Federal Reserve Bulletin, 1951-06

F E D E R AL E S E BULLETIN 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 Labor Market Developments. 613-623 Voluntary Credit Restraint Committees. 624-626 1951 Survey of Consumer Finances: Part I. The Economic Outlook and Liquid Asset Position of Consumers. 627-644 Law Department. 645-647 Current Events and Announcements. 648 Commerce Department Census of Direct Investments Abroad. 649 National Summary of Business Conditions. 650-651 Financial, Industrial, Commercial Statistics, U. S. (See p. 653 for list of tables). 653-711 International Financial Statistics (See p. 713 for list of tables) . 713-731 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 732 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 733 Federal Reserve Publications. 734-737 Map of Federal Reserve Districts. 738 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, IS cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME 37 June 1951 NUMBER 6 LABOR MARKET DEVELOPMENTS During the past year demands for man- in employment in expanding industries. In power have been large, and the number of industries curtailing output the tendency has workers readily available for expanding out- been to reduce the work week rather than put further has been substantially reduced. to lay off workers. The number and rate Nonagricultural employment in May was of layoffs in manufacturing have been unmore than 3 million larger than in early 1950 usually low in recent months. and at an all-time high for this time of the Following sharp and general increases in year. In addition, the armed forces, which nonfarm employment between June and numbered about 1.5 million in June 1950, October 1950, employment has continued have more than doubled. The total labor to rise, but at a lesser rate and with growing force increased during the year by about 1.5 divergencies among industries, as the chart million persons, but the civilian labor force suggests. Industries producing basic metals showed little change because of the increase have been operating at close to capacity, and in size of the armed forces. Unemployment this has limited further expansion of employtotaled 1.6 million in May—the lowest level ment in these activities. In industries manusince the end of World War II and approxi- EMPLOYMENT IN SELECTED ACTIVITIES mately one-half that of a year ago. CONSUMER GOODS INDUSTRIES DEFENSE AND RELATED ACTIVITIES Despite the pressures on the labor market, THOUSANDS OF PERSONS MONTHLY THOUSANDS OF PERSONS 11600 the manpower supply thus far has been adequate to permit a record volume of production for civilian purposes and at the same time to meet the expanded requirements for defense production and armed forces personnel. Shortages of labor have been developing, however, in some areas and in certain occupations. Average weekly hours of work have increased sharply in a number of key Aircraft and activities but for all manufacturing indus- Private Shipbuilding tries have shown relatively little change since 1948 1950 1948 1950 last fall. The transitional problems growing Bureau of Labor Statistics data. out of the mobilization program and recent Consumer goods industries shown also produce goods for business use and defense needs. The radio and television inreductions in consumer demand have thus dustry includes production workers only. Defense agencies include civilian employees of the Department of Defense and other Federal agencies closely related to defense activities. far resulted in only moderate layoffs, and Machinery (except electrical) excludes the service-industry and household machinery subgroup. Latest figures shown, May these have been more than offset by increases 1951, are preliminary. JUNE 1951 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS facturing machinery and military equipment, program and to moderate inflationary employment has continued to increase, re- pressures. flecting the quickening pace of the defense The sharpest increases in wage rates ocprogram and rising business demand for curred in the second half of 1950, when plant and equipment. In recent months em- many contracts were renegotiated in advance ployment has leveled off, and in some cases of existing expiration or reopening dates. declined, in several industries manufacturing More moderate advances have occurred since consumer goods, particularly automobiles, January in both wage rates and consumer prices, reflecting in large part the cumulative television, and some important nondurable effects of the various anti-inflation measures goods. The reductions reflect in part shortadopted, including the imposition of direct ages of basic materials, and in part declines price and wage controls. The Wage Stabiliin consumer demand from the extraordization Board has limited wage increases narily high levels prevailing earlier, together under the "catch-up" formula established with the accumulation of substantial inven- February 27, 1951, which provided for intories. Nonmanufacturing employment has creases of up to 10 per cent from January increased steadily since June 1950. Federal 1950 levels. Recently, increases above the civilian employment for defense purposes has 10 per cent formula have been allowed in been the major expansive factor, although certain cases, and a new general formula is substantial increases have also taken place under consideration. With the defense proin construction and retail trade. gram expanding, pressures for wage rate The tightening labor market, rising costs increases are likely to continue. of living, increasing business profits, and expectations of continuing high levels of em- DEFENSE PROGRAM AND THE LABOR MARKET ployment and output have contributed to sharp advances in hourly and weekly earn- Requirements of the defense program will be an increasingly important factor in the ings since midsummer of 1950. Increases labor market in the period ahead, with presin earnings have been widespread in both sure likely to mount later in the year. Offimanufacturing and nonmanufacturing incial estimates indicate that the defense produstries, but some groups of workers have gram will absorb about 20 per cent of an not yet participated in the advance. Average expanded gross national product by midhourly earnings have advanced about as 1952, compared with about 10 per cent curmuch as average consumer prices over the rently, and will provide for maintenance of past year. Aggregate wage and salary rean armed force of 3.5 million. Achievement ceipts, after allowance for the higher level of the goals of the defense program, while of consumer prices, were about 9 per cent maintaining relatively high levels of output larger in April 1951 than a year earlier, for nondefense purposes, will require further reflecting primarily growth in the armed additions to the labor force, shifts of workers services and in nonfarm employment. The from nondefense to defense work, and probincrease in real purchasing power of total ably increases in hours of work and reducwages and salaries, however, is appreciably tions in unemployment. Further increases less when account is taken of the higher in productivity would moderate the prestaxes designed to help finance the defense sures on the labor market. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS Those who are already employed will erating towards increased productivity may undoubtedly constitute the major source of be offset to some extent by such influences additional manpower to meet defense needs. as the difficulty of maintaining experienced Recruitment for defense activities will con- work forces. tinue to take place almost automatically where existing facilties are shifted to the TRENDS IN THE LABOR FORCE production of goods for defense. This will Over the past decade the size and combe the case in establishments producing basic position of the labor force have shown materials such as steel or converting directly considerable flexibility under conditions of from civilian to defense production. Where war, reconversion, and high postwar levels employment is expanding and new or of business activity. In April 1951 there standby plants come into operation, addi- were about 64.7 million persons in the total tional workers will have to be recruited labor force, including the armed forces. This from less essential activities. This may pre- was approximately 58 per cent of all persons sent some difficulties in view of the large 14 years of age or over in the noninstitutional manpower requirements of the defense pro- population. The number and the proporgram and the likelihood that in many non- tion in recent months have been higher than defense activities sufficient materials will be in comparable months of the postwar period, available to permit continued high output and have been exceeded only during World for civilians. Also, the labor force may be War II, when some 8 million "extra" workless mobile in the period ahead than earlier ers were drawn into the labor force. In because of such factors as high levels of April 1945 the labor force, including 12 milemployment, increased home ownership, lion in the armed forces, amounted to 66.3 high marriage and birth rates, extension of million persons or 63 per cent of the workpension and welfare plans, and narrower ing-age population. Following the war a wage differentials between defense and non- large number of "extra" workers withdrew defense industries. from the labor force, as the following chart The outlook for continued increases in shows, but the worker rate remained modproductivity reflects conflicting influences but on the whole is probably favorable. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT SELECTED YEARS Improvements in plant and equipment, the MILljONS OF PERSONS APRIL OF EACH YEAR MILLIONS OF PERSPXS existence of an experienced labor supply, and 80 80 TOTAL LABOR FORCE a slower rate of expansion of the mobiliza- \ Armed Forces tion program compared with that of World 60 • l—r n Ii—i IIIB Ei Unemployment 60 • I I\ War II should facilitate adjustment to new 1 VMMWA HHl Hi 1 Agricultural output requirements with relatively little 1 III 1 Employment 40 ,40 strain. On the other hand, the limited nature of the current program and the em- INenaf rijcaltmral 1 Employment phasis being placed on research and new 20 20 I 1IJ II models may be less conducive to increases in productivity than was the case in the mass 0 . 0 1940 1945 1946 1950 1951 production programs of World War II. In Bureau of Census estimates, except the armed forces estinondefense activities factors customarily op- mate for 1951, which is based on the mid-March figure released by the Secretary of Defense. JUNE 1951 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS erately above the 1940 level and in recent The major labor reserve continues to be years has increased somewhat. among women, of whom only about one- Currently about 10 million more persons third are in the labor force. This proporare in the labor force than in 1940. This tion is relatively high, however, in terms of represents an increase of 17 per cent com- historical relationships and reflects the growpared with a rise of only 11 per cent in the ing tendency for women to work outside population of working age. Important dem- the home. At the turn of the century only ographic and institutional trends operating about one out of five women was in the during the decade, such as the more-than- labor force, but by 1940 the ratio had inproportionate increase in population in the creased to more than one out of four. The older age groups, the sharp rise in marriage highest ratio occurred during World War II and birth rates, higher rates of enrollment when the female participation rate rose to in high schools and colleges, expanded pen- almost two out of five. The extent to which sion and social security programs, and de- men and women of different age groups clining manpower requirements in agricul- were in the labor force in April 1951 as ture, might have been expected to reduce compared with April of 1940 and 1945 is the proportion of the population in the labor shown in the table. force. Major factors offsetting these influ- PERCENTAGE OF POPULATION IN LABOR FORCE ences on the labor force appear to have been [April of each year] the work experience gained by women dur- Male Female ing the war and the expanded job oppor- Age group (years) tunities in the postwar period in contrast 1951 1945 1940 1951 1945 1940 to the limited opportunities and high unem- Total, 14 and over.. . 84 89 82 33 37 28 ployment of the thirties. 14 to 19 48 68 39 28 40 20 20 to 24 89 98 PO 45 56 48 The total labor force has increased by 25 to 34 97 99 98 35 41 36 35 to 44 98 99 98 39 41 29 about 1.5 million in the past year, as com- 45 to 54 96 97 95 38 37 25 55 to 64 87 92 87 28 27 18 pared with annual increases ranging from 65 and over 45 51 45 9 10 7 800,000 to 1,100,000 in previous postwar NOTE.—Bureau of Census data for 1940 and 1945. The figures are the percentages of the noninstitutional population 14 years of age years. There was a further rise in the rate and over in the labor force including the armed forces. 1951 data estimated by Federal Reserve as follows: The armed forces of participation in the labor force, espe- figure for March 1951, released by the Secretary of Defense, was distributed by age groups on basis of 1950 Census data and added cially among women, in addition to the in- t p o o p t u h l e a ti C o e n n f s o u r s A da p t r a il o 1 n 95 1 c . i vi W lia h n i le la b th o e r r fo es rc u e lt s a n ar d e n ro o u n g in h s t e i s tu ti t m io a n te a s l of the 1951 percentages by age groups, they are sufficiently accurate crease of about 1 per cent that can be attrib- for the purposes of this article. uted to population growth. The increase in The proportion of women 35 years of age the total labor force was just about equal to and over in the labor force is about as high the growth in the armed forces and, con- as during World War II and very substansequently, the civilian labor force in May tially above prewar ratios. This reflects the was the same as a year ago. The armed increasing proportion of married women in forces, which numbered approximately 1.5 the labor market. In 1940 about 15 per cent million before the outbreak of Korean hos- of married women living with their hustilities, had increased to more than 2.9 mil- bands were in the labor force compared lion by mid-March, according to the Secre- with the current rate of nearly 25 per cent; tary of Defense, and are scheduled to reach the worker rate for single women was about about 3.5 by midyear. 50 per cent in both periods. Because the 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS worker rates for married women are lower With current plans calling for an armed than for single women, the sharp increase force of 3.5 million, pressures for increasing in the marriage rate in recent years has the labor force are not so urgent as during reduced the worker rates of women in the World War II. Other factors limiting ex- 20-34 year age group below prewar levels. pansion include the increasing proportion Fluctuations in participation rates among of older people in the population, the men appear in the younger and older age smaller number of youths who are available groups since, characteristically, almost all because of the low birth rate of the thirties, men 25-54 years of age are in the labor and the larger number of married women force. In April 1951 about half the teen- with young children. The chart shows the aged men were in the labor force, a pro- number, age, and sex of those outside—as portion well above the 1940 rate but sub- well as of those in—the civilian labor force. stantially below the wartime peak. Older CIVILIAN POPULATION AND CIVILIAN LABOR FORCE men (55 years of age and over) continue BY AGE AND SEX-MAY, 1951 to be an important part of the labor force, with the ratio to population in 1951 the MILLIONS OF PERSONS 12 10 8 4 20 24 6 8 10 12 same as in 1940. During World War II men in these age groups were an important source of additional labor supply, but since 1945 the number in the labor force relative to population has declined fairly steadily, especially among men 65 years of age and over. The growing influence of private pensions and social security may be part of the explanation for the postwar decline as well as a return to more restrictive practices in the hiring of older workers. With the present population structure, a return to World War II worker rates would add about 5 million persons to the total labor IN SCHOOL force. Such an increase, however, would IN HOUSEWORK | | OTHER Bureau of Census estimates. probably come about only under conditions Further increases in demand for labor along of full mobilization. The withdrawal of 12 with appropriate manpower programs could million persons from civilian activities into enlarge additions to the labor force. Such the armed forces was a major factor in the programs might be directed toward increasextremely high worker rates during World ing the incentives for people to enter the War II. Job vacancies were created for labor force and toward providing for the which replacements had to be found, wives special needs of such groups as older workof servicemen entered the labor market to ers and married women with younger make up the loss of family income, and perchildren. sons normally outside the labor force—such as youths in school—were taken into mili- CIVILIAN EMPLOYMENT tary service. Civilian employment, at 61 million per- JUNE 1951 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS sons in May 1951 (Census Bureau estimates) relatively significant shifts toward construcwas the largest it has ever been in May. tion, durable goods manufacturing, and Fed- About 13.5 million more persons were em- eral Government employment. ployed than in 1940 and 6 million more than in the highest May of World War II. PERCENTAGE DISTRIBUTION OF EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS Farm employment has declined almost [May of each year] continuously during the past decade and, in contrast to nonagricultural employment, is Industry division 1951 1950 1944 1940 currently sharply below prewar and wartime Manufacturing 34 33 41 33 Durable 19 18 26 16 levels. Average farm employment in 1950 Nondurable 15 15 15 17 was 7.5 million, as compared with 8.6 mil- Mining 2 2 2 3 Contract construction 6 5 3 4 lion in 1945 and 9.5 million in 1940. In re- Transportation 6 6 7 7 Public utilities 3 3 2 3 cent months there have been about one-half Trade .. 21 22 17 22 Finance 4 4 3 5 million fewer workers employed on farms Service 10 11 10 11 Government 14 14 15 13 Federal 5 4 7 3 than in the corresponding months of 1950. State and local 9 9 8 10 Expanding job opportunities in the nonfarm Total 100 100 100 100 sector as well as withdrawals into the armed NOTE.—Percentages based on Bureau of Labor Statistics estiforces were apparently major factors in the mates. Figures may not add to totals because of rounding. recent decline. With the total civilian labor With pressure on the labor supply conforce showing little change as compared with tinuing strong, less essential activities will be a year ago, the drop in farm employment an important source of labor for defense together with the reductions in unemployindustries, and the structure of employment ment were, in effect, about equal to the inmay be expected to shift further toward crease in nonagricultural employment. the 1944 pattern. During World War II Nonagricultural employment. The numthe relative shift to essential industries was ber of employees in nonagricultural estabaided by differentials in wages which tended lishments (Bureau of Labor Statistics estito favor war as against nonwar industries, mates) seasonally adjusted, reached an alla longer work week in war activities, contime high of about 46.4 million in both trolled referrals of workers by the United April and May of 1951, compared with a States Employment Service, and by other World War II peak of 42 million and a direct measures. May 1940 level of 31 million. Since the early spring of 1950 more than The current industrial distribution of em- 3 million workers have been added to nonployment is not greatly different from that farm employment, seasonally adjusted. As of a decade ago, although there are some may be seen from the chart, sharp gains significant differences, as may be seen from occurred immediately after the Korean hosthe table. The distribution of employment tilities began, when the tense international in both the prewar and the postwar periods situation contributed to extraordinary priwas sharply different from that in World vate demands for goods and services and War II, when employment in industries fears of possible manpower shortages. In closely related to the war effort increased the four-month period between June and sharply in comparison with less essential October almost 1.5 million workers were activities. Since early 1950, there have been added to nonfarm payrolls, an exceptionally 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS sharp rate of expansion. The rate of in- expansion in employment resulting from crease has slackened since October, with increases in Government expenditures for about 1 million workers being added in the defense and in business investment in plant seven months ending May 1951. In recent and equipment. months the accelerating rate of Government Employment in durable goods industries expenditures has replaced expansion of pri- increased by 1.1 million persons or 14 per vate demands as the primary expansive factor cent between May 1950 and May 1951, to affecting the labor market. reach a total of 9 million workers. This increase accounted for four-fifths of the EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS total rise in manufacturing employment. Gains of 13 per cent or more were reported in all major metal working groups, while in the lumber and furniture groups employment rose by less than 4 per cent. More recently employment gains have occurred mainly in industries closely allied to the expanding defense program, such as machinery, shipbuilding, aircraft, and ordnance. Thus far, cutbacks of employment in consumer durable goods industries because of material restrictions and shortages have generally been small. Owing mainly to limi- 1941 1950 1941 1950 Bureau of Labor Statistics data, adjusted for seasonal varia- tations on the use of steel, employment in tion by Federal Reserve. Latest figures shown, May 1951, are preliminary. the automobile industry was reduced in April MANUFACTURING EMPLOYMENT and May. In the television industry the accumulation of large inventories has caused Current levels of manufacturing employreductions in output and employment in ment and of industrial production have been recent months. exceeded only during World War II. In As the defense program expands, man- May 1951, 16 million (seasonally adjusted) power problems may be expected to increase were employed in manufacturing industries, an increase of 1.4 million persons, or 10 per in the metal and metal products industries, cent, from a year earlier. During World which produce the bulk of the basic mate- War II employment in manufacturing rials and equipment required by the proreached a peak of 18 million. In recent gram. The May level of employment in months the attainment of current capacity these industries was 7.2 million, an increase limits in output of many basic materials, Gov- of almost 900,000 since the outbreak of hosernment limitations on the use of key mate- tilities last June, with gains representing exrials in nondefense production, and reduced pansion in both civilian and defense employdemands for and large inventories of many ment. Data now available do not permit consumer goods have tended to moderate accurate estimates of the number of metal the earlier rate of increase in employment. workers engaged in defense production. In some industries there have been declines In World War II the metal working inrecently which have tended to offset the dustries employed 10 million persons, or JUNE 1951 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS about one-fourth of all employees in non- PERCENTAGE CHANGES IN MAN-HOURS IN MANUFACTURING INDUSTRIES farm establishments, and almost their entire output represented war goods. More than Percentage increase, or decrease (—) 4 million workers were employed directly April 1951 from: Industry group in producing aircraft and ships. In May October June April 1951 the aircraft and shipbuilding industries, 1950 1950 1950 including Government shipyards, employed All manufacturing 2 10 16 over 700,000 workers, an increase of about Durable goods 4 24 60 per cent since June 1950. Employment Ordnance and accessories 35 69 75 Transportation equipment 7 12 37 in the nonelectrical machinery industry in- Instruments and related products 8 27 34 Machinery (except electrical). . . 13 26 31 creased by 260,000, or one-fifth, and in elec- Electrical machinery 0) 19 23 Fabricated metal products 0) 11 23 trical machinery by 130,000, or one-sixth, Stone, clay, and glass products. . 2 12 20 Miscellaneous manufacturing induring this period. dustries -1 13 20 Primary metal industries 4 13 20 Lumber and wood products -2 4 11 Employment, seasonally adjusted, in non- Furniture and fixtures -4 1 5 durable goods industries is slightly below Nondurable goods all-time high levels reached earlier this year. Rubber products -4 4 14 Paper and allied products 1 8 13 About 260,000 workers have been added to Chemicals and allied products. . 4 9 11 Products of petroleum and coal. 2 9 11 nondurable goods industries in the past year, Textile-mill products -6 7 9 Apparel and other finished textile products -2 6 8 with most of this gain taking place between Leather and leather products. . . -5 0) 6 Tobacco manufactures -3 (x) 5 June and October. Employment since then Food and kindred products 1 5 Printing, publishing, and allied has shown little change, although in recent industries 0) months there have been reductions in some 1 Less than .5 of 1 per cent. lines, particularly textiles, apparel, and NOTE.—Based on Bureau of Labor Statistics data on number of production workers, seasonally adjusted by Federal Reserve, leather. In the chemical, petroleum, and and average weekly hours of work in major industry groups. April 1951 figures used in computations are preliminary. paper industries employment has continued to increase moderately. The work week in manufacturing indus- Hours of wor\. Man-hours of work in tries averaged about 41 hours in April, an manufacturing have increased somewhat increase of one hour compared with the year more than employment over the past year before, but 4 hours less than during much of because of a moderate lengthening of the World War II. Thirty per cent of all emaverage work week. In durable goods in- ployees were working more than 40 hours dustries man-hours in April were 24 per cent a week as compared with 21 per cent in above a year earlier, with the largest increases April 1950. Average weekly hours in durin metal working industries, as may be able goods industries were almost 42 hours seen in the table. Man-hours in April in in April, about two hours longer than in nondurable goods industries were about 8 nondurable goods industries. per cent above the level of a year ago with There has been relatively little change the sharpest increases in the rubber, paper, since late 1950 in the length of the work chemicals, and petroleum groups. In durable week, although there has been some divergoods industries man-hours in April were gence in average weekly hours between about one-third below the World War II industries producing civilian goods and those peak, while in nondurable goods lines they engaged in defense or defense-related activwere about at the wartime peaks. ity. In some machinery industries the 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS work week has risen to over 47 hours, in air- EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS craft to 44 hours, and in ordnance and [May of each year] scientific instruments to 43 hours. Govern- 1951 Percentage increase, or (in decrease (—), 1951 from: ment shipyards have gone on a six-day week. Industry division. thousands of In contrast, relatively short work weeks were persons) 1950 1944 1940 reported in service and household machinery, Total 46,348 6 12 48 apparel, leather, textiles, and some other Manufacturing 16,034 10 -7 54 industries. Durable 8,982 14 -18 76 Nondurable 7,052 4 13 32 NONMANUFACTURING EMPLOYMENT Nonmanufacturing 30,314 5 25 45 Mining 905 -4 2 1 The number of workers in nonmanufac- Contract construction 2 ,"556 15 133 117 Transportation 2,907 8 -1 36 Public utilities 1,230 2 42 45 turing industries reached an all-time high Trade 9,738 3 35 42 Finance 1,868 4 36 32 of 30.3 million in May, seasonally adjusted, Service 4,763 C1) 21 38 Government 6,347 8 6 55 accounting for almost two-thirds of all non- Federal 2,255 19 -21 137 State and local.... 4,092 3 31 30 farm employment. In contrast to a decline of 7 per cent in manufacturing since 1944, 1 Less than .5 of 1 per cent. NOTE.—Bureau of Labor Statistics estimates seasonally adjusted employment in nonmanufacturing indus- by Federal Reserve. Self-employed persons and domestic servants are excluded. May 1951 figures are preliminary. tries has increased by 25 per cent, as is shown in the table. During the war, available The Federal Government has added about workers were directed mainly toward the 350,000 civilian workers during this period. more important manufacturing industries. Defense agencies, including Government After the war, however, when the labor shipyards and ordnance plants (Government market eased as a result of reductions in manufacturing activities are included in Govemployment in war industries and the return ernment employment), accounted for the of servicemen, private nonmanufacturing in- bulk of the rise. These additions to Federal dustries were able to expand. The upward civilian employment together with the doutrend has continued during most of the bling of the armed forces accounted for a postwar period, leveling off only in 1949 at large proportion of the total increase in Feda time when employment in the more sensi- eral expenditures through the first quarter tive manufacturing industries was declining of 1951. Federal civilian employment at 2.3 appreciably. The maintenance of employ- million in May was more than double the ment levels in nonmanufacturing activities 1940 level but was considerably below the was an important factor in sustaining aggre- 3.0 million peak of World War II. gate income and consumer demand immedi- Increases in residential, commercial, and ately after World War II and again in 1949, industrial construction over the past year periods when manufacturing production and created strong demands for labor in the payrolls were being curtailed. building trades. Employment in this indus- Between May 1950 and May 1951 non- try in May was at about the all-time high manufacturing industries added about 1.4 (seasonally adjusted) of 2.6 million, about million workers, almost half of the total in- 335,000 above the level of a year earlier and crease in nonfarm employment. The rate about double the 1940 level. In recent of increase was fairly even over the period months, however, residential construction with the sharpest changes in contract con- activity, seasonally adjusted, has been below struction and in the Federal Government. the all-time high of last fall. Trade employ- JUNE 1951 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS ment has reflected increased consumer ex- bor supplies, reports of shortages of specific penditures and in May was 280,000 above the skills have been increasing for such key prolevel of a year ago. In transportation, com- fessional occupations as mechanical and elecmunications, public utilities, finance, and trical engineers and draftsmen and for such State and local government, seasonally ad- skilled metal worker categories as machinjusted employment was at or near all-time ists, tool and die makers, and sheet metal highs. Employment in service industries workers. An indication of increased occuhas been relatively stable since May 1950, pational shortages is the number of job openand employment in mining has recently ings that could not be filled locally by United declined somewhat as a result of reductions States Employment Service offices and had in output of bituminous coal. to be placed with employment offices outside of the area. There were 53,000 such job AREA SHORTAGES openings in April 1951, 15 per cent more than in the previous month. The shortage Local labor market areas reveal important of engineers is an especially serious one bevariations within the over-all demand-supply cause of the long training required and the relationship for labor. Differences among insufficient number now in colleges to meet areas were especially high-lighted during the anticipated needs. Clerical workers, school last war when, in a period of general labor teachers, and aircraft mechanics and assemshortage, a number of local areas reported bly workers are also in short supply in surplus labor supplies. In March of this many areas. year, 58 out of 151 major production and employment centers were classified as hav- UNEMPLOYMENT ing a tight or balanced labor supply—a ratio of unemployment to labor force of The strong demands for labor associated less than 3 per cent—whereas no major area with expanding military requirements and had a rate of 12 per cent or more, which civilian demands have cut unemployment in would denote a very substantial labor sur- half during the past year notwithstanding plus. These data indicate a substantial tight- the increase of 1.5 million in the labor force. ening in the labor market since March of last In May there were 1.6 million persons unyear when only 5 areas had unemployment employed, or 2.6 per cent of the civilian labor rates of less than 3 per cent and 17 areas had force, the lowest number or ratio for any rates of 12 per cent or more. month since 1945. Under the pressures of The tightest areas in March 1951 included World War II, unemployment was reduced such important metal working and aircraft to a low of about one-half million persons. production centers as Chicago, Wichita, Day- Additions to unemployment in recent ton, Davenport-Rock Island-Moline, Rock- months have represented mainly new workford, Hartford, New Haven, New Britain, ers, persons seeking better jobs, and workers Allentown-Bethlehem, Indianapolis, and Au- in seasonal activities. Layoffs resulting from gusta. Labor shortages are expected to reductions in output due to material shortdevelop in the near future in additional ages and some other factors have been imareas, particularly the West Coast shipbuild- portant in a few areas but have accounted ing and aircraft centers. for a relatively minor proportion of addi- Even in areas with generally adequate la- tions to unemployment. As indicated by 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS initial claims for unemployment insurance third the number in this group the year and by the turnover rate in manufacturing before. industries, layoffs for this time of the year The unemployed are not currently a major have been at about the lowest levels since source of manpower supply for the expand- 1945. Expanding civilian employment and DURATION OF UNEMPLOYMENT [May of each year] UNEMPLOYMENT Period 1951 1950 1948 MONTHLY MilllONS OF PERSONS 6 In thousands of persons Unemployed for: 1 to 6 weeks 1,006 1,377 995 7 to 14 weeks 289 639 383 15 weeks and over 316 1,040 386 Total unemployed... 1,609 3,057 1,761 Percentage distribution Unemployed for: 1 to 6 weeks 63 45 57 7 to 14 weeks 18 21 22 15 weeks and over 20 34 22 Total unemployed 100 100 100 1948 1950 Bureau of Census estimates. Latest figure shown is for Source.—Bureau of Census. Figures may not add to totals May 1951. because of rounding. the increase in the armed forces have more ing requirements of the defense program. than offset additions to unemployment and, Further substantial reductions in unemployon balance, unemployment has declined ment will be difficult to achieve in the near sharply. future since transitional factors such as The average period of unemployment and workers shifting to defense industries and the number of persons unemployed for a readjustments in civilian goods production, relatively long period have also been sub- together with seasonal increases in the labor stantially reduced. About 60 per cent of force, are likely to keep unemployment the unemployed in May had been seeking fairly close to current levels. Later this year, jobs for 6 weeks or less, as the table shows. the manpower requirements of the expand- Slightly over 300,000 persons, or 20 per cent ing defense program may result in some of the total, had been unemployed for 15 further, and more than seasonal, reductions weeks or more. This was less than one- in unemployment. JUNE 1951 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT COMMITTEES STATEMENT OF THE VOLUNTARY CREDIT RESTRAINT COMMITTEE MAY 23, 1951 The Board of Governors of the Federal Re- F. A. Ferroggiaro, Senior Vice Chairman of the serve System has appointed the following alternate Board, Bank of America National Trust and members of the Voluntary Credit Restraint Com- Savings Association, San Francisco, California mittee: C. Sterling Bunnell, Vice President of William Pflueger, Vice President, Crocker First The National City Bank of New York, New National Bank of San Francisco, San Francisco, York, New York, as alternate for George S. Moore, California also of The National City Bank; General Henry Frank A. Rees, Vice President, The Bank of Cali- C. Evans, Partner, Stein Bros. & Boyce, 6 South fornia, National Association, San Francisco, Calvert Street, Baltimore, Maryland, as alternate California for William K. Barclay, Jr., of the same firm; and E. R. Millard, Vice President, Federal Reserve Edward L. Holsten, a senior partner of Salomon Bank of San Francisco, San Francisco, California Bros. & Hutzler, 60 Wall Street, New York, New York, as alternate for Rudolf Smutny, of the same Los Angeles Regional Commercial Banking firm. Voluntary Credit Restraint Committee To facilitate the work of the Program in the Chester A. Rude, Chairman, Chairman of the Ex- Twelfth Federal Reserve District, the Voluntary ecutive Committee, Security-First National Bank Credit Restraint Committee has approved the es- of Los Angeles, Los Angeles, California tablishment of five regional commercial banking Keath L. Carver, Vice President, Bank of America committees within that District, each of which National Trust and Savings Association, Los will have equal status and will report direct to the Angeles, California National Committee. The names of these com- H. M. Craft, Vice President, The Farmers and mittees and the members thereof are shown below. Merchants National Bank of Los Angeles, Los The San Francisco committee will serve the area included in the head office zone of the Federal Angeles, California Reserve Bank of San Francisco, while the other Herbert D. Ivey, President, Citizens National Trust four committees will serve the respective branch and Savings Bank of Los Angeles, Los Angeles, territories. Under this arrangement the Twelfth California District Commercial Banking Voluntary Credit C. C. DePledge, Vice President, California Bank, Restraint Committee will cease to function as such Los Angeles, California although its members will continue as members Joseph C. Lipman, Senior Vice President, Union of certain of the newly-established committees. Bank & Trust Company of Los Angeles, Los San Francisco Regional Commercial Banking Angeles, California Voluntary Credit Restraint Committee C. H. Watkins, Assistant Manager, Los Angeles Branch, Federal Reserve Bank of San Francisco, Paul E. Hoover, Chairman, Vice President, The Los Angeles, California Anglo California National Bank of San Fran- Portland Regional Commercial Banking Voluntary cisco, San Francisco, California Credit Restraint Committee I. Warren Hellman, President, Wells Fargo Bank E. C. Sammons, Chairman, President, The United & Union Trust Company, San Francisco, Cali- States National Bank of Portland, Portland, fornia Oregon James K. Lochead, President, American Trust F. N. Belgrano, Jr., President, The First National Company, San Francisco, California Bank of Portland, Portland, Oregon 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT COMMITTEES Frederick Greenwood, Vice President and Man- Eighth District Commercial Banking Voluntary ager, The Bank of California, National Associa- Credit Restraint Committee tion, Portland, Oregon The following have been appointed alternate Charles H. Stewart, President, Portland Trust and members of the Committee: Savings Bank, Portland, Oregon John E. Brown, Vice President, Union Planters William C. Christensen, President, The Com- National Bank & Trust Company of Memphis, mercial National Bank, Hillsboro, Oregon Memphis, Tennessee John B. Rogers, President and Trust Officer, The James P. Hickok, Executive Vice President, First First National Bank of Baker, Baker, Oregon National Bank in St. Louis, St. Louis, Missouri S. A. MacEachron, Vice President, Federal Re- William E. Peterson, Vice President, Federal Reserve Bank of San Francisco, Portland, Oregon serve Bank of St. Louis, St. Louis, Missouri Salt Lake City Regional Commercial Banking Voluntary Credit Restraint Committee Eastern Insurance Voluntary Credit Restraint Committee Orval W. Adams, Chairman, Executive Vice President, Utah First National Bank of Salt Lake The following have been appointed alternate City, Salt Lake City, Utah members of the Committee: John M. Wallace, President, Walker Bank and Herbert Adam, Vice President, The Penn Mutual Trust Company, Salt Lake City, Utah Life Insurance Company, Philadelphia, Penn- George S. Eccles, President, First Security Bank of sylvania Utah, National Association, Ogden, Utah Irving G. Bjork, Vice President, Connecticut Gen- K. J. Sullivan, President, The Continental National eral Life Insurance Company, Hartford, Con- Bank and Trust Company of Salt Lake City, necticut Salt Lake City, Utah H. C. Hagerty, Financial Vice President, Metro- John A. Schoonover, President, The Idaho First politan Life Insurance Company, New York, National Bank, Boise, Idaho New York F. P. Champ, Chairman of the Board and Presi- Charles F. Nettleship, Jr., Second Vice President, dent, Cache Valley Banking Co., Logan, Utah Columbian National Life Insurance Company, W. L. Partner, Vice President, Federal Reserve Boston, Massachusetts Bank of San Francisco, Salt Lake City, Utah Frank P. Samford, Jr., Assistant Vice President, Seattle Regional Commercial Banking Voluntary Liberty National Life Insurance Company, Bir- Credit Restraint Committee mingham, Alabama Thomas F. Gleed, Chairman, President, Seattle- H. V. Schenck, Vice President, Life Insurance First National Bank, Seattle, Washington Company of Virginia, Richmond, Virginia Maxwell Carlson, President, National Bank of Arthur Phelan, Vice President, Federal Reserve Commerce of Seattle, Seattle, Washington Bank of New York, New York, New York P. A. Strack, Chairman of the Executive Commit- Western Insurance Voluntary Credit Restraint tee, Peoples National Bank of Washington in Committee Seattle, Seattle, Washington C. T. Chandler, Vice President, National Bank of (In order more properly to identify the terri- Washington, Tacoma, Washington tory served by this Committee, the National Com- Albert E. Reid, President, The Old National Bank mittee has approved the above name for the Comof Spokane, Spokane, Washington mittee. It formerly was known as the West Coast W. M. Jenkins, President, The First National Bank Insurance Voluntary Credit Restraint Committee.) of Everett, Everett, Washington D. M. Morgan, President, Northern Life In- J. M. Leisner, Vice President, Federal Reserve surance Company, Seattle, Washington, has been Bank of San Francisco, Seattle, Washington appointed a member of the Committee, while the following have been appointed alternate members: The following appointments and designations afTecting the membership of regional committees T. S. Burnett, Vice President, Pacific Mutual Life also are announced: Insurance Company, Los Angeles, California JUNE 1951 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT COMMITTEES George Armstrong, Treasurer, West Coast Life J. E. Womeldorff, Womeldorff and Lindsey, Ex- Insurance Company, San Francisco, California change Building, Little Rock, Arkansas W. P. Stalnaker, Vice President and Treasurer, The following have been appointed alternate Standard Insurance Company, Portland, Oregon members of the Committee: Horace W. Brower, President, Occidental Life In- Charles C. Pierce, Rauscher, Pierce & Co., Mersurance Company of California, Los Angeles, cantile Bank Building, Dallas, Texas California A. E. Robertson, Dewar, Robertson & Pancoast, Eugene P. Watkins, Vice President and Secretary, National Bank of Commerce Building, San Beneficial Life Insurance Company, Salt Lake Antonio, Texas City, Utah Thomas Beckett, Jr., First Southwest Company, Miles S. Johns, Vice President, Northern Life In- Mercantile Bank Building, Dallas, Texas surance Company, Seattle, Washington J. L. Mosle, Rotan, Mosle and Moreland, 806 Rusk R. E. Everson, Assistant Vice President, Federal Avenue, Houston, Texas Reserve Bank of San Francisco, San Francisco, John P. Labouisse, Howard, Weil, Labouisse, California Friedrichs and Company, 1427 Hibernia Build- Eastern Investment Banking Voluntary Credit ing, New Orleans, Louisiana Restraint Committee Robert C. Lindsey, Womeldorff and Lindsey, Exchange Building, Little Rock, Arkansas W. H. Morton, of W. H. Morton & Co., Inc., E. B. Austin, Vice President, Federal Reserve Bank 15 Broad Street, New York, New York, has been of Dallas, Dallas, Texas appointed a member of the Committee. Western Investment Banking Voluntary Credit Southwestern Investment Banking Voluntary Credit Restraint Committee Restraint Committee Alan K. Browne, Assistant Vice President, Bond The following have been appointed members Investment Department, Bank of America National of the Committee: Trust and Savings Association, San Francisco, Cali- G. Shelby Friedrichs, Howard, Weil, Labouisse, fornia, has been appointed a member of the Com- Friedrichs and Company, 1427 Hibernia Build- mittee and has been designated Vice Chairman. ing, New Orleans, Louisiana John Inglis, Vice President, Blyth & Co., Inc., John H. Edwards, R. J. Edwards, Inc., 611 Ter- Russ Building, San Francisco, California, has been minal Building, Oklahoma City, Oklahoma appointed a member of the Committee. 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES PART I. The Economic Outlook and Liquid Asset Position of Consumers 1 On balance, consumers appear to have improved marily because prices were too high. This view their financial positions in 1950. Annual personal was widely expressed even though very few people income rose considerably more than prices from expected prices to decline in the near future. These average 1949 levels. The number of persons own- last factors were reflected in the reduced number ing liquid assets increased by 3 million, the num- and greater uncertainty of consumer plans to purber that spent more than their incomes (dissaved) chase durable goods and housing. declined for the first time in the postwar period, It is possible that incomes may rise more than and purchases of new houses, automobiles, and was anticipated by consumers early this year, and other major durable goods set new records. prices less. Also, people may become accustomed Price rises in the latter part of 1950 and in early to the new high level of prices. If such is the case, 1951, however, tended to offset previous income- consumer buying in the latter part of 1951 may gains so that there was little change in the income- exceed the volume indicated by consumers earlier price relationship between early 1950 and early 1951. in the year. Although this was true on the average, many per- It is significant, nevertheless, that the majority of sons were adversely affected by rising prices. consumers are not disposed to reduce savings in Consumers were not very optimistic concerning order to acquire goods in anticipation of price their income prospects in relation to expected price advances. Moreover, they continue to prefer savings rises. Many people felt that times were not favor- bonds and bank deposits to real estate and common able for the purchase of major durable goods, pri- stock as outlets for current savings. Even though the small number preferring real estate or common 1This is the first in a series of articles presenting the stock has increased somewhat over the past two results of the Board of Governors' Survey of Consumer Finances in 1951. Other articles will appear in succeeding years, the chief reason given for this preference was issues of the BULLETIN. the higher return these assets were believed to yield. From the Board of Governors, general supervision of These attitudes make the task of controlling inflathe survey has been under the direction of Ralph A. Young, Director of the Division of Research and Statistics, and of tionary pressures less difficult than it would other- Homer Jones, Chief of the Consumer Credit and Finances wise be. Section of the Division. The Division of Research and Statistics has responsibility for planning the over-all con- This article, the first in a BULLETIN series, pretent of the survey, analyzing survey results, and preparing sents the findings of the sixth annual Survey of the special articles reporting survey findings that appear Consumer Finances sponsored by the Board of in the BULLETIN. From the University of Michigan, Rensis Likert, Director Governors of the Federal Reserve System and conof the Institute for Social Research, and Angus Campbell, ducted for the Board by the Survey Research Cen- Director of the Survey Research Center, were in general charge of the survey. The Survey Research Center is a ter of the University of Michigan. The article is division of the Institute for Social Research of the University devoted to the general financial position of conof Michigan. Responsibility for detailed planning and sumers, to changes in consumer attitudes on ecosupervision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey nomic matters during the past year, and to owner- Research Center studies was carried by George Katona in ship and use of liquid assets. Subsequent issues of collaboration with John B. Lansing of the Survey Research Center staff. Charles F. Cannell served as head of the field the BULLETIN will contain articles analyzing constaff and Leslie Kish as acting head of the sampling section sumer expenditures during 1950 and buying plans of the Center. in 1951 for major durable goods and houses, The present article was prepared by Irving Schweiger of the Consumer Credit and Finances Section of the changes in the distribution of income since the Board's Division of Research and Statistics. The author 1950 survey, consumer saving patterns during 1950, has necessarily maintained a close working relationship and changes in holdings of nonliquid assets.2 A with the staff of the Survey Research Center at all stages of his work, and his analvsis of the survey tabulations has had the benefit of many suggestions from the Center's staff, 2 Previous surveys were conducted for the Board of particularly E. Scott Maynes, Marion Walsh, and Harold Governors early in 1950, 1949, 1948, and 1947 by the Guthrie. Survey Research Center and the results of those surveys JUNE 1951 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES preliminary report on particularly timely informa- was an increase in the proportion of consumer tion was published in the April 1951 BULLETIN. spending units owning liquid assets (United States Government bonds, savings and checking accounts, SUMMARY OF PRINCIPAL SURVEY RESULTS and savings and loan shares). The rise was not large (from 69 to 72 per cent) but it reversed a series Financial position of consumers in early 1951. of declines that had begun in 1947 when 76 per 1. The rapid increase in aggregate personal cent of spending units held some liquid assets. money income during 1950 was reflected in the 5. The frequency of dissaving (spending more survey finding that the number of consumer units than income) was slightly less in 1950 than in 1949, that reported higher earnings early in 1951 set approximately 32 per cent compared with 34 per a record for any year in the postwar period. Nearly cent. This reversed the heretofore unbroken posthalf of the sample, representing about 25 milwar rise in the number of dissavers. The reduclion of the approximately 53 million consumer tion in dissaving in 1950 was wholly concentrated spending units in the population, reported having within the half of the population with incomes a higher rate of earnings in early 1951 than a year less than $3,000. Consumers with incomes of $3,000 earlier. Lower rates of earnings were reported by or more dissaved more frequently in 1950 than about one-fifth of the cases, representing close to in 1949. These developments partly reflected the 10 million spending units. virtual elimination of unemployment and the im- 2. Widespread increases in consumer incomes proved position of farmers in 1950. Dissaving were apparent in the substantial rise in the median among farmers, a group with relatively low (middlemost) income. This rose to $3,000 in money incomes, fell from about 42 per cent in 1949 1950 from about $2,700 in 1949, an increase of to 32 per cent in 1950. The increased dissaving of more than 10 per cent. This compares with an inhigher income units may have been partly due to crease in the annual average of consumer prices accelerated purchases of durable goods stimulated of about 2 per cent from 1949 to 1950, as measured by the fear of shortages and price rises following the by the Department of Labor. Thus, for the year Korean outbreak. Also, persons in this group paid as a whole, consumer incomes rose more than prices. substantially higher income taxes in 1950. However, sharp price rises late in 1950 and early this year offset previous income gains. In January Consumer expectations and attitudes. 1951, both average personal income and consumer prices were approximately 9 per cent higher than 6. In early 1951, higher incomes in the coming a year before, according to data issued by the De- year were expected by 4 in every 10 consumers partments of Commerce and Labor. while lower incomes were expected by only 1 in 10. 7. Consumers were more generally agreed on 3. The proportion of spending units that felt the trend of prices in the coming year than at the they were worse off than a year earlier was sometime of any previous postwar survey. Approxiwhat larger in early 1951 than in early 1950 and mately 7 of every 10 spending units thought that was almost as large as at the low point of the minor prices would rise. Very few believed that prices recession of 1949. Such reports were more frequent would fall. Despite the belief that prices would not among all spending units except those with infall, about one-half of all consumers said that this comes of less than $2,000. Rising prices were the was a bad time to buy durable goods, principally chief reason given for this attitude. because prices were too high. About one-third 4. For the first time in the postwar period, there of all consumers thought that this was a good time were reported beginning with the June issue of the to buy, before prices went higher or shortages BULLETIN for those years. In 1950 as in 1951, a preliminary developed. report on certain key points was published in the April 8. The recent rise in prices has not affected BULLETIN. The first survey was made for the Board of Governors early in 1946 by the Division of Program greatly people's preferences for various types of Surveys, Bureau of Agricultural Economics, United States assets. United States savings bonds continued to Department of Agriculture. The Survey Research Center be by far the most popular consumer choice for staff currently in charge of the survey work was associated with the Division of Program Surveys at the time investment of current saving but led by a someof the first survey. Results of that survey were reported what smaller margin than in the past. In early in the June, July, and August 1946 issues of the BULLETIN 1951, real estate and common stocks together were under the general title "National Survey of Liquid Assets." 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES the first investment choice of 2 in every 10 spending sumers with incomes of between $2,000 and $3,999. units with incomes of $3,000 or more. As in previous years, veterans bought houses with 9. Somewhat over half of the consumers who almost twice the relative frequency of nonveterans. had plans for funds received from savings bonds 14. The number of people considering the purmaturing in 1951 and 1952 intended to reinvest chase of a house was about as large in early 1951 directly in savings bonds and another fifth intended as a year earlier. Two major differences were to acquire some similarly noninflationary invest- evident, however. This year fewer consumers were ment. definite about their plans, especially with regard to 10. Viewed as a whole, survey data indicate new house purchases. The proportion of all prosthree significant consumer reactions to the sharp pective purchasers intending to buy existing houses rise in prices during 1950 and anticipated further was larger than last year. Despite a reduction rises in 1951. First, the price factor was reported from the record year of 1950, close to 1 million by many consumers as a serious deterrent to spending units had fairly definite plans to purchase purchasing large durable goods. Secondly, a major- new houses during 1951. Regulation of real estate ity of consumers felt that their financial situation credit was indicated as being of some importance had worsened or remained unchanged. This re- in changing buying plans. Uncertainty as to action is important because it reflects the adverse availability of materials, quality of construction, and uneven incidence of inflation and also because prices, and credit also probably influenced buying of its effect upon consumer demand. Thirdly, plans to a greater extent this year than last. The rapid advances in prices evidently contributed to proportion of veterans with definite plans to buy a some shift in consumer investment preferences to- house during the year was smaller than in 1950, ward real estate and common stock. These were while there was no change for nonveterans. Howbelieved to yield a higher return which would tend ever, the proportion of veterans that planned to buy to maintain real income. a house was still about twice that of nonveterans. 15. Consumer plans to purchase automobiles Consumer purchases and buying plans for durable during the coming year were substantially fewer goods and houses. at the beginning of 1951 than a year earlier. The 11. Purchases of automobiles and other durable decline in plans to purchase used cars was not goods broke all previous records in 1950, as did large but there was a decided drop in the number the number of buyers of these goods. Survey data planning to buy new cars., This decline may have indicate that about 13 million spending units been partly due to a widespread belief that this purchased automobiles (new and used) in 1950 is not a good time to buy major consumer goods and that approximately 22 million bought other because of high prices and other reasons. Personal selected durable goods, such as furniture, refriger- financial reasons also appear to have been of ators, radio and television sets, washing machines, importance. Other factors which may have conand other large household appliances. Consumers tributed to this contraction of buying plans were at all income levels bought cars with greater fre- the expectation of production cutbacks because of quency in 1950 than in 1949. The increase in defense requirements and other special programs, purchases of other durable goods was accounted the record volume of earlier postwar purchases and for primarily by a greater volume of buying by anticipatory buying during the summer and fall consumers in the upper half of the income distri- of 1950 and early winter months of 1951, regulation bution ($3,000 or more). of consumer instalment credit, and a real shift 12. The expanded volume of purchases of auto- in consumer preferences in allocating disposable mobiles and other major durable goods was accom- incomes. panied by little or no change for the year as a whole 16. There appeared to be little or no decline from in the proportion of consumers that bought on time. early 1950 in the number of consumers planning 13. Survey data are consistent with other indica- to buy at least one selected durable good other tions that the number of both new and existing than an automobile, although there was less cerhouses purchased for owner-occupancy was some- tainty of these purchases than a year ago. Only what larger in 1950 than in 1949. The increase was in the case of radios was there apparent a slight largely due to stepped up rates of buying by con- increase in demand compared with a year ago,. JUNE 1951 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES Demand for television sets appeared to be down it should be noted that the data pertaining to plans slightly. These expressions of buying intentions for the future should be used with greater caution indicated that consumer demand for selected dura- this year than in previous years because of the inble goods had returned to approximately the level creased uncertainty in consumers' minds resulting prevailing prior to the outbreak of fighting in from certain major factors that affect buying plans, Korea. In the absence of incidents setting off such as probable availability of supply and the like. new waves of scare buying or of price or income Survey findings represent only one body of data developments not anticipated by consumers, the indicative of current tendencies in the economy survey indications are that demand for major con- and should always be viewed along with the wealth sumer goods will be substantially smaller in 1951 of other statistics reported currently through varithan the annual rate of purchases in the second ous governmental and private organizations. half of 1950. For a discussion of the sampling limitations of the survey, see the technical note at the end of GENERAL COMMENT ON SURVEY METHODS this article. The general methods employed in this sixth FINANCIAL POSITION OF CONSUMERS Survey of Consumer Finances were similar in every major respect to those applied in the five previous At the beginning of 1951, somewhat more consurveys. The field work was carried out largely sumers reported that they were financially worse in the first two months of the year. Accordingly, off compared with a year earlier than said they the survey findings must be interpreted with special were better off. The difference was not large, howreference to that period. Approximately 3,400 ever (see Table 1). The increase in reports of less interviews were taken in 66 sampling areas distributed throughout the country. TABLE 1 As in previous surveys, the interview unit was CHANGE IN FINANCIAL SITUATION OF CONSUMERS the consumer spending unit, defined as all persons living in the same dwelling and related by blood, Percentage distribution of all spending units marriage, or adoption, who pooled their incomes Change from for their major items of expense.3 Sampling year earlier E 1 a 9 r 5 l 1 v E 1 a 9 r 5 l 0 y 1 Ju 94 ly 9 E 1 a 9 r 4 l 9 y 1 Ju 94 ly 8 E 1 a 9 r 4 l 8 y E 1 a 9 r 4 l 7 y methods also permit tabulation of many survey results on a family basis, and some of the results Opinion of own financial situation: * will be presented on this basis.4 Better off 32 32 24 33 25 29 31 Same 29 32 36 35 30 28 30 In sponsoring the Survey of Consumer Finances, Worse off 37 34 39 30 42 39 34 Uncertain 1 1 (2) 1 1 2 2 the Board of Governors continues to emphasize the Not ascertained.. 1 1 1 1 2 2 3 experimental nature of this relatively new approach All cases 100 100 100 100 100 100 100 in obtaining current information on consumer fi- Current income: • nancial patterns. The methodology and techniques More than a year ago 47 30 24 42 41 43 (4) used are believed to be among the most adequate About the same.. 33 41 39 35 34 33 (*) Less than a year known at the present time. Considerable further ago 18 27 36 21 22 21 (*) Not ascertained.. 2 2 1 2 3 3 <*) experience, however, derived from surveys repeated All cases 100 100 100 100 100 100 100 \inder varying economic conditions, together with further careful statistical and analytical testing of 1 The question was: "Would you say that you people are better off or worse off financially than you were a year ago?" results, will be needed before this type of research 2 No cases reported or less than one-half of 1 per cent. can become of maximum usefulness. In this regard 8 Data refer to nonfarm spending units only, except for early 1951 and July 1949 when all units are included. The question was: "Are you making as much money now as you were a year ago, more or less?" sIf people contributed more than one-half of their income * Data not available. to the family, it was considered that they pooled their income. In addition, the wife of the head of the family, or a family favorable financial position compared with a year member under 18 years of age or earning less than $10 a week, was always considered a member of the main earlier was wholly due to the greater frequency of spending unit. reports of this nature by consumer spending units * Families are defined as all persons living in the same with incomes of $2,000 or more (see Table 2; and dwelling unit who are related by blood, marriage, or adoption. see Table 19 at the end of this article for occupa- 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 2 CHANGE IN FINANCIAL SITUATION WITHIN INCOME GROUPS [Percentage distribution of spending units] Money income before taxes2 All spending Opinion of change units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 from year earlier l $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Better off 32 32 17 16 31 26 32 30 31 34 38 42 38 45 49 47 Same 29 32 31 29 30 31 28 33 29 35 29 29 29 34 22 35 Worse off 37 34 50 52 38 40 38 35 38 29 30 28 30 19 28 17 Uncertain 1 1 1 1 2 1 1 1 1 Not ascertained 1 1 1 2 1 1 2 1 2 1 2 1 2 2 1 1 All cases - .,.. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases . 3,415 3,512 418 479 514 604 567 672 601 615 441 397 538 437 294 269 1 Change reported in interviews during January, February, and early March of year indicated, a Money income of spending units in year prior to year indicated. 3 No cases reported or less than one-half of 1 per cent. tional groups). These consumers appeared to be after taxes indicated by Department of Commerce especially sensitive to the effects of price rises upon data for this period. On the average, therefore, their financial positions. This reaction is important prices and incomes rose at about the same rate, for its effect upon consumer demand. Consumers who feel financially worse off plan to buy major TABLE 3 durable goods with considerably less frequency RELATION BETWEEN CHANGE IN INCOME AND CHANGE IN or are less certain of their plans than are other FINANCIAL SITUATION X consumers. [Percentage distribution of spending units having specified change in income] Rising prices during 1950 were the reason given most frequently for this personal evaluation, having Early 1951 Early 1950 been mentioned by nearly every consumer who felt Opinion of change t p h e a rs t o h na e l w de a b s t s w w or e s r e e o o f t f h . e r H re i l g e h v e a r n t ta f x ac e t s o r a s n r d e p l o a r r t g e e d r f i r n o m ow y n e s a i r t u e a a t r i l o ie n r M m n i o n o a w g r k e - A s b t a h o m e u e t M n l i e n o a s g w k s - M m n i o n o a w g r k e - A s b t a h o m e u e t M n l i a e n o k s g w s more frequently in this connection this year than previously. Better off 53 15 10 70 22 10 Same 25 42 17 18 56 15 The feeling on the part of a majority of con- Worse off 21 41 71 10 21 74 Uncertain (2) (2) 1 1 1 1 sumers that their net financial positions had not Not ascertained 1 1 1 (2) (2) improved, and might even have worsened, occurred All cases 100 100 100 100 100 100 despite a substantial improvement in money in- Number of cases.... 1,607 1,138 602 973 1,269 789 comes. Nearly half of all consumer spending units 1 Comparison of change from a year earlier in a spending unit's reported earning more money in early 1951 than current level of income and in its opinion of its own financial a year earlier and only about one-fifth reported situation. Excludes spending units that did not indicate whether their rate of income was higher or lower than a year earlier, and earning less money. The extent to which rising in 1950 also excludes all farmers. For questions asked, see Table 1. 2 No cases reported or less than one-half of 1 per cent. prices (as well as other factors) offset higher money incomes is reflected in the finding that only about although the price increases affected everybody half of all spending units with higher money in- while only half of all consumers received increases comes than in the previous year reported feeling in income. financially better off. The corresponding propor- While there was no improvement in early 1951 tion in early 1950 was 70 per cent (see Table 3). compared with a year earlier in the average in- Consumer prices, as measured by the Department come-price relationship, there was an improvement of Labor, rose 9 per cent in the year ending Janu- when the whole year of 1950 was compared with ary 1951. This approximately offset the 9 per cent 1949. Personal income was more than 10 per cent rise in the annual rate of aggregate personal income higher in 1950 than the previous year, as is indicated 631 JUNE 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES by the rise in median annual money income of year so far as changes in incomes and prices were spending units from $2,700 in 1949 to $3,000 in concerned. This attitude, together with consumer 1950 (see Table 4). The annual average of con- attitudes toward changes in financial situation during 1950, seems to warrant the inference that con- TABLE 4 sumers generally viewed further inflationary trends INCOME GROUPING OF SPENDING UNITS * with considerable concern. It is significant, how- [Percentage distribution] ever, that they were not reacting in a manner that would increase inflationary pressures appreciably, Money income before taxes 1950 1949 1948 as is indicated by their attitudes toward purchases Under $1,000 13 14 12 14 17 and their investment preferences. $l,000-$l,999 17 19 18 22 23 $2,000-$2,999 19 21 23 23 25 Incomes. Expectations of higher incomes in the $3,000-$3,999 19 19 20 17 17 $4,000-$4,999 12 11 12 10 8 coming year were somewhat more frequent early $5,000-$7,499 14 11 10 9 6 $7,500 and over 6 5 5 5 4 this year than at the beginning of 1950 (approximately 4 in 10 as compared with 3 in 10) and All cases 100 100 100 100 100 almost as frequent as the number of actual income Median income $3,000 $2 ,700 $2 ,840 $2 ,530 $2 ,300 increases obtained by consumers during 1950. 1 Income data for each year are based on interviews during Nearly 4 in 10 consumers expected no change in January, February, and early March of the following year. income during 1951, more than 1 in 10 expected a sumer prices, on the other hand, rose about 2 per lower income, and another 1 in 10 expressed cent from 1949 to 1950. This gain in purchasing uncertainty about the future. (See Table 5 and power contributed to the decreased dissaving, in- Table 20 at the end of this article for additional creased number of liquid asset holders, and ex- details.) panded volume of durable goods purchases in 1950. Prices. There was greater unanimity of opinion Sharp rises in prices late in 1950 and early this year concerning the trend of general consumer prices offset earlier income gains, as has been noted in the coming year in early 1951 than was found previously. in any previous survey in the postwar period. Approximately 7 units in every 10 thought prices FINANCIAL EXPECTATIONS OF CONSUMERS would go up during the year. Almost nobody Early in 1951 consumers expected that the com- expected prices to go down during the year. ing year would be generally similar to the past Imposition of price controls at the end of January TABLE 5 EXPECTED CHANGE IN CONSUMER PRICES AND INCOMES [Percentage distribution of spending units] Expected change E 1 a 9 r 5 l 1 y E 1 a 9 r 5 l 0 y J 1 u 94 ly 9 E 1 a 9 r 4 l 9 y J 1 u 94 ly 8 E 1 a 9 r 4 l 8 y J 1 u 94 ly 7 E 1 a 9 r 4 l 7 y In prices: l Increase 67 12 7 8 42 33 32 13 None 16 36 34 20 25 24 29 22 Decrease 2 36 48 55 15 28 29 46 Uncertain * 14 15 10 15 16 12 9 17 Not ascertained 1 1 1 2 2 3 1 2 All cases 100 100 100 100 100 100 100 100 In income:3 Increase 39 30 23 27 26 28 23 23 None 35 43 41 46 42 47 49 42 Decrease . . 13 16 18 17 8 13 8 14 Uncertain 12 9 17 9 22 9 18 19 Not ascertained 1 2 1 1 2 3 2 2 All cases . 100 100 100 100 100 100 100 100 1 In the July surveys the question was: "What do you think will happen to the prices of things you buy between now and the end of the year?"; for the surveys early in the year the question was: "What do you think will happen to the prices of the things you buy during the year—do you think they will go up, or down, or stay about where they are now?" 2 This group includes those giving conditional answers as well as those undecided as to future prices. Of spending units giving conditional answers in early 1951, 9 per cent thought that prices would stay the same or rise, while 1 per cent thought prices would stay the same or fall. 3 Data for 1947 are based on comparisons of expected incomes a year hence with current rate of income and so are not strictly comparable with data for other years, which compare expected annual incomes with past annual income. 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES 1951 had little immediate effect on consumer price reason for thinking it was a bad time to buy was the expectations; opinions expressed in interviews taken already "too high" and rising price level. More before and after the date that controls went into than twice as many consumers stated that condieffect showed no difference on this point. The tions were not favorable for purchasing major pattern of consumer price expectations was almost consumer items because of the high level of prices identical among consumers in the various income as said that it was a good time to buy before prices and liquid asset groups and was the same among went any higher. The number of consumers who consumers irrespective of whether they thought believed that purchases should be deferred or canthat war in the next few years was likely or celled because of prices was somewhat larger than unlikely. the combined group of persons who believed that Belief that prices would rise during 1951 was this was a good time to make large purchases almost as widespread for large household items either because of expected future shortages or (furniture, refrigerators, etc.) and automobiles as potential price increases. for consumer goods in general (including food, While the information obtained on whether or clothing, etc.). Very few consumers believed that not it was a good time to buy was ambiguous to any of these prices would fall in the coming year some extent, it is interesting that consumer answers (see Table 6). appeared to stress the attitude that prices were too high in relation to what consumers considered a proper price level. The emphasis was not on being TABLE 6 priced out of the market by lack of ability to pay, PRICE CHANGES EXPECTED DURING 1951 but rather on consumer dissatisfaction with current BY TYPE OF CONSUMER GOOD 1 price levels. There did not appear to be much [Percentage distribution of all spending units] connection between the belief that prices were too Expected price change C g g o o e n o n s d e u s r m a i l n er Au b t i o le m s o- S d g e u o l r o e a d c b t s e l 2 e d t h h ig e h co a m nd in g th e y e b a e r l . ie f I t t h a i t s p p r l i a c u e s s i b w le o u t l o d e f x al p l e c d t ur t i h n a g t consumers may become mentally adjusted to the Increase 67 55 64 present level of prices if it continues for some time. Increase or no change 3 9 8 7 No change4 16 22 17 Decrease or no change 6.... 1 1 (6) Decrease 3 2 2 ATTITUDES TOWARD VARIOUS FORMS OF INVESTMENT Uncertain 3 9 7 Not ascertained 1 3 3 The current survey undertook to explore the All cases 100 100 100 area of consumer investment preferences. Consumers with incomes of $3,000 or more were asked 1 Based on information obtained in interviews during January, February, and early March 1951. to choose the wisest placement for current saving * Includes furniture, refrigerators, stoves, radios, television sets, and similar items. from among savings bonds, bank deposits, com- • 4 I I n n c c l l u u d de e s s " " s s o o m m e e p p r r i i c c e e s s w w i i l l l l s ri t s a e y , t o h t e h e s r a s m w e i , l l o t f h a e ll r . s " will rise." mon stock, and real estate. It should be noted that 6 Includes "some prices will fall, others will stay the same." this refers to preferences, not plans for action, 8 No cases reported or less than one-half of 1 per cent. although the two are certainly related. The fact that a substantially greater proportion Assets of fixed dollar value—United States savof consumers thought prices would go up than ings bonds and bank deposits—continued to be the thought their personal incomes would increase type of holding most frequently preferred by this helps to explain the lesser frequency and greater group. Approximately 7 of every 10 rated one or uncertainty of consumer plans to purchase major a combination of these two assets as their preferred durable goods in 1951. outlet for current saving. This was a somewhat Good or bad time to purchase durable goods. smaller proportion than in early 1949, when 8 of Taking all factors into account, approximately one every 10 spending units in this group expressed such and one-half times as many consumers thought a preference. The decline was sharpest among conthat this was a bad time to make major purchases sumers with incomes of $7,500 or more, as can be as thought it was a good time. This attitude is con- seen in Table 7. The lessened popularity of fixed sistent with the finding that plans for major pur- value assets reflected a substantial reduction in chases were fewer and more uncertain early in 1951 the proportion of consumers preferring to place than early in 1950. By far the most important current saving in bank deposits, a trend that was JUNE 1951 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 7 PREFERRED INVESTMENTS WITHIN INCOME GROUPS * [Percentage distribution of spending units] Money income Def ore taxes 2 Preferred investment $3,000 and over $3,000-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over 1951 3 1949 1951 3 1949 1951 3 1949 1951 3 1949 1951s 1949 Assets of unchanging money value. . 69 79 80 86 70 80 65 74 46 64 Bank deposits 13 18 16 20 14 17 9 17 6 16 Savings bonds 49 54 54 59 48 56 51 49 37 43 Deposits or bonds 7 7 10 7 8 7 5 8 3 5 Assets of fluctuating money value... 23 11 14 8 23 12 26 14 45 22 Common stock 6 2 2 1 6 3 6 3 16 7 Real estate 16 9 12 7 17 9 19 10 23 14 Common stock or real estate 1 1 1 6 1 Combinations of preceding categories 4 3 2 1 4 5 7 7 7 Other assets 1 2 2 3 2 3 1 3 Preference not ascertained 3 f ** 3 2 4 1 2 2 1 4 All cases 100 100 100 100 100 100 100 100 100 100 Number of cases 5 1,000 1,751 5 300 671 s 220 414 5 270 407 5 150 259 1 The question asked of spending units with incomes of $3,000 or more was: "Now I have one last question about how people save. Suppose a man has some money over and above what he needs for his expenses. What do you think would be the wisest thing for him to do with it nowadays: put it in the bank, buy Government savings bonds with it, invest it in real estate, or buy common stock?" 2 Income groups relate to income in year prior to year specified. 3 Since in 1951 this information was requested on all farm schedules, and only one-half of the nonfarm schedules, the farmers were entered at one-half their normal weight. 4 No cases reported or less than one-half of 1 per cent. 6 Approximations. especially evident at the $5,000 or more income rate of return on these investments. Only a milevel. Savings bonds continued as the most popular nority were impressed with a need to hedge against form of investment, being preferred by approxi- inflation. This combination of attitudes—of seekmately half of all consumers having $3,000 or more ing a high income return and of not attempting to income. hedge against inflation—appears to impose a limit On the other hand, real estate and common on the amount that might be made available by stock, assets of fluctuating value, doubled in popu- individual savers in the near future for investment larity between early 1949 and early 1951. Together, in nonliquid assets. they were the first choice of 2 in every 10 consumers The psychological barriers to investing in real with incomes of $3,000 or more compared with estate and common stock have dwindled consider- 1 in 10 in early 1949. The increase in preference ably in only a two-year period. In 1949, as many as for these forms of investment was marked at all 3 in 10 consumers queried said that investment income levels. in real estate was unwise because prices were too As in previous years, the proportion of con- high and losses could be expected. In 1951, with sumers that preferred to invest in real estate or prices considerably higher, this proportion was cut common stock was considerably greater at the high- in half. Unfamiliarity with these types of assets est income level ($7,500 or more) than at lower continued to be a major reason for not investing levels. By early 1951, preferences had so shifted in them (see Table 8 for additional details). that approximately as many consumers in the highest income group favored fluctuating value invest- LIQUID ASSETS ments as favored those of fixed value. In early In a semi-mobilized economy, consumer invest- 1949, the ratio had been 1 to 3. ment in liquid assets can be either a help or a It is significant that, although the proportion hindrance to economic stability. If the liquid favoring real estate or common stock has doubled assets are firmly held, funds are removed from since 1949 from 1 in 10 to 2 in 10, the reason given consumer markets when goods are in short supply. for this choice in the majority of cases was the high If the assets are not held but are used to bid up 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 8 REASONS FOR ATTITUDES TOWARD VARIOUS INVESTMENTS, EARLY 1951 AND EARLY 1949 1 [Percentage distribution of spending units within specified income groups] 2 1950 money income 1950 money income 1948 money before taxes 1948 money before taxes Type of outlet income before Type of outlet income before and reason for attitude tax a e n s d — o $ v 3 e ,0 r 00 $ o a 3 v n ,0 e d 0 r 0 $ $ 3 4 , , 0 9 0 99 0- $ o a 5 v n ,0 e d 0 r 0 and reason for attitude tax a e n s d — o $ v 3 e ,0 r 00 $ o a 3 v n ,0 e d 0 r 0 $ $ 3 4 , , 0 99 0 9 0- $ o a 5 v n ,0 e d 0 r 0 Savings bonds Common stock Reason for holding: Reason for holding: Safety 48 46 48 44 High yield High yield , 34 18 21 14 Hedge against infla- Liquidity, convenience. 3 4 3 4 tion, capital gain.... Lack of liquidity 2 3 3 3 Other Patriotism 5 13 13 13 No reason given but Saving by payroll de- approves duction 2 2 2 Other 3 3 3 Attitude conditioned by No reason given but individual stock, by approves 15 15 15 resources available. Reason against holding: Reason against holding: Low yield 15 Lack of safety 28 28 25 31 Lack of liquidity 1 Unfamiliarity with Danger of inflation.... 6 stock 34 40 45 33 Disapproval of use of Requirement of large funds by Government 2 resources Other 3 Other No reason given but No reason given but disapproves 1 disapproves Attitude not ascertained. (4)24 3 Attitude not ascertained. *31 Number of cases \, 743 984 530 454 Number of cases ,750 984 529 455 Real estate Check- Saving ings Reason for holding: ac- ac- Safety 7 counts6 counts5 High yield 14 Bank deposits Hedge against inflation, capital gains 8 Reason for holding: Tangible investment.. . 6 Safety 17 Other 6 High yield () 3 No reason given but Liquidity, convenience. 16 13 approves Other 1 No reason given but Attitude conditioned by approves 17 type of real estate, by resources available. . . . Attitude conditioned by amount of savings... Reason against holding: Lack of safety 17 18 Reason against holding: Low yield 2 3 Lack of safety 4 6 5 Unfamiliarity with real Low yield 30 36 43 estate 13 Excessive liquidity and Requirement of large convenience resources 7 4 Other High prices, capital loss 30 15 No reason given but Other 1 7 No reason given but disapproves 4 4 67 4 34 disapproves Attitude not ascertained. 431 7 •771 '1,717 982 528 Attitude not ascertained. Number of cases «l,75O 985 531 Number of cases « Estimated. 1 In the 1951 survey, the following questions were asked of all farm spending units having incomes of $3,000 or more and of approximately one-half of other types of spending units haying incomes of $3,000 or more: "Suppose a man has some money over and above what he needs for his expenses. What do you think would be the wisest thing for him to do with it nowadays: put it in the bank, buy Government savings bonds with it, invest it in real estate or buy common stock?" "Why do you make that choice?" "You didn't discuss common stock or bank deposits, what do you think of them?" In the 1949 survey, the alternatives posed were "put it in a savings account or in a checking account, buy Government savings bonds with it, invest in real estate or buy common stock with it?" Other questions were the same as in 1951. 2 Since some spending units gave more than one reason for approving or disapproving various investments, the sum of entries relating to various attitudes will exceed 100 per cent. 8 Included among other reasons in 1949. 4 In 1949, approvals or disapprovals without supporting reasons were grouped under "Attitude not ascertained." •| In the 1949 interviews, respondents' attitudes toward checking and savings accounts were evaluated separately. 6 fcNo cases reported or less than one-half of 1 per cent. JUNE 1951 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES the price of scarce commodities, there is added in- large holdings probably reflects the surge of buying flationary pressure. For this reason it is important and investment that took place following the outto know the distribution of liquid assets among break of fighting in Korea. various groups of the population and the attitudes For all spending units, including nonholders as of owners toward retaining their holdings or in- well as holders, the median amount of liquid creasing them.5 assets held early this year was $300 compared with Frequency and size of liquid asset holdings. The $250 at the beginning of 1950 and $400 early in proportion of consumer spending units owning 1946.6 For the 39 million spending units having some liquid assets in the form of United States some liquid assets at the beginning of this year, Government bonds, savings and checking accounts the median amount held was $710. This was about in banks, postal savings, and shares in savings and $100 less than a year earlier and was the lowest loan associations or in credit unions increased in value found in any of this series of surveys. 1950 for the first time since the end of the war. Distribution of total liquid assets. There was The increase was small (from 69 to 72 per cent) little change during 1950 in the proportion of total but it reversed a persistent decline and was a liquid assets that was owned by the tenth of the step in the direction of increasing the volume of population with the highest money incomes. The liquid saving. The number of liquid asset holders share of the highest tenth, which had declined —roughly 39 million—was approximately 3 million sharply in 1949, continued at about its postwar low larger than a year earlier and more than 4 million of 36 per cent. In the period from early 1947 to larger than in early 1946. It should be noted that 1949 it had ranged between 39 and 44 per cent holdings of currency are not included in any liquid (see Table 10). Information on the distribution asset tabulations from the survey. TABLE 10 As is shown in Table 9, the increased frequency PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE of liquid asset holdings was concentrated in NATION'S SPENDING UNITS WHEN RANKED TABLE 9 BY SIZE OF INCOME 1 SIZE OF LIQUID ASSET HOLDINGS OF SPENDING UNITS 1 Proportion of liquid assets [Percentage distribution of spending units] Spending units ranked by money By each tenth Cumulative Size of holding 2 1951 1950 1949 1948 1947 income before taxes 19511950 1949 1948 1947 1951 19501949 1948 1947 Zero . 28 31 29 27 24 $1-$199 16 16 16 15 14 $200-$499 14 11 13 13 12 Highest tenth. 36 35 44 43 39 36 35 44 43 39 $500-$999 11 10 11 12 14 Second 15 13 11 14 15 51 48 54 57 54 $l,000-$l,999 12 10 11 12 14 Third.. 10 10 9 8 9 61 58 64 65 63 $2,000-$4 999 11 13 12 12 14 Fourth. 6 8 8 7 7 67 66 71 T> 70 $5,000-$9,999 5 6 5 5 5 Fifth. . 7 8 6 5 7 74 73 77 77 77 $10,000 and over 3 3 3 4 3 Sixth. . 6 6 6 6 7 80 79 83 8^ 84 Seventh 6 7 6 4 5 86 86 89 87 89 All cases 100 100 100 100 100 Eighth. 5 5 3 4 4 91 92 92 91 93 Ninth.. 4 4 4 4 4 95 96 97 95 97 Median holding, all units. . . $300 $250 $300 $350 $470 Lowest tenth. 5 4 3 5 3 100 100 100 100 100 Median holding, units with assets $710 $810 $790 $820 $890 1 Liquid asset data refer to holdings at time of interview in January, February, and early March of year indicated. Spending 1 Liquid asset groupings refer to holdings at time of interviews units are ranked in order of their incomes in year prior to year in January, February, and early March of year indicated. specified. 2 Includes all types of U. S. Government bonds, checking ac- NOTE.—Detailed figures may not add to cumulative figures counts, savings accounts in banks, postal sayings, and shares in because of rounding. savings and loan associations and credit unions. Excludes currency. Data for 1949 do not include shares in credit unions, which are relatively small in aggregate amount and not likely of liquid assets among income groups is given in to affect totals significantly. Table 24 at the end of this article. medium holdings ($200-$ 1,999). There was a There was also little change in the proportion decline in large holdings ($2,000 or more) which of total liquid assets held by the top tenth of the reflected similar declines among most income and occupational groups (see Tables 21-23 at the end 8 Figures for 1946 appear in the Federal Reserve BULLETIN for July 1948, Table 1, p. 767. In interpreting survey data of this article). This widespread reduction in on liquid asset holdings it is important to keep in mind that they reflect serious understatement because of memory 5 Data for liquid asset holdings on a family basis were errors and other deficiencies. For fuller discussion, see not available in time for inclusion in this article. They "Methods of the Survey of Consumer Finances," Federal will be presented in a subsequent article. Reserve BULLETIN, July 1950, pp. 795-809. 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES population when ranked according to size of liquid receivers (with annual incomes of $6,200 or more) asset holdings, as can be seen in Table 11. held roughly 49 billion dollars in the form of United States Government bonds and savings TABLE 11 and checking accounts at the beginning of 1951. PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE The next 21.5 million spending units, which make NATION'S SPENDING UNITS WHEN RANKED up the remainder of the top half of the income BY SIZE OF LIQUID ASSET HOLDINGS a receivers (incomes of $3,000 to $6,200) accounted Proportion of liquid assets for approximately 51 billion dollars; and the 26.5 Spending units ranked by size of holding million consumer units in the lower half of the 1951 1950 1949 1948 income distribution (incomes of less than $3,000) Highest tenth 65 64 66 66 held about 35 billion dollars. The remaining 5 Second 17 19 17 17 billion dollars represented the approximate hold- Third 9 9 9 8 Fourth 5 5 5 5 ings of institutions and groups not covered by the Fifth 3 2 2 3 Sixth 1 1 1 1 survey. Seventh Eighth 0 "I Approximately 8 million entrepreneurs (self-em- Ninth 0 0 0 Lowest tenth 0 0 0 ployed businessmen and farm operators) held some- 0 All cases 100 100 100 100 what more than one-fifth of the total of personal 1 Liquid asset data refer to holdings at time of interview in TABLE 12 January, February, and early March of year indicated. 2 Less than one-half of 1 per cent. TYPE AND SIZE OF LIQUID ASSET HOLDINGS 1 [Percentage distribution of all spending units] In trying to evaluate the potential effects of consumer holdings of liquid assets, it is helpful Type and size of holding 1951 1950 1949 1948 1947 1946 to know the total dollar amount of liquid assets held by broad income groups. Survey estimates All types :2 of total liquid asset holdings are of limited value Zero 28 31 29 27 24 24 $l-$499 30 27 28 27 26 29 for this purpose, inasmuch as faulty memory or $500-$l,999. . . . 23 20 22 24 28 29 $2,000-$4,999.. . 11 13 12 13 14 12 unwillingness to furnish information about such $5,000 and over. 8 9 9 9 8 6 holdings results in a substantial amount of under- All cases 100 100 100 100 100 100 reporting. Estimates based on Treasury and bank- U. S. savings bonds (series A-F) :3 ing statistics are considered more reliable, even Zero 59 61 56 53 44 37 though these also are subject to error. These esti- $l-$499 24 23 25 26 32 37 $500-$ 1,999 11 10 13 14 18 20 mates indicate that individual holdings of liquid $2,000 and over. 6 6 6 7 6 6 assets of the types covered by the survey aggregated All cases 100 100 100 100 100 100 approximately 140 billion dollars at the end of Savings accounts:4 Zero 55 58 56 55 53 61 1950. This total can be roughly adjusted and dis- $l-$499 20 18 19 19 18 16 tributed according to survey findings on the per- $ $2 5 , 0 0 0 0 - 0 $ 1 a , n 9 d 9 9 over. 1 1 4 1 1 1 3 1 1 1 1 4 1 1 5 1 1 1 1 8 1 7 6 centage distribution of holdings by income groups. All cases 100 100 100 100 100 100 In making this calculation, it has been assumed that Checking accounts: holdings based on Treasury and banking sources Zero 59 59 61 61 63 66 $l-$499 27 24 23 23 21 18 are distributed percentagewise among the income $500-$l,999 10 11 11 11 12 14 $2,000 and over. 4 6 5 5 4 2 tenths in about the same way as data derived from the survey. In such a calculation, it must be All cases 100 100 100 100 100 100 noted that the estimates based on Treasury and 1 Liquid asset data are based on interviews in January, Febbanking statistics relate to the entire population, rua 2 r I y n , cl a u n d d e s ea a r ll l y t y M pe a s r c o h f o U f . y S e . a r G o in v d e i r c n a m te e d n . t bonds, checking acwhile survey estimates include only persons living counts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes curin private households. Furthermore, the two rency. Data for 1949 do not include shares in credit unions, which are relatively small in aggregate amount and not likely to sets of data may differ in their classification of affect totals significantly. 3 Amounts for 1951, 1950, 1949, and 1948 are shown at 83 per individual liquid asset holdings as personal or cent, 81 per cent, 80 per cent, and 79 per cent, respectively, of nonpersonal. maturity value, except for recent purchases, which are shown at purchase price. Amounts for 1947 and 1946 are shown at purchase price. It is estimated that the 5 million spending units 4 Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Data for 1949 making up the top 10 per cent of the income exclude shares in credit unions. JUNE 1951 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 13 CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution of spending units] Money income before taxes All spending Change in holdings 1 units $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - an $ d 7 ,5 o 0 v 0 er 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Increase 29 26 12 9 21 17 24 27 32 28 35 37 43 35 54 47 Decrease 31 31 28 28 24 27 32 30 33 35 33 35 35 38 28 26 None2 39 42 59 62 54 55 43 42 33 35 30 28 20 24 16 24 Some liquid assets 15 16 11 11 14 15 15 15 14 15 19 17 16 20 16 23 No liquid assets3 24 26 48 51 40 40 28 27 19 20 11 11 4 4 (5) 1 Not ascertained 1 1 1 1 1 1 1 1 2 2 2 (5) 2 3 3 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 4 3,415 3,512 418 479 514 604 567 672 601 615 441 397 538 437 294 269 1 Change during 1950 is based on holdings of liquid assets in early 1951 and a year earlier as reported by spending units during January-March 1951; change for 1949 is similarly computed. 2 Includes change in assets due to accrual of interest on U. S. savings bonds (Series A-F). 3 No liquid assets at beginning or end of period. 4 Total includes units for which income was not ascertained and thus exceeds sum of income groups. 6 No cases reported or less than one-half of 1 per cent. liquid assets or about 30 billion dollars. For many total (26 per cent) were held by units with incomes of these individuals, personal funds were not held between $3,000 and $4,999 and the balance (19 per separately from business accounts. Where this was cent) by units in the lower half of the income true, both personal and business funds were in- distribution (less than $3,000). cluded. The professional, semiprofessional, and Purposes for which liquid assets were used. The managerial groups together accounted for another proportion of spending units reporting increases fifth, about 29 billion dollars. The wage earning in their liquid assets was larger in 1950 than in 1949 group (clerical and sales, skilled and semiskilled, and unskilled and service) held one-third or about TABLE 14 45 billion. The remainder of the population, in- INCOMES OF SPENDING UNITS INITIATING OR EXHAUSTING cluding the retired, housewives, students, etc., held LIQUID ASSET HOLDINGS 1 slightly more than one-fifth or about 30 billion. [Percentage distribution of spending units within specified groups] Types of liquid assets. An increase in the proportion of consumers owning savings accounts in Spending units Spending units initiating exhausting 1950, accompanied by a cessation of the decline in Money income liquid asset liquid asset before taxes holdings holdings 2 the proportion holding savings bonds and of the increase in the proportion holding checking accounts, 1950 1949 1948 1950 1949 1948 reversed another trend that had developed in recent Under $1.000 13 12 8 17 15 12 years (see Table 12 and Tables 21 and 23 at the end $l,000-$l,999 25 23 18 25 25 21 of this article for additional details). This develop- $ $ 2 3 , , 0 0 0 0 0 0 - - $ $ 2 3 , , 9 9 9 9 9 9 2 1 1 5 2 1 7 9 3 2 5 1 2 2 1 3 2 2 3 6 2 2 4 9 ment may have resulted partly from the transfer of $ $ 4 5, , 0 0 0 0 O 0- - $ $ 4 7 , , 9 4 9 9 9 9 1 1 2 2 1 8 0 8 7 9 4 2 7 6 7 funds from persons who utilized them for purchases $7,500 and over 2 (8) 2 (3) (8) (') Not ascertained (3) 1 or investment in 1950 to persons who were less All cases 100 100 100 100 100 100 active spenders. The funds may therefore have Number of cases. . . . 138 113 90 109 120 191 ended up in savings accounts and bonds. Survey data furnish the basis for estimating that 1 Based on interviews in January-March following year specified. Respondents were asked about their holdings of liquid assets at somewhat more than half (55 per cent) of total time of interview and also a year earlier. These data are based on relatively few cases and are only rough approximations. personal holdings of United States Government * Includes spending units formed during year specified which did A-F savings bonds were owned by spending units not possess liquid assets at time of interview early in following year. with incomes of $5,000 or more. A fourth of the 8 No cases reported or less than one-half of 1 per cent. 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 15 MAJOR USES OF FUNDS OBTAINED BY REDUCING LIQUID ASSETS l [Percentage distribution of spending units reducing liquid assets within specified groups] 2 Type of expenditure Number M b o e n fo ey re i t n a c x o e m s e ca o s f es M c e a d r i e cal F a o a n b o d l d e , n g c o o l n o o d t d h u s i r n 3 - g d A u a r u a n t b o d l m e o o t g b h o i e o l r e d s s m In e v n e t s s t - 4 o R f m e p e d a n e t y b - t 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Income under $2,000: Liquid asset reduction— Any amount 254 311 52 41 46 49 16 14 12 7 16 4 Under $500 155 181 49 41 48 56 13 10 8 7 10 2 $500 or more 94 130 54 40 42 38 22 19 19 7 25 7 Income of $2,000-$4,999: Liquid asset reduction— Anv amount 549 579 53 47 30 31 32 30 14 7 16 7 Under $500 306 353 55 49 36 34 22 26 5 7 10 7 $500 or more 241 226 52 43 21 25 46 38 29 - 8 Income of $5,000 or more: 7 27 Liquid asset reduction— Any amount 284 240 46 38 18 17 41 35 24 10 Under $500 . . . 98 83 51 40 19 20 28 27 8 7 $500 or more 183 157 42 36 17 15 48 40 33 7 25 12 All spending units reducing 7 5 liquid assets: 7 38 Liquid asset reduction— Any amount 1,087 1,141 51 44 32 34 30 26 16 7 18 7 Under $500 562 623 53 46 38 39 20 21 6 7 10 5 $500 or more 517 518 49 40 24 26 42 34 28 7 29 9 333 333 333 333 Other Luxuries 5 large outlays 6 1950 1949 1950 1949 12 (8) 27 8 35 14 (8) 22 8 28 8 (8) 37 8 45 19 26 « 38 19 23 8 35 20 (8) 29 8 44 26 (8) 37 s 57 28 (8) 30 s 54 25 (8) 41 8 60 19 (8) 28 8 41 19 (8) 24 8 35 19 (8) 34 8 48 1 This table is based on answers to two questions asked of spending units reporting reductions in liquid assets: "What sort of things did you use this money for?" and "Did you have any large expenses we did not talk about, for instance, doctor and hospital bills, expenses for moving or trips or the like?" 2 Details add to more than 100 per cent because some units reported more than one reason for reducing liquid assets. 3 Reported as reasons for reducing liquid assets. 4 Includes purchases of securities and real estate and investment in privately owned businesses. 5 Includes travel, amusements, vacations, furs, jewelry, etc. 6 Includes repairs and additions to houses, education, car repairs, taxes, loans to friends and family, moving, farm operating expenses, etc. 7 Repayment of debt was included with investments in 1949 data. Comparable treatment of 1950 data would result in figures somewhat less than sum of investments and repayment of debt because some spending units reported both types of expenditures. 8 Luxuries were included with other large outlays in 1949 data. Comparable treatment of 1950 data would result in figures somewhat less than sum of luxuries and other large outlays because some spending units reported both types of expenditures. or in 1948 while the proportion reporting decreases Plans for maturing savings bonds. On the basis was about the same as in the earlier years (see of survey data, in early 1951 an estimated 16 per Table 13). These reports are consistent with the cent of all spending units owned some savings bonds finding that the proportion of units owning liquid that would mature in 1951 or 1952. The amount assets was larger than a year earlier and that more held was less than $200 in 5 of every 10 cases, beconsumers became liquid asset holders during 1950 tween $200 and $999 in about 3 of every 10 cases, than exhausted their liquid assets (see Table 14 for and $1,000 or more in more than 1 of every 10 details). (see Tables 16 and 17 for additional details). Spending units that reduced their liquid assets Reports of amounts of maturing bonds obtained were asked to indicate the uses to which the funds by the survey represent roughly 3.5 billion dollars were put. As in previous years, medical expenses or approximately 70 per cent of the total of maturwere cited most frequently. Living expenses were ing bonds, according to Treasury figures. Although next most frequently mentioned when the amounts some of the difference is no doubt due to the omisinvolved were small (less than $500) and durable sion from the survey of estates and trusts, as well goods purchases when the amounts were large as of some individuals who own maturing bonds, ($500 or more). There was a substantial increase survey findings on this point should be considered from the previous year in the proportion of con- with caution. sumers that reported using large amounts of liquid Approximately 4 of every 10 holders had no assets for purchases of durable goods (see Table 15). plans for these funds or were uncertain about them. JUNE 1951 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 16 For the 6 in 10 that did have plans, somewhat more than half intended to reinvest directly in savings SAVINGS BONDS MATURING IN 1951-52 WITHIN INCOME bonds and a fifth intended to acquire some simi- GROUPS larly noninflationary investment (see Table 18). [Percentage disi.ribution of spending units] Those with plans accounted for approximately 70 1950 money income per cent of the 3.5 billion dollars of maturing savings All before taxes bonds reported in the survey. It was found that Amount of savings spendbonds maturing ing the amounts that were planned to be reinvested in units Under $2,000- $5,000 $2,000 $4,999 and over savings bonds, to be used for repayment of debts, or to be put in the bank added up to about two- None 83 89 85 68 Some 16 10 14 30 thirds of the total. Another fourth of the amount $l-$99 . . . 4 3 4 5 was tentatively scheduled to be used for investment, $100-$199 4 3 3 5 purchase of durable goods, and various other ex- $200-$499 3 1 3 9 $500-$999 2 1 2 4 penditures. Approximately one-tenth of the amount $1,000 and over 2 1 1 4 Undetermined amount. . 1 1 1 3 was held by people who had more than one in- Not ascertained... 1 1 1 2 tended use for the money. Altogether, these data All cases 100 100 100 100 would seem to indicate that substantially more Number of cases l 3,415 932 1,609 832 than half of the amount of the maturing bonds will probably be reinvested in savings bonds or some 1 Total includes units for which income was not ascertained and other similarly noninflationary investment. thus exceeds sum of income groups. TABLE 17 RELATION OF MATURING SAVINGS BONDS TO TOTAL HOLDINGS OF LIQUID ASSETS AND OF UNITED STATES GOVERNMENT BONDS EARLY 1951 [ Percentage distribution of spending units within groups of holders] Holders of liquid assets Holders of U. S. Government All amounting to: bonds amounting to: Amount of savings spendbonds 1 9 m 5 a 1 t - u 5 r 2 ing in u i n n i g ts $1- $200-$500- $1,000- $2,000- $5,000- $1 a 0 n , d 000 $1- $200-$500- $1,000- $2,000- $5 an ,0 d 00 $199 $499 $999 $1,999 $4,999 $9,999 over $199 $499 $999 $1,999 $4,999 over None 83 94 89 81 74 57 45 32 77 65 55 42 28 29 Some 16 5 10 18 25 39 53 63 21 33 43 57 69 64 $l-$99 4 5 5 6 6 8 4 5 14 9 7 8 5 3 $100-$199 4 C1) 3 6 9 7 8 8 6 12 11 11 9 6 $200-$499 3 C1) 1 3 5 12 16 15 1 8 13 15 22 10 $500-$999 2 C1) C1) 2 3 5 8 11 0) 2 5 14 11 11 $1 000 and over 2 0) 0) 1 2 12 21 C1) 2 4 15 29 Undetermined amount 1 C1) 1 0) 1 5 5 3 5 5 7 5 Not ascertained... 1 1 1 1 4 2 5 2 2 2 1 3 7 1 All cases .. . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,415 511 462 379 398 424 200 143 459 348 232 163 196 112 1 No cases reported or less than one-half of 1 per cent. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 18 PLANNED USE OF MONEY RECEIVED FROM SAVINGS BONDS MATURING IN 1951-52 1 [Percentage distribution of spending units within specified groups] 2 All Holders of maturing savings Recipients of specified money holders bonds amounting to: income before taxes in 1950 Planned use of maturing savings $1- $100- $200- $500 Under $2,000- $5,000 bonds $99 $199 $499 and over $2,000 $4,999 and over Reinvestment in Government bonds 36 29 37 32 47 23 40 37 Deposit in bank, save . . 11 8 12 15 9 13 14 5 House or farm purchase, house improvement, purchase of real estate other than house, investment in business, purchase of securities 7 5 4 8 11 4 6 9 Repayment of debt 2 2 3 1 4 1 3 2 Purchase of car or other durable good 1 1 (3) 1 1 (3) (•) 2 General living expenses (emergencies, sickness). . . 8 8 8 7 6 20 3 Other expenditures (children's education, etc.).. . 4 4 3 5 2 6 2 5 No plans, uncertain, plans not ascertained 38 46 43 35 28 36 35 42 Number of cases 624 149 131 146 146 92 258 260 1 This table is based on answers to the following questions: "Do you have any war or savings bonds whose 10 years will be up in 1951 or 1952?" "How much will you receive from these bonds?" "Have you made any special plans about what you'll do with that money?" "What are they?" 2 Percentages will total more than 100 because some respondents reported two or more prospective uses. 3 No cases reported or less than one-half of 1 per cent. TABLE 19 CHANGE IN FINANCIAL SITUATION WITHIN OCCUPATIONAL GROUPS [Percentage distribution of spending units] Professional Managerial Clerical Skilled Unskilled Farm Opinion of change and semi- and self- and and and operator in own situation professional employed sales semiskilled service from year earlier x 1951 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 Better off 46 47 43 37 35 34 41 47 40 34 38 34 32 27 29 34 20 38 Same 23 29 30 30 31 36 26 29 36 29 33 36 27 33 36 35 30 29 Worse off 29 22 25 32 32 28 32 22 23 34 27 28 39 38 33 29 50 31 Uncertain 1 1 1 1 (2) 1 (2) 1 (2) 1 1 1 (2) 1 (2) 1 (2) 1 Not ascertained 1 1 1 (2) 1 1 1 1 2 1 1 2 1 (2) 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 269 287 293 485 466 470 477 486 495 902 895 886 289 344 427 388 409 430 1 Change reported in interviews during January, February, and early March of year indicated. 2 No cases reported or less than one-half of 1 per cent. TABLE 20 EXPECTED CHANGE IN INCOME WITHIN INCOME AND OCCUPATIONAL GROUPS 1 [Percentage distribution oi spending units] Expected change in income Number All of cases cases Uncertain, Not Group characteristic Increase None Decrease it depends ascertained 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 AU spending units 3,415 3,512 100 100 39 30 35 43 13 16 12 9 1 2 Money income before taxes:2 Under $1 000 418 479 100 100 29 31 43 41 12 14 15 11 1 3 $l,000-$l,999 514 604 100 100 36 31 37 39 12 14 14 14 1 2 $2,000-$2 999 567 672 100 100 44 32 32 45 11 14 13 7 2 $3,000-$3,999 601 615 100 100 41 30 35 43 10 17 12 9 2 1 $4,000-$4,999 441 397 100 100 43 28 33 49 12 16 10 5 2 2 $5,000-$7 499 538 437 100 100 39 31 34 42 16 22 10 4 1 1 $7,500 and over 294 269 100 100 38 21 33 49 21 25 7 4 1 1 Occupation: Professional and semiprofessional 269 287 100 100 55 45 25 40 9 9 10 6 1 Managerial and self-employed 485 466 100 100 37 33 38 39 14 16 9 10 2 2 Clerical and sales . . . . 477 486 100 100 47 44 33 40 9 10 9 4 2 2 Skilled and semiskilled 901 895 100 100 42 30 34 46 9 14 13 9 2 1 Unskilled and service 260 344 100 100 41 25 37 52 11 13 10 10 1 Farm operator . . 388 410 100 100 43 28 28 32 17 33 11 5 1 2 1 Expected relation of annual income of current year to income of previous year as obtained in interviews during January-March 1951 and 1950. 2 Income groups relate to income in year prior to year specified. 3 No cases reported or less than one-half of 1 per cent. JUNE 1951 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 21 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS * [Percentage distribution of spending units] Money income before taxes Type and size of holding Under $1,000 $1000-$2,999 $3,000-$4,999 $5,000 and over 1951 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 All types:2 Zero ... 53 56 56 39 39 38 19 21 19 4 4 5 $l-$499 24 23 24 31 29 29 37 32 35 22 22 17 &500-&1 999 13 11 12 19 18 21 27 25 25 29 25 23 $2 000-$4 999 6 6 5 7 9 8 12 15 14 22 23 25 $5,000 and over 4 4 3 4 5 4 5 7 7 23 26 30 All cases 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (series A-F):8 Zero 81 83 80 69 68 63 53 54 49 34 37 34 $l-$499 13 11 11 22 22 25 29 26 29 30 25 25 $500-$l 999 4 4 6 7 6 9 14 14 16 18 21 21 $2,000 and over 2 2 3 2 4 3 4 6 6 18 17 20 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 Zero 73 76 75 67 64 62 48 51 49 36 41 39 $l-$499 15 10 12 16 17 19 26 22 24 20 18 14 $500-$ 1 999 6 7 9 11 12 12 16 16 15 22 17 22 $2,000 and over 6 7 4 6 7 7 10 11 12 22 24 25 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 75 79 81 68 70 72 61 54 59 28 25 22 $l-$499 16 13 11 23 19 19 29 31 28 36 34 36 $500-$l 999 8 6 7 7 8 7 7 11 10 23 20 25 $2,000 and over 1 2 1 2 3 2 3 4 3 13 21 17 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 418 479 416 1,081 1,276 1,294 1,042 1,012 1,101 832 706 670 1 Liquid asset data are based on interviews in January, February, and early March of year indicated. Income groups are based on annual money income before taxes in year prior to year indicated. 2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations aad credit unions. Excludes currency. Data for 1949 do not include shares in credit unions, which are relatively small in aggregate amount and not likely to affect totals significantly. •Amounts for 1951, 1950, and 1949 are shown at 83 per cent, 81 per cent, and 80 per cent, respectively, of maturity value, except for recent purchases, which are shown at purchase price. * Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Data for 1949 exclude shares in credit unions. TABLE 22 MEDIAN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS ' Percentage distribution Median liquid asset holding of spending units within income group Money income before taxes 1950 1949 1948 1946 1951 1950 1949 1947 Under $1,000... 13 14 12 17 0 0 0 $l,000-$l,999. . 17 19 18 23 $30 $10 $80 $2,000-$2,999. . 19 21 23 25 $190 $160 $150 $3,000-$3,999. . 19 19 20 17 $250 $350 $270 $4,000-$4,999. . 12 11 12 8 $530 $500 $500 $5,000-$7,499. . 14 11 10 6 $1,000 $1,130 $1,350 $7,500 and over. 6 5 5 4 $3,860 $4,270 $4,500 All cases. .. 100 100 100 100 $300 $250 $300 $470 i Median liquid asset holding is amount held by middlemost unit in a ranking of spending units within each income group in order of their holdings of liquid assets. Income groups relate to income of year previous to interview, and amount of liquid assets represents holdings at time of interviews in January, February, and early March. 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 23 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN OCCUPATIONAL GROUPS 1 [Percentage distribution of spending units] Type and size P p a r r o o n f f d e e s s s s s e i i o m o n n i a - a l l M e a m a n n d p a l g o se e y l r e f i d - al C s l a e a n r le i d c s al sem Sk a is i n l k l d e il d led U s n e s a r k n v i d i l c l e ed op F e a r r a m tor Retired of holding 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 All types:2 Zero 6 8 10 10 14 16 31 34 47 54 28 25 36 37 $l-$499 29 25 31 28 41 36 33 31 27 20 27 29 17 11 $500-$l 999 33 30 27 23 27 24 23 20 17 15 23 21 18 12 $2,000-$4,999 18 19 16 20 10 17 9 11 7 8 13 14 16 16 $5,000 and over 14 18 16 19 8 7 4 4 2 3 9 11 13 24 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (series A-F): 3 Zero 40 41 46 49 50 51 59 63 77 78 62 59 62 62 $l-$499 30 27 24 25 33 31 26 25 17 13 23 24 16 15 $500-$l 999 19 19 16 13 12 12 11 9 4 7 9 9 12 9 $2,000 and o^er 11 13 14 13 5 6 4 3 2 2 6 8 10 14 All case 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts (in banks only):4 Zero 38 43 54 54 39 42 53 54 62 67 79 82 61 58 $l-$499 18 18 15 14 34 29 24 22 19 13 8 7 11 6 $500-$ 1 999 28 21 15 16 16 17 15 15 12 13 6 3 10 12 $2,000 and over 16 18 16 16 11 12 8 9 7 7 7 8 18 24 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 26 29 27 21 55 52 74 74 86 84 38 32 62 60 $l-$499 51 41 41 31 35 34 21 20 11 11 30 32 19 14 $500-$l 999 18 19 22 20 7 9 4 4 2 4 22 23 13 15 $2,000 and over 5 11 10 16 3 5 1 2 1 1 10 13 6 11 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median asset holdings $1,020$1,240 $860 $1,010 $400 $400 $200 $150 $20 0 $290 $400 (5) $590 Number of cases 269 287 485 466 477 486 902 895 289 344 388 410 219 180 1 Liquid asset data for 1951 are based on interviews in January-March 1951; for 1950 on interviews in January-March 1950. 2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 3 Amounts shown at 83 per cent of maturity value in 1951 and 81 per cent in 1950, except for recent purchases, which are included at purchase price. 4 Excludes postal savings and shares in savings and loan associations and credit unions. 5 Data not available. TABLE 24 PROPORTION OF LIQUID ASSETS HELD BY INCOME GROUPS OF SPENDING UNITS 1 Percentage distribution Proportion of liquid of spending units assets held Money income before taxes 1950 1949 1948 1947 1946 1945 1951 1950 1949 1948 1947 1946 Under $1 000 13 14 12 14 17 20 6 6 4 6 5 7 $l,000-$l 999 17 19 18 22 23 27 8 9 7 10 11 14 $2,000-$2,999 19 21 23 23 25 23 11 15 14 12 17 17 $3,000-$3,999 19 19 20 17 17 15 12 15 14 13 16 16 $4 000-$4 999 12 11 12 10 8 7 12 11 11 9 12 10 $5,000-$7,499 14 11 10 9 6 5 23 18 18 16 13 13 $7,500 and over 6 5 5 5 4 3 28 26 32 34 26 23 All cases 100 100 100 100 100 100 100 100 100 100 100 100 1 Liquid assets held at time of interview early in year indicated by spending units reporting specified incomes for year preceding year of interview. JUNE 1951 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TECHNICAL NOTE ON THE SAMPLING LIMITATIONS OF THE SURVEY Changes from year to year in survey findings tion asked or by the interviewer to the answer may result from many factors. Among the most given, and differences in processing the data. important of these are (1) actual changes in the In appraising changes in survey findings, it must basic situation which it is the main objective of the be kept in mind that the value of change detersurvey to measure; and (2) random shifts due mined from the survey represents the best available principally to the particular samples of persons in- (i.e., most probable) estimate of the true value. terviewed (sampling variation). Other factors Generally, if differences are greater than may be which affect findings, though important, would attributed to chance variation in the selection of be as prevalent in a complete census of the entire the particular samples (see the accompanying table population as in a carefully selected sample. These of sampling errors of differences), one may assume include such factors as reporting errors made by that a real change has taken place. What concluthose being interviewed, differences in the ques- sions can be justified then if the difference between tionnaire from year to year, differences in interpre- two survey data is smaller than might be due to tation given either by the respondent to the ques- sampling variation alone? SAMPLING ERRORS OF DIFFERENCES 1 In some cases in the 1951 survey the proportion Differences required for significance (95 per cent probability) early this year of those intending to buy a certain in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the commodity was slightly larger than the proportion same survey. having similar intentions early in 1950. The Size of sample or group difference was not statistically significant (less than Size of sample or group might result from sampling variation), but it does 200 300 500 700 1,000 3.5002 not follow that there was no difference between For percentciges from about 30 per cent the two proportions. Nor does it follow necessarily to 70 per cent that the proportion was larger in 1951 than in 1950. What can be said is that the order of magnitude 200 11 300 11 9 of the two proportions remained the same, but 500 10 8 7 700 10 8 6 6 the chances are somewhat greater of an increase 1,000 9 7 6 5 5 3 500 8 7 5 5 4 2.9 from 1950 to 1951 than of a decrease. Sample surveys yield information which approxi- For percentages around 20 per cent and 80 per cent mates the true order of magnitude of data but do not produce exact values. Expressing the results 200 9 300 8 7 in terms of an estimated number of spending units 500 8 7 6 700 7 6 5 5 or of aggregate dollar amounts may imply an 1,000 7 6 5 5 4 unwarranted degree of certainty and is justified 3,500 6 5 4 4 3 2.2 only because in this form the results are more For percentages around 10 per cent easily interpreted and understood and, therefore, and 90 per cent more useful. It must be remembered, however, 200 7 that such magnitudes fall within a relatively large 300 7 6 500 6 6 5 margin of error, and that the width of the margin 1,0 7 0 0 0 0 6 6 5 5 4 4 4 3 3 may have a bearing on the interpretation of the 3,500 5 4 3 3 2 1.6 data. These qualifications, both as to the significance For percentages around 5 per cent and 95 per cent of the changes from one survey to the next and as to the aggregate estimates presented, are important 200 5 300 4 4 to keep in mind in using the data shown in the 500 4 3 3 700 4 3 3 3 various tables and in appraising the results pre- 3 1 , , 5 00 0 0 0 . . 4 3 3 3 3 2 2 2 2 2 1.2 sented throughout the series of articles. For a fuller discussion of the methods of the 1 The sampling error does not measure the actual error that is involved in specific survey measurements. It shows that—-except survey and of the sampling and other limitations for nonsampling errors, errors in reporting, in interpretation, etc.—• differences larger than those found in the table will arise by chance of the data, see "Methods of the Survey of Conin only 5 cases in 100. 1 The entire sample of each survey. sumer Finances" in the July 1950 BULLETIN. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Clayton Antitrust Act constitutes one of the primary activities of such a company. Recommended Decision of Hearing Officer Accordingly, it is the opinion of the Board that Hearings on the Board's Clayton Act proceeding if such a company is issuing or offering its redeemagainst Transamerica Corporation were concluded able stock for sale, it is "primarily engaged in the on December 15, 1950. On June 13, 1951, R. M. issue # # * public sale, or distribution, * * * of Evans, a member of the Board who had presided at securities" and that section 32 of the Banking Act the hearings of this proceeding, filed his recomof 1933, as amended, prohibits an officer, director mended decision with the Board. The recomor employee of any such company from serving mended decision contains a proposed order which at the same time as an officer, director or employee would require Transamerica Corporation to cease of any member bank. It is the Board's view that and desist from violating the provisions of Section this is true even though the shares are sold to the 7 of the Clayton Act and to divest itself completely public through independent organizations with the of all capital stock in 26 banks in California, 16 in result that the investment company does not derive Oregon, 3 in Nevada, one in Arizona, and one in any direct profit from the sales. the State of Washington. Copies of Governor If, however, the company has ceased to issue or Evans' recommended decision may be obtained on offer any of its stock for sale, the company would request from the Board of Governors. not be engaged in the issue or distribution of its Interlocking Relationships stock and, therefore, the prohibition contained in section 32 would be inapplicable unless the com- Open-End Investment Companies pany were primarily engaged in the underwriting, An open-end investment company is defined in public sale or distribution of securities other than section 5(a)(l) of the Investment Company Act its own stock. of 1940 as a company "which is offering for sale or has outstanding any redeemable security of Consumer Credit which it is the issuer." Section 2(a)(31) of said Court Proceedings Act provides that a "redeemable security" means "any security, other than short-term paper, under Four injunctions have been issued by United the terms of which the holder, upon its presentation States District Courts since the one mentioned in to the issuer or to a person designated by the issuer, the Federal Reserve BULLETIN for April, 1951, page is entitled (whether absolutely or only out of sur- 392, and those reported in previous BULLETINS, enplus) to receive approximately his proportionate joining Registrants from further violations of Regushare of the issuer's current net assets, or the cash lation W. They are as follows: Injunctions were equivalent thereof." issued on May 24 by the District Court of the It is customary for such companies to have but United States for the District of Columbia enjoinone class of securities, namely, capital stock, and ing Michael's Home Equipment, Inc., and Louis it is apparent that the more or less continued proc- Taff, its president, dealer in television sets and elecess of redemption of the stock issued by such a trical appliances; on May 15 by the District Court company would restrict and contract its activities of the United States for the Eastern District of if it did not continue to issue its stock. Thus, the Michigan enjoining the Atlas Furniture Company, issuance and sale of its stock is essential to the dealer in furniture and electrical appliances, Detroit, maintenance of the company's size and to the con- Mich., and on June 1 by the District Court of the tinuance of operations without substantial contrac- United States for the Southern District of Texas tion, and therefore the issue and sale of its stock enjoining the Atlas T-V Stores, Inc., and enjoining JUNE 1951 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the Atlas Sew-Vac Stores, Inc., dealers in television cipal amount" exceeding $5,000 in the case of autosets and sewing machines, Houston, Tex. mobiles, and exceeding $2,500 in other cases. The views expressed herein shall be regarded as superseding the views expressed in any earlier inter- Automobile Appraisal Guides pretations under the regulation which may be in- Certain publishers of automobile appraisal guides consistent with the views here expressed. designated for purposes of Regulation W plan to Whether credits considered individually or collecpublish in forthcoming editions, in addition to the tively—In certain circumstances, credits may be ceiling prices approved by the Office of Price Staadded and treated collectively as a single credit for bilization (which in general are the average retail the purposes of the foregoing dollar figures. To be prices estimated for January 1951), an estimate of considered collectively as a single credit, the inup-to-date, current average retail values. The debtedness must not only be incurred between the Board has no objection to the publication of such same Registrant and one customer, but it also must current figures in the guides and, in fact, considers be incurred pursuant to a basic contract between it desirable. However, until further notice, the them which governs the indebtedness and which appraisal guide value for purposes of Part 4 of the must be relied upon to enforce the indebtedness. Supplement to Regulation W shall continue to be Even if there is some kind of basic contract, various based on the average retail prices approved by the items under it cannot be added together to reach the Office of Price Stabilization for price ceiling pur- $2,500 (or $5,000) figure if they are represented poses. by individual notes or other evidences of indebted- Pre-effective Date "Balloon" Notes or Payments ness that would support an action for the debt without resorting to the basic contract. The Board has considered certain questions concerning instalment credits involving so-called "bal- The amount stated in the basic contract is not loon" notes or payments that were written before controlling except to the extent that articles have September 18, 1950, the effective date of Regulation actually been delivered or funds actually been dis- W. In a typical case of the kind, there would be bursed pursuant to the contract. This may be 11 notes followed by a 12th "balloon" note which illustrated by an example in which a Registrant may be in an amount several times the amount and a customer enter into a contract for the delivery of each of the preceding notes. It appears that in and instalment sale to the customer of, say, 50 most cases, because of the special nature of such refrigerators. Suppose further that each delivery financing, it was necessarily anticipated that the of refrigerators is represented only by a mere receipt "balloon" note or payment written before Septem- that refers back to the original contract and would ber 18, 1950, would be refinanced when due so not support a separate action. In such a case, delivthat the future instalment payments of the obligor eries under the original, basic contract would be would be approximately in the same amounts as subject to the regulation until the outstanding inthe earlier payments. debtedness exceeded $2,500. Once that figure was In the circumstances, the Board is of the view exceeded the entire credit would be exempt. Addithat it may be presumed that arrangements for tional deliveries under the contract while the insuch refinancing were made between the parties at debtedness exceeded $2,500 would also be exempt. the time of the original transaction, and that section The foregoing principles would apply also in the 8(^) of the regulation permits the carrying out of case of instalment leases or instalment loans. any such arrangement. Continuance of over-$2,500 ($5,000) exemption This opinion supersedes the opinion published in The over-$2,500 (or $5,000) exemption is not lost the 1950 Federal Reserve BULLETIN at page 1612 merely because the principal amount of instalment on the same subject. indebtedness falls below such figure as the obligation is paid down. However, when such indebted- Credits Over $2,500 or $5,000 ness has fallen below the exemption figure, addi- From time to time questions have been received tions thereto do not get the benefit of the exemption under Regulation W concerning the provisions of unless they are sufficient to bring the total of the sections 7(a), 8(;)(5) and 8(;)(6) which exempt indebtedness above the exemption figure. When from the regulation instalment credit "in a prin- the outstanding credit under a leasing or similar 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT contract for financing quantity merchandising has is subject to the regulation when the unit of the exceeded the exemption amount, substitutions or church extending the credit is a Registrant, that is, exchanges of articles that are contemplated by the if the unit has made sufficient extensions of credit contract may be made without regard to cash re- to be deemed to be engaged in the business of payments that may in the meantime have reduced extending real estate credit. So long as such units the amount of the credit. are corporate entities, the funds borrowed must be considered as funds of the units lending them rather Real Estate Credit than funds of the over-all church organization. It may be noted, however, that the regulation Privately Owned Public Warehouse does not affect in any way the purchase or con- Not a Public Utility struction of new construction by a unit of the A privately owned public warehouse used for the church in possession of the necessary funds, or its storage of grain and other foodstuffs is not a "public participation on an equity basis in the construction utility" within the meaning of section 2(s) of Regu- or purchase of new construction by another unit lation X, and hence is not excluded from the defi- of the church. nition of "nonresidential structure" by section 2(r) (4)(i) of the regulation, even though the opera- Appraisal Value of Lot and Residence tions of the warehouse are supervised by a Federal Where a residence is to be constructed on a lot or State agency. It is the Board's opinion that a acquired more than twelve months ago, the "value" warehouse is not similar to a transportation comof the residential property, in accordance with the pany, electric light or power company, or other provisions of section 2(/)(2)(B)(ii) of Regulation similar companies specifically mentioned in section X, is the appraised value of both the lot and resi- 2(y). dence. Church Unit Extending Credits Short-Term Construction Credits A church organized on a nationwide basis has a Section 5(b) of Regulation X exempts from the central organization which, in turn, has boards and prohibitions of Regulation X certain construction agencies. The church also has regional organiza- loans having a maturity of not more than 18 months. tions which, in turn, have a number of congrega- On page 1621 of the 1950 Federal Reserve BULLETIN tions and missions. Each such unit of the church the Board stated that a note evidencing such a conis a corporate entity. Credit sometimes is extended struction loan which has a maturity of less than by such units in connection with new construction 18 months may be renewed pending completion being purchased or constructed by other units of the of construction if the date of maturity of the rechurch. The question has been raised whether the newal is not more than 18 months after the date credit is subject to the provisions of Regulation X. the credit originally was extended. The credit is not subject to the regulation if the It is the opinion of the Board, however, that such new construction is a church because section 2(r) a note having a maturity of less than 18 months (3) of the regulation excludes churches from the may not be renewed after the construction has been definition of "nonresidential structures." However, completed, even if the date of maturity of the recredit extended to finance the purchase or construc- newal is not more than 18 months after the date tion of new construction covered by the regulation the credit originally was extended. JUNE 1951 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings entire service with the Board has been with the Division of Personnel Administration where he A meeting of the Presidents of the Federal Rehad been serving as Assistant Director since Januserve Banks was held in Washington on May 16, ary 8, 1951. 1951, and on May 18 the Presidents met with the Mr. Allen succeeded Mr. Robert N. Hilkert, who Board of Governors. reassumed his duties as a Vice President of the On May 17 a meeting of the Federal Open Mar- Federal Reserve Bank of Philadelphia. Mr. Hilket Committee was held. kert had been serving on a temporary assignment Changes in Board's Staff since November 1, 1950, as Acting Director of the Division of Personnel Administration. Mr. George S. Sloan, who had been serving as an Mr. Edwin J. Johnson, formerly a Technical Assistant Director of the Division of Examinations Assistant in the Division of Bank Operations, was since November 1, 1946, was appointed Director appointed Assistant Director of the Division of of that Division effective June 1, 1951. Mr. Sloan Administrative Services effective June 7, 1951. Mr. became associated with the Board of Governors as Johnson first became associated with the Board of a Federal Reserve Examiner on June 29, 1934, Governors on January 6, 1939, and was re-employed prior to which he had been with the Federal Reon April 7, 1947 after a period of military service serve Bank of Richmond for approximately seven and a short period of service with the Treasury Deyears. partment. Prior to his initial appointment with the Mr. Sloan succeeded Mr. Edward A. Wayne, a Board of Governors, he was a member of the staff Vice President of the Federal Reserve Bank of of the Baltimore Branch of the Federal Reserve Richmond, who had been serving on a temporary Bank of Richmond for approximately fourteen assignment since December 1, 1950, as Acting Diyears. rector of the Division of Examinations. Mr. Wayne will serve as an Adviser to the Board for a brief Publication of the Annual Report of the Board of Governors period until certain contemplated changes in examination policies and procedures are effected. The Thirty-seventh Annual Report of the Board Mr. Dwight L. Allen, who became associated of Governors of the Federal Reserve System, coverwith the Board of Governors on January 4, 1944, ing operations for the calendar year 1950, is available as a Personnel Technician in the Division of Per- for distribution. Copies may be obtained upon sonnel Administration, was appointed Director of request from the Board's Division of Administrathat Division effective June 1, 1951. Mr. Allen's tive Services, Washington 25, D. C. 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCE DEPARTMENT CENSUS OF DIRECT INVESTMENTS ABROAD The first postwar census of American direct side the United States or its possessions substaninvestments abroad is now under way and returns tially controlled by United States residents. This must be filed by July 31, 1951. control may take many forms, including direct proprietorships, partnerships, direct foreign branches of American business firms (or unincorporated The needs of business and government for staforeign operations of United States-incorporated tistical material useful in planning foreign operaenterprises), foreign-incorporated subsidiaries, or tions—especially those under the Point IV program a minority interest in a foreign-incorporated enter- —were considered in designing the questionnaires. prise which constitutes part of a controlling inter- These call for information as of December 31, est exercised by associated American investors. 1950 on the size and composition of direct invest- Among the criteria of a direct investment is that ments abroad, foreign earnings of companies operthe United States ownership consists of 25 per cent ating outside the United States, and data on various or more of the voting securities of the foreign types of transactions between American parent enterprise. organizations and their controlled enterprises. The The census is mandatory and reports must be reports will give for the first time a detailed picfiled by July 31, 1951, with the Balance of Payture of how American direct investments abroad ments Division, Office of Business Economics, U. S. changed under the influence of the war and post- Department of Commerce, Washington 25, D. C. war expansion. Forms and instructions are available from that The last census was conducted during World office or may be obtained from the Commerce De- War II by the Treasury Department, after previous partment field offices throughout the United States. surveys had been undertaken by the Department Each person having an interest in such a direct of Commerce in 1929, 1936, and 1940. investment is required to file separate reports for For the purpose of the present census, direct each controlled enterprise or for each country in investments are defined as business enterprises out- which the foreign organization operates. JUNE 1951 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 28 and released for publication May 29] Output and incomes were generally maintained tained in April. Production of chemicals expanded in April and May, reflecting in part a further ex- further reflecting mainly increased output of synpansion in Federal defense activities. Consumer thetic rubber and other industrial chemicals. Acdemands for most durable goods slackened further, tivity in the cotton textile industry decreased owing and total value of retail sales was only moderately in part to a labor dispute which was terminated above year-ago levels. Wholesale commodity prices in early May. decreased slightly in May and common stock prices Crude petroleum output expanded to new record showed fairly marked declines. Bank loans to levels in April and early May, and production of business have shown little change since early April. anthracite rose substantially from the reduced March rate. Metal mining increased as iron ore INDUSTRIAL PRODUCTION production rose more than seasonally. Output at factories and mines in April, as meas- EMPLOYMENT ured by preliminary figures for the Board's seasonally adjusted index, was 222 per cent of the Total employment in nonagricultural establish- 1935-39 average, the same as March. Not much ments in April, seasonally adjusted, showed a change in this level is indicated in May. The cur- smaller gain than in other recent months. Employrent level of industrial activity is about 15 per cent ment in defense and related activities continued to higher than a year ago. increase, while employment in consumer goods in- Production of durable goods showed little change dustries showed moderate declines. Average wage in April as output of industrial equipment in- rates at manufacturing plants rose further. Uncreased somewhat less than in other recent months; employment declined to 1.7 million, one of the passenger car assemblies decreased 15 per cent; and lowest levels reached in the past decade except for production of furniture, television sets, and most the war years. other household durable goods was reduced. Output of metals and most building materials was CONSTRUCTION maintained at or above earlier advanced rates. Value of construction contract awards increased Activity in the aircraft industry showed a further seasonally in April, reflecting chiefly gains in most marked expansion. types of private nonresidential awards. Total Output of most nondurable goods was main- awards in May are likely to increase further be- INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS 39 • 100 PER CENT DOLLAR VOLUME, SEASONAL^Y ADJUSTED, 1935-39- 100 PEf 400 : I 1/ 350 A u SALES 300 A X 1 > / / 250 / STOCKS 200 / XI / Y / • 150 /V) ^' - - 1 • 100 100 100 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for April. for April 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS cause of a very large contract issued by the Atomic BANK CREDIT AND THE MONEY SUPPLY Energy Commission. The number of housing Bank loans to business in leading cities showed units started in April showed a contra-seasonal delittle change from mid-April to the third week of cline to 88,000, as compared with 93,000 in March May, although there is usually a decline at this seaand 133,000 in April 1950. son. Credit extended for defense purposes continued to be substantial. Wholesalers and retailers DISTRIBUTION also borrowed substantial amounts, while com- Total retail sales decreased further in April. In modity dealers made large repayments on loans. the early part of May, department store sales of Deposits and currency held by businesses and indurable goods slackened somewhat further, while dividuals increased substantially in April, reflecting sales of apparel and most other nondurable goods largely a shift of funds to private accounts as Treaswere maintained. Department store stocks at the ury balances were reduced following the heavy end of April continued at the advanced level inflow of tax receipts in March. At selected banks reached at the end of March and were nearly one- in leading cities outside New York the rate of use third above the corresponding period in 1950. of demand deposits rose somewhat further. Member bank reserve balances declined between COMMODITY PRICES early April and mid-May, reflecting gold and cur- Prices of 28 basic commodities have declined fur- rency outflows, cash redemption of part of Federal ther since the end of April and on May 25 were 7 Reserve holdings of the weekly maturing Treasury per cent below the February peak but 38 per cent bills, and increases in Treasury deposits at the higher than a year ago. Reflecting mainly declines Reserve Banks. in basic materials, the general level of wholesale SECURITY MARKETS commodity prices has decreased slightly since the end of April. Prices of finished goods have gen- Common stock prices reached a new postwar erally changed little. high early in May but subsequently declined to Consumer prices in mid-April were maintained the lowest level since mid-January. While yields at the March level. Prices of foods declined slightly on Treasury securities increased somewhat in the but apparel, housefurnishings, and rents increased first three weeks of May, there was little net change somewhat further. in yields on high-grade corporate bonds. SECURITY MARKETS CONSUMERS PRICES 1935- 39 -100 240 220 ( 220 200 200 t APPAREL X-^ 180 180 160 A/ ALL ITEMS 160 , f MISCELLANEOUS 140 140 -** 120 t 120 RENT _/*" 100 100 80 tADJUSTED SERIES 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Common stock prices, Standard and Poor's Corporation; Bureau of Labor Statistics' indexes. "All items" includes corporate bond yields, Moody's Investors Service; U. S. Govfuel and housefurnishings groups not shown separately. Mid- ernment bond issues, U. S. Treasury Department. Weekly month figures, latest shown are for April. figures, latest shown are for May 30. JUNE 1951 651 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 655-656 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V 656-657 Federal Reserve Bank statistics. 658-662 Guaranteed Regulation V loans. 662 Deposits and reserves of member banks. 663 Money in circulation. 664-665 Bank debits and deposit turnover; Postal Savings System. 665 Consolidated statement of the monetary system, deposits and currency 666 All banks in the United States, by classes. 667-669 All insured commercial banks in the United States, by classes. 670-671 Weekly reporting member banks. 672-675 Number of banking offices on Federal Reserve par list and not on par list 676 Commercial paper, bankers' acceptances, and brokers' balances. 677 Money rates; bank rates on business loans; bond yields. 678 Security prices and new issues 679-680 Corporate sales, profits, and dividends. 680-682 Treasury finance 683-685 Government corporations and credit agencies 686 Business indexes. 687-696 Department store statistics 697-700 Cost of living. 700 Wholesale prices. 701 Gross national product, national income, and personal income 702-703 Consumer credit statistics. 704-706 Current statistics for Federal Reserve chart book. 707-711 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. JUNE 1951 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS MILLIONS OF DOLLARS _ WEDNESDAY FIGURES BILLIONS OF DOLLARS TREASURY GASH AND DEPOSITS * 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 10 10 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures, latest shown are for May 30. See page 655. 654 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 U. S s . e G cu o r v i e t r ie n s ment T u re r a y s- Money Treas- u T p r r o y e s a i d t s e s - - Non- O F t e h d e - r Date or period Dis- Gold cur- in cir- ury with mem- eral co a a u n d n d - ts c B er i t l i l f s i , - ot A h l e l r1 Total stock s r t o e a u n n t c d - y - c t u io la n - h c i o n a l g s d h s - F s e R e d r e e v r - e al b p e o r s i d t e s - se R a r c e v - - e Total qu R ir e e - d1 c E e :xvances Total Bonds cates, ing Banks counts notes Wednesday figures: 1950—Apr. 5.. 168 17,572 6,357 11,215 392 18,13224,246 4,601 27,133 ,317 622 ,167 76915,971 15,209 762 Apr. 12. . 160 17,597 6,327 11,270 311 18,06824,247 4,600 27,072 ,313 587 ,177 76915,996 15,248 748 Apr. 19.. 137 17,410 6,220 11,190 381 17,92824,247 4,600 26,992 ,319 647 ,261 77115,786 15,265 521 Apr. 26.. 218 17,640 6,204 11,436 282 18,14124,247 4,600 26,962 ,316 833 ,208 77215,898 15,243 655 May 3.. 121 17,711 6,098 11,613 359 18,19224,247 4,602 27,051 ,326 678 ,287 71315,986 15,224 762 May 10. . 90 17,591 5,976 11,615 297 17,97824,249 4,602 27,041 ,318 533 ,314 71715,907 15,147 760 May 17.. 79 17,401 5,911 11,490 521 18,00124,230 4,601 26,980 ,294 426 ,293 71616,123 15,275 843 May 24.. 106 17,290 5,854 11,436 288 17,68324,230 4,601 26,908 ,292 428 ,246 71815,922 15,305 617 May 31.. 306 17,389 5,802 11,587 239 17,93524,231 4,606 27,090 ,309 588 ,254 71815,814 15,288 526 June 7. . 94 17,672 5,726 11,946 377 18,14324,232 4,605 27,079 ,309 472 ,321 73316,067 15,350 717 June 14. . 79 17,693 5,681 12,012 498 18,27024,232 4,604 26,993 ,304 319 ,447 73516,309 15,433 876 June 21.. 74 17,679 5,650 12,029 508 18,26124,231 4,604 26,926 ,294 529 ,395 78416,169 15,522 647 June 28.. 69 18,217 5,644 12,573 281 18,56724,230 4,608 27,026 ,306 866 ,441 77815,988 15,462 526 July 5.. 83 18,586 5,555 13,031 281 18,95024,231 4,607 27,315 ,302 645 ,470 802 16,254 15,463 791 July 12.. 65 18,294 5,411 12,883 399 18,75724,207 4,606 27,169 ,309 383 ,457 804 16,448 15,544 904 July 19.. 199 17,869 5,286 12,583 407 18,47524,207 4,606 27,029 ,310 525 ,462 804 16,157 15,527 630 July 26.. 350 17,964 4,997 12,967 322 18,63624,157 4,605 26,915 ,315 504 ,439 809 16,415 15,585 830 Aug. 2.. 301 18,143 4,860 13,283 318 18,76224,136 4,609 27,000 ,304 564 .487 757 16,395 15,553 842 Aug. 9.. 263 18,349 4,791 13,558 292 18,90424,035 4,608 27,015 ,309 667 ,431 759 16,366 15,535 831 Aug. 16.. 106 18,334 4,691 13,643 449 18,88923,954 4,608 26,976 ,309 717 ,392 759 16,298 15,613 685 Aug. 23. . 115 18,577 5,440 13,137 191 18,88323,803 4,609 26,963 ,308 562 ,272 748 16,442 15,686 756 Aug. 30. . 107 18,584 6,551 12,033 288 18,97923,752 4,611 27,042 ,308 676 ,304 728 16,285 15,767 513 Sept. 6. . 99 18,942 7,284 11,658 396 19,43823,577 4,613 27,259 ,311 511 ,220 716 16,611 15,747 864 Sept. 13.. 71 19,064 8,233 10,831 529 19,66523,576 4,613 27,151 ,305 648 ,182 703 16,865 15,934 931 Sept. 20.. 51 18,526 3,731 14,795 591 19,16923,525 4,613 27,081 ,301 654 ,204 768 16,299 15,946 353 Sept. 27.. 120 19,353 3,773 15,580 601 20,07523,474 4,614 27,060 ,307 1,144 ,190 762 16.699 15,837 862 Oct. 4. . 45 19,375 3,824 15,551 552 19,97223,482 4,617 27,188 1,308 848 L,288 813 16,626 15,848 778 Oct. 11.. 68 19,507 3,923 15,584 470 20,04423,432 4,618 27,339 1,316 508 1,332 810 16,789 15,829 960 Oct. 18.. 39 19,506 3,979 15,527 881 20,42623,291 4,617 27,228 1,313 449 L.292 807 17,245 15,995 1,250 Oct. 25.. 50 19,229 4,058 15,171 473 19,75323,290 4,618 27,121 1,300 420 1,367 805 16,649 15,962 687 Nov. 1. . 111 19,291 4,198 15,093 458 19.86023,249 4,622 27,219 1,304 452 L.335 748 16,674 15,947 727 Nov. 8.. 291 19,311 4,271 15,040 251 19,85323,198 4,622 27,388 1,292 298 1,324 748 16,625 15,906 719 Nov. 15.. 71 19,425 4,281 15,144 675 2P,17123,148 4,621 27,296 L.304 341 L.199 745 17,054 16,044 1,010 Nov. 22. . 247 19,296 4,268 15,028 619 20,16223,097 4,622 27,450 1,281 541 1,242 745 16,622 16,084 538 Nov. 29. . 240 19,569 4,346 15,223 692 20,50123,037 4,626 27,543 1,298 564 1,218 742 16,799 16,120 679 Dec. 6.. 11020,239 4.571 15,668 573 20,92222,976 4,628 27,698 L.294 540 1,220 725 17,049 16,100 949 Dec. 13.. 69 20,529 4,820 15,709 746 21,34422,926 4,628 27,759 1,294 451 1,213 716 17,465 16,365 1,100 Dec. 20.. 54 20,227 4,533 15.694 1,583 21,86422,796 4,630 27,929 L.291 685 1,208 760 17,416 16,550 866 Dec. 27.. 301 20,337 4,589 15,7481,081 21,72022,795 4,631 27,916 1.295 786 1,215 760 17,174 16,415 759 1951—Jan. 3.. 28 20,571 4,624 15,947 1,281 21,87922,706 4,634 27,685 1,299 546 L.25O 747 17,691 16,500 1,191 Jan. 10.. 7320,461 4,674 15,787 700 21,23522,546 4,635 27,415 1,308 273 L.173 745 17,502 16,391 1,111 Jan. 17.. 10120,798 4,747 16,051 1,024 21,92322,494 4,635 27,200 L.303 105 1,113 743 18,587 17,618 969 Jan. 24.. 273 20,545 4,747 15,798 790 21,60822,443 4,635 27,028 1,303 256 1,095 743 18,260 17,610 650 Jan. 31.. 79821,484 4,965 16,519 769 23,05122,392 4,638 27,048 1,297 807 1,206 737 18,984 18,047 937 Feb. 7. . 643 21,641 5,080 16,561 976 23,26022,341 4,638 27,125 1,307 795 1,200 736 19,075 18,249 826 Feb. 14. . 294 21,808 5,202 16,606 1,229 23,33022,260 4,637 27,159 1,292 864 1,226 734 18,952 18,211 741 Feb. 21.. 19621,854 5,320 16,534 1,233 23,28322,207 4,637 27,164 1,277 796 1,223 733 18,934 18,357 577 Feb. 28. . 397 21,881 5,393 16,488 909 23,18822,086 4,640 27,188 1,293 465 1,172 729 19,066 18,366 700 Mar. 7.. 207 22,179 5,592 16,587 840 23,22621,951 4,639 27,219 1,308 495 1,065 724 19,004 18,288 716 Mar. 14.. 13222,426 5,859 16,567 1,093 23,65221,900 4,639 27,167 1,283 420 1,102 721 19,498 18,456 1,042 Mar. 21.. 151 22,348 5,891 16,457 1,109 23,60721,856 4,638 27,121 1,295 608 1,042 734 19,301 18,724 577 Mar. 28.. 471 22,606 6,032 16,574 775 23,85221,855 4,637 27,038 1.299 1,052 1,197 736 19,023 18,535 488 Apr. 4.. 126 22,914 6,288 16,626 773 23,81321,806 4,640 27,138 1,304 711 1,213 753 19,141 18,495 646 Apr. 11.. 92 23,086 6,498 16,588 717 23,89521,806 4,640 27,166 1,287 411 1,190 753 19,533 18,546 987 Apr. 18.. 11423,086 6,544 16,542 1,034 24,23421,807 4,640 27,157 1,293 621 1,184 752 19,674 18,558 1,116 Apr. 25.. 14922,940 6,570 16,370 700 23,78921,807 4,641 27,122 1,296 678 1,212 753 19,176 18,482 694 May 2. . 264 22,716 6,570 16,146 744 23,72421,755 4,643 27,255 1,294 707 1,226 697 18,942 18,482 456 May 9. . 422 22,544 6,618 15,926 740 23,70621,755 4,643 27,315 1,298 767 1,195 696 18,833 18,270 563 May 16. . 542 22,397 6,644 15,753 974 23,91321,755 4,643 27,287 1,297 745 1,214 695 19,072 *>18,264 *>808 May 23.. 226 22,413 6,713 15,700 772 23,41121,755 4,642 27,251 1,290 765 1.201 696 18,606 *>18,303 P303 May 30.. 540 22,293 6,719 15,574 564 23,39621,755 4,642 27,461 1,294 620 1,217 693 18,508 P18.208 *>300 * Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. * 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. JUNE 1951 655 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 is n d - - ts U. S, s e G cu o r v it e i r e n s m c B e e r i n l t l i t s fi , - ot A h l e l r1 Total s G to o c ld k T s r o t c e u i r a n u u n r e n r g t c a y - d - y s - - 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 y a d h s s - - F u T p s e w r e R r o d y e r i s e e v t a i d 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 c h e a v d - - e l e - r Total qu R ir e e - d1 c E es x s - * vances Total Bonds cates, Banks a __ n aJ 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 !,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 !,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 1L.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 S.272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31... 85 22,559 2,85319,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30... 265 21,366 6,20615,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31... 223 23,333 10,97712,356 542 24,097 24,244 4,589 28,224 1.325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30... 103 19,343 7,78011,563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19.499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,018 1950—May 306 17,389 5,80211,587 239 17,935 24,231 4,606 27,090 1,309 588 1,254 718 15,814 15,288 526 June 43 18,331 5,61812,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 771 15,934 15,498 436 July 220 17,969 4,88813,081 277 18,466 24,136 4,609 27,010 1,304 566 1,443 759 16,129 15,534 595 AUE 83 18,356 6,76811,588 381 18,820 23,627 4,613 27,120 1,304 733 L ,190 724 15,989 15,770 219 Sept 72 19,572 3,79315,779 695 20,340 23,483 4,618 27,161 1,322 1,114 1,374 759 16,709 15,821 888 Oct 116 19,252 4,180 15,072 431 19,798 23,249 4,623 27,228 1,295 569 1,315 749 16,514 15,925 589 Nov.... 162 19,693 4,36415,329 783 20,638 23,037 4,627 27,595 1,287 714 1,206 738 16,763 16,118 645 Dec 67 20,778 4,62016,158 1,371 22,216 22,706 4,636 27,741 1,293 668 1,460 714 17,681 16,509 1,172 1951—Jan 798 21,484 4,96516,519 769 23,051 22,392 4,638 27,048 1,297 807 1,206 737 18,984 18,047 937 Feb . 397 21,881 5,39316,488 909 23,188 22,086 4,640 27,188 1,293 465 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 L.293 1,114 L ,322 734 19,014 18,367 647 Apr 283 22,742 6,57016,172 535 23,560 21,805 4,643 27,278 1,284 611 1,236 698 18,901 18,449 452 May 529 22,509 6,80315,706 443 23,481^21,755M.644P27.514 P1,295 666 1,179 690 18,536 P18.192 ?344 Averages of daily figures: 1950—Mar 170 17,682 6,64011,042 389 18,242 24,311 4,600 27,043 1,307 638 1,331 752 16,081 15,298 783 Apr 140 17,608 6,27411,334 388 18,136 24,247 4,601 27,062 1,313 695 L,25O 764 15,898 15,204 694 May 116 17,486 5,937 11,549 403 18,005 24,236 4,602 27,022 1,302 563 1,299 •• 111 15,941 15,237 704 lftSl—Mar 242 22,333 5,78416,549 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 6,48816,487 846 23,983 21,806 4,640 27,179 1,292 632 1,252 750 19,324 18,491 833 May 438 22,438 6,65415,784 811 23,686 21,757 4,643 27.324 1,291 640 1,243 696 18,892 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits * Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Time S O P a o t v h st i e n a r l g d s S e a d p v e o i p n s o i g t s s s i ts p d a ep y o a s b i l t e s : Ef o fe f c t c i h ve a ng d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty r k v s e C b o a u n n k tr s y d m b e e a p ( m n a o k l b s l s i e t ) r s In 6 months or more In 90 days to 6 months. . . In less than 90 days 1 1938—Apr. 16 22H 12 5 1941—Nov. 1 26 14 6 e t m b in i s a o t a N n a n w y b k O h Q l s n T i i s c o . o E h h r t , e — d U t t i r n h M n u e b d s a a y t m e n x r c i y e t m o h m t h m e e u b v i m s p e e B a r n R o n r t a b i e a e r a g e t s d n e u x s k c o l a o e n t t e f i h i s d o l a i G n k l t o t o e h c t v m a h d e e t r e e a e m n p d y r o o . a a r s b x t i s e t i e m M s u p p u u n a a a n m d x y i d i e d a m r e b r r u l b a p e m t t y r e h o b e v m r y p i a l s a e a t a i m y e w o a s n m b s b s t e e l o h r e m f o a f t b b b t h e a y m R r e n e k a S S b g s y t a t u a a n b l a t t a k e e s e - 1 1 9 9 4 4 2 8 — — J O S A S F u e e e u c p p n b t g . t e t . . . . 2 2 1 1 1 3 7 0 6 4 1 2 2 2 2 2 2 4 4 2 0 16 2 j-iz e p f a fe id c ti b ve y F in e s b u . r 1 e , d 1 9 n 3 o 6 n , m ar em e t b h e e r sa b m an e k a s s a th s o e se st i a n b l e i f s f h e e c d t fo b r y m t e h m e b F er .D b . a I n .C k . s , . 1949^— S M M e a p a y t y . 2 5 4 i 2 2 6 4 2 2 2 1 15 37 June 30.... 20 July 1 14 36 MARGIN REQUIREMENTS' Aug. 1 13 26 [Per cent of market value] Aug 11 23H 35 Aug. 16 12 25 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 22H Securities Exchange Act of 1934 M 1 a 9 r 4 . 9 29, Ja 1 n 9 . 5 1 1 6, Ja 1 n 9 . 5 1 1 7, 1951— J S J a a e n n p . . t . 1 1 6 1 1 2 2 2 3 1 1 8 9 13 2 3 6 6 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect June 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 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items For loans by banks on stocks. 75 50 75 in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a * Requirement became effective at country banks. s 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. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( s S e e c e u s r . e 1 d 3 b a y n d el i 1 g 3 ib a) l * e paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning— rate May 31 beginning— rate May 31 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 2 Oct.28, 1942 Atlanta , Aug. 24,1950 Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug.13, 1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12, 1948 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug.23, 1948 Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 Dallas , Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 San Francisco Aug. 24,1950 Aug. 24,1950 lOct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. * Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS ACCEPTANCES [Per cent per annum] AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Maturity Rate on In effect be- Previous May 31 ginning— rate Maturities not exceeding five years 1- 90 days Aug. 21, 1950 i! [In effect May 31. Per cent per annum] 91-120 days Aug. 21, 1950 121-180 days Aug. 21, 1950 To industrial or NOTE.—Minimum buying rates at the Federal Reserve Bank of commercial To financing institutions New York on prime bankers' acceptances payable in dollars. The businesses same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures.—See Banking and Monetary Statistics, Table 117, pp. Federal On p d u i r s c c h ou as n e t s s or 443-445. Reserve Bank On com O m n it- Portion com On mit- FEES AND RATES ESTABLISHED UNDER REGULATION V loans * ments for which Re- ments ON LOANS GUARANTEED PURSUANT TO DEFENSE institu- maining PRODUCTION ACT OF 1950 AND EXECUTIVE tion is portion ORDER NO. 10161 obligated [In effect May 31] 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 by borrower) borrower St. Louis Minneapolis.... Kansas City 2^-5 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 1 Rate charged borrower less commitment rate. Over 95 40-50 40-50 » Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. Maximum Rates Financing Institutions May Charge Borrowers * Charge of H 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. JUNE 1951 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1951 1951 1950 May 30 May 23 May 16 May 9 May 2 April 25 April 18 May April May Assets Gold certificates 19,879,90219,883,90519,880,90119,890,90119,893,40219,945,90219,947,90519,878,90319,944,40122,477,428 Redemption fund for F. R. notes 627,764 626,850 630,441 623,108 622,828 622,292 623,429 628,764 622,386 520,630 Total gold certificate reserves.... 20,507,666 20,510,75520,511,342 20,514,00920,516,230 20,568,19420,571,334 20,507,66720,566,787 22,998,058 Other cash 307,232 328,583 325,381 322,950 331,954 340,538 332,201 298,842 331,572 182,184 Discounts and advances: For member banks... 539,718 225,628 541,925 421,572 263,897 149,228 113,490 528,754 283,315 286,999 For nonmember banks, etc 19,400 Total discounts and advances 539,718 225,628 541,925 421,572 263,897 113,490 528,754 283,315 306,399 Industrial loans 5, 4,989 4,990 4,818 4,656 4,521 4,243 5, 4,775 2,585 Acceptances purchased. 165 258 418 178 U. S. Govt. securities: Bills 694, 809,324 848,824 1,014,351 1,229,298 1,424,698 1,563,598 654, 1,248,298 4,068,875 Certificates: Special Other 874,850 Notes 14,878,633 14,891,133 14,904,633 14,912,133 14,916,133 14,945,133 14,977,633 15,051 14,923,633 643,700 Bonds 6,719, 6,713,029 6,643,679 6,617,379 6,570,259 6,570,259 6,544,546 6,803 6,570,259 801,900 Total U. S. Govt. securities 22,292, 22413,486 22,397,13622,543,86322,715,69022,940,090 23,085,77722,509, 22,742,19017 3S9.325 Other Reserve Bank credit outstanding 558, 767,363 969,137 735,641 739,184 694,705 1,030,173 437, 529,759 236,297 Total Reserve Bank credit outstanding 23,395,96823,411,466 23,913,18823,705,894 23,723,59223,788,802 24,234,10123,481,243 23,560,217 17,934,606 Liabilities Federal Reserve notes.. 23,293,88323,107,04823,151,242 23,179,41023,125,81723,014,260 23,037,944 23,331,67723,143,89722,835,733 Deposits: Member bank — reserve accounts 18,508,451 18,605,784 19,072,082 18,833,35218,941,63719,175,55919,673,84418,535,79118,900,98415,813,832 U. S. Treasurer—general account 619,732 765,091 745,395 766,871 706,523 678,403 621,459 665 611,161 587,526 Foreign 894,601 883,913 910,700 894,011 909,352 891,742 866,679 874 914,405 987,980 Other 321,870 316,798 303,251 301,199 317,147 320,146 317,033 305 321,323 266,103 Total deposits 20,344,654 20.571,586 21,031,428 20,795,433 20,874,659 21,065,850 21,479,015 20,381,257 20,747,873 17,655,441 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 47.0 47.0 46.6 46.6 46.7 46.2 46.9 46.9 56.8 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 yean Discounts and advances: May 2 263,897 243,810 20,048 39 May 9 421,572 399,825 21,721 26 May 16 541,925 524,734 17,040 151 May 23 225,628 209,510 15,956 162 May 30. .. 539,718 423,067 116,489 162 Industrial loans: May 2 4,656 165 719 2,516 1,256 May 9 4,818 165 685 2,684 1,284 May 16 4,990 316 545 2,818 1,311 May 23 4,989 172 571 2,942 1,304 May 30 5,170 185 563 3 048 1 374 Acceptances purchased: May 2 165 165 May 9 May 16 May 23 May 30 U. S. Government securities: May 2 . . .. 22,715,690 653,199 2,420,594 10,314,490 4,436,766 1,031,904 3 858 737 May 9 . 22,543,863 577,752 4,137,377 8,479,207 4,436,766 1,031,904 3,880 857 May 16 22,397,136 533,241 4,016,361 8,471,707 4,436,766 1,031 904 3 907 157 May 23 22,413,486 337,316 4,165,786 8,465,207 4,436,766 1,031,904 3 976 507 May 30 22,292,536 228,842 4,154,760 8,457,707 4,436,766 1,031,904 3,982,557 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: May 2 19,893,402 646,551 6,754,5911,152,4211,435,187 757,639 819,0834,115,970 483,209 295,798 707,391 439,1602,286,402 May 9 19,890,901 625,526 6,514,1121,168,4541,424,820 774,083 831,1534,183,434 515,140 317,420 719,263 485,5402,331,956 May 16 19,880,901 638,368 6,484,1251,180,8811,421,828 760,746 821,4844,173,596 525,479 315,144 724,814 490,4252,344,011 May 23. 19,883,905 603,607 6,711.8111,173,6361,443,011 762,651 818,5704,105,961 498,502 303,745 717,390 445,6002,299,421 May 30 19,879,902 644,246 6,478,0961,163,4811,438,670 786,238 854,1054,159,449 523,443 313,185 717,064 483,6882,318,237 Redemption fund for F. R. notes: May 2 622,828 58,030 48,322 51,568 71,452 61,171 42,792 104,717 43,949 23,633 34,417 26,364 56,413 May 9 623,108 57,927 47,927 51,397 71,345 62,123 42,710 104,586 43,913 23,618 34,396 26,837 56,329 May 16 630,441 57,808 52,394 51,131 72,173 63,056 44,609 104,432 43,860 23,587 34,363 26,803 56,225 May 23 626,850 57,579 51,828 50,764 71,928 61,658 44,447 104,137 43,790 23,561 34,313 26,737 56,108 May 30 627,764 57,461 51,040 50,549 71,799 62,226 44,355 104,002 44,750 23,550 34,274 27,712 56,046 Totcaalt eg orleds ecrevretsif:i- May 2 20,516,230 704,581 6,802,9131,203,9891,506,639 818,810 861,8754,220,687 527,158 319,431 741,808 465,5242,342,815 May 9 20,514,009 683,453 6,562,0391,219,8511,496,165 836,206 873,8634,288,020 559,053 341,038 753,659 512,3772,388,285 May 16 20,511,342 696,176 6,536,5191,232,0121,494,001 823,802 866,0934,278,028 569,339 338,731 759,177 517,2282,400,236 May 23 20,510,755 661,186 6,763,6391,224,4001,514,939 824,309 863,0174,210,098 542,292 327,306 751,703 472,3372,355,529 May 30 20,507,666 701,707 6,529,1361,214,0301,510,469 848,464 898,4604,263,451 568,193 336,735 751,338 511,4002,374,283 Other cash: May 2 331,954 35,508 60,958 16,397 26,390 21,792 30,575 51,633 15,643 7,201 11,606 13,583 40,668 May 9 322,950 37,646 61,771 14,781 28,192 20,364 28,010 49,041 13,817 6,573 10,790 13,246 38,719 May 16 325,381 38,896 62,042 15,397 23,815 20,695 29,973 49,282 14,278 7,731 11,228 13,492 38,552 May 23 328,583 39,428 60,035 15,613 27,727 21,202 27,744 49,074 16,437 7,061 11,389 13,862 39,011 May 30. 307,232 34,436 54,071 15,207 24,951 21,395 26,771 47,859 15,151 6,906 10,980 13,243 36,262 vances: Secured by U. S. Govt. securities: May 2. . 260,315 5,195 140,400 7,615 6,725 10,640 5,399 17,085 8,648 33,750 16,403 3,255 5,200 May 9. . 419,241 6,575 190,050 9,915 42,134 12,440 5,322 52,885 7,123 31,950 7,142 11,505 42,200 May 16.. 539,611 7,450 296,825 24,075 34,634 9,960 1,932 70,735 1,200 36,300 11,895 2,305 42,300 May 23.. 223,215 14,085 93,470 11,695 6,109 11,660 1,332 31,735 2,100 28,850 14,484 2,245 5,450 May 30.. 537,335 19,540 232,830 33,845 10,669 22,700 21,932 77,885 21,075 37,605 34,209 3,245 21,800 Other* May 2. . 3,582 183 106 625 2 662 6 May 9.. 2,331 167 56 2'103 5 May 16. . 2,314 186 19 1,933 5 171 May 23. . 2,413 181 47 90 50 1 858 16 171 May 30. '. 2^383 163 47 300 90 50 1,546 16 171 Industrial loans: May 2 4,656 26 3,047 361 125 141 156 22 778 May 9 4 818 26 3,216 361 119 141 155 22 778 May 16 4,990 26 3,359 380 126 140 154 30 775 May 23 4,989 26 3,339 405 120 140 154 30 775 May 30 5,170 26 3,514 388 123 155 153 36 775 Acceptances purchased: May 2 165 165 May 9 May 16... . May 23 May 30 U. S. Govt. securities: Bills: May 2.... 1,229,298 63,179 308,428 77,347 114,829 81,739 66,332 183,356 61,906 34,675 57,880 58,824 120,803 May 9 1,014,351 71,997 226,822 63,823 94,751 67,447 54,734 151,296 55,301 32,201 47,760 48,539 99,680 May 16. ... 848,824 58,474 209,218 51,835 76,953 54,778 44,453 122,877 44,915 26,153 38,789 39,422 80,957 May 23 809,324 46,217 192,203 50,923 75,598 53,815 43,670 120,715 44,124 25,693 38,106 38,728 79,532 May 30 694,824 49,318 155,372 43,718 64,904 46,201 37,492 103,636 37,882 22,057 32,715 33,249 68,280 Notes: May 2.... 14,916,1331,058,732 3,335,440 938,5241,393,316 991,818 804,8602,224,816 813,213 473,528 702,311 713,7661,465,809 May 9 14,912,1331,058,448 3,334,546 938,2721,392,942 991,552 804,6442,224,219 812,996 473,401 702,123 713,5741,465,416 May 16 14,904,6331,057,916 3,332,869 937,8001,392,242 991,054 804,2392,223,101 812,585 473,163 701,770 713,2161,464,678 May 23 14,891,1331,056,958 3,329,851 936,9501,390,981 990,156 803,5112,221,087 811,849 472,734 701,134 712,5711,463,351 May 30.... 14,878,6331,056,070 3,327,056 936,1641,389,813 989,325 802,8362,219,223 811,168 472,337 700,546 711,9721,462,123 Bonds: May 2.... 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 May 9.... 6,617,379 467,921 1,499,142 414,792 615,794 438,348 355,717 983,286 359,409 209,282 310,395 315,460 647,833 May 16 6,643,679 469,787 1,505,023 416,447 618,251 440,096 357,137 987,209 360,844 210,116 311,634 316,717 650,418 May 23.... 6,713,029 474,710 1,520,530 420,811 624,729 444,707 360,879 997,553 364,625 212,318 314,899 320,035 657,233 May 30 6,719,079 475,139 1,521,883 421,191 625,294 445,109 361,206 998,455 364,954 212,511 315,184 320,325 657,828 Total U. S. Govt. securities: May 2 22,715,6901,588,262 5,113,0641,429,2712,121,8731,510,4341,225,7163,388,1591,233,322 716,7821,069,5451,086,9912,232,271 May 9 22,543,8631,598,366 5,060,5101,416,8872,103,4871,497,3471,215,0953,358,8011,227,706 714,8841,060,2781,077,5732,212,929 May 16 22,397,1361,586,177 5,047,1101,406,0822,087,4461,485,9281,205,8293,333,1871,218,344 709,4321,052,1931,069,3552,196,053 May 23 22,413,4861,577,885 5,042,5841,408,6842,091,3081,488,6781,208,0603,339,3551,220,598 710,7451,054,1391,071,3342,200,116 May 30 22,292,5361,580,527 5,004,3111,401,0732,080,0111,480,6351,201,5343,321,3141,214,004 706,9051,048,4451,065,5462,188,231 Total loans and Ma s y e curi 2 ties: 22,984,4081,593,640 5,253,7611,439,9332,128,9591,521,8241,231,2563,405,2441,241,970 750,6881,088,6101,090,2742,238,249 May 9 22,970,2531,605,108 5,250,6421,430,0182,145,9821,509,9061,220,5583,411,6861,234,829 746,9891,069,5231,089,1052,255,907 May 16 22,944,051 1,593,813 5,343,9801,433,5162,122,4601,496,0141,207,9013,403,9221,219,544 745,8861,066,0211,071,6952,239,299 May 23 22,644,1031,592,151 5,136,1271,423,7182,097,8221,500,4581,209,6223,371,0901,222,698 739,7991,070,4811,073,6252,206,512 May 30 22,837,4241,600,230 5,237,2141,438,7322,091,0681,503,4581,223,7113,399,1991,235,079 744,7131,084,2001,068,8432,210,977 JUNE 1951 659 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] San 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 Francisco Assets (cont.) Due from foreign banks: May 2 33 2 i 10 3 3 2 1 5 1 1 1 1 3 May 9 33 2 i 10 3 3 2 1 5 1 1 1 1 3 May 16 33 2 i 10 3 3 2 1 5 1 1 1 1 3 May 23 38 2 i 12 3 4 2 2 5 1 1 1 1 4 May 30 38 2 i 12 3 4 2 2 5 1 1 1 1 4 Federal Reserve notes of other Banks: May 2 125,906 3,754 16,225 7,277 7,665 30,976 12,115 14,593 6,542 3,152 5,386 5,574 12,647 May 9 127,902 3,261 18,288 6,492 6,356 27,419 15,318 13,959 8,653 3,652 6,934 5,473 12,097 May 16 128,052 5,026 19,612 5,082 7,452 26,285 13,089 15,205 8,602 3,220 6,845 5,195 12,439 May 23 124,191 3,136 18,179 5,027 6,881 26,342 10,826 15,704 9,810 3,693 5,676 4,951 13,966 May 30 120,942 4,452 16,088 5,247 8,249 23,233 12,389 14,185 8,679 3,133 7,533 3,971 13,783 Uncollected cash items: May 2 3,362,361 289,704 594,776 207,888 313,956 255,535 226,656 621,054 144,647 90,583 185,399 142,966 289,197 May 9 3,140,672 269,671 553,734 212,086 283,613 265,857 211,047 542,034 142,761 85,435 159,625 131,215 283,594 May 16 4,054,391 339,437 738,741 251,275 411,364 344,705 272,108 715,775 173,317 110,418 183,220 176,216 337,815 May 23 3,333,921 290,059 592,768 206,404 303,551 306,338 214,735 551,574 146,476 93,696 179,149 153,980 295,191 May 30 2,967,894 253,322 620,479 178,917 277,136 220,794 212,349 484,076 130,745 75,017 147,484 130,947 236,628 Bank premises: May 2 40,915 1,055 7,610 2,898 4,743 3,054 2,136 5,512 3,438 1,104 2,559 664 6,142 May 9 40,996 1,055 7,610 2,898 4,743 3,061 2,195 5,515 3,439 1,104 2,559 664 6,153 Mav 16 41,152 1,055 7,610 2,898 4,739 3,061 2,197 5,669 3,439 1,104 2,559 669 6,152 May 23 41,136 1,055 7,610 2,893 4,739 3,049 2,195 5,669 3,439 1,104 2,559 669 6,155 May 30 41,070 1,050 7,610 2,893 4,730 3,049 2,193 5,645 3,417 1,101 2,559 669 6,154 Other assets: May 2 175,760 12,699 38,660 10,963 16,937 11,855 9,400 26,059 9,335 5,533 8,567 8,268 17,484 May 9 182,301 13,232 39,987 11,329 17,425 12,337 9,776 27,101 9,762 5,747 8,835 8,584 18,186 May 16 189,584 13,772 41,985 11,635 18,083 12,728 10,118 28,158 10,066 6,009 9,140 9,054 18,836 May 23 196,452 14,497 43,294 12,144 18,733 13,203 10,484 29,200 10,461 6,231 9,384 9,380 19,441 May 30 204,392 14,594 47,018 12,520 19,351 13,738 10,772 29,871 10,759 6,354 9,714 9,656 20,045 Total assets: May 2 47,537,567 2,640,94312,774,9132,889,3484,005,2922,663,8482,374,0148,344,7871,948,7341,177,6932,043,9361,726,8544,947,205 May 9 47,299,116 2,613,42812,494,0812,897,4583,982,4792,675,1522,360,7688,337,3611,972,3151,190,5392,011,9261,760,6655,002,944 May 16 48,193,986 2,688,17712,750,4992,951,8184,081,9172,727,2922,401,4808,496,0441,998,5861,213,1002,038,1911,793,5505,053,332 May 23 47,179,179 2,601,51412,621,6642,890,2023,974,3962,694,9032,338,6258,232,4141,951,6141,178,8912,030,342 1,728,8054,935,809 May 30 46,986,658 2,609,79312,511,6282,867,5493,935,9582,634,1332,386,6478,244,2911,972,0241,173,9602,013,8091,738,7304,898,136 Liabilities Federal Reserve notes: May 2 23,125,817 1,420,917 5,205,9971,630,9022,075,7921,553,9741,254,5574,483,5281,068,803 605,670 909,226 622,2252,294,226 May 9 23,179,410 1,425,976 5,206,8981,636,4062,086,0771,557,0411,254,5804,497,0881,069,411 607,117 910,029 623,0592,305,728 May 16 23,151,242 1,424,186 5,208,4581,633,9172,085,9921,550,6431,248,8314,500,7601,067,852 605,835 906,778 619,4822,298,508 May 23. 23,107,048 1,421,076 5,202,4901,634,7,812,085,6881,541,2911,240,7614,499,8001,063,342 604,461 903,190 618,0282,292,140 May 30 23,293,883 1,434,023 5,242,5411,646,0642,095,6701,560,3331,260,4524,523,3771,070,282 605,321 912,499 628,7982,314,523 Deposits: Member bank —reserve accounts: May 2. . 18,941,637 814,821 6,147,830 901,9241,443,775 769,838 817,8343,041,527 652,076 417,176 879,849 881,8002,173,187 May 9. . 18,833,352 783,346 5,957,756 898,0551,432,177 774,798 816,2163,075,993 673,942 429,188 861,702 915,3272,214,852 May 16. .19,072,082 803,190 6,087,379 914,3501,427,992 778,737 796,7823,120,523 678,114 425,448 886,828 916,0072,236,732 May 23. . 18,605,784 803,745 6,099,068 863,1581,398,282 762,874 793,7642,937,117 648,831 405,114 864,054 872,3312,157,446 Mav 30. . 18,508,451 788,899 5,888,919 868,0911,398,070 743,178 800,8653,030,299 674,526 417,798 866,046 893,9712,137,789 U. S. treasurer—general account: May 2. . 706,523 56,563 169,969 44,692 68,836 36,000 34,355 103,843 42,127 35,424 42,452 29,401 42,861 May 9. . 766,871 70,765 169,314 52,753 67,117 34,568 31,542 127,540 42,269 36,358 44,598 36,656 53,391 May 16.. 745,395 71,099 141,105 61,036 82,547 40,327 48,861 98,523 41,340 49,278 30,140 32,305 48,834 May 23.. 765,091 63,729 84,051 85,401 82,836 44,932 40,104 123,978 51,337 48.751 48,754 34,499 56,719 May 30. . 619,732 46,349 105,362 53,274 48,725 42,301 39,619 70,335 44,901 41,712 43,314 31,241 52,599 Foreign: May 2. . 909,352 54,647 2 298,528 69,631 81,970 44,070 37,019 121,633 32,612 22,035 32,612 32,612 81,983 May 9.. 894,011 54,957 2 279,723 70,026 82,435 44,320 37,229 122,323 32,797 22,160 32,797 32,797 82,447 May 16. . 910,700 54,957 2 284,676 71,495 84,165 45,250 38,010 124,890 33,485 22,625 33,485 33,485 84,177 May 23. . 883,913 53,723 2 283,414 68,454 80,584 43,325 36,393 119,577 32,061 21,663 32,061 32,061 80,597 May 30.. 894,601 55,013 2 279,689 70,097 82,519 44,365 37,267 122,447 32,830 22,183 32,830 32,830 82,531 Other: May 2. . 317,147 4,091 243,693 957 8,970 3,719 5,824 4,250 6,399 1,277 2,220 1,784 33,963 May 9.. 301,199 4,531 237,815 679 4,172 3,217 5,619 1,807 6,819 1,707 1,554 652 32,627 May 16. . 303,251 4,739 237,966 1,349 4,817 3,874 6,940 1,851 7,117 2,287 606 491 31,214 May 23.. 316,798 4,269 250,348 1,642 4,597 2,323 9,072 2,330 7,981 1,737 335 1,530 30,634 May 30.. 321,870 3,291 233,807 846 4,185 1,585 33,253 1,536 11,151 1,130 197 485 30,404 Total deposits: May 2 20,874,659 930,122 6,860,0201,017,2041,603,551 853,627 895,0323,271,253 733,214 475,912 957,133 945,5972,331,994 May 9 20,795,433 913,599 6,644,6081,021,5131,585,901 856,903 890,6063,327,663 755,827 489,413 940,651 985,4322,383,317 May 16 21,031,428 933,985 6,751,1261,048,2301,599,521 868,188 890,5933,345,787 760,056 499,638 951,059 982,2882,400,957 May 23 20,571,586 925,466 6,716,8811,018,6551,566,299 853,454 879,3333,183,002 740,210 477,265 945,204 940,4212,325,396 May 30 20,344,654 893,552 6,507,777 992,3081,533,499 831,429 911,0043,224,617 763,408 482,823 942,387 958,5272,303,323 1 After deducting $23,000 participations of other Federal Reserve Banks on May 2; May 9; May 16; and $26,000 on May 23; and May 30. 2 After deducting $610,810,000 participations of other Federal Reserve Banks on May 2; $614,275,000 on May 9; $626,012,000 on May 16; $600),,448855,,000000 on May 23; and $614,899,000 on May 30. 660 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 c S r is a a c n n o - Liabilities (cont.) Deferred availability cash items: May 2 2,623,210 231,679 441,936 170,593 241,042 207,793 183,689 463,718 110,308 71,091 141,463 123,430 236,468 May 9. ... 2,405,064 215,287 374,682 168,587 225,138 212,324 174,510 385,639 110,274 68,826 124,810 116,277 228,710 May 16. ... 3,085,287 270,936 520,735 198,429 310,558 259,263 220,710 521,481 133,632 82,229 143,680 155,499 268,135 May 23.... 2,566,596 195,451 430,757 164,966 235,722 250,395 176,698 420,470 110,544 71,547 144,860 133,529 231,657 May 30 2,409,388 222,391 489,069 157,008 219,594 192,234 173,097 366,412 100,525 60,068 121,581 114,315 193,094 Other liabilities and accrued dividends: May 2 12,639 1,097 3,809 684 1,399 523 478 1,760 472 431 427 471 1,088 May 9 12,342 1,078 3,368 644 1,327 590 542 1,650 529 406 424 489 1,295 May 16 13,453 1,172 4,249 722 1,296 563 541 1,903 481 453 457 591 1,025 May 23. ... 15,822 1,292 4,417 825 1,671 768 747 2,231 669 492 561 752 1,397 May 30 16,576 1,255 4,686 896 1,753 832 793 2,297 726 481 594 814 1,449 Total liabilities: May 2 46,636,325 2,583,815 12,511,762 2,819,3833,921,7842,615,9172,333,7568,220,2591,912,7971,153,1042,008,2491,691,7234,863,776 May 9. ... 46,392,249 2,555,940 12,229,5562,827,1503,898,4432,626,8582,320,2388,212,0401,936,0411,165,7621,975,9141,725,2574.919,050 May 16. ... 47,281,410 2,630,27912,484,5682,881,2983,997,3672,678,6572,360,6758,369 931 1,962,0211,188,1552,001,974 1,757,8604,968,625 May 23 46,261,052 2,543,285 12,354,5452,819,2273,889,3802,645,9082,297,5398,105,5031,914,7651,153,7651,993,8151,692,7304,850,590 May 30. ... 46,064.501 2,551,221 12,244,0732,796,2763,850,5162,584,8282,345,3468,116,7031,934,9411,148,6931,977,0611,702,4544,812,389 Capital Accts.: Capital paid in: May 2.... 228,749 12,298 73,702 16,015 21,921 10,146 9,340 29,313 7,613 5,214 8,629 10,176 24,382 May 9.... 228,988 12,298 73,873 16,022 21,948 10,149 9,342 29,323 7,616 5,215 8,631 10,190 24,381 May 16 229,279 12,298 74,065 16,030 21,963 10,157 9,348 29,328 7,634 5,215 8,628 10,221 24,392 May 23 229,490 12,298 74,109 16,030 21,974 10,159 9,350 29,334 7,636 5,217 8,633 10,357 24,393 May 30. . . . 228,979 12,298 73,565 16,031 21,981 10,159 9,351 29,336 7,645 5,218 8,634 10,357 24,404 Surplus: (section 7): May 2.... 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 May 9.... 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 May 16 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 May 23. . . . 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 May 30. . .. 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): May 2.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 9 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 16. .. . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 23. .. . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 30 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.: May 2.... 134,928 9,573 28,840 9,751 12,567 9,269 7,787 18,441 7,508 5,134 6,874 6,796 12,388 May 9. ... 140,314 9,933 30,043 10,087 13,068 9,629 8,057 19,224 7,842 5,321 7,197 7,059 12,854 May 16. . . . 145,732 10,343 31,257 10,291 13,567 9,962 8,326 20,011 8,115 5,489 7,405 7,310 13,656 May 23. .. . 151,072 10,674 32,401 10,746 14,022 10,320 8,605 20,803 8,397 5,668 7,710 7,559 14,167 May 30 155,613 11,017 33,381 11,043 14,441 10,630 8,819 21,478 8,622 5,808 7,930 7,760 14,684 Total liabilities and cap. accts.: May 2.... 47,537,567 2,640,94312,774,9132,889,3484,005,2922,663,8482,374,0148,344,787 1,948,7341,177,6932,043,9361,726,8544,947,205 May 9. ... 47,299,116 2,613,42812,494,081 2,897,4583,982,4792,675,1522,360,7688,337,3611,972,3151,190,5392,011 9261,760 6655 002,944 Mav 16 48,193,986 2,688,177 12,750,4992,951,8184,081.9172,727,2922,401,4808.496,0441,998,5861,213,1002,038,191 1,793,5505,053,332 May 23. ... 47,179,179 2,601,51412,621,6642,890,2023,974,3962,694,9032,338,6258,232,4141,951,6141,178,8912,030,342 1,728,8054,935,809 May 30. ... 46,986,658 2,609.79312,511,6282,867,5493,935 9S82,634,1332,386,6478,244,2911,972,0241,173,9602,013,809 1 738 7304,898,136 Contingent liability on acceptances purchased for foreign correspondents: May 2 31,473 1,951 19,662 2,486 2,927 1,573 1,322 4,343 1,165 787 1,165 1,165 2,927 May 9. ... 31,436 1,949 19,650 2,484 2,924 1,572 1,320 4,338 1,163 786 1,163 1,163 2,924 May 16. ... 31,264 1,938 19597 2,470 2,908 1,563 1,313 4,314 1,157 782 1,157 1,157 2,908 May 23 31,420 1,946 19^670 2,480 2,919 1,569 1,318 4,331 1,161 785 1,161 1,161 2,919 May 30. ... 30,789 1,940 19,104 2,472 2,910 1,565 1,314 4,318 1,158 782 1,158 1,158 2,910 Industrial loan commitments: May 2 2 711 1 257 624 48 208 480 94 May 9 2,615 1,088 700 48 205 480 94 May 16. 2 592 1,087 681 48 205 480 91 May 23. .'. . 2,'700 655 48 205 480 91 May 30. .. 3,672 l!384 671 48 505 480 584 i After deducting $21,811,000 participations of other Federal Reserve Banks on May 2; $21,786,000 on May 9; $21,667,000 on May 16; $21,750,000 on May 23; and $21,685,000 on May 30. JUNE 1951 661 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 - l A a t n - ta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): May 2 24,008,947 1,476,590 5,377,8851,712,281 2,175,371 1,622,417 ,350,423 4,562,6981,109,775 615,654 935,348 664,868 2,405,637 May 9 24,081,764 1,474,6845,396,5211,718,499 2.182,8821,629,900 ,353,4024,574,7911,110,266 6177,,116 937,495 667,728 2,418,480 May 16 24,109,4101,483,3365,410,6341,715,686 2185,4401,625,804 ,362,193 4,576i,7961,108,002 6177,536 938,143 667,910 2,417,930 May 23 24,127,777 1,481,,535 55,,442244,,4400771,725,616 2,177,8641,622,837 ,368,2774,577,6801,106,219 617,301 936,228 667,239 2,422,574 May 30 24,214,150 1,482,6835,443,4091,734,837 2,197,427 1,630,609 ,362,479 4,596,2401,114,705 617,005 941,315 676,062 2,417,379 Collateral held against notes outstanding: Gold certificates: May 2 12,174,000 350,000 4,470,000 710,000 765,000 450,000 510,000 2,580,000 250,000 150,000 280,000159,000 1,500,000 May 9 12,204,000 350,000 4,470,000 720,000 765,000 450,000 510,000 2,600,000 250,000150,000 280,000159,0001,500,000 May 16 12,204,000 350,000 4,470,000 720,000 765,000 450,000 510,000 2,600,000 225500,,000000 115500,,000000 280,000 159,0001,500,000 May 23 12,234,000 350,000 4,470,000 730,000 765,000 450,000 510,000 2.620,000 250,000150,000 280,000159,0001,500,000 May 30 12,244,000 350,000 4,470,000 730,000 775,000 450,000 510,000 2,620,000 250,000 150,000 280,000159,0001,500,000 Eligible paper: May 2 226,567 5,378 138,506 7,615 10,540 8,648 33,750 18,930 3,200 May 9 301,986 6,742 189,306 9,915 11,640 7,123 31,950 9,110 36,200 May 16 430,650 7,636 296,145 24,075 9,660 1,200 36,300 13,693 41,941 May 23 178,461 14,266 91,842 11,695 11,360 2,100 28,900 16,207 2,091 May 30 411,816 19,703 223,227 33,845 21,750 21,075 37,655 35,620 18,941 U. S. Govt. sec: May 2 12,570,000 ,200,0001,000,000 1,000,000 1,425,000 1,215,000 900,000 2,000,000 925,000 490,000 700,000515,0001,200,000 May 9 12,570,000 ,200,0001,000,000 1,000,000 1,425,000 1,215,000 900,000 2,000,000 925,000 490,000 700,000 515,0001,200,000 May 16 12,570,000 ,200,0001,000,000 1,000,000 1,425,000 1,215,000 900,000 2,000,000 925,000 490,000 700,000 515,0001,200,000 May 23 12,670,000 ,200,0001,100,000 1,000,000 1,425,000 1,215,000 900,000 2,000,000 925,000 490,000 700,000 515,0001,200,000 May 30 12,680,000 ,200,0001,100,000 1,000,000 1,425,000 1,215,000 900,000 2,000,0C0 925,000 490,000 700,000525,0001,200,000 Total collateral: May 2 24,970,567 555,378 5,608,5061,717,615 2,190,000 1,675,5401,410,000 4,580,0001,183,648 673,750 998,930 674,0002,703,200 May 9 25.075,986 ,556,7425,659,306 1,729,915 2,190,0001,676,6401,410,000 4,600,0001,182,123 671 989,110 674,000 2,736,200 May 16 25,204,650 ,557,636 5,,766,1451,744,075 190,0001,674,660 ,410,000 4,600,0001,176,200 676,300 993,693 674,000 2,741,941 May 23 25,082.461 ,564,2665,661,842 1,741,695 2,190,0001,676,360 1,410,000 4,620,0001,177,100 668,900 996,207 674,000 2,702,091 May 30 25,335,816 ,569,7035,793,227 1,763,845 2,200,0001,686,750 1,410,000 4,620,0001,196,075 1,015,620 684.0C0 2,718,941 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 . ol 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 t p 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 t o p v n - e o d t L o o u a t n - s C m om en m ts it- i o n P p f g a a f t r i i i n t n o i a c s n n i t s - c i- or last day com- standing2 out- tutions of period) pleted ! (amount) standing out- Guaranteed loans Guaranteed Additional Num- Amount (amount) (amount) standing authorized loans amount ber (amount) to date outstanding available to borrowers Date under guar- 1944 3,489 525,532 1,295 3,894 4,165 2,705 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r r e ti a d o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1 1 1 9 9 9 4 4 4 5 7 6 3 3 3 , , , 5 5 5 1 4 7 1 2 4 5 5 5 4 6 8 4 5 6 , , , 9 9 7 6 1 2 1 3 6 4,5 3 9 7 4 2 7 5 0 1 1 , , 9 3 5 9 8 5 5 7 4 8 7 1 , , , 3 4 6 0 4 3 9 4 4 2 4 1 , , , 6 8 08 7 6 6 0 9 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 Apr. 29... 3,667 632,573 1,172 2,665 1,288 2,652 Nov. 30... 23 13,585 2,340 2,232 3,335 May 31. .. 3,670 633,124 1,306 2,675 1,286 2,641 Dec. 31... 62 31,326 8,017 6,265 8,299 June 30... 3,677 638,015 4,416 2,779 1,352 2,731 July 31.. . 3,680 639,158 4,362 2,479 1,729 2,753 1951 Aug. 31. .. 3,684 644,464 6,985 2,333 2,481 3,273 Jan. 31... 119 109,433 '23,778 '"19,837 '•13,748 Sept. 30. .. 3,690 646,276 8,030 2,293 2,509 3,224 Feb. 28... 161 122,541 '•44,250 '36,537 '33,840 Oct. 31. .. 3,692 647,432 5,108 2,307 3,035 3,707 Mar. 31. .. 254 300,955 68,833 56,973 47,822 Nov. 30... 3,695 649,748 5,519 2,413 3,466 4,050 Apr. 30... P329 P420.767 126,080 106,053 184,999 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 1951 » Preliminary. * Revised. Jan. 31... 3,707 654,199 1,862 3,520 3,325 5,402 NOTE.—The difference between guaranteed loans authorized and Feb. 28... 3,706 655,702 1,523 3,681 2,937 5,358 fum of loans outstanding and additional amounts available to bor- Mar. 31. .. 3,710 660,525 3,980 3,988 2,824 5.262 rowers under guarantee agreements outstanding represents amounts Apr. 30... 3,717 664,473 4,925 4,845 2,595 5,331 repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. a 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. 662 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 m b A e e m l r l - city banks s c R e i r e t v y - e C t o r u y n- m b A e e m l r l - city banks s c R e i r e t v y - e C t o r u y nbanks New Chi- banks banks banks New Chi- banks banks York cago York cago First half of April 1951 Second half of April 1951 •Gross demand deposits: Total 98,850 23,003 5,496 37,461 32,890 98,765 22,792 5,709 37,429 32,835 Interbank 11,159 3,913 1,115 5,168 962 10,931 3,879 1,045 5,073 934 Other 87,691 19,090 4,381 32,293 31,928 87,834 18,913 4,664 32,356 31,901 :Net demand deposits > 86,806 21,083 4,951 32,449 28,324 86,897 21,007 5,126 32,385 28,379 Demand deposits adjusted 8. 75,500 76,400 Time deposits 4 29,624 1,998 1,090 11,609 14,927 29,653 1,956 1,097 11,637 14,963 Demand balances due from domestic banks... 5,458 78 108 1,769 3,504 5,364 38 130 1,767 3,429 •Reserves with Federal Reserve Banks: Total 19,377 5,340 1,254 7,391 5,393 19,270 5,316 1,294 7,304 5,356 Required 18,481 5,180 1,254 7,186 4,861 18,501 5,159 1,296 7,175 4,871 Excess 897 160 204 532 769 157 -2 129 485 Borrowings at Federal Reserve Banks. 134 10 51 188 35 65 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are t>ased 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. 1 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. MEMBER BANK RESERVES AND BORROWINGS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS 1 [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 population 15,000 population week ending Wednesday ber city banks banksl New Chi- banks York cago Demand Demand d e e x p c o e s p i t ts Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1950—April 15 898 4 285 1,060 6 131 4,423 bank bank 1951—March 19 207 5 181 1,292 7 354 5,380 April 19 324 5 328 1,274 7 347 5,374 1950 April 18 19 610 5 454 1,302 7 390 5,464 February 18,653 9,240 10,976 5,630 April 25 19 318 5 351 1,295 7 316 5335566 March . . 18,613 9,325 10,944 5,642 May 2 18 983 5 143 1,294 7 262 285 April 18,639 9,373 10,873 5,666 May 9 19 004 5 026 1,289 7 282 406 May 16 18 965 4 935 1,285 7 317 428 1951 May 23 18,956 4 959 1,277 7 297 5,423 February 20,475 9,225 11,613 5,624 March 20,610 9,303 11,477 5,620 Excess reserves: April 20,549 9,307 11,365 5,638 1950—April 694 6 1 137 551 1951—March 713 48 2 170 493 By district, April 833 158 -1 167 509 April 1951 April 18 1 053 276 3 183 591 Boston 2,389 838 314 205 April 25 815 188 2 143 482 New York 3,734 2,293 1,086 1,053 May 2 514 -2 -7 97 426 Philadelphia 1,448 819 980 890 May 9 670 18 -4 125 531 Cleveland 1,565 907 1,070 793 May 16 p 686 -9 1 145 549 May 23 p 669 13 -4 122 538 Richmond 1,279 453 787 443 Atlanta . 1,974 498 608 187 Borrowings at Federal Chicago 2,818 1,752 1,656 887 Reserve Banks: St. Louis 837 371 891 267 1950—April 101 25 13 42 21 1951—March 242 43 29 111 59 Minneapolis 659 318 704 407 April 161 23 6 69 64 Kansas City 790 129 1,458 191 Dallas 1,642 231 1,364 63 April 18 118 21 41 56 San Francisco 1,415 696 448 251 April 25 148 3 91 54 May 2 267 89 i 95 82 May 9 551 304 7 178 62 1 Includes any banks in outlying sections of reserve cities that have May 16 560 309 32 143 76 been given permission to carry the same reserve as country banks. May 23 247 76 121 50 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 663 JUNE 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency s Large denomination currency * End of year or in cir- Unasmonth cula- sorted tion * Total Coin *$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 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 a 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 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—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 5 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 April 27,278 19,023 1,551 1,073 62 1,973 5,943 8,422 8,257 2,371 4,941 360 573 4 8 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back 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 1 Money Total out- held by standing, As security For Federal Ap 1 r 9 . 5 3 1 0, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e 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 Ap 1 r 9 . 5 3 1 0, M 1 a 9 r. 5 3 1 1, Ap 1 r 9 . 5 3 0 0, certificates agents Gold 21,805 20,606 21,199 Gold certificates 20,606 17,751 2,816 39 39 41 Federal Reserve notes . 23,986 46 974 22,966 22,834 22,723 Treasury currency—total 4,643 3 2,337 39 332 4,272 4,245 4.285 Standard silver dollars 493 284 28 3 178 177 168 Silver bullion . . . . 2,053 2,053 Silver certificates and Treasury notes of 1890 s 2 337 259 2,078 2,061 2,122 Subsidiary silver coin 1,030 4 25 1,000 993 951 Minor coin 387 4 10 374 373 358 United States notes 347 3 30 314 310 319 Federal Reserve Bank notes 251 (5) 3 247 250 279 National Bank notes 83 (5) 1 82 82 87 Total—Apr. 30, 1951 (4) 22,943 1,284 17,751 4,121 27,278 Mar 31 1951 (4) 22,938 1,293 17,751 4,219 27,119 Apr 30 1950 ... ... (4) 25.349 1,308 20,220 3,814 27,048 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. 655, and seasonally adjusted figures in table on p. 665. 8 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. * 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. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in End 1 o 9 f 4 0 p . eri D od a : te f u o v n r a a 8 s r d i e , j a 7 a u t s 3 s i o o t 2 e 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 1 e s j r , u o i 1 s e n 3 t s a e 4 l l d ly End of month a D i n b t e c o a p e l r - o s s s ' 1 - Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v i . e e u e n S s r r t i n . - - r f e C u e s n t a e c d s r .2 v h s, e 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 , , 3 78 4 8 2 2 1 , ,8 4 4 1 3 1 1 8 0 2 1 , ,7 2 1 5 6 2 1 1 1 5 8 2 1944. 25,307 +4,858 1945—December... . 2,933 3,022 6 2,837 179 1945. 28,515 +3,208 1946—December 3,284 3,387 6 3,182 200 1946. 28,952 +437 1947—December 3,417 3,525 6 3,308 212 1947. 28,868 -84 1948—December 3,330 3,449 7 3,244 198 1948 28,224 —644 1949 27 600 —624 1949—November. . . 3,199 3,322 7 3,118 197 1950. 27,741 +141 December.... 3,188 3,312 7 3,118 187 Averages Df daily figures: 1950—January 3,183 3,307 7 3,117 182 1950--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 J u u l n y e 2 2 7 7 , , 1 0 1 2 7 6 2 2 7 7 , , 1 1 7 6 1 2 — + 5 9 0 A M p a r y il 3 3 , ,1 1 2 5 5 1 3 3 , , 2 27 5 6 0 8 8 3 3 , ,0 0 9 6 2 8 1 17 7 5 6 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 A M M p a n r y r il rh 2 2 2 7 7 7 , , , 1 3 1 7 2 7 9 4 1 2 2 2 7 7 7 , , , 3 5 2 9 1 5 8 6 3 + + + 1 1 1 0 1 4 8 8 5 1951— F M J e a a n b r u r c u a h a ry ry P 2 2 2 , , . 8 9 8 7 0 4 7 1 9 3 2 , , 0 9 2 9 2 8 1 1 1 1 2 2 , ,8 8 3 5 5 8 1 15 5 2 3 April ?2,825 1For end-of-year figures, represents change computed on absolute amounts in first column. v Pprreelliimmiinnaarryy.. NOTE.—For discussion of seasonal adjustment factors and for back 1 Outstanding principal, represented by certificates of deposit. figures on comparable basis see BULLETIN for September 1943, pp. 2 Includes working cash with postmasters, 5 per cent reserve fund 822-826. Because of an apparent change in the seasonal pattern and miscellaneous working funds with Treasurer of United States, acaround the year-end, adjustment factors have been revised somewhat crued interest on bond investments, and accounts due from late postfor dates affected, beginning with December 1942. masters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City* centers x centers City centers City 2 cities 2 City » 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 i s e 3 s8 }l,050,021 417,475 527,336 105,210 18.9 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 5 . . 2 5 1 1 6 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147.324 26.6 13.4 508,166 731,511 31.4 20.3 1950—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 r144,012 53,171 '75,941 14,900 29.0 14.9 53,142 '75,897 35.5 22.5 April 128,437 45,477 69,421 13,539 26.5 14.6 44,312 68,157 32.5 22.3 * Revised. 1 National series for which bank debit figures are available beginning with 1919. * Weekly reporting member bank series. » Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from whidh rates of turnover foave 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. 665 JUNE 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS » [Figures partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Bank credit Total assets, Date Treas- U.S. Government obligations l T ia o b t i a l 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 i - al R Fe e d se e r r v a e l Other O s ri e t t c h i u e e s - r ca i a p n t n i i e e d t t s al, c d u e a r p r n o e d s n i c ts y c m o a n u c i e s n - t c t . s, savings Banks banks 1929—June 29 A 037 2,019 58 642 41,082 5 741 5,499 216 26 11,819 64,698 55 776 8 922 1933—June 30 4,031 2,286 42 148 21,957 10 328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54 564 22,157 23 105 19,417 2 484 1 204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64 653 26,605 29 049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—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 ,270 4,539 485 ,570 1?? 740 95,911 783 046 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 'M 244 4,589 160 457 48,341 100 694 74,097 333 3 264 11,422 189,290 176 121 13 16S 1949—June 30 24,466 4,597 156 491 47,148 97 428 74,877 19,343 3 208 11,915 185,554 171,602 13,952 Dec. 31 24,427 4,598 162 681 49,604 100 456 78,433 18,885 3, 138 12,621 191,706 177,313 14,392 1950—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 ,200 4,600 16? 600 ,000 98 100 77,700 17 400 100 13,500 191,400 176,700 14 70O June30 24,231 4,607 164 348 51,999 98 709 77,320 18 331 3 058 13,640 193,186 178,568 14,618 July 26 24,200 4,600 164 300 53,100 97 500 76,400 18000 3 000 13,800 193,100 178,200 14,900 Aug 30 . ,800 4,600 165 800 54,500 97 200 75,600 18 600 000 14,200 194,200 179,200 15 000 Sept.27 23,500 4,600 166 800 56,300 96 000 73,800 19400 2,900 14,500 194,900 179,900 14,900 Oct 25 07,300 4,600 167 700 S7,500 95 800 73,600 19 200 900 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—Jan. 31* 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 77 100 4,600 170 700 61,500 94 500 69,800 900 900 14,800 197,500 182 600 14 80O Mar. 28P ,900 4,600 17? 100 6?,500 94 700 69,300 22 600 2 800 14,900 198,600 183,700 14 90O Apr. 21,800 4,600 172 100 62,600 94 600 68,900 22 900 2 800 15,000 198,600 183,600 15,000 Deposits and Currency U.S. Government balances Deposits adjusted and currency E)ate Total d F e b o p n r a o e e n s i 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 a v c n r n i c o n d k i m g a s s l - R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a o i r n m m c k i e s a - l de M s b p a a o v u n s i t k i n u t s g s a 4 s 1 l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c r k i - y d s e 1929—June 29 55,776 365 204 381 36 54,790 22 540 28 611 19,557 8,905 149 3,639* 1933—June 30 4?,029 50 264 852 35 40,828 14411 71 656 10,849 9,621 1,186 4,761 1939—Dec 30 68 359 1,217 2,409 846 634 63,253 ?9 793 ?7 059 15,258 10,523 1,278 6 401 1941—Dec 31 8?,811 1,498 2,215 1,895 867 76,336 38 992 ?7 7?9 15,884 10,532 1,313 9,615 1 1 9 9 4 4 5 6 — — D D Ju e e c n c . e . 3 3 2 1 1 9 1 1 1 8 7 7 0 1 6 , , , 8 6 2 0 5 1 6 7 5 2 1 1 , , , 1 8 8 4 8 9 1 5 4 2 2, , ,2 2 2 7 8 5 2 7 1 2 n3 4, , ,1 4 6 0 1 0 3 6 8 9 3 8 7 9 3 7 3 3 1 1 1 5 6 5 0 4 7 , , , 7 0 8 9 0 2 3 4 1 8 7 7 3 5 9 4 3 8 1 7 5 4 6 1 4 5 5 8 3 1 4 9 8 5 6 2 2 0 9 3 3 3 0 2 3 , , , 4 1 8 2 3 0 9 5 8 1 1 1 5 6 6 , , , 3 2 8 8 8 6 5 1 9 3 3 2 , , , 1 9 2 1 3 8 9 2 3 2 2 2 6 6 6 . . , 4 7 5 9 3 1 O O 6 1947—June 30 169,234 1,657 1,314 1,367 756 164,140 82 186 55 655 34,835 17,428 3,392 26,299* Dec 31 175,348 1,682 1,336 1,452 870 170,008 87 121 56 411 35,249 17,746 3,416 26,476 1948—June 30 177 857 1,727 1,327 ,180 1,928 165,695 8? 697 57 360 35,788 18,194 3,378 25 638 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85 520 57 520 35,804 18,387 3,329 26,079* 1949— D j e u c n . e 3 30 1 1 1 7 7 1 7,3 6 1 02 3 2 1 , ,9 1 2 50 7 1 1 , ,3 3 1 0 2 7 3 2, , 3 2 0 4 4 9 4 8 3 2 8 1 1 1 6 6 5 9 , , 6 7 2 8 6 1 8 8 1 5,7 8 5 77 0 5 58 8,6 4 1 83 6 3 3 6 6 , , 2 1 9 4 2 6 1 1 8 9 , , 9 2 3 7 2 3 3 3 , ,1 2 9 5 7 9 2 25 5 , , 4 2 1 6 5 6 1950—Apr. 26 176,100 2,400 1,300 2,200 800 168,400 84 300 59,500 36,600 19,700 3,200 24,600 May 31 . 176,700 2,400 1,300 ,200 600 169,200 8S 000 S9,500 36,600 19,800 3,100 24,70O 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 July 26 178,200 2,500 1,300 3,600 500 170,200 86 500 59 400 36,400 19,900 3,100 24,400 AUK 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 ,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 9? 59,247 36,314 20,010 2,923 25,39$ 1951—Jan. 31P ,500 2,400 1,300 ?,800 800 175,200 91 600 59 000 36,100 20,000 2,900 24,600 Feb. 18?,600 2,400 1,300 4,200 500 174,200 90 600 59 000 36,100 20,000 2,900 24,600' Mar 28P 183,700 2,400 1,300 6,400 1,100 172,500 89,000 ,100 36,200 20,100 2,800 24 400 Apr. 25P 183,600 2,500 1,300 5,800 700 173,300 89,500 59,200 36,300 20,200 2,800 24,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. • Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in bank*. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100" million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 666 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 rn . - Other assets * Total * b In a t n e k r ^ - De- a c c a c p o i u ta n l ts ba o n f ks Total ment secu- Time obliga- rities tions 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 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—June 30 142,959 51,999 90,961 77,320 13,640 34,099 163,770 11,435 95,505 56,830 13,576 14,674 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—Tan. 31 P 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. 28P 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. 28P 147,120 62,950 84.170 69,250 14,920 37,440 169,760 11,630 101,660 56,470 13,940 14,649 Apr. 25P 146,880 63,040 83,840 68,850 14,990 37,510 169,770 11,740 101,440 56,590 14,000 14,647 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 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—June 30 121,767 44,796 76,972 65,751 11,221 33,268 143,827 11,435 95,485 36,907 11,387 14,144 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—Tan. 31P 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. 28P 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. 28P 125.740 54,420 71,320 58,770 12.550 36,560 149,650 11,630 101.640 36,380 11,660 14,120 Apr. 25P 125,390 54,350 71,040 58,470 12,570 36,660 149,600 11,740 101,420 36,440 11,730 14,117 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 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 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 35,524 133,039 13,447 90,306 29,336 9,695 6,873 1951—Jan. 31 P 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. 28P 106,366 46,618 59,748 49,264 10,484 32,336 128,046 11,129 87,697 29,220 9.750 6,871 Apr. 25P 106,000 46,481 59,519 49,038 10,481 32,396 127,988 11,240 87,487 29,261 9,809 6,868 All mutual savings 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 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 I949—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 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 P 21,450 8,260 13,190 10,850 2,340 710 20,050 20 20,030 2,260 529 Feb. 28P 21,470 8,380 13,090 10,740 2,350 720 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 Apr. 25P 21,490 8,690 12,800 10,380 2,420 850 20,170 20 20.150 2,270 530 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JUNE 1951 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES '—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s ts h l Total 1 b In a t n e k r ^ - a c c T a c o p o t i u a ta n l l ts N b u a o m n f k b s er Total 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. 30 9,339 3,296 6,043 4,772 1.272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 3i 12,896 4,072 8,823 7,265 L.559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec 31 26,143 7,334 18,809 17,574 L.235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 ,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec 31 20 393 7,179 13,214 11,972 L ,242 7,261 25,216 4,464 19,307 1,445 2 259 37 1948—Dec 31 18,759 8,048 10,712 9,649 L.063 7,758 24,024 4,213 18,131 1,680 2 306 35 1949—Dec. 31 . ... 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 Oct. 25 19,877 8,919 10,958 9,134 1,824 6,515 23,602 4,146 17,851 1,605 2,352 23 Nov. 29 20,136 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 P 19,842 9,758 10,084 8,234 1,850 7,315 23,847 4,131 18,066 1,650 2,363 23 Feb. 28P , . 20,093 10,098 9,995 8,109 1,886 7,344 24,399 4,154 18,603 1,642 2,371 23 Mar. 28? 20,594 10,307 10,287 8,326 1,961 7,272 24,799 4,054 19,002 1,743 2,354 23 Apr. 25? 20,451 10,025 10,426 8,517 1,909 7,292 24,749 4,178 18,899 1,672 2,376 23 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec 31 5,931 J 333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31. 4,765 L,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 I947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 I949—Dec. 31 . 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—June 30 5,256 L ,557 3,700 3,138 562 1,640 6,419 1,014 4,305 1,099 481 13 Oct 25 5,394 1,854 3,540 2,987 553 1,777 6,668 1,109 4,486 1,073 484 13 Nov. 29. 5,456 .972 3,484 2,928 556 1,812 6,719 1,064 4,566 1,089 490 13 Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Jan. 31 P 5,448 2,124 3,324 2,762 562 1,977 6,858 1,071 4,682 1,105 489 13 Feb. 2SP 5,364 2,136 3,228 2,666 562 2,054 6,893 1,080 4,724 1,089 489 13 Mar. 28P 5,461 2,163 3,298 2,743 555 1,888 6,667 1,059 4,528 1,080 490 13 Apr. 25*> 5,386 2,125 3,261 2,692 569 1,929 6,814 1,051 4,668 1,095 492 13 Reserve city member banks: 1939—Dec 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31. 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 I949—Dec 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3 087 341 1950—June 30 38,697 14,868 23,829 20,510 3,319 11,639 47,187 5,069 30,306 11,812 3,268 336 Oct. 25 39,844 16,931 22,913 19,301 3,612 12,070 48,493 5,503 31,388 11,602 3,320 337 Nov. 29. 40,133 17,536 22,597 18,960 3,637 11,945 48,595 5,540 31,551 11,504 3,337 337 Dec 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—Jan. 31? 40,058 18,159 21,899 18,189 3,710 12,812 49,214 5,428 32,181 11,605 3,332 336 Feb. 28P 39,869 18,425 21,444 17,725 3,719 13,275 49,536 5,369 32,562 11,605 3,336 336 Mar. 28P 39,735 18,543 21,192 17,479 3,713 12,672 48,933 5,063 32,380 11,490 3,326 325 Apr. 25P 39,630 18,614 21,016 17,287 3,729 12,606 48,785 5,079 32,165 11,541 3,339 325 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31. 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31. ... 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3 305 6,513 1950—June 30 39,245 13,510 25,734 21,830 3,904 9,773 45,888 871 29,953 15,064 3,433 6,511 Oct. 25.. . 40,143 14,643 25,500 21,394 4,106 10,065 46,928 967 31,023 14,938 3,527 6,510 Nov. 29 40,413 14,907 25,506 21,368 4,138 10,241 47,301 1,033 31,496 14,772 3,541 6,508 Dec 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. 28P 40,329 15,214 25,115 20,915 4,200 10,835 47,8*2 962 32,038 14,832 3,537 6,498 Mar. 28P 40,576 15,605 24,971 20,716 4,255 10,504 47,647 953 31,787 14,907 3,580 6,510 Apr. 25P 40,533 15,717 24,816 20,542 4,274 10,569 47,640 932 31,755 14,953 3,602 6,507 8 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. 668 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 x Total * b In an te k r - 1 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 31 49,290 21,259 28,031 21,046 t ,984 25,788 69,411 10,654 43,059 15,699 ,844 13,426 1945—£)ec, 31.... 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 671 13 907 I947—Dec. 31 114,274 37,583 76,691 67,941 ,750 36,926 141,851 12,670 94,300 34,882 q,734 1Ct. 39R 1948—Dec. 31 112,286 41,968 70,318 61,388 ,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 I949—Dec 31 118,278 42,485 75,793 65,820 <;,974 35,207 143,138 12,368 94,914 35,856 1(1645 13 429 1950—jUne 30 119,808 44,304 75,504 64,546 if ,957 32,865 141,798 11,066 94,298 36,433 1t ,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 •\a,806 14,977 39,458 6,786 ?4,350 8,322 ,640 5,117 1945—Dec. 31 69,312 13,925 55.387 51,250 4t.137 20,114 84,939 9,229 5<3,486 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 43,852 38,674 c.178 22,024 82,023 8,410 S4,335 19,278 409 5 005 194g—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 14,020 19,545 q,657 4,991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 5<,034 19,801 c,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 f 180 i1. 071 Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60.251 19,897 f>,313 4-958 State member banks: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 3 1 7 5 . , 8 9 7 5 1 0 6 8 , ,8 29 5 5 0 2 9 9 , , 6 0 5 21 4 2 7 7 , , 5 0 0 89 0 2 1 , ,9 1 3 5 3 5 8 9 , , 1 7 4 3 5 1 2 44 2 , , 7 2 3 5 0 9 3 4 , ,4 7 1 3 1 9 14, , 4 3 9 3 5 4 4 7 , , 0 9 2 8 5 6 2 1 , , 2 9 4 4 6 5 •11 ,5 8 0 6 2 7 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 2/ .449 9,062 ,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 1,144 ,927 I949—Dec 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 V ,594 9,359 254 1,917 1950—jUne 30 34,023 13,068 20,955 18,211 2.744 9,466 40,277 3,488 2' .268 9,522 •5,343 1,914 Dec. 30 35,334 15,521 19,813 16,778 $,035 11,762 43,808 4,315 30,055 9,438 ,381 1,915 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 L.025 2,668 7,702 129 4,213 3,360 959 tS.RIO 1945—Dec 31 14 639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 083 6 416 I947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 ,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 ,358 6.498 I949—Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 ,473 S.540 1950—June 30 17,079 6,650 10,429 8,799 L.630 3,487 19,108 217 12,066 6,825 .539 6,553 Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 ,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 11,905 365 279 714 1947—Dec. 31 * 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec 31 2,013 520 1,493 1,234 259 509 2,201 368 L,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 L.468 1,204 263 403 2,029 369 ,186 474 326 709 Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 L.224 458 327 689 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 5. 536 2,270 1,266 3,431 9,574 457 5.504 3,613 L, 288 7,662 1945—Dec 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 L.362 7,130 1947—Dec. 31 » 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—Dec 31 18 698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—June 30 19,038 7,141 11,896 10,003 1,893 3,890 21,137 586 13,253 7,299 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 31 1 693 642 1 050 629 421 151 1,789 1,789 164 52 1945 D^r 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—Dec SI 14 209 4 814 9 394 7 832 I 562 682 13,592 16 13,575 L 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—Dec 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 i n series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JUNE 1951 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loansl Investments Com- p L u o rc a h n a s s f i o n r g I Lr.S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct 1.ions 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 - - - br e 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 o u C a m o n n e s r - 2 O o 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 0 a _ n 1 l a b t r d i e l - t s - O s ri e t t h c ie u e s r - 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 4,545 28 031 21 046 988 3,15912,7974,1023,651 3 333 1945—Dec. 31. 121,809 25,765 9,461 1,3143,1643,606 4,6771,3512,19196,043 88,912 2,45519,07116,04551,321 22 3,873 3,258^ 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 5,91852,334 145,129 3,621 1948—Dec. 31. 112,286 41,968 18,7612,775 1,336 939 10,6664,9072,992 70,318 61,388 2,82110,065 3,39445,100 85,509 3,420 1949—Dec. 31.118,278 42,485 16,9352,963 1,749 855 11,4056,0023, 12475,793 65,820 3,692 12,479 5,81043,833 66,400 3,574 1950—June 30. 119,808 44,304 16,8142,819 1,856 912 12,2706,8873,335 75,504 64,546 3,847 6,102 11,59143,000 87,237 3,721 Dec. 30.124,822 51,723 21,7762,823 1,7891,03613,3897,6283,955 73,099 60,986 4,118 1,932 16,75638,168 11 7,933 4,179 Member banks, total: 1941—Dec. 31. 43 521 18,021 8,671 972 594 598 3,494 3,( 92 25,500 19,539 971 3,00711,7293,8323,090 2,871 1945—Dec. 31.107,183 22,775 8,949 855 3,1333,378 3,4551,0271,977 84,408 78,338 2,27516,98514,27144,792 163,254 2,815- 1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065 7,1303,0642,550 65,218 57,914 1,987 5,816 4,81545,286 104,199 3,105 1948—Dec. 31. 95,616 36,060 17,631 1,8001,324 834 8,2443,9332,658 59,556 52,154 2,588 7,999 2,80038,761 54,480 2,922 1949—Dec. 31.101,528 36,230 15,857 1,9451,737 758 8,8344,7762 ,80965,297 56,883 3,38910,409 5,08537,996 45,274 3,140* 1950—June 30. 102,745 37,658 15,708 1,7701,840 807 9,5475,5053!001 65,087 55,759 3,539 4,821 9,99037,404 56,040 3,289 Oct. 4. 104,367 41,612 18,337 1,7291,382 901 10,1176,1453,52962,755 52,618 3,588 1,86812,63334,524 66,512 3,625 Dec. 30.107,424 44,705 20,521 1,8081,770 927 10,5226,1673, 58562,719 52,365 3,665 1,46814,05433,170 86,640 3,714 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 3 1,102 225 224 313 636 10,712 9,649 589 1,183 365 7,512 563 500* 1949—Dec. 31. 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 i,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 1,84? 335 242' Reserve city banks: 1941—Dec 31 15 347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4 2481,173 956 820" A 1 . 9 7 4 i 5 X — A D —f e \_ \ c — . • 3 \J 1 X. . • 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 1,2561 079 22,591 20,196 373 2,358 1,90115,560 3 1,342 1,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,5031,6091 11821,047 18,594 1,056 3,201 1,09013,247 11,421 1,032* 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,9651 212 23,931 20,951 1,189 4,180 2,12413 457 1,727 1,254- 1950—June 30. 38,697 14,868 6,596 367 201 324 4,0292,2911 27423,829 20,510 1,179 1,954 4,00513,372 . 1,988 1,331 Oct. 4. 39,433 16,574 7,688 353 168 371 4,2392,5631 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 4,4232,5671 53422,779 19,084 1,218 499 5,536 11,830 12,184 l,51t Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1 c30 6,628 4,377 110 481 2,926 861 1,222 1,02a 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492" 578 29,407 26,999 630 5,102 4,54416,713 9 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 3,8271,476 73226,125 22,857 480 2,583 2,10817,681 62,006 1,262- 1948—Dec. 31. 36,726 11,945 3,296 1,356 21 187 4,4671,895 817 24,781 21,278 760 3,340 1,12816,046 42,286 i,2ir 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4,7842,320 884 25,527 21,862 1,148 3,753 1,76815.189 42,505 1 160* 1950—June 30. 39,245 13,510 3,3391,379 33 177 5,1252,666 946 25,734 21,830 1,107 2,133 3,83514,750 52,753 1,151 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 5,5912,913 1 054 25,570 21,377 1,390 588 6,10713,287 52,998 1,19* 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 "2',087 1,774 6,538 6 619 445 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 49$ 1949—Dec. 31. 16,766 6,258 1,0781,018 12 97 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 2 1.127 434 1950—June 30. 17,079 6,650 1,1061,049 16 105 2,7271,382 335 10.429 8,799 308 1,281 1,601 5,606 2 1.198 432 Dec. 30. 17,414 7,023 1,2551,015 18 109 2,8721,461 370 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 me bers of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Co parability 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. 670 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 Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e e e n v 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 o i a c s t k - l e t h - i s s c 4 j m p u D o a d s a e t d e s n - e - i - t d d s 5 m D e I s o n d t - t e i e c p 4 r o b s a i F e t n i s o k g r n - U m G er . o e n n v S - t - . p v s S o i u a t l s b a i n i t o t d d i e c n i s - a s l c C h c o a f e e e e i t f n e c c f r r d i d . t k s - i ' s - , p a v n s a p t I i h d i r n o d o t i d r n p u c n a i e o s a s - - , r l r s - - I b n a t n e k r- P U m G S i e a o n r . a n o e g s n v d v n S t s - - a - t . l v s S p i a u i o s t c n b a i l a o i d t d l t n e - 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 r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s 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 "i95 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. 4,462 112 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. 3i 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— O jucnte 30 4 . . 1 1 , , 0 1 8 5 0 9 2 2 6 9 1 13 1 6 4 3 3 ,6 7 7 7 6 3 1,0 9 9 7 8 7 3 4 7 4 2 1 1 6 1 7 3 3 2 2 5 8 5 5 3 2 3 3 ,7 8 1 2 6 3 4 3 9 9 1 1 , , 0 0 8 6 6 0 "i 4 4 8 8 2 4 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. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 1950—June 30. . 6,206 428 1,747 25T655 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 commercial 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 I947—Dec. 31 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 194g—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 1950—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 prior to BULLETIN for May 1951 had 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). 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 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. JUNE 1951 671 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 or c F a o r r r y p i u n r g c h s a e s c i u n r g ities U. S. Government obligations Com- Total merloans cial, To brokers Date or month n m a v n e e d n s t t s - Total 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 i e f t i e r - - s O s ri e t t h c ie e u s r a c g u r l i - - G U o . v S t . . Other G U o .S v . t.Other Total Bills o d f e b in t- - Notes Bonds5 tural t l i o i o g b n a - - s c t s u i e e r - s i- l t o i i g o b a n - - s c t u ie ri s - n e e d s - s Total— Leading Cities 1950—April 66,611 24,985 13,624 727 ,004 140 461 4,494 330 4,586 41,626 35,989 1,709 4,351 5,88324,0465,637 1951—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. . . 69,868 32,428 19,005 2511,182 151 577 5,352 459 5,89937,440 30.868 1,838 8.26320.767 6,572 April 69,862 32,521 19,196 1751,122 133 593 5,393 446 5,91837,341 30,736 1,857 8,155 20,7246,605 Mar. 7.. 69,290 32,145 18,689 2741,119 163 583 5,326 542 5,89337,145 30,606 1,479 8,30320,8246,539 Mar. 14. . 69,538 32,173 18,956 2311,113 150 578 5,342 365 5,88637,365 30,782 1,718 8,29820,7666,583 Mar. 21. . 70,447 32,687 19,174 2181,263 145 576 5,371 505 5,88437,760 31,198 2,220 8,24320,735 6,562 Mar. 28.. 70,198 32,707 19,202 2791,233 146 572 5,369 425 5,930 37,491 30,886 1,933 8,209 200,744 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 20,7236,599 Apr. 11.. 69,707 32,377 19,262 1381,095 132 595 5,382 319 5,90737,33030,713 1,829 8,166 20,718 6.617 Apr. 18. . 69,756 32,381 19,198 1241,060 129 602 5,406 404 5,91337,37530,750 1,842 8,187 20,7216,625 Apr. 25.. 69,863 32,478 19,127 1961,071 127 597 5,420 465 5,93237,38530,805 1,946 8,126 20,7336,580 May 2.. 70,108 32,661 19,186 2461,113 125 602 5,419 491 5,93537,447 30,836 1,971 8,150 20,7156,611 May 9.. 69,392 32,548 19,164 2631,132 125 609 5,440 341 5,930 36,84430,339 1,641 8,09520,6036,505 May 16. . 69,582 32,668 19,233 2721,087 123 595 5,456 417 5,94136,91430,425 1,742 8,115 20,5686,489 May 23. . 69,493 32,614 19,115 1741,092 123 633 5,467 534 5,93236,87930,382 1,696 8,11320,5736,497 May 30. . 69,369 32,428 19,048 2711,061 121 596 5,476 382 5,92836,941 30,443 1,769 8,147 20,5276,498 New York City 1950—April 19,143 7,662 4,732 638 799 195 93111,481 9,891 1,576 7,065 1,590 1951—February. 19,657 9.948 6,645 396 758 237 427 258 1,331 9,709 7,870 293 1,708 5.869 ,839 March. . . 20,238 10,158 6,785 204 924 237 444 338 1,335 10,080 8,164 513 1,712 5,939 ,9i6 April 20,238 10,048 6,775 143 851 241 458 355 1,339 10,190 8,260 609 1,688 5,963 ,930 Mar. 7. . 19,927 10,045 6,683 218 851 242 431 395 1,333 9,882 7,997 331 1,714 5,952 ,885 Mar. 14. . 20,045 9,995 6,771 192 862 236 435 277 1,331 10,050 8,128 460 1,730 5,938 ,922 Mar. 21. . 20,608 10,331 6,849 1831,002 237 458 384 1,328 10,277 8,369 752 1,709 5,908 ,908 Mar. 28. . 20,371 10,258 6,836 227 979 231 454 294 1,347 10,113 8,163 509 1,694 5,960 ,950 Apr. 4. . 20,551 10,430 6,839 202 986 234 450 498 1,334 10,121 8,183 543 1,677 5,963 ,938 Apr. 11. . 20,105 9,899 6,808 107 805 245 455 256 1,336 10,206 8,268 614 1,702 5,952 ,938 Apr. 18. . 20,062 9,882 6,741 96 800 244 463 315 1,338 10,180 8,233 588 1,699 5,946 ,947 Apr. 25. . 20,234 9,982 6,713 166 814 243 465 350 1,347 10,252 8,355 690 1,673 5,992 ,897 May 2. . 20,278 10,003 6,734 208 837 243 457 315 1,325 10,275 8,387 699 1,705 5,983 May 9. . 19,809 9,919 6,713 210 862 251 466 200 1,332 9,890 8,063 445 1,670 5,948 ,827 May 16. . 19.812 9,964 6,768 208 829 252 468 221 1,336 9,848 8,036 462 1,687 5,887 ,812 May 23.. 19,706 9,944 6,716 117 838 289 471 292 1,338 9,762 7,935 400 1,670 5,865 ,827 May 30. . 19,722 9,892 6,703 180 817 252 470 254 1,333 9,830 7,996 459 1,678 5,859 ,834 Outside New York City 1950—April 47,468 17,323 8,892 205 4,207 135 3,65530,14526,098 1,320 3,490 4,30716,9814,047 1951-- February. 49,643 21,966 241 137 339 4,894 134 4,55527,67723,041 1,189 6,794 15,0584,636 March. . . 49,630 22,270 12,220 258 121 340 4,908 121 4,56427,36022,704 ,325 6,551 14,828 4,656 April... . 49,624 22,473 12,421 271 107 352 4,935 91 4,579 27,151 22,476 ,248 6,467 14,7614,675 Mar. 7. . 49,363 22,100 12,006 268 132 341 4,895 147 4,56027,26322,609 ,148 6,58914,872 4,654 Mar. 14. . 49,493 22,178 12,185 251 120 342 4,907 88 4,55527,31522,654 ,258 6,56814,828 4,661 Mar. 21.. 49,839 22,356 12,325 261 116 339 4,913 121 4,55627,48322,829 ,468 6,53414,8274,654 Mar. 28. . 49,827 22,449 12,366 254 117 341 4,915 131 4,58327,37822,723 ,424 6,51514,784 4,655 Apr. 4.. 49,571 22,419 12,357 277 117 343 4,915 97 4,58 27,15222,491 ,269 6,462 14,760 4,661 Apr. 11. . 49,602 22,478 12,454 290 105 350 4,927 63 4,57127,12422,445 ,215 6,464 14,766 4,679 Apr. 18. . 49,694 22,499 12,457 260 104 358 4,943 89 4,57527,19522,517 ,254 6,488 14,775 4,678 Apr. 25. . 49,629 22,496 12,414 257 102 354 4,955 115 4,58527,13322,450 ,256 6,453 14,7414,683 May 2. . 49,830 22,658 12,452 276 100 359 4,962 176 4,61027,17222,449 ,272 6,445 14,7324,723 May 9.. 49,583 22,629 12,451 270 99 358 4,974 141 4,59826,95422,276 ,196 6,425 14,655 4,678 May 16. . 49,770 22,704 12,465 258 100 343 4,988 196 4,60527,06622,389 ,280 6,428 14,6814,677 May 23. . 49,78 22,670 12,399 254 100 344 4,996 242 4,594 27,11722,44 ,296 6,443 14,708 4,670 May 30. . 49,64 22,536 12,345 244 98 344 5,006 128 4,59527,111 22,44 1,310 6,469 14,668 4,664 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. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e e a r r i d e t n a v - - h l k e s C va a i u n s l h t m b a w a d n e o i n c s t - e k h ti s s c j m p u a d o s a d t e s e n - - i d t d s 5 s p p u v n c h a o a o i a e n i d r r r r p l - - d - a s t s , - - , S p s d s a i i u t o c i o n a b v l a n i d t - i l t e - s - s c C h c O a f e e e e i t n f e c r r c f d . d i s t k - i ' s - , U m G er o . e n v n S - - t . s p p u n h v c a o a o a i e i n d r r r r p l - - d - s a t s , - - , S p s d s a i t i u o c i a o n b v l a t n i d - i l t e - s - s P m U G S e i a n o r a o . n e n v s v g n d S - - t - s a t . l m D t D e o i s c - e - ma F n e o i d g r- n Time r B i o n o w g r - - s c C o i a a t u c a p - n - l ts B d it e a s b n * - k tions tions Total— Leading Cities 1950—April. 2,146 46,57046,846 3,362 1,300 2,211 121 8,921 1,296 369 6,270 93,409 1951—February.. 14,061 839 2,214 50,607SI.636 3.594 1,465 2,193 14,496 706 126 9,226 1,345 376 628 6,550101,155 March.... 14,266 852 2,318 50.55351,483 3,459 1 .596 3,242 14,524 699 127 9,192 1 ,344 386 527 6,553129,039 April 14,422 829 2,34149,58350,385 3,515 1,402 4,475 14,539 727 127 9,090 1,392 353 358 6,582112,469 Mar. 7... 14,056 828 2,273 50,57751,078 3,476 1,713 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 1,750 1,992 14,513 700 126 9,615 ,354 382 281 6,551 28,062 Mar. 21... 14,339 834 2,36850,32151,092 3,436 1,440 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 1,481 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 1,521 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 1,281 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 1,502 4,241 14,524 735 127 9,271 1,376 360 311 6,582 27,578 Apr. 25... 14,267 849 2,24750,214 50,645 3,686 1,302 3,882 14,519 728 128 8,765 1,377 356 416 6,590 25,792 May 2 ... 13,960 795 2,217 5I0,16350,257 3,950 1,449 3,520 14,477 732 129 8,971 1,343 355 567 6,618 28,429 May 9... 13,864 839 2,16149,57249,552 3,792 1,270 3,149 14,494 735 130 9,057 1,347 353 591 6,629 24,347 May 16... 14,044 821 2,378 49,,35050,932 3,685 1.300 3,380 14,485 741 128 9,392 1,352 347 797 6,626 26,106 May 23 ... 13,741 845 2,229 49,86550,189 3,719 1,235 3,197 14,473 734 130 8,761 1,339 343 580 6,630 25,305 May 30... 13,712 861 2,129 50,03450,591 3,857 1,245 3,005 14,485 746 131 8,476 1,339 342 664 6,612 20,527 New York City 1950—April 4,359 124 14,84915,520 251 646 586 1,490 2,678 1,074 96 237 2,289 38,480 1951—February.. 5.020 132 15.63216,560 246 717 563 1,508 2,746 1,092 281 302 2,327 38.916 March.... 5,222 131 15,82016,683 235 819 1,109 1,563 2,803 1,111 292 237 2,319 53,142 April 5,327 129 15,59016,379 275 651 1,511 1,564 2,792 1,151 265 96 2,322 44,312 Mar. 7... 5,111 130 15,88016,624 242 951 537 1,503 2,866 1,103 286 343 2,328 11,792 Mar. 14... 5,331 137 16,42717,567 227 962 506 1,553 2,908 1,118 289 94 2,325 12,320 Mar. 21... 5,268 123 15,55116,350 224 634 1,729 1,584 2,832 1,108 290 212 2,313 13,155 Mar. 28... 5,179 135 15,42216,191 245 729 1,663 1,614 2,607 1,115 304 299 2,310 9,902 Apr. 4... 5,128 125 15,53316,206 228 728 1,756 1,586 2,691 1,183 257 145 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... 5,475 125 15,65916,536 320 722 1,396 ,547 2,856 1,133 272 51 2,323 10,173 Apr. 25... 5,291 131 15,84016,606 315 598 1,221 ,540 2,743 ,132 270 150 2,324 9,932 May 2... 5,069 122 15,81716,404 378 656 1,022 ,491 2,729 1,109 269 294 2,332 11,750 May 9... 4,850 130 15,34715,949 284 557 854 ,490 2,700 1,107 267 273 334 9,297 May 16... 4,993 123 15,14116,218 271 566 892 .474 2,818 1,120 259 471 336 9,741 May 23... 5,038 127 15,47516,196 251 564 839 ,459 2,657 1,113 257 298 2,337 9,284 May 30... 4,797 132 15,39516,313 281 561 808 1,467 2,618 1,104 256 249 2,309 7,834 Outside New York City 1950—April 7,429 649 2,109 31,72131.326 3,111 654 1,62513,194 599 6,243 222 132 3,981 54,929 1951—February.. 9.041 707 2,18234.97535.076 3,348 748 1,630 12.988 670 6,480 253 326 4,223 62.239 March 9,044 721 2,27434,73334,800 3,224 777 2,133 12,961 665 6,389 233 290 4,234 75,897 April 9,095 700 2,298 33,993 34,006 3,240 751 2,964 12,975 695 6,298 241 262 4,260 68,157 Mar. 7... 8,945 698 2,243 34,69734,454 3,234 762 1,571 12,996 665 6,517 236 304 4,232 16,724 Mar. 14... 9,187 734 2,453 35,399 36,093 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... 8,971 737 2,071 34,06533,913 3,244 2,959 12,941 667 6,039 225 418 4,244 15,574 Apr. 4... 9,106 671 2,207 33,50933,305 3,260 793 3,201 12,969 690 6,333 236 34. 4,251 17,699 Apr. 11... 9,123 708 2,39233,87734,179 3,128 724 3,149 12,973 691 6,421 241 178 4,262 14,922 Apr. 18... 9,176 701 2,378 34,21134,503 3,201 780 2,845 12,977 700 6,415 243 260 4,259 17,405 Apr. 25... 8,976 718 2,213 34,374 34,039 3,371 704 2,661 12,979 699 6,022 245 266 4,266 15,860 May 2... 8,891 673 2,184 34,346 33,853 3,572 793 2,498 12,986 703 6,242 234 273 4,286 16,679 May 9... 9,014 709 2,133 34,22533,603 3,508 713 2,295 13,004 70: 6,357 240 318 4,295 15,050 May 16... 9,051 698 2,34334,20934,714 3,414 734 2,488 13,011 711 6,574 23 326 4,290 16,365 May 23... 8,703 718 2,196 34,390 33,993 3,468 671 2,358 13,014 707 6,104 226 28: 4,293 16,021 May 30... 8,915 729 2,10134,639 34,278 3,576 684 2,197 13,018 719 5,858 235 415 4,303 12,693 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. JUNE 1951 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd es e d r a v t e e i m n lo a e v n a n e d n s ts s t- Total1 i a t c n a r g i d n i a r a d u l i l , - s , - a U T n o . d S b . d r e o O a k l e t e h r r s s er U To .S . ot O he th rs er e R l s o t e a a a n t l e s L ba o t n a o k n s s O lo th an er s Total Total Bills o d c C t f a e i f e t b i i e r n - t - s - - Notes Bonds2 s O ri e t t c i h e u e s - r cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Boston May 2 3,202 1,573 1,005 2 12 10 24 209 54 283 1,629 1,383 72 253 1,058 246 May 9 3,156 1,554 1,004 5 12 10 24 209 37 278 1,602 1,358 50 9,53 1,055 244 May 16 3 137 1,545 1,004 2 13 10 24 207 31 279 1,592 1,344 44 256 1,044 248 May 23 3,144 1,526 997 2 11 10 24 207 26 275 1,618 1,366 62 257 1,047 252 May 30 3,163 1,526 991 3 10 10 24 206 28 279 1,637 1,390 83 260 1,047 247 New York* May 2 ?2 821 11 010 7 171 215 846 30 261 766 315 1 56811 811 9,663 790 1,952 6 9212 148 May 9 22,347 10.928 7.152 217 871 31 269 777 200 1,574 11,419 9,335 533 ,918 6,8842,084 May 16 22 36110,984 7.207 216 837 28 269 780 227 1,583 11,377 9,309 550 1,936 6,8232,068 May 23 22,275 10,966 7,161 127 846 28 306 783 292 1,585 11,309 9,228 482 1,939 6,807 2,081 May 30 22,325 10,915 7,145 189 826 28 269 785 254 1,581 11,410 9,319 566 1,953 6,800 2,091 Philadelphia May 2 2,853 1,325 755 1 38 3 7 139 15 390 1,528 1,182 45 263 874 346 May 9 2,837 1,320 755 1 38 3 7 140 9 390 1,517 1 ,175 53 763 859 342 May 16 2 840 1,317 758 1 37 3 7 141 3 390 1,523 1,183 57 267 859 340 May 23 2,853 1,319 755 6 34 4 7 140 7 389 1,534 1,191 63 270 858 343 May 30 2,813 1,301 744 2 32 4 7 140 7 388 1,512 1,168 54 754 860 344 Cleveland May 2 4,958 1,964 1,145 7 32 14 68 375 4 350 2,994 2,517 201 619 1,697 477 May 9 4 902 1 967 1 149 9 29 13 68 377 5 348 2,935 2,459 163 615 1,681 476 Mav 16 4 943 1 985 1 155 9 28 13 67 378 11 355 2 958 2 476 176 617 1 683 482 May 23 4,950 1,982 1,153 9 27 13 66 379 4 362 2,968 2,486 188 617 1,681 482 May 30 4 938 1 981 1 156 9 27 13 66 379 7 355 2,957 2,475 176 614 1,685 482 Richmond May 2 2,775 1,198 598 1 5 11 42 235 5 315 1,577 1,411 104 368 939 166 May 9 . 2 792 1,199 598 1 5 11 43 236 5 314 1,593 1,427 123 368 936 166 May 16 2,802 1,197 594 1 5 11 38 241 5 316 1,605 1,441 126 375 940 164 May 23 2 776 1 193 587 1 5 11 39 243 5 316 1,583 1,418 118 368 932 165 May 30 2 766 1,189 583 1 5 11 39 241 6 317 1,577 1,411 108 371 932 166 Atlanta May 2 2 519 1 136 682 15 11 23 94 6 393 1,383 1,166 57 474 635 217 May 9 2 513 1 130 670 15 11 23 94 9 326 1 383 1,166 59 478 629 217 May 16 2 522 1 128 667 15 11 23 94 11 325 1,394 1,176 70 477 629 218 Mav 23 2 505 1 ,119 662 14 11 22 93 11 324 1,386 1 .167 50 481 636 219 May 30 2,495 1,115 657 14 11 23 95 9 324 1,380 1,160 47 478 635 220 Chicago* May 2 9,930 3,557 2,335 17 101 19 61 455 11 615 6,373 5,400 345 1,553 3,502 973 Mav 9 9 866 3 596 2 342 23 101 19 61 457 38 612 6,270 5,319 267 1,548 3,504 951 May 16 9,908 3,626 2,344 38 100 18 61 459 48 615 6,282 5,342 290 1,531 3,521 940 May 23 9,940 3,656 2,321 27 108 18 61 460 106 612 6,284 5,347 309 1,536 3,502 937 Mav 30 9,881 3,613 2,319 64 102 17 61 460 33 614 6,268 5,326 284 1,546 3,496 942 St. Louis May 2 . . 2 294 1 .937. 698 2 7 8 14 245 265 1,062 888 46 262 580 174 May 9 2,295 1,224 687 2 7 8 14 245 10 265 1,071 901 51 761 589 170 May 16. .. 2 298 1,226 682 3 8 8 14 246 13 266 1,072 905 54 262 589 167 May 23 2,310 1,218 668 1 7 8 14 245 22 267 1,092 925 63 270 592 167 May 30 2,291 1Q5 659 2 7 8 14 245 5 269 1,096 930 68 271 591 166 Minneapolis May 2 1 228 627 354 3 1 6 108 163 601 462 4 139 319 139 May 9 . .. 1 225 627 353 3 1 6 108 164 598 460 3 139 318 138 Mav 16 1 223 623 349 3 1 6 109 163 600 463 5 140 318 137 Mav 23 1,215 615 342 3 2 6 109 161 600 464 3 130 331 136 Mav 30 1 218 614 339 3 1 6 109 " " 2 162 604 467 5 130 332 137 Kansas City May 2 . . .. 2,705 J .250 813 9 4 17 169 3 244 1,455 1,183 131 450 602 272 May 9 2,706 1,247 818 9 4 17 169 2 237 1,459 1 ,189 152 440 597 270 May 16 2 732 L ,254 821 8 5 16 168 14 231 1,478 1,209 174 450 585 269 May 23 2,721 ,236 817 7 5 15 170 2 229 1,485 1,217 180 451 586 268 May 30 2,703 1,230 811 7 5 14 170 4 228 1,473 1,205 168 457 580 268 Dallas May 2 2,621 1,464 1,015 10 8 51 123 1 272 1 ,157 990 62 343 585 167 May 9 2,610 1,467 1,020 10 8 49 122 2 272 1,143 978 51 342 585 165 May 16 2 616 L ,464 1,013 12 9 45 6 273 1 ,152 986 62 343 581 166 May 23 2,617 1,467 1,004 9 7 49 122 19 273 1,150 984 61 349 581 166 May 30 2,609 1,453 1,002 8 7 49 124 8 271 1,156 992 70 342 580 164 San Francisco Mav 2 12,202 (S 39 5 2,615 1 35 6 282,501 701,147 5,877 4,591 114 ,474 3,003 1,286 May 9 12 143 6,289 2 616 5 32 6 282 506 241 150 5,854 4,572 136 L,470 2,966 1,282 May 16 12,200 6,319 2.639 21 6 25 2,511 48 1,145 5,881 4,591 134 ,461 2,996 1,290 May 23 12,187 6,317 2,648 1 21 6 242,516 40 1,139 5,870 4,589 117 ,452 3,020 1,281 May 30 12,167 6,296 2,642 1 20 6 242,522 191,140 5,871 4,600 140 ,471 2,989 1,271 City of Chicago* May 2 6,035 2,318 1,754 16 92 16 51 102 1 325 3,717 3,090 229 879 1,982 627 May 9 5 973 2,342 1,761 17 91 15 51 103 20 323 3,631 3,024 167 877 1,980 607 May 16 5,973 2,350 1,758 33 90 15 51 102 16 324 3,623 3,026 154 856 2,016 597 Mav 23 5 972 2,372 1,739 22 96 15 51 102 66 320 3,600 3,011 165 852 1,994 589 May 30 5,962 2,352 1,744 59 89 14 51 103 12 319 3,610 3,016 165 861 1,990 594 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s F w e R a e e r n r i e a d t v k h - l - e s C va a i u n sh lt m b a w a n d e n i c s o t t e k - h i s c s p m u o d a s a d s e t n e i - - t d d s 3 s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v t l a b n d i e i l t - - s s - c C h c O f a e e e e i n t f e c r r f c d t i d s k . i - ' s - , U m G er . o e n n v S - t - . u p s p v n c a h a o o a e i n d l i r r r r d s p a - - - t , - s - S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - P U m G S e o i a n r a s n o e . n g S v t v n d a - s - . - t l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n ' - k tions ions Boston May 2 538 56 102 2,637 2,554 238 64 146 476 1 3 274 32 10 340 1,204 May 9 . 525 57 85 2,582 2,520 206 60 133 476 1 3 268 33 6 341 1,086 May 16 535 57 99 2,565 2,563 192 58 149 475 2 3 271 32 5 341 1,114 May 23 549 57 90 2,604 2 ,558 199 56 141 475 2 3 251 31 13 341 1,038 May 30 540 57 91 2,606 2,569 207 63 131 474 2 3 257 34 18 340 889 New York* May 2 5,385 176 148 17,578 17,909 711 718 1,172 2,319 37 44 2,806 1,112 270 305 2,542 12,391 May 9 5,182 188 140 17,127 17,441 640 608 988 2,318 38 45 2,774 1,110 268 295 2,543 9,931 May 16 5,315 179 166 16,93617,759 618 637 1,030 2,302 38 44 2,897 1,123 260 487 2,546 10,539 May 23 5,362 183 126 17,27517,699 631 611 974 2,287 35 44 2,728 1,116 258 305 2,546 9,966 May 30 5,144 189 119 17,23717,828 695 623 933 2,295 35 45 2,686 1,106 257 282 2,519 8,367 Philadelphia May 2 542 44 117 2,237 2,329 113 31 178 400 25 371 17 25 326 1,090 May 9 533 46 101 2,215 2,289 106 26 166 404 24 360 16 29 326 913 May 16 550 44 129 2,177 2,348 90 26 182 405 28 404 17 45 326 988 May 23 513 45 114 2,214 2,312 95 24 181 403 29 357 17 20 326 1,076 May 30 528 46 119 2,193 2,313 94 23 166 403 29 339 17 54 326 788 Cleveland May 2 906 82 146 3,451 3,495 229 45 315 1,312 57 3 458 10 26 488 1,574 May 9 896 86 139 3,395 3,433 225 50 274 1,311 57 3 469 9 44 489 1,333 May 16 883 85 163 3,415 3,589 218 55 290 1,313 55 3 496 8 3 32 488 1,550 May 23 869 87 155 3,444 3,528 211 51 274 1,314 56 3 451 8 1 50 488 1,581 May 30... 876 88 150 3,494 3,632 210 47 254 1,314 56 3 445 8 1 18 489 1,302 Richmond May 2.... 518 67 155 2,172 2,166 193 48 128 553 25 18 366 6 12 20 246 897 May 9 517 69 158 2,179 2,176 180 49 121 553 25 18 391 6 12 11 246 884 May 16 518 70 167 2,179 2,222 171 55 130 553 25 18 398 8 12 14 247 978 May 23 510 71 156 2,169 2,194 177 48 123 553 25 18 365 6 12 22 247 904 May 30. .. 507 71 144 2,168 2,187 176 39 113 553 25 18 343 7 12 29 247 738 Atlanta May 2... 473 40 192 1,885 1,771 311 26 95 509 5 511 11 2 9 212 851 May 9 470 45 203 1,880 1,765 316 24 89 510 5 539 12 2 5 213 1,031 May 16 454 42 211 1,873 1,830 306 26 95 510 c 539 10 2 2 212 884 May 23 461 45 176 1,883 1,781 303 24 91 510 479 11 2 10 213 863 May 30 472 44 202 1,911 1,785 324 26 85 510 5 5 471 12 2 22 213 689 Chicago* May 2 2,067 97 314 6,682 6,726 675 144 729 2,602 26 14 1,504 39 1 42 783 4,052 May 9 2,112 105 304 6,635 6.630 638 117 667 2,604 26 14 1,529 41 1 99 784 3,269 May 16 2,141 104 317 6,604 6,860 649 114 717 2,603 26 14 1,590 42 1 107 782 3,691 May 23 1,988 106 328 6,698 6,709 646 108 667 2,602 26 14 1,481 41 1 63 783 3,674 May 30 2,097 111 302 6,805 6,897 647 112 617 2,606 26 14 1,412 46 1 96 784 2,900 St. Louis May 2 406 32 125 1,467 1,584 105 18 115 470 13 4 586 2 7 197 753 May 9 428 33 135 1,506 1,586 115 23 105 470 13 3 593 2 6 197 645 May 16.. 435 32 134 1,502 1,640 115 20 113 470 13 4 600 2 1 197 745 Mav 23 409 33 132 1,529 1,622 119 19 105 470 13 4 566 197 708 May 30 433 34 128 1,538 1,617 125 22 97 470 13 4 552 1 18 198 578 Minneapolis May 2 211 13 73 784 794 116 16 72 235 1 282 40 108 465 May 9 221 13 76 795 806 112 12 67 235 1 291 3 34 108 456 May 16 219 13 81 769 827 95 12 88 234 1 294 38 108 478 May 23 205 14 72 774 800 98 12 81 234 1 266 \ 37 108 438 May 30 218 14 70 792 813 106 13 74 233 1 263 \ 44 108 323 Kansas City May 2 556 31 260 1,974 1,959 270 33 127 386 19 4 798 2 1 24 232 958 May 9 537 34 261 1,980 1,959 262 27 118 387 19 801 1 1 7 233 877 May 16 560 33 294 2,041 2,076 252 28 124 388 19 810 1 1 12 233 989 May 23 542 35 272 2,024 2,002 264 27 116 389 19 781 1 1 15 233 1,023 Mav 30 545 35 262 2,034 2,003 263 26 114 390 19 730 2 1 32 233 693 Dallas May 2.. 505 36 322 2,156 2,115 219 47 91 367 62 585 6 2 243 869 May 9 535 40 315 2,159 2,102 218 40 83 367 62 593 10 248 770 Mav 16 531 38 355 2,174 2,207 200 43 98 367 61 615 6 248 903 May 23 492 40 369 2,185 2,180 195 42 93 369 58 588 6 249 922 May 30 521 37 308 2,163 2,134 195 42 85 369 69 563 6 1 249 668 San Francisco May 2 1,853 121 263 7,140 6,855 770 259 352 4,848 462 26 430 104 68 57 901 3,325 May 9 1,908 123 244 7,119 6,845 774 234 338 4,859 465 26 449 107 68 45 901 3,152 May 16 1,903 124 262 7,115 7,011 779 226 364 4,865 469 24 478 100 67 54 898 3,247 May 23 1,841 129 239 7,066 6,804 781 213 351 4,867 466 26 448 97 67 45 899 3,112 Mav 30 1,831 135 234 7,093 6,813 815 209 336 4,868 467 26 415 97 67 50 906 2,592 City of Chicago* May 2 1,377 34 148 4,148 4,220 357 68 379 1,378 21 1,076 34 34 525 2,540 May 9 .... 1,417 36 140 4,133 4,157 359 55 333 1,379 21 1,090 34 51 525 2,053 May 16 1,430 37 143 4,047 4,270 327 50 356 1,376 21 1,137 37 87 524 2,326 May 23 1,326 37 146 4,121 4,205 332 48 335 1,374 21 r. 1,056 35 15 524 2,188 May 30 1,371 39 139 4,159 4,299 316 54 313 1,376 21 3 1,004 35 80 525 1,759 For footnotes see opposite page and preceding table. JUKE 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not onpar list drawn, and their (nonmember) Federal Reserve branches and offices * Total Member Nonmember district or State Banks a B n r d a n of c f h ic e e s s2 Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n of c f h ic e e s s United States total: Dec. 31, 1946 14,043 3 981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4 148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3, 197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4 562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec 31, 1950 14,015 4 824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Apr. 30, 1951 P 14,006 4 894 12,165 4,602 6,862 3, 649 5,303 953 1,841 292 By districts and by States Apr. 30, 1951 P District Boston 474 342 474 342 325 269 149 73 New York 864 963 864 963 745 893 119 70 «;?•> 167 835 167 638 128 197 39 Cleveland 1,112 1,112 318 (89 274 423 44 Richmond 1,007 551 807 410 477 259 330 151 200 141 Atlanta ,203 222 603 182 355 155 248 27 600 40 Chicago >,486 622 2,486 622 1,008 266 1,478 356 St. Louis ,466 152 1.135 91 496 53 639 38 331 61 Minneapolis 1,275 112 677 71 476 28 201 43 598 41 Kansas City 1,760 15 1,751 15 756 8 995 7 9 Dallas .031 61 928 52 631 34 297 18 103 9 San Francisco 493 1 369 493 1,369 266 282 227 87 State Alabama 225 26 129 26 93 26 36 96 10 60 10 60 5 44 5 16 Arkansas 231 20 109 5 68 2 41 3 122 IS California 982 192 982 119 932 73 50 149 4 149 4 93 3 56 1 Conner t icu t 104 51 104 51 62 44 42 7 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 400 43 116 40 66 36 50 4 284 3 Idaho 43 56 43 56 24 51 19 5 Illinois 887 2 885 2 510 2 375 2 485 112 485 112 238 58 247 54 Iowa 661 164 661 164 161 500 164 Kansas 610 608 215 393 2 380 47 380 47 113 30 267 17 Louisiana 166 77 62 54 47 47 15 7 ioi 23 Maine 62 71 62 71 38 37 24 34 163 121 163 121 77 79 86 42 Massachusetts 176 178 176 178 140 161 36 17 Michigan 438 243 438 243 231 187 207 56 678 6 266 6 206 6 60 412 Mississippi.., 201 68 41 14 31 7 10 7 160 54 595 I 530 1 180 1 350 65 110 110 84 26 Nebraska 412 2 412 2 141 2 271 g 20 8 20 6 19 2 1 74 2 74 2 52 1 22 1 New Tersev 320 166 320 166 275 150 45 16 51 15 51 15 35 2 16 13 New York 619 803 619 803 542 749 77 54 North Carolina . . 208 221 97 86 54 47 43 39 iii 135 North Dakota, 150 22 62 6 42 20 6 88 16 Ohio 657 230 657 230 420 1^9 237 31 Oklahoma 385 1 377 1 224 1 153 8 Oregon 69 102 69 102 30 90 39 12 Pennsylvania 962 201 962 201 732 174 230 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 99 208 85 83 63 125 22 88 14 Texas 9C8 12 856 12 579 12 277 52 Utah 55 24 55 24 31 22 24 2 69 69 11 40 2 29 9 312 115 308 115 203 63 105 52 4 118 145 118 145 52 136 66 9 180 179 108 71 1 5^2 152 552 152 164 22 388 130 53 53 39 14 P Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (see BULLETIN for February 1951, p. 228, footnotes 10 and 12). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 676 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 paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w ll n s bo B u il g ls ht Others 2 I U m S i t n n p a i t o t t o e e r s d ts E U S f x t n r p a o i o t t m e e r d s ts c D h o e a x l n l - a g r e U sh n i i p te p p d o ed in t b s e F i t n o w r e e e ig n n States countries 1950—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 (*) 15 17 June 240 279 126 82 44 154 170 66 1 21 21 July 259 335 155 87 68 180 211 80 1 22 22 August 286 374 174 103 71 200 238 87 1 26 21 September 308 397 187 103 84 211 264 79 2 29 23 October 312 383 168 100 68 215 243 85 2 29 25 November 325 383 166 104 62 217 234 88 2 29 29 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 April 387 456 170 119 52 285 288 111 2 24 31 1 As reported by dealers; includes some finance company paper sold in open market. 'None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000. respectively. 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 * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c * es a in n a v d c e c t s o r t a u m d n e i t n n s g t a in n a v d c e c t s o r t a u m d n e i t n n s g t a b n a d n k in s borrowed2 Free O (n th e e t) r a I in n n v d p e s t a r t r m a t d n e i e n n r t g s' a in n v I d n e t s r t f a m i d rm e in n g t I a n c ( c c n o a e u p t n ) it t a s l 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—May 81,175 8 750 8 657 June 1,256 12 386 314 827 673 166 25 11 312 July 81,208 8 755 8 712 August 8 1,231 8 752 8 780 September.. 8 1,284 8 751 8 738 October 8 1,351 8 759 8 771 November. . 8 1,360 8 774 8 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January 8 690 3 948 February... 81 ,'367 8 642 March 8 1,304 3715 3918 April 3 1,286 3 661 3 879 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 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): February, 97; March, 54; April, 45. 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. JUNE 1951 677 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 mo Y w n e e th a ek , r , or 4 m p P - c a r e o t p i o r m m e c 6 i - r e a , - l a a P b c n e a r 9 c c i r n 0 m e s e k ' p s e - , t- c S h l c E t o r a o a e x a n l - c n - l g k e mo 3 s U n - e t . c h u S ri 9 t m G i - e t o o s o v n ( 1 e t t h 2 r a n - x m a 3 b e - y l n e t e t o ) a r 5- Area and period [ l P o A e a l n r l s cen $ t 1 p ,0 e 0 r 0 a - nnu $ m 10 ] S ,0 iz 0 e 0 - of $ 1 lo 0 a 0 n ,000-$200,000 months1 days 1 n a e l w s2 - bills 3 issues4 5 issues 6 $10,000 $100,000 $200,000 and over Annual averages: 1948 average L.44 :L.ll L.55 1.040 L.14 L.62 19 cities: 1949 average L.48 L.12 L.63 L.102 1.14 L.43 1941 2.0 4.3 3.0 1.9 1.8 1950 average L.45 :L.15 L.63 L.218 1.26 L.50 1942 2.2 4.4 3.2 2.2 2.0 1943 2.6 4.4 3.4 2.5 2,4 1950—May .31 L.06 L.63 L.166 L.18 L.45 1944 2.4 4.3 3.3 2.6 2.2 June .31 L.06 L.63 L.174 1.23 L.47 1945 2.2 4.3 3.2 2.3 2.0 July .31 1.06 L.63 L.172 1.23 L.45 1946 2.1 4.2 3.1 2.2 1.7 August. . . .44 L.16 L.63 L.211 1.26 L.45 1947 2.1 4.2 3.1 2.5 1.8 September 66 L.31 L.63 1.315 L.33 L.55 1948 2.5 4.4 3.5 2.8 2.2 October. . . .73 L.31 L.63 1.329 1.40 1.65 1949 2.7 4.6 3.7 3.0 2.4 November. .69 L.31 L.63 L.364 1.47 L.62 1950 2.7 4.5 3.6 3.0 2.4 December.. L.72 L.31 L.63 L.367 1.46 L.64 Quarterly: 1951—January... 1.86 L.39 2.00 L.387 L.47 L.66 19 cities: February. . 1.96 L.50 2.00 L.391 5 L.60 L.67 1950—June 2.68 4.50 3.65 2.94 2.39 March 2.06 1.63 2.00 1,422 L.79 1.86 Sept 2.63 4.51 3.63 2.95 2.34 April 2 13 1 63 2 00 ;1,520 89 6 2 03 Dec 2.84 4.60 3.73 3.10 2.57 May 2.17 1.63 2.15 1,578 I! 85 2.04 1951—Mar 3.02 4.68 3.88 3.27 2.76 New York City: Week ending: 1950—June 2.34 3.94 3.35 2.73 2.16 May 5... 2—2-j^ 1 y% 2 L.508 5 1.75 2.02 Sept 2.32 4.06 3.33 2.72 2.15 May 12. .. 2—21^ 1 y% 2 L.566 1.89 2.07 Dec 2.51 4.17 3.44 2.80 2.35 May 19... 2^6-234 1 % 2-2 y L.626 1.90 2.05 1951—Mar 2.74 4.20 3.68 3.06 2.59 May 26. .. 21^—2 3^ 1^ L.591 1.84 2.01 7 Northern and East June 2... 2>i-2M 2-23J L.600 1.85 2.02 ern cities: 1950—June , 2.67 4.58 3.62 2.82 2.45 1 Monthly figures are averages of weekly prevailing rates. Sept 2.63 4.56 3.59 2.87 2.39 2 The average rate on 90-day Stock Exchange time loans was 1.50 Dec 2.87 4.64 3.70 3.18 2.65 per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948- 1951—Mar 3.02 4.74 3.86 3.23 2.81 p a J J r a n a o d n 4 n 3 5 p . . S R B e 2 2 e 1 r a e r 3 , , t i g m e 4 2 e 1 i s . n 9 a p o 1 n t 5 e n i 3 u i n 1 r n ; r n c . g c i M l e I t u e y w n F n d a e t e y r i 1 b s a s b 9 1 r s n o 5 u u c 6 g 1 n e a e , e s r d r 2 , c y t s . i h w a 3 f a b n i o 8 i c n t a d f h a g p s t i e s J e e e n d e s u r s l n e p c o h e o c e e n a t n r f v e 1 i 2 t d o e . 9 ^ i d n 5 n b . d p 2 o e e e - t e 5 b r e n 5 t c e ' a . m e d n n n a d t A e d b b s e v o s o e , o n n r n a d d w g s t h e i h o s e e s f f n u o f M o e r o s l a l w . u o r t e w c s e h t i k a n n g 1 e 9 d n d 5 in d a 2 g i t - n e 5 s g i 4 n : : 11 1 1 S 9 9 o W 5 5 u 0 1 e t — — h s e t S D J M e r u e n r e n a p n c r t e a c n i d ties: , 3 3 3 3 . . . . 2 4 2 1 2 2 8 3 4 4 4 4 . . . . 8 7 7 7 7 1 0 8 3 3 4 3 . . . . 8 9 8 0 3 1 3 1 3 3 3 3 . . . . 1 1 2 4 7 5 1 1 3 2 2 2 . . . . 0 6 8 9 6 7 2 0 Mar. 3, 1.60; Mar. 10, 1.72; Mar. 17, 1.79; Mar. 24, 1.80; Mar. 31, 1.94; Apr. 7, 1.90; Apr. 14, 1.91; Apr. 21, 1.96; Apr. 28, 1.82. NOTE.—For description of series see BULLETIN for March 1949, 6 Series includes notes and selected bond issues. pp. 228-237. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's* (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings By groups 15 (high- (high- 7 to 9 years grade)* grade)1 Total years m o o r re Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 1-5 1-8 15 9 120 30 30 30 30 40 40 40 1948 average.... 2 on 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 1950 average L84 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1950—May L.80 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 L.83 2.34 2.09 2.61 2.90 2.65 2.72 2.92 3.32 2.69 3.19 2.83 August L.82 2.33 L.90 2.58 2.85 2.61 2.67 2.87 3.23 2.66 3.08 2.80 September L.89 2.36 L.88 2.62 2.86 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October L.94 2.38 L.82 2.65 2.88 2.67 2.72 2.91 3.22 2.70 3.09 2.85 November L.95 2.38 L.79 2.66 2.88 2.67 2.72 2.92 3.22 2.70 3.08 2.86 December L.97 2.39 L.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 L.62 2.64 2.86 2.66 2.71 2.89 3.17 2.69 3.03 2.85 February (5) 2.40 L.61 2.66 2.85 2.66 2.71 2.88 3.16 2.69 3.01 2.86 March 2.47 L.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 May 2.63 2.09 2.89 3.09 2.88 2.93 3.14 3.40 2.90 3.28 3.10 Week ending: May 5 2.61 2.06 2.88 3.08 2.88 2.93 3.13 3.38 2.89 3.27 3.09 May 12. .. 2.63 2.07 2.90 3.08 2.88 2.93 3.13 3.39 2.89 3.27 3.09 May 19 2.64 2.07 2.91 3.09 2.89 2.93 3.14 3.40 2.90 3.28 3.09 May 26 2.63 2.12 2.89 3.10 2.89 2.93 3.16 3.41 2.91 3 28 3.11 June 2 . .. 2.63 2.12 2.90 3.10 2.89 2.94 3.16 3.42 2.91 3.29 3.11 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 1 Standard and Poor's Corporation. * U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 5 Series discontinued. 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. 678 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) Volume of trad- Year, month, or week U. S. Munic- ing' (in Gov- ipal Medium-grade Pre- thoum e e rn n - t J g ( r h a i d g e h ) - 8 H gr i a g d h e - Indus- Rail- Public ferred* Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1948 average .. 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1949 average 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176.4 121 128 97 98 1 037 1950 average 102.53 133.4 181.8 146 156 117 107 2,012 1950—May 102.73 131.5 183.1 147 156 110 113 1,763 June 102.42 131.1 182.0 148 158 107 112 2,075 July 102.24 131.1 178.5 138 147 110 103 2,227 August 102.28 134.8 181.9 147 158 121 104 1,673 September 101.90 135.2 181.8 152 163 125 105 1,930 October 101.64 136.4 180.5 158 171 129 106 2,141 November 101.69 137.0 180.8 156 169 127 105 2,032 December 101.53 137.4 179.9 158 171 139 104 2,769 1951—January 101.56 140.5 180.9 169 183 153 109 2,974 February 101.44 140.8 180.9 175 190 159 111 2,104 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 May 97.90 131.1 168.9 174 189 148 111 1,630 Week ending: May 5 98.22 131.7 169.7 178 194 153 111 1,879 May 12 97.87 131.5 170.0 179 196 155 111 1 ,683 May 19 97.75 131.5 168.4 172 187 147 110 1,588 May 26 97.85 130.5 168.5 169 184 140 110 1,626 June 2 97.89 130.5 167.9 171 185 143 110 1,158 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 1 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 Year or month f ( i u a n r n n n e e g d - d w ) - m T e ( a f i o e d o g n s t r 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 e r 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 i o gn r- * m T e ( a f e i o d o g n s o t r n d t a - i - ) c l Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o g r n - 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 5 4 4 4 4 4 4 4 9 0 7 8 6 5 4 2 3 .. . " 1 8 1 9 4 8 8 9 2 2 0 0 , , . , , , , , 2 6 0 7 , 6 1 1 2 9 1 9 4 0 6 5 1 2 3 6 1 9 5 6 4 3 0 5 » 9 8 8 4 1 1 7 , , , , , , , 2 1 7 0 6 0 5 9 6 7 7 6 7 4 8 6 1 4 2 1 0 5 5 5 6 3 2 9 8 8 4 7 1 1 , , , , , , , 1 1 7 6 2 0 0 8 6 6 3 6 7 5 3 7 9 4 1 1 0 5 5 5 6 6 0 3 2 2 2 , , , , 8 3 6 2 2 9 3 4 1 0 0 2 7 5 3 4 7 7 4 3 8 0 2 5 2 1 6 2 2 3 2 1 1 3 9 2 3 9 9 2 0 1 9 4 6 3 4 0 7 8 5 4 4 3 4 5 6 1 , , , , , , 3 7 2 5 0 1 6 6 3 6 8 9 5 7 9 4 2 7 4 7 5 7 6 5 6 4 4 4 3 3 4 2 5 , , , , , 1 1 5 0 2 4 6 2 5 9 2 6 8 6 2 0 8 0 9 5 4 7 9 2 7 2 6 1 1 1 , , , 1 4 2 9 9 6 2 1 7 9 1 7 0 5 2 9 1 2 7 9 1 8 7 4 2 8 1 2 6 1 1 1 1 1 9 8 2 1 2 0 0 7 * 3 3 6 4 2 1 1 1 1 2 , , . , , . , , , 5 1 1 0 2 0 5 3 6 3 9 2 3 2 0 3 0 6 5 3 7 9 5 0 4 3 5 2 3 6 3 1 1 1 1 1 , . , , , , , , , 4 4 1 1 9 4 8 0 2 9 3 4 4 3 4 7 9 8 2 5 2 8 9 1 3 5 8 4 3 2 2 1 1 1 8 0 2 0 1 4 0 5 8 2 4 4 8 2 4 4 9 1 9 9 9 4 4 4 7 4 7 9 4 2 1 6 1 3 9 4 2 3 2 2 8 8 4 7 0 2 4 2 1 1 , , , , , 4 9 3 9 4 2 4 4 6 8 3 3 5 6 8 4 8 1 2 8 7 3 6 4 5 5 8 2 4 2 1 1 , , , , , 1 3 2 1 2 3 2 4 6 9 8 5 7 8 5 9 0 0 9 0 2 8 1 7 3 7 3 2 6 6 2 5 8 8 0 8 2 5 5 1 6 8 3 1 2 8 2 8 1 1 1 1 1 6 8 7 2 0 0 1 1 6 7 3 1 5 5 1950—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 45 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. . '517 ^439 '436 154 41 242 192 50 *3 C77 C77 19 45 '13 11 «2 February. <*834 3 649 594 181 48 365 332 33 5 "182 «182 3 154 27 25 2 March.. . . 1,229 1,019 1,001 158 48 795 641 154 17 211 180 10 88 82 52 30 ' *31 c Corrected. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. J 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. 679 JUNE 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In. millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds 2 proceeds 3 Repayment of Other Total e P q la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd 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— April 490 480 344 295 49 50 36 14 76 9 IVIay 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 60 407 402 225 189 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 I95|—January '383 '359 '301 '224 '77 '20 '17 '3 '29 '8 February 383 377 314 243 71 30 28 2 26 6 March 1,009 994 845 699 146 68 68 53 28 April 688 674 534 445 88 62 10 52 33 46 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Manufacturing 5 C m o is m c m ell e a r n c e ia o l u a s n 8 d Railroad Public utility7 Communication 8 R an ea d l fi e n s a t n at c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- 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 1 1 9 9 4 4 7 8 2 2 , ,1 6 8 8 0 6 1 1 , , 9 7 7 2 4 6 3 5 5 4 3 "403" "364' ""2\ 2 6 8 1 3 7 2 54 4 6 0 3 5 5 6 3 2 , , 2 2 1 8 2 1 2 1 , ,9 1 9 8 8 8 9 1 3 4 9 5 "mi "870" 2 5 2 8 8 7 6 4 1 8 8 5 9 2 3 4 0 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— M Ap a r y il 1 3 8 4 6 2 8 4 0 7 1 3 2 3 9 2 1 1 9 6 1 3 6 1 9 2 3 7 9 ""'36' 2 3 7 3 3 1 2 1 2 2 8 9 1 4 6 0 5 2 1 3 3 2 1 2 3 3 8 1 6 2 2 7 2 2 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 1 44 44 133 126 6 2 2 27 25 February '63 53 2 '27 20 5 26 8 18 220 200 4 2 2 '39 33 1 March 298 219 28 '52 44 2 30 30 '172 115 37 '423 '421 '20 16 April 333 257 55 26 11 3 20 20 260 213 4 23 23 12 9 r Revised. 11 EC^sSttillmTldaLteCsS oOfI nIICeVwV i1sSsSuUeCsS sSoUldiU fo1Ur I c^a<sAhS Ui n1 1t1h LeU UC nViJtUeIdL CUS taOtLedsl.CS. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and mses. * Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently lar for broad comparisons. See also footnotes 5 through 8. to 1948. to 1948. 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r 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 .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 '•43,950 '•7,891 4,050 2,237 '•37,704 6,994 3,561 2,013 '•6,246 897 489 224 Quarterlv 1949—i 9,363 1,326 808 343 8,056 1,187 723 303 1,307 139 84 40 2 9,369 1,196 726 354 8,115 1,077 653 312 1,254 119 73 42 3 9,420 1,312 799 331 8,148 1,183 717 292 1,273 129 82 39 4 8,550 1,201 766 629 7,259 1,059 675 567 1,291 142 91 62 1950—i i 9,255 1,400 801 387 7,935 1,254 715 347 1,320 146 87 40 10,649 1,821 1,046 393 9,179 1,631 934 347 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 r12 2SS 2,485 958 873 10,481 2,185 820 785 1 ,774 300 138 88 1951—1.. 12,655 2,221 898 467 10,768 1,929 780 420 1 ,887 292 117 47 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e r g n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v i e n e r g n a u t e - P b t r e a o f x o f e i r 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 i e n e r g n a u t e - P b t e r a o f x o f e i r 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 L.992 277 200 171 1947 8.685 777 479 236 4,291 954 643 494 2,149 193 131 154 1948 9,672 1,148 699 289 4,830 983 657 493 2,541 269 183 181 1949. 8,580 700 438 252 5,055 1,129 757 553 2,817 332 220 216 1950 9,473 1,385 783 312 5.431 1,303 824 619 3,178 565 341 281 Quarterly 1949—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 L.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 2 52 61 1,378 351 2230 146 749 114 2 74 63 2. 2,238 248 2 157 53 1,322 321 2212 153 780 135 286 68 3 2.534 454 2257 55 L ,317 293 2171 152 809 150 2 85 71 4 2,716 574 2 318 142 L 415 339 168 840 166 2 96 78 1951—1 2,440 229 103 100 L,500 413 229 157 860 169 93 78 »• 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). JUNE 1951 681 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 1949 1950 1951 1948 1949 1950 1 2 3 4 1 1 21 31 41 1 Nondurable goods industries Total (94 corps.):2 Sales 13 364 790 M4 710 3 243 3,051 3,163 3,333 3,251 3 453 3,939 066 4 780 Profits before taxes 9 908 1 843 701 496 397 446 503 504 581 78? 840 Profits after taxes 1 474 1 1 510 371 256 79? 347 307 353 468 38? 368 Dividends 656 708 887 146 166 147 749 166 175 713 333 198 Selected industries: Foods and kindred products (28 corps.): Sales.... 447 416 805 79? 87? 835 757 811 957 89? 966 Profits before taxes 410 377 '463 85 89 101 10? 83 100 157 11? Profits after taxes 957 5? 54 63 64 47 58 88 59 5? Dividends 134 141 30 31 79 44 34 44 Chemicals and allied products (26 corps.): Sales 563 7,569 4 456 896 860 896 910 952 1 049 19? 1 963 1 S45 Profits before taxes 655 67^ 1,114 170 140 174 189 205 947 311 S64 Profits after taxes 408 403 560 100 83 105 115 117 141 176 197 1S4 Dividends 754 438 64 66 68 113 72 79 119 174 83 Petroleum refining (14 corps.): Sales 3,945 865 4 ?34 993 934 947 996 960 989 1 113 1 17? 1 ?04 Profits before taxes 595 659 161 119 114 1 SI 133 188 ?09 ?19 Profits after taxes 548 406 443 119 97 86 109 87 95 no Dividends 172 172 205 31 47 31 63 42 42 44 77 57 Durable goods industries Total (106 corps.):' Sales 23,591 23,914 '29,240 6,120 6,320 6,257 5,217 6,004 7 196 7 851 r8 188 8,375 Profits before taxes . . 3,107 ,191 830 799 866 697 896 1 940 1 403 r1 65? 1 381 Profits after taxes 1,836 1 810898 2 540 487 470 508 474 494 693 777 576 5S0 Dividends 746 949 1,350 197 188 184 380 220 218 370 541 269 Selected industries: Primary metals and products (39 corps.): Sales .. . 9,066 ft107 r\0 ,391 ,4^0 ,175 ,050 1,549 2,200 598 9 679 r? 9?1 044 Profits before taxes 1,174 993 M 698 353 778 160 299 400 455 Profits after taxes 720 578 853 204 144 130 100 167 225 255 206 201 Dividends . . 270 285 377 71 64 61 89 66 73 80 157 88 Machinery (27 corps.): Sales 4,554 4 379 5,082 1,106 1,110 1,055 1,101 1,106 1 900 1 977 1 498 1 499 569 590 846 133 170 119 148 145 168 194 339 ?4S Profits after taxes . 334 321 422 79 77 75 91 81 93 108 140 92 Dividends 126 136 206 33 32 31 41 49 37 38 83 42 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 2,151 2,601 2,707 2,118 2,283 2 975 3 355 3 192 3,268 Profits before taxes . .. ,131 1,473 2,306 298 376 462 337 398 596 656 656 509 Profits after taxes 639 861 1,089 177 218 267 200 215 330 358 186 196 282 451 671 79 76 80 216 90 91 232 258 122 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. a Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). • Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b ta e ro f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1939 .... 6.5 1.5 5.0 3.8 1.2 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 1 9 9 9 9 9 4 4 4 4 4 7 6 8 5 4 . . . .. 3 3 2 2 1 3 0 4 3 9 . . . . . 9 5 3 5 7 1 1 1 1 9 1 3 1 3 . . . . . 6 2 5 9 0 2 1 1 1 8 0 8 0 3 . . . . . 5 9 5 8 9 4 4 5 6 7 . . . . . 7 6 8 7 5 1 1 6 3 8 1 3 . . . . . 1 8 1 4 9 1950—1 2 4 3 2 3 4 5 9 7 6 0 . . . . 2 4 4 8 2 2 1 1 0 2 3 6 . . . . 6 2 3 5 2 2 2 1 0 8 5 6 . . . . 9 5 8 0 1 9 8 8 1 . . . . 1 1 4 5 1 1 1 7 2 6 7 . . . . 9 7 5 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 1 '51.0 '26.7 ••24.3 9.3 '15.0 «• 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. 682 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] Marketable public issues 2 Nonmarketable public issues End of month T g d r o e o t b s a t s l d T d g i e r o r o b e t s a t c s l t i Total 3 Tr b ea il s l u s ry c i C e n a d e d t n r e e t s e b i f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total3 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t a s n e u n g s r d s yT b i r o n s m e n e v a d r e e s i s n e s u — t t s r - y • S i p ss e u c e ia s l i b n N e d t a e e o r r b n e in t s - t g - 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 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 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 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 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 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 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 Dec, 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 970 28,955 2,695 1948—June 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 959 30,211 2,229 Dec 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 955 31,714 2,220 1949—June 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 954 32,776 2,009 Dec 257,160 257,130 155,123 12,319 29,636 8,249 104.758 66.000 56,707 7,610 954 33.896 2,111 1950—May 256,370 256,350 155,001 13,023 23,437 15,586 102,795 67,314 57,477 8,292 954 31,868 2,167 June.... 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 954 32,356 2,148 July 257,557 257,541 155,168 13,642 12,817 25,755 102,795 67,717 57,568 8,629 953 32,518 2,138 Aug 257,891 257,874 155,162 13,637 12,817 25,755 102,795 67,897 57,470 8,912 953 32,705 2,110 Sept 257,236 257,216 153,774 13,637 11,620 31,688 96,670 67,798 57,396 8,895 953 33,396 2,247 Oct 256,959 256,937 152,779 13,629 5,373 36,948 96,670 68,413 57,954 8,999 953 33,539 2,206 Nov 257,100 257,077 152,758 13,608 5,373 36,948 96,670 68,398 58,027 8,907 953 33,732 2,189 Dec 256,731 256,708 152,450 13,627 5,373 39,258 94,035 68,125 58,019 8,640 953 33,707 2.425 1951—Jan 256,143 256,125 151,620 13,629 43,800 94,035 68,092 58,017 8,748 953 33,992 2,421 Feb 255,958 255,941 151,625 13,632 43,802 94,035 67,824 57,769 8,730 953 33,933 2,559 Mar 255,018 254,997 151,623 13,630 43,802 94,035 67,405 57,764 8,296 953 33,525 2,444 Apr 254,748 254,727 138,075 13,627 43,802 80,490 80,615 57,652 8,109 14,498 33,590 2,447 May.... 255,122 255,093 138,041 13,614 43,802 80,469 80,639 57,607 8,158 14,518 34,049 2,364 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,242 million dollars on Apr. 30, 1951. 3 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. Back figures.'—See Banking and Monetary Statistics. Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MAY 31, 1951 [In millions of dollars] (On basis of daily statements of United States Treasury. In millions Amount Funds received from sales during Redempof dollars] out- period tions and Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of All Series Series Series All series E F G series Fiscal year Treasurybills * Treasury bonds—Cont. ending: June 7, 1951 ,101 June 15, 1952-54.....2 5,825 June—1943.. 21,256 11,789 8,271 758 2,759 848 June 14, 1951 1,001 June 15, 1952-55...2H 1,501 1944.. 34,606 15,498 11,820 802 2,876 2,371 June 21, 1951 1,002 Dec. 15, 1952-54.....2 8,662 1945.. 45,586 14,891 11,553 679 2,658 4,298 June 28, 1951 1,001 June 15, 1953-55*....2 725 1946.. 49,035 9,612 6,739 407 2,465 6,717 July 5 1951 1,002 June 15, 1954-56*.• 2H 681 1947.. 51,367 7,208 4,287 360 2,561 5,545 July 12, 1951 1,000 Mar.15, 1955-60*. 2,611 1948.. 53,274 6,235 4,026 301 1,907 5,113 July 19, 1951 1,001 Mar.15, 1956-58..• 2V£ 1,449 1949.. 56,260 7,141 4,278 473 2,390 5,067 July 26, 1951 1,003 Sept.15, 1956-59*.• 2 % 982 1950.. 57,536 5,673 3,993 231 1,449 5,422 A A u u g g . . 9 2, , 1 1 9 9 5 5 1 1 1 1 , , 1 1 0 0 2 0 S Ju e n p e t.1 1 5 5 , , 1 19 9 5 5 8 6 - - 6 5 3 9 * . . .. . 2 2 H H 3,8 9 2 19 3 1950—May... 57,477 416 307 16 92 454 Aug. 16, 1951... 1,101 June 15, 1959-62'.• 2H 5,284 June... 57,536 398 297 14 86 456 Aug. 23, 1951... 1,101 Dec. 15, 1959-62'.• 2 H 3,470 July... 57,568 417 318 13 87 505 Aug. 30, 1951.. 1,101 Dec. 15, 1960-65*.• 2 ^i 1,485 Aug.... 57,470 350 270 11 70 537 June 15, 1962-67'.. 2% 2,118 Sept... 57,396 310 244 8 58 475 Dec. 15, 1963-68'.• 2J^ 2,831 Oct.... 57,954 971 271 145 555 496 June 15, 1964-69'.• 2;H| 3,761 Nov.... 58,027 436 246 37 153 448 Dec. 15, 1964-69'.• 2j^ 3,838 Dec... 58,019 541 284 61 197 509 T J J r u u e l l a y y sur 1 1 y , , n 1 1 9 9 o 5 5 te 1 1 s - - C B. . . . . . A A H H 2,7 8 4 86 1 J M M u a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 5 7 6 - - - 7 7 7 0 2 1 ' ' ' . . . • • • 2 2 2 H J ^ ^ 5 3 2 , , , 1 4 0 9 8 0 7 1 7 1951— F M Ja e a b n r . . . . . . . . . . . 5 5 5 7 8 7 , , , 7 0 7 1 6 6 7 9 4 3 3 4 8 7 5 6 5 9 3 2 2 7 4 8 2 3 0 1 1 1 7 8 2 1 9 6 1 7 7 5 6 5 5 5 2 6 3 8 0 J A O u u c l t g y . . 1 1 1 , , , 1 1 1 9 9 9 5 5 5 1 1 1 -D . . . .A • I H Y H i 4 5 1 , , , 3 8 9 5 1 1 1 8 8 S D e e p c t . .1 1 5 5 , , 1 1 9 96 6 7 7 - - 7 7 2 2 ' . . . • • 2 2 % % 4 2, , 7 0 1 8 6 3 A M p a r y .. . . . . . 5 5 7 7 , , 6 6 5 0 2 7 3 2 1 9 0 6 2 24 5 7 4 9 8 4 4 7 1 4 4 7 7 2 8 Oct. 15, 1951 5,941 Nov. 1951 5,253 Maturities and amounts outstanding May 31, 1951 Mar.15*.1954 ... 1 \4i 4,675 Postal Savings Mar 15 1955 1 X/ G 365 bonds 2 \4)L 106 Dec. 1955 . .. 1% 6[854 Year of All Series Series Series maturity series E F G Panama Canal Loan. 3 50 1951.... 1,072 1 ,072 Treasurybonds Total direct issues 138,041 1952... 3,809 3,809 J S S D u e e e n p p c e t t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 1 1 1 - - - - 5 5 5 5 5 3 3 4 5 2 * * . . . • < 6 2 3 2 2 H % 7 1 1 , , , 6 9 1 7 2 8 1 5 7 6 8 5 Guaranteed securities 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 5 4 6 7 . . . . . . . . . . . . 6 8 5 4 7 , , , , , 1 4 2 9 0 8 6 0 8 2 0 6 7 6 4 4 5 5 2 2 , , , , , 3 2 5 4 7 4 4 6 8 6 1 2 0 3 9 4 5 5 4 1 8 1 8 7 9 5 0 9 0 3" Y 2 2 1 1 , , . , , 2 9 0 9 o 0 7 5 7 i 7 7 4 o 4 '" Dec. 15. 1951-55...2 510 FederalHousing Admin. 1958... 5,127 2,684 250 2,192 Mar.15, 1952-54...2H 1 ,024 Various 27 1959. 4,981 2,814 269 1,899 1960. 5,558 2,766 450 2,343 1 Sold on discount basis. See table on Open Market Money Rates, 1961 2,592 1,055 213 1,324 p. 678. 1962.. 2,302 401 1,902 * Partially tax exempt. ' Restricted. 1963 396 60 336 4 Called for redemption on June 15. 1951. Unclassified. -94 the 5 s N uc o c t e c e a d l i l n e g d i o n n t e S re e s p t t . p 1 a 5 y , m fi e r n st t c d a a l t l e d . ate. Callable on Mar. 15, 1952, Total. 57,607 34,593 3,890 19,218 6 Called for redemption on Sept. 15, 1951. JUNE 1951 683 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 ( a s i g e n t n i c c t e g e u l s u u e r ) i d a d - r - - S i p ss t e r u c u e ia s s t l fun P i d s u s s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k c m i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n r - s g m S o l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vi s d e u O c a u t l h r s i e t r ies l M a in n t i o v s e c e r o e s s u 3 - l s - 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 Dec 256,731 33,707 5,490 217,533 20,778 '61,800 10,900 19,000 19,900 7,800 49,600 17,100 10,700 1951—Jan 256,143 33,992 5,569 216,582 21,484 ••59.800 10,800 18,800 '20,100 '7,800 49,500 17,100 11.000 Feb 255,958 33,933 5,794 216,231 21,881 '58,900 10,700 18,700 '20,400 7.900 49,400 17,300 11,100 Mar 255,018 33,525 6,271 215,223 22,910 57,800 10,500 18,200 20,700 7,900 49,300 17,100 10,800 r Revised investor groups are estimated by the Treasury Department SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollarsl U S. U S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . s B F e R e a e r r e a n d v - l k - e s b C m a c o i n e a m k r l - s - 1 b M s i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - s B F e R e a e r r e a n d v - l k - e s b C m a c o n i e a m k r l - s - 1 b s M i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: Total.' Within 1 year: 1 1 1 9 9 9 5 4 4 0 9 8 — — — D D J J D u u e e e n c c n c . e . e . . . . . . . . . . . . . . 1 1 1 1 1 5 5 5 5 5 2 5 7 5 5 , , , . , 4 3 4 1 1 7 2 9 3 6 1 5 6 8 0 5 5 5 5 5 , . , . , 3 3 4 3 3 6 5 7 2 7 5 0 7 7 4 2 2 1 1 1 0 8 3 8 9 , . , , , 7 3 3 8 3 3 7 3 8 4 1 8 3 5 3 5 5 5 5 5 4 5 6 8 9 , , , , 8 8 2 3 9 5 9 3 7 5 6 3 7 2 3 1 1 1 1 1 0 0 1 0 0 , , , , , 1 8 7 0 8 4 7 7 2 7 4 7 2 9 7 1 1 1 1 1 6 9 8 8 9 , , , , , 8 1 5 8 6 3 3 1 2 2 5 9 4 4 4 4 4 3 1 2 , , , , , 4 6 7 0 6 6 2 6 8 3 3 9 3 7 7 1 1 1 9 9 9 5 4 4 0 8 9 — — — D D J D J u u e e e n n c c c e e . . . . . . . . . . . 3 1 1 1 1 8 0 4 1 0 , , , , , 9 3 3 2 2 0 8 1 2 1 5 7 9 6 6 12,3 8 9 8 5 7 0 6 8 7 3 5 1 2 8 1 9 5 7 7 4 . , , , , 0 5 0 0 6 1 0 7 2 4 4 1 1 1 5 2 2 2 2 1 3 3 3 3 5 0 2 8 6 1 3 9 3 3 4 2 6 8 2 6 6 0 5 9 8 1 2 3 2 3 0 , , , , , 1 3 7 6 5 2 2 0 8 5 5 2 0 3 5 1951—Feb.... 151,640 5,66721,88151,982 9,99216,550 45,568 Treasury M bi a ll r s . : . . 151,642 6,144 22,910 51,034 9,75316,10245,699 1951— M Fe a b r . . . . . 3 3 8 9 , , 9 9 0 2 5 9 291 1 2 2, , 2 2 3 4 1 0 1 13 3 , , 5 5 6 1 1 2 3 2 4 2 2 1 1 1, , 0 0 6 7 9 4 1 1 2 1 , , 6 85 8 7 8 1948—Dec... 12,224 5,487 2,794 50 84 3,740 1949—June... 11,536 4,346 2,817 13 60 4,237 1-5 years: Dec... 12,319 4,829 3,514 15 70 3,880 1948—Dec... 44,053 226 3,258 28,045 1,769 2,501 8,254 1950—Tune... 13,533 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 1,296 3,888 33 474 7,901 Dec... 35.067 186 1,922 24,907 1,121 1,641 5,290 1951— M Fe a b r . . . . . . . 1 1 3 3, , 6 6 3 3 2 0 1 1 , , 7 5 2 2 0 7 2 2 , , 8 5 7 8 5 0 1 4 4 8 7 781 8 8, , 4 3 2 6 9 8 1950—T D u e n c e . . . . . 3 5 3 1 , . 3 80 7 2 8 3 1 2 8 7 9 5 1, . 2 1 8 1 5 6 2 3 4 3 , 5 1 3 2 4 7 1.0 5 5 6 8 8 1 1 , 1 .7 4 3 2 11 5 0 , , 6 44 6 3 0 Ce 1 1 rt 9 9 i 4 f 4 i 9 8 c — a — te J D s u : e n c e . . . . . . 2 2 6 9 , , 5 4 2 2 5 7 6 6, , 8 0 5 7 7 8 9 9, ,0 5 7 61 2 2 2 5 0 6 7 6 6 0 7 2 21 1 0 2 , , 4 1 2 7 3 4 1951—F M e a b r . . . . . 3 3 7 8 , , 9 3 2 4 2 7 1 1 8 8 4 9 4 4 , ,3 4 0 3 9 6 2 25 5 , , 2 7 7 2 3 5 4 5 8 6 6 0 1 1 , , 1 2 8 0 7 7 6 6 , , 3 4 0 0 9 4 1950— D D Ju e e n c c e . . . . . . . . . 2 1 5 9 8 , , . 3 6 4 7 1 3 H 6 3 2 6 5 , , , 2 3 3 7 5 3 7 5 4 1 5 1 1 , , , 5 3 5 4 5 2 4 4 0 1 6 6 4 7 9 3 6 8 5 3 2 3 31 7 1 0 , . , 4 2 9 3 9 5 5 1 4 5- 1 1 1 9 9 0 4 4 9 y 8 — e — J ar u D s n e e • c . - . . 1 15 0 , , 0 4 6 6 7 4 3 5 1 3 4 2 5 4 8 3 4 4 6 6 , , 3 5 1 8 4 7 2,0 5 0 20 2 1,7 9 3 9 2 7 3 1 , ,8 6 8 3 5 0 1951—Feb.... Dec. 18,537 568 1,388 6,995 2,640 2,230 4,716 Mar.. . 1950—June.. 15.926 423 1.148 5 675 2,439 2.05S 4 186 Treasury notes: Dec... 17,411 412 982 7,329 2,125 1,948 4,615 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—Feb... 17,411 421 987 7,354 2,018 1,944 4,687 Dec... 8,249 15 562 5,569 107 244 1,752 Mar.. 15,962 407 1,032 6,220 2,021 1,887 4,395 1950—June... 20,404 29 3,50011.204 154 403 5.114 Dec... 39,258 1012,52715,833 136 70710,045 After 10 years: 1951—F M e a b r . . . . . . . 4 4 3 3 , , 8 8 0 0 2 2 1 1 1 1 1 1 4 5 , , 9 0 6 0 1 3 1 15 6 , , 6 1 7 4 5 0 1 1 4 5 0 7 9 8 1 8 2 0 1 1 1 2 , , 6 0 3 7 8 6 1 1 9 9 4 4 9 8 — — J D un e e c . . . 5 4 4 3 8 5 , , , 8 5 0 3 5 8 8 4 4 4 4 4. , , 4 4 7 4 5 1 1 5 0 4 3 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 , , , 0 5 29 4 8 3 8 81 1 1 3 4 5 , , , 4 1 2 8 7 3 5 9 01 1 1 5 4 3 , , , 0 2 0 4 9 9 2 4 0 Tre 1 1 a 9 9 s 4 4 u 9 8 ry — — b J D u o e n n c e d . . s . . : . . 1 1 1 1 0 1 , , 4 4 2 4 6 0 5 5 , , 2 3 0 4 1 01 7 0 , ,9 7 7 8 7 0 4 4 0 2 , , 3 0 7 4 1 21 1 0 0 , , 7 48 6 6 81 1 8 8, , 8 3 9 1 1 52 2 6 5, . 3 3 7 2 5 0 1950— D Tu e n c e .. !! 4 4 3 5 , . 5 0 9 8 9 4 4 4 , . 6 4 8 8 2 2 2 2 , . 5 34 0 0 8 2 4 , . 9 09 3 2 2 7 7 , . 1 1 8 3 0 0 1 1 2 3 , . 3 5 0 0 8 7 1 1 3 3 , . 9 5 8 2 9 4 1950— D D Ju e e n c c e . . . . . . . . . 1 1 9 0 0 4 2 4 , . , 0 7 7 3 9 5 5 S 8 5 5 5 , , , 2 2 2 1 8 7 7 3 3 4 5 7 , . , 6 6 2 1 2 1 8 0 8 3 3 3 3 8 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 5 7 7 , , , 6 5 2 1 7 4 7 9 9 2 2 2 4 5 5 , . , 9 0 3 4 2 4 1 9 0 1951— M Fe a b r . . . . . 4 4 3 3 , , 5 5 9 9 9 9 4 5 , , 9 4 7 6 9 2 3 2 , , 4 8 8 2 3 8 2 2, , 9 9 2 4 6 8 6 7 , , 7 14 5 4 7 1 1 1 1 , , 5 2 5 0 6 3 1 1 4 3 , , 1 7 4 6 4 8 1951—Feb 94,035 5,587 5_,,3_9._332,948 9,802 14,85025,455 Mar. .. 94,035 6,070 6,18732,757 9,448 14,'486 25,'087 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. »Less than $500,000. 684 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 UnitedStates Treasury Cash operating income and outgo ° Increase (+)or General fund of the Treasury (end of period) decrease v —1 during period As3eta 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 + e u r f d ) p i o c g lu i e r t t s c T o e a r u t u c c n - s . t i t s, c C o i a l n u c e g a - n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total F e D R e r e e a d - p l - osi d t S s e c p i p a i e n o l - s- O as t s h e e t r s T b t l o i i i a e l t i - a s - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u ) o c t g e m o o s r e s b s a e n rv k e s1 itaries Fiscal year: 1948 42,211 33,791 +8,419 —294 -507 —5,994 +1,624 4 932 5,370 1,928 « 773 1 670 438 45,400 36,496 +8,903 1949 38,246 40,057 — 1,811 —495 +366 +478 — 1,462 3 470 3,862 438 1 771 1 653 392 41 628 40,576 +1,051 1950 37,045 40,167 -3,122 +99 +483 +4.587 +2,047 5 517 5.927 950 3 268 1 709 410 40 \970 43,155 -2',185 1950—May.. 2 ,320 2,962 -642 +147 -376 +632 -238 4 464 4,757 588 2 560 1 609 294 2,939 3,700 -762 June.. 4,404 4,296 +108 -53 -8 +1,007 +1,053 5 517 5,927 950 3 268 1,709 410 4,687 4,061 +626 July.. 1,881 3,013 -1,132 -99 +31 + 183 -1,017 4 500 4,864 566 2 618 1 680 364 2. 110 3,143 -1 ,032 Aug .. 2,860 2,515 +344 +147 -140 +333 +685 5 185 5,501 733 3 115 1 654 316 3, 524 3,009 +514 Sept.. 4,605 3,520 + 1.084 -27 -80 -658 +319 5 505 5,932 1,116 3 065 1.751 428 4,865 3,199 + 1,666 Oct.. . 2,056 3,170 -1,114 -17 +49 -279 -1,359 4 145 4,537 569 2 317 1,651 392 2,426 3,335 -909 Nov. . 2,851 4 3,102 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 2 960 4,144 - 1,184 May.. 3,146 4,517 -1,370 + 136 -304 +366 -1,173 5 782 6,376 666 4,029 1.681 594 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o 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 h d m r - s - Other i r n e n c M v t e e e e o l i r l n s u n a - u - s a e l S S ta r o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a ts l R t e a o f x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y l • t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N s a u o a n r r n d t m d a p x a r l ofits E p o t r a x a t o n h c x f d e e e it 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 t a a x i n t s n x 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—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 8149 230 4,621 42 131 4,448 ^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 C4.31t 5 129 682 Apr.. . . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 8 499 (8) 59 635 May. . . P2,040 482 747 553 217 4,039 359 534 3,146 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other o F r i s m ca o l n y th ear Total N d a e t f i e o n n s a e l e I d n s e t t e b o r t n - f t I i i n n a n a o a t n i a n e n d d - a r c - l e t e r m V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t u a u c o r n n - s s t t s s - Other ce R i e p - ts acc m v o I e e n u s n - t n - t t s s p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts p 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—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 Aug 2.515 1,149 134 254 464 -113 28 598 630 277 186 96 -60 176 Sept 3.520 1,037 646 299 400 -220 646 712 544 424 164 413 357 40 Oct 3,170 1,338 229 360 457 -45 84 747 300 157 214 192 -9 146 Nov . ... 4 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 9 606 582 194 258 125 15 14 Mar 4,058 2,057 580 346 454 68 2 552 280 101 259 150 27 77 Apr 4,007 P2.160 253 P392 427 82 P589 283 83 255 184 24 173 May 4,517 P-2,427 163 P448 424 P91 1 P963 928 510 266 127 -23 166 p Preliminary. 4C°rrec-ted. 1 Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Beginning November 1950, net investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures and included in trust account investments. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 Beginning January 1951, Treasury reports combine income taxes withheld and employment taxes. Figures shown for withheld inceme 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 Beginning April 1951, excess profits taxes included with normal and surtaxes. 9 Less than $500,000. JUNE 1951 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets, other than interagency items 1 interagency items m Co o m di - - I m nv e e n s ts t- 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 er . o n v S - - . v P a r t i e - ly Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m p r s t a l i i u a n i a e p e t l d s e s - s , , - G U s ri e o t . c i v e u S t s - . . O r s i e t t i c h e u e s - r 2 s e t m u t a q r r n e u u e n d i c s p t - , - O s a t e h s t - s er a F g U n u u b . t S a e l y l r e . y - d Other 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 e n t r e - d 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 21,679 201 Sept. 30, 1950 24,102 59812,769 1,739 2,112 3,478 2,931 476 1,108 970 21,791 214 Dec. 31, 1950 24,635 642 13,228 1,774 2,075 3,473 2,945 499 1,190 1,193 21,995 234 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 Commodity Credit Corporation ,829 893 1,638 112 166 513 2,316 Farmers' Home Administration4 540 417 25 6 534 Federal Crop Insurance Corp 37 3 2 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 5 195 Home Owners' Loan Corp 17 10 2 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 47 79 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 771 1 108 604 771 Other' 913 16 782 1 850 Export-Import Bank 2,244 2 2,219 () 2,177 Federal Deposit Insurance Corp 1,314 2 1,307 () 1,243 Tennessee Valley Authority 1,012 106 () 886 995 All other s 7,505 133 3,903 3,385 45 7,491 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 e d k r i i . s - - t B f o t o a i p r v n e e k r c s a o s - - m C C C r o o o e d r m d p i i - t . t y t R A r E t if i u d l o i e r c m n c a a - l . - A F H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p 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 i 3 , e 0 s , To aid agriculture 45 510 345 898 1,543 535 (3) 7 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) (8) 2 Other 816 8 824 708 Foreign loans 101 "l\ 226 '3]750 6,078 6,103 Other 366 59 105 531 498 Less: Reserve for losses 6 (3) 3 5 1 118 (3) 1 33 7 9 185 266 Total loans receivable (net)... 39 510 342 893 1,542 417 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. 8 Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 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. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In (p d h u y s s tr ic ia a l l p v r o o lu d m uc e t ) i * o 1 n awa c rd o e n d tr a (v c a ts lue)2 Em 19 p 3 l 9 o y = m e 1 n 0 t 0 8 1935-39 = 100 1923-25 = 100 Fac- D m ep e a n r t t- Whole- Year or month Total D f u M a - ct a u n r u N e d - s o u n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a - i- l - Factory 1 r p t 9 o 1 o a l 3 0 l r y s 0 9 y - = » c 1 F — a 9 i r r n 3 e l g 1 5 o i s 0 g - a * 3 0 d h 9 - t 1 u = 9 s s ( e 3 t a 1 v ) o 5 l a 0 e * r - l 0 e s - 3 < 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 m = c r 1 s i 1 o o 9 a c m 2 d 0 l e e 6 0 s i - t • y rable rable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88.6 103.7 103.9 120 83 123.8 138 6 1920 75 93 60 83 63 30 90 89.4 104.1 124.2 129 99 143.3 154.4 1921 58 53 57 66 56 44 65 79.7 79.7 80.2 110 92 127.7 97 6 1922 73 81 67 71 79 68 88 84.4 88.2 86.0 121 93 119.7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109.1 142 104 121.9 100 6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122.2 98 1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103 5 1926 96 114 79 100 129 121 135 97.5 98.9 110.5 152 112 126.4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108.5 147 113 124.0 95 4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 114 122.6 96 7 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 116 122.5 95 3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86 4 1931 75 67 79 80 63 37 84 87.1 75.8 71.8 105 96 108.7 73 0 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97 6 64 8 1933 69 54 79 76 25 11 37 77.5 71.3 53.1 82 73 92.4 65 9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95.7 74 9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98 1 80 0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99.1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 99.4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100.2 78 6 1941 162 201 142 125 122 89 149 119.4 132.8 164 9 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 156.9 241.5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138.8 183.3 331.1 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 178.3 343 7 140 187 125 5 104 0 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 207 128 4 105 8 1946 170 192 165 134 153 143 161 136.7 147.8 '271.7 132 264 139.3 121 1 1947 187 220 172 149 157 142 169 143.2 156.2 326.9 143 286 159 2 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165 1 1949 176 202 168 135 211 192 226 142 0 141.6 325.3 116 286 169.1 155 0 1950 P200 P237 P187 295 305 287 145.7 149.7 371 8 128 304 171 9 161 5 1949 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 5 180 177 207 180 118 263 260 266 139.6 140.2 139.9 330.0 104 280 167 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 1559 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 0 162 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 1 215 215 260 195 160 306 284 323 150.2 157.7 159.2 414.6 136 290 176 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 January 221 216 268 201 164 333 312 350 151.2 159.7 158.9 r424.0 146 362 181 5 180 1 February 221 r2l7 271 '201 158 323 311 334 152.1 161.2 160.9 r429.5 129 326 183 8 183 6 March 222 219 277 199 158 304 292 314 152 8 161 5 161 1 433 6 139 291 184 5 184 0 April .. P223 P277 P164 P322 P273 P362 M53.0 P159A e428 2 136 P302 184 6 183 5 May "223 e223 "200 e164 133 e303 * Average per working day. 'Estimated. pPreliminary. 'Revised. 1 For indexes by groups or industries, see pp. 688-691. For points in total index, by major groups, see p. 710. 2 Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For monthly data (dollar value) by groups, see p. 695. * The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Beginning January 1950, the consumers' price index is the adjusted series, reflecting allowances for rents of new housing units and interim revision of series and weights. Nonagricultural employment covers employees only and excludes personnel in the armed forces. * For indexes by Federal Reserve districts and other department store data, see pp. 697-700. 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. JUNE 1951 687 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production— Total 190 195 199 196 209 211 216 215 218 221 221 222 P223 Manufactures—Total . . .. ... 199 204 208 206 218 220 225 224 229 231 232 234 P233 Durable Manufactures 222 231 237 235 247 251 261 260 268 268 271 277 P277 Iron and Steell 222 226 231 228 236 245 253 246 253 '255 252 '263 264 Pig iron 219 222 221 223 219 223 225 211 216 224 217 228 231 Steel 270 273 271 264 265 275 286 272 280 288 281 298 301 Open hearth 204 206 202 201 198 203 209 198 207 212 206 217 Electric 739 755 763 710 744 792 835 803 802 827 815 879 891 M achinery 251 258 262 265 279 283 303 311 321 '322 '329 335 P337 Transportation Equipment ... 226 262 277 272 287 284 291 278 292 '300 307 Automobiles (including parts) 204 249 268 262 273 265 271 249 260 '246 '258 259 P240 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 Nonferrous Metals and Products 198 197 207 202 212 216 223 226 227 224 r219 212 P214 Smelting and refining 207 208 219 208 212 209 217 221 218 219 222 225 P225 (Copper smelting; Lead refining; Zinc smelting; Fabricating 194 192 202 199 212 219 225 228 230 226 -218 207 P?09 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products ... 159 158 155 151 165 166 166 169 173 '171 169 169 PJ70 Lumber ... 150 149 144 140 151 150 150 155 162 162 156 156 162 Furniture 175 175 178 174 192 196 198 197 195 190 '193 196 P187 Stone, Clay, and Glass Products 200 203 210 212 212 275 229 227 235 236 '237 242 v247 Glass products .. 209 211 220 225 206 212 245 235 247 '240 243 250 P268 Glass containers 222 223 234 244 215 225 262 247 265 257 261 269 292 Cement . . .. . 218 210 214 208 214 206 214 214 232 238 245 252 243 Clay products 158 160 161 161 167 169 168 175 173 r191 r185 188 P189 Other stone and clay products2 Nondurable Manufactures 180 181 184 181 195 194 196 195 197 201 200 199 P199 Textiles and Products 174 175 173 165 189 191 197 193 194 194 194 188 P185 Textile fabrics 157 158 156 146 172 171 178 173 173 174 176 171 P164 Cotton consumption 139 140 132 123 155 152 162 158 158 163 174 175 153 Rayon deliveries 348 347 348 361 366 380 374 381 397 392 390 374 382 Nylon and silk consumption 2 Wool textiles 154 157 161 134 172 171 180 164 160 156 144 134 Carpet w©ol consumption 222 216 205 135 210 204 228 204 201 180 r181 169 Apparel wool consumption 143 149 152 139 178 170 179 148 140 '151 "•140 128 Wool and worsted yarn 134 140 147 127 159 158 163 146 141 142 r133 123 Woolen yarn . . 119 127 134 117 144 137 142 122 121 121 119 111 Worsted yarn 156 158 165 140 179 187 192 180 169 173 '152 141 Woolen and worsted cloth 149 153 162 143 168 172 180 172 169 163 143 131 Leather and Products 110 101 105 101 120 124 115 109 108 115 '122 118 P107 Leather tanning . . 101 95 102 91 108 111 106 108 106 107 r112 10S 98 Cattle hide leathers 112 104 115 106 121 125 119 121 120 120 126 119 109 Calf and kip leathers. . . 83 75 79 56 83 91 84 89 84 77 88 '80 84 Goat and kid leathers 83 88 89 80 86 84 88 96 88 94 96 86 Sheep and lamb leathers 97 81 86 76 101 104 94 81 87 98 92 83 69 Shoes 115 106 107 107 128 133 121 110 109 121 '128 127 Manufactured Food Products 164 164 164 167 168 167 162 161 165 168 165 168 P169 Wheat flour 105 107 106 113 116 103 100 107 116 128 119 r110 Cane sugar meltings2 Manufactured dairy products .. ... 153 150 153 152 150 148 145 143 141 142 142 146 147 Butter 91 85 87 85 80 78 75 72 70 73 71 72 74 Cheese 195 175 184 178 169 161 158 164 167 170 169 176 177 Canned and dried milk . . . 155 155 165 167 169 158 150 142 131 131 135 152 156 Ice cream 2 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 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) flndex numbers of the Board of Governors. 1935-39 average =100] 1950 1951 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 157 144 147 151 155 168 158 165 171 162 148 159 163 Pork and lard 182 161 165 169 175 196 188 195 202 188 171 194 208 Beef . . . 144 142 141 146 145 153 138 148 155 152 141 139 134 Veal 104 98 108 114 121 120 107 108 104 93 88 82 79 Lamb and mutton., 74 71 79 78 78 78 77 76 77 80 66 62 59 Other manufactured foods. 171 173 173 175 176 174 171 168 172 176 '176 178 P178 Processed fruits and vegetables 148 150 158 147 134 142 147 149 142 161 159 176 179 Confectionery 131 131 133 146 158 146 125 125 147 148 138 127 Other food products 184 186 184 187 190 187 184 181 184 185 186 187 P187 Alcoholic Beverages 169 172 184 206 248 203 182 207 208 248 225 207 187 Malt liquor.. . ... 159 157 163 171 168 155 150 183 168 185 166 169 161 Whiskey 97 93 95 84 111 146 157 178 157 155 135 150 118 Other distilled spirits 280 363 417 611 934 549 308 235 463 716 658 677 706 Rectified liquors . . 242 235 269 315 464 340 304 341 340 439 408 240 148 Tobacco Products 161 168 170 154 197 172 165 171 153 177 179 170 177 Cigars 91 93 106 96 126 120 124 127 89 101 107 100 104 Cigarettes 224 237 233 212 269 229 215 227 215 248 249 238 248 Other tobacco products 67 63 68 59 80 71 72 65 56 70 69 62 66 Paper and Paper Products 181 180 183 173 191 194 202 201 197 204 207 208 214 Paper and pulp 174 173 177 166 181 185 193 191 189 192 197 M98 204 Pulp 204 199 205 202 211 213 228 220 218 220 228 229 241 Groundwood pulp 97 99 109 119 124 133 127 109 125 117 119 116 116 Soda pulp 121 119 120 110 115 114 96 92 92 94 98 94 100 Sulphate pulp 365 363 373 372 381 382 427 414 402 412 430 438 461 Sulphite pulp 153 145 146 140 152 152 162 161 157 158 161 162 172 Paper 170 168 173 161 177 180 188 186 184 188 193 193 198 Paperboard 207 211 213 198 228 232 238 240 229 247 245 248 253 Printing paper 171 167 172 156 174 180 187 183 188 181 192 ••189 194 Tissue and absorbent paper . . . 185 166 171 182 183 185 207 196 202 206 205 '208 223 Wrapping paper. . 160 158 167 151 155 156 164 163 165 159 172 171 171 Newsprint 111 112 115 117 116 116 117 112 117 117 120 119 119 Printing and Publishing 169 166 170 162 169 172 179 174 175 170 177 '176 183 Newsprint consumption 168 165 168 167 165 163 171 165 162 159 162 162 171 Petroleum and Coal Products 206 216 222 229 238 243 251 253 263 272 '269 269 P256 Gasoline 171 181 188 194 200 195 196 195 197 202 198 199 P193 Fuel oil 172 175 179 187 190 200 210 209 225 238 238 227 P210 Lubricating oil 133 143 152 154 174 177 184 187 188 192 179 190 Kerosene . ... 170 184 177 186 194 198 195 195 208 237 230 230 Coke . 174 175 177 176 176 178 183 178 182 187 183 184 185 By-product coke 170 171 170 170 167 170 175 170 174 177 174 176 178 Beehive coke . ... 320 328 428 368 470 443 467 436 457 522 487 475 433 Chemical Products 252 256 261 263 269 271 277 280 284 287 288 292 v297 Paints 147 147 154 161 168 168 164 162 160 163 166 164 P162 Rayon 349 350 350 359 363 376 371 378 385 387 384 374 P379 Industrial chemicals 434 443 451 453 458 465 488 497 504 '506 P510 524 P539 Other chemical products8 . .... Rubber Products 203 213 221 222 236 244 250 250 251 '244 '235 239 P236 Minerals—Total 140 143 131 144 159 163 166 160 157 164 158 158 P164 Fuels 147 148 155 148 162 167 170 165 163 169 163 163 P168 Coal .. .. 131 124 128 101 133 133 141 127 130 140 118 111 119 Bituminous coal 143 131 136 109 142 144 151 138 143 151 125 127 133 83 97 96 68 97 92 102 84 80 96 89 48 64 Crude petroleum.. ... 155 160 168 171 177 184 184 184 178 184 185 189 P192 Metals 98 125 130 124 136 141 141 130 126 130 131 P128 P142 Metals other than gold and silver 121 166 177 167 188 198 199 180 173 180 181 Pi 76 P201 Iron ore . . (Copper* Lead; Zinc)J Gold ... 62 66 63 62 60 59 59 59 57 57 55 Silver 81 76 77 73 85 73 73 70 77 78 80 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. JUNE 1951 689 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 Apr. Vfay une July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 188 195 200 198 212 216 220 215 216 216 217 219 221 Manufactures — Total 197 203 209 207 221 224 229 226 227 226 228 231 232 Durable Manufactures . .. - 221 232 238 237 249 253 263 260 266 264 268 275 277 Iron and Steel * . 222 226 231 228 236 245 253 246 253 255 252 263 264 Pig iron 219 222 221 223 219 223 225 211 216 224 217 228 231 Steel 270 273 271 264 265 275 286 272 280 288 281 298 301 Open hearth .... 204 206 202 201 198 203 209 198 207 212 206 217 218 Electric 739 755 763 710 744 792 835 803 802 827 815 879 891 Machinery ... 251 258 262 265 279 283 303 311 321 ^322 r329 335 P337 226 262 277 272 287 284 291 278 292 '285 r300 307 P295 Automobiles (including parts) 204 249 268 262 273 265 271 249 260 '246 '258 259 P24O (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 198 197 206 202 212 216 223 226 227 224 '219 212 P214 Smelting and refining . 207 208 218 207 212 209 217 221 219 220 222 225 P225 (Copper smelting; Lead refining; Zinc smelting; Fabricating 194 192 202 199 212 219 225 228 230 226 '218 207 P209 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 158 162 166 161 177 179 176 168 158 153 154 160 vl7O Lumber ... 150 155 160 155 170 170 165 153 140 134 134 141 161 Furniture 175 175 178 174 192 196 198 197 195 190 193 196 P187 Stone Clay, and Glass Products . ... 197 209 212 214 221 223 240 233 227 223 '222 232 P244 Glass products 209 222 218 217 212 215 251 237 233 '236 '237 250 P268 Glass containers 222 238 232 234 223 229 269 250 246 251 253 269 292 Cement 207 221 229 229 242 239 249 231 211 193 186 207 231 Clay products 154 160 160 162 172 175 177 182 178 178 175 180 P184 Nondurable Manufactures 178 180 184 182 198 201 201 197 196 196 196 194 P195 Textiles and Products ... 174 175 173 165 189 191 197 193 194 194 194 188 P185 Textile fabrics . 157 158 156 146 172 171 178 173 173 174 176 171 P164 Cotton consumption 139 140 132 123 155 152 162 158 158 163 174 175 153 Rayon deliveries 348 347 348 361 366 380 374 381 397 392 390 374 382 Wool textiles 154 157 161 134 172 171 180 164 160 156 144 134 Carpet wool consumption 222 216 205 135 210 204 228 204 201 180 181 169 Apparel wool consumption.. . . 143 149 152 139 178 170 179 148 140 151 140 128 Woolen and worsted yarn 134 140 147 127 159 158 163 146 141 142 133 123 Woolen yarn 119 127 134 117 144 137 142 122 121 121 119 111 Worsted yarn 156 158 165 140 179 187 192 180 169 173 152 141 Woolen and worsted cloth 149 153 162 143 168 172 180 172 169 163 143 131 Leather and Products . . . no 101 104 99 119 123 115 111 107 116 '125 118 P107 Leather tanning 101 94 100 87 106 109 107 111 106 108 120 104 98 Cattle hide leathers 112 104 111 100 117 122 120 126 120 123 136 119 109 Calf and kip leathers 80 72 80 56 88 89 86 91 82 «76 93 79 81 Goat and kid leathers 86 86 90 79 84 85 88 93 89 94 100 92 89 Sheep and lamb leathers 95 88 86 71 104 102 94 85 83 91 101 80 68 Shoes 115 106 107 107 128 133 121 110 109 121 128 127 Manufactured Food Products 150 157 164 178 191 192 175 164 162 155 T14Q r149 P153 Wheat flour 101 103 102 112 114 112 107 108 115 128 120 107 P106 Manufactured dairy products . . 159 199 226 223 217 173 132 103 99 90 101 120 153 Butter 93 109 120 104 87 74 64 55 55 61 63 65 75 Cheese 203 235 261 219 189 164 142 123 121 126 139 158 184 Canned and dried milk 175 215 228 193 174 145 122 102 101 106 121 149 176 P Preliminary. r Revised. * 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. 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board olGovernors. 1935-39 average =100] 1950 1951 Industry Apr. May une July Aug. Sept. Oct. ^ov. Dec. [an. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing .... 145 144 146 141 134 152 158 184 203 193 142 147 150 Pork and lard . 166 161 165 148 135 155 177 228 267 247 168 180 189 Beef 136 142 138 147 147 165 151 154 155 155 129 127 126 Veal 102 102 108 114 119 132 122 116 98 86 77 77 78 Lamb and mutton ... 72 73 73 75 76 84 80 76 75 85 67 60 57 Other manufactured foods 153 157 163 182 202 206 189 175 169 162 159 157 158 Processed fruits and vegetables 90 98 122 191 254 276 190 137 111 105 100 97 109 Confectionery 108 101 99 120 171 189 164 147 148 152 139 118 Other food products ... . . 177 182 185 190 194 191 193 190 188 178 177 179 180 Alcoholic Beverages 168 177 202 219 237 217 205 195 189 211 198 185 175 IY!alt liQuor 167 179 205 214 191 156 139 141 134 151 149 157 169 Whiskey .... 97 93 95 84 111 146 157 178 157 155 135 150 118 Other distilled spirits . . 168 218 258 354 504 753 798 493 509 466 394 440 424 Rectified liQiiors 242 235 269 315 464 340 304 341 340 439 408 240 148 Tobacco Products 152 168 176 160 204 181 170 174 142 177 170 161 167 Cigars 91 93 106 96 126 120 124 127 89 101 107 100 104 Cigarettes 209 237 245 223 283 245 224 231 198 248 234 222 231 Other tobacco products 67 64 69 59 78 76 77 67 50 69 67 62 66 Paper and Paper Products 182 181 185 172 191 194 202 201 197 203 208 208 214 Paper and pulp 175 173 178 166 181 184 193 191 188 192 198 198 204 Pulp 205 201 205 200 209 211 227 221 218 221 228 231 243" Groundwood pulp 107 106 110 105 110 119 119 115 126 121 124 124 128 Soda pulp 121 119 120 110 115 114 96 92 92 94 98 94 100 Sulphate pulp 365 363 373 372 381 382 427 414 402 412 430 438 461 Sulphite pulp 153 145 146 140 152 152 162 161 157 158 161 162 172 Paper 170 168 173 160 177 180 188 186 184 188 194 '193 198 Paperboard 207 211 213 198 228 232 238 240 229 247 245 248 253 Printing paper 171 167 172 156 174 180 187 183 188 181 192 '189 194 Tissue and absorbent paper 187 166 174 174 183 185 209 196 196 204 214 ^208 225 Wrapping paper 160 158 167 151 155 156 164 163 165 159 172 171 171 Newsprint 113 113 116 115 115 116 117 113 114 117 120 119 121 Printing and Publishing 174 169 169 150 161 172 183 182 179 164 176 188 Newsprint consumption 178 172 166 144 148 165 180 180 170 148 159 169 181 Petroleum and Coal Products... 206 216 222 229 238 243 251 253 263 272 '269 r269 P256 Gasoline. 171 181 188 194 200 195 196 195 197 202 198 199 p193 Fuel oil 172 175 179 187 190 200 210 209 225 238 238 '227 P210 Lubricating oil 139 149 152 153 173 177 184 187 187 186 177 188 Kerosene 174 186 166 173 187 196 195 201 214 241 241 235 Coke 174 175 177 176 176 178 183 178 182 187 183 '184 185 By-product coke 170 171 170 170 167 170 175 170 174 177 174 176 178 Beehive coke 320 328 428 368 470 443 467 436 457 522 487 475 433 Chemical Products 253 255 258 259 265 272 282 284 288 288 291 296 P299- Paints 149 151 158 159 166 166 164 160 160 '160 164 164 Rayon 349 350 350 359 363 376 371 378 385 387 384 374 p379 Industrial chemicals 434 443 451 453 458 465 488 497 504 506 '510 524 P539 Other chemical products 2 Rubber Products 203 213 221 222 236 244 250 250 251 '244 '235 239 P236 Minerals—Total 138 147 155 149 163 168 169 159 153 159 153 153 P162 Fuels 147 148 155 148 162 167 170 165 163 169 163 163 P168 Coal 131 124 128 101 133 133 141 127 130 140 118 111 119 Bituminous coal 143 131 136 109 142 144 151 138 143 151 125 127 133 Anthracite . . 83 97 96 68 97 92 102 84 80 96 89 48 64 T Crude petroleum 155 160 168 171 177 184 184 184 178 184 185 189 P192] Metals 87 140 155 158 170 171 161 124 93 94 94 P92 P131 Metals other than gold and silver 105 197 224 227 244 244 227 166 115 118 121 118 n 85 Iron ore 79 273 325 343 368 365 331 195 86 97 93 P89 P231 (Copper; Lead; Zinc)s Gold 55 57 59 61 65 68 69 66 59 55 50 Silver 82 75 74 72 83 74 73 70 77 78 81 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. JUNE 1951 691 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 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,731 12,048 12,200 12,358 12,697 12,783 12,921 12,911 12,953 -13,083 13,208 13,226 13,199 Durable goods 6,200 6,493 6,624 6,713 6,939 6,996 7,135 7,151 7,193 '7,24' '7,347 7,400 7,400 Primary metal industries 1,00 1,036 1,055 1,070 1,091 1.10J 1,111 1,120 1,131 1,143 1,147 1,15 1,160 Fabricated metal products 718 749 IT 793 826 83: 846 846 839 '839 '845 850 848 Machinery except electrical 998 1,017 1,028 1,042 1,071 1,055 1,110 1,139 1,15 1,192 1,213 1,220 1,236 Electrical machinery 595 61 618 639 672 676 703 710 710 '704 '709 717 722 Transportation equipment 899 1,045 1,078 1,070 1,118 1,134 1,157 1,139 1,160 1,175 1,228 1,253 1,208 Lumber and wood products 703 723 734 750 764 77 773 765 758 '754 '753 740 751 Furniture and fixtures 30; 311 312 316 324 325 323 319 320 '316 318 323 321 Stone, clay, and glass products.. 419 432 441 447 457 456 469 475 469 '478 474 479 482 Instruments and related products 173 176 180 184 189 199 204 208 209 '210 213 21. 217 Miscellaneous manufacturing industries 36. 373 382 383 407 412 417 411 416 '413 '420 422 423 Ordnance and accessories 18 19 19 19 20 22 22 23 24 r25 27 29 32 Nondurable goods 5,531 5,555 5,576 5,645 5,758 5,787 5,786 5,760 5,760 5,834 '5,861 5,826 5,799 A Te p x p t a il r e e - l m a i n ll d p o r t o h d e u r ct f s inished tex- 1,172 1,168 1,174 1,196 1,243 1,268 1,264 1,250 1,239 1,245 1,250 1,215 1,225 tiles 1,018 1,022 1,022 1,044 1,073 1,067 1,063 1,046 1,048 1,070 1,083 1,075 1,049 Leather and leather products. . . 344 349 350 356 363 365 363 362 361 364 366 362 355 Food and kindred products 1,166 1,172 1,171 1,176 1,179 1,171 1,166 1,171 1,173 1,211 1,211 1,213 1,198 Tobacco manufactures 82 82 79 80 79 82 82 79 81 80 81 81 81 Paper and allied products 391 394 401 404 412 420 419 423 424 421 421 422 427 Printing, publishing and allied industries 499 501 500 504 509 510 509 510 510 '510 '510 513 511 Chemicals and allied products... 490 492 497 499 501 503 513 511 514 '521 '524 531 539 Products of petroleum and coal. 178 178 180 180 189 186 190 190 192 192 193 195 196 Rubber products 191 197 202 206 210 215 217 218 218 220 222 219 218 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,597 11,841 12,066 12,151 12,802 13,016 13,133 13,044 13,056 13,018 13,180 13,197 13,055 Durable goods 6,195 6,456 6,596 6,597 6,900 7,013 7,186 7,210 7,254 '7,256 '7,366 7,433 7,396 Primary Metal Industries 1,007 1,026 1,050 1,054 1,086 1,105 1,117 1,126 1,142 1,149 '1,153 1,158 1,160 Blast furnaces, steel works and rolling mills 523 529 538 543 550 552 553 554 556 '559 '560 562 Nonferrous smelting and refining, primary 45 46 46 45 46 46 46 45 47 47 47 48 Nonferrous rolling, drawing and alloying 77 79 80 80 83 85 86 86 87 87 87 86 Fabricated Metal Products 722 742 769 773 814 837 850 850 852 r847 r853 858 852 Cutlery, hand tools and hardware 129 131 133 129 132 138 143 144 142 Heating apparatus and plumbers' supplies 118 122 120 132 137 133 132 Fabricated structural metal products 146 149 154 158 165 166 171 172 173 173 175 177 Machinery except Electrical 1,003 1,022 1,033 1,032 1,060 1,050 1,104 1,133 1,163 Tl, 192 11,219 1,232 1,242 Agricultural machinery and tractors 142 142 141 141 140 102 124 125 135 147 150 151 Metal working machinery... 155 158 163 162 171 181 190 197 204 211 218 223 Special-industry machinery 124 132 136 138 149 Service-industry and household machines 143 149 148 146 145 146 148 151 148 147 149 149 Electrical Machinery 595 606 615 620 655 673 710 721 724 '716 724 722 Electrical apparatus (generating, etc.) 217 222 222 227 237 237 252 254 257 256 258 262 Communication equipment. 217 220 227 228 248 255 272 278 278 '268 '270 274 Transportation Equipment 899 1,045 1,078 1,070 1,118 1,134 1,157 1,139 1,160 '1,175 1,253 1,208 Motor vehicles and equipment 595 736 765 757 781 788 795 760 767 '767 '791 799 Aircraft and parts 185 185 187 188 199 209 225 239 251 '263 '283 293 Ship and boat building and repairing 67 67 68 68 79 76 76 76 79 '83 95 Lumber and Wood Products 692 723 741 750 783 790 785 773 754 r739 '734 729 740 Sawmills and planing mills. . 410 430 437 444 465 468 462 452 440 '429 '426 426 Millwork, plywood, etc 104 106 109 109 114 114 115 114 112 110 108 108 Furniture and Fixtures 303 303 303 303 319 327 329 327 326 324 326 319 Household furniture 222 221 222 222 234 240 242 242 238 '234 '235 236 Stone, Clay, and Glass Products.. 419 432 441 440 459 458 471 477 474 '473 472 479 482 Glass and glass products. . . 113 116 118 114 122 117 127 129 128 128 127 130 Structural clay products 69 73 76 77 79 80 80 81 79 '80 '79 80 Instruments and Related Products. 174 176 180 178 187 199 205 209 211 '211 214 217 218 Miscellaneous Manufacturing Industries 363 362 367 358 399 418 436 432 424 '413 r426 428 421 Ordnance and Accessories 18 19 19 19 20 22 22 23 24 '25 27 29 32 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 April 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. 692 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 1951 Industry group or industry Apr- May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Ma Apr. Nondurable goods. 5,402 5,385 5,470 5,554 5,902 6,003 5,947 5,834 5,802 5,762 5,814 5,764 5,659 Textile-mill Products 1,172 1,162 1,174 1,160 1,224 1,255 1,264 1,262 1,258 1,257 1,269 1,227 1,225 Yarn and thread mills. . . 145 143 146 147 154 159 161 161 160 162 164 162 Broad-woven fabric mills. 573 573 580 571 595 606 607 606 604 602 604 569 Knitting mills 218 213 212 209 227 233 236 234 234 232 236 236 Apparel and Other Finished Textiles 1,003 976 976 981 1,089 1,099 1,100 1,056'1,064•1,0701,115 1,107 1,033 Men's and boys' suits, coats and overcoats 132 129 135 127 138 137 138 137 137 138 142 142 Men's and boys' furnishings 241 239 238 232 252 254 254 253 251 ••251 '259 263 Women's and misses' outerwear 272 254 248 266 307 305 297 275 296 303 317 305 Leather and Leather Products.. . 341 335 343 351 370 372 367 360 359 364 373 371 Footwear (except rubber). 222 218 224 230 237 237 230 226 229 234 '239 237 Food and Kindred Products 1,065 1,090 1,141 1,231 1,331 1,350 1,260 1,196 1,155'1,120 1,098 1,096 1,089 Meat products 223 227 232 235 236 236 240 244 254 251 238 233 Dairy products 103 108 114 116 114 107 102 100 97 95 95 99 Canning and preserving... 120 127 151 223 302 324 226 171 143 '132 126 124 Bakery products 191 193 191 194 192 194 196 193 190 188 188 190 Beverage industries 141 146 157 164 169 159 149 149 146 r147 146 147 Tobacco Manufactures. 76 76 75 75 82< 89 89 84 83 80 80 78 75 Paper and Allied Products 391 392 399 396 410 418 421 427 428 423 423 424 427 Pulp, paper and paperboard mills 201 202 205 204 207 210 210 211 212 209 209 209 Printing, Publishing and Allied Industries. 497 498 500 499 504 510 514 515 518 r510 '510 510 508 Newspapers 148 149 150 150 150 151 150 150 152 149 150 150 Commercial printing 165 164 166 164 165 167 170 170 171 170 169 169 Chemicals and Allied Products 490 48. 479 491 506 52. 521 524 '526 "532 539 539 Industrial inorganic chemicals 53 53 54 51 49 50 56 57 57 57 58 59 Industrial organic chemicals 146 148 150 152 15. 158 159 160 162 163 163 167 Drugs and medicines 61 61 62 63 63 65 66 66 67 67 69 69 Products of Petroleum and Coal. 176 177 181 18, 193 189 190 191 191 190 191 192 194 Petroleum refining 136 136 138 139 14 145 147 148 147 147 149 149 Rubber Products 191 194 199 200 208 215 219 222 222 222 22. 218 Tires and inner tubes. 84 86 88 88 90 9 9. 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 1950 1951 1950 1951 1950 1951 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Manufacturing—Total... 56.93 '63.80 64.33 64.22 39.7 40.9 41.0 40 .8 1.434 '1 .560 1.569 1.574 Durable goods 61.01 '67.98 69.01 68.89 40.7 '41.5 41.8 41 .7 1.499 '1 .638 1.651 1.652 Primary metal industries 65.00 '72.71 74.43 74.88 40.4 '41.1 41.7 41 .9 1.609 1 ,769 1.785 1.787 Fabricated metal products 60.56 '68.47 69.63 69.93 40.7 '41.8 42.1 42 .2 1.488 1 .638 1.654 1.657 Machinery except electrical 64.33 '75.17 76.30 75.91 41.0 '43.5 43.7 43 .5 1.569 1 .728 1.746 1.745 Electrical machinery 58.71 '65.24 65.89 65.86 40.6 '41.5 41.6 41 .5 1.446 1 .572 1.584 1.587 Transportation equipment 70.46 '73.43 74.20 72.29 41.3 '40.5 40.5 39 .7 1.706 1 .813 1.832 1.821 Lumber and wood products 53.36 '55.61 55.27 58.56 40.7 '40.3 40.4 41 .5 1.311 1 .380 1.368 1.411 Furniture and fixtures 51.67 '57.89 58.81 56.91 41.3 '42.1 42.4 41 .3 1.251 1 .375 1.387 1.378 Stone, clay, and glass products 56.56 '63.07 64.25 64.64 40.4 41.3 41.8 42 .0 1.400 rl .527 1.537 1.539 Instruments and related products 57.52 '67.22 67.65 68.80 40.0 '42.2 42.2 42 .6 1.438 1 .593 1.603 1.615 Miscellaneous manufacturing industries. 51.94 '58.49 58.49 58.03 40.2 41.6 41.6 41 .3 1.292 1 .406 1.406 1.405 Ordnance and accessories 61.43 '70.88 73.01 72.76 40.6 42.8 43.1 42 .6 1.513 1 .656 1.694 1.708 Nondurable goods 52.17 '58.28 58.40 58.01 38.5 40.0 40.0 39.6 1.355 '1.457 1.460 1.465 Textile-mill products 45.51 '53.94 53.46 52.64 37.8 40.8 40.5 39 .7 1.204 1 .322 1.320 1.326 Apparel and other finished products.... 40.80 '48.47 47.24 44.50 35.2 '37.6 37.4 36 .3 1.159 1 .289 1.263 1.226 Leather and leather products 41.96 '49.56 48.94 45.63 35.8 '39.3 38.6 35 .9 1.172 1 .261 1.268 1.271 Food and kindred products 54.14 '58.94 59.16 59.74 40.4 '40.9 41.0 41 .2 1.340 1 .441 1.443 1.450 Tobacco manufactures 38.59 '43.21 42.21 43.81 35.5 '37.9 36.9 37 .8 1.087 1 .140 1.144 1.159 Paper and allied products 58.20 '65.40 66.18 66.12 42.3 '43.4 43.6 43 .5 1.376 1 .507 1.518 1.520 Printing, publishing and allied products 72.18 '74.23 75.74 75.78 38.6 '38.4 38.9 38 .9 1.870 1 .933 1.947 1.948 Chemicals and allied products 60.56 '66.97 67.58 67.72 41.2 41.7 41.9 41 .8 1.470 1 .606 1.613 1.620 Products of petroleum and coal 73.85 '78.25 78.57 80.34 40.8 '40.5 40.5 40 .8 1.810 1 .932 1.940 1.969 Rubber products 61.76 '62.93 65.52 66.02 40.0 '38.7 39.9 39 .7 1.544 1 .626 1.642 1.663 «• Revised. NOTE.—Data are for production and related workers. Figures for April 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. JUNE 1951 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b 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 £950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 SEASONALLY ADJUSTED £950—April 43,212 14,302 942 2,163 3,948 9,391 1,794 4,757 5,915 May . .. 43,578 14,629 941 2,223 3,888 9,459 1,803 4,766 5,869 June 44,010 14,802 943 2,299 3,995 9,532 1,809 4,778 5,852 July 44,259 14,977 915 2,366 4,021 9,556 1,804 4,769 5,851 August 44,914 15,333 942 2,434 4,073 9,651 L ,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 2,5?1 4,126 9,620 L,838 4,747 6,077 December 45 605 15,692 938 2,452 4,125 9,692 L,846 4,741 6,119 1951—January T-45,804 15,852 939 T-2.507 T-9,722 1,840 T-4,737 6,100 February... r46,079 16,002 T-2,497 1,850 T-4,729 6,165 March 46,273 16,058 936 2,554 4J45 9,' 766 1,854 4,730 6,230 April 46,354 16,035 921 2,553 4,153 9,792 1,862 4,744 6,294 UNADJUSTED 1950—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 1,820 4,723 6,037 December . . . 46,595 15,789 937 2,403 4,125 10,443 L,828 4,694 6,376 4951—January T-45,246 15,784 932 '2,281 T-4,072 T-9,592 1,831 '4,666 6,088 February T-45,390 15,971 933 T-2,222 '4,079 T-9,564 1,841 T-4,658 6,122 starch 45,857 16,022 930 2,324 4,110 9,717 1,854 4,683 6,217 April 45,937 15,884 918 2,451 4,132 9,645 1,871 4,744 6,292 r 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. April 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 4944 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 4946 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 4949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 rl950 109,284 63,099 59,957 52,450 7,507 3,142 46,181 J95Q—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 4951—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 April 108,879 61,789 60,044 53,400 6,645 1,744 47,092 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is 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. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION {Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 Tanuarv 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 "Ivlay 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 jDecember 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 Feb 568 780 1,141 252 285 332 317 495 808 Apr. Mar. Apr. Mar 748 1,300 1,268 282 481 418 466 819 849 Apr 846 1,350 1,375 319 354 456 527 996 919 M Ju a n y e.... 9 8 5 8 0 5 1 1 , , 3 3 4 4 5 8 3 3 6 7 9 5 3 4 8 2 9 8 5 5 1 7 7 4 9 9 5 1 9 7 N Bo ew st o Y n ork 2 5 0 1 3 , , 9 6 5 8 4 5 1 6 7 9 4 , , 4 3 7 0 1 3 2 8 5 7 8 , , 9 78 6 9 8 S J A O N D u e c e o u l p t c y v g t ..... 1 1 , , 0 0 9 9 9 9 7 6 1 4 2 5 1 8 9 8 2 2 1 1 1 1 1 1 , , , , , , 5 4 2 0 1 1 8 4 2 8 3 6 7 9 0 7 6 8 4 3 3 2 3 2 3 1 1 8 1 9 2 0 6 9 6 9 4 4 3 3 3 3 6 3 0 6 8 2 0 8 8 4 1 0 5 5 6 6 7 7 3 9 4 3 8 3 7 5 2 0 3 0 1,1 9 9 8 7 7 1 6 2 2 6 8 0 2 8 7 1 7 A P C R S C M h t l i h t . i e c l i i n a l v h c L a n n e a m d o e l g t a a e u a o o n l p i n p s d o d h l i i a s . . 2 1 1 1 4 8 4 7 4 6 4 9 1 2 6 8 0 3 , , , , , , , 6 8 3 4 8 2 6 4 2 7 9 0 6 6 9 1 4 8 4 1 4 2 1 1 1 6 9 4 2 2 3 3 9 1 6 3 2 6 6 , , , , , , , 2 5 5 5 2 4 0 7 9 2 2 5 8 5 7 5 3 6 1 0 8 2 1 1 1 9 4 3 7 4 4 0 0 6 7 8 9 7 7 , , , , , , , 9 4 6 0 8 3 3 5 0 5 0 6 3 8 2 5 0 9 6 4 4 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 4 7 8 , , 5 7 4 3 8 3 1 6 2 9 8 , , 1 7 6 9 8 8 4 9 6 9 , , 9 1 4 9 8 1 .LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,374,991 1,267,450 1,350,496 [In millions of dollars] Title 1loans Mortgiges Rental War and Mili- Y m e o a n r t o h r Total p m P e r i r m r o e o t v n y p - e t - 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 u t I i o s t ) i l l e e y 4 s - h g ( o T a r I u o n I i s t ) u d i l n p e gh e ( o V V T r u a I e i s n ) t t i 2 l - s n e ' g V ( h t T i o a I n i I u r g t I y s l ) e - 3 INSURED P O F R H T A F O H L O I M O, E B M Y O C R L T A G SS A G O E F S IN (T S I T T I L T E U T II I ) O N HELD IN [In millions of dollars] 4946 755 321 (4) 347 3 85 1947 1,787 534 (4) 446 808 1 1 1 1 9 9 9 9 4 5 4 5 9 0 8 0 —Apr . . .3 3 4 , , , 3 8 3 3 4 2 3 29 2 1 8 6 6 5 1 9 9 2 4 4 4 7 * 1 7 7 3 2 1 , , 4 8 8 1 6 5 8 7 6 0 5 1 r21 7 1 1 1 , , , 8 3 0 1 3 3 3 2 6 2 9 1 12 1 3 2 9 End of month Total b C m a c o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s a a S l s i a o t n s a n i a o g o v 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 r e e a d s n l - 1 - Other2 May 351 48 176 i 110 15 June 376 78 181 i 113 3 July... 369 61 183 r9 111 5 1936—Dec 365 228 8 56 41 5 27 Aug.. . 414 69 (4) 217 122 6 1937—Dec 771 430 27 110 118 32 53 Sept.. . 373 55 M 216 (4) 88 14 1938—Dec 1,199 634 38 149 212 77 90 Oct.... 379 82 (4) 241 3 43 10 1939—Dec 1,793 902 71 192 342 153 133 Nov.. . 379 74 (4) 236 r2 49 17 1940— Dec 2,409 1,162 130 224 542 201 150 Dec. .. 349 54 (4) 204 '5 63 23 1941—Dec 3,107 1,465 186 254 789 234 179 1942—Dec 3,620 1,669 236 276 1,032 245 163 1951—Jan.... 330 63 i 225 (4) 28 13 1943—Dec 3,626 1,705 256 292 1,134 79 159 Feb.... 261 44 i 176 '4 27 10 1944—Dec 3,399 1,590 260 269 1,072 68 140 Mar... 294 50 2 180 3 32 28 1945—Dec 3,156 1,506 263 253 1,000 13 122 Apr... 252 43 2 162 7 20 18 1946—June 3,102 1,488 260 247 974 11 122 r Revised 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 3 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 5 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. JUNE 1951 695 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 2 Exce»ss of exports Month 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 January 1,114 1,092 1,105 741 *>973 531 547 590 623 Pl,022 583 545 515 118 P-49 February 1,146 1,085 1,043 765 P1,076 437 589 567 600 P908 709 496 477 164 P168 March 1,326 1,139 1,189 861 Pl.281 445 675 633 665 PI.099 882 464 557 196 P182 April 1,294 1,121 1,173 803 Pi,372 512 532 535 585 Pl.024 782 590 638 218 P348 May 1,414 1 103 1,095 P829 474 554 541 P659 940 549 554 P170 June 1,235 1,014 1,108 P878 463 625 526 P687 772 389 582 P191 July . 1,155 1,019 900 450 564 457 P709 705 456 444 P70 August 1,145 992 885 P762 400 606 491 P820 745 386 394 P—59 September. . . .1,112 926 910 P911 473 560 530 P861 639 365 380 P50 October 1,235 1,023 856 P906 492 600 557 P922 743 423 299 P-17 November .. 1 141 823 842 P977 455 554 593 P853 687 269 249 P124 December 1,114 1,318 945 ?l,065 603 720 605 P866 511 598 340 P198 Jan.-Apr 4,880 4,436 4,511 3,169 P4,702 1,924 2,342 2,323 2,474 P4.053 2,956 2,094 2,187 696 P649 Preliminary. 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. 3 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 BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Year or month Total Coal CokeGrain s L t i o v c e k - pr es o t d- Ore l c a el n - e- c d h i a s n e - Total Net ucts ous I.C.I. Year or month o r p e e v r e a n t u in 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 132 130 146 138 129 143 136 139 78 1945 8,902 8,047 852 450 1947 143 147 182 150 107 153 181 148 75 1946 7,628 7,009 620 287 1948 138 141 184 136 88 149 184 146 68 1947 8,685 7,904 781 479 1949 116 100 145 142 77 123 151 127 57 1948 9,672 8,670 1,002 699 1950 128 117 180 135 68 140 172 140 53 1949 8,580 7,893 687 438 1950 P9.473 P8,434 Pl.040 P783 SEASONALLY ADJUSTED SEASONALLY 1950—April 126 123 181 131 68 129 121 137 53 ADJUSTED May 122 119 181 127 66 134 121 133 51 1950—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 October 136 135 206 159 75 146 184 145 54 September. 858 749 109 73 November. . . 136 126 198 166 72 157 184 146 53 October.. . 885 776 108 74 December. . . 140 129 194 158 72 162 199 151 52 November. 863 760 103 70 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 66 March 139 112 202 150 62 147 241 157 53 February.. 783 742 41 11 April 136 112 197 158 68 156 212 151 51 March 854 783 71 P41 UNADJUSTED UNADJUSTED 1950—April 122 123 177 115 61 129 63 135 54 1950—April 714 652 62 38 May 125 119 179 112 59 139 217 135 51 May 745 678 67 45 June 131 116 188 133 51 150 277 142 52 June 779 689 90 72 July 130 105 190 162 48 149 298 141 51 July 772 688 84 59 August 140 126 186 150 57 163 285 149 56 August 890 768 122 96 September... 145 135 198 143 95 160 298 154 57 September. 872 749 123 99 October 147 135 201 159 116 154 262 158 56 October... 925 791 135 108 N D o ec v e e m m b b e e r. r . . . . . 1 1 3 3 9 0 1 1 2 2 6 9 2 1 0 9 4 8 1 1 6 4 2 8 9 7 0 0 1 14 5 5 4 1 6 8 2 8 1 1 5 4 2 2 5 5 4 0 N D o ec v e e m m b b e e r r . . 8 9 6 2 2 8 8 7 1 5 5 2 1 11 1 3 0 1 8 2 6 0 1951—January 133 133 209 153 66 153 61 145 50 1951—January.. . 849 771 78 55 February.... 119 114 197 131 44 137 60 133 46 February.. 716 697 19 -4 March 130 112 204 138 49 147 70 149 54 March 875 797 78 P51 April 133 112 193 139 61 156 193 149 51 NOTE.—For description and back data, see BULLETIN for June 1941, pp. P Preliminary. 529-533. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc 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 . 304 240 244 288 303 325 401 291 331 289 329 417 354 SEASONALLY ADJUSTED 1950—April 292 244 '237 281 299 323 397 269 319 '278 '307 401 333 May 290 231 226 270 299 321 390 277 330 268 309 403 336 June 298 240 242 285 299 333 392 278 326 283 322 410 342 July 362 268 274 331 364 394 494 330 418 342 414 537 454 August 335 268 277 319 334 360 415 335 370 321 354 449 374 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 291 217 230 283 286 297 413 290 298 '249 321 414 '336 April P237 252 286 323 326 399 282 320 402 347 UNADJUSTED 1950—April '286 241 '228 276 290 313 389 269 316 278 '304 393 321 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 284 217 230 286 286 307 422 269 298 236 308 397 '318 April P284 2*225 232 269 297 298 367 276 304 P302 382 321 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—April '287 231 '231 249 283 329 360 265 329 316 '296 375 341 M[ay 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 368 '305 299 320 396 412 462 331 425 363 365 465 445 April. P377 303 297 331 395 407 483 343 437 P383 P380 486 465 UNADJUSTED 1950—April 294 227 '238 259 287 344 378 273 329 321 '305 393 347 Mav 289 226 231 249 283 337 366 268 313 323 301 380 350 June 267 206 209 229 261 305 345 248 299 294 287 353 326 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 334 264 273 299 343 374 463 311 371 336 336 434 389 March 374 '296 306 336 392 425 485 344 413 378 373 493 436 April P386 297 306 344 401 425 507 353 437 P389 P392 510 474 p Preliminary. * Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. JUNE 1951 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100 2 Department b N st e o u r r m e o s - f Sale p s e r d io u d ring m ( S e t n o o d n c t k o h s f ) March Sale p s e r d io u d ring Sto o c f k m s o a n t t h end reporting M 19 a 5 r 1 . m T 1 o h 9 n r 5 e t 1 e hs M 19 a 5 r 1 . 1951 1950 1951 1950 1951 1950 Mar. Feb. Mar. Mar. Feb Mar. GRAND TOTAL—entire store 3. 354 +8 +17 +31 3.7 3.0 MAIN STORE—total 354 +8 + 17 +32 4.0 3.2 215 176 199 851 747 645 Piece goods and household textiles. 315 i +23 +35 5.3 3.9 171 171 173 901 783 672 Piece goods 293 -10 +3 + 16 3.9 3.0 227 208 253 894 838 774 Silks, velvets, and synthetics 194 -7 +3 + 11 3.6 3.0 251 176 271 905 688 825 Woolen yard goods 173 -27 -4 + 13 4.3 2.8 210 232 288 912 921 818 Cotton yard goods 184 -2 +9 +28 4.0 3.0 261 214 268 ,046 892 827 Household textiles 306 +9 +36 +48 6.4 4.7 145 153 134 921 756 627 Linens and towels 276 + 1 +22 +38 6.4 4.8 136 139 135 886 781 642 Domestics—muslins, sheetings 249 + 19 +56 +43 5.4 4.5 173 196 145 944 687 660 Blankets, comforters, and spreads. 236 +8 +26 +71 7.3 4.6 130 127 120 947 785 567 Small wares 343 +5 +8 +20 4.6 4.0 166 150 158 760 690 636 Laces, trimmings, embroideries, and ribbons... 207 + 10 + 14 + 14 3.4 3.3 264 169 241 912 742 804 Notions 236 + 1 +5 +24 4.4 3.6 212 176 211 954 834 769 Toilet articles, drug sundries 328 +8 + 14 + 18 4.1 3.8 145 133 134 600 547 511 Silverware and jewelry 312 +9 + 10 +26 6.2 5.4 165 141 152 ,028 918 822 Silverware and clocks * 213 + 12 +20 +45 8.3 6.4 Costume jewelry4 275 +7 + 1 +7 3.7 3.7 Fine jewelry and watches4 77 +6 + 15 + 18 10.3 9.2 Art needlework 233 -9 -1 +28 5.8 4.1 141 156 155 822 725 643 Books and stationery 272 +3 +2 + 11 3.7 3.4 174 165 169 643 589 584 Books and magazines 131 -4 0 + 1 2.6 2.5 181 157 189 479 417 487 Stationery 236 +7 +3 + 13 4.4 4.1 162 159 152 704 649 621 Women's and misses' apparel and accessories 351 + 10 + 15 +19 2.6 2.4 239 165 218 632 576 534 Women's and misses' ready-to-wear accessories. 351 + 14 + 17 +21 3.1 2.9 235 159 206 730 660 606 Neckwear and scarfs 310 + 19 + 15 + 10 2.1 2.2 314 211 265 653 606 599 Handkerchiefs 283 + 14 +6 + 15 4.6 4.5 124 113 109 568 508 466 Millinery 182 + 18 + 15 -8 0.8 1.1 308 141 261 256 252 281 Women's and children's gloves 326 +35 +22 + 12 3.0 3.6 214 110 159 641 617 575 Corsets and brassieres 337 + 10 +20 +28 3.4 3.0 275 226 250 948 888 741 Women's and children's hosiery 345 + 12 + 19 +46 2.8 2.1 165 132 148 457 396 310' Underwear, slips, and negligees 343 +7 + 17 +20 4.1 3.7 176 152 164 729 596 612 Knit underwear 251 + 11 +27 +27 4.0 3.5 233 203 210 936 714 744 Silk and muslin underwear, and slips 283 +4 + 12 + 18 4.5 4.0 161 132 155 732 595 621 Negligees, robes, and lounging apparel 255 + 11 + 12 + 11 3.3 3.3 157 135 142 516 408 465 Infants' wear 324 + 11 + 12 +25 3.0 2.7 305 201 275 924 854 744 Handbags and small leather goods 333 + 19 + 15 + 13 2.3 2.4 230 128 194 525 455 463 Women's and children's shoes 242 + 15 +21 + 18 4.1 4.0 281 177 245 1,156 1,107 969 Children's shoes4 210 +33 +22 + 13 3.3 3.9 Women's shoes 4 220 + 10 +21 +21 4.4 Women's and misses' ready-to-wear apparel.. . 351 +6 + 13 + 15 2.2 244 172 231 527 486 457 Women's and misses' coats and suits 339 + 15 + 17 1.7 298 215 303 516 507 437 Coats 4 211 +3 + 19 +15 1.7 Jun S i u o i r t s s ' 4 and girls' wear 2 2 0 8 1 9 + 12 Q + + 1 8 4 + + 2 1 1 0 1 1. . 7 8 350 190 313 581 578 529 Juniors' coats, suits, and dresses 273 +8 + 11 + 12 1.4 334 195 309 501 476 447 Girls' wear 313 + 16 + 18 +9 1.8 384, 193 332 706 735 650 Women's and misses' dresses 341 +7 +9 + 12 1.9 217 152 203 420 381 372 Inexpensive dresses4 257 +7 +8 + 13 1.6 1.5 Better dresses 4 270 +7 + 10 +11 2.2 2.2 Blouses, skirts, and sportswear 340 +8 +9 + 19 3.0 2.7 246 186 227 728 626 608 Aprons, housedresses, and uniforms 288 + 1 +8 + 15 2.9 2.5 174 150 172 502 416 434 Furs 269 + 11 +47 + 19 5.3 5.0 79 102 71 420 390 349 Men's and boys' wear 332 + 13 +20 +28 5.0 4.4 186 139 165 925 805 729 Men's clothing 255 +6 +22 +28 5.3 4.3 193 160 182 1,016 887 797 Men's furnishings and hats 316 +17 +30 5.5 4.7 150 128 136 826 691 636 Boys' wear 301 + 11 + 19 + 19 3.4 3.6 269 125 218 932 870 786 Men's and boys' shoes and slippers 192 +24 +32 +27 5.7 5.7 207 150 162 1,173 1,018 947 +28 Homef urnishings 320 +3 +22 +49 5.4 3.7 230 241 223 1,248 1,080 840 Fu M rn a it tt u r r e e s s a e n s d , s b p e r d in d g in s g , and studio beds4 2 1 4 6 5 7 + +6 6 + + 2 2 4 0 + +9 3 9 8 3 5 . . 6 1 4 1 . . 0 9 210 246 197 1,081 940 775 Upholstered and other furniture 4 175 +6 + 18 +30 5.5 4.5 Domestic floor coverings 276 +20 +41 +56 5.9 4.5 227 235 189 1,331 1,201 859 Rugs and carpets 4 160 +24 +45 +60 5.9 4.6 Linoleum 4 94 +9 + 13 4.6 4.0 Draperies, curtains, and upholstery 297 +5 + 16 +30 5.0 4.1 211 174 200 1,061 929 821 Lamps and shades 249 -1 +25 5.1 3.8 176 165 190 900 771 712 China and glassware 250 +4 + 12 + 14 7.1 6.4 167 153 160 ,181 1,094 1,037 Major household appliances 240 +2 +39 +91 4.8 2.6 278 305 274 1,349 1,057 710 Housewares (including small appliances) 259 +2 +22 +55 5.6 3.7 267 246 261 1,489 1,223 964 Gift shop 4 171 +9 +11 +22 6.0 5.4 Radios, phonographs, television, records, etc.4. 227 -19 + 12 + 162 5.6 1.7 Radios, phonographs, television 4 174 -22 + 13 +202 5.5 1.4 Records, sheet music, and instruments4. . . . 124 +8 + 12 +26 5.1 4.4 Miscellaneous merchandise departments. . . 316 + 17 + 16 +45 3.8 3.1 199 153 171 764 660 544 Toys, games, sporting goods, cameras 293 +20 + 16 +60 8.0 6.0 130 80 108 1,035 851 650, Toys and games 241 +25 + 15 +76 7.5 5.3 116 60 93 870 679 503 Sporting goods and cameras 144 + 16 + 17 +45 8.4 6.8 117 87 101 990 852 677 Luggage 265 +3 +9 +35 6.4 4.9 154 138 150 988 882 737 Candy4 190 +60 +26 -17 0.7 1.4 For footnotes see following page. 698 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 x 1941 average monthly sa es = 100 2 Num- Department r b s e t e p o r o r o e 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 March Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing M 19 a 5 r 1 . m T o 1 h 9 n r 5 t e h 1 e s M 19 a 5 r 1 . 1951 1950 1951 1950 1951 1950 Mar. Feb. Mar. Mar. Feb. Mar. BASEMENT STORE—total. 196 +9 +16 +29 2.7 2.3 216 156 197 592 539 456 Domestics and blankets 4 137 0 +32 +52 5.0 3.3 Women's and misses' ready-to-wear 189 +11 + 13 + 18 1.9 1.8 234 154 211 439 413 372 C In o t a im ts a a te n d a j s p u p i a ts r e 4 l4 1 1 6 7 5 5 + + 1 3 0 + + 1 1 9 1 + + 2 9 7 2 1 . . 8 1 2 1 .1 4 Dresses 4 173 +9 +8 +8 1.4 1.5 Blouses, skirts, and sportswear 4 157 +7 +6 +24 2.4 2.2 Girls' wear 4 123 +24 +21 + 10 1.5 1.7 Infants' wear 4 120 + 15 + 16 +30 2.6 2.3 Men's and boys' wear . . . 157 + 15 +18 +33 3.4 3.0 224 155 195 782 698 579 Men's wear 4 134 +9 + 16 +36 4.0 3.2 Men's clothing 4 94 +9 + 15 +38 3.6 2.9 Men's furnishings 4 116 +8 + 16 +38 4.3 3.3 Boys' wear 4 115 +29 +24 + 19 2.2 2.4 Homef urnishings. 101 >J + 11 +58 4.4 2.6 179 180 192 796 728 514 Shoes 119 +26 +24 +21 3.4 3.6 198 124 157 680 624 576 NONMERCHANDISE—total4 . 171 +9 + 12 (5) (5) (5) Barber and beauty shop 4 72 -1 -3 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 697. 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. * Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, 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=100] [In millions of dollars] Reported data Derived data x Without seasonal adjustment Year or month m ( S o t a o n l t e t a h s l ) m ( S e t o n o d n c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o n s ) f g R m ( e o t c f o o n e t r t i a p h l ) ts m o ( N o r t f o d o n e t e r w t a r h l s ) July 1 2 9 949 . . 2 2 3 0 8 1 July 1 8 1 9 . . 5 . . 0 . . . . . . 2 2 6 1 3 8 Jan. 1 1 9 7 4 5 . . . 0 . . . . . . . 2 2 0 3 5 3 Jan. 1 1 9 6 3 5 . . . 1 . . . . .. . 3 2 0 8 1 5 16 .213 15... ..265 21... ..230 20... ..301 1942 average... 179 599 263 182 192 23 .207 22... ..303 28... ..222 27... ..278 1943 average... 204 509 530 203 223 30 .209 29... ..295 Feb. 4... ..226 Feb. 3... ..234 1944 average... 227 535 560 226 236 Aug. 6.... .228 Aug. 5... ..296 11... ..238 10... ..273 1945 average... 255 563 729 256 269 13 .218 12... ..273 18... ..231 17... ..272 1946 average... 318 715 909 344 327 20.... .252 19... ..281 25... ..221 24... ..274 1947 average... 337 826 552 338 336 27.... .252 26... ..288 Mar. 4... ..244 Mar. 3... ..288 1948 average... 352 912 465 366 345 Sept. 3.... .295 Sept. 2... ..310 11... ..253 10... ..303 1949 average... 333 861 350 330 331 10.... .273 9... ..295 18... ..264 17... ..292 1950 average... 347 941 466 361 370 17.... .315 16... ..368 25... ..279 24... ..304 24.... .292 23... ..322 Apr. 1... ..301 31... ..258 1950— Apr 319 ••927 271 '326 '271 Oct. 1.... .302 30... ..320 8... ..320 Apr. 7... ..292 May.... 330 906 248 310 287 8 .297 Oct. 7... ..325 15... ..254 14... ..288 June... . 317 833 369 244 365 15.... .29C 14... ..322 22... ..279 21... ..281 July.... 292 789 693 248 572 22 .296 21... ..304 29... ..285 28... ..293 Aug 331 918 755 460 522 29 .298 28... ..313 May 6... ..301 May 5... ..326 Sept 370 1,029 702 481 428 Nov. 5 .315 Nov. 4. . ...315 13... ..308 12... . .318 Oct 361 1,169 593 501 392 12.... .318 11. .. ..342 20... ..275 19... ..285 Nov 403 1,203 442 437 286 19 .342 18... ..368 27... ..282 26... ..290 Dec 616 957 412 370 340 26 .330 25... ..319 June 3... ..261 June 2... ..274 1951—Jan 337 994 658 374 620 Dec. 3.... 449 Dec. 2... . .444 10... ..302 9 F M e a b r 3 2 4 8 7 6 1 1 , , 0 2 9 1 4 8 6 46 5 7 6 3 4 8 7 6 1 3 26 8 2 4 1 1 7 0 5 54 8 2 4 16 9. * \ \ . ' . 6 5 3 5 8 4 2 1 4 7 . ... . . . . 2 3 5 02 0 2 1 3 6 Apr.. .. 2*312 Pi,239 P336 ?333 P202 24.... '.541 23!!. !'.64O 31.... .197 30... ..237 P Preliminary. r Revised. 1 These figures are not estimates for all department stores in the United States. Figures for sales, stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders NOTE.—For description of series and for back figures, see BULLETIN are derived from estimates of receipts and reported figures on out- for September 1944, pp. 874-875. standing orders. Bick figures.—Division of Research and Statistics. JUNE 1951 699 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] A 19 p 5 r 1 . 1 M 95 a 1 r. m 1 F 9 o o 5 u s 1 . i A 19 p 5 r 1 . 1 M 95 a 1 r. m 1 F 9 o o 5 u s 1 . r A 19 p 5 r 1 . M 19 a 5 r 1 . m 1 F 9 o o 5 u s 1 . r A 19 p 5 r 1 . M 19 a 5 r 1 . F m 1 o 9 o u 5 s r 1 . United States. P-2 +11 +13 Cleveland- cont. Chicago P0 +13 +16 Dallas 0 +13 +12 P B N C N N A T L S W P N S L A E N S U W P D N P R P R Y B B B B h o l e B p y r c o o o a h r l e L u e o e l e i o e k t e o r o i i s w o o m i b e r n i h r a v l n w w i r w u f a w i o t w c s r l r w a c a i a v r d f o n t e l a g k g e k o c d n t h g s i w a a c e l d a c o l i a n n g n t n r e Y a a h n t g a i Y e l a h d l e H u e d o a o i B n r n o y r s t e l r s e n a f s o n s k k e l x - o s n e a n e o - g i t c p p t a m d e t r e A n e d e B e n e w * l e r 1 t h k v o d l * r c p k * F e r a c r J t d r a i n r e f e o p d h e e a a * r * t o C n n a y 1 r s . i l . r . e a l i i d e s t ^ y K . . . . . . . . . . . . ! l \ I i | - - - + + + + 1 1 + + + + + + 1 - - - - - - - - - - - - 4 6 3 8 3 9 8 8 1 5 3 5 0 1 0 6 3 3 5 2 3 2 3 2 0 0 2 2 r 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 6 9 2 2 2 7 0 6 9 1 0 3 7 0 2 2 1 1 3 3 3 3 6 6 4 4 5 4 1 1 2 8 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 2 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 4 9 9 8 6 2 4 3 8 3 2 5 0 1 2 1 0 3 1 1 7 5 4 4 0 6 4 0 4 2 6 2 A R J O T A A S S R A W A G L N C H M M W C C M C M B W H R R B P R E B a i t a t a y i c o o h h r u i o i s a o t r a r o n a a u l c . o o a i t i h a c r l v l e h h m i n a l t l m l a r l g ' n d t a k g a a a m c n b n s e l h e e u o t e u P f a s e m r c u n n s s e i m s n n o h e o 1 i i e p t e n t m n b m l m n v m e i h g t l ' o r g s o n d e i r l t i o l a t t n e v o u i n t s a i i k h b n t n n s o o a b o s o l b R k n o 1 e n a g i n o 1 r x a l t g u t v l n n i m g e u l e r r d g g h o o h - o l n a e t r d s i , s . e S t h a n u o , g l w e W b i , o l m a n N g r e S u i n n S y l e . e l r . . V . . . . * C J l g 1 m . . . . C . C . . . . . a . . . . . . . . . . + - - - - - - - - - - - + + + 1 + 3 1 1 + 1 1 - 2 1 1 - - - - - - - - - 1 - - - - - 1 - - 1 3 9 3 3 9 7 2 9 9 1 4 7 2 5 6 3 6 2 2 2 9 3 8 6 7 0 4 3 4 4 7 5 3 0 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 4 2 2 1 3 1 4 5 2 2 4 1 1 2 1 1 1 1 1 1 1 1 1 1 1 9 8 6 7 9 7 7 5 8 1 1 4 6 1 3 4 5 0 3 2 5 8 4 8 0 0 3 9 6 9 0 4 5 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 1 1 2 1 1 1 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 5 6 7 3 3 2 1 0 0 5 9 0 0 0 1 1 1 7 5 6 4 7 1 1 6 0 6 0 0 0 7 0 0 S M K Q T S L L S S S D D P H F L F M M G M E C T D D G M P F I t a n S , i p t t u t l o o o i a o v e e u h e u u r e r n . e . . n i i e a i t d u r e n e u p r a r o a r s n n i n i l t t l L t n i m s d L t i L P n t r c p w b e l c u i s n n n e r r t n v a a e e e s i o a M n c i e o h l o i o d a g t k s W p S s e n e s a v n a o i g u a h y r u v i u f a o i u r a h H u m a i p g R i 1 o n o B - i i t i i l R i n o a p e i l p k s 1 o s l l i s s a s 1 i o y r e l o l a n i o e l a o t d e u i i A h n y c e l e 1 J C l p n s i t . i s e . k s e i r s i . * . J 1 d t e 1 » 1 1 . . K y . . a s . . . . . . . . . , . . . . . . , , , . P * P P P + - + - - - 1 + + 1 + + - + - - - - - - - - - - - - - - 3 5 1 4 1 6 4 4 4 6 2 4 5 5 5 2 3 6 8 8 4 0 4 2 5 4 0 0 9 0 0 2 + + + + + + + + + + + + + + + + + r + + + + + + + + + + + + - + 1 1 2 2 5 2 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 4 7 6 1 3 7 9 2 3 8 7 5 3 2 1 6 4 4 1 0 3 9 1 5 5 3 0 1 2 5 2 3 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 2 1 1 1 2 2 2 3 1 1 1 1 1 1 1 1 1 1 1 1 2 9 9 5 7 7 9 6 9 2 2 4 5 4 5 6 9 1 5 8 8 0 0 4 5 0 3 9 5 3 4 4 0 S E S S S S V S S S S P S T Y T F L L O S B F B S R E C P B H D a S N N l a a t a a B a a e r a o p o o h h o u a o a e a i n v o a a o a o e n a l n n n v a n c s c r n o r l r o c k i l k e a r a l t k e P u c s l s n l t t e t e r l o t p s g e e r e k l m i p e l A t n r s A i J a k a L F a a D v r k a o n r n m u a l j m W e a t a o s o B s m s t e o s a r e n n a e g p B n n o n s F i i o i t R o n s f a a x e p 1 l d n e k » d a a h n g t d t * i a ^ e e o n e e r n e J o g e o C r 1 o e e d a e 1 J n a a n y r l a c n i l l o n s r m l t c d n h t a d i e C n t a a h » i o i h s r c o n s r d c i x i i » i l d d t . s . s o . . y i 1 c t l . . n . . i . . » 1 o . . . . . o . . . . . . . . . P P v P + - - - + + + 1 + + - + - - - — - 1 2 — - - - - _ - - - - — - 7 2 9 5 4 8 1 8 6 1 4 2 1 2 1 4 0 2 3 6 2 2 4 2 0 0 3 0 3 3 1 5 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 3 2 2 1 1 1 1 1 1 1 1 1 1 1 1 / 9 9 9 9 3 8 6 5 4 7 9 7 4 9 7 8 1 7 2 6 8 4 2 3 4 5 / 0 5 1 1 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 6 7 6 7 8 4 2 1 4 0 4 6 3 7 6 1 3 4 9 0 2 1 8 4 7 6 2 3 7 2 Canton x 0 +9 + 16 New Orleans 1.. -4 +3 +2 Wichita +9 +31 +29 Cincinnatil. . .. -3 +7 + 10 Jackson 1 -11 + 10 +3 Kansas City.,. 0 + 17 + 15 Cleveland * +6 +13 + 19 Meridian -13 + 17 +4 Joplin —5 +26 +21 Columbus 1 +8 + 11 + 14 Bristol -18 + 12 +3 St. Joseph -7 +12 + 14 Springfield1 -6 + 14 + 10 Chattanooga1.. -4 + 18 + 13 Omaha +3 +8 + 15 Toledo1 +6 + 18 +21 Knoxville l -9 +9 +8 Oklahoma City -5 +3 +5 Youngstown J. . I +6 +20 +25 Nashville1 -10 +7 +3 Tulsa -3 +10 +13 v Preliminary. «• Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Three months 1951. 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 Ail 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—April 168.5 197.3 184.9 130.1 140.3 185.4 154.7 169.3 199.8 184.7 130.6 138.8 185.0 155.1 June .... 170.2 203.1 184.6 130.9 139.1 184.8 154.6 July 172.0 208 2 184 5 131.3 139.4 186 1 155.2 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 6 210 6 193 0 132.0 142.0 198 7 158 3 November 176.4 210.8 194.3 132.5 142.5 201.1 159.2 December 178.8 216.3 195.5 132.9 142.8 203.2 160.6 1951—January 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 April 184.6 225.7 203.6 135.1 144.0 211.8 164.6 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. 700 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- Year, month, or week m c t A o o ie m d l s l i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m F g r a i h a u n a t t e d l i e 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 ie t a d m s d n - i d - H g n f o o i i u n s u o r g h d s - - e s - n c M e el o i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 . 95 3 104 9 99 9 91 6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86 4 88 3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88.0 1931 73 0 64 8 74 6 75 0 86 1 66 3 67 5 84 5 79.2 79 3 84 9 69.8 65 6 77.0 1932 . 64 8 48 2 61 0 70 2 72 9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65 9 51 4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74 9 65 3 70 5 78 4 86 6 72.9 73 3 86.9 86.2 75 3 81 5 69.7 68 6 78.2 1935 80 0 78 8 83.7 77.9 89.6 70.9 73 5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80 8 80.9 82.1 79.6 95.4 71.5 76.2 87 0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86 3 86 4 8"> 5 85 3 104.6 76.3 77 6 95 7 95.2 82 6 89.7 77.8 84.8 87.2 1938 ... 78 6 68 5 73 6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77 1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940.. 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89 0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103 1 122 6 106 6 96 9 117.5 97.4 80 8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105 8 128 2 106 2 99 7 118.1 100.1 84 0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121 1 148 9 130 7 109 5 137.2 116 3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152 1 181 .2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948 165 1 188 3 179 1 151 0 188 8 149.8 134 2 163.6 199.1 135 7 144 5 120.5 178.4 159 4 1949 155 0 165 5 161.4 147 3 180.4 140.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 1950 161 5 170.4 166.1 153.2 191.9 148.0 133.3 173.6 206.0 122.7 153.2 120.9 172.4 156.8 1950—April 152 9 159 3 155.3 146.4 179.4 136.4 131.2 168.7 194.8 117.1 145.8 112.6 162.5 149.4 May 155.9 164.7 159.9 147.6 181.0 136.1 132.1 169.7 198.1 116.4 146.6 114.7 166.3 152.2 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 July 162 9 176.0 171.4 151.5 187.2 142.6 133.4 172.4 207.3 118.1 148.7 119.0 175.8 158.0 August 166 4 177 6 174 6 155 5 195 6 149.5 134 4 174.3 213.9 122.5 153.9 124.3 179.1 161.2 September. . 169 5 180 4 177.2 159 2 202.9 158.3 135.1 176.7 219.6 128.6 159.2 127.4 181.8 164.0 October 169 1 177.8 172.5 161.5 208.5 163.1 135.4 178.6 218.9 132.2 163.8 131.3 180.2 163.5 November 171.7 183.7 175.2 163.7 211.6 166.7 135.6 180.4 217.8 135.6 166.9 137.6 184.5 165.1 December 175 3 187 4 179 0 166 6 218.8 171.2 135.6 184.8 221.4 139.6 169.9 140.5 187.1 168.9 1951—Tanuary.. 180 1 194 2 182 2 170 3 234.8 178.2 136 4 187.5 226.1 144 5 174 7 142.4 192.6 173.1 February,. 183 6 202 6 187 6 171 8 '23 8.2 ••181.1 138.1 188.1 228.1 147.3 '175.4 142.7 '199.1 '175.5 March 184.0 203.8 186.6 172.4 '•236.2 '183.2 138.6 188.8 228.5 146.4 '178.8 142.5 199.4 175.8 April 183.5 202.6 185.7 172.1 232.6 182.9 138.1 188.9 228.5 144.3 179.9 142.7 197.7 175.9 Week ending:1 1951—Apr. 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 May 1 . 183 4 201 1 188 6 171 6 183.6 138.3 189.6 227.5 143 9 May 8 182 8 198 1 188.8 171.4 183.4 138.4 189.6 227.5 144.4 May 15 182 2 197 1 187 7 171 2 183.3 138 4 189.5 227 4 144 6 May 22 . 182 4 198 1 187 3 171 1 183.3 138.5 189.5 227.4 142 1 May 29 182.4 199.8 188.1 170.9 182.9 138.5 189.4 227.3 141.6 1950 1951 1950 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr, Apr. Jan. Feb. Mar. Apr Farm Products: Metals and Metal Products: Grains 169.6 186.6 192.0 188.0 189.1 Agricultural mach. & equip.. . 143.4 156.2 159.0 159.0 159.0 Livestock and poultry 178.0 222.2 238.2 241.2 240.9 Farm machinery 145.8 158.4 161.0 161.0 161.1 Other farm products 144.2 178.2 182.8 184.3 181.7 Iron and steel 168.9 185.7 185.7 185.6 185.6 Motor vehicles 175.1 178. 179.0 184.1 184.1 Dairy products 141 .1171 .5 173.0 170.3 166.6 Nonferrous metals 128.9 187.9 191.1 183.5 184.1 Cereal products 145.9 163.0 166.3 164.5 164.5 Plumbing and heating 154.7 183.7 183.7 183.7 183.7 Fruits and vegetables 137.6 136.1 142.4 139.9 139.3 Building Materials: Meats, poultry and fish 200.6 242.7 255.2 254.5 255.1 Brick and tile 163.4 180.7 180.8 180.8 180.8 Other foods 129.3 157.7 159.0 160.0 158.8 Cement 134.9 147.2 147.1 147.1 147.1 Hides and Leather Products: Lumber 299.4 356.8 359.8 361.2 361.0 Shoes 184.3 219.4 '224.6 '222.0 222.1 Paint and paint materials 136.7 162.1 164.0 164.4 164.7 Hides and skins 187.2 318.2 317.8 313.0 297.8 Plumbing and heating 154.7 183.7 183.7 183.7 183.7 Leather 179.1 224.8 229.1 '229.2 228.7 Structural steel 191.6 204.3 204.3 204.3 204.3 Other leather products 143.1 188.0 188.0 188.2 180.6 Other building materials 172.0 195.8 198.2 198.2 198.3 Textile Products: Chemicals and Allied Products: Clothing 144.2 161.6 163.9 163.9 163.9 Chemicals 116.4 138.1 139.0 138.2 138.2 Cotton goods 172.8 239.2 240.5 239.9 236.2 Drugs and Pharmaceuticals.. 122.0 184.4 185.2 185.1 184.5 Hosiery and underwear 97.7 115.2 113.8 113.8 113.8 Fertilizer materials 117.4 118.1 118.1 118.1 117.8 Silk 49.1 86.1 90.8 90.8 85.4 Mixed fertilizers 103.5 108.9 108.9 108.9 108.6 Rayon and nylon 39.9 43.1 43.1 43.1 43.1 Oils and fats 127.5 200.4 217.3 214.6 198.7 Woolen and worsted goods... 146.1 217.4 r227.3 '240.2 243.7 Housefurnishing Goods: Other textile products 165.8 238.1 243.8 246.1 249.2 Furnishings 152.6 186.2 186.9 193.4 195.5 Fuel and Lighting Materials: Furniture 138. 162.7 '163.2 163.2 163.2 Anthracite 142.6 145.8 156.5 156.1 152.8Miscellaneous: Bituminous coal. 193.4 193.2 197.5 -197.1 195.4 Auto tires and tubes 65.0 82.8 82.8 82.8 82.8 Coke 225.6 232.8 234.1 234.5 234.8 Cattle feed 215.6 226.3 229.6 236.5 261.9 Electricity 67.8 65.7 61.4 Paper and pulp 155.4 196.5 '196.3 '196.2 196.2 Gas 86.8 90.0 92.2 93.8 Rubber, crude 48.7 148.4 147.3 145.4 137.5 Petroleum products 109.5 119.4 119.4 120.3 Other miscellaneous 120.3 137.1 137.6 136.8 136.7 r Revised. ^Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. JUNE 1951 701 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 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .7 7 .7 7 .7 .7 Statistical discrepancy -.1 1.2 1.4 1.6 1.7 .3 -2.9 -1.9 -1.9 4.1 -1.3 -7.6 -2.7 n.a. Plus: Subsidies less current surplus of government enterprises -.1 C1) .5 .1 ,9 — .1 .0 .1 .1 .2 .5 — .3 — .1 — .1 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 .0 .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 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 payments 6 7 5 5 6 7 7 7 7 7 7 7 .7 .7 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 206.1 223.2 216.4 215.1 224.9 234.9 241.6 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 saving 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 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 1 2 3 4 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. Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 152.2 142.3 147.9 155.3 162.7 170.2 Wages and salaries * 50.2 28 8 45 7 61 7 111 2 122.1 134.4 134.2 144.9 135.2 140.6 147.8 155.1 162.1 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.7 122.6 114.3 119.5 125.3 130.3 135.5 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.3 n.a. 4.5 4.5 n.a. n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 n.a. 16.4 16.6 n.a. n.a. n.a. Supplements to wages and salaries.. .6 .5 2.1 2.6 5.9 5.9 5.8 6.4 7.3 7.1 7.3 7.4 7.6 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 46.3 48.0 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 23.2 21.4 22.3 24.6 24.3 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 14.4 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 7.6 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 n8.2 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 f22.8 16.0 20.9 25.8 28.5 n.a. Inventory valuation adjustment... .5 -2.1 y -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 4.1 2.9 3.5 4.1 4.7 5.0 5.0 5.0 5.0 5.1 5.2 4.2 n.a. Not available. c Corrected. 1 Less than 50 million dollars. * Includes employee contributions to social insurance funds. 1 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. 702 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annualrates Annual totals 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.? 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. & 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 *• . . 7 8 1 l 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.fr Government purchases of goods 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 N Le o a s n r s w : a G r overnment sales 2 .... } u (3) s 2 (3 . ) 0 3 ( 1 3 . ) 3 9 1 3 ( 3 3 ) .8 2 2 2 2 1 . . 7 2 5} 17 1 - 1 3 21. .5 5 25. . 7 4 22. .2 9 22. .3 1 21. .3 4 21. .2 1 27. .2 1 32. . 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 Per- ployee Other prietors' and Trans- Non- Year or month sonal contri- labor and per- fer agriculincome 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 u C n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s s e b - - S i e n t r r d v ie u ic s s e - m G er o e n n v - t - b i s u a n o f t n s o c i u c o i r a e r n - l s income1 in re co n m ta e l 6 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e* 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—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 j une 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 8 160.5 164.1 73 0 44.1 20.0 27.0 3.6 3.5 47.2 19.5 12.1 224 0 April P 244.4 161.5 164.9 73.2 44.1 20.0 27.6 3.4 3.6 47.5 19.7 12.1 224.7 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. 8 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. 6 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. JUNE 1951 703 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 o o f n y th ear co c T n r s o e u t d a m i l t er i c T m n r s o e e t t d 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 Loansl no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 .. 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 . 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947... 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3.854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 L.018 3,909 992 1950 ••20,097 ••13,459 »7,904 4,126 '3,778 5.555 6,638 L.332 4,239 1 .067 1950—March 16,338 11,077 6,334 3,355 2,979 4,743 5,261 1,045 3,211 L.005 April 16,639 11,322 6,511 3,470 3,041 4,811 5,317 1,067 3,241 L,009 May 17,077 11,667 6,733 3,600 3,133 4,934 5,410 L.092 3,290 L.028 June 17,651 12,105 6,995 3,790 3,205 5.110 5,546 1,116 3.392 ,038 July 18,295 12,598 7,343 3,994 3,349 5,255 5,697 1,133 3,527 1,037 August 18.842 13,009 7,613 4,107 3,506 5,396 5,833 1,157 3,636 L.040 September 19,329 13,344 7,858 4,213 3,645 5,486 5,985 1,197 3,741 L,047 October 19,398 13,389 7,879 4,227 3,652 5,510 6,009 1,250 3,703 1,056 November 19,405 13,306 7,805 4,175 3,630 5,501 6,099 1,298 3,739 L.062 December '20,097 M3.459 r7,904 4,126 ••3,778 5,555 6,638 1,332 4,239 L.O67 1951—January M9.937 ••13,252 r7,694 4,056 '3,638 5.558 6,685 1,352 4.248 1,085 February 19,533 13,073 7,5.11 3,990 3,531 5,552 6,460 1,369 4,010 L ,081 March? 19,378 12,975 7,368 3,946 3.422 5,607 6,403 1,381 3.938 ,084 April? 19,121 12,906 7,273 3,930 3,343 5,633 6,215 1,389 3,744 1,082 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistic 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 i p S c l a m o o n a m a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n l t a o o r d n i a m u a i n e l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m I l i r n o z o e a s a a d p n u n ti e a d r s o r e i r n n d 3 - b m C a e n o r k c m s ia - x l p S c l a m o o n a m a i n e l - l s b I a n t n r d i k u a s l s - 2 p I c a n t l o o n r d i m a i u a e n l s - s - 2 u C n r i e o d n i s t 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—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 1951—January.. .. 5,558 2,438 1,090 289 202 518 158 863 326 162 39 28 67 February.. . 5,552 2,441 1,094 286 202 515 158 856 296 158 35 27 64 MarchP 5,607 2,476 1,112 286 204 517 160 852 368 207 43 33 79 April? 5,633 2,497 1,119 287 205 514 161 850 339 184 41 31 72 » 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 April amounted to 107 million dollars, and other loans made during April were 13 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 704 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Per- E y m e n o a d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a e d r i n d e e l t r - s F s t t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total c P ha u s r e r - e d ta D i l l i o r a e n c s t c r d e h p a i t r a u n a e s r d i c e - l t d , e lo m r t a n a i n o o n iz d d n s a 1 - - i l s m c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1939 1,525 377 536 273 93 246 period: 1940 1,721 439 599 302 110 271 1948 3,563 570 736 751 636 870 1941 1,802 466 619 313 120 284 1949 4,416 854 915 922 781 944 1942 1,135 252 440 188 76 179 1950 5,645 1,143 ,223 1,267 905 1,107 1 1 1 1 9 9 9 9 4 4 4 4 3 4 6 5 1,1 6 7 7 0 9 0 1 4 1 7 5 3 1 1 1 3 8 7 9 7 3 2 8 2 2 3 2 8 9 8 9 6 3 9 6 1 5 5 1 7 0 1 8 8 5 8 5 5 6 7 9 7 1 1 1 1 1 1 0 7 1 3 9 4 1950— A M M p a a r y r il ch 4 4 4 , , , 5 8 6 9 6 8 5 2 8 9 9 9 2 9 5 2 2 3 , 9 9 0 9 6 3 2 4 5 1, 9 9 02 6 8 8 6 3 8 7 7 0 7 8 4 4 0 1, 9 0 9 0 6 8 3 9 0 1947 1,935 650 587 249 144 305 June 5,084 ,050 ,096 1,064 834 1,040 1948 2,567 874 750 387 152 404 July 5,291 ,110 ,158 1,112 851 1,060 1949 3,096 1,010 935 500 163 488 August 5,493 ,143 ,217 1,178 872 1,083 1950 r3,778 1,245 1,029 '710 794 O Se c p to t b e e m r ber... 5,6 7 8 26 5 , , 1 1 7 8 7 0 , , 2 2 5 5 1 4 1 1, , 2 2 8 5 2 8 9 8 0 9 5 1 1 1, , 1 1 0 0 5 8 Mar 1 c 9 h 50 2,979 960 899 502 618 N De o c v e e m m b b e e r r . .. . . . 5, 6 6 6 4 1 5 , , 1 1 4 5 3 9 , , 2 2 2 3 3 4 1 1 , ,2 2 6 6 1 7 9 9 0 0 5 7 1 1 , , 1 1 0 0 7 0 April 3,041 979 913 518 631 1951—January 5,610 ,116 1,268 890 1,117 May 3,133 1,011 935 537 650 February 5,530 ,096 ,222 1,217 877 1,118 June , 3,205 1,032 947 561 665 March? 5,516 ,079 ,232 1,190 874 1,141 July 3,349 1,081 976 597 695 April? 5,489 1,072 1,152 875 ,148 August 3,506 1,123 998 658 727 September 3,645 1,159 1,028 702 756 Volume extended dur- October. .. 3,652 1,170 1,019 705 758 ing month: November 3,630 1,172 1,003 702 753 1950—March 646 142 151 139 42 172 December. '3,778 1,245 1,029 '710 794 April 607 130 141 129 52 155 May 721 148 164 163 74 172 1951 June 768 165 184 154 82 183 January... '3,638 1,201 982 '694 ••761 July 789 174 191 167 80 177 February. 3,531 1,162 956 677 736 August 799 157 190 187 82 183 March?. . , 3,422 1,133 924 655 710 September... 782 152 174 211 75 170 April? 3,343 1,108 906 635 694 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? 638 109 160 123 51 195 April? 623 117 153 124 56 173 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instal- Repair Personal ment paper 2 and instal- Retail instal- Repair Personal Year or month Total modern- ment ment paper * and instal- Auto- ization cash Year or month Total modern- ment mobile Other loans i2 loans m A o u b to il - e nuft t n er lo iz a a n t s io * n 2 lo ca a s n h 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— D A S O J N A J M M u u e e o u p c l n a p a c y r v t g y r e t i o e e c e u l m b m h m s e t b b . b r e e e . . . r r r . . . . . 3 3 3 3 3 3 3 3 3 3 9 8 9 9 9 8 7 6 5 5 5 9 2 6 1 0 1 1 0 5 . . . . . . . . . . 6 8 9 4 0 4 0 8 5 0 1 1 1 1 1 1 1 1 1 1 1 2 1 1 0 2 1 2 0 0 1 1 8 9 5 0 5 1 2 0 . . . . . . . . . . 9 6 5 5 4 6 8 9 6 4 8 6 6 7 7 7 7 7 7 7 0 6 8 9 3 1 6 0 9 9 . . . . . . . . . . 2 3 7 4 9 7 9 9 9 3 5 5 5 5 5 5 5 5 5 5 5 4 5 3 4 4 6 6 2 3 . . . . . . . . . . 2 5 7 5 9 9 1 1 8 0 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 7 6 0 0 8 2 3 6 9 7 . . . . . . 3 2 9 7 0 0 1950— S D A J O J A N M M u u e p e o c u l n a p a c r y v t y g e r t i o e e e l c u m b m m h s e b b b t r e . e e . . . r r r . . . . . . . . . . 2 2 2 2 2 2 2 2 1 1 1 2 2 2 0 1 2 0 9 9 9 4 6 2 3 4 8 3 8 6 . . . . . . . . . . 9 0 9 7 8 3 3 8 7 2 5 5 4 5 5 5 5 5 4 4 5 7 9 4 7 7 7 2 7 6 . . . . . . . . . . 9 4 2 5 8 9 3 3 5 1 3 3 4 3 4 3 4 3 4 3 9 1 5 2 1 4 0 1 1 1 . . . . . . . . . . 2 7 9 7 1 9 3 1 6 0 7 6 6 7 7 6 7 7 7 6 . . . . . . . . . . 3 7 9 2 3 3 4 3 4 5 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 7 5 7 0 6 3 7 3 8 2 . . . . . . . . . . 5 2 6 6 4 2 9 8 1 6 1951—January... 386.9 117.2 78.4 53.6 137.7 1951—January.... 225.6 56.8 40.8 7.2 120.8 February.. 382.5 116.9 77.4 52.4 135.8 February... 225.1 56.8 40.2 7.0 121.1 March P. .. 382.5 116.4 76.4 52.0 137.7 March? 226.9 57.1 40.5 7.0 122.3 April?.... 382.8 116.5 75.3 51.8 139.2 April? 228.1 57.8 40.0 6.9 123.4 Volume extended Volume extended during month: during month: 1950—March 47.3 13.5 9.7 2.5 21.6 1950—March 31.2 7.3 4.0 0.3 19.6 April 43.1 12.7 8.8 3.0 18.6 April 29.2 6.9 3.9 0.4 18.0 S D J J A O M N u u e e u o c l n a p c y v g t y e t o e e e u m b m m s e t b b b . r e e e . . r . r r . . . . . 4 3 4 5 5 5 4 4 7 7 2 0 8 1 3 0 . . . . . . . . 2 2 7 5 9 5 1 3 1 1 1 1 1 1 8 9 5 1 3 5 6 3 . . . . . . . . 7 1 7 2 7 3 4 9 1 1 9 8 8 9 8 7 0 1 . . . . . . . . 6 9 9 6 0 6 5 0 3 3 3 4 4 4 3 2 . . . . . . . . 9 9 0 2 9 6 1 3 2 2 2 2 2 1 1 1 1 2 2 1 0 9 8 7 . . . . . . . . 2 2 2 5 6 7 1 9 A S J J D O M N u u e u e o c l a n p g y c v t y e t o e u e e m b s m m t e b b b r e e e .. r r r . . . . . . . . 2 3 3 3 3 3 3 2 9 5 4 0 3 5 7 2 . . . . . . . . 3 4 4 8 5 1 4 8 6 9 8 6 8 6 7 7 . . . . . . . . 8 9 1 3 1 1 9 5 4 3 5 3 6 4 5 7 . . . . . . . . 9 7 9 8 3 0 8 3 0 0 0 0 0 0 0 0 . . . . . . . . 4 5 5 3 5 4 4 5 1 2 1 1 1 1 1 1 7 0 9 9 9 7 8 9 . . . . . . . . 2 7 9 5 9 1 9 6 1951—January... 42.2 10.6 8.2 2.5 20.9 1951—January.... 29.1 6.8 4.3 0.3 17.7 February.. 38.3 10.8 7.2 2.3 18.0 February... 27.9 6.4 3.8 0.3 17.4 March P. . . 46.8 12.4 8.5 3.0 22.9 March?.... 34.3 7.4 4.9 0.4 21.6 April?.... 44.8 13.0 3.3 20.7 April? 32.4 7.4 4.4 0.4 20.2 ? Preliminary. r Revised. 1 Includes not only loans insured by Federal Housing Administration but also nonin8ured loans. 2 Includes both direct loans and paper purchased. JUNE 1951 705 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 Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Year or month Depart- Furni- h H o o ld u s a e p - - Depart- 1 A 9 p 5 r 1 i P l M 19 a 5 r 1 . F 19 e 5 b 1 . 1 A 9 p 5 r 1 il ? M 19 a 5 r 1 . F 19 e 5 b 1 . s m to e r n e t s s t to u r re es 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 -5 +8 Q -2 + 1 + 11 March 19 11 12 53 C C a re s d h it s a s l a e l s es: -3 + 1 -13 +8 +6 + 18 A M p a r y il 1 1 7 8 1 1 0 0 1 1 1 2 5 5 0 2 Instalment -5 + 11 -3 -12 -8 -1 June 17 10 10 51 Charge account -10 +6 -14 + 14 +26 +36 J A u u ly gust 1 1 7 8 1 1 1 1 1 1 1 1 4 5 9 0 Accounts receivable, end September 18 11 10 51 of month: October 18 11 11 51 Total 2 -3 -3 +4 +7 + 13 November , 17 10 10 51 Instalment _2 -2 -2 + 1 +4 + 7 December 18 11 10 49 Collections during 1951 month: January , 19 10 12 50 Total -6 +6 -10 + 14 + 15 + 17 February 17 10 11 46 Instalment — 7 +9 -9 +8 +6 + 7 March 19 11 12 50 April? 18 11 11 47 Inventories, end of month, at retail value. +2 +7 +4 +36 +37 +37 P Preliminary. 1 Collections during month as percentage of accounts outstanding at ' Preliminary. 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 a c t o e u n n d ts o r f e c m e o iv n a th ble Collec m tio o n n s t h during Instal- Charge Cash ment account 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 sales sales sales 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—March 203 199 231 202 209 185 250 230 49 10 41 April '203 201 '215 204 212 190 226 210 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 220 210 234 228 255 227 318 268 48 9 43 April? 198 191 199 206 244 219 286 244 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. 697. 706 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK BANK CREDIT, MONEY RATES, AND BUSINESS • 1951 Chart Chart book book page May May May May May page May May May May May 16 23 30i 16 23 30i WEEKLY FIGURES 2 In billions of dollars WEEKLY FIGURES *—Cont. In unit indicated RESERVE BANK CREDIT, ETC. Reserve Bank credit, total.... 23.72 23.71 23.91 23.41 23.38 MONEY RATES, ETC. Cont. U. S. Govt. securities, total. 22.72 22.54 22.40 22.41 22.29 Bills 1.23 1.01 .85 .81 .70 Stock prices (1935-39=100); G M T M r o e o e l m n d a N e s B b s u y o e o t r o r n t y i e c n d b s k c s a c a a n i s r n k h c d u r a l e c a n s e t d e i r o r t d v n i e e f i s p c , o a t s o te i t t s a s . l . . . . . . . . 2, 2 2 2 4 3 2 2 1 1 6 1 7 2 4 8 . . . . . . 0 7 5 9 2 9 0 6 2 6 7 4 2 2 1 1 6 1 7 2 4 8 . . . . . . 0 6 7 9 3 8 7 6 1 2 2 3 2 2 1 1 1 6 2 7 4 9 . . . . . . 0 7 9 2 6 0 4 6 1 9 7 4 2 2 1 1 1 6 7 2 4 8 . . . . . . 0 7 7 2 6 8 6 6 5 1 9 1 2 2 1 1 6 1 7 1 4 8 . . . . . . 7 9 7 4 8 5 2 6 6 2 8 1 Vo T I R P l n u u o a d m b t i u l a l r e l i s o c t o a r u f i d 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 8 1 5 9 7 8 1 3 4 8 1. 1 1 1 1 6 5 1 9 7 8 5 1 6 9 1. 1 1 1 1 5 8 4 7 1 9 2 0 7 7 1. 1 1 1 1 6 4 8 6 1 3 0 4 9 0 1 1 1 1 1 .1 8 7 4 1 6 5 1 3 0 N Ch ew ic a Y go ork City " 5 1 . . 1 2 4 9 5 1 . . 0 2 3 9 4 1 . . 9 2 3 9 4 1 . . 9 2 6 8 4 1 . . 9 2 3 6 PRODUCTION AND DISTRIBUTION Reserve city banks 7.26 7.28 7.32 7.30 7.26 Production: E R x e C c q e o u s i u s r n e r t d e r s y r e e r b s v a e e n r s v k , e s t s otale 1 5 8. . . 4 2 4 9 8 6 1 5 8 . . . 4 2 5 1 7 6 P1 5 8 P . . . 4 8 2 3 1 6P1 5 8 P . . . 4 3 3 2 0 0 P1 5 P 8 . . . 2 2 3 4 1 0 S A C t r u e u t e o d l m e ( t o p h b e o i t l u r e o s . l ( e t t u o h m n o s u ) s . cars)... 6 6 6 6 2,0 1 7 43 9 2,0 1 7 4 3 8 2,0 1 7 45 7 2,0 1 7 5 1 2 2,0 1 5 1 3 1 N C C R h e e o w s i u c e n a r Y t g v r o e y o r c k b i a ty C n k i b t s y a e nks - ( . 3 . . 0 ) 1 4 1 0 3 (3 . . . ) 1 0 5 3 2 3 - P ( . . 4 . 0 5 ) 1 1 5 5 ( P. 3 . . ) 0 1 5 1 2 4 - - P . . 0 0 . . 3 1 1 3 8 1 P M B a i e t ( p u t a e h m t r o b i ( u n o m s o a . i r u l b d l s , b c l l ( b s o th . s a ) . o l ) u (m s. i t ll o , n to s n ) s . ) .. . 6 6 6 6 8 7 7 8 6, 1. 3 2 0 6 0 5 9 1 2 3 0 6, 1 0 2 2 .6 8 5 7 0 3 2 8 6, 1 2 0 . 2 6 5 9 9 2 8 2 4 6, 1 0 2 . 2 8 6 4 7 1 3 5 8 6, 1 0 2 2 .6 8 4 6 6 0 4 1 Electric power (mill. kw. hrs.) 70 6,560 6,567 6,559 6,653 6,445 MEMBER BANKS IN LEADING CITIES Freight carloadings (thous. All reporting banks: cars): Loans and investments 70.11 69.39 69.58 69.49 69.37 Total 69 803 808 809 812 745 U. S. Govt. securities, total. 30.84 30.34 30.43 30.38 30.44 Miscellaneous 69 392 397 397 396 363 Bonds 20.72 20.60 20.57 20.57 20.53 Department store sales Notes and certificates.... 8.15 8.10 8.12 8.11 8.15 (1935-39=100) 70 326 318 285 290 Bills 1.97 1.64 1.74 1.70 1.77 Other securities 6.61 6.51 6.49 6.50 6.50 PRICES Demand deposits adjusted.. 50.16 49.57 49.35 49.87 50.03 U Lo . F C R a S o n o e . r s a m , G l p m t e u o o s r e v t c t r a t a c h . l t i a e d a s l e i p n o g s s i e ts curities: 3 1 3 2 5 9 . . . . 1 6 4 6 9 5 2 6 3 1 2 3 5 9 . . . . 2 4 1 5 8 4 6 5 3 1 3 2 5 9 . . . . 5 2 4 6 3 1 6 7 3 1 2 3 5 9 . . . . 3 4 6 1 3 7 1 3 3 1 3 5 2 9 . . . . 1 4 0 4 3 8 5 3 Wh In o d l T F e e a o s x r a t e m a l s e l ( 1 p p 9 r r o i 2 c d 6 e u s = c : t 1 s 0 0): 7 7 5 5 2 1 0 8 1 3 . . 1 4 1 19 8 8 2 . . 1 8 1 1 9 8 7 2 . . 1 2 1 19 8 8 2 . . 1 4 1 1 8 9 2 9 . . 5 8 Ot T U O he o . t r h t S a e l . r G se o c v u t r . it s i e e c s urities. . 2 5 1 . . . . 0 9 7 3 9 4 2 7 2 5 1 . . . . 1 9 7 3 3 3 4 9 2 5 1 . . . . 0 9 6 4 8 4 8 0 2 5 1 . . . . 0 9 7 3 2 3 3 0 2 5 1 . . . . 0 9 6 3 5 . 6 9 Ba O T F s o i o t c h ( o t A a e d c l r u s 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 7 5 5 3 1 1 7 8 7 1 8 1 . . . 2 6 6 3 1 1 7 8 7 0 8 1 . . . 8 4 4 3 1 1 6 7 8 6 1 7 . . . 3 2 7 3 1 1 6 7 8 5 1 7 . . . 1 9 3 3 1 1 6 7 8 0 0 8 . . . 4 9 4 Ne L U w o . a S Y n . o s G r a k o n v d C t . i i n t s y v e e c b u st a r m i n ti e k e n s s t , : s total. 2 8 0 . . 3 2 9 8 1 8 9 . . 0 8 6 1 1 8 9. . 8 0 1 4 19 7 . . 7 9 1 4 1 8 9 . . 0 7 0 2 Se F l I e n o c d o t u e d d s s t t r u m i f a f a l s t e m ri a a t l e s r : ials 7 7 7 7 3 3 9 5 2 9 . . 1 6 3 3 9 5 4 6 . . 5 8 3 3 9 5 1 1 . . 9 4 3 35 9 0 3 . . 1 0 3 34 8 4 7 . . 7 5 T U L D In i o . e m t N B B a m e S n i o e o r l . D a s b n l t s , n d e G a d u s d e n t s e o o p , k a v d o t o t n a t e r s o d . l d p i c t e t d a o s a p e c l s l o l p e i a h s t o r s b i o t s t l i s l i e a f d t — s i d i c n j a u 5 g t s s e y t . s e e . . a d . . r . . s . . . * ^ * ~" ' 1 1 5 - 4 5 4 0 1 1 1 . . . . . . . . 9 . 1 8 0 0 5 7 6 7 8 2 0 1 6 2 7 1 0 1 9 4 4 5 5 1 1 . . . . . . . . . 6 0 9 5 9 6 3 4 8 3 8 5 2 7 5 2 5 9 1 4 9 4 5 5 1 1 . . . . . . . . . 5 2 6 8 5 9 1 9 4 7 0 9 0 4 9 6 3 6 1 9 4 4 5 5 1 1 . . . . . . . . . 0 8 5 4 6 9 4 8 4 3 7 4 9 7 8 4 8 0 1 3 9 4 5 1 1 5 . . . . . . . . 8 5 9 8 4 6 4 4 8 9 4 8 6 9 0 8 6 5 Se S W W P H C l R C e t r o o c u i e o o i d t p t b e n o o e t e l p b t o l d l s s e e n c t ( c r r o ( l f c r o c o p ( e a ( ( e t c o s c n p c h n e d e t e ( t n s ( n s ( n s c d t c t t e t s p u s o e s p n f e l n p e t f p l p r t s a s r e s e e : r l r p l r s b r p b e l . p e l 1 b . ) r b ) e r b . l . ) r . y b ) ) t d . o ) . . n ) . ) . 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 4 3 1 4 1 3 4 6 2 1 4 5 5 4 4 3 6 9 . . . . . . . . 5 2 5 0 8 0 0 4 4 2 0 4 7 3 4 2 6 1 7 5 4 4 5 3 6 9 . . . . . . . . 1 2 5 8 0 0 0 0 3 2 6 4 4 3 2 7 6 1 2 5 4 3 4 5 6 9 . . . . . . . . 1 2 5 8 0 3 0 0 3 2 4 4 3 2 4 9 6 1 5 4 3 4 2 5 6 9 . . . . . . . . 2 5 8 0 5 0 0 0 3 2 3 4 6 4 2 1 1 9 5 4 4 3 6 7 9 5 . . . . . . . . 2 5 8 0 0 9 5 0 Commercial 6.73 6.71 6.77 6.72 6.70 Winter wheat (cents per For purchasing securities: bu.) 79 240.5 238.5 235.5 234.8 235.1 Re T T al o o O O e o b n n s t r t h o a o U e k t t e r . h e s e S r a s r . n : G s d e o c o v u t t r h s i e ti r e . s . . . . . . 1 1 1 1 9 9 9 9 1. . . . 7 2 2 8 8 1 4 7 1. . . . 8 8 2 2 0 6 8 1 1. . . . 8 2 8 2 0 1 3 8 1. . . . 8 3 1 8 1 1 2 4 1. . . . 8 8 2 1 0 2 8 8 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 l t n l a a s 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 1 6 5 5 8 . . . 4 2 6 6 . . 5 3 5 1 5 8 3 2 2 1 6 1 5 5 8 . 4 . . 0 7 . . 4 2 5 1 5 8 8 3 2 2 1 6 5 5 1 7 . 4 . . 7 6 . 4 5 . 5 5 8 0 3 3 2 2 1 6 6 1 5 7 . . 4 . 3 4 . 7 . 5 3 5 7 1 4 3 2 2 1 5 6 6 1 7 4 . . . 7 6 5 7 . . 0 3 1 8 4 Banks outside New York City: Cocoa (cents per lb.) 79 37.8 38.3 38.4 38.4 38.4 Loans and investments 15 49.83 49.58 49.77 49.79 49.65 Butter (cents per lb.) .... 79 67.8 69.8 69.7 70.0 69.5 U. S. Govt. securities, total.. 15 22.45 22.28 22.39 22.45 22.45 Eggs (cents per doz.) 79 46.6 45.9 44.4 42.4 43.1 Bonds 17 14.73 14.66 14.68 14.71 14.67 Notes and certificates.... 17 6.45 6.43 6.43 6.44 6.47 Bills 17 1.27 1.20 1.28 1.30 1.31 Demand deposits adjusted.. 15 34.35 34.23 34.21 34.39 34.64 1951 U. S. Govt. deposits 15 2.59 2.39 2.58 2.45 2.29 Interbank deposits 15 6.56 6.68 6.89 6.42 6.18 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 . . 6 6 6 9 2 1 2 3 . .7 6 1 3 2 1 2 3 . .7 7 2 0 2 1 2 3 . . 6 7 7 2 2 1 2 3 . . 5 7 4 4 MONTHLY FIGURES Feb. Mar. Apr. * Commercial 19 12.45 12.45 12.47 12.41 12.35 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 6 7 4. . 9 7 7 8 4. . 9 7 9 7 5. . 0 7 0 6 5. . 0 7 1 8 DEPOSITS AND CURRENCY In billions of dollars Other 19 4.61 4.60 4.61 4.59 4.60 Deposits and currency:6 MONEY RATES, ETC. Per cent per annum Total deposits and currency. P178.90 P179.90 P179.80 Total deposits adjusted and U. S. Govt, securities: currency 6 P174.20 P172.5O P173.30 Bills (new issues) 23 1.508 1.566 1.626 1 591 1.600 Demand deposits adjusted. . 6 P90.60 P89.00 P89.50 9-12 months 23 1.75 1.89 1.90 1 84 1. Time deposits adjusted 6 P59.00 P59.10 P59.20 3-5 years 23 2.02 2.07 2 05 2 01 2.02 Currency outside banks. ... 6 P24.60 P24.40 P24.60 15 years or more 23, 25 2.61 2.63 2 64 2 63 2.63 U. S. Govt. deposits 6 M.70 P7.40 P6.50 Corporate bonds: Money in circulation, total... 7 27.19 27.12 27.28 Aaa 25 2.88 2 .88 2 89 2 89 2.90 Bills of $50 and over 8.33 8.27 8.26 Baa 25 3.38 3.39 3 40 3.41 3.42 $10 and $20 bills 14.25 14.23 14.36 High-grade municipal bonds. . 25 2.06 2.07 2 07 2 12 2.12 Coins, $1, $2, and $5 bills. . . 4.61 4.62 4.66 For footnotes see p. 711. JUNE 1951 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart 1951 Chart 1951 book book page Feb. Mar. Apr.i page Feb. Mar. Apr.» Annual rate Per cent per annum MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. DEPOSITS AND CURRENCY—Cont. Treasury bills (new issues) 22 1.391 1.422 1.520 Turnover of demand deposits: 5 Corporate bonds: New York City 30.7 35.1 33.2 Aaa 22 2.66 2.78 2.87 Other leading cities 21.5 22.1 22.5 Baa 22 3.16 3.22 3.34 F. R. Bank discount rate 22 1.75 1.75 1.75 Commercial paper 22 1.96 2.06 2.13 In billions of dollars Stock yields: COMMERCIAL BANKS Dividends/price ratio: Common stock 26 6.53 6.66 6.35 Cash assets • 9 P30.50 ?30.10 *>30.40 Preferred stock 26 3.87 4.00 4.11 Loans and investments, total • 9 P125.00P125.70P125.40 Loans' 9 P53.50 P54.40 P54.40 In unit indicated U. S. Govt. securities • 9 P59.10 P58.80 P58.50 Other securities« 9 P12.40 *12.60 P12.60 Margin requirements (per cent) 28 75 75 75 Holdings of U. S. Govt. securities: Stock prices (1935-39 = 100), total... 28 175 170 172 Within 1 year: Volume of trading (mill, shares) 28 2.10 1.55 1.52 Total.. 10 16.40 16.16 Stock market credit (mill, dollars): Bills 10 2.88 2.58 Bank loans 28 576 578 593 Ov N er o t 1 e s y a e n a d r: bonds 10 13.53 13.58 M Cu o s n t e o y m b er o s r ' r o d w eb e i d t balances 28, 2 2 9 9 1,3 6 6 4 7 2 1,3 7 0 1 4 5 1,2 6 8 6 6 1 Total 10 35.58 34.87 Customers' free credit balances 29 953 918 879 Notes and bonds (1-5 yrs.) 10 25.27 25.73 Bonds (5-10 yrs.) 10 7.35 6.22 In billions of dollars Bonds (over 10 yrs.) 10 2.95 2.93 GOVERNMENT FINANCE MEMBER BANKS ross debt of the U. S. Government: Total (direct and guaranteed) 30 255.96 255.02 254.75 AH member banks: Bonds (marketable issues) 30 94.19 94.19 80.65 Loans and investments, total 12 105.66 106.37 106.00 Notes, certificates, and bills 30 57.43 57.43 57.43 Loans 12 45.87 46.62 46.48 Savings bonds, savings notes.... 30 66.50 66.06 65.76 U. S. Govt. securities 12 49.42 49.26 49.04 Special issues 30 33.93 33.53 33.59 Other securities 12 10.37 10.48 10.48 Investment bonds, guaranteed Demand deposits adjusted • 12 77.01 75.55 76.13 debt., etc 30 3.90 3.81 17.32 Time deposits 12 29.56 29.63 29.63 Ownership of U. S. Govt. securities: Balances due to banks 12 11.28 11.21 11.04 Total: Balances due from banks 12 5.50 5.43 5.41 Commercial banks • 31 ••58.90 57.80 Reserves 12 18.91 19.21 19.32 Fed. agencies and trust funds. . . 31 39.73 39.80 39.86 F. R. Banks 31 21.88 22.91 22.74 Central reserve city banks: Individuals« 31 ••66.70 66.40 Loans and investments, total 12 25.46 26.06 25.84 Corporations • 31 r20.40 20.70 Loans 12 12.23 12.47 12.15 Insurance companies « 31 18.70 18.20 U. S. Govt. securities 12 10.78 11.07 11.21 Mutual savings banks • 31 10.70 10.50 Other securities 12 2.45 2.52 2.48 State and local govta. • 31 7.90 7.90 Demand deposits adjusted • 12 19.83 19.04 19.72 Miscellaneous • 31 '11.10 10.80 Time deposits 12 3.02 3.13 3.04 Marketable public issues: Balances due to banks 12 4.89 4.98 4.98 By class of security: Reserves 12 6.22 6.47 6.60 Bills—Total outstanding 32 13.63 13.63 13.63 Commercial bank and F. R. Reserve city banks: Bank 32 4.40 4.30 Loans and investments, total 13 39.87 39.74 39.63 F. R. Bank 32 1.53 1.72 "i!25 Loans 13 18.43 18.54 18.61 Notes and certificates—Total U. S. Govt. securities 13 17.73 17.48 17.29 outstanding 32 43.80 43.80 43.80 Other securities 13 3.72 3.71 3.73 Commercial bank and F. R. Demand deposits adjusted • 13 27.39 26.84 26.87 Bank 32 31.10 30.68 Time deposits. 13 11.70 11.58 11.62 F. R. Bank 32 14.96 15.00 14.92 Balances due to banks 13 5.40 5.25 5.12 Bonds—Total outstanding 32 94.19 94.19 80.65 Balances due from banks 13 1.75 1.77 1.77 Nonbank (unrestricted issues Reserves 13 7.33 7.35 7.35 only), commercial bank, Country banks: and F. R. Bank 32 49.34 50.10 Loans and investments, total 13 40.33 40.58 40.53 Co B m a m nk e rcial bank and F. R. 32 38.35 38.96 L U o . a S n . s Govt. securities 1 1 3 3 2 1 0 5. . 2 9 1 2 2 1 0 5 . .6 7 1 2 2 1 0 5 . . 5 7 4 2 By e F ar . li R e . s t B c a a n ll k a ble or due date: 32 5.39 6.19 3.86 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 e 1 1 3 3 2 4 9 . . 2 7 0 8 2 4 9 . . 2 6 6 7 2 4 9 . . 2 5 7 5 Wi C th o i m n m 1 e y r e ci 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 53.66 53.66 Time deposits 13 14.84 14.92 14.97 Bank 33 30.16 30.12 Balances due from banks 13 3.60 3.50 3.47 F. R. Bank 33 13.76 13.96 13.42 Reserves 13 5.36 5.38 5.37 1-5 years—Total outstanding. 33 37.92 38.35 38.35 Commercial bank and F. R. Bank 33 29.58 30.16 LENDING INSTITUTIONS OTHER THAN F. R. Bank 33 4.31 4.44 4.44 COMMERCIAL BANKS 5-10 years—Total outstanding 33 17.41 15.96 15.96 Nonbank (unrestricted issues Mutual savings banks:* only), commercial bank, Total assets 20 22.53 22.60 22.68 and F. R. Bank 33 9.95 8.53 U. S. Govt. securities 20 10.77 10.51 10.41 Commercial Bank and F. R. Real estate mortgages 20 8.28 8.42 8.58 Bank 33 8.34 7.25 Other securities 20 2.34 2.36 2.41 F. R. Bank 33 .99 1.03 1.03 Other assets 20 1.14 1.31 1.27 Over 10 years—Total outstanding 33 43.65 43.65 30.10 Life insurance companies: Nonbank (unrestricted issues Total assets 20 64.54 64.83 only), commercial bank, Business securities 20 24.72 24.95 and F. R. Bank 33 6.26 7.00 Real estate mortgages 20 16.77 17.22 Commercial bank and F. R. U. S. Govt. securities 20 13.08 12.63 Bank 33 5.78 6.41 Other assets 20 9.97 10.13 F. R. Bank 33 2.83 3.48 1.15 For footnotes see p. 711. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart 1951 Chart 1951 book book page Feb. Mar. Apr.i page Feb. Mar. Apr.i In millions of dollars In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. PRODUCTION AND DISTRIBUTION GOVE8NMENT FINANCE—Cont. Industrial production: 5 Sales and redemptions of U. S. savings Total (1935-39 = 100) 56, 57 221 222 securities: Points in total index: Savings notes: Durable manufactures 56 102.7 104.9 P104.7 Sales. 34 116 161 141 Nondurable manufactures.... 56 '93.9 93.2 P93.2 Redemptions 34 137 599 331 Minerals 56 '24.0 24.0 Net sales or redemptions 34 -21 -438 -190 Indexes (1935-39=100): Savings bonds: Durable manufactures, 57 271 277 P276 All S a s l e e r s i es: 34 386 359 310 N M o in n e d r u a r l a s ble manufactures. ... 5 5 7 7 2 1 0 5 0 8 1 1 9 5 9 8 P P1 1 6 9 4 9 Redemptions 34 484 499 425 Selected durable manufactures Net sales or redemptions 34 -98 -140 -11 (1935-39=100): Series A-E: Nonferrous metals 58 222 225 P225 Sales 35 272 280 254 Steel 58 281 298 301 Redemptions 35 P404 ?400 Cement 58 245 252 243 Net sales or redemptions 35 -132 -120 -93 Lumber 58 156 '156 162 Se S R ri a e e l s d e e s F . m a p n ti d o n G s : ., 3 3 5 5 1 P 1 80 4 P10 7 0 9 - P 5 7 6 7 Se T l M e r c a a t c e n h d s i p n n o e o r r n t y a d t u io r n ab e le q u m ip a m nu e f n a t c . t . u . r . e . s . 5 5 8 8 ' '3 3 2 0 9 0 3 3 0 3 7 5 P P3 2 3 9 7 5 Net sales or redemptions 35 +34 -21 -21 (1935-39=100): Apparel wool consumption 59 '140 128 Cotton consumption 59 174 175 153 In billions of dollars Paperboard 59 245 248 253 Newsprint consumption 59 162 162 171 Cash income and outgo: Fuel oil 59 238 227 P210 Cash income 36 4.88 8.49 2.96 Gasoline 59 198 199 P193 Cash outgo 36 3.52 4.22 4.14 Industrial chemicals 59 '510 524 Excess of cash income or outgo.... 36 + 1.36 +4.27 -1.18 Rayon 59 384 374 Sales, inventories, and new orders: Sales (bill, dollars):5 CONSUMER FINANCE Manufacturing, total 60 22.7 23.4 P22.4 Durable 60 10.3 11.0 PlO.6 Consumer credit, total * 45 19.53 P19.38 J>19.1 Nondurable 60 12.3 12.4 Pll.8 S C i h n a g r l g e e - p a a c y c m o e u n n t t s loans 4 4 5 5 4 1 . . 0 3 1 7 v P3 \ . .3 9 8 4 P P3 l. . 3 7 Wh D o u le ra sa b l l e e , total 6 6 1 1 ' 2 9 . . 7 6 9 2 . . 5 7 P P 9 2 . . 5 0 Service credit 45 1.08 v\.08 *1.0 Nondurable 61 '6.9 6.7 P6.5 Instalment credit, total 45, 46 13.07 P12.98 P12.9 Retail total 61 '13.1 12.3 P12.0 Instalment loans 46 5.55 PS.61 PS. 6 Durable 61 4.7 4.2 M. 0 Instalment sale credit, total 46 7.52 P7.37 vl .2 Nondurable 61 '8.4 8.1 P8.0 Automobile. 46 3.99 P3.95 P3.9 Inventories (bill, dollars): 5 Other 46 3.53 P3.42 P3.3 Manufacturing, total 60 35.5 36.4 P37.7 Durable 60 16.7 17.0 P17.5 PERSONAL INCOME Nondurable 60 18.8 19.4 P20.1 Trade: Personal income (annual rates):5 Total 61 29.0 30.0 P30.6 Total 52 241.3 242.8 P244.4 Durable 61 10.8 11.6 v\2 0 Wage and salary receipts 52 158.7 160.5 P161. Nondurable 61 18.2 18.4 P18.6 Proprietors' income, dividends, and Wholesale 61 '11.1 11.4 PU.7 interest 52 67.0 66.7 Retail 61 17.8 18.6 P18.9 All other 52 15.6 15.6 P\S. Ne M w a o n r u d f e a r c s t u ( r b i i n ll g , , d t o o l t l a a l r s): 60 '25.4 28.6 P23.S Durable 60 13.2 15.5 P12.5 Nondurable 60 12.3 13.1 Pll.3 In unit indicated Construction contracts (3 mo. moving EMPLOYMENT avg., mill, dollars):5 Total 62 1,327 1,248 i,322 Labor force (mill, persons):' Residential 62 572 539 P503 Civilian 53 61.3 62.3 61.8 Other 62 755 710 P819 Unemployment. '. 53 2.4 2.1 1.7 Value of construction activity (mill. Employment 53 58.9 60.2 60.0 dollars): Nonagricultural 53 53.0 53.8 53. Total * 63 1,973 2,188 2,370 Employment in nonagricultural estab- Nonresidential:« lishments (mill persons):e5 Public 63 419 543 653 Total 54 46.08 46.27 P46.35 Private 63 691 751 791 Manufacturing and mining 54 16.94 16.99 P16.96 Residential:8 Trade. 54 '9.78 9.77 P9.7 Public 63 36 42 44 Construction 54 2.50 2.55 P2.55 Private 63 827 852 Transportation and utilities 54 r4.11 4.15 P4.15 Residential construction: Finance and service 54 6.58 6.58 P6.61 Contracts awarded (mill, dollars): Government 54 6.17 6.23 P6.29 Total 64 710 521 504 Average hours and earnings of factory 1- and 2-family dwellings 64 527 402 388 employees: Other 64 182 119 116 Hours worked (per week): Dwellings started (thous. units)... 65 »80 P93 P88 All 55 40.9 41.0 P40.8 Nonfarm mortgage lending Durable 55 '41.5 41.8 P41.7 (mill, dollars): Nondurable 55 40.0 40.0 P39.6 Mortgages under $20,000 65 1,183 1,369 1,371 Hourly earnings (dollars): FHA insured home loans 65 176 180 162 AH... 55 1.560 1.569 Pi. 57- GI home loans 65 325 293 299 Durable 55 1.638 1.651 Pl.65: Freight carloadings: 6 Nondurable 55 1.457 1.460 Pl.46, Total (1935-39 =100) 71 129 139 136 Weekly earnings (dollars): Groups (points in total index): All 55 63.80 64.33 P64.22 Miscellaneous 71 77.4 85.9 82.9 Durable 55 67.98 69.01 Coal 71 24.2 23.9 23.9 Nondurable 55 58.28 58.40 P58!01 All other 71 27.4 29.4 For footnotes see p. 711. JUNE 1951 709 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 Feb. Mar. Apr.i 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—Cont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. PRODUCTION AND DISTRIBUTION—Cont. Bank rates on loans to business: Department stores: All loans: Indexes (1935-39 = 100): s 19 cities 24 2.63 2.84 3.02 Sales 72 326 '291 302 New York City 24 2.32 2.51 2.74 Stocks 72 349 '368 377 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 S S O R a t a u o S l T t e t c i t s o s k o o t t s s c a a ( k n m l t ( s d o m i c i l o l n i s , l m g a l, d l e m o o d s l r i o l d t a ( l m e l m r a r s e s r ) o n s n ) t ( s t m h i s l ' l , s d u o p l p la l r y s ) ) : 7 7 7 7 7 3 3 3 3 3 1,0 3 2 6 6 9 . . 8 5 4 1 8 6 6 1,2 ' ' ' ' 3 4 3 4 1 6 4 . . 8 5 9 7 7 , 4 3 3 5 2 . . 1 3 3 0 0 2 6 9 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y f i u t e h t o s $ h e r 1 e r k , n r 0 n C 0 a 0 i a n t - n y d $ d 1 E 0 W a ,0 s e t 0 s e 0 t r e : n r n c i c ti i e ti s e . s . . . . 2 2 2 2 4 4 4 4 4 4 4 4 . . . . 7 5 0 5 1 1 6 6 4 4 4 4 . . . . 7 1 6 6 8 7 4 0 4 4 4 4 . . . . 8 7 2 6 7 4 0 8 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 Consumers' prices (1935-39 =100):6 7 Northern and Eastern cities... 24 3.59 3.70 3.86 F A o ll o d it ems 7 7 4 4 2 1 2 8 6 3 . . 0 8 2 1 2 84 6 . . 5 2 2 18 2 4 5 . . 6 7 11 Southern and Western cities.. 24 3.83 3.91 4.01 Apparel 74 202.0 203.1 203.6 Loans of $100,000-$200,000: Rent 74 134.0 134.7 135.1 19 cities 24 2.95 3.10 3.27 Fuel, electricity, and refrigeration. 74 143.9 144.2 144.0 New York City 24 2.72 2.80 3.06 Miscellaneous 74 163.2 164.3 164.6 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 75 183.6 184.0 183.5 F F O o a t T o h r H m d e e i r x d t e p c i s r l o e o m a d n p m u d r c o o t l d d s e u i a t c i t e h ts s e r products 7 7 7 7 7 6 5 5 6 5 ' > • 2 1 1 " 1 2 0 8 7 8 3 2 7 1 1 8 . . . . . 6 6 8 1 2 '1 2 2 1 1 8 0 8 7 3 3 6 2 3 6 . . . . . 6 4 2 8 4 2 2 1 1 1 7 0 3 8 8 2 5 2 2 2 . . . . . 1 7 9 6 6 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y i f u t e h o t s $ h e r 2 e k r 0 n r 0 n C , a 0 i a n t 0 y n d 0 d E a W n a d s e t s e o t r e v n r e n r c : i c ti i e ti s e . s . . . . 2 2 2 2 4 4 4 4 2 2 2 2 . . . . 1 3 3 6 5 9 4 7 2 2 2 2 . . . . 3 5 6 9 5 7 5 0 2 2 3 2 . . . . 0 7 5 8 6 6 9 1 F M B C u u h e e i e t l l m a d l a i s i n n c g a d a l n s m l d ig a a m n h te d t e r i n i t a a a g l l l l s i m e p d r a o t p e d r u r i o c a t d l s s u cts... 7 7 7 7 6 7 7 7 2 1 1 1 2 3 4 8 8 8 7 8 . . . . 1 1 1 3 2 1 1 1 2 3 4 8 8 6 8 8 . . . . 6 4 8 5 2 1 1 1 2 3 8 4 8 8 4 8 . . . . 1 9 3 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 5.41 14.09 Miscellaneous 76 142.7 142.5 142.7 In billions of dollars AGRICULTURE GOVERNMENT FINANCE Prices paid and received by farmers Budget receipts and expenditures of Ca T C P R L s a h o i r e v ( o i c t d 1 e a f p e a , s 9 l i s r v t 1 e o m e t 0 c d c k - i 1 n 4 a c n = o d m 1 0 p e 0 r ( ) o m : du il c l, t s d ollars): 8 8 8 8 8 1 0 1 1 0 1 1 , , 8 2 3 2 5 6 7 1 7 5 1 8 3 6 7 2 1 , , P 1 5 3 2 5 2 4 1 8 2 3 8 1 0 3 P P 1 2 , , P 3 2 2 6 4 0 8 0 8 6 2 9 9 3 4 E R x e V U N A I I p c n n e l e e . a t t l i t n t e e S e p i o r d r o r . t e n t i a s n h t s T a : n u a t e t r s l r i r e o o e d a s n n A e s , a f u d d l t e r o e m n y a b t s : a i i t e n d l istration 37, 3 3 3 3 3 3 7 8 8 8 8 8 9 3 1 1 1 . . . . . . 2 0 3 0 9 8 1 5 1 5 4 3 1 4 0 1 1 1 . . . . . . 0 2 3 9 3 9 1 9 6 9 4 3 1 5 2 1 1 1 1 . . . . . . 3 4 2 0 0 0 3 0 5 1 0 8 Net receipts 37 9.34 9.12 16.82 INTERNATIONAL TRADE AND FINANCE Individual income taxes 38 3.98 3.68 '9.57 Ex E I E p m x x o c p p r e t o o s s r r s t t a s s o n f d e i x m p p o o rt r s t s or ( m im ill p , o d r o ts l lars): 8 8 8 2 2 2 Pl. P P 0 9 1 7 0 6 8 8 6 P P l l . . P1 2 0 8 8 9 2 1 9 I l , P , 3 3 0 7 4 2 2 8 4 A T M C a l o i l x s r c o p r e t o e h l r f l e a a u r t n n e e d o i s n u c s ( o d i m e n d t e e u , r c n e t t ) a c l revenue. . 3 3 3 3 8 8 8 8 2 2 . . . . 4 4 6 1 5 6 3 8 2 2. . . . 3 5 1 7 2 2 3 2 '4 2 . . . . 5 4 6 8 7 9 9 8 Short-term liabilities to and claims on foreigners reported by banks (bill, BUSINESS FINANCE dollars): To O ta f l f I i n c l i v i a a e l b s i t l e it d i e i s n U. S. Treasury bills 8 8 3 3 P P 3 6 . . 4 8 1 6 P P 3 6 . . 3 8 5 0 Cu C rr u c e r o n r r e t p n o t r a a a s s t s s i e o e t n t s s s , :e t a o n ta d l liabilities of 39 143.0 150.5 Priva a t n e d certificates 8 8 3 3 P P3 l. . 1 4 0 5 P P I 3 . . O 4 O 5 U Ca . s S h . Govt. securities 3 3 9 9 2 1 6 9 . . 9 5 2 1 6 9 . . 9 9 Fo C re l i a g i n m 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. 92 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 4 4 7 6 . . 8 9 5 5 1 0 . . 9 0 See p. 729 of this BULLETIN 84,85 Current liabilities, total 39 67.1 74.7 Notes and accounts payable 39 40.3 44.5 Federal income tax liabilities.... 39 12.3 15.5 Net working capital 39 75.9 75.8 1950 1951 In unit indicated QUARTERLY FIGURES July- Oct.- Jan.- Sept. Dec. Mar. Corporate security issues: LENDING C O IN M S M TI E T R U C T IA IO L N S B A O N T K H S ER THAN In billions of dollars N To ew ta l m (b o i n l e l, y d , o t l o la ta rs l ) ( « b ill, dollars)«.. 4 4 0 0 1. . 1 7 2 4 1. . 4 9 8 6 1 1. . 4 7 6 3 Assets of savings institutions: Type of security (bill, dollars): Savings and loan associations:e Bonds 40 .60 .70 1.24 Total assets 20 '16.11 '16.93 17.20 Preferred stock 40 .07 .13 .05 Real estate mortgages 20 '13.33 '13.81 14.10 Common stock 40 .07 .13 .17 U. S. Govt. securities 20 '1.48 '1.49 1.56 Use of proceeds (mill, dollars): Other assets 20 1.30 '1.63 1.54 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: Allissuers 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):« 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. 711 710 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—Gont. QUARTERLY FIGURES—Cont. in billions of dollars BUSINESS FINANCE—Cont. GROSS NATIONAL PRODUCT, ETC. * Corporate profits, taxes, and dividends Gross national product 6 48 283.9 300.3 313.9 (annual rates, bill, dollars):e 5 Govt. purchases of goods and services 40.4 47.6 52.6 Profits before taxes 42 46.4 50.8 Personal consumption expenditures 198.9 195.8 204.8 Profits after taxes (dividends and Durable goods 34.0 30.0 31.6 undistributed profits) 42 25.8 28.5 Nondurable goods 104.5 104.3 110.7 Undistributed profits 42 16.5 17.0 Services 60.4 61.5 62.6 Private domestic and foreign invest- Corporate profits after taxes (quar- ment 44.5 56.8 56.4 terly totals): Gross private domestic investment: All corporations (bill, dollars) «. . . . 43 6.4 7.0 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 1.3 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 '576 530Personal income, consumption, and Nondurable 43 468 '382 368 saving:5 Electric power and telephone Personal income 51 224.9 234.9 241.6 (mill, dollars) 43 256 307 322 Disposable income 51 204.6 211.6 214.9 Railroads (mill, dollars) 43 '257 318 103 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):«» 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: e Commercial 11 16.94 16.81 21.78 Gross savings 47 + 13.3 +14.3 A R g ea ri l c e u s lt t u at r e a l 1 1 1 1 11 2. . 9 4 6 1 12 2. . 8 2 2 7 1 2 3 . . 8 3 2 9 Liquid savings 47 +0.8 +2.6 Consumer 11 6.00 6.8^ 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 1.8e 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 e Estimated. P Preliminary. r Revised. 1 For charts on pp. 22, 28, and 30, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Deficiency of less than 5 million dollars. 4 Less than 5 million dollars. 5 Adjusted for seasonal variation. 6 Adjusted series reflecting allowances for rents 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. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly issues at 60 cents each. JUNE 1951 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States.. 714-719 Gold production. . 719 Reported gold reserves of central banks and governments. . 720 Gold movements; gold stock of the United States. 721 International Monetary Fund and Bank. . 722 Central Banks.. 722-726 Money rates in foreign countries. 727 Commercial banks. . 728 Foreign exchange rates, 729 Price movements: Wholesale prices. 730 Retail food prices and cost of living. . 731 Security prices. 731 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. JUNE 1951 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J ro a u n g . h 2 — , 1935, Total To I t n a c l reas f e u n i O n ds f f f o i i c r n i e a i U l g n i . S b . ank O in t g her f i I t u n n e b i n s r c n a t d n r i n e s t a U u k a t o . i t s i o i n e f S o n g i n . i a n n s l - D i b a n f e a b u c n r U n r o k e d . a i a s n d S s g e . se o F R f c u f o u e n r U t r e d u i i . t g r i n 2 e S n s . : s D I e n f f c o o u f u l m r n o e r d w e i i g t s s i n t e 2 o i s c f : b I b n r a o f l l k o a e n w r c a e i g s n e 1935—Dec. (Jan. 1 1936) 1,440 7 631 5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec> 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec# (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1 19 9 4 4 2 1 — — D D e e c c 3 3 1 1 3 5 5, , 9 3 8 5 0 4 . . 2 1 2 3, , 4 9 6 7 5 9 . . 5 6 1 1 , ,5 1 5 7 7 7 . . 2 1 1 1 , , 8 9 0 0 2 8 . . 6 3 8 7 8 9 8 1 . . 8 3 8 84 5 8 5 . . 2 5 6 6 2 7 6 3 . . 7 3 1 10 0 4 0 . . 4 9 1943—Dec# 3i 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946— Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1 1 9 9 4 4 7 8— — D D e e c c < # 3 3 i i 8 8 , , 3 5 4 6 3 9 . . 7 1 4 5 , , 1 1 2 1 0 9 .5 3 2 1 , , 1 1 2 2 6 1 . . 0 8 2 2 , , 9 9 9 9 8 3 . . 5 6 2. , 2 8 4 4 2 4 .3 0 1 1 8 1 6 6 . . 5 8 1 1 , , 2 1 7 8 6 2 .1 9 3 1 7 8 5 3 . . 5 3 1 1 4 2 2 3 . . 1 4 1949—Dec 31 8,763.5 5,226.0 2,197.8 3,028.2 L.637.8 307.6 1.209.9 258.5 123.7 1950—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 L.626.6 462.3 1,226.0 629.7 120.7 Aug. 31 10,128.9 6,002.9 2,522.3 3,480.6 1,612.4 445.6 1,172.7 772.6 122.7 Sept. 30 10,488.0 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 .647 ?. 292.7 1,062.5 831.4 124.3 Nov. 30 10,705.2 6,437.4 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 10,434.0 6,083.8 2,667.5 3,416.3 1,615.5 266.2 1,064.2 1,273.9 130.5 Feb. 28P 10,374 2 6,124 8 2,696 8 3,428 0 1,592 3 208.1 1,055 2 1,260 6 133.2 Mar. 3\P 10,301.7 6,061.9 2,634.8 3,427.1 1,600.1 211.3 1,012.9 1,293.6 121.9 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 r l o n i n n a s - - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - 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— 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 8,996.1 796.5 386.4 274.8 979.8 308.8 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 1,688.3 8,745.7 776.0 422.6 198.4 907.9 301.0 1,333.6 3,939.6 1,181.0 2,027.8 1,294.7 302.6 Feb. 28P 1,665.3 8,708.9 755.1 405.0 205.7 899.8 313 9 1,324 4 3,903 9 1,150 1 2,019 2 1,326 9 308.9 Mar. 31P 1,651.2 8,650.5 772.7 394.1 196.0 887.3 292.5 1,327.8 3,870.3 1,084.0 2,070.2 1,343.3 282.6 P Preliminary. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 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. 714 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, 193S— Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th r J o a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m at e i 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 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 ,095.0 877.3 224.9 1948—Dec. 31. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 ,165.4 971.2 198.6 1949—Dec. 31. 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 ,315.1 780.4 210.7 1950—Apr. 30 1,663.4 5,504.2 690.5 80.0 178.4 584.1 236.5 609.0 2,378.6 737.0 ,283.5 910.1 195.1 May 31 1,662.7 5,614.5 740.0 106.1 202.9 583.0 253.2 606.2 2,491.4 739.6 ,254.5 926.3 202.7 June 30 1,636.4 5,784.7 852.5 138.9 209.0 581.3 260.1 625.8 2,667.5 722.0 ,254.7 921.2 219.4 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 ,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 ,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 1,224.8 ,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 1,120.0 1,448.4 1,182.2 253.3 Nov. 30 1,713 6,437.4 662.9 167.0 265.3 556.3 282.8 648.1 2,582.4 947.2 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 1,615.5 6,083.8 576.9 189.2 186.9 493.8 288.3 638.5 2,373.6 779.4 1,460.8 1,188.5 281.5 Feb. 28? 1,592 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 Mar. • 1,600.1 6,061.9 584.0 143.4 182.0 476.6 285.2 639.8 2,311.0 715.9 1,523.6 1,231.4 280.0 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e ti r n ica Asia o A th 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—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 -3.3 12.1 236.5 472.8 -5.5 -165.8 38.5 -58.(? 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—Jan. 31.. 266.2 208.4 48.1 14.8 -3.4 -1.8 232.9 499.0 -24.7 -206.2 32.3 -34.1 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 Mar. 31 P. 211.3 196.3 48.4 15.0 -.9 -7.7 228.0 479.2 -17.4 -234.5 36.6 -52.6 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From t h J ro a u n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o 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 3i 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec 3i 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1 19 9 4 4 8 7 — — D £) e e c c . 3 3 i 1 - — 2 2 4 4 9 9 . 3 3 1 1 , , 5 4 2 3 6 1 . . 2 3 9 8 4 4 . . 9 9 4 42 7 . . 9 1 - - 9 3. . 9 1 -1 1 9 6 . . 0 3 2 2 6 6 . . 5 5 2 2 8 7 7 5 . . 2 8 4 45 1 6 3 .3 7 3 4 3 4 9 1 . . 7 8 5 5 3 7 7 8 .3 6 6 63 1 . . 2 6 2 3 8 6 .9 4 1949—Dec 3i —265.3 1,475.1 71.4 43.2 -9.3 .1 27.0 311.7 444.1 329.1 598 5 63.9 39.5 1950—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—jan# 3i -269.4 1,333.6 64.4 40.3 -13.1 17.4 27.4 320.4 456.7 135.2 631.1 66.5 44.1 Feb. 28P -269.4 1,324.7 64.8 37.9 -12.8 17.2 27.4 322.0 456.4 124.7 632.3 66.7 44.5 Mar 31 P -318.1 1,331.0 63.8 35.7 -11.9 20.8 28.4 321.5 458.2 126.3 634.8 66.8 44.9 Preliminary. JUNE 1951 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g 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 31 798.7 -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—Apr 30 219 2 205 2 — 158 2 —69 4 — 1 4 357 8 — 15 1 65.4 179.1 -76.6 96.9 -2.8 8.7 May 31 231 8 227 8 — 146 5 —68 6 —3 0 364 0 -15 5 65.7 196.1 -74.8 101.6 -3.5 8.5 June 30 247.8 290 6 — 144.8 -69 0 -4 5 376.7 -15.3 70.8 214.0 -38.0 110.9 -5.2 8.9 July 31 . 248 6 381 1 — 143 6 —68 7 —6 0 383 9 — 15 2 79.7 230.0 37.3 109.9 -5.5 9.4 Aug 31 ... 255 1 517 6 — 142 5 30 6 —4 9 383 0 -15.1 85.0 336.0 69.3 108.3 -5.6 9.5 Sept. 30 255.3 542 4 — 135 8 61 1 -2 9 385 4 -14.8 88.8 381.7 47.1 108.4 -4.3 9.4 Oct 31 263.3 568.1 -118.0 81.1 -2.7 385.0 -14.6 89.7 420.5 33.1 108.3 -3.1 9.5 Nov. 30.. . 264 4 809 9 — 113 8 112 0 —3 1 382 4 — 14 4 124.8 487.9 186.6 128.3 -2.6 9.7 Dec. 31 290.3 905 7 — 110.9 127 9 -2 3 374.2 -14.2 121.7 496.4 276.7 126.4 -3.8 10.1 1951—jan. 31 342.2 931 6 —90 9 128 9 — 1 8 374 0 -13.9 131.2 527.6 272.3 124.0 -2.2 9.9 Feb. 28? 342.4 918.2 -87.9 129.3 -.9 373.1 -14.8 127.2 526.0 261.0 123.6 -2.0 9.5 Mar. 31 v 369.3 924.3 -88.3 149.6 -1.0 374.5 -14.2 127.9 548.5 241.0 126.6 -1.1 9.3 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 3 4 13.6 113 6 19.5 5.9 3.8 1.3 1946—Dec 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec 31 . 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 194g—Dec. 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 I949—Dec. 31 123.7 17.1 16.2 9 6 28 4 .6 11.1 82.9 20.5 12.7 6.8 .8 1950—Apr. 30 130 6 17 3 15 5 11 1 29 0 .5 10.4 83 7 21.5 16.3 8 3 .7 May 31 125.2 16.7 16.1 11.6 27.0 .5 10.3 82.2 21.6 12.3 8.4 S June 30.. 123.2 16.9 16.3 10.9 26.6 .5 10.1 81.2 19.9 11.7 9.3 L.O July 31 120.7 17.5 16.5 10.6 28.4 .5 10.3 83.8 20.3 9.5 5.4 L.7 Aug. 31 122.7 16 9 15.8 10 7 27 1 .5 10.1 81 1 19.7 13.3 6.7 8 Sept 30.. 121.9 17.0 16.6 11.2 25.4 .5 10.2 81.0 20.3 12.8 6.6 1.2 Oct. 31 124 3 16 7 16 3 11 0 27 3 5 9.9 81 7 20.7 13 1 7 5 Nov. 30 131.6 17.2 16.9 11.4 26.8 .9 10.2 83.4 21.4 16.3 9.0 L.6 Dec. 31 131.7 16.9 16.1 12.0 29.0 1.0 10.9 86.0 17.5 17.2 9.8 1.4 1951—Jan. 31. . 130.5 17.2 16.1 11.7 26.1 .9 10.7 82.8 18.7 18.2 9.6 L.2 Feb. 28P 133 2 17 3 17 5 11 9 2S 9 1 0 10 2 83 8 19 1 19 3 9 7 Mar 31 P *121.9 16.9 17.0 11.7 16.4 .8 10.5 73.4 18.2 19.6 9.6 1.0 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 terna- United Neth- Switz- Date t i i n o s n t a i- l Official K d i o n m g- France la e n r d - s la e n r d - * Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1945—Dec. 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 1,046.4 1,549.7 181.8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2.420.7 931.8 1,104.8 1,316.4 232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Apr. 30... 1,683.4 6,238.4 2,878.6 751.8 160.1 195.0 597.8 256.8 772.3 2,733.8 844.9 1,405.1 1,090.7 163.9 May 31... 1,682.6 6,348.7 3,008.8 801.4 186.2 219.5 596.6 273.5 769.5 2,846.6 847.5 1,376.1 1,106.9 171.5 June 30... 1,656.4 6,518.9 3,240.6 913.8 219.0 225.6 594.9 280.4 789.1 3,022.8 829.9 1,376.2 1,101.8 188.2 July 31... ,646.5 6,565.3 3,302.8 913.8 193.1 248.4 593.9 275.8 801.9 3026.9 796.4 1,455.0 1,093.4 193.5 Aug. 31... 1,632.4 46,737.0 3,232.6 4 760.1 266.0 257.2 603.4 283.8 816.2 4 2,986.7 927.6 1,469.6 1,146.8 206.4 Sept. 30... ,646 4 * 7,293.6 3,722.9 4 705.4 248.4 255.5 600.0 304.0 866.2 42,979.5 1,332.7 1,544.7 1,224.7 211.9 Oct. 31... 1,667.1 •7,5T)9.6 3,968.0 4 820.8 289.6 275.0 572.4 309.2 859.8 <3,126.8 1,227.9 1,570.0 1,362.8 222.1 Nov. 30... ,733.4 47,171.6 3,609.5 4 724.3 247.2 281.9 569.9 303.1 811.3 42,937.7 1.055.1 1,525.1 1,404.0 249.7 Dec. 31... L.722.2 46,914.2 3,422.7 4 661.7 260.1 193.6 550.7 314.7 787.6 42,768.4 899.2 1,613.5 1,378.6 254. S 1951—Jan. 31... ,635.4 46,818.0 3,377.8 4638.2 269.3 203.5 507.5 308.6 801.8 42,728.9 887.3 1,582.3 1,369.1 250.3 Feb.28*.. ,612.2 <6,858.9 3,407.1 4627.8 253.4 209.1 500.9 324.4 798.8 42,714.5 885.9 1,596.7 1,403.1 258.8 Mar. 31*.. ,620.0 4 6,796.1 3,345.1 4 645.3 223.5 198.6 490.2 305.5 803.1 42,666.3 823.8 1,645.2 1,412.0 248.8 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 77.3; U. S. brokerage balances abroad, 32.3. * Country breakdown is for "Official and private." > 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 been excluded in the past from reported liabilities. 716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tin ue d SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES— Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m D a en rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Y sla u v g i o a - ot A he ll r8 1945—Dec. 31.. 909.1 185.0 25.9 5.5 7.0 70.8 216.1 47.9 9.3 31.7 210.1 28.0 5.7 66.0 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31.. 739 8 124 9 52 8 30 5 89 5 34 7 56 2 47 1 8 7 12 8 58 6 73 7 12 1 138 2 1948—Dec. 31.. 738.1 128.7 44 7 19 1 178 9 77 7 7 0 49 0 21 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—Apr. 30. . 772.3 39.3 120.8 13.3 33.0 20.4 184.9 35.1 82.4 6.3 35.0 6.1 10.5 107.6 15.7 7.0 54.9 May 31.. 769.5 38.7 108.2 13.4 32.0 18.2 199.7 36.9 76.7 4.9 36.9 6.2 10.1 109.2 15.1 6.2 57.0 June 30. 789.1 34.6 105.5 12.9 35.9 16.0 227.7 38.6 66.8 5.4 31.6 6.2 9.2 112.7 19.0 6.1 60.9 July 31. . 801.9 35.5 106 1 11.3 31.9 15.8 245.0 40.6 69.5 4.7 32.6 6.2 10.4 116.5 15.2 5.0 55.7 Aug. 31. . 816.2 32.0 107.8 7.0 31.6 16.2 262.9 41.6 71.2 3.5 35.7 6.1 13.0 117.0 11.8 5.3 53.5 Sept. 30. . 866 2 35.3 111.6 6.1 36.4 15.7 286.4 41.8 80.1 12.4 39.1 6.1 13.4 109.8 9.8 5.2 56.9 Oct. 31. . 859 8 36.1 115.0 6.4 39.1 15.4 282.5 42.6 75.4 3.1 45.0 6.0 14.3 110.6 4.5 7.6 56.2 Nov. 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—Jan. 31.. 801.8 38.0 127.4 5.9 43.2 18 1 231 8 30.1 46.5 5 8 48 1 6.4 20 0 118 5 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 Mar. 31P. 803.1 40.5 115.1 3.1 48.2 19.2 242.2 33.9 53.8 4.5 52.6 6.8 17.0 103.8 2.0 7.8 52.6 Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o 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- l W I a a n n n d e d d i s e s t s Peru l p P i R c u a e n b o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a t a h t e i e r n 3 r lic Suri- ama nam 1945—Dec. 31. 1.046.4 77.3 14.5 195.1 66.3 79.2 128.3 116.4 28.2 43.9 88.7 49.7 158.8 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152 2 16.1 40 9 77.2 74.0 181.8 1947.—Dec. 31 1.216.6 236.2 17.8 104 7 46.3 46 1 234.7 139 2 14 9 41.8 70 3 78.0 186.5 1948—Dec. 31. 1.287.0 215.8 17.1 123.7 55.6 54^0 219 146'.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—Apr. 30 1,405.1 227 0 12.7 121.6 73.2 70.1 209.7 39.6 27.8 168.8 26.7 47.1 81.3 40 1 59.0 132.2 68.2 May 31. 1 376.1233.5 13.9 99.4 68.6 53.1 227.2 40.9 26.6 160.2 28.4 46.3 80.8 36 9 67.0 124.4 68.9 June 30 1.376 2 237 6 13.8 124.9 62.3 53.5 237.1 42.6 25 0 152.6 29.7 50.3 73.9 27 4 66.4 116.7 62.4 July 31. 1.455.0 239.0 13 3 150.3 69.0 70.7 245.8 45.6 23.5 174.9 30.1 49.8 69.5 28 6 73.8 104.9 66.3 Aug. 31 1,469.6 249.8 18.4 155.0 70.3 76.1 259.5 44.8 22.3 163 0 29.4 50.9 63.4 26 4 75.7 97.2 67.4 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 ?73 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. 31. 1,582.3 334.4 18.8 228.9 73.3 54.6 251.0 44.3 27.2 142.5 31.5 62.3 54.9 28 2 79.6 78.6 72.2 Feb. 1 596 7312 1 20 8 249.8 70 6 40.7 257 7 45 1 30 6 140 7 30 0 60 52 5 42 9 78 0 75 9 79 6 Mar. 31P 1',645.2 345'.2 22.4 259.6 69.9 44.2 272.6 45.8 33.3 108.7 30.8 55.0 52.8 46 5 81.8 89.8 86.6 Asia and All Other For- Egypt raos? Phil- "Rni and Union Date Asia M C a h a n i i d n n - a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p p R u p b e i - l n i e c T la h n a d i- T k u ey r- O A t s h ia e 4 r o A th l e l r t A ra u l s ia - C g .t o i s a e n n i g - o A E t n i g a g y n l p o - - S A o f o u r f i t c h a Other* laud 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 ,3H>,4 4 319 44-. 9 4-3.5127.1 16.6 446.6 54 7 151 0 232 8 45 5 20.8 47.2 119.3 1947 Dec. 31 i .*O57 9 229'.9 30 8 62.4 f-,9 3 31.3 488.6 37 6 99 0 193 7 30 6 25 0 46.4 91.8 194g—Dec. 31 11.151.8J216 2 51.1 51.8 41 '•; 81.4 488.3 17 5 204 0 167 4 22 2 27.7 15.8 101.6 I949 Dec, 31 961 0 110 6 S3 .9 63.3 15.7 214.6 207.3 9 8 165 7 179 5 32.4 61.6 6.0 79.5 . 1950—Apr. 30. 1,090. 98 5 96.4 61.7 31.4 16.5 21 8332.9 294.6 27 4 10 2 99 2 163 9 17 5 31. 8 56.2 6.6 51.8 May 1 ,1069 00 I 102.0 59.5 35.9 14.8 19 7330.7 299.5 29 0 10 6 106 0 171 5 18 4 33.6 57.0 9.6 53.0 June 30" 1 1018 95 8107.4 50.7 41 .8 15 4 15 1338.9 291.3 29 7 12 8 102 7 188 2 18 6 35.6 57.7 14.7 61.6 July 31 .1,003 4 91 3 03.6 42.1 47.7 17.5 15 7353.2 290.4 29 4 12 4 100 1 193 5 19 5 39.8 53.0 19.7 61.5 Aug. 31 1.146.8 94 3 00.1 51.3 50.7 18.1 15.2372.5 299.8 30 5 12 1 112 4 206 4 16 0 36.3 63.4 29.5 61.2 Sept. 30. 1,224 7 101 0 89.2 55.9 73.0 17.8 12 7307.6 318.0 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. 1,369.1 78.8 73 7 49.6 115.6 24.7 15 8452.5 376.6 46 4 12.5 123.0 250.3 19 8 53 2 85.1 36.4 55.9 Feb. 28* 1.403.1 77.8 65.8 50.7 124.9 26.3 15 6445.3 300.3 52.0 13.7 131.9 258 8 19 6 54 2 85.0 39.2 60.7 Mar. 31? 1,412.0 79 6 65.5 61.4 138.2 24.3 14.1 406.4 395.0 53.3 16.9 157.4 248 8 27.1 50 8 85.1 21.2 64.7 P Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 6 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 717 JUNE 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n t m g 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 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. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec 31 708 3 47 7 5 7 151 0 9 8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec 31 .... 948 9 29 2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 3i 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec 3i 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—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 30 847 4 127.2 31.2 3.7 11.4 14.5 67.2 255.2 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 3i 863.1 83.6 31.0 3.9 11.5 28.3 70.8 229.0 117.6 374.2 96.8 45.5 Feb 28P 921 2 97 6 31.9 3 7 11.8 30.3 74.2 249.5 125.6 399.1 99.1 47 9 Mar. 31 P 918.0 95.7 30.6 3.6 9.0 34.3 75.6 248.8 110.3 402.5 92.4 64.0 CLAIMS ON 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 e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l rl 1945—Dec. 31.. 74.6 .6 (2) 33.9 .7 31.6 .5 .1 1.6 .9 (2) (2) 4.8 1946—Dec. 31 82 8 7 5 (% 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (2) (2) 9.5 1947—Dec. 31.. 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 (2) .9 5.4 (2) 35.9 1943—Dec 31 106 3 21 4 .6 3.4 30.5 1.2 8.4 .7 (2) 2.9 1.4 (2) 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 (2) (2) 15.6 1950—Apr. 30. . 64 0 .2 16 2 1 .6 2.1 25.5 .1 1.3 .1 .8 (2) 7.7 2.4 (2) 2 5 4 4 May 31.. 58 2 .1 11 7 .3 1.1 2.4 25.2 .3 1.2 .1 .9 (2) 4.4 2.8 (2) 3.2 4.6 S O J A N J u u e c u o l n p t g y v . e t . . . 3 3 3 3 3 3 0 1 0 0 1 1 . . . . . . . . . . . . 5 5 6 5 5 6 7 4 4 6 8 0 . . . . . . 2 9 7 9 4 3 ( ( ( 2 2 2 . . ) ) ) ' 2 l 2 1 1 1 1 1 1 2 4 4 7 2 . . . . . . 3 2 6 6 6 1 ( ( ( ( 2 2 2 2 . ) ) ) ) 1 2 3 4 2 1 1 . . . . . . 4 2 0 3 5 8 3 2 2 2 1 1 . . . . . . 2 7 0 4 6 9 2 2 2 2 2 2 5 5 5 5 5 5 . . . . . . 2 5 1 1 3 1 . . . . . . 1 1 1 1 3 1 1 1 1 1 . . . . . . 2 4 3 4 9 9 ( (2 2 ! . ) ) i i . . . . . . 5 4 4 3 5 5 ( ( ( ( ( 2 2 2 2 2 ) ) ) ) ) 3 2 3 3 1 1 . . . . . . 7 2 3 3 3 3 3 3 3 3 4 6 . . . . . . 1 4 1 0 8 6 ( ( ( ( ( 2 2 2 2 2 ) ) ) ) ) 2 (2 . . ) 4 2 4 4 4 4 3 3 . . . . . . 7 9 4 5 8 3 Dec. 31.. 67.1 .2 21.5 (2) 3.2 2.2 25.4 .2 1.4 (2) .5 (2) 1.6 6.9 (2) 3.9 1951— M F J e a a b n r . . . 2 3 3 8 1 1 * P .. . . 7 7 7 4 5 0 . . . 2 6 8 (2 ' ) .2 2 2 23 4 2 . . . 4 9 0 . . . 1 1 1 3 2 2 . . . 6 5 9 2 3 4 . . . 7 0 5 2 2 2 5 5 5 . . . 3 6 9 . . . 2 1 1 2 1 1 . . . 1 7 9 ( ( ( 2 2 2 ) ) ) . . . 6 5 5 ( ( ( 2 2 2 ) ) ) 1 1 1 . . . 7 2 3 1 9 9 0 . . . 5 4 0 ( ( 2 2 ) ) ( ( 2 2 ) ) 4 4 4 . . . 2 0 3 Latin America Neth- Do- er- Date 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 i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e b c n n - - - G m u a a l t a e- M ic e o x- I l W n S a a d u n n e i r d d e s i- s s t Peru l P p a i R c u m a e b n - o a - - f v S a E d a l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th t a i e e 3 n r r nam 1945—Dec. 31.. 158.9 21.0 1.3 24.7 6.6 16.8 33.3 11 0 5 1 9 1 l 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—Apr. 30.. 295.7 46.5 6.5 67.4 5.6 26.8 17.1 1.7 2.2 46.4 1.1 6.8 4.8 3.8 10.5 26.5 22.0 May 31. . 290.5 43.1 7.7 58.8 5.2 31.8 21.4 L.6 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 L.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 L.4 1.9 50.5 1.2 9.5 4.5 2.6 6.7 25.4 17.4 Aug. 31. . 319.5 40.6 6.3 59.9 4.6 55.1 26.5 L.5 1.6 45.5 1.2 9.7 3.9 2.5 7.7 36.2 16.8 Sept. 30. . 297.7 40.5 6.1 63.9 3.3 46.2 26.4 L.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 L.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—Tan. 31.. 374.2 25.2 7.4 76.2 6.0 39.1 31.6 1.9 2.8 77.7 1.1 14.3 2.8 7.7 5.3 61.7 13.5 Feb. 28P. 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 Mar. 31*. 402.5 17.8 5.5 85.4 6.9 36.4 46.7 1.9 2.8 64.8 1.1 13.5 2.8 4.6 7.6 91.5 13.2 P Preliminary. 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. 718 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 mosa 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 ia e * r ot A h l e l r t A ra u l s i - a C g o ia n n go A E n g g y l p o- So o u f th Othei2 Main- public tian Africa land Sudan 1945—Dec. 31 29.9 1.0 .8 7.5 1.4 .5 13 8 2.0 2.8 9.9 1,7 .3 4.7 3.3 1946—Dec. 31 99.2 53.9 5.9 12.0 1.0 .2 20 2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31 127.0 40.8 2.6 29.6 .5 9 27 4 17 7 7 5 31 5 9 0 .1 14.4 8 0 1948—Dec. 31 118.8 24.2 3.4 20.4 1.9 15.9 37 3 1.4 14 3 19.7 4.7 .4 7.9 6.8 1949—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—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 J M J u u a l n y y e 3 3 3 1 0 1 . .. 1 8 8 0 7 6 0 .7 2 8 2 1 1 0 7 9 .2 1 6 3 4 4 .1 1 3 2 2 1 0 4 8 .0 5 7 .1 2 1 1 1 1 1 3 2 .5 5 0 1 1 7 1 3 . . 2 3 8 1 .9 9 1 1 1 9 4 2 . 4 6 5 1 .7 2 . .9 7 7 1 1 7 0 0 . . 7 9 7 6 5 4 2 1 0 . . . 0 4 7 4 3 2 5 0 0 . . . 2 7 8 3 3 3 . . . 6 8 9 1 1 7 1 2 . . . 5 7 3 3 5 5 . . . 0 9 3 Aug. 31.. 87.3 22.4 5.1 15.6 .1 10.4 14.5 1.4 8.0 1.5 .8 7.6 49.6 33.9 4.0 6.8 4.8 Sept. 30 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 7.3 4.8 Oct. 31.. 94.3 23.7 4.0 15.2 .1 7.6 16.3 8.1 7.0 1.5 .9 10.0 74.5 56.5 4.4 8.1 5.4 Nov. 30.. 90.6 18.3 4.3 14.7 .2 7.1 16.4 10.9 4.6 1.8 .7 11.6 69.4 49.5 4.4 8.1 7.3 Dec. 31. . 96.3 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 .9 13.9 60.8 40.8 4.4 '.3 8.1 7.2 1951—Jan. 31.. 96.8 15.6 3.0 16.5 3 6.1 22.6 8.6 5.6 1.6 1.3 15.7 45.5 28.3 4.7 .3 5.1 7.0 Feb. 28P. 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 Mar. 31 P. 92.4 13.0 2.3 16.7 .1 7.5 21.4 8.4 9.0 2.9 1.4 9.7 64.0 44.9 5.0 .3 7.0 6.8 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Leas than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly 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 .i r m e o p n or th te l d y A So fr u ic th a R de h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n 3 U St n a i t t e e s d * 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 - * Au li s a tra- India* 21 grainsof gold «'i,o fine: i. e., an ounce of fine gold «'$35. 1941 1,265 6 1 110 4 504 3 27 8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10 0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871 5 774 1 448 2 23 0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26 3 8 8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683 0 427 9 19 9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5 9 1946 756 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 7.2 8 0 29 9 6 7 1950—Mar. 66.4 35 1 1 5 19 1.1 6.1 13.4 2.0 1.2 .6 .7 2.3 .5 Apr. 63 2 33 3 s Q 0 6.7 12.9 .7 1 0 .8 .7 2 2 6 May 65 9 35.5 I 0 0 6.8 13.1 .8 9 .9 .6 2.4 5 June .. . 66 2 34 6 s 9 0 6.6 12.9 1.5 0 .6 .7 3.3 6 July 64.9 34.6 s 1 9 0 7.1 12.9 .8 1 .6 .7 2.2 .6 67 4 34.9 s 9 1 7.9 13.2 1.5 1 .5 .7 2.5 .6 Sept. 65.6 34.0 L.5 1.0 L.O 7.8 12.8 1.1 L.I .5 .7 2.5 .6 Oct 67 0 33.9 9 0 8.2 13.2 1.4 ?, .8 .6 2.8 6 Nov. 33 3 s 9 .9 7.5 13.3 1 .6 6 2 8 7 Dec 32.9 4 2.0 .9 7.0 13.4 .8 .7 .6 2.3 .5 1951—Jan 33.4 1.4 2.0 .9 5.9 13.1 1.4 .6 2.5 .5 Feb 31 1 2.1 1.0 5.2 12.1 .7 .7 2 4 6 Mar. 33 4 2.0 1.1 5.8 13.0 .7 .6 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. 6 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. JUNE 1951 719 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 e m l- 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.)i Treasury Total2 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 38 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—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.... P35',770" 21.806 21,927 288 589 317 618 45 271 31 22 Apr 21,805 21,900 609 317 31 22 E m n o d n t o h f Egypt 6 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 1946—Dec. . . . 53 796 28 274 127 28 8 201 181 265 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 'm' 52 195 27 51 27 28 1950—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.... 5 97 523 27 247 140 252 208 208 311 29 50 27 31 1951—Jan 97 523 27 247 139 252 228 281 311 30 50 27 31 Feb 102 523 27 247 139 252 228 311 30 50 27 31 Mar.... 117 523 27 247 228 311 30 50 46 Apr 548 27 229 311 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a S do 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 9 1,856 164 323 1,436 36 1949—Dec. . . . 178 17 128 85 70 1,504 118 154 9 1,688 178 373 1,451 68 1950—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 9 2,422 189 373 1,460 108 July.... 177 20 179 61 71 1,5=50 118 138 196 373 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 9 2,756 217 373 1,494 145 Oct 177 20 183 61 91 1,520 11.8 150 217 373 1,494 149 Nov , . . 177 23 187 61 90 1,508 118 150 217 373 1,494 159 Dec.... 192 23 197 61 90 1,470 118 150 '9 3,300 236 373 1,495 167 1951—Jan 197 23 202 61 93 1,474 118 150 260 373 1.495 140 Feb 197 23 208 61 108 1,482 118 150 287 373 1.495 125 Mar. . . . 202 23 205 61 114 1,448 118 150 93,758 373 1,495 119 Apr 23 124 150 161 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. 6 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. 720 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu el m - France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o h p e e r ] Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -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 8 264.6 130.8 116.0 238.0 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 14.0 -40.0 2-159.9 3.4 -49.9 10.0 -16.1 1950 -1,730.3 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.3 -100.0 28.2 -118.2 1949 Jan.-Mar 68.8 -12.5 10.4 10.5 -5.0 -13.7 3.4 2.3 Apr.-June 173.9 162.4 -31.0 -10.0 — 11.2 7.9 July-Sept 101.5 283.9 3.5 -20.0 2-119.1 -10.0 -11.3 Oct.-Dec -151.0 -33.9 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -202.5 -80.0 35.0 -13.0 -12.4 -15.8 Apr.-June -31.7 20.0 -3.0 -11.9 July-Sept -732.2 -580.0 -28.5 -16.0 -25.0 3.4 8.2 -40.5 -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 -47.4 -100.0 20.0 -61.9 Oct.-Dec 1951 -880.1 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Jan.-Mar NET GOLD PURCHASES BY THE UNITED STATES. ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period 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 to o r t e o l c d a k t s a e l g p e o o x N ( l - d r p ) e t o i t o m rt r -g m o c c o l r r a r d e e r : a i a k n s s d e e - e d e- p t D i t r c o i o o m d g n u o e s c s ld - - (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 —4 9 —9 2 25 0 13 7 94.3 22.9 1942 22,726 22,739 —23.0 315.7 -458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 21,938 21,981 —757 9 68.9 —803 6 48.3 1948 10 7 -108.0 13.4 -4.1 498.6 6.9 1944 20,619 20,631 -1,349.8 -845 4 -459.8 35.8 1949 — 14 4 -50 0 -7.5 —52 1 195.7 — 1.6 1945 20,065 20,083 —547.8— 106.3 —356.7 32.0 1950 -64.8 -17.6 -39.2 13.1 -47.8 1946 20,529 20,706 623.1 311.5 465.4 51.2 1947 22,754 22.868 3 2,162 11.866.3 210.0 75.8 1949 1948 24,244 24,399 1,530A 1 680 4 — 159 2 70.9 1949 24,427 24,563 164.6 686.5 —495.7 67.3 Jan -Mar. .... 3.6 -2.3 72.0 .1 1950 22,706 22,820 — 1,743.3r-371.3 -1,352.4 83.1 Apr.-June 3.0 3.7 -6.6 55.6 .1 July-Sept -16.5 —50'. 6 -2.9 -2.2 48.1 -2.0 1950—May.. 24,231 24,340 -10.7 13.1 -29.9 6.8 Oct.-Dec — 1.0 — 11.9 -41.0 19.9 .2 June.. 24,231 24,331 -9.0 10.0 -17.6 6.6 July... 24,136 24,239 -91.1 -1.5 -90.0 7.1 1950 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 Jan -M^ar. ... — 12.0 -10.5 -.8 3.9 -27.0 Oct... 23,249 23,349 -242.5 -93.4 -146.2 8.2 Apr.-June -2.0 -1.0 9.2 -3.0 Nov... 23.037 23,153 -195.5 r-158.6 -35.3 7.5 July-Sept —23 9 -.1 " -14.9 -14.8 Dec... 22,706 22,820 -333.2 -93.0 -237.9 7.0 Oct -Dec. .... -26.9 -6.0 -23.6 -3.0 1951—Jan... 22,392 22,461 -358.8 -60.6 -248.5 5.9 Feb... 22,086 22,162 -298.7 -107.9 -184.4 5.2 1951 Mar... 21,806 21,927 -235.4 ••-123.5 -111.2 5.8 Apr. .. 21,805 21,900 -27.3 -110.6 101.9 5.5 Jan -M^ar .. -50 9 -11.7 —22 6 -28.0 May. . P21,755P21,861 P-38.6 (4) 5 -12.9 (4) 1 Includes Bank for International Settlements. P Preliminary. r Revised. l See footnote 2 on opposite page. 8 Includes sale of 114.3 million dollars of gold to Italy. 2 Yearly figures through 1949 are estimates of United States Mint. * Includes sales of 185.3 million dollars of gold to China. Figures for 1950 and 1951 are estimates of American Bureau of Metal NOTE.—This series replaces the series on "Net Gold Imports to Statistics. United States, by Countries," published previously. 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 6,080.9 million dollars on May 31, 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. 721 JUNE 1951 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 1950 International Fund International Bank Jan. Oct. July Jan Mar. Dec. Sept. Mar, 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 6 5 10 18 Other 4,229 4,228 4,257 14,266 Other 920 921 921 925 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) 466 437 439 446 Member subscriptions 8,037 8,037 8,022 8,047 Calls on subscriptions to capital stock3. . 4 4 4 5 Accumulated net income -5 -4 -4 -3 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 938 868 762 723 1951 1950 Other assets 12 9 8 7 Net currency purchased Bonds outstanding 311 261 261 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- Apr. Mar. Feb. Apr. antee 30 29 26 26 Loans—undisbursed 279 229 140 130 Other liabilities 3 5 3 2 Australian pounds 20.0 20.0 20.0 20.0 General reserve 38 35 31 23 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 18 17 15 12 Brazilian cruzeiros 65.5 65.5 65.5 37.5 Capital s 1,668 1,668 1,668 1,670 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 ia o n 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 D Eg a y ni p s t h ia n k ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 1 3 0 . . 0 2 res 2 u A lt s in o g f f A ro p m r. 3 th 0 e , 1 d 9 e 5 v 1 al , u th at e i o F n u s n d in h S a e d p s te o m ld b e 7 r 5 9 1 .8 9 4 m 9. illion U. S. dollars; Ethiopian dollars .3 .6 in addition, the Fund sold to the Netherlands 1.5 million pounds 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 t l e u d d e t s o u 4 n 3 c .3 a ll m ed il li p o o n r t d io o n ll s a r o s. f capital subscriptions, amounting to South African pounds. . . 10.0 10.0 6,671 million dollars as of Mar. 31, 1951, of which 2,540 million repre- Turkish liras 5.0 5.0 5.0 5.0 sents the subscription of the United States. Pounds sterling 300.0 300.0 300.0 300.0 Yugoslav dinars 9.0 9.0 9.0 9.0 Total. 762.0 762.0 772.3 753.1 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u 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 a o n t d es a c n o D d u i s n - a t d s - Se t c ie u s ri- ci t r i c o u n la 3 - Deposits ti l O i e a s b th il a e i n - r d coin vances Bankers' Public ECA Other capital 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 "OI'A" 92 A 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—May 31 .4 1,300.0 19.9 19.1 554.9 1,286.6 281.3 12.0 188.4 94.2 18.0 June 28 .4 1,350.0 63.0 15.4 549.3 1,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 1,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 .4 1,350.0 53.8 23.4 575.0 1,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 .4 1,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 L,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan. 31 .4 4 1,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 Feb. 28 .4 1,350.0 62.0 16.1 345.7 1,289.0 293.0 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 Apr. 25 .4 1,350.0 37.3 6.4 388.4 1,313.8 305.8 14.2 5.4 89.0 17.8 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 25 million pounds on Jan. 10. For details on previous changes, see BULLETIN for January 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 722 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 do il l l l i a o r 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 ul o a t t e ion2 liab a i n li d ties dollars S te h r o m r t 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital « 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. 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209. 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198, 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42. 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—May 31. 73.3 1,685.7 372.6 60.1 1,275.9 534.3 68.9 202.7 109.9 June 30. 84.1 1,436.7 622.0 58.8 1,275.8 544.5 35.3 215.8 130.1 July 31. 89.1 1,431.0 638.7 65.7 1,294.2 552.8 19.6 228.9 129.0 Aug. 31. 161.4 1,420.4 569.2 113.9 1,303.8 568.2 16.7 233.1 143.1 Sept. 30. 212.2 1,406.1 444.6 219.7 1,318.4 555.8 22.0 258.2 128.2 Oct. 31. 152.2 1,381.4 435.7 440.0 1,321.8 621.7 39.0 235.2 191.6 Nov. 30. 127.2 1,170.0 662.0 415.5 1,323.5 578.9 45.3 221.0 206.0 Dec. 30. 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Jan. 31. 117.9 1,171.0 731.5 273.7 1,294.4 537.6 68.3 204.4 189.3 Feb. 28 . 117.3 1,165.4 757.0 249.0 1,295.4 550.5 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 Apr. 30. 128.8 1,327.6 722.5 168.8 1,323.0 556.1 56.9 215.1 196.6 Assets Liabilities Bank of France mill ( io F n ig s u o r f e s f r i a n ncs) Gold F c o h e r a x e n - i g g e n m O a p rk e e n t D 5 om S e p s e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h t o 5 er a O ss t e h t e s r e ci N r ti c o o u t n l e a- Go m v e e n r t n- Dep E o C si A ts 8 Other c O l a i i a a t p t n i b h e i d i t e s l a r - l 1938—Dec. 29.. 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 061 *>S595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1914 14,751 2,925 1940—Dec. 26.. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 97,202 M4.986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 ?S,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 ,137 715,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 M,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 1 SR,973 19,377 1950—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 Apr. 26. 191,447 173,566 141,921 23,821 427,135 159,700 481,039 '235,0631,597,678 98 46,941 160,530 28,444 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 6 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 7 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941. 64,580; 1942, 16,857; 1943, 10,724. 8 On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134,027.90 francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 140.9 billion francs on Apr. 26. 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. JUNE 1951 723 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 874 874 874 656 Loans and discounts 207 252 240,611 191,394 Other gold and foreign exchange. 2,408 2,30.c 1,981 1,408 Government loans and securities. 135 136 130,726 142,662 Government securities, 1,861 1,986 2,017 1,835 Other assets 69 65,620 57,488 Rediscounts and loans to banks. . 36,129 35,429 34,406 29,686 Note circulation 385 378.488 392,098 414,430 Other assets 261 317 25 216 Deposits 220 200.022 169,222 Currency circulation 13,814 13,601 13,430 10.344 Other liabilities and capital 53 58,671 49,620 Deposits—Nationalized 24,706 24,456 23,415 21,073 Central Bank of Costa Rica Othei sight obligations 628 525 523 553 (thousands of colones): Other liabilities Vnd capital 2,386 2,329 2,168 1,831 Gold ,511 542 11,511 11,542 Commonwealth Bank of Aus- Foreign exchange ,776 541 20,975 33,750 tralia (thousands of pounds): Net claim on Int'l. Fund 3 029 019 7,029 7,019 Gold and foreign exchange 661,673 607,104 513,820 Loans and discounts 911 576 91,799 87,196 Checks and bills of other banks. . 7,232 6,047 5,671 Securities 321 404 11,338 19,372 Securities (incl. Government and Other assets 227 275 17,352 17,480 Treasury bills) 404,992392,706 339,879 Note circulation 586 445104,924 108,268 Other assets 80,233 68,687 88,77 Demand deposits 858 249 44,1 58,085 Note circulation 270,270255,270 230,063 Other liabilities and capital 331 663 10,272 10,006 Deposits of Trading Banks: National Bank of Cuba Special 558,920528,920 466,220 (thousands of pesos): Other 44,817 40,320 30,23= Gold 270 270,561 298,719 Other liabilities and capital 280,122 250,034 221,631 Foreign exchange (net) 77, 66,394 66,885 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 61 48,859 541 Gold 51 51 51 50 Silver 47, 52,198 79,998 Foreign exchange 255 414 174 145 Net claim on Int'l. Fund 3 12. 12,507 12,506 Loans and discounts 3,957 3,928 3,826 2.02Q Loans and discounts 3. 3,814 Claim against Government 4,426 4,767 4,763 6,393 Credits to Government 12. 17,324 Other assets 39 40 40 3 Other assets 701 26,985 13,133 Note circulation 6,254 6,089 6,007 5,618 Note circulation 473345,103 441,110 Deposits—Banks 165 234 248 180 Deposits 849145,297 25,557 Other 469 770 908 1,089 Other liabilities and capital 828 8,242 5,117 Blocked 1,840 2,106 1,690 1,766 National Bank of Czechoslovakia 4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 30,462 29,471 30,188 29,747 Gold 69 69 69 69 Foreign claims and balances (net). 7,566 8,026 5,917 8,939 Foreign exchange 389 368 414 441 Loans and discounts 10,673 11,113 9,666 3,407 Contributions to Int'l. Bank 6 6 6 6 Consolidated Government debt.. 34,860 34,860 34,910 34,939 Loans and discounts 85 84 88 26 Government securities 2,553 3,190 5,342 8,697 Securities 116 112 121 132 Other assets 3,729 3,932 4,185 4,859 Govt. compensation account.... ,969 ,974 3,985 4,658 Note circulation 85,138 85,010 85,854 86,079 Other assets 490 437 338 209 Deposits—Demand 1,853 2,873 1,798 2,245 Note circulation ,600 ,610 1,607 1,548 ECA 46 10 5 234 Deposits—Government ,727 ,776 1,266 1,760 Other liabilities and capital 2,807 2,700 2,552 2,030 Other ,612 ,481 1,938 2,071 Central Bank of Bolivia—Mone- (Dec. Other liabilities and capital 186 184 209 163 tary dept. (millions of bolivianos): 1950)* Central Bank of the Dominican Gold at home and abroad 2 1,370 956 Republic (thousands of dollars): F L o o r a e n i s g n a n e d x c d h i a s n c g o e unts 1,9 5 3 2 1 4 1,0 2 4 2 5 6 G Fo o r l e d i i gn exchange (net) 0 5 4 6 5 0 16 , , 0 6 4 2 5 9 1 4 7 , , 0 2 4 7 5 9 1 4 1 , , 0 9 3 7 0 4 Government securities 734 740 Net claim on Int'l. Fund 3 250 ,250 1,250 1,250 Other assets. 135 376 Paid-in capital—Int'l. Bank 40 40 40 40 Note circulation 3,432 2,635 Loans and discounts 156 131 322 252 Deposits 235 362 Government securities 217 ,217 6,217 5,377 Other liabilities and capital 1,029 346 Other assets 105 ,065 1,023 651 Central Bank of Ceylon (thousands Note circulation 552 ,483 24,230 19,069 of rupees): Demand deposits 090 ,172 5,237 4,232 Foreign exchange 650,436 643,863616,140 Other liabilities and capital 732 721 710 274 Paid-in capital—Int'l. Bank 1,116 1,116 1,430 Central Bank of Ecuador Government securities (thousands of sucres): Other assets 705 1,438 2,005 Gold s 334 334 315281,706 265,749 Currency in circulation 394,197395,259385,550 Foreign exchange (net)5 144 136 932212,728 -41,359 Deposits—Government 33,498 40,363 23,535 Net claim on Int'l. Fund 8 18 18 757 18,757 16,881 Banks , 194,131 181,883 181,669 Credits—Government 209 948211 928198,056 267,018 Other liabilities and capital 30,431 28,912 28,821 Other 98 749 93 303 97,825 121.369 Central Bank of Chile (millions Other assets 176 452168 783175,940 127.879 of pesos): Note circulation 475 606476,766 378.436 Gold 1,430 1,357 1,321 1,235 Demand deposits—Private banks 145 563 626158,721 103,436 Foreign exchange (net) 310 284 357 34 Other 105 879112,184 124,287 Net claim on Int'l. Fund 3 1 1 1 1 Other liabilities and capital 256 860 238906237,341 151,377 Discounts for member banks.... 1,042 1,710 2,018 1,679 National Bank of Egypt (thou- Loans to Government 680 680 680 688 sands of pounds): Other loans and discounts 5,461 4,241 3,591 2,734 Gold « 28.,662 23,443 6,376 Other assets 2,429 2,351 2,350 1,569 Foreign exchange 13:,237 14,797 16,162 Note circulation 7,374 6,997 6,885 5,727 Loans and discounts 22,,679 31,170 5,816 Deposits—Bank 1,737 1,462 1,291 1,178 British, Egyptian, and other Other 425 366 425 254 Government securities 337,374323,301 320,061 Other liabilities and capital 1,818 1,799 1,717 781 Other assets 40,078 39,878 50,103 Bank of the Republic of Colombia Note circulation 182.,754183.758 160,644 (thousands of pesos): Deposits—Government 125.,774112,820 103,252 Gold and foreign exchange 220,389 171,682 188,087 215,988 Other 124,286125,665 126,209 Net claim on Int'l. Fund « 24,369 24,369 24,369 24,368 Other liabilities and capital 9,216 10,344 8,411 Paid-in capital—Infl. Bank 1,381 1,380 1,377 1,371 * Latest month available. *On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 8 It is understood that, beginning June 1950. gold reserves have been revalued at a rate of 60 bolivianos per dollar. »This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. *For last available report (March 1950), see BULLETIN for September 1950, p. 1262. * In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. * 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. 724 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 1951 1950 (Figures as of last report (Figures as of last report date of month) Apr. Meir. Feb. Apr. date of month) Apr. Mar. Feb. Apr. i Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 Gold 57, 319 57,380 57,438 46,740 Foreicn exchange 27 22 Foreign exchange (net) 87, 949 83,780 75,297 74,050 Advances to Treasury 590 657 Net claim on Int'l Fund l 1,565 1,565 1 565 1,565 Loans and discounts 279 198 Loans and discounts 9 900 1 807 7 880 1 55 Government securities . . 187 Government debt and securities.. 5 4 050 5 310 5 078 Other assets 515 531 Other assets » 1,228 1,211 1, 092 1,543 Bank of Italv notes 1 074 973 Note circulation 81 3Q9 84 051 371 68 031 Allied military notes 3 7 Deposits 67 799 50 413 51 973 55, 117 Deposits—Government 117 163 Other liabilities and capital 6 468 6 370 5 937 5 984 Demand 73 15? State Bank of Ethiopia 2 Other 970 9 88 Bank of Finland (millions of mark- Other liabilities and capital . . . 66 51 kaa): Bank of Japan (millions of yen): Gold 353 3 190 2 676 1 797 I 1 17 1 447 Foreign assets (net) 929 -909 -72 939 Advances to Government 49 645 70 226 Clearings (net) 893 676 355 -28 Loans and discounts 366 549 123 670 Loans and discounts 39 459 39,810 38 590 39 403 Government securities 134 869 160 599 Securities 061 069 068 1 036 Other assets 35 136 31 06? Other assets 7 142 6 253 4 926 1 585 Note circulation 399 771 319 646 Note circulation 37 447 36 647 30 966 Deposits—Government 130 171 33 975 Deposits . . . 745 2 279 433 2 667 Other 24 435 18 221 Other liabilities and capital .... 10 700 10 185 10 9Q9 9 001 Other liabilities 096 15 867 Bank of German States The Java Bank (millions of guilders): (millions of German marks): Gold4 871 866 866 675 Foreign exchange 1 367 1 166 1 008 821 Foreign exchange (net) 409 354 330 43 Loans and discounts . 4 105 699 5 3^6 3 641 I oans and discounts 244 175 168 91 Loans to Government 9 325 9 148 9 466 8 352 Advances to Government 2,275 2 501 2 849 2 262 Other assets 1 387 1 437 1 397 1 163 Other assets . 360 3 36 133 94 Note circulation 7 960 7 781 7 715 7 854 Note circulation 9 691 614 9 5 5.1 1 677 Deposits—Government. 2 392 2 381 2 881 1 199 Deposits 823 062 1 151 1 190 Banks 1 588 1 678 1 859 069 Other liabilities and capital 644 656 641 347 Other 790 900 1 000 414 Bank of Mexico (millions of pesos): Other liabilities and capital 545 710 669 3 548 Monetary reserve ^ 1,113 1 191 1 202 788 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities etc 3,088 3 3 516 2 440 Gold and foreign exchange (net). 530 567 388 Bills and discounts 279 2 77 202 183 Loans and discounts 204 213 141 Other assets 479 452 357 Advances—Government 5 692 5 321 4 404 Note circulation 2, 753 787 2 744 2 224 Other 9 811 9 770 2 074 Demand liabilities 1, 600 1078 2 064 998 Other assets 1 484 1 603 809 Other liabilities and capital 507 512 565 616 Note circulation 1 578 1 606 1 6S8 Netherlands Bank (millions of Deposits—Government 051 995 340 guilders): Reconstruction and Gold 6 1,175 1 175 1 175 871 relief accts 3 730 3 489 2 569 Silver (including subsidiary coin). 17 19 12 Other 737 1 004 Foreign assets fnet) 9SQ 588 868 Other liabilities and capital 2 625 2 590 2 346i Loans and discounts 9 7 1 '• 1 '•> 100 158 Bank of Guatemala (thousands oi Govt. debt and securities 3, 000 3 000 2 850 quetzales): Other assets . <\?R ( 4 " 637 799 Gold 27 220 27 229 27,229 27,220 Note circulation—Old 54 65 Foreign exchange 14 925 15 14,169 10,613 New . ... 2 2,814 2,908 Gold contribution to Int'l Fund.. 1 250 1 250 1,250 1,25f Deposits—Government 152 543 Rediscounts and advances 4,974 4 203 4.912 5,747 Blocked r2 Other assets 19 387 10 747 19 1 58 ECA 1,-iv 1 ?<•;< 1 375 659 Circulation—Notes 36, 596 37 803 37,719 35,544 Other ;.• i 764 '861 Coin 3, 296 3,319 3,304 3,164 Other liabilities and capital 401 3 JO 410 519 Deposits—Government 3\ 065 1,735 1,278 2 0°7 Reserve Rank of New Zealand Banks 10,700 11,561 11,892 12 (thousands of pounds): Other liabilities and capital 14,110 12,974 13,108 10!304 Gold \ 0 "') 4,871 4,112 National Bank of Hungary 3 Foreign exchange reserve 6; 3 {0 56 51 95.5 Reserve Bank of India (millions of Loans ard discounts . . . 7,217 8,855 5,213 rupees): Advances to State or Stafe un- Issue department" dertakings 50 61 0^4 Gold at home and abroad 400 40C 400 Investments . • .... •- " i 3 5,974 31,658 Sterling securities 6 789 6 6 Other ?ssets /, 0f> ', 4 889 n 3?4 Indian Govt. securities. . . . 4 4, 76f 4, 603 57 704 54,513 N Ru o p te e e c i c r o cu in lation 12,474 12,172 11,8 5 4 5 6 7 Other liabilities and capital. 10! •'> '() ; 105 6, , 8 89 0 4 4 94 6,6 1 7 0 4 9 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 117 134 218 Gold ?43 243 ?30 Balances abroad 2, 060 1,984 1,983 Forf*ign assets (net) . . . 192 '339 Bills discounted 82 2( Clearing accounts (net) -61 -85 Loans to Government. . . . If 42 Loans ind discounts + 7 43 37 Other ?ssets 2^6 134 766 Securities 4 ') 46 47 Deposits 3,200 3,012 2, 733 Occupation account (net)...... 6 6,202 7,112 Other liabilities and capital. . 331 301 309 Other c^set* 05 74 73 Central Bank of Ireland (thousands 2 2,269 2,213 of pounds): Deposits—Government 2 1,982 r2,096 Gold 2,646 2,64(5 2,646 2,646 Banks 676 1,402 Sterling funds 49 51 50 057 48 1 Blocked 510 559 Note circulation 52,639 54,010 54,997 50,788j FOA 612 737 Other liabilities and capital 741 692 ••748 ' Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liabili!ty 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. 6 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. JUNE 1951 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1951 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 22,625 22,039 4,859 Issue department: Note circulation , 30,862 30,885 27,561 Gold at home and abroad... 44 44 44 Deposits—Government , 1 ,509 1,240 1,256 Sterling securities 852 852 714 Other 3,602 3,707 2,489 Pakistan Govt. securities 75 80: 361 Other liabilities and capital 18,814 18,339 592 Govt. of India securities. 139 139 235 Bank of Sweden (millions of kronor) India currency 300 300 432 Gold 273 250 239 156 Rupee coin 43 43 5 Foreign assets (net) 350 514 468 892 Notes in circulation ,091 2,110 1,781 Swedish Govt. securities and ad- Banking department: vances to National Debt Office8 ,596 3,556 3,618 2,898 Notes of issue department... 38 69 63 Other domestic bills and advances 201 178 171 158 Balances abroad 664 584 328 Other assets 493 452 440 326 Bills discounted 52 63 105 Note circulation ,458 3,355 3,363 3,207 Loans to Government 1 1 Demand deposits—Government.. 456 731 465 437 Other assets 386 346 38: Other 405 288 522 184 Deposits ,055 969 791 Other liabilities and capital 593 575 586 603 Other liabilities and capital. . 86 93 88 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,968 5,989 6,026 6,243 Goldi 1,165 ,165 600 600 Foreign exchange 244 248 271 296 Foreign exchange (net) 69,542 ,020 28,899 3,263 Loans and discounts 196 195 16' 89 Net claim on Int'l. Fund 2 -2,377 ,256 2,710 2,710 Other assets 76 80 70 68 Paid-in capital—Int'l. Bank -1,001 -260 -260 -194 Note circulation ,424 4,420 4,383 4,267 Loans and discounts 134,929 ,36: 132,228 113,416 Other sight liabilities ,862 1,897 1,954 2,033 Government loans and securities. 24,257 ,904 42,237 9,18 Other liabilities and capital 198 195 19 396 Other assets 15,578 ,854 5,141 12,794Central Bank of the Republic of Note and coin issue 165,493 ,288139,383 104,638 Turkey (millions of pounds): Demand deposits 51,752 ,905 54,351 32,074 Gold 419 423 432 Other liabilities and capital 24,849 ,107 17,820 5,063 Foreign exchange and foreign Central Reserve Bank of Peru clearings 169 17: 206 113 (millions of soles): Loans and discounts ,144 1,128 1,107 869 Gold and foreign exchange 3 762 713 565 282 Securities 17 19 19 40 N Co et n t c r l i a b i u m t io o n n t I o n t I 'l n . t F 'l. u n B d a n 2 k 2 2 0 20 2 20 2 20 2 O N t o h te e r c a ir s c s u et l s ation 97 8 1 : 9 c 795 95 8 9 9 89 8 8 7 Loans and discounts to banks. . . 219 225 228 195 Deposits—Gold 153 153 153 153 Loans to Government 671 672 647 707 Other 543 532 588 327 Other assets 90 105 136 179 Other liabilities and capital 16. 174 140 162 Note circulation 1,141 ,119 1,085 914 Bank of the Republic of Uruguay Deposits 470 450 314 150 (thousands of pesos): Other liabilities and capital 154 169 199 321 Gold 435,254 279,839 Central Bank of the Philippines Silver 10,911 11,663 (thousands of pesos): Paid-in capital—Int'l. Bank 318 311 Gold ,597 8,031 3,881 Advances to State and govern- Foreign exchange ,522546,534 444,691 ment bodies 152,249 153,092 Net claim on Int'l. Fund 2 ,503 29,504 7,502 Other loans and discounts 271,512 260,699 Loans ,863 49,418 72,749 Other assets 355,096 278,675 Domestic securities ,088164.181 115,502 Note circulation 365,030 287,846 Other assets ,980173,774 146,387 Deposits—Government 99,557 94,773 Note circulation 360 655,634 537,948 Other 347,646 267,742 Demand deposits 175,494 141,283 Other liabilities and capital 413,106 333,918 Other liabilities and capital 140,314 111,481 lentral Bank of Venezuela (mil- Bank of Portugal (millions of lions of bolivares): escudos): (Jan.): Gold 1,141 1,141 1,041 Gold 3,610 3,144 Foreign exchange (net) -72 -132 64 Foreign exchange (net) 10,231 9,019 Other assets 85 90 59 Loans and discounts 572 496 Note circulation—Central Bank. 755 759 780 Advances to Government 1,242 1,248 National banks.. 1 Other assets 653 451 Deposits 311 183 172 Note circulation 8,297 7,659 Other liabilities and capital 156 211 Demand deposits—Government.. 689 335 Bank for International Settle- ECA 299 107 ments (thousands of Swiss gold Other 4,591 3,925 francs): Other liabilities and capital 2,433 2,332 Gold in bars 491 935 163,849383,377 283,584 South African Reserve Bank Cash on hand and with banks.. . 73, 104 70,635 65,578 27,728 (thousands of pounds): Sight funds at interest 4,419 4,412 3,287 2,934 Gold* 72,704 73,561 61,223 Rediscountable bills and accept- Foreign bills 95,077 93,992 84,425 ances (at cost) 145 ,143 74,981 61,547 139,340 Other bills and loans 7,092 7.170 9,112 Time funds at interest 32 ,327 33,952 28,316 33,156 Other assets 31,483 26,564 36,566 Sundry bills and investments.... 274,139 08,003300,326 250,982 Note circulation 75,654 72,909 67,077 Funds invested in Germany 297,201 97,201297,201 297,201 Deposits 116,311113,838 103,591 Other assets 6,812 1,359 1,678 1,585 Other liabilities and capital 14,391 14,541 20,658 Demand deposits (gold) 59,010 78,649 111,637 113,990 Bank of Spain (millions of pesetas): Short-term deposits: Gold 669 669 668 Central banks—Own account.. 746,325 58,588 106,346 409,657 Silver 378 412 487 Other 25,771 23,809 30,500 25,704 Government loans and securities. ,735 15,621 15,143 Long-term deposits: Special 228,909 28,909 !28,909 228,909 Other loans and discounts ,381 15,431 10,741 Other liabilities and capital 265,064 64,437 163,918 258,250 * Latest month available. c Corrected. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local 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. 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. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 726 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 t m 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 t o r f a — l R A 3 a p 0 t r e . ef D fec a t t i e ve ba C n e k n t o r f a — l R A 3 a p 0 t r e . ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Italy 4 Apr. 6, 1950 J A a p n 1 r . 9 . 39 2 9 5, 1940. . 2 2 4 31/ 2 3 3 IK A A B r u e g l s g e t i r n u i t a m ina 3 3 3% y y2 2 A M Se u a p g r t . . . 1 3 1 1 , , , 1 1 1 9 9 9 4 3 5 5 6 0 J J L a a a v p t a a v n ia 5 3 5 .11 J J F u a e n l b y . . 1 1 5 4 7 , , , 1 1 1 9 9 9 3 4 4 7 0 8 May 17 Bolivia 6 Sept. 30, 1950 Lithuania. . . 6 July 15, 1939 Mar. 17, 1941.. Hi May 29 3 June 27 iy 2 Jan. 16, 1945.. IV Canada 2 Oct. 17, 1950 Mexico June 4, 1942 Jan. 20 IK Chile June 13, 1935 Netherlands.. 4 Apr. 17, 1951 Feb. 9 2 V Colombia 4 July 18, 1933 New Zealand. July 26, 1941 Nov. 7 1946 2i/ Costa Rica 4 Feb. 1, 1950 Norway 2>| Jan. 9, 1946 Dec. 19 . . •2 Jan. 10,1947.. 1% &2M Aug. 27 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. . 1 1-5 El Salvador. .. 3 Mar. 22, 1950 South Africa. Oct. 13, 1949 Sept 6 3H &4 Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Oct. 1 Finland Nov. 3, 1950 Sweden 3 Dec. 1, 1950 May 27, 1949. . ll 4:}A July 14 11-4 Oct. 6 ... 3 V June 8, 1950.. 2^ France June 8, 1950 Switzerland.. Nov. 26, 1936 Sept. 11 3M Germany Oct. 27, 1950 Turkey 3 2 Feb. 26, 1951 Sept. 26 3 Greece 12 July 12, 1948 United King- Oct. 27 1 1-6 India 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec. 1 3 Ireland Nov. 23, 1943 U. S.S. R.... 4 July 1, 1936 Apr. 17, 1951. . 4 In effect Apr. 30, 1951 2 | 2y2 .1-6 4 3 1 The lower rate applies to the Bank deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Apr. 30: None. 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—March.. .55 1.03 1.00 1.03 1.59 .25 1943—March .50 1.03 1.00 .90 .58 .25 1944—March .39 1.03 1.00 1.13 .65 .25 1945—Mai•ch .37 1.03 1.00 1.00 .60 .25 1946—Mai•ch .36 .53 .51 .63 .34 1.05 1.00 .25 1947—Ma ch .40 .53 .51 .63 .41 1.65 1.19 .25 1948—Ma:-ch .41 .56 .51 .63 2.09 1.45 .99 .50 1949—Ma:-ch .42 .56 .52 .63 2.10 1.38 1.01 .63 1950—Ma:-ch .51 .69 .52 .63 2.70 1.45 1.13 .50 1950—April .51 .69 .51 .63 2.64 1.44 1.25 .50 May .51 .69 .51 .63 2.68 1.45 1.03 .50 June .51 .69 .51 .63 2.52 1.44 .81 .50 July .51 .69 .51 .63 2.59 1.57 1.10 .50 August.... .55 .69 .51 .63 2.35 1.44 .95 .50 September. .62 .69 .52 .63 2.22 1.33 .91 .50 October .62 .69 .51 .63 2.28 1.27 .88 .50 November. .62 .69 .51 .63 2.19 1.20 .88 .50 December.. .63 .69 .51 .63 2.41 1.40 1.09 3-5 .50 1951—January. . . .63 .69 .51 .63 2.45 1.31 .83 .50 February. . .73 .69 .51 .63 2.42 1.55 1.00 .50 March .76 .69 .51 .63 2.45 1.46 1.23 .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. JUNE 1951 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » (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 » 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 1,219 567 5,935 3.962 1,972 396 194g—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December .. 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—April 493 530 1,177 402 ,502 1,630 552 5,843 3,876 1,968 444 May 482 538 1,197 364 ,503 1,648 554 5,847 3,870 1,976 439 June 482 544 1,338 297 ,498 1,665 611 6,000 3,965 2,035 434 July 501 557 1,400 321 ,496 1,591 529 5,956 3,935 2,021 440 504 544 1,336 368 ,499 1,610 554 5,968 3,941 2,027 447 September 492 543 1,358 435 ,501 1,610 557 6,028 3,969 2,059 468 October 509 557 1,414 496 ,505 1,608 616 6,204 4,105 2,099 501 November 502 548 1,445 478 ,514 1,625 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 1,660 735 6,368 4,262 2,106 550 1951—January 530 559 1,470 383 ,529 1,656 697 6,260 4,181 2,078 564 February . ... 496 531 1,343 291 ,544 1,714 719 6,041 3,994 2,047 596 March 489 537 1,313 234 ,552 1,766 770 6,037 3,987 2,049 625 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—D ecem ber 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 ,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—April 730 103 2,349 175 4,398 1,015 (8) 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 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 August 802 99 2,393 218 4,478 1,113 («) 7,573 3,030 4,543 1,529 September 748 101 2,473 225 4 437 1 178 (3) 7,597 3,015 4,582 1,565 October 847 115 2.565 189 4,349 1,258 (3) 7,740 3,180 4,559 1,583 D N e o c v e e m m b b e e r r . 8 79 2 7 4 1 1 6 3 4 4 2 2 , , 7 7 3 7 7 6 1 1 7 7 7 1 4 4 , , 2 2 8 8 0 6 1 1, , 3 2 0 9 4 3 ( ( 8 3 ) ) 7 7 , , 8 8 1 2 9 8 3 3 , , 2 27 7 6 0 4 4 , , 5 5 4 5 3 8 1 1 , , 6 6 3 6 0 7 1951—Tanuary 774 118 2,795 175 4 248 1 270 (3) 7,748 3,171 4,577 1,631 F M e a b r r c u h ary 7 7 7 5 0 3 1 9 0 4 9 2 3 , , 8 0 7 0 2 8 1 1 7 7 8 6 4 3 , , 0 9 9 8 3 6 1 1, , 2 3 6 3 6 4 ( ( 8 3 ) ) 7 7 , , 6 6 7 2 5 4 3 3, , 0 0 1 5 0 7 4 4, , 6 6 1 1 4 8 1 1 , , 6 6 6 7 0 8 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 19,378 219,38(5 86,875 27,409 341,547 338,090 3,457 25,175 8,916 194g—December 45,397 35,633 354,245 126,246 34,030 552 221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,69C 129,501 29,843 627,266 619,204 8,062 26,355 15f662 1950—March .. 38,741 42,539 415,585 134,771 39 298 619,146 609,776 9,371 30,629 21,158 April 44,808 43,843 452,864 126,752 40,506 652,570 639.878 12,692 31,449 24,752 May . 43,584 44,346 433,079 134,195 44,993 640,351 626,925 13,427 32.992 26,853 June . 41.283 43,618 442,411 133,848 48,126 648,191 633,952 14.240 32.030 29,065 July 47,231 43,599 433,118 141,239 46 610 647 507 636.010 11,497 31,492 32,798 August 41,572 51,670 440,122 135.192 46,982 650 559 638.875 11,684 29,971 35,008 September 42,893 48,797 484,136 131,192 48,609 687 444 674,592 12,853 30,682 37,502 October 39,519 50,793 484,658 136,334 49,077 689 545 674,169 15,376 29,208 41,628 November 38,030 52,709 460,639 146,408 49,479 676 636 660,106 16,530 27,555 43,073 December? 48,065 52,853 527,09i 134,296 53,651 742 225 723,607 18,618 28,248 45,486 1951—January 39,769 56,952 477,00: 153,502 31,549 709 469 691,231 18,238 26,599 22,707 Februarv 41,435 60,293 477,766 154,660 33,367 720 710 701,935 18,775 27,252 19,560 P Preliminary. 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 }4 Per cent through Oct. 20, 1945, and at Y% per cent thereafter. » Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES {Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina » Belgium Brazil Canada (peso) (franc) (cruzeiro) (dollar) Aus- Year or month tralia Ceylon Prefer- (pound) "Bank (rupee) Basic ential Free notes" Official Free Official Free account 1946 29 773 321.34 2.2829 6 0602 95.198 93.288 1947 29 773 321.00 2.2817 5.4403 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 26.571 113.333 *8.289 223.15 ) Q90R «1.9722 5.4406 5 90.909 91.474 20.850 1950— J J uUl n y e 2 2 9 9 7 77 7 8 8 »11 100 2 22 2 3 3 .1 1 6 6 1 I .9 9 8 8 6 3 6 5 5 5 .4 4 4 4 0 0 6 6 9 90 0 .9 9 0 0 9 9 9 90 0 .4 7 5 6 6 6 2 2 0 0 .8 8 5 5 0 1 August ......... 29.778 11.100 223.16 L9837 5.4406 90.909 90.844 20.850 September 20.000 13.333 7.205 223.16 L.9838 5.4406 90.909 90 844 20.850 October 20 000 13 333 7 291 223 16 L 9876 * 1 9702 5 4406 94 8S4 20 850 November. 20.000 13.333 7.147 223.16 1.9876 1.9737 5.4406 96.044 20.850 December 20.000 13.333 6.924 223 10 L 9983 1.9720 5.4406 94.913 20.850 20.000 13.333 7.102 223 09 I 9945 1 9549 5.4406 95.002 20.850 February 20 000 13 333 7 138 223 16 L 9883 1 9774 5 4406 95 271 20 8=50 March . , 20.000 13.333 7.124 223.16 L.9843 1.9306 5.4406 95.420 20.850 April 20.000 13.333 7.143 223.16 9S30 1.9491 5.4406 94.353 20.850 May 20.000 13.333 7.096 223.16 1.9833 1.9501 5.4406 93.998 20.850 France Year or month Co b l i o a m- s C lo ze v c a h k o ia - m D a en rk - (franc) G (d e e r u m tsc a h n e y India Mexico e N rl e a t n h d - s Ze N a e la w nd Norway (peso) (koruna) (krone) mark) (rupee) (peso) (guilder) (pound) (krone) Official Free 1946 . ... 57 020 2 0060 20 876 g409 30 155 20 581 37 813 322 63 20 176 1947 57 001 2 0060 20 864 8407 30 164 20 577 37 760 322 29 20 160 1948 57 006 2 0060 20 857 .4929 3240 30 169 18 860 37 668 350.48 20.159 1949 . . 2 0060 19 117 4671 3017 27 706 12 620 34 528 365 07 18 481 1950 , . 2 0060 14 494 2858 623 838 20 870 11 570 26 252 277 28 14 015 1950—June 2 0060 14 494 2856 623 838 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 September1 2.0060 14.494 .2855 23.838 20.870 11 572 26.237 277 29 14 015 October......... 2.0060 14 494 .2856 23 838 20 870 11 571 26 235 277 29 14.015 November 2 0060 14 494 2856 23 838 20 870 11 571 26 2T? 277 29 14 015 December . . . 2 0060 14 494 2856 23 838 20 870 11 572 26 240 277.22 14.015 1951—January. .... 2.0060 14.494 .2856 23.838 20.870 11.567 26.239 277.21 14.015 February........ 2 0060 14 494 .2856 23 838 20 870 11.562 26 241 277.29 14.015 2.0060 14.494 .2856 23.838 20.870 11.561 26.260 277.29 14.015 April 2.0060 14.494 .2856 23.838 20.870 11.561 26.241 277.29 14.015 May 2.0060 14.493 .2856 23.838 20.870 11.561 26.243 277.29 14.015 Year or month R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o r e t l a t n l l a i t e t r s s - ) (k S d r w o en n e- a) S e (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o a ) y 1946 4 0501 400 50 9 132 25 859 23 363 403 28 65 830 56 280 1947 4.0273 400 74 9 132 27.824 23.363 402.86 65 830 56.239 1948 4 0183 400 75 9 132 27 824 23 363 403 13 65 830 56.182 1949 49 723 3 8800 366 62 42 973 25 480 23 314 368.72 65.830 56.180 42.553 1950 49 621 3 4704 278 38 32 788 19 332 23 136 280 07 65.833 56.180 42.553 1950—June 49 625 3 4788 278 38 32 807 19 333 23 138 280 07 65 833 56 180 42.553 July 49 625 3.4539 278 38 32 818 19-333 23.047 280 07 65 833 56 180 42.553 August 49 625 3 4498 278 38 32 825 19 332 23 012 280.07 65.833 56.180 42.553 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 49 625 3.4791 278.38 32 850 19.332 22.946 280.07 65.833 56 180 42.553 December 49 625 3.4838 278 38 32 850 19.327 23.201 279.99 65.833 56.180 42.553 1951—January 49.625 3.4764 278.38 32.850 19.327 23.304 279 97 65.833 56.180 42.553 February 49 625 3 4679 278 38 32 850 19 327 23.265 280.07 65.833 56.180 42.553 March . . 49 697 3 4766 278 38 32 850 19 327 23 177 280 07 65.833 56.180 42.553 April 49 643 3 4799 278 38 32 850 19 327 23 133 280.07 65.833 56.180 42.553 May 49.643 3.4826 278.38 32.850 19.327 23.100 280.06 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. 1 Based on quotations beginning Sept. 1, 1950. » Based on quotations beginning July 13, 1950. * Based on quotations beginning Oct. 11,1950. « Based on quotations through Sept. 30, 1950; official rate abolished after that date. 6 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. JUNE 1951 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n 1 9 ta 0 2 i 0 t t 6 e e ) d s = C (1 a = 9 n 3 1 a 5 0 d - 0 3 ) a 9 1 M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 9 1 a 4 0 n 9 0 c ) e = 2 (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a = e 3 p r 4 1 a a - ) g n 3 e 6 ( J J N u u l = n l e a y e t n 1 h 1 0 1 d e 9 0 9 s r 3 ) 3 - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A Sw u = l g a i 1 t . n 0 z 1 d 0 e 9 ) r 3 - 9 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 ••211 311 262 108 4,905 246 227 203 1950—April 153 ••203 307 250 105 4,693 227 313 221 194 May 156 '205 307 255 104 4,695 228 315 221 197 June 157 »-209 304 257 103 4,671 229 317 223 196 July 163 '212 307 260 106 4,694 242 317 224 199 August 166 '216 312 264 107 4,913 254 225 205 September 170 '223 321 272 112 5,088 260 228 209 October 169 '220 326 280 113 5,176 269 230 213 November 172 '222 332 289 117 5,279 277 244 216 December 175 '225 335 292 121 5,424 281 253 218 1951—January 180 '232 344 300 123 5,671 296 266 226 February 184 '239 359 306 130 P5.760 P311 P274 230 March 184 242 375 314 134 P5,739 P286 231 April 184 242 385 319 P141 P231 P Preliminary. ' Revised. 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 abovel United States Canada1 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 t i m h es e o r d- pr F o a d r u m cts R fa m p g a c a w o a t r o u n t d r a l u e y s n - d d F f u a c m g l h c l o a y i t e o u n f d r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts p f I i r n n o tr i d d s i u a h u l e s c - d ts 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 99 155 135 129 158 170 159 179 163 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 188 179 151 230 198 192 181 242 231 342 283 1949 166 161 147 226 199 199 197 249 243 370 297 1950 170 166 153 '233 '213 211 221 286 1950—April 159 155 146 '231 '202 203 220 266 272 385 311 May 165 160 148 '234 '207 204 224 272 276 386 312 June 166 162 149 '243 '215 207 223 276 285 388 312 Ttilv 176 171 152 '247 '219 209 222 282 August 178 175 156 236 '221 214 217 291 September 180 177 159 235 '226 222 220 303 October 178 173 162 229 '220 221 226 311 November 184 175 164 230 '222 223 229 325 December 187 179 167 235 '225 226 228 331 1951—January 194 182 170 242 '231 234 228 345 February 203 188 172 254 '237 240 227 356 March 204 187 172 264 239 244 226 370 April 203 186 172 257 239 245 236 370 ' Revised. 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. 730 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 ( S U 1 = 9 t n a 3 1 i t 5 t 0 e e - 0 s 3 d ) 9 i (1 = C 9 a 3 1 a d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o 1 u n m 9 n g 4 e - 7 F = r (1 a 1 9 n 0 4 c 0 9 e ) 2 ( N 1 l = 9 e a 3 t 1 n h 8 0 d 0 e - 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 ( S U 1 = t 9 n a 3 1 i t 5 0 t e e - 0 s 3 d ) 9 i (1 = C 9 a 3 1 a d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o 1 u n m 9 n g 4 e - 7 F = r (1 a 1 9 n 0 4 c 0 9 e ) 2 ( N 1 l = 9 e a 3 t 1 n h 8 0 d - e 0 s 3 r ) 9 - 1 ( l 9 A a 3 e n u 9 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-April 197 205 122 110 273 172 1950-April 169 164 114 237 158 May 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 "iii" 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 " *ii7*' 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.... 226 234 128 123 178 March.... 185 180 119 124 163 April 226 238 P125 ^178 April 185 182 P121 ?165 p Preliminary. 1 Adjusted series, beginning January 1950, reflecting allowances for rents of new housing units and interim revision of series and weights. 2 These indexes replace the ones previously shown. The consumer price index consists of 213 items (34 in the old index), of which 41 articles comprise the index for retail food prices (exclusive of fresh fruits and vegetables), as compared with 29 in the old index. The general index is published only on a quarterly basis. For a detailed description of the new indexes, see "Bulletin Mensuel de Statistique," Supplements, October- December 1950, pp. 376-401 and January-March 1951, pp. 25-39. Annual averages prior to 1949 were derived from the old indexes. Sources.—See BULLETIN for October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( t n r 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 9 1 a 4 0 n 9 0 c ) e = 1 N l e a t n h d er s - ( U 1 S = 9 n t 3 a 1 i 5 t 0 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 (2) 87 60 14 416 105 278 295 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—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 .... 95.6 120.2 100.1 96.6 170.3 162.9 96.2 1,159 204.0 April 95.3 119.8 P99.2 93.1 172.3 165.6 96.0 Pl.169 199.1 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. JUNE 1951 731 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 GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director G. R. MURFF, Assistant Secretary FRED A. NELSON, Assistant Director KENNETH A. KENYON, Assistant Secretary ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel 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 DWIGHT L. ALLEN, Director G. HOWLAND CHASE, Assistant Solicitor DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS LISTON P. BETHEA, Director RALPH A. YOUNG, Director JOSEPH E. KELLEHER, Assistant Director FRANK R. GARFIELD, Adviser on Economic Research EDWIN J. JOHNSON, 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. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Bank of Deputy Chairman First Vice President Vice rresidents Boston Harold D, Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey 3 Carl B Pitman E. G. Hult 0. A Schlaikjer R. F. Van Amringe New York..... Robert T, Stevens Allan Sproul H. A. Bilby H. V Roelse William I. Myers L. R. Rounds H. H. Kimball Robert G. Rouse L. W. Knoke William F. Treiber Walter S. Logan V Willis A. Phelan R. B. Wiltse Philadelphia.... Warren F, Whittier Alfred H. Williams Karl R. Bopp Wm. G McCreedy C. Canby Balderston W. J. Davis Robert N. Hilkert P M Poor man E. C. Hill Richard G. Wilgus2 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. Wavne 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. Jones2 John S. Coleman E. C. Harris H. T. 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. Deming Paul 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. Wooiley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrotis 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 * Minneapolis.... Helena C. W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond.. . Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. * Cashier. • Also Cashier. * General Manager. JUNE 1951 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from No. 7. International Monetary Policies. the Division of Administrative Services, Board of No. 8. Federal Reserve Policy. Governors of the Federal Reserve System, Wash- The price for the set of eight pamphlets is $1.25; ington 25, D. C. Where a charge is indicated, 25 cents per pamphlet, or, in quantities of 10 or remittance should be made payable to the order more for single shipment, 15 cents per pamphlet. of the Board of Governors of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947; reprinted April BOOKS 1951. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 or more copies for single ship- BANKING STUDIES. Comprising 17 papers on bank- ment, 50 cents each. Paper-bound copies availing and monetary subjects by members of the able without charge. Board's staff. August 1941; reprinted March DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, 1949. 496 pages. Paper cover. $1.00 per copy; As of December 31, 1947. July 1948. 122 pages. in quantities of 10 or more copies for single ship- As of June 30, 1949. December 1949. 122 pages. ment, 75 cents each. A STATISTICAL STUDY OF REGULATION V LOANS. BANKING AND MONETARY STATISTICS. Statistics of September 1950. 74 pages. 25 cents per copy; banking, monetary, and other financial develop- in quantities of 10 or more copies for single shipments. November 1943. 979 pages. $1.50 per ment, 15 cents each. copy. No charge for individual sections (un- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE bound). CHARTS ON BANK CREDIT, MONEY RATES, AND MONETARY AND BANKING REFORM IN PARAGUAY. BUSINESS. 113 charts. April 1951 edition. Includes translation of laws, accompanying re- Annual subscription to monthly chart book inports, and introduction reviewing the monetary cludes supplement; single copies, 60 cents each. history of Paraguay. July 1946. 170 pages. In quantities of 10 or more copies for single ship- $1.00 per copy. ment, 50 cents each. (Domestic rates) RULES OF ORGANIZATION AND RULES OF PROCEDURE REGULATIONS OF THE BOARD OF GOVERNORS OF THE (Board of Governors of the Federal Reserve Sys- FEDERAL RESERVE SYSTEM. Individual regulations tem). September 1946. 31 pages. with amendments. THE FEDERAL RESERVE ACT, as amended to Novem- PERIODICAL RELEASES ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the WEEKLY Federal Reserve System. 372 pages. 50 cents per CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS, paper-bound copy; $1.00 per cloth-bound copy. BY INDUSTRY AND PURPOSE DEBITS AND CLEARING STATISTICS, THEIR BACK- CONDITION OF THE FEDERAL RESERVE BANKS GROUND AND INTERPRETATION. October 1947. 50 CONDITION OF WEEKLY REPORTING MEMBER BANKS pages. 25 cents per copy; in quantities of 10 or IN CENTRAL RESERVE CITIES more copies for single shipment, 15 cents each. CONDITION OF WEEKLY REPORTING MEMBER BANKS POSTWAR ECONOMIC STUDIES.. (8 pamphlets) IN LEADING CITIES No. 1. Jobs, Production, and Living Standards. DEPARTMENT STORE SALES, BY CITIES No. 2. Agricultural Adjustment and Income. WEEKLY DEPARTMENT STORE SALES No. 3. Public Finance and Full Employment. WEEKLY FOREIGN EXCHANGE RATES No. 4. Prices, Wages, and Employment. WEEKLY REVIEW OF PERIODICALS No. 5. Private Capital Requirements. SEMIMONTHLY No. 6. Housing, Social Security, and Public DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER Works. BANKS 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MONTHLY SEMIANNUAL—QUARTERLY FEDERAL RESERVE BULLETIN. Subscription price in ALL BANKS IN THE UNITED STATES AND POSSESSIONS the United States and its possessions, Bolivia, —PRINCIPAL ASSETS AND LIABILITIES Canada, Chile, Colombia, Costa Rica, Cuba, PRELIMINARY EARNINGS OF MEMBER BANKS Dominican Republic, Ecuador, Guatemala, Haiti, SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- Republic of Honduras, Mexico, Newfoundland TIONS (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Vene- ANNUAL zuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF Group subscriptions in the United States for 10 THE FEDERAL RESERVE SYSTEM or more copies to one address, 15 cents per copy BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXper month, or $1.50 for 12 months. CEPT INTERBANK ACCOUNTS FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. $6.00 per annum in- IRREGULAR cluding historical supplement, or 60 cents per copy. In quantities of 10 or more copies of a ASSETS AND LIABILITIES OF MEMBER BANKS (Condensed) particular issue for single shipment, 50 cents each. (Domestic rates) MEMBER BANK CALL REPORT (Detailed) MEMBER BANK LOANS ASSETS AND LIABILITIES OF ALL BANKS IN THE SELECTED LIST OF ADDITIONS TO THE RESEARCH UNITED STATES LIBRARY ASSETS AND LIABILITIES OF ALL MEMBER BANKS, SURVEYS OF CONSUMER FINANCES BY DISTRICTS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- CEPT INTERBANK ACCOUNTS REPRINTS BUSINESS INDEXES (From Federal Reserve Bulletin unless preceded by an asterisk) CONSUMER CREDIT CONSUMER INSTALMENT CREDITS OF COMMERCIAL THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS BANKS IN THE UNITED STATES. November 1938. 20 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL pages. BANKS # PROBLEMS OF BANKING AND BANK SUPERVISION. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Excerpts from the Board's 1938 Annual Report. LOAN COMPANIES 33 pages. CONSUMER INSTALMENT LOANS OF THE PRINCIPAL MONETARY MEASURES AND OBJECTIVES. September TYPES OF FINANCIAL INSTITUTIONS 1937, April 1939, and May 1939. 8 pages. DEPARTMENT STORE CREDIT THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. DEPARTMENT STORE SALES (Indexes and Compari- January 1940. 4 pages. sons with Previous Year) THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- DEPARTMENT STORE SALES AND STOCKS, BY MAJOR SERVE BANKS, by George B. Vest. February 1940. DEPARTMENTS 8 pages. DEPARTMENT STORE STOCKS HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- FOREIGN EXCHANGE RATES SERVE POLICY, by Arthur Hersey. April 1940. INTERDISTRICT SETTLEMENT FUND 11 pages. NATIONAL SUMMARY OF BUSINESS CONDITIONS CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, OPEN-MARKET MONEY RATES IN NEW YORK CITY by E. A. Goldenweiser. May 1940. 5 pages. RETAIL FURNITURE REPORT GENERAL INDEXES OF BUSINESS ACTIVITY', by Frank RETAIL INSTALMENT CREDIT AT FURNITURE AND R. Garfield. June 1940. 7 pages. HOUSEHOLD APPLIANCE STORES GOLD RESERVES OF CENTRAL BANKS AND GOVERN- SALES FINANCE COMPANIES MENTS. September 1940. 18 pages. STATE BANK MEMBERS AND NONMEMBER BANKS MEASUREMENT OF PRODUCTION, by Woodlief Thomas THAT MAINTAIN CLEARING ACCOUNTS WITH FED- and Maxwell R. Conklin. September 1940. 16 ERAL RESERVE BANKS (Also annual list) pages. JUNE 1951 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS FEDERAL RESERVE BANK LENDING POWER NOT DE- REVISION OF WEEKLY STATISTICS FOR MEMBER PENDENT ON MEMBER BANK RESERVE BALANCES. BANKS IN LEADING CITIES. June-July 1947. 9 February 1941. 2 pages. pages. ADJUSTMENT FOR SEASONAL VARIATION, by H. C. REVISION OF NATIONAL INCOME AND PRODUCT STA- Barton, Jr. Description of method used by Board TISTICS. September 1947. 12 pages. in adjusting economic data for seasonal variation. STERLING IN MULTILATERAL TRADE, by J. Burke June 1941. 11 pages. Knapp and F. M. Tamagna. September 1947. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER 8 pages. BANKS, April 16-May 15, 1942. August, Septem- BANK LOANS TO FARMERS— ber, and November 1942. 32 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. Smith and Philip T. Allen; FARM MORTGAGE From August 1940, September 1941, and October LOANS AT COMMERCIAL BANKS, by Philip T. 1943 issues of BULLETIN with supplementary data. Allen; FARM PRODUCTION LOANS AT COMMERCIAL October 1943. 120 pages. BANKS, by Herman Koenig and Tynan Smith; REVISED INDEX OF DEPARTMENT STORE SALES. June THE STRUCTURE OF INTEREST RATES ON COM- 1944. 20 pages. MERCIAL BANK LOANS TO FARMERS, by Richard REVISED WEEKLY INDEX OF DEPARTMENT STORE Youngdahl. October and December 1947. 36 SALES. September 1944. 2 pages. pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, BANKING ASSETS AND THE MONEY SUPPLY SINCE by Mary S. Painter. September 1945. 2 pages. 1929, by Morris A. Copeland and Daniel H. SURVEYS OF LIQUID ASSET HOLDINGS. September Brill. January 1948. 9 pages. 1945. 7 pages. THE FEDERAL RESERVE CHART BOOK AS AN AID TO REVISED INDEX OF DEPARTMENT STORE STOCKS, by BANK MANAGEMENT, by Charles H. Schmidt. Richard Youngdahl and John O. Bergelin. June April 1948. 9 pages. 1946. 25 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY by Caroline H. Cagle and Raymond C. Kolb. MAJOR DEPARTMENTS. August 1946. 4 pages. May 1948. 12 pages. ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, RECENT DEVELOPMENTS IN BUSINESS FINANCE; with by Doris P. Warner and Albert R. Koch, Sep- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION tember 1946. 8 pages. FINANCING, by Charles H. Schmidt. June 1948. BUSINESS LOANS OF MEMBER BANKS— 19 pages. SUMMARY, by Albert R. Koch; TERM LENDING SALE FINANCE COMPANY OPERATIONS IN 1947, by TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Milton Moss. July 1948. 6 pages. Duncan McC. Holthausen; SECURITY PLEDGED ON THE PHILIPPINE CENTRAL BANK ACT and Text of MEMBER BANK LOANS TO BUSINESS, by Tynan the Act, by David Grove and John Exter. In Smith; THE STRUCTURE OF INTEREST RATES ON part a reprint from the August 1948 BULLETIN. BUSINESS LOANS AT MEMBER BANKS, by Richard 36 pages. Youngdahl; MEMBER BANK LOANS TO SMALL BUSINESS, by Charles H. Schmidt. March, May, LATIN AMERICA'S POSTWAR INFLATION AND BALANCE June, July, and August 1947. 80 pages. OF PAYMENTS PROBLEMS, by David L. Grove and Gerald M. Alter. November 1948. 11 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- MENT FINANCING, by Frieda Baird. March 1947. NEW STATISTICS OF INTEREST RATES ON BUSINESS 6 pages. LOANS, by Richard Youngdahl. March 1949. 10 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, Young and Duncan McC. Holthausen. March by Charles H. Schmidt. March 1949. 9 pages. 1947. 9 pages. POSTWAR CREDIT CONTROLS IN FRANCE, by Albert METHODS OF RESTRICTING MONETIZATION OF PUBLIC O. Hirschman and Robert V. Rosa. April 1949. DEBT BY BANKS. April 1947. 4 pages. 13 pages. 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MOVEMENT TOWARD BALANCE IN INTERNATIONAL and other lending institutions. August 4, 1950. TRANSACTIONS OF THE UNITED STATES, by Lewis August 1950. 1 page. N. Dembitz and Albert O. Hirschman. May REVISED ESTIMATES OF CONSUMER CREDIT. Novem- 1949. 14 pages. ber 1950. 2 pages. MEASUREMENTS OF SAVINGS, by Daniel H. Brill. MEASUREMENT OF CONSUMER CREDIT. Address by November 1949. 8 pages. Ralph A. Young and Homer Jones before the NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- University of Illinois Consumer Credit Confervember 1949. 14 pages. ence, Chicago, Illinois, October 5, 1950. Novem- A STUDY OF INSTALMENT CREDIT TERMS, by Milton ber 1950. 9 pages. Moss. December 1949. 8 pages. THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- FRENCH EXCHANGE STABILIZATION FUND, by Robert LARS IN 1950. March 1951. 10 pages. Solomon. January 1950. 5 pages. STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- OATH OF OFFICE, APRIL 2, 1951. April 1951. ruary 1950. 5 pages. 1 page. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR 1951 SURVEY OF CONSUMER FINANCES— DEPOSIT INSURANCE. February 1950. 15 pages. SELECTED PRELIMINARY RESULTS. April 1951. 4 INDUSTRIAL DIFFERENCES IN LARGE CORPORATION pages. PART I. THE ECONOMIC OUTLOOK AND FINANCING IN 1949, by Eleanor }. Stockwell. LIQUID ASSET POSITION OF CONSUMERS. June June 1950. 6 pages. (Also, similar survey by 1951. 18 pages. (Other articles on the 1951 Charles H. Schmidt. June 1949. 8 pages.) survey will appear in subsequent issues of the BULLETIN. Also, similar survey for 1946 from RETAIL CREDIT SURVEY—1949. From June 1950 June-September 1946 BULLETINS, 28 pages; for BULLETIN with supplementary information for 1947 from June-August and October 1947 BULLEnine separate trades. 38 pages. (Also, Retail TINS, 48 pages; for 1948 from June-September Credit Survey—1943, 1944, 1945, 1946, 1947, and November 1948 BULLETINS, 70 pages; for 1948 from the June 1944, May 1945, June 1946, July 1947, July 1948, and June 1949 BULLETINS 1949 from June-November 1949 and January with supplementary information.) 1950 BULLETINS, 124 pages; for 1950 from April and June-December 1950 BULLETINS, 106 pages, STATEMENT ON PROPOSED SMALL BUSINESS LEGISLAwhich includes THE METHODS OF THE SURVEY OF TION. Presented by Thomas B. McCabe, Chair- CONSUMER FINANCES.) man, Board of Governors of the Federal Reserve System, before the Senate Committee on Bank- * THE TREASURY—CENTRAL BANK RELATIONSHIP IN ing and Currency, June 27, 1950. July 1950. 8 FOREIGN COUNTRIES—PROCEDURES AND TECHpages. NIQUES. November 1950. April 1951. 19 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. 1949. July 1950. 16 pages. As amended to April 20, 1951. 4 pages. DEFENSE LOAN POLICY. An announcement adopted TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. jointly by National and State Supervisors of banks April 1951. 14 pages. JUNE 1951 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES w o w BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM S FEDERAL RESERVE BANK CITIES 13 FEDERAL RESERVE BRANCH CITIES i 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis