92 Wvominsf 53 53 24 15 14 Ot Ot NO Danks Mutual sav- Nonmember ings banks banks m S b t e a e m r te - su In re - d s N u i o n re - n d - su I r n e - d s N u i o n re n - d - 221 673 30 67 46 1 1 3 1 15 11 18 1 3 1 7 6 3 3 3 4 1 1 8 4 3 4 2 9 5 4 1 5 1 2 2 14 5 38 1 117 4 3 5 16 10 5 24 5 4 9 6 2 7 7 16 1 1 2 22 17 11 1 36 12 14 36 2 2 1 1 35 1 2 3 1 1 1 1 28 24 8 5 2 7 52 47 18 9 54 10 4 48 1 15 18 18 21 1 3 1 10 34 13 14 3 4 3 2 3 3 1 1 5 2 10 4 22 11 1 21 13 2 2 9 2 6 1 20 io 24 8 2 4 1 5 4 82 1 All of the branches and additional offices are located, in the same States as their parent banks except that one national bank in New Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured (unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according to their location, rather than the location of the parent banks. 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. 2 The figures for member (commercial) banks, and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." 3 Each bank is reported once only—according to the widest area in which it operates branches or additional offices. Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688; June 1944, pp. 612-613; June 1945, pp. 616-617; June 1946, pp. 672-673; June 1947, pp. 752-753; May 1948, pp. 588-589; June 1949, pp. 734-735; and May 1950, pp. 600-601. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1950—Continued All branches and additional offices, by class of bank * All branches and additional officer except offices at military reservations, by location Commercial banks Mutual Offices savings Outside head office city at Total Total II tion M a b l e a m n m k b S s e e r t m a b te er s N u In r o e - n d b m an e k m i s n N b s o u e n r re - d sured ban i k n s N su o r n e - d o h c f e I f i n i a t c y d e I c n o o f u f h i n c e t e a y d c I t o n i u g c n u o t o i n u e - s s c In o c u o u o n n n u o t t s i i n e g - s - m re t i s i l e o i r t n a v s r a y - United States.. . 5,056 I 4,843 2,230 1,359 1,202 52 152 61 2,211 1,250 647 826 122 Alabama 26 26 25 1 6 8 Arizona 56 56 37 4 14 15 10 Arkansas 19 19 2 17 15 2 1 1 California 979 979 776 ' 'l53' 49 240 109 136 470 24 Colorado 4 j! 3 1 1 3 Connecticut 55 50 |! 21 7 Delaware 21 20 8 11 District of Columbia. 45 || 45 24 11 10 41 Florida 6 6 4 Georgia 42 42 23' 7 Idaho... 55 55 48 4 36 Illinois. . 2 2 2 Indiana. 109 109 35 53 50 58 Iowa. . . . 164 164 159 121 Kansas.. Kentucky 44 19 8 17 25 13 4 Louisiana 77 39 8 30 37 31 '3 1 Maine 73 71 8 29 25 7 30 i. 1 Maryland 135 119 21 57 40 71 27 24 j 7 6 Massachusetts. 224 177 93 66 16 134 83 1 20 I Michigan 239 239 98 160 10 1 Minnesota 6 6 6 Mississippi. . . . 68 68 7 i 6 T Missouri 1 1 Montana Nebraska 2 2 2 Nevada 19 19 14 4 New Hampshire. 3 2 1 3 New Jersey 174 165 71 16 106 65 New Mexico.... 15 15 2 13 3 6 '3 New York 881 786 221 509 53 720 113 35 North Carolina.. 218 218 23 23 170 35 47 77 North Dakota... 22 22 22 11 11 Ohio 226 226 65 130 31 149 70 Oklahoma 1 1 1 Oregon 102 102 20 61 Pennsylvania. . . 212 193 121 45 130 1 Rhode Island. . . 66 60 15 22 24 12 South Carolina. . 49 49 33 2 9 9 ! 22 1 South Dakota.. 49 49 21 17 I 11 1 Tennessee.... 98 98 51 53 8 4 Texas 12 12 12 12 Utah 24 24 17 2 *3 51. 12 1 Vermont 20 11 2 9 Virginia 114 114 44 52 9 if 19 ! Washington 130 9 33 I 59 4 West Virginia. . . 31 I W W i y s o c m on i s n i g n 'l29 'is' 108 '25'!' 1 Distribution by location of branches with respect to head office Banks with branches or additional offices 3 In head office city only Outside head office city but"not beyond head office county.... Outside head office county but not beyond contiguous counties. . In counties not contiguous to head office county At military reservations Branches and additional offices In head office city Outside head office city: In head, office county In contiguous counties . . . . In noncontiguous counties At military reservations For footnotes, see opposite page. MAY 1951 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. 590-595 Gold production. 595 Reported gold reserves of central banks and governments. 596 Gold movements; gold stock of the United States. 597 International Monetary Fund and Bank. 598 Central Banks. 598-602 Money rates in foreign countries. 603 Commercial banks 604 Foreign exchange rates 605 Price movements: Wholesale prices. 606 Retail food prices and cost of living 607 Security prices. 607 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. MAY 1951 589 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 Increase in foreign banking In b c a r n e k as in e g in Decrease Foreign Domestic From th J ro a u n g . h 2 — , 1935, Total Total fun O ds f fi i c n ia U l i . S. Other f i t u n e i n s r n t d n i s t a U u t o i t . o i f o S n i n . a n s l - i b a n f a b u n r U n o k d . a i s n S d g . se o R f c u f u e n U t r d u i . t r i n S e 2 s . : s I e n f f c o u f u l r n o e r d w i ig t s i n e 2 o s 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 97?. 8 798 7 144 1 1946—Dec. 31 8,009 5 5,272.3 2,333.6 2,938.7 453.8 427.2 L,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 1,209 9 258 5 123.7 1950—Mar. 31 ... . 9,153 2 5,308.8 2,112.9 3,195.9 1,690.9 480.6 1,163 6 379 3 130 0 Apr. 30 9,371.6 5,504.2 2,168.3 3,336.0 1,663.4 494.6 1,154.3 424.4 130.6 May 31 9,563.0 5,614.5 2,298.5 3,316.0 1,662.7 522.1 1,179.0 459.6 125.2 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 L,226.0 629.7 120.7 Aug 31 10,128.9 6,002.9 2,522.3 3,480.6 1,612.4 445.6 1,172.7 772.6 122.7 Sept. 30 10,488.0 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 1,062.5 831.4 124.3 Nov. 30 no,705.2 r6,437.4 2,899.2 '•3,538.3 1,713.5 '282.0 1,066.4 1,074.3 131.6 Dec. 31 10,509.4 6,180.0 2,712.4 3,467.7 1,702.3 234.8 1,064.5 1,196.0 131.7 1951—Jan. 31 v 10,439.9 6,085.7 2,668.0 3,417.7 1,615.5 267.6 1,062.7 1,278.2 130.2 Feb. 28P 10,379.6 6,124.8 2,696.8 3,428.0 1,592.3 208.1 L,056 3 1,265.0 133.2 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti l r o n i n n a s - - 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 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 1,677.1 6,891.9 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,065.2 234.9 1949—Dec. 31 1,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 1,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950—Mar. 31 1,615.3 7,537.9 797.7 112.0 171.7 952.6 259.4 1,219.3 3,512.7 995.8 1,854.1 943.1 232.2 Apr. 30 1,616.0 7,755.6 888.4 114.2 188.4 983.7 255.5 1,240.0 3,670.2 990.5 1,875.9 997.2 221.7 May 31 1,627.9 7,935.0 943.0 156.2 210.6 989.0 267.6 1,243.9 3,810.3 1,016.9 1,855.7 1,023.7 228.4 June 30 1,617.2 8,165.0 1,055.5 188.6 215.6 1,000.4 270.6 1,268.1 3,998.9 1,064.8 1,842.4 1,030.7 228.3 July 31 1,608.3 8,288.1 1,048.0 163.4 236.9 1,006.2 268.3 1,293.9 4,016.8 1,093.2 1,914.0 1,019.7 244.5 Aug. 31 1,600.6 8,528.3 892.9 324.9 247.6 1,014.1 281.5 1,313.7 4,074.8 1,176.4 1,943.5 1,073.3 260.3 Sept. 30 1,614.8 8,873.2 805.7 338.5 249.3 1,013.8 306.2 1,366.1 4,079.6 1,346.2 2,037.0 1,156.1 254.3 Oct. 31 1,641.6 9,091.9 875.3 398.7 267.2 984.8 316.4 1,356.4 4,198.7 1,300.3 2,055.4 1,286.6 251.0 Nov. 30 1,709.1 -8,996.1 796.5 386.4 274.8 '979. 308.8 1,336.4 '•4,082.7 1,286.8 2,008.9 1,333.5 284.3 Dec. 31 1,723.8 8,785.6 762.1 413.6 187.9 957.0 314.5 1,313.1 3,948.2 1,191.6 2,053.1 1,301.6 291.1 1951—Jan. 31 P 1,689.4 8,750.5 770.2 422.6 201.4 907.9 310.0 1,333.9 3,946.0 1,181.9 2,030.3 1,291.3 300.9 Feb. 28P 1,666.4 8,713.2 749.5 405.0 205.7 901.3 324.1 1,324.4 3,910.0 1,149.7 2,019.2 1,325.4 308.9 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. 3 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 1951, p. 344; March 1947, pp. 338-339; and September 1945, pp. 967-971. 590 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 e o t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica 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 ,414.2 924.9 1,369.1 212.9 1946—Dec. 31 .. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31 .. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31.. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—Dec. 31.. 1,637. 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—Mar. 31. . 1,690.9 5,308.8 600.8 76.9 162.0 560.5 239.7 593.0 2,232.8 749.5 1,269.5 847.3 209.6 Apr. 30. . 1,663.4 5,504.2 690.5 80.0 178.4 584.1 236.5 609.0 2,378.6 737.0 1,283.5 910.1 195.1 May 31. . 1,662.7 5,614.5 740.0 106.1 202.9 583.0 253.2 606.2 2,491.4 739.6 1,254.5 926.3 202.7 June 30. . 1,636.4 5,784.7 852.5 138.9 209.0 581.3 260.1 625.8 2,667.5 722.0 1,254.7 921.2 219.4 July 31. . 1,626.6 5,831.1 852.4 113.0 231.8 580.3 255.5 638.6 2,671.6 688.4 1,333.5 912.8 224.7 Aug. 31. . 1,612.4 6,002.9 698.8 185.9 240.5 589.7 263.5 653.0 2,631.4 819.7 1,348.1 966.2 237.5 Sept. 30. . 1,626.4 6,559.4 644.1 168.3 238.9 586.4 283.7 702.9 2,624.2 ,224.8 1,423.2 1,044.1 243.1 Oct. 31. . 1,647.2 6,775.4 759.5 209.5 258.4 558.8 288.9 696.6 2,771.5 ,120.0 1,448.4 1,182.2 253.3 Nov. 30. . 1,713.5 r6,437.4 662.9 167.0 265.3 ••556.3 282.8 648.1 r2,582.4 947.2 1,403.6 1,223.4 280.9 Dec. 31. . 1,702.3 6,180.0 600.3 180.0 177.0 537.1 294.4 624.3 2,413.1 791.3 1,492.0 1,198.0 285.7 1951—Jan. 31 P. 1,615.5 6,085.7 576.7 189.2 189.9 493.8 288.3 638.7 2,376.6 778.8 1,462.2 1,186.6 281.5 Feb. 28P. 1,592.3 6,124.8 566.5 173.3 192.5 487.3 304.1 635.6 2,359.2 777.9 1,475.2 1,222.5 290.0 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C ad an a - A L m a e ti r n ica Asia ot A h l e l r 1945—Dec. 31.. 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31. 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec. 31., 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31.. 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—Dec. 31. 307.6 254.8 27.2 13.4 4.3 4.0 211.3 515.0 55.3 -243.1 -10.6 -9.0 1950—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 44.6 -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. 30. '282.0 164.8 47.8 14.9 r-3.3 12.1 236.5 '472.8 -5.5 -165.8 38.5 -58.0 Dec. 31. 234.8 190.5 47.7 15.2 -.6 5.9 236.6 495.2 -32.9 -210.8 32.7 -49.4 1951—Tan. 31? 267.6 208.4 48.1 14.8 -3.4 -1.8 232.9 499.0 -22.8 -205.1 32.3 -35.7 Feb. 28P 208.1 194.4 47.1 15.0 -3.7 -3.7 229.4 478.5 -32.7 -231.2 30.0 -36.5 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J ro a u n g . h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n 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 th ro 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—J3ec> 3i 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1 1 9 9 4 4 7 5 — — j D 3e e C c i 3 3 i i -249.3 1 1 , , 2 5 3 2 7 6 .2 9 9 9 6 4 .9 8 4 5 7 0. . 2 1 - 2 3 6 . . 9 0 3 1 1 6 . . 2 3 2 2 6 6 . . 7 5 2 2 6 7 0 5 . . 2 8 4 49 5 1 6 .7 2 4 23 4 6 1 .8 6 4 5 4 3 8 7 .6 4 6 6 1 1 .6 1 28.4 7 1 1 9 9 4 4 9 g — — £ ]} )e e C c i 3 3 i 1 — -2 2 6 4 5 9 . 3 3 1 1, , 4 4 7 3 5 1 . . 1 3 8 7 4 1 .4 9 4 43 2 . . 2 9 — -9 9 .3 .1 — 19 .1 .0 2 2 6 7 . . 5 0 2 3 8 1 7 1 . . 2 7 4 4 1 4 3 4 .1 3 3 3 3 2 9 9 .1 7 5 5 7 9 8 8 .5 3 6 6 3 3 .9 2 3 3 6 9 .5 9 1950—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 1,421.0 69.3 45.0 -14.5 11.0 27.1 315.5 453.3 251.3 606.9 64.1 45.4 May 31 -266.5 1,445.5 68.0 44.6 -15.0 14.2 27.4 316.1 455.3 270.5 609.8 64.2 45.7 June 30 —267 1 1,494 4 67 1 44.1 -14.2 16.8 27.4 316.1 457.2 303 2 620 8 64 2 49 0 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 1,439.6 66.2 43.6 -13.6 14.8 27.4 317.0 455.4 245.1 625.3 64.2 49.6 Sept 30 —266 9 1,266 1 64 7 43.6 -13.2 18.4 27.4 317.2 458 1 70 9 622 3 65 1 49 7 Oct 31 . . .. -268.9 1,331.3 64.5 43.0 -13.3 15.9 27.4 316.8 454.4 136.7 624.9 65.3 50.1 Nov. 30 -268.8 1,335.2 65.3 42.7 -13.8 17.6 27.4 316.9 456.1 137.1 626.5 65.3 50.2 Dec. 31 -268.8 1,333.3 65.3 42.0 -14.0 17.3 27.4 319.6 457.5 139.1 628.3 65.0 43.4 1951—Tan 31? -269.4 1,332.1 64.4 40.3 -13.1 17.4 27.4 320.4 456.7 135.2 631.1 65.1 44.1 Feb 28^ -269.4 1,325.7 64.8 37.9 -12.8 18.7 28.4 322.0 458.9 124.7 632.3 65.2 44.5 v Preliminary. r Revised. MAY 1951 591 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) Inter- From t h J ro a u n g . h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - ot A h l e l r 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—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 -4.0 383.0 -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. 30. . 264.4 809.9 -113.8 112.0 -3A 382.4 -14.4 124.8 487.9 186.6 128.3 -2.6 9.7 Dec. 31.. 290.3 905.7 — 110.0! 127.9| -> ? 374.2 •-14.2 121.7 496.4 276.7 126.4 -3.8 10.1 1951—Tan. 31 P. 343 .3 934.9 -96.5 128.0j -1 8 37 .0 — 4. 7 131.2 531.2 272.0 124.0 -2.2 9 9 Feb. 28P. 343.5 921.4 -93.4 129.3! - 73.1 -5.6 127.2 529.6 260.7 123.6 -2.0 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) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1945—Dec. 31 144.1 19.8 23.4 26.0 30. .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. .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec. 31. 142.4 18.2 19.1 12.7 38. .3 14.2 102.7 19.6 12.9 6.6 .7 1948—Dec. 31.. 123.1 17.0 16.7 9.3 27. .4 I 11.0 81.9 19.6 14.0 7.0 .6 1949—Dec. 31 123.7 17.1 16.2 9.6 28. 11.1 82.9 20.5 12.7 6.8 .6 I 1950—Mar. 31 130.0 17.0 .5.3! 11 .3 10.4 82.4 21.2 18.5 7.2 Apr. 30.. 130.6 17.3 15.5 i 11 .1 .0 ! .6 I 10.4 83.7 21.5 16.3 8.3 .7 May 31 125.2 16.7 16.1 11.6 .0 i 10.3 21.6 12.3 8.4 .8 June 30 123.2 16.9 16.3 10.0 10.1 81.2 10.9 11.7 9.3 1.0 July 31 120.7 17.5 16.5 10 6 10.3 83'.& 20.3 9.5 5.4 1.7 Aug. 31 122.7 16.9 15.8 10 7 .5 10.1 81 \ 19 " 13.3 6.7 1 .8 Sept. 30 121.9 17.0 16.6 15 .2 .5 10.2 81'.() 26! 3 12.8 6.6 1.2 Oct. 31 124.3 16.7 16.3 11.0 .5 9.9 81, 7 20.7 13.1 7.5 1 .3 Nov. 30 131.6 17.2 16.9 11.4 9 10.2 83. 4 21.4 16.3 9.0 1.6 Dec. 31. 131.7 16.9 16.1 12 .0 1.0 10.9 «6.0 17.5 17.2 9,8 1.4 1951—Jan. 31*> 130.2 1 7 .2 1 (>. 1 11 7 .8 10 7 8 2 18.7 9.6 1 .2 Feb. 28". 1 133.2 17.3 17.5 i i 9 1 .0 10.2 So'. 19.1 9.7 1 .3 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 t t i e i n o r s n n t a a i- - l Official U K d n i o n i m t g e - d France lands 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 da n- Am La e t r i i n ca Asia o A th l e l r tutions and Offich i private 1945—D<?c. 31... 6,883.1 4,170.3 707.7 310.0 304 .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 3,043.9 458.9I 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 2,836.3 546.31 192.8 122.8 538.9 333.5 738.1 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 869A 1,436.7 961.0 179.5 1950—Mar. 31... 1,710.8 6,042 2,823.2 662.1 157.0 178.7 5/4.1 260.0 756.3 2,588.1 857.4 1,391.1 1,027.9 178.4 Apr. 30... 1,683.4 6.238 2,878.6 751.8 160.1 195.0 597.8 256.8 772.3 2,733.8 844.9 1,405.1 1,090.7 163.9 May 31... 1,682.6 6,348 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 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. 188.2 July 31... 1 ,646.5 6.565 3,302.8 913.8 193.1 248.4 593.9 275.8 801.9 3.026.9 796A 1,455.0 1,093.4 193.5 Aug. 31... 1 .632A 6,737 3,232.6 760.1 266.0 257 2 603 .4 283.8 816.2 42,986.7 927.6 1,469.6 1,146.8 206.4 Sept. 30... 1 ,646A 7,293 3,722.9 705.4 248.4 255.5 600.0 304.0 S66.2 ^2,979.5 1,332.7 1,544.7 1.224.7 211.9 Oct. 31... 1 ,667.1 7,509 3,968.0 820.8 289.6 275.0 572.4 309.2 859.8 i3,126.8 1,227.9 1,570.0 1,362.8 222.1 Nov. 30. .. 1 ,733.4 7,171 3,609.5 724.3 247.2 281 9 303.1 811.3 '42.937.7 i ,055.1 1,525.1 .,404.0 249.7 Dec. 31... 1.722.2 6.914 3,422.7 661.7 260.1 193.6 550! 7 314.7 787.6 42,768.4 899.2 1,613.5 1,378.6 254.5 1951—Jan. 31?.. 1,635.4 6.819.8 3,378.3 «638.0 269.3 206.5 507.5 308.6 802.0 12, 731.8 886. 7 1,583.8 1,367.2 250.3 Feb. 28P.. 1,612.2 6,858.9 3,407.1 253.4 209.1 500.9 324.4 798.8 42,714.5 885.9 1,596.7 .,403.1 258.8 1 A Pr m el o i u m n i t n s a o ry u . tstanding (in * r m 1 R \C i e l v l V i i o s n e 1 s 3 d t U . . of dollars): foreign brokerage balances in U. S., 90.1; U. S. brokerage balances abroad, 33.8. 2 Country breakdown is for "Official and private." 8 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. * Beginning August, data include certain deposit balances and other items which have been held in specific trust accounts, but which have n excluded in the past from reported liabilities. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR Y sla u v g i o a - ot A he ll 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.o 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49 3 123 5 39 0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31. . 739.8 124.9 52.8 30.5 89.5 34 7 56 2 47 1 8.7 12.8 58.6 73.7 12.1 138.2 194g—Dec. 31 738 1 128 7 44 7 19.1 178.9 21 1 77 7 37 7 7 0 13.6 49.o 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—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 . 386 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.30. . 811.3 38.7 128.2 6.6 43.7 17.6 227.7 44.2 44.5 6.9 50 2 6.1 20.1 108 7 5.5 12.3 50.4 Dec. 31. . 787.6 40.3 120.3 5.6 45.5 18.3 221.6 32.3 43.1 4.2 45 7 6.1 21.3 113 7 4.0 13.2 52.4 1951—Ian. 31P. 802.0 38.0 127.6 5.9 43.2 18.1 231 .8 30.1 46 5 5.8 48 1 6.4 20.0 118 4 3.4 11. 1 47.4 Feb. 28P. 798.8 40.1 112.9 4.3 42.2 20.3 240.5 31.4 50.8 5 6 54.0 6.4 25.3 104 5 3.3 8 3 48.9 Latin Amerka Neth- Do- erite A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba 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- 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 b n 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 ic m a t a h t e i e r n 3 r lie 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 14.9 41.8 70 3 78 o 186.5 1948—Dec. 31. 1,287.0 215 8 17.1 123.7 55.6 54 0 219.4 146 7 24.3 52.6 71.8 121.7 184.1 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— Mar.31. 1,391.1 221 2 13.1 141.1 70,4 80 0 185.4 38.8 27.6 175 7 26.5 51.6 81.4 42.6 58.0 110.1 67.5 Apr. 30. 1,405.1 227 0 12.7 121.6 73.2 70 1 209.7 39.6 27.8 168 8 26.7 47.1 81.3 40.1 59.0 132 2 68.2 May 31. 1,376.1 233 5 13.9 99.4 68.6 53 1 227.2 40.9 26.6 160 2 28.4 46.3 80.8 36.9 67.0 124A 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 .7 97.2 67.4 Sept.30. 1,544.7 268.9 19.0 187.1 76.9 65 9 260.6 41.8 22.7 176 4 29.0 58.0 72.9 24.0 73.9 101.8 65.8 Oct. 31 1,570 0 273 0 17.0 215.7 82.5 61 6 274.2 41.3 22.0 188 2 28.6 55.7 62 5 21.5 71.9 88.8 65.3 Nov. 30. 1,525.1 281 9 17.0 195.4 79.0 49 6 277.2 41.8 22.6 187 8 27.7 57.4 58.6 14.6 69.7 79.4 65.6 Dec. 31. 1,613.5 301 8 20.4 226.0 79.5 53 4 259,1 42.7 25.4 207 1 30.2 60.2 59.9 16.1 75.1 85.2 71.3 1951—Jan. 31P 1,583.8 334 4 18.8 228 9 73.3 54 6 250.8 44.3 27.2 144 1 31.5 62.3 54.9 28.2 79 6 78.6 79 2 Feb. 28* 1,596. 7312 1 20.8 249.8 70.6 10.7 257 45.1 30.6 140 7 30.0 60.6 52 5 42.2 78 9 75.9 79 i6 •7 Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n i d na H K o o n n g g India I n n e d s o ia - Iran IsrsleiJapan ip R p e i - ne 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 i t A ra u l s i - a g B i e a l n - A E n g g y l p o - - So o u f th Others Main- public Congo tian Africa land Sudan 1945—Dec. 31. 1,549.7 582.3 27.4 33.4 113.7 4.1 629 1 52.5 107 2 181.8 28.9 18.9 6.4 127.7 1946—Dec. 31. 1,316.4 431.9 44.9 43.5 127.1 16.6 446 6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488 6 37.6 99 0 193.7 30.6 25.0 46.4 91.8 t94g—Dec. 31. ,151.8 216.2 51.1 51.8 41 5 81 4 488 17.5 204 0 167.4 22.2 27 .7 15 .8 101.6 [949—Dec. 31'. 961.0 110.6 83.9 63.3 IS 7 214.6 297 3 9.8 165 7 179!5 32,4 61.6 6 .0 79.5 1950—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 21.8 332.9 294 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 19.7 330.7 299 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 15.1 338.9 291 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 15.7 353.2 290 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 15.2 372.5 299 8 30.5 12.1 112 4 206.4 16.0 36.3 63.4 29.5 61.2 Sept.30. 1,224.7 101.0 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. 30. 1,404.0 103.9 93.7 58.2 110.5 20.4 11.9454.0 379 7 44.4 13.1 114.3 249.7 21.8 58.2 66.3 44.3 59.1 Dec. 31. 1,378.6 81.8 86.1 55.7 114.7 20.3 12.6458.5 374 4 48.2 14.3 111.9 254.5 19.1 58. 1 75.6 44.0 57.7 1951—Jan. 31* 1,367.2 78.8 73.2 48.6 115.6 24.7 15.8452.5 376 1 46.4 12.5 123.0 250.3 19.8 53. 2 85.1 36.3 55.9 Feb. 28? 1,403.1 77.8 65.8 59.7 124.9 26.3 15.6445.3 390 3 52.0 13.7 131.9 258.8 19.6 54.2 85.0 39.2 60.7 MAY 1951 593 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 u o ro 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 3i 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—]3ec> 3i 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1 19 9 4 4 8 7 — — D D eecc . 3 3 1 1 1,0 9 1 4 8 8 . .9 7 2 2 9 4 .5 2 1 2 1 3 9 .0 4 4 5 9 1 . . 1 4 6 7 . . 9 0 2 1 1 5 . . 1 8 1 1 1 0 8 6 . . 9 3 2 3 4 2 8 3 . . 6 8 3 2 9 7 . . 8 5 5 51 1 6 4 . . 6 3 1 1 2 1 7 8 . . 0 8 3 1 1 9 .7 5 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—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 r847 4 127.2 31.2 3.7 r11.4 14.5 67.2 r255.2 98.4 333.8 90.6 69 4 Dec. 31 . . .. 894.5 101.5 31.4 3.4 8.7 20.7 67.1 232.8 125.8 378.8 96.3 60.8 1951—jan- 31P 861.8 83.6 31.0 3.9 11.5 28.3 70.8 229.0 115.7 373.1 96.8 47.1 Feb. 28? 921.2 97.6 31.9 3.7 11.8 30.3 74.2 249.5 125.6 399.1 99.1 47.9 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- USSRY sl u a g v o ia - ot A h l e l r i 1 1 1 9 9 9 4 4 4 6 7 5 — — — D D D e e e c c c . . 3 3 3 1 1 1.. 1 8 1 7 2 8 4 .6 9 8 1 7 5 . . 0 6 5 2 « .2 8 6 . . 0 2 3 3 3 0 0 3 . . . 5 4 9 1 1 2 0 . . 6 7 4 3 3 9 1 . . . 2 3 6 1 1 . . . 1 0 5 . . 1 1 7 1. . . 6 2 9 4 5. . . 4 9 9 « .1 ( w 2) 3 4 9 5 . . . 5 8 9 1948—Dec 31 106 3 21 4 6 3 4 30 5 1 2 8 4 .7 2.9 1.4 6.0 29.8 1949—Dec. 31.. 98.5 19 3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 15.6 1950—Mar 31 63 1 7 17 7 .1 5 2.4 25.3 2 1.2 .1 .8 (2) 6 6 2.4 (2) 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 2.5 4.4 May 31. . 58 2 1 11 7 3 1 l 2 4 25 2 3 1 2 1 9 (2) 4 4 2 8 (2) 3 2 4 6 June 30. . 58.4 .2 12.2 .1 1.5 3.4 25.1 .1 1.2 .5 3.7 3.1 2.4 4.7 July 31. . 54.9 12.1 2.2 1.6 25.1 .1 1.3 .1 .5 3.3 3.8 .2 4.5 Aug. 31. . 54.9 14.6 1.8 1.9 25.1 .1 .9 .1 .4 2.2 3.1 4.4 Sept 30 56 7 14 6 2.0 2.7 25.2 .1 .9 .1 .4 3.3 3.0 4 3 N Oc o t v . . 3 30 1. . 6 6 7 0 .3 2 .1 2 1 1 7 .6 3 .1 4 3 .3 4 2 2 .0 2 2 25 5 .3 5 .3 1 1 1. 4 4 1 .3 5 1 1 1. 3 3 6 4 .6 4 (2) (2) 3 3 .9 8 Dec. 31. 67 1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 3 9 a 1951—Jan. 31 P. 70.8 22.0 .1 2.6 2.7 25.3 .2 1.7 8 .5 8 1.7 10.0 4.0 Feb. 28P. 74.2 .2 24.9 .1 2.5 3.5 25.6 .1 1.9 .6 1.2 9.4 4.2 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 b n 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 t a i e e 3 n r r lic Suri- ama nam I945—Dec. 31.. 158 9 21.0 1.3 24.7 6.6 16.8 33.3 11.0 .5 1.9 1.1 6 1 34.7 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31 .. 514.3 65 2 2 0 165.8 27.8 32.6 108.6 52 2 1 1 4 3 4 7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73 8 1 5 4 4 4 6 26.0 34 7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—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. 30. . 333.8 43.0 8.4 68.7 3.8 39.9 30.6 1.7 2.1 47.4 1.3 8.4 3.5 5.5 8.1 46.8 14.8 Dec. 31. . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—Jan. 31 P. 373.1 25.2 7.4 76.2 6.0 39.1 31.6 1.9 2.8 77.7 1.1 13.2 2.8 7.7 5.3 61.7 13.5 Feb. 28?. 399.1 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 1.2 11.6 2.6 5.9 9.9 85.8 13.2 p Preliminary. r Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Less than $50,000. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 594 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 For- Egypt mosai Phil- Bel- and Union Date Asia C a h n i d na 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 i e a r 1 o A th l e l i 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 Other' Main- public tian Africa land Sudan 1945—DeCt 31 29 9 1 0 8 7 S 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—j)ec# 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—Mar. 31.. 115.7 19 4 4.3 18.9 .2 13.6 13.3 7.7 22.0 1.2 5.9 9.3 38. 1 18.9 3.5 .4 11.3 4.0 Apr. 30.. 111.6 23 4 4 1 19.7 13.5 12.0 1.9 19.7 .9 4.8 11.7 39.6 20.1 3.7 .3 12.1 3.5 May 31.. 100.7 19 2 4 1 24.0 .1 12.5 13.3 .9 14.4 .7 .7 10.9 40.7 20.8 3.6 .1 12.3 3.9 June 30. 87.8 17 6 3 20 s .2 13.0 7 8 .9 12 5 6 7 10 7 61.4 40.7 3 8 1 11.7 5.0 July 31 .. 86.2 20 1 4 1 18.7 .1 11.5 11.2 1.1 9.6 1.2 .9 7.7 52.0 35.2 3.9 .1 7.5 5.3 Aug. 31.. 87.3 22.4 5.1 15.6 .1 10.4 14.5 1.4 8.0 1.5 .8 7.6 49.6 33.9 4.0 .1 6.8 4.8 Sept. 30. . 84.4 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 .1 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 .1 8.1 5.4 Nov. 30.. 90.6 18 3 4.3 14.7 .2 7.1 16A 10.9 4.6 1.8 .7 11.6 69.4 49.5 4.4 .1 8.1 7.3 Dec. 31. 96 3 18 9 3 0 16 ? 2 6 6 18 Q 12 1 4 9 1 5 Q 13 Q 60.8 40.8 4 4 .3 8.1 7.2 1951—Tan. 31P. 96.8 15 6 3.0 16 .3 6.1 22.6 8.6 5.6 1.6 1.3 15.7 47. 1 28.3 4.7 .3 6.8 7.0 Feb. 28*. 99.1 15 0 2.8 18.2 2 6.2 24.1 7.7 4.4 1.4 1.7 17.4 47.9 29.2 5.4 .3 6.3 6.6 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israeell,, aanndd TThhaaiillaanndd,, rreeppoorrtteedd sseeppaarraatteellyy aass ooff tthhaatt ddaattee.. 22 BBBeegggiininnnnniiinnnggg JJJaaannnuuuaaarrryyy 11995500 , eexxcclluuddeess BBeellggiiaann CCoonnggoo , rreeported separately as of that date, ss LLeessss tthhaann $$5500,,000000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reportedmonthly Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .1 m re o p n o t r h te l d y A So fr u ic th a R de h s o i - a A W fri e c s a t * C B o el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India3 $1=15* « grainsof gold 9/io fine: t. e., an ounce of fine gold =$35. 1941 1,265.6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1 125 7 982 1 494 4 26 6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 . r777 o 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 r756 0 697 0 417 6 19 1 20 5 11.6 51.2 99.1 14.7 15.3 8.1 6 4 28 9 4 6 1947 . 766 5 705 5 392 0 18 3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7 4 32 8 6 1 1948 *794 5 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 . 826.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 408 2 17 9 23.2 12.0 83.1 155.7 13.3 8.0 29.9 6.7 1950—Feb. 60.1 32.0 1.4 2.0 1.0 5.5 12.2 1.0 1.2 .2 .7 '2.2 .5 Mar. .. . 66 4 35 1 1 5 1.9 1 6.1 13.4 2.0 ? .6 .7 2 3 5 Apr. 63 2 33 3 1 5 1 9 0 6.7 12.9 .7 0 8 7 2 2 6 May 65 9 35 5 1.5 2.0 1 0 6.8 13.1 .8 9 .9 6 2 4 5 June .. . 66 2 34 6 1 5 1.9 0 6.6 12.9 1.5 0 .6 7 r3 3 6 Tuly 64.9 34 6 1.5 1.9 0 7.1 12.9 .8 1 .6 7 r2 2 .6 Aug 67 4 34 9 1 5 1.9 1 7.9 13.2 1.5 1 .5 .7 2 5 Sept. . 65.6 34.0 1.5 2.0 0 7.8 12.8 1.1 L.I .5 .7 2.5 .6 Oct 67 0 33 9 1 5 1.9 1.0 8.2 13.2 1.4 ? .8 6 2 8 6 Nov 33 3 1 5 1 9 9 7 5 13 3 1 3 6 6 2 8 7 Dec 32.9 1.4 2.0 .9 7.0 13.4 r.8 .6 2.3 .5 1951—Jan 33 4 2.0 .9 5.9 13.1 1 4 .6 2.5 .5 Feb. . . 31 1 2.1 1.0 5.2 .7 2.4 .6 T Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage 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 through 1949 are estimates of United States Mint. Figures for 1950 and 1951 are estimates of American Bureau of Metal Statistics. 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. MAY 1951 595 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] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A ti r n g a e n 3 - g B iu el m - Bolivia Brazil Canada4 Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)1 Treasury Total 2 1945—Dec. .. 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec. . . . 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 33 21 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Apr 24,247 24,350 216 679 23 317 513 40 66 299 32 20 May 24,231 24,340 216 678 23 317 515 40 67 299 31 20 June... 35,730 24,231 24,331 216 663 23 317 521 40 68 299 31 19 July 24,136 24,239 216 651 23 317 531 40 69 299 31 19 Aug 23,627 23,745 216 643 23 317 545 40 70 291 31 19 Sept.... 35,800 23,483 23,591 216 599 23 317 554 40 71 291 31 19 Oct 23,249 23,349 216 592 23 317 568 40 72 291 31 19 Nov... 23,037 23,153 216 581 23 317 578 40 73 271 31 19 Dec... . 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Jan. . . . 22,392 22,461 216 591 317 606 45 271 31 19 Feb 22,086 22,162 288 604 317 617 45 271 31 19 Mar 21,806 21,927 288 589 317 618 271 31 22 E m n o d n t o h f Egypt 5 France6 G m u a a l t a e- India Iran' Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945-—Dec. . . . 52 1,090 28 274 131 24 294 270 23 80 28 1046—Dec 53 796 28 274 127 28 'sioi' 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 8 180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14' 20 1949—Dec, . . . 53 523 27 247 140 252 178' 52 195 27 51 27 28 1950—Apr. . . . 53 523 27 247 140 252 178 69 231 27 48 27 28 May.... 53 523 27 247 140 252 178 71 231 28 50 27 28 June 53 523 27 247 140 252 178 71 231 28 50 27 28 July.... 53 523 27 247 140 252 178 73 231 28 50 27 28 Aug.... 53 523 27 247 140 252 178 113 231 28 50 27 28 Sept 53 523 27 247 140 252 188 115 231 29 50 27 28 Oct 53 523 27 247 140 252 188 116 231 29 50 27 28 Nov. . . . 53 523 27 247 140 252 188 133 231 29 50 27 28 Dec s 97 523 27 247 140 252 208 208 311 29 50 27 31 1951—Jan... . 97 523 27 247 139 252 228 311 30 50 27 31 Feb 523 27 247 139 252 228 311 30 50 27 Mar. . . . 523 27 228 311 30 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1945—Dec.... 13 914 110 482 1,342 43 241 9 2,476 195 202 39 1946—Dec. . . . 433*' 12 939 111 381 1,430 34 237 9 2,696 200 215 15 32 1947—Dec. . . . 310 15 762 111 105 1,356 34 170 9 2,079 175 215 1,356 30 1948—Dec. . . . 236 15 183 111 81 1,387 34 162 91,856 164 323 1,436 36 1949—Dec. . . 178 17 128 85 70 1,504 118 154 91,688 178 373 1,451 68 1950—Apr. . . . 177 19 173 61 71 1,534 118 154 184 373 1,460 93 May.... 177 20 178 61 71 1,552 118 154 184 373 1.460 100 June... . 177 20 177 61 71 1,559 118 149 '» 2*.422' 189 373 1,460 108 July. . . . 177 20 179 61 71 1,550 118 138 196 373 1,464 128 Aug.... 177 20 180 61 71 1,537 118 146 208 373 1 ,494 125 Sept 177 20 179 61 87 1,529 118 146 92,756 217 373 1,494 145 Oct. . 177 20 183 61 91 1,520 118 150 217 373 1,494 149 Nov. .. . 177 73 187 61 90 1,508 118 150 217 373 1,494 159 Dec.... 192 23 197 61 90 1,470 US 150 9 3,300 236 373 1,495 167 1954—yan 197 23 202 61 93 1,474 118 150 373 1,495 140 Feb 23 208 61 108 1,482 118 150 373 1 .495 125 Mar .. . 23 P205 114 150 's>3',758' 1,495 119 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Through 1947 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 3.5447 pesos per U. S. dollar; beginning 1948 total gold holdings converted at the rate of 3.0365 pesos per U. S. dollar. 4 Figures as reported by Foreign Exchange Control Board and Minister of Finance. 5 Beginning December 1950 includes gold holdings of issue and banking departments of the National Bank of Egypt; prior to that represents holdings of issue department only. 6 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 7 Beginning December 1947 includes gold holdings of issue and banking departments of Bank Melli Iran; prior to that represents holdings of issue department only. 8 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 9 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) j- United Bel- Argen- Year or quarter Total Kingdom gium France er- Canada tina Cuba Mexic lands 1945. . -452.9 31.1 j 278.5 I.-47.9 -86 .8 -7.4 36.8 -224.9 -85 0 -23 .8 1946. . . 721.3 -.2 14.2 — 10.0 80.2 -29 .9 27.3 337.9 153.2 -30. 0 36.9 1947. . . 2,864.4 406.9 222.8 264.6 130.8 i 116.0 238.0 10.0 86.6 311.2 727.5 -65 0 45.4 1948 .... 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5 .6 5.8 114.1 -10 0 61.6 1949 193.3 446.3 -41.0 -23.5 I 14.0 -40 .0 2-159.9 3^4 -49.9 -10. 0 -16 .1 1950 -1,730.3 -1,020.0 -55.0 -84. -79.8 -15.0 — 22.9 -38 .0 -68.3 -100.0 28 -US 2 68.8 . -12.5 10.4 10.5 -5.0 -13.7 3.4 2.3 Anr.-In _ 173.9 162.4 -31.0 -10.0 -11.2 7.9 101.5 283.9 3.5 -20.0 2-119.1 - i 6.0' -11 .3 2.5 -33.9 -5.0 -15.9 -49.9 -15 0 Jan.-Mur... -202.5 -80.0 -35 0 -13.0 -12.4 Apr.-June. -31.7 -20.0 -3.0 -11.9 July-Sept.. -732.2 -580.0 28.5 16.0 3.4 8.2 -40.5 Oct.-Dec.. -763.8 -360.0 56.3 -79.S -4.0 -47.4 20.0 -61.9 1951 Jan.-Mar.. -400.0 -12.3 -4.5 -10.0 -15.0 -15.0 -44.3 -124.4 Other Asia Union ANALYSIS OF CHANGES IN GOLD STOCK OF Year Uru- Vene- Latin and of All UNITED STATES quart guay zuela Amer- Oceania South other ica Africa [In millions of dollars] 1945. -37.9 -73.1 -27.8 3-188.3 3.7 Gold stock at Ear- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 5 V < 6 7 0 •• . . - - 1 6 - 2 1 4 4 4 5 0 . . . . 9 . 4 8 1 7 -1 — — - 0 3 5 8 9 . 0 . 7 0 . . 2 0 -1 - 2 7 1 7 7 5 9 3 . . . 5 . . 6 0 4 1 - -3 5 - 1 4 9 2 1 3 . . . . 1 . 2 1 0 7 4 1 2 9 9 9 1 5 8 5 3 4 6 . . . . . 6 7 1 3 0 -4 - 2 1 1 7 6 2 1 . . . . 6 . 8 9 9 9 p T e u r n e r d a y s o - f p T e o ri t o a d l i I in n s g c t r o o t e o l c a d k t s a e l g p e o o x N ld r p t e o i t o m rt r - g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- t p D i t r c o i o o m d g n u e o 2 c s ld - - Tan -A u 3.6 -2.3 72.0 .1 1942 22,726 22,739 —23.0 315.7 •—458.4 125.4 A Ju p l t v - - i- ' v l , -16 3 . . 5 0 -50.0 -2 3 . . 9 7 - -2 6 . . 2 6 4 5 8 5 . . 1 6 -2. . 0 1 1 1 9 9 4 4 3 4 . . 2 2 1 0 , , 9 6 3 1 8 9 2 2 1 0 , , 9 6 8 3 1 1 -1 — ,3 7 4 5 9 7 . .9 8 — 8 6 4 8 5 ^ . 9 4 — — 8 4 0 5 3 9 ^ .8 6 3 48 5 '. . 8 3 -1 .0 -11.9 -41.0 19.9 .2 1945 20,065 20,083 -547.8 — 106.3 —356.7 32.0 1946. 20,529 20,706 623.1 311*5 465'. 4 51^2 1947. 22,754 22,868 »2,162.11,866.3 210.0 75! 8 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 A;., -1 _ 2 2 . . 0 0 -1 10 . . 0 5 -.8 3 9 . . 9 2 -2 - 7 3 . . 0 0 1 19 9 5 4 0 9. 2 2 4 2 , , 4 7 2 0 7 6 2 2 2 4 , , 8 5 2 6 0 3 — 1, 1 7 6 4 4 3 . . 6 3 r3 6 7 86 1 ' . . 3 5 -1 — ,3 4 5 9 2 5 ' . . 4 7 6 8 7 3 ^3 1 — -2 6 23. . 9 9 -6 . . 0 1 — -2 3 1 ! 4 6 | 9 '. ' ..'.'.'.. I ! - ~ 3 ~ ! 1 o 4 8 1950— M Ap a r y . . . . . 2 2 4 4 , , 2 2 4 3 7 1 2 2 4 4 , , 3 3 5 4 0 0 -1 -9 0 . . 2 7 5 1 3 3 , . 3 1 - - 5 2 9 9 . . 2 9 6 6 . . 7 8 June.. 24,231 24,33! —9.0 10.0 -17.6 6.6 July... 24,136 24,239 -91. 1 — 1.5 -90.0 7.1 -50 9,. -22.6 -28.0 Aug... 23,627 23,745 -494.4 -42.2 -431.4 7.9 Sept... 23,483 23,591 -153.9 -96.5 -65.9 7.8 Oct. . . 23,249 23,349 -242.5 -93.4 -146.2 8.2 Nov.. . 23,037 23,153 -195.5 158.6 -35.3 7.5 t 11 1 S ]. 5 ?• 3 *• ] il s i on th e do r s s o o f f i j ; ,o ;1 l d 1 to to U C a h l i v n . i. 1951— D F Ja e e n b c . . . . . . . . . 2 2 2 2 2 2 , , , 3 7 0 9 0 8 2 6 6 2 2 2 2 2 2 , , , 1 4 8 6 6 2 2 1 0 - - - 3 3 2 3 5 9 3 8 8 . . . 2 c> — - — 9 1 0 3 6 7 0 .0 .6 0 - - - - 2 2 1 3 4 8 7 4 8 . . . 4 9 5 - 7 5 5 . . 0 9 .2 uvtile<, publis "NVt < roll A M p a r r . . . . . . P 2 2 1 1 . . S 8 0 0 6 5 P 2 2 1 1 , , 9 9 2 0 7 0 i — > 2 — 35 27 . 4 3. —1 0 1 ) 7.8 ~ 5 - ~ 1 1 0 1 1 1 . , 9 2 0 (S ) ) P Preliminary. rReyised x See footnote 2 on opposite page. 2 Yearly figures through 1949 are estimates of United States Mint. Figures for 1950 and 1951 are estimates of American Bureau of Metal Statistics. 3 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 4 Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 6,067.9 million dollars on Apr. 30, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523, MAY 1951 597 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] 1951 1950 1949 International Fund International Bank Jan. Oct. July Jan Dec. Sept. June Dec. Gold 1,495 1,494 1,464 1,459 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,304 1,305 1,306 1,300 United States 5 10 5 38 Other 4,229 4,228 4,257!4,266 Other 921 921 924 923 Unpaid balance of member subscriptions. 1,003 1,003 989 1,018 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 437 439 449 448 Member subscriptions 8,037 8,037 8,022 8,047 Calls on subscriptions to capital stock3. . 4 4 5 5 Accumulated net income -4 -3 Loans (incl. undisbursed portions and inch 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- Mar. Feb. Jan. Mar. 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 B B e ra lg z i i a li n a n f ra c n ru c z s eiros 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 3 1 7 1 . . 5 4 S C p a e p c i i t a a l l3 reserve 1,66 1 8 7 1,66 1 8 5 1,67 1 0 4 1,67 1 0 1 Chilean pesos 8.8 8.8 8.8 8.8 C C z o e s c ta h o R sl i o ca v n a k c i o an lo n k e o s runy. - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 1 Includes 33 million dollars receivable for currency adjustments Danish kroner 10.2 10.2 10.2 10.2 resulting from the devaluations in September 1949. Egyptian pounds -5.5 -5.5 -5.5 3.0 2 As of Mar. 31, 1951, the Fund had sold 759.8 million U. S. dollars; Ethiopian dollars .3 .3 .6 in addition, the Fund sold to the Netherlands 1.5 million pound* French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Mexican pesos 22.5 22.5 22.5 22.5 to Brazil 10 million pounds sterling in January 1951. Repurchases N No et r h w e e r g la ia n n d s k r g o u n i e l r ders.... 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 am 3 o E u x n c te lu d d e to s u 4 n 3 c .3 a l m led il li p o o n r t d io o n ll s a r o s f . capital subscriptions, amounting ta South African pounds. . . 10.0 10.0 10.0 6,671 million dollars as of Dec. 31, 1950, of which 2,540 million repre- T Po u u rk n i d s s h s l t i e ra rl s ing 30 5 0 . . 0 0 30 5 0 . . 0 0 30 5 0 . . 0 0 30 5 0 . . 0 0 sen 4 t F s o t r h m e e r s l u y b s s c h r o i w pt n io a n s o " f A t c h c e u m U u n l i a t t e e d d S n t e a t t e in s. come." Yugoslav dinars 9.0 9.0 9.0 9.0 Total. 762.0 772.3 772.3 753.1 CENTRAL BANKS Assets of issue Assets of banking department department Lieibilities of banking department Bank of England Note circula- (Fi p gu o r u e n s d s in s m te i r l 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- tion' 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 - l d 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 J.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 L,400 0 20.7 8 4 327.0 J.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 3i 2 1,450 0 100.8 15.2 331.3 L,349.7 315.1 18.6 95.5 18 1 194g—Dec. 29 .2 1,325.0 36.1 16.7 401.1 L,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec 28 4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18 1 1950—Aor 26 .4 L,300.0 28.4 22.0 529.4 1,277.7 288.8 13.9 169.8 89.5 17.8 May 31 .4 L,300.0 19.9 19.1 554.9 L.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 L,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 Aug 30 4 L,350.0 53.8 23.4 575.0 L,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 L.350.0 66.1 37.8 585.9 L,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 M.35O.O 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 Feb 28 4 1,350.0 62.0 16.1 345.7 L.289.0 293.0 13.0 9.3 90.1 18.5 Mar. 28 .4 1,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 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. 8 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. 598 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 re a s d i i a n n m d i o l l li l o ar n s s ) of Gold and S t U at n e i s ted O as t s h e e t r s circ N u o la t t e ion2 liab a i n li d ties dollars S te h r o m rt x - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital3 ment 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Apr. 29. 86.0 1,668.3 371.0 56.5 ,269.8 551.6 41.3 199.8 119.4 May 31. 73.3 1,685.7 372.6 60.1 ,275.9 534.3 68.9 202.7 109.9 June 30. 84.1 1,436.7 622.0 58.8 ,275.8 544.5 35.3 215.8 130.1 July 31. 89.1 1,431.0 638.7 65.7 ,294.2 552.8 19.6 228.9 129.0 Aug. 31. 161.4 1,420.4 569.2 113.9 ,303.8 568.2 16.7 233.1 143.1 Sept. 30. 212.2 1,406.1 444.6 219.7 ,318.4 555.8 22.0 258.2 128.2 Oct. 31. 152.2 1,381.4 435.7 440.0 ,321.8 621.7 39.0 235.2 191.6 Nov. 30. 127.2 1,170.0 662.0 415.5 ,323.5 578.9 45.3 221.0 206.0 Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Jan. 31. 117.9 1,171.0 731.5 273.7 ,294.4 537.6 68.3 204.4 189.3 Feb. 28 . 117.3 1,165.4 757.0 249.0 ,295.4 550.5 69.5 204.6 168.7 Mar. 31. 80.0 1,341.9 673.7 171.1 1,319.5 552.9 70.5 206.7 117.2 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r f e F s f r r i a a n n n c c s e ) Gold Fo e r x ei - gn Domestic bills G A o d v v e a r n n c m es e n t t o « Other ci N rc o u t l e a- Deposits 8 O lia t b h i e l r change m O a p rk e e n t6 Special Other Current Other tion G m ov e e n r t n- ECA Other ca i a t p n ie i d t s al 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 27,202 744,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 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 33,137 715,596 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—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 35,907 373,922 159,800 481,039 197,8151,535,688 74 16,772 154,980 28,027 Feb. 22. 182,785 185.735 122,549 32,158 383,170 159,000 481,039 213,5351,541,910 18 30,205 160,976 26,864 Mar. 29. 182,785 193,622 133,959 29,194 389,147 154,800 481,039 "223,2951,576,231 75 39,588 149,431 22,516, 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 For 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 139.4 billion francs on Mar. 29. 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. MAY 1951 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan Mar. date of month) Mar. i I Central Bank of the Argentine Rank of the Republic of Colom- Republic (millions of pesos): II bia—Cont. Gold reported separately 656 656h Loans and discounts 252,792 240, oil |245,697 188,332 Other gold and foreign exchange. 2,117 1 ,36l!j Government loans and securities. 136,414 130,72 131,675 138,812 Government securities 2,026 1 ,846JI Other assets 65,771 65,620 59,120 56,565 Rediscounts and loans to banks. . 33,633 29,3121] Note circulation 378,488392.098 404,207 422,722 Other assets 253 197!; Deposits 220,913200,022}206,265 171,606 Currency circulation 13,289 10,198j| Other liabilities and capital 53,007 58,6711 54.819! 48,183 Deposits—Nationalized 22.621 20,882;(Central Bank of Costa Rica Other sight obligations 525 552!! (thousands of colones): Other liabilities and capital 2,251 1,741;} Gold 11,542 11.511 11.511 11,542 Commonwealth Bank of Aus- ! I Foreign exchange 42,541 20,975 9,025 42,541 tralia (thousands of pounds): 11 Net claim on Int'l. Fund 4 7,019 7,029 7,029 7,019 Gold and foreign exchange 607,104 570,469 5O2,O72;| Loans and discounts 90,576 91,799 98,647 90,575 Checks and bills of other banks. . 6,047 6,203 4,736|| Securities 19,404 11,338 13,600 19,404 Securities (incl. Government and i | Other assets 14,275 17,352 15,939 14,276 Treasury bills) 392,706 99,920 358,03511 Note circulation 112,445104,924102,004 112,445 Other assets 68,687 80,998 90,642, Demand deposits 63,249 44,808 43,892 63,250 Note circulation 255,270 252,520 225.063J Other liabilities and capital 9,663 10,272 9,855 9,663 Deposits of Trading Banks: I National Bank of Cuba Special 528,920525,420 459,420i (thousands of pesos): Other 40,320 32.639 34.681J Gold 2 70,561270,561)270,561 Other liabilities and capital 250,034 247,010 236,322; Foreign exchange (net) 77,586 66,394 60,803 Austrian National Bank (millions | Foreign exchange (Stabilization of schillings) : j Fund) 61,366 48 39,239 Gold 51 51 51 50! Silver 47,188 52 57,458 Foreign exchange 414 174 198 142|j Net claim on Int'l. Fund 4 12,507 12 12.507! Loans and discounts 3,928 3,826 3.6601 1,928 Loans and discounts 3,010 3 2,8331 Claim against Government 4,767 4,763 4,769' 6 .634' Credits to Government 12.231 17 21 ,830j Other assets 40 40 39 37;| Other assets 28,701 26 25,526 Note circulation 6,089 6,007 6,097 5 ,611 i! Note circulation 355,473345 334,316 Deposits—Banks 234 248 383 256j Deposits 150,849145 147,246 Other 770 908 783 1,034| Other liabilities and capita] 6,828 8 9.197 Blocked 2,106 1,690 1,454 1,890! National Bank of Czechoslovakia 5 National Bank of Belgium I National Bank of Denmark (millions of francs): j (millions of kroner): Gold1 29,471 30,188 29,565 29,8801 Gold 69 69' 69 99 Foreign claims and balances (net) 8,026 5,917 6,018 9,473j Foreign exchange 368 414; 444 423 Loans and discounts 11,113 9,666 9,680 4,197J! Contributions to Int'l. Bank 6 6! 6 6 Consolidated Government debt. . 34,860 34,910 34,910 34,939!j Loans and discounts 84 88! 84 24 Government securities 3,190 5,342 7,371 8,034;! Securities 112 121? 121 87 Other assets 3,932 4,185 4,788 5,O61ji Govt. compensation account. . . . 3,974 3,985; 3,988 4,663 Note circulation 85,010 85,854 86,868 86 ,659!! Other assets 437 338s 408 416 Deposits—Demand 2,873 1,798 1,951 2 ,692 ' Note circulation 1,610 1,607 1,621 1,550 EGA 10 5 13 277•; Deposits—Government. . ...... 1,776 1,266 1,316 1,880 Other liabilities and capital 2,700 2,552 3 ,500 1.95711 Other 1,481 1,938 1.966 2,096 Central Bank of Bolivia—Mone- (Dec. \\ Other liabilities and capital . . . 184 209 216 162 tary dept. (millions of bolivianos): 1950)2 jjCentral Bank of the Dominican Gold at home and abroad 3 1.370 956!j Republic (thousands of dollars): Foreign exchange 304|| Gold 6.0451 4,015, 4, 045 4,030 Loans and discounts 1,9311 9^5'i! Foreign exchange (net) 16.629! .541 11,551 Government securities 734! 742M Net claim on Int'l. Fund 4 1 ,4250 ,250 1,250 Other assets 13 5 j 3o0j| Paid-in capital—Int'l. Bank. ""40! 40 40 Note circulation ,43 2,569:' Loans and discounts 350 235 Deposits 2351 432:: Government securities. . . 6,217 \ 6,217{ .323 5,377 Other liabilities and capital. . . . . 1 ,0291 345 ; Other assets 1,065 j 1,023j 832 607 Central Bank of Ceylon (thousands ! Note circulation 24.483! 24,230 ,944 18,925 of rupees): i Demand deposits 6,172| 5.237| ,744 3,901 Foreign exchange 643,863 6i6,14O!591 ,917k . Other liabilities and capital 721! 710 = 694 266 Paid-in capital—Int'l. Bank 1,116 1,430 1,429j . HCentral Bank of Ecuador Government securities 1,997 (thousands of sucres): Other assets 1,4381 2,005 2 ,4231 Gold 6 .334,315!281.706J281.545 265,463 Currency in circulation 395 ,259 385 ,5501366 , 204 I Foreign exchange (net)3. . . 1136.932 212,7281215,101 -70,300 Deposits—Government 40,363 23,5351 31,523 Net claim on Int'l. Fund '•. . . . | 18 i757 18,757| 18,7571 16,881 Banks 181,883 181.669 171 ,2541. . . Credits—Government. 1211.928 198,0561200,466! 284,250 Other liabilities and capital 28,912 28,82l| 28,785!. Other 93.303 97,825 101,353 124,874 Central Bank of Chile (millions | i Oilier as-ts 168. 783175,9401168,501' 113,212 of pesos): i; Note cirm'atu " 470, 606476.766!131,SIS 367.959 Gold 1,321 1,2951 1,236:: Demand deposits--Pn\ it ;j.ni>- 139 626 J 58 ,7il|l 68.652! 94,840 Foreign exchange (net) •! 357 267! 177!; Qt e 1 * 48-70112,1511110,12" 124,303 Net claim on Int'l. Fund 4 1 1 I 111 Other lia'iil't:es an 1 ci-u1 1 147.279 Discounts for member banks. . . . 2,018 1,8721 l,652ijNational Bank of Ej"»v«l ft ,ou- Loans to Government 680 680 688!| sands of pounds): Other loans and discounts 3,591 3.676 2,631|i Gold" ! 21,697' 6,376 Other assets 2,350 2,300 1,551[j Foreign exchange | 13,919 14,309 Note circulation 6,885 6,7221 5,607'j Loans and discounts . i 32,069 9,361 Deposits—Bank 1,291 1,3671 l,289i; British, Egyptian, and other I ! Other.. 425 543! 228i •' Government securities 1.323,400!325,487 Other liabilities and capital 1,717 1,45S| 811 Other assets ! 36,345 49,604 Bank of the Republic of Colombia i Note circulation . .1182,417 162,937 (thousands of pesos): I1 Deposits—Government .1119,942 110,623 Gold and foreign exchange 171,682 188,087 203,056 233,064' Other .. (115,988 123,490 Net claim on Int'l. Fund * 24,369 24,369 24,369 24,368' Other liabilities and capital ..I 9,084 8,087 Paid-in capital—Int'l. Bank 1,380 1,377 1,374 1,371; 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 Latest month available. 3 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 5 For last available report (March 1950). see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning December 1950, includes gold in Banking Department, previously shown under "Other assets." NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 112; and January 1950, p. 118. 600 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 1950 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 Gold 57,380 57,438, 57,498 46,788 Foreign exchange 28 21 Foreign exchange (net) 83,780 75,297 57,125 73,948 Advances to Treasury 590 664 Net claim on Int'l Fund x 1,565 1,565 1,565 1,565 Loans and discounts 250 193 Loans and discounts. 1,807 2,880 6,905 48; Government securities...... 187 235 Government debt and securities. . 4,950 5,310 4,947 5,121 Other assets 526 524 Other assets 1,211 1,092 1,565 1,490 Bank of Italy notes 1 ,086 965 Note circulation. . 84,951 86,371 82,586 72,099 Allied military notes 3 7 Deposits 59,413 51,273 40,529 50,971 Deposits—Government 44 173 Other liabilities and capital. .... 6,329 5,937 6,490 5,891 Demand 113 148 State Bank of Ethiopia 2 i Other 277 294 Bank of Finland (millions of mark- Other liabilities and capital. 61 52 kaa): Bank of Japan (millions of yen): Gold 3,120 2,676 2,676 357 Cash and bullion 1 .063 1,443 Foreign assets (net) -909 -72 -682 -2,329 Advances to Government 53,645 81,811 Clearings (net) 676 355 -647 125 Loans and discounts 310,609 108,825 Loans and discounts 39,810 38,520 36,453 38,876 Government securities 128,611 163,498 Securities . 962 968 984 1,026 Other assets 33,636 33,976 Other assets 6,253 4,926 4,420 2,678 Note circulation . . . 397,730 311,344 Note circulation 37,447 36,647 31,820 29,935 Deposits—Government 88,964 42,402 Deposits 2,279 433 672 3,388 Other 22,615 20,829 Other liabilities and capital. 10,185 10,292 10,711 7,410 Other liabilities 18,256 14,977 Bank of German States The Java Bank (millions of guilders): (millions of German marks): Gold * 866 866 866 675 Foreign exchange ! 1,166 1,008 1,008 Foreign exchange (net) 354 330 190 47 Loans and discounts 4,699 5,346 4,496 3,797 Loans and discounts 175 168 .176 77 Loans to Government 9,148 9,466 9,330 8,049 Advances to Government 2,501 2,849 2 .996 1,612 Other assets 1,437 1,327 1,362 1,180 Other assets 336 133 124 91 Note circulation 7,781 7,745 7,761 7,713 Note circulation 2,614 2,554 2,475 1,007 Deposits—Government 2,381 2,881 2,687 1,141 Deposits 962 1,151 1 ,252 1,162 Banks 1,678 1 ,852 1,362 867 Other liabilities and capital 656 641 625 333 Other 900 1,000 944 339 Bank of Mexico (millions of pesos): Other liabilities and capital 3,710 3 ,669 3,442 3,640 Monetary reserve 5 1,191 1,202 1 ,210 799 Bank of Greece (billions of drach- "Authorized" holdings of secumae) : rities, etc 3,317 3,516 3,537 2,500 Gold and foreign exchange (net), 537 367 Bills and discounts 277 202 185 182 Loans and discounts 229 131 Other assets 493 452 469 327 .Advances—Government 5,454 ,938 Note circulation 2,787 2,744 2,743 2,226 Other 2,893 ,069 Demand liabilities 1,978 2,064 2 ,096 970 Other assets 1 ,557 817 Other liabilities and capital..... 512 565 562 613 Note circulation 1,658 ,588 Netherlands Bank (millions of Deposits—Government 1,028 301 :uilders): Reconstruction and Gold6 1,175 1,175 ,175 871 relief accts........ 3.550 2,202 Silver (including subsidiary coin). 18 19 18 12 Other , 1,762 905 Foreign assets (net) 472 588 62! 820 Other liabilities and capital 2,673 2,327 Loans and discounts 103 100 71 152 Bank of Guatemala (thousands of Govt. debt and securities 3 ,000 3,000 , 000 2.850 quetzales): Other assets 647 637 645 783 Gold 27,229 27,229 27,229 Note circulation—Old 53 54 55 66 Foreign exchange 15,323 14,169 11^472 11,068 New 2,761 2,814 ,841 2,932 Gold contribution to Int'l Fund. . 1.250 1,250 1,250 1,250 Deposits—Government 82 152 132 544 Rediscounts and advances 4,203 4,912 4,439 5,661 Blocked Other assets 19,386 19,742 19,505 19,218 ECA 1,386 1,325 .273 514 Circulation—Notes 37,803 37,719 37,108 36,369 Other 734 764 822 -896 Coin 3.319 3,304 3,271 3,191 Other liabilities and capital 399 410 408 534 Deposits—Government. . 1,735 1,278 975 2,332 Reserve Bank of New Zealand Banks 11 .561 11,892 11,883 12,482 (thousands of pounds): Other liabilities and capital 12,974 13.108 10,656 10,052 Gold 4,810 4,027 National Bank of Hungary 3 I Foreign exchange reserve 51,092 47,344 Reserve Bank of India (millions of Loans and discounts 9,180 5,203 rupees): Advances to State or State un- Issue department: dertakings 57.832 61,598 Gold at home and abroad 4001 400 400 Investments , 35.974 43,658 Sterling securities 6,582! 6.382 6,501 Other assets 2 ,903 '1,802 Indian Govt. securities 4,766! 4,666 4.403 Note circulation 58,583 53,196 Rupee coin 558 j 574; 511 Demand deposits 96,565 104,090 Ba N nk o i t n e g c d i e rc pa u r l t a m t e io nt n : ....... 12 a172j 11,907! 11,635 iBank O t o h f e N r o li r a w bi a l v it ie (m s i a ll n io d n c s a o p f i t k a r l oner): 6,644 6,345 Notes of issue department. . . . 134J | 182 Gold * 243 243 242 Balances abroad 1,984! ,051j 2,084 Foreign assets (net) ... 192 149 '273 Bills discounted 26 49; 20 Clearing accounts (net) -61 — 62 -98 Loans to Government 34 3Si 2 i Loans and discounts 43 41 36 Other assets 1,134 914! 924ii Securities 46 46 47 Deposits. 3,012 ,885! 2.914IJ Occupation account (net) 6,202 6.202 7,112 Other liabilities and capital. . . 300 282! 298 ! Other assets 74 79 73 Central Bank of Ireland (thousands Note circulation 2,269 2,285 2.227 of pounds): Deposits—Government 1,982 2,094 '2,109 Gold 2,646 2,646 2,646 2,646 Banks 676 707 1,396 Sterling funds. . 51,364 50,957 54,778 47,962 Blocked 510 513 564 Note circulation. 54,010 54,997 57,424 50,608 ECA 612 486 634 Other liabilities and capital. . 692 613 '757 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. E Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 113. MAY 1951 601 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) : Other assets 22,039 22,317 4,333 Issue department: Note circulation 30,885 30,855 27,535 Gold at home and abroad... 44 44 44 Deposits—Government 1,240 1,649 1,404 Sterling securities 852 802 714 Other 3,707 3,528 2,653 Pakistan Govt. securities. . . 802 801 361 Other liabilities and capital 18,339 18,492 519 Govt. of India securities. . . . 139 140 235 Bank of Sweden (millions of kronor): India currency 300 300 432 Gold 250 239 206 153 Rupee coin 43 43 55 Foreign assets (net) 514 468 659 971 Notes in circulation ,110 2,062 ,773 Swedish Govt. securities and ad- Banking department: vances to National Debt Office5 ,556 3,618 3,425 2,770 Notes of issue department... 69 68 68 Other domestic bills and advances 178 171 189 151 Balances abroad 584 483 327 Other assets 452 440 408 328 Bills discounted 63 60 105 Note circulation ,355 3,363 3,336 3,161 Loans to Government 1 1 Demand deposits—Government.. 731 465 568 409 Other assets 346 '"327 393 Other 288 522 388 122 Deposits 969 846 809 Other liabilities and capital 575 586 595 680 Other liabilities and capital. . 93 92 85 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,989 6,026 5,993 6,249 Gold i 1,165 600 600 Foreign exchange 248 271 280 274 Foreign exchange (net) 65,020 ,899 -258 Loans and discounts 195 167 157 93 Net claim on Int'l. Fund 2 5,256 ,710 ,710 Other assets 80 70 75 69 Paid-in capital—Int'l. Bank -260 -260 -182 Note circulatio ,420 4,383 4,387 4,299 Loans and discounts 132,362132 22; 108, Other sight liabilities ,897 1,954 1,920 1,987 Government loans and securities. 15,904 42 237 9,944 Other liabilities and capital 195 197 198 398 Other assets 5,854 5,141 774Central Bank of the Republic of Note and coin issue 144,288139 383 95!798 Turkey (millions of pounds): Demand deposits 61,905 54 351 917 Gold 423 419 419 432 Other liabilities and capital 19,107 17820 749 Foreign exchange and foreign Central Reserve Bank of Peru clearings 172 206 156 148 (millions of soles): Loans and discounts ,128 1,107 1,115 850 Gold and foreign exchange 3 492 292 Securities 19 19 19 44 Net claim on Int'l. Fund 2 20 20J Other assets 93 89 97 55 Contribution to Int'l. Bank 2| Note circulation 975 959 941 899 Loans and discounts to banks. . . 227 187 Deposits—Gold 153 153 153 153 Loans to Government 657 708 Other 532 588 543 313 Other assets 168 228 Other liabilities and capital 174 140 170 164 Note circulation 1,048 902 Bank of the Republic of Uruguay (Dec. Deposits 288 162 (thousands of pesos): 1950)6 Other liabilities and capital 232 373 Gold 357,976 288,976 Central Bank of the Philippines Silver 10,848 11,513 (thousands of pesos): Paid-in capital—Int'l. Bank 318 311 Gold 031 7,447 3 436 Advances to State and govern- Foreign exchange 534541,485 438 357 ment bodies 143,442 157,331 Net claim on Int'l. Fund 2 504 29,504 7 502 Other loans and discounts 271,670 261,705 Loans 418 56,791 87 198 Other assets 407,740 271,387 Domestic securities 181160,821 106 450 Note circulation 361,084 296,688 Other assets 774167,158 149 224 Deposits—Government 86,999 85,411 Note circulation 634644,563 544 296 Other 307,380 276,325 Demand deposits 494183,976 139 776 Other liabilities and capital 436,530 332,798 Other liabilities and capital 314134,667 108 094 Central Bank of Venezuela (mil- Bank of Portugal (millions of (Dec. lions of bolivares): escudos): 1950)4 Gold 1,141 1,041 1,041 Gold ••3,502 ,139 Foreign exchange (net) -132 -100 39 Foreign exchange (net) '9,917 ,030 Other assets 90 96 61 Loans and discounts '590 473 Note circulation—Central Bank. 759 760 795 Advances to Government '1,247 ,245 National banks. . 1 Other assets '543 450j Deposits 183 201 163 Note circulation '8,526 f 788| Other liabilities and capital 156 76 181 Demand deposits—Government.. '443 344 Bank for International Settle- ECA '299 113 ments (thousands of Swiss gold Other 4,175 ,750 francs): Other liabilities and capital '2,357 ,343 Gold in bars 363,849383,377 429,924 267,550 South African Reserve Bank Cash on hand and with banks. . . 70,635 65,578 43,329 42,650 (thousands of pounds): Sight funds at interest 4,412 3,287 3,376 1,681 Gold ^ 73.,561 71,505 ,768 Rediscountable bills and accept- Foreign bills 93,,992 91,049 ,997 ances (at cost) 174,981 161,547 155,778 135,181 Other bills and loans 7,,170 7,726 ,772 Time funds at interest 33,952 28,316 29,602 31,151 Other assets 26,,564 28,646 ,930 Sundry bills and investments... . 308,003300,326 283,797 206,750 Note circulation 72,,909 72,232 ,370 Funds invested in Germany 297,201297,201297,201 297,201 Deposits 113,,838112,622 ,342 Other assets 1,359 1,678 1,497 1,555 Other liabilities and capital 14,541 14,072 ,755 Demand deposits (gold) 178,649211,637 268,503 96,767 Bank of Spain (millions of pesetas): Short-term deposits: Gold 669 669 877 Central banks—Own account., 558,588506, 51,199 373,534 Silver 412 412 487 Other 23 809 30,500 32,590 26,315 Government loans and securities. ,621 15,608 ,800 Long-term deposits: Special. 228 909228,909228,909 228,909 Other loans and discounts.... ,431 15,518 ,613 Other liabilities and capital. 264,437263,918 263,301 258,192 lity to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal trie country's gold con 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 6 Latest month available. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 602 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 fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - h d - s S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l R M 3 a a 1 t r e . ef D fe a ct t i e ve ba C n e k n tr o a f— l M R 3 a a 1 t r e . ef D fe a ct t i e ve In effect Dec. 31, Albania 5K Mar. 21, 1940 Italy 4 Apr. 6, 1950 1939 2 2 4 2K 3 3 IK Argentina Mar. 1, 1936 Japan 5.11 July 5, 1948 Jan. 25 1940 2 Austria Aug. 3, 1945 Java 3 Jan. 14, 1937 Apr. 9 ... 3K Belgium .. . 3% Sept. 11, 1950 Latvia 5 Feb. 17, 1940 May 17 3¥ Bolivia 5 Feb. 4, 1948 Lithuania. . . 6 July 15, 1939 Mar 17 1941 May 29 3 June 27 V/2 Jan. 16 1945 IK Canada 2 Oct. 17, 1950 Mexico 4K June 4, 1942 Jan. 20 .... 1% Chile 4K June 13, 1935 Netherlands.. Sept. 26, 1950 Feb 9 2Vo Colombia 4 July 18, 1933 New Zealand. July 26, 1941 Nov 7 1946 21/ Costa Rica 4 Feb. 1, 1950 Norway 2K Jan. 9, 1946 Dec. 19 3 Jan. 10, 1947. . 1% &2M Aug 27 3K Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct 9 2K &3 Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 June 28 1948 i 1-5 El Salvador. . . 3 Mar. 22, 1950 South Africa. Oct. 13, 1949 Sept 6 3H &4 Estonia 4K Oct. 1. 1935 Spain 4 2 Mar. 18, 1949 Oct 1 3 Finland Nov. 3, 1950 Sweden 3 Dec. 1, 1950 May 27 1949. 1l-4i/ July 14 U~4 7M Oct 6 •31/ June 8, 1950.. France June 8, 1950 Switzerland.. IK Nov. 26, 1936 S S e e p p t t . 2 1 6 1 .21A. 3M 3 G Gr e e r e m c a e ny 2K O Ju c l t y . 2 1 7 2 , , 1 1 9 9 4 5 8 0 T U u n r i k te e d y King- 3 Feb. 26, 1951 Oct. 27 i 1-6 India Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec 1 3 Ireland 12 Nov. 23, 1943 U. S. S. R.... 4 July 1, 1936 In effect Mar. 31 3 1951 2 2K U-6 3% 3 3 IK i The lower rate applies to the Bank deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Mar. 31: Netherlands—Apr. 17, from 3 to 4 per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land 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—February. . .55 1.03 1.00 1.04 K 1.58 3-5K 1.25 1943—February. . .51 1.03 1.00 1.10 1.65 3-5 K 1.25 1944—February. . .39 1.03 1.00 1.13 V 1.69 3-5 K 1.25 1945—February. . .37 1.03 1.00 1.00 1.60 2K-5 1.25 1946—February. . .36 .53 .51 .63 1.36 1.18 1.00 1.25 1947—February. . .40 .53 .51 .63 1.39 1.72 1.46 2^-5 1.25 1948—February. . .41 .56 .50 .63 2.00 1.38 .78 2K4K 1.50 1949—February. . .42 .56 .52 .63 2.08 1.39 .90 1.63 1950—February. . .51 .69 .52 .63 2.40 1.54 1.50 1.50 1950—March .51 .69 .52 .63 V2 2.70 1.45 1.13 1.50 April .51 .69 .51 .63 K 2.64 1.44 1.25 1.50 May .51 .69 .51 .63 2.68 1.45 1.03 1.50 June .51 .69 .51 .63 A 2.52 1.44 .81 1.50 July .51 .69 .51 .63 K 2.59 1.57 1.10 1.50 August. . . . .55 .69 .51 .63 V2 2.35 1.44 .95 1.50 S O e c p to te b m er ber. . . 6 6 2 2 . . 6 6 9 9 . . 5 5 2 1 . . 6 6 3 3 KK 2 2 . . 2 2 2 8 1 1. . 2 3 7 3 . . 9 8 1 8 1 1 . . 5 5 0 0 November. .62 .69 .51 .63 K 2.19 1.20 .88 K 1.50 December.. .63 .69 .51 .63 K 2.41 1.40 1.09 1.50 3-5 1951—January... .63 .69 .51 .63 K 2.45 1.31 .83 3-5 1.50 February.. .73 .69 .51 .63 K 2.42 1.55 1.00 3-5 1.50 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. MAY 1951 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kir gdom 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 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 J .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 L.534 579 6,202 4,161 2,041 427 1950—March 485 534 1,106 444 ,503 1,602 553 5.,783 3,812 1,971 443 April 493 530 1,177 402 ,502 1,630 552 5,843 3,876 1,968 444 May 482 538 1,197 364 ,503 L.648 554 5,847 3,870 1,976 439 Tune 482 544 1,338 297 ,498 1,665 611 6,000 3,965 2,035 434 July 501 557 1,400 321 ,496 L,591 529 5,956 3,935 2,021 440 S A e u p g t u e s m t ber 4 5 9 0 2 4 5 5 4 4 3 4 1 1 , , 3 3 3 5 6 8 3 43 6 5 8 , , 4 5 9 0 9 1 f5 5 1 1 0 0 5 55 5 7 4 5 6 , , 9 0 6 2 8 8 3 3 , , 9 9 4 6 1 9 2 2 , , 0 0 2 5 7 9 4 4 4 6 7 8 October 509 557 1,414 496 ,505 508 616 6,204 4,105 2,099 501 November 502 548 1,445 478 ,514 525 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 1,560 735 6,368 4,262 2,106 550 1951—January 530 559 1,470 383 1,529 1,556 697 6,260 4,181 2,078 564 February 496 531 1,343 291 1,544 1,714 719 6,041 3,994 2,047 596 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 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—March 731 83 2,344 146 4,453 1,081 7,400 2,828 4,573 1,438 April 730 103 2,349 175 4,398 1,015 7,301 2,741 4,561 1,468 May 759 105 2,352 198 4,408 1,091 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 7,288 2,759 4,529 1,508 A S O e u c p t g o t u e b s m e t r ber 8 8 74 4 0 * 7 2 8 1 1 9 1 0 9 5 1 2 2 2, , , 5 3 4 6 9 7 5 3 3 2 2 1 1 2 8 8 5 9 4 4 4 , , , 4 4 3 3 7 4 7 8 9 1 1 1 , , , 1 1 2 1 7 5 3 8 8 ( (* 8) ) 7 7 7 , , , 5 5 7 9 4 7 7 0 3 3 3 3 , , , 0 1 0 1 8 3 5 0 0 4 4 4 , , , 5 5 5 8 5 4 2 9 3 1 1 1 , , , 5 5 5 2 6 8 9 5 3 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 (3) 7,828 3,270 4,558 1,667 1951—Tanuary 774 118 2,795 175 4,248 1,270 7,748 3,171 4,577 1,631 February 770 109 2,872 176 4,093 1,334 (*) 7,675 3,057 4,618 1,678 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis Other Own liabilities millions of francs) reserves banks counted Loans assets accept- and Total Demand Time ances capital 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 55? 221 54,'i,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 <51<),204 8,062 26,355 15,662 1950—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 63<3,878 12,692 31,449 24,752 May 43,584 44,346 433,079 134,195 44,993 640,351 62£ ,925 13,427 32,992 26,853 June 41,283 43,618 442,411 133,848 48,126 648 191 63-",952 14,240 32,030 29,065 July . 47,231 43,599 433,118 141,239 46,610 647,507 6^ ,010 11,497 31,492 32,798 August 41,572 51,670 440,122 135,192 46,982 650,559 63?,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 674L169 15,376 29,208 41,628 November 38,030 52,709 460,639 146,408 49,479 676,636 660,106 16,530 27,555 43,073 December? 48,065 52,853 527,095 134,296 53,651 742,225 723,607 18,618 28,248 45,486 1951—January 39,769 56,952 477,003 153,502 31,549 709,469 691,231 18,238 26,599 22,707 P PPrreelliimmiinnaarryy.. 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from, bbaank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 % per cent through Oct. 20, 1945, and at % per cent thereafter, s 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, andi for description of statistics see pp. 566-571 in same publication. 604 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 ' I Belgium Brazil Canada (peso) Aus- (franc) (cruzeiro) (dollar) Year or month tralia Ceylon (pound) "Bank (rupee) Basic P e r n e t f i e a r l - Free a n c o c t o e u s n " t Official Free Official Free 1946, 29.773 321.34 2.2829 6.0602 I.... 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 «13.333 223.15 1.9908 U.9722 5.4406 590.909 91.474 20.850 1950—May 29.778 223.16 1.9921 5.4406 90.909 90.110 20.850 June 29.118 223.16 1.9866 5.4406 90.909 90.456 20.850 July 29.778 311.100 223.16 1.9835 4406 90.909 90.766 20.851 August. 29.778 11.100 223.16 1.9837 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 i\291 223.16 1.9876 * 1.9702 4406 94.854 20.850 November. 20.000 13.333 7,147 223.16 1.9876 1.9737 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-- January.. 20.000 13.333 7.102 223.09 1.9945 1.9549 5,4406 95.002 20.850 February. 20.000 13.333 7.133 223.16 1.9883 1.9774 5.4406 95.271 20.850 March. . . 20.000 13.333 7.124 223.16 1.9843 1.9306 5.4406 95.420 20.850 April.... 20.000 13.333 7.143 223.16 1.9830 1.9491 5.4406 94.353 20.850 France Year or month | Co b lo ia m- C sl z o e v c a h k o ia - m De a n rk - (franc) G (d e e r u m tsc a h n e y India Mexico e N rl e a t n h d - s Ze N a e la w nd Norway I (peso) (koruna) (krone) mark) (rupee) (peso) (guilder) (pound) (krone) Official Free 1946.. 57.020 0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947., 57.001 0060 20.864 .8407 30.164 20.577 37.760 322.29 20.160 1948.. 57.006 0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1949.. 0060 19.117 .4671 .3017 27.706 12.620 34.528 365.07 18.481 1950.. 2.0060 14.494 .2858 "23.838 20.870 11.570 26.252 277.28 14.015 1950—May 2.0060 14.494 .2859 20.870 11.564 26.264 277.29 14.015 June 2.0060 14.494 .2856 "23.838 20.870 11.563 26.265 277.29 14.015 July 2.0060 14.494 .2856 23.838 20.871 11.571 26.252 277.29 14.015 August 2.0060 14.494 .2854 23.838 20.870 11.573 26.236 277,29 14.015 September 2.0060 14.494 .2855 23.838 20.870 11.572 26.237 211,29 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 Dec1-riber 2.0060 14.494 .2856 23.838 20.870 11.572 26,240 277.22 14.015 1951—January.. I . . . [ 2 .0060 14.494 .2856 23.838 20.870 11.567 26 ?.-><> 277.21 14.015 February . . . . | 2 .0060 14.494 .2856 | 23.838 20.870 11.562 AtS l\\ 27 7.29 14.015 March j, 2 .0060 14.494 .2856 23.838 20.S70 11.561. 2'> .260 277. V) 14.015 April. !. 2.0060 14.494 .2856 23.838 20.870 | 11.561 14.015 Year or month R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th a d) ( S pe p s a e i t n a) S S ( m d e t o r e t l a t n l l a i e t t r s s - ) j (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 i n u m t n g e d - d ) Ur (p u e jl s u o n ) 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 56 132 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—May 49.616 3.4577 278.38 32.761 19,333 ! 23.291 280,07 65 833 5"'» ISO 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.S33 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 65.333 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 March 49.627 3.4766 278.38 32.850 19.327 23.177 280.07 65.833 56.180 42.553 April. , 49,643 3.4790 278.38 32.850 19.327 23.133 280.07 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. 3 Based on quotations beginning July 13, 1950. 4 Based on quotations beginning Oct. 11, 1950. 5 Based on quotations through Sept. 30, 1950; official rate abolished after that date. 8 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. MAY 1951 605 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 t 1 9 i a 0 2 t t 0 6 e e ) d = s C ( a 1 = 9 n 3 1 a 5 0 d - 0 3 a ) 9 1 M (1 e 1 9 x 0 3 i 0 9 c ) = o K U ( i 1 n n 1 9 i 0 3 g t 0 0 d e ) o = d m F ( r 1 1 a 9 0 n 4 0 c 9 ) e = 2 ( I 1 1 t 9 0 a 3 0 l 8 ) y = ( a J 1 v 9 a e = 3 p r 4 1 a a - ) g n 3 e 6 ( J J N u u e l = n l t a e y 1 h n 1 1 0 e d 9 9 0 s r 3 ) 3 - 8 9 - S ( w 1 1 9 e 0 3 d 0 5 ) e = n ( S A w u = l i g a t . 1 n z 0 d e 1 0 r 9 ) - 39 1926 100 130 3 124 150 3 126 M35 1940 79 108 103 137 7 121 2 131 146 133 1941 87 117 110 153 9 136 2 150 172 171 1942 99 123 121 159 10 153 2 157 189 195 1943 103 128 146 163 12 2 160 196 203 1944 104 131 179 166 14 2 164 196 207 1945 106 132 199 169 20 4 181 194 205 1946 121 139 229 175 34 16 251 186 200 1947 152 164 242 192 52 5,159 48 271 199 208 1948 165 194 260 219 89 5,443 128 281 214 217 1949 155 199 285 230 100 5,170 209 296 216 206 1950 162 212 311 262 108 4,905 P246 227 203 1950—March 153 202 304 245 105 4,732 227 315 220 195 April 153 204 307 250 105 4,693 227 313 221 194 May 156 206 307 255 104 4,695 228 315 221 197 June 157 210 304 257 103 4,671 229 317 223 196 July 163 213 307 260 106 4,694 242 317 224 199 August 166 217 312 264 107 4,913 254 225 205 September 170 224 321 272 112 5,088 260 228 209 October 169 221 326 280 113 5,176 269 230 213 November 172 224 332 289 117 5,279 277 244 216 December 175 226 335 292 121 5,424 P281 253 218 1951—January 180 234 344 300 123 P5.671 266 226 February 184 240 359 306 130 P274 230 March 184 P314 P134 P231 P Preliminary. 1 This index replaces the one previously shown. It contains 604 items as compared with 589 in the old index. A detailed description of this index is given in "Dominion Bureau of Statistics Reference Paper No. 24, 1951," which may be purchased from the Bureau. 2 This index replaces the one previously shown. It consists of 319 items as compared with 135 in the old index. A brief description of the index may be found in "Bulletin Hebdomadaire de Statistique," Feb. 3, 1951. Yearly averages prior to 1949 were derived from the old index. 3 Approximate figure, derived from old index (1913 =100). 4 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 Canadal United Kingdom Netherlands (1926=100) (1935-39=100) (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r u m cts Foods co O i m t ti m h e e o s r d- pr F o a d r u m cts R fa m p a g c a a w o t r n o u t a d u r l n s - e y d d F f u c a m l g h c l a o i t y o n e u f d u r a l s - e n y d d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u c s r t - a s w p f r I i n o t n r d i d i s u u a h s c l e - t d s 1926 100 100 100 144 129 133 1940 68 71 83 96 104 110 133 138 121 163 126 1941 82 83 89 107 115 119 146 156 140 177 148 1942 106 100 96 127 124 124 158 160 157 175 154 1943 123 107 97 145 132 127 160 164 157 174 159 1944 123 105 99 155 135 129 158 170 159 179 165 1945 128 106 100 165 137 130 158 175 172 193 184 1946 149 131 110 177 141 138 158 184 200 282 261 1947 181 169 135 190 165 162 165 207 214 328 276 1948 188 179 151 230 198 192 181 242 231 342 28$ 1949 166 161 147 226 199 199 197 249 243 370 297 1950 170 166 153 232 216 211 221 286 1950—March 159 156 146 227 204 202 215 262 279 385 310 April 159 155 146 229 206 203 220 266 272 385 311 M^ay 165 160 148 232 210 204 224 272 276 386 312 June . . 166 162 149 241 218 207 223 276 285 388 312 July 176 171 152 244 223 209 222 282 178 175 156 236 225 214 217 291 180 177 159 235 230 222 220 303 October 178 173 162 229 224 221 226 311 November.... \. . 184 175 164 230 226 223 229 325 187 179 167 235 229 226 228 331 194 182 170 ?42 236 234 228 345 February 203 188 172 254 242 240 227 356 204 187 172 P226 P37O P Preliminary. 1 This index replaces the one previously shown. A detailed description of this index is given in "Dominion Bureau of Statistics Reference Paper No. 24, 1951," which may be purchased from the Bureau. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 606 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 0 t te e - 0 3 d s ) 9 (1 = C 9 a 3 a 1 d 5 n 0 a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = r (1 a 1 9 n 0 4 c 0 9 e ) 1 ( N 1 l = 9 e a t 3 n 1 h 8 0 d e 0 - s 3 r ) 9 - 1 ( l 9 A a e 3 r n 9 u - 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 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 1 9 n 0 4 c 0 9 e ) 1 ( 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 3 e n 9 u r d g - = . = 100) 100) = 100) 100) 1942 124 127 161 10 153 1942 117 117 200 10 141 1943 138 131 166 12 161 1943 124 118 199 12 148 1944 136 131 168 15 164 1944. 126 119 201 16 151 1945 139 133 170 21 164 1945 128 119 203 22 153 1946 160 140 169 36 193 160 1946 139 124 204 35 192 152 1947 194 160 101 57 211 170 1947 159 136 101 57 199 158 1948 210 196 108 92 228 176 1948 171 155 108 90 206 163 1949 202 203 114 100 249 174 1949 169 161 111 100 219 162 1950 205 211 123 111 277 176 1950 172 167 114 111 240 159 1950-March 197 204 121 108 274 172 1950-March 168 164 113 108 237 158 April 197 205 122 110 273 172 April 169 164 114 237 158 Mav 200 205 125 108 274 174 May 169 164 114 237 158 June 203 209 123 105 284 175 June 170 165 114 107 241 158 July 208 214 122 105 278 175 July 172 168 114 240 158 August.... 210 217 121 109 275 178 August... . 173 169 113 239 159 September. 210 219 122 113 276 179 September. 175 170 114 113 243 160 October. . . 211 220 125 116 286 180 October. . . 176 171 115 248 161 November. 211 219 125 117 286 180 November. 176 171 116 249 161 December. 216 219 125 118 286 180 December. 179 171 116 117 249 161 1951-January... 222 220 127 120 179 1951-January. .. 182 173 117 162 February.. 226 224 127 121 178 February.. 184 175 118 163 March 226 P234 P123 P178 March.... 185 P119 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n r t h a a i i d g t t e e e h ) d s ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( 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 4 n 0 9 c ) e = l N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e - e 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c 0 b e 0 e ) r (1 N 9 l e 3 a t 8 n h = d e 1 s r 0 - 0) Number of issues. . . 12 87 60 416 105 278 295 27 1943. 120.3 102.6 127.8 133.3 91.9 83.5 84.5 1944. 120.9 103.0 127.5 136.8 99.8 83.8 88.6 1945. 122.1 105.2 128.3 138.3 121.5 99.6 92.4 1946. 123.3 117.2 132.1 131.5 109.0 139.9 115.7 96.2 875 1947. 103.2 118.5 130.8 120.0 105.6 123.0 106.0 94.6 1,149 202.2 1948. 98.7 105.0 129.9 106.4 107.1 124.4 112.5 92 0 1,262 211.2 1949. 101.9 107.6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 195.3 1950. 109.6 121.2 99.8 106.7 146.4 131.6 90.0 1,030 193.2 1950—April 110.3 119.9 101.2 108.7 141.8 125.9 89.1 1,024 191.0 May 110.9 119.8 100.6 108.3 146.9 128.7 89.6 1,019 189.6 June 110.9 121.6 99.9 108.0 147.7 130.9 90.9 1,056 190.8 July 109.9 120.7 98.5 106.3 138.2 124.3 88.7 961 170.0 August 110.5 120.8 99.3 105.0 147.2 135.7 89.0 1,020 188.0 September. . . 111.4 122.7 100.1 103.7 151.7 141.5 91.3 1,080 194.9 October 108.7 124.2 98.5 104.3 157.8 145.4 92.5 1,035 197.8 November. . . 106.5 124.1 99.8 104.6 156.1 144.5 92.9 1,029 198.0 December... . 103.4 121.9 99.4 101.5 158.4 146.3 92.1 944 194.4 1951—January. . 102.1 122.4 99.7 99.4 168.6 153.8 94.7 1,031 201.3 February. 102.1 121.1 99.6 97.4 174.7 166.5 96.8 1,144 205.2 March. . . P95 .6 120.2 noo.o 96.6 170.3 P162.9 96.2 Pl ,159 204.0 P Preliminary. 1 This index replaces the one previously shown. It is based on 60 issues as compared with 50 in the former index. For a detailed description of the construction of this index, see "Bulletin Mensuel de Statistique," Supplements, July-September 1950, pp. 318-330 and October- December 1950, pp. 402-403. Yearly averages prior to 1949 are derived from old index. NOTE.—For sources and description of statistics, see BULLETIN for March 1951, p. 357; June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932. p. 121. MAY 1951 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., 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 WM. MCC. MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman MARRINER S. ECCLES WALTER S. BUCKLIN, BOSTON DISTRICT 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 DAVID T. BEALS, KANSAS CITY DISTRICT WATROUS H. IRONS, Associate Economist DONALD S. THOMPSON, Associate Economist DEWITT T. RAY, DALLAS DISTRICT CLARENCE W. TOW, Associate Economist JOHN H. WILLIAMS, Associate Economist JAMES K. LOGHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVB BANKS Federal Reserve Chairman l President iri^o p- Bank of Deputy Chairman First Vice President V ice rr 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. Wiitse Philadelphia.. . . Warren F. Whittier Alfred H. Williams Karl R. Bopp Wm. G. McCreedy C. Canby Balderston W. J. Davis Robert N. Hilkert P. M. Poorman E. C. Hill Richard G. Wilgus 2 Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W« D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson R. W. Mercer 3 Edw. A. Wayne W. R. Milford Chas. W. Williams Atlanta. . ... Frank H. Neely Malcolm Bryan 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. L Chalfont George W. Mitchell 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 Frederick L. DemingPaul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis C. M. Stewart Wm. E. Peterson H. H. Weigel C. A. Schacht J. C. Wotawa 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. Holioway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms 8 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith 4 Minneapolis. . . . Helena C. W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond. . .. ... Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta. Birmingham P. L. T, Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holioway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco.. . Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. Cashier. * Also Cashier. 1 General Manager. MAY 1951 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from ports, and introduction reviewing the monetary the Division of Administrative Services, Board of history of Paraguay. July 1946. 170 pages. Governors of the Federal Reserve System, Wash- $1.00 per copy. ington 25, D. C. Remittance should be made RULES OF ORGANIZATION AND RULES OF PROCEDURE payable to the order of the Board of Governors (Board of Governors of the Federal Reserve Sysof the Federal Reserve System. tem). September 1946. 31 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- THE FEDERAL RESERVE ACT, as amended to Novemsessions, Bolivia, Canada, Chile, Colombia, Costa ber 1, 1946, with an Appendix containing pro- Rica, Cuba, Dominican Republic, Ecuador, visions of certain other statutes affecting the Guatemala, Haiti, Republic of Honduras, Mexico, Federal Reserve System. 372 pages. 50 cents per Newfoundland (including Labrador), Nicaragua, paper-bound copy; $1.00 per cloth-bound copy. 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 The price for the set of eight pamphlets is $1.25; single shipment, 50 cents each. (Domestic rates) 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. April 1951 edition. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Annual subscription to monthly chart book in- FUNCTIONS. November 1947; reprinted April cludes supplement; single copies, 60 cents each. 1951. 125 pages. 75 cents per cloth-bound copy; In quantities of 10 or more copies for single ship- in quantities of 10 or more copies for single ment, 50 cents each. (Domestic rates) shipment, 50 cents each. Paper-bound copies available without charge. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the DEBITS AND CLEARINGS STATISTICS, THEIR BACK- Board's stafT. August 1941; reprinted March GROUND AND INTERPRETATION. October 1947. 50 1949. 496 pages. Paper cover. $1.00 per copy; pages. 25 cents per copy; in quantities of 10 or in quantities of 10 or more copies for single ship- more copies for single shipment, 15 cents each. ment, 75 cents each. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of BANKING AND MONETARY STATISTICS. Statistics of December 31, 1947. July 1948. 122 pages. As banking, monetary, and other financial develop- of June 30, 1949. December 1949. 122 pages. ments. November 1943. 979 pages. $1.50 per A STATISTICAL STUDY OF REGULATION V LOANS. copy. No charge for individual sections (un- September 1950. 74 pages. 25 cents per copy; bound). in quantities of 10 or more copies for single ship- MONETARY AND BANKING REFORM IN PARAGUAY. ment, 15 cents each. Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1 A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1708-11 of the December 1950 with amendments. BULLETIN. 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS man, Board of Governors of the Federal Reserve (From Federal Reserve Bulletin unless preceded by an asterisk) System, before the Senate Committee on Banking and Currency, June 27, 1950. July 1950. 8 A STUDY OF INSTALMENT CREDIT TERMS, by Milton pages. Moss. December 1949. 8 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and FRENCH EXCHANGE STABILIZATION FUND, by Robert 1949. July 1950. 16 pages. Solomon. January 1950. 5 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- AND BUSINESSES. August 1950. 2 pages. ruary 1950. 5 pages. DEFENSE LOAN POLICY. An announcement adopted STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, jointly by National and State Supervisors of banks BOARD OF GOVERNORS OF THE FEDERAL RESERVE and other lending institutions. August 4, 1950. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- August 1950. 1 page. ERAL DEPOSIT INSURANCE ACT." February 1950. 5 pages. THE BALANCE SHEET OF AGRICULTURE, 1950. September 1950. 14 pages. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE. February 1950. 15 pages. OUR COMMON PROBLEM—MAINTENANCE OF A SOUND BANKING SYSTEM. Address by Thomas B. Mc- * THE CHALLENGE OF OPPORTUNITY VERSUS SECU- Cabe, Chairman, Board of Governors of the Fed- RITY. Address by Thomas B. McCabe, Chairman, eral Reserve System, before the National Associa- Board of Governors of the Federal Reserve Systion of Supervisors of State Banks, Boston, Mass., tem before a seminar group of Life Insurance September 21, 1950. October 1950. 4 pages. Executives. Presented April 13, 1950. 7 pages. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- 1950 SURVEY OF CONSUMER FINANCES— ber 1950. 2 pages. Preliminary summary. April 1950. 2 pages. PART I. GENERAL FINANCIAL POSITION AND ECO- MEASUREMENT OF CONSUMER CREDIT. Address by NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 Ralph A. Young and Homer Jones before the pages. PART II. PURCHASES OF HOUSES AND University of Illinois Consumer Credit Confer- DURABLE GOODS IN 1949 and BUYING PLANS FOR ence, Chicago, Illinois, October 5, 1950. Novem- 1950. July 1950. 15 pages. PART III. DISTRI- ber 1950. 9 pages. BUTION OF CONSUMER INCOME IN 1949. August 1950. 18 pages. PART IV. THE DISTRIBUTION THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- OF CONSUMER SAVING IN 1949. November 1950. LARS IN 1950. March 1951. 10 pages. 15 pages. PART V. THE DISTRIBUTION OF ASSETS, LIABILITIES, AND NET WORTH OF CONSUMERS, STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING EARLY 1950. December 1950. 28 pages. METHODS OATH OF OFFICE, APRIL 2, 1951. April 1951. 1 page. OF THE SURVEY OF CONSUMER FINANCES. July 1950. 15 pages. SELECTED PRELIMINARY RESULTS OF THE 1951 SUR- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION VEY OF CONSUMER FINANCES. April 1951. 4 FINANCING IN 1949, by Eleanor J. Stockwell. pages. June 1950. 6 pages. (Also, similar survey by THE TREASURY—CENTRAL BANK RELATIONSHIP IN Charles H. Schmidt. June 1949. 8 pages.) FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. RETAIL CREDIT SURVEY—1949. From June 1950 BULLETIN with supplementary information for # PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. nine separate trades. 37 pages. As amended to April 20, 1951. 4 pages. STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. TION. Presented by Thomas B. McCabe, Chair- April 1951. 14 pages. MAY 1951 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES = BOUNDARIES OF FEDERAL RESERVE DISTRICTS r BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM tn CO ® FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis