Federal Reserve Bulletin, 1951-10

F E D E R AL E S E BULLETIN OCTOBER 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 The Consumer Durable Goods Situation. 1225-1234 New Index of Output of Major Consumer Durable Goods. 1235-1240 Voluntary Credit Restraint Releases 1241-1243 Credit and Sales Reported by Regulation W Registrants. 1244-1255 Member Bank Earnings, First Half of 1951. 1256-1257 Current Events and Announcements 1257 National Summary of Business Conditions. 1258-1259 Financial, Industrial, Commercial Statistics, U. S. (See p. 1261 for list of tables) . 1261-1321 International Financial Statistics (See p. 1323 for list of tables). 1323-1341 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1342 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1343 Federal Reserve Publications. 1344-1345 Map of Federal Reserve Districts. 1346 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 37 October 1951 NUMBER 10 THE CONSUMER DURABLE GOODS SITUATION Changes in production and sales of con- promotions of goods at special prices, howsumer durable goods have been important ever, and these have been a factor in stimuinfluences on over-all business developments lating consumer buying during recent since mid-1950. Very high rates of buying months. Unit purchases of durable goods reached during the second half of 1950, ac- and apparel have probably increased somecompanied by sharply advanced levels of pro- what more than the dollar volume of retail duction, were followed in the first half of sales. In the case of foods, buying and 1951 by marked declines in consumer purprices have been sustained at record levels. chases. Output, although reduced after Prices of cotton, hides, and various other ma- March, continued above retail sales and there was a rapid accumulation of inventories. PERSONAL INCOME and SALES and STOCKS of GOODS Since mid-1951 production of consumer dur- Per Cent Seasonally adjusted indexes, 1947-49=100 Per Cent ^ able goods has been curtailed considerably 120 further, owing partly to reduced availability of materials. At the same time retail sales 100 have picked up moderately and inventories have shown some reduction. Production and inventories of various consumer nondurable goods have also been reduced from earlier peak levels. These shifts since the early part of the year have occurred at a time when personal incomes—reflecting expanding defense and capital equipment programs —have continued to rise moderately and have been high in relation to total retail sales, as shown in the chart. Manufacturers' list prices of most consumer goods have been maintained at the ceiling levels established in January. Wholesale price ceilings on new passenger automobiles were raised in March and again in 1947 1949 1950 1951 September and now average 8 per cent higher NOTE.—Department of Commerce series converted to inthan in January. There have been extensive dexes on 1947-49 base by Federal Reserve. Inventories are end-of-month data. Latest figures are for August. OCTOBER 1951 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION terials used mainly by the consumer goods trols and tighter credit conditions contribindustries declined sharply during the spring uted to the abatement in demands generally. and summer from the highs reached early Of considerable significance also for interin the year. Since mid-September prices of pretation of the reduced rate of consumer materials have shown selective advances, re- buying of goods this year was the fact that flecting some increase in business demands consumers had become better stocked and and a more restricted volume of offerings by housed than in any preceding period. The producers. accelerated rate of consumer buying after the During the recent period of readjustment Korean outbreak came on top of large-scale in consumer goods industries, activity, in- spending for goods throughout most of the comes, and expenditures in most other major period following World War II. This buying sectors of the economy have been maintained reflected large deferred demands and various or have exceeded earlier peak rates. Total in- other influences, including a rapid increase dustrial production in September is indicated in the number of new households. Conto be only slightly below the high level of sumer expenditures for goods alone were a the first half of the year, as the curtailments larger proportion of personal disposable inin output of consumer goods have been come than at any time in the previous two largely offset by increases in production of decades. The proportion in the three years munitions and capital equipment. While 1947-49 averaged 67 per cent as compared the number of new dwelling units started with a high before World War II of 61 per since March has been about one-third below cent. Expenditures for services meanwhile the same period last year, there have been remained at relatively low rates, reflecting further marked increases in new plant con- in part Federal controls on rents and a lagstruction. Wage rates have continued to ad- ging adjustment in prices of other services. vance, and unemployment in early Septem- This year the proportion of disposable inber was at about the lowest level since 1945. comes going for goods has fallen off to 61 per cent during the second and third quar- CONSUMER DEMAND DEVELOPMENTS ters. The proportion spent on services The falling off early this year in demands has been maintained. Rents and prices of for consumer durable goods—notably appli- other essential services are now higher as ances, television, and new automobiles—re- compared with 1948 than is the case for retail flected a number of influences. Some were prices of goods. Larger consumer outlays of a temporary character such as the pushing are necessary to service and maintain the forward of purchases resulting from earlier record volume of major durable goods and fears of shortages and, for certain items, the housing now in the hands of consumers. greatly advanced levels of prices reached for These include expenditures on various misa time. After such an upsurge in prices as cellaneous goods, such as gasoline and parts, occurred in 1950, a certain amount of buyer and on such services as repairs, insurance, resistance was to be expected as the new price and taxes. levels were tested—especially when it became Consumer savings have increased this year, apparent that heavy accumulations of busi- both in aggregate and as a percentage of inness inventories were developing. Moreover, come, and this reflects in part higher paythe establishment of general direct price con- ments on consumer short-term and mortgage 1226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION debt. Consumers have also considerably in- consumer durable goods have been especially creased their savings in liquid form as in- pronounced in 1950 and 1951. Output dicated, for example, in increasing time of passenger automobiles and household deposits and savings and loan shares. goods—carpets, furniture, major appliances, An unusual aspect of the shift in the con- and radios and television—are measured by a sumer demand situation was its limited new index shown in the accompanying chart downward impact on the economy generally. and described in a special article on pages While heavy inventories had accumulated 1235-40. This index rose sharply in 1950 and the rise in consumer incomes had slowed and during the second half was two-thirds down, expenditures for defense and capital above the 1947-49 average. By March 1951 equipment were continuing to expand. It output was only slightly below this advanced was widely expected that further growth in level and, with consumer demand for these defense activity would soon result in a goods sharply curtailed after February, busireversal of the situation in the consumer ness stocks mounted further. goods field. Increases in incomes from ex- OUTPUT OF MAJOR CONSUMER DURABLE GOODS panding employment and hours worked in Seasonally Adjusted, 1947-49 Average for Total '100 defense activities and from further advances Points in Total Index Points in Total Index in wage rates were counted on to more than offset decreases resulting from reduced working time in nondefense lines, while further curtailments in consumer goods output were expected to result from material shortages. SUPPLIES OF CONSUMER GOODS The extraordinary levels of demand for consumer goods reached in mid-1950, inspired by prospects of shortages and of rising prices, resulted in a very sharp expansion in output of finished consumer goods and of materials and parts for their production—including many nondurable items as well as 1947 1948 1949 1950 most durable goods. The inauguration of NOTE.—Federal Reserve indexes. For description see pages 1235-40 of this BULLETIN. Latest figures shown are for August. the expanded defense program in the summer of 1950 was widely heralded to mean National Production Authority limitations marked curtailments before the end of the on use of metals for consumer goods inyear in output for civilians. Contrary to creased in importance beginning in the secthese expectations, output of consumer goods ond quarter; reflecting these measures as well was generally maintained at record levels as the accumulation of inventories, average up to the spring of this year and, despite a output of major consumer durable goods new wave of buying after the Chinese inter- began to decline and by July was 35 per vention in November, stocks of consumer cent below the high first quarter and close goods generally continued to expand. to the 1947-49 average. One of the most Fluctuations in output and stocks of major striking curtailments among these goods, and OCTOBER 1951 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION one not affected by Federal material limita- able income. If there should be an abrupt tions, was in output of carpets to the lowest upturn in those demands, the present large peacetime level since the mid-thirties. Since volume of supplies of some goods would be July production of these goods generally has reduced rapidly. On the other hand, the shown little change. Production of other maintenance of recent levels of buying would consumer durable goods, as a group, usually mean that supplies would continue to be shows less fluctuation than do the major relatively ample. items. During the recent period production Market developments for passenger autoof numerous items, including small applimobiles and for household durable goods are ances, silverware, jewelry, and luggage, has of special significance in the consumer goods also declined considerably. Output of autosituation. While broad changes in demand, mobile replacement parts, tires, and various output, and supplies for these two major cateother goods has been maintained. gories have been roughly similar this year, Production of consumer nondurable goods, there have been important differences in the which also showed a further marked rise last timing and degree of changes. For example, year, continued at record levels into the secdealers' stocks of passenger cars, though conond quarter of this year, when lagging retail siderably above earlier post-World War II sales led to sharp cutbacks in distributors' low levels, increased less relative to sales than orders. By the third quarter production of did stocks of most household goods. Partly textiles, clothing, shoes, soap, and some other as a result of this relationship, car assemblies items was reduced considerably below earlier by major producers during the third quarter peak rates. were closely in line with the reductions Manufacturers' stocks of all types of finordered by NPA, while curtailments in outished goods expanded substantially further put of major metal household goods were during the second quarter, but distributors' sharper and greatly exceeded those implied holdings leveled off in May, as shown in the by material limitation orders. Developchart on page 1225. As a result of the curments in these two major classes of durable tailments in output of both durable and goods are discussed in greater detail in the nondurable goods and some pickup in retail following sections. sales, distributors' stocks declined and manufacturers' stocks of finished goods leveled off PASSENGER AUTOMOBILES in the third quarter. Passenger car output this year is expected Total business stocks of consumer goods at the beginning of the fourth quarter were to total about 5.4 million units, a volume still far above the levels prevailing before the exceeded only by last year's exceptionally Korean outbreak. Output of most of these large output of 6.7 million. During the past goods, with the major exceptions of pas- three years about 17 million cars have been senger automobiles, meat, and milk, can produced and sold. The number now in use be increased from reduced third-quarter is about two-thirds greater than in 1939. levels notwithstanding the expanding de- With employment and incomes high, further fense program. The general level of con- increases in the adult population and the sumer demands is also above the pre-Korean pressure to improve the general standard level, but by a smaller amount than dispos- of living have been continuing to provide 1228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION relatively large markets for both new and NEW PASSENGER CARS used cars. Millions of Cars Daily Averages at Annual Rates Millions of Cars Current production. The National Pro- 10 OUTPUT REGISTRATIONS duction Authority has allotted materials for the production of 1.1 million new cars during p L the last quarter of this year, a rate about as 1 v_ y)50 /*"*' \1950 high as for any fourth quarter except that of 1 \ I 1950. Whether this output is attained will 6 depend partly on the actual availability of the materials allotted, particularly copper, and partly on demand expectations. Production in the third quarter almost equaled the -'N /19V ^ -*^ \ /^ 194? 1.2 million cars for which materials had been V authorized. Some companies, including the 2 three major producers, made maximum use of the materials authorized but other companies curtailed production considerably be- 0 1 , 1 1 1 1 > > 1 > > ! J F M A M J J A S O ND J F M A M J J A S O ND cause of the high levels of their dealers' stocks NOTE.—Figures derived by Federal Reserve from Automobile and because of production difficulties. Manufacturers Association reports on factory sales for domestic markets and R. L. Polk and Company data on new car registrations. Registrations data for September and output data for Sales and stocks. Demand for new pas- September partly estimated by Federal Reserve. senger cars thus far in 1951 has been con- ceilings was allowed in March, but in the siderably below the extraordinary rates second quarter dealers increased trade-in alreached in the buying waves of the summer lowances and made other concessions. A and winter of last year. Inventory financing sharply expanded volume of exports during problems developed for certain makes during the first half of this year—at an annual rate the second quarter as total dealers' stocks of 310,000 units compared with 135,000 in were about double the low levels prevailing 1950—was a factor in limiting the rise in in the earlier postwar years. These stocks, domestic stocks throughout the period. however, amounted to less than a month's Recent demand influences. After midsupply at going sales rates. 1951, when output was reduced further, new Dealers' stocks of new cars had increased car sales also decreased. The decline in sales in the autumn of 1950 from the extremely was less than in production and stocks were low levels of the summer. They accumu- reduced by about the amount that they had lated further when output for domestic use increased earlier in the year. With stocks rose in the first quarter of this year, to an lower, demand for cars in early September annual rate of 6.8 million units in March, was stimulated by expectations of impending as shown in the chart; car sales, as approxi- shortages, higher ceiling prices, and increases mated by registration data, showed little in excise taxes, and by the relaxation of Regufurther rise after February when sales usually lation W terms on July 31 to conform with show marked seasonal increases. The rise the amended Defense Production Act. Prein stocks, however, slowed down in the sec- liminary indications are that demand for ond quarter as output was reduced. An new cars has decreased again since the averadvance of about 3 per cent in Federal price age advance of about 5 per cent in wholesale OCTOBER 1951 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION prices in mid-September. The approach of USED CAR PRICES new models and other seasonal influences usually result in a decline in demand for new and used cars after Labor Day. Owing to tooling difficulties and material shortages, the period of new model change-overs may extend over a longer time than usual. Present tentative plans call for the introduction of new models beginning in late November and continuing well into next year. Another factor bearing on demand in- 1400 cludes the limits on instalment sales terms under the Board's Regulation W. Throughout the period since its reimposition on Sep- 1200 tember 18, 1950, cash sales of new cars, probably involving an increasing rate of trade- 1000 1000 1950 1951 ins, apparently have been maintained at NOTE.—Federal Reserve compilation of data from private higher levels than instalment sales. During sources based on advertised offerings of Chevrolets, Fords, and Plymouths in Sunday newspapers in 18 cities. Latest figures the first six months of this year instalment shown are for September 30. sales were below the corresponding period level of new car production, retail offering a year ago while total sales were virtually prices of late model used cars declined about unchanged. $150 per unit from March to May. After Used cars. Sales of used cars have been May prices showed little downward movemore active than sales of new cars in the ment and in early September they strengthsecond and third quarters, following substan- ened as new car prices were advanced. tial reductions in retail prices of used cars Consumer/ stoc\s. Changes in the numduring the spring, as shown in the chart. ber and distribution of automobiles in use Dealers' stocks of used cars have been re- have become of growing importance in conduced from the relatively high levels which sidering shifts in demand, especially since had been reached in the spring as a result the 1948-49 recession experienced by many partly of the increased proportion of trade-in other consumer goods. Reflecting output of sales and of dealers' expectations that short- about 24^2 million vehicles since the end of ages of new cars would develop. 1945 and a low scrappage rate, the number Prices of used cars during 1950 reached a of automobiles in use on October 1 is estipeak in mid-August but declined sharply mated to have totaled 40 million. This is 22 thereafter and by the end of November were per cent larger than the number in use in down about as much as might be expected mid-1949. Moreover, early this year about seasonally from the levels just prior to the 65 per cent of all families in the nation had Korean outbreak. From November through one or more cars compared with 56 per cent February, prices showed a small counter- in 1949, according to the Board's Survey of seasonal rise. Reflecting the subsequent eas- Consumer Finances, and the number of faming of inflationary pressures which developed ilies with more than one car was increasing. in other markets and the relatively high Apart from their large number, an unusual 1230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION feature of the automobiles now in use is their HOUSEHOLD DURABLE GOODS age distribution. This reflects the curtailed Per Cent Seasonally adjusted indexes, 1947-49*100 Per Cent production during the war, the limited output immediately after, and the extremely > A high production and demand rates of the past 140 140 RETAILSALES I Y^ three years, along with the continued operation of older cars beyond the prewar custo- 100 100 mary scrappage age. By the middle of this RETAIL,STOCKS year, about 14 million cars, or 36 per cent, 60 were under three years of age, as compared with 27 per cent in 1949 and 29 per cent in OUrpuT y. r 1939, as shown in the following table. The 140 140 number 10 years of age and over was far J greater than the 4 million in use in 1939. £ \ 100 100 AGE DISTRIBUTION OF PASSENGER CARS IN USE [Mid-year dates] 1947 1948 1949 1950 1951 Number (in millions) Per cent Age (in years) NOTE.—Sales and stocks indexes compiled by Federal Reserve from Department of Commerce figures for homefurnishings 1951 1949 1939 1951 1949 1939 stores and Federal Reserve department store data for carpets and m<?s, furniture, major household appliances, and radios and television. Output index described on pages 1235—40 of this Total 39.3 32.7 24.2 100 100 100 BULLETIN. Latest figures shown are: sales, September; stocks, end of August; and output, August. Under 3 14.2 8.7 7.1 36 27 29 3-5. 6.0 2.0 7.3 15 6 30 6-9 2.9 8.1 5.6 8 25 23 in the 1949 recession and the recent level 10 and over . . 16.1 13.8 4.2 41 42 18 is close to the low reached at that time. This NOTE.—R. L. Polk data, with 1939 and 1949 figures re- sharp curtailment, together with a moderate grouped and 1951 figures estimated by Federal Reserve. rise in consumer buying from the reduced HOUSEHOLD GOODS levels reached in May and June, has prob- Consumer demand for major household ably resulted in a decline recently in over-all goods, particularly appliances and television, business inventories of these goods—considerhas shown very sharp shifts since the Korean ing wholesalers and manufacturers as well as outbreak. As a result, fluctuations in sales, retailers. business inventories, and output have been At retail stores the value of stocks of housemore marked for these goods than for passenger cars and most other consumer goods. hold durable goods by the end of August was Changes at retail stores in the value of sales 10 per cent below the May peak, reflecting in and stocks of household goods are compared part mark-downs of goods in inventory. The in the accompanying chart with the course August figure was still 40 per cent above the of output—all series adjusted for seasonal pre-Korean level, while the value of retail variation. A breakdown of output of these sales in August, and also September, was at goods into four major groups is shown in a about the same rate as before Korea. Rechart on page 1235. tailers sharply curtailed their orders for Production of household goods in 1950 ex- household goods after consumer buying fell ceeded the postwar replenishment boom off from the January peak, and receipts of levels of 1948. Since the first quarter of this goods during the second quarter were reyear output has declined much more than duced substantially. Retail sales, however, OCTOBER 1951 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION did not show the usual seasonal rise during second quarter, but by August was down to the second quarter and stocks continued to about three-fifths of the average for the first increase through May. Retailers' stocks were six months of 1950, as measured by the new reduced thereafter, but stocks held by manu- weighted production index for four types facturers rose further to a point where pro- of radio sets. duction in some plants was discontinued. Since the second quarter, sales of radio and Unemployment generally was not a serious television sets have shown a much more than problem as hours of work were reduced and seasonal expansion, as shown in the chart, vacations were extended. There was also reflecting in part widespread discount sales some shift of employees to defense work in by retailers, and marked reductions in manuthe same plants or to new jobs in other plants. facturers' list prices. Also, the relaxation of The decline in consumer instalment buy- instalment credit terms effective beginning ing of household goods has also been marked July 31, by allowing trade-ins to be part of this year in contrast to the increase in other the required down payment, has been more types of instalment credit. Automobile of a sales stimulant for television and applicredit and miscellaneous personal loans out- ances than for furniture and carpets. The standing rose by a total of about 260 million recent rate of retail sales of television has dollars during the first eight months. The been above output and total stocks have remaining volume of instalment credit, based begun to be reduced but they are still large. largely on sales of such items as television, Major appliances. The highest levels of furniture, and appliances and some nondurretail stocks relative to sales have been in the able goods, dropped by about 650 million major appliances such as refrigerators, stoves, dollars. In the recent pickup in consumer washing machines, and vacuum cleaners. At buying, however, there has also been a noticelarge department stores stocks of these goods able increase in credit granted, reflecting in part the relaxation of instalment terms in SALES and STOCKS of MAJOR HOUSEHOLD DURABLES conformance with the amended Defense Production Act. Television and radio. Among household goods, the greatest instability since mid-1950 has been experienced by television. In August the level of output was only one-third of the first quarter level and less than one-half of the average rate in the first half of 1950 although Federal material orders indicated a production ceiling of about two-thirds of the latter rate. The composition of output changed considerably over the period, with the larger, more expensive console and combination sets rising in proportion to the total ioo -^x-^ey—N during last year's increase and falling off 60 during this year's sharp decline. Radio out- NOTE.-—Federal Reserve indexes based on data reported byput showed only a moderate decline in the large department stores. Latest figures shown are: sales, September; stocks, end of August. 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION at the end of August were 180 per cent of the PRICES OF CONSUMER DURABLE GOODS 1947-49 average, while sales in August and Cent 1947!-49-100 Per Cent September were 75 per cent of that average. The sharp increase in new residential building last year and the decrease this year have resulted in marked changes in contractors' purchases of such major appliances as refrigerators and stoves. These purchases are usually not made at department stores and other retail outlets, but their production is reflected in the new output index referred to earlier. Average output of major appliances was nearly halved from March to July and was lower than at any point since the beginning of 1947, as shown in the chart on page 1235. As noted for television, the 1950 increases 1947 1949 1947 1949 1951 NOTE.—Special Federal Reserve compilations of Bureau of in output were especially marked for the Labor Statistics data, which are monthly for wholesale and end of quarter for retail. Furniture at wholesale includes a more expensive models, which producers small amount of office furniture. Major household appliances includes cooking stoves, vacuum cleaners, refrigerators, and anticipated would find a very large market. washing machines. Latest figures shown are: retail, end of June; wholesale, August. Carpets and furniture. Compared with appliances and television, fluctuations in buy- goods, discounts and special promotions on ing of carpets and furniture were less ex- carpets were widespread. The failure of treme, partly because fears of shortages were retail list prices of durable goods to be renot so great. Furniture production in August duced, except for television sets, probably was about one-fifth lower than a year earlier. reflected trade views that shortages would The much sharper curtailment in output of reappear soon and that bargain prices would carpets was influenced by sharp declines in prove to be temporary. wholesale prices of raw wool and carpets and the subsequent pressure by distributors to SUPPLY PROSPECTS liquidate inventories. Supplies of consumer durable goods in Prices of carpet wool tripled from the coming months will depend largely upon beginning of 1950 to the early part of this production prospects which differ for the year, and there was a succession of advances various goods. Output of such products as in wholesale prices of carpets, as shown in carpets, other textile housefurnishings, wood the chart, totaling about 75 per cent. Since furniture, and china and glassware is not March carpet wool prices have fallen to pre- likely to be limited by material supplies. Fed- Korean levels. Wholesale prices of carpets eral allocations of steel, copper, and alumihave been reduced substantially by October. num will continue to be an influence on Retail list prices of carpets, which had not output of passenger cars, appliances, and increased so much percentagewise, were re- other consumer metal products. As noted duced only slightly this summer but, as earlier, new passenger car assemblies are in the case of most other consumer durable being permitted at a rate slightly below the OCTOBER 1951 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CONSUMER DURABLE GOODS SITUATION reduced third-quarter level and about 30 considerably below levels permitted by NPA. per cent below the rate in the first half of Mainly for the latter reason, output of major 1950. Metals have been authorized for pro- metal household goods could probably be duction of automotive replacement parts at increased during the fourth quarter if devery high levels. For most other consumer mands were to rise sufficiently. Also, produrables, however, the NPA on September duction of numerous nonmetallic durable 5 announced fourth quarter allotments of goods could be expanded along with outsteel averaging about 58 per cent of quar- put of most consumer nondurable goods. terly consumption during the first half of Metal allotments in the first quarter of next 1950 (or the last half of 1949) as compared year, according to recent announcements, with the 70 per cent limitation during the are expected to be below the amounts third quarter of this year. Use of copper and allotted during the fourth quarter. aluminum—more sharply curtailed than steel How long the present relationship bein the third quarter—has been further re- tween supplies and demands for consumer stricted. durables will persist depends on future Several factors make it difficult to antici- changes in demand as well as in production. pate now what influences these Federal limi- The course of consumer spending in the tations on use of metals will have on total period ahead will reflect to a considerable output of consumer metal products other extent changes in incomes and output from than automobiles. Among these are possible recent levels resulting from development of changes in the amount of metal consumed the defense program, expansion in producper unit of finished product, possible modi- tive capacity, and modifications in direct and fication or adjustment in original allotments indirect Federal control policies. Various as a result of appeals of individual producers, other economic and political influences, parand the question of actual availability of ticularly the impact of international events, metals to meet allotments. Moreover, out- will also continue to be important influences put of some of these goods has recently been on consumer spending and saving patterns. 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS Consumer durable goods have been of growing tures on durable goods, as indicated by the chart economic importance in the national economy on page 1239. over the years, and current changes in output The new index brings together data which preof these goods are of special interest because of viously have been either unavailable to the public the impact of the defense program. Changes in or available in scattered sources. The index is demand for passenger automobiles and major composed of 27 individual series representing the household goods account for most of the fluctu- physical volume of output of 12 types of products. ations in total consumer purchases of durable OUTPUT OF MAJOR HOUSEHOLD GOODS goods and in instalment credit. As a consequence, the Board of Governors of the Federal Reserve Per Cent Seasonally adjusted indexes;1947-49!1OO Per Cent System, in the administration of Regulation W 1 and other measures designed to influence national 300 - 300 monetary and credit conditions, has a particular \ interest in data relating to consumer durable goods. 1 / \ 250 RADIOS anrl TFIFVISION 1 1 250 A new monthly index of the physical volume of 1 output of major consumer durable goods for the 1 1 period since January 1947 has been developed. The 200 W 200 1 n an ew d o in th d e e r x d o a f t a o u a t v p a u i t l , a b t l o e g e f t o h r e r an w ith ap p r r e o t x ai im l a s t a e l l e y s 1 j I\ \ \ similar list of products, provides a more complete 150 / \ \ 150 basis for analyzing output and distribution changes \ / \ * in this volatile sector than has hitherto been avail- / L able. Such an analysis is presented in the leading 100 A /^ ' MAJOR APPLIANCES At 100 V V article of this BULLETIN. The total index and its principal divisions— 50 passenger automobiles and major household goods 150 150 —are shown in a chart on page 1227. Indexes * v FURNITU for the four groups of household goods covered— 100 > \ > 100 CAR carpets, furniture, major appliances, and radio and television receiving sets—are shown in the accom- r 'ETS ^ \ \ L\ v 50 panying chart. Since major items only are included in this 1947 1948 1949 1950 1951 index, it does not represent output of all consumer NOTE.—For a chart showing total for these lines, see p. 1231. durable goods, as discussed in more detail below. Latest figures shown are for August. Consumer expenditures for the products included The individual series have been expressed in terms in the new index have represented a large and of average output in the three years 1947-49 as 100 varying proportion of total consumption expendiand then combined into group and total indexes NOTE.—This index and analysis were developed in the on the basis of the value of manufacturers' sales Board's Division of Research and Statistics by Milton Moss in the year 1947. Monthly indexes have been adunder the general direction of Clayton Gehman, Chief of the justed for differences in working days from one Business Conditions Section, and with the assistance of other members of the Section. The following private organizations month to another and for seasonal variation. were of considerable assistance in supplying basic data and Annual indexes for the 27 series and seasonally other information used in constructing the indexes: American Home Laundry Manufacturers Association, Carpet Institute adjusted monthly indexes for the total and six Incorporated, Gas Appliance Manufacturers Association, Na- major groups are shown on pages 1236 and 1238 retional Electric Manufacturers Association, Radio-Television spectively. The group indexes, without seasonal Manufacturers Association, and Vacuum Cleaner Manufacturers Association. adjustment, and indexes for the individual series OCTOBER 1951 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS on appliances and radio and television are available the base period, data on production worker manon request to the Board's Division of Administra- hours in the furniture industry, with adjustments tive Services. Current figures for the total and for estimated long-term changes in output per six groups will be published regularly in future man-hour, are used to represent output. Most of issues of the Business Indexes release of the Divi- the monthly physical product series are based on sion of Research and Statistics and in the Federal the number of units produced. For vacuum Reserve BULLETIN. This index is entirely inde- cleaners, washing machines, ironers, and driers, pendent of the Board's regularly published index the series are based on unit data for factory shipof industrial production which covers output of ments. In the base period these four series acall goods produced at factories and mines and has counted for about 5 per cent of the total index value-added rather than value-of-finished-product and 30 per cent of the major appliance group. weights. The series for passenger automobiles is based on factory sales which, on a monthly basis, are prac- DESCRIPTION OF INDEX tically identical with the number of cars assembled. Output of consumer goods, as measured by this In the case of refrigerators, freezers, and cooking index, relates to type of product and not to ultistoves, production series were derived by adjusting mate purchaser. While the goods represented are data on factory shipments for changes in factory sold primarily to domestic consumers, a varying inventories—both in number of units. proportion is sold to business establishments, to Government agencies, and for export. The index ANNUAL INDEXES OF OUTPUT OF MAJOR CONSUMER reflects total output of the represented goods in- DURABLE GOODS cluding production for export and for noncon- [1947-49=100] sumer use. This and other differences between the index and the statistics on personal con- Series 1947 1948 1949 sumption expenditures for durable goods are dis- TOTAL. 91 99 110 153 cussed in a later section. PASSENGER AUTOMOBILES 85 93 122 160 The term "major" relates to passenger automobiles and, in general, to durable household HOUSEHOLD GOODS . 97 106 96 146 goods which involve large outlays per unit. Some Carpets. ... 92 114 94 111 relatively expensive consumer goods, such as pleas- Furniture 103 105 92 117 ure boats, sewing machines, and pianos, are not Major appliances 96 114 90 136 Cooking stoves 103 119 78 122 included in the index because current production Electric 93 125 82 141 Standard 93 126 80 146 data are not readily available and individually the Apartment 92 114 94 94 Nonelectric 109 115 76 111 goods are of limited economic importance. On Gas 101 116 84 127 Standard 104 113 83 128 the other hand, where smaller items are impor- Apartment 75 134 92 124 tant for completing their respective product A B l u l n g o a t l h o e w r and combination.... 1 1 3 4 0 2 1 1 1 1 0 3 6 4 1 5 4 7 6 3 groups, as in the case of table-model radios in the Driers 70 104 127 384 radio group, and small tables and chairs in the Freezers 103 116 82 151 Ironers 131 103 67 89 furniture group, output of such relatively inex- Refrigerators 83 114 103 150 5.4 cubic feet and less 101 102 98 75 pensive items is reflected in the index. The ap- 5.5 to 6.4 cu. ft 77 110 113 107 6.5 to 7.4 cu. ft 134 95 71 54 pliance group is limited to major items, and such 7.5 to 8.4 cu. ft 53 130 116 198 8.5 cu. ft. and over 61 121 119 235 products as hand-type vacuum cleaners, portable Vacuum cleaners 114 100 86 106 washing machines, toasters, and other small ap- Washing machines 101 114 85 128 pliances are not included. W Au r t in o g m e a r ti a c n d an s d p i s n e n m er iautomatic.... 1 9 0 7 4 1 1 0 2 3 0 10 7 1 6 1 9 8 5 4 A complete list of the items represented in the Radio and television 92 91 118 239 index is shown in the accompanying table. Sources Radio sets 130 101 69 81 Small 136 101 64 82 of data are given on page 1237. Automobile 95 97 108 130 Consoles and combinations. 170 88 42 29 All of the individual series in the index are AM-FM console combinations... 115 117 69 84 based on monthly physical product data with the Television sets.. 13 70 218 563 Table 14 74 212 365 exception of the furniture series. For this series, Consoles 9 52 239 938 which accounts for 18 per cent of the total in Combinations.. . 15 90 197 405 1236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEIGHTS AND SOURCES FOR INDEXES OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS Computation of weights Value in1947-49 Value Output Series in index Description and source 1947 i in 1947 2 In 1947 As per- (Millions (1947 49 = prices 3 centage of dollars) 100) (Millions of total of dollars) index TOTAL 8,365.9 91.0 9,198.2 100.00 PASSENGER AUTOMOBILES 4,085.5 85.0 4,806.5 52,25 Census value of shipments of passenger automobiles, including complete vehicles, knocked-down or assembled, and chassis for sale separately. Monthly series: Automobile Manufacturers Association, factory sales of passenger automobiles. HOUSEHOLD GOODS 4,280.4 97.5 4,391.6 47.75 Carpets. 357.3 91.8 389.2 4.23 Census value of production of woven carpets and rugs except floor covering for automobiles and aircraft. Monthly series: Carpet Institute, Incorporated, square yards of production of Axminster, Wilton, Velvet, and Chenille type fabrics. Does not include production of hooked, rag, cotton, or automobile and aircraft carpets and rugs. Furniture... 1,676.0 103.3 1,622.4 17.64 Census value of shipments of household furniture (wood, metal, and fiber), mattresses, and bedsprings. Value of furniture frames, radio and sewing machine cabinets excluded. Monthly series: Bureau of Labor Statistics, man-hours in household furniture and bedding industry, adjusted by Federal Reserve for estimated long-term changes in output per reported man-hour Major appliances 1,505.6 95.9 1,570.6 17.08 Cooking stoves 389.8 103.2 377.6 4.11 Electric 132.2 93.2 142.0 1.55 Census value of production of electric domestic Standard 120.6 93.2 129.4 1.41 ranges, 2% kw. and over, except combination Apartment 11.6 92.5 12.5 ,14 types, which are classified with nonelectric cooking stoves. Monthly series: National Electrical Manufacturers Association and Federal Reserve, production estimates based on NEMA member reports of factory shipments and factory inventories. Nonelectric 257.5 109.3 235.6 2.56 Census value of shipments of apartment-type, Gas 179.2 100.5 178.2 1.94 standard size, bungalow, and combination stoves Standard 162.6 104.3 155.9 1.70 for use with natural, manufactured, and liquefied Apartment 16.7 74.5 22.4 .24 petroleum gas. All other stoves includes ranges and Bungalow and combination 33.8 129.9 26.0 .28 cooking stoves that burn coal and wood, kerosene, All other. 44.5 141.9 31.4 .34 gasoline, or fuel oil. Monthly series: Census "Facts for Industry" and Gas Appliance Manufacturers Association, production estimates based on factory shipments and factory inventories. Driers. . 7.4 69.7 10.6 .12 Census value of production of mechanical gas and electric household laundry driers. Monthly series: American Home Laundry Manufacturers Association, factory sales. Freezers. . 100.4 102.5 98.0 1.07 Census value of shipments of home and farm freezers (for freezing food, storing frozen food, or both purposes), complete units. Monthly series: National Electrical Manufacturers Association and Federal Reserve, production estimates based on NEMA member reports of factory shipments and factory inventories. Ironers. . 34.8 130.6 26.7 .29 Census value of shipments of household laundry ironing machines. Monthly series: American Home Laundry Manufacturers Association, factory sales. Refrigerators 504.9 82.7 610.4 6.64 Census value of production of household mechanicaJ 5.4 cubic feet and less 12.4 101.3 12.3 .13 refrigerators, complete units (electric and gas). 5.5 to 6.4 cu. ft 82.9 77.3 107.3 1.17 Monthly series: National Electrical Manufacturers 6.5 to 7.4 cu. ft 226.3 133.8 169.1 1.84 Association and Federal Reserve, production esti- 7.5 to 8.4 cu. ft 84.3 53.3 158.2 1.72 mates based on NEMA member reports and other 8.5 cu. ft. and over. 99.0 60.5 163.6 1.78 confidential [information on factory shipments and factory inventories. Vacuum cleaners.. 131.6 113.9 115.6 1.26 Census value of shipments of household type vacuum cleaners, standard types (upright, cylinder, and other general purpose household types). Excludes hand type. Monthly series: American Vacuum Cleaner Manufacturers Association, factory sales. Washing machines 336.7 101.5 331.7 3.61 Census value of shipments of household laundry Wringer and spinner 217.3 104.2 208.5 2.27 washing machines, electric and gasoline. Break- Automatic and semiautomatic... . 119.4 96.9 123.2 1.34 down in base period betewen wringer and nonautomatic, spinner type, and automatic and semiautomatic type partly estimated by Federal Reserve. Monthly series: American Home Laundry Manufacturers Association, factory sales. Radio and television 741.5 91.6 809.4 8.80 Value of production partly estimated by Federal Radio sets 708.2 129.9 545.1 5.93 Reserve from data reported by Bureau of the Census Small 271.2 136.1 199.2 2.17 and Radio Corporation of America. Unit values Automobile 104.3 94.8 110.1 1.20 for radios based on 1947 prices, for television, 1949 Consoles and combinations 190.2 170.4 111.6 1.21 prices. Monthlyrseries: Since January, 1950, Radio- AM-FM console combinations 142.6 114.8 124.2 1.35 Television Manufacturers Association, production. Television sets *33 3 12.6 *264.3 2.87 1947-1949: production partly estimated by Federal Table *18*.O 14.3 *125.6 1.37 Reserve from data reported by Bureau of the Consoles *7.9 9.0 *87.7 .95 Census, Radio Corporation of America, and Radio- Combinations. *7.4 14.5 *51.0 .56 Television Manufacturers Association. Small radios include portable and home battery sets and all table models except table radio-phonograph combinations; console and combination radios exclude AM—FM console combinations. 1 Based on 1947 Census of Manufactures value of shipments or production, f.o.b. plant, with exceptions noted for television sets. 2 1947 quantity divided by average quantity for 1947-49. 3 Value in 1947 as shown in first column divided by output index in 1947 as shown in second column. * Value at 1949 prices. OCTOBER 1951 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS The physical product data used are compiled by use as a comparison base in Government index private trade associations and the Bureau of the numbers. Census. In most cases these sources furnish data The weights are based on relative prices per for nearly 100 per cent of the industry, but in unit of output and, except for television sets, are some cases it has been necessary to adjust reported derived from 1947 factory values as shown in the monthly data to more comprehensive annual pro- Census of Manufactures. These figures are after duction figures. This has been done in consultation discounts and allowances and exclusive of excise with industry representatives. taxes. In the case of television sets, the weights All of the monthly product series are converted are based on unit values in 1949 since prices in to output rates per working day. In the furniture 1947 were very high because output had not yet series, man-hours derived from reports of the reached large-scale volume. The weights for the Bureau of Labor Statistics relate to uniform pay- individual indexes and the steps in the calculation roll periods nearest the 15th of the month and thus of these weights are shown in the table on the do not require any daily average adjustment. All preceding page. series are expressed as percentages of the average The method used in making the seasonal adrate of output in the three-year base period justment is that described in the December 1941 1947-49. This period has been recommended issue of the Federal Reserve BULLETIN. In the recently by the Bureau of the Budget for general case of passenger automobiles, however, the sea- MONTHLY INDEXES OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS [Adjusted for seasonal variation, 1947-49 =100 Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. TO!AL 1947 80 87 89 91 92 91 86 84 94 92 101 105 1948 100 100 100 94 88 93 103 100 97 109 104 99 1949 97 103 102 106 103 104 113 116 123 120 112 114 1950 135 127 130 138 152 163 161 166 166 166 165 163 1951 146 157 160 138 129 125 P100 P101 1^assengerutomobile 1947 73 85 87 87 88 84 74 74 89 82 96 102 1948 94 89 93 85 73 82 99 95 87 109 104 100 1949 99 111 107 122 117 124 137 139 143 133 120 115 1950.... 143 122 126 135 165 183 169 172 175 175 177 170 1951 138 156 169 144 140 140 Pill P113 .householdgoods, tolIa 1947 87 89 91 95 97 99 98 95 98 102 106 109 1948 107 111 108 104 105 106 107 107 107 109 105 97 1949 96 95 96 88 87 84 86 92 101 107 103 112 1950 126 132 134 141 138 141 152 160 157 156 152 156 1951 156 158 151 131 117 108 P88 P88 Car ets 1947 78 76 78 90 88 90 97 96 93 101 110 106 1948 109 114 116 108 119 118 114 116 117 116 112 113 1949 114 109 109 95 85 74 75 81 85 91 95 103 1950 105 107 108 110 107 111 109 109 114 113 121 115 1951 114 115 102 101 82 70 M7 P55 Furn'Hire 1947 99 100 100 101 103 105 104 102 102 105 107 111 1948 113 111 109 106 105 103 105 103 101 103 100 98 1949 90 89 88 88 86 87 88 91 95 99 98 103 1950 103 107 109 114 118 119 120 124 124 123 123 121 1951 118 119 119 116 109 103 P103 P97 Major af-pliances 1947 76 81 86 92 96 100 98 92 99 102 110 113 1948 111 115 114 111 116 117 116 118 117 120 114 96 1949 ... .... 100 99 98 83 81 81 80 88 90 90 88 100 1950 119 127 132 142 135 134 146 144 142 135 133 141 1951 132 138 139 125 115 111 P76 P81 Radio ani television 1947 90 88 89 93 93 90 86 88 94 97 95 97 1948 90 102 90 84 74 85 92 91 95 94 98 91 1949 90 91 100 97 101 86 100 106 141 161 147 159 1950 197 203 203 208 199 212 248 287 273 283 263 273 1951 297 294 262 186 153 133 P98 P96 NOTE.—Annual averages are shown in the table on page 1236. 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS sonal adjustment consisted mainly of distributing parts, luggage, and housewares, accounted for 37 the effects of the model change-overs in 1949 and per cent of expenditures for all consumer durable 1950. The extent of curtailment in output result- goods in 1950, expressed in prices current to that ing from model change-overs was estimated from period, as shown in the accompanying table. The weekly output figures for individual makes of proportion of unrepresented goods was somewhat passenger automobiles. Seasonal adjustments for smaller in that year than in the 1947-49 period. this and all of the other series in the index should be considered tentative. Strong nonseasonal forces CONSUMER EXPENDITURES FOR DURABLE GOODS, 1950 have tended to obscure seasonal patterns during the period covered by the indexes and may do so Billions Percentincreasingly as the defense program develops Products of ages of dollars total further. Insofar as available data permitted and where Total 29.2 100 significantly improved results could be demon- Major goods represented in index 18.6 63 New passenger cars 8.9 30 strated, separate output series for different sizes and Furniture and carpets 4.2 14 Major appliances, radios, and television. 5.5 19 types of products were developed. As shown in the table of annual indexes, changes in output Unrepresented goods 10.6 37 varied greatly for different sizes and types of particular products. In the case of refrigerators, for Co N m O m T e E rc .— e. Tot B al r e e a x k p do en w d n i tur p e a s r tl a y s r e e s p ti o m rt a e t d e d by b y t he F e D de e r p a a l rtm R e e n s t e rv o e f . example, it was found that the weighted combi- Items not represented in the index are automobile parts and accessories, tires and tubes, used cars (net), other second-hand nation of the five, size groups used in the present goods, hard surface floor coverings, sewing machines, portable heating equipment, small appliances, china and glassware, tableware index showed a rise of 81 per cent from 1947 to and utensils, jewelry and watches, tombstones, household tools, books and maps, writing equipment, wheel goods, durable toys 1950 as compared with a rise of 64 per cent in a and sport equipment, boats and pleasure craft, luggage, ophthalmic products and orthopedic appliances, musical instruments, and simple count of the number of refrigerators pro- phonographs and records. duced. In the important case of passenger automobiles, there has been no allowance for changes Monthly and annual changes in output and by type or size of vehicle. Additional analysis is consumer expenditures have usually been more being made of this problem. pronounced for major items than for other durable goods. Annual comparisons since 1929 are given COMPARISON WITH EXPENDITURE DATA for expenditures in the accompanying chart. These The new output index is a substantially different expenditures are expressed in current prices but it measure from the Department of Commerce estimates of personal consumption expenditures for all PERSONAL CONSUMPTION EXPENDITURES durable goods. Several broad groupings of the ex- FOR DURABLE GOODS penditure data are published quarterly, with more Billions of Dollars Billions of Dollars detailed data available annually. Annual figures 30 1 1 1 1 ATH 30 for the total, expressed in constant 1939 dollars, are also available. The quarterly and annual expenditure data in current dollars reflect changes in prices and in TOTAL/ physical volume, while changes in the new output index are unaffected by fluctuations in prices. Considering only the annual expenditure figures expressed in constant dollars, it is likely that the most important differences between relative 8888888 changes in the Commerce series and in the output \ & ^^ MAJOR ITEMS III index would reflect differences in the list of prod- Hi IsiOTHER GOODS! ucts covered and changes in business inventories of these products. Only major items are represented 1931 1936 1941 1946 1951 NOTE.—Department of Commerce data, with special groupin the index. The unrepresented goods, which ings by Federal Reserve. Total for 1951 estimated. "Major cover a wide variety of items, such as replacement items" includes used automobiles and some other products for which data are not published separately. OCTOBER 1951 1239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS is likely that year-to-year changes in prices for the Various other differences in the concepts and two groups of durable goods were not divergent basic data used in developing these measures can enough to have a significant effect on relative an- contribute to their divergent behavior. The exnual changes. Practically all of the annual fluc- penditure estimates use retail sale values including tuations shown for the total from the mid-thirties excise taxes, while the output index refers to to 1942 reflected changes in expenditures for the factory values. The expenditure estimates inmajor items. A marked difference developed from clude imports and exclude exports of consumer 1942 to 1944, when other durable goods increased durable goods while the opposite is true of the and the major items showed a further decrease. output index. Furthermore, in the expenditure Major items advanced sharply in 1946 from the figures adjustments are made to exclude domestic reduced volume of 1945 and expanded considerably sales for business and Government purposes. further from 1946 to 1950. Other goods showed Finally, owing to the difficulty of securing accurate little change after 1946. price data for highly fabricated goods such as con- The output index measurement is at the point sumer durable items, the results of deflating curof factory production while the expenditure meas- rent value figures could be expected to vary conurement is at the point of retail sales. This also siderably from time to time from the results of can be an important source of difference between measurements based on unit volume. the movements of the two series. Thus, during a Even after allowance for the differences deperiod such as 1950 and the first half of 1951, scribed above, divergence in trend between the when large inventories were being accumulated expenditure and the output series could occur by retailers, wholesale distributors, and manu- because of estimating or reporting errors in either facturers, increases in output were greater than in series. Further attention and analysis are being expenditures. During a period when business in- given to such problems with a view toward deventories were being reduced a contrary relation- veloping more consistent information in this ship would occur. sector of the economy. 1240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES BULLETIN NUMBER 4 (REVISED) OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEE—LOANS ON REAL ESTATE The Voluntary Credit Restraint Committee at For the guidance of financing institutions in its meeting on September 5, 1951 evaluated the granting real estate credit encompassed by the experience to date with Bulletin No. 4 covering Voluntary Program, Bulletin No. 4, as amended, loans on real estate, and adopted the following is reprinted below. statement: REVISED BULLETIN NO. 4—LOANS ON REAL ESTATE The permanent financing of most new construc- Real estate credit transactions governed by Regution will continue to be governed by Regulation X lation X, which covers the permanent financing of as revised on September 1, 1951 to conform with most new construction and major additions or the provisions of the recently enacted Defense improvements to existing structures, are not within Housing and Community Facilities and Services the area of influence of this Voluntary Program. Act of 1951. Neither does the Program apply to FHA or VA Section 1 of Bulletin No. 4 is revised to recomloans or to other loans guaranteed or insured or mend, in the case of loans on residential propauthorized as to purpose by an agency of the erties of one- to four-family units, that loans on United States Government. The Program does existing properties should not exceed the limitaapply, however, to all other real estate credit tions imposed by Regulation X or 66%3 per cent transactions. Financing institutions extending such of the fair value of the property, whichever is credit are urged to observe the principles and the greater. This means that on properties the fair spirit of the Program. value of which is $16,700 or less, the recommended limitations are those imposed by Regulation X 1. Loans on residential property (one- to four-fam- (all of which are above 66% per cent); on prop- ily units). The Committee has been informed that erties the fair value of which is greater than $16,700, most financing institutions are following conservathe limitation on borrowing is 66% per cent. In tive lending policies on existing residential propall other respects Bulletin No. 4 remains un- erties (one- to four-family units). The Committee changed. urges all financing institutions to follow such policies and in no case to make a loan on existing Experience indicates that two points in Bulletin 4 property in an amount which would cause the are deserving of special emphasis. First, in detotal amount of credit outstanding (primary and termining whether proposed financing conforms all other credit combined) with respect to the propto the Bulletin, all mortgage indebtedness to be erty or with respect to the transaction to exceed outstanding on the property, including secondary the limit which Regulation X imposes as to new financing, should be taken into account. Second, construction or a limit of 66% per cent of the fair loans on residential property of more than four valuex of the property, whichever of such limits units and loans on commercial property should be is the greater.2 screened as to purpose and loans should not be made unless they are in harmony with the prin- 1 Wherever used in this Bulletin, "fair value" means: ciples of the Program. A sale with credit involved 1. If the loan is to be made to finance the purchase of real property: the bona fide sale price, or the appraised value of not exceeding that recommended in this Bulletin the property securing the loan, whichever is lower; 2. In is sufficient evidence of proper purpose. all other cases: the appraised value of the property securing Mortgage lenders, who do not have a regional the loan. The appraised value should be determined in accordance committee from which to obtain opinions in doubtwith sound and established practice in the community. A ful cases, may refer questions to the regional insur- good definition of "bona fide sale price" is given in Secance voluntary credit restraint committee serving tion 2(/) of Regulation X. 2 As a working rule, the above statement may be intertheir area. preted as meaning that where the fair value of the property OCTOBER 1951 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES 2. Loans on agricultural property. While the Com- outstanding with respect to the property or with mittee recognizes that in some instances a loan on respect to the transaction to exceed 662/z per cent agricultural property may be in effect a loan on of the fair value of the property.3 Also, the Comresidential property, the Committee feels that nor- mittee urges that financing institutions require an mally such a loan falls in the category of a loan appropriate and substantial amortization of prinon commercial property (see Section 3 below), and cipal. the lender should be guided by the recommenda- The Committee recognizes that hardship cases tions of that section as to over-all credit limits may arise where a 66% per cent loan limitation and purposes. would not be sound or equitable. Such cases would include a loan to finance the sale of property to 3. Loans on residential property (more than fourclose an estate or to pay estate taxes, the refinancing family units) and on commercial property. Loans on of a maturing mortgage, or the sale of property of residential property (more than four-family units) a bankrupt company. The Committee makes no and loans on commercial property, such as office recommendation in such cases. buildings, stores, hotels, motels, motor courts, 4. Loans on industrial property. Loans on indusrestaurants, etc., should be screened as to purpose trial property should be screened as to purpose and the loan should not be made unless it is in whether or not the loan is to be made in connecharmony with the principles of the Program. tion with a sale of real property. In this instance, If the loan is to be made in connection with a however, there appears to be no need for a persale of commercial or residential property a determi- centage limitation on the amount of the loan, since nation by the financing institution that the sale and in the industrial field mortgage security usually is the sale price are bona fide may constitute a suf- merely one of the factors considered by the lender ficient screening of the loan. The Committee con- in determining whether to make the loan and often ceives that it is not the function of the Voluntary bears comparatively little relation to the amount Credit Restraint Program to make the transfer of of the loan. real estate impossible or impracticable, but rather 5. Sale-lease-back arrangements. The Committee to reduce inflationary pressures by limiting the also urges financing institutions to recognize that amount of additional credit created in the process in most instances a "sale-lease-back" arrangement, of real estate transfer. whereby real property is purchased by a financing Financing institutions are urged to limit a loan, institution and leased to the vendor or his nominee, on any type of property described in this section, is a substitute for a form of financing and therewhether or not a sale is involved, to an amount fore comes within the Program and should be which would not cause the total amount of credit screened as to purpose. 3 If the facts are not already known, the financing instituis $16,700 or less the limits of Regulation X would apply tion presumably will want to request the borrower to furnish and where such fair value is more than $16,700 the limit information as to any other indebtedness or credit existing of 66% per cent would apply. or contemplated in connection with the transaction. NATIONAL FRATERNAL CONGRESS OF AMERICA JOINS VOLUNTARY CREDIT RESTRAINT PROGRAM 4 The Chairman of the National Voluntary Credit hearted support of his organization to the Volun- Restraint Committee, Oliver S. Powell, has issued tary Credit Restraint Program. an invitation to the National Fraternal Congress Representatives of the fraternal life insurance of America and its members comprising the companies will be appointed to serve on the refraternal life insurance companies of the United gional insurance committees of the Voluntary States to join in the Voluntary Credit Restraint Credit Restraint Program to give the fraternal Program to combat inflation. The National Vol- companies a voice in decisions as to the desiruntary Credit Restraint Committee had voted to ability of borderline loan applications. The Naissue this invitation at its last meeting. President tional Fraternal Congress, through its Secretary- John P. Stock of the National Fraternal Congress 4 Statement by the National Voluntary Credit Restraint has accepted this invitation and pledged the whole- Committee on Sept. 27, 1951. 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Treasurer-Manager, Mr. Foster F. Farrell, will keep gram and the principles to be followed in reits members informed as to the status of the Pro- straining inflation under the Voluntary Program. STATE BOND ISSUES TO FINANCE BONUS PAYMENTS 5 The National Voluntary Credit Restraint Com- by using various State trust funds, disposing of mittee today conferred with Governor Okey L. other obligations if necessary. Patteson of West Virginia and a delegation of The Committee expressed its genuine concern West Virginia State and banking officials who had over the difficult situation in which the Governor been invited to discuss their proposal to issue and his staff have been placed by credit restraint 75 million dollars in State bonds to finance bonus measures taken in the national interest to fapayments to veterans voted in the November 1950 cilitate the defense program. In conformity with elections. There was also some discussion of a these measures, the Committee has adhered to somewhat similar situation in the State of Oregon the position announced on May 7, 1951, that where a veterans' bonus plan has also been ap- "soldiers' bonus issues are inflationary under proved by the voters. today's conditions. They add to the spending power In addition to Governor Patteson, the West of the public through the creation of credit. It Virginia delegation included William H. Ansel, would seem desirable to postpone such issues until State Treasurer; W. C. Marland, Attorney General; a time when immediate purchasing power is Fred Diddle, Assistant State Treasurer; Mason needed to counteract unemployment and when it Crickard, Vice President of the Charleston Na- might be more beneficial to the veteran." tional Bank, Charleston; and Hayes Picklesimer, It was announced that Mobilization Director President of the Kanawha Valley Bank, Charleston. Charles E. Wilson had invited the Governor and In view of the fact that investment bankers in the members of his West Virginia delegation and compliance with the Voluntary Credit Restraint other interested parties to meet with him on Octo- Program have refrained from bidding on the ber 5. pending issue of bonds, the Governor of West There was no change in the position of either Virginia proposes to ofifer these bonds to the public Governor Patteson or the Committee on this bonus directly by placing them on sale through the issue as a result of the discussions today. banks of West Virginia. The plan contemplates 5 Statement by the National Voluntary Credit Restraint that any bonds left unsold would be purchased Committee on Sept. 28, 1951. OCTOBER 1951 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS1 Under the Board of Governors' Regulation W, as ment credit granted to consumers by retailers is not reinstated in September 1950, every business en- completely covered by registrants' reports because gaged in extending instalment credit or purchas- retail establishments which did not make instaling instalment paper subject to the regulation was ment sales of articles listed in the regulation were required to register with the regional Federal Re- not required to register.3 The proportion of total serve Bank. Each registrant was asked to submit retail instalment credit thus omitted was relatively certain data concerning credit volume in order to small inasmuch as the listed articles included most provide an adequate basis for appraising the cover- major consumer durable goods. Apparel and jewage and effectiveness of the regulation. elry are the two principal types of unlisted consumer By the beginning of 1951 about 143,000 busi- goods giving rise to instalment credit. Some apnesses had submitted sufficient statistical detail to parel and jewelry stores registered, however, permit tabulation. Of these, about 8,000 did not because they sold some listed articles on instalment. give separate figures for instalment and charge- Some other businesses registered even though their account credit. The remaining 135,000 reported a operations were not currently subject to regulation.4 total of 15.2 billion dollars of instalment credit out- Financial businesses were asked to report the standing on September 30, 1950—12.8 billion held amounts of direct instalment loans and purchased by registrants engaged primarily in financial busi- paper outstanding as of September 30, 1950 for ness, and 2.4 billion by those engaged primarily in retail automobile instalment credit, other retail inretail and other nonfinancial business.2 stalment credit, FHA-insured repair and modernization loans, other repair and modernization credit, Instalment sales of 14.5 billion dollars were reand personal instalment loans. Nonfinancial busiported by nonfinancial businesses for the 12 nesses were requested to report instalment and months ended September 30, 1950. This amount charge accounts outstanding as of September 30, represented 35 per cent of their total sales in that 1950; cash, instalment, and charge-account sales period. In addition, a substantial amount of their made during the year ended on that date; the total cash and charge-account sales was financed by inamount of down payments on instalment sales; and stalment loans extended directly to consumers by the amount of instalment paper sold during the financial businesses. 12-month period.5 Registrants were asked to report Since nearly all financial businesses extending all data in the preceding categories, including credit consumer instalment credit are subject to the reguand sales not subject to the regulation. lation, these data give virtually complete coverage More detail was requested in the 1950 registrafor this type of business. On the other hand, instaltion than in registrations while Regulation W was in effect in 1941 and 1948.6 The data requested 1 This article was prepared by Donald M. Fort and Kathfrom financial businesses were intended to provide aryne P. Reil of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. The up-to-date information for registrants comparable to editing of the statistical data obtained by the registration the call data for commercial banks. Separate figures statements was done by the research departments of the for direct loans and purchased paper were obtained Federal Reserve Banks. 2 The 15.2 billion dollars of instalment credit balances re- to throw some light on the origin of the instalported by registrants differs from the Board's published estimate of 13.3 billion dollars of consumer instalment credit 3 The listed articles included most of the principal conoutstanding on September 30, 1950. It is therefore impor- sumer durable goods: new and used automobiles, radio and tant to note that the instalment credit data presented here television sets, major household appliances, furniture and are not intended to be revisions of the consumer instalment floor coverings, and residential repairs and alterations. credit estimates. The figures in this article summarize infor- 4 These businesses may have registered simply to be on mation given by registrants under Regulation W and include the safe side, or in anticipation of engaging in regulated some nonconsumer credit. On the other hand, not all con- operations later on. sumer instalment credit is covered here since some businesses 5 Registration statement schedules and instructions are that extend this type of credit were not subject to the regula- shown at the end of this article, pp. 1252-55. tion and did not register, and some of those who registered 6 For data from earlier registrations, see BULLETIN for were unable to provide information on instalment credit. May 1942, pp. 434-37, and for April 1949, p. 340. 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS ment credit held by financial businesses. Separate reported these data could not give figures for down figures on FHA-insured and other repair and payments or instalment paper sold. The accommodernization credit provided for the first time de- panying tables summarize the data reported by tailed information on the amount and distribution registrants. of such credit. Nonfinancial businesses reported NUMBER OF REGISTRANTS sales and receivables by type of transaction, as in The present analysis covers 112,796 nonfinancial the 1941 registration, and, in addition, down pay- businesses and 30,606 financial businesses.7 It is ments and instalment paper sold. All this addibelieved that most financial businesses are covered tional information helped to trace the flow of credit from the originator to the holder. 7 The number of registrants included in the present analy- Attempts were made to obtain complete reports sis is not strictly comparable with the numbers given for from all registrants. Nearly all of the financial the 1941 and 1948 registrations in the Federal Reserve BULLETIN for April 1949 (p. 340) since the present analybusinesses filed complete returns. Figures on total sis excludes businesses that reported zero instalment resales and total receivables were obtained from al- ceivables or sales. Also, the figures are not readily commost all of the nonfinancial registrants, but about parable with the total number of business offices or outlets reported by other agencies such as the Census. For 8 per cent of these businesses could not give sepaexample, the registration statements were filed only by the rate data on the instalment portion of their sales or head offices of multi-unit businesses except where branches receivables, and about 10 per cent of those who were separate legal entities, whereas each "establishment" reported separately in the Census. TABLE 1 NUMBER OF REGISTRANTS INCLUDED IN ANALYSIS, BY KIND OF BUSINESS AND FEDERAL RESERVE DISTRICT Federal Reserve District United Kind of business S t t o a t t a e l s 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 a M p n o e in - li - s K C s a a it n s y - D la a s l- F c S r is a a c n n o - Financial, total i 30,606 2,110 2,353 1,594 2,494 2,109 2,652 5,433 2,033 2,073 2,951 2,823 1,981 Commercial banks and trust companies 11,463 441 818 758 1,011 732 829 2,118 987 1,089 1,330 962 388 Sales finance companies 2,720 149 143 116 81 198 238 447 207 147 351 456 187 Industrial banks 139 17 15 11 24 19 7 16 3 15 1 11 Industrial loan companies 637 34 11 80 10 102 105 72 44 21 74 47 37 State-licensed small loan companies. 3,084 192 130 205 255 345 624 523 152 84 231 42 301 Credit unions 8,724 843 876 325 896 475 622 1,889 427 494 543 462 872 Small loan companies, not Statelicensed 1,161 37 10 6 1 12 44 11 48 115 195 681 1 Building and loan associations 1,480 153 236 76 166 127 97 218 101 49 92 87 78 Mutual savings banks 289 211 68 2 1 1 3 Other financial businesses 3... 909 33 46 28 60 94 74 146 50 70 "l20 '"85 103 Nonfinancial, total4 112,796 6,64712,220 6,34012,439 7,475 7,411 15,093 7,760 7,033 8,312 9,747 12,319 Department and general stores 5 4,489 297 939 199 503 458 256 331 275 264 202 379 386 Automobile dealers 42,438 2,522 3,912 2,327 4,024 2,949 2,905 6,138 3,126 2,735 3,730 3,656 4,414 Furniture and housefurnishing stores 17,194 1,162 1,659 990 1,851 1,592 1,831 1,871 1,157 629 1,031 1,505 1,916 Household appliance, radio, and television stores 17,701 1,113 2,364 1,239 2,147 950 1,052 2,159 1,096 1,030 1,055 1,189 2,307 Electric and gas utility companies.. 694 123 47 50 39 67 68 72 39 50 58 32 49 Hardware and automotive accessory stores 6 10,681 393 517 263 207 569 719 1,371 915 1,481 1,065 1,239 942 Dealers and contractors 7 10,848 546 1,731 956 651 376 317 1,744 621 313 310 984 1,299 Manufacturers 607 17 65 21 64 43 20 80 45 3 47 89 113 Jewelry stores 1,894 139 226 102 482 151 92 222 57 25 89 146 163 Farm implement dealers 2,063 43 304 67 152 80 76 345 191 270 283 143 109 Piano, organ, and music stores 634 42 77 28 84 38 25 84 20 35 54 37 110 Fuel, ice, and fuel-oil dealers 578 90 48 15 39 47 5 78 48 17 11 120 60 Other nonfinancial businesses 8 . . . . 2,975 160 331 83 196 155 45 598 170 181 377 228 451 All registrants. 143,402 8,757 14,573 7,934 14,933 9,584 10,06320,526 9,793 9,106 11,263 12,570 14,300 1 Financial businesses reporting instalment receivables by type of transaction. 2 Includes savings and loan associations, cooperative banks, and homestead associations. 3 Includes agents, brokers, and dealers in real estate, holding and investment companies, mortgage companies, life insurance companies, and miscellaneous financial businesses. 4 Nonfinancial businesses reporting total sales and total receivables. 5 Includes mail-order houses. 6 Includes filling stations. 7 Dealers and contractors in heating, plumbing, air conditioning equipment, and in construction and repairs. 8 Includes apparel stores, dealers in bicycles, motorcycles, aircraft, boats and marine engines, business supply dealers, and miscellaneous dealers and contractors. NOTE.—Registrants are classified by Federal Reserve District in which head office is located. OCTOBER 1951 1245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS with the exception of a small number of commer- of financial businesses. Nearly three-quarters of cial banks and a substantial number of building and the total was held by commercial banks, sales loan associations and miscellaneous financial busi- finance companies, and State-licensed small loan nesses that do not deal in regulated forms of instal- companies. As shown in Table 2, commercial ment credit. The coverage of nonfinancial busi- bank holdings were largest, amounting to about 6.0 nesses that grant instalment credit appears to be billion dollars on September 30, 1950. Sales finance practically complete in the case of department and companies were second in importance with nearly general stores, automobile dealers, and furniture 4.2 billion, and State-licensed small loan companies and household appliance stores; it is less complete, were third with slightly more than 1.0 billion and in some cases only fragmentary, for other types dollars. of retail businesses, many of which do not sell listed Only 2.4 billion or about one-sixth of the reported articles on instalment. total for instalment receivables was held by re- Table 1 shows the distribution by Federal Re- tailers and other nonfinancial businesses. Nine serve District of registrants covered by the analysis. years earlier, when the initial registration under Because of the inclusion of branches in the regis- Regulation W took place, the nonfinancial group tration statement of the main office, the distribution held approximately one-fourth of all instalment of registrants by District does not give a correct paper reported. The declining importance of picture of the geographic distribution of business dealer holdings has been brought about largely by outlets. Consolidated reporting is particularly im- two factors. Retailers have been selling a larger portant in the case of department and general proportion of their instalment paper. At the same stores, hardware and automotive accessory stores, time lenders have shown an increasing interest not sales finance companies, and small loan companies. only in purchasing retail instalment paper but also in making instalment loans directly to consumers. INSTALMENT RECEIVABLES Such loans are often used to finance purchases of Most of the 15.2 billion dollars of instalment consumer goods which appear on the books of receivables reported by registrants was in the hands dealers as cash transactions. Among the non- TABLE 2 INSTALMENT RECEIVABLES, BY KIND OF FINANCIAL BUSINESS, SEPT. 30, 1950 * [Dollar amounts in millions] Instalment loans extended directly Instalment paper purchased Kind of business t N b r r e e a u g r n m i s o ts - - f r i e T m a n h c b s o e e e t l t l i e a n a v d s l t l - - Total R m a lo e u o a t t b a n o i i l s - l e O r lo e t a t h a n e i s l r F R m H ti e o A o p d n - a e i l r r o n a i a z n n a s d - s l P o o a e n n r a - s l Total R m p a e a u o t p t b a o e i i l - r l e O p re a t t p h a e e il r r F m R H ti e o o A p n d - a e p i r r n a p i a z e n a r d - s l P o o a e n n r a - s l in- Other in- Other sured sured Total 30,606 $12,819$5,448 $1,694 $375 $414 $132$2,834 $7,371 $4,436 $2,200 $588 $115 $32 Commercial banks and trust companies 11,463 5,958 2,939 1,324 173 364 1,032 3,020 1,201 1,215 491 20 Sales finance companies 2,720 4,175 222 91 25 (2) 96 3,953 3,070 828 37 4 Industrial banks 139 212 103 23 4 10 64 109 51 42 12 1 Industrial loan companies.... 637 357 289 35 6 247 67 44 22 1 1 State-licensed small loan companies 3,084 1,032 927 47 39 838 105 50 51 Credit unions 8,724 548 142 33 342 3 2 Small loan companies, not 545 State-licensed 1,161 48 31 Building and loan associa- 41 tions 3 1,480 276 94 Mutual savings banks 289 41 240 18 Other financial businesses 4... 909 172 29 74 114 1 Financial businesses reporting instalment receivables by type of transaction. 2 Less than $500,000. 3 Includes savings and loan associations, cooperative banks, and homestead associations. 4 Includes agents, brokers, and dealers in real estate, holding and investment companies, mortgage companies, life insurance companies, and miscellaneous financial businesses. NOTE.—Details may not add to totals because of rounding. 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS financial businesses shown in Table 3, department sale of household appliances and construction and and general stores (including mail-order houses), repair items, but their direct loan operations in this automobile dealers, and furniture and housefur- field were comparatively small. nishing stores were the principal granters of instal- Commercial banks held about 85 per cent of all ment credit but their combined holdings on Sep- FHA-insured repair and modernization paper retember 30, 1950 were only 1.8 billion dollars. ported, but little more than one-half of the non- Retail automobile instalment credit accounted insured paper. Purchased paper constituted a for about two-fifths of the total outstanding instal- somewhat larger part of repair and modernization ment credit of registrants. Most of the automobile credit than did direct loans. The repair and modpaper arose from instalment sales by automobile ernization data shown here include only paper held dealers, but only 0.3 billion dollars of outstanding by financial institutions, as no specific information instalment credit appeared on their books on Sep- was obtained on the amount of such paper held by tember 30, 1950. Credit arising from automobile retailers and other nonfinancial businesses. It may sales but owned by sales finance companies at that be assumed, however, that a substantial part of the time amounted to 3.1 billion dollars while similar instalment paper held by building supply dealers holdings of commercial banks totaled 1.2 billion. In and contractors and by hardware stores arose from addition, commercial banks had outstanding 1.3 repair and modernization work. billion dollars of automobile loans made directly Personal instalment loans outstanding accounted to individuals. for more than one-fifth of the total credit reported Holdings of other retail instalment credit were by financial businesses. Banks and small loan comdivided almost equally between financial and non- panies accounted for the major portion of these financial businesses. Both banks and finance com- loans. For most financial businesses other than panies purchased a substantial volume of nonauto- sales finance companies and banks, personal instalmotive retail paper, especially that arising from the ment loans constituted the principal type of instal- TABLE 3 RETAIL SALES AND RECEIVABLES, BY KIND OF NONFINANCIAL BUSINESS f Dollar amounts in millions] to A t l a l l r s e a g l i e s s t r a a n n d ts r r e e c p e o iv r a ti b n l g es Registrants reporting sales and receivables by type of transaction Kind of business Number T sa o le ta s l , r T ec o e t i a v l - Number Sales, year ended Sept. 30, 1950 Receivables 19 h 5 e 0 ld, Sept. 30, of year ables of regis- ended held, registrants Se 1 p 9 t 5 . 0 30, Se 1 p 9 t 5 . 0 30, trants Total Cash I m ns e t n a t l- O cr t e h d e i r t Total I m ns e t n a t l- Other Total 112,796 $43,167 14,185 104,047 $41,861 $18,450 $14,461 $8,950 $4,030 $2,429 $1,601 Department and general stores i 4,489 11,101 1,250 4,072 11,050 6,016 2,153 2,881 1.242 740 502 Automobile dealers 42,438 20,109 677 39,748 19,414 9,073 8,138 2,203 652 314 338 Furniture and housefurnishing stores 17,194 3,077 964 15,724 2,930 641 1,749 540 924 792 132 Household appliance, radio, and television stores 17,701 2,127 244 16,220 1,914 640 856 419 194 111 83 Electric and gas utility companies 694 271 102 643 255 34 135 86 95 82 13 Hardware and automotive accessory stores 2 10,681 1,522 188 9,718 1,466 707 295 464 180 84 96 Dealers and contractors 3. . . 10,848 1,868 255 9,810 1,804 320 351 1,132 247 31 216 Manufacturers 607 795 116 555 781 287 202 292 114 61 54 Jewelry stores 1,894 325 106 1,752 316 83 208 25 104 97 7 Farm implement dealers.... 2,063 528 45 1,938 512 201 106 205 43 12 31 Piano, organ, and music stores 634 147 40 584 144 45 74 25 40 35 4 Fuel, ice, and fuel-oil dealers. 578 259 26 540 257 83 14 159 25 2 23 Other nonfinancial businesses 4 2,975 1,038 173 2,743 1,018 320 179 519 169 68 101 1 Includes mail-order houses. 2 Includes filling stations. 8 Dealers and contractors in heating, plumbing, air conditioning equipment, and in construction and repairs. 4 Includes apparel stores, dealers in bicycles, motorcycles, aircraft, boats and marine engines, business supply dealers, and miscellaneous dealers and contractors. NOTE.—Details may not add to totals because of rounding. OCTOBER 1951 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS ment credit outstanding on September 30, 1950.other predominantly noninstalment groups were Instalment receivables of financial businesses by not subject to regulation. The nonfinancial regis- Federal Reserve District are shown in Table 4. It trants accounted for nearly all of the instalment should be noted that the large holdings of retail sales in the country and about one-third of the automobile credit by sales finance companies in the nation's total retail sales. New York District and of personal instalment loans Automobile dealers made more than 8.1 billion by small loan companies in the Chicago District dollars of the 14.5 billion of instalment sales restem from registration of national operations by ported by all registrants. Department and general head offices located in these Districts. stores, including mail-order houses, ranked second with nearly 2.2 billion, and were followed by fur- INSTALMENT SALES niture and household appliance stores with 1.7 Retail instalment sales amounting to 14.5 billion billion and 0.9 billion, respectively. Construction dollars were reported for the year ending Septem- and repair dealers and contractors, together with ber 30, 1950, by 104,047 retail and other nonfinan- manufacturers, accounted for half a billion dollars cial businesses. Such sales represented about 35 of instalment sales. per cent of the total business of the retail dealers The proportion of total sales volume made on an registering under Regulation W. This was a much instalment basis varied considerably by kind of larger proportion than for retail trade as a whole, business. Instalment sales accounted for about onebecause grocery stores, most apparel stores, and fifth of the total sales volume reported by depart- TABLE 4 INSTALMENT RECEIVABLES IN SELECTED KINDS OF FINANCIAL BUSINESS, BY FEDERAL RESERVE DISTRICT X [In millions of dollars] Federal Reserve District United Kind of business S t t o a t t a e l s 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 o t u .# is a M p n o e in - li - s K C s a a it n s y - D la a s l- F c S r is a a c n n o - Total instalment receivables 2 12,819 449 3,277 503 812 1,109 843 2,128 457 489 511 636 1,603 Commercial banks and trust companies 5,958 273 1,099 351 424 382 394 789 265 231 251 342 1 156 Sales finance companies 4,175 41 1,901 63 145 540 104 686 57 187 151 166 133 Industrial banks 212 11 79 2 18 10 53 8 1 5 (3) 25 Industrial loan companies 357 5 16 3 26 184 56 16 5 13 10 22 State-licensed small loan companies. 1,032 54 70 45 117 47 61 379 69 17 37 5 132 Credit unions 548 47 54 18 56 27 40 124 22 18 30 35 77 Building and loan associations 276 7 14 7 44 34 34 25 11 19 5 35 40 All other financial businesses 261 11 60 3 21 35 16 16 9 11 19 43 18 Retail automobile credit2 6,129 162 1,884 178 277 656 319 935 198 129 280 347 766 Commercial banks and trust companies 2,525 104 268 119 179 188 184 365 130 90 133 177 589 Sales finance companies 3,161 34 1,582 54 67 437 88 468 48 27 118 143 97 All other financial businesses 443 24 34 5 31 31 47 102 20 12 29 27 80 Other retail credit2 . .. 2,574 72 699 84 148 152 130 408 72 239 86 93 392 Commercial banks and trust companies . . 1,388 60 359 77 86 57 83 179 57 64 49 59 259 Sales finance companies 853 5 301 4 27 79 9 202 6 158 23 17 22 All other financial businesses 333 7 39 3 35 16 38 9 17 14 17 111 27 Repair and modernization credit2. 1,248 53 263 80 91 77 73 60 56 38 64 184 Commercial banks and trust com- 211 panies 993 43 212 74 76 45 57 47 51 31 32 168 All other financial businesses 255 10 51 6 15 32 16 15529 13 5 7 32 16 Personal instalment loans 2 . . 2,866 161 433 160 296 224 322 575 128 66 108 132 262 Commercial banks and trust companies 1,052 67 260 81 82 92 71 87 32 26 39 74 141 Sales finance companies 100 2 4 51 4 2 13 3 9 3 7 Industrial loan companies 248 3 13 2 16 154 28 8 3 6 7 8 State-licensed small loan companies. 840 44 69 42 93 41 41 359 61 16 26 2 46 Credit unions 342 34 46 15 32 19 26 75 14 8 17 17 42 All other financial businesses 284 11 58 5 36 52 28 13 10 12 11 29 18 1 Financial businesses reporting instalment receivables by type of transaction. 2 Direct loans and purchased paper. 3 Less than $500,000. NOTE.—Registrants are classified by Federal Reserve District in which head office is located. Details may not add to totals because of rounding. 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS ment and general stores, hardware and automotive down payments and trade-ins amounting to about accessory stores, dealers and contractors in con- 43 per cent of their instalment sales. Of the credit struction and repair materials, and farm implement extended by these dealers, about nine-tenths was dealers. The proportion was around one-half at financed through sale of paper to finance comhousehold appliance stores and utility companies, panies, banks, or other businesses. Consequently, approximately three-fifths at furniture and house- the amount of instalment paper held by automobile furnishing stores, and about two-thirds at jewelry dealers was small in relation to their instalment stores. These data are shown in Table 5. sales. Transactions financed by loans made directly Automobile dealers made 42 per cent of their to individuals by banks or other financial institutotal sales on an instalment basis, receiving cash tions appear on the dealers' books as cash sales. TABLE 5 SELECTED RATIOS FOR NONFINANCIAL BUSINESSES, BY FEDERAL RESERVE DISTRICT, YEAR ENDED SEPT. 30, 1950 [Per cent] Federal Reserve District Ratio and United kind of business a S v t e a r t a e g s e Bos- New P d h e i l l - a- Cleve- Rich- At- Chi- St. Min- Kan- Dal- San ton York phia land mond lanta cago Louis apolis City las cisco Instalment sales as percentage of total sales: * Department and general stores 2. . . 19 12 14 16 13 17 14 28 17 7 11 13 12 Automobile dealers 42 37 31 38 45 47 51 38 42 31 36 46 53 Furniture and housefurnishing stores 60 59 53 62 66 67 75 55 62 41 51 59 54 Household appliance, radio, and television stores 45 49 40 35 42 55 50 45 47 30 41 52 51 Electric and gas utility companies. . 53 53 46 61 53 54 63 48 36 26 48 69 37 Hardware and automotive accessory stores 3 20 12 14 14 19 21 23 14 20 21 35 22 13 Dealers and contractors 4 19 17 23 20 18 20 13 34 13 21 24 11 16 Manufacturers .... 26 49 32 28 28 29 12 22 46 46 13 15 11 Jewelry stores 66 73 72 61 61 72 75 62 61 17 59 59 69 Farm implement dealers 21 9 4 5 17 28 37 26 31 22 20 24 39 Down payments as percentage of instalment sales: 5 Department and general stores 2. . . 10 11 10 12 14 11 10 9 12 16 13 11 13 Automobile dealers .... 43 46 44 45 44 46 43 43 46 46 43 42 39 Furniture and housefurnishing stores .... 16 16 17 15 18 15 13 19 15 18 18 16 17 Household appliance, radio, and television stores 17 18 15 18 18 17 15 20 17 21 19 15 18 Electric and gas utility companies. . 14 14 13 12 13 11 13 16 18 17 13 14 22 Hardware and automotive accessory stores 3 15 16 17 20 11 18 14 17 16 19 11 15 20 Dealers and contractors * 11 12 10 10 11 11 14 9 16 10 10 12 10 Manufacturers .... 22 14 20 11 13 8 6 35 20 14 16 8 17 Jewelry stores .... 14 12 14 18 16 12 10 14 12 27 17 18 13 Farm implement dealers 37 29 28 26 42 38 35 44 38 39 36 31 31 Instalment paper sold as percentage of instalment credit originated (instalment sales less down payments) 5 Department and general stores 2. . . 45 23 27 4 17 6 24 61 5 14 23 21 20 Automobile dealers 90 93 97 95 91 92 89 88 88 90 81 85 89 Furniture and housefurnishing stores 20 22 23 21 15 13 9 23 14 20 25 12 36 Household appliance, radio, and television stores 77 69 85 80 75 77 72 68 71 71 73 80 85 Electric and gas utility companies. . 18 10 9 17 12 6 48 8 40 4 1 27 24 Hardware and automotive accessory stores 3 40 36 63 55 9 32 41 44 39 85 37 28 50 Dealers and contractors ^ 85 83 89 82 78 82 78 89 77 84 88 73 87 Manufacturers 32 80 4 86 1 65 55 96 21 64 34 31 72 Jewelry stores 5 4 4 8 13 4 2 2 7 Farm implement dealers 76 80 90 "76" 75 90 ' 80* ' 65 76 72 75 80 79 1 Based on data of registrants reporting figures for instalment sales. 2 Includes mail-order houses. 8 Includes filling stations. 4 Dealers and contractors in heating, plumbing, and air conditioning equipment, and in construction and repairs. 6 Based on data of registrants reporting figures for down payments and instalment paper sold. NOTE.—In some cases District figures are dominated by reports of head offices of one or more national chains, which show relationships quite different from those of other stores. OCTOBER 1951 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS Down payments reported by most kinds of non- their instalment paper, whereas furniture and automotive businesses were from one-fifth to one- housefurnishing stores sold only one-fifth of their tenth of their instalment sales volume. The sale paper. of instalment paper varied widely from one kind In certain Federal Reserve Districts, for some of nonautomotive business to another. For ex- lines of trade the totals shown in Tables 5 and 6 ample, household appliance and radio stores, farm were dominated by data for national chains which implement dealers, and dealers and contractors in were consolidated in a single report from the head construction and repair materials sold nearly all of office. In several cases the practices of national TABLE 6 TOTAL SALES, INSTALMENT SALES, AND INSTALMENT RECEIVABLES OF NONFINANCIAL BUSINESSES BY FEDERAL RESERVE DISTRICT [In millions of dollars] Federal Reserve District United Kind of business S t t o a t t a e l s 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 a M p n o e in - li - s K C s a i a t n s y - D la a s l- F c S r is a a c n n o - Total sales, year ended Sept. 30, 1950 1 41,861 2,174 5,211 2,066 3,724 2,712 2,730 9,921 2,120 1,592 2,309 2,704 4,598 Department and general stores 2. . 11,050 510 1,677 440 848 517 441 4,741 306 226 299 339 705 Automobile dealers 19,414 1,031 2,049 1,038 1,482 1,460 1,559 3,259 1,258 826 1,333 1,514 2,606 Furniture and housefurnishing stores 2,930 186 334 166 315 253 291 395 162 68 157 191 413 Household appliance, radio, and television stores 1,914 111 377 145 183 105 135 275 85 60 80 98 260 Electric and gas utility companies. 255 34 26 14 17 21 33 54 5 12 26 6 Hardware and automotive accessory stores 3 1,466 67 63 46 232 69 107 157 90 167 181 135 152 Dealers and contractors 4 1,804 101 242 137 235 72 96 266 120 34 39 233 230 Manufacturers 781 3 161 2 242 14 2 294 11 1 12 11 28 Jewelry stores 316 22 38 16 43 29 24 46 13 1 14 34 38 Farm implement dealers 512 15 99 27 34 21 23 75 45 42 55 32 44 Other nonfinancial businesses 5.... 1,418 93 146 36 94 150 20 360 27 160 127 92 115 Instalment sales, year ended Sept. 30, 1950 14,461 686 1,386 676 1,274 1,090 1,230 3,248 787 377 748 1,019 1,939 Department and general stores 2. . 2,153 60 234 71 107 86 63 1,304 51 17 32 45 83 Automobile dealers 8,138 385 639 392 669 693 793 1,241 529 254 481 693 1,369 Furniture and housefurnishing stores 1,749 109 178 103 209 170 219 216 100 28 80 113 225 Household appliance, radio, and television stores 856 54 151 51 78 58 67 122 40 18 33 51 132 Electric and gas utility companies. 135 18 12 9 9 11 20 26 2 2 6 18 2 Hardware and automotive accessory stores 3 295 9 6 44 14 25 22 18 35 63 30 20 Dealers and contractors 4 35J. 55 28 42 14 12 89 16 7 9 26 36 Manufacturers 202 51 1 67 4 (6) 65 5 2 2 3 Jewelry stores 208 27 9 26 21 18 29 8 8 20 26 Farm implement dealers 106 4 1 6 6 9 19 14 11 17 Other nonfinancial businesses 5.... 267 25 4 18 11 3 115 7 23 25 Instalment receivables, Sept. 30, 1950 2,429 119 225 108 245 205 219 629 113 119 165 245 Department and general stores 2. . 740 23 88 38 45 46 27 374 22 13 24 36 Automobile dealers 314 12 6 13 23 30 39 22 33 36 82 Furniture and housefurnishing stores 792 51 75 96 94 122 46 31 55 85 Household appliance, radio, and television stores 111 9 9 11 11 11 5 5 7 13 Electric and gas utility companies. 82 10 7 6 8 1 4 15 1 Hardware and automotive accessory stores3 84 2 1 20 4 6 18 11 4 Dealers and contractors4 31 1 2 3 2 1 1 5 2 Manufacturers 61 19 34 1 3 1 (6) 8 Jewelry stores 97 13 12 10 3 4 8 Farm implement dealers 12 1 1 1 1 Other nonfinancial businesses 6 105 5 3 9 4 2 6 1 Total sales of the 104,047 registrants reporting figures for instalment sales and instalment receivables. 2 Includes mail-order houses. 3 Includes filling stations. 4 Dealers and contractors in heating, plumbing, air conditioning equipment, and in construction and repairs. 6 Includes apparel, and piano, organ, and music stores, dealers in fuel, ice, and fuel oil, bicycles, motorcycles, aircraft, boats and marine engines, business supply dealers, and miscellaneous dealers and contractors. 6 Less than $500,000. NOTE.—In some cases District figures are dominated by reports of head offices of one or more national chains. Thus these data do not necessarily show the amount of business transacted within each District. Details may not add to totals because of rounding. 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS chains differ widely from those of other dealers tions. Jewelry stores were the only major granters in the same kind of business. of instalment credit which customarily retained Certain regional differences in instalment selling, nearly all of their paper. aside from those introduced by consolidated reports OTHER CREDIT SALES AND RECEIVABLES of national chains, are apparent in Table 5. Among Charge-account sales reported by registrants retailers selling principally major consumer durable amounted to 9.0 billion dollars during the 12 goods, the proportion sold on instalment was genmonths ended September 30, 1950. This figure erally larger in the southern States and smaller in accounts for only about one-third of all such sales, the Minneapolis Federal Reserve District than in since it excludes the open credit of grocery stores, other areas. In areas where the proportion of inmost apparel stores, and other groups not subject stalment sales was relatively small, down payments to Regulation W. were usually comparatively large. More than two-thirds of the charge-account busi- Sale of instalment paper varied considerably by ness reported by registrants was transacted by autokind of business. There were some variations by mobile dealers, department and general stores, and Federal Reserve District, but the differences appear dealers and contractors in materials and fixtures for to have been more closely associated with individual construction and repair. The proportion of sales practices of large retailers than with geographic made on open account varied widely from one type location. Automobile dealers, household appliance of business to another, accounting for little more stores, farm implement dealers, and dealers and than one-tenth of the total business of automobile contractors in construction and repair materials dealers but almost two-thirds of the sales of concustomarily sell most of their instalment paper. struction and repair businesses. Automobile dealers in the aggregate reported sale Registrants reported 1.6 billion dollars of chargeof paper equivalent to 90 per cent of the instalment account credit outstanding on September 30, 1950. credit they originated. By Federal Reserve Dis- The ratio of these receivables to charge-account trict the proportion ranged from 81 to 97 per sales during the year ranged from less than onecent. Hardware and automotive accessory stores sixth for automobile dealers to one-fourth for furniand manufacturers showed wide regional varia- ture and housefurnishing stores. The schedules and instructions sent to instalment lenders and sellers that registered under Regulation W are given on the following pages. OCTOBER 1951 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS FR 563-c Form Approved Budget Bureau No. 55-R-002.1 REGISTRATION STATEMENT OF INSTALMENT LENDERS UNDER REGULATION W FINANCIAL BUSINESS REPORT ON THIS SIDE OF SHEET ONLY (Retailer, dealer, contractor, or other nonfinancial businesses should reply on reverse side) Please read instructions before completing this form This statement is filed in accordance with the provisions of Regulation W issued by the Board of Governors of the Federal Reserve System pursluuaanntt ttoo EE:xecutive Order No. 8843, dated August 9, 1941, and the "Defense Production Act of 1950." Legal name of Registrant (print or type); state also trade name if different from legal name Street address City Zone No. County Stat I. Indicate by check mark whether Registrant is in business as (1) an individual , (2) partnership , (3) corporation (4) or other form (specify) II. Did Registrant have any branches on September 30, 1950? • Yes D No If yes, how many (not counting main office)? Please attach a list of branches and their addresses, unless Registrant is a bank insured by F. D. I. C. III. Principal business of Registrant. (Check only one.) • 1. Sales finance company. • 5. State-licensed small loan company, • 2. Commercial bank or trust company. Q 6. Credit union. • 3. Industrial bank. • 7. Other financial business (please specify; examples-^-savings and loan association, mutual savings bank, etc.) Q 4. Industrial loan company. IV. Instalment paper owned—A Registrant maintaining branches should present combined figures covering the head office and all branches. Exclude subsidiaries and affiliates which are separate legal entities; each of these should file a separate registration statement. Report the unpaid balances of instalment paper owned at close of business on September 30, 1950, in categories 1 to 5 below. Include all instalment paper whether or not subject to Regulation W. Give figures to nearest dollar; omit cents. Please reply to every item; if none, write none. Column Column (1) (2) Total Direct Purchased Sum of columns loans paper (1) and (2) 1. Retail automobile instalment credit.... $ $ 11 $,...• 2. Other retail instalment credit. . . 12 3. (a) FHA insured repair and modernization credit. . 13 (b) Other repair and modernization credit... 14 4. Personal instalment cash loans.... 15 5. Total (sum of the above items)... 19 V. This is to certify that to the best of my knowledge and belief the foregoing is correct (except as to any items marked "est." which are estimated in good faith). Please print or type here the name and official title Authorized signature of the person whose signature appears at the right. Date . 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS INSTRUCTIONS FOR LENDERS WHO MUST FILE THIS STATEMENT Every business making instalment loans, or purchasing or discounting or lending on instalment credit obligations as defined in Regulation W, must file this statement. Instalment loans are those which are repayable in two or more instalments. If you were engaged in this type of activity on September 18, 1950, you must file this statement with your nearest Federal Reserve bank or branch not later than November 17, 1950. If you become subject to Regulation W after September 18; 1950, you must file this statement within 60 days of the date you become subject. Each separate corporation or other legal entity engaged in such business must file a separate registration statement, whether or not it is a subsidiary or affiliate of some other business. Copies of the regulation may be obtained from your nearest Federal Reserve bank or branch. If you have any question about this form which is not covered by the instructions, please communicate with the Reserve bank. INSTRUCTIONS (Numbered to correspond with questions on Registration Statement) II.—Branches should include offices at which the Registrant is engaged in extending instalment loans, or purchasing or discounting or lending on instalment cYedit obligations. IV.—Businesses which were not in operation on September 30, 1950, please answer question IV for such later date as is convenient, clearly indicating the date used. A business concern organized to succeed another concern doing similar business should report for the concern succeeded, if possible. Report all paper owned by the Registrant regardless of who is handling collections. Include paper pledged by the Registrant against loans or bills payable. Col. (1) Direct loans should represent the unpaid balances of instalment loans made directly to individuals by the Registrant, excluding paper arising from such loans which has been assigned to others. Do not include loans made to dealers or finance companies on their own promissory notes, even if secured by a pledge of instalment paper. Exclude loans for the purchase of or secured by real estate, business loans, agricultural loans, and loans for purchasing or carrying securities. If deposits are accumulated in separate accounts specifically for repayment of the loans, report the outstanding balance after deduction of such deposits. Col. (2) Purchased paper should represent the unpaid balances of instalment paper owned by the Registrant, which has been discounted for or purchased from a dealer or another financial institution, with or without recourse. Include bulk purchases. Line 1. Retail automobile instalment credit should represent the unpaid balance of instalment credit arising from the retail sale of, and secured by, passenger automobiles. Exclude credit for the purchase of tractors, trucks, and other commercial vehicles. Line 2. Other retail instalment credit should represent the unpaid balance of instalment credit arising from the retail sale of, and secured by, consumer goods other than automobiles, whether or not listed in Regulation W. Line 3. • Repair and modernization credit should represent the unpaid balance of instalment loans to individuals made to finance alterations and improvements of existing completed residential properties, not including such loans secured by real estate. Item 3(a), FHA insured credit should include only "Class 1" loans insured under Title I of the National Housing Act. Item 3(b) should include all other residential repair and modernization credit as defined above, not insured by FHA. Line 4. Personal instalment cash loans should represent the unpaid balance of all secured and unsecured instalment loans which were made to individuals, except the following: Retail instalment paper and repair and modernization paper reported in items 1, 2, and 3 above, business loans, agricultural loans, loans for purchasing or carrying securities, and real estate loans. The proceeds of personal instalment cash loans are used ordinarily for such purposes as debt consolidation and general personal expenditures, and are sometimes secured by life insurance policies or other collateral. V. This statement may be signed by any official ordinarily authorized to sign statements for the Registrant. OCTOBER 1951 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS FR 563-c Form Approved Budget Bureau No. 55-R-002.1 REGISTRATION STATEMENT OF INSTALMENT SELLERS UNDER REGULATION W RETAILER, DEALER, CONTRACTOR, OR OTHER NONFINANCIAL BUSINESS REPORT ON THIS SIDE OF SHEET ONLY (Financial businesses should reply on reverse side) Please read instructions before completing this form This statement is filed in accordance with the provisions of Regulation W issued by the Board of Governors of the Federal Reserve System pursuant to Executive Order No. 8843, dated August 9, 1941, and the "Defense Production Act of 1950." Legal name of Registrant (print or type); state also trade name if different from legal name Street address City County I. Indicate by check mark whether Registrant is in business as (1) an individual , (2) partnership , (3) corporation . (4) or other form (specify) II. Did Registrant have any branch stores on September 30, 1950? • Yes • No If yes, how many (not counting main office or store)? Please attach a list of branch stores and their addresses. III. Principal business of Registrant. (Check only one) • 1. Department or general stores. • 5. Hardware or automotive accessory • 8. Manufacturer (specify principal type store. of product) • 2. Automobile dealer. Q 6. Dealer or contractor in heating, • 9. Other (please specify; examples- • L — 3 ' . Furniture or house furnishings store. p m lu e m nt b , i o n r g i n a c ir o n c s o tr n u d c i t t i i o o n n i o n r g r e e p q a u i i r p s - . jewelry store, luggage store, etc.) • 4. Household appliance or radio store. • 7. Electric or gas utility company. IV. Sales and receivables.—A Registrant maintaining branches should present combined figures covering main store and all branches. Exclude subsidiaries and affiliates which are separate legal entities; each of these should file a separate registration statement. Include all sales and receivables whether or not listed in Regulation W. Give figures to nearest dollar; omit cents. Please reply to every item; if none, write none. A. Retail sales—12 months ended September 30, 1950. Report net retail sales (gross sales including trade-ins but less returns and allowances), less retail sales taxes and retail excise taxes. s 1. Total net retail sales I 2. Sales reported in item 1 were divided as follows: (a) Cash and C.O.D. sales. Exclude cash received from down ] yments, and exclude sales involving paper sold or discounted as soon as written, which should be includ I under item 2(b) $ 21 (b) Instalment or deferred payment plan sales. Include down payments and trade-in allowances, and include sales resulting in instalment paper which is sold or discounted as soon as written $... 22 (1) Amount of down payments and trade-in allowances included in instalment sales. (If exact figures are not available, give your best estimate) ($ ) 23 (2) Amount of instalment paper which was sold or discounted during 12 month period including paper sold or discounted as soon as written. (If exact figures are not available, give best estimate) ($ ) 24 (c) Charge account sales $.. 25 (d) Total of 2(a), (b), and (c). (Should agree with item 1) ».„ $.. 29 B. Retail receivables owned—Unpaid balances due from customers at close of business on September 30, 1950. Include paper pledged as security against notes or bills payable. Exclude paper which has been assigned, sold, or discounted to others, with or without recourse, regardless of who is handling collections. 3. Total retail receivables owned $ 4. Receivables reported in item 3 were divided as follows: (a) Instalment or deferred payment plan receivables owned $ 41 (b) Charge account receivables owned $ 42 (c) Total of 4(a) and (b). (Should agree with item 3) % 49 V. This is to certify that to the best of my knowledge and belief the foregoing is correct (except as to any items marked "est." which are estimated in good faith). Please print or type here the name and official title Authorized signature of the person whose signature appears at the right. Date.. 1254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS INSTRUCTIONS FOR SELLERS WHO MUST FILE THIS STATEMENT Every business making instalment sales of any article listed in Regulation W must file this statement. Instalment sales are those in which the unpaid balance is scheduled to be paid in two or more instalments. If you were engaged in instalment selling on September 18, 1950, you must file this statement with your nearest Federal Reserve bank or branch not later than November 17, 1950. If you become subject to Regulation W after September 18, 1950, you must file this statement within 60 days of the date you become subject. Each separate corporation or other legal entity engaged in such business must file a separate registration statement whether or not it is a subsidiary or affiliate of some other business. Copies of the regulation may be obtained from your nearest Federal Reserve bank or branch. If you have any question about this form which is not covered by the instructions, please communicate with the Reserve bank. INSTRUCTIONS (Numbered to correspond with questions on Registration Statement) II.—Branches should include stores making instalment sales or otherwise extending instalment credit. IV.—Businesses which were not in operation on September 30, 1950, please answer only Question IV-B-3 and 4 (do not answer IV-A-l and 2) for such later date as is convenient, clearly indicating the date used. A business concern organized to succeed another concern doing similar business should report for the concern succeeded, if possible. A. 1. Retail sales. Report net retail sales including sales of leased departments for which Registrant arranges and holds retail credit. Include nonmerchandise sales. If engaged in manufacturing or other business report only sales made at retail. Contractors should include receipts from consumer repair work and the like. Utility companies should exclude sales of electricity and gas. Exclude sales of real estate. A concern which was in business on September 30, 1950, but was not in operation throughout the 12 months ending on that date, should report sales for only that part of the period for which it operated, indicating clearly the length of such period. A. 2(a). Cash and C.O.D. sales. Report all net retail sales which are paid in full by the customer at or before delivery. Net cash sales are gross sales for cash less refunds for returned goods and adjustments for defective merchandise. Sales should be reported at full sales price regardless of trade-in allowances, if any. Cash sales should not include instalment sales which are immediately converted into cash by Registrant through assignment of the instalment paper to others; these should be included in instalment sales (item 2(b)). Down payments on instalment sales should not be counted as cash sales but should be included in instalment sales. A. 2(b). Instalment and deferred payment plan sales. Report as instalment sales all net retail sales in which the unpaid balance is scheduled to be paid in two or more parts, regardless of the name of the plan, such as, "budget," "revolving credit," or "coupon" plan; and regardless of whether the Registrant retains the resulting instalment paper or assigns it to others immediately or at a later date. A. 2(c). Charge account sales. This should include the amount of sales for which full payment is deferred but for which payments on the unpaid balance are not scheduled; the entire balance ordinarily becomes payable at the end of the customary billing period. Do not include sales which are agreed to be paid in two or more payments; these should be reported as instalment sales in item 2(b). B. 3. Receivables. Include interest and finance charges. Do not deduct reserves for bad debts but do deduct actual charge-offs. Include retail receivables of leased departments which are held by Registrant. B. 4(a). Instalment and deferred payment plan receivables. Report unpaid balances (including finance charges) owned by Registrant which arise from the type of sales reported in item 2(b). Exclude credits sold to (or discbunted with) a bank or finance or other company with or without recourse and even though the retailer may continue to collect the payments. B. 4(b). Charge account receivables. Report all unpaid customers' balances on charge account credit. V.—This statement may be signed by any official ordinarily authorized to sign statements for the Registrant. OCTOBER 1951 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1951 While total earnings of all member banks were year period. On an annual basis they were 14.2 substantially larger in the first half of this year per cent of total capital accounts in the first half than in the first half of 1950, this increase was of 1951 as compared with 12.8 per cent in the more than offset by larger expenses and income first half of 1950 and 13.2 per cent for the year. tax liabilities, with the result that net profits were Details of earnings, expenses, etc., for the first slightly smaller than in the corresponding period half of 1951 and the two halves of 1950 are shown last year. Net profits on an annual basis were 7.8 on page 1321 of this BULLETIN. per cent of total capital accounts as compared with 8.3 per cent for 1950. 1 Net current earnings are gross current operating earnings less gross current operating expenses, before adjustments Net current earnings before income taxes of all for losses, recoveries, and transfers to and from valuation member banks were 697 million dollars in the reserves, and before taxes on net income. first half of 1951, some 104 million or 17.6 per cent Normal differences in some items do not invalidate comparisons of earnings in the first and second halves of a year, larger than in the corresponding period of 1950 but they are sufficiently important to warrant care in interand 44 million larger than in the second half of preting the results for any first half. For example, bonuses that year.1 Starting with 1947, net current earn- paid to officers and employees and losses and charge-offs are usually reported in larger volume in the second half of ings have been progressively larger in each half- a year than in the first. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1947 1948 1949 1950 1951 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 1,250 1,328 1,379 1,450 1,460 1,525 1,557 1,707 1,771 On U. S. Government securities 465 456 436 419 423 436 435 430 406 On other securities 73 76 78 80 81 87 91 99 102 On loans 487 557 620 688 698 729 760 874 960 Service charges on deposit accounts 57 62 69 72 78 80 84 88 93 Other earnings 168 177 176 191 180 193 187 216 209 Expenses 790 860 866 930 914 975 965 1,055 1,075 Salaries and wages 375 422 414 462 441 485 465 535 529 Interest on time deposits 117 119 125 126 130 131 135 136 146 Taxes other than on net income 43 45 44 46 46 50 54 55 58 Other expenses 296 297 308 310 329 342 255 274 283 Net current earnings before income taxes.. . 520 546 551 593 652 697 460 469 513 Recoveries and profits * 72 59 97 82 93 59 Losses and charge-offs 1 11875 111656 19168 100 70 96 67 81 86 Net additions to valuation reserves : 116 57 32 94 41 80 37 Profits before income taxes 492 418 419 435 503 458 566 584 633 Taxes on net income .... 132 200 142 115 127 107 143 169 252 Net profits 326 384 350 303 292 329 360 397 381 Cash dividends declared 3. . 167 190 132 149 140 154 146 155 170 Number of banks at end of period 6,928 6,923 6,925 6,918 6,903 6,892 6,885 6,873 6,859 n p. 1321 of this BULLETIN as described below: 3 Includes interest on capital notes and debentures. 1256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1951 Earnings. Current operating earnings, continu- decline from the last half of 1950 was seasonal in ing their upward trend, amounted to 1,771 million nature and followed the pattern of the three predollars, an increase of 214 million from the first ceding years and of prewar years. half of 1950. This increase was largely in earn- Profits, recoveries, losses, and transfers to reserves. ings on loans, which were 201 million dollars or Profits on securities sold were 20 million dollars 26 per cent larger than in the corresponding period in the first half of 1951, a smaller amount than in last year. A decline of about 29 million dollars either half of 1950. Net losses and charge-offs on in income from United States Government securiall securities amounted to 26 million dollars, more ties was partly oflset by an increase of 12 million than in either half of last year. in earnings on other securities. Net losses on loans of 14 million dollars were Earnings on loans accounted for 54 per cent slightly larger than in either half of 1950 but of total earnings as compared with 49 per cent smaller than in either half of 1949. As in the first in the first half of last year and 51 per cent in the half of last year, net losses were less than 1.5 per second half, reflecting the larger volume of loans cent of earnings on loans. Provisions for future held. The corresponding percentage for earnings losses continued at about the same rate as in the from United States Government securities was 23, corresponding period of 1950, and net additions a decline from 28 in the first half of 1950. to valuation reserves amounted to 34 million dollars. An average annual rate of return on loans of 4.17 per cent was practically unchanged. Although Taxes and net profits. Profits before income taxes holdings of higher yielding real estate and con- were larger in the first half of 1951 than in either sumer loans increased 1,429 million dollars and half of 1950. However, income tax accruals and 669 million dollars respectively between June 1950 payments were 83 million dollars and 52 million and June 1951, holdings of lower yielding commer- dollars respectively larger than in the first and cial and industrial loans increased 6,454 million second halves of 1950. As a result, net profits were during the same period. 381 million dollars, somewhat less than in either Expenses. Current operating expenses, exclud- half of 1950. ing taxes on net income, were 1,075 million dollars, Cash dividends. The pattern of dividend pay- 110 million larger than in the corresponding period ments was similar to that of previous years. Payof 1950. Salaries and wages accounted for nearly ments of 170 million dollars were larger than in half of total expenses, and for more than half of the corresponding period of 1950 but smaller than the increase. They amounted to 529 million dol- in the second half. Dividends amounted to about lars, 63 million more than in the first half of 1950 45 per cent of net profits and were at the annual and 6 million less than in the second half. The rate of 3.5 per cent of total capital accounts. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings ing December 31, 1952, to succeed Mr. M. A. Limbocker, deceased. Mr. Limbocker was Chair- The Conference of Presidents of the Federal Reman of the Board and President of the Citizens serve Banks met in St. Louis on September 27-29, National Bank of Emporia, Emporia, Kansas. 1951, and on October 4 the Conference met with the Board of Governors of the Federal Reserve Report of the National Advisory Council System in Washington. The Twelfth Semiannual Report of the Na- A meeting of the Federal Open Market Com- tional Advisory Council on International Monetary mittee was held in Washington on October 4, 1951. and Financial Problems to the President and the Congress, covering the period from October 1, Election of Class A Director 1950 to March 31, 1951, has been made public. It The Federal Reserve Bank of Kansas City, on includes a review of international transactions of October 2, 1951, announced the election of Mr. the United States and of the International Bank W. S. Kennedy, President and Chairman of the and Monetary Fund during that period. Copies Board of The First National Bank of Junction may be obtained by writing to the Superintendent City, Kansas, as a Class A director of the Bank for of Documents, Government Printing Office, Washthe unexpired portion of the three-year term end- ington 25, D. C. OCTOBER 1951 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 28 and released for publication October 1] Industrial production continued somewhat below and some other nonferrous metals was considerably first-half levels in August and September, reflecting reduced as a result of a labor dispute in late August mainly reduced output in consumer goods indus- and early September, and in mid-September alumitries. Consumer buying has been at somewhat num production was curtailed somewhat owing to higher levels than in early summer and distrib- power shortages. Passenger car assembly for the utors' inventories apparently have been reduced third quarter was close to the authorized level of further. Prices generally showed little change after 1.2 million units. mid-August. Bank loans to business, mainly for Output of textiles, leather products, and paperdefense and agricultural and other seasonal pur- board in August showed smaller increases than usual for this season. Chemicals production rose poses, expanded over this period. further and output of most other nondurable goods INDUSTRIAL PRODUCTION continued in large volume. Bituminous coal mining expanded in August The Board's index of industrial production in and early September. Peak levels of output of August was 218 per cent of the 1935-39 average, crude petroleum and iron ore continued. as compared with 213 in July and an average of 222 for the first half of the year. Preliminary indi- CONSTRUCTION cations point to little change in September. Value of construction contracts awarded declined Durable goods production increased in August somewhat in August, reflecting decreases for most but remained below the June rate. Activity in types of public construction. Private awards munitions and producers equipment industries showed little change. The number of housing units generally expanded, despite work stoppages in an started in August was 85,000, about the same as important machinery industry. Output of conin July but almost two-fifths below August 1950. sumer durables showed little change from the re- Value of work put in place on industrial construcduced July rates. In the latter part of September tion projects continued to rise in August and was steel mill operations were scheduled at 102 per double year-ago levels. cent of capacity as compared with a rate of 98.5 per cent in July and August. Output of copper CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • 100 PER CENT 140 '\/f^\—\j—\ 22° 220 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 F. W. Dodge Corporation data for 37 Eastern States. 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 Monthly figures, latest shown are for August. August figures for "public ownership" and "total" include several large Federal Reserve indexes. Monthly figures, lates shown are awards by Atomic Energy Commission totaling 980 million for August. dollars. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT about 5 per cent in mid-September, following revision in Federal ceilings. The labor market showed little change during The consumers price index in August was un- August. Employment in nonagricultural estabchanged from July. Slight declines in prices of lishments, after adjustment for seasonal factors, confoods and housefurnishings were oflset by intinued at the earlier high level of 46.6 million creases in rents and in prices of apparel and mispersons. The average work week in manufacturcellaneous goods and services. ing industries remained at the moderately reduced July level and average hourly earnings were main- BANK CREDIT tained at peak rates. Unemployment declined Bank credit rose moderately during August and somewhat in August to slightly less than 1.6 million the first half of September reflecting some seasonal persons, the lowest since October 1945. borrowing by businesses. Loans to food manufacturers and commodity dealers to finance the DISTRIBUTION distribution and processing of crops began in the Seasonally adjusted value of sales at department August-early September period and loans to finance stores rose about 3 per cent in August to a level direct defense contracts and defense-supporting acof 319 per cent of the 1935-39 average, but during tivities, particularly loans to metal manufacturers, the first three weeks of September sales showed expanded further. a less than seasonal rise. Sales at most other re- Deposits and currency held by businesses and tail outlets also increased slightly in August and individuals increased considerably in August and in early September automobile sales were stimu- early September. This reflected both expansion in lated by prospects of price advances. Value of de- bank loans and a continuing shift of deposits from partment store stocks, seasonally adjusted, declined Government to private accounts prior to the receipt in August to a point 10 per cent below the spring of mid-September income tax payments. peak. SECURITY MARKETS COMMODITY PRICES Common stock prices in the second week of Wholesale commodity prices have generally September reached the highest levels since April shown little change since mid-August. Prices of 1930 and then declined somewhat in the third textile materials have declined further, but during week. Yields on U. S. Government securities and the past 10 days raw cotton prices have advanced high-grade corporate bonds showed little change. as producers have restricted marketings at present Holders of the 3 per cent Treasury bonds called prices. Among finished goods, prices of shoes, for payment September 15 and the 1% per cent carpets, and sheets have been further reduced, while notes which mature October 1 were offered an wholesale prices of new passenger cars were raised exchange into an 11-month 1% per cent certificate of indebtedness. WHOLESALE COMMODITY PRICES LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U. S. GOVERNMENT SECURITIES 1944 1945 1946 1947 1948 1949 1950 1951 Bureau of Labor Statistics' indexes. Weekly figures, latest 1948 1949 1950 1951 1948 1949 1950 1951 shown are for week ending September 25. Wednesday figures, latest shown are for September 26. OCTOBER 1951 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 1263-1264 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V. . 1264-1265 Federal Reserve Bank statistics.. 1266-1270 Guaranteed Regulation V loans 1270 Deposits and reserves of member banks. . 1271 Money in circulation... 1272-1273 Bank debits and deposit turnover; Postal Savings System. . . . 1273 Consolidated statement of the monetary system, deposits and currency 1274 All banks in the United States, by classes 1275-1277 All insured commercial banks in the United States, by classes. . 1278-1279 Weekly reporting member banks 1280-1283 Number of banking offices on Federal Reserve par list and not on par list 1284 Commercial paper, bankers' acceptances, and brokers' balances. . 1285 Money rates; bank rates on business loans; bond yields. 1286 Security prices and new issues. . 1287-1288 Corporate sales, profits, and dividends. 1288-1290 Treasury finance 1291-1293 Government corporations and credit agencies. . 1294 Business indexes.. . 1295-1304 Department store statistics. 1305-1308 Consumers' prices 1308 Wholesale prices ... 1309 Gross national product, national income, and personal income. 1310-1311 Consumer credit statistics. 1312-1314 Current statistics for Federal Reserve chart book. 1315-1319 September crop report, by Federal Reserve districts. 1320 Member bank earnings 1321 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics: back figures for most other tables may be obtained from earlier BULLETINS. 1261 OCTOBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OFDOLLARS 30 30 IN CIRCULATION - • — — f RESERVE BANK ~ I CREDIT ! 25 15 15 10 10 L L 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 10 10 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures latest shown are for September 26. See page 1263. 1262 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 v co D a a a n u n i d s c n d - - e ts s T U ot . a l S. s e B G cu o o n r v i d t e i s r e n s c m c B e a e r i t t l n e i l f t s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o t c e u r i a u u e n n r n a r y c t g - - d s y - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r r e R o d y a e r i s e e n t a v i - d r h k t s e a e s s - - l b m p N e o r e o s m d n it e - s - - c O s F e o R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exand notes Wednesday figures: 1950—Aug. 2. 30118,143 4,860 13,283 318 18,76224,136 4,609 27,000 1,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,90424,035 4,608 27,015 1,309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 449 18,88923,954 4,608 26,976 1,309 717 1,392 75916,298 15,613 685 Aug. 23. 11518,577 5,440 13,137 191 18,88323,803 4,609 26,963 1,308 562 1,272 74816,442 15,686 756 Aug. 30. 10718,584 6,551 12,033 288 18,97923,752 4,611 27,042 1,308 676 1,304 72816,285 15,767 518 Sept. 6. 9918,942 7,284 11,658 19,43823,577 4,613 27,259 1,311 511 1,220 16,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,665 23,576 4,613 27,151 1,305 648 1,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,16923,525 4,613 27,081 1,301 654 1,204 76816,299 15,946 353 Sept. 27. 120 19,353 3,773 15,580 601 20,07523.474 4,614 27,060 1,307 1,144 1,190 76216,699 15,837 862 Oct. 4. 4519,375 3,824 15,551 552 19,972 23,482 4,617 27,188 1,308 848 1,288 81316,626 15,848 778 Oct. 11. 6819,507 3,923 15,584 470 20,044 23,432 4,618 27,339 1,316 508 1,332 81016,789 15,829 960 Oct. 18. 3919,506 3,979 15,527 881 20,426 23,291 4,617 27,228 1,313 449 1,292 80717,245 15,995 1,250 Oct. 25. 5019,229 4,058 15,171 473 19,753 23,290 4,618 27,121 1,300 420 1,367 80516,649 15,962 687 Nov. 1. 11119,291 4,198 15,093 458 19,860 23,249 4,622 27,219 1,304 452 1,335 74816,674 15,947 727 Nov. 8. 29119,311 4,271 15,040 251 19,853 23,198 4,622 27,388 1,292 298 1,324 74816,625 15,906 719 Nov. 15. 7119,425 4,281 15,144 675 20,17123,148 4,621 27,296 1,304 341 1,199 74517,054 16,044 1,010 Nov. 22. 24719,296 4,268 15,028 61920,16223,097 4,622 27,450 1,281 541 1,242 74516,622 16,084 538 Nov. 29. 24019,569 4,346 15,223 692 20,50123,037 4,626 27,543 1,298 564 1,218 74216,799 16,120 679 Dec. 6. 110 20,239 4,571 15,668 57320,922 22,976 4,628 27,698 1,294 540 1,220 72517,049 16,100 949 Dec. 13. 69 20,529 4,820 15,709 74621,344 22,926 4,628 27,759 1,294 451 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 1,291 685 1,208 76017,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,081 21,720 22,795 4,631 27,916 1,295 786 1,215 76017,174 16,415 759 1951—Jan. 3. 28 20,571 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, 22,494 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. 643 21,641 5,080 16,561 976 23,260 22,341 4,638 27,125 1,307 795 1,200 73619,075 18,249 826 Feb. 14. 29421,808 5,202 16,6061,229 23,330 22,260 4,637 27,159 1,292 864 1,226 73418,952 18,211 741 Feb. 21. 196 21,854 5,320 16,5341,233 23,28322,207 4,637 27,164 1,277 796 1,223 73318,934 18,357 577 Feb. 28. 397 21,881 5,393 16,488 909 23,18822,086 4,640 27,188 1,293 465 1,172 72919,066 18,366 700 Mar. 7. 20722,179 5,592 16,587 840 23,226 21,951 4,639 27,219 1,308 495 1,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,093 23,652 21,900 4,639 27,167 1,283 420 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. 12622,914 6,288 16,626 77323,813 ,806 4,640 27,138 1,304 711 t,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,895 ,806 4,640 27,166 1,287 411 1,190 75319,533 18,546 987 Apr. 18. 114 23,086 6,544 16,5421,034 24,234 21,807 4,640 27,157 1,293 621 1,184 75219,674 18,558 1,116 Apr. 25. 149 22,940 6,570 16,370 70023,78921,807 4,641 27,122 1,296 678 1,212 75319,176 18,482 694 May 2. 264 22,716 6,570 16,146 74423,724 ,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 ,755 4,643 27,315 1,298 767 1,195 69618,833 18,270 563 May 16. 54222,397 6,644 15,753 23,913 ,755 4,643 27,287 1,297 745 1,214 69519,072 18,306 766 May 23. 22,413 6,713 15,700 23,411 ,755 4,642 27,251 1,290 765 1,201 69618,606 18,315 291 May 30. 22,293 6,719 15,574 564 23,396 ,755 4,642 27,461 1,294 620 1,217 18,508 18,202 306 June 6. 12822,653 6,869 15,784 76523,54621,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 863 June 13. 17922,758 6,936 15,822 84623,783 21,756 4,647 27,499 1,289 129 1,095 19,487 18,417 1,070 June 20. 16522,806 6,736 16,0701,178 24,150 ,755 4,648 27,479 1,285 433 1,099 19,482 18,642 840 June 27. 22,843 6,809 16,034 85223,916 ,755 4,650 27,601 1,286 418 1,139 77519,102 18,564 538 July 3. 18122,977 6,822 16,155 81223,97021,756 4,654 27,948 1,287 179 1,014 76419,189 18,556 633 July 11. 236 23,092 5,822 17,270 93824,26721,757 4,656 27,893 1,296 253 1,107 76819,364 18,459 905 July 18. 30023,081 5,822 17,2591,223 24,60521,758 4,656 27,781 1,296 612 1,183 76619,380 18,465 915 July 25. 23,057 5,822 17,235 928 24,06321,759 4,658 27,706 1,305 424 1,191 76719,088 18,440 648 Aug. 1. 40823,081 5,822 17,259 79424,28221,759 4,663 27,842 1,308 557 1,175 19,099 18,430 669 Aug. 8. 200 23,118 5,822 17,296 72724,04621,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 24223,151 5,822 17,329 96724,36021,800 4,666 27,925 1,288 495 1,113 71919,285 18,468 817 Aug. 22. 214 23,084 5,822 17,262 87724,17521,800 4,667 27,932 1,292 434 1,096 71819,172 18,517 655 Aug. 29. 23,066 5,822 17,244 657 24,00121,800 4,668 28,034 1,291 557 999 71' 18,871 18,485 386 Sept. 5. 243 23,079 5,822 17,257 68424,00621,854 4,672 28,262 1,299 408 1,022 71418,825 18,406 419 Sept. 12. 325 23,108 5,822 17,286 951 24,384 21,853 4,673 28,216 1,294 474 1,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,289 24,78321,934 4,674 28,140 1,285 477 923 73019,835 *>18,786Pl,049 Sept. 26. 216 23,474 5,822 17,652 98824,67722,013 4,676 28,137 1,288 816 1,024 73119,369 ^18,807 P562 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1263 OCTOBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [IniTrillions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S. s e G cu o r v it e i 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 t e h d e - r Date or period co D a a u n d is n d - - ts c B er il t l i s fi , - ot A h l e l r1 Total s G to o c ld k s r o e ta n u n c t- d y - in c t u io l c a n i - r- h c i u o n a r g l s y d h s - F s e w R e d r i e e t v - r h e al b p m e o r e s m d it e s - - s R e a r c e v - - e Total qu R ir e e - d2 c E es x s - * vances Total Bonds cates. ing Banks counts notes End of period: 1929—June 29. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,444 5,209 1941—Dec. 31 3 2,254 1,467 787 104 2.361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—Dec. 31 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31 163 23.350 753 22.597 581 24,093 20,529 4.562 28.952 2,272 393 822 607 16,139 15.577 562 1947—Dec. 31.. 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30.. 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31. 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—jUne 30... 103 19,343 7,780 11,563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19,499 24,427 4,598 27,600 L ,312 821 1,517 706 16,568 15,550 1,018 1950—June 30... 43 18,331 5,618 12,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 771 15,934 15,498 436 1950—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 L.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 1,293 465 1,172 729 19,066 18,366 700 Mar 275 22,910 6,187 16,723 964 24,150 21,806 4,640 27,119 1,293 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 1,284 611 1,236 698 18,901 18,449 452 M^ay 529 22,509 6,803 15,706 443 23,481 21,755 4,646 27,519 1,293 666 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 1,281 317 1,262 765 19,020 18,604 416 July 277 23,078 5,822 17,256 679 24,033 21 ,759 4,666 27,851 1,302 584 1,159 700 18,863 18,396 467 Aug 552 23,127 5,822 17,305 630 24,309 21,854 4,673 28,155 1,287 459 1,038 716 19,181 18,464 717 Sept 190 23,734 5,822 17,912 1,134 25,058 P22.013 P4.679 P28.284 p1,286 936 1,127 727 19,391 P18,826 P565 Averages of daily figures: 1950—July 140118,129 5,297 12,832 434 18,703 24,192 4,606 27,117 1,305 549 1,481 796 16,253 15,507 746 Aug. 172118.328! 5,17113,157 377 18,876 23,927 4,609 27,009 1,307 668 1,404 752 16,273 15,626 647 Sept 96 18,946 5,546 13,400 568 19,610 23,560 4,613 27,154 1,303 749 1,235 740 16,602 15,837 765 1951—Tune 170 22,797 6,826 15,971 946 23,913 21.755 4,647 27,548 L.286 280 1,162 731 19,309 18,475 834 July 194 23,059 6,113 16,946 1,032 24,285 21,757 4,656 27,859 1,291 405 1,158 756 19,229 18,473 756 Aug 292 23,123 5,822 17,301 848 24,263 21,790 4,666 27,951 ,288 483 1,104 719 19,174 18,470 704 Sept 338 23,259 5,822 17,437 1,067 24,664 21,906 4,674 28,213 1,284 576 1,055 721 19,396 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. 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Time Effective date deposits S P a o v s i t n al g s S a d v e i p n o g s s i ts deposits of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r Other deposits payable: banks In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 12 5 1941—Nov. 1 20 3 14 6 1942—Aug. 20 24 NOTE.—Maximum rates that may be paid by member banks as Sept. 14 22 established by the Board of Governors under provisions of Regula- Oct. 3 20 tion Q. Under this Regulation the rate payable by a member bank 1948—Feb. 27 22 may not in any event exceed the maximum rate payable by State June 11 24 e i p b n f a a f i n e w d c k t h s i b i v c y o e h r F i t t n e r h s u b e u s . r t m 1 ed , c e o 1 m m 9 n b 3 o p e 6 n a r , m n a b i e r e a e m s n t k b o h e n e r i s s l i a b l k m o a e c n e a d k t a e s e s p d o t a . h s s i o t s s e M e s u t a i a n n x b d i l e m e i f s r f u h e m c t e h t d e f r o a b l r a t y e w m s s t e h t m o h e f a b t t F e h r m . e D b a a . S y I n t . a k C b t s e e , . 1949— S S M M e e a a p p y y t t . . 2 1 4 5 6 1 2 2 6 4 2 2 2 1 1 1 5 6 2 2 3 7 7 jis June 30 20 36 MARGIN REQUIREMENTS1 J A u u ly g . 1 1 1 1 4 3 26 [Per cent of market value] Aug. 11 23^ 19H 35 Aug. 16 12 25 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 22^ Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951—Jan. 11 23 19 36 Jan. 16. 13 26 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect Oct. 1, 19514 24 20 14 6 and dealers on listed securities 75 50 75 For short sales 75 50 75 Demand deposits subject to reserve requirements, which beginning Regulation U: Aug. 23, 1935, have been total demand deposits minus cash items For loans by banks on stocks 75 50 75 in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a 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. 1264 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 Federal Reserve Bank ad o v b a li n g c a e t s i ( o S s n e e s e c s u a . r n e 1 d d 3 d b a i y n s d c e o l 1 i u g 3 n i a b ts ) l 1 e o f p a a p n e d r Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S c . t Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning— rate Sept. 30 beginning— rate Boston Aug.21, 1950 Aug. 21,1950 Jan. 14,1948 New York Aug.21, 1950 Aug. 21,1950 2 Oct. 30,1942 Philadelphia Aug.25, 1950 Aug. 25, 1950 2H Aug. 23,1948 Cleveland Aug.25, 1950 Aug. 25, 1950 2% Aug. 25,1950 Richmond Aug.25, 1950 Aug. 25, 1950 2 Oct. 28,1942 Atlanta Aug.24, 1950 Aug. 24, 1950 Aug. 24,1950 Chicago Aug.25, 1950 Aug. 25, 1950 2% Aug. 13,1948 St. Louis Aug.23, 1950 Aug. 23, 1950 Jan. 12,1948 Minneapolis Aug.22, 1950 Aug. 22, 1950 2V2 Aug. 23,1948 I" Kansas City K Aug.25, 1950 Aug. 25, 1950 2% Jan. 19,1948 S D a a n l la F s rancisco... I I K K A Au u g g . .2 2 5 4, , 1 1 9 9 5 5 0 0 A A u u g g . . 2 2 5 4 , , 1 1 9 9 5 5 0 0 2 F O e c b t . . 1 2 4 8 , , 1 19 9 4 4 2 8 2 4 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 R Se a p te t. o 3 n 0 In g i e n f n fe in ct g — be- Pre ra v t i e ous Maturities not exceeding five years [In effect September 30. Per cent per annum] 1- 90 days. IK Aug. 21, 1950 91-120 days. IK Aug. 21, 1950 121-180 days. 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 Federal Reserve Banks. Federal On discounts or Back figures.-—See Banking and Monetary Statistics, Table 117, pp. Reserve purchases 443-445. Bank On com O m n it- Portion com On mitloans 1 ments for which Re- ments FEE O S N A L N O D A N R S A T G E U S A E R S A T N A T B E L E IS D H E P D U R U S N U D A E N R T T R O E G D U E L F A E T N IO SE N V i t n io st n i tu is - m po a r in ti i o n n g PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect September 30] Boston Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia. . . . Cleveland Richmond () Guarantee fee Percentage of Atlanta 2^-5 CO Percentage of (percentage of any commitment Chicago 2^-5 loan guaranteed interest payable fee charged St. Louis 3 -5 %5 by borrower) borrower Minneapolis C2) Kansas City. . . . 2j|-5 ( Dallas 70 or less 10 10 San Francisco... 23J-5 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 • Rate charged borrower. Over 95 40-50 40-50 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of 24 Per cent is made on undisbursed portion of loan. Maximum Rates Financing Institutions May Chanje Borrowers Back figures.—See Banking and Monetary Statistics, Table 118, [Per cent per annum] pp. 446-447. Interest rate. 5 Commitment rate y 2 OCTOBER 1951 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1951 1950 Sept. 26 Sept. 19 Sept. 12 Sept. 5 Aug. 29 Aug. 22 Aug. 15 Sept. Aug. Sept. Assets Gold certificates 20,100,58220,022,67919,944,67919,936 18019,896,17919,899,40219,901,40320,100,67919,936,18021,710,429 Redemption fund for F. R. notes 674,004 674,244 674,429 674,979 665,211 664,877 665,890 674,005 675,196 524,625 Total gold certificate reserves. . . ,20,774,58620,696,92320,619,108 20,611, 20,561,39020,564,27920,567,293 20,774,684 20,611,376 22,235,054 Other cash 327,838 328,203 312,122 299, 329,705 328,590 332,379 322,075 330,730 228,676 Discounts and advances For member banks. . . 215,629 359,002 324,782 242, 277,878 214,262 242,000 190,272 552,486 71,704 For nonmember banks, etc Total discounts and advances 215,629 324,782 ,787 214,262 242,000 190,272 552,486 71,704 Industrial loans 4,894 4,996 5,769 5,562 5,606 5,429 5,850 5,004 5,693 2,214 U. S. Govt. securities: Bills 825,222 625,422 598,322 567,842 556,592 574,492 638,192 1,057,772 615,942 1,512,854 Certificates: Special Other 4,926,225 4,848,575 4,849,375 4,850 4,848,575 4,848,575 4,852,175 4,944,225 4,850,575 4,974,970 Notes 11,900,165 11,838,465 11,838,465 11,838 11,838,465 11,838,465 11,838,465 11,910,165 11,838,465 9,290,998 Bonds 5,822,102 5,822,102 5,822,102 5,822, 5,822,102 5,822,102 5,822,102 5,822,102 5,822,102 3,793,375 Total U. S. Govt. securities 23,473,714 23,134,56423,108,264 3,078 23,065,73423,083,634 23,150,934 23,734,26423,127,08419,572,197 Other Reserve Bank credit outstanding.... 983,045 1,284,082 945,406 678, 651,855 871,529 961,103 1,128,615 623,993 693,486 Total Reserve Bank credit outstanding24,677,282 24,782,644 24,384,221 24,005,610 24,001,07324,174,85424,359,88725,058,15524,309,256 20,339,601 Liabilities Federal Reserve notes. . 24,011,035 24,008,40124,089,39024,095,98323,903,31823,800,888 23,795,09624,147,79124,020,36622,996,650 Deposits: Member bank — reserve accounts 19,369,241 19,835,22219,166,78618,825,35518,870,69019,171,75619,285,21719,390,62419,180,67216,709,298 U. S. Treasurer—general account 816,212 477,201 473,781 407, 556,942 433,612 494,921 935,775 459,321 1,114,433 Foreign 769,257 756,944 780,074 781, 784,441 824,626 867,470 701,534 760,441 897,824 Other 254,729 165,981 267,465 241. 215,375 270,788 245,531 424,99 277,921 475,801 Total deposits 21,209,439 21,235,348 20,688,106 20,255,474 20,427,448 20,700,782 20,893,139 21,452,930 20,678,355 19,197,356 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent)... 46.0 46.0 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] Within 16 to 90 91 days to Over 1 year Over 5 years Over Total 15 days days 1 year to 5 years to 10 years 10 years Discounts and advances: Aug. 29 277,878 268,352 9,526 Sept. 5 242,787 228,384 14,403 Sept. 12 324,782 313,112 11,670 Sept. 19 359,002 353,223 5,779 Sept. 26 215,629 205,806 9,823 Industrial loans: Aug. 29 5,606 648 727 3,418 813 Sept. 5 5,562 554 952 3,247 809 Sept. 12 5,769 467 915 3,459 928 Sept. 19 4,996 982 461 2,771 782 Sept. 26 4,894 758 159 2,958 1,019 U. S. Government securities: Aug. 29 23,065,734 164,312 7,662,672 6,218,100 4,878,166 1,031,904 3,110,580 Sept. 5 23,078,984 83,000 7,757,234 6,218,100 4,878,166 1,031,904 3,110,580 Sept. 12 23,108,264 68,800 7,800,714 6,218,100 4,878,166 1,031,904 3,110,580 Sept. 19 23,134,564 78,500 7,817,314 6,218,100 4,896,456 1,013,614 3,110,580 Sept. 26 23,473,714 338,335 7,833,979 6,280,750 4,896,456 1,013,614 3,110,580 1266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Aug. 29 19,896,179 600,586 6,402,7441,153,3571,490,867 837,014 855,8134,265,320 514,347 300,035 696,797 510,1102,269,189 Sept 5 19,936,180 629,563 6,490,0121,128,3301,436,322 883,447 840,7014,161,715 520,956 304,926 728,425 529,1942,282,589 Sept. 12 19,944,679 638,556 6,440,2351,139,2961,469,505 911,715 882,0764,154,450 510,819 295,514 695,843 525,0772,281,593 Sept. 19 20,022,679 642,910 6,619,9611,175,1391,479,600 885,756 860,2304,144,001 476,001 294,092 694,671 506,0512,244,267 Sept. 26 20,100,582 618,092 6,516,7681,149,1161,519,792 915,562 830,7444,146,900 532,686 302,625 697,363 505,7862,365,148 Redemption fund for F. R. notes: Aug. 29 665,211 59,706 64,888 54,547 75,831 63,693 47,770 110,461 46,017 23,776 35,743 28,181 54,598 Sept. 5 674,979 59,678 64,846 54,533 75,814 63,684 47,765 110,418 45,991 23,775 35,731 28,176 64,568 Sept. 12 674,429 59,572 64,430 55,349 75,655 62,999 47,655 110,226 45,939 24,257 35,700 28,143 64,504 Sept. 19 674,244 59,457 64,049 55,142 75,497 64,144 47,550 110,053 45,890 24,241 35,667 28,115 64,439 Sept. 26 674,004 59,341 63,632 54,944 75,346 65,223 47,451 109,895 45,845 24,227 35,638 28,088 64,374 Total gold certificate reserves: Aug. 29 20,561,390 660,292 6,467,6321,207,9041,566,698 900,707 903,5834,375,781 560,364 323,811 732,540 538,2912,323,787 Sept. 5 20,611,159 689,241 6,554,8581,182,8631,512,136 947,131 888,4664,272,133 566,947 328,701 764,156 557,3702,347,157 Sept. 12 20,619,108 698,128 6,504,6651,194,6451,545,160 974,714 929,7314,264,676 556,758 319,771 731,543 553,2202,346,097 Sept. 19 20,696,923 702,367 6,684,0101,230,2811,555,097 949,900 907,7804,254,054 521,891 318,333 730,338 534,1662,308,706 Sept. 26 20,774,586 677,433 6,580,4001,204,0601,595,138 980,785 878,1954,256,795 578,531 326,852 733,001 533,8742,429,522 Other cash: Aug. 29 329,705 27,352 69,197 17,577 24,731 16,221 22,582 63,672 17,254 7,726 12,703 13,565 37,125 Sept. 5 299,473 23,234 62,893 16,633 21,026 16,093 19,936 58,656 15,416 7,817 11,253 13,068 33,448 Sept. 12 312,122 25,135 68,659 17,378 22,733 15,715 19,012 61,708 14,925 8,126 11,422 14,501 32,808 Sept. 19 328,203 25,549 68,410 18,672 21,197 18,394 22,993 61,894 15,150 9,016 12,599 15,918 38,411 Sept. 26 327,838 23,604 69,600 19,584 24,019 18,683 22,109 60,321 15,348 8,153 13,741 17,197 35,479 vances: Secured by U. S. Govt. securities: Aug. 29. . 277,085 11,525 98,733 13,720 13,000 29,320 7,370 40,435 19,950 11,225 29,542 415 1,850 Sept. 5. . 241,597 7,050 105,115 9,920 2,625 5,790 9,370 39,535 26,300 5,875 22,967 150 6,900 Sept. 12. . 324,172 13,575 148,310 31,085 21,725 9,490 1,870 37,200 13,275 7,775 23,067 100 16,700 Sept. 19. . 358,562 5,075 193,900 24,815 7,950 2,750 1,620 37,100 17,325 12,275 26,602 1,350 27,800 Sept. 26.. 215,340 8,450 31,215 27,090 17,335 8,050 2,005 18,050 18,095 26,525 20,175 100 38,250 Other: Aug. 29. . 793 34 100 195 100 229 43 92 Sept. 5. 1,190 1 600 195 100 178 43 73 Sept. 12. . 610 100 194 100 173 43 Sept. 19!! 440 91 100 94 100 55 Sept. 26. . 289 81 93 100 15 Industrial loans: Aug. 29 5,606 23 4,186 322 273 427 147 64 164 Sept. 5 5,562 23 4,195 335 270 364 145 66 164 Sept. 12. . . '. '.'.5,769 23 4,433 294 274 364 144 73 164 Sept. 19 4,996 23 3,562 286 347 395 144 75 164 Sept 26 4,894 23 3,495 296 346 349 144 77 164 U. S. Govt. securities: [ Bills: Aug. 29. ... 556,592 11,543 168,672 33,366 49,534 35,260 28,614 90,291 20,021 16,835 24,969 25,376 52,111 Sept. 5.... 567,842 4,412 188,149 34,470 51,174 36,427 29,561 91,909 8,501 17,392 25,795 26,216 53,836 Sept. 12. ... 598,322 8,532 208,524 34,343 50,985 36,293 29,452 91,608 15,801 17,328 25,700 26,119 53,637 Sept. 19 625,422 15,086 172,726 38,282 56,833 40,455 32,830 100,945 33,170 17,544 28,647 29,115 59,789 Sept. 26. ... 825,222 19,848 318,489 46,512 69,051 49,153 39,887 120,454 10,745 8,260 34,806 35,373 72,644 Certificates: Aug. 29... . 4,848,575 344,147 1,084,205 305,072 452,905 322,396 261,624 723,189 264,340 153,923 228,290 232,014 476,470 Sept. 5 4,850,575 344,147 1,086,205 305,072 452,905 322,396 261,624 723,189 264,340 153,923 228,290 232,014 476,470 Sept. 12 4,849,375 344,147 1,085,005 305,072 452,905 322,396 261,624 723,189 264,340 153,923 228,290 232,014 476,470 Sept. 19 4,848,575 344,147 1,084,205 305,072 452,905 322,396 261,624 723,189 264,340 153,923 228,290 232,014 476,470 Sept. 26 4,926,225 348,594 1,113,213 309,014 458,757 326,563 265,005 732,535 267,755 155,912 231,239 235,012 482,626 Notes: Aug. 29. ...11,838,465 840,282 2,647,234 744,8761,105,832 787,176 638,7921,765,767 645,421 375,823 557,402 566,4941,163,366 Sept. 5 11,838,465 840,282 2,647,234 744,8761,105,832 787,176 638,7921,765,767 645,421 375,823 557,402 566,4941,163,366 Sept. 12 11,838,465 840,282 2,647,234 744,8761,105,832 787,176 638,7921,765,767 645,421 375 823 557,402 566,4941,163,366 Sept. 19 11,838,465 840,282 2,647,234 744,8761,105,832 787,176 638,7921,765,767 645,421 375,823 557,402 566,4941,163,366 Sept. 26 11,900,165 844,662 2,661,032 748,7581,111,595 791,277 642,1211,774,969 648,785 377,782 560,308 569,4471,169,429 Bonds: Aug. 29... . 5,822,102 413,247 1,301,898 366,327 543,842 387,129 314,155 868,395 317,415 184,829 274,128 278,599 572,138 Sept. 5. 5,822,102 413,247 1,301,898 366,327 543,842 387,129 314,155 868,395 317,415 184,829 274,128 278,599 572,138 Sept. 12 5,822,102 413,247 1,301,898 366,327 543,842 387,129 314,155 868,395 317,415 184,829 274,128 278,599 572,138 Sept. 19. . 5,822,102 413,247 1,301,898 366,327 543,842 387,129 314,155 868,395 317,415 184,829 274,128 278 599 572,138 Sept. 26 5,822,102 413,247 1,301,898 366,327 543,842 387,129 314,155 868,395 317,415 184,829 274,128 278,599 572,138 Total U. S. Govt. securities: Aug. 29 23,065,7341,609,219 5,202,0091,449,6412,152,1131,531,9611,243,1853,447,6421,247,197 731,4101,084,7891,102,4832,264,085 Sept. 5 23,078,9841,602,088 5,223,4861,450,7452,153,7531,533,1281,244,1323,449,2601,235,677 731,9671,085,6151,103,3232,265,810 Sept. 12 23,108,2641,606,208 5,242,6611,450,6182,153,5641,532,9941,244,0233,448,9591,242,977 731,9031,085,5201,103,2262,265,611 Sept. 19 23,134,5641,612,762 5,206,0631,454,5572,159,4121,537,1561,247,4013,458,2961,260,346 732,1191,088,4671,106,2222,271,763 Sept. 26 23,473,7141,626,351 5,394,6321,470,6112,183,2451,554,1221,261,1683,496,3531,244,700 726,7831,100,4811,118,4312,296,837 Total loans and securities: Aug. 29 23,349,2181,620,778 5,300,7651,467,5472,165,5351,561,5541,251,1773,488,0771,267,247 742,7821,114,5601,103,0052,266,191 Sept. 5 23,327,3331,609,139 5,328,6241,464,8602,156,7131,539,7881,254,0613,488,7951,262,077 737,9871,108,7601,103,5822,272,947 Sept. 12 23,438,8151,619,783 5,390,9941,486,1362,175,6831,542,7581,246,4513,486,1591,256,352 739,8221,108,7601,103,4422,282,475 Sept. 19 23,498,5621,617,928 5,399,9861,482,9342,167,7481,540,2531,249,5103,495,3961,277,771 744,5381,115,1241,107,6472,299,727 Sept. 26 23,694,2371,634,882 5,425,8701,501,1962,200,8761,562,5181,263,6153,514,4031,262,895 753,4521,120,6711,118,6082,335,251 OCTOBER 1951 1267 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 l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S r a an n cisco Assets (cont.) Due from foreign banks: Aug. 29 38 2 i 12 3 4 2 2 c 1 1 4 Sept. 5. 38 2 U2 3 4 2 2 c 1 1 4 Sept. 12 38 2 i 12 3 4 2 2 c; 1 1 4 Sept. 19 38 2 i 12 3 4 2 2 c 1 1 4 Sept. 26 38 2 i 12 3 4 2 2 t; 1 1 4 Federal Reserve notes of other Banks: Aug. 29 155,975 9,493 21,584 8,071 6,758 26,840 12,082 17,489 7,633 12,048 9,206 6,451 18,320 Sept. 5 149,384 4,752 20,873 7,946 7,193 28,601 12,812 15,455 6,862 11,476 7.443 6,403 19,568 Sept. 12. 174,763 8,785 26,551 10,705 6,705 32,968 12,424 17,643 9,257 12,391 10,066 9,934 17,334 Sept. 19 166,436 7,066 22,727 8,657 7,946 29,305 12,021 17,635 10,277 12,195 10,074 9,387 19,146 Sept. 26. 171,990 7,659 24,922 9,117 7,123 29,752 11,210 17,113 9,699 12,283 10,294 8,907 23,911 Uncollected cash items: Aug. 29 3,018,285 241,884 555,625 182,656 287,590 244,130 186,464 510,562 134,325 97,086 175,746 134,519 267,698 Sept. 5 3,053,541 244,742 600,353 181,682 278,274 262,388 202,192 498,567 130,750 93,485 171,482 134,597 255,029 Sept. 12. 3,702,222 279,421 675,842 210,949 316,698 317,123 245,465 662,830 160,831 110,002 197,031 169,662 356,368 Sept. 19 4,579,039 358,427 864,673 259,394 421,967 353,859 272,792 792,850 203,080 142,015 265,727 204,088 440,167 Sept. 26 3,731,353 286,158 679,538 204,020 317,296 313,748 224,485 680,842 158,736 114,915 199,115 175,297 377,203 Bank premises: Aug. 29 42,256 1,036 7,571 2,876 4,701 3,664 2,450 6,155 3,352 1,093 2,511 659 6,188 Sept. 5 42,217 1,036 7,552 2,876 4,701 3,664 2,452 6,154 3,351 1,093 2,495 655 6,188 Sept. 12 42,321 1,036 7,552 2,876 4,700 3,664 2,557 6,154 3,351 1,093 2,495 655 6,188 Sept. 19 42,456 1,036 7,552 2,876 4,697 3,664 2,559 6,228 3,351 1,093 2,496 655 6,249 Sept. 26 42,400 1,031 7,554 2,871 4,689 3,664 2,554 6,202 3,348 1,093 2,496 655 6,243 Other assets: Aug. 29 193,206 14,323 42,348 11,868 18,386 13,016 10,660 28,545 10,354 6,084 9,277 9,151 19,194 Sept. 5 201,746 15,023 44,294 12,486 19,437 13,435 11,122 29,853 10,775 6,348 9,626 9,373 19,974 Sept. 12 209,541 15,540 46,355 12,952 19,951 13,955 11,447 31,031 11,240 6,543 10,037 9,746 20,744 Sept. 19 197,778 14,647 44,080 12,196 18,883 13,095 10,845 29,059 10,456 6,116 9,427 9,335 19,639 Sept. 26 204,809 15,198 45,232 12,673 19,398 13,695 11,225 30,328 10,889 6,382 9,813 9,676 20,300 Total assets: Aug. 29 47,650,0732,575,16012,464,7342,898,5024,074,4032,766,1342,389,0008,490,2862,000,5301,190,6312,056,5441,805,6424,938,507 Sept. 5 47,684,8912,587,16912,619,4592,869,3493,999,4842,811,1022,391,0438,369,6181,996,1791,186,9082,075,2161,825,0494,954,315 Sept. 12 48,498,9302,647,83012,720,6302,935,6444,091,6342,900,8992,467,0898,530,2062,012,7151,197,7492,071,3551,861,1615,062,018 Sept. 19 49,509,4352,727,02213,091,4503,015,0134,197,5392,908,4722,478,5028,657,1212,041,9771,233,3072,145,7861,881,1975,132,049 Sept. 26 48,947,2512,645,96712,833,1282,953,5244,168,5432,922,8472,413,3958,566,0092,039,4471,223,1312,089,1321,864,2155,227,913 Liabilities Federal Reserve notes: Aug. 29 23,903,3181,451,330 5,320,5761.684,2562,174,6291,649,1061,305,0484,622,8411,091,632 605,747 931,379 662,9482,403,826 Sept. 5 24,095,9831,459,983 5,353,6481,690,8042,184,7211,675,3471,321,1524,648,3641,100,435 610,306 944,809 674,4892,431,925 Sept. 12 24,089,3901,458,180 5,329,9971,693,7052,192,0151,685,9951,315,5894,643,2471,097,713 610,579 940,528 673,2792,448,563 Sept. 19 24,008,401 1,449,984 5,311,8801,687,8402,184,8621,690,5911,309,8374,638,3561,096,518 610,811 937,042 665,9782,424,702 Sept. 26 24,011,0351,449,707 5,315,0351,689,8952,185,4701,702,7581,306,9034,632,1671,092,936 611,428 934,172 662,6162,427,948 Deposits: Member bank —reserve accounts: Aug. 29. .18,870,690 780,289 5,984,801 893,3651,455,204 791,175 804,4553,153,822 682,883 419,417 891,684 930,7182,082,877 Sept. 5. .18,825,355 782,578 6,028,094 862,4281,432,519 799,599 798,3973,062,137 690,336 435,029 896,295 941,1532,096,790 Sept. 12. .19,166,786 819,084 6,169,761 903,4901,452,727 814,836 828,717S,110,704 686,091 423,164 890,820 952,7782,114,614 Sept. 19. .19,835,222 882,475 6,589,267 902,7831,490,104 820,314 826,4773,134,963 680,104 429,983 913,121 958,8942,206,737 Sept. 26. .19,369,241 798,947 6,237,174 912,4101,476,889 806,057 801,1043,104,580 688,300 443,480 897,898 920,0962,282,306 U. S. Treasurer—general cicc AS o eu u p r g i t. L . \ 295.. .. 5 4 5 0 6 7 , , 9 8 4 1 2 0 3 2 3 1 , , 0 3 6 5 1 1 5 8 4 3 , , 9 9 8 5 1 4 3 3 1 0 , , 0 0 9 2 1 8 5 1 0 7 , , 0 8 1 7 7 4 3 2 4 2 , , 7 4 3 1 4 0 4 3 1 5 , , 8 1 5 6 7 2 8 7 4 0, , 1 7 8 6 7 4 4 2 6 6 , , 7 2 0 6 1 0 4 2 1 6 , ,3 1 6 3 6 0 3 32 6 , , 8 0 4 1 3 7 2 27 7 , , 9 8 8 2 2 4 4 41 6 , , 3 8 0 5 3 5 Sept. 12. . 473,781 17,861 86,058 27,327 38,386 39,831 47,644 79,976 27,181 26,116 26,721 26,439 30,241 Sept. 19. . 477,201 27,011 106,565 35,921 2,207 24,821 30,483 73,077 42,385 41,808 37,516 10,727 44,680 Sept. 26. . 816,212 39,652 151,030 44,316 94,424 55,158 44,675 139,130 56,569 32,495 34,813 60,415 63,535 Foreign: Aug. 29. . 784,441 48,323 2 244,303 61,573 72,484 38,970 32,735 107,557 28,838 19,485 28,838 28,838 72,497 Sept. 5. . 781,026 47,325 2252,046 60,301 70,987 38,165 32,059 105,335 28,242 19,083 28,242 28,242 70,999 Sept. 12. . 780,074 47,976 2243,815 61,130 71,963 38,690 32,500 106,784 28,631 19,345 28,631 28,631 71,978 Sept. 19. . 756,944 46,339 2 238,980 59,045 69,508 37,370 31,391 103,141 27,654 18,685 27,654 27,654 69,523 Sept. 26. . 769,257 47,405 2239,375 60,403 71,108 38,230 32,113 105,515 28,290 19,115 28,290 28,290 71,123 Other A : ug. 29. . 215,375 3,033 158,358 2,449 4,721 1,715 1,581 1,956 7,268 1,133 155 761 32,245 Sept. 5.. 241,283 2,694 176,585 1,980 5,397 3,690 2,577 2,666 7,361 1,359 1,521 908 34,545 Sept. 12. . 267,465 4,777 187,842 5,410 7,040 6,390 2,104 3,034 9,339 1,163 552 1,587 38,227 Sept. 19. . 165,981 3,956 97,231 2,077 4,793 3,295 2,065 2,463 10,351 1,101 1,494 637 36,518 Sept. 26. . 254,729 3,834 192,246 1,337 3,169 2,905 1,673 1,979 9,187 1,357 283 830 35,929 Total deposits: Aug. 29 20,427,448 864,706 6,471,416 987,4151,582,426 866,594 880,6283,348,099 765,690 481,165 956,694 988,1412,234,474 Sept. 5 20,255,474 853,948 6,511,706 955,8001,526,777 863,864 868,1953,240,325 752,199 481,837 958,901 998,2852,243,637 Sept. 12 20,688,106 889,698 6,687,476 997,3571,570,116 899,747 910,9653,300,498 751,242 469,788 946,7241,009,4352,255,060 Sept. 19 21,235,348 959,781 7,032,043 999,8261,566,612 885,800 890,4163,313,644 760,494 491,577 979,785 997,9122,357,458 Sept. 26 21,209,439 889,838 6,819,8251,018,4661,645,590 902,350 879,5653,351,204 782,346 496,447 961,2841,009,6312,452,893 1 After deducting $26,000 participations of other Federal Reserve Banks on Aug. 29; Sept. 5; Sept. 12; Sept. 19; and Sept. 26. 2 After deducting $540,124,000 participations of other Federal Reserve Banks on Aug. 29; $528,967,000 on Sept. 5; $536,244,000 on Sept. 12; $517,948,000 on Sept. 19; and $529,868,000 on Sept. 26. 1268 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 o t u . 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: Aug. 29 2,366,468 198,668 396,621 153,592 229,070 199,632 160,388 387,751 104,469 77,413 130,506 116,860 211,498 Sept. 5 2,375,302 212,459 476,921 149,044 199,095 220,785 158,534 348,128 104,421 68,449 133,393 114,453 189,620 Sept. 12. ... 2,756,854 238,674 424,461 170,555 240,144 263,581 197,026 452,907 124,238 90,832 145,611 140,323 268,502 Sept. 19 3,294,995 255,616 467,237 252,916 356,198 280,217 234,427 570,517 145,159 104,215 190,274 178,820 259,399 Sept. 26 2,748,346 244,448 415,369 170,390 246,966 265,384 182,712 447,227 123,997 88,292 154,575 153,123 255,863 Other liabilities and accrued dividends: Aug. 29. ... 15,718 1,228 4,379 778 1,613 777 782 1,949 690 663 572 759 1,528 Sept. 5.... 15,402 1,120 4,360 878 1,698 794 687 2,106 676 505 570 613 1,395 Sept. 12. ... 16,272 1,239 4,660 844 1,632 844 736 2,206 751 538 579 643 1,600 Sept. 19 16,627 1,150 5,024 890 1,639 780 693 2,445 736 500 582 733 1,455 Sept. 26. ... 18,743 1,157 6,459 878 1,756 883 783 2,411 775 585 646 812 1,598 Total liabilities: Aug. 29. ... 46,712,952 2,515,93212,192,9922,826,0413,987,7382,716,1092,346,8468,360,6401,962,4811,164,9882,019,1511,768,7084,851,326 Sept. 5 46,742,161 2,527,51012,346,6352,796,5263,912,2912,760,7902,348,5688,238,9231,957,7311,161,0972,037,6731,787,8404,866,577 Sept. 12 47,550,622 2,587,79112,446,5942,862,4614,003,9072,850,1672,424,3168,398,8581,973,9441,171,7372,033,4421,823,6804,973,725 Sept. 19. ... 48,555,371 2,666,53112,816,1842,941,4724,109,3112,857,3882,435,3738,524,9622,002,9071,207,1032,107,6831,843,4435,043,014 Sept. 26. ... 47,987,563 2,585,15012,556,6882,879,6294,079,7822,871,3752,369,9638,433,0092,000,0541,196 7S?2,050,6771 826,1825,138,302 Capital Accts.: Capital paid in: Aug. 29 232,932 12,341 74,892 16,590 22,297 10,198 9,535 29,713 7,984 5,278 8,749 10,524 24,831 Sept. 5 233,132 12,341 74,893 16,599 22,293 10,199 9,541 29,713 8,167 5,279 8,750 10,526 24,831 Sept. 12 233,132 12,341 74,885 16,602 22,294 10,207 9,541 29,720 8,145 5,285 8,753 10,528 24,831 Sept. 19 233,236 12,341 74,897 16,607 22,295 10,211 9,601 29,728 8,146 5,289 8,758 10,531 24,832 Sept. 26. . . 233,311 12,341 74,901 16,607 22,296 10,222 9,604 29,741 8,168 5,294 8,768 10,537 24,832 Surplus: (section 7): Aug. 29. . . 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 Sept. 5. . 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 Sept. 12 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Sept. 19 510,022 32,246 153,290 39,710 48,014 25,167 22,369 75,345 20,295 13,168 19,047 16,852 44,519 Sept. 26 510,022 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): Aug. 29. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 5 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 12. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 19 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 26 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.: Aug. 29. 166,624 11,630 36,241 11,672 15,348 11,311 9,488 23,159 9,249 6,124 8,460 8,251 15,691 Sept. 5.... 172,033 12,061 37,322 12,025 15,880 11,597 9,803 24,208 9,465 6,291 8,609 8,524 16,248 Sept. 12 177,611 12,441 38,542 12,382 16,413 12,009 10,101 24,854 9,810 6,486 8,976 8,794 16,803 Sept. 19. . . . 183,263 12,893 39,760 12,735 16,913 12,357 10,397 25,657 10,108 6,674 9,161 9,064 17,544 Sept. 26. ... 188,812 13,219 40,930 13,089 17,445 12,734 10,697 26,485 10,409 6,844 9,503 9,337 18,120 Total liabilities and cap. accts. Aug. 29. . . .47,650,073 2,575,16012,464,7342,898,5024,074,4032,766,1342,389,0008,490,2862,000,5301,190,6312,056,5441,805,6424,938,507 Sept. 5 47,684,891 2,587,16912,619,4592,869,3493,999,4842,811,1022,391,0438,369,6181,996,1791,186,9082,075,2161,825,0494,954,315 Sept. 12 48,498,930 2,647,83012,720,6302,935,6444,091,6342,900,8992,467,0898,530,2062,012,7151,197,7492,071,3551,861,1615,062,018 Sept. 19. . . .49,509,435 2,727,02213,091,4503,015,0134,197,5392,908,4722,478,5028,657,1212,041,9771,233,3072,145,7861,881,1975,132,049 Sept. 26 48,947,251 2,645,96712,833,1282,953,5244,168,5432,922,8472,413,3958,566,0092,039,4471,223,1312,089,1321,864,2155,227,913 Contingent liability on acceptances purchased for foreign correspondents: Aug. 29. . . . 23,272 1,443 1 7,145 1,838 2,164 1,164 977 3,212 861 582 861 861 2,164 Sept. 5 24,216 1,502 1 7,433 1,914 2,252 1,211 1,017 3,342 896 605 896 896 2,252 Sept. 12 23,773 1,474 i 7,299 1,878 2,211 1,188 998 3,280 880 594 880 880 2,211 Sept. 19. . . . 22,626 1,402 1 6,949 1,787 2,104 1,131 950 3,122 837 566 837 837 2,104 Sept. 26 21,164 1,312 i 6,498 1,672 1,968 1,058 889 2,921 783 529 783 783 1.968 Industrial loan commitments: Aug. 29 4,042 913 1,095 48 445 855 686 Sept. 5 . 5,978 783 1,082 48 2 529 850 686 Sept. 12. . . . 6,833 1,608 1,124 48 2,528 850 675 Sept. 19. . . . 6,505 1,273 1,131 48 2 528 850 675 Sept. 26 6,565 1,343 1,121 48 2,528 850 675 1 After deducting $16,127,000 participations of other Federal Reserve Banks on Aug. 29; $16,783,000 on Sept. 5; $16,474,000 on Sept. 12; $15,677,000 on Sept. 19; and $14,666,000 on Sept. 26. OCTOBER 1951 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [ In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t t - a Chi Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): Aug. 29 24,884,003 1,518,569 5,570,4731,762,674 2,292,189 ,703,695 1,359,4324,708,4201,135,023 617,824 964,348702,1292,549,227 Sept. 5 24,990,701 1,520,270 5,603,2481,776,773 2,295,138 ,717,587 1,366,529 4728,1011,135,811620,200 971,213705,2712,550,560 Sept. 12 25,089,389 1,526,309 5,603,470l,776,309|2,307,233 ,735,272 1,380,3954,729,0731,148,527622,902 972,513710,273 2,577,113 Sept. 19 25,096,409 1,529,552 5,586,834 1,782,229 2,304,634 ,749,162 1,364,4524,724,8891,142,678621,348 970,516 709,119 2,610,996 Sept. 26 25,059,530 1,518,083 5,587,643 1,774,993 2,292,856 ,744,1931,365,5574,727,9611,151,262622,206 967,991707,464 2,599,321 Collateral held against notes outstanding: Gold certificates: Aug. 29 12,249,000 350,000 4,470,000 700,000 795,000 515,000 510,000 2,560,000 250,000150,000 280,000169,0001,500,000 Sept. 5 12,269,000 350,000 4,470,000 700,000 805,000 515,000 510,0002,560,000 250,000150,000 280,000 179,000 1,500,000 Sept. 12 12,289,000 350,000 4,470,000 700,000 815,000 515,000 510,000 2,560,000 260,000 150,000 280,000 179,000 1,500,000 Sept. 19 12,319,000 350,000 4,470,000 700,000 815,000 515,000 510,0002,590,000 260,000150,000 280,000 179,000 1,500,000 Sept. 26 12,319,000 350,000 4,470,000 700,000 815,000 515,000 510,0002,590,000 260,000150,000 280,000 179,0001,500,000 Eligible paper: Aug. 29 204,270 11,559 96,083 13,720 20,370 20,050 11,225 29,771 1,492 Sept. 5 183,369 7,051 100,915 9,920 3,540 26,400 5,875 23,145 6,523 Sept. 12 259,350 13,575 146,560 31,085 8,540 13,375 7,775 23,240 15,200 Sept. 19 310,388 5,166 193,800 24,815 2,450 17,425 12,275 26,657 27,800 Sept. 26 170,546 8,531 24,215 27,090 7,550 18,195 26,525 20,190 38,250 U. S. Govt. sec.: Aug. 29 13,225,000 1,200,000 1,200,000 1,100,0001,500,000 1,215,000 900,000 2.200,000 975,000 490,000 700,000 545,0001,200,000 Sept. 5 13,260,000 1,200,000 1,200,000 1,100,0001,500,000 1,250,000 900,000 2.200,000 975,000490,000 700,000 545,000 1,200,000 Sept. 12 13,260,000 1,200,000 1,200,000 1,100,0001,500,000 1,250,000 900,000 2,200,000 975,000490,000 700,000 545,000 1,200,000 Sept. 19 13,260,000 1,200,000 1,200,000 1,100,0001,500,000 1,250,000 900,000 2,200,000 975,000 490,000 700,000 545,000 1,200,000 Sept. 26 13,260,000 1,200,000 1,200,000 1,100,0001,500,000 1,250,000 900,000 2,200,000 975,000 490,000 700,000 545,000 1,200,000 Total collateral: Aug. 29 25,678,270 1,561,559 ,766,083 1,813,720 2,295,000 1,750,370 1,410,000 4,760,0001,245,050 651,2251,009,771 714,000 2,/701,492 Sept. 5 25,712,369 1,557,051 5,770,915 1,809,920 2,305,000 1,768,5401,410,000 4760,0001,251,400 645,8751,003,145 724,000 2,,7:06,523 Sept. 12 25,808,350 1,563,575 5,816,560 1,831,0852,315,000 1,773,5401,410,000 4760,0001,248,375647,7751,003,240 724,000 2,715,200 Sept. 19 25,889,388 1,555,166 5,863,8001,824,8152,315,000 1,767,4501,410,000 4,790,0001,252,425652,2751,006,657 724,000 2,727,800 Sept. 26 25,749,546 1,558,531 5,694,2151,827,0902.315,000 1.772,5501,410.000 4,790,0001,253,195666,5251,000,190 724,000 2,738,250 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 p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p P f a a f t r i i n t o i a c n n i s - c- [Amounts in thousands of dollars] Wednesday to UO.LC 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 ra a n n t s eed A a d m di o ti u o n n t al N b u e m r - Amount (amount) (amount)s (a ta m n o d u in n g t) 1 to date outstanding available to borrowers Date under guar- 1944 3,489 525,532 1,295 3,894 4,165 2 ,705 N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t e m s e ta e a n n g t d s r i e n e g - 1 1 1 9 9 9 4 4 4 7 5 6 3 3 3 , , , 5 5 5 4 1 7 2 1 4 5 5 5 8 6 4 6 5 4 , , , 7 9 9 2 1 6 6 3 1 4,5 3 9 7 4 2 7 5 0 1 1 , , 3 9 5 8 9 5 7 5 4 8 7 1 , , , 6 3 4 4 0 3 4 9 4 2 4 1 ^ , , 0 8 6 8 6 7 6 9 0 1948 3,607 615,653 335 995 1,643 1,990 1949 3,649 629,326 539 2,178 2 ,288 2 ,947 1950 1950 Oct. 31. 3 1,000 Nov. 30. 23 13,585 2,340 2,232 3,335 Aug. 31. .. 3,684 644,464 6,985 2,333 2,481 3,273 Dec. 31. 62 31,326 8,017 6,265 8,299 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 1951 Nov. 30. .. 3,695 649,748 5,519 2,413 3,466 4,050 Jan. 31. 119 109,433 23,778 19,837 13,748 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 Feb. 28. 161 122,541 44,250 36,537 33,840 1951 Mar. 31. 254 300,955 68,833 56,973 47,822 Apr. 30. 328 421,267 126,080 106,053 185,001 Jan. 31. .. 3,707 654,199 1,862 3,520 3,325 5,402 May 31. 402 514,626 183,610 151,858 205,629 Feb. 28. .. 3,706 655,702 1,523 3,681 2,937 5,358 June 30. 484 654,893 252,100 209,465 276,702 Mar. 31... 3,710 660,525 3,980 3,988 2,824 5,262 July 31. 568 828.584 325.299 267.715 340,905 Apr. 30. .. 3,717 664,473 4,925 4,845 2,595 5,331 Aug. 31. 658 1,052,337 405,043 332,618 384,852 May 31. .. 3,721 667,988 3,578 5,255 3,643 5,999 June 30... 3,724 671,432 3,221 5,762 3,740 6,199 Julv 31 ... 3.727 678.477 6.730 5,801 3.767 6,115 NOTE.—The difference between guaranteed loans authorized and Aug. 31. .. 3,731 691,536 12,197 5,750 6,050 7,860 sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations 1 Includes applications approved conditionally by the Federal Reexpired or withdrawn. serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 8 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. 1270 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 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 ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of August 1951 Second half of August 1951 Gross demand deposits: Total 98,764 21,663 5,635 37,971 33,494 98,818 21,559 5,682 38,121 33,454 Interbank 11,588 3,817 1,177 5,605 989 11,511 3,779 1,153 5,589 990 Other 87,176 17,846 4,458 32,366 32,505 87,306 17,780 4,529 32,532 32,465 Net demand deposits 2 86,715 20,034 5,113 28,558 86,960 20,020 5,139 33,108 28,692 Demand deposits adjusted 3. 77,500 33,009 77,300 Time deposits 4 30,187 1,884 30,246 1,876 1,112 11,993 15,265 11^962 Demand balances due from domestic banks... 5,905 36 114 3,943 5,771 32 113 1,821 3,804 1,811 Reserves with Federal Reserve Banks: Total 19,207 4,934 1,298 7,472 5,502 19,143 4,915 1,297 7,485 5,446 Required 18,447 4,921 1,294 7,319 4,912 18,492 4,918 1,300 7,341 4,933 Excess 760 13 4 152 590 652 -2 -2 144 513 Borrowings at Federal Reserve Banks 125 116 51 288 45 187 49 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. MEMBER BANK RESERVES AND BORROWINGS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS i [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- L-oun- In places of 15,000 In places of under week en M di o n n g t h W , o e r dnesday m b e e m r - s c e i r t v y e try and over population 15,000 population banks l New Chi- banks banksi York cago Demand Demand To 1 1 t 9 9 a 5 5 l 0 1 r — — es A J e u r u l v y g e u s s t held: 1 19 6 , , 2 2 2 7 9 3 4 5 , , 3 0 6 2 2 8 1 L , . 1 2 3 9 9 4 6 7 , ,4 2 3 7 9 5 4 5 , , 4 4 9 6 6 9 d e e i b x n p a c t o n e e s r k p i - t ts de T p i o m s e its d e e i b x n p a c t o n e e s r k p i - t t s de T p i o m s e its August 19,174 4,925 L ,297 7,479 5,473 Aug. 22 19,260 4,916 L,303 7,494 5,547 1950 Aug. 29 19,038 4,926 1,294 7,459 5,360 June 18,914 9,388 10,880 5,666 S S e e p p t t . . 1 5 2 1 1 9 9 , , 0 2 6 4 1 1 4 4, , 9 9 1 0 7 8 1 1 , , 2 2 9 8 2 5 7 7 , , 4 4 5 7 7 9 5 5 , , 4 5 0 6 3 0 J A u u ly gust 1 1 9 9 , , 1 2 3 8 5 2 9,362 1 1 0 1 , , 9 0 9 8 7 0 5 5 , , 6 6 7 5 2 4 Sept 19 19 634 5,094 317 7,572 5 651 Sept. 26 19,519 5,098 1^332 7,555 5,535 1951 Tune 20,713 9,351 11,325 681 Excess reserves: July 20,778 9,415 11,444 734 1950—August 647 17 -8 105 534 August 20,853 9,469 11,631 5,779 1951— A Ju u l g y ust 7 7 5 0 6 4 9 5 -2 1 1 6 4 2 8 5 55 8 0 6 A By u g d u i s s t t r 1 i 9 c 5 t, 1 A A S S S e e e u u p p p g g t t t . . . . . 2 2 1 1 5 2 9 2 9 P 5 6 7 7 8 6 2 5 4 7 5 4 1 7 1 . ••• 2 1 _ 5 0 3 g- - - - - 1 3 1 3 4 1 1 1 1 1 5 4 3 2 6 2 9 8 8 2 P 4 6 4 6 6 7 0 3 1 8 5 0 8 1 7 N P C B h l o e e i w s l v t a o e d Y n la e o n lp r d k hia 2 3 1 1 , , , , 7 3 4 6 3 1 1 9 5 9 8 8 2,2 8 8 9 9 4 2 3 0 4 9 2 1 1 1 , , , 1 0 3 0 6 2 8 4 0 4 6 6 1,0 9 2 8 8 1 0 0 5 2 9 5 Sept. 26 P708 -8 -3 135 P584 Richmond 1,336 462 794 448 Borrowings at Federal Atlanta 1,925 502 597 194 R 19 e 5 s 0 e — rve A u B g a u n st ks: 159 54 5 65 35 S C t h . ic L a o g u o is 2,9 86 5 3 5 1,8 3 0 8 9 5 1,7 9 3 1 2 5 9 2 1 6 3 9 1951— A Ju u l g y ust 2 1 9 9 2 4 8 7 4 1 6 7 15 7 2 7 3 5 9 0 M Ka in n n sa e s a p C o i l t i y s 6 8 9 0 0 8 3 1 1 4 9 4 1,4 7 6 1 2 5 4 2 1 0 0 5 A A u u g g . . 2 2 2 9 3 1 3 7 8 1 4 3 1 7 10 1 23 9 1 8 3 6 1 0 D Sa a n l la F s rancisco 1 1, , 4 6 3 7 7 0 2 7 3 1 4 9 1,3 4 3 6 7 2 26 6 2 6 Sept. 5 462 89 26 289 58 S S S e e e p p p t t t . . . 2 1 1 6 2 9 4 3 1 6 2 9 0 8 5 8 9 9 0 1 3 7 2 1 1 8 8 6 6 7 0 4 3 7 8 4 8 bee 1 n I n g c i l v u e d n e s p a er n m y is b s a i n o k n s to in c o a u rr tl y y i t n h g e s s e a c m ti e o n r s e s o e f r v r e e s a er s v c e o c u i n ti t e r s y t b h a a n t k h s a . ve 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. OCTOBER 1951 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion * Total Coin 3 $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933. 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934. 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935. 5,882 4,518 478 460 33 815 1,373 ,359 1,369 358 627 122 239 7 16 5 1936. 6,543 5,021 517 499 35 906 1,563 ,501 1,530 399 707 135 265 7 18 8 1937. 6,550 5,015 537 505 33 905 1,560 ,475 1,542 387 710 139 288 6 12 7 1938. 6,856 5,147 550 524 34 946 1,611 ,481 1,714 409 770 160 327 17 32 5 1939. 7,598 5,553 590 559 36 ,019 1,772 ,576 2,048 460 919 191 425 20 32 2 1940. 8,732 6,247 648 610 39 ,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941. 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942. 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943. 20,449 14,871 ,019 909 70 ,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944. 25,307 17,580 ,156 987 81 ,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945. 28,515 20,683 ,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946. 28,952 20,437 ,361 ,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947. 28,868 20,020 ,404 ,048 65 110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948. 28,224 19,529 ,464 ,049 64 2,047 6.060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949. 27.600 19,025 ,484 ,066 62 2,004 5.897 8.512 8,578 2.435 5,056 382 689 4 11 3 1950—June 27,156 18,813 ,496 ,037 61 1,966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July 27,010 18,696 ,498 ,029 60 1,946 5,836 8,328 8,316 2,374 4,934 375 620 4 9 2 August 27,120 18,795 .506 ,037 61 1,955 5,881 8,355 8,328 2,374 4,950 372 617 4 9 2 September... 27,161 18,834 ,515 ,054 61 1,964 5,884 8,357 8.329 2,369 ,964 370 613 4 9 2 October 27,228 18,901 ,527 ,072 61 1,978 5,874 8,388 8,329 2,368 4,987 367 595 4 9 2 November... 27,595 19,252 ,547 ,089 62 2,021 6,021 8,511 8,345 2,384 4,994 365 589 4 9 2 December. . . 27,741 19,305 ,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—January 27,048 18,694 ,530 1,056 61 1,943 5,791 8,313 8,356 2,393 5,002 366 583 4 9 3 February 27,188 18,861 ,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 ,542 1,059 61 1,953 5,881 8,348 275 2,369 4,955 362 576 4 April 27,278 19,023 ,551 1,073 62 1,973 5,943 8,422 8,257 2,371 4,941 360 573 4 1 May 27,519 19,260 ,568 1,087 63 1,995 6,024 8,523 8,259 2,382 4,938 357 570 4 1 June 27,809 19,521 ,578 1,092 64 2,011 6,113 8,663 289 2,405 4,947 356 570 4 2 July 27,851 19.560 ,590 1,092 64 2.008 6,088 8.718 8,292 2.409 4.9.S2 354 565 4 2 August 28,155 19,813 ,602 1,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Au 1 g 9 . 5 3 1 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d Au 1 g 9 . 5 3 1 1, Ju 1 ly 9 5 3 1 1, Au 1 g 9 . 5 3 0 1, certificates agents Gold 21,854 20,650 M,203 Gold certificates 20,650 17,796 2,816 39 39 41' Federal Reserve notes 24,937 40 1,080 23,817 23,526 22,768 Treasury currency—total 4,673 ' '^2,334 ' 43 331 4,299 4,286 4,312 Standard silver dollars 492 270 36 3 183 182 172 Silver bullion 2,064 2,064 Silver certificates and Treasury notes of 1890 3 2,334 276 2,058 2,060 2,132 Subsidiary silver coin 1,056 3 18 1,035 1,027 969 Minor coin 391 1 6 384 382 365 United States notes 347 2 25 320 314 320 Federal Reserve Bank notes 242 1 3 239 241 268 National Bank notes 81 1 80 81 85 Total—Aug. 31, 1951 22,984 1,287 17,796 4,226 28,155 July 31, 1951 (4) 22,880 1,302 17,688 4,291 27,851 Aug. 31, 1950 24,735 1,304 19,574 3,892 27,120 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. 1263, and seasonally adjusted figures in table on p. 1273. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding 'Is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special -significance and is not shown. See note for explanation of these duplications. * 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. 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in End 1 o 9 f 4 0 peri D od a : te f u o v n r a a 8 r s d i e , j a 7 u a t 3 s s i o o t 2 e n n d al ad v s j a e u r a s i s t a e o t d n io a n l for s a e + s d a 1 e s j r u , o 1 i s n e 3 t a s e 4 l d l ly End of month a D i n b t e c o a p e r l o s s - s ' - 1 Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v i . e e u e n s S r r t i n . - - r f e C u e s t n a e c d s r .2 h v s, e 1941 11,160 +2,428 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 5 4 6 . 2 2 2 2 1 0 8 8 5 5 , , , , , 9 4 3 5 4 5 0 4 1 1 2 7 9 5 0 + + + + 5 4 4 3 + . , , , 0 2 8 2 4 3 5 5 0 3 9 0 8 8 7 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 4 3 5 7 6 — — — — — D D D D D e e e e e c c c c c e e e e e m m m m m b b b b b e e e e r r r r er... . 2 3 3 2 1 , , , , , 4 7 3 2 9 1 8 4 8 3 7 8 2 4 3 3 2 3 3 1 , , , , , 0 4 8 3 5 4 2 1 8 2 3 1 2 7 5 1 6 6 6 8 0 3 3 2 2 1 , , , , , 1 2 8 3 7 8 1 5 3 0 2 6 2 7 8 2 2 1 1 1 1 0 5 7 1 2 0 2 9 8 1947 . . .. 28,868 —84 1948—December 3,330 3,449 7 3,244 198 1948 28,224 -644 1949—December... . 3,188 3,312 7 3,118 187 1949 . 27,600 —624 1950 27,741 +141 1950— April.. 3,151 3,276 8 3,092 176 May 3,125 3,250 8 3,068 175 Avera 1 g 9 e 5 s 0 — of O S N A d e c o u a p t g v i o t l u e e b y m s m e t r b f b i e e g r r ures: 2 2 2 2 7 7 7 7 , , , , 1 0 3 2 5 0 8 3 4 9 0 3 2 2 2 2 7 7 7 7 , , , , 1 2 2 2 4 3 0 9 5 3 8 8 + + + -2 2 6 6 6 5 5 3 J J O A S u u e c u l n p t y g e o t u e b s m e t r ber. . . 3 3 3 2 2 , , , , , 0 0 0 9 9 6 2 9 9 6 1 1 1 7 7 3 3 3 3 3 , , , , , 1 2 1 1 0 4 8 1 1 8 1 1 8 1 8 1 1 1 1 9 0 0 0 0 3 3 2 2 2 , , , , , 9 0 0 9 9 6 2 3 2 0 2 7 8 3 3 1 1 1 1 1 7 4 7 7 6 7 5 5 1 9 December 27,806 27,531 +233 November. . . 2,947 3,069 10 2,888 171 1951—January 27,304 27,222 -309 December.... 2,924 3,045 11 2,868 166 A F M e p a b r r i r c l u h ary 2 2 2 7 7 7 , , , 1 1 1 4 7 7 5 9 1 2 2 2 7 7 7 , , , 1 3 2 4 9 5 5 8 3 + + -7 1 1 7 4 0 5 8 1951— F M Ja e a n b r u r c u a h r a y ry 2 2 2 , , , 8 8 9 5 0 7 2 1 7 3 2 2 , , , 0 9 9 2 7 9 2 4 8 1 1 1 1 1 1 2 2 2 , , , 8 7 8 5 3 9 8 5 3 1 1 1 5 5 6 2 3 9 May 27,324 27,516 + 118 April 2,831 2,954 17 2,765 172 J A J S u u e u n l p g y e t u e s m t ber 2 2 2 2 7 7 8 7 , , , , 9 8 2 5 5 5 1 4 1 9 3 8 2 2 2 2 8 7 8 7 , , , , 0 9 2 6 9 1 7 8 1 5 0 6 + + + + 1 1 2 7 7 1 2 6 0 7 9 9 J A M J u u u n a l g y y e ust P P 2 2 2 2 , , , 8 7 7 7 0 8 5 6 8 8 4 6 2 2, , 9 9 0 3 9 3 2 2 1 3 2 2, , 7 7 2 4 2 8 1 16 6 5 4 1 For end-of-year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see BULLETIN for September 1943, pp. 822-826. Because of an apparent change in the seasonal pattern around 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 J 1945 . 974.102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s e se ri r e ie s s 3 3 jl,050,021 417,475 527,336 105,210 18.9 10.0 { 3 40 7 7 4 , , 9 3 4 6 6 5 4 52 4 2 9 , , 9 4 4 1 4 4 2 25 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1950—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 Julv 124.422 43,224 67,532 13,665 26.0 14.1 41,673 64,826 31.1 20.9 August 125,288 41,363 69,827 14,098 23.8 13.5 39,007 67,441 27.0 20.0 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 8 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. 1273 OCTOBER 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 Total Bank credit assets, net- Date T u re r a y s- U. S. Government obligations l T i i a t o i b e t i a s 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 a n p n e it d t al, c d u e a r p r n o e d s n i c ts y c m o a n u c i e - s n t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—Dec. 31. 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—June 30. 21,266 4,552 156,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30. 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31. 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—June 30. 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 Dec. 31. 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—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 1950—Sept. 27. 23,500 4,600 166,800 56,300 96,000 73,800 19,400 2,900 14,500 194,900 179,900 14,900 Oct. 25. 23,300 4,600 167,700 57,500 95,800 73,600 19,200 2,900 14,400 195,600 180,100 15,500 Nov. 29. 23,000 4,600 168,700 59,100 95,200 72,700 19,600 2,900 14,500 196,400 181,000 15,300 Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Jan. 31. 22,400 4,600 170,500 60,600 95,200 70,800 21,500 2,900 14,700 197,500 182,500 15,100 Feb. 28. 22,100 4,600 170,700 61,500 94,500 69,800 21,900 2,900 14,800 197,500 182,600 14,800 Mar. 28. 21,900 4,600 172,100 62,500 94,700 69,300 22,600 2,800 14,900 198,600 183,700 14,900 Apr. 25. 21,800 4,600 172,100 62,600 94,600 68,900 22,900 2,800 15,000 198,600 183,600 15,000 May 30. 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 30. 21,756 4,655 173,447 63,821 94,450 68,726 22,982 2,742 15,176 199,858 185,038 14,820 July 25* 21,800 4,700 173,300 63,400 94,600 68,900 23,100 2,700 15,300 199,700 184,500 15,200 Aug. 29*> 21,800 4,700 174,300 64,000 95,000 69,200 23,100 2,700 15,300 200,700 185,200 15,500 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t e a v a c r n n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b T C e a i o r n m m c k i e a s - l de M s b p a a o v u n s i t k n i u t s g a s s * l ' S S P a y o v s s i t n e ta m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 ,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 ,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 ,359 ,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 ,811 ,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31 ,806 ,141 2,287 24,608 977 150,793 75,851 48.452 30,135 15,385 2,932 26,490 1946—Dec. 31 ,657 ,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 ,234 ,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 ,348 ,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 ,857 ,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 ,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 ,602 ,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31 ,313 150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—June 30 ,568 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 1950—Sept. 27 179,900 2,300 1,300 3,600 1,100 171,600 88,000 59,000 36,200 19,900 3,000 24,500 Oct. 25 180,100 2,500 1,300 3,100 400 172,800 89,200 59,000 36,200 19,900 3,000 24,600 Nov. 29 181,000 2,300 1,300 3,000 600 173,900 90,300 58,700 35,900 19,800 2,900 24,900 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,010 2,923 25,398 1951—Jan. 31 182,500 2,400 1,300 2,800 800 175,200 91,600 59,000 36,100 20,000 2,900 24,600 Feb. 28 182,600 2,400 1,300 4,200 500 174,200 90,600 59,000 36,100 20,000 2,900 24,600 Mar. 28 183,700 2,400 1,300 6,400 1,100 172,500 89,000 59,100 36,200 20,100 2,800 24,400 Apr. 25 183,600 2,500 1,300 5,800 700 173,300 89,500 59,200 36,300 20,200 2,800 24,600 May 30 182,900 2,500 1,300 4,800 600 173,700 89,500 59,300 36,300 20,200 2,800 24,900 June 30 185,038 2,424 1,281 6,332 317 174,684 88,960 59,948 36,781 20,382 2,785 25,776 July 25?r 184,500 2,400 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 25,100 Aug. 29? 185,200 2,300 1,300 4,100 600 177,000 91,400 60,300 37,100 20,500 2,800 25,300 P Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs -slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1274 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 U. S. a C ss a e s t h s * Inter- 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 Total Loans Total G m ov e e n r t n- O se t c h u e - r Total bank i 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 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—June 30 142,959 51,999 90,961 77,320 13,640 34,099 163,770 11,435 95,505 56,830 13,576 14,674 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—Mar. 28 147,120 62,950 84,170 69,250 14,920 37,440 169,760 11,630 101,660 56,470 13,940 14,649 Apr. 25. . . ., 146,880 63,040 83,840 68,850 14,990 37,510 169,770 11,740 101,440 56,590 14,000 14,647 May 30 146,680 63,340 83,340 68,410 14,930 37.020 168,810 11,350 100,740 56,720 14,050 14,644 June 30.... 147,742 63,840 83,902 68,726 15,176 38,235 171,860 11,947 102,526 57,387 14,236 14,636 July 25pr. . , 147,870 63,750 84,120 68,850 15,270 37,740 171,020 12,390 101,150 57,480 14,270 14,637 Aug. 29?. .. 148,950 64,470 84,480 69,230 15,250 37,090 171,100 12,200 101,110 57,790 14,360 14,634 All commercial banks 1939—Dec. 30.... 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—June 30 121,767 44,796 76,972 65,751 11,221 33,268 143,827 11,435 95,485 36,907 11,387 14,144 Dec. 30 126,67. 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Mar. 28 125,740 54,420 71,320 58,770 12,550 36,560 149,650 11,630 101,640 36,380 11,660 14,120 Apr. 25 125,390 54,350 71,040 58,470 12,570 36,660 149,600 11,740 101,420 36,440 11,730 14,117 May 30 125.060 54,460 70,600 58,110 12,490 36.220 148,570 11,350 100,720 36,500 11,770 14,114 June 30.... 126,045 54,821 71,224 58,521 12,703 37,384 151,457 11,946 102,507 37,004 11,951 14,107 July 25pr. . 126,070 54,590 71,480 58,720 12.760 36,920 150,560 12,390 101,130 37,040 11,980 14,108 Aug. 29*>. . 127,030 55,160 71,870 59,140 12.730 36,300 150,570 12,200 101,090 37,280 12,060 14,105 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 96,36: 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—June 30 102,745 37,658 65,087 55,759 9,328 29,380 122,707 10,850 82,232 29,625 9,523 6,885 Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Mar. 28. ... 106,366 46,618 59,748 49,264 10,484 32,336 128,046 11,129 87,697 29,220 9,750 6,871 Apr. 25 106,000 46,481 59,519 49,038 10,481 32,396 127,988 11,240 87,487 29,261 9,809 6,868 May 30 105,650 46,554 59.096 48,693 10,403 31,990 126,953 10,866 86,772 29,315 9,846 6,865 Tune 30.... 106,563 46,866 59,698 49,108 10,590 33,244 129,737 11,347 88,678 29,712 9,987 6,859 July 25?"-. . 106,502 46,658 59,844 49,209 10,635 31,607 128,605 11,781 87,105 29,719 10,003 6,856 Aug. 29*. .. 107,276 47,169 60,107 49,492 10,615 32,076 128,523 11,578 87,045 29,900 10,067 6,852 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 188 818 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 774 793 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 246 609 15,385 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 400 818 16,869 16,853 1,784 541 1947—Dec. 31 ». . . 18,641 4,944 13,696 11,978 718 886 17,763 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 19,273 2,122 531 1950—June 30 21,192 7,203 13,989 11,569 2,420 831 19,943 19,923 2,189 530 Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 20,010 2,247 529 1951—Mar. 28 21,380 8,530 12,850 10,480 2,370 880 20,110 20,090 280 529 Apr. 25 21,490 8,690 12,800 10,380 2,420 850 20,170 20,150 270 530 May 30 21,620 8,880 12.740 10,300 2,440 800 20,240 20,220 280 530 June 30.... 21,697 9,020 12,677 10,205 2,472 851 20,404 20,383 285 529 July 25*r. . 21,800 9,160 12,640 10,130 2,510 820 20,460 20,440 290 529 Aug. 29*. . . 21,920 9,310 12,610 10,090 2,520 790 20,530 20,510 300 529 P Preliminary. r Revised. * "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. i 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. 1275 OCTOBER 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—Con tinned [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets l Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 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 L.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 1.725 2 351 23 1951—Mar. 28 20,594 10,307 10,287 8,326 1,961 7.272 24,799 4,054 19,002 1,743 2,354 23 Apr. 25 20,451 10,025 10,426 8,517 1,909 7,292 24,749 4,178 18,899 1,672 2,376 23 May 30 19.930 9,939 9,991 8,144 1,847 6.875 23,711 4,011 18,104 1,596 2,357 22 June 30 20,604 10,234 10,370 8,460 1,910 7,393 25,064 4,107 19,291 1,666 2,398 22 Tuly 25pr, . . . 20.001 10,089 9,912 7,918 1,994 (5.816 23.695 4.157 17,940 1 ,598 2.396 22 Aug. 29P 20,048 10,179 9,869 7,877 1,992 (5,682 23,482 3,975 17,899 1,608 2,407 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 L.566 4,057 1,035 2,546 476 288 13 1945—Dec 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 L.545 5,905 1,153 3,922 829 404 14 1947—Dec 31 5 088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec 31 5 424 1 618 3,806 3,324 482 .850 6,810 1,191 4,535 1,083 470 13 1950—June 30 5,256 1,557 3,700 3,138 562 1,640 6,419 1,014 4,305 1,099 481 13 Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Mar. 28 5,461 2,163 3,298 2,743 555 1,888 6,667 1,059 4,528 1,080 490 13 Apr. 25 5,386 2,125 3,261 2,692 569 1,929 6,814 1,051 4,668 1,095 492 13 May 30 5,368 2,206 3,162 2,617 545 1,913 6,706 1,038 4,573 1,095 495 13 Tune 30 5,520 2,215 3,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 Tuly 25P 5,422 2 .235 3,187 2 ,648 539 1 ,906 6,788 1 ,151 4,527 1,110 407 13 Aug. 29P. 5,427 2,280 3,147 2,610 537 1,906 6,783 1,120 4,549 1,114 502 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—Mar. 28 39,735 18,543 21,192 17,479 3,713 12,672 48,933 5,063 32,380 11,490 3,326 325 Apr. 25. 39,630 18,614 21,016 17,287 3,729 12,606 48,785 5,079 32,165 11,541 3,339 325 May 30 . . 39,709 18,599 21,110 17,385 3,725 12,618 48,732 4.923 32,158 11,651 3,379 325 June 30 39,991 18,558 21,432 17,659 3,774 13,175 49,874 5,264 32,791 11.819 3,431 324 Tulv 25P »-.... 40.434 18,517 21,917 18,174 3,743 12,810 49.807 5 .499 32.467 11.841 3,429 323 Aug. 29P 40,796 18,792 22,004 18,271 3,733 12,501 49,723 5,509 32,304 11,910 3.441 322 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—Mar 28 40,576 15,605 24,971 20,716 4,255 10,504 47,647 953 31,787 14,907 3,580 6,510 Apr. 25 40,533 15.717 24,816 20,542 4,274 10,569 47,640 932 31.755 14,953 3,602 6.507 May 30 40 643 15 810 24.833 20,547 4,286 10,584 47,804 894 31 ,937 14 973 3 61 S 6 505 June 30 40,448 15,858 24,590 20,247 4,343 10,779 47,877 936 31,840 15,101 3,658 6,500 Tuly 25 P r. . . .40.64=; 1^ .817 24,8?8 20 469 4.359 11,075 48,315 974 32,171 15,170 3.681 6,498 Aug. 29P 41,005 15,918 25,087 20,734 4,353 10.987 48,535 974 32.293 15,268 3,717 6,495 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S rn . - Other as C s a e s ts h 1 Total » b In a t n e k r ^ - De- a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions All insured commercial banks: 1941—Dec. 3i 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13 426 1945—Dec. 3i.... 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 3i 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—Dec. 30 124,822 51,723 73.099 60,986 12.113 39.821 153,288 13.744 103.409 36.045 11.263 13.432 1951—June 30 124,132 54,306 69,825 57,427 12,398 36,960 149,461 11,582 101,328 36,551 11,622 13,437 National member banks: 1941—Dec. 3i 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—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 1951—June 30 71,014 30,479 40,534 32,965 7,569 22,198 86,589 7,625 58,715 20,248 6,504 4,946 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 J 507 1945—Dec 31 37.871 8,850 29.021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 867 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 ,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 L ,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 L 917 1950—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 1951—June 30 35,550 16,386 19,163 16,143 3,020 11,046 43,149 3,722 29,963 9,464 3,483 1,913 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 t\ Rin 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—Dec 30 17,414 7,023 10.391 8.632 1 .759 4.299 20.216 297 13.194 6,726 1.570 <S «?62 1951—June 30 17,585 7,446 10,139 8,330 1,810 3,718 19,741 235 12,650 6,857 1,637 6,581 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—Dec. 30 1 .853 527 1,327 1,040 286 468 1.976 204 1 .224 458 327 689 1951—June 30 1,913 514 L.399 1,094 305 423 1,996 364 1,178 453 329 670 All nonmember commercial banks: 1941—Dec 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7 662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7 267 19 SO—Dec 30 19 267 7.550 11,718 9.672 2.046 4,767 22,193 501 14.417 7.184 1 807 7 251 1951—June 30 19,499 7,960 11,538 9,423 2,115 4,141 21,737 599 13,828 7,310 1,966 7,251 Insured mutual savings banks: 1941—Dec 31 1 693 642 1,050 629 421 151 1,789 1,789 164 52 1945—De<\ 31 ... 10.846 3.081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 16 13,575 1,420 192 1950—Dec. 30 15.101 6.086 9.015 7.487 1 ,528 617 14.320 19 14.301 1 .513 104 1951—June 30 15,668 6,829 8,839 7,169 1,670 688 14,924 1 18 14,905 1,582 201 Noninsured mutual savings banks: 1941—Dec 31 8 687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1 077 496 1945—Dec 31 5 361 1 198 4 163 3 522 641 180 5,022 2 5 020 558 1K(\ 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec. 31 6.192 1,764 4,428 3,596 832 191 5,702 3 5,699 702 339 1950—Dec. 30 6.745 2 .050 4.194 3.380 814 180 5,711 3 5.708 734 335 1951—Tune 30 6,029 2,191 3,838 3,036 802 163 5,479 2 5,477 702 328 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, ppi.. \166-23; for description, see pp. 5-15 in the same publication. For revisions series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871, OCTOBER 1951 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o rc a h n a s s f i o n r g L. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total* o c p i l i n u n e g d - n - - A t c g u a u r r l l i - - - b T ro o k- To l R t o e a a e s t n a - e l s s o u C a m o n n e s - 2 rO lo t a h n e s r 2 Total Total C c e a r t t e if s i- G a u n a - r- S p a t o o a n l t f d i e t s - O s ri e t t h c ie u e s r - 'ket" ers oth- Bills of in- Notes Bonds teed subpa- and ers debt- di viper deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 3i 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,7974,1023 6513,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,1643,606 4,677 1,351 2,19196,043 88,912 2,455 19,07116,04551,321 223,8733,258 1947—Dec. 31. 114,274 37,583 18,012 1,610 823 1,190 9,2663,8452,837 76,691 67,941 2,124 7,552 5,918 52,334 145,1293,621 1948—Dec. 31. 112,286 41,968 18,7612,775 1,336 939 10,6664,9072,992 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—Dec. 31. 118,278 42,485 16,9352,963 1.749 855 11,4056,0023,124 75,793 65.820 3, '92 12,479 5,810 43.833 66,4003,574 1950—Dec. 30. 124,822 51,723 21 .7762.823 1,789 1 .03613,3897.6283,95573.099 60.986 4,118 1.932 16,75638,168 117,9334,179 1951—June 30. 124,132 54,306 23,5073,0441,616 1,000 13,9887,6974,16669,825 57,427 3,819 3,111 14,76235,724 118,319 4,079 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 8553,1333,378 3,455 1,027 1,977 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065 7,1303,0642,55065,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1948—Dec. 31. 95,616 36,060 17,6311,800 1,324 834 8,2443,9332,65859,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—Dec. 31. 101.528 36,230 15,857 1,945 1,737 758 8,8344,7762,80965,297 56,883 3,38910,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,424 44,705 20,521 1,808 1,770 927 10,5226,1673,58562,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—June 30. 106,563 46,866 22,161 1,919 1,601 882 10,9756,1743,78359,698 49,108 3,485 2,524 12,31330,778 76,9783,611 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 5>4 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 3i 20,393 7,179 5,361 545 267 111 240 654 13,215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31 18,759 8,048 5,642 3 1,102 225 224 313 636 10,712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 377 621 12.033 10.746 720 1,785 835 7.405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6,206 21,123 767 1951—June 30. 20,604 10,234 6,845 1,287 273 502 539 930 10,370 8,460 1,034 354 1,565 5,506 2 1,176 733 Chicago:* 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. 5,088 1,801 1,418 3 73 87 46 91 84 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31. 4,799 1,783 1,412 4 71 63 51 115 88 3,016 2,633 183 275 217 1,958 210 174 1949—Dec. 31. 5,424 1,618 1,211 7 109 56 51 115 91 3,806 3,324 331 690 358 1,945 290 192 1950—Dec. 30. 5,569 2,083 1,567 9 110 69 65 147 147 3,487 2,911 232 131 700 1,847 335 242 1951—June 30. 5,520 2,215 1,717 7 113 64 70 131 150 3,305 2,742 209 150 653 1,729 347 216 Reserve city banks: 1941—Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 1,459 433 82631,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 3,147 1,256 1,079 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,5031,609 1,118 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 23,931 20,951 1,189 4 ,180 2,124 13,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 ,4232,567 1,534 22,779 19,084 1,218 499 5,53611,830 12,184 1,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,5582,493 1,559 21,432 17,659 1,177 1,069 4,665 10,746 12,318 1,456 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 \,l 30 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5',102 4,544 16,713 9 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 3,827 1,476 732 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31. 36,726 11,945 3,296 1,356 21 187 4,467 1,895 817 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4.784 2,320 884 25,527 21,862 1,148 3,753 1,768 15,189 42,505 1,160 1950—Dec. 30. 40,558 14,988 3,9801,407 33 187 5,591 2,913 1,054 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—June 30. 40,448 15,858 4,345 1,487 37 183 5,8463,010 1,145 24,590 20,247 1,065 951 5,43012,797 43,137 1 ,206 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 "2,087 1,774 6,538 6 619 443 1947—Dec. 31. 16,444 4,958 1,049 563 13 125 2,139 781 287 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 21,127 434 1050— Dec. 30. 17.414 7.023 1 .2551,015 18 109 2,872 1.461 370 10,391 8,632 453 465 2,702 5,008 3 1 .204 465 1951—June 30. 17,585 7,446 1,346 1,124 16 118 3,018 1,524 383 10,139 8,330 334 587 2,449 4,956 4 1,342 468 * 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. 1278 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 CLASSES5 -Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d d f a b te ank F s B e s w e R e d a r i r e v n e t v r h - e k e a s s l v C a i a n u s l h t b m a w a B n d e n i a c o s t k l e - t h - i s s c 4 j m p u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s n d o ti t - e c e p 4 r o b s a i F e t n o i s g k r- n U m G e . r o e n v S - n - t . p v s S o i u a t l s a b i n i t o t d i d e c n i s - a s l c C h c o f a e e e e i t f n e c c f r r . i d d t k s - i ' s - , p a v n s a p t I i h d i r n o d o t i d r n p u c n a i e s o a s - - , r l r s - - I b n a t n e k r- P U m G S e i a o n r . a o n e s g n v S v d n t s - - a - t . l v s S p i a u i s o t c n b a i l a o d i t d l t n e - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - l - , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 ,248 23,740 5,098 2,585 72,593 70 103 496 25,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 ,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 ,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 ,315 3,050 7,419 2,338 82,106 169 182 1,232 34t,442 14 10,645 1Q50—Dec. 30. . 17.458 ..145 10,463 91,099 11,955 .442 2.788 7 892 2.898 89.922 347 180 1.331 34t.525 82 11.263 1951—June 30. . 18,945 1,847 8,657 87,832 9,881 ,335 6,105 8,290 2,251 84,682 366 223 1,473 34t,855 67 11,622 Member banks, total: 1941—Dec. 31. . 12,396 ,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528IC,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1Q48—Dec. 31 .. 20,406 .486 5,674 72,152 IC,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27.801 45 8,801 1949—Dec. 31. . 16,429 L ,521 6,194 72,658IC,623 L,310 2,838 6,017 2,185 71,589 164 175 1,051 2*r,934 11 9,174 1QS0— Dec. 30 17,459 L.643 6,868 78,370 11,669 L.437 2,523 6,400 2,724 78,659 341 183 1.121 28,032 79 9• ,695 1951—June 30.. 18,946 1,403 5,567 75,657 5,659 1,327 5,811 6,713 2,093 74,061 361 206 1,243 28,263 55 9,987 New York City: s 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11.282 6 29 778 ,648 1945—Dec. 31. 4,015 111 78 15,065 ,535 L.105 6,940 237 1,338 15,712 17 10 20 L,206 195 2,120 1947—Dec. 31. . 4,639 151 70 16,653 *5,236 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 1,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 1,996 1,084 640 196 895 16,408 113 38, 24 L,590 2,312 1950—Dec. 30. . 4.693 118 78 15,898 ,207 1,162 451 258 1,087 17,490 268 37 37 1,647 "*70 2,351 1951—June 30. . 5,053 96 48 15,368 ,744 1,104 1,808 280 823 16,381 259 39 22 1,605 1 ,398 Chicago:3 1941—Dec. 31. . 1,021 43 298 2,215 ,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1 19 9 4 4 8 7 — — D D eecc . 3 3 1 1. . 1 1, , 3 0 2 7 5 0 3 2 0 8 1 1 7 4 5 3 3 3 , , 7 6 3 0 7 4 L , . 1 0 9 3 6 8 2 2 1 6 18 7 8 2 2 2 8 8 5 4 6 5 3 3 3 3 , , 7 8 0 5 2 3 2 1 11 9 9 9 0 8 2 9 4 44 2 4 6 1949—Dec. 31. . 1,183 27 159 3,797 L ,151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. . 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—June 30. . 1,282 27 130 3,818 L ,006 34 484 316 51 3,905 3 10 1,112 10 501 Reserve city banks. 1 19 9 4 4 5 1 — — D D eecc . 3 3 1 1.. 4 6 ,3 0 2 6 6 0 4 4 9 2 4 5 2 2, , 1 5 7 9 4 0 2 1 2 1 ,3 1 7 1 2 7 4 6 ,3 3 0 0 7 2 11 5 0 4 8,2 4 2 91 1 1 1 , , 1 7 4 6 4 3 2 6 8 1 6 1 2 1 2 1 , ,1 2 2 8 7 1 10 3 4 0 2 3 0 8 2 1 4 6 3 0 9 4, , 5 5 4 6 2 3 2 2 1 ,5 9 6 67 6 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—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—June 30. . 7,438 446 1,808 27,067 4,996 178 2,272 2,713 592 27,214 90 68 731 11,020 8 3,431 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 5,082 4 ,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 1L.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— 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—June 30. . 5,172 834 3,581 29,404 913 11 1,248 3,404 626 26,562 12 96 480 14,526 36 3,658 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 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1947—Dec 31 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 5,420 7 L ,271 1948—Dec. 31 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 5,459 8 L.358 1949—Dec. 31.. 463 3,273 11,918 261 6 213 1,402 153 10,517 • 5 6 182 5,524 1,473 1950—Dec. 30 503 3,596 12,729 286 ; 265 1.492 174 11 .262 6 6 210 5,510 •q 1,570 1951—June 30.. 445 3,090 12,175 222 8 293 1,577 159 10,621 4 17 230 5,609 12 1,637 2 "Consumer loans" exclude, and "Other loans" include, single-payment loans of $3,000 and over, which prior to BULLETIN for May 1951 had been included in consumer loans'. The amounts of these loans prior to June 30, 1949, the first call date on which they were reported separately, have been estimated (see BULLETIN for November 1950, p. 1465). 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. OCTOBER 1951 1279 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 l Investments For purchasing or carrying securities U. S. Governmentobligations Com- Total mer- Date or month in lo a v n a e d n s s t- Total i i t c n r i i d a a u l l , , s- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans Other Total C tif e i r - - O se th cu er ments and loans banks loans 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 i e - r G l U t o i i o g . o b S v a - n . - t s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1950—August 68,122 26,873 14,364 767 978 190 518 4,870 325 5,25141,249 35,141 1,798 1,866 7,23224,2456,108 1951—June. 69,900 32,579 19,128 2541,032 126 603 5,516 452 5,92437,321 30,781 2,375 792 7,690 19,9246,540 July 70,142 32,673 19,067 4201,021 128 579 5,544 479 5,89537,469 30,818 2,405 1,541 7,383 19,4896,651 August.... 70,250 32,682 19,335 254 956 129 567 5,563 453 5,88637,568 30,956 2,644 2,252 6,621 19,4396,612 July 3... 70,268 32,766 19,153 4191,091 127 584 5,534 392 5,92637,502 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 5,89937,353 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 5,88737,414 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 5,86937,605 30,949 2,500 1,499 7,503 19,4476,656 Aug. 1... 70,100 32,487 19,124 3491,041 127 573 5,545 324 5,86537,613 30,997 2,648 2,224 6,68319,4426,616 Aug. 8... 70,028 32,480 19,170 239 981 129 565 5,555 418 5,88237,548 30,920 2,592 2,299 6,615 19,4146,628 Aug. 15... 70,305 32,760 19.379 205 950 129 564 5,561 542 5,89137,545 30,949 2,670 2,252 6,60319,4246,596 Aug. 22... 70,331 32,767 19,503 209 905 131 562 5,571 462 5,88737,564 30,983 2,716 2,246 6,59219,4296,581 Aug. 29. .. 70,488 32,916 19,502 268 902 128 570 5,584 518 5,90637.572 30,930 2,593 2,239 6,612 19,4866,642 Sept. 5... 70,372 32,998 19,586 299 900 129 567 5,581 455 5,94337,374 30,768 2,436 2,219 6,62419,4896,606 Sept. 12... 70,725 33,382 19,842 357 947 130 568 5,588 456 5,95637,343 30,722 2,368 2,186 6,66919,4996,621 Sept. 19. .. 71,604 33,544 19,938 352 973 130 570 5,595 526 5,92338,060 31,333 2,962 2,538 6,637 19,1966,727 Sept. 26. .. 71,408 33,482 20,078 290 952 131 561 5,605 414 5,91537,926 31,212 2,934 2,493 6,64319,1426,714 New York City 1950—August. . . .19,403 8,298 5,022 681 758 52 224 373 229 1,084 11,105 9,377 351 259 1,601 7,166 1,728 1951—June 20,098 10,064 6,743 212 795 24 255 486 348 1,341 10,034 8,173 878 174 1,542 5,5791,861 July 20.020 10,149 6,791 357 794 26 233 493 2 79 1,317 9,871 7,916 730 310 1,549 5,3271 ,955 August.... 19,702 10,036 6,908 207 738 28 225 495 260 1,316 9,666 7,714 684 358 1,433 5,2391,952 July 3... 20,326 10,256 6,832 379 851 24 237 490 259 1,325 10,070 8,174 923 328 1,527 5,3961,896 July 11... 20,074 10,174 6,813 335 793 26 234 491 307 1,316 9,900 7,935 756 319 1 ,516 5,3441,965 July 18... 19,886 10,124 6,778 338 766 24 232 494 317 1,316 9,762 7,781 613 308 1,552 5,3081 ,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 Aug. 1... 19,828 10,010 6,840 286 803 28 229 487 168 1,310 9,818 7,857 783 398 1,430 5,2461,961 Aug. 8... 19,606 9,957 6,829 199 756 28 224 496 251 1,315 9,649 7,687 644 370 1,434 5,2391 ,962 Aug. 15.. . 19,650 10,069 6,928 168 734 29 222 493 318 1,318 9,581 7,645 655 346 1,428 5,216 1,936 Aug. 22. .. 19,594 10,014 6,975 167 701 29 224 494 251 1,315 9,580 7,655 682 336 1,427 5,210 1 ,925 Aug. 29. .. 19,831 10,131 6,968 216 694 29 225 506 313 1,322 9,700 7,723 655 339 1,445 5,2841,977 Sept. 5... 19,696 10,145 7,020 258 689 30 223 510 237 1,320 9,551 7,597 527 327 1,466 5,2771,954 Sept. 12... 19,865 10,354 7,129 314 714 31 225 516 223 1,344 9,511 7,550 468 333 1,464 5,2851,961 Sept. 19. .. 20,347 10,504 7,191 299 756 31 226 517 296 1,330 9,843 7,829 768 479 1,433 5,1492,014 Sept. 26... 20,253 10,418 7,248 247 742 32 221 521 229 1,320 9,835 7,817 777 457 1,454 5,129 2,018 Outside New York City 1950—August. . . .48,719 18,575 9,342 86 220 138 294 4,497 96 4,167 30,144 25,764 1,447 1,607 5,631 17,0794,380 1951—Tune. 49,802 22,515 12,385 42 237 102 348 5,030 104 4,58327,287 22,608 1,497 618 6,148 14,3454,679 Tulv SO,122 22,524 12,276 63 227 102 346 5,051 200 4,57827,598 22,902 1,675 ,231 5 ,83414.1624,696 August.... 50,548 22,646 12,427 47 218 101 342 5,068 193 4,57027,902 23,242 1,960 ,894 5,188 14,2004,660 July 3... 49,942 22,510 12,321 40 240 103 347 5,044 133 4,601 27,432 22,712 1,534 ,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 ,234 5,78814,1584,691 July 18... 50,199 22,547 12,257 68 225 101 346 5,052 246 4,571 27,652 22,958 1,712 ,231 5,82814,1874,694 July 25... 50,321 22,468 12,216 79 222 104 345 5,058 203 4,56027,853 23,177 L.874 ,216 5,901 14,1864,676 Aug. 1... 50,272 22,477 12,284 63 238 99 344 5,058 156 4,555 27,795 23,140 1,865 ,826 5,25314,1964,655 Aug. 8. . .50,422 22,523 12,341 40 225 101 341 5,059 167 4,567 27,899 23,233 1,948 ,929 5,181 14,1754,666 Aug. 15... 50,655 22,691 12,451 37 216 100 342 5,068 224 4,573 27,964 23,304 2,015 ,906 5,175 14,2084,660 Aug. 22. .. 50,737 22,753 12,528 42 204 102 338 5,077 211 4,572 27,984 23,328 2,034 ,910 5,165 14,2194,656 Aug. 29. .. 50,657 22,785 12,534 52 208 99 345 5,078 205 4,584 27,872 23,207 1,938 ,900 5,167 14,2024,665 Sept. 5... 50,676 22,853 12,566 41 211 99 344 5,071 218 4,62327,823 23,171 1,909 1,892 5,158 14,2124,652 Sept. 12. .. 50,860 23,028 12,713 43 233 99 343 5,072 233 4,612 27,832 23,172 1,900 1,853 5,20514,2144,660 Sept. 19. .. 51,257 23,040 12,747 53 217 99 344 5,078 230 4,59328,217 23,504 2,194 2,059 5,20414,0474,713 Sept. 26. .. 51,155 23,064 12,830 43 210 99 340 5,084 185 4,595 28,091 23,395 2,157 2,036 5,189 14,0134,696 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. 1280 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 e R a e r r i e n a t v d h - l k e - s v C a a i u n s l h t m b a w a n d e n i c o s t e k - h ti s s c ju m p s o a d a t d s e e n i - - d t d s * s p p u v n h c a o a a o i e n i d r p r l r r d a s t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n i d t i l t e - - s - ; c C O c h a e f e e i e n t f e r r c f c d d i 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 a s t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n i d t i l t e - - s - s P U m G S e i a o n r a . n o e s g n v n d v t S s - - a t - . l m D t D i e o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n 4 - k tions tions Total- Leading Cities 1950—August. . . 12,170 793 2,18248,453 49,015 3,317 1,588 2,204 14,571 653 135 8,8381,264 217 371 6,466112,335 1951—June 14,360 862 2,42150,55351,338 3,598 1,325 3,342 14,593 746 134 9,221 1,316 341 378 6,664121,577 July 14.207 861 2.348 49.858 50,716 3,498 1,377 3,50814,675 739 139 9,512 1,278 379 536 6.701 106,499 August. . . 14,135 845 2,305 50,350 50,986 3,425 1,341 2,813 14,699 742 141 9,6201,246 381 574 6,724106,448 July 3... 14,205 812 2,299 49,340 50,250 3,644 1,545 4,339 14,646 740 135 9,345 ,293 379 6,699 25,269 July 11... 14,288 911 2,338 49,667 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 49,89251,021 3,336 1,456 3,111 14,692 737 140 9,759 ,265 378 708 6,698 25,746 July 25... 14,091 863 2,320 50,53350,971 3,532 1,226 2,962 14,677 738 140 9,364 ,266 379 383 6,705 23,637 Aug. 1... 14,051 807 2,318 50,38350,860 3,644 1,721 2,673 14,673 740 138 9,472 ,253 378 627 6,728 25,755 Aug. 8... 14,226 839 2,289 50, ,410 3,457 1,338 2,812 14,690 742 139 9,772 ,244 384 457 6,737 23,227 Aug. 15... 14,184 829 2,478 49,90951,573 3,331 1,179 3,010 14,685 743 14310,061 ,246 384 634 6,714 24,426 Aug. 22... 14,119 852 2,290 50,29650,914 3,331 1,176 2,959 14,708 733 143 9,604 ,250 375 551 6,718 24,002 Aug. 29... 14,092 896 2,151 50,976 51,174 3,362 1,291 2,609 14,741 751 143 9,189 ,235 383 602 6.726 22,393 Sept. 5... 13,794 847 2,278 50,58451,479 3,331 1,399 2,082 14,736 746 145 9,802 ,228 384 540 6,749 20,267 Sept. 12...14,035 916 2,471 51,42053,473 3,236 1,370 1,548 14,736 740 14710,311 ,222 390 631 6,738 24,666 Sept. 19...14,633 881 2,478 51,35 2,801 3,247 1,440 2,833 14,761 737 14810,259 ,198 400 785 6,740 30,263 Sept. 26...14,31 912 2,311 50,53251,696 3,300 1,387 3,74714,795 734 148 9,739 ,201 405 518 6,751 26,803 New York City 1950—August. . . . 4,425 15,14615,859 1,502 2,649 1,024 163 48,320 1951—June 5,303 132 15,81316,619 240 589 1,091 1,506 2,858 1,087 255 129 2,341 49,398 July 5.109 129 15.30516.096 247 643 1,126 1.477 2.834 1.064 284 331 2.354 41.673 August. . . 4,960 125 15,36616,096 235 626 723 1,453 2,780 1,030 286 314 2,364 39,007 July 3... 5,104 129 15,18416,126 240 759 1,559 1,486 2,844 1,078 284 280 2,355 10,329 July 11... 5,182 139 15,28316,021 246 564 1,233 1,482 2,820 1.074 284 379 2,356 10,199 July 18... 5,121 125 15,23816,027 234 719 907 1,476 2.885 1,053 284 456 2,355 9,568 July 25... 5,028 125 15,51316,210 267 530 803 1.465 2.788 1,052 284 208 2,352 9,001 Aug. 1... 4,974 119 15,42116,212 254 969 685 1,456 2,847 1,031 283 375 2.365 10,528 Aug. 5,031 125 15,34615,953 232 644 730 1,449 2,795 1,026 289 284 2,367 8,855 Aug. 15... 4,942 122 15,11716,066 230 455 782 1,437 2,868 1,033 289 349 2,366 9,010 Aug. 22 ... 4,958 124 15,32316,000 213 464 755 1,448 2,755 1,036 280 244 2,363 8,275 Aug. 29... 4,896 136 15,62416,247 247 598 665 1,476 2,633 1,022 288 319 2,361 8,143 Sept. 5... 4,924 132 15,52116,251 225 663 521 1,457 2,785 1,020 288 286 2,368 7,423 Sept. 12... ,047 140 15,79616,704 212 618 383 1,464 2,900 1,014 295 370 2,362 9,466 Sept. 19... ,392 129 15,89616,649 256 628 907 1,473 2,961 992 305 478 2,359 11,443 Sept. 26... 5,130 140 15,46816,234 275 1,329 1,495 2,821 995 305 254 2,355 10,247 Outside New York City 1950—August. . . 7,745 674 2,15033,307 33,156 3,C 698 1,58213,069 629 98 6,189 240 175 4,152 64,015 1951—June 9,057 730 2,387 34,740 34,719 3,358 736 2,251 13,087 721 96 6,363 229 86 249 4,323 72,179 July 9,098 732 2,31834,553 34.620 3,251 734 2.382 13.198 716 97 6.678 214 95 205 4,347 64,826 August. . . 9,175 720 2,27634,984 34,890 3,190 715 2,090 13,246 719 98 6,840 216 95 260 4,360 67,441 July 3. 9,101 683 2,268 34,156 34,124 3,404 2,78013,160 717 96 6,501 215 95 160 4,344 14,940 July 11. 9,106 772 2,309 34,384 34,601 3,234 718 2,386 13,202 719 97 6,758 216 95 233 4,345 15,347 July 18. 9,122 733 2,39934,654 34,994 3,102 737 2,204 13,216 714 97 6,874 212 94 252 4,343 16.178 July 25. 9,063 738 2,292 35,020 34,761 3,265 696 2,159 13,212 715 97 6,576 214 95 4,353 14,636 Aug. 1... 9,077 688 2,28534,96234,648 3,390 752 1,988 13,217 717 95 6,625 222 95 252 4,363 15,227 Aug. ^ 9,195 714 2,26234,839 34,457 3,225 694 2,082 13,241 718 96 6,977 218 95 173 4,370 14,372 Aug. 15 9,242 707 2,446 34,79235,507 3,101 724 2,228 13,248 719 100 7,193 213 95 285 4,348 15,416 Aug. 22 9,161 728 2,26434,97334,914 3,118 712 2,204 13,260 708 100 6,849 214 95 307 4,355 15,727 Aug. 29 9,196 760 2.12235,35234,927 3,115 693 1,944 13,265 730 100 6,556 213 95 283 4.365 14,250 Sept. 5. 8,870 715 2,24835,06335,228 3,106 1,561 13,279 7251 102 7,017 208 96 254 4,381 12,844 Sept. 12. 8,988 776 2,43835,62436,769 3,024 752 1,165 13,272 719 104 7,411 208 95 261 4,376 15,200 Sept. 19. 9,241 752 2,44435,46136,152 2,991 812 1,926 13,288 716 105 7,298 206 95 307 4,381 18,820 Sept. 26. 9,187 772 2,28335,06435,462 3,025 739 2,418 13,300 713 105 6,918 206 100 264 4,396 16,556 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. OCTOBER 1951 1281 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 l Investment,s For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R n e d s e d r a v t e e i m n lo a v e n a n e n d s ts s t- Total1 i t a t c n c a u r g u i n d i r a r l a u a d - l i l , - l s , - G U a t T l i o i n o o g o . b d S n a v - . - s b t d . r e o O a t c k i l s u e t e e e h r r r s - i e s s - rG t l U T i o i o o g b . o n a v S - - s t . o . t O h c t s u e i t e e h r r - s i e s - r e l R s o t e a a a n t l e s L > o a to a n n k s s O lo th an e s r Total Total Bills o d c C n t f e a e i e f e d t b i s i e r - n - t s - s - - Notes Bonds2 s r O i e t t c i h e u e s - r Boston Aug. 29 . 3,128 1,529 980 7 10 10 21 206 35 287 1 .599 1,350 92 106 189 963 249 Sept. 5 3,133 1,548 978 8 10 9 21 205 56 288 ,585 1,337 86 107 188 956 248 Sept. 12 3,133 1,534 984 5 10 9 21 205 38 289 ,599 1,347 95 111 189 952 252 Sept. 19... . 3,162 1,524 980 6 9 8 22 203 35 288 ,638 1,387 138 138 190 921 251 Sept. 26 3,183 1,515 983 4 10 8 22 202 27 286 ,668 1,416 161 141 192 922 252 New York* Aug. 29 22,301 11,177 7,418 221 708 35 243 829 3201,567 11.124 8,890 706 382 1,641 6,161 2,234 Sept. 5 22,166 11,188 7,477 262 702 35 242 833 2391,562 10,978 8,768 581 371 1,658 6,158 2,210 Sept. 12 22,331 11,412 7,591 320 727 36 244 841 2321,585 10,919 8,703 502 376 1,663 6,162 2,216 Sept. 19 22,841 11,565 7,653 305 770 36 244 845 3061,570 11,276 9,001 828 524 1,626 6,0232,275 Sept. 26 22,737 11,477 7,710 253 755 37 239 851 2371,559 11,260 8,982 829 502 1,649 6,002 2,278 Philadelphia Aug. 29 2,836 1,346 792 1 29 4 7 143 4 390 1,490 1,162 75 50 218 819 328 Sept. 5 2,837 1,356 786 1 28 4 7 140 20 394 1,481 1,155 75 45 221 814 326 Sept. 12 2,835 1,351 794 1 31 4 7 141 4 393 1,484 1,157 77 48 222 810 327 Sept. 19 2,859 1,363 803 1 33 4 7 142 5 392 1,496 1,161 91 46 215 809 335 Sept. 26 . . .. 2,868 1,361 805 1 31 4 7 142 5 390 1,507 1,177 90 46 232 809 330 Cleveland Aug. 29 5,061 2,045 1,199 8 23 10 60 394 35 348 3,016 2,537 262 221 504 1,550 479 Sept. 5 5,045 2,034 1,195 7 26 11 60 396 22 348 3,011 2,535 258 223 504 1,550 476 Sept. 12 5 064 2,062 1,215 6 34 11 60 397 22 348 3,002 2,526 253 219 504 1,550 476 Sept. 19 5,119 2,065 1,203 7 26 11 60 397 42 350 3.054 2,567 287 270 511 1,499 487 Sept. 26 5,093 2,046 1,207 7 21 11 60 399 25 347 3,047 2,560 286 265 511 1,498 487 Richmond Aug. 29 2,864 1,151 544 1 6 11 41 233 17 313 1,713 1,540 211 86 322 921 173 Sept. 5 2,880 1,145 548 1 5 11 41 231 13 310 1,735 1,560 230 83 324 923 175 Sept. 12 2 896 1,150 551 1 6 11 41 233 11 311 1.746 1,571 243 87 317 924 175 Sept. 19 2,914 1,154 560 1 6 12 41 233 7 309 1,760 1,580 243 98 319 920 180 Sept. 26 2 920 1 166 563 1 6 12 41 235 11 312 1,754 1,572 225 96 326 925 182 Atlanta Aug 29 2 609 1 055 606 11 11 25 88 12 320 1,554 1,324 130 179 372 643 230 Sept. 5 2 635 1,069 613 11 11 24 88 14 326 1,566 1,338 140 179 373 646 228 Sept. 12 2,636 1,072 616 11 11 24 88 14 326 L,564 1,336 131 179 380 646 228 Sept. 19 2 625 1,062 614 11 10 25 88 12 320 L ,563 1,335 121 182 385 647 228 Sept. 26 2,636 1,059 614 11 11 24 87 10 320 577 1,348 132 184 391 641 229 Chicago* Aug. 29 10,021 3,719 2,475 26 74 16 61 477 22 625 6,302 5,357 380 497 1,133 3,347 945 Sept. 5 10,001 3,745 2,498 16 79 16 60 476 28 630 6,256 5,317 340 482 1,147 3,348 939 Sept. 12 9,996 3,818 2,542 20 80 16 60 477 57 624 6,178 5,241 281 456 1,155 3,349 937 Sept. 19 10,078 3,807 2,553 27 74 16 60 478 49 608 6,271 5,326 360 516 1,159 3,291 945 Sept. 26 10,082 3,833 2,576 19 74 16 59 479 57 611 6,249 5,314 359 518 1,149 3,288 935 St. Louis Aug 29 . 2 311 1 162 627 1 7 8 14 252 4 263 1,149 981 96 116 203 566 168 Sept. 5 2,328 1,174 616 2 6 8 13 252 3 288 1,154 985 100 117 205 563 169 Sept. 12 5 2 319 1 175 628 2 7 8 13 5 242 3 286 1,144 975 92 113 208 562 169 Sept. 19 2,345 1,188 639 3 7 8 13 242 4 •286 1,157 986 112 136 208 530 171 Sept. 26... 2 330 1,202 652 2 7 8 13 242 5 287 1,128 954 94 125 208 527 174 Minneapolis Aug. 29 1,226 599 320 3 2 9 111 10 152 627 495 35 24 136 300 132 Sept. 5. . 1,227 595 324 3 2 9 110 2 153 632 500 40 23 137 300 132 Sept 12 1 247 614 328 3 2 9 112 15 153 633 502 41 22 138 301 131 Sept. 19. .. 1,237 608 333 3 2 9 112 3 154 629 495 36 25 134 300 134 Sept. 26 1 234 607 336 3 2 9 111 2 153 627 493 35 24 135 299 134 Kansas City Aug. 29 2 848 1,219 802 7 4 14 164 5 232 1,629 1,358 298 150 340 570 271 Sept. 5 2,822 1,221 806 6 4 14 164 4 232 1,601 1,337 286 158 326 567 264 Sept. 12 2,873 1,227 815 6 4 14 164 4 229 1,646 1,381 320 152 340 569 265 Sept. 19. .. 2,903 1,223 811 6 c 14 165 3 228 1,680 1,409 345 157 344 563 271 Sept. 26 2,902 1,226 812 6 4 14 165 5 229 1,676 1,409 346 155 345 563 267 Dallas Aug. 29... 2,673 1,435 977 7 10 49 123 7 278 1,238 1,067 160 115 217 575 171 Sept 5 2 681 1 436 974 7 10 50 123 9 279 1,245 1,071 163 116 217 575 174 Sept. 12 2 712 1,445 984 7 11 49 124 9 277 1,267 1,094 186 116 217 575 173 Sept. 19 2,723 1,442 988 8 11 49 123 3 276 1,281 1,110 200 121 217 572 171 Sept 26 2 742 1 449 992 8 11 47 123 7 277 1,293 1,121 214 121 214 572 172 San Francisco Aug. 29 12,610 6,479 2,762 17 262,564 471,131 6,131 4,869 148 313 1,337 3,071 1.262 Sept 5 12 617 6 487 2 771 2 17 8 262,563 451,133 6,130 4,865 137 315 1,324 3 0891,265 Sept. 12 12,683 6,522 2,794 25 26 2,564 47 1,135 6,161 4,889 147 307 1,336 3,099 1,272 Sept 19 12 798 6 543 2 801 2 20 26 2,567 57 1,142 6,255 4,976 201 325 1,329 3 1211 279 Sept 26 12 681 6 541 2 828 ? 20 26 2,569 23 1,144 6,140 4,866 163 316 1,291 3,096 1,274 City of Chicago* Aug 29 6 031 2 428 1,874 26 66 14 50 106 14 318 3,603 3,018 200 261 619 1,938 585 Sept. 5 6,023 2,451 1,898 15 71 13 50 107 13 324 3,572 2,991 173 246 633 1,939 581 Sept. 12 6,044 2,531 1,935 19 71 14 50 107 53 322 3,513 2,934 133 220 641 1,940 579 Sept. 19 6,117 2,521 1,943 27 65 14 49 107 46 310 3,596 3,006 196 282 647 1,881 590 Sept 26 6,143 2,546 1,962 19 66 13 49 108 57 312 3,597 3,019 218 284 640 1,877 578 * 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 opposite page and preceding table. 1282 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 fin 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 n e d s e d r a v t e e B s F w e R a e e r n r i e a d t v k - h l - e s v C a a i u n s l h t m b a w a n d e n i s c o t t e - k h i s c s j m p u o a d s a d s e t n e i - - t d d s 3 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v l t a b n d i e i l t - - s s - c C h O c a e f e e e i n t f e c r r f c d i k d t s . - i ' s - , U m G e o e . rn v n S - - t . u p s p v n c a h a o o a e i n d l i r r r r d s p a - - - t , - s - S p s d s t a i i o a u c i o n v l t a b n d i e i l t - - s s - P U m G S e i o a n r . a s n o e g n v t S d n v a s - - t - . l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a a u t c a p n - l - ts B d it e a s b n * - k tions tions Boston Aug. 29 525 58 86 2,579 2,547 173 44 115 474 269 31 1 343 854 Sept. 5 512 57 87 2,579 2,557 172 51 91 475 284 30 1 343 776 Sept. 12 535 62 93 2,622 2,642 166 50 66 475 297 27 1 343 971 Sept. 19 594 58 93 2,660 2,656 169 58 103 474 307 26 1 344 1,137 Sept. 26 537 60 87 2,586 2,569 172 56 145 476 291 28 1 344 1,073 New York* Aug. 29 5,226 196 11317,35917,766 528 644 757 302 2,702 1,025 289 338 2,574 8,707 Sept. 5 5,247 189 11117,26517,775 507 731 594 ,283 2,859 1,023 289 300 2,581 7,935 Sept. 12 5,371 201 12717,55818,294 492 665 440 ,290 2,977 1,017 296 396 2,575 0,087 Sept. 19 5,765 188 13217,71118,246 544 695 981 ,299 3,039 995 306 501 2,572 2,233 Sept. 26 5,453 200 11717,20417,780 540 704 1,431 ,322 2,892 998 306 268 2,568 0,919 Philadelphia Aug. 29 532 48 109 2,204 2,292 91 23 128 403 381 13 1 45 337 835 Sept. 5 506 4 110 2,185 2,294 84 23 92 403 407 13 2 47 340 784 Sept. 12 . 532 50 112 2,223 2,351 97 28 74 403 416 13 1 49 339 903 Sept. 19 540 48 124 2,205 2,336 92 39 112 403 423 12 1 60 339 1,072 Sept. 26 542 50 106 2,205 2,310 92 28 154 403 393 12 1 44 337 932 Cleveland Aug. 29 90 91 139 3,609 3,659 230 48 1,339 475 9 1 11 494 1,431 Sept. 5 883 83 134 3,573 3,644 228 54 1821,341 499 9 1 7 494 1,272 Sept. 12 901 90 151 3,627 3,810 227 56 1341,342 541 8 1 17 495 1,583 Sept. 19 931 146 3,623 3,742 222 73 1,344 530 8 1 15 496 1,804 Sept. 26 925 145 3,523 3,623 217 55 3301,344 489 8 1 16 496 1,697 Richmond Aug. 29 540 159 2,256 2,262 163 47 96 558 407 9 17 25 250 873 Sept. 5 535 179 2,269 2,323 159 47 77 559 463 6 17 5 251 781 Sept. 12 548 199 2,295 2,396 146 52 62 559 501 6 17 7 251 956 Sept. 19 564 198 2,303 2,345 179 56 88 563 487 6 17 6 252 1,177 Sept. 26 540 174 2,269 2,308 171 57 113 564 453 17 9 252 1,038 Atlanta Aug. 29 489 48 187 1,986 1,848 318 27 68 521 530 2 12 216 785 Sept. 5 475 43 193 1,965 1,883 308 22 54 522 577 2 12 217 669 Sept. 12 488 47 225 2,001 1,958 302 24 49 522 609 2 1 216 858 Sept. 19 48: 47 20 1,953 1,907 280 26 86 521 573 2 219 1,011 Sept. 26 474 48 214 1,970 1,859 319 26 105 522 550 2 219 850 Chicago* Aug. 29 2,181 110 29J 6,935 6,911 63. 117 536 ,645 1,538 1 794 3,256 Sept. 5 107 314 6,835 6,840 634 113 435 ,644 1,630 1 798 2,960 Sept. 12 111 311 6,977 7,170 645 11 294 ,642 1,698 1 797 3,387 Sept. 19 2,130 108 331 6,815 6,958 610 120 5762,643 1,676 1 796 4,299 Sept. 26 112 306 6,785 6,917 614 108 6962,64: 1,581 1 798 3,713 St. Louis Aug. 29 438 37 114 1,537 1,607 11 24 73 472 579 20 624 Sept. 5 441 35 124 1,517 1,624 113 33 75 472 615 206 577 Sept. 12 5 433 36 131 1,532 1,684 110 22 59 5 459 634 205 682 Sept. 19 428 35 12 1,516 1,666 10' 24 94 459 614 206 832 Sept. 26 43 36 11 1,497 1,638 116 21 11 459 608 20' 756 Minneapolis Aug. 29 215 14 73 805 816 118 18 63 232 298 110 395 Sept. 5 225 12 79 820 839 127 20 48 233 321 109 403 Sept. 12 212 14 88 819 878 112 17 3 233 34 109 474 Sept. 19 215 14 80 789 838 106 18 66 233 1 324 109 552 Sept. 26 235 14 793 837 107 1 61 233 1 315 109 486 Kansas City Aug. 29 573 37 2,091 2,085 245 96 404 19 864 237 852 Sept. 5 569 33 306 2,043 2,11 231 78 405 1 925 237 769 Sept. 12 562 39 330 2,107 2,216 225 69 406 19 948 23 919 Sept. 19 572 36 34: 2,083 2,192 237 131 40' 19 956 238 1,186 Sept. 26 574 40 315 2,101 2,159 236 146 408 19 904 239 1,034 Dallas Aug. 29 555 41 351 2,231 2,204 192 34 68 368 65 659 253 820 Sept. 5 559 39 373 2,220 2,226 209 34 6: 369 64 708 253 701 Sept. 12 563 43 43: 2,283 2,318 198 40 49 366 64 758 253 821 Sept. 19 561 41 426 2,255 2,313 185 39 74 370 6: 750 25. 1,060 Sept. 26 533 42 398 2,218 2,261 188 41 106 369 61 726 254 950 San Francisco Aug. 29 1,911 139 253 7,384 7,177 55 238 3885,023 465 48 911 2,961 Sept. 5 1,770 129 268 7,313 559 243 2945,030 464 514 920 2,640 Sept. 12 1,775 146 272 7,376 516 270 2155,039 457 585 918 3,025 Sept. 19 1,851 139 27 7,444 516 261 2995,045 453 580 916 3,900 Sept. 26 1,945 139 261 7,381 7,435 528 24. 348 5,05: 452 537 928 3,355 City of Chicago* Aug. 29 1,434 37 136 4,246 4,336 294 56 270 1,400 22 1,086 532 1,960 Sept. 5 1,385 37 149 4,190 4,278 313 60 204 1,398 22 1,157 535 1,797 Sept. 12 1,399 37 141 4,267 4,466 32 56 150 1,396 22 1,200 53 2,088 Sept. 19 1,419 36 156 4,185 4,368 309 53 348 1,396 22 1,198 533 2,645 Sept. 26 1,410 40 145 4,175 4,332 307 51 424 1,396 22 1,138 2,269 5 Changes in St. Louis District, particularly in real estate loans and time deposits, are due in part to change in composition of reporting banks. For other footnotes see opposite page and preceding table. OCTOBER 1951 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are * Not on par list drawn, and their (nonmember) Federal Reserve branches} and offices a Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec 31 1946. 14,043 3,981 11 9S7 3,654 6,894 2,913 s,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 Aug 31, 1951P 14,001 5 022 1? 16s? 4,728 6,847 3,748 S,318 980 1,836 294 By districts and by States Aug. 31, 1951* District Boston . . 472 353 47? 353 324 278 148 75 New York 863 983 863 983 741 910 122 73 Philadelphia 834 172 834 172 637 132 197 40 Cleveland 1,108 326 1 108 326 686 284 422 42 Richmond 1,007 573 808 429 475 267 333 162 199 144 Atlanta ... 1,208 232 60Q 192 356 164 253 28 599 40 Chicago 2,487 630 2,487 630 " 1,007 274 1,480 356 St. Louis 1 465 155 1,136 95 496 56 640 39 329 60 Minneapolis 1,275 112 678 71 476 28 202 43 597 41 Kansas City 1,757 20 1,748 20 753 10 995 10 9 Dallas 1,032 65 Q?Q 56 632 37 297 19 103 9 San Francisco 493 1 401 493 1 401 264 1,308 229 93 State Alabama ... 225 27 1?9 27 93 27 36 96 Arizona 11 62 11 62 5 45 6 17 Arkansas . . 231 20 109 5 68 2 41 3 122 15 California 193 997 193 997 119 944 74 53 Colorado 149 4 149 4 93 3 56 1 Connecticut 103 58 103 58 62 51 41 7 Delaware 38 21 38 21 17 8 21 13 District of Columbia... 19 46 19 46 15 36 4 10 Florida 196 8 137 7 75 7 62 59 1 Georgia 401 47 117 44 66 40 51 4 284 3 Idaho 43 56 43 56 24 51 19 5 Illinois . . . 889 2 887 2 510 2 377 2 Indiana 483 117 483 117 238 63 245 54 Iowa 661 164 661 164 160 501 164 Kansas 610 1 608 1 215 i 393 2 Kentuckv 380 49 380 49 113 31 267 18 Louisiana 166 79 62 56 47 49 15 7 104 23 ]Vtaine 62 72 6? 72 38 37 24 35 Maryland 160 129 160 129 75 77 85 52 Massachusetts . 176 180 176 180 140 162 36 18 Michigan 438 248 4S8 248 231 192 207 56 Minnesota 678 6 ?67 6 206 6 61 411 Mississippi 201 68 41 14 31 7 10 7 160 54 Missouri 594 1 S?9 1 179 1 350 65 ^f ontana 110 110 84 26 Nebraska 411 2 411 2 139 2 272 Nevada 8 20 8 20 6 19 2 1 New Hampshire 74 2 74 2 52 1 22 1 New Jersey 318 171 318 171 273 155 45 16 New Mexico 51 20 51 20 35 4 16 16 New York 620 815 6^0 815 540 758 80 57 North Carolina. 209 229 99 91 54 51 45 40 110 138 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 656 235 6S6 235 419 206 237 29 Oklahoma 384 1 376 1 224 1 152 8 Oregon 69 104 69 104 30 90 39 14 Pennsylvania 958 209 958 209 729 182 229 27 Rhode Island 14 53 14 53 8 41 6 12 South Carolina 150 51 66 45 32 37 34 8 84 6 South Dakota 169 50 71 25 62 22 9 3 98 25 Tennessee 296 99 210 86 84 63 126 23 86 13 Texas 909 12 8S7 12 580 12 277 52 Utah 54 30 S4 30 30 28 24 2 Vermont 68 11 68 11 39 2 29 9 Virginia 313 118 309 118 203 66 106 52 4 Washington 117 154 117 154 51 144 66 10 West Vireinia 181 180 108 72 1 Wisconsin 552 152' ' 552 152 164 22 388 130 53 53 39 14 P Preliminary. x 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. 1284 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 Knd 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 'otal Accept O b in i w l g ls n 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 o t b r s e e F t i d o w n r i e e n e i g n o n r States countries 1950—July 259 335 155 87 68 180 211 80 22 22 August 286 374 174 103 71 200 238 87 26 21 September 308 397 187 103 84 211 264 79 29 23 October 312 383 168 100 68 215 243 85 29 25 November 325 383 166 104 62 217 234 88 29 29 December 333 394 192 114 78 202 245 87 28 32 1951—January 356 453 202 126 76 251 286 100 36 29 February 369 470 201 121 79 270 304 99 36 29 March 381 479 198 122 76 279 314 106 30 26 April 387 456 170 119 52 285 288 111 24 31 May 364 417 143 108 35 274 259 102 22 33 June 331 425 162 120 42 263 267 104 22 31 July 336 380 135 103 33 245 225 104 24 27 August 368 384 122 94 28 262 218 109 25 26 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on Mar. 31, 1951, 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 YorkStock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )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 et e ) r a i I n n n v d p e t s a r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944_ D ju e ne cember... 1,0 8 4 8 1 7 5 7 2 2 6 5 0 3 2 1 0 9 9 6 6 7 1 2 9 6 4 4 7 2 2 4 9 9 5 6 1 1 8 5 1 8 1 2 22 1 7 6 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—September. . 3 1,284 * 751 3 738 October »1,351 3 759 3 771 November. . 31,360 3 774 3 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January.... s1,411 3 690 2 948 February... 31,367 3 642 3 953 March 31,304 » 715 3 918 April s1,286 «661 3 879 May 3 1 287 3 681 3 855 Tune 1,275 10 375 364 680 834 225 26 13 319 Julv 3 1,266 3672 3 825 August 31,260 3 624 3816 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): June, 38; July, 43; August, 41. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. OCTOBER 1951 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES mo Y w n e e th a e r , k , or m m 4 p P - c e o a r o r t n p i c o m m t e i h a r - e 6 , s l - 1 a a P d b c n e a a r 9 c r i c y n s m 0 e e ' s k p s e - i , t- c S h n l a c e t o r a e o l a e x a n w s - l c - n 2 l g k - e m bi o 3 s l U l n - e s . c t h 3 u S r . i 9 t i i m s - G e s t s o o u o n e v ( t s 1 e t h a 2 4 r - x n a m 3 i b s - e y l s e n u t e o ) t a e r s 5 5 - Area and period [ l P o A e a l r n l s cen $ t $ 1 1 p 0 , e 0 , r 0 0 0 0 a 0 - nnu $ $ m 1 1 0 0 ] 0 S ,0 , i 0 0 z 0 0 e 0 - o $ f 1 $ 0 2 l 0 o 0 , a 0 0 n , 0 0 0 0 - 0 $ a 2 n 0 d 0 o ,0 v 0 e 0 r 1948 average 1.44 1.11 1.55 .040 1.14 1.62 Annual averages: 1949 average 1.48 1.12 1.63 .102 1.14 1.43 19 cities: 1950 average 1.45 1.15 1.63 .218 1.26 1.50 1941 2.0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1950—September. 1.66 1.31 1.63 .315 1.33 1.55 1943 2.6 4.4 3.4 2.5 2.4 October.. . . 1.73 .31 1.63 .329 1.40 1.65 1944 2.4 4.3 3.3 2.6 2.2 November. 1.69 .31 1.63 .364 1.47 1.62 1945 2.2 4.3 3.2 2.3 2.0 December.. 1.72 .31 1.63 .367 1.46 1.64 1946 2.1 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2.5 1.8 1951—January... 1.86 .39 2.00 .387 1.47 1.66 1948 2.5 4.4 3.5 2.8 2.2 February. . 1.96 .50 2.00 .391 1.60 1.67 1949 2.7 4.6 3.7 3.0 2.4 March 2.06 .63 2.00 .422 1.79 1.86 1950 2.7 4.5 3.6 3.0 2.4 April 2.13 .63 2.00 .520 1.89 2.03 May 2.17 .63 2.15 .578 1.85 2.04 Quarterly: June 2.31 .63 2.25 .499 1.79 2.00 19 cities: July 2.31 1.63 2.25 .593 1.74 1.94 1950—Dec 2.84 4.60 3.73 3.10 2.57 August 2.26 1.63 2.25 .644 1.70 1.89 1951—Mar 3.02 4.68 3.88 3.27 September. 2.19 1.63 2.25 1.646 1.71 1.93 June 3.07 4.73 3.93 3.32 Sept 3.06 4.74 3.99 3.36 2.78 Week ending: New York City: Sept. 1 . . . 2-2 1.645 1.68 1.87 1950—Dec 2.51 4.17 3.44 2.80 Sept. 8 . . . 2-2 1.646 1.67 1.89 1951—Mar 2.74 4.20 3.68 3.06 2.59 Sept. 15 . . . 2-2 1.646 1.69 1.91 June 2.78 4.37 3.66 3.06 2.64 Sept. 22 . . . 2-2 1 .644 1.71 1.93 Sept 2.79 4.35 3.72 3.18 2.64 Sept. 29. .. 2 Vs- 1.647 1.74 1.98 7 Northern and East ern cities: 1950—Dec 2.87 4.64 3.70 3.18 2.65 1 Monthly figures are averages of weekly prevailing rates. 1951—Mar 3.02 4.74 3.86 3.23 2.81 2 The average rate on 90-day Stock Exchange time loans was 1.50 June 3.04 4.68 3.90 3.28 2.83 per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948- Sept 3.06 4.81 3.97 3.24 2.82 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— Dec 3.28 4.78 3.91 3.21 2.90 4 Series includes certificates of indebtedness and selected note and 1951—Mar 3.42 4.87 4.01 3.41 3.06 bond issues. June 3.52 4.90 4.10 3.52 3.14 5 Series includes notes and selected bond issues. Sept 3.47 4.89 4.17 3.55 3.04 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.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)8 Total years Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues. 1-5 15 120 30 30 30 30 40 40 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1.71 2.31 2.21 2.65 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1950 average 1.84 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1950—September. 1.89 2.36 1.88 2.62 2.86 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October. . . 1.94 2.38 1.82 2.65 2.88 2.67 2.72 2.91 3.22 2.70 3.09 2.85 November. 1.95 2.38 1.79 2.66 2.88 2.67 2.72 2.92 3.22 2.70 3.08 2.86 December. 1.97 2.39 1.77 2.66 2.88 2.67 2.72 2.91 3.20 2.70 3.07 2.87 1951—January 1.96 2.39 1.62 2.64 2.86 2.66 2.71 2.89 3.17 2.69 3.03 2.85 February 2.40 1.61 2.66 2.85 2.66 2.71 2.88 3.16 2.69 3.01 2.86 March 2.47 1.87 2.78 2.95 2.78 2.81 2.98 3.22 2.79 3.09 2.95 April 2.56 2.05 2.88 3.07 2.87 2.93 3.12 3.34 2.89 3.24 3.07 May .63 2.09 2.89 3.09 2.88 2.93 3.14 3.40 2.90 3.28 3.10 June .65 2.22 2.95 3.16 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 August 2.57 2.04 2.86 3.12 2.88 2.92 3.18 3.51 2.92 3.31 3.13 September 2.56 2.05 2.85 3.08 2.84 2.88 3.15 3.46 2.89 3.27 3.09 Week ending: Sept. 1 2.55 2.02 2.86 3.10 2.85 2.91 3.16 3.49 2.90 3.30 3.11 Sept. 8 2.54 2.02 2.85 3.09 2.84 2.89 3.15 3.48 2.89 3.28 3.09 Sept. 15 2.55 2.02 2.85 3.08 2.84 2.88 3.14 3.45 2.89 3.26 3.09 Sept. 22 2.55 2.06 2.85 3.08 2.83 2.88 3.15 3.45 2.88 3.26 3.09 Sept. 29 2.58 2.08 2.86 3.08 2.83 2.89 3.15 3.45 2.89 3.27 3.10 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. 6 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. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o ar r , w m ee o k nth, m U G er e . o n n v S - t - . 2 g M i ( r c h a i u i d p g n e a h - ) l - 3 g ( r C r p h a a o o d i t g r - e e - h ) - 3 fe P r r r e e - d4 Tota ( l inde d t x I r u , n i a s - 1 - l 935 R r - o a 3 a i 9 d l- =10 u P 0 t u i l ) i l b c it - y Total Tot M al anu D a fa b u c l r e t ( - u in r d in N e d g x u o , r n - - 19 T 3 p 9 t r o i a = o r n 1 t n a s 0 - - 0) U iti t e il s - T a s a r f e n i a 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 e d u 5 s s - ) 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—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—Jan 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 Mar 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 97.93 129.4 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 1,333 Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 1,463 Sept 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 1,916 Week ending: Sept. 1. 99.23 132.4 117.6 170.1 184 201 149 115 192 218 182 252 197 115 208 224 1,471 Sept. 8. 99.36 132.4 117.9 170.4 187 204 149 116 195 222 184 257 202 116 212 229 1,863 Sept. 15. 99.18 132.4 118.0 168.9 189 207 152 117 197 223 187 257 205 115 216 238 2,186 Sept. 22. 99.13 131.7 118.0 167.7 188 206 153 115 194 219 185 250 204 115 216 228 2,036 Sept. 29. 98.75 131.3 118.1 167.0 186 204 156 115 193 218 185 248 204 114 214 228 1,567 i 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. 'Average of taxable bonds due or callable in 15 years or more. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Average daily volume of trading 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 (new Total Total Year or month f i u a n r n n e g d d - ) - m e ( a f e i o d g n s r o n d t - i - ) c Total S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a s d n l - 1 - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 2 m e a f ( e i o d g n s r o n d t - i - ) c Total S n m a p t i n a c a u d t i l - - e a c F e g i e e r e a s d n l - - i Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 2 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944. ... 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2 466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1 19 9 4 4 7 6 3 8 9 , ,6 6 9 4 1 5 3 4 7 , , 6 5 4 6 5 6 4 7 , , 6 2 3 5 5 5 2,2 9 2 5 8 2 2 1 3 2 9 7 3 4, , 7 5 8 5 7 6 3 2 , , 5 0 6 84 7 1 1 , , 2 47 1 2 9 6 1 8 0 4 2, , 1 0 2 0 5 0 3 1 , ,9 8 4 9 8 5 2 4 0 4 8 4 7 2 3 2 4 2 1 , 9 4 5 8 3 2 2 1 , 3 1 5 9 2 9 2 6 8 0 3 1 1 1 7 0 7 5 1948 10,220 9,085 9,076 2,604 294 46,177 *5,269 908 10 1,135 1,135 82 768 284 257 28 1949 9,753 8,160 8,131 2,803 233 5,095 4,125 971 29 1,593 1,492 104 943 445 393 52 101 1950 U0.935 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—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. »834 »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 June 1,286 1,090 1,075 280 89 706 562 144 15 197 cl97 3 137 57 49 7 July 934 810 802 319 8 476 329 147 8 124 124 2 93 29 29 e Corrected. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947, 1950, and February 1951 include 244 million dollars, 100 million, and 50 million, respectively, of issues of the International Bank for Reconstruction and Development. * Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source,—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. OCTOBER 1951 1287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net l^ew money Retirement of securities proceeds 2 proceeds 8 Repayment Other of Total e P q la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,078 6,959 5,929 4,221 1,708 307 240 67 488 234 1949 6,052 5,959 4,606 3,724 882 401 360 41 637 315 1950 6,292 6,194 3,987 3,029 958 1,224 1,095 129 651 332 1950—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 July 481 472 436 326 110 12 11 1 21 3 August 420 413 367 263 104 20 20 10 16 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing s C m o is m c m ell e a r n c e ia o l u a s n 6 d Railroad Public utility7 Communication8 R an ea d l fi e n s a t n at c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1 010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 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 59? 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—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 O N c o t v o e b m er ber 1 12 8 7 0 6 7 5 8 3 2 3 1 3 3 9 1 1 1 4 7 1 8 6 3 2 4 4 3 2 4 4 2 1 2 7 8 4 1 1 6 2 4 6 3 4 3 5 2 9 3 1 6 5 7 4 2 6 2 2 1 0 7 i 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 July 129 109 8 17 13 2 18 18 188 178 2 50 50 69 68 August 204 184 7 14 6 8 9 9 160 154 6 25 13 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. * Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 8 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 16 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. 1288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OP LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollarsand over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x te f e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t 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 .202 943 17,416 1,577 932 804 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 1,593 2,860 1,210 5,717 721 450 192 1949 36,702 5,035 3,099 1,657 31,578 1,506 2,768 1,474 5,124 529 330 183 1950 43,950 7,891 4,050 2,237 37,704 5,994 3,561 2,013 6,246 897 489 224 Quarterly 1949_1 9,363 1.326 808 343 8,056 1,187 723 303 1.307 139 84 40 2 9,369 L,196 726 354 8,115 1,077 653 312 1,254 119 73 42 3 . 9,420 1,312 799 331 8,148 1,183 717 292 L ,273 129 82 39 4 8,550 1,201 766 629 7,259 1,059 675 567 L ,291 142 91 62 1950—1 i 9,255 1,400 801 387 7,935 1,254 715 347 1,320 146 87 40 2 * 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 L.681 260 152 49 41 12,255 2,485 958 873 10,481 2,185 820 785 1,774 300 138 88 1951—1 12,698 2,230 907 467 10,815 1,950 791 420 L ,883 280 116 47 2 13,039 2,222 922 474 11,089 1,934 802 421 1,950 288 120 52 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone2 Year or quarter r O e p v in e e r g n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r 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 t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,137 384 224 173 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—i 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 *52 61 1,378 351 «230 146 787 210 399 63 2 2,238 248 »157 53 1,322 321 3212 153 821 231 3 111 67 3 2,534 454 »257 55 1,317 293 U71 152 853 251 3112 71 4 2,716 574 »318 142 1.415 339 3211 168 881 260 3 119 75 1951—1 2,440 229 103 100 1,504 413 229 157 904 275 118 75 2 2,596 275 144 62 1,414 332 195 160 918 274 117 77 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 23 large companies (which account for over 85 per cent of all domestic telephone revenues) 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 reports of the individual companies. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). OCTOBER 1951 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1949 1950 1951 1948 1949 1950 2 3 4 1 i 2 i 3* 41 1 2 Nondurable goods industries Total (94 corps.):2 Sales 13,364 12,790 14,710 3,051 3,163 3,333 3,251 3,453 3,939 4,066 4,323 4,260 Profits before taxes 2,208 1,843 2,701 397 446 503 504 581 782 833 850 822 Profits after taxes 1,474 1,211 1,510 256 292 342 307 353 468 382 r377 375 Dividends 656 708 887 166 147 249 166 175 213 333 198 201 Selected industries: Foods and kindred products (28 corps.): Sales 3,447 3 254 3,416 792 822 835 757 811 957 892 1 000 878 Profits before taxes 410 377 463 89 101 102 83 100 157 124 120 94 Profits after taxes 257 233 253 54 63 64 47 58 88 59 58 47 Dividends 135 134 141 31 29 44 31 33 34 44 31 33 Chemicals and allied products (26 corps.): Sales 3,563 3,562 4,456 860 896 910 952 1,049 1,192 1,263 1,345 1,381 Profits before taxes 655 673 1,114 140 174 189 205 247 311 351 366 368 Profits after taxes 408 403 560 83 105 115 117 141 176 127 140 139 Dividends 254 311 438 66 68 113 72 79 112 174 83 85 Petroleum refining (14 corps.): Sales 3,945 3,865 4,234 934 942 996 960 989 1,113 1,172 1,204 1,204 Profits before taxes 721 525 652 119 114 131 121 133 188 209 217 203 Profits after taxes 548 406 443 92 86 109 87 95 131 130 123 123 Dividends 172 172 205 47 31 63 42 42 44 77 57 55 Durable goods Industries Total (106 corps.):' Sales . . .. 23,591 23,914 29,240 6,320 6,257 5,217 6,004 7,196 7,851 8,188 8,375 8,779 Profits before taxes 3,107 3 192 5,191 799 866 697 896 1,240 1,403 1 652 1,380 1 400 1,836 1,888 2,540 470 508 424 494 693 777 576 530 547 Dividends 746 949 1,350 188 184 380 220 218 370 541 269 273 Selected industries: Primary metals and products (39 corps.): Sales 9,066 8,197 10,321 2,175 2,050 1,542 2,200 2,528 2,672 2 921 3,044 3,212 Profits before taxes . 1,174 993 1,698 252 228 160 299 400 455 544 525 554 Profits after taxes 720 578 853 144 130 100 167 225 255 206 201 211 Dividends 270 285 377 64 61 89 66 73 80 157 88 85 Machinery (27 corps.): Sales 4,554 4,372 5,082 1,110 1,055 1,101 1,106 1,200 1,277 1,498 1,487 1,571 Profits before taxes 569 520 846 120 119 148 145 168 194 339 249 236 Profits after taxes 334 321 422 77 75 91 81 93 108 140 94 92 Dividends 126 136 206 32 31 41 49 37 38 83 42 46 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 2,601 2,707 2,118 2,283 2,975 3,355 3,192 3,268 3,331 1,131 1,473 2,306 376 462 337 398 596 656 656 514 508 Profits after taxes 639 861 1,089 218 267 200 215 330 358 186 196 204 Dividends 282 451 671 76 80 216 90 91 232 258 122 119 r Revised. 1 Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter profits to cover 1950 liability for excess profits taxes. 2 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied product! (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] Profits Profits Cash Undis- Profits Profits Cash Undis- Year before Income after divi- tributed Quarter before Income after divi- tributed taxes taxes taxes dends profits taxes taxes taxes dends profits 1939 6.5 1.5 5.0 3.8 1.2 1949—3 28.0 10.9 17.1 7.4 9.7 1940 9.3 2.9 6.4 4.0 2.4 4 .... 27.0 10.5 16.5 8.0 8.5 1941 17 2 7 8 9 4 4 5 4.9 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 6 2 5 4 3 . . 2 2 2 2 1 5 3 1 4 9 . . . . . 5 1 1 3 7 1 1 1 1 9 1 3 4 1 . . . . . 6 2 5 7 4 1 1 1 9 8 0 0 3 . . . . . 4 5 6 8 9 4 4 4 4 5 . . . . . 7 5 8 7 3 6 6 3 5 8 . . . . . 2 1 8 1 1 1950—1 A 3 3 4 5 7 1 5 0 . . . . 5 9 7 3 2 2 1 1 0 2 4 6 . . . . 5 5 4 9 2 2 2 1 0 5 7 7 . . . . 2 6 8 5 1 9 8 7 1 . . . . 4 4 8 1 1 1 1 9 2 6 5 . . . . 7 2 7 8 1947 30.5 11.9 18.5 6.6 12.0 1948 33 8 13 0 20 7 7 3 13.6 1951—1 51.8 28.5 23.3 8.8 14 5 1949 28 3 11.0 17.3 7.6 9.8 2 1 48.5 26.5 22.0 '9.7 M2.3 1950 41.4 18.6 22.8 9.2 13.6 31 46.5 25.2 21.3 9.5 11.8 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues J 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 r e 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 n a e t d r e e t s b i f o t i- - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total« s b U a o v . n i n d S g s s . T t s r a a e x v a i s a n u n g r d s y T b r i o m n e v n a e e s d n s u t s t r — - y S i p s e s c u i e a s l i b n e N d t a o e e r r n b i e - t s n t g edness notes series 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—Tune. 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 3,494 959 30,211 2,229 Dec.. 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 955 31,714 2,220 1949—June. 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 954 32,776 2,009 Dec. 257,160 257,130 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 954 33,896 2,111 1950—June. 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 954 32,356 2,148 1950—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 Aug.. 256,677 256,644 139,741 15,012 14,740 31,010 78,827 79,434 57,509 8,041 13,522 35,146 2,323 Sept.. 257,386 257,353 140,169 15,617 15,317 31,013 78,070 79,152 57,488 7,775 13,519 35,637 2,395 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,305 million dollars on Aug. 31, 119951. 8 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues incluides adjusted service bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES SAVINGS BONDS UNITED STATES GOVERNMENT MARKETABLE PUBLIC [In millions of dollars] SECURITIES OUTSTANDING SEPTEMBER 30, 1951 [ 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 n t d u s e r m a it n p ie d - s at end of Issue and coupon rate 'Amount Issue and coupon rate Amount month se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Fiscal year Treasury bills Treasury bonds—Cont. ending: June—1944.. 34,606 15,498 11,820 802 2,876 2,371 Oct. 4, 1951. 1,201 5.825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Oct. 11, 1951. 1,202 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Oct. 18, 1951. 1,202 510 1947.. 51,367 7,208 4,287 360 2,561 5,545 Oct. 25, 1951. 1,201 8,662 1948.. 53,274 6,235 4,026 301 1,907 5,113 Nov. 1, 1951. 1,301 725 1949.. 56,260 7,141 4,278 473 2,390 5,067 Nov. 8, 1951. 1,300 681 1950.. 57,536 5,673 3,993 231 1,449 5,422 Nov. 15, 1951. 1,300 2,611 1951.. 57,572 5,143 3,272 347 1,523 6,137 Nov. 23, 1951. 101 1,449 Nov. 29, 1951. 101 982 1950—Sept. . . 57,396 310 244 8 58 475 Dec. 6, 1951. ,103 3,823 Oct.. . . 57,954 971 271 145 555 496 Dec 13, 1951. ,203 919 Nov.... 58,027 436 ' 246 37 153 448 Dec. 20, 1951. ,203 5,284 Dec.. . . 58,019 541 284 61 197 509 Dec. 27, 1951. ,201 3,469 1,485 1951—Jan 58,017 475 343 18 115 653 2.118 Feb.. . . 57,769 386 272 17 97 528 2,831 Mar.... 57,764 359 280 12 67 560 Certificates 3,761 Apr.. . . 57,652 310 254 9 47 472 Apr. 1, 1952 1% 9,524 3,837 May.. . 57,607 296 247 8 41 478 Tuly 1, 1952 1% 5,216 5,197 June.. . 57,572 290 244 8 38 476 Aug. 15, 1952 iys 577 3 2, , 0 4 0 8 2 0 J A u u l g y . . .. . . . 5 5 7 7 , , 5 50 3 9 8 3 3 1 1 1 4 2 2 5 6 8 7 8 8 4 3 5 8 4 4 8 3 2 7 2,716 Sept... 57,488 273 230 7 36 390 4,076 Treasury notes Maturities and amounts outstanding September 30, 1951 Oct. 1, 1951 \\i 1,918 Postal Savings O N M c o a t v . r . . 1 1 1 5 5 , , , 1 1 1 9 9 9 5 5 5 1 1 4 1 I M \ X \i 5 4 5 , , , 6 9 2 4 7 5 1 5 3 bonds 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 A M D p e a c r r . . . 1 1 5 1 5 , , , 1 1 1 9 9 9 5 5 5 5 5 6 A \ \ Y y % * 2 6 5 1 , , , 8 3 0 5 6 0 4 5 7 Panama Canal Loan. 3 50 1 1 9 95 5 2 1 3,7 9 8 5 1 0 3,7 9 8 5 1 0 Total direct issues 140,169 1953. 6,399 5,214 192 993 1954 8,105 5,750 480 1,875 1955 6,914 4,487 504 1,923 Treasury bonds 1956. 5,126 2,298 583 2,244 Dec. 15, 1951-532. ni 1,118 Guaranteed securities 1957 4,907 2,396 465 2,047 Mar. 15, 1952-54... 2\ 1,024 Federal Housing Admin. 1958 5 026 2,621 245 2,159 Mar. 15, 1952-534. .2 7,986 Various 1959. 4 853 2 719 263 1 872 1960 5,372 2,609 444 2,319 1961 3 319 1,810 207 1,302 1 Sold on discount basis. See table on Open-Market Money Rates, 1962. 2 215 378 1 837 p. 11228866.. 1963 572 89 483 2 Partially tax exempt. Unclassified -52 3 Called for redemption on Dec. 15, 1951. 4 Maturity Sept. 15, 1953. Total 57,488 34,636 3,851 19,053 5 Maturity Dec 15, 1955. 6 Restricted. OCTOBER 1951 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATE5 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 > Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings corpo- local securi- Special Public Banks banks J banks panies rations govern- Savings Other *.___ a ties) 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— une 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— une 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— une 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— une 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— une 269,898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6,500 43,500 19,800 8,800 L947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,700 9,800 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,300 8,600 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,500 7,800 47,100 18,400 9,100 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,300 7,900 47,800 17,800 9,300 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,100 8,000 48,800 18,100 10,000 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,300 8,000 49,300 17,200 9,800 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,300 8,200 49,900 17,700 10,200 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10.900 18,600 19,900 7,800 49,600 17,500 10,700 1951—May 255,122 34,049 6,281 214,792 22,509 57,900 10,300 17,300 21,800 8,000 49,100 16,800 11,000 June 255,251 34,653 6,305 214.293 22,982 58,500 10,200 17,000 20,900 8,000 49,000 16,800 10,900 July 255,685 34,707 6,341 214,637 23,078 58,900 10,200 16,900 21,000 8,000 49,000 16,800 10,900 1 Includes the Postal Savings System. 8 Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1950. 1 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e e R a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 4 : 5 « 8 9 0 — — — D D D J J u e e e u n c c c n e e.... 1 1 1 1 1 5 5 5 5 5 2 7 5 5 5 , , , , , 4 4 1 1 3 7 9 6 2 3 1 6 0 5 8 5 5 5 5 5 , , , , , 3 3 3 3 4 6 5 2 7 7 5 0 7 4 7 2 2 1 1 1 0 3 8 8 9 , , , , , 7 3 8 3 3 7 8 3 3 4 8 5 1 3 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 7 4 7 7 2 2 4 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 0 4 4 4 4 4 4 4 3 1 2 , , , , , 4 0 6 6 7 2 8 3 6 6 9 7 7 3 3 Wi 1 1 1 t 9 9 h 9 4 i 5 4 n 8 0 9 — — — 1 D D D y J J e e e u e u c c c a n n r e e : . . . . . . . . 3 1 1 1 1 8 1 0 0 4 . , , , , 9 3 2 2 3 0 8 2 1 1 5 7 6 6 9 9 4 3 7 9 8 9 6 0 12,3 5 8 9 8 7 8 0 6 7 3 2 5 1 8 1 9 5 7 7 4 , , , , , 0 5 0 0 6 7 1 0 2 4 1 4 1 1 5 2 2 2 2 1 3 3 3 3 5 0 2 6 8 1 3 3 4 9 3 6 2 8 6 2 0 6 5 8 9 1 3 3 2 2 0 , , , , , 1 6 3 7 5 2 2 8 0 5 5 2 5 0 3 1951—June.... 137,944 3,272 20,26851,515 8,254 12,07742,558 July.... 139,305 3,30721,364 51,752 8,192 11,99342,697 1951—June.... 37,631 49 10,241 15,083 467 1,044 10,747 Treasury bills: July.... 37,183 48 10,295 14,972 457 1,000 10,411 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— J J u un ly e .... 1 1 3 4 , , 6 4 1 1 4 3 2 4 6 7 5 5 2 6 7 6 3 4 , , 7 04 5 2 0 1 1 2 0 2 1 8 8 9 2 1 9 8 8 , , 3 7 6 6 0 6 1950— D J e u c ne.... 5 3 1 3 , , 8 3 0 7 2 8 3 1 2 8 7 9 5 1 , , 1 28 1 5 6 3 2 3 4 , , 1 5 2 3 7 4 1,0 5 5 6 8 8 1 1, , 1 7 4 3 2 1 1 5 0 , , 6 4 6 4 0 3 Ce 1 1 rt 9 9 i 4 f 4 i 8 9 c — a — te D J s e u : c ne.... 2 29 6 , , 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 21 1 2 0 , , 1 4 7 2 4 3 1951— J J u u l n y e . . . . . . . . 3 3 1 2 , , 0 0 2 2 2 4 1 1 3 3 9 5 3 4 , , 8 8 7 7 8 8 2 20 0 , , 9 8 5 5 7 3 2 2 2 2 2 7 7 7 5 5 6 8 5 5 , , 1 0 6 7 9 4 1950— D D J e e u c c ne.... 2 1 5 9 8 , , , 3 6 4 3 7 1 6 3 8 (3) 48 7 6 5 2 , , , 2 3 3 5 7 3 7 5 4 1 5 1 1 , , , 5 3 5 4 5 2 4 0 4 1 6 69 4 7 6 38 3 5 3 2 3 1 7 1 0 , , , 4 2 9 3 9 5 5 1 4 5-1 1 1 0 9 9 4 4 y 8 9 e — — ar D s J : e u c ne.... 1 15 0 , , 0 4 6 6 7 4 3 5 1 3 4 2 5 4 8 3 4 4 6 6 , , 3 5 1 8 4 7 2,0 5 0 2 2 0 1,7 9 3 9 2 7 3 1 , ,8 6 8 3 5 0 1951—June.... 9,509 17 3,194 2,753 37 287 3,221 Dec 18,537 568 1,388 6,995 2,640 2,230 4,716 July.... 9,524 29 3,197 2,700 35 286 3,277 1950—June.... 15,926 423 1,148 5,675 2,439 2,055 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—June.... 15,962 376 1,032 6,273 2,009 1,858 4,414 Dec 8,249 15 562 5,569 107 244 1,752 July.... 15,962 375 1,032 6,284 1,998 1,848 4,425 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 Dec 39,258 10 12,527 15,833 136 707 10,045 After 10 years: 1951— J J u u l n y e . . . . . . . . 3 3 5 6 , , 8 3 0 6 6 0 1 1 4 3 1 1 2 3 , , 4 4 3 9 9 3 1 13 3 , , 7 7 0 0 2 4 1 1 2 1 0 5 6 6 8 5 7 7 8 8 , , 8 3 4 8 2 0 1 1 9 9 4 4 8 9 — — D D J e e u c c ne.... 4 5 4 8 5 3 , , , 5 0 8 5 8 3 4 4 8 4 4 4 , , , 7 4 4 1 4 5 0 1 5 3 4 7 , , , 4 5 21 5 9 5 2 3 3 3 3 , , , 5 8 9 4 8 3 1 7 3 8 6 7 , , , 0 5 2 4 8 9 8 8 3 1 1 1 5 4 3 , , , 2 1 4 3 7 8 0 9 5 1 1 1 4 5 3 , , , 2 0 0 4 9 9 2 4 0 Tr 1 1 e 9 9 as 4 4 u 8 9 r — — y D J b u e o n c n e ds: 1 11 1 0 1 , , 4 4 2 4 6 0 5 5, , 2 3 0 4 1 0 1 7 0 , , 7 97 8 7 0 4 4 0 2 , ,0 3 4 7 2 1 1 1 0 0 , , 7 4 6 8 8 6 1 18 8 , , 3 8 1 9 5 12 2 5 6 , , 3 3 7 2 5 0 1950— D J e u c ne.... 4 43 5 , , 5 0 9 8 9 4 4 4, , 6 4 8 8 2 2 2 2 , , 5 3 0 4 8 9 4 2 , ,9 0 3 92 2 7 7 , , 1 1 8 3 0 0 1 1 3 2 , , 5 3 0 0 7 8 1 13 3 , , 9 5 8 2 9 4 1950— D D J e e u c c ne.... 1 1 9 0 0 4 2 4 , , , 0 7 7 3 9 5 5 5 8 5 5 5 , , , 2 2 2 1 8 7 7 3 3 4 5 7 , , , 6 6 2 1 1 2 8 8 0 3 3 3 8 3 9 , , , 6 6 2 9 0 3 1 7 5 1 1 9 0 0 , , , 9 4 6 6 8 2 7 0 4 1 1 15 7 7 , , , 6 2 5 1 4 7 7 9 9 2 2 2 4 5 5 , , , 9 0 3 4 2 4 1 9 0 1951— J J u u l n y e . . . . . . . . 3 3 0 0 , , 0 02 2 1 3 2 2 , , 6 6 2 3 9 8 1 1 , , 3 3 9 9 7 7 2 2 , , 7 7 8 7 1 9 5 5 , , 3 3 8 7 9 7 7 7 , , 2 2 9 0 3 0 1 1 0 0 , , 5 6 3 3 4 0 1951—June.... 78,832 3,178 4,108 31,286 7.973 10,26422,023 July.... 78,830 3,182 4,10831,290 7,94010,14922,161 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 3 Less than $500,000. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) income and outgo ° decrease (—) during period Assets y F e i a s r c a o l r N re e - t Bu ex d - get s B ( u + u r d ) p g l o u e s r t T a r c u - st C i l n e g ar- a B n a c l e - Deposits in Total Cash i E n x c c o e m ss e montn ceipts p t e u n re d s i- deficit c e o t u c n .1 ts, co a u c- nt1 G d r e o b s t s ba fu la n n d ce g e i e r n a n l - Total F e R e r e a d - l - S c p ia e l - a O s t s h e e ts r b t l i i i e a li s - - co in m - e o C u a t s g h o ( o + u ) t g o o r fund serve deposbanks2 itaries Fiscal year: 1949 38,246 40,057 — 1,811 —495 + 366 +478 — 1,462 3,470 3,862 438 1,771 ,653 392 41,628 40,576 +1,051 1950 37,045 40,167 —3,12? +99 +483 +4,587 +2,047 5,517 5.927 950 3,268 410 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 53,439 45,804 +7,635 1950— 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 ,651 392 2,426 3,335 -909 Nov.. 2,851 *3,102 * -252 «+169 -63 +140 -6 4,139 4,586 714 2,232 ,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 ,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 L ,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 ,719 405 2,960 4,144 -1,184 May.. 3,146 4,517 -1,370 +136 -304 +366 -1,173 5,782 6,376 666 4,029 1,681 594 4,148 5,154 -1,006 June.. 7,089 5,969 + 1,119 +284 +43 +129 +1,574 7,357 7,871 338 5,680 1,853 514 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 ,754 412 2,854 4,843 -1,989 Aug. . 3,594 5,087 -1,493 +83 -103 +988 -525 5,095 5,431 459 3,244 1,727 336 4,600 5,565 -965 Sept.. 6,209 5,163 + 1,046 +37 +30 +709 + 1,822 6,916 7,356 947 4,547 ,861 439 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internarevenue F o i r s c m al o y n e th ar b p W I y l h n o e c i y e t l o e d h m m r - s - e t O ax th es er i r n e n c M t v e e e e l o i r l s n u n a - u - s a e l S S t r a 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 t l s R t e a o f x u f e n D s d e s du e S t c m S a m e t o x c p e c e u l n i o s r a t i y 8 l t - y c N e r i e p e - t ts in i i W n n c o t d o s a l i u i d m t x v h r - e i a e a h d s n g e 7 a u c e l n a d e l d w t i v a i n I t x i c h n d o h d u n m e i a o - l l e d t c C o t p i o m t o r a r o n x p e f o e i i a t n s r s n a - d - t t a a g E a x n i s f t e d e t - s l m a E o t n a a x i t s e x n h c c o e d e i e s u s r l e - s Fiscal year: 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1.69038,246 11,743 7,996 11,554 797 7,585 1950 10,073 18.189 8,303 2,892 1,853 41,311 2.160 2,10637.045 11,762 7,264 10,854 706 7 599 1951 . .. 13,535 24,218 9,423 3,940 2,253 53,369 2,107 3,12048,143 15,901 9,908 14,388 730 8,704 1950—Sept 819 2,816 775 315 117 4,842 52 185 4,605 103 1,012 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 •680 2,709 853 •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 June.. . 1,123 5,065 719 425 270 7,603 234 280 7,089 256 1,195 3,908 47 660 July. .. 726 983 722 177 225 2,833 88 175 2,571 1,158 321 596 56 709 Aug.... 2,130 404 806 597 228 4,165 55 516 3,594 3,600 116 290 66 771 Sept Pl,127 4,115 707 P451 124 6,524 57 258 6,209 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. F o i r s c m al o y n e th ar Total N de a f t e io n n se al e I d n st e t e b o r t n - f t I i i n n a n a o a n t i a n n e d d - a r c - l e t e r m V r A a a i t e d n n i t o - i - s s n ' - a t c A u g t u o i r r l d e - i- T c t o f r r a e t u a u c o r n - n s s t s ts - Other ce R i e p S - t o s c a ia c m v l c I e o e n S s u n - e t n - t c s t u s r p i t t E u e y n r x e d - s i- ce R i e p - ts O m v I t e e n h s n - e t- t r s p tu E en r x e d - s i- Fiscal year: 1949 40,057 12,158 5,339 6,016 6,791 2,656 916 6,181 3,722 1,479 2,252 1,992 832 1,646 1950 40,167 12,378 5,750 4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1.430 3,857 1951 44,633 19,958 5,613 4,431 5,238 636 972 7,786 5,631 2,685 2,790 2,165 872 771 1950—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 Apr. ... 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 2,495 1,557 785 383 92 (8) 655 570 346 261 433 317 -205 July 4,739 2,930 232 318 433 40 67 717 293 128 264 117 -22 28 Aug. 5,087 3,040 222 367 419 104 41 894 919 526 291 160 -66 245 Sept 5,163 ^2,639 580 P296 365 Pi 36 P497 P651 421 193 243 475 323 99 P Preliminary. l Excess of receipts (+) or expenditures ( —). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Beginning November 1950, net investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures and included in trust account investments. 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. OCTOBER 1951 1293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Li i a n b t i e li r t a i g es e , n c o y th e it r e m th s an Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i u i o o a n i a e p e m t d d l s e - s s , i , - - - G U s r e i o t . c i v I u e S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o t r n a e y l e n d l r e s d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i U m G n e e r . t o e s e n S n v t r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: June 30, 1950 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 1,446 21,679 201 Sept. 30, 1950 24,102 59812,769 1,739 2,112 3,478 2,931 476 1,108 970 21,791 214 Dec. 31, 1950 24,635 642 13,228 1,774 2,075 3,473 2,945 499 1,190 1,19321,995 234 Mar. 31, 1951 25,104 71513,496 1,764 2,162 3,467 2,951 549 1,247 1,23422,337 268 Classification by agency, Mar. 31, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 404 332 116 264 22 Federal intermediate credit banks 697 633 624 67 Production credit corporations 60 15 58 Agricultural Marketing Act Revolving Fund 2 1 () 2 Federal Farm Mortgage Corp 39 2 36 1 38 Rural Electrification Administration 1,664 33 1,591 () 40 () 1,664 Commodity Credit Corporation 2,656 9 755 1,565 112 215 474 2,182 Farmers' Home Administration 4 606 127 452 26 3 602 Federal Crop Insurance Corp 34 32 2 3 31 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 993 752 215 506 231 10 245 Federal Savings and Loan Insurance Corp. 203 197 5 198 Home Owners' Loan Corp 16 ( 14 Public Housing Administration s ,733 406 1,249 16 1,717 Federal Housing Administration 374 21 251 (3) 182 175 Office of the Administrator: Federal National Mortgage Association.. ,538 ) 1,525 ) 1,536 Other 74 10 19 40 73 Reconstruction Finance Corporation: Assets held for U. S. Treasury * 771 137 589 771 Other » 898 776 1 78 820 Export-Import Bank 2,283 () 2,267 62 2,221 Federal Deposit Insurance Corp 1,382 i ,367 () 118 1,263 Tennessee Valley Authority 1,088 155 () 913 25 1,063 Allother » 7,591 158 3,929 *(3)" 3,385 45 23 7,568 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1951 Purpose of loan M F C F a o e o r r d r m p . t. . b c i m F n r a a e e e t n t e d d e d k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i 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 F g a a s a e t o i g s l d r o n e t - n - . - P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t e t a F i r o c o n u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a D g e 1 e c 9 a n . 5 l c l 0 3 i , e 1 s , To aid agriculture 42 633 334 759 1,593 564 (3) 6 3,931 3,884 To aid home owners 1,525 3 133 60 1,721 1,528 To aid industry: Railroads 106 2 108 110 Other (3) 416 57 473 458 To aid financial institutions: Banks Other 752 8 760 824 Foreign loans 91 2,275 3,750 6,116 6,078 Other 404 56 105 564 531 Less: Reserve for losses 6 2 4 1 112 1 35 7 9 178 185 Total loans receivable (net)... 36 633 332 755 1,591 452 1,525 406 752 776 2,267 3,971 13,496 13,228 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are as of 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. 1294 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] I ( n p d h u y s s t i r c i a a l l v p o r l o u d m uc e t ) i * o J n Co c n o s n t t r r u a c c t t ion Employment3 1935-39 = 100 aw 1 a 9 r 2 d 3 e - d 2 5 ( v = a 1 u 0 e 0 )2 1939 = 100 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year or month Manu- r p o a ll y s - 3 ca i r n l g o s a * d- s (v a a le l- s s p u ri m ce e s r s 3 ' m co o m di - ty Total r D ab f u a l - e ctur N e d s o u n - - M era in ls - Total R d t e e ia 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 19 1 3 0 9 0 = 19 = 3 1 5 0 -3 0 9 1 u 9 = e 3 ) 1 5 0 * -3 0 < 9 19 = 3 1 5 0 -3 0 9 p = r 1 i 9 c 1 2 e 0 6 s 0 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 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 A 1940 125 139 115 117 81 72 89 105 8 107 5 113 6 109 114 100.2 78 6 1941 162 201 142 125 122 89 149 119 4 132 8 164 9 130 133 105.2 87.3 1942 199 279 158 129 166 82 235 131 1 156 9 241.5 138 150 116.6 98.8 1943 239 360 176 132 68 40 92 138 8 183.3 331.1 137 168 123.7 103.1 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 3 157.0 293.5 135 207 128.6 105.8 1946 . 170 192 165 134 153 143 161 136 7 147 8 271.7 132 264 139.5 121.1 1947 187 220 172 149 157 142 169 143.2 156.2 326.9 143 286 159.6 152.1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.9 165.1 1949. . 176 202 168 135 211 192 226 142 0 141 6 325.3 116 286 170.2 155.0 1950 P200 P237 P187 P148 295 305 287 145.7 149.7 371.8 128 304 171.9 161.5 1949 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 6 337.2 126 292 168.5 152.8 May 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 290 169.3 155.9 June . 199 200 237 184 151 291 325 262 145 3 148 9 147.3 362.7 127 297 170.2 157.3 July 196 198 235 181 144 325 369 289 146 1 ISO 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 '336 173.4 166.4 September 211 216 251 194 163 321 332 312 149 2 156 0 158 9 403.2 134 320 174.6 169.5 October 216 220 261 196 166 299 294 303 149.9 157.7 160.3 415.8 136 291 175.6 169.1 November 215 215 260 195 160 306 284 323 150 2 157 7 159 2 414.6 136 290 176.4 171.7 December 218 216 268 197 157 332 297 360 150.6 158.1 159.4 426.0 140 325 178.8 175.3 1951 January 221 216 268 201 164 333 312 350 151.2 159.7 158.9 424.0 146 362 181 .5 180.1 February 221 217 271 201 158 323 311 334 152.1 161.3 161.0 430.0 129 326 183.8 183.6 March 222 219 277 199 158 304 292 314 152.8 161.4 161.0 435.0 139 291 184.5 184.0 April ... . 223 222 279 198 164 373 283 446 153 2 161 .7 160.0 433.2 136 302 184.6 183.6 May r222 223 276 198 165 361 276 430 153.6 r161.3 158.6 '428.4 133 301 185.4 182.9 June r221 223 '274 197 r165 374 289 443 153 9 r161 0 r159 3 ••435.5 131 302 185.2 ••181.7 July . 212 214 266 187 156 303 298 306 153 9 160.2 157.5 425.5 125 309 185.5 179.5 August P218 P221 P269 P194 P\65 291 292 291 ^153.7 P158.5 P159.1 e430.7 133 P319 185.5 178.0 September ^220 e225 «273 e195 e166 133 e312 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1296-1299. For points in total index, by major groups, see p. 1318. 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. 1303. 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. 1305-1308. 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. OCTOBER 1951 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1950 1951 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 209 211 216 215 218 221 221 222 223 '222 '22/ 2/2 P218 Manufactures— Total 218 220 225 224 229 231 232 234 234 233 '231 222 P228 Durable Manufactures , 247 251 261 260 268 268 271 277 279 276 '274 266 P269 Iron (itid Steel * 236 245 253 246 253 255 252 263 264 263 261 253 253 Pig iron 219 223 225 211 216 224 217 228 231 234 235 230 230 Steel 265 275 286 272 280 288 281 298 301 301 296 293 291 Open hearth 198 203 209 198 207 212 206 217 218 217 213 215 208 Electric 744 792 835 803 802 827 815 879 891 897 884 850 881 279 283 303 311 321 322 328 335 337 '336 '338 327 P332 Transportation Equipment 287 284 291 278 292 285 304 314 311 '310 '308 299 P308 Automobiles (including parts) 273 265 271 249 260 246 262 265 255 248 239 223 P228 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 Nonjerrous Metals and Products 212 216 223 226 227 224 217 209 210 205 204 198 P193 Smelting and refining 212 209 217 221 218 219 222 225 225 224 221 220 P212 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating . .... 212 219 225 228 230 226 215 202 204 197 197 189 P185 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 . . . Lumber and Products . . 165 166 166 169 173 171 169 169 170 163 '153 142 P147 151 150 150 155 162 162 156 156 162 158 147 131 137 Furniture 192 196 198 197 195 190 193 195 185 173 r165 161 P165 Stone, Clay, and Glass Products 212 215 229 227 235 236 237 243 247 r236 '239 237 P227 Glass products 206 212 245 235 247 240 243 251 270 242 250 258 P236 Glass containers 215 225 262 247 265 257 261 269 292 257 269 285 249 Cement 214 206 214 214 232 238 245 252 243 231 235 226 222 Clay products 167 169 168 175 173 191 186 189 189 184 186 177 P176 Other stone and clay products 2 Nondurable Manufactures 195 194 196 195 197 201 201 199 198 198 197 187 P194 Textiles and Products 189 191 197 193 194 194 194 188 185 190 185 160 P171 Textile fabrics 172 171 178 173 173 174 176 171 165 169 164 138 Cotton consumption. 155 152 162 158 158 163 174 175 153 164 157 123 145 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2 ... 366 380 374 381 397 392 390 374 380 377 378 380 362 Wool textiles 172 171 180 164 160 156 144 133 146 144 137 100 210 204 228 204 201 180 181 169 131 101 87 27 58 Apparel wool consumption 178 170 179 148 140 151 140 128 158 163 153 117 133 Wool and worsted yarn 159 158 163 146 141 142 133 123 140 141 135 105 Woolen yarn 144 137 142 122 121 121 119 111 116 120 119 92 Worsted yarn 179 187 192 180 169 173 152 140 174 171 157 123 Woolen and worsted cloth 168 172 180 172 169 163 143 130 159 163 159 123 Leather and Products 120 124 115 109 108 115 122 118 106 97 99 85 Leather tanning 108 111 106 108 106 107 112 105 97 88 89 75 Cattle hide leathers 121 125 119 121 120 120 126 119 110 104 r109 92 Calf and kip leathers 83 91 84 89 84 77 88 80 78 56 51 42 Goat and kid leathers 86 84 88 96 88 94 96 93 87 80 73 57 Sheep and lamb leathers 101 104 94 81 87 98 92 83 69 55 50 54 Shoes 128 133 121 110 109 121 128 127 112 103 106 92 Manufactured Food Products 168 167 162 161 165 168 166 167 168 '167 165 164 P163 Wheat flour 116 103 100 107 116 12S 119 110 108 109 103 107 P112 Cane sugar meltings1 Manufactured dairy products 150 148 145 143 141 142 142 146 147 148 150 150 P148 Butter 80 78 75 72 70 73 71 72 74 72 75 77 77 Cheese 169 161 158 164 167 170 169 176 177 174 183 180 173 Canned and dried milk 169 158 150 142 131 131 135 152 156 164 168 169 160 Ice cream 2 P Preliminary. 'Revised. * Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1296 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 == 100J 1950 1951 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 155 168 158 165 171 162 148 159 163 149 145 152 162 Pork and lard 175 196 188 195 202 188 171 194 208 181 188 187 207 Beef 145 153 138 148 155 152 141 139 134 134 110 126 128 Veal 121 120 107 108 104 93 88 82 79 79 95 107 110 Lamb and mutton 78 78 77 76 77 80 66 62 59 52 66 70 65 Other manufactured foods 176 174 171 168 172 176 176 177 177 '176 '175 173 ?169 Processed fruits and vegetables 134 142 147 149 142 161 158 176 169 166 '162 150 P128 Confectionery 158 146 125 125 147 148 138 127 128 132 131 Other food products 190 187 184 181 184 185 188 186 187 '186 '186 187 P187 Alcoholic Beverages 248 203 182 207 208 248 225 207 187 179 178 175 178 Malt liquor 168 155 150 183 168 185 166 169 161 157 155 163 165 Whiskey 111 146 157 178 157 155 135 150 118 117 104 78 51 Other distilled spirits 934 549 308 235 463 716 658 677 706 560 604 474 492 Rectified liquors 464 340 304 341 340 439 408 240 148 174 174 197 223 Tobacco Products 197 172 165 171 153 177 179 170 177 172 171 161 183 Cigars 126 120 124 127 89 101 107 100 104 105 115 98 114 Cigarettes 269 229 215 227 215 248 249 238 248 239 233 225 252 Other tobacco products 80 71 72 65 56 70 69 62 66 64 66 57 73 Paper and Paper Products 191 194 202 201 197 204 207 208 214 212 r208 190 P199 Paper arid pulp 181 185 193 191 189 192 197 198 204 200 '198 183 Pulp 211 213 228 220 218 220 228 229 241 233 235 230 Groundwood pulp 124 133 127 109 125 117 119 116 116 115 123 137 Soda pulp. . . 115 114 96 92 92 94 98 94 100 99 '88 78 .Sulphate and Sulphite pulp;i 239 240 265 258 251 256 265 269 284 274 275 269 Paper 177 180 188 186 184 188 193 193 198 195 193 176 P186 Paperboard 228 232 238 240 229 247 245 248 253 256 247 217 224 Fine paper2 . . . . Printing paper . . 174 180 187 183 188 181 192 189 194 186 '180 167 P190 Tissue and absorbent; paper 183 185 207 196 202 206 205 208 224 207 204 204 P214 Wrapping paper 155 156 164 163 165 159 172 171 172 170 177 165 P168 Newsprint 116 116 117 112 117 117 120 119 119 121 127 123 123 Paperboard containers (same as Paperboard) Printing and Publishing 169 172 179 174 175 170 177 176 183 176 rl7l 166 P177 Newsprint consumption .... . 165 163 171 165 162 159 162 162 ill 166 163 166 164 Printing paper (same as shown under Paper) Petroleum and Coal Products 238 243 251 253 263 272 269 269 255 263 r263 261 P262 Petroleum refining2. Gasoline 200 195 196 195 197 202 198 199 193 207 212 211 P212 Fuel oil 190 200 210 209 225 238 238 227 204 210 215 213 P212 Lubricating oil.. 174 177 184 187 188 192 179 190 189 193 194 195 O IC t e h r e o r s e p n e e troleum products 2. . ... 194 198 195 195 208 237 230 230 221 201 205 209 Coke 176 178 183 178 182 187 183 184 185 186 187 183 187 By-product coke 167 170 175 170 174 177 174 176 178 178 179 178 179 Beehive coke 470 443 467 436 457 522 487 475 433 456 476 '388 456 Chemical Products 269 271 277 280 284 287 288 292 296 298 302 304 P307 Paints 168 168 164 162 160 163 168 166 164 160 '160 167 P164 Rayon 363 376 371 378 385 387 384 374 377 378 385 393 P394 Industrial chemicals 458 465 488 497 504 506 510 524 532 ••538 548 553 P558 Other chemical products 2 Rubber Products 236 244 250 210 251 244 235 239 238 247 255 249 P253 Minerals—Total 159 163 166 160 157 164 158 158 164 165 rl65 156 P165 Fuels 162 167 170 165 163 169 163 163 167 168 rl69 160 P170 Coal 133 133 141 127 no 140 118 111 120 118 123 97 123 Bituminous coal 142 144 151 138 143 151 125 127 133 126 133 105 134 Anthracite 97 92 102 84 80 96 89 48 64 83 86 66 77 Crude petroleum 177 184 184 184 178 184 185 189 191 192 191 192 P193 Metals 136 141 141 130 126 130 131 127 140 151 rl45 132 P137 Metals other than gold and silver. . 188 198 199 180 173 180 181 176 199 216 209 187 P195 Iron ore (Copper; Lead; Zinc)2 Gold 60 59 59 59 57 57 55 56 54 56 52 Silver 85 73 73 70 77 78 80 77 77 76 73 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1951 1297 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total . 2/2 216 220 275 216 216 217 219 222 223 223 214 P221 Manufactures — Total 221 224 229 226 227 226 228 231 232 232 232 224 P230 Durable ^lanufactures 249 253 263 260 266 264 268 275 278 277 276 267 P272 Iron and Steell 236 245 253 246 253 255 252 263 264 263 261 253 253 Pig iron . . 219 223 225 211 216 224 217 228 231 234 235 230 230 Steel 265 275 286 272 280 288 281 298 301 301 296 293 291 Open hearth 198 203 209 198 207 212 206 217 218 217 213 215 208 Electric . .. . . . .. 744 792 835 803 802 827 815 879 891 897 884 850 881 Machinery 279 283 303 311 321 322 328 335 337 '336 327 P332 Transportation Equipment 287 284 291 278 292 285 304 314 311 '310 '308 299 P308 Automobiles (including parts) 273 265 271 249 260 246 262 265 255 248 239 223 P228 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)' Nonferrous Metals and Products 212 216 223 226 227 224 217 209 210 205 '203 198 P193 Smelting and refining . 212 209 217 221 219 220 222 225 225 224 220 219 P212 (Copper smelting; Lead refining; Zinc smelting; Fabricating . . .. 212 219 225 228 230 226 215 202 204 197 197 189 P185 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products. 177 179 176 168 158 153 154 160 169 168 164 151 P158 Lumber 170 170 165 153 140 134 134 141 161 165 163 146 P154 Furniture . . .. 192 196 198 197 195 190 193 195 185 173 165 161 Stone, Clay, and Glass Products 221 223 240 233 227 223 221 232 243 '242 241 239 P237 Glass products 212 215 251 237 233 236 237 251 270 255 248 250 P243 Glass containers 223 229 269 250 246 251 253 269 292 275 266 273 259 Cement 242 239 249 231 211 193 186 207 231 242 251 248 251 Clay products 172 175 177 182 178 178 176 180 183 184 185 179 P183 Nondurable Manufactures 198 201 201 197 196 196 196 194 195 197 197 189 P197 Textiles and Products 189 191 197 193 194 194 194 188 185 190 185 160 P171 Textile fabrics 172 171 178 173 173 174 176 171 165 169 164 138 Cotton consumption 155 152 162 158 158 163 174 175 153 164 157 123 145 Rayon deliveries 366 380 374 381 397 392 390 374 380 377 378 380 362 Nylon and silk consumption * Wool textiles 172 171 180 164 160 156 144 133 146 144 137 100 Carpet wool consumption 210 204 228 204 201 180 181 169 131 101 87 27 58 Apparel wool consumption 178 170 179 148 140 151 140 128 158 163 153 117 133 Woolen and worsted yarn 159 158 163 146 141 142 133 123 140 141 135 105 Woolen yarn 144 137 142 122 121 121 119 111 116 120 119 92 Worsted yarn 179 187 192 180 169 173 152 140 174 171 157 123 Woolen and worsted cloth 168 172 180 172 169 163 143 130 159 163 159 123 Leather and Products 119 123 115 111 107 116 125 118 106 97 98 83 Leather tanning 106 109 107 111 106 108 120 104 97 88 86 71 Cattle hide leathers 117 122 120 126 120 123 136 119 110 104 105 86 Calf and kip leathers 88 89 86 91 82 76 93 79 75 54 52 42 Goat and kid leathers 84 85 88 93 89 94 100 92 89 78 74 56 Sheep and lamb leathers 104 102 94 85 83 91 101 80 68 59 50 50 128 133 121 110 109 121 128 127 112 103 106 92 Manufactured Food Products 189 190 173 163 161 155 149 149 152 159 165 176 P184 Wheat flour 114 112 107 108 115 128 120 107 103 104 99 106 Manufactured dairy products 195 156 119 94 90 90 101 120 153 196 ••221 221 P215 Butter 87 74 64 55 55 61 63 65 75 93 104 94 85 Cheese 189 164 142 123 121 126 139 158 184 233 259 221 193 Canned and dried milk 174 145 122 102 101 106 121 149 176 228 232 196 164 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. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1298 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 134 152 158 184 203 193 142 147 150 149 144 141 139 Pork and lard 135 155 177 228 267 247 168 180 189 181 188 165 159 Beef 147 165 151 154 155 155 129 127 126 134 107 127 130 Veal 119 132 122 116 98 86 77 77 78 82 95 107 108 Lamb and mutton ... 76 84 80 76 75 85 67 60 57 53 62 67 64 Other manufactured foods 202 206 189 175 169 162 159 156 157 159 165 181 P194 Processed fruits and vegetables ... 254 276 190 137 111 105 100 97 103 108 124 194 P243 Confectionery 171 189 164 147 148 152 139 118 106 102 97 Other food products 194 191 193 190 188 178 178 178 180 182 ••188 191 P190 Alcoholic Beverages 237 217 205 195 189 211 198 185 175 180 191 190 179 Malt liquor 191 156 139 141 134 151 149 157 169 179 195 204 188 Whiskey 111 146 157 178 157 155 135 150 118 117 104 78 51 Other distilled spirits 504 753 798 493 509 466 394 440 424 336 374 275 266 Rectified liquors 464 340 304 341 340 439 408 240 148 174 174 197 223 Tobacco Products 204 181 170 174 142 177 170 161 167 172 178 167 190 Cigars 126 120 124 127 89 101 107 100 104 105 115 98 114 Cigarettes 283 245 224 231 198 248 234 222 231 239 245 236 265 Other tobacco products 78 76 77 67 50 69 67 62 66 65 67 57 71 Paper and Paper Products 191 194 202 201 197 203 208 208 215 212 209 189 vl99 PapcT" and pulp 181 184 193 191 188 192 198 198 205 201 199 182 Pulp 209 211 227 221 218 221 228 231 243 234 235 228 Groundwood pulp 110 119 119 115 126 121 124 124 128 124 124 122 Soda pulp 115 114 96 92 92 94 98 94 100 99 ^88 78 Sulohate and SulDhite OUID ' 239 240 265 258 251 256 265 269 284 274 275 269 Paper 177 180 188 186 184 188 194 193 199 195 175 P186 Paperboard 228 232 238 240 229 247 245 248 253 256 247 217 224 Fine paper ' Printing paper .... 174 180 187 183 188 181 192 189 194 186 180 167 P190 Tissue and absorbent paper 183 185 209 196 196 204 214 208 226 207 208 196 P214 Wrapping paper 155 156 164 163 165 159 172 171 172 170 177 165 M68 Newsprint 115 116 117 113 114 117 120 119 121 122 129 121 122 Printing and Publishing 161 172 183 182 179 164 176 179 188 179 rl70 155 P169 Newsprint consumption 148 165 180 180 170 148 159 169 181 172 '161 143 147 Petroleum and Coal Products 238 243 251 253 263 272 269 269 255 263 -263 261 P262 Petroleum refining 2 Gasoline.. 200 195 196 195 197 202 198 199 193 207 212 211 P212 Fuel oil 190 200 210 209 225 238 238 227 204 210 215 213 P212 Lubricating oil 173 177 184 187 187 186 177 188 197 201 194 193 Kerosene 187 196 195 201 214 241 241 235 226 203 193 194 Other petroleum products 2 Coke 176 178 183 178 182 187 183 184 185 186 187 183 187 By-product coke 167 170 175 170 174 177 174 176 178 178 179 178 179 Beehive coke 470 443 467 436 457 522 487 475 433 456 476 P388 456 Chemical Products 265 272 282 284 288 288 291 296 298 298 300 301 P304 Paints 166 166 164 160 160 160 166 165 165 165 165 165 p\62 Rayon 363 376 371 378 385 387 384 374 377 378 385 393 J'394 Industrial chemicals 458 465 488 497 504 506 510 524 532 538 548 553 P558 Other chemical products 2 Rubber Products ... . 236 244 250 250 251 244 235 239 238 247 255 249 P253 Minerals—Total 163 168 169 159 153 159 153 153 162 168 169 161 P169 Fuels 162 167 170 165 163 169 163 163 167 168 169 160 P170 Coal . ... 133 133 141 127 130 140 118 111 120 118 123 97 123 Bituminous coal . . 142 144 151 138 143 151 125 127 133 126 133 105 134 Anthracite 97 92 102 84 80 96 89 48 64 83 86 66 77 Crude petroleum 177 184 184 184 178 184 185 189 191 192 191 192 P\93 Metals 170 171 161 124 93 94 94 92 129 166 '171 166 P170 Metals other than gold and silver 244 244 227 166 115 118 121 118 184 248 256 247 ?'250 Iron ore . .. . . 368 365 331 195 86 97 93 89 231 365 392 384 403 (Copper; Lead; Zinc)2 Gold 65 68 69 66 59 55 50 49 48 49 48 Silver 83 74 73 70 77 78 81 80 78 76 70 *"" rz 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. 1299 OCTOBER 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,697 12,783 12,921 12,915 12,953 13,083 13,214 13,218 13,249 '13,211 '13,193 13,122 12,982 6,939 6,996 7,135 7,155 7,193 7,249 7,352 7,395 7,449 '7,449 '7,437 7,365 7,315 1,091 1,105 1,111 1,120 1,131 1,143 1,147 1,153 1,161 '1,174 '1,177 1,172 1,171 Fabricated metal products 826 837 846 846 839 839 844 850 855 859 852 835 822 Machinery except electrical 1,071 1,055 1,110 1,139 1,157 1,192 1,209 1,219 1,233 '1,236 '1,247 1,245 1,226 Electrical machinery 672 676 703 710 710 704 709 717 718 '714 '707 710 714 Transportation equipment 1,118 1,134 1,157 1,139 1,160 1,175 1,233 1,253 1,243 '1,233 '1,235 1,203 1,204 Lumber and wood products 764 775 773 765 758 754 755 733 763 '764 '765 749 740 Furniture and fixtures 324 325 323 319 320 316 318 323 319 '309 '296 297 286 Stone, clay, and glass products.. 457 456 469 475 469 478 475 479 483 484 485 483 482 Instruments and related products 189 199 204 208 209 210 214 216 220 222 223 229 229 Miscellaneous manufacturing industries 407 412 417 411 416 413 421 423 424 '422 416 407 402 Ordnance and accessories.. 20 22 22 23 24 25 27 29 30 32 34 35 39 Nondurable goods .... 5,758 5,787 5,786 5,760 5,760 5,834 5,862 5,823 5,800 '5 762 '5,756 5,757 5,667 Textile-mill products 1,243 1,268 1,264 1,250 1,239 1,245 1,250 1,211 1,214 1,212 '1,200 1,198 1,164 Apparel and other finished textiles 1,073 1,067 1,063 1,046 1,048 1,070 1,083 1,074 1,063 '1,045 '1,045 1,052 1,015 Leather and leather products. . . 363 365 363 362 361 364 367 362 357 345 350 340 339 Food and kindred products 1,179 1,171 1,166 1,171 1,173 1,211 1,212 1,213 1,191 '1,184 '1,177 1,176 1,164 Tobacco manufactures 79 82 82 79 81 80 81 81 82 80 80 79 85 Paper and allied products 412 420 419 423 424 421 421 422 427 '426 429 429 423 Printing, publishing and allied industries 509 510 509 510 510 510 510 515 513 '513 511 513 513 Chemicals and allied products... 501 503 513 511 514 521 524 531 538 '539 544 549 547 Products of petroleum and coal. 189 186 190 190 192 192 193 195 196 195 196 196 194 210 215 217 218 218 220 221 219 219 223 224 225 223 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,802 13,016 13,133 13,044 13,056 13,018 13,186 13,189 13,108 '12,993 '13,053 12,904 13,030 Durable goods 6,900 7,013 7,186 7,210 7,254 7,256 7,371 7,428 7,445 '7,406 '7,406 7,240 7,273 Primary Metal Industries 1,086 1,105 1,117 1,126 1,142 1,149 1,153 1,159 1,161 rl, 162 r1,171 1,154 1,165 Blast furnaces, steel works and rolling mills 550 552 553 554 556 559 559 561 562 565 571 571 Nonferrous smelting and refining, primary. . 46 46 46 45 47 47 47 47 47 46 48 48 Nonferrous rolling, drawing and alloying 83 85 86 86 87 87 87 86 85 '82 83 80 Fabricated Metal Products 814 837 850 850 852 847 852 858 859 850 843 814 810 Cutlery, hand tools and hardware . . .. 132 138 141 143 144 144 144 142 140 138 137 132 Heating apparatus and plumbers' supplies 132 137 137 135 133 130 132 134 133 130 129 122 Fabricated structural metal products 165 166 171 172 173 173 175 176 178 179 177 178 Machinery except Electrical 1,060 1,050 1,104 1,133 1,163 1,192 1,215 1,231 1,239 '1,242 '1,253 1,233 1,214 Agricultural machinery and tractors 140 102 124 125 135 147 150 151 152 152 153 151 Metalworking machinery... 171 181 190 197 204 211 218 223 227 '228 '233 233 Special-industry machinery 127 132 136 138 141 144 147 149 150 150 151 150 Service-industry and household machines 145 146 148 151 148 147 149 148 144 '142 '138 128 Electrical Machinery 655 673 710 721 724 711 716 724 718 r707 r703 689 696 Electrical apparatus (generating, etc.) 237 237 252 254 257 256 258 262 266 '270 '275 272 Communication equipment. 248 255 272 278 278 268 270 273 262 '247 '239 233 Transportation Equipment 1,118 1,134 1,157 1,139 1,160 1,175 1,233 1,253 1,243 '1,233 rl, 235 1,203 1,204 Motor vehicles and equipment 781 788 795 760 767 767 791 793 774 '752 '738 705 Aircraft and parts 199 209 225 239 252 264 288 299 309 '318 '331 343 Ship and boat building and repairing 79 76 76 76 79 83 95 96 94 95 98 100 Lumber and Wood Products 783 790 785 773 754 739 736 722 752 749 758 Sawmills and planing mills.. 465 468 462 452 440 429 428 426 443 '449 '456 442 Millwork, plywood, etc 114 114 115 114 112 110 107 107 108 '107 '107 102 Furniture and Fixtures 319 327 329 327 326 321 324 326 317 ^301 r287 285 282 Household furniture 234 240 242 242 238 234 235 236 227 '211 199 197 Stone, Clay, and Glass Products.. 459 458 471 477 474 473 473 479 483 484 485 476 484 Glass and glass products. . . 122 117 127 129 128 128 128 130 132 131 130 121 Structural clay products 79 80 80 81 79 80 80 80 82 83 85 85 Instruments and Related Products. 187 199 205 209 211 211 215 218 221 222 223 221 227 Miscellaneous Manufacturing Industries 422 394 399 418 436 432 424 413 427 429 '409 399 381 20 22 22 23 24 25 27 29 30 32 34 35 39 ' 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 August 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. 1300 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 person."-] 1951 Industry group or industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Nondurable goods 5,902 6,003 5,947 5,834 5,802 5,762 5,815 5,761 5,663 5,587 5,647 5,664 5,757 Textile-mill Products 1,224 1,255 1,264 1,262 1,258 1,257 1,269 1,223 1,214 1,206 1,200 /, 162 1,147 Yarn and thread mills 154 159 161 161 160 162 164 162 160 160 158 153 Broad-woven fabric mills 595 606 607 606 604 602 604 564 567 ••574 '585 571 Knitting mills 227 233 236 234 234 232 236 236 230 222 215 210 Apparel and Other Finished Textiles 1,089 1,099 1,100 1,056 1,064 1,070 1,115 1,106 1,047 r998 r998 989 1,030 Men's and boys' suits, coats and overcoats 138 137 138 137 137 138 141 141 138 135 133 125 Men's and boys' furnishings 252 254 254 253 251 251 259 263 261 253 248 236 Women's and misses' outerwear 307 305 297 275 296 303 317 305 267 '•249 '254 272 Leather and Leather Products 370 372 367 360 359 364 374 371 353 331 343 335 346 Footwear (except rubber) 237 237 230 226 229 234 239 237 225 210 221 215 Food and Kindred Products 1,331 1,350 1,260 1,196 1,155 1,120 1,099 1,096 1,085 1,099 '1,146 1,233 1,262 Meat products 236 236 240 244 254 251 238 233 229 229 233 235 Dairy products 114 107 102 100 97 95 95 99 103 ••no 116 118 Canning and preserving , 302 324 226 171 143 132 127 125 128 -"137 154 233 Bakery products , 192 194 196 193 190 188 188 190 190 190 192 192 Beverage industries , 169 159 149 149 146 147 145 147 143 155 161 Tobacco Manufactures , 82 89 89 84 83 80 80 78 76 76 74 88 Paper and Allied Products 410 418 421 427 428 423 423 424 427 424 427 420 Pulp, paper and paperboard mills 207 210 210 211 212 209 209 209 212 213 216 215 Printing, Publishing and Allied Industries. . . , 504 510 514 515 518 510 510 512 510 510 511 508 508 Newspapers 150 151 150 150 152 149 150 150 151 152 152 151 Commercial printing 165 167 170 170 171 170 170 170 168 168 169 167 Chemicals and Allied Products 491 506 523 521 524 526 53, 539 538 531 528 527 Industrial inorganic chemicals 49 50 56 57 57 57 58 59 59 61 61 Industrial organic chemicals 155 158 159 160 162 163 163 167 168 170 172 172 Drugs and medicines 63 65 66 66 6 67 69 69 70 70 71 71 Products of Petroleum and Coal 193 189 190 191 191 190 191 19, 194 194 197 198 Petroleum refining 147 145 147 148 147 14 148 149 150 151 153 154 Rubber Products 208 215 219 222 222 222 220 219 '220 221 218 221 Tires and inner tubes 90 92 92 9 91 91 88 90 90 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1950 1951 1950 1951 1950 1951 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Manufacturing—Total 60.32 65.32 64.72 41.2 40.8 40.3 40.4 1.464 1.601 1.602 1.602 Durable goods 64.33 70.47 70.26 41.8 41.8 41.0 41.5 1.539 1.686 1.688 1.693 Primary metal industries 67.36 '76. 74 75.95 41.1 41.8 41.3 41.5 1.639 '1.836 .837 1.830 Fabricated metal products 64.79 '69.89 68.60 42.1 42.0 41.1 41.3 1.539 '1.664 .662 1.661 Machinery except electrical 67.98 '76.73 76.42 42.3 43.5 42.9 43.3 1.607 1.764 .757 1.765 Electrical machinery 60.15 '67.43 68.68 41.0 41.6 40.4 41.7 1.467 '1.621 .637 1.647 Transportation equipment 72.87 '75.18 77.06 42.0 '40.4 40.0 40.9 1.735 '1.861 .870 1.884 Lumber and wood products 58.30 '61.93 59.20 42.0 11.9 39.8 40.3 1.388 '1.478 .452 1.469 Furniture and fixtures 54.87 56.05 58.77 42.8 40.5 39.9 41.3 1.282 1.384 .404 1.423 Stone, clay, and glass products 59.40 '65.25 64.95 41.6 11.8 41.3 41.5 1.428 1.561 .571 1.565 Instruments and related products 61.13 '68.58 68.88 41.7 '42.1 41.6 41.9 1.466 '1.629 .633 1.644 Miscellaneous manufacturing industries 54.87 r57.73 56.19 41.6 40.8 39.8 39.6 1.319 '1.415 .413 1.419 Ordnance and accessories 66.12 '72.33 73.52 42.6 '43.0 43.5 43.4 1.552 '1.682 .712 1.694 Nondurable goods 55.65 -•58.58 58.44 57.87 40.5 39.5 39.3 39.1 1.374 1.483 .487 1.480 Textile-mill products. 49.33 r51.03 49.67 48.34 40.5 38.6 37.8 36.9 1.218 '1.322 .314 1.310 Apparel and other finished products..., 46.06 '44.09 45.11 45.79 37.6 '35.3 35.3 35.8 .225 '1.249 .278 1.279 Leather and leather products 46.49 '46.61 46.95 46.83 39.2 '36.5 37.0 36.9 1.186 '1.277 .269 1.269 Food and kindred products 56.19 '61.70 61.32 60.09 41.9 '42.0 42.2 41.5 1.341 '1.469 1.453 1.448 Tobacco manufactures 43.37 '44.68 45.74 44.88 39.5 -"37.9 38.5 39.4 1.098 1.179 1.188 1.139 Paper and allied products 62.74 '65.75 65.57 65.45 44.0 '43.2 42.8 43.0 1.426 1.522 1.532 1.522 Printing, publishing and allied products 73.17 '75.70 75.54 75.39 38.9 '38.7 38.6 38.6 1.881 1.956 1.957 1.953 Chemicals and allied products , 63.48 T-68.56 69.10 68.10 41.6 41.6 41.5 41.1 1.526 1.648 1.665 1.657 Products of petroleum and coal , 73.73 '81.07 83.89 80.43 40.6 40.7 41.8 40.5 1.816 1.992 2.007 1.986 Rubber products 66.25 '71.74 71.56 71.39 41.8 42.4 41.7 41.7 1.585 1.692 1.716 1.712 ' Revised. NOTE.—Data are for production and related workers, Figures for August 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. OCTOBER 1951 1301 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. Manufac- Contract tion and State, and Year or month Total turing Mining construction public Trade Finance Service local 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—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 46,411 16,102 914 2,574 4,153 9,773 1,856 4,745 6,294 May '46,507 '16,081 -916 r2,572 '4,140 '9,821 1,865 '4,765 6,347 June '46,618 '"16,091 '921 '2,559 '4,130 '9,858 1,874 '4,787 6,398 July 46,604 16,040 900 2,569 4,138 9,827 1,879 4,779 6,472 August 46,554 15,909 917 2,589 4,148 9,807 1,895 4,794 6,495 UNADJUSTED 1950—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 15,784 932 281 4,072 9,592 1,831 4,666 6,088 February 45,390 15,978 930 228 4,082 9,554 1,839 4,657 6,122 March 45,850 16,022 924 326 4,112 9*713 1,854 4,682 6,217 April 45,998 15,955 911 471 4,132 9,627 1,865 4,745 6,292 May '46,226 15,853 '915 598 '4,137 '9,683 1,874 '4,789 6,377 June '46,559 15,950 '925 687 '4,159 '9.733 1,893 '4,835 6,377 July 46,436 15,829 907 749 ,180 9,657 1,907 4,851 6,356 August 46,670 15,970 926 2,796 4,195 9,627 1,914 4,842 6,400 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. August 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—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 IVlarch 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 Tuly 108,856 64,382 62,526 54,618 7,908 1,856 44,474 August 108,896 64,208 62,630 54,942 7,688 1,578 44,688 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no longer available for reasons of security. 2 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial an u d t il p it u ie b s lic Month Factories Commercial Educational Other 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 January 730.9 1,043 343.5 420.9 37.7 128.4 60.6 121.1 63.5 84.6 73.5 126.8 152.1 161.3 February 779.5 1,140 361.5 531.1 27.9 116.2 58.3 101.8 58.0 81.0 121.4 132.2 152.5 178.2 March 1,300.2 1,267 574.7 574.6 161.5 122.7 88.6 78.8 96.3 128.4 154.3 139.4 224.9 223.6 April 1,350.5 1,375 674.8 590.8 119.2 174.3 106.8 106.3 97.0 103.5 125.6 133.9 227.0 266.1 May 1,347 62 .573 674.6 661.1 83.7 ,274.9 96 60.6 100.2 123.2 128.3 175.3 264.5 278.0 June 1,345.5 1,408 628.1 545.2 69.3 211.5 97 65.4 128.3 128.1 148.7 148.3 273.4 310.5 July 1,420.2 ,379 675.1 548.1 79.8 164.1 117.4 75.4 121.2 150.1 168.8 146.9 258.0 295.2 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 J F a e n b 4 5 8 6 3 8 7 7 3 8 1 0 1 1 , , 0 1 4 4 3 1 2 1 5 6 2 0 2 2 0 8 1 5 3 3 0 3 6 2 3 3 2 1 3 7 5 49 3 5 0 8 73 0 7 8 Aug. July Aug. Mar 748 1,300 1,268 282 481 418 466 819 849 A M p a r y 8 8 8 4 5 6 1 1 , , 3 3 5 4 0 82 1 , , 5 37 7 5 3 3 3 1 6 9 9 3 38 5 9 4 1,4 4 7 56 4 5 5 2 1 7 7 9 9 5 9 9 6 1,0 9 9 19 9 Boston 72,804 74,404 94,199 J J u u l n y e.... 9 9 5 4 0 8 1 1 , , 3 4 4 2 5 0 1 1 , , 4 3 0 8 9 0 3 4 7 1 5 0 4 4 6 2 0 8 6 5 1 8 5 3 5 5 7 3 4 7 9 91 6 7 0 8 7 2 6 6 4 N Ph e i w la d Y e o lp rk hia . . 1 7 8 7 7 , , 3 11 8 8 3 2 1 3 0 5 6 , , 2 9 4 9 1 1 2 1 2 2 2 6 , , 3 7 8 4 4 1 Aug 911 1,549 1,263 316 438 486 595 1,111 776 Cleveland 150,112 142,821 176,195 O Se c p t t 1 1 , , 0 0 6 7 2 2 1 1 , ,2 1 8 3 7 6 3 2 3 8 2 9 3 3 0 6 8 4 7 7 3 8 0 3 9 8 2 2 2 8 A Ri t c la h n m ta ond . . 1 1 3 2 6 0 , , 9 7 9 9 7 7 1 1 9 5 0 2 , , 9 5 7 0 2 4 1 1 6 43 5 , , 1 3 9 8 2 3 N De o c v 9 92 5 9 8 1 1 , , 0 1 8 6 7 8 3 2 1 9 6 9 3 38 2 1 0 6 6 4 3 2 0 7 7 6 8 7 7 S C M t h . i i n c L n a o e g u a o i p s o li . s . . 2 1 4 4 1 1 6 7 , , , 6 1 9 5 6 0 6 7 3 2 4 0 7 6 2 4 , , , 9 2 6 3 4 1 4 6 5 2 1 6 6 0 0 1 3 , , , 4 9 3 8 0 3 4 6 7 Year. . 10,359 14,501 3,718 4,409 6,641 10,092 Kansas City . . . 19,732 53,251 63,701 Dallas 92,142 99,851 131,354 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,262,811 1 379,830 1,548,876 [In millions of dollars] Title 1 loans Mortgages Y m e o a n r t o h r Total p m P e r i r m r e o o t n v y p - t e - 1 - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t I i o s t ) i l l e e y 4 s - h R g ( o T a r e I u o n n I i s u t ) d t i l a n p e l g W h e ( o V V a r T u a r I e i s n ) t t a i * l - 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 - ) - 8 INSURED P O F R H T A F O H L O I M O [ , E I n B m M Y i O l C li R o L n T A s G S o S A f G O d E o F l S l a I r N s ( ] T S I T T I L T E U T I I I O ) N HELD IN 1 1 1 1 1 9 9 9 9 9 4 4 4 5 4 7 6 8 0 9 . 3 3 4 1 , , , , 3 8 3 7 7 4 2 8 3 5 2 1 5 7 8 3 5 6 5 6 3 1 2 9 9 4 4 1 4 4 ( (4 4 ) 1 * ) 3 7 7 2 1 , , 4 8 3 4 8 5 6 4 4 8 7 6 0 6 5 21 3 Y 1 1 1 , , , 8 3 0 8 3 3 3 0 8 8 5 6 9 1 12 u 3 End of month • Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v a u k s l - - s a a S l s i a t o 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 - - * Other - 1950—Aug.. . 414 69 (4) 217 122 6 Sept.. . 373 55 (4) 216 88 14 Oct.... 379 82 (*) 241 3 43 10 1936—Dec 365 228 8 56 41 5 27 Nov.. . 379 74 (4) 236 2 49 17 1937—Dec 771 430 27 110 118 32 53 Dec. . . 349 54 (*) 204 5 63 23 1938—Dec 1,199 634 38 149 212 77 90 1939—Dec 1,793 902 71 192 342 153 133 1951—Jan.... 330 63 ! 225 0) 28 13 1940—Dec 2,409 1,162 130 224 542 201 150 Feb.... 261 44 1 176 4 27 10 1941—Dec 3,107 1,465 186 254 789 234 179 Mar... 294 50 2 180 3 32 28 1942—Dec 3,620 1,669 236 276 1,032 245 163 Apr. .. 252 43 2 162 7 20 18 1943—Dec 3,626 1,705 256 292 1,134 79 159 May. . 271 52 2 165 16 36 1944—Dec 3,399 1,590 260 269 1,072 68 140 Tune.. 255 54 2 146 56 31 16 1945—Dec 3,156 1,506 263 253 1,000 13 122 July... 274 76 2 146 17 19 13 Aug. . . 270 66 3 154 15 18 14 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 in*i 1 n 9 s 4 3 t 8 a M l i l o n a r t c i t l o g u n a d g s e e u s in n s d i u n e r s r e u d T r e i l d t o l e a n o V s n I t I o n I e , f w i a n p an p re c r n o e t v a t e l h d e h A m ou u a s g n i . u n 8 f g a , c 1 a t 9 u t 4 re 9 o . r o f n h ea o r u si m ng il . itary 1949— D Ju e n c e 3 4 , ,7 8 5 9 1 4 1 1 , , 5 7 8 7 7 1 3 3 7 0 8 5 3 4 2 1 3 6 1 1 , , 4 8 3 2 1 8 2 5 1 2 3 22 0 7 5 4 Less than $500,000. 1950—Dec 6,695 2,205 693 603 2,712 60 421 5 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. OCTOBER 1951 1303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports * Excess of exports Month 1947 3 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 3 1948 1949 1950 1951 January 1,193 1,092 1,105 741 P974 533 547 590 623 Pl,024 660 545 515 118 P-50 February 1,198 1,085 1,043 764 P1,076 438 589 567 600 P909 760 496 477 164 P167 March 1,384 1,139 1,189 860 P1,284 445 675 633 665 Pl.099 939 464 557 195 P185 April 1,362 1,121 1,173 804 P1,372 514 532 r534 585 Pl.033 847 590 '63 9 219 P339 May 1,504 1,103 1,095 830 P1,353 475 554 541 659 Pl,018 1,029 549 554 170 P335 June 1,320 L.014 1,108 878 Pl.294 464 625 526 687 P929 856 389 582 191 P364 July 1,265 1,019 900 4779 P1,186 452 564 '456 709 P893 813 456 444 70 P293 August 1,265 992 885 762 PI,264 406 606 491 820 P899 860 386 394 -59 P364 September.... 1,185 926 910 P911 475 560 S30 P862 710 365 380 P49 Dctober 1,304 1,023 856 P906 493 600 557 P923 811 423 299 P-17 November 1,188 823 842 P978 456 554 593 P854 732 269 249 P124 December 1,172 1,318 945 Pl,065 605 720 605 P867 567 598 340 P199 Jan.-Aug 10,491 iS.564 '8.499 6,417 P9,801 3,726 4,689 »"4,337 5,349 P7,804 6,765 3,875 r4,161 1 ,068 Pl,997 P Preliminary. r Revised. 1 Includes both domestic and foreign merchandise. * General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figures for 1947 have been revised to include shipments under the Army Civilian Supply Program for occupied areas, which had been previously included only for 1948 and subsequent years. 4 Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS 1 [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 el n - e- c d h i a s n e ucts ous l.c.l. Year or month o r p e e T v r e o a n t t a i u n l e g s ex T p o e t n a s l es op in e N r c a o e t m t in e g in N c e o t me 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 *9,473 P8,434 M,040 »783 ADJUSTED SEASONALLY 1950—August 135 126 194 139 60 '156 190 147 56 ADJUSTED September. 134 135 201 128 72 148 198 142 55 October. . . 136 135 206 159 75 146 184 145 54 1950—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 61 152 207 144 47 April 873 800 73 41 July 125 97 215 130 61 143 203 142 45 May 855 794 62 30 August... . 133 122 215 140 67 148 209 144 47 June 871 795 76 44 July 818 775 44 p\2 UNADJUSTED UNADJUSTED 1950—August 140 126 186 150 57 163 285 149 56 September. 145 135 198 143 95 160 298 154 57 1950—August 890 768 122 96 October. . . 147 135 201 159 116 154 262 158 56 September. 872 749 123 99 November. 139 126 198 162 90 154 188 152 54 October... 925 791 135 108 December. 130 129 204 148 70 145 62 142 50 November., 862 752 110 86 December. 928 815 113 120 1951—January 133 133 209 153 66 153 61 145 50 February.... 119 114 197 131 44 137 60 133 46 1951—January... 849 771 78 55 March 130 112 204 138 49 147 70 149 54 February.. 716 697 19 -4 April 133 112 193 139 61 156 193 149 51 March.... 875 797 78 51 May 135 111 208 124 57 160 296 149 48 April 851 781 71 45 June 137 120 212 125 49 158 321 148 47 May 889 814 75 49 July 130 97 209 156 50 143 325 143 44 June 856 792 64 50 August 137 122 206 151 64 155 313 145 47 July 817 775 42 P17 ' Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. P Preliminary. 529-533 Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes- with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 1304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district Year or month United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1945 207 176 169 184 201 235 275 193 227 185 229 275 248 1946 264 221 220 235 257 292 344 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 337 1948.. 302 239 249 284 303 321 386 290 335 288 325 404 353 1949 286 234 236 271 281 309 374 271 317 275 309 385 332 1950 304 240 244 288 303 325 401 291 331 289 '330 417 354 SEASONALLY ADJUSTED 1950—August '336 268 319 334 360 415 335 370 321 '358 449 374 September. . . .... 320 255 262 310 333 332 409 305 360 289 345 420 368 October 291 216 238 279 299 312 370 282 305 283 303 375 343 November 290 229 234 273 251 312 391 288 316 291 325 400 345 December 325 249 266 307 328 336 421 318 353 318 354 433 377 1951—January 362 303 291 342 395 369 450 349 363 325 395 475 421 February ... 326 251 263 321 333 341 419 322 327 324 346 439 375 291 217 230 283 286 297 413 290 298 249 321 414 336 302 233 252 286 323 326 399 282 320 287 314 402 346 May 301 235 243 281 309 331 387 290 330 278 317 405 348 June 302 235 267 285 306 331 402 276 313 274 316 409 347 July 309 245 256 288 309 351 415 286 344 276 313 423 '365 August P319 256 265 304 312 350 P398 317 350 P299 P333 411 361 UNADJUSTED 1950—August . . '282 198 '203 239 290 '287 373 278 318 287 '329 399 352 September 331 263 267 313 337 356 426 320 363 321 363 454 374 October 308 239 259 299 317 333 388 296 326 319 328 405 345 November. .. 355 287 302 363 313 387 453 357 398 338 376 472 387 December 534 436 450 525 538 584 708 495 540 476 556 711 627 1951—January 277 230 233 253 293 267 342 261 298 248 300 375 333 February 262 193 218 241 266 266 352 251 275 239 280 351 316 March 284 217 230 286 286 307 422 269 298 236 308 397 318 April 284 221 232 269 297 298 367 276 304 279 302 382 320 May 297 233 238 286 306 325 375 293 323 284 314 393 330 284 225 254 271 287 305 353 276 282 263 291 352 325 July... . 240 169 179 207 241 254 324 235 269 223 257 339 310 August P267 190 194 228 271 279 263 301 P269 P307 366 339 STOCKSi 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 212 209 251 238 1947 255 202 225 220 243 289 306 246 274 266 259 320 300 1948 291 223 241 252 277 322 362 281 314 326 301 389 346 1949 270 210 223 233 256 301 339 260 296 299 276 362 323 1950 295 231 237 257 288 334 394 276 325 317 300 397 355 SEASONALLY ADJUSTED 1950—August '283 213 226 259 265 '331 405 267 295 302 '285 406 334 September 309 227 243 275 296 345 438 288 325 323 306 431 389 October 329 249 258 283 313 363 456 313 365 353 330 456 403 November 332 262 266 282 350 357 448 309 374 345 335 446 395 December 329 264 263 286 351 349 461 297 381 335 330 430 389 1951—January 338 274 273 297 357 351 472 320 337 343 351 437 399 February 349 280 281 305 369 384 458 320 412 350 343 443 414 March... . 368 305 299 320 396 404 462 331 425 363 365 465 445 April 377 303 297 331 395 407 483 343 437 382 380 486 465 May 365 290 290 318 380 398 480 339 403 378 372 486 438 June 353 276 290 314 361 414 453 326 389 368 361 473 405 July... 353 262 294 309 349 407 451 340 357 354 356 '482 418 August P342 P250 279 301 323 393 441 320 359 P363 P361 486 424 UNADJUSTED 1950—August '284 223 226 254 280 '335 401 259 322 299 '280 402 333 322 245 256 286 324 362 451 297 361 328 312 444 389 October ... .... 362 281 291 326 355 403 497 341 409 371 353 479 430 November 371 298 306 324 377 397 501 352 400 375 369 495 438 295 238 239 252 294 316 401 279 320 310 294 395 354 1951—January .. 303 243 240 258 313 322 424 288 290 316 319 406 363 February 334 264 273 299 343 374 463 311 371 336 336 434 389 March 373 296 306 336 392 416 485 344 413 378 373 493 436 386 297 306 345 401 425 507 353 437 387 392 510 474 May 370 287 294 325 383 405 476 342 403 379 379 486 454 June 341 265 274 295 355 373 435 313 389 355 361 445 408 July 338 254 262 278 348 380 424 313 372 362 349 '453 430 August P344 P263 279 295 341 397 437 310 392 P359 P354 481 423 * Preliminary. r Revised. 1 Figure* 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. 1305 OCTOBER 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 1 1941 average monthly sales =100 2 Department b N st e o u r r m e o s - f Sale p s e r d io u d ring m ( S e t n o o d n c t k o h s f ) July Sale p s e r d io u d ring Sto o c f ks m a o t n t e h nd report- Seven 1951 1950 1951 1950 J 1 u 9 l 5 y 1 m 1 o 9 n 5 t 1 hs J 1 u 9 l 5 y 1 1951 1950 July June July July June July GRAND TOTAL—entire store 3 351 -12 +5 +34 4.4 2.9 MAIN STORE—total 351 -13 +5 +35 4.7 3.0 155 200 178 728 765 541 Piece j*oods and household textiles 312 -31 +7 +52 5.2 2.4 154 174 224 808 868 534 Piece goods 289 -10 + 1 + 14 5.6 4.4 130 171 145 730 739 644 Silks, velvets, and synthetics 192 -13 0 +8 6.0 4.9 104 123 120 628 546 574 ^^oolen yard goods 170 -24 -7 +22 14.4 9.0 85 57 111 1 228 1,165 1,018 Cotton yard goods 183 -7 +4 + 14 3.2 2.6 197 282 212 632 715 559 Household textiles 304 -37 + 10 +81 5.1 1.7 170 176 271 860 933 477 Linens and towels 272 -26 +7 +47 5.5 2.8 146 168 197 806 912 547 Domestics—muslins, sheetings 247 -52 + 12 + 167 4.2 0.8 219 190 453 914 983 345 Blankets, comforters, and spreads 234 -12 + 12 + 73 5.7 2.9 151 174 172 864 905 492 Small wares 341 -1 +5 +20 5.0 4.1 133 180 134 660 701 556 Laces, trimmings, embroideries, and ribbons 202 +2 +6 + 11 4.1 3.S 157 232 154 643 744 588 Notions 236 -2 +5 + 15 4.0 3.4 193 273 197 772 832 674 Toilet articles drug sundries 326 -2 +8 +20 4.2 3.4 130 158 134 543 573 454 Silverware and jewelry 310 -^ +4 +25 7.1 5.5 125 199 129 887 945 714 Silverware and clocks * 211 -12 + 7 +43 10.0 6.1 Costume jewelry* 275 +5 -1 +9 3.8 3.6 Fine jewelry and watches* 75 +10 + 17 11.2 9.2 A Bo rt o k n s e e a d n l d ew s o ta rk ti on . e . ry 2 2 3 69 3 + -2 6 ++3 1 + + 2 1 5 4 6 4 . .9 7 5 4 . .6 2 1 12 0 0 8 1 1 1 59 5 1 1 1 14 0 5 7 9 1 1 9 5 7 9 9 9 0 5 5 7 2 6 6 Books and magazines 132 + 14 +3 +8 3.7 3.9 113 137 99 422 451 390 Stationery .... 234 +2 +2 + 15 5.5 4.9 111 161 108 610 632 529 Women's and misses' apparel and accessories. 348 -5 +5 +24 3.5 2.7 144 188 152 506 510 409 Women's and misses' ready-to-wear accessories. 348 -14 +4 +26 4.2 2.8 141 186 164 587 622 469 Neckwear and scarfs . 307 + 15 +10 +25 2.9 2.7 157 211 136 453 499 367 Handkerchiefs 278 -7 + 18 5.9 4.6 85 107 91 496 501 423 Millinery 154 —4 — 1 +22 2.1 1 .7 68 111 71 144 126 120 Women's and children's gloves 321 ^ +4 +24 10.3 7.9 56 98 59 572 559 460 Corsets and brassieres 335 -9 +7 +21 3.4 2.6 222 286 244 765 844 631 Women's and children's hosiery 340 -48 ^ +53 2.9 1.0 106 139 205 308 343 199 Underwear, slips, and negligees 341 -13 +5 +29 3.3 2.2 180 211 205 587 654 460 Knit underwear 249 -23 +6 +45 3.4 1.8 221 256 288 755 866 538 Silk and muslin underwear, and slips 280 -12 +2 +23 3.4 2.4 163 197 185 563 634 456 Negligees, robes, and lounging apparel 251 + 16 + 12 +23 2.4 2.3 158 181 137 383 412 313 Infants' wear 321 +5 +6 +26 4.2 3.5 191 218 182 806 811 645 Handbags and small leather goods 330 +3 +3 + 18 3.4 2.9 113 175 110 385 419 325 Women's and children's shoes 242 4 + 7 +21 6.6 5.3 149 215 155 989 1 ,021 817 Children's shoes 4 210 +4 +5 + 16 6.5 5.9 Women's shoes * 221 -6 +7 +23 6.7 5.1 Women's and misses' ready-to-wear apparel. . . . 348 +5 + 7 +22 2.9 2.4 146 189 139 419 394 345 Wo C m oa e t n s ' s 4 and misses' coats and suits 3 2 3 11 6 +2 + + 1 8 0 + + 4 44 0 4 5. . 0 6 3 3 .6 2 93 89 95 425 283 306 Suits4 205 -9 +4 +39 4.4 2.9 Juniors' and girls' wear 313 +8 +6 +23 3.1 2.7 158 218 147 496 444 404 Juniors' coats, suits, and dresses . . 271 +3 +6 +24 2.4 2 0 160 236 155 380 335 305 Girls' wear 313 + 13 + 7 +22 4.0 3.7 159 211 141 642 600 527 Women's and misses* dresses 338 +5 +5 + 10 1.5 1.4 154 237 147 231 293 211 Inexpensive dresses 4 253 + 7 +5 0 1.0 1.1 Better dresses 4 266 +4 +5 + 19 2.2 1.9 Blouses, skirts, and sportswear . . 337 + 10 +7 +25 2.6 2.3 228 292 208 595 605 477 Aprons, housedresses, and uniforms 290 +6 +3 + 2 1.7 1 .7 191 249 180 317 429 311 Furs 261 -16 +29 + 16 12.3 8.9 47 16 56 573 440 475 Men's and boys' wear 329 -3 +6 +29 5.7 4.3 139 234 144 795 867 620 Men's clothing . . 255 +4 +9 +36 6.3 4.8 144 228 139 917 974 679 Men's furnishings and hats 312 -9 +3 +30 4.8 3.4 144 256 158 696 784 539 Boys' wear 298 +6 +4 + 16 6.8 6.2 113 169 107 767 769 655 Men's and boys' shoes and slippers 192 -6 + 11 +26 6.6 5.0 145 234 153 961 1,054 785 Homef urnishings 317 -25 +5 +46 5.8 3.0 191 223 255 1.103 1,189 758 Furniture and bedding 238 -9 + 10 +37 4.7 3.1 205 213 226 965 1,053 706 Mattresses, springs, and studio beds4 167 -12 + 11 +83 2.4 1.2 Upholstered and other furniture 4. 177 -7 +9 +30 5.4 3.9 Domestic floor coverings 274 -18 + 17 +46 7.5 4.3 154 173 186 1,154 1 ,225 796 L R i u n g o s l e a u n m d 4 carpets 4 1 9 5 8 9 -1 — 7 7 + + 2 0 1 + + 4 3 7 4 7 . . 4 9 4 4 . . 0 4 Draperies, curtains, and upholstery 294 -4 +9 +23 5.4 4.2 159 213 165 850 933 698 Lamps and shades 246 -4 -1 +26 5.4 4.2 137 170 141 748 815 600 China and glassware 250 + 1 +9 + 19 9.7 8.2 127 176 126 1 ,230 1 ,280 1,055 Major household appliances 238 -65 -15 + 152 5.6 0.8 243 217 688 1,359 1 .298 523 Housewares (including small appliances) 257 -8 + 11 +45 5.1 3.2 242 333 262 1,229 1,375 853 G R i a f d t io sh s, o p p h 4 onographs, television, records, etc.4.. 2 1 3 7 1 0 - + 52 2 +__ 79 + + 1 2 0 1 7 6 7 . . 6 8 5 1 . . 6 8 Radios, phonographs, television 4 175 -55 -11 + 118 7.3 1 .4 Records, sheet music, and instruments4 122 — 5 + 10 +23 7.2 5.6 Miscellaneous merchandise departments.... 313 -1 + 7 +49 4.2 2.8 167 199 170 694 699 487 To T y o s ys g a a m nd e s ga s m po e r s t . ing goods cameras 2 24 9 0 5 + + 1 5 6 + + 8 9 + + 9 6 0 4 6 8. . 1 9 4 4. . 9 4 1 13 7 5 0 1 1 9 4 6 4 1 1 6 1 2 7 1 1 , , 1 0 6 9 7 0 1 1 , , 0 1 9 2 2 3 5 7 7 2 7 2 Sporting goods and cameras 143 -4 +6 +34 5.4 3.9 171 212 178 933 898 713 Luggage 261 +4 + 7 +23 3.5 3.0 237 322 229 S32 907 682 Candy 4 189 _2 +3 +9 1.4 1.3 For footnotes see following page. 1306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales * 1941 average monthly sales = 100 2 Num- Department r b s e t e p o r o r o e rt s f - d p S u e a r r l i i e o n s d g m S (e t o n o n d c t k h o s ) f July Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing Seven 1951 1950 1951 1950 J 1 u 9 l 5 y 1 mo 19 n 5 th 1 s J 1 u 9 l 5 y 1 1950 July June July July June July BASEMENT STORE—total... 196 -6 +5 +29 2.9 2.2 157 212 167 462 494 355 Domestics and blankets * 135 -27 +10 +76 3.3 1.4 Women's and misses' ready-to-wear. 189 -4 +4 +21 2.2 1.8 152 204 158 340 359 279 Intimate apparel * 164 -15 +6 +32 2.5 1.6 Coats and suits 4 173 -8 + 1 + 19 4.4 3.4 Dresses 4 173 +2 +3 + 1 1.0 1.0 Blouses, skirts, and sportswear *.... 156 +4 +4 + 16 1.9 1.7 Girls' wear 4 122 +8 +6 + 18 3.1 2.8 Infants' wear 4 119 +9 +9 +27 3.4 3.0 Men's and boys' wear. . . 155 +3 +7 +29 3.4 2.7 179 287 174 602 654 460 Men's wear 4 134 +2 + 7 +30 3.2 2.5 Men's clothing 4 94 +9 + 10 +35 3.4 2.8 Men's furnishings 4... . 114 +6 +28 2.9 2.2 Boys' wear 4 118 + 10 +6 +24 4.0 3.5 Homef urnishings 103 -6 +5 +41 4.3 2.9 137 179 146 590 646 418 Shoes 119 -1 +9 +21 4.2 3.4 126 182 126 526 581 439 NONMERCHANDISE—total4.. 172 +2 +6 Barber and beauty shop 4 +2 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1305. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. 1935-39 average = 100] [In millions of dollars] Reported data Derived data x Without seasonal adjustment Out- New 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 n n d n d d e 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 t ) s m o ( r o t f o d o n t e r t a r h l s ) Nov. 1 1 5 2 9 . 4 . 9 .. . . 3 3 1 1 8 5 Nov. 1 1 4 9 1 . 5 . 0 . . . . . . .3 3 4 1 2 5 May 1 1 6 3 9 . . 5 . . 0 . . . . . .3 3 0 0 1 8 May 1 1 9 5 2 5 . . . . 1 . . . . . 3 .3 1 2 8 6 19 .342 18. .. .368 20... ..275 19.. ...285 1942 average... 179 599 263 182 192 26.... .330 25. .. ..319 27... ..282 26.. ...290 1943 average... 204 509 530 203 223 Dec. 3.... .449 Dec. 2... ..444 June 3. .. ..261 June 2.. ...273 1944 average... 227 535 560 226 236 10.... .542 9... ..554 10... ..302 9.. . . .311 1945 average... 255 563 729 256 269 17 .584 16... ..638 17... ..302 16.. ...305 1946 average... 318 715 909 344 327 24.... .541 23... ..640 24... ..250 23. ....265 1947 average. .. 337 826 552 338 336 31.... .197 30... ..237 July 1... ..263 30. . .258 1948 average 352 912 465 366 345 8... . .218July 7 ....218 1949 average... 333 862 350 331 331 1950 1951 15... ..265 14. ...238 1950 average... 347 942 466 361 370 22... ..303 21 .... .234 Jan. 7 .205 Jan. 6.. ...285 29... .. 295 28. . . 232 1950—Aug -332 r919 755 '460 '521 14 .233 13... ..305 Aug. 5... ..296 Aug. 4. .. . . 254 Sept 369 1,025 700 M75 r420 21.... .230 20... ..301 12. ... .273 11.. . . .252 Oct 360 1,168 593 503 396 28 .222 27... . .278 19... . .281 18.. ...268 Nov 406 1,209 444 447 298 Feb. 4 .226 Feb. 3... ..234 26... ..288 25.. ...279 Dec 615 956 412 362 330 11.... .238 10... ..273 Sept. 2.. ...310 Sept. 1.. . . r303 1951—Jan 337 992 657 373 618 18 .231 17... ..272 9... ..295 8.. ...289 Feb 284 1,089 652 381 376 25.... .221 24... ..274 16... ..368 15.. . . .329 Mar 347 1,217 467 475 290 Mar. 4 .244 Mar 3... ..288 23... ..322 22.. . . .321 Apr 312 1,240 338 335 206 11.... .253 10... ..303 30. .. ..320 29. .. . .328 May.. . . 339 1,193 295 292 249 18.... .264 17... ..292 Oct. 7... ..325 Oct. 6. ., .318 June.. . . 326 1,112 386 245 336 25.... .279 24... ..304 14... ..322 13. July. ... 257 1,069 434 214 262 Apr. 1 .301 31... ...258 21... ..304 20. . Aug ?308 ^1,108 P394 P347 P3O7 8.... .320 Apr. 7... ..292 28... ..313 27. . 15.... .254 14... ..288 p Preliminary. r Revised. 22 .279 21... ..281 1 These figures are not estimates for all department stores in the 29 .285 28... ..293 United States. Figures for sales, stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders r Revised. are derived from estimates of receipts and reported figures on out- NOTE.—For description of series and for back figures, see BULLETIN standing orders. for September 1944 .pp. 874-875. Back figures.—Division of Research and Statistics. OCTOBER 1951 1307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] A 19 u 5 g 1 . 1 Ju 95 ly 1 1951 A 19 u 5 g 1 . 1 Ju 95 ly 1 1951 A 19 u 5 g 1 . 1 Ju 95 ly 1 m 19 o 8 5 s 1 . A 19 u 5 g 1 . J 1 u 9 l 5 y 1 m 19 8 o 5 s 1 . United States. p-5 -16 +4 Cleveland-co nt. Chicago p-5 -14 +5 Dallas -7 -20 +2 B C N P C C N D N N N P S A L N S W P E A P T W B B R S L Y B B U R P h l o e B p o r o o y c i h r l a a u o e e L o e e k e e l o o i i r t o i o m n s w i b r e a i w w n w r r h u n n i o f a i w w s v l w r r c l i a c t r a v t c f l n d g a k k o t a g n d g c e s t e o i e h c a l a a w c o i a n i n r t o e a n Y t g a g a h i n d h Y l l l e n d d n e H u n o * o B a r n o t y s l a r n n s f r e k s e e a o k - l e n e s o n n s a - g o i » e t » d e n t a p e c l e t m n e l B A r a w e e r d n p e i p * v e l d * t o F k c k t r r d l a n r r i a f t c h h p » e e r a ! r o o e d e C i s t i r n i l a r n 1 a a i e y . l . . d i . e s . . » . . . t . . . . . . . . i . . . . . y . . . . . . . . . + - + + + + + + + + 1 - - - - - - - - - - - - - - - - - - - - - - - 1 4 6 5 9 1 1 7 9 2 6 4 1 4 5 7 9 5 8 7 3 6 5 4 2 2 2 2 6 1 2 1 0 1 1 0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 6 9 6 7 5 9 7 9 5 6 6 9 8 3 9 1 6 1 0 6 6 3 6 5 3 5 6 3 6 5 3 0 y + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 2 5 6 3 8 3 9 4 7 8 4 5 5 5 9 8 9 8 8 4 3 9 6 8 7 2 5 8 3 1 1 0 1 A R W W O J A A J T A A S N P H G C S C B W C C L N H M M M E R R M R B R B a a t i a t i y s a a o h a h o r o n r o a e r u i a o t l i c u c c . a t o a i i o h r v e l l h a i l l c n w g l t l m a t m r ' a d g n h a k k m a a s n c b e e t l n u e s o e u e f a P n r m c h e e u i s n h s n s o s n i m o b i n i e t t v m n e m n l p m i h r g t l e o ' r o t g O s m i o d i n e t l l n v u t i i e o s n a s n h a k a i t b t n n n l o b o b o s o o k R g i n a t r e r n o l i a 1 o g * u l t v o i g m e u n n e g l r 1 h g r l l h a - n o o e e t n r , i w e s s , t h S a d o , n * g l u a e W , o b d l m n n N a n r S g e * u n S . y l s e . . . * . e . r V . * C 1 . * m g . . . C . l l C . . a . . . . . . . . . . . . . . . . . . . p P + + + - - - - - - - - - - - - - 1 + 1 1 1 + + + + + + + 2 1 2 1 1 + + 1 1 - - - - - - - - 3 4 1 1 1 1 9 9 3 2 6 5 5 2 7 1 5 1 1 1 0 3 2 1 4 4 5 4 3 4 7 7 1 2 0 0 1 0 1 3 + - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 + 1 2 1 2 2 1 1 1 2 1 1 1 2 1 3 2 1 1 1 1 1 2 1 2 1 1 1 - - - - - - 4 6 1 8 8 4 9 8 5 9 2 7 1 7 5 6 1 1 9 2 7 4 6 1 3 7 0 3 1 1 7 8 8 2 7 6 7 3 y + + + - - + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 — - - - - - - 1 1 1 4 1 4 3 6 1 0 3 5 3 2 5 1 9 4 3 4 2 2 9 2 7 2 7 8 9 2 7 9 9 4 7 2 6 1 0 4 \ S M . K F T L Q W C P D D F S S S T G I G F L L S D P H M M E D K M M t n . a S p t e t t o l u a o e o i o v h u e i r r e u e u . a . . i d i a i e t i o n r n u n r e s r u a e r a p i n l i n n t t n c l t L i d L m t i t L r P n r w e p c l b s n i c n r u n n s t e a n h e v s e i i s M o n o i c o d a e h W a a o l g s a S k t p n a s a e e i e v i n u o y h u r g v t i i f u o u s s a h u a a H m a o r g i R l i B a i n - t i i a i o l n R s o p p 1 l i k i e s i p l l s 1 a s i y C 1 s a o n r e l l o o e a o t o 1 d e y u C A n J h e e c l l l p J i . n l s e i i t t 1 k i r s i s i . e » y t s e d 1 1 . i y * . . . . 1 . a . s . . . . . . . . . . . . , . . . . . , . . , P P P p P P + - - - - - - - - 1 1 1 1 1 + + 1 + - - - - - - - - - - - - - - - - 6 - - 9 9 1 0 2 4 8 5 2 6 1 5 3 6 5 4 6 7 0 2 1 8 7 9 2 7 5 6 5 0 *7 1 - - - - - - - - - - - - - - - - - - - 1 1 1 2 1 1 1 1 1 2 2 3 2 3 3 1 2 1 2 - - 2 2 2 2 2 1 2 1 6 9 1 1 1 1 1 9 2 2 7 0 0 7 4 2 5 5 1 0 3 3 0 1 5 0 3 3 0 0 2 9 6 9 7 6 7 8 5 + + 3 + + + + + + + + + + + + + + + + + + + + + + - - - + 1 3 5 1 1 5 8 1 8 5 6 6 2 2 3 2 6 4 2 8 3 9 2 4 4 7 0 0 0 0 1 1 1 5 S E S S F S S S S S S V S T F L L O H S S C D R P T Y P B E B B a S N N a B a a a h p r t l o a a o o a o u e h a o o a i a v a e o a a o n e v a n n n l n n o r n s r c a c k l r o i l k c r e a a u P k e l t s c l e s n l t e t p s k t r t g l e r e o l e i m p n s l r A e k A J i a v F a D L a r t F o a n k a u r a j a W m t n e a m o l o s B s t o s e n s r o a g e n m p n B a n n n s e o i i r R i t s f o a p 1 l x d d h n x e e k n a x a g e 1 t a i d t a n e a e o e n e e l C o o o r a e 1 g e 1 e d 1 y a n n r a c 1 l n * l n r n m s l o d t c h a i e d n t c C a a h x t i s h 1 r n s o o r i d » c i i * s d d s » t o * 1 1 c . . y i t . . . . n i o . 1 » . . . . . . . o . . . . . . . . . . p P P P P P P + - - - + - - - ( - - ( - + 1 + 1 - 1 + 1 + - - - - 1 - 1 - - - - - - - - \ 2 1 2 2 6 ) 4 - 3 5 1 4 3 4 3 4 4 2 6 5 1 1 3 1 3 ) 0 1 3 1 5 3 5 5 0 0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 2 1 2 2 1 1 2 2 2 1 2 1 1 2 2 3 3 2 2 - 2 1 1 3 2 2 1 1 2 1 3 2 1 6 2 7 8 3 1 2 5 2 6 9 1 5 6 1 0 0 6 7 7 1 4 9 4 8 3 + + + 3 3+ + + + + + + + + + + + + + + + + + + - + + - - - 1 - 1 1 2 1 2 1 1 5 7 4 2 3 6 2 1 3 2 2 3 3 7 3 6 2 6 8 6 3 7 0 1 4 Cleveland >.... -5 -14 +8 Meridian -10 -9 -1 Joplin -7 -25 +5 Columbus1 -6 -13 +4 Bristol -1 -18 -2 St. Joseph -8 -22 +2 Springfield l... -6 +3 Chattanooga *.. -15 -20 +2 Omaha -4 -12 +6 T Y o o l u e n d g o s * town >. + -2 4 -10 + + 1 8 4 N Kn as o h x v v i i l ll l e e » 1 - - 3 7 -1 -9 0 + -1 4 O Tu k l l s a a homa City - - 1 1 6 0 - -3 2 2 8 0 » Preliminary. ' Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. ;2 Data not available. 3 Seven months 1951. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities, 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 171.9 204.5 187.7 131.0 140.6 190.2 156.5 1950—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 184.5 226.2 203.1 134.7 144.2 210.7 164.3 184.6 225.7 203.6 135.1 144.0 211.8 164.6 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 Tuly 185.5 227.7 203.3 136.2 144.0 212.4 165.0 August 185.5 227.0 203.6 136.8 144.2 210.8 165.4 1 Figures in this table are the same as those previously shown under "Cost of Living" title. Series is the adjusted one 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. 1308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities "Year, month, or week m c t A o o i m e l d s l i - - F p u r a c o r t d m s - Foods Total le H p u a a r i c n t o d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a h i a u n a t t e d l i e s n l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p h u l l r s e l c o i m t a e d s d n i - - d H g n f o o i u i n o s u r h g d s - - e s - n c M e e l o i l s u a - - s m R ri a a a t l w e s - p t u f u r a c r o c t e d - s d - 1929 95.3 104.9 99.9 91.6 109 t 90.4 83.0 100.5 95.4 94 0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88 7 92 7 77 7 84 3 88 0 1931 73.0 64.8 74.6 75.0 86 1 66.3 67.5 84.5 79.2 79 3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 77 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 7? 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 8? 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 95 104.3 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 121.1 148.9 130.7 109.5 137 116.3 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 4 141.7 108.7 145.0 179.7 177 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 17? 7 153.2 120.9 172.4 156.8 1950—August 166.4 177.6 174.6 155.5 195 6 149.5 134.2 174.4 213.9 17? 5 153.9 124.3 179.1 161.2 September 169.5 180.4 177.2 159.2 703 0 158.3 134.9 176.7 219.7 178 7 159.2 127.4 181.8 164.0 October. 169 1 177.8 172.5 161.5 208 6 163 1 135 3 178.6 218.9 163 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 175.3 187.4 179.0 166.7 718 7 171.4 135.7 184.9 221.4 139 170.2 140.5 187.1 169.0 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 7 181.1 138.1 188.1 228.1 147 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 183.6 202.5 185.8 172.3 733 3 182.8 138.1 189.0 228.5 147 9 180.1 142.7 197.7 176.1 May 182.9 199.6 187.3 171.6 737 6 182.1 137.5 188.8 227.8 145 7 180.0 141.7 195.5 176.2 Tune '181.7 198.6 186.3 '170.5 730 6 '177.7 137.8 188.2 225.6 14? 3 '179.5 141.7 194.7 '175.5 July 179.5 194.0 186.0 168.7 221 9 '173.3 '137.9 188.0 223.8 139.4 178.9 138.8 '189.9 175.1 August 178.0 190.6 187.3 167.3 213 6 168.0 138.1 188.1 222.6 140.1 176.2 138.2 187.5 174.5 Week ending :i 1951—Aug. 7 177.8 192.0 188.7 166.3 169.6 137.7 188 1 223 6 1400 Aug. 14 177.2 190.9 187.4 166.1 168.5 137.8 188.1 222.3 139 9 Aug. 21 176 7 188 6 186 0 165 9 168 1 137 8 188 1 221 7 140 0 Aug. 28 176.8 188.7 187.4 165.9 168.1 137.8 188.2 221.7 140 0 Sept. 4 176 8 189 4 188 5 165 7 166.7 138 0 188 2 222 1 140 Sept. 11 . .. 176.9 189.7 189.0 165.7 166.5 138.4 188.2 222.3 140.2 Sept. 18 176 4 188 6 187 9 165 4 163 2 138 6 189 4 222 0 1404 Sept. 25 176.7 190.5 188.6 165.1 159.5 138.7 190.5 222.6 141.1 1950 1951 1950 1951 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. Farm Products: Metals and Metal Products: Grains 167.7 185.6 178.6 178.0 180.4 Agricultural mach. & eaiiin.. . 145.6 159 1 591 158.9 158 9 Livestock and poultry... 217 3 234.8 235 8 233.9 233 1 Farm machinerv 147 7 161 1 1 611 160 9 160 9 Other farm products* 155 3 181 0 180 4 173 1 166 7 Iron and 17i n 185 Q 1 85 9 185 9 185 9 Motor vehicles. . 176.1 184 1 1 84 184.6 185 0 Dairy products.... 148 0 164.9 163.4 167.5 169 0 Nonferrous metals 156 3 182 R 1 789 175 6 175 3 Cereal products. . . 154.9 163.6 162.3 162.3 169.9 Piumbiner and heatincr... 164.6 183 7 '183 182.6 184.6 Fruits and vegetables .. . 132.0 146.5 146 3 144.3 142 6Building Materials: Meats, poultry and fish.... 240.2 257.2 255.2 254.6 256.9 Brick asid tile 167.9 180.8 180 8 180.8 180.9 Other foods 154.1 160.7 160.8 158.5 161 2 Cement 135.5 147 147 147.2 147.2 Hides and Leather Prodwt f Lumber 357 6 358 8 352 '347 1 342 8 Shoes 191.4 223.8 223.3 222.4 222.1 Paint and paint materials 142.4 163 7 161 6 159.1 158.0 Hides and skins 238.2 293.8 284 3 250.7 222 1 Plumbing and heating- - - 164 fi '183 7 '183 183 6 184 6 Leather 192.3 228.2 227.5 216.8 203.4 Structural steel. 191 6 704 3 2 04 204.3 204.3 Other leather product* 151.3 180.6 180.6 180.6 180 6 Other buildim? materials. 178.7 198 198 1 198.1 198.2 Textile Products: Chemicals and Allied Products Clothing 145.2 164.0 164.0 164.8 165.3 Chemicals 121.9 145 7 '144.1 143.1 144.4 206.8 234.1 228.7 '217.9 204.8 Drugs and Pharmaceuticals. . 135.0 185 185.3 184.7 184.6 Hosiery and undentrear. 101.2 113.4 112.9 111.2 110.2 Fertilizer materiills 112.1 117.1 115.1 119.0 117.8 Silk 65.6 76.3 73.2 71.1 68 7 Mixed fertilizers 103.4 108 6 108.6 108.6 109.3 Rayon and nylon.. 41.3 43.1 43.1 43.1 43 1 Oils andfats... 142.7 181 0 161. 139.3 139.8 Woolen and worsted goods.. 157.7 244.5 '225.3 '220.4 212.3 Housefurnishing Goods: Other textile products.. 181.5 247.0 250 1 239.6 232 2 Furnishinirs 162.8 195 9 '196.3 194.6 190.2 Fuel and Lighting Materals: Furniture 144.6 16? 9 161.5 162.3 161.4 Anthracite... 142.1 151.0 152.5 153.5 154 8Mis Bituminous coal.. 192.5 195.2 '195.5 '194.6 194 6 75.0 8? 8 82.8 82.9 82.9 Coke 225 6 234 8 234 8 234 8 234 8 Cattle fe«»d 205 6 744 9 245.0 240.3 225.9 Electricity 65 5 64 7 64 7 Paper a] 163.9 196. 197.2 198.7 Gas 88.1 92.9 92 9 93.8 Rubber, 106.1 135 1 135. 106.6 106.6 Petroleum products 116.8 119.7 120.0 120.4 120.5 Other miscellane3US... 125.4 136.7 136.7 136.3 135.8 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. OCTOBER 1951 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 195C 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- Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 12.2 14.8 17.6 19.1 21.2 20.7 21.8 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.& S B t u a s t i i n s e ti s c s a l t ra d n is s c fe r r e p p a a n y cy ments -.1 .6 1. . 2 7 1. . 4 5 1. . 6 5 1. . 7 6 . . 7 3 -3.2 7 -.8 .7 -1.8 .8 .4 7 -6.4 8 -3.4 8 . . 8 5 n. . a 8 . Plus: Subsidies less current surplus of government enterprises — .1 .5 .1 .9 — .1 .0 .0 .3 .7 — .1 .2 .8 .3: Equals: National income 87.4 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 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 8 8 9.7 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .8 .7 .8 .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 1950 2 3 4 1 2 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 64.3 117.1 128.0 140.2 139.9 153.3 148.6 157.3 165.2 172.1 177.4 Wages and salaries ^ 50 2 28 8 45 7 61 7 111 .2 122.1 134.4 133.4 145.8 141.3 149.7 157.2 163.6 168.8 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.0 123.6 120.1 127.2 132.7 137.1 140.5 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.2 5.1 4.4 5.0 6.6 n.a. 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. 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 8.5 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 48.8 48.1 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 20.9 22.3 21.9 23.2 23.0 24.1 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 16.4 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 8.3 8.2 Corporate profits and inventory va|uation 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!l -.7 -2.6 -5.2 -5.8 -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. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—National Income Supplement (July 1951 edition) to the Survey of Current Business, Department of Commerce. 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q us u t a e r d t er a s nnual rates 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 * 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 -.8 5.0 -3.2 4.3 5.2 -.7 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 good 8 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 . ) ,.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 21.7 25.9 23.1 21.1 21.4 27.5 32.1 38.7 Less: Government salesa /j\ 2.7 1.3 .6 .4 .2 .2 .2 .2 .2 2 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 per- agriculincome re T c o e t i a p l ts'1 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 g s o d t d m r i u i i n t e - c y - s - D i u n t i r s t d i i t u e v ri s s e b - - S i e n t r r d v i u e ic s s e - m G er o e n v n - - t b i s u a n o f t n s o c i u c o i r a e r n - l s income5 in re c n om 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 e8 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—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 A3.2 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 June 251 0 166 4 169 9 75.2 45 6 20.3 28.8 3 5 3 8 48 0 20 0 12 8 230 1 July 252.4 167.1 170.6 74.8 46.0 20.3 29.5 3.5 3.8 49.2 19.7 12.6 230.1 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. OCTOBER 1951 1311 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 E o n r d m of o n y th ear co c T n r s o e u t d a m i l t er i c T m n r o s e e t t d n a a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans * 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 g n l 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 L.650 560 1941 8,826 5,887 3,744 1,942 1,802 M43 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 .492 3,263 510 OKI 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—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 19,126 12,904 7,270 3,934 3,336 5,634 6,222 1,392 3,744 1,086 May 19,207 12,920 7,248 3,980 3,268 5,672 6,287 1,398 3,793 1,096 June 19,256 12,955 7,234 4,041 3,193 5,721 6,301 1,399 3,804 1.098 Tulyp 19,135 12,905 7,173 4,061 3,112 5,732 6,230 1,393 3,743 1,094 August? 19,306 13,060 7,254 4,134 3,120 5,806 6,246 1,396 3,750 1,100 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - l i p S c l a m o o n a m a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n l t a o o r d n i a m a u i n e l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m I l i r n o z o e a s a a d p n u t n i e a d r s o r i e r n n d 3 - b m C a e n o r k c m s ia - * l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I c a n l t o o r n d i m a i u a e n l s - s - 2 u C n r i e o d n i s t . 1939 1.632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 >,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 . . L,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 L.119 316 364 67 59 104 86 123 639 800 151 128 201 1944 L.170 357 384 68 60 100 88 113 749 869 155 139 198 1945 .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—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 1,010 295 201 524 150 844 356 149 40 32 76 October 5,510 2,460 1,026 294 201 524 152 853 298 149 39 28 66 November. . 5,501 2,435 L,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 5,634 2,497 L.119 286 205 514 161 852 340 184 41 31 72 May 5,672 2.506 1,131 288 207 518 162 860 359 198 44 33 82 June 5,721 2,515 1,151 288 209 522 164 872 356 204 44 35 86 July? 5,732 2.492 1,167 288 211 524 166 884 339 206 44 35 76 August P. . .. 5,806 2,522 L, 181 293 216 531 167 896 391 214 49 40 90 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 August amounted to, 104 million dollars, and! other loans made during August were 14 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. 1 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1312 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Per- E y m e n o a d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t , e o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total c P ha u s r e r - e d ta D i l l i o r a e n c s t c r d h e p a i t r a u n a e s r d i c e - l t d , e o m r t a a n i n o n o iz d d n s a 1 - - i l s m c n o o a s a e n s t n n a a h a t l lhouses Outstanding at end of 1939 1,525 377 536 273 93 246 period: 1940 1,721 439 599 302 110 271 1948 3,563 570 736 751 636 870 1941 1,802 466 619 313 120 284 1949 4,416 854 915 922 781 944 1942 1,135 252 440 188 76 179 1950 5,645 1,143 1,223 1,267 905 1,107 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 3 5 4 6 7 9 8 2 3 1 1 , , , , 1 9 5 0 6 7 7 0 3 6 9 9 0 1 4 5 1 7 7 5 6 1,0 3 6 8 1 1 1 1 3 7 7 5 8 9 0 7 2 4 0 3 8 2 2 2 3 9 5 7 9 8 8 9 3 8 5 6 6 9 3 5 7 0 2 3 5 1 5 4 8 5 0 7 1 0 9 7 1 0 8 8 1 1 1 5 5 5 8 4 6 5 7 6 7 9 4 3 2 3 4 4 1 1 1 1 0 0 1 8 0 1 7 5 4 1 8 9 3 4 1950— A O S N D Ju e u c e o l p t g c y v o t e u e b e m s m e m t r b b b e e e r. r r . . . . . . . . 5 5 5 5 5 5 , , , , , , 2 4 6 6 7 6 9 6 8 9 2 4 1 1 5 3 6 5 , , , , , , 1 1 1 1 1 1 1 7 4 4 5 8 0 7 3 3 9 0 , , , , , , 2 1 2 2 2 2 5 2 5 1 5 3 1 3 8 7 4 4 1, , , , , , 1 2 2 1 2 2 1 8 6 7 5 6 2 2 7 8 8 1 8 8 8 9 9 5 9 7 0 0 1 1 2 5 7 1 1 1 1 1 1 , , , , , , 1 1 1 0 0 1 0 0 0 6 8 0 7 5 8 0 3 0 , 1950 3,778 1,245 1,029 710 7<4 1951—January 5,610 ,116 ,219 ,268 890 1,117 February.... 5,530 ,096 ,222 ,217 877 1,118, 1950 March 5,516 ,079 ,232 ,190 874 1,141 July 3,349 1,081 976 597 695 April 5,490 1,072 ,242 ,153 875 1,148, August.... 3,506 1,123 998 658 727 May 5,489 1,083 ,248 1,123 882 1,153 September 3,645 1,159 1,028 702 756 June 5,481 1,090 ,246 1,098 883 1,164 October. . . 3,652 1,170 1,019 705 758 July? 5,430 1,086 1,230 1,068 886 1,160 November. 3,630 1,172 1,003 702 753 August? 5,471 1,096 1,241 1,057 900 1,177 December. 3,778 1,245 1,029 710 794 Volume extended dur- 1951 ing month: January... 3,638 1,201 982 694 761 1950—July 789 174 191 167 80 177 February.. 3,531 1,162 956 677 736 August 799 157 190 187 82 183 March. . . . 3,422 1,133 924 655 710 September... 782 152 174 211 75 170, April 3,336 1,103 905 636 692 October 647 123 132 166 71 155 May . 3,268 1,084 890 616 678 November... 517 91 101 124 55 146. June 3,193 1,055 874 602 662 December. . . 562 94 117 141 48 162 July? 3,112 1,022 854 590 646 1951—January 606 98 137 147 47 177 August?.. . 3,120 1,020 857 596 647 February.... 536 93 132 117 41 153; March 638 109 160 123 51 195 April 625 118 153 125 56 173 May 683 140 166 132 65 180. June 666 143 160 115 64 184 July? 642 137 150 115 62 178 August? 740 161 188 1-3-2 70 189* 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 instal- Auto- ization cash Year or month Total modern- ment mobile Other loans 1 2 loans m A o u b to il - e Other l i o z a a n ti s o x n a l c o a a s n h s. Outstanding at end Outstanding at end of period: of period: 1 1 1 9 9 9 5 4 4 0 9 8 3 2 3 4 8 9 3 6 1 . . . 2 2 0 1 6 9 1 6 3 8 . . . 6 6 5 4 6 7 3 3 9 . . . 4 1 7 5 5 5 1 5 4 . . . 7 4 9 1 1 1 2 3 3 4 1 7 . . . 5 1 9 1 1 1 9 9 9 4 4 5 8 9 0 2 1 1 2 9 7 6 4 7 . . . 9 7 1 3 4 5 3 8 7 . . . 5 3 9 2 3 4 3 1 1 . . . 7 1 4 5 6 7 . . . 5 0 3 1 1 1 1 2 1 3 0 0 . . . 3 6 1 « 1950— D S O A N Ju e e o u c l p c t v y g t o e e u e m b m m s e t b b . b r e e e . . r . r r . . . . . 3 3 3 3 3 3 9 9 8 9 9 8 2 1 0 6 5 9 . . . . . . 9 4 4 6 0 8 1 1 1 1 1 1 1 1 1 2 2 2 9 8 5 1 0 1 . . . . . . 6 4 5 8 9 5 8 7 7 7 7 7 0 9 3 6 9 9 . . . . . . 2 7 4 3 9 3 5 5 5 5 5 5 4 5 5 4 6 6 . . . . . . 9 7 5 9 1 1 1 1 1 1 1 1 3 3 3 3 3 3 8 7 6 6 7 9 . . . . . . 7 7 3 7 9 1 1950— S D A O N Ju e e u c o l p t c g y v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 2 2 2 2 2 2 1 1 2 2 2 2 9 4 3 3 6 4 . . . . . . 9 3 3 9 8 0 5 5 5 5 5 5 4 7 5 7 7 7 . . . . . . 8 2 9 3 4 9 3 3 4 4 4 4 5 9 0 1 1 1 . . . . . . 2 9 9 7 1 1 7 7 7 7 7 7 . . . . . . 2 3 4 3 3 3 1 1 1 1 1 1 1 1 1 1 1 2 7 6 7 7 8 0 . . . . . . 8 4 5 6 1 6 * , , , 1951— A J A J F M M J u u e a p u n a l a b n r g y y e i r r u * l u c u a s h a r t y r . ? . y . . . . . . . . . . 3 3 3 3 3 3 3 3 8 8 8 8 8 8 9 8 6 2 2 2 4 1 5 5 . . . . . . . . 9 5 5 7 7 4 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 7 6 6 6 0 9 8 3 . . . . . . . . 2 5 4 2 9 6 0 1 7 7 7 7 7 7 7 7 8 7 5 6 2 4 0 1 . . . . . . . . 4 4 4 3 2 9 7 6 5 5 5 5 5 5 5 5 2 3 2 1 2 2 3 2 . . . . . . . . 4 6 0 8 6 7 3 9 1 1 1 1 1 1 1 1 3 3 3 3 3 3 4 4 7 7 5 9 9 9 1 3 . . . . . . . . 7 7 8 9 9 1 3 3 1951— A A F J J M M J u u e p a u a n a l b r n y g y r e i r c u ? l u u h a s a r t r y ? y . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 3 3 4 3 5 6 5 8 2 0 0 5 . . . . . . . . 6 9 1 1 6 6 9 4 5 5 5 5 5 5 6 6 6 6 7 7 9 9 3 0 . . . . . . . . 8 8 1 2 8 2 8 5 4 4 4 4 3 3 4 4 0 0 0 0 9 9 0 2 . . . . . . . . 2 8 0 5 6 8 8 0 6 7 7 7 7 7 7 T . . . . . . . . 9 2 0 2 1 1 0 0 . 1 1 1 1 1 1 1 1 2 . 2 2 2 2 2 2 2 0 3 2 8 1 4 5 7 . . . . . a . . . 9 4 3 5 8 1 0 , * ; ; Volume extended Volume extended during month: during month: 1950— D S A O N Ju e e u o c l p c y t g v t o e e u e m b m m s e t b . b b r e e e . . r . r r . . . . . 5 5 4 4 3 4 0 7 2 3 7 0 . . . . . . 5 2 7 5 2 3 1 1 1 1 9 8 6 5 3 1 . . . . . . 7 1 2 4 7 3 1 1 8 9 8 7 1 0 . . . . . . 9 6 0 6 0 5 3 4 3 3 2 3 . . . . . . 9 9 9 1 6 0 2 2 2 1 1 1 1 2 0 8 7 9 . . . . . . 2 5 6 7 9 1 1950— S D A O N Ju e u e o c l p c g y v t t o e u e e m b s m m t e b b b r e e e .. r r r . . . . . . . . 3 3 2 3 2 3 4 7 2 5 9 0 . . . . . . 8 5 4 8 3 4 9 6 8 6 6 7 . . . . . . 1 1 1 8 3 5 5 6 3 3 4 7 . . . . . . 7 9 0 8 9 3 0 0 0 0 0 0 . , . . . . 5 5 4 4 4 3 1 1 1 1 1 1 7 9 9 8 9 7 . . . . . . 2 5 6 9 9 1 > ; . . . 1951— A F A J J M M J u u e p a u n l a a b n r g y y e i r r u p l u c u a s h a r t r y . ? y . . . . . . . . . . . 4 3 4 4 4 4 4 5 2 8 4 8 8 9 6 8 . . . . . . . . 2 3 9 5 8 3 8 4 1 1 1 1 1 1 1 1 0 0 5 5 3 4 2 9 . . . . . . . . 6 2 6 8 9 4 4 1 1 8 7 8 8 7 7 7 0 . . . . . . . . 2 2 5 3 8 8 6 4 2 3 3 3 3 4 2 3 . . . . . . . . 9 8 3 5 0 8 3 5 2 2 2 2 2 2 2 1 0 2 1 0 4 2 2 8 . . . . . . . . 2 7 5 9 1 0 9 0 1951— A A J F J M M J u u e p u a l a a n b r n y g y r e i r p c u l u u h a s a r t r y ? y . . . . . . . . . . . 2 2 3 3 3 3 3 4 2 7 9 6 4 5 4 2 . . . . . . . 9 1 1 8 9 3 0 A 1 6 6 8 9 7 7 8 1 . . . . . . . . 4 8 8 0 4 4 9 5 4 4 4 3 4 4 5 . . . . . . . 2 4 9 9 2 8 3 0 0 0 0 0 0 0 0 . . . . . . . . 4 3 3 5 5 4 5 6 2 2 2 2 2 1 1 2 1 1 0 1 3 1 7 7 . . . . . . . . 6 3 2 7 6 3 7 * p Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. 1313, OCTOBER 1951 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 > Pe fr r o c m en ta p g re e c e c d h i a n n g ge f m P ro e o m r n c t e h c n o t o a r f r g e e p s r p c e o h c n e a d d n i i g n n e g g Instalment accounts a C cc h o ar u g n e ts month year Year or month Item 1 A 95 u 1 g P . J 1 u 95 ly 1 J 1 u 9 n 5 e 1 1 A 9 u 51 g P . J 1 u 9 l 5 y 1 J 1 u 9 n 5 e 1 D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1950 Total +20 -10 -5 -15 -23 -5 July 17 11 11 49 Cash sales +9 -9 -1 -13 -9 + 10 August 18 11 11 50 Credit sales: September 18 11 10 51 Instalment +28 -11 -2 -15 -29 -9 October 18 11 11 51 Charge account +21 -9 -8 -16 -18 +4 N D o ec v e e m m b b e e r r 1 1 7 8 1 1 0 1 1 1 0 0 4 5 9 1 Accounts receivable, end of month: 1951 Total + 1 -3 -2 -10 -8 -2 January 19 10 12 50 Instalment 0 -3 -2 -9 -9 February 17 10 11 46 March 19 11 12 50 Collections during April 18 11 11 47 month: May 18 11 11 49 Total . . +4 -6 -1 -3 0 + 10 June 19 11 12 49 Instalment +3 -6 +2 -4 -1 +6 A Ju u ly gust? 1 1 9 8 1 1 1 2 1 1 2 2 4 4 6 8 Inventories, end of month, at retail value. 3 -4 -5 + 16 +29 +31 * 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 Sales during month Accounts receivable Collections during Year or month at end of month month Cash I m ns e t n a t l- a C c h c a o r u g n e t 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 al t - a C c h c a o r u g n e t Instal- a C c h c a o r u g n e t sales sales Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 200 212 165 196 200 224 51 8 41 1950 220 213 247 223 233 210 250 237 48 10 42 1950—July 183 172 261 180 230 184 229 216 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 44 June 207 208 188 211 226 218 275 245 50 42 July 162 163 165 160 215 195 253 228 50 9 41 August P 196 191 230 195 215 197 259 211 48 11 41 p Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1305. 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK BANK CREDIT, MONEY RATES, AND BUSINESS • 1951 1951 Chart Chart book book page Aug. Sept. Sept. Sept. Sept. page Aug. Sept. Sept. Sept. Sept. 29 12 19 26i 29 12 19 WEEKLY FIGURES2 In billions of dollars WEEKLY FIGURES 2—Cont. Per cent per annum RESERVE BANK CREDIT, ETC. MONEY RATES, ETC. Reserve Bank credit, total 2 24.00 24.01 24.38 24.78 24.68 U. S. Govt. securities: U. S. Govt. securities, total. 3 23.07 23.08 23.11 23.14 23.47 Bills 3 .56 .57 .60 .63 .83 Bills (new issues) 23 1.645 1.646 1646 1.644 1.647 Notes and certificates.... 3 16.69 16.69 16.69 16.69 16.83 9-12 months 23 1.68 1.68 1.69 1.71 1.74 Bonds.. 3 5.82 5.82 5.82 5.82 5.82 3-5 years 23 1.87 1.89 1.91 1.93 1.98 Gold stock 2 21.80 21.85 21.85 21.93 22.01 Money in circulation 2 28.03 28.26 28.22 28.14 28.14 15 years or more 23, 25 2.55 2.54 2.55 2.55 2.58 Treasury cash and deposits... 2 1.85 1.71 1.77 1.76 2.10 orporate bonds: Member bank reserves: Aaa 25 2.85 2.84 2.84 2.83 2.83 Total (Wed.) 18.87 18.83 19.17 19.84 19.37 Total (weekly average): Baa 25 3.49 3.48 3.45 3.45 3.45 New York City 4 4.93 4.91 4.92 5.09 5.10 High-grade municipal bonds... 25 2.02 2.02 2.02 2.06 2.08 Chicago 4 1.29 1.29 1.29 1.32 1.33 Reserve city banks 4 7.46 7.46 7.48 7.57 7.55 Country banks 4 5.36 5.40 5.56 5.65 5.54 In unit indicated Required reserves (Wed.). . . 18.49P18.39P18.51P18.79 "18.81 Required reserves (weekly average): Stock prices (1935-39 =100): New York City 4 4.92 4.91 4.92 5.07 Total 27 184 187 189 188 186 C R h es ic e a rv g e o city banks 4 4 7 1 . . 3 3 3 0 7 1 . . 3 3 0 0 7 1 . . 3 2 3 9 7 1 . . 4 3 1 2 7 1 . . 4 3 2 3 Industrial 27 201 204 207 206 204 Country banks 4 4.92 4.93 4.95 P4.96 4.95 Railroad 27 149 149 152 153 156 Excess reserves: Public utility 27 115 116 117 115 115 A N l e l w m Y em or b k e r C e ity .57 ( . 4) 63 -. . 0 7 1 5 P. . 8 0 7 3 - P . . 0 7 1 1 Volume of trading (mill, shares) 27 1.47 1.86 2.19 2.04 1.57 Chicago PRODUCTION AND DISTRIBUTION Reserve city banks .13 .15 .15 .16 .13 Country banks" .44 .48 .61 P. 69 P.58 Production: Borrowings: Steel (thous. tons) 66 1,995 1,965 1,999 2,023 2,041 A N l e l w m Y em or b k e r City . .0 3 4 4 . . 4 0 6 9 . . 4 0 6 9 . . 3 0 3 9 .20 Automobiles (thous. cars)... 66 132 97 128 129 106 Chicago .01 .03 .01 (3) () Crude petroleum Reserve city banks .23 .29 .29 .19 .16 (thous. bbls.) 67 6,151 6,199 6,203 6,218 6,223 Country banks .06 .06 .08 .05 .04 Bituminous coal (mill. tons). 67 1.77 1.85 1.81 1.82 1.84 MEMBER BANKS IN LEADING CITIES Paperboard (thous. tons)... 68 217 161 223 214 218 All reporting banks: Meat (mill, lbs.) 68 r284 268 312 306 310 Loans and investments 14 70.49 70.37 70.73 71.60 71.41 Electric power (mill. kw. hrs.) 70 7,146 6,795 7,137 7,014 7,102 U. S. Govt. securities, total. 14 30.93 30.77 30.72 31.33 31.21 Freight carloadings(thous. cars): N Bo o n te d s s and certificates.... 1 1 6 6 1 8 9 . .4 8 9 5 1 8 9. . 4 8 9 4 1 8 9 . .5 8 0 6 1 9 9 . . 1 20 8 1 9 9 . . 1 1 4 4 Total 69 829 733 851 864 865 Bills 16 2.59 2.44 2.37 2.96 2.93 Miscellaneous 69 394 343 403 411 415 Other securities 18 6.64 6.61 6.62 6.73 6.71 Department store sales D U. e m S. a G nd o v d t e . p d o e s p it o s s i a t d s justed.. 1 1 4 4 5 2 0 . . 7 9 5 8 5 2 0 . . 2 58 3 51 1 . . 4 6 2 9 5 2 1. . 3 9 6 8 5 3 0 . . 8 5 9 3 (1935-39=100) 70 303 289 329 321 328 Loans, total 14 32.92 33.00 33.38 33.54 33.48 PRICES Commercial 18 19.50 19.59 19.84 19.94 20.08 Real estate 18 5.58 5.58 5.59 5.60 5.61 Wholesale prices: For purchasing securities: Indexes (1926=100): T U o . t S al . Govt. securities.. 1 1 8 8 1. . 8 4 7 0 1. . 9 4 0 3 2. . 0 4 0 9 2. . 0 4 3 8 1. . 9 4 3 2 Total 75 176.8 176.8 176.9 176.4 176.7 Other securities. 18 1.47 1.47 1.52 1.54 1.51 Farm products 75 188.7 189.4 189.7 188.6 190.5 Other 18 '5.91 5.94 5.96 5.92 5.92 Foods 75 187.4 188.5 189.0 187.9 188.6 New York City banks: Other commodities 75 165.9 165.7 165.7 165.4 165.1 Loans and investments 15 19.83 19.70 19.87 20.35 20.25 Basic commodities U. S. Govt. securities, total. 15 7.72 7.60 7.55 7.83 7 Bonds, total holdings.... 17 5.28 5.28 5.29 5.15 5.13 (Aug. 1939=100): Due or callable—5 years 17 3.94 3.94 3.95 4.61 4.59 Total 77 323.8 323.9 324.0 324.1 327.7 Notes and certificates 17 1.78 1.79 1.80 1.91 1.91 Foodstuffs 7 367.7 366.6 367.6 366.7 368.0 Bills 17 .66 .53 .47 .77 .78 Demand deposits adjusted.. 15 15.62 15.52 15.80 15.90 15.47 Industrial materials 7 304.7 305.0 304.1 305.2 310.4 U. S. Govt. deposits 15 .71 .56 .43 .95 1.37 Selected materials: Interbank deposits 15 3.94 4.09 4.21 4.26 4.12 Rubber (cents per lb.) 78 52.0 52.0 52.0 52.0 52.0 Time deposits 15 1.50 1.48 1.49 1.49 1.52 Loans, total 15 10.13 10.15 10.35 10.50 10.42 Hides (cents per lb.) 78 30.3 30.4 31.4 33.8 33.8 Commercial 19 6.97 7.02 7.13 7.19 7.25 Steel scrap (dollars per ton) 78 43.0 43.0 43.0 43.0 43.0 For purchasing securities: Copper (cents per lb.).... 78 24.5 24.5 24.5 24.5 24.5 To brokers: On U. S. Govts 19 .22 .26 .31 .30 .25 Cotton (cents per lb.) 78 34.5 34.2 34.5 35.1 36.5 On other securities... 191 .69 .69 .71 .76 .74 Print cloth (cents per yd.). 78 15.2 15.2 15.1 15.0 15.1 To others 19 .25 .25 .26 .26 .25 Wool tops (cents per lb.).. 78 228.6 214.9 200.6 187.8 201.8 Real estate and other 19 j 1.83 1.83 1.86 1.85 1.84 Wool (cents per lb.) 78 205.0 185.0 185.0 160.0 160.0 Banks outside New York City: Loans and investments 15 50.66 50.68 50.86 51.26 51.16 Selected foodstuffs: U. S. Govt. securities, total.. 15 23.21 23.17 23.17 23.50 23.40 Winter wheat (cents per Bonds 17 14.20 14.21 14.21 14.05 14.01 bu.) 232.8 234.1 237.1 236.8 237.2 N Bi o ll t s e s and certificates 1 1 7 7 7 1 . . 0 9 7 4 7 1 . .9 0 1 5 7 1 . . 0 9 6 0 2 7 . . 1 2 9 6 2 7 . . 1 2 6 3 Corn (cents per bu.) 79 179.6 181.0 183.1 177.8 180.1 Demand deposits adjusted.. 15 35.35 35.06 35.62 35.46 35.06 Steers (dollars per 100 lbs.) 79 36.03 36.13 36.23 36.73 36.53 U. S. Govt. deposits 15 2.04 1.66 1.27 2.03 2.52 Hogs (dollars per 100 lbs.) 79 21.51 21.03 20.69 20.89 21.25 T In im te e rb d a e n p k o s d i e ts p osits 1 1 5 5 1 6 4 . . 8 0 6 0 1 7 4. . 0 3 1 2 1 7 3 . . 7 99 1 1 7 4. . 0 6 1 0 1 7 4 . . 2 0 2 2 Cows (dollars per 100 lbs.) 79 24.38 24.38 24.43 24.83 24.90 Loans, total 15 22.79 22.85 23.03 23.04 23.06 Coffee (cents per lb.) 79 53.8 53.9 54.4 54.5 54.5 Commercial 19 12.53 12.57 12.71 12.75 12.83 Cocoa (cents per lb.) 7 35.6 35.2 34.7 33.3 32.6 F R o e r a l p e u s r t c a h te a sing securities. 1 1 9 9 5. . 0 7 8 0 5. . 0 7 7 0 5. . 0 7 7 2 5. . 0 7 8 1 5. . 0 6 8 9 Butter (cents per lb.) 79 66.6 65.9 66.4 67.3 68.3 Other 19 '4.58 4.62 4.61 4.59 4.60 Eggs (cents per doz.) 79 54.0 54.0 54.2 54.5 53.0 For footnotes see p. 1319. OCTOBER 1951 1315 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 June July Aug.1 page June July Aug.1 In billions of dollars Per cent per annum MONTHLY FIGURES MONTHLY FIGURES—Cont. DEPOSITS AND CURRENCY MONEY RATES, ETC. D M e o T T T U D C p n o i o . u o e m e t t r m s S y a a r i e . l l e t a s i n G d n d d n c a d e e e o y n c p p p v i d d o o o r t o e s s . c s u c i p i i u d t t t t u o s s l s s e a r s i a p r a t d i a i e d t o d n e o s n j s j d n u u c i b a , t s s y d a s c t t t : n j e u e o u • d k d r t s r s a t e a l e n n d c d y c urrency 6 6 7 6 6 6 6 1 1 2 5 2 8 8 7 6 7 9 5 8 1 4 . . . . . . . 6 8 9 7 9 3 6 5 1 5 8 6 3 8 P P1 1 P P P 2 9 7 8 6 P 2 5 0 5 0 7 0 5 . . . . . . .8 8 8 7 0 1 1 5 0 0 0 0 0 0 P P P P P 1 1 2 7 P 6 8 9 2 7 0 8 4 1 1 5 . . . O . . . . 4 1 6 6 4 3 0 O 5 0 0 0 0 T F C C i . r t o o o A e B R r m c a p a a k . s a a o m u B r y r e a y i a r t e c n e l i b k d a b i l s l d o l : p s i n s a d ( c p n s o e e : u r w n t i s r s a u t e e s ) 2 2 2 2 2 2 2 2 2 2 1 3 2 . 2 1 . 4 . . . 3 9 4 7 9 1 9 9 5 4 1 3 2 2 1 . . . . . 5 3 5 7 9 9 1 3 5 4 3 1 3 2 2 . 1 6 . . . . 4 7 5 2 8 4 5 1 6 8 $ C B 1 o il 0 i l n s a s o n , f d $ $ 1 $ 5 , 2 0 $ 0 2 a b , n i a d ll n s d o v $ e 5 r bills 7 7 7 1 4 8 4 . . . 7 2 7 5 9 8 1 4 8 4. . . 8 7 2 1 5 9 1 4 8 5 . . . 3 8 0 4 0 1 Di P C v r i o d e m f e e n m r d r o e s n d /p s s r t i t o c o c e c k k r atio: 2 2 6 6 4 6 . .7 1 9 7 6 4 . . 3 2 8 0 5 4 . . 9 1 8 3 Annual rate In unit indicated Turnover of demand deposits: 6 New York City 8 33.1 31.4 30.7 Other leading cities 8 22.0 21.3 21.7 Margin requirements (per cent) 28 75 75 75 Stock prices (1935-39 = 100), total... 28 172 173 182 In billions of dollars Volume of trading (mill, shares) 28 1.30 1.33 1.46 COMMERCIAL BANKS Stock market credit (mill, dollars): L C o a U L a sh n o . s a S a n . a s s s n G e « d t o . s . i v . e n t . v e se st c m ur e i n ti t e s s , • t otale 9 9 9 9 1 2 5 5 2 4 9 8 6 . . . . 8 5 9 0 2 2 8 5 P P 1 J» 2 3 5 5 6 0 4 8 . . . . 1 9 6 7 0 0 0 0 P P P P 12 3 5 5 7 0 5 9 .O . . . 5 2 1 O 0 0 0 M C C B u u a o n s s n t t k e o o y m m lo e e b a r r o n s s s r ' ' r o f d r w e e b e e i d t c r b e a d l i a t n b ce a s la nces 28, 2 2 2 2 9 9 9 8 1, 8 2 6 6 7 0 3 8 5 3 4 0 1,2 5 6 8 6 2 7 7 6 5 9 2 1, 5 6 8 26 6 1 2 0 7 6 4 Other securitiese 9 12.70 P12.80 P12.70 Holdings of U. S. Govt. securities: Within 1 year: In billions of dollars Total 10 21.61 Bills 10 3.75 Certificates 10 2.75 GOVERNMENT FINANCE Notes and bonds 10 15.10 Ov T N e o r o t t 1 a e l s y a e n a d r: bonds (1-5 yrs.) 1 1 0 0 2 20 9 . . 8 9 5 1 Gr T os o s B t a o d l n e ( d b d s t i r o ( e m f c t t a h r a e k n e d U t a . g b S u le a . r G i a s n s o u t v e e e e s r d ) n ) ment: 3 3 0 0 25 7 5 8 . . 2 9 5 9 25 7 5 8 . . 6 9 9 8 25 7 6 8 . .9 6 8 8 B B o o n n d d s s ( (o 5 v -1 e 0 r 1 y 0 rs . y ) r s.) 1 1 0 0 6 2 . . 2 7 8 8 N S S a p o v e t c i e n i s a g , l s c i e b s r s o t u i n f e d i s c s a , t s e a s v , i a n n g d s n bi o ll t s e s.... 3 3 3 0 0 0 3 6 5 4 5 8 . . . 3 6 9 9 5 3 3 6 6 4 5 0 . . . 7 4 3 1 6 0 3 6 6 5 5 0 . . . 1 5 7 5 5 6 MEMBER BANKS Investment bonds, guaranteed All member banks: debt., etc 30 17.29 16.24 16.24 T L D R B B i o e a a e m L O U a s l l m a a e o n e . t n n r h a s a S v c c d n e n e a e e . r d e s s s s n p G s d d o d d e o e s u c u i v i p u n e e t t o s r v . f i t s e o t r s i i o s e t e s t m b c s m u a a r n e d b i n k j t a i u s t n e s s s k , t e s t d o t • a l 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 1 4 4 2 7 1 1 0 1 7 9 5 9 6 0 1 6 9 . . . . . . . . . 0 5 1 9 2 5 8 0 3 7 1 2 5 5 2 4 8 1 1 '7 4 4 3 1 1 0 1 7 5 6 0 9 0 1 6 9 . . . . . . . . . 1 7 1 6 2 6 4 5 2 7 6 2 6 1 4 4 0 3 1 4 4 3 7 1 1 1 0 7 5 9 0 7 9 0 1 7 . . . . . . . . . 8 1 4 3 1 6 5 8 2 4 7 9 0 7 2 5 1 8 Ow T n o S e C F F M I C I t n n r . a t e o o s a s u d l d h m R r : u t t i . p e i u v r . p m o a a a i a B g d n r e l o n a e c r u a f d s c t n e n a a i i c U o k l a v l c i s o s n l e . i o e n c s s b m S a g e a . l a s p n n G g a b k d n o o a s i v « v n t e r t s t k s u . s . e s « s t e e c fu u n ri d ti s e . s . : . 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 ' 4 2 2 6 1 1 5 0 0 2 5 8 7 0 8. . . . . . . . 9 5 9 9 0 8 2 0 8 0 6 0 0 0 0 0 5 4 2 6 2 1 1 8 1 3 5 1 8 6 0 . . . . . . . . 0 0 0 9 8 0 9 2 5 0 8 0 0 0 0 0 4 2 1 3 . . 4 1 9 3 Central reserve city banks: Miscellaneous e 31 10.90 10.90 Loans and investments, total 12 26.27 25.42 25.48 Marketable public issues: Loans 12 12.51 12.32 12.46 By class of security: U. S. Govt. securities 12 11.32 10.57 10.49 Bills—Total outstanding 32 13.61 14.41 15.01 Other securities 12 2.44 2.53 2.53 Commercial bank and F. R. Demand deposits adjusted« 12 19.34 19.42 19.63 Bank 32 4.28 4.61 Time deposits 12 3.02 3.00 3.02 F. R. Bank 32 53 .57 "!o2 Balances due to banks 12 5.01 5.01 4.96 Notes and certificates—Total Reserves 12 6.53 6.32 6.22 outstanding 32 45.31 45.88 45.75 Reserve city banks: Commercial bank and F. R. Loans and investments, total 13 40.05 40.43 40.80 Bank 32 32.09 33.09 Loans 13 18.67 18.52 18.79 F. R. Bank 32 15.63 16.69 16.69 U. S. Govt. securities 13 17.62 18.17 18.2 Bonds—Total outstanding 32 78.99 78.98 78.98 Other securities 13 3.76 3.74 3.73 Nonbank (unrestricted issues Demand deposits adjusted • 13 27.19 27.74 27.90 only), commercial bank, Time deposits 13 11. 11.94 12.01 and F. R. Bank 32 46.16 46.16 Balances due to banks 13 5.16 5.45 5.60 Commercial bank and F. R. Balances due from banks 13 1.82 1.83 1.82 Bank 32 35.41 35.41 Reserves 13 7.40 7.44 7.48 F. R. Bank 32 4 11 4.11 4.11 Country banks: By earliest callable or due date: Loans and investments, total 13 40.52 40.65 41.01 Within 1 year-Total outstanding 33 6086 61.22 61.69 Loans 13 15.89 15.82 15.92 Commercial bank and F. R. U. S. Govt. securities 13 20.31 20.47 20.73 Bank 33 3556 35.78 Other securities 13 4.32 4.36 4.35 F. R. Bank 33 1396 14.06 14.11 Demand deposits adjusted • 13 29.60 30.08 30.28 1-5 years—Total outstanding. 33 3102 32.02 32.03 Time deposits 13 15.07 15.18 15.28 Commercial bank and F. R. Balances due from banks 13 3.51 3.78 3.87 Bank 33 2473 25.84 Reserves 13 5.38 5.47 5.4 F. R. Bank 33 3 88 4.88 4.88 5-10 years—Total outstanding 33 1601 16.01 16.01 LENDING INSTITUTIONS OTHER THAN Nonbank (unrestricted issues COMMERCIAL BANKS only), commercial bank, Mutual savings banks: • and F. R. Bank 33 858 8.58 Total assets 20 22.83 22.92 23.02 Commercial Bank and F. R. U. S. Govt. securities 20 10.23 10.1 10.13 Bank 33 731 7.32 Real estate mortgages 20 8.90 9.04 9.19 F. R. Bank 33 103 1.03 1.03 Other securities 20 2.48 2.51 2.52 Over 10 years—Total outstand- Other assets 20 1.23 1.20 1.18 ing 33 3002 30.02 30.02 Life insurance companies: Nonbank (unrestricted issues Total assets 20 65.73 66.13 only), commercial bank, Business securities 20 25.81 25.99 and F. R. Bank 33 4 62 4.62 Real estate mortgages 20 18.05 18.29 Commercial bank and F. R. U. S. Govt. securities 20 11.79 11.73 Bank 33 4 18 4.18 Other assets 20 10.08 10.11 F. R. Bank 33 140 1.40 1.40 For footnotes see p. 1319 1316 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 June July Aug. page June July Aug.x In millions of dollars In unit indicated MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. PRODUCTION AND DISTRIBUTION GOVERNMENT FINANCE—Coilt. Industrial production: 5 Sales and redemptions of U. S. savings Total (1935-39 =100) 56, 57 '221 212 P218 securities: Points in total index: Sa S R N vi a e e n l d t e g e s s s m a n l p e o t s t i e o o s n r : s r edemptions 3 3 3 4 4 4 2 2 - , , 3 5 8 4 4 8 1 1 2 + 4 5 1 1 2 0 8 4 6 + 3 2 1 4 1 2 4 9 5 Ind N D M e o u x in n r e a e d s b r u a l ( r e l 1 a s 9 b m 3 le a 5 n - m u 3 f 9 a a n = c u 1 tu 0 f r a 0 e c ) s : t ures.... 5 5 5 6 6 6 1 ' ' 0 2 9 4 5 2 . . . 1 1 2 1 2 8 0 3 7 0 . . . 8 8 8 P P l P 2 O 9 5 l O . . . 1 7 9 Savings bonds: Durable manufactures 57 '274 266 P269 All S R a s e l e d e r e s ie m s: ptions 3 3 4 4 2 43 9 9 0 3 4 1 4 1 4 3 3 1 9 4 8 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 5 7 1 1 8 5 7 6 P P1 1 6 9 5 4 Net sales or redemptions 34 -149 -133 -84 (1935-39=100): Ser S i a e l s e s A -E: 35 244 258 267 N St o e n el f errous metals 5 5 8 8 2 2 2 9 1 6 2 29 2 3 0 P2 2 1 9 2 1 Redemptions 35 P329 P320 P301 Cement 58 235 226 222 Net sales or redemptions 35 p-85 P-62 P-34 Lumber 58 147 131 137 Se S R ri a e e l s d e e s F m a p n ti d o n G s : 3 3 5 5 P1 4 09 6 Pi 5 23 3 P 4 9 6 8 Se T M le 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 0 3 8 8 3 29 2 9 7 P P3 3 3 0 2 8 Net sales or redemptions 35 P-63 P-70 P-52 (1935-39=100): Apparel wool consumption 59 153 117 133 Cotton consumption 59 157 123 145 In billions of dollars Paperboard 59 247 217 224 Newsprint consumption 59 163 166 164 Cash income and outgo Fuel oil 59 215 213 P212 Cash income 36 7.37 2.85 4.60 Gasoline 59 212 211 P212 Cash outgo 36 5.22 4.84 5.5 Industrial chemicals 59 548 553 P558 Excess of cash income or outgo.... 36 +2.14 -1.99 -.97 Rayon 59 385 393 P394 Sales, inventories, and new orders: Sales (bill, dollars):« CONSUMER FINANCE Manufacturers', total. 60 22.8 21.6 P22.7 Durable. 60 10.7 9.7 P10.4 Consumer credit, total« 45 19.26 P19.14 P19.31 Nondurable. 60 12.1 11.9 P12.2 Single-payment loans 45 1.40 PI.39 PI.40 Wholesale, total. 61 '9.7 9.1 P9.8 Charge accounts 45 3.80 P3. 74 P3.7 Durable 61 2.4 2.3 P2.5 Service credit 45 1.10 Pl.09 PI. 10 Nondurable 61 '7.3 6.8 P7.3 Instalment credit, total 45, 46 12.96 P12.91 P13.06 Retail, total 61 11.9 11.8 P12.1 Instalment loans 46 5.72 P5.73 P5.81 Durable 61 3.9 3.7 P3.8 Instalment sale credit, total 46 7.23 P7.17 P7.25 Nondurable 61 8.0 8.1 P8.2 Automobile 46 4.04 P4.06 P4.1 Inventories (bill, dollars):5 Other 46 3.19 P3.11 P3.12 Manufacturers', total 60 40.0 40.4 P41.1 Durable 60 19.0 19.5 P20.2 PERSONAL INCOME Nondurable 60 21.0 20.9 P20.9 Trade: Personal income (annual rates):8 Total 61 30.6 30.2 P29.3 Total 52 251.0 r252.4 254.4 Durable 61 '12.5 12.3 Pll.7 Wage and salary receipts 52 166.4 '167.1 167.8 Nondurable 61 '18.2 17.9 P17.5 Proprietors' income, dividends, and Wholesale 61 11.9 11.7 Pll.5 interest 52 68.0 r68.9 70.1 Retail 61 18.7 18.4 P17.8 All other 52 16.6 16.4 16. New orders (bill, dollars): Manufacturers', total 60 23.2 21.0 P22.6 Durable 60 12.0 10.4 P10.8 Nondurable 60 11.2 10.5 Pll.8 In unit indicated Construction contracts (3 mo. moving EMPLOYMENT avg., mill, dollars):5 Total 62 1,534 1,241 1,195 Labor force (mill, persons):« Residential 62 532 548 537 Civilian 53 63.8 64.4 64.2 Other 62 1,002 693 657 Unemployment 53 2.0 1.9 1.6Value of construction activity (mill, Employment 53 61.8 62.5 62.6 dollars): Nonagricultural 53 53.8 54.6 54.9 Total6 63 2,729 2,793 P2.843 Employment in nonagricultural estab- Nonresidential:e lishments (mill, persons):e 5 Public 63 820 847 P892 Total 54 46.62 46.60 P46.55 Private 63 ^920 947 P960 Manufacturing and mining 54 '17.01 16.94 P16.83 Residential:e Trade 54 »-9.86 9.83 P9.81 Public 63 50 52 P58 Construction 54 2.56 2.57 59 Private 63 539 947 P933 Transportation and utilities 54 4.13 4.14 P4.1 Residential construction: Finance and service 54 6.66 6.66 P6.69 Contracts awarded (mill, dollars): Government 54 6.40 6.47 P6.50 Total 64 491 517 550 Average hours and earnings of factory 1- and 2-family dwellings 64 333 360 411 employees: Other 64 159 157 139 Hours worked (per week): Dwellings started (thous. units) ... 65 '133 86 All 55 40.8 40.3 P40.4 Nonfarm mortgage lending Durable 55 41.8 41.0 P41.5 (mill, dollars): Nondurable 55 '39.5 39.3 P39.1 Mortgages under $20,000 65 1,422 1,370 1,449 Hourly earnings (dollars): FHA insured home loans 65 148 148 158 All 55 1.601 1.602 Pl.602 GI home loans 65 264 319 317 Durable 55 r1.686 1.688 Pi.693Freight carloadings:5 Nondurable 55 'I.483 1.487 PI.480 Total (1935-39 =100) 71 131 125 Weekly earnings (dollars): Groups (points in total index): All 55 65.32 64.56 P64.72 Miscellaneous 71 79.0 77.7 78.9 Durable 55 •70.47 69.21 P70.26 Coal 71 25.5 20.7 26.0 Nondurable 55 '58.58 58.44 P57.87 All other 71 26.8; 26.3, 27.6 For footnotes see p. 1319 . 1317 OCTOBER 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 book book page June July Aug.1 J M an a . r - . A J p u r n . e - J S u e l p y t - . 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 3.02 3.07 3.06 Sales 72 302 309 P319 New York City 24 2.74 2.78 2.79 Stocks 72 353 353 P342 7 Northern and Eastern cities... 24 3.02 3.04 3.06 296 stores: 11 Southern and Western cities.. 24 3.42 3.52 3.47 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 a c a ( k n m l t ( s d o m c i i l 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 m l r a r s e s r o ) s n n ) ( t t m s h i s l ' l , s d u o p l p la ly rs ) ) : 7 7 7 7 7 3 3 3 3 3 1,1 3 3 4 3 1 2 8 . . 4 6 2 6 6 1,0 r r 4 4 2 5 6 3 . 5 . 9 2 8 7 4 Pl. P P P P 1 3 3 4 3 0 0 9 . . 8 9 6 8 4 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y i f u t e h t o s $ h e r 1 e k r , n r 0 n C 0 a 0 i a n t - y n d $ d 1 E 0 W a ,0 s e t 0 s e 0 t r e : n r n c i c t i i t e i s e . s . . . . 2 2 2 2 4 4 4 4 4 4 4 4 . . . . 8 7 2 6 7 4 0 8 4 4 4 4 . . . . 3 6 7 9 7 8 3 0 4 4 4 4 . . . . 3 7 8 8 5 4 9 1 Loans of $10,000-$ 100,000: PRICES 19 cities 24 3.88 3.93 3.99 New York City 24 3.68 3.66 3.72 Co A n l s l u i m te e m rs s ' prices (1935-39=100): 74 185.2 185.5 185.5 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n r n c i c t i i t e ie s. s . . . . 2 2 4 4 4 3 . .8 0 6 1 3 4 . . 9 1 0 0 3 4 . . 9 1 7 7 Food 74 226.9 227.7 227.0 Apparel 74 204.0 203.3 203.6 Loans of $100,000-$200,000: Rent 74 135.7 136.2 136.8 19 cities 24 3.27 3.32 3.36 Fuel, electricity, and refrigeration. 74 143.6 144.0 144.2 New York City 24 3.06 3.06 3.18 Miscellaneous 74 164.8 165.0 165.4 7 Northern and Eastern cities... 24 3.23 3.28 3.24 Wholesale prices (1926=100): 11 Southern and Western cities.. 24 3.41 3.52 3.55 T F O F o a o t T h H o r t m a d e e i l r x d e t p c i s r l o e o m a d n p m u d r c o o t l d d s e u i a t c t i h e ts s e r products 7 7 7 7 7 7 6 5 6 5 5 5 1 ' 1 1 2 1 1 7 7 8 3 8 9 7 0 1 0 6 8 . . . . . . 7 5 7 6 3 6 1 2 1 1 1 1 7 2 6 9 8 7 3 1 8 4 6 9 . . . . . . 3 9 7 5 0 0 2 1 1 1 1 1 1 6 8 6 7 9 3 8 7 7 8 0 . . . . . . 6 0 0 3 3 6 Lo N 7 1 1 a 9 1 n e N s w c S o i o o t r Y i f u t e h o t s $ h e r 2 r e k 0 n r 0 n C , a 0 i a n t 0 y n d 0 d E a W a n s d e t s e o t r e v n r e n r c : i c t i i t e ie s. s . . . . 2 2 2 2 4 4 4 4 2 3 2 2 . . . . 0 8 5 7 6 1 9 6 3 2 2 2 . . . . 1 8 6 8 4 1 4 3 3 2 2 2 . . . . 0 8 6 7 4 2 4 8 Chemicals and allied products... 76 142.3 139.4 140.1 Stock yields: Fuel and lighting materials 77 137.8 137.9 138.1 Earnings/price ratio, common Building materials 77 225.6 223.8 222.6 stocks 26 11.42 11.39 Metals and metal products 77 188.2 188.0 188.1 Miscellaneous 76 141.7 138.8 138.2 AGRICULTURE GOVERNMENT FINANCE In billions of dollars Prices paid and received by farmers Budget receipts and expenditures of (1910-14=100): U. S. Treasury: Paid, etc 80 282 282 282 Expenditures, total 37 11.08 14.49 14.99 Received 80 301 294 292 National defense 37, 38 5.40 7.05 P8.61 Cash farm income (mill, dollars): Veterans Administration 38 1.33 1.23 1.22 T L o iv t e al s tock and products 8 8 1 1 2 1 , ,5 1 3 7 7 0 2 1 , , 6 55 5 6 2 P P 2 l , . 9 6 8 7 9 0 I In n t t e e r r e n s a t t i o o n na d l e a b i t d 3 3 8 8 1 1 . . 0 2 1 5 1 | 1 1. . 9 6 7 6 p 1 . . 9 03 8 Crops 81 607 1,085 Pl.312 All other 38 2.00 2.49 2.54 Receipts: INTERNATIONAL TRADE AND FINANCE Net receipts 37 16.82 12.86 12.37 Individual income taxes 38 9.57 6.13 Exports and imports (mill, dollars): Corporate income, etc 38 4.57 4.84 Exports 82 Pl.294 PI.186 Pl.264 Miscellaneous internal revenue. . 38 2.49 2.16 2.24 Excluding MDAP Pl.181 Pl.097 Pl.149 All other 38 .88 .84 .85 Imports 82 P929 P893 P899 Tax refunds (deduct) 38 .69 1.11 .20 Excess of exports or imports 82 P364 P293 Excluding MDAP P252 P204 BUSINESS FINANCE Short-term liabilities to and claims on d fo o r l e l i a g r n s e ): rs reported by banks (bill, Curr c e o nt r po a ra ss ti e o ts n s:e and liabilities of Total liabilities 83 P7.01 P6.87 Current assets, total 39 155.3 158.4 Official 83 P3.45 P3.22 Cash 39 26.2| 26.8 Invested in U. S. Treasury bills U. S. Govt. securities 39 20.4 20.2 and certificates 83 Pl.17 Pi.22 Inventories 39 55.7 58.6 Fo C re l P a ig i r m n iv s e a x o te c n h a fo n r g e e i g r n a e t r e s s : 8 8 3 3 P v 3 . 9 5 4 6 P3 v . .9 6 4 6 Cu N R rr e o e c t n e e t s i v l a a ia b n b l d e i l s a i t c i c e o s, u n to ts t a p l ayable 3 3 3 9 9 9 4 5 7 5 1 7 . . . 7 5 0 4 5 7 7 0 9 . . . 2 4 8 See p. 1339 of this BULLETIN 84,85 Federal income tax liabilities 39 16.5 17.2 Net working capital 39 77.8 79.0 1951 In unit indicated QUARTERLY FIGURES J M a a n r - . A J p u r n . e - J S u e l p y t. - LENDING INSTITUTIONS OTHER THAN Corporate security issues: COMMERCIAL BANKS In billions of dollars Total (bill, dollars) • 40 1.73, 2.36 New money, total (bill, dollars) •.. 40 1.46 1.99 Assets of savings institutions: Type of security (bill, dollars): Savings and loan associations:e Bonds 40 1.24 1.48 Total assets 20 17.20 17.98 Preferred stock 40 .05 .14 Real estate mortgages 20 14.10 14.66 Common stock 40 .17 .36 U. S. Govt. securities 20 1.56 1.57 Use of proceeds (mill, dollars): Other assets 20 1.54 1.76 Plant and equipment: Loans and loan guarantees and in- All issuers 41 1,16 1,422 surance of Federal agencies: Public utility 41 873 682 Total" 21 36.61 Railroad 41 /6 59 Loans 21 13.14 Industrial 41 217 671 Foreign 21 6.06 Working capital: Domestic: All issuers 41 293 565 Agriculture 21 3.64 Public utility 41 2 30 Home owners 21 2.91 Railroad 41 5 Loan O g th u e a r r antees and insurance: • 21 .72 Bonds I ( n bi d l u l, s d tr o ia ll l a rs):e 41 212 405 Nonfarm mortgages 21 22.70 Public 40 .91 .55 Other 21 .76 Private 40 .55 1.25 For footnotes, see p. 1319. 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1951 1951 Chart Chart book book page Jan.- Apr.- July- page Jan- Apr.- July- Mar. June Sept. Mar. June Sept. In unit indicated Annual rates QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. in billions of dollars BUSINESS FINANCE—Cont. GROSS NATIONAL PRODUCT, ETC. • Corporate profits, taxes, and dividends Gross national product 5 48 318.5 325.6 (annual rates, bill, dollars): •6 Govt. purchases of goods and services 48 52.9 60.0 Profits before taxes 42 51.8 648.5 646.5 Personal consumption expenditures 48 208.2 201.7 Profits after taxes (dividends and Durable goods 50 31.5 25.9 undistributed profits) 42 23.3 622.0 621.3 Nondurable goods 50 111.5 109.5 Undistributed profits 42 14.5 ••8 12.3 «11.8 Services 50 65.2 66.2 Private domestic and foreign invest- Corporate profits after taxes (quar- ment 48 57.3 64.0 terly totals): Gross private domestic investment: All corporations (bill, dollars) - 43 5.5 Producers' durable equipment. 49 26.5 26.7 Large corporations, total (bill, dol- New construction 49 23.9 22.3 lars) 43 1.4 1.4 Change in business inventories. 49 9.3 14.4 Manufacturing (mill, dollars): Net foreign investment 49 -2.3 .5 Durable 43 530 547 Personal income, consumption, and Nondurable 43 377 375 saving: 5 Electric power and telephone Personal income 51 244.1 250.0 (mill, dollars) 43 347 312 Disposable income 51 217.5 222.8 Railroads (mill, dollars) 43 103 144 Consumption expenditures 51 208.2 201.7 Net personal saving 51 9.3 21.1 Plant and equipment expenditures (bill, dollars): •7 1950 1951 All business 44 5.2 6.3 6.8 Manufacturing and mining; railroads and utilities 44 3.7 4.6 5.3 June Dec. June Manufacturing and mining 44 2.6 3.3 3.9 30 30 30 SEMIANNUAL FIGURES CONSUMER FINANCE In billions of dollars INSURED COMMERCIAL BANKS In billions of dollars Loans: Individual savings: • Commercial 11 16.81 21.78 23.51 Agricultural 11 2.82 2.82 3.04 Gross savings 47 '+9.9 Real estate 11 12.27 13.39 13.99 Liquid savings 47 +0.1 Consumer 11 6.89 7.63 7.70 Cash 47 -1.9 For purchasing securities: U. S. Govt. securities 47 '+0.1 To brokers and dealers 11 1.86 1.79 1.62 Other securities 47 +0.6 To others 11 0.91 1.04 1.00 Insurance 47 +2.0 State and local government securities. 11 7.24 7.93 8.32 Debt liquidation 47 '-0.7 Other securities 11 3.72 4.18 4.08 • Estimated. P Preliminary. T Revised. 1 For charts on pp. 22, 28, and 30, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. !Less than 5 million dollars. ^Deficiency of less than* 5 million dollars. 5 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 fourth quarter of 1951 are (in billions of dollars): all business, 6.6; manufacturing and mining, railroads and utilities, 5.3; manufacturing and mining, 3.8. * 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. 1319 OCTOBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1951 [In thousands of units] Cotton Corn Winter wheat Springwheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Sept. 1, 1951 1950 Sept. 1, 1951 1950 Sept. 1, 1951 1950 Sept. 1, 1951 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,628 7,865 New York 35,371 35,480 13,594 13,430 ii5 110 Philadelphia 55,661 58,039 17,129 17,381 Cleveland 219,158 215,922 51,416 39,054 Richmond 590 1,509 197,503 177,809 22,669 29,841 Atlanta . . .. 1,576 2,789 218,592 189,529 5,103 5,710 Chicago 1 115,665 1 245,913 69,175 65,148 1,332 1,000 St Louis 12,691 23,994 426,131 393,374 48,517 50,685 10 8 Minneapolis . . . 340,126 382,557 30,703 35,663 234,616 293,950 Kansas City 201 519 429,739 364,427 354,215 268,040 3,678 4,074 Dallas 3,549 5,942 77,657 53,128 23,032 17,681 105 110 San Francisco 1,405 2,538 7,778 6,732 115,113 108,105 36,233 49,159 Total 10,012 17,291 3,131,009 3,130,775 750,666 650,738 276,089 348,411 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Sept. 1, 1951 1950 Sept. 1, 1951 1950 Sept. 1, 1951 1950 Sept. 1, 1951 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . . . 6,742 8,098 3,664 4,095 40,813 35,935 70,733 53,449 New York 35,369 38,488 6,471 6,617 974 931 40,947 31,112 Philadelphia 18,957 22,206 2,653 2,735 61,365 58,735 21,901 17,603 Cleveland 53,976 64,953 6,243 6,355 125,873 139,007 13,413 11,046 Richmond 39,167 41,816 4,940 4,875 1,235,345 1,347,457 24,987 20,314 Atlanta 29,152 24,761 3,640 3,068 228,980 273,256 14,408 14,435 Chicago 630 672 537 630 20 281 23,399 32,147 24,869 32,505 25,989 St. Louis 73,682 48,217 9,925 9,163 300,743 340,727 7,230 5,658 Minneapolis. . . . 389 199 444 694 10 905 14 128 2,359 1,793 50,112 39,921 Kansas City 122,848 108,818 10,247 10,814 3,851 3,723 34,973 27,324 Dallas 29 537 10,329 1,750 1,533 3,255 2,750 San Francisco 35,833 27,955 13,591 12,644 125,036 97,239 Total. 1,465,134 1,377,965 94,310 99,426 2,032,450 2,226,433 439,500 346,840 1 Includes 7,000 bales grown in miscellaneous territory. 2 Includes 12,000 bales grown in miscellaneous territory. 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS ALL MEMBER BANKS BY CLASSES, FIRST HALF OF THE YEAR, 1951 [Amounts in thousands of dollars] Central reserve All member banks city member banks Reserve Country city member member banks New York Chicago banks First half Second half First half of 1950 of 1950 of 1951 First half of 1951 Earnings 1,557,262 1,707,424 1,771,212 291,349 72,328 681,841 725,694 Interest on U. S. Government securities 435,338 429,725 406,317 63,373 22,205 141,691 179,048 Interest and dividends on other securities 90,748 99,425 102,347 17,733 6,253 36,851 41,510 Interest and discount on loans 747,693 860,274 946,745 142,555 31,820 381,421 390,949 Service charges and fees on loans 11,906 14,162 13,468 2,012 442 7,241 3,773 Service charges on deposit accounts 84,350 88,139 93,022 8,949 980 35,477 47,616 Other charges, commissions, fees, etc 33,122 37,632 38,496 5,588 471 14,849 17,588 Trust department 76,900 93,619 83,928 30,335 6,703 31,454 15,436 Other current earnings 77,205 84,450 86,889 20,804 3,454 32,857 29,774 Expenses 964,692 1,055,054 1,074,507 161,622 41,296 416,552 455,037 Salaries—officers 160,203 184,574 176,267 22,535 5,961 58,051 89,720 Salaries and wages—others 305,067 350,084 352,437 69,830 13,897 145,228 123,482 Directors' and committee members' fees 8,097 9,352 8,893 728 89 1,690 6,386 Interest on time deposits 135,070 135,946 145,637 5,835 5,561 63,249 70,992 Interest on borrowed money 1,628 2,267 3,842 1,392 229 1,487 734 Taxes other than on net income 53,900 54,954 57,854 6,735 2,352 24,377 24,390 Recurring depreciation 21,531 26,485 23,935 1,868 337 9,106 12,624 Other current expenses 279,196 291,392 305,642 52,699 12,870 113,364 126,709 Net current earnings before income taxes 592,570 652,371 696,705 129,727 31,032 265,289 270,657 Recoveries, profits, etc On securities: 86,159 132,411 60,982 11,404 4,968 25,282 19,328 Recoveries 6,436 1,569 Transfers from valuation reserves 6,353 31,168 6,608 2,282 214 4,647 2,543 Profits on securities sold or redeemed 5,631 49,495 5,681 299 142 8,010 593 On loans: 32,654 19,937 5,564 1,500 4,863 Recoveries 11,568 10,980 7,638 857 276 2,050 4,455 Transfers from valuation reserves 8,792 18,168 8,224 1,299 1,683 2,764 2,478 All other 21,161 16,166 12,894 1,103 1,153 6,242 4,396 Losses, charge-offs, etc 112,988 200,673 124,757 11,071 11,504 54,158 48,024 On securities: Losses and charge-offs 13,568 19,055 26,704 2,128 3,212 11,255 10,109 Transfers to valuation reserves 12,933 38,000 14,817 2,220 683 9,077 2,837 On loans: Losses and charge-offs. . 6,532 7,737 5,701 536 60 715 4,390 Transfers to valuation reserves 59,126 107,146 57,667 4,709 6,870 23,205 22,883 Allother 20,829 28,736 19,868 1,478 679 9,906 7,805 Profits before income taxes 565,741 584,109 632,930 130,060 24,496 236,413 241,961 Taxes on net income 169,059 200,001 251,917 59,661 5,213 96,892 90,151 Federal 158,037 188,872 238,609 54,545 5,213 92,263 86,588 State 11,022 11,129 13,308 5,116 4,629 3,563 Net profits 396,682 384,108 381,013 70,399 19,283 139,521 151,810 Cash dividends declared 155,066 190,456 170,228 43,578 7,865 69,258 49,527 On preferred stock * 1,422 1,413 1,273 32 34 259 948 On common stock 153,644 189,043 168,955 43,546 7,831 68,999 48,579 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,462 1,574 1,418 505 14 714 185 On loans 8,752 8,264 10,560 2,565 793 3,181 4,021 Losses charged to reserves (not included in losses above): On securities 1,991 3,817 7,254 122 139 6,155 838 On loans 24,500 21,829 26,168 3,468 676 13,577 8,447 Number of officers at end of period 48,552 48,967 50,161 3,409 865 13,188 32,699 Number of employees at end of period 257,571 263,643 283,582 45,050 9,402 110,419 118,711 Number of banks at end of period 6,885 6,873 6,859 22 13 324 6,500 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 12.8 13.6 14.2 11.0 12.6 15.8 15.1 Net profits 8.5 8.0 7.8 5.9 7.8 8.3 8.5 Cash dividends declared 1 3.3 4.0 3.5 3.7 3.2 4.1 2.8 Percentage of total assets:2 Total earnings 2.35 2.49 2.51 2.07 1.94 2.54 2.80 Net current earnings before income taxes .90 .95 .99 .92 .83 .99 1.05 Net profits .60 .56 .54 .50 .52 .52 .59 Percentage of earnings to related assets:2 Earnings on loans 4.14 4.24 4.17 2.89 3.00 4.22 5.10 Interest on U. S. Government securities 1.54 1.60 1.63 1.51 1.62 1.59 1.72 Interest and dividends on total securities 1.61 1.67 1.69 1.58 1.73 1.66 1.76 Total capital accounts to: Total assets 7.0 7.0 6.9 8.4 6.6 6.2 6.9 Total assets less Govt. securities and cash assets. . . 19.7 18.2 16.8 19.1 17.8 14.7 17.7 Total deposits 7.6 7.7 7.6 9.6 7.2 6.8 7.5 Time deposits to total deposits 24.3 23.5 23.0 7.9 16.1 23.6 31.2 Interest on time deposits to time deposits 2 .91 .92 .98 .60 1.01 1.08 .95 NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. Data may not add to totals because of rounding. 1 Includes interest on capital notes and debentures. 2 Annual basis. OCTOBER 1951 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States.. 1324-1329 Gold production.. 1329 Reported gold reserves of central banks and governments. . 1330 Gold movements; gold stock of the United States. . 1331 International Monetary Fund and Bank. . 1332 Central Banks.. 1332-1336 Money rates in foreign countries. . 1337 Commercial banks. 1338 Foreign exchange rates.. 1339 Price movements: Wholesale prices.. 1340 Retail food prices and cost of living. . 1341 Security prices. . 1341 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. OCTOBER 1951 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.1 Decrease Domestic Foreign From th J ro a u n g . h 2 — , 1935, Total Total o F f o f r ic e i i a g l n 2 F o o t r h e e ig r n In ti t o e n rn a a l - a b in b f a u r n U o n k a d . i d n s S g l . s I e n f f c o u f u l r n o e r d w i i t g s i n e o 3 s f : se o R f c f u u e n U t r d u i . t s r i n S e 3 s . : b I b n r a o f l l k a o e n w r c a e g i s n e 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 798.7 972.8 144.1 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 2,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Aug. 31 10,129.5 '7,613.1 2,522.3 '3,478.4 1,612.4 '446.3 774.7 1,172.7 122.7 Sept. 30 10,488.7 '8,182.8 3,012.6 '3,543.8 1,626.4 '384.2 800.6 999.2 121.9 Oct. 31 10,734.1 '•8,421.0 3,257.7 '3,516.1 1,647.2 '293.4 833.0 1,062.5 124.3 Nov. 30 10,710.8 '8,149.3 2,899.2 '3,536.6 1,713.5 '282.7 1,080.9 1,066.4 131.6 Dec. 31 10,525.2 '7,894.7 2,715.6 '3,476.8 1,702.3 '231.4 1,202.9 1,064.5 131.7 1951—Jan. 31 10,474.3 '7,727.0 2,675.9 '3,435.6 1,615.5 '272.0 1,280.7 1,064.2 130.5 Feb. 28 10,415.9 '7,736.4 2,704.4 '3,439.7 1,592.3 '219.3 1,274.0 1,052.9 133.2 Mar. 31 10,366.1 '7,704.1 2,646.8 '3,457.1 1,600.1 '218.9 1,305.5 1,006.7 130.9 Apr. 30 10,394.6 '7,654.1 2,582.5 '3,466.0 1,605.6 '240.3 1,399.4 974.8 126.1 May 31 10,294.0 7,611.3 2,590.0 3,459.9 1,561.4 216.1 1,414.2 930.9 121.6 June 30? 10,271.2 7,906.2 2,740.0 3,537.9 1,628.4 191.6 1,143.4 897.3 132.7 July 31P 10,144.1 7,797.5 2,506.3 3,633.9 1,657.3 193.0 1,108.2 912.9 132.6 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a i a - - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i - d tz 4 - 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 in ica Asia o A th l e l r tutions and Official' private 1945—Dec 3i 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909 1 2,583.0 1,522.2 1,046.41 549.7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81 316.4232.8 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—Aug. 31... 1,632.4 '56,734.8 3,232.6 6 758.1 266.0 257.2 603.4 283.8 816.2 5 2,984.7 927.5 1,469.6 r1,146.7206.4 Sept. 30... 1,646.4 '5 7,290.6 3,722.9 6 703.4 248.4 255.5 600.0 304.0 866.2 52,977.5 1,332.5 1,544.0 r1,224.6211.9 Oct. 31... 1,667.1 '57,508.0 3,968.0 * 819.8 289.6 275.0 572.4 309.2 859.8 B3,125.8 1,227.8 1,569.6 rL.362.7222.1 Nov. 30... 1,733.4 '57,170.0 3,609.5 5 723.3 247.2 281.9 569.9 303.1 811.3 6 2,936.7 1,054.9 1,524.8 r1,403.9249.7 Dec. 31... 1,722.2 '*6,926.6 3,425.9 5 660.7 260.7 193.6 553.0 314.7 '799.2 '52,781.7 899.0 1,612.9 r1,378.5254.5 1951—Jan. 31... 1,635.4 '56,845.7 3,386.2 5 637.7 273.7 203.5 513.2 308.6 '816.3 '52,753.2 887.1 1,585.3!,369.7 250.3 Feb. 28... 1,612.2 '56,878.3 3,414.7 6 629.1 258.0 209.1 504.2 324.4 '812.8 '5 2,737.6 884.5 1,596.11,401.1259.0 Mar. 31... 1,620.0 '^6,838.1 3,357.1 5 646.1 232.5 198.6 505.0 306.3 '814.8 '5 2,703.4 '828.6 1,646.31,411.0248.8 Apr. 30... 1,625.6 r*6, 782.6 3,292.8 6 673.6 193.0 131.4 502.5 299.1 '827.8 '52,627.4 811.6 1,705.81,386.0251.9 May 31... 1,581.4 66,784.1 3,300.3 5 629.5 191.9 133.4 498.2 289.8 863.4 82,606.3 818.1 1,714.01,387.2258.5 June 30P.. 1,648.3 « 7,012.0 3,450.3 5 618.0 246.3 134.8 510.1 276.0 931.5 62,716.7 971.9 1,672.91,397.3253.2 July 30P.. 1,677.3 86,874.3 3,216.6 5550.3 218.3 132.0 498.7 289.4 969.7 62,658.4 931.8 1,614.31,412.0257.8 P Preliminary. ' Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 878). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will rot always be identical with the movement of funds shown in Table 1. 2 Represents 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. 3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 1950 include, for the first time, 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. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. Three tables showing capital movements by countries on a cumulative basis (formerly Tables 2, 3, and 4) were discontinued. Total capital movement by country (as formerly shown in Table 2) can now be derived from the appropriate columns in Tables 2, 3, 6, 7, and 8. Data on the total volume of transactions in foreign and domestic securities, by types of securities, now appear in Tables 4 and 5. For security transactions by individual countries, figures on monthly net purchases or sales are now shown in Tables 6, 6a, and 7 in place of the cumulative figures formerly shown. For further explanation and information on back figures see BULLETIN for August 1951, p. 878. 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—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 lo c i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1945—Dec. 31 # m 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 I947—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. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38 1 6 7 15 7 90 1 10 2 7 6 117 4 1950—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. . '799.2 41.9 '128.2 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.. '816.3 43.6 '134.0 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. . '812.8 45.0 '119.9 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. . '814.8 44.9 '120.7 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. 30. . '827.8 42.4 '122.3 3.2 47.8 22.1 266.4 35.8 57.8 4.0 46.8 6.2 19.2 92.8 2.3 6.4 52.4 May 31. . 863.4 41.2 121.6 2.9 48.0 22.2 303.6 38.0 62.2 3.8 44.0 6.1 16.3 92.8 2.9 9.2 48.8 June 30P. 931.5 43.9 122.3 3.1 44.7 22.5 357.5 38.6 60.5 3.3 45.6 4.9 18.3 99.4 8.6 6.5 51.8 July 31P. 969.7 43.9 127.6 3.4 41.5 26.3 403.6 38.2 65.5 3.6 42.9 6.0 15.8 94.5 4.7 4.2 48.0 Table 2b.—Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e - s t s Peru l p P a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th t a e i e 2 r n r nam 1945—Dec. 31. 1,046.4 77.3 14 5 195.1 66.3 79.2 128.3 116.4 28.2 43.9 88.7 49.7 158 8 1946—Dec. 31. 1,104.8 112.6 14 0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181 8 1947.—Dec. 31. 1,216.6 236.2 17 8 104.7 46.3 46.1 234.7 139.2 14 9 41.8 70 3 78 0 186 5 1948—Dec. 31. 1,287.0 215.8 17 1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184 1 1949—Dec. 31. 1,436.7 201.1 13 5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207 4 1950—Aug. 31. 1,469.6 249.8 18 4 155.0 70.3 76.1 259.5 44.8 22.3 163.0 29.4 50.9 63.4 26.4 75.7 97.2 67 4 Sept.30. 1,544.0 268.9 19 0 187.1 76.9 65.9 260.6 41.8 22.7 176.4 29.0 58.0 72.2 24.0 73.9 101.8 65 8 Oct. 31. 1,569.6 273.0 17.0 215.7 82.5 61.6 274.2 41.3 22.0 188.2 28.6 55.7 62.1 21.5 71.9 88.8 65 3 Nov.30. 1,524.8 281.9 17 0 195.4 79.0 49.6 277.2 41.8 22.6 187.8 27.7 57.4 58.3 14.6 69.7 79.4 65 6 Dec. 31. 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. 1,585.3 334.4 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. 1,646.3 345.2 22 4 259.6 69.9 44.2 276.0 45.8 31.8 108.7 30.8 55.0 52.2 46.5 81.8 89.8 86 6 Apr. 30. 1,705.8 347.5 19 3 248.1 79.9 66.6 309.8 46.3 30.8 115.8 28.8 58.2 51.9 46.3 82.1 80.8 93 5 May 31. 1,714.0353.2 19 7 241.7 76.6 66.2 327.9 48.7 29.2 109.9 25.6 57.9 53.9 46.8 74.4 87.2 95.2 June 30P 1,672.9 343.7 24 7 212.4 69.9 58.1 327.9 51.3 29.5 123.8 25.0 54.3 58.1 50.6 74.6 75.6 93 2 July 31* 1,614.3 330.9 22 2 171.5 57.8 50.9 354.3 53.2 28.5 111.2 28.2 52.8 62.0 46.1 83.2 74.6 86 9 Table 2c-—Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a H Ko 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 3 o A th l e l r A t 1 r ; u a s - - C g B o i e a n l n g - o 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 * Main- public 11a 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 43.5127.1 16.6 446.6 54.7 151.0 232 8 45 5 20.8 47.2 119.3 1947 Dec 31 1,057.9 229.9 39 8 62.4 69.3 31.3 488.6 37.6 99 0 193.7 30.6 25 0 46.4 91.8 1948—Dec. 31. 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 15.8 101^6 1949 Dec 31 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1 7~7 J_-/^^—« */ X • 1950—Aug. 31. '1,146.7 '94.2 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. '1,224.6 '100.9 89.2 55.9 73.0 17.8 12.7397.6 318.0 34.6 11.6 113.3 211.9 15.6 37.6 63.6 33.8 61.4 Oct. 31. '1,362.7 '116.7 94.4 50.5 91.7 20.4 11.5434.0 378.1 39.5 12.3 113.5 222.1 18.1 41.6 64.4 37.5 60.5 Nov. 30. '1,403.9 '103.8 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. '1,378.5 '81.7 86.1 55.7 114.7 20.3 12.6458.5 374.4 48.2 14.3 111.9 254.5 19.1 58.1 75.6 44.0 57.7 1951—Jan. 31. 1,369.7 '78.7 73.7 49.6115.6 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 '77.7 65.8 59.7124.9 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 60.4138.2 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. 1,386.0 79.3 64.8 59.0126.7 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 31 1,387.2 78.6 61.1 73.0124.2 25.8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105.1 16.2 65.6 June 30? 1,397.3 79.2 61.9 79.2 135.8 26.6 18.9342.8 403.7 65.9 12.3 171.2 253.2 26.2 55.0 89.4 16.8 65.9 July 31* 1,412.0 86.0 61.4 75.1152.9 26.5 16.2356.9 396.1 67.8 14.3 158.6 257.8 23.6 55.4 98.9 15.7 64.2 p Preliminary. ' Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 8 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. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. OCTOBER 1951 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, inmillions of dollara] United Neth- Switz- Latin Date Total K d i o n m g- France la e n r d - s la e n r- d Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A i m ca er- Asia ot A he ll 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—Aug 31 '683.0 38.5 30.1 3.7 8.6 21.3' 54.9 157.1 70.3 319.5 87.3 '48.8 Sept 30 '745.2 76.3 30.2 3.3 9.9 17.1 56.7 193.5 109.7 297.7 84.4 '59.8 Oct 31 '835 9 139 5 30.3 4.8 10.3 12.3 60.3 257.4 103.0 307.3 94.3 '73 8 Nov 30 '846.6 127.2 31.2 3.7 11.4 14.5 67.2 255.2 98.4 333.8 90.6 '68.6 Dec 31 . . .. '898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96.3 '60.0 1951—Jan 31 '857.4 87.8 31.0 3.9 11.5 28.3 70.8 233.2 115.7 374.2 '91.2 '43.1 Feb 28 '910 1 101 7 31.9 3.7 11.8 30.3 74.2 253 6 121 2 397 7 '92 2 '45 4 Mar 31 '910.5 99.8 30.6 3.6 9.0 34.3 75.6 252.9 107.3 402.5 '86.2 '61.6 Apr 30 '889.1 110.7 6.3 4.2 10.8 35.2 75.5 242.6 117.6 374.0 95.1 '59.7 May 31 913.3 98 8 7 0 3 9 11 0 55.1 82.7 258 5 116 7 371 5 103 8 62 7 Tune 30P 937.8 110.2 7.4 3.5 10.5 52.9 87.9 272.4 117.9 384.7 99.8 63.0 July 31 P 936.4 103.7 8.2 3.4 10.7 29.3 91.4 246.8 119.8 404.1 109.1 56.6 Table 3a.—Other Europe Czech- Date E O u t r h o e p r e A tr u i s a - g B iu e m l- v o a s k lo ia - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R an u- ia Spain S d w e e n - USSR Y sl u a g v o i - a ot A he ll r2 1945—Dec. 31. . 74.6 .6 (3) (3) 33.9 .7 31.6 .5 .1 1.6 .9 (3) (3) 4.8 1946—Dec 31 82 8 7 5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (3) (3) 9.5 1947—Dec 31 118 9 15.0 2^2 8.0 30.5 10.6 9.2 1.1 (3) .9 5.4 (3) 35.9 1948—Dec. 31. . 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 (*) 2.9 1.4 («) 6.0 29.8 1949—Dec. 31. . 98.5 19.3 .4 8.2 30.0 .7 7 A .5 7.0 7.0 2.3 (3) (3) 15.6 1950—Aug. 31. . 54.9 (3) 14.6 (3) 1.8 1.9 25.1 .1 .9 .1 .4 (3) 2.2 3.1 (3) 4.4 Sept. 30. . 56.7 (3) 14.6 (3) 2.0 2.7 25.2 .1 .9 .1 .4 (3) 3.3 3.0 (3) 4.3 Oct. 31. . 60.3 .1 17.6 .1 3.3 2.0 25.3 .3 L.4 (3) .3 (3) 1.3 4.6 (3) "'(I)" 3.9 Nov. 30. . 67.2 .1 21.3 (3) 4.4 2.2 25.5 .1 L.4 .5 .1 1.3 6.4 3.8 Dec. 31.. 67.1 .2 21.5 (3) 3.2 2.2 25.4 .2 L.4 (3) .5 (3) 1.6 6.9 (3) 3.9 1951—Jan. 31.. 70.8 (3) 22.0 .1 2.6 2.7 25.3 .2 L.7 (3) .5 (3) 1.7 10.0 (3) (8) 4.0 Feb. 28.. 74.2 .2 24.9 .1 2.5 3.5 25.6 .1 L.9 (3) .6 (3) 1.2 9.4 (3) 4.2 A M p a r r . . 3 3 1 0 . .. . 7 75 5 . . 5 6 (3 . ) 2 2 2 3 1 . . 4 9 . . 1 3 3 6 . . 9 7 4 3. . 3 0 2 2 5 5 . . 9 9 . . 1 1 Z 1. . 8 I ( ( 3 3 ) ) . . 5 7 ( ( 3 3 ) ) 2 1. . 3 0 9 8 . . 5 6 . . 1 1 (3) 4 4. . 2 3 May 31. . 82.7 (3) 19.7 (3) 7.3 6.3 25.9 .1 2.3 (3) 1.3 (3) 7.0 8.2 .2 4.3 J J u u l n y e 3 3 1 0 P P . . 9 8 1 7 . . 4 9 8 1 18 8 . . 7 8 (3)2 4 6. . 2 1 6 5 . . 2 1 2 2 5 5 . . 4 9 . . 1 1 2 2 . . 3 1 (3) 1 1 . . 3 0 ( ( 3 3 ) ) 2 1 0 3 . . 2 6 7 7 . . 4 8 ( ( 3 3 ) ) 1 1 . . 7 7 4 4 . . 7 7 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l n W a a d n n e i d d e s s s t Peru l P p i R c u a e b n - o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th a ti e e 4 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 ? 1 4 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 s 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 .3 5 8 5.3 25 6 43 1 1950—Aug. 31. . 319.5 40.6 6 3 59.9 4.6 55.1 26.5 1 5 1.6 45.5 .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 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 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 .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 L.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 L.I 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 L.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 L.I 13.5 2.8 4 6 7.6 91.5 13 2 Apr. 30. . 374.0 10.9 6 3 80.5 9.6 51.6 44.2 1 8 2.7 58.5 L.4 13.8 2.8 3 4 7.8 65.9 13 0 May 31. . 371.5 9.9 6 7 85.3 10.0 55.0 40.3 2 1 2.8 56.4 t.6 13.5 2.7 3 3 11.0 56.9 14 1 June 30P. 384.7 9.5 8 1 95.2 12.9 48.0 36.9 2 0 2.6 58.6 L.4 12.6 2.5 3 0 10.4 67.1 13 9 July 31P. 404.1 10.0 9 1 104.9 12.3 45.2 50.6 2 0 2.7 60.4 L.4 11.1 2.6 3 8 9.9 63.7 14 4 P Preliminary. ' Revised. 1 See footnote 1, p. 1324. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 8 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala. El Salvador, and Uruguay, reported separately as of that date. 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

hNTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C m M a h n o a i d s n in a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l - l n - i e c T la h n a d i- T k u e r y - O A t s h i e a r 1 o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u ic f i t o a h n Other 2 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 1 53.9 5.9 12 0 1.0 .2 20.2 1.4 4.6 17 2 3 4 .4 10.1 3 3 1947- Dec. 31 127 0 40 8 2 6 29 6 5 9 27 4 17 7 7 5 31 5 9 0 1 14 4 8 0 1948- Dec. 31 . 118 8 24.2 3 4 20.4 1 9 15.9 37 3 1.4 14 3 19 7 4 7 .4 7.9 6 8 1049— 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— Aug. 31. 87.3 22.4 5.1 15.6 .1 10.4 14.5 1.4 8.0 1.5 .8 7.6 '48.8 33.9 4.0 .1 '6.0 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 '59.8 44.5 3.9 .1 '6.5 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 '73.8 56.5 4.4 .1 '7.3 5.4 Nov. 30. . 90 6i 18.3 4.3 14.7 2 7 1 16.4 10.9 4.6 1 8 .7 11 6 '68 6 49 5 4.4 .1 '7 4 7 3 Dec. 31. . 96.3I '18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 .9 13.9 '60.0 40.8 4.4 .3 '7.3 7.2 1951—Jan. 31.. '91.2 10.5 3.0 16.5 .3 6.1 '22.0 8.6 5.6 1.6 1.3 15.7 '43.1 28.3 4.7 .3 '2.7 7.0 Feb. 2R r92 2' 10 5 2 8 18 2 2 6 2 r23 3 7 7 4 4 1 4 1.7 15 9 '45 4 30 8 5 4 3 '2 3 6 6 Mar. 31. . '86.2 ! 8.4 2.3 16.7 .1 7.5 '19.8 8.4 9.0 2.9 1.4 9.7 '61.6 44.9 5.0 .3 '4.6 6.8 Apr. 30. . 95.1 i 8.4 4.2 18.4 .2 7.9 25.7 6.8 6.5 4.0 1.5 11.6 '59.7 41 .5 5.2 .3 6.6 Mav 31. . 103.8j 8.4 4.4 17.5 .3 7.9 29.4 8.2 6.7 3.8 .8 16.6 62.7 41.8 5.8 .3 8.6 6.2 Tune 31 P. 99 81 8.3 3.1 15.7 .2 7.4 23.1 9.9 9.5 3.1 .6 18.8 63.0 36.4 7.0 .4 12.6 6.6 July 31 P. 109.1 S.3 4.3 13.3 .3 7.1 21.1 11.1 14.0 3.7 .8 25.1 56.6 32.4 7.3 .8 9.4 6.8 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES8 (Inflow of Foreign Funds) [fn millions of dollars] i U. S. Government bonds and notes 4 Corporate bonds and stocks * Net Total Total purchases ?ar or month Net Net purchases sales dom o e f stic Purchases Sales purchases Purchases Sales purchases securities 377.7 393.4 -15.7 260.2 357.7 -97.4 637.9 751.0 -113.1 414.5 684.2 -269.7 367.6 432.1 -64.5 782.1 1,116.3 -334.2 344.8 283.3 61.5 226.1 376.7 -150.6 570.9 659.9 -89.1 282.4 330.3 -47.9 369.7 514.1 -144.3 652.2 844.4 -192.2 430.0 333.6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1,236.4 294.3 e 942.1 774.7 772.3 2.4 2,011.1 1,066.6 944.4 1950—August 157.3 9.2 148.1 57.8 62.9 -5.1 215.0 72.1 143.0 September. 58.6 32.0 26.6 57.9 58.7 116.5 90.7 25.8 October.... 58.1 26.9 31.2 69.9 68.7 128.0 95.6 32.4 November. 274.5 33.4 241.1 68.0 61.2 6.8 342.5 94.6 247.9 December.. 172.3 52.1 120.3 74.6 72.9 1.7 246.9 124.9 122.0 1951—January... 106.6 27.6 78.9 94.7 95.7 -1.1 201.2 123.4 77.8 February.. 25.3 31.8 -6.5 71.3 71.5 2 96.6 103.3 -6.7 March 60.9 40.8 20.1 69.3 58.0 11^4 130.3 98.8 31.5 April 101.5 23.7 77.9 69.9 53.9 16.0 171.4 77.5 93.9 May 46.7 42.3 4.4 82.2 71.9 10.4 128.9 114.1 14.8 June? 211.5 479.2 -267.7 55.4 58.5 -3.1 266.9 537.7 -270.7 July? 30.0 68.9 -38.9 51.0 47.3 3.7 81.0 116.2 -35.2 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s u e fo r c c r u o e h r i f a i g t s i n e e s s 1945 37.3 54.8 -17.5 318.1 347.3 -29.2 355.4 402.1 -46.6 1946 65.2 65.6 -.4 755.9 490.4 265.5 821.2 556.1 265.1 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291 A -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1950—August 13.1 12.9 .2 13.4 67.0 -53.6 26.6 79.9 -53.3 September 18.1 35.4 -17.3 31.1 187.2 -156.1 49.2 222.6 -173.5 October 17.7 18.1 -.4 123.8 60.1 63.7 141.5 78.2 63.2 November 15.8 16.8 -1.0 25.4 20.5 4.9 41.2 37.3 3.9 December 13.5 22.5 -9.0 27.5 20.4 7.1 41.1 43.0 -1.9 1951—January 22.4 31.0 -8.6 32.5 24.2 8.3 54.9 55.2 February...... 29.8 30.4 -.6 25.3 36.0 -10.7 55.1 66.3 -11.3 March 20.8 19.4 1.4 42.0 89.7 -47.6 62.8 109.1 -46.2 April 20.8 16.2 4.6 31.1 67.6 -36.5 51.9 83.8 -31.9 May 24.6 17.7 6.9 24.5 75.3 -50.9 49.1 93.0 -44.0 JuneP 17.7 16.4 1.2 39.1 73.9 -34.8 56.8 90.4 -33.6 July? 16.4 18.1 -1.7 45.4 28.2 17.3 61.8 46.2 15.6 v Preliminary. r Revised. 1 Beginning January 1948, includes Pakistan. Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. h 1949 includes transactions in corporate bonds. d 118 million by international institutions. OCTOBER 1951 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1945 — 113.1 -32 5 4.3 -5.5 -13.1 .3 -4 4 -50 8 -98.6 26 4 10 8 - 9 1946 -334.2 -36.9 -6.8 -26.5 -17.5 -i -10.8 -98.6 -16.4 6.3 -224.5 -1.0 1947 74 5 — 163 6 —8 9 —50 2 —98 2 13 0 — 17 1 — 14 1 -175 5 3 2 —3 5 10 0 2 2 1948 7.6 -199.8 9.1 -82.8 -79.3 -40.0 0) 2.6 -190.4 7.5 10.2 -23.3 -3.9 1949 87.0 -11.8 20.9 -6.8 -25.5 44.2 1.5 2.2 36.5 -49.0 2.5 -2.1 .2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 -15.3 2.7 1950—Aug 6.5 136.5 1.1 99.3 1.1 -.9 .1 5.3 106.0 32.0 -1.6 -.1 .2 Sept .2 25.6 6.7 30.5 2.0 2.4 .3 3.9 45.7 -22.2 .9 1.3 _ 2 Oct. 8.0 24.4 16.9 20.0 .2 -.4 .2 .9 37.7 -14.0 -.6 1.2 A Nov.. . . 1.1 246.8 4.2 35.9 -.4 -2.6 .3 35.1 72.5 153.6 20.1 .5 .2 Dec 25.9 96.1 2.9 15.9 .7 -8.2 .2 -3.1 8.5 90.1 -1.7 -1.2 .4 1951—Jan 51.9 25.9 20.0 1.0 .5 -.2 .3 9.5 31.2 -4.4 -2.3 1.6 -.2 Feb 3.2 -9.9 4.0 .4 .9 -.9 -.9 -1.4 2.0 -11.3 -.4 .2 A Mar.. . . 25.8 5.6 -.4 20.3 -.1 1.4 .5 .7 22.5 -20.1 3.1 .4 — .3 Apr 17.7 76.2 1.0 50.6 0) 6.7 .3 -8.2 50.3 16.1 8.9 .8 .2 May.... 2.3 12.5 -2.9 1.3 4.6 .3 -4.6 -1.4 -3.6 3.1 14.7 -.4 June?... -56.1 -214.6 -5.5 -34.5 -5'.3 2.7 .1 -5.4 -47.9 -156.4 -10.7 .5 -.1 July?. .. -1.2 -34.1 1.6 -13.9 -6.0 6.3 .6 .6 -10.9 -25.3 1.2 .9 .1 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF UNITED STATES SECURITIES Other Europe; Latin America; and Asia Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s - 2 g B iu e m l- N w o a r y - S d w e e n - o A th l e l r A L i a m c t a i e n r- Brazil Cuba M ic e o x- p P R u o a b e f n - l - ic S d a o E l r v l 2 a- O A L i a m t c h t a i e e n r r - Asia M C m F a h a o n o i i r d s n n - a a - Japan O A t s h i e a r land _ 1945 —4 4 1 5 1 0 -1.3 —5.5 26 4 .4 3 2 — .2 —5 7 28 7 10 8 22 7 t — 11 8 1946 . . .. -10 8 .6 2.2 -3.4 -10.2 6.3 -.4 1.7 6.8 4.5 -6.2 -224.5 -200.5 (i) —24.0 1947 — 14.1 -.9 -4.1 -2.5 -6.6 -3.5 -1.4 -.9 2.5 -6.9 3.2 10.0 -3.2 8.5 4.7 1948 2 6 2 6 — 3 .2 .1 10 2 .6 -.8 2.9 —4 7 12 2 —23 3 —22 7 1 — 7 1949 2.2 1.6 -.9 .4 1.1 2.5 -.2 -1.0 .3 4.2 —2.1 -7.2 5.0 .1 1950 73.8 18.4 12.6 36.7 -1.1 7.1 30.1 -.1 24.6 .5 .1 10.9 -5.9 -15.3 -3.0 -13.7 1.3 1950—Aug.. . . 5.3 4.8 .1 .3 .1 .1 -1.6 .5 .6 -.5 -.7 -1.5 -.2 .1 Sept 3.9 0) 3.9 -.2 0) .1 .9 .2 1.0 -.2 -.2 0) 0) 1.3 .1 C1) 1.2 Oct .9 .1 1.0 (i) 2 — .1 -.6 .1 0) < -.6 (1) .1 1.2 .3 0) .8 Nov 35 1 — 2 1 4 34 2 — .1 — 2 20 1 — 4 20 2 .4 — 1 0 0) .8 5 (1) 5 Dec -3.1 0) .6 1.5 -.7 -4.4 -1.7 -.1 -.3 .2 -.2 0) -1.2 -1.2 -.3 0) -1.0 1951—Jan 9.5 3.7 -.2 .4 0) 5.6 -2.3 -.1 -.2 -.9 -.9 0) -.3 1.6 0) 0) 1.7 Feb -1.4 -1.7 0) .5 0) -.2 -.4 -.4 -.5 .3 -.2 0) .4 .2 0) 0) .3 Mar .7 0) .7 0) .3 -.3 3.1 .2 .7 .3 1.0 0) .8 .4 0) .9 Apr -8.2 -.5 .9 -8.7 0) .1 8.9 -.1 6.4 -.1 .2 0) 2.4 .8 0) .1 .6 May . .. -4.6 -1.9 -.5 -2.7 .1 .5 3.1 1.0 -.9 -.3 .4 0) 2.9 14.7 .3 .1 14.4 JuneP.. -5.4 -7.3 .9 1.8 -.1 -.6 -10.7 0) 0) .8 -.2 -10.9 -.4 .5 -.1 0) .6 JulyP... .6 .1 .2 0) .1 .1 1.2 0) .3 .2 -1.6 0) 2.1 .9 .2 0) .7 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r 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 ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r- Asia o A th l e l r tions ica 1945 -46.6 -8.8 .2 -.6 .7 -.1 2.3 -6.3 -55.8 15.1 -.5 1.0 1946 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131 3 3 —21 4 1947 —249 3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27 8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 — 16 0 43 8 -13.5 .4 — .1 19.1 .4 24.6 30.8 — 10 6 20 2 8 2 6 1950 . . —3 6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3 9 1950—Aug -53.3 -.1 -.2 -.1 -.3 V) .5 -.2 -55.2 1.9 0) .2 S O e c p t t.. . -2.0 -17 6 3 5 . . 5 2 -1 -. . 2 6 0 - ) .6 -.1 .4 -2 3 . . 5 6 0 0 ) ) -.3 .2 -3 2 . . 7 7 -17 6 4 5 . . 2 8 -3 2 . . 0 5 . . 9 2 .3 1 - D N e o c v.. . . C1) -1 3 . . 9 9 0) .7 - - . . 7 3 — .2 - 1 .4 .7 0) 2. . 7 1 1 1 . . 7 4 2. . 0 4 1 1 . . 6 9 0 - ) .3 -6. . 8 2 1951—Jan -.5 .3 -.9 -1.7 .8 .2 -.1 .8 -.8 -3.9 2.7 1.6 .6 Feb 0) -11.2 .4 -2.5 .4 -.2 1.6 -.3 -12.8 1.3 .1 .5 Mar.. . . -48.7 2.5 .4 -2.2 .9 3.6 1.1 -.5 3.2 -5.1 2.5 1.5 .3. Apr -3.0 -28.9 0) -.4 .2 2.1 -.1 .1 2.0 -34.5 1.3 .1 2.2 J M u a n y ep . . . . .. -.1 - -3 4 3 3 . . 6 9 -2 -. . 2 1 . . 2 2 -.6 .2 1 1 . . 8 8 0) .1 7 1 . . 5 2 8 1 . . 8 5 - - 4 3 0 7 . . 4 6 3 3 . . 9 9 - -9 8 .9 1 .1 4 July?... 15.6 .1 -.4 .2 .3 .1 1.4 1.7 16.4 4.2 -6.9 .2 P Preliminary. 1 Less than $50,000. 2 Not available until 1950. 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—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) [In millions of dollars] Year or month Total K U in n g i d te o d m France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia O A th l e l r 1945 17.8 1.3 .3 3.8 7.3 .1 3.1 15.9 3.4 .8 -1.8 -.5 1946 9.7 -.6 -2.9 -8.5 9.3 _0) 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 -.5 -9.3 -2.0 -.6 1.8 1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 ! -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 -.1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1950—August. . . 2.0 -.6 -.7 .2 -1.4 -.2 -2.7 -.6 3.9 1.3 .1 September. -.8 .2 .8 .5 -1.6 .1 -.1 .5 -.5 -.1 -.6 October... 2.4 -.4 -.3 -.2 1.9 -.3 .7 .4 .3 .9 .1 November. 7.3 .5 .6 .4 -.5 .3 1.7 .8 3.2 1.4 .2 December. .1 -.3 .6 2.2 .1 .7 2.6 -4.0 .9 -.2 1951—January... -1.3 .3 .1 -.3 -3.0 C1) -.2 -3.2 1.3 1.0 -.2 -.2 February.. 2.7 .1 1.3 .2 -.2 0) -.5 1.0 .4 1.1 .1 .1 March.... -2.3 -.4 -.4 -.2 .5 -.2 .3 -.4 -.9 -.7 -.1 -.3 April -4.8 -.6 -.3 .3 -4.2 1.1 .6 -3.1 -.4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 A -.6 -2.4 -.2 -2.5 .2 .4 June^ 11.1 2.5 .2 3.2 2.5 A .7 9.2 2.8 -.5 -.4 0) July? 2 -.1 -.5 .5 .1 -.1 .2 -1.0 .3 -.2 .6 p Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 88.4; U. S. brokerage balances abroad, 32.7. 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 p U r o o . u S d t . u S si c . d R ti e . o 1 n r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 B Co el n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - Mex- Co b l i o a m- Chile Nica- Au l s i t a ra- India3 $1= i56/2i grains of gold 9/io fine: i. e., an ounce of fine gold =$35. 1941. 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942. 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943. 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944. 777.0 701.5 429.8 20.7 18.4 i:..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 20.5 111.6 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 1L.I 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 826.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950. '775.9 408.2 17.9 23.2 12.0 '80.1 '155.4 14.3 13.3 6.7 8.0 30.1 6.7 1950—July '64.7 34.6 1.5 1.9 L.O '6.8 12.9 .8 1.1 .6 .7 2.3 .6 August.... '67.2 34.9 1.5 1.9 1L.I '7.6 13.2 1.5 1.1 .5 .7 2.5 .6 September. '65.3 34.0 1.5 2.0 L.O '7.6 12.8 1.1 1.1 .5 .7 2.6 .6 October. .. '66.8 33.9 1.5 1.9 1L.O '7.9 13.2 1.4 1.2 .8 .6 2.8 .6 November. '65.3 33.3 1.5 1.9 .9 '7.3 '13.2 1.1 1.3 .6 .6 2.8 .7 December. '63.1 32.9 1.4 2.0 .9 '6.7 13.4 .9 .8 .7 .6 2.4 .5 1951—January.. 63.3 33.4 1.4 2.0 .9 5.9 13.1 1.0 1.4 .6 .6 2.4 .5 February. 58.9 31.1 1.4 2.1 L.O 5.2 12.1 1.1 .7 .4 .7 2.4 .6 March. . . 33.4 1.5 2.0 L.I 5.8 13.0 1.5 .6 .7 2.4 .6 April 33.2 1.4 2.0 L.O 5.5 12.7 1.5 .6 .8 2.2 .7 May 34.6 1.4 1.9 L.I 5.5 12.9 1 4 .7 3.4 .6 June 33.9 1.9 L.I 5.9 12.7 .6 2.0 .6 July 34.4 1.9 L.2 5.5 12.1 .9 2.4 .7 ' Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1950 having been revised by subtracting from each monthly figure $252,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 6 Gold exports reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. OCTOBER 1951 1329 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.)1 Treasury Total 2 1945—Dec... 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 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—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 23 317 606 45 75 271 31 19 Feb 22,086 22,162 288 604 23 317 617 45 76 271 31 19 Mar.... 35,800 21,806 21,927 288 589 23 317 618 45 P63 271 31 22 Apr . . 21,805 21,900 288 609 23 317 635 45 271 31 22 May. . . 21,756 21,861 288 589 23 317 643 45 271 31 22 June... P35.920 21,756 21,872 288 586 317 652 45 281 31 22 July 21,759 21,852 288 595 317 45 281 31 22 Aug.... 21,854 21,986 288 608 317 291 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 - P t a a 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 5 180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 252 178 52 195 27 51 27 28 1950—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 »97 523 27 247 140 252 208 208 311 29 50 27 31 1951—Jan 97 523 27 247 139 252 228 281 311 30 50 27 31 Feb 102 523 27 247 139 252 228 281 311 30 50 27 31 Mar 117 523 27 247 139 252 228 304 311 30 50 27 46 Apr.... 117 548 27 247 138 252 229 282 311 30 50 27 46 May 124 548 27 247 138 252 229 261 311 30 50 27 46 June... . 143 548 27 247 138 252 229 311 31 50 27 46 Tnlv 174 548 27 247 138 229 311 50 46 548 247 229 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 n ti t t t o e le n r - - al Fund ments 1945—Dec. . . . 13 914 110 482 1.342 43 241 62,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 «2.696 200 215 15 32 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 «1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 «1,688 178 373 1,451 68 1950— O Se c p t t 1 1 7 7 7 7 2 2 0 0 1 1 7 8 9 3 6 6 1 1 8 9 7 1 L 1, . 5 5 2 2 0 9 1 1 1 1 8 8 1 1 4 5 6 0 «2,756 2 2 1 1 7 7 3 3 7 7 3 3 1 1 , , 4 4 9 9 4 4 1 1 4 4 5 9 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 «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 1,458 115 150 293 373 1,495 153 June.... 217 26 210 60 129 1,451 ••115 150 «3,867 279 373 1,518 151 July 26 210 61 129 1 .454 113 150 373 1,519 155 Aug 26 210 61 129 1,447 150 373 143 p'Preliminary. r Revised. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various centra 1 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). 8 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. « Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1330 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 Apr.-June 173 9 162 4 -31 0 — 10 0 — 11 2 7 9 July-Sept 101.5 283.9 3.5 -20.0 2-119.1 -10.0 -11.3 Oct.-Dec -151.0 2.5 -33.9 -5.0 — 15.9 —49.9 -15.0 1950 Jan.-Mar -202.5 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June -31.7 -20.0 —3 !6' — 11 9 July-Sept —732 2 -580 0 —28 5 — 16 0 —25 0 3 4 8 2 —40 5 Oct.-Dec -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 —47 4 —ioo 6 20 0 —61 9 1951 Jan.-Mar -880.1 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-Tune -57.0 -80 0 2 0 -15.0 — 11 2 — 10 0 64 1 July-Sept 290.0 320.0 -5.0 -17.0 -3.5 —20 6 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- Other Asia Union end of period Increase Net marked Domes- Year or Uru- Vene- Latin and of All in total gold im-gold: de- tic gold quarter guay zuela Amer- Oceania South other Period gold port or crease producica Africa Treas- stock export or in- tion 2 ury Total i (-) crease (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1942 22,726 22,739 —23.0 315.7 -458.4 125.4 1948 10.7 -108.0 13.4 -4.1 498.6 6.9 1943 21,938 21,981 —757.9 68.9 -803.6 48.3 1949 -14.4 -50.0 -7.5 -52.1 195.7 -1.6 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1950 -64.8 -17.6 -39.2 13.1 4-47.8 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1946 20,529 20,706 623.1 311.5 465.4 51.2 1949 1947 22,754 22,868 8 2,162.11,866.3 210.0 75.8 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 Jan.-Mar.. 3.6 -2.3 72.0 .1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Apr.-June. 3.0 3.7 -6.6 55.6 .1 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 r80.1 July-Sept.. -16.5 -50.0 -2.9 -2.2 48.1 -2.0 Oct.-Dec.. -1.0 -11.9 -41.0 19.9 .2 1950—Sept... 23,483 23,591 -153.9 -96.5 -65.9 •7.6 Oct... 23,249 23,349 —242.5 -93.4 -146.2 ••7.9 1950 Nov... 23,037 23,153 -195.5 -158.6 -35.3 •7.3 Dec... 22,706 22,820 -333.2 -93.0 -237.9 '6.7 Jan.-Mar -12.0 -10.5 3.9 -27.0 1951—Jan... 22,392 22,461 -358.8 -105.6 -248.5 5.9 Apr.-June -2.0 -1.0 9.2 -3.0 Feb... 22,086 22,162 -298.7 -107.9 -184.4 5.2 July-Sept -23.9 -.1 -14.9 -14.8 Mar... 21,806 21,927 -235.4 -123.5 -111.2 5.8 Oct.-Dec -26.9 -6.0 -23.6 -3.0 Apr. .. 21,805 21,900 -27.3 -110.6 101.9 5.5 May. . 21,756 21,861 -38.5 -41.0 -12.9 5.5 1951 June.. 21,756 21,872 10.4 -37.6 46.3 5.9 July.. . 21,759 21,852 -19.2 -16.2 -8.8 5.5 Jan.-Mar -50.9 -11. -22.6 4-28.0 Aug. .. 21,854 21,986 133.1 —3.7 137.0 6.6 Apr.-June 15.0 -5.0 -3. 12.7 4-25.0 Sept... P22.013*>22,163 P177.8 0) 5176.7 (4) July-Sept 28.0 3.5 -5.3 20.3 4-31.0 P Preliminary. r Revised, i See footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2 Yearly figures are estimates of United States Mint. For explana- 2 Includes sale of 114.3 million dollars of gold to Italy. tion of monthly figures see p. 1329, footnote 4. 3 Includes sales of 185.3 million dollars of gold to China. 3 Change includes transfer of 687.5 million dollars gold subscrip- 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million tion to International Monetary Fund. dollars; 1951—Jan.-Mar., 20.0 million; Apr.-June, 25.0 million; and 4 Not yet available. July-Sept., 31.0 million. 5 Gold held under earmark at the Federal Reserve Banks for foreign NOTE.—This series replaces the series on "Net Gold Imports to account, including gold held for the account of international institu- United States, by Countries," published previously. tions, amounted to 5,729.8 million dollars on Sept. 30, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. OCTOBER 1951 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1951 1950 1950 International Fund International Bank July Apr. Jan. July June Mar. Dec. June Gold 1,519 1,495 1,495 1,464 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,316 1,313 1,304 1,306 United States 9 6 5 5 Other 4,327 4,315 4,229 4,257 Other 919 920 921 924 Unpaid balance of member subscriptions. 869 907 1,003 989 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 8,022 Calls on subscriptions to capital stock2. . 4 4 4 5 Accumulated net income -6 -6 -5 -4 Loans (inch undisbursed portions and inch obligations sold under Bank's guarantee) 1,037 938 868 738 1951 1950 Other assets 19 12 9 8 Net currency transactions l Bonds outstanding 325 311 261 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- Aug. July Juner Aug.r antee 33 30 29 26 Loans—undisbursed 352 279 229 126 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 Capital2 1,668 1,668 1,668 1,670 Chilean pesos 5.4 5.4 5.4 8.8 C D z a e n c is h h o s k lo ro v n ak er ian koruny. 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 r Revised. Egyptian pounds -5.5 -5.5 -5.5 -5.5 1 As of Aug. 31, 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 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders.... 75.4 75.4 75.4 75.4 amounted to 69.3 million dollars. Currencies the net transactions in N So o u rw th e g A i f a r n ic a k n ro p ne o r unds. . . 9.6 9.6 9.6 1 9 0 . . 6 0 wh 2 i c E h x c a l m ud o e u s n t u n to ca l l e l s e s d th p a o n rt i o o n n e s m of il l c io a n p i a ta r l e s re u p b o sc rt r e ip d t i u o n n d s e , r a " m A o l u l n o ti t n h g e r t . o " Turkish liras 5.0 5.0 5.0 5.0 6,671 million dollars as of June 30, 1951, of which 2,540 million repre- Pounds sterling 300.0 300.0 300.0 300.0 sents the subscription of the United States. Yugoslav dinars 9.0 9.0 9.0 9.0 All other -.9 -.9 -.9 -.9 Total. 736.0 736.0 736.0 744.6 CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d s in s m ter il l l i i n o g n ) s of Gold* a O s t s h e e t r s 2 N c a o o n t i d n es ! a c v n o D a d n u i s c n a - e t d s s - Se t c ie u s ri- cir ti c o u n la 3 - Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h i a i t e l n a i r - l d 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 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 L,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—Sept. 27 .4 1,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 1,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan, 31 .4 4 1,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 Feb. 28 .4 1,350.0 62.0 16.1 345.7 L,289.0 293.0 13.0 9.3 90.1 18.5 Mar. 28 .4 1,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 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 «:L,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18.1 July 25 .4 1L,400.0 20.1 7.7 390.8 L.380.9 294.4 14.8 2.3 88.9 18.3 Aug. 29 .4 41L,400.0 42.9 29.7 337.7 L,358.0 273.6 18.5 .9 98.9 18.5 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 25 million pounds on Jan. 10, increased by 50 million on June 12 and by 25 million on July 31, and decreased by 25 million on Aug. 21, 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. 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Gold and S t U at n e i s ted Other circ N u o la t t e ion2 liab a i n li d ties dollars S te h r o m rt - * Other assets Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital 8 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 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Sept. 30. 212.2 1,406.1 444.6 219.7 ,318.4 555.8 22.0 258.2 128.2 Oct. 31. 152.2 1,381.4 435.7 440.0 ,321.8 621.7 39.0 235.2 191.6 Nov. 30. 127.2 1,170.0 662.0 415.5 ,323.5 578.9 45.3 221.0 206.0 Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Jan. 31. 117.9 1,171.0 731.5 273.7 ,294.4 537.6 68.3 204.4 189.3 Feb. 28 . 117.3 1,165.4 757.0 249.0 ,295.4 550.5 69.5 204.6 168.7 Mar. 31. 80.0 1,341.9 673.7 171.1 ,319.5 552.9 70.5 206.7 117.2 Apr. 30 . 128.8 1,327.6 722.5 168.8 ,323.0 556.1 56.9 215.1 196.6 May 31. 125.2 1,313.7 777.3 117.9 ,337.5 530.1 76.2 221.5 168.7 June 30. 116.8 1,335.2 846.3 104.1 ,351.3 590.7 75.3 220.1 165.0 July 31. 116.8 1,327 A 872.5 118.6 1,370.5 558.2 91.1 212.6 202.9 Aug. 31. 100.0 1,349.6 888.1 119.8 1,370.7 580.4 115.0 185.7 205.8 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government6 Note Deposits ' Other millions of francs) Golds ch e a x n - ge Open a O ss t e h t e s r 6 cir ti c o u n la- Govern- li i a a t n i b e d i s lmarket6 Special Other Current Other ment ECA Other capital 1938—Dec. 29. 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67',900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Sept. 28. 182,785 173,725 119,556 14,572 377,531 163,900 481,039 132,9721,467,425 94 11,928 144,909 21,725 Oct. 26. 182,785 140,735 115,122 25,035 371,010 162,600 481,039 197,5551,466,623 73 8,739 171,836 28,610 Nov. 30. 182,785 146,783 150,674 32,047 297,884 155,900 481,039 222,2771,502,770 83 7,613 137,038 21,885 Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,8221,560,561 70 15,058 161,720 24,234 1951—Jan. 25. 182,785 172,719 131,554 35,907 373,922 159,800 481,039 197,815 ,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 ,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 ,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 ,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 ,632,018 83 17,636 160,143 24,658 June 28. 191,447 161,802 196,435 12,164 458,572 157,600 481,039 235,037 ,660,842 66 16,432 190,056 26,701 July 26. 191,447 154,610 232,873 5,967 454,608 145,800 481,039 250,441 ,699,190 74 19,703 166,020 31,798 Aug. 30. 191,447 145,195 236,169 1,256 472,894 160,600 481,039 9245,129 ,754,151 96 6,980 146,012 26,490 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; 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. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 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. 8 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. 9 Includes advance to Stabilization Fund, amounting^to 142.7 billion francs on Aug. 30. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-64S 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. OCTOBER 1951 1333 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 874 874 874 656 Loans and discounts 262, 257,368 259,060 215,505 Other gold and foreign exchange. 1,924 2,165 2,389 ,561 Government loans and securities. 141 135,630 135,872 136,307 Government securities 2,034 2,003 1,993 ,917 Other assets 104, 83,883 79,613 56,692 Rediscounts and loans to banks. . 38,675 37,661 37,115 906 Note circulation 408. 240 410,181423,992 439,540 Other assets 267 293 282 305 Deposits 224, 204,422 197,792 178,880 Currency circulation 15,113 14,794 14,567 060 Other liabilities and capital..... 69, 69,554 66,608 51,256 Deposits—Nationalized 25,408 25,060 24,887 710 Cesintral Bank of Costa Rica Other sight obligations 572 539 565 (thousands of colones): Other liabilities and capital 2,681 2,603 2,634 2,086 Gold ,511 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange ,658 476 32,456 36,552 tralia (thousands of pounds): Net claim on Int'l. Fund * ,030 088 6,188 7,019 Gold and foreign exchange 88,834 710,232 719,551 530, Loans and discounts ,898 166 82,419 78,643 Checks and bills of other banks. . 4,193 5,063 7,691 3, Securities ,184 219 9,285 20,401 Securities (inel. Government and Other assets ,496 838 15,783 18,076 Treasury bills) 358,757 342,668 363,087 329, Note circulation ,798 701105,376 98,165 Other assets 71,044 82,570 82,901 64, Demand deposits ,244 311 42,316 64,235 Note circulation 281,471277,721275,270 235, Other liabilities and capital ,735 286 9,950 9,802 Deposits of Trading Banks: National Bank of Cuba Special 525,570 533,570 559,320 455, (thousands of pesos): Other 32,403 33,653 28,318 30, Gold 290 564280,564 280,564 '290,558 Other liabilities and capital 283,384295,590310,322 208, Foreign exchange (net) 99 645116,310 96,033 '57,458 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 133 974 ,648113,282 48,714 Gold 51 51 51 50 Silver 42 588 ,486 43,970 75,178 Foreign exchange 358 252 310 318 Net claim on Int'l. Fund 8 12 511 ,511 12,511 12,507 Loans and discounts 5,327 4,918 4,720 ,561 Loans and discounts 1 053 ,245 1,316 979 Claim against Government 4,615 4,524 4,444 ,050 Credits to Government 10, 478 ,522 10,871 '9,780 Other assets 36 37 38 35 Other assets 27, 635 ,509 27,740 '17,708 Note circulation 7,190 6,796 6,598 ,877 Note circulation 378, 810 ,777374,076 343,531 Deposits—Banks 173 171 192 282 Deposits 232, 199 234,855205,392 155,604 Other 884 577 612 932 Other liabilities and capital 7,439 ,163 6,822 13,748 Blocked 2,139 2,238 2,162 ,923 National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 30,399 29,742 29,307 132 Gold 69 69 69 69 Foreign claims and balances (net). 14,902 12,580 10,768 801 Foreign exchange 433 425 406 307 Loans and discounts 8,268 9,334 9,901 206 Contributions to Int'l. Bank 8 8 8 6 Consolidated Government debt.. 34,860 34,860 34,860 939 Loans and discounts 120 112 108 38 Government securities 3,833 3,757 3,214 290 Securities 130 131 143 137 Other assets 3,249 3,112 3,795 126 Govt. compensation account.... ,925 3,942 3,942 4,019 Note circulation 90,248 88,822 86,814 189 Other assets 582 539 526 195 Deposits—Demand 1,948 1,546 2,413 800 Note circulation ,561 1,569 1,620 1,508 ECA 780 570 268 33 Deposits—Government ,812 1,802 1,774 1,247 Other liabilities and capital 2,534 2,446 2,349 472 Other ,700 1,670 1,620 1,863 Central Bank of Bolivia—Mone- Other liabilities and capital 194 185 188 153 tary dept. (millions of bolivianos): Central Bank of the Dominican Gold at home and abroad2 1,370 ,370 Republic (thousands of dollars): Foreign exchange (net) 900 455 Gold 056 8,056 8,056 4,045 Loans and discounts 1,960 ,748 Foreign exchange (net) 515 19,177 18,499 14,590 Government securities 724 736 Net claim on Int'l. Fund 3 250 1,250 1,250 1,250 Other assets 157 172 Paid-in capital—Int'l. Bank 40 40 40 40 Note circulation 3,887 ,894 Loans and discounts 212 212 107 148 Deposits 278 592 Government securities ,217 6,217 6,217 5,383 Other liabilities and capital 948 997 Other assets 960 992 968 972 Central Bank of Ceylon (thousands Note circulation ,296 26,226 26,133 20,669 of rupees): Demand deposits ,138 8,918 8,247 5,449 Foreign exchange 673,514677,105 649,888 494, 881 Other liabilities and capital 817 801 758 309 Paid-in capital—Int'l. Bank 1,116 1,116 1,116 1,429 Central Bank of Ecuador Government securities 3,252 2,706 68 (thousands of sucres): Other assets 1,839 1,628 1,245 255 Gold 5 335 428 334,993 334,862 252,692 D O Cu t e h p r e r o e r s n i l c t i s a y — b i i n l G B i t c a o ie i n v r s k e c s r a u n n la m d t i e c o n a n t pital 3 1 9 3 9 5 3 4 3 7 , , , , 7 4 6 8 3 6 7 5 3 7 0 1 3 1 9 3 9 6 0 2 7 2 , , , , 6 6 2 0 2 4 0 8 5 5 4 1 3 1 8 4 3 8 9 3 1 7 , , , , 2 9 8 1 8 7 5 9 1 9 8 9 3 1 0 4 3 6 9 6 4 4 4 4 1 8 1 7 9 6 6 1 1 F N C o r e r e t e d i c i g l t a n s i — m ex O G o c t o h n h v a e e I n r n r g n t e ' m l. ( e n F n e u t t n )5 d 3 1 1 9 8 6 1 5 7 9 8 6 2 7 7 2 9 5 5 5 9 8 0 1 1 7 88 1 ,362 2 1 8 2 1 4 2 5 8 8 , , , , 5 7 7 5 5 7 2 5 7 0 8 0 2 1 3 7 5 1 5 1 8 6 , , , , 7 8 6 8 8 2 0 7 1 2 2 9 Ce o n f t G F N O O D L r p o o a o e t t e i h h r s a l s l t e d c e e o n i c o r r s s g B l u ) a n l a : t a n i o o s m n t e a s s x k n e G t c s o f s o o h n a v o r a n e f n I m d n r g n t e e C d ' m m l i . h ( s e b n i F c n l e e o e u t r t u n ) n b d ( t a m s 3 n i k ll s io . n .. s . 2 5 1 1 , , , , 3 6 3 3 6 2 1 0 5 1 9 7 4 0 4 1 3 9 5 5 7 2 5 1 1 , , , , 3 3 6 3 6 1 1 9 1 3 0 7 0 9 5 4 2 4 5 7 8 2 6 1 , , , 3 4 3 9 6 1 1 4 0 3 7 3 0 8 6 9 7 5 1 7 0 1 1 , , , , 2 9 7 0 6 1 4 0 2 0 8 6 1 0 5 3 6 7 1 |NN:a s t a i n O O F N D G o d o n t t e o o s h h r a m l t e e d e e o l i r r 7 a f g c n n a l B i p d i r s a o c a s e b d u u e x n i t l e n l c k s a i p h d t t i o i a s e o s n o ) s n : i g f t a s e n — 8 E d g O P c y r t a i p h v p e t a i 6 r t t a e ( l t b h a o n u k - s 2 2 5 1 1 3 0 0 1 4 7 0 7 5 7 3 3 5 0 1 3 9 4 8 6 2 9 7 0 5 2 4 1 1 3 8 6 4 3 0 1 6 8 0 6 7 , , , , 3 5 0 8 5 1 5 2 0 4 2 1 1 1 4 4 8 4 2 3 8 9 5 7 8 3 4 0 , , , , , , , 7 7 2 1 4 0 0 7 4 7 1 5 9 9 1 1 3 3 2 9 8 4 1 1 1 1 '5 5 0 8 4 4 9 6 6 0 0 4 2 , , , , , , , 3 6 2 6 3 9 3 7 2 2 5 2 2 5 6 0 9 2 0 4 4 Note circulation 7,375 359 7,469 ,124 Foreign and Egyptian Deposits—Bank 1,669 ,497 1,550 ,248 Government securities 309,905 315,460 291,484 Other 653 846 1,064 250 Loans and discounts 5,497 7,950 3,637 Other liabilities and capital 1,995 ,924 1,902 ,101 Other assets 2,623 2,308 '2,796 Bank of the Republic of Colombia Note circulation 160,295170,820 140,578 (thousands of pesos): Deposits—Government 85,441 88,544 73,859 N Go et l d c l a a n im d f o o n re i I g n n t 'l e . x F c u ha n n d g 3 e 1 2 6 4 8 , , 3 1 6 4 9 0 1 2 8 4 1 , , 3 5 6 2 9 4 1 2 8 4 8 , , 3 0 6 9 9 6 23 2 5 4 4 3 3 6 2 8 Other liabil O iti t e h s e r and capital 1 2 5 2 6 , , 7 06 8 5 6 1 2 4 1 3 , , 1 0 8 5 8 0 13 9 9 , , 7 6 9 8 4 2 Paid-in capital—Int'l. Bank 1,384 1,383 1,381 1 372 r Revised. 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. 8 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 Includes foreign exchange and, from June to November 1950, gold, 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. 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1951 1950 (Figures Nas of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 64,544 64,610 64,682 Foreign exchange , 34 32 30 29 Foreign exchange (net) 67,331 75,364 82,806 Advances to Treasury 590 590 590 590 Net claim on Int'l Fund 1 1,565 1,565 1,565 Loans and discounts 265 261 293 213 Loans and discounts 4,928 2,785 782 Government securities , 204 205 206 178 Government debt and securities. . 5,395 5,602 5,636 Other assets 652 603 539 610 O N t o h t e e r c a ir s c s u et l s ation 7 1 4 , , 6 0 4 35 2 75 1 , ,4 80 0 3 6 77 1 , , 0 4 8 1 9 9 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 1,120 1,121 1,08 2 6 1,02 3 2 Deposits 64,530 68,918 73,341 Deposits—Government , 174 159 181 127 Other liabilities and capital 6,840 6,610 6,459 Demand , 101 82 74 140 State Bank of Ethiopia 2 Other 276 269 253 258 Bank of Finland (millions of mark- Other liabilities and capital 79 64 66 75 kaa): Bank of Japan (millions of yen): Gold 4,475 4,475 4,475 230 Cash and bullion 1,082 1,153 Foreign assets (net) 12,090 5,663 1,201 -85 Advances to Government 42,645 83,181 Clearings (net) -1,922 -1,711 -1,644 -151 Loans and discounts 407,955 146,353 Loans and discounts 34,418 37,611 42,326 386 Government securities 129,177 120,648 Securities 984 955 970 062 Other assets 37,089 31,526 Other assets 8,278 9,480 7,480 294 Note circulation 407,704 324,618 Note circulation 41,446 39,826 39,670 014 Deposits—Government 172,011 25,239 Deposits 1,829 1,249 2,896 162 Other 20,015 18,215 Other liabilities and capital 15,048 15,399 12,242 561 Other liabilities 18,217 14,787 Bank of German States The Java Bank (millions of guilders): (millions of German marks): Golds 871 871 871 677 Foreign exchange 2,432 2,098 1,799 ,377 Foreign exchange (net) 786 730 612 75 Loans and discounts 4,025 4,194 4,446 ,079 Loans and discounts 501 493 514 159 Loans to Government 9,591 9,556 9,251 ,262 Advances to Government 1,500 1,723 1,832 2,034 Other assets 1,498 1,470 1,461 ,118 Other assets 720 656 554 102 Note circulation 8,713 8,384 8,189 ,026 Note circulation 2,848 2,947 2,809 1,931 Deposits—Government 2,488 2,593 2,292 ,583 Deposits 789 830 880 692 Banks 1,860 1,846 1,839 ,052 Other liabilities and capital 741 695 694 423 Other 1,405 1,286 1,344 401 Bank of Mexico (millions of pesos): Other liabilities and capital 3,080 3,210 3,294 ,773 Monetary reserve 6 1,098 1,060 1,053 909 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 2,841 2,715 2,764 2,739 Gold and foreign exchange (net). 935 3 760 328 Bills and discounts 480 461 379 138 Loans and discounts 191 189 193 Other assets 386 493 510 342 Advances—Government 6,402 6,717 ,000 Note circulation 2,913 2,797 2,766 2,365 Other 3,528 3,519 ,481 Demand liabilities 1,481 1,443 1,446 1,272 Other assets 2,347 2,535 955 Other liabilities and canital 412 489 493 491 Note circulation 1,770 1,790 ,739Netherlands Bank (millions of Deposits—Government. ... ... 851 885 808 guilders): Reconstruction and Gold 7 1,177 1,177 1,177 871 relief accts 4,426 4,452 ,653 Silver (including subsidiary coin). 18 17 17 15 Other 2,035 2,266 988 Foreign assets (net) 23 41 122 1,213 Other liabilities and capital 4,321 34,327 ,770 Loans and discounts 474 503 199 54 Bank of Guatemala (thousands of Govt. debt and securities 3,251 3,262 3,260 2,850 quetzales): Other assets 611 644 615 883 Gold. . 27,229 27,229 27,229 229 Note circulation—Old 48 48 49 60 Foreign exchange 9,580 12,142 13,496 793 New 2,762 2,806 2,693 2,847 Gold contribution to Int'l Fund . 1,250 1,250 1,250 250 Deposits—Government 281 Rediscounts and advances 7,398 6,952 5,331 040 Blocked 2 Other assets 17,565 17,629 17,241 535 ECA 1,685 1,626 1,549 1,210 Circulation—Notes 36,230 36,256 37,110 046 Other 582 677 644 895 Coin 3,270 3,268 3,314 124 Other liabilities and capital 477 487 454 592 Deposits—Government 2,086 2,818 2,318 413 eserve Bank of New Zealand Banks 10,393 10,949 11,189 719 (thousands of pounds): Other liabilities and capital 11,043 11,909 10,615 545 Gold 5,306 5,203 5,157 4,397 National Bank of Hungary * Foreign exchange reserve 79,688 78,943 78,539 57,293 Reserve Bank of India (millions of Loans and discounts 6,019 6,235 6,495 5,480 rupees): Advances to State or State un- Issue department: dertakings 51,445 51,929 54,033 56,097 Gold at home and abroad 400 400 400 Investments 22,675 11,974 7,974 17,658 Foreign securities 6,232 6,782 ,832 Other assets 3,190 3,510 4,199 »"3,864 Indian Govt. securities 5,166 5,166 ,516 Note circulation 60,374 60,624 59,804 54,550 Rupee coin 603 575 591 Demand deposits 101,311 90,769 90,075 83,961 Note circulation 12,016 12,575 ,096 Other liabilities and capital 6,638 6,401 6,518 6,277 Banking department: Bank of Norway (millions of kroner): Notes of issue department. 385 348 244 Gold 243 243 244 Balances abroad 2,174 1,793 ,233 Foreign assets (net) 187 137 ••132 Bills discounted 28 21 30 Clearing accounts (net) -9 -13 -42 Loans to Government 52 75 Loans and discounts 49 59 32 Other assets 926 1,179 '788 Securities 46 46 47 Deposits 3,315 3,098 ,987 Occupation account (net) 6,202 6,202 7,112 Other liabilities and capital. . . 251 318 309 Other assets 121 130 78 Central Bank of Ireland (thousands Note circulation 2,431 2,376 2,294 of pounds): Deposits—Government 1,754 1,865 1,740 Gold 2,646 2,646 2,646 646 Banks 1,116 1,044 1,377 Sterling funds 50,174 49,886 49,469 131 Block d 538 Note circulation 52,820 52,532 52,115 777 EGA 769 742 944 Other liabilities and capital 770 777 710 ' 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 Effective June 1, 1951, figures reflect the change in the official exchange parities of the drachma resulting from abolition of exchange certificate system. 4 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 5 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. ! Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. < Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 113. OCTOBER 1951 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Con tinned Central Bank 1951 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug, July June Aug. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation ,710 31,648 30,987 28,380 Issue department: Deposits—Government 220 690 1,131 135 Gold at home and abroad... 44 44 Other ,256 3,229 3,461 3,206 Sterling securities 852 652 Other liabilities and capital ,632 19,169 20,607 14,646 Pakistan Goyt. securities. . . 603 519Bank of Sweden (millions of kronor): Govt. of India securities.... 138 141 Gold 283 284 284 156 India currency 300 300 Foreign assets (net) 651 677 504 1,046 Rupee coin 43 57 Net claim on Int'l. Fund 2 88 Notes in circulation 1,924 1,660 Paid-in capital—Int'l. Bank .... 10 Banking department: Swedish Govt. securities and ad- Notes of issue department... 55 53 vances to National Debt Office6 ,454 3,526 3,718 2,936 Balances abroad 616 318 Other domestic bills and advances 267 242 249 150 Bills discounted 99 102 Other assets 499 511 508 316 Loans to Government 4 Note circulation ,577 3,482 3,530 3,163 Other assets 374 423 Demand deposits—Government.. 459 636 605 330 Deposits 1,029 804 Other 623 527 530 458 Other liabilities and capital.. 119 92 Other liabilities and capital 594 594 597 654 Bank of Paraguay—Monetary dept. Swiss National Bank (millions of (thousands of guaranies): francs): Gold i 1,165 ,165 1,165 600 Gold ,982 6,014 6,001 6,144 Foreign exchange (net) , 122,307 ,282 105,315 9,836 Foreign exchange 208 188 209 351 Net claim on Int'l. Fund 2 5,261 ,261 5,256 2,710 Loans and discounts 134 141 190 108 Paid-in capital—Int'l. Bank -1,024 ,001 -1,001 -228 Other assets 77 79 76 72 Loans and discounts 156,107 ,515141,345 127,941 Note circulation ,498 4,469 4,468 4,290 Government loans and securities. 16,656 ,617 16,623 4,653 Other sight liabilities ,704 1,753 1,810 2,187 Other assets 62,736 ,369 32,907 28,183 Other liabilities and capital 198 199 198 199 Note and coin issue 197,123 ,783179,793 125,083Central Bank of the Republic of Demand deposits 96,723 ,726 60,554 41,492 Turkey (millions of pounds): Other liabilities and capital 69,363 ,701 61,261 7,120 Gold 419 419 419 408 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings 141 160 170 99 Gold and foreign exchange 3 651 703 336 Loans and discounts ,332 1,282 1,284 1,133 Net claim on Int'l. Fund 2 20 20 20 Securities 15 15 15 28 Contribution to Int'l. Bank 2 2 2 Other assets 81 120 95 100 Loans and discounts to banks. . . 271 180 190 Note circulation 999 973 986 879 Loans to Government 701 712 704 Deposits—Gold 153 153 153 153 Other assets 127 96 271 Other 572 641 593 583 Note circulation ,228 1,186 971 Other liabilities and capital 265 230 251 153 Deposits 352 371 166Bank of the Republic of Uruguay Other liabilities and capital 192 156 387 (thousands of pesos): Central Bank of the Philippines Gold 424,577 315,548 (thousands of pesos): Silver 10,301 11,562 Gold 11,289 11067 10,237 5,427 Paid-in capital—Int'l. Bank 318 313 Foreign exchange 531,024523 146533,970 441,331 Advances to State and govern- Net claim on Int'l. Fund 2 29,504 29 504 29,504 7,502 ment bodies 149,982 144,932 Loans 39,609 29 609 19,609 53,169 Other loans and discounts 284,644 263,332 Domestic securities 231,206231 760 234,536 137,250 Other assets 341,222 284,559 Other assets 191,473 185,879180,316 150,040 Note circulation 370,310 291,026 Note circulation 588,994 611 406634,443 556,911 Deposits—Government 100,626 96,644 Demand deposits 254,564 210,170 202,970 125,234 Other 319,831 299,020 Other liabilities and capital 190,545 189,388170,759 112,573 Other liabilities and capital 420,278 333,557 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 820 3,848 3,214 Gold ,141 1,141 1,141 1,041 Foreign exchange (net) 692 10,781 9,243 Foreign exchange (net) -158 -94 -42 -46 Loans and discounts 529 527 525 Other assets 117 129 119 53 Advances to Government 246 1,249 1,242 Note circulation 739 730 730 733 Other assets 586 541 662 Deposits 195 171 140 175 Note circulation 242 8,224 7,924 Other liabilities and capital 167 276 348 141 Demand deposits—Government.. 900 752 448 Bank for International Settle- ECA 144 164 349 ments (thousands of Swiss gold Other 262 5,560 3,600 francs): Other liabilities and capital 326 2,245 2,565 Gold in bars 437 196 475,853 462,429 382,608 South African Reserve Bank Cash on hand and with banks.. . 49 366 57,047 56,548 55,023 (thousands of pounds): Sight funds at interest 502 4,393 4,391 2,902 Gold * 74,264 ,338 74,243 63,776 Rediscountable bills and accept- Foreign bills 66,945 ,016 80,043 71,307 ances (at cost) 132 833139,380108,835 105,253 Other bills and loans 6,751 ,119 4,880 5,626 Time funds at interest 32 544 31,023 33,459 50,123 Other assets 35,313 ,919 28,840 33,682 Sundry bills and investments.... 343 857334,195270,650 281,693 Note circulation 79,611 ,142 78,482 69,993 Funds invested in Germany 297 201297,201297,201 297,201 Deposits 85,288 ,163 91,846 90,299 Other assets 1430 1,393 1,803 1,492 Other liabilities and capital 18,375 ,087 17,679 14,099 Demand deposits (gold) 308 573304,286 247,389 272,798 Bank of Spain (millions of pesetas): Short-term deposits: Gold 665 665 662 668 Central banks—Own account.. 423 982505,345 475,752 393,581 Silver 378 378 378 446 Other 78 451 37,810 17,418 19,736 Government loans and securities. 15,707 ,771 15,865 15,654 Long-term deposits: Special 228 909228,909228,909 228,909 Other loans and discounts 14,967 ,385 15,266 11,007 Other liabilities and capital 265 012264,135265,849 261,271 Other assets 22,102 ,538 24,015 18,592 s of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 22 TThhiiss ffiigguurree rreepprreesseennttss tthhee aammoouunntt ooff tthhee bbaannkk''ss ssuubbssccrriippttiioonn ttoo tthhee FFuunndd lleessss tthhee bbaannkk''ss llooccaall c<urrency 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. 8 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 1336 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 e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l R A 3 a u 1 t g e . eff D ec a t t i e ve ba C n e k n t o r f a — l R A 3 a u 1 t g 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 2H 3 3 Argentina Mar. 1, 1936 Japan 5.11 July 5, 1948 Jan. 25, 1940.. S3 Aug. 3, 1945 Java 3 Jan. 14, 1937 Apr. 9 3\fk Belgium July 5, 1951 Latvia 5 Feb. 17, 1940 May 17 3}4 Bolivia ... . Sept. 30, 1950 Lithuania... 6 July 15, 1939 Mar. 17, 1941.. IK May 29 3 June 27 2V<* Jan. 16, 1945. . Canada 2 Oct. 17, 1950 Mexico June 4, 1942 Jan. 20 16A Chile June 13, 1935 Netherlands.. Apr. 17, 1951 Feb. 9 91/ 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.. IK Aug. 27 &2M 3*4 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct. 9 2H&3 10 May 13, 1948 Portugal.... Jan. 12, 1944 June 28, 1948.. i 1-5 El Salvador. .. 3 Mar. 22, 1950 South Africa. Oct. 13, 1949 Sept. 6 ... 3M&4 Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Oct. 1 Finland Nov. 3, 1950 Sweden Dec. 1, 1950 May 27 1949 3 July 14 l 1-4 Oct. 6 June 8, 1950.. 2H France June 8, 1950 Switzerland.. Nov. 26, 1936 Sept. 11 "3% Germany 11-6 3 Oct. 27, 1950 Turkey Feb. 26, 1951 Sept. 26 3 12 July 12, 1948 United King- Oct. 27 i 1-6 India 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec. 1 z 3 Ireland Nov. 23, 1943 U. S.S. R.... 4 July 1, 1936 Apr. 17, 1951.. 4 July 5 In effect Aug. 31, 1 The lower rate applies to the Bank deutscher Laender, and the higher 1951 2 2H U-6 4 3 IX rate applies to the Land Central banks. cen N t O ; T Ja E p . a — n C — h O an c g t. e s 1, s i f n ro ce m A 5 u .1 g 1 . 3 to 1 : 5 . B 8 e 4 l g p i e u r m c — en S t e . pt. 13, from 3V2 to 3M Per 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—July .54 1.03 1.00 1.00 1.62 .25 1943—July .50 1.03 1.00 1.04 1.64 .25 1944—July .38 1.03 1.00 1.13 1.49 .25 1945—July .36 1.03 1.00 1.13 1.25 .25 1946—July .40 .53 .51 .63 1.30 1.52 1.31 .25 1947—July .41 .53 .51 .63 1.51 .52 1.09 .25 1948—July .41 .56 .51 .63 2.04 .56 1.35 .63 1949—July .51 .63 .52 .63 P2.34 .43 .83 .50 1950—July .51 .69 .51 .63 2.59 .57 1.10 .50 1950—August. . . .55 .69 .51 .63 2.35 .44 .95 .50 September, .62 .69 .52 .63 2.22 .33 .91 .50 October... .62 .69 .51 .63 2.28 .27 .88 .50 November. .62 .69 .51 .63 2.19 .20 .88 .50 December. .63 .69 .51 .63 2.41 1.40 1.09 .50 1951—January. . .63 .69 .51 .63 2.45 1.31 .83 .50 February. , .73 .69 .51 .63 2.42 1.55 1.00 .50 March .76 .69 .51 .63 2.45 1.46 1.23 .50 April .76 .69 .51 .63 2.60 1.55 1.24 .50 May .76 .69 .51 .63 2.61 1.50 1.07 .50 June .75 .69 .51 .63 2.52 1.39 1.00 .50 July .77 .93 .51 .63 2.57 1.39 .91 .50 p Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 1337 OCTOBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom x ( b 1 a 1 n L k o s. n do F n i g c u l r e e a s r i i n n g Cash M ca o ll n e a y n d at Bills dis- Treasury Loans to Other Deposits lia O b t i h li e ti r es millions of pounds reserves short counted deposit customers assets and sterling) notice receipts * Total Demand Time capital 1945—December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—August. . * 504 544 1,336 368 ,499 1,610 554 5,968 3,941 2,027 447 September 492 543 1,358 435 ,501 1,610 557 6,028 3,969 2,059 468 October 509 557 1,414 496 ,505 1,608 616 6,204 4,105 2,099 501 November .... 502 548 1,445 478 ,514 1,625 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 1,660 735 6,368 4,262 2,106 550 1951—January 530 559 1,470 383 ,529 1,656 697 6,260 4,181 2,078 564 February 496 531 1,343 291 ,544 1,714 719 6,041 3,994 2,047 596 March. 489 537 1,313 234 ,552 1,766 770 6,037 3,987 2,049 625 April 520 559 1,300 295 1,554 1,775 760 6,130 4,055 2,075 632 May 504 571 1,226 269 1,556 1,806 854 6,149 4,063 2,086 636 June 501 594 1,172 290 1,550 1,895 797 6,167 4,099 2,068 633 July 514 583 1,250 290 1,552 1,861 756 6,174 4,086 2,088 631 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d m r i i t a l e o l n r i n o e t d d n h o s l b f o l i a a f g n r u s k ) r s e . s Cash Entire S ly e c i u n r it C y ana lo d O a a n t s h e a r nd d a f a u n o l b e o d r r e a o f i n r g n a o s d n e m t Securities a O s t s h e e ts r ci N r ti c o o u t n l e a- e T x o c t lu al ding i D n e te m rb a a n n d k dep T o im sit e s li c a O a b a p t i n h l i d i e t t a i r e l s reserves loans discounts banks 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December . .. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 ,874 1,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—August 802 99 2,393 218 4,478 1,113 (3) 7,573 3,030 4,543 1,529 September . ... 748 101 2,473 225 4,437 1,178 (3) 7,597 3,015 4,582 1,565 O N c o t v o e b m er ber 8 7 4 9 7 7 1 1 1 6 5 4 2 2, , 7 5 3 6 7 5 1 1 8 7 9 7 4 4 , , 3 2 4 8 9 0 1 1 , , 2 2 5 9 8 3 ( ( 3 3 ) ) 7 7, , 8 7 1 4 9 0 3 3 , , 1 2 8 7 0 6 4 4 , , 5 5 5 4 9 3 1 1 , , 5 6 8 3 3 0 December 824 134 2,776 171 4,286 1,304 (8) 7,828 3,270 4,558 1,667 1951—January 774 118 2,795 175 4,248 1,270 00 7,748 3,171 4,577 1,631 February 770 109 2,872 176 4,093 1,334 (3) 7,675 3,057 4,618 1,678 Miarch 753 94 3,008 178 ,986 1,266 (3) 7,624 3,010 4,614 1,660 April . .... 774 87 3,046 160 ,924 1,413 (3) 7,684 3,086 4,598 1,720 M Tu a n y e 7 7 8 60 1 8 92 2 3 3 , , 0 0 6 6 1 6 2 1 0 88 6 3 3 , , 8 8 3 8 8 6 1 1, , 2 3 8 7 8 9 ( ( 3 3) ) 7 7, , 5 6 9 8 1 6 3 3, , 0 0 3 9 2 7 4 4, , 5 5 5 8 9 9 1 1 , , 6 6 6 8 4 4 July 798 84 3,043 209 3,840 ,349 (3) 7,658 3,078 4,580 1,665 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due frorr Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 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—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 48,797 484,13(3 131,192 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 7S1,310 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 62,610 499,55C 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 M!av 48,809 63,440 475,054 166,984 46,169 739 071 719,405 19,666 33,354 ?8,033 June 47,856 62,305 522,65/ 159,958 47,815 777 219 756,997 20,222 32,544 30,828 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 % per cent through Oct. 20, 1945, and at % per cent thereafter. 3 Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina I Belgium Brazil Canada (peso) Aus- (franc) (cruzeiro) M Br a i l t a is y h - (dollar) Year or month tralia sia 2 Basic P e r n e t f i e a r l - Free (pound) n "B ot a e n s k " Official Free (dollar) Official Free account 1946 , 29.773 321.34 2.2829 6.0602 95.198 93 288 1947.. . 29 773 321 00 2 2817 5 4403 100 000 91 999 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29 774 293 80 2 2009 2 1407 5 4406 42 973 97 491 92 881 1950 . 26.571 3 13.333 48.289 223.15 1.9908 M 9722 5.4406 32.788 690.909 91.474 1950—October 20.000 13.333 7.291 223.16 1.9876 6! 9702 5.4406 32.838 94.854 November 20.000 13.333 7.147 223.16 1.9876 1 9737 5.4406 32.850 96.044 December 20.000 13.333 6.924 223.10 1.9983 1 9720 5.4406 32.850 94.913 1951—January 20 000 13.333 7 102 223 09 1 9945 1 9549 5.4406 32 850 95 002 February........ 20.000 13.333 7.138 223.16 1.9883 1.9774 5.4406 32.850 95.271 March 20.000 13.333 7.124 223.16 1.9843 1.9306 5.4406 32.850 95.420 April 20 000 13.333 7 143 223 16 1 9830 1 9491 5 4406 32 850 94 353 May 20.000 13.333 7.096 223.16 1.9833 1.9501 5.4406 32.850 93.998 June 20.000 13.333 7.071 223.16 1.9845 1.9568 5.4406 32.850 93.484 Tulv ?0 000 13 333 7 159 223 13 1 9864 1 9788 5 4406 32 850 94 252 August 20.000 13.333 7.103 223.01 1.9890 1.9876 5.4406 32.850 94.700 September 20.000 13.333 6.952 223.01 1.9866 *1.9876 5.4406 32.850 94.706 France Year or month Ceylon Co b l i o a m- C slo ze v c a h k o ia - m D a en rk - (franc) G (d e e r u m tsc a h n e y India Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (peso) (koruna) (krone) mark) (rupee) (peso) (guilder) (pound) Official Free 1946 57.020 2 0060 20 876 .8409 30.155 20.581 37 813 322.63 1947 57 001 2 0060 20 864 8407 30 164 20 577 37 760 322 29 1948 . . 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 1949 27.839 1.0060 19.117 .4671 .3017 27.706 12.620 34.528 365.07 1950 20.850 2.0060 14.494 .2858 823.838 20.870 11.570 26.252 277.28 1950—October 20.850 2.0060 14.494 .2856 23.838 20.870 11.571 26.235 277.29 November 20.850 2.0060 14.494 .2856 23.838 20.870 11.571 26.232 277.29 December 20.850 2 0060 14.494 .2856 23.838 20.870 11.572 26 240 277.22 1951—January 20.850 2 0060 14.494 .2856 23.838 20.870 11.567 26.239 277.21 February 20.850 2.0060 14.494 .2856 23.838 20.870 11.562 26.241 277.29 March 20 850 2.0060 14.494 .2856 23.838 20.870 11.561 26.260 277.29 April 20 8S0 2.0060 14.494 .2856 23.838 20.870 11.561 26.241 277.29 May 20.850 2.0060 14.493 .2856 23.838 20.870 11.561 26.243 277.29 June 20.850 2.0060 14.484 .2855 23.838 20.870 11.561 26.279 277.29 Tulv 20 850 2 0060 14 484 2856 23 838 20 870 11 561 26 286 277 25 August 20.850 2.0060 14.492 .2856 23.838 20.870 11.568 26.280 277.11 September 20.850 2.0060 14.492 .2856 23.838 20.870 11.571 26.278 277.10 Year or month N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) (k S d r w o en n e- 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) ay 1946 20 176 4 0501 400 50 9.132 25 859 23.363 403.28 65.830 56.280 1947 20.160 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 20.159 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 1949 18 481 49 723 3 8800 366 62 25 480 23.314 368.72 65 830 56 180 42.553 1950 . 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1950—October 14.015 49.625 3.4898 278.38 19.332 22.942 280.07 65.833 56.180 42.553 November 14.015 49.625 3.4791 278.38 19.332 22.946 280.07 65.833 56.180 42.553 December 14.015 49.625 3.4838 278.38 19.327 23.201 279.99 65.833 56.180 42.553 1951—Tanuary 14 015 49 625 3 4764 278 38 19 327 23.304 279.97 65.833 56.180 42.553 Februarv 14.015 49.625 3.4679 278.38 19.327 23.265 280.07 65.833 56.180 42.553 March .... 14 015 49 627 3 4766 278 38 19.327 23.177 280.07 65.833 56.180 42.553 April 14.015 49.643 3.4799 278.38 19.327 23.133 280.07 65.833 56.180 42.553 May 14 015 49 643 3 4826 278 38 19 327 23.100 280.06 65.833 56.180 42.553 Tune 14.015 49.644 3.4880 278.38 19.327 23.018 280.07 65.833 56.180 42.553 Tuly 14 015 49 643 3 4827 278 38 19 327 23 038 280 02 65 833 56 180 42 553 August 14 015 49 643 3 4727 278 38 19 327 23 015 279.88 65.833 56.180 42.553 September 14.015 49.643 3.4644 278.38 19.327 22.963 279.88 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 Beginning Aug. 27, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The rate on both has been the same for a considerable period, 3 Based on quotations beginning Sept. 1, 1950. 4 Based on quotations beginning July 13, 1950. 8 Based on quotations beginning Oct. 11, 1950. 6 Based on quotations through Sept. 30, 1950; official rate abolished after that date. 7 Based on quotations through Sept. 19, 1951. 8 Based on quotations beginning June 22, 1950. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. Ford escription 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. 1339 OCTOBER 1951 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 6 t 0 e e ) = d s ( C 1 a = 9 n 1 3 a 0 5 0 - d 3 ) a 9 M (1 e 1 9 x 3 0 i 9 0 c ) = o K U ( i 1 n n 1 9 i 3 0 g t 0 0 d e ) o = d m F (1 r 1 9 a 4 0 n 9 0 c ) = e (1 I 1 9 t 0 3 a 0 8 l ) y = ( a J 1 v 9 a = e 3 p r 4 1 a a - ) g n 3 e 6 ( J J N u u e l = n l t a e y 1 h n 0 1 1 e d 0 9 9 s r ) 3 3 - 9 8- S (1 w 1 9 e 3 0 d 5 0 ) en = ( S A w u = l g i a . t 1 n z 0 1 d e 0 9 r ) 3 - 9 1926 100 130 H24 150 U26 *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—August 166 216 312 264 107 4,913 254 225 205 September 170 223 321 272 112 5,088 260 228 209 October 169 220 326 280 113 5,176 269 230 213 November. 172 222 332 289 117 5,279 277 244 216 December 175 225 335 292 121 5,424 281 253 21* 1951—January 180 232 344 300 123 5,652 296 266 226 184 239 359 306 130 5,738 316 275 230 March 184 242 375 314 134 5,724 '334 287 231 April 184 242 385 319 140 5,697 '350 297 231 ^lay.. 183 242 394 320 141 5,677 349 302 231 June 182 243 400 321 138 5,595 344 P305 228 July 180 244 396 320 P135 P5.558 P304 224 August 178 242 388 323 P134 P222 P Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 =100). 2 Approximate figure, derived from old index (July 1914 =100). Sources.—See BULLETIN for August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (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 d u 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 d u a r l s - e n y d d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u r s c a t - w s p f r I i t o n 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 S3 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—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 199 186 171 264 243 244 247 P367 July 194 186 169 268 243 247 252 August ... 191 187 167 256 237 245 258 P Preliminary. Sources.—See BULLETIN for August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz. Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e - 0 s 3 d ) 9 i (1 C = 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) ( N 1 l = 9 e a 3 t n 1 h 8 0 d - e 0 s 3 ) r 9 - 1 ( l 9 A a e 3 r n u 9 - d g = . Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e - 0 s 3 d ) 1 9 (1 = C 9 a 3 a 1 d 5 n 0 a - 0 - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) ( N 1 l = 9 e a 3 t n 1 h 8 0 d - e 0 s 3 ) r 9 - 1 ( l 9 A a 3 e n u 9 r d g - = . = 100) 100) = 100) 100) 1942 . 124 127 161 10 153 1942 117 117 200 10 141 1943 138 131 166 12 161 1943 124 118 199 12 148 1944 136 131 168 15 164 1944 126 119 201 16 151 1945 139 133 170 21 164 1945 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 172 155 108 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-August.... 210 217 121 109 275 178 1950-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 227 240 136 127 180 June 185 184 125 129 166 July 228 250 140 127 181 Julv 186 188 126 130 167 AAuugguusstt.... 222277 225511 *P>112727 P*>118822 AAuugguusstt........ 118866 118899 PP113131 P168 P Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and w< Sources.—See BULLETIN for August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 45 ber 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( n r t h a a i i d g t t e e e h d s ) ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m d t 1 e o b d 0 m e 0 r ) F (1 r 9 1 a 4 0 n 9 0 c ) = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 t 0 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 6 g i = d te 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c 0 b e 0 er ) N l e a t n h d e s r- Number of issues. . , 12 87 60 14 416 105 278 295 27 1943.. 120.3 102.6 127.8 133.3 91.9 83.5 84.5 268 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—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 102.4 121.1 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 86.9 173.9 164.2 99.7 1,172 215 June... 95.0 117.5 100.6 87.6 171.7 160.7 99.4 1,188 212 July... 95.5 116.9 101.2 84.1 172.8 162.0 97.6 1,185 ••207 August. P95.3 116.6 P102.0 80.3 181.5 169.7 96.5 Pi,300 p Preliminary. r Revised. NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; 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. OCTOBER 1951 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS EDWARD L. NORTON OLIVER S. POWELL ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director G. R. MURFF, Assistant Secretary FRED A. NELSON, Assistant Director KENNETH A. KENYON, Assistant Secretary ARTHUR H. LANG, Chief Federal Reserve Examiner DIVISION OF BANK OPERATIONS LEGAL DIVISION GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director 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 WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman 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 PAUL M. DAVIS, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. 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 1342 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 1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey *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. Poorman E. C. Hill Richard G. Wilgus 2 Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson 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 FrederickL. Demingr 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. Sandv2 John Phillips, Jr. D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin Watrous H. Irons R. B. Anderson W. D. Gentry R. B. Coleman L. G. Pondrom J. L. Cook 3 C. M. Rowland W. E. Eagle Mac C. Smyth W. H. Holloway 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 Bank of Branch Chief Officer Bank of Branch Chief Officer New York Buffalo I. B. Smith 4 Minneapolis. . . . Helena C. W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City... . Denver G. H. Pipkin Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes 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 L Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 General Manager. OCTOBER 1951 1343 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. Subvisions 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; fl.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, 1950. 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. 1344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS PART I. THE ECONOMIC OUTLOOK AND LIQUID (From Federal Reserve Bulletin unless preceded by an asterisk) ASSET POSITION OF CONSUMERS. June 1951. 18 pages. PART II. PURCHASES OF HOUSES AND A STUDY OF INSTALMENT CREDIT TERMS, by Milton DURABLE GOODS IN 1949 AND BUYING PLANS Moss. December 1949. 8 pages. FOR 1951. July 1951. 18 pages. PART III. DISTRIBUTION OF CONSUMER INCOME IN 1950. FRENCH EXCHANGE STABILIZATION FUND, by Robert August 1951. 18 pages. PART IV. DISTRIBU- Solomon. January 1950. 5 pages. TION OF CONSUMER SAVING IN 1950. September INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- 1951. 18 pages. (Other articles on the 1951 ruary 1950. 5 pages. survey will appear in subsequent issues of the BULLETIN. Also, similar survey for 1946 STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR from June-September 1946 BULLETINS, 28 pages; DEPOSIT INSURANCE. February 1950. 15 pages. for 1947 from June-August and October 1947 INDUSTRIAL DIFFERENCES IN LARGE CORPORATION BULLETINS, 48 pages; for 1948 from June-Sep- FINANCING IN 1949, by Eleanor }. Stockwell. tember and November 1948 BULLETINS, 70 June 1950. 6 pages. (Also, similar survey by pages; for 1949 from June-November 1949 and Charles H. Schmidt. June 1949. 8 pages.) January 1950 BULLETINS, 124 pages; for 1950 from April and June-December 1950 BULLETINS, RETAIL CREDIT SURVEY—1949. From June 1950 106 pages, which includes THE METHODS OF THE BULLETIN with supplementary information for SURVEY OF CONSUMER FINANCES.) nine separate trades. 37 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- TION. Presented by Thomas B. McCabe, Chair- FOREIGN COUNTRIES—PROCEDURES AND TECHman, Board of Governors of the Federal Reserve NIQUES. November 1950. April 1951. 19 pages. System, before the Senate Committee on Bank- * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. ing and Currency, June 27, 1950. July 1950. 8 As amended to April 20, 1951. 4 pages. pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. BRANCH BANKING IN THE UNITED STATES, 1939 and April 1951. 14 pages. 1949. July 1950. 16 pages. DEFENSE LOAN POLICY. An announcement adopted ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS jointly by National and State Supervisors of banks AND BUSINESSES. July 1951. 2 pages. and other lending institutions. August 4, 1950. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING August 1950. 1 page. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- REVISED ESTIMATES OF CONSUMER CREDIT. Novem- LATION. July 1951. 23 pages. ber 1950. 2 pages. FINANCING OF LARGE CORPORATIONS IN 1950, by MEASUREMENT OF CONSUMER CREDIT. Address by Eleanor J. Stockwell. August 1951. 7 pages. Ralph A. Young and Homer Jones before the SAVING IN THE DEFENSE ECONOMY. September University of Illinois Consumer Credit Confer- 1951. 5 pages. ence, Chicago, Illinois, October 5, 1950. November 1950. 9 pages. THE BALANCE SHEET AND CURRENT TRENDS OF AGRICULTURE, 1951. September 1951. 14 pages. THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- LARS IN 1950. March 1951. 10 pages. THE CURRENT POSITION OF AGRICULTURE, by Philip T. Allen. September 1951. 11 pages. STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING OATH OF OFFICE, APRIL 2, 1951. April 1951. NEW INDEX OF OUTPUT OF MAJOR CONSUMER 1 page. DURABLE GOODS. October 1951. 6 pages. 1951 SURVEY OF CONSUMER FINANCES—SELECTED CREDIT AND SALES REPORTED BY REGULATION W PRELIMINARY RESULTS. April 1951. 4 pages. REGISTRANTS. October 1951. 12 pages. OCTOBER 1951 1345 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 r == BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis