Federal Reserve Bulletin, 1951-08

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Residential Real Estate Under Controls. 901-912 Financing of Large Corporations in 1950. 913-919 1951 Survey of Consumer Finances: Part III. Distribution of Consumer Income in 1950. 920-937 Voluntary Credit Restraint Releases. 938-941 Annual Report of the Bank deutscher Laender. 942-951 Annual Report of the Bank of Italy. 952-956 Law Department. . 957-960 Current Events and Announcements. . 951 National Summary of Business Conditions. 962-963 Financial, Industrial, Commercial Statistics, U. S. (See p. 965 for list of tables). 965-1027 International Financial Statistics (See p. 1029 for list of tables) . 1029-1047 Board of Governors and Star!; Open Market Committee and Staff; Federal Advisory Council. 1048 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 1049 Federal Reserve Publications. 1050-1051 Map of Federal Reserve Districts. 1052 Subscription Price of Bulletin $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 37 August 1951 NUMBER 8 RESIDENTIAL REAL ESTATE UNDER CONTROLS In the spring and summer of 1951 infla- new and previously existing properties, extionary pressures in construction and real ceeded the number purchased in any other estate markets, which had been strong dur- similar period, and mortgage lending on 1ing most of the postwar period, moderated to 4-family houses amounted to the unprecsomewhat, owing partly to restraints exer- edented total of over l6l/ billion dollars, 2 cised by direct and indirect control meas- compared with less than 13^4 billion in ures. The slackening of pressures in these the preceding twelve months. The net inmarkets during recent months, with most crease from mid-1950 to mid-1951 in mortactivities continuing above or near earlier gage debt outstanding on such properties record levels, has been an important factor was 7.7 billion dollars. in reducing inflationary tendencies in the In the summer of 1951 the rate of new economy as a whole. lending was still very large, but there was The physical volume of new construction, some evidence of reduced availability of mortallowing for usual seasonal movement, rose gage credit. Loan contracts were apparently beyond previous record levels during the being made at somewhat higher interest rates nine months ending March 1951, and then and with shorter maturities than formerly, declined through July, reflecting chiefly a and a larger proportion of the contracts was marked reduction in residential building being written without Government insurfrom the earlier extraordinarily high level. ance or guarantee. Builders were encounter- Nonresidential construction expanded fur- ing a reluctance on the part of lenders to ther during the first half of 1951, offsetting extend credit to finance residential conmuch of the residential decline. Total con- struction on terms previously acceptable. struction activity so far this year has been This appears to have been an important faclarger than in the corresponding part of any tor in the lower level of starts in recent other year, and the number of new dwelling months. units started has also been larger, except Moderation of inflationary pressures is also in comparison with 1950. In that year, evident in other parts of the market. Con- 1,400,000 units were started, or about 40 struction costs, at record levels, have been per cent more than in 1949 which was the generally stable for some months. Delays previous record year. Publicly financed units attributable to shortages of labor and mateaccounted for an unusually large number rials have been infrequent. Output of maof the starts this June. terials has been large, and prices of a few The number of houses purchased in the items have weakened. Employment in conperiod July 1950-June 1951, counting both struction is at a record level, and wage rates AUGUST 1951 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS and hourly earnings have continued to rise, increases in industrial and some rise in public but at a slower rate than earlier. Prices utility building which have more than offset paid for existing houses appear to have been recent declines in commercial building. Pubsomewhat further below asking prices than lic construction, which includes an expandin other recent periods, but few cases of ing volume of military, naval, and publicly price reductions on new houses have been owned industrial facilities, has also shown reported. In contrast, farm real estate values a large rise. have continued to rise rapidly during the Residential building. Residential building spring and early summer. during the first half of 1951, while substantially below the record 1950 level, was higher CONSTRUCTION ACTIVITY AND EMPLOYMENT than in any other six month period. The After increasing substantially during 1950, number of dwelling units started, including the total volume of construction activity both private and public, totaled 583,000, showed a less-than-seasonal expansion dur- compared with about 700,000 in each half ing the second quarter of this year, as the of 1950 and 450,000 in the first half of 1949. building of both residential and commercial In July, as shown in the chart on the next structures declined, partly in response to page, the total number of dwelling units restraining Federal actions. The further rise started declined sharply from June, as the this year in construction for private business number of publicly financed units declined purposes, shown in the chart, reflects large from the exceptionally high June total. The number of privately financed starts in July VALUE OF NEW CONSTRUCTION ACTIVITY was 83,000, which was somewhat lower than Seasonally Adjusted' in other recent months. The physical vol- Millions Of Dollars Monthly Millions Of Dollars •2800 ume of work put in place in the first six months of 1951, while only 6 per cent below IOTAI 2400 2400 the same period of 1950, has been declining steadily in recent months, and in June and / 2000 / 2000 July was more than one-fourth lower than a year earlier. J The decline in housing starts from yearago levels, as is shown in the table, has been entirely in privately financed units. Starts 1200 1200 PRIVATE RESIDENTAl /\ A financed under arrangements for Federal r \ insurance or guarantee of mortgages have \—A 800 /i 800 constituted about the same proportion of / *^*y KM PUBLIC / total private starts as a year ago, but a smaller 400 400 proportion than in the second half of 1950 PRIVATE BUSINESS when arrangements for FHA-insured financing were relatively more frequent, as 1946 1947 1948 1949 1950 1951 can be seen from the table. The decline Joint estimates of Departments of Commerce and Labor, adjusted for seasonal variation by Department of Commerce. in multi-family units, following a substan- Total includes miscellaneous types of private nonresidential construction such as farm, religious, recreational, and insti- tial rise in 1949 and most of 1950, has been tutional, which are not shown separately. Private business includes commercial, industrial, and public utility construction. relatively much greater than in 1- and 2- Latest figures shown are for July. 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS NONFARM HOUSING UNITS STARTED National Housing Act. In 15 major metro- Thousands of Units Monthly Thousands of Units politan areas, where use of Government un- 160 160 derwritten mortgages and building of multifamily units have been very important, the total number of units started has continued large, as can be seen from the chart, but has declined slightly more, proportionately, than in other areas. Publicly financed starts in the first half of 1951 rose to 61,000 of which 42,000 were in June; this compares with 9,000 and 22,000 in the first half of 1950 and 1949, respectively. In July the number dropped to 3,200. Almost all of the public starts in 1951 have been undertaken with Federal assistance under the Housing Act of 1949, continuing the trend begun in 1950. In preceding postwar years the bulk of public housing units were started under separate State and municipal programs and were located in a few States, chiefly New York, Massachusetts, and Connecticut. The Housing Act of 1949, which carried family units and reflects in part expiration forward the public housing program started of FHA authority to insure mortgages on by the United States Housing Act of 1937, the larger structures under section 608 of the authorized the Public Housing Administra- NONFARM DWELLING UNITS STARTED Number of dwelling units started Distribution of privately financed dwelling units started, (in thousands) by type of financing (per cent) Period Privately financed Government underwritten Other mortgages, Total f P in u a b n li c c e l d y Total 2 1 - u f - a n m i a t n s il d y f M u am n u i l i t t l s i y - Total Total in F s H ur A ed guar V an A teed o m g r a o g r n e t d o - t Annually 1947 849 3 846 774 72 100 52 27 25 48 1948 931 18 914 810 104 100 43 32 11 57 1949 1025 36 989 827 162 100 47 36 11 53 1950 1396 43 1353 1193 160 100 50 35 15 50 Quarterly 1950—1st 279 3 276 236 40 100 45 32 13 55 2nd 427 6 421 372 49 100 45 32 13 55 3rd 407 13 394 352 42 100 53 38 15 47 4th 283 21 263 234 29 100 56 38 18 44 1951—1st 260 11 249 227 22 100 46 29 17 54 2nd 323 50 273 251 22 100 45 29 16 55 NOTE.—Data are from the Department of Labor, Federal Housing Administration, and Veterans Administration. Only new permanent family dwelling units built in nonfarm areas are represented; single-person accommodations, conversions, trailers, and all temporary structures are excluded. Data for FHA-insured and VA-guaranteed units represent those on which a first compliance inspection has been made by these agencies. Figures for type of structure for second quarter 1951 partly estimated by Federal Reserve. 903 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS tion during the six fiscal years beginning Costs to builders, after rising markedly July 1, 1949, to enter into contracts for Fed- between the summer of 1950 and the spring eral assistance to local housing authorities of 1951, have recently been stable at a recfor 810,000 units. The President was em- ord level. Further rises in labor costs have powered to vary the rate at which such con- been offset by declines in prices of some tracts are entered into so as to provide for building materials and reduction of costs between 50,000 and 200,000 units in any year. attributable to delays. In the President's Budget Message last Janu- Supplies of building materials. In the ary, provision was made for putting 75,000 second half of 1950 output of many buildunits under construction in fiscal year 1952. ing materials rose to record levels under Early in August, Congressional committees the stimulus of large demands. Late in the were conferring on House and Senate bills year new orders declined somewhat, and providing for 5,000 and 50,000 units, re- stocks began to accumulate in the hands of spectively. producers and distributors, as immediate re- Employment and wages. Employment in quirements of the defense program for such construction, following the usual winter de- materials were found to be smaller than cline, has increased this spring and summer anticipated, inventory accumulation in some to a new record level, about one-tenth above lines was regulated, and some builders cura year earlier. Skilled workers are generally tailed their programs. Output of building available throughout the country, but in a materials generally remained high during few areas bricklayers and plasterers are still the winter and has declined only slightly this reported to be scarce. Wage rates have con- spring. Production of lumber, which reached tinued to advance and in the first half of the a peak late last summer, has risen less than year increased by 3 per cent, about the same seasonally this spring and summer, following as in the first half of 1950, and somewhat the usual winter decline. Even so, output exless than in the second half. Increases have ceeded new orders and shipments in the been general for all types of construction second quarter. Stocks of lumber held by workers, skilled and unskilled. Reflecting manufacturers, wholesalers, and retailers some increase in overtime, as well as the in- have increased this summer as demand from creased wage rates, average hourly earnings builders has declined. in construction have risen steadily and at Output of lumber products, including midyear were 10 per cent higher than a hardwood flooring and plywood, which was year earlier. at record levels last summer and autumn, has also been reduced somewhat this sum- SUPPLIES, PRICES, AND COSTS mer. Manufacturers' stocks of hardwood During the past few months, supplies of flooring, after being drawn down during building materials have been generally ade- most of last year, expanded considerably in quate, as production has continued at high the spring, and at midyear were more than levels and stocks have been replenished. twice as large as a year ago. Plywood stocks, Prices stopped rising in the late winter, re- which remained fairly stable through 1950, flecting in part Federal price control meas- have also risen substantially this spring and ures, and have declined slightly in some lines summer. since spring. Stocks of cement have been adequate at 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS year-ago levels as production has continued half of 1950, have leveled off at last winter's in record volume for some time. Clay record levels, as can be seen from the chart. products, including brick, tile, and clay sewer pipe, have also been produced in WHOLESALE PRICES OF BUILDING MATERIALS large volume. 1935-39 •-100 _Pef Cent Monthly Averages Per Cent, The requirements of the defense program have made it necessary to limit supplies of steel, copper, and aluminum products for civilian building and other nondefense uses. Reflecting this development to some extent, manufacturers' stocks of some fabricated metal products, including plumbing fixtures and heating apparatus, were reduced sharply during the first quarter below a year ago. Since then these stocks have apparently increased. Manufacturers' stocks of warm air furnaces are more than four-fifths larger than a year ago, following exceptionally heavy production since last summer. Dur- 150 ing the remainder of the year supplies of such items will be affected by the operation of the Controlled Materials Plan. 100 100 1949 1951 1947 •1949 195! Materials prices. As the supply situation Bureau of Labor Statistics indexes converted to 1935-1939 base by Federal Reserve. Total includes "paint materials" became generally more favorable, and fol- subgroup not shown separately. ''Other" includes chiefly metal building materials except structural steel; asphalt, glass, gravel, lowing the adoption of price controls in Janu- and crushed "stone; millwork and prepared roofing. Latest figures shown are Federal Reserve estimates for July. ary, prices of most building materials, which had increased markedly in the second half FINANCING AND SALES of 1950, leveled off this spring. Since April During the first half of 1951, as is shown some prices have declined. Average whole- in the table on the next page, mortgage lendsale prices in July, shown in the chart, were ing on 1- to 4-family residential properties 2 per cent below the spring peak reflecting amounted to about 7.9 billion dollars, 10 recent declines in lumber prices. In July, per cent more than in the first half of 1950. lumber prices were 7 per cent below the Taking account of usual seasonal moverecord level reached last autumn, but 3 per ments, this was about the same as the excent higher than a year ago and about one- ceptionally large amount of lending in the fifth above the beginning of 1950. Prices second half of 1950. charged to contractors by building materials The number of new houses sold rose markdealers for lumber and lumber products, in- edly after June 1950 as starts remained high cluding hardwood flooring, millwork, and and purchases of houses before completion plywood, after showing little change early increased. A record number of about 700,in the year, have also declined this summer. 000 new houses were sold in the second Wholesale prices of most other building ma- half of last year, compared with about 450,000 terials, which rose sharply in the second in the first half. Sales in the first six months AUGUST 1951 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS MORTGAGE DEBT ON 1- TO 4-FAMILY HOUSES NONFARM MORTGAGE LENDING [In billions of dollars] Millions of Dollars Monthly Millions of Dollars Period L m o a a d n e s A r m p e p t e i a n r r e t e s - nt s I i t n n a o c n l r u o d e t a a i - n n s g e s s ( t L e a o n o n u d a d t n i - o n s f g 1600 period) 1400 1940 3.5 2.5 1.0 18.9 1941 3.9 3.1 .8 19.8 1200 1945 4.9 4.4 .5 19.7 1946 10.0 5.2 4.8 24.5 1947 11.2 5.8 5.4 29.9 1948 11 4 6 1 5 3 35.1 1949 11 1 7.1 4.0 39.1 1950? . ... 16.0 8.2 7.8 46.9 1949 First half 5.0 3.4 1.6 36.8 Second half.. .. 6.1 3.7 2.4 39.1 1950 600 First half P 7.2 3.7 3.5 42.6 Second half P. . . 8.8 4.5 4.3 46.9 1951 400 400 First half? 7.9 4.5 3.4 50.3 P Preliminary. 200 200 NOTE.—Annual data on outstandings and loans made from Home Loan Bank Board; semiannual data estimated by Federal Reserve. Apparent retirements derived from these figures. 1947 1948 1949 1950 1951 of this year amounted to about 500,000. For mortgages under $20,000, data on nonfarm mortgages Transfers of existing houses in recent months recorded during month from Home Loan Bank Board; for VA, home loans closed under the Servicemen's Readjustment Act: have continued very large at the 1950 level January-September 1946, estimated by National Housing Agency from records of Veterans Administration; October 1946 to date, of 725,000-775,000 units in each half. from Veterans Administration; for FHA, data on loans insured under sections 8, 203, 603, and 611 of the National Housing Act as reported by Federal Housing Administration. Lending on new houses, which had risen Latest figures shown are for June. sharply in the second half of 1950 to 3.7 billion dollars and had exceeded loans made the record of late autumn and winter but on old houses for the first time in the postwar substantially above year-ago levels. FHA period, declined in the first half of this year loans, which have been fairly steady since to 2.8 billion. The amount loaned to finance mid-1948, are somewhat lower than last the purchase of old houses and for other year. In recent months applications for purposes, such as refinancing and repairs, FHA insurance and requests for VA apwas about the same as in the second half praisals have been substantially below earlier levels, which suggests that in the months of 1950. ahead the volume of insured and guaranteed As in other recent postwar years, insured lending may be further reduced. and guaranteed mortgage lending has been substantial. Well over one-third of the large The amount of mortgage debt outstanding volume of mortgage lending for all purposes on 1- to 4-family properties has continued on 1- to 4-family properties in the first half to expand and by the end of June was estiof 1951 was insured or guaranteed by FHA mated to be over 50 billion dollars. This or VA, about the same proportion as in each was an increase of 18 per cent over June half of 1950. The volume of VA loans 1950, and was about 2l/ times the debt at 2 closed, shown in the chart, after rising quite the end of World War II. The amount steadily in 1949 and 1950, has dropped covered by Government insurance and guarsharply this year. The June level was below antees has also expanded considerably and 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS at midyear totaled about 21 billion dollars, Federal National Mortgage Association, a or more than two-fifths of the total. Federal corporation authorized to own and All types of lenders have increased their deal in certain types of FHA-insured and investments in mortgages on residential VA-guaranteed mortgages. This was an inproperties—multi-family units as well as crease of about 525 million dollars in twelve small properties. Life insurance companies, months, most of which had occurred by the as is shown in the table, have increased their end of March, as can be seen from the table. mortgage portfolios more sharply than have In this period, holdings of VA mortgages other types of financial institutions. At the increased by three-fourths while holdings end of June insurance companies held an of FHA mortgages declined by one-third. estimated 12.5 billion dollars of residential After March FNMA's purchases dropped mortgages, an increase of 3.2 billion over sharply, reflecting cancellation or completion a year earlier. Savings and loan associa- of purchase commitments outstanding early tions, the financial group with the largest in 1950 when the authority of FNMA to amount of mortgages on small residential make new commitments to purchase mortproperties, expanded their holdings by 2 gages was repealed. Since then, purchases billion dollars during the twelve months. have been made "over the counter," with- Commercial banks showed the smallest in- out prior commitment. crease during the year and now account for FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY RESIDENTIAL REAL ESTATE MORTGAGE LOANS HELD BY [In millions of dollars] SELECTED TYPES OF FINANCIAL INSTITUTIONS [In billions of dollars] Mortgage Mortgage Mortgage holdings purchases sales (end of Date s t e T u i l n t o e i s c t o t a t i n e l - , s d a a S n s a t d s i v o o l i n c o n i s a g a n s - p i c a n a L o n s n i m u c f i e e e r - - s m b C a e o r n m c k ia s - l s M b a a v u n i t n u k g a s s l Quarter F i H n- A g V u A ar- F i H n A - g V ua A r- F i H n q - A uarte g r V ) u A arsured anteed sured anteed sured anteed 1947—Dec. 31.. 24.7 8.9 5.0 6.9 3.9 1948—3rd 49 (i) 100 (i) 1948—June 30.. 27.5 9.7 5.9 7.6 4.3 4th. . 90 11 188 11 Dec. 31.. 30.0 10.3 6.8 8.1 4.8 1949—ist m 77 35 262 46 1949— D Ju e n c. e 3 3 1 0 . . . . 3 3 1 4 . . 6 1 1 11 0 . . 6 8 8 7 . . 2 5 8 8 . . 2 7 5 5 . . 6 1 2 3r n d d . .. . 8 5 1 7 1 8 2 0 4 2 C1) 3 3 9 3 0 9 2 1 4 2 7 5 4th. . 37 181 18 0) 403 425 1950—June 30 . 37.6 12.7 9.3 9.5 6.1 Dec. 31.. 42.2 13.7 11.0 10.4 7.1 1950—1st . . 23 247 90 9 329 657 2nd.. 13 264 96 96 240 816 1951—June 30.. 45.9 14.7 12.5 10.9 7.8 3rd. . 8 220 49 50 193 976 4th. . 5 264 26 53 169 1,177 NOTE.—Figures for savings and loan associations from Home 1951—1st. . 6 242 16 36 155 1,370 Loan Bank Board; life insurance companies, from Institute of Life 2nd.. 12 99 4 40 161 1,418 Insurance and Home Loan Bank Board; commercial and mutual savings banks, from the all-bank series prepared by the Federal Deposit Insurance Corporation from data supplied by Federal and i Less than $500,000. State bank supervising agencies. June 30, 1951 figures for all NOTE.—Data from Federal National Mortgage Association. institutions and June 30 figures for all years for savings and loan associations and life insurance companies are estimated by Federal Reserve. Mortgage sales by FNMA continued generally steady for some months at between 15 a smaller proportion of total residential mortand 25 million dollars per month, but gage debt in the hands of institutions than dropped sharply in June and July. On at any other time since the end of the war. July 16 the Association announced that it FEDERAL NATIONAL MORTGAGE ASSOCIATION would sell its mortgages at par, except those On June 30 of this year, almost 1.6 bil- on large-scale projects. Most of its sales have lion dollars of mortgages was held by the been at premiums. AUGUST 1951 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS On June 29, 1951, FNMA announced that part of an anti-inflationary program initiated it would limit its purchases to mortgages by the President, Federal agencies concerned insured or guaranteed on or after March 1, with residential construction and financing 1951 and held by the originator not less than adopted regulations to restrict their protwo months. This will prevent any large- grams. Later, under authority of the Descale disposal of mortgages by lenders who, fense Production Act, the credit control as a result of the recent change in money measures were broadened. On October 12, market conditions, may wish to sell their 1950, and January 12,1951, the Federal Houseligible mortgages in order to purchase se- ing Administration and the Veterans Adcurities or to fulfill other mortgage com- ministration further modified their regulamitments. tions to conform to the terms of Regulation In the middle of July, however, FNMA X, issued by the Board of Governors of the waived the two-month holding period for Federal Reserve System with the concurmortgages covering military housing fi- rence of the Housing and Home Finance nanced under section 803 of the National Administrator. These regulations restricted Housing Act, as well as housing programmed the terms of borrowing in connection with by the Housing and Home Finance Admin- purchase of new and old houses and apartistrator in designated critical defense areas, ments financed with Federally underwritten and set aside 350 million dollars of its un- mortgages, and new houses and apartments committed funds for the purchase of such financed with other kinds of mortgages. In mortgages. general, they required buyers to make larger down payments and to pay off their mort- GOVERNMENT ACTIONS IN THE HOUSING gage debt faster than formerly. The prin- MARKET cipal requirements of the regulations are summarized in the table. The change in the housing market that On February 15 Regulation X was broadwas developing in the early months of 1951 ened to cover certain nonresidential construcwas strongly influenced by actions taken by tion and on March 5 it was amended to the Federal Government to restrain inflapermit relaxation by the Board of Govertionary pressures and to bring the volume of nors and the Housing Administrator of residential building in line with the resources financing terms in areas designated critical available during a period of increased production for defense. The first Federal actions defense areas by the Inter-agency Critical modified Government credit programs estab- Areas Committee of the Defense Produclished to encourage home building and tion Administration. As of August 3, fortyownership. These actions were soon followed two areas had been designated defense areas by broader and more direct measures aimed and 29,170 units, about three-fourths of more specifically at restricting nonessential which were to be for rent, had been proconstruction and use of materials, and at grammed for these communities. Builders limiting price increases. By the spring of or others wishing to build "programmed" 1951 the number of new houses started and units may apply for certificates of approval the volume of credit available began to re- and, upon presentation of these certificates flect the restraining measures. to lenders, may secure financing on the more Real estate credit. On July 19, 1950, as liberal terms announced for the area. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS RESIDENTIAL REAL ESTATE CREDIT TERMS whichever is smaller, the Act, in comparison UNDER REGULATION X AND ASSOCIATED with the earlier arrangements, made VA REGULATIONS OF FHA AND VA1 first mortgage financing more attractive to 1- to 4-unit and Multi-unit lenders and more useful to veteran purfarm residences residences chasers, particularly in the purchase of larger Value of residence Reg. X and Reg. X and houses. Two new programs for FHA in- FHA VA FHA surance of mortgages were also getting un- Maximum loan-to-value ratio (per cent)2 der way. One changed the terms for insur- Value per family unit: ance of mortgages on new low-priced houses $5,000 90.0 95.0 83.0 8,000 80.6 90.6 79.2 built in outlying areas for low- and moderate- 10,000 77.0 87.0 74.0 12,000 74.2 84.2 70.5 income families, and the other established a 15,000 71.3 76.3 67.0 18,000. 62.8 67.8 59.2 system of mortgage insurance for new houses 20,000 58.5 63.5 55.2 25,000 3 50.0 4 55.0 550.0 and apartments built by nonprofit, coopera- Maximum maturity (years)6 tive organizations. The Act also ended the authority of FHA to accept applications for All values 20 20 None specified insurance of mortgages under section 608. A large proportion of multi-family building in 1 Regulation X provides the following terms on real estate credit recent years has been done under this section. for new construction of nonresidential properties (that is, properties generally described as commercial, recreational, educational, and charitable): maximum loan, 50 per cent of value; maximum Measures limiting credit generally. Bematurity, 25 years. 2 Maximum amount of mortgage per unit on multi-unit projects cause of actions taken to raise reserve requireinsured under FHA cannot exceed $8,100. 3 On values of $24,250 and over, ratio of loan to value is 50 per ments of member banks and to reduce monecent. 4 On values of $25,000 and over, ratio of loan to value is 55 per tization of the public debt through Federal cent. 5 On values of $23,500 and over, ratio of loan to value is 50 per Reserve support of the Government securicent. 6 Loans on 1- to 4-unit and farm residential properties having a value of $7,000 or less may have a maturity of 25 years. Loans ties market, mortgage lenders have been less on multi-unit residential properties insured by FHA may have any maturity satisfactory to FHA. willing than formerly to obtain funds for mortgage investment and business financing The full effect of the credit regulations by selling Government obligations in the was not felt immediately. Financing ar- market. The large volume of commitments rangements, including applications for in- made earlier to acquire mortgages has absured or guaranteed mortgages, made before sorbed such funds as were readily available the effective date of the regulation, were from other sources. exempt from the new terms. A substantial Government action has been supplemented proportion of the new units started in the by a voluntary credit restraint program, infourth quarter of 1950 and the first half of augurated in March, under which individ- 1951 were under such arrangements. ual financing institutions have been restrict- Changes made by the Housing Act of ing or postponing the granting of credit not 1950 early last year in Government programs essential to the economy at this time. With of mortgage guarantee and insurance also reference to residential real estate credit, Bulinfluenced recent developments. By raising letin No. 4 of the Voluntary Credit Rethe maximum amount of guarantee which straint Committee urges lenders to apply the Veterans Administration may extend the tests of Regulation X to the financing from $4,000 or 50 per cent of the loan, which- of existing properties which are not otherever is smaller, to $7,500 or 60 per cent, wise regulated. AUGUST 1951 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS As a result of these general measures of limit on single-family dwellings was replaced restraint, new residential construction in the by a limit of 2,500 square feet of floor space, second quarter of 1951 was limited by short- and use in construction of copper and alumiage of funds for the financing of construc- num for decorative or certain other specition. This shortage has been largely attribut- fied purposes was prohibited. able to the inability of lenders of construction The Controlled Materials Plan, effective funds to obtain commitments or other assur- for most industries on July 1, 1951, is deances from mortgage investors to make or signed to allocate the three basic metals, purchase the mortgages on completed prop- steel, copper, and aluminum, directly to proerties. It seems likely that in the next few ducers of defense and defense-supporting months the large volume of commitments goods, and to distribute the remainder to to take up mortgages and corporate securi- nondefense production. To the extent necties, entered into by investors last autumn and essary and possible, a balance between supply winter, will be reduced and construction of and demand for the nondefense supply of lenders will again be able to obtain "take-out these metals is to be maintained by use of commitments." "M"—or limitation—orders to reduce less Construction, materials use, and prices. In essential production. Under CMP Regulaaddition to these actions on credit a number tion 6, issued on June 6, builders of strucof Government orders and regulations affect- tures requiring NPA authorization were ing construction, use of materials, prices, and permitted, but not required, to apply for allotwages have been issued by the National Pro- ments of regulated materials with the appliduction Authority, the Office of Price Sta- cation for permission to build. bilization, and the Wage Stabilization Board On July 27 the Defense Production Adunder authority of the Defense Production ministration announced fourth quarter al- Act. In September 1950 NPA required users lotments of controlled materials to claimant of certain materials to limit stocks to a "prac- agencies, including in this quarter claimant ticable minimum working inventory," and agencies for construction. The Housing and in October issued limitation order M-4 pro- Home Finance Agency, for example, rehibiting construction of buildings to be used ceived allotments of the three metals for use for recreational, amusement, or entertain- in residential construction, the Federal Sement purposes, whether publicly or privately curity Agency for use in school and hospital financed. Construction for the Department construction,, and the Facilities Bureau of of Defense and the Atomic Energy Commis- the NPA for use in industrial and commersion was excepted. Two important additions cial construction. to this order were made later. The first, on On August 3 NPA took steps to bring January 13, 1951, required that authorization construction under CMP in the fourth quarbe obtained for new private commercial con- ter. Limitation Order M-4 was replaced struction. The second, on May 3, required by Order M-4A, CMP Regulation 6 was authorization for projects using more than amended, and Direction 1 to CMP Regula- 25 tons of steel, for any multi-unit residential tion 6 was issued. These regulations continue structure of more than three stories and base- the earlier prohibition on specified uses of ment, and for single-family dwellings cost- copper and aluminum in construction, and ing more than $35,000. On July 1 the $35,000 for the most part replace the earlier limita- 910 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS tions on the starting of certain kinds of con- pertaining to manufacturers and CPR 34 struction with limitations on the use of con- pertaining to services). In August changes trolled materials. The major exception is in regulations relating to charges for conthat permission must be obtained from tractors' services and prices of some build- HHFA to start or to continue work after ing materials were under consideration. September 30 on residential structures con- Wage rates of the construction industry taining more than four dwelling units, re- were first controlled by the Wage Stabilizagardless of the amount of controlled ma- tion Board on January 26, under General terials to be used. All other types of Wage Stabilization Regulation 1, which construction, except electric power gen- stabilized all wages, salaries, and compensaerating projects, facilities for petroleum and tion at the January 25, 1951 level. On Febgas processing and refining, and commu- ruary 27 General Wage Regulation 6 was nications facilities, which are controlled issued. This permitted future increases in separately, may proceed without specific au- wages up to 10 per cent from a base period thorization provided they will use no more defined as the first regular pay period endthan specified amounts of the three metals ing on or after January 15, 1950. On July in the fourth quarter. If larger amounts 26 the Construction Industry Stabilization are required, authorization and allotments of Commission took over control of wages in materials must be obtained from the appro- the construction industry and the 10 per cent priate claimant agency. pay increase ceiling no longer automatically The builder of any structure, other than a applies to the industry. The Commission set recreational or apartment building, which as a ceiling the prevailing wage rates in each does not require specific authorization may area and is now preparing a list of such wage order controlled materials for use in the rates. Pending publication of area wage fourth quarter, certifying, by means of an rates, employers may increase workers' allotment symbol, that his requirements are wages up to the rates set under collective not greater than the maximum specified bargaining agreements in each area. Those in Direction 1 to CMP Regulation 6 for the paying higher than prevailing rates on particular kind of structure. All others must July 26 may finish the projects at the presattach to their orders for controlled materials ent rates. Work started in the future is allotment numbers assigned when NPA au- to be done at standard area rates. thorizes construction schedules and grants allotments of materials. RECENT AND PENDING LEGISLATION Prices of some building materials and of The Defense Production Act Amendments contractors' services also were brought un- of 1951, signed by the President on July 31, der control on January 26 in the General amended the Defense Production Act of Ceiling Price Regulation (GCPR) which 1950 and the Housing and Rent Act of 1947 froze prices of most goods and services at and extended these acts through June 30, the highest charges made between Decem- 1952. The amendments authorize the Secreber 19, 1950, and January 25, 1951. Subse- tary of Defense and the Director of Dequently this regulation was supplemented fense Mobilization to designate areas as and in some cases superseded by other or- "critical defense housing areas" and bring ders and regulations (for example, CPR 22 them under Federal rent control. They also AUGUST 1951 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE UNDER CONTROLS require the President to relax real estate family houses (Section 903) and multi-famcredit controls in such areas "to the extent ily rental projects (Section 908). Mortgage necessary to encourage construction of hous- insurance under Title IX would be available ing for defense workers or military per- only for mortgages covering units prosonnel." grammed by the Housing Administrator in Most of the provisions of the 1947 Act critical defense housing areas. FHA would dealing with rent control were retained, have the power to require such units to be and four major amendments were adopted. held for rent to defense workers and to The first provides for control of rents on all limit the rents to be charged. To be insured housing accommodations in "critical defense under Title IX mortgages must meet the housing areas." Previously, certain types of following requirements: existing housing, as well as all new housing, were exempt. Second, the law now permits Type of structure an increase in rents over the June 30, 1947 Maximum terms 1-family 2-family Multi-family levels of 20 per cent, including increases already granted, except those granted for Interest rate (per cent) .... 4^ 4 Maturity (years) 30 30 0) capital improvements or betterments in serv- Loan-to-value ratio (per cent) 90 90 90 ice. Third, the right of States, or local gov- Amount of loan:2 Standard provision $8,100 $15,000 $7,200 per unit erning bodies, to decontrol areas under their High-cost area $9,000 $16,000 $8,100 per unit jurisdiction is retained, and the right to take 1 As prescribed by the FHA. 2 For the one- and two-family structures'represents two bedroom the initiative in returning to rent controls is units; $1,080 additional allowed each for third and fourth bedrooms. For the multi-unit structures, $900 additional allowed if the numadded. Fourth, States or localities operating ber of rooms per family unit exceeds four. under non-Federal rent controls are per- The bill provides for a maximum increase mitted to continue these controls unless the of 1.5 billion dollars in the authorization for rent component of the Consumers' Price In- FHA programs, and vests authority for aldex of the Bureau of Labor Statistics for such locating this amount among all the FHA State or locality has increased since June 30, programs in the President. 1947 by more than the average for the United The bill extends to July 1, 1953 the au- States. thority of VA to make direct housing loans The Defense Housing and Community and converts the 150 million dollars pre- Facilities and Services Bill, passed by the viously made available for this purpose Senate on April 10 and reported with amend- into a revolving fund. In addition, it proments by the House Committee on Banking vides that the required down payment on and Currency on August 6, provides for the any loan guaranteed by VA for the purchase construction of permanent defense housing of a house costing $12,000 or less shall not and other facilities and services needed in exceed 6 per cent. The bill provides that critical defense housing areas. The bill residential credit restrictions under the Deamends the National Housing Act by adding fense Production Act of 1950 shall be relaxed Title IX authorizing FHA, until June 30, to the extent necessary in the judgment of 1953, to insure on more liberal terms than the President to obtain the construction of are now provided, mortgages on 1- and 2- needed defense housing. 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1950 by ELEANOR J. STOCKWELL During the postwar period 1947-49 the group for the corporate universe and for the purpose of of 300 large manufacturing, trade, and utility cor- studying industrial difierences-in corporate financial porations, for which the Board of Governors regu- practices, was not expected to be typical of the corlarly compiles balance sheet, income statement, and porate universe at all times. Large, long-established sources and uses of funds data, invested their funds corporations are generally more stable and their and financed their capital expenditures in roughly relative demands for funds less likely to vary markthe same manner as all corporations in the aggre- edly with sudden changes in the business climate gate.1 In 1950, however, there was a marked dis- than are those of smaller companies. similarity in the behavior of the 300 large corpora- Moreover, the group is less heavily weighted than tions and the corporate universe which appears the corporate universe with companies in such into be more significant than industrial differences dustries as foods, textiles, apparel, and trade, and among large corporations. more heavily weighted with companies in the Total uses of funds by corporations in 1950 public utility and durable goods manufacturing reflected not only the recovery from the 1949 reces- groups. The relatively greater weight in the samsion but also developments following the outbreak ple of the latter groups helps to explain the smaller of war in Korea. Plant and equipment outlays growth during 1950 in inventory holdings of the of all nonfinancial corporations were nearly as large companies, as contrasted with those of all large during 1950 as in 1948, a year of record ex- corporations. In addition, plant and equipment penditures, while accumulation of inventories and programs in such industries are fairly long-range, expansion of customer financing were substantially the typical investment taking longer than average larger. As a result of these increased requirements to complete; consequently, their plant and equipfor funds and of further accumulation of cash and ment outlays during 1950 might be expected to United States Government securities, total gross reflect gradual completion of earlier programs uses of funds by all nonfinancial corporations in- rather than upward revisions in capital expendicreased from 25 billion dollars in 1949 to 40 billion ture programs made during the year. in 1950. For the group of 300 large corporations, the in- USES OF FUNDS crease in investment was relatively smaller in 1950 Aggregate funds used by the 300 large corporathan that for all corporations, despite relatively tions for investment in new plant and equipment, greater increases in liquid assets and receivables. increased customer financing, expansion of inven- Plant and equipment outlays of these large com- tories, cash, marketable securities, and other assets, panies declined 8 per cent from 1949 to 1950 in and for retirement of debt amounted to 13.0 billion contrast with an increase of 7 per cent for all cor- dollars in 1950, as compared to 9.5 billion in 1949. porations, while inventories of the large companies This increase of 37 per cent is considerably less increased about 9 per cent as compared to a 16 per than the increase of nearly 60 per cent for all noncent increase in total corporate inventory holdings. financial corporations. Changes from 1949 to 1950 The group of 300 large corporations in 10 manu- in the aggregate amount of funds used by large facturing industries, retail trade, and three public companies varied widely among industries, rangutility groups, which was selected early in the post- ing from increases of more than 80 per cent in war period to provide supplementary financial data the trade, rubber, and chemical groups to increases of less than 10 per cent or actual declines in 6 1 For description of the large corporation sample and of the remaining 11 industries. analysis of its financial experience in previous years, see Charles H. Schmidt, "Industrial Differences in Large Cor- Decline in plant and equipment expenditures. The poration Financing in 1948," Federal Reserve BULLETIN, 300 large corporations as a group invested 6.5 June 1949, pp. 626-33; and Eleanor J. Stockwell, "Indusbillion dollars in plant and equipment, about 3.5 trial Differences in Large Corporation Financing in 1949," Federal Reserve BULLETIN, June 1950, pp. 636-42. billion in inventories and receivables, and nearly AUGUST 1951 913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1950 USES AND SOURCES OF CORPORATE FUNDS, 1948, 1949, AND 1950 All nonfinancial corporations 300 large corporations 1948 1949 1950 1950 1948 1949 1950 1950 (Percent- (Percentage distri- age distri- (Billions of dollars) bution) (Billions of dollars) bution) Uses Plant and equipment outlays 17.4 16.1 17.2 42.7 8.2 7.1 6.5 50.0 Inventories (change in book value) 4.2 -4.3 7.6 18.9 1.6 -1.1 1.2 9.2 Change in customer receivables 4.2 -0.6 10.0 24.8 0.7 -0.5 2.2 16.9 Change in liquid asset holdings l 1.9 3.0 5.0 12.4 0.8 1.0 2.7 20.8 Other current assets (2) -0.2 0.5 1.2 0.3 0.1 0.2 1.5 Gross uses ' 27.7 25.3 40.3 100.0 11.6 9.5 13.0 100.0 Sources Funds from operations 4 19.0 16.1 20.5 49.3 6.8 6.1 7.4 57.0 Change in trade debt 1.1 -2.2 5.9 14.2 0.4 -0.5 1.2 9.2 Change in income tax liability 0.5 -2.0 7.2 17.3 0.8 -0.5 2.9 22.3 Other current liabilities (2) -0.1 1.0 2.4 0.4 0.2 0.5 3.8 Change in bank loans 1.1 -1.9 2.5 6.0 0.3 -0.3 -0.2 5 (1.5) Mortgages, bonds and capital stock. . . . 6.7 6.0 4.5 10.8 2.9 1.6 1.0 7.7 Gross sources' 28.4 27.2 41.6 100.0 11.6 9.5 13.0 100.0 1 Includes cash, U. S. Government securities, and (for large corporations only) other marketable securities. * Less than 50 million dollars. 8 Gross uses include those uses which appear in the table as negative sources; gross sources, those sources which appear as negative s. 4 Funds from operations consist of retained earnings and depreciation allowances. 8 Use of funds. Source.—All nonfinancial corporations, U. S. Department of Commerce; large corporations, Board of Governors. 3.0 billion in cash, marketable securities, and other plant and equipment outlays accounted for 50 per current assets during 1950, as is shown in the cent in 1950. table. Capital expenditures by these companies Increase in inventories and customer financing. last year were 8 per cent smaller than in 1949 and The large corporations which comprise the Board's 20 per cent smaller than in 1948. The only in- sample did not, as a group, participate in the dustries that made larger outlays on plant and marked expansion of corporate inventory holdings equipment in 1950 than in 1949 were the automo- during 1950. As is shown in the table, the allbile, rubber, iron and steel, and chemical groups. corporate figures show an increase of 7.6 billion Immediately after the war, many of the com- dollars during 1950 compared with 4.2 billion in panies included in the sample undertook extensive 1948, while for the 300 companies the comparable programs of reconversion, modernization, replace- figures are 1.2 billion in 1950 and 1.6 billion in ment, and expansion of facilities. This work has 1948. However, industry by industry, relative gradually been completed during the past three changes in inventory holdings of the large manuyears. Although a large number of the companies facturing and trade corporations between the end have indicated that they have recently embarked on of 1949 and the end of 1950 paralleled those for new major expansion programs, much of the pro- all corporations; thus, it may be assumed that posed expansion is in basic productive facilities in- the dissimilarity shown by the large corporations volving both plant and equipment and requiring an as a group reflects differences in industrial weightextended period to complete. Actual expenditures ing, particularly the underweighting of trade comin connection with such new programs had not panies in the sample. Large retail trade corporareached sizable proportions by the end of 1950. tions, which had reduced their inventories slightly At the same time, expenditures in connection with in 1948 and 1949, increased them by 285 million earlier programs continued to taper off in 1950. dollars, or 20 per cent, in 1950—approximately the Despite the generally smaller capital expendi- same relative increase as for total retail trade intures by the sample group of large companies, ventories. however, such outlays accounted for 38 per cent The increase from 1949 to 1950 in customer of all corporate capital expenditures in 1950. Rela- financing (as represented by notes and accounts tive to total uses of funds by the 300 companies, receivable) was much greater for large corporations 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1950 than for all corporations, and followed a larger- important forms of financing were funds from than-average reduction from 1948 to 1949. This operations, income tax accruals, and trade debt, greater volatility can perhaps be explained on the in that order. In 9 of the 14 industries, as can grounds that large corporations, with their nation- be seen from the chart, funds retained from operawide operations and highly liquid financial posi- tions plus accrued income taxes accounted for at tions, have pursued an active policy of financing least 75 per cent of total funds. Asset liquidation, their smaller customers and suppliers, and such which provided a substantial volume of funds in financing tends to fluctuate with the volume of most industries during 1949, was negligible in business activity. 1950 among all industries except food and other Sharp increase in liquid asset holdings. One of transportation equipment, where there was some the most pronounced differences between large and net reduction of cash and marketable securities. all-corporation uses of funds during 1950 was in Equity and long-term debt financing together prothe accumulation of liquid assets. Large corpora- vided no more than 8 per cent of total funds in tions in all industries except food, other transpor- every industry except electric power and gas and tation equipment, and electric power and gas added communications. substantially to their holdings of cash and marketable securities; for the group as a whole, such addi- SOURCES OF FUNDS OF LARGE CORPORATIONS, 1950 tions accounted for one-fifth of their total uses of Percentage Distribution funds, as compared to one-eighth in the case of all corporations. Put another way, the large corpora- PETROLEUM tions in the Board's sample accounted for 54 per IRON and STEEL cent of the growth in liquid asset holdings of all nonfinancial corporations, as compared to only 16 'MACHINERY per cent of the total increase in corporate inven- NONFERROUS METALS tories and 38 per cent of outlays for plant and equipment. CHEMICALS To a considerable extent, this increase in liquid RAILROADS asset holdings of large corporations reflects the TOBACCO sharp rise in their Federal income tax accruals in AUTOMDBUIS 1950, which resulted in the purchase of United States Treasury Savings Notes and accumulation RUBBER of other liquid assets to be used to meet tax pay- RETAIL TRADE ments falling due in 1951. Liquid asset accumu- FOOD lation in the three industries where the 1950 dollar increase in tax accruals was largest—automobiles, OTHER TRANSPORTATION EOUI iron and steel, and chemicals—accounted for 62 COMMUNICATIONS per cent of total liquid asset accumulation by the ELECTRIC POWER 300 companies, and for 30 to 50 per cent of total and GAS funds used by the three industries. To some 50 75 100 extent, however, the increase in liquid asset hold- Funds from operations O Trade notes and accounts payable ings by large corporations reflects the existence Accrued income taxes • All other internal and external sources of funds in excess of current investment and operating requirements, as evidenced by net retirement Funds from operations. Profits before taxes inof short- and long-term bank debt in 8 of the 14 creased in each of the 14 industries from 1949 to industries, of other long-term debt in 6 industries, 1950, the increases exceeding 40 per cent in 10 of and of capital stock in 7 industries. the industries. In every industry except nonferrous metals, however, income tax accruals and divi- SOURCES OF FUNDS dend payments increased relatively more than profits, with the result that total funds retained Financing of the 1950 requirements of large corfrom operations increased considerably less than porations was unusually consistent from one indusprofits before taxes or actually declined, despite try to another. In 10 of the 14 industries the most 915 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 195 0 partly offsetting increases in depreciation allow- of financing except funds from operations and ances. For the group as a whole, profits before accrued taxes. The increase in business activity in taxes increased by 4.6 billion dollars, or 50 per cent, 1950, which was primarily responsible for the rise from 1949 to 1950, and retained earnings plus de- in trade debt, however, was not accompanied by a preciation allowances by 1.3 billion, or 21 per cent. net increase in bank debt. In fact, repayment of Income tax accruals as a source of funds. The outstanding bank loans exceeded new borrowing much higher level of profits before taxes in 1950, in 8 of the 14 industries and, in each of the remaincoupled with the higher Federal income tax rates ing groups except tobacco, net borrowing aceffective on 1950 income, resulted in a sharp in- counted for 5 per cent or less of total funds. This crease in tax accruals from 1949 to 1950. For all experience among the large corporations in the 300 large corporations, the difference between the sample contrasts sharply with the substantial net tax liabilities accrued on 1950 income and the increase in bank borrowing by all corporations. amount actually paid during 1950 amounted to Retirements of other long-term debt and of nearly 3 billion dollars. Funds arising from the capital stock were also common among large increase in income tax accruals were second in corporations in a number of industries. The 300 importance only to funds from operations for the large corporations obtained about one billion dolgroup as a whole, and for 11 of the 14 industries. lars, or 22 per cent of that for all corporations, The excess of tax accruals over current tax pay- through mortgage loans and security issues; howments during periods of rising taxes is commonly ever, electric power and gas and communications considered as a form of external financing, since companies accounted for the entire amount, since the funds represent a deferred liability. The funds net retirements in 7 of the other 12 groups offset must be available to meet tax payments, and their net additions in 5 groups. In the latter 5 indususe for financing plant and equipment expenditures tries—petroleum, chemicals, nonferrous metals, or other more or less permanent forms of invest- retail trade, and railroads—such financing provided ment is therefore largely precluded. at most 8 per cent of total funds in 1950. Electric Other sources of funds. Notes and accounts and communications utilities, on the other hand, payable increased from 1949 to 1950 in each of continued to finance, as they have throughout the the 14 industry groups and in 10 of them, as pre- postwar period, a substantial proportion of their viously indicated, exceeded any other single source 1950 requirements through equity and debt issues. NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data for the sample of large corporations discussed in this article are shown on the following pages. 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1950 COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1950 AND 1949 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Iron and Nonferrous Account Food Tobacco Rubber Petroleum Chemicals steel metals 1950 1950 1950 1950 1950 1949 1950 1949 Number of companies 28 28 24 24 33 33 18 18 14 14 Sources of funds—total $431 $38 $80 $18 $286 $-20 $1,888 $1,550 $613 $230 $977 $370 $285 $216 Net from operations l 245 214 53 59 180 107 1,938 1,744 515 403 789 605 274 123 Cash 7 -4 -3 -28 -23 -93 54 -26 -82 -108 -42 -71 30 Marketable securities 67 -108 0 0 -38 -25 -289 48 -387 -76 -305 -126 -143 81 Trade payables 49 -9 4 -2 50 -19 133 -99 75 -16 169 -80 42 -23 Bank loans, short-term 30 -88 16 -64 -2 3 -25 -2 -3 6 1 -4 -14 5 Bank loans, long-term -4 -3 0 0 -12 -3 -118 42 -6 -52 (2) -4 5 26 Accrued income taxes 64 -1 22 -1 108 -30 277 -306 330 -10 405 -40 168 -75 Other current liabilities 11 8 1 6 45 -20 9 9 31 4 35 5 10 -4 Mortgages, bonds, other liabilities. -33 21 -15 -15 -1 -9 60 55 6 18 -12 35 8 49 Capital stock -14 0 39 -17 2 -13 -3 72 35 -1 19 4 Other sources 3 9 2 0 0 0 9 5 0 4 1 0 Uses of funds—total $431 $38 $80 $18 $286 $-20 $1,888 $1,550 $613 $230 $977 $370 $285 $216 Plant and equipment expenditures 177 229 12 16 86 67 4 1,51241,701 365 341 547 498 152 255 Inventories 125 -104 56 2 56 -87 -39 -27 79 -84 137 -46 -37 4 Receivables 116 -69 11 —4 139 -5 356 -185 191 -32 250 -104 142 -53 Other assets 13 -18 (2) 3 3 -2 58 61 -21 4 42 22 28 3 Other uses 5 0 0 0 1 7 0 0 0 2 0 0 0 6 I Manufacturing, cont. Utilities Retail Account M e a le c i c n h t c i r n h ic e a r l y, Automobile O e p t q h o u e r i r t p a m t t r io e a n n n t s- trade Railroads a E n le d c t g r a ic s Co c m ati m on u s ni- 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Number of companies 46 12 12 19 19 42 42 20 20 35 35 1 1 Sources of funds—total $718 $-30 $902 $142 $212 $-67 $615 $223 $865 $612 $1,298 $1,168 $986 $1,168 Net from operations x 558 467 714 718 95 78 335 293 710 473 462 416 508 402 Cash 13 -8 -28 -86 24 -48 -60 4 -134 94 23 -33 -5 ? Marketable securities -139 -309 -806 -526 4 -86 -50 -16 -134 186 80 23 -42 130 Trade payables ... 108 -62 259 -35 53 -28 101 -9 100 -85 17 -6 49 -31 Bank loans, short-term 3 —42 13 7 -4 -45 17 4 -7 15 -59 36 Bank loans, long-term -6 -96 -2 -11 -1 -13 -16 2 () () () -37 0 0 Accrued income taxes 288 -28 617 152 56 -9 186 -57 191 -125 7 72 7 30 131 28 Other current liabilities 44 -11 152 58 -16 62 78 -8 66 -43 1 18 20 16 Mortgages, bonds, other liabilities -146 22 3 -143 2 23 17 12 48 101 376 382 -20 248 Capital stock —5 18 -21 -3 -7 -10 5 -3 15 0 274 338 400 340 Other sources 3 0 19 2 12 5 9 2 6 2 11 0 21 4 2 Uses of funds—total $718 $-30 $142 $212 $-67 $615 $223 $865 $612 $1,298 $1,168 $986 $1,168 Plant and equipment expenditures 275 283 357 250 64 64 217 234 667 808 1,183 1,224 900 1,080 Inventories 171 -265 243 -131 32 -107 285 -71 18 -91 64 -69 10 -25 Receivables 242 -71 242 21 115 -18 102 54 211 -36 41 14 58 36 Other assets 30 24 61 1 ? -6 11 5 -31 -70 4 -1 19 76 Other uses 5 0 0 0 0 0 0 0 0 0 7 0 0 0 1 Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. 2 Less than 0.5 million dollars. 3 Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 4 Company figures which in some cases include, and in others exclude, dry hole costs. 5 Prior year tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds. 6 Included with other short- and long-term liabilities. 7 Includes State income and property taxes. NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds Section represent sources of funds. Details may not add to totals because of rounding. AUGUST 1951 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1950, 1949 AND 1948 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iron and steel Nonferrous metals i 1950 i 1949 1948 1950 1949 1948 1950 1949 1948 1 1950 i 1949 1948 1950 1949 1948 U950 U949 1948 1950 1949 1948 28 28 28 4 4 4 4 4 4 24 24 24 33 33 33 18 18 18 14 14 14 Total assets (end of year). . $3,708 $3,463 $3,460 $1,769 $1,750 $1,739 $1,659 $1,382 $1,427 $14,514 $13,338 $11,866 $5,801 $4,930 $4,701 $8,453 $7,398 $7,174 $3,711 $3,312 $3,332 Cash 359 365 366 60 S6 54 167 139 116 1,011 919 941 619 591 510 855 747 709 350 279 308 Marketable securities 222 289 181 0 0 0 167 129 104 779 490 537 905 516 440 1,203 897 771 548 415 496 Receivables (net) . • 527 410 484 93 82 86 393 254 259 1,334 978 1,161 615 424 455 841 592 700 328 189 242 Inventories 1,104 987 1 133 1,474 1 418 1,416 498 452 539 1,682 1,719 1,741 954 877 961 1,461 1,323 1,377 594 632 631 Plant and equipment (net of depreciation) 1,342 1,267 1 163 in 110 101 409 385 383 8,670 8,238 7,484 ? 036 1,892 1 767 3,777 3,571 3 374 1,668 1,609 1,470 Other assets 2 154 145 134 ?8 84 82 25 23 26 1,037 994 1,002 674 631 569 315 268 743 223 187 185 Total liabilities and equity $3,708 $3,463 $3,460 $1,769 $1 750 $1,739 $1,659 $1,382 $1,427 $14,514 $13,338 $11,866 $5,801 $4,930 $4,701 $8,453 $7,398 $7,174 $3,711 $3,312 $3,332 Notes payable to banks (short-term) 118 88 179 187 171 236 12 15 11 28 49 50 24 27 21 7 5 10 16 30 26 Trade notes and accounts payable 243 194 ?n? 16 11 14 124 74 93 1,020 889 967 768 193 ?09 670 501 S8S 160 119 141 Accrued income taxes 286 227 248 111 89 91 177 69 99 701 423 728 714 384 393 914 509 549 313 166 241 Other current liabilities 3... 193 170 171 48 26 20 118 73 93 344 338 344 232 212 207 432 389 385 117 94 98 Notes payable to banks 34 38 41 0 0 0 0 12 15 482 603 561 6S 71 173 6 7 10 52 47 22 Mortgages, bonds, and other liabilities 4 426 460 440 488 S?4 539 290 291 300 1,265 1,206 1,101 41 S 403 38 S 696 717 683 212 204 155 Surplus reserves 6 129 152 188 3 3 4 144 117 117 71 75 85 133 134 181 102 135 135 53 93 113 Capital stock 1,103 1,047 1,027 508 508 489 282 299 300 3,979 3,911 3,854 1 470 1,356 1 379 2,810 2,793 ? 708 1,178 1,124 1,119 1,175 1,087 96S 407 417 346 512 432 399 6,624 5,844 5,174 7,480 2,152 1 853 2,817 2,343 ? 109 1,609 1,434 1,417 Income statement: SDaelpesreciation, depletion, and $10,914 $10,613 $11,184 $2,330 $2 317 $2,286 $2,775 $2,119 $2,332 $12,721 $11,405 $12,250 $5, 765 $4,734 $4,998 $9,884 $7,903 $8,547 $3,392 $2,404 $2,902 amortization . . . 105 96 8S 8 7 6 59 58 55 768 711 650 ??4 203 18? 330 284 795 85 71 64 Profit before income taxes 6. 501 406 413 215 198 185 284 127 182 2,083 1,585 2,458 1,419 867 863 1,546 940 984 650 339 551 Net profit 6 282 248 ?S3 118 1?4 114 158 88 116 1,518 1,280 1,837 783 556 547 771 551 S80 390 227 362 152 145 146 73 72 67 48 39 41 654 561 553 498 363 311 326 240 227 208 168 195 FINANCl >^ a 0 TJ LARGE § O o C/3 VL I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing, cont. Utilities Retail trade Account Mac e h le in c e tr r i y c , a ncl. Automobiles O t t i h o e n r e t q ra u n ip s m po e r n t t a- Railroads Electric and gas Communications 1950 1949 1948 1950 1949 1948 1950 1949 1948 7 1950 1949 1948 1950 1949 1948 1950 1949 1948 1950 1949 1948 Number of companies 46 46 46 12 12 12 19 19 19 42 42 42 20 20 20 35 35 35 1 1 1 Total assets (end of year). . $6,451 $5,786 $5,683 $6,673 $5,188 $4,698 $1,924 $1,798 $1,775 $4,738 $4,108 $3,987 $18,187 $17,428 $17,456 $11,704 $10,803 $9,990 $8,750 $8,126 $7,475 Cash 605 618 611 696 667 582 212 235 187 700 640 648 752 618 712 311 331 298 95 90 86 Marketable securities. 817 678 369 2,186 1,379 853 197 201 115 306 9S6 240 608 475 653 166 246 268 289 247 377 Receivables (net) 1 072 830 90S 646 404 381 386 272 292 638 544 490 635 423 459 281 241 227 383 326 7.90 Inventories 1,823 1,646 1,917 1,418 1,175 1,306 612 585 692 1,694 1,403 1,474 507 489 579 365 300 369 109 99 124 Plant and equipment (net of depreciation) . .. 1,608 1 522 1 422 1,344 1,239 ,253 459 441 422 1,196 1,071 946 12,583 12,290 11,7068 10,347 8 9,457 8 8,580 7,279 6,789 6,097 2 Other assets 2 526 492 459 385 324 3?^ 59 63 66 ?05 194 189 3,102 3,133 3,346 233 229 248 594 575 501 o Total liabilities and equity $6,451 $5,786 $5,683 $6,673 $5,188 $4,698 $1,924 $1,798 $1,775 $4,738 $4,108 $3,987 $18,187 $17,428 $17,456 $11,704 $10,803 $9,990 $8,750 $8,126 $7,475 o Notes payable to banks (short-term) 14 10 55 27 14 7 2 6 51 62 45 41 (9) (9) (9) 106 110 94 54 113 77 Trade notes and accounts i payable .. 374 264 325 774 46 S 500 1S9 106 134 394 306 536 436 521 180 161 166 300 251 ?82 Accrued income taxes. . . 683 396 427 1 309 697 545 132 79 87 463 ?78 335 404 212 340 i»406 i°339 "310 336 207 180 Other current liabilitiess. . . 810 772 782 563 407 349 303 319 258 374 296 304 452 387 430 209 208 190 187 167 151 Notes payable to banks (long-term) . 20 26 122 5 7 18 14 15 28 34 50 53 (9) (fl) (9) 47 49 86 0 0 0 g Mortgages, bonds, and other liabilities4 463 642 620 192 188 331 103 96 71 188 17? 159 6,413 6,359 6,257 5,270 4,888 4,505 3,671 3,691 3,443 2 Surplus reserves 8 132 212 215 128 101 109 23 38 41 42 A* 59 1,349 1,312 1,289 12 14 14 19 19 12 Capital stock 1,722 1,595 1,515 1,131 1,117 924 428 395 395 1,046 1,043 1,047 5,063 5,049 5,049 4,346 4,039 3,684 3,113 2,815 2,534 Surplus 2,233 1,868 1,622 2,595 2,193 1,914 760 745 709 2,135 1,886 1,683 3,971 3,674 3,572 1,129 996 942 1,069 863 795 Income statement: Sales $8,010 $7,182 $7,330$12,591 $10,382 $8,690 $2,156 $2,356 $2,237$11,924$11,035$11,513 $6,373 $5,741 $6,459 $3,199 $2,921 $2,807 $3,262 $2,893 $2 67,5 Depreciation, depletion, and amortization 184 161 131 205 232 148 44 36 33 90 84 77 298 285 266 305 278 255 334 321 278 0 Profit before income taxes 6. 1,309 904 928 2,331 1,550 1,151 232 159 173 901 641 786 922 448 744 748 633 564 588 354 323 Net profit6 678 559 559 1,135 930 670 120 100 107 474 397 482 536 287 476 463 415 375 347 233 222 Dividends .. 308 251 213 701 473 298 75 61 59 236 211 211 199 160 183 337 308 272 248 216 7,03 1 For one or two companies in the food, petroleum, and iron and steel industries, reports for 1949 and 1950 excluded, and for 1948 included, foreign subsidiaries. Balance sheet and income statement data and sources and uses of funds of these companies for 1949 and 1950 have been adjusted so as to be comparable with earlier years. 2 Includes relatively small amounts of intangibles and current assets not shown separately. 3 Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, etc. 4 Includes pension reserves and minority interest in capital stock and surplus. 6 Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories. 6 Excludes nonrecurring charges and credits to income, tax refunds, payments of prior year's taxes, gains on sales of assets, and charges and credits to and from surplus reserves. 7 Data for one company estimated. 8 Includes intangibles. 9 Included with other short- and long-term liabilities. i° Includes State income and property taxes. NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around December 31 and for which data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include only companies with end-of-year 1950 total assets of 10 million dollars and over; railroads, Class I roads with total assets of 270 million and over; utilities, Class A and B electric and gas companies with total assets of 95 million and over; communications, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES PART III. Distribution of Consumer Income in 1950 x SUMMARY In 1946, the number of self-employed, managerial, professional, and semiprofessional persons with in- Higher levels of production and employment comes of $5,000 or more was twice that of skilled in 1950 raised consumer money income before and semiskilled workers and clerical and sales pertaxes by 13 billion dollars to about 183 billion, acsonnel. In 1950, the two groups were about evenlycording to survey data. Half of the 52 million matched in this income class. spending units were estimated to have received The tenth of the population with the highest higher incomes in 1950 than in 1949, and one-fifth incomes appear to have received a slightly smaller lower incomes. Increases in income were most proportion of total income in 1950 than in any frequently reported by people who had been in other postwar year. This changed distribution, middle and lower income groups in 1949, although all levels shared in the general rise.2 which reflected the more rapid rate of growth in money income for other tenths of the population, These changes raised the median spending unit was a major factor in their gain in real income income by 11 per cent and the mean income by since 1946. about 8 per cent. Since rises in prices and in Federal personal income taxes offset only about 2 per- CHANGES IN LEVEL OF INCOME centage points of this income increase, there' ap- Expanding economic activity in 1950 brought a peared to be a substantial gain in average real in- 13 billion dollar increase in consumer money income from 1949 to 1950. Rapidly rising prices in come before taxes.3 Approximately 26 million of the latter part of 1950 and early 1951 caught up the 52 million spending units in the population with income, however, so that there was little received higher incomes in 1950 than in 1949, while change in average real income between early 1950 roughly 10 million had declines in income.4 and early 1951. The general upward shift of income in the postpitals and in religious, educational, and penal institutions; war period has changed the occupational pattern and (3) people living in quasi-households, e.g. hotels, large of consumer units with incomes of $5,000 or more. boarding houses, and tourist camps. The interview unit of the survey is the spending unit, defined as all persons living in the same dwelling and belonging to the same family 1This is the third in a series of articles presenting the who pool their incomes to meet their major expenses. results of the 1951 Survey of Consumer Finances sponsored by the Board of Governors of the Federal Reserve System The limitations of survey data outlined in the June 1951 and conducted by the Survey Research Center of the Univer- BULLETIN and in the discussion of methods presented in the sity of Michigan. The first article in the series appeared in July 1950 BULLETIN are applicable to the information prethe June BULLETIN and covered the economic outlook and sented in this article. Survey findings approximate the true liquid asset position of consumers. The second article, de- order of magnitude of data but do not represent exact values. voted to durable goods expenditures in 1950 and buying Variations from the true values may be introduced by chance plans for 1951, appeared in the July BULLETIN. Subsequent fluctuations in the particular sample of interviews, by errors issues of the BULLETIN will contain articles analyzing changes in reporting on the part of those interviewed, by differences in consumer saving patterns and in holdings of nonliquid in interpretation by either respondents or interviewers, and assets. by methods used in processing data. Only the first of these —sampling error—can be measured statistically. It should The present article was prepared by Irving Schweiger of be kept in mind that the other sources of error may be of the Consumer Credit and Finances Section of the Board's equal importance to the accuracy of survey results. Division of Research and Statistics. The author has necessarily maintained a close working relationship with the staff 3 Survey data indicate that aggregate consumer income of the Survey Research Center at all stages of his work and rose from 170 billion dollars in 1949 to 183 billion in in his analysis of survey tabulations has had the benefit of 1950, about the same percentage increase shown by Demany suggestions from the Center's staff, particularly John partment of Commerce estimates when adjusted to the B. Lansing, E. Scott Maynes, and James K. Dent. survey universe and definition of income. In both years, the 2 Data are based on the results of about 3,400 interviews figures obtained by the survey amounted to more than 90 per cent of the Commerce Department estimate. taken in 66 sampling areas throughout the nation. The sample is representative of the entire population of the 4 It should be kept in mind that data on income changes United States residing in private households. The following rely upon the respondents' recollection of income for a period groups are omitted: (1) members of the armed forces and covering two years and are therefore subject to considerable civilians living at military reservations; (2) residents in hos- memory error. 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES The median (middlemost) income of consumer shown in Table 1, 20 per cent of all spending units spending units rose 11 per cent from $2,700 in had incomes of $5,000 or more in 1950 compared 1949 to $3,000 in 1950, and the mean income (arith- with 16 per cent in the previous year. In 1946, metic average) rose 8 per cent from $3,270 to the proportion had been only 10 per cent. Incomes $3,520. These increases in average money income of less than $2,000 declined in frequency from 40 constituted real gains in purchasing power, inas- per cent in 1946 to 33 per cent in 1949 and to 30 much as they were only partly offset by a 1 per per cent in 1950. The general upward shift of cent rise from 1949 to 1950 in the annual average consumer money income in the postwar period of consumer prices, as measured by the Department is shown in the accompanying chart. of Labor, and by an increase of 1 percentage point in the proportion of income going for Federal per- INCOME GROUPING OF SPENDING UNITS, 1945-50 sonal income tax. For the year 1950, as a whole, ercentage Distribution it is clear that consumers improved their financial positions. In fact, the real income of consumer spending units rose more on the average in 1950 than in any previous postwar year. This improvement was reflected in the increased number of persons owning liquid assets, the decline in the number of persons that spent more than their incomes, and the expanded volume of durable goods purchases in 1950. As discussed in Part I of this series, however, price rises in the latter part of 1950 and in early 1951 tended to ofTset earlier income increases so that there was little change in average real income between early 1950 and early 1951. The rise in average money income was accompanied by an increased frequency of high incomes and a reduced frequency of low incomes. As TABLE 1 INCOME GROUPING OF SPENDING UNITS AND OF TOTAL 20 40 60 80 100 MONEY INCOME 1 Under $2,000 3 $2,000-$4,999 CD $5,000 and Over [Percentage distribution] 1950 1949 1948 Changes in income for various groups. Occupa- M b o e n fo e r y e i t n a c x o e m s e S u p i n e n i n g t d s - m T co i o o n m n t - a e e l yS u p i n e n i n g t d s - m T co i o o n m n t - a e e l y S u p i n e n i n g t d s - m T co o i o n m n t - a e e l y t g b i r e o o t n w u a p e l e s n g r r e o 1 p u 9 o p 4 rt s 9 e . d a n E m d a o c r h 1 e 9 5 o in 0 f c r t e t h h a a s e n e s m b i a e n j t o w a r e n e n n o u c a c 1 l u 9 p i 4 a n 8 t c i o o a m n n a e d l Under $1,000 13 2 14 2 12 2 1949. In previous year-to-year comparisons in the $l,000-$l,999 17 7 19 9 18 8 postwar period, the professional and semiprofes- $2,000-$2,999 19 13 21 16 23 16 $3,000-$3,999 19 18 19 19 20 20 sional group and clerical and sales personnel re- $4,000-$4,999.. . 12 16 11 15 12 15 $5,000-$7,499 14 23 11 19 10 17 ported increased incomes with considerably greater $ $1 7 0 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over. . . . 3 3 }2I 3 2 | 20 3 2 }» frequency than did other groups. This probably All cases 100 100 100 100 100 100 stemmed, in part, from institutional arrangements Median income 2. . . . $3,000 $2,700 $2,840 which brought relatively frequent but small in- Mean income 3 $3,520 $3,270 $3,450 creases in income for many persons in these groups. Between 1949 and 1950 skilled and semi- 1 Income data for each year are based on interviews during January, February, and early March of the following year. skilled workers received increases as frequently as 2 The median amount is that of the middle spending unit when all units are ranked by size of income. did these other two major occupational groupings 3 The mean amount is the average obtained by dividing aggregate income by the number of spending units. (see Table 2). This reflects the round of wage AUGUST 1951 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 2 INCOME CHANGES FOR SPENDING UNITS WITHIN OCCUPATIONAL AND AGE GROUPS1 [Percentage distribution of spending units] Change in money income before taxes Num- Income larger Income smaller Group characteristic ber of No sub- Not cases c A as l e l s Total c 2 e 5 B n t p y e o r r S w o h m a e t - s c t h a a n n ti g a e l Total S w o h m a e t - c 2 e 5 n B t p y e o r r t a a s i c n e e r d more more All spending units: 1949-50 3,415 100 49 19 30 30 19 12 7 2 1948-49 3,512 100 39 16 23 29 25 15 10 7 Occupation of head of spending unit: Professional and semiprofessional: 1949-50 269 100 60 24 36 27 12 8 4 1 1948-49 287 100 56 19 37 27 12 8 4 5 Managerial and self-employed: 1949-50 485 100 46 21 25 35 15 10 5 4 1948-49 466 100 37 15 22 27 27 19 8 9 Clerical and sales: 1949-50 477 100 57 19 38 24 17 13 4 2 1948-49 486 100 50 25 25 30 16 11 5 4 Skilled and semiskilled: 1949-50 901 100 58 22 36 28 12 10 2 2 1948-49 894 100 44 15 29 25 25 19 6 6 Unskilled and service: 1949-50 289 100 49 19 30 30 19 12 7 2 1948-49 344 100 39 16 23 32 22 14 8 7 Farm operator: 1949-50 388 100 40 18 22 23 34 17 17 3 1948-49 410 100 30 15 15 19 46 20 26 5 Age of head of spending unit: 18-24 years: 1949-50 269 100 73 43 30 13 12 9 3 2 1948-49 342 100 62 41 21 14 19 11 8 5 25-34 years: 1949-50 711 100 58 21 37 21 19 12 7 2 1948-49 779 100 48 20 28 21 24 14 10 7 35-44 years: 1949-50 781 100 53 19 34 30 16 10 6 1 1948-49 777 100 40 13 27 26 28 17 11 6 45-54 years: 1949-50 659 100 44 16 28 32 21 14 7 3 1948-49 670 100 33 10 23 31 29 18 11 7 55-64 years: 1949-50 540 100 40 12 28 37 20 14 6 3 1948-49 495 100 31 10 21 34 29 17 12 6 65 years or over: 1949-50 434 100 31 10 21 43 24 13 11 2 1948-49 419 100 19 7 12 51 22 14 8 8 1 Based on changes in annual income received as reported by spending units early in 1951 (sixth survey) and early in 1950 (fifth survey). increases for many wage-earning groups obtained comes were about matched by the professional and in the first half of 1950 as well as steadier work, semiprofessional group (see Table 3). increased overtime, and competition for skilled Skilled and semiskilled workers, who had previlabor that prevailed throughout 1950. Contractual ously led the clerical and sales group for third place agreements calling for periodic increases in wages with respect to median income, continued about are becoming increasingly frequent for skilled and $400 ahead. The mean income was $250 higher semiskilled workers, but it seems probable that for the clerical and sales group than for the other these were not a major factor in 1950. group, however, primarily because of the sharp rise The somewhat uneven changes in income during in income of a relatively small number of people, 1950 changed the relative income positions of a such as commission salesmen and insurance and number of occupational groups. Prior to 1950, the real estate agents. managerial and self-employed group had consist- For employed persons an increase in wage or ently reported the highest average income in the salary rates, including promotion, was the most postwar period. In 1950, its median and mean in- frequent explanation of a higher rate of current 922 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 3 INCOME GROUPING OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS X [Percentage distribution] Professional Managerial Clerical Skilled Unskilled Money income p a ro n f d e s s s e i m on i- al self-e a m n p d loyed s a a n le d s sem a is n k d illed se a r n v d ice op F e a ra rm tor 2 before taxes 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Under $1,000 4 3 5 5 2 3 2 3 11 19 30 36 $1,000-$ 1,999 8 9 11 11 14 22 11 11 33 27 21 22 $2,000-$2,999 14 15 11 12 29 28 19 26 28 30 18 15 $3,000-$3,999 17 22 15 15 19 17 30 30 18 17 11 9 $4,000-$4,999 14 15 12 14 12 14 20 17 7 4 8 4 $5,000-$7,499 24 19 23 24 17 13 17 12 3 3 8 6 $7,500 and over. . . 19 17 23 19 7 3 1 1 (3) (3) 4 8 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Median income.... $4,500 $4,000 $4,500 $4,500 $3,200 $2,800 $3,600 $3,200 $2,100 $2,100 $1,900 $1,500 Mean income $5,630 $5,350 $5,790 $5,630 $3,910 $3,260 $3,660 $3,350 $2,200 $2,410 $2,480 $2,570 Number of cases... 269 287 485 466 477 486 902 895 289 344 388 410 1 Income data for each year are based on interviews during January, February, and early March of the following year. All the occupational groupings are in terms of the occupation of the head of the spending unit. 2 Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income that farmers produce for their own consumption. 8 No cases reported or less than one-half of 1 per cent. NOTE.—The "number of cases" shown in this and in subsequent tables represents the actual number of spending units falling in each cell. Because the survey oversamples certain groups and corrects for the oversampling by the use of weights, the unweighted number of spending units in a cell does not represent the same proportion of the total sample as the weighted proportion. For example, spending units with incomes of $5,000 or more in 1950 were 19.3 per cent of the weighted sample, but there were 832 such spending units which, on an unweighted basis, amounted to 24.4 per cent of the 3,415 spending units in the sample. For a detailed description of the sampling methods, see "Methods of the Survey of Consumer Finances," July 1950 BULLETIN, pp. 795-809. earnings in early 1951 than a year earlier.5 As in Farmers with money incomes of less than $2,000 previous years, this factor accounted for more than were much less numerous in 1950 than in 1949, half of the income increases of the employed while the number with large incomes ($7,500 or group. Next most frequently mentioned was more) also appeared to fall. The effect of these greater steadiness of employment and more over- changes was to raise the median income of farm time. Transfer to a better paying job was men-operators by $400 to $1,900 in 1950 without raising tioned by little more than 1 in every 10 persons the mean income. In fact, survey data show that obtaining an increase in income. Throughout the the mean may have fallen slightly. Department prosperous postwar years, pay increases from a of Commerce estimates of farm income when adgiven employer have been considerably more fre- justed to the survey definition show a small dequent than those obtained by transfers to other cline in aggregate farm income between 1949 and firms. This was also true in 1949, a year of slight 1950. It should be noted that in addition to a recession. The influence of transfers may be median money income of $1,900 in 1950, farm greater than their frequency implies, however, operators had a substantial amount of nonmoney since employers may attempt to forestall transfers income such as food produced and consumed on by meeting the outside competition in whole or the farm. Their reported incomes, which refer to in part. money income solely, are therefore not directly Farm operators had more favorable income comparable with those of other occupational changes in 1950 than in the previous year. Ap- groups. proximately 40 per cent reported higher incomes, Age groups. Reports of higher annual income in and 34 per cent lower incomes. The corresponding 1950 than in 1949 were most frequent among percentages in 1949 were 30 and 46, respectively. young consumer spending units (those headed by The distribution of farm income appeared to be persons 18-24 years of age) and progressively less somewhat more even in 1950 than in 1949. frequent at each older age group (see Table 2). This pattern has been found in each postwar survey 6 This compares the rate of earnings at time of survey with and reflects the cycle of earning power during a that of a year earlier. The data are related to but not identical with annual incomes. person's adult life. Income increases are quite fre- AUGUST 1951 923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES quent for the young as they acquire experience and the starting point, individuals in the middle groupskill, complete their professional apprenticeships, or ings ($2,000 to $4,999) in 1949 reported increases develop business enterprises. As they approach in income in 1950 with the same or slightly greater the peak of their efficiency or earning power, the frequency than individuals with incomes of less frequency of increases diminishes. Decreases than $2,000. Individuals with incomes of $5,000 then tend to become more common because of sick- or more trailed somewhat. This was a change ness, lowered physical capacity, and finally retire- from the pattern of the past two years, when inment. creases were substantially more frequent at the The effect of improving or deteriorating eco- bottom of the income scale. nomic conditions upon the earning power of the A further change in pattern was evident in the various age groups is indicated by survey data. In narrowing of the spread between the income 1949, a year of some downward economic readjust- groups having the lowest and highest frequencies ment, persons less than 45 years of age had sub- of income increases from 18 percentage points in stantially more increases than decreases in income, 1949 to 9 in 1950. The same type of narrowing while persons 45 or more years of age had about the held for declines in income (see Table 4). This same number of each. In 1950, a year of rising pattern of income change indicates that all 1949 business activity, persons in all age groups below income groups shared in the expansion of consumer 65 had substantially more increases than decreases income in 1950, and suggests that the greater frein income. Even the group aged 65 or more had quency of increases at the middle and lower income many more increases in income in 1950 than in the levels may have contributed to a somewhat more previous year, partly because of the increase in even distribution of income in 1950. This pos- Social Security benefits. Decreases in income for sibility is consistent with the survey data on the this older group were about as frequent between distribution of income discussed in a later section 1949 and 1950 as between 1948 and 1949, partly of this article. owing to personal factors such as sickness, death of As in previous years, when income change was a breadwinner, or retirement. These factors are related to income after the change, the pattern was little affected by short-run changes in economic con- reversed in 1950. Then the frequency of rises in ditions. income increased progressively at each higher As in previous years, the 35-44-year age group level of income; the converse was true for declines apparently had the largest median income in 1950, in income (see Table 5). although the 45-54-age group, influenced by a small This shift in pattern was largely due to the number of professional persons and businessmen movement of consumers into higher income groups who reach a very high earning peak at this time after increases in income and into lower income of life, had the largest mean income. Earning groups after declines in income. Survey data indipower, as evidenced by the median income, did not cate that, except for the group with incomes under decline much for the 55-64-age group, but dropped $1,000, not more than 2 in every 3 consumer units off sharply after 64 years of age (see Table 17 at were in the same broad income group in both 1949 the end of this article for the income distribution and 1950. The shifting was so great in the middle of the various age groups). range that only 4 in every 10 consumer units with Income groups. For some purposes it is best to incomes of $4,000-$4,999 in 1950 reported having analyze changes in income at different income levels incomes within this range in 1949. on the basis of income before the change, and for The movement of consumers in and out of the others, income after the change. Respondents were lower income groups is indicated by Table 6. asked at the time of the survey in early 1951 to Approximately 2 in every 10 consumers with inreport their 1949 incomes as well as their 1950 in- comes less than $1,000 in 1950 reported that their comes. Because of error introduced by the memory incomes had been $1,000 or more in 1949. In fact, factor, and because nearly 1 unit in every 10 could a few persons in this group reported incomes of not furnish information for 1949, the data are less $5,000 or more in 1949. On the other hand, about reliable and somewhat less representative for that 2 in every 10 units with incomes of $1,000-$ 1,999 year than for 1950. in 1950 reported that their 1949 incomes had been When income in the preceding year was used as less than $1,000. 924 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES Similar year-to-year changes in incomes have more units in the middle groups and many fewer been reported in previous surveys. They confirm at either the high or low end than are found in a that an income distribution for the consumer distribution based on incomes received in a single population based on the average of several years year. would be considerably different from that based The income expectations of consumers shed light on one year alone. It would undoubtedly have many on this question. Data from several surveys show TABLE 4 INCOME CHANGES RELATED TO INCOME IN YEAR BEFORE CHANGES * Percentage distribution of spending units within previous yeai"'s income groups Change in annual Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 money income before taxes $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Income larger 48 49 50 43 52 44 52 40 52 37 43 37 44 31 By 25 per cent or more 29 39 23 19 17 13 14 10 15 12 12 8 17 8 Somewhat 19 10 27 31 30 31 29 27 23 24 35 38 37 25 No substantial change 31 28 30 26 28 32 29 33 34 30 28 28 30 27 Income smaller... 18 18 19 27 30 23 31 20 33 23 19 19 18 34 Somewhat 12 10 11 17 19 14 21 12 17 By 25 per cent or more 6 8 8 1121 127 10 145 11 144 2104 9 10 8 16 Not ascertained. . 3 5 1 4 1 3 1 2 (2) 2 2 3 3 2 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 418 479 536 604 582 672 615 615 378 397 397 437 236 269 1 The distribution of income changes within the various income groups is based on reports of nine-tenths of the spending units interviewed early in 1951 (sixth survey) concerning 1949 incomes (either in dollar amounts or by income class) and changes in annual incomes from 1949 to 1950. The 1949 income of less than one-tenth of all spending units could not be determined in the 1951 survey. Data related to 1948 income were similarly derived from 1950 (fifth survey). Data in this table are not strictly comparable with similar data regarding 1947 income obtained early in 1949 (fourth survey) and published in the July 1949 BULLETIN, because the earlier data were obtained from only two-thirds of the spending units in the 1949 survey. 2 No cases reported or less than one-half of 1 per cent. TABLE 5 INCOME CHANGES RELATED TO INCOMES IN YEAR AFTER CHANGES 1 [Percentage distribution of spending units within income groups] Change in money income before taxes Number Income large Income smaller M b o e n fo e r y e i t n a c x o e m s e of cases c A as l e l s Total p o e B r r y m c 2 e o 5 n re t S w o h m a e t - N s c t h o a a n s n t u i g a b e l - Total S w o h m a e t - p o B e r r y m c 2 o e 5 r n e t t a a N s i c n o e e t r d - 1949 1948 194919481949» 19481949194819491948194919481949> 19481949194819491948 1948 to to to to to to to to to to to to 1950 1949 195019491950I 19491950 1950 195019491950 1950 1949 19501949 All spending units 3,415 3,512 100 100 49 39 30 29 19 Under $1,000. . . 418 479 100 100 30 36 32 32 $l,000-$l,999... 514 604 100 100 43 33 29 22 $2,000-$2,999.. . 567 672 100 100 48 29 27 ?,1 $3,000-$3,999.. . 601 615 100 100 52 31 30 16 $4,000-$4,999... 441 397 100 100 58 26 26 14 $5,000-$7,499.. . 538 437 100 100 60 24 27 14 $7,500 and over. 294 269 100 100 61 27 33 7 1 Based on changes in amount of annual income received as reported by spending units early in 1951 (sixth survey) and early in 1950 (fifth survey). 2 Income change from 1949 to 1950 related to 1950 income. 3 Income change from 1948 to 1949 related to 1949 income. AUGUST 1951 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES that, generally, a larger proportion of higher in- or farmers, etc. The findings of the survey in this come groups than of the middle and lower income area are shown in Table 7 on a spending unit basis,, groups expected to obtain smaller incomes in the and in Table 8 on a family unit basis.6 following year. The opposite was roughly true Differences in the characteristics of consumer for expected increases in income, although the units are most pronounced at the high and low pattern was confused at very low income levels, parts of the income distribution. Spending unitslargely owing to the many aged and retired per- with incomes of less than $1,000 tended to have sons at the bottom of the income scale. few members, to live in small towns and the The general point is supported by the findings open country, and to be headed by persons 55 or of the 1950 Survey of Consumer Finances regard- more years of age. Retired persons, farm operators^, ing the net worth of consumers. Net worth, or the and housewives and students were the occupational excess of assets over liabilities, reflects the accumu- groups most frequently found at this income leveL lation of savings over an extended period of time Spending units with high incomes ($7,500 or more) and is therefore a guide to average income for were relatively large in size, lived in metropolitan a period longer than one year. While half of the areas, and were most frequently headed by persons spending units with incomes under $1,000 were between 35 and 54 years of age who were selfworth less than $1,000, one-fourth were worth employed, in managerial positions, or in a profes- $5,000 or more, and a small proportion (3 per sion. The intermediate income groups tended to cent) were worth $25,000 or more. These net progress from one pattern to the other. worth figures indicate that a substantial proportion The small size of low-income units is indicated of the lowest income group in 1949 must have by the finding that 59 per cent of the spending had considerably larger than current incomes for an units with incomes of less than $1,000 in 1950 conextended period in the past in order to accumulate tained only one person. Another 25 per cent were such savings. These considerations indicate that married couples with no children under 18 years the level of welfare and of demand for goods and of age. This pattern was also true for families— services of individual consumer units cannot be 73 per cent of the units in the lowest income group accurately determined on the basis of income data contained either one or two persons (see Table 8). for any one year. The supposedly "typical" American family of COMPOSITION OF INCOME GROUPS four persons, including two children, is not found to be a very representative concept. Most American Examination of the characteristics of the confamilies (62 per cent) in early 1951 contained three sumers in each income group discloses whether low-income units contain few or many persons, 6 For a discussion of the difference between the spending live mainly in big cities or small towns, are clerks unit and the family unit, see p. 932. TABLE 6 PERCENTAGE DISTRIBUTION BY 1949 INCOMES OF SPENDING UNITS WITHIN 1950 INCOME GROUPS1 195C) money income before taxes 1949 money income before taxes All spend- Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 ing units $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Under $1,000 15 76 18 3 (2) 1 (2) (2) $l,000-$l,999 17 14 63 19 4 2 $2,000-$2,999 19 2 9 58 28 7 3 1 $3,000-$3,999 19 1 1 11 56 38 13 (2) $4,000-$4,999 10 1 1 5 41 25 3 $5,000-$7,499 9 1 1 2 5 50 23 $7,500 and over 5 3 66 Not ascertained 6 6 8 7 5 6 5 7 All cases 100 100 100 100 100 100 100 100 Number of cases 3,415 418 514 567 601 441 538 294 1 Based on reports of spending units interviewed early in 1951 (sixth survey) concerning annual incomes in both 1949 and 1950. As shown in table, the 1949 income of 6 per cent of all spending units could not be determined at the beginning of 1951. 2 No cases reported or less than one-half of 1 per cent. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 7 CHARACTERISTICS OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution] Money income before taxes Group characteristic Al g l r i o n u c p o s me $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 ,0 ,9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - an $7 d , 5 o 0 v 0 er 1950 1949 19501949195019491950194919501949195019491950194919501949 Number of income receivers in spending unit: None 1 1 3 3 0) 0) P) P) (l) P) P) P) P) P) One 74 76 87 84 77 83 80 81 78 78 66 66 S4 74 71 Two or more 25 23 10 13 23 17 20 19 22 22 34 34 47 46 26 29 Not ascertained 0) P) P) P) P) P) P) P) P) P) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Age of head of spending unit: 18-24 .. 9 10 7 11 15 20 16 14 6 6 4 4 3 3 P) P) 25-34 22 23 Q 12 16 21 25 26 31 31 ?7 ?7 10 35-44 22 22 7 11 17 15 21 23 25 25 33 30 29 27 32 35 45-54 18 18 13 13 16 15 15 15 16 18 22 24 23 26 32 30 55-64 15 14 16 18 17 14 13 13 16 n n H 16 11 18 IS 65 or over 13 12 48 3S 19 14 Q 8 s 6 3 5 8 8 Not ascertained 1 1 P) P) P) 1 1 1 1 l P) 1 P) 1 P) P) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Race of head of spending unit: White. . 90 92 85 83 80 89 91 92 94 96 93 97 97 97 98 98 Negro 8 7 13 15 17 10 9 7 5 3 3 2 2 2 2 1 Other 1 P) 1 0) 1 P) P) P) 1 P) 1 P) P) P) 0) Not ascertained 1 1 2 1 1 P) 3 p) 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Occupation of head of spending unit: Professional and semiprofessional 6 7 2 3 3 5 5 5 8 6 9 10 11 19 22 Managerial and self-employed 13 12 5 4 8 7 8 7 10 10 13 15 21 27 49 44 Clerical and sales 13 13 2 3 10 16 20 17 13 12 12 17 17 16 15 8 Skilled and semiskilled 30 27 4 7 19 16 30 33 48 44 49 4? 31 5 S Unskilled and service 9 12 8 15 19 17 14 16 9 11 S S 2 3 1 Farm operator 9 10 21 24 11 11 9 7 5 4 5 4 5 5 6 14 Retired. . 7 5 24 14 11 8 5 4 3 2 3 1 2 3 4 Other 12 14 34 32 18 21 9 11 7 Q 6 7 4 4 3 Not ascertained 1 P) 0) P) 1 1 P) 0) P) P) 1 P) 1 P) P) P) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Family status of spending unit: Single person: A A g g e e 4 1 5 8 - o 4 r 4 over 1 1 3 4 (2) 4 1 6 3 (2) 2 1 3 9 (2) 9 « 1 6 0 (2) 5 6 « 4 (2) 5 1 (2) Married: Age 18—44, no children under 18 9 2 6 8 10 14 17 (2) 8 (2) Age 18-44, 1-2 children under 18 20 (2) 4 11 (2) 17 (2) 30 (2) 29 27 (2) Age 18-44, 3 or more children under 18 9 3 6 10 11 13 11 10 Age 45 or over, no children under 18 21 23 23 20 18 18 22 36 (2) Age 45 or over, 1 or more children under 18 ... 11 6 9 8 13 11 14 18 Not ascertained 3 3 3 2 2 4 2 1 All cases 100 (2) 100 (2) 100 (2) 100 (2) 100 (2) 100 100 100 (2) Place of residence of spending unit: Metropolitan area 3 31 30 20 14 24 23 29 28 35 34 38 42 39 44 38 39 Other urban area 4 35 38 24 35 34 41 37 39 37 38 30 40 38 36 41 38 Rural area 5 34 32 56 51 42 36 34 33 78 23 18 23 20 21 23 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,415 3,512 418 484 514 611 567 676 601 622 441 402 538 445 292 272 1 No cases reported or less than one-half of 1 per cent. 2 Data not available. 3 The 12 largest cities in the United States and their surrounding suburban and rural areas. 4 Includes cities of 2,500 population or more, but not metropolitan. 5 Includes towns of less than 2,500 population and open country. AUGUST 1951 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 8 CHARACTERISTICS OF FAMILY UNITS WITHIN INCOME GROUPS, 1950 [Percentage distribution] Annual money income before taxes Group characteristic All income Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Number of persons in family unit: One 12 45 19 13 7 4 2 1 Two 29 28 38 33 26 27 27 21 Three 21 11 18 18 24 25 26 22 Four 19 7 11 17 24 19 23 27 Five or more 19 8 14 19 19 25 22 29 Not ascertained C1) 1 C1) C1) 0) C1) (x) All cases 100 100 100 100 100 100 100 100 Occupation of head of family unit: Professional and semiprofessional. . 6 1 3 4 5 6 9 15 ^Managerial and self-employed . . 14 6 9 9 11 13 18 41 Clerical and sales 10 0) 5 14 12 12 16 13 O S U F R k a t e n h i r t s l m i e l k r e r i e d l d 2 o l e p a d e n r d a a n t s o d e r m s i e . s r k v i i l . c le e d 3 1 1 1 0 8 1 0 0 3 2 2 3 3 5 8 4 1 1 1 1 1 8 9 9 3 3 3 1 1 9 1 5 1 7 4 1 5 8 6 3 0 48 3 5 5 7 36 6 3 5 6 1 3 4 4 6 4 Not ascertained 1 (l) 1 0) 0) 1 1 (x) All cases. 100 100 100 100 100 100 100 100 Number of cases 3,029 334 397 420 495 400 595 388 1 No cases reported or less than one-half of 1 per cent. 2 Includes family units headed by housewives, unemployed persons, or students. or fewer persons. This size of family was pre- bers had more than tripled. Thus in only four dominant at all income levels except the highest years the characteristics of the man with a $5,000 ($7,500 or more). Families of four or more were income changed drastically. relatively infrequent (15 per cent) at the lowest DISTRIBUTION OF INCOME income level, but became substantial minorities at levels intermediate to the highest. These data According to survey data, the distribution of indicate the danger of using the concept of the income has undergone significant changes in the ''typical5' family of four as representative of families postwar period. at all income levels. For a time after the lifting of most wartime con- With the upward movement of money income in trols and the onset of inflationary rises in prices and the postwar period, there has been a substantial incomes, there was some increase in the share of change in the occupational composition of various income obtained by the tenth of the population income groups. Of the approximately 5 million with the highest incomes. A peak was reached in spending units with incomes of $5,000 or more in 1947 when the highest tenth received between 33 1946, about 58 per cent or 2.7 million were self- and 34 per cent of total consumer money income employed, managerial, and professional or semi- before taxes. Since 1947, readjustments in the disprofessional persons. About 28 per cent or 1.3 mil- tribution of income appear to have progressively lion were wage earners—skilled or semiskilled reduced the share of the top tenth (see Table 9). workers or clerical and sales personnel. In 1950, In 1950, the top tenth obtained about 29 per cent when about 10 million spending units had this of total consumer income. This was the smallest amount of money income, the self-employed, man- proportion received by this group in any postwar agerial, and professional or semiprofessional groups year, according to survey data. constituted 42 per cent of the total or about 4.2 Some groups whose incomes lagged in the early million units, a numerical increase of about one- stages of the inflation improved their relative posihalf since 1946. The wage-earner groups had tions following 1947; other groups which benefited expanded to 45 per cent of all spending units initially lost ground relatively in the following having incomes of $5,000 or more, and their num- years. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 9 PERCENTAGE OF TOTAL MONEY INCOME BEFORE TAXES RECEIVED BY EACH TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME X By each tenth Cumulative Lowest income within group Spending units ranked by size of income 1950 1949 1948 1947 1946 1950 1949 1948 1947 1946 1950 1949 1948 1947 1946 Highest tenth 29 30 31 33 32 29 30 31 33 32 $6,210 $5,800 $6,000 $5,700 $4,850 Second 15 15 15 15 15 44 45 46 48 46 4,950 4,500 4,500 4,200 3,750 Third 13 12 12 12 12 57 58 58 60 58 4,080 3,760 3,750 3,500 3,100 Fourth 11 11 10 10 10 68 68 68 70 69 3,550 3,200 3,200 3,000 2,700 Fifth 9 9 9 9 9 77 78 76 78 77 3,000 2,700 2,840 2,530 2,300 Sixth 8 8 8 7 7 85 85 84 86 85 2,510 2,290 2,400 2,100 2,000 Seventh 6 6 6 6 6 91 91 90 91 91 1,990 1,810 2,000 1,700 1,500 Eighth 5 5 5 4 5 96 96 95 96 95 1,430 1,280 1,500 1,200 1,150 Ninth 3 3 3 3 3 99 99 99 99 99 830 710 860 750 700 Lowest tenth 1 1 1 1 1 100 100 100 100 100 (2) (2) (2) (2) (2) 1 Income data for each year are based on interviews during January, February, and early March of the following year. It is possible that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years. Because samples of approximately 3,500 spending units have been used in these surveys, it cannot be expected that a completely representative sample of the highest dollar incomes was obtained. 2 Not available from survey data. NOTE.—Detailed figures may not add to cumulative totals because of rounding. The evidence that is available indicates that According to an independent estimate covering income has been more evenly distributed through- the three decades prior to 1947, the share of this out the postwar period than in the immediate pre- group was smaller in 1944 than in any other year war years. The chief reasons for this are the rela- in the period, and survey data indicate that in tively high levels of employment and low levels of 1950 it was approximately the same as in 1944.7 unemployment that have prevailed since the war, The comparison between 1950 and 1944 should be and the marked increase in farm cash income com- considered as tentative until more data become pared with prewar. available from other sources. Differences in defini- There are some grounds for belief that the pro- tion of money income, consumer unit, universe, and portion of total income received by the top 5 per 7 For the independent estimate, see Simon Kuznets, Shares cent of consumer units was as small in 1950 as it of Upper Income Groups in Income and Savings, National had been in any year during the past three decades. Bureau of Economic Research, Occasional Paper 3 5, 1950. TABLE 10 AVERAGE INCOME OF EACH TENTH OF NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME, WITH INCREASE IN AVERAGE SINCE 1946 Average money income before taxes Percentage increase since 1946 Spending units ranked bv size of income 1950 1949 1948 1947 1946 1950 1949 1948 1947 Highest tenth $10,090 $9,740 $10,660 $11,020 $9,100 11 7 17 21 Second 5,430 5,070 5,080 4,870 4,240 28 20 20 15 Third 4,470 4,090 4,110 3,850 3,420 31 20 20 13 Fourth 3,820 3,460 3,490 3,260 2,920 31 18 20 12 Fifth 3,270 2,970 3,040 2,800 2,500 31 19 22 12 Sixth 2,780 2,520 2,590 2,340 2,130 31 18 22 10 Seventh 2,230 2,030 2,180 1,910 1,740 28 17 25 10 Eighth 1,700 1,540 1,730 1,450 1,340 27 15 29 8 Ninth 1,130 1,010 1,140 1,020 900 26 12 27 13 Lowest tenth 2 / \ 3 4 4 9 0 0 / \ 4 26 1 0 0 / \ 4 5 8 4 0 0 390 410 -17 -37 17 -5 All spending units 3,530 3,270 3,450 3,290 2,870 23 14 20 15 Consumers' price index 4 23 22 23 14 1 Average (mean) income has been computed for each income tenth (decile) as well as for the whole population. The sampling error is approximately $180 for the whole population. It is not yet available for individual tenths but it is known that it will be much larger than $180 for the highest tenth and much smaller for the middle tenths. 2 Negative incomes caused by farm or business losses are included in upper line and excluded in lower line. 3 Data not available. 4 Percentage change from 1946 in consumers' price index of U. S. Bureau of Labor Statistics. AUGUST 1951 929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES in source of data limit the conclusiveness of this SOURCES OF INCOME comparison. The Survey of Consumer Finances, although In addition to the change in the distribution of not designed to provide detailed information income, there has been a marked growth in the on the sources of income of the various groups in postwar period in the total volume of consumer the population, obtains some suggestive but bymoney income before taxes. Apart from price no means conclusive data on the characteristics of changes, either the growth in money income or its people who receive income from rent, wages and more even distribution can be considered to con- salaries, etc. Many people tend to forget or distribute to an increase in the welfare of lower income regard small amounts of income or income from consumers. However, as is indicated in Table 10, sources other than their chief one. The survey inthe increase in average income since 1946 has been terview is designed to help people recall these items approximately matched by the increase in consumer but not to probe exhaustively into these matters. prices (23 per cent) as estimated by the Depart- In a few cases, also, when people promptly report ment of Labor.8 This would make it appear that their total annual income from all sources, they any net gain in real income in this period by any are not asked to provide details regarding sources. group would be the result of a change in the distri- These limitations affect the precision of the data, bution of income, rather than a change in the total but probably do not seriously alter their pattern. volume of income. The groups in the population As in previous years, the most frequently rewith money income increases of more than 23 per ceived type of income was that from wages and cent since 1946 (all but the highest and lowest in- salaries. Nearly 8 in every 10 spending units recome tenths) would thus appear to have increased ported some income from this source in 1950 (see their real income, chiefly as a result of the more Table 11). Next in order of frequency was income even distribution of income between 1946 and 1950. from some type of pension, annuity, allowance, benefit, or contribution. A smaller proportion (25 8 The Consumers' Price Index is not strictly applicable to per cent compared with 28 per cent) reported reall groups in the population but it is a reasonably good measure of the general movement of consumer prices. ceipt of this type of income in 1950 than in 1949. TABLE 11 PERCENTAGE DISTRIBUTION OF SPENDING UNITS BY AMOUNT OF INCOME RECEIVED FROM SPECIFIED SOURCES, 1950 Amount of income sa W l a a a n r g i d e e s s l co P n b e t e e r n n i t s b e c i f u . o i t t 2 n i s o s , , ns Ro a o n m d e R rs ent3 Other U n b p o u n o n s i r n i f a n a c t e r e o m s d r s - e a P m n o r d p o t p h r f l a e e o f c r s a y t s r i m s i m c o e e e n l i , f n n a - t l g , 4 Farming 6 a t n r d d u I i n v st i t r d e o e r f y u e n a s n d l t d s t , , i s e , s boarders None 22 75 96 87 93 84 91 88 Some 78 25 4 13 7 16 9 12 Negative 1 1 $ $1 l- 0 $ 0 9 - 9 $499 4 2 9 2 2 1 6 1 } ( ( 6 6) ) { 3 1 } * ( 4 5 $500-$999 4 9 1 3 2 1 1 $l,000-$l,999 13 4 2 1 4 2 1 $2,000-$2,999 17 1 1 2 1 $3,000-$3,999 16 1 $4,000-$4,999 10 1 1 $5,000-$9,999 10 2 2 $10,000 and over 1 1 Undetermined amount.. 1 Not ascertained (6) (6) (6) (6) (6) (6) (6) (6) All cases 100 100 100 100 100 100 100 100 1 For wages and salaries all bracket limits are one dollar higher than indicated in stub except for lower limit of lowest bracket. 2 Includes income from old-age pensions, retirement pay, annuities, unemployment compensation, welfare payments, alimony, regular contributions, veterans' pensions, school allotments, State bonuses, and allotments to families of servicemen. 3 The question was first asked: "Did you receive income from roomers and boarders?" If yes, "How much?" A gross figure was accepted if less than four roomers were involved. Respondents were then asked: "Did you receive money from other rent?" If yes, "How much was it after allowing for expenses?" 4 Includes net income from farming by nonfarm operators as well as farm operators. See footnote 5. 5 Includes only net income from farming by farm operators. Farm operator spending units are, in general, headed by persons who receive more than half of their money income from the operation of a farm. See footnote 4. 6 No cases reported or less than one-half of 1 per cent. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES This was probably owing in part to improved eco- Other sources of income included unincorporated nomic conditions in 1950 and less frequent unem- nonfarm business, farming, rental income from ployment insurance and welfare payments. roomers and boarders, other rental income, profes- TABLE 12 INCOME FROM SPECIFIED SOURCES RECEIVED BY SPENDING UNITS WITHIN INCOME AND OCCUPATIONAL GROUPS, 1950 X [Percentage distribution of spending units] 1950 money income before taxes Occupation of head of spending unit All Income from spend- Profes- Unspecified source u i n ng its U $1 n , d 0 e 0 r 0 $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 -$ $ 5 7 , , 0 4 0 9 0 9 - $ o 7 a v , n 5 e d 0 r 0 p s s r i a e o o n m f n d e a i s - l - p S l e o e m y lf - e - d M ag i a a e l n r- - C s a i a c l n l e a e d r l s - S s s k k a e i i n m l l d l l e i e - d d s s k a e i n r l d l v e - d F o a p a to r e m r r - t R ire e d sional ice Wages and salaries: None 23 67 26 14 9 11 15 30 14 68 3 2 1 3 71 67 $l-$100 2 6 3 1 1 2 1 8 4 $101-$500 4 13 7 3 1 1 3 1 7 1 1 3 12 9 $501-$l 000 . . . . 4 14 12 1 1 1 (2) (2) 4 2 2 4 3 10 5 4 $l,001-$2,000 13 (2) 51 17 2 2 1 2 8 8 5 17 13 34 2 4 $2,001-$3,000 17 64 22 4 3 14 6 13 30 22 25 1 7 $3 001-$5 000 26 (2) (2) (2) 65 82 25 6 31 3 32 30 49 20 1 3 $5,001 and over 10 (2) (*) 55 58 26 3 44 16 12 3 1 Undetermined amount... 1 1 1 1 Not ascertained 2 1 All cases . .. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Pensions and allowances, etc.:* None 75 55 66 76 79 83 84 91 82 91 91 84 79 82 81 28 $l-$99 2 2 1 2 3 2 2 1 1 (2) 1 1 3 1 3 1 $100-1499 9 16 11 10 10 8 7 4 9 6 4 9 11 8 5 15 $500-$999 9 27 11 6 6 4 4 1 4 2 3 4 5 8 4 33 $l,000-$l,999 4 11 4 2 2 2 1 1 1 1 1 2 1 6 17 $2 000-$2,999 1 (2) (2) 2 (2) 1 1 (2) 1 (2) (2) (2) (2) 1 2 $3,000-$4,999 (2) (2) (2) (2) (2) (2) (2) 2 $5,000 and over (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) 1 Undetermined amount... 1 (2) Not ascertained 1 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Interest, dividends, etc.:4 100 None 88 92 92 92 93 88 83 56 76 84 75 88 94 96 88 78 $l-$99 5 3 3 4 4 6 7 6 7 3 7 5 5 3 6 6 $100-1499 4 4 2 2 2 4 7 17 8 10 11 5 1 (2) 4 7 $500-$999 1 1 2 1 1 2 1 5 3 1 3 1 4 $1,000-11,999 1 (2) 1 1 (2) (2) 1 4 2 1 (2) 1 (2) (2) 1 2 $2,000-$2,999 1 (2) (2) (2) (2) (2) (2) 4 1 1 1 1 (2) (2) (2) 1 $3,000-$4,999 3 1 1 $5,000 and over 1 5 1 2 (2) (2) 1 Undetermined amount... (2) Not ascertained 1 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Rent other than from roomers and boarders:5 None 87 90 89 90 91 85 84 73 86 78 86 90 91 93 89 78 $l-$99 1 2 1 2 (2) (2) 1 1 1 1 1 1 4 $100-$499 6 5 6 5 5 10 6 11 7 9 7 5 5 5 6 7 $500-$999 3 3 2 1 3 3 4 5 3 3 4 2 2 1 1 5 $l,000-$l,999 2 (2) 3 1 (2) 1 4 3 2 6 1 1 1 (2) 5 $2,000-$2,999 1 (2) (2) 1 1 1 1 (2) 1 $3,000-$4,999 1 1 3 1 1 2 $5,000 and over 3 1 I2) 1 Undetermined amount... 1 1 Not ascertained All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,415 418 514 567 601 441 538 294 269 250 235 477 902 289 388 219 1 Data are subject to considerable reporting error, especially where small amounts are involved. 2 No cases reported or less than one-half of 1 per cent. 3 Includes income from old-age pensions, retirement pay, annuities, unemployment compensation, welfare payments, alimony, regular contributions, veterans' pensions, school allotments, State bonuses, and allotments to families of servicemen. 4 Includes interest, dividends, income from trust funds, and royalties. 6 The first question asked was: "Did you receive income from roomers and boarders?" Respondents were then asked "Did you receive money from other rent?" If yes, "How much was it after allowing for expenses?" NOTE.—Details may not add to totals because of rounding. AUGUST 1951 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES sional practice, and interest, dividends, trust funds, workers, and retired persons. Retired persons, for and royalties (see Table 11). whom this was a major source of income in many A larger proportion of people (9 in every 10) in cases, reported the largest amounts. the middle income groups ($3,000-$4,999) reported Income from an unincorporated nonfarm busireceipt of some income from wages and salaries ness was reported by 7 per cent of all spending units than at any other income level (see Table 12). in 1950 as compared with 9 per cent in 1949. This The smallest proportion (3 in every 10) was noted area of the survey is subject to greater than average in the lowest (under $1,000) income group. This reporting and other errors and this finding should group was more dependent on pensions, allowances, be treated cautiously until corroborative data are etc. for current income than upon wages. available from other sources. The decline was pri- Income from pensions, annuities, allowances, marily in the frequency of reports of less than benefits, or contributions was received most fre- $1,000 or of negative income from this source. This quently at the lowest income level and less fre- may indicate that more marginal concerns went quently at each higher income level, as might be out of business during 1949 or that more persons expected. Retired persons relied upon these sources with a business interest, "silent" or otherwise, to a greater extent than other groups, with 7 in withdrew their interest in the mild recession of every 10 reporting such income. The amounts re- 1949 than went into business during the expansion ported by this group were larger than average. The of economic activity in 1950. For additional deproportion of skilled, and semiskilled and unskilled tails see Table 18 at the end of this article. workers that received this type of income fell somewhat in 1950, probably because of more favorable FAMILY INCOME IN 1950 economic conditions. Some of the income data reported in the Survey Rental income other than from roomers and of Consumer Finances are tabulated according to boarders, such as from a house, an apartment, family units as well as spending units. A family a commercial building, or a farm was reported is defined as all persons living in the same dwelling by 13 per cent of all spending units. This com- who are related by blood, marriage, or adoption. A pares with 10 per cent in 1949. The change may be single person may constitute a "family" if he is partly due to the continued easing of rent controls living by himself or with persons unrelated to him. for nonfarm properties and to a greater demand The term "family unit" as used in the survey is for farm land on a rental basis. The additional thus equivalent to the "family" and "individual reports of such income were mostly for amounts not in family" definitions of the Bureau of the of from $100 to $1,999. Most income levels re- Census, United States Department of Commerce. ported this type of income more frequently than There may be more than one spending unit in in 1949. The increase in such reports was greatest a family since a spending unit is defined as includin the case of farm operators (from 5 to 11 per ing all persons living in the same dwelling and cent), but the amounts involved were quite small, belonging to the same family who pool their intotaling less than $500 in most cases. comes to meet their major expenses. For example, Income in 1950 from dividends, interest, trust a grown son who is working and does not pool his funds, and royalties was reported by 12 per cent income with his parents' income, even though he of all spending units, the same as in 1949. As may pay something for board and room, is treated indicated in previous years, this should be consid- as a separate spending unit if he retains more than ered a substantial understatement of the frequency half of his income. Likewise, married children or of such receipts. A great many people forget or other relatives who do not pool their incomes with disregard these items, especially when the amounts that of the head of the family, even though living are small. in the same dwelling, constitute separate spending This type of income was reported by less than units. In tabulating on a family basis, the incomes 20 per cent of the spending units at all except the of all related persons living in the same dwelling highest income level ($7,500 or more), at which are combined. level the proportion was 43. The groups that men- It is estimated that at the beginning of 1951 tioned such income most frequently were man- there were approximately 45.9 million family units agerial personnel, professional and semiprofessional and 52.0 million spending units residing in private 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES households. Since the same total amount of con- ing units respectively—11 per cent as compared sumer income is distributed among the smaller with 13 per cent. This was probably due to the number of family units, it is to be expected that considerable number of relatively young sons and families will have a somewhat higher average in- daughters who qualified as heads of spending units, come than spending units. but not as heads of family units. Median income of families was $3,400 in 1950 Regrouping spending units into families changed and the mean was $3,990 (see Table 13). In each the occupational pattern at each income level, with case, the family average was somewhat more than the biggest shifts at the extremes of the income dis- 10 per cent higher than the comparable average for tribution. Skilled and semiskilled workers were spending units. Because of there having been more only 5 per cent of the group with incomes of $7,500 than one spending unit in some families, about 27 or more when classified on a spending unit basis, per cent of the families had incomes of $5,000 or and rose to 14 per cent when classified on a family more compared with 20 per cent of the spending basis. Conversely, self-employed and managerial units. Conversely, the proportion of units at the personnel and professional and semiprofessional low end of the income scale was smaller for fam- workers were 68 per cent of the spending units in ilies than for spending units. this income group, but only 56 per cent of the families. The greater frequency of skilled and semiskilled workers at the top of the income scale TABLE 13 on a family basis than a spending unit basis un- INCOME GROUPING OF FAMILY UNITS AND OF TOTAL doubtedly reflects the presence of many wage- MONEY INCOME X earner families with more than one spending unit. [Percentage distribution] This pattern of family composition afTects expenditures for consumer items, such as food, refrigera- 1950 1949 1948 tors, furniture, and shelter, which are purchased Money income before taxes Family Total Family Total Family Total on a family basis. units 2 i m nc o o n m ey e units 2 i m nc o o n m ey e units 2 i m nc o o n m ey e Under $1,000. . . . 11 1 13 2 11 2 DISPOSABLE INCOME $l,000-$l,999 15 6 15 6 15 6 $2,000-$2,999 16 10 18 12 20 12 $3,000-$3,999 18 16 19 18 20 18 Thus far this article has presented the distribu- $4,000-$4,999 13 14 12 14 12 14 S5,000-$7,499 18 26 15 23 14 21 tion of money income before taxes. For some $ $1 7 0 ,5 ,0 0 0 0 0 - $ a 9 n , d 9 9 o 9 v . e . r .. . 5 4 } « 4 4 } 25 4 4 i 27 purposes it is more useful to know the distribution of income after taxes. A beginning step in this All cases 100 100 100 100 100 100 direction was made in the 1948 survey, in which Median income... $3,400 $3,100 $3,120 Mean income.... $3,990 $3,750 $4,020 estimates of Federal personal income tax liability Number of cases.. 3,029 3,069 3,068 on 1947 income, apart from tax on capital gains or losses, were prepared for each spending unit. 1 Income data for each year are based on interviews during Following a somewhat improved procedure, the January, February, and early March of the following year. Family units are defined as all persons living in the same dwelling who data of the three succeeding surveys have been are related by blood, marriage, or adoption. 2 Includes single-person family units. utilized to prepare like estimates of personal income tax liability for 1948, 1949, and 1950 incomes. A majority of the families with low incomes Income after tax, called disposable income in (less than $2,000) contained either one or two this article, was estimated for each spending unit persons, while a majority of those with high in- by deducting computed Federal income tax liacomes ($7,500 or more) contained at least four bility from money incomes before taxes.9 The persons. Occupationally, also, there were several interesting differences between heads of families and heads 9 The U. S. Department of Commerce estimates disposable income for its national income series by deducting from perof spending units (see Table 8 for families and sonal income actual Federal personal income tax payments Table 7 for spending units). The most marked (not liabilities), including taxes on capital gains and losses. The deductions also include other tax and nontax payments difference was in the proportion of clerical and to governments, chief of which are Federal estate and gift sales personnel among heads of families and spend- taxes and State and local personal tax and nontax payments. AUGUST 1951 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES tax estimates, unlike other survey data, were not a small decrease, in the proportion of units with based on special information concerning tax lia- tax obligations in each income grouping below bilities obtained during the interview. They were $3,000. This may in part reflect the larger procomputed on the basis of the income, size, and portion of older people at these income levels in composition of each spending unit and the number 1950. Those that were 65 or more years of age of persons not living in the dwelling who were received double tax exemptions and the older group dependent on the members of the spending unit for generally tends to have a larger proportion of support. income of nontaxable types, such as Social Security It should be stressed that these income tax esti- and welfare payments, and insurance annuities. mates are only approximations; that they refer not For spending units that did pay taxes, the amounts to payments but to Federal personal income tax paid tended to average somewhat larger than in liabilities, apart from taxes on capital gains and 1949 for people with incomes of $2,000 or more. losses; and that State and local income taxes are Some rough comparisons can also be made benot included. tween the incidence of Federal income tax obliga- The distribution of spending units by income tions in 1950 and in 1947, prior to the lowering of after taxes shows, of course, a general downward rates in 1948 and the raising of rates for the latter shift from the distribution by income before taxes. part of 1950. It should be noted that the method Median income was lowered to $2,850 from $3,000 of computation of 1947 liabilities tends to overand mean income to $3,220 from $3,520. state slightly the amount of obligation. The dif- The general rise in income levels during 1950 ference in tax liabilities for the various income and in tax rates during the year resulted in increases groups between the two years is quite sharp. At both in the proportion of units with tax liabilities income levels below $5,000, a larger proportion of and in the amounts of these liabilities. As can be spending units had no tax obligation in 1950 than seen in Table 14, the proportion without any tax in 1947. At all income levels, the amount of the liabilities fell from 35 per cent in 1949 to 32 per tax liability was substantially smaller in 1950. For cent in 1950. The frequency of substantial lia- example, at the $5,000 to $7,499 income level, 62 bilities ($200 or more) increased from 37 per cent per cent of the spending units had tax obligations of all units in 1949 to 44 per cent in 1950. Despite of $500 or more in 1950 as compared with 81 per the over-all increase in the proportion of units with cent in 1947. At the $1,000 to $1,999 before tax tax liabilities, there was no increase, and apparently income level, 16 per cent of the spending units had TABLE 14 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution of spending units] 1950money income before taxes Estimated tax All income Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 liability *• groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 None 32 35 94 93 63 60 34 33 12 15 4 5 (2) 1 (2) (2) $l-$49 5 6 4 7 8 8 10 12 5 4 3 2 (2) 1 (2) (2) $50-$99 7 8 1 13 15 5 10 13 12 3 2 1 1 $100-$199 12 13 (2) 16 17 18 19 22 25 13 10 3 2 (2) (2) $200-$499 28 25 33 26 47 43 60 68 33 42 1 $500-$999 12 9 1 1 17 12 61 53 24 27 $1 000-$l 999 3 2 1 8 53 45 $2 000-$4 999 1 1 15 21 $ N * o ? t 0 0 a 0 sc a e n rt d a i o n v ed er 00 1 (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) ( 2 ) 7 5 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,415 3,512 418 479 514 604 567 672 601 615 441 397 538 437 294 269 1 No adjustment for capital gains or losses, which are excluded from money income figures. 2 No cases reported or less than one-half of 1 per cent. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES taxes of $100 or more in 1950 compared with 28 TABLE 16 per cent in 1947.10 AVERAGE 1950 FEDERAL PERSONAL INCOME TAX LIABILITY In all years, the progressiveness of the Federal IN RELATION TO AVERAGE 1950 MONEY INCOME personal income tax reduced the proportion of total WITHIN MONEY INCOME CLASSES1 income received by the spending units with the l c a o r m ge e s t re in c c ei o v m er e s s . be I f n or e 1 95 ta 0 x , t o h b e t a h in ig e h d e s a t b t o e u n t t h 2 o 9 f p in e - r 1950 b e m fo o r n e e y ta x in e3 come A i b n v t e c a e f o r o x m a r 2 g e e e A in v c t e a o r x m ag e e A i d n v i a c s e b p o r l o m a e s g e - e a a I g s b n e e c a f o o o p m f r e e i e r n c t c t a e o a n x m x t- e cent of total personal income, while the tenth with the largest incomes after tax obtained approximately Under $1,000 3 $ 460 (4) $ 460 (•) $1,000-11,999 1,490 $ 40 1,460 27 per cent (see Table 15). It is important to note $2,000-$2,999 2,470 120 2,350 5 $3,000-$3,999 3,450 200 3,250 6 that the redistributive effect of the Federal income $4,000-$4,999 4,390 330 4,070 7 $5,000-$7,499 5,850 570 5,280 10 tax was less than the reduction in the share of $7,500 and over 12,590 2,070 10,520 16 income before taxes of the top tenth that took place All spending units. . 3,520 300 3,220 9 between 1947 and 1950. Between these two years, the before-tax share of the top tenth declined by 1 Federal income tax liability is estimated for each spending unit on the basis of income, age, and family status. Estimates assume 5 percentage points, from between 33 and 34 per use of standard deductions. Disposable income plus income tax liability may not equal in cent of total personal money income before taxes come before tax because amounts have been rounded to nearest $10 Percentages have been rounded to nearest integer. to 29 per cent. In each of these two years, the 2 Sampling error of average income before tax is $180 for all spending units. It is not yet available for individual class intervals Federal income tax reduced the share of the top but it is known that it will be much larger than $180 for the highest tenth by approximately 2 percentage points. cla 3 s s I n a c n lu d d m es u s ch p e s n m d a in ll g e r u n fo it r s t w he it h m i n d e d g l a e ti c v l e a s i s n e c s. omes because of farm or business losses. It is extremely difficult for tax experts to de- 4 Less than five dollars. termine whether or not the total tax structure of 6 Less than one-half of 1 per cent. Federal, State, and local taxes is progressive. There 10 Estimates of spending unit tax liabilities for 1947 may is, however, little question about the Federal inbe found in the Federal Reserve BULLETIN for August 1948, pp. 923-25. come tax itself. The progressiveness of this tax can be seen in Table 16. The average percentage of TABLE 15 income that is estimated to have been due in Fed- PERCENTAGE OF TOTAL MONEY INCOME RECEIVED BY EACH eral income taxes increased significantly at each TENTH OF THE NATION'S SPENDING UNITS WHEN higher level of income. For the entire group of RANKED BY SIZE OF INCOME spending units with incomes of less than $1,000 in 1950, less than one-half of 1 per cent of income Money income after Money income before Federal income tax went for income tax. At the $3,000-$3,999 level, Spending units Federal income tax (disposable income)8 ranked by size the proportion had risen to 6 per cent and at the of income l 1950 1949 1948 1950 1949 1948 $7,500 and over level, the figure was 16 per cent. For all consumer spending units in the popula- Highest tenth 29 30 31 27 28 29 tion, Federal income tax liability averaged $300 in Second. . . .. 15 15 15 15 15 15 Third 13 12 12 13 13 12 1950 and amounted to 9 per cent of money income. Fourth 11 11 10 11 11 10 S Fi i f x t t h h. 9 8 9 8 9 8 1 8 0 9 8 9 8 Additional details concerning disposable income Seventh 6 6 6 7 7 7 are presented in supplementary Tables 19 and 20 Eighth 5 5 5 5 5 5 Ninth ... . 3 3 3 3 3 4 at the end of this article. Estimates of the tax Lowest tenth 1 1 1 1 1 1 liabilities and disposable incomes of family units 1 Units have been ranked by size of money income either before are presented in supplementary Tables 21 and 22. or after tax, as indicated by the column headings. For a detailed description of the method of esti- * Money income after deduction of estimated Federal personal income tax liability. mating tax liability and disposable income from For method of estimating disposable income, see "Distribution of Consumer Income in 1949," Federal Reserve BULLETIN, August survey data, see the August 1950 Federal Reserve w 19 h 5 i 0 ch , p a p r . e 9 6 ex 1 c -6 lu 2 d . ed N fr o o m a dj m u o st n m ey e nt i nc f o o m r e c f a i p g i u t r a e l s . gains or losses, BULLETIN, pages 961-62. AUGUST 1951 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 17 INCOME DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, 1950 [Per cent] Money income before taxes Group characteristic N of u m ca b s e e r s i g n r c A o o u l m l ps e $ U 1 n ,0 d 0 er 0 $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $7 o a , v n 5 e d 0 r 0 All spending units 3,415 100 13 17 19 12 14 Number of income receivers in spending unit: One 2,538 100 15 18 20 20 11 10 Two or more 851 100 5 15 15 17 16 26 Age of head of spending unit: 18-24 269 100 10 31 35 13 6 5 ( 25-34 711 100 5 12 21 28 14 17 35-44 781 100 4 13 18 21 18 18 8 45-54 659 100 9 16 16 17 15 17 10 55-64 540 100 13 20 16 20 10 14 65 or over 434 100 46 25 13 7 3 2 Race of head of spending unit: White 3,354 100 12 15 19 20 13 15 Negro 266 100 21 38 20 11 6 3 Family status of spending unit: Single person: Age 18-44 419 100 12 30 36 14 4 3 1 Age 45 or over 461 100 42 25 13 6 4 2 Married: Age 18-44, no children under 18. ... 304 100 3 12 15 21 19 25 5 Age 18-44, 1-2 children under 18... 705 100 3 10 16 29 18 18 6 Age 18-44, 3 or more children under 18 291 100 5 11 21 22 17 17 7 Age 45 or over, no children under 18. 756 100 14 18 17 16 11 14 10 Age 45 or over, 1 or more children under 18 391 100 14 15 23 13 18 10 Place of residence of spending unit: Metropolitan area 2 1,184 100 8 14 18 21 15 17 Other urban area 8 1,134 100 8 17 19 20 14 15 Rural area4 1,097 100 21 22 19 16 9 9 1 No cases reported or less than one-half of 1 per cent. 2 Includes the 12 largest cities in the United States and their surrounding suburban and rural areas. s Includes cities of 2,500 population or more, but not metropolitan. « Includes towns of less than 2,500 population and open country. These figures are especially influenced by exclusion of rionmone y income of farmers. TABLE 18 INCOME RECEIVED FROM UNINCORPORATED FARM AND TABLE 19 NONFARM BUSINESSES DISPOSABLE INCOME GROUPING OF SPENDING UNITS AND OF [Percentage distribution of spending units] TOTAL DISPOSABLE MONEY INCOME Spending units receiving ope F r a a r t m ors 1 inco ra m te e d f rom no n u f n a i r n m corpo- 1950 1949 1948 Net income businesses 2 Total Total Total 1950 1949 1950 1949 Disposable dis- dis- disincome group Spend- posa- Spend- posa- Spend- posaing ble ing ble ing ble Negative 8 14 3 10 units money units money units money Under $500 16 19 1 6 in- in- in- $500-$999 17 11 6 8 come come come $l,000-$l,999 18 20 13 13 $ $ $ $ $ N 2 3 4 5 1 o , 0 , . , t 0 0 0 0 , 0 0 0 0 0 a 0 0 0 0 0 s 0 - - - - c $ $ $ $ e a 3 2 4 9 r n , , , , t 9 9 9 9 a d 9 9 9 9 i n 9 9 9 9 o e v d e . r. . 1 6 2 8 7 7 1 1 3 4 8 7 3 1 . 2 1 1 1 1 4 5 2 3 2 1 1 1 1 4 7 7 5 4 6 $ $ $ $ U $ 2 3 4 l 5 n , , , , , 0 0 d 0 0 0 0 0 0 0 e 0 0 r 0 0 0 0 - - - - - $ $ $ $ $ $ 1 2 3 4 7 l , , , , , , 0 9 9 9 9 4 0 9 9 9 9 9 0 9 9 9 9 9 2 2 1 1 1 1 1 0 3 9 3 0 2 1 1 1 2 9 2 6 7 9 2 2 1 1 1 1 3 8 5 8 1 2 1 1 1 1 1 2 1 6 6 9 2 2 1 1 1 1 5 8 2 9 1 2 2 1 1 1 0 1 2 5 0 5 $7,500 and over 4 15 4 15 4 17 All cases.... 100 100 100 100 Number of cases.. 388 410 206 309 All cases 100 100 100 100 100 100 Median disposable 1 Amounts of income refer to farm income only. These figures income $2,850 $2,600 $2,700 are especially influenced by exclusion of nonmoney income of Mean disposable infarmers. come $3,220 $3,000 0) 8 1950 distribution differs from 1949 distribution in that selfemployed artisans (persons whose investments in their businesses are small) are excluded in 1950. 1 Data not available. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES TABLE 20 TABLE 21 DISTRIBUTION OF TOTAL MONEY INCOME BEFORE AND AFTER ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY OF FEDERAL INCOME TAX, BY INCOME GROUPS BEFORE TAX FAMILY UNITS1 [Percentage distribution] Percentage of total money income Percentage Estimated tax liability 2 1950 1949 1948 1947 of spend- M b o e n fo ey re in ta c x o e m s e ing units in F c B o e e m d f e o e r r a e t l ax A i ( f n d i t c e n is o r c p m o F o m e s e a d e t b ) e a 1 l r x e al $ $ N 5 l o - 0 $ n - e 4 $ 9 99 32 5 6 -35 6 7 32 5 8 29 5 7 $100-$199 10 12 13 12 1950 1949 1950 1949 1950 1949 $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9 2 1 6 5 2 1 5 1 2 1 5 2 2 1 5 5 $l,000-$l,999.. . 5 3 3 4 $2,000-$4,999.. . 1 1 1 2 $ U l n ,0 d 0 e 0 r - $ $ 1 l , , 0 9 0 9 0 9 1 1 7 3 1 1 9 4 2 7 9 2 2 8 2 9 $5,000 and over. (3) (3) 1 1 $ $ 2 3 , , 0 0 0 0 0 0 - - $ $ 2 3 , , 9 9 9 9 9 9 1 1 9 9 2 1 1 9 1 1 3 8 1 1 6 9 1 1 4 9 2 1 0 7 All cases.... 100 100 100 100 $4,000-$4,999 12 11 16 15 16 15 $5,000-$7,499 14 11 23 19 23 19 r Revised. $ $1 7 0 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 3 3 3 2 }» } 2 0 }.. }» 1 2 N In o c l a u d d j e u s s t s m in e g n le t -p fo er r s o c n a p f i a ta m l il g i a e i s n . s or losses, which are excluded All cases 100 100 100 100 100 100 fro 3 m N o m o ca n s e e y s i r n e c p o o m rt e e d f i o g r u r l e e s s . s than one-half of 1 per cent. NOTE.—The 1948 revision of the schedule of Federal personal 1 Money income after deduction of estimated Federal personal income taxes tended to lower liabilities at all income levels. _For income tax liability. For method of estimating disposable income, the most part, the downward shift in tax liabilities reflects'this see "Distribution of Consumer Income in 1949," Federal Reserve revision. However, methods of working out the tax estimates BULLETIN, August, 1950, pp. 961-62. Money income figures have been improved. These changes in method tend to lower exclude capital gains or losses and tax estimates make no allowance slightly the level of 1948, 1949, and 1950 tax liabilities as comfor such gains or losses. pared with those for 1947. TABLE 22 DISPOSABLE INCOME GROUPING OF FAMILY UNITS AND OF TOTAL DISPOSABLE MONEY INCOME 1950 1949 1948 Disposable income group Total Total Total Family disposable " Family disposable Family disposable units money units money units money income income income Under $1,000 12 1 13 2 11 2 $1 000-$ 1 999 16 7 16 7 17 7 $2 000-$2,999 . 18 12 22 16 22 16 $3,000-$3,999 20 19 19 19 20 19 $4 000-$4 999 13 17 12 16 12 15 $5 000-$7,499 . . . .. 14 23 12 21 12 20 $7,500-$9,999 4 3 $10,000 and over 3 3 ) 21 All cases 100 100 100 100 100 100 Median disposable income $3,220 $2,950 $3,000 ^[ean disposable income . . . $3,640 '$3,450 W Number of cases 3,029 3,069 3,068 r Revised. 1 Data not available. AUGUST 1951 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES BULLETIN NUMBER 5 OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEE—INTERNATIONAL FINANCING, JULY 23, 1951 As a result of inquiries from regional committees whether a proposed foreign credit would indirectly about the status of foreign borrowings in United contribute to defense or other objectives of the States markets, the National Voluntary Credit Re- United States Government. It will be particularly straint Committee has discussed the status of such desirable, therefore, when foreign cases are subborrowings under the Voluntary Credit Restraint mitted for review, that financing institutions sub- Program. mit full facts to enable a judgment as to purpose. The Committee concluded that all such credit In exceptional cases wrhen a Regional Committee applications on behalf of foreign borrowers should finds the facts available to it are inadequate to be screened to the same extent, and with the same purpose tests, as comparable American credits. judge an application, the National Committee, if It may be difficult in some cases for financing requested, will endeavor to obtain supplementary institutions or Regional Committees to determine information from Government agencies. BULLETIN NUMBER 6 OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEE—LOANS SECURED BY STOCKS AND BONDS, JULY 24, 1951 The original Statement of Principles of the Pro- an interpretation would appear to treat the loans gram for Voluntary Credit Restraint provided that secured by unlisted stocks more severely than those "the foregoing principles (the antispeculative pro- on listed (i.e., "registered") securities. In order visions) should be applied in screening as to pur- to cure this ambiguity, the following principles arc pose on all loans on securities whether or not recommended for your guidance by the National covered by Regulations U or T." * The first amend- Committee: ment to the Statement of Principles deleted the (1) Loans on securities covered by Regulations phrase "whether or" from the Statement. This U or T are basically for the purpose of purchasing provision has been the subject for a number of or carrying listed securities. It is recommended, inquiries. For example, the question has been therefore, that all loans on securities for purchasing raised as to whether a loan on securities not covor carrying unlisted securities be presumed to be for ered by Regulations U or T must be screened as to a proper purpose if the amount of credit extended purpose even though the amount of credit advanced is no greater than that permitted in the case of listed might be permissible under these regulations. Such securities by Regulations U or T. * The Statement of Principles also provides that "Loans to (2) Loans on securities, whether or not listed, but securities dealers in the normal conduct of their business or to them or others incidental to the flotation and distribu- not for the purpose of purchasing or carrying securition of securities where the money is being raised for any ties should be made only for purposes consistent of the foregoing [proper] purposes" should be classified as with the principles of voluntary credit restraint. "proper." 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES STATEMENT OF VOLUNTARY CREDIT RESTRAINT COMMITTEE REGARDING CHANGES IN SUBCOMMITTEES, JULY 27, 1951 The National Voluntary Credit Restraint Com- A. G. Kahn, Chairman, Board of Directors, Union mittee announces the following appointments and National Bank, Little Rock, Arkansas designations affecting the membership of the sub- C. E. Crossland, Executive Vice President, Comcommittees indicated: mercial National Bank, Little Rock, Arkansas Clifford Wood, Assistant Manager, Little Rock Fourth District Commercial Banking Voluntary Branch, Federal Reserve Bank of St. Louis, Credit Restraint Committee Little Rock, Arkansas Designation of Francis H. Beam, Senior Vice President, The National City Bank of Cleveland, Tenth District Commercial Banking Voluntary Cleveland, Ohio, as Vice Chairman. Credit Restraint Committee Appointment of the following as alternate mem- Designation of Taylor Abernathy, President, The bers: First National Bank, Kansas City, Missouri, as Harry F. Burmester, Senior Vice President, Union Vice Chairman. Bank of Commerce, Cleveland, Ohio Ralph E. Bauman, Vice President, The National Los Angeles Regional Commercial Banking Voluntary City Bank of Cleveland, Cleveland, Ohio Credit Restraint Committee Ray Harrison, Vice President, Mellon National Appointment of the following as alternate mem- Bank and Trust Company, Pittsburgh, Pennsylbers: vania H. E. Paige, Executive Vice President, First Na- Nolan Browning, Vice President, Bank of America, tional Bank of Akron, Akron, Ohio N.T.&S.A., Los Angeles, California Thomas M. Conroy, Executive Vice President, The Clifford Tweter, Vice President, California Bank, Central Trust Company, Cincinnati, Ohio Los Angeles, California John H. Lucas, Vice President, Peoples First W. C. Fostvedt, Vice President, Citizens National National Bank and Trust Company, Pittsburgh, Trust & Savings Bank, Los Angeles, California Pennsylvania Fred B. Dickey, Vice President, Farmers and Wilbur T. Blair, Vice President, Counsel, and Merchants National Bank, Los Angeles, Cali- Secretary, Federal Reserve Bank of Cleveland, fornia Cleveland, Ohio T. W. Johnson, Vice President, Security-First National Bank of Los Angeles, Los Angeles, Cali- Sixth District Commercial Banking Voluntary fornia Credit Restraint Committee Louis Siegel, Vice President, Union Bank & Trust Appointment of Frank T. Davis, Vice President, Company, Los Angeles, California First National Bank of Atlanta, Atlanta, Georgia, W. F. Volberg, Vice President, Los Angeles as an alternate member. Branch, Federal Reserve Bank of San Francisco, Los Angeles, California Eighth District Commercial Banking Voluntary Credit Restraint Committee Portland Regional Commercial Banking Voluntary Appointment of John R. Kirk, Jr., President, Credit Restraint Committee Plaza Bank of St. Louis, St. Louis, Missouri, as a Designation of Frederick Greenwood, Vice Presimember. dent, The Bank of California, N.A., Portland, Little Rock Regional Commercial Banking Voluntary Oregon, as Vice Chairman. Credit Restraint Committee Appointment of the following as alternate mem- Appointment of the following as alternate mem- bers: bers: A. L. Mills, Jr., First Vice President, United John G. Potts, Vice President, Worthen Bank & States National Bank of Portland, Portland, Trust Company, Little Rock, Arkansas Oregon AUGUST 1951 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES M. A. Case, Assistant Manager, The Bank of Cali- D. H. Wageman, Vice President, Seattle-First Nafornia, N.A., Portland, Oregon tional Bank, Seattle, Washington C. F. Adams, President, Portland Trust & Savings A. W. Faragher, Vice Chairman, National Bank Bank, Portland, Oregon of Commerce, Seattle, Washington J. L. Searcy, Vice President, Commercial National Joshua Green, Jr., President, The Peoples National Bank of Hillsboro, Hillsboro, Oregon Bank of Washington, Seattle, Washington L. D. Hansen, Cashier, First National Bank of J. A. Norway, Executive Vice President, The First Baker, Baker, Oregon National Bank of Everett, Everett, Washington J. A. Randall, Assistant Manager, Portland Branch, Orville T. Olsen, Vice President, The National Federal Reserve Bank of San Francisco, Port- Bank of Washington, Tacoma, Washington land, Oregon W. E. Tollenaar, Executive Vice President, The Old National Bank of Spokane, Spokane, Wash- Salt Lake City Regional Commercial Banking ington Voluntary Credit Restraint Committee B. A. Russell, Assistant Manager, Seattle Branch, Designation of John A. Schoonover, President, Federal Reserve Bank of San Francisco, Seattle, The Idaho First National Bank, Boise, Idaho, as Washington Vice Chairman. Southwestern Insurance Voluntary Credit Appointment of the following as alternate Restraint Committee members: Designation of Carl C. Weichsel, Executive Vice Lane W. Adams, Vice President, Utah First Na- President, Great National Life Insurance Comtional Bank, Salt Lake City, Utah pany, Dallas, Texas, as Vice Chairman. Harmon B. Barton, First Vice President, Com- Appointment of the following as alternate mercial Security Bank, Ogden, Utah members: Chas. L. Smith, Chairman of the Board, First W. H. Painter, Vice President and Secretary, United Security Bank of Utah, N.A., Salt Lake City, Fidelity Life Insurance, Dallas, Texas Utah A. F. Ashford, President, Western Reserve Life William E. Irwin, Vice President, The Idaho First Insurance Company, Austin, Texas National Bank, Boise, Idaho W. O. Watson, Assistant Treasurer, American Na- Emerson S. Sturdevant, Vice President, Continental tional Insurance Company, Galveston, Texas National Bank & Trust Company, Salt Lake Friend W. Gleason, Vice President and Secretary, City, Utah Pan-American Life Insurance Company, New J. }. Kelly, Senior Vice President, Walker Bank & Orleans, Louisiana Trust Company, Salt Lake City, Utah W. A. Anderson, Vice President, Atlas Life Insur- E. R. Barglebaugh, Assistant Manager, Salt Lake ance Company, Tulsa, Oklahoma City Branch, Federal Reserve Bank of San Wm. F. Schmausser, Vice President, The Capital Francisco, Salt Lake City, Utah Life Insurance Company, Denver, Colorado Mac C. Smyth, Vice President, Federal Reserve Seattle Regional Commercial Banking Voluntary Bank of Dallas, Dallas, Texas Credit Restraint Committee Western Insurance Voluntary Credit Appointment of A. R. Munger, President, Seattle- Restraint Committee First National Bank, Seattle, Washington, as a Designation of Dwight L. Clarke, Chairman of member and his designation as Chairman, succeed- Advisory Board, Occidental Life Insurance Coming Thomas F. Gleed, who resigned from the Company of California, Los Angeles, California, as Vice mittee upon accepting a position outside the field Chairman. of banking. Designation of Warren M. Jenkins, President, Eastern Investment Banking Voluntary Credit Restraint Committee The First National Bank of Everett, Everett, Washington, as Vice Chairman. Appointment of Arthur R. Robinson, Vice Presi- Appointment of the following as alternate dent of W. H. Morton & Company, Inc., New members: York, New York, as an alternate member. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Southwestern Investment Banking Voluntary C. Harry Minners, President, Bankers Federal Credit Restraint Committee Savings & Loan Association, New York, New Designation of William C. Jackson, Jr., First York Southwest Company, Dallas, Texas, as Vice Chairman. New England Mutual Savings Bank Voluntary Appointment of C. B. Page, R. J. Edwards, Inc., Credit Restraint Committee Oklahoma City, Oklahoma, as an alternate mem- Appointment of the following as alternate ber. members: First District Savings and Loan Voluntary Homer R. Feltham, Vice Treasurer, Springfield Credit Restraint Committee Institution for Savings, Springfield, Massachu- Appointment of the following as alternate setts members: George L. Wrenn, 2d, Treasurer, The Provident Ray B. Owen, Vice President, Old Colony Co-oper- Institution for Savings in the Town of Boston, ative Bank, Providence, Rhode Island Boston, Massachusetts L. C. Trott, Treasurer, Merchants Co-operative Justin R. Tucker, Assistant Vice President, Society Bank, Boston, Massachusetts for Savings, Hartford, Connecticut A. C. Ten Eyck, Assistant Vice President, First Howard L. Huxtable, Treasurer, Amoskeag Sav- Federal Savings and Loan Association of New ings Bank, Manchester, New Hampshire Haven, New Haven, Connecticut L. A. Zehner, Assistant Vice President, Federal Frank L. Farr, Vice President, Worcester Federal Reserve Bank of Boston, Boston, Massachusetts Savings and Loan Association, Worcester, Massachusetts New York-New Jersey Mutual Savings Bank L. A. Zehner, Assistant Vice President, Federal Voluntary Credit Restraint Committee Reserve Bank of Boston, Boston, Massachusetts Designation of Norman P. McGrory, Vice Presi- Second District Savings and Loan Voluntary dent, The Howard Savings Institution, Newark, Credit Restraint Committee New Jersey, as Vice Chairman. Designation of Ernest A. Minier, President, Carteret Savings and Loan Association, Newark, Appointment of the following as alternate New Jersey, as Chairman of the Committee, re- members: placing George L. Bliss, who resigned from the George J. Bender, Vice President, Brooklyn Savings Committee. Bank, Brooklyn, New York Appointment of the following as members: Walter C. Aberg, Vice President, Greenwich Sav- Norman H. Polhemus, President, First Savings ings Bank, New York, New York and Loan Association of Poughkeepsie, Pough- Lee L. Norton, Vice President, Erie County keepsie, New York Savings Bank, Buffalo, New York AUGUST 1951 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK BEUTSCHER LAENDER The Second Annual Report of the Ban\ deutscher serves and occasionally gave rise to serious strains Laender covers the year 1950. The first chapter during 1950. These strains created difficult probpresents a general survey of economic events and lems for the Bank deutscher Laender and its memcentral ban\ policy; the remaining chapters deal in ber Land Central Banks, and forced them in the greater detail with the problems of money and course of the year to make a definite change in credit, public finance, foreign trade, exchange con- credit policy. trols, and the activities of the Ban\. Impediments to recovery. Adjustments to the re- A liberal and slightly abbreviated translation of laxation of import restrictions begun in the autumn the first chapter is given below. This chapter de- of 1949 tended to check economic recovery in the scribes the progress of recovery in the German Fed-early months of 1950. For the first time in a long eral Republic during the first half of 1950, the period large sectors of the economy had to meet impact of the post-Korean boom, and the crisis in the full force of international competition and con- Western Germany's balance of payments which led sequently had to revise production programs, sales to the suspension of the liberalization of German prospects, and price policies. imports from the EPU area and to the inauguration Prices in particular were too high in many cases of novel methods of credit restriction by the Ban\. and were under continuing pressure. Since prices in foreign countries had begun to rise slowly but SUMMARY steadily after devaluation in 1949, the pressure on On the firm foundation of the Deutsche mark German prices tended to remove the previous currency introduced in June 1948, the economy of maladjustment between the level of prices inside the German Federal Republic made further prog- and outside the country and to create a favorable ress toward recovery from the catastrophe of the climate for working toward equilibrium in the Second World War. Industrial production rose by balance of payments. Nevertheless, merchants and about one-third; the total social product increased manufacturers had to exercise a good deal of refrom DM 81 billion in 1949 to DM 92 billion in straint. The public became less willing to buy and 1950, with price changes accounting for only a small entrepreneurs tried to keep their stocks as small part of the rise; and about 700,000 additional work- as possible. New investment also declined. ers found employment although the further ra- These tendencies were further strengthened by tionalization of production reduced the number of large movements of money into the public acworkers required per unit of output. counts, some of which led to the sterilization of The absolute level of industrial production of funds. This was true in particular of the levies Western Germany, however, still lags behind that collected under the Immediate Assistance Scheme of other Western European countries. In most for refugees and other persons who had suffered other countries the population has increased only injury or loss through the war. Owing to delay slightly but production has risen by a third to a in implementing the Immediate Assistance Law, half as compared with prewar. In Western Ger- the levies were paid within a few months instead many population has increased by 8 to 9 million of a year, as originally planned, and it was imposthrough the influx of persons expelled from their sible to expend all the funds within that period. homes in the East, but production at the end of In addition, taken as a whole, the budgets of the 1950 was only about 90 per cent of 1938. This fact, regional authorities showed a cash surplus during however, detracts nothing from the success achieved the first quarter of 1950. In large part the unused during the two and a half years in which, thanks levies and surpluses were left on deposit with the to the currency reform, the liberation from eco- banking system, or temporarily invested in equalinomic controls, and the wise and generous help zation claims of the central banking system. afforded by the Marshall Plan, the German people's Contrary to the view held in some quarters, will to work reached full fruition. these developments did not result in true deflation. New credits constantly exceeded repayments; the ECONOMIC DEVELOPMENTS AND CENTRAL BANK volume of money continued to grow, although at POLICY IN FIRST HALF OF 1950 a retarded rate; and production expanded again in The impulse to recovery in Western Germany February, after a mainly seasonal recession at the impinged on the country's extremely limited re- turn of the year. At first the revival was less 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER marked than was warranted by the available factors of counterpart funds for such purposes. These of production, and there was a general demand for experiences will cause the central banking system a more expansive policy to stimulate economic to be more cautious in the future even if the activity. A factor of special importance in this anticipatory character of a requested credit appears connection was that unemployment increased to to be guaranteed. more than 2 million, or 15 per cent of the em- Although the credits promised by the central ployed wage and salary earners, in the middle of banking system largely provided the necessary fi- February 1950. This was partly the result of the nancing for the Work Creation projects, these projcontinuous increase in the labor force, which in ects were slow in starting so that for a time their turn was largely due to the steady stream of refugees influence on the economy was less than had been from the East, and partly the result of the rationali- expected. It was originally intended that the creazation of production. In a country as impoverished tion of work should be combined so far as possible and politically exposed as the German Federal with the expansion of the economic potential of the Republic, this unemployment figure could not be country as a whole. Under this arrangement it passively accepted. Steps were thus taken to stimu- would have been possible to push ahead with projlate economic activity. ects already approved and planned. This principle Central bank credit for "Work Creation Program." of selection was later abandoned in favor of a larger The central banking system did not refuse its help investment of funds in so-called distressed areas when in February 1950 the Federal Government where unemployment was greatest but chances of drew up a "Work Creation and Housing Program" creating permanent employment were not necesin order to stimulate production and employment. sarily the best. This change caused delay in get- The program consisted of a number of heteroge- ting projects under way and as a result the effects neous programs, including a program for financing of the program on production, employment, and exports which was stepped up during the year central bank credit were felt only gradually. By from DM 300 million to DM 400 million. This the end of July 1950 the amounts drawn from the figure represented a revolving fund; the Bank central banking system in connection with the deutscher Laender, contrary to its practice in the Work Creation and Housing Program had reached case of its other credits, promised to rediscount a total of only about DM 95 million. that amount without time limit, it being under- Increase in exports. Of particular note from the stood that the total would be used gradually. point of view of central bank policy was the con- The total amount of credits promised by the tinuous increase in exports during the first half central banking system in support of the Work of 1950. In the fourth quarter of 1949 exports Creation Program, including the housing program averaged not quite DM 400 million per month. In and the program for financing exports, was DM 2 the second quarter of 1950 the average was DM 600 billion. The paramount aim of the assistance million, and by July 1950 it had risen to DM 730 offered by the central banking system, mainly in million. This increase was due in part to the the form of promises of rediscount credits and cash liberalization of intra-European trade. However, it advances, was to remove anxiety about liquidity was due even more to the decline in domestic which would otherwise have hindered bank lend- demand which gradually reduced German prices ing. It was intended to make it possible for banks and gave rise to a widening interest in export marto finance investments in anticipation of the normal kets. The increase in exports between the fourth increase in loanable funds. quarter of 1949 and July 1950 represented an annual Special care was taken to retain the anticipatory rate of nearly DM 4 billion and constituted addicharacter of the assistance; the central banking sys- tional business for traders and industrialists. With tem knew that it could preserve its elasticitv only if its secondary consequences, it had an effect on the the loans so granted were repaid in due time. In economy equal to or greater than that of the Work this respect later events brought many disappoint- Creation Program. It is estimated that at least ments. Owing to the decline in savings after the two-thirds of the increase in industrial employment Korean crisis, only a few of the credits granted between September 1949 and June 1950 reprewere paid on the repayment dates. Even where sented a rise in the number of workers employed repayment would have been possible, as in cases in in production for export. which anticipatory credits were granted for projects The appearance of this additional export demand to be financed through releases of ERP counterpart lightened the burden on the balance of payments. funds, only a few central bank credits were repaid While exports continued to rise and to contribute as originally planned. This was because the ECA perhaps more than any other influence to the rewould not consent to the use of a substantial part vival of domestic production and employment, AUGUST 1951 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER "commercial" imports were held below the level as part of the process of tax evasion. In the light prevailing at the end of 1949 by an almost stabilized of current market movements, their value had come domestic demand. As a result, a deficit in the to seem increasingly doubtful. There is no direct "commercial" balance of trade, which had amounted evidence on dishoarding, but changes in retail trade to DM 455 million during the fourth quarter of and in the circulation of money indicate clearly 1949, was replaced by a favorable balance of about that the increase in sales after the middle of 1950 DM 11 million in the second quarter of 1950. was to some extent financed through the use of pre- This improvement in the balance of payments viously idle reserves. was one of the reasons which led the central bank- After the Korean crisis the turnover of retail ing system to consent to some expansion of central trade increased at an appreciably faster rate than bank credit within the framework of the Work before, whereas the quantity of money increased Creation Program. However, the Board of Direc- more slowly than before and during the first few tors of the Bank repeatedly advised against any weeks of 1951 declined considerably more than seaexpansion of the program that might jeopardize the sonally. In all probability the velocity of circulaimprovement in the balance of payments, which it tion of currency increased, and since there was considered to be most urgent. It was soon evident little change in payments conditions, this increase that this caution was fully justified. can have resulted only from the circulation of hitherto inactive money. On the basis of a com- THE POST-KOREAN BOOM parison between the movement in retail trade and At the end of June the Korean conflict broke the actual increase or decrease in the quantity out and, as in most other countries of the West- of notes and coin, the amount of currency thus ern World, the trend of economic activity in put into circulation may be estimated at not less the German Federal Republic was completely than DM 750 million. This represents dissaving changed. A large-scale buying wave was started just as much as does the withdrawal of savings deby the fear that the Korean war might spread to posits for purposes of consumption. Europe and intensified by rising prices on the inter- Tax reductions and refunds. Consumption was national raw material markets and by the fear of also greatly encouraged by the tax reductions and lasting scarcities. The urge to buy was strength- refunds provided by the Income Tax Law passed ened by the shortage of stocks, which had pur- and approved by the High Commissioners in April posely been kept low during the preceding months, 1950. The object of this law was to lighten the and by the backlog demand of consumers who had burden of an extremely high income tax, wrhich postponed purchases in the expectation that prices offered a standing inducement to tax evasion and would fall. in certain income groups paralyzed the will to Methods of financing purchases. The buying waves work. This step was thoroughly justified under the that recurred at intervals between the outbreak of circumstances prevailing during the first half of hostilities in Korea and the beginning of 1951 wrere 1950. In view of the restraint shown by consumers financed to a large extent from sources beyond the at that time, it was expected that a large part of control of the central banking system. This applies the remitted tax monies would be saved. Moreover, particularly to purchases by consumers, which in it would have done no harm if the lower tax rate large part were financed by a decline in current had led to some increase in consumption, and to a saving that at times reached the point of actual dis- temporary deterioration in the budgetary cash posisaving. tion of the Laender, since the result would hardly Decline in current saving. In comparison with have been an overstimulation of economic activity. the average amount of saving during the first half Unfortunately, however, the effects of the tax of 1950, there was a decline during the next nine reduction were magnified by the factors of expanmonths of more than DM 870 million. In reality sion set in motion by the Korean conflict. The Fedthe amount lost to saving exceeded this figure be- eral Government had held out the firm prospect cause, since the level of private incomes was 10 to that the law would be in force by the beginning 15 per cent higher during the second half of 1950 of the year but there were repeated delays. Conseand the first quarter of 1951 than in the first half quently, the reductions in tax rates, which of 1950, a larger amount of current saving could amounted on the average to about 17 per cent, have been expected. did not become fully effective until June, just when Utilization of hoarded currency. Funds to finance the war in Korea broke out. Moreover, they were the buying waves also appear to have come from retroactive to January 1, 1950, and overpayments hoards of notes and coin accumulated during the during the early months of the year were set off first two years after the Currency Reform, chiefly against taxes due currently. As a result, the yield 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER of the income tax and the wages tax was about DM stages of the economic process, the first post-Korean 660 million, or 35 per cent, lower between June and demands were met by drawing on stocks. Supplies October 1950 than during the corresponding months in general were not large, however, and the combiof the previous year, although taxable incomes had nation of increasing demand and rising prices of increased 10 to 15 per cent. In view of the decline raw materials encouraged an expansion of stocks in saving, the greater part of these tax reductions that was soon reflected in expanded production. undoubtedly was spent on consumption. The pub- Fortunately, available productive capacity and lic authorities did not reduce expenditures com- stocks of coal built up during the previous halfmensurately with the reduction in their receipts, year made it possible between July and November but to a large extent made the shortage good by to increase industrial production (apart from conborrowing or by using reserves. Consequently, struction) by more than 25 per cent. This was total demand increased by an amount roughly cor- slightly more than twice the rate of expansion durresponding to the tax reduction. ing the first half of the year. The production of Expansion of credit. The increase in domestic consumer goods in particular rose very rapidly until demand which began after the outbreak of war in November, with production running at a rate Korea was reinforced by a considerable expansion roughly one-third above the July level. There of credit. Short-term credits granted to trade and would have been no such great elasticity in the industry by the monthly reporting banks rose by supply of goods if all means to promote "full emabout DM 172 million per month during the second ployment" had been used previously. It was mainly quarter of 1950, by DM 235 million in July, and by due to that elasticity that the dishoarding started by DM 257 million in August. The increase amounted the shock of the Korean conflict did not immedito DM 594 million in September and reached its ately lead to far-reaching and universal price rises. peak of DM 693 million in October. Price rises were for some time confined largely to An increase in medium- and long-term loans articles that were strongly affected by the upward also caused a considerable expansion of the money movement of raw material prices on the intersupply. The banks felt obliged to grant medium- national markets. and long-term credits which they had promised in It soon became clear that the increase in producthe first half of the year on the basis of estimated tion was reaching its physical limits. Although the additions to savings accounts which did not ma- published figure for total unemployment was still terialize. Pursuance of this policy amounted 1,230,000 at the seasonal low point at the end of largely to creation of money. It was facilitated at October, for some weeks there had been signs of first by the great improvement in bank liquidity an appreciable shortage of skilled workers in certain between April and August 1950, mainly as the trades, particularly in the building industry. Moreresult of central bank advances to the Federal Gov- over, many firms were approaching optimum use ernment and of the improved balance-of-payments of available capacity, and some were beginning to position. Later this form of credit expansion was have difficulties in obtaining raw materials or fuel. greatly facilitated by the credits promised by the Delivery periods became longer, and the industries central banking system for the Work Creation approaching maximum use of capacity hesitated to Program. accept new orders. Just as reduced tax receipts during the summer The more markets hardened, the more general and autumn of 1950 were not accompanied by re- were price rises and claims for higher wages— duced public expenditures, so the increase in con- some of which were far ahead of the price insumption at the expense of current saving did not creases. Gradually increasing demand came to cause a reduction in credit for investment and work- affect prices more than production. ing capital but led to a further expansion of total Deterioration in balance of payments. During the purchasing power. Measured by the excess of first six months of 1950, when imports were commedium- and long-term loans over the accrual of paratively small and the balance of trade was congenuine savings, the amount of this expansion in sequently showing considerable improvement, the the second half of 1950 may be estimated at DM Bank deutscher Laender regarded the upward move- 750 million. Adding the rise in short-term credits ment of prices as a temporary result of purely seato trade and industry during the same period, sonal influences linked with a large reduction in amounting to nearly DM 2,500 million, the amount stocks of imported goods. After the Korean crisis, of credit "created" by the commercial banks dur- however, the change in prices of raw materials in ing the second half of 1950 reached a total of the international markets and the rapid growth of roughly DM 3,250 million. domestic demand and production led to a particu- Production strains and tensions. At nearly all larly strong tendency to import. This pressure was AUGUST 1951 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER all the stronger because, as from September 1, 1950, into effective existence on July 1. These payments the proportion of imports from the OEEC countries accounted for nearly three-quarters of the external affected by the trade liberalization program was trade of the German Federal Republic during the raised from 50 to 60 per cent. In October the unit second half of 1950. Moreover, they represented cost of imported goods was 5 per cent higher than the only sector upon which the strong import presduring the first half of the year, and by December sure could produce its full effects since the liberalithis increase amounted to at least 10 per cent. zation of the bulk of intra-European trade had Meanwhile, exports continued the expansion be- removed the obstacles of quantitative trade and gun at the end of 1949. In fact, owing to the keen exchange restrictions. In consequence, the accountdemand on world markets and the gradual estab- ing position of the German Federal Republic with lishment of equal treatment granted to German the EPU showed a large deficit almost from the goods under the trade liberalization program, the beginning. As early as August the first fifth of the rate of increase in exports became even more rapid. Federal Republic's quota of 320 million dollars However, the prices of German export goods, (which did not require gold payments) had been which were largely fixed by earlier contracts, exceeded. By the end of September deep inroads showed little rise until the end of the year, with had been made in the second fifth, which had to be the result that the terms of trade shifted against covered to the extent of 20 per cent in gold or, Germany. The balance of trade, after having dollars; and at the end of October the cumulative moved from a long-time deficit to a surplus of accounting deficit had exhausted all but 30.5 milabout DM 77 million in May and June, began to lion dollars of the quota. turn again. The surplus was greatly reduced in Accordingly, after the EPU had been in existence July and August, and in September and October for only three months, new indebtedness of 185.9 there were deficits amounting to DM 188 million million dollars had been accumulated within the and DM 207 million, respectively. quota, while in addition 103.6 million of dollar Moreover, during the second half of the year the payments had become due to cover the balance of balance of payments was even less favorable than the deficit. It had become virtually certain that the balance of merchandise trade. During the pre- the deficit would soon exceed the quota which, ceding months, certain countries had made large having been based on foreign trade turnover in advance payments on exports for later delivery, 1949, was too low. Thereafter the whole amount with the purpose of obtaining the use of the draw- of the deficit would have to be met in dollars. ing rights against the German Federal Republic This was a threat which the Bank could not meet. which had been granted to them under the Intra- Its dollar reserves were infinitesimally small in re- European Payments Plan for the year ending June lation to those of other countries, and bore no rea- 30, 1950. Accordingly, the foreign exchange for sonable relationship to the demands which might part of the exports delivered in the second half be made upon them. of the year had already been received in advance. FIRST MEASURES AGAINST EXCESS DEMAND AND In addition, terms of payment changed to Germany's disadvantage. Owing to the general politi- PAYMENTS CRISIS cal uncertainty, and to the strong position of sellers During September and October the central bankof most staple goods in international trade, many ing system began to adopt energetic measures of foreign suppliers began to deliver only against let- defense against the growing internal and external ters of credit. Thus, German importers were dangers. The main purpose was to restrain credit obliged to pay in advance for a large part of their expansion which, along with other factors, was imports and to obtain the foreign exchange at an contributing to a growth in demand that was earlier date than under the former system of pay- dangerous to the currency. ment. Credit restrictions. As a first step toward credit In so far as imports from the sterling area were restriction, the following measures were taken: concerned, for a time these changes in the terms In September, effective October 1, 1950, the of payment pleased German importers because of minimum legal reserve ratios of commercial banks the current rumors of a forthcoming revaluation of were increased by an average of 50 per cent. the pound. Similarly, speculation on a rise of the As of October 13, bank acceptances were made pound led to delays in the collection of sterling eligible for rediscount at Land Central Banks only claims. if they came from banks which (apart from cer- The deterioration in Western Germany's balance tain minor exceptions) did not increase the volume of payments was concentrated in payments to and of their acceptance credits beyond the level of Ocfrom the European Payments Union, which came tober 12 or, if obliged by earlier commitments to 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER exceed this level, undertook to restore it by De- entrusted to the Land Central Banks. Apart from cember 31. making a closer examination of the financial stand- On October 26, 1950, the discount rate of the ing of the applicant, however, the Land Central Land Central Banks was raised from 4 to 6 per Banks could not apply different principles to the cent, and their rate for advances against collateral issue of "liberalized" licenses than had been apfrom 5 to 7 per cent. plied by the foreign trade banks. Consequently Finally, on November 2, 1950, effective January this last measure was of relatively little importance. 31, 1951, the Land Central Banks were asked to The EPU special credit. Despite these drastic reduce by 10 per cent the credits which they had steps, the foreign exchange outlook remained critigranted to commercial banks through discount of cal, at least in the short run. The Federal Governbills, or through advances against collateral, with ment and the Bank deutscher Laender seriously the purpose of inducing the commercial banks in considered whether, in view of the approaching turn to reduce the volume of their credits. exhaustion of the EPU quota and the small size Changes in import policy. On the initiative of the of the foreign exchange reserves, the liberalization Bank deutscher Laender, the appropriate depart- of imports from the EPU area ought not to be ments of the Federal Government as well as the suspended. This measure was not taken only be- Bank itself took a number of steps to modify im- cause in November the EPU, after a thorough inport and exchange policy so as to counteract as vestigation of the "German case" with the assistance quickly as possible the deterioration in the balance of two independent experts, declared itself ready of payments. Apart from strengthening control to grant a special credit to the Federal Governover receipts and payments of foreign exchange, ment. The purpose was to supplement the meager mainly with the purpose of improving methods of German quota and thereby to make it possible for payment, these measures were chiefly intended to the German Federal Republic to maintain the straighten out the situation affecting import licenses. liberalization of imports for such time as was required to apply measures of economic policy rec- The first objective was to overhaul the immense ommended at the same time, and thus to bring block of unused licenses for imports from the EPU about fundamental equilibrium in the balance of area, which had been built up during the preceding payments with the EPU. months, in order to determine the amount due under licenses previously issued. It was ordered The credit line was formally opened on Decemthat all import licenses, in so far as they were ber 13, with retroactive effect as of November 1, not supported by firm import contracts before a 1950, after the Federal Government had presented certain date, should become invalid on October 7. a detailed memorandum to the EPU making it It was also ordered that these licenses could be re- clear that the government largely agreed with the newed only as of October 16, and subject to new recommendations and would promptly take all conditions. Thus it proved possible to reduce by suitable steps to improve the balance of payments. 500-600 million dollars the so-called "block of old In so far as this involved measures relating to licenses" which had amounted to 1,114 million credits, the proposed course of action was fully in dollars on October 10. Thus a clearer and also harmony with the policy which the Bank deutscher more favorable picture was obtained of the Bank's Laender had already been following for some potential foreign exchange liabilities. weeks. In addition, the use of new licenses, including the renewal of old licenses not supported by con- FAILURE OF ATTEMPTS TO MAINTAIN LIBERALIZATION tracts, was made more difficult. In connection with It did not prove possible to overcome the crisis all applications for import permits lodged after in Western Germany's balance of payments accord- October 16, 1950, the equivalent in German cur- ing to the concept underlying the special credit. rency of 50 per cent of the foreign exchange re- This was a matter of great regret to all those who quested had to be deposited with the competent were convinced of the importance of the liberaliza- Land Central Bank. These deposits could not be tion of intra-European trade as a means of raising released until either the goods had arrived or the the level of economic activity in Europe. However, depositor had given up his license. In this way, it was impossible to hold down or reverse the rise considerable demand was made on the financial in internal demand as rapidly as would have been resources of the importer or on his ability to ob- required to restore equilibrium in Western Gertain credit. many's balance of payments within the term of Finally, as of the beginning of November the the EPU credit. One of the reasons for this situaissue of import licenses was removed from the for- tion was the fact that the economic recovery of eign trade banks, which are private institutions, and Western Germany still lagged some distance behind AUGUST 1951 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER that of other countries. Nevertheless, the credit stricting the kinds of paper eligible for rediscount. will occupy a place of distinction in the history of This would prevent the banks from automatically the European Payments Union. increasing their rediscountable assets when they Credit policy and the problem of limiting demand. expanded their discount credits. Furthermore, However drastic the credit measures taken in Sep- restoration of a functioning capital market would tember and October may appear, if judged by the enable the central banking system to make instandards of traditional central bank policy, they creased use of open market operations. did not produce the expected effect. Credit expan- The increase in the discount rate was effective sion was a good deal smaller in November than in in slowing down the expansion of bank credit, but the two previous months, but it remained greater its effectiveness during the critical months October than, say, in the period from April to August 1950. 1950-February 1951 was limited by a number of cir- The policy of restriction was directed mainly along cumstances. Chief among these was the widetwo lines: pressure was placed on the liquid cash spread expectation of further large price increases. positions of the commercial banks, with the pur- For many borrowers, especially for speculators, this pose of reducing their "credit potential," and the consideration far outweighed the higher cost of cost of central bank credit was increased in an effort credit. It has even been maintained that raising to restrict the demand for credit. the discount rate in itself tended to push prices However, the liquidity of the banks was not re- upwards. This was not the case, since raising the duced sufficiently to prevent credit expansion. discount rate tended to reduce effective demand, When credit restriction began, the banks had a com- whereas an increase in costs can bring upward paratively large stock of bills suitable for redis- pressure on the price level only if effective demand count at central banks and, in contrast to the usual also expands. It must be admitted, however, that practice of "classical" banking policy, they did not the price situation limited the effectiveness of inhesitate to use these bills to obtain central bank terest rates in reducing demand for credit, and thus credits, even though the practice raised their total limited the effectiveness of the increase in the disliabilities on endorsements far above their own count rate. holdings of bills of exchange. Also, the very proc- The Bank deutscher Laender emphasized from ess of granting credit constantly led to the creation the outset that credit policy alone could not have of additional paper eligible for rediscount. The prevented the increase in demand during the winprovision which made the rediscount of bank ac- ter, even though applied in more drastic form and ceptances conditional on maintaining the volume with less hindrance from other factors. A considof acceptance credits within stated limits was effec- able part of the effective demand at that time tive in limiting the creation of this type of redis- stemmed from sources over which the central bankcountable paper, but evidently the banks were ing system could exert little influence. Important able to replace their acceptance credits to a large among these were the reduction of tax rates, the extent by ordinary discount credits. Moreover, refunding of taxes, and the use of hoarded curnormal business provided most of the banks with rency, savings deposits, and other reserves to make a sufficient quantity of rediscountable bills of ex- purchases. Demand originating from these sources change: discount credits constituted not less than might have been dampened by appropriate taxes one-half of the total increase in short-term credits such as the special turnover tax now under conby commercial banks during 1950. Even an in- sideration, or by means of import levies, had it been crease in the minimum reserve ratios to the high- possible to collect them quickly and to apply their est level permitted by law probably would have yield to reducing the government deficit. In the made little difference in this respect. On the absence of fiscal measures of this kind, however, it other hand, it would have caused great difficulties would have been going too far to apply credit for some categories of banks on which no restric- measures designed to restore equilibrium. They tions needed to be imposed, part of which were would have had to be so drastically restrictive that unable to meet even the existing reserve require- they probably could not have been enforced, and ments. their effects would have been far too crude. A review of the experience of this period shows Additional pressure from developments in Korea. that minimum reserve provisions, invaluable as Inability to limit the general expansion in demand, they are for central bank policy, must be elaborated and more particularly the strong import pressure, and extended if they are to be effective in re- within the period indicated at the time the EPU straining commercial bank credit. In some cir- special credit was granted, was due in large part cumstances it would probably also be advisable to to the course of world politics. Chinese intervenlimit the banks' credit potential by further re- tion in Korea early in December brought a fur- 948 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER ther increase in prices on the international raw ingly it was possible to reduce the balance of the materials markets as the Western World undertook special credit from its maximum of 91.5 million to speed rearmament. In Germany, too, demand dollars at the end of February to 50.1 million at the increased substantially, reinforced by seasonal in- end of April. Under the credit agreement the balfluences such as the Christmas trade and the Christ- ance must be repaid by October.1 mas bonus. Demand for imports was especially strengthened by reports of an impending system CREDIT RESTRICTION BY NEW METHODS of international rationing of raw materials. People Although the danger of acute payment difficulfeared that, regardless of any change in foreign ties with foreign countries has been averted by the exchange position, the flow of goods into Germany suspension of liberalization, the Bank deutscher might soon be reduced. To make matters worse, Laender has not seen fit to alter the restrictive production declined sharply around the turn of the credit policy adopted last autumn. There is still year, mainly as the result of the coal shortage. a fundamental maladjustment between the in- This led to appreciable difficulties for exports in ternal and the external aspects of the country's January 1951. economy. External and internal needs. The balance-of-pay- Suspension of import liberalization. The accountments position has been improved at the cost of seing deficit with the EPU fell somewhat short of vere import limitations. Western Germany is not original estimates in November and December. only obliged but also extremely anxious to return However, this was largely the result of a correto liberalization as rapidly as possible. It is consponding reduction in the working balances of the vinced of the value of the closest possible economic foreign trade banks. By early 1951 it became cooperation in Europe. With that purpose in view, clear that the trend of events was against the estabeconomic measures must be adopted that will establishment of equilibrium in the balance of payments. lish fundamental equilibrium between imports and The increase in "liberalized" import permits during exports at the highest possible level; that is to say, January and February was disproportionate to the internal economic expansion must be brought into foreign exchange likely to become available, even harmony with the possibilities of external trade. including the remainder of the EPU special credit. Continuation of the momentarily inevitable cut In order to avoid a payments crisis that would in imports represents a serious danger to domestic have damaged German credit for a long time, the production and employment, which depends on im- Bank advised the Federal Government at the beported raw materials. It is therefore necessary to ginning of February 1951 to invoke Article 3 of redouble efforts to increase exports in order to open the Liberalization Code and to abrogate the Gerthe way for increased imports. The task cannot be man free list for imports of goods from the EPU carried out by German economic policy alone. It area until further notice. This was done on Februwill require the cooperation of all countries with ary 22, and on April 7 the Council of the OEEC which this country trades. However, the necessaryrecognized the necessity of this measure. Pending expansion of exports will also require some restricthe application of new regulations to German imtion of internal demand during the present critical ports from the EPU area, the OEEC agreed to the months, so as to provide the strongest possible inissuance of only limited amounts of import perducements to export. mits. A "mediation committee" set up by the OEEC and consisting of representatives of the At the time this Report goes to press, the internal countries trading with Western Germany played a economic situation does not justify departure from decisive part in the policy governing the issue of the policy of credit restriction. It is true that dethese permits. mand, which was still extremely strong in January 1951, has eased to a certain extent. Some of the This step enabled the Bank deutscher Laender to reserves of purchasing power have been exhausted; honor without exception not only new import the movement in prices has in some cases outlicenses but also those issued before the suspension stripped the growth in incomes; and consumers and of liberalization, without interfering with the origitraders, in view of the price declines in the internal dates of payments. Moreover, it assured the national raw material markets, are perhaps once repayment of the special credit granted by the again beginning to hold back. However, the EPU. Partly as the result of holding new licenses situation remains unstable. As long as there is any to a minimum, and partly because of the marked increase in consumer prices there will be a strong growth in exports and the improvement in the coltendency for wages and salaries to rise even more lection of export proceeds, surpluses amounting to 56.3 million dollars were recorded in the settlements 1 Translator's note: The balance was actually paid off at with the EPU for March and April 1951. Accord- the end of May. AUGUST 1951 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER than prices. This tendency may well entail further restrictive effect. Its extent should not be exagprice rises. It is therefore essential to use every gerated, however, since a further margin of lending means to counteract the present upward trend of is available to many banks. Moreover, the more prices; otherwise it will start a "wage-price spiral." "expansive" banks will try to conform to the prin- Credit policy has to play an important role in this ciples by increasing the amount of their capital and respect because there is little prospect of an in- reserves or their liquid resources rather than by crease in supply. cutting down loans. In any case, it would be im- Although production has recovered during the possible to force widely different individual banks past few months from the setback of December to conform rapidly to a uniform pattern. and January, its further development is impeded by Credit ceiling and credit contraction. At the end scarcities of important materials, notably steel. of January 1951, the Board of Directors of the Bank Shortages of imported raw materials may well ap- deutscher Laender also drew the attention of all pear in the near future, especially if increased ex- commerical banks to the acute monetary emergency ports and trade negotiations with foreign countries and called upon them to take immediate steps to do not soon permit a considerable relaxation of the prevent a further expansion of their short-term present import restrictions. The supply of goods is credits. At the end of February the Board asked already being reduced by the restrictions. The that short-term credits to trade and industry be monthly average of "commercial" foreign trade reduced by approximately DM 1 billion within a showed an import surplus of about DM 138 mil- few months. Thus the Board, instead of pursuing lion in the fourth quarter of 1950; by March 1951, the classical indirect method of restraining credit there was an export surplus of DM 35 million. By by tightening terms, used the direct approach by this change the internal supply situation worsened asking commercial banks to follow a definite course to the extent of nearly DM 175 million per month. of action. In this type of restraint, a great deal It is evident that suspension of trade liberalization depends on the cooperation of the commercial has contributed to a situation that calls for more re- banks. Neither the Bank deutscher Laender nor strictive rather than more liberal credit policy. If the Land Central Banks can give the commercial such a course is not followed, inflationary tendencies banks binding orders in regard to lending. The will become stronger and may, by their effect on most effective means they have for obtaining comexports, jeopardize the chances of overcoming the pliance, in addition to moral suasion, is the denial import bottleneck. of rediscounting facilities at the Land Central The new methods. In January and February Banks. This was expressly ordered by the Board of 1951 the Board of Directors of the Bank deutscher Directors of the Bank deutscher Laender as a sanc- Laender took far-reaching action aimed at affect- tion for noncompliance with the request. Even this ing commercial bank lending directly by quasi- measure, however, is subject to certain limitations administrative means. of both applicability and effectiveness. Credit directives. The Board laid down "guiding The effects. Recent developments indicate that principles" with respect to individual bank ratios the restrictive measures applied at the beginning of of total loans to over-all position, in particular to 1951 have produced some results. For the first time •capital and reserves and to liquid resources. The in- since the Currency Reform, the expansion in shorttention was to re-establish a firm tradition of bank- term credits to trade and industry has not only ing policy. The Currency Reform had upset the stopped but has given place to a considerable reentire balance sheet structure of the banks and duction. This change has been facilitated by a created conditions under which many of the former number of circumstances that put money into the "golden rules of banking" could not be followed. hands of traders and industrialists independently The result was a distortion of the position of in- of credits granted by banks. Most important in dividual banks which should not be made per- this respect were the reduction in the cash deposit manent. required in connection with applications for import The Land Central Banks have been given stand- permits, and the foreign exchange surplus obtained ards in accord with these "guiding principles" by through limitation of imports. As yet there has which to evaluate uniformly the position of banks been no appreciable reduction in the volume of in their areas. To the extent necessary, the Land money, but its expansion has been considerably Central Banks are to see that individual commercial slowed down. The chief elements in the money banks observe the "guiding principles." Since the supply—notes and coin and sight deposits of busiloans granted by many banks during the past two ness and private customers—were somewhat smaller years have greatly exceeded the maximum limits in volume at the end of April 1951 than at the now fixed, these principles will doubtless have some end of 1950. They have tended to increase during •950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER >die past few weeks, however, in accordance with scarcely absorb as large a part of the monetary rethe usual seasonal movement. sources in the future as it did during the first two years after that event. PROSPECTS The intensity of demand inherent in the eco- The reduction in the volume of credit needs to nomic system of Western Germany is likely to be maintained only so long as excess liquidity en- be reinforced soon by powerful boom tendencies dangers the stability of prices and wages and dis- due to the gradual economic incorporation of the courages the use of stocks of raw materials; and German Federal Republic into the North Atlantic *only so long as exports must be promoted by redefense system. In order to avoid a serious danger stricting domestic demand so as to permit the reof inflation, great changes in the monetary aspects sumption of imports at an adequate level before the of the economy will become necessary. In particexhaustion of stocks of imported raw materials. It ular the flow of demand will have to be redirected, should therefore be possible within the foreseeable especially if the growing requirements of the govfuture to reduce the direct pressure on the volume ernment are not accompanied by a corresponding of credits, provided, that the public's propensity to expansion of economic activity. This redirection spend declines again; that, despite present bottleis primarily a problem of financial policy, which will necks, production is brought to a level above that be held even more responsible than hitherto for the ' of last autumn; and that the present expansion in preservation of financial stability. Credit policy exports is sustained. will have to be carried out with a special degree Nevertheless, so far as economic developments of firmness. Since rearmament began, all coun- • can be foreseen, it may be expected that credit tries, including those with satisfactory balance-ofpolicy will have to remain comparatively restrictive payments positions, have reoriented their credit in order to ward of! dangers to financial stability. policy along more restrictive lines. The Bank The period of rapid restoration of productive facilideutscher Laender and the Land Central Banks ties in Western Germany has evidently come to will do everything in their power, without becoman end. In all probability progress will be a good ing inflexible, to make sure that the German monedeal slower in the future and will not justify as tary system remains a firm foundation of economic much credit expansion as there was during the two progress. Only on this basis will Germany's eco- .and a half years following the Currency Reform. Moreover, the rebuilding of financial reserves will nomic achievement reach its maximum. AUGUST 1951 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF ITALY Recent economic and financial developments and 1948 and 1949, has been considerably more rapid policies in Italy are reviewed in the following ex- than in the field of production. According to OEEC cerpts from the "Conclusions" of the Annual Report figures, taking 1938 as base year, the 1950 import of the Ban\ of Italy for 1950. The discussion of volume index for all ERP countries is 103 and the monetary conditions bears directly on the much export index 132. debated question whether the Ban\ has been pur- The export index does not reflect equal progress suing a policy of credit stringency. The report in the majority of the countries but rather a rise also examines the case for currency appreciation, in the exports of two great States, the United Kingwhich was advocated by the Economic Commission dom and France, which, especially in the case of for Europe in its recent Economic Survey, and con- France, are sent in large part to protected markets. cludes that appreciation would be inadvisable underThe import index shows the effect of the contraction .present conditions. of imports as compared to 1938, due to the British trade balance, and of the still low level of German A survey of the salient features of the Italian imports (which, however, are rapidly increasing). economy in 1950 leaves the same general impres- The existence of these particular influences on the sion as is obtained from a study of Europe as a average index explains why Italy has an export whole and of the overseas countries linked with index of 112, lower than the general average of Europe by trade relations and social similarities— increase, but an import index of 136, considerably an impression of remarkable progress in all of the higher than the average. If trade with the colonies main sectors of economic development. is excluded for 1938, however, Italy's quantitative Industrial production. Italy's industrial production indexes rise to 145 for exports and 139 for imports. for 1950, on the average, showed an increase of The indexes thus show that our 1950 trade volume 13 per cent over the 1949 figure and of 18 per cent far exceeded that of 1938—proof of the validity of over the prewar maximum of 1937. The other the methods followed in Italy to make possible the European countries, taken as a whole, have obmaximum freedom of international trade and to tained the same increase as Italy, 13 per cent over promote, through a realistic exchange rate, the 1949; but the figure drops to 10 per cent if we harmonious development of both currents in the exclude Germany, which, as the last country to movement of goods. start her recovery, has been able to make greater progress. In comparison with prewar figures the Simultaneous improvement of the asset items has increases are more variable, the largest having been made possible an ever greater contraction of the registered by countries which suffered less severely general deficit on all balance-of-payment items on from the material and moral damage of the war, current account during the last three years despite and which also have directed their productive re- the quantitative rise in imports. From the exsources toward industrial activities to the detriment tremely high level of over Lit 400 billion in 1947,. of other sectors. In such countries the process of and even including reparation payments under expansion is now losing impetus, while in Italy liabilities in the succeeding years, the deficit on the latest available indexes of industrial production goods and services fell to Lit 177 billion in 1948,, show a more rapid movement than before. Lit 131 billion in 1949 and about Lit 50 billion in Foreign trade and balance of payments. In the 1950, notwithstanding the fact that toward the end trade sector, the progress made by the European of 1950 the higher cost of raw materials was already countries in comparison with the period just before tending to swell the deficit, and our country, bethe war is about the same as that achieved in in- cause of her scarcity of raw materials, could derive dustrial production, while progress as compared only slight benefit from the large purchases made with the low levels immediately following the war by the United States during the second half of and even with those of the two most recent years, the year, which halved the global European deficit vis-a-vis the United States in 1950, allowing some NOTE.—Only a part of the conclusions of the report is nations, especially the United Kingdom, to rebuild printed here. Other chapters review international economic their gold and dollar reserves. conditions, economic and financial developments in Italy, National income, wages, and prices. According to* foreign trade and the balance of payments, and the activities and organization of the Bank of Italy. the figures in the report presented to Parliament 952 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF ITALY by the Minister of the Treasury, national income The seriousness of the risks of currency revaluarose approximately 9-10 per cent in real terms be- tion, the hope that the higher prices of raw matween 1949 and 1950; this has made possible an terials might be temporary, and confidence that increase of 8-9 per cent in consumption and 14-15 Europe would not lack American assistance during per cent in investment. In spite of the fact that this particular period—all of these factors led every individual income is small compared with that in country but one to choose the less difficult way of some countries, the investment level remains at credit expansion. Canada is the one country about 20 per cent of gross income; this proportion which, by allowing a revaluation of her currency, compares favorably with corresponding percentages has tried to check the inflow of foreign flight in richer countries and even shows a continued capital after using large budget surpluses to countertendency to increase. With few exceptions, all of act its inflationary effect. the large categories of investment developed en- Like the others, Italy has taken the less difficult couragingly between 1949 and 1950, particularly in road, as is evident in the data, which disprove the the building industry—which helps so much to claim that there has been a restriction of credit. alleviate the serious problem of unemployment— Monetary and credit conditions. During the second both in the sector directly or indirectly subsidized half of the year, the credit institutions made new by the State and in that of private initiative. loans to the amount of Lit 263 billion to the private The large volume of Italian foreign trade, settled sector and only Lit 32 billion to the Treasury. at exchange rates which remained practically con- They met this need for credit through an increase stant throughout the year, has communicated to of Lit 300 billion in deposits, but with a view to the Italian market the dominant tendencies of the increasing their available liquid resources, they world markets. While in the first half of the year obtained Lit 52 billion from the Bank of Issue; the the Italian market benefited from the stability pre- latter allotted a further amount of Lit 64 billion vailing elsewhere, in the second half it participated for loans to specialized agricultural credit instituin the general rise in prices and the expansion of tions and for deposits with nonbanking firms, and monetary circulation and credit. Lit 142 billion for withdrawals from the ERP In the first six months price variations did not counterpart fund. Although the outflow of cursubstantially affect productive equilibria or distribu- rency was in part offset by the receipts of the tion of income. In fact the increase of some 7-8 Italian Exchange Office (Lit 13 billion) and the per cent in the real-wage level which took place Treasury (Lit 64 billion), the statement of the during that period was the result of limited in- Banca d'ltalia showed an increase in notes in circreases in nominal wages coupled with a slight culation of Lit 181 billion as against a decrease of decline in the cost of living, and balanced the in- Lit 64 billion during the first half of the year. crease in production. The volume of bank credit The net expansion for the year, Lit 117 billion, continued to expand, although at a slower rate and is higher in percentage than that in any of the other without affecting note circulation. During the six principal countries except France. According to months loans granted by credit institutions increased the statistics of the International Monetary Fund, t>v Lit 39 billion; and these institutions, obtaining which take account of the various forms of legal Lit 72 billion from the increase in deposits and monies and deduct cash on hand at the commercial other sources of supply and Lit 27 billion from banks, the increase for the year was 22.2 per cent preconstituted liquid funds, were able to use Lit in France, 12.2 per cent in Italy, 8.8 per cent in 38 billion for allocation to the compulsory reserves Germany, and 1.6 per cent in the United Kingdom, and for subscription to Government securities and while in the United States there was a decrease of to devote Lit 22 billion to the reduction of their 1.6 per cent. indebtedness to the Banca d'ltalia. A rough index of the extent to which such move- During the second half of the year the price ments are inflationary is furnished by the rise in movement resulting from greater American demand wholesale prices. During the first half of the year entailed a large expansion of credit in the United the movement was already under way in the United States and spread to the other markets, setting the Kingdom, where prices increased by 6.3 per cent, nations the alternative of choosing between trying and the United States, where they rose 4.2 per cent. to isolate themselves from the world price trend The tendency in Italy, France, and Germany was by revaluing their currency, or accepting it and still toward stability or slight declines. During the adapting their credit policy—although with the second half of the year, however, prices in France greatest caution—to the increased need for cash on and Italy overtook those in the United Kingdom the part of business. and the United States, and a noticeable upward AUGUST 1951 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF ITALY movement also occurred in Germany.1 By the end institutions are today making available to the Govof last March the increase over June 1950 had ernment a smaller proportion of available funds reached 30.2 per cent in France, 23.1 per cent in than in 1938—a fact amply documented in the Italy, 22.0 per cent in the United Kingdom, and report; (2) a considerable part of the resources 17.6 per -cent in the United States. of a large sector of the banks was in 1938 absorbed In Italy the price movement has been accom- by the financing of holdings immobilized in the panied by an equally extensive expansion of all portfolio of the Institute for Industrial Reconstrucvariables: note circulation, bank money and com- tion, while the corresponding item today is far mercial credit. In respect of credit expansion in smaller in real value; (3) in addition to the ordinary particular, the economic trends which set in toward credit institutions, the public-law institutions for methe middle of the year become especially clear dium- and long-term credit have greatly expanded when one considers the entire period of nine months their operations, especially as a result of Governfrom the end of June to the end of March. Dur- ment assistance; (4) the reconstitution of our gold ing this period the increase in loans from the credit and dollar reserves, financed by the Bank of Issue, institutions to the private sector was Lit 335 billion. has strengthened the cordial relations existing be- In addition to the Lit 335 billion in new credits tween the Italian banking system and foreign sysgranted the private sector, the credit institutions tems, especially those of the United States and made available to the Treasury and allocated to the England, with the further result of putting at the compulsory reserve a total amount of Lit 65 bil- disposal of the Italian economy large additional lion; a further Lit 22 billion was added to liquid credits, of which there were very few in 1938. funds. To perform the above operations, the in- A policy of aiding the development of credit for stitutions obtained Lit 267 billion from the increase productive purposes meets with an internal limit in deposits and on current account, Lit 95 billion in its effects on price trends and indirectly on disfrom minor deposit • items (chiefly accounts in tribution of income and formation of savings, and foreign exchange) and Lit 60 billion from the an external limit in its effects on the balance of increase in recourse to the Bank of Issue. During payments. this nine-month period, therefore, direct recourse Rise in import prices. The high price of raw to the Banca d'ltalia alone supplied the banking materials implies in substance a transfer of wealth system with almost all of the funds needed for the from industrial countries to those producing raw reserve, while the credit institutions obtained from materials, through the larger volume of exports the Italian Exchange Office foreign-exchange adwhich must be made today to finance a given vances of Lit 12 billion, also financed by the Bank volume of imports or in the future to replenish of Issue. During the corresponding nine months foreign-exchange reserves which by then will have of 1949-50, operations of the credit institutions with been utilized. Unfortunately, Italy cannot hope the Bank of Issue had resulted in a net reduction that the burden will be eased for her as it will be of Lit 41 billion in notes in circulation, so that the for certain other countries which can sell at high difference between the two periods for the Bank prices on protected markets or accumulate credits of Issue amounts to over Lit 110 billion. in their metropolitan currencies in favor of affiliated Credit extended to agriculture, public-utility territories. On the contrary, the large deficit in services and industrial and commercial enterprises, the sector of raw and semimanufactured materials taken as a whole, is 77 times larger than before means a heavier burden for Italy than that which the war. The industrial firms have also been able presumably will be felt by most other European to increase considerably their direct recourse to the countries; comparing average 1950 prices and curmoney market, so that during the four-year period rent prices, this burden may be reckoned at about of 1947-50 they obtained from the issue of shares 30 per cent of the total value of Italian imports, as and bonds a total amount of Lit 470 billion, the against an average of 25 per cent for the other equivalent of 66 times the sum they obtained from European countries. the same sources during the four-year period of Furthermore, insofar as high prices are held in 1936-39 (Lit 7.1 billion). check by the activity of international agencies for The theory that funds which should go to the control and allocation, the condition of the economarket are being deflected to the Government mies will reflect the loss of flexibility of their proignores certain facts: (1) that the ordinary credit ductive structures inherent in the operation of such 1 No official wholesale-price index is available for Germany, mechanisms. And this will happen in a period of but there are an official index of the prices of domestic manu- shifting to defense purposes in which productive factures (which rose 22.5 per cent between June 1950 and efficiency already shows a transitory tendency to March 1951) and a raw-materials index (which rose 26.8 decline. per cent). 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF ITALY There may appear at first glance to be a certain ments of guidance for ascertaining the limit within lack of proportion between the primary fact of the which to meet this need for credit expansion. increase in the cost of raw materials in terms of In this first phase of renewed inflation, Italian industrial export products and the consequences policy has set itself the limited goal of preventing which have been anticipated. Even a considerable the tendencies prevailing abroad from having prodeterioration in the Italian terms of trade—such nounced effects on the domestic market. Currency as it is estimated may appear between 1950 and revaluation aimed to neutralize such effects, al- 1951 as a result of a 30 per cent increase in average though under serious consideration in some coununit cost of imports and a 10 per cent increase in tries, appears, for Italy, to be too risky a measure. average unit proceeds of exports—when applied The expansion of credit to private business from to imports worth Lit 900-1,000 billion, entails a the central bank and the commercial banks and burden, in terms of the additional goods and serv- expenditures from the ERP counterpart fund have ices which the country would have to furnish abroad added to the money supply, even though there has to cover the additional cost of imports, of some- been a net loss of foreign exchange, by offsetting thing like Lit 200 billion. its deflationary effect. This was done because it This is a very considerable burden in terms of was considered that a policy of substantial purchasthe problem of equilibrium of the balance of pay- ing would benefit the economy and that, when the ments but amounts to a fairly small fraction of initial strain had been overcome, the balance of paythe national income, so that if it could be dis- ments would regain a tendency toward equilibrium tributed over the entire economy without being through more normal price ratios or a system of magnified by monetary factors it would determine increased reciprocal aid. a limited increase in the cost of living—certainly The existence of reserves formed between the not one large enough seriously to jeopardize the end of 1947 and June 1950 has made it possible capacity to save. As the actual increase in national to avoid drastic domestic measures or severe limiincome amounts to some hundreds of billions of tations on the policy of liberalization of trade with lire a year, the loss incurred in favor of foreign which our country has associated itself. countries would bring the income curve back to We should, however, have no illusions that it where it was no more than a year ago, when its would be possible to introduce and maintain an level was high enough to allow of ample savings, easy credit policy without gravely endangering our after which, barring the action of other exceptional balance of payments within a very short time. The influences, the income curve, retarded by a year return to the market, through the credit channel, or less, would resume its normal rate of develop- of the national currency paid by importers to the ment, as would the savings curve. Exchange Office would push domestic demand high To the extent that available raw materials are enough to absorb production for export as well, so absorbed by the formation of inventory or by mili- that the economy would no longer need to obtain tary production, manufacturers of civilian goods national currency through the surrender to the will have difficulty in obtaining their usual quanti- Exchange Office of export proceeds in foreign exties of supplies. That is, they will not have enough change, and the principal incentive to export would working capital, either as their own funds or as disappear. In short, the basic monetary mechanism credit, to buy a constant volume of raw materials would cease to operate by means of which, under at higher prices and meet other operating expenses a system of inconvertible currency as well as under as well. They will blame insufficient credit for the gold standard, imports create exports and vice the consequent reduction in turnover, but it will versa. The process would create only imports and actually be due to a shortage of real resources. would ultimately require a series of foreign-trade It is true that for the world as a whole the propor- restrictions which would not only upset our protion of real resources absorbed by defense produc- ductive structure but would cause such serious tion and the formation of stocks of strategic sup- frictions and be so hard to apply that they would plies is not yet high; yet all the countries are feel- lead to economic disorder and therefore to a serious ing the influence of the wave of buying and stock- drop in income. piling already under way. An attempt to escape Monetary policy must contribute to the best of the effects of the shortage of real resources by its ability to prevent such repercussions on the balexpanding credit would result in an increase in ance of payments. This is especially true in a inflationary pressures for anyone trying it. country like ours which wishes to conform with Consequences for monetary policy. The trend of dignity to the general tendency of the other ERP prices and the position of the balance of payments countries to limit their requests for aid, but which afford the monetary authorities two essential ele- needs and will continue to need such aid to meet AUGUST 1951 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF ITALY her deficit; for although the deficit has been con- exports must be encouraged as well as activities tracting, it is undoubtedly expanding again under which, even though not highly productive of inpresent circumstances. Pledged to combat serious come, make it possible to give work to the unemstructural problems, we, more than others, face the ployed in the poorest sections of the country withnecessity of lengthening the duration of foreign aid, out requiring any considerable amount of imported by showing through a severe policy that we are raw materials, especially those in short supply. making the most economical use of it. Recent experience in all countries has shown, Finally, consideration must be given to the fact however, that we should not expect too much either that while the flow of savings shows a tendency of a very strict qualitative credit control of the to shrink, an analysis of actual and estimated figures type which France introduced at one time but soon now shows that, after three years of continued abandoned, or of quantitative controls, which in improvement, the Government budget deficit is the long run do not check the action of the inflatending to expand, so that it is becoming harder tionary virus once it has entered the circulatory for the Treasury to cover this deficit by direct system of the economy. recourse to the market. The return by all countries to the use of the Credit policy thus faces a more difficult task of instruments of the interest rate and limitation of directing financial resources toward the essential the total volume of credit, and the concern shown needs of the Treasury and the private sector than over the reappearance of moderate budget deficits it has been called upon to perform in the last few in countries like England and the United States years. which had surpluses until 1950, show the impor- On the technical level, the task is facilitated by tance everywhere attached, in the fight against the fact that the Italian banking system has already inflation, to the use of fiscal methods and firm reached the limit of its capacity; in contrast to the credit control, although no one harbors the illusion situation of 1946-47 in Italy and that still prevailing that credit can magically accomplish, without diffiin many foreign countries, mainly the United States culties, the necessary process of adaptation. and the United Kingdom, it does not have sizable Conclusion. The encouraging increase in Italian margins, in the form of free deposits with the national income during the last few years and its central bank and the Treasury and of short-term still continuing upward tendency give hope that Government securities, on the basis of which to it will be possible, with a slight slackening in the provide for an autonomous expansion of credit. rate of progress, to deal successfully with those In Italy loans from the credit institutions to the shortages and restrictions which become inevitable private sector absorb 68 per cent of their assets, when certain bottlenecks appear and a country faces the compulsory reserves 16 per cent and the Gov- the shifting of part of its resources to purposes not ernment securities (largely committed for the guar- directly productive. If no errors are made to block antee of advances, the issue of circular checks, etc.) the natural process of converting higher income only 15 per cent. In the United States 50 per cent into new sources of production, Italy may not have and in the United Kingdom 60 per cent of the to interrupt the upward course followed in recent assets of the credit institutions are invested in Gov- years at such a promising rate of progress. ernment securities. The fundamental necessity of directing all our The problem lies in deciding whether the quan- efforts toward this goal requires an even closer titative and qualitative controls already in effect watch over the critical points which determine the could be usefully supplemented by further qualita- functioning of the economy. tive restrictions. In this respect the current Italian Within the broader framework of a general ecopolicy differs less than it may appear from that of nomic policy capable of assuring basic equilibrium the other countries, inasmuch as both place more between production and consumption and a fair reliance on quantitative measures than on qualita- distribution of available income, the monetary and tives ones. the banking system, working at a point which is Selective control of the destination of available perhaps the most sensitive and delicate in the funds under the conditions foreseen for the near entire complex, will have done their task well if future must reconcile the need for protecting equi- they succeed in preventing those distortions and librium of the balance of payments with that for disequilibria which could finally jeopardize the maintaining domestic economic development. Thus improvement for which we hope. 956 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretation of banking laws, new regulations issued by the Board of Governors, and other similar material Legislation alterations, or improvements or require any down payment on roofing or siding repairs, altera- Extension of Defense Production Act tions or improvements in advance of completion By act of Congress approved July 31, 1951 (Pubthereof. lic Law 96—82d Congress) the Defense Production Act of 1950, published in the 1950 Federal Section 603 of the Act was amended to read as Reserve BULLETIN beginning on p. 1158, which, follows: among other things, contains authority for the Sec. 603. Any person who willfully violates guarantee of defense production loans, the control any provision of section 601, 602, or 605 or any of consumer credit, and the regulation of real regulation or order issued thereunder, upon conestate credit, and which would have expired viction thereof, shall be fined not more than July 31, 1951, was amended in many respects and $5,000 or imprisoned not more than one year, extended until July 1, 1952. or both. With regard to the provisions relating to credit Section 605 of the Act was amended by adding the control, section 601 of the 1950 Act was amended following sentences at the end thereof: by adding the following paragraph at the end Subject to the provision of this section with rethereof: respect to preserving the relative credit pref- In the exercise of its authority under this erences accorded to veterans under existing section, the Board shall not (1) require a down law, the President may require lenders or borpayment of more than one-third or fix a maxi- rowers and their successors and assigns to mum maturity of less than eighteen months in comply with reasonable conditions and requireconnection with instalment credit extended for ments, in addition to those provided by other the purchase of a new or used automobile, or laws, in connection with any loan of a type (2) require a down payment of more than 15 which has been the subject of action by the per centum or fix a maximum maturity of less President under this section. Such conditions than eighteen months in connection with in- and requirements may vary for classifications of stalment credit extended for the purchase of persons or transactions as the President may any household appliance (including phono- prescribe, and failure to comply therewith shall graphs and radios and television sets), or (3) constitute a violation of this section. require a down payment of more than 15 per In addition, certain amendments were made to centum or fix a maximum maturity of less than the Housing and Rent Act of 1947, one of which eighteen months in connection with instalment amends section 204 of that Act so as to authorize credit extended for the purchase of household the President to establish rent controls in critical furniture and floor coverings (the down paydefense housing areas, and adds the following subments required by the Board in the exercise of section providing for the relaxation of real estate its authority under paragraphs (1), (2), and construction credit controls in such areas: (3) may be made in cash, or by trade-in or exchange of property, or by a combination of cash (m) Whenever an area has been certified and trade-in or exchange of property), or (4) under subsection (1) to be a critical defense require a down payment of more than 10 per housing area, real-estate construction credit concentum or fix a maximum maturity of less trols imposed under title VI of the Defense than thirty-six months in connection with in- Production Act of 1950 shall be relaxed to the stalment credit extended for residential repairs, extent necessary to encourage construction of AUGUST 1951 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT housing for defense workers and military per- Required sonnel: Provided, That the certification, pur- Down Maximum suant to subsection (1), that an area is a critical Type of instalment Credit Payment Maturity defense housing area shall not be effective in Automobiles 33^% 18 months such area for any of the purposes of this section Household appliances, radio, until such real-estate construction credit controls and television sets 15% 18 months have been relaxed as provided in this subsection Furniture 15% 18 months to the extent necessary in the determination of Residential repairs and imthe President. The fact that any area has been provements 10% 36 months certified as a critical defense housing area under Unclassified instalment loans 18 months subsection (1) shall not make such area ineligible for the location of additional defense In addition, the Board exempted from the proplants, facilities, or installations, or as a source visions of Regulation W any instalment credit reof additional military procurement of any sort. quired for the installation of sewerage and other related facilities, including plumbing and plumbing fixtures, where the householder is required to Consumer Credit make such installation by local State or Federal Court Proceedings Health and sanitary regulations. The text of the amendment is as follows: A criminal information was filed on July 26, 1951, in the United States District Court in New AMENDMENT NO. 4 TO REGULATION W York City charging Personal Finance Company of New York with 1,018 violations of Regulation W. Issued by the Board of Governors of the Federal Reserve System This is the first criminal case instituted in connection with Regulation W under the Defense Pro- Regulation W is hereby amended in the followduction Act of 1950. ing respects, effective July 31, 1951: Amendment to Regulation W (1) By inserting in section 1 following "Defense Production Act of 1950," the language "as The Board of Governors of the Federal Reserve amended,". System, in accordance with the Defense Production Act Amendments of 1951, issued Amendment (2) By amending subsection(c) of section 3 to No. 4 to Regulation W, relating to consumer credit, read as follows: effective July 31, 1951. The amendment lengthens Time of Down Payment.—The down payment the maximum maturity applicable to instalment shall be obtained at or before the time of delivery credit for automobiles, household appliances, radio of the listed article; except that in the case of an and television sets, and furniture from 15 to 18 article listed in Group D, neither this section 3(<r), months, and for home repair and improvements section 6(£), nor section 6(/) shall be deemed to from 30 to 36 months. Longer maximum maturities require compliance in advance of completion of are also provided for consumer instalment loans for the agreed upon repairs, alterations, or improveother purposes. ments. In accordance with the new legislation, down (3) By inserting in the first sentence of subpayment requirements for household appliances and section {b) of section 3 the word "and" before the for radio and television sets have been reduced from figure "(2))" by changing the comma after the 25 per cent to 15 per cent. The down payments word "month" at the end of clause (2) to a period, required by the regulation may be made in cash, and by deleting the remainder of such sentence. trade-in, or a combination of trade-in and cash. The 10 per cent down payment required for home (4) By inserting in the first sentence of subrepair and improvements now need not be obtained section (c) of section 4 the word "and" before the prior to completion of the work. figure "(2)," by changing the comma after the The following table summarizes the revised terms word "month" at the end of clause (2) to a period, of the regulation: and by deleting the remainder of such sentence. 958 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (5) By deleting the last sentence of paragraph to health and sanitation, where the Registrant (2) of subsection {a) of section 5. accepts in good faith a written statement signed by the obligor certifying that such credit is for (6) By deleting the last sentence of the first parathe above purpose. graph of subsection (b) of section 5. (11) By changing "25 per cent" and "75 per (7) By amending item (3) in subsection (c) of cent" in Part 1, Group B of the Supplement to section 6 to read as follows: read, respectively, "15 per cent" and "85 per cent" "(3) The amount of the purchaser's down payment (i) in cash and (ii) in property accepted (12) By changing the maximum maturity stated as trade-in, together with a brief description in Part 2 of the Supplement for articles listed in identifying such property and stating the Group A, Group B, Croup C and for Unclassified monetary value assigned thereto in good Instalment Loans, respectively, from "15 months" faith;". to "18 months," and for articles listed in Group D from "30 months" to "36 months." (8) By amending the last two sentences of subsection (c) of section 6 to read as follows: (13) By changing the figure "18" to "21" in The record need not include a description of Part 3 of the Supplement. the article if it is purchased by means of a (14) By deleting from the last sentence in the coupon boo\ or similar medium of instalment first paragraph of Part 4 of the Supplement the credit upon which there has been made a down language "in the case of an automobile." payment at least as great as the down payment required by this regulation on the article sold (15) by amending the first paragraph of Part 5 by the Registrant. The record need not include of the Supplement to read as follows: the information called for by items (2) and (4) Part 5. Calculation of Down Payments for Arif the Registrant is one who, with respect to the ticles in Groups B, C, and D.—In the case of any article, customarily quotes to the public a time article listed in Group B, Group C, or Group D, price only which includes the finance or other the required down payment and the maximum charges, if any, provided he sets forth such time loan value shall be the specified percentage of price in such record, and provided he obtains a the cash price of the article. Such required down down payment which is at least as large as would payment may be obtained in the form of cash, be required if the percentage specified for the trade-in, or both. article in the Supplement were applicable to the time price. Real Estate Credit (9) By amending subsection (;) of section 6 to Dining Cars as Nonresidential Structures read as follows: The question has been raised whether Regula- (;") Trade-in.—Any property which the seller tion X applies to extensions of credit in connection of a listed article buys or receives in exchange, with sales of what are commonly known as "dining or arranges to have bought or so received, from cars" to be used as restaurants. the purchaser at or about the time of the purchase It is the view of the Board of Governors of the of the listed article shall be regarded as a trade-in Federal Reserve System that when a "dining car" for the purposes of this regulation. is placed on a foundation constructed on real property, and the utility connections necessary for (10) By adding at the end of section 7 a new its operation as a restaurant are installed, it becomes subsection (m) reading as follows: a "nonresidential structure" within the meaning of (m) Credit for Sewerage Installations. — Any section 2(r) or Regulation X; accordingly, in such credit for the purpose of financing the installacases, an extension of credit in connection with the tion of sewerage and necessary related facilities sale of the dining car is subject to Regulation X. (including plumbing and plumbing fixtures), required in order to comply with a statute, Unavoidable Delay in Credit Extension ordinance, or regulation of the United States, Section 5(^) of Regulation X provides that the a State or political subdivision thereof, pertaining regulation does not apply to real estate construction AUGUST 1951 959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT credit extended prior to 32 days after certain new the building occupied by the member bank, and construction is completed. Credit extended after that, subsequently, the member bank purchased the 32-day period is exempt, however, in cases the note. where the extension of credit is necessarily delayed Ordinarily the purchase of negotiable paper in the by title difficulties, pending litigation with respect open market does not amount to a loan or extension to the property, or comparable circumstances. of credit to the original borrower. However, the facts and circumstances of a particular case would Casualty Exemption for Tenants alter this conclusion. One of the purposes of In answer to an inquiry concerning section 5(e) section 23A was to limit loans or extensions of of Regulation X, with respect to exemptions to credit to affiliates of member banks, and this purreal estate construction credit due to casualties, it pose could be easily defeated by a purely technical is the opinion of the Board of Governors of the interpretation of the statute. Thus, an affiliate Federal Reserve System that the applicability of could arrange for credit from a third party with a the exemption extends to tenants as well as owners side agreement, written or oral, that the member of structures destroyed or substantially damaged by bank would purchase the affiliate's note. Because flood, fire, or other similar casualties. of the ease with which the statute could be evaded, and the difficulty of distinguishing the cases, the Loans to Affiliates Board believes it advisable to class all purchases by member banks of notes of their affiliates as loans Purchase of Affiliate's Note or extensions of credit to affiliated organizations. The Board of Governors of the Federal Reserve With respect to a deed of trust as security for System has been requested to consider the question such loans and extensions of credit, the ruling conwhether the purchase by a member bank of the tained in the 1933 Federal Reserve BULLETIN, at note of an affiliated corporation amounts to a loan page 566, to the effect that real estate mortgages or extension of credit to the affiliate within the ordinarily do not meet the "market value" test meaning of section 23A of the Federal Reserve Act. prescribed by section 23A for "stocks, bonds, de- It is stated that the affiliate borrowed from another bentures, or other such obligations," is equally bank giving as security therefor a deed of trust on applicable to a deed of trust. 960 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Changes in Board's Staff Deposit Data by Counties and Metropolitan Areas Mr. Clarke L. Fauver, formerly an Assistant in The pamphlet giving the distribution of bank the Division of Selective Credit Regulation, was deposits by counties, last published by the Board of appointed as an Assistant Director of that Division Governors as of June 30, 1949, has been expanded effective July 20, 1951. Mr. Fauver became assoto include a tabulation of the deposits in the 168 ciated with the Board of Governors in December standard metropolitan areas in continental United 1947, as an Economist in the Division of Research States as defined by the Bureau of the Census. Data and Statistics and subsequently served as Administrative Assistant to the Chairman. for total deposits and demand and time deposits of Mr. E. A. Heath, Assistant Cashier and Assistant individuals, partnerships, and corporations are given Secretary of the Federal Reserve Bank of Chicago, as of December 30, 1950. The pamphlet, entitled who had been serving on a temporary assignment Distribution of Ban\ Deposits by Counties and as Acting Assistant Director of the Division of Standard Metropolitan Areas, may be obtained upon Selective Credit Regulation, has returned to the request from the Board's Division of Administrative Reserve Bank. Services, Washington 25, D. C. Appointment of Class C Director On August 7, 1951, the Board of Governors an- Admissions of State Banks to Membership in the Federal Reserve System nounced the appointment of Mr. William }. Meinel, Chairman and President, Heintz Manufacturing The following State banks were admitted to Company, Philadelphia, Pennsylvania, as a Class C membership in the Federal Reserve System during director of the Federal Reserve Bank of Philadelthe period May 16, 1951 to July 15, 1951: phia for the unexpired portion of the three-year term ending December 31, 1951. He succeeded New Yor\ Mr. Philip T. Sharpies, Chairman, The Sharpies Corporation, Philadelphia, Pennsylvania, who re- Broadalbin—The Broadalbin Bank signed. Mr. Meinel had been serving as a Class B director Texas of the Federal Reserve Bank of Philadelphia since January 1, 1947. Sunray—Sunray State Bank AUGUST 1951 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 27 and released for publication July 30] Industrial production in June was at about the A slight decline in nondurable goods production same level as during the first five months of this reflected largely a further easing in demand for year, but a somewhat more than seasonal decline is textile and paper products. By June, output of indicated in July. Prices of raw materials have these and some other nondurable goods was only decreased further in the first three weeks of July moderately below earlier peak rates but larger than owing in part to prospects of near record crops. seasonal declines are indicated in July. Consumer buying of automobiles and department Output at mines was at a record level in June, store goods has been maintained, however, for this reflecting an increase in coal in anticipation of the season of the year. The rate of Federal defense vacation period for miners in July, and a slight expenditures has continued to rise considerably. further expansion in crude petroleum. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's index of output at factories and Construction contract awards, which rose to an mines in June was 222 per cent of the 1935-39 aver- unprecedented total in May as a result chiefly of age, and 12 per cent greater than a year ago. Pre- almost 1 billion dollars of publicly financed Atomic liminary indications are that the index may decline Energy awards, declined in June to about the April to around 215 in July owing mainly to vacation total. Private awards also fell ofif following a shutdowns in nondurable goods industries, which marked rise in May. Private housing starts in June are not currently allowed for in the index, and a remained substantially below last year's high level, further restricted volume of auto assemblies. but because of an exceptionally large volume of Total durable goods output was maintained in publicly financed units started, the total was only June as further increases in industrial and military moderately below a year ago. equipment offset additional curtailments in output of furniture and other household goods. Although EMPLOYMENT increasing only moderately in recent months, ma- Employment in nonagricultural establishments in chinery output has risen more than 25 per cent in June, after adjustment for seasonal variation, was the past year. Output of aircraft and ordnance has maintained at the record May level. The workpractically doubled since last June. Reflecting ca- week in manufacturing industries continued to pacity limitations, production of basic metals has average close to 41 hours; average hourly earnings changed little in recent months. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION -LIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS OF PERSONS JNALLY ADJUSTED, 1935 - . 48 r r /—• 46 TOTA FINING / . V TOTAL P 44 y r 1 42 140 MA DURABLEES / 40 — )E w ft 220 V 1 RNMENT FINANCEAND SERVI 6 —-/ ±2 \ W / M N A O NU N F D A U C R T A U B R L E E S 4 ,<™ 2 CONSTRUCTION 0 100 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 Bureau of Labor Statistics' data adjusted for seasonal varia- Federal Reserve indexes. Monthly figures, latest shown are tion by Federal Reserve. Proprietors and domestic servants for June. are not included. Midmonth figures, latest shown are for June. 962 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS advanced further by about 2 cents to $1.60 per hour. which indicated a crop even larger than had been Unemployment this June was at the lowest level anticipated earlier. Wholesale prices of most for any June since 1945. finished goods have been maintained, although reductions have recently become more numerous AGRICULTURE reflecting reduced inventory demands and further Crop production, based on July 1 conditions, was declines in prices of some materials. officially forecast to be close to the 1948 record and Consumer prices eased slightly in June but the 7 per cent above last year. Cotton acreage was index was 9 per cent above June 1950. Only rents indicated to be three-fifths greater, and somewhat increased slightly further. larger hay and grain crops were forecast. Milk and egg production in June was at last year's level. BANK CREDIT AND THE MONEY SUPPLY Marketings of meat animals, however, in June and Business loans outstanding at banks in leading the first three weeks of July have fallen about cities increased in June but declined somewhat in 5 per cent below year-ago levels. the first half of July. Loans for defense-supporting activities, including principally loans to metal man- DISTRIBUTION ufacturers and public utilities, expanded further, The seasonally adjusted total value of retail while loans to processors of agricultural commodisales has continued to show little change from the ties were reduced further. reduced level reached in April. Durable goods sales Deposits and currency held by businesses and inwere somewhat lower in June owing largely to a dividuals increased somewhat during June but further decline in sales of building materials and showed little further change in early July. In June, hardware. Department store sales showed some- the rate of use of demand deposits at banks in leadwhat less than the usual seasonal decline from June ing cities outside New York, on a seasonally adto the first three weeks in July. Value of depart- justed basis, remained at the high May level. ment store stocks declined moderately further in Average interest rates charged by commercial June, but wras still about 30 per cent above a year banks on short-term business loans rose slightly ago. further from March to June in all areas of the COMMODITY PRICES country. The general level of wholesale commodity prices MONEY MARKETS has declined since mid-June, to a level about 3 per Yields on Government securities generally decent below the high reached in mid-March. As clined slightly in the first three weeks of July. The during earlier months, the recent decline has re- Treasury increased the bill offering by 200 million flected chiefly decreases in prices of industrial mate- dollars each week. On July 12 the Secretary of the rials. Spot cotton prices, which had held at ceiling Treasury announced the offering of an 11-month levels until July 3, dropped rapidly following the \% per cent certificate of indebtedness to holders release on July 9 of the Government acreage report, of the Treasury notes maturing August 1. WHOLESALE COMMODITY PRICES MEMBER BANKS IN LEADING CITIES a. bUV I « 80 L :POSITS IA fyi 1944 |945 1946 1947 1948 1949 1950 1951 Bureau of Labor Statistics' indexes. Weekly figures, latest * CHANGE IN SERIES. shown are for week ending July 24. Wednesday figures, latest shown are for July 25. 963 AUGUST 1951 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. ... 967-968 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V 968-969 Federal Reserve Bank statistics. 970-974 Guaranteed Regulation V loans. 974 Deposits and reserves of member banks. 975 Money in circulation. 976-977 Bank debits and deposit turnover; Postal Savings System 977 Consolidated statement of the monetary system, deposits and currency 978 All banks in the United States, by classes 979-981 All insured commercial banks in the United States, by classes. . 982-983 Weekly reporting member banks 984-987 Number of banking offices on Federal Reserve par list and not on par list 988 Commercial paper, bankers' acceptances, and brokers' balances. 989 Money rates; bank rates on business loans; bond yields. . 990 Security prices and new issues. ..... 991-992 Corporate sales, profits, and dividends. 992-994 Treasury finance 995-997 Government corporations and credit agencies. 998 Business indexes 999-1008 Department store statistics.. 1009-1012 Cost of living.. 1012 Wholesale prices 1013 Gross national product, national income, and personal income. 1014-1015 Consumer credit statistics 1016-1018 Current statistics for Federal Reserve chart book. 1019-1023 July crop report, by Federal Reserve districts. 1024 Member bank operating ratios, 1950. 1025-1027 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 arc 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 arc 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. 965 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES w^/K^f/v^yA/^^v 1942 1943 1944 !945 1946 1947 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES 10 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures latest shown are for July 25. See page 967. 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n i d s n d - - ts U. S. s e G cu o r v it e ie rn s c m B er e i t l n i l f s t i , - ot A h l e l r1 Total s G to o c ld k s T r t o e c u r a u u n e r n a t r c y d - - y s - - M i c n t u i o o l c n a n i e - r y - T h c i u r o n a e r l g s a y d h s s - - F u T p e s w r R e r o d y e r i s e e v t a - i r d h t e s a e s - l - b p m N e o r e o s m d i n t e - s - - O s F e R t e a e r e c r h d a - - v e - l e r Total qu R i e r - ed2 Exvances Total Bonds cates, Banks counts and notes Wednesday figures: 1950—June 7. 9417,672 5,726 11,946 377 18,14324,232 4,605 27,079 ,309 472 1,321 73316,067 15,350 717 June 14. 7917,693 5,681 12,012 498 18,270 24,232 4,604 26,993 ,304 319 1,447 73516,309 15,433 876 June 21. 7417,679 5,650 12,029 508 18' ,26124,231 4,604 26,926 ,294 529 1,395 78416,169 15,522 647 June 28. 6918,217 5,644 12,573 281 18,56724,230 4,608 27,026 ,306 866 1,441 77815,988 15,462 526 July 5. 8318,586 5,555 13,031 281 18,950 24,231 4,607 27,315 302 645 1,470 80216,254 15,463 791 July 12. 6518,294 5,411 12,883 399 18,757 24,207 4,606 27,169 ,309 383 1,457 80416,448 15,544 904 July 19. 19917,869 5,286 12,583 407 18,475 24,207 4,606 27,029 ,310 525 1,462 80416,157 15,527 630 July 26. 35017,964 4,997 12,967 322 18,63624,157 4,605 26,915 ,315 504 1,439 80916,415 15,585 830 Aug. 2. 30118,143 4,860 13,283 318 18,76224,136 4,609 27,000 ,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,90424,035 4,608 27,015 ,309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 449 18,88923,954 4,608 26,976 ,309 717 1,392 75916,298 15,613 685 Aug. 23. 11518,577 5,440 13,137 191 18,88323,803 4,609 26,963 ,308 562 1,272 74816,442 15,686 756 Aug. 30. 10718,584 6,551 12,033 288 18,97923,752 4,611 27,042 ,308 676 1,304 72816,285 15,767 518 Sept. 6. 9918,942 7,284 11,658 396 19,438 23,577 4,613 27,259 ,311 511 1,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,665 23,576 4,613 27,151 ,305 648 1,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,169 23,525 4,613 27,081 ,301 654 1,204 76816,299 15,946 353 Sept. 27. 12019,353 3,773 15,580 601 20,075 23,474 4,614 27,060 ,307 1,144 1,190 76216,699 15,837 862 Oct. 4. 45 19,375 3,824 15,551 552 19,97223,482 4,617 27,188 ,308 848 1,288 81316,626 15,848 778 Oct. 11. 68 19,507 3,923 15,584 470 20,04423,432 4,618 27,339 ,316 508 1,332 81016,789 15,829 960 Oct. 18. 39 19,506 3,979 15,527 881 20,426 23,291 4,617 27,228 ,313 449 1,292 80717,245 15,995 1,250 Oct. 25. 50 19,229 4,058 15,171 473 19,753 23,290 4,618 27,121 ,300 420 1,367 80516,649 15.962 687 Nov. 1. 11119,291 4,198 15,093 458 19,860 23,249 4,622 27,219 ,304 452 1,335 74816,674 15,947 727 Nov. 8. 29119,311 4,271 15,040 251 19,853 23,198 4,622 27,388 ,292 298 1,324 74816,625 15,906 719 Nov. 15. 7119,425 4,281 15,144 675 20,17123,148 4,621 27,296 ,304 341 1,199 74517,054 16,044 1,010 Nov. 22. 24719,296 4,268 15,028 619 20,16223,097 4,622 27,450 ,281 541 1,242 74516,622 16,084 538 Nov. 29. 24019,569 4,346 15,223 692 20,50123,037 4,626 27,543 ,298 564 1,218 74216,799 16,120 679 Dec. 6. 110 20,239 4,571 15,668 573 20,92222,976 4,628 27,698 ,294 540 1,220 72517,049 16,100 949 Dec. 13. 69 20,529 4,820 15,709 74621,344 22,926 4,628 27,759 ,294 451 1,213 71617,465 16,365 1,100 Dec. 20. 5420,227 4,533 15,6941,583 21,864 22,796 4,630 27,929 ,291 685 1,208 76017,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,081 21,720 22,795 4,631 27,916 ,295 786 1,215 76017,174 16,415 759 1951—Jan. 3. 2820,571 4,624 15,9471,281 21,879 22,706 4,634 27,685 ,299 546 1,250 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 70021,23522,546 4,635 27,415 ,308 273 1,173 74517,502 16,391 1,111 Jan. 17. 10120,798 4,747 16,0511,024 21,92322,494 4,635 27,200 ,303 105 1,113 74318,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 79021,608 22,443 4,635 27,028 ,303 256 1,095 74318,260 17,610 650 Jan. 31. 79821,484 4,965 16,519 76923,05122,392 4,638 27,048 ,297 807 1,206 73718,984 18,047 937 Feb. 7. 64321,641 5,080 16,561 976 23,260 22,341 4,638 27,125 ,307 795 1,200 73619,075 18,249 826 Feb. 14. 29421,808 5,202 16,6061,229 23,330 22,260 4,637 27,159 ,292 864 1,226 73418,952 18,211 741 Feb. 21. 196 21,854 5,320 16,5341,233 23,,283 22,207 4,637 27,164 ,277 796 1,223 73318,934 18,357 577 Feb. 28. 39721,881 5,393 16,488 909 23,18822,086 4,640 27,188 ,293 465 1,172 72919,066 18,366 700 Mar. 7. 20722,179 5,592 16,587 840 23,22621,951 4,639 27,219 ,308 495 1,065 72419,004 18,288 716 Mar. 14. 22,426 5,859 16,5671,093 23,65221,900 4,639 27,167 ,283 420 1,102 72119,498 18,456 1,042 Mar. 21. 15122,348 5,891 16,4571,109 23,60721,856 4,638 27,121 1,295 608 1,042 73419,301 18,724 577 Mar. 28. 47122,606 6,032 16,574 77523,85221,855 4,637 27,038 1,299 1,052 1,197 73619,023 18,535 488 Apr. 4. 126 22,914 6,288 16,626 77323,81321,806 4,640 27,138 1,304 711 ,213 75319,141 18,495 646 Apr. 11. 92 23,086 6,498 16,588 71723,89521,806 4,640 27,166 1,287 411 ,190 75319,533 18,546 987 Apr. 18. 114 23,086 6,544 16,5421,034 24, ,807 4,640 27,157 1,293 621 184 75219,674 18,558 1,116 Apr. 25. 149 22,940 6,570 16,370 70023,789 21,807 4,641 27,122 1,296 678 1,212 75319,176 18,482 694 May 2. 264 22,716 6,570 16,146 74423,72421,755 4,643 27,255 1,294 707 1,226 69718,942 18,486 456 May 9. 42222,544 6,618 15,926 74023,706 21,755 4,643 27,315 1,298 767 1,195 69618,833 18,270 563 May 16. 542 22 ,397 6,644 15,753 97423.91321,755 4,643 27,287 1,297 745 1,214 69519,072 18,306 766 May 23. 226 22,413 6,713 15,700 77223,41121,755 4,642 27,251 1,290 765 1,201 69618,606 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 69318,508 18,202 306 June 6. 128 22,653 6,869 15,784 76523,54621,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 863 June 13. 179 22,758 6,936 15,822 846 23,78321,756 4,647 27,499 1,289 129 1,095 68619,487 18,417 1,070 June 20. 165 22,806 6,736 16,0701,178 24,150 21,755 4,648 27,479 1,285 433 1,099 77419,482 18,642 840 June 27. 220 22,843 6,809 16,034 852 23,916 21,755 4,650 27,601 1,286 418 1,139 77519,102 18,564 538 July 3. 181 22,977 6,822 16,155 812 23,970 21,756 4,654 27,948 1,287 179 1,014 76419,189 18,556 633 July 11. 23,092 5,822 17,270 938 24,26721,757 4,656 27,893 1,296 253 1,107 76819,364 18,459 905 Tuly 18. 300 23,081 5,822 17,2591,223 24,605 ,758 4,656 27,781 1,296 612 1,183 76619,380P18.430 July 25. 78 23,057 5,822 17,235 928 24,063 21,759 4,658 27,706 1,305 424 1,191 76719,088 P18.430 v Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.— See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 967 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S. s e G cu o r v i e ti r e n s ment T u re ry as- Money Treas- u T p r o r y e s a i d t s e s - - Non- O F e t e r h a d e l - r Oate or period co D u is n - ts s G to o c ld k rency i c n u l c a ir - - c u a r s y h Fe w d i e t r h al b m er e m de - - Rea a n d d - c B er i t l i l f s i , - ot A h l e l r1 Total s o ta u n t- d- tion h i o n l g d s - s R er e v - e posits se a r c v - e Total qu R ir e e - d5 c E es x s - 1 vances Total Bonds cates, ing Banks counts and notes End of period: 1929—June 29.. . 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30.. . 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1 1 9 9 3 4 9 1 — —D D e e c c . . 3 3 1 0 . . .. .. 3 7 2 2 , , 2 4 5 8 4 4 1 1 , , 4 35 6 1 7 1,1 7 3 8 3 7 1 1 0 0 4 2 2 2, , 3 5 6 9 1 3 2 1 2 7 , , 7 6 3 4 7 4 2 3, , 2 9 4 6 7 3 1 7 1 , , 5 1 9 6 8 0 2d2 , , 2 4 1 0 5 9 6 86 3 7 4 1,3 6 6 53 0 2 29 5 1 1 1 1 2 1 , ,6 4 5 5 3 0 9 6 , , 3 4 6 4 5 4 3 5 , , 0 2 8 0 5 9 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... 16323,350 753 22,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31... 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30... 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31... 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30... 103 19,343 7,780 11,563 250 19,696 24,466 4,597 27,493 L.307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19.499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,018 1950—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 ,304 733 1,190 724 15,989 15,770 219 Sept 72 19,572 3,793 15,779 695 20,340 23,483 4,618 27,161 1,322 1,114 1,374 759 16,709 15,821 888 Oct. 116 19,252 4,180 15,072 431 19,798 23,249 4,623 27,228 1,295 569 1,315 749 16,514 15,925 589 Nov 162 19,693 4,364 15,329 783 20,638 23,037 4,627 27,595 1,287 714 1,206 738 16,763 16,118 645 Dec 67 20,778 4,620 16.158 1,371 22,216 22,706 4,636 27,741 ,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 ,297 807 1,206 737 18,984 18,047 937 Feb. 397 21,881 5,393 16,488 909 23,188 22,086 4,640 27,188 L ,293 465 1,172 729 19,066 18,366 700 Mar 275 22,910 6,187 16,723 964 24,150 21,806 4,640 27,119 ,293 1,114 1,322 734 19,014 18,367 647 Apr 283 22,742 6,570 16,172 535 23,560 21,805 4,643 27,278 ,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 L.293 666 1,179 690 18,536 18,206 330 Tune 53 22,982 6,822 16,160 1,007 24,043 21,756 4,655 27,809 ,281 317 1,262 765 19,020 18,604 416 July 277 23,078 5,822 17,256 679 24,033 P21.759 P4,663 P27.846 V ,303 584 1,159 700 18,863 P18,39O M73 Averages of dally figures: 1950— May 116 17,486 5,937 11,549 403 18,005 24,236 4,602 27,022 ,302 563 1,299 717 15,941 15,237 704 June 84 17,800 5,683 12,117 440 18,325 24,231 4,605 27,026 \ ,299 512 1,372 759 16,194 15,426 767 July 140 18,129 5,297 12,832 434 18,703 24,192 4,606 27,117 ,305 549 1,481 796 16,253 15,507 746 1951—May 438 22.438 6,654 15,784 811 23,686 21,757 4,643 27,324 ,291 640 1,243 696 18,892 18,302 590 June 170122,797 6,826 15,971 946 23,913 21,755 4,647 27,548 ,286 280 1,162 731 19,309 18,475 834 July 19423.059, 6,113 16,946 1,032 24,285 21,757 4,656 27,859 ,291 405 1,158 756 19,229 I For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time S O P a o t v h s i e t n a r l g d s S e a d p v e o i p s n o i g t s s s i ts d p e a p y o a s b i l t e s : 2 2V V* Ef o fe f ct c i h v a e n d ge ate C r b e e c a s n i e n t t r y k r v s 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 s l b l s i e t ) s r In 6 months or more I* In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22M 3 12 1 1941—Nov. 1 26 20 14 e e m t p i b n i f s a a o f a t N i e n n a y w d c b k O t h Q s l i n b T i v i s c . o y o e E h h t r . e F — i U d t t i n e r n h s n u M b e b u d s . a y a r t m e 1 n e x r , c y d e i t o m 1 h t m h m e 9 e n u b i v 3 o m s p e 6 e B n a r , n R m o n a t r b e a i a r e e a r g e e t m s d n x e u t k s o c b l h o a e n e e f i t t e r s i h s d l o i G a a b l k n o m t t a e o h c n t e v m e a d h k e a t e e s a r e s m p n y d r o t a o a . a h s s r x b t o i s e e i t s e M s m e u s p p u t n a u a i a a n n x m d y b i d i e d a e l m e r i f b r s f r l a b u e h p e t c y t m e r e h t b o d e f y m v r p o a b l i a r e a s t a y y i e w m m o s a m s t n b b e h t s e e m o l h e e r m f o a b F t f b b b t e h . y a e r m D R e r n b a e . S k a S b I y g s n t . a t u a C a k n b t l a t s e k . a e e s , . - 1 1 1 9 9 94 4 4 2 9 8 — — — J O S S M S A M F u e e e e u c a n a p p p b t g y y e . t t t . . . . . 2 2 2 1 1 1 5 7 4 3 0 1 6 1 4 2 2 2 2 2 2 2 4 0 2 4 6 4 2 * 2 2 2 1 1 1 5 6 ! « ; 7 « June 30 20 »6 MARGIN REQUIREMENTS * J A u u ly g . 1 1 1 1 4 3 »6 [Per cent of market value] Aug. 11 »5 Aug. 16 12 »5 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951— J J a a n n . . 1 1 6 1 23 19 13 J « 6 6 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect Aug. 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 Re F g o u r la l t o i a o n n s U b : y banks on stocks 75 50 75 A in u p g r . oc 2 e 3 s , s 1 o 9 f 3 c 5 o , ll h e a c v ti e o n b a e n en d d to em tal a n d d e m ba a l n a d n ce d s e p d o u s e i t f s r om m in d u o s m e ca st s i h c b it a e n m k s s (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a 2 Requirement became effective at country banks. * Requirement specified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between 4 Present legal minimum and maximum requirements on net demand the market value (100%) and the maximum loan value. deposits—central reserve cities, 13 and 26 per cent; reserve cities, Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time and BULLETIN for March 1946, p. 295, and February 1947, p. 162. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning— rate July 31 beginning— rate July 31 beginning— rate Boston Aug. 21,1950 IK Aug. 21,1950 2K Jan. 14, 1948 2 New York.... Aug. 21,1950 IK Aug. 21,1950 Oct. 30, 1942 3K Philadelphia.. Aug. 25, 1:950 IK Aug. 25,1950 2K Aug.23, 1948 2 Cleveland Aug. 25,1950 IK Aug. 25,1950 2% Aug.25, 1950 Richmond Aug. 25,1950 IK 2K Aug. 25,1950 2K Oct. 28, 1942 Atlanta Aug. 24,1950 IK 2M Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25, 1:950 IK 2M Aug. 25,1950 Aug.13, 1948 St. Louis Aug. 23,1950 IK Aug. 23,1950 2K Jan. 12, 1948 Minneapolis. . Aug. 22,1950 IK 2M Aug. 22,1950 2% Aug.23, 1948 2K Kansas City.. Aug. 25,1950 IK 2% Aug. 25,1950 2K Jan. 19, 1948 Dallas Aug. 25, 1:950 IK 2M Aug. 25,1950 2K Feb. 14, 1948 2 San Francisco Aug. 24,1950 IK 2K Aug. 24,1950 2K Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity Rate on In effect be- Previous Maturities not exceeding five years July 31 ginning— rate [In effect July 31. Per cent per annum] 1- 90 days iH Aug. 21, 1950 il 91-120 days 17A Aug. 21, 1950 121-180 days 2 Aug. 21, 1950 To industrial or commercial To financing institutions NOTE.—Minimum buying rates at the Federal Reserve Bank of businesses New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federa B l a R ck es f e i r g v u e r e B s. a — nk S s e . e Banking and Monetary Statistics, Table 117, pp. R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 443-445. Bank On On On commit- Portion commitloans l ments for which Re- ments FEES AND RATES ESTABLISHED UNDER REGULATION V institu- maining ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect July 31] Boston K-1K Fees Payable to Guaranteeing Agency by Financing Institution on New York K-lM Guaranteed Portion of Loan Philadelphia K-iM Cleveland K-iM Guarantee fee Percentage of A R t ic la h n m ta ond () () JK K - - 1 lM M Percentage of (percentage of any commitment Chicago 2K-5 2K-5 loan guaranteed in b t y er e b s o t r r p o a w y e a r b ) le fe b e o r c r h o a w rg e e r d S M t. i n L n o e u a i p s olis. . . . 1M2 (3) K-iM Kansas City.... K-iM Dallas 5K-1M 70 or less 10 10 San Francisco... 5 K-iM 75 . 15 15 80 20 20 85 25 25 1 Including loans made in participation with financing institutions. 90 30 30 2 Rate charged borrower less commitment rate. 95 35 35 sRate charged borrower. Over 95 40-50 40-50 p ''Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of K Per cent is made on undisbursed portion of loan. Maximum Rates Financing Institutions May Charge Borrowers [Percent per annum] Back figures.—-See Banking and Monetary Statistics, Table 118, pp. 446-447. Interest rate 5 Commitment rate AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1951 1951 1950 July 25 July 18 July 11 July 3 June 27 June 20 June 13 July June July Assets Gold certificates 19,845,403 19 845,403 19 845 40119 858,401 19 868,402 19 878,904 19,883,902 19,843,402 19 859 40222 363,431 Redemption fund for F. R. notes 658,846 661,216 666,035 653,378 649, 839 639,361 637,601 660,639 654 874 522,532 Total gold certificate reserves.... 20,504,249 20 506,61920 511,43620 511,779 20 518,24120 518,265 20,521,50320,504,041 20 514 276 22 885,963 Other cash 336,926 3?6 ,842 304 ?48 290 714 306 SS1 313 OS 7 300 222 340,343 309 ?01 253,960 Discounts and advances: For member banks... 78,082 299 ,626 236,307 181 ,090 220,301 165,345 178,789 276,651 53 018 202,383 For nonmember banks, etc 17,000 Total discounts and advances 78,082 299 ,626 236,307 181,090 220,301 165,345 178,789 276,651 53 018 219,383 Industrial loans 5,819 S,496 S 66S S 704 S 4S0 S 379 5 488 5,741 5 697 2,394 U. S. Govt. securities: Bills 548,272 S7? ,472 637 SSO s?? SSO 401 394 410 894 419 6?0 565,692 S?7 OSO 4,145,247 Certificates: Special Other 3,193,792 3,193,792 3 193,792 3 193 792 3 193,792 3,193,792 3,196,892 3,193 792 2,790,550 Notes H 493 248H 193 248n 439,248 439 ?48 1? 439,248 1? 46 S 348 15,402 348 13,493,248 439 ?48 6,145.600 Bonds 5,822,102 5,822,102 5,822,102 6 822 102 6 808,802 6,735,837 6,936,209 5,822,102 6,822 102 4,887,500 Total U. S. Govt. securities .... ?S ,057,414 ?3 081,614?3 OQ?, 692?? 977 69? ?? 843 ?36 ?? 80S 871 22,758 177 23,077,934 ?? 98? 19? 17,968,897 Other Reserve Bank credit outstanding 921,755 1,217,852 932,674 805 927 846,523 1,173,059 840,326 673,167 1,001,627 275,009 Total Reserve Bank credit outstanding24,063,07024,604,58824,267,33823,970 413 23,915,51024,149,654 23,782,78024,033,49324,042,534 18,465,683 Liabilities Federal Reserve notes. . 23,601,81823,654,11123,730,21423,744 939 23,434,21823,322,105 23,335,07423,726,167 23,630,16822,841,198 Deposits: Member bank — reserve accounts 19,087,568 19,380,39019,364,24619,189 473 19,102,37819,482,487 19,487,217 18,863,283 19,019,531 16,129,223 U. S. Treasurer—general account 423,532 611 817 S04 178 S7,S AM 674 433 ?3S 128 683 584,321 317 009 565,960 Foreign 879 607 867,206 010 377 854 SO? 70S QOS ?7S 913 43S 840,290 870 1,168,614 Other 310,738 316,226 196,939 159 055 191 ,633 193,676 182,482 318,400 391,421 274,827 Total deposits 20,701,445 21,175, 63920,724,06620,381 605 20,658,39C|21,014,67320,711,81720,606,29420,597,982 18,138,624 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 46.3 45.7 46.1 46 5 46.5 46.3 46.6 46.3 46.4 55.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (Callable Government securities classified according to nearest call date) [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 90 91 days to O to v e 5 r y 1 e y a e rs ar O to v e 1 r 0 5 y y e e a a r r s s 10 O y v e e a r rs Discounts and advances: June 27 220,301 205,530 14,639 132 July 3 181,090 164,737 16,150 203 July 11 236,307 220,563 15,680 64 July 18 299,626 286,339 13,240 47 July 25 78,082 62,834 15,196 52 Industrial loans: June 27 450 688 470 2,823 1,469 July 3 704 272 1,047 3,649 736 July 11 665 271 1,015 3,725 654 July 18 496 735 579 3,536 646 July 25 819 822 561 3,791 645 U. S. Government securities: June 27 22,843,236 73,057 1,929,120 11,833,709 3,878,166 1,031,904 4,097,280 July 3 22,977,692 108,213 2,019,920 11,828,909 3,878,166 1,031,904 4,110,580 July 11 23,092,692 269,513 1,973,620 11,828,909 4,878,166 1,031,904 3,110,580 July 18 23,081,614 1,755,983 4,713,622 7,591,359 4,878,166 1,031,904 3,110,580 July 25 23,057,414 1,779,283 4,666,122 7,591,359 4,878,166 1,031,904 3,110,580 970 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: 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 July 3 19,858,401 622,682 6,734,0761,138,6601,393,166 765,214 814,1944,093,669 505,897 316,557 673,961 453,0302,347,295 July 11 19,845,401 635,257 6,567,7761,136,9051,424,682 821,752 811,1854,141,818 483,841 305,697 681,021 452,9322,382,535 July 18 19,845,403 638,598 6,560,6251,151,9551,458,929 798,948 812,6294,166,710 487,338 298,838 684,334 434,7142,351,785 July 25 19,845,403 615,844 6,561,0641,132,3951,431,843 789,109 813,6994,234,056 498,563 311,901 686,073 432,5732,338,283 Redemption fund for F. R. notes: 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 July 3 653,378 58,673 58,426 56,249 75,856 61,871 43,690 112,161 44,450 23,934 34,044 28,523 55,501 July 11 666,035 60,669 58,398 56,242 75,849 63,863 48,683 111,945 46,445 23,931 36,037 28,483 55,490 July 18 661,216 60,457 57,531 55,860 75,583 61,698 48,484 111,633 46,348 23,899 35,978 28,415 55,330 July 25...... 658,846 60,326 57,055 55,649 75,435 60,665 48,361 111,585 46,291 23,891 35,942 28,409 55,237 Total gold certificate reserves: 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 July 3 20,511,779 681,355 6,792,5021,194,9091,469,022 827,085 857,8844,205,830 550,347 340,491 708,005 481,5532,402,796 July 11. 20,511,436 695,926 6,626,1741,193,1471,500,531 885,615 859,8684,253,763 530,286 329,628 717,058 481,4152,438,025 July 18 20,506,619 699,055 6,618,1561,207,8151,534,512 860,646 861,1134,278,343 533,686 322,737 720,312 463,1292,407,115 July 25 20,504,249 676,170 6,618,1191,188,0441,507,278 849,774 862,0604,345,641 544,854 335,792 722,015 460,9822,393,520 OV-/t Lh J J u flx- n dr e \r _aC 2 ^Lo 7 hll• • 360,351 31,145 47,168 19,319 23,281 16,810 25,762 58,406 17,345 7,511 11,359 13,689 34,556 July 3 290,714 27,731 49,097 16,484 24,726 15,299 22,442 56,567 15,139 7,084 10,853 14,087 31,205 July 11 304,248 32,597 51,044 17,149 21,893 16,129 25,731 57,535 15,446 7,218 11,199 14,205 34,102 July 18 326,842 34,780 59,175 19,564 24,441 16,299 25,184 61,473 16,628 7,157 11,410 14,517 36,214 July 25 336,926 35,615 58,983 20,020 23,452 17,654 26,947 63,966 17,270 8,248 11,606 14,628 38,537 vances: Secured by U. S. Govt. securities: 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 July 3.. 180,566 11,920 81,050 4,970 575 3,790 10,105 21,525 5,110 9,375 12,585 2,161 17,400 Julv 11.. 235,687 11,700 125,375 19,485 15,850 6,880 755 3,500 2,971 1,475 5,335 2,261 40,100 July 18.. 298,909 7,400 191,715 2,415 1,950 4,045 1,255 29,620 10,138 7,275 4,060 2,261 36,775 July 25.. 77,189 7,925 13,353 11,065 3,175 3,315 2,732 6,270 3,970 1,075 6,697 1,961 15,651 Other* June 27. . 806 126 75 444 15 146 July 3. . 524 108 255 15 146 July 11.. 620 78 400 15 127 July 18.. 717 75 100 400 15 127 July 25.. 893 67 100 570 30 126 Industrial loans: June 27 5,450 25 3,779 378 122 193 152 40 761 July 3 5,704 25 3,917 452 125 234 150 40 761 July 11 5,665 25 3,899 444 125 234 150 40 748 July 18 5,496 25 3,744 473 10(1 233 150 50 721 July 25 5,819 25 3,823 473 267 311 149 50 721 U. S. Govt. securities: Bills: 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 July 3.... 522,550 '26,199 186,433 30,803 45,729 32,551 26,416 73,019 6,420 396 23,050 23,426 48,108 July 11.... 637,550 8,479 215,409 37,787 56,097 39,932 32,405 89,575 22,771 19,065 28,276 28,738 59,016 July 18.... 572,472 200,005 35,517 52,727 37,533 30,458 84,194 5,058 17,920 26,578 27,012 55,470 July 25.... 548,272 20,234 199,156 30,470 45,236 32,200 26,131 72,232 19,732 15,374 22,802 17,116 47,589 Certificates: 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 July 3.... 3,193,792 226,692 714,183 200,953 298,332 212,365 172,334 476,370 174,122 101,381 150,377 152,829 313,854 July 11 3,193,792 226,692 714,174 200,953 298,332 212,365 172,334 476,370 174,122 101,390 150,377 152,829 313,854 July 18.... 3,193,792 225,389 715,477 200,953 298,332 212,365 172,334 476,370 174,122 101,390 150,377 152,829 313,854 July 25.... 3,193,792 226,692 714,174 200,953 298,332 212,365 172,334 476,370 174,122 101,390 150,377 152,829 313,854 Notes: 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 July 3.... 12,439,248 882,925 2,781,615 782,6771,161,950 827,123 671,2091,855,376 678,175 394,859 585,689 595,2451,222,405 July 11.... 13,439,248 953,904 3,005,191 845,5971,255,361 893,616 725,1682,004,531 732,695 426,642 632,773 643,0951,320,675 July 18.... 13,493,248 952,228 3,022,775 848,9951,260,405 897,207 728,0822,012,585 735,639 428,356 635,315 645,6791,325,982 July 25.... 13,493,248 957,737 3,017,266 848,9951,260,405 897,207 728,0822,012,585 735,639 428,356 635,315 645,6791,325,982 Bonds: June 27.... 6,808,802 479,937 1,525,881 428,411 636,010 452,737 367,3961,015,567 371,210 216,153 320,586 325,813 669,101 July 3.... 6,822,102 484,226 1,525,521 429,247 637,253 453,622 368,1141,017,551 371,935 216,564 321,212 326,449 670,408 July 11.... 5,822,102 413,247 1,301,897 366,327 543,842 387,129 314,155 868,396 317,415 184,829 274,128 278,599 572,138 July 18.... 5,822,102 410,871 1,304,273 366,327 543,842 387,129 314,155 868,396 317,415 184,829 274,128 278,599 572,138 July 25.... 5,822,102 413,247 1,301,897 366,327 543,842 387,129 314,155 868,396 317,415 184,829 274,128 278,599 572,138 Total U. S. Govt. securities: June 27 22,843,236 1,581,863 5,157,1511,437,2962,133,7871,518,915 1,232,5983,407,1831,245,192 715,8001,075,5511,093,0952,244,805 July 3 22,977,692 1,620,042 5,207,7521,443,6802,143,2641,525,661 1,238,0733,422,3161,230,652 713,2001,080,3281,097,9492,254,775 July 11 23,092,692 1,602,322 5,236,6711,450,6642,153,6321,533,042 1,244,0623,438,8721,247,003 731,9261,085,5541,103,2612,265,683 July 18 23,081,614 1,588,488 5,242,5301,451,7922,155,3061,534,234 1,245,0293,441,5451,232,234 732,4951,086,3981,104,1192,267,444 July 25 23,057,414 1,617,910 5,232,4931,446,7452,147,8151,528,901 1,240,7023,429,5831,246,908 729,9491,082,6221,094,2232,259,563 Total loans and Jun se e c u 2 r 7 ities: 23,068,987 1,594,879 5,228,3611,453,6952,158,2651,526,467 1,239,5713,441,7081,256,342 731,7621,093,7651,095,1952,248,977 July 3 23,164,486 1,632,070 5,288,8271,452,5672,144,2911,529,576 1,248,4123,443,8411,235,762 722,7251,093,1681,100,1652,273,082 July 11. ... 23,334,664 1,614,100 5,362,0711,474,0482,169,9261,540,047 1,245,0513,442,3721,249,974 733,5511,091,2891,105,5772,306,658 July 18 23,386,736 1,595,963 5,434,2701,457,9512,157,7291,538,379 1,246,6173,471,1651,242,372 739,9201,090,8581,106,4452,305,067 July 25 23,141,315 1,625,902 5,245,8711,461,6332,151,4631,532,483 1,243,8453,435,8531,250,878 731,1731,089,8891,096,2642,276,061 AUGUST 1951 971 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 June 27 38 2 1 12 3 4 2 2 5 1 1 1 1 4 July 3 38 2 1 12 3 4 2 2 5 1 1 1 1 4 July 11 38 2 112 3 4 2 2 5 1 1 1 1 4 July 18 38 2 i 12 3 4 2 2 5 1 1 1 1 4 July 25 38 2 1 12 3 4 2 2 5 1 1 1 1 4 Federal Reserve notes of other Banks: 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 July 3 117,824 4,219 16,398 4,815 7,120 21,878 10,535 13,304 6,825 5,023 6,932 6,494 14,281 July 11 139,014 4,682 24,534 9,128 6,432 22,858 13,529 14,134 8,076 6,010 7,543 7,099 14,989 July 18 157,901 5,643 24,687 9,102 6,334 27,709 15,801 16,771 10,258 7,388 8,737 7,839 17,632 July 25 165,658 7,917 24,281 8,024 7,161 29,235 16,413 16,933 8,734 9,978 9,078 8,545 19,359 Uncollected cash items: 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 July 3 3,319,570 278,134 686,801 202,666 298,185 273,313 211,350 554,221 120,196 92,921 169,164 154,424 278,195 July 11 3,298,995 297,362 625,157 191,317 277,495 261,269 212,074 588,439 148,205 99,799 166,847 137,710 293,321 July 18 3,821,473 353,925 746,304 218,816 369,873 289,698 231,140 631,799 162 145 111,096 221,241 167,168 318,268 July 25 3,249,650 274,949 639,271 184,486 312,254 263,332 194,438 507,261 142,587 98,317 185,159 143,865 303,731 Bank premises: 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 July 3 41,618 1,045 7,574 2,887 4,717 3,461 2,262 5,834 3,394 1,099 2,527 662 6,156 July 11 41,768 1,045 7,574 2,887 4,717 3,462 2,409 5,834 3,394 1,099 2,527 664 6,156 July 18 41,938 1,045 7,574 2,887 4,713 3,463 2,410 5,977 3,394 1,099 2,527 664 6,185 July 25 42,101 1,045 7,574 2,882 4,713 3,450 2,407 6,146 3,393 1,099 2,527 664 6,201 Other assets: 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 July 3 158,177 12,676 34,625 9,668 15,247 10,445 8,326 23,143 8,291 4,924 7,747 7,375 15,710 July 11 162,376 11,906 36,187 9,993 15,310 10,790 8,585 24,227 8,553 5,078 7,979 7,628 16,140 July 18 170,330 12,322 37,839 10,504 16,163 11,348 9,145 25,286 8,981 5,350 8,210 8,207 16,975 July 25 178,226 12,952 39,257 11,044 16,748 11,890 9,828 26,496 9,406 5,636 8,547 8,503 17,919 Total assets: 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 July 3 47,604,206 2,637,232 12,875,8362,883,9993,963,3122,681,0592,361,2138,302,7451,939,9551,174,2681,998,3971,764,7615,021,429 July 11.. 47,792,539 ? 657,62012,732,7532,897,6723,996,3082,740,1722,367,2498,386,3091,963,9351,182,3842,004,4431,754,2995,109,395 July 18 48,411,877 2,702,735 12,928,0172,926,6424,113,7692,747,5442,391,4128,490,8191,977,4651,194,7482,063,296 1,767,9705,107,460 July 25 47,618,163 2,634,552 12,633,3682,876,1364,023,0732,707,8202,355,9408,402,3011,977,1231,190,2442,028,822 1,733,4525,055,332 Liabilities Federal Reserve notes: 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 July 3 23,744,939 1,478,273 5,340,6181,680,8252,143,512 1,599,4291,284,4474,588,6311,084,195 611,111 921,715 639,1032,373,080 July 11 23,730,214 1,470,115 5,313,3301,677,6392,154,3011,595,6851,277,6404,596,107 1,083,176 609,765 921,079 639,2102,392,167 July 18 23,654,111 1,458,672 5,294,4501,675,6792,152,437 1,586,1151,273,1034,595,647 1,082,268 606,974 918,379 636,2672,374,120 July 25 23,601,818 1,451,666 5,288,6491,671,3912,148,6981,582,7961,269,1384,591,129 1,076,874 604,464 916,562 636,4812,363,970 Deposits: Member bank —reserve accounts: 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 July 3.. 19,189,473 808,763 6,223,850 888,4031,414,462 762,664 834,6333,095,431 681,213 437,752 873,797 926,0112,242,494 July 11. 19,364,246 843,430 6,295,751 907,9231,434,799 809,903 810,8173,092,397 676,806 423,756 868,252 909,1172,291,295 July 18. 19,380,390 853,689 6,282,344 872,9791,480,009 795,216 811,8873,121,824 671,755 433,869 893,200 887,7212,275,897 July 25. 19,087,568 819,526 6,131,390 873,1011,452,908 794,654 814,3173,121,671 677,992 432,366 875,370 878,3302,215,943 U. S. Treasurer—genera account: 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 July 3. 178,575 521 163,051 79 519 1,891 2,250 496 551 4,867 1,809 551 1,990 July 11. 252,504 15,260 45,923 10,068 24,402 19,851 20,476 32,150 15,298 23,138 17,674 15,909 12,355 July 18. 611,817 29,796 151,415 64,419 53,903 35,529 34,752 75,857 23,253 23,315 42,602 34,025 42,951 July 25. 423,532 35,569 58,621 37,044 26,766 24,266 28,125 49,973 35,408 28,851 33,234 23,378 42,297 Foreign: 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 July 3. 854,502 52,681 2 265,647 67,126 79,022 42,485 35,687 117,259 31,439 21,243 31,439 31,439 79,035 July 11. 910,377 55,992 2284,516 71,345 83,988 45,155 37,930 124,628 33,415 22,578 33,415 33,415 84,000 July 18. 867,206 52,985 2 274,957 67,513 79,478 42,730 35,893 117,935 31,620 21,365 31,620 31,620 79,490 July 25. 879,607 53,878 2 277,378 68,651 80,817 43,450 36,498 119,922 32,153 21,725 32,153 32,153 80,829 Other: 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 July 3. 159,055 3,072 87,886 1,656 5,267 9,189 3,320 4,851 6,156 1,566 2,159 495 33,438 July 11. 196,939 4,574 129,098 2,429 5,203 5,840 2,556 2,908 6,488 1,688 2,019 489 33,647 July 18. 316,226 4,397 254,761 1,992 4,070 2,662 2,958 2,479 8,398 1,070 760 519 32,160 July 25. 310,738 5,903 249,611 1,890 3,707 2,770 2,340 2,627 6,906 1,638 248 519 32,579 Total deposits: June 27 20,658,390 887,224 6,846,906 985,737 1,575,438 836,673 870,4003,236,727 736,106 455,551 923,554 925,1152,378,959 July 3 20,381,605 865,037 6,740,434 957,2641,499,270 816,229 875,8903,218,037 719,359 465,428 909,204 958,4962,356,957 July 11 20,724,066 919,256 6,755,288 991,765 1,548,392 880,749 871,7793,252,083 732,007 471,160 921,360 958,9302,421,297 July 18 21,175,639 940,867 6,963,4771,006,9031,617,460 876,137 885,4903,318,095 735,026 479,619 968,182 953,8852,430,498 July 25 20,701,445 914,876 6,717,000 980,6861,564,198 865,140 881,2803,294,193 752,459 484,580 941,005 934.3802,371,648 1 After deducting $26,000 participations of other Federal Reserve Banks on June 27; July 3; July 11; July 18; and July 25. 2 After deducting $646,015,000 participations of other Federal Reserve Banks on June 27; $588,842,000 on July 3; $625,848,000 on July 11; $592,238,000 on July 18; and $602,217,000 on July 25. 972 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.) Deferred availability items: Tune 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 July 3.... 2,513,681 232,209 516,451 172,002 230,937 213,782 157,441 362,425 97,267 70,949 129,022 129,046 202,150 July 11.... 2,366,359 205,883 383,572 153,810 203,706 211,620 173,962 403,354 109,123 74,664 123,127 117,648 205,890 July 18.... 2,603,659 240,059 388,319 169,118 253,205 232,760 188,676 441,291 120,210 81,167 137,645 138,968 212,241 July 25.... 2,327,933 204,237 342,749 148,768 218,822 206,965 161,018 380,279 107,479 73,954 131,820 123,415 228,427 Other liabilities and accrued dividends: Tune 27 21,060 1,454 7,014 1,094 2,045 985 885 2,758 892 592 677 909 1,755 July 3.... 12,723 1,316 3,288 599 1,474 613 558 1,855 550 656 490 471 853 July 11.... 13,590 1,363 3,954 719 1,144 703 630 1,971 624 457 477 495 1,053 July 18.... 14,434 1,824 3,921 680 1,383 729 617 2,098 553 477 512 566 1,074 July 25.... 17,283 2,008 5,845 675 1,544 750 692 2,175 642 556 524 626 1,246 Total liabilities: Tune 27 46,677,730 2,552,99012,556,3692,821,8013,937,6372,667,9452,302,4668,206,7211,911,2131,133,8561,957,3621,692,0724,937,298 July 3.... 46,652,948 2,576,83512,600,7912,810,6903,875,1932,630,0532,318,3368,170,9481,901,3711,148,1441,960,4311,727,1164,933,040 July 11.... 46,834,229 2,596,61712,456,1442,823,9333,907,5432.688,7572,324,0118,253,5151,924,9301,156,0461,966,0431,716,2835,020,407 July 18.... 47,447,843 2,641,422|l2,650,1672,852,3804,024,4852,695,7412,347,8868,357,1311,938,0571,168,2372,024,7181,729,6865,017,933 July 25.... 46,648,479 2,572,787 12,354,2432,801,5203,933,2622,655,6512,312,1288,267,7761,937,4541,163,5541,989,9111,694,9024,965,291 Capital Accts.: Capital paid in: 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 July 3.... 231,768 12,329 74,800 16,373 22,173 10,155 9,487 29,558 7,846 5,261 8,722 10,481 24,583 July 11.... 231,971 12,335 74,816 16,387 22,212 10,156 9,509 29,589 7,866 5,263 8,730 10,506 24,602 July 18.... 232,480 12,336 74,856 16,557 22,282 10,178 9,514 29,676 7,959 5,265 8,737 10,510 24,610 July 25.... 232,541 12,336 74,866 16,562 22,305 10,179 9,516 29,685 7,960 5,268 8,740 10,513 24,611 Surplus: (section 7): 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 July 3.... 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 July 11.... 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 July 18.... 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 July 25.... 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 (section 13b): June 27... . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 3.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 11.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 18.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 25.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: 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 July 3.... 181,925 12,811 39,636 12,737 16,926 12,335 10,259 25,465 9,922 6,622 9,060 9,005 17,147 July 11.... 188,774 13,411 41,184 13,153 17,533 12,743 10,598 26,431 10,323 6,834 9,486 9,351 17,727 July 18 193,989 13,720 42,385 13,506 17,982 13,109 10,881 27,238 10,633 7,005 9,657 9,615 18,258 July 25.... 199,578 14,172 43,650 13,855 18,486 13,474 11,165 28,066 10,893 7,181 9,987 9,878 18,771 Total liabilities and cap. accts.: 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 July 3.... 47,604,206 2,637,23212,875,8362,883,9993,963,3122,681,0592,361,2138,302,7451,939,9551,174,2681,998,3971,764,7615,021,429 Tuly 11.... 47,792,539 2,657,62012,732,7532,897,6723,996,3082,740,1722,367,2498,386,3091,963,9351,182,3842,004,4431,754,2995,109,395 Tuly 18 . . 48,411,877 2,702,73512,928,0172,926,6424.113,7692,747,5442,391,4128,490,8191,977,4651,194,7482,063,2961,767,9705,107,460 July 25.... 47,618,163 2,634,55212,633,3682,876,1364,023,0732,707,8202,355,9408,402,3011,977,1231,190,2442,028,8221,733,4525,055,332 Contingent liability on acceptances purchased for foreign correspondents: Tune 27.... 26,899 1,668 1 8,248 2,126 2,503 1,346 1,130 3,714 996 673 996 996 2,503 July 3.... 28,089 1,742 1 8,621 2,219 2,613 1,405 1,180 3,877 1,039 702 1,039 1,039 2,613 July 11.... 27,537 1,707 1 8,453 2,176 2,561 1,377 1,157 3,800 1,019 688 1,019 1,019 2,561 July 18.... 27,535 1,711 18,407 2,181 2,567 1,380 1,160 3,809 1,021 690 1,021 1,021 2,567 July 25.... 27,729 1,719 1 8,511 2,191 2,579 1,387 1,165 3,827 1,026 693 1,026 1,026 2,579 Industrial loan commitments: Tune 27.... 3,543 1,300 643 48 503 475 574 Julv 3 3,381 1,090 566 48 501 470 706 Tuly 11.... 3,704 1,027 974 48 489 470 696 July 18. .. 3,790 1,179 944 48 453 470 696 July 25.... 3,710 1,100 944 48 452 470 696 1 After deducting $18,651,000 participations of other Federal Reserve Banks on June 27; $19,468,000 on July 3; $19,084,000 on July 11; $19,128,000 on July 18; and $19,218,000 on July 25. AUGUST 1951 973 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 I C l l a e n v d e- m Ri o c n h d - la A n t t - a I Chicago L S ou t. is M ap in ol n i e s - Ka C n it s y as Dallas | F c S i r s a a c n n o - F. R.notesoutstanding I (Issued to Bank): June 27 24,476,678 ,497,0095,495,841 ,763,8262,239,492 1,645,0941,364,063 4,626,9311,116,364 618,800 945,076 692,4222.471,760 July 3 24,629,880 ,513, ,536,790 ,772,2972,259,606 1,660,0491,376,6374,654,9891,123,566 621,475 950,236 684,7112,475,748 July 11 24,783,395 ,520,018 5,600,649 ,753,9312,272,027 1,664,5771,372,4974,676,1751,144,378 623,224 954,077 686,928 2,514,914 July 18 24,718,218 ,507,1165,575,296 ,752,5222,271,311 1,656,4281,361,4834,684,4011,131,305 622,348 951,891686,9012,517,216 July 25 24,676,563 ,512,8135,562,003 ,752,7772,269,310 1,657,5171,350,2534,678,2881,128,476 620,603 950,525 682,7462,511,252 Collateral held against notes outstanding: Gold certificates: June 27 11,984,000 350,000 4,470,000 660,000 745,000 450,000 510,0002,460,000 250,000150,000 280,000159,0001,500,000 July 3 12,054,000 350,000 4,470,000 675,000 765,000 465,000 510,000 2,480,000 250,000150,000 280,000159,0001,500,000 July 11 12,184,000 350,000 4,470,000 700,000 775,000 480,000 510,000 2,560,000 250,000 150,000 280,000159,0001,500,000 July 18 12,184,000 350,000 4,470,000 700,000 775,000 480,000 510,000 2,560,000 250,000150,000 280,000159,0001,500,000 July 25. 12,184,000 350,000 4,470,000 700,000 775,000 480,000 510,000 2,560,000|250,000150,000 280,000 159,0001,500,000 Eligible paper: Tune 27.. 141,105 13,016 62,745 12,620 6,330 11,150 15,810 18,023 1,411 July 3 134,174 12,028 75,550 4,970 3,190 5,110 9,375 12,705 11,246 July 11 212,891 11,778 125,075 19,485 6,280 2,971 1,475 5,600 40,227 July 18 263,690 7,475 191,515 2,415 3,645 10,138 7,275 4,325 36,902 July 25 56,529 7,992 13,353 11,065 2,915 3,970 1,075 7,132 9,027 IT. S. Govt. sec: Tune 27.. . . 13,065,000 1,200,0001,100,0001,100,0001,500,000 1,215,000 900,000 2.200,000 925,000 490,000 700,000 535,0001,200,000 July 3 13,175,000 1,200,0001,200,0001,100,000 ,500,0001,215,000 900,000 2.200,000 925,000 490,000 700,000 545,0001,200,000 Tuly 11 13,225,000 1,200,0001,200,0001,100,000 ,500,000 1,215,000 900,000 2.200,000 975,000 490,000 700,000 545,0001,200,000 July 18 13,225,000 1,200,0001,200,0001,100,000 ,500,0001,215,000 900,000 2,200,000 975,000 490,000 700,000 545,0001,200,000 July 25 13,225,000 1,200,0001,200,0001,100,000 ,500,0001,215,000 900,000 2.200,000 975,000 490,000 700,000 545,0001,200,000 Total collateral: Tune 27 25,190,105 1,563,016 5,632,745 ,772,620 ,245,0001,671,3301,410,000 4,660,0001,186,150 655,810 998,023694,000 2,701,411 July 3 25,363,174 1,562,028 5,745,550 ,779,9702,265,0001,683,1901,410,000 4,680,0001,180,110 649,37755 992,705704,000 2,711,246 July 11 25,621,891 1,561,7785,795,075 ,819,4852,275,000 1,701,2801.410,000 4,760,0001,227,971641,475 985,600704,000 2,.740,227 Tuly 18 25,672,690 1,557,4755,861,515 ,802,41512,275,0001,698,6451,410,000 4.760,0001,235,138 275 984,325704,000 2,736,902 July 25 25,465,529 1,557,9925,683,353 ,811,O65|2,275,OOO1,697,9151,410,000 4,760,0001,228,970 641075 987,132704,000 2,709,027 I 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 EXECUTIVE ORDER NO. 10161 Date (last A a p t p p o p l i r c d o a a v t t i e e o d ns pr A o p v - ed Loans Commit- o P p f a a f t r in i t o i a c n n i s - c- [Amounts in thousands of dollars] Wednesday but not out- ments ing instior last day com- standing2 out- tutions of period) pleted i (amount) standing out- Gua a r u a t n h t o e r e i d z e l d oans Gua lo r a a n n s teed A a d m di o ti u o n n t al N b u e m r - Amount (amount) (amount)s (a ta m n o d u in n g t 3 ) to date outstanding available to D ate u b n o d r e r r o w gu er a s r- 1944 3,489 525,532 1,295 3,894 4,165 2,705 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r r e ti a d o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1 1 1 9 9 9 4 4 4 5 6 7 3 3 3 , , , 5 5 5 1 4 7 1 2 4 5 5 5 4 6 8 4 5 6 , , , 9 9 7 6 1 2 1 3 6 4,5 3 9 7 4 2 7 5 0 1 1 , , 9 3 5 9 8 5 5 7 4 8 7 1 , , , 3 4 6 0 4 3 9 4 4 2 4 1 , , , 6 8 08 6 7 6 9 0 1948.... 3,607 615,653 335 995 1,643 1,990 1949 3,649 629,326 539 2,178 2,288 2,947 1950 1950 Oct 31 3 1 000 June 30... 3,677 638,015 4,416 2,779 1,352 2,731 Nov.30!.! 23 13 585 *2,340 2 232 3,335 July 31. .. 3,680 639,158 4,362 2,479 1,729 2,753 Dec. 31. .. 62 31 326 8,017 6 265 8,299 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 Oct. 31. .. 3,692 647,432 5,108 2,307 3,035 3,707 Jan. 31.. . 119 109 433 23,778 19 837 13,748 Nov. 30... 3,695 649,748 5,519 2,413 3,466 4,050 Feb. 28... 161 122 541 44,250 36 537 33,840 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 Mar.31.. . 254 300 955 68,833 56 973 47,822 1951 Apr. 30... 328 421 267 126,080 106 053 185,001 May 31... r402 '514 626 183,610 151 858 205,629 Jan. 31... 3,707 654,199 1,862 3,520 3,325 5,402 June 30... 484 654 893 252,100 209 465 275,702 Feb. 28.. . 3,706 655,702 1,523 3,681 2,937 5,358 Mar. 31. .. 3,710 660,525 3,980 3,988 2,824 5,262 Apr. 30... 3,717 664,473 4,925 4,845 2,595 5,331 ' Revised. May 31... 3,721 667,988 3,578 5,255 3,643 5,999 NOTE.—The difference between guaranteed loans authorized and June 30. .. 3,724 671,432 3,221 5,762 3,740 6,199 ium of loans outstanding and additional amounts available to borr r o ep w a e i r d s , u gu n a d r e a r n g te u e a s r a a n u t t e h e o r a i g ze r d ee m bu e t n t n s o o t u c ts o t m an p d le i t n e g d , re a p n r d e s a e u n t t h s o a ri m za o t u io n n ts s 1 Includes applications approved conditionally by the Federal Reexpired or withdrawn. ser 1 v I e n c B lu an d k es s i a n n d d u s u tr n i d a e l r l o c a o n n s s i p d a e s r t a t d io u n e 3 b y m a o p n p th li s c a o n r t . more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. 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. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r t e v y k - e s C ba t o r n u y k n s - b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C b o a t u r n n y k - s York cago York cago First half of June 1951 Second half of June 1951 Gross demand deposits: Total 98,397 22 ,402 5,615 37,304 33,075 99,519 23,168 5,789 37,725 32,837 Interbank 11,113 3!884 1,111 5,193 926 11,054 3,923 1,096 5,124 911 Other 87,285 18,519 4,505 32,111 32,150 88,464 19,245 4,692 32,600 31,926 Net demand deposits 2 86,251 20,502 5,041 32,249 28,459 87,249 21,251 5,179 32,504 28,315 Demand deposits adjusted 3 76,150 77,300 Time deposits 4 29,743 1,870' 1,100' 11,760' 15,014 29,891 1,903 1,115 11 ,824 15,049 Demand balances due from domestic banks... 5,533 37 131 1,811 3,555 5,477 42 140 1,838 3,456 Reserves with Federal Reserve Banks: Total 19,294 5, 180 1,289 7,413 5,413 19,323 5,279 1,311 7,391 5,342 Required 18,349 5,033 1,276 7,155 4,885 18,602 5,214 1,310 7,210 4,867 Excess 945 147 13 257 528 722 65 1 181 475 Borrowings at Federal Reserve Banks 154 15 63 75 34 83 63 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 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 \\\ city banks Re- Coun- In places of 15,000 In places of under week en M di o n n g t h W . o ed r nesday m b e e m r - s c e i r t v y e ba tr n v ks and over population 15,000 population banks J New Chi- banks York cago Demand Demand deposits deposits Total reserves held: e i x n c te e r p - t de T p i o m s e its e i x n c te e r p - t de T p i o m s e its 1 19 9 5 5 1 0 — — M Ju a n y e. 1 1 6 8 , , 1 89 9 2 4 4 4 4 9 2 6 5 4 1 1, , 2 1 7 1 7 3 6 7 , , 2 28 1 2 5 4 5 , , 4 3 4 6 0 9 bank bank June. 19,309 5 230 1,300 7,402 5,377 J J J J u u u u l n l n y y e e 2 2 1 4 7 0 1 .1 1 1 1 9 9 9 9 , , , , 1 2 6 2 6 2 7 2 2 3 4 6 5 5 5 5 4 2 0 1 5 2 1 8 6 3 0 3 1 1 1 L , , , 3 3 3 ,2 0 1 1 7 8 4 1 7 7 7 7 7 , , , , 3 4 4 4 7 1 3 1 2 4 1 3 5 5 5 5 , , , , 3 5 2 4 1 0 8 6 7 0 8 0 J A M u p a n r y e il 1950 1 1 1 8 8 8 , , , 6 6 9 8 3 1 9 9 4 9 9 9 , , , 3 3 3 9 8 7 2 8 3 1 1 1 0 0 0 , , , 8 8 8 8 3 7 0 9 3 5 5 5 , , , 6 6 6 6 6 6 6 8 6 J J u u l l y y 2 1 5 8 1 1 9 9 , ,2 3 5 1 9 8 4 5 9 0 9 0 9 9 1 1 , , 2 2 9 9 9 0 7 7 , , 4 4 6 6 1 1 5 5 , , 5 5 4 0 9 9 April 1951 20,549 9,307 11,365 5,638 xcess reserves: May 20,670 9,315 11,375 5,661 1950—June 767 68 3 160 537 June 20,713 9,351 11,325 5,681 1951—May 590 -10 -7 120 487 By district, June 834 106 7 219 501 June 1951 J J J u u u l n n y e e 2 2 7 4 0 1,0 5 6 5 3 6 7 1 2 21 1 0 0 7 -4 14 2 2 1 1 5 2 6 3 8 7 4 4 5 6 7 2 4 5 8 N P B h o e i w s l t a o d Y n e o l r p k h . i a . . . . 2 3 1 , , , 7 4 43 7 1 8 9 0 2,2 8 8 7 3 2 9 8 1 1,1 3 9 0 2 8 5 0 0 1,0 2 8 6 0 9 3 6 6 J J u u l l y y 1 1 1 8 P 8 8 0 6 7 6 -6 16 4 A 1 1 9 7 2 8 P 6 6 2 6 5 8 Cleveland 1,587 921 1,069 798 July 25 P817 28 -1 164 P626 Richmond. . . 1,299 454 767 440 Borrowings at Federal Atlanta 1,943 497 604 190 R 19 e 5 s 0 e — rve J u B ne anks: 68 10 3 29 26 S C t h . ic L a o g u o is 2,9 8 0 53 3 1,7 3 7 8 5 0 1,6 8 8 9 6 8 8 2 9 6 6 8 1951— J M un ay e 4 1 3 7 8 0 1 2 9 5 3 18 3 15 7 7 3 6 7 9 0 M Ka i n n s n a e s a p C o i l t i y s. . . . 6 7 7 8 4 7 3 1 1 3 7 5 1,4 7 1 0 7 0 4 1 0 9 7 9 J J u u n n e e 2 2 7 0 2 1 1 1 1 3 37 2 2 1 4 0 8 2 6 7 3 0 S D a a n l la F s rancisco 1 1 , , 6 41 3 0 0 2 7 3 0 1 3 1,3 4 3 5 0 0 25 6 4 4 July 4 214 78 16 75 45 J J J u u u l l l y y y 2 1 1 5 1 8 2 1 1 4 5 4 1 6 7 8 6 7 2 4 4 23 9 2 6 1 7 7 4 5 1 5 5 6 bee 1 n I n g c i l v u e d n e s p e a r n m y i s b s a io n n k s t o in c o a u rr t y ly i t n h g e s s a e m ct e io n re s s e o r f v e re s a e s r v c e o u c n it t i r e y s b th an at k s h . ave P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 975 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currencyt Large denomination currency * End of year or in cir- Unasmonth cula- sorted tion J Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4 518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5 147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8 732 6 247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 . 11,160 8 120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25 307 17 580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28 952 20 437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20 020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6.060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 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—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 June 27,809 19,521 1,578 1,092 64 2,011 6,113 8,663 8,289 2,405 4,947 356 570 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 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 tield in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Ju 1 n 9 e 5 3 1 0, g a o s g l i d a lv in e a s r n t d Tre ca a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d Ju 1 n 9 e 5 3 1 0, M 1 ay 95 3 1 1, Ju 1 n 9 e 5 3 0 0, certificates agents Gold 21,756 20,553 2 1,203 Gold certificates 20,553 17,699 2 ,816 39 39 41 Federal Reserve notes 24,575 47 1,072 23,456 23,173 22,760 Treasury currency—total 4,655 ' '* 2,341 ' 32 309 4,314 4,306 4,355 Standard silver dollars 492 284 25 3 180 179 170 Silver bullion 2 ,057 2,057 Silver certificates and Treasury notes of 1890.. 32,341 r 248 2,093 2,096 2,178 Subsidiary silver coin 1,042 21 1,020 1,013 965 Minor coin 389 2 8 378 376 361 United States notes 347 2 26 318 316 321 Federal Reserve Bank notes 246 1 2 243 245 274 National Bank notes 82 (5) 1 81 82 86 Total—June 30, 1951 (4) 22,895 1,281 17,699 4,197 27,809 May 31, 1951 (4) 22,880 1,293 17,692 4,123 27 519 June 30, 1950 (4) 25,349 1,298 20,167 3,820 27,156 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. 967, and seasonally adjusted figures in table on p. 977. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 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 aeainst other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund 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. 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in End 1 o 9 f 4 p 0 eri D od a : te f u o v n r a a 8 r s d i e , j a u a 7 t s s i 3 o o t 2 e n n d al ad v s j a e u r a s i s t a e o t d n i o a n l for s a + e s d a 1 e s j r , u o i 1 s e n 3 t s a e 4 l x d ly End of month a D i n b t e c o a p e r l o s - s s ' - x Total d b C e t a o p i a n n r o s y k s h s i- G s U m e o t c v i . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r .* h v s, e 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 9 5 4 7 3 6 8 2 2 2 2 2 2 2 1 8 0 8 8 8 5 7 5 , , , , , , , , 9 4 5 3 8 2 6 4 5 4 1 0 6 2 1 0 2 9 5 7 8 4 0 0 + + + + 5 4 4 3 + - - , , , , 6 6 0 2 8 - 2 4 8 4 2 3 5 5 0 3 4 4 4 9 0 8 8 7 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 5 9 4 3 7 8 6 — — — — — — — 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 e r r r r r r r... . 3 2 2 3 3 3 1 , , , , , , , 4 1 3 7 2 9 3 1 8 8 4 8 3 3 7 8 8 2 4 3 0 3 3 3 3 3 2 1 , , . , , , , 3 0 8 4 3 4 5 1 4 2 1 4 8 2 2 3 2 1 9 7 5 1 6 6 6 8 7 7 0 2 2 3 3 3 3 1 , , , , , , , 1 1 2 7 8 2 3 8 1 1 5 3 4 0 2 6 8 2 7 4 8 2 2 1 1 1 1 1 1 0 5 8 9 7 1 2 0 2 7 8 9 8 1950 27,741 + 141 1950—February. . . . 3,177 3,301 7 3,107 186 March 3,168 3,293 8 3,107 178 Averages of daily figures: April 3,151 3,276 8 3,092 176 1950— J J u u l n y e 2 2 7 7 , , 0 1 2 1 6 7 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 0 6 3 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 A J F M J M u u e p a n a l b r y y r e i r c l u h ary 2 2 2 2 2 2 7 7 7 7 7 7 , , , , , , 1 1 1 8 5 3 7 4 7 5 4 2 1 5 9 9 8 4 2 2 2 2 2 2 7 7 7 7 7 7 , , , , , , 1 3 9 5 6 2 4 9 1 1 8 5 5 8 5 6 6 3 + + + + + - 2 1 1 1 1 7 2 7 0 4 1 7 9 0 8 5 8 1951— J F A M M J u a e p ! n a n b a r r e u i y r c l u a h r a y ry ^ v 2 2 2 2 2 2 , , , , , 8 8 9 8 7 8 3 5 0 8 7 0 1 1 5 2 7 7 3 2 2 2 , , , , 0 9 9 9 2 5 9 7 2 4 8 4 1 1 1 1 1 1 1 7 2 2 2 2 , , , , 8 7 8 7 3 6 5 9 5 5 8 3 1 1 1 1 5 7 6 5 2 2 9 3 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 se se ri r e ie s s 3 3 jl,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 ... 1,249,630 449.002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 . . .. 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 ~ 31.4 20.3 1950—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 62,370 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 May '"130,700 45,375 '71.197 14,129 '26.2 13.8 42,272 68,378 30.0 21.3 June 135,027 48,588 72,110 14,329 27.9 14.0 49,398 72,179 34.4 22.2 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 977 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Date Treas- U. S.Government obligations l T ia o b t i a l l - Total C a a n p d ital Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o n r m c d 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 i a p n t n i i e e t d t s al, c d u e r a 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 4,031 286 42,148 91,957 10,328 8,199 1 998 131 9,863 48, 465 42,029 6,436 1939—Dec. 30 17,644 2 963 54,564 22,157 23,105 19,417 2 484 1,204 9,302 75, 171 68,359 6,812 1941—Dec. 31 22,737 3 247 64,653 26,605 29,049 25,511 2 254 1,284 8,999 90,637 82,811 7,826 1945—j)er 31 20,065 4 339 167,381 ,387 ,417 101,288 74 262 2,867 8,577 191 785 180,806 10,979 1946—Dec. 31 20,529 4 562 158,366 35,765 113,110 86,558 23 350 3,202 9,491 183, 457 171,657 11,800 1947—June 30 21,266 4 552 156,297 38,373 107,873 82,679 21 872 3,322 10,051 182,115 169,234 12,882 Dec. 31 22,754 4 562 160,832 43,023 107,086 81,199 22 559 3,328 10,723 188,148 175,348 12,800 1948—June 30 23,532 4 565 157,958 45,299 101,451 76,774 21 366 3,311 11,208 186,055 172,857 13,200 Dec. 31 24,244 4 589 160,457 48,341 100,694 74,097 23 333 3,264 11,422 189,290 176,121 13,168 1949—June 30 24,466 4 597 156,491 47,148 97,428 74,877 19 343 3,208 11,915 18S,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—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 ,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 S4,500 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 S7,500 95,800 73,600 19 200 2,900 14,400 600 180 100 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. 22,400 4 600 170,500 60,600 9S,200 70,800 500 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 28P 21,900 4 600 172,100 69,500 94,700 69,300 99 600 2,800 14,900 198 600 183,700 14,900 Apr. 21,800 4 600 172,100 69,600 94,600 68,900 99 900 2,800 15,000 198 600 183,600 15,000 May 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 June 27P 21,800 4 700 173,000 63,500 94,400 68,800 22 800 2,700 15,100 199,400 184,500 14,900 Deposits and Currency U. S. Government balances Deposits adjusted and currency r)ate Foreign Time deposits • Total de b p n a o e n s t k its, T c u r a e r s y a h s- A s m b a t a e a v c r n n i c o n d k i m g s a s l - R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n c m k ia s - l M s b a a v u n i t n k u g s a 4 s l S S P a y o v s s i t n e ta m g l s o b r u C e a t n u n s c i r k d - y s e 1929—JUne 29 55 776 365 204 381 36 54,790 7? 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 Q 621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 29 793 27,059 15,258 10 523 1,278 6,401 1941—Dec 31 82 811 1,498 2,215 1,895 867 76,336 992 27,729 15,884 10 532 1,313 9,615 1945—Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75 851 48.452 30.135 15 385 2,932 26,490 1946—Dec. 31 171,657 1,885 2,272 3,103 393 164,004 83 314 53,960 33,808 16 869 3,283 26,730 1947—June 30 169,234 1,657 1,314 1,367 756 164,140 82 186 55,655 34,835 17 428 3,392 26,299 Dec 31 175,348 1,682 1,336 1,452 870 170,008 87 121 56,411 35,249 17 746 3,416 26,476 1943—June 30 172 857 1,727 1,327 ,180 1,928 165,695 89 697 57,360 35,788 18 194 3,378 25,638 Dec. 31 176,121 ,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—June 30 178 568 ,555 1,298 ,801 950 169,964 8S,040 59,739 36,719 19 923 3,097 25,185 July 26 178 200 9,500 1,300 3,600 500 170,200 86,500 59,400 36,400 19 900 3,100 24,400 Aug. 30 179,200 7,400 1,300 3 800 700 171,000 87 400 59,100 36,200 19 800 3,000 24,500 Sept. 27 179,900 300 1,300 3 600 1,100 171,600 88 000 59,000 36,200 19 900 3,000 24,500 Oct 25 180 100 9,500 1,300 ,100 400 172,800 89,200 59,000 36,200 19 900 3,000 24,600 Nov. 29 181,000 9,300 1,300 3,000 600 173,900 90,300 58,700 35,900 19 800 2,900 24,900 Dec. 30 184,385 ,518 1,293 7 989 668 176,917 97 777 59,247 36,314 70 010 2,923 25,398 1951—Jan. 31P 182,500 ?,400 1,300 7 800 800 175,200 91 600 59,000 36,100 70 000 2,900 24,600 Feb 28P 182 600 9,400 1,300 4,200 500 174,200 90,600 59,000 36,100 90 000 2,900 24,600 Mar 28P 183,700 7,400 1,300 6,400 1,100 172,500 89,000 59,100 36,200 70,100 2,800 24,400 Apr. 25P 183,600 ,500 1,300 5,800 700 173,300 89 SOO 59,200 36,300 70,200 2,800 24,600 May 30P 182,900 9,500 1,300 4 800 600 173,700 89 SOO 59,300 36,300 70,200 2,800 24,900 June 27P 184,500 2,500 1,300 6,200 400 174,200 89,500 59,800 36,600 20 400 2,800 25,000 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. 1 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 978 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 Cla a s n s d o d f a b te ank Total Loans U. S. as C s a e s ts h 1 Total l Inter- a c c T a c p o o i t u t a a n l l ts N ba ti o in m f k b s er Total G m ov e e n r t n- O se t c h u e - r bank^ m D a e n - d Time obliga- rities tions All banks: 1939_Dec. 30 50,884 22,165 28,719 19,417 9,302 ?3,292 68,242 9,874 32,516 25,852 8,194 is 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 H 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 \7,269 94,671 54,308 1? 479 11 703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164 467 \7 ,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 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. 31P 146,500 60,970 85,530 70,830 14,700 37,660 169 280 \7,220 100,800 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 A M p a r y . 2 3 5 0 P P . 1 1 4 4 6 6 , . 8 6 8 8 0 0 6 6 3 3 , , 0 3 4 4 0 0 8 8 3 3 , , 8 3 4 4 0 0 6 6 8 8 , , 4 8 1 5 0 0 1 1 4 4 , , 9 9 9 3 0 0 3 3 7 7, ,0 5 2 1 0 0 1 1 6 6 9 8,8 7 1 7 0 0 1 1 1 1 , , 7 3 4 5 0 0 1 10 0 0 1 . , 7 4 4 4 0 0 5 56 6 , , 7 5 2 9 0 0 1 1 4 4 , ,0 0 5 0 0 0 1 1 4 4,6 6 4 4 4 7 June 27P. 147,950 64,050 83,900 68,790 15,110 37,620 170,680 11,620 101,850 57,210 14,150 14,636 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 7\,808 7,225 76,551 71,283 10,982 44 349 15,952 7 173 14 278 1945_Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14 011 1946—Dec 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 6?,622 9,189 38,596 142,843 \7,269 94,654 35,921 10,480 14,171 1949_Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 14S 174 \7 ,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 Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Jan. 31 P 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 A or. 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 3^p 125,060 54,460 70,600 58,110 12,490 36,220 148 570 11,350 100,720 36,500 11,770 14,114 June 27" 126,230 55,040 71,190 58,560 12,630 36,780 150,280 11,620 101,830 36,830 11,860 14,107 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 1?3 885 \7,097 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 Dec. 30. ... 107,424 44,705 62,720 5?,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 3?,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 3?,396 1?7 988 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 June 27P 106,843 47,072 59,771 49,249 10,522 32,561 128,712 11,142 87,979 29,591 9,929 6,859 All mutual savings banks: 1939—Dec. 30 ... 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 ,309 551 1941—Dec. 31 10,379 4.901 5,478 3,704 1,774 793 10 533 6 10,527 ,241 548 1945—Dec. 31. .. . 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 ,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16 869 1 16 16,853 ,784 541 1947—Dec. 31 l. ... 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 ,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 t949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19 293 20 19,273 ?,122 531 1950—June 30 . 21 192 7 203 13 989 11 569 2 420 831 19 943 20 19,923 ?,189 530 Dec. 30 .... 21,346 8,137 13,209 10,868 2,342 797 ?0 031 22 20,010 ?,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 ?o 060 20 20,040 ?,260 529 Mar. 28* 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 ?o 170 20 20,150 ?,270 530 May 30P 21,620 8,880 12,740 10,300 2,440 800 20 240 20 20,220 2,280 530 June 27P 21,720 9,010 12,710 10,230 2,480 840 20 400 20 20,380 2,290 529 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 979 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s ts h 1 Total 1 b In an te k r - i a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er De- Total ment secu- Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 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 Dec. 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—Jan. 31 P ... 19,842 9,758 10,084 8,234 1,850 7,315 23,847 4,131 18,066 1,650 2,363 23 Feb. 28P 20,093 10,098 9,995 8,109 1,886 7,344 24,399 4,154 18,603 1,642 2,371 23 Mar. 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. 25P 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 June 21v 20,716 10,226 10,490 8,602 1,888 7,313 24,856 4,099 19,110 1,647 2,388 22 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 . 4,057 ,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 ,312 5,015 719 377 12 1946—Dec 31 4,765 1,499 3,266 2,912 355 1,545 5,905 ,153 3,922 829 404 14 1947—Dec 31 5,088 1,801 3,287 2,890 397 1,739 6,402 ,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 ,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 ,191 4,535 1,083 470 13 1950—June 30 ... 5,256 1,557 3,700 3,138 562 1,640 6,419 ,014 4,305 1,099 481 13 Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 L ,228 4,778 L ,103 490 13 1951—Jan. 31 P 5,448 2,124 3,324 2,762 562 1,977 6,858 ,071 4,682 L ,105 489 13 Feb. 28P 5,364 2,136 3,228 2,666 562 2,054 6,893 L.080 4,724 1,089 489 13 Mar. 28? 5,461 2,163 3,298 2,743 555 1,888 6,667 1,059 4,528 1,080 490 13 Apr. 25P 5.386 2,125 3,261 2,692 569 1,929 6,814 1,051 4,668 1,095 492 13 May 30P 5,368 2,206 3,162 2,617 545 1,913 6,706 1,038 4,573 1,095 495 13 June 27P 5,551 2,282 3,269 2,716 553 1,929 6,936 1,074 4,747 1,115 499 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 Dec. 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6 448 33,342 11,647 3,322 336 1951—Jan. 31 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 30P 39,709 18,599 21,110 17,385 3,725 12,618 48,732 4,923 32,158 11,651 3,379 325 June 27P 40,053 18,672 21,381 17,621 3,760 12,752 49,295 5,065 32,456 11,774 3,420 324 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 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 P 40,418 15,073 25,345 21,151 4,194 10,518 47,616 992 31,822 14,802 3,'531 6,498 Feb. 28*> 40,329 15,214 25,115 20,915 4,200 10,835 47,832 962 32,038 14,832 3,537 6,498 Mar. 28P 40,576 15,605 24,971 20,716 4,255 10,504 47,647 953 31,787 14,907 3,580 6,510 Apr. 25P 40,533 15,717 24,816 20,542 4,274 10,569 47,640 932 31,755 14,953 3,602 6,507 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 June 27P 40,523 15,892 24,631 20,310 4,321 10,567 47,625 904 31,666 15,055 3,622 6,500 For other footnotes see preceding and opposite page 980 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 U. S. assets J Inter- a c c a c p o i u ta n l ts ba o n f ks Total Loans Govern- Other Total bank* Total ment secu- m D a e n - d Time obliga- rities tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—June 30 119,808 44,304 75,504 64,546 10,957 32,865 141,798 11,066 94,298 36,433 11,061 13,435 Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55.387 51,250 4,137 20,114 84,939 9.229 59,486 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1950—June 30 68,723 24,590 44,132 37,548 6,584 19,914 82,430 7,362 54,964 20,104 6,180 4,971 Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37.871 8,850 29.021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—June 30 34,023 13,068 20,955 18,211 2,744 9,466 40,277 3,488 27,268 9,522 3,343 1,914 Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 nsured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1.083 6,416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—June 30 17,079 6,650 10,429 8,799 1,630 3,487 19,108 217 12,066 6,825 1,539 6,553 Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—June 30 1,959 491 1,468 1,204 263 403 2,029 369 1,186 474 326 709 Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—June 30 19,038 7,141 11,896 10,003 1,893 3,890 21,137 586 13,253 7,299 1,865 7,262 Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7,251 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10.846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 13,575 1,420 192 1950—June 30 14,827 5,288 9,539 7,945 1,594 659 14,128 14,109 1,467 192 Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 14,301 1,513 194 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5.361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—Dec. 31 6,192 1,764 4,428 3,596 832 191 5,702 5,699 702 339 1950—June 30 6,365 1,915 4,450 3,625 826 172 5,815 5,813 722 338 Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 5,708 734 335 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. AUGUST 1951 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES1 LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments Com- Loans for U S. Government obligations Oblipurchasing Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e m k p p p i l n u a e e e a g d r r n t - - - - A t c u g a u r r l l i - - - b d a r e T e n o r o a s d k l - - o T e t r h o s - l R t o e a a e s t n a - e l s 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 e f e a e r d t b t i e i - n t f s - i - - Notes Bonds G t a e u n e a - d r- S p d s s a i t o u c i i o a n o v a l b f t d i n i e l - t - s s - O s ri e t t h c ie e u s r ers ness All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 450 614 662 4,773 4,545 28,031 1,046 988 3, 159 12,7974,102 3,651 3,333 1945—Dec. 31. 121,809 25 765 9,461 314 3,1643,606 4,677 t351 2, 19196,043 88 912 ,45519'071 16 045 51 321 22 3,8733,258 1947—Dec. 31. 114,274 37,583 18,012 610 823 1,190 9,266 845 2,837 76,691 67,941 ,124 7,552 5,918 52,334 145,129 3,621 1 1 9 9 4 4 8 9 — — D D e e c c . . 3 3 1 1 . . 1 1 1 1 2 8 , , 2 27 8 8 6 4 4 1 2 , , 9 4 6 8 8 5 1 1 8 6 , ,9 7 3 6 5 12 2 9 7 6 7 3 5 1 1, , 7 3 4 3 9 6 9 8 3 5 9 5 1 1 0 1, , 4 6 0 6 5 6 61,19 0 0 0 7 2 3 2 9 1 9 2 2 4 7 7 0 5 , , 3 7 1 9 8 3 6 6 1 5 , , 3 8 8 2 8 0 , ,6 8 9 2 2 11 1 0 2, 0 4 6 7 5 9 3 5 ,3 8 9 1 4 0 4 4 5 3 8 1 3 0 3 0 8 66 5 , , 4 5 0 0 0 93 3, , 5 4 7 2 4 0 1950—June 30. 119 808 44,304 16,8142 819 1,856 912 12,270 6,8873,335 75,504 64,546 ,847 6 102 11,591 43 000 87,2373,721 Dec. 30. 124 822 51 723 21,7762 823 1,789 1,036 13 389 7,6283 955 73,099 60 986 ,118 1 932 16 75638 168 11 7,9334,179 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3 494 3,692 25,500 19 539 971 3 007 11 7293,8323,0902,871 1945—Dec. 31. 107 183 22 775 8,949 8553,133 3,378 3 455 027 1 977 84 408 78 338 ,27516 985 14 271 44 792 163,2542,815 1947—Dec. 31. 97 846 32 628 16,962 [ 046 811 1,065 7 130 064 2 550 65,218 57 914 ,987 5 816 4 815 45 286 104,199 3,105 1948—Dec. 31. 95 616 36 060 17,631 [ 800 1,324 834 8 2443 9332 65859,556 52 154 ,588 7 999 2 800 38 761 54,480 2,922 1949—Dec. 31. 101 528 36 230 15,857 [ 945 1,737 758 8 834 I 7762 80965,297 56 883 ,38910 409 5 085 37 996 45,2743,140 1950—June 30. 102 745 37 658 15,7081 770 1,840 807 9 547 i 5053 001 65 087 55 759 ,539 4 821 9 990 37 404 56,0403,289 Dec. 30. 107 424 44 705 2C,5211 808 1,770 927 10 522 6 1673 58562 719 52 365 ,665 1 468 14 054 33 170 86,6403,714 1951—Apr. 9. 105 705 46 318 22,1581 846 1,276 892 10 720 >1153 928 59 387 48 861 ,694 14 005 32 155 76,9263,601 New York City:* 1941—Dec 31 12 896 4 072 2,807 g 412 169 123 554 g 823 7 265 311 1 623 3 652 1,679 729 830 1 X ^ 9 ^C 4 5 X — X D S V e - c \,» . 3 %J 1 X . • 26 143 7 334 3,044 2,453 1,172 80 76 509 18 809 17 574 477 3 433 3 325 10 337 1 606 629 1947—Dec. 31. 20 393 7 179 5,361 545 267 111 240 654 13 215 11 972 ,002 640 558 9 771 638 604 194g—Dec 31 18 759 g 048 5,642 3 1,102 225 224 313 636 10 712 9 649 589 1 183 365 7 512 563 500 X 1 s 9 T 4 C \ 9 J — X D -* \ e ^,\* c ,+ . \ 3 J X 1 • . 19 583 7 550 i ,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 t,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 t,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 1 333 760 211 233 36 26 65 4 598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. 5 088 1 801 ,418 ? 73 87 46 91 84 3 287 2 890 132 235 248 2 274 213 185 1948—Dec. 31. 4 799 1 783 ,412 4 71 63 51 115 88 3 016 2 633 183 275 217 1 958 210 174 1949—Dec 31 5 424 1 618 ,211 109 56 51 115 91 3 806 3 324 331 690 358 1,945 290 192 1950—June 30 5 256 1 557 ,116 24 109 64 54 121 95 3 699 3 138 352 276 555 1,954 340 221 Dec. 30'. 5 569 2 083 ,567 9 110 69 65 147 147 3 487 2,911 232 131 700 1,847 335 242 1951—Apr. 9. 5 320 2 142 ,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 4,2481,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 1,459 433 82631 594 29,552 1,034 6,982 5,65315,878 t 1,126 916 1947—Dec. 31. 36 040 13,449 7,088 225 170 484 3,147 1,2561,07922 591 20,196 373 2,358 1,901 15,560 1,342 1,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,5031,6091,11821 047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965i,21223 931 20,951 1,189 4,180 2,124 13,457 1,727 1,254 1950—June 30. 38.697 14.868 6,596 367 201 324 4,0292,291l,27423 829 20,510 1,179 1,954 4,00513,372 1,988 1,331 Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,567l,53422,779 19,084 1,218 499 5,53611,830 j 2,184 1,511 1951—Apr. 9. 39,594 18,537 9.33<s 380 195 363 4,4532,476i..58521,057 17,328 920 5,16911,238 2,281 1,448 Country banks: 1941—Dec. 31. 12 518 5,890 1,676 659 20 183 1,823 « 30 ,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 5,102 4,54416,713 9 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 3,8271,476 732 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31. 36,726 11,945 3,2961,356 21 187 4,467 1,895 817 24,781 21,278 760 3,340 1,12816,046 i 2,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4,7842,320 88425,527 21,862 1,148 3,753 1,76815,189 i 2,505 1,160 1950—June 30. 39.245 13,510 3,339 1,379 33 177 5,1252,666 946 25,734 21,830 1,107 2,133 3,83514,750 • 2,753 1,151 Dec. 30. 40,558 14,988 3,9801,407 33 187 5,5912,9131,05425,570 21,377 1,390 588 6,10713,287 i 2,998 1,194 1951—Apr. 9. 40,420 15,630 4.339 1,458 36 183 '5,7382,9571,10824,789 20,498 982 6,40413,107 i 3,075 1,216 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 20 64 1,282 8 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 "l',087 1,774 6,538 6 619 443 1947—Dec. 31. 16,444 4,958 1,049 563 1^ 125 2,139 781 287 11,486 10,039 136 1,736 1,104 7,058 i 931 517 1948—Dec. 31. 16,685 5,911 1,131 975 l'd 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 ; 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 \'d 97 2,575 1,225 315 10,508 8,94 303 2,071 725 5,846 ; 1,127 434 1950—June 30. 17,079 6,650 1,106 1,049 16 105 2,7271,382 335 10,429 8,799 308 1,281 1,601 5,606 ; 1,198 432 Dec. 30. 17,414 7,023 1,255 1,015 18 109 2,8721,461 370 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. 982 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 arlk " s e w e R R d r i e e v e t - - h e ra s l v C a i a n u s l h t m a w B n d e a o i c s l t - - e t h i s c m p D o a d a e e d s n - - i - t d s i d n e te p r o b s a it n s k U G . o v S - . p S o a t li a n t t i d e c s al C o a f e i f n e f r i d t d - i- p v s a I h i r n d t i d n p u i e s a - , r ls - Inter- U m G e . r o e n v n S - - t . S p a o t n a l d i t t e - s p v s a i I h d r n t i u d n p a i e s - l , r s - , r i B o n o w g r s - - c C o a t a u c a p - n l i t - s B se a r n v k e s banks4 justed 5 m D es o t - ic4 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c r c k s . ' s, an p ti d o o r c n a o s - r- bank P S a o a n s v d t - al v s i u i s c b i a o d l n i s - an p t d i o o r c n a o s - rings All Insured commercial banks: 1941—Dec. 31.. 12 396 1,358 8,570 37,845 9,823 673 1,761 3 677 1 077 36, 544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15 810 1,829 11, 075 74,722 12,566 1,24823,740 5 098 2 585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17 796 2,145 9,736 85,751 11,236 1,379 1,325 6 692 2 559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31.. 20 404 1,939 8,947 84,211 10,344 1,488 2,323 7 182 2 113 81, 682 69 117 1,080 34,244 54 10, 158 1949—Dec. 31.. 16 428 1,984 9,466 84,576 10,885 1,315 3,050 7 419 2 338 82, 106 169 182 1,232 34,442 14 10,645 1950—June 30.. 15 863 1,801 8,358 83,916 9,577 1,281 3,590 7 924 2 145 80,639 209 188 1,321 34,925 36 11, 061 Dec. 30.. 17 458 2,145 10 463 91 099 11,955 1,442 2,788 7 892 2 898 89,922 347 189 1,331 34,525 82 11, 263 Member banks, total: 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 11994415——DDeecc.. 31.. 15 811 1,438 7 117 64 184 12,333 1,24322,179 4 240 2 450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17 797 1,672 6 270 73 528 10,978 1,375 1,176 5 504 2 401 72,704 50 105 693 27,542 54 8 464 1948—Dec. 31.. 20 406 1,486 5 674 72 152 10,098 1,480 2,122 5 850 1 962 70,947 63 111 927 27,801 45 8 801 1949—Dec. 31.. 16 429 1,521 6 194 72 658 10,623 1,310 2,838 6 017 2 185 71, 589 164 175 1,051 27,934 11 9 174 1950—June 30.. 15 864 1,358 5 478 72 263 9,368 1,278 3,340 6 428 2 001 70 463 204 182 1,115 28,328 30 9 523 Dec. 30.. 17 459 1,643 6 868 78 370 11,669 1,437 2,523 6 400 2 724 78 659 341 183 1,121 28 032 79 9 695 1951—Apr. 9.. 19 305 1,713 5 533 75 123 9,739 1,444 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 29 778 1 648 1945—Dec. 31.. 4 015 111 78 15 065 3,535 1,105 6,940 237 1,338 15 712 17 10 20 1 206 * 195 2 120 1947—Dec. 31.. 4 639 151 70 16 653 3,236 1,217 267 290 1,105 17 646 12 12 14 1 418 30 2 259 1948—Dec. 31.. 5 643 117 67 15 773 2,904 1,278 445 241 750 16 695 31 14 20 1 646 25 2 306 1949—Dec. 31.. 4 462 112 68 15 182 2,996 1,084 640 196 895 16 408 113 38 24 590 2 312 1950—June 30.. 4 235 92 38 15 053 2,692 1,051 684 279 809 15 896 151 37 19 594 2 341 Dec. 30.. 4 693 118 78 15 898 3,207 1,162 451 258 1,087 17 490 268 37 37 647 •'76 2 351 1951—Apr. 9.. 5 379 143 38 15 311 2,801 1,197 1,786 234 609 16 071 262 38 35 1 647 120 2 366 Chicago:3 1941—Dec. 31. . 1 021 43 298 2 215 1,027 8 127 233 34 2 152 476 288 1945—Dec. 31. . 942 36 200 3 153 1,292 20 1,552 237 66 3 160 719 377 1947—Dec. 31. . 1,070 30 175 3 737 1,196 21 72 285 63 3 853 2 9 902 426 1948—Dec. 31. . 1,325 28 143 3 604 1,038 26 188 284 53 3 702 1 11 989 444 1949—Dec. 31. . 1,183 27 159 3 797 1,151 40 258 286 60 3 932 4 10 1 069 470 1950—June 30. . 1,080 26 114 3 676 977 37 211 325 53 3 716 4 9 1 086 482 Dec. 30.. 1,216 30 133 3 954 1,177 48 174 284 70 4 250 3 3 10 1 089 490 1951—Apr. 9 1,310 28 139 3 636 1,010 37 520 273 50 3 669 3 11 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 20 243 4 542 1 967 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22 281 30 38 160 9 563 2 2 566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26 003 22 45 332 11 045 1 2 844 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25 302 19 46 547 10 798 8 2 928 1949—Dec. 31. 6,413 482 1,965 25 744 5,498 176 1,142 2,478 650 25 912 38 60 617 10 987 3 087 1950—June 30.. 6,206 428 1,747 25,655 4,848 181 1,408 2,579 590 25 729 40 65 653 11 093 ii 3 268 Dec. 30.. 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28 938 57 60 631 10 956 3,322 1951—Apr. 9.. 7,339 530 1,786 26,716 4,981 199 2,426 2,397 600 26 732 84 62 706 10 767 ""93 3 342 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6 082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12 224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—June 30.. 4,343 813 3,579 27,879 850 9 1,036 3,246 549 25,122 12 75 434 14,555 15 3,433 Dec. 30.. 4,745 976 4.450 30,581 1,111 10 922 3,282 715 27.980 12 82 443 14,339 9 3,532 1951—Apr. 9.. 5,278 1,012 3,570 29,460 947 10 1,523 3,286 583 26,646 12 87 449 14,396 96 3,640 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31. . 391 3,959 10,537 233 c 1,560 858 135 9,643 6 4 97 5,579 "i 1,083 1947—Dec. 31.. 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 1 1,271 1948—Dec. 31.. 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—Dec. 31.. 46; 3,27; 11,918 261 6 2U 1,402 153 10,517 E 6 182 6,524 1,473 1950—June 30.. 442 2,880 11,653 209 250 1,496 144 10,176 C ( 206 6,613 » 1,539 Dec. 30.. ... 503 3,596 12,729 286 c 265 1,492 174 11,262 6 6 210 6,510 3 1,570 2 "Consumer loans" exclude, and "Other loans" include, single-payment loans of $3,000 and over, which prior to BULLETIN for May 1951 had been included in consumer loans. The amounts of these loans prior to June 30, 1949, the first call date on which they were reported separately, have been estimated (see BULLETIN for November 1950, p. 1465). 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 983 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month in lo a v n a e n d s s t- in c d ia u l s , - a T n o d b d r e o a k l e e r r s s To others Real Loans Other Cer- Other Total i trial, estate to loans Total tifi- secuments and loans banks cates rities t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - s t . . O c t s u t i e h e r - s 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 f e e e d b i s - n t s - - Notes Bonds2 Total— Leading Cities 1950— June 67,531 25,261 13,497 419 1,266 138 505 4,651 309 4,86142,270 36,565 2,355 3,112 6,746 24,352 5,705 1951—April . . . 69,862 32,521 19,196 175 1,122 133 593 5,393 446 5,918 37,341 30,736 1,857 8,155 20,7246,605 May 69,589 32,584 i 19,152 2451,097 123 607 5,452 430 5,934 37,005 30,485 1,764 8,124 20,5976,520 June 69,900 32,579 1 19,128 2541,032 126 603 5,516 452 5,924 37,321 30,781 2,375 " ' 792 7,690 19,9246,540 May 2... 70,108 32,661 19,186 2461,113 125 602 5,419 491 5,935 37,447 30,836 1,971 8,150 20,7156,611 May 9. . . 69,392 32,548 19,164 2631,132 125 609 5,440 341 5,93036,844 30,339 1,641 8,09520,6036,505 May 16. .. 69,582 32,668 19,233 2721,087 123 595 5,456 417 5,941 36,914 30,425 1,742 8,115 20,5686,489 May 23... 69,493 32,614 19,115 1741,092 123 633 5,467 534 5,932 36,879 30,382 1,696 8,113 20,5736,497 May 30. . .69,369 32,428 19,048 2711,061 121 596 5,476 382 5,92836,941 30,443 1,769 8,147 20,527 6,498 June 6... 69,037 32,332 18,992 2141,048 124 630 5,489 364 5,926 36,705 30,207 1,806 8,02420,377 6,498 June 13. .. 69,492 32,429 19,085 1911,020 125 597 5,521 438 5,909 37,063 30,555 2,147 8,03820,3706,508 June 20... 70,434 32,677 19,216 2351,036 125 597 5,524 484 5,916 37,757 31,186 2,800 'i',582 7,332 19,472 6,571 June 27. .. 70,635 32,877 19,220 3761,023 129 587 5,530 523 5,947 37,758 31,176 2,745 1,585 7,368 19,4786,582 July 3... 70,268 32,766 19,153 4191,091 127 584 5,534 392 5,926 37,502 30,886 2,457 1,573 7,346 19,5106,616 July 11... 70,099 32,746 19,120 3981,017 126 579 5,539 528 5,899 37,353 30,697 2,338 1,553 7,304 19,5026,656 July 18... 70,085 32,671 19,035 406 991 125 578 5,546 563 5,887 37,414 30,739 2,325 1,539 7,380 19,4956,675 July 25... 70,114 32,509 18,958 455 986 135 576 5,555 435 5,869 37,605 30,949 2,500 1,499 7,503 19,4476,656 New York City 1950—June 19,411 7,747 4,655 370 1,016 19 214 327 261 1,010 11,664 10,170 677 582 1,730 7,181 1,494 1951—April 20,238 10,048 6,775 143 851 26 241 458 355 1,339 10,190 8,260 609 1,688 5,963 1,930 May 19,865 9,944 6,727 185 837 24 257 466 256 1,333 9,921 8,083 493 1,682 5,908 1,838 June 20,098 10,064 6,743 212 795 24 255 486 348 1,341 10,034 8,173 878 174 1,542 5,579 1,861 May 2... 20,278 10,003 6,734 208 837 25 243 457 315 1,325 10,275 8,387 699 1,705 5,983 1,888 May 9... 19,809 9,919 6,713 210 862 26 251 466 200 1,332 9,890 8,063 445 1,670 5,948 1,827 May 16... 19,812 9,964 6,768 208 829 23 252 468 221 1,336 9,848 8,036 462 1,687 5,887 1,812 May 23. .. 19,706 9,944 6,716 117 838 23 289 471 292 1,338 9,762 7,935 400 1,670 5,865 1,827 May 30. . .19,722 9,892 6,703 180 817 23 252 470 254 1,333 9,830 7,996 459 1,678 5,859 1,834 June 6... 19,605 9,942 6,660 183 808 24 284 482 305 1,336 9,663 7,826 463 1,602 5,761 1,837 June 13. .. 19,892 9,970 6,695 154 783 24 250 491 372 1,341 9,922 8,067 774 1,549 5,744 1,855 June 20. .. 20,395 10,163 6,800 200 806 24 248 487 404 1,334 10,232 8,358 1,124 "345 1,489 5,400 1,874 June 27. .. 20,500 10,182 6,818 311 784 24 239 484 312 1,351 10,318 8,442 1,151 350 1,528 5,413 1,876 July 3... 20,326 10,256 6,832 379 851 24 237 490 259 1,325 10,070 8,174 923 328 1,527 5,396 1,896 July 11... 20,074 10,174 6,813 335 793 26 234 491 307 1,316 9,900 7,935 756 319 1,516 5,344 1,965 July 18... 19,886 10,124 6,778 338 766 24 232 494 317 1,316 9,762 7,781 613 308 1,552 5,308 1,981 July 25... 19,793 10,041 6,742 376 764 31 231 497 232 1,309 9,752 7,772 626 283 1,602 5,261 1,980 Outside New York City 1950—June 48,120 17,514 8,842 49 250 119 291 4,324 48 3,851 30,606 26,395 1,678 2,530 5,016 17,1714,211 1951—April 49,624 22,473 12,421 32 271 107 352 4,935 91 4,579 27,151 22,476 1,248 6,467 14,7614,675 May 49,724 22,640 12,425 60 260 99 350 4,986 174 4,601 27,084 22,402 1,271 6,442 14,6894,682 June 49,802 22,515 12,385 42 237 102 348 5,030 104 4,583 27,287 22,608 1,497 618 6,148 14,3454,679 May 2... 49,830 22,658 12,452 38 276 100 359 4,962 176 4,610 27,172 22,449 1,272 6,445 14,7324,723 May 9... 49,583 22,629 12,451 53 270 99 358 4,974 141 4,598 26,954 22,276 1,196 6,425 14,6554,678 May 16. .. 49,770 22,704 12,465 64 258 100 343 4,988 196 4,605 27,066 22,389 1,280 6,428 14,6814,677 May 23... 49,787 22,670 12,399 57 254 100 344 4,996 242 4,594 27,117 22,447 1,296 6,443 14,7084,670 May 30... 49,647 22,536 12,345 91 244 98 344 5,006 128 4,595 27,111 22,447 1,310 6,469 14,6684,664 June 6... 49,432 22,390 12,332 31 240 100 346 5,007 59 4,590 27,042 22,381 1,343 6,422 14,6164,661 June 13... 49,600 22,459 12,390 37 237 101 347 5,030 66 4,568 27,141 22,488 1,373 6,489 14,6264,653 June 20... 50,039 22,514 12,416 35 230 101 349 5,037 80 4,582 27,525 22,828 1,676 i',237 5,843 14,0724,697 June 27... 50,135 22,695 12,402 65 239 105 348 5,046 211 4,596 27,440 22,734 1,594 1,235 5,840 14,0654,706 July 3... 49,942 22,510 12,321 40 240 103 347 5,044 133 4,60127,432 22,712 1,534 1,245 5,819 14,1144,720 July 11... 50,025 22,572 12,307 63 224 100 345 5,048 221 4,583 27,453 22,762 1,582 1,234 5,788 14,1584,691 July 18... 50,199 22,547 12,257 68 225 101 346 5,052 246 4,571 27,652 22,958 1,712 1,231 5,828 14,1874,694 July 25... 50,321 22,468 12,216 79 222 104 345 5,058 203 4,563 27,850 23,177 1,874 1,216 5,901 14,1864,676 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. 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi Indi- Date or month B s w F e R e e a r i r e a n t d v h - l - k e s C va a i u n sh lt m b a w a d n e n i o c s t - e k h ti s s c j p m u o a d s a d t s e n e i - - t d d s 3 s p p u v n c h a o a a o i n 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 a b n d i t i l t - e - s - s c C h c O a f e e e e i n f t e c r r f c d i d t s k . - i ' - s, U m G er . o e n v n S - - t . s p p u n v c h a o a a o e i n i r d r p l r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v l a b t n d i i e l - t - s - s P m U G S e i a o n r a n . o e s g n v d v n S t - s - a - t . l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n 4 - k tions tions Totalleading Cities 1950—June... . 11,996 806 2,270 47,868 48,146 3,556 1 ,289 2,02914,748 126 8,9081,279 193 243 6,372103,901 1951—April 14,422 829 2,34149,58350,385 3,515 1,402 4,47514,539 727 127 9,090 1,392 353 358 6,582 112,469 May 13,864 832 2,223 49,797 0,304 3,801 1,300 3,25014,483 737 130 8,931 ,344 348 640 6,623 110,650 June 14,360 2,42150,55351,338 3,598 1,325 3,34214,593 746 134 9,221 1,316 341 378 6,664 121,577 May 2... 13,960 795 2,21750,16350,257 3,950 1,449 3,520 14,477 732 129 8,971 1,343 355 567 6,618 28,429 May 9... 13,864 839 2,16149,57249,552 3,792 1,270 3,149 14,494 735 130 9,057 1,347 353 591 6,629 24,347 May 16... 14,044 821 2,378 49,,35050,932 3,685 1,300 3,380 14,485 741 12 9,392 1,352 347 797 6,626 26,106 May 23... 13,741 845 2,229 49,86550,189 3,719 1,235 3,197 14,473 734 130 8,761 ,339 343 580 6,630 25,305 May 30... 13,712 861 2,12950,03450,591 3,857 1,245 3,005 14,485 746 131 8,476 ,339 342 664 6,612 20,527 June 6... 14,216 832 2,33150,28650,455 3,680 1,361 2,723 14,514 749 132 9,207 ,333 340 257 6,629 29,335 June 13... 14,463 883 2,63551,13352,606 3,584 1,207 2,397 14,585 747 132 9,564 ,342 341 358 6,664 24,439 June 20... 14,513 843 2,47450,87551,791 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 49,91650,500 3,589 1,342 4,679 14,661 743 135 8,781 ,300 341 500 6,689 26,738 July 3... 14,205 812 2,2 50,250 3,644 1,545 4,339 14,646 740 135 9,345 ,293 379 440 6,699 25,269 July 11... 14,288 911 2,338 49 50,622 3,480 1,282 3,619 14,684 742 140 9,578 ,290 379 612 6,701 25,546 July 18... 14.243 858 2,433 49 51,021 3,336 1,456 3,111 14,692 737 140 9,759 ,265 378 708 6,698 25,746 14,091 863 2,320 50 50,971 3,532 1,226 2,962 14,677 738 140 9,364 ,266 379 383 6,705 23,637 July 25... New York City 4,386 128 15,18115,863 236 616 527 1,542 2,7461,057 146 96 2,298 42,294 1950—June 5,327 129 15,59016,379 275 651 1,511 1,564 2,792 1,151 265 96 2,322 44,312 1951—April 4,949 12 15,43516,216 293 581 883 1,476 2,704 1,111 261 317 2,330 42,272 May 5,303 132 15,81316,619 240 589 1,091 1,506 2,858 1,087 255 129 2,341 49,398 June May 2 ... 5,069 122 15,81716,404 378 656 1,022 1,491 2,729 1,109 269 294 2,332 11,750 May 9... 4,850 130 15,34715,949 284 557 854 1,490 2,700 1,107 267 273 2,334 9,297 May 16... 4,99; 123 15,14116,218 271 566 892 1,474 2,818 1,120 259 471 2,336 9,741 May 23... 5,038 127 15,47516,196 251 564 839 1,459 2,657 1,113 257 298 2,337 9,284 May 30... 4,797 13: 15,39516,313 281 561 808 1,467 2,618 1,104 256 249 2,309 7,834 June 6... 5,195 129 15,65616,359 206 645 777 1,473 2,7991,109 254 83 2,315 13,196 June 13... 5,357 135 15,98416,901 217 495 647 1,518 2,9481,109 255 147 2,353 9,562 June 20... 5,373 125 16,16416,968 254 601 1,126 1,513 2,9461,054 255 22 2,351 12,255 June 27... 5,288 138 15,44916,247 283 617 1,812 1,522 2,7391,074 255 264 2,345 10,387 July 3... 5,104 129 15,18416,126 240 759 1,559 1,486 2,844 1,078 284 280 2,355 10,329 Tuly 11... 5,182 139 15,28316,021 246 564 1,233 1,482 2,820 1,074 284 379 2,356 10,199 Tuly 18... 5,121 125 15,23816,027 234 719 907 1,476 2,885 ,053 284 456 2,355 9,568 July 25... 5,028 125 28 16,210 267 530 803 1,465 2,788 1,052 284 208 2,352 9,001 Outside New York City 1950—June 7,610 678 2,236 32,68'32,283 3,320 673 1,50213,206 6,162 222 4,074 61,607 1951—April 9,095 700 2,,298 33,99334,006 3,240 751 2,96412,975 695 6,298 241 262 4,260 68,157 May 8.915 705 2,19234,36234,088 3,508 719 2.36713,007 708 6,227 233 323 A,293 68,378 June 9,057 730 2,387 34,74034,719 3,358 736 2,251 13,087 721 6,363 229 249 4,323 72,179 May 2... 8,891 673 2,184 34,34633,853 3,572 793 2,498 12,986 703 6,242 234 273 4,286 16,679 May 9... 9,014 709 2,13334,22533,603 3,508 713 2,295 13,004 705 6,357 240 318 4,295 15,050 May 16... 9,051 698 2,343 34,209 34,714 3,414 734 2,488 13,011 711 6,574 232 326 4,290 16,365 May 23... 8,703 718 2,19634,39033,993 3,468 671 2,358 13,014 707 6,104 226 282 4,293 16,021 May 30... 8,915 729 2,10134 ,278 3,576 684 2,19 13,018 719 5,858 235 415 4,303 12,693 Tune 6... 9,021 703 2,302 3463034,096 3,474 716 1,946 13,041 723 6,408 224 174 4,314 16,139 June 13... 9,106 748 2,59835,14' 35,705 3,36 712 1,750 13,06 721 6,616 233 211 4,311 14,877 June 20... 9,140 718 2,44134,71134.823 3,28. 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 July 3... 9,101 2,26834,15634,124 3,404 786 2,780 13,160 717 6,501 215 160 4,344 14,940 July 11... 9,106 77 2,30934,38434,601 3,234 718 2,386 13,202 719 6,758 216 233 4,345 15,347 Tuly 18... 9,122 733 2,399 34,65434,994 3,102 737 2,204 13,216 714 6,874 21 252 4,343 16,178 July 25... 9,063 738 2,29235,02034,761 3,265 2,159 13,212 715 6,576 214 175 4,353 14,636 figures on the revised 985 AUGUST 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 x Investments For purchasing U. S. Governmentobligations or carrying securities Com- I otal merd F i e s d tr e i r c a t l a R nd e se d r a v t e e m in o a e v n a n e n d s ts s t- Total1 i t n c a r i d n i 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 s o t e a a a n t l e sb L a o t n o a k n s s O lo th an er s Total Total Bills o c C t f a i e f t i e i r - n - s - Notes Bonds2 s r O i e t t c i h e u e s - r agri- U. S. Other U. S Other debtcul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Boston June 27 3,219 1,556 1,001 2 11 10 21 207 40 290 1,663 1,414 135 75 217 987 249 July 3 3,161 1,514 991 3 11 10 21 208 9 288 1,647 1,401 124 74 217 986 246 July 11 3,174 1,539 995 2 11 10 21 207 29 290 1,635 1,388 110 74 219 985 247 July 18 3,172 1,540 987 4 9 10 21 207 39 289 L ,632 1,381 106 74 217 984 251 July 25. . 3,202 1,510 981 5 9 10 21 205 18 288 1,692 1,438 158 74 236 970 254 New York* Tune 27. 23,032 11,227 7,275 320 793 30 257 802 316 1,597 11,805 9,671 1,227 385 1,763 6,2962,134 July 3 22,835 11,296 7,284 390 860 30 255 809 259 1,572 11,539 9,386 975 363 1,767 6,281 2,153 July 11 22,557 11,213 7,257 349 803 31 252 812 310 1,562 11,344 9,122 815 354 1,724 6,2292,222 Tuly 18 22,358 11,167 7,220 351 777 30 251 817 323 1,561 11,191 8,953 670 345 1,748 6,190 2,238 July 25 ... 22,275 11,082 7,185 388 775 36 250 820 236 1,555 11,193 8,958 693 319 1,802 6,144 2,235 Philadelphia June 27. .. 2.879 1,340 773 1 31 3 7 147 14 386 1,539 1,190 110 20 225 835 349 Tuly 3 2,864 1,335 772 1 31 3 7 144 9 390 1,529 1,177 108 22 216 831 352 July 11 2,851 1,332 772 2 30 3 7 145 9 388 1,519 1,171 97 22 218 834 348 Tuly 18 2,833 1,324 765 2 30 3 7 147 6 388 1,509 1,161 91 22 217 831 348 July 25 .. 2,822 1,324 758 2 29 4 7 147 11 390 1,498 1,150 85 22 217 826 348 Cleveland Tune 27. 4,979 1,995 1,166 9 24 14 66 383 13 351 2,984 2,489 212 165 564 1,548 495 July 3 4,987 2,012 1,167 7 25 13 65 383 33 350 2,975 2,482 215 162 559 1,546 493 July 11 4,953 1,984 1,169 6 22 13 64 384 9 348 2,969 2,473 209 158 559 1,547 496 July 18 4,986 2,016 1,167 6 24 12 64 385 44 345 2,970 2,481 210 158 566 1,547 489 July 25. . 5,004 2,020 1,166 6 23 12 64 387 44 349 2,984 2,494 223 158 566 1,547 490 Richmond Tune 27. 2,805 1,180 565 2 6 11 41 236 16 317 1,625 1,458 155 34 359 910 167 July 3 2,803 1,176 558 1 6 12 41 235 19 318 1,627 L,460 153 45 358 904 167 July 11 2,838 1,183 562 1 6 12 41 235 28 312 1,655 L ,487 177 46 355 909 168 Tuly 18 2,819 1,159 551 1 6 11 41 234 19 310 1,660 1,492 176 46 356 914 168 July 25. . 2,841 1,157 547 1 6 12 41 233 22 309 1,684 1,518 207 47 349 915 166 A tlanta Tune 27.... 2,509 1,095 632 14 12 24 96 13 322 1,414 1,188 53 87 427 621 226 Tuly 3 2,514 1,091 631 12 12 24 96 8 326 1,423 1,195 67 89 421 618 228 July 11 2,550 1,094 627 12 11 24 96 20 322 1,456 1,230 88 92 423 627 226 July 18 2,547 1,080 623 12 10 25 93 13 322 1,467 1,239 89 92 431 627 228 July 25 2,544 1,071 618 12 11 24 91 13 320 1,473 1,247 90 92 434 631 226 Chicago* Tune 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 July 3 9,930 3,564 2,341 13 98 17 61 468 10 614 6,366 5,401 351 375 1,291 3,384 965 Tuly 11 9,944 3,611 2,351 29 88 17 61 468 37 618 6,333 5,389 356 374 1,281 3,378 944 July 18 9,965 3,630 2,357 39 85 17 60 470 26 634 6,335 5,385 355 369 1,298 3,363 950 July 25 9,975 3,636 2,362 49 86 17 60 471 23 626 6,339 5,395 346 364 1,322 3,363 944 St. Louis June 27 2,310 1,173 628 2 8 8 14 247 14 266 1,137 963 68 79 255 561 174 July 3 2,287 1,165 622 2 8 8 14 249 11 265 1,122 940 48 83 246 563 182 Tuly 11 2,307 1,176 619 1 8 8 14 249 28 263 1,131 957 62 78 246 571 174 July 18 2,323 1,167 622 1 7 8 14 249 18 262 1,156 983 87 81 243 572 173 July 25 .... 2,322 1,163 617 1 7 9 14 251 16 262 1,159 988 87 81 249 571 171 Minneapolis Tune 27 1,211 611 334 3 1 6 111 164 600 465 6 21 136 302 135 July 3 1,203 602 327 3 1 6 110 163 601 466 8 20 137 301 135 Tuly 11 1,210 607 324 3 1 6 110 10 161 603 467 12 20 134 301 136 July 18 1 ,218 597 330 3 2 6 110 2 152 621 487 30 18 138 301 134 July 25 1,221 594 322 3 2 6 110 6 153 627 493 34 18 140 301 134 Kansas City June 27 2,703 1,217 791 7 5 15 169 8 231 1,486 1,221 179 82 402 558 265 July 3 2,679 1,205 783 7 5 15 169 4 231 1,474 1,212 173 81 399 559 262 July 11 2,701 1,203 778 7 5 14 168 10 230 1,498 1,236 191 82 406 557 262 July 18 2,754 1,205 772 7 5 14 168 16 232 1,549 1,286 234 84 403 565 263 July 25 2,756 1,194 774 7 5 14 167 5 231 1,562 1,299 247 84 402 566 263 Dallas June 27 2,618 1,438 991 9 10 48 121 4 272 1,180 1,016 106 82 256 572 164 July 3 2,620 1,435 990 9 10 48 120 4 271 1,185 1,018 108 85 254 571 167 July 11 2,617 1,432 984 8 9 48 122 1 277 1,185 1,019 113 85 251 570 166 July 18 2,639 1,442 983 9 11 48 120 13 275 1 197 1,029 116 83 260 570 168 July 25 2,651 1,421 974 8 11 48 120 4 272 1,230 1,063 156 73 262 572 167 San Francisco Tune 27 12,272 6,369 2,687 2 20 6 27 2,543 29 1,134 5,903 4,634 111 175 1,444 2,904 1,269 July 3 12,385 6,371 2,687 2 21 6 27 2,543 26 1,138 6,014 4,748 127 174 1,481 2,966 1,266 July 11 12,397 6,372 2,682 8 19 6 27 2,543 37 1,128 6,025 4,758 108 168 1,488 2,994 1,267 July 18 12,471 6,344 2,658 2 22 6 27 2,546 44 1,117 6,127 4,862 161 167 1,503 3,031 1,265 July 25 12,501 6,337 2,654 3 21 6 27 2,553 37 1,114 6,164 4,906 174 167 1,524 3,041 1,258 City of Chicago* 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 July 3 6,018 2,331 1,770 12 90 14 51 105 1 327 3,687 3,076 191 198 721 1,966 611 July 11 6,002 2,361 1,778 28 79 14 50 105 17 329 3,641 3,051 182 196 712 1,961 590 July 18 6,017 2,376 1,789 39 75 14 50 106 13 329 3,641 3,048 184 190 729 1,945 593 July 25 6,018 2,380 1,789 48 76 14 50 106 11 325 3,638 3,051 173 188 745 1,945 587 * 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. 986 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 R e a e r i r n 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 n i c s o t t e k - h i s c s j p m u o d a s a d e t s n e i - - t d d s 3 s p p u n c h v a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - c C h c O 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 er . o e n n v S - t - . p u s p n v c a h o a o a e n id l i r r r r d s p a - - - t , - s - S p s d s t i i o a u i c o v l t a b n i e i l t - - s s - P m U G S e i o a n r . a n o s 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 B in o g r s - c C o i a t u a c a p n - l - ts B d it e a s b n 4 - k tions tions Boston June 27 546 59 94 2,617 2,553 206 55 172 472 2 3 277 34 1 17 340 1,144 July 3 549 56 101 2,595 2,585 200 64 168 473 1 3 275 30 1 8 339 1,018 July 11 548 62 96 2,603 2,575 195 61 145 473 2 3 298 33 1 6 340 1,058 July 18 568 58 106 2,633 2,620 186 58 125 474 1 3 313 32 1 2 340 1,046 July 25 552 58 102 2,651 2,589 208 50 120 474 2 3 302 33 1 5 340 963 New York* June 27... 5,602 197 125 17,214 17,768 600 669 1,933 2,349 30 45 2,805 1,077 256 275 2,556 11,260 July 3 5,453 182 123 16,961 17,665 558 829 1 ,6792,313 30 45 2,916 1,081 285 287 2 ,56610,972 July 11 5,494 200 119 17,007 17,563 504 624 1,342 2,308 30 49 2,897 1,078 285 387 2,567 10^991 July 18 5,457 182 131 16,989 17,594 502 774 1,009 2,302 30 49 2,965 1,055 285 458 2,566 10,230 July 25 5,358 182 124 17,267 17,746 555 586 903 2,290 30 49 2,863 1,055 285 216 2,563 9,581 Philadelphia June 27 525 49 113 2,242 2,341 107 24 193 402 28 359 14 1 10 336 1,065 July 3 532 43 113 2,191 2,320 94 27 196 404 28 391 14 1 9 338 990 July 11 541 48 112 2,185 2,292 101 26 164 404 29 389 13 1 49 337 939 July 18 505 46 117 2,152 2,269 96 23 142 404 29 408 13 1 36 336 974 July 25 508 46 106 2,165 2,264 83 37 133 404 29 387 13 1 33 336 861 Cleveland June 27 911 89 161 3,387 3,503 211 56 413 1 ,327 54 3 442 9 1 36 492 1,737 July 3 886 78 147 3,384 3,473 221 59 364 1,329 54 3 481 9 1 10 490 l!560 July 11 892 91 148 3,383 3,509 212 54 304 1,329 54 3 491 8 1 47 488 1,447 July 18 927 89 146 3,515 3,630 223 61 268 1,332 52 3 505 8 1 3 490 1,581 July 25 914 88 146 3,544 3,592 236 51 255 1,332 52 3 482 8 1 16 490 1,536 Richmond June 27 515 76 165 2,228 2,211 186 56 135 553 26 19 352 7 12 4 249 965 July 3 503 68 180 2,172 2,201 190 47 141 554 26 19 396 7 17 1 247 967 July 11 544 78 175 2,235 2,249 191 46 124 554 26 20 423 8 17 7 248 952 July 18 543 71 184 2,239 2,256 174 51 110 555 26 20 419 7 17 1 248 962 July 25 536 73 173 2,266 2,249 189 45 104 556 26 20 403 7 17 248 863 Atlanta June 27 470 47 189 1 ,902 1 ,805 282 26 102 513 5 7 474 11 2 7 213 834 July 3 495 41 209 1,881 1,799 310 25 97 514 5 7 536 11 2 15 214 813 July 11 471 49 217 1,926 1,850 302 21 84 515 5 7 546 13 2 214 845 July 18 469 47 214 1,947 1,871 294 29 75 516 5 7 526 11 1 214 861 July 25 473 48 197 1,964 1,835 313 25 73 516 5 7 496 11 2 214 793 Chicago* June 27 2,107 111 309 6,732 6,849 616 114 882 2,635 26 13 1,443 42 1 66 789 3,659 July 3 2,118 105 317 6,594 6,684 614 124 801 2,644 26 13 1,545 40 1 46 791 3,491 July 11 2,111 114 318 6,666 6,809 609 107 667 2,646 26 13 1,607 40 1 41 791 3,285 July 18 2,137 107 324 6,672 6,832 600 116 608 2,648 26 13 1,629 43 1 114 791 3,705 July 25 2,153 106 313 6,831 6,878 618 104 609 2,639 26 13 1,559 42 1 46 788 3,288 St. Louis June 27 429 34 118 1,520 1,606 117 19 133 470 13 4 548 2 8 197 705 July 3 439 32 126 1,491 1,592 118 21 112 470 13 4 589 1 9 201 639 July 11 428 36 145 1,525 1,646 113 20 91 470 13 4 609 2 5 201 691 July 18 424 34 138 1,532 1 ,644 112 19 78 470 13 4 615 1 6 204 748 July 25 430 34 119 1,542 1,629 115 17 74 471 13 4 590 1 11 204 658 Minneapolis June 27 209 14 80 794 784 141 14 70 233 1 276 3 27 108 414 July 3 224 12 81 803 801 153 18 61 233 1 293 3 16 108 409 July 11 221 14 96 821 819 140 15 59 233 1 311 2 3 109 441 July 18 222 13 86 816 835 125 14 57 232 1 307 3 12 109 461 July 25 225 14 79 835 828 130 15 58 232 1 296 2 3 109 391 Kansas City June 27 544 37 263 2,011 1,995 243 31 142 392 19 5 739 2 16 236 926 July 3 545 32 293 1,972 1,993 255 29 132 394 19 5 793 2 11 236 789 July 11 551 36 303 2,001 2,028 242 28 112 396 19 5 832 2 4 236 910 July 18 557 35 329 2,039 2,090 239 28 107 397 19 5 879 2 5 236 980 July 25 555 36 336 2,068 2,077 252 26 105 398 19 5 862 2 3 236 926 Dallas June 27 495 40 352 2,164 2,140 205 46 103 372 70 7 570 6 251 853 July 3 549 37 350 2,131 2,125 202 46 110 371 69 7 651 7 249 766 July 11 537 41 340 2,145 2,144 189 36 92 372 69 7 634 6 249 793 July 18 501 39 373 2,162 2,197 177 40 78 372 69 7 647 7 249 914 July 25 497 41 365 2,189 2,186 183 40 73 371 69 7 626 7 251 860 San Francisco June 27 1,896 137 273 7,105 6,945 675 232 401 4,943 470 28 496 93 66 34 922 3,176 July 3 1 .91? 126 259 7,165 7,012 729 256 478 4,947 469 28 479 88 70 28 920 2,855 Julv 11 1,950 142 269 7,170 7,138 682 244 435 4,984 469 28 541 85 70 63 921 3,194 Tuly 18 1,933 137 285 7,196 7,183 608 243 454 4,990 467 28 546 83 70 71 915 3,284 July 25 L,890 137 260 7,211 7,098 650 230 455 4,994 467 28 498 85 70 50 926 2,917 City of Chicago* June 27 1,388 39 145 4,125 4,266 313 49 523 1,399 21 3 1,039 36 37 529 2,187 July 3 1,409 40 149 4,070 4,173 310 66 432 1,406 21 3 1,109 34 29 532 2,200 July 11 1,406 40 156 4,080 4,230 305 53 341 1,406 21 3 1,162 34 27 531 2,052 July 18 1,425 36 149 4,086 4,265 290 52 300 1,405 21 3 1,176 37 69 531 2,310 July 25 1,402 36 150 4,159 4,287 288 47 310 1,395 22 3 1,117 35 35 527 1,955 For footnotes see opposite page and preceding table. AUGUST 1951 987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not onpar list drawn, and their (nonmember) Federal Reserve branches and offices l Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s1 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 nd ra n o c ff h ic e e s s United States total: Dec. 31, 1946 14,043 3,981 11,957 3 654 6 894 2,913 5.063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3 823 6 917 3.051 5,120 772 2,041 325 Dec 31 1948 14,072 4,333 12,061 4,015 6.912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4 289 6,887 3,387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 June 30, 1951 P 14,001 4,964 12,162 4,673 6,854 3,703 5,308 970 1,839 291 By districts and by States June 30, 1951 P District Boston 472 348 472 348 324 274 148 74 New York 862 980 862 £80 743 907 119 73 Philadeinhia 834 169 834 169 637 130 197 39 Cleveland 1,110 323 1,110 323 688 279 422 44 Richmond.... 1,006 562 807 421 475 262 332 159 199 141 Atlanta 1,207 225 607 185 356 158 251 27 600 40 Chicago 2,486 627 2,486 627 1,007 271 1,479 356 St. Louis 1,465 152 1,134 92 496 54 638 38 331 60 Minneapolis 1,275 112 678 71 476 28 202 43 597 41 Kansas City 1,759 18 1,750 18 755 9 995 9 9 Dallas 1,031 64 928 55 631 36 297 19 103 9 San Francisco 494 1,384 494 1,384 266 1,295 228 89 State Alabama 225 27 129 27 93 27 36 96 11 62 11 62 5 45 6 17 Arkansas 231 20 109 5 68 2 41 3 122 15 California 193 989 193 989 120 939 73 50 149 4 149 4 93 3 56 1 103 56 103 56 62 49 41 7 38 20 38 20 17 8 21 12 District of Columbia... 19 46 19 46 15 36 4 10 Florida 195 7 135 6 75 6 60 60 1 Georgia 401 43 117 40 66 36 51 4 284 Idaho 43 56 43 56 24 51 19 5 Illinois 888 2 886 2 510 2 376 2 Indiana 483 115 483 115 238 61 245 54 661 164 661 164 160 501 164 Kansas 610 1 608 1 215 1 393 2 Kentuckv 380 47 380 47 113 30 267 17 Louisiana 166 78 62 55 47 48 15 7 104 23 62 71 62 71 38 37 24 34 Maryland 161 126 161 126 75 77 86 49 176 180 176 180 140 162 36 18 438 246 438 246 231 190 207 56 678 6 267 6 206 6 61 411 Mississippi . 201 68 41 14 31 7 10 7 160 54 595 1 530 1 180 1 350 65 110 110 84 26 412 2 412 2 140 2 272 Nevada 8 20 8 20 6 19 2 1 74 2 74 2 52 t 22 1 319 170 319 170 274 154 45 16 51 17 51 17 35 2 16 15 New York 618 813 618 813 541 756 77 57 North Carolina 209 224 99 89 54 49 45 40 110 135 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 657 233 657 233 420 202 237 31 Oklahoma 384 376 1 224 1 152 8 69 104 69 104 30 90 39 14 959 206 959 206 730 179 229 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 98 208 85 84 63 124 22 88 13 Texas 908 12 856 12 579 12 277 52 Utah 55 24 55 24 31 22 24 2 68 11 t8 11 39 2 29 9 Virginia 312 116 308 116 203 64 105 52 4 Washincton 117 151 117 151 51 142 66 9 West Virginia 180 179 108 71 1 552 152 552 152 164 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. FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others2 I U m S i n t n p a i t o t t o e e r s d ts E U S f x r n t p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n c> t b s r e F e t i d o w n r i e e n e i g n o n r States countries 1950— May 250 231 93 59 34 138 142 58 («) 15 17 June 240 279 126 82 44 154 170 66 21 2t July 259 335 155 87 68 180 211 80 1 22 22 August 286 374 174 103 71 200 238 87 1 26 21 308 397 187 103 84 211 264 79 2 29 23 October 312 383 168 100 68 215 243 85 2 29 25 November 325 383 166 104 62 217 234 88 2 29 29 December 333 394 192 114 78 202 245 87 2 28 32 1951—January 356 453 202 126 76 251 286 100 2 36 29 February 369 470 201 121 79 270 304 99 2 36 29 March 381 479 198 122 76 279 314 106 2 30 26 April 387 456 170 119 52 285 288 111 2 24 31 M^ay 364 417 143 108 35 274 259 102 1 22 33 June 331 425 162 120 42 263 267 104 (3) 22 31 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on Mar. 31, 1951, 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 x 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 )i es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m n d e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December.. 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—June 681 5 419 280 493 528 129 20 9 260 December... 881 5 400 306 523 633 159 26 15 271 1950—July 31.208 »755 » 712 August.... 1,231 »752 • 780 September.. U.284 » 751 « 738 October 1,351 "759 3771 November. . U.360 »774 »796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January.... 1,411 »690 *948 February... 1,367 «642 «953 March 1,304 3715 3918 April 1,286 3 661 3 879 May 1,287 3 681 3 855 June 1,275 10 375 364 680 834 225 26 13 319 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): April, 45; May, 41; June 38. 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 AUGUST 1951 989 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 bank- Ex- securities (taxable) mo Y n e th a , r , or m co e m rc - ial ac e c rs e ' pt ch c a a n ll ge Size of loan week m 4 p - o a t n p o t e h r 6 , s - 1 a d n a 9 c y 0 e s s 1 , n l a o e r l e s w a - n - 2 m bi o 3 ll - n s t h s 9 i m - s t s o o u n e t 1 s h 2 4 - 3 is - y s t e u o a e r s 5 - 5 Area and period All $ $ 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 - $ an 2 d 0 0 o ,0 v 0 e 0 r 1948 average 1 44 1 11 J 55 J 040 1 14 } 67 Annual averages: 1949 average L.48 L 12 L.63 L.102 I 14 43 19 cities: 1950 average L.45 L.15 L.63 1.218 L26 L.50 1941 2.0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1950—July .31 1.06 L 63 L.172 L 23 45 1943 2.6 4.4 3.4 2.5 2.4 August. . . L 44 L 16 L.63 L.211 L 26 .45 1944 2.4 4.3 3.3 2.6 2.2 September L 66 L 31 L 63 L.315 I 33 .55 1945 2.2 4.3 3.2 2.3 2.0 October. . 73 L 31 I 63 L.329 I 40 L.65 1946 2.1 4.2 3.1 2.2 1.7 November. L.69 L.31 L 63 L.364 I 47 .62 1947 2.1 4.2 3.1 2.5 1.8 December.. L.72 L.31 L.63 L.367 L.46 L.64 1948 2.5 4.4 3.5 2.8 2.2 1949 2.7 4.6 3.7 3.0 2.4 1951—January... 1.86 L.39 2.00 L.387 L.47 .66 1950 2.7 4.5 3.6 3.0 2.4 February. 1.96 L.50 2.00 L.391 L.60 L.67 March 2.06 L.63 2.00 L.422 L.79 1.86 Quarterly: April 2.13 L.63 2.00 L.520 L.89 2.03 19 cities: May .... 2 17 63 2.15 L.578 L 85 2 04 1950—Sept 2.63 4.51 3.63 2.95 2.34 June 2.31 1.63 2.25 L.499 L.79 2.00 Dec 2.84 4.60 3.73 3.10 2.57 July 2.31 1.63 2.25 1.593 L.74 1.93 1951—Mar 3.02 4.68 3.88 3.27 2.76 June 3.07 4.73 3.93 3.32 2.81 Week ending: New York City: June 30 2 3^-2 % 2-2 Yi 1.527 1.82 2.02 1950—Sept 2.32 4.06 3.33 2.72 2.15 J J T u u u l l l y y y 2 1 7 1 4 . . . . . . . . . . . . 2 2 2 X M 3 A ^— ~ -2 2 2 * % A % 1 1 1 h ^ A ^ 8 A 2 2 2 - - - 2 2 2 Y Y Y 2 2 2 1 1 1 . . . 5 6 6 6 1 0 2 5 4 L L L . . . 7 7 8 7 3 0 1 1 1. . . 9 9 9 2 9 4 1951— J D M u ec n ar e 2 2 2 . . . 7 5 7 8 1 4 4 4 4 . . . 3 1 2 7 7 0 3 3 3 . . . 6 6 4 6 8 4 3 3 2 . . . 0 0 8 6 6 0 2 2 2 . . . 6 3 5 4 5 9 July 28.... i-2% 1*A I-2Y2 1.591 L.70 1.91 7 Northern and Eastern cities: 1950—Sept 2.63 4.56 3.59 2.87 2.39 1 Monthly figures are averages of weekly prevailing rates. Dec 2.87 4.64 3.70 3.18 2.65 2 The average rate on 90-day Stock Exchange time loans was 1.50 1951—Mar 3.02 4.74 3.86 3.23 2.81 per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948- June 3.04 4.68 3.90 3.28 2.83 Jan 1, 1951. In 1951 changes have been made on the following dates: 11 Southern and Jan. 2, 2.00; May 16, 2.25 per cent. Western cities: 3 Rate on new issues within period. 1950—Sept 3.13 4.71 3.83 3.15 2.67 4 Series includes certificates of indebtedness, when outstanding in Dec 3.28 4.78 3.91 3.21 2.90 proper maturity range, and selected note and bond issues. 1951—Mar 3.42 4.87 4.01 3.41 3.06 6 Series includes notes and selected bond issues. June 3.52 4.90 4.10 3.52 3.14 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—Fcr description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)* grade)* Total years m o o r re Aaa Aa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues . 1-5 1-8 120 30 30 30 30 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—July .83 2.34 09 2 61 2 65 2 72 2 92 3 32 3 19 2.83 August .82 2.33 90 2.58 2 61 2 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 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 66 2.71 2.89 3 17 2 69 2.85 February. 2.40 61 2.66 2.66 2..71 2.88 3.16 2.69 2.86 March... 2.47 .87 2.78 2.78 2..81 2 98 3.22 2.79 2.95 April 2.56 .05 2.88 2.87 2.93 3.12 3.34 2.89 3.24 3.07 May 2.63 .09 2.89 2.88 2.93 3.14 3.40 2.90 3.28 3.10 June 2.65 .22 2.95 2.94 2.99 3.21 3.49 2.96 3.33 3.18 July 2.63 2.18 2.93 3.17 2.94 2.99 3.23 3.53 2.97 3.36 3.19 Week ending: June 30. . 2.66 2.26 3.03 3.21 2.99 3.26 3.54 3.00 3.37 3.26 July 7. . 2.65 2.25 2.99 3.21 2.97 3.26 3.55 3.00 3.37 3.25 July 14. . 2.63 2.23 2.95 3.19 2.95 3.25 3.55 2.98 3.37 3.23 July 21. . 2.62 2.13 2.92 3.16 2.93 3.22 3.52 2.96 3.36 3.17 July 28. . 2.62 2.11 2.90 3.15 2.92 2.96 3.21 3.52 2.95 3.35 3.16 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. 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS Bond prices Stock prices 1 Common Volume of Standard and Poor's series Securities and Exchange Commissionseries trad- Yea o r r , w m e o ek nth, m U G e . e r o n n v S - t - . 2 g M i ( r c h a i u i p d g n a e h - l ) - 3 g ( r C r p h a a o o i d t g r - e e h - ) - 3 fe P r r r e e - d4 Tota (i l ndex d t I r , u n i a s - 1 - l 935 R r - o 3 a a i 9 d l- =10 u P 0 t ) u i l l i b c it - y Total Tot M al anu D fa u c r t ( - u in r d in e N d g x u o , r n - - 193 T p 9 t r o i = a o r n 1 n ta s 0 - - 0) U iti t e il s - T a s r a f e n a i n r n c d v d - e e - , , M in i g n- s s t h h a i a o ( n n o r i f g n d u e 5 s s - ) able able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1948 average. . . 100.84 125.3 118.3 168.7 124 131 115 96 132 136 124 147 158 99 157 133 1,144 1949 average. . .102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 1,037 1950 average. . . 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1950—July 102.24 131.1 121.5 178.5 138 147 110 103 147 158 143 172 150 106 170 134 2,227 Aug 102.28 134.8 122.1 181.9 147 158 121 104 154 168 152 182 165 106 177 146 1,673 Sept 101.90 135.2 121.7 181.8 152 163 125 105 159 173 158 188 168 107 188 150 1,930 Oct 101.64 136.4 121.1 180.5 158 171 129 106 165 180 166 194 171 108 198 155 2,141 Nov 101.69 137.0 121.1 180.8 156 169 127 105 166 182 166 197 171 107 201 158 2,032 Dec 101.53 137.4 121.1 179.9 158 171 139 104 165 180 162 198 184 107 196 160 2,769 1951—Tan 101.56 140 5 121.4 180.9 169 183 153 109 177 194 175 212 202 110 205 176 2,974 Feb 101.44 140.8 121.3 180.9 175 190 159 111 184 203 182 223 213 112 213 184 2,104 March.. . 100.28 135.5 119.4 174.9 170 184 149 111 180 198 178 217 200 113 210 177 1,549 April.... 98.93 131.9 117.8 170.4 172 187 149 110 183 204 181 225 202 111 208 183 1,517 May.... 97.90 131.1 117.4 168.9 174 189 148 111 182 203 175 228 197 111 206 188 1,630 June.. . 97.62 128.6 116.6 167.9 172 187 142 110 179 200 169 229 188 110 201 186 1,305 July 97.93 129 A 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 1,333 Week ending: June 30.. 97.46 127.9 115.8 166.3 170 185 136 110 174 194 162 225 176 109 197 183 1,745 July 7.. 97.62 128.1 115.8 165.7 169 184 135 110 180 201 169 231 184 110 201 187 1,296 July 14.. 97.95 128.4 116.1 166.9 172 187 138 111 181 204 171 234 185 111 203 189 1,088 July 21.. 98.00 130.3 116.5 166.9 173 189 140 112 181 203 168 236 187 111 202 192 1,270 July 28.. 98.08 130.7 116.4 167.2 177 193 145 113 186 209 173 244 196 113 204 213 1,573 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 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 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 5 Average daily volume of training in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947^ pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( u i a n n r n n e e g d d - w ) - m T e ( a f i o d e o g n s t r o n d a t - - i ) l c Total S n m a p t i n a a c u d t i l - - e a F c e g i r e e e a d s n l - 1 - Total Co B n r a o p o n n t o d d e r s s ate Stocks e F ig o n r- * m T e ( a f e i o d o g n s t r o n t d a - - i ) c l Total S n m a p t i n a c a u d t i l - - e a F c e g i r e e e a d n s l - 1 - Total Co B n r a o p o n n o t d d e 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 IS 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 1 1 9 9 4 4 8 7 . 1 3 0 9 ,6 2 9 2 1 0 3 9 7 , 0 5 8 66 5 9 7 , , 0 2 7 5 6 5 2 2 , , 2 6 2 0 8 4 2 29 3 4 9 * 4 6 , , 7 1 8 7 7 7 4 3 5 ,5 2 6 6 7 9 1,2 9 1 0 9 8 6 10 8 2 1 , , 1 13 2 5 5 1 1 , , 1 9 3 4 5 8 4 82 4 4 7 2 68 2 1,4 2 8 8 2 4 1,1 2 9 5 9 7 28 28 3 177 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—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 "31 April...... 1,064 920 918 228 29 660 433 227 2 144 144 4 61 80 24 55 May 1,162 947 866 407 60 399 314 85 80 215 215 4 198 13 8 6 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947, 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. 991 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net STew money Retirement of securities proceeds 2 proceeds 3 Repayment Other of Total e P q la u n ip t m an en d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 . 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 . ... 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1.164 2 868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 . 7,078 6,959 5,929 4,221 1,708 307 240 67 488 234 1949 6,052 5,959 4,606 3,724 882 401 360 41 637 315 1950 6,292 6,194 3,987 3,029 958 1,224 1,095 129 651 332 1950—June 1,069 1,055 625 451 174 317 311 5 65 49 July 315 311 211 140 71 20 19 20 60 August .. . 407 402 225 189 36 138 132 6 17 23 September 416 408 306 248 58 33 28 5 32 37 October 561 550 312 255 57 89 62 27 129 20 November . . 393 387 268 193 75 76 63 13 28 15 December 553 546 376 ' 269 107 74 72 2 71 25 1951—January 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 '824 '810 '626 '504 '122 '65 '13 52 '64 '55 May '748 '739 '676 '487 '189 '20 '14 '6 '26 '18 June 825 812 685 431 253 63 54 9 49 15 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 Communication * R an e d a l fi e n s a t n a c te ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1 180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 . 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 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—june 169 109 36 45 20 11 74 15 40 575 385 161 64 3 60 127 92 8 July 68 50 3 72 22 3 13 13 104 81 11 24 21 3 30 25 August 42 20 5 40 19 8 42 38 4 233 121 107 6 6 39 22 14 September 70 43 10 62 15 8 17 17 223 205 11 7 5 28 21 3 October 180 65 33 39 14 16 34 34 228 164 33 23 15 7 46 20 November 127 78 21 31 17 8 24 24 174 126 45 9 6 22 17 1 December 146 113 10 109 64 2 72 16 "56 183 162 5 4 3 32 18 1 1951—January '65 '47 7 '74 '46 '6 44 44 '185 '127 '7 '9 9 '31 '28 February 63 53 2 27 20 5 26 8 ""is" 220 200 4 2 2 39 33 1 March 298 219 28' 52 44 2 30 30 172 115 37 423 421 20 16 April '405 '301 55 '48 '23 '4 20 20 '278 '230 '6 '24 '24 '35 '30 May '384 '353 1 '71 '57 '12 14 14 '217 '211 '3 '4 '4 '50 '37 3 June 361 314 18 42 28 4 26 26 258 242 6 3 2 123 73 36 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 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. 5 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 19 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 992 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 1,57? 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 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 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—l i 9,255 1,400 801 387 7,935 1,254 715 347 1,320 146 87 40 10,649 1,821 1,046 393 9,179 1,631 934 347 1,471 190 112 46 31 11,790 2,185 1,245 583 10,110 1,925 1,092 534 1,681 260 152 49 4 * 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 Telephone2 Year or quarter r O e p v in e e n g ra 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 t s s d D e i n v d i- s r O e p v i e n e r g n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x te f e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,137 384 224 173 1940 4,297 249 189 159 2,797 692 548 447 1,206 417 228 176 1941 5,347 674 500 186 3,029 774 527 437 1,334 473 236 170 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 551 222 160 1943 . . 9,055 2,211 873 217 3,464 913 502 410 1,691 616 233 166 1944 9,437 1,972 667 246 3,615 902 507 398 1,815 649 222 165 1945 8,902 756 450 246 3,681 905 534 407 1,979 674 265 171 1946 . . 7,628 271 287 235 3,815 964 638 458 2,148 517 253 179 1947 8,685 777 479 236 4,291 954 643 494 2,283 443 192 131 1948 9,672 1,148 699 289 4,830 983 657 493 2,694 563 263 178 1949 8,580 700 438 252 5,055 1,129 757 553 2,967 664 309 213 1950. . . . 9,473 1,385 783 312 5,431 1,303 824 619 3,342 952 441 276 Quarterly 1949—1 . . .. 2,147 119 58 69 1.317 316 206 123 707 143 63 49 2 2,226 183 115 55 1,226 272 180 135 733 158 72 50 3 2,140 174 104 50 1,224 260 175 140 748 168 79 53 4 2,066 224 161 78 1,288 281 196 156 779 195 95 60 1950—1 1,985 109 3 52 61 L,378 351 3 230 146 787 210 399 63 2 2,238 248 3157 53 372 321 3212 153 821 231 3111 67 3 2,534 454 3 257 55 1,317 293 3171 152 853 251 3112 71 4 2,716 574 3 318 142 1,415 339 3211 168 881 260 3119 75 1951_1 2,440 229 103 100 1,500 413 229 157 904 275 118 75 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 New series. 3 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. New series. Figures are for 21 large companies (which account for over 85 per cent of all telephone operations) and include principally the telephone subsidiaries of the Bell System. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes rerer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, pee pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). AUGUST 1951 993 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 1949 1950 12 3 4 31 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 88 59 52 Dividends 135 134 141 30 31 29 44 31 33 34 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 ,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.):' 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 8,197 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 88 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). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U r p i r n b o d u fi i t t s e s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t s e s - d 1939 6.5 1.5 5.0 3.8 1.2 1949—2 '26.7 10.3 16.4 '7.5 '8.9 1940 9.3 2.9 6.4 4.0 2.4 3 '28.0 10.9 17.1 7.4 '9.7 1941 17.2 7.8 9.4 4.5 4.9 4 '27.0 10.5 16.5 '8.0 '8.5 1942 21.1 11.7 9.4 4.3 5.1 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 6 7 3 4 2 3 2 2 1 0 5 4 3 9 . . . . . 5 1 3 7 5 1 1 1 1 9 4 1 3 1 . . . . . 6 2 4 5 9 1 1 1 1 8 0 0 8 3 . . . . . 5 6 8 5 9 4 4 4 5 6 . . . . . 7 5 7 8 6 12 6 6 3 8 . . . . . 0 2 1 8 1 1950— 2 3 1 4 ' ' ' ' 3 4 3 5 1 5 7 0 . . . . 9 7 5 3 1 1 ' ' 2 2 4 6 0 2 . . . . 4 9 5 5 1 ' ' ' 2 2 2 7 5 0 7 . . . . 5 2 6 8 1 ' ' 1 8 7 9 . . . . 1 4 8 4 1 1 1 ' 2 5 6 9 . . . . 2 7 8 7 1948 r33.S 13.0 '20.7 '7.3 13.6 1949 '28.3 11.0 17.3 '7.6 '9.8 1951—1 '51.8 '28.5 '23.3 '8.8 14.5 1950 '41.4 18.6 22.8 '9.2 13.6 2 1 48.5 26.5 22.0 9.5 12.5 ' Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 994 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 Total » Tr b ea il s l u s ry c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ryTr b e o a n s d u s ry Total « s b a U o v . n i n d S g s . s T t s a r a n e x v o a i t s a n e u n g s r d s 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 te a 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 30,2H 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—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 July... . 255,685 255,657 139,279 14,413 9,524 36,360 78,830 79,339 57,538 7,926 13,524 34,707 2,332 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,272 million dollars on June 30, 1951. 3 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. Each figures.—See Banking and Monetary Statistics. Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JULY 31, 1951 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury, In millions Month A st m a o n u o d t u - i n n t g Funds receive p d e r fr io o d m sales during m t R io a e t n d u s e r m i a t n i p e d - s Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of All Series Series Series All series E F G series Fiscal year Treasury bills * Treasury bonds—Cont. ending: Aug. 2,1951 1,102 June 15,1952-54 2 5,825 June—1944.. 34,606 15,498 11,820 802 2,876 2,371 Aug. 9,1951 1,100 June 15,1952-55...2K 1,501 1945.. 45,586 14,891 11,553 679 2,658 4,298 A A u u g g . . 1 2 6 3 , , 1 1 9 9 5 5 1 1 1 1 , 1 ,1 0 0 1 1 J D u e n c e . 1 1 5 5 , ,1 1 9 9 5 5 3 2 - - 5 5 5 4 * .. . . 2 2 8,6 7 6 2 2 5 1 1 9 9 4 4 6 7. . . . 5 4 1 9 , , 3 0 6 3 7 5 9 7 , , 6 2 1 0 2 8 6 4, , 2 7 8 3 7 9 3 40 6 7 0 2 2, , 5 4 6 6 1 5 6 5 , , 7 5 1 4 7 5 S A e u p g t . . 3 6 0 , ,1 1 9 9 5 5 1 1 1 1 . , 1 1 0 0 1 1 J M u a n r e . 1 1 5 5 , ,1 1 9 9 5 5 4 5 - - 5 6 6 0 2 2 . . . . 2 2 V %A 2,6 6 1 8 1 1 1 19 9 4 4 9 8 . . . . 5 5 6 3 , , 2 27 6 4 0 6 7 , ,1 2 4 3 1 5 4 4, , 2 0 7 2 8 6 3 4 0 7 1 3 2 1 , ,9 3 0 9 7 0 5 5 , , 1 0 1 6 3 7 S S e e p p t t . . 2 1 0 3 , ,1 1 9 9 5 5 1 1 1, , 0 0 0 0 1 1 S M e a p r t. . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 8 2 . . . . . 2 2 % Y2 1, 9 4 8 4 2 9 1 1 9 9 5 5 0 1. . . . 5 57 7 , , 5 5 7 3 2 6 5 5, , 1 6 4 7 3 3 3 3 , , 2 9 7 9 2 3 3 23 4 1 7 1 1 , ,5 4 2 4 3 9 5 6, , 1 4 3 2 7 2 O S c ep t t . . 2 4 7 , , 1 1 9 9 5 5 1 1 , . 2 0 0 0 1 0 J S u ep n t e . 1 1 5 5 , , 1 19 9 5 5 8 6 - - 6 5 3 9 2 . . . .2 2 % % 3, 9 8 1 2 9 3 1950—July... 57,568 417 318 13 87 505 Oct. 11,1951 ,202 June 15,1959-623. ,2U 5,284 Aug 57,470 350 270 11 70 537 Oct. 18,1951 ,202 Dec. 15,1959-623. .2 34 3,469 Sept... 57,396 310 244 8 58 475 Oct. 25,1951 ,201 Dec. 15,1960-652. .2% 1,485 Oct.... 57,954 971 271 145 555 496 June 15,1962-673 .23^ 2,118 Nov... 58,027 436 246 37 153 448 Dec. 15,1963-683 2}4 2,831 Dec.... 58,019 541 284 61 197 509 Certificates J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 3 3 . . . 2 2 3 y 42 3 3 , , 7 8 6 3 1 8 1951—Jan 58,017 475 343 18 115 653 Apr. 1, 1952.. 9,524 M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 6 5 - -7 7 0 1 3 3 . . 2 2 K y2 3 5 , , 4 1 8 9 1 7 F M e a b r .. . . . . . 5 5 7 7 , , 7 7 6 6 9 4 3 3 8 5 6 9 2 2 7 8 2 0 1 1 7 2 9 6 7 7 5 5 2 6 8 0 Treasury notes J S D u e e p n c t e . . 1 1 1 5 5 5 , , ,1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 3 3 . . . . . . 2 2 2 y K y 2 2 4 2 2 , , . 0 0 7 7 1 0 7 6 3 J A M u p a n r y e .. . . . . . . . . 5 5 5 7 7 7 , , , 6 5 6 0 7 5 7 2 2 3 2 2 1 9 9 0 0 6 2 2 2 4 4 5 7 4 4 9 8 8 4 4 3 7 1 8 4 4 4 7 7 7 2 6 8 July.. . 57,538 311 258 8 45 482 Aug. 1, 1951 1M 5,351 Oct. 1, 1951 134 1,918 Oct. 15, 1951 \U 5,941 Maturities and amounts outstanding July 31, 1951 N M D M o e a a c v r r . . . . 1 1 1 5 1 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 5 5 4 1 1 W \ * % 4 % 2 5 6 4 5 , , , , 2 3 6 8 5 6 7 5 3 5 5 4 Postal Savings 102 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 Apr. 1, 1956 \y> 1,003 Panama Canal Loan. 3 50 1951 1 ,019 1 ,019 Total direct issues. . . 139,279 1952 3,799 3,799 Treasury bonds 1953 6,422 5,227 193 1,001 Sept. 15, 1951-55 2 43 755 1 1 9 9 5 55 4 . 8 6 , , 1 9 5 6 8 9 5 4, , 5 7 2 8 5 4 4 5 8 0 3 6 1 1 , , 8 9 9 3 1 8 M M D D e e a a c c r r . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 2 1 2 - - - - 5 5 5 5 3 3 5 4 2 5 . . . . . . . . . . 2 2 2 2M }4 1 7 1 , , , 0 1 9 5 2 1 8 1 4 8 6 0 G F u V e a d a r e ri r a o a n u l t s H ee o d u s s in e g c u A r d it m ie in s . 26 1 1 1 1 9 9 9 9 5 5 5 5 7 8 9 6 . ... 4 4 5 5 , , , , 9 1 9 0 6 1 4 7 7 2 6 4 2 2 2 2 , , , , 4 6 3 7 1 5 1 6 9 1 9 3 4 5 2 2 6 6 8 4 9 5 8 8 2 2 2 1 , , , , 1 0 2 8 7 8 5 6 6 4 9 0 1960 5,455 2,676 448 2,330 1 Sold on discount basis. See table on Open-Market Money Rates, 1 1 9 9 6 6 2 1. 2 2 ,2 9 3 6 8 8 1,446 3 2 8 10 4 1 1 , , 8 3 5 1 4 3 p 2 9 9 P 0 a . rtially tax exempt. 3 Restricted. 1963 491 75 415 4 Called for redemption on Sept. 15, 1951. Unclassified -79 6 Maturity Sept. 15, 1953. Total 57,538 34.627 3,870 19,120 AUGUST 1951 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g l u u a d r - - trust funds 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals l M an is e c o e u l s a se n c te u e ri d - Special Public Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s r c a o t r i p o o n - s go lo v c e a r l n- Savings Other investies) issues issues ments bonds securities 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 25,100 17,700 6,500 43,500 19,500 8,800 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,800 13,900 7,100 45,500 20,500 9,800 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 24,100 14,100 7,300 46,200 19,100 8,600 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 23,100 13,500 7,800 47,100 18,100 9,100 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,500 14,300 7,900 47,800 17,500 9,300 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,800 15,100 8,000 48,800 17,800 10,000 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,500 16,300 8,000 49,300 16,900 9,800 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 20,100 18,300 8,200 49,900 17,300 10,200 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—Mar 255,018 33,525 6,271 215,223 22,910 '57,900 10,500 18,200 rl 1,300 7,900 49,300 ••16,500 10,800 Apr 254,748 33,590 6,274 214,884 22,742 58,500 10,400 17,800 *-21,200 7,900 49,200 »-16,500 10,600 May 255,122 34,049 6,281 214,792 22,509 57,900 10,300 17,600 21,800 8,000 49,100 16,500 11,000 r Revised. 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on 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 a c g o i n e e v d n s t - . s F e R e e r r e a d v - l - e b C m c a o i n e a m k r l - s - 1 M s i t n u a g v u a s l - - p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a a c g o i n e e v d n s t - . s F e R e e r r e a d v - l - e b C m a c o i n e a m k r l - s - 1 M s i t n u a g v u a s l - - p I c a n a o n n s m c u i e e - r s - Other trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 5 4 2 8 0 9 — — — D D D J J e e e u u c c c n n e e . . . . . . . . 1 1 1 1 1 5 5 5 5 5 2 5 7 5 5 , , , , , 4 3 4 1 1 7 2 9 3 6 1 5 6 8 0 5 5 5 5 5 , , , , , 3 3 4 3 3 6 7 5 2 7 5 7 0 7 4 2 2 1 1 1 0 3 8 8 9 , , , , , 7 3 3 8 3 3 7 3 8 4 1 8 3 5 3 5 5 5 5 5 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 , , , . , 1 7 8 8 0 4 7 7 7 2 4 2 7 7 9 1 1 1 1 1 6 8 8 9 9 , , , , , 8 1 5 8 0 6 3 3 1 9 2 2 5 9 04 4 4 4 4 4 4 3 1 2 , , . , , 4 0 6 6 7 3 2 8 6 6 7 9 7 3 3 Wi 1 1 1 t 9 h 9 9 4 i 5 4 n 8 0 9 — — — 1 D D D y J J u e u e e e c c c n a n r e e : . . . . . .. 3 1 1 1 1 8 0 0 1 4 , , , , , 9 3 2 2 3 0 8 1 2 1 5 7 6 6 9 9 3 4 7 9 8 6 9 0 12,3 5 8 9 8 7 0 6 8 7 3 5 1 2 8 1 9 5 7 7 4 , , , , , 0 0 5 0 6 0 1 7 2 4 1 4 1 1 5 2 2 2 2 1 3 3 5 3 3 0 2 1 6 8 3 9 3 3 4 2 6 2 8 6 6 0 9 5 8 1 3 2 2 3 0 , , , , , 1 3 7 5 6 2 2 0 8 5 5 2 0 3 5 1951—Apr 138,094 3,24320,028 51,576 8,473 12,762 42,012 May.... 138,068 3,249 19,79650,971 8,332 12,36143,359 1951—Apr 39,929 29 12,166 13,505 346 1,026 12,857 Treasury bills: May.... 39,929 33 12,403 13,145 327 1 ,01913,002 1948—Dec 12,224 69 5,487 2,794 50 84 3,740 1949—June.... 11,536 63 4,346 2,817 13 60 4,237 1-5 years: Dec 12,319 11 4,829 3,514 15 70 3,880 1948—Dec 44,053 226 3,25828,045 1,769 2,501 8,254 1950—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 Dec 13,627 35 1,296 3,888 33 474 7,901 Dec... 35,067 186 1,922 24,907 1,121 1,641 5,290 1951—Apr 13,627 28 1,248 3,173 150 812 8,216 1950—June.... 51.802 327 5,116 13.127 1,058 1,731 10,443 May 13,614 24 655 2,981 127 904 8,923 Dec 33,378 189 1,285 24,534 568 1,142 5,660 Ce 1 1 r 9 t 9 i 4 f 4 i 8 9 c — a — te D J s e u : c ne.... 2 2 6 9 , ,4 5 2 2 7 5 2 2 4 6 6 6, , 8 0 5 7 7 8 9 9, , 5 0 6 7 1 2 2 20 5 7 6 6 6 7 0 2 2 1 12 0 , , 1 4 7 2 4 3 1951— M Ap a r y.... 3 3 8 8 , , 3 3 4 4 7 7 1 17 7 7 3 4 4 , , 4 4 3 3 7 72 2 5 5 , , 8 8 1 5 6 8 3 4 2 4 8 3 1 1 , , 1 1 0 0 3 3 6 6, , 3 3 9 2 0 9 Dec 29.636 48 6,275 11,520 169 633 10,991 1950— D J e u c ne.... 1 5 8 , . 3 4 7 18 3 (3) 7 2 5 , , 3 3 3 5 4 7 5 1 , ,5 3 4 5 4 4 64 7 38 5 2 3 7 1, , 4 2 3 5 5 4 5— 1 1 9 9 1 4 4 0 8 9 y — — ea D J r u e s n c - e 1 1 5 0 , , 0 4 6 6 7 4 3 5 1 3 4 2 5 4 8 3 4 4 6 6, , 3 5 1 8 4 7 2,0 5 0 2 2 0 1,7 9 3 9 2 7 3 1 , ,8 6 8 3 5 0 1951—Apr Dec 18,537 568 1,388 6,995 2,640 2,230 4,716 May... 1950—Tune... 15.926 423 1,148 5 675 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 7 791 3,099 84 166 2,984 1949—June.... 3.596 47 359 1,801 41 104 1,244 1951—Apr 15,962 404 1,032 6,227 2,033 1,868 4,398 Dec 8,249 15 562 5,569 107 244 1,752 May.... 15,962 391 1,032 6,238 2,021 1,858 4,422 1950—Tune.... 20.404 29 3,500 11,204 154 403 5.114 Dec 39,258 10 12,527 15,833 136 707 10,045 After 10 years: Tre 1 1 a 9 9 s 4 5 u 8 1 r — — y M A D b p e o a c r n y ds: 1 4 4 1 3 3 1 , , , 8 8 4 0 0 4 2 2 0 5,34 1 0 ? 1 1 1 5 0 4 , , , 0 9 9 5 7 2 1 7 4 4 1 1 0 5 5 , , , 3 5 6 7 4 8 1 7 6 10,4 1 1 8 5 6 6 8 4 18,8 8 8 9 9 9 1 1 0 2 1 1 5 2 2 , , , 3 1 1 7 3 2 5 8 5 1 1 1 9 9 9 5 4 4 0 8 9 — — — D D T J e e u u c c n n e e . . . . . . . . 4 5 4 4 5 8 3 5 . , , , 0 5 8 0 8 5 3 8 4 4 8 4 4 4 4 4 , , , , 4 4 7 4 4 8 1 5 1 0 2 5 3 4 2 7 , , . ,2 3 4 5 1 5 4 9 5 2 9 3 3 3 3 4 , , , , 5 0 8 9 4 9 8 3 1 2 7 3 8 6 7 7 , , , , 1 0 5 2 3 4 8 9 0 8 8 3 1 1 1 1 3 4 3 5 . , , , 5 1 4 2 0 7 8 3 7 9 5 0 1 1 1 1 3 4 5 3 . , , , 5 2 0 0 2 4 9 9 4 2 4 0 1949—June.... 110,426 5,201 7,78042,042 10,768 18,31526,320 Dec 43,599 4,682 2,508 2,932 7,180 12,308 13,989 1950— D J e u c ne.... 1 10 0 2 4 , , 7 7 9 5 5 8 5 5 , , 2 2 1 7 7 3 5 7 , , 6 2 1 1 8 8 3 38 9 , , 6 2 9 3 1 5 1 1 0 0 , , 4 62 8 4 0 1 1 7 7 , , 5 2 7 4 9 9 2 2 5 5 , . 0 3 2 4 9 0 1951—Apr 30,053 2,569 1,145 2,791 5,501 7,944 10,103 Dec 94,035 5,283 4,62033,607 9,967 15,617 24,941 May.... 30,032 2,591 1,269 2,772 5,425 7,468 10,507 1951—Apr 80,490 3,166 3,85632,695 8,158 11,052 21,563 May.... 80,469 3,171 4,09032,424 8,043 10,557 22,184 * 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 •mall 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. 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) income ana outgo 9 dduecrirnega sep e^ri o—d) Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n r x d e d - g s i e - t s B ( d u + e u r f ) d p i g c l o u i e t r s t c T o e a r u t u c 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 ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total F e D R e r e e a d - p l - osi d t S s e c p i p i a e o n l - s- O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t g e m o s o r e s b s a e n rv k e s2 itaries Fiscal year: 1949 38,246 40,057 -1,811 -495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 392 41,62840,576 +1,051 1950 37,045 40,167 -3,122 +99 +483 +4,587 +2,047 5,517 5.927 950 3,268 1,709 410 40.97043,155 —2 ,185 1951 48,143 44,633 +3,510 +679 -214 -2,135 +1,839 7,357 7,871 338 5,680 ,853 514 53,43945,804 +7,635 1950—July.. 1,881 3,013 -1,132 -99 +31 +183 -1,017 4,500 4,864 566 2,618 ,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 L,751 428 4,865 3,199 + 1,666 Oct.. . 2,056 3,170 -1,114 -17 +49 -279 -1,359 4,145 4,537 569 2,317 1,651 392 2,426 3,335 -909 Nov. . 2,851 *3,102 * -252 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 ., 853 514 7,367 5,223 +2,144 July.. 2,571 4,739 -2,168 + 11 -14 +435 -1,737 5,620 6,032 584 3,694 1,754 412 DETAILS OF TREASURY RECEIPTS On basis of dailystatements of United States Treasury On basis of reports by collectors of internalrevenue Income taxes Deduct F o is r ca m l o y n e th ar b p W y l h o e i y e t ld e h m r - s - Other i r n e n c M v t e e e e o l i r l n s u n a - u - s a e l S S ta r o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y l 5 t - y c N e r i e e p - t ts in i i W n n c o t d s o a i l i u d t m x v h r - e i e a a h d s g n e u a 7 e c l a d n e l d w t i v a i n I t x i c n h d o d h u n m i e a - o l l e d t c C o ti p o m t o r a r n o e p x f o e i i a t s r n s n a - - d t t a a g E a n x i s t f d e e - t s l m a E o t n a a i x t s e n h x c c o d e e i e s u r s l e - s Fiscal year: 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 11,743 7,996 11,554 797 7,585 1950 10,07318,189 8,303 2.892 1,853 41.311 2,160 2,106 37,045 11,762 7,264 10,854 706 7,599 1951 13,53524,218 9,423 3,940 2,253 53,369 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1950—July.... 434 594 737 204 179 2,148 66 201 1,881 855 228 413 45 718 Aug.. . . 1,423 345 948 340 181 3,238 62 316 2,860 2,323 98 212 67 894 Sept 819 2,816 775 315 117 4,842 52 185 4,605 103 1,102 1,823 50 697 Oct 514 591 808 186 202 2,300 62 181 2,056 974 183 403 51 763 Nov.... 1,620 320 746 310 187 3,184 45 288 2,851 2,336 103 213 47 712 Dec 988 2,175 764 377 169 4,474 23 239 4,211 267 257 1,907 44 679 1951—Jan 6 680 2,709 853 8 149 230 4,621 42 131 4,448 829 2,527 297 80 820 Feb.. .. 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 151 54 730 Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 129 682 Apr.. . . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May. . . 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 Tune. . . 1,123 5,065 719 425 270 7,603 234 280 7,089 256 1,195 3,908 47 660 July. .. ?725 983 722 *>178 225 2,833 88 175 2,571 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. « Social Security Other accounts o F r i s m ca o l n y th ear Total N d a e t f i e o n n s a e l e I d n s e t t e b o r t n - f t I i i n n a n a o a t n i a n e n d d - a r c - l e t e r m V r A a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other ce R i e p - ts m v I e e n s n - t- ts p tu E e r n x e d - s i- ce R i e p - ts m v I e e n s n - t- ts p t E u e r n 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 P19.958 5,613 ?4,431 5,238 P636 972 *>7,786 5,631 2,685 2,790 2,165 872 771 1950—July 3,013 1,024 271 273 448 424 31 543 262 146 189 65 11 79 Aug. 2,515 1,149 134 254 464 -113 28 598 630 277 186 96 -60 176 Sept 3,520 1,037 646 299 400 -220 646 712 544 424 164 413 357 40 Oct 3,170 1,338 229 360 457 -45 84 747 300 157 214 192 -9 146 Nov <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 '658 414 233 278 157 194 -50 Feb 3,211 1,695 156 328 417 (8) 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 4,007 2,160 253 392 427 104 82 589 283 83 255 184 24 173 May 4,517 2,396 163 487 424 91 1 955 928 510 266 127 -23 166 June 5,969 P2.495 1,557 P785 383 92 (8) P655 570 346 261 433 317 -205 July 4,739 P2.936 232 P339 433 *42 63 P694 293 128 264 117 -22 28 P Preliminary. r Revised. x 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. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 Beginning January 1951, Treasury reports combine income taxes withheld and employment taxes. Figures shown for withheld income taxes exclude, and figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and survivors insurance trust fund. 7 Beginning January 1951, old-age insurance employment taxes are not reported separately. Figures for prior periods have been combined for purpose of comparison. 8 Less than $500,000. AUGUST 1951 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a l i i u o o a i n e a p e m t d s l d e s - s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r s t i t s e t - t i c h e u e s - r 2 s L 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 B F g U u n a u u b o r t . n a e l y e S n d l r e s d y . - d s d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t S r - t - - . o v in w P a e t r t s e n i e t - r e l - y d All agencies: June 30, 1950. . 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 1,446 21,679 201 Sept. 30, 1950. . 24,102 59812,769 1,739 2,112 3,478 2,931 476 1,108 970 21,791 214 Dec. 31, 1950. . 24,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 1,193 21,995 234 Mar. 31, 1951. . 25,104 71513,496 1 ,764 2,162 3.467 2,951 549 1,247 1 ,234 22,337 268 Classification by agency, Mar. 31, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 404 332 116 264 Federal intermediate credit banks 697 633 624 67 Production credit corporations 60 15 58 Agricultural Marketing Act Revolving Fund 1 () 2 Federal Farm Mortgage Corp 39 2 36 38 Rural Electrification Administration 1,664 33 1,591 () 40 () 1 ,664 Commodity Credit Corporation 2,656 9 755 1,56: 112 215 474 2,182 Farmers' Home Administration 4 606 127 452 26 3 602 Federal Crop Insurance Corp 34 32 2 3 3\ Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 993 752 215 231 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 374 251 1 182 175 Office of the Administrator: Federal National Mortgage Association. . . 1,538 ) 1,525 1,536 Other 74 10 19 73 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 771 589 771 Other 7 898 776 1 820 Export-Import Bank 2,283 () 2,267 62 2,221 Federal Deposit Insurance Corp 1,382 1 ,367 () 118 1,263 Tennessee Valley Authority 1,088 155 () 913 25 1,063 Allother s 7,591 158 3,929 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 m r p . t . . b c m i F n r a a e e t e 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 r m d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - N M A g a F a t s a o e 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 ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - c n c p n e - . - B p p E I o a m o x r n r t - - t k - ' o A th ll er 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 416 57 473 458 To aid financial institutions: Banks Other "752 760 824 Foreign loans "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 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. s 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. 3 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. 517 998 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 p v = o ro lu d 1 m u 0 c e 0 t ) i * o 1 n awa c rd o e n d t ra (v c a ts lue)2 Em 1 p 93 lo 9 y = m e 1 n 0 t 0 3 Depart- 1923-25 = 100 Fac- ment Whole- Year or month Total r D ab u f M a l - e c a tu n r u N e d - s o u n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory 1 r p t o 9 1 o a l 3 0 l r y s 0 9 y - = « c 1 F a — 9 i r r n 3 e l g 1 o 5 i s 0 g - a * 3 0 d h 9 - t 1 u = 9 s s ( e 3 v t 1 a ) o 5 a l 0 e * r l - 0 e - s * 39 1 s p — 9 u C r 3 i m c o 1 5 e n 0 e - s - 0 r 3 s 3 9 ' p m = c 1 r s i o 1 o 9 a c m 2 0 d l e e 6 0 i s - t y * rable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88.6 103.7 103 9 120 83 123.8 138 6 1920 75 93 60 83 63 30 90 89.4 104.1 124.2 129 99 143.3 154.4 1921 58 53 57 66 56 44 65 79.7 79.7 80.2 110 92 127.7 97 6 1922 73 81 67 71 79 68 88 84.4 88.2 86.0 121 93 119.7 96 7 1923 . 88 103 72 98 84 81 86 92.9 100.9 109.1 142 104 121.9 100.6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122.2 98 1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103 5 1926 96 114 79 100 129 121 135 97.5 98.9 110 5 152 112 126.4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108 5 147 113 124 0 95 4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 114 122.6 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 190 279 158 129 166 82 235 131.1 156.9 241.5 138 150 116.6 98 8 1943 239 360 176 132 68 40 92 138.8 183.3 331.1 137 16S 123 7 103 1 1944 235 353 171 140 41 16 61 137.0 178.3 343.7 140 187 125.7 104 0 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 20; 128.6 105 8 1946 170 192 165 134 153 143 161 136.7 147.8 271.7 132 264 139.5 121 1 1947 187 220 172 149 157 142 169 143.2 156.2 326.9 143 280 159.6 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171 9 165 1 1949 176 20? 168 135 211 192 226 142 0 141 .6 325.3 116 286 170.2 155 0 1950 P200 P237 P187 M48 295 305 287 145.7 149 7 371 8 128 304 171 9 161 5 1949 August 170 174 193 165 129 229 228 230 141.3 139.4 141.1 323.0 117 284 169.9 152 9 September. . 174 178 199 172 119 246 254 240 142.0 '141.1 143.7 335.1 105 289 170.7 153 5 October 166 169 175 177 112 263 269 259 139.1 136 3 138.8 320.9 92 277 169.7 152 2 November 173 174 181 177 141 265 256 273 140.1 136.3 137.8 313.9 117 278 169.8 151.6 December . . 179 178 203 176 132 262 255 268 141.2 139.3 140.4 329.3 115 295 168.8 151.2 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 r152 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 -•297 170.2 157 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 F M e a b r r c u h ary r2 2 2 2 2 1 2 2 1 1 9 7 -• 2 2 7 7 1 7 2 1 0 99 1 1 15 5 8 8 3 3 0 2 4 3 3 29 1 2 1 3 3 1 3 4 4 1 15 5 2 2 .1 8 r1 1 6 6 1 1 .3 4 1 1 6 6 1 1 . 0 0 '4 4 3 3 5 0 . . 0 0 1 13 2 9 9 3 2 2 91 6 1 1 8 8 4 3 5 8 1 18 8 4 3 6 0 April 223 221 278 198 164 373 283 446 153.1 r161 5 159.8 '432.9 136 302 184 6 183 6 May 223 223 276 198 165 361 276 430 153.4 161.2 158.6 428.3 133 301 185.4 182.9 June P222 P223 P276 i'197 P167 374 289 443P153.4 P160.2 P158.6 "434.2 131 ^301 185.2 181 7 Julv *215 *216 "267 '189 160 . . . "308 • Average per working day. « Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1000-1003. For points in total index, by major groups, see p. 1022. 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. 1007. 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. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Nonagricultural employment covers employees only and excludes personnel in the armed forces 4 For indexes by Federal Reserve districts and other department store data, see pp. 1009-1012. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937. and October 1943. pp. 958-984; for department store sales, June 1944, pp. 549-561. AUGUST 1951 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) flndex numbers of the Board of Governors. 1935-39 average =100] 1950 1951 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total 199 196 209 211 216 215 218 221 221 '222 223 223 P222 Manufactures— Total 208 206 218 220 225 224 229 231 232 234 234 233 P232 Durable Manufactures . 237 235 247 251 261 260 268 268 271 278 276 Iron find Steel' 231 228 236 245 253 246 253 255 252 '263 264 263 261 Pig iron. 221 223 219 223 225 211 216 224 217 228 231 234 234 Steel 271 264 265 275 286 272 280 288 281 298 301 301 Open hearth ... . . . . .. . 202 201 198 203 209 198 207 212 206 217 218 217 213 Klectric 763 710 744 792 835 803 802 827 815 879 891 897 884 Machinery 262 265 279 283 303 311 321 322 328 '335 '336 336 P336 Transportation Equipment 277 272 287 284 291 278 292 285 304 314 '309 310 P316 Automobiles (including parts) 268 262 273 265 271 249 260 246 262 '265 '254 240 (Aircraft: Railroad Equipment; Shipbuilding — Private and Government)2 Nonferrous Metals and Products.... 207 202 212 216 223 226 227 224 217 '209 '210 206 P206 Smelting and refining 219 208 212 209 217 221 218 219 222 225 225 224 P221 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 202 199 212 219 225 228 230 226 21S '202 '204 199 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products . 155 151 165 166 166 169 173 171 169 169 170 163 vi 54 Lumber . . 144 140 151 150 150 155 162 162 156 156 162 158 147 Furniture . ... 178 174 192 196 198 197 195 190 193 '195 '185 173 P168 Stone, Clay, and Glass Products 210 212 212 215 229 227 235 236 237 '243 247 235 •"230 Glass products 220 225 206 212 245 235 247 240 243 251 270 242 P2 55 Glass containers. 234 244 215 225 262 247 265 257 261 269 292 257 260 Cement 214 208 214 206 214 214 232 238 245 252 243 231 235 Clay products . . . 161 161 167 169 168 175 173 191 186 189 189 184 Other stone and clay products ? Nondurable Manufactures .. 184 181 195 194 196 195 197 201 201 199 198 198 r\H7 Textiles and Products 173 165 189 191 197 193 194 194 194 188 185 190 vi 88 Textile fabrics. . 156 146 172 171 178 173 173 174 176 171 165 169 Cotton consumption 132 123 155 152 162 158 158 163 174 175 153 164 1 S7 Ravon deliveries 348 361 366 380 374 381 397 392 390 374 380 '377 373 Nylon and silk consumption 2 Wool textiles... .... 161 134 172 171 180 164 160 156 144 133 '146 144 Carpet wool consumption 205 135 210 204 228 204 201 180 181 169 '131 101 Apparel wool consumption 152 139 178 170 179 148 140 151 140 128 '158 163 Wool and worsted yarn 147 127 159 158 163 146 141 142 133 123 140 141 Woolen yarn 134 117 144 137 142 122 121 121 119 111 116 119 Worsted yarn 165 140 179 187 192 180 169 173 152 140 174 171 Woolen and worsted cloth 162 143 168 172 180 172 169 163 143 130 '159 163 Leather and Products .... . . . . . . 105 101 120 124 115 109 108 115 122 118 106 97 Leather tanning . . 102 91 108 111 106 108 106 107 112 105 '97 88 Cattle hide leathers 115 106 121 125 119 121 120 120 126 119 '110 104 Calf and kip leathers 79 56 83 91 84 89 84 77 88 80 '78 S6 Goat and kid leathers 89 80 86 84 88 96 88 94 96 93 '87 80 Sheep and lamb leathers 86 76 101 104 94 81 87 98 92 83 69 55 Shoes 107 107 128 133 121 110 109 121 128 127 112 103 Manufactured Food Products 164 167 168 167 162 161 165 168 166 '167 168 166 P163 Wheat flour 106 113 116 103 100 107 116 128 119 110 108 109 P100 Cane sugar meltings2 Manufactured dairy products 153 152 150 148 145 143 141 142 142 146 147 148 150 Butter 87 85 80 78 75 72 70 73 71 72 74 72 75 Cheese 184 178 169 161 158 164 167 170 169 176 177 174 182 Canned and dried milk 165 167 169 158 150 142 131 131 135 152 156 164 168 Ice cream 2 p Preliminary. r Revised. i Methods used in compiling the iron and steel group index have been revised beginning October 1949 A description of the new methods may be obtained from the Division of Research and Statistics. 'Series included in total and group indexes but not available for publication separately. 1000 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 Tune July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 147 151 155 168 158 165 171 162 148 159 163 149 145 Pork and lard 165 169 175 196 188 195 202 188 171 194 208 181 188 Beef 141 146 145 153 138 148 155 152 141 139 134 134 110 Veal 108 114 121 120 107 108 104 93 88 82 79 79 95 Lamb and mutton . 79 78 78 78 77 76 77 80 66 62 59 52 66 Other manufactured foods 173 175 176 174 171 168 172 176 176 175 Pl/2 Processed fruits and vegetables 158 147 134 142 147 149 142 161 158 176 '168 166 3?147 Confectionery 133 146 158 146 125 125 147 148 138 127 128 Other food products 184 187 190 187 184 181 184 185 188 '186 188 185 P186 Alcoholic Beverages 184 206 248 203 182 207 208 248 225 207 187 179 178 Malt liquor 163 171 168 155 150 183 168 185 166 169 161 157 155 Whiskey 95 84 111 146 157 178 157 155 135 150 118 117 104 Other distilled spirits.... 417 611 934 549 308 235 463 716 658 677 706 560 604 Rectified liquors 269 315 464 340 304 341 340 439 408 240 148 174 174 Tobacco Products 170 154 197 172 165 171 153 177 179 170 177 172 171 Cigars 106 96 126 120 124 WJ 89 101 107 100 104 105 115 Cigarettes 233 212 269 229 215 227 215 248 249 238 248 239 233 Other tobacco products 68 59 80 71 72 65 56 70 69 62 66 64 66 Paper and Paper Products 183 173 191 194 202 201 197 204 207 208 214 212 P206 Paper and pulp 177 166 181 185 193 191 189 192 197 198 204 200 Pulp 205 202 211 213 228 220 218 220 228 229 241 233 Groundwood pulp 109 119 124 133 127 109 125 117 119 116 116 115 Soda pulp 120 110 115 114 96 92 92 94 98 94 100 99 Sulphate pulp 373 372 381 382 427 414 402 412 430 438 461 445 Sulphite pulp 146 140 152 152 162 161 157 158 161 162 172 164 Paper 173 161 177 180 188 186 184 188 193 193 198 '195 Paperboard 213 198 228 232 238 240 229 247 245 248 253 256 Fine paper a Printing paper 172 156 174 180 187 183 188 181 192 189 194 '186 Tissue and absorbent paper... 171 182 183 185 207 196 202 206 205 208 '224 '207 Wrapping paper 167 151 155 156 164 163 165 159 172 171 '172 '170 Newsprint 115 117 116 116 117 112 117 117 120 119 119 121 127 Paperboard containers (same as Paperboard) Printing and Publishing 170 162 169 172 179 174 175 170 177 176 183 '176 P17 I Newsprint consumption 168 167 165 163 171 165 162 159 162 162 171 166 163 Printing paper (same as shown under Paper) Petroleum and Coal Products 222 229 238 243 251 253 263 272 260 269 '2^ 265 P273 Petroleum refining 2 . Gasoline 188 194 200 195 196 195 197 202 198 199 193 207 P215 Fuel oil 179 187 190 200 210 209 225 238 238 227 204 210 P215 Lubricating oil 152 154 174 177 184 187 188 192 179 190 189 193 O K t e h r e o r s e p n e e troleum products 2 177 186 194 198 195 195 208 237 230 230 221 201 Coke 177 176 176 178 183 178 182 187 183 184 185 186 187 By-product coke 170 170 167 170 175 170 174 177 174 176 178 178 Beehive coke 428 368 470 443 467 436 457 522 487 475 433 '456 477 Chemical Products 261 263 269 271 277 280 284 287 288 292 295 298 P303 Paints 154 161 168 168 164 162 160 163 168 166 164 162 P162 Rayon 350 359 363 376 371 378 385 387 384 374 377 378 P382 Industrial chemicals 451 453 458 465 488 497 504 506 510 524 530 538 P55O Other chemical products 2 Rubber Products 221 222 236 244 250 250 251 244 235 r239 r238 247 v>*o Minerals—Total 131 144 159 163 166 160 157 164 158 158 164 165 P167 Fuels 155 148 162 167 170 165 163 169 163 163 167 168 P170 Coal 128 101 133 133 141 127 130 140 118 111 '120 '118 123 A B n it t u h m ra i c n i o te us coal 1 9 3 6 6 1 6 0 8 9 1 9 4 7 2 1 9 4 2 4 1 10 5 2 1 1 8 3 4 8 1 8 4 0 3 1 9 5 6 1 1 8 2 9 5 1 4 2 8 7 64 1 '8 2 3 6 1 8 3 6 3 Crude petroleum 168 171 177 184 184 185 189 191 192 Pi 93 184 178 184 Metals 130 124 136 141 130 131 127 140 151 P146 141 126 130 Metals other than gold and silver 177 167 188 199 180 181 176 199 216 P209 Iron ore 198 173 180 (Copper; Lead; Zinc)2 Gold 63 62 60 59 59 59 57 57 55 56 54 ' 56' Silver 77 73 85 73 73 70 77 78 80 77 77 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, DP. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1951 1001 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total 200 198 212 216 220 215 216 216 217 219 221 223 P223 Manufactures — Total 209 207 221 224 229 226 227 226 228 231 232 233 P233 Durable Manufactures. 238 237 249 253 263 260 266 264 268 '275 278 277 P277 Iron and Steel * 231 228 236 245 253 246 253 255 252 '263 264 263 261 Pig iron 221 223 219 223 225 211 216 224 217 228 231 234 234 Steel 271 264 265 275 286 272 280 288 281 298 301 301 296 Open hearth 202 201 198 203 209 198 207 212 206 217 218 217 213 Electric 763 710 744 792 835 803 802 827 815 879 891 897 884 Machinery 262 265 279 283 303 311 321 322 328 '335 '336 336 P336 Transportation Eouiptnent 277 272 287 284 291 278 292 285 304 314 '309 310 P316 Automobiles (including parts) 268 262 273 265 271 249 260 246 262 '265 '254 249 P249 (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 206 202 212 216 223 226 227 224 217 '209 '210 206 P206 Smelting and refining 218 207 212 209 217 221 219 220 222 225 225 224 P22O (Copper smelting; Lead refining; Zinc smelting; A lnminiitn • A/Tcjorn^Qiiim • Tin^J Fabricating 202 199 212 219 225 228 230 226 215 '202 '204 199 P200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin / uftibtY and Ptodttcts 166 161 177 179 176 168 158 153 154 160 '169 168 P165 Lumber 160 155 170 170 165 153 140 134 134 141 161 165 163 Furniture 178 174 192 196 198 197 195 190 193 '195 '185 173 P168 Stone Clay and Glass Products 212 214 221 223 240 233 227 223 221 232 '243 241 P241 Glass products 218 217 212 215 251 237 233 236 237 251 270 255 P253 Glass containers 232 234 223 229 269 250 246 251 253 269 292 275 266 Cement 229 229 242 239 249 231 211 193 186 207 231 242 251 Clay products .. 160 162 172 175 177 182 178 178 176 180 183 184 P184 Nondurable Manufactures 184 182 198 201 201 197 196 196 196 194 195 197 P197 Textiles and Products 173 165 189 191 197 193 194 194 194 188 185 190 P188 Textile fabrics . 156 146 172 171 178 173 173 174 176 171 165 169 Cotton consumption 132 123 155 152 162 158 158 163 174 175 153 164 157 Rayon deliveries 348 361 366 380 374 381 397 392 390 374 380 r377 373 Wool textiles 161 134 172 171 180 164 160 156 144 133 '146 144 Carpet wool consumption 205 135 210 204 228 204 201 180 181 169 '131 101 Apparel wool consumption. . 152 139 178 170 179 148 140 151 140 128 '158 163 Woolen and worsted yarn 147 127 159 158 163 146 141 142 133 123 140 141 Woolen yarn 134 117 144 137 142 122 121 121 119 111 116 119 Worsted yarn 165 140 179 187 192 180 169 173 152 140 174 171 W^oolen and worsted cloth 162 143 168 172 180 172 169 163 143 130 '159 163 104 99 119 123 115 111 107 116 125 118 106 97 Leather tannins 100 87 106 109 107 111 106 108 120 104 '97 88 Cattle hide leathers 111 100 117 122 120 126 120 123 136 119 '110 104 Calf and kip leathers . . . 80 56 88 89 86 91 82 76 93 79 '75 54 Goat and kid leathers 90 79 84 85 88 93 89 94 100 92 89 78 Sheep and lamb leathers 86 71 104 102 94 85 83 91 101 80 68 59 Shoes 107 107 128 133 121 110 109 121 128 127 112 103 Manufactured Wood Products' 164 178 C189 '190 '173 C163 '161 155 149 149 '152 158 P164 Wheat flour 102 112 114 112 107 108 115 128 120 107 103 104 P96 Manufactured dairy products' 226 223 "195 "156 "119 C94 e>0 90 101 120 153 196 221 Butter .. 120 104 87 74 64 55 55 61 63 65 75 93 104 Cheese 261 219 189 164 142 123 121 126 139 158 184 233 259 Canned and dried milk 228 193 174 145 122 102 101 106 121 149 176 228 232 P Preliminary. ' Revised. c Corrected. 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 <«ppqrate1v. •• Annual indexes for 1950 have been corrected as follows: Manufactured Food Products, 164; Manufactured dairy products, 149. 1002 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 Tune July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Tune Manufactured Food Products—Continued IMeat packing . 146 141 134 152 158 184 203 193 142 147 150 149 144 Pork and lard 165 148 135 155 177 228 267 247 168 180 189 181 188 Beef 138 147 147 165 151 154 155 155 129 127 126 134 107 Veal 108 114 119 132 122 116 98 86 77 77 78 82 95 Lamb and mutton 73 75 76 84 80 76 75 85 67 60 57 53 62 Other manufactured foods 163 182 202 206 189 175 169 162 159 156 157 158 164 Processed fruits and vegetables 122 191 254 276 190 137 111 105 100 97 103 108 113 Confectionery . 99 120 171 189 164 147 148 152 139 118 106 Other food products 185 190 194 191 193 190 188 178 178 178 180 182 P188 Alcoholic Beverages . .. 202 219 237 217 205 195 189 211 198 185 175 180 191 Malt liquor 205 214 191 156 139 141 134 151 149 157 169 179 195 Whiskey .. 95 84 111 146 157 178 157 155 135 150 118 117 104 Other distilled spirits 258 354 504 753 798 493 509 466 394 440 424 336 374 Rectified liquors 269 315 464 340 304 341 340 439 408 240 148 174 174 Tobacco Products 176 160 204 181 170 174 142 177 170 161 167 172 178 Cigars 106 96 126 120 124 127 89 101 107 100 104 105 115 Cigarettes 245 223 283 245 224 231 198 248 234 222 231 239 245 Other tobacco products 69 59 78 76 77 67 50 69 67 62 66 65 67 Paper and Paper Products . 185 172 191 194 202 201 197 203 208 208 '215 212 P206 Paper and pulp 178 166 181 184 193 191 188 192 198 198 '205 201 Pulp 205 200 209 211 227 221 218 221 228 231 243 234 Groundwood pulp 110 105 110 119 119 115 126 121 124 124 128 124 Soda pulp 120 110 115 114 96 92 92 94 98 94 100 99 Sulphate pulp 373 372 381 382 427 414 402 412 430 438 461 445 Sulphite pulp 146 140 152 152 162 161 157 158 161 162 172 164 Paper 173 160 177 180 188 186 184 188 194 193 '199 195 Paperboard 213 198 228 232 238 240 229 247 245 248 253 256 247 Printing paper 172 156 174 180 187 183 188 181 192 189 194 186 Tissue and absorbent paper 174 174 183 185 209 196 196 204 214 208 '226 '207 Wrapping paper 167 151 155 156 164 163 165 159 172 171 172 170 Newsprint 116 115 115 116 117 113 114 117 120 119 121 122 129 Paperboard containers (same as Paperboard) Printing and Publishing 169 150 161 172 183 182 179 164 176 179 188 179 P170 Newsprint consumption 166 144 148 165 180 180 170 148 159 169 181 172 161 Petroleum and Coal Products 222 229 238 243 251 253 263 272 269 269 '255 265 P273 Petroleum refining 2 Gasoline 188 194 200 195 i96 195 197 202 198 199 193 207 P215 Fuel oil 179 187 190 200 210 209 225 238 238 227 204 210 P215 Lubricating oil 152 153 173 177 184 187 187 186 177 188 197 201 Kerosene 166 173 187 196 195 201 214 241 241 235 226 203 Other petroleum products 2 Coke 177 176 176 178 183 178 182 187 183 184 185 186 187 By-product coke 170 170 167 170 175 170 174 177 174 176 178 178 179 Beehive coke 428 368 470 443 467 436 457 522 487 475 433 '456 477 Chemical Products 258 259 265 272 282 284 288 288 291 296 297 298 P301 Paints 158 159 166 166 164 160 160 160 166 165 165 166 Rayon 350 359 363 376 371 378 385 387 384 374 377 378 P382 Industrial chemicals 451 453 458 465 488 497 504 506 510 524 530 538 P550 Other chemical products 2 Rubber Products 221 222 236 244 250 250 251 244 235 '239 '238 247 v250 Minerals— Total 155 149 163 168 169 159 153 159 153 153 162 168 P170 Fuels 155 148 162 167 170 165 163 169 163 163 167 168 P170 Coal 128 101 133 133 141 127 130 140 118 111 120 118 123 Bituminous coal 136 109 142 144 151 138 143 151 125 127 133 126 133 Anthracite 96 68 97 92 102 84 80 96 89 48 64 '83 86 Crude petroleum 168 171 177 184 184 184 178 184 185 189 191 192 Pi 93 Metals 155 158 170 171 161 124 93 94 94 92 '129 166 P172 Metals other than gold and silver 224 227 244 244 227 166 115 118 121 118 184 248 P256 Iron ore 325 343 368 365 331 195 86 97 93 89 231 365 P393 (Copper; Lead; Zinc)2 Gold 59 61 65 68 69 66 59 55 50 49 48 49 Silver 74 72 83 74 73 70 77 78 81 80 78 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 1003 AUGUST 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 June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,200 12,358 12,697 12,783 12,921 12,915 12,953 13,083 13,214 13,218 13,230 13,209 13,126 Durable goods 6,624 6,713 6,939 6,996 7,135 7,155 7,193 7,249 7,352 '7,395 '7,432 7,447 7,421 Primary metal industries 1,055 1,070 1,091 1,105 1,111 1,120 1,131 1,143 1,147 1,153 '1,160 1,171 1,170 Fabricated metal products 777 793 826 837 846 846 839 839 844 850 854 859 852 Machinery except electrical 1,028 1,042 1,071 1,055 1,110 1,139 1,157 1 ,192 1,209 '1,219 '1,231 1,237 1,244 Electrical machinery 618 639 672 676 703 710 710 704 709 717 717 715 695 Transportation equipment 1,078 1,070 1,118 1,134 1,157 1,139 1,160 1,175 1,233 '1 ,253 '1,240 1,236 1 ,250 Lumber and wood products 734 750 764 775 773 765 758 754 755 '733 '751 757 751 Furniture and fixtures 312 316 324 325 323 319 320 316 318 323 '321 311 302 Stone, clay, and glass products.. 441 447 457 456 469 475 469 478 475 '479 '483 484 483 Instruments and related products 180 184 189 199 204 208 209 210 214 216 220 222 222 Miscellaneous manufacturing industries 382 383 407 412 417 411 416 413 421 423 '425 423 418 Ordnance and accessories 19 19 20 22 22 23 24 25 27 29 30 32 34 Nondurable goods 5,576 5,645 5,758 5,787 5,786 5,760 5,760 5,834 5,862 '5,823 '5,798 5,762 5,705 A Te p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,174 1,196 1,243 1,268 1,264 1,250 1,239 1,245 1,250 '1,211 '1,214 1,212 1,175 tiles 1,022 1,044 1,073 1,067 1,063 1,046 1,048 1,070 1,083 '1,074 '1,062 1,047 1 ,032 Leather and leather products. . . 350 356 363 365 363 362 361 364 367 362 358 345 348 Food and kindred products 1,171 1,176 1,179 1,171 1,166 1,171 1,173 1,211 1,212 '1,213 '1,191 1,183 1,165 Tobacco manufactures 79 80 79 82 82 79 81 80 81 81 82 80 78 Paper and allied products 401 404 412 420 419 423 424 421 421 422 427 427 429 Printing, publishing and allied industries 500 504 509 510 509 510 510 510 510 '515 512 512 511 Chemicals' and allied products... 497 499 501 503 513 511 514 521 524 '531 '537 538 545 Products of petroleum and coal. 180 180 189 186 190 190 192 192 193 195 196 195 196 Rubber products 202 206 210 215 217 218 218 220 221 219 219 223 226 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,066 12,151 12,802 13,016 13,133 13,044 13,056 13,018 13,186 13,189 13,090 12,991 12,989 Durable goods 6,596 6,597 6,900 7,013 7,186 7,210 7,254 7,256 7,371 '7,428 '7,428 7,404 7,391 Primary Metal Industries 1,050 1,054 1,086 1,105 1,117 1,126 1,142 1,149 1,153 '1,159 rl , 160 1,159 1,164 Blast furnaces, steel works and rolling mills 538 543 550 552 553 554 556 559 559 561 561 564 Nonferrous smelting and refining, primary 45 46 Nonferrous rolling, drawing and alloying 80 80 83 85 86 86 87 87 86 8 = 81 Fabricated Metal Products 769 773 814 837 850 850 852 847 858 858 850 84. Cutlery, , hand tools and hardware 133 129 132 138 141 143 144 144 142 140 Heating apparatus and plumbers' supplies 122 120 132 137 137 135 133 130 132 134 133 130 Fabricated structural metal products 154 158 165 166 171 172 173 173 179 Machinery except Electrical 1,033 1,032 1,060 1,050 1,104 1,133 1,163 1,192 1,215 -1,231 1,243 1,250 Agricultural machinery and tractors 141 141 140 102 124 125 135 147 150 '151 '152 152 Metalworking machinery... 163 162 171 181 190 197 204 211 218 223 227 229 Special-industry machinery 125 124 127 132 136 138 144 150 150 Service-industry and household machines 148 146 145 146 148 151 148 147 149 148 143 142 Electrical Machinery 615 620 655 673 710 721 724 711 716] 724, 717 Electrical apparatus (generating, etc.) 222 227 237 237 252 254 257 256 258 '262 267 271 Communication equipment. 227 228 248 255 272 278 278 268 270 273 '261 248 Transportation Equipment 1,078 1,070 1,118 1,134 1,157 1,139 1,160 1,175 1,233 rl, 240 1,236 1,250 Motor vehicles and equipment 765 757 781 788 795 760 767 767 791 '793 '772 760 Aircraft and parts 187 188 199 209 225 239 252 264 288 '299 308 317 Ship and boat building and repairing 68 68 79 76 76 76 79 83 95 96 Lumber and Wood Products 741 750 783 790 785 773 754 739 736\ T722\ r740 757] 759 Sawmills and planing mills.. 437 444 465 468 462 452 440 429 428 '426 '440 450! Millwork, plywood, etc 109 109 114 114 115 114 112 110 107 107 108 107 Furniture and Fixtures 303 303 319 327 329 327 326 321 324\ 326j -319 303 293 Household furniture 222 222 234 240 242 242 238 234 235 236 228 213 Stone, Clay, and Glass Products.. 441 440 459 458 471 477 474 473 473 '479 '483 484 483 Glass and glass products. . . 118 114 122 117 127 129 128 128 128 130 132 131 Structural clay products 76 77 79 80 80 81 79 80 80 80 82 83 Instruments and Related Products. 180 178 187 205 209 221 222 Miscellaneous Manufacturing Industries 367 358 399 418 436 432 424 413 427 429 r423 410 401 Ordnance and Accessories 19 19 20 22 22 23 24 25 27 29 30 32 34 r Revised. NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for June 1951 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1950 Industry group or industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Nondurable goods 5,470 5,554 5,902 6,003 5,947 5,834 5,802 5,762 5,815 5,761 5,662 5,587 5,598 Textile-mill Products 1,174 1,160 1,224 1,255 1,264 1,262 1,258 1,257 1,269'1,223•1,214 1,206 1,175 Yarn and thread mills 146 147 154 159 161 161 160 162 164 162 160 160 Broad-woven fabric mills 580 571 595 606 607 606 604 602 604 -•564 r566 572 Knitting mills 212 209 227 233 236 234 234 232 236 236 230 222 Apparel and Other Finished Textiles 976 981 1,089 1,099 1,100 1,056 1,064 1,070 1,115'1,106 1,046 1,000 986 Men's and boys' suits, coats and overcoats 135 127 138 137 138 137 137 138 141 141 '138 135 Men's and boys' furnishings 238 232 252 254 254 253 251 251 259 263 -•261 253 Women's and misses' outerwear 248 266 307 305 297 275 296 303 317 305 266 250 Leather and Leather Products 343 351 370 372 367 360 359 364 374 371 354 331 341 Footwear (except rubber) 224 230 237 237 230 226 229 234 239 237 '225 211 Food and Kindred Products 1,141 1,231 1,331 1,350 1,260 1,196 1,155 1,120 1,099r1,096 1,086 1,098 1,135 Meat products 232 235 236 236 240 244 254 251 238 233 229 229 Dairy products 114 116 114 107 102 100 97 95 95 99 103 109 Canning and preserving 151 223 302 324 226 171 143 132 127 125 128 137 Bakery products 191 194 192 194 196 193 190 188 188 190 190 190 Beverage industries 157 164 169 159 149 149 146 147 145 147 144 146 Tobacco Manufactures 75 75 82 89 89 84 83 80 80 76 74 74 Paper and Allied Products 399 396 410 418 421 427 428 423 423 424 427 425 427 Pulp, paper and paperboard mills 205 204 207 210 210 211 212 209 209 209 213 213 Printing, Publishing and Allied Industries. . . . 500 499 504 510 514 515 518 510 510 r512 509 509 Newspapers 150 150 150 151 150 150 152 149 150 150 151 152 Commercial printing 166 164 165 167 170 170 171 170 170 170 167 168 Chemicals and Allied Products 482 479 491 506 523 521 524 526 532 r537 530 529 Industrial inorganic chemicals 54 51 49 50 56 57 57 57 58 59 59 60 Industrial organic chemicals 150 152 155 158 159 160 162 163 163 167 168 170 Drugs and medicines 62 63 63 65 66 66 67 67 69 69 70 70 Products of Petroleum and Coal 181 182 193 189 190 191 191 190 191 192 194 194 197 Petroleum refining 138 139 147 145 147 148 147 147 148 149 150 151 Rubber Products 199 200 208 215 219 222 222 222 222 220 219 220 223 Tires and inner tubes 90 92 92 93 92 91 91 89 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1950 1951 1950 1950 1951 June Apr. May June June Apr. May June June Apr. May Manufacturing—Total.... 58.85 64.55 65.44 40.5 41.0 1.453 1.579 1.586 1.604 Durable goods 62.86 ^69.72 69.39 70.60 41.3 42.0 41.7 41.9 1.522 1.660 1.664 1.685 Primary metal industries , 66.50 '75.89 75.09 77.32 40.8 42.0 41.6 42.3 1.630 1.807 1.805 1.828 Fabricated metal products 62.87 '69.55 69.22 70.10 41.5 42 0 41.8 42.1 1.515 1 .656 1.656 1.665 Machinery except electrical , 65.69 '76.74 76.34 76.77 41.5 ••43.9 43.6 43.4 1.583 1.748 1.751 1.769 Electrical machinery 58.62 66.11 66.32 68.63 40.4 41.5 41.5 42.0 1.451 1.593 1.598 1.634 Transportation equipment 72.53 '74.50 74.50 75.99 42.0 40.8 40.8 41.1 1.727 1.826 1.826 1.849 Lumber and wood products 56.28 '59.62 59.88 61.32 41.6 '41.9 41.7 41.6 1.353 1.423 1 .436 1.474 Furniture and fixtures , 52.50 '57.15 56.06 56.02 41.8 '41.0 40.3 40.3 1.256 1.394 1.391 1.390 Stone, clay, and glass products , 58.12 '64.93 64.76 64.54 41.1 '42.0 41.7 41.4 1.414 1.546 1.553 1.559 Instruments and related products 58.93 ••67.88 68.36 68.74 40.7 42.4 42.2 42.3 1.448 1.601 1.620 1.625 Miscellaneous manufacturing industries 52.69 '•57.97 57.51 57.15 40.5 '41.2 40.7 40.5 1.301 1.407 1.413 1.411 Ordnance and accessories 61.90 ^71.22 72.37 70.85 40.7 42.8 42.9 42.5 1.521 1.664 1.687 1.667 Nondurable goods 53.92 '58.05 58.01 58.63 39.5 '39.6 39.3 39.4 1.365 1.466 1.476 1.488 Textile-mill products , 46.75 52.81 51.53 50.90 38.7 39.8 38.8 38.5 1.208 1.327 1.328 1.322 Apparel and other finished products... 41.89 45.04 43.60 44.29 35.8 36.5 35.3 35.4 1.170 1.234 1.235 1.251 Leather and leather products 43.60 '46.56 45.55 45.96 37.2 36.4 35.5 36.1 1.172 '1.279 1.283 1.273 Food and kindred products , 56.01 r59.62 60.36 62.16 41.8 41.2 41.6 42.0 1.340 '1.447 1.451 1.480 Tobacco manufactures 41.59 42.66 42.42 43.84 38.3 36.9 36.6 37.6 1.086 1.156 1.159 1.166 Paper and allied products 60.03 '66.23 65.90 65.81 43.0 43.6 43.3 43.1 1.396 1.519 1.522 1.527 Printing, publishing and allied products 72.72 '75.78 75.77 76.08 38.7 38.9 38.7 38.7 1.879 1.948 1.958 1.966 Chemicals and allied products , 62.39 '67.80 68.30 68.43 41.4 41.8 41.8 41.5 1.507 1.622 1.634 1.649 Products of petroleum and coal , 74.37 '81.30 81.60 82.38 41.0 41.1 40.9 40.8 1.814 1.978 1.995 2.019 Rubber products , 65.08 '65.72 68.43 69.34 41.4 '39.9 41.3 41.2 1.572 1.647 1.657 1.683 f Revised. NOTE.—Data are for production and related workers. Figures for June 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. AUGUST 1951 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C ns o t n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1943 ... 42,042 17,381 917 1,567 3,619 7,189 1,401 3,919 6,049 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946. . . . .. 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 . 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 SEASONALLY ADJUSTED 1950—june 44,010 14,802 943 2,299 3,995 9,532 1,809 4,778 5,852 July 44,259 14,977 915 2,366 4,021 9,556 1,804 4,769 5,851 August .... 44,914 15,333 942 2,434 4,073 9,651 1,819 4,779 5,883 September 45,196 15,444 942 2,454 4,119 9,650 1,836 4,768 5,983 October 45,408 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 '46,266 16,058 '930 '2,556 '4,147 '9,762 1,854 '4,729 6,230 April '•46,372 16,074 '913 '2,575 4,153 '9,764 1,856 '4,743 6,294 May 46,472 16,067 913 2,566 4,142 9,808 1 ,866 4,763 6,347 June 46,467 16,002 913 2,547 4,135 9,820 1,874 4,782 6.394 UNADJUSTED 1950—June 43,945 14,666 946 2,414 4,023 9,411 1,827 4,826 5,832 July 44,096 14,777 922 2,532 4,062 9,390 1,831 4,841 5,741 August 45,080 15,450 950 2,629 4,120 9,474 1,837 4,827 5,793 September. 45,684 15,685 946 2,626 4,139 9,641 1,827 4,816 6,004 October 45,898 15,827 939 2,631 4,132 9,752 1,821 4,757 6,039 November 45,873 15,765 938 2,571 4,123 9,896 1,820 4,723 6,037 December 46,595 15,789 937 2,403 4,125 10,443 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 -•45,850 16,022 924 '2,326 '4,112 '9,713 1,854 '4,682 6,217 April '•45,960 15,928 '910 '2,472 4,132 '9,618 1 ,865 P4 ,743 6,292 May 46,191 15,839 912 2 ,592 4,139 9,670 1,875 4,787 6,377 June 46,410 15,864 917 2,674 4,164 9,695 1,893 4,830 6,373 •• 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. June 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 l Total ployed In nonagricul- In Total tural industries agriculture 1943 94,640 55,540 54,470 45,390 9,080 1,070 39,100 1944 ' 93,220 54,630 53,960 45,010 8,950 670 38,590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 109,284 63,099 59,957 52,450 7,507 3,142 46,181 1950—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 June 108,836 63,783 61,803 53,768 8,035 1,980 45,053 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. 8 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. 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b e u si i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 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 June May June Mar 748 1,300 1,268 282 481 418 466 819 849 Apr 846 1,350 1,375 319 354 456 527 996 919 May 885 1,3482,573 369 389 1,474 517 959 1,099 Boston 110,897 105,330 95,543 J Ju u l n y e.... 9 9 5 4 0 8 1 1 , , 4 3 2 4 0 5 1,409 3 4 7 1 5 0 4 46 2 0 8 583 5 53 7 7 4 9 9 1 6 7 0 826 N Ph e i w la d Y e o lp rk hia 1 5 6 8 9 , , 9 4 6 8 7 6 2 1 8 0 7 5 , , 6 2 4 3 1 6 2 6 05 7 , , 6 4 4 4 2 8 Aug 911 1,549 316 438 595 1,111 Cleveland 138,674 206,337 147,611 Sept 1,072 1,287 289 364 783 922 Richmond 147,793 743,910 119,058 O N c o t v 1,0 9 6 5 2 8 1 1, , 0 1 8 3 7 6 3 3 3 1 2 6 3 3 0 2 8 0 6 7 4 3 2 0 8 7 2 6 8 7 A Ch tl i a c n ag ta o 2 1 6 8 5 7 , , 2 0 6 0 3 4 2 1 1 6 0 3 , , 4 7 0 3 5 5 2 1 6 3 4 9 , , 8 3 8 3 8 9 Dec 929 1,168 299 381 630 787 S M t. i n L n o e u a i p s olis 9 7 4 1 , , 0 4 8 7 4 4 47 5 1 5, , 7 6 5 0 1 1 8 7 0 2 , , 2 9 9 9 9 9 Year. . 10,359 14,501 3,718 4,409 6,641 10,092 Kansas City 56,902 62,630 59,219 Dallas 108,388 160,385 93,417 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,408,932 2,572,961 1,345,463 [In millions of dollars] Title 1 loans Mortgages Y m e o a n r t o h r Total p P m e r i r m r o e o t v n y p - e t - 1 - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t i D o s t i l l e 4 e y 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 e I i s n t ) t a i l 2 - s n e n ' g d V h ( M t T i o a I n i i u r I g t l y I s l i e - ) - 3 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 5 4 4 7 6 0 9 8. . . 3 3 4 1 , , , 8 7 3 3 7 2 8 3 4 5 1 7 8 5 2 3 5 6 6 5 1 3 2 9 9 4 4 1 4 4 ( C 4 * 1 ) 4 7 3 7 ) 2 1 , , 4 8 3 4 8 6 5 4 4 8 6 7 6 0 5 21 3 7 1 1 1 , , , 8 0 3 8 3 3 3 0 8 6 8 9 5 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 a u k s l - - s a a S l s i a o t n s a n i a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e - r s - a c F e g i e r e e a d s n l - - i Other2 1950—June.. 376 78 181 1 113 3 July 369 61 183 9 111 5 Aug 414 69 (4) 217 122 1936—Dec 365 228 8 56 41 5 27 O N S D e e o c c p t v . . t . . . . . . . . . . . 3 3 3 3 7 4 7 7 9 9 9 3 5 5 8 7 4 5 2 4 ( ( ( ( 4 4 4 4 ) ) ) ) 2 2 2 2 0 3 4 1 4 6 1 6 (4) 5 2 8 4 6 4 8 9 3 3 2 1 1 1 3 4 0 7 1 1 1 1 1 9 9 9 9 9 3 3 3 4 4 7 8 9 0 1 — — — — — D D D D D e e e e e c c c c c 3 2 1 1 , , , , 1 4 1 7 7 0 0 9 9 7 7 9 9 3 1 1 1 , , 1 4 9 4 6 6 6 0 3 3 2 5 2 4 0 1 1 2 3 8 3 7 7 8 6 0 1 2 2 1 1 1 2 5 9 4 1 4 4 2 9 0 2 3 5 7 1 4 1 4 8 1 2 2 2 9 8 2 2 1 3 0 3 5 7 4 1 2 3 7 1 1 1 5 9 7 3 5 3 0 9 3 0 1951—Jan.... 330 63 1 225 (4) 28 13 1942—Dec 3,620 1,669 236 276 1,032 245 163 Feb.... 261 44 1 176 4 27 10 1943—Dec 3,626 1,705 256 292 1,134 79 159 Mar... 294 50 2 180 3 32 2S 1944—Dec 3,399 1,590 260 269 1,072 68 140 Apr. . . 252 43 2 162 7 20 18 1945—Dec 3,156 1,506 263 253 1,000 13 122 May. . 271 52 2 165 16 36 June.. 255 54 2 146 56 31 16 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 3 Mortgages insured on new rental housing at or near military Dec 4,751 1,771 378 416 1,828 52 305 installations under Title VIII, approved Aug. 8, 1949. * Less than $500,000. 1950—Dec 6,695 2,205 693 603 2,712 60 421 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u ev ri i n o g u sl t y h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m o p rp a o n r ie a s 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. AUGUST 1951 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 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 Pl,024 583 545 515 118 P—51 February . 1,146 1,085 1,043 '764 P1,O76 437 589 567 600 P909 709 496 477 164 P167 March 1,326 1,139 1,189 r860 Pl.284 445 675 633 665 Pl.099 882 464 557 '195 P185 April 1,294 1,121 1,173 '804 PI.370 512 532 535 585 Pl.025 782 590 638 '219 P345 May 1,414 1,103 1,095 '830 Pl,353 474 554 541 659 Pl.018 940 549 554 170 P335 June 1,235 1,014 1,108 878 P1,293 463 625 526 687 P930 772 389 582 191 P363 July 1 155 1,019 900 450 564 457 P709 705 456 444 P70 August 1,145 992 885 P762 400 606 491 P820 745 386 394 P—59 September.... 1,112 926 910 P911 473 560 530 639 365 380 P49 October 1,235 1,023 856 P906 492 600 557 P923 743 423 299 P-17 November 1 141 823 842 P978 455 554 593 687 269 249 P124 December 1 114 1,318 945 P1,065 603 720 605 P&67 511 598 340 P199 Jan.-June .... 7,529 6,553 6,713 P4,876 P7,351 2,861 3,520 3,390 P3,819 p 4,668 3,033 3,323 Pl.057 Pl.344 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 Coke Grain s L t i o v c e k - p e r s o t d- Ore l c a e n l- e- c d h i a s n e ucts ous l.c.l. Year or month ope T r o a t t a in l g Total ope N ra e t t ing Net revenues expenses income income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942. 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 . 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 P9,473 P8.434 Pl.040 *783 ADJUSTED SEASONALLY 1950—June 127 '•117 192 130 61 144 '178 138 52 ADJUSTED July 126 105 195 135 61 148 186 140 51 August 135 126 194 139 60 155 190 147 56 1950—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 39 June 131 120 217 123 58 152 207 144 47 April 873 800 73 41 May 855 794 62 P29 UNADJUSTED UNADJUSTED 1950— J J u u l n y e 1 1 3 3 0 1 '1 1 1 0 7 5 1 1 9 8 0 8 1 1 6 3 2 3 5 4 1 8 1 14 5 9 0 2 2 7 9 7 8 1 14 4 2 1 5 5 2 1 1950_j une 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 2-04 138 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 June 137 120 212 125 49 158 321 148 47 May 889 814 75 P50 ' Revised. NOTE.—For description andback 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 figuresxinclude revisions not available monthly. 1008 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] United Year or month States SALESi 1945 207 1946 264 1947 286 1948 302 1949 ... 286 1950 304 SEASONALLY ADJUSTED 1950—June '297 July . . 362 August 335 September 320 October . .... 291 November 290 December 325 1951—January 362 February 326 March . 291 April . . . 302 May 301 June UNADJUSTED 1950—June ... ... ••280 July 283 August 281 September 331 October November December 1951—January February March ... April May June STOCKSi 1945 1946 1947 1948 1949 1950 SEASONALLY ADJUSTED 1950—June July August September October November December 1951—Tanuary February March April May ... June UNADJUSTED 1950—June July August September .... October November December 1951—January February March April May June oC oC IJ O nC oj OOnC •»* Federal Reserve district Phil- Boston Y N o e r w k a p d h e i l a - C l l a e n v d e- m Ri o c n h d - 176 169 184 201 235 221 220 235 257 292 234 239 261 281 304 239 249 284 303 321 234 236 271 281 309 240 244 288 303 325 240 '241 285 299 ••327 268 274 331 364 394 268 277 319 334 360 255 262 310 333 332 216 238 279 299 312 229 234 273 251 312 249 266 307 328 336 303 291 342 395 369 251 263 321 333 341 217 230 283 286 297 233 252 286 323 326 235 243 281 309 331 P235 267 285 306 331 230 '229 271 281 '302 185 192 239 284 198 202 239 290 263 267 313 337 239 259 299 317 287 302 363 313 436 450 525 538 277 230 233 253 293 262 193 218 241 266 284 217 230 286 286 284 221 232 269 297 297 233 238 286 306 P284 P226 254 271 287 166 153 160 150 156 213 182 195 191 205 255 202 225 220 243 291 223 241 252 277 270 210 223 233 256 295 231 237 257 288 276 215 222 244 265 269 198 218 241 252 284 213 226 259 265 309 227 243 275 296 329 249 258 283 313 332 262 266 282 350 329 264 263 286 351 338 274 273 297 357 349 280 281 305 369 368 305 299 320 396 377 303 297 331 395 365 290 290 318 380 276 290 314 361 267 206 209 229 261 258 192 194 217 251 285 223 226 254 280 322 245 256 286 324 362 281 291 326 355 371 298 306 324 377 295 238 239 252 294 303 243 240 258 313 334 264 273 299 343 »-373 296 306 336 392 386 297 306 345 401 370 287 294 325 383 265 274 295 355 3S 3S O- 00 00 TV nC 00 NO At- Chi- St. Minne- Kansas lanta cago Louis apolis City 275 193 227 185 229 344 250 292 247 287 360 275 314 273 311 386 290 335 288 325 374 271 317 275 309 401 291 331 289 329 392 278 326 283 322 494 330 418 342 414 415 335 370 321 354 409 305 360 289 345 370 282 305 283 303 391 288 316 291 325 421 318 353 318 354 450 349 363 325 395 419 322 327 324 346 413 290 298 249 321 399 282 320 287 314 387 '290 330 278 317 402 276 313 P273 345 278 293 272 296 386 271 326 276 339 373 278 318 287 326 426 320 363 321 363 333 388 296 326 319 387 453 357 398 338 584 708 495 540 476 267 342 261 298 248 266 352 251 275 239 307 422 269 298 236 298 367 276 304 279 325 375 293 323 284 305 353 276 282 198 188 159 166 165 248 258 205 225 212 289 306 246 274 266 322 362 281 314 326 301 339 260 296 299 334 394 276 325 317 338 359 258 299 304 329 360 252 283 286 334 405 267 295 302 345 438 288 325 323 363 456 313 365 353 357 448 309 374 345 349 461 297 381 335 351 472 320 337 343 384 458 320 412 350 412 462 331 425 363 407 483 343 437 383 398 480 339 403 378 P414 453 326 389 P3 69 305 345 248 299 294 308 339 232 295 292 337 401 259 322 299 362 451 297 361 328 403 497 341 409 371 397 501 352 400 375 316 401 279 320 310 322 424 288 290 316 374 463 311 371 336 485 344 413 378 425 507 353 437 389 405 476 342 403 379 P373 435 313 389 P357 oC oC iv 00 NO NO San Dallas Fran- cisco 275 248 352 311 374 337 404 353 385 332 417 354 410 342 537 454 449 374 420 368 375 343 400 345 433 377 475 421 439 375 414 336 402 346 405 '348 409 346 353 321 429 387 399 352 454 374 405 345 472 387 711 627 300 375 333 280 351 316 308 397 318 302 382 320 314 393 '330 352 325 158 190 183 209 251 259 320 301 389 276 362 300 397 ••288 375 271 374 286 406 306 431 330 456 335 446 330 430 351 437 343 443 365 465 380 486 372 486 P362 473 ••288 353 266 351 281 402 312 444 353 479 369 495 294 395 319 406 336 434 373 493 392 510 379 486 445 3S OC O. oC O »* 00ON3 323 355 324 322 334 389 403 395 389 399 414 445 465 438 405 326 332 333 389 430 438 354 363 389 436 474 454 408 p Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1009 AUGUST 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales=100 2 Num- Department b st e o r re o s f Sale p s e r d io u d ring m ( S e t o n o d n c t k o h s f ) May Sal p es e r d io u d ring Sto o c f k m s o at n t e h nd reporting 1951 1950 1951 1950 M 19 a 5 y 1 months 1 M 9 a 5 y 1 1951 1950 1951 May Apr, May May Apr. May GRAND TOTAL—entire store 3.. . 351 +2 + 10 +31 3.7 2.9 MAIN STORE—total 351 +2 +10 +31 4.0 3.1 208 190 203 831 861 635 Piece goods and household textiles 312 0 +17 +38 4.9 3.5 185 171 185 903 930 656 - Piece goods 290 0 +2 + 15 3.9 3.4 207 203 208 802 854 694 Silks, velvets, and synthetics 193 -3 +2 +8 3.7 3.4 160 176 165 597 667 549 Woolen yard goods 171 -10 -6 +35 16.9 11.3 59 103 65 992 956 716 Cotton yard goods 184 +2 +7 + 16 2.6 2.3 332 289 325 851 988 735 Household textiles 304 + 1 +26 +53 5.4 3.6 177 155 175 967 975 638 Linens and towels 272 0 + 15 +39 5.7 4.1 159 139 160 909 916 659 Domestics—muslins, sheetings 248 + 1 +42 +59 5.1 3.2 200 171 199 1,030 996 649 Blankets, comforters, and spreads 237 +4 + 19 +71 5.5 3.4 171 145 165 948 932 562 Small wares 341 +4 +5 +20 4.2 3.7 176 154 170 750 775 626 Laces, trimmings, embroideries, and ribbons... 205 +7 +8 + 12 3.1 2.9 262 254 246 806 918 721 Notions 236 +7 +6 + 19 3.1 2.8 291 246 271 889 951 752 Toilet articles, drug sundries 326 +5 +9 + 17 4.0 3.6 151 131 144 599 607 516 Silverware and jewelry 309 + 1 +5 +28 5.4 4.2 191 150 188 1,020 1,053 795 Silverware and clocks 4 215 -1 + 13 +44 7.9 5.4 Costume jewelry4 271 + 1 -2 +8 2 9 2 7 Fine jewelry and watches4 78 + 12 + 12 +25 7.8 7.0 Art needlework 234 0 + 1 +26 7.1 5.6 i 17 ''125' ' 117' "831* "837' "655" Books and stationery 270 +3 + 1 + 12 4.3 3.9 152 137 148 653 665 582 Books and magazines 127 +6 0 +4 3.7 3.7 129 121 122 477 419 462 Stationery 237 + 1 + 1 + 14 4.5 4.0 149 125 147 674 702 586 Women's and misses' apparel and accessories 348 +5 +8 + 19 2.7 2.3 215 197 205 571 623 484 Women's and misses' ready-to-wear accessories 348 +5 +8 +22 3.3 2.8 209 185 200 684 736 562 Neckwear and scarfs 307 + 13 +8 +22 2.2 2.1 265 243 234 586 633 482 Handkerchiefs 277 -3 -2 + 18 4.6 3.8 120 90 124 549 587 468 Millinery 162 -2 0 +5 1.1 1.0 148 183 151 158 196 154 Women's and children's gloves 319 +4 +4 + 17 4.3 3.8 138 133 133 590 639 504 Corsets and brassieres 335 +4 + 12 +22 3.2 2.7 281 253 272 897 948 738 Women's and children's hosiery 340 +3 +9 +35 2.4 1.8 161 141 157 384 437 284 Underwear, slips, and negligees 340 +3 + 10 +22 3.0 2.6 237 176 230 722 773 594 Knit underwear 248 +3 + 15 +29 3.3 2.7 282 219 273 939 982 736 Silk and muslin underwear, and slips 277 + 1 +6 +21 3.1 2.6 227 164 226 712 768 592 Negligees, robes, and lounging apparel 253 + 11 + 12 + 12 2.2 2.2 227 164 204 503 540 443 Infants' wear 322 +7 +6 +24 3.8 3.2 231 234 217 867 930 703 Handbags and small leather goods 331 +6 +3 +16 2.4 2.2 203 161 192 487 534 418 Women's and children's shoes 242 +7 +9 +21 4.7 4.2 240 210 224 1,136 1,187 939 Children's shoes 4 210 + 13 +5 + 18 5 0 4.8 Women's shoes 4 222 +6 + 10 +22 4.7 4.1 Women's and misses' ready-to-wear apparel. . . 348 +6 +8 + 13 2.0 1.9 "222' 210 210 448 502 399 Women's and misses' coats and suits 336 -2 +8 +25 2.1 1.6 146 243 149 304 392 244 Coats 4 212 -8 + 11 +28 2.0 1.4 Suits4 206 + 10 +5 +23 2.1 1.9 Juniors' and girls' wear 311 +8 +6 + 14 2.1 2.0 250 223 232 ' 515' "561' "456" Juniors' coats, suits, and dresses......... 273 -3 +6 + 12 1.4 1.4 247 247 254 365 450 364 Girls' wear 311 +9 +7 + 15 2.8 2.7 233 207 213 663 734 582 Women's and misses' dresses 338 +6 +6 +2 1.3 1.4 280 225 264 366 419 359 Inexpensive dresses4 256 +8 +7 -8 1.0 1 ? Better dresses4 268 +3 +6 +4 1.7 1.7 Blouses, skirts, and sportswear 337 + 10 +7 + 17 2.5 2.4 288 231 262 731 767 626 Aprons, housedresses, and uniforms 289 +3 +6 +7 1.7 1.6 287 203 280 491 535 456 Furs 264 +5 +38 +20 14.4 12.6 27 47 25 383 347 323 Men's and boys' wear 330 +4 +8 +30 5.3 4.2 184 152 177 973 972 758 Men's clothing 253 +3 + 11 +36 5.4 4.0 203 172 198 1,089 1,083 809 Men's furnishings and hats 315 +5 +7 +29 5.3 4.3 169 134 162 893 883 700 Boys' wear 299 +5 +3 +19 4.8 4.3 179 161 170 866 913 736 Men's and boys' shoes and slippers 194 +8 + 16 +27 6.2 5.2 185 156 172 1,141 1,173 913 Homef urnishings. 318 —4 +14 +44 5.4 3.6 232 230 241 1,241 1,264 869 Furniture and bedding 248 +2 + 16 +37 4.8 3.6 221 222 217 1,066 1,112 787 Mattresses, springs, and studio beds4 168 0 +18 +92 3.3 1.7 Upholstered and other furniture4 178 +2 + 15 +28 5.2 4 2 Domestic floor coverings 275 2 +28 +50 6.1 4.0 208 224 212 1,270 1,318 853 Rugs and carpets4 159 0 +32 +53 6.4 4.2 Linoleum 4. .. 98 -3 +5 + 16 4.3 3 6 Draperies, curtains, and upholstery 296 +4 + 12 +24 3.9 3.3 254 225 245 986 998 809 Lamps and shades 250 -4 0 +24 4.7 3.6 190 199 197 890 940 718 China and glassware 252 +4 + 10 + 18 7.5 6.7 161 161 155 1,211 1,240 1,040 Major household appliances 240 -27 + 13 +93 6.7 2.6 219 201 299 1,479 1,394 775 Housewares (including small appliances) 259 +3 + 15 +50 4.5 3.1 321 296 312 1,460 1,502 979 Gift shop4 168 +5 +9 +26 5.5 4.6 Radios, phonographs, television, records, etc.4. 230 -31 0 +95 9.4 3 4 Radios, phonographs, television 4 176 -29 -1 + 107 9.4 3.3 Records, sheet music, and instruments4. . . . 123 +8 + 10 +22 6.8 6.0 Miscellaneous merchandise departments. . . 315 +6 +8 +50 4.1 2.9 202 176 190 826 821 567 Toys, games, sporting goods, cameras 295 +7 +8 +66 7.4 4.8 152 132 141 1,125 1,188 687 Toys and games 240 +8 +6 +96 8.8 4.9 125 97 115 1,101 992 570 Sporting goods and cameras 144 +6 + 10 +39 6.2 4.7 152 140 144 948 1,147 693 Luggage 265 +3 +7 +31 4.2 3.3 242 169 235 1,021 1,020 783 Candy 4 193 + 1 +3 + 10 1.3 1.2 For footnotes see following page. 1010 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 i 1941 average monthly sales = 100 a Num- Department r b s e t e p o r o re 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 May Sale p s e ri d o u d ring Sto o c f k m s o at n e th nd ing M 19 a 5 y 1 m F 1 o 9 i n v 5 t e h 1 s M 19 a 5 y 1 1951 1950 1951 1950 1951 1950 May Apr. May May Apr. May BASEMENT STORE—total. 196 +3 +8 +25 2.5 2.1 216 196 210 547 580 433 Domestics and blankets 4 170 1 +23 +55 4.0 2.5 Women's and misses' ready-to-wear 189 +4 +6 + 16 1.8 1.6 224 200 215 397 426 340 Intimate apparel 4 164 +5 +13 +24 2.3 1.9 Coats and suits 4 174 -10 +2 + 14 1.4 1.1 D I G B n l i r f o r e a l u s s n s s ' t e e s w s s ' , 4 e w a sk r e i 4 a r r t s 4 , and sportswear 4 1 1 1 1 2 2 5 7 2 0 7 3 + + + + 8 7 8 9 + + + + 1 6 6 5 0 + + + 2 1 1 9 7 4 0 0 3 2 2 . . . . 0 9 0 3 2 2 1 1 . . . . 2 6 0 8 Men's and boys' wear 156 +5 +9 +28 3.3 2.7 228 199 218 758 779 581 Men's wear 4 131 +4 + 10 +29 3.3 2.6 Men's clothing 4 97 +4 +9 +32 3.2 2.5 Men's furnishings 4 115 +5 +10 +27 3.2 2.6 Boys' wear 4 115 +6 +5 +25 3.4 2.9 Homef urnishings... 103 -5 +8 +42 3.3 2.2 207 208 217 674 742 477 Shoes 118 +9 +13 +18 3.6 3.3 180 158 165 642 692 548 NONMERCHANDISE—total4.. . 173 +4 +8 (5) (5) (5) Barber and beauty shop 4 73 -1 0 (5) (6) (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. * 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. 1009. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] [In millions of dollars] Reported data Derived data x Without seasonal adjustment Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o n s ) f g R m ( e o t c f o o n e t r i t a p h l ) ts m o ( N o r t f o d o n e t e r w t a r h l s ) Sept. 1 1 3 0 9 . . 4 . . . . 9 . . . . 2 2 9 7 5 3 Sept. 1 2 9 9 . . 5 . . . 0 . . . . . 3 29 1 5 0 Mar. 1 1 9 4 1 5 . . . 0 . . . . . . . 2 2 4 5 4 3 Mar. 1 1 3 9 0 5 . . . . 1 . . . . . . 2 3 8 0 8 3 17... ..315 16... ..368 18... . .264 17... . .292 1942 average... 179 599 263 182 192 24... ..292 23... ..322 25... ..279 24... ..304 1943 average... 204 509 530 203 223 Oct. 1... ..302 30... ..320 Apr. 1... ..301 31... ..258 1944 average... 227 535 560 226 236 8... . .297Oct. 7... ..325 8... ..320 Apr. 7... . .292 1945 average... 255 563 729 256 269 15... ..29C 14... ..322 15... ..254 14... ..288 1946 average... 318 715 909 344 327 22... ..296 21... ..304 22... ..279 21... . .281 1947 average... 337 826 552 338 336 29... ..298 28... ..313 29... ..285 28... ..293 1948 average... 352 912 465 366 345 Nov. 5... ..315 Nov. 4... ..315 May 6... ..301 May 5... ..326 1949 average... 333 862 350 331 331 12... . .318 11... ..342 13... ..308 12... ..318 1950 average... 347 941 466 361 370 19... ..342 18... ..368 20... ..275 19... ..285 26... ..330 25... . .319 27... ..282 26... ..290 1950—June.... 317 '834 369 '245 '366 Dec. 3... ..449 Dec. 2... ..444 June 3... ..261 June 2... ..273 July.... 292 789 693 248 572 10... ..542 9... ..554 10... ..302 9... ..311 Aug 331 918 755 460 522 17... ..584 16... ..638 17... ..302 16... ..305 Sept 370 1,029 702 481 428 24... ..541 23... ..640 24... ..250 23... ..265 Oct 361 1,169 593 501 392 31... ..197 30... ..237 July 1... ..263 30. .. .258 Nov 403 1,203 442 437 286 8... ..218 July 7 . .. .218 Dec 616 957 412 370 340 1950 1951 15... ..265 14. ...238 1951—Jan 337 994 658 374 620 22... ..303 21. .. .234 Feb 286 1,094 656 386 384 Jan. 7... ..205 Jan. 6... ..285 29... ..295 28.. .232 Mar 347 1,218 467 471 282 14... ..233 13... ..305 Aug. 5... . .296Aug. 4... ..253 A M p a r y.... 3 3 3 1 8 3 1 1 , , 2 19 4 4 6 3 2 3 9 9 4 3 2 4 8 1 6 2 2 4 1 1 3 2 28 1 . . . . . . '.'.2 23 2 0 2 2 2 0 7 . . . . . . . . . . 3 2 0 7 1 8 1 1 2 9 . . . . . . . . . . 2 2 7 8 3 1 1 1 1 8.. . June.... ?324 *>1,1O6 P389 P236 *>331 Feb. 4 .226Feb. 3 234 26. . .. .288 25 ii"! .'!238 io!.. ..273 P Preliminary. *• Revised. 18... .231 17... ..272 1 These figures are not estimates for all department stores in the 25... . 221 24... ..274 United States. Figures for sales, stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders NOTE.—For description of series and for back figures, see BULLETIN are derived from estimates of receipts and reported figures on out- for September 1944, pp. 874-875. standing orders. Back figures.—Division of Research and Statistics. AUGUST 1951 1011 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] June Mav Six June May Six June May Six June May m S o ix s. 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 United States. P+2 +4 +9 Cleveland-cont. Chicago P-1 +5 +11 Dallas +2 +4 + B N P N N P S W D L P B A N E N T B N P S L Y B B S U W R R P o h e B p o r o e y o l L c o e r a u h o l i e o e i e r o t w s o o m r i b e i n w r w a i w r h u n o i f s w w w a i c a r l i l t c v t r f a d n a g g t l n a k s e g c k d o h w l i a c e a o a c i a n n g r a t t a g h Y a n d h l i H e l d e Y e n o n o a u d B r o r t i n y l n r e f s a e s s s k o e e k o - e n n a i s . e a o g t d p m t t e - c e n r l e n e w e A . e e i l v r B p 1 d o l k t l e c p . r F c k r r * t d a e 1 n h r f r e p o . a e h a d 1 n . o t e * n r s i C 1 i l y a r a r i a l e d i e . s . . ! t . . . i . . y . . . . . . . p + + + + + + + + + + + - _ - - - + + + + - - + + - — — 1 1 1 2 2 1 2 4 4 1 2 4 6 4 7 6 9 2 9 5 1 1 4 3 1 0 3 1 0 2 1 1 7 1 + + + + + + + + + + + + + + + + + + + + + - + + + + — + - 1 - 1 1 2 1 1 1 1 1 1 2 6 2 4 4 9 3 4 2 0 4 2 8 7 7 5 9 2 0 4 2 4 6 1 1 0 1 2 3 5 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 1 8 2 8 9 9 5 8 8 9 6 7 9 4 5 7 1 5 2 9 1 0 0 8 6 2 4 7 2 2 4 3 R A W A P W W E H J O B R A G L N C M T A A C R H S C R M M M R B C a i t i r t y a a s a o i h c h o a o r r o n i o u u t l t c h . o a i i a o c i r h e l l l l m n a t g l h e r n a m ' l d a g n k a a m e s e a c b t h l s n u e u f e P c r e i n s s n e u h m n e s i t m o o n b i m n p i m t v e m l m g h i i t r ' l o r e l o g s i e d n l t t t u n o n v a e i s i s n h k o b i a t o o n t a b l s o o k b o n t 1 g r i n a g o l e g u t 1 n * o n l n v i r e g m e g u h o - t * n l r a e t r d w , i . d h e s o S s o a n , g l W e i , n b l m a n n N S r e i u l S y . . . e l . V r . C . 1 1 . m . * g C . . . C a . . . . . . . . . . . . . . . p p + + + + + - + + + + + + + + + + + + 1 + - + + + + + + + + + - - 1 4 2 2 1 2 2 1 1 1 0 3 8 6 2 4 4 9 4 3 4 1 4 6 5 3 7 4 1 8 9 4 1 1 1 2 0 1 0 0 3 + + - + + + + + + + + + 1 - + + + + + - + + + - - - - - - - - 1 1 1 1 4 2 7 1 6 1 1 4 5 5 3 3 3 2 4 6 9 4 7 2 4 4 7 2 1 0 2 0 0 2 1 7 5 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - 1 2 2 1 1 1 1 1 1 1 1 1 9 8 8 2 3 7 6 7 8 4 8 9 2 9 9 2 7 9 7 0 7 7 3 1 1 4 1 1 2 0 6 4 3 6 S M K F L C P T G Q F D D M F L L S S S I G M S E M M D D P t n S a p l t t o e a o . t u o e i h v i u e r r e e u . i . . d i a i e t n r n n u e o r a r u e r i n s a l i n t n t l L i d m i c r t L t w n L e P r n l s p b n i n n r u t s a n v e e a s i o i M n o c i d o e a l g o a W s n t s p S a e e n e v g i a o i y h r v u u o f u u s u H a a r a t h g m i 1 R o o i B i - R i l i n a i p o i p l k e i p l l s i * s a * s s C y i o e n l l o r i a o e a o t e d u l n e e h A y 1 c l l p i 1 l * t i i t s e i k e s s i 1 y r s d * e » . 1 . 1 1 1 s . . a . . . . . . . . . . . . . . . . . . . . . . . . P P P P P P P P P - - - - - + + + + + + + + 1 3 + - - + - - 3 3 - - - - - 1 - - - - - 2 2 1 6 3 3 1 3 4 7 1 2 P 7 7 0 5 0 6 3 4 3 2 7 4 0 1 1 + + - + + + + + + + + + + + + + + + + + 1 + - - - - - 1 1 3 1 3 4 3 0 6 6 1 2 2 6 2 7 4 5 5 6 5 4 3 3 0 0 0 3 0 0 1 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 9 8 8 2 6 5 6 9 6 5 4 8 5 2 7 5 5 7 4 9 0 4 0 7 1 2 2 3 3 1 S E T O S F L L F S S S S S S V P H S S S S C R P D B B E B a S l N N B a r h a a a h o a u t a o e a o o p o o a i a v o e a a n o e a n v n n n l c a o n r s c r n r l k o i l r e l k a u a P t e s c l e t n s l r e t l t s p e t g r l e k m i p n s e a A l t r e A a k a a J v F D L r o a k n n u F l a j W t e a s o o a s r m s B e t o e n n r e o g a i n B n p s a n i s o i o t n s R x r a p e d l i d n h k n e g a t i d t e * f o e i n e e a a n e o g 1 o C o e r i a e e n d a y i r n l n c 1 a e n l o n r m s l t c t h t a i e d n h l C a a o c i * h s 1 r d o s n r d i . c i i » * d s i d t s * o . . 1 c y . . 1 i t . . . n . i o . . . . 1 . . . * . . o . . . . . . . . . . P P P P P P P P P + + + + + - + + + + + + + + + + + + + + + + + - - - 2 3 1 1 1 3 3 2 6 1 9 5 2 3 3 4 4 5 3 3 6 6 5 8 7 0 1 8 6 1 + + + + + + + + + + + + + + + + + + + + + + + + - + - - - 1 1 2 1 1 1 1 1 1 4 3 7 3 3 7 4 8 4 3 3 6 4 4 6 3 3 0 8 9 0 3 1 1 3 2 6 5 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 1 2 1 1 1 1 1 1 1 1 1 1 1 7 5 7 7 7 4 8 9 9 5 6 8 0 1 0 0 5 4 1 2 5 0 2 4 1 1 4 6 2 0 C A C C l a k i e n n r v c o t e i o n l n a n n 1 n 1 a d ti *. .. + + + -4 2 4 8 + + + + 4 6 2 3 + + + + 1 1 1 6 2 2 5 S J N B a a a e c v w t k o a s n n o O n n R r a l h 1 o ea u n g s e * l. . . . + - - - 6 3 1 8 - + 1 - - 5 5 3 8 + — 13 0 0 7 H T W K o u a i p n c tc e h s h k a it i s a a n s C o i n ty + + -1 1 0 1 1 + + 1 4 0 0 3 + + + + 2 1 1 9 3 0 5 T Y a a c k o im m a a 1 1 P + +4 2 + + 3 4 0 + + 1 1 1 1 S C C p l o e r l i v u n e m g l f a b i n e u d l s d x i 1... + +3 5 0 + + -1 6 2 + + + 1 9 7 4 M C Br h e i a s r t i t o d ta l i n an ooga 1.. + - — 1 3 2 + - - 4 1 3 + + + 2 9 1 J O S o t m . p l a J i o n h s a eph + + + 6 6 1 + + 3 5 + + + 1 1 9 1 4 T Y o o l u e n d g o s 1 town J. + + 1 4 3 + + 1 4 0 + + 2 1 0 4 N K a n s o h x v v i i l l l l e e * x +7 2 +7 + + 7 2 O Tu k l l s a a homa City - — 2 7 +1 + + 2 8 +2 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 LIVING1 Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e i c g t e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 .. .. 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105 2 105 5 106 3 106 4 102.2 107.3 104.0 1942.. . 116 6 123 9 124.2 108 8 105.4 122.2 110.9 1943 . 123.7 138.0 129.7 108.7 107.7 125.6 115.8 1944 125.7 136.1 138.8 109.1 109.8 136.4 121.3 1945 ... 128 6 139 1 145 9 109 5 110.3 145.8 124.1 1946 139 5 159.6 160.2 110.1 112.4 159.2 128.8 1947 159.6 193.8 185.8 113.6 121.2 184.4 139.9 1948 171 9 210.2 198.0 121 2 133.9 195.8 149.9 1949 170 2 201.9 190.1 126 4 137.5 189.0 154.7 1950 171.9 204.5 187.7 131.1 140.6 190.2 156.5 1950—june 170.2 203.1 184.6 130.9 139.1 184.8 154.6 July 172 0 208 2 184.5 131.3 139.4 186.1 155.2 August 173.4 209.9 185.7 131.6 140.2 189.1 156.8 September 174.6 210.0 189.8 131.8 141.2 194.2 157.8 October 175 6 210 6 193 0 132 0 142.0 198.7 158.3 November.... 176 4 210 8 194.3 132.5 142.5 201.1 159.2 December 178.8 216.3 195.5 132.9 142.8 203.2 160.6 1951—January 181.5 221.9 198.5 133.2 143.3 207.4 162.1 February 183 8 226 0 202 0 134 0 143.9 209.7 163.2 March 184 5 226.2 203.1 134.7 144.2 210.7 164.3 April 184.6 225.7 203.6 135.1 144.0 211.8 164.6 May 185 4 227.4 204.0 135.4 143.6 212.6 165.0 June 185.2 226.9 204.0 135.7 143.6 212.5 164.8 T Revised. 1 Adjusted series reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 1012 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o o ie m d s i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p e u r x c o t t d i s l - e li m F g r a i h a u n a t t e d l i e s l n - g M m p u a r e e c n o t t t d a d s a 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 el o i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97 5 V4 .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 A 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 A 181.8 164.0 October 169.1 177.8 172.5 161.5 208.6 163.1 135.3 178.6 218.9 132.2 163.8 131.3 180.2 163.5 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 6 202.5 185.8 172.3 »-233.3 182.8 138.1 189.0 228.5 147.9 180.1 142.7 197.7 176 1 May rl82.9 199.6 187.3 ••171.7 r232 .6 181.9 137.5 188.8 227.8 146.4 180.0 141.7 195.5 176.2 June 181.7 198.6 186.3 170.5 230.6 177.6 137.8 188.2 225.6 142.9 179.3 141.7 194.7 175.5 Week ending:1 1951—jime 5 181 9 197.5 187 3 170.8 182.9 138 5 189 3 227 2 140.9 Tune 12 181 7 198.0 186.9 170.6 182.4 138.7 189 0 226.8 140.1 Tune 19 181.6 199.1 187.3 170.3 182.1 138.7 188.2 226.6 139.2 Tune 26 r180 8 197 5 r186 5 r169 6 178 3 138.7 188 2 225 3 139.2 Tulv 3 180.2 197.6 187.2 168.5 177.4 138.6 188.2 224.4 137.7 Tulv 10 179 7 196 3 186 2 168 2 177.1 137 7 188 2 224 2 140.5 Tulv 17. 178 7 191.5 186.4 168.0 176.5 137.7 188 2 224.2 139.1 Tulv 24 178.0 189.0 185.0 167.7 175.5 137.7 188.2 224.2 138.2 1950 1951 1950 1951 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 169.3 188.0 189.1 185.6 178.6 Agricultural mach. & equip.. . 143.8 159.1 159.1 159.1 159 1 Livestock and poultry 197.5 241.2 240.9 234.8 235.8 Farm machinery 146.0 161.1 161.1 161.1 161.1 Other farm products 145 0 184 3 181 7 181 0 180 4 Iron and steel 169 4 185 6 185 9 18S 9 185 9 Motor vehicles 175.1 184.1 184.1 184.1 184.3 D Ce a r i e rv a l p p r r o o d d u u c c t t s s .... 1 14 3 5 5 .9 6 1 16 7 4 0 . . 5 3 1 16 6 4 6 . . 5 6 1 16 6 3 4 .9 6 1 1 6 6 3 2 . . 4 3 N Pl o u n m fe b r i r n o g u s a n m d e h ta e l a s t . i#ng 1 1 4 5 8 6 . . 4 4 1 1 8 8 3 3. . 7 5 1 18 8 3 4 . . 7 1 1 18 8 3 2 . . 7 8 1 18 7 3 8 .2 7 Fruits and vegetables 140.5 139.9 140.0 146.5 146.3Building Materials: Meats, poultry and fish 223.7 254.5 255.1 257.2 255.2 Brick and tile 164.3 180.8 180.8 180.8 180.8 Other foods 133 1 160 0 158 8 160 7 160 8 Cement 134.9 147.1 147.2 147 2 147 2 Hides and Leather Products: Lumber 322.6 361.2 361.0 359.0 352.3 Shoes 184 8 222.0 r223.5 ••223.8 223.3 Paint and paint materials.... 137.7 164.4 164.7 163.7 161 6 Hides and skins 202.1 313.0 297.8 293.8 284.3 Plumbing and heating 156.4 183.7 183.7 183.7 183.7 Leather ... 180.6 229.2 228.7 228.2 227.5 Structural steel 191.6 204.3 204.3 204.3 204 3 Other leather products 143.1 188.2 180.6 180.6 180.6 Other building materials 175.0 198.2 198.3 198.2 198.1 Textile Products: Chemicals and Allied Products: Clothing 143.9 163.9 163.9 163.9 163.9 Chemicals .... 117.1 138.2 145.0 145.2 144.0 Cotton goods 173 8 239.9 236.2 234 1 229.4 Drugs and Pharmaceuticals. . 122.7 185.1 184.5 185.2 185 3 Hosiery and underwear 97.7 113.5 113.5 113.5 113.1 Fertilizer materials 108.6 118.1 117.8 117.1 115.1 Silk 49 3 90 8 85 2 76 3 73 2 Mixed fertilizers . 103.7 108.9 108 6 108 6 108 6 Rayon and nylon ... 39 9 43.1 43.1 43 1 43 1 Oils and fats 111.9 214.6 198.7 186.4 165 8 Woolen and worsted goods... 148.3 240.2 243.7 243.4 225.1 Housefurnishing Goods: Other textile products 164.5 246.1 249.2 247.0 247.3 Furnishings 154.2 193.4 195.9 195.9 196.0 Fuel and Lighting Materials: Furniture 139.4 163.2 163.1 162.9 161 5 Anthracite 140.1 156.1 152.8 151.0 152.5 Miscellaneous: Bituminous coal 192 1 197 1 195.6 195 2 195 4 67.0 82 8 82.8 82 8 82 8 Coke . 225 6 234.5 234.8 234 8 234 8 Cattle feed 213.2 236.5 261.9 244 9 245 0 Electricity 67 0 65 1 64 8 155.6 196.3 196 2 196 2 196 2 Gas 87 3 93 8 93.3 92 9 63.4 145.4 137.5 135 1 135 1 Petroleum products 113.9 120.3 120.0 119.7 120.0 120.7 136.8 136.7 136.7 136.7 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. AUGUST 1951 1013 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 1933 1939 1946 1947 1948 1949 1950 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 275.0 287.4 303.7 318.5 325.6 Less: Capital consumption allowances. . 7.2 8.1 9.3 12.2 17.6 19.1 21.2 20.7 22.2 22.6 22.9 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.7 23.8 23.3 25.3 24.3 25.9 24.8 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 -.1 .6 1. . 2 7 1. . 4 5 1. . 6 5 1. . 7 6 . . 7 3 -3.2 .7 .7 . . 7 4 -6.4 .8 -3.4 .8 . . 8 5 n. . a 8 . government enterprises -.1 0) .5 .1 .9 -.1 .0 .0 .3 .7 .2 .8 .3 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.7 239.0 230.6 245.8 260.1 269.4 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.7 30.5 36.2 34.8 37.4 42.2 42.9 n.a. Contributions for social insurance.... .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 7.0 6.8 7.0 7.4 8.3 8.4 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 14.2 11.0 11.1 11.5 11.8 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 4.8 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.2 7.6 9.2 8.4 9.4 11.1 9.7 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .8 .7 .8 .8 .8 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 205.1 224.7 217.1 227.3 238.3 244.1 250.0 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 18.8 21.5 21.1 18.6 20.5 19.5 20.2 23.1 26.6 27.1 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 17.8 16.9 17.5 20.3 23.8 24.2 State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.1 2.5 2.7 2.7 2.7 2.7 2.8 2.9 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 158.9 169.5 188.4 186.4 204.3 197.5 207.1 215.2 217.5 222.8 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 188.7 202.5 198.4 208.2 201.7 Equals: Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.5 6.3 10.7 8.9 4.6 16.8 9.3 21.1 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.7 239.0 230.6 245.8 260.1 269.4 n.a. Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 139.9 153.3 148.6 157.3 165.2 172 177.4 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 133.4 145.8 141.3 149.7 157.2 163 168.8 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.0 123.6 120.1 127.2 132.7 137 140.5 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.2 5.1 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 16.8 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 7.4 7.7 7.9 8.7 Proprietors' and rental income 3. 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.4 44.0 41.8 45.6 47.2 48.1 Business and professional 8.3 2.9 6 9.6 20.6 19.8 22.1 20.9 22.3 21.9 23.2 23.0 23.6 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.0 13.7 12.2 14.3 15.8 16.3 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.5 8.0 7.8 8.1 8.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.7 30.5 36.2 34.8 37.4 42.2 42.9 n.a~ Corporate profits before tax 9.8 .2 6.5 17.2 23.5 30.5 33.8 28.3 41.4 37.5 45.7 50.3 51.8 n.a. Corporate profits tax liability. . 1.4 .5 1.5 7.8 9.6 11.9 13.0 11.0 18.6 16.9 20.5 22.5 28.5 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 13.9 18.5 20.7 17.3 22.8 20.6 25.2 27.8 23.3 n.a. Inventory valuation adjustment.. .5 -2.1 -.7 -2.6 -5.2 -5. -2.1 2.1 -5.1 -2.7 -8.3 -8.2 -8.9 -2.3 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.3 4.9 5.4 5.3 5.5 5.6 5.6 5.7 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—-Details may not add to totals because of rounding. Source.—National Income Supplement (July 1951 edition) to the Suvvey of Current Business, Department of Commerce. 1014 FEDERAL RESERVE BULLETIN* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annualrates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126 4 211 1 233.3 259 0 257 3 282.6 275.0 287.4 303.7 318.5 325 6 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 188.7 202.5 198.4 208.2 201.7 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.9 29.2 26.6 34.3 29.4 31.5 25.9 Nondurable goods . . 37.7 22.3 35.3 44.0 85 8 95.1 100 9 98.7 102 3 100.4 105.5 104.9 111 5 109 5 Services 31.7 20.6 25.5 28.5 44.5 49.1 54.1 57.6 62.1 61.6 62.7 64.0 65.2 66.2 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 42.7 33.0 48.9 47.9 47.3 60.2 59.6 63.5 New construction 1 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.2 22.1 21.4 23.5 23.3 23.9 22.3 Producers' durable equipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.0 22.5 21.4 24.5 25.0 26.5 26.7 Change in business inventories.... 1.6 -1.6 .4 3.9 6.1 o 5.0 -3.2 4.3 5.2 y 11.8 9.3 14.4 Net foreign investment .8 .2 .9 1 1 4 6 8 9 1 9 5 -2 3 -1 6 -3 2 -2 7 -2 3 5 Government purchases of goods and services 8 5 8 0 13.1 24 7 30 9 28 6 36 6 43 6 42 5 40.1 40 8 47.8 52 9 60 0 Federal 1.3 2.0 5.2 16.9 20 9 15.8 21.0 25.5 22.8 20.9 21.2 27.3 31.9 38 5 W No a n r war . . } 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 }.7.1 21.7 25.9 23.1 21.1 21.4 27.5 32.1 38.7 Less: Government sales 2 <•> (3) (3) (3) 2.7 1.3 .6 .4 .2 .2 .2 .2 .2 9 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.1 19.7 19.2 19.7 20.4 21.1 21.4 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month sonal contri- labor and perincome re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s - d p m i C u n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s e s b - - S i e n t r r d v ie u ic s s e - m G er o e n n v - t - b i s u a n o f t n s c o i u c o i r a e r n - l s income1 in re co n m tal e8 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e1 1929.. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933.. 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9 2 3 0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941. . . .. 95 3 60.9 61.7 27.5 16.3 7.8 10.2 .8 6 20 8 9 9 3 1 86 1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 150 3 103 6 105.4 49.0 20.1 9 5 26 8 1 8 9 32 8 10 0 3 0 135 2 1944 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1 3 35.5 10 6 3 6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946 177 7 109.2 111.3 46.1 30.9 13.7 20.6 2 0 1 9 42 0 13 2 11 4 158 8 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.1 2.4 42.4 14.5 11.8 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.2 2.8 47.3 16.0 11.3 187.1 1949 205.1 131.2 133.5 56.9 39.0 17.2 20.4 2.2 3.0 41.4 17.1 12.4 187.6 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 June 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 August 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 September.... 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 October 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 November. . . . 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 December 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 February 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 March ... . 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 April 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 249.8 165.1 168.8 74.6 45.6 20.2 28.4 3.7 3.8 48.0 20.2 12.7 229.0 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. ' 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. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net nterest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. AUGUST 1951 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit En o d r m o o f n y th ear co c T n r s o e u t d a m i l t er i c T m n r s o e e t t d a n a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loansl no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n gl s 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 L,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 .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—May- 17,077 11,667 6,733 3,600 3,133 4,934 5,410 1,092 3,290 1,028 June. . . . 17,651 12,105 6,995 3,790 3,205 5,110 5,546 1,116 3,392 1,038 July 18,295 12,598 7,343 3,994 3,349 5,255 5,697 1,133 3,527 1,037 August 18,842 13,009 7,613 4,107 3,506 5,396 5,833 1,157 3,636 1,040 September 19,329 13,344 7,858 4,213 3,645 5,486 5,985 1,197 3,741 1,047 October 19,398 13,389 7,879 4,227 3,652 5,510 6,009 1,250 3,703 1,056 November 19,405 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 19,124 12,902 7,270 3,934 3,336 5,632 6,222 1,392 3,744 1,086 MayP 19,193 12,906 7,243 3,980 3,263 5,663 6,287 1,398 3,793 1 ,096 June? 19,224 12,925 7,223 4,041 3,182 5,702 6,299 1,395 3,812 1,092 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Indus- Insured Indus- Total b m C a e n o r k c m s ia - l l p S c l a m o o n 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 p c l t a o o r n i a m a i n e l - 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 l i r o z o e a a a d p n n t e i a d s o r i r n n * - b m C a e n o r k c m s ia - l l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p c a t lo r o n i a m i a e n l - 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—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 L,009 290 197 514 150 835 387 166 46 33 88 September.. 5,486 2,462 [,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 L, 112 286 204 517 160 853 368 207 43 33 79 April 5,632 2,497 ,119 286 205 514 161 850 340 184 41 31 72 May? 5,663 2,506 1,131 288 207 518 162 851 359 198 44 33 82 June? 5,702 2,515 L, 151 288 209 522 164 853 356 204 44 35 85 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of June amounted to 105 million dollars, and other loans made during June were 11 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1016 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 t b lu a u i l d l t , e o - - s o m m t a r o a n e d r d i n e e l t - r s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o r t e A t o t h r l a e l e i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d h e p a ir t 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 9 9 4 4 3 4 .. . 6 7 9 0 1 7 1 1 7 8 2 3 2 2 8 9 9 3 5 7 0 8 5 5 7 6 1 1 1 0 1 9 1950— J M un a e y 4 5 , , 8 0 6 8 2 4 1, 9 0 9 5 2 0 1 1 , , 0 0 3 9 5 6 , , 0 0 2 6 8 4 8 8 0 3 4 4 , , 0 0 0 4 3 0 1945. 715 198 296 51 57 113 July 5,291 1,110 1,158 ,112 851 ,060 1 1 9 9 4 4 6 7 1 1 , , 1 9 0 3 4 5 3 6 3 5 7 0 3 58 8 7 6 2 1 4 1 9 8 1 8 4 9 4 3 1 0 7 5 4 A Se u p g t u e s m t ber..., 5 5 , , 4 68 9 5 3 1 1 , , 1 1 4 7 3 7 1 1, , 2 2 5 1 1 7 , , 1 2 7 5 8 8 8 89 7 1 2 , , 0 1 8 0 3 8 1948 2,567 874 750 387 152 404 October 5,726 1,180 1,254 ,282 905 ,105 1 19 9 5 4 0 9 3 3, , 7 0 7 9 8 6 1 1, , 2 0 4 1 5 0 1,0 9 2 3 9 5 5 7 0 1 0 0 163 7<4 488 N D o ec v e e m m b b e e r r 5 5 , , 6 6 6 4 1 5 1 1 , , 1 1 5 4 9 3 1 1, , 2 2 2 3 3 4 , ,2 2 6 6 7 1 9 90 0 5 7 , ,1 1 0 0 7 0 1950 1951—January... 5,610 1,116 1,219 ,268 890 1,117 May 3,133 1,011 935 537 650 February.. 5,530 1,096 1,222 ,217 877 1,118 June 3,205 1,032 947 561 665 March. . . . 5,516 ,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? 5,489 1,083 1,248 1,123 882 1,153 September 3,645 1,159 1,028 702 756 J 5,481 1,090 1,246 1,09 I 883 1,164 October. . . 3,652 1,170 1,019 705 758 November. 3,630 1,172 1,003 702 753 Volume extended dur- December. 3,778 1,245 1,029 710 794 ing month: 1950—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 Mayp 3,263 1,080 890 616 677 November... 517 91 101 124 55 146 June? 3,182 1,051 874 597 660 December. . . 562 94 117 141 48 162 1951--Janumarr;y 606 98 137 147 47 177 Februlaary 536 93 132 117 41 153 March 63-8 109 160 123 51 195 April 625 118 153 125 56 173 Mayp 683 140 166 132 65 180 June? 666 142 160 115 64 185 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 J n 2 l c o a a s n h s Year or month Total Auto- m iz o a d ti e o r n n- m ca e s n h t mobile Other loans i2 loans Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 5 4 4 0 9 8 3 3 2 4 9 8 3 6 1 . . . 2 2 0 1 6 9 1 6 3 8 . . . 6 6 5 6 4 7 3 3 9 . . . 1 4 7 5 5 5 1 5 4 . . . 7 4 9 1 1 1 3 3 2 7 1 4 . . . 9 5 1 o 1 1 1 f 9 9 9 4 4 5 p 8 9 0 eriod: 2 1 1 2 9 7 6 4 7 . . . 9 7 1 4 3 5 3 7 8 . . . 5 9 3 3 4 2 1 1 3 . . . 4 1 7 5 6 7 . . . 5 0 3 1 1 1 1 2 1 3 0 0 . . . 6 3 1 1950— D J S O J A N M u u e e o u c l n a p c y v t g y e t o e e e u m b m m s e t b b b . r e e e . . r . r r . . . . . 3 3 3 3 3 3 3 3 9 9 9 9 8 7 6 8 5 2 1 6 9 1 1 0 . . . . . . . . 6 9 4 0 8 8 0 4 1 1 1 1 1 1 1 1 0 2 2 2 1 1 1 1 5 0 1 1 8 9 5 1 . . . . . . . . 6 6 9 5 5 4 8 9 8 7 7 7 7 7 7 7 0 0 6 9 9 1 9 3 . . . . . . . . 7 2 3 9 7 9 3 4 5 5 5 5 5 5 5 5 4 3 5 4 5 6 4 6 . . . . . . . . 2 5 5 9 7 1 9 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 2 3 8 7 6 6 7 9 . . . . . . . . 0 7 7 0 7 9 3 1 1950— S D J J A O N M u u e e o u c l n a p c y v t g y e t o e e e u m b m m s e t b b b . r e e e . . . r r r . . . . . 2 2 2 2 2 2 2 2 0 0 1 2 2 1 2 2 2 8 9 4 3 4 3 6 . . . . . . . . 7 8 9 0 8 3 3 9 4 5 5 5 5 5 5 5 9 7 5 7 4 7 7 2 . . . . . . . . 2 5 9 4 8 3 9 3 3 3 3 3 4 4 4 4 9 2 5 1 0 4 1 1 . . . . . . . . 2 7 7 9 9 3 1 1 6 6 7 7 7 7 7 7 . . . . . . . . 7 9 2 3 3 3 4 3 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 3 5 7 6 0 7 7 8 . . . . . . . . 2 9 4 6 5 6 8 1 1951— J A F M M J u e p a a a n b n r y i r r u e l p c u a ? h a r . r y . . . y . . . . . . . . . 3 3 3 3 3 3 8 8 8 8 8 8 2 2 2 5 6 4 . . . . . . 5 5 7 9 4 0 1 1 1 1 1 1 1 1 1 1 1 1 7 6 9 6 6 8 . . . . . . 2 5 6 4 9 0 7 7 7 7 7 7 7 5 8 4 2 6 . . . . . A 2 9 3 4 4 5 5 5 5 5 5 2 1 2 2 3 2 . . . . . . 4 6 8 0 6 3 1 1 1 1 1 1 3 3 3 3 3 3 9 7 5 7 9 9 . . . . . . 9 7 9 8 7 1 1951— A J F M M J u e p a n a a b r n e y i r r u l ? c u ? a . h a r r . y . . y . . . . . . . . . 2 2 2 2 2 2 2 3 2 2 2 3 8 2 6 5 5 0 . . . . . . 9 9 1 6 1 6 5 5 5 5 5 5 6 6 7 9 9 7 . . . . . . 2 8 8 8 8 1 4 4 3 4 4 4 0 0 9 0 0 0 . . . . . . 2 0 6 5 3 8 6 7 7 7 7 7 . . . . . . 9 2 1 0 0 0 1 1 1 1 1 1 2 2 2 2 2 2 5 1 3 2 4 0 . . . . . A 1 7 3 8 8 Volume extended during month: Volume extended 1950— D S J J A O N M u u e e o u c l n a p c y v t g y e t o e e e u m b m m s e t b b b . r e e e . . r . r r . . . . . 5 5 4 4 3 4 4 5 7 7 2 0 3 0 8 1 . . . . . . . . 2 2 7 5 5 3 9 1 1 1 1 1 1 1 8 9 6 1 5 3 5 3 . . . . . . . . 1 2 7 7 4 3 9 1 1 9 8 8 9 8 7 0 1 . . . . . . . . 6 9 9 6 0 6 5 0 4 3 4 3 3 3 2 4 . . . . . . . . 9 9 9 6 0 2 1 3 2 2 2 2 2 1 1 1 0 1 2 2 1 7 8 9 . . . . . . . . 2 2 2 6 5 9 7 1 d 1 u 9 r 5 i 0 n — g S J A O J N M m u u e u o c l n a p o y t v g y e t n o e e u t b m m s h e t : b b . r e e . . . r r . . . . 2 3 3 3 3 3 3 2 7 0 2 5 9 5 4 3 . . . . . . . . 4 4 8 5 3 4 8 1 8 6 6 6 8 9 7 7 . . . . . . . . 1 3 1 8 9 1 5 9 3 3 6 4 5 5 4 7 . . . . . . . . 8 9 0 7 9 3 3 8 0 0 0 0 0 0 0 0 . . . . . . . . 4 3 5 4 4 5 5 5 2 1 1 1 1 1 1 1 0 7 7 8 9 9 9 9 . . . . . . . . 1 7 2 5 9 9 6 9 December. 1951— F A J M M J u e p a a a b n r n y i r r u e l ? c u a ? h a r . r y . . y . . . . . . . . . . 3 4 4 4 4 4 2 4 8 8 9 6 . . . . . . 2 8 9 3 3 8 1 1 1 1 1 1 0 2 0 5 5 3 . . . . . . 2 4 6 6 8 1 8 8 8 7 7 7 . . . . . . 2 5 3 8 2 8 3 2 3 3 3 2 . . . . . . 3 9 8 0 3 5 2 2 2 2 2 1 1 0 2 0 2 8 . . . . . . 5 7 0 9 9 0 1951— A J F M M J u e p a n a a b r n e i r r y u l ? c u a ? h a r . r y . . y . . . . . . . . . . 2 3 3 2 3 3 7 6 2 4 9 4 . . . . . . 9 5 4 3 1 8 6 6 9 8 7 7 . . . . . . 4 8 0 8 4 4 4 3 4 4 4 5 . . . . . . 4 8 9 2 4 3 0 0 0 0 0 0 . . . . . . 3 4 3 4 5 5 2 2 2 2 1 1 1 1 0 1 7 7 . . . . . . 3 2 6 6 7 4 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. AUGUST 1951 1017 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 l Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Year or month Item Depart- Furni- h H ol o d u s a e p - - Depart- 1 J 9 u 5 n 1 e ^ M 19 a 5 y 1 A 19 p 5 ri 1 l 1 J 9 u 5 n 1 e P M 19 a 5 y 1 A 19 p 5 ri 1 l s m to e r n e t s s t t u o r re 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 -4 + 10 -5 -4 -5 -3 May 18 10 12 52 C C a re s d h i t s a s l a e l s es: -1 +12 -3 +10 +3 +7 J J u u l n y e 1 1 7 7 1 1 1 0 1 1 1 0 4 5 9 1 Instalment i +10 -5 -10 -11 -12 August 18 11 11 50 Charge account -7 +6 -10 +5 +9 + 14 O Se c p to te b m er ber 1 1 8 8 1 1 1 1 1 1 0 1 5 5 1 1 Accounts receivable, end November 17 10 10 51 of month: December 18 11 10 49 Total -2 -1 -2 -3 + 1 +4 Instalment -2 -2 -2 -5 0 January 1951 19 10 12 50 Collections during February 17 10 11 46 month: March 19 11 12 50 Total -1 + 1 -7 + 10 + 12 + 13 April 18 11 11 47 Instalment +2 + 1 -7 +6 +4 +8 May 1 1 9 8 1 1 1 1 1 1 1 2 4 4 9 9 Inventories, end of month, at retail value. -5 -3 +2 +31 +34 +37 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d t s o r f e c m e o iv n a t b h le Collec m tio o n n s t h during Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t C sa a le sh s I m s n a s e l t e n a s t l- a C c s h c a a o le r u s g n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 . 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 200 212 165 196 200 224 51 8 41 1950 220 213 247 223 233 210 250 237 48 10 42 1950—May 211 '204 227 ^216 ••217 194 231 222 48 9 43 June 203 r198 '209 '207 219 194 230 226 9 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 May 217 209 205 229 235 224 278 244 48 8 44 JuneP 207 208 188 211 226 218 274 246 50 8 42 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1009. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK BANK CREDIT, MONEY RATES, AND BUSINESS • 1951 Chart Chart book book page June July July July July page June July July July July 27 4 11 18 25 1 27 11 18 WEEKLY FIGURES2 In billions of dollars WEEKLY FIGURES 2—Cont. In unit indicated RESERVE BANK CREDIT, ETC. Reserve Bank credit, total.... 2 23.92 23.97 24.27 24.61 24.06 MONEY RATES, ETC. Cont. U. S. Govt. securities, total. 2 22.84 22.98 23.09 23.08 23.06 Bills 3 .40 .52 .64 .57 .55 Stock prices (1935-39 = 100): G T M M r o o e e l m n a d N s e B b s u y o o e t r o n r t y i e c n d b s k c s a c a a n i s n r k h c d u r a l e c 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 s t o i e t t s s a . . l . . . . . . . 2 , 3 2 2 2 3 4 2 2 1 1 6 1 7 1 5 9 . . . . . . 8 7 7 6 6 1 1 6 0 3 0 0 2 2 1 1 6 7 1 1 5 9 . . . . . . 8 4 9 7 6 1 2 5 6 3 7 9 2 2 1 1 5 1 7 1 6 9 . . . . . . 8 7 5 8 6 3 2 6 9 3 5 6 2 2 1 1 5 1 7 1 6 9 . . . . . . 8 7 9 7 6 3 2 6 8 9 1 8 2 2 1 1 5 1 7 6 1 9 . . . . . . 8 7 7 6 7 0 2 6 1 9 9 3 Vo T I R P l n u u o a d m b t i u a l l r e i l s o c t o a r u i d f a t t l i r l a it d y i ng (mill, shares) 2 2 2 2 2 7 7 7 7 7 1. 1 1 1 1 7 8 1 3 7 5 5 0 6 0 1 1 1 1 1 .3 8 6 3 1 0 4 9 5 0 1 1 1 . 1 1 0 8 7 3 1 9 7 2 8 1 1 1 1 1 1 .2 1 7 8 4 7 2 3 9 0 1 1 1 . 1 1 5 9 7 1 4 7 3 7 3 5 New York City 5 5.21 5.18 5.06 5.01 5.00 Chicago 5 1.31 1.31 1.29 1.30 1.29 PRODUCTION AND DISTRIBUTION Reserve city banks 5 7.31 7.41 7.43 7.46 7.46 Production: E R x e C c q e o u s i u s r n e r t d e r y s r e e r b s v a e e n r s v k , e s t s o tal • 5 4 4 1 5 8 . . . 2 5 5 9 4 6P1 5 P 8 . . . 3 6 5 2 1 8P1 5 P 8 . . . 5 9 4 2 0 4P1 5 P 8 . . . 5 9 4 5 5 3P1 5 P 8 . . . 5 6 4 1 6 3 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 5 5 2 2,01 9 5 4 2,0 1 2 1 9 1 2,0 1 3 2 7 1 2,0 1 2 2 7 4 New York City 5 .01 .01 -.01 .02 .03 (thous. bbls.) 67 6,099 6,088 6,090 6,086 6,125 C C R h o e i s u c e n a r t g v r o e y c b i a ty n k b s a « n ks 5 5 . . 1 4 3 3 . . 1 4 7 6 . . 1 6 9 3 P . .6 18 7 P. . 6 1 3 6 P M B a i e t p u a e m t r b i ( n o m o a i r u l d l s , c l ( b o th s a . o l ) u (m s. il t l o , n to s n ) s . ) .. . 6 6 6 8 7 8 1 2 2 .9 6 4 1 7 4 2 1 .3 4 5 0 4 7 1 2 2 .6 0 7 2 1 9 1 2 2 .7 2 7 1 6 1 1 2 2 .7 3 7 0 2 3 Electric power (mill. kw. hrs.) 70 6,898 6,077 6,739 6,975 7,005 MEMBER BANKS IN LEADING CITIES Freight carloadings (thous. All reporting banks: cars): Loans and investments 14 70.64 70.27 70.10 70.09 70.11 Total 69 822 588 779 805 820 U. S. Govt. securities, total. 14 31.18 30.89 30.70 30.74 30.9. Miscellaneous 69 395 324 381 372 378 Bonds 16 19.48 19.51 19.50 19.50 19.4. Department store sales Notes and certificates 16 8.95 8.92 8.86 8.92 9.00 (1935-39=100) 70 259 218 238 234 Bills 16 2.75 2.46 2.34 2.33 2.50 Other securities 18 6.58 6.62 6.66 6.68 6.66 Demand deposits adjusted.. 14 49.92 49.34 49.67 49.89 50.54 U. S. Govt. deposits 14 4.81 4.47 3.76 3.25 3.10 Lo C an o s m , m to e t r a c l i al 1 1 4 8 3 1 2 9 . . 8 2 8 2 3 1 2 9 . . 7 1 7 5 3 1 2 9 . . 7 1 5 2 3 1 2 9 . . 6 0 7 4 3 1 2 8 . . 5 9 1 6 Wh In o d le e s x a e le s ( p 1 r 9 ic 2 e 6 s = : 100): Real estate 18 5.53 5.53 5.54 5.55 5.56 Total 75 180.8 180.2 179.7 178.7 178.0 For purchasing securities: Farm products 75 197.5 197.6 196.3 191.5 189.0 Total 18 2.12 2.22 2.12 2.10 2.15 Foods 75 186.5 187.2 186.2 186.4 185.0 U. S. Govt. securities. . 18 .51 .55 .52 .53 .59 Other commodities 75 169.6 168.5 168.2 168.0 167.7 Other securities 18 1.61 1.68 1.60 1.57 1.56 Basic commodities Other 18 5.95 5.93 5.90 5.89 5.87 (Aug. 1939=100): Total 77 343.0 337.9 333.9 327.4 327.2 New York City banks: Foodstuffs 77 367.6 367.5 364.7 365.0 364.6 Loans and investments 20.50 20.33 20.07 19.89 19.79 Industrial materials 77 330.0 324.8 321.7 313.3 314.4 U. S. Govt. securities, total. 8.44 8.17 7.94 7.78 7.77 Selected materials: Bonds, total holdings. . . . 5.41 5.40 5.34 5.31 5.26 Rubber (cents per 1b.) 78 66.0 52.0 52.0 52.0 52.0 Due or callable—5 years 4.06 4.04 3.99 3.96 3.91 Hides (cents per lb.) 78 34.8 34.8 34.8 34.8 34.8 Notes and certificates 1.88 1.86 1.84 1.86 1. Steel scrap (dollars per ton) 78 43.0 43.0 43.0 43.0 43.0 Bills 1.15 .92 .76 .61 .63 Copper (cents per lb.) 78 24.5 24.5 24.5 24.5 24.5 Demand deposits adjusted.. 15.45 15.18 15.28 15.24 15.51 Cotton (cents per lb.) 78 45.3 44.8 42.1 38.4 37.5 U. S. Govt. deposits 1.85 1.60 1.28 .95 .8 Print cloth (cents per yd.). 78 18.2 17.6 16.7 16.0 15.9 Interbank deposits 4.07 4.21 4.18 4.22 4.12 Wool tops (cents per lb.). . 78 243.7 250.5 261.9 247.9 246.5 Time deposits 1.54 1.51 1.51 1.50 1.49 Wool (cents per lb.) 78 235.0 235.0 235.0 235.0 235.0 Loans, total 10.18 10.26 10.17 10.12 10.04 Selected foodstuffs: Commercial 19 6.82 6.83 6.81 6.78 6.74 Winter wheat (cents per For purchasing securities: bu.) 79 230.7 229.4 234.3 232.1 229.0 To brokers: Corn (cents per bu.) 79 167.2 172.0 178.9 176.7 176.2 OnU. S. Govts 19 .31 .38 .34 .34 .38 Steers (dollars per 100 lbs.) 79 35.43 35.55 35.35 35.15 35.26 On other securities... 19 .78 .85 .79 .77 .76 Hogs (dollars per 100 lbs.) 79 23.06 23.13 22.92 23.06 23.04 To others 19 .26 .26 .26 .26 .26 Cows (dollars per 100 lbs.) 79 24.43 24.25 24.50 24.20 23.88 Real estate and other. ... 19 1.84 1.82 1.81 1.81 1.81 Coffee (cents per lb.) 79 53.1 53.4 53.5 53.1 52.9 Banks outside New York City: Cocoa (cents per lb.) 79 37.6 35.4 34.7 35.2 34.8 Loans and investments 15 50.14 49.94 50.03 50.20 50.32 Butter (cents per lb.).... 79 68.2 67.6 66.6 66.6 66.3 U. S. Govt. securities, total.. 15 22.73 22.71 22.76 22.96 23.18 Eggs (cents per doz.) 79 47.2 45.4 44.7 45.3 45.2 Bonds 17 14.07 14.11 14.16 14.19 14.19 Notes and certificates.... 17 7.08 7.06 7.02 7.06 7.12 Bills 17 1.59 1.53 1.58 1.71 1.87 Demand deposits adjusted.. 15 34.47 34.16 34.38 34.65 35.02 1951 U. S. Govt. deposits 15 2.96 2.87 2.48 2.30 2.25 Interbank deposits 15 6.35 6.81 7.07 7.18 6.89 Time deposits 15 13.86 13.88 13.92 13.93 13.93 MONTHLY FIGURES Apr. May June,1 Loans, total 15 22.70 22.51 22.57 22.55 22.47 Commercial 19 12.40 12.32 12.31 12.26 12.22 F R o e r a l p e u s r t c a h t a e s ing securities. 1 1 9 9 5. . 0 7 5 6 5. . 0 7 4 3 5. . 0 7 5 3 5. . 0 7 5 4 5. . 0 7 6 5 DEPOSITS AND CURRENCY In billions of dollars Other 19 4.60 4.60 4.58 4.57 4.56 Deposits and currency: • MONEY RATES, ETC. Per cent per annum Total deposits and currency. 6 Pi 79.80 P179.1O P180.80 Total deposits adjusted and U. S. Govt. securities: currency 6 P173.30 P173.7O P174.20 Bills (new issues) 23 1.527 1.604 1.615 1.562 1.591 Demand deposits adjusted. . 6 P89.50 P89.50 P89.50 9-12 months 23 1.82 1.80 1.77 1.73 1.70 Time deposits adjusted 6 P59.20 P59.30 P59.80 3-5 years 23 2.02 1.99 1.94 1.92 1.91 Currency outside banks.... 6 P24.60 P24.90 P25.00 15 years or more 23, 25 2.66 2.65 2.63 2.62 2.62 U. S. Govt. deposits 6 P6.50 P5.40 P6.60 Corporate bonds: Money in circulation, total... 7 27.28 27.52 Aaa 25 2.99 2.97 2.95 2.93 2.92 Bills of $50 and over 7 8.26 8.26 Baa 25 3.54 3.55 3.55 3.52 3.52 $10 and $20 bills 7 14.36 14.55 High-grade municipal bonds.. 25 2.26 2.25 2.23 2.13 2.11 Coins. $1, $2, and $5 bills... 7 4.66 4.71 For footnotes see p. 1023. 1019 AUGUST 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 1951 book book page Apr. May June page Apr. May June i Annual rate Per cent Per annum MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. MONEY RATES, ETC. DEPOSITS AND CURRENCY—Cont. Treasury bills (new issues) 22 1.520 1.578 1.499 Turnover of demand deposits: 5 :orporate bonds: New York City 33.2 30.9 33.1 Aaa 22 2.87 2.88 2.94 Other leading cities 22.5 22.0 22.0 Baa 22 3.34 3.40 3.49 '. R. Bank discount rate 22 1.75 1.75 1.75 Commercial paper 22 2.13 2.17 2.31 In billions of dollars Stock yields: COMMERCIAL BANKS Dividends/price ratio: Common stock 26 6.35 6.55 6.79 Cash assets • 9 P30.40 P29.60 P30.40 Preferred stock 26 4.11 4.15 4.17 Loans and investments, total • 9 P125.40 125.10 126.20 Loans" 9 P54.40 P54.50 P55.00 In unit indicated U. S. Govt. securities • 9 P58.50 P58.10 P58.60 Other securities • 9 P12.60 P12.50 P12.60 Margin requirements (per cent) 28 75 75 75 Holdings of U. S. Govt. securities: Stock prices (1935-39 =100), total. . . 28 172 174 172 Within 1 year: Volume of trading (mill, shares) 28 1.52 1.63 1.30 Total 10 16.70 16.14 Stock market credit (mill, dollars): Bills 10 3.17 2.98 Bank loans 28 593 607 603 Notes and bonds 10 13.52 13.16 Customers' debit balances 28, 29 1,286 1,287 ..1,275 Over 1 year: Money borrowed 29 661 681 68C Total 10 34.88 34.83 Customers' free credit balances.... 29 879 855 834 Notes and bonds (1-5 yrs.) 10 25.86 25.82 Bonds (5-10 yrs.) 10 6.23 6.24 In billions of dollars Bonds (over 10 yrs.) 10 2.79 2.77 GOVERNMENT FINANCE MEMBER BANKS ross debt of the U. S. Government: Total (direct and guaranteed) 30 254.75 255.12 255.25 All member banks: Bonds (marketable issues) 30 80.65 80.63 78.99 Loans and investments, total 12 106.00 105.65 106.84 Notes, certificates, and bills 30 57.43 57.42 58.93 Loans 12 46.48 46.55 47.07 Savings bonds, savings notes.... 30 65.76 65.77 65.39 U. S. Govt. securities 12 49.04 48.69 49.25 Special issues 30 33.59 34.05 34.65 Other securities 12 10.48 10.40 10.52 Investment bonds, guaranteed Demand deposits adjusted • 12 76.13 76.11 76.12 debt., etc 30 17.32 17.27 17.29 Time deposits 12 29.63 29.67 29.9. Ownership of U. S. Govt. securities: Balances due to banks 12 11.04 10.92 11.08 Total: Balances due from banks 12 5.41 5.38 5.51 Commercial banks * 31 58.50 57.90 Reserves 12 19.32 18.89 19.31 Fed. agencies and trust funds. . . 31 39.86 40.96 40.96 F. R. Banks 31 22.74 22.51 22.98 Central reserve city banks: Individuals' 31 '65.70 65.60 Loans and investments, total 12 25.84 25.30 26.2 Corporations 31 '21.20 21.80 Loans 12 12.15 12.15 12.51 Insurance companies « 31 17.80 17.60 U. S. Govt. securities 12 11.21 10.76 11.32 Mutual savings banks « 31 10.40 10.30 Other securities 12 2.48 2.39 2.44 State and local govts. • 31 7.90 8.00 Demand deposits adjusted • 12 19.72 19.31 19.34 Miscellaneous • 31 10.60 10.90 Time deposits 12 3.04 2.95 3.02 Marketable public issues: Balances due to banks 12 4.98 4.89 5.01 By class of security: Reserves 12 6.60 6.24 6.53 Bills—Total outstanding 32 13.63 13.61 13.61 Commercial bank and F. R. Reserve city banks: Bank 32 4.42 3.64 Loans and investments, total 13 39.63 39.71 40.05 F. R. Bank 32 1.25 .65 '.53 Loans 13 18.61 18.60 18,6 Notes and certificates—Total U. S. Govt. securities 13 17.29 17.39 17.6: outstanding 32 43.80 43.80 45.31 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 3 7 2 3 7 . . 7 1 3 3 2 3 7 . . 7 1 6 9 Co B m a m nk e rcial bank and F. R. 32 30.61 30.60 Time deposits 13 11.62 11.73 11.86 F. R. Bank 32 14.92 15.05 15.63 Balances due to banks 13 5.12 5.11 5.16 Bonds—Total outstanding.... 32 80.65 80.63 78.99 Balances due from banks 13 1.77 1.73 1.82 Nonbank (unrestricted issues Reserves 13 7.35 7.28 7.40 only), commercial bank, and F. R. Bank 32 47.57 47.68 Country banks: Commercial bank and F. R. Loans and investments, total 13 40.53 40.64 40.52 Bank 32 36.56 36.53 L U o . a S n . s Govt. securities 1 1 3 3 2 1 0 5 . . 5 7 4 2 2 1 0 5 . . 5 8 5 1 2 1 0 5 . . 3 8 1 9 By e F a . r li R e . s t B c a a n ll k a ble or due date: 32 3.86 4.09 4.11 De O m th an er d s d e e c p u o ri s t i i t e s s adjusted e 1 1 3 3 2 4 9 . . 2 5 7 2 4 9 . . 2 6 9 7 2 4 9 . . 3 6 2 0 Wi C th o i m n m 1 e y r e c a ia r l - T b o a t n a k l o a u n t d s ta F n . d R in . g 33 53.66 53.65 60.86 Time deposits 13 14.97 14.99 15.70 Bank 33 30.10 29.19 Balances due from banks 13 3.47 3.50 3.51 F. R. Bank 33 13.42 13.06 13.96 Reserves 13 5.37 5.37 5.38 1-5 years—Total outstanding. 33 38.35 38.35 31.02 Commercial bank and F. R. Bank 33 30.30 30.25 LENDING INSTITUTIONS OTHER THAN F. R. Bank 33 4.44 4.44 3.88 COMMERCIAL BANKS 5-10 years—Total outstanding 33 15.96 15.96 15.96 Nonbank (unrestricted issues Mutual savings banks: • only), commercial bank, Total assets 20 22.64 22.75 22.83 and F. R. Bank 33 8.53 8.53 U. S. Govt. securities 20 10.41 10.33 10.23 Commercial Bank and F. R. Real estate mortgages 20 8.58 8.76 8.90 Bank 33 7.26 7.27 Other securities 20 2.41 2.43 2.48 F. R. Bank 33 1.03 1.03 1.03 Other assets 20 1.24 1.23 1.23 Over 10 years—Total outstanding 33 30.10 30.08 30.07 Life insurance companies: Nonbank (unrestricted issues Total assets 20 65.16 65.50 only), commercial bank, Business securities 20 25.26 25.49 and F. R. Bank 33 4.46 4.57 Real estate mortgages 20 17.42 17.75 Commercial bank and F. R. U. S. Govt. securities 20 12.25 12.11 Bank 33 3.94 4.04 Other assets 20 10.23 10.14 F. R. Bank 33 1.15 1.27 1.40 For footnotes see p. 1023, 1020 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 Apr. May June page Apr. May June 1 In millions of dollars In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Gont. PRODUCTION AND DISTRIBUTION GOVERNMENT FINANCE—Cont. Industrial production:5 Sales and redemptions of U. S. savings Total (1935-39 = 100) 56, 57 223 223 securities: Points in total index: Savings notes: Durable manufactures 56 105.5 104.6 P104.6 S R a e l d e e s mptions 3 3 4 4 3 1 3 4 1 1 2 2 8 3 6 8 2 2 , , 5 8 4 8 1 2 N M o in n e d r u a r l a s ble manufactures.... 5 5 6 6 > 2 -9 4 2 .9 .9 9 2 2 5 . . 8 1 P P 9 2 2 5 . . 2 3 Net sales or redemptions 34 -190 +48 -341 Indexes (1935-39=100): Savings bonds: Durable manufactures 57 278 276 P276 All S R a s e l e d e r s e i e m s: ptions 3 3 4 4 3 42 1 5 0 4 2 3 9 2 6 2 43 9 9 0 Selec N M te o i d n n e d d r u u a r r l a a s b b l l e e m m a a n n u u f f a a c c t t u u r r e es s. ... 5 5 7 7 1 16 9 4 8 1 16 9 5 8 P P1 1 6 9 7 7 Net sales or redemptions 34 -115 -136 -149 (1935-39=100): Se S N r R i a e e e l s d t e s e A s m a - l p e E s t : i o o n r s r edemptions 3 3 3 5 5 5 P - 2 3 9 5 4 4 4 8 ? - > 2 9 3 4 9 4 7 6 P - 2 3 8 4 2 5 4 9 L S N C t u e o e m m n el f b e e n e r r t r ous metals 5 5 5 5 8 8 8 8 3 2 2 1 0 2 4 6 1 5 3 2 3 2 2 1 0 3 2 5 1 1 4 8 P P 2 2 2 1 9 3 2 4 6 5 1 7 Ser S R i a e e l s d e e s F m a p n t d io n G s : 3 3 5 5 P 5 7 6 7 P 4 86 9 ^1 4 1 6 1 Se T l M e r c a a t c e n h d s i p n n o e o r r n t y a d t u io ra n b e le q u m ip a m nu e f n a t ctures 5 5 8 8 • '3 •3 3 0 6 9 3 3 1 3 0 6 P P 3 3 1 3 6 6 Net sales or redemptions..... 35 -21 -37 -65 (1935-39=100): Apparel wool consumption 59 158 163 Cotton consumption 59 153 164 157 In billions of dollars Paperboard 59 253 256 247 Newsprint consumption 59 171 166 163 Cash income and outgo: Fuel oil 59 204 210 215 Cash income 36 2.96 4.15 7.37 Gasoline 59 193 207 215 Cash outgo 36 4. 14 5.15 5.22 Industrial chemicals 59 530 538 550 Excess of cash income or outgo 36 -1. 18 -1.01 +2.14 Rayon 59 377 378 382 Sales, inventories, and new orders: Sales (bill, dollars): & CONSUMER FINANCE Manufacturing, total 60 22.4 23.8 P22.8 Durable 60 10.5 11.1 P10.8 Consumer credit, totale 45 19.12 P19.19 P19.22 Nondurable 60 11.9 12.8 P12.0 Single-payment loans 45 1.39 Pl.40 Pl.40 Wholesale, total 61 9.1 9.6 P9.6 Charge accounts 45 3. 74 P3.79 P3.81 Durable 61 2.5 2.5 P2 4 Service credit 45 1.09 Pl.10 Pi. 09 Nondurable 61 6.6 7.1 Pi'.2 Instalment credit, total 45, 46 12.90 P12.91 P12.93 Retail, total 61 12.0 12.1 Pll.9 Instalment loans 46 5.63 P5.66 P5.70 Durable 61 4.0 4.0 P3.8 Instalment sale credit, total 46 7.27 P7.24 Pi .22 Nondurable 61 8.0 8.1 P8.0 Automobile 46 3. 93 P3.98 P4.04 Inventories (bill, dollars):6 Other 46 3. 34 P3.26 P3A8 Manufacturing, total 60 37.8 38.9 P39.8 Durable 60 17.6 18.3 P18.9 PERSONAL INCOME Nondurable 60 20.2 20.6 P20.9 Trade: Personal income (annual rates):6 Total 61 r30.8 31.0 P30.6 Total 52 249.0 r249.8 251.1 Durable 61 12.1 12.4 P12.5 Wage and salary receipts 52 164.8 165.1 166.1 Nondurable 61 18.6 18.5 P18.1 Proprietors' income, dividends, and Wholesale 61 11.8 12.0 Pll.9 interest 52 68.3 r68.2 68.4 Retail 61 19.0 19.0 P18.7 All other 52 15.9 16.5 16.6 New orders (bill, dollars): Manufacturing, total 60 23.9 23.3 P23.4 Durable 60 12.6 11.8 P12.1 Nondurable 60 11.3 11.6 Pll.3 In unit indicated Construction contracts (3 mo. moving EMPLOYMENT avg., mill, dollars):5 Total 62 1,529 1,480 1,534 Labor force (mill, persons): • Residential 62 520 508 532 Civilian 53 61.8 62.8 63.8 Other 62 1,009 973 1,002 Unemployment 53 1.7 1.6 2.0 Value of construction activity (mill, Employment 53 60.0 61.2 61.8 dollars): Nonagricultural 53 53.4 53.8 53.8 Totale 63 2,387 2,550 P2,700 Employment in nonagricultural estab- Nonresidential:e lishments (mill, persons): • 8 Public 63 670 777 P828 Total 54 '46.37 46.47 M6.47 Private 63 791 851 P912 Manufacturing and mining 54 16.99 16.98 P16.92 Residential: • Trade 54 9.76 9.81 P9.82 Public 63 44 46 P51 Construction 54 2.58 2.57 P2.55 Private 63 882 876 P909 Transportation and utilities 54 4.15 4.14 *>4.14Residential construction: Finance and service 54 6.60 6.63 P6.66 Contracts awarded (mill, dollars) : Government 54 6.29 6.35 P6.39 Total 64 504 561 491 Average hours and earnings of factory 1- and 2-family dwellings 64 388 409 333 employees: Other 64 116 151 159 Hours worked (per week): Dwellings started (thous. units)... 65 96 97 130 All 55 41.0 40.7 P40.8 Nonfarm mortgage lending Durable 55 42 0 41.7 P41.9 (mill, dollars): Nondurable 55 ••39.6 39.3 P39.4 Mortgages under $20,000 65 1,371 1,435 1,422 Hourly earnings (dollars): FHA insured home loans 65 162 165 148 All 55 1.579 1.586 PI.604 GI home loans 65 299 292 264 Durable 55 1.660 1.664 PI.685 Freight carloadings:8 Nondurable 55 1.466 1.476 PI.488 Total (1935-39 =100) 71 136 133 131 Weekly earnings (dollars): Groups (points in total index): All 55 64.74 64.55 P65.44 Miscellaneous 71 82.9 80.9 79.0 Durable 55 '69.72 69.39 P7O.6O Coal 71 23.9 23.5 25.5 Nondurable 55 ••58.05 58.01 P58.63 Allother 71 29.4 28.1 26.7 For footnotes see p. 1023 AUGUST 1951 1021 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 Apr. May June i page O D c e t c .- . J M an a . r - . A Ju p n 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 72 302 301 301 New York City 24 2.51 2.74 2.78 Stocks 72 377 365 353 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 S S O R a t a u o l T S t e t c i t s o s k o o t t s s c a a ( k m n l t ( s d o m i c l i o l n i s , l m a g l d , l e m o o d s l r o i l d t a ( l m e l m r a r s e r s ) o s n n ) ( t s m th i s l ' l , s d u o p l p la ly rs ) ) : 7 7 7 7 7 3 3 3 3 3 ,2 3 4 3 5 4 1 3 . . 0 1 6 3 9 ' , 2 1 3 4 3 9 9 3 . . 5 4 4 4 8 ,1 3 4 3 3 2 0 8 . . 4 6 4 6 9 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y f i u t e h t o $ s h e r 1 e k r , n r 0 n C 0 a 0 i a n t - n y d $ d 1 E 0 W a ,0 s e 0 t s e 0 t r : e n r n c i c ti i e ti s e . s . .. . 2 2 2 2 4 4 4 4 4 4 4 4 . . . . 7 6 1 6 8 4 7 0 4 4 4 4 . . . . 7 8 6 2 4 7 8 0 4 4 4 4 . . . . 6 3 9 7 8 7 0 3 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 Consumers' prices (1935-39=100): 7 Northern and Eastern cities. . . 24 3.70 3.86 3.90 All items 74 184.6 185.4 185.2 11 Southern and Western cities.. 24 3.91 4.01 4.10 Food 74 225.7 227.4 226.9 Apparel 74 203.6 204.0 204 Loans of $100,000-$200,000: Rent 74 135.1 135.4 135 19 cities 24 3.10 3.27 3.32 Fuel, electricity, and refrigeration. 74 144.0 143.6 143 New York City 24 2.80 3.06 3.06 Miscellaneous 74 164.6 165.0 164.8 7 Northern and Eastern cities. .. 24 3.18 3.23 3.28 Wholesale prices (1926=100): 11 Southern and Western cities.. 24 3.21 3.41 3.52 Total 75 '•183.6 '182.9 181.7 Farm products 75 202.5 199.6 198.6 Loans of $200,000 and over: Food 75 185.7 187.2 186.3 19 cities 24 2.57 2.76 2.81 Other commodities 75 172.2 171.5 170.5 New York City 24 2.35 2.59 2.64 T H e i x de ti s l e a n p d ro l d e u a c th ts e r products 7 7 6 6 '2 1 3 8 3 2 . . 3 8 '2 1 3 8 2 1 . . 6 9 2 1 3 7 0 7 . . 6 6 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 2 2 . . 6 9 5 0 2 3 . . 8 0 1 6 3 2 . . 1 8 4 3 Chemicals and allied products... 76 '147.9 '146.4 142.9 Stock yields: F B M u u e e i t l l a d l a i s n n g d a n m l d ig a m h te t e r in i t a a g l l s m pr a o t d er u i c a t l s s 7 7 7 7 7 7 2 1 1 2 3 8 8 8 9 . . . 5 1 0 2 1 1 2 3 8 7 7 8 . . . 8 5 8 2 1 1 2 3 8 5 8 7 . . . 6 2 8 Ea s r t n o i c n k g s s /price ratio, common 26 4.09 11.50 Miscellaneous 76 142.7 141.7 141.7 In billions of dollars AGRICULTURE GOVERNMENT FINANCE Prices paid and received by farmers Budget receipts and expenditures of Ca T C P R L s a h o i r e v ( o i c t 1 d e a f p e a , 9 l s s i r t v 1 e m o e 0 t c c d - k 1 i n 4 a c n = o d m 1 0 e p 0 r ( o ) m : du il c l, t s d ollars): 8 8 8 8 8 1 0 1 1 0 2 1 , , 1 6 2 3 4 2 3 0 6 8 3 7 9 5 3 2 1 , ,6 1 4 2 3 8 5 3 8 0 4 3 6 3 5 P P 2 l. P , 6 2 2 3 6 1 5 0 8 1 7 8 1 3 3 Ex V U A N I I p n n l e . e a t t l n t t e e S e i o d r r o . r e n t i a n h t T s a n u a t e t r s l r r i e o e o d a n s n A s e , a u f d d t l e r o e m n y a b t s : i a i t e d n l istration 37, 3 3 3 3 3 3 7 8 8 8 8 8 1 4 0 1 1 1 . . . . . . 2 0 3 9 3 9 9 1 6 9 4 3 1 5 2 1 1 1 1 . . . . . . 0 4 3 2 0 0 1 0 3 5 0 8 1 P P P 1 1 7 4 2 i. . . . . . O 9 2 6 4 4 7 3 6 9 9 5 Receipts: Net receipts 37 9.12 16.82 12.86 INTERNATIONAL TRADE AND FINANCE Individual income taxes 38 3.68 9.57 6.13 Ex E I E p m x x o c p p r e t o o s s r r s t t a s s o n f d e i x m p p o o rt r s t s o r ( m im ill p , o d r o ts l lars): 8 8 8 2 2 2 P PI l. . P 3 0 3 7 2 4 5 0 5 P P I l. . P 3 0 3 5 1 3 8 3 5 Pl. * 2 > 9 93 3 0 A T C M a l o i l x s r o c p r e t o e h l r f l e a a u r t n n e e d o s in u c s ( o d i m e n d t e u e , r c e n t) t a c l revenue. . 3 3 3 3 8 8 8 8 2 2 . . . . 5 3 1 7 2 2 3 2 4 2 . . . . 5 4 6 8 7 9 9 8 4 2 1 . . . . 1 8 1 8 1 4 6 4 Short-term liabilities to and claims on foreigners reported by banks (bill, BUSINESS FINANCE dollars): To O ta ff l I i n c l i v i a a e l b s i t l e it d i e i s n U. S. Treasury bills 8 8 3 3 P P3 6 . .7 2 9 9 P P3 6 . .7 28 6 Cu C rr u c e r o n r t e r p n o t a r a a s s s t s i e o e t t s n s s , :e t a o n t d al liabilities of 39 150.5 155.3 Fo C re l i a P g i r m n i v s e a a x o t n c e n d h a f c o n e r g r e e t i i g f r n i a c e t a r e t s e s s : 8 8 8 3 3 3 P P p 3. . . 9 5 9 0 0 1 P P P 3 l. A .9 0 9 2 1 U R I C n e a . v c s S e h e . n i v t G o a r o b i y l e e t s s . securities 3 3 3 3 9 9 9 9 5 5 2 1 1 0 6 9 . . . . 9 9 0 9 5 2 2 5 5 6 0 1 . . . . 7 2 4 0 See p. 1045 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 Oct.- Jan.- Apr.- QUARTERLY FIGURES Dec. Mar. June LENDING INSTITUTIONS OTHER THAN Corporate security issues: COMMERCIAL BANKS In billions of dollars Total (bill, dollars)« 40 1.48 1.73 2.36 New money, total (bill, dollars) •.. 40 .96 1.46 1 .99 Assets of savings institutions: Type of security (bill, dollars): Savings and loan associations: * Bonds 40 .70 1.24 Total assets 20 16.93 17.20 17.98 Preferred stock 40 .13 .05 Real estate mortgages 20 13.81 14.10 14.66 Common stock 40 .13 .17 U. S. Govt. securities 20 1.49 1.56 1.57 Use of proceeds (mill, dollars): Other assets 20 1.63 1.54 1.76 Plant and equipment: Loans and loan guarantees and in- All issuers 41 717 1,167 1,422 surance of Federal agencies: Public utility 41 470 C873 682 Total* 21 35.27 36.61 Railroad 41 72 76 59 Loans 21 12.87 13.14 Industrial 41 174 217 671 Foreign 21 6.01 6.06 Working capital: Domestic: All issuers 41 239 293 565 Agriculture 21 3.59 3.64 Public utility 41 5 '2 30 Home owners 21 2.74 2.91 Railroad 41 1 5 Other 21 .71 .72 Industrial 41 178 212 Loan guarantees and insurance:6 Bonds (bill, dollars) :• Nonfarm mortgages 21 21.65 22.70 Public 40 .32 91 Other 21 .76 .76 Private 40 .82 .55 For footnotes, see p. 1023. 1022 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued 1950 1950 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—Gont. QUARTERLY FIGURES—Cont. in billions of dollars BUSINESS FINANCE—Cont. GROSS NATIONAL PRODUCT, ETC. e Corporate profits, taxes, and dividends Gross national product 5 48 303.7 318.5 325.6 (annual rates, bill, dollars):e 5 Govt. purchases of goods and services 48 47.8 52.9 60.0 Profits before taxes 42 50.3 51.8 648.5 Personal consumption expenditures 48 198.4 208.2 201.7 Profits after taxes (dividends and Durable goods 50 29 A 31.5 25.9 undistributed profits) 42 27.8 23.3 622.0 Nondurable goods 50 104.9 111.5 109.5 Undistributed profits 42 16.7 14.5 612.5 Services 50 64.0 65.2 66.2 Private domestic and foreign invest- Corporate profits after taxes (quar- ment 48 57.5 57.3 64.0 terly totals): Gross private domestic investment: All corporations (bill, dollars) «. . . . 43 7.0 5.5 Producers' durable equipment. 49 25.0 26.5 26.7 Large corporations, total (bill, dol- New construction 49 23.3 23.9 22.3 lars) 43 1.6 1.3 Change in business inventories. 49 11.8 9.3 14.4 Manufacturing (mill, dollars): Net foreign investment 49 -2.7 -2.3 .5 Durable 43 576 530 Personal income, consumption, and Nondurable 43 382 368 saving: 5 Electric power and telephone Personal income 51 238.3 244.1 250.0 (mill, dollars) 43 '330 ••347 Disposable income 51 215.2 217.5 222.8 Railroads (mill, dollars) 43 318 103 Consumption expenditures 51 198.4 208.2 201.7 Net personal saving 51 16.8 9.3 21.1 Plant and equipment expenditures (bill, dollars):• 7 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 3.5 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 « 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. 8 Deficiency of less than 5 million dollars. 4 Less than 5 million dollars. 6 Adjusted for seasonal variation. 6 Figures, except for cash dividends are estimates of Council of Economic Advisers, based on preliminary data. 7 Expenditures anticipated by business during the third quarter of 1951 are (in billions of dollars): all business, 6.4; manufacturing aid 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. AUGUST 1951 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1951 [In thousands of units] Corn Totalwheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 July 1, 1951 1950 July 1, 1951 1950 July 1, 1951 1950 July 1, 1951 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels 7,628 7,971 New York 35,371 36,946 13,709 13,727 13,594 13,622 115 105 Philadelphia 55,661 60,523 17,129 17,533 17,129 17,533 Cleveland 219,158 256,091 51,416 44,817 51,416 44,817 Richmond 197,503 196,119 22,669 28,262 22,669 28,262 Atlanta 218,592 223,481 5,103 5,710 5,103 5,710 Chicago 1,115,665 1,260,906 70,507 71,683 69,175 70,588 1,332 1,095 St. Louis 426,131 425,676 48,527 54,319 48,517 54,312 10 Minneapolis 340,126 389,581 265,319 344,775 30,703 36,443 234,616 308,332 Kansas City 429,739 369,443 357,893 312,750 354,215 308,506 3,678 4,244 Dallas 77,657 61,568 23,137 16,852 23,032 16,716 105 136 San Francisco 7,778 6,838 151,346 159,704 115,113 110,240 36,233 49,464 Total 3,131,009 3,295,143 1,026,755 1,070,132 750,666 706,749 276,089 363,383 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 July 1, 1951 1950 July 1, 1951 1950 July 1, 1951 1950 July 1, 1951 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,742 7,963 3,664 3,928 40,813 37,105 70,733 56,556 New York 35,369 36,853 6,471 6,429 974 931 40,947 36,955 Philadelphia 18,957 20,163 2,653 2,722 61,365 58,752 21,901 18,779 Cleveland 53,976 61,099 6,243 6,575 125,873 152,307 13,413 11,464 Richmond 39,167 41,919 4,940 5,143 1,235,345 1,375,170 24,987 20,291 Atlanta 29,152 24,591 3 640 3,335 228,980 278,625 14 408 14,576 Chicago 630,672 552,490 20,281 22,973 32,147 28,783 32,505 25,876 St. Louis 73,682 52,246 9,925 9,388 300,743 365,229 7,230 5,713 Minneapolis 389,199 421,354 10,905 13,760 2,359 1,979 50,112 40,463 Kansas City 122,848 109,813 10,247 11 ,126 3,851 4,082 34,973 26,364 Dallas 29,537 10,386 1,750 1,624 3,255 2,690 San Francisco 35,833 29,090 13,591 12,568 125,036 96,316 Total 1,465,134 1,367,967 94,310 99,571 2,032,450 2,302,963 439,500 356,043 NOTE.—1950 figures for tobacco are as revised in July 1951. 1024 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1950 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All tr d i i c s- ts B to o n s- Y N o e r w k P p d h h e i l i l - a 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 - Dallas F c S r is a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. . 14.7 10.2 11.6 10.9 12.6 14.2 16.8 15.2 15.5 17.2 18.0 18.1 16.8 Profits before income taxes 13.0 9.1 10.6 10.0 11.4 13.1 14.5 13.4 13.7 14.6 16.3 15.2 14.7 Net profits 9.7 6.5 7.5 8.7 9.4 10.6 10.2 10.5 10.7 12.1 11.5 10.3 Cash dividends declared 3.0 2.7 2.4 2.5 2.5 3.0 3.2 2.9 3.0 3.5 3.8 3.9 3.1 Percentage of total assets: Total earnings 2.84 2.96 2.91 2.74 2.92 3.05 2.58 2.69 2.94 2.85 2.96 3.12 Net current earnings before income taxes. . 1.05 ,93| .94 1.04 1.00 1.11 1.18 .94 1.08 1.07 1 20 1.18 1.05 Net profits .71 .60! .63 73| .70 .74 .75 .64 .74 .69 .82 .76 .65 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities.. . 27.4 25.2 28.8 31.0 30.2 24.9 22.0 32.2 29.4 28.9 24.8 19.9 23.0 Interest and dividends on other securities. . 5.7 5.3 6.3 7.4 6.8 4.7 6.0 5.5 6.1 4.9 4.6 5.5 3.8 Earnings on loans 53.7 51.0 51.8 51.8 51.9 59.3 57.5 48.6 53.4 47.9 56.6 62.4 58.0 Service charges on deposit accounts 6.3 9.8 7.2 3.9 4.9 4.7 6.9 7.0 4.5 7.0 7.7 6.0 7.3 Other current earnings 6.9 8.7 5.9 5.9 6.2 6.4 7.6 6.7 6.6 11.3 6.3 6.2 7.9 Total earnings 100.0 100.0 ilOO.O 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.3 32.2 30.6 26.2 26.6 28.1 30.7 30.8 30.2 30.4 33.1 33.5 32.7 Interest on time deposits 9.9 10.9 13.5 14.6 13.5 12.3 7.5 11.1 7.3 11.6 3.6 1.8 12.4 Other current expenses 25.7 23.9 22.9 23.5 21.8 23.3 21.9 21.7 20.8 22.9 23.0 21.4 24.9 Total expenses 68.8 68.0 63.7 63.6 62.2 61.5 63.8 63.7 65.9 63.1 60.5 58.1 60.2 Net current earnings before income taxes 31.2 32.0 36.3 i 36.4 37.8 38.5 36.2 36.3 34.1 36.9 39.5 41.9 39.8 Net losses including transfers 3.4 ! 2.6 2.6 3.2 2.8 4.4 3.8 4.1 4.9 3.5 4.0 Taxes on net income 3.7 7.7 | 7.6 8.3 7.6 9.7 9.0 7.6 8.0 8.2 9.7 5.7 8.9 Net profits 8.3 20.1 '• 21.8 25.4 25.6 25.3 25.1 24.8 27.4 23.2 28.7 8.1 21.2 Rates of return on securities and loans 24.9 26.0 Return on securities: Interest on U. S. Government securities.. . 1.78 1.79| 1.82 1.95 1.83 1.87 1.71 1.71 1.79 1.79 1.70 1.65 1.66 Interest and dividends on other securities. . 2.56 2.57i 2.36 2.82 2.45 2.76 2.72 2.35 2.5 2.15 2.59 2.90 2.68 Net losses including transfers (or recoveries and profits -f ) on total securities .00 + .051 +.06 +.03 + .01 .01 .01 .01 .01 .04 .01 .03 + .01 Return on loans: Earnings on loans 5.56 5.101 5.171 5.23 5.21 5.48 6.02 5.06 5.51 5.52 6.16 6.85 5.82 Net losses (or recoveries +) on loans 1. . . . .12 + .11J .04 .07 .07 .06 .16 .07 .14 .12 .1 .34 .18 Distribution of assets Percentage of total assets: U. S. Government securities 41.1 39.3 43.3 43.4 37.1 35.9 45.9 41.5 45.6 38.8 32.8 39.1 Other securities 7.3 7.3 8.4 8.4 5.9 7.6 7.4 7.2 7.0 6.4 6.3 5.1 Loans 30.4 30.0 29.1 28.1 32.6 30.1 25.6 27.0 26.3 27.3 28.3 32.1 Cash assets 22.4 21.8 17.1 18.1 19.3 23.3 25.5 20.6 23.6 20.4 27.0 31.8 22.8 Real estate assets 1.0 .9 .9 .7 1.0 .5 .6 .4 .7 .9 Other ratios Total capital accounts to: Total assets 7.6 9.7 8.5 10.1 8.3 7.3 6.3 7.1 6.5 6.9 6.9 6.5 Total assets less Government securities and cash assets 22.9 26.6 I 23.6 ! 28.2 24.5 22.0 20.8 21.9 22.9 20.8 22.2 21.2 18.5 Total deposits 8.4 11.0 i 9.4 11.3 9.1 8.9 8.0 6.8 7.0 7.5 7.5 7.0 Time to total deposits 31.3 31.7 S 46.7 49.0 42.7 34.2 23.0 34.9 21.7 36.6 10.6 5.7 33.4 Interest on time deposits 2 .9 1.0 ! .9 .9 .9 1.1 1.0 .8 .9 1.0 1.0 1.0 1.2 Trust department earnings to total earnings2. 3.6 4.8 I 3.4 3.9 4.6 3.9 2.8 3.1 2.8 2.5 3.0 2.5 4.5 Number of banks 3 6,843 325 I 748 637 693 477 350 1,001 496 477 624 260 1 "Net Josses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries credited to net profits plus recoveries credited to valuation reserves; "net recoveries on loans" is the reverse. Transfers to and from valuation reserves are excluded. 2 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3 The ratios for 30 member banks in operation at the end of 1950 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1951 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .005 are shown as .00. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1950. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1949, and June 30 and Oct. 4, 1950, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (320 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. AUGUST 1951 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1950— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Size group—total deposits (in thousands of dollars) R to a t t a i l o d o e f p t o i s m it e s d ( e p p e o r s c it e s n t t ) o All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 er 00 U 2 n 5 der 25-50 50-75 o a 7 v n e 5 d r Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.7 12.0 14.1 14.9 15.5 15.4 15.6 15.3 13.8 16.6 14.1 12.3 9.8 Profits before income taxes 13.0 10.6 12.6 13.3 13.5 13.7 13.6 13.4 12.5 14.5 12.6 11.1 9.2 Net profits 9.7 8.5 10.1 10.2 9.6 9.4 9.2 8.8 8.2 10.8 9.3 8.5 7.2 Cash dividends declared 3.0 2.8 3.0 3.1 3.0 3.1 3.1 3.0 3.5 3.6 2.8 2.5 2.6 Percentage of total assets: Total earnings 2.84 3.23 3.02 2.83 2.75 2.70 2.61 2.45 2.31 2.77 2.91 2.82 Net current earnings before income taxes 1.05 1.17 1.14 1.07 1.02 .96 .91 .88 .85 1.13 1.02 .97 Net profits .71 .83 .82 .73 .63 .60 .55 .51 .52 .74 .68 .67 .65 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 26.2 27.9 28.3 28.9 28.2 28.8 28.8 25.6 32.8 Interest and dividends on other securities 5.7 4.4 5.0 5.9 6.4 6.1 5.9 4.8 5.8 5.2 5.7 6.6 9.9 Earnings on loans 53.7 61.2 57.3 54.2 51.5 48.8 47.8 48.2 46.3 54.7 52.9 53.1 50.3 Service charges on deposit accounts 6.3 5.4 5.8 6.1 7.1 7.4 6.9 6.0 4.4 7.1 6.4 4.8 2.3 Other current earnings 6.9 5.8 5.7 5.9 6.7 11.2 12.2 14.7 7.4 7.2 5.5 4.7 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.3 33.0 30.6 29.7 29.5 30.4 31.1 31.4 31.4 29.7 26.7 23.3 Interest on time deposits 9.9 7.4 9.3 10.4 11.0 10.7 9.4 7.7 6.6 32.9 12.0 18.7 25.1 Other current expenses 22.9 23.8 22.5 22.3 22.7 23.6 24.8 25.0 24.7 3.3 23.0 21.6 20.6 Total expenses 63.1 64.2 62.4 63.2 64.7 65.3 64.1 62.7 23.4 67.0 69.0 59.6 Net current earnings before income taxes 36.9 35.8 37.6 36.8 35.3 34.7 35.9 37.3 40.4 35.3 33.0 31.0 Net losses including transfers. . , 3.7 3.9 3.3 3.6 4.4 3.5 3.9 4.1 3.0 4.4 3.5 2.8 1.7 Taxes on net income 8.3 6.2 6.9 8.0 9.2 9.6 9.8 10.9 11.4 9.1 8.1 7.1 6.2 Net profits 24.9 25.7 27.4 26.0 23.2 22.2 21.0 20.9 22.9 26.9 23.7 23.1. 23.1 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.78 1.98 1.88 1.80 1.71 1.65 1.59 1.54 1.53 1.69 1.79 1.91 1.98 Interest and dividends on other securities 2.56 3.32 2.91 2.52 2.30 2.18 2.22 2.10 2.35 2.65 2.48 2.49 2.56 Net losses, including transfers, (or recoveries and profits +) on total securities .00 .00 + .02 + .05 + .04 + .06 + .02 + .02 .00 Return on loans: Earnings on loans 5.56 6.37 5.97 5.62 5.43 5.16 4.80 4.46 3.86 5.87 5.38 5.27 5.06 Net losses on loansl ,. .12 .27 .18 .11 .10 .05 .02 .02 .01 .1 .09 .07 .04 Distribution of assets Percentage of total assets: U. S. Government securities. . . Other securities 41.1 35.0 39.5 41.2 42.8 44.0 43.1 43.2 40.7 39.0 42.2 43.3 44.5 Loans 7.3 5.4 6.0 7.5 8.7 8.1 7.8 6.1 6.2 6.4 7.4 8.5 11.5 Cash assets 28.4 32.2 30.1 28.4 27.0 26.4 26.5 26.6 28.0 26.9 29.1 30.2 29.1 Real estate assets 22.4 26.7 23.7 22.1 20.7 20.4 21.4 22.8 23.9 27.0 20.3 17.1 14.3 .7 .6 .6 . 7 .9 1.0 .9 .6 .6 Other ratios Total capital accounts to: Total assets 10.1 7.6 7.0 6.6 6.2 6.0 6.5 7.2 7.7 8.3 9.6 Total assets less Government securities and cash assets.... 22.9 29.2 25.4 22.7 21.0 20.7 19.6 19.0 20.2 23.2 22.4 23.2 26.6 Total deposits 8.4 11.4 9.5 8.3 7.6 7.2 6.7 6.5 7.1 7.9 8.4 9.2 10.7 T In i t m er e e s to t o to n t a ti l m d e e p d o e s p i o ts sits 2 31. . 3 9 24 1. . 1 3 2 1 9 . . 0 3 32 1. . 0 2 35. . 0 9 34.7 30.2 24.2 19.5 10. . 5 9 38 1. . 0 1 58 1. . 0 2 7 1 9 . . 0 8 Trust department earnings to total earnings 2 3.6 1.4 2.2 2.5 3.8 4.9 5.5 7.4 4.5 3.6 2.1 1.2 Number of banks 3 6,843 514 1,358 2,377 1,241 773 268 138 174 2,861 2,448 1,475 59 For footnotes see p. 1025. 1026 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1950— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over gr A ou ll ps Size group—total deposits (in thousands of dollars) u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 00 0-5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.7 13.3 16.7 18.5 15.0 11.0 13.8 14.8 15.1 9.5 12.2 12.6 14.3 Profits before income taxes 13.0 11.6 14.8 15.9 13.2 9.5 12.4 13.0 13.4 9.2 11.1 11.3 12.6 Net profits 9.7 9.3 11.4 11.0 8.6 7.6 9.6 9.2 9.1 7.5 8.6 8.1 8.6 Cash dividends declared 3.0 3.3 3.7 3.4 3.3 2.2 2.7 2.9 3.1 2.0 2.4 2.6 2.9 Percentage of total assets: Total earnings 2.84 3.25 2.83 2.65 2.31 3.22 2.77 2.68 3.14 2.95 2.79 2.76 Net current earnings before income taxes 1.05 1.26 1.17 1.08 1.09 1.07 .97 .89 1.00 .91 .87 Net profits .71 .87 .80 .651 .52 .77 .75 .61 .55j .71 .59 .53 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 27.4 20.6 25.7 26.4 27.9 24.2 27.5 28.6 29.0 ! 30.4 29.5 31.3 31.2 Interest and dividends on other securities 5.7 3.7 5.3 5.6 5.3 5.1 5.3 6.2 5.8 5.5 6.4 7.5 6.2 Earnings on loans 53.7 63.5 55.6 51.8 48.2 60.3 55.5 49.9 46.5 55.0 I 54.8 49.6 46.8 Service charges on deposit accounts , 6.3 6.4 7.2 8.1 5.2 4.6 5.7 7.4 6.8 3.6 4.4 5.5 6.5 Other current earnings 6.9 5.8 6.2 8.1 13.4 5.8 6.0 7.9 11.9 5.5 4.9 6.1 9.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.3 32.9 31.9 31.6 30.4 29.1 30.0 31.3 28.4 26.3 26.8 29.0 Interest on time deposits 9.9 35.7 3.1 3.9 4.5 11.6 12.2 11.9 11.5 17.7 19.1 18.7 18.2 Other current expenses 22.9 2.2 22.8 23.6 25.5 24.2 22.6 23.1 24.2 22.7 21.2 22.1 22.5 24.0 Total expenses 63.1 58.8 59.4 61.6 66.2 63.9 65.0 66.6 67.6 69.7 61.9 Net current earnings before income taxes 36.9 38.1 41.2 40.6 38.4 33.8 35.0 33.0 31.2 ; 33.4 32.4 30.3 Net losses including transfers. . . 3.7 4.7 4.2 5.1 3.8 4.1 3.2 3.8 3.4 .9 I 2.7 3.0 3.9 Taxes on net income 8.3 6.5 8.3 10.8 11.9 5.7 7.4 9.1 9.1 5.8 I 6.6 8.0 8.2 Net profits 24.9 26.9 28.7 24.7 22.7 24.0 25.5 22.1 20.5 24.5 i 24.1 21.4 18.2 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.78 1.89 1.72 1.60 1.52 2.03 1.87 1.69 1.61J 2.17 1.96! 1.80 1.63 Interest and dividends on other securities 2.56 3.46 2.75 2.24J 2.29 3.03 2.64 2.25 2.15J 3.35 2.54J 2.27 2.15 Net losses including transfers (or recoveries and profits +) on total securities .00 .01 .02 .02 + .04 .03 + .01 + .02 + .08 + .03 +.01 + .02 .00 Return on loans: Earnings on loans 5.56 6.90 6.12 5.82 5.58 5.21 4.72J 5.52 5.33| 5.12 4.90 Net losses (or recoveries +) on loans 1 .12 .36 .18 .04 .17 .12 .07 .oo| .10 .09| .04 + .02 Distribution of assets Percentage of total assets: U. S. Government securities 41.1 32.4 39.2 40.9 39.7 36.0 41.0 44.0 45.2 41.9 42.4 45.3 47.5 Other securities 7.3 4.5 6.4 7.4 5.9 6.5 6.7 8.4 8.0 6.6 8.1 10.0 8.4 Loans 28.4 31.0 26.8 25.3 27.1 34.5 30.3 27.3 27.0 32.3 31.2 27.9 27.2 Cash assets 22.4 31.5 27.0 25.5 26.0 22.1 21.1 19.4 18.7 18.5 17.4 15.9 15.7 Real estate assets .7 .5 .5 .7 .9 1.1 .7 .7 1.0 Other ratios Total capital accounts to: Total assets 7.6 9.8 7.3 6.2 6.3 10.3 8.2 6.9 6.2 10.9 6.3 Total assets less Government securities and cash assets 22.9 29.8 23.9 20.3 19.8 27.1 23.6 20.8 19.0 30.3 23.4 22.0 21.8 Total deposits 8.4 11.1 8.0 6.7 6.8 11.6 9.0 7.6 6.7 12.4 9.5 8.3 6.9 Time to total deposits 31.3 6.9 9.3 13.5 13.8 37.9 38.3 38.3 36.6 59.4 59.3 58.5 56.4 Interest on time deposits 2 .9 1.1 1.0 1.1 1.0 .9 .9 1.0 1.0 1.0 .9 Trust department earnings to total earnings 2 3.6 .9 2.9 3.3 6.5 2.2 2.2 3.4 5.4 1.3 2.7 Number of banks 3... . 6,843 287 1,596 660 318 138 1,204 886 220 89 935 468 42 4 No ratios are shown for groups of less than three banks. For other footnotes see p. 1025. AUGUST 1951 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1030-1035 Gold production. 1035 Reported gold reserves of central banks and governments 1036 Gold movements; gold stock of the United States. 1037 International Monetary Fund and Bank 1038 Central Banks. 1038-1042 Money rates in foreign countries. 1043 Commercial banks. 1044 9 Foreign exchange rates. 1045 Price movements: Wholesale prices. 1046 Retail food prices and cost of living 1047 Security prices. 1047 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. AUGUST 1951 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking In b c a r n e k as in e g in Decrease Foreign Domestic From th J ro a u n g . h 2 — , 1935, Total Total fun O ds ff i i c n ia U l i . S. Other f i t u n e i n s r n t d n i s t a U u t o i t . o i f o S n i n . n a s l - i b a n f a b u n U r n o k d . a i s n S d g . se o R f c u f u e n U t r d u i . s t r i n e a S s . : s I e n f f c o u f u l r n o e r d w i i g t s i n e 2 o s f : b I b n r a o f l l k a o e n w r c a e i g s n e 1935—Dec. (Jan 1 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec 30 2 667 4 989 5 140 1 849 4 431 5 316 2 917 4 12 9 1937—Dec 29 3,501 1 1,259.3 334.7 924.6 449 1 583 2 1,162.0 47.5 1938—Dec. (Jan 4 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 3 . 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec 31 7,728 4 4,865 2 2,624 9 2,240 3 805 8 1,019 4 911 8 126 3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,343.7 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 375.5 142.4 1948—Dec. 31 8,569.1 5,119.5 2,126.0 2,993.6 1,844.3 116.8 1,182.1 183.3 123.1 ^949—Dec 31 8,763.5 5,226.0 2,197.8 3,028.2 1.637.8 307.6 1.209.9 258.5 123.7 1950—June 30 9,782.2 5,782.7 2,530.3 3,252.5 1,636.4 472.1 1,227.4 540.4 123.2 July 31 9,896.4 5,829 0 2,592.5 3,236.5 1,626 6 462 3 1,226 0 631.8 120 7 Aug. 31 10,128.9 6,000.8 2,522.3 3,478.5 1,612.4 445.6 1,172.7 774.7 122.7 Sept. 30 10,488.0 6,556.5 3,012.6 3,543.9 1,626.4 383.4 999.2 800.6 121.9 Oct. 31 10,733 5 6,773.9 3,257.7 3,516.2 1,647 2 292 7 1,062 5 833.0 124.3 Nov. 30 10,710.2 6,435.9 2,899.2 3,536.7 1,713.5 282.0 1,066.4 1,080.9 131.6 Dec. 31 10,521.9 '6,189.9 '2,715.6 '3,474.3 1,702.3 '230.6 1,064.5 1,202.9 131.7 1951—Jan 31 10,467.6 '6,107.8 '2,675.9 '3,431.9 1,615.5 '269.0 1,064.2 1,280.7 130.5 Feb. 28 10,407.9 6,139.3 2,704.4 3,434.9 1,592 3 216 1 1,052 9 1,274.0 133.2 Mar. 31 10,353.9 6,095.8 2,646.8 3,449.0 1,600.1 214.9 1,006.7 1,305.5 130.9 Apr. 30? 10,374.8 6,053 .1 2,580.5 3,472.5 1,605.6 233.3 974.7 1,382.0 126.1 May 31P 10,232.5 6,030.1 2,566.3 3,463.8 1,561.4 210.3 909.6 1,399.5 121.6 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, t s i t I o i n t n u te a t r l io n i n n a s - - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o jt p f e C ad a a n- A L m a e t r i i n ca Asia o A th l e l r 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 L.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 ,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 ,383.4 984.3 244.9 1948—Dec. 31 1,677.1 6,891.9 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 ,503.6 1,065.2 234.9 31 1,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 1,135.8 3,355.5 984.7 ,780.2 852.0 249.4 1950—June 30 1,617.2 8,165.0 1,055.5 188.6 215.6 1,000.4 270.6 1,268.1 3,998.9 1,064.8 ,842.4 1,030.7 228.3 July 31 1,608.3 8,288.1 1,048.0 163.4 236.9 1,006.2 268.3 1,293.9 4,016.8 1,093.2 ,914.0 1,019.7 244.5 Aug. 31 1,600.6 8,528.3 892.9 324.9 247.6 1,014.1 281.5 1,313.7 4,074.8 1,176.4 ,943.5 1,073.3 260.3 Sept. 30 1,614.8 8,873.2 805.7 338.5 249.3 1,013.8 306.2 1,366.1 4,079.6 1,346.2 2,037.0 1,156.1 254.3 Oct. 31 1,641.6 9,091.9 875.3 398.7 267.2 984.8 316.4 1,356.4 4,198.7 1,300.3 2,055.4 1,286.6 251.0 Nov. 30 1,709.1 '9,001.1 796.5 '391.4 274.8 979.8 308.8 1,336.4 '4,087.7 1,286.8 2,008.9 1,333.5 284.3 Dec. 31 1,723.8 '8,798.1 '757.9 '419.1 187.9 '959.3 314.5 1,322.0 r3,960.7 1,191.6 2,053.1 1,301.6 291.1 1951—Jan. 31 1,688.3 '"8,779.3 '772.4 '432.0 198.4 '913.7 301.0 1,344.5 -"3,962.0 1,182.9 '2,031.5 1,300.3 302.6 Feb. 28 1,668.3 8,739.6 754.3 414.6 205.7 903.1 313.9 1,336.1 3,927.7 1,151.0 2,020.7 1,330.9 309.2 Mar. 31 1,653.2 8,700.6 772.8 408.1 196.0 912.1 293.2 1,337.9 3,920.1 1,079.1 2,071.0 1,347.8 282.6 Apr. 30P 1,673.5 8,701.3 793.8 432.8 128.6 910.5 286.5 1,340.9 3,893.0 1,034.2 2,178.0 1,306.8 289.3 May 31 P 1,631.5 8,601.0 750.6 435.3 130.5 914.2 258.8 1,366.2 3,855.6 975.4 ,177.9 1,303.3 288.8 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. 1030 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 ti n r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia o A th l e l r 1945—Dec. 3i 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 1L ,135.7 263.9 1947—Dec. 31 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 194g—Dec. 3i 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—June 30 1,636.4 5,782.7 850.5 138.9 209.0 581.3 260.1 625 8 2,665.5 722.0 1,254.7 921.2 219.4 July 31 1,626.6 5,829.0 850.4 113.0 231.8 580.3 255.5 638.6 2,669.6 688.3 1,333.5 912.8 224.7 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 1,348.1 966.2 237.5 Sept. 30 1,626.4 6,556.5 642.1 168.3 238.9 586.4 283.7 702 9 2,622.2 1,224 6 1,422.5 L,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 1,119.8 1,448.1 1,182.2 253.3 Nov 30 1,713.5 6,435.9 661.9 167.0 265.3 556.3 282.8 648.1 2,581.4 947.0 1,403.2 {,223 A 280.9 Dec. 31 1,702.3 r6,189.9 599 3 180 6 177.0 r539 3 294 4 r633 2 r2,423.8 791 1 1,491 4 1,198.0 285.7 1951—Jan. 31 1,615 5 r6,107 8 r576 4 r193 6 186.9 r499 6 288 3 '649 3 '2,394 2 779 2 rl,463 8 r1,189 1 281.5 Feb. 28 1,592.3 6,139.3 567 8 177.9 192.5 490 6 304.1 644 7 2,377.5 776.5 1,474.6 1,220.5 290.2 Mar 31 1,600.1 6,095.8 584.8 152.4 182.0 491.4 286.0 647.4 2,343.9 716.7 1,524.8 L.230.4 280.0 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 May 31P 1,561.4 6,030.1 567.7 105.1 117.0 483.2 269.6 688.6 2,231.3 727.7 1,591.2 1,193.7 286.4 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 ad an a - A L m a e ti r n ica Asia o A th l e l r 1945—Dec 31 742.7 266 6 78.0 -17.7 5 2 26 2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31 427.2 244.3 73.4 -132.3 — 1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec 31 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31 116.8 267 5 —39.9 -32.7 1.2 10 8 203.5 410.3 53.0 —348.6 10.3 -8.3 1949—Dec. 31 307.6 254.8 27.2 13.4 4.3 4.0 211.3 515.0 55.3 -243.1 -10.6 -9.0 1950—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 N De o c v . 3 3 1 0 . . r2 2 3 82 0 .6 0 1 1 8 6 6 4 3 8 4 4 7 7 .7 8 1 15 4 . . 2 9 — - 3 .6 3 1 5 2 .9 1 2 2 3 3 6 6 . . 5 6 r4 4 9 7 1 2 . . 0 8 -3 -5 2 . . 5 9 — -2 1 1 0 65 .8 .8 3 3 2 8 . . 7 5 - -4 5 9 8 . . 4 0 1951—Jan. 31 r269 0 r204 2 48.1 14.8 -3.4 -1.8 232.9 r494.8 r-22 8 -206.2 r37.3 -34.1 Feb. 28 216.1 190 3 47.1 15.0 -3.7 -3.7 229.4 474.4 -28.3 -229.7 36.0 -36.4 Mar 31 214 9 192 2 48 4 15 0 — 9 — 7 7 228 0 475 1 — 14 4 -234 5 41 2 -52.6 Apr 30 P 233 3 185 3 72 8 14 5 -2 7 —8 6 228 1 489.4 -24 7 -206.0 25.4 -50.7 May 31 *> 210.3 193.2 72.1 14.7 -2.9 -27.2 220.2 470.1 -23.8 -208.9 27.4 -54.5 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 o n u . g h 2 — , 1935, n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g 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 tutions 1945—Dec. 31 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec 31 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 I947—Dec. 31 -249.3 1.526.2 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 28.4 1948—Dec 31 —249 3 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—Dec. 31 -265.3 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—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 L,439.6 66 2 43.6 -13.6 14.8 27.4 317.0 455.4 245.1 625.3 64.2 49.6 Sept. 30 -266.9 1,266.1 64.7 43.6 -13.2 18.4 27.4 317.2 458.1 70.9 622.3 65.1 49.7 Oct. 31 -268.9 1,331.3 64.5 43.0 -13.3 15.9 27.4 316.8 454.4 136.7 624.9 65.3 50.1 Nov 30 —268 8 1,335.2 65.3 42.7 -13.8 17.6 27.4 316.9 456.1 137.1 626.5 65.3 50.2 Dec. 31 -268.8 1,333.3 65.3 42.0 -14.0 17.3 27.4 319.6 457.5 139.1 628.3 65.0 43.4 1951—Jan. 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. 28 -269.4 1,322 .4 64.8 37.9 -12.8 17.2 27.4 322.0 456.4 122.4 632.3 66.7 44.5 Mar 31 —318 1 L,324 8 65 1 35.7 -11.9 20.8 28.4 321.5 459.6 117.4 634.8 68 2 44.9 Apr 30P —321 1 .295.8 65.2 35.2 -11.7 22.9 28.4 323.9 463.9 80.4 636.1 68.3 47.0 May 31P -321.2 1,230.9 63.1 35.4 -11.4 24.7 28.4 328.2 468.4 15.9 640.0 59.4 47.1 v Preliminary. p Revised. AUGUST 1951 1031 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 SINCB JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) Inter- From th J ro a u n g . h 2 — , 1935, na in ti s o t n i- al Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r tutions 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31 74.5 300.9 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 36.8 11.0 1948—Dec. 31 82.1 101 .2 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 13.6 7.2 1949—Dec. 31 169.1 89.3 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 11.5 7.4 1950—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 July 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 '816.4 -112.8 -117.0 -3.1 382.4 -14.4 124.8 '493.9 186.8 128.7 -2.6 9.7 Dec. 31. . 290.3 '912.5 -109.9 132.9 -2.3 374.2 -14.2 121.7 '502.4 276.9 127.0 -3.8 10.1 1951—Jan. 31. . 342.2 '938.5 -89.9 '133.9 -1.8 374.0 -13.9 131.2 '533.6 272.5 124.7 -2.2 9.9 Feb. 28. . 345 .4 928.6 — 85.9 134.3 -.9 373.1 -14.8 129.8 535.6 261 .2 124.3 -2.0 9.5 Mar. 31. . 371 .3 934.2 -86.3 154.6 -1.0 374.5 -14.2 130.5 558.1 241.1 127.3 -1.6 9.3 Apr. 30P. 389.0 993 .0 -85.3 205 .1 -1.0 381.2 -13.9 122.3 608.4 239.8 136.2 -.8 9.4 May 31P. 391.3 1 ,008. 2 -88.2 206.5 -1.1 385.8 -13.6 118.7 608.0 238.0 139.3 13.9 9.0 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through- Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1945—Dec. 31.. 144.1 19.8 23.4 26.0 30.3 .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.. 123.1 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— June 30.. 123.2 16.9 16.3 10.9 26.6 .5 10.1 81.2 19.9 11.7 9.3 .0 July 31.. 120 17.5 16.5 10.6 28.4 .5 10.3 83.8 20 9.5 5.4 .7 Aug. 31.. 122.7 16.9 15.8 10.7 27.1 .5 10.1 81.1 19.7 13.3 6.7 .8 Sept. 30.. 121.9 17.0 16.6 11.2 25.4 .5 10.2 81.0 20.3 12.8 6.6 .2 Oct. 31.. 124.3 16.7 16.3 11.0 27.3 .5 9.9 81.7 20.7 13.1 7.5 .3 Nov. 30.. 131.6 17.2 16.9 11.4 26.8 .9 10.2 83.4 21.4 16.3 9.0 .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 .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 .2 Feb. 28.. 133.2 17.3 17.5 11.9 25.9 1.0 10.2 83.8 19.1 19.3 9.7 .3 Mar. 31. . 130.9 16.9 17.0 11.7 26.4 .8 10.5 83.4 18.2 18.6 9.6 1.0 Apr. 30?. 126.1 16.3 16.7 12.0 22.2 1.9 11.1 80.3 17.8 18.8 8.7 .4 May 31 P. 1 121.6 14.8 16.3 11.4 23.4 1.6 10.5 77.9 17.6 16.3 8.9 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S la w e n r i d - tz 3 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1945—Dec 31 6,883.1 4,179.3 707 7 310 0 281 6 304 2 70 4 909 1 2,583 0 1 522 2 [,046 41,549 7181 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 1,104.81,316^4232^8 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 1,216.61,057.9 193.7 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 1,287.01,151.8 167.4 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—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 1,455.01,093.4 193.5 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 1,469.61,146.8206.4 Sept. 30... 1,646.4 47,290.7 3,722.9 4703.4 248.4 255.5 600.0 304.0 866.2 42,977.5 1,332.5 L,544.01,224.7211.9 Oct. 31... 1,667.1 "7,508.1 3,968.0 4819.8 289.6 275.0 572.4 309.2 859.8 43,125.8 1,227.8 1,569.61,362.8222.1 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 1,524.81,404.0249.7 Dec. 31... 1,722.2 '46,924.0 '3,425.9 4660.7 '260.7 193.6 '553.0 314.7 '796.5 '42,779.1 899.0 1,612.91,378.6254.5 1951—Jan. 31... 1,635.4 '46,842.0 '3,386.2 '4637.7 '273.7 203.5 '513.2 308.6 '812.6 ' 42 ,749.5 887.1 r1,585.3rl,369.7 250.3 Feb.28... 1,612.2 46,873.5 3,414.7 4629.1 258.0 209.1 504.2 324.4 807.9 42,732.8 884.5 1,596.11,401.1259.0 Mar. 31... 1,620.0 46,830.0 3,357.1 4646.1 232.5 198.6 505.0 306.3 810.6 42,699.2 824.6 1,646.31,411.0248.8 Apr. 30P.. 1,625.6 46,787.3 3,290.8 4673.6 183.1 131.4 500.6 299.1 818.6 42,606.2 828.8 1,714.51,385.8251.9 May 31^.. 1,581.4 46,764.3 3,276.6 4629.1 185.2 133.6 496.8 289.9 851.9 42,586.5 835.6 1,712.7 1,374.3255.2 P Preliminary. r Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 80.7; U. S. brokerage balances abroad, 36.0. 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. 1032 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES— Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Y sla u v g i o a - ot A h l e l r i 1945—Dec. 31 909.1 185.0 25 9 5.5 7 0 70 8 216 1 47.9 9 3 31 7 210 1 28 0 5 7 66 0 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8^9 16^4 172!6 60^5 12^4 112!5 1947—Dec. 31. . 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 194g—Dec. 31 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Dec. 3i _ 717.0 119.9 38.0 25.1 149.4 29.6 69 A 38^1 6^7 15.7 90 !l 10^2 7' .6 117 A 1950—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. . '796.5 '41.9 125.5 5.6 45.5 18.3 221.6 32.3 '43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Jan. 31.. '812.6 '43.6 '130.3 5.9 43.2 18.1 '232.2 30.1 '46.9 5.8 48.1 6.4 20.0 120.1 3.4 11.1 47.4 Feb. 28. . 807.9 45.0 115.1 4.3 42.2 20.3 241.0 31.4 51.3 5.6 54.0 6.4 25.3 105.5 3.3 8.3 48.9 Mar. 31. . 810.6 44.9 116.5 3.1 48.2 19.2 242 .4 33.9 54.3 4.5 52.6 6.1 17.0 105.5 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 May 31P. 851.9 41.2 112.7 2.9 48.0 22.2 303.5 38.0 61.7 3.8 44.0 5.1 16.3 91.8 2.9 9.2 48.8 Latin America Neth- Do- er- Date i 'A L i a m c t a i e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a t a h t e i e r n " r lic Surinam 1945—Dec. 31. 1 046 4 77 14 S 195.1 66 79 ? 1?8 116 4 28 ? 43 9 88 7 49 7 158 8 1946—Dec 31 1 104 8 11? 6 14 0 174 0 SO7 S7 8 153 s 9 16 1 40 0 77 2 71 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 ?87 0 215 8 17 1 123.7 ss6 54 0 219 4 146 7 24 52 6 71.8 I'M 7 184 1 1949—Dec. 31. I,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—June 30. 1 376 ? 237,6 11 8 124.9 6? 53 S 237 1 42.6 25 0 152 6 29 7 50 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 ?49 8 18 4 155.0 70 3 76 1 259 s 44.8 22 3 163 0 29 4 50 9 63 4 26 4 75 7 97 2 67 4 Sept. 30. 1,544 0 268 9 19 0 187.1 76 9 65 Q 260 6 41.8 22 7 176 4 99 0 0 72.2 ?4 0 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. 1,612 9 301 8 20 4 226.0 79.5 53 4 259.1 42.7 25.4 207 1 30 2 60.2 59.2 16 1 75.1 85 2 71.3 1951—Jan. 31. r1,585.3 334 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 '83.3 '78 5 72.2 Feb. 28. 1,596.1 312 1 20.8 249.8 70.6 49 7 257.7 45.1 30.6 140 7 30 0 60.6 51.9 42 2 79.0 75.9 79.6 Mar. 31 1,646 -^S4S 2 22 4 259.6 69 9 44 2 276 0 45.8 31 8 108 7 30 8 55 0 52 2 46 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 May 31P 1,712 7 353 2 19 7 241.7 76.6 66 2 327.4 48.7 29.2 110 4 25 6 57.9 53.9 46 8 74.0 87 2 94.3 Asia and All Other For- Egypt Date Asia C m a h n o i d s 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 - C g B o i e a n l n g - 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 s Main- public o 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 s 20.8 47,2 119.3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31 3 488.6 37.6 99 0 193.7 30.6 25 0 46 4 91.8 1948—Dec! 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17 5 204 0 167 4 22 27.7 15 8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165 7 179.5 32.4 61.6 6 0 79.5 1950—June 30. 1,101.8 95.8 107.4 50.7 41.8 15.4 15.1338.9 291.3 29.7 12.8 102 7 188.2 18.6 35.6 57.7 14 7 61.6 July 31. 1,093.4 91.3 93.6 42.1 47.7 17.5 15.7353.2 290.4 29.4 12.4 100 1 193.5 19.5 39.8 53.0 19 7 61.5 Aug. 31. 1,146.8 94.3 90.1 51.3 50.7 18.1 15.2372.5 299.8 30.5 12.1 112 4 206.4 16.0 36.3 63.4 29 5 61.2 Sept. 30. 1,224.7 101.0 89.2 55.9 73.0 17.8 12.7 397.6 318.0 34.6 11.6 113.3 211.9 15.6 37.6 63.6 33 8 61A Oct. 31. 1,362.8 116.8 94.4 50.5 91.7 20.4 11.5 434.0 378.1 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 55.7114.7 20.3 12.6 458.5 374.4 48.2 14.3 111.9 254.5 19.1 58.1 75.6 44 0 57.7 1951—Jan. 31. 1,369.7 78.8 73.7 49.6 115.6 24.7 15.8452.5 376.6 46.4 12.5 123 6 250.3 19.8 53.2 85.1 36 4 55.9 Feb. 28. 1,401.1 77.8 65.8 59.7 124.9 26.3 15.6443.3 390.3 52.0 13.7 131.9 259.0 19.6 54.2 85.0 39.2 60.9 Mar. 31. 1,411.0 79.6 65.5 60.4 138.2 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. 30? 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 May 31P 1,374.3 78.6 61.1 73.3 124.2 25.8 18.1348.8 414.5 63.8 18.2 148.0 255.2 19.9 51 6 105.1 12.9 65.6 P Preliminary. ' 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. 8 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 6 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. AUGUST 1951 1033 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—June 30 657.3 28 1 20.7 4.2 9 ! 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. 31 836.7J 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 '898.7 r105 7 31. 4 3 4 8 7 20.7 67.1 r237.O 125.8 378.8 96.3 60.8 1951—Jan. 31 »-860.4 rg7 8 31. 0 3 9 11 5 28.3 70.8 '233.2 "115.7 374.2 '91.8 45.5 Feb. 28 913.3 101 7 31.9 3. 7 11 8 30.3 74.2 253.6 121.2 397.7 93.0 47.8 Mar. 31 914.5 99 8 30.6 3. 6 9 0 34.3 75.6 252.9 107.3 402.5 87.9 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 May 31 v 919.1 98 8 7 .0 3.9 11 0 53.8 83. 5 257.9 116.7 376.9 101.7 65.9 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Czech- Date E O u t r h o e p r e A tr u ia s- g B iu e m l- v o a s k lo i - a m D a e r n k - 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 he ll r» 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 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (2) (2) 9.5 1 1 9 9 4 4 7 g — — D D e e c c . 3 31 1.. 1 1 0 1 6 8 .9 3 2 1 1 5 4 0 2^ .6 2 3 8 . . 4 0 3 30 0 . . 5 5 1 1 0 . . 2 6 9 8 .2 4 1. . 1 7 ( ( 2 2 ) ) 2. . 9 9 5 1 . . 4 4 (2) .1 6 (2 . ) 0 3 2 5 9 .8 9 1949—Dec. 31.. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 (2) (2) 15.6 1950— S J A J u u e u l n p g y e t . . 3 3 3 3 0 0 1 1 . . . . . . . . 5 5 5 5 6 4 8 4 . . . . 7 9 4 9 C ( ( 2 2 ) 2 ) .2 ) 1 1 1 1 4 4 2 2 . . . . 6 2 6 1 ( ( ( 2 2 2 . ) ) ) 1 2 2 1 1 . . . . 2 8 0 5 3 2 1 1 . . . 9 4 6 7 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 5 5 4 ( ( ( ( 2 2 2 2 ) ) ) ) 3 3 3 2 . . . . 7 3 2 3 3 3 3 3 . . 1 8 0 1 ( ( ( ( 2 2 2 2 ) ) ) ) 2. . 4 2 4 4 4 4 . . . . 4 7 5 3 O N c o t v . . 3 30 1 . . . . 6 67 0 . . 2 3 . . 1 1 2 1 1 7 . . 3 6 (2) 3 4 . . 3 4 2 2. . 2 0 2 2 5 5 . . 3 5 . . 3 1 1 1 . . 4 4 (2) .5 3 (2) 1 1 . . 3 3 6 4 . . 4 6 (2) (2) 3 3 . . 9 8 Dec. 31. . 67.1 .2 21.5 (2) 3.2 2.2 25.4 .2 1.4 (2) .5 (2) 1.6 6.9 (2) 3.9 1951—Jan. 31.. 70.8 (2). 22.0 .1 2.6 2.7 25.3 .2 1.7 (2) .5 (2) 17 10 0 (2) (2) 4.0 M Fe a b r . . 2 31 8 . . . . 7 7 4 5 . . 2 6 '.2 2 2 3 4 . . 4 9 . . 1 1 2 3 . . 5 9 3 4 . . 5 0 2 2 5 5 . . 6 9 . . 1 1 2 1. . 9 1 ( ( 2 2 ) ) . . 6 5 ( ( 2 2 ) ) 1 1 . . 2 3 9 9. . 5 4 (2) ' " (2) ' ' 4 4 . . 2 3 Apr. 30P. 75.5 (r) 21 9 .3 6.7 3.3 25.9 .1 1 .8 ("-) 7 (2) 2.0 8.6 ll 4.2 May 31 P. 83.5 C1) 19.7 (2) 7.3 6.3 25.9 .1 2.3 2.1 (2) 5.6 9.5 2 4.3 Latin America Neth- Do. er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d e s s s t Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a c t m h t a i e e 3 n r r lic Suri- ama nam 1945—Dec. 31.. 158.9 21.0 1.3 24.7 6.6 16.8 33.3 11 0 .5 1 9 1.1 6.1 34.7 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8 7 26 2 1947—Dec. 31. . 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948_Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73 0 1 3 5.8 5 3 25.6 43.1 1950—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.. 397.7 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 1.2 12.7 2.6 5.9 7.3 85.8 13.2 Mar. 31. . 402.5 17.8 5.5 85.4 6.9 36.4 46.7 1.9 2.8 64.8 1.1 13.5 2.8 4.6 7.6 91.5 13.2 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 May 31 P. 376.9 9.9 6.7 85.3 10.0 55.0 40.3 2.1 2.8 61.8 1.6 13.5 2.7 3.3 11.0 56.9 14.1 v Preliminary. r Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Less than $50,000. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1034 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 1 r o A th l e l r t A ra u l s ia - C g o ia n n go A E n g g y l p o - - So o u f th Othei2 Main- public tian Africa land Sudan 1945—Dec. 31. 29.9 1.0 .8 7.5 1.4 .5 13.8 2.0 2.8 9.9 1.7 .3 4.7 3.3 1946—Dec. 31. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31. 127.C 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31.5 9.0 .1 14.4 8.0 1948—Dec. 31. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—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 .1 11.7 5.0 July 31 . . 86.2 20.1 4.1 18.7 .1 11.5 11.2 1.1 9.6 1.2 .9 7.7 52.0 35.2 3.9 .1 7.5 5.3 Aug. 31.. 87.3 22.4 5.1 15.6 .1 10.4 14.5 1.4 8.0 1.5 .8 7.6 49.6 33.9 4.0 .1 6.8 4.8 Sept. 30. . 84.4 21.6 3.7 14.7 .1 8.0 15.2 5.2 6.2 1.5 .8 7.5 60.6 44.5 3.9 .1 7.3 4.8 Oct. 31.. 94.3 23.7 4.0 15.2 .1 7.6 16.3 8.1 7.0 1.5 .9 10.0 74.5 56.5 4.4 .1 8.1 5.4 Nov. 30.. 90.6 18.3 4.3 14.7 .2 7.1 16.4 10.9 4.6 1.8 .7 11.6 69.4 49.5 4.4 .1 8.1 7.3 Dec. 31.. 96.3 18.2 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.. -91.8 '10.5 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. 28 93 0 10 5 2 8 18 2 .2 6 2 24 1 7 7 4 4 1 4 1 7 15 9 47.8 30.8 5.4 .3 4.7 6.6 Mar. 31. . 87.9 8.4 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 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 May 31P. 101.7 8.4 4.4 16.1 .3 7.9 28.6 8.2 6.7 3.8 .8 16 6 65.9 41.8 5.8 .3 11.7 6.2 p Preliminary. r Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran6 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 Year or world Africa North and South America Other month production Total U o . u S t . s S i . d R e .i m re o p n o t r h te l d y A So fr u ic th a R de h s o i - a A W fr e ic s a t 2 C B o el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - * Au li s a tra- India3 $1 =>155 /a grains of gold •/» fine: i. e., an ounce of fine gold =$35. 1941.. 1.265.6 ,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28 0 23 0 9.3 7.5 52 4 10.0 1942.. 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28 0 20 9 6 4 8.6 40 4 9.1 1943.. 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19 8 6.1 7 7 26 3 8 8 1944.. 777.0 701.5 429 8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23 0 6.6 1945.. 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6 3 7.0 23.0 5.9 1946.. 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6 4 28.9 4.6 1947.. 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107 5 16.3 13.4 5.9 7 4 32 8 6.1 1948.. 794.5 728.1 405.5 18.0 23.4 111 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 ? 12.6 6 * 7 7 31 3 5.7 1950.. r779.2 408.2 17.9 23.2 12.0 83.1 155.7 14.3 13.3 '6.7 8.0 r30.1 6.7 1950—May., '65.6 35.5 1.5 2.0 1.0 6.8 13 1 8 9 r.5 6 2.4 .5 June., 66.2 34.6 L.5 1.9 1,0 6.6 12 9 15 1.0 .6 7 r3.4 .6 July.. 64.9 34.6 L.5 1.9 1.0 7.1 12 9 .8 1.1 6 7 n. 3 .6 Aug.., 67.4 34.9 1.5 1.9 1.1 7.9 13.2 1.5 1.1 .5 .7 2.5 .6 Sept.. 65.6 34.0 L.5 2.0 1.0 7.8 12.8 1.1 1.1 .5 7 '2.6 .6 Oct.. . 67.0 33.9 L.5 1.9 1.0 8.2 13.2 14 1.2 8 6 2.8 .6 Nov.. '65.5 33.3 L.5 1.9 .9 7.5 13.3 1.1 1.3 6 .6 2.8 .7 Dec, r63.4 32.9 L.4 2.0 .9 7.0 13.4 .9 .8 .7 .6 '2.4 .5 1951—Jan.. 33 4 1 4 2 0 9 5 9 13 1 1.4 6 .6 r2 4 .5 Feb.. 31.1 1.4 2.1 1.0 5.2 12.1 .7 .4 .7 2.4 .6 Mar.. 33.4 1.5 2.0 1.1 5.8 13 0 1 5 .7 2.4 .6 Apr.. 33.2 2 0 1.0 5 5 12 7 1 5 8 .7 May. 34 6 1.9 1.1 5.5 .7 .6 r Revised. Gold production in U. S. 5. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures through 1949 are estimates of United States Mint. Figures for 1950 and 1951 are estimates of American Bureau of Metal Statistics. 5 Gold exports reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. AUGUST 1951 1035 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 t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)* Treasury Total 2 1945—Dec 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 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—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.... 35,800 21,806 21,927 288 580 317 618 45 P63 271 31 22 Apr 21,805 21,900 288 609 317 635 45 271 31 22 Mav 21,756 21,861 288 589 317 643 45 271 31 22 June. . . 21,756 21,872 288 586 317 652 281 31 22 E m n o d n t o h f Egypt 3 France4 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 5 201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 « 180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 u' 20 1949—Dec 53 523 27 247 140 252 178 52 195 27 51 . 27 28 1950—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... 397 523 27 247 140 252 208 208 311 29 50 27 31 1951—Tan 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 27 247 139 252 228 304 311 30 50 27 46 Apr. . . . 117 548 27 247 138 252 229 311 30 50 27 46 May... . 124 548 27 247 138 252 229 311 '30 50 46 June.... 143 548 27 247 229 311 31 50 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a I e t n i t o t t e l n e r a - - l Fund ments 1 19 9 4 4 6 5 — — D ;D e e c c 433 1 1 3 2 9 9 3 1 9 4 1 1 1 1 0 1 4 3 8 8 2 1 1 1 , , 3 4 4 3 2 0 4 3 3 4 2 23 4 7 1 6 6 2 2 , . 4 6 7 9 6 6 2 1 0 9 0 5 2 2 0 1 2 5 15' 3 3 9 2 1947—Dec 310 15 762 111 105 1,356 34 170 6 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 6 1,856 164 323 1,436 36 1949—Dec.... 178 17 128 85 70 1,504 118 154 61,688 178 373 1,451 68 1950—July 177 20 179 61 71 1,550 118 138 196 373 1,464 128 Aug.... 177 20 180 61 71 1,537 118 146 208 373 1,494 125 Sept 177 20 179 61 87 1,529 118 146 62,756 217 373 1,494 145 Oct 177 20 183 61 91 1,520 118 150 217 373 1,494 149 Nov. ... 177 23 187 61 90 1,508 118 150 217 373 1,494 159 Dec. . . . 192 23 197 61 90 1,470 118 150 6 3,300 236 373 1,495 167 1951—Jan 197 23 202 61 93 1,474 118 150 260 373 1,495 140 Feb 197 23 208 61 108 1,482 118 150 287 373 1,495 125 Mar 202 23 205 61 114 1,448 118 150 '«3 ',758' 295 373 1,495 119 Apr.... 212 23 210 61 124 1,444 118 150 295 373 1,495 161 May 217 23 210 61 129 1,458 115 150 295 373 153 June 26 210 129 1,451 150 6 3,867 373 151 P Preliminary. r Revised. 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 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. 4 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 6 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. 85, and February 1949, p. 196, respectively. 1036 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 en e- 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 Anr - Tune 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 -49.9 -15.0 1950 -15.9 Jan.-Mar... -202 5 -80.0 -35 0 -13.0 -15.8 Apr.-June -31.7 i -20.0 -3.0 -11.9 July-Sept — 732 2 i — 580 6 —28 5 -16.0 -25.0 -123.4.4 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 i -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 -10.0 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 te 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 n a o A th l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l i I in n s g c to o r t e l o c d a k t s a e l g p e o o x N ld p r e t o t i o r m t r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- t p D i t r c o i o o m d g n u o e 2 c s ld - - 1945 -37.9 -73.1 -27.8 •-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1942 22,726 22,739 —23.0 315.7 —458.4 125.4 1947 25.1 -3.7 79.1 1 0 256.0 11 9 1943 . . . 21,938 21,981 — 757.9 68! 9 —803^6 48^3 1948 10.7 -108.0 13.4 -4.1 498.6 6.9 1944 20,619 20,631 — 1.349.8-845.4 —459.8 35! 8 1949 — 14 4 — 50 0 — 7 5 —52 1 195 7 — 1 6 1945 20,065 20,083 —547.8 — 106.3 —356.7 32 .0 1950 -64.8 -17.6 -39.2 13.1 -47.8 1946 20,529 20.706 623.1 311^5 465^4 51^2 1947 22,754 22.868 3 2,162.1 1,866.3 210.0 75 ^8 1949 1948 24,244 24,399 1,530.4 1,680 A —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 Tuly-Sept -16.5 "-50.0 -2.9 -2.2 48.1 -2.0 1950—July... 24,136 24,239 -91.1 -1.5 -90.0 7.1 Oct.-Dec -1.0 -11.9 -41,0 19.9 .2 Aug... 23.627 23,745 -494.4 -42.2 -431.4 7.9 Sept... 23,483 23,591 -153.9 -96.5 -65.9 7.8 1950 Oct. . . 23.249 23,349 -242.5 -93.4 -146.2 8.2 Nov.. . 23.037 23,153 -195.5 -158.6 -35.3 7.5 Jan.-Mar -12.0 -10.5 o 3.9 -27.0 Dec... 22,706 22,820 -333.2 -93.0 -237.9 7.0 Apr -June —2 0 — 1 0 9.2 -3.0 1951—Jan. . . 22.392 22.461 -358.8 -60.6 -248.5 5.9 luly-Sept. -23 9 — .1 -14 9 — 14 8 Feb... 22,086 22.162 -298.7 -107.9 -184.4 5.2 Oct.-Dec. —26.9 —6.0 —23.6 —3.0 Mar... 21,806 21 .927 -235.4 -123.5 -111 .2 5.8 Apr. . . 21,805 21.900 -27.3 -110.6 101.9 5.5 1951 May. . 21,756 21.861 -38.5 -41.0 -12.9 5.5 Tune. . 21.7.S6 21,872 10.4 -36.5 46.3 5.9 Tan.-Mar — 50.9 -11 .7 -22.6 -28.0 July.. . P21,759 P21,852 P-19.3 5 -8.8 (*) Apr.-June 15.0 ••"_• 9 -5.0 -3.8 12.7 -25.0 P 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. 6 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 6,043.4 million dollars on July 31, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. AUGUST 1951 1037 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 International Fund International Bank Apr. Jan Oct. Apr. June Mar, Dec. June Gold 1,495 1,495 1,494 1,460 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,313 1,304 1,305 1,299 United States 9 6 5 5 Other 4,315 4,229 4,228 4,266 Other 919 920 921 924 Unpaid balance of member subscriptions. 907 1,003 1,003 893 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 457 466 437 449 Member subscriptions 8,037 8,037 8,037 7,922 Calls on subscriptions to capital stock3. . 4 4 4 5 Accumulated net income -6 -5 -4 -4 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,037 938 868 738 1951 1950 Other assets , 19 12 9 8 Net currency purchased 2 Bonds outstanding 325 311 261 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- June May Apr. June Lo a a n n t s e — e undisbursed 35 3 2 3 2 3 7 0 9 22 2 9 9 1 2 2 6 6 Other liabilities 6 3 5 5 Australian pounds 20.0 20.0 20.0 20.0 General reserve • 42 38 35 27 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 20 18 17 14 Brazilian cruzeiros 65.5 65.5 65.5 37.5 Capital3 1,668 1,668 1,668 1,670 Chilean pesos 5.4 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 16 million dollars receivable for currency adjustments Danish kroner 10.2 10.2 10.2 10.2 resulting from the devaluations in September 1949. Egyptian pounds -5.5 -5.5 -5.5 3.0 2 As of June 30, 1951, the Fund had sold 759.8 million 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 to Brazil 10 million pounds sterling in January 1951. Repurchases N No et r h w e e r g la ia n n d s k r g o u n i e l r ders.... 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 am 3 o E u x n c te lu d d e to s u 6 n 9 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 June 30, 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. 736.0 762.0 762.0 753.1 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note circula- (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Other Notes co D u is n - ts Securi- tion a Deposits l O ia t b h i e li r - Gold* assets 2 c a o n i d n a v n a d n c a e d s - ties Bankers' Public ECA Other t c ie a s p i a ta n l d 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 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—July 26 .4 1,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 .4 1,350.0 53.8 23.4 575.0 1,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 .4 1,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 1,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan. 31 .4 41,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 Feb. 28 .4 1,350.0 62.0 16.1 345.7 1,289.0 293 .0 13.0 9.3 90.1 18.5 Mar. 28 .4 ,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 Apr. 25 .4 1,350.0 37.3 6.4 388.4 1,313.8 305.8 14.2 5.4 89.0 17.8 May 30 .4 1,350.0 19.2 2.8 405.0 1,331.6 296.4 14.4 13.4 84.8 18.0 June 27 .4 4 L,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18.1 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and 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 issued decreased by 25 million pounds on Jan. 10 and increased by 50 million on June 12, 1951. 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. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (F C ig a u n r a es d i i a n n m d i o ll l i l o ar n s s ) of Gold and S ta U t n es ited O as t s h e e t r s circ N u o la t t e ion2 liab a i n li d ties dollars Short- Chartered Dominion capital3 term x Other banks govern- Other ment 1938—Dec. 31. 185.9 28.4 144.6 .40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 . .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—July 31. 89.1 ,431.0 638.7 65.7 1,294.2 552.8 19.6 228.9 129.0 Aug. 31. 161.4 ,420.4 569.2 113.9 1,303.8 568.2 16.7 233.1 143.1 Sept. 30. 212.2 ,406.1 444.6 219.7 1,318.4 555.8 22.0 258.2 128.2 Oct. 31. 152.2 ,381.4 435.7 440.0 1,321.8 621.7 39.0 235.2 191.6 Nov. 30. 127.2 ,170.0 662.0 415.5 1,323.5 578.9 45.3 221.0 206.0 Dec. 30. 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Jan. 31. 117.9 ,171.0 731.5 273.7 1,294.4 537.6 68.3 204.4 189.3 Feb. 28 . 117.3 ,165.4 757.0 249.0 1,295.4 550 5 69.5 204.6 168.7 Mar. 31. 80.0 ,341.9 673.7 171.1 1,319.5 552.9 70.5 206.7 117.2 Apr. 30 . 128.8 ,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 June 30. 116.8 1,335.2 846.3 104.1 1,351.3 590.7 75.3 220.1 165.0 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o r f e s f r i a n ncs) Gold F c o h e r a e x 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 ic ia l bills Other Cu G r o re v n e t rnm O en th t5 er a O ss t e h t e s r 8 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 G os A its' 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 5,061 25,595 2,718 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. . 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 744,986 1941—Dec. 31.. . 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 7 68,474 1942—Dec. 31.. . 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 721,318 1943—Dec. 30. . 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 7 15,596 1944—Dec. 28. .. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. . 94,817 7 37,618 3,135 76,254 '67,966' 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31.. . 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. . . 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. . 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158.973 19,377 1950—July 27. .. 62,274 146,146 144,523 12,709 373,930 161,600 560,990 128,695 1,413,718 80 22,806 129,954 24,309 Aug. 31.. . 8182,785 144,242 149,702 3,590 362,358 163,600 481,039 137,978 1,455,008 75 12,778 134,709 22,722 Sept. 28... 182,785 173,725 119,556 14,572 377,531 163,900 481,039 132,972 1,467,425 94 11,928 144,909 21,725 Oct. 26. .. 182,785 140,735 115,122 25,035 371,010 162,600 481,039 197,555 1,466,623 73 8,739 171,836 28,610 Nov. 30... 182,785 146,783 150,674 32,047 297,884 155,900 481,039 222,277 1,502,770 83 7,613 137,038 21,885 Dec. 28... 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15,058 161,720 24,234 1951—Jan. 25... 182,785 172,719 131,554 35,907 373,922 159,800 481,039 197,815 1,535,688 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 29,194 389,147 154,800 481,039 223,295 1,576,231 75 39,588 149,431 22,516 Apr. 26... 191,447 173,566 141,921 23,821 427,135 159,700 481,039 235,063 1,597,678 98 46,941 160,530 28,444 May 31. . . 191,447 169,035 215,539 17,539 341,766 158,700 481,039 259,474 1,632,018 83 17,636 160,143 24,658 June 28... 191,447 161,802 196,435 12,164 458,572 157,600 481,039 9235,037 1,660,842 66 16,432 190,056 26,701 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. * 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 139.1 billion francs on June 28. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. AUGUST 1951 1039 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) June May Apr. June date of month) June May Apr June 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 259,060227, 207,292 253,058 Other gold and foreign exchange. 2,467 2,408 1,538 Government loans and securities. 135,872134 135,981 146,660 Government securities 1,974 1,861 1,860 Other assets 79,613 83, 69,785 52,408 Rediscounts and loans to banks.. 36,893 36,129 30,313 Note circulation 423,992392, 385,186 437,066 Other assets 273 261 240 Deposits 197,792232. 220,390 172,662 Currency circulation 14,264 13,814 10,592 Other liabilities and capital 66,608 56 53,621 56,251 Deposits—Nationalized 24,954 24,706 21,561 Central Bank of Costa Rica Other sight obligations 766 628 484 (thousands of colones): Other liabilities and capital..... 2,497 2,386 1,970 Gold 11 511 11511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 32 456 866 10,776 43,089 tralia (thousands of pounds): Net claim on Int'l. Fund 3 6 188 029 7,029 7,019 Gold and foreign exchange '19,551 707,783688,612 518,799 Loans and discounts 82 419 839 88,911 85,930 Checks and bills of other banks. . 7,691 11,091 6,923 6,826 Securities 9 285 621 11,321 21,327 Securities (incl. Government and Other assets 15 783 673 17,227 16,595 Treasury bills) 363,087361,301389,391 341,213 Note circulation 105 376103,777102,586 102,080 Other assets >,901 98,992 79,161 66.172 Demand deposits 42 316 ,909 32,858 74,506 Note circulation 275,270270,270266,770 231,313 Other liabilities and capital 9 950 ,853 11,331 8,885 Deposits of Trading Banks: National Bank of Cuba Special 559,320 586,420 558,920 441,970 (thousands of pesos): Other 28,318 34,035 45,805 32,938 Gold 270,562270,562 "298,719 Other liabilities and capital 310,322 288,442 292,592 226,790 Foreign exchange (net) 90,215 '69,283 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 96,684 76,613 27,288 Gold 51 51 51 50 Silver 40,988 43,188 79,998 Foreign exchange 310 288 255 158 Net claim on Int'l. Fund * 12,50 12,507 12,507 Loans and discounts 4,720 4,348 3,957 2,346 Loans and discounts \879 2 ,282 1,005 Claim against Government 4,444 4,445 4,426 6,122 Credits to Government lli 845 17,228 Other assets 38 39 39 3 Other assets 30.971 30,903 '9,572 Note circulation 6,598 6,406 6,254 5,783 Note circulation 374,674364,849 375,405 Deposits—Banks 192 150 165 204 Deposits 180 152172,039 116,276 Other 612 551 469 1,111 Other liabilities and capital 6 643 6,612 6,691 Blocked 2,162 2,064 1,840 1,615National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 29,307 29,433 30,462 29,058 Gold 69 69 69 69 Foreign claims and balances (net). 10,768 8,318 7,566 7,879 Foreign exchange 406 435 389 349 Loans and discounts 9,901 11,151 10,673 4,396 Contributions to Int'l. Bank 8 6 6 6 Consolidated Government debt.. 34,860 34,860 34,860 34,939 Loans and discounts 108 94 85 33 Government securities 3,214 3,603 2,553 7,825 Securities 143 148 116 123 Other assets 3,795 3,869 3,729 6,43 Govt. compensation account.... ,942 ,966 3,969 ,638 Note circulation 86,814 86,781 85,138 86,132 Other assets 526 461 490 226 Deposits—Demand 2,413 2,005 1,853 2,158 Note circulation ,620 ,593 1,600 ,580 ECA 268 140 46 109 Deposits—Government ,774 ,769 1,72 ,864 Other liabilities and capital 2,349 2,307 2,807 2,135 Other ,620 ,632 1,612 ,851 Central Bank of Bolivia—Mone- (Mar. Other liabilities and capital 1§8 184 186 150 tary dept. (millions of bolivianos): 1951)* Central Bank of the Dominican Gold at home and abroad 2 1,370 1,370 Republic (thousands of dollars): Foreign exchange. (net) 589 293 Gold ,056 ,056 6,045 4,045 Loans and discounts 1,939 1,463 Foreign exchange (net) ,499 ,487 17,560 14,210 Government securities. 730 738 Net claim on Int'l. Fund 3 ,250 ,250 1,250 1,250 Other assets 139 111 Paid-in capital—Int'l. Bank 40 40 40 40 Note circulation 3,515 2,762 Loans and discounts 107 78 156 153 Deposits 326 445 Government securities ,217 ,217 6,21 5,383 Other liabilities and capital 925 769 Other assets 968 ,081 1,105 946 Central Bank of Ceylon (thousands Note circulation ,133 ,290 24,552 20,260 of rupees): Demand deposits ,24 ,173 7,090 5,482 Foreign exchange 649,888 679,132650,436 Other liabilities and capital 758 747 732 285 Paid-in capital—Int'l. Bank 1,116 1,116 1,116 Central Bank of Ecuador Government securities 68 (thousands of sucres): Other assets 1,245 852 705 Gold 6 334 ,511334,416 261,048 Currency in circulation 389,281400,308 394,197 Foreign exchange (net)8 82 570 ,577144,957 1,280 Deposits—Government 43,979 62,015 33,498 Net claim on Int'l. Fund 8 18 757 18 ^57 18,75 16,881 Banks 187,199 187,824194,131 Credits—Government 225,728 214,156 209,948251,262 Other liabilities and capital 31,858 30,952 30,431 Other 148 123 530 98,749 133,277 Central Bank of Chile (millions Other assets 180 098174 547176,452 167,584 of pesos): Note circulation 485 741480 678475,181 396,220 Gold 1,475 1,430 1,22 Demand deposits—Private banks 134 099 231145,563 130,097 Foreign exchange (net) 349 310 72 Other 123 452 305105,675 111,283 Net claim on Int'l. Fund 8 1 1 1 Other liabilities and capital 247 273 864256,860 193,733 Discounts for member banks.... 1,013 1,042 1,779 National Bank of Egypt6 (thou- Loans to Government 680 680 686 sands of pounds): Other loans and discounts 5,457 5,461 2,952 Gold7 321 6,376 Other assets 2,432 2,429 1,714 Foreign exchange8 926 -•55,368 Note circulation 7,359 7,374 5,783 Foreign and Egyptian Deposits—Bank 1,693 1,737 1,301 Government securities 315,460 328 748 302,988 Other 410 425 338 Loans and discounts 7,950 426 5,049 Other liabilities and capital 1,945 1,818 1,010 Other assets 2,308 094 -•2,809 Bank of the Republic of Colombia Note circulation 170,820 464 150,455 (thousands of pesos): Deposits—Government 88,544 506 68,836 Gold and foreign exchange 188,096 209,960 220,389 188,113 Other 143,050 199 144,222 Net claim on Int'l. Fund • 24,369 24,369 24,369 24,368 Other liabilities and capital 21 347 9,077 Paid-in capital—Int'l. Bank 1,381 1,381 1,381 1,371 r Revised. * 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. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 The National Bank of Egypt became the central bank on Apr. 5, 1951. 7 Beginning December 1950, includes gold in Banking Department, formerly shown under "Other Assets"; in April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. 8 Revised to include foreign exchange and, from June to November 1950, gold, in Banking Department, formerly 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. 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 682 57,249 57,319 50,383 Foreign exchange 30 29 29 25 Foreign exchange (net) 806 91,789 87,949 62,759 Advances to Treasury 590 590 590 654 Net claim on Int'l Fund l 565 1,565 1,565 1,565 Loans and discounts 293 273 286 190 Loans and discounts 782 918 2,290 811 Government securities 206 215 205 189 Government debt and securities. . 636 4,906 5,231 5,041 Other assets 539 513 509 572 O N t o h t e e r c a ir s c s u et l s ation 0 4 8 1 9 9 78 1, , 2 4 8 5 3 3 81 1 , ,2 3 2 9 8 2 65 1 , , 0 72 3 4 1 A B l a l n ie k d o m f i I l t i a ta ly ry n n o o te te s s 1,089 1,068 1,073 3 979 5 Deposits 341 72,761 67,722 51,155 Deposits—Government 181 176 166 180 Other liabilities and capital 459 6,496 6,468 6,097 Demand , 74 67 69 161 State Bank of Ethiopia 2 Other 253 252 251 253 Bank of Finland (millions of mark- Other liabilities and capital 66 60 61 57 kaa): Bank of Japan (millions of yen): Gold ,475 4,475 3,353 2,230 Cash and bullion 1,034 1,010 1,475 Foreign assets (net) ,201 890 -1,929 -2,266 Advances to Government 42,645 42,645 70,226 Clearings (net) ,644 -347 893 Q Loans and discounts 384,730 386,259 130,150 Loans and discounts ,326 40,285 39,452 39,157 Government securities 127,736 125,003 136,008 Securities 970 962 961 1,088 Other assets 37,997 37,771 31,479 Other assets ,480 6,551 7,142 1 ,959 Note circulation 399,332 410,015 311,185 Note circulation ,670 39,055 38,329 31,328 Deposits—Government 155,274 138,672 28,211 Deposits ,896 1,648 745 1,384 Other 23,389 21,958 17,032 Other liabilities and capital ,242 12,114 10,799 9,446 Other liabilities 16,148 22,043 12,910 Bank of German States |The Java Bank (millions of guilders): (millions of German marks): Gold 4 871 871 871 675 Foreign exchange 1,678 1,367 1 ,217 Foreign exchange (net) 612 621 409 50 Loans and discounts 4,370 4,195 3,524 Loans and discounts 514 426 244 97 Loans to Government 9,324 325 8,845 Advances to Government 1,832 1,999 2,275 1,854 Other assets 1 ,421 387 1,175 Other assets 554 529 360 93 Note circulation 7,867 960 8,028 Note circulation 2,809 2,770 2,691 1,713 Deposits—Government 2,430 2,392 2,855 Deposits 880 978 823 654 Banks 1,813 1,588 1,014 Other liabilities and capital 694 696 644 403 Other 1,315 790 380Bank of Mexico (millions of pesos): Other liabilities and capital 3,368 3,545 2,484 Monetary reserve 5 1,053 1,093 1,113 765 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 2,764 2,935 3,088 2,366 Gold and foreign exchange (net). 492 523 349 Bills and discounts 379 356 279 181 Loans and discounts 195 199 151 Other assets 510 490 479 364 Advances—Government 5,903 5,856 5,006 Note circulation 2,766 2 ,732 2,753 2,212 Other 3,233 2,996 2,246 Demand liabilities 1,446 1 ,639 1,699 848 Other assets ,479 1,466 Other liabilities and capital.... 493 502 507 616 Note circulation ,701 1,900 1 Netherlands Bank (millions of Deposits—Government 974 924 guilders): Reconstruction and Gold 6 ,177 1.177 1,175 871 relief accts 4,104 3,970 Silver (including subsidiary coin) 17 17 17 13 Other 1,904 1,746 1,070 Foreign assets (net) 122 154 259 1,071 Other liabilities and capital 2,620 2,500 2,569 Loans and discounts 199 170 97 144 Bank of Guatemala (thousands of Govt. debt and securities ,260 3,178 3,000 2,850 quetzales): Other assets 615 591 628 858 Gold 229 27,229 27,229 27,229 Note circulation—Old 49 50 51 62 Foreign exchange 496 14,300 14,925 7,609 New ,693 2 ,709 2,682 2,818 Gold contribution to Int'l Fund.. 250 1,250 1,250 1,250 Deposits—Government 20 415 Rediscounts and advances 331 4,982 4,974 4,993 Blocked r2 Other assets 241 19,525 19,387 17,651 ECA 1,549 1,470 1,428 873 Circulation—Notes 110 36,912 36,596 34,058 Other 644 656 594 1,086 Coin 314 3,295 3,296 3,139 Other liabilities and capital 454 401 401 552 Deposits—Government 318 2,179 3,065 1,736 Reserve Bank of New Zealand Banks 189 10,596 10,700 10,135 (thousands of pounds): Other liabilities and capital 615 14,304 14,110 9,663 Gold 5,157 5,071 4,959 4,259 National Bank of Hungary 3 Foreign exchange reserve 78,539! 73,971 65,459 58,652 Reserve Bank of India (millions of Loans and discounts 6,495 6,832 7,270 5,433 rupees): Advances to State or State un- Issue department: dertakings 54,033 56,537 59,607 58,094 Gold at home and abroad 400 400 400 Investments 7,974 10,974 15,974 27,658 Sterling securities 6,982 6,882 6,382 Other assets 4,199 4,653 4,487 '6,053 Indian Govt. securities 5,166 5,016 4,71 Note circulation 59,804 58,413 58,675 54,148 Rupee coin 572 584 553 Demand deposits 90.075 92,403 92,013 99,966 Note circulation 12,863 12,809 11,685 Other liabilities and capital. . . . 6,518 7,222 7,069 6,034 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 257 72 366 Gold 243 243 243 244 Balances abroad 1,764 1,922 1,892 Foreign assets (net) 137 284 198 ••207 Bills discounted 36 123 18 Clearing accounts (net) -13 -12 -25 — 88 Loans to Government 72 67 9 Loans and discounts 59 58; 50 38 Other assets 1 ,161 1,213 693 Securities 46 46 46 47 Deposits 2,947 3,056 2,719 Occupation account (net) 6,202 6,202 6,202 7,112 Other liabilities and capital. . . 343 341 259 Other assets 130 142 110 66 Central Bank of Ireland (thousands Note circulation 2,376 2,293 2,314 2,263 of pounds): Deposits—Government 1,865 2,073 2,039 1,810 Gold 646 2,646 2,646 2,646 Banks 1,044 976 979 1,422 Sterling funds 469 49,351 49,993 46,988 Blocked 550 Note circulation 115 51,997 52,639 49,635 ECA 742 706 667 851 Other liabilities and capital.... 777 915 825 •730 p Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 113. AUGUST 1951 1041 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) June May Apr. June date of month) June May Apr. June State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 21,898 22,979 4,384 Issue department: Note circulation 30,711 30,926 27,523 Gold at home and abroad... 44 44 Deposits—Government 864 1,220 882 Sterling securities 852 702 Other 3,772 3,837 3,045 Pakistan Goyt. securities. . . 753 510 Other liabilities and capital. . . 18,471 19,230 533 Govt. of India securities... . 138 151Bank of Sweden (millions of kronor): India currency 300 300 Gold 284 285 273 157 Rupee coin 42 59 Foreign assets (net) 504 279 350 1,043 Notes in circulation 2,047 1,714 Swedish Govt. securities and ad- Banking department: vances to National Debt Office6 ,718 3,778 3,596 2,833 Notes of issue department... 82 51 Other domestic bills and advances 249 241 201 131 Balances abroad 655 313 Other assets 508 514 493 366 Bills discounted 52 102 Note circulation ,530 3.407 3,458 3,178 Loans to Government 2 Demand deposits—Government.. 605 688 456 533 Other assets 313 370 Other 530 422 405 147 Deposits 1,015 746 Other liabilities and capital 597 580 593 671 Other liabilities and capital. . 89 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,001 6,031 5,968 6,252 Gold i 1.165 165 1,165 600 Foreign exchange 209 230 244 283 Foreign exchange (net) 105,315 300 69,542 5,02 Loans and discounts 190 194 196 97 Net claim on Int'l. Fund 2 5.256 377 -2,377 2,710 Other assets 76 78 76 72 Paid-in capital—Int'l. Bank -1,001 001 -1,001 -195 Note circulation ,468 4,398 4,424 4,283 Loans and discounts 141,345 873134,929 124,059 Other sight liabilities ,810 1,937 1,862 2,203 Government loans and securities. 16,623 256 24,25 6,512 Other liabilities and capital 198 198 198 218 Other assets 32,907 259 15,578 22,243Central Bank of the Republic of Note and coin issue 179,793 823165,493 119,313 Turkey (millions of pounds): Demand deposits 60,554 168 51,752 36,124 Gold 419 419 419 418 Other liabilities and capital.... 61,261 484 24,849 5,521 Foreign exchange and foreign Central Reserve Bank of Peru clearings 170 149 169 106 (millions of soles): Loans and discounts ,284 1,173 1,144 ,025 Gold and foreign exchange 3.. .. 699 762 321 Securities 15 15 17 32 Net claim on Int'l. Fund 2 20 20 20 Other assets 95 84 82 77 Contribution to Int'l. Bank 2 2 2 Note circulation 986 962 971 878 Loans and discounts to banks. . 207 219 175 Deposits—Gold 153 153 153 153 Loans to Government 666 671 714 Other 593 568 543 460 Other assets 126 90 251 Other liabilities and capital 251 158 163 166 Note circulation ,159 1,141 948 Bank of the Republic of Uruguay Deposits 371 470 170 (thousands of pesos) : Other liabilities and capital 190 154 366 Gold 447,376 287,415 Central Bank of the Philippines Silver 10,713 11,703 (thousands of pesos): Paid-in capital—Int'l. Bank.... 318 312 Gold 10,237 9,030 4,809 Advances to State and govern- Foreign exchange 533.970 551,540 574,068 436,441 ment bodies 149,417 152,233 Net claim on Int'l. Fund 2 29,504 29 29,501 7,502 Other loans and discounts 268,401 266,787 Loans 19,609 18 47,338 63,918 Other assets 329,874 274,646 Domestic securities 234,536234 163,197 125,779 Note circulation 368,122 292,345 Other assets 180,316 174 175,626 146,817 Deposits—Government 101,301 93,302 Note circulation J634.443656 523 671,052 531,477 Other 329,163 297,862 Demand deposits |202 ,97"0 203 173,224 139,282 Other liabilities and capital 407,513 309,588 Other liabilities and capital 170,759 158 154,483 114,508Central Bank of Venezuela (mil- Bank of Portugal (millions of lions of bolivares): escudos): Gold 1,141 1,141 1,041 Gold 823 3,796 3,143 Foreign exchange (net) -47 -116 72 Foreign exchange (net) 654 10,656 8,983 Other assets 117 117 64 Loans and discounts 574 562 501 Note circulation—Central Bank. 744 745 744 Advances to Government 247 1,,246 1,247 National banks.. 1 Other assets 560 554 476 Deposits 170 206 149 Note circulation 256 8,147 7,665 Other liabilities and capital 296 190 282 Demand deposits—Government.. 810 735 233 Bank for International Settle- ECA 264 299 107 ments (thousands of Swiss gold Other 263 5,337 4,000 francs): Other liabilities and capital 264 2,295 2,345 Gold in bars 462 429468,492 491,935 329,989 South African Reserve Bank Cash on hand and with banks.. . 56 548 36,432 73,104 21,429 (thousands of pounds): Sight funds at interest 4 391 4,405 4,419 2,908 Gold* ,371 74,470 62,820 Rediscountable bills and accept- Foreign bills ,283 91,426 83,310 ances (at cost) 108 835114,991 145,143 183,059 Other bills and loans ,423 7,040 7,928 Time funds at interest 33 459 35,254 32,327 26,770 Other assets ,366 24,462 36,869 Sundry bills and investments... . 270 650 65,084 274,139 269,215 Note circulation ,561 76,283 68,924 Funds invested in Germany 297 201297,201 297,201 297,201 Deposits ,062107,976 107,368 Other assets 1 803 9,666 6,812 1,514 Other liabilities and capital ,821 13,138 14,636 Demand deposits (gold) 247 389 98,123 59,010 188,480 Bank of Spain (millions of pesetas): Short-term deposits: Gold 664 669 668 Central banks—Own account.. 475 752619,981 746,325 434,253 Silver 378 378 446 Other 17 418 18,874 25,771 21,608 Government loans and securities. ,750 15,813 15,681 Long-term deposits: Special 228 909228 28,909 228,909 Other loans and discounts ,127 15,374 10,804 Other liabilities and capital 265 849 265,639 265,064 258,835 ability to the Fund. Until such time as the 0 in JNovemoer 1V4V, part oi tne gold ana toreign excnange noiaings or tne 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, 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l J R u 3 a n 0 te e ef D fe a ct t i e ve ba C n e k n tr o a f l — J R u 3 a n 0 t e e ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Italy 4 Apr. 6, 1950 1939 2 2 4 3 3 1H Argentina Mar. 1, 1936 Japan 5.11 July 5, 1948 Jan 25 1940 2 Austria Aug. 3, 1945 Java 3 Jan. 14, 1937 Apr. 9 Belgium Sept. 11, 1950 Latvia 5 Feb. 17, 1940 May 17 3H Bolivia 6 Sept. 30, 1950 Lithuania. . . 6 July 15, 1939 Mar. 17, 1941. . May 29 3 June 27 2H Jan. 16 1945 IV Canada 2 Oct. 17, 1950 Mexico June 4, 1942 Jan. 20 IH Chile June 13, 1935 Netherlands.. 4 Apr. 17, 1951 Feb 9 2}A Colombia 4 July 18, 1933 New Zealand. July 26, 1941 Nov. 7, 1946. . 21/ Costa Rica 4 Feb. 1, 1950 Norway Jan. 9, 1946 Dec. 19 3 Jan. 10,1947.. &2M Aug. 27 Mi Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct. 9 2H&3 Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 June 28, 1948 i 1-5 El Salvador. . . k Mar. 22, 1950 South Africa. iy Oct. 13, 1949 Sept. 6 Estonia Oct. 1, 1935 Spain 2 Mar. 18, 1949 Oct 1 /23 Finland Nov. 3, 1950 Sweden 4 Dec. 1, 1950 May 27, 1949.. Jl 4V 3 July 14 M-4 Oct. 6 ^ i/ June 8, 1950. . 2H France June 8, 1950 Switzerland.. Nov. 26, 1936 Sept. 11 3% Germany Oct. 27, 1950 Turkey 3 2 Feb. 26, 1951 Sept. 26 3 Greece 12 July 12, 1948 United King- Oct 27 1 1-6 India . 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec. 1 3 Ireland Nov. 23, 1943 U. S.S. R.... 4 July 1, 1936 Apr. 17, 1951. . 4 In effect June 30, 1951 2 2H i 1-6 3% 4 3 1 The lower rate applies to the Bank deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since June 30: Belgium—July 5, from 3% tc 3 Hi per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—-May .54 1.03 1.00 1.03 1.62 1.25 1943—May. .50 1.03 1.00 1.07 1.66 1.25 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 5 4 4 4 9 5 7 0 4 8 6 — — — — — — — . M M M M M M M a a a a a a a y y y y y y y . . . . . . 3 4 3 5 5 4 3 9 1 7 1 0 1 9 1 1 . . . . . . 0 5 . 5 5 6 6 0 3 6 3 3 9 3 3 1 1 . . . . . . . 0 0 5 5 5 5 5 0 0 1 2 1 1 1 L . . . . . . 6 6 6 6 6 0 1 3 3 3 3 3 3 3 2 2 2 1 1 1 1 . . . . . 1 3 3 4 6 . . 6 4 2 8 4 3 8 1 6 1 1 1 1 1 . . . . . 4 2 3 4 2 5 7 3 5 8 1 1 1 . . . . . 0 0 0 9 9 3 8 3 4 3 1 1 1 1 1 1 1 . . . . . . . 2 2 2 2 5 5 6 5 5 5 5 0 0 3 1950—June .51 .69 .51 .63 2.52 1.44 .81 1.50 July .51 .69 .51 .63 2.59 1.57 1.10 1.50 August .55 .69 .51 .63 2.35 1.44 .95 1.50 September. .62 .69 .52 .63 2.22 1.33 .91 1.50 October .62 .69 .51 .63 2.28 1.27 .88 1.50 November. .62 .69 .51 .63 2.19 1.20 .88 1.50 December.. .63 .69 .51 .63 2.41 1.40 1.09 1.50 1951—January... .63 .69 .51 .63 2.45 1.31 .83 1.50 February. . .73 .69 .51 .63 2.42 1.55 1.00 1.50 March .76 .69 .51 .63 2.45 1.46 1.23 1.50 April .76 .69 .51 .63 2.60 1.55 1.24 1.50 May .76 .69 .51 .63 2.61 1.50 1.07 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. AUGUST 1951 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » (11 London clearing Money at Deposits Other banks. Figures in Cash call and Bills dis- Treasury Loans to Other liabilities millio s n te s rl o i f n g p ) ounds reserves n s o h t o ic rt e counted re d c e e p i o p s t i s t J Securities customers assets Total Demand Time ca a p n i d tal 1945—December. 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 1,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 ,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 ,512 ,534 579 6,202 4,161 2,041 427 1950—June 482 544 1,338 297 ,498 ,665 611 6,000 3,965 2,035 434 July 501 557 1,400 321 ,496 ,591 529 5,956 3,935 2,021 440 August. . . 504 544 1,336 368 ,499 ,610 554 5,968 3,941 2,027 447 September, 492 543 1,358 435 ,501 ,610 557 6,028 3,969 2,059 468 October... 509 557 1,414 496 ,505 ,608 616 6,204 4,105 2,099 501 November. 502 548 1,445 478 ,514 ,625 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 ,660 735 6,368 4,262 2,106 550 1951—January.. 530 559 1,470 383 1,529 ,656 697 6,260 4,181 2,078 564 February. . 496 531 1,343 291 1,544 ,714 719 6,041 3,994 2,047 596 March... . 489 537 1 ,313 234 1,552 ,766 770 6,037 3,987 2,049 625 April 520 559 1,300 295 1,554 ,775 760 6,130 4,055 2,075 632 May 504 571 1,226 269 1,556 ,806 854 6,149 4,063 2,086 636 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada (10 chartered banks. loans excluding interbank deposits End of month figures abroad Other Note Other Ca i n n a m di i a l n li o d n o s l o la f rs) Cash Security Other d a u n e d fr n o e m t Securities assets cir ti c o u n la- liab a i n li d ties reserves loans loans and foreign Total Demand Time capital discounts banks 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 ,525 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950— J J u u l n y e 7 7 1 6 2 7 1 9 4 4 5 2 2, , 3 4 8 0 5 8 2 2 2 2 7 2 4 4, , 2 2 4 7 0 6 , , 1 0 8 8 2 9 (3) 7 7 , , 4 2 4 8 7 8 2 2 , , 9 7 0 5 9 9 4 4 , , 5 5 3 2 8 9 , , 5 5 0 0 3 8 August. . . 802 99 2,393 218 4,478 ,113 7,573 3,030 4,543 ,529 S O e c p t t o e b m e b r. e . r . 8 7 4 4 7 8 1 1 0 1 1 5 2 2, , 5 4 6 7 5 3 2 1 2 8 5 9 4 4 , , 4 3 3 4 7 9 , , 1 2 7 5 8 8 (3) 5 7 9 4 7 0 3 3 , , 0 1 1 8 5 0 4 4 , , 5 5 8 5 2 9 , , 5 5 6 8 5 3 November 797 164 2,737 177 4,280 ,293 819 3,276 4,543 ,630 December. 824 134 2,776 171 4,286 ,304 (3) 7,828 3,270 4,558 ,667 1951—January. . 774 118 2,795 175 4,248 ,270 (3) 7,748 3,171 4,577 ,631 February. 770 109 2,872 176 4,093 ,334 7,675 3,057 4,618 ,678 March 753 94 3,008 178 3,986 1,266 7,624 3,010 4,614 ,660 April 774 87 3,046 160 3,924 1,413 7,684 3,086 4,598 1,720 May 760 92 3,066 188 3,886 1,379 7,686 3,097 4,589 1 ,684 Assets Liabilities France (4 o m f l a i m l r l g i o o e n n t s b h a o n f f i k g f s u r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a O a c n c w c e n e p s t- li c a O a b a p t i n h l i d i t e t a r i l es 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—May 43,584 44,346 433,079 134,195 44,993 640,351 626,925 13,427 32,992 26,853 June 41,283 43,618 442,411 133,848 48,126 648,191 633,952 14,240 32,030 29,065 July 47,231 43,599 433,118 141,239 46,610 647,507 636,010 11,497 31,492 32,798 August 41,572 51,670 440,122 135,192 46,982 650,559 638,875 11,684 29,971 35,008 September 42,893 48,797 484,136 131,192 48,609 687,444 674,592 12,853 30,682 37,502 October 39,519 50,793 484,658 136,334 49,077 689,545 674,169 15,376 29,208 41,628 November 38,030 52,709 460,639 146,408 49,479 676,636 660,106 16,530 27,555 43,073 December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 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 April 47,539 65,445 490,676 160,293 41,237 748,810 728,559 20,252 30,678 25,702 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 y% per cent through Oct. 20, 1945, and at Y% per cent thereafter. 8 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 or description of statistics see pp. 566-571 in same publication. 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency Argentina l Belgium Brazil Canada (peso) (franc) (cruzeiro) (dollar) 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 4403 100 000 91.999 1948 29 773 321.22 2.2816 5.4406 100.000 91.691 1949 ... 29.774 293.80 2.2009 2 1407 5 4406 97 491 92 881 27.839 1950 26.571 >13.333 38.289 223.15 1.9908 41.9722 5.4406 890.909 91.474 20.850 1950—August ... 29.778 11.100 223.16 1 9837 5 4406 90.909 90.844 20.850 September. 20.000 13.333 7.205 223.16 1.9838 5.4406 90.909 90.844 20.850 October 20.000 13.333 7.291 223.16 1.9876 <1.9702 5.4406 94.854 20.850 November .... 20 000 13.333 7.147 223.16 1 9876 1 9737 5 4406 96 044 20.850 December 20.000 13.333 6.924 223.10 1.9983 1.9720 5 4406 94.913 20.850 1951—January 20.000 13.333 7.102 223.09 1.9945 1 9549 5 4406 95.002 20.850 February 20.000 13.333 7.138 223.16 1.9883 1.9774 5.4406 95.271 20.850 March 20 000 13.333 7 124 223 16 1 9843 1 9306 5 4406 95 420 20 850 April. ... 20.000 13.333 7.143 223.16 1.9830 1.9491 5.4406 94.353 20.850 May 20.000 13.333 7.096 223.16 1.9833 1.9501 5.4406 93 .998 20.850 Tune.... 20.000 13.333 7.071 223.16 I.9845 1 9568 5.4406 93.484 20.850 July. 20.000 13.333 7.159 223.13 1.9864 1.9788 5.4406 94.252 20.850 France Year or month Co b l i o a m- C sl z o e v c a h k o ia - m D a en rk - (franc) G (d e e r u m tsc a h n e y India 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 .8'109 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 .8^107 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 823.838 20.870 11.570 26.252 277.28 14.015 1950—August 2.0060 14.494 .2854 23.838 20.870 11.573 26.236 277.29 14.015 September 2.0060 14.494 .2855 23.838 20.870 11.572 26.237 277.29 14.015 October ...... 2 0060 14 494 .2856 23 838 20 870 11 571 26.235 277 29 14.015 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—Januarv . 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 Tune.. . . 2.0060 14.484 .2855 23.838 20.870 11.561 26.279 277.29 14.015 July. .. 2.0060 14.484 .2856 23.838 20.870 11.561 26.286 277.25 14.015 Year or month R P e ( p h p p i i e u n l s i b e o p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o en e n - a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o a ) y 1946 4 0501 400 50 9 132 25 859 23 363 403 28 65 830 56 280 1947 ... 4 0273 400 74 9 132 27 824 23 363 402 86 65 830 56 239 1948 ... 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 1949 49 723 3 8800 366 62 42 973 25 480 23 314 368 72 65 830 56 180 42 553 1950 49.621 3.4704 278.38 32.788 19.332 23.136 280.07 65.833 56.180 42.553 1950—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 March. . 49.627 3.4766 278.38 32.850 19.327 23.177 280.07 65.833 56.180 42.553 April... 49.643 3.4799 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 278.38 32.850 19.327 23.018 280.07 65.833 56.180 42.553 July... 49.643 3.4827 278.38 32.850 19.327 23.038 280.02 65.833 56.180 42.553 1 In addition to the rates shown, three other rates were certified from Jan. 1 through Aug. 28, 1950. The 1950 averages for these rates are as follows (in cents per peso): Preferential "A"—20.695, Preferential "B"—17.456, and "Special"—13.896. 2 Based on quotations beginning Sept. 1, 1950. 3 Based on quotations beginning July 13, 1950. 4 Based on quotations beginning Oct. 11,1950. 5 Based on quotations through Sept. 30, 1950; official rate abolished after that date. 8 Based on quotations beginning June 22, 1950. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. AUGUST 1951 1045 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 2 0 t t 6 0 e e ) d s = C ( a 1 = 9 n 3 1 a 5 0 d - 0 a 3 ) 1 9 M (1 e 1 9 x 0 3 i 0 9 c ) o = K U ( i 1 n n 1 9 i 0 3 g t 0 0 d e ) o d = m F ( r 1 1 a 9 0 n 4 0 9 c ) e = 2 ( I 1 1 t 9 0 a 3 0 l 8 ) y .= ( a J 1 v a 9 = e 3 p r 4 1 a a - ) g n 3 e 6 ( J J N u u e l = n l t a e y h 1 n 1 1 0 e d 9 0 9 r s ) 3 3 - 8 9 - S (1 w 1 9 e 0 3 d 0 5 ) e = n ( S A w u = l i g a t . 1 n z 0 d 1 e 0 9 r ) - 39 1926 100 130 3 124 150 »126 *135 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—Tune 157 209 304 257 103 4,671 229 317 223 196 July 163 212 307 260 106 4,694 242 317 224 199 August 166 216 312 264 107 4,913 254 225 205 September 170 223 321 272 112 5 088 260 228 209 October .... 169 220 326 280 113 5,176 269 230 213 November 172 222 332 289 117 5,279 277 244 216 175 225 335 292 121 5,424 281 253 218 1951—January 180 232 344 300 123 '5,652 296 '266 226 February 184 239 359 306 130 5,738 r316 ••275 230 March 184 242 375 314 134 5,724 r333 287 231 April 184 242 385 319 r141 *>5 697 346 297 231 May. . 183 242 394 320 J>141 P5,680 P302 231 June . . . 182 400 321 P138 P228 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 ndex 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 description of the index may be found in "Bulletin Hebdomadaire de Statistique," Feb. 3 and June 23, 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 1941r p. 84; April 1937. p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada1 United Kingdom Netherlands (1926=100) (1935-39=100) (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r u m cts Foods co O i m t ti m h e e o s r d- pr F o a d r u m cts R f m a p a g c a a w o t r n o u t a u d l r n - s e y d d F f u c m a l g h c l a o i t y n o e u f u d a r l - s e n y d d Foods pr I o n tr d d i u u a s c l - ts Foods t p r r I i o n a d d l u u s c r - t a s w p f r I i o n t n r d d i i u u a s s c l h - t e s d 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—Tune 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 P368 June 199 186 171 247 P367 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. 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( S U 1 = t n 9 a i 3 1 t t 5 0 e e - 0 s 3 d ) 9 i (1 = C 9 a a 3 d 1 5 n 0 a - - 0 3 ) 9 1 K 7 ( d i , J o n u m 1 n g 9 e - 47 Fr = ( a 1 1 n 9 0 4 c 0 9 e ) 2 ( N 1 l e = 9 a t 3 1 n h 8 0 d e - 0 s r 3 ) - 9 1 ( l 9 e A a 3 r u 9 n - g d . = Y m e o a n r t o h r ( S U 1 t = n 9 a i 3 1 t t 5 0 e - e 0 s d 3 ) 9 i (1 = C 9 a a 3 1 d 5 n 0 a - - 0 3 ) 9 1 K 7 ( d i , J o n u 1 m g n 9 e - 47 Fr = ( a 1 1 9 n 0 4 c 0 9 e ) 2 ( N 1 l e = 9 a t 3 1 n h 8 0 d e - 0 s r 3 ) - 9 1 ( l 9 A 3 a e u 9 n r g d - . = = 100) 100) = 100) 100) 1942 124 127 161 10 153 1942 117 117 200 10 141 1943 138 131 166 12 161 1943 124 118 199 12 148 1944 136 131 168 15 164 1944 126 119 201 16 151 1945 139 133 170 21 164 1945 ••129 119 203 22 153 1946 160 140 169 36 193 160 1946 140 124 204 35 192 152 1947 194 160 101 57 211 170 1947 160 136 101 57 199 158 1948 210 196 108 92 228 176 1948 'I 72 155 108 90 206 163 1949 202 203 114 100 249 174 1949 170 161 111 100 219 162 1950 205 211 123 111 277 176 1950 172 167 114 111 240 159 1950-June 203 209 123 105 284 175 1950-June 170 165 114 107 241 158 July 208 214 122 105 278 175 July 172 168 114 240 158 August 210 217 121 109 275 178 August.... 173 169 113 239 159 September. 210 219 122 113 276 179 September. 175 170 114 113 243 160 October.. . 211 220 125 116 286 180 October. . . 176 171 115 248 161 November 211 219 125 117 286 180 November 176 171 116 249 161 December. 216 219 125 118 286 180 December. 179 171 116 117 249 161 1951-January... 222 220 127 120 179 1951-January... 182 173 117 119 162 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 185 182 121 126 165 May 227 235 135 129 179 May 185 182 124 129 166 June 227 ^240 P136 P127 P180 June 185 P184 P125 P129 P\66 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r t n h a a i i d g t t e e e h s d ) ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 9 1 a 4 0 n 9 0 c ) e = l N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t te e - 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n g 6 i = t d e 1 o d 0 m 0) 1 (D 9 F 3 e 8 r c a e = n m c 1 b e 0 e 0 r ) N la e n th ds e 2 r- Number of issues. 12 87 60 416 105 278 295 27 1943. 120.3 102.6 127.8 133.3 91.9 83.5 84.5 268 1944. 120.9 103.0 127.5 136.8 99.8 83.8 88.6 265 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 96.2 875 195 1947. 103.2 118.5 130.8 120.0 105.6 123.0 106.0 94.6 1,149 233 1948. 98.7 105.0 129.9 106.4 107.1 124.4 112.5 92.0 1,262 240 1949. 101.9 107.6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 219 1950. 109.6 121.2 99.8 106.7 146.4 131.6 90.0 1,030 217 1950—July 109.9 120.7 98.5 106.3 138.2 124.3 88.7 961 August. . . . 110.5 120.8 99.3 105.0 147.2 135.7 89.0 1,020 September. 111.4 122.7 100.1 103.7 151.7 141.5 91.3 1,080 October. . . 108.7 124.2 98.5 104.3 157.8 145.4 92.5 1,035 November. 106.5 124.1 99.8 104.6 156.1 144.5 92.9 1,029 December.. 103.4 121.9 99.4 101.5 158.4 146.3 92.1 944 1951—January. . 102.1 122.4 99.7 99.4 168.6 153.8 94.7 1,031 224 February. 102.1 121.1 99.6 97.4 174.7 166.5 96.8 1,144 228 March. . . 95.6 120.2 100.1 96.6 170.3 162.9 96.2 1,159 226 April 95.3 119.8 99.2 93.1 172.3 165.6 96.0 1,169 221 May 95.3 118.3 100.4 86.9 173.9 164.0 99.7 1,172 215 June 117.5 87.6 171.7 P160.7 99.4 Pi,188 212 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. 2 In June 1951 the Netherlands Central Bureau of Statistics discontinued its series of index numbers of stock prices, shown heretofore. The new figures shown are an average of the ratios of current prices to nominal values, expressed as a percentage. A detailed explanation of the new series is given in the Central Bureau's publication "Mededeling No. 2104." 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. AUGUST 1951 1047 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, |R. 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 LEGAL DIVISION DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director GEORGE B. VEST, General Counsel J. E. HORBETT, Assistant Director FREDERIC SOLOMON, Assistant General Counsel LOWELL MYRICK, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel 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 CLARKE L. FAUVER, 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 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President IT' TJ 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 D. F. Hagner Edw. A. Wayne R. W. Mercer 3 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 D. F. Hagner 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, AUGUST 1951 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from RULES OF ORGANIZATION AND RULES OF PROCEDURE— the Division of Administrative Services, Board of Board of Governors of the Federal Reserve Sys- Governors of the Federal Reserve System, Wash- tem (With Amendments). September 1946. 31 ington 25, D. C. Remittance should be made pages. payable to the order of the Board of Governors THE FEDERAL RESERVE ACT, as amended to Novemof the Federal Reserve System. ber 1, 1946, with an Appendix containing pro- FEDERAL RESERVE BULLETIN. Issued monthly. Sub- visions of certain other statutes affecting the scription price in the United States and its pos- Federal Reserve System. 372 pages. 50 cents per sessions, Bolivia, Canada, Chile, Colombia, Costa paper-bound copy; $1.00 per cloth-bound copy. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, POSTWAR ECONOMIC STUDIES. (8 pamphlets) Newfoundland (including Labrador), Nicaragua, No. 1. Jobs, Production, and Living Standards. Panama, Paraguay, Peru, El Salvador, Uruguay, No. 2. Agricultural Adjustment and Income. and Venezuela is $2.00 per annum or 20 cents No. 3. Public Finance and Full Employment. per copy; elsewhere $2.60 per annum or 25 cents No. 4. Prices, Wages, and Employment. per copy. Group subscriptions in the United No. 5. Private Capital Requirements. States for 10 or more copies to one address, 15 No. 6. Housing, Social Security, and Public cents per copy per month, or $1.50 for 12 months. Works. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 No. 7. International Monetary Policies. per annum including historical supplement No. 8. Federal Reserve Policy. listed below, or 60 cents per copy. In quantities The price for the set of eight pamphlets is $1.25; of 10 or more copies of a particular issue for 25 cents per pamphlet, or, in quantities of 10 or single shipment, 50 cents each. (Domestic rates) more for single shipment, 15 cents per pamphlet. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND BUSINESS. 113 charts. April 1951 edition. FUNCTIONS. November 1947; reprinted April Annual subscription to monthly chart book in- 1951. 125 pages. 75 cents per cloth-bound copy; cludes supplement; single copies, 60 cents each. in quantities of 10 or more copies for single In quantities of 10 or more copies for single ship- shipment, 50 cents each. Paper-bound copies ment, 50 cents each. (Domestic rates) available without charge. BANKING STUDIES. Comprising 17 papers on bank- DEBITS AND CLEARINGS STATISTICS, THEIR BACKing and monetary subjects by members of the GROUND AND INTERPRETATION. October 1947. 50 Board's staff. August 1941; reprinted March pages. 25 cents per copy; in quantities of 10 or 1949. 496 pages. Paper cover. $1.00 per copy; more copies for single shipment, 15 cents each. in quantities of 10 or more copies for single shipment, 75 cents each. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of December 31, 1947. July 1948. 122 pages. As BANKING AND MONETARY STATISTICS. Statistics of of June 30, 1949. December 1949. 122 pages. banking, monetary, and other financial develop- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND ments. November 1943. 979 pages. $1.50 per STANDARD METROPOLITAN AREAS, as of Decemcopy. No charge for individual sections (unber 30, 1951. July 1951. 125 pages. bound). MONETARY AND BANKING REFORM IN PARAGUAY. A STATISTICAL STUDY OF REGULATION V LOANS, Includes translation of laws, accompanying re- September 1950. 74 pages. 25 cents per copy; ports, and introduction reviewing the monetary in quantities of 10 or more copies for single shiphistory of Paraguay. July 1946. 170 pages. ment, 15 cents each. $1.00 per copy. REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1 A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 734-37 of the June 1951 with amendments. BULLETIN. 1050 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. STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING A STUDY OF INSTALMENT CREDIT TERMS, by Milton Moss. December 1949. 8 pages. OATH OF OFFICE, APRIL 2, 1951. April 1951. 1 page. FRENCH EXCHANGE STABILIZATION FUND, by Robert 1951 SURVEY OF CONSUMER FINANCES—SELECTED Solomon. January 1950. 5 pages. PRELIMINARY RESULTS. April 1951. 4 pages. INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- PART I. THE ECONOMIC OUTLOOK AND LIQUID ruary 1950. 5 pages. ASSET POSITION OF CONSUMERS. June 1951. 18 pages. PART II. PURCHASES OF HOUSES AND STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DURABLE GOODS IN 1949 AND BUYING PLANS FOR DEPOSIT INSURANCE. February 1950. 15 pages. 1951. July 1951. 18 pages. PART III. DISTRI- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION BUTION OF CONSUMER INCOME IN 1950. August FINANCING IN 1949, by Eleanor J. Stockwell. 1951. 18 pages. (Other articles on the 1951 June 1950. 6 pages. (Also, similar survey by survey will appear in subsequent issues of Charles H. Schmidt. June 1949. 8 pages.) 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 pages; for 1949 from June-November 1949 and STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- January 1950 BULLETINS, 124 pages; for 1950 TION. Presented by Thomas B. McCabe, Chairfrom April and June-December 1950 BULLETINS, man, Board of Governors of the Federal Reserve 106 pages, which includes THE METHODS OF THE System, before the Senate Committee on Banking and Currency, June 27, 1950. July 1950. 8 SURVEY OF CONSUMER FINANCES.) pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- BRANCH BANKING IN THE UNITED STATES, 1939 and NIQUES. November 1950. April 1951. 19 pages. 1949. July 1950. 16 pages. * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. DEFENSE LOAN POLICY. An announcement adopted As amended to April 20, 1951. 4 pages. jointly by National and State Supervisors of banks and other lending institutions. August 4, 1950. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. August 1950. 1 page. April 1951. 14 pages. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS ber 1950. 2 pages. AND BUSINESSES. July 1951. 2 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING MEASUREMENT OF CONSUMER CREDIT. Address by Ralph A. Young and Homer Jones before the THE INTRODUCTION OF REAL ESTATE CREDIT REGU- LATION. July 1951. 23 pages. University of Illinois Consumer Credit Conference, Chicago, Illinois, October 5, 1950. Novem- FINANCING OF LARGE CORPORATIONS IN 1950, by ber 1950. 9 pages. Eleanor J. Stockwell. August 1951. 7 pages. AUGUST 1951 1051 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 wj === BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES *j( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis