Federal Reserve Bulletin, 1951-07

E R A L E S E R VE BUL IN JULY 1951 l-f**^ _r?> /?>/3\n- 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 Recent Monetary and Credit Developments. 739-747 Consumer Credit Restraint as an Anti-inflationary Measure. . 748-751 Voluntary Credit Restraint Releases. . 752-758 1951 Survey of Consumer Finances: Part II. Purchases of Durable Goods and Houses in 1950 and Buying Plans for 1951. 759-776 House Purchases in the Five Months Following the Introduction of Real Estate Credit Regulation. . ... 777-799 Instalment Credit Terms Before and During Regulation. . 800-806 New Postal Money Order Procedure 806 Estimated Liquid Asset Holdings of Individuals and Businesses. 807-808 Annual Report of the Netherlands Bank. . 809-811 Law Department. .. 812-813 Current Events and Announcements. . . 814 National Summary of Business Conditions 815-816 Financial, Industrial, Commercial Statistics, U. S. (See p. 817 for list of tables). 817-875 International Financial Statistics (See p. 877 for list of tables). ... 877-895 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council... . .... .... 896 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 897 Federal Reserve Publications.. 898-899 Map of Federal Reserve Districts. 900 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 37 July 1951 NUMBER 7 RECENT MONETARY AND CREDIT DEVELOPMENTS Monetary expansion, which had been at and certain kinds of mortgage credit, a very rapid rate in the last half of 1950, most of which were in effect at the beginning was interrupted in the first half of 1951 and of the year, also restricted the use of credit the volume of privately held deposits and in these areas. currency declined somewhat. This develop- Expansion of the private money supply is ment was the result primarily of a large sur- likely to occur in the second half of 1951 for plus of Treasury cash receipts over expendi- seasonal business reasons and as the Treasury tures and a gold outflow, both of which draws on the large cash balance which it occurred in the first few months of the year, held at midyear to pay for the growing voland some slackening in bank credit expan- ume of defense production. The amount sion during most of the second quarter. of any additional monetary growth will Demand for credit continued very large depend largely on the extent to which in the first half of this year, and availability bank credit is used for financing either of credit at banks and at other lending private expenditure programs or Governinstitutions was brought under increased ment defense spending. restraint by a series of measures adopted by CHANGES IN THE MONEY SUPPLY the Federal Reserve System and the Treasury. Stronger limitations were put on the Total private holdings of deposits and availability of bank reserves for credit ex- currency declined about 2.5 billion dollars pansion by increases in member bank re- in the first half of 1951. This development, serve requirements and particularly through which was due partly to seasonal factors, the adoption of a more restrictive Federal followed an exceptionally large increase in Reserve open market policy. The latter the second half of 1950 and a period of action was taken to hold to a minimum the stability in the first half of 1950 prior to the monetization of the Government debt and Korean outbreak, as is shown on the chart to encourage lenders to retain their Gov- on the following page. ernment securities rather than sell them in Most of the contraction was in privately order to lend to private borrowers. held demand deposits. These declined over These measures for curtailing general avail- 2 billion dollars in the first half of 1951 as ability of credit were supplemented by a compared with a drop of less than a billion voluntary credit restraint program through dollars in the same period a year ago and an which banks and other lending institutions increase of over 7 billion in the last half of cooperate to restrict nonessential credit. 1950. Time deposits rose slightly, reversing Regulations limiting the terms for con- the decline that accompanied the consumer sumer instalment credit, stock market credit, buying wave last summer. Currency out- JULY 1951 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS BANK DEPOSITS AND CURRENCY restrictive credit and debt management Billions of Dollars End of Month Billions of Dollars measures. During the six-month period 200 zoo Government cash receipts from the public, ion TOTAL DEPOSITS ADJUSTED Ipfl including receipts of Government agencies AND CURRENCY > and trust funds, exceeded expenditures by 160 ^^ about 6.8 billion dollars. The surplus was built up in the first quarter of the year 140 140 when receipts from corporate and indi- 100 100 DEMAND DEPOSITS ADJUSTED ^ vidual income taxes were greatly in excess 80 an of expenditures. While this is a customary seasonal development, the excess was much 60 TIME DEP05ITS 60 larger this year than in other recent years. Over 4.6 billion dollars of the cash surplus 40 40 1 was used in a way which tended to reduce CURRENCY OUTSIDE BANKS the private money supply over the first half 20 of 1951. A substantial amount was retained - 0 0 in the Treasury's cash balance, which in- 1946 1947 1948 1949 1950 1951 creased over 3 billion dollars during the Data partly estimated by Federal Reserve on. dates other than June and December. Demand and time deposits partly estimated period. The rest of the Government surplus on June and December dates through December 1946. Demand deposits adjusted exclude interbank and U. S. Government —3.7 billion—was used for debt retirement. deposits and cash items in process of collection. Time deposits include those in Postal Savings System and in mutual savings About 1.6 billion of this was reflected in a banks as well as in commercial banks, but exclude interbank deposits. Data are for end of month, 1946, and last Wednesday of month thereafter except for June and December call reduction in bank portfolios and had a condates. Data subsequent to December 1950 are preliminary. Latest figures are for June 27, 1951. tractive effect on the volume of money, as is side banks declined by about the usual sea- MAJOR FACTORS AFFECTING THE MONEY SUPPLY sonal amount for the first half of the year. [In billions of dollars; partly estimated] Although the amount of money held by 1950 individuals and businesses decreased some- 1951 — Factor First what during the first half of 1951, the rate half First Second Year half half of its use continued to increase. Turnover (Sign indicates effect on of demand deposits at banks in leading money supply) cities outside New York has been at the Bank loans and investments other than U. S. Govt. securirate, after adjustment for seasonal varia- ties i +3.9 +3.5 +9.5 + 13.0 Bank holdings of U. S. Govt. setion, of 22 times a year, which is higher than curities2 -1.6 -1 .7 -2.0 -3.6 Treasury deposits -3.0 -0 .7 + 1.1 +0.4 at any time since 1937. Turnover began to Gold stock -1.0 -0 .2 -1.5 -1.7 Other factors -0.8 -0 .7 -0.1 -1.0 increase with the expansion of economic Privately held money supply, activity early in 1950 and accelerated sharply total3 -2.5 +0.2 +7.0 +7.1 Demand deposits adjusted. -2.4 -0 .7 +7.2 +6.5 after the Korean outbreak, as is shown in the Time deposits adjusted 4. .. +0.3 +1.1 -0.5 +0.6 Currency outside banks. . . -0.4 .2 +0.2 chart. The rate of turnover of deposits is -0 still much lower than it was in the 1920's. 1 Commercial and mutual savings banks. 2Commerical and mutual savings banks and Federal Reserve The decline in the privately held money Ba 3 n E k x s. cludes deposits and currency held by banks and the U. S. supply in the first half of the year reflected Government. * At commercial and mutual savings banks and the Postal Savings System. primarily the favorable developments in the « Less than $50,000,000. fiscal position of the United States Govern- NOTE.—Changes are based on data for Dec. 31, 1949, June 30, 1950, Dec. 30, 1950, and June 27, 1951. Estimates for June 27, 1951 are preliminary. Figures may not add to totals because of ment, a gold outflow, and a combination of rounding. 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS TURNOVER OF DEMAND DEPOSITS there was in the first quarter of 1951 some Annual Rate of Turnover Monthly Annual Rate of Turnover movement by foreign monetary authorities to convert accumulated dollar balances into gold. The change since April has reflected both the reappearance of a large export surplus from this country and a tendency for foreign countries to keep dollar accruals in the form of dollar balances or securities rather than in gold. Contractive effects on the private money supply of the large Treasury cash surplus and the gold outflow in the first quarter of 1951 were offset in part by a continued expansion of bank credit to borrowers other than the United States Government. Following an exceptionally rapid increase in the last half of 1950, bank loans and bank investments in State and local government securities increased considerably further during the first quarter of 1951, a period of the year when such credit usually shows ****v-* i*it\,i k/tnix\ uvpuonoj cio l ^pui itu wcc.ivj.jr uy leading cities. Latest data are for May 1951. little change or declines somewhat. The expansion slackened in the second quarter shown in the table. Private nonbank inalthough there were substantial increases vestors also reduced their holdings of Govlate in this period. ernment securities about 2 billion dollars. Government cash surplus used ultimately RECENT MEASURES OF CREDIT RESTRAINT for retiring this debt was thereby returned to private balances. Measures for combating inflation by re- A decline in the gold stock of the United straining credit expansion were undertaken States exerted a further contractive influence shortly after the outbreak in Korea in midon the money supply. The gold outflow, 1950 and were broadened in the first half which had been under way since late 1949, of 1951. Action has been taken along several accelerated in the second half of 1950 and lines to restrict the total volume of credit reached a peak in the early months of 1951. available, to limit the demand for certain Since April, however, it has nearly ceased. kinds of credit, and to channel into essential The outflow of gold since 1949, arising from areas such credit as is available. the net flow of dollar payments to foreigners To restrict the availability of bank rethroughout the period, had been due serves for loan expansion, changes were basically to a marked increase in United made in the Federal Reserve discount rates States imports and to an expansion in the and open-market operations in the second outflow of private capital from the United half of last year. These measures were States, while the downward adjustment of greatly strengthened by several actions taken United States financial aid to foreign coun- in the first half of 1951. In January reserve tries proceeded more slowly. In addition, requirements of member banks were raised JULY 1951 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS to their upper legal limits except at central money market adjustments. Following this reserve cities. This increased by about 2 change in System open market operations, billion dollars the amount of reserves mem- rates on short-term Government securities ber banks were required to keep. It ab- rose irregularly in March and April and sorbed the nearly 1 billion dollars of new reached levels in mid-May about % to 3/& reserves that banks acquired through a post- of 1 per cent above those prevailing early Christmas return of currency from circula- in the year. tion and also put banks under pressure to During most of April and in May Federal sell Government securities in order to adjust Reserve open market operations tended to their reserve positions. These sales further reduce the volume of bank reserves and to reduced the volume of Government securi- keep banks under pressure to maintain their ties, particularly short-term issues, which reserve positions. Some selling of shortbanks could sell or cash at maturity in order term Government securities by banks as well to expand their loans. as substantial sales of Treasury bills by the Early in March the Treasury and the Federal Reserve were absorbed by nonbank Federal Reserve announced that an agree- investors. By the end of May member bank ment had been reached with respect to debt excess reserves were at very low levels and management and monetary policies to be banks were borrowing heavily from the pursued in furthering their common pur- Federal Reserve Banks to maintain their repose to minimize monetization of the pub- serve positions, as is shown in the chart. lic debt and at the same time to assure the Several debt-management moves made by successful financing of the Government's re- the Treasury in May had important antiquirements. In accordance with this agree- inflationary effects in the credit market. In ment, the Treasury offered in exchange for mid-May the Treasury announced that it the two longest-term 2l/ per cent restricted was not exercising its privilege of calling for 2 bonds an issue of nonmarketable bonds with payment on September 15,1951, the 8 billion a longer term and a higher interest coupon dollars of 2 per cent bonds first callable on and with the privilege of conversion into that date and maturing two years later. shorter-term marketable \l/ per cent notes. This step, which reflected the fact that under 2 The purpose of this offering was to en- the prevailing interest rate structure the courage long-term investors to retain these Treasury could gain little or no advantage Government securities and thus minimize by refunding the bonds at this time, greatly monetization of the public debt through reduced the volume of Government securitheir liquidation. Of the total of 19.7 billion ties to be refunded in the second half of dollars of the restricted Treasury bonds of 1951. At the same time the Treasury an- 1967-72 outstanding, 13.6 billion were con- nounced the offering of a new savings note verted. with yields ranging from 1.44 per cent for While the Treasury acted to immobilize six months up to 1.88 per cent for the full part of the publicly held debt, the Federal three-year investment. These yields were Reserve took steps to check the sale of about Y of 1 per cent higher than those 2 marketable Government securities to the on the old savings note. Late in May the Reserve Banks. The System closely limited Treasury offered a 1% per cent 9l/ month 2 its purchases of short-term securities to what certificate maturing April 1, 1952, in exwas essential in connection with short-run change for the 10 billion dollars of mar- 742 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS EXCESS RESERVES, MEMBER BANK BORROWING, ANB MONEY RATES its tax and loan accounts at commercial Millions of Dollars Weekly Millions of Dollars !6OO ' ' banks in connection with the redemption for cash of outstanding Series D savings notes and the subsequent use of these funds 1200 to purchase the new savings note. After mid-June member bank excess reserves declined reflecting both a drain on bank reserves as the Treasury balance at the Reserve Banks was rebuilt and an increase in total required reserves. The latter was due largely to an increase in deposits which occurred as corporations sold short-term Government securities to banks to rebuild balances drawn down by quarterly tax 1.40 and dividend payments. Early in July bank excess reserves were around the minimum 1.20 1.20 levels the banking system seems to want for 1.00 1.00 operating purposes, bank borrowings at the 1950 1951 Data are averages of daily figures for week ending Wednes- Federal Reserve were up somewhat from the day. For excess reserves data are partly estimated and are preliminary subsequent to June 13, 1951. Weekly figures of low volume of mid-June, and yields on borrowings may include small amounts of Federal Reserve B Fo a r nk T d re is a c s o u u ry nt s b i a ll n s d r a a d te v a i n s c e a s v e f r o a r g e n o o n f m d em ail b y e r m b e a a n n k s y a ie n ld d o o t n he t r h s e . Treasury bills were at about the levels longest outstanding issue. Latest data are for week ended July 4, 1951. reached in mid-May. ketable securities maturing on June 15 and CHANGES IN LONG-TERM CREDIT MARKETS July 1. This offering, which was priced so that the maturing issues commanded a Availability of long-term credit in the moderate premium in the market, was well mortgage and the corporate and municipal received by investors and in total about 95 bond markets was considerably curtailed by per cent of the maturing securities were ex- developments following the announcement changed for the new issue. of the Treasury-Federal Reserve agreement Bank reserve positions eased temporarily in early March. For a number of months in early June. Excess reserves increased, the total demand for long-term credit, which banks were able to repay borrowings at the has been exceptionally large in recent years, Federal Reserve, and yields on short-term had considerably outstripped the supply of Government securities declined. This change funds for such investment becoming availresulted from a combination of factors, in- able from new savings and repayment of cluding a large temporary reduction in the outstanding loans. Some holders of market- Treasury balance at the Federal Reserve and able Government bonds, such as insurance Federal Reserve System purchases of companies and savings banks, had been sellmaturing Government securities largely ing heavily from their portfolios in order from corporate holders who needed cash to raise funds to meet this surplus demand for tax and dividend payments. The sharp for long-term credit, and the volume of such decline in the Treasury balance was caused sales had been greatly in excess of buying by primarily by a transfer of funds between the other private investors. To prevent declines Treasury account at the Reserve Banks and in prices of Government securities, the Fcd- JULY 1951 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS cral Reserve System had been purchasing the certain durable consumer goods. Under excess of Government bonds offered for sale, the terms now in effect, the inflationary exthereby increasing both the money supply pansion of consumer purchasing power and the volume of reserves that banks had through increases in consumer instalment available as a basis for expansion of their credit has been stopped. In the eight-month credits. As a result of the Treasury con- period October 1950-May 1951, instalment version offer for the two longest-term re- credit outstanding has declined over 400 stricted bonds, a substantial portion of the million dollars. This compares with an Government bond portfolios of nonbank increase of about 1.8 billion in the corlenders was immobilized. After the close responding period a year earlier. of the conversion offer, Federal Reserve pur- Restraints on certain housing credits were chases of bonds were sharply reduced, and put into effect last summer and early aubond prices declined in response to selling tumn. In July the terms were tightened pressures in the securities market. somewhat on mortgages insured or guaran- At the lower prices and higher yields on teed by the Federal Housing Administration Government securities and in view of the and the Veterans Administration. In Octogreater difficulty of finding buyers, with the ber under authority of the Defense Producchanged Federal Reserve policy, lenders have tion Act, the Board of Governors, with the become more reluctant to sell their Govern- concurrence of the Housing and Home ment bonds to extend credit to private bor- Finance Administrator, issued Regulation X rowers. With the curtailment of this in- which limited the credit that could be exflationary source of funds, savings institutions tended through noninsured mortgages on have begun to limit their new commitments certain new residential construction. Reto extend credit, particularly mortgage lated measures were announced at that time credit, and these lenders are now matching by the Federal Housing Administration and more closely their new long-term extensions the Veterans Administration, tightening furwith the funds they have available from new ther the terms of insured and guaranteed savings and from repayments on old loans. mortgages. By steps taken in early 1951 With the change in capital market con- Regulation X was revised to apply restricditions a number of corporate and municipal tions to credit on nonresidential construcfinancing programs have been postponed, tion and new multi-unit residences not precut back, or canceled. The total volume of viously covered. such financing, however, is still large. In the first months after their issuance the real estate credit regulations had little effect SELECTIVE CREDIT CONTROLS on the amount of real estate credit extended Demand for credit of certain types has because they did not apply to credit on a been restricted by regulation of the terms large number of houses already under conunder which such credit could be granted. struction, to credit already committed, or to Last autumn, under authority of the De- noninsured credit for purchase of existing fense Production Act of 1950, the Board houses. More recently the proportion of issued Regulation W establishing minimum housing construction subject to the reguladown payments and maximum maturities tions has been rising, and the regulations on instalment credits for the purchase of have become increasingly effective. Partly as 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS a result of the regulations and to a large ex- Through voluntary cooperation of thoutent because of the tightening in the supply sands of individual financing institutions of funds in the mortgage market, private under the program, progress has been made housing starts this spring—although large in the restriction or postponement of credit compared with most earlier years—have not essential to the economy at this time. shown little of the usual seasonal rise and The national and regional committees have in April, May, and June were more than been very active familiarizing lenders with one-third below the record levels of the the details of the program. Many requests corresponding months a year ago. for advisory opinions regarding specific Regulation of stock market credit has loans have been sent in by lenders to the been a continuing restraint on expansion of appropriate committees. While it is imthis type of credit. In January the Board of possible to determine precisely the volume of Governors exerted a further tightening in- credit that has been denied, a very large fluence by increasing margin requirements number of loan requests, including several from 50 per cent to 75 per cent of the market sizable ones, have been delayed or refused value of the securities. by lenders acting voluntarily in accordance with the principles of the program. PROGRAM FOR VOLUNTARY CREDIT RESTRAINT CHANGES IN BANK CREDIT Measures for restricting the total volume Expansion of bank credit to private borof credit available have been reinforced by rowers and State and local governments the Voluntary Credit Restraint Program, slackened during most of the second quarter which is directed primarily toward curbing of 1951 after a rapid growth in the first the extension of nonessential credits not three months of the year and throughout covered by selective credit regulations. 1950. Total loans at all commercial banks Under authority delegated by the President increased by about 2 billion dollars during under the Defense Production Act of 1950 the first quarter of 1951 and bank portfolios and after approval of the Attorney General of State and local government securities rose given early in March, the Board of Govby about 200 million dollars. The expanernors cooperated with representatives of sion in loans in the first three months reprefinancing institutions in establishing a nasented a record peacetime growth for this tional Voluntary Credit Restraint Committime of year. During the second quarter of tee. This Committee, which includes repre- the year, after the Treasury-Federal Reserve sentatives of commercial and savings banks, accord and the institution of the Voluntary investment bankers, insurance companies, Credit Restraint Program, commercial bank and savings and loan associations, has as a loans expanded by about 1 billion dollars, primary responsibility the establishment of and bank holdings of State and local governcriteria for distinguishing between essential ment securities showed little change. and nonessential credit. For this purpose it Loans to business enterprises have achas issued a series of bulletins covering counted for nearly all of the increase in various kinds of credits. The national com- total loans at commercial banks since the mittee has also set up regional committees beginning of the year, as is shown on the to deal with problems in the various sections chart on the following page. These loans of the country. expanded by nearly 2 billion dollars, or about JULY 1951 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS 8 per cent in the first quarter. They de- and what may be termed "defense-supportclined somewhat during most of the second ing" activities. Engaged in these activities, quarter, but not as rapidly as is usual at this in part at least, are manufacturers of metals season of the year. Late in the quarter there and metal products and public utilities, inwas an increase. cluding transportation concerns, which have More complete information as to the nabeen important borrowers recently, as is ture of bank loans being advanced to busishown on the following chart. Defense bornesses has been available since early April. rowing was insignificant during the large At the request of the Voluntary Credit Reloan expansion last fall. straint Committee, the Federal Reserve Sys- Some recent new borrowing, however, tem has been collecting reports from a group has been done by business concerns in inof the largest member banks on the types of dustries that are not engaged generally in businesses that are borrowing or repaying defense or defense-supporting activities. loans and on the purposes of the loans. Loans to manufacturers of textile, apparel, These banks account for about two-thirds and leather products and to wholesale and of total business loans at all banks. retail trade firms have risen in recent weeks. The figures indicate that in recent weeks Sales finance companies also have increased new borrowings have been undertaken their bank borrowing somewhat since early mainly to finance direct defense contracts April, mainly to finance increased lending BANK LOANS AND INVESTMENTS OTHER THAN U. S. GOVERNMENT SECURITIES by these companies to automobile dealers and INSURED COMMERCIAL BANKS other retailers. Billions of Dollars June and December Billions ol Do 15 LOANS - PRI«IPW TYPES 25 Significant reductions have occurred, how- / ever, in the outstanding bank indebtedness r J of some types of business not engaged in 10 BUSINESS defense activities. Reductions have included J/ Xi^— seasonal repayments of loans by commodity 15 dealers and processors of agricultural prod- — / ucts. Loans to these types of businesses typically increase when the major crops are har- 10 vested in the fall and decrease through the I ^- rest of the crop year as farm products are CONSUM 5 consumed. Recent repayments by these ^ types of borrowers, however, have not been * 0 so large as their new borrowings last fall. This development, together with the ap- CORPORATE AND MUNICIPAl SECURITIES •II — pearance of new defense loans, has prevented 10 .—-" a substantial decline in business loans such »• —" as usually occurs at this time of year. 5 1946 1947 1948 1949 1950 1951 Real estate loans at commercial banks, All insured commercial banks in the United States. Business increased about 600 million dollars in the loans include commercial and industrial loans, open market commercial paper, and acceptances. Consumer loans exclude first six months of this year. This compares single payment loans to individuals of $3,000 and over. Agricultural loans and loans for purchasing or carrying securities with increases of around 1 billion dollars in are not shown. Municipal securities include State and local government obligations. Latest figures are for June 1951 and are estimated. the same period of recent years other than 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS CHANGES IN BUSINESS LOANS. BY INDUSTRY OF BORROWER MONETARY OUTLOOK MARCH 29 JUNE 27,1951 Millions of Dollars Millions of Dollars The interruption of monetary expansion in the first half of 1951 has reflected several factors that are temporary or seasonal in nature. Expansion of the privately held money supply has been resumed in recent weeks and may continue during the second half of the year, partly for seasonal reasons. The large Treasury balance accumulated by mid-1951 will be reduced somewhat over the rest of the year, and as this occurs these -200 funds will also go into the hands of individuals and businesses. The extent of any addi- •300 tional growth in the privately held money -400 supply in the second half of the year will be determined largely, however, by future de- •500 -500 velopments in bank credit, to both private Data reported by over 200 of the largest weekly reporting member banks. Textile, etc., manufacturers includes apparel borrowers and the Government. and leather, Food, etc., manufacturers includes liquor and tobacco. The Government will need to increase its borrowings during the next six months. 1949. The smaller growth reflects the effects To the extent that new funds can be obof general credit controls and the regulatained from nonbank lenders, the supply tions on real estate loans, as well as the fact of money will not be affected, but if funds that many banks are approaching the limits must be borrowed from the banking sysfor such loans established either by law or tem, including the Federal Reserve, the as a result of managerial decision. For the effect will be an expansion in the money past two years growth in real estate loans supply. Business demands for credit may has been less rapid at commercial banks than be large in view of prospective plant and at savings and loan associations, life inequipment expansion, the general over-all surance companies, or mutual savings banks, and the proportion of the total outstanding pressure currently being exerted on business mortgage debt held by commercial banks financial positions, tending to increase the has declined. volume of outside financing, and the greater Bank lending to consumers fell slightly difficulty of obtaining outside funds through during the first half of this year. This is capital market channels. On the other in contrast to an increase of nearly 900 hand, inventory expansion should be a less million in the same period of last year significant factor in bank borrowing than it and substantial increases in the correspond- was last year. Consumer borrowing may be ing period of other postwar years. All of at a rate which will not add significantly to the decline in the consumer debt at banks total outstandings. With some further rethus far this year has been in instalment duction in housing construction, demand loans. Single-payment loans to individuals, for mortgage credit may be very little, if any, which are not subject to regulation, have in- greater than can be supplied from current creased. savings available for such investment. 747 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RESTRAINT AS AN ANTI-INFLATIONARY MEASURE On July 9, 1951, Wm. McC. Martin, Jr., Chair- economy. This limits its application to roughly man of the Board of Governors of the Federal about half of the current outstanding total of 19 Reserve System, addressed the letter given below billion dollars of consumer credit. Unlike broad, to the Honorable Burnet R. Mayban\, Chairman general credit measures (open market operations, of the Senate Banking and Currency Committee, discount rates, and reserve requirements) Regulaand the Honorable Brent Spence, Chairman of the tion W directly imposes specified terms upon indi- House Banking and Currency Committee. vidual transactions in the regulated area. Therefore, it has aroused widespread opposition, as the Dear Mr. Chairmen: hearings before your Committees eloquently testify, In accordance with Senator Maybank's telephone especially from dealers in automobiles and other call to me on June 29, 1951, and in view of the major durable goods and from some finance comrespective reports of the Banking and Currency panies and other lenders. When civilian demand Committees of both Senate and House on S. 1717 for the regulated articles greatly exceeds supply, the and H. R. 3871 (bills to amend and extend the opposition is tempered because sales are readily Defense Production Act of 1950), the Board of made at the prescribed terms. When this demand Governors has carefully reviewed and reconsidered abates, for whatever reason, the regulation appears Regulation W, dealing with consumer credit, in to many to be the immediate cause. its relationship to the declaration of national policy We are in such a period, and it is natural that as set forth in the Act. the regulation and we who now have the unpleas- This declaration of policy reflects the imperative ant task of administering it should seem to those need to maintain our economic strength on which who testified in your Committees to be needlessly the entire defense effort depends. Our economic thwarting business. The report of the Banking strength is founded on preserving the integrity of and Currency Committee of the House refers to the dollar, symbolizing as it does the good faith us as "intractable" and as "unduly harsh and unand credit of our country. yielding in administering consumer credit controls If the Federal Reserve System is to fulfill the . . . ." The report of the Senate Committee adpurpose for which it was established it must, to monishes us to be more "flexible," recalling that we the best of its ability, use the means given it by have often made much of the virtue of flexibility Congress to help protect the value of the dollar. in adjusting this regulation to changed economic The means at our disposal bear only on the mone- conditions. Some of the witnesses before you contary and credit factors in the economy. Important cluded that what seemed to them to be our inas these factors are they are nevertheless secondary transigence could only be accounted for because we to fiscal considerations. Moreover, such credit live in an "ivory tower" remote from the real restraints as the System can exert under today's world. Many witnesses before both Committees conditions have inherent limitations. In combina- have pointed to the accumulations of inventories tion we believe that they have been effective and of various articles and have contended that if we salutary in helping to counteract inflationary forces. mean what we have said in our protestations of Regulation of consumer credit has been instituted flexibility we should promptly relax the terms of as an anti-inflationary emergency measure on three the regulation with a view to facilitating disposal separate occasions; first by Executive Order in 1941 of these stocks of goods. and twice subsequently by action of Congress. It That this viewpoint appealed to the Senate Comhas inherent limitations and defects as a means of mittee as reasonable is evident from the statement credit restraint. It affects only one segment, though in its report that "the Board of Governors of the an increasingly important segment, of the credit Federal Reserve System should be sufficiently flexstructure. The present regulation is focused on ible to permit relaxation or tightening of the consumer instalment credit because of its volatility regulations in accordance with the conditions preand hence its possible unstabilizing effects on the vailing in the respective segments of the economy 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RESTRAINT AS AN ANTI-INFLATIONARY MEASURE to which the regulations apply. Specifically, it is fected by the terms of the regulation that the prinyour Committee's view that relaxation of the con- cipal yardstick by which we have continued to trol regulations should be promptly effected when appraise the regulation measures its effect on the it becomes evident that accumulations of invento- over-all supply of credit and the soundness of the ries seriously threaten to impede production with credit structure. We have no other reason for resulting unemployment in the industry affected." being concerned with the regulation. The Reserve Accordingly, the Senate Committee introduced System's fundamental task, under the law, is that into the pending legislation "a statutory require- of influencing, so far as the means at its disposal ment that no more than one-third down payment permit, the availability of credit. In a period of and not less than 18 months for completion of de- general inflation the task calls for doing what we ferred payments shall be prescribed by the Board can to limit the availability of credit. Conversely, of Governors of the Federal Reserve System for in a period of general deflation the task calls for instalment purchases of automobiles. . . ." making credit readily available. That is the ob- The House Committee went still further by in- jective of System policy with respect to the exercise troducing into the bill pending before them statu- of its broader, traditional means of affecting the tory restrictions as follows: "new automobiles, one- supply of credit, such as open market operations, third down, 18 months' maturity; used automo- discount rates, and reserve requirements. Since the biles, one-fourth down, 18 months' maturity; house- great bulk of our money supply is bank credit, hold appliances (including phonographs, radios and and since the banking system creates new supplies television sets), 15 per cent down, 18 months' ma- of money when it extends credit, our concern with turity; household furniture and floor coverings, 10 consumer instalment credit is its bearing upon the per cent down, 21 months' maturity; residential over-all supply of money. repairs, alterations and improvements, 10 per cent The appropriateness of a given set of terms at down, 36 months' maturity." any particular juncture is, of course, a matter of A further provision in the House bill, which judgment on which opinions may honestly differ. would present insuperable administrative difficul- In arriving at terms the Board tries to give conties, would require "that the Board shall recognize sideration to all relevant factors, including the infreight costs on automobiles and make due allow- ventory situation. The ultimate test of the reguance by extending amortization periods to equalize lation, however, is its impact on the credit strucas nearly as practical monthly payments through- ture. By that test we think that the regulation out the United States and its Territories." has exerted a restraining influence that we believe It is apparent that a profound difference exists it was intended to exert. This is evidenced by the in the criteria by which this regulation is judged fact that consumer instalment credit outstanding and administered. The Board has reviewed at at the end of May is estimated at 12.9 billion dollars length the many aspects of this matter. It seems as contrasted with 13 billion on August 31, 1950, to us that those who are so vigorously opposing the just prior to the reimposition of the regulation. regulation in its entirety or in its present form are In the comparable 1949-50 period, the outstanding judging the regulation or its terms by one standard volume of this type of credit increased by 2.1 bil- —while we, who have the problem of fixing terms lion dollars. and administering and enforcing them, are judg- In striving to weigh all of the facts and factors ing the regulation by an entirely different standard. involved in this controversial but comparatively The introduction into the proposed bills by both subordinate means of affecting the credit supply, Committes of statutory restrictions on terms, and we have been unable to come to any other conclumore particularly the statement in the report of the sion than that, judged by the yardstick of the sup- Senate Committee that inventory accumulation ply of credit requisite for the defense effort and should be the test for determining when to relax the civilian economy, we could not justify liberalizthe terms of the regulation, reflect this basic differ- ing the terms of this regulation at a time when ence in the yardsticks, so to speak, by which the upward pressures on prices, even though abated at regulation is being measured. present, threaten to re-emerge irrespective of Korean The Board freely admits that it has failed to im- developments. Judging by the present size of the press sufficiently upon many who are directly af- money supply and its potential expansion in volume 749 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RESTRAINT AS AN ANTI-INFLATIONARY MEASURE or velocity, or both, we do not feel that we could measure it would be meaningless, and better disjustify an action, even on the subordinate front of carded, if it failed to restrain credit. We wish to consumer instalment credit, that would announce, emphasize that so long as the regulation is auin effect, that we believe the inflationary danger is thorized by the Congress as a means of credit reno longer present. We do not believe that we straint we think we should administer it on the should, by such an action, encourage the general basis we have indicated. public to incur more consumer instalment debt A very different situation would be presented if which would be financed ultimately by further the Congress were now to continue the regulation expansion of bank credit. This is not a type of under different terms of reference. The criterion credit which is directly essential for national de- of inventory accumulation and the attempt to diffense. ferentiate between segments of the ecomony af- If we are wrong in our appraisal of the longer fected by the regulation would, in our judgment, term outlook we are erring on the side of safety. transform an instrument of credit restraint into one Whenever that appraisal changes, the same reason- that would place the principal emphasis upon quite ing which leads us to believe that we should hold different considerations. We think they would be the line at this time would require immediate re- incompatible with the objectives of effective credit laxation of existing terms or perhaps dropping of restraint if such a regulation is to contribute to the regulation altogether. It is, as we have indi- that end in a period of intense inflationary prescated, an emergency anti-inflationary measure. It sures. The proposed statutory restrictions limit is inappropriate to a period of general deflation. the extent to which terms of the regulation might If our considered conclusion at this time were dif- be tightened but would not, of course, limit the ferent we would feel that the policy of credit re- easing of terms. If the restrictions did both we straint should be replaced by one of ease with re- would view the regulation in the light of one to set spect not only to Regulation W but also to open national standards for this type of credit or to deal market policy, discount rates, and bank reserves, as with what might be termed trade practices. In well as stock market and real estate credit. Simi- either case, it would be difficult to think of the larly, we would feel that the nationwide program regulation as a flexible instrument to supplement for voluntary credit restraint was no longer in order. traditional central banking measures designed to Our conclusion to the contrary seems to be borne adjust the credit supply to the changing requireout by both Senate and House Committee reports ments of the economy. which make it clear that a program of general We feel very strongly that if this type of regulacredit relaxation at this time would not be in the tion is to be continued with terms conditioned, for public interest. example, upon inventory accumulation or employ- These considerations, which govern our policy, ment in affected industries, it should be clearly seem far removed from the very real problems im- understood that it is no longer related primarily mediately confronting various trades subject to the to the end of credit restraint. regulation. However, what may appear to be con- From the standpoint of restricting—it does not flicting interests are not, in fact, separable. If we of course prohibit—consumer instalment credit, we failed in our obligation to do what we can to question whether the present terms of the regulaavert the ravages of inflation, and thus give those tion are as serious a factor in the immediate probwho would destroy our nation a cheap and easy lems confronting certain trades or financing instivictory, the businesses which sincerely feel dis- tutions as their representatives and spokesmen no criminated against by this regulation would rightly doubt sincerely believe. A relaxation of present condemn us. terms, as would be specified in the bills before the We do not wish to exaggerate the importance of Congress, would, of course, serve to test the validity this regulation. We are not prepared to say at this of that assumption. Viewed from this narrower time that even if the Congress decided to abolish standpoint and disregarding the broader considerait altogether the consequences would be grave. We tions of general credit policy, it might well be conhave said, and we believe, that it is a desirable, cluded that we should initiate the indicated relaxasupplementary measure of credit restraint in a time tions. We cannot consistently take that course. It of inflationary danger. As an anti-inflationary is our view that if the present terms are in fact as 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT RESTRAINT AS AN ANTI-INFLATIONARY MEASURE serious a sales deterrent as has been contended, tion have been most seriously concerned about it, then the statutory easing of the maturities by only as we have, and the Board wished to set out fully three months, as proposed in S. 1717, would hardly and frankly its views and the considerations which be sufficient to bring the hoped for relief. Follow- govern them. Moreover, it is important to all ing this line of reasoning, we think it would be those affected by the regulation, whether as sellers more logical to drop the regulation altogether, but or buyers of goods or as financing institutions, to we would not wish to be understood as favoring have these questions resolved as rapidly as possible that action at this time. consistent with the national interest. That is your Finally, we wish to emphasize that we would aim, as it is ours. welcome an opportunity to discuss further with In the course of debate in Congress on this subyour Committees the question of the role that such ject it was stated that the action of the respective a regulation should play in the present emergency. Committees constituted what was termed a "man- If it is to serve as a supplementary means of re- date" to relax the terms of the regulation. For this straining overexpansion of credit, we would as well as other reasons we felt that we should comstrongly urge the elimination of the proposed statu- municate to the Committees the foregoing views tory limitations, regardless of where the administra- of the Board as early as possible during the 31-day tive responsibility is lodged. If it is to be gov- period for which the Congress extended the Act erned by other considerations, then we would like under which the present regulation is authorized. to have an opportunity to discuss with the Com- We earnestly wish at all times to help, not hinder, mittees whether such a regulation should not be production for defense and for essential civilian administered by some agency of Government whose requirements. It is hardly necessary for us to add functions are more nearly related to such con- that the Federal Reserve System, which Congress siderations than are those of the Federal Reserve created and can abolish, will carry out to the best System. of its ability any mandate of the Congress. The subject of the future of this regulation would Sincerely yours, not warrant such an extensive letter but for the fact that the Committees dealing with the legisla- (Signed) WM. MCC. MARTIN, JR. 751 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES BULLETIN NUMBER 4 OF THE VOLUNTARY CREDIT RESTRAINT COMMITTEE LOANS ON REAL ESTATE The Voluntary Credit Restraint Committee, at tions of that section as to over-all credit limits and its meeting on June 6, 1951, discussed the applica- purposes. tion of the principles of the Voluntary Credit 3. Loans on residential property (more than four- Restraint Program in the field of real estate credit family units) and on commercial property. Loans on and adopted the following statement: residential property (more than four-family units) Real estate credit transactions governed by Regu- and loans on commercial property, such as office lation X, which covers the permanent financing buildings, stores, hotels, motels, motor courts, resof most new construction and major additions or taurants, etc., should be screened as to purpose and improvements to existing structures, are not nor- the loan should not be made unless it is in harmony mally within the area of influence of this Volun- with the principles of the Program. If the loan tary Program. Neither does the Program apply is to be made in connection with a sale of commerto FHA or VA loans or to other loans guaranteed cial or residential property a determination by the or insured or authorized as to purpose by an agency financing institution that the sale and the sale of the United States Government. The Program price are bona fide may constitute a sufficient screendoes apply, however, to all other real estate credit ing of the loan. The Committee conceives that it transactions. Financing institutions extending such is not the function of the Voluntary Credit Restraint credit are urged to observe the principles and the Program to make the transfer of real estate imposspirit of the Program. sible or impracticable, but rather to reduce infla- For the guidance of financing institutions in tionary pressures by limiting the amount of addigranting real estate credit encompassed by the tional credit created in the process of real estate Voluntary Program, the National Committee makes transfer. the following recommendations: Financing institutions are urged to limit a loan, 1. Loans on residential property (one- to four-family on any type of property described in this section, units). The Committee has been informed that whether or not a sale is involved, to an amount most financing institutions are following conserva- which would not cause the total amount of credit tive lending policies on existing residential prop- outstanding with respect to the property or with erties (one- to four-family units). The Committee respect to the transaction 1 to exceed 66% per cent urges all financing institutions to follow such poli- of the fair value of the property.2 Also, the Comcies and in no case to make a loan on existing prop- mittee urges that financing institutions require an erty in an amount which would cause the total appropriate and substantial amortization of prinamount of credit outstanding (primary and all cipal. other credit combined) with respect to the prop- The Committee recognizes that hardship cases erty or with respect to the transaction to exceed the limits which Regulation X imposes as to new Mf the facts are not already known, the financing insticonstruction. tution presumably will want to request the borrower to. furnish information as to any other indebtedness or credit 2. Loans on agricultural property. While the Com- existing or contemplated in connection with the transaction. 2 "Fair value" as used here means: 1. If the loan is to be mittee recognizes that in some instances a loan on made to finance the purchase of real property: the bona fide agricultural property may be in effect a loan on sale price, or the appraised value of the property securing the loan, whichever is lower; 2. In all other cases: the appraised residential property, the Committee feels that norvalue of the property securing the loan. mally such a loan falls in the category of a loan The appraised value should be determined in accordance on commercial property (see Section 3 below), and with sound and established practice in the community. A good definition of "bona fide sale price" is given in Section the lender should be guided by the recommenda- 2(;) of Regulation X. 752 FEDERAL RESERVE BULLETIN^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES may arise where a 662/ per cent loan limitation in the industrial field mortgage security usually is 3 would not be sound or equitable. Such cases would merely one of the factors considered by the lender include a loan to finance the sale of property to in determining whether to make the loan and often close an estate or to pay estate taxes, the refinanc- bears comparatively little relation to the amount of ing of a maturing mortgage, or the sale of prop- the loan. erty of a bankrupt company. The Committee 5. Sale-lease back arrangements. The Committee makes no recommendation in such cases. also urges financing institutions to recognize that 4. Loans on industrial property. Loans on indus- in most instances a "sale-lease back" arrangement, trial property should be screened as to purpose whereby real property is purchased by a financing whether or not the loan is to be made in connec- institution and leased to the vendor or his nominee, tion with a sale of real property. In this instance, is a substitute for a form of financing and therehowever, there appears to be no need for a per- fore comes within the Program and should be centage limitation on the amount of the loan, since screened as to purpose. STATEMENT OF VOLUNTARY CREDIT RESTRAINT COMMITTEE REGARDING CHANGES IN REGIONAL COMMITTEES, JUNE 15, 1951 The Board of Governors of the Federal Reserve Milton J. Drake, Vice President, The Detroit Bank, System has appointed Mr. J. Lawrence Pagen, Vice Detroit, Michigan President and Treasurer of Blyth & Co., Inc., New Arthur J. Fushman, Vice President, The Manufac- York, New York, an alternate member of the Vol- turers National Bank of Detroit, Detroit, Michiuntary Credit Restraint Committee to serve in the gan absence of Mr. Lee M. Limbert of the same firm. E. W. Potter, Executive Vice President, Citizens The Voluntary Credit Restraint Committee an- Commercial and Savings Bank, Flint, Michigan nounces the appointment of Mr. Otto N. Frenzel, Heber W. Curtis, Chairman of the Board, Old President, Merchants National Bank of Indianapo- Kent Bank, Grand Rapids, Michigan lis, Indianapolis, Indiana, as a member of the C. H. Kleinstuck, President, First National Bank Seventh District Commercial Banking Voluntary & Trust Co., Kalamazoo, Michigan Credit Restraint Committee to fill an existing H. J. Chalfont, Vice President, Federal Reserve vacancy. Bank of Chicago, Detroit, Michigan To facilitate the work of the Program in the Iowa Regional Commercial Banking Voluntary Seventh and Eighth Federal Reserve Districts, the Credit Restraint Committee Voluntary Credit Restraint Committee has ap- E. F. Buckley, Chairman, President, Central Naproved the establishment of regional committees tional Bank and Trust Co., Des Moines, Iowa to serve the State of Iowa, the State of Michigan H. J. Stuhlmiller, President, State Savings Bank, (excluding that portion of the State which lies Fontanelle, Iowa within the Ninth Federal Reserve District), and C. L. Frederickson, President, Live Stock National the Little Rock Branch territory of the Federal Bank, Sioux City, Iowa Reserve Bank of St. Louis. Under this arrange- Frank C. Welch, President, Peoples Bank and Trust ment the Seventh and Eighth District Commercial Company, Cedar Rapids, Iowa Banking Committees will continue to serve all W. H. Brenton, President, Brenton State Bank, other areas within their respective Districts. The Dallas Center, Iowa three new regional committees will have equal Albert J. Robertson, Senior Vice President, Iowastatus with all other regional committees. The Des Moines National Bank, Des Moines, Iowa names of these Committees and the members V. O. Figge, President, Davenport Bank and Trust thereof follow: Co., Davenport, Iowa Michigan Regional Commercial Banking Voluntary Credit Restraint Committee Little Rock Regional Commercial Banking Voluntary Credit Restraint Committee Donald F. Valley, Chairman, General Vice President, National Bank of Detroit, Detroit, Mich- James H. Penick, Chairman, President, Worthen igan Bank and Trust Co., Little Rock, Arkansas JULY 1951 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Harvey C. Couch, Jr., President, Union National D. S. Davis, Cashier and Executive Vice President, Bank, Little Rock, Arkansas Wilkes-Barre Deposit & Savings Bank, Wilkes- A. E. McLean, President, The Commercial Na- Barre, Pennsylvania tional Bank of Little Rock, Little Rock, Arkansas E. F. Kirkman, President, Boardwalk National J. V. Satterfield, Jr., President, Peoples National Bank, Atlantic City, New Jersey Bank, Little Rock, Arkansas N. G. Dash, Assistant Vice President, Federal Re- Henry O. Topf, President, The Twin City Bank, serve Bank of Philadelphia, Philadelphia, Penn- North Little Rock, Arkansas sylvania C. M. Stewart, Vice President, Federal Reserve Bank of St. Louis, Little Rock, Arkansas Sixth District Commercial Banking Voluntary Credit Restraint Committee The following appointments and designations D. B. Harris, President, Hamilton National Bank, affecting the membership of regional committees Chattanooga, Tennessee, has been appointed a also are announced: member of the Committee. First District Commercial Banking Voluntary Seventh District Commercial Banking Voluntary Credit Restraint Committee Credit Restraint Committee The following have been appointed alternate The following have been appointed alternate members of the Committee: members of the Committee: George E. Pierce, Senior Vice President, The Na- Walter M. Heymann, Vice President, The First tional Shawmut Bank of Boston, Boston, Massa- National Bank of Chicago, Chicago, Illinois chusetts Chris M. Smits, Vice President, The Continental Roger C. Damon, Vice President, The First Na- Illinois National Bank and Trust Company of tional Bank of Boston, Boston, Massachusetts Chicago, Chicago, Illinois John N. Eaton, Vice President, Merchants National Richard E. Pritchard, Vice President, Harris Trust Bank of Boston, Boston, Massachusetts and Savings Bank, Chicago, Illinois Rupert C. Thompson, Jr., Executive Vice Presi- William M. McKenzie, Executive Vice President, dent, Providence Union National Bank and Commercial National Bank of Peoria, Peoria, Trust Company, Providence, Rhode Island Illinois Samuel S. Rodman, Vice President, The Hartford- Edward R. Droppers, Vice President, First Wis- Connecticut Trust Company, Hartford, Conconsin National Bank of Milwaukee, Milwaukee, necticut Wisconsin Frederick J. Olson, Vice President, First Portland N. B. Dawes, Vice President, Federal Reserve Bank National Bank, Portland, Maine of Chicago, Chicago, Illinois Earle O. Latham, Vice President, Federal Reserve Bank of Boston, Boston, Massachusetts Eighth District Commercial Banking Voluntary Credit Restraint Committee Third District Commercial Banking Voluntary The following have been appointed alternate Credit Restraint Committee members of the Committee: The following have been appointed alternate Albert Wagenfuehr, Chairman of the Executive members of the Committee: Committee, The Boatmen's National Bank of E. L. Worstall, Vice President, Philadelphia Na- St. Louis, St. Louis, Missouri tional Bank, Philadelphia, Pennsylvania George W. Coleman, Economist, Mississippi Valley Donald Horsey, President, First National Bank, Trust Company, St. Louis, Missouri Conshohocken, Pennsylvania O. H. Perry Baldwin, President, Farmers Bank of Eleventh District Commercial Banking Voluntary Credit Restraint Committee the State of Delaware, Wilmington, Delaware G. K. Morris, President, National Bank of Ger- E. B. Austin, Vice President, Federal Reserve mantown & Trust Co., Philadelphia, Pennsyl- Bank of Dallas, Dallas, Texas, has been appointed vania an alternate member of the Committee. 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Portland Regional Commercial Banking Voluntary & Union Trust Company, San Francisco, Cali- Credit Restraint Committee fornia Arnold W. Groth, Vice President, The First F. P. Gallot, Vice President, Crocker First National National Bank of Portland, Portland, Oregon, has Bank of San Francisco, San Francisco, California been appointed an alternate member of the Com- Alfred J. Mayman, Vice President, The Bank of mittee. California, N. A., San Francisco, California H. F. Slade, Vice President, Federal Reserve Bank San Francisco Regional Commercial Banking Voluntary Credit Restraint Committee of San Francisco, San Francisco, California F. A. Ferroggiaro, Senior Vice Chairman of the Southwestern Insurance Voluntary Credit Restraint Committee Board, Bank of America National Trust and Savings Association, San Francisco, California, has K. I. Fosdick, Treasurer, American National Inbeen designated as Vice Chairman of the Com- surance Co., Galveston, Texas, has been appointed mittee. a member of the Committee and designated as The following have been appointed alternate Chairman, replacing W. L. Vogler, Executive Vice members of the Committee: President of that Company whose resignation as a member of this Committee has been accepted. William H. Owen, Vice President, The Anglo California National Bank of San Francisco, San The following have been appointed members of Francisco, California the Committee: Marsden S. Blois, Vice President, Bank of America F. Burr Betts, Vice President and Treasurer, Secu- National Trust and Savings Association, San rity Life and Accident Company, Denver, Colo- Francisco, California rado William M. Hale, Executive Vice President, Ameri- Franz Hindermann, Vice President and Treasurer, can Trust Company, San Francisco, California Pan-American Life Insurance Company, New F. L. Greiner, Vice President, Wells Fargo Bank Orleans, Louisiana FORMATION OF REGIONAL COMMITTEES FOR SAVINGS AND LOAN ASSOCIATIONS JUNE 22, 1951 The Voluntary Credit Restraint Program pro- Henry H. Pierce, President, Merchants Co-operavides that subcommittees may be established for tive Bank, 24 School Street, Boston, Massachueach type of financing institution participating in setts the Program, these committees to be available for Frederick T. Backstrom, Executive Vice President, consultation with individual financing institutions First Federal Savings and Loan Association of to assist them in determining the application of New Haven, 80 Elm Street, New Haven 3, Conthe Statement of Principles with respect to loans necticut for which application has been made to such financ- Raymond P. Harold, President, Worcester Federal ing institutions. In order to provide such advisory Savings and Loan Association, 22 Elm Street, service for savings and loan associations in the Worcester, Massachusetts same manner as for banks, investment bankers, and O. A. Schlaikjer, Vice President and General Counlife insurance companies, the Voluntary Credit sel, Federal Reserve Bank of Boston, Boston 6, Restraint Committee has approved the establish- Massachusetts ment of subcommittees representing those associations within each Federal Reserve District, and has Second District Savings and Loan Voluntary appointed the following as members of the respec- Credit Restraint Committee tive committees: George L. Bliss, President, Chairman, Century Fed- First District Savings and Loan Voluntary eral Savings and Loan Association, 441 Lexing- Credit Restraint Committee ton Avenue, New York 17, New York Ralph R. Crosby, President, Chairman, Old Colony Ernest A. Minier, President, Carteret Savings and Co-operative Bank, 58 Weybosset Street, Provi- Loan Association, 866 Broad Street, Newark 2, dence 1, Rhode Island New Jersey JULY 1951 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Willis J. Almekinder, President, First Federal Sav- Wilbur T. Blair, Vice President, Counsel, and Secings and Loan Association of Rochester, 18 retary, Federal Reserve Bank of Cleveland (alter- Franklin Street, Rochester 4, New York nate for Mr. Fletcher) E. Harold Schoonmaker, Executive Vice President, Fifth District Savings and Loan Voluntary Tenafly Mutual Savings and Loan Association, Credit Restraint Committee 80 County Road, Tenafly, New Jersey E. C. Baltz, President, Chairman, Perpetual Build- William F. Treiber, Vice President, Federal Reing Association, 500 Eleventh Street, N. W., serve Bank of New York, New York 45, New Washington 4, D. C. York. Marion M. Hewell, President, Fidelity Federal Arthur Phelan, Vice President, Federal Reserve Savings and Loan Association, 12 W. McBee Bank of New York (alternate for Mr. Treiber) Avenue, Greenville, South Carolina Third District Savings and Loan Voluntary Henry P. Irr, President, Baltimore Federal Sav- Credit Restraint Committee ings and Loan Association, Fayette & St. Paul James J. O'Malley, President, Chairman, First Fed- Streets, Baltimore 2, Maryland eral Savings and Loan Association, 23 West Mar- J. B. Bourne, President, Franklin Federal Savings ket Street, Wilkes-Barre, Pennsylvania and Loan Association, 616 East Franklin Street, John H. Dempster, President, Quaker City Fed- Richmond, Virginia eral Savings and Loan Association, 20 South N. L. Armistead, Vice President, Federal Reserve 15th Street, Philadelphia 2, Pennsylvania Bank of Richmond, Richmond 13, Virginia Joseph A. O'Brien, President, Fidelity Mutual Sixth District Savings and Loan Voluntary Building and Loan Association, 423 Market Credit Restraint Committee Street, Camden, New Jersey J. D. McLamb, President, Chairman, First Fed- Louis W. Marmorstein, President, First Federal eral Savings and Loan Association, 30 East Bryan Savings and Loan Association of South Phila- Street, Savannah, Georgia delphia, 424-430 S. Fourth Street, Philadelphia Frank Yeilding, President, Jefferson Federal Sav- 47, Pennsylvania ings and Loan Association, 213 North 21st Street, W. J. Davis, First Vice President, Federal Reserve Birmingham 3, Alabama Bank of Philadelphia, Philadelphia 1, Pennsyl- C. L. Clements, President, Chase Federal Savings vania and Loan Association, 1111 Lincoln Road, Miami Norman G. Dash, Assistant Vice President, Fed- Beach 39, Florida eral Reserve Bank of Philadelphia (alternate for Irving H. Schonberg, President, Union Savings Mr. Davis) and Loan Association, 353 Carondelet Street, New Orleans, Louisiana Fourth District Savings and Loan Voluntary Credit Restraint Committee V. K. Bowman, Vice President, Federal Reserve Bank of Atlanta, Atlanta 3, Georgia E. J. Rupert, President, Chairman, The Broadview Savings and Loan Company, 4221 Pearl Seventh District Savings and Loan Voluntary Road, Cleveland, Ohio Credit Restraint Committee C. Elwood Knapp, Executive Vice President, Walter Gehrke, President, Chairman, First Federal Friendship Federal Savings and Loan Associa- Savings and Loan Association of Detroit, Gristion, 217 North Highland Avenue, Pittsburgh 6, wold Street at Lafayette Boulevard, Detroit 26, Pennsylvania Michigan Morris G. Taylor, Secretary-Treasurer, Dollar Fed- Ben F. Bohac, President, Talman Federal Savings eral Savings and Loan Association, S. E. Corner and Loan Association, 5501 South Kedzie Ave- Third and High Streets, Hamilton, Ohio nue, Chicago 29, Illinois C. C. Guthrie, President, Buckeye State Building Edward L. Johnson, Vice President, Bell Savings and Loan Company, 36 East Gay Street, Colum- and Loan Association, 79 West Monroe Street, bus 15, Ohio Chicago, Illinois William H. Fletcher, First Vice President, Fed- Fermor S. Cannon, President, Railroadmen's Federal Reserve Bank of Cleveland, Cleveland 1, eral Savings and Loan Association, 21 Virginia Ohio Avenue, Indianapolis 4, Indiana 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES A. L. Olson, Vice President, Federal Reserve Bank Louis W. Grant, President, Home Federal Savings of Chicago, Chicago 90, Illinois and Loan Association, Third and Boston, Tulsa 3, Oklahoma Eighth District Savings and Loan Voluntary Kenneth King, President, Columbia Savings, Build- Credit Restraint Committee ing and Loan Association, 209 16th Street, Denver 2, Colorado Roy M. Marr, President, Chairman, Leader Federal Savings and Loan Association, 158 Madison Henry O. Koppang, First Vice President, Federal Avenue, Memphis 3, Tennessee Reserve Bank of Kansas City, Kansas City 18, Missouri Gustav Flexner, Secretary-Treasurer, Greater Louisville First Federal Savings and Loan Association, Eleventh District Savings and Loan Voluntary 417 West Market Street, Louisville 2, Kentucky. Credit Restraint Committee George S. Metcalfe, President, Roosevelt Federal Savings and Loan Association, 407 North Ninth W. W. McAllister, President, Chairman, San An- Street, St. Louis, Missouri tonio Building and Loan Association, 401 Na- W. P. Gulley, President, Pulaski Federal Savings varro at the River, San Antonio 5, Texas and Loan Association, 201 West 2nd Street, E. E. Shelton, President, Dallas Federal Savings Little Rock, Arkansas and Loan Association, 1411 Main Street, Dallas, Paul E. Schroeder, Vice President, Memphis Branch Texas of the Federal Reserve Bank of St. Louis, Mem- Peyton L. Townsend, President, Metropolitan phis 1, Tennessee Building and Loan Association, 1400 Main Street, Dallas 1, Texas Ninth District Savings and Loan Voluntary C. Roy Smith, Executive Vice President, First Credit Restraint Committee Federal Savings and Loan Association, 116 East Roy W. Larsen, President, Chairman, Twin City 4th Street, Clovis, New Mexico Federal Savings and Loan Association, Corner H. R. DeMoss, Vice President, Federal Reserve Marquette Avenue and Eighth Street, Minne- Bank of Dallas, Dallas 13, Texas apolis 2, Minnesota Mac C. Smyth, Vice President, Federal Reserve C. A. Williams, Executive Vice President, First Bank of Dallas (alternate for Mr. DeMoss) Federal Savings and Loan Association of Fargo, 13 North Broadway, Fargo, North Dakota Twelfth District Savings and Loan Voluntary P. C. Bulen, Chairman, First Federal Savings and Credit Restraint Committee Loan Association of Great Falls, 15 Fourth Thomas T. Taylor, Jr., President, Chairman, Pru- Street, North, Great Falls, Montana dential Federal Savings and Loan Association, Harry C. Lindquist, Executive Vice President, Min- 125 S. Main Street, Salt Lake City 1, Utah nesota Federal Savings and Loan Association, Ben H. Hazen, President, Benj. Franklin Federal Minnesota at 4th, St. Paul, Minnesota Savings and Loan Association, 517 S. W. Stark Maurice H. Strothman, Jr., Vice President, Federal Street, Portland 4, Oregon Reserve Bank of Minneapolis, Minneapolis 2, J. Howard Edgerton, President, California Federal Minnesota Savings and Loan Association, 5680 Wilshire Boulevard, Los Angeles 36, California Tenth District Savings and Loan Voluntary Gerrit VanderEnde, President, Pacific First Fed- Credit Restraint Committee eral Savings and Loan Association, 204 South Henry A. Bubb, President, Chairman, Capitol Fed- 11th Street, Tacoma 1, Washington eral Savings and Loan Association, 534 Kansas E. R. Millard, Vice President, Federal Reserve Avenue, Topeka, Kansas Bank of San Francisco, San Francisco, 20, Cali- C. R. Mitchell, Executive Vice President, First fornia Federal Savings and Loan Association, 919 Wal- H. F. Slade, Vice President, Federal Reserve Bank nut, Kansas City 6, Missouri of San Francisco (alternate for Mr. Millard) JULY 1951 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES FORMATION OF REGIONAL COMMITTEES FOR MUTUAL SAVINGS BANKS JUNE 29, 1951 The National Voluntary Credit Restraint Com- Mid-Atlantic Mutual Savings Bank Voluntary Credit Restraint Committee mittee has approved the establishment of regional committees to consult with and advise mutual sav- (Will serve States of Pennsylvania, Delaware, ings banks in their respective territories concerning and Maryland.) the application of the Statement of Principles of the Donaldson Cresswell, Chairman, Vice President, Program to specific loan inquiries. Similar com- The Philadelphia Savings Fund Society, Philamittees heretofore have been announced for com- delphia, Pennsylvania mercial banks, insurance companies, investment George B. Oates, President, The Dollar Savings bankers, and savings and loan associations. Bank, Pittsburgh, Pennsylvania The names of the mutual savings bank regional Harry J. Landbeck, Vice President, Central Savcommittees, the territories to be served by them, ings Bank of Baltimore, Baltimore, Maryland and their membership are shown below: Joseph Bringhurst, Vice President, Artisans' Savings Bank, Wilmington, Delaware New England Mutual Savings Bank Voluntary Credit Restraint Committee W. J. Davis, First Vice President, Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania (Will serve States of Connecticut, Maine, Massa- Norman G. Dash, Assistant Vice President, Federal chusetts, New Hampshire, Rhode Island, and Ver- Reserve Bank of Philadelphia, Philadelphia, mont.) Pennsylvania (Alternate for Mr. Davis) Richard A. Booth, Chairman, President, Springfield Institution for Savings, Springfield, Massa- Mid-Western Mutual Savings Bank Voluntary Credit chusetts Restraint Committee N. Preston Breed, Vice Treasurer, Provident Insti- (Will serve States of Ohio, Indiana, Minnesota, tution for Savings, Boston, Massachusetts and Wisconsin.) J. Fred French, Vice President, Amoskeag Savings Irving W. Distel, Chairman, Vice President, So- Bank, Manchester, New Hampshire ciety for Savings in the City of Cleveland, Cleve- Hans C. Christensen, Vice President, Society for land, Ohio Savings, Hartford, Connecticut Harry J. Fitzgerald, Secretary, The Peoples Sav- O. A. Schlaikjer, Vice President and General Counings Bank, Evansville, Indiana sel, Federal Reserve Bank of Boston, Boston, George G. Cowie, Vice President, Farmers and Me- Massachusetts chanics Savings Bank of Minneapolis, Minne- New York-New Jersey Mutual Savings Bank Volun- apolis, Minnesota tary Credit Restraint Committee William H. Fletcher, First Vice President, Fed- (Will serve States of New York and New Jersey.) eral Reserve Bank of Cleveland, Cleveland, Ohio Joseph Kaiser, Chairman, Vice President, The Wilbur T. Blair, Vice President, Counsel and Sec- Williamsburgh Savings Bank, Brooklyn, New retary, Federal Reserve Bank of Cleveland, Cleve- York land, Ohio (Alternate for Mr. Fletcher) Norman P. McGrory, Vice President, The Howard Due to the limited number of mutual savings Savings Institution, Newark, New Jersey banks located in the States of Oregon and Wash- Randolph H. Brownell, President, Union Square ington, the National Committee has decided against Savings Bank, New York, New York establishing a separate regional committee for that Raymond F. Eisenhardt, Vice President, The Buf- area. However, Mr. Dietrich Schmitz, President falo Savings Bank, Buffalo, New York of the Washington Mutual Savings Bank, Seattle, Arthur Phelan, Vice President, Federal Reserve Washington, has been appointed to the Seattle Re- Bank of New York, New York, New York gional Commercial Banking Voluntary Credit Re- William F. Treiber, Vice President, Federal Reserve straint Committee, which will be prepared to assist Bank of New York, New York, New York savings banks in the Oregon-Washington area with (Alternate for Mr. Phelan) respect to loan inquiries. 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES PART II. Purchases of Durable Goods and Houses in 1950 and Buying Plans for 1951 x More consumers purchased automobiles, furni- greater at the beginning of this year than a year ture, and major household appliances in 1950 than ago. in any previous postwar year and aggregate ex- The findings given above were included in the penditures for consumer durable goods reached brief outline of survey results published in the new highs. The number of house purchasers and April and June issues of the BULLETIN. The presthe aggregate amount of their expenditures almost ent article presents a more detailed analysis of conregained 1948 levels after declining in 1949. sumer purchases of houses and durable goods in A larger proportion of the market for furniture 1950 and of intentions to purchase during 1951.2 and major household appliances consisted of spending units having incomes of $5,000 or more CONSUMER PURCHASES IN 1950 in 1950 than in prior years. This increase reflected International developments during the latter half an increase in the proportion of spending units of 1950 intensified demand, already at high levels, within this income group as well as an increase for houses, automobiles, household appliances, and in the frequency of their purchases. furniture. Even before the invasion of South By early 1951 the proportion of spending units Korea, the American economy had shaken off the that planned to buy automobiles during the coming slight recession of 1949 and, by the second quarter year had declined from a year earlier, but the proportion planning to purchase houses remained 2 The findings of the 1951 survey are indicative of the past and prospective activities of approximately 52 million conabout the same. The proportion of spending units sumer spending units, groups of persons living in the same that intended to buy at least one item of furniture dwelling and related by blood, marriage or adoption, who or a household appliance was as large as a year pool their incomes for major items of expense. The total number of spending units is estimated for Feb. 1, 1951, earlier, although prospective purchases of some the approximate mid-point of the period during which initems declined. In general, the degree of uncer- terviews were being made by the field staff of the Survey Research Center. tainty with respect to buying plans was somewhat In 1951, for the first time in the period in which the survey has operated, it appears that there was no increase in the 1This is the second in a series of articles presenting the number of spending units over the previous year. This may results of the 1951 Survey of Consumer Finances sponsored be largely accounted for by the increase in number of the by the Board of Governors of the Federal Reserve System and armed forces, a portion of the national population which is conducted by the Survey Research Center of the University excluded from the survey universe. This is substantiated by of Michigan. The first article in the series appeared in the a reduction in the number of spending units headed by men June BULLETIN and covered the general financial position and less than 35 years of age. economic outlook of consumers. Subsequent issues of the Although the total number of spending units remained BULLETIN will contain articles analyzing changes in the disconstant, the estimated number of families rose from approxitribution of incomes, in consumer saving patterns, and in mately 45.2 to 45.9 million. Family units consist of all perholdings of nonliquid assets. sons related by blood, marriage or adoption who live in the The present article was prepared by John Frechtling and same dwelling unit. The increase in the number of families, Tynan Smith of the Consumer Credit and Finances Section of even though the number of spending units remained constant, the Board's Division of Research and Statistics. The authors reflects the continued expansion of housing facilities and the have necessarily maintained a close working relationship continued high marriage rate. As a result of these factors, with the staff of the Survey Research Center at all stages of there is apparently less doubling up of related spending their work and their analysis of survey tabulations has had the benefit of many suggestions from the Center's staff, par- units in the same dwelling. ticularly John B. Lansing, Harold Guthrie, William Mooney, It should be noted that the estimate of 53 million spending and Marion Walsh. units used in the initial article of the 1951 survey series has Data are based on the results of about 3,400 interviews been revised downward in light of additional information taken in 66 sampling an,as throughout the nation. The obtained since its publication. Estimates of the number of sample is representative of the entire population of the United spending units in recent years are subject to revision when States residing in private households. The following groups final tabulations of the 1950 Census of Population are availare omitted: (1) members of the armed forces and civilians able. living at military reservations; (2) residents in hospitals and For a more extended discussion of the definitions and in religious, educational, and penal institutions; and (3) the methods used by the Survey of Consumer Finances, see floating population, that is, people living in hotels, large "Methods of the Survey of Consumer Finances," Federal boarding houses, and tourist camps. Reserve BULLETIN, July 1950, pp. 795-809. 759 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES of 1950, industrial production exceeded previous 1941 and the predominance of older model cars postwar levels. in use, helped to maintain output and sales at The factors responsible for absorption of a record extremely high levels.4 Continued full employoutput of consumer goods may be grouped as being ment at high incomes, large holdings of liquid associated either with the character of product and assets, and the availability of credit on favorable basic characteristics of the population or with gen- terms were financial factors contributing to exteneral financial conditions. The first group includes sive demand since the war. such factors as the suspension of production of cer- The estimated number of spending units purtain goods during the war years, development of chasing cars during 1950 which they still owned new types of goods and improvement of already at the time of the survey interview was approxiexisting classes of goods, and the very high rate of mately 12.7 million. This exceeded the number family formation during the war and postwar of purchasers in 1949 by more than one million and years. The financial factors affecting consumer was about two and one-half times as many as in demand include the pattern of credit terms and 1946 (see Table 1). Of the 1950 purchasers, about the amount of credit available at such terms, the 5.2 million bought new cars and 7.5 million bought stock of liquid assets available for supplementing used cars. Aggregate gross expenditures for autospending from current income and, finally, pre- mobiles reached a new high of almost 17 billion vailing price-income relationships. dollars. Expenditures for used automobiles leveled The Surveys of Consumer Finances provide im- off at 5.2 billion, the same amount as in 1949, but portant insights into the roles played by these fac- expenditures for new cars rose to 11.7 billion. The tors in influencing the demand for the various average and median prices of new cars continued types of consumer durable goods. Different groups their steady postwar rise during 1950. In the case in the population may not be affected by these fac- of used cars, these prices continued to decline from tors to the same degree; different methods of financ- the peak in 1948. ing, for example, may be of varying importance to Spending units with incomes of $5,000 or more different groups of the population. While the accounted for about 54 per cent of the new cars present section is concerned primarily with con- purchased in 1950 compared with 47 per cent in sumer purchases during 1950, it will relate many 1949, and those with incomes less than $3,000 for tendencies in that year to trends indicated in pre- 14 per cent in 1950 compared with 24 per cent in vious surveys. 1949 (see Table 2). These changes in the rela- Automobiles. The influence of wartime stoppage tive importance of the higher and lower income of production has dominated the postwar automo- groups as buyers of new cars reflect both the bile market. By the end of the war the number of movement of spending units into higher income passenger automobiles in use had fallen below the groups and the failure of the lower groups to prewar level because of the lack of replacements expand their rate of purchases in 1950 (see Table for those lost through scrapping or accident and 3). In general, the distribution of new car buyers of the withdrawal of some cars from use during by income groups in 1950 returned to the pattern the war. By July 1947 the rapid resumption of pro- of 1948 following a year in which the share of the duction and reregistration of cars withdrawn from groups below $3,000 had increased substantially. storage had raised registrations of passenger cars There was less change in the relative importance to 27.5 million, nearly the level of July 1941.3 of higher income groups in the used car market. Spending units with incomes less than $2,000 Thereafter backlog demand, reflecting a subappear to have become more important as buyers stantial expansion in the adult population since of used cars since 1948 while spending units with 3 Data cited were compiled by R. L. Polk and Company, incomes from $2,000 to $2,999 have become less Detroit. They are not strictly comparable to survey estimates important. because they include passenger cars owned by governments, businesses, and members of the transient and institutional population who are not included in the survey universe. 4 Technical changes such as improvement of highways and Since the estimate of the number of cars owned within the adoption of the all-steel body have probably accounted for a survey universe at the beginning of 1949 was about 90 per trend toward a longer effective car life. However, the impact cent of estimated registrations on that date, it can be assumed of the war undoubtedly accounted for a much more rapid that total registrations furnish a satisfactory index of the increase in the average age of cars than can be explained by movement of the number of cars in the hands of consumers. this trend. 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 1 CONSUMER INTENTIONS TO BUY AND ACTUAL PURCHASES OF HOUSES AND DURABLE GOODS 1 s P p e e r n c d e i n n t g a g u e n o it f s E o s f t i ( s m i p n a e t n m e d d i i l n li g n o n u u s m ) n b it e s r exp M en e d d i i t a u n re 2 exp A e v n e d r i a t g u e re * E e s ( t x i i n p m e b a n i t d l e l i d i t o u n r t s o e ) s tal Type of purchase Planned Actual Planned Actual Planned Actual Planned Actual Planned Actual pur- pur- pur- pur- pur- pur- pur- pur- pur- purchases chases chases chases 3 chases chases chases chases chases chases House:4 1951 E N x e i w sting 6 6 2 1 . 3 8 0 1 9 i $9,200 }$9,300 } $18.6 1950 E N x e i w sting . . M * 1 . O 7 2 1 .7 9 0 1 .9 8 0 1 . 8 4 7,500 $8,500 7,900 $9,400 21.3 $20.7 1949 E N x e i w sting 2 2 .9 1 2 1 .3 2 1 1 . 3 0 0 1 . 6 0 7,000 5,920 8,200 7,040 18.5 11.2 1948 E N x e i w sting 2 2 . . 6 0 3 1 .7 5 0 1 .1 9 0 1 . 8 6 6,600 7,800 7,400 9,000 15.0 21.3 1947 E N x e i w sting 3 2 . . 3 6 3 1 . . 6 4 1.4 0 1 . . 6 6 5,100 6,000 6,300 7,100 15.8 15.5 Automobile: • 1951 .. . 7 1 3 7 (8) (8 5 8 1950 12.4 24.5 6.4 12.7 1,420 1,340 9.3 16.9 1950» 14.6 7 6 8< : 10.9 1949 13.0 21.6 6.6 11.4 8) 1,400 2 1,330 10.5 15.1 1948 10.7 17 0 5 2 8 8 8) 1,310 1,330 8.0 11.5 1947 11.7 14.9 5.5 7.3 •> 1,210 (8 1,250 7.1 9.2 1946 10 7 10 7 4 9 5 0 830 920 5 4 4.6 New automobile: 1951 4.0 2.1 1,970 2,140 4.5 1950 7 4 10 1 3 8 5 2 1,920 2,120 1,990 2,220 7.6 11.7 195Q"1 8 7 4 5 1 920 1 990 8 9 1949 8 5 8 6 4 3 4 5 1,990 2,090 2,060 2,190 8 8 9.9 1948 7.6 6.1 3.7 3.2 1,800 2,090 1,860 2,130 6.9 6.6 1947. 8.5 5.8 4.0 2.8 1,500 1,830 1,540 1,950 6.1 5.7 1946 8 3 3 3 3 8 1 5 (8) 1,500 (8) 1,620 (8) 2.3 Used automobile: 1951 3 1 1 6 590 770 1.3 1950 5.0 14.4 2.6 7.5 540 550 650 700 1.7 5.2 1950 7 5 9 3 1 540 650 2 0 1949 4 5 13 0 2 3 6 9 630 600 710 760 1.7 5.2 1948 3.1 10.9 1.5 5.6 600 770 710 880 1.1 4.9 1947 3 2 9 1 1 5 4 5 530 710 650 780 1.0 3.5 1946 2 4 7 4 1 1 3 5 (8) 540 (8) 630 (8) 2 3 Furniture and major household appliances: 1951 21 7 11 3 300 360 4.1 1950 24.4 41.9 12.7 21.8 290 280 390 350 5.0 7.6 1949 23 3 39 5 11 8 20 5 250 250 340 350 4 0 7.1 1948 21 8 39 2 10 7 19 8 240 250 340 370 3.6 7.3 1947 21.1 35.1 9.8 17.2 200 200 310 310 3.0 5.3 1946 28.0 28.3 12.9 13.2 200 180 320 310 4.1 4.1 1 Planned purchases for year 1951 and actual purchases during 1950 were ascertained from interviews made during January-early March 1951. Similar information for previous years was obtained by surveys made early in 1950, 1949, 1948, 1947, and 1946. Planned purchases for a given year are based on reports of spending units that said they definitely or probably would buy during year and on a few" reports that purchases had been made in given year prior to interview. For automobiles and nouses, reports generally indicated whether a new or used model would be purchased; cases where consumers were undecided on this point are distributed equally between the two categories. Distribution of spending units by intention to buy in each of years 1946-51 is shown in. Table 17. 2 Refers to total expenditure before deduction of value of trade-ins or existing assets sold. 8 In the case of automobiles, figures in this column represent the proportion of all spending units that bought cars during the given year and still owned them at the time of interview. Data on expenditure for automobiles refer (1) only to the most recent car purchase during the given year in the case of spending units that bought more than one car but owned only one at the time of interview and (2) only to the more expensive car purchase during the given year in the case of spending units that bought more than one car and owned two or more at the time of interview. 4 Refers to nonfarm houses and percentage of nonfarm spending units only. Farm operators are excluded from housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. 6 Data concerning plans to buy houses in 1951 and 1950 are not completely comparable with earlier data because of changes in coding procedures which tended to reduce somewhat the proportions of prospective buyers in 1950 and 1951 relative to earlier years. Nevertheless, a larger proportion of spending units appear to have been probable or definite buyers in 1950 than in 1949 and a smaller proportion in 1951 than in 1950. No change is indicated between 1950 and 1951 if spending units who were undecided about purchases are included. (See Table 17). 6 Includes both new and used automobiles. 7 Changes in coding procedures in the 1950 and 1951 surveys somewhat reduced the percentage of spending units in the "will probably buy" category. This italicized line gives adjusted data for 1950 which are comparable with earlier years. 8 Data not available. Spending units headed by persons less than 25 decline in its relative importance in the civilian years of age accounted for a smaller proportion of population as a result of the expansion of the armed both the new and used cars purchased in 1950 than forces. Many men in this age group who are still they had in either of the two preceding years (see civilians may have been deterred from purchasing Table 4). This decline for the youngest age group cars because of the possibility that they might soon was greater than can be accounted for by the slight be called into service. JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 2 INCOMES OF ACTUAL AND PROSPECTIVE BUYERS OF CONSUMER DURABLE GOODS [Percentage distribution of spending units by income groups] Actual buyers Prospective buyersI Type of purchase b N c e a u r s m e o s - f bu A y l e l rs $ 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 o a , v n 0 e d 0 r 0 b N c e a u r s m e o s - f bu A y l e l rs $ 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 ;5 , , 0 9 0 9 0 9 - $ $ 4 4, 0 9 0 9 0 9 - $5 o a v , n 0 e d 0 r 0 Automobile:2 1951 137 100 5 10 13 20 18 34 1950 874 100 4 11 17 21 16 31 444 100 4 11 16 20 16 33 1949 . .. 787 100 3 13 14 27 476 100 4 16 23 1R 32 1948 628 100 3 8 20 ?4 17 28 438 100 3 7 19 20 17 34 1947 571 100 3 12 23 20 13 29 390 100 5 12 25 25 14 19 New automobile: 1951 80 100 3 5 8 14 46 1950 415 100 1 3 10 16 16 54 284 100 3 8 12 14 17 46 1949 351 100 2 8 14 16 13 47 325 100 1 5 8 22 19 45 1948 256 100 1 1 9 18 17 54 Used automobile: 1951 57 100 7 17 18 29 10 19 1950 458 100 6 17 22 25 16 14 160 100 6 17 22 28 15 12 1949 436 100 4 15 ?8 15 13 151 100 7 17 30 23 11 12 1948 372 100 5 12 26 27 17 13 Furniture and major household appliances: * 1951 538 100 3 11 17 23 13 33 1950 1,490 100 4 14 15 24 15 28 885 100 5 12 19 25 15 24 1949 . .. 1,407 100 6 14 n 14 840 100 6 11 21 25 15 22 1948 1,408 100 5 14 22 15 21 797 100 4 15 23 22 14 22 1947 1,289 100 5 19 25 19 13 19 644 100 7 20 29 22 11 11 Television set: 1950 . . . 445 100 2 5 10 39 250 100 3 6 10 26 35 1949 221 100 2 2 16 26 14 40 124 100 2 6 21 23 48 1948 53 100 (*) 3 21 17 59 Distribution of spending units b N c e a u r s m e o s - f s u p i A n e n i n l g l t d s - 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 - an $ d 5 ,0 o 0 v 0 er 1950 3,415 100 13 17 19 19 12 20 1949 3,512 100 14 19 21 19 11 16 1948 3 510 100 12 18 23 20 12 15 1947 3,562 100 14 J2 23 17 10 14 1946 3,057 100 17 J3 -25 17 8 10 1 Includes those who had purchased in given year prior to interview, those who said they definitely would buy, and those who said they probably would buy. Number of cases sharply reduced in 1951 by omission of one-half of nonfarm sample. Because of small number of cases, the income distribution of prospective car buyers in 1951 should be used with caution. 2 Includes both new and used automobiles. 3 Data not available. 4 Includes television sets. 5 No cases reported or less than one-half of 1 per cent. NOTE.—Distributions of prospective buyers in 1951 and actual buyers in 1950 are related to distribution of income in 1950. Data for earlier years are similarly related. Table therefore reflects shifts in distribution of both buyers and income. It is necessary to keep in mind, as indicated in lower part of table, that from 1946 to 1948 there was a steady shift from lower to higher income brackets; in 1949 there was a temporary reversal of this tendency, but it was resumed in 1950. The most striking change in the occupational dis- chase of used cars rather than new cars. Spendtribution of car purchasers was the decline from ing units headed by clerical and sales personnel 1948 and 1949 levels in the proportion of the new or by skilled and semiskilled workmen accounted car market accounted for by the entrepreneurial for almost one-half of the new car purchases in groups—the farmers and the managers and self- 1950 in contrast to somewhat more than one-third employed. The lesser frequency with which these in 1949. groups purchased new cars may have reflected un- Expansion of the postwar automobile market has favorable changes in incomes during the slight re- been characterized each year by a decline in the cession of early 1949, reduced need for cars because proportion of car purchasers who used only cash of very high rates of purchase in 1949, or the pur- or cash and a trade-in (see Table 5). The number 762 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 3 ACTUAL BUYERS OF CONSUMER DURABLE GOODS WITHIN VARIOUS GROUPS [Buyers as a percentage of spending units within group] New automobiles Group characteristic 1950 Money income before taxes: Under $1,000 C1) $1 000-$ 1 999 $2,OOO-$2 999 6 $3,000-$3,999 9 $4,000-$4 999 13 $5,000-$7,499 25 $7,500 and over 40 Age of head of spending unit: 18-24 3 25-34 . . 12 35-44 13 45-54 14 55-64 8 65 and over 3 Occupation of head of spending unit: Professional and semiprofessiona! 21 Managerial and self-employed 17 Clerical and sales 16 Skilled and semiskilled Unskilled Farm operator .... All other ooto Used automobiles Furniture and major household appliances 1949 1948 1950 1949 1948 1950 1949 1948 1 C1) 7 3 4 14 18 17 4 0) 14 10 7 32 28 31 5 17 17 12 34 41 38 8 6 19 17 14 51 47 44 10 9 19 18 15 51 50 50 21 20 13 13 11 59 53 51 33 24 4 6 6 65 55 60 7 3 18 22 18 36 35 35 10 7 21 18 17 49 52 53 11 7 18 15 13 50 49 48 9 8 12 11 7 43 38 38 8 5 8 7 4 38 27 29 4 3 5 2 2 21 18 18 16 11 10 11 8 48 49 44 19 13 12 9 9 51 44 47 10 7 12 11 9 42 35 38 7 6 20 21 15 48 47 47 3 1 15 10 13 37 36 37 14 7 17 11 12 38 43 40 4 3 2 9 9 5 28 26 20 1 No cases reported or less than one-half of 1 per cent. TABLE 4 AGE AND OCCUPATION OF ACTUAL BUYERS OF CONSUMER DURABLE GOODS X [Percentage distribution of spending units] All spending units (Buy b e u rs y a e n rs d ) non- New automobiles Used automobiles h F o u u r s n e i h tu o r l e d a a n p d p li m an a c jo e r s Group characteristic 1950 1949 1948 1950 1949 1948 1950 1949 1948 1950 1949 1948 Age of head of spending unit: 18-24 9 10 11 2 8 6 10 17 18 7 9 10 25-34 22 23 21 27 26 25 31 32 34 26 31 29 35-44 23 22 22 29 27 26 29 25 27 27 27 26 45-54 18 18 20 26 20 26 15 16 12 19 18 19 55-64 15 14 15 12 12 12 9 7 6 14 9 11 65 and over 13 12 11 4 6 5 5 2 3 7 5 5 Not ascertained 1 1 1 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Occupation of head of spending unit: Professional and semiprofessional 6 7 7 12 12 13 4 6 5 7 8 8 Managerial and self-employed 13 12 12 21 26 26 11 8 10 15 13 14 Clerical and sales . 13 13 14 20 15 16 11 11 12 13 12 14 Skilled and semiskilled 30 27 27 29 21 26 42 45 37 35 33 33 Unskilled and service . 10 12 14 2 4 2 10 9 17 9 11 14 Farm operator 9 9 9 8 15 11 10 8 11 8 10 9 All other 19 20 17 8 7 6 12 13 8 13 13 8 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,415 3,512 3,510 400 351 254 415 436 371 1,490 1,407 1,408 1 At time of interview early in year following purchase. 2 No cases reported or less than one-half of 1 per cent. JULY 1951 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 5 ACTUAL AND PLANNED METHODS OF FINANCING PURCHASES OF HOUSES, AUTOMOBILES, FURNITURE, AND MAJOR HOUSEHOLD APPLIANCES [Percentage distribution of buyers] Actual financing Planned financing * Method of financing 1950 1949 1948 1947 1951 1950 1949 1948 1947 House:' Full cash 15 17 22 16 (3) (3) 17 20 13 Mortgage * 84 83 74 84 (3) (3) 61 67 74 Alethod not ascertained 1 (5) 4 (5) (3) (3) 22 13 13 All cases 100 100 100 100 (3) (3) 100 100 100 Number of cases 166 107 163 171 (3) (s) 159 135 170 Automobile: 6 Full cash (including trade-in allowances) 47 50 59 65 44 43 52 54 54 Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances) 7 52 48 39 35 54 52 41 37 37 Method not ascertained . . . . . .. 1 2 2 (3) 2 5 7 9 9 All cases 100 100 100 100 100 100 100 100 100 Number of cases .... 874 784 628 571 8 137 444 476 438 390 New automobile: Full cash (including trade-in allowances) 54 56 66 71 52 50 58 (3) (") Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances) 7 46 43 33 29 46 46 37 (3) (3) Method not ascertained (5) 1 1 (5) 2 4 5 0) (8) All cases 100 100 100 100 100 100 100 (3) («) Number of cases 415 351 256 264 8 80 284 325 (») (') Used automobile: Full cash (including trade-in allowances) . ... 41 47 55 63 33 32 40 (8) (s) Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances) 7 57 52 42 37 64 62 50 (3) (3) IVIethod not ascertained . . .. 2 1 3 (5) 3 6 10 (3) (') All cases .. . 100 100 100 100 100 100 100 (3) (3) Number of cases . .. - 458 433 372 307 »57 160 151 (3) (») Furniture and major household appliances: Full cash (including trade-in allowances) 49 46 51 57 (3) (3) 45 49 56 Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances) 7 50 54 48 42 (3) (3) 39 42 38 Method not ascertained 1 (5) 1 1 (3) (3) 16 9 6 All cases ... 100 100 100 100 (3) (3) 100 100 100 Number of cases 1,490 1,407 1,384 1,286 (3) (3) 840 797 644 1 Includes those who had bought in given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. 2 Includes both new and existing nonfarm houses. 3 Data not available. *• Data for 1947 are not completely comparable with data for other years because nonmortgage type borrowing was not included in 1947. * No cases reported or less than one-half of 1 per cent. 6 Includes both new and used automobiles. 7 In the 1951 and 1950 surveys, the question asked included a reference to "other borrowing." In earlier surveys these words were not included. 8 Number of cases sharply reduced in 1951 survey by omitting one-half of nonfarm sample. of these purchasers increased but less rapidly than portant in making both new and used car purchases the total number of purchasers. As shown in the than it had been in previous months. chart on page 7, this movement was more marked In 1950 about 45 per cent of the buyers of new for used than for new car purchases. cars and 55 per cent of the buyers of used cars Classification of purchases by quarters appears to financed their purchases in part by some form of indicate that during the final quarter of 1950, after credit. In the purchase of new cars, the practice the regulation of consumer instalment credit had was more frequent among spending units with gone into effect, the use of credit became less im- 1950 incomes of less than $5,000 (5 cases in 10) 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES METHODS OF FINANCING NEW AND USED AUTOMOBILES or less, about one-third reported a down payment of between one-third and one-half, and more than Millions of Cars Millions of Cars two-fifths made a down payment exceeding onehalf of the purchase price. There appeared to be Credit of Some Type no significant difference in the down payments Cash or Trade-in and Cash made within various price and income groups. In general, the down payment was a smaller proportion of the purchase price of used cars bought on credit than of new cars. About 1 in 2 of the used car buyers for credit made down payments equal to one-third or less of the purchase price, while 1 in 3 reported down payments of between one-third and one-half, and only 1 in 5 reported down payments of more than one-half. There was little difference in this distribution when classified according to price of car with the exception that used cars costing $1,500 or more included 1946 1947 1948 1949 1950 1946 1947 '948 1949 1950 a smaller proportion of relatively small down paythan among spending units with higher incomes ments and a larger proportion of large down pay- (4 cases in 10). In buying used cars, almost 6 in ments. Used car buyers with incomes of less than 10 spending units with incomes of $2,000 or more $2,000 reported a larger proportion of relatively and a slightly smaller proportion of those with in- large down payments than did the other income comes below $2,000 used credit. groups. When classified on the basis of car price, in Use of accumulated liquid assets was an im- 1950 the use of credit for new car purchases was portant means of financing many purchases of cars more frequent for lower priced than for higher in 1950, especially those involving a substantial net priced cars. Purchases involving credit included outlay (price of car minus trade-in or sale of existabout 50 per cent of the cars costing less than ing car). Over one-third of the spending units $2,000 and about 40 per cent of those costing $2,500 whose net outlay for an automobile was $1,300 or or more. More striking differences appear among more reported that they had reduced their liquid the used car price groups. About 40 per cent of the assets $500 or more. When asked the reason for purchases amounting to less than $500 involved their reduction of liquid assets, more than 4 in 10 credit, approximately 75 per cent of those in the of the spending units with incomes of more than price range $500-$999, and about 60 per cent of $2,000 and liquid asset reductions of $500 or more those in the price group of $1,000 or more. reported the purchase of a car or some other type About two-fifths of the 1950 buyers of new cars of durable good. In the lower income groups, who used credit financed their purchases for 24 which on the whole bought cars and other durable months or more and another fifth for 18 to 23 goods less frequently, only about 1 in 7 of the months. There was no evidence of significant spending units reporting any reduction of liquid differences among income groups or among price assets reported purchases of such goods as a reason groups in the duration of financing. About two- for the reduction. fifths of the used car purchasers using credit re- The relative importance of trade-ins and sales ported the duration of their financing to be 12 prior to purchase has remained fairly steady since months or less, while about one-tenth reported a 1948 (see Table 6). In each year, about four-fifths duration of 24 months or more. Longer maturities of the purchasers of new cars and slightly more were most frequently reported by buyers of used than one-half of the purchasers of used cars either cars priced at $1,000 or more and by buyers having traded in or sold another car prior to buying the incomes of $2,000 or more. car owned at the time of the survey interview. Of the new car buyers who used credit to help During this period, however, the proportion of finance their purchases in 1950, about one-fourth trade-ins increased relative to sales prior to purmade a down payment of one-third of the price 765 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 6 About 65 per cent of all families owned cars in early 1951. This compared with 56 per cent in TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE early 1949 and about 58 per cent in late 1941 (see PURCHASES Table 7). Urban and rural families both shared [Percentage distribution of spending units within groups] in this increase in car ownership, the proportion Buyers of Buyers of Buyers of of car owning rural families remaining somewhat new and new cars used cars above that of urban families. Frequency of auto- Type of used cars transaction mobile ownership increased during the past two 1950 1949 19481950 1949 19481950 1949 1948 years at all income levels, but grew most rapidly in the middle income quintile. When placed on Traded in a car... . 53 49 70 60 52 41 41 34 a spending unit basis, the proportion of the popu- Sold a car 7 14 6 17 26 12 18 Neither 38 37 22 22 21 47 48 lation that owned automobiles increased from 51 Not ascertained.... 2 0) 2 1 1 C1) 0) per cent in 1949 to 60 per cent in 1951. Appar- All cases 100 100 100 100 100 100 100 100 100 ently there was also a slight increase in the fre- Number of cases... 858 787 628 400 351 256 458 436 372 quency of ownership of two or more cars. 1 No cases reported or less than one-half of 1 per cent. The distortion of the age distribution of automobiles as a result of the wartime cessation of prochase. For some time after the war it was possible duction is very evident in comparing prewar and for car buyers to obtain more for their old cars postwar data relating to cars owned by urban famby selling them on the market than by turning ilies (see Table 8). Cars more than seven years them over to automobile dealers as trade-ins. This old were twice as great a proportion of all cars situation tended to disappear in 1949 and early owned by urban families in 1951 as in 1941, not- 1950 as the supply of new cars increased relative withstanding a sharp decline since 1949. This was to demand. In this period dealers returned to true in all income quintiles except the lowest. their prewar practice of giving more on trade-ins With the passage of time the ownership of cars than the cars would bring on the market after of any given model year tends to be transferred allowing for the cost of repairs and selling expenses. to the lower income groups (see Table 9). Thus TABLE 7 AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME QUINTILES 1 [Automobile owners as percentage of all families in group] All families Rural families Urban families Families ranked by annual money income before taxes 1951 2 1949 2 1941 3 19512 1949 2 1941 s 1951 2 1949 2 1941 » Highest fifth 87 79 85 95 89 90 85 77 84 Second 78 72 70 89 81 83 79 68 72 Third 73 55 59 76 63 73 67 54 59 Fourth 55 43 50 55 57 55 53 40 40 Lowest fifth 33 29 27 42 33 23 24 18 17 All cases 65 56 58 71 64 65 62 52 54 1 Data for 1951 and 1949 were obtained in the Surveys of Consumer Finances. They relate to automobiles owned at time of interview and to income in previous year. Data for 1941 were estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. 822, April 1945) and Rural Family Spending and Saving in Wartime (U. S. Department of Agriculture, Miscellaneous Publication No. 520, June 1943). The surveys covering 1951 and 1949 differ somewhat from the survey covering 1941 in definition of automobile ownership and family unit, in the universe covered, and in sampling methods. The figures in this table cannot be used to measure precise changes in automobile ownership. The sampling errors of the differences (at the 95 per cent level of probability) for the proportion of car owners in each quintile of urban, rural, and all families are estimated to be 9-10, 10-11, and 6-7 percentage points, respectively. This estimate of sampling error takes only sampling variability into account. Reporting errors and differences in definitions and methodology are not taken into account. The 1941 definition of car ownership (ownership at any time during the year) makes for a somewhat higher frequency of ownership in 1941 relative to 1951 and 1949 (ownership at time of interview). All families (including single-person families) were ranked by size of annual money income before taxes in 1950 and 1948, and then classified in fifths (quintiles). For 1941, the rankings were derived from an open-end distribution of families among various income size groups by a process of freehand graphic interpolation of cumulative frequency distributions. Urban and rural families were similarly ranked and classified. It is believed that the data show with reasonable accuracy the nature of certain changes in the pattern of ownership during this period. 3 Ownership of an automobile at time of interview indicated by some member of the family. 3 Ownership in some period during 1941 of an automobile used wholly or partly as a family car. Excludes cars used exclusively for business purposes. 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 8 AGE OF AUTOMOBILES OWNED BY URBAN FAMILIES WITHIN INCOME QUINTILES 1 [Percentage distribution of cars owned by families within each income quintile2] All urban families Highest fifth Second fifth Third fifth Fourth fifth Lowest fifth Age of automobile 3 E 1 a 9 r 5 l 1 y E 1 a 9 r 4 l 9 y 1 E 9 o n 4 f d 1 E 1 a 9 r 5 l 1 y E 1 a 9 r 4 l 9 y 1 E 9 o n 4 f d 1 E 1 a 9 r 5 l 1 y E 1 a 9 r 4 l 9 y 1 E 9 o n 4 f d 1 E 1 a 9 r 5 l 1 y E 1 a 9 r 4 l 9 y 1 E 9 o n 4 f d 1 E 1 a 9 r 5 l 1 y E 1 a 9 r 4 l 9 y 1 E 9 o n 4 f d 1 E 1 a 9 r 5 l 1 y E 1 a 9 r 4 l 9 y 1 E 9 o n 4 f d 1 3 years or less 44 29 42 67 53 68 51 29 44 34 18 29 24 10 19 12 9 9 1 year or less 22 13 19 38 24 36 25 12 15 15 8 12 10 5 4 5 3 9 1 to 3 years 22 16 23 29 29 32 26 17 29 19 10 17 14 5 15 7 6 0 More than 3 years.... 56 71 58 33 47 32 49 71 56 66 82 71 76 90 81 88 91 91 3 to 7 years 4 16 0 40 15 0 25 15 0 46 17 0 52 16 0 45 18 0 24 More than 7 years.. . 40 71 18 18 47 7 34 71 10 49 82 19 60 90 36 70 91 67 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Data for early 1951 and 1949 were obtained in the 1951 and 1949 Surveys of Consumer Finances. They relate to latest model automobile owned at time of interview and to income in the previous year. Data for 1941 were estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. 822, April 1945). The surveys covering 1949 and 1951 differed somewhat from the survey covering 1941 in definition of automobile ownership and the family unit, in the universe covered, and in sampling methods. The figures in this table cannot be used to measure precise changes in automobile ownership. However, it is believed that the data show with reasonable accuracy the nature of certain broad changes in the pattern of ownership during this period. 2 All urban families (including single-person families) were ranked by size of annual money income before taxes in 1950, 1948, and 1941, respectively, and then classified in fifths or quintiles. The rankings for 1941 were derived from the distribution of urban families among various income size groups. ^Automobiles owned at time of interview in January-March 1951 were classified for age as follows: 1 year or less—1950 and 1951 models; 2 to 3 years—1948 and 1949 models; 4 to 7 years—1946 and 1947 models; more than 7 years, 1945 models and earlier. Automobiles owned at time of interview in January-March 1949 were classified for age as follows: 1 year or less—1948 and 1949 models; 2 to 3 years—-1946 and 1947 models and the very few 1945 models; 4 to 7 years—none because of cessation of production in the war period; more than 7 years—1942 models and earlier. Automobiles owned at end of 1941 were classified for age as follows: 1 year or less—1941 and 1942 models; 2 to 3 years—1939 and 1940 models; 4 to 7 years—1935, 1936, 1937, and 1938 models; more than 7 years—1934 models and earlier. Only automobiles which were used wholly or partly as family cars were included; all cars used exclusively for business purposes were excluded. 4 An insignificant number of automobiles were in this age group as of early 1949 because of the cessation of production during the war. TABLE 9 CHARACTERISTICS OF SPENDING UNITS OWNING VARIOUS MODELS OF AUTOMOBILES 1 [Percentage distribution of spending units] Model year All models 1939 and Characteristic of spending unit earlier 1940-42 2 1946-47 2 1948-49 1950-51 Early Early Early Early Early Early Early Early Early Early Early Early 1951 1949 1951 1949 1951 1949 1951 1949 1951 1949 1951 1949 Money income before taxes:3 Under $1,000.. 5 5 11 8 6 4 4 3 3 1 1 $l,000-$l,999 11 11 17 16 14 8 9 5 7 1 3 $2,00O-$2,999 16 19 18 23 21 20 19 13 12 10 11 $3,000-$3.999 22 23 28 27 26 23 21 15 17 19 16 $4,000-$4,999 16 16 12 13 16 18 17 18 19 16 16 $5 000-$ 7 499 20 16 12 10 14 18 19 19 25 34 31 $7,500 and over 10 10 2 3 3 9 11 27 17 19 22 All cases 100 100 100 100 100 100 100 100 100 100 100 Occupation of head of spending unit:4 Professional and semiprofessional 9 7 3 5 5 13 10 13 10 13 11 Managerial and self-employed 17 17 10 10 10 16 19 31 25 24 23 Clerical and sales 12 12 9 10 11 10 11 15 13 15 19 Skilled and semiskilled 31 34 38 36 41 33 36 18 25 27 29 Unskilled 10 7 10 14 11 8 4 4 4 4 2 Farm operator 12 11 12 15 10 10 10 12 11 11 8 All others 5 9 12 18 10 12 10 10 7 6 6 8 All cases.... ... . . 100 100 100 100 100 100 100 100 100 100 100 1 Includes passenger cars and station wagons owned at the time of interview in January-March of designated year by a member of the spending unit; excludes trucks, tractors, motorcycles, and taxicabs. 2 In the 1949 survey, 1945 models are included in the group 1946-47. In the 1951 survey, the few 1945 models in existence are included with 1940-1942 models. 3 Ownership is related to income in previous year. 4 In all distributions except those within 1949 occupational groups, where more than one car is owned by a spending unit, the additional cars are distributed according to their model years. Within 1949 occupational groups, only the most recent model has been distributed, 6 Includes unemployed and retired persons, students, housewives, and persons engaged in police, fire, and other protective services. JULY 1951 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES the proportion of 1946 and 1947 model cars owned buying some type of durable good did not result by spending units with incomes of less than $3,000 in an increase in sales of all types of goods. The increased from about 21 per cent in early 1949 proportion of spending units buying television sets to 32 per cent in early 1951. doubled in 1950 as compared to 1949, but the Furniture and major household appliances. Stocks proportion of the population buying radios declined of household appliances in the hands of consumers (see Table 10). The proportion of spending units have increased rapidly over the past decade. Since purchasing furniture also fell off somewhat. A there was a wartime stoppage of production of significant increase in purchases was found for these items, the major part of this expansion was in washing machines. No significant change was the postwar years covered by the Surveys of Con- indicated in the proportion of the population buysumer Finances. Data relating to the stocks of ing refrigerators. various types of consumer durable goods are not An important element in the demand for many available in the same detail as data pertaining to the types of household equipment is the distribution of stocks of automobiles, but the 1940 and 1950 Cen- spending units among those containing single persuses of Housing do furnish some data indicating sons and those consisting of married persons, espethe magnitude of the movements of stocks of cer- cially those with young children. The increase in tain appliances.5 In 1950, 96 per cent of all the marriage rate during the war and postwar dwelling units were found to have radios in con- periods over the rather low rate prevailing in the trast to 83 per cent in 1940. Dwelling units contain- depressed thirties has increased the proportion of ing mechanical refrigerators rose from 15.1 million spending units in the groups which are especially or 44 per cent of all dwelling units in 1940 to 33.5 active in the markets for appliances such as washing million or 80 per cent in 1950. By April 1950, machines and refrigerators and for furniture. 5.1 million dwelling units had television sets. It should be noted that the demand for tele- Rapid expansion of ownership of television sets vision sets and, to a lesser extent, the demand since the war exemplifies market response to an for refrigerators are apparently not affected as important new product. Ownership of radios unmuch as furniture and washing machines by the derwent a similar rapid expansion in the twenties age and family composition of the spending unit and the thirties, and ownership of refrigerators (see Table 11). The former two items, however, in the thirties and forties. have been undergoing a period of rapid expansion The proportion of spending units reporting the because of their relative newness on the market. purchase of at least one item of furniture or house- After ownership of these items has become more hold appliance continued its postwar rise in 1950 widespread, the market for these goods also will to approximately 42 per cent (see Table 1). The come to be dominated to a greater extent by the number of spending units making such purchases younger, recently married spending units. is estimated to have been about 21.8 million and An interesting side light on the general expansion their aggregate expenditure about 7.6 billion dolof the refrigerator market is the fact that spendlars. The average expenditure was about $350 in ing units having incomes of $1,000 to $1,999 re- 1950, the same as in 1949. ported purchasing a refrigerator more frequently The increase in the total number of consumers than any income group except the topmost one. 6Preliminary Report, 1950 Census of Housing, Series HC-5, Farm operators, many of whom are in the low No. 2, Bureau of the Census, U. S. Department of Commerce. income groups, were especially active in buying The universe covered by the Census of Housing differs somewhat from the universe of the Surveys of Consumer Finances. refrigerators. The basic unit, the dwelling unit, is in general defined as a The most striking shift in the distribution of group of rooms or a single room occupied or intended for the buyers of furniture and household appliances occupancy as separate living quarters, by a family or other group of persons living together or by a person living alone. in 1950 as compared to earlier postwar years was The number of dwelling units coincides with the number of the increase to approximately 28 per cent in the primary spending units in the survey universe. Conceptually, proportion of buyers with incomes of $5,000 or the change in the reported stocks of durable goods present in dwelling units should differ from the total purchases of the more (see Table 2). While increasing slowly from survey population because the former includes changes 1947, this proportion had been only 22 per cent through purchases by businesses owning apartments or building homes for sale complete with appliances. in 1949. The increase in 1950 may be explained 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 10 ACTUAL AND PLANNED PURCHASES OF FURNITURE AND SPECIFIED HOUSEHOLD APPLIANCES X Actual purchases 2 Planned purchases Type of purchase 1950 1949 1948 1947 1946 1951 1950 1949 1948 1947 Furniture: Percentage of spending units 12.6 14.1 15.3 14.0 13.5 8.2 9.6 8.4 8.6 7.7 Estimated number of spending units (in millions) 6.5 7.3 7.7 6.8 6.3 4.2 5.0 4.2 4.2 3.7 Median expenditure $215 $210 $215 $200 $200 $290 $250 $240 $250 $200 Radio:* Percentage of spending units 5.6 7.7 9.6 10.3 6.6 2.7 2.2 3.7 4.8 3.6 Estimated number of spending units (in millions) 2.9 4.0 4.8 5.0 3.1 1.4 1.1 1.9 2.3 1.7 Median expenditure $45 $55 $70 $60 $50 $100 $100 $90 $120 $100 Television set: Percentage of spending units 11.8 5.6 1.3 5.1 6.6 2.8 Estimated number of spending units (in millions) 6.1 2.9 0.7 2.6 3.4 1.4 Median expenditure $300 $330 $465 $250 $260 $340 Refrigerator:5 Percentage of spending units 13.4 13.1 10.8 9.7 5.2 5.1 6.0 5.7 6.2 6.8 Estimated number of spending units (in millions) 7.0 6.8 5.4 4.7 2.4 2.6 3.1 2.9 3.0 3.3 Median expenditure $270 $260 $260 $240 $190 $290 $245 $240 $240 $200 Washing machine: Percentage of spending units 6.3 5.1 6.0 5.1 2.8 2.7 3.0 2.7 3.0 2.8 Estimated number of spending units (in millions) 3.3 2.7 3.0 2.5 1.3 1.4 1.6 1.4 1.5 1.4 Median expenditure $175 $145 $120 $200 $165 $120 would buy, and those who said they probably would buy. reported. 3 Radio purchases in 1950, 1949, and 1948 and prospective purchases in 1951, 1950, and 1949 are not completely comparable with earlier data because of the exclusion of television sets, which are now shown separately. 4 Data not available. 5 Actual refrigerator purchases in 1950 and 1949 and prospective purchases in 1951 and 1950 are not completely comparable with earlier data because of the addition of deep-freeze units. TABLE 11 EFFECT OF FAMILY STATUS ON PURCHASES OF SELECTED DURABLE GOODS, 1950 [Purchasers as percentage of all spending units in specified groups] Item purchased Family status of spending unit Non- New Used Tele- Washing Refrig- Furnih f o a u r s m e x m au ob to il - e m au ob to il - e vi s s e io t n Radio machine erator ture Single person: Age 18-44 1 6 11 4 6 (2) 4 5 Age 45 and over 1 4 4 4 4 (2) 7 6 Married:2 Age 18-44, no children under 18. .. 4 17 20 16 8 8 16 25 Age 18-44, 1-2 children under 18. . 9 13 22 18 5 9 17 20 Age 18-44, 3 or more children under 18 . .. 7 8 24 14 8 14 20 14 Age 45 or over, no children under 18. 4 11 9 12 5 5 16 10 Age 45 or over, 1 or more children under 18 5 13 13 14 6 7 15 11 1 Nonfarm house purchasers as a percentage of nonfarm spending units. 2 No cases reported or less than one-half of 1 per cent. 3 Age refers to person considered as head of spending unit. JULY 1951 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 12 METHOD OF FINANCING FURNITURE AND MAJOR HOUSEHOLD APPLIANCES, 1950 [Percentage distribution of spending units within income groups] 1950 money income before taxes All Method of financing spending units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Cash for all items 20 7 12 14 21 21 35 55 Instalment credit for all items 17 5 17 16 25 24 15 7 Cash for some items, instalment credit for others. 4 1 2 4 5 5 8 3 \ro items boughtl 59 87 69 66 49 50 42 35 All cases 100 100 100 100 100 100 100 100 Number of cases 3,415 418 514 567 601 441 538 294 1 Includes cases for which information concerning items purchased and method of financing was not ascertained. These cases account for about one-half of 1 per cent of all cases. in part by the 4 per cent increase in the proportion buying these items used credit in 1950 (see Table 5). of spending units in this group; in part, by the much This represented a decline from the 54 per cent greater increase in the relative frequency of pur- in 1949 but was still above the 1947 proportion of chases of these goods within the income groups of 42 per cent. Among spending units having in- $5,000 or more than within the lower income comes of $1,000 to $4,999, the proportion of purgroups (see Table 3). The higher income groups chasers using credit for the purchase of at least one may have been in a better position to engage in an- item was substantially greater than the proportion ticipatory buying after the invasion of South Korea. making only cash purchases. The reverse held for Spending units headed by persons under 35 years those having incomes of $5,000 or more while in the lowest income group cash buyers and users of of age were less important to the market for furcredit were about equal in number (see Table 12). niture and household appliances than they had been The progressive increase in the frequency of in 1948 and 1949. As in the case of automobiles, spending units using instalment credit from the entrance into the armed forces and general uncerlower income groups through the $3,000-$4,999 tainty as to their position may account for the group indicates the close relation between the decline in importance of the younger groups as ability to obtain credit and the level of income buyers of durable goods (see Table 4). (see the chart below). This relationship was not When buyers of durable goods are classified by occupation, the principal movements—other than CONSUMER USE OF CASH AND INSTALMENT CREDIT TO BUY those largely accounted for by changes in the rela- FURNITURE AND MAJOR HOUSEHOLD APPLIANCES tive numbers of the various occupational groups— Per Cent Percentage of Spending Units within Income Group Per Cent are the decreased importance of the farm operator group and the increased share of the managerial Cash for Some Items, Credit for Other nstalment Credit for All Items and self-employed group. Farm operators pur- Cash for All Item chased durable goods at a lower rate than in 1949, notwithstanding generally higher incomes. Since the primary impetus to the rise in income was the rapid increase in farm product prices in the fall, and since many farmers do not realize their income until late in the year, the stimulus of increased incomes operated only in a brief portion of the year and did not offset the effects of falling farm income in 1949 on their 1950 purchases. In 1950 the trend shown in previous postwar years toward more extensive use of credit by purchasers of furniture and household appliances was $5,000 $7,500 $7,499 AND OVER reversed. About 50 per cent of the spending units 1950 Money Income before Taxes 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES apparent among spending units with incomes of almost 60 per cent of 1950 television purchases. $5,000 or more, probably because they did not need The 53 per cent of the spending units in cities and to use credit as often as those with lower incomes. towns under 50,000 and in the open country ac- Although spending units with incomes of $5,000 counted for about 25 per cent of all television or more used credit less frequently than those purchases. with lower incomes, those that borrowed tended to Prices of television sets reported by purchasers borrow larger amounts. As a consequence the one- continued to fall in 1950 but the change in the fifth of all spending units in this income group con- median price from $330 in 1949 to $300 in 1950 tained two-fifths of the borrowers of $500 or more. was not as sharp as the $135 decline between 1948 Use of credit for the purchase of furniture and and 1949 (see Table 10). household appliances was more frequent when the About 45 per cent of the television purchasers expenditures involved were large. About 30 per reported the use of credit to finance their purchases cent of the spending units whose purchases totaled and about 30 per cent borrowed more than threeless than $100 used credit. Slightly over 50 per quarters of the net price. Credit was used by about cent of the spending units whose expenditures 25 per cent of the purchasers of television sets who ranged from $100 to $499 reported using credit had incomes of $5,000 or more and by about 55 for at least one of their purchases, and about 60 per cent of the purchasers having incomes less than per cent of those making expenditures of $500 to $5,000. There was little difference indicated in $999. the proportion of purchases involving credit within Ability and willingness to draw on accumulated various price groupings. liquid assets was probably an important determi- Purchase of nonfarm houses. The frequency of nant of the method of financing the purchase of home ownership has risen in the postwar period durable goods. The general importance of puras a result of record rates of new house construcchases of cars and durable goods as a reported tion and of the transfer of existing houses from reason for the reduction of liquid assets was noted rental status to owner occupancy. Early in 1951, above in the discussion of automobile purchases. according to survey findings, about 54 per cent of More than 20 per cent of the spending units purthe nonfarm families reported owning their homes chasing furniture and household appliances entirely in comparison to 51 per cent early in 1950 and 49 for cash, but less than 10 per cent of the spending units using credit for all their purchases, reduced per cent early in 1948 (see Table 13).6 liquid assets by $500 or more. Another finding On the basis of survey findings, it is estimated as to the relation between methods of financing and that about 2.2 million new and existing houses liquid assets was that almost one-third of the spend- were purchased for owner occupancy during 1950 ing units using credit in all their purchases re- with an aggregate expenditure of about 20.7 bilported that they did not hold any liquid assets at lion dollars (see Table 1). Both average and the beginning or end of 1950. median purchase price rose in 1950 and reached Television sets. Characteristics of purchasers of the highest level in the postwar period.7 television sets and the methods which they used to finance their purchases are of particular interest 8 The 1950 Census of Housing indicated that 53 per cent because the industry has undergone such rapid of all occupied nonfarm dwelling units were owner occuexpansion in the period covered by the surveys. pied as of Apr. 1, 1950. This is very close to the cor- In 1948, about 6 in 10 of the 700,000 purchasers responding estimate derived from the 1950 Survey of Consumer Finances. had incomes of $5,000 or more. Four in ten pur- 7 A more detailed discussion of house purchasers in late chasers of television sets were in this income group 1950 and early 1951 is given in the article on pp. 777-99 of in 1949 when estimated purchasers were 2.9 million this issue of the BULLETIN. That article presents the results of a special survey of the housing market which obtained and again in 1950 when estimated purchasers rose information from a larger sample of house purchasers than to 6.1 million units (see Table 2). The concentra- was obtained by the 1951 Survey of Consumer Finances. Differences in the universe covered by each survey, in the tion of telecasting facilities in larger centers of popuchoice of the basic sampling unit, in the treatment of certain lation has resulted in a corresponding concentration financial details, and in the over-all scope of the questionof purchases. Thus metropolitan areas with 31 naire give rise to certain differences in the data obtained from the two surveys and make it difficult to make other per cent of the survey's population accounted for than very broad comparisons. JULY 1951 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 13 HOME-OWNING AND RENT-PAYING NONFARM FAMILIES WITHIN DIFFERENT GROUPS 1 [Percentage distribution of nonfarm family units within specified groups] Number of cases Home-owning Rent-paying Neither Group characteristic 1951 1950 1948 1951 1950 1948 1951 1950 1948 1951 1950 1948 All nonfarm families 2,649 2,670 Family income in preceding year (before taxes): Under $1,000 225 268 C2) 50 43 36 19 $ $2 l, , 0 0 0 0 0 0 - -$ $ 2 l, , 9 9 9 9 9 9 3 3 1 5 9 2 3 4 7 7 2 2 () 4 4 6 4 3 4 5 7 4 5 5 1 6 7 $3,000-$3,999 450 538 50 50 47 2 $4,000-$4,999 372 363 59 55 38 3 $5,000-$7,499 557 392 61 65 38 2 $7,500 and over 361 233 75 71 24 t Occupation of head of family: Professional and semiprofessional 235 254 50 41 47 45 52 43 10 Managerial and self-employed 471 441 65 66 70 33 31 28 2 Clerical and sales 352 349 45 44 44 54 54 48 8 Skilled and semiskilled.... 804 765 55 55 46 43 43 50 4 Unskilled and service 218 294 37 36 34 47 49 49 17 Retired 208 176 70 69 64 26 25 31 5 Age of head of family: 18-24 101 120 15 18 24 79 76 71 25-34 525 585 37 33 37 58 62 57 35-44 635 626 52 51 46 45 45 50 45-54 554 555 65 60 59 30 35 37 55-64 450 402 68 65 58 28 28 35 65 or more 368 354 65 65 64 30 30 29 Veteran status: No veteran of World War II in family 1,979 1,957 57 38 One or more veterans of World War II in family. . 640 694 44 53 1 In this table, families include single-person units. Comparable data for 1949 are given in the Federal Reserve BULLETIN for September 1949, Table 1, p. 1040. 2 Data not available. There has been little evidence of change in the An increased frequency of house purchases in postwar years in the proportion of houses bought 1950 as compared to 1949 appears in practically entirely for cash and those financed in part by credit. all income, age, and veteran status groupings of The proportion of purchasers paying all cash has nonfarm spending units (see Table 14). The freranged between a sixth and a fifth. Although the quencies of purchases within these various groups proportion of purchasers using credit has not in- remained practically the same in 1950 as in 1948. creased, successive relaxations of housing credit Spending units headed by persons between the terms have tended to result in a lower average ages of 25 and 44 accounted for about 60 per cent down payment so that the average ratio of credit of the nonfarm home purchasers throughout the to cash involved in house purchases has risen. postwar period although they constituted only Since housing credit at favorable rates was about 45 per cent of the population (see Table 15). in large supply through 1950, the most important The dominance of these age groups in the housing limiting factor on sales was apparently the rate market can be explained largely by the higher rate of production of houses. The persistence of an of family formation with consequent requirements excess in the number of spending units planning for enlarged housing facilities. The relatively large to buy newly constructed houses during each of representation of spending units containing vetthe postwar years over those actually buying would erans among house purchasers—more than oneindicate, assuming that planned purchases con- third as compared with only one-quarter of all formed to consumers' ability to buy, that available nonfarm spending units—reflects the concentration supply had constantly restricted the volume of new of younger men in the veteran group and the high house sales. rate of family formation within this group. 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 14 During the 1949-50 period, spending units with incomes less than $2,000, constituting 25 to 30 ACTUAL AND PROSPECTIVE BUYERS OF NONFARM HOUSES WITHIN VARIOUS GROUPS per cent of all nonfarm spending units, accounted for only about 10 per cent of the home purchases [Buyers as a percentage of all nonfarm spending units within groups] (see Table 16). This group includes a large pro- Actual Prospective 1 portion of the younger and the older people who Group characteristic are not active in the housing market. The groups 1950 1949 1948 1951 1950 1949 with incomes between $2,000 and $3,999 accounted All nonfarm spending units . 5 4 5 4 6 5 for roughly the same share of house purchases as their relative population weights or roughly 45 Age of head of spending unit: 18-24 . . . 2 3 4 4 7 6 per cent. The higher income groups, of course, 25-34 7 4 7 7 9 10 35-44 7 4 7 4 6 7 accounted for somewhat more than their propor- 45-54 . . .. 5 4 6 5 4 5 55-64 3 3 1 5 3 tionate share of home purchases. 65 and over 2 1 1 1 2 While the estimated frequency of home-owner- Veteran status: Veteran of World War ship among all nonfarm families has risen sub- II in unit 7 5 7 7 11 7 No veteran of World stantially during the postwar years, all groups in the War II in unit 4 3 5 3 4 4 population have not shared equally in this increase. Money income before taxes:3 Under $1,000 1 1 2 4 1 In comparing data concerning ownership of homes $l,000-$l,999 2 1 2 3 2 3 $2,000-$2,999 5 2 4 4 6 4 in different years, it must be realized that age, in- $3,000-$3,999 7 5 6 4 7 7 come, and, to a lesser extent, occupational groups do $4,000-$4,999 5 5 7 4 9 6 $5,000 and over 6 6 8 8 8 8 not include the same family units from year to year. In general, the increase in the frequency of home- 1 Includes those who had bought in given year prior to interview, those who said they definitely would buy, and those who said ownership has been more pronounced among famthey probably would buy. Data for 1950 and 1951 are not completely comparable with earlier data because of changes in coding ilies headed by persons between the ages of 35 procedures which tend to reduce somewhat the proportions of and 65 than among the younger and older groups prospective buyers in 1950 and 1951 relative to 1949. Nevertheless, a larger proportion of spending units appear to have been (see Table 13). prospective buyers in 1950 than in 1949, and a smaller proportion had definite plans for buying. Classifications by the occupation of the head of 2 No cases reported or less than one-half of 1 per cent. 3 Prospective purchases in 1951 and actual purchases in 1950 the family or by family income do not indicate are related to 1950 income. Data for earlier years are similarly related. any definite trends in the frequency of home- TABLE 15 ACTUAL AND PROSPECTIVE BUYERS OF NONFARM HOUSES, BY AGE AND VETERAN STATUS 1 [Percentage distribution of nonfarm spending units] All nonfarm spending units Actual buyers Prospective buyers Group characteristic 1950 1949 1948 1950 1949 1948 1951 1950 1949 Age of head of spending unit: 18-24 9 11 11 5 9 8 10 12 8 25-34. 22 24 22 31 26 30 39 39 37 35-44 23 22 22 32 31 30 23 23 22 45-54 18 18 19 17 26 22 21 12 21 55 and over 28 25 26 15 7 10 7 13 11 Not ascertained (2) (2) (2) (2) 1 (2) (2) 1 1 All cases. . 100 100 100 100 100 100 100 100 100 Veteran status: Veteran of World War II in unit 25 27 25 36 40 34 42 50 37 No veteran of World War II in unit 74 73 74 63 58 66 57 50 63 Not ascertained 1 (2) 1 1 2 (2) 1 (2) (2) All cases. . ... 100 100 100 100 100 100 100 100 100 Number of cases 3,027 3,102 3,082 166 107 163 122 176 159 1 Includes new and existing nonfarm houses. 2 No cases reported or less than one-half of 1 per cent. JULY 1951 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 16 At best, analysis of consumers' intentions to buy is a very complex undertaking. The increase noted INCOMES OF ACTUAL AND PROSPECTIVE BUYERS OF NONFARM HOUSES above in the proportion of spending units that were [Percentage distribution of spending units] undecided whether to buy houses during the coming year points up one of the most difficult aspects Money income before taxes 1951 1950 1949 1948 1947 of this problem. A consumer's expression of intention to buy during the coming year is based on his Actual buyers: Under $1 000 3 4 5 4 forecast of prices, credit conditions, his own income, $l,000-$l,999 7 8 6 13 $2,000-$2,999 19 15 22 22 ease of obtaining the commodity, and similar $3,000-$3 999 31 28 24 24 $4,000-$4,999 14 16 18 19 aspects of the market and his personal situation. $5,000 and over 26 29 25 18 In periods of rapid political and economic change, All cases... 100 100 100 100 buying plans include a greater element of uncer- Number of cases 166 107 163 171 tainty. Recent developments such as wage adjust- Prospective buyers: ments and changes in the international situation, to Under $1,000 1 8 2 1 3 $1,000-$!,999 11 6 11 10 23 mention only two, require that buying plans ex- $2,000-$2,999 17 21 19 22 24 $3,000-$3,999 20 25 29 24 25 pressed in the survey interview be used cautiously $4,000-$4 999 13 18 14 15 10 $5,000 and over 38 22 25 28 15 at this time. Data regarding factors which afreet All cases. 100 100 100 100 100 the level of prospective purchases and information Number of cases 122 176 159 135 170 as to conditions which consumers report as affecting their buying plans may, however, be of some use All nonfarm spending units: Under $1,000 11 12 9 12 in evaluating the future trend of consumer demand. $l,000-$l,999 17 19 17 22 $2,000-$2 999 19 22 24 23 In general, changes in rates of earnings, the feel- $3,000-$3,999 20 19 22 18 $4 000-$4 999 13 12 12 10 ing of being better or worse off, and evaluation $5,000 and over 20 16 16 15 of the present period as being a favorable or unfa- All cases 100 100 100 100 vorable one for the purchase of durable goods are Number of cases 3,027 3,102 3,080 3,174 factors associated with planning to purchase durable goods. NOTE.—Distributions of prospective buyers in 1951 and actual buyers in 1950 are related to distribution of income in 1950. Data In large part the buying plans expressed at for earlier years are similarly related. Table therefore reflects shifts in distribution of both buyers and income. It is necessary the time of the survey interview are probably to keep in mind, as indicated in lower part of table, that from 1947 to 1948 there was some shift from lower to higher income brackets; carried out or altered by midyear. In the 1951 in 1949 there was a temporary reversal of this tendency, but it was resumed in 1950. survey there was greater concentration of prospec- Purchasers of new and existing nonfarm houses are included in the distribution. tive buyers of television sets and refrigerators who indicated that their purchases would be made durownership from 1948 to 1951. The number of ing the first half of the year than had been the cases involved in most groupings is rather small case in the 1950 survey. It is noteworthy that the and so any changes from year to year in the survey findings reported in the April issue of this frequency of ownership are well within the sam- BULLETIN were among the first indications of the pling errors of differences. The data concerning softness developing in various durable goods marhome ownership, however, do provide a basis for kets since the spring of the year. evaluating the relative frequencies of home-owner- Automobiles. The relative frequency of spending ship within various groupings during the postwar units planning early in 1951 to buy automobiles period. during the course of the year fell sharply below the CONSUMERS' BUYING PLANS corresponding estimate for 1950 (see Tabk 17). At the beginning of 1951, consumers planned to While about 10 per cent had definite buying plans buy houses, furniture, and major household appli- early in 1950, only 6 per cent planned with the ances with about the same frequency as at the same degree of certitude in early 1951. Inclusion beginning of the previous year. In contrast, fewer of the group composed of spending units that consumers planned to buy automobiles within were thinking of buying a car although they had the year in 1951 than in 1950. Those thinking of not reached a definite decision does not alter the buying a house were less certain they would carry picture. On this basis the proportion of prospecout their plans than had been the case in 1950. tive purchasers fell from 18 per cent in 1950 to 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES 12 per cent in 1951. Plans to buy both new and intended to pay cash or cash plus a trade-in for used cars were subject to this movement. their purchases (see Table 5). It is interesting to The income distribution of prospective buyers note that while the proportion of cash purchases changed little from 1950 and any differences were of new cars did not vary between prospective and well within the range of sampling error (see Table actual purchases in 1950 and 1949, in the case of 2)." used cars the proportion of cash purchases tended The median price of prospective new car pur- to be larger for actual than for prospective purchases did not change significantly between early chases. 1950 and early 1951 although an upward trend Furniture and major household appliances. The prohad been evident since 1946. In the case of used portion of spending units having definite plans cars, however, the median prospective price moved to buy at least one household appliance or article sharply upward, perhaps because demand for post- of furniture during the course of the year was war models increased relative to that for prewar about the same in early 1951 as in early 1950. models. With respect to particular items covered by the survey, the number of prospective buyers of radios was greater in early 1951 than in early 1950; the TABLE 17 number planning to purchase television sets was CONSUMER ATTITUDES TOWAUD PURCHASES OF HOUSES AND smaller; and there was no change for furniture, DURABLE GOODS refrigerators, and washing machines (see Table 10). [Percentage distribution of spending units] There was a sharp increase (from about 10 per Attitude 1951 1950 1949 1948 1947 1946 cent in 1950 to 30 per cent in 1951) in the proportion of those who, though fairly definite about House: x Will buy 2 3.1 4.4 3.1 3.4 3.8 (3) their buying plans, were not able to estimate the Will probably buy or undecided 5.4 4.0 3.9 4.1 4.9 (3) price of their prospective purchases (see Table 18). Will not buv 90.6 90.7 91.9 92.2 89.5 (3) This change can probably be explained by the Not ascertained 0.9 0.9 1.1 0.3 1.8 (3) greater difficulty in predicting expenditures when All cases 100.0 100.0 100.0 100.0 100.0 (3) prices are expected to change than when prices New house 4 2.1 3.6 2.6 2.1 2.7 (3) Existing house 4 1.6 1.5 1.9 1.6 2.3 (3) are expected to be relatively stable. Early in 1949, Uncertain new or existing* 0.4 0.7 0.5 0.9 0.9 (3) when over half of the spending units expected Auto W mo il b l i b le u : y 2 5.6 10.1 9.0 7.3 8.0 8 prices to fall during the year, there was greater Will probably buy or uncertainty about the amount of prospective exundecided 6.7 7.4 9.6 8.9 6.8 5 Will not buy 87.3 82.4 81.2 83.6 84.3 84 penditures than in 1950, when the existing price Not ascertained 0.5 0.1 0.2 0.2 0.9 3 level was more generally expected to continue un- All cases 100.0 100.0 100.0 100.0 100.0 100 changed. The median amount of expected expendi- Furniture and major household appliances: tures rose to about $300 in 1951 from about $290 W W i i l l l l b p u r y o b 2 ably buy or 20.0 19.4 17.2 16.3 14.5 22 in 1950. This continued a trend present since 1947. Wi u ll n d n e o c t i d b e u d y 7 7 2 . . 4 0 7 9 1 . . 0 6 6 1 9 3 . . 1 7 7 1 2 1 . . 3 1 7 1 2 1 . . 5 3 6 1 3 1 The income distribution of prospective buyers Not ascertained 0.6 (5) (5) 0.3 0.7 4 of furniture and household appliances included a All cases 100.0 100.0 100.0 100.0 100.0 100 somewhat greater proportion of spending units with incomes of $5,000 or more in 1951 than in previous 1 Includes plans for both new and existing nonfarm houses reported by nonfarm spending units only. years. This increase reflected primarily the general 2 Includes those who had purchased in given year prior to being interviewed. upward movement in the distribution of money 3 Data not available. 4 Includes those who will buy and will probably buy. incomes in 1950. 5 No cases reported or less than one-half of 1 per cent. Houses. The proportion of spending units having definite plans to buy a house during the year As in the previous survey, about one-half of the was smaller early in 1951 than the previous year. prospective purchasers of new cars and about one- Inclusion of spending units whose plans were less third of the prospective purchasers of used cars definite indicated no significant change in the 8 Data regarding the characteristics of prospective purchasers, potential demand for nonfarm homes (see Table expected prices, and methods of finance are subject to greater 17). There was some indication of a shift in sampling error this year because of the smaller number of demand from new to existing houses. cases involved and for this reason must be used cautiously. 775 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 18 $9,200 and the average price of $9,300 were both significantly above the corresponding prices re- PRICE CLASS OF ACTUAL AND PROSPECTIVE PURCHASES OF HOUSES AND CONSUMER DURABLE GOODS ported by prospective purchasers in 1950. These [Percentage distribution of buyers] expected prices had moved upward in most previous postwar years. Actual Prospective purchasers purchasers l The frequency of definite or fairly definite plans Price class to buy a home changed little between early 1950 1950 1949 1948 1951 1950 1949 1948 and early 1951 among spending units having incomes of $5,000 or more. It declined, however, House:* Under $5,000... . 28 36 30 15 22 21 24 among spending units with incomes below $5,000. $5,000-$7,499. . . 16 21 15 17 23 26 23 $7,500-$9,999. . . 14 18 18 18 21 17 16 As a result of these movements and of the 4 per $10,000and over. 42 24 33 43 28 30 24 Uncertain 1 4 7 6 6 13 cent increase in the proportion of spending units with incomes of $5,000 or more, the share of the AH cases.... 100 100 100 100 100 100 100 prospective market accounted for by this group Number of cases 166 107 163 122 176 159 135 rose from about 25 per cent in earlier years to New automobile:4 Under $1,500.... 1 1 6 4 1 over 35 per cent in 1951. $l,500-$l,999. . . 38 35 36 50 $2,000-$2,499. . . 33 37 35 29 Prospective purchasers within age and veteran $ $ 2 3 , , 5 0 0 0 0 0 - a $ n 2 d , 9 o 9 v 9 e . r . . . . 21 7 22 5 1 5 8 1 1 4 (*) ( s ) status groups were uniformly less frequent early Uncertain in 1951 than in 1950 if only definite and probable All cases.... 100 100 100 (5) 100 (5) plans to purchase homes are considered. Spending Number of cases 415 356 256 (5) 284 (5) units including veterans among their members and Furniture and other spending units headed by persons aged 25 to 34 household appliances:8 continued to account for a much larger proportion Under $100 13 18 20 8 8 13 15 $100-$199 14 19 19 11 16 15 18 of prospective home buyers than of the total popu- $200-$299 24 21 17 16 24 17 19 $300-$499 27 22 22 21 24 21 20 lation. This pattern has been marked throughout $ $ 1 5 , 0 0 0 0 - 0 $ 9 a 9 n 9 d over. . 1 3 7 1 5 4 1 6 3 1 4 1 1 7 2 1 4 2 1 5 0 the postwar period. Uncertain 2 1 3 29 9 18 13 More than one-third of the prospective home All cases.... 100 100 100 100 100 100 100 buyers expected to make cash down payments of Number of cases 1,490 1,407 1,384 538 885 840 797 $1,000 to $2,999 and another 40 per cent expected to make cash payments of $3,000 or more. Only 1 Includes those who purchased in given year prior to being interviewed, those who said they definitely would buy, and those one-eighth expected to make a cash expenditure who said they probably would buy. 2 Includes both new and existing nonfarm houses. The price of less than $1,000. The expected down pavments n d e is w tr ly ib u b t u i i o lt n s h s o h u o s w es n th he an re d c o o n th ta e i n d a a t a l a r r e g p e o r r p te r d o p i o n r t t i h o e n a o r f t i l c o le w o p n r ic p e p d . , were in sharp contrast to the reported liquid asset 777-99 of this BULLETIN. The difference appears to be due in part positions of the prospective buyers. While 75 per to differences in the universe to which the data applv and in part to the inclusion in the later article of an allowance for labor per- cent expected to make cash down payments of formed by the owners. 8 No cases reported or less than one-half of 1 per cent. $1,000 or more, less than 40 per cent reported 4 Prices were coded to nearest hundred dollars in the 1950 and earlier surveys. For these surveys, price brackets are: under holding liquid assets totaling $1,000 or more. In $1,450, $l,450-$l,949; $l,950-$2,449; $2,450-$2,949; and $2,950 and over. more than 15 per cent of the cases the spending 5 Data not available. 6 Prices refer to total value of such goods bought by a spending units reported having no liquid assets even though unit before allowances for trade-ins. planning to buy a home. Evidently, current in- The acceptance of higher prices for housing in come and sale of nonliquid assets were expected the current economic setting is apparent in the to furnish substantial portions of the down paymovements of the median (middlemost) and mean ment. About one-fourth of the prospective buyers (average) prices which prospective house buyers already owned a home and one-half of these had expected to pay in 1951. The median price of equities of $5,000 or more. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGULATION1 This article presents the findings of a nationwide Finance Administrator, issued Regulation X stipusurvey of purchases for owner occupancy of 1- and lating minimum down payments and maximum 2-family nonfarm houses during the early period maturities for conventional mortgages (that is, not of regulation of residential real estate credit—the insured or guaranteed) on new home construction, five months following October 12, 1950. The sur- and the FHA and the VA, through the HHFA, vey, which was conducted for the Board of Gov- further tightened the terms of insured and guarernors of the Federal Reserve System by Na- anteed mortgages on both new and existing houses. tional Analysts, Inc., provides data on character- While the present article is largely concerned istics of purchasers, prices of houses, sources of with house purchase transactions following the funds used, and characteristics of mortgages. All adoption of these regulations, some comparisons information was supplied on a voluntary basis. are made with similar survey data for a pre-regula- Regulation of residential real estate credit under tion period—the eighteen months preceding the the authority of the Defense Production Act of 1950 Korean outbreak. Such comparisons are made poswas undertaken in an area where credit was already sible through the cooperation of the Housing and greatly influenced by Government activity. A sub- Home Finance Agency and the Survey Research stantial proportion of the home mortgages being Center of the University of Michigan which made made by private financing institutions, especially available to the Board's staff the results of a naon new houses, were either insured by the Federal tional survey sponsored by the HHFA and con- Housing Administration or guaranteed by the ducted by the Survey Research Center.2 Although Veterans Administration, with the terms of lend- FHA insured and VA guaranteed mortgage credit ing determined in part by regulations of these was restricted somewhat beginning July 19, 1950, agencies. Terms of such mortgages were tightened the period of regulation referred to in this article somewhat, effective July 19, 1950, when these is the five months after October 12, 1950, the date agencies, in response to a request from the Presi- when comprehensive real estate credit regulation dent, acted to restrict the availability of insured or became effective. guaranteed home mortgage credit. Comprehensive Federal regulation under the Defense Pro- MAJOR FINDINGS duction Act to restrict the further expansion of residential real estate credit was introduced on Comparison with house purchase market before credit regulation October 12, 1950. The Board of Governors on that date, with concurrence of the Housing and Home 1. Existing houses appear to have been somewhat more important, relative to new houses, in the 1 From the Board of Governors, general supervision of house purchase market in the five months followthe survey has been under Ralph A. Young, Director of the Division of Research and Statistics, and Homer Jones, ing the issuance of Regulation X and the accom- Chief, and Ramsay Wood of the Consumer Credit and panying FHA and VA regulations than in the Finances Section of the Division. The Division of Research eighteen months prior to the Korean outbreak. and Statistics has had responsibility for planning the over-all content of the survey, analyzing the survey results, and pre- Survey results indicate that the ratio of existing to paring this article. new house purchases was about 1.5 to 1 in the From National Analysts, Inc.—the agency which conducted the survey—the work was under the general direc- recent period compared with about 1.3 to 1 in tion of Arnold J. King, Managing Director. John F. Kofran the earlier period. had the responsibility for the detailed planning and super- The increased inflationary pressures, the ecovision of the survey. Walter Monroe was head of the field staff, and Robert McMillan was in charge of the sampling. nomic controls, and the greater uncertainties of the The present article was prepared by James Lorie with the special assistance of Doris Warner of the Board's Division of 2 Although the sample designs and interviewing proce- Research and Statistics. Various staff members have con- dures of the HHFA and Federal Reserve surveys were tributed important technical suggestions in connection with similar, some significant differences exist. These differthe analysis and interpretation of survey results. ences are discussed in the Appendix to this article. JULY 1951 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION post-Korean economy appear to account for this Carry-over commitments shift in the house purchase market. Demand for 5. Because of the long period required to plan housing was greatly stimulated and prices of both the construction and financing of residences and new and existing houses rose, with the advance the frequently complex and contractual nature of being somewhat greater for new than for existing the plans, it was necessary, in order to avoid dishouses, according to current market information. ruption of the residential real estate market, to Also, uncertainties as to costs and prices of new exempt from regulation all mortgage commitments houses became greater. These price developments made prior to the effective date of regulation. The tended to deflect some purchasers from new to real estate market was extremely active while Reguexisting houses. Further, demand for home ownerlation X and its counterpart regulations were under ship by tenants was increased by the renewed prosconsideration and a very large volume of exempt pects of housing shortages while prospects for rent commitments was carried forward into the period controls encouraged owners, in the light of World of regulation. As a result, half of all new houses War II experience, to sell to tenant occupants. purchased with mortgages in the first five months 2. In both periods about five-sixths of all purof credit regulation were bought on terms more chasers used mortgage credit, sometimes along with liberal than those permitted on nonexempt mortother borrowing. An additional very small proporgages. tion used borrowing not involving a mortgage and Pre-regulation commitments were of negligible about 15 per cent incurred no debt in acquiring importance for existing houses; only one-tenth of a house. these were bought on the more liberal terms avail- 3. The proportion of purchasers using some able before regulation. The relatively slight imporliquid assets—that is, United States Government tance of carry-over commitments in the market for securities, deposits in bank accounts, shares in existing houses is attributable in part to exemption savings and loan associations, and currency— from regulation of the major portion of existing was greater in the early regulation period than house purchases—those which are conventionally fiin the pre-regulation period. The primary reasons nanced. In part it is attributable to the difference in for this change appear to be that a smaller proporthe nature of the markets for new and existing tion of purchasers after regulation obtained funds houses. Builders—deriving their incomes from the from the sale of a house, and that an increased prosale of houses—are particularly alert to the ecoportion of purchasers made larger down payments nomic advantage of securing FHA or VA commitunder the more restrictive terms effective under ments on the houses they have to sell. Since conthe regulation of mortgage credit. Of particular struction often takes several months, it is not surimportance with regard to this latter point is the prising that on October 12, 1950 a large proportion fact that 100 per cent loans were no longer perof new houses in the process of construction were mitted by the VA under the July 19 and October covered by pre-regulation commitments. Owners 12 regulations. of existing houses, on the other hand, are often 4. While the early regulation period was one of unfamiliar with the mechanics of securing or the advancing residential real estate prices for dwellings advantages of having such commitments. Furtherof a given size and quality, there was only a small more, these owners frequently cannot foresee their change as compared with the pre-regulation period desire to sell. Largely for these reasons, a much in the price distributions of either new or existing smaller proportion of the existing than of the new houses which were transferred. Prices of houses houses coming on the market in the early period tend to bear a stable relationship to the incomes of regulation were covered by commitments. of purchasers. The income distributions of those 6. The clearest picture of the part played in purchasing houses in the two periods were not the housing market by carry-over commitments greatly different, despite the increase in incomes can be secured by focusing on new houses. Prethat occurred for the population generally. There regulation terms for mortgages on new houses is also reason to believe that buyers of houses were used with the greatest frequency in metrodowngraded somewhat the size and quality of their politan areas, by veterans, and for houses costing purchases. $7,500 to $12,499 (see Table 1). About three-fifths 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION TABLE 1 $7,500 and $12,499. It was within these price brackets that FHA insured and VA guaranteed NEW HOUSES PURCHASED IN PERIOD OCTOBER 12, 1950— mortgages were used most frequently, with the MARCH 15, 1951 ON PRE-REGULATION AND REGULATION TERMS result that the middle income groups more com- [Percentage distribution within characteristic of monly than others had the advantage of the relanew house purchases] tively low interest rates, long maturities, and high loan-price ratios which are characteristic of such C of h p a n u r e r a c w c h t a e h s r o e is u s t s i e c b N c e a u r s m e o s - f te A rm ll s P u te r l e a r - m t r i e o s g n 1 - t R l e a r e t m i g o u s n - 2 mortgages. 9. Veterans have been extremely important in All new house purchases.. . 354 100 49 51 the house purchase market in the entire postwar Location of houses: period. In the five months after October 12, 1950, Metropolitan area 237 100 58 42 Nonmetropolitan area.. . 117 100 31 69 they accounted for about half of all house purchases. In the new house market, where VA guaranteed Veteran and nonveteran purchasers :3 financing usually was more easily obtained and Veterans 226 100 59 41 Non veterans 127 100 32 68 where pre-regulation commitments were more fre- Price of house: quent, veterans accounted for almost two-thirds of Under $7,500 61 100 37 63 $7,500-$9,999 96 100 58 42 the purchases. In making their purchases veterans $10,000-$12,499 112 100 60 40 relied for funds more frequently on first mortgages $12,500-$14,999 30 100 44 56 $15,000 and over 55 100 25 75 and slightly less frequently on the prior sale of another house than did non veterans. The mort- 1 Includes new houses purchased on more liberal terms than those prescribed by the regulations. gage terms of veterans were characterized by rela- 2 Includes new houses purchased on terms which were available to purchasers not having pre-regulation financing commitments tively low interest rates—five-sixths were written when Regulation X and companion credit regulations were issued. 3 Excludes 1 case for which veteran status of purchaser was not at rates of 5 per cent or less—long maturities, and ascertained. high loan-price ratios. These characteristics reflect the fact that about 6 in 10 of the veteran mortof the new house purchases in each of these categages involved Government insurance or guarangories involved such terms. These were the catetees as compared with 3 in 10 of nonveteran mortgories in which insured and guaranteed loans were gages. Forty per cent of the mortgages of veterans most prevalent. were VA guaranteed. 7. In assessing the impact on the housing market of the exhaustion of pre-regulation commitments, Financial characteristics of house purchases it is pertinent to consider what assets house purchasers had left after taking advantage of pre-regu- 10. In the period October 1950-March 1951, the lation terms. About one-fourth of such purchasers median price of new houses—$10,400—was 15 per had left liquid assets valued at $1,000 or more after cent higher than the median price of existing houses their purchase, and about one-tenth had liquid —$9,000. The distribution of purchases among assets valued at $2,000 or more. It would appear, the various price classes was much more even for therefore, that some proportion of these purchasers existing than for new houses. The latter were would probably have met stiffer terms if they had heavily concentrated between $7,500 and $12,499— found it necessary. about 60 per cent of the new houses falling within this range. Characteristics of house purchasers 11. Credit on the security of a first mortgage and 8. In the five months after October 12, 1950, liquid assets were by far the most frequently used house purchasers in the middle income groups (in sources of financing in the five months October families with money income before taxes in 1950 1950-March 1951. Five out of six house buyers between $3,000 and $7,499) accounted for about obtained funds from these sources. Half of all three-fourths of the new and two-thirds of the buyers used no other source of funds to finance existing house purchases. (The proportion was their purchases. about the same in the pre-Korean period.) The 12. Of the sources other than first mortgages and purchases of these income groups were concentrated liquid assets, the sale of another house was used in the middle price brackets, about 50 per cent of most frequently, providing funds for about onethe purchases involving houses costing between fourth of all purchases. Borrowing on security JULY 1951 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION other than mortgages was a fairly important source economic aspects of the residential real estate of funds, being used by one-sixth of all house market that have heretofore not been available. buyers. Second mortgages, the sale of assets other Nevertheless, such surveys are themselves subject than a house, and gifts were used infrequently— to limitations which must be kept in mind in innone being used in as many as 10 per cent of the terpreting their findings. purchases. The Board's survey of the early regulation period 13. Government insured or guaranteed financing is based on interviews with 1,368 purchasers of 1continued to be of great importance in the five- or 2-family nonfarm houses for owner occupancy. month period ending in March 1951. About half The sample is a probability sample of deed recordor all houses purchased with mortgages involved an ings in 40 counties throughout the country of FHA insured or VA guaranteed loan. Such loans house purchases made after October 12, 1950 and continued to be used more frequently in financing recorded January 1-March 15, 1951. Some infor- (a) new houses than in financing existing houses, mation, such as income, was obtained on a family- (b) medium-price than low- or high-price houses, unit basis, that is, for all those living in the dwelland (c) metropolitan than nonmetropolitan houses. ing unit of the purchaser who are related by About two-thirds of the mortgage-financed new blood, marriage, or adoption. house purchases involved a Government insured After testing several alternative approaches, it or guaranteed loan. was found that purchasers could be efficiently lo- 14. Reflecting in part the influence of Govern- cated only through deed recordings. The practical ment activity in the housing market, and money necessity of using deed recordings to locate an rates generally, most first mortgages were written at adequately large probability sample of house purinterest rates of 4-5 per cent, with maturities of 15 chasers and the time lags between purchase and years or more, and at loan-price ratios of 65 per recording are the sources of the major limitations of cent or more. The more frequent use of insured the data. Only those purchases that were recorded— or guaranteed loans in the financing of new house and for the Board's survey recorded fairly promptly than of old house purchases largely accounts for the —could be included. This procedure resulted in fact that mortgage terms on new houses were underrepresentation of new houses. To the extent generally more liberal. For new houses purchased that new houses differ from existing houses with with mortgages, only 1 in 10 involved an inrespect to information obtained in the survey, disterest rate of more than 5 per cent compared with tributions of all house purchases are distorted. In 1 in 4 for existing houses, and over two-thirds spite of this limitation—and others of less imporof new house purchases were at loan-price ratios tance—certain findings are believed to add to our of 65 per cent or more compared with about half knowledge of the country's housing market.3 of existing houses. 15. Institutions engaged in the business of mort- The data from the house purchases survey can gage lending and seeking investment outlets for be compared very broadly—but only very broadly— accumulated funds originated five-sixths of all first with the housing data from the Board's annual mortgages. Individuals accounted for the remain- Survey of Consumer Finances. The sampling ing one-sixth of first mortgage loans. In contrast, methods are necessarily different as are the basic individuals originated two-thirds of the second definitions of income and price, reflecting differmortgage loans, probably most often in connection ences in the basic purposes of the surveys.4 The with the sale of their own houses on which they surveys of house purchases represent a new appliwere willing to take back a second mortgage. An- cation of the survey technique to an important area other reason for the difference in the originators of of economic research, and therefore the data must first and second mortgages is the restriction in most be interpreted with caution. States on the acceptance by lending institutions of junior liens as security for loans. 3A more detailed description of the methods of the Board's survey is in the Appendix. Also in the Appendix is a description of the HHFA survey which is broadly similar GENERAL COMMENT ON SURVEY METHODS to that of the Board. 4 For a description of the Survey of Consumer Finances, The survey data obtained directly from house see "Methods of the Survey of Consumer Finances," Federal purchasers provide detailed information on the Reserve BULLETIN, July 1950, pp. 795-809. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION COMPARISON WITH HOUSE PURCHASE MARKET PRIOR to take advantage of price advances which had TO PERIOD OF CREDIT REGULATION already occurred and to avoid risks of tighter rent controls which might come later. The tendency One change in the house purchase market that toward owner-occupancy and away from ownership was becoming noticeable in the early months of of houses for tenant rental over the period covered residential real estate credit regulation was an by the surveys of house purchases continued a increasing importance of existing houses relative to trend of recent years as shown by other data. In new houses. The tremendous volume of new conearly 1950, according to Census data, which give struction during 1950 had been accompanied by an results close to estimates from the Survey of Conincreasing proportion of new house transfers in that sumer Finances, 53 per cent of all occupied nonyear as compared with preceding years. With the farm dwelling units were owner-occupied as com- Korean outbreak and the imposition of controls pared with 41 per cent in 1940, according to Census over residential real estate credit, forces developed data. that brought about a reversal of this shift toward Finally, the regulation of real estate credit estabnew houses. In the last months of 1950 and the lished in October 1950 affected primarily the fifirst months of 1951—the period covered by the nancing of new houses, and resulted in a modera- Board's survey—the ratio of existing to new house tion of the competitive advantage previously purchases was rising, according to data from the available in new house financing. For the first surveys as well as from other sources. Although time credit on all new houses whether conventiondata from the two surveys do not provide precise ally financed or not was Federally regulated. comparisons, they indicate—when adjusted to allow for the underrepresentation of new houses in A second change in the housing market in the the Board's survey—that the ratio of new to exist- early period of real estate credit regulation was ing house purchases was about 1.3 to 1 in the pre- the increased frequency of financing with liquid regulation period and about 1.5 to 1 in the early assets. Approximately 8 in 10 of the purchasers period of regulation. in this period used liquid assets, as compared with about 6 in 10 of the purchasers in the pre-regulation The outbreak of Korean hostilities, the climate period (see Table 2). This shift is explained in of inflationary pressures and control measures, and part by the fact that a smaller proportion of purthe greater uncertainty which that climate created chasers borrowed the full purchase price of the largely accounts for the increased importance of existing houses. Potential buyers who had been planning home purchases, but were delaying be- TABLE 2 cause of expected price declines or for other reasons, SOURCES OF HOUSE PURCHASE FUNDS IN THE PRE- AND entered the market for houses, both new and exist- EARLY-REGULATION PERIODS 1 ing. Prices of new houses, however, rose more [Percentage of house purchases using specified source of funds within specified period] rapidly as construction costs increased, with a consequent deflection of some purchasers to existing Early- Source of funds regulation houses. Another price factor favoring existing period houses in some locations was the fact that many First mortgage new houses were available for purchase before com- Second mortgage Other borrowing pletion or for erection after the plan of a sample Liquid assets 3 unit, with final prices subject to adjustment for O Sa t l h e e r o f s o h u o r u c s e e s 4 increases in home construction costs. It is believed Number of cases that many people preferred to buy an existing house at a firm price rather than an uncompleted house 1 The pre-regulation period is January 1949-June 1950; the early-regulation period, October 12, 1950-March 15, 1951. with an escalator provision in the purchase contract. 2 Not available. 3 Includes U. S. Government bonds, deposits in bank accounts Another factor increasing purchases of existing shares in savings and loan associations, and currency. 4 Includes gifts and nonliquid assets other than houses. houses was that many people who had been renting decided to buy before a potential housing short- house. In the earlier period approximately 1 purage pushed up rents and prices further. Owners of chase in 9 was made by borrowing 100 per cent of these rented units, in the light of World War II the price of the house. In the later period this and postwar rent control experience, were satisfied proportion dropped to 1 in 50, in part because the JULY 1951 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION VA regulations as tightened on July 19 and Octo- It should be noted that house price data from ber 12 eliminated 100 per cent loans and thus re- the two surveys are not strictly comparable. Exquired an initial equity by the purchaser in any clusion of rural nonfarm houses in the survey for house involving a guaranteed mortgage. In part the the pre-regulation period resulted in an overstateshift also reflected the fact that a greater proportion ment of the median price and the price distribution of house purchasers in the earlier period obtained of house purchases in that period. Partially offfunds from the sale of a house. About 1 in 3 in setting this, the price data for the early regulation the earlier period, as compared with 1 in 4 in the period include in price both settlement costs and later period, sold a house just prior to their pur- the value of the owner's own labor. When one chase. takes account of these factors, survey findings ap- Data from other sources indicate that construc- pear to indicate only a small rise in the prices of tion costs and real estate prices increased sharply houses coming on the market. between the periods covered by the two surveys. Evidence that prices of houses purchased in- In spite of this, there were only small differences creased only slightly over the period covered by in the price distributions and median prices of both the two surveys does not conflict with other findings new and existing houses bought in the two periods that the prices of houses of given specifications (see Table 3). The median price for new houses did rise markedly. As indicated above, construcwas $10,000-$ 10,400 and for existing houses $9,000. tion costs rose sharply between the periods under discussion and prices of existing houses of given TABLE 3 specifications also increased. One explanation of the facts that construction costs and existing house PRICES OF NEW AND EXISTING HOUSES PURCHASED IN PREprices increased while prices of houses transferred AND EARLY-REGULATION PERIODS * increased to a lesser extent is that there was sta- [Percentage distribution] bility in the money incomes of purchasers. Although personal incomes for the population rose All New Existing Period and price of house houses houses houses during the two survey periods, the distribution of incomes of house purchasers did not change (see Pre-r U eg n u d l e a r t i $ o 2 n , 5 p 0 e 0 riod: 2 1 3 Table 4).5 $2,500-$4,999 10 5 15 $5,Q00-$7,499 17 13 19 The fact that the income distribution of those $7,500-$9,999 26 31 22 $10,000-$ 12,499 19 22 16 purchasing houses changed little when incomes $12,500-$14,999 10 10 11 generally were rising would also seem to indicate $15,000-$19,999 9 10 7 $20,000 and over 7 8 7 All cases... 100 100 100 TABLE 4 Median price $9,500 $9,960 $9,000 HOUSE PURCHASES BY INCOME GROUPS IN THE PRE- AND EARLY-REGULATION PERIODS 1 Number of cases 2.... 958 413 545 Early-regulation period: Pre-regulation Early-regulation Under $2,500 4 2 5 period period $2,500-$4,999 11 3 14 $5,000-$7,499 17 12 19 Income of $ $ $ 7 1 10 , 2 5 , , 0 0 5 0 0 0 0 - 0 $ ^ - 9 $ $ , 1 1 9 2 4 9 , , 9 4 9 9 9 9 9 2 2 1 2 1 1 3 2 2 7 8 1 1 1 9 7 2 house purchaser t P a ri e g b r e c u e d ti n i o s t^ - n M p e r d ic i e an t P a ri g e b r e u c d e ti n i o s t n - - M p e r d ic i e an $15,000-$19,999 9 8 10 $20,000 and over 5 8 4 Under $2,000 6 $ 4,850 6 $ 6,100 All cases... 100 100 100 $2,000-$2,999 12 6,500 15 6,200 $3,000-$3,999 27 8,300 26 8,200 Median price $9,500 $10,400 $9,000 $4,000-$4,999 22 9,950 21 10,100 $5,000-$7,499 20 11,300 20 11,400 Number of cases 3 1,368 354 1,009 $7,500-$9,999 } » 6 14,300 $10,000 and over \ 19,100 6 18,400 1 The pre-regulation period is January 1949-June 1950; the early- All cases 100 $ 9,500 100 $ 9,500 regulation period, Oct. 12, 1950-Mar. 15, 1951. Price of house represents cost including settlement charges, Number of cases 2. . . . 948 1,338 but excluding insurance and pre-paid taxes. Price of house is also adjusted to include value of owner's labor in building of own house. In the pre-regulation period the settlement costs and the value of 1 The pre-regulation period is January 1949-June 1950; the the labor were probably not included. early-regulation period, Oct. 12, 1950-Mar. 15, 1951. A house whose first occupant was a respondent in the survey 2 The pre-regulation period excludes 37 cases for which income was considered to be new. Other houses were classified as existing was not ascertained; the early-regulation period excludes 30 cases. houses. 2 Excludes 27 cases in which price was not ascertained. 5 This finding is confirmed by data from the Board's 3 In 5 cases new-existing status was not ascertained. Surveys of Consumer Finances for 1950 and 1951. 782 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION that a larger proportion of the purchasers were in in the survey is the money income before taxes in the lower segments of the population when ranked 1950 of the family unit of the purchaser, that is, by size of income. Since the housing market seems of those living in the household and related to the to operate so as to maintain a fairly stable relation- purchaser by blood, marriage, or adoption. Genship between house price and income of purchaser, erally speaking, it is this income rather than that this suggests that in this period of great expansion of the house purchaser alone which is involved in in residential building activity the "product mix" considerations relating to housing. In most cases, in the new house market may have changed, with of course, the income of the purchaser is nearly the a greater proportion of the new houses being de- same as that of the family unit. signed for sale to the lower income purchasers. House purchasers in the early period of credit There is also reason to believe that buyers down- regulation had incomes larger than those of homegraded somewhat the size or quality of the houses owning families or all nonfarm families generally. selected. Nearly 7 in 10 of the house purchasers in this The same kind of adjustment may have taken period had incomes of $3,000-$7,499 in 1950. This place in the existing house market. Purchasers with compares with 5 in 10 for all nonfarm families relatively low incomes may have chosen to buy and for home owners, as indicated by the Survey of Consumer Finances. On the other hand, only houses of lower quality. 2 in 10 of the house purchasers in the 5-month In summary, it can be said that the mortgageperiod had incomes of less than $3,000 compared regulated housing market in the period October with 3-4 in 10 for nonfarm home owners or all 1950-March 1951 was characterized by an increase nonfarm families (see Table 5). in purchases of existing as compared with new houses, by little change in the price distribution of Prices. In the five months following the adophouses transferred, and by more frequent use of tion of real estate credit regulation, the main differliquid assets in financing purchases. ence in prices of new and existing houses purchased was the relatively great concentration of new houses in the $7,500-$ 12,499 range and the much greater HOUSE PURCHASERS proportion of existing houses below that range Income groups in the house purchase market (see Table 3). As a result the median price of new houses was 15 per cent higher than that of existing As has already been indicated, one of the most houses. This difference in prices is associated with influential factors in the house purchase market is a difference in the income distributions of purthe income of purchasers. The measure of income chasers of new and existing houses (see Table 6). TABLE 5 TABLE 6 DISTRIBUTION OF FAMILIES BY 1950 INCOMES [Percentage distribution] NEW AND EXISTING HOUSE PURCHASES BY INCOME GROUPS a OCTOBER 12, 1950—MARCH 15, 1951 Nonfarm families U o n f 1 d 9 f 5 e a r 0 m $ m il 2 y o , 0 n b 0 e e 0 y f o i r n e c o ta m x e es fam A 2 il 4 l i l es1 f o a H m w o 2 i n m l 2 i i n e e s - g 1 H d u u o l r u a i s t n i e o g n p e u 6 a r p r c l e y h r - i a o r s e d e g 2 r - s house purchaser ho A u l s l e d P s i e s r h tr N c o i e b u e n w s u t e t a s i g o e n h is o E t u x in s - e g s ho A u l s l e M s e h d N o ia u e n s w es pric h i e s o E t u x in s - e g s $2,000-$2,999 15 13 15 $3,000-$3,999 19 17 26 $4,000-$4,999 14 15 21 Under $2,000 6 3 7 $6 100 $6 700 %5800 $5,000-$7,499 19 20 20 $2,000-$2,999 15 11 16 6 200 7 000 5 700 $7,500-$9,999 5 7 6 $3,000-$3,999 26 25 26 8 200 9 400 7 500 $10,000 and over 4 6 6 $4,000-$4,999 21 25 20 10 100 10 500 Q 800 $5,000-$7,499 20 23 20 11 400 11 100 11 500 All cases 100 100 100 $7,500-$9,999 6 6 6 14 300 13 900 14 550 $10,000 and over. . . 6 5 18,400 21 100 18 350 Number of cases 3 2,638 1,478 1,338 All cases 100 100 100 $9,500$10,400$9,000 1 From the Survey of Consumer Finances, 1951; home-owning Number of cases. . . 21,338 345 988 families include those owning homes in early 1951. 2 From the Board of Governors' House Purchase Survey; earlyregulation period covers Oct. 12, 1950-Mar. 15, 1951. 1 Data exclude 30 cases for which income group was not ascer- 3 Data exclude 5 cases in the all families group, 4 cases in the tained. home-owning families group, and 30 cases in the house purchaser 2 Includes 5 cases for which new-existing status was not ascergroup for which income was not ascertained. tained. JULY 1951 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION TABLE 7 PRICES OF HOUSES PURCHASED WITHIN DIFFERENT INCOME GROUPS OCTOBER 12, 1950-MARCH 15, 1951 [Percentage distribution] Income of house purchaser 1 All Price of house income groups Under $2,000- $3,000- $4,000- $5,000- $7,500- $10,000 $2,000 $2,999 $3,999 $4,999 $7,499 $9,999 and over Under $7,500 32 66 63 43 21 14 7 5 $7,500-$9,999 22 14 22 27 26 19 10 12 $10,000-$12,499 21 12 7 19 34 28 19 4 $12,500 and over 25 8 8 11 19 39 64 79 All cases 100 100 100 100 100 100 100 100 Number of cases 21,368 84 198 346 287 272 77 74 1 Represents 1950 money income before taxes of the purchaser's family unit. 2 All income groups includes 30 cases for which income was not ascertained. Persons having annual incomes of less than $3,000 chasers having annual incomes of less than $3,000 purchased nearly one-fourth of the existing houses bought houses costing less than $10,000, as comand only about one-seventh of the new houses, pared with about 50 per cent of the purchasers havwhile purchasers with incomes between $3,000 and ing incomes between $3,000 and $7,499 and less $7,499 accounted for about three-fourths of the new than 20 per cent of the purchasers having incomes house purchases as compared with two-thirds of of $7,500 or more (see Table 7). This association existing house purchases. between income and price reflects not only the part The close relation between the incomes of pur- played by income in the consumer demand for chasers and the prices of the houses that they housing, but also institutional factors affecting the buy is, of course, to be expected. In the early availability of mortgage and other credit to perregulation period, nearly 85 per cent of the pur- sons with different incomes. The amount of the TABLE 8 SOURCES OF HOUSE PURCHASE FUNDS WITHIN DIFFERENT INCOME GROUPS OCTOBER 12, 1950-MARCH 15, 1951 [Percentage of house purchases using specified source of funds within specified income group] Income of house purchaser All Source of funds income groups Under $2,000- $3,000- $4,000- $5,000- $7,500- $10,000 $2,000 $2,999 $3,999 $4,999 $7,499 $9,999 and over First mortgage.... 83 57 76 87 89 86 87 83 Second mortgage. . 7 6 8 6 8 8 7 4 Other borrowing 16 21 19 18 12 14 18 14 Other borrowing plus a mortgage or plus a mortgage and liquid assets. . 10 17 12 12 8 10 9 8 Liquid assets 83 70 76 82 84 89 94 94 Liquid assets only 8 23 8 7 5 8 6 10 Liquid assets plus a mortgage 1 52 26 53 56 55 54 50 44 Sale of house 27 31 20 22 30 27 33 34 No mortgage on house purchased.... 6 17 9 3 5 5 5 3 Mortgage on house purchased 21 14 11 19 25 22 28 31 Other sources 2. . . . 3 2 4 4 3 5 3 4 Number of cases 31,368 84 198 346 287 272 77 74 1 Includes a few cases involving mortgage only. 2 Includes gifts and nonliquid assets other than houses. 3 Includes 30 cases for which income was not ascertained. NOTE.—Percentages for sources of funds add to more than 100 because many individuals use more than one source of funds to finance a house purchase. The subgroups show the most common combinations of sources of funds. These subgroups would add to 100 if the miscellaneous group which totals 5 per cent or less was shown. 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION mortgage, together with the interest rate and ma- purchaser.6 Data from the survey are too limited turity, determine monthly mortgage payments. to permit a three-way classification of mortgage Thus, the consideration of income by mortgagees characteristics according to these factors. An analyin deciding the amount that it is safe to advance sis of mortgage terms which takes them into importantly affects the price which a purchaser account, however, suggests the following generaliusing borrowed funds can pay for a house. zations: Sources of funds. Among income groups, the (a) Insured or guaranteed mortgages typically major differences in the sources of funds used for involve lower interest rates, longer maturities, and house purchases were the relatively less frequent higher mortgage-price ratios than do conventional use by the lowest income groups of first mortgages mortgages. and liquid assets and the relatively frequent use FHA and VA mortgages, with maximum inby these groups of borrowing not involving a mort- terest rates set by law, carried rates below 5 per gage (see Table 8). cent, while about two-thirds of conventional It may be noted that borrowing without a mort- mortgages were written at interest rates of 5 per gage was even more closely related to liquid asset cent or more. Almost one-fourth of conventional holdings than to income. Approximately one-third mortgages had maturities of 20 or more years comof the purchasers with less than $1,000 in liquid pared with about four-fifths of both FHA and VA assets before purchase used such borrowing as mortgages. And about 68 per cent of the FHA compared with about one-eighth of purchasers mortgages and 87 per cent of the VA mortgages, having $1,000 or more of liquid assets. About 83 per cent of all purchasers used first 6 Differences in mortgage characteristics by type of mortmortgages, and there were only small variations in gage are determined in part by the provisions of Regulation this percentage among all income groups of $3,000 X and FHA and VA regulations, especially the following: or more. Among groups having incomes of less Down payments. The October 12 regulation applies to loans on new structures not guaranteed or insured by the than $3,000, however, only about 70 per cent of Government and insured and guaranteed loans on new and the purchasers used a mortgage. Liquid assets, existing structures and provides minimum down payments too, were more frequently used by the higher ranging from 10 per cent for houses costing $5,000 and under to 50 per cent for houses costing $24,250 and over, income groups. About 75 per cent of the purwith veteran preference in most cases of 10 percentage points. chasers having incomes under $3,000 used liquid Prior to October 12, FHA insured mortgages (under Title assets as compared with about 85 per cent of those II, Section 203 of the National Housing Act) were limited as follows: up to July 19, 1951, a minimum down payment having incomes between $3,000 and $7,499 and of 10 per cent for new and existing houses, except for new 94 per cent of those having incomes of $7,500 or houses valued under $11,000 on which the down payment more. was 5 per cent on the first $7,000 and 30 per cent on the balance; July 19-October 11, an additional 5 percentage Borrowing without mortgage security was used points was required on all down payments. VA guaranteed mortgages (under Title III, Section 501 of the Servicemen's by about one-sixth of all purchasers and was some- Readjustment Act) required no down payment prior to July what more frequent among the lowest income 19 when a 5 per cent initial equity was required. groups—about 1 in 5 using nonmortgage credit. FHA insured mortgages are also subject to a maximum loan limit of $14,000; this was $16,000 prior to July 19. Two-thirds of the purchasers who secured funds No limit is set on amount of VA guaranteed mortgages, but from such borrowing also borrowed on a mort- the dollar amount of guarantee is limited, according to the gage. In some cases other borrowing may have loan-value ratio. Maturities. The October 12 credit regulation (applying to taken the place of liquid assets in making required loans on new structures not guaranteed or insured by the down payments. Government and insured and guaranteed loans on new and Mortgage characteristics. Survey data confirm existing structures) provides maximum maturities of 20 years, except for new properties costing $7,000 or less for and provide more specific details for widely held which the maximum is 25 years, with amortization required.. impressions about the major factors influencing the Prior to October 12, the maximum maturity for FHA interms of first mortgages. Three interrelated factors sured loans was 20 years on existing houses and 25 years on new houses, except for new houses costing $7,000 or seem to account for most of the differences in interless for which the maximum was 30 years, with amortization est rates, maturities, and mortgage-price ratios— required. VA guaranteed loans had a maximum maturity namely, the type of mortgage obtained (FHA of 30 years on amortized loans. insured, VA guaranteed, or conventional), the price Interest rates. FHA insured mortgages are subject to a maximum interest rate of 4!4 per cent and VA guaranteed of the house purchased, and the income of the mortgages to a maximum of 4 per cent. JULY 1951 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION as compared with about 37 per cent of the con- TABLE 9 ventional mortgages, had mortgage-price ratios of CHARACTERISTICS OF FIRST MORTGAGES WITHIN DIFFERENT 65 per cent or more. INCOME GROUPS, OCTOBER 12, 1950—MARCH 15, 1951 (b) Mortgages on low priced houses typically [Percentage distribution] have shorter maturities and higher' mortgage-price ratios than do those on high priced houses. Income of house purchaser All low (c e ) r P in u t r e c r h es a t s e r r a s te w s it t h h an h ig d h o i p n u c r o c m ha e s s e r u s s u w al i l t y h l p o a w y ch M ar o a r c t t g e a ri g s e tic r n o c u o p m s e 1 Under p,ooo- 4,000- 5,000- 7 a , n 5 d 00 3,000 $3,999 $4,999 $7,499 over incomes. The foregoing general relationships can be illus- Type of loan: trated, with reference to the incomes of purchasers, FHA 20 19 16 21 29 15 VA 24 21 30 30 18 13 by the following examples of survey results. Non- Conventional . 56 60 54 49 53 72 insured or nonguaranteed financing, commonly All cases 100 100 100 100 100 100 designated conventional financing, was more im- Interest rate (per cent): portant among the lowest and the highest income Under 4.0 2 3 1 2 2 groups which purchased the lowest and the highest 4 4 . 0 1-4 9 2 2 9 7 2 1 5 9 3 2 6 1 3 2 2 7 4 2 2 1 3 2 4 5 priced houses, respectively. The lower incidence 5.0 21 19 20 19 24 23 5.1-5.9 3 5 2 3 3 3 of FHA or VA mortgages among the lowest in- 6.0 16 25 18 17 7 14 6.1 and over. . 2 4 2 (2) 1 1 come group and the inverse relationship between All cases 100 100 100 100 100 100 income and interest rates were associated with the Years to mafact that almost one-third of the lowest income turity:3 Less than 10.. 11 25 11 6 8 8 group paid interest rates of 6 per cent or more as 10-14 24 24 26 25 16 27 compared with one-sixth among the highest income 2 1 0 5 - - 2 1 4 9 2 3 0 0 2 1 1 6 2 1 7 9 2 3 0 1 2 3 2 8 2 3 5 1 group. Although insured or guaranteed mort- 25 and over... 13 11 14 17 14 8 No fixed magages were used relatively infrequently by the turity 2 3 3 1 2 1 highest income group, the interest rates paid by All cases 100 100 100 100 100 100 the medium and highest income groups were sim- Ratio of mortgage to house ilar (see Table 9). price (per The incidence of FHA or VA mortgages among cent): 1-49 17 17 16 16 16 28 various income groups, together with the fact that 5 6 0 5 - - 6 7 4 9 2 2 7 9 2 2 5 3 2 3 1 0 2 2 7 9 3 3 2 5 3 2 6 4 purchasers with high incomes seem to have obtained 80-89 .... 14 15 18 14 11 5 90-99 11 17 13 12 5 6 longer maturities than those with low incomes 100 2 3 2 2 1 1 regardless of the type of their mortgages, accounts All cases... 100 100 100 100 100 100 fairly well for the observed pattern of maturities Monthly payment on among the mortgages of different income groups. mortgage: Less than $30 5 15 8 2 1 1 Purchasers with low incomes obtained short ma- $30-$39 13 27 15 11 6 1 turities more frequently than did purchasers in $40-$49 14 19 17 17 9 2 $5O-$59 22 18 29 25 21 5 the higher income groups, in part because lenders $60-$69 17 6 15 23 20 17 $70-$79 10 3 7 13 14 19 were less willing to incur the greater risk of long $80-$99 9 6 4 5 14 23 $100 and over 8 3 3 3 13 31 maturities with borrowers of low income. No regular payment. . 2 3 2 1 2 1 Variations in mortgage-price ratios among in- All cases... 100 100 100 100 100 100 come groups of house purchasers had a different Number of cases 198 300 255 235 128 pattern from variations in interest rates and maturities. Presumably, because of the greater market- 1 Includes 16 cases for which income group was not ascertained. ability of low-priced houses throughout fluctuations 2 3 L P e e s ri s o d th a re n f e o r n re e d -h a to lf is o f f ro 1 m p e o r ri c g e i n n t a . tion of mortgage to maturity. in business conditions as well as the greater demand 4 Total number of cases for all income groups was 1,132; however, the different distributions exclude cases where mortgage for relatively large loans by low income purchasers, characteristics were not ascertained, and the number of cases distributed by characteristics varied from 1,056 to 1,132. lenders relatively frequently extended mortgages with high loan-price ratios on the low-priced houses among the mortgages of the highest income group, typically purchased by the lowest income group. largely because of similar factors. The high mort- High loan-price mortgages were least frequent gage-price ratios were also frequent among the 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION middle-income purchasers who most frequently During the early regulation period, families includused insured or guaranteed mortgages. The same ing one or more veterans accounted for about half, kind of variation among income groups is ob- of all house purchases and a somewhat larger proservable in ratios of total borrowing to price (see portion of the purchases of new houses. This im- Table 10). portance of veterans in the housing market—especially the new house market—is not surprising in TABLE 10 view of their large numbers, their general family status, and the Government's program of financial RATIO OF TOTAL BORROWING TO HOUSE PRICE WITHIN DIFFER- ENT INCOME GROUPS, OCTOBER 12, 1950—MARCH 15, 1951 1 aid for veterans who desire to buy a house. In [Percentage distribution] 1950, one-third of all nonfarm family units included one or more veterans of World War II. These vet- Income of house purchaser erans were concentrated in age groups most likely R b h o a ( o t r p i r u e o o s r w e o c i f n p e g r n t i o t c ) t t e o al i g n r c A o o u l m l ps e $ U 3 n , d 0 e 0 r 0 $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $7 o a v , n 5 e d 0 r 0 h t s o i a n d c e es s t p t a h e b e c l y i i a s h l g e f n i h n e o a ra u n l s c l e y ia h l o h l a i d n d s d . u a c cc e F e m u ss e r t n h t t o e s rm m to o o r r b e tg u , a y g v e h e t o c e u r r e s a e d n s i s t , on unusually liberal terms, primarily as a result of 1-49 14 13 14 14 14 31 50-64 21 21 15 19 24 32 the guarantee of house mortgages by the Veterans 65-79 27 19 27 30 33 25 80-89 18 16 21 18 17 1 Administration. In fact, the very large volume of 90-99 15 18 17 16 10 8 100 5 13 6 3 2 3 pre-regulation VA commitments for mortgages on new houses may explain in part the relatively great All cases . . . 100 100 100 100 100 100 importance of veterans in the purchase of new Number of cases.21,175 214 312 261 238 134 houses during the period, October 1950-March 1 Total borrowing includes first and second mortgages and all 1951. other borrowing; only persons who borrowed to finance their purchases are included. Prices. The median prices of houses purchased 2 Includes 16 cases for which income was not ascertained. by veterans and by nonveterans were remarkably similar, $9,650 and $9,250, respectively (see Table As would be expected, the association between 11). Although the medians were about the same, monthly payments, that is, interest plus amortithe price distributions of purchases by veterans zation of principal, and income was close (see and nonveterans differed somewhat in that the Table 9). About 75 per cent of the mortgages of former concentrated their purchases to a slightly purchasers with incomes of $7,500 or more ingreater extent in the middle' price range while a volved monthly payments of $70 or more as comslightly larger proportion of nonveterans bought pared with 25 per cent of the mortgages of purlower priced houses. Almost half of the veterans' chasers having incomes between $3,000 and $7,499, and about 10 per cent of the mortgages of purchasers having incomes under $3,000. TABLE 11 The small but perhaps surprising proportion of PRICES OF HOUSES PURCHASED BY VETERANS AND NON the lowest income groups who had monthly pay- VETERANS, OCTOBER 12, 1950 MARCH 15, 1951 ments of $80 or more may be partly explained by [Percentage distribution] two facts. First, intra-family financial transactions resulting in unusual relationships between the Price of house Veterans Nonveterans financial obligations and the financial resources of the purchaser are probably more frequent in this Under $2,500 .. 4 4 $2,500-$4,999 8 14 income group. Second, many purchasers are only $5,000-$7,499 . 17 18 $7,500-$9,999 25 18 temporarily, perhaps very briefly, in the lowest in- $10,000-$ 12,499 22 19 come groups. Their average incomes may have $12,500-$14 999 12 10 $15,OOO-$19,999 8 11 been higher, or their incomes may be expected to $20,000 and over 4 6 increase. All cases... 100 100 Median price $9,650 $9,250 House purchases of veterans Number of cases x 706 660 Veterans have been very active in the house pur- 1 Exludes 2 cases for which veteran status of purchaser was not chase market during all of the postwar period. ascertained. JULY 1951 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION houses cost between $7,500 and $12,499 as com- TABLE 13 pared with about three-eighths of the houses CHARACTERISTICS OF FIRST MORTGAGES FOR VETERANS AND bought by nonveterans. NONVETERANS, OCTOBER 12, 1950—MARCH 15, 1951 Sources of funds. The major differences be- [Percentage distribution] tween the sources of funds of veterans and nonveterans was the greater importance in the former Mortgage characteristic Veterans Nonveterans group of first mortgages and the lesser importance Type of loan: of funds from the sale of houses (see Table 12). FHA... 17 24 VA . 40 4 Conventional 43 72 TABLE 12 All cases 100 100 SOURCES OF HOUSE PURCHASE FUNDS FOR VETERANS AND Interest rate (per cent): NONVETERANS, OCTOBER 12, 1950—MARCH 15, 1951 4 U . n 0 der 4.0... 41 2 12 [Percentage of house purchases using specified source of funds 4 1-4 9 24 33 within specified group] 5.0 18 25 5.1-5.9 2 5 6 0 . 11 22 Non- 6.1 and over 2 2 Source of funds Veterans veterans All cases.... 100 100 First mortgage. ... 91 74 Years to maturity: Less than 10 9 14 Second mortgage 6 8 10-14 18 31 15-19 20 21 Other borrowing 17 15 20-24 33 25 Other borrowing plus a mortgage or 25 and over 18 7 plus a mortgage and liquid assets. . . . 13 8 No fixed maturity 2 2 Liquid assets 83 84 All cases 100 100 Liquid assets only 4 13 Liquid assets plus a mortgage * 60 43 Ratio of mortgage to house price (per cent): "Sale of house 20 33 1-49 13 23 No mortgage on house purchased 2 10 50-64 22 34 Mortgage on house purchased 18 23 65-79 28 30 80-89 18 9 Other sources 2 4 3 90-99 17 3 100 .... 2 1 Number of cases 3 706 660 All cases 100 100 1 Includes a few cases involving a mortgage only. Monthly payment on mortgage: 2 Includes gifts and nonliquid assets other than houses. Less than $30 5 6 3 Excludes 2 cases for which veteran status was not ascertained. $30-$39 11 15 $40-$49 14 14 $50-$59 23 19 About nine-tenths of the veterans used mortgages, $60-$69 18 16 $70-$79 13 8 and one-fifth sold houses to finance their purchases. $80-$99 8 10 $100 and over 6 10 The corresponding proportions for nonveterans No regular payment 2 2 were three-fourths and one-third. These differences All cases... 100 100 result primarily from the relatively liberal terms Number of cases 1 . . . 639 491 available on VA guaranteed mortgages, the large volume of pre-regulation VA commitments out- 1 Represents total number of cases in each group; however, the various distributions exclude cases where specific mortgage charstanding, and the fact that veterans generally had acteristics were not available. The number of cases with available data varied from 607 to 639 cases in the veteran group and from accumulated fewer assets including houses. In fact, 447 to 491 cases in the nonveteran group. only 4 per cent of the veterans as compared with 13 per cent of the nonveterans had sufficient liquid of the mortgages of nonveterans (see Table 13).7 assets to pay for their houses without incurring It is perhaps surprising that as many as 4 veterans •debt. About one-sixth of each group used borrow- in 10 did not take advantage of either FHA ining not involving mortgages and five-sixths of surance or VA guarantees in their mortgage financ- •each group used liquid assets. ing. Mortgage characteristics. In considering the Largely as a result of this Government aid, vetdifferences between mortgages of veterans and of erans generally paid lower interest rates, had longer nonveterans, the most important fact is that 40 maturities, and obtained higher loan-price ratios per cent of veterans' mortgages were VA guaranteed and 17 per cent were FHA insured as com- 7 The VA mortgages of nonveterans were assumed in the purchase of existing houses on which VA mortgages were pared with 4 per cent and 24 per cent, respectively, outstanding. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION •on their mortgages than was the case for non- Occupational groups veterans. About two-thirds of veterans' mortgages The representation of various occupational groups -were written at interest rates of less than 5 per cent in the purchase of houses in the early regulation as compared with less than half of the nonveterans' period was consistent with their representation in mortgages. Only 1 in 8 of the mortgages of vetthe population. By far the most important group erans had rates of 6 per cent or more as compared in the housing market were the skilled and semiwith 1 in 4 of the mortgages of nonveterans. The skilled workers who accounted for almost 2 purrelatively liberal terms for veterans were equally chases in 5. Most of the differences in prices paid apparent in the patterns of mortgage maturities and by the various occupational groups, as shown in mortgage-price ratios. About half the mortgages of veterans had maturities of 20 years or more as com- Table 14, are what would be expected on the basis pared with less than a third of mortgages of non- of differences in incomes among these groups. veterans. Further, about three-eighths of veterans' Sources of funds. Mortgages were used most mortgages were 80 per cent or more of the prices frequently by the professional and semiprofessional of the corresponding houses as compared with and the clerical and sales groups and least freabout one-eighth of the nonveterans' mortgages. quently by the retired (see Table 15). Over 90 TABLE 14 PRICES OF HOUSES PURCHASED WITHIN OCCUPATION GROUPS OCTOBER 12, 1950—MARCH 15, 1951 [Percentage distribution] Occupation of purchaser All occupa- Price of house tion Professional Managerial Clerical Skilled Unskilled groups and semi- and self- and and semi- and Retired Other i professional employed sales skilled service Under $2,500 4 1 1 3 5 9 3 12 $2,500-$4,999 11 5 6 7 13 31 14 16 $5,000-$7,499 17 11 9 15 21 28 29 14 $7,500-$9,999 22 19 15 18 26 19 24 31 $10,000-$ 12,499 21 29 21 27 18 9 20 19 $12,500-$14,999 11 15 12 16 10 3 2 2 $15,000-$19,999 9 14 21 9 6 1 2 6 $20,000 and over 5 6 15 5 1 6 All cases 100 100 100 100 100 100 100 100 "Number of cases 21.368 143 241 240 527 71 64 71 1 Includes protective service, farmers, unemployed, and students and housewives groups. 2 Includes 11 cases for which occupation was not ascertained. TABLE 15 SOURCES OF HOUSE PURCHASE FUNDS WITHIN DIFFERENT OCCUPATION GROUPS OCTOBER 12, 1950-MARCH 15, 1951 [Percentage of house purchases using specified source of funds within specified occupation group] Occupation of house purchaser All Source of funds oc g c r u o p u a p ti s on P a ro n f d e s s s e i m on i- al M a a n n d a g se e l r f i - al Cl a e n ri d cal an S d k i s ll e e m d i- Uns a k n i d lled Retired Other » professional employed sales skilled service First mortgage 83 93 80 92 85 78 32 76 Second mortgage 7 10 4 9 6 9 6 4 Other borrowing 16 18 17 15 16 18 1 17 Liquid assets 83 89 89 85 80 65 91 82 Sale of house 27 21 31 23 27 26 39 25 Other sources 2 3 2 6 7 5 3 2 2 Number of cases 31,368 143 241 240 527 71 64 71 1 Includes protective services, farmers, unemployed, and students and housewives groups. 2 Includes gifts and nonliquid assets other than house. 3 Includes 11 cases for which occupation was not ascertained. JULY 1951 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION per cent of the former groups and about 30 per retired is partially explained by the fact that relacent of the latter group used mortgages. The rela- tively large asset holdings of the group were tively high frequency of mortgages within the frequent according to the Survey of Consumer professional and semiprofessional groups may re- Finances; for example, 60 per cent of this group flect the fact that this group possessed relatively in early 1950 had a net worth of $5,000 or more.8 small asset holdings in relation to income, but It is also interesting to note that only 1 per cent of because of relatively high incomes was generally the retired used borrowing not involving mortgages able to obtain mortgage financing on favorable 8 "Distribution of Assets, Liabilities and Net Worth of terms. Consumers, Early 1950," Federal Reserve BULLETIN, Decem- The low frequency of mortgages among the ber 1950, Table 3, p. 1588. TABLE 16 CHARACTERISTICS OF FIRST MORTGAGES WITHIN DIFFERENT OCCUPATION GROUPS OCTOBER 12, 1950-MARCH 15, 1951 [Percentage distribution] Occupation of house purchaser All Mortgage characteristic oc g c r u o p u a p t s i o x n P a ro n f d e s s s e i m on i- al M a a n n d a g se e l r f i - al Cl a e n ri d cal an S d k i s ll e e m d i- Un a sk n i d lled Other 2 professional employed sales skilled service Type of loan: FHA 20 23 20 27 19 10 10 VA 24 24 12 29 27 20 22 Conventional 56 53 68 44 54 70 68 All cases 100 100 100 100 100 100 100 Interest rate (per cent): Under 4 0 2 3 1 3 1 3 1 4.0 . 29 29 21 31 31 26 28 4 1-4 9 27 33 30 38 25 8 15 5.0 21 20 26 18 19 27 26 5 1-5 9 3 4 3 1 3 4 9 6 0 . . . 16 10 19 7 19 29 20 6.1 and over 2 1 2 2 3 All cases 100 100 100 100 100 100 100 Years to maturity: Less than 10 11 10 9 8 13 25 9 10-14 24 22 23 11 27 37 33 15-19 . 20 16 30 21 17 9 28 20-24 30 41 29 39 26 18 15 25 and over 13 10 8 19 14 9 13 No fixed maturity 2 1 1 2 3 2 2 All cases 100 100 100 100 100 100 100 Ratio of mortgage to house price (per cent): 1-49 17 16 17 14 19 24 15 50-64 27 23 37 27 24 26 36 65-79 29 38 31 30 26 18 25 80-89 14 14 9 15 16 11 15 90-99 11 7 6 12 14 16 6 100 2 2 2 1 5 3 All cases 100 100 100 100 100 100 100 Monthly payment on mortgage: Less than $30 . . . . 5 2 2 4 8 18 10 $30-$39 13 7 6 10 15 32 18 $40-$49 14 4 10 10 20 18 14 $50-$59 22 23 16 23 22 24 21 $60-$69 17 22 16 19 16 1 15 $70-$79 10 14 17 15 5 3 11 $80-$99 9 16 13 11 6 3 6 $100 and over 8 11 19 6 5 3 No regular payment 2 1 1 2 3 'i 2 All cases.... 100 100 100 100 100 100 100 Number of cases 3 1,132 133 193 220 448 56 73 1 Includes 9 cases for which occupation group was not ascertained. 2 Includes retired, protective service, farmers, unemployed, and students and housewives groups. 3 Total number of cases for all occupation groups was 1,132; however, the different distributions exclude cases where mortgage characteristics were not ascertained, and the number of cases distributed by characteristics varied from 1,056 to 1,132. 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION as compared with 16 per cent of all purchasers. and of existing houses, $9,000 (see Table 3). On the other hand, the retired group relied more Consideration of the physical deterioration of frequently than other groups on the sale of houses; houses and the changing desirability of neighbor- 39 per cent of retired persons sold houses as com- hoods as residential areas might lead one to expared with 27 per cent of all purchasers. pect a substantially greater difference in prices Mortgage characteristics. Differences in mort- than the observed 15 per cent difference in median gage characteristics among occupational groups can prices. A possible explanation is that the existbest be understood by reference to the incomes of ing houses were on the average larger or of better these groups, the prices of the houses they pur- quality. Generally speaking, current residential chased, and the types of mortgages secured. The construction is more closely tailored to the smaller professional and semiprofessional group had rela- families which are now more typical and to the tively large incomes, bought relatively high priced medium- and lower-price brackets where the down houses, and used insured or guaranteed mortgages payments required on FHA insured and VA guarwith about the same relative frequency as all pur- anteed financing are relatively small. chasers used such mortgages. This combination The difference in prices between metropolitan of circumstances appears to account for the slightly and nonmetropolitan areas was much greater than greater relative frequency among the mortgages of that between new and existing houses. The median this group of low interest rates and long maturities. price of metropolitan houses was $10,500 as com- The pattern of mortgage-price ratios was about pared with a median of $6,700 for nonmetropolitan the same as for all house purchasers (see Table 16). houses (see Table 17). This difference is prob- The managerial and self-employed group, which also had relatively large incomes and purchased rel- TABLE 17 atively high priced houses, used conventional mort- PRICES OF HOUSES PURCHASED BY LOCATION OF HOUSE 1 gages relatively frequently. Only about one-third OCTOBER 12, 1950—MARCH 15, 1951 of their mortgages were insured or guaranteed. [Percentage distribution} This group had about the same pattern of interest rates and maturities as did all purchasers, but a Price of house Metro- Nonmetropolitan area politan area larger proportion of them borrowed on relatively low mortgage-price ratios. For 54 per cent of the Under $2,500.... 1 10 mortgages of this group, as compared with 44 per $ $ 2 5 , , 5 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 . . . . . . 13 7 2 1 6 9 cent for all occupations, the loan-price ratios were $7,500-$9,999. . . 22 20 $10,000-$12,499. 25 13 less than 65 per cent. $12,500-$14,999. 13 7 $15,000-$19,999. 12 3 The clerical and sales group used FHA or VA $20,000 and over 7 2 financing with relatively greater frequency than All cases.... 100 100 did any other groups and purchased slightly higher- Median price $10,500 $6,700 than-average priced houses. Consequently, mort- Number of cases, 921 447 gages of clerical and sales personnel commonly 1 A metropolitan area is one which includes a city of more than had relatively low interest rates, long maturities, 50,000 persons, as designated by the U. S, Census. and about average loan-price ratios. Unskilled and service workers used relatively ably to be explained largely by lower levels of infew FHA or VA mortgages, had low incomes, and comes, construction costs, and land values in nonpurchased low priced houses. This group paid metropolitan areas. relatively high interest rates, financed with rela- Sources of funds. Although mortgages were tively short maturities, and had slightly below aver- used in the purchase of about five-sixths of all age loan-price ratios. houses in the five months following the introduction of real estate credit regulation, mortgage financing was used in only about two-thirds of the CHARACTERISTICS OF HOUSE PURCHASES houses costing less than $5,000 (see Table 18). Houses of different prices (About 5 per cent of the new and 19 per cent of the Survey data indicate that in the early regulation existing houses were reported to cost less than this period the median price of new houses was $10,400 amount.) Borrowing without mortgage, on the JULY 1951 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION TABLE 18 SOURCES OF HOUSE PURCHASE FUNDS WITHIN DIFFERENT PRICE GROUPS OF HOUSES OCTOBER 12, 1950-MARCH 15, 1951 [Percentage of house purchases using specified source of funds within specified price group] Price of house All Source of funds price groups Under $2,500- $5,000- $7,500- $10,000-$12,500-$15,000- $20,000 $2,500 $4,999 $7,499 $9,999 $12,499 $14,999 $19,999 and over First mortgage 83 44 77 80 88 85 85 90 82 Second mortgage... 7 6 7 9 7 5 11 3 Other borrowing 16 36 20 17 12 10 18 18 21 Other borrowing plus a mortgage or plus a mortgage and liquid assets 10 12 14 13 10 7 12 13 8 Liquid assets 83 75 75 78 82 88 89 90 93 Liquid assets only 8 31 16 10 6 6 4 6 5 Liquid assets plus a mortgage i 52 32 52 52 58 54 50 48 33 Sale of house 27 1 14 23 25 31 32 32 52 No mortgage on house purchased 6 1 4 7 5 7 8 3 11 Mortgage on house purchased 21 10 16 20 24 24 29 41 Other sources 2.... 3 5 3 3 4 4 3 11 Number of cases 1,368 55 150 236 297 286 148 127 69 1 Includes a few cases involving a mortgage only. 2 Includes gifts and nonliquid assets other than houses. other hand, was relatively more frequent in the among different house price groups. Fifty-six per financing of these lower priced houses. The pur- cent of all mortgages were conventional, but the chase of about one-fourth of these houses involved proportion was lower for medium priced houses such borrowing as compared with one-sixth of all and higher for the lowest and highest priced houses. groups (see Table 19). About 75 per cent of the There seemed to be some direct relationship be- mortgages on both houses costing $15,000 or more tween the prices of houses purchased and the sources and houses costing under $5,000 were conventional. of funds other than borrowing, probably reflecting In contrast, only a little more than 40 per cent the effects of the previously discussed close associa- of the mortgages on houses priced between $7,500 tion between prices and incomes. Funds from the and $12,499 were conventional. Within the latter prior sale of another house were used with the price range a little more than one-fourth of the greatest frequency in the financing of higher priced mortgages were insured by FHA and a little less houses. About 1 in 2 of the houses costing $20,000 than one-third were guaranteed by the VA. or more involved the prior sale of another house, As has been noted, mortgage characteristics seem compared with 1 in 3 of the houses costing between to be largely determined by the type of mortgage, $10,000 and $19,999, 1 in 4 of the houses costing the price of the house, and the income of the purbetween $5,000 and $9,999, and only 1 in 10 cost- chaser. The medium- and higher-priced houses ing less than $5,000. were mortgaged at low interest rates with much Liquid assets, too, were used with steadily in- greater relative frequency than the low-priced creasing frequency as the prices of houses in- houses. The low interest rates in the medium price creased. About three-fourths of the very low priced brackets were probably primarily the result of the houses involved some use of liquid assets as com- high frequency in these brackets of FHA and pared with over 90 per cent of the highest priced VA financing. About three-fifths of the mortgages houses. However, liquid assets were the sole source on houses costing between $7,500 and $12,499 were of funds much more frequently for houses costing insured or guaranteed and roughly two-thirds of the under $7,500 than for the higher priced houses. mortgages bore interest rates of under 5 per cent. Mortgage characteristics. The relative impor- The relatively low interest rates on the higher priced tance of conventional as compared with VA guar- houses were probably in part a reflection of the anteed or FHA insured mortgages varied markedly relatively large incomes of the purchasers. Al- 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION TABLE 19 CHARACTERISTICS OF FIRST MORTGAGES WITHIN DIFFERENT HOUSE PRICE GROUPS OCTOBER 12, 1950-MARCH 15, 1951 [Percentage distribution] Price of house All Mortgage characteristic price groups Under $5,000- $7,500- $10,000- $12,500- $15,000 $5,000 $7,499 $9,999 $12,499 $14,999 and over Type of loan: FHA 20 10 15 26 27 16 19 VA 24 11 26 31 30 29 8 Conventional 56 79 59 43 43 55 73 All cases 100 109 100 100 100 100 100 Interest rate (per cent): Under 4.0 .... 2 2 4 0) 1 2 1 4.0 29 13 31 32 33 35 22 4.1-4.9 27 8 16 27 37 33 42 5.0 . . 21 24 20 24 15 23 23 5.1-5.9 3 3 4 3 4 1 2 6.0 16 42 25 11 10 6 9 6.1 and over 2 8 0) 3 1 All cases... 100 100 100 100 100 100 100 Years to maturity: Less than 10 11 39 16 5 5 5 6 10-14 24 40 32 21 16 20 21 15-19 20 7 20 20 19 24 30 20-24 . . . 30 8 19 33 37 39 37 25 and over 13 1 11 20 22 11 5 No fixed maturity 2 5 2 1 1 1 All cases 100 100 100 100 100 100 100 Ratio of mortgage to house price (per cent): 1-49 ... 17 14 15 11 17 22 31 50-64 27 25 27 19 18 31 51 65-79 29 27 23 33 37 33 17 80-89 14 15 13 21 19 8 90-99 11 13 20 14 8 6 1 100 2 6 2 2 All cases 100 100 100 100 100 100 100 Monthly payment on mortgage: Less than $30. 5 34 6 1 1 1 $30-$39 13 35 34 5 4 5 1 $40-$49 14 15 28 22 7 3 3 $50-$59 22 7 21 44 21 10 6 $60-$69 17 2 4 18 36 19 11 $7O-$79 10 2 3 18 25 18 $80-$89 9 i 1 3 8 28 23 $100 and over 8 i 2 3 3 8 37 No regular payment 2 5 2 1 2 1 1 All cases. . 100 100 100 100 100 100 100 Number of cases 21,132 139 190 261 245 126 171 1 Less than one-half of 1 per cent. 2 Total number of cases for all price groups was 1,132; however, the different distributions exclude cases where mortgage characteristics were not ascertained, and the number of cases distributed by characteristics varied from 1,056 to 1,132. though only about one-third of the mortgages on seem to explain much of the variation in maturities the houses costing $12,500 or more were insured among price groups. The mortgages on medium or guaranteed, two-thirds of the mortgages were priced houses had relatively long maturities—about written at under 5 per cent. In sharp contrast were half were 20 years or more—because of the high the mortgages on houses costing less than $5,000. frequency of insured and guaranteed mortgages These mortgages were mostly conventional, the while the high priced houses also had long maturiincomes of the purchasers were low, and conse- ties, in part because of the income of the purquently less than one-fourth of the mortgages bore chasers. Mortgages on houses costing under $5,000, less than 5 per cent interest. on the other hand, had relatively short maturities. The same factors—the proportion of FHA and Nearly four-fifths of the maturities in this group VA mortgages and the income of the purchasers— were less than 15 years, reflecting the low incidence JULY 1951 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION of FHA and VA mortgages and the low incomes of whole, were not great. The lack of significant difthe purchasers. ferences is understandable in the absence of very One of the most striking differences in mortgage marked differences in the prices of new and existcharacteristics among price groups was in the ratio ing houses or in the incomes of the purchasers. A of loan to price. On houses costing $12,500 or more, somewhat larger proportion of the individuals puronly 7 per cent of the mortgages were equal to 80 chasing existing houses either sold a house or had per cent or more of the prices of the corresponding sufficient liquid assets to pay for their houses. As houses. For houses costing less than $12,500, the a consequence, purchasers of new houses used first relative frequency of high loan-price ratios was mortgages slightly more frequently than did purmuch greater. Over one-fourth of the houses costchasers of existing houses. Another difference was ing between $10,000 and $12,499 and over onethe somewhat greater proportion of existing houses third of the houses costing between $7,500 and that involved second mortgages, 8 per cent as com- $9,999 involved loan-price ratios of 80 per cent pared with 3 per cent for new houses, many of them or more. The differences reflect in part the relaprobably taken by former owners in part payment tively liberal FHA mortgages available on mediumfor the house. About one-sixth of both new and and lower-priced houses and the greater protection existing house purchases involved borrowing withof VA guarantees on houses in these price ranges. out mortgage security (see Table 20). As would be expected, the amount of monthly payment increased regularly as the price of the Mortgage characteristics. A much greater prohouse increased; the monthly payment on most portion of the mortgages on new than on existing houses costing less than $5,000 was less than $40, on houses involved Government guarantees or insurhouses costing $7,500 to $10,000 most payments ance. This difference is largely attributable to the were between $40 and $70, and on houses costing economic advantage ordinarily accruing to builders $15,000 or over, most payments were $70 and who secure, prior to completion of construction, over. commitments for FHA insurance or VA guarantee of mortgages of prospective purchasers. About 30 New and existing houses per cent of new house mortgages were FHA in- Sources of funds. Differences in sources of funds sured and 37 per cent were VA guaranteed as comused to purchase new and existing houses, on the pared with 17 per cent and 19 per cent, respectively, for existing houses (see Table 21). TABLE 20 As a consequence, a much greater percentage of SOURCES OF HOUSE PURCHASE FUNDS FOR NEW AND the mortgages on new than on existing houses were EXISTING HOUSES, OCTOBER 12, 1950—MARCH 15, 1951 written at interest rates of less than 5 per cent, for [Percentage of house purchases using specified source of funds within specified group] maturities of 20 years or more, and for loan-price ratios of 80 per cent or more. About three-fourths New Existing Source of funds houses houses of the mortgages on new houses involved these low interest rates as compared with about one-half First mortgage 87 81 of the mortgages on existing houses. About two- Second mortgage 3 8 thirds of the mortgages on new houses had ma- Other borrowing 15 16 Other borrowing plus a mortgage or turities of 20 years or more, as compared with plus a mortgage and liquid assets 11 11 about one-third of the mortgages on existing Liquid assets 83 84 houses. Forty-five per cent of the new house Liquid assets only 5 9 Liquid assets plus a mortgage l 58 49 mortgages were 80 per cent or more of the prices Sale of house 23 28 of the corresponding houses, as compared with No mortgage on house purchased 5 6 Mortgage on house purchased 18 22 20 per cent of the mortgages on existing houses. Other sources 2 5 3 In spite of these differences in mortgage charac- Number of cases 3 354 1.009 teristics of new and existing houses, the distributions of monthly payments were similar. Payments 1 Includes a few cases involving a mortgage only. 2 Includes gifts and nonliquid assets other than houses. on both new and existing houses were concentrated 2 Excludes 5 cases for which classification by new or existing was between $40 and $69. not ascertained. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION TABLE 21 5 per cent in metropolitan areas, were fully paid for through the use of liquid assets only. One- CHARACTERISTICS OF FIRST MORTGAGES FOR NEW AND third of the purchasers in nonmetropolitan areas EXISTING HOUSES, OCTOBER 12, 1950—MARCH 15, 1951 who sold a house, as compared with one-sixth of [Percentage distribution] such purchasers in metropolitan areas, received Mortgage characteristic New Existing sufficient funds from the sale to eliminate the houses houses necessity of securing a mortgage on their present property. As a result, individuals who purchased Type of loan: FHA 29 17 houses in nonmetropolitan areas obtained funds VA 37 19 Conventional 34 64 considerably less frequently from first and second All cases 100 100 mortgages and from other borrowing than did individuals purchasing houses in metropolitan areas Interest rate (per cent) : Under 4 0 2 2 (see Table 22). Institutions were more important 4.0 38 25 4 1-4.9 38 24 as originators of first mortgages on houses in 5.0 11 25 5.1-5.9 2 18 metropolitan areas, accounting for 88 per cent of 6 0 8 4 6.1 and over 1 2 these mortgages as compared with 75 per cent of All cases.... 100 100 the mortgages on houses in nonmetropolitan areas. Years to maturity: Less than 10 5 14 10-14 12 28 TABLE 22 15-19 15 22 20-24 33 28 25 and over 35 5 SOURCES OF HOUSE PURCHASE FUNDS BY LOCATION OF HOUSE No fixed maturity (*) 3 OCTOBER 12, 1950—MARCH 15, 1951 All cases 100 100 [Percentage of house^purchases using specified source of funds Ratio of mortgage to house price (per cent): within specified group] 1-49 11 20 50-64 19 30 65-79 25 30 Metro- Nonmetro- 80-89 19 12 Source of funds politan politan 90-99 25 6 area area 100 1 2 All cases 100 100 First mortgage. ... 88 73 Monthly payment on mortgage: Second mortgage. . 9 Less than $30 7 $30-$39 12 13 Other borrowing 17 $40-$49 15 14 Other borrowing plus a mortgage $50-$59 24 20 or plus a mortgage and liquid $60-$69 23 15 assets 12 $7O-$79 10 11 $80-$99 9 9 Liquid assets 84 83 $100 and over 6 9 Liquid assets only 5 15 No regular payment C1) 2 Liquid assets plus a mortgage 1. . . . 52 52 All cases 100 100 Sale of house 29 21 Number of cases 2 306 822 N M o o r m tg o a r g tg e a o g n e h o o n u h se o u p s u e r c p h u a r s c e h d ased. . 24 5 1 7 4 1 Less than one-half of 1 per cent. Other sources 2. . . . 4 4 2 Represents total number of cases in each group; however, the Number of cases 921 447 various distributions exclude cases where specific mortgage characteristics were not available. The number of cases with available data varied from 299 to 306 cases in the new houses group and from 753 to 822 cases in the existing houses group. 1 Includes a few cases involving a mortgage only. 2 Includes gifts and nonliquid assets other than houses. Houses in metropolitan and nonmetropolitan areas Mortgage characteristics. Government insured The differences between the prices of houses in or guaranteed mortgages occurred with greater metropolitan and nonmetropolitan areas and the relative frequency in metropolitan areas. About methods of financing their purchases are striking. one-half of the mortgages on houses located in These differences derive from variations between metropolitan areas were guaranteed or insured, as metropolitan centers and small towns and rural compared with one-third in the nonmetropolitan areas in such factors as incomes, construction costs, areas (see Table 23). This probably reflects in and traditions among lending institutions. part the fact that a larger percentage of the large Sources of funds. Fifteen per cent of the houses housing developments are located in metropolitan located in nonmetropolitan areas, as compared with areas where insurance or guarantee commitments JULY 1951 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION TABLE 23 have been arranged for in advance by the de- CHARACTERISTICS OF FIRST MORTGAGES BY LOCATION OF veloper, and in part the somewhat lower frequency HOUSE, OCTOBER 12, 1950—MARCH 15, 1951 of individuals as mortgagees in metropolitan areas- [Percentage distribution] Relatively low interest rates and long maturities were more frequent in metropolitan than in non- Metro- Nonmetro- metropolitan areas, reflecting the greater incidence Mortgage characteristic politan politan area area in metropolitan areas of VA or FHA mortgages and the generally low money rates in large centers. Type of loan: FHA 23 13 Whereas over 60 per cent of the mortgages on VA . . 26 19 Conventional 51 68 houses in metropolitan areas were at rates of less All cases 100 100 than 5 per cent, less than 50 per cent of those in Interest rate (per cent): nonmetropolitan areas involved such low interest Under 4 0 1 3 4.0 29 29 rates. Similarly, one-half of the mortgages on 4 1-4 9 33 16 5 0 . . .. . . 18 26 houses in metropolitan areas had maturities of 20 5.1-5.9 4 1 6 0 . . .. 14 22 years or more, as compared with one-fourth of the 6.1 and over 1 3 mortgages on houses in nonmetropolitan areas. All cases 100 100 Years to maturity: Despite differences in other mortgage terms, how- Less than 10 6 23 10-14 20 31 ever, the distributions of mortgages by loan-price 2 1 0 5 - - 2 1 4 9 3 2 4 2 2 1 0 7 ratios were similar for houses located in metro- 25 and over 17 5 politan and nonmetropolitan areas. Over half No fixed maturity 4 of the mortgages in both kinds of areas were All cases 100 100 Ratio of mortgage to house price (per between 50 and 79 per cent of the price of the corcent): 1-49 18 17 responding houses. As noted before, the metro- 5 6 0 5 - - 6 7 4 9 2 3 7 0 2 2 8 5 politan purchases more often involved FHA or VA 80-89 14 14 financing as well as higher priced houses. These 90-99 10 12 100 4 two factors seemed to be about offsetting in their All cases 100 100 effects on loan-price ratios, with the resulting simi- Monthly payment on mortgage: Less than $30 . . . . .. 4 12 larity between metropolitan and nonmetropolitan $30-$39 10 20 $40-$49 12 18 areas with regard to this mortgage characteristic. $50-$59 21 20 $60-$69 19 11 Another major difference in mortgage charac- $7O-$79 13 5 $80-$99 11 4 teristics was in monthly payments. In nonmetro- $ N 1 o 0 0 r e a g n u d la r o v p e a r ym . ent . . .. 9 1 4 6 politan areas where purchases more often involved low priced houses, monthly payments were more All cases... 100 100 heavily concentrated in the lower payment brackets. Number of cases l 808 324 One-third of the mortgages on nonmetropolitan 1 Represents total number of cases in each group; however, the houses involved monthly payments of less than $40, various distributions exclude cases where specific mortgage characteristics were not available. The number of cases with available as compared with one-seventh of the mortgages on data varied from 745 to 808 cases in the metropolitan area group and from 311 to 324 cases in the nonmetropolitan area group. metropolitan houses. APPENDIX METHODS OF SURVEYS OF HOUSE PURCHASES Board of Governors' survey taken from interviews with 1,368 persons who pur- This article is based largely on data from a survey chased 1- or 2-family nonfarm houses for owner sponsored by the Board of Governors of the Fed- occupancy between October 12, 1950—the date upon eral Reserve System and conducted by National which Regulation X and the companion regulations Analysts, Inc., of Philadelphia. The data were of the Veterans Administration and the Federal 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION Housing Administration were issued—and March distribution of purchasers and of the reported prices 15, 1951, and who recorded deeds to their purchases of houses purchased, and to change somewhat the between January 1 and March 15, 1951.1 The distribution of certain mortgage characteristics. names of the purchasers were selected from the (2) Houses on lots which were purchased a sublists of deed recordings in 40 counties throughout stantial time before the houses were built. This the United States. The percentage distribution of exclusion probably affected a larger proportion of purchases by months is indicated in the table. both the relatively high priced custom-built houses built by persons with relatively high incomes and Month of purchase l All New Existing the relatively low priced nonmetropolitan houses houses houses houses built by persons with relatively low incomes. The 1950—October 10 17 7 net effect of these exclusions is uncertain, but they November. . . 19 27 17 probably increased the proportion of medium December 28 29 28 1951—January. . .... 24 14 27 priced houses. February 17 11 19 March... 2 2 2 (3) Houses purchased with land contracts. Such Total. . 100 100 100 exclusions probably had slight effect on the survey Number of cases 2. 977 248 729 results. Land contracts are used on relatively low priced houses purchased by persons judged to be 1 The time of purchase was determined by the signing of a purchase contract. poor credit risks, and, if included, could be ex- 2 Total excludes 391 cases in the survey. These cases included pected to lower very slightly the income and price some purchasers who did not sign contracts and some who did not remember the month of signing. Purchasers who did not sign distributions. purchase contracts were included if their settlement dates came after October 12, 1950. Purchasers who signed contracts were At the end of 1949 land contracts held by life included if they remembered signing after October 12 but not the exact month. insurance companies and savings and loan associations had a value about .05 per cent of that of Universe sampled. The sample was a probability mortgages held by such institutions. Since land sample selected from lists of deed recordings. Since contracts, on the average, run about one-fourth as the universe of deed recordings differs from the long as mortgages, acquisitions of land contracts universe of house purchases, any interpretation of might be expected to be about .2 per cent of acquisithe data in this article must take account of these tions of mortgages during any given time period. differences. The differences exist, in part, because Acquisition of land contracts by individual insome purchases are never recorded and because vestors is probably more frequent than by institusome are recorded only after a substantial lapse tions, and their use by all groups is declining; secuof time. Other exclusions from the universe of larly. Although a conversion from data referring house purchases occur for other reasons. to values to data referring to frequencies is subject A list of these exclusions and some comment on to error, it seems improbable that as many as 1 per the effects are given below: cent of all purchases involve land contracts. (1) Houses for which the delay between purchase (4) Purchases based on squatters' rights. Such and recording was relatively long. This is the most purchases are believed to be so much less frequent important exclusion since the sample was taken than those involving land contracts that the effect from recordings in the period January 1-March 15, of their exclusion can be ignored. 1951 and involving purchases made since October (5) Purchases by persons not living in the county 12, 1950. About two-thirds of all the recordings in which the recording was made. Exclusion of made in the period and referring to new houses and these persons was made to expedite the field work about one-half of the recordings referring to existand is believed to be of small effect. ing houses involved purchases made prior to (6) Structures located in business sections and October 12, 1950. The exclusion of a greater bought primarily for business purposes (e.g., stores proportion of new than of existing houses unwith living quarters in rear or above). doubtedly tended to lower somewhat the income Sampling plan. The sampling plan for this surxAn additional 135 interviews were taken with persons who purchased 1- or 2-family houses after October 12, 1950, vey can be briefly described as a two-stage stratified for investment. These interviews were excluded from the probability sample. The probability of selection of tabulations so that the data obtained would be comparable the first stage sampling units (counties) was based with HHFA survey. 797 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION on the number of nonfarm dwelling units within numbering were processed first, then all lines 2, the counties. The second stage units (recordings and so on, the interviewer could stop at the end of of house purchases) were selected from recordings any sequence of numbered lines without having of all house purchases within the selected counties. altered the known probabilities of including in the For economy of time in field work, varying sam- sample any name on the original list. This device pling rates were used in order to keep the number was adopted since the work loads had to be conof interviews nearly equal among the counties. trolled, because of the short time period for con- Details of the sampling plan follow: ducting the survey, since the sampling had to be done in the field, and since the sampling rate 1. Selection of first stage units. necessary to yield a specified number of house pur- As stated above, the county was the unit in the chase interviews was not known in advance. first stage of sampling. All counties in the United 3. An approximation of the sampling errors is States were first divided into two major groups— given below: metropolitan area counties, as defined by the Bureau of the Census, and nonmetropolitan area counties. The metropolitan area counties were grouped into APPROXIMATE kSAMPLING ERRORS OF SURVEYFINDINGS 25 strata. The basis for grouping was size of area Number of cases and geographic location. Roughly equal numbers Reported of nonfarm dwelling units in each stratum were percentage 60 100 300 500 700 900 110013001500 obtained. The nonmetropolitan area counties were Percentagepoints grouped into 15 strata. The basis for grouping was geographic region and again the strata were made 50 23.5 18.0 10.5 8.0 7.0 6.0 5.5 5.0 4.5 about equal with regard to the number of nonfarm 30 or 70 21.5 16.5 9.5 7.5 6.5 5.5 5.0 4.5 4.5 25 or 75 20.5 15.5 9.0 7.0 6.0 5.0 5.0 4.5 4.0 dwelling units. After the strata were formed, one 20 or 80 19.0 14.5 8.5 6.5 5.5 5.0 4.5 4.0 3.5 15 or 85 17.0 13.0 7.5 6.0 5.0 4.5 4.0 3.5 3.5 county was selected from each with a probability 10 or 90 14 011.0 6 5 5 0 4 0 3 5 3 5 3 0 3 0 5 or 95 10.0 8.0 4.5 3.5 3.0 2.5 2.5 2.0 2.0 of selection equal to the ratio of its number of nonfarm dwelling units to the total number in 1 The chances are 95 in 100 that the proportion for the universe lies within a range equal to the reported percentage plus or minus the stratum. The number of interviews to be the number of percentage points rounded to the nearest one-half taken from any county was made proportional to per cent as shown in the table. the stratum total of nonfarm dwelling units from Survey of the Housing and Home Finance Agency which the county was drawn. Each of the six and the Survey Research Center largest metropolitan areas was a separate stratum The pre-regulation survey data used for certain and each was therefore automatically included. time comparisons in this article were developed 2. Selection of second stage units. through a survey sponsored by the Housing and The unit used in the second stage of sampling Home Finance Agency (HHFA) and conducted was the recording of the house purchase. A sys- by the Survey Research Center of the University of tematic random sample of these purchases was Michigan. The survey was ba^sed upon personal drawn from the records of the Registrars in the interviews with 985 persons who recorded deeds for counties selected. The entry lists used for the the purchase of 1- or 2-family nonfarm houses for Registrars' records contained the names of many owner-occupancy between January 1, 1949 and June recordings, both real estate and other, which were 30, 1950. The sampling for that survey was comineligible entries for purposes of this study. A pleted in the fall of 1950 and the interviewing in form was devised for the interviewer to list the December 1950. The Survey Research Center pronames selected from the Registrars' records by the vided National Analysts, Inc., with information specified sampling procedure. The lines on each regarding its sampling experiences. The sampling individual form were numbered in a random order methods of the two surveys were similar except for from 1 through 12. After listing the names from the following: (1) Exclusion from the HHFA surthe entry lists the interviewer processed these sample vey of nonfarm house purchases in communities names in the order in which they were numbered of less than 2,500 and in the open country. This to determine which were eligible and which wrere exclusion probably results in a higher income distrinot. Since all lines designated 1 in the random bution of purchasers and a higher price distribu- 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSE PURCHASES FOLLOWING INTRODUCTION OF REGULATION tion of purchases in the HHFA than in the Board's pant was a respondent was considered to be new. survey. (2) The effect of the delay between pur- Other houses were classified as existing houses. chase and recording was much smaller for the 4. Liquid assets. Liquid assets included U. S. HHFA survey than for the Board survey, since Government securities, deposits in bank accounts, fewer recorded purchases were excluded because of shares in savings and loan associations, and curthe time of purchase. However, the purchases to rency. which the data refer were made somewhat earlier 5. Monthly mortgage payments. These payments than the recordings, and this must be kept in mind include interest and amortization of principal. in comparing the HHFA data with data in the 6. Conventional mortgages. Conventional mort- Board's survey. (3) Exclusion from the HHFA gages were any mortgages not insured by the FHA survey of houses purchased by tenant occupants. or guaranteed by the VA. The effect of this exclusion is to underrepresent 7. Veteran status. A house purchaser was classiexisting houses very slightly. fied as a veteran if he or a member of his family The HHFA survey was concerned primarily with was a veteran of World War II. psychological and technological considerations in- 8. Metropolitan and nonmetropolitan areas. A volved in house purchases rather than with the metropolitan area consists generally of a city of financing of these purchases. The differences in the more than 50,000 persons together with certain objectives make for some differences in interviewsurrounding counties, as designated by the Census. ing methods. The effect of these differences on the 9. House purchases under pre-regulation comdata from the HHFA survey that were used in this mitments. Although all the purchases in the Board's article is probably small. survey were made after Regulation X and the Basic survey definitions companion FHA and VA regulations were issued, 1. Price. The price of the house in the Board's some of these purchases were made on the basis survey was considered to be equal to the sum of the of pre-regulation commitments and therefore could following: (a) mortgage debt incurred, (b) other involve terms more liberal than the regulations perdebt incurred to finance the purchase, (c) liquid mit for other purchases. Efforts to discover which assets used, (d) funds from the sale of other assets, of the purchases were based on pre-regulation comincluding houses, and (e) the value of the pur- mitments by asking the respondent directly were chaser's own labor in building the house. Funds fruitless because respondents generally did not know used to pay settlement costs, other than insurance whether their purchases involved commitments or and prepaid taxes, were also included. In the not. The classification was made, therefore, by HHFA survey, price probably excluded such settle- comparing the terms of each mortgage with the ment costs and item (e). terms required by Regulation X or by the FHA or VA credit regulations. If the purchase of a 2. Income. Income data refer to the annual money income before taxes in 1950 of the pur- new house involved conventional mortgage financchaser's family which includes all persons living in ing, comparison was made with Regulation X the same dwelling unit who are related by blood, terms; if a purchase of either a new or existing marriage, or adoption. In both studies, the income house involved FHA financing, comparison was of the purchaser's family unit was determined by made with FHA terms; if VA financing was used, asking respondents to select from a list of brackets comparison was made with VA terms. In each inthat which included the family's income. This stance, if the purchase was made on terms more practice is believed to result in underrepresentation liberal than the regulation permits, the purchase of both the lowest and the highest incomes as com- was classed as made under pre-regulation commitpared with a longer procedure based upon direct ments. Since conventionally financed mortgages on questions concerning components of income. existing houses are exempt from Regulation X, this 3. Houses. A house in the surveys was a one- or procedure resulted in automatically classifying all such purchases as under terms still available under two-family nonfarm residential structure purchased the regulation. for owner occupancy. A house whose first occu- 799 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION1 A recent survey indicates that there was a general 1951, the period immediately following the tighteneasing of instalment credit terms from the time ing of requirements. Regulated commodities were regulation of maturities and down payments was classified according to the following groups: new discontinued in June 1949 to the time it was re- automobiles; used automobiles; television sets, newed in September 1950. For most commodities radios, and household appliances; furniture; and the regulatory terms established in September 1950 residential repairs, alterations, or improvements. were as liberal as the average terms prevailing before Regulation W was reissued, or more so, while TREND OF TERMS, 1949-50 the terms established on October 16 were consid- There was a general easing of instalment credit erably more strict than the pre-regulation average. terms in the first half of 1949 as a result of the suc- Following the reinstatement of the Board's Regu- cessive relaxation of the regulation then in force.2 lation W in September 1950, changes in the down Some further easing occurred following the expirapayment and maturity terms of instalment contracts tion of controls on June 30, 1949. Terms on instalvaried appreciably among commodities. This was ment contracts for new cars, which had averaged reflected in changes in the proportion of contracts 45.0 per cent of the purchase price for down payat or near the regulatory limits and in average ments and 19.6 months for maturities during the terms. These changes suggest that the maturity last three months of regulation, eased to 42.5 per limitation was a more important restraint than the cent and 20.9 months by mid-1950. At this time down payment requirement on instalment financing more than 10 per cent of the instalment contracts of automobiles and residential repairs, while the for new cars specified maturities longer than the down payment limitation was the more important former maximum limit of 24 months, and nearly restraint in the case of television sets, radios, house- 15 per cent specified down payments smaller than hold appliances, and furniture. the former minimum of one-third. In the pre-regulation period there was consider- A similar general tendency toward liberalization able variation in average credit terms - among the of instalment credit terms appears to have af- 12 Federal Reserve Districts, but the effect of regu- fected contracts for used cars, television sets, radios, lation was to bring about greater uniformity. and household appliances after discontinuance of With the reinstatement of consumer credit regu- regulation on June 30, 1949. As was the case with lation on September 18, 1950, it became desirable new cars, there was a reduction in average down to ascertain the pattern of instalment credit terms payment and a general lengthening of average existing prior to regulation so that ensuing changes maturity. could be noted. Data on terms of actual contracts covering all commodities subject to regulation were EFFECT OF REGULATION ON INSTALMENT collected for three intervals: April 1-September 17, CREDIT TERMS 1950, the period immediately preceding regulation; In the absence of consumer credit regulation, September 18-October 15, 1950, the initial period individuals are able, within the limits set by trade of regulation; and October 16, 1950-February 1, practices, to adjust their instalment purchase plans 1 This article was prepared by Philip M. Webster of the to meet their individual budget situations. The Consumer Credit and Finances Section of the Board's Division combination of down payment and monthly payof Research and Statistics. The basic data were obtained by the Regulation W departments of the Federal Reserve Banks ment chosen by an instalment purchaser may or in the course of their regular review of insta]ment contracts may not be the most stringent terms he could subject to Regulation W. Responsibility for initiating the afford. Moreover, the terms chosen may or may investigation was shared by Dale M. Lewis, formerly with the Board's Division of Bank Operations and now with the not be the most liberal terms available; some may Federal Reserve Bank of St. Louis, Francis R. Pawley of the Board's Division of Selective Credit Regulation, and 2 For a report on terms prevailing in the first half of 1949, Donald M. Fort and Philip M. Webster of the Board's Divi- see Milton Moss, "A Study of Instalment Credit Terms," sion of Research and Statistics. Federal Reserve BULLETIN, December 1949, pp. 1442-49. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION choose more stringent terms in order to minimize ment contracts during April 1-September 17, 1950, finance charges, limit the period of payment, or for before the reinstatement of regulation. other reasons. Some purchasers may make a larger Instalment credit regulations that specify maxidown payment than necessary and take the longest mum repayment periods and minimum down paymaturity available in order to obtain the lowest ments narrow the range of terms available to potenpossible level of monthly payments. Tables 1 and tial instalment purchasers, who for purposes of 2 show the wide variation in the terms of instal- analysis may be considered in three broad groups. TABLE 1 INSTALMENT CONTRACTS FOR CONSUMER DURABLE GOODS DURING THREE PERIODS, BY MATURITY AND DOWN PAYMENT [Percentage distribution of contracts] New Automobiles Used Automobiles d M ow at n u r p i a ty y m (i e n n t m ( o a n s t h p s e ) r c a e n n d t- S A e 1 p p 9 t r 5 . . 0 1 - 1 7 , , S O e 1 c p 9 t t . 5 . 0 1 1 - 5 8 , , O F 1 e c 9 b t 5 . . 0 1 - 1 6 , , d M ow at n u r p i a ty y m (i e n n t m ( o a n s t h p s e ) r c a e n n d t- S A e 1 p p 9 t r 5 . . 0 1 - 1 7 , , S O e 1 c p 9 t t . 5 . 0 1 1 - 5 8 , , O F 1 e c 9 b t 5 . . 0 1 1 - 6 , , age of purchase price) 1950 1950 1951 age of purchase price) 1950 1950 1951 Maturity under contract: Maturity under contract: 12 or less 17.5 18.2 26.3 12 or less 43.1 43.4 49.5 13-15 3.7 10.7 72.9 13-15 8.1 13.7 50.0 16-18 15.7 16.4 0.2 16-18 22.4 18.5 0.3 19-21 4.5 54.7 0.6 19-21 5.3 24.4 0.2 22-24 47 8 22-24 19 4 Over 24... 10.8 Over 24 1.7 Total. 100.0 100.0 100.0 Total... 100.0 100.0 100.0 Average maturity 20.9 18.0 14.0 Average maturity 16.2 15.3 13.0 Regulation W maximum... 21.0 15.0 Regulation W maximum 21.0 15.0 Down payment under contract: Down payment under contract: Less than 33 y$ 14 8 Less than 33 }i 20 2 33 X 27.5 30.6 24.1 33 H" 32.2 38.8 36.3 34-39 16.4 20.7 17.0 34-39 20.3 26.9 26.4 40-49 14.9 17.2 17.7 40-49 12.2 16.1 16.3 50 or more. ... 26.4 31.5 41.2 50 or more 15.1 18.2 21.0 Total. 100.0 100.0 100.0 Total 100.0 100.0 100.0 Average down payment 42.5 46.2 49.3 Average down payment 38.0 41.9 42.8 Regulation W minimum 33 V, 33 X Regulation W minimum 33 yi 33 }i Number of contracts. . 57,114 23,760 18,496 Number of contracts 79,201 34,434 33,774 Television Sets, Radios, and Household Appliances Furniture Maturity under contract: Maturity under contract: 12 or less .... 29.8 40.0 44.0 12 or less 56.8 61.0 64.9 13-15 9.8 19.6 53.9 13-15 16.3 20.3 34.4 16-18 16.7 40.4 2.1 16-18 13.7 18.7 0.7 19-21 4.6 19-21 3.1 22-24 35.7 22-24 9.1 Over 24 3.4 Over 24 1.0 Total. 100.0 100.0 100.0 Total.... 100.0 100.0 100.0 Average maturity 18.2 14.5 13.2 Average maturity 14.2 13.0 12.3 Regulation W maximum 18.0 15.0 Regulation W maximum 18.0 15.0 Down payment under contract: Down payment under contract: Less than 10 23.2 0.9 0.4 Less than 10 17.1 1.8 0.8 10-14 35.2 2.0 0.6 10-14 29.1 29.1 2.0 15-19 . 13.9 47.6 3.1 15-19 16.4 24.5 45.1 20-24 11.1 15.4 2.2 20-24 15.2 17.7 19.1 25 4.4 10.6 44.9 25 6.3 6.9 8.4 Over 25 12.2 23.5 48.8 Over 25 15.9 20.0 24.6 Total. 100.0 100.0 100.0 Total... 100.0 100.0 100.0 Average down payment. . . . 14.5 21.9 29.3 Average down payment 16.7 19.5 22.1 Regulation W minimum 15.0 25.0 Regulation W minimum 10.0 15.0 Number of contracts. . 106,499 41,673 36,456 Number of contracts 57,683 32,762 29,908 NOTE.—Following the reinstatement of Regulation W, a few instalment contracts carried terms more liberal than, the regulatory limits. These terms represented violations in some cases and in others applied to credit exempt from regulation. JULY 1951 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION First, there are those who prefer and can afford to ment of a 21-month maximum maturity for autoobtain credit on terms even more restrictive than mobiles on September 18, 1950, new car instalment the limits set by regulation. Secondly, there are contracts with maturities of 19-21 months were those who prefer easier terms than those permitted more than half of all contracts whereas before regubut are not prevented from making credit purchases lation there had been very few contracts in this by the stricter terms. Finally, there are those who maturity group. While there were increases in are temporarily unable to make instalment pur- other maturity groups, they were much less chases under the limits specified by regulation. marked. The increased importance of maturities The first group should not be affected by credit at or near the regulatory maximum was more restrictions. The second group probably would clearly defined for automobiles and for residential accept the most liberal terms available under regu- repairs, alterations, or improvements than for lation, namely, the minimum down payment and the television-appliance group or furniture. the maximum maturity. The third group would In the case of down payments, the tendency for be excluded from the instalment credit market regulation to accentuate the increase in the proporuntil their individual financial positions had been tion of contracts specifying the required minimum strengthened by the accumulation of sufficient savwas apparent for the television-appliance group ings to meet the stricter terms. and, after required down payments were increased Contracts at or near regulatory limits. Credit on October 16, for furniture. For automobiles and control tends to increase the proportion of contracts residential repairs, however, the increase was greatwith terms at or near the regulatory limits more est among contracts with down payments in excess than it does the proportion of contracts with more of the required minimum. stringent terms because of the acceptance of regu- This increase in the proportion of contracts with latory limits by purchasers who would prefer easier down payments above the minimum for automoterms. This type of change appears to have been biles and residential repairs may have reflected the general with respect to maturities, as shown in desire of some consumers to reduce monthly pay- Tables 1 and 2. For example, after the establishments by making larger down payments than were required by regulation. For instance, a potential TABLE 2 instalment buyer of a new car who would have to INSTALMENT CONTRACTS FOR RESIDENTIAL REPAIRS, ALTERAmake larger monthly payments than he would find TIONS, OR IMPROVEMENTS DURING TWO PERIODS, BY convenient if he contracted on the basis of the MATURITY AND DOWN PAYMENT [Percentage distribution of contracts] minimum permissible down payment, might decide to save for a while or draw on available liquid Maturity (in months) and down payment A 19 p 5 r 0 . - 1, Se 1 p 95 t. 0 - 18, assets in order to make a down payment sufficiently (as percentage of contract price) Sept. 17, Feb. 1, large to leave a balance which he could conveni- 1950 19511 ently pay within the maximum maturity allowed. Maturity under contract: It may also be that, in the case of instalment sales 12 or less . . 22.5 29.4 13-18 12.5 18.3 of automobiles, there was a shift to lower priced 19-24 . . .. 13.9 8.9 25-30 8.4 42.7 models, in which case a given amount of cash or 31-36 38.9 0.7 Over 36 3.8 trade-in would have resulted in a larger percentage Total 100.0 100.0 down payment. Also, trade-in allowances prob- Average maturity 26.0 21.4 ably increased in October-November 1950. Adjust- Regulation W maximum 30.0 ments such as these would have caused a greater Down payment under contract: None 24.4 0.9 increase in the proportion of instalment contracts 1-9 11.5 0.6 specifying down payments in excess of the mini- 10 29.3 40.5 Over 10 34.8 58.0 mum than in the proportion of contracts having Total 100.0 100.0 down payments at the required minimum. The Average down payment 10.5 15.7 presence of factors that operated in this direction Regulation W minimum 10.0 is suggested by the increase in the average down Number of contracts 6,686 5,086 payment on automobile sales following the Oc- 1 No change in regulatory limits since Sept. 18, 1950. tober 16, 1950 shortening of the maximum ma- 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION turity even though the regulatory minimum down October 16 there were further reductions in average payment was unchanged. maturities for all types of regulated transactions. These changes in maturity and down payment Contracts for new and used automobiles were distributions for the different commodity groups affected in the greatest degree. Average maturities indicate that shortening maturities has a more re- for new car instalment contracts written after Octostrictive effect than increasing down payments for ber 16 were more than 30 per cent shorter than the automobiles and residential repairs, while the re- average for contracts written in the period precedverse is true for television sets, radios, household ing regulation. The corresponding reduction for appliances, and furniture. used-car contracts was 20 per cent. For television Average maturities. Maximum maturities estab- sets, radios, and household appliances, average malished by regulation on September 18, 1950 for turities became more than 25 per cent shorter than new automobiles, television sets, radios, and appli- in the pre-regulation period. The average repayances were approximately the same as the respec- ment period was reduced less in furniture instaltive average maturities under contracts written ment contracts than in contracts for the other comin the pre-regulation period, but the regulatory modities covered by the regulation. maxima for used cars, furniture, and residential The difference between the average repayment repairs were considerably longer than the pre- periods for new and used automobiles was narrowed regulation averages. During regulation, as is indi- by the limitation of instalment credit terms. In AVERAGE MATURITY ON INSTALMENT CONTRACTS mid-1950, shortly before the reinstatement of regu- COMPARED WITH MAXIMUM MATURITY PERMITTED DY REGULATION W lation, the average maturity was nearly five months Maturity in Months Maturity in Months shorter for used cars than for new cars. This differential was reduced to about three months April 1 - Sept. 17.1950 during the initial period of regulation and to one Sept. 18 • Oct. 15.1950 month after maturity requirements were tightened Oct. 16,1950 - Feb. 1.195! Maximum Maturity Permitted on October 16. The narrowed differential indicates that shortening the permitted maturity to the same maximum for new and used automobiles tended to be somewhat more restrictive with respect to new cars than used cars. This follows from the fact that considerations of durability and resale value usually permit longer maturities for new cars 10 - - 10 than for used cars. Average down payments. Comparison of average down payments before regulation with the regulatory minimum applied on September 18, 1950 NEW USED TELEVISION. RESIDENTIAL REPAIRS. indicates that the television-appliance group was AUTOMOBILES RADIO. FURNITURE IMPROVEMENTS APPLIANCES the only one with a pre-regulation average below NOTE.—There was no change after Sept. 18, 1950 in the the initial requirement. Pre-regulation averages maximum maturity permitted for residential repairs, alterations, or improvements. were substantially in excess of the minimum recated in the accompanying chart, there was less quired for automobiles and furniture and approxireduction in average maturities in the case of used mately the same as the initial requirement for resicars and furniture than in the case of new cars and dential repairs. After regulation the average down household appliances. There was a sharp decline payment increased more for the television-appliance in average maturity of contracts for residential re- group and for residential repairs than for the other pairs, notwithstanding the fact that the permitted commodity groups. It more than doubled for the maturity was longer than the pre-regulation aver- television-appliance group between the pre-regulaage. This decline is explained by the elimination tion period and the period following the first of maturities in excess of 30 months, which had amendment to the regulation on October 16, 1950. been nearly 43 per cent of all residential repair Average down payments have been a much contracts in the pre-regulation period. larger proportion of purchase price for automobiles Following the narrowing of regulatory limits on than for other regulated commodities, as is shown JULY 1951 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION AVERAGE DOWN PAYMENT ON INSTALMENT CONTRACTS the period April 1-September 17, 1950, for example, COMPARED WITH MINIMUM DOWN PAYMENT REQUIRED BY REGULATION W a down payment of more than one-third was spec- Down Payment Down Payment ified in about 54 per cent of the used car instal- Per Cent of Purchase Price Per Cent of Purchase Price ment contracts with a maturity of 12 months or less and in only about 28 per cent of the contracts H April I - Sept. 17, 1950 Sept. 18 - Oct. 15. 1950 with a maturity exceeding 24 months. This general Oct. 16, 1950 - Feb. 1. 1951 inverse relationship between down payment and --- Minimum Down Payment Required maturity was also indicated by the earlier survey of instalment credit terms in 1949.4 Within each maturity classification, the percentage of contracts specifying down payments in excess of the regulatory minimum tended to increase noticeably following the reinstatement of regulatory limits on September 18, 1950, with the exception of the 16-18 month maturity group for furniture. For example, the proportion of used automobile contracts in the 16-18 month maturity group that had down payments exceeding the regulatory RESIDENTIAL REPAIRS, minimum increased from less than 47 per cent in FURNITURE IMPROVEMENTS NOTE.—There was no change after Sept. 18, 1950 in the 'Ibid, p. 1448. minimum down payment required for automobile or for residential repairs, alterations, or improvements. TABLE 3 in the chart. The fact that this was particularly CONTRACTS WITH DOWN PAYMENTS LARGER THAN REGU- LATORY MINIMUM EFFECTIVE OCTOBER 16, 1950 AS true during the pre-regulation period illustrates a PERCENTAGE OF ALL CONTRACTS IN EACH basic difference in trade practices with respect to MATURITY GROUP, BY SELECTED COMautomobile sales and sales of other goods. The MODITY GROUPS 1 trade-in allowance, which the survey treated as part of the down payment, is more prevalent in Maturity (in months) Commodity automobile sales than in other instalment transac- group 12 or Over tions.3 less 13-15 16-18 19-21 22-24 24 After the effective date of Regulation W, as Apr. 1-Sept. 17, 1950, no regulatory limits shown in the chart, the average down payment for the television-appliance group was third largest New automobiles.... 76.1 69.3 65.7 45.6 53.6 35.2 Used automobiles.... 54.4 47.0 46.5 38.0 38.0 28.0 among all regulated commodities whereas prior to Television sets, raregulation it had been fourth. The chart also dios, and household appliances 24.9 12.5 8.9 5.1 4.7 5.5 shows an increase in average down payments for Furniture 49.7 42.6 37.1 35.6 30.0 26.3 both new and used automobiles following the first Sept. 18-Oct. 15, 1950, initial regulatory amendment to Regulation W. As has been indi- limits cated before, this change may have reflected indi- New automobiles.... 84.1 73.6 70.4 63.4 vidual and trade adjustments to the shortening of Used automobiles.... 67.0 62.0 59.9 51.6 Television sets, ramaturities after terms were tightened in October. dios, and household appliances.... 35.9 21.4 12.1 Furniture . 59 9 48 0 35.7 RELATION OF DOWN PAYMENTS TO MATURITIES Short repayment periods tend to be associated Oct. 16, 1950-Feb. 1, 1951, amended regulatory limits with large down payments, whether or not there is regulation of credit terms. As shown in Table 3, New automobiles 86 0 72 5 this tendency is evident for all commodities. In Used automobiles.... 67.9 59.8 Television sets, radios, and house- 3 Regulation W takes account of this difference in trade hold appliances 56 7 43 7 Furniture 71.6 59.2 practices. It permits a trade-in allowance to be part of the down payment in the case of automobiles but specifies the 1 Effective Oct. 16, 1950, minimum down payments for new and cash payment of a percentage of the net price after deduction used automobiles were 33 lA per cent, for television sets, radios, of trade-in allowances in the case of other goods. and household appliances 25 per cent, and for furniture 15 per cent. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION the pre-regulation period to nearly 60 per cent in subject to consumer credit regulation varied conthe September 18-October 15 period. This probably siderably among the 12 Federal Reserve Districts reflects primarily the stronger asset position of per- before Regulation W was reinstated. As is shown sons who could afford to buy on the instalment plan in Table 4, in the pre-regulation period average following the reissuance of Regulation W, but it maturities for new car instalment contracts ranged may also reflect increased trade-in allowances, a from a low of 17.7 months in the Minneapolis shift to lower priced models, and attempts to District to a high of 23.3 months in the San moderate the effect of the large monthly payments Francisco District. These variations reflected subresulting from the shorter permitted maturities by increasing the down payment made at the time of stantial differences in trade practices with respect to purchase. maturities. Thus, in the San Francisco District maturities in excess of 24 months were specified in DISTRICT VARIATIONS IN INSTALMENT CREDIT TERMS about 37 per cent of all the instalment contracts Average down payments and average maturities for new cars written during the pre-regulation of instalment contracts for all commodities now period whereas the corresponding percentage for TABLE 4 AVERAGE TERMS OF INSTALMENT CONTRACTS FOR REGULATED COMMODITIES DURING THREE PERIODS BY FEDERAL RESERVE DISTRICT Com in m p m e o r d o c i n e ty n th t a a s n g a d e n a d o v f e d r p o a u w g r e c n h te p a r a s m e y m s p r ( e i m n ce t a ) t a u s rity tr d A i i c s l t - l s B to o n s- Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - New automobiles— Apr. 1-Sept. 17, 1950: Maturity 20.9 20.1 21.2 22.5 21.7 20.1 20.9 20.1 20.4 17.7 21.5 20.4 23.3 Down payment 42.5 46.8 44.3 42.2 42.0 43.9 42.7 43.5 41.6 43.3 39.7 35.8 38.8 Sept. 18-Oct. 15, 1950: Maturity 18.0 17.7 18.1 19.1 17.7 18.3 18.1 17.9 17.6 15.5 17.2 18.2 18.7 Down payment 46.2 48.7 48.9 45.0 45.7 46.4 46.2 47.6 45.5 48.5 45.5 39.5 44.5 Oct. 16, 1950-Feb. 1, 1951: Maturity 14.0 13.7 13.9 14.0 14.2 14.0 14.1 13.9 14.0 13.7 13.8 14.4 14.1 Down payment 49.3 49.8 52.1 50.0 48.1 49.7 50.9 50.2 50.4 49.0 47.8 41.8 46.9 Used automobiles—• Apr. 1-Sept. 17, 1950: Maturity 16.2 16.5 18.7 18.1 18.0 15.0 15.4 16.4 16.7 14.9 16.3 17.1 16.9 Down payment 38.0 38.9 39.9 36.2 35.7 40.5 37.4 39.3 35.7 38.5 34.5 33.4 37.1 Sept. 18-Oct. 15, 1950: Maturity 16.5 16.9 15.4 14.8 14.5 15.0 14.2 14.0 14.3 16.7 15.9 Down payment 41.9 45.5 43.5 40.9 41.3 43.8 41.4 42.4 42.4 44.2 41.7 37.7 41.2 Oct. 16, 1950-Feb. 1, 1951: Maturity 13.0 13.4 13.6 13.6 13.4 12.8 12.8 12.9 12.9 12.7 12.8 13.8 13.3 Down payment 42.8 46.0 44.4 43.1 41.7 44.0 42.8 42.6 40.8 44.5 42.2 38.2 42.9 Television sets, radios and household appliances—• Apr. 1-Sept. 17, 1950: Maturity 18.2 17.6 18.4 16.9 16.0 17.5 18.8 16.3 16.6 16.4 18.6 18.6 19.9 Down payment 14.5 17.8 18.3 18.2 16.4 14.2 10.7 18.8 17.0 17.7 14.5 15.6 14.1 Sept. 18-Oct. 15, 1950: Maturity 14.5 14.7 15.1 14.8 13.7 14.4 13.9 14.3 14.0 14.0 14.9 15.5 Down payment 21.9 23.3 22.7 22.6 24.4 20.9 23.6 22.4 21.8 21.8 20.7 20.7 Oct. 16, 1950-Feb. 1, 1951: Maturity 13.2 13.4 13.4 13.3 13.1 13.0 13.3 12.8 13.1 12.9 12.9 13.5 13.8 Down payment 29.3 30.6 31.0 28.2 30.5 29.1 28.5 30.7 29.2 29.3 29.3 26.6 28.3 Furniture— Apr. 1-Sept. 17, 1950: Maturity 14.2 15.3 14.8 16.5 14.6 13.3 13.2 12.9 14.4 13.8 16.1 15.2 16.6 Down payment 16.7 18.9 20.9 20.0 17.4 15.2 12.3 21.2 16.8 18.9 15.6 17.6 17.7 Sept. 18-Oct. 15, 1950: Maturity 13.0 13.7 13.3 14.4 12.8 12.5 12.4 12.5 13.0 12.9 13.3 14.0 14.2 Down payment 19.5 21.0 21.8 18.8 22.1 17.3 16.7 22.4 19.5 20.1 19.0 17.7 19.4 Oct. 16, 1950-Feb. 1, 1951: Maturity 12.3 12.6 12.3 12.6 12.3 11.9 11.9 12.0 12.5 12.1 12.5 13.1 12.9 Down payment 22.1 22.9 24.2 21.4 22.9 21.0 19.4 24.9 21.7 22.2 21.7 20.5 22.1 Residential repairs, alterations or improvements— Apr. 1-Sept. 17, 1950: Maturity 26.0 16.2 27.3 31.9 28.5 26.3 22.3 27.9 26.0 14.5 31.0 22.5 22.0 Down payment 10.5 14.5 11.0 5.5 10.8 13.3 10.7 12.2 8.9 15.7 10.6 13.7 13.1 Sept. 18, 1950-Feb. 1, 1951: ! Maturity 21.4 15.4 24.8 25.2 25.6 20.8 19.5 20.5 22.0 14.0 21.9 22.0 17.9 Down payment 15.7 17.3 14.5 14.5 15.0 15.8 15.3 17.1 16.5 18.1 16.2 13.3 15.8 1 No change in regulatory terms since Sept. 18, 1950. 805 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTALMENT CREDIT TERMS BEFORE AND DURING REGULATION the nation as a whole was slightly less than 11 per those for the nation as a whole also tended to have cent. average down payments smaller than the national While variations in average terms among the average. districts were evident for all commodity groups, no The general pattern of district variation in terms one district had the most liberal or the most strin- during the pre-regulation period tended to continue gent instalment credit terms for all goods. For after credit regulation was imposed on September example, the San Francisco District had the longest 18, 1950. After terms were tightened on October average maturity for new cars in the pre-regulation 16, 1950, although the district pattern was still period, but the New York District had the most evident, the range of variation narrowed substanliberal average maturity for used cars. It appears tially for maturities but changed little for down that districts with average maturities longer than payments. NEW POSTAL MONEY ORDER PROCEDURE A new type of postal money order and collec- The new orders are printed on tabulating cards, tion procedure became effective July 1, 1951. The pre-punched to designate a serial number and one new procedure will greatly simplify the handling of the twelve regions established by the Post Office of postal money orders by banks as well as by Department and conforming generally to the Fedthe Post Office Department. eral Reserve districts. Special punch-proof ma- The new orders will be handled like checks and chines have been developed and installed at the it is expected that a large volume of them will Federal Reserve Banks and branches for handling be cleared through the banking system. The new these orders. These machines will in one operaorders are not drawn on any particular post office tion: list the amount on tapes, punch the amount and may be cashed at any post office or cleared in the order, and automatically sort the orders through a bank within one year from date of issue. according to the twelve Post Office regional account- The post office fee for cashing an order at other ing offices. Thereafter the accounting and auditing than the office on which drawn, or at which issued, operations at the Post Office Department will be is not applicable to these orders. handled on punch card tabulating equipment. The new type of orders, whether cashed at post The plan was developed by the Post Office Deoffices or cashed at or deposited with banks, will partment, the Treasury, and the Comptroller Genultimately be deposited with a Federal Reserve eral under the continuing program to improve Bank or branch, which, after processing the orders, accounting procedures in the Federal Government. will charge them to the account of the Treasurer Representatives of the American Bankers Associaof the United States and turn them over to the tion and the Federal Reserve cooperated with repregional accounting office of the Post Office Depart- resentatives of the three Government agencies in ment in the Federal Reserve city of the district. the development of the program. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES The largest annual increase in liquid asset hold- An increase in the rate of individual saving in ings during the postwar period took place in 1950. liquid form in 1950 reversed a downward trend Individuals are estimated to have added 5.4 billion that had persisted since the end of the war. For dollars to their holdings and businesses 3.0 billion, some years a relatively low rate of total personal bringing their respective totals to 182.1 billion and saving, as measured by the Department of Com- 69.0 billion. In percentage terms the growth was merce, in conjunction with a high rate of investlarger for businesses than for individuals. Unin- ment in nonliquid assets such as housing and farm corporated businesses drew down their liquid assets and nonfarm businesses, had contributed to a declining rate of individual saving in liquid form. for the fifth successive year but additions by corpor- An increase in total personal saving in 1950 comations, especially large corporations, more than offpared with 1949 was approximately matched by set the decline in 1950. an increase in personal liquid saving. Estimates of liquid asset holdings of individuals and businesses as of December 31, 1950, and for In 1950, administrators of personal trust accounts placed approximately two-thirds of the net increase end-of-year and selected midyear dates from Decemin the investments of these funds in liquid assets, ber 1939 to December 1950, are presented in the primarily United States Government securities. accompanying table. These estimates cover the The increase in "other" personal holdings of liquid principal assets which are most readily available or assets was divided about equally between demand convertible for use and for which there are repredeposits and savings and loan shares. sentative statistics of ownership. Currency and The estimates presented in the accompanying demand deposits are the basic forms of cash orditable include liquid assets held by individuals (innarily used and, under existing practices, time cluding farmers), unincorporated businesses, and deposits, shares of savings and loan associations, corporations other than insurance companies. They and United States Government securities are readily do not include holdings by Federal, State, or local convertible into cash. governments, Government agencies, foreigners, The volume of liquid asset holdings expanded banks, savings and loan associations, insurance comsharply in the latter part of 1950 following the outpanies, or nonprofit associations. The estimates break of fighting in Korea. This expansion reare approximations of amounts shown or implied flected a marked increase in the volume of bank in accounting records of the holders rather than credit as a result of considerably greater demand those reported by banking and Treasury records, for funds by businesses and individuals. Demand although they are derived primarily from bank deposits rose in direct response to the increase in and Treasury reports. The deposit estimates therebank credit. Other types of liquid asset holdings fore differ somewhat from figures reported by expanded as the borrowed funds passed into the banks and regularly published among banking hands of owners who chose to put them into these statistics. forms of saving. The basic classifications used and method of Corporate additions to liquid assets were large estimating are the same as those employed previnotwithstanding substantial investments in plant, ously. Some small revisions have been made in equipment, and inventories. This expansion of the estimates for December 1948 and December liquid asset holdings reflected larger working capi- 1949.1 tal needs, including the setting aside of funds in preparation for considerably larger Federal income 1See Federal Reserve BULLETINS for June 1945, February 1946, November 1946, September 1947, June 1948, July tax payments. 1949, and August 1950 for previously published estimates. JULY 1951 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 Type of holder Dec. Dec. Dec. Dec. June Dec. June Dec. June Dec. June Dec. Dec. Dec. Dec. Dec.p Total i 69.0 74.7 85.4 116.2137.2 156.4 175.5 195.9 212.9 227.5 228.5 231.5 237.0 '238.5 '242.7 251.1 Currency 5.8 6.6 8.9 13.1 15.0 18.0 20.0 22.6 24.2 25.5 25.5 25.7 25.4 '25.0 '24.3 24.3 Demand deposits 2 20.9 24.6 27.9 36.8 44.0 47.1 47.9 53.1 56.0 60.2 62.5 64.6 66.2 64.5 63.8 65.8 Time deposits 26.3 26.9 26.9 27.7 29.6 32.0 35.0 39.0 43.5 47.7 50.9 53.0 55.2 56.1 '57.0 57.5 Savings & loan shares 3 4.0 4.2 4.5 4.8 5.1 5.4 5.8 6.2 6.7 7.2 7.8 8.4 9.6 10.8 12.2 13.8 U. S. Govt. securities 4 12.0 12.4 17.2 33.8 43.5 53.9 66.8 75.0 82.5 86.9 81.8 79.8 80.6 82.1 '85.4 89.7 Business holdings—total... 19.4 22.3 25.9 39.4 49.5 55.9 62.9 67.5 72.3 73.0 69.6 66.3 64.7 '64.0 '66.0 69.0 Currency 1.6 1.7 2.1 2.8 3.1 3.6 3.9 4.3 4.5 4.7 4.8 4.9 4.8 4.7 4.6 4.6 Demand deposits 12 5 15 5 16 6 21.7 27 5 28 9 29.4 31.3 33.7 33.7 34 7 33.5 33.9 33.7 '34.2 34.6 Time deposits . . .... 2 0 2 0 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.1 3.2 3.4 3.5 3.5 3.5 3.6 Savings & loan shares 0.1 0 1 0 1 0 1 0 2 0 2 0 2 0.2 0.2 0 2 0 3 0 3 0 3 0 3 '0.3 0.4 U. S. Govt. securities 3.2 3.0 5.1 12.7 16.5 20.9 26.9 29.0 31.0 31.3 26.6 24.2 22.2 '21.8 '23.4 25.8 Corporations—total 13.0 15.0 17.4 27.1 34.2 38.6 43.1 44.7 47.2 45.1 41.9 38.9 38.2 r38.8 r41.2 44.8 Currency 0.7 0.7 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 Demand deposits 9.5 11.7 12.4 16.0 20.0 20.9 21.4 22.1 24.0 22.1 22.9 21.8 22.2 22.7 '23.1 23.7 Time deposits 0 7 0 7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares.... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities.... 2.1 1.9 3.5 9.6 12.6 16.0 20.0 20.9 21.5 21.3 17.2 15.3 14.2 '14.3 '16.3 19.3 Financial corporations— total 5 . 1.7 1.8 2.2 2.5 2.8 3.1 3.4 3.8 4.1 4.8 4.7 4.4 4.3 4.5 '5.2 5.3 Demand deposits 1.1 1.2 1 3 1 2 1 3 1 3 1 3 1 5 1 6 2 0 2 1 2 1 2 2 2 2 2.3 2.5 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . 0.5 0.5 0.8 1.2 1.4 1.7 2.0 2.2 2.4 2.7 2.5 2.2 2.0 2.2 '2.8 2.7 Nonfinancial corporations —total 11.3 13.2 15.2 24.6 31.4 35.5 39.7 40.9 43.1 40.3 37.2 34.5 33.9 '34.3 '36.0 39.5 Currency 0.7 0.7 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 Demand deposits . . 8 4 10 5 11 1 14.8 18 7 19 6 20 1 20 6 22.4 20 1 20 8 19 7 20 0 20.5 '20.8 21.0 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Savings & loan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities.... 1.6 1.4 2.7 8.4 11.2 14.3 18.0 18.7 19.1 18.6 14.7 13.1 12.2 '12.1 '13.5 16.6 Unincorporated business— total 6.4 7.3 8.5 12.3 15.3 17.3 19.8 22.8 25.1 27.9 27.7 27.4 26.5 25.2 24.8 24.2 Currency 0.9 1.0 1.3 2.0 2.3 2.7 3.0 3.4 3.6 3.8 3.8 3.9 3.8 3.7 3.6 3.6 Demand deposits 3.0 3.8 4.2 5.7 7.5 8.0 8.0 9.2 9.7 11.6 11.8 11.7 11.7 11.0 '11.1 10.9 Time deposits... ... 1.3 1.3 1.3 1.4 1.5 1.6 1.8 2.0 2.2 2.4 2.5 2.7 2.8 2.8 2.8 2.9 Savings & loan shares.... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 '0.2 0.3 U. S. Govt. securities.... 1.1 1.1 1.6 3.1 3.9 4.9 6.9 8.1 9.5 10.0 9.4 8.9 8.0 7.5 7.1 6.5 Personal holdings—total. . . 49.6 52.4 59.5 76.8 87.7 100.5 112.6 128.4 140.6 154.5 158.9 165.2 172.3 '174.5 '176.7 182.1 Currency 4.2 4.9 6.8 10.3 11.9 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 '20.3 '19.7 19.7 Demand deposits 8.4 9.1 11.3 15.1 16.5 18.2 18.5 21.8 22.3 26.5 27.8 31.1 32.3 30.8 '29.6 31.2 Time deposits 24.3 24.9 24.9 25.6 27.4 29.7 32.5 36.3 40.6 44.6 47.7 49.6 51.7 52.6 '53.5 53.9 Savings & loan shares 3.9 4.1 4.4 4.7 4.9 5.2 5.6 6.0 6.5 7.0 7.5 8.1 9.3 10.5 '11.9 13.4 U. S. Govt. securities 8.8 9.4 12.1 21.1 27.0 33.0 39.9 46.0 51.5 55.6 55.2 55.6 58.4 '60.3 '62.0 63.9 Trust funds—total 6 4.5 4.7 5.6 6.9 8.4 10.0 11.7 13.4 14.7 15.9 17.8 19.4 21.6 22.9 r24.0 26.5 Demand deposits 1.2 1.3 1.4 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 1.6 1.6 1.5 1.6 Time deposits 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.5 0.5 0.8 Savings & loan shares.... 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 2 0 2 0 2 '0 3 0 3 U. S. Govt. securities.... 3.1 3.1 3.9 5.4 6.9 8.4 10.1 11.7 12.9 14.0 15.6 17.2 19.5 20.6 21.7 23.8 Other personal—total7 45.1 47.7 53.9 69.9 79.3 90.5 100.9 115.0 125.9 138.6 141.1 145.8 150.7 ' 151.6 -152.7 155.6 Currency 4.2 4.9 6.8 10.3 11 .9 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 '20.3 '19.7 19.7 Demand deposits . . 7.2 7.8 9.9 13.9 15.3 16.9 17.2 20.4 20.8 24.9 26.0 29.4 30.7 29.2 '28.1 29.6 Time deposits 24.1 24.6 24.6 25.4 27.2 29.5 32.3 36.1 40.4 44.4 47.4 49.3 51.4 52.1 '53.0 53.1 Savings & loan shares.... 3.9 4.1 4.4 4.6 4.8 5.1 5.5 5.9 6.4 6.9 7.4 7.9 9.1 10.3 11.6 13.1 U. S. Govt. securities.... 5.7 6.3 8.2 15.7 20.1 24.6 29.8 34.3 38.6 41.6 39.6 38.4 38.9 '39.7 '40.3 40.1 ' Revised. P Preliminary. 1 Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1950 on a holder-record basis (see table) amounted to 65.8 billion dollars while on a bank-record basis these deposits amount to 85.7 billion. This is because checks are constantly in the mail, i. e., deducted on a payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates. 4 Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, as follows, in millions of dollars: 1128; 58; 29; 12; 7; 4; 3. Armed forces leave bonds are included beginning December 1947, as follows, in millions of dollars: 767; 464; 343; 221. 5 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 6 Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers and professional persons. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE NETHERLANDS BANK Changes in methods of credit control instituted quired for every loan made by members of the by the central ban\ of the Netherlands are described organizations of commercial banks, agricultural in the following extract from the official English credit banks, savings banks, and stockbrokers. By edition of the Ban1(s Annual Report for the year virtue of General License No. 40 of November 30, 1950. A combination of reserve requirements and 1945, the Bank authorized members of the above credit ceilings for individual ban\s has replaced mentioned organizations to extend loans for certhe former system under which individual ban\ tain specified purposes, without a license, provided loans were submitted to the central ban\ for ap- they did not exceed an amount of fl. 50,000. A proval. license had to be obtained for all other loans SUPERVISION OF THE CREDIT SYSTEM granted. As in previous years, supervision of the credit The Netherlands Bank exercises supervision over system was not limited to consideration of applithe credit system by virtue of Article 9 of the cations for licenses for the granting of credits, Bank Act of 1948. The third paragraph of this pursuant to Article 19 of the Deblocking Decree article contains the stipulation that the Netherlands of 1945; to the institution of auditor's control over Bank has the supervision of the credit system, while credit institutions; and to the perusal of data it is determined in the fourth paragraph that this periodically submitted to the Bank. In addition, supervision be exercised in the interest of the solwhen necessary, consultations were held with the vency and liquidity of the credit institutions, and credit institutions concerned in order to effect an in the interest of a credit system based on sound improvement of situations which were considered and correct principles of banking. This means less desirable; during the year under review, there that the supervision has a private-economic as well was a further increase in the number of these as a social-economic purpose. The private-ecoconsultations. In most cases, the action of the nomic purpose aims at ensuring the solvency as Bank led to satisfactory results. well as the liquidity of the individual credit institutions. Increase in rate of discount. As of September 26, 1950, the Bank revised its rates of interest. The social-economic purpose is based on the first The discount rates for bills of exchange and promisparagraph of Article 9 of the Bank Act, in which sory notes which had been 254 per cent and 3 per the Bank is charged with regulating the value of cent respectively since June 27, 1941, were increased the Netherlands monetary unit in such a way as by 54 percentage point; the interest on advances is deemed most conducive to the welfare of the in current account and advances for one month, country, and thereby stabilizing this value as far which had been 354 per cent since August 29, 1939, as possible. It has been the intention, from the remained unchanged. beginning, to elaborate by law the supervision of the credit system with which the Bank was charged The development of loans granted by banks to pursuant to the Bank Act of 1948. As was men- trade and industry, which showed an especially tioned in the Bank's previous report, a preliminary strong increase in the third quarter of 1950, was draft for a draft bill to be submitted to parliament the reason for the increase in the rate of interest. was prepared at the request of the Minister of The causes for the expansion of the bank credit Finance. This preliminary draft formed the basis cannot be precisely determined quantitatively. for a draft bill regarding which the Bank Council There is no doubt that the liberalization of foreign was consulted in November 1950, and on which trade, which opened up possibilities for trade and the Social Economic Council submitted its recom- industry to raise stocks to a more normal level, mendations to the Government in February 1951. and for retail trade to improve its assortments, In addition to the Bank Act of 1948, the super- played an important part. Secondly, the influence of the more acute foreign political tensions, especivision by the Netherlands Bank of the credit sysally since the beginning of hostilities in Korea, tem is also based at present on Article 19 of the and the general price increase resulting therefrom, Deblocking Decree of 1945. Pursuant to this should be mentioned. Probably payments of tax article, a license of the Netherlands Bank was rearrears also played a part. NOTE.—Only a part of Chapter V of the report is reprinted Although the expansion of bank credit can be here. Other chapters review international economic condisaid to have had its reasons and the total volume tions, economic and financial developments in the Netherlands, monetary equilibrium and the balance of payments, of commercial bank credit, compared to the preand the activities and organization of the Netherlands Bank. war situation, could by no means be called exces- JULY 1951 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE NETHERLANDS BANK sive, but on the contrary relatively small, the Bank liquidities maintained by the banks on the one nevertheless considered it not justified, in the hand, and the amount of deposits on the other, course of September 1950, to delay further the which ratio naturally results in a certain limitation imposition of restrictive measures. The private- of funds available for the granting of credits. If economic justification of credits can detract nothing this limit is reached, it can be exceeded, provided from the fact that the rise in the total volume has an appeal is made to the Netherlands Bank for undoubtedly an inflationary character, and conse- the amount in excess of the limit. Only those quently exerts a direct influence on the balance-of- banks whose liquidity does not fulfill the minimum payments position. Moreover, the high degree of requirements (cover percentage of 40) are excluded liquidity which characterises the Netherlands bank- from this facility. ing institutions at present, and which is still a result It would have been desirable, in itself, if the of the course of affairs which prevailed during prescribed cover ratio could have been the same the German occupation, had to be taken into for every bank. The extensive differences among account. On September 30, 1950, the 42 commer- the Netherlands banking institutions, and the very cial banks and the agricultural credit banks to- divergent positions of the various banks, made it gether held Treasury paper amounting to approxi- impossible, however, to prescribe uniform percentmately fl. 3,500 million, while their total credits ages. Such a regulation would have had no effect on that date amounted to approximately fl. 1,850 at all upon the banks with very ample liquidity, million. In consequence, the possibility of convert- but would have had an unreasonable repercussion ing Government paper into commercial credits, on banks with less ample, but from a privatewith all its accompanying inflationary potentiali- economic viewpoint, still adequate liquidity. It ties, was very large. was also impracticable, at such short notice, to It is clear, however, that with the great liquidity classify the banks into groups, within each of which of the banking system, an increase in the rate the same percentage could apply. The principle of discount, in itself, could be little more than a of equality of treatment for all had to be established in this case by determining for all banks a shot in the dark, because in general, the banks position based upon the recent past, and by grantwere by no means in a position of having to appeal ing an equal degree of flexibility to all banks in to the central bank, or even of having to take into proportion to this basic position. account the possibility of such an appeal. In consequence, it was necessary to supplement the dis- Furthermore, in order to avoid forcing some count increase by measures intended to render the banks to appeal to the Netherlands Bank immedidiscount effective. As long as the implementing ately—which would have been unjust because legislation of the supervision of the credit system credits granted before the publication of the newreferred to earlier had not been enacted, these measures were entirely in accordance with the regumeasures, as well as the licensing control exercised lations effective until then—an alternative criterion was established by virtue of which the appeal to thus far—which, however, could not be applied to the Netherlands Bank was restricted to an amount influence the total volume of credits—had to be dependent on the further increase of credits granted based on existing legal regulations. beyond a certain limit attained in the very recent When the discount increase was published, the past. Consequently, unless the aggregate of their Bank therefore also announced that, in order to liquid assets is less than 40 per cent of their promote the effectiveness of its interest policy, it deposits, the banks may always choose between two had decided to recommend that the Minister of alternatives, enabling them, each one for itself, to Finance authorize the Bank to revise its method of exercise the option which is individually most supervising the credit system under the Deblockfavourable. The appeal which they must make to ing Decree of 1945. the Netherlands Bank is thus determined by either Measures effective as of January 1, 1951. In order (a) the sum whereby the cover in liquid assets to render the discount rates effective, it was is below the prescribed minimum, or (b) the sum necessary to restrict the freedom of the banking whereby the credit ceiling is exceeded. institutions to expand their credits to trade and With regard to the determination of the cover industry, which they were likely to do for private- requirements, at first the fixing of certain cover pereconomic reasons, under a simultaneous contrac- centages was considered, based on the actual cover tion of their portfolio of Treasury paper. A situa- ratio existing with each banking institution in the tion had to be created whereby the banks, in spite base period chosen. However, upon further conof their generally very ample liquidity, would sideration, it became apparent that this would ennevertheless be forced to appeal to the Netherlands counter serious objections because the various banks Bank in case of a further extension of credits would thus work with different cover ratios, and a beyond a certain defined limit. For this purpose, change in the volume of deposits would have varya certain ratio has been prescribed between the ing degrees of restraint for different banks. For 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE NETHERLANDS BANK instance, one bank would then have been allowed the same person not exceeding an aggregate of fl. to use 20 per cent and another perhaps 50 per cent 2,000, or whereby the debit position of one and of newly acquired deposits for the expansion of the same person does not rise beyond the debit credits. For this reason the following form was position of January 1, 1951. chosen for the determination of the cover require- Except by complying with the above mentioned ments; the aggregate of the cover must not drop rules, commercial banks can only grant credits or below 90 per cent of the amount of cover in the authorize disposals over outstanding credits after base period, augmented or reduced by two-thirds a license has been granted by our institution. Apof the sum of the newly gained or lost deposits plications for such licenses are mostly received from since the base period. banks with a cover percentage of less than 40. The technical execution of the measures dis- In these cases, a continuous license, valid for a cussed above, was as follows: for the commercial period of six months, is generally granted on the banks and the agricultural credit banks, General condition that measures are taken to increase the License No. 40 of November 30, 1945, was with- cover percentage within a certain period and up drawn as of January 1, 1951. This license had to a certain level to be determined in each case. been granted by the Bank on the basis of the De- The character and the special situation of the bank blocking Decree of 1945; it authorized the com- making the application are taken into consideramercial banks, agricultural credit banks, savings tion as far as possible. banks, and stockbrokers to grant credits for certain General Licenses Nos. 40C through E deal with stipulated purposes for amounts aggregating not the same regulations for the agricultural credit more than fl. 50,000 without the special license banks. referred to in Article 19 of the Deblocking Decree General License No. 40C applies to the two cenbeing required. tral agricultural credit banks, and is the same as General License No. 40 was replaced for the General License No. 40A, the only difference being commercial banks and agricultural credit banks by that the minimum cover percentage of 40 is not General Licenses Nos. 40A through E. stipulated in this instance. General License No. 40A applies to commercial General License No. 40D, which applies to the banks that submit complete monthly figures to agricultural credit banks affiliated with the two the Bank before the 21st of each calendar month. central banks mentioned above, contains certain This license authorizes holders to grant credits modifications in view of the special character of provided: these institutions. There are more than 1,300 agricultural credit banks of a divergent nature in this (a) the amount of the cover does not drop below country, for which the granting of credits to indus- 90 per cent of the average as of June 30, 1949 and try and trade sometimes plays an important, and December 31, 1949, augmented or reduced by twosometimes a negligible role. For this reason, it thirds of the sum which was gained by or lost from was decided not to determine the basis for the the deposits with respect to the average position on granting of the credits in question by means of the aforementioned dates, or cover regulations, but to bring the volume of (b) the credits granted, as determined in the credits directly into connection with the volume license, do not exceed a sum corresponding to 105 of deposits, including both the balances on current per cent of the position on September 30, 1950, or account as well as the savings accounts. The fol- (c) an appeal is made to the Netherlands Bank lowing options have been drawn up for these for the amount which exceeds the limits stipulated banks: in (a) or (b), while (d) in any case the requirement must be ful- (a) maximum of debit balances equal to 10 per filled that the amount of the cover in liquid assets cent of deposits; is not less than 40 per cent of the deposits. (b) maximum of debit balances equal to 105 per cent of their level as of September 30, 1950; The appeal to the Netherlands Bank, referred (c) maximum of debit balances equal to their to above, is regulated in such a way that only the level as of September 30, 1950, increased by onefigures at the end of each calendar month are bindthird of the rise in deposits, compared to their posiing, while the resultant appeal to the Bank must tion as of September 30, 1950. take place during the second calendar month thereafter. An eventual appeal to the Netherlands Bank by General License No. 40B applies to the commer- the agricultural credit banks is made through the cial banks who do not submit a completely filled- intermediary of the central agricultural credit banks. in return to the Netherlands Bank before the 21st Finally, General License No. 40E contains similar of each calendar month. In principle, they must stipulations for the small number of agricultural apply for a license for each loan; it is stipulated, credit banks not affiliated with the two aforemenhowever, that they may grant credits to one and tioned central agricultural banks. JULY 1951 811 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 Legislation SEC. 2. (a) Section 4 (e) of the Housing and Rent Act of 1947, as amended, is hereby amended Extension of Defense Production Act of 1950 by striking out "June 30, 1951" and inserting in By Act of Congress approved June 30, 1951, the lieu thereof "July 31, 1951". Defense Production Act of 1950 which, among (b) Section 204 (a) of the Housing and Rent other things, contains authority for the guarantee of Act of 1947, as amended, is hereby amended by defense production loans, the control of consumer striking out "June 30, 1951" and inserting in lieu credit, and the regulation of real estate credit, and thereof "July 31, 1951". which would have expired June 30, 1951, was (c) Section 204 (f) of the Housing and Rent Act extended for an additional month. The text of the of 1947, as amended, is hereby amended by striking Act reads as follows: out "June 30, 1951" and inserting in lieu thereof PUBLIC LAW 69—82D CONGRESS "July 31, 1951". [CHAPTER 198—1ST SESSION] SEC. 3. The Act of June 30, 1950 (Public Law [H. J. RES. 278] 590, Eighty-first Congress) is hereby amended by striking out "July 1, 1951" and inserting in lieu JOINT RESOLUTION thereof "August 1, 1951". To continue for a temporary period the Defense Production Approved June 30, 1951. Act of 1950; the Housing and Rent Act of 1947, as amended; and for other purposes. Resolved by the Senate and House of Representa- Rules of Procedure tives of the United States of America in Congress Amendments assembled, That section 716 (a) of the Defense In order to make certain clarifying changes with Production Act of 1950 is hereby amended (1) by respect to the issuance of subpoenas and the paystriking out "June 30, 1951" and inserting in lieu ment of fees to witnesses, the Board of Governors, thereof "July 31, 1951", and (2) by striking out effective June 28, 1951, amended subsections (/) "July 1, 1951" and inserting in lieu thereof "August and (\) of Rule III of the Rules of Practice for 1, 1951". Section 716 (b) of the Defense Produc- Formal Hearings, contained in Appendix A to the tion Act of 1950 is hereby amended by striking out Rules of Procedure, so as to read as follows: "June 30, 1951" and inserting in lieu thereof "July 31, 1951". Notwithstanding any other provision (/') Subpoenas requiring the attendance of witof this resolution or any other provision of law, nesses from any place in the United States at any the authority conferred under the Defense Produc- designated place of hearing, or requiring the protion Act of 1950, as amended, shall not be exercised duction of documentary evidence, will be issued during the period June 30, 1951, to July 31, 1951, only by the Board, or such person as the Board inclusive, to place into effect, or permit to become may designate for this purpose, and as authorized effective, a price ceiling for any material or service by law. Application may be made either to the lower than the ceiling in effect for such material Secretary of the Board or to the person so desigor service on the date of the enactment of this reso- nated by the Board. Such application must be lution or to put into effect a ceiling for any material in writing and must state, as definitely as pracor service for which a ceiling is not in effect on the ticable, the reasonable scope of the evidence date of the enactment of this resolution, except that sought (reasonably identifying any document dein the case of those agricultural commodities below sired) and the facts to be proved thereby, in parity which reach a parity price during the effec- sufficient detail to indicate the materiality and tive period of this resolution, ceilings may be put relevance thereof. into effect in conformity with the provisions of (^) Witnesses summoned by the Board at the section 402 (d) (3) of the Act. request of the respondent or of counsel for the 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Board will be paid the same fees and mileage that dise or which is otherwise similar or equivalent to are paid to witnesses in the courts of the United cash, the down payment to be obtained on the States. Such payments as witnesses may be article must be net of the amount received by the entitled to receive under this section shall be made purchaser from the vendor. In the case of other by the party at whose instance the witnesses "free" gifts, the down payment must be obtained appear. on the gross price of the listed article without any deduction for the "free" gift. Real Estate Credit This opinion supersedes the opinion published Determination of Value of Residential Property in the 1950 Federal Reserve BULLETIN at page 1615 Inquiries have been received concerning the ap- on the same subject. plication of section 2(7)(2)(B) of Regulation X to Suction Cleaner Attachments a case where, through unforeseen delays, credit is Questions have been raised concerning the status extended more than one year after the acquisition under Regulation W of certain devices or attachof property. ments frequently offered for sale and usable in A typical example might be as follows: On June connection with suction cleaners. 5, 1950, an individual purchased a lot. On Decem- "Suction cleaners designed for household use," ber 5, 1950, a Registrant committed himself to prowhether tank-type or upright brush-type, are articles vide permanent financing to the extent of the maxilisted in item 10 of Group B of the Supplement to mum loan value computed on the basis of bona the regulation. Devices or attachments which may fide estimated cost. Because of unforeseen delays, be fitted to a suction cleaner power unit by means however, construction will not be completed until of a flexible hose, wand, or by other means, are July 1951. The question raised is whether the "accessories" within the meaning of section 8(/)(7) Registrant must now base the maximum loan value of the regulation and must be included in the on his appraisal rather than the estimated cost, or "cash price" of the listed article when sold in conwhether the commitment to extend credit may be nection with the suction cleaner power unit. Such considered an extension of credit. attachments include nozzles, sometimes equipped The Board has ruled in other cases in the past with bristles, adapted for cleaning rugs, furniture, that a commitment to extend credit cannot be confloors, walls, draperies, radiators and the like. sidered an extension of credit. Therefore, it will To be so classified as "accessories" within secbe necessary in such cases for the Registrant to base tion 8(/)(7), it is not necessary that the device his loan on an appraisal rather than an estimated or attachment be usable exclusively with the succost. tion cleaner power unit or for cleaning in the more Consumer Credit ordinary sense. It is sufficient that the device or Cooking Stoves and Ranges attachment is usable in connection writh the suction cleaner power unit. The fact that the device The classification "Cooking stoves and ranges" or attachment may be operated manually or with does not include cooking equipment designed for other power units is immaterial. Thus, attachcommercial use in restaurants and hotels; nor does ments for scrubbing or polishing floors, vaporizit include any cooking equipment with less than ing moth crystals, or spraying rugs, fabrics, etc., three heating surfaces. are likewise "accessories" within the meaning of This opinion supersedes the opinion published in section 8(/)(7). The same would be true, for the 1950 Federal Reserve BULLETIN at page 1620 example, of a garment bag equipped with a fitting on the same subject. to accommodate an attachment for vaporizing moth Free Merchandise and Rebates crystals, a self-winding extension cord device or An instalment vendor of a listed article is not attachment, and a device especially designed for prohibited by the regulation from giving a discount holding or storing some or all of the attachments or rebate on the sales price of a listed article or from mentioned above. making a bona fide "free" gift of other merchan- The fact that some or all such devices or attachdise to the buyer of a listed article. However, in ments may be available for purchase independently the case of a cash discount or rebate, and also in of the suction cleaner power unit also is immathe case of a "free" gift which allows the customer terial, as is the fact that they may be priced septo make a selection among a variety of merchan- arately. JULY 1951 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Resignation of Mr. Eccles as a Member of the Board The White House, of Governors Washington, D. C, Mr. Marriner S. Eccles resigned as a member of June 21, 1951. the Board of Governors effective as of the close of My dear Mr. Eccles: business July 14, 1951, to return to his home and Because of the considerations which you urge in private interests in the West. Mr. Eccles was ap- your letter of June twentieth, I feel that I have no pointed to the Federal Reserve Board and desig- recourse but to acquiesce in your wishes. Acnated as Governor effective November 15, 1934,cordingly, I accept, effective at the close of business becoming Chairman on August 23, 1935, upon on Saturday July fourteenth next, your resignation passage of the Banking Act of 1935. He continued as a Member of the Board of Governors of the as Chairman through April 14, 1948. Mr. Eccles Federal Reserve System. came to Washington in January 1934 as an Assistant I can understand how when you first came to to the Secretary of the Treasury, prior to which Washington seventeen years ago you fully intended he had been engaged in banking and industry for that your public service would be of comparatively more than twenty years. brief duration. Incalculable forces have extended Mr. Eccles' letter of resignation and the Presi- that service. In consenting to the relinquishment dent's letter of acceptance follow: of your duties at this time may I wish you happiness and continued success as you return to your home June 20, 1951 and private business affairs in the West. My dear Mr. President: Very sincerely yours, (Signed) HARRY S. TRUMAN It is now more than 17 years since I came to Honorable Marriner S. Eccles, Washington to engage in a public service that I Member, fully intended and expected would be of compara- Board of Governors, tively brief duration. A succession of events, in- Federal Reserve System, cluding the war period and the special problems Washington, D. C. of its aftermath, led me to stay on. It has been a great honor and privilege to serve my country for Change in Board's Staff so many years, but I now feel the time has arrived Mr. H. Franklin Sprecher, Jr., formerly Adminwhen I can and should return to my home and istrative Assistant to the Vice President in Charge private business affairs in the West. of Personnel at the Federal Reserve Bank of Minne- Accordingly, I am submitting herewith my resig- apolis, was appointed Assistant Director of the nation as a Member of the Board of Governors of Division of Personnel Administration and assumed the Federal Reserve System to be effective as of his duties with the Board of Governors on July 2, July 15, 1951. 1951. Mr. Sprecher had been associated with the Fed- Respectfully, eral Reserve Bank of Minneapolis for approxi- (Signed) MARRINER S. ECCLES mately eighteen years, including several years of The President, military service, having been employed shortly after The White House. his graduation from the University of Minnesota. 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 27 and released for publication ]une 29] Industrial production was maintained at earlier in May and June has been maintained close to the advanced levels in May and the first three weeks April rate of 500,000 cars per month, while output of June. In wholesale markets basic commodity of most household durable goods has apparently prices declined further while prices of finished declined considerably further. commodities generally changed little. Consumers Output of nondurable goods in May remained prices in May advanced to a new high. Awards at the high April level. A slight gain for textiles for defense construction rose sharply. Retail sales reflected mainly termination of a labor dispute at were maintained, following earlier declines. Up to cotton mills. Paperboard production reached a early June bank loans to business declined some- new record rate in May, but subsequently declined what, but subsequently a sharp rise occurred; slightly. Chemicals production continued to exdefense loans have been increasing significantly. pand. Meat production declined somewhat in May; in the first half of June, pork production INDUSTRIAL PRODUCTION increased while beef output dropped sharply. A further small gain in minerals output in May The Board's seasonally adjusted production inreflected mainly near-record volume of iron ore dex in May was maintained at the March-April production for this season. In May and early June level of 223 per cent of the 1935-39 average. In crude petroleum production was maintained at June, industrial production is expected to continue record levels and coal output continued at a reat about this rate, which is 12 per cent higher than duced rate. a year ago. Activity in durable goods industries has been EMPLOYMENT stable since March, with industrial and military Employment in nonagricultural establishments equipment expanding further, consumer goods in May, after allowances for seasonal influences, declining, and most metals and building materials continued at the record April level. The average showing little change. Steel mill activity in May factory work week declined slightly, while average and June has continued at earlier record levels, and hourly earnings continued to rise. Unemployment ingot output of about 52.5 million tons in the first declined somewhat further to 1.6 million, the lowhalf of this year has exceeded that in the first half est level since October 1945. of 1950 by 11 per cent. Passenger car assembly CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION <>60 TV 240 240 1f \ 220 220 \ 1 j I \V/ V 180 V r 160 120 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 100 F. W. Dodge Corporation data for 37 Eastern States. 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Monthly figures, latest shown are for May. May figures for Federal Reserve index. Monthly figures, latest shown are "public ownership" and "total" include several large awards for May. by Atomic Energy Commission totaling 980 million dollars. JULY 1951 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION and oils, cotton gray goods, wool, and tin have declined further, and a 14-cent reduction in the Value of construction contract awards showed price of rubber, to 52 cents per pound, has been an unprecedented increase in May, reflecting priannounced effective July 1. Prices of finished goods marily issuance of several large awards by the generally have been maintained. Several manu- Atomic Energy Commission totaling almost one facturers of carpets have reduced prices up to 11 billion dollars. Awards for some other types of per cent, less than the increases effected in April nonresidential construction also showed more than when ceilings were raised. Prices of hard floor the usual seasonal rise. Nonfarm housing starts coverings, in contrast, have been raised further. increased to 97,000 in May; this was more than one- Consumer prices rose .4 per cent in May. Prices third below the same month a year ago but about of foods, which had declined slightly in April, the same as in May 1949. rose .8 per cent to a new high. DISTRIBUTION BANK CREDIT AND THE MONEY SUPPLY Value of retail sales, seasonally adjusted, was maintained in May, following a considerable de- Business loans outstanding at banks in leading cline from January to April. Sales of household cities declined somewhat between mid-May and durable goods decreased further, while sales of early June and rose thereafter. Loans to finance apparel and other soft goods increased somewhat. defense contracts and "defense supporting" activi- Sales by automotive dealers showed little change. ties, principally to metal manufacturers and public In the first three weeks of June sales at department utilities, increased considerably. Seasonal decreases stores continued at about the May level; in New continued in some types of loans, particularly those York City sales rose considerably in response to a to commodity dealers and processors of agricultural "price war." Seasonally adjusted value of depart- commodities. ment store stocks at the end of May was about 30 Deposits and currency held by businesses and per cent above year-ago levels, roughly the same individuals increased somewhat in the first half of as at the end of April. June following relatively little change in May. The rate of use of demand deposits at banks in COMMODITY PRICES leading cities outside New York remained high in The general level of wholesale commodity prices May, but was slightly below that of April, the seahas continued to change little since mid-May. sonally adjusted peak for recent years. Prices of such basic commodities as grains, fats MONEY RATES AND SECURITY MARKETS WHOLESALE COMMODITY PRICES Common stock prices showed a moderate advance PER CEMT 1926-100 PER CENT in early June but by the end of the third week had declined to a level slightly below that of May 31. Yields on high-grade corporate bonds increased moderately during the first three weeks of June. With easy money conditions prevailing, yields on Treasury bills and other short-term Government securities declined somewhat. On May 28 the Secretary of the Treasury announced the offering of a 9l/ -month 1% per cent certificate of indebt- 2 edness to holders of the 2% per cent bonds previously called for redemption on June 15, and the 1J4 per cent Treasury notes maturing on July 1. Of the 10.1 billion dollars of maturing securities, 1947 1948 1949 1950 about 9.5 billion were exchanged for the new Bureau of Labor Statistics' index. Weekly figures, latest shown are for week ending June 26. certificates. 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 819-820 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V. 820-821 Federal Reserve Bank statistics. 822-826 Guaranteed Regulation V loans. 826 Deposits and reserves of member banks. 827 Money in circulation. 828-829 Bank debits and deposit turnover; Postal Savings System. 829 Consolidated statement of the monetary system, deposits and currency 830 All banks in the United States, by classes. . 831-833 All insured commercial banks in the United States, by classes. 834-835 Weekly reporting member banks. . 836-839 Number of banking offices on Federal Reserve par list and not on par list 840 Commercial paper, bankers' acceptances, and brokers' balances. 841 Money rates; bank rates on business loans; bond yields. 842 Security prices and new issues. 843-844 Corporate sales, profits, and dividends. 844-846 Treasury finance. 847-849 Government corporations and credit agencies. 850 Business indexes. 851-860 Department store statistics. 861-864 Cost of living. . 864 Wholesale prices. . 865 Gross national product, national income, and personal income. 866-867 Consumer credit statistics. 868-870 Current statistics for Federal Reserve chart book. 871-875 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. JULY 1951 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLL. 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I 10 10 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures, latest shown are for June 27. See page 819. 818 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 balance!I (J. S s . e G cu o r v it e i r e n s ment T u re r a y s- Money Treas- u T p r r o y e s a d it s e s - - Non- O F t e h d e - r Date or period Dis- Gold cur- in cir- ury with mem- erai c v o a a a u n n d c n d - e ts s Total Bonds c c B e a r i t t l e i l f s s i , , - ot A h l e l r' Total stock s r t o e i a u n n n c g t d - y - c t u io la n - h c in o a l g s d h s - F B e s R e d a r e n e v r k - e a s l p >e o r s i d ts e- c s o R e a u r c e v n - - e ts Total qu R ir e e - d1 c £ < : ;s x s - « and notes Wednesday figures: 1950—May 3.. 121 17,711 6,098 11 613 359 IE5,19224,247 4.602 27,051 ,326 678 ,287 713 15,986 15,224 762 May 10.. 90 17,591 5,976 11,615 297 17,978 24,249 4,602 27,041 ,318 533 ,314 717 15 907 15,147 760 May 17.. 79 17,401 5,911 11,490 521 IE5,00124.230 4 601 26,980 ,294 426 ,293 716 16,123 15,275 848 May 24.. 106 17,290 5,854 11,436 288 11r,683 24,230 4,601 26,908 ,292 428 ,246 718 15,922 15,305 617 May 31.. 306 17,389 5,802 11 587 239 I'tr,93524,231 4,606 27,090 ,309 588 ,254 718 15,814 15288 526 June 7.. 94 17,672 5,726 11 946 377 IE5,14324,232 4,605 27,079 ,309 472 ,321 733 16,067 15 350 717 June 14.. 79 17,693 5,681 12,012 498 IE1,27024.232 4,604 26,993 ,304 319 ,447 735 16,309 15 433 876 June 21.. 74 17,679 5,650 12 029 508 IE5,261 24.231 4 604 26,926 ,294 529 ,395 784 16,169 15 522 647 June 28.. 69 18,217 5,644 12 573 281 1*5,56724,230 4,608 27,026 ,306 866 ,441 778 15,988 15 462 526 July 5.. 83 18,586 5,555 13 031 281 IE5,95024,231 4 607 27,315 ,302 645 ,470 802 16,254 15 463 791 July 12.. 65 18,294 5,411 12 883 399 IE5,75724,207 4 606 27 169 ,309 383 ,457 804 16,448 15 544 904 July 19.. 199 17,869 5,286 12 583 407 IE5,47524,207 4 606 27 029 .310 525 ,462 804 16,157 15 527 630 July 26.. 350 17,964 4,997 12 967 322 IE5,63624,157 4 605 26 915 ,315 504 .439 809 16,415 15 585 830 Aug. 2.. 301 18,143 4,860 13 283 318 IE5,76224,136 4 609 27 000 ,304 564 ,487 757 16,395 15 553 842 Aug. 9.. 263 18,349 4,791 13 558 292 IE5,90424,035 4 608 27,015 ,309 667 ,431 759 16.366 15 535 831 Aug. 16.. 106 18,334 4,691 13 643 449 IE5,88923,954 4 608 26,976 ,309 717 ,392 759 16,298 15 613 685 Aug. 23.. 115 18,577 5,440 13 137 191 IE5,88323,803 4 609 26 963 ,308 562 .272 748 16,442 15 686 756 Aug. 30.. 107 18,584 6,551 12 033 288 IE5,97923,752 4 611 27,042 ,308 676 ,304 728 16.285 15 767 518 Sept. 6.. 99 18,942 7,284 11 658 396 15>,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 >,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 >,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 2(),O7523,474 4 614 27 060 ,307 1,144 ,190 762 16,699 15 837 862 Oct. 4.. 45 19,375 3,824 15 551 552 >,97223,482 4 617 27 188 ,308 848 ,288 813 16,626 15 848 778 Oct. 11.. 68 19,507 3,923 15 584 470 2(),044 23,432 4 618 27 339 ,316 508 ,332 810 16,789 15 829 960 Oct. 18.. 39 19,506 3,979 15 527 881 2(),426 23,291 4 617 27 228 ,313 449 ,292 807 17,245 15 995 1,250 Oct. 25.. 50 19,229 4,058 15 171 473 IS>,75323,290 4 618 27 121 ,300 420 ,367 805 16,649 15 962 687 Nov 1.. 111 19,291 4,198 15 093 458 19,860 23,249 4 622 27 219 ,304 452 ,335 748 16,674 15 947 727 Nov 8.. 291 19,311 4,271 15 040 251 19,853 23,198 4 622 27 388 ,292 298 ,324 748 16,625 15 906 719 Nov 15.. 71 19,425 4,281 15 144 675 20,171 23,148 4 621 27 296 ,304 341 ,199 745 17,054 16 044 1,010 Nov 22. . 247 19,296 4,268 15 028 619 20,162 23,097 4 622 27 450 ,281 541 ,242 745 16,622 16 084 538 Nov 29.. 240 19,569 4,346 15 223 692 20,501 23,037 4 626 27 543 ,298 564 ,218 742 16,799 16 120 679 Dec. 6.. 11020,239 4,571 15 668 573 20,922 22,976 4 628 27 698 L,294 540 L.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 ,291 685 ,208 760 17,416 16 550 866 Dec. 27.. 301 20,337 4,589 15 748 1 081 2L.72O22,795 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 ,299 546 L.250 747 17,691 16 500 1,191 Jan. 10. . 7320.461 4,674 15 787 700 2L,23522,546 4 635 27 415 ,308 273 ,173 745 17,502 16 391 1,111 Jan. 17.. 101 20,798 4,747 16 051 1 024 21,92322,494 4 635 27 200 ,303 105 ,113 743 18,587 17 618 969 Jan. 24.. 273 20,545 4,747 15 798 790 2L.60822,443 4 635 27 028 ,303 256 ,095 743 18,260 17 610 650 Jan. 31.. 798 21,484 4,965 16 519 769 23,051 22,392 638 27 048 ,297 807 L,206 737 18,984 18 047 937 Feb. 7. . 643 21,641 5,080 16 561 976 23.260 22,341 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 23,330 22,260 4 637 27 159 1,292 864 L.226 734 18,952 18 211 741 Feb. 21. . 19621,854 5,320 16 534 1,233 23,283 22,207 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 23.188 22,086 4,640 27,188 L.293 465 L ,172 729 19,066 18,366 700 Mar. 7.. 207 22,179 5,592 16,587 840 23.226 21,951 4,639 27,219 L.308 495 1,065 724 19,004 18,288 716 Mar. 14.. 132 22,426 5,859 16,567 1,093 23,652 21,900 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 23.607 21,856 4,638 27,121 L.295 608 L.042 734 19,301 18,724 577 Mar. 28.. 471 22,606 6,032 16,574 775 23,852 21,855 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 23,813 21,806 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 23,895 21,806 4,640 27,166 1,287 411 1,190 753 19,533 18,546 987 Apr. 18.. 114 23,086 6,544 16,542 1,034 24,234 21,807 4,640 27,157 1,293 621 1,184 752 19,674 18,558 1,116 Apr. 25.. 149 22,940 6,570 16,370 700 23,789 21.807 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 23,724 21,755 4,643 27,255 1,294 707 1,226 697 18,942 "18,486 456 May 9.. 422 22,544 6,618 15,926 740 23,706 21,755 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 23,913 21,755 4,643 27,287 1,297 745 1,214 695 19,072 18,306 766 May 23.. 226 22,413 6,713 15,700 772 23.411 21,755 4,642 27,251 1,290 765 1.201 696 18,606 18,315 291 May 30.. 540 22,293 6,719 15,574 564 23,396 21,755 4,642 27,461 1,294 620 1,217 693 18,508 18,202 306 June 6. . 12822,653 6,869 15,784 765 23,546 21,756 4,644 27,520 1,303 139 1,102 684 19,198 18,335 863 June 13. . 17922,758 6,936 15,822 846 23,783 21,756 4,647 27,499 1,289 129 1,095 686 19,487 18,417 1,070 June 20.. 16522,806 6,736 16,070 1,178 24,150 21,755 4,648 27,479 1,285 433 1,099 774 19,482 P18 ,656 P826 June 27.. 220 22,843 6,809 16,034 852 23,916 21,755 4,650 27,601 1,286 418 1,139 775 19,102 P18 ,611 P491 P Preliminary. c Corrected. »Includes industrial loans and acceptances purchased shown separately in subsequent tables. ; Wednesday figuresa nd 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. JULY 1951 819 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 outstandingS Member bank reserve balances Treas- Treas- Other Date or period co D a a u n d is n d - - ts U.S. se G cu o r v it e i r e n s! m c B e e r i n t l i l t f s i , - ot A A h l i e l l r1 Total s G to o c ld k r c e u u n r r y c - y M i c n t u o io c l n a n i e r - y - T n c i u r o n a e r i g s Q a y h s s - - F u p e s r w o R e d y r i s e e t v i d r - h t e a e s l - b m p N e o r e o s m n d it e - s - - s F e R e a e r r c e a d v - - l - e Total qu R ir e e - d* c E es x s - * vances Total Bonds cates, ing Banks counts 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 J.409 634 653 251 11,653 6,4445,209 1941—Dec. 31... 3 2,254 1,467 787 104 2,361 22.737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31... 163 23,350 753 22,597 581 24,093 20,529 4,562 28,952 '24,272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31... 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,4001,499 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 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 11,189 590 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 11,517 706 16,568 15,550 1,018 1950—June 43 18,331 5,618 12,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 771 15,934 15,498 436 July 220 17,969 4,888 13,081 277 18,466 24,136 4,609 27,010 1,304 566 1,443 759 16,129 15,534 595 Aug 83 18,356 6,768 11,588 381 18,820 23,627 4,613 27,120 1,304 733 ,190 724 15,989 15,770 219 Sept. 72 19,572 3,793 15,779 695 20,340 23,483 4,618 27,161 1,322 1,114 L.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 4,965 16,519 769 23,051 22,392 4,638 27,048 1,297 807 1,206 737 18,984 18,047 937 Feb 397 21,881 5,39316,488 909 23,188 22,086 4,640 27,188 1,293 465 L ,172 729 19,066 18,366 700 Mar 275 22,910 6,187 16,723 964 24,150 21,806 4.640 27,119 1,293 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 6,803 15,706 443 23,481 21,755 4,646 27,519 1,293 666 L ,179 690 18,536 18,206 330 June 53 22,982 6,822 16,160 1,007 24,043 P21,756P4,653 P27.802 V1,285 317 1,262 765 19,020 P18.633 P387 Averages of daily figures: 1950—Apr. 140 17,608 6,274 11,334 388 18,136 24,247 4,601 27,062 1,313 695 L.250 764 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 1,299 717 15,941 15,237 704 June 84 17,800 5,68312,117 440 18,325 24,231 4,605 27,026 1,299 512 1,372 759 16,194 15,426 767 1951—Apr. 162 22,975 6,488 16,487 846 23,983 21,806 4,640 27,179 1,292 632 i,252 750 19,324 18,491 833 May 438 22,438 6,654 15,784 811 23,686 21,757 4,643 27,324 1,291 640 1,243 696 18,892 18,302 590 Jt un•e* 170 22,797 6,826 15,971 946 23,913 21,755 4,647 27,548 1,286 280 1,162 731 19,309 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 P a o v s i t n al g s S a d v e i p n o g s s i ts deposits Ef o fe f c t c i h v a e ng d e ate C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e e a p ( m n a o k l s b l s i e t ) s r Other deposits payable: banks In 6 months or more In 90 days to 6 months. . . In less than 90 days l 1938—Apr. 16 22H 12 1941—Nov. 1 26 20 14 est N ab O li T s E h . e — d M by ax i t m he u m B o r a a r t d e s o t f h a G t ov m er a n y o r b s e u p n a d i e d r b p y ro v m is e i m on b s e r of b a R nk eg s u a la s - 1942— S A e u p g t . . 2 1 0 4 2 2 4 2 tion Q. Under this Regulation the rate payable by a member bank Oct. 3 20 may not in any event exceed the maximum rate payable by State 1948—Feb. 27 22 banks or trust companies on like deposits under the laws of the State June 11 24 in which the member bank is located. Maximum rates that may be Sept. 16 16 e p f a f i e d c ti b ve y F in e s b u . r 1 ed , 19 n 3 o 6 n , m a e re m t b h e e r sa b m an e k a s s a th s o s e e s t i a n b l e i f s f h ec e t d fo b r y m t e h m e b F e . r D b . a I n .C k . s , . 1949— S M e a p y t. 24 1 26 22 is' 27 May 5 *24* 21 87 June 30 20 MARGIN REQUIREMENTS' J A u u ly g . 1 1 1 1 4 3 26 [Per cent of market value] Aug. 11 2$K 35 Aug. 16 12 25 Feb. 1, Mar. 30, Effec- Aug. 18 23" 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951—Jan. 11 23 19 36 Jan. 16 13 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect July 1, 1951 «... 24 20 14 and dealers on listed securities 75 50 75 For short sales 75 50 75 1 Demand deposits subject to reserve requirements, which beginning Regulation U: Aug. 23, 1935, have been total demand deposits minus cash itema 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. 8 Requirement ipecified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between < Present legal minimum and maximum requirements on net demand the market value (100%) and the maximum loan value. deposits—central reserve cities, 13 and 26 per cent; reserve cities, Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time and BULLETIN for March 1946, p. 295, and 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. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b sc y o G un o t v s e o rn f m an e d nt Other secured advances b o a b n li k g s a t s i e o c n u s r e o d f b th y e d U ir . e c S t . Federal Reserve Bank advances ( s S e e c e u s r . e 1 d 3 b a y n d el i 1 g 3 ib a l ) e 1 paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous beginning— rate beginning— rate beginning— rate June 30 June 30 June 30 Boston Aug. 21,1950 Aug. 21,1950 Jan. 14,1948 New York.... Aug. 21,1950 Aug. 21,1950 2 Oct. 30,1942 r 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 8 Oct. 28,1942 Atlanta Aug. 24,1950 Aug. 24,1950 Aug. 24,1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug. 13,1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12,1948 2 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug. 23,1948 Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19,1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14,1948 2 San Francisco, Aug. 24,1950 Aug. 24,1950 2 Oct. 28,1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. * Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS ACCEPTANCES [Per cent per annum] AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturity June 30 ginning— rate Maturities not exceeding five years 1- 90 days Aug. 21, 1950 [In effect June 30. 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. On discounts or 443 B - a 4 c 4 k 5 . figures.—See Banking and Monetary Statistics, Table 117, pp. Federal purchases Reserve Bank On On On commit- Portion commit- FEES AND RATES ESTABLISHED UNDER REGULATION V loans * 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 June 30] Fees Payable to Guaranteeing Agency by Financing Institution on Boston , Guaranteed Portion of Loan New York..., Philadelphia., Cleveland Guarantee fee Percentage of Richmond..., Percentage of (percentage of any commitment Atlanta , loan guaranteed interest payable fee charged Chicago , by borrower) borrower St. Louis Minneapolis. . Kansas City.. 70 or less 10 10 Dallas 75 15 15 San Francisco 80 20 20 85 25 25 90 30 30 1 Including loans made in participation with financing institutions. 95 35 35 1 Rate charged borrower less commitment rate. Over 95 40-50 40-50 1 Rate charged borrower. * Rate charged borrower but not to exceed 1 per cent above the discount rate. Maximum Rates Financing Institutions May Charge Borrowers 1 Charge of % per cent is made on undisbursed portion of loan. [Per cent per annum] WBack figures,—See Banking and Monetary Statistics, Table 118, pp. 446-447. Interest rate Commitment rate. JULY 1951 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OP ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1951 1951 1950 June 27 June 20 June 13 June 6 May 30 May 23 May 16 June May June Assets Gold certificates 19,868,40219,878,90419,883,90219,882,90319,879,90219,883,90519,880,90119,859,40219,878,90322,459,430 Redemption fund for F. R. notes 649,839 639,361 637,601 626,248 627,764 626,850 630,441 654,874 628,764 522,648 Total gold certificate reserves.... 20,518,24120,518,265 20,521,50320,509,15120,507,666 20,510,755 20,511,34220,514,276 20,507,66722,982,078 Other cash 306,351 313,057 300,222 291,010 307,232 328,583 325,381 309,201 298,842 213,642 Discounts and advances: For member banks... 220,301 165,345 178,789 128,375 539,718 225,628 541,925 53,018 528,754 26,138 For nonmember banks, etc 17,000 Total discounts and advances 220,301 165,345 178,789 128,375 539,718 225,628 541,925 53,018 528,754 43,138 Industrial loans 5,450 5,379 5,488 5,150 5,170 4,989 4,990 5,697 5,188 2,693 U. S. Govt. securities: Bills 401,394 410,894 419,620 505,920 694,824 809,324 848,824 527,050 654,820 3,856,375 Certificates: Special Other 3,193,792 3,193,792 3,193,792 5,357,250 Notes 12,439,248 12,465,348 15,402,348 15,277,950 14,878,633 14,891,133 14,904,633 12,439,248 15,051,113 3,499,700 Bonds 6,808,802 6,735,837 6,936,209 6,869,587 6,719,079 6,713,029 6,643,679 6,822,102 6,803,479 5,617,900 Total U. S. Govt. securities 22,843,236 22,805,87122,758,177 22,653,45722,292,^ 486 22,397,136 22,982,19222,509,41218,331,225 Other Reserve Bank credit outstanding 846,523 1,173,059 840,326 759,471 558,544 767,363 969,137 1,001,627 437,889 325,570 Total Reserve Bank credit outstanding 23,915,510 24,149,654 23,782,780 23,546,453 23,395,968 23,411,466 23,913,188 24,042,534 23,481,243 18,702,626 Liabilities Federal Reserve notes.. 23,434,218 23,322,10523,335,07423 ,335,150 23,293,883 23 ,107,048 23 ,151,24223,630,16823,331,677 22,920,933 Deposits: Member bank — reserve accounts 19,102,378 19,482,48719,487,217 19,198,35118,508,45118,605,78419,072,08219,019,53118,535,79115,934,079 U. S. Treasurer—general account 417,674 433,235 128,683 139,232 619,732 765,091 745,395 317,009 665,888 949,936 Foreign 946,705 905,275 913,435 899,544 894,601 883,913 910,700 870,021 874,339 1,158,461 Other 191,633 193,676 182,482 201,790 321,870 316,798 303,251 391,421 305,239 273,025 Total deposits 20,658,390 21,014,67320,711,817 20,438,917 20,344,654 20,571,586 21,031,428 20,597,982 20,381,257 18,315,501 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 46.5 46.3 46.6 46.9 47.0 47.0 46.4 46.4 46.9 55.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (Callable Government securities classified according to nearest call date) [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 90 91 1 d a y y e s a r to O to v e 5 r y 1 e y a e rs ar O to v e 1 r 0 5 y y e e a a r r s s 10 O y ve e r an Discounts and advances: May 30 539,718 423,067 116,489 162 June 6 128,375 103,886 24,327 162 June 13 178,789 161,578 17,050 161 June 20 165,345 152,301 12,929 115 June 27 220,301 205,530 14,639 132 Industrial loans: May 30 5,170 185 563 3,048 1,374 June 6 5,150 188 807 2,794 1,361 June 13 5,488 193 4,215 893 187 June 20 5,379 634 345 2,932 1,468 June 27 5,450 688 470 2,823 1,469 U. S. Government securities: May 30 22,292,536 228,842 4,154,760 8,457,707 4,436,766 1,031,904 3,982,557 June 6 22,653,457 234,626 4,611,379 8,338,017 4,436,766 1,031,904 4,000,765 June 13 22,758,177 240,892 4,734,433 8,304,917 4,436,766 1,031,904 4,009,265 June 20 22,805,871 21,244 1,990,433 11,859,809 3,878,166 1,031,904 4,024,315 June 27 22,843,236 73,057 1,929,120 11,833,709 3,878,166 1,031,904 4,097,280 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: 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 June 6 19,882,903 631,904 6,907,7401,092,2541,373,846 782,501 818,3654,078,738 487,185 286,607 673,975 452,9512,296,837 June 13 19,883,902 638,064 6,910,0571,109,1731,371,749 773,747 802,7354,025,198 499,614 314,387 666,351 437,6142,335,213 June 20 19,878,904 618,631 7,283,2541,142,1921,384,756 725,334 770,1283,770,823 505,668 281,893 650,821 462,8702,282,534 June 27 19,868,402 625,814 6,814,9441,130,5801,419,824 786,527 815,2294.098,550 470,663 290,360 664,678 423,4852,327,748 Redemption fund for F. R. notes: 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 June 6 626,248 57,316 50,569 51,355 71,624 61,230 44,230 103,848 44,700 23,530 34,229 27,673 55,944 June 13 637,601 57,163 55,115 55,095 74,460 62,143 44,116 103,647 44,652 23,513 34,196 27,635 55,866 June 20 639,361 59,038 54,527 55,884 74,305 62,584 44,007 103,459 44,588 23,487 34,146 27,590 55,746 June 27 649,839 59,038 54,527 55,884 75,305 62,584 44,007 112,459 44,588 23,987 34,146 27,590 55,724 Total gold certificate reserves: 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 June 6 20,509,151 689,220 6,958,3091,143,6091,445,470 843,731 862,5954,182,586 531,885 310,137 708,204 480,6242,352,781 June 13 20,521,503 695,227 6,965,1721,164,2681,446,209 835,890 846,8514,128,845 544,266 337,900 700,547 465,2492,391,079 June 20 20,518,265 677,669 7,337,7811,198,0761,459,061 787,918 814,1353,874,282 550,256 305,380 684,967 490,4602,33S,280 June 27 20,518,241 684,852 6,869,4711,186,4641,495,129 849,111 859,2364,211,009 515,251 314,347 698,824 451,0752,383,472 Other ra«;h • V-/L M 1IC a I y Cd 3 o 0 ll. 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 June 6 291,010 34,117 50,630 13,608 24,940 18,618 24,179 52,508 12,756 6,644 9,620 10,986 32,404 June 13 300,222 34,211 50,264 15,604 23,741 18,269 26,953 54,538 14,881 7,351 11,123 10,808 32,479 June 20 313,057 34,448 51,160 17,671 26,791 18,157 25,465 58,348 16,747 6,954 11,870 11,982 33,464 June 27 306,351 31,145 47,168 19,319 23,281 16,810 25,762 58,406 17,345 7,511 11,359 13,689 34,556 Discounts & advances: Secured by U. S. Govt. securities: 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 June 6. . 126,168 11,770 64,850 8,835 4,700 3,180 2,620 8,150 2,430 6,675 7,088 2,445 3,425 June 13. . 177,235 10,405 109,570 11,995 9,775 4,580 670 9,325 3,650 2,875 7,570 2,445 4,375 June 20.. 164,070 12,105 24,910 11,630 1,210 5,480 3,970 50,225 10,150 19,275 9,495 2,445 13,175 June 27.. 219,495 12,890 71,185 12,620 24,100 7,430 6,705 34,525 11,150 15,810 17,770 2,045 3,265 Other* May 30. . 2,383 163 47 300 90 50 1,546 16 171 June 6. 2,207 118 300 90 50 1,462 16 171 June 13. . 1,554 114 87 50 1,126 16 161 June 20. . 1,275 137 87 874 16 161 June 27. . 806 126 75 444 15 146 Industrial loans: May 30 5,170 26 3,514 388 123 155 153 36 775 June 6 5,150 26 3,501 383 127 155 152 36 770 June 13 5,488 26 3,867 357 122 154 152 40 770 June 20 5,379 26 3 734 357 117 192 152 40 761 June 27. . 5,450 25 3,779 378 122 193 152 40 761 U. S. Govt. securities." Bills: 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 June 6. ... 505,920 19,394 143,556 31,833 47,258 33,640 27,299 75,460 25,160 4,574 23,820 24,209 49,717 June 13 419,620 7,298 143,079 26,402 39,197 27,902 22,642 62,589 9,438 19,757 20,079 41,237 June 20. . 410,894 156 492 25 853 38 382 27,322 22,171 61,287 19,346 19,662 40,379 June 27.... 401,394 127,827 25,255 37,495 26,690 21,659 59,870 21,685 3,361 18,899 19,208 39,445 Certificates: May 30. June 6.... June 13. June 20.... 3,193,792 224,469 719,252 200,953 298,332 212,365 172,334 476,370 172,203 100,454 150,377 152,829 313,854 June 27.... 3,193,792 225,121 715,745 200,953 298,332 212,365 172,334 476,370 174,122 101,390 150,377 152,829 313,854 Notes: May 30 14,878,633 1,056,070 3,327,056 936,164 1,389,813 989,325 802,8362,219,223 811,168 472,337 700,546 711,972 1,462,123 June 6.... 15,277,950 1,084,414 3,416,348 961,289 1,427,1131,015,877 824,3832,278,783 832,938 485,014 719,347 731,0801,501,364 June 13 15,402,348 1,093,244 3,444,530 969,1161,438,7331,024,148 831,0972,297,337 839,721 488,596 725,205 737,0331,513,588 June 20 12,465,348 876,114 2,807,223 784,3201,164,387 828,858 672,6181,859,269 672,110 392,068 586,919 596,4931,224,969 June 27 12,439,248 876,805 2,787,698 782,6771,161,950 827,123 671,2091,855,376 678,175 394,896 585,689 595,2451,222,405 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 June 6.... 6,869,587 487,596 1,536,129 432,234 641,688 456,779 370,676 1,024,633 374,524 218,082 323,448 328,724 675,074 June 13.... 6,936,209 492,325 1,551,194 436,427 647,911 461,209 374,2701,034,570 378,155 220,031 326,584 331,912 681,621 June 20.... 6,735,837 473,415 1,516,930 423,819 629,195 447,886 363,459 1,004,684 363,183 211,862 317,150 322,323 661,931 June 27.... 6,808,802 479,937 1,525,881 428,411 636,010 452,737 367,396 1,015,567 371,210 216,153 320,586 325,813 669,101 Total U. S. Govt. securities: May 30 22,292,536 1,580,527 5,004,3111,401,0732,080,0111,480,6351,201,5343,321,3141,214,004 706,9051,048,4451,065,5462,188,231 June 6 22,653,457 1,591,404 5,096,0331,425,3562,116,0591,506,2961,222,3583,378,8761,232,622 707,6701,066,6151,084,0132,226,155 June 13 22,758,177 1,592,867 5,138,8031,431,9452,125,8411,513,2591,228,0093,394,4961,227,314 708,627 1,071,5461,089,0242,236,446 June 20 22,805,871 1,573,998 5,199,8971,434,9452,130,2961,516,4311,230,5823,401,6101,207,496 704,3841,073,7921,091,3072,241,133 June 27 22,843,236 1,581,863 5,157,1511,437,2962,133,7871,518,9151,232,5983,407,1831,245,192 715,8001,075,5511,093,0952,244,805 Total loans and securities: May 30 22,837,424 1,600,230 5,237,2141,438,7322,091,0681,503,4581,223,7113,399,1991,235,079 744,7131,084,2001,068,8432,210,977 June 6 22,786,982 1,603,292 5,160,9091,437,9922,121,1421,509,6031,225,2233,387,0261,235,052 714,547 1,075,1651,086,5102,230,521 June 13 22,942,454 1,603,386 5,248,3991,447,8072,135,9731,517,9611,228,9203,403,8211,230,964 711,704 1,080,2421,091,5252,241,752 June 20 22,976,595 1,586,240 5,224,8331,450,3092,131,8631,522,0281,234,8313,451,8351,217,646 723,8111,084,1611,093,8082,255,230 June 27 23,068,987 1,594,879 5,228,3611,453,6952,158,2651,526,4671,239,5713,441,7081,256,342 731,7621,093,7651,095,1952,248,977 JULY 1951 823 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 F c r is a c n o - Assets (cont.) Due from foreign banks: May 30 38 2 U2 3 4 2 2 5 1 1 1 1 4 June 6 38 2 i 12 3 4 2 2 5 1 1 1 1 4 June 13 38 2 U2 3 4 2 2 5 1 1 1 1 4 June 20 38 2 i 12 3 4 2 2 5 1 1 1 1 4 June 27 38 2 112 3 4 2 2 5 1 1 1 1 4 Federal Reserve notes of other Banks: 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 June 6 111,783 3,836 17,382 6,710 6,248 19,444 9,536 14,605 7,538 3,537 6,140 4,483 12,324 June 13 127,891 4,855 20,430 6,383 6,908 21,870 11,608 15,022 9,235 4,087 7,842 5,930 13,721 June 20 130,163 5,798 20,067 7,764 7,327 22,178 11,106 15,916 8,520 4,311 7,452 4,918 14,806 June 27 127,777 4,308 19,206 8,173 7,181 20,947 11,531 14,925 7,981 4,680 8,667 4,735 15,443 Uncollected cash items: 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 June 6 3,131,342 259,037 545,879 195,421 283,482 276,168 212,301 532,491 141,792 94,794 160,213 166,016 263,748 June 13 3,669,372 278,151 657,589 213,748 344,511 304,585 248,785 645,128 167,650 107,019 210,011 152,011 340,184 June 20 4,591,819 393,011 744,554 268,776 515,716 330,999 262,981 968,802 185,145 120,852 219,493 184,611 396,879 June 27. 3,410,547 285,745 625,330 215,126 322,110 291,784 198,714 583,590 141,210 95,735 172,673 156,996 321,534 JTD^co J L M tI u illK^ na . ye nJJt *ICA 3 tI 60 nIliOloACOo* . 4 41 1 , , 3 0 0 7 4 0 1 1, , 0 0 5 5 0 0 7 7 , , 5 6 9 1 2 0 2 2 , , 8 8 9 9 3 3 4 4 , , 7 7 3 3 0 0 3 3 , , 2 0 5 4 2 9 2 2 , , 1 2 9 6 3 4 5 5 , , 6 6 4 4 5 4 3 3 , , 4 4 1 1 7 5 1 1 , , 1 1 0 0 1 1 2 2 , , 5 5 4 5 3 9 6 6 6 6 9 6 6 6 , , 1 1 5 5 4 4 June 13 41,502 1,050 7,592 2,892 4,726 3,263 2,265 5,832 3,417 1,101 2,543 666 6,155 June 20 41,505 1,050 7,592 2,893 4,726 3,263 2,265 5,834 3,417 1,101 2,543 666 6,155 June 27 41,468 1,045 7,592 2,887 4,718 3,251 2,262 5,860 3,395 1,099 2,543 667 6,149 Other assets: 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 June 6 218,552 15,713 50,138 13,425 20,857 14,488 11,434 32,265 11,554 6,826 10,361 10,246 21,245 June 13 225,220 16,227 50,249 13,815 21,259 15,143 11,901 33,672 12,026 6,998 10,924 10,586 22,420 June 20 144,124 10,513 31,953 8,738 13,900 9,673 7,564 21,436 7,547 4,437 7,145 6,854 14,364 June 27 150,404 11,175 32,913 9,134 14,597 10,225 7,938 22,293 7,891 4,689 7,396 7,165 14,988 Total assets: May 30 46,986,658 2,609,793 12,511,6282,867,5493,935,9582,634,1332,386,6478,244,2911,972,0241,173,9602,013,809 1,738,7304,898,136 June 6 47,090,162 2,606,267 12,790,8512,813,6613,906,8732,685,3062,347,5348,207,1301,943,9931,137,5871,972,2471,759,5324,919,181 June 13 47,828,202 2,633,109 12,999,7072,864,5203,983,3312,716,9832,377,2858,286,8631,982,4401,176,1612,023,233 1,736,7765,047,794 June 20 48,715,566 2,708,73113,417,9522,954,2304,159,3882,694,2182,358,3498,396,4581,989,2791,166,8472,017,632 1,793,3005,059,182 June 27 47,623,813 2,613,151 12,830,0532,894,8014,025,2852,718,5972,345,0168,337,7961,949,4161,159,8241,995,2281,729,5235,025,123 Liabilities Federal Reserve notes: May 30 23,293,883 1,434,023 5,242,5411,646,0642,095,670 1,560,3331,260,4524,523,377 1,070,282 605,321 912,499 628,7982,314,523 June 6 23,335,150 1,433,030 5,248,2431,640,8082,097,657 1,565,8011,264,4844,529,0581,073,776 607,171 915,136 633,4572,326,529 June 13 23,335,074 1,433,902 5,235,9981,655,3862,109,084 1,566,4391,256,0364,525,936 1,070,756 606,453 912,810 630,2242,332,050 June 20 23,322,105 1,438,694 5,242,1851,649,8132,105,982 1,560,0921,257,2974,529,9581,069,047 606,053 910,180 627,2792,325,525 June 27 23,434,218 1,455,027 5,270,4611,662,5132,121,499 1,576,7841,263,1484,539,542 1,068,240 606,435 911,381 626,1642,333,024 Deposits: Member bank —reserve accounts: May 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 June 6. . 19,198,351 852,829 6,332,513 880,6631,422,241 796,042 823,1963,046,225 681,007 409,139 861,572 906,7152,186,209 June 13. .19,487,217 854,232 6,528,352 878,5191,433,487 807,554 826,8523,022,827 699,396 433,455 863,889 901,4292,237,225 June 20. .19,482,487 852,769 6,529,579 883,3471,430,162 773,401 799,3913,060,838 690,869 420,240 859,665 934,8852,247,341 June 27.. 19,102,378 793,271 6,347,897 883,7231,437,867 755,012 792,5273,066,426 676,852 411,315 856,439 864,5532,216,496 T T S Trf»n«? urer—general account: 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 June 6.. 139,232 587 128,229 984 541 532 911 552 1,271 706 1,886 765 2,268 June 13. . 128,683 1,792 100,445 15,012 569 1,648 2,094 587 2,120 1,713 575 514 1,614 June 20. . 433,235 591 419,628 519 5,083 596 596 539 2,266 161 573 654 2,029 June 27.. 417,674 30,991 67,866 26,612 46,878 32,636 35,160 38,879 18,378 19,642 32,223 25,465 42,944 Foreign: 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 June 6.. 899,544 54,808 2 286,920 69,836 82,212 44,200 37,128 121,992 32,708 22,100 32,708 32,708 82,224 June 13. . 913,435 56,370 2 283,348 71,827 84,556 45,460 38,186 125,470 33,640 22,730 33,640 33,640 84,568 June 20. . 905,275 55,918 2 280,246 71,250 83,877 45,095 37,880 124,462 33,370 22,548 33,370 33,370 83,889 June 27.. 946,705 57,796 2 300,679 73,644 86,695 46,610 39,152 128,644 34,491 23,305 34,491 34,491 86,707 Other * 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 June 6. . 201,790 4,950 131,155 1,958 3,957 3,093 12,904 2,030 7,876 1,159 981 518 31,209 June 13. . 182,482 5,887 115,294 3,326 3,836 3,693 6,528 2,479 6,466 963 477 2,012 31,521 June 20. . 193,676 4,475 133,865 1,546 4,779 1,838 4,464 1,910 6,163 840 537 458 32,801 June 27. . 191,633 5,166 130,464 1,758 3,998 2,415 3,561 2,778 6,385 1,289 401 606 32,812 Total deposits: 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 June 6 20,438,917 913,174 6,878,817 953,4411,508,951 843,867 874,1393,170,799 722,862 433,104 897,147 940,7062,301,910 June 13 20,711,817 918,281 7,027,439 968,6841,522,448 858,355 873,6603,151,363 741,622 458,861 898,581 937,5952,354,928 June 20 21,014,673 913,753 7,363,318 956,662 1,523,901 820,930 842,3313,187,749 732,668 443,789 894,145 969,3672,366,060 June 27 20,658,390 887,224 6,846,906 985,7371,575,438 836,673 870,4003,236,727 736,106 455,551 923,554 925,1152,378,959 1 After deducting $26,000 participations of other Federal Reserve Banks on May 30; June 6; Tune 13; June 20; and June 27. 3 After deducting $614,899,000 participations of other Federal Reserve Banks on May 30; $612,612,000 on June 6; $630,076,000 on June 13; $625,017,000 on June 20; and $646,015,000 on June 27. 824 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—Con tinned [In thousands of dollars] Total Boston Y N o ew rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.) Deferred availability items: 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 June 6.... 2,371,909 199,841 390,316 146,899 212,376 225,219 166,520 376,523 109,364 71,122 122,419 148,135 203,175 June 13.... 2,829,084 220,021 459,508 167,528 263,744 241,232 204,893 477,781 131,707 84,759 173,968 131,380 272,563 June 20 3,418,798 295,221 534,600 274,505 440,591 259,517 215,725 546,111 148,982 90,704 175,245 158,741 278,856 June 27.... 2,564,062 209,285 431,988 172,457 238,655 253,503 168,033 427,694 105,975 71,278 121,750 139,884 223,560 Otherliabilities including accrued dividends: May 30. ... 16,576 1,255 4,686 896 1,753 832 793 2,297 726 481 594 814 1,449 June 6.... 16,126 1,300 4^432 869 1,889 782 708 2,185 659 739 587 657 1,319 June 13 17,583 1,467 5,455 952 1,602 1,041 746 2,327 745 478 604 700 1,466 June 20.... 20,097 1,343 5 393 933 1,792 3,409 753 2,437 690 521 596 776 1,454 June 27 21,060 1,454 7',014 1,094 2,045 985 885 2,758 892 592 677 909 1,755 Total liabilities: May 30.... 46,064,501 2,551,22112,244,0732,796,2763,850,5162,584,8282,345,3468,116,7031,934,9411,148,6931,977,0611,702,4544,812,389 June 6. ... 46,162,102 2,547,34512,521,8082,742,0173,820,8732,635,6692,305,8518,078,5651,906,6611,112,1361,935,2891,722,9554,832,933 June 13 46,893,558 2,573,67112,728,4002,792,5503,896,8782,667,0672,335,3358,157,4071,944,8301,150,5511,985,9631,699,8994,961,007 June 20.... 47,775,673 2,649,0111 J I 4.ET AQf.2,881,9134,072,2662 643,9482,316,1068 266,2551,951,3871,141,0671,980,1661 756,1634,971,895 June 27. ... 46,677,730 2,552,990lj, 1T-O,4-VO 2,821,8013,937,6372i667,9452,302,4668,206,7211,911,2131,133,8561,957,3621,692,0724,937,298 12,556,369 Capital Accts.: Capital paid in: 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 June 6. ... 229,041 12,298 73,569 16,031 22,006 10,159 9,369 29,336 7,649 5,221 8,636 10,363 24,404 June 13 230,464 12,332 74,770 16,037 21,990 10,111 9,370 29,494 7,649 5,221 8,640 10,423 24,427 June 20.... 230,702 12,333 74,774 16,040 22,159 10,121 9,383 29,506 7,661 5,227 8,645 10,425 24,428 June 27. . . . 231,262 12,335 74,775 16,364 22,160 10,128 9,388 29,539 7,694 5,235 8,715 10,470 24,459 Surplus: (section 7): 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 June 6.... 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 June 13.... 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 June 20 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 June 27... . 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 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 June 6.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 13 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 20 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 27 27,543i 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.: j 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 June 6. ... 161,454 11,367 34,865 11,414 14,974 10,962 9,183 22,455 8,867 5,989 8,138 8,055 15,185 June 13.... 166,615 11,849 35,928 11,734 15,443 11,289 9,449 23,188 9,145 6,148 8,446 8,295 15,701 June 20.... 171,626 12,130 37,073 12,078 15,943 11,633 9,729 23,923 9,415 6,312 8,637 8,553 16,200 June 27.... 177,256 12,569 38,300 12,437 16,468 12,008 10,031 24,762 9,693 6,492 8,967 8,822 16,707 Total liabilities and cap. accts.: 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 June 6. . . . 47,090,162 2,606,26712,790,8512,813,6613,906,8732,685,3062,347,5348,207,1301,943,9931,137,5871,972,2471,759,5324,919,181 June 13.... 47,828,202 2,633,10912,999,7072,864,5203,983,3312,716,9832,377,2858,286,8631,982,4401,176,1612,023,2331,736,7765,047,794 June 20.... 48,715,566 2,708,73113,417,9522,954,2304,159,3882,694,2182,358,3498,396,4581,989,2791,166,8472,017,6321,793,3005,059,182 June 27.... 47,623.813 2,613,15112,830,0532,894,8014,025,2852,718,5972,345,0168,337,7961,949,4161,159,8241,995,2281,729,5235,025,123 Contingent liability on acceptances purchased for foreign correspondents: May 30. . . . 30,789 1,940 1 9,104 2,472 2,910 1,565 1,314 4,318 1,158 782 1,158 1,158 2,910 June 6. ... 28,841 1,788 1 8,855 2,279 2,682 1,442 1,211 3,980 1,067 721 1,067 1,067 2,682 June 13 29,034 1,780 19 136 2,269 2,670 1,436 1,206 3,963 1,062 718 1,062 1,062 2,670 June 20.... 27,481 1,700 18,476 2,166 2,550 1,371 1,152 3,785 1,015 686 1,015 1,015 2,550 June 27. ... 26.899. 1,668 18,248 2,126 2,503 1,346 1,130 3,714 996 673 996 996 2,503 Co m m a m ke i tm in e d n u t s s t r t i o al 11 loans: May 30 3,672| 1,384 671 48 505 480 584 June 6. ... 3,630 1,389 637 48 504 475 577 June 13.... 3,612 1,347 664 48 504 475 574 Tune 20 3 382 \,\ 18 664 48 503 475 574 June 27.... 3.543 l!300 643 48 503 475 574 1 After deducting $21,685,000 participations of other Federal Reserve Banks on May 30; $19,986,000 on June 6; $19,898,000 on June 13; $19,005,000 on June 20; and $18,651,000 on June 27. JULY 1951 825 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 ve d - m Ri o c n h d - la A n t t - a Chicago Lo S u 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 - F.R.notes outstanding (issued to Bank): May 30 24,214,150 1,482,683 5,443,4091,734,8372,197,427 1,630,609 ,362,479 4,596,2401,114,705 617,005 941,315 676,0622,417,379 June 6 24,274,261 1,483,0625,456,515 1,739,416 2,204,1271,628,856 365,298 4,611,272 1,113,750 618,231 994433,,226677 667799,,119900 2,431,277 June 13 24,313,442 ,474,9215,460,697 1,745,324 2,220,0421,643,371 ,368,8114,609,9931,111,490 617 942,173 679,9192,439,551 June 20 24,371,796 ,482,576 5,476,8771,755,879 2,225,3431,638,980 ,336688,,555544 4,614,3851,110,757 938,783 677,698 2,464,311 June 27 24,476,678 1,497,009 5,495,8411,763,8262,239,492 1,645,094 364,0634,626,9311,116,364 618,800 945,076 692,4222,471,760 Collateral held against notes outstanding: Gold certificates: May 30 12,244,000 350,000 4,470,000 730,000 775,000 450,000 510,000 2,620,000 250,000150,000 280,000159,000 1,500,000 June 6 12,284,000 350,000 4,470,000 740,000 785,000 450,000 510,000 2,640,000 250,000150,000 280,000159,000 [,500,000 June 13 12,184,000 350,000 4,470,000 660,000 745,000 450,000 510,000 2,660,000 250,000 150,000 280,000 159,000L, 500,000 June 20 12,184,000 350,000 4,470,000 660,000 745,000 450,000 510,000 2,660,000 250,000 150,000 280,000159,000 [1,500,000 June 27 11,984,000 350,000 4,470,000 660,000 745,000 450,000 510,000 2,460,000 250,000150,000 280,000159,000[,500,000 Eligible paper: May 30 411,816 19,703 223,227 33,845 21,750 21,075 37,655 35,620 18,941 June 6 106,299 11,888 62,830 8,835 3,080 2,430 6,725 8,415 2,096 June 13 146,366 10,519 102,650 11,995 3,880 3,650 2,925 8,561 2,186 June 20 100,157 12,242 20,760 11,630 5,180 10,150 19,275 10,234 10,686 June 27 141,105 13,016 62,745 12,620 6,330 11,150 15,810 18,023 1,411 U. S. Govt. sec: May 30 12,680,000 ,200,000 ,100,000 1,000,0001,425,0001,215,000 900,000 2,000,000 925,000 490,000 700,000 525,0001,200,000 June 6 12,690,000 200,000 ,100,0001,000,0001,425,000 1,215,000 900,000 2,000,000 925,000 490,000 700,000535,000 1,200,000 June 13 12,865,000 ,200,000 ,100,0001,100,0001,500,0001,215,000 900,000 2,000,000 925,000 490,000 770000,,000000 535,0001,200,000 June 20 12,865,000 ,200,000 ,100,0001,100,000 1,500,0001,215,000 900,000 2,000,000 925,000 490,000 770000,,000000 535,0001,200,000 June 27 13,065,000 ,200,000 ,100,0001,100,0001,500,000 1,215,000 900,000 2,200,000 925,000 490,000 700,000535,0001,200,000 Total collateral: May 30 25,335,816 ,569,7035,793,227 1,763,845 2,200,0001,686,7501,410,000 4,620,000 1,196,075 677,6551,015,620 684,000 2,718,941 June 6 25,080,299 ,561,8885,632,830 1,748,835 2,210,0001,668,0801,410,000 4,640,000 1,177,430 646,725988,415 694,000 2,702,096 June 13 25,195,366 ,560,5195,672,650 1,771,995 2,245,0001,668,8801,410,000 4,660,000 1,178,650 642,925 988,561 694,000 2,702,186 June 20 25,149,157 ,562,2425,590,760 1,771,6302,245,0001,670,1801,410,000 4,660,000 1,185,150 659,275 990,234 694,000 2,710,686 June 27 25,190,105 ,563,0165,632,745 1,772,620 2,245,0001,671,3301,410,000 4,660,000 1,186,150 655,810998,023 694,000 2,701,411 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 Da ed te n e ( s la d s a t y A a p t p p o p l i r d c 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-o in P p f g a a f t r i i i n t o n i a c n s n i t s - c i- or last day com- standing2 out- tutions of period) pleted i (amount) standing out- Gua a r u a t n h t o e r e i d ze l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) to date outstanding available to borrowers Date under guar- 1944 3,489 525,532 1,295 3,894 4,165 2,705 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r r e ti a d o n n - a o n u t t m e st e 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 2 4 7 0 5 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 May 31... 3,670 633,124 1,306 2,675 1,286 2,641 Nov. 30... 23 13,585 2,340 2,232 3,335 June 30... 3,677 638,015 4,416 2,779 1,352 2,731 Dec. 31... 62 31,326 8,017 6,265 8,299 July 31... 3,680 639,158 4,362 2,479 1,729 2,753 Aug. 31. .. 3.684 644,464 6,985 2,333 2,481 3,273 1951 Sept. 30... 3,690 646,276 8,030 2,293 2,509 3,224 Jan. 31... 119 109,433 23,778 19,837 13,748 Oct. 31. .. 3,692 647,432 5,108 2,307 3,035 3,707 Feb. 28... 161 122,541 44,250 36,537 33,840 Nov. 30. .. 3,695 649,748 5,519 2,413 3,466 4,050 Mar. 31... 254 300,955 68,833 56,973 47,822 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 Apr. 30... 328 421,267 126,080 106,053 r185,001 1951 May 31... 401 514,506 183,610 151,858 205,629 Jan. 31... 3,707 654,199 1,862 3,520 3,325 5,402 Feb. 28... 3,706 655,702 1,523 3,681 2,937 5,358 * Revised. Mar. 31... 3,710 660,525 3,980 3,988 2,824 5.262 NOTE.—The difference between guaranteed loans authorized and Apr. 30... 3,717 664,473 4,925 4,845 2,595 5,331 •um of loans outstanding and additional amounts available to bor- May 31. .. 3,721 667,988 3,578 5,255 3,643 5,999 rowers under guarantee agreements outstanding represents amounts e re x p p a ir i e d d , g o u r a w ra i n th te d e r s a w a n u . thorized but not completed, and authorizations 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 8 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. 826 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 A em ll - city banks s R er e v - e Coun- m A em ll - city banks s R er e v - e Counba b n er ks New Chi- b c a i n ty ks banks ba b n er ks New Chi- b c a i n ty ks banks York cago York cago First half of May 1951 Second half of May 1951 Gross demand deposits: Total 97,897 22,068 5,651 37,147 33,031 97,715 21,934 5,618 37,247 32,917 Interbank. . 10,984 3,806 1,087 5,151 940 10,856 3,803 1,077 5,063 913 Other 86,913 18,262 4,563 31,996 32,091 86,859 18,132 4,541 32,183 32,003 Net demand deposits * 86,188 20,362 5,107 32,308 28,411 85,987 20,157 5,043 32,289 28,498 Demand deposits adjusted * . . 76,275 76,200 29,651 1,894 1,098 11,690 14,969 29,654 1,861 1,093 11,717 14,983 Demand balances due from domestic banks... 5,433 34 110 1,704 3,585 5,326 37 117 1,751 3,421 Reserves with Federal Reserve Banks: Total 18,970 4,984 1,286 7,295 5,406 18,819 4,946 1,269 7,270 5,334 Required 18,331 5,000 1,292 7,163 4,876 18,275 4,949 1,276 7,161 4,889 Excess . . 640 -17 —6 132 530 544 —3 — 7 109 445 Borrowings at Federal Reserve Banks 510 278 16 148 67 371 112 20 166 73 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are baqed on deposits at opening of business. 8 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 CENTERS1 [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 banks * New Chi- banks York cago Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its 1950—May 15,941 4,273 1,088 6,144 4,437 bank bank 1951—April 19,324 5,328 1,274 7,347 5,374 May 18,892 4,964 1,277 7,282 5,369 1950 May 16 18,965 4,935 1,285 7,317 5,428 March 18,613 9,325 10,944 642 May 23 18,956 4,959 1,277 7,297 5,423 April 18,639 9,373 10,873 666 May 30 18,686 4,930 1,258 7,256 5,241 May 18,689 9,392 10,839 668 June 6 19,095 5,087 1,287 7,353 5,368 June 13 19,278 5,172 1,282 7,402 5,423 1951 June 20 19,662 5,423 1,307 7,472 5,460 March 20,610 9,303 11,477 620 April 20,549 9,307 11,365 638 Excess reserves: May 20,670 9,315 11,375 5,661 1950—May 704 14 -3 137 557 1951—April 833 158 -1 167 509 By district, May 590 -10 -7 120 487 May 1951 J J M M M u u a n a a n y y y e e 2 3 1 1 3 0 6 6 3.. 6 4 9 6 8 3 2 8 2 5 3 8 3 4 0 - 1 2 _ 9 4 1 7 9 9 4 3 -1 -4 1 3 5 5 1 2 2 1 1 1 4 1 2 4 0 4 9 2 5 8 3 5 5 4 5 6 4 1 3 9 5 6 9 5 1 N P C B h l o e e i w s l v t a o e d Y l n a e o n lp r d k hia 3 2 1 1 , , , , 4 5 7 3 3 9 8 8 4 4 4 0 2,2 8 8 9 2 1 7 3 1 1 8 5 1 1 , , 1 0 3 9 1 7 1 7 1 1 6 8 1,0 2 8 7 5 9 0 9 7 3 6 5 June 20 Pi,042 210 14 253 P565 Richmond 1,290 454 786 445 Atlanta 1,961 498 608 188 Borrowings at Federal Chicago 2,899 1,764 1,683 891 Reserve Banks: St. Louis 852 374 896 267 1950—May 80 11 1 37 30 1951—April 161 23 6 69 64 Minneapolis 665 317 698 406 May 438 193 18 157 70 Kansas City 790 132 1,434 196 M M a a y y 2 1 3 6 5 24 6 7 0 30 7 9 6 32 1 1 4 2 3 1 5 7 0 6 S D a a n l la F s rancisco 1 1 , , 4 6 0 1 5 7 2 6 3 9 3 8 1,3 4 4 4 6 7 2 6 5 4 4 May 30 448 113 38' 204 93 June 6 241 46 121 74 1 Includes any banks in outlying sections of reserve cities that have June 13 132 16 48 68 been given permission to carry the same reserve as country banks. June 20 113 2 48 63 v 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. JULY 1951 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency i Large denomination currency * End of year or in cir- Unasmonth cula- sorted tion* Total Coin '$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 .. . .. 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 r 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—March 27,042 18,651 1,468 1,013 59 1,949 5,834 8,327 8,393 2,375 4,968 384 654 5 8 1 April 27,048 18,661 1,478 1,016 60 1,945 5,830 8,333 8,389 2,380 4,961 382 650 4 11 1 May 27,090 18,730 1,490 1,033 60 1,963 5,851 8,333 8,361 2,380 4,949 380 639 4 9 1 June 27,156 18,813 1,496 1,037 61 1,966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July 27,010 18,696 1,498 1,029 60 1,946 5,836 8,328 8,316 2,374 4,934 375 620 4 9 2 August 27,120 18,795 1,506 1,037 61 1,955 5,881 8 355 8,328 2,374 4,950 372 617 4 9 2 September... 27,161 18,834 1,515 1,054 61 1,964 5,884 8,357 8,329 2,369 4,964 370 613 4 9 2 October 27,228 18,901 1,527 1,072 61 1,978 5,874 8,388 8,329 2,368 4,987 367 595 4 9 2 November... 27,595 19,252 1,547 1,089 62 2,021 6,021 8,511 8,345 2,384 4,994 365 589 4 9 2 December. .. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—January 27,048 18,694 1,530 1,056 61 1,943 5,791 8,313 8,356 2,393 5,002 366 583 4 9 3 February 27,188 18,861 1,535 1,057 61 1,959 5,880 8,369 8,329 2,385 4,986 365 581 4 9 2 March 27,119 18,845 1,542 1,059 61 1,953 5,881 8,348 8,275 2,369 4,955 362 576 4 8 1 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 May 27,519 19,260 1,568 1,087 63 1,995 6,024 8,523 8,259 2,382 4,938 357 570 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 l Money Total out- held by standing, As security For Federal M 1 a 9 y 5 3 1 1, 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 e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 ay 95 3 1 1, Ap 1 r 9 . 5 3 1 0, M 1 a 9 y 5 3 0 1, certificates agents Gold 21,756 Gold certificates 20,547 17,692 2,816 39 41 Federal Reserve notes.... 24,226 43 1,009 22,966 22,694 Treasury currency—total. 4,646 32,333 41 299 4,272 4,355 Standard silver dollars 492 279 32 179 178 169 Silver bullion 2,054 2,054 Silver certificates and Treasury notes of 1890.. s 2,333 237 2] 096 2 |078 2^180 Subsidiary silver coin 1,034 18 1,013 1,000 961 Minor coin 388 9 376 374 360 United States notes 347 28 316 314 322 Federal Reserve Bank notes 248 3 245 247 276 National Bank notes 83 1 82 82 Total—May 31, 1951. . 22,880 1,293 17,692 4,123 27,519 Apr. 30, 1951. . 22,943 1,284 17,751 4,121 May 31, 1950. . 25,338 1,309 20,183 3,777 27,090 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. 819, and seasonally adjusted figures in table on p. 829. * 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. 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount—• Change in Date f u o v n r a a r s d i e j a u a t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n f l or s a e s d a e s j r u o i s e n t s a e l d * ly End of month D a i n b t e c o a p e r l o - s s s ' x - Total d C ep i a n o s s h i- G u m ov . e e n s r t n . - r f e C u s n a e d s r h v s, e End 1 o 9 f 4 p 0 eriod: 8,732 +1,134 b t a o n r k y s se t c ie u s ri- etc.2 1941 11,160 +2,428 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 3 4 6 7 5 9 8 , 2 2 2 2 2 2 2 1 0 8 5 8 8 8 7 5 , , , , , , , , 9 4 3 5 2 8 4 6 5 4 0 1 2 6 1 0 2 9 7 5 4 8 0 0 + + + + 5 4 4 3 + - - , , , , 6 6 0 8 2 - 2 4 8 4 2 3 5 5 0 3 4 4 4 9 8 0 8 7 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 3 4 6 7 8 9 5 — — — — — — — D D D D D D D e e e e e e e c c c c c c c e e e e e e e m m m m m m m b b b b b b b e e e e e e r r r r r r er.... 2 3 3 2 3 3 1 , , , , , , , 4 3 7 1 2 3 9 1 8 4 8 8 3 3 7 8 2 8 4 3 0 2 3 3 3 3 3 1 , , , , , , , 3 0 4 5 3 8 4 1 4 2 1 2 8 4 2 3 1 2 5 7 9 1 6 8 6 6 7 7 0 3 3 3 2 2 3 1 , , , , , , , 1 2 2 8 3 1 7 8 1 5 3 1 4 0 2 6 2 8 7 4 8 2 2 1 1 1 1 1 1 0 5 7 9 8 1 2 0 2 9 8 7 8 1950 27,741 +141 1950—January 3,183 3,307 7 3,117 182 February. . . . 3,177 3,301 7 3,107 186 Averages of daily figures: March 3,168 3,293 8 3,107 178 1950—May 27,022 27,212 -68 April 3,151 3,276 8 3,092 176 J Ju u l n y e 2 2 7 7 , ,1 0 1 2 7 6 2 2 7 7 , , 1 1 6 7 2 1 - + 50 9 J M u a n y e. . . . 3 3 , , 1 0 2 9 5 7 3 3, , 2 2 1 5 8 0 1 8 0 3 3 , , 0 03 6 8 8 1 1 7 7 5 1 August 27,009 27,145 -26 July 3,061 3,181 9 3,027 145 September 27,154 27,208 +63 August 3,021 3,141 10 2,962 169 October 27,233 27,233 +25 September. . . 2,991 3,111 10 2,923 177 November 27,380 27,298 +65 October 2,967 3,088 10 2,903 175 December 27,806 27,531 +233 November. . . 2,947 3,069 10 2,888 171 December.... 2,924 3,045 11 2,868 166 1951—January 27,304 27,222 -309 February 27,145 27,145 -77 1951—January 2,901 3,022 11 2,858 153 March 27,171 27,253 +108 February 2,877 2,998 11 2,835 152 April 27,179 27,398 +145 March 2,852 2,974 11 2,793 169 May 27,324 27,516 +118 April ?2,825 June 27,548 27,686 +170 May ?2,8O7 1 For end-of-year figures, represents change computed on absolute P Preliminary. amounts in first column. 1 Outstanding principal, represented by certificates of deposit. NOTE.—For discussion of seasonal adjustment factors and for back 2 Includes working cash with postmasters, 5 per cent reserve fund figures on comparable basis see BULLETIN for September 1943, pp. and miscellaneous working funds with Treasurer of United States, ac- 822-826. Because of an apparent change in the seasonal pattern crued interest on bond investments, and accounts due from late postaround the year-end, adjustment factors have been revised somewhat masters. for dates affected, beginning with December 1942, Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City i centers 1 centers City centers City2 cities 2 City 2 cities 2 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s e se ri r e ie s s 3 » Jl,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 94 1 4 4 2 25 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 19S0 1,403,752 513,970 742,458 147.324 26.6 13.4 508,166 731,511 31.4 20.3 1950—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 114,061 39,067 r62,37O 12,624 26.1 14.3 38,916 62,239 30.7 21.5 March 144,012 53,171 75,941 14,900 29.0 14.9 53,142 75,897 35.5 22.5 April 128,447 45,477 69,421 13,549 26.5 14.6 44,312 68,157 32.5 22.3 Mav 130,699 45,375 71,196 14,129 27.1 13.8 42,272 68,378 30.0 21.3 f Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 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 which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. JULY 1951 829 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 dollarsl Assets Liabilities and Capital Bank credit Total assets, Date Treas- U.S. Government obligations l T ia o b ta il l - Total C a a n p d ital Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a p n n e it d t al, c d u e a r p r n o e d s n i c ts y c m o a n u c i e n s - t c ts . , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1 19 9 4 3 1 9 — — D D e e c c 3 3 0 1 2 1 2 7 , , 7 6 3 4 7 4 3 2 , , 2 9 4 6 7 3 5 6 4 4 , ,6 5 5 6 3 4 2 2 6 2 , , 6 15 0 7 5 2 2 3 9 , , 1 0 0 4 5 9 2 1 5 9 , , 5 4 1 1 1 7 2 2 , , 4 2 8 5 4 4 1 1 , , 2 2 8 0 4 4 9 8 , , 3 9 0 9 2 9 9 7 0 5 , , 6 1 3 7 7 1 6 82 8 , , 8 3 1 5 1 9 6 7 , , 8 8 1 2 2 6 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—Dec 31 20,529 4,562 1S8,366 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 1S6,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec 31 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—June 30 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 Dec 31 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—May 31 24,200 4,600 162,600 51,000 98,100 77,700 17,400 3,100 13,500 191,400 176,700 14,700 June 30 24,231 4,607 164,348 51,999 98,709 77,320 18,331 3,058 13,640 193,186 178,568 14,618 July 26 24,200 4,600 164,300 53,100 97,500 76,400 18,000 3,000 13,800 193,100 178,200 14,900 Aug. 30 23,800 4,600 165,800 54,500 97,200 75,600 18,600 3,000 14,200 194,200 179,200 15,000 Sept 27 23,500 4,600 166,800 56,300 96,000 73,800 19,400 2,900 14,500 194,900 179,900 14,900 Oct 25 . .. 23,300 4,600 167,700 57,500 95,800 73,600 19,200 2,900 14,400 195,600 180,100 15,500 Nov. 29 23,000 4,600 168,700 59,100 95,200 72,700 19,600 2,900 14,500 196,400 181,000 15,300 Dec 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—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. 28P 22,100 4,600 170,700 61,500 94,500 69,800 21,900 2,900 14,800 197,500 182,600 14,800 Mar. 28? 21,900 4,600 17?,100 62,500 94,700 69,300 22,600 2,800 14,900 198,600 183,700 14,900 Apr 25P 21,800 4,600 17?,100 62,600 94,600 68,900 22,900 2,800 15,000 198,600 183,600 15,000 IVIay 30P 21,800 4,600 171,300 62,900 93,500 68,400 22,300 2,800 14,900 197,700 182,900 14,800 Deposits and Currency U.S. Government balances Deposits adjusted and currency Date 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 a t a e v n r c in c o d i m g a s l - R Fe e A d se e t r r v a e l Total d D e e p m os a i n ts d 2 Total m C T e i o r m m ci e a - l de M s p a o v u s i t n i u t g s a 1 s l S P a o v s i t n a g l s o r u C e t n u si c r d y - e banks Banks banks banks * System banks 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—june 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec 30 68,359 1,217 5,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 5,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec 31 180,806 2,141 >,287 24,608 977 150,793 75,851 48.452 30,135 15,385 2,932 26,490 1946—Dec 31 171,657 1,885 >,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—Tune 30 169,234 1,657 L,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 194g—June 30 172,857 1,727 L ,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—June 30 . .. 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—May 31 176,700 2,400 1,300 3,200 600 169,200 85,000 59,500 36,600 19,800 3,100 24,700 June 30 178,568 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 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 Aug. 30 .. 179,200 2,400 L,300 3,800 700 171,000 87,400 59,100 36,200 19,800 3,000 24,500 Sept. 27 179,900 2,300 L.300 3,600 1,100 171,600 88,000 59,000 36,200 19,900 3,000 24,500 Oct. 25 180,100 2,500 L,300 3,100 400 172,800 89,200 59,000 36,200 19,900 3,000 24,600 Nov. 29 181,000 2,300 1,300 3,000 600 173,900 90,300 58,700 35,900 19,800 2,900 24,900 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,010 2,923 25,398 1951—Jan. 31P 182,500 2,400 1,300 2,800 800 175,200 91,600 59,000 36,100 20,000 2,900 24,600 Feb. 28P 182,600 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 59,100 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 May 30P. 182,900 2,500 1,300 4,800 600 173,700 89,500 59,300 36,300 20,200 2,800 24,900 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. » 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 bankf. 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 •lightly 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. 830 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 1 Total i b In a t n e k r * - a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31» 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—June 30 142,959 51,999 90,961 77,320 13,640 34,099 163,770 11,435 95,505 56,830 13,576 14,674 Nov. 29 146,660 59,520 87,140 72,690 14,450 35,880 168,040 12,310 99,830 55,900 13,850 14,659 Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Jan. 31 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 May 30P 146,680 63,340 83,340 68,410 14,930 37,020 168,810 11,350 100,740 56,720 14,050 14,644 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 » 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 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 May 30P 125,060 54,460 70,600 58,110 12,490 36,220 148,570 11,350 100,720 36,500 11,770 14,114 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 Nov. 29 106,138 43,969 62,169 52,050 10,119 30,834 126,563 11,679 85,873 29,011 9.724 6,881 Dec. 30 107,424 44,705 62,720 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—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 May 30P 105,650 46,554 59,096 48,693 10,403 31,990 126,953 10,866 86,772 29,315 9,846 6,865 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2 188 818 10 524 3 10 521 1 309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15 371 1 592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31* 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—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 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—Jan. 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 May 30P 21,620 8,880 12,740 10,300 2,440 800 20,240 20 20,220 2,280 530 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. JULY 1951 831 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 U. S. as C s a e s ts h ] Inter- a c c T a c o p o t i u a ta n l l t s ! N b u a m o n f b k e s r Total Loans Govern- Other Total bank i 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. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 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* 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. 28P 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 May 30P 19,930 9,939 9,991 8,144 1,847 6,875 23,711 4,011 18,104 1,596 2,357 22 Chicago: 1939—Dec. 30 ,105 569 1,536 1,203 333 1,446 3,330 1,947 495 250 14 1941—Dec. 31. .... . ,760 954 1,806 1.430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 ,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 ,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 ,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 ,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 ,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—June 30 ,256 1,557 3,700 3,138 562 1,640 6,419 1,014 4,305 1,099 481 13 Nov. 29 ,456 1,972 3,484 2,928 556 1,812 6,719 1,064 4,566 1,089 490 13 Dec. 30 ,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Jan. 31? ,448 2,124 3,324 2,762 562 1,977 6,858 1,071 4,682 1,105 489 13 Feb. 28? ,364 2,136 3,228 2,666 562 2,054 6,893 1,080 4,724 1,089 489 13 Mar. 28P ,461 2,163 3,298 2,743 555 1,888 6,667 1,059 4,528 1,080 490 13 Apr. 25P ,386 2,125 3,261 2,692 569 1,929 6,814 1,051 4,668 1,095 492 13 May 30P ,368 2,206 3,162 2,617 545 1,913 6,706 1,038 4,573 1,095 495 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 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—June 30 38,697 14,868 23,829 20,510 3,319 11,639 47,187 5,069 30,306 11,812 3,268 336 N De o c v . . 3 2 0 9. 4 4 0 0 , , 1 6 3 8 3 5 1 1 7 7 , , 5 9 3 0 6 6 2 2 2 2 , t5 7 9 7 7 9 1 1 8 9 , , 9 0 6 8 0 4 3 3 , , 6 6 3 9 7 5 1 1 1 3 , , 9 9 4 9 5 8 4 5 8 1 , , 5 4 9 3 5 7 6 5 , , 4 5 4 4 8 0 3 3 3 1 , , 3 5 4 5 2 1 1 1 1 1 , ,6 5 4 0 7 4 3 3 , , 3 3 2 3 2 7 3 3 3 3 6 7 1951—Jan. 31 P 40,058 18,159 21,899 18,189 3,710 12,812 49,214 5,428 32,181 11,605 3,332 336 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 May 3QP 39,709 18,599 21,110 17,385 3,725 12,618 48,732 4,923 32,158 11,651 3,379 325 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 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 47,832 962 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 ,602 6,507 May 30P 40,643 15,810 24,833 20,547 4,286 10,584 47,804 894 31,937 14,973 3,615 6,505 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. 832 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 1 Total 1 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. 3i 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13 426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec> 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9 734 13 398 194g—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13 413 I949—Dec 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10 645 13 429 1950—June 30 119,808 44,304 75,504 64,546 10,957 32,865 141,798 11,066 94,298 36,433 11,061 13 435 Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec 31 69,312 13,925 55.387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4 644 5 017 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5 005 194g—Dec 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5 657 4 991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1950—June 30 68,723 24,590 44,132 37,548 6,584 19,914 82,430 7,362 54,964 20,104 6,180 4,971 Dec 30. 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4 958 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec 31 37.871 8,850 29.021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1 867 1947—Dec 31. ... 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 194g—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 I949—Dec 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—June 30 34,023 13,068 20,955 18,211 2,744 9,466 40,277 3,488 27,268 9,522 3,343 1,914 Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6 416 1947—Dec 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 I949—Dec 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—June 30 17,079 6,650 10,429 8,799 1,630 3,487 19,108 217 12,066 6,825 1,539 6,553 Dec. 30. 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 I945—Dec. 31. . 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1947—Dec. 312,. 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—June 30 1,959 491 1,468 1,204 263 403 2,029 369 1,186 474 326 709 Dec. 30. 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1.288 7,662 I945—Dec 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 s 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 L.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 L.680 7,256 I949—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 .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 Deo 31 10 846 3 081 7 765 7 160 606 429 10,363 12 10,351 I 034 192 I947—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 31 14 209 4,814 9 394 7,832 1,562 682 13,592 16 13,575 1,420 192 1950—June 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 .51.3 194 Noninsured mutual savings banks: 1941 Der 31 8 687 4 259 4 428 3 075 1 353 642 8,744 6 8,738 1,077 496 I945—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—Tune 30 6 365 1,915 4 450 3 625 826 172 5,815 2 5,813 722 33& 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 revision! in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JULY 1951 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES1 LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o rc a h n a s s f i o n r g U. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total* o c Ik i p p p l i n u n e e e a g d - t n r - " - - 4 t c g u a u r r l l i - - - b d a e T e r e n o r r o a s s d k l - - o T e t r o h s - 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 lo t a h n e s r 2 Total Total Bills C o d c n e e f a e r e d t b t i s e i - n t f s s - i - - Notes Bonds G t a e u n e a - d r- S p d s s a i t o u i c i o a n o v a l b t f d i n i e l - t - s s - O s ri e t t h c i e e u r s - All insured commercial banks: 1 1 1 / 9 9 1 4 4 :1 1 5 — JL n D -^e V e c_ \ c _« . 3 \ 3 J 1 X 1 • . 1 4 2 9 l' , 2 8 9 0 0 9 2 2 1 5 , , 2 7 5 6 9 5 9 9 , , 2 4 1 6 4 1 1 1 , , 4 3 5 1 0 43,1 6 6 1 4 4 3,6 6 0 62 6 4 4 , , 7 67 7 7 3 1,3 4 5 , 1 ! 4 2 5 ,191 2 9 8 6 , , 0 0 3 4 1 3 2 8 1 8 ,9 0 1 4 2 6 2,4 9 5 88 5 19,0711 3 6 , , 1 0 5 4 9 55 1 1 2 , ,7 3 9 2 7 1 4,10 2 2 2 3 3 , , 6 8 5 7 1 3 3 3 , , 3 2 3 5 3 8 1947—Dec. 31. 114,274 37,583 18,0121,610 823 1,190 9,2663,8452,83776,691 67,941 2,124 7,552 5,91852,334 145,1293,621 1948—Dec. 31. 112,286 41,968 18,7612,775 1,336 939 10,6664,9072,992 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—Dec. 31. 118,278 42,485 16,9352,963 1,749 855 11,4056,0023,124 75,793 65,820 3,692 12,479 5,81043,833 66,4003,574 1950—June 30. 119,808 44,304 16,8142,819 1,856 912 12,2706,8873,33575,504 64,546 3,847 6,102 11,59143,000 87,2373,721 Dec. 30. 124,822 51,723 21,7762,823 1,789 1,036 13,3897,6283,95573,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 Member banks, total: 43,521 18 021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,7293,8323,0902,871 11994451——DDeecc.. 3311.. 107,183 22,775 8,949 8553,1333,378 3,4551,027 1,977 84,408 78,338 2,275 16,98514,27144,792 163,2542,815 1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065 7,1303,0642,55065,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1948—Dec. 31. 95,616 36,060 17,6311,800 1,324 834 8,2443,9332,65859,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—Dec. 31. 101,528 36,230 15,8571,945 1,737 758 8,8344,7762,80965,297156,8833,38910,409 5,08537,996 45,2743,140 1950—June 30. 102,745 37,658 15,7081,770 1,840 807 9,5475,5053,00165,087 55,759 3,539 4,821 9,99037,404 56,0403,289 Dec. 30. 107,424 44,705 20,5211,808 1,770 927 10,5226,1673,58562,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Apr. 9. 105,705 46,318 22,1581,846 1,276 892 10,7206,1153,92859,387 48,861 2,694 14,00532,155 76,9263,601 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 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 1951—Apr. 9. 20,371 10,008 6,840 943 279 461 548 1,079 10,363 8,413 | 612 1,736 6,064 2 1,230 720 Chicago:3 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31' 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 1,467 749 1,864 181 204 I947—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 3,016j 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—Tune 30. 5,256 1,557 1,116 24 109 64 54 121 95 3,699 3.138 352 276 555 1,954 340 221 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 1951—Apr. 9. 5,320 2,142 1,643 8 102 67 69 134 156 3,178 2,621 180 696 1,745 341 217 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,527 1 c12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 1,459 433 826 31,594 29,552 1,034 6,982 5,65315,878 c 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 3,147 1,256 1,079 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,5031,609 1,11821,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1 1 9 9 4 5 9 0 — — D Ju e n c e . 3 3 1 0 .m 3 38 8 . , 6 3 9 0 7 1 1 1 4 4 , . 3 8 7 6 0 8 6 6, , 5 7 9 0 6 4 3 4 6 5 7 7 2 1 0 8 1 3 3 3 2 0 4 9 3 4, ,7 0 4 29 2 2 1 , , 2 96 9 5 1 1 1 , , 2 2 1 7 2 4 2 2 3 3 , , 8 9 2 3 9 1 2 20 0 , , 5 9 1 5 0 1 1 1 , , 1 1 8 7 9 9 4 1 , ,9 1 5 8 4 0 2 4 , , 1 0 2 0 4 5 1 13 3 , , 3 4 7 5 2 7 1 1 , , 7 9 2 8 7 8 1 1 , , 3 2 3 5 1 4 Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,567 1,534 22,779 19,084 1,218 499 5,53611,830 12,184 1.511 1951—Apr. 9. 39,594 18,537 9,336 380 195 363 4,4532,476 1,585 21,057 17,328 920 5,169 11,238 12,281 1,448 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 '5*,iO2 4,544 16,713 9 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 3,827 1,476 732 26,125 22,857 480 2,583 2,10817,681 62,006 1,262 1948—Dec. 31. 36,726 11,945 3,2961,356 21 187 4,467 1,895 817 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4,7842,320 884 25,527 21,862 1,148 3,753 1,768 15,189 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 Dec. 30. 40,558 14,988 3,9801,407 33 187 5,5912,913 1,054 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Apr. 9. 40,420 15,630 4,339 1,458 36 183 5,7382,957 1,10824,789 20,498 982 6,40413,107 43,0751,216 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 6 619 443 1947—Dec. 31. 16,444 4,958 1,049 563 13 125 2,139 781 287 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—June 30. 17,079 6,650 1,106 1,049 16 105 2,727 1,382 335 10,429 8,799 308 1,281 1,601 5,606 21,198 432 Dec. 30. 17,414 7,023 1,255 1,015 18 109 2,872 1,461 370 10,391 8,632 453 465 2,702 5,008 1,294 465 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 834 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 v e n e e t v r h - e - k e a s s l v C a i a n u s l h t b m a w B a n d e n i c o a s t k e l - t h - i s s c 4 j m p u D o a s d a t d s e e n e i - - - t d d s m D e I s n o d t - i t e c e p 4 r o b s a F e i n t i o s g k 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 i a n i t o t d i d e c n i s a - s l c C h c o e a f e e e i f t n e c f r r c i d d s k t . - i ' s - , a p v n s a p t I i h i d r n o d o t i d r u n p n c a i a o e s s - - l , r r s - I b n a t n e k r- P U m G S e a o r a n . o e s n v d n v S t - - a t - . l v s S p i a u i s o t c n b i a 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 i d 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 n l - i t - s ings All Insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,72212,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31.. 20,404 1,939 8,947 84,21110,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 5410,158 1949—Dec. 31.. 16,428 1,984 9,466 84,57610,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 1410,645 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 3611,061 Dec. 30.. 17,458 2,145 10,463 91,09911,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 8211,263 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 64,18412,333 ,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 ,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 72,15210,098 ,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16,429 1,521 6,194 72,65810,623 ,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 ,278 3,340 6,428 2,001 70,463 204 182 1,115 28,328 30 9,523 Dec. 30.. 17,459 1,643 6,868 78,37011,669 ,437 2,523 6,400 2,724 78,659 341 183 1,121 28.032 79 9,695 1951—Apr. 9.. 19,305 1,713 5,533 75,123 9,739 ,444 6,256 6,190 1,841 73,118 358 190 1,201 27,891 309 9,840 New York City:« 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 ,105 6,940 237 ,338 15,712 17 ,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 ,217 267 290 ,105 17,646 12 ,418 30 2,259 1948—Dec. 31.. 5,643 117 67 15,773 2,904 ,278 445 241 750 16,695 31 ,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 ,084 640 196 895 16,408 113 ,590 2,312 1950—June 30. . 4,235 92 38 15,053 2,692 ,051 684 279 809 15,896 151 ,594 2,341 Dec. 30. . 4,693 118 78 15,898 3,207 ,162 451 258 ,087 17,490 268 ,647 70 2,351 1951—Apr. 9.. 5,379 143 38 15,311 2,801 ,197 1,786 234 609 16,071 262 ,647 120 2,366 Chicago:3 1941—Dec. 31.. 1,021 298 2,215 1,027 127 233 2,152 476 288 1945—Dec. 31. . 942 200 3,153 1,292 1,552 237 ,160 719 377 1947—Dec. 31. . 1,070 175 3,737 1,196 72 285 3,853 902 426 1948—Dec. 31.. 1,325 143 3,604 1,038 188 284 3,702 989 444 1949—Dec. 31.. 1,183 159 3,797 1,151 258 286 3,932 1,069 470 1950—June 30.. 1,080 114 3,676 977 211 325 3,716 1,086 482 Dec. 30. . 1,216 133 3,954 1,177 174 284 4,250 1,089 490 1951—Apr. 9.. 1,310 139 3,636 1,010 520 273 3,669 1,082 492 Reserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 243 4,542 1 ,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 332 11,045 2,844 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 547 10,798 2,928 1949—Dec. 31. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 617 10,987 3,087 1950—June 30. . 6,206 428 1,747 25,655 4,848 181 1,408 2,579 590 25,729 40 653 11,093 3,268 Dec. 30. . 6.806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 631 10,956 3,322 1951—Apr. 9.. 7,339 530 1,786 26,716 4,981 2,426 2,397 600 26,732 84 706 10,767 93 3,342 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 146 6,082 1.982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 219 12,224 2,525 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 337 14,177 2,934 1948—Dec. 31.. 5,736 858 3,619 27,703 943 688 2,925 510 25,248 350 14,369 3,123 1949—Dec. 31. . 4,371 901 4,002 27,935 979 797 3,058 579 25,337 400 14,289 3,305 1950—June 30. . 4,343 813 3,579 27,879 850 1,036 3,246 549 25,122 434 14,555 3,433 Dec. 30. . 4,745 976 4,450 30,581 1,111 922 3,282 715 27 980 443 14,339 3,532 1951—Apr. 9.. 5,278 1,012 3,570 29,460 947 1,523 3,286 583 26,646 449 14,396 96 3,640 Insured nonmember commercial banks: 1941—Dec. 31. . 271 2,325 4,092 108 53 611 68 3,483 74 3,276 959 1945—Dec. 31.. 391 3,959 10,537 233 1,560 858 135 9,643 97 5,579 1,083 1947—Dec. 31.. 473 3,466 12,223 258 149 1,188 158 11,019 132 6,420 1,271 1948—Dec. 31.. 453 3,273 12,059 246 201 1,332 151 10,736 153 6,459 1,358 1949—Dec. 31.. 463 3,273 11,918 261 213 1,402 153 10,517 182 6,524 1,473 1950—June 30.. 442 2.880 11,653 209 250 1,496 144 10,176 206 6,613 1,539 Dec. 30.. 503 3,596 12,729 286 265 1,492 174 11,262 210 6,510 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. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Backf igures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1951 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans' Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Date or month in l m o a v n a e e n d n s s t t s - Total i t n c a r d i i n a a u d l l s , , - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie e u s r t a c u g u r r l a i - - l G U t l i o i o o g . b n v a - S - s t . . O c t s u t i e h e r - s e i- r G l U t o i i o g o . b S v a n - - . t s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds1 Total- Leading Cities 1950—May 66,735 24,957 13,376 1,098 139 491 4,559 4,716 41,77836,176 1,924 4,372 5,74524,135 5,602 1951—March. . . 69,868 32,428 19,005 2511,182 151 577 5,352 459 5,899 37,44030,868 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 ,857 8,155 2200,,724 6,605 May 69,589 32,584 19,152 2451,097 123 607 5,452 430 5,93437,00530,485 ,764 124 20,5976,520 Apr. 4. . 70,122 32,849 19,196 2431,263 144 577 5,365 595 5,92137,273 30,674 ,812 8,139 20,723 6,599 Apr. 11. . 69,707 32,377 19,262 1381,095 132 595 5,382 319 5,90737,330 30,713 ,829 8,166 20,718 6,617 Apr. 18. . 69,756 32,381 19,198 1241,060 129 602 5,406 404 5,91337,375 30,750 ,842 8,187 6,625 Apr. 25. . 69,863 32,478 19,127 1961,071 127 597 5,420 465 5,93237,385 30,805 ,946 8,126 20,733 6,580 May 2.. 70,108 32,661 19,186 2461,113 125 602 5,419 491 5,93537,447 30,836 ,971 8,150 20,7156,611 May 9.. 69,392 32,548 19,164 2631,132 125 5,440 341 5,930 36,84430,339 ,641 8,095 603 6,505 May 16. . 69,582 32,668 19,233 2721,087 123 5,456 417 5,94136,914 30,425 ,742 8,115 568 6,489 May 23.. 69,493 32,614 19,115 1741,092 123 633 5,467 534 5,93236,879 30,382 ,696 8,113 573 6,497 May 30.. 69,369 32,428 19,048 2711,061 121 596 5,476 382 5,92836,941 30,443 ,769 8,147 ,498 June 6. . 69,037 32,332 18,992 2141,048 124 5,489 364 5,92636,705 30,207 1,806 8,024 20,3776,498 June 13. . 69,492 32,429 19,085 1911,020 125 597 5,521 438 5,90937,063 30,555 2,147 8,038 20,370 6,508 June 20. . 70,434 32,677 19,216 2351,036 125 597 5,524 484 5,91637,757 31,186 2,800 1,582 7,33219,4726,571 June 27. . 70,635 32,877 19,220 3761,023 129 587 5,530 523 5,94737,758 31,176 2,745 1,585 7,36819,,478 6,582 New York City 1950—May 19,061 7,686 4,612 579 885 209 306 218 98111,375 9,906 445 899 1,489 7,0731,469 1951—March. . . 20,238 10,158 6,785 204 924 237 444 338 1,335 10,080 8,164 513 1,712 5,939 ,916 April 20,238 10,048 6,775 143 851 241 458 355 1,339 10,190 8,260 609 1,688 5,963 ,930 May 19,865 9,944 6,727 185 837 257 466 256 1,333 9,921 8,083 493 1,682 5,908 ,838 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 ,699 5,946 ,947 Apr. 25. . 20,234 9,982 6,713 166 814 243 465 350 1,347 10,252 8,355 690 ,673 5,992 ,897 May 2.. 20,278 10,003 6,734 208 837 243 457 315 1,325 10,275 8,387 699 ,705 5,983 ,888 May 9. . 19,809 9,919 6,713 210 862 251 466 200 1,332 9,890 8,063 445 ,670 5,948 ,827 May 16. . 19,812 9,964 6,768 208 829 252 468 221 1,336 9,848 8,036 462 ,687 5,887 ,812 May 23. . 19,706 9,944 6,716 117 838 289 471 292 1,338 9,762 7,935 400 ,670 5,865 ,827 May 30. . 19,722 9,892 6,703 180 817 252 470 254 1,333 9,830 7,996 459 ,678 5,859 ,834 June 6. . 19,605 9,942 6,660 183 808 284 482 305 1,336 9,663 7,826 463 ,602 5,761 1,837 June 13. . 19,892 9,970 6,695 154 783 250 491 372 1.341 9,922 8,067 774 ,549 5,7441,855 June 20.. 20,395 10,163 6,800 200 806 248 487 404 1,334 10,232 8,358 1,124 345 ,489 5,4001,874 June 27.. 20,500 10,182 6,818 311 784 239 484 312 1,351 10,318 8,442 1,151 350 5,413 1,876 Outside New York City 1950—May 47,674 17,271 8,764 4,253 3,73530,40326,270 1,479 3,473 4,256 17,0624,133 1951—March... 49,630 22,270 12,220 258 121 340 4,908 121 4,56427,360 22,704 1,325 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 1,248 6,46714,7614,675 May 49,724 22,640 12,425 260 99 350 4,986 4,60127,084 22,402 1,271 6,442 14,689 4,682 Apr. 4. 49,571 22,419 12,357 277 117 343 4,915 4,58727,15222,491 1,269 6,46214,760 4,661 Apr. 11. 49,602 22,478 12,454 290 105 350 4,927 4,57127,12422,445 1,215 6,46414,766 4,679 Apr. 18. 49,694 22,499 12,457 260 104 358 4,943 4,57527,19522,517 1,254 6,48814,775 4,678 Apr. 25. 49,629 22,496 12,414 257 102 4,955 4,58527,13322,450 1,256 6,45314,7414,683 May 2. 49,830 22,658 12,452 276 100 359 4,962 176 4,61027,17222,449 1,272 6,44514,7324,723 May 9. 49,583 22,629 12,451 270 99 358 4,974 141 4,59826,95422,276 1,196 6,42514,,655 4,678 May 16. 49,770 22,704 12,465 258 100 343 4,988 196 4,60527,06622,389 1,280 6,42814,6814,677 May 23. 49,787 22,670 12,399 254 100 344 4,996 242 4,59427,11722,447 1,296 6,44314,708 4,670 May 30. 49,647 22,536 12,345 244 98 344 5,006 128 4,59527,111 22,447 1,310 6,46914,668 4,664 June 6. 49,432 22,390 12,332 240 100 5,007 59 4,59027,04222,381 1,343 6,422 14,616 4,661 June 13. 49,600 22,459 12,390 237 101 347 5,030 66 4,56827,141 22,488 1,373 6,48914,626 ,653 June 20. 50,039 22,514 12,416 230 101 349 5,037 80 4,58227,525 22,828 1,676 1,237 5,84314,0724,697 June 27. 50,135 22,695 12,402 239 105 348 5,046 211 4,59627,44022,734 1,594 1,235 5,84014,0654,706 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 836 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— Con tin ued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserve Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e a n t d v - h l k - e s C va a i u n sh lt m b a w a n d e n i o c s t - e k h t s i s c j p m u a o s d a t d s e e n i - - t d d s 3 s p p u v n c h a o a a o n i e i r d r p l r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s c C h c O a f e e e e i n t f e c r r c f d d i t s k . - i ' s - , U m G er . o e n n v S - t - . s p p u v n c h a o a a o n e i i r r d p l r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n i d i e - l t - s - s P U m G S e i a o n r . a n o e s g n v d n v S t s - - a t - . l m D t D e i o c s e - - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d it e a s b n * - k tions tions Total— I Leading Cities | | 1950—May. ..ill, 816 2,18347,13147,224 3,485 1,357 1,90614,722 636 8,8051,258 328 6,310 97,419 1951—March 14,266 852 2,31850,55351,483 3,459 1,596 3,242 14,524 699 127 9,1921,344 386 527 6,553129,039 April 114,422 829 2,34149,58350,385 3,515 1,402 4,475 14,539 727 127 9,0901,392 353 358 6,582112,469 May. .13,864 832 2,22349,79750,304 3,801 1,300 3,250 14,483 737 130 8,9311,344 348 640 6,623110,650 Apr. 4... 14,234 796 2,280 49,04249,511 3,488 1,521 4,957 14,555 719 127 9,0241,419 346 490 6,571 29,644 Apr. 11... 14,536 844 2,42249,20550,346 3,365 1,281 4,821 14,556 727 127 9,2991,395 349 215 6,583 25,324 Apr. 18... 14,651 826 2,41349,87051,039 3,521 1,502 4,241 14,524 735 127 9,2711,376 360 311 6,582 27,578 Apr. 25... 14,267 849 2,24750,21450,645 3,686 1,302 3,882 14,519 728 128 8,7651,377 356 416 6,590 25,792 May 2... 13,960 795 2,217 50,16350,257 3,950 1,449 3,520 14,477 732 129 8,9711,343 355 567 618 28,429 May 9... 13,864 839 2,161 49,57249,552 3,792 1,270 3,149 14,494 735 130 9,057 ,347 353 591 ,629 24,347 May 16... 14,044 821 2,3778 49,350 50,932 3,685 1,300 3,380 14,485 741 128 9,392 ,352 347 797 ,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 ,339 343 580 ,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 ,339 342 664 6,612 20,527 June 6... 14,216 832 2,331 50,286 50,455 3,680 1,361 2,723 14,514 749 132 9,207 ,333 340 257 6,629 29,335 Tune 13. .. 14,463 883 2,635 51 ,606 3,584 1,207 2,397 14,585 747 132 9,564 ,342 341 358 6,664 24,439 June 20. . . 14,513 843 2,474 50,875 51,791 3,537 1,391 3,569 14,613 745 135 9,331 ,289 341 398 6,675 30,793 June 27... 14.249 890 2,242 49,916 50,500 3,589 1,342 4,679 14,661 743 135 8,7811,300 341 500 6,689 26,738 New York City 1950—May. 14,881 15,571 218 481 1,524 2,6581,041 112 184 2,302 40,037 1951—March... . 5,222 131 15,820 16,683 235 819 1,109 1,563 2,8031,111 292 237 2,319 53,142 April 5,327 129 15,590 16,379 275 651 1,511 1,564 2,7921,151 265 96 2,322 44,312 May. 4,949 127 15,435 16,216 293 581 883 1,476 2,7041,111 261 317 2,330 42,272 Apr. 4... 5,128 125 15,533 16,206 228 728 1,756 1,586 2,691 1,183 257 145 2,320 11,945 Apr. 11... 5,41 136 15,328 16,167 237 557 1,672 1,583 2,878 1,154 260 37 2,321 10,402 Apr. 18... 5,475 125 15,659 16,536 320 722 1,396 1,547 2,856 1,133 272 51 2,323 10,173 Apr. 25... 5,291 131 15,840 16,606 315 598 1,221 1,540 2,743 1,132 270 150 2,324 9,932 May 2... 5,069 122 15,817 16,404 378 656 1,022 1,491 2,729 1,109 269 294 2,332 11,750 May 9... 4,850 130 15,347 15,949 284 557 854 1,490 2,700 1,107 267 273 2,334 9,297 May 16... 4,993 123 15,141 16,218 271 566 892 1,474 2,818 1,120 259 471 2,336 9,741 May 23... 5,038 127 15,475 16,196 251 564 839 1,459 2,657 1,113 257 298 2,337 9,284 May 30... 4,797 132 15,395 16,313 281 561 808 1,467 2,618 1,104 256 249 2,309 7,834 June 6... 5,195 129 15,656 16,359 206 645 111 1,473 2,799 1,109 254 83 2,315 13,196 June 13. .. 5,357 135 15,984 16,901 217 495 647 1,518 2,948 1,109 255 147 2,353 9,562 June 20... 5,373 125 16,164 16,968 254 601 1,126 1,513 2,946 1,054 255 22 2,351 12,255 June 2 7... 5,288 138 15,449 16,247 283 617 1,812 1,522 2,739 1,074 255 264 2,345 10,387 Outside New York City 1950—May.. . 650 2,152 32,25031,653 3,267 659 1,42513,198 616 6,147 217 144 4,008 57,382 1951—March.... 9,044 721 2,274 34,733 34,800 3,224 777 2,133 12,961 665 6,389 233 290 4,234 75,897 April 9,095 700 2,298 33,99334,006 3,240 751 2,964 12,975 695 6,298 241 262 4,260 68,157 May 8,915 705 2,192 34,362 34,088 3,508 719 2,367 13,007 708 6,227 233 323 4,293 68,378 Apr. 4. 9,106 671 2,207 33,509 33,305 3,260 793 3,201 12,969 690 6,333 236 345 4,251 17,699 Apr. 11. 9,123 708 2,392 33,87734,179 3,128 724 3,149 12,973 691 6,421 241 178 4,262 14,922 Apr. 18. 9,176 701 2,378 3344,21134,503 3,201 780 2,845 12,977 700 6,415 243 260 4,259 17,405 Apr. 25. 8,976 718 2,21334,37434,039 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 12,986 703 6,242 234 273 16,679 May 9. 9,014 709 2,133 34,22533,603 3,508 713 13,004 705 6,357 240 318 15,050 May 16. 9,051 698 2,343 34,209 34,714 3,414 734 13,011 711 6,574 232 326 16,365 May 23. 8,703 718 2,196 34,390 33,993 3,468 671 13,014 707 6,104 226 282 16,021 May 30. 8,915 729 2,101 34,639 34,278 3,576 684 2,197 13,018 719 5,858 235 415 4,303 12,693 Tune 6. 9,021 703 2,302 34,63034,096 3,474 716 1,946 13,041 723 6,408 224 174 4,314 16,139 June 13. 9,106 748 2,598 35,14935,705 3,367 712 1,750 13,067 721 6,616 233 211 4,311 14,877 June 20. 9,140 718 2,441 34,71134,823 3,283 790 2,443 13,100 719 6,385 235 376 4,324 18,538 June 27. 8,961 752 2,205 34,46734,253 3,306 725 2,867 13,139 721 6,042 226 236 4,344 16,351 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 837 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans* Investments For purchasing U. S. Government obligations or carrying securities Com- Total d F i e s d tr e i r c a t l a R nd e se d r a v t e e in lo a v n a e n d s s t- Total1 i m t n c r i d i e a a u r l l - , s , - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ansOther Total C tif e i r - - s O e t c h u e - r t a c a u g u n r r l d a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t s u i t e e h r - s i e - r G l U t o i i o g o . b v a n - S - t s . . O c t s u t i e h e r - s i e - r loansbanks Total Bills o d n f e e e d b i s - n t s - - Notes Bonds2rities Boston May 30 3,163 1,526 991 3 10 10 24 206 28 279 1,637 1,390 83 260 1,047 247 June 6 3,119 1,507 986 2 10 10 22 205 7 290 1,612 1,366 87 236 1,043 246 June 13 3 139 1,507 992 3 10 10 22 205 2 289 1,632 1,384 104 237 1,043 248 June 20. . 3,182 1,509 995 2 11 10 22 204 2 289 1,673 1,425 140 83 214 988 248 June 27 3,219 1,556 1,001 2 11 10 21 207 40 290 1,663 1,414 135 75 217 987 249 New York* May 30... 22,325 10,915 7,145 189 826 28 269 785 2541,581 11,410 9,319 566 1,953 6,8002,091 June 6 22,193 10,965 7,102 192 815 29 301 798 3051,585 11,228 9,134 603 1,862 6,6692,094 June 13. 22,453 11,005 7 144 165 793 29 268 808 3721,588 11,448 9,337 870 1,821 6,6462,111 June 20 22,981 11,206 7,258 210 816 29 267 805 4041,579 11,775 9,643 1,247 381 1,730 6,2852,132 June 27 23,032 11,227 7,275 320 793 30 257 802 3161,597 11,805 9,671 1,227 385 1,763 6,2962,134 Philadelphia May 30 2,813 1,301 744 2 32 4 7 140 7 388 \ .512 1,168 54 254 860 344 June 6 2,816 1,308 752 1 32 3 7 141 7 388 1,508 1 160 62 246 852 348 June 13 . . 2,799 1,311 755 2 32 3 6 144 4 388 1,488 1 140 58 234 848 348 June 20 2,831 1,321 758 1 32 4 7 146 6 389 1,510 1,163 83 29 216 835 347 June 27 2,879 1,340 773 1 31 3 7 147 14 386 539 1,190 110 20 225 835 349 Cleveland May 30 4,938 1,981 1,156 9 27 13 66 379 7 355 2,957 2 475 176 614 1,685 482 June 6 4,951 1,985 1 166 9 27 13 66 380 3 352 2,966 2 480 176 624 1,680 486 June 13. . .. 4,952 1,988 1,172 9 26 13 66 382 1 350 2,964 2 477 176 622 1,679 487 June 20 4,989 1,985 1,169 9 25 13 66 382 1 351 3,004 2,508 215 165 580 1,548 496 June 27 4,979 1,995 1,166 9 24 14 66 383 13 351 2,984 2,489 212 165 564 1,548 495 Richmond May 30 2,766 1,189 583 1 5 11 39 241 6 317 1 .577 1 411 108 371 932 166 June 6 2,745 1,181 577 1 6 11 39 240 7 314 L ,564 1 400 110 359 931 164 June 13.. . . 2,752 1,180 576 1 5 11 40 241 6 314 1,572 1 407 119 368 920 165 June 20 2,786 1,178 572 5 11 40 238 7 318 1,608 1,443 142 36 354 911 165 June 27 2,805 1,180 565 2 6 11 41 236 16 317 1,625 1,458 155 34 359 910 167 Atlanta May 30 2,495 1,115 657 14 11 23 95 9 324 1,380 1 160 47 478 635 220 June 6 2,496 1,104 650 13 12 25 93 322 1,392 1 172 51 487 634 220 June 13 2,518 1,099 643 13 12 25 96 7 321 1,419 1,197 60 496 641 222 June 20. 2,525 1,090 633 13 12 24 97 8 321 1,435 1 210 74 76 434 626 225 June 27 2,509 1,095 632 14 12 24 96 13 322 .414 1,188 53 87 427 621 226 Chicago* May 30 9,881 3,613 2,319 64 102 17 61 460 33 614 6,268 5 326 284 1,546 3,496 942 June 6 9 754 3,534 2 327 7 97 18 61 461 3 617 6,220 5 278 272 1,527 3,479 942 June 13.. 9,813 3,563 2,355 8 89 18 60 464 17 609 6,250 5 309 289 1,532 3,488 941 June 20 9,986 3,601 2,372 9 88 18 61 466 30 614 6,385 5,434 387 385 1,297 3,365 951 June 27 10,098 3,676 2,377 38 97 19 61 468 56 617 6,422 5,467 383 380 1,320 3,384 955 St. Louis May 30 2,291 1,195 659 2 7 8 14 245 5 269 1,096 930 68 271 591 166 June 6 2,281 1,172 645 1 7 8 14 245 2 264 1,109 941 65 282 594 168 June 13.. 2,292 1,161 633 1 7 8 14 246 3 263 1,131 962 73 295 594 169 June 20 2,312 1,165 635 1 7 8 14 247 3 264 1,147 973 75 83 260 555 174 June 27.. 2,310 1,173 628 2 8 8 14 247 14 266 1,137 963 68 79 255 561 174 Minneapolis May 30 1,218 614 339 3 6 109 2 162 604 467 5 130 332 137 June 6 1,208 607 335 3 6 109 161 601 465 8 131 326 136 June 13 1,211 612 341 3 6 110 159 599 464 7 132 325 135 June 20 1,219 618 343 3 6 110 163 601 465 8 20 127 310 136 June 27 1,211 611 334 3 6 111 164 600 465 6 21 136 302 135 Kansas City May 30 2,703 J .730 811 7 5 14 170 4 228 1,473 1,205 168 457 580 268 June 6 2,685 1,219 802 7 5 15 169 2 228 1,466 1,201 168 448 585 265 June 13 2,715 1,219 800 8 5 15 170 2 228 1,496 1,232 183 463 586 264 June 20 2,727 1,216 796 7 5 15 170 2 230 1,511 1,246 199 63 416 568 265 June 27 2,703 1,217 791 7 5 15 169 8 231 1,486 1,221 179 82 402 558 265 Dallas May 30 2,609 1,453 1,002 8 7 49 124 8 271 1,156 992 70 342 580 164 June 6 2,595 1,443 997 8 8 50 124 1 271 1,152 987 71 335 581 165 June 13 2,608 1,445 1,000 9 8 49 124 1 271 1,163 998 84 333 581 165 June 20.. 2,611 L ,444 1 000 8 8 49 123 1 272 1,167 1,002 88 81 259 574 165 June 27 2,618 I .438 991 9 10 48 121 4 272 1,180 1,016 106 82 256 572 164 San Francisco May 30 12,167 6,296 2,642 1 20 6 242,522 191,140 5,871 4,600 140 1,471 2,989 1,271 June 6 12,194 6,307 2,653 1 23 6 242,524 201,134 5,887 4,623 133 1,487 3,003 1,264 June 13 12,240 6,339 2,674 2 25 7 262,531 231,129 5,901 4,648 124 1,505 3,019 1,253 June 20 12,285 6,344 2,685 2 21 6 262 536 201,126 5,941 4,674 142 180 1,445 2,907 1,267 June 27 12,272 6,369 2,687 2 20 6 272,543 291,134 5,903 4,634 111 175 1,444 2,904 1,269 City of Chicago* May 30. . .. 5,962 2,352 1,744 59 89 14 51 103 12 319 3,610 3,016 165 861 1,990 594 June 6 5,888 2,306 1,756 7 87 14 51 103 3 324 3,582 2,988 153 848 1,987 594 June 13 5,949 2,340 1,784 8 81 14 51 104 13 324 3,609 3,018 173 849 1,996 591 Tune 20 6,013 2,374 1,799 9 80 15 51 105 26 328 3,639 3,040 175 198 721 1,946 599 June 27 6,144 2,428 1,805 38 89 16 51 105 34 329 3,716 3,114 200 202 747 1,965 602 * 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. 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e a R e e r n i r e a t d v k h - l - e s C va a i u n sh lt m b a w a n d e i n c s o t t e k - h i s c s j m p u o d a s a d t s e n e i - - t d d s 8 s p p u n v h c a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b d n i e i l t - - s s - c C h c O a f e e e e i n t f e c r r f c d d t i s k . - i ' s - , U m G e . r o e n n v S - t - . u p p v n c a o a o a i n e d l r r r r d s a - - - t , - - 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 o e i a n r a . s n o e n g t v d v n S 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 i a e ts b n * - k tions tions Boston May 30 540 57 91 2,606 207 63 131 474 257 34 18 340 889 June 6 586 56 95 2,628 191 54 113 474 262 33 19 340 1,141 June 13 593 59 100 2,648 193 51 118 473 284 32 1 11 335 1,008 June 20 568 61 102 2,624 184 60 127 473 290 33 1 31 340 1,129 June 27 546 59 94 2,617 2,553 206 55 172 472 277 34 1 17 340 1,144 New York* May 30 5,144 189 11917,23717,828 695 623 933 2,295 2,686 1,106 257 282 2,519 8,367 June 6 187 11717,51217,863 631 698 889 2,301 2,868 1,112 255 109 2,526 13,872 June 13 195 14217,87018,469 662 544 7442,345 3,021 1,112 256 165 2,564 10,287 June 20 180 12717,99618,499 638 660 1,2512,340 3,015 1,058 256 70 2,561 13,088 June 27 5,602 197 12517,21417,768 600 669 1,9332,349 2,805 1,077 256 275 2,556 11,260 Philadelphia May 30 528 46 119 2,193 2,313 94 23 166 403 339 17 1 54 326 788 June 6 521 44 110 2,202 2,291 92 25 144 403 365 15 1 28 327 1,130 June 13 511 45 144 2,207 ,364 93 29 122 403 391 16 1 27 329 945 June 20 537 46 138 2,215 ,350 90 52 161 403 391 15 1 25 333 1,098 June 27 525 49 113 2,242 2,341 107 24 193 402 359 14 1 10 336 1,065 Cleveland May 30 876 150 3,494 210 47 2541,314 445 1 18 489 1,302 June 6 890 141 3,504 3,530 219 51 2261,316 462 1 31 489 1,619 June 13 894 168 3,550 3,734 210 55 1991,316 479 1 36 489 1,362 June 20 895 161 3,467 204 58 3091,324 477 10 1 17 493 1,908 June 27 911 161 3,387 211 56 4131,327 442 9 1 36 492 1,737 Richmond May 30 507 71 144 2,168 2,187 176 39 113 553 343 7 12 29 247 738 June 6 540 71 181 2,190 2,198 184 59 113 552 398 7 12 1 248 980 June 13 544 74 226 2,254 2,291 178 52 93 552 412 7 12 2 248 916 June 20 528 71 179 2,242 2,252 184 52 93 553 386 6 12 4 249 1,046 June 27 515 76 165 2,228 2,211 186 56 135 553 352 7 12 4 249 965 Atlanta May 30 472 44 202 1,911 1,785 324 26 85 510 471 12 2 22 213 689 June 6 484 43 208 1,903 1,800 312 25 76 511 522 11 2 8 214 862 June 13 484 46 227 1,944 1,898 294 25 74 511 531 11 2 1 213 867 June 20 465 45 197 1,902 1,821 293 25 93 512 492 12 2 14 213 992 June 27 470 47 189 1,902 1,805 282 26 102 513 474 11 2 7 213 834 Chicago* May 30 2,097 111 302 6,805 6,897 647 112 6172,606 1,412 46 1 96 784 2,900 June 6 2,071 105 369 6,746 6,748 599 110 5212,611 1,545 41 1 26 788 4,196 June 13 2,048 112 391 6,809 7,142 577 122 4522,628 1,602 41 1 28 787 3,215 June 20 2,096 104 410 6,697 6,857 571 132 7782,628 1,546 42 1 80 788 4,532 June 27 2,107 111 309 6,732, 6,849 616 114 8822,635 1,443 42 1 66 789 3,659 St. Louis May 30 433 34 128 1,538 1,617 125 22 97 470 552 1 18 198 578 June 6 437 34 147 1,527 1,612 124 21 90 470 597 2 3 198 772 June 13 450 35 145 1,551 1,693 117 19 81 470 606 2 5 198 673 June 20 450 34 125 1,538 1,637 115 20 122 470 562 2 17 197 837 June 27 429 34 118 1,520 1,606 117 19 133 470 548 2 197 705 Minneapolis May 30 218 14 70 792 813 106 13 74 233 263 3 108 323 June 6 204 13 71 779 800 109 15 71 233 293 2 108 505 June 13 228 14 92 813 852 113 14 60 233 305 3 108 414 June 20 220 13 87 786 791 135 14 80 233 286 3 108 418 June 27 209 14 80 794 784 141 14 70 233 276 3 108 414 Kansas City May 30 545 35 262 2,034 2,003 263 26 114 390 19 730 2 233 693 June 6 545 33 282 1,999 1,986 245 28 102 392 19 795 2 233 959 June 13 544 36 318 2,056 2,083 239 30 102 393 19 796 1 233 829 June 20 529 34 300 2,008 2,051 241 32 135 393 19 782 1 234 1,117 June 27 544 37 263 2,011 1,995 243 31 142 392 19 739 2 236 926 Dallas May 30 521 37 308 2,163 2,134 195 42 85 369 69 563 6 249 668 June 6 522 40 357 2,145 2,146 200 47 78 369 71 626 6 250 918 June 13 522 40 391 2,204 2,232 188 38 71 370 72 620 6 250 805 June 20 551 39 352 2,210 2,214 194 47 80 370 71 596 6 251 999 June 27. 495 40 352 2,164 2,140 205 46 103 372 70 570 6 251 853 San Francisco May 30 1,831 135 234 7,093 6,813 815 209 336 4,868 467 415 97 906 2,592 June 6 1,863 121 253 6,900 774 228 300 4,882 470 474 94 908 2,381 June 13 1,912 135 291 7,203 720 228 2814,891 469 517 103 910 3,118 June 20 1,931 130 296 7,072 688 239 340 4,914 469 508 101 908 3,629 June 27 1,896 137 273 6,945 675 232 4014,943 470 496 93 922 3,176 City of Chicago* May 30 1,371 39 139 4,159 4,299 316 54 3131,376 21 1,004 35 525 1,759 June 6 1,372 35 193 4,151 4,225 300 51 264 ,379 21 1,102 36 528 2,453 June 13 1,340 38 210 4,171 4,427 292 54 235 ,395 21 1,153 35 528 2,058 June 20 1,394 35 230 056 4,229 286 52 5011,394 21 1,113 35 528 2,644 June 27 1,388 39 145 4,125 4,266 313 49 523 ,399 21 1,039 36 529 2,187 For footnotes see opposite page and preceding table. JULY 1951 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices 1 Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B 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 o c ff h ic e e s s United States total: Dec. 31, 1946 . . . 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec 31 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 May 31, 1951? 14,009 4,924 12,169 4,632 6,860 3,673 5,309 959 1,840 292 By districts and by States May 31, 1951 v District Boston 474 346 474 346 325 272 149 74 New York 863 970 863 970 744 898 119 72 Philadelphia 835 167 835 167 638 128 197 39 Cleveland 1,112 320 1,112 320 689 276 423 44 Richmond 1,008 555 809 414 477 262 332 152 199 141 Atlanta 1,205 223 604 183 355 156 249 27 601 40 Chicago 2,487 625 2,487 625 1,008 269 1,479 356 St. Louis 1,465 153 1,134 92 496 54 638 38 331 61 Minneapolis 1,275 112 678 71 476 28 202 43 597 41 Kansas Citv 1,760 17 1,751 17 755 9 996 8 9 Dallas 1,031 62 928 53 631 35 297 18 103 9 San Francisco 494 1,374 494 1,374 266 1,286 228 88 State Alabama 225 26 129 26 93 26 36 96 Arizona 11 60 11 60 5 44 6 16 Arkansas 231 20 109 5 68 2 41 3 122 15 California 192 984 192 984 119 934 73 50 Colorado 149 4 149 4 93 3 56 1 Connect icu t 104 54 104 54 62 47 42 7 Delaware 38 20 38 20 17 8 21 12 District of Columbia... 19 45 19 45 15 35 4 10 Florida 193 6 133 5 75 5 58 60 1 Georgia 401 43 116 40 66 36 50 4 285 3 Idaho .. 43 56 43 56 24 51 19 5 Illinois 888 2 886 2 510 2 376 2 Indiana 484 113 484 113 238 59 246 54 Iowa 661 164 661 164 161 500 164 Kansas 610 1 608 1 215 1 393 2 Kentucky 380 47 380 47 113 30 267 17 Louisiana 166 78 62 55 47 48 15 7 104 23 Maine 62 71 62 71 38 37 24 34 Maryland 163 122 163 122 77 80 86 42 Massachusetts 176 179 176 179 140 161 36 18 Michigan 438 246 438 246 231 190 207 56 Minnesota 678 6 267 6 206 6 61 411 Mississippi 201 68 41 14 31 7 10 7 160 54 Missouri 595 1 530 1 180 1 350 65 Montana ... 110 110 84 26 Nebraska 412 2 412 2 140 2 272 Nevada . 8 20 8 20 6 19 2 1 New Hampshire 74 2 74 2 52 1 22 1 New Jersey... 320 167 320 167 275 151 45 16 New Mexico 51 16 51 16 35 2 16 14 New York . 618 807 618 807 541 751 77 56 North Carolina 209 222 99 87 54 47 45 40 110 135 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 657 232 657 232 420 201 237 31 Oklahoma 385 1 377 1 224 1 153 8 Oregon 69 103 69 103 30 90 39 13 Pennsylvania 962 202 962 202 732 175 230 27 Rhode Island 14 51 14 51 8 39 6 12 South Carolina . . 150 50 66 44 32 36 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 908 12 856 12 579 12 277 52 Utah 55 24 55 24 31 22 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 312 116 308 116 203 64 105 52 4 Washington 118 147 118 147 52 138 66 9 West Virginia 180 179 108 71 1 Wisconsin 552 152 552 152 164 22 388 130 Wyoming 53 53 39 14 P Preliminary. * 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. 840 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 lls n bo B u il g ls ht Others» 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 r t n p o a i o t m t e e r s d ts c D h e o a x l n l - a g r e U sh n i i p te p p d o ed in t b s e F i t o n w r e e e ig n n States countries 1950—April 257 237 93 62 31 144 157 47 18 15 May 250 231 93 59 34 138 142 58 15 17 June 240 279 126 82 44 154 170 66 21 21 July 259 335 155 87 68 180 211 80 22 22 August... 286 374 174 103 71 200 238 87 26 21 September 308 397 187 103 84 211 264 79 29 23 October. . 312 383 168 100 68 215 243 85 29 25 November 325 383 166 104 62 217 234 88 29 29 December. 333 394 192 114 78 202 245 87 28 32 1951—January. . 356 453 202 126 76 251 286 100 36 29 February. 369 470 201 121 79 270 304 99 36 29 March. . . 381 479 198 122 76 279 314 106 30 26 April 387 456 170 119 52 285 288 111 24 31 May 364 417 143 108 35 274 259 102 33 1 As reported by dealers: includes some finance company paper sold in open market. 5None 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 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a I in n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v I d n e t s f r t i a m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s ] 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 2Q 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—June 1,256 12 386 314 827 673 166 25 11 312 July 1,208 »755 8 712 August 1,231 8 752 8 780 September.. 1,284 8 751 8 738 October 1,351 8 759 8 771 November.. 1,360 8 774 8 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January 1,411 8 690 8 948 February... 1,367 8 642 8 953 March 1,304 3715 3918 April 1,286 «661 3 879 May 1,287 3 681 3855 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): March, 54; April, 45; May, 41. 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 JULY 1951 841 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 Prime Stock U. S Government [Per cent per annum] Prime Ex- securities (taxable) Year, com- ers' change month, or mercial accept- call Size of loan week m 4 p - o a n t p o t e h r 6 s , - 1 d an a 9 c y 0 e s s x , n l a o r e l e a w s - n 2 - m bi o 3 ll n - s t 3 h 9 m i - s t s o o u n e 1 t s h 2 4 - 3 is - y s t u e o a e r s 5 - 5 Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 -$ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 - $ a 2 nd 0 0 o ,0 v 0 e 0 r 1948 average 1.44 1 11 1 55 1.040 1 14 1 62 Annual averages: 1 1 9 9 4 5 9 0 a a v v e e r r a a g g e e . . . L L .4 4 5 8 1 1 .1 1 5 2 I L . 6 6 3 3 1 1 .2 1 1 0 8 2 L L .2 1 6 4 L 4 5 3 0 19 1 c 9 i 4 t 1 ies: 2.0 4.3 3.0 1.9 1.8 1950— J A J u u u l n y g e ust. . . .3 4 3 1 4 1 1 I 1 0 0 1 6 6 6 L L L . . 6 6 6 3 3 3 1 1 1 . , 1 1 2 7 7 1 2 4 1 1 L . . . 2 2 2 3 3 6 L 4 4 4 7 5 5 1 1 1 1 9 9 9 9 4 4 4 4 2 3 5 4 2 2 2 2 . . . . 2 2 6 4 4 4 4 4 . . . 3 4 3 4 3 3 3 3 . . 3 4 2 2 2 2 2 2 . . . . 5 2 6 3 2 2 2 2 . . . . 2 4 0 0 September 66 1 31 L 63 1.315 .33 55 1946 2.1 4.2 3.1 2.2 1.7 October. . 73 1 31 I 63 1.329 .40 L 65 1947 2.1 4.2 3.1 2.5 1.8 November .69 1 31 L.63 1.364 L 47 L 62 1948 2 5 4 4 3.5 2 8 2.2 December.. L. 72 1.31 L.63 1.367 .46 1.64 1949 2.7 4.6 3.7 3.0 2.4 1951—January... 1.86 1.39 2.00 1.387 .47 1.66 1950 2.7 4.5 3.6 3.0 2.4 February. . 1.96 1.50 2.00 1.391 .60 1.67 Quarterly: J A M M u p a n a r y r e i c l h . . . 2 2 2 2 ^ . . . 3 0 1 1 1 6 3 7 1 1 1 1 . . . . 6 6 6 6 3 3 3 3 2 2 2 2 . . . 2 0 0 1 5 0 0 5 1 1 1 1 , , , , 4 5 5 4 2 7 2 9 2 8 0 9 1 1 . . 7 7 8 8 9 9 9 5 2 2 2 1 . . . . 0 8 0 0 6 4 0 3 19 1 1 c 9 9 i 5 5 ti 0 1 e — — s: S D M e e a p c r t 3 2 2 . . . 0 8 6 2 4 3 4 4 4 . . . 5 6 6 1 0 8 3 3 3 . . . 6 7 8 3 3 8 3 2 3 . . . 1 2 9 0 7 5 2 2 2 . . . 5 3 7 7 4 6 Week ending: June 3.07 4.73 3.93 3.32 2.81 New York City: June 2 2 i/g—2 *4 1 5^ 2-2^ 1.600 1.85 2.02 1950—Sept. . 2 32 4 06 3 33 2 72 2 15 J J J u u u n n n e e e 2 1 9 3 6 . . . .. .. . 2 2 2 ^ 3 M 4 ^ — — ~2 2 2 % % % 1 i y 5 8 ^ 2 2 2 - - - 2 2 iy y2 y ^ 2 1 1 1 . . . 4 5 4 6 5 4 7 5 5 1 1 1 . . . 7 7 7 6 9 8 2 2 1 . . . 0 0 9 1 0 8 1951— J D M u e a n c r e . 2 2 2 . .5 7 7 1 8 4 4 4 4 . . 3 1 2 7 7 0 3 3 3 . . 6 4 6 6 4 8 3 3 2 . . 0 8 0 6 0 6 2 2 2 . .3 6 5 5 4 9 June 30 1%-2% 2-2 y2 1.527 1.82 2.02 7 Northern and Eastern cities: 1 Monthly figures are averages of weekly prevailing rates. 1950—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 Jan 1, 1951. In 1951 changes have been made on the following dates: June 3.04 4.68 3.90 3.28 2.83 Jan. 2, 2.00; May 16, 2.25 per cent. 11 Southern and 3 Rate on new issues within period. Western cities: 4 Series includes certificates of indebtedness, when outstanding in 1950—Sept 3.13 4.71 3.83 3.15 2.67 proper maturity range, and selected note and bond issues. Dec 3.28 4.78 3.91 3.21 2.90 6 Series includes notes and selected bond issues. 1951—Mar 3 42 4 87 4 01 3 41 3 06 Back figures.—See Banking and Monetary Statistics, Tables 120-121, June 3.52 4.90 4.10 3.52 3.14 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)* (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)8 Total years Aaa Aa Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues. 1-5 1-8 15 120 30 30 30 30 40 40 40 1948 average. 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average. .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. .84 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1950—June .83 2.33 2.09 2.59 2.87 2 62 2.69 2.90 3 28 3.15 2.81 July .83 2.34 2.09 2.61 2.90 2.65 2.72 2.92 3.32 3.19 2.83 August .82 2.33 .90 2.58 2.85 2.61 67 2.87 3.23 3.08 2.80 September. .89 2.36 .88 2.62 2.86 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October. .. .94 2.38 .82 2.65 2.88 2.67 2 72 2.91 3.22 3.09 2.85 November. .95 2.38 .79 2.66 2.88 2.67 2.72 2.92 3.22 3.08 2.86 December. .97 2.39 .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 .62 2.64 2.86 2.66 2.71 2.89 3.17 3.03 2.85 February. 2.40 .61 2.66 2.85 2.66 2.71 2.88 3.16 3.01 2.86 March. . . 2.47 .87 2.78 2.95 2.78 2.81 2.98 3.22 3.09 2.95 April 2.56 2.05 2.88 3.07 2.87 2.93 3.12 3.34 3.24 3.07 May 2.63 2.09 2.89 3.09 2.88 2.93 3.14 3.40 3.28 3.10 June 2.65 2.22 2.95 3.16 2.94 2.99 3.21 3.49 2.96 3.33 3.18 Week ending: June 2. . 2.63 2.12 2.90 3.10 2.89 2.94 3.16 3.42 2.91 3.29 3.11 June 9. . 2.64 2.19 2.90 3.11 2.90 2.94 3.16 3.44 2.92 3.29 3.11 June 16.. 2.64 2.20 2.93 3.14 2.92 2.96 3.19 3.47 2.95 3.32 3.14 June 23. . 2.65 2.23 2.97 3.18 2.96 3.02 3.22 3.50 2.98 3.35 3.20 June 30. . 2.66 2.26 3.03 3.21 2.99 3.05 3.26 3.54 3.00 3.37 3.26 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. & 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. 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices 5 Corporate 4 Common (index 1935-39=100) V of o l t u ra m d e - Year, month, or week U.S. Munic- ing' (in Gov- ipal Medium-grade Pre- thoum e e rn n - t 2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c ferred e Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1948 average 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1949 average 102.73 128.9 101.9 92.6 98.6 82.3 97 0 176 4 121 128 97 98 1,037 102.53 133.4 (8) (8) (8) (8) (8) 181.8 146 156 117 107 2,012 1950—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 L.517 May 97.90 131.1 168.9 174 189 148 111 1,630 June 97.62 128.6 167.9 172 187 142 110 1,305 Week ending: June 2 97.89 130.5 167.9 171 185 143 110 1,158 June 9 97.70 129.2 169.0 171 186 144 110 1,166 June 16 97 71 129 0 168 7 172 187 144 110 1,232 June 23 97.56 128.4 167.6 174 190 143 111 1,142 June 30 97.46 127.9 166.3 170 185 136 110 1,745 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 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 capita 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 o r n d a t - - i ) l c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n 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 - 2 m T e ( a f e i o d o g n s t o r n d t a - 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 n s l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F ig o n r- 2 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 . ... 2,169 642 640 176 90 374 282 92 " 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3.288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6.234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 10,220 9,085 9.076 2,604 294 46,177 *5,269 908 10 1,135 1,135 82 768 284 257 28 1949 9,753 8,160 8,131 2,803 233 5,095 4,125 971 29 1,593 1,492 104 943 445 393 52 101 1950 310,935 8,271 8,160 3,370 394 4,395 3,199 1,197 111 32,665 2,441 112 992 1,338 1,280 58 123 1950—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 77 77 19 45 13 11 2 February. 3834 3 649 594 181 48 365 332 33 5 ^184 «184 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 *3i April 1,064 920 918 228 29 660 433 227 2 144 144 4 61 80 24 55 « Corrected. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. s 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. 4 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. JULY 1951 843 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 8 Repayment Other of Total e P q la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt 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—May 669 658 306 212 94 204 164 40 137 11 June 1,069 1,055 625 451 174 317 311 5 65 49 Tulv 315 311 211 140 71 20 19 20 60 August . . 407 402 225 189 36 138 132 6 17 23 September 416 408 306 248 58 33 28 5 32 37 October 561 550 312 255 57 89 62 27 129 20 November 393 387 268 193 75 76 63 13 28 15 December 553 546 376 269 107 74 72 2 71 25 1951—January 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 May 592 584 564 411 152 6 2 4 5 11 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 s a n 6 d Railroad Public utility7 Communication8 R an e d al t e im sta m te tal 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 w pro- moneyments** ceeds9 ceeds" ceeds9 ceeds' ceeds* 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 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942... . 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 .. 1,165 695 143 533 273 67 587 346 183 2,895 2,003 679 396 314 73 618 356 78 1950—May 186 80 7 29 19 1 69 39 30 331 129 165 13 13 31 27 June 169 109 36 45 20 11 74 15 40 575 385 161 64 3 ""60 127 92 § A Ju u l g y ust 4 6 2 8 2 5 0 0 5 3 4 7 0 2 2 1 2 9 3 8 4 1 2 3 3 1 8 3 4 2 1 3 0 3 4 12 8 1 1 10 1 7 1 24 6 21 6 3 3 3 0 9 2 2 5 2 "u 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 i' D N e o c v e e m m b b e e r r 1 1 4 2 6 7 11 7 3 8 2 1 1 0 1 3 0 1 9 6 1 4 7 8 2 2 7 4 2 2 1 4 6 ""56 1 1 7 8 4 3 1 16 2 2 6 45 5 9 4 6 3 2 3 2 2 1 1 7 8 l L 951—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 ••• — • 220 200 4 2 2 39 33 i" 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 May 324 314 1 48 47 1 14 14 167 164 3 3 28 21 3 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948! 9 Includes issues for repayment of other debt and for other purposes not shown separately. w Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a p ublication of the Board of Governors. 844 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 t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940. . 13,006 1 ,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 .. 21,327 2,033 1,202 943 17,416 1,573 932 804 3,912 460 271 139 1947 30,815 4,099 2,521 1,167 25,686 3,423 2,105 1,000 5,129 676 416 167 1948 36,955 5,315 3,310 1,403 31,238 4,593 2,860 1,210 5,717 721 450 192 1949 36,702 5,035 3,099 1,657 31,578 4,506 2,768 1,474 5,124 529 330 183 1950 43,950 7,891 4,050 2,237 37,704 6,994 3,561 2,013 6,246 897 489 224 Quarterly 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—1 l 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 12,255 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 i e n e r g n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x 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 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 O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 . . .. 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 . .. ... 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947 8,685 777 479 236 4,291 954 643 494 2,149 193 131 154 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—i 2,147 119 58 69 1,317 316 206 123 670 62 42 50 2 2,226 183 115 55 1,226 272 180 135 695 75 50 51 3 2,140 174 104 50 1,224 260 175 140 711 84 55 54 4 2,066 224 161 78 1,288 281 196 156 742 112 73 61 1950—i 1,985 109 2 52 61 1,378 351 2 230 146 749 114 J 74 63 2 2,238 248 2157 53 1,322 321 2212 153 780 135 2 86 68 3 2,534 454 2257 55 1,317 293 2 171 152 809 150 2 85 71 4 2,716 574 2318 142 1,415 339 2 211 168 840 166 2 96 78 1951—1 2,440 229 103 100 1,500 413 229 157 860 169 93 78 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 arc 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). 845 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1949 1950 1951 1948 1949 1950 Nondurable goods industries Total (94 corps.):2 Sales 13,364 12,790 14,710 3,243 3,051 3,163 3,333 3,251 3,453 3,939 4,066 4,280 Profits before taxes 2,208 1,843 2,701 496 397 446 503 504 581 782 833 840 Profits after taxes 1,474 1,211 1,510 321 256 292 342 307 353 468 382 368 Dividends 656 708 887 146 166 147 249 166 175 213 333 198 Selected industries: Foods and kindred products (28 corps.): Sales 3,447 3,254 3,416 805 792 822 835 757 811 957 892 966 Profits before taxes 410 377 463 85 89 101 102 83 100 157 124 112 Profits after taxes 257 233 253 52 54 63 64 47 58 59 52 Dividends 135 134 141 30 31 29 44 31 33 44 31 Chemicals and allied products (26 corps.): Sales 3,563 3,562 4,456 896 860 896 910 952 1,049 1,192 1,263 1,345 Profits before taxes 655 673 1,114 170 140 174 189 205 247 311 351 364 Profits after taxes 408 403 560 100 83 105 115 117 141 176 127 134 Dividends 254 311 438 64 66 68 113 72 79 112 174 83 Petroleum refining (14 corps.): Sales 3,945 3,865 4,234 993 934 942 996 960 989 1,113 1,172 1,204 Profits before taxes 721 525 652 161 119 114 131 121 133 188 209 219 Profits after taxes 548 406 443 119 92 86 109 87 95 131 130 123 Dividends 172 172 205 31 47 31 63 42 42 44 77 57 Durable goods industries Total (106 corps.):3 Sales 23,591 23,914 29,240 6,120 6,320 6,257 5,217 6,004 7,196 7,851 8,188 8,375 Profits before taxes 3,107 3,192 5,191 830 799 866 697 896 1,240 1,403 1,652 1,381 Profits after taxes 1,836 1,888 2,540 487 470 508 424 494 693 777 576 530 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 ,197 10,321 2,430 2,175 2,050 1,542 2,200 2,528 2,672 2,921 3,044 Profits before taxes 1,174 993 1,698 353 252 228 160 299 400 455 544 529 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 Machinery (27 corps.): Sales 4,554 4,372 5,082 1,106 1,110 1,055 1,101 1,106 1,200 1,277 1,498 1,499 Profits before taxes 569 520 846 133 120 119 148 145 168 194 339 245 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 1,131 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 Dividends 282 451 671 79 76 80 216 90 91 232 258 122 1 Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter profits to cover 1950 liability for excess profits taxes. 2 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 3 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t e r a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x 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—i t 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 9 9 9 4 4 4 4 6 8 3 2 3 2 1 0 4 3 3 9 . . . . . 5 3 9 5 7 1 1 1 1 9 1 1 3 3 . . . . . 6 2 9 5 0 2 1 1 1 0 8 0 3 8 . . . . . 5 9 8 9 5 4 6 4 5 7 . . . . . 7 6 8 7 5 1 1 3 6 8 1 3 . . . . . 8 1 1 9 4 1950—1 2 3 4 2 3 4 5 9 7 6 0 . . . . 2 4 4 8 2 2 1 1 0 2 3 6 . . . . 2 6 3 5 2 2 2 1 0 8 5 6 . . . . 9 5 8 0 1 8 9 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 i 51.0 26.7 24.3 9.3 15.0 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 846 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 s t l 1 d T d g i e r o r o b e t s a t c s l t Total3 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 s f 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 d S 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 e n v a r e d e s i n e s s u t s — t 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 - st 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—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 1950—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 June.... 255,251 255,222 137,917 13,614 9,509 35,806 78,832 80,281 57,572 7,818 14,526 34,653 2,370 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,248 million dollars on May 31, 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 JUNE 30, 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 at end of Issue and coupon rate Amount Issue and coupon rate Amount month All Series Series Series All series E F G series Fiscal year Treasury bills i Treasury bonds—Cont. ending: July 5, 1951.. ,002 June 15, 1952-54 2 5,825 June—1944.. 34,606 15,498 11,820 802 2,876 2,371 July 12, 1951.. ,000 June 15, 1952-55... 2 M 1,501 1945.. 45,586 14,891 11,553 679 2,658 4,298 July 19, 1951.. ,001 Dec. 15, 1952-54 2 8,662 1946.. 49,035 9,612 6,739 407 2,465 6,717 July 26, 1951.. ,003 June 15, 1953-552 2 725 1947.. 51,367 7,208 4,287 360 2,561 5,545 Aug. 2, 1951.. ,102 June 15, 1954-562. .2 34 681 1948.. 53,274 6,235 4,026 301 1,907 5,113 Aug. 9, 1951.. ,100 Mar. 15, 1955-60*. .2% 2,611 1949.. 56,260 7,141 4,278 473 2,390 5,067 Aug. 16, 1951.. ,101 Mar. 15, 1956-58... 2 }4 1,449 1950.. 57,536 5,673 3,993 231 1,449 5,422 Aug. 23, 1951. ,101 Sept. 15, 1956-59*. .2% 982 1951.. 57,572 5,143 3,272 347 1,523 6,137 Aug. 30, 1951.. 1,101 Sept. 15, 1956-59... 2 34 3,823 Sept. 6, 1951.. 1,101 June 15, 1958-63*. .2% 919 1950—June... 57,536 398 297 14 86 456 Sept. 13, 1951.. 1,001 June 15, 1959-623. .2 34 5,284 July... 57,568 417 318 13 87 505 Sept. 20, 1951.. 1,001 Dec. 15, 1959-623. .2 34 3,470 Aug.... 57,470 350 270 11 70 537 Sept. 27, 1951.. 1,000 Dec. 15, 1960-65*. .2% 1,485 Sept... 57,396 310 244 8 58 475 June 15, 1962-67*. ,2M 2,118 Oct.... 57,954 971 271 145 555 496 Dec. 15, 1963-68'. .2^ 2,831 Nov... 58,027 436 246 37 153 448 Certificates June 15, 1964-69'. .2^ 3,761 Dec... . 58,019 541 284 61 197 509 Apr. 1, 1952 \y% 9,509 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 4 5 - - 6 7 9 0 ' ' . . . .2 2 H ^ 3 5, , 1 8 9 3 7 8 1951—Jan 58,017 475 343 18 115 653 Mar. 15, 1966-71». .2^ 3,481 Feb.. .. 57,769 386 272 17 97 528 Treasury notes June 15, 1967-72». .23^ 2,003 Mar. . . 57,764 359 280 12 67 560 Sept. 15, 1967-72... 2H 2,716 Apr.. . . 57,652 310 254 9 47 472 July 1, 1951-B....1M 138 Dec. 15, 1967-72'. .2)4 4,078 May.. . 57,607 296 247 8 41 478 July 1, 1951-C....134 56 June.. . 57,572 290 244 8 38 476 July 1, 1951-D. .AH 254 Aug. 1, 1951 1 H 5,351 Oct. 1, 1951 1 \i 1,918 Postal Savings Maturities and amounts outstanding June 30, 1951 O N M M c o a a t v r r . . . . 1 1 1 5 1 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 4 5 1 \ I 1 ' \ H H \ h % 5 5 4 5 , , , , 9 2 3 6 4 5 6 7 1 3 5 5 bonds 106 m Y a e t a u r r i o t f y se A ri l e l s Se E ries Se F ries Se G ries A D p ec r. . 1 1 5 , . 1 1 9 9 5 5 6 5 \ \y % 2 6,854 Panama Canal Loan. 3 1951. 1,052 1,052 Total direct issues 137,917 1952 3,803 3,803 Treasury bonds 1953 6,443 5,244 194 1,005 S D D M M e e e a a p c c r r t . . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 1 2 1 2 1 - - - - - 5 5 5 5 5 4 5 3 3 5 2 6 2 . . . . * . . . . 2 3 2 2 2 H ^ 7 1 1 , , , 1 7 5 0 9 1 2 5 1 8 8 4 5 0 6 G F u V e a d a r e r a i r o a n l u t s e H e o d u s s in e g c u A r d it m ie i s n. , 27 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 5 7 6 4 9 8 6 4 8 4 5 5 , , , , , , 1 1 9 9 1 9 7 8 6 0 9 4 5 7 0 7 7 8 4 5 2 2 2 2 , , , , , , 7 5 3 4 6 7 9 4 3 3 6 8 1 4 0 0 6 8 4 5 4 2 5 2 8 0 4 7 8 6 4 8 9 1 9 7 2 2 2 1 1 1 , , , , , 8 9 1 0 2 8 4 9 8 6 6 9 6 9 5 6 8 2 1960 5,504 2,718 448 2,337 p. 2 * 1 8 P 4 L S 2 a o e . r s l d s ti a t o h l n l a y n d t i a s $ x c 5 o 0 e u 0 x n , e 0 t m 0 b 0 p a . t s . is. Se 3 e R ta e b s l t e r i o c n te d O . pen-Market Money Rates, U 1 1 1 9 9 9 n 6 6 6 c 2 1 3 lassified 2 2, , - 2 7 4 9 7 8 3 4 1 0 8 1,250 3 2 9 1 67 7 2 1 1 ,3 3 8 1 7 7 8 2 4 5 Called for redemption on Sept. 15, 1951. 6 Maturity Sept. 15, 1953. Total 57,572 34,617 3,886 19,163 JULY 1951 847 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 n t i c c t e g e u l s u u e r ) i d d a - r - - S i p ss t e r u c u e i s a s t l fun P i d s u s s b u x 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 - 3 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 s ri e ti r es l M a in n t i o v s e c e r o e s s u 8 - 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—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 Apr 254,748 33,590 6,274 214,884 22,742 58,500 10,400 17,800 20,600 7,900 49,200 17,100 10,600 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1950. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o 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 s n 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 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 funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 t 9 a 9 9 l 5 4 4 : 0 9 8 ' — — — D D J D J u u e e e n n c c c e e . . . . . . . . . . . . . . . . 1 1 1 1 1 5 5 5 5 5 2 5 5 7 5 , , , , , 4 1 3 4 1 7 2 3 9 6 1 5 8 6 0 5 5 5 5 5 , , , , , 4 3 3 3 3 7 6 2 5 7 7 5 7 0 4 2 2 1 1 1 0 3 8 8 9 , . , , , 3 3 8 3 7 3 3 8 4 7 1 3 5 3 8 5 5 5 5 5 5 9 4 8 6 9 5 , , , , , 9 8 2 8 3 7 9 3 5 5 2 3 7 6 3 1 1 1 1 1 0 0 0 0 1 , , , , , 7 1 8 8 0 7 4 7 7 2 2 4 7 7 9 1 1 1 1 1 6 8 8 9 9 , . , , , 1 5 8 0 8 3 6 3 1 9 2 2 5 9 0 4 4 4 4 4 2 4 4 1 3 , , . , , 4 7 6 6 0 2 6 6 3 8 9 3 3 7 7 Wi 1 1 1 t 9 9 9 h 4 5 i 4 n 8 0 9 — — — 1 D D D J y J u u e e e e n n a c c c e r e . . . : . . . . . . . . 3 1 1 1 1 8 0 1 4 0 , , , , , 9 2 2 3 3 0 2 1 1 8 5 6 6 9 7 12,3 9 8 8 5 7 8 6 0 7 3 2 1 5 8 1 9 5 7 7 4 , , , , , 0 0 5 0 6 0 7 2 1 4 1 1 1 4 5 2 2 2 2 15 3 3 3 3 1 6 0 8 2 3 9 3 3 4 2 6 8 2 6 6 0 5 9 8 1 2 3 2 3 0 , , , , , 6 5 1 3 7 8 2 5 0 2 5 5 3 0 2 1951—Mar... 151,642 6,144 22,910 51,034 9,753 16,10245,699 Apr.. . . 138,094 3,24320,028 51,576 8,473 12,76242,012 1951—Mar.. 39,929 29 12,240 13,561 342 1,069 12,688 Treasury bills: Apr.. . 39,929 12,166 13,505 346 1,026 12,857 1948—Dec... 12,224 69 5,487 2,794 50 84 3,740 1949—June... 11,536 63 4,346 2,817 13 60 4,237 1-5 years: Dec... 12,319 11 4,829 3,514 15 70 3,880 1948—Dec... 44,053 226 3,258 28,045 1,769 2,501 8,254 1950—June... 13,533 3 3,856 3,703 35 90 5,846 1949—June.. 39,175 212 2,121 26,304 1,279 2,124 7,135 1951— A D M p e a r c r . . . . . . . . . . . 1 1 1 3 3 3 , , , 6 6 6 2 2 3 7 7 0 3 2 2 5 6 8 1 1 1 , , 2 7 ,2 9 2 4 6 0 8 3 3 2 , , , 1 8 5 7 8 8 3 8 0 1 1 3 4 5 3 7 0 4 8 7 1 7 2 4 2 8 7 8 8, , , 2 9 4 1 0 2 6 1 9 1950—T D D u e e n c c e . . . . . . . 3 3 5 3 5 1 , , .8 3 0 0 6 7 2 7 8 3 1 1 2 8 8 7 9 6 5 1 1 , , , 1 2 92 8 1 2 5 6 3 2 2 3 4 4 . , , 1 5 9 2 3 0 7 4 7 1 1, , 1 5 0 2 5 6 1 8 8 1 1 1 , , , 7 1 6 3 4 4 1 2 1 1 5 5 0 , , , 6 2 4 6 9 4 0 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 2 2 4 6 6 6 , , 8 0 5 7 7 8 9 9, , 5 0 6 7 1 2 2 20 5 7 6 6 6 7 0 2 2 1 1 0 2 , , 4 1 2 7 3 4 1951— M Ap a r r . . . . . 3 3 8 8 , , 3 3 4 4 7 7 1 17 8 7 4 4,436 2 2 5 5 , , 7 8 2 5 5 8 486 1,207 6 6 , , 3 3 2 0 9 9 1950— D D Ju e e n c c e . . . . . . . . . 2 1 5 9 8 , , . 3 6 4 7 3 1 3 6 8 48 7 6 2 5 , , , 3 2 3 3 5 7 4 7 5 1 5 1 1 , , , 3 5 5 5 4 2 4 4 0 1 6 6 4 7 9 3 6 8 3 5 2 3 3 1 7 0 1 , , ,4 9 2 3 9 5 1 5 4 5- 1 1 1 9 9 0 4 48 9 y — — e D J a e u r c n s . e : . . . . 1 1 5 0 , , 0 4 6 6 7 4 3 5 1 3 4 2 4 5 3 8 4 4 6 6 , , 3 5 1 8 4 7 2,0 5 0 2 2 0 1, 9 73 97 2 3 1 , ,8 6 8 3 5 0 1951—Mar. . . Dec. 18,537 568 1,388 6.995 2,640 2,230 4.716 Apr... . 1950—Tune.. 423 1,148 5 67 5 2,439 2.O5S 4.186 Treasury notes: Dec.. 17!411 412 982 7,329 2,125 1,948 4,615 1948—Dec... 7,131 791 3,099 84 166 2,984 1949—June... 3,596 359 1,801 41 104 1,244 1951—Mar. . 15,962 407 1 ,032 6,220 2,021 1,887 4,395 Dec... 8,249 562 5,569 107 244 1,752 Apr... 15,962 404 1,032 6,227 2,033 1,868 4,398 1950—June .. 20.404 3,500 11,204 154 403 5.114 Dec.... 39,258 12,527 15,833 136 70710,045 After 10 years: 1951—M Ap a r r . . . . . . . 4 4 3 3 , , 8 8 0 0 2 2 13 1 1 5 4 , , 0 92 0 4 3 1 1 5 5 , , 6 6 7 8 5 6 1 1 5 6 7 4 8 8 8 9 0 0 1 1 2 2 , , 0 1 7 2 6 5 1 1 9 9 4 4 9 8 — — D J D u e n e c e c . . . . 5 4 4 3 5 8 , , , 8 0 5 3 8 5 8 4 4 4 4 4 , , , 7 4 4 1 4 5 0 1 5 3 4 7 , , , 4 2 5 5 1 9 2 5 3 3 3 3 , , , 5 8 9 4 8 3 1 7 3 8 6 7 , , , 0 5 2 4 8 9 8 8 3 1 1 13 4 5 , , , 4 1 2 8 7 3 5 9 01 1 1 5 4 3 , , , 0 2 0 9 4 9 4 2 0 Tre 1 1 a 9 9 s 4 4 u 9 8 r — — y J D u b e o n c n e . d . . s . . : . 1 1 1 1 0 1 , , 4 4 2 4 6 0 5 5, , 2 3 0 4 1 0 10,9 7 7 8 7 0 4 4 0 2 , , 3 0 7 4 1 2 1 1 0 0 , , 4 7 8 6 6 8 1 1 8 8 , , 3 8 1 9 5 1 2 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 3 0 4 8 9 2 4 , , 9 0 3 9 2 2 7 7 , , 1 1 8 3 0 0 1 1 2 3 , . 3 50 0 7 81 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 8 5 5 5 , , , 2 2 2 1 7 8 7 3 3 6 2 6 1 2 1 8 0 8 3 3 3 8 3 9 , , , 6 2 6 9 3 0 1 5 7 1 1 9 0 0 , , , 9 6 4 6 2 8 7 4 0 1 1 1 7 5 7 , , , 6 5 1 7 7 9 2 2 5 4, . , 9 0 3 4 2 4 1 9 0 1951— A M pr a . r . .. . 4 3 3 0 , , 5 0 9 5 9 3 5 2 , , 4 5 6 6 2 9 3 1 , , 4 14 8 5 3 2,926 6 5 , , 7 50 5 1 7 11 7 , , 2 9 0 4 3 4 1 1 3 0 , , 7 1 6 0 8 3 1951—Mar... 94,03 6,070 6,187 3!2,757 9,448 14,48625,087 Apr... . 80,490 3,166 3,856 32,695 8,158 11,05221,563 * 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. 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 inillions of dollars On basis of daily statements of United States Treasury Cash operating Increase (+)or General fund of the Treasury end of period) income and outgo ° decrease v / during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n x r d d e - g s i e - t s B ( d u + u e r f d ) p i c g l o u i e t r s t c T o e a u r t c u c n - . s t 1 t s, c C o i a l n u e c g a n - r t - 1 G de r b os t s G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n n a c l d - - e l Total b s F e D R e a r e r n e e a d v k - p l - e s o ' si d i t S t s c e a p i p r a i e o n i l - e s 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 u c ) o c t o g e m o s r e s Fiscal year: 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 1951 48,143 44,633 +3,510 +679 -214 -2,135 + 1,839 7,357 7,871 338 5,680 L ,853 514 1950—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 43,102 4 -252 4+169 -63 +140 -6 4,139 4,586 714 2,232 1,640 446 3,487 3,415 +72 Dec. . 4,211 3,742 +470 +45 -52 -369 +93 4,232 4,724 690 2,344 1,690 492 4,488 4,004 +485 1951—Jan.. . 4,448 3,808 +640 -83 +247 -583 +221 4,454 4,865 807 2,117 1,941 412 4,696 3,438 +1,259 Feb... 4,257 3,211 +1,047 +227 -161 -184 +929 5,382 5,806 465 3,614 1,726 423 4,877 3,522 +1,356 Mar.. 8,112 4,058 +4,054 -34 +111 -944 +3,187 8,569 8,991 1,120 5,900 1,971 422 8,489 4,219 +4,270 Apr... 2,626 4,007 -1,381 -69 +106 -270 -1,614 6,955 7,360 611 5,030 1,719 405 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 4,148 5,154 -1,006 June.. 7,089 5,969 + 1,119 +284 +43 + 129 + 1,574 7,357 7,871 338 5,680 1,853 514 DETAILS OF TREASURY RECEIPTS On basis of daib* statements ofUnited States Treasury On basis of reports by collectors of internal revenue Incometaxes Deduct Individual Corporation income F o i r s ca m l o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other i r n e n c M t v e e e e l o r i l n s u a n - u - s a e l S S t r a o e i x c c t i y e u a s - l O ce r t i h e p - e t r s c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S m a e o c x p e c u e l n i s o r a t i y « l t - y c N e r i e e p - t ts W he it ld h- Other N s a u o a n r r n d t m d a p a x r l ofits E p o t r a x t a o h n c x f e e d i e t s r s s s t t a a g E a n i x s f t d e t - e 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: 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 1951 ^13,53624,218 9,423 p3 939 2,253 53,369 2,107 3,120 48,143 1950—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 «149 230 4,621 42 131 4,448 7 829 2,527 295 3 80 820 Feb 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 146 5 54 730 Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,311 5 129 682 Apr.. . . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 8499 (8) 59 635 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 June. . . P1,125 5,065 719 270 7,603 234 280 7,089 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 st e t b e o r t n - f I t in i n a n a o a t n i n a e n d d - a r c - l e t e m r V r A a a i e t d n n i t o - i - s s n ' - a t c A u g t u o i r r l d i e - - T c t o f r r a e t u a u c o r n n - s s t t s s - Other ce R ip e- ts ac m c v o I e e n u s n - t n - t t s s p tu E en r x e d - s i- ce R ip e- ts m v I e e n s n - t- ts p t E u en r x e d - s i- Fiscal year: 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 1951 44,633 ?19,965 5,613 P4.438 5,238 P640 972 ^7,768 5,631 2,685 2,790 2,165 872 771 1950—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 p^ov 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) 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 2,160 253 392 427 104 82 589 283 83 255 184 24 173 May 4,517 2*2,396 163 P487 424 91 1 P955 928 510 266 127 -23 166 June 5,969 P2.502 1,557 P793 383 P96 (9) P637 570 346 261 433 317 -205 P Preliminary. l 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 income taxes exclude, and figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and survivors insurance trust fund. 7 Beginning January 1951 includes old-age insurance employment taxes, not reported separately. 8 Beginning April 1951, excess profits taxes included with normal and surtaxes. 9 Less than $500,000. JULY 1951 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a v l - e n - s m m C p s r t a l i i u o a o n i a e p e t m d d l s e - s s , i , - - - G U s ri e o t . c i v u e I S m n t s - . . v e e n O r s s t i t s e t t - i c h e u e s - r 2 L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t F B g n u a u u b o t r n a e y l n e l d r e y s d - d s d p , e a n O b y o e t a t h n b e e - l s r e , l O i i a t t i b h e i e s l r - i U m G n e e r t . e o s e n n t v S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: June 30, 1950 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 1,44621,679 201 Sept. 30, 1950 24,102 59812,769 1,739 2,112 3,478 2,931 476 1,108 ,791 214 Dec. 31, 1950 24,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 1,19321,995 234 Mar. 31, 1951 25,104 71513,496 1,764 2,162 3,467 2,951 549 1,247 1,23422,337 268 Classification by agency, Mar. 31, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 404 332 116 264 22 Federal intermediate credit banks 697 633 624 67 Production credit corporations 60 58 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 39 2 36 1 38 Rural Electrification Administration 1,664 33 1,591 40 () 1,664 Commodity Credit Corporation 2,656 9 755 1,565 215 474 2,182 Farmers' Home Administration 4 606 127 452 26 3 602 Federal Crop Insurance Corp 34 32 2 3 31 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 993 752 215 506 231 10 245 Federal Savings* and Loan Insurance Corp. 203 197 5 198 Home Owners' Loan Corp 16 14 Public Housing Administration 5 1,733 406 1,249 16 1,717 Federal Housing Administration 374 21 251 1 182 175 Office of the Administrator: Federal National Mortgage Association. . 1,538 ) 1,525 ) 1,536 Other 74 10 19 40 73 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 771 1 137 589 771 Other ' 898 776 1 78 820 Export-Import Bank 2,283 () 2,267 62 ,221 Federal Deposit Insurance Corp 1,382 3 '(3)" 1,367 () 118 ,263 Tennessee Valley Authority 1,088 155 12 913 25 ,063 All other 8 7,591 158 3,929 49 "(3)" 3,385 45 23 7,568 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1951 Purpose of loan M F C F a o e o r r d r m p . t. . b c m i F n r a a e e e t n t e d d e d k r i i . - s t - B f o t o a i p r v n e e k r c s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i u d f l o i e r m c n c a a - . l - F A H e a d r o r s m m m ' . e - N M A g a F a t s a e o i g s l d o r n e t . n - . - 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 n s C t t e a F i r o c n o u i r o - c n 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 D g 1 e e 9 c a n . 5 l c l 0 3 i , e 1 s , To aid agriculture 42 633 334 759 1,593 564 6 3,931 3,884 To aid home owners 1,525 3 133 60 1,721 1,528 To aid industry: Railroads . • 106 2 108 110 Other (3) 416 57 473 458 To aid financial institutions: Banks . . .. Other 752 8 760 824 Foreign loans 91 "l ',275 3,750 6,116 6,078 Other . . .. 404 56 105 564 531 Less: Reserve for losses 6 2 4 1 112 1 35 7 9 178 185 Total loans receivable (net)... 36 633 332 755 1,591 452 1,525 406 752 776 2,267 3,971 13,496 13,228 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. B 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 Feb. 28, 1951. 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. 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction In (p d h u 1 y s 9 s t 3 r i 5 c ia - a 3 l l 9 v p = o ro lu d 1 m u 0 c e 0 t ) i * o 1 n a 1 w 9 a 2 r c 3 d o - e n 2 d t 5 r a ( c v = t a v 1 u 0 e 0 )2 Em 1 p 9 l 3 o 9 y = m e 1 n 0 t 0 3 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year or month Total Du f M a - c a tu n r u N e - d s o u n - - M era in ls - Total R d t e i e n a 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 o 9 1 a l 3 0 l y s 0 9 - = 3 c 1 a — 9 i r n 3 l 1 g o 5 0 s a - * 0 3 d 9 - 1 u = 9 s ( e 3 a v 1 ) 5 l a 0 * e - l 0 * s - 39 1 s p — 9 u r 3 i m c 1 5 e 0 e - s 0 r 3 s 3 9 ' p m = c 1 ri o 1 o 9 c m 2 d 0 e 6 0 i s - t y 3 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 P148 295 305 287 145.7 149.7 371 8 128 304 171 9 161 5 1949 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 4 February 180 177 207 180 118 263 260 266 139 6 140 2 139 9 330 0 104 280 167 9 152 8 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 8 May 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 290 169.3 155 9 June 199 200 237 184 151 291 325 262 145.3 148.9 147.3 362.7 127 298 170 2 157 3 July 196 198 235 181 144 325 369 289 146 1 150 9 148 3 367 5 126 362 172 0 162 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 November 215 215 260 195 160 306 284 323 150.2 157.7 159.2 414.6 136 290 176.4 171.7 December 218 216 268 197 157 332 297 360 150.6 158.1 159.4 426.0 140 325 178.8 175.3 1951 January 221 216 268 201 164 333 312 350 151.2 159.7 158.9 424.0 146 362 181.5 180.1 February 221 217 271 201 158 323 311 334 152.1 161.3 161.0 r430.0 129 326 183 8 183 6 223 219 ••278 199 158 304 292 314 152.8 161.5 161.2 r435.5 139 291 184.5 184 0 223 221 278 198 164 373 283 446 153.2 161.7 160.0 433 3 136 302 184 6 183 5 May P223 P223 P277 P198 361 276 430 P153.0P160.8 P158.1 e425.8 133 185 4 182 8 "223 "277 197 167 131 «303 - •Average per working day. e Estimated. PPreliminary. r Revised. 1 For indexes by groups or industries, see pp. 852-855. For points in total index, by major groups, see p. 874. 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. 859. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. 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. 861-864. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; or department store sales, June 1944, pp. 549-561. JULY 1951 851 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 May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May Industrial Production— Total . 195 199 196 209 211 216 215 215 221 221 r223 223 P223 Manufactures—Total 204 208 206 218 220 225 224 229 231 232 234 234 P233 Durable Manufactures . ... 231 237 235 247 251 261 260 268 268 271 r278 P277 Iron and Steell 226 231 228 236 245 253 246 253 255 252 '262 264 263 Pig iron 222 221 223 219 223 225 211 216 224 217 228 231 234 Steel 273 271 264 265 275 286 272 280 288 281 298 301 301 Open hearth. 206 202 201 198 203 209 198 207 212 206 217 218 217 Electric 755 763 710 744 792 835 803 802 827 815 879 891 897 Machinery 258 262 265 279 283 303 311 321 322 r328 '334 335 P334 Transportation Equipment. 262 277 272 287 284 291 278 292 285 '304 '314 308 P309 Automobiles (including parts) 249 268 262 273 265 271 249 260 246 '262 '266 253 P250 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 Nonjerrous Metals and Products. 197 207 202 212 216 223 226 227 224 '217 '210 211 P211 Smelting and refining 208 219 208 212 209 217 221 218 219 222 225 225 P224 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 192 202 199 212 219 225 228 230 226 -215 '203 205 P206 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 158 155 151 165 166 166 169 17 3 171 169 169 170 P164 Lumber... 149 144 140 151 150 150 155 162 162 156 156 162 158 Furniture. 175 178 174 192 196 198 197 195 190 193 196 186 P175 Stone, Clay, and Glass Products. 203 210 212 212 215 229 227 235 236 237 242 247 P236 Glass products 211 220 225 206 212 245 235 247 240 243 251 270 P244 Glass containers 223 234 244 215 225 262 247 265 257 261 269 292 275 Cement 210 214 208 214 206 214 214 232 238 245 252 243 231 Clay products 160 161 161 167 169 168 175 173 191 186 189 189 P185 Other stone and clay products2 . Nondurable Manufactures. 181 184 181 195 194 196 195 197 201 199 198 Textiles and Products 175 173 165 189 191 197 193 194 194 194 188 185 P187 Textile fabrics 158 156 146 172 171 178 173 173 174 176 171 165 Cotton consumption 140 132 123 155 152 162 158 158 163 174 175 153 164 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2... 347 348 361 366 380 374 381 397 392 390 374 '380 378 Wool textiles 157 134 172 in 180 164 160 156 144 '133 147 A W W Ca p o o r p o o p a l W l W e r e t a e n o o l n w o r d a w s l e n e t o o w e d n l o d o l w y c r y o a s c o t a r n o r e n r s s n d n t u s e m u y d m a p c r t p n l i t o o i n t o h . n . . . . 1 1 1 1 2 4 5 5 7 0 8 3 1 1 1 1 1 5 6 4 6 3 2 2 7 5 4 1 1 1 1 1 1 3 4 2 3 4 1 5 3 7 9 0 7 2 1 1 1 1 1 1 5 7 6 4 7 0 9 9 8 4 8 2 1 1 1 1 1 0 7 5 3 8 7 4 2 8 7 7 0 2 1 1 1 1 1 2 6 4 9 7 8 8 3 2 2 9 0 2 1 1 1 1 1 0 7 4 2 4 8 4 2 6 2 8 0 2 1 1 1 1 1 0 4 2 6 6 4 1 1 1 9 9 0 1 1 1 1 1 1 7 2 5 6 4 8 3 1 1 3 2 0 1 1 1 1 1 1 5 8 3 4 1 4 2 1 3 3 9 0 1 1 1 1 1 1 4 3 1 2 6 2 0 0 1 3 9 8 1 1 1 1 1 1 3 7 5 1 5 4 8 4 7 6 8 0 Leather and Products. 101 105 101 120 115 109 108 115 122 118 106 vlO3 Leather tanning 95 102 91 108 111 106 108 106 107 112 105 98 Cattle hide leathers 104 115 106 121 125 119 121 120 120 126 119 109 Calf and kip leathers 75 79 56 83 91 84 89 84 77 88 80 84 Goat and kid leathers 88 89 80 86 84 88 96 88 94 96 93 86 Sheep and lamb leathers. 81 86 76 101 104 94 81 87 98 92 83 69 Shoes 107 133 110 109 128 106 107 128 121 121 127 112 Manufactured Food Products. 164 164 167 168 167 162 161 165 168 166 168 168 P166 Wheat flour 106 103 107 116 119 P109 Cane sugar meltings2 107 113 116 100 128 110 108 Manufactured dairy products. 150 153 152 150 148 145 143 141 142 142 146 147 148 Butter 85 87 85 80 78 75 72 70 73 71 72 74 72 Cheese 175 184 178 169 161 158 164 167 170 169 176 177 174 Canned and dried milk... 155 165 167 169 158 150 142 131 131 135 152 156 164 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. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1950 1951 Industry May une July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 144 147 151 155 168 158 165 171 162 148 159 163 149 Pork and lard 161 165 169 175 196 188 195 202 188 171 194 208 181 Beef 142 141 146 145 153 138 148 155 152 141 139 134 134 Veal 98 108 114 121 120 107 108 104 93 88 82 79 79 Lamb and mutton 71 79 78 78 78 77 76 77 80 66 62 59 52 Other manufactured foods 173 173 175 176 174 171 168 172 176 176 178 178 P176 150 158 147 134 142 147 149 142 161 158 176 167 P162 Confectionery 131 133 146 158 146 125 125 147 148 138 127 128 Other food products 186 184 187 190 187 184 181 184 185 188 188 P!89 P! 88 A Icoholic Beverages 172 184 206 248 203 182 207 208 248 225 207 187 179 Malt liquor 157 163 171 168 155 150 183 168 185 166 169 161 157 Whiskey 93 95 84 111 146 157 178 157 155 135 150 118 117 Other distilled spirits 363 417 611 934 549 308 235 463 716 658 677 706 560 Rectified liquors 235 269 315 464 340 304 341 340 439 408 240 148 174 Tobacco Products 168 170 154 197 172 165 171 153 177 179 170 177 172 Cigars ... 93 106 96 126 120 124 127 89 101 107 100 104 105 Cigarettes 237 233 212 269 229 215 227 215 248 249 238 248 239 Other tobacco products... 63 68 59 80 71 72 65 56 70 69 62 66 64 Paper and Paper Products 180 183 173 191 194 202 201 197 204 207 208 214 P213 Paper and pulp 173 177 166 181 185 193 191 189 192 197 198 204 Pulp 199 205 202 211 213 228 220 218 220 228 229 241 Groundwood pulp 99 109 119 124 133 127 109 125 117 119 116 116 Soda pulp 119 120 110 115 114 96 92 92 94 98 94 100 Sulphate pulp 363 373 372 381 382 427 414 402 412 430 438 461 Sulphite pulp 145 146 140 152 152 162 161 157 158 161 162 172 Paper 168 173 161 177 180 188 186 184 188 193 193 198 196 Paperboard 211 213 198 228 232 238 240 229 247 245 248 253 256 Fine paper2 Printing paper 167 172 156 174 180 187 183 188 181 192 189 194 190 Tissue and absorbent paper 166 171 182 183 185 207 196 202 206 205 208 223 208 Wrapping paper 158 167 151 155 156 164 163 165 159 172 171 171 171 Newsprint 112 115 117 116 116 117 112 117 117 120 119 119 121 Paperboard containers (same as Paperboard) Printing and Publishing 166 170 162 169 172 179 174 175 170 177 176 183 178 Newsprint consumption 165 168 167 165 163 171 165 162 159 162 162 171 166 Printing paper (same as shown under Paper) Petroleum and Coal Products 216 222 229 238 243 251 253 263 272 269 269 256 P265 Petroleum refining 2 Gasoline 181 188 194 200 195 196 195 197 202 198 199 193 P204 Fuel oil 175 179 187 190 200 210 209 225 238 238 227 204 P206 Lubricating oil 143 152 154 174 177 184 187 188 192 179 190 189 Kerosene 184 177 186 194 198 195 195 208 237 230 230 221 Other petroleum products 2 Coke 175 177 176 176 178 183 178 182 187 183 184 185 186 By-product coke 171 170 170 167 170 175 170 174 177 174 176 178 178 Beehive coke 328 428 368 470 443 467 436 457 522 487 475 433 454 Chemical Products 256 261 263 269 271 277 280 284 287 288 292 205 P297 Paints 147 154 161 168 168 164 162 160 163 168 166 164 P158 Rayon 350 350 359 363 376 371 378 385 387 384 374 377 P377 Industrial chemicals 443 451 453 458 465 488 497 504 506 510 524 530 Other chemical products 2 Rubber Products 213 221 222 236 244 250 250 251 244 235 240 237 P237 Minerals—Total 143 131 144 159 163 166 160 157 164 158 158 164 P!65 Fuels 148 155 148 162 167 170 165 163 169 163 163 167 P167 Coal 124 128 101 133 133 141 127 130 140 118 111 119 117 Bituminous coal 131 136 109 142 144 151 138 143 151 125 127 133 126 Anthracite 97 96 68 97 92 102 84 80 96 89 48 64 81 Crude petroleum 160 168 171 177 184 184 184 178 184 185 189 191 Metals 125 130 124 136 141 141 130 126 130 131 127 P141 P152 Metals other than gold and silver.... 166 177 167 188 198 199 180 173 180 181 176 P199 P219 Iron ore (Copper; Lead; Zinc)2 Gold 66 63 62 60 59 59 59 57 57 55 56 Silver 76 77 73 85 73 73 70 77 78 80 77 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. JULY 1951 853 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total. . 195 200 198 212 216 220 215 216 216 217 219 221 v223 Manufactures — Total 203 209 207 221 224 229 226 227 226 228 231 232 P233 Durable Manufactures 232 238 237 249 253 263 260 266 264 268 '276 278 P278 Iron and Steelx 226 231 228 236 245 253 246 253 255 252 '262 264 263 Pig iron . . . . ... 222 221 223 219 223 225 211 216 224 217 228 231 234 Steel 273 271 264 265 275 286 272 280 288 281 298 301 301 Open hearth . . .. . 206 202 201 198 203 209 198 207 212 206 217 218 217 Electric 755 763 710 744 792 835 803 802 827 815 879 891 897 Machinery 258 262 265 279 283 303 311 321 322 r328 r334 335 P334 Transpovtation E.Quiptnent.... .. .. ... .. . 262 277 272 287 284 291 278 292 285 r304 '314 308 P309 Automobiles (including parts) 249 268 262 273 265 271 249 260 246 -"262 '266 253 P250 (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 197 206 202 212 216 223 226 227 224 r217 '210 211 P211 Smelting and refining 208 218 207 212 209 217 221 219 220 222 225 225 P224 (Copper smelting; Lead refining; Zinc smelting; Fabricating . . 192 202 199 212 219 225 228 230 226 '215 '203 205 *>206 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products ... 162 166 161 177 179 176 168 158 153 154 160 170 P168 Lumber . .. 155 160 155 170 170 165 153 140 134 134 141 161 165 Furniture 175 178 174 192 196 198 197 195 190 193 196 186 P175 Stone Clay and Glass Products 209 212 214 221 223 240 233 227 223 '221 232 244 P242 Glass products . ... ... 222 218 in 212 215 251 237 233 236 237 '251 270 P257 Glass containers 238 232 234 223 229 269 250 246 251 253 269 292 257 Cement 221 229 229 242 239 249 231 211 193 186 207 231 242 Clay products 160 160 162 172 175 177 182 178 178 176 180 183 P184 Nondurable Manufactures 180 184 182 198 201 201 197 196 196 196 194 195 P196 Textiles and Products 175 17 3 165 189 191 197 193 194 194 194 188 185 P187 Textile fabrics 158 156 146 172 171 178 173 173 174 176 171 165 P168 Cotton consumption 140 132 123 155 152 162 158 158 163 174 175 153 164 Rayon deliveries ... .... 347 348 361 366 380 374 381 397 392 390 374 '380 378 Wool textiles 157 161 134 172 171 180 164 160 156 144 '133 147 Carpet wool consumption 216 205 135 210 204 228 204 201 180 181 169 138 Apparel wool consumption 149 152 139 178 170 179 148 140 151 140 128 157 Woolen and worsted yarn 140 147 127 159 158 163 146 141 142 133 123 140 Woolen yarn 127 134 117 144 137 142 122 121 121 119 111 116 Worsted yarn 158 165 140 179 187 192 180 169 173 152 '140 174 Woolen and worsted cloth 153 162 143 168 172 180 172 169 163 143 '130 158 Leather and Products 101 104 99 119 123 115 111 107 116 125 118 106 vlO3 Leather tanning 94 100 87 106 109 107 111 106 108 120 104 98 Cattle hide leathers 104 111 100 117 122 120 126 120 123 136 119 109 Calf and kip leathers 72 80 56 88 89 86 91 82 76 93 79 81 Goat and kid leathers 86 90 79 84 85 88 93 89 94 100 92 89 Sheep and lamb leathers 88 86 71 104 102 94 85 83 91 101 80 68 Shoes 106 107 107 128 133 121 110 109 121 128 127 112 Manufactured Food Products 157 164 178 191 192 175 164 162 155 149 149 153 P159 Wheat flour 103 102 112 114 112 107 108 115 128 120 107 103 *>104 Manufactured dairy products 199 226 223 217 173 132 103 99 90 101 120 153 196 Butter 109 120 104 87 74 64 55 55 61 63 65 75 93 Cheese 235 261 219 189 164 142 123 121 126 139 158 184 233 Canned and dried milk 215 228 193 174 145 122 102 101 106 121 149 176 228 Ice cream- P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average == 100] 1950 1951 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing . . 144 146 141 134 152 158 184 203 193 142 147 150 149 Pork and lard 161 165 148 135 155 177 228 267 247 168 180 189 181 Beef 142 138 147 147 165 151 154 155 155 129 127 126 134 Veal 102 108 114 119 132 122 116 98 86 77 77 78 82 Lamb and mutton 73 73 75 76 84 80 76 75 85 67 60 57 53 Other manufactured foods 157 163 182 202 206 189 175 169 162 159 158 158 P160 Processed fruits and vegetables 98 122 191 254 276 190 137 111 105 100 97 102 P105 Confectionery 101 99 120 171 189 164 147 148 152 139 118 106 Other food products .. 182 185 190 194 191 193 190 188 178 178 180 181 P184 Alcoholic Beverages 177 202 219 237 277 205 195 189 211 198 185 175 180 Malt liquor 179 205 214 191 156 139 141 134 151 149 157 169 179 ^Vhiskey ... 93 95 84 111 146 157 178 157 155 135 150 118 117 Other distilled spirits 218 258 354 504 753 798 493 509 466 394 440 424 336 Rectified Iicjuors 235 269 315 464 340 304 341 340 439 408 240 148 174 Tobacco Products 168 176 160 204 181 170 174 142 177 170 161 167 172 Cigars 93 106 96 126 120 124 127 89 101 107 100 104 105 Cigarettes 237 245 223 283 245 224 231 198 248 234 222 231 239 Other tobacco products 64 69 59 78 76 77 67 50 69 67 62 66 65 Paper and Paper Products 181 185 172 191 194 202 201 197 203 208 208 214 v213 Paper and pulp 173 178 166 181 184 193 191 188 192 198 198 204 Pulp 201 205 200 209 211 227 221 218 221 228 231 243 Groundwood pulp 106 110 105 110 119 119 115 126 121 124 124 128 Soda pulp 119 120 110 115 114 96 92 92 94 98 94 100 Sulphate pulp 363 373 372 381 382 427 414 402 412 430 438 461 Sulphite pulp 145 146 140 152 152 162 161 157 158 161 162 172 Paper 168 173 160 177 180 188 186 184 188 194 193 198 196 Paperboard 211 213 198 228 232 238 240 229 247 245 248 253 256 Printing paper 167 172 156 174 180 187 183 188 181 192 189 194 190 Tissue and absorbent paper. . .. 166 174 174 183 185 209 196 196 204 214 208 225 208 Wrapping paper 158 167 151 155 156 164 163 165 159 172 171 171 171 Newsprint 113 116 115 115 116 117 113 114 117 120 119 121 122 Printing and Publishing 169 169 150 161 172 183 182 179 164 176 179 188 181 Newsprint consumption 172 166 144 148 165 180 180 170 148 159 169 181 172 Petroleum and Coal Products 216 222 229 238 243 251 253 263 272 269 269 256 P265 Petroleum refining ' Gasoline 181 188 194 200 195 196 195 197 202 198 199 193 P204 Fuel oil 175 179 187 190 200 210 209 225 238 238 227 204 P206 Lubricating oil 149 152 153 173 177 184 187 187 186 177 188 197 Kerosene 186 166 173 187 196 195 201 214 241 241 235 226 Coke 175 177 176 176 178 183 178 182 187 183 184 185 186 By-product coke 171 170 170 167 170 175 170 174 177 174 176 178 178 Beehive coke 328 428 368 470 443 467 436 457 522 487 475 433 454 Chemical Products 255 258 259 265 272 282 284 288 288 291 296 297 P297 Paints 151 158 159 166 166 164 160 160 160 166 165 165 P162 Rayon 350 350 359 363 376 371 378 385 387 384 374 377 P377 Industrial chemicals 443 451 453 458 465 488 497 504 506 510 524 530 P536 Other chemical products2 Rubber Products 213 221 222 236 244 250 250 251 244 235 240 237 v237 Minerals— Total 147 155 149 163 168 169 159 153 159 153 153 162 P167 Fuels 148 155 148 162 167 170 165 163 169 163 163 167 vl67 Coal 124 128 101 133 133 141 127 130 140 118 111 119 117 Bituminous coal 131 136 109 142 144 151 138 143 151 125 127 133 126 Anthracite 97 96 68 97 92 102 84 80 96 89 48 64 81 Crude petroleum 160 168 171 177 184 184 184 178 184 185 189 191 P192 Metals . 140 155 158 170 171 161 124 93 94 94 92 P130 vl68 Metals other than gold and silver 197 224 227 244 244 227 166 115 118 121 118 P184 P25O Iron ore 273 325 343 368 365 331 195 86 97 93 89 231 (Copper; Lead; Zinc)2 Gold 57 59 61 65 68 69 66 59 55 50 49 Silver 75 74 72 83 74 73 70 77 78 81 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. 855 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1950 1951 Industry group or industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,048 12,200 12,358 12,697 12,783 12,921 12,915 12,953 13,083 ,214 r13,234 13,245 13 174 Durable goods 6,493 6,624 6,713 6,939 6,996 7,135 7,155 7,193 7,249 r7,352 ,407 7,442 7 430 Primary metal industries 1,036 1,055 1,070 1,091 1,105 1,111 1,120 1,131 1,143 1,147 1,152 1,159 1 173 Fabricated metal products 749 777 793 826 837 846 846 839 839 850 854 857 Machinery except electrical 1,017 1,028 1,042 1,071 1,055 1,110 1,139 1,157 1.192 n,209 n,216 1,228 1 239 Electrical machinery 612 618 639 672 676 703 710 710 704 709 717 71 7 713 Transportation equipment 1,045 1,078 1,070 1,118 1,134 1,157 1,139 1,160 1,175 n,233 n,259 1,244 1 221 Lumber and wood products 723 734 750 764 775 773 765 758 754 -755 r742 762 753 Furniture and fixtures 311 312 316 324 325 323 319 320 316 318 323 320 314 Stone, clay, and glass products.. 432 441 447 457 456 469 475 469 478 r475 r480 484 486 Instruments and related products .. . 176 180 184 189 199 204 208 209 210 r214 r216 220 221 Miscellaneous manufacturing industries .. 373 382 383 407 412 417 411 416 413 r421 r423 424 423 Ordnance and accessories 19 19 19 20 22 22 23 24 25 27 29 30 30 Nondurable goods 5,555 5,576 5,645 5,758 5,787 5,786 5,760 5 760 5 834 r5,862 r5,827 5 803 5,744 Textile-mill products 1,168 1,174 1,196 1,243 1,268 1,264 1,250 1 239 1 245 ,250 1,215 1 217 1 196 Apparel and other finished textiles 1,022 1,022 1,044 1,073 1,067 1,063 1,046 1 048 1 070 I,083 1,075 1 063 1 047 Leather and leather products. . . 349 350 356 363 365 363 362 361 364 r367 362 358 343 Food and kindred products 1,172 1,171 1,176 1,179 1,171 1,166 1,171 1 173 1 211 n,212 n,214 1 193 1 ,183 Tobacco manufactures 82 79 80 79 82 82 79 81 80 81 81 82 81 Paper and allied products 394 401 404 412 420 419 423 424 421 421 422 427 428 Printing, publishing and allied industries 501 500 504 509 510 509 510 510 510 510 r514 512 512 Chemicals and allied products... 492 497 499 501 503 513 511 514 521 524 r530 536 537 Products of petroleum and coal. 178 180 180 189 186 190 190 192 192 193 195 196 195 Rubber products 197 202 206 210 215 217 218 218 220 '221 219 219 222 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,841 12,066 12,151 12,802 13,016 13,133 13,044 13 056 13 018 r13,186 r13 ,205 13 104 12,955 Durable goods 6,456 6,596 6,597 6,900 7,013 7,186 7,210 7 254 7 256 r7,371 r7,440 7 438 7,387 Primary Metal Industries 1,026 1,050 1,054 1, 086 1,105 1,117 1,126 1 142 1 149 1,153 1,158 159 1,161 Blast furnaces, steel works and rolling mills 529 538 543 550 552 553 554 556 559 r559 r561 561 Nonferrous smelting and refining primary 46 46 45 46 46 46 45 47 47 47 r47 47 Nonferrous rolling, drawing and alloying 79 80 80 83 85 86 86 87 87 87 86 85 Fabricated Metal Products 742 769 773 814 837 850 850 852 847 '852 858 858 848 Cutlery, hand tools and hardware 131 133 129 132 138 141 143 144 144 144 142 140 Heating apparatus and plumbers' supplies 119 122 120 132 137 137 135 133 130 132 134 133 Fabricated structural metal products 149 154 158 165 166 171 172 173 173 175 177 178 Machinery except Electrical 1,022 1,033 1,032 1,060 1,050 1,104 1,133 1 163 1 192 rl ,215 ,228 1 234 1, 245 Agricultural machinery and tractors 142 141 141 140 102 124 125 135 147 150 r150 151 Metalworking machinery... 158 163 162 171 181 190 197 204 211 218 223 227 Special-industry machinery 123 125 124 127 132 136 138 141 144 147 149 150 Service-industry and household machines 149 148 146 145 146 148 151 148 147 149 r148 143 Electrical Machinery 606 615 620 655 673 710 721 724 711 716 724 717 706 Electrical apparatus (generating etc.) ... 222 222 227 237 237 252 254 257 256 258 '263 267 Communication equipment. 220 227 228 248 255 272 278 278 268 270 '273 260 Transportation Equipment. . . . 1,045 1,078 1,070 1,118 1,134 1,157 1,139 1 160 1 175 rl ,233 rl ,259 1 244 1,221 Motor vehicles and equipment 736 765 757 781 788 795 760 767 767 791 r800 777 Aircraft and parts 185 187 188 199 209 225 239 264 r288 r298 308 Ship and boat building and repairing 67 68 68 79 76 76 76 79 83 95 96 94 Lumber and Wood Products 723 741 750 783 790 785 773 754 739 '736 r731 751 753 Sawmills and planing mills. . 430 437 444 465 468 462 452 440 429 r428 '428 441 Millwork, plywood, etc 106 109 109 114 114 115 114 112 110 r107 ••107 108 Furniture and Fixtures 303 303 303 319 327 329 327 326 321 324 326 318 306 Household furniture 221 222 222 234 240 242 242 238 234 235 236 228 Stone, Clay, and Glass Products.. 432 441 440 459 458 471 477 474 473 r473 r480 484 486 Glass and glass products. . . 116 118 114 122 117 127 129 128 128 '128 130 132 Structural clay products.... 73 76 77 79 80 80 81 79 80 '80 80 82 Instruments and Related Products. 176 180 178 187 199 205 209 211 211 '215 r218 221 221 Miscellaneous Manufacturing Industries 362 367 358 399 418 436 432 424 413 r427 r429 422 410 Ordnance and Accessories 19 19 19 20 22 22 23 24 25 27 29 30 30 856 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Nondurable goods 5,385 5,470 5,554 5,902 6,003 5,947 5,834 5,802 5,762 5,765 5,666 Textile-mill Products 1,162 1,174 1,160 1,224 1,255 1,264 1,262 1,258 1,257 1,269 1,227 1,217 Yarn and thread mills 143 146 147 154 159 161 161 160 162 164 162 160 Broad-woven fabric mills 573 580 571 595 606 607 606 604 602 604 569 570 Knitting mills 213 212 209 227 233 236 234 234 232 236 236 230 Apparel and Other Finished Textiles 976 976 981 1,089 1,099 1,100 1,056 1,064 1,070 1,115 1,107 1,047 1,000 Men's and boys' suits, coats and overcoats 129 135 127 138 137 138 137 137 138 '141 141 139 Men's and boys' furnishings 239 238 232 252 254 254 253 251 251 259 263 262 Women's and misses' outerwear 254 248 266 307 305 297 275 296 303 317 305 266 Leather and Leather Products 335 343 351 370 372 367 360 359 364 371 354 329 Footwear (except rubber) 218 224 230 237 237 230 226 229 234 239 237 226 Food and Kindred Products 1,090 1,141 1,231 1,331 1,350 1,260 1,196 1,155 1,120 rl, 099 '1,0971,087 1,097 Meat products 227 232 235 236 236 240 244 254 251 238 233 229 Dairy products 108 114 116 114 107 102 100 97 95 95 99 103 Canning and preserving 127 151 223 302 324 226 171 143 132 127 125 129 Bakery products 193 191 194 192 194 196 193 190 188 188 190 190 Beverage industries 146 157 164 169 159 149 149 146 147 145 147 144 Tobacco Manufactures 76 75 75 82 89 89 84 83 80 80 78 76 75 Paper and Allied Products 392 399 396 410 418 421 427 428 423 423 424 427 426 Pulp, paper and paperboard mills 202 205 204 207 210 210 211 212 209 209 209 213 Printi N ng ew , s P p u a b p l e is rs hing and Allied Industries. . . . 4 1 9 4 8 9 5 1 0 5 0 0 4 1 9 5 9 0 5 1 0 5 4 0 5 1 1 5 0 1 5 1 1 5 4 0 5 1 1 5 5 0 5 1 1 5 8 2 5 1 1 4 0 9 5 1 1 5 0 0 ' 1 5 5 1 0 1 5 1 0 5 9 1 509 Commercial printing 164 166 164 165 167 170 170 171 170 170 170 168 Chem I i n c d a u ls s t a r n ia d l A in ll o ie rg d a n P i r c o d c u h c e t m s icals 48 5 5 3 48 5 2 4 47 5 9 1 49 4 1 9 50 5 6 0 52 5 3 6 52 5 1 7 52 5 4 7 52 5 6 7 53 5 2 8 59 53 5 6 9 529 Industrial organic chemicals 148 150 152 155 158 159 160 162 163 163 167 168 Drugs and medicines 61 62 63 63 65 66 66 67 67 69 69 70 Products of Petroleum and Coal 177 181 182 193 189 190 191 191 190 191 192 194 194 Petroleum refining 136 138 139 147 145 147 148 147 147 148 149 150 Rubber Products 194 199 200 208 215 219 222 222 222 '222 220 219 Tires and inner tubes 86 90 92 92 93 92 91 91 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1950 1951 1950 1951 1950 1951 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Manufacturing—Total 57.54 '64.57 64.74 64.35 39.9 41.0 1.442 1.571 1.579 1.585 Durable goods 61.57 '69.26 69.76 69.39 40.8 '41.9 42.0 41.7 1.509 1.653 1.661 1.664 Primary metal industries 65.57 '74.85 75.77 74.28 40.5 41.7 42.0 41.2 1.619 •1.795 1.804 1.803 Fabricated metal products 60.89 '69.51 69.51 69.10 40.7 42.1 42.0 41.8 1.496 1.651 1.655 1.653 Machinery except electrical 65.09 '76.21 76.52 76.43 41.3 43.7 43.8 43.6 1.576 •1.744 1.747 1.753 Electrical machinery 59.28 '65.49 66.11 65.64 40.8 -•41.4 41.5 41.1 1.453 •1.582 1.593 1.597 Transportation equipment 69.62 '75.58 74.58 74.48 41.0 -•41.1 40.8 40.9 1.698 .839 1.828 1.821 Lumber and wood products 54.38 '55.78 59.82 60.36 40.7 '40.6 41.8 41.8 .336 .374 1.431 1.444 Furniture and fixtures , 51.50 '58.94 57.47 56.66 41.2 42.4 41.2 40.3 .250 .390 1.395 1.406 Stone, clay, and glass products 57.28 '64.57 65.13 65.72 40.8 '41.9 42.1 42.1 .404 .541 1.547 1.561 Instruments and related products , 58.34 '67.72 67.92 68.14 40.4 ••42.3 42.4 42.4 .444 .601 1.602 1.607 Miscellaneous manufacturing industries 52.47 '58.41 58.07 57.47 40.3 41.6 41.3 40.7 .302 -1.404 1.406 1.412 Ordnance and accessories 61.66 '72.59 71.60 73.85 40.7 r42.8 42.8 43.7 .515 1.696 1.673 1.690 Nondurable goods 52.83 '58.55 58.20 57.78 38.9 40.1 39.7 39.2 1.358 1.460 1.466 1.474 Textile-mill products 45.63 '53.34 52.81 51.29 37.9 40.5 39.8 38.8 1.204 -1.317 1.327 1.322 Apparel and other finished products... 41.27 '47.15 45.04 43.86 35.7 r37.3 36.5 35.4 1.156 .264 1.234 1.239 Leather and leather products 41.56 '48.78 46.59 45.15 35.4 r38.5 36.4 35.3 1.174 1.267 1.280 1.279 Food and kindred products 54.90 '59.31 59.66 60.15 41.0 '41.1 41.2 41.4 .339 1.443 1.448 1.453 Tobacco manufactures 39.67 '41.99 42.66 42.92 36.7 '"36.8 36.9 37.1 .081 1.141 1.156 1.157 Paper and allied products 58.08 '66.25 66.27 65.66 42.3 r43.7 43.6 43.2 .373 1.516 1.520 1.520 Printing, publishing and allied products 72.64 '75.93 75.82 75.97 38.7 ••39.0 38.9 38.9 .877 1.947 1.949 1.953 Chemicals and allied products 61.18 '67.79 67.88 68.06 41.2 r42.0 41.8 41.6 .485 1.614 1.624 1.636 Products of petroleum and coal 73.28 '78.53 81.13 81.11 40.6 40.5 41.1 40.8 .805 1.939 1.974 1.988 Rubber products 64.52 '66.08 65.63 65.10 41.2 ••40.1 39.8 39.6 1.566 1.648 1.649 1.644 T Revised. NOTE.—Data are for production and related workers. Figures for May 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. JULY 1951 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1943 42,042 17,381 917 1,567 3,619 7,189 J .401 3,919 6,049 1944 41,480 17,111 883 1,094 3,798 7,260 ,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 .641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 SEASONALLY ADJUSTED 1950—May 43,578 14,629 941 2,223 3,888 9,459 J . «03 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 L,804 4,769 5,851 August 44,914 15,333 942 2,434 4,073 9,651 ,819 4,779 5,883 45,196 15,444 942 2,454 4,119 9,650 .836 4,768 5,983 October 45,408 15,606 937 2,506 4,138 9,630 1,839 4,733 6,019 November . . 45,501 15,635 937 2,521 4,126 9,620 1,838 4,747 6,077 December 45,605 15,692 938 2,452 4,125 9,692 1,846 4,741 6,119 1951—January 45,804 15,852 939 2,507 4,107 9,722 1,840 4,737 6,100 February -46,078 16,009 '939 '2,503 '4,117 '9,769 1,848 '4,728 6,165 March '46,274 16,068 '931 '2,560 4,145 '9,756 1,854 4,730 6,230 April 46,387 16,089 910 2,581 4,153 9,759 1,857 4,744 6,294 May . ... 46,348 16,034 905 2,556 4,137 9,738 1,868 4,763 6,347 UNADJUSTED 1950—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 Tulv 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 1,828 4,694 6,376 1951—January 45,246 15,784 932 2,281 4,072 9,592 1,831 4,666 6,088 February 45,390 15,978 '930 '2,228 '4,082 '9,554 1,839 '4,657 6,122 March '45,856 16,031 '924 '2,330 4,110 '9,707 1,854 4,683 6,217 April 45,975 15,942 908 2,478 4,132 9,613 1,866 4,744 6,292 May 46,068 15,806 904 2,582 4,134 9,601 1,877 4,787 6,377 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. May 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 x Total ployed In nonagricul- In Total tural industries agriculture 1943 94,640 55,540 54,470 45,390 9,080 1,070 39,100 1944 93,220 54,630 53,960 45,010 8,950 670 38,590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 . . . .. 109,284 63,099 59,957 52,450 7,507 3,142 46,181 1950—May 109,288 62,788 59,731 51,669 8,062 3,057 46,500 June 109,392 64,866 61,482 52,436 9,046 3,384 44,526 July 109,491 64,427 61,214 52,774 8,440 3 213 45 064 August . 109,587 64,867 62,367 54,207 8,160 2,500 44,718 September 109,577 63,567 61,226 53,415 7,811 2,341 46,010 October 109,407 63,704 61,764 53,273 8,491 1,940 45,704 November 109,293 63,512 61,271 53,721 7,551 2,240 45,782 December 109,193 62,538 60,308 54,075 6,234 2,229 46,657 1951—January 109,170 61,514 59,010 52,993 6,018 2,503 47,658 February 108,933 61,313 58,905 52,976 5,930 2,407 47,619 !March 108,964 62,325 60,179 53,785 6,393 2,147 46,638 April .. 108,879 61,789 60,044 53,400 6,645 1,744 47,092 May.. . 108,832 62,803 61,193 53,753 7,440 1,609 46,029 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. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Total R b e u si i d ld e i n n t g ial P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 January 730.9 1,043.2 343.5 420.9 37.7 128.4 60.6 121.1 63.5 84.6 73.5 126.8 152.1 161.3 February 779.5 1,140.5 361.5 531.1 27.9 116.2 58.3 101.8 58.0 81.0 121.4 132.2 152.5 178.2 March . . 1,300.2 1,267.5 574.7 574.6 161.5 122.7 88.6 78.8 96.3 128.4 154.3 139.4 224.9 223.6 April. 1,350.5 1,375.0 674.8 590.8 119.2 174.3 106.8 106.3 97.0 103.5 125.6 133.9 227.0 266.1 May 1,347.62,573.0 674.6 661.1 83.7 1,274.9 96.4 60.6 100.2 123.2 128.3 175.3 264.5 278.0 June . 1,345.5 628.1 69.3 97.7 128.3 148 7 273.4 July 1,420.2 675 1 79.8 117.4 121.2 168.8 258.0 August 1,548.9 754.1 128.8 137.9 113.1 161.2 253.8 September. . . 1,286 5 549 6 90 8 137 2 119.4 151.4 238.2 October 1,135.8 529.9 93.6 104.5 86.3 142.5 179.1 November 1,087.1 496.7 103.9 94.4 109.4 127.2 155.5 December 1,168.4 478.6 146.1 108 9 87 2 148 2 199 5 Year 14,501.1 6,741.0 1,142.3 1,208.5 1,179.8 1,651.0 2,578.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1949 1950 1951 1949 1950 1951 1949 1950 1951 1951 1950 Federal Reserve district Jan 483 731 1,043 160 201 306 323 530 737 Feb 568 780 1,141 252 285 332 317 495 808 May Apr. May Mar 748 1,3001,268 282 481 418 466 819 849 Apr 846 ,350 1,375 319 354 456 527 996 919 J J M u u l a n y y e.... 9 9 8 5 4 8 0 8 5 1 ., , , 3 3 4 4 4 2 8 0 5 3 3 4 6 7 1 9 5 0 3 4 4 8 2 6 9 8 0 5 5 5 3 1 7 7 7 4 9 9 9 5 6 1 9 0 7 N P B h o e i w s l t a o d Y n e o lp rk hia 2 1 1 8 0 0 7 5 5 , , , 6 3 2 4 3 3 1 0 6 2 5 8 0 1 1 3 , , , 9 6 6 5 4 8 4 9 5 2 5 3 7 7 1 7 , , , 6 9 6 3 0 7 2 4 6 Aug 911 1,549 316 438 595 1,111 Cleveland 206,337 148,474 137,553 Sept 1,072 1,287 289 364 783 922 Richmond 743,910 160 898 129,857 Oct 1,062 1,136 332 308 730 828 Atlanta . ... 163,735 143,661 163,445 Nov 958 1,087 316 320 642 767 Chicago 210,405 242,321 254,766 Dec 929 1,168 299 381 630 787 St. Louis 471,601 76 264 89,816 Minneapolis . ... 55,751 49,804 51,149 Year.. 10,359 14,501 3,718 4,409 6,641 10,092 Kansas City 62,630 67,548 54,001 Dallas 160,385 148,733 99,804 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 2,572,961 1 374,991 1,347,603 [In millions of dollars] Title loans Mortgages Y m e o a n r t o h r Total p P m e r i r m r e o o t n v y p - t e - 1 - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m 1 u t i 1 o s t i ) l l e e y 4 s - h R g ( o T a r e I u o n n i I s t ) u d t i l a p n e l g W h e ( o V V a T r u a r I e i s n ) t t a * i l - s n e n ' g d h ( M t T i o a n i i u r g t l y s l i e - - INSURED P O F R H T A F O H L O I M O [ , I E n B m M Y i O l C li R o L n T A s G S o S A f G O d E o F l S l a I r N s ( ] T S I T T I L T E U T I I I O ) N HELD IN 1 1 1 1 1 9 9 9 9 9 4 4 4 5 4 7 6 9 0 8 3 3 4 1 , , , 3 7 3 8 7 4 8 3 5 2 2 7 5 8 1 3 5 6 5 6 3 1 9 9 2 4 4 4 4 1 ( (4 4 ' 1 ) ) 7 3 7 2 1 , , 4 8 3 4 8 6 5 4 4 8 7 6 6 0 5 21 3 7 1 1 1 , , , 3 8 0 8 3 3 3 0 8 8 5 9 6 1 12 1 3 2 End of month Total b C m a c o i n e a m r k l - s - b M s t i a n u a n g v u a 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 - l - Other* 1950—May 351 48 176 1 110 15 June.. 376 78 181 1 113 3 July . 369 61 183 9 111 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 55 216 (4) 88 14 1938—Dec 1,199 634 38 149 212 77 90 O N De o c c t v . . . . . . . . . . 3 3 3 7 4 7 9 9 9 5 8 7 4 2 4 ( ( ( 4 4 * ) ) ) 2 2 2 4 3 0 1 6 4 3 2 5 6 4 4 3 3 9 2 1 1 3 0 7 1 1 1 1 9 9 9 9 3 4 4 4 9 1 2 0 — — — — D D D D e e e e c c c c 3 2 3 1 , , , , 1 4 6 7 0 0 9 2 7 9 0 3 1 1 1 , , , 1 4 6 9 6 6 6 0 2 5 9 2 2 1 1 3 8 7 3 6 6 1 0 2 2 2 1 7 2 5 9 6 4 4 2 1,0 3 5 7 3 4 4 8 2 2 2 9 2 2 2 1 3 4 0 5 4 5 1 3 1 1 1 1 7 3 6 5 3 9 3 0 1951—Jan.... 330 63 1 225 (4) 28 13 1943—Dec 3,626 1,705 256 292 1,134 79 159 Feb.... 261 44 1 176 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 May.. 271 52 2 165 16 36 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent 1947—June 2,860 1,386 245 229 889 8 102 mainly mortgages insured under the Veterans' Housing Title VI Dec 2,871 1,379 244 232 899 7 110 (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with 1948—June 2,988 1,402 251 245 973 7 110 December 1947, figures include mortgages insured in connection with Dec 3,237 1,429 265 269 1,113 9 152 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1949—June 3,894 1,587 305 323 1,431 21 227 8 Mortgages insured on new rental housing at or near military Dec . 4,751 1,771 378 416 1,828 52 305 installations under Title VIII, approved Aug. 8, 1949. 4 Less than $500,000. 1950—Dec 6,695 2,205 693 603 2,712 60 421 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u e r v i i n o g u sl t y h e in p s e u ri r o e d d Un 2 i t I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m o p rp a o n r i a es ti , o f n i . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. JULY 1951 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 January 1,114 1,092 1,105 741 P972 531 547 590 623 P1,023 583 545 515 118 p—51 February 1,146 1,085 1,043 765 Pi,076 437 589 567 600 P908 709 496 477 164 P167 March. 1,326 1,139 1,189 861 n,284 445 675 633 665 P1,099 882 464 557 196 P185 April 1,294 1,121 1,173 803 Pl,374 512 532 535 585 P1,024 782 590 638 218 P35O May 1,414 1,103 1,095 829 Pl,351 474 554 541 659 P1,018 940 549 554 170 P333 June 1 235 1 014 1 108 P878 463 625 526 P687 772 389 582 P191 July 1,155 1,019 900 P3779 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 P1,065 603 720 605 P866 511 598 340 P198 Jan.-May 6,294 5,539 5,606 P3.998 P6.056 2,398 2,895 2,864 P3,133 P5,O72 3,896 2,643 2,742 P865 P983 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 - p e r s o t d- Ore l c a el ne - - c d h i a s n e ucts ous l.c.l. Year or month o r p e e T v r e o a n t t a i u n l e g s ex T p o e t n a s l es op in e N c ra o e t m i t n e g in N co e m t e 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 *>9,473 P8.434 i»l,040 ADJUSTED SEASONALLY 1950—May 122 119 181 127 66 134 '122 133 51 ADJUSTED June 127 116 192 130 61 144 179 138 52 July 126 105 195 135 61 148 186 140 51 1950—May 715 661 54 20 August 135 126 194 139 60 155 190 147 56 June 791 691 100 70 September. . . 134 135 201 128 72 148 198 142 55 July 772 686 86 54 October 136 135 206 159 75 146 184 145 54 August 833 744 88 55 November. .. 136 126 198 166 72 157 184 146 53 September. 858 749 109 73 December. . . 140 129 194 158 72 162 199 151 52 October.. . 885 776 108 74 November. 863 760 103 70 1951—January 146 133 199 153 69 170 243 158 52 December. 941 849 92 60 February.... 129 114 186 134 55 143 241 141 48 March 139 112 202 150 62 147 241 157 53 1951—January... 863 766 98 66 April 136 112 197 158 68 156 212 151 51 February.. 783 742 41 11 May 133 111 210 141 64 154 212 148 48 March.... 854 783 71 P39 April 873 800 41 UNADJUSTED UNADJUSTED 1950—May 125 119 179 112 59 139 217 135 51 June 131 116 188 133 51 150 277 142 52 1950—May 745 678 67 45 July 130 105 190 162 48 149 298 141 51 June 779 689 90 72 August 140 126 186 150 57 163 285 149 56 July 772 688 84 59 September... 145 135 198 143 95 160 298 154 57 August 890 768 122 96 October 147 135 201 159 116 154 262 158 56 September. 872 749 123 99 November.. . 139 126 198 162 90 154 188 152 54 October... 925 791 135 108 December. . . 130 129 204 148 70 145 62 142 50 November. 862 752 110 86 December. 928 815 113 120 1951—January 133 133 209 153 66 153 61 145 50 February.... 119 114 197 131 44 137 60 133 46 1951—January... 849 771 78 55 March 130 112 204 138 49 147 70 149 54 February.. 716 697 19 -4 April 133 112 193 139 61 156 193 149 51 March.... 875 797 78 51 May 135 111 208 124 57 160 296 149 48 April 851 781 71 45 T Revised. 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. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo St u . is 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—May.... 290 231 '228 270 299 ••318 »-389 277 330 268 ^308 403 336 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 302 233 252 286 323 326 399 282 320 287 314 402 r346 Mav P301 P236 243 281 309 331 387 291 330 P278 P317 405 347 UNADJUSTED 1950—May *-287 228 r224 275 296 '312 r377 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 284 221 232 269 297 298 367 276 304 279 302 382 '320 May P297 P233 238 286 306 325 375 293 323 P284 P313 393 329 STOCKSi 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 212 209 251 238 1947 255 202 225 220 243 289 306 246 274 266 259 320 300 1948 291 223 241 252 277 322 362 281 314 326 301 389 346 1949 270 210 223 233 256 301 339 260 296 299 276 362 323 1950 295 231 237 257 288 334 394 276 325 317 300 397 355 SEASONALLY ADJUSTED 1950—May 285 228 '229 244 280 331 370 265 313 322 ••296 380 338 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 377 303 297 331 395 407 483 343 437 383 380 486 465 May P365 290 290 318 380 398 480 339 403 P365 P372 486 438 UNADJUSTED 1950—May . 289 226 '232 249 283 337 366 268 313 323 '302 380 350 June 267 206 209 229 261 305 345 248 299 294 287 353 326 Julv 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 386 297 306 r345 401 425 507 353 437 389 392 510 474 May P369 287 294 325 383 405 476 342 403 P366 P379 486 454 v 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. JULY 1951 861 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 yearago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales=100 2 Department b s N t 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 ) April Sale p s e r d io u d ring Sto o c f k m s o at n e th nd reporting Four 1951 1950 1951 1950 Apr. months Apr. 1951 1950 1951 1951 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store 3 354 -2 + 12 +33 4.2 3.1 MAIN STORE—total 354 -2 +12 +33 4.5 3.3 190 215 195 861 851 650 Piece goods and household textiles 314 +11 +21 +36 5.4 4.4 171 171 154 930 901 687 Piece goods 294 +3 +3 +15 4.2 3.8 203 227 197 854 894 747 Silks, velvets, and synthetics 192 +2 +3 +6 3.8 3.6 176 251 172 667 905 634 Woolen yard goods 172 -12 -5 +28 9.3 6.4 103 210 116 956 912 743 Cotton yard goods 184 +8 +9 +22 3.4 3.0 289 261 268 988 1,046 845 Household textiles 306 + 18 +33 +50 6.3 4.9 155 145 132 975 921 654 Linens and towels 274 + 10 +19 +39 6.6 5.2 139 136 126 916 886 662 Domestics—muslins, sheetings 249 +28 +51 +50 5.8 5.0 171 173 134 996 944 673 Blankets, comforters, and spreads 240 + 17 +24 +71 6.4 4.4 145 130 123 932 947 555 Small wares 344 0 +6 +21 5.0 4.1 154 166 154 775 760 642 Laces, trimmings, embroideries, and ribbons... 208 -5 +8 + 14 3.6 3.0 254 264 266 918 912 801 Notions 236 +6 +6 +22 3.9 3.4 246 212 232 951 954 784 Toilet articles, drug sundries 330 + 1 + 11 +20 4.6 3.9 131 145 129 607 600 509 Silverware and jewelry 312 +6 +28 7.0 5.3 150 165 156 1,053 1,028 817 Silverware and clocks 4 211 +8 + 17 +48 9.3 6.8 Costume jewelry4 287 — 13 —3 + 12 4*6 3.6 Fine jewelry and watches4 78 +3 + 11 + 19 10.5 9 2 Art needlework 233 +8 + 1 +27 6.7 5.'7 125 141 115 837 822 660 Books and stationery 271 -6 + 1 + 13 4.8 4.1 137 174 145 665 643 594 Books and magazines 133 -3 -1 +3 3.4 3.2 121 181 126 419 479 410 Stationery 235 -6 + 1 + 16 5.6 4.5 125 162 133 702 704 606 Women's and misses' apparel and accessories 351 -7 +9 +22 3.2 2.4 197 239 212 623 632 511 Women's and misses' ready-to-wear accessories 351 -12 +8 +25 4.0 2.8 185 235 209 736 730 588 Neckwear and scarfs 309 -12 +7 +22 2.6 1.9 243 314 276 633 653 518 Handkerchiefs 281 -24 _2 +20 6.5 4.1 90 124 119 587 568 497 Millinery 162 -27 0 + 10 1.1 0.7 183 308 252 196 256 179 Women's and children's gloves 322 -30 +4 +20 4.8 2.8 133 214 189 639 641 531 Corsets and brassieres 338 2 + 14 +28 3.7 2.9 253 275 258 948 948 748 Women's and children's hosiery 343 -9 + 11 +42 3.1 2.0 141 165 154 437 457 309 Underwear, slips, and negligees 343 + 1 + 12 +24 4.4 3.6 176 176 174 773 729 629 Knit underwear 247 +2 +20 +30 4.4 3.5 219 233 213 982 936 766 Silk and muslin underwear, and slips 280 -2 +8 +23 4.7 3.7 164 161 168 768 732 630 Negligees, robes, and lounging apparel 254 + 12 + 12 + 17 3.3 3.1 164 157 147 540 516 463 Infants' wear 324 -7 +6 +28 4.0 2.9 234 305 252 930 924 732 Handbags and small leather goods 334 -23 +2 +20 3.3 2.1 161 230 210 534 525 443 Women's and children's shoes 244 -14 + 10 +23 5.6 4.0 210 281 244 1,187 1,156 966 Children's shoes4 214 —33 +3 +20 6.6 3.7 Women's shoes 4 225 —9 + 11 +23 5 4 4 0 Women's and misses' ready-to-wear apparel... 351 -2 +9 + 17 2'.4 2.0 210 244 215 502 527 429 Women's and misses' coats and suits 339 -4 + 10 + 19 1.6 1.3 243 298 252 392 516 328 Coats 4 211 o + 14 + 16 1 .3 1.2 Suits4 203 o +4 +25 1.9 1 4 Juniors' and girls' wear 290 -13 +6 +20 2^5 r.8 223 350 256 561 581 471 Juniors' coats, suits, and dresses 275 -6 +6 + 18 1.8 1.4 247 334 265 450 501 386 Girls' wear 315 -21 +6 +22 3.6 2.3 207 384 262 734 706 605 Women's and misses' dresses 340 +2 +7 + 11 1.9 1.7 225 217 221 419 420 377 Inexpensive dresses4 255 +2 +6 + 11 1 6 1 4 Better dresses4 269 +2 +8 + 12 2^2 2 0 Blouses, skirts, and sportswear 340 0 +6 +21 3.3 2'.7 231 246 231 767 728 635 Aprons, housedresses, and uniforms 289 +6 +7 + 10 2.6 2.5 203 174 192 535 502 482 Furs 264 +7 +40 + 19 7.3 6.6 47 79 44 347 420 290 Men's and boys' wear 332 -14 +10 +33 6.4 4.1 152 186 177 972 925 737 Men's clothing 254 -7 + 14 +35 6.3 4.3 172 193 185 1,083 1,016 810 Men's furnishings and hats 317 -13 +8 +35 6.6 4.3 134 150 153 883 826 661 Boys' wear 301 -27 +3 +24 5.7 3.3 161 269 222 913 932 740 Men's and boys' shoes and slippers 195 -13 + 18 +29 7.5 5.1 156 207 180 1,173 1,173 908 Homef urnishings 320 +10 + 19 +47 5.4 4.1 230 230 208 1,264 1,248 863 Furniture and bedding 246 +20 +20 +38 5.0 4.4 222 210 185 1,112 1,081 805 Mattresses, springs, and studio beds4 167 +22 +24 +98 3.4 2.1 Upholstered and other furniture 4 176 + 19 + 18 +28 5^4 5 .0 Domestic floor coverings 276 +27 +37 +53 4^9 224 227 177 1,318 1,331 868 Rugs and carpets 4 159 +31 +41 +58 6.1 5.0 Linoleum 4 99 +5 +8 + 13 4 5 4.2 Draperies, curtains, and upholstery 297 + 15 + 15 +25 4^4 225 211 195 998 1,061 803 Lamps and shades 250 +8 + 1 +24 4.7 4^1 199 176 184 940 900 761 China and glassware 251 + 13 + 12 + 17 7.7 7.4 161 167 142 1,240 1,181 1,067 Major household appliances 239 -14 +25 +94 6.9 3.1 201 278 234 1,394 1,349 713 Housewares (including small appliances) 258 + 12 + 19 +53 5.1 3.7 296 267 264 1,502 1,489 987 Gift shop 4 169 +6 + 10 +26 6.4 S 4 Ra R R di a e o d c s o i , o r s d p , s h , p o s h n h o o e n g e o r t a g m p ra h u p s s , h ic s te , , l a t e e n v le d is v i i i o n s n i s o , t n r r u e 4 m co e r n ds ts , 4 e . t . c . . 4 . . 2 1 1 2 7 2 8 5 3 — — + 2 1 6 6 6 + + + 1 6 4 1 + + + 1 1 2 2 4 3 0 9 6 7 ^ .0 0 2 2 . . 1 5 Miscellaneous merchandise departments. . . 316 -6 +9 +50 4.7 2.9 176 199 188 821 764 567 Toys, games, sporting goods, cameras 294 -5 +8 +66 9.0 5.1 132 130 139 1,188 1,035 718 Toys and games 239 -11 +5 +94 10.3 4.7 97 116 108 992 870 515 Sporting goods and cameras 146 0 + 11 +43 8.2 5.7 140 117 140 1,147 990 808 Luggage 268 +9 +9 +33 6.0 4.9 169 154 156 1,020 988 770 Candy 4 193 -43 +3 + 17 1.6 0.8 For footnotes see following page. 862 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 * 1941 average monthly sales =100 * Num- Department r b s e t e p o r o r e o rt s f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f April Sale p s e r d io u d ring Sto o c f k m s o at n e th nd ing A 19 p 5 r 1 . m F 1 o o 9 n 5 u th 1 r s A 19 p 5 r 1 . 1951 1950 1951 1950 1951 1950 Apr. Mar. Apr. Apr. Mar. Apr. BASEMENT STORE—total 198 -3 +10 +29 3.0 2.2 196 216 202 580 592 450 Domestics and blankets4 138 +20 +30 +52 4.3 3.4 Women's and misses' ready-to-wear 190 -7 +7 +19 2.1 1.7 200 234 214 426 439 358 Intimate apparel4 166 +5 + 15 +28 2.8 2.3 Coats and suits 4 175 -12 +4 +6 1.1 1.0 Dresses 4 173 0 +5 +1 1.4 1.4 Blouses, skirts, and sportswear 4 153 -2 +4 +24 2.6 2.0 Girls' wear 4 123 -26 +5 + 19 2.7 1.7 Infants' wear 4 121 -5 + 10 +31 3.2 2.3 Men's and boys' wear 157 -6 +10 +35 3.9 2.7 199 224 212 779 782 574 Men's wear 4 138 +2 + 12 +36 3.9 2.9 Men's clothing 4 95 +2 + 11 +37 3.6 2.7 Men's furnishings 4 116 + 1 + 11 +35 4.0 3.0 Boys' wear 4 118 -29 +5 +30 3.8 2.1 Homef urnishings 104 +17 + 13 +46 3.6 2.9 208 179 177 742 796 513 Shoes 120 -9 +14 +23 4.4 3.3 158 198 173 692 680 565 NONMERCHANDISE—total4 168 +2 +9 (6) (5) (5) Barber and beauty shop 4 73 +8 0 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 861. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 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 1 Without seasonal adjustment Year or month m ( S o t a o n l t e t a h s l ) m ( S e o t n o n d c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o n s ) f g R m ( e t o c f o o n e t r i t a p h l ) ts m o ( N o r t f o d o n e t e r w t a r h l s ) Aug. 2 1 1 6 0 3 9 . 4 . . . . . . 9 . . . . . . . . 2 2 2 5 1 2 2 8 8 Aug. 1 1 1 5 2 9 9 . 5 . . . . . 0 . . . . . .. . . 2 2 2 8 9 7 1 6 3 Feb. 1 1 1 9 4 8 1 5 . . . 0 . . . . . . . . . . . . 2 2 22 3 3 6 1 8 Feb. 1 1 1 3 9 7 0 5 . . . 1 . . . . . . . . . . . . 2 2 2 7 3 7 2 4 3 1942 average... 179 599 263 182 192 27... ..252 26... ..288 25... ..221 24... ..274 1943 average... 204 509 530 203 223 Sept. 3... ..295 Sept. 2... ..310 Mar. 4.. ...244 Mar. 3... ..288 1944 average... 227 535 560 226 236 10... . .273 9... ..295 11... ..253 10... ..303 1945 average... 255 563 729 256 269 17... ..315 16... ..368 18... ..264 17... ..292 1946 average... 318 715 909 344 327 24... . .292 23... ..322 25... ..279 24... ..304 1947 average... 337 826 552 338 336 Oct. 1... ..302 30... ..320 Apr. 1... ..301 31... ..258 1948 average... 352 912 465 366 345 8... ..297 Oct. 7... ..325 8... ..320 Apr. 7... ..292 1949 average... 333 C862 350 "331 331 15... ..29C 14... ..322 15... ..254 14... ..288 1950 average... 347 941 466 361 370 22... ..296 21... ..304 22... ..279 21... ..281 29. ....298 28... ..313 29... ..285 28... ..293 1950—May.... 330 906 248 c306 C283 Nov. 5... ..315 Nov. 4. .. ..315 May 6... ..301 May 5... ..326 June.... 317 833 369 244 365 12... . .318 11... ..342 13... ..308 12... ..318 July.... 292 789 693 248 572 19... . .342 18... ..368 20... ..275 19... ..285 Aug 331 918 755 460 522 26... . .330 25... ..319 27... ..282 26... ..290 Sept 370 1,029 702 481 428 Dec. 3... ..449 Dec. 2... ..444 June 3... ..261 June 2... .••273 Oct 361 1,169 593 501 392 10... . .542 9... ..554 10... ..302 9... ..311 Nov 403 1,203 442 437 286 17... ..584 16... ..638 17... ..302 16... ..305 Dec 616 957 412 370 340 24... ..541 23... ..640 24... ..250 23... ..265 1951—Jan 337 994 658 374 620 31... ..197 30... ..237 July 1... ..263 30. .. .258 Feb 286 1,094 656 386 384 8... ..218 July 7 . ...219 A M M p a a r r y.... P 3 3 3 1 4 3 3 7 8 ? 1 > 1 , 1 , 2 , 2 1 4 1 9 6 8 5 * 4 3 2 3 6 9 9 7 3 * • > • 4 3 2 7 4 8 1 1 7 P ' " 2 2 2 1 8 4 3 2 1 Jan. 1 7 9 . 5 .. 0 . .205Jan. 1 1 6 3 9 . 5 . . . 1 . . ..2 3 8 0 5 5 2 2 1 9 2 5 . . . . . . . . . . . . . . . 2 3 2 9 0 6 5 3 5 2 2 1 8 4 1. P Preliminary. r Revised. c Corrected. 21!!!'.'.230 20.!!!!301 1 These figures are not estimates for all department stores in the 28... . .222 27... ..278 United States. Figures for sales, stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders r Revised. are derived from estimates of receipts and reported figures on out- NOTE.—For description of series and for back figures, see BULLETIN standing orders. for September 1944, pp. 874-875. Back figures.—Division of Research and Statistics. JULY 1951 863 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] M 19 a 5 v 1 A 19 p 5 r 1 . F 19 iv 5 e 1 M 19 a 5 y 1 A 19 p 5 r 1 . m F 19 i o v 5 s e 1 . M 19 a 5 y 1 A 19 p 5 r 1 . F 19 iv 5 e 1 M 19 a 5 y 1 A 19 p 5 r 1 . F 1 m 9 i o v 5 s e 1 . United States. p+3 -2 +11 Cleveland-cont, Chicago +5 +1 +13 Dallas +4 0 +10 B N N P N D L A S N E N W P N B P S B B B R o e B p o r o o c l L u e e o o r l i o e e i s w o m o b r n i a w r h w w u f o w t s w w c a i d v t f r o a g g t n e g s h i w l a e c g o a i n n n r h a a t Y g n h l Y e l d H e a o n e r B o y r t l r n a f e s o k s k e - o p e n a i o a d m t t c e r e n e n w A o e i e r v 1 k t d l e c F k r c r t r d a n e r f p o e t e a d l o e n n C s 1 l y . r a i . l i . e d . s . t . . . . . y . . . . . . . + + + + + + + + + + + + + + + + + + + _ - 2 1 1 1 1 1 1 6 ! 5 4 2 9 4 8 4 0 7 3 2 1 7 0 1 2 2 1 9 0 - - - - - 1 + 1 + + + + + 1 1 — — 1 - - — - - - — 0 8 5 6 3 4 1 0 1 0 2 3 3 6 2 3 0 5 4 5 3 1 + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 6 3 9 8 3 7 7 0 1 3 2 0 6 3 0 2 9 2 3 0 4 R A W W A A N P H W G L H E B R C C M C R R M B i t i c r y l a o a s o i h h r i n o a u t o h a a o i i c r h e h l l n l r g t a e ' d n a n m s e b n e t n h l u e s f e m c r e i n e s s h t i o e i b t n m t m * v m l g i h i t r l ' a r g o l i e l o t n n u v e o i s i s h n k b o o b l o s k o n n g t i g r n o l g u t n l n o i e m r e g g d h o t - a n l e t r d , w . o e h S a o n g , W e i , n m n a N n r S » y S l . . . e l . V . . l C . . 1 m . C . C a . . . . . . . . . . . + + - + + + + + + + + + + + - - _ - - - 1 1 1 2 2 1 5 7 2 3 1 4 7 1 3 3 4 4 2 0 0 1 2 1 7 0 - - - - - - 2 1 1 1 + 1 1 + - — - - - — - - - - - - - 9 6 2 9 6 3 4 3 5 3 9 6 7 4 0 3 8 5 5 o 2 y 1 7 | + + + + + + + + + + + + + + + + + + + + + + - - 1 1 1 1 1 1 1 2 9 2 9 6 8 3 2 6 8 9 8 4 8 7 9 8 3 6 2 6 0 3 2 S L Q F T F G F L L P D D G M E S S S C I M M t n . p e t t o o a o l e i v h u e r r e . . d a i e t i o r n e a r u r r a s i i l t t n L i d m i t t r L c L n w e r l r n s n i n a e e s i i t o a o n i c M d o o s g W a S 1 n p s a v n g i u y v u o u f H u a h t R m g i o 1 o B i i i R l i n a i p k e i s l l s o * s i a s i y a x e l l n o e a t c e u d y n h i A e 1 e l p k x t . i e s e i s r x d . 1 . e 1 . 1 . i s l . . a . . . . . . . . . . . . . , . , , . . . , , P + + - + + + + + + + + + + + + + + 1 - - - 1 1 1 3 3 1 P 0 2 2 4 6 6 6 6 5 5 7 5 1 0 0 0 0 3 1 + - + + + + + 1 - - - - - - - - - - - — - 1 6 5 2 5 6 6 6 3 5 3 8 4 4 4 2 8 2 5 2 0 0 ^ 4 + + + + + + + + + + + + + + + + + + + + + + + 3 2 1 1 1 1 1 1 1 1 1 1 1 1 3 2 2 7 8 8 5 7 7 7 7 7 5 5 3 6 1 3 3 1 1 5 1 S E O S S F S T F L L S S S S H P R S D C B a S l B a a a a r t a h a o h o o u i a n a o o a o e v a n n n n c n o s r r n c k k e r u l P s c n t e e r p t e s g e l r l s A n A a k a J a F D v r a a k o n r u W t o s o m B s t s e n r s n e o n n B i F s i o i o R f s a x 1 p e d l d e n g l t i e o e n e r e n o g e o o C r e e n a a y r i c l 1 n o l n r s a l t n d c t h i e t a h a o a i n 1 h l s c o r s . r n d c i 2 i * d * d s s . o . * i . c t . l . n . . . . i . o 1 . . . . . . o . . . . . . . P P p + P P P P + P + + + + 1 2 + + + + l + + + + + + + + + + + - 4 5 1 0 l 1 4 1 3 3 5 4 6 8 4 8 3 3 7 3 0 1 6 1 + - - - + 1 1 1 - - - - - - - - - - - - - 8 1 4 4 5 3 8 4 1 3 4 2 5 2 0 0 0 r( 0 0 0 3 ) 1 + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 1 6 6 5 9 5 9 8 7 6 2 7 5 2 3 1 0 1 0 0 4 4 5 P T S L Y U W P R h y h r a e o t i i e i r n l i a r l c a a l n k k c d a a d c t e a i d u o e i n s s e l n s - t g p l e e B » p h l r l a h ia r * i r a . e . 1 K . + + + + + + + - - 1 1 2 6 4 2 4 2 4 3 5 r + + - - - - - - 3 2 9 3 5 8 5 0 1 + + + + + + + + + 1 1 1 1 1 1 9 1 7 7 3 0 4 0 6 O J T A A S R M C M a t a r o o u t c . a i l l m m l g k a a a c u P u n m s n o e m p o e s d n t a i a t t n o b 1 a e 1 l v u * r i s s l b le u rg l.. . . . + + + + + + - - - - 1 5 4 6 9 2 1 6 4 7 5 + - - - - 1 + + + 3 1 1 — - 1 3 2 2 2 3 4 4 7 3 1 + + + + + + + + + 2 1 1 1 1 1 1 1 3 7 7 0 1 4 4 6 7 0 M K S M D D P a S i t u e u n . n i u e n n l n s P p b u n v a e e l a t e e s a o h r u a r p i - p o l o 1 r o l i l C s i * s . i . . t 1 y . . . . . . . . + + + + - - 4 3 4 2 3 3 0 - + 1 - - - 4 2 4 0 4 0 0 + + + + + + + 1 1 1 1 8 8 3 0 2 1 2 V P S S S B E B N N a e o p a o v e l a l r i l o a a e t l s l t t e m k p i r l e t L n j l a e a a o e g p a n a t n k h a i t d n i 1 e a e a d l n m d C i J. t y . » . . P P + + + + + - - - 2 1 3 7 1 3 6 4 3 0 + + + + + - - 8 6 6 3 2 2 4 2 + + + + + + + + 2 1 1 1 1 1 1 6 1 4 7 3 8 0 3 Cleveland +3 +2 +14 Savannah +8 -9 + 14 Hutchinson 0 (2) + 11 Tacoma 1 0 -1 + 13 Akron i +4 +3 + 18 Baton Rouge 1.. -13 -19 -7 Topeka 0 + 19 + 19 Yakima » P+3 -2 + 13 Canton * +6 0 + 14 New Orleans1.. -5 -4 + 1 Wichita + 13 +9 +26 Cincinnati i +2 -3 +8 Jackson x -5 -11 + 1 Kansas City... +4 0 + 13 Cleveland* +6 +6 + 16 Meridian -4 -13 +2 Joplin +3 —5 + 17 Columbus 1 +2 +8 + 11 Bristol -1 -18 +2 St. Joseph -3 -7 + 10 Springfield * -1 -6 +8 Chattanooga :.. +3 -4 + 11 Omaha +5 +3 + 12 Toledo i +4 +6 + 17 Knoxville J +7 -9 +7 Oklahoma City c c +3 Youngstown *. + 10 +6 +22 Nashville1 +2 -10 +3 Tulsa +1 -3 + 10 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e i c g t e r r i a c t i i t o y n , fur H n o is u h s i e ngs 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 1950i 171.9 204.5 187.7 131.1 140.6 190.2 156.5 1950—May 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 173.4 209.9 185.7 131.6 140.2 189.1 156.8 174.6 210.0 189.8 131.8 141.2 194.2 157.8 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 May. .. . .... 185.4 227.4 204.0 135.4 143.6 212.6 165.0 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. 864 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 l d 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 l m i 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 i t e a d m s d n - i d - H g n f o o i i u n s o u r g h d s - - e s - n c M e e o l i l s u a - s - m R ri a a a t l w 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 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78 6 68 5 73 6 81.7 92 8 66 7 76 5 95 7 90.3 77 0 86 8 73.3 72.0 82.2 1939 77 1 65 3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78 6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941. 87 3 82 4 82 7 89 0 108 3 84 8 76 2 99 4 103.2 84 4 94 3 82.0 83.5 89.1 1942 98 8 105.9 99 6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103 1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944. . . 104 0 123 3 104 9 98 5 116 7 98 4 83 0 103 8 115.5 95 2 104.3 93.6 113.2 100.8 1945 105 8 128 2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152 1 181 2 168.7 135 2 182.4 141.7 108 7 145.0 179.7 127 3 131.1 115.5 165.6 146.0 1948 165 1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155.0 165.5 161.4 147.3 180.4 140.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 1950 161.5 170.4 166.2 153.2 191.9 148.0 133.2 173.6 206.0 122.7 153.2 120.9 172.4 156.8 1950—June 157.3 165.9 162.1 148.7 182.6 136.8 132.6 171.9 202.1 114.5 146.9 114.7 167.7 153.5 July 162 9 176 0 171 4 151.6 187.2 142.6 133.5 172.4 '207.2 118 1 148.7 119.0 175.8 158.0 August 166.4 177.6 174.6 155.5 195.6 149.5 134.2 174.4 213.9 122.5 153.9 124.3 179.1 161.2 September 169.5 180.4 177.2 159.2 '203.0 158.3 134.9 176.7 '219.7 128.7 159.2 127.4 181.8 164.0 October 169 1 177 8 172.5 161.5 r208.6 163.1 135.3 178.6 218.9 132.2 163.8 131.3 180.2 163.5 November 171 7 183.7 175.2 163.7 '211.5 166.8 135.7 180.4 217.8 135.7 166.9 137.6 184.5 165.1 December 175.3 187.4 179.0 166.7 '218.7 171.4 135.7 184.9 221.4 139.6 170.2 140.5 187.1 169.0 1951—January 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 183.6 202.6 187.6 171.8 238.2 181.1 138.1 188.1 228.1 147.3 175.4 142.7 199.1 175.5 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 '202.5 185.7 172.2 232.6 182.8 138.1 189.0 228.5 144 3 179.9 142.7 197.7 175.9 May 182.8 199.6 187.2 171.5 232.0 181.9 137.5 188.8 227.8 142.8 179.8 141.7 195.5 176.0 Week ending:1 1951—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 4 143 6 May 22 182.4 198.1 187.3 171.1 183.3 138.5 189.5 227.4 142.1 May 29 182.5 199.8 188.4 170.9 182.9 138.5 189.4 227.3 141.6 June 5 181 9 197 5 187 3 170 8 182.9 138.5 189 3 227 2 140 9 June 12 181 7 198 0 186 9 170 6 182 4 138 7 189 0 226 8 140 1 June 19 181.6 199.1 187.3 170.3 182.1 138.7 188.2 226.6 139.2 June 26 181.1 197.5 186.3 170.0 181.2 138.7 188.2 225.3 139.2 1950 1951 1950 1951 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May Farm Products: Metals and Metal Products: Grains 172.3 192.0 188.0 189.1 185.6 Agricultural mach. & equip.. . 143.7 159.1 '159.1 159.1 159.1 Livestock and poultry. 194 6 238 2 241 2 240 9 234 8 Farm machinery 146 0 161 0 161 1 161 1 161.1 Other farm products 143 7 182 8 184 3 181 7 181 0 Iron and steel.. 168 8 185 7 185 6 185 9 185 9 Motor vehicles 175.1 179.0 184 1 184.1 184.1 Dairy products.. 138.0 173.0 170.3 166.6 164.9 Nonferrous metals 136.3 191.1 183.5 184.1 182.8 Cereal products 146.0 166.3 164.5 164.5 163 6 Plumbing and heating 156 4 183.7 183 7 183.7 183.7 Fruits and vegetables 139.2 142.4 139.9 139.3 145.9 Building Materials: Meats, poultry and fish 217.1 255.2 254.5 255.1 257.2 Brick and tile 163.9 180.8 180.8 180.8 180.8 Other foods 130 9 159 0 160 0 158 8 160 7 Cement 134 9 147 1 147 1 147 2 147 2 Hides and Leather Products' Lumber ... 310 8 359 8 361 2 361 0 359.0 Shoes 184.8 '224.6 222.0 222.1 222.4 Paint and paint materials.... 136.8 164.0 164 4 164.7 163.7 Hides and skins 194 4 317.8 313.0 297 8 293 8 Plumbing and heating 156 4 183 7 183 7 183 7 183.7 Leather 179 3 229 1 229 2 228 7 228 2 Structural steel 191 6 204 3 204 3 204 3 204 3 Other leather products 143.1 188.0 188.2 180.6 180.6 Other building materials 172.7 198.2 198.2 198.3 198.2 Textile Products: Chemicals and Allied Products: Clothing 143.9 163.9 163.9 163.9 163.9 Chemicals 116.5 139.0 138.2 138.2 138.4 Cotton goods.... 172 0 240 5 239.9 236 2 234 1 Drugs and Pharmaceuticals. 122 3 185.2 185 1 184.5 185.2 Hosiery and underwear 97.7 113.8 113.8 113.5 113.5 Fertilizer materials 116.8 118.1 118.1 117.8 117.1 Silk 49.3 90.8 90.8 '85.2 76.3 Mixed fertilizers 103.7 108.9 108.9 108.6 108.6 Rayon and nylon , 39 9 43 1 43.1 43 1 43 1 Oils and fats 122 3 217 3 214 6 198.7 186.4 Woolen and worsted goods... 146.2 227.3 240.2 243.7 243.4 Housefurnishing Goods: Other textile products 164.6 243.8 246.1 249.2 247. C Furnishings. . . 154.1 186.9 193.4 195.5 195.5 Fuel and Lighting Materials: Furniture 138.9 163.2 163.2 163.2 162.9 Anthracite 139.2 156.5 156.1 152.8 151.0Miscellaneous: Bituminous coal 192 6 197.5 197 1 195 4 195 0 Auto tires and tubes 65 8 82 8 82 8 82 8 82.8 Coke . .. 225 6 234.1 234.5 234.8 234 8 Cattle feed 235.5 229.6 236.5 261.9 244.9 Electricity 66.6 '66.4 65.1 Paper and pulp 155.4 196.5 196.3 196.2 196.2 Gas 87 2 92 2 93 8 93 3 Rubber crude 58 4 147 3 145 4 137 5 135.1 Petroleum products . .... 112.6 119.4 120.3 120.0 119.7 Other miscellaneous 120.5 137.6 136.8 136.7 136.7 ' Revised. c Corrected. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. JULY 1951 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1950' 1951' 1929 1939 1941 1946 1948' 1949 r 1950' Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 264.4 275.0 287.4 303.7 318.5 Less: Capital consumption allowances. . 7.2 9.3 12.2 14.8 17.6 19.1 21.2 20.1 20.7 21.8 22.6 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.7 23.8 22.3 23.3 25.3 24.3 25.9 Plus: S B t S u a u s t i i b n s s e t i i s d c s i a e l t s r d a l n i e s s s c f s r e e r c p u a p r n a r c e y y n m t e s n u ts rplus of .6 1. . 2 7 1. . 4 5i 1. . 6 5 1. . 7 6 . . 7 3 -3.2 .7 .7 -1.8 .8 2. . 3 7 . . 7 4 -6.4 .8 -3.4 .8 . . 8 5 government enterprises i .5| .9 -.1 .0 .2 -.1 .2 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.7 239.0 219.3 230.6 245.8 260.1 269.4 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8J 14.6 18.3 24.7 31.7 30.5 36.2 30.5 34.8 37.4 42.2 42.9 Contributions for social insurance... . .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 7.0 6.6 6.8 7.0 7.4 8.3 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 10.5 11.6 14.3 21.0 14.2 11.0 11.1 11.5 Net interest paid by government... 1.0 1.2 1.2 1.3 4.4 4.4 4.5 4.6 4.7 4.7 4.7 4.7 4.7 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.2 7.6 9.2 7.8 8.4 9.4 11.1 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .8 .7 .7 .8 .8 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 205.1 224.7 216.3 217.1 227.3 238.3 244.1 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 18.8 21.5 21.1 18.6 20.5 19.0 19.5 20.2 23 26.6 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 17.8 16.4 16.9 17.5 20.3 23.8 State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.1 2.5 2.7 2.6 2.7 2.7 2.7 2.8 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 158.9 169.5 188.4 186.4 204.3 197.3 197.5 207.1 215.2 217.5 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 184.7 188.7 202.5 198.4 208.2 Equals: Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.5 6.3 10.7 12.5 8.9 4.6 16.8 9.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1950 r 1951' 1929 1939 1941 1946 1947 1948' 1949' 1950' National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.7 239.0 219.3 230.6 245.8 260.1 269.4 Compensation of employees 50.8 29.3 47.8 64.3 117 128.0 140.2 139.9 153.3 142.2 148.6 157.3 165.2 172.1 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 133.4 145.8 135.2 141.3 149.7 157.2 163.6 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.0 123.6 114.3 120.1 127.2 132.7 137.1 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.2 5.1 4.4 4.4 5.0 6.6 n.a. Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 17.2 16.4 16.8 17.5 17.9 n.a. Supplements to wages and salaries. .6 .5 2.1 2.6 5.9 5.9 5.8 6.5 7.5 7.0 7.4 7.7 7.9 8.5 Proprietors' and rental income 3. 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.4 44.0 41.4 41.8 45.6 47.2 48.8 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 20.9 22.3 21.1 21.9 23.2 23.0 24.1 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.0 13.7 12.5 12.2 14.3 15.8 16.4 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.5 8.0 7.8 7.8 8.1 8.4 8.3 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.7 30.5 36.2 30.5 34.8 37.4 42.2 42.9 Corporate profits before tax 9.8 .2 6.5 17.2 23.5 30.5 33.8 28.3 41.4 31.9 37.5 45.7 50.3 51.8 Corporate profits tax liability. . 1.4 .5 1.5 7.8 9.6 11.9 13.0 11.0 18.6 14.4 16.9 20.5 22.5 28.5 Corporate profits after tax 8.4 -.4 5.0 9.4 13.9 18.5 20.7 17.3 22.8 17.5 20.6 25.2 27.8 23.3 Inventory valuation adjustment.. .5 -2.1 -2.6 -5.2 -5.8 -2.1 2.1 -5.1 -1.4 -2.7 -8.3 -8.2 -8.9 Net interest 6.5 5.0 4.1 2.9 3.5 4.3 4.9 5.4 5.2 5.3 5.5 5.6 5.6 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—National Income Supplement for 1951 to the Survey of Current Business, Department of Commerce. 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME--Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1950r 1951' 1929 1933 1939 1941 1946 1947 1948 r 1949 r 1950'" 1 2 3 4 1 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 264.4 275.0 287.4 303.7 318.5 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 184.7 188.7 202.5 198.4 208.2 Durable goods ... 9 4 3.5 6.7 9.8 16.6 21.4 22 9 23.9 29.2 26.3 26 6 34 3 29 4 31 5 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.7 102.3 98.4 100.4 105.5 104.9 111.5 Services 31 7 20.6 25.5 28.5 44 5 49 1 54 1 57.6 62.1 60 1 61 6 62 7 64 0 65 2 Gross private domestic investment 15 8 1 3 9 9 18 3 28 7 30 2 42 7 33.0 48.9 40 1 47 9 47 3 60 2 59 6 New construction * 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.2 22.1 20.1 21.4 23.5 23.3 23.9 Producers' durable equipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.0 22.5 18.9 21.4 24.5 25.0 26.5 Change in business inventories. . . . 1.6 -1.6 .4 3.9 6.1 -.8 5.0 -3.2 4.3 1.1 5.2 -.7 11.8 9.3 Net foreign investment . . .. .8 .2 .9 1.1 4.6 8.9 1 9 .5 -2.3 -1.7 -1.6 -3 2 -2 7 -2 3 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.9 28.6 36 6 43.6 42.5 41.3 40.1 40 8 47 8 52 9 Federal . . . 1.3 2.0 5.2 16.9 20.9 15.8 21.0 25.5 22.8 22,0 20.9 21.2 27.3 31.9 W No Ta n r war . . . . } us 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 21.7 25.9 23.1 22.2 21.1 21.4 27.5 32.1 Less: Government sales 2 2.7 1.3 .6 .4 .2 .3 .2 .2 .2 .2 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.1 19.3 19.2 19.7 20.4 21.1 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s t n s - a e t l s - Wag d p m i e C u r n o o s g o a d t d m n r i u i i d n t e c - y - s - sal D a i r u n t i y r s t d i i t u v e r d i s e s i b - s - bu S r i s e n t e r r d v m ie u ic s e s e - nts m G er o e n n v - t - L b c p i s e u a n o l o s f o t n s n c o s i y u c o t i r a e r e e r n i - m l e - s - in O l c a t o b h m o e r r e6 i p n r r P e c a i o n r e n o t m t d - o al e rs 8 ' i i n d n s p a t o e c e n e o n n r r d m d a e - l s s e t T m p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m n a u l - e l- 8 1929 8S 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 1948r 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.2 2.8 47.3 16.0 11.3 187.1 1949r 205.1 131.2 133.5 56.9 39.0 17.2 20.4 2.2 3.0 41.4 17.1 12 A 187.6 1950' 224.7 142.9 145.8 63.5 41.4 18.7 22.3 2.9 3.5 44.0 19.3 15.1 206.6 1950—May 216 9 138 3 141 2 61.3 40.4 18.5 21 0 2 9 3 5 42 4 18 4 14 3 199.9 JuneT 219.0 141.1 144.1 62.8 41.3 18.7 21.3 3.0 3.5 42.5 18.4 13.5 202.6 July 222.7 143.2 146.1 63.9 41.9 18.8 21.5 2.9 3.6 45.3 18.4 12.2 204.0 Augustr 227.7 147.2 150.3 66.2 42.8 18.9 22.4 3.1 3.6 46.1 18.9 11.9 208.6 Septemberr. . . 231.5 149.7 152.6 67.1 42.8 19.1 23.6 2.9 3.6 45.3 21.6 11.3 212.9 Octoberr 234.1 152.4 155.6 69.3 43.1 19.3 23.9 3.2 3.6 46.3 19.7 12.1 214.3 Novemberr. . 236.4 154.2 157.3 69.9 43.2 19.5 24.7 3.1 3.7 47.2 19.5 11.8 215.5 Decemberr.... 244.4 155.9 158.9 70.8 43.6 19.6 24.9 3.0 3.7 48.1 25.0 11.7 223.4 1951—January 243.6 158.0 161.6 71.7 44.3 19.9 25.7 3.6 3.7 50.5 18.8 12.6 221.4 FebruaryT. . . . 243.3 160.0 163.4 72.4 44.5 19.8 26.7 3.4 3.8 48.2 19.2 12.1 222.9 Marchr 245.5 162.2 165.9 73.7 44.9 20.0 27.3 3.7 3.8 47.7 19.7 12.1 225.2 Aprilr 249.0 164.8 168.2 75.0 45.3 20.1 27.8 3.4 3.8 48.1 20.2 12.1 227.8 May* 249.5 164.1 167.8 74.4 45.0 20.2 28.2 3.7 3.8 48.7 20.2 12.7 228.1 p Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 1 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 8 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 8 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. JULY 1951 867 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] Insialment credit Noninstalment credit En o d r m of o n y t e h ar co c T n r o s e u t d a m i l t er i c T m n r o s 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 1,018 3,909 992 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1950—April 16,639 11,322 6,511 3,470 3,041 4,811 5,317 1,067 3,241 1,009 17,077 11,667 6,733 3,600 3,133 4,934 5,410 1,092 3,290 1,028 June 17,651 12,105 6,995 3,790 3,205 5,110 5,546 1,116 3,392 1,038 Tulv 18,295 12,598 7,343 3,994 3,349 5,255 5,697 1,133 3,527 1.037 August.. .. 18,842 13,009 7,613 4,107 3,506 5,396 5,833 1,157 3,636 1,040 September 19,329 13,344 7,858 4,213 3,645 5,486 5,985 1,197 3,741 1,047 October 19,398 13,389 7,879 4,227 3,652 5,510 6,009 1,250 3,703 1,056 November 19,405 13,306 7,805 4,175 3,630 5,501 6,099 1,298 3,739 1,062 December 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951—January 19,937 13,252 7,694 4,056 3,638 5,558 6,685 1,352 4.248 1,085 February 19,533 13,073 7,521 3,990 3,531 5,552 6,460 1,369 4,010 1,081 March 19,379 12,976 7,368 3,946 3,422 5,608 6,403 1,381 3,938 1,084 April* 19,123 12,905 7,270 3,934 3,336 5,635 6,218 1,392 3,744 1,082 Mayp.. 19,184 12,913 7,246 3,977 3.269 5,667 6,271 1,396 3,790 1,085 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 8 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - 1 l p S c l a m o o n a m a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n t l 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 p d u n t n i a e d r s o e i r r n n d * - b m C a e n o r k m c s ia - * 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 - * p I a c n t l o o r n d i m a i u a e n l s - s - 2 u C n r i e o d n i s t 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—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 March 5,608 2,476 1,112 286 204 517 160 853 368 207 43 33 79 April P 5,635 2,497 1,119 286 205 514 161 853 340 184 41 31 72 5,667 2,504 1,131 288 207 518 162 857 358 198 44 33 82 v 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 May amounted to 105 million dollars, and other loans made during May 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. 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l t b 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 u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec 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 - 2 i s l 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 1,223 1,267 905 1,107 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 5 4 4 4 4 3 5 4 0 8 7 9 6.. 2 3 3 1 1 , , , , , 9 1 5 0 7 6 7 7 3 0 6 9 7 9 0 1 5 4 7 1 7 6 8 5 1 1 , , 0 2 3 6 8 1 1 1 1 4 3 7 7 5 8 9 0 5 7 4 2 0 3 8 1,0 2 2 3 2 5 9 7 2 8 8 9 8 3 9 5 9 9 6 3 7 5 6 0 2 3 5 7 1 8 4 5 5 0 7 1 1 7 9 0 1 0 8 0 8 1 1 1 5 5 5 8 5 4 6 7 6 7 9 2 4 3 794 3 4 4 1 1 1 1 . 0 0 1 0 1 7 S 5 4 1 9 3 4 S 1950— J J A O S M N A u u e c p o u l a n p y t r v g y e o i t e l e u b m m s e t r b b . . e e .. . r r . . . . 4 4 5 5 5 5 5 5 , , , , , , , , 8 2 6 0 6 4 6 7 6 9 6 8 8 8 9 2 2 1 1 8 4 5 3 6 1 1 1 1 1 1 , , , , , , 9 9 1 1 0 1 1 1 5 9 4 7 5 5 1 8 3 2 3 7 0 9 0 0 1 1 1 1 1 1 , , , , , , , 2 0 0 1 2 2 2 9 5 3 9 5 5 3 1 9 1 5 6 8 4 4 7 2 1 1 1 1 1 1 1 , , , , , , , 9 2 2 1 2 1 0 0 8 6 5 1 8 7 2 6 3 1 8 2 2 8 8 4 8 9 8 8 8 8 9 7 9 5 0 7 0 0 3 8 1 1 5 2 7 4 4 0 1 1 , , 1 1 9 0 0 0 0 1 0 0 8 8 6 4 0 0 5 0 0 3 0 0 3 8 1950 December. 5,645 1,143 1,223 1,267 905 1,107 April 3,041 979 913 518 631 1951—January... 5,610 1,116 1,219 1,268 890 1,117 May 3,133 1,011 935 537 650 February.. 5,530 1,096 1,222 1,217 877 1,118 June 3,205 1,032 947 561 665 March. . . . 5,516 1 ,079 1,232 1,190 874 1,141 July . .. 3,349 1,081 976 597 695 April? 5,490 1,072 1,242 1,153 875 1 ,148 August.... 3,506 1,123 998 658 727 May? 5,486 1,082 1,246 1,123 882 1,153 September 3,645 1,159 1,028 702 756 October. . . 3,652 1,170 1,019 705 758 Volume extended dur- November. 3,630 1,172 1,003 702 753 ing month: December. 3,778 1,245 1,029 710 794 1950—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? 3,336 1,103 905 636 692 October 647 123 132 166 71 155 May? 3,269 1,084 890 617 678 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? 625 118 153 125 56 173 May? 681 140 166 131 65 179 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 2 and instalm A o u b to il - e Other l i o z a a n ti s o n 12 l c o a a s n h s Year or month Total m A o u b to il - e Other l m i o z a o a n d ti s e o r * n n - 2 m l c o a a e s n n h s t Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 5 4 4 0 9 8 3 3 2 4 8 9 3 6 1 . . . 2 2 0 1 6 9 1 6 3 8 . . . 6 6 5 4 6 7 3 3 9 . . . 4 1 7 5 5 5 1 4 5 . . . 7 9 4 1 1 1 2 3 3 4 7 1 . . . 5 9 1 o 1 1 1 f 9 9 9 5 4 4 p 0 8 9 eriod: 2 1 1 2 9 7 6 4 7 . . . 9 7 1 4 3 5 3 7 8 . . . 9 5 3 4 3 2 1 1 3 . . . 1 7 4 5 6 7 . . . 0 5 3 1 1 1 2 1 1 0 0 3 . . . 6 1 3 1950— D S O J A N J M A u u e e o u c p l n a p c y v t r g y t e i o e e e u l m b m m s e t b b b . r e e e . . r . r r . . . . . 3 3 3 3 3 3 3 3 3 9 9 9 9 8 8 7 5 6 1 6 5 2 9 0 1 5 1 . . . . . . . . . 4 6 0 9 8 4 0 0 8 1 1 1 1 1 1 1 1 1 2 2 1 1 0 1 1 0 2 1 0 8 5 5 1 9 2 1 , . . . . . . . . 5 6 5 6 9 8 4 6 9 8 6 7 7 7 7 7 7 7 0 8 1 6 3 0 9 9 9 . . . . . . . . . 2 9 3 9 7 7 4 9 3 5 5 5 5 5 5 5 5 5 3 4 5 5 2 4 4 6 6 . . . . . . . . . 2 5 7 5 8 9 9 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 0 2 6 3 7 6 8 7 9 . . . . . . . . . 7 0 7 0 7 7 9 3 1 1950— S D J J A O M N A u u e e p o u c a n l p c r y v t g y e t i o e e e l u m b m m s e t b b b . r e e e . . r . r r . . . . . 2 2 2 2 2 2 2 2 1 0 0 1 1 2 2 2 2 9 8 2 9 4 3 4 3 8 6 . . . . . . . . . 7 8 7 9 3 3 0 8 9 4 4 5 5 5 5 5 5 5 7 9 7 5 2 7 4 7 7 . . . . . . . . . 5 2 5 9 3 4 8 9 3 3 3 3 3 3 4 4 4 4 2 1 4 9 1 5 0 1 1 . . . . . . . . . 7 6 2 3 7 9 9 1 1 6 6 6 7 7 7 7 7 7 . . . . . . . . . 4 7 9 2 4 3 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 3 5 3 6 8 7 7 0 7 . . . . . . . . . 2 2 9 4 1 5 6 6 8 1951— A F M M J e p a a a b n r y r i r u l ? c u ? a h a . r r y . . y . . . . . . . . . . 3 3 3 3 3 8 8 8 8 8 2 2 4 2 6 . . . . . 7 5 4 5 9 1 1 1 1 1 1 1 1 1 1 7 6 6 6 8 . . . . . 2 5 4 9 0 7 7 7 7 7 7 5 8 4 6 . . . . . 4 2 3 4 4 5 5 5 5 5 2 2 3 1 2 . . . . . 4 0 6 8 3 1 1 1 1 1 3 3 3 3 3 7 5 7 9 9 . . . . . 7 9 8 7 1 1951— A F M M J e a p a a b n r y r r u i c ? u l a . h ? a r r . . y . . . y . . . . . . . . . . . 2 2 2 2 2 2 3 2 2 2 8 5 0 6 5 . . . . . 9 6 1 3 1 5 5 5 5 5 9 7 6 6 7 . . . . . 2 8 1 8 8 4 3 4 4 4 0 9 0 0 0 . . . . . 0 3 2 5 8 6 7 7 7 7 . . . . . 9 0 0 2 0 1 1 1 1 1 2 2 2 2 2 3 4 2 1 0 . . . . . 4 8 3 1 8 Volume extended during month: Volume extended 1950— D S J J A O N M A u u e e o u p c l a n p c y r v t g y e t i o e e e u l m b m m s e t b b b . r e e e . . r . r r . . . . . 4 4 5 5 5 4 4 3 4 7 7 0 3 1 8 2 0 3 . . . . . . . . . 2 2 5 5 1 9 7 3 1 1 1 1 1 1 1 1 8 9 6 1 2 3 5 3 5 . . . . . . . . . 7 1 2 7 7 7 3 9 4 1 1 9 8 9 8 8 7 1 0 . . . . . . . . 6 0 9 9 6 6 0 5 3 3 3 3 4 4 3 4 2 . . . . . . . . . 9 0 0 9 2 9 6 3 1 2 2 2 2 2 1 1 1 1 0 1 2 1 2 8 8 7 9 . . . . . . . . . 2 2 6 2 5 6 7 9 1 d 1 u 95 ri 0 n — g S D J J A M O N A m u u e e u o p c a l n p o c y r v t g y e t n i o e e e u l t m b m m s h e t b : b b . r e e e . . r . r r . . . . . 2 3 3 3 3 2 2 3 3 9 5 7 0 9 3 4 2 5 . . . . . . . . . 2 4 4 4 5 3 1 8 8 6 6 6 6 8 9 8 7 7 . . . . . . . . . 3 1 8 9 1 9 1 5 9 3 3 3 5 6 4 4 5 7 . . . . . . . . . 9 8 3 9 0 9 7 8 3 0 0 0 0 0 0 0 0 0 . . . . . . . . . 5 5 4 4 3 5 5 4 4 2 1 1 1 1 1 1 1 1 0 7 9 9 8 7 8 9 9 . . . . . . . . . 7 2 9 9 0 1 9 5 6 1951— A F M M J e a p a a b n y r r r - u i c u 1 l a ' h s a r . r y . . y . . . . . . . . . . 4 4 3 4 4 4 9 8 6 2 . . . . . 9 3 2 3 8 1 1 1 1 1 3 5 0 2 0 . . . . . 2 1 4 6 8 8 8 7 7 8 . . . . . 3 2 8 5 2 3 3 2 3 2 . . . . . 3 8 0 3 5 2 2 2 2 1 0 2 2 0 8 . . . . . 7 0 9 9 0 1951— A F M J e p a a b r n i r r u l c u ? a h a r r y . y . . . . . . . . 3 2 3 2 3 2 7 4 4 9 . . . . . 4 9 9 3 1 6 6 7 7 . . . . 4 4 8 4 4 4 3 4 4 . . . . . 4 8 3 3 9 0 0 0 0 0 . . . . . 4 3 3 5 4 2 2 2 1 1 0 1 1 7 7 . . . . 2 6 4 7 .3 May P. . . P Preliminary, i Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JULY 1951 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts from preceding month of preceding month year Year or month Item Depart- Furni- h H o o ld u s a e p - - Depart- 1 M 95 a 1 y P A 19 p 5 ri 1 l M 19 a 5 r 1 . 1 M 95 a 1 y ? A 19 p 5 ri 1 l M 19 a 5 r 1 . s m to e r n e t s s t to u r r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: 1950 Total +9 -5 +8 -5 -3 + 1 April 17 10 11 50 Cash sales + 11 -3 + 1 +3 +7 +6 May 18 10 12 52 Credit sales: June 17 10 10 51 C In h s a ta rg lm e e a n c t count + + 1 4 0 -1 -5 0 + + 1 6 1 - + 12 8 + -1 1 2 4 + - 2 8 6 J A u u ly gust 1 1 8 7 1 1 1 1 1 1 1 1 4 5 9 0 September 18 11 10 51 Accounts receivable, end October 18 11 11 51 of month: November 17 10 10 51 Total -1 -2 -3 0 +4 +7 December 18 11 10 49 Instalment -2 -2 -2 -2 0 +4 1951 Collections during January 19 10 12 50 month: February 17 10 11 46 Total + 1 -7 +6 + 11 + 13 + 15 March 19 11 12 50 Instalment 0 -7 +9 +4 +8 +6 A M p a r y il p , 1 1 8 8 1 1 1 1 1 1 1 2 4 4 7 9 Inventories, end of month, at retail value. -3 +2 +7 +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 sale Sales during month Accounts receivable Collections during Year or month at end of month month Instal- Charge Cash ment account Total Cash Instal- a C c h co ar u g n e t I m ns e t n al t - Charge Instal- 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 ••247 223 233 210 250 237 48 10 42 1950—April 203 201 215 204 212 190 226 210 49 9 42 May '211 205 '227 '217 '216 194 231 222 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 198 192 199 206 244 220 286 244 48 9 43 Mayp 217 209 205 229 235 223 278 245 48 44 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 861. 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK BANK CREDIT, MONEY RATES, AND BUSINESS • 1951 1951 Chart Chart book book page May Tune June June Tune page May June June June June 30 6 13 27 i 30 13 20 27i WEEKLY FIGURES 2 In billions of dollars WEEKLY FIGURES 2—Cont. In unit indicated RESERVE BANK CREDIT, ETC. Reserve Bank credit, total 2 23.40 23.55 23.78 24.15 23.92 MONEY RATES, ETC. Cont. U. S. Govt. securities, total. 3 22.29 22.65 22.76 22.81 22.84 Bills 3 .70 .51 .42 .41 .40 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 s c a c a a n i s r n k h c d u r a l c e a n s e t d e i r o r t d v i n f e e i s p c , o a t t s o e i t s t a s . l . . . . . . . . 2, 2 3 2 2 4 3 2 2 1 1 ' 6 1 7 4 8 1 . . . . . . 7 5 7 8 4 9 1 6 8 6 2 1 2 2 1 1 6 1 7 5 9 1 . . . . . . 8 7 2 5 2 4 6 8 2 7 0 4 2 2 1 1 6 1 7 5 9 1 . . . . . . 4 7 4 9 5 4 2 6 0 0 9 4 2 2 1 1 6 1 7 5 9 1 . . . . . . 7 6 7 7 4 4 2 6 6 8 8 4 2 2 1 1 6 1 7 5 1 9 . . . . . . 8 7 7 6 6 1 1 3 0 6 0 0 Vo T I R P l n u u o a d m b t i u a l 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 1 7 8 4 1 6 5 3 0 1 1. 1 1 1 1 1 7 8 1 4 7 1 6 0 4 1. 1 1 1 1 2 7 8 1 4 3 2 7 0 4 1. 1 1 1 1 1 1 4 9 7 4 1 3 0 4 1 1 1 1 1 .7 8 3 7 1 5 5 6 0 0 New York City 4.93 S 09 5 17 5 42 5.21 Chicago 1.26 1.29 1.28 1.31 1.31 PRODUCTION AND DISTRIBUTION Reserve city banks 7.26 7.35 7.40 7.47 7.31 Production: E R x e C c q e u o s i u s r n e r d t e r y s r e e r b s v a e e n r s v k , e s t s otal * 1 5 8 . . . 2 2 3 4 0 1 1 5 8 . . . 3 3 8 7 4 6 1 5 8 1 . . . 4 0 4 2 7 2 1 5 8 . . . 4 6 8 6 4 4 1 5 8 . . . 2 5 5 9 6 4 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 5 1 3 1 2,0 1 6 4 3 3 2,0 1 6 4 3 6 2,0 1 6 5 3 0 2,0 1 5 5 5 2 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 - - . . . . 0 0 1 3 1 3 1 7 v. . . . 4 0 1 2 9 2 0 2 . . . . 0 1 2 5 0 4 4 4 P. . . . 0 2 2 5 1 1 5 7 P. . . 4 0 1 1 1 3 P M B a i e t ( p u t a e h m t r o b i ( u n o m s o a . i r u l b d l s , b c l l ( b s o t . h s a ) . o l ) u (m s. il t l o , n to s n ) s . ) .. . 6 6 6 6 8 7 7 8 6 • , • r 1 2 0 2 . 8 6 4 6 6 6 4 1 6, 1 ' 0 2 . 2 6 4 8 6 5 5 7 1 6, 1 1 . 2 2 0 7 4 6 8 2 3 4 6, 1 1 . 2 2 1 8 4 6 1 4 5 8 6, 1 0 2 2 .9 9 6 4 9 2 7 4 Electric power (mill. kw. hrs.) 70 6,445 6,734 6,747 6,835 6,898 MEMBER BANKS IN LEADING CITIES Freight carloadings (thous. AH reporting banks: cars): Loans and investments 14 69.37 69.04 69.49 70.43 70.64 Total 69 745 813 826 833 822 U. S. Govt. securities, total. 14 30.44 30.21 30.56 31.19 31.18 Miscellaneous 69 363 391 395 394 395 Bonds 16 20.53 20.38 20.37 19.47 19.48 Department store sales Notes and certificates.... 16 8.15 8.02 8.04 8.91 8.95 (1935-39=100) 70 273 311 305 265 259 Bills 16 1.77 1.81 2.15 2.80 2.75 O D t e h m er a n s d e c d u e ri p ti o e s s i ts adjusted.. 1 1 4 8 50 6 . . 0 5 3 0 5 6 0. . 2 5 9 0 51 6. . 5 13 1 5 6 0 . . 5 88 7 4 6 9 . . 5 9 8 2 PRICES U. S. Govt. deposits 14 3.13 2.85 2.53 3.70 4.81 Loans, total 14 32.43 32.33 32.43 32.68 32.88 Wholesale prices: Commercial 18 19.05 18.99 19.09 19.22 19.22 Indexes(1926=100): Real estate 18 5.48 5.49 5.52 5.52 5.53 Total 75 182.5 181.9 181.7 181.6 180.8 For purchasing securities: Farm products 75 199.8 197.5 198.0 199.1 197.5 Total 18 2.05 2.02 1.93 1.99 2.12 Foods 75 188.4 187.3 186.9 187.3 186.5 U. S. Govt. securities. . 18 .39 .34 .32 .36 .51 Other commodities 75 170.9 170.8 170.6 170.3 169.6 Other securities 18 1.66 1.68 1.62 1.63 1.61 Basic commodities Other 18 5.93 5.93 5.91 5.92 5.95 (Aug. 1939=100): Total 77 360.4 356.5 354.6 350.7 343.0 New York City banks: Foodstuffs 77 387.5 383.3 380.1 376.7 367.6 Loans and investments 19.72 19.61 19.89 20.40 20.50 Industrial materials 77 344.7 341.1 340.6 337.0 330.0 U. S. Govt. securities, total. 8.00 7.83 8.07 8.36 8.44 Selected materials: Bonds, total holdings.... 5.86 5.76 5.74 5.40 5.41 Rubber (cents per lb.) 78 66.0 66.0 66.0 66.0 66.0 Due or callable—5 years 4.54 4.44 4.41 4.06 4.06 Hides (cents per lb.) 78 34.8 34.8 34.8 34.8 34.8 Notes and certificates.... 1.68 1.60 1.55 1.83 1.88 Steel scrap (dollars per ton) 78 43.0 43.0 43.0 43.0 43.0 Bills .46 .46 .77 1.12 1.15 Copper (cents per lb.) 78 24.5 24.5 24.5 24.5 24.5 Demand deposits adjusted.. 15.40 15.66 15.98 16.16 15.45 Cotton (cents per lb.) 78 45.2 45.2 45.2 45.3 45.3 U. S. Govt. deposits .85 .81 .69 1.17 1.85 Print cloth (cents per yd.). 78 19.5 19.4 19.1 18.8 18.2 Interbank deposits 3.98 4.16 4.31 4.26 4.07 Wool tops (cents per lb.). . 78 317.9 306.9 296.0 269.0 243.7 Time deposits 1.49 1.50 1.54 1.54 1.54 Wool (cents per lb.) 78 295.0 295.0 285.0 275.0 235.0 Loans, total 9.89 9.94 9.97 10.16 10.18 Selected foodstuffs: Commercial 19 6.70 6.66 6.70 6.80 6.82 Winter wheat (cents per For purchasing securities: bu.) 79 235.1 233.8 235.9 234.6 230.7 To brokers: Corn (cents per bu.) 79 177.4 174.9 173.3 169.0 167.2 On U. S. Govts 19 .18 .18 .15 .20 .31 Steers (dollars per 100 lbs.) 79 36.63 35.83 35.80 35.39 35.43 On other securities... 19 .82 .81 .78 .81 .78 Hogs (dollars per 100 lbs.) 79 21.78 21.78 22.46 23.35 23.06 To others 19 .28 .31 .27 .27 .26 Cows (dollars per 100 lbs.) 79 26.51 25.48 25.58 25.08 24.43 Real estate and other 19 1.80 1.82 1.83 1.82 1.84 Coffee (cents per lb.) 79 54.0 54.0 53.6 53.5 53.1 Banks outside New York City: Cocoa (cents per lb.) 79 38.4 38.4 38.4 38.4 37.6 Loans and investments 15 49.65 49.43 49.60 50.04 50.14 Butter (cents per lb.).... 79 69.5 68.3 68.2 68.2 68.2 U. S. Govt. securities, total.. 15 22.45 22.38 22.49 22.83 22.73 Eggs (cents per doz.) 79 43.1 44.3 45.1 46.4 47.2 Bonds 17 14.67 14.62 14.63 14.07 14.07 Notes and certificates. ... 17 6.47 6.42 6.49 7.08 7.08 Bills 17 1.31 1.34 1.37 1.68 1.59 Demand deposits adjusted.. 15 34.64 34.63 35.15 34.71 34.47 1951 U. S. Govt. deposits 15 2.29 2.04 1.84 2.54 2.96 Interbank deposits 15 6.18 6.72 6.94 6.71 6.35 Time deposits 15 13.74 13.77 13.79 13.82 13.86 MONTHLY FIGURES Mar. Apr. Mayl Loans, total 15 22.54 22.39 22.46 22.51 22.70 Commercial 19 12.35 12.33 12.39 12.42 12.40 R Fo e r a l p e u s r t c a h te a sing securities 1 1 9 9 5. . 0 7 1 8 5. . 0 7 1 2 5. . 0 7 3 2 5. . 0 7 4 2 5. . 0 7 5 6 DEPOSITS AND CURRENCY In billions of dollars Other 19 4.60 4.59 4.57 4.58 4.60 Deposits and currency: • MONEY RATES, ETC. Per cent per annum Total deposits and currency. 6 P179.90 P179.80 P179.10 Total deposits adjusted and U. S. Govt, securities: currency 6 P172.50 P173.30 P173.7O Bills (new issues) 23 1.60C 1.555 1.467 1445 1.527 Demand deposits adjusted. . 6 P89.00 P89.50 P89.50 9-12 months 23 1.85 1.79 1.76 1.78 1.82 Time deposits adjusted 6 P59.10 P59.20 P59.30 3-5 years 23 2.02 2.00 1.98 2.01 2.02 Currency outside banks.... 6 P24.40 P24.60 P24.90 15 years or more 23, 25 2.63 2.64 2.64 2.65 2.66 U. S. Govt. deposits 6 P7.40 P6.50 P5.40 Corporate bonds: Money in circulation, total. . . 27.12 27.28 27.52 Aaa 25 ^2.89 2.90 2 92 2,96 2.99 Bills of $50 and over 8.27 8.26 8.26 Baa 25 3.42 3.44 3.47 3.50 3.54 $10 and $20 bills 14.23 14.36 14.55 High-grade municipal bonds.. 25 2.12 2.19 2.20 2.23 2.26 Coins, $1, $2, and $5 bills... 7 4.62 4.66 4.71 For footnotes see p. 875. JULY 1951 871 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 Mar. Apr. Mayl page Mar. Apr. Mayi Annual rate Per cent per annum MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. DEPOSITS AND CURRENCY—Cont. 'reasury bills (new issues) 22 1.422 1.520 1.578 Turnover of demand deposits: 4 Corporate bonds: New York City 35.1 33.2 30.9 Aaa 22 2.78 2.87 2 .88 Other leading cities 22.1 22.5 22.0 Baa 22 3.22 3.34 3.40 '. R. Bank discount rate 22 1.75 1.75 1.75 Commercial paper 22 2.06 2.13 2.17 In billions of dollars ""itock yields: COMMERCIAL BANKS Dividends/price ratio: Common stock 26 6.66 6.35 6.55 Cash assets e 9 P30.10 P30 40 P29.60 Preferred stock 26 4.00 4 11 4.15 Loans and investments, totale 9 125.70P125 40 125.10 Loanse 9 P54.40 P54 40 P54.50 In unit indicated U. S. Govt. securities• 9 P58.80 P58 50 P58.10 Other securities e 9 P12.60 P1260 ^12.50 Margin requirements (per cent) 28 75 75 75 Holdings of U. S. Govt. securities: Stock prices (1935-39 = 100), total... 28 170 172 174 Within 1 year: Volume of trading (mill, shares) 28 1.55 1.52 1.63 Total 10 16.16 16 70 Stock market credit (mill, dollars): Bills 10 2.58 3 17 Bank loans 28 578 593 607 Notes and bonds 10 13.58 13 52 Customers' debit balances 28, 29 1,304 1,286 1,287 Over 1 year: Money borrowed 29 715 661 681 Total 10 34.87 34 88 Customers' free credit balances.... 29 918 879 855 Notes and bonds (1-5 yrs.) 10 25.73 25 86 Bonds (5-10 yrs.) 10 6.22 6 23 In billions of dollars Bonds (over 10 yrs.) 10 2.93 2 79 GOVERNMENT FINANCE MEMBER BANKS Grross debt of the U. S. Government: Total (direct and guaranteed) 30 255.02 254.75 255.12 All member banks: Bonds (marketable issues) 30 94.19 80.65 80.63 Loans and investments, total 12 106.37 106 00 105.65 Notes, certificates, and bills 30 57.43 57.43 57.42 Loans 12 46.62 46 48 46.55 Savings bonds, savings notes.... 30 66.06 65.76 65.11 U. S. Govt. securities 12 49.26 49 04 48.69 Special issues 30 33.53 33.59 34.05 De O m th a e n r d s d e e c p u o ri s t i i t e s s adjusted e 1 1 2 2 7 1 5 0 . . 5 48 5 7 10 6 4 1 8 3 7 1 6 0 . . 1 4 1 0 Inv d e e s b t t m ., e e n t t c bonds, guaranteed 30 3.81 17.32 17.27 Time deposits 12 29.63 29 63 29.67 Dwnership of U. S. Govt. securities: Balances due to banks 12 11.21 11 04 10.92 Total: Balances due from banks 12 5.43 5 41 5.38 Commercial banks e 31 57.80 58.50 Reserves 12 19.21 1932 18.89 Fed. agencies and trust funds. . . 31 39.80 39.86 40.33 F. R. Banks 31 22.91 22.74 22.51 Central reserve city banks: Individuals e 31 66.40 66.30 Loans and investments, total 12 26.06 25 84 25.30 Corporations 31 20.70 20.60 Loans 12 12.47 12 15 12.15 Insurance companies e 31 18.20 17.80 U. S. Govt. securities 12 11.07 11 21 10.76 Mutual savings banks e 31 10.50 10.40 De O m th an er d s d e e c p u o ri s t i i t e s s adjustede 1 1 2 2 1 2 9 . . 5 0 2 4 1 2 9 4 7 8 2 1 2 9 . . 3 3 9 1 S M ta is t c e e l a l n a d n e l o o u c s a l e govts.e 3 3 1 1 1 7 0 . . 9 8 0 0 1 7 0 . . 9 6 0 0 Time deposits 12 3.13 3 04 2.95 Marketable public issues: Balances due to banks 12 4.98 4 98 4.89 By class of security: Reserves 12 6.47 6 60 6.24 Bills—Total outstanding 32 13.63 13.63 13.61 Commercial bank and F. R. Reserve city banks: Bank 32 4.30 4.42 Loans and investments, total 13 39.74 39.63 39.71 F. R. Bank 32 1.72 1.25 Loans 13 18.54 18.61 18.60 Notes and certificates—Total U. S. Govt. securities 13 17.48 17.29 17.39 outstanding 32 43.80 43.80 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 3 6 . . 7 8 1 4 2 3 6 . . 7 8 3 7 2 3 7 . . 7 1 3 3 Co B m a m nk e rcial bank and F. R. 32 30.68 30.61 Time deposits 13 11.58 11.62 11.73 F. R. Bank 32 15.00 14.92 15.05 Balances due to banks 13 5.25 5.12 5.11 Bonds—Total outstanding.... 32 94.19 80.65 80.63 Balances due from banks 13 1.77 1.77 1.73 Nonbank (unrestricted issues Reserves 13 7.35 7.35 7.28 only), commercial bank, Country banks: and F. R. Bank 32 50.10 L T D B o i a e m L U O a l m a n o . e t n h a s a S c n d e n a e . r d s e s n G p s d d o d e o e s c u i v p i n u e t t o s r v . f i s e t r s i i o s e t e s t m c s m u a r e d b i n t j a i u t e n s s s , k t s e t o d t e a l 1 1 1 1 1 1 1 3 3 3 3 3 3 3 4 2 2 1 1 0 4 3 0 9 5 4 . . . . . . . 2 5 6 9 7 6 5 6 0 1 2 2 7 8 4 2 2 1 1 3 4 0 0 9 5 4 . . . . . . . 5 7 5 2 5 9 4 3 2 5 7 4 7 7 4 2 2 1 1 4 3 0 9 0 5 4 . . . . . . . 2 5 6 6 5 8 9 9 0 7 4 5 1 9 By W e i F F C C a th . r . o o l i B B i m m R R n e a a s m m . . 1 n n t B B k k e e y c r r a a a e c c n n l a i i l k k a a r a l l - b T l b b e o a a t n n o a k k l r o d a a u u n n e ts d d t d a F F a n . . t d e R R i : n . . g 3 3 3 3 3 2 3 2 3 3 3 3 5 1 6 0 8 3 3 . . . . . 1 1 9 9 6 2 9 6 6 6 3 5 3 1 3 0 3 6 3 . . . . . 8 4 1 6 5 6 2 0 6 6 5 1 4 3 3 . . . 0 0 6 9 6 5 Reserves 13 5.38 5.37 5 37 1-5 years—Total outstanding. 33 38.35 38.35 38.35 Commercial bank and F. R. Bank 33 30.16 30.30 LENDING INSTITUTIONS OTHER THAN F. R. Bank 33 4.44 4.44 4.44 COMMERCIAL BANKS 5-10 years—Total outstanding 33 15.96 15.96 15.96 Nonbank (unrestricted issues Mutual savings banks:e only), commercial bank, Total assets 20 '22.57 '22.64 22.75 and F. R. Bank 33 U. S. Govt. securities 20 10.51 10.41 10.33 Commercial Bank and F. R. Real estate mortgages 20 8.42 8.58 8.76 Bank 33 7.25 7.26 Other securities 20 2.36 2.41 2.43 F. R. Bank 33 1.03 1.03 1.03 Other assets 20 1.28 n.24 1.23 Over 10 years—Total outstanding 33 43.65 30.10 30.08 Life insurance companies: Nonbank (unrestricted issues Total assets 20 64.83 65.16 only), commercial bank, Business securities 20 24.95 25.26 and F. R. Bank 33 7.00 4.46 Real estate mortgages 20 C17.12 17.42 Commercial bank and F. R. U. S. Govt. securities 20 12.63 12.25 Bank 33 6.41 3.94 Other assets 20 10.13 10.23 F. R. Bank 33 3.48 1.15 For footnotes see p. 875. 872 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 Mar. Apr. May : page Mar. Apr. Mayi In millions of dollars In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. PRODUCTION AND DISTRIBUTION GOVERNMENT FINANCE Cont. Industrial production:4 Sales and redemptions of U. S. savings Total (1935-39 = 100) 56, 57 r223 223 P223 securities: Points in total index: Savings notes: Durable manufactures 56 105.2 '105.3 P105.0 Sales 34 161 141 286 Nondurable manufactures.... 56 r93.3 r93.0 P92.6 R N e e d t e s m al p e t s i o o n r s r edemptions 3 3 4 4 -4 5 3 9 8 9 -1 3 9 31 0 + 2 4 3 8 8 Ind M ex in e e s ra ( l 1 s 935-39=100): 56 24.0 24.9 P25.1 Savings bonds: Durable manufactures 57 ••278 278 P277 All series: Nondurable manufactures. ... 57 199 198 P198 Sales 34 359 310 296 Minerals 57 158 164 P!65 Redemptions 34 499 425 432 Selected durable manufactures Net sales or redemptions 34 -140 -115 -136 (1935-39 = 100): Series A-E: Nonferrous metals 58 225 225 P224 Sales 35 280 254 247 Steel 58 298 301 301 Redemptions 35 P400 P348 P347 Cement 58 252 243 231 Net sales or redemptions 35 -120 r_94 -100 Lumber 58 156 162 158 Series F and G: Transportation equipment 58 '314 308 P309 Sales 35 79 56 49 Machinery 58 r334 335 Redemptions 35 P100 P77 Selected nondurable manufactures Net sales or redemptions 35 -21 -21 -37 (1935-39=100): Apparel wool consumption...... 59 128 157 Cotton consumption 59 175 153 164 In billions of dollars Paperboard 59 248 253 256 Newsprint consumption 59 162 171 166 Ca C sh a s i h n c i o n m co e m a e n d outgo: 36 8.49 2.96 4.15 F G u a e s l o l o in il e 5 5 9 9 2 1 2 99 7 2 1 0 9 4 3 P P 2 2 0 0 6 4 C Ex a c sh es s o u o t f g o c ash income or outgo.... 3 3 6 6 +4 4 . . 2 2 7 2 -1 4 . .1 1 4 8 -1 5 . . 0 1 1 5 I R n a d y u o s n t rial chemicals 5 5 9 9 5 3 2 7 4 4 3 5 7 30 7 P P 5 3 3 7 6 7 Sales, inventories, and new orders: Sales (bill, dollars):4 CONSUMER FINANCE Manufacturing, total 60 23.4 22.4 P23.7 Durable 60 11.0 10.5 Pll.l Consumer credit, total 45 19.38 P19.12 Nondurable 60 12.4 11.9 P12.6 Single-payment loans 45 1.38 Pi.39 PIAO Wholesale, total 61 9.5 9.1 P9.5 Charge accounts 45 3.94 P3.74 P3.79 Durable 61 2.7 2.5 P2.5 Service credit 45 1.08 P\.08 Pl.09 Nondurable 61 6.8 6.6 P7.0 Instalment credit, total 45, 46 12.98 P12.91 P12.91 Retail, total 61 12.3 12.0 P\2 1 Instalment loans 46 5.61 P5.64 P5.67 Durable 61 4.2 4.0 P4.0 Instalment sale credit, total 46 7.37 P7 .27 *7.25 Nondurable 61 8.1 8.0 P8.1 Automobile 46 3.95 P3.93 P3.98 Inventories (bill, dollars):4 Other 46 3.42 P3.34 P3. 27 Manufacturing, total 60 36.4 37.8 P38.8 Durable 60 17.0 17.6 P18.3 Nondurable 60 19.4 20.2 P20.6 PERSONAL INCOME Trade: Personal income (annual rates):4 Total 61 30.0 30.7 P31.1 T P W r o o a i t n g p a t e l r e i r e a e t n s o d t r s s ' a i l n a c ry o m re e c , e d ip iv ts id ends, and 5 5 5 2 2 2 ' '" 2 ' 1 " 4 6 6 5 2 7 . . . 5 2 4 2 1 6 4 6 8 9 4 . . . 3 0 8 P68.9 W Re h N D t o a o u i l l e n r s d a a u b le r l a e b .. l . e 6 6 6 6 1 1 1 1 1 1 1 1 8 8 1 1 . . . . 5 6 6 4 1 1 1 1 2 9 8 1 . . . . 1 6 0 7 P P P P 1 1 1 1 2 8 2 9 . . . . 4 7 1 0 All other 52 15.9 15.9 P16.5 New orders (bill, dollars): Manufacturing, total 60 28.6 23.9 P23 .2 Durable 60 15.5 12.6 Ml.5 Nondurable 60 13.1 11 .3 Pll .7 In unit indicated Construction contracts (3 mo. moving EMPLOYMENT avg., mill, dollars):4 Total 62 1,248 1 .529 1,480 Labor force (mill, persons): * Residential 62 539 520 508 Civilian 53 62.3 61.8 62.8 Other 62 710 1,009 973 Unemployment 53 2.1 1.7 1 Value of construction activity (mill, Employment 53 60.2 60.0 61 .2 dollars): Nonagricultural 53 53.8 53.4 53.8 Total • 63 2,188 '•2,3877 'J2,55O Employment in nonagricultural estab- Nonresidential:« lishments (mill, persons):e 4 Public 63 543 '670 P777 Total 54 46.27 46.39 ^46.35 Private 63 751 791 ^851 Manufacturing and mining 54 17.00 17.00 P16.94 Residential: • Trade 54 r9.76 9.76 P9.7 Public 63 42 44 Construction 54 r2.56 2.58 P2.56 Private 63 852 882 P876 Transportation and utilities 54 4.15 4.15 P4.1 Residential construction: Finance and service 54 6.58 6.60 P6 .63 Contracts awarded (mill, dollars): Government 54 6.23 6.29 P6.35 Total 64 521 504 561 Average hours and earnings of factory 1- and 2-family dwellings 64 402 388 409 employees: Other 64 119 116 151 Hours worked (per week): Dwellings started (thous. units)... 65 P93 P88 P97 All 55 '41 .1 41.0 P40.6 Nonfarm mortgage lending Durable 55 ^41.9 42.0 (mill, dollars): Nondurable 55 '40.1 39.7 P39 ' 2 Mortgages under $20,000 65 1,369 1,371 1,435 Hourly earnings (dollars): FHA insured home loans 65 180 162 165 All 55 1.571 1.579 P1.585 GI home loans 65 293 299 292 Durable 55 1.653 1.661 Pi.664 Freight carloadings:4 Nondurable 55 1.460 1.466 Pl.474 Total (1935-39 =100). 71 139 136 133 Weekly earnings (dollars): Groups (points in total index): All 55 64.57 64.74 ^64.3= Miscellaneous 71 85.9 82.9 80.9 Durable 55 69.26 69.76 P69.39 Coal 71 23.9 23.9 23.5 Nondurable 55 58.55 58.20 P57.78 All other 71 29.3 29.4 28.1 For footnotes see p. 875. 873 JULY 1951 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 Mar. Apr. May : page O D c ec t. . - J M an a . r - . A JuPn r. e - In unit indicated Per cent per annum QUARTERLY FIGURES—Cont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. PRODUCTION AND DISTRIBUTION—Cont. Bank rates on loans to business: Department stores: All loans: Indexes (1935-39 = 100): * 19 cities 24 2.84 3.02 3.07 Sales 72 291 302 301 New York City 24 2.51 2.74 2.78 Stocks 72 368 377 365 7 Northern and Eastern cities... 24 2.87 3.02 3.04 296 stores: 11 Southern and Western cities.. 24 3.28 3.42 3.52 Sales (mill, dollars) 73 347 '313 338 Stocks (mill, dollars) 73 ,218 '1,246 ,195 Loans of $1,000-$ 10,000: Outstanding orders (mill, dollars) 73 467 '339 293 19 cities 24 4.60 4.68 4.73 Ratios to sales (months' supply): New York City 24 4.17 4.20 4.37 Total commitments 73 4.9 '5.1 4.4 7 Northern and Eastern cities.. . 24 4.64 4.74 4.68 Stocks 73 3.5 4.0 3.5 11 Southern and Western cities.. 24 4.78 4.87 4.90 Loans of $10,000-$ 100,000: PRICES 19 cities 24 3.73 3.88 3.93 New York City 24 3.44 3.68 3.66 Co F A n o l s l o u d i m t e e m rs s ' prices (1935-39=100): 7 7 4 4 2 1 2 8 6 4 . . 2 5 2 1 2 8 5 4 . . 7 6 2 1 2 8 7 5 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n r n c i c t i i t e i s e . s . . . . 2 2 4 4 3 3. . 9 7 1 0 3 4. . 0 8 1 6 3 4 . . 9 1 0 0 Apparel 74 203.1 203.6 204 Loans of $100,000-$200,000: Rent 74 134.7 135. 135 19 cities 24 3.10 3.27 3.32 Fuel, electricity, and refrigeration. 74 144.2 144.0 143 New York City 24 2.80 3.06 Miscellaneous 74 164.3 164.6 165 7 Northern and Eastern cities... 24 3.18 3.23 Wholesale prices (1926=100): 11 Southern and Western cities.. 24 3.21 3.41 Total 75 184.0 183.5 182 Farm products 75 203.8 202.5 199 Loans of $200,000 and over: Food 75 186.6 185.7 187 19 cities 24 2.57 2.76 Other commodities 75 172.4 172.2 171 New York City 24 2.35 2.59 Textile products 76 183.2 182.8 181 7 Northern and Eastern cities... 24 2.65 2.81 Hides and leather products 76 '236.2 232.6 232 11 Southern and Western cities.. 24 2.90 3.06 3.14 F C M B u h u e e e i t l l m a d l a i i s n n c g d a a l n s m l d 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 p ed r a o t p e d r r u i o c a d t l s s u cts... 7 7 7 7 6 7 7 7 2 1 1 1 2 3 8 4 8 8 8 6 . . . 6 8 4 2 1 1 1 2 4 8 3 8 4 9 8 . . . . 5 1 3 0 2 1 1 1 2 4 3 8 7 2 7 8 Stock E a y s r i t n e o l i c d n k s g s : s /price ratio, common 26 4.09 11.50 Miscellaneous 76 142.5 142.7 141 In billions of dollars AGRICULTURE GOVERNMENT FINANCE Prices paid and received by farmers Budget receipts and expenditures of (1910-14=100): U. S. Treasury: Ca P R sh a e i c d f e a , i r v e m e t d c income (mill, dollars): 8 8 0 0 3 2 1 8 1 0 3 2 0 8 9 3 3 2 0 8 5 3 Ex V N pe e a n t t e i d o r i a n t n u a s l r e d s A e , f d t e o m n t s i a e n l istration 37, 3 3 3 7 8 8 1 4 0 1 . . . 0 3 2 1 6 9 11 5 1 . . . 0 4 3 8 0 3 1 ? 4 7 1. . . 2 4 0 3 9 6 T C L o i r v o t e a p s l s t ock and products 8 8 8 1 1 1 2 1 , ,5 1 5 4 2 2 8 3 3 2 1 , , 1 6 4 2 3 6 3 7 5 P P 2 I. , P4 6 1 2 8 4 7 4 4 A I In n l t t l e e o r r e n th s a t e t r i o o n n a d l e a b i t d 3 3 3 8 8 8 1 1. . . 9 3 9 9 4 3 2 1 1 . . . 2 0 0 5 1 0 P P i 2 1. . . 9 6 4 7 7 7 Receipts: INTERNATIONAL TRADE AND FINANCE Net receipts 37 9.12 16.82 12.86 Individual income taxes 38 9.57 Exports and imports (mill, dollars): Corporate income, etc 38 4.57 Exports 82 J>1,284 Pl.374 Pi.351 Miscellaneous internal revenue. . 38 2.49 2.16 I E m xc p e o s r s t s o f exports or imports 8 8 2 2 Pl.099 Pl. P 0 3 2 5 4 0 Pl. P3 0 3 1 3 8 A Ta ll x o r t e h f e u r n ds (deduct) 3 3 8 8 6 8 9 8 1. . 1 8 1 4 Short-term liabilities to and claims on *>185 foreigners reported by banks (bill, BUSINESS FINANCE dollars): Total liabilities 83 P6.80 P6.76 Current assets and liabilities of Fo C re l i O a P g i r f m n f i I i v n c s e a i v a x a o t n e l c e n s d h t a f e c o n d e r g r e i e t n i i g f r i n U a c e t a . r e t s S e s . : s Treasury bills 8 8 8 8 3 3 3 3 P P P P 3 3 l . . . . 9 0 3 4 2 0 5 5 P P 3 P P 3 . . . A 2 91 9 7 90 Cu c U R C I r n o r e a . v e r c s S p e n h e . o n t i v t r G a o a a s o r t b s i i y l e o e e t s t n s . s s , s : e e to cu ta r l i ties 3 3 3 3 3 9 9 9 9 9 1 5 5 2 1 5 1 0 6 9 0 . . . . . 9 0 9 5 9 1 2 2 5 5 5 6 0 5 1 5 . . . . . 7 3 0 2 4 See p. 893 of this BULLETIN 84,85 Current liabilities, total 39 74.7 77.5 Notes and accounts payable 39 44.5 45.7 Federal income tax liabilities.... 39 15.5 16.5 Net working capital 39 75.8 77.8 1950 1951 In unit indicated QUARTERLY FIGURES J S u e l p y t - . O De c c t . .- J M a a n r . . - LENDING INSTITUTIONS OTHER THAN Corporate security issues: COMMERCIAL BANKS In billions of dollars Total (bill, dollars) • 40 1.48 1.73 New money, total (bill, dollars) •.. 40 .96 1.46 Assets of savings institutions: Type of security (bill, dollars): Savings and loan associations:e Bonds 40 .70 1.24 Total assets 20 16.11 16.93 17.20 Preferred stock 40 .13 .05 Real estate mortgages 20 13.33 13.81 14.10 Common stock 40 .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 41 717 1,167 surance of Federal agencies: Public utility 41 470 440 Total • 21 33.36 '35.27 36.61 Railroad 41 72 76 Loans 21 12.58 12.87 13.14 Industrial 41 174 217 Foreign 21 6.04 6.01 6.06 Working capital: Domestic: All issuers 41 239 293 Agriculture 21 3.57 3.59 3.64 Public utility 41 Oe Home owners 21 2.45 2.74 2.91 Railroad 41 1 5 Other 21 .80 .71 .72 Industrial 41 178 212 Loan guarantees and insurance:e Bonds (bill, dollars): • Nonfarm mortgages 21 20.20 '21.65 22.70 Public 40 .32 .91 Other 21 .58 .76 .76 Private 40 .82 .55 For footnotes, see p. 875. 874 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 Oct.- Jan.- Apr.- page Oct.- Jan.- Apr.- Dec. Mar. June Dec. Mar. June In unit indicated Annual rates QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. in billions of dollars BUSINESS FINANCE—Cont. GROSS NATIONAL PRODUCT, ETC. • Corporate profits, taxes, and dividends ross national product 4 48 '303.7 (annual rates, bill, dollars):«4 Govt. purchases of goods and services 48 '47 8 '52 .9 Profits before taxes 42 50.8 551.0 Personal consumption expenditures 48 198 4 '208.2 Profits after taxes (dividends and Durable goods 50 '29 4 '31 .5 undistributed profits) 42 28.5 524.3 Nondurable goods 50 104.9 '111.5 Undistributed profits 42 17.0 515.0 Services 50 '64 0 '65 .2 Private domestic and foreign invest- Corporate profits after taxes (quar- ment 48 '57.5 terly totals): Gross private domestic investment: All corporations (bill, dollars) • 43 7.0 Producers' durable equipment. 49 '25.0 '26.5 Large corporations, total (bill, dol- New construction 49 '23.3 '23.9 lars) 43 1.6 1.3 Change in business inventories. 49 '11.8 '9.3 Manufacturing (mill, dollars): Net foreign investment 49 '-2.7 '-2.3 Durable 43 576 530 Personal income, consumption, and Nondurable 43 382 368 saving:4 Electric power and telephone Personal income 51 '238.3 '244.1 (mill, dollars) 43 307 322 Disposable income 51 '215.2 '217.5 Railroads (mill, dollars) 43 318 103 Consumption expenditures 51 '198.4 '208.2 Net personal saving 51 '16.8 '9.3 Plant and equipment expenditures (bill, dollars): •6 1949 1950 All business 44 5.8 '5.2 6.4 Manufacturing and mining; railroads and utilities 44 4.3 '3.7 4.9 Dec. June Dec. Manufacturing and mining 44 3.0 '2.6 3. 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 Agricultural 11 2.96 2.82 2.82 Gross savings 47 + 14.3 +9 .7 Real estate 11 11.41 12.27 13.39 Liquid savings 47 +2.6 +0 .1 Consumer 11 6.00 6.89 7.63 Cash 47 +3.6 -1 .9 For purchasing securities: U. S. Govt. securities 47 -0.7 +0 .2 To brokers and dealers 11 1.75 1.86 1.79 Other securities 47 +0.0 +0 .6 To others 11 0.86 0.91 1.04 Insurance 47 +2.3 +2 .0 State and local government securities. 11 6.40 7.24 7.93 Debt liquidation 47 -2.6 -0 .8 Other securities 11 3.57 3.72 4.18 e Estimated. P Preliminary. r Revised. c Corrected. 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 Adjusted for seasonal variation. 5 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 6 Expenditures anticipated by business during the third quarter of 1951 are (in billions of dollars): all business 6.4; manufacturing and mining, railroads and utilities, 4.9; manufacturing and mining, 3.5. * 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. 875 JULY 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 878-883 Gold production. 883 Reported gold reserves of central banks and governments. 884 Gold movements; gold stock of the United States 885 International Monetary Fund and Bank. 886 Central Banks. 886-890 Money rates in foreign countries. 891 Commercial banks. 892 Foreign exchange rates 893 Price movements: Wholesale prices. 894 Retail food prices and cost of living. 895 Security prices. 895 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. JULY 1951 877 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 Jan. 2, 1935, Increas f e u n i d n s f o i r n e i U gn . S b . anking f I u n b n c a d r n e s k a o s in e f g i i n n - D in e c U re . a S se . se F c o u r r e i i t g ie n s: s D ec o u m ri e t s i t e i s c : Inflow in through— Total ternational banking Return Inflow of brokerage Total Official i Other in i s n ti t U ut . io S n . s a f b u r n o d a s d o f f u n U d . « S. f f o u r n e d ig s n 2 balances 1935—Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 3 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7,267.1 4,644.8 2,610.0 >,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 ',240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 ',675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 J.938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,343.7 4,120.3 1,121.8 ',998.5 2,242.0 186.5 1,276.9 375.5 142.4 1948—Dec. 31 8,569.1 5,119.5 2,126.0 J.993.6 1,844.3 116.8 1,182.1 183.3 123.1 1949—Dec. 31 8,763.5 5,226.0 2,197.8 5,028.2 1,637.8 307.6 L.209.9 258.5 123.7 1950—May 31 9,563.0 5,614.5 2,298.5 5,316.0 1,662.7 522.1 1,179.0 459.6 125.2 June 30 9,782.2 ••5,782.7 2,530.3 5,252.5 1,636.4 472.1 1,227.4 •"540.4 123.2 July 31 9,896.4 '5,829.0 2,592.5 ,236.5 1,626.6 462.3 1,226.0 '•631.8 120.7 Aug. 31 10,128.9 '6,000.8 2,522.3 ,478.5 1,612.4 445.6 1,172.7 r774.7 122.7 Sept. 30 10,488.0 r6,556.5 3,012.6 ,543.9 1,626.4 383.4 999.2 ••800.6 121.9 Oct. 31 10,733.5 '•6,773.9 3,257.7 5,516.2 1,647.2 292.7 1,062.5 ••833.0 124.3 Nov. 30 10,705.2 ••6,435.9 2,899.2 ,536.7 1,713.5 282.0 L,066.4 ••1,075.9 131.6 Dec. 31 10,509.4 ••6,178.2 2,712.4 ,465.8 1,702.3 234.8 1,064.5 1,197.9 131.7 1951—Jan. 31 10,434.0 ••6,081.9 2,667.5 ,414.4 1,615.5 266.2 1,064.2 1,275.7 130.5 Feb. 28P 10,376.1 6,124.8 2,696.8 5,428.0 1,592.3 208.1 1,055.2 1,262.5 133.2 Mar. 31? 10,303.6 6,061.9 2,634.8 5,427.1 1,600.1 211.3 1,012.9 1,295.5 121.9 Apr. 30P 10,370.9 6,053.1 2,580.5 ,472.5 1,605.6 233.3 980.8 1,371.9 126.1 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti l r o n i n n a s - - Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca o A th l e l r 1945—Dec. 31. 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31. 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31. 2,067.3 6,276.4 437.0 234.3 213.8 839.3 150.1 1,100.6 2,975.1 688.6 1,383.4 984.3 244.9 1948—Dec. 31. ,677.1 6,891.9 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,065.2 234.9 1949—Dec. 31. ,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 1,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950— May 31. ,627.9 7,935.0 943.0 156.2 210.6 989.0 267.6 1,243.9 3,810.3 1,016.9 1,855.7 1,023.7 228.4 June 30. ,617.2 8,165.0 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. ,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. ,600.6 8,528.3 892.9 324.9 247.6 1,014.1 281.5 1,313.7 4,074.8 1,176.4 1,943.5 1,073.3 260.3 Sept. 30. ,614.8 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. ,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. ,709.1 8,996.1 796.5 386.4 274.8 979.8 308.8 1,336.4 4,082.7 286.8 2,008.9 1,333.5 284.3 Dec. 31. ,723.8 8,785.6 762.1 413.6 187.9 957.0 314.5 1,313.1 3,948.2 191.6 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. 28*> 1,665.3 8,710.8 756.1 405.0 205.7 899.8 313.9 1,324.4 3,904.9 1,150.3 2,019.9 1,326.9 308.9 Mar. 31P 1,651.2 8,652.3 773.7 394.1 196.0 887.3 292.5 1,327.8 3,871.3 1,084.2 2,070.8 1,343.3 282.6 Apr. 30P 1,671.5 8,699.4 791.4 427.8 128.6 910.5 286.5 1,338.3 3,883.1 1,043.2 2,178.0 1,305.8 289.3 P Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 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. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th J ro a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o 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 ti r n ica Asia o A th l e l r 1945—Dec. 31. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31. 453.8 5,272.3 397.6 165 .8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—Dec. 31. 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 1,315.1 780.4 210.7 1950—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 '5,782.7 '850.5 138.9 209.0 581.3 260.1 625.8 r2,665 722.0 ,254.7 921.2 219.4 July 31. 1,626.6 '5,829.0 r850.4 113.0 231.8 580.3 255.5 638.6 r2,669.6 '688.3 ,333.5 912.8 224.7 Aug. 31. 1,612.4 '6,000.8 '696.8 185.9 240.5 589.7 263.5 653.0 '2,629.4 '819.6 ,348.1 966.2 237.5 Sept. 30. 1,626.4 '6,556.5 '642.1 168.3 238.9 586.4 283.7 702.9 -•2,624.2 '1,224.6 ,422.5 1,044.1 243.1 Oct. 31. 1,647.2 '6,773.9 '758.5 209.5 258.4 558.8 288.9 696.6 '2,770.5 "1,119 ,448.1 1,182.2 253.3 Nov. 30. ,713.5 '6,435.9 '661.9 167.0 265.3 556.3 282.8 648.1 581.4 '947.0 ,403.2 1,223.4 280.9 Dec. 31, ,702.3 '6,178.2 '599.3 180.0 177.0 537.1 294.4 624.3 •2,412.1 ^791.1 1,491.4 1,198.0 285.7 1951—Jan. 31 ,615.5 '6.081,9 '575.9 189.2 186.9 493.8 288.3 638.5 2,372.6 '779.2 •1,460.1 1,188.5 281.5 eb. 28*> ,592.3 6,124.8 566.5 173.3 192.5 487.3 304.1 635.6 2,359.2 777.9 1,475.2 1,222.5 290.0 Mar. 31P ,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 Apr. 30P 1,605.6 6,053.1 612.2 102.9 114.8 486.9 278.8 655.3 2,251.0 720.9 1,592.9 1,205.2 283.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r 1945—Dec. 31.. 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31.. 427.2 244.3 73.4 -132.3 — 1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec. 31.. 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31.. 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—Dec. 31.. 307.6 254.8 27.2 13.4 4.3 4.0 211.3 515.0 55.3 -243.1 -10.6 -9.0 1950—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.G 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. 31P. 211.3 196.3 48.4 15.0 -.9 -7.7 228.0 479.2 -17.4 -234.5 36.6 -52.6 Apr. 30P. 233.3 185.3 72.8 14.5 -2.7 -8.6 228.1 489.4 -24.7 -206.0 25.4 -50.7 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 r a ou 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 th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1945—£>ec 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—DeCt 31 L.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 D e e c c . 3 3 1 1 - — 2 2 4 4 9 9 . . 3 3 L 1, . 4 5 3 2 1 6. . 2 3 9 8 4 4 . . 9 9 4 42 7 . . 9 1 - - 3 9 . . 9 1 -1 1 9 6 . . 0 3 2 2 6 6 . . 5 5 2 2 8 7 7 5 . . 2 8 4 41 5 3 6 . . 3 7 3 4 3 4 9 1 . . 7 8 5 5 3 7 7 8 . . 6 3 6 63 1 . . 2 6 3 28 6 .9 4 1949—]3ec 31 —265.3 L,475.1 71.4 43.2 -9.3 .1 27.0 311.7 444.1 329.1 598.5 63.9 39 5 1950—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 L,494.4 67.1 44.1 — 14.2 16.8 27.4 316.1 457.2 303.2 620.8 64.2 49 0 July 31 -266.9 1,492.9 66.4 43.8 -13.6 15.1 27.4 316.5 455.7 300.3 623.5 64.2 49.4 Aug 31 —266 9 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 L.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. 31 —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. 3\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 Apr. 30P -321.1 1,301.9 63.8 35.2 -11.7 22.9 28.4 323.9 462.5 89.3 636.1 66.9 47.0 Preliminary. r Revised. JULY 1951 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, ( —). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From t h J ro an u . 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 th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31 74.5 300.9 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 36.8 11.0 1948—Dec. 31 82.1 101.2 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 13.6 7.2 1949—Dec. 31 169.1 89.3 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 11.5 7.4 1950—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 '292.6 -142.8 -69.0 -4.5 376.7 -15.3 70.8 '•216.0 -38.0 110.9 -5.2 8.9 Tuly 31. . . . 248.6 '383.2 -141.6 -68.7 -6.0 383.9 -15.2 79.7 '232.0 '37.4 109.9 -5.5 9.4 Aug. 31. . . . 255.1 '519.7 -140.5 30.6 -4.9 383.0 -15.1 85.0 '338.0 '69.4 108.3 -5.6 9.5 Sept. 30. . . . 255.3 '545.3 -133.8 61.1 -2.9 385.4 -14.8 88.8 '•383.7 '47.3 •109.2 -4.3 9.4 Oct. 31. . . . 263.3 '569.7 -117.0 81.1 -2.7 385.0 -14.6 89.7 '421.5 '33.2 •108.6 -3.1 9.5 Nov. 30. . . . 264.4 '811.4 -112.8 112.0 -3.1 382.4 -14.4 124.8 '488.9 '186.8 •128.7 -2.6 9.7 Dec. 31 290.3 '907.5 -109.9 127.9 -2.3 374.2 -14.2 121.7 '497.4 '276.9 "127.0 -3.8 10.1 1951—Jan. 31 342.2 '933.5 '-89.9 128.9 -1.8 374.0 -13.9 131.2 '528.6 '272.5 •124.7 -2.2 9.9 Feb. 28? 342.4 920.0 -86.9 129.3 -.9 373.1 -14.8 127.2 527.0 261.2 124.3 -2.0 9.5 Mar. 31P 369.3 926.2 -87.3 149.6 -1.0 374.5 -14.2 127.9 549.5 241.1 127.3 -1.1 9.3 Apr. 30P 387.0 985.0 -86.3 200.1 -1.0 381.2 -13.9 119.7 599.8 239.8 136.2 -.3 9.4 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— rotal U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 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 1948—Dec. 31. U3.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—Dec. 31. 123.7 17.1 16.2 9.6 28.4 .6 11.1 82.9 20.5 12.7 6.8 .8 1950—May 31. 125.2 16.7 16.1 11.6 27.0 .5 10.3 82.2 21.6 12.3 8.4 .8 June 30. 123.2 16.9 16.3 10.9 26.6 .5 10.1 81.2 19.9 11.7 9.3 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 L.8 Sept. 30. 121.9 17.0 16.6 11.2 25.4 .5 10.2 81.0 20.3 12.8 6.6 L.2 Oct. 31. 124.3 16.7 16.3 11.0 27.3 .5 9.9 81.7 20.7 13.1 7.5 L.3 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 L.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 1.2 Feb. 28P 133.2 17.3 17.5 11.9 25.9 1.0 10.2 83.8 19.1 19.3 9.7 L.3 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 Apr. 30P 126.1 16.3 16.7 12.0 22.2 1.9 11.1 80.3 17.8 18.8 8.7 .4 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a i a - l - Official 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 la w e n r i d t - z 3 - Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th ll er tutions and Official private 1945—Dec# 3i 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 1,316^4232^8 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—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 '6,516.9 3,240.6 '911.8 219.0 225.6 594.9 280.4 789.1 '3,020.8 829.9 1,376.2 1,101.8 188.2 July 31... 1,646.5 '6,563.2 3,302.8 '911.8 193.1 248.4 593.9 275.8 801.9 '3,024.9 '796.3 1,455.0 1,093.4 193.5 Aug. 31... 1,632.4 ' 46,734.9 3,232.6 '4758.1 266.0 257.2 603.4 283.8 816.2 '42,984.7 '927.5 1,469.6 1,146.8206.4 Sept. 30... L.646.4 '47,290.7 3,722.9 '4703.4 248.4 255.5 600.0 304.0 866.2 '42,977.5 '1,332.5 '1,544.0 1,224.7211.9 Oct. 31... L,667.1 '47,508.1 3,968.0 '4819.8 289.6 275.0 572.4 309.2 859.8 '43,125.8 '1,227.8 '1,569.6 1,362.8222.1 Nov. 30... 1,733.4 '47,170.1 3,609.5 '4723.3 247.2 281.9 569.9 303.1 811.3 '42,936.7 '1,054.9 '1,524.8 1,404.0249.7 Dec. 31... L,722 .2 '46,912.4 3,422.7 ' !660.7 260.1 193.6 550.7 314.7 787.6 r42,767.4 '899.0 '1,612.9 1,378.6254.5 1951—Jan. 31. .. 1,635.4 '46,816.1 3,377.8 '4637.2 269.3 203.5 507.5 308.6 801.8 '42,727.9 '887.1 '1,581.6 1,369.1250.3 Feb.28P.. 1,612.2 46,858.9 3,407.1 *627.8 253.4 209.1 500.9 324.4 798.8 42,714.5 885.9 1,596.7 1,403.1258.8 Mar. 31P.. 1,620.0 4 6,796.1 3,345.1 4 645.3 223.5 198.6 490.2 305.5 803.1 4 2,666.3 823.8 1,645.2 1,412.0248.8 Apr. 30P.. 1,625.6 46,787.3 3,290.8 4 673.6 183.1 131.4 500.6 299.1 818.6 42,606.2 828.8 1,714.5 1,385.8251.9 P Preliminary. ' Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 82.8; U. S. brokerage balances abroad, 33.6. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 4 Beginning August, data include certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Y sla u v g i o a - ot A he ll r 2 1945—Dec. 31 909.1 185.0 25.9 5.5 7.0 70.8 216.1 47 9 9 3 31.7 210 1 28 0 5 7 66.0 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 3i 739.8 124.9 52 8 30.5 89 5 34 7 56 2 47 1 8 7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7 0 13 6 49.0 21 3 19 9 119.3 1949—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—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. 31*. 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 Apr. 30P. 818.6 42.4 115.4 3.2 47.8 22.1 265.7 35.7 57.3 4.0 46.8 6.2 19.2 91.8 2.3 6.4 52.4 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 ic m 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 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Dec. 31. 1,436.7 201.1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207.4 1950—May 31. 1,376.1 233.5 13.9 99.4 68.6 53.1 227.2 40.9 26.6 160.2 28.4 46.3 80.8 36.9 67.0 124.4 68.9 June 30. 1,376.2 237.6 13.8 124.9 62.3 53.5 237.1 42.6 25.0 152.6 29.7 50.3 73.9 27.4 66.4 116.7 62.4 July 31. 1,455.0 239.0 13.3 150.3 69.0 70 7 245.8 45.6 23.5 174.9 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. n, 544.0 268.9 19.0 187.1 76.9 65.9 260.6 41.8 22.7 176.4 29.0 58.0 •72.2 24.0 73.9 101.8 65.8 Oct. 31. 1,569.6 273.0 17.0 215.7 82.5 61.6 274.2 41.3 22.0 188.2 28.6 55.7 '62.1 21.5 71.9 88.8 65.3 Nov. 30. '1,524.8 281.9 17.0 195.4 79.0 49.6 277.2 41.8 22.6 187.8 27.7 57.4 '58.3 14.6 69.7 79.4 65.6 Dec. 31. r\ 612 9301 8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30 2 60 2 r59 2 16 1 75 1 85 2 71.3 1951—Jan. 31. 1,581.6 334.4 18.8 228.9 73.3 54.6 251.0 44.3 27.2 142.5 31.5 62.3 ••54.2 28.2 79.5 78.6 72.2 Feb. 28 P1,596.7 312.1 20.8 249.8 70.6 49.7 257.7 45.1 30.6 140.7 30.0 60.6 52.5 42.2 78.9 75.9 79.6 Mar. 31 P1,645.2 345.2 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 Apr. 30P 1,714.5 347.5 19.3 248.1 79.9 66.6 319.2 46.3 30.8 115.3 28.8 58.2 51.9 46.3 82.1 80.7 93.5 Asia and All Other For- Egypt Date Asia C m a h n o i s d n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u ey r- O A t s h ia e * r o A th l e l r t A ra u l s ia - g B i e a l n - A E a n g n g y d l p o - - S U o o n u f i t o h n Other 8 Main public Congu tian Africa land Sudan 1945—Dec. 31 1,549 7 582.3 27.4 33.4 113.7 4.1 629.1 52.5 107.2 181.8 28 9 18 9 6 4 127 7 1946—Dec. 31. 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31 1,057 9 229 9 39.8 62.4 69.3 31 3 488 6 37.6 99.0 193.7 30.6 25.0 46.4 91 3 1948—Dec! 31! 1,151.8 216!2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 101!6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6!o 79.5 1950—May 31. 1,106.9 99.1102.0 59.5 35.9 14.8 19.7330.7 299.5 29.0 10.6 106.0 171.5 18.4 33. 6 57.0 9.6 53.0 June 30. 1,101.8 95.8 107.4 50.7 41.8 15.4 15.1338.9 291.3 29.7 12.8 102.7 188.2 18.6 35.6 57.7 14.7 61.6 July 31. 1,093.4 91.3 93.6 42.1 47.7 17.5 15.7353.2 290.4 29.4 12.4 100.1 193.S 19.5 39.8 53.0 19.7 61.5 Aug. 31. 1,146.8 94.3 90.1 51.3 50.7 18.1 15.2372.5 299.8 30.5 12.1 112.4 206.4 16.0 36.3 63.4 29.5 61.2 Sept.30. 1,224.7 101.0 89.2 55.9 73.0 17.8 12.7397.6 318.0 34.6 11.6 113.3 211.9 15.6 37.6 63.6 33.8 61.4 Oct. 31. 1,362.8 116.8 94.4 50.5 91.7 20.4 11.5434.0 378.1 39.5 12.3 113.5 222.1 18.1 41.6 64.4 37.5 60.5 Nov. 30. 1,404.0 103.9 93.7 58.2 110.5 20.4 11.9454.0 379.7 44.4 13.1 114.3 249.7 21.8 58.2 66.3 44.3 59.1 Dec. 31. 1,378.6 81.8 86.1 55.7 114.7 20.3 12.6458.5 374.4 48.2 14.3 111.9 254.5 19.1 58.1 75.6 44.0 57.7 1951—Jan. 31. 1,369.1 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 P1,403.1 77.8 65.8 59.7 124.9 26.3 15.6445.3 390.3 52.0 13.7 131.9 258.8 19.6 54.2 85.0 39.2 60.7 Mar. 31P 1,412.0 79.6 65.5 61.4 138.2 24.3 14.1406.4 395.0 53.3 16.9 157.4 248.8 27.1 50.8 85.1 21.2 64.7 Apr. 30P 1,385.8 79.2 64.7 59.0 126.7 27.4 17.2376.6 404.5 57.7 20.6 152.2 251.9 18.3 51.4 105.6 9.5 67.1 P Preliminary. r Revised. 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. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JULY 1951 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31.... 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31.... 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—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. 31.... 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. 31P.. . 918.0 95.7 30.6 3.6 9.0 34.3 75.6 248.8 110.3 402.5 92.4 64.0 Apr. 30P. . . 896.0 106.7 6.3 4.2 10.8 35.2 75.5 238.6 117.6 374.0 103.7 62.1 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r1 1945—Dec. 31. . 74.6 .6 (2) (2) 33.9 .7 31.6 .5 .1 1.6 .9 (2) (2) 4.8 1946—Dec. 31.. 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (2) (2) 9.5 1 19 9 4 4 8 7 — — D De e c c > . 3 3 1 1 .. . 1 1 1 0 8 6 . . 9 3 2 1 1 5 . . 4 0 2. . 2 6 3 8 . . 4 0 3 3 0 0 . . 5 5 1 1 0 . . 2 6 9 8. . 4 2 1. . 1 7 ( ( 2 2 ) ) 2. . 9 9 5 1. . 4 4 8 6 (2 . ) 0 3 2 5 9 . . 9 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 (2) 1950—May 31. . 58 2 1 11 7 3 1 l 2 4 25 2 3 1 2 .1 9 (2) 4 4 2 8 (2) 3.2 4.6 J J A S u u e u n l p y g e t . . 3 3 3 3 0 1 0 1 . . . . . . . . 5 5 5 5 4 8 4 6 . . . . 9 4 9 7 ( ( ( 2 2 2 . ) ) ) 2 1 1 1 1 2 4 4 2 . . . . 2 6 6 1 ( ( ( 2 2 2 . ) ) ) 1 2 2 1 1 . . . . 2 0 8 5 3 2 1 1 . . . . 4 7 9 6 2 2 2 2 5 5 5 5 . . . . 2 1 1 1 . . . . 1 1 1 1 1 1 . . . . 2 3 9 9 (2 . . ) 1 1 . . . . 4 4 5 5 ( ( ( ( 2 2 2 2 ) ) ) ) 3 3 3 2 . . . . 7 3 2 3 3 3 3 3. . . . 0 1 8 1 ( ( ( (2 2 2) ) ) ) 2. . 4 2 4 4 4 4 . . . . 7 5 4 3 Oct. 31. . 60.3 17.6 3.3 2.0 25.3 .3 1.4 (2) .3 (2) 1.3 4.6 (2) 3.9 N De o c v . . 3 30 1 . . . . 6 6 7 7 . . 2 1 A .2 2 21 1 . . 5 3 ( ( * 2) ) 3 4 . . 2 4 2 2 . . 2 2 2 2 5 5 . . 5 4 . . 1 2 1 1 . . 4 4 (2) . . 5 5 (2) .1 1 1 . . 6 3 6 6 . . 4 9 ( 2 ) 3 3 . . 8 9 2 1951— F J e an b . . 2 3 8 1 P . . . 7 7 0 4. . 2 8 (2 . ) 2 2 2 2 4 . . 0 9 . . 1 1 2 2 . . 6 5 2 3 . . 7 5 2 2 5 5 . . 3 6 . . 2 1 1 1 . . 7 9 ( ( 2 2 ) ) . .6 5 ( ( 2 2 ) ) 1 1 . . 7 2 1 9 0 . . 4 0 ( ( 2) ) (2) 4 4. . 2 0 Mar. 31 P. 75.6 .2 23.4 .1 3.9 4.0 25.9 .1 2.1 (2) .5 (2) 1.3 9.5 (2) 4.3 Apr. 30?. 75.5 (2) 21.9 .3 6.7 3.3 25.9 .1 1.8 (2) .7 (2) 2.0 8.6 . . 1 i 4.2 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- 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 a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th t a i e e 3 n r r nam 1945—Dec# 21. . 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# 3i 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 1 1 9 9 4 4 8 9 — — D De e c c > # 3 3 i i m m 5 4 1 1 6 1 . . 6 1 5 7 3 2 . . 6 4 2 2 . . 7 3 1 1 6 3 5 6 . . 4 9 1 1 5 5 . . 2 5 3 2 2 1 . . 6 1 8 27 3 . . 5 1 7 7 3 3 . . 8 0 1 1 . . 3 5 4 5 . . 4 8 4 5 . . 6 3 2 2 6 5 .6 0 3 4 4 3 .1 7 1950—May 31. . 290.5 43.1 7.7 58.8 5.2 31.8 21.4 1.6 2.2 44.9 1.1 8.5 5.0 3.8 8.0 26.3 21.0 June 30. . 323.7 42.8 7.6 67.0 4.7 53.5 29.7 1.2 1.8 45.8 1.0 9.9 4.7 3.3 6.9 25.8 18.1 July 31. . 330.4 37.9 7.7 74.0 3.5 58.4 27.7 1.4 1.9 50.5 1.2 9.5 4.5 2.6 6.7 25.4 17.4 Aug. 31. . 319.5 40.6 6.3 59.9 4.6 55.1 26.5 1.5 1.6 45.5 1.2 9.7 3.9 2.5 7.7 36.2 16.8 Sept. 30. . 297.7 40.5 6.1 63.9 3.3 46.2 26.4 1.5 1.6 44.9 1.1 10.5 4.0 2.7 6.0 24.4 14.6 Oct. 31. . 307.3 40.5 8.4 63.3 3.4 40.9 33.9 1.5 1.7 44.2 1.1 8.6 4.1 3.9 6.2 31.5 14.3 Nov. 30. . 333.8 43.0 8.4 68.7 3.8 39.9 30.6 1.7 2.1 47.4 1.3 8.4 3.5 5.5 8.1 46.8 14.8 Dec. 31. . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—Jan. 31. . 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. 28*. 399.1 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 1.2 11.6 2.6 5.9 9.9 85.8 13.2 Mar. 31 P. 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 Apr. 30P. 374.0 10.9 6.3 80.5 9.6 51.6 44.2 1.8 2.7 58.5 1.4 13.8 2.8 3.4 7.8 65.9 13.0 v 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. 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 ll er t A r u a s li - a C g o ia n n go A E n g g y l p o - - So o u f th 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—£)ec> 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—May 31.. 100.7 19 2 4 1 24 0 1 12.5 9 14 4 7 7 10 9 40.7 20.8 3.6 12.3 3.9 June 30.. 87.8 17.6 3.3 20.5 .2 13.0 7.8 .9 12.5 .6 .7 10.7 61.4 40.7 3.8 11.7 5.0 July 31 .. 86.2 20.1 4.1 18.7 .1 11.5 11.2 1.1 9.6 1.2 .9 7.7 52.0 35.2 3.9 7.5 5.3 Aug. 31.. 87.3 22.4 5.1 15 6 .1 10.4 14.5 1.4 8 0 1 5 .8 7.6 49.6 33.9 4.0 6.8 4.8 Sept. 30. . 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*. 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 Apr. 30P. 103.7 12.8 4.2 18.4 .2 7.9 29.8 6.8 6.5 4.0 1.5 11.6 62.1 41.5 5.2 .3 8.5 6.6 P Preliminary. » 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. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r p U r o o . w u S d t o . u s S r i c l . d d R ti e o . n m re T o p o n o t t r a h te l l d y A So fr u ic th a R de h s o i - A a fric A W a fr e ic s a t ' C B o el n g g i o an 8 U St n a i t t e e s d 4 C a a d N n a - orth M a ic n e o d x- Sou C th o b l i o A a m m - eri C ca hile r N ag ic u a a - * Au li s a tr O a- the I r ndia* $1 =i55/2i grains of gold 9/io fine: i. e., an ounce of fine gold =$35. 1941. 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942. 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943. 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944. 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 1L.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947. 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948. 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. 779.5 408.2 17.9 23.2 12.0 83.1 155.7 14.3 13.3 7.2 8.0 29.9 6.7 1950—Apr... 63.2 33.3 1.5 1.9 L.O 6.7 12.9 .7 1.0 .8 .7 2.2 .6 May., 65.9 35.5 1.5 2.0 L.O 6.8 13.1 .8 .9 .9 .6 2.4 .5 June.. 66.2 34.6 1.5 1.9 L.O 6.6 12.9 1.5 1.0 .6 .7 3.3 .6 July.. 64.9 34.6 1.5 1.9 .0 7.1 12.9 .8 1.1 .6 .7 2.2 .6 Aug.., 67.4 34.9 1.5 1.9 L.I 7.9 13.2 1.5 1.1 .5 .7 2.5 .6 Sept.. 65.6 34.0 1.5 2.0 L.O 7.8 12.8 1.1 1.1 .5 .7 2.5 .6 Oct.. . 67.0 33.9 1.5 1.9 1L.O 8.2 13.2 1.4 1.2 .8 .6 2.8 .6 Nov.. 65.6 33.3 1.5 1.9 .9 7.5 13.3 1.1 1.3 .6 .6 2.8 .7 Dec... 63.3 32.9 1.4 2.0 .9 7.0 13.4 .9 .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 1.4 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 Apr.. 33.2 2.0 1.0 5.5 12.7 .7 Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures 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. JULY 1951 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 rg n e a n 3 - g B i e u l m - Bolivia Brazil Canada4 Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)1 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—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 75 271 31 19 Feb 22,086 22,162 288 604 317 617 45 76 271 31 19 Mar.... P35,77O 21,806 21,927 288 589 317 618 45 »63 271 31 22 Apr . . . 21,805 21,900 288 609 317 45 271 31 22 May. . . 21,756 21,861 589 271 31 22 E m n o d n t o h f Egypt 5 France6 G m u a a l t a e- India Iran' Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec . . . 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 »201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 M80 100 231 23 72 20 1948—Dec. . . . 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 252 178 52 195 27 51 27 28 1950—June.... 53 523 27 247 140 252 178 71 231 28 50 27 28 July.... 53 523 27 247 140 252 178 73 231 28 50 27 28 Aug.... 53 523 27 247 140 252 178 113 231 28 50 27 28 Sept.... 53 523 27 247 140 252 188 115 231 29 50 27 28 Oct 53 523 27 247 140 252 188 116 231 29 50 27 28 Nov. . . . 53 523 27 247 140 252 188 133 231 29 50 27 28 Dec.... s 97 523 27 247 140 252 208 208 311 29 50 27 31 1951—Jan 97 523 27 247 139 252 228 281 311 30 50 27 31 Feb 102 523 27 247 139 252 228 281 311 30 50 27 31 Mar.... 117 523 27 247 139 252 228 311 30 50 27 46 Apr. . . . 548 27 247 138 252 229 311 30 50 27 46 May... . 548 247 138 252 229 311 33 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n o i 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 I a n 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 92,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 92,696 200 215 15 32 1947—Dec. . . . 310 15 762 111 105 1,356 34 170 92,079 175 215 1,356 30 1948—Dec. . . . 236 15 183 111 81 1,387 34 162 n,856 164 323 1,436 36 1949—Dec.... 178 17 128 85 70 1,504 118 154 91,688 178 373 1,451 68 1950—June 177 20 177 61 71 1,559 118 149 189 373 1,460 108 July.... 177 20 179 61 71 1,550 118 138 9 2,422 196 373 1,464 128 Aug.... 177 20 180 61 71 1,537 118 146 208 373 1,494 125 O Se ct pt.... 1 1 7 7 7 7 2 2 0 0 1 1 8 7 3 9 6 6 1 1 9 8 1 7 1 1 , , 5 5 2 2 9 0 1 1 1 1 8 8 1 1 4 5 6 0 92,756 2 2 1 1 7 7 3 3 7 7 3 3 1 1 , , 4 4 9 9 4 4 1 1 4 4 9 5 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 93,300 236 373 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' 295 373 1,495 119 Apr. . . . 212 23 210 124 1,444 118 150 295 373 1,495 161 May 23 129 150 153 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Through 1947 estimated dollar values derived by converting gold at home in amounts up to 1,224.4 million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 pesos per U. S. dollar; beginning 1948 total gold holdings converted at the rate of 3.0365 pesos per U. S. dollar. 4 Figures as reported by Foreign Exchange Control Board and Minister of Finance. 5 Beginning December 1950 includes gold holdings of issue and banking departments of the National Bank of Egypt; prior to that represents holdings of issue department only. 6 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 7 Beginning December 1947 includes gold holdings of issue and banking departments of Bank Melli Iran; prior to that represents holdings of issue department only. 8 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 9 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 884 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 e m l- 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 1 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 2 5 -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 -25.6 3.4 8.2 -40.5 Oct.-Dec -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 -47.4 -100.0 20.0 -61.9 1951 Jan.-Mar -880.1 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June -57.0 -80.0 2.0 -15.0 -11.2 " —10*6* 64.1 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 e o r 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 a n 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 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 ) t e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- p t D i t r c o i o o m d g n u o e 2 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 82,162.1 1,866.3 210.0 75.8 1949 1948 . 24,244 24,399 1,530,41,680.4 — 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 — 1,743.3—371.3-1,352.4 83.1 Apr.-June 3.0 3.7 -6.6 55.6 .1 July-Sept -16.5 -50.0 -2.9 -2.2 48.1 -2.0 1950—June. . 24,231 24,331 -9.0 10.0 -17.6 6.6 Oct.-Dec -1.0 -11.9 —41 0 19.9 .2 July... 24,136 24,239 -91.1 -1.5 -90.0 7.1 Aug... 23,627 23,745 -494.4 -42.2 -431.4 7.9 1950 Sept... 23,483 23,591 -153.9 -96.5 -65.9 7.8 Oct... 23,249 23,349 -242.5 -93.4 -146.2 8.2 Jan.-Mar. — 12 0 -10.5 -.8 3.9 -27.0 Nov... 23.037 23,153 -195.5 -158.6 -35.3 7.5 Apr.-June -2.0 -1.0 9.2 -3.0 Dec... 22,706 22,820 -333.2 -93.0 -237.9 7.0 July-Sept -23.9 -.1 -14.9 -14.8 1951—Jan. .. 22,392 22.461 -358.8 -60.6 -248.5 5.9 Oct.-Dec -26.9 -6.0 -23.6 -3.0 Feb... 22,086 22,162 -298.7 -107.9 -184.4 5.2 Mar... 21,806 21,927 -235.4 -123.5 -111.2 5.8 1951 Apr. . . 21.805 21,900 -27.3 -110.6 101.9 5.5 May. . 21,756 21.861 -38.5 -41.0 -12.9 (4) J A a p n r . . - - M Ju a n r e — 1 5 5 0 . . 0 9 -.9 -1 -5 1 . . 0 7 -2 -3 2 . . 8 6 12.7 - - 2 2 8 5 . . 0 0 June.. P21 ,756P21.871 P10.4 (4) 3 46.3 (4) v Preliminary. 1 See footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2 Yearly figures through 1949 are estimates of United States Mint. 2 Includes sale of 114.3 million dollars of gold to Italy. Figures for 1950 and 1951 are estimates of American Bureau of Metal 3 Includes sales of 185.3 million dollars of gold to China. Statistics. NOTE.—This series replaces the series on "Net Gold Imports to 3 Change includes transfer of 687.5 million dollars gold subscrip- United States, by Countries," published previously. tion 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 6,034.6 million dollars on June 30, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JULY 1951 885 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 1951 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 4,25714,266 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 stock8. . 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 2 Bonds outstanding 311 261 261 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- May Apr. Mar. May Lo a a n n t s e — e undisbursed 2 3 7 0 9 22 2 9 9 1 2 4 6 0 1 2 3 6 0 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 3 1,668 1,668 1,668 1,670 Chilean pesos 8. 8.8 8.8 8.8 C Cz o e s c ta h o R sl i o ca v n a k c ia o n lo n k e o s runy. - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 1 Includes 33 million dollars receivable for currency adjustments D Eg a y n p is 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 M ro a m y 3 th 1 e , 1 d 9 e 5 v 1 a , l u th a e ti o F n u s n d in h S ad e p s t o em ld b 7 e 5 r 9. 1 8 9 4 m 9 i . llion U. S. dollars; Ethiopian dollars .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 ld r ers. . . . 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 am 3 o E u x n c te lu d d e to s u 4 n 3 c .3 a 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 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. 762.0 762.0 762.0 753.1 CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note circula- (Fi p g o u u re 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- tion 3 Deposits ti l O e ia s t b h a i e l n i 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 52.3V 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 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—June 28 .4 1,350.0 63.0 15.4 549.3 L.293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 1,350.0 37.4 18.0 599.2 L.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 L.283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 1,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan. 31 .4 4 ,350.0 69.4 19.7 329.2 L,282.0 297.9 13.0 2.4 86.7 18.3 Feb. 28 .4 ,350.0 62.0 16.1 345.7 ] ,289.0 293.0 13.0 9.3 90.1 18.5 Mar. 28 .4 ,350.0 31.3 12.3 395.1 J,320.1 302.4 13.8 14.6 89.3 18.5 A M p a r y . 3 2 0 5 . . 4 4 : 1 , , 3 3 5 5 0 0 . . 0 0 3 1 7 9 . . 3 2 6 2 . . 4 8 3 4 8 0 8 5 . . 4 0 1 , , 3 3 3 1 1 3 . . 6 8 3 2 0 9 5 6 . . 8 4 1 1 4 4 . . 2 4 1 5 3 . . 4 4 8 8 9 4 . . 0 8 1 1 7 8 . . 8 0 1 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and 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. 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 (Figures in millions of and United Other Note liabilities Canadian dollars) Gold States assets circulation2 and dollars S te h r o m rt x - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340. 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198. 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42. 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42. 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43, 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—June 30. 84.1 1,436.7 622.0 58.8 ,275.8 544.5 35.3 215.8 130.1 July 31. 89.1 1,431.0 638.7 65.7 ,294.2 552.8 19.6 228.9 129.0 Aug. 31. 161.4 1,420.4 569.2 113.9 ,303.8 568.2 16.7 233.1 143.1 Sept. 30. 212.2 1,406.1 444.6 219.7 ,318.4 555.8 22.0 258.2 128.2 Oct. 31. 152.2 1,381.4 435.7 440.0 ,321.8 621.7 39.0 235.2 191.6 Nov. 30. 127.2 1,170.0 662.0 415.5 ,323.5 578.9 45.3 221.0 206.0 Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Jan. 31. 117.9 1,171.0 731.5 273.7 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 May 31. 125.2 1,313.7 777.3 117.9 1,337.5 530.1 76.2 221 .5 168.7 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r f e F s f r r a i a n n nc c s e ) 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- G m ov e e n r t n- De E p C os A its 6 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 s061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1 914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218 383 984 27,202 44,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1 517 25,272 768,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500 386 578 33,137 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12 048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920 831 733 82 479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,6581,278,211 1,168 158,973 19,377 1950—June 29. 62,274 116,652 128,939 18,507 368,694 166,600 560,990 116,8331,382,479 62 8,496 126,978 21,475 July 27. 62,274 146,146 144,523 12,709 373,930 161,600 560,990 128,6951,413,718 80 22,806 129,954 24,309 Aug. 31. 182,785 144,242 149,702 3,590 362,358 163,600 481,039 137,9781,455,008 75 12,778 134,709 22,722 Sept. 28. 182,785 173,725 119,556 14,572 377,531 163,900 481,039 132,9721,467,425 94 11,928 144,909 21,725 Oct. 26. 182,785 140,735 115,122 25,035 371,010 162,600 481,039 197,5551,466,623 73 8,739 171,836 28,610 Nov. 30. 182,785 146,783 150,674 32,047 297,884 155,900 481,039 222,2771,502,770 83 7,613 137,038 21,885 Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,8221,560,561 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 32,158 383,170 159,000 481,039 213,535 1,541,910 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 May 31. 191,447 169,035 215,539 17 ,539 341,766 158,700 481,039 9259,474 1,632,018 83 17,636 160,143 24,658 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 144.9 billion francs on May 31. 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. JULY 1951 887 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 874 874 656 Loans and discounts 227. 207. 252,792 225,175 Other gold and foreign exchange. ,408 2,305 1,538 Government loans and securities. 134, 135, 136,414 141,854 Government securities ,861 1,986 1,853 Other assets 83, 69, 65,771 57,140 Rediscounts and loans to banks.. ,129 35,429 29,964 Note circulation 392, !85, 378,488 406,215 Other assets 261 317 230 Deposits 232, 220 220,913 172,925 Currency circulation ,814 13,601 10,555 Other liabilities and capital 56, 53 53,007 50,903 Deposits—Nationalized ,706 24,456 21,303 Central Bank of Costa Rica Other sight obligations 628 525 496 (thousands of colones): Other liabilities and capital ,386 2,329 1,887 Gold 511 511 11,542 11,542 Commonwealth Bank of Aus- Foreign exchange 866 776 42,541 25,332 tralia (thousands of pounds): Net claim on Int'l. Fund 3 029 029 7,019 7,019 Gold and foreign exchange 661,673 488,933 Loans and discounts 839 ,911 90,576 89,665 Checks and bills of other banks. . 7,232 5,803 Securities 621 321 19,404 22,023 Securities (incl. Government and Other assets 673 ,227 14,275 18,088 Treasury bills) 404,992 354,985 Note circulation 777 ,586112,445 103,705 Other assets 80,233 86,452 Demand deposits 909 ,858 63,249 59,369 Note circulation 270,270 229,063 Other liabilities and capital 853 ,331 9,663 10,595 Deposits of Trading Banks: National Bank of Cuba Special 558,920 462,470 (thousands of pesos): Other 44,817 26,538 Gold 562 270,561 298,719 Other liabilities and capital 280,122 218,101 Foreign exchange (net) 77,586 67,199 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 61,366 15,644 Gold 51 51 51 50 Silver 47,188 79,998 Foreign exchange 288 255 414 155 Net claim on Int'l. Fund 3 12,507 12,507 Loans and discounts 4,348 ,957 3,928 2,210 Loans and discounts 3,010 1,052 Claim against Government 4,445 ,426 4,767 6,002 Credits to Government 12,231 Other assets 39 39 40 38 Other assets 28,701 "9,402 Note circulation 6,406 ,254 6,089 5,684 Note circulation 355,473 420,929 Deposits—Banks 150 165 234 194 Deposits 150,849 58,546 Other 551 469 770 1,071 Other liabilities and capital 6,828 5,044 Blocked 2,064 ,840 2,106 1,505 National Bank of Czechoslovakia 4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 29,433 462 29,471 29,716 Gold 69 69 69 69 Foreign claims and balances (net). 8,318 566 8,026 7,316 Foreign exchange 435 389 368 378 Loans and discounts 11,151 673 11,113 4,840 Contributions to Int'l. Bank 6 6 6 6 Consolidated Government debt.. 34,860 860 34,860 34,939 Loans and discounts 94 85 84 26 Government securities 3,603 553 3,190 7,001 Securities 148 116 112 124 Other assets 3,869 729 3,932 4,924 Govt. compensation account.... ,966 ,969 3,974 4,650 Note circulation 86,781 138 85,010 84,794 Other assets 461 490 437 218 Deposits—Demand 2,005 853 2,873 1,712 Note circulation ,593 ,600 1,610 1,544 ECA 140 46 10 173 Deposits—Government ,769 ,727 1,776 1,809 Other liabilities and capital 2,307 807 2,700 2,057 Other ,632 ,612 1,481 1,970 Central Bank of Bolivia—Mone- (Dec. Other liabilities and capital 184 186 184 148 tary dept. (millions of bolivianos): 1950)* Central Bank of the Dominican Gold at home and abroad 2 1,370 956 Republic (thousands of dollars): Foreign exchange 524 287 Gold ,056 045 6,045 4,045 Loans and discounts 1,931 1,377 Foreign exchange (net) ,487 560 16,629 13,292 Government securities 734 740 Net claim on Int'l. Fund 3 ,250 250 1,250 1,250 Other assets 135 109 Paid-in capital—Int'l. Bank 40 40 40 40 Note circulation 3,432 2,700 Loans and discounts 78 156 131 211 Deposits 235 424 Government securities ,217 217 6,217 5,377 Other liabilities and capital 1,029 346 Other assets ,081 105 1,065 667 Central Bank of Ceylon (thousands Note circulation ,290 552 24,483 19,984 of rupees): Demand deposits ,173 090 6,172 4,617 Foreign exchange 679,132 650. ,863 Other liabilities and capital 747 732 721 281 Paid-in capital—Int'l. Bank 1,116 1 ,,116 ,116 Central Bank of Ecuador Government securities (thousands of sucres): Other assets 852 705 1,438 Gold s 334 334,416 334,315 266,849 Currency in circulation 400,308 ,197395,259 Foreign exchange (net)5 143 577144 136,932 -15,025 Deposits—Government 62,015 ,498 40,363 Net claim on Int'l. Fund 3 18, 18,757 16,881 Banks 187,824 ,131181,883 Credits—Government 214 156 209 211,928 263,102 Other liabilities and capital 30,952 ,431 28,912 • Other 123, 98 93,303 122,380 Central Bank of Chile (millions Other assets 174.547 168,783 124,382 of pesos): Note circulation 480,678 475 470,606 380,394 Gold ,430 1,357 1,240 Demand deposits—Private banks 140 145 139,626 113,884 Foreign exchange (net) 310 284 110 Other 128 105 114,879 129,138 Net claim on Int'l. Fund 3 1 1 1 Other liabilities and capital 259 256,860 238,906 155,152 Discounts for member banks.... ,042 1,710 2,002 National Bank of Egypt (thou- Loans to Government 680 680 688 sands of pounds): Other loans and discounts ,461 4,241 2,756 Gold6 28,662 6,376 Other assets ,429 2,351 1,758 Foreign exchange 13,23 15,479 Note circulation ,374 6,997 5,762 Loans and discounts 22,679 5,325 Deposits—Bank ,73 1,462 1,328 British, Egyptian, and other Other 425 366 354 Government securities 337,374 314,211 Other liabilities and capital ,818 1,799 1,112 Other assets 40,078 46,115 Bank of the Republic of Colombia Note circulation 182,754 155,737 (thousands of pesos): Deposits—Government 125,774 88,873 Gold and foreign exchange 209,960 220 171,682 180,13. Other 124,286 134,446 Net claim on Int'l. Fund 3 24,369 24,369 24,368 Other liabilities and capital 9,216 8,450 Paid-in capital—Int'l. Bank 1,381 1,380 1,371 * Latest month available. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 5 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 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. 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Reserve Bank of El Salva- Bank of Italy (billions of lire) : dor (thousands of colones): Gold 4 4 4 4 Gold 57,249 57,319 57,380 50,431 Foreign exchange 29 29 29 24 Foreign exchange (net) 789 87,949 83,780 64,114 Advances to Treasury 590 590 590 654 Net claim on Int'l Fund l 565 1,565 1,565 1,565 Loans and discounts 273 286 275 180 Loans and discounts 918 2,290 1,807 562 Government securities 215 205 197 200 Government debt and securities. . 4,906 5,231 4,950 5,054 Other assets 513 509 505 536 O N t o h t e e r c a ir s c s u et l s ation 78 1 , , 4 2 5 8 3 3 81 1 , , 3 2 9 2 2 8 84 1 , , 9 2 5 1 1 1 66 1 , , 1 6 4 5 2 8 A B l a l n ie k d o m f i I l t it a a ly ry n n o o te te s s 1,068 1,088 3 968 6 Deposits 72,761 67,722 59,413 51,277 Deposits—Government 176 166 128 174 State O t B h a er n k li a o b f i li E ti t e h s io a p n i d a c 2 apital 6,496 6,468 6,329 5,965 O D t e h m er and 25 6 2 7 25 6 1 9 2 6 5 9 0 2 1 7 3 1 2 Bank of Finland (millions of mark- Other liabilities and capital 60 61 62 48 kaa): Bank of Japan (millions of yen): Gold 4,475 3,353 3,120 1 ,787 Cash and bullion 1,010 1,024 1,465 Foreign assets (net) 890 -1,929 -909 -2,300 Advances to Government 42,645 50,095 70,226 Clearings (net) -347 893 676 -134 Loans and discounts 386 259 408,149 131,874 Loans and discounts 40,285 39,452 39,810 39,663 Government securities 125 136,855 138,772 Securities 962 961 962 1,080 Other assets 37 39,858 30,150 Other assets 6,551 7,142 6,253 1,191 Note circulation 410 396,307 310,405 Note circulation 39,055 38,329 37,447 30,326 Deposits—Government 138 190,666 35,493 Deposits 1,648 745 2,279 1,799 Other 21 28,360 17,032 Other liabilities and capital 12,114 10,799 10,185 9,163 Other liabilities 22 20,648 9,558 Bank of German States The Java Bank (millions of guilders): (millions of German marks): Gold* 871 871 866 675 Foreign exchange 1,678 1,367 1,166 912 Foreign exchange (net) 621 409 354 60 Loans and discounts. 4,370 4,195 4,699 3 ,492 Loans and discounts 426 244 175 171 Loans to Government 9,324 9,325 9,148 8,717 Advances to Government 1,999 ,275 2,501 1,674 Other assets 1,421 ,387 1,437 1,137 Other assets 529 360 336 89 Note circulation 7,867 ,960 7,781 7,793 Note circulation 2,770 ,691 2,614 1 ,647 Deposits—Government 2,430 2,381 1,169 Deposits 978 823 962 656 Banks 1,813 1,588 1,678 1,087 Other liabilities and capital 696 644 656 366 Other 1.315 790 900 463 Bank of Mexico (millions of pesos): Other liabilities and capital 3,368 3,545 3,710 3,746 Monetary reserve 5 1,093 ,113 1,191 772 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 2,935 ,088 3,317 2,421 Gold and foreign exchange (net). 523 530 405 Bills and discounts 356 279 277 182 Loans and discounts 199 204 147 Other assets 490 479 493 329 Advances—Government 5,856 5,692 3,967 Note circulation 2,732 ,753 2,787 2,194 Other 2,996 2,811 2,122 Demand liabilities 1,639 ,699 1,978 893 Other assets 1,466 1,484 780 Other liabilities and capital 502 507 512 617 Note circulation 1 ,900 1,578 1,651Netherlands Bank (millions of Deposits—Government 924 1,051 467 guilders): Reconstruction and Gold6 1,177 ,175 1,175 871 relief accts 3,970 3,730 2,036 Silver (including subsidiary coin). 17 17 18 13 Other 1,746 1,737 860 Foreign assets (net) 154 259 472 1,015 Other liabilities and capital 2,500 2,625 2,408 Loans and discounts 170 97 103 147 Bank of Guatemala (thousands of Govt. debt and securities 3,178 ,000 3,000 2,850 quetzales): Other assets 591 628 647 854 Gold 27,229 27,229 27 ,229 Note circulation—Old 50 51 53 64 Foreign exchange 14,925 15,323 8! 861 New 2,709 ,682 2,761 2,917 Gold contribution to Int'l Fund.. 1,250 1,250 1,250 Deposits—Government 20 82 409 Rediscounts and advances 4,974 4,203 5,524 Blocked '2 Other assets 19,387 19,386 18,478 ECA 1,470 ,428 1,386 795 Circulation—Notes 36,596 37,803 34,465 Other 656 594 734 1,035 Coin 3,296 3,319 3,145 Other liabilities and capital 401 401 399 529 Deposits—Government 3 ,065 1,735 1,857Reserve Bank of New Zealand Banks 10,700 11,561 11,323 (thousands of pounds): Other liabilities and capital 14,110 12,974 10,552 Gold 5,071 959 4,932 4,224 National Bank of Hungary 3 Foreign exchange reserve 73,971 459 61,319 59,309 Reserve Bank of India (millions of Loans and discounts 6,832 270 7,217 5,291 rupees): Advances to State or State un- Issue department: dertakings 56,537 607 60,372 59,254 Gold at home and abroad 400 400 400 Investments 10,974 974 27,974 27,658 Sterling securities 6,882 6,782 6,382 Other assets 4,653 487 4,983 ••1,471 Indian Govt. securities 5,016 4,866 4,717 Note circulation 58,413 675 58,418 53,893 Rupee coin 584 543 550 Demand deposits 92,403 013101,440 96,605 Note circulation 12,809 12,474 11,817 Other liabilities and capital 7,222 069 6,939 6,710 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 72 117 231 Gold 243 243 244 Balances abroad 1,922 2,060 1,937 Foreign assets (net) 198 208 '287 Bills discounted 123 82 32 Clearing accounts (net) -25 -66 -100 Loans to Government 67 16 14 Loans and discounts 50 47 40 Other assets 1 ,213 1 ,256 742 Securities 46 46 47 Deposits 3,056 3,200 2,652 Occupation account (net) ,202 6,202 7,112 Other liabilities and capital. . . 341 331 303 Other assets 110 95 67 Central Bank of Ireland (thousands Note circulation ,314 2,308 2,187 of pounds): Deposits—Government ,039 2,104 '2,017 Gold 2 ,646 2,646 2,646 2,646 Banks 979 977 1,444 Sterling funds 49,351 49,993 51,364 47,380 Blocked 555 Note circulation 51,997 52,639 54,010 50,026 ECA 667 642 776 Other liabilities and capital 825 744 T-719 r Revised, 1 This figure represeents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution, 2 F lt ilbl report (July 1950), see BULLETIN for December 1950, p. 1699. JULY 1951 889 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) May Apr. Mar. May date of month) May Apr. Mar. May State Bank of Pakistan (millions of Bank of Spain— Cont. rupees): Other assets 22,979 22,625 4,129 Issue department: Note circulation 30,926 30,862 27,302 Gold at home and abroad... 44 44 44 Deposits—Government 1,220 1,509 629 Sterling securities 852 852 795 Other 3,837 3,602 2,737 Pakistan Goyt. securities. . . 753 752 361 Other liabilities and capital. . . 19,230 18,814 531 Govt. of India securities.... 138 139 154Bank of Sweden (millions of kronor): India currency 300 300 432 Gold 285 273 250 158 Rupee coin 42 43 58 Foreign assets (net) 279 350 514 997 Notes in circulation ,047 2,091 1,763 Swedish Govt. securities and ad- Banking department: vances to National Debt Office ,778 3,596 3,556 2,789 Notes of issue department... 38 Other domestic bills and advances 241 201 178 170 Balances abroad 655 664 284 Other assets 514 493 452 325 Bills discounted 52 52 102 Note circulation ,407 3,458 3,355 3,092 Loans to Government 2 1 Demand deposits—Government.. 688 456 731 442 Other assets 313 386 '376 Other 422 405 288 303 Deposits ,015 1,055 760 Other liabilities and capital 580 593 575 601 Other liabilities and capital. . 83 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,031 5,968 5,989 6,239 Goldi 1,165 ,165 1,165 600 Foreign exchange 230 244 248 298 Foreign exchange (net) 82,300 ,542 65,020 4,845 Loans and discounts 194 196 195 90 Net claim on Int'l. Fund 2 -2,377 ,377 5,256 2,710 Other assets 78 76 80 74 Paid-in capital—Int'l. Bank -1,001 ,001 -260 -195 Note circulation ,398 4,424 4,420 4,243 Loans and discounts 139,873 ,929132,362 120,593 Other sight liabilities ,937 1,862 1,897 2,062 Government loans and securities. 24,256 ,257 15,904 8,282 Other liabilities and capital 198 198 195 397 Other assets. 20,259 ,578 5,854 19,853Central Bank of the Republic of Note and coin issue 173,823 ,493144,288 115,338 Turkey (millions of pounds): Demand deposits 58,168 ,752 61,905 35,254 Gold 419 419 C419 432 Other liabilities and capital 32,484 ,849 19,107 6,095 Foreign exchange and foreign Central Reserve Bank of Peru clearings 149 169 172 93 (millions of soles): Loans and discounts ,173 1,144 1,128 921 Gold and foreign exchange 3 762 713 273 Securities 15 17 19 38 Net claim on Int'l. Fund 2. 20 20 20 Other assets 84 82 97 76 Contribution to Int'l. Bank 2 2 Note circulation 962 971 975 879 Loans and discounts to banks. . . 219 2 182 Deposits—Gold 153 153 153 153 Loans to Government 671 225 706 Other 568 543 532 362 Other assets 90 672 210 Other liabilities and capital 158 163 174 166 Note circulation ,141 105 926 Bank of the Republic of Uruguay Deposits 470 1,119 142 (thousands of pesos): Other liabilities and capital 154 450 326 Gold 447,376447,376 279,839 Central Bank of the Philippines 169 Silver 10,713 10,858 11,723 (thousands of pesos): Paid-in capital—Int'l. Bank 318 318 312 Gold 9,787 9,030 8,597 4,449 Advances to State and govern- Foreign exchange 551,540 574,068 570,522 445,983 ment bodies 149,417 151,009 152,557 Net claim on Int'l. Fund 2 29,504 29. 29,503 7,502 Other loans and discounts 268,401260,330 266,227 Loans 18,645 47, 55,863 48,017 Other assets 329,874351,950 279,959 Domestic securities 234,959163, 163,088 123,817 Note circulation 368,122 367,389 290,475 Other assets 174,400175, 170,980 152,384 Deposits—Government 101,301 98,487 95,889 Note circulation 656,5223 67'1 664,360 534,567 Other 329,163339,361 284,469 Demand deposits 203,478173, 194,212 134,546 Other liabilities and capital 407,513416,604 319,785 Other liabilities and capital 158,833154 139,981 113,040Central Bank of Venezuela (mil- Bank of Portugal (millions of lions of bolivares): escudos): Gold 1,141 1,141 1,041 Gold 796 3,737 3,138 Foreign exchange (net) -116 -72 55 Foreign exchange (net) 656 10,621 8,992 Other assets 117 85 66 Loans and discounts 562 554 497 Note circulation—Central Bank. 745 755 758 Advances to Government 246 1,,244 1,247 National banks.. 1 Other assets 554 562 467 Deposits 206 311 152 Note circulation 147 ,212 7,749 Other liabilities and capital 190 251 Demand deposits—Government.. 735 643 245 Bank for International Settle- ECA 299 299 107 ments (thousands of Swiss gold Other 337 5,212 894 francs): Other liabilities and capital 295 2,351 2,346 Gold in bars 468 492491,935363,849 305,018 South African Reserve Bank Cash on hand and with banks.. . 36 432 73,104 70,635 47,975 (thousands of pounds): Sight funds at interest 4 405 4,419 4,412 2,930 Gold ^ ,470 72,704 62,991 Rediscountable bills and accept- Foreign bills ,426 95,077 84,505 ances (at cost) 114 991145,143174,981 181,286 Other bills and loans ,040 7,092 8,388 Time funds at interest 35 254 32,327 33,952 37,549 Other assets ,462 31,483 36,339 Sundry bills and investments.... 265. 084274,139308,003 223,788 Note circulation ,283 75,654 68,140 Funds invested in Germany 297 201297,201297,201 297,201 Deposits ,976116,311 103,021 Other assets 9 666 6,812 1,359 1,500 Other liabilities and capital ,138 14,391 21,064 Demand deposits (gold) 98,123 59,010178,649 150,231 Bank of Spain (millions of pesetas): Short-term deposits: Gold 669 669 668 Central banks—Own account.. 619,981746,325558,588 437,195 Silver 378 378 446 Other 18,874 25,771 23,809 22,065 Government loans and securities. ,813 15,735 15,737 Long-term deposits: Special 228,909228,909228,909 228,909 Other loans and discounts ,374 15,381 10,218 Other liabilities and capital 265,639265,064264,437 258,847 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. 5 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. 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - d tz- ba C n e k n t o r f a — l R M 3 a a 1 t y e ef D fe a ct t i e ve b C an e k n t o r f a — l R M 3 a a 1 t y e eff D ec a t t i e ve In effect Dec. 31, Albania 534 Mar. 21, 1940 Italy 4 Apr. 6, 1950 1939 2 2 4 5* 3 3 Argentina 334 Mar. 1, 1936 Japan 5.11 July 5, 1948 J A a p n r . 2 9 5 1940 3H A Be u l s g t i r u ia m 3 $ % y 2 A Se u p g t . . 1 3 1 , , 1 1 9 9 5 4 0 5 J L a a v t a via 3 5 J F a e n b . . 1 1 4 7 , , 1 19 9 3 4 7 0 May 17 334 Bolivia 6 Sept. 30, 1950 Lithuania. . . 6 July 15, 1939 Mar. 17, 1941.. "i'X May 29 3 June 27 234 Jan. 16 1945 134 Canada 2 Oct. 17, 1950 Mexico 4^ June 4, 1942 Jan 20 iH Chile 4^ June 13, 1935 Netherlands.. Apr. 17, 1951 Feb 9 234 Colombia July 18, 1933 New Zealand. July 26, 1941 Nov. 7, 1946 . 234 Costa Rica 4 Feb. 1, 1950 Norway 234 Jan. 9, 1946 Dec 19 3 Jan. 10,1947.. IX Aug. 27 .. &2M zy 2 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct 9 2H&3 Ecuador 10 May 13, 1948 Portugal.... 2y Jan. 12, 1944 June 28 1948 1 1-5 El Salvador. . . 3 Mar. 22, 1950 South Africa. zy2 Oct. 13, 1949 Sept. 6 3 4 Estonia Oct. 1, 1935 Spain 4 % Mar. 18, 1949 Oct 1 1& Finland Nov. 3, 1950 Sweden 3 Dec. 1, 1950 May 27 1949 !1-4K July 14 l i_4 434 Oct 6 3M J S u e n p e t. 1 8 1 , 1950. . 2y a 3% F G r e a r n m c a e ny O Ju c n t. e 2 8 7, , 1 1 9 9 5 5 0 0 T Sw ur i k tz e e y rland.. 3 134 F N e o b v . . 2 26 6 , , 1 1 9 9 3 5 6 1 Sept 26 3 Greece July 12, 1948 United King- Oct. 27 1 1-6 India 2y Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec 1 3 Ireland 2 Nov. 23, 1943 U. S. S. R.... 4 July 1, 1936 Apr. 17, 1951. . 4 il-6 In effect May 31, 12 1951 2 2y 2 U-6 3M 4 3 134 iThe lower rate 3applies to the Bank deutscher Laender, and the higher rate applies to the 2Lyand Central banks. NOTE.—Changes s2ince May 31: 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—April .54 1.03 1.01 1.00 1.74 3-5^ 1.25 1943—April .50 1.03 1.01 1.03 1.66 3-534 1.25 1944—April .39 1.03 1.01 1.13 1.73 3-5^ 1.25 1945—April .37 1.03 1.01 1.00 1.47 3^-5 1.25 1946—April .37 .53 .51 .63 1.25 .90 .50 1.25 1947—April .41 .53 .51 .63 1.41 1.59 1.11 1.25 1948—April .41 .56 .51 .63 2.00 1.38 .93 1.50 1949—April .49 .58 .51 .63 2.12 1.29 1.24 1.63 1950—April .51 .69 .51 .63 2.64 1.44 1.25 1.50 1950— J M un ay e . . 5 5 1 1 . . 6 6 9 9 . . 5 5 1 1 . . 6 6 3 3 2 2 . . 5 6 2 8 1 1 . . 4 4 4 5 1. . 0 8 3 1 2 2 y 3 2 4 - - ± 4 y 3 2 4 1 1 . . 5 5 0 0 A Ju u ly gust. . . . . 5 5 5 1 . . 6 6 9 9 . . 5 5 1 1 . . 6 6 3 3 2 2. . 3 5 5 9 1 1 . . 5 4 7 4 1. . 1 9 0 5 2^-434 1 1 . . 5 5 0 0 September .62 .69 .52 .63 2.22 1.33 .91 234-434 1.50 October... .62 .69 .51 .63 2.28 1.27 2K-434 1.50 November, .62 .69 .51 .63 2.19 1.20 1.50 December. .63 .69 .51 .63 2.41 1.40 1.09 3-5 3 1.50 1951—January.. .63 .69 .51 .63 2.45 1.31 .83 3-5 1.50 February. .73 .69 .51 .63 2.42 1.55 1.00 3-5 1.50 March.... .76 .69 .51 .63 1.46 1.23 3-5 1.50 April .76 .69 .51 .63 1.55 1.24 3-5 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172 , pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1951 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom l (11 London clearing Money at Deposits Other banks. Figures in Cash call and Bills dis- Treasury Loans to Other liabilities millions of pounds reserves short counted deposit Securities customers assets and sterling) notice receipts 2 Total Demand Time capital 1945—December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1945—December . 499 432 610 1,560 ,427 <?94 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 i 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—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 August 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 ,<508 616 6,204 4,105 2,099 501 November 502 548 1,445 478 ,514 .,525 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 560 735 6,368 4,262 2,106 550 1951—January 530 559 1,470 383 ,529 556 697 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 April 520 559 1,300 295 ,554 1,775 760 6,130 4.055 2,075 632 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 oans and foreign Total Demand Time capital reserves loans discounts banks 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1.386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 ,874 1,159 18 6,412 2,671 3,740 L.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—May 759 105 2,352 198 4,408 1,091 s 7,417 2,860 4,557 L.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 A Se u p g t u e s m t ber 8 7 0 4 2 8 1 9 0 9 1 2 2 , , 3 4 9 7 3 3 2 22 1 5 8 4 4, ,4 4 3 7 7 8 1 1, , 1 1 7 1 8 3 1 7 7, , 5 5 9 7 7 3 3 3 , , 0 0 1 3 5 0 4 4, , 5 5 8 4 2 3 1 1 , . 5 5 6 2 5 9 October 847 115 2,565 189 4,349 1,258 7,740 3,180 4,559 1,583 November 797 164 2,737 177 4,280 1,293 7,819 3,276 4,543 1,630 December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—January 774 118 2,795 175 4,248 1,270 7,748 3,171 4,577 1,631 February 770 109 2,872 176 4,093 1,334 7,675 3,057 4,618 1,678 March 753 94 3,008 178 3,986 1 ,266 7,624 3,010 4,614 1,660 April 774 87 3,046 160 3,924 1,413 7,684 3.086 4,598 1 ,720 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Other Own liabilities millions of francs) reserves banks counted Loans assets accept- and Total Demand Time ances capital 1945—December .... 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December . . . 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—April 44,808 43,843 452,864 126,752 40 506 652,570 639,878 12,692 31,449 24,752 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 Decembers 48,065 52,853 527,095 134,296 53,651 742,225 723,607 18,618 28,248 45,486 1951—January 39,769 56,952 477,003 153,502 31,549 709,469 691,231 18,238 26,599 22,707 February 41,435 60,293 477,766 154,660 33,367 720,710 701,935 18,775 27,252 19,560 March 42,469 62,610 499,550 150,919 38,351 741,484 721,791 19,693 29,739 22,676 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 1H per cent through Oct. 20, 1945, and at % per cent thereafter. 3 Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES lAverages 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- Ceylon Year or month tralia Prefer- (pound) "Bank (rupee) Basic ential Free a n c o c t o e u s n " t Official Free Official Free 1946 . 29 773 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 321.00 2.2817 5.4MM 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 2 13.333 38.289 223.15 1.9908 41.9722 5.4406 890.909 91.474 20.850 1950—July 29.778 3 11.100 223.16 1.9835 5.4406 90.909 90.766 20.851 August 29.778 11.100 223.16 L.9837 5.4406 90.909 90.844 20.850 September 20 000 "i3*333" 7.205 223 16 L 9838 5.4406 90.909 90.844 20.850 October 20.000 13.333 7.291 223.16 L9876 4L.9702 5.4406 94.854 20.850 November 20 000 13 333 7 147 223 16 L 9876 I 9737 5 4406 96 044 20.850 December 20.000 13.333 6.924 223.10 L.9983 L.9720 5.4406 94.913 20.850 1951—January.. 20.000 13.333 7 102 223 09 L 9945 L 9549 5 4406 95.002 20.850 Februarv 20 000 13 333 7 138 223 16 L 9883 L 9774 5 4406 95 271 20 850 March 20.000 13.333 7.124 223.16 L.9843 L.9306 5.4406 95.420 20.850 April 20 000 13 333 7 143 223 16 L 9830 L 9491 5 4406 94.353 20.850 May 20.000 13.333 7 096 223.16 . 9833 9501 5.4406 93.998 20.850 June 20.000 13.333 7.071 223.16 1.9845 1.9568 5.4406 93.484 20.850 France Year or month Co b l i o a m- C slo 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 .8100 30 155 20.581 37.813 322.63 20.176 1947 57.001 2 0060 20 864 .8407 30.164 20.577 37.760 322.29 20.160 1948 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1949 2 0060 19 117 .4671 .3017 27 706 12.620 34.528 365.07 18.481 1950 ,.. 2.0060 14.494 .2858 6 23.838 20.870 11.570 26.252 277.28 14.015 1950—July 2 0060 14.494 .2856 23.838 20.871 11.571 26.252 277.29 14.015 2.0060 14.494 .2854 23.838 20.870 11.573 26.236 277.29 14.015 September 2 0060 14 494 .2855 23 838 20.870 11.572 26.237 277.29 14.015 October 2.0060 14.494 .2856 23 838 20.870 11.571 26.235 277.29 14.015 November....... 2.0060 14.494 .2856 23 838 20.870 11.571 26.232 277.29 14.015 December 2.0060 14.494 .2856 23.838 20.870 11.572 26.240 277.22 14.015 1951—January . 2 0060 14 494 .2856 23 838 20 870 11.567 26.239 277.21 14.015 February 2.0060 14 494 .2856 23 838 20.870 11.562 26.241 277.29 14.015 March 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 June. 2.0060 14.484 .2855 23.838 20.870 11.561 26.279 277.29 14.015 Year or month R P e ( p h p p i e i u n l s i b o e p ) l - ic ( P es o g c r a u t d l u o - ) ( A S p o 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) ay 1946 4.0501 400.50 9.132 25 859 23.363 403.28 65.830 56.280 1947 4 0273 400 74 9 132 27 824 23 363 402.86 65.830 56.239 1948... . 4 0183 400 75 9 132 27 824 23 363 403.13 65.830 56.182 1949 49.723 3.8800 366.62 42 973 25.480 23.314 368.72 65.830 56.180 42.553 1950 49.621 3.4704 278.38 32.788 19.332 23.136 280.07 65.833 56.180 42.553 1950—July 49.625 3.4539 278.38 32 818 19 333 23.047 280.07 65.833 56.180 42.553 August 49 625 3 4498 278 38 32 825 19 332 23 012 280.07 65.833 56.180 42.553 September....... 49.625 3.4842 278.38 32.825 19.331 22.959 280.07 65.833 56.180 42.553 October . 49 625 3 4898 278 38 32 838 19 332 22.942 280.07 65.833 56.180 42.553 November 49.625 3.4791 278.38 32.850 19.332 22.946 280.07 65.833 56.180 42.553 December .... 49 625 3.4838 278.38 32 850 19 327 23.201 279.99 65.833 56.180 42.553 1951—January 49.625 3.4764 278.38 32.850 19.327 23.304 279.97 65.833 56.180 42.553 February. 49 625 3 4679 278.38 32 850 19 327 23.265 280.07 65.833 56.180 42.553 A'larch 49.627 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 June 49.644 3.4880 2 78.38 32.850 19.327 23.018 280.07 65.833 56.180 42.553 1 In addition to the rates shown, three other rates were certified from Jan. 1 through Aug. 28, 1950. The 1950 averages for these rates are as follows (in cents per peso): Preferential "A"—20.695, Preferential "B"—17.456, and "Special"—13.896. 2 Based on quotations beginning Sept. 1, 1950. 3 Based on quotations beginning July 13, 1950. 4 Based on quotations beginning Oct. 11,1950. 5 Based on quotations through Sept. 30, 1950; official rate abolished after that date, 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. JULY 1951 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) = d s C ( a 1 = 9 n 3 1 a 5 0 d - 0 3 a ) 9 1 M (1 e 1 9 x 0 3 i 0 9 c ) = o K U ( i 1 n n 1 9 i 0 3 g t 0 0 d e ) o = d m F ( r 1 1 a 9 0 4 n 0 9 c ) e = 2 (1 I 1 9 t 0 3 a 0 8 l ) y = ( a J 1 v 9 a e = 3 p r 4 1 a a - ) g n 3 e 6 ( J J N u u e l = l n t a y e 1 h n 1 0 1 e d 9 0 9 s r 3 ) 3 - 9 8- S (1 w 1 9 e 3 0 d 5 0 ) e = n ( S A w u = l g i a . t 1 n z 0 1 d e 0 9 r ) 3 - 9 1926 100 130 3 124 150 «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—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 4,913 254 225 205 170 223 321 272 112 5,088 260 228 209 October 169 220 326 280 113 5,176 269 230 213 November 172 222 332 289 117 5,279 277 244 216 175 225 335 292 121 5,424 281 253 218 1Q51 Tanuarv 180 232 344 300 123 5,671 296 r267 226 February 184 239 359 306 130 P5,760 311 274 230 March 184 242 375 314 134 P5.739 328 P287 231 184 242 385 319 P141 P297 231 IMay 183 242 394 320 P141 P231 p Preliminary. r 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 uc m ts Foods co O i m t ti m h e e o s r d- pr F o a d r uc m ts R f m a p a g c a a o w t r n o u t a d u r l n s - e y d d F f u c a m l g h c l a o i t y n o e u f d u r a l s - e n y d d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u c s r t - a s w p f r I i o t n n r d i d i s u u a h c s l e - t d s 1926 100 100 100 144 129 133 1940 68 71 83 96 104 110 133 138 121 163 126 1941 82 83 89 107 115 119 146 156 140 177 148 1942 106 100 96 127 124 124 158 160 157 175 154 1943 123 107 97 145 132 127 160 164 157 174 159 1944 123 105 99 155 135 129 158 170 159 179 163 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—May 165 160 148 234 207 204 224 272 276 386 312 June 166 162 149 243 215 207 223 276 285 388 312 July 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 May 200 187 172 257 239 244 242 »368 P Preliminary. 1 This index replaces the one previously shown. A detailed description of this index is given in "Dominion Bureau of Statistics Reference Paper No. 24, 1951," which may be purchased from the Bureau. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 894 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] m United Switz- United Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e - 0 s 3 d ) 9 i 1 C = 9 a a 3 1 d n 5 0 a - 0 -3 ) 9 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = r ( a 1 1 9 n 0 4 c 0 9 e ) 2 N 1 l = 9 e a 3 1 t n h 0 8 d 0 - e s 3 ) r 9 - 1 ( l 9 A a e 39 n r 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 ) x 9 1 = C 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = r (1 a 1 9 n 0 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 - S ( l w A a e u n i g r t d - . z- = 100) 100) = 100) 1939 = 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-May 200 205 125 108 274 174 1950-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. 175 170 114 243 160 October... 211 220 125 116 286 180 October. .. 176 171 115 248 161 November. 211 219 125 117 286 180 November. 176 171 116 249 161 December. 216 219 125 118 286 180 December. 179 171 116 117 249 161 1951-January... 222 220 127 120 179 1951-January... 182 173 117 119 162 February.. 226 224 127 121 178 February.. 184 175 118 121 163 March.... 226 234 128 123 178 March.... 185 180 119 124 163 April 226 238 131 125 178 April 185 182 191 126 165 May 227 235 P179 May 185 182 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 for 1950 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 ( r n t h a a i i d t g t e e e h s d ) ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e 1 n c n g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 9 1 a 4 0 n 9 0 c ) e = * N l e a t n h d er s - ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 ( C 1 = a 9 3 n 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c 0 b e 0 e ) r (1 N 9 l e 3 a t 8 n h = d e 1 s r 0 - 0) Number of issues. . . 12 87 60 14 416 105 278 295 27 1943. 120.3 102.6 127.8 133.3 91.9 83.5 84. 1944. 120.9 103.0 127.5 136.8 99.8 83.8 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 ,129 195.3 1950. 109.6 121.2 99.8 106.7 146.4 131.6 90.0 ,030 193.2 1950—June 110.9 121.6 99.9 108.0 147.7 130.9 90.9 ,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 ,020 188.0 September. 111.4 122.7 100.1 103.7 151.7 141.5 91.3 ,080 194.9 October. . . 108.7 124.2 98.5 104.3 157.8 145.4 92.5 ,035 197.8 November. 106.5 124.1 99.8 104.6 156.1 144.5 92.9 ,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 ,031 201.3 February. 102.1 121.1 99.6 97.4 174.7 166.5 96.8 ,144 205.2 March. . . 95.6 120.2 100.1 96.6 170.3 162.9 96.2 ,159 204.0 April 95.3 119.8 99.2 93.1 172.3 165.6 96.0 ,169 199.1 May 95.3 118.3 P100.4 86.9 173.9 164.0 99.7 ,172 195.0 P Preliminary. 1 This index replaces the one previously shown. It is based on 60 issues as compared with 50 in the former index. For a detailed description of the construction of this index, see "Bulletin Mensuel de Statistique," Supplements, July-September 1950, pp. 318-330 and October- December 1950, pp. 402-403. Yearly averages prior to 1949 are derived from old index. NOTE.—For sources and description of statistics, see BULLETIN for March 1951, p. 357; June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. JULY 1951 895 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 M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS EDWARD L. NORTON 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 DIVISION OF BANK OPERATIONS LEGAL DIVISION 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 DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE SOLICITOR DWIGHT L. ALLEN, Director J. LEONARD TOWNSEND, Solicitor H. FRANKLIN SPRECHER, JR., Assistant 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 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 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * President Bank of Deputy Chairman First Vice President vice 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. Wilgus 2 Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson R. W. Mercer 3 Edw. A. Wayne W. R. Milford Chas. W. Williams Atlanta Frank H. Neely Malcolm Bryan P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago F. J. Lunding C. S. Young Allan M. Black L. H. Jones 2 John S. Coleman E. C. Harris H. J. 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. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms 3 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith * 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. 2 Cashier. 3 Also Cashier. 4 General Manager. JULY 1951 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 1 The material listed below may be obtained from ports, and introduction reviewing the monetary the Division of Administrative Services, Board of history of Paraguay. July 1946. 170 pages. Governors of the Federal Reserve System, Wash- $1.00 per copy. ington 25, D. C. Remittance should be made RULES OF ORGANIZATION AND RULES OF PROCEDURE— payable to the order of the Board of Governors Board of Governors of the Federal Reserve Sysof the Federal Reserve System. tem (With Amendments). September 1946. 31 FEDERAL RESERVE BULLETIN. Issued monthly. Sub- pages. scription price in the United States and its pos- THE FEDERAL RESERVE ACT, as amended to Novemsessions, Bolivia, Canada, Chile, Colombia, Costa ber 1, 1946, with an Appendix containing pro- Rica, Cuba, Dominican Republic, Ecuador, visions of certain other statutes affecting the Guatemala, Haiti, Republic of Honduras, Mexico, Federal Reserve System. 372 pages. 50 cents per Newfoundland (including Labrador), Nicaragua, paper-bound copy; $1.00 per cloth-bound copy. Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents POSTWAR ECONOMIC STUDIES. (8 pamphlets) No. 1. Jobs, Production, and Living Standards. per copy; elsewhere $2.60 per annum or 25 cents No. 2. Agricultural Adjustment and Income. per copy. Group subscriptions in the United No. 3. Public Finance and Full Employment. States for 10 or more copies to one address, 15 No. 4. Prices, Wages, and Employment. cents per copy per month, or $1.50 for 12 months. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 6. Housing, Social Security, and Public RATES, AND BUSINESS. Issued monthly. $6.00 per annum including historical supplement Works. listed below, or 60 cents per copy. In quantities No. 7. International Monetary Policies. of 10 or more copies of a particular issue for No. 8. Federal Reserve Policy. single shipment, 50 cents each. (Domestic rates) The price for the set of eight pamphlets is $1.25; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 25 cents per pamphlet, or, in quantities of 10 or CHARTS ON BANK CREDIT, MONEY RATES, AND more for single shipment, 15 cents per pamphlet. BUSINESS. 113 charts. April 1951 edition. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Annual subscription to monthly chart book in- FUNCTIONS. November 1947; reprinted April cludes supplement; single copies, 60 cents each. 1951. 125 pages. 75 cents per cloth-bound copy; In quantities of 10 or more copies for single ship- in quantities of 10 or more copies for single ment, 50 cents each. (Domestic rates) shipment, 50 cents each. Paper-bound copies BANKING STUDIES. Comprising 17 papers on bank- available without charge. ing and monetary subjects by members of the DEBITS AND CLEARINGS STATISTICS, THEIR BACK- Board's staff. August 1941; reprinted March GROUND AND INTERPRETATION. October 1947. 50 1949. 496 pages. Paper cover. $1.00 per copy; pages. 25 cents per copy; in quantities of 10 or in quantities of 10 or more copies for single ship- more copies for single shipment, 15 cents each. ment, 75 cents each. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of BANKING AND MONETARY STATISTICS. Statistics of December 31, 1947. July 1948. 122 pages. As banking, monetary, and other financial develop- of June 30, 1949. December 1949. 122 pages. ments. November 1943. 979 pages. $1.50 per A STATISTICAL STUDY OF REGULATION V LOANS. copy. No charge for individual sections (un- September 1950. 74 pages. 25 cents per copy; bound). in quantities of 10 or more copies for single ship- MONETARY AND BANKING REFORM IN PARAGUAY. ment, 15 cents each. Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 734-37 of the June 1951 with amendments. BULLETIN. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- (From Federal Reserve Bulletin unless preceded by an asterisk) LARS IN 1950. March 1951. 10 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING Moss. December 1949. 8 pages. OATH OF OFFICE, APRIL 2, 1951. April 1951. FRENCH EXCHANGE STABILIZATION FUND, by Robert 1 page. Solomon. January 1950. 5 pages. 1951 SURVEY OF CONSUMER FINANCES—SELECTED INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- PRELIMINARY RESULTS. April 1951. 4 pages. ruary 1950. 5 pages. PART I. THE ECONOMIC OUTLOOK AND LIQUID STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR ASSET POSITION OF CONSUMERS. June 1951. 18 DEPOSIT INSURANCE. February 1950. 15 pages. pages. PART II. PURCHASES OF HOUSES AND INDUSTRIAL DIFFERENCES IN LARGE CORPORATION DURABLE GOODS IN 1949 AND BUYING PLANS FOR FINANCING IN 1949, by Eleanor J. Stockwell. 1951. July 1951. 18 pages. (Other articles on June 1950. 6 pages. (Also, similar survey by the 1951 survey will appear in subsequent issues Charles H. Schmidt. June 1949. 8 pages.) of the BULLETIN. Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; RETAIL CREDIT SURVEY—1949. From June 1950 for 1947 from June-August and October 1947 BULLETIN with supplementary information for BULLETINS, 48 pages; for 1948 from June-Sepnine separate trades. 37 pages. tember and November 1948 BULLETINS, 70 STATEMENT ON PROPOSED SMALL BUSINESS LEGISLApages; for 1949 from June-November 1949 and TION. Presented by Thomas B. McCabe, Chair- January 1950 BULLETINS, 124 pages; for 1950 man, Board of Governors of the Federal Reserve from April and June-December 1950 BULLETINS, System, before the Senate Committee on Bank- 106 pages, which includes THE METHODS OF THE ing and Currency, June 27, 1950. July 1950. 8 SURVEY OF CONSUMER FINANCES.) pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN BRANCH BANKING IN THE UNITED STATES, 1939 and 1949. July 1950. 16 pages. FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. DEFENSE LOAN POLICY. An announcement adopted jointly by National and State Supervisors of banks * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. and other lending institutions. August 4, 1950. As amended to April 20, 1951. 4 pages. August 1950. 1 page. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- April 1951. 14 pages. ber 1950. 2 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS MEASUREMENT OF CONSUMER CREDIT. Address by AND BUSINESSES. July 1951. 2 pages. Ralph A. Young and Homer Jones before the University of Illinois Consumer Credit Confer- HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING ence, Chicago, Illinois, October 5, 1950. Novem- THE INTRODUCTION OF REAL ESTATE CREDIT REGUber 1950. 9 pages. LATION. July 1951. 23 pages. JULY 1951 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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