Federal Reserve Bulletin, 1951-11

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Voluntary Action to Help Curb Inflation. 1347-1355 Postwar Construction Expenditures of State and Local Governments and their Financing 1356-1360 Voluntary Credit Restraint Releases. 1361-1367 Statement on Gold Policy by the International Monetary Fund. 1368 Current Events and Announcements. 1368 Annual Report of the Commonwealth Bank of Australia, Fiscal Year 1951 1369-1373 Law Department 1374 National Survey of Business Conditions. 1375-1376 Financial, Industrial, Commercial Statistics, U. S. (See p. 1377 for list of tables) 1377-1427 International Financial Statistics (See p. 1429 for list of tables) . 1429-1447 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1448 Senior Officers o£ Federal Reserve Banks; Managing Officers of Branches. 1449 Federal Reserve Publications. 1450-1451 Map of Federal Reserve Districts 1452 Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 37 November 1951 NUMBER 11 VOLUNTARY ACTION TO HELP CURB INFLATION Since the start of the Korean war, several its capabilities. To expect the Voluntary new measures have been introduced and Credit Restraint Program to do more than existing measures used more intensively for it is capable of doing would be as damaging the purpose of curbing inflationary pressures to its success as would its own failure to emwhich result in part from excessive credit ex- ploy fully the means at its disposal. Since pansion. One of the new measures, the Vol- the Program is dependent on the support untary Credit Restraint Program, provides which it gets from lending officers, public on a nationwide basis a means whereby all officials, businessmen, and the general pubmajor groups of lending institutions can par- lic, a brief statement of its objectives and ticipate in an over-all effort to help check in- methods of operation may be useful. flation. The cooperative efforts of participants in this Program to curtail the use of NEED FOR CREDIT RESTRAINT credit for speculative purposes and to divert It became apparent soon after the outfunds from nonessential to essential uses break of war in Korea that comprehensive have been very helpful in limiting over-all measures would have to be adopted for the credit expansion while at the same time as- purpose of restraining inflation. Speculative suring adequate funds for the defense effort. and scare buying by individuals and busi- The Voluntary Credit Restraint Program nesses in anticipation of defense needs and was established as a supplement to, rather possible wartime shortages brought about a than as a substitute for, general credit re- rapid advance in prices during the summer straint measures. It is very difficult to ap- of 1950. Much of this buying was financed, praise the over-all credit needs of the econ- from either choice or necessity, with boromy or to say whether the granting of a rowed funds, and the resulting expansion particular loan may have undesirable infla- of the money supply helped to sustain and tionary repercussions. By screening requests multiply inflationary pressures. for short- and long-term financing on the The Defense Production Act of 1950, basis of broad criteria for essential and non- which became effective September 8, auessential uses, however, lending institutions thorized the establishment of selective regucan help to restrain over-all credit expansion lations to restrain consumer instalment credit and assure that available funds are employed and some forms of real estate mortgage for essential purposes. credit. While consumer instalment credit The effectiveness of any measure of pub- regulation had an almost immediate effect in lic policy depends to a great extent on a full that area, the impact of the real estate mortunderstanding of its limitations as well as gage credit regulation was considerably de- NOVEMBER 1951 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION layed, largely because of loan commitments ferrable. A total volume of investment as made prior to the effective date of regulation. large as that anticipated for 1951 was bound The Act did not, however, authorize, ex- to intensify inflationary pressures, especially cept on a voluntary basis, the regulation of if financed through borrowing which resuch other important credit areas as business sulted in additions to the money supply, and and State and local government borrowing even to some extent if financed from past or or conventional mortgage lending on exist- current savings. The problem, therefore, ing properties. During the last half of 1950, was one of diverting labor and materials credit in these areas continued to expand in from nonessential uses to defense producresponse to demand. Business borrowing tion and the expansion of basic industrial from commercial banks rose 5 billion dol- capacity, employing whatever measures were lars, as shown in the table, while both State available and could be used effectively to and local government and corporate new accomplish this diversion. long-term financing remained at fairly high Since a substantial part of the investment levels. contemplated by individuals, businesses, and State and local governments would be fi- INCREASES IN SELECTED TYPES OF CREDIT, 1950-51 nanced with funds obtained from banks, [In billions of dollars] insurance companies, and other financing Security issues institutions, the restriction of such financ- Period s l C u o m o an n e - s r e m l g R o s a o t a e a g r n a t e t l s e - c c B l i o o a u m l a s n b i m s n a e n o e s k r f s - s ra C t o e r n p e o w - l S o t c a a t l e g a o n v d - i m n a g t e c r o ia u l l s d to a id e ss in e n t ti h a e l d p i r v o e je rs c i t o s. n o T f h e la b D o e r fe a n n s d e capital ernment Production Act of 1950, in Section 708, au- 1950—1st Q. -0.5 1.8 0.0 1.1 1.2 2nd Q. 1.3 2.9 -0.1 1.6 0.9 thorized financing institutions to enter into 3rd Q. 1.7 3.0 2.5 0.9 0.8 4th Q. 0.8 3.1 2.5 1.3 0.7 voluntary agreements and programs to re- 1951—1st Q. -0.7 2.5 1.8 1.6 0.6 strain credit in such manner as would further 2nd Q. -0.1 2.9 -0.1 2.2 1.0 3rd Q. 0.1 2.3 1.0 1.4 0.8 the objectives of the Act. Voluntary restraint of this type would require the active Source.—Federal Reserve Board, Home Loan Bank Board, Department of Commerce, Securities and Exchange Commission, and Bond Buyer. cooperation of suppliers of short-term work- NOTE.—Data on consumer and real estate mortgage credit and commercial bank business loans represent net changes in outstand- ing capital as well as long-term investment ing amounts; those on corporate new capital and State and local government security issues are gross amounts of new issues with funds. no account taken of retirements or redemptions. Institutional investors, including life and It was expected that materials allocations property insurance companies, commercial and shortages, building restrictions, and se- and mutual savings banks, and savings and lective restraint of real estate mortgage loan associations, are at present the principal credit would in time necessitate some over- sources of long-term investment funds, while all curtailment of investment expenditures, commercial banks have long been major including business inventory accumulation sources of short-term business credit. Durand plant and equipment expenditures, State ing the postwar period 1946-50, additions to and local government capital expenditures, the investment portfolios of these instituand residential construction. Nevertheless, tions accounted for 88 per cent of the inthe outlook for 1951 was for a substantial crease in real estate mortgage debt, and for volume of investment, some essential to the 77 per cent of the increase in long-term cordefense effort but some nonessential and de- porate and State and local government debt. 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION INSTITUTIONAL HOLDINGS OF DEBT, DECEMBER 1950 With the approval of the Attorney General, a letter was sent by the Board to all private financing institutions in the United States, REAL ESTATE MORTGAGE requesting their cooperation in accomplishing the objectives of the Program. CORPORATE LONG-TERM Adequate safeguards were established by the Defense Production Act to assure that STATE AND there would be no infringement of anti- LOCAL GOVERNMENT trust statutes. A representative of the Federal Reserve System is present to represent FEDERAL GOVERNMENT the public interest in practically all regional or national meetings of those taking part in 50 100 150 200 250 Billions Of Dollars the Voluntary Credit Restraint Program. NOTE.—Figures on total outstanding debt: Department of Commerce estimates. Figures on institutional holdings: life in- Moreover, the Program by its very nature surance companies—Institute of Life Insurance; property insurance companies—The Spectator Insurance Year Book; mu- excludes one of the primary incentives to tual savings banks—National Association of Mutual Savings Banks; commercial banks—Federal Reserve System; savings collusive action by calling for the limitation and loan associations—Home Loan Bank Board. Total long-term corporate debt, denned as debt having an of lending activity and hence of lenders' original maturity of one year or more from date of issue, exeludes intercorporate borrowing. Federal and State and local profits. government debt includes both short- and long-term but excludes portion held by agencies and trust and sinking funds. In contrast to general measures which in- At the end of 1950, as shown in the chart, fluence the over-all supply of credit, and sethey held three-fourths of all real estate lective restraints which influence the demand mortgage debt, over half of all State and for specific types of credit through regulalocal and long-term corporate debt, and over tion of loan terms and conditions, the Voltwo-fifths of Federal debt outstanding. untary Credit Restraint Program seeks to If the investment and lending activities of direct the flow of credit away from nonthese financing organizations could be diessential and speculative uses by the volunrected, through a program of voluntary tary action of lenders in approving or discredit restraint, toward the restriction of approving applications for funds. To do speculative uses of credit and the diversion of this it has been necessary to have certain funds from nonessential to essential purcriteria that would be of aid in assessing poses, there was a real possibility that such objectively the merits of individual loan action would help to check inflationary presapplications and proposed bond and stock sures and facilitate the diversion of labor offerings in relation to over-all economic and materials to essential uses. conditions and requirements. In accordance with the provisions of the Responsibility for formulating and apply- Defense Production Act of 1950 and related ing such lending criteria rests with the inexecutive order, and upon invitation of the stitutions participating in the Program. For Board of Governors of the Federal Reserve their guidance the Board of Governors has System, representatives of commercial banks, drawn leaders from the private lending field life insurance companies, and investment together in a National Voluntary Credit Rebankers undertook to set up such a program. Following a series of conferences that began straint Committee. The functions of the in the fall of 1950 there emerged, on March 9, National Committee include the formula- 1951, a program of voluntary credit restraint. tion of appropriate general lending stand- 1349 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION ards that may be applied throughout the to effect a transfer of ownership of existing country and the coordination of the work securities or physical assets or to permit of numerous regional committees. The re- speculative purchases of securities and comgional committees, whose members are ap- modities. pointed by the National Committee, assist AREAS OF RESTRAINT the thousands of participating financing in- As the Program developed, more specific stitutions in applying these standards. While lending standards were formulated to guide neither the National Committee nor the restraint in particular credit areas. In genregional committees have any authority to eral, the areas selected by the Committee direct the policies of the cooperating financhave been those in which actual or anticiing institutions, they can and do exert conpated expansion of credit was substantial, siderable influence on the thinking and destatutory selective credit restraints were not cisions of lending officers and upon prospecapplicable, and for which the financial institive borrowers who know of the Program tutions participating in the Program were a and are in sympathy with its principles and major source of credit. Between March and objectives. September 1951, the National Committee The original conference group, in preparissued six Bulletins, setting forth general ing the Statement of Principles, and the Naprinciples to guide participants in meeting tional Committee, in drafting the Bulletins demands for inventory loans, business capiwhich explain the application of these princital expenditure financing, State and local ples to specific credit areas, were fully aware government borrowing, certain types of real of the difficulties that would be involved in estate credit, borrowing by foreigners, and formulating and applying comprehensive borrowing on unlisted securities. Of these, and precise rules and regulations to accomthe first four are of most widespread interest, plish the purposes of the Program. Moreover, and are discussed in some detail in the folit was felt that detailed rules and regulations lowing sections. would not be compatible with the voluntary character of the Program, and might well INVENTORY LOANS discourage many institutions from even at- In the months following the outbreak of tempting to participate. war in Korea, business inventories expanded It was deemed better to phrase the stand- sharply. Between June and December 1950, ards in fairly broad terms, to try to ex- total book value of manufacturing and trade press a point of view rather than a host of inventories rose nearly 8 billion dollars. detailed and specific criteria for lending Much of the increase was in raw materials, practices, and to rely upon the willingness of and a good part of it was financed with bank lending institutions to conform to the spirit credit. For example, purchased materials in of the Program. Hence, lending standards the hands of manufacturers increased nearly set forth initially in the Program's Statement 3.5 billion dollars, or 30 per cent, in the last of Principles were very general in character, six months of 1950, and manufacturers' attempting primarily to distinguish between inventories of goods in process and wholefinancing which contributed to the produc- salers' inventories each rose about 18 per tion and distribution of essential goods and cent. services and financing which served merely During this same period, as shown in the 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION chart, business loans of commercial banks average of 28 basic commodity prices adincreased about 5 billion dollars. A major vanced 50 per cent between end-of-June 1950 part of this increase appears to have repre- and mid-January 1951. Inventories continued sented loans for purchasing or carrying in- to rise sharply through the early months of ventories. A special survey of business loans 1951 and were at extraordinarily high levels made by the larger weekly reporting mem- in mid-March when the National Commitber banks between June 28 and November 1 tee held its initial meeting and selected this revealed that 60 per cent of the net funds area as the subject of its first Bulletin. advanced was estimated to be inventory The Committee pointed out that excessive loans, of which more than 80 per cent was inventory accumulation had contributed diadvanced to dealers and processors of agri- rectly to a rise in wholesale and retail prices cultural commodities. to levels beyond those justified by the supply situation and that an important part of the COMMODITY PRICES, BUSINESS INVENTORIES, AND BANK LOANS abnormal inventory increase was being fithly, December 1949-100 Cen» nanced with borrowed money. The Com- 160 mittee expressed the hope that all participating financing institutions would refrain from financing inventory increases above normal levels relative to sales, or reasonable requirements as determined by other available yardsticks, and also that all participants would encourage borrowers who already had excess inventories to bring them in line as promptly as possible in order to reduce the amount of credit outstanding. PLANT AND EQUIPMENT FINANCING Prospects of good business for some time to come and of materials and equipment June June Dec. shortages that would result from increased 1950 1951 1951 defense production, as well as the necessity NOTE.—Prices, Bureau of Labor Statistics index for 28 basic commodities, last week in month. Business loans include com- of expanding productive capacity for such mercial and industrial loans of all insured commercial banks at end of month; June and December figures from call reports of Federal Deposit Insurance Corporation, other months esti- vital materials as steel, aluminum, and pemated by Federal Reserve from weekly reporting member bank data. Inventories, U. S. Department of Commerce data on troleum, encouraged businessmen to revise total manufacturing and trade inventories at end of month; book value, unadjusted for seasonal variation. their capital expenditure plans sharply up- While these groups customarily borrow ward in the months following the outbreak rather heavily from banks in the last half of war in Korea. of the year, such borrowing and the inven- Early in 1951, according to surveys made tory accumulation that it permitted were sub- by the Department of Commerce and Secustantially larger in 1950 than was required rities and Exchange Commission, businesses for the orderly movement of agricultural as a group were planning to spend nearly 24 crops. That speculation was an important billion dollars during the current year for element in this period is indicated by the the enlargement and modernization of their sharp price increases which occurred. The facilities. These earlier expectations, which NOVEMBER 1951 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION now appear to have understated the actual materials where most essential to the defense 1951 volume of plant and equipment out- effort, its recommendations in this area have lays, called for a total expenditure one-fourth of necessity been somewhat circumscribed. larger than the previous peak expenditure of For one thing, the Statement of Principles 19.2 billion in 1948. Such major defense or excluded from review loans guaranteed or defense-supporting industries as steel, alumi- insured, or authorized as to purpose by a num, petroleum, electric power, and rail- Government agency. For another, the Comroads accounted for roughly half of the mittee has not been in a position to disanticipated capital expenditures. Of the re- courage directly outlays to be financed out maining half, an important part represented of accumulated business savings or through expansion that appeared to be postponable previously arranged commitments. Thus, its without detriment to the defense effort. recommendations have related to new financ- Though many of these business expansion ing for clearly nonessential investment purprograms would be financed, as in previous poses. postwar years, out of retained earnings, a To the extent that nonessential capital exnumber would necessitate external financ- penditure programs were to be financed with ing through bank or insurance company the proceeds of security flotations, the parloans or the sale of securities. In 1948, for ticipating institutions were in a strategic poexample, with business expenditures on new sition to exert a restraining influence. In replant and equipment totaling 19.2 billion cent years, more than half of the dollar dollars, corporate new capital issues to fi- amount of new capital issues has been placed nance plant and equipment amounted to directly with financial institutions, especially 4.2 billion; similarly, in 1950, with expendi- life insurance companies, and most publicly tures of 18.6 billion, new capital issues for offered securities are sold through investment this purpose totaled 3.0 billion. While not bankers. much more than one-fourth of capital ex- On April 20, the Committee issued Bullependitures might be financed in this man- tin No. 2 citing long-term financing which ner, a projected increase in capital expendi- might be postponed to a more propitious tures of 25 per cent for 1951 could be ex- time. This included loans and security ispected to result in a substantial increase in sues for such purposes as: (1) construction the volume of security issues. Though many of facilities to improve the competitive posiof these expenditures were in defense or de- tion of an individual producer of nonessenfense-connected industries, it was recognized tial goods; (2) expansion and modernization that this was an area in which voluntary ac- expenditures of concerns in distribution or tion could prove useful in obtaining the service lines where the distribution or servpostponement of nonessential projects and ice is not defense supporting; and (3) exthe diversion of the credit they would have pansion and modernization programs for required to more essential purposes. the manufacture of consumer goods not re- While the Committee feels that capital lated to the defense effort. expenditure programs should be held to a minimum during the present emergency, in STATE AND LOCAL GOVERNMENT FINANCING the interest of reducing inflationary pres- Credit expansion by State and local govsures and facilitating the use of labor and ernments has been substantial during the 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION postwar period. As discussed on pages 1356- credit, the Board of Governors of the Fed- 60 of this BULLETIN, relatively large amounts eral Reserve System, exercising the authority of long-term credit have been obtained by granted it by the Defense Production Act of States and localities to finance their postwar 1950 and related executive order, issued with construction programs. Many of these pro- the concurrence of the Administrator of the grams are still far from completion. More- Housing and Home Finance Agency its over, the tax-exempt status of State and local Regulation X, effective October 12, 1950. government securities, which makes them Simultaneously the Federal Housing Advery attractive to certain investors in a pe- ministration and Veterans Administration riod of high progressive income taxes, fa- adapted their regulations to the new standcilitates the financing of continued large ex- ards developed by the Board. penditures. In order to curb the potential The establishment of these regulations, inflationary pressures inherent in a situation which applied to Government-guaranteed of this type, the National Committee has mortgages on new and existing houses, to recommended the deferment of public works non-Government-guaranteed, or conventionnot urgently needed for preservation of pub- al, mortgage loans on newly constructed lic health and safety or for purposes directly houses, and to loans on certain classes of related to defense. commercial property, brought about a sharp On May 3, 1951, in Bulletin No. 3, the decline in the number of new houses started Committee recommended postponement of in 1951. On the other hand, failure to insuch capital outlays as those for recreational clude credit extended on conventional terms facilities, war memorials, and the acquisi- for the purchase of existing houses enhanced tion of privately owned utilities and of sites the competitive advantage of such properties and rights-of-way not immediately needed. in the real estate market, and in many cases The Committee also expressed the view that their transfers were accompanied by an exsoldiers' bonus issues were inflationary under pansion of real estate mortgage debt which the conditions then prevailing and should added to inflationary pressures. be postponed until such time as immediate The National Voluntary Credit Restraint purchasing power might be needed to coun- Committee, in Bulletin No. 4, issued on June teract unemployment and when it might be 6 and revised in some respects on Septemmore beneficial to the veteran. In addition, ber 5, recommended that new conventional institutional lenders were urged to encourage mortgage loans on existing one- to fourlocal governments to balance their operating family residential units, together with other budgets and to hold to a minimum short- indebtedness outstanding on the property, term borrowing in anticipation of revenues. should not exceed the limit which Regulation X imposes on new construction or a REAL ESTATE MORTGAGE CREDIT limit of two-thirds of the fair value of the The role of voluntary action in supple- property, whichever is greater. The Commenting and reinforcing selective credit re- mittee also recommended that loans on straint measures is particularly well illus- larger residential properties and on commertrated by developments in the real estate cial, agricultural, and industrial property mortgage credit area. In an effort to curb should in most cases not exceed two-thirds the rapid expansion of real estate mortgage of the fair value and should be made only if NOVEMBER 1951 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION careful screening as to purpose indicates that lending activities and forward financing they are in harmony with the Voluntary commitments and this has helped to check Credit Restraint Program. over-all credit expansion. Thus, with the EVALUATION OF THE PROGRAM CHANGES IN COMMERCIAL, INDUSTRIAL, AND AGRICULTURAL LOANS, BY INDUSTRY, MIDYEAR THROUGH OCTOBER The Voluntary Credit Restraint Program {In millions of dollars] has been one of the factors contributing to Business of borrower 1951 1950 the abatement of inflationary pressures dur- Manufacturing and mining: ing the late spring and summer of 1951. Food, liquor, and tobacco +521 +413 Textiles, apparel, and leather -217 +130 Its contribution, however, must be evaluated Metals and metal products +537 -17 Petroleum, coal, chemicals, and rubber. . +68 +19 in the light of other factors. Other manufacturing and mining +75 +17 Trade—wholesale and retail +40 +272 For one thing, inflationary pressures have S C a o l m es m fi o n d a i n t c y e d c e o a m ler p s anies + -1 3 0 9 4 4 + +3 6 2 9 4 0 Public utilities and transportation +318 +50 been lessened and credit demands have been Construction -61 +55 All other types of business -6 +113 reduced by a decline in demand for certain Loans classified as to business +1,565 +2,065 types of consumer durable goods, liquidation Loans not so classified -214 +809 of some types of inventories, and a marked Total +1,351 +2,874 increase in individuals' current saving. For NOTE.—Data for 1951 were collected at the request of the National Voluntary Credit Restraint Committee from about 220 another, the Program is only one of a number weekly reporting member banks. Data for 1950 are from a special survey of selected member banks in leading cities. Although the of measures for curtailing the use of credit coverage is less complete for 1950 than for 1951, all of the large banks that cooperated in the 1950 survey are included in the 1951 for speculative purposes and for diverting data. available funds from nonessential to essen- Federal Reserve System acting to restrict the tial uses. growth of total credit, it has been possible Since the primary function of the Volun- for the Voluntary Credit Restraint Program tary Credit Restraint Program is one of di- to function with greater effectiveness. recting the flow of available credit rather That the Voluntary Credit Restraint Prothan of regulating the over-all volume of gram, together with other selective and gencredit expansion, its effectiveness as an anti- eral credit restraint measures, has achieved inflationary measure was greatly enhanced considerable success in diverting credit from by the Treasury-Federal Reserve accord speculative and nonessential activities to esreached in March 1951. Following the ac- sential uses is suggested by the postponement cord, the Federal Reserve System abandoned of a number of proposed security offerings its policy of purchasing United States Gov- and by the shift in lending at member banks ernment securities at largely predetermined from nondefense to defense and defenseand inflexible prices—a policy that had en- supporting industries. As shown in the abled holders to dispose of Government table, the amount of new loans granted to securities at will, generally without incurring manufacturers of metals and metal products losses, whenever more attractive loan or in- and to public utility and transportation convestment opportunities presented themselves. cerns was substantially greater from midyear This policy had resulted in substantial addi- through October 1951 than in the corretions to bank reserves. sponding period of 1950. On the other hand, The existence of a freer and more flexible the amounts granted to wholesale and retail market for Government securities has caused trade concerns, commodity dealers, and sales many financing institutions to restrict their finance companies were substantially less this 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY ACTION TO HELP CURB INFLATION year than last, as was the total of all commer- LIFE INSURANCE COMPANY COMMITMENTS cial, industrial and agricultural loans. Billions of Dollars Billions o\ Doilc No over-all figures on the number of loan applications denied or postponed by financing institutions in accordance with the principles of the Program are available. While, as noted in the statement on pages 1362-65 of this BULLETIN, a substantial number of cases have been referred to one or another of the regional committees for recommendations, financing institutions have themselves in the majority of cases taken the initiative in approving or denying financing requests on the basis of recommendations contained APR. 30, 1951 AUG 31,1951 NOTE.—Outstanding commitments to acquire domestic loans in the national Bulletins. In cases where and investments. Data compiled by Life Insurance Association of America from reports submitted by 45 life insurance comproposed security offerings or loan applica- panies whose combined assets represent 85 per cent of all life insurance company assets. tions have been referred to regional commit- and more current financing will come untees, and where such regional committees der the Program. have recommended against the proposed In encouraging lending officers of financsecurity issue or loan, the financing insti- ing institutions and businessmen in general tutions involved have almost without ex- to consider the role of credit in an inflationception strongly supported committee recom- ary situation and in providing them with mendations. standards by which to judge the relative One of the initial deterrents to the Pro- essentiality of proposed uses of credit, the gram's success, the existence of legally bind- Program has perhaps achieved its greatest ing commitments to provide funds that success. had been made before the Program came into CONCLUSION existence, has in recent months become less Voluntary credit restraint is an extremely important. Data collected in connection useful adjunct to general credit restraint with the Program show, for example, that measures and should be further developed 45 life insurance companies, whose com- for use whenever inflationary pressures bined assets represent 85 per cent of all life threaten depreciation of the dollar. If the insurance company assets, had 4.5 billion dol- international situation does not worsen, there lars of commitments outstanding at the end may be a tendency for the sense of urgency of April 1951. Of this amount roughly 1.7 and the spirit of cooperation developed in billion represented proposed financing of de- this period of national emergency to become fense and defense-supporting activities and submerged in competitive self-interest as dethe remainder nondefense business activities fense production goals are approached. With and mortgage financing of home purchases. employment, personal income, and business By the end of August, however, the total expenditures on plant and equipment at of such commitments had been reduced to record levels and defense expenditures in- 3.7 billion dollars, as shown by the chart. As creasing rapidly, further test of all credit reother commitments are worked off, more straint measures may lie ahead. NOVEMBER 1951 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CONSTRUCTION EXPENDITURES OF STATE AND LOCAL GOVERNMENTS AND THEIR FINANCING1 During the postwar period State and local gov- population movements and a substantial rise in ernments have undertaken large-scale construction the birth rate during the war years had also acprograms to meet community needs which had centuated the need for additional public facilities. been cumulating throughout the depression and The period 1946-50. As soon as manpower and war years. Expenditures for highways, schools, materials became available after the war, State and other State and local facilities totaled 18.2 and local governments began to bring public fabillion dollars in the years 1946 through 1950; cilities in line with current needs. Their annual an additional 6 billion may be spent by the end construction expenditures increased rapidly but of 1951. fairly evenly, as shown in the table, rising from At the time of the Korean crisis in mid-1950, 1.5 billion dollars in 1946 to 3.7 billion in 1948 when it became necessary for the United States to and to a new peak of 5.5 billion in 1950. shift to a defense economy, there were many indi- In the 1946-50 period as a whole, States, cities, cations that State and local government construction counties, special authorities, and other non-Federal might continue to increase for some years to come. political units invested a total of 18.2 billion dollars Deferred needs had not been fully met, the over-all in new construction projects and major improvefinancial position of State and local governments ments and alterations of existing facilities. More was good, and the market was favorable for tax- than 46 per cent of this amount was spent on highexempt securities. ways, 18 per cent for sewerage and water systems This situation presented a problem from the and other community facilities, 17 per cent for standpoint of the national defense program. In schools, and 6 per cent for public housing. All order to assure adequate labor, materials, and credit other types of construction, including hospitals and for defense and defense-supporting activities and other institutions, public administration buildings, to curb inflationary pressures, it was necessary that and social and recreational centers accounted for measures be taken to discourage less essential capi- the remaining 13 per cent. tal expenditures in all areas. Building restrictions While each of the major types of construction and materials allocation were invoked, and credit expenditures increased sharply between 1946 and restraint measures, including the Voluntary Credit 1950, significant changes in their relative impor- Restrain Program described on pages 1347-55 of this tance took place. Highway construction, though BULLETIN, were adopted. In the State and local it consistently represented by far the largest single government area the objective of the Voluntary expenditure, declined in relative importance in each Credit Restraint Program has been to restrict bor- of the postwar years, from 58 per cent of total rowing for less essential construction and other expenditures in 1946 to 42 per cent in 1950. Outpostponable purposes. lays for local public facilities such as sewerage and water systems also declined somewhat relative to CONSTRUCTION EXPENDITURES the total. Expenditures for schools, on the other A tremendous backlog of requirements for hand, increased proportionately each year, rising State and local construction of all types existed from 7 per cent of the total in 1946 to 21 per cent at the end of World War II. Part of it had been in 1950. To some extent these shifts in imporcarried over from the depressed thirties, when tance are a measure of the end-of-war deficiencies construction work had fallen far short of meeting in different areas, the length of time required to fill current requirements, and part of it was the result them, and increasing selectivity on the basis of need. of wartime shortages and restrictions. Widespread To some extent they may also reflect differences in financing practices. For example, construction 1This article was prepared by Elinor Harris under the programs to be financed largely from tax receipts supervision of Charles H. Schmidt, Chief of the Business —such as some highway programs—could be Finance and Capital Markets Section of the Board's Division of Research and Statistics. started almost as soon as wartime restrictions were 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CONSTRUCTION EXPENDITURES OF STATE AND LOCAL GOVERNMENTS CONSTRUCTION EXPENDITURES BY STATE AND LOCAL GOVERNMENTS 1946-51 [In millions of dollars] Calendar years First 10 months Type of construction 1 T 94 o 6 ta -5 l 0 1946 1947 1948 1949 1950 1949 1950 1951* Total 18,245 1,492 2,650 3,731 4,913 5,459 4,131 4,583 5,188 Highway 8.511 869 1,474 1,818 2,070 2,280 1,776 1,967 1,900 Local public facilities: Sewer and water 2,368 192 351 535 619 671 519 555 618 Other 837 99 164 185 203 186 174 154 172 Residential 1.096 126 191 123 326 330 260 272 485 Educational 3,040 99 52259 615 934 1,163 772 941 1,256 Hospital and institutional 1 125 308 330 249 273 354 Public administration, social and recreational, and penal I 2.062 99 and corrective 248 363 410 307 345 342 All other . . . .. 331 8 ( 124 82 90 89 74 76 61 62 ^Preliminary. 1 Construction is defined as new construction plus major additions to and major alterations of existing structures; expenditures for equipment are excluded. Federal grants-in-aid are included in construction expenditures. Source.—Departments of Labor and Commerce. lifted, while programs to be financed by borrowing those for schools, and generally refused to approve —such as school construction—had to wait for issues for such purposes as administrative and approval from the voting public and from legis- recreational facilities. lative and executive groups. Other factors operating to postpone some public The year 1951. State and local government con- construction projects have been labor and material struction expenditures in 1951 are likely to exceed shortages and the recommendations of participants the previous year's total. Such expenditures are in the Voluntary Credit Restraint Program. As estimated to have totaled 5.2 billion dollars during defense requirements have increased, allocations the first 10 months of this year, as compared with of steel and certain other construction materials 4.6 billion for the corresponding period of 1950. for civilian use have been reduced, and State To a large extent, this continued increase reflects and local construction projects have been screened •expenditures on projects initiated prior to the more carefully both with respect to materials readoption of building restrictions, materials allo- quirements and immediate essentiality. Moreover, cation, and credit restraints. as discussed on pages 1352-53, the Voluntary Credit Restraint Program has recommended the postpone- There has been evidence during 1951, however, ment of less essential public construction projects of greater selectivity among different types of State in the interest of curbing inflationary pressures, and local government programs. Expenditures for and participating financing institutions have disschools and public housing have been substantially suaded a number of States and localities from offerlarger, and those for hospitals and other instituing bonds to finance certain types of projects. tions moderately greater, in 1951 than in 1950. In the light of these various factors, and de- On the other hand, expenditures for public adminspite a large backlog of unsatisfied requirements, istrative and recreational projects and highway construction are estimated to have been somewhat it seems likely that State and local capital exsmaller. A number of factors help to explain this penditures will decline as projects currently under selectivity. One of the most important has been way are brought to completion. Greatest declines the rapid rise in construction costs, which has may be expected in those types of public building led to the deferment of all but the most urgently which are neither essential to the national defense needed construction outlays. Since interest pay- effort nor required immediately for the commuments are also an important cost factor, less favor- nity welfare, such as municipal office buildings and able borrowing terms in the spring and early sum- jails, city halls and county courthouses, and swimmer of 1951 resulted in the "shelving" of numer- ming pools and gymnasiums. ous prospective bond issues. In addition, the vot- On the other hand, construction of schools, ing public gave preference in both the 1950 and hospitals, public housing in defense areas, and 1951 elections to such proposed bond issues as highways connecting strategic military or industrial ISFOVEMBER 1951 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CONSTRUCTION EXPENDITURES OF STATE AND LOCAL GOVERNMENTS areas should continue at a fairly high level. Such local governments has been improved by debt reducbuilding is being accorded preferential treatment tion during the war years and the opening up of wherever possible both in allotment of scarce mate- new sources of revenue during the postwar period. rials by the Defense Production Administration This facilitated further State and local government and in the granting of credit by financing institu- borrowing by improving the market's appraisal tions participating in the Voluntary Credit Re- of such issues. Also, the general demand for taxstraint Program. exempt securities has been basically strong throughout the period, because of the continued high BORROWING TO FINANCE CONSTRUCTION rates of Federal income taxes since the war. Much of the building of new schools, public STATE AND LOCAL GOVERNMENT housing, water and sewerage systems, toll bridges BORROWING TO FINANCE CONSTRUCTION and super-highways, and other types of costly, long-lived State or municipally owned facilities is financed through long-term borrowing. During the period 1946-50, when total construction expenditures of the State and local governments amounted to 18.2 billion dollars, the long-term TOTU CONSTRLCTION ^S security issues of these governments amounted to EXPENDITURES f^ 10.5 billion exclusive of refunding and bonus issues. Other sources of construction financing during / this period included Federal grants-in-aid, reserve * funds accumulated during the war years, and / LONG-1ERM BORROWING funds available from current tax receipts. It is impossible, on the basis of aggregate data, to identify long-term borrowing in any single year with the construction expenditures it is in- / tended to finance. Such borrowing is customarily done in advance of actual construction and often covers the entire cost of the proposed project, while the expenditure of the proceeds may be spread over some period of time. Nevertheless, the an- * Defined as total long-term State and local government offerings less refunding issues and bonus issues. nual totals of long-term borrowing and construc- Sources.—Total construction, Department of Labor; longtion expenditures of State and local governments term borrowing, The Bond Buyer. Data for 1951 are estimated. do move together and, as shown in the chart, both An additional factor in the postwar increase of increased substantially throughout the postwar borrowing by State and local governments has years 1946-50. From a total of 1.0 billion dollars been the growth since prewar years of the pracin 1946, State and local government security offer- tice of issuing "revenue bonds" to finance incomeings, exclusive of refunding and bonus issues, in- producing projects such as toll roads and bridges. creased to 3.0 billion in 1950. From the point of view of the State or local Several factors, in addition to the growth in government concerned, these issues have several imconstruction projects of the type customarily fi- portant advantages. Only the income from the nanced through bond issues, help to explain this self-liquidating project itself need be committed postwar increase in long-term borrowing by State to current debt servicing and repayment of princiand local governments. For one thing, neither pal, and this money is obtained from users of the the reserve funds accumulated during the war facility rather than from taxpayers in general. In years, the excess of current tax revenues over cur- many cases revenue bond issues need not be subrent operating expenses, nor Federal grants-in-aid mitted to the voters for approval and thus may have been adequate or so distributed among indi- be issued more promptly than general obligations. vidual States and localities as to cover the sharp In addition, the government unit may not be repostwar increase in construction expenditures. For quired to include revenue bonds as part of outanother, the general financial position of State and standing debt for purposes of complying with 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CONSTRUCTION EXPENDITURES OF STATE AND LOCAL GOVERNMENTS statutory debt limitations. Revenue bonds carry securities market. Their interest yield is exempt the tax-exemption privilege common to all State from Federal income tax and in some instances and local securities but, in recognition of greater from State income taxes within the State of issue. risk, usually bear a higher interest rate. Thus prevailing tax rates, together with potential After increasing in each of the years 1946 changes in rates, exert a strong influence on the through 1950, long-term borrowing by State and market for these securities. local governments for construction purposes will Commercial banks and individuals are the prinprobably show no further increase in 1951. Total cipal investors in State and local government senew long-term borrowing, in fact, declined from curities, as shown by the chart. Life insurance 3.6 billion dollars in 1950 to an estimated 3.0 billion in 1951, but practically all of this decline OWNERSHIP OF STATE AND LOCAL GOVERNMENT SECURITIES resulted from a sharp drop in bonus issues. Since borrowing customarily precedes actual construction, the leveling of! in State and local government security issues for construction purposes probably foreshadows a decline in total construction expenditures as projects currently under way are brought to completion. At the same time, data on new long-term borrowing by purpose, shown in the table, suggest a continuation of the recent emphasis on more essential projects. Schools, water and sewerage systems, and public housing accounted for nearly two-thirds of all new issues identifiable as to purpose, totaling 2.1 billion dollars, during the first 10 months of 1951. STATE AND LOCAL GOVERNMENT BOND ISSUES BY PURPOSE [In millions of dollars] 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 * Includes insurance companies, corporations, U. S. Govern- 1951 First m lan en e t o u i s n v in es v t e m st e o n r t s . accounts, mutual savings banks, and miscel- 10 Purpose mos., Source.—U. S. Treasury. 1st 2nd 3rd 1951P Q Q companies, mutual savings banks, and individuals Schools 101 250 127 515 of moderate income, to whom the tax-exemption Housing 29 16 1211 2 414 Sewerage and water systems 102 107 130 382 feature has thus far had little significance, have Highways 22 167 41 274 Miscellaneous public services 57 61 32 183 typically shown little interest in these securities. Hospitals and other institutions 5 98 20 134 Bridges and tunnels 4 27 51 82 The recent enactment of legislation subjecting the Improvements 15 19 26 67 income of mutual savings institutions to the Fed- Ports and airports 4 7 8 19 Recreational facilities 2 2 1 7 eral income tax is likely to bring mutual savings Bonus 4 4 Others 211 252 123 622 banks into the market for these securities. Total—1951 556 1,006 2,703 Tax exemption has two facets. By attracting in- Corresponding total—1950 1,179 901 820 3,128 —1949 574 873 796 2,474 vestors who are willing to accept a relatively low before-tax yield in order to obtain tax exemption, P Preliminary. 1 Includes a 25 million dollar State of California issue for vet- it enables State and local governments to obtain erans' farm and home purchase loans and 171 million dollars of issues under the Housing Act of 1949. funds at lower interest rates than would otherwise 2 Includes for October 1951 an additional 157 million dollars of issues under the Housing Act of 1949. be possible. On the other hand, the lower rate of 3 Includes issues under $500,000, refunding issues, and issues for which purpose is not given. return tends to narrow the market by limiting it Source.—The Bond Buyer. for the most part to buyers who will benefit from THE MARKET FOR STATE AND LOCAL GOVERNMENT the tax-exemption privilege. The market is there- SECURITIES fore very specialized and particularly sensitive to The tax-exempt feature of State and local govern- shifts in investor psychology and to prospective ment issues gives them a special place in the national changes in income tax rates. NOVEMBER 1951 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CONSTRUCTION EXPENDITURES OF STATE AND LOCAL GOVERNMENTS Despite the substantial volume of State and local BOND YIELDS government security offerings during the postwar years 1946-51 the market for these securities has been basically strong, partly because generally easy credit conditions, except in late 1947 and 1948, facilitated large-scale commercial bank purchases, and partly because of the maintenance of Federal income taxes at higher than prewar levels. Such changes in tax rates as there were, however, did have a marked effect on the municipal bond market. The moderate reduction in Federal income tax rates in 1946, for example, led to some price declines and increases in yields on State and local government securities, as may be seen from the chart. Following the outbreak of the Korean war, in- 1942 1944 1946 1948 1950 vestors' interest in tax-exempt securities mounted Latest figures plotted are for October 1951. and yields dropped sharply. This decline reflected Sources.—Corporate, Moody's Investors Service; U. S. Government, U. S. Treasury; Municipal, Standard and Poor's fears of a general war and anticipation of higher Corporation. Federal income taxes and of a possible curtailment of the Korean war. In view of the increased inof construction expenditures that would reduce come taxes and the probable entrance of mutual the supply of tax-exempt issues. As during World savings banks into the market for State and local War II, investors were willing to accept relatively issues, favorable market conditions seem likely to low yields in order to obtain tax exemption. persist generally. The subsequent downward adjustment in State CONCLUSION and local bond prices between February and Despite a relatively large volume of State and June 1951 appears to have been in part a reaction local government construction expenditures during to previous speculative overbidding for these issues. the postwar period, the need for additional public Also, since this market is highly sensitive, it refacilities is still great. In general, the current finanflected developments in the United States Governcial situation of State and local governments is such ment securities market. The adoption of an open that further long-term borrowing is feasible, while market policy permitting more flexibility in the the demand for these securities is basically strong. prices of United States Government bonds was fol- With a marked increase in defense expenditures lowed by a rise in yields on these securities which anticipated during the coming year, the possibility made State and local bonds relatively less attractive. of renewed inflationary pressures makes advisable Since June 1951, however, renewed investor in- the continued restriction of State and local governterest in tax-exempt securities has carried yields ment borrowing for less essential construction and a little below the level prevailing at the outbreak other postponable purposes. 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES MEETING OF NATIONAL AND REGIONAL COMMITTEE MEMBERS OF THE VOLUNTARY CREDIT RESTRAINT PROGRAM, OCTOBER 15-16, 1951 More than 50 national and regional committee tary Credit Restraint Program was discussed, and members of the Voluntary Credit Restraint Pro- it was decided that greater effort should be made gram met Monday and Tuesday, October 15 and 16, to keep this group informed on the application of to discuss the progress of the Program as an anti- the Program to their operations. inflationary control measure and some of the cur- Members of the National Voluntary Credit Rerent problems in connection with its administration. straint Committee in attendance at these meetings This was the first meeting since April which all of included: the regional chairmen of the various industry William K. Barclay, Jr., Partner, Stein Bros, and groups represented on the National Committee had Boyce, Philadelphia, Pennsylvania been invited to attend. C. Sterling Bunnell, Vice President, The National In reviewing the Voluntary Credit Restraint City Bank of New York, New York, New York Program, Reserve Board Governor Oliver S. Pow- Kenton R. Cravens, Vice President, Mercantile ell, National Chairman, cited statistics showing that Trust Co., St. Louis, Missouri business loan expansion during the third quarter Carlisle R. Davis, Vice President, State-Planters of 1951 had been less than half of the increase regis- Bank and Trust Company, Richmond, Virginia tered during the same period in 1950. Some in- Francis Kernan, Partner, White, Weld & Co., New crease from June to September, he pointed out, York, New York was to be expected from purely seasonal factors. Robert M. Morgan, Vice President and Treasurer, Reserve Board Chairman William McChesney The Boston Five Cents Savings Bank, Boston, Martin, Jr. expressed the gratification of the Board Massachusetts with the progress of the Voluntary Credit Restraint M. K. M. Murphy, President, Boiling Springs Sav- Program. The enthusiasm and interest demonings and Loan Association, Rutherford, New strated by all those serving on the regional and Jersey national committees, he said, has confounded the Oliver S. Powell, Member, Board of Governors of cynics and those who sneer at self-regulation. the Federal Reserve System, Washington, D. C. Among the subjects discussed during the two- Everett D. Reese, President and Trust Officer, Park day meetings was the relationship of the Voluntary National Bank, Newark, Ohio Credit Restraint Program to possible "leaks in the Carrol M. Shanks, President, Prudential Insurance dyke" through credit granted under Government Company of America, Newark, New Jersey programs in fields where private financing institu- Rudolf Smutny, Partner, Salomon Bros, and Hutztions are attempting to restrain unnecessary credit ler, New York, New York expansion. The committee also discussed the relo- E. B. Stevenson, Jr., Executive Vice President, Nacation of industries from defense to nondefense tional Life and Accident Insurance Company, areas, the consideration to be given to the granting Nashville, Tennessee. of an NPA permit where the use of material allot- W. H. Walker, President, First Federal Savings & ment subsequently involved the use of credit, and Loan Association, Miami, Florida a clarification of the specific application of the Statement of Principles and the various bulletins issued Chairmen and other representatives of the rerecently by the National Committee in the fields gional committees present were: of loans to finance companies, loans on oil and gas For commercial ban\s: properties, smaller municipal issues and residential real estate loans. In the field of mortgage credit, John E. Toulmin, Senior Vice President, First the relationship of mortgage bankers to the Volun- National Bank of Boston, Boston, Massachusetts NOVEMBER 1951 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES George Whitney, Chairman of the Board, J. P. Harry J. Stewart, President, West Coast Life In- Morgan & Co., Inc., New York, New York surance Co., San Francisco, California Frederic A. Potts, President, The Philadelphia Na- For investment banking: tional Bank, Philadelphia, Pennsylvania John K. Thompson, President, Union Bank of Percy M. Stewart, Kuhn, Loeb & Co., New York, Commerce, Cleveland, Ohio New York Archie K. Davis, Senior Vice President, Wachovia D. Dean McCormick, McCormick & Co., Chicago, Bank & Trust Company, Winston-Salem, North Illinois Carolina John H. Rauscher, Rauscher, Pierce & Co., Dallas, John A. Sibley, Chairman of the Board, Trust Com- Texas pany of Georgia, Atlanta, Georgia Homer J. Livingston, President, First National For savings and loan associations: Bank of Chicago, Chicago, Illinois Ralph R. Crosby, President, Old Colony Co- Arthur J. Fushman, Vice President, Manufacturers operative Bank, Providence, Rhode Island National Bank of Detroit, Detroit, Michigan Ernest A. Minier, President, Carteret Savings & D. T. Beals, President, Inter-State National Bank Loan Association, Newark, New Jersey of Kansas City, Kansas City, Missouri James J. O'Malley, President, First Federal Savings Milton F. Brown, President, Mercantile National and Loan Association, Wilkes-Barre, Pennsyl- Bank at Dallas, Dallas, Texas vania William M. Hale, Executive Vice President, Amer- J. B. Bourne, President, Franklin Federal Savings ican Trust Company, San Francisco, California and Loan Association, Richmond, Virginia Chester A. Rude, Chairman, Executive Committee, Edward L. Johnson, Vice President, Bell Savings Security-First National Bank of Los Angeles, and Loan Association, Chicago, Illinois Los Angeles, California C. R. Mitchell, Executive Vice President, First E. C. Sammons, President, United States National Federal Savings and Loan Association, Kansas Bank of Portland, Portland, Oregon City, Missouri Gerrit VanderEnde, President, Pacific First Federal For insurance companies: Savings and Loan Association, Tacoma, Wash- Frederick W. Ecker, Executive Vice President, ington Metropolitan Life Insurance Co., New York, New York For mutual savings ban\s: James J. O'Leary, Director of Investment Research, Richard A. Booth, President, Springfield Institution Life Insurance Association of America, New for Savings, Springfield, Massachusetts York, New York Joseph Kaiser, Vice President, Williamsburgh Sav- W. L. Wilkinson, Assistant Counsel, Connecticut ings Bank, Brooklyn, New York General Life Insurance Co., Hartford, Con- Donaldson Cresswell, Vice President, Philadelphia necticut Savings Fund Society, Philadelphia, Pennsylvania Willard N. Boyden, Vice President, Continental Irving W. Distel, Vice President, Society for Sav- Assurance Co., Chicago, Illinois ings in the City of Cleveland, Cleveland, Ohio DIGEST OF OPINIONS RENDERED BY REGIONAL COMMITTEES ON TYPICAL CASES REFERRED BY LENDING INSTITUTIONS x The National Voluntary Credit Restraint Com- kinds of lending institutions, were established folmittee released today the attached digest of opin- lowing inauguration of the Voluntary Credit Reions rendered through September 1951 by the re- straint Program last March to aid in its administragional committees on typical cases referred to them tion and to offer opinions regarding the applicability by individual lending institutions. The regional of the adopted principles to proposed loans specificommittees, consisting of representatives of various cally referred to them by individual lending institutions. 1 Statement by National Voluntary Credit Restraint Com- The National Committee believes that the remittee, released for publication on Nov. 13, 1951. 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES lease of information on typical cases will assist co- BORROWER AND PURPOSE OPINION operating financing institutions in conducting their Retail sewing machine Unfavorable operations in accordance with the principles of the To increase inventory of imported machines Program. Moreover, the publication of these diin anticipation of future curtailment in gests should be of interest to borrowers in planning domestic manufacture of sewing machines. their operations and to the public at large. The regional committees have been guided in BUILDING PROGRAMS rendering opinions by standards provided in the Machine tool company Favorable Program to the effect that financing institutions To build new plant to take care of present should extend credit in such a way as to help main- needs. Present rental property too small and unsuitable for increased volume and tain and increase the strength of the domestic employment. economy by restricting credit for nonessential pur- Delicatessen Favorable poses and making readily available credit for the To build a new store building to serve a essential needs of agriculture, industry, and comnewly developed residential area. merce. In addition they, as well as individual Retail farm tractor and implement dealer Unfavorable financing institutions, have been aided through the To erect sales and service building in order issuance of periodic bulletins by the National Com- to retain franchise. mittee interpreting and supplementing the prin- Grain elevator and feed mill—Sale of feeds and seeds to farmers Unfavorable ciples of the Program with reference to specific To erect a new building to replace present credit areas. facilities which are not very convenient from The digest of cases represents in general opinions standpoint of services to customers. on cases which have raised doubts in the minds Municipality Unfavorable of lenders and have, therefore, been referred to the To erect agricultural-live stock exhibition regional committees. The volume of such opinions building. Nursing home for aged Favorable has been substantial indicating that the cooperating To buy existing building which is suitable financing institutions have been diligent in the apfor needed additional space for operations. plication of the principles of the Program to the Mortuary Favorable conduct of their every day operations and that their To build a new mortuary in replacement of efforts have been effective in reducing the volume present quarters which are inadequate for of credit for purposes not in harmony with its needs of community. This is the only mortuary serving the area. standards. Tourists' hotel Unfavorable To construct 2 5-room motel in vacation and SEASONAL AND INVENTORY LOANS recreational area. BORROWER AND PURPOSE OPINION Educational institution Unfavorable To finance partially construction of a library. Wholesale seeds Favorable To buy and clean seeds for resale to retail- Municipality Favorable ers of seed for use by farmers in necessary For construction of needed school buildings. reseeding operations. Committee deferred its opinion on financing for that part of program which extended Retail dry goods Favorable beyond current fiscal year. For normal seasonal inventory acquisition. Church Favorable Retail hardware, lumber and building supplies Favorable To build a new church in replacement of For normal inventory acquisition to care for present structure which is in unsafe and summer and early fall trade. hazardous condition. Retail fuel oil Favorable Church Unfavorable To purchase 1 million gallons of fuel oil To build a parish hall and an addition to (1/10 of annual volume) for storage and Sunday School building. sale during the 1951-2 season. Public accountant Favorable Seasonal loan for operating funds. NEW PLANT OR EQUIPMENT Retail hardware Unfavorable Publisher of daily newspaper Favorable To enable borrower to carry inventory dis- To purchase a printing press in replacement proportionate to his normal business opera- of outmoded press which does not take care tions. of present requirements. NOVEMBER 1951 1363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES BORROWER AND PURPOSE OPINION DEBT RETIREMENT AND REFINANCING Tan\ship owners Favorable BORROWER AND PURPOSE OPINION To purchase oil tanker for charter to an oil Retail automobile dealer Favorable company. To repay existing bank loans. Excavating contractor Favorable Manufacturer of electrical appliances Favorable To purchase diesel tractor shovel to replace For reduction of bank debt. worn and obsolete equipment now in use. Retail mil\ dealer Unfavorable Wholesale petroleum Favorable To refinance existing indebtedness held by To buy tractor-tanker units necessary in opformer owner of business. erations; one replacement and one additional unit. Chain variety stores Unfavorable Public utility Favorable To retire outstanding preferred stock. For improvements to its gas distribution system. ACQUISITION OF EXISTING BUSINESSES Municipality Favorable Hotel operator Favorable For needed fire fighting equipment in rap- To purchase building and equipment of idly expanding community. hotel from owner who is retiring because Laundry Unfavorable of ill health. Failure to effect transfer might To purchase new machinery and equipment create hardship for community in having for expansion of plant. Deferrable unless hotel closed. Approval based on assumpprogram had been started and commitments tion self-financing purchaser cannot be made prior to inauguration of VCR Pro- found or that seller is unable to accept a gram. purchase-money mortgage. Social club and recreation center Unfavorable Trucking Unfavorable To purchase bar and equipment together To purchase motor trucking company and with furnishings for social room. Present equipment for expansion of present operafacilities not adequate to meet demand. tions. Trucking business to be acquired is currently hauling foodstuffs but continued MODERNIZATION operation by present owner is assured until a sale can be made. Farmer Favorable To repair and remodel farm buildings on Pharmacist Unfavorable 176 acre producing farm. To purchase business, inventory and fix- Retail variety store Favorable tures of an existing drug store. For modernization and enlargement of store Accountant Unfavorable building. Approval based on facts that To purchase an established accounting busiarchitect's plans drawn and materials con- ness. tracted for prior to inception of VCR Program. ACQUISITION OF STOCKHOLDERS' OR PARTNERS' Retail ladies ready-to-wear Unfavorable INTERESTS To modernize store, add new front and increase floor capacity to maintain competitive Individual (officer and principal stockholder Favorable position. —machine tool manufacturer) Gasoline service station Unfavorable To acquire one-third stock interest in For purchase and modernization of equip- company from widow of borrower's former ment and facilities of two existing gas sta- partner. Proceeds of this loan, used to tions. purchase the minority interest in the company, would preserve continuity of man- WORKING CAPITAL LOANS agement and avoid the minority stock interest getting into possibly unfriendly hands. Woodworking—Manufacturer of business fixtures and equipment Favorable Retail novelty store Unfavorable For necessary and normal working capital To buy other partner's interest in business in connection with contract work in process. to become sole owner. Metal stamping plant Favorable Wholesale iron and steel Unfavorable For necessary and normal working capital. To purchase minority shareholders' interest. Sixty-five per cent of present volume is Trucking company Unfavorable under defense contract. Family group operating company wishes to Shoe manufacturer Favorable buy back 51 per cent of stock now held For necessary and normal working capital. by outside interests. 1364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES NEW VENTURES BORROWER AND PURPOSE OPINION Farmer Favorable BORROWER AND PURPOSE OPINION To purchase 260 acre farm for purpose of Retail grocer Favorable putting it into production. To stock a new store to be opened in a Farmer Unfavorable new and expanding community now lack- To purchase farm land for lease as an ining a grocery. vestment. Considered speculative in char- Retail grocer Unfavorable acter where the land is already in produc- To stock a new grocery store which facility tion and borrower desires simply to increase appears not to be necessary in the commu- his holdings of real estate. nity. DEVELOPMENT OF LAND Dentist Favorable To purchase furnishings and equipment Individual Favorable necessary to operate a dental office. Bor- To purchase acreage for housing developrower recently graduated from dental school. ments in a defense area. Retail men's clothing Unfavorable Individual Unfavorable To open new men's clothing store. City To purchase and develop land for sale as has sufficient retailers to satisfy the demand. building lots. Municipality Unfavorable Retail gasoline distributor Unfavorable To acquire unimproved land for erection of To equip a new self-service station. Present parking facilities. facilities in community are adequate. Amusement par\ Unfavorable OTHER LOANS For erection of plant and purchase of Housewife Unfavorable equipment necessary for operations. Other To buy single premium life insurance conamusement and recreational facilities are tract. To provide for purchase of disavailable in area. counted premium life insurance contract. Individual Unfavorable LOANS TO FARMERS, ETC. To purchase real estate for investment. Rancher Favorable Property is already financed on a long-term To purchase and carry cattle. basis. Farmer Favorable State Government Unfavorable To clear 50 additional acres of land for pas- For payment of bonus to veterans of World turage. War II. CHANGES IN REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES STATEMENT OF NATIONAL VOLUNTARY CREDIT President, Washington Mutual Savings Bank, RESTRAINT COMMITTEE, SEPTEMBER 24, 1951 Seattle, Washington, as an alternate member. The National Voluntary Credit Restraint Committee announces the following appointments and Mid-Western Insurance Voluntary Credit Restraint designations affecting the membership of the sub- Committee committees indicated: Designation of Frank J. Travers, Vice President, American United Life Insurance Company, Indi- Los Angeles Regional Commercial Banking Voluntary anapolis, Indiana, as Vice Chairman. Credit Restraint Committee Appointment of the following as alternate mem- Designation of J. C. Lipman, Senior Vice Presi- bers: dent, Union Bank and Trust Company of Los Richard H. Samuels, Financial Secretary, Conti- Angeles, Los Angeles, California, as Vice Chairnental Assurance Company, Chicago, Illinois Grant Torrance, Vice President and Treasurer, Business Men's Assurance Company of America, Seattle Regional Commercial Banking Voluntary Kansas City, Missouri Credit Restraint Committee Howard Dean, Financial Secretary, Bankers Life Appointment of Stuart Frazier, Executive Vice Company, Des Moines, Iowa NOVEMBER 1951 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Norman H. Nelson, Vice President, The Minne- G. Raymond Greeby, President, Burton C. Simon sota Mutual Life Insurance Company, St. Paul, Savings and Loan Association, Philadelphia, Minnesota Pennsylvania James H. Windsor, Financial Vice President, New York-New Jersey Mutual Savings Bank Equitable Life Insurance Company of Iowa, Des Voluntary Credit Restraint Committee Moines, Iowa Andrew H. Alexander, Manager of City Loans, Appointment of M. Harold Higgins, President, The Northwestern Mutual Life Insurance Com- Bloomfield Savings Bank, Bloomfield, New Jersey, pany, Milwaukee, Wisconsin as an alternate member. Edward Karrmann, Treasurer, American United Mid-Atlantic Mutual Savings Bank Voluntary Credit Life Insurance Company, Indianapolis, Indiana Restraint Committee Neil B. Dawes, Vice President, Federal Reserve Bank of Chicago, Chicago, Illinois Appointment of the following as alternate members: Southwestern Insurance Voluntary Credit Restraint Committee R. Stewart Rauch, Jr., Vice President, Philadelphia Savings Fund Society, Philadelphia, Pennsylvania Appointment of Charles S. Sharp, Vice Presi- Howard A. Hoffman, Assistant Secretary and dent, Fidelity Union Life Insurance Company, Assistant Treasurer, Dollar Savings Bank, Pitts- Dallas, Texas, as an alternate member. burgh, Pennsylvania Western Insurance Voluntary Credit Restraint Gerard W. Kirby, Vice President, Provident Sav- Committee ings Bank, Baltimore, Maryland Thomas Tatnall, Vice President, Wilmington Sav- Appointment of H. F. Slade, Vice President, ings Fund Society, Wilmington, Delaware Federal Reserve Bank of San Francisco, San Francisco, California, as an alternate member to replace R. E. Ever son. STATEMENT OF NATIONAL VOLUNTARY CREDIT Western Investment Banking Voluntary Credit RESTRAINT COMMITTEE, OCTOBER 23, 1951 Restraint Committee The National Voluntary Credit Restraint Com- Appointment of H. F. Slade, Vice President, mittee announces the following appointments and Federal Reserve Bank of San Francisco, San Fran- designations affecting the membership of the subcisco, California, as an alternate member. committees indicated: Second District Savings and Loan Voluntary Credit First District Commercial Banking Voluntary Restraint Committee Credit Restraint Committee Designation of Willis J. Almekinder, President, Appointment of Walter E. Borden, Senior Vice First Federal Savings and Loan Association of President and General Manager, The National Rochester, Rochester, New York, as Vice Chair- Shawmut Bank of Boston, Boston, Massachusetts, as an alternate member, replacing George E. Pierce, deceased. Third District Savings and Loan Voluntary Credit Restraint Committee Eighth District Commercial Banking Voluntary Credit Restraint Committee Appointment of the following as alternate mem- Appointment of William M. Harlan, President, bers: Manchester Bank of St. Louis, St. Louis, Missouri, Walter E. Margie, President, First Federal Savings as an alternate member. and Loan Association, Pittston, Pennsylvania Fred A. Werner, President, Lansdowne Federal Ninth District Commercial Banking Voluntary Credit Restraint Committee Savings and Loan Association, Lansdowne, Pennsylvania Designation of Julian Baird, President, The First James W. Cullen, President, Anchor Savings and National Bank of St. Paul, St. Paul, Minnesota, as Loan Association, Atlantic City, New Jersey Chairman, replacing Arthur Quay, deceased. 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES Tenth District Commercial Banking Voluntary C. P. Clifford, Assistant Treasurer, Farmers and Credit Restraint Committee Mechanics Savings Bank, Minneapolis, Minnesota Appointment of the following as alternate mem- G. G. Litzko, Vice President, Society for Savings bers: in the City of Cleveland, Cleveland, Ohio C. J. Chandler, President, First National Bank, Fourth District Savings and Loan Voluntary Wichita, Kansas Credit Restraint Committee G. P. Bramwell, Vice President, First National Designation of C. Elwood Knapp, Executive Vice Bank, Kansas City, Missouri President, Friendship Federal Savings and Loan Wilfred C. Wann, Vice President, Commerce Trust Association, Pittsburgh, Pennsylvania, as Vice Company, Kansas City, Missouri Chairman. W. B. Millard, Jr., President, Omaha National Appointment of the following as alternate mem- Bank, Omaha, Nebraska bers: R. E. Thompson, Senior Vice President, First Na- Allen R. Rankin, Secretary, Buckeye Federal Savtional Bank and Trust Company, Tulsa, Oklaings and Loan Association, Columbus, Ohio homa D. H. Fork, Secretary, Friendship Federal Savings P. K. Alexander, Vice President, First National and Loan Association, Pittsburgh, Pennsylvania Bank, Denver, Colorado Cyrus J. Fitton, Attorney, Dollar Federal Savings D. W. Woolley, Vice President, Federal Reserve and Loan Association, Hamilton, Ohio Bank of Kansas City, Kansas City, Missouri Tenth District Savings and Loan Voluntary Southwestern Insurance Voluntary Credit Restraint Committee Credit Restraint Committee Designation of C. R. Mitchell, Executive Vice Appointment of Mac C. Smyth, Vice President, President, First Federal Savings and Loan Associa- Federal Reserve Bank of Dallas, formerly an altertion, Kansas City, Missouri, as Vice Chairman. nate member, as a member, replacing H. R. De- Moss, and appointment of J. Lee Cook, Vice Presi- Eleventh District Savings and Loan Voluntary dent and Cashier, Federal Reserve Bank of Dallas, Credit Restraint Committee as an alternate member. Appointment of Mac C. Smyth, Vice President, Federal Reserve Bank of Dallas, formerly an alter- Mid-Western Mutual Savings Bank Voluntary nate member, as a member, replacing H. R. De- Credit Restraint Committee Moss, and appointment of J. Lee Cook, Vice Presi- Designation of Harry }. Fitzgerald, Secretary, dent and Cashier, Federal Reserve Bank of Dallas, The Peoples Savings Bank, Evansville, Indiana, as as an alternate member. Vice Chairman. Twelfth District Savings and Loan Voluntary Appointment of the following as alternate mem- Credit Restraint Committee bers: Designation of Gerrit VanderEnde, President, M. F. Schaeffer, President, The Peoples Savings Pacific First Federal Savings and Loan Association, Bank, Evansville, Indiana Tacoma, Washington, as Vice Chairman. NOVEMBER 1951 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON GOLD POLICY BY THE INTERNATIONAL MONETARY FUND The Executive Board of the International Mone- to make it impracticable to expect all members to tary Fund on September 28, 1951 issued the fol- take uniform measures in order to achieve the lowing statement on gold policy} objectives of the premium gold statement. Accordingly, while the Fund reaffirms its belief in the In June 1947, the Fund issued a statement recom- economic principles involved and urges the memmending to its members that they take effective bers to support them, the Fund leaves to its memaction to prevent external transactions in gold at bers the practical operating decisions involved in premium prices, because such transactions tend to their implementation, subject to the provisions of undermine exchange stability and to impair mone- Article IV, Section 2 and other relevant articles of tary reserves. From time to time the Fund has the Articles of Agreements of the International reviewed its recommendations and the effectiveness Monetary Fund. of the action taken by its members. The Fund will continue to collect full informa- Despite the improvement in the payments posi- tion about gold transactions, will watch carefully tion of many members, sound gold and exchange developments in this field and will be prepared in policy of members continues to require that to the consultation with members to consider problems maximum extent practicable, gold should be held relating to exchange stability and any other probin official reserves rather than go into private lems which may arise. hoards. It is only as gold is held in official reserves that it can be used by the monetary authorities to On the same date, the Secretary of the Treasury maintain exchange rates and meet balance-of-pay- issued the following press release: ments needs. After thorough discussions, the International However, the Fund's continuous study of the Monetary Fund has issued today a statement on situation in gold-producing and -consuming coun- external transactions in gold. The United States tries shows that their positions vary so widely as concurred in this statement, which accords with its own gold policy. The Treasury plans to conxFor an earlier policy statement on gold by the Interna- tinue in effect existing gold practices and protional Monetary Fund, see Federal Reserve BULLETIN, July cedures. 1947, p. 851. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Class A director of the Federal Reserve Bank of A meeting of the Federal Open Market Commit- Minneapolis since November 7, 1950, died on tee was held in Washington on November 14, 1951. September 26, 1951. The Federal Advisory Council held a meeting in Mr. Robert L. Mehornay, Chairman of the Board, Washington on November 18-20, 1951, and met with the Board of Governors of the Federal Re- Mehornay Furniture Company, Kansas City, Misserve System on November 20, 1951. souri, who had served as a Class C Director and Deaths of Directors Deputy Chairman of the Federal Reserve Bank of Mr. A. H. Quay, President, First National Bank, Kansas City since January 1, 1942, died on Novem- Minneapolis, Minnesota, who had served as a ber 19, 1951. 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIA FISCAL YEAR 1951 Recent economic and financial developments in ports which we are unlikely to be able to sustain Australia are reviewed in the following excerpts over a long period from our own resources. The from the Annual Report of the Commonwealth passing through into Australian costs of prices of Ban\ of Australia for the fiscal year ending June internationally traded goods substantially higher 30, 1951. The report describes in general terms than general domestic prices here and abroad is the major foreign and domestic developments tending to establish levels of costs which will expose which have contributed to the sharp rise in prices Australian industries to acute competition when within Australia during the past year and the the present excessive demand conditions pass. The several steps ta\en to restrain ban\ lending and concentration of public and private development to limit investment activities. plans is leading to the expansion of capital goods industries on a scale which it may be difficult to ECONOMIC SURVEY employ continuously from the savings voluntarily made by the Australian community. As a consequence of the high levels of public At the time of preparation of this report active and private investment, swollen export incomes, measures were being developed by the Government and population growth, increasingly heavy demands to deal with the problem of inflation. have been made upon the resources available to the Australian economy. Domestic output was INVESTMENT higher than in the previous year and was supple- Total public and private investment expenditure mented by a larger volume of imports but the in the fiscal year ending on June 30, 1951 (excludincrease in total supplies, although considerable, ing movements in stocks) was about one-third was quite inadequate to meet the sharply rising higher than in the previous year. Although this level of demand. Moreover, the rise in prices over- rise was largely due to price and cost increases, seas exerted a strong upward pressure upon the investment in real terms rose significantly. domestic structure of prices and costs. As a result A substantial part of the expenditure of public of this pressure, and of the higher basic wage authorities was on projects designed to strengthen awarded at the end of 1950, prices, wages, and the Australian economy by improving power and costs rose in an increasingly rapid sequence. In- water supplies, and transport and communication deed, the increases in prices during the year were facilities. While it is essential that both public and the largest of any recorded during or since World private investment programs should be reduced to War II. a level more appropriate to the volume of resources The efTects of excessive demand were more seri- available, it is clear that the successful completion ous than the rise in prices alone would indicate. of many of these basic projects is necessary if Competitive bidding tended to divert labor and Australia's development is to progress and the materials from basic industries and developmental growing population is to be provided with basic projects to consumer goods industries. This fur- services and the means to a rising standard of ther increased the demands on scarce resources of living. Commonwealth and State Governments steel, power, transport, and other essential goods are now examining public investment plans with and services, and seriously distorted the productive the object of ensuring that effort is concentrated on effort of the economy. Moreover, efficiency in all the most essential projects so that the best use is sectors of industry was seriously impaired by the made of scarce resources. The need for this action high rate of labor turnover and by delays in pro- is reinforced by the growing requirements of the duction processes which resulted from attempts to defense program. Although defense expenditure spread available resources over too many projects. in fiscal 1951 was much greater than in the pre- Apart from the immediate effects of rising prices vious year, the full effect which defense preparaand widespread shortages and inefficiencies, there tions will have on the economy has not yet been are dangerous elements of instability growing felt, and a substantial curtailment of other investwithin the economy. In response to high export ment expenditure will be necessary to allow the incomes, the inflow of capital, and major develop- defense program to be carried through, as well as mental plans, we have built up a volume of im- to reduce inflationary pressures. NOVEMBER 1951 1369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIA, FISCAL YEAR 1951 EMPLOYMENT overseas, and the development of hydro-electric projects is proceeding, it will be sometime before Due mainly to the inflow of migrants, employsupplies are adequate for all the community's ment rose by over 3.5 per cent. The excess of needs. permanent arrivals over permanent departures was Iron and steel output increased significantly but, about 130,000, compared with 166,000 in fiscal 1950 because of continued shortages of suitable coal and and 97,000 in the previous year. Slightly more than of labor, the industry is still working at conhalf of the permanent new arrivals during the year siderably less than capacity, and all types of steel were available for employment and they were products are in extremely short supply. These spread throughout industry. However, employshortages are having a serious effect on both rural ment in certain basic industries—particularly minand industrial production, and although during ing and transport—increased relatively little and 1950 large quantities of steel and steel products to this extent the full benefit of the larger work were imported to help meet essential needs it has force was not obtained. Although in the long run recently become more difficult to secure supplies. Australia will be strengthened by the increase in population, a large migration program imposes a The production of most building materials was heavy initial strain on the economy and it is doubly higher in fiscal 1951 than in the previous year and important, therefore, that the increased labor force this enabled a larger number of dwellings to be should be employed where it can make the greatest completed. However, the shortage of materials contribution to essential production. was still acute, and the building industry worked at much less than full capacity. PRODUCTION Output of most consumer goods increased substantially. The rapid expansion of many less essen- With a favorable season for the fourth successive tial industries, while basic materials remained in year, rural output was sustained at a high level. critically short supply, continued to indicate the The wool clip is estimated to have been 1,180 milunbalanced development of the economy. lion pounds, which is slightly above the previous peak of 1,169 million in fiscal 1944. Although the INCOMES wheat harvest of 183 million bushels was 35 million bushels below the 1949-50 crop, mainly because of The increase in money incomes in fiscal 1951 a substantial decline in production in New South was considerably greater than the combined in- Wales, it was still well above the average harvest crease in the previous two years. All classes of during the 10 years ended in fiscal 1950. Since incomes rose, with higher export prices and in- 1947-48 a high average yield of wheat per acre has creased wage rates being the main contributing been maintained as a result of favorable condi- factors. tions, but the acreage sown has declined each Because of the large increase in incomes, expendiseason. The prevailing high prices for wool have ture on consumer goods and services rose subcaused many wheat farmers, particularly in New stantially, but there was also a considerable in- South Wales, to turn to sheep raising and there crease in savings. However, although personal are indications that this tendency will persist in savings in fiscal 1951 were large in money terms, the 1951-52 season. The output of dairy products the resources which were made available in this and sugar was slightly lower than in the previous way for public and private investment fell far short year and, whereas beef and veal production in- of total requirements. creased, much less mutton and lamb were produced. RETAIL PRICES AND WAGE RATES The output of nearly all basic materials and Retail prices as measured by the "C" series index manufactured goods was higher in fiscal 1951 than rose by 19 per cent during the year, compared with in the previous year. However, production in the a rise of 9 per cent in fiscal 1950 and 10 per cent early part of fiscal 1950 was seriously affected by in fiscal 1949. Both food and groceries and cloththe general coal strike which lasted until August ing showed large increases, but there was only a 1949, and, in certain capital goods industries par- very small change in the rent group. ticularly, output during the final nine months of Following an application for an increase in the the year was little or no higher in fiscal 1951 than basic wage, the Arbitration Court granted a higher in fiscal 1950. award to operate from the first pay period of The output of coal and power rose but supplies December. The weekly basic rates for males were were not adequate to meet the high levels of de- raised by about £1 and the female rate was inmand. Power shortages were acute, and although creased from 54 per cent to 75 per cent of the efforts are being made to obtain new equipment male rate. This award, together with the large 1370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIA, FISCAL YEAR 1951 quarterly cost of living adjustments, payment of higher prices, f.o.b. values advanced from £A536 overtime, and the pressure for and willingness to million in fiscal 1950 to /A742 million in fiscal grant further wage increases, resulted in a rise of 1951. Freight payments were also substantially about 21 per cent in the average weekly earnings higher. of employees during the first 10 months of the year. The year closed with a surplus on current account estimated at about ^A120 million, compared EXPORT AND IMPORT PRICES with a deficit of ^A37 million in fiscal 1950. This Export and import prices rose by 84 per cent and is the largest current account surplus ever recorded 13 per cent respectively in the first three quarters by Australia. of fiscal 1951. The much greater rise in export The flow of capital into Australia, which has prices was due predominantly to the high inter- been a feature of our balance of payments since national demand for wool, the price of which in- fiscal 1948, declined from last year's peak of over creased from an average of 63d. per pound greasy ^A200 million net to about /A70 million. Alin fiscal 1950 to an average of 144d. per pound in though there were signs of some speculation on a fiscal 1951. The fall in the export price index change in the exchange rate during certain periods after March this year reflects the decline from the of the year, much of the capital inflow for fiscal peak level of wool prices as overseas buying eased. 1951 probably represents genuine long-term invest- Although the prices of many of the other raw ment in Australia. materials which Australia exports and imports also The dollar situation. Trade with the dollar area increased considerably, the price rises of manu- in fiscal year 1951 produced Australia's first postfactured goods, which are our largest imports, were war dollar surplus and contributed about 100 milmore moderate. However, higher raw material lion dollars to the sterling area's dollar pool, comprices and increases in other costs overseas have not pared with drawings of 2 million in fiscal 1950 and yet become fully effective in the prices of imported of 73 million and 164 million in the previous two manufactures. years. The general circumstances in which ster- While the terms of trade were highly favorable ling area trade with the United States improved to Australia during the first nine months of fiscal have already been described—in Australia's case 1951, they became less favorable towards the end the improvement was predominantly the result of of the year. Future movements in the terms of wool exports. Before the close of the financial trade and the state of Australia's balance of pay- year, about 625,000 bales of wool had been shipped ments with other countries will largely depend on to the United States, exceeding the quantity exthe trend in wool prices. If wool prices do not ported in any year since fiscal 1947, when stocks increase much above current levels it is quite pos- were replenished by the United States after the sible that with a continuing rise in the value of war. The average price realized was more than imports Australia may face a balance-of-payments double the 1949-50 average. deficit on current account in fiscal 1952. Much of the capital equipment needed by Australia for long-term development projects has been BALANCE OF PAYMENTS AND INTERNATIONAL scarce in Australia and has not been available RESERVES within the sterling area or soft currency countries. Australia's balance of payments with other coun- Following negotiations in July and August 1950, a tries has again resulted in a substantial addition to loan for 100 million dollars was approved by the her international reserves and to the domestic International Bank for Reconstruction and Demoney supply. velopment for a term of 25 years with interest at Exports rose sharply from ^A614 million in the rate of 3J4 Per cent per annum plus commisfiscal 1950 to £A984 million in fiscal 1951. Al- sion at 1 per cent per annum. The loan is now though the quantity of wool exported was reduced fully committed for items covered by the agreeowing to the depletion of Joint Organization wool ment, which include productive plant, package stocks in Australia, wool income more than doubled power units, agricultural equipment, heavy tractors, receipts of the previous year and accounted for earth-moving machinery, locomotives and railcars, two-thirds of Australia's total export proceeds, com- railway equipment, and mining machinery. By the pared with one-half in fiscal 1950. The succession end of June some shipments, amounting to about 12 million dollars, had arrived and the flow will of good crops has ensured a steady export income continue as supplies become available from the from wheat which this year slightly exceeded the United States. level of previous years. Income from other exports showed relatively small variation. Although Australia's individual dollar position The volume of imports increased and, with and that of the sterling area as a whole improved NOVEMBER 1951 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIA, FISCAL YEAR 1951 substantially in fiscal 1951, there is already evidence vested permanently in Australian industries, a subof some slackening or even reversal of this im- stantial part is comprised of temporary capital provement. Since the gold and dollar reserves of which cannot be relied upon to remain here, parthe sterling area are still by no means adequate ticularly in the event of a large balance-of-payments to withstand any sharp or sustained drain, it is deficit. However, there has been some return to still necessary for the sterling countries to control more normal payments arrangements since specuthe use of dollars. lation on an exchange rate change has subsided,, International reserves. Australia's holdings of and the effect of this is that temporary capital gold and overseas balances increased by ^A193 resulting from prepayments for exports and delayed million during the year and at the end of June payments for imports now forms a smaller propor- 1951, amounted to ^A843 million, including gold tion of our international reserves. valued at ^A44 million and ^A90 million of short- and medium-term British Government se- PUBLIC FINANCE curities (other than Treasury bills). With incomes rising strongly, the cash receipts Australia has also subscribed to a ^5 million of the Commonwealth Government in fiscal 1951 sterling loan issued in London by the International were the highest ever recorded, although certain Bank for Reconstruction and Development. The minor taxation concessions were granted during loan, which comprised 3l/ 2 per cent stocks at ^97 the year. However, available funds were fully maturing in 1966-71, was heavily oversubscribed absorbed by high costs and growing commitments, and the Commonwealth Bank was allotted ^ 150,- and for the first time since the end of the war the 000 of its application. Government was unable to continue the disinfla- The following table shows total international tionary practice of redeeming Treasury bills at the currency reserves held by all banks over a number end of the year. of years since 1939: The aggregate amount of new money raised in Millions of loans from the public for the Commonwealth and End of June * Australian pounds States during the year was less than the amount 1939 55.7 1943 86.8 required to fulfill the total loan program of ^175 1945 208.3 million (later reduced to ,£165 million) approved 1948 273.5 by the Australian Loan Council. Three public 1949 451.7 1950 650.1 loan issues were made—the Tenth, Eleventh, and 1951 843.0 Twelfth Security Loans—cash subscriptions to * To 1945 last Monday, thereafter last Wednesday. which totaled ^152 million. Conversions of called or maturing securities, amounting to ^130 million, The upward movement in reserves has been con- were £3>6 million less than the amount sought for spicuous since 1948, amounts approaching ^A200 conversion. million having been added each year. In the last Although war gratuity payments of about ^60 few years the addition was due to a substantial million constituted a large nonrecurring item of inflow of capital and "hot" money. However, in expenditure in fiscal 1951, commitments are growfiscal 1951 the increase came principally from the ing and Government finances are under heavy current account surplus of about ^A120 million pressure. At the same time public loan raisings and to a much less extent from the inflow of have become increasingly difficult in the face of the temporary and permanent capital. strong demands of private industry for funds. Although reserves rose by almost ^A200 million Following a period of falling prices of Government during the year, imports also increased by a simisecurities and, consequently, of rising yields, the lar amount. With the present upward trend in long-term securities of the Twelfth Security Loan import prices it is important that international were issued at a discount of 1 per cent, though the reserves should be maintained at a level which nominal interest rate was unchanged at 3!/8 per would enable Australia to withstand a period of cent. This was the first time since 1946 that longlower export prices and poorer seasons. The wide variations to which the demand for and prices of term Government securities had been issued with our exports are subject are well known, and are a yield of more than 3% per cent. Furthermore, illustrated by the movements of the year under interest rates on loans issued during the year by review. Moreover, a substantial part of the present local and semi-governmental bodies rose signifibalance of international reserves has been con- cantly. tributed by the inflow of capital during the past Prices of Government bonds continued to fall five years. While part of this capital has been in- after the end of the financial year. 1372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIA, FISCAL YEAR 1951 THE VOLUME OF MONEY vances to grow and thus add to the already excessive demand. The volume of liquid funds in the hands of the Accordingly, in November 1950, the terms of the public in Australia rose by ^388 million (19 per Bank's selective Advance Policy were further cent) during the year, compared with increases of tightened, and with a strong upward trend in £280 million (16 per cent) in fiscal 1950 and £155 bank deposits the banks have been required to million (10 per cent) in fiscal 1949. Figures of lodge additional amounts in their Special Accounts. the money supply in June of recent years are as Broadly, current Advance Policy requires infollows, in millions of Australian pounds: dustry to obtain finance for capital expenditure and 1939 1945 1949 1950 1951permanent nonfluctuating working requirements Notes in hands of public. . 33 170 186 202 239 from outside the banking system, leaving only Deposits of public with all fluctuating operating requirements to be provided check paying banks. ... 334 620 879 1,095 1,371 by bank overdrafts. Banks may depart from this Deposits with all savings banks 246 567 714 762 837 general principle only in exceptional cases, in particular, where the social need is urgent, e.g. for Total 613 1,357 1,779 2,059 2,447 housing, or where finance cannot be obtained else- The continued expansion of the money supply where and a deficiency in the output of an enterwhich was at a higher rate than in any postwar prise concerned is retarding production over a wide year, was due mainly to the high level of export range of important industry. incomes and to an increase in bank advances. In During the year the banking system was left most overseas countries the volume of money has with sufficient funds to enable it to finance the also been increasing, but at a much more moderate essential needs of the economy (particularly in rerate than in Australia. lation to the marketing of wool) which could not reasonably be financed from other sources. Fur- INTEREST RATES thermore, funds were released from Special Accounts to meet the normal loss of cash by the The tendency towards a rise in the general strucbanking system at the time of the seasonal decline ture of interest rates in fiscal 1951 has already been in deposits. The amount held by the private banks mentioned. No alteration was made during the in their Special Accounts with the Central Bank year in the maximum rates of interest determined increased by £\ 12 million during the year, comby the Bank under the National Security (Ecopared with an increase of about ^200 million in nomic Organization) Regulations. their deposits. However, in spite of these provisions some banks, particularly those whose advances over CAPITAL ISSUES the year increased relatively more than others, found The Commonwealth Government reinstituted it necessary to finance part of their business by loans Capital Issues Control in February 1951, under the from the Central Bank. National Security (Capital Issues) Regulations, Notwithstanding the tighter over-all restrictions automatic consent having been given since January on bank lending for other than short-term working 1950, to applications by companies to issue capital. needs, advances by all banks rose by ^ 104 million. On August 1 new Capital Issues Regulations, Although the movement in bank advances steadied substantially the same as those already in existence, during the final quarter of the financial year, this were gazetted under the Defense Preparations Act was due primarily to a fall in the large amount of of 1951. advances granted earlier in the year to finance the A Capital Issues Board of five members, with purchase of wool at greatly increased prices; adthe Commonwealth Actuary as Chairman, adminvances for other purposes rose at a faster rate than isters the Control under direction of the Treasurer. in the last three months of the previous year. In the present situation it is not sufficient simply to CENTRAL BANKING define the classes and purposes of advances which During the year Central Bank policy has been are permissible. The rate of growth must also be directed to restraining the tendency for bank ad- limited. NOVEMBER 1951 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Consumer Credit Defense Housing and Community Facilities and Court Proceedings Services Act of 1951 (Public Law 139, 82nd Con- The United States District Court at South Bend, gress) and the Act of August 8, 1950, ch. 646, 64 Indiana, on October 18, 1851, imposed a fine of Stat. 419, and as President of the United States, $300.00 and costs on Clement B. DeRose, doing and having found, with respect to paragraph 4 business as Genessee Construction Company, South hereof and in accordance with section 314 of the Bend, Indiana, for violations of Regulation W. The said Defense Housing and Community Facilities defendant is engaged in the roofing and siding and Services Act of 1951, that the Federal Security business. Administrator is performing, or has facilities Suspension of License adapted to the performance of, functions similar The Board of Governors suspended for a period or directly related to those transferred to him by of thirty days from November 14 through Decem- paragraph 4 of this order, and that the transfers ber 13, 1951, the license of the Master Tire and therein ordered will assist the furtherance of Supply Company, Lawrence, Massachusetts, to national-defense activities, it is ordered as follows: make instalment sales of articles listed in Regula- 1. The Director of Defense Mobilization is heretion W. The Company consented to the entry of by designated and empowered to perform, without the order by the Board. The Company is engaged the approval, ratification, or other action of the in the business of selling television sets and house- President, the function vested in the President by hold appliances, and was charged with failing to section 101 of the said Defense Housing and Comobtain the down payment required by Regulation munity Facilities and Services Act of 1951 of deter- W in a large number of sales. mining critical defense-housing areas and of mak- Residential Credit Restrictions in Critical ing the findings relative to such determinations Defense Housing Areas required by section 101 (b) of the said Act. Executive Order No. 10296 The President of the United States, on October 2, 1951, issued Executive Order No. 10296 which, 3. The Housing and Home Finance Administraamong other things, designated and empowered the tor is hereby designated and empowered to per- Director of Defense Mobilization to perform the form, without the approval, ratification, or other functions vested in the President by section 101 of action by the President, the function vested in the the Defense Housing and Community Facilities President by section 102(b) of the Act, relative to and Services Act of 1951, of determining critical the suspension and relaxation of residential credit defense housing areas, and designated and emrestrictions under the Defense Production Act of powered the Housing and Home Finance Adminis- 1950, as amended. trator to perform the functions vested in the President by section 102(b) of that Act relative to the suspension and relaxation of residential credit restrictions in such areas. The pertinent provisions 12. As used in this order the term "functions" of Executive Order No. 10296 are as follows: embraces duties, powers, responsibilities, authority, EXECUTIVE ORDER NO. 10296 or discretion, and the term "perform" may be construed to mean "exercise." PROVIDING FOR THE PERFORMANCE OF CERTAIN DEFENSE HOUSING AND COMMUNITY FACILITIES HARRY S. TRUMAN AND SERVICES FUNCTIONS The White House By virtue of the authority vested in me by the October 2, 1951. 1374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 29 and released for publication October 30] Industrial production and employment have re- about 4 per cent below early spring record levels. mained somewhat below the advanced levels There were further curtailments at textile mills. reached during the spring of this year. Retail sales Production of paperboard also continued to decline of some goods have expanded above the reduced in September and early October to a rate which second quarter level, while sales of new cars have was about one-sixth lower than in the spring. Outdeclined again. Wholesale prices of agricultural put of chemical, petroleum, and rubber products commodities have strengthened since early Sep- was maintained at recent high levels. tember and the consumers price index has risen. Record production of minerals in September Common stock prices sold off in the latter part of resulted largely from a further expansion of crude October. petroleum and iron ore. Stocks of petroleum products are currently large, and, effective November 1, INDUSTRIAL PRODUCTION allowable crude oil production from Texas fields The Board's industrial production index was 219 has been somewhat reduced. per cent of the 1935-39 average in September, as compared with 217 in August and 223 in April. CONSTRUCTION Continued comparative stability is indicated for Value of construction contract awards, according October as output of consumer goods in general to the F. W. Dodge Corporation, continued to dehas apparently remained at reduced levels. crease in September, reflecting largely further re- Activity in most industries producing munitions ductions in public awards from earlier record rates. and capital equipment expanded further in Sep- The total value of construction put in place, allowtember. Production at steel mills increased to 101 ing for seasonal variation, changed little. The numper cent of capacity and was scheduled at 102 per ber of new dwelling units started, however, incent in October. Output of nonferrous metals increased somewhat. creased in late September and early October following production interruptions earlier. Lumber pro- EMPLOYMENT duction continued at the curtailed August rate. Total employment in nonagricultural establish- Auto assemblies changed little, while output of ments, seasonally adjusted, declined slightly further major household durable goods rose moderately in September, as manufacturing and construction from the sharply reduced July-August level. employment decreased and most other lines showed Output in nondurable goods industries remained little change. The average work-week at factories INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT V0LU PER DOLLAR VOLUME, SEASONALLY ADJUSTED, 1935-39- 100 260 1 I 1 240 r 220 / \ 220 \ 11 / 200 / 200 rV V 180 V 180 Y 160 160 '• 140 140 120 120 100 -^ i 100 100 100 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for September. for September. NOVEMBER 1951 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS changed little and was 40.5 hours, while hourly items. The most important rise—3 per cent—was earnings, after several months of stability, advanced shown by apparel. somewhat to a new peak of $1.61. Unemployment BANK CREDIT continued at the low level of 1.6 million in Sep- Seasonal borrowing at banks to finance the distember. tribution and processing of crops, which had begun AGRICULTURE in August, accelerated in September and the early Crop conditions changed little during September part of October. Bank loans to finance direct deexcept for slight decreases indicated in cotton and fense and defense-supporting activities expanded corn prospects. Cattle marketings continued at a further. reduced rate from mid-September to the third week Interest rates charged by commercial banks on of October and hog marketings showed little fur- short-term business loans averaged 3.06 in Septemther increase. Total meat slaughtering during this ber, little changed from the average in June. Rates period was 4 per cent below a year ago. increased slightly in New York and other Northern and Eastern cities but declined somewhat in the DISTRIBUTION South and West. In mid-October, leading city Department store sales in September and the first banks announced a further increase in the prime three weeks of October rose less than seasonally, rate to business borrowers, from 2 l/z per cent to 2 % but remained somewhat above the reduced second per cent. quarter level. Seasonally adjusted stocks at depart- Reserve System holdings of U. S. Government ment stores declined further in September. Sales securities increased during late September and early of new passenger automobiles showed a marked October as a result of purchases in connection with decline after mid-September owing partly to sea- Treasury refinancing operations. Subsequently, sonal influences. however, holdings declined. SECURITY MARKETS COMMODITY PRICES Common stock prices advanced somewhat fur- The average level of wholesale commodity prices ther during the first two weeks of October but deincreased slightly from mid-September to the fourth clined sharply in the third week to levels prevailing week of October, reflecting advances in prices of in mid-August. Yields on high-grade corporate some agricultural commodities. Prices of hides and bonds rose during the three-week period, while textile products declined further and Federal ceilyields on long-term U. S. Government bonds showed ings for lead and zinc were raised but industrial little change. The Treasury sold for cash for decommodities generally changed little. livery October 23, 1% billion dollars of 144-day The consumers price index rose .6 per cent in tax anticipation bills on which the average discount September, reflecting increases in all groups of rate was 1.55 per cent. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS CONSUMERS* PRICES PERCEN1 1935 - 39 • 100 M4IL8LIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS OF PERSONS 2 2 4 2 0 0 /YFOOD 220 4 4 6 4 —/ TOTAs r ~ C F T I " N U I ^ N R G I — NG v y /• N 200 j 200 J APPAREL N_^ 1/ 42 180 1y/ 40 180 --— 4/ ALL ITEMS 160 ft 160 —-•'MIiCELLANEOUS - FINANCEAND SERVICE 140 6 GOVE RNMENT 140 PORTATIOH - 120 4 AND UTILITIES 120 >^T|>-'—• RENT 2 CONSTRUCTION 100 100 0 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 80 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Bureau of Labor Statistics' data adjusted for seasonal varia- Bureau of Labor Statistics' indexes. "All items" includes tion by Federal Reserve. Proprietors and domestic servants fuel and housefurnishings groups not shown separately. Mid- are not included. Midmonth figures, latest shown are for month figures, latest shown are for September. September. 1376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 1379-1380 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W 1380-1382 Federal Reserve Bank statistics. 1383-1385 Guaranteed Regulation V loans 1385 Deposits and reserves of member banks 1385-1386 Bank debits and deposit turnover; Postal Savings System. 1386 Money in circulation. 1387 Consolidated statement of the monetary system, deposits and currency 1388 All banks in the United States, by classes 1389-1391 All insured commercial banks in the United States, by classes. . 1392-1393 Weekly reporting member banks 1394-1396 Number of banking offices on Federal Reserve par list and not on par list 1396 Commercial paper, bankers' acceptances, and brokers' balances. . 1397 Money rates; bank rates on business loans; bond yields. 1398 Security prices and new issues 1399-1400 Corporate sales, profits, and dividends. 1400-1402 Treasury finance. 1403-1405 Government corporations and credit agencies. . 1406 Business indexes. 1407-1416 Department store statistics. 1417-1420 Consumers' prices 1420 Wholesale prices. . . . . 1421 Gross national product, national income, and personal income. 1422-1423 Consumer credit statistics. 1424-1426 October crop report, by Federal Reserve districts. 1427 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. NOVEMBER 1951 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS — OF U. S. GOVERNMENT SECURITIES 10 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures latest shown are for October 31. See page 1379. 1378 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 Treas- Date or period c v o D a a a n u n d is c n d - - e ts s T U ot . a l S. s e B G cu o o r n v i d t e i s e rn s c m c B e a e r i t t l n e i l f s t s i , , - ot A h l e l r Total s G to o c ld k T s r o t c e u r i a u u n e n r n a r c y t g - d - y s - - M i c n t u o i o l c n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u B p e s r w e R o d y a r i s e n e v t i - d r h k t e a e s s l - b p m N e o r e o s m d n it e - s - - c O s F o e 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 c E e x ss - 2 and notes Wednesday figures: 1950—Sept. 6. 9918,942 7,284 11,658 396 19,43823,577 4,613 27,259 1,311 511 1,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,66523,576 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. 12019,353 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 19,97223,482 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 1-9-, 7—5 3- 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 15,028 619 20,16223,097 4,622 27,450 1,281 541 1,242 74516,622 16,084 538 Nov. 29. 24019,569 4,346 15,223 692 20,50123,037 4,626 27,543 1,298 564 1.218 74216,799 16,120 679 Dec. 6. 110 20,239 4,571 15,668 57320,92222,976 4,628 27,698 1,294 540 1,220 72517,049 16,100 949 Dec. 13. 69 20,529 4,820 15,709 746 344 22,926 4,628 27,759 1,294 451 1,213 71617,465 16,365 1,100 Dec. 20. 5420,227 4,533 15,6941,583 864 22,796 4,630 27,929 1,291 685 1,208 76017,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,081 720 22,795 4,631 27,916 1,295 786 1,215 76017.174 16,415 759 1951—Jan. 3. 2820,571 4,624 15,9471,281 ,87922,706 4,634 27,685 1,299 546 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 700 ,23522,546 4,635 27,415 1,308 273 74517,502 16,391 1,111 Jan. 17. 10120,798 4,747 16,0511,024 ,923 22,494 4,635 27,200 1,303 105 74318,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 790 608 22,443 4,635 27,028 1,303 256 74318,260 17,610 650 Jan. 31. 79821,484 4,965 16,519 76923,05122,392 4,638 27,048 1,297 807 73718,984 18,047 937 Feb. 7. 64321,641 5,080 16,561 97623,260 22,341 4,638 27,125 1,307 795 1,200 73619,075 18,249 826 Feb. 14. 294 21,808 5,202 16,606 ,22923,330 22,260 4,637 27,159 1,292 864 1,226 73418,952 18,211 741 Feb. 21. 196 21,854 5,320 16,5341,23323, ,207 4,637 27,164 1,277 796 1,223 73318,934 18,357 577 Feb. 28. 39721,881 5,393 16,488 909 23,188 22,086 4,640 27,188 1,293 465 1,172 72919,066 18,366 700 Mar. 7. 20722,179 5,592 16,587 840 23,22621,951 4,639 27,219 1,308 495 1,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,09323,65221,900 4,639 27,167 1,283 420 1,102 72119,498 18,456 1,042 Mar. 21. 15122,348 5,891 16,4571,10923,60721,856 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 77323,81321,806 4,640 27,138 1,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,89521,806 4,640 27,166 1,287 411 1,190 75319,533 18,546 987 Apr. 18. 11423,086 6,544 16,5421,03424,234 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 70023,789 21,807 4,641 27,122 1,296 678 1,212 75319,176 18,482 694 May 2. 264 22,716 6,570 16,146 74423,724 21,755 4,643 27,255 1,294 707 1,226 69718,942 18,486 456 May 9. 42222,544 6,618 15,926 74023,70621,755 4,643 27,315 1,298 767 1,195 69618,833 18,270 563 May 16. 54222,397 6,644 15,753 97423,91321,755 4,643 27,287 1,297 745 1,214 69519,072 18,306 766 May 23. 22,413 6,713 15,700 77223,41121,755 4,642 27,251 1,290 765 1,201 69618,606 18,315 291 May 30. 54022,293 6,719 15,574 56423,39621,755 4,642 27,461 1,294 620 1,217 69318,508 18,202 306 June 6. 22,653 6,869 15,784 76523,546 21,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 863 June 13. 22,758 6,936 15,822 846 23,78321,756 4,647 27,499 1,289 129 1,095 68619,487 18,417 1,070 June 20. 22,806 6,736 16,0701,17824,15021,755 4,648 27,479 1,285 433 1,099 77419,482 18,642 840 June 27. 22022,843 6,809 16,034 85: 23,91621,755 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. 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 17,2591,22324,60521,758 4,656 27,781 1,296 612 1,183 76619,380 18,465 915 July 25. 7823,057 5,822 17,235 92824,06321,759 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 72219,099 18,430 669 Aug. 8. 20023,118 5,822 17,296 72 24,04621,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 23,151 5,822 17,329 96 24,36021,800 4,666 27,925 1,288 495 1,113 71919,285 18,468 817 Aug. 22. 21423,084 5,822 17,262 87 24,17521,800 4,667 27,932 1,292 434 1,096 71819,172 18.517 655 Aug. 29. 27823,066 5,822 17,244 657 24,00121,800 4,668 28,034 1,291 557 999 71718,871 18,485 386 Sept. 5. 24323,079 5,822 17,257 68424,006 21,854 4,672 28,262 1,299 408 1,022 71418,825 18,406 419 Sept. 12. 32523,108 5,822 17,286 95124,384 21,853 4,673 28,216 1,294 474 1,047 71319,16 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,28924,78321,934 4,674 28,140 1,285 477 923 73019,835 18,864 971 Sept. 26. 216 23,474 5,822 17,652 98824,67722,013 4,676 28,137 1,288 816 1,024 73119,369 18,837 532 Oct. 3. 69 24,039 5,825 18,214 92 25,03022,01 4,680 28,320 1,284 397 966 753 20,004 18,843 1,161 Oct. 10. 79 24,072 5,825 18,247 87525,02522,055 4,680 28,448 1,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 69 23,848 5,325 18,5231,20025,11722,105 4,681 28,385 1,296 326 975 85120,068 ?18,869*>1,199 Oct. 24. 15223,666 5,325 18,3411,02424,84122,144 4,683 28,301 1,291 509 886 85019,833 ?19,078 P755 Oct. 31. 186 23,552 5,325 18,227 69024,42722,234 4,686 28,410 1,288 49. 818 78019,557P18,992 P565 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1379 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Treas- 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 p r o y s i d t e s - Non- O F t e h d e - r eral Date or period co D u is n - ts s G to o c ld k rency in cu c la ir - - c u a r s y h Fe w d i e t r h al b m er e m de - - Rea a n d d - c B er il t l i s fi , - ot A he ll r* Total s o ta u n t- d- tion h i o ng ld s - s R er e v - e posits se a r c v - e Total qu R ir e e - d2 c E e x ss - 8 vances Total Bonds cates, ing Banks counts and notes End of period: 1929—June 29... 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30... 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30... 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31... 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31... 163 23.350 753 22.597 581 24,093 20,529 4.562 28,952 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 1,312 821 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 Oct. . . . 116 19,252 4,180 15,072 431 19,798 23,249 4,623 27,228 1,295 569 1,315 749 16,514 15,925 589 Nov 162 19,693 4,364 15,329 783 20,638 23,037 4,627 27,595 1,287 714 1,206 738 16,763 16,118 645 Dec 67 20,778 4,620 16,158 1,371 22,216 22,706 4,636 27,741 1,293 668 1,460 714 17,681 16,509 1,172 1951—Jan. 798 21,484 4,965 16,519 769 23,051 22,392 4,638 27,048 1,297 807 1,206 737 18,984 18,047 937 Feb 397 21,881 5,393 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 May . . 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 June 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 22,013 4,681 28,288 1,285 936 1,127 727 19,391 18,822 569 Oct 186 23,552 5,325 18,227 690 24,427 P22.234 ^4,686 P28.410 Pi,288 493 818 780 19,557 P18.992 *>565 Averages of daily figures: 1950—A Se u p g t 1 9 7 6 2 1 1 8 8 , , 9 3 4 2 6 8 5 5, , 1 5 7 4 1 6 1 1 3 3, , 1 4 5 0 7 0 3 5 7 6 7 8 1 1 9 8 , , 6 87 1 6 0 2 2 3 3 , , 9 5 2 6 7 0 4 4 , , 6 6 1 0 3 9 2 27 7 , , 1 0 5 0 4 9 1 1 , , 3 3 0 0 7 3 6 7 6 4 8 9 1 1, , 2 4 3 0 5 4 7 75 4 2 0 1 1 6 6 . , 6 2 0 7 2 3 1 1 5 5 , , 8 6 3 2 7 6 6 7 4 6 7 5 Oct 67 19,365 3,968 15,397 613 20,044 23,366 4,618 27,233 1,305 590 1,367 803 16,731 15,889 842 1951—juiy 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 1,288 483 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 18,675 721 Oct 131 23,834 5,551 18,283 1,017 24,982 .22,104 4,682 28,387 1,283 451 977 802 19,868 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits * Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time S P a o v s i t n al g s S a d v e i p n o g s s i ts deposits Ef o fe f c t c iv h e a ng d e ate C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e e a p ( m n a o k l s b l s i e t ) s r Other deposits payable: banks In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 12 1941—Nov. 1 20 14 e t m i s o t a N n a y b O Q l n T is . o E h t . e — d U in M n b d a y a e n x r y i t m h th e e u i v m s e B n R o t r a e a r g t e d e u x s c l a o e t f t e i h d o a G n t t o h t v m e h e e a r m n y r o a a r x b t s e e i m u p p u n a a m d y i e d a r b r l b a e p t y r e o b v y m p i a s e a i y m o a m n b b s e e l e r m o f b b b e a y r R n k e S b s g t a u a n a l t k e a s - 1 1 9 94 4 2 8 — — O S A F e e c u p b t g . t . . . 2 2 1 3 7 0 4 2 2 2 2 2 0 2 4 b in a n w k h s ic o h r t t r h u e s t m c e o m m b p e a r n b ie a s n k o n i s l i l k o e c a d t e e p d o . sits M u a n x d im er u m th e r a la te w s s t o h f a t t h m e a S y ta b t e e J S u e n p e t. 1 1 1 6 24 16 2 7} paid by insured nonmember banks as established by the F.D.I.C., Sept. 24 26 22 »7> effective Feb. 1, 1936, are the same as those in effect for member banks. 1949— M M a a y y 5 1 24' 21 15' 2 3 7 7 June 30 20 86 MARGIN REQUIREMENTS ' J A u u ly g . 1 1 1 1 4 3 26 [Per cent of market value] Aug. 11 23^ *5 Aug. 16 12 25 Feb. 1, Mar. 30, Effec- Aug. 18 *23*" 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951—Jan. 11 23 19 Jan. 16 13 26 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect Nov. 1, 1951 4. .. 24 20 14 6 and dealers on listed securities 75 50 75 Re F g o u r l a s t h io o n r t U sa : les 75 50 75 1 Demand deposits subject to reserve requirements, which beginning For loans by banks on stocks 75 50 75 i A n u p g r . o c 2 e 3 s , s 1 o 9 f 3 c 5 o , ll h e a c v ti e o n b a e n en d d to em tal a n d d e m ba a l n a d n ce d s e p d o u s e i t f s r om m in d u o s m c e a st s i h c b it a e n m k s s (also minus war loan and series E bond accounts during the period * 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. s Requirement specified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between 4 Present legal minimum and maximum requirements on net demand the market value (100 per cent) 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. 1380 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 c d e o l 1 i u g 3 n i a b ts ) l 1 e o p f 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 u a 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 Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan. 14,1948 New York Aug. 21,1950 Aug. 21,1950 *Oct. 30,1942 Philadelphia... Aug. 25,1950 Aug. 25,1950 Aug. 23,1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25,1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct. 28,1942 Atlanta Aug. 24,1950 Aug. 24,1950 Aug. 24,1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug. 13,1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12,1948 Minneapolis. . . Aug. 22,1950 Aug. 22,1950 Aug. 23,1948 Kansas City. .. Aug. 25,1950 Aug. 25,1950 Jan. 19,1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14,1948 San Francisco.. Aug. 24,1950 Aug. 24,1950 2 Oct. 28,1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R O a c t t e . 3 o 1 n 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 October 31. Per cent per annum] 1- 90 days Aug. 21, 1950 91-120 days 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 On On commit- Portion commitloans 1 ments for which Re- ments FEES AND RATES ESTABLISHED UNDER REGULATION V institu- maining ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect October 31] Boston 2^-5 Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia Cleveland Richmond Guarantee fee Percentage of Atlanta Percentage of (percentage of any commitment Chicago loan guaranteed interest payable fee charged St. Louis 3 -5 1M-2 by borrower) borrower Minneapolis.... 2^-5 (2) Kansas City 23^-5 Dallas 70 or less 10 10 San Francisco... 75 15 15 80 20 20 9 8 0 5 . .. 2 30 5 3 2 0 5 s 1 R In a c t l e u d c i h n a g r g l e o d a n b s o m rro a w de e r i n l e p ss a r c ti o c m ip m at i i t o m n e n w t it r h a t f e i . nancing institutions. 95 35 35 » Rate charged borrower. Over 95 40-50 40-50 * Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of % Per cent is made on undisbursed portion of loan. Maximum Rates Financing Institutions May Charge Borrowers Back figures.—See Banking and Monetary Statistics, Table 118, [Per cent per annum] pp. 446-447. Interest rate Commitment rate. 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as amended, and Executive Order 10161 1- to 4-family units and farm residences Multi-unit Nonresidential Value per family unit residences properties ] Regulation X and FHA VA (Reg. X and FHA) (Regulation X) Maximum loan per family unit2 Maximum loan (in per cent of value unless otherwise specified) per property Not more than $7,000. . . 90 96 per cent of price 83 $7,001-$10,000 85 94 per cent of price $10,001-$12,000 80 92 per cent of price $5,810 plus 53 per cent of excess over $7,000 $12,OO1-$15,OOO.... o $ f 9 , e 6 x 0 c 0 e s p s l u o s v e 4 r 0 $ p 1 e 2 r ,0 c 0 e 0 nt $ o f 1 1 p , r 0 i 4 c 0 e p o l v u e s r 1 $ 7 1 p 2 e ,0 r 0 c 0 ent (83-67) (80-72) (92-77 per cent of price) $15,OO1-$2O,OOO.... $10,800 plus 20 per cent $11,550 plus 25 percent •50 per cent of value of excess (7 o 2 v -5 er 9 ) $15,000 o (7 f 7 p -6 ri 4 c e p e o r v c e e r n t $ o 1 f 5 , p 0 r 0 ic 0 e) ( o $ f 1 0 e , x 0 c 5 e 0 s s p l o u v s e 2 r 0 $ p 1 e 5 r , 0 c 0 e 0 nt (67-50) $2O,OO1-$23,5OO... $11,800 plus 10 per cent $12,800 plus 15 per cent of excess over $20,000 of price over $20,000 (59-50) (64-55 per cent of price) $23,501-$24,500... 50 Over $24,500. . 50 55 per cent of price Maximum maturity (years) O N v o e t r m $ o 1 r 2 e , 0 t 0 h 0 an $12,000. ... 2 2 0 5 3 3 2 2 0 5 \ None specified } Amortization requirements Minimum annual reduction of 5 per cent of original loan until amount outstanding is 50 per cent None specified under Liquidation of loan by or less of property value at time the loan was Regulation X; periodic maturity through sub- All values... made or liquidation of loan by maturity through payments satisfactory stantially equal periodic substantially e qual periodic payments or pay- to Commissioner on payments or payments ments of principal FHA loans of principal Effective date September 1, 1951 4 September 1, 1951 * January 12, 1951 February 15, 1951 1 Properties generally described as commercial and recreational. 2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value. 3 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity on a loan may be 30 years. 4 For terms effective before Sept. 1, 1951, see BULLETIN for October 1950, p. 1321, and January 1951, pp. 31-32. NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspended or relaxed as provided by the Defense Housing and the Community Facilities and Services Act of 1951 and as prescribed by the Administrator. For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve Banks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices. MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES UNDER REGULATION W Prescribed by Board of Governors of the Federal Reserve System under authority of the Defense Production Act of 1950, approved September 8, 1950, and as amended July 31, 1951 Minimum down payment J Maximum maturity (per cent) (months) Listed articles and loans Oc S t e . p 1 t. 5 , 1 1 8 9 - 50 O Ju c l t y . 1 3 6 0 , , 1 1 9 9 5 5 0 1 - July 31, 1951 Oc S t. e p 1 t. 5 , 1 1 8 9 - 50 O Ju c l t y . 1 3 6 0 , , 1 1 9 9 5 5 0 1 - July 31, 1951 Listed articles: P M a a s j s o e r n g a e p r p l a i u a t n o c m es o 2 biles 3 1 3 5 % 3 2 3 5 M 3 1 3 5 ys 2 1 1 8 1 1 5 5 1 1 8 8 Furniture and floor coverings 10 15 15 18 15 18 Home improvement materials, articles, and services 3 10 10 10 30 30 36 Loans: To purchase listed articles (4) (4) (4) (4) (4) (4) Unclassified . 18 15 18 1 For automobiles, payable in cash, trade-in, or both; for other listed articles, payable in cash from Sept. 18, 1950, to July 30, 1951, and in cash, trade-in, or both from July 31, 1951. Exempted from down payment requirements: Sept. 18-Oct. 15, 1950, listed articles costing less than $100; beginning Oct. 16, 1950, those costing less than $50. 2 Includes radio or television receiving sets, phonographs, refrigerators, food freezers, cooking stoves, ranges, dishwashers, ironers, washing machines, clothes driers, sewing machines, suction cleaners, room-unit air conditioners, and dehumidifiers. 3 Includes heating, plumbing, and other household fixtures. 4 Requirements same as on instalment sales of respective articles. 1382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1951 1951 1950 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Oct. Sept. Oct. Assets Gold certificates 20,110,680 20,148,68120,196,682 20,245,68120,335,68120,335,68120,100,679 1,510,430 Redemption fund for F. R. notes. 670,907 669,743 669,772 668,290 668,256 668,256 674,005 534,417 Total gold certificate reserves. . . 20,781,58720,818,42420,866,454 20 913,97121,003,93721,003,93720,774,684 22,044,847 Other cash 310,047 292,247 303,155 317,706 313,677 313,677 322,075 236,259 Discounts and advances: For member banks 68,722 79,091 69,363 141,877 175,575 175,575 190,272 115,884 For nonmember banks, etc.. 10,000 10,000 10,000 Industrial loans 5,188 4,950 4,658 4,549 4,392 4,392 5,004 2,228 U. S. Government securities: Bills 892,072 800,030 606,195 424,295 310,445 310,445 1,057,772 762,664 Certificates: Special Other 5,111,525 5,110,498 12,848,308 12,848,308 12,848,308 12,848,308 4,944,225 69,950 Notes 12,210,065 12,335,883 5,068,073 5,068,073 5,068,073 5,068,073 11,910,165 14,239,218 Bonds 5,825,227 5,825,227 5,325,227 5,325,227 5,325,227 5,325,227 5,822,102 4,179,675 Total U. S. Government securities. 24,038,889 24,071,638 23,847,803 23,665,903 23,552,053 23,552,053 23,734,26419,251,507 Total loans and securities 24,112,799 24,155,679 23,921,824 23,822,329 23 ,742 ,020 23,742,02023,929,540 19,369,619 Due from foreign banks 38 38 33 33 33 33 38 24 F. R. notes of other banks. 155,161 144,009 160,189 172,453 164,207 164,207 172,999 142,610 Uncollected cash items 3,418,667 3,323,467 4,635,699 3,693,498 3,354,872 3,354,872 3,662,990 2,897,424 Bank premises 42,501 42,724 42,796 42,964 42,899 42,899 42,339 36,831 Other assets 186,929 196,452 101,136 109,316 118,576 118,576 211,315 98,397 Total assets. . 49,007,729 48,973,04050,031,286 49,072,270 48,740,221 48,740,221 49,115,980 44,826,011 Liabilities Federal Reserve notes 24,155,945 24,253,61324,225,68424,168,708 24,260,606 24,260,606 24,147,79123,074,712 Deposits: Member bank—reserve accounts 20,003,66219,938,978 20,068,45719,832,55919,556,99119,556,99119,390,62416,514,044 U. S. Treasurer—general account. . . . 397,179 334,505 325,640 509,294 492,712 492,712 935,775 568,858 Foreign 725,138 767,448 705,435 654,648 556,277 556,277 701,534 007,934 Other 241,189 235,179 270,017 230,778 262,353 262,353 424,997 306,896 Total deposits. 21,367,168 21,276,110 21,369,54921,227,279 20,868,333 20,868,33321,452,930 18,397,732 Deferred availability cash items 2,501,930 2,453,836 3,440,676 2,674,463 2,669,543 2,669,543 2,534,413 ,468,815 Other liabilities and accrued dividends 16,470 17,178 16,770 15,901 16,066 16,066 17,277 9,005 Total liabilities. 48,041,513 48,000,73749,052,679 48,086,35147,814,548 47,814,548 48,152,411 43,950,264 Capital Accounts Capital paid in 233,528 233,640 233,762 234,369 234,990 234,990 233,321 221,458 Surplus (section 7) 510,022 510,022 510,022 510,022 510,022 510,022 510,022 488,173 Surplus (section 13) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 195,123 201,098 207,280 213,985 153,118 153,118 192,683 138,573 Total liabilities and capital accounts 49,007,729 48,973,04050,031,286 49,072,270 48,740,221 48,740,221 49,115,980 44,826,011 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 45.7 45.8 46.1 53.2 Contingent liability on acceptances purchased for foreign correspondents 21,020 22,145 20,102 18,376 16,705 16,705 22,113 23,898 Industrial loan commitments 6,871 6,858 7,053 7,166 7,152 7,152 6,477 3,035 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total ,091 69,363 151,877 185,575 185,575 190,272 115,884 Within 15 days ,393 61,216 129,157 157,608 157,608 181,723 112,149 16 days to 90 days ,698 8,057 22,216 27,464 27,464 8,549 3,735 91 days to 1 year 90 504 503 503 Industrial loans—total ,188 ^950 4,658 4,549 4,392 4,392 5,004 2,228 Within 15 days 548 417 586 592 492 492 453 97 16 days to 90 days 1,960 843 662 605 949 949 410 278 91 days to 1 year 2,395 2,520 2,275 2,156 1,750 1,750 3,340 807 Over 1 year to 5 years 285 1,170 1,135 1,196 1,201 1,201 801 1,046 U. S. Government securities—total 24,038 889 24,071,63823,847,80323,665,90323,552,05323,552,05323,734,26419,251,507 Within 15 days 4,696 4,701,455 119,620 135,820 129,475 129,475 730,085 103,492 16 to 90 days 3,837 3,866,385 486,575 288,475 180,970 180,970 687,279 729,122 91 days to 1 year 6,481 6,480,02314,217,83314,217,83314,217,833 ,217,833 296,250 ,166,948 Over 1 year to 5 years 4,896 4,896,456 ,396,456 396,456 396,456 ,396,456 896,456 ,222,745 Over 5 years to 10 years 1,013 1,013,614 ,013,614 013,614 013,614 ,013,614 013,614 7,200 Over 10 years 3,113 3,113,705 ,613,705 613,705 613,705 ,613,705 110,580 ,022,000 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding 25,058,86425,064,755 25,121,15525,146,02425,149,27825,149,278 25,096,41523,878,443 Collateral held against notes outstanding: Gold certificates 12,349,00012,349,000 12,449,00012,449,00012,474,00012,474,00012,349,00013,929,000 Eligible paper.... 55,314 28,536 30,398 81,117 136,396 136,396 161,089 96,404 U. S. Government securities 13,285,00013,285,000 13,335,00013,335,00013,385,00013,385,00013,260,00010,800,000 Total collateral 25,689,31425,662,536 25,814,39825,865,11725,995,39625,995,396 25,770,089 24,825,404 1 Callable U. S. Government securities classified according to nearest call date. NOVEMBER 1951 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1951 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates. 20,335,681 612,489 6,582,0991,127,5721,469,360 969,660 894,4964,175,967 569,290 322,604 715,944 520,2252,375,975 Redemption fund for F. R. notes. 668,256 58,749 61,607 53,976 74,623 65,241 46,935 109,000 46,637 24,147 35,474 27,914 63,953 Total gold certificate reserves.. 21,003,937 671,238 6,643,7061,181,5481,543,9831,034,901 941,4314,284,967 615,927 346,751 751,418 548,1392,439,928 Other cash 313,677 22,154 67,646 17,187 19,498 18,119 24,194 57,614 15,378 8,498 11,682 16,997 34,710 Discounts and advances: Secured by U. S. Govt. securities. . . 174,736 8,915 21,605 5,985 1,950 12,900 1,525 30,220 6,880 1,625 17,131 2,000 64,000 Other 10,839 671 3,070 790 1,200 500 509 1,380 370 400 649 370 930 Industrial loans 4 392 23 3,588 13 100 429 140 51 48 U. S. Govt. securities 23.552,053 1,669,508 5,267,6411,481,8952,199,997 1,566,0471,270,8453,514,0041,284,034 747,684 1,108,92 51,127,0132,314,46 Total loans and securities.... 23,742,020 1,679,094 5,292,3391,492,2582,203,160 1,579,5471,273,3083,545,6041,291,284 749,849 1,126,7051,129,4342,379,438 Due from foreign banks 33 2 UO 3 3 2 1 5 1 1 1 1 3 F. R. notes of other Banks. 164,207 6,734 23,464 7,281 8,855 35,130 10,414 18,885 7,854 10,952 6,835 9,530 18,273 Uncollected cash items 3,354,872 262,809 619,432 205,902 312,928 282,006 202,719 548,041 159,777 113,095 210,501 142,422 295.240 Bank premises... 42,899 1,027 7,670 2,865 4,675 4,022 2,642 6,238 3,306 1,088 2,480 654 6,232 Other assets 118,576 9,056 25,837 7,439 11,649 7,768 6,559 17,540 6,110 3,616 5,623 5,448 11,931 Total assets 48,740,2212,652,114 12,680,1042,914,4834,104,7512,961,4952,461,2688,478,8942,099,637 1,233,8502,115,245 1,852,6255,185,755 Liabilities F. R. notes 24,260,606 1,457,841 5,323,902 1,695,3092,192,810 1,753,3691,343,6774,650,754 1,130,792 620,058 950,441 683,8232,457,830 Deposits: Member bk.— reserve accts. 19,556,991 818,256 6,177,125 909,0211,485,798 850,915 858,0323,112,350 725,917 457,519 912,090 959,2672,290,701 U. S. Treas.— gen. acct.. . . 492,712 41,854 88,248 30,308 37,585 46,604 29,127 65,450 43,826 30,000 31,554 22,883 25,273 Foreign 556,277 34,100 2 175,112 43,450 51,150 27,500 23,100 75,900 20,350 13,750 20,350 20,350 51,165 Other 262,353 3,900 195,625 1,837 5,198 2,439 1,778 1,537 9,666 1,525 311 1,214 37,323 Total deposits.. . 20,868,333 898,110 6,636,110 984,616 1,579,731 927,458 912,0373,255,237 799,759 502,794 964,305 1,003,7142,404,462 Deferred avail, cash items.... 2,669,543 235,620 447,504 161,807 244,727 230,666 163,284 442,632 130,796 85,274 163,137 128,001 236,095 Other liab. and accrued div.... 16,066 1,226 3,857 1,020 1,906 819 730 2,507 751 536 678 624 1,412 Total liabilities. . 47,814,5482,592,797 12,411,3732,842,7524,019,1742,912,3122,419,7288,351,1302,062,098 1,208,6622,078,561 1,816,1625,099,799 Capital Accts. Capital paid in. . 234,990 13,248 75,060 16,686 22,367 10,309 9,642 29,808 8,272 5,303 8,809 10,637 24,849 Surplus (Sec. 7).. 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 Surplus (Sec. 13b) 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.. 153,118 10,812 33,062 10,846 14,190 10,358 8,767 21,182 8,451 5,644 7,691 7,667 14,448 Total liabilities and cap. accts.. 48,740,2212,652,114 12,680,1042,914,4834,104,7512,961,4952,461,2688,478,8942,099,637 1,233,8502,115,245 1,852,6255,185,755 Reserve ratio.... 46.5% 28.5% 55.5% 44.1% 40.9% 38.6% 41.7% 54.2% 31.9% 30.9% 39.2% 32.5% 50.2% Cont. liab. on accept, purch.— foreign corresp. 16,705 1,046 3 5,012 1,333 1,569 844 709 2,329 624 422 624 624 1,569 Industrial loan commitments.. 7,152 1,670 1,404 67 2,502 845 664 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding(issued to Bank) 25,149,278 1,506,216 5,573,9781,763,9342,277,511 1,795,1671,397,2924,731,078 1,174,267 630,178 979,178 724,1332,596,346 Collateral held: Gold certificates12,474,000 350,000 4,470,000 700,000 815,000 550,000 510,000 2,590,000 260,000 150,000 280,000 199,0001,600,000 Eligible paper. . 136,396 8,966 18,630 5,985 12,900 6,880 1,625 17,410 64,000 U. S. Govt. sec. 13,385,000 1,200,000 1,200,0001,100,000i,'500,6661,275,000 950,000 2,200,000 975,000 490,000 750,000 545,0001,200,000 Total collateral. . 25,995,396 1,558,966 5,688,6301,805,9852,315,000 1,837,9001,460,000 4.790.0001,241,880 641,6251,047,410 744,000 2,864,000 2 1 A A f f t t e e r r d d e e d d u u c c t t i i n n g g $ $ 3 2 8 3 1 ,0 ,1 0 5 0 0 p ,0 a 0 r 0 ti c p ip ar a t t i i c o i n p s a t o io f n o s t h o e f r o F th ed er e r F al e d R e e r s a e l r R ve e s B er a v n e k s B ; anks/ 3 After deducting $11,693,000 participations of other Federal Reserve Banks. 1384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND 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 t n o i a c n n i s - c- EXECUTIVE ORDER NO. 10161 Wednesday to but not out- ments ing insti- [Amounts in thousands of dollars] or last day com- standing2 out- tutions of period) pleted i (amount) standing out- N b u e m r - Amount (amount) (amount) s (a ta m n o d u in n g t) 1 Gua a r u a t n h t o e r e i d z ed loans Gua lo ra a n n t s eed A a d m di o ti u o n n t al to date outstanding available to 1944 3,489 525,532 1,295 3,894 4,165 2,705 Date u b n o d r e r r o w g e u r a s r- 1 1 1 9 9 9 4 4 4 5 7 6 . . 3 3 3 , , , 5 5 5 1 4 7 1 2 4 5 5 5 4 8 6 4 6 5 , , , 9 7 9 6 2 1 1 6 3 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 4 3 4 3 0 4 4 9 2 4 1 , , ,0 8 6 8 6 7 6 9 0 N b u e m r - Amount a T m o o t u a n l t g P u t o e a r e t r d i a o n n - a o n u t t e m s e t e a n n ag t d s r i e n e g - 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 Sept. 30... 3,690 646,276 8,030 2,293 2,509 3,224 Nov. 30... 23 13,585 2,340 2,232 3,335 Oct. 31... 3,692 647,432 5,108 2,307 3,035 3,707 Dec. 31... 62 31,326 8,017 6,265 8,299 Nov. 30. .. 3,695 649,748 5,519 2,413 3,466 4,050 Dec. 30... 3,698 651,389 4,819 2,632 3,754 3,745 1951 1951 J F a e n b . . 3 2 1 8 . . . . . . 1 1 1 6 9 1 1 1 0 2 9 2 , , 4 54 3 1 3 2 4 3 4 , , 7 2 7 5 8 0 3 1 6 9 , , 5 8 3 3 7 7 3 1 3 3 , , 8 7 4 4 0 8 Jan. 31. .. 3,707 654,199 1,862 3,520 3,325 5,402 Mar. 31... 254 300,955 68,833 56,973 47,822 Feb. 28. .. 3,706 655,702 1,523 3,681 2,937 5,358 Apr. 30... 328 421,267 126,080 106,053 185,001 Mar. 31. .. 3,710 660,525 3,980 3,988 2,824 5,262 May 31... 402 514,626 183,610 151,858 205,629 Apr. 30. .. 3,717 664,473 4,925 4,845 2,595 5,331 June 30... 484 654,893 252,100 209,465 276,702 May 31... 3,721 667,988 3,578 5,255 3,643 5,999 July 31... 568 828,584 325,299 267,715 349,905 June 30... 3,724 671,432 3,221 5,762 3,740 6,199 Aug. 31... 658 1,052,337 405,043 332,618 384,852 July 31... 3,727 678,477 6,730 5,801 3,767 6,115 Sept. 30... 729 1,154,942 492,167 400,652 450,013 Aug. 31... 3,731 691,536 12,197 5,750 6,050 7,860 Sept. 30... 3,732 695,178 4,394 5,062 6,478 11,420 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2 Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. ' 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. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve m A em ll - city banks s R er e v - e Coun- m A em ll - city banks s R er e v - e Counba b n e k r s New Chi- b c a i n ty ks ba tr n y ks ba b n er ks New Chi- b c a i n ty ks ba tr n y ks York cago York cago First half of September 1951 Second half of September 1951 Gross demand deposits: Total 99,785 ?.\,857 5,675 38,355 33,897 101,774 22,671 5,876 39,052 34,176 Interbank 11,799 3,797 1,173 5,800 1,029 11,940 3,884 1,178 5,827 1,051 Other 87,986 18,060 4,502 32,555 32,868 89,835 18,787 4,698 33,225 33,124 Net demand deposits 2 87,043 20,100 5,115 33,065 28,764 88,588 20,787 '5,266 33,465 29,071 Time deposits 3 30,320 1,903 1,113 12,002 15,302 30,402 1,926 1,109 12,049 15,317 Demand balances due from domestic banks.. 5,992 36 111 1,812 4,034 6,054 41 121 1,894 3,997 Reserves with Federal Reserve Banks: Total 19,251 4,930 1,294 7,500 5,527 19,541 5,127 1,321 7,551 5,541 Required 18,511 4,938 1,294 7,333 4,945 18,840 5,104 1,330 7,416 4,989 Excess 741 -8 167 582 701 23 -9 135 552 Borrowings at Federal Reserve Banks 441 89 13 271 69 234 43 156 34 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 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOVEMBER 1951 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS POSTAL SAVINGS SYSTEM [Averages of daily figures. In millions of dollars] [In millions of dollars] Central reserve All city banks Re- Coun- Assets T w o e t e a k l e re n M s d e i o n r n g v t e h W s , o e h r d e n l e d s : day b m a b n e e k m r s - l Y N o e r w k c C a h g i o - b s c e a i r n t v y k e s ba tr n y ks * End of month D a i n b t e c o p a 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 .» h v s, e 1950—September 16,602 4,507 1,158 6,363 4,573 1951—August 19,174 4,925 1,297 7,479 5,473 September 19,396 5,029 1,307 7,526 5,534 1943—December 1,788 1,843 10 1,716 118 1944—December 2,342 2,411 8 2,252 152 Sept. 19 19,634 5,094 1,317 7,572 5,651 1945—December 2,933 3,022 6 2,837 179 Sept. 26 19,519 5,098 1,332 7,555 5,535 1946—December 3,284 3,387 6 3,182 200 Oct. 4 19,587 5,161 1,331 7,590 5,505 1947—December.... 3,417 3,525 6 3,308 212 Oct. 10 19,982 5,271 1,341 7,710 5,661 1948—December 3,330 3,449 7 3,244 198 Oct. 17 19,835 5,148 1,321 7,715 5,652 1949—December 3,188 3,312 7 3,118 187 Oct. 24 20,065 5,310 1,320 7,738 5,698 Excess reserves: 1950—May 3,125 3,250 8 3,068 175 1950—September 765 55 -2 132 579 June 3.097 3,218 10 3,038 171 1951—August 704 5 148 550 July 3,061 3,181 9 3,027 145 September 721 8 -5 151 567 S A e u p g t u e s m t ber. . . 3 2 . , 0 9 2 9 1 1 3 3 , , 1 1 1 4 1 1 1 1 0 0 2 2 , ,9 9 6 2 2 3 1 1 7 6 7 9 Sept. 19 850 25 -3 162 666 October 2,967 3,088 10 2,903 175 Sept. 26 669 -8 -3 135 545 November. . . 2,947 3,069 10 2,888 171 Oct. 4 757 48 2 181 526 December 2,924 3,045 11 2,868 166 Oct. 10 1,115 170 21 271 653 Borrowin O O g c c s t t . . at 2 1 4 F 7 ederal P1 P ,0 9 8 7 0 4 1 7 7 5 6 2 2 2 2 4 2 9 0 P P 6 6 8 4 2 8 1951— F M Ja e a n b r u r c u a h a ry ry 2 2 2, , , 8 8 9 5 7 0 2 7 1 3 2 2 , , , 0 9 9 2 7 9 2 4 8 1 1 1 1 1 1 2 2 2 , , , 8 8 7 3 5 9 5 8 3 1 1 15 6 5 2 9 3 Reserve Banks: April 2,831 2,954 17 2,765 172 1950—September 96 14 3 58 22 May 2,808 2,933 21 2,748 164 1951—August 292 84 6 152 50 June 2,788 2,909 23 2,722 165 September 338 66 213 51 July 2,772 2,893 22 2,704 166 7 August P2.754 Sept. 19 328 90 187 48 September... . P2,735 Sept. 26 195 1 3 160 34 O O c c t t . . 1 4 0 19 7 0 0 43 i' 1 4 1 3 6 3 2 0 5 Oct. 17 76 2 42 34 Oct. 24 121 102 19 and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late post- P Preliminary. masters. 1 Weekly figures of excess reserves of all member banks and of Back figures.—See Banking and Monetary Statistics, p. 519; for country banks are estimates. Weekly figures of borrowings of all mem- description, see p. 508 in the same publication. ber 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. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debitf 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 City' cities 2 City * cities * 1945 ... . 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s e se ri r e ie s s » 3 Jl,050,021 417,475 527,336 105,210 18.9 10.0 ( 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 5 . . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1950—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 July 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 September 121,201 41,145 66,359 13,697 26.0 14.4 41,688 66,941 31.7 21.8 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. 1386 FEDERAL RESERVE BULLETIN 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 a End of year or in cir- Unasmonth cula- sorted tion1 Total Coin «$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 ,342 ,360 364 618 125 237 8 10 1934... 5,536 4,292 452 423 32 771 1,288 ,326 ,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 ,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,501 ,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 ,475 ,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 ,481 ,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 ,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 ,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 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 ,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 ,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 ,029 67 2,173 6,497 9,310 8,518 ,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 ,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 ,049 64 2,047 6,060 8,846 8,698 ,494 5,074 400 707 5 17 3 1949 27.600 19,025 1,484 ,066 62 2,004 5.897 8.512 8,578 ,435 5,056 382 689 4 11 3 1950—July 27,010 18,696 1,498 ,029 60 1,946 5,836 8,328 8,316 ,374 4,934 375 620 4 9 2 August 27,120 18,795 1,506 ,037 61 1,955 5,881 8,355 8,328 ,374 4,950 372 617 4 9 2 September... 27,161 18,834 1,515 ,054 61 1,964 5,884 8,357 8,329 ,369 4,964 370 613 4 9 2 October 27,228 18,901 1,527 ,072 61 1,978 5,874 8,388 8,329 ,368 4,987 367 595 4 9 2 November... 27,595 19,252 1,547 ,089 62 2,021 6,021 8,511 8,345 ,384 4,994 365 589 4 9 2 December. . . 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 ,422 5,043 368 588 4 12 2 1951—January 27,048 18,694 1,530 ,056 61 1,943 5,791 8,313 8,356 ,393 5,002 366 583 4 9 3 February 27,188 18,861 1,535 ,057 61 1,959 5,880 8,369 8,329 ,385 4,986 365 581 4 9 2 March 27,119 18,845 1,542 ,059 61 1,953 5,881 8,348 8,275 ,369 4,955 362 576 4 8 1 April 27,278 19,023 1,551 ,073 62 1,973 5,943 8,422 8,257 ,371 4,941 360 573 4 1 May 27,519 19,260 1,568 ,087 63 1,995 6,024 8,523 8,259 ,382 4,938 357 570 4 1 June 27,809 19,521 1,578 ,092 64 2,011 6,113 8,663 8,289 ,405 4,947 356 570 4 2 July 27,851 19,560 1,590 ,092 64 2,008 6,088 8,718 8,292 ,409 4,952 354 565 4 2 August 28,155 19,813 1,602 ,103 64 2,031 6,176 8,837 8,344 ,428 4,989 353 562 4 2 September... 28,288 19,896 1,616 1,124 64 2,038 6,181 8,874 8,393 ,437 ,034 353 557 4 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Bank?. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation i Money Total out- held by standing, As security For Federal Se 1 p 9 t. 5 1 30, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Se 1 p 9 t. 5 1 30, Au 1 g 9 . 5 1 31, Se 1 p 9 t. 5 0 30, certificates agents Gold 22,013 20,813 2 1,200 Gold certificates 20 813 17,959 2,816 39 39 40 Federal Reserve notes 25,096 51 1,122 23,924 23,817 22,801 Treasury currency—total 4,681 *2,344 34 322 4,325 4,299 4,320 Standard silver dollars 492 276 29 3 185 183 173 2 068 2 068 Silver certificates and Treasury notes of 1890. 3 2,344 271 2,073 2,058 2,137 Subsidiary silver coin 1 060 2 14 1,044 1,035 975 Minor coin 393 1 5 387 384 367 United States notes 347 2 25 319 320 318 Federal Reserve Bank notes 240 (5) 3 237 239 265 National Bank notes 81 (5) 1 80 80 85 Total—Sept. 30, 1951 (4) 23,157 1,285 17,959 4,259 28,288 Aug. 31, 1951 (4) 22,984 1,287 17,796 4,226 28,155 Sept. 30, 1950 (4) 24,571 1,322 19,419 3,925 27,161 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 and totals by weeks in the table on p. 1379. 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. * 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. 8 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. NOVEMBER 1951 1387 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, Total Date Treas- U. S.Government obligations liabil- 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 r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a p n n i e d t t al, c d u e a r p r n o e d s n i c ts y co m a n u c i n e - s t t c s . , 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 42,148 957 10 328 8,199 1,998 131 9,863 48 465 42,029 6 436 1939—Dec 30 .... 17 644 2,963 54,564 22 157 105 19,417 2,484 1,204 9,302 75, 171 68,359 6 812 1941—Dec 31 737 3,247 64,653 ?6 605 ?9 049 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 10979 1946—Dec 31 ?0 529 4,562 158,366 765 in 110 86,558 23,350 3,202 9,491 457 171,657 11 800 1947—June 30 266 4,552 156,297 38 373 107 873 82,679 21,872 3,322 10,051 18?, 115 169,234 1? 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 194g—June 30 532 4,565 157,958 45 299 101 451 76,774 21,366 3,311 11,208 186, 055 172,857 n 200 Dec. 31 ?4 244 4,589 160,457 48 341 100 694 74,097 23,333 3,264 11,422 189, 290 176,121 n 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 ?4 427 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 Oct. 25 ?3 300 4,600 167,700 57 500 95 800 73,600 19,200 2,900 14,400 195, 600 180,100 15 500 Nov.29 ?3 000 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. 31 400 4,600 170,500 60 600 95 ?00 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 6? 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 6? 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 6? 900 500 68,400 22,300 2,800 14,900 197 700 182,900 14 800 June 30 21 756 4,655 173,447 6S 821 94 450 68,726 22,982 2,742 15,176 199 858 185,038 14 820 July 25P 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. 29P 800 4,700 174,300 64 000 95 000 69,200 23,100 2,700 15,300 700 185,200 500 Sept. 22 000 4,700 176,400 65 000 95 900 69,700 23,500 2,700 15,400 203, 000 187,300 15 700 Deposits and Currency U. S. Government balances Deposits adjusted and currency E>ate Tota d F e b o p n r a o e e n s i t k g it n s, T c u r a e r s a y h s- A s m b a t 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 d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a i o r n m m c k i e s a - l (le M s p b a o a v u s n i t i n k t u s g s a 4 * s l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55 776 365 204 381 36 54,790 22,540 28,611 19,557 8 905 149 639 1933—June 30 42 029 50 264 852 35 40,828 14,411 21,656 10,849 9 621 1,186 4 761 1939—Dec. 30 68 359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10 523 1,278 6 401 1941—Dec. 31 82 811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9 615 1945—Dec. 31 180 806 2,141 2,287 ?4,608 977 150,793 75,851 48.452 30,135 15 385 2,932 ?6 490 1946—Dec. 31 171 657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16 869 3,283 26 730 1947—June 30 160 234 1,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17 428 3,392 ?6 299 Dec 31 . 175 348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 476 1948—June 30 17? 857 1,727 1,327 ,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 ?5 638 Dec. 31 176 121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18 387 3,329 079 1949—June 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31 177,313 2,150 1,312 ,249 821 169,781 85,750 58,616 36,146 19,273 3,197 ?5,415 1950—June 30 178,568 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25 185 Oct. 25 180,100 2,500 1,300 ,100 400 172,800 89,200 59,000 36,200 19,900 3,000 600 Nov. 29 181,000 2,300 1,300 3,000 600 173,900 90,300 58,700 35,900 19,800 2,900 ?4 900 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 ,600 2,400 1,300 4,200 500 174,200 90,600 59,000 36,100 ,000 2,900 ?4,600 Mar. 28 183,700 2,400 1,300 6,400 1,100 172,500 89,000 59,100 36,200 ?0,100 2,800 ?4,400 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 ?0,382 2,785 ,776 July 25P 184,500 2,400 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 25,100 Aug. 29P .. 185,200 2,300 1,300 4,100 600 177,000 91,400 60,300 37,100 20,500 2,800 25,300 Sept.26P 187,300 2,200 1,300 5,100 800 177,900 92,000 60,500 37,200 20,600 2,700 25,400 p Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets l Total 1 b In an te k r - 1 a c c a c p o i u ta n l ts ba o n f ks De- Total ment secu- mand 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« 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—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 25? 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 Sept. 26? 150,550 65,380 85,170 69,730 15,440 38,980 174,480 12,810 103,670 58,000 14,410 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 * 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. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—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 25? 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 Sept. 26? 128,550 55,960 72,590 59,690 12,900 38,170 153,870 12,810 103,650 37,410 12,090 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 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—June 30 102.745 37,658 65,087 55,759 9,328 29,380 122,707 10,850 82,232 29,625 9,523 6,885 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—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 June 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 25P 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. 29P 107,276 47,169 60,107 49,492 10,615 32,076 128,523 11,578 87,045 29,900 10,067 6,852 Sept. 26? 108,559 47,875 60,684 49,940 10,744 33,763 131,452 12,153 89,312 29,987 10,084 6,848 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10 682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 * 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—June 30 21,192 7,203 13,989 11,569 2 420 831 19,943 20 19,923 2 189 530 Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,010 2,247 529 1951—Apr. 25 21,490 8,690 12,800 10,380 2,420 850 20,170 20 20,150 2,270 530 May 30 21,620 8,880 12,740 10,300 2,440 800 20,240 20 20,220 2,280 530 Tune 30 21,697 9,020 12,677 10,205 2,472 851 20,404 1 20 20,383 2,285 529 July 25P 21,800 9,160 12,640 10,130 2,510 820 20,460 1 20 20,440 2,290 529 Aug. 29P 21,920 9,310 12,610 10,090 2,520 790 20,530 1 20 20,510 2,300 529 Sept. 26P 22,000 9,420 12,580 10,040 2,540 810 20,610 1 20 20,590 2,320 529 p Preliminary. • "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 1389 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s ts h l Total » b In a t n e k r ^ - 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 o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 194g—Dec 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 Dec. 30 20,612 9,729 10,883 8,993 1,890 7.922 25,646 4,638 19,287 1,722 2,351 23 1951—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 July 25P 20.001 10,089 9,912 7.918 1,994 6.816 23.695 4,157 17,940 1,598 2,396 22 Aug. 29P 20,048 10,179 9,869 7,877 1,992 6,682 23,482 3,975 17,899 1,608 2,407 22 Sept. 26P ... 20,475 10,468 10,007 7,974 2,033 7,128 24,420 4,154 18,641 1,625 2,399 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 ,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 ,489 7,046 1,312 5,015 719 377 12 1946—Dec 31 4,765 1,499 3,266 2,912 355 ,545 5,905 1,153 3,922 829 404 14 1947—Dec 31 5,088 1,801 3,287 2,890 397 ,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 ,932 6,293 1,064 4,227 1,001 444 13 1949—Dec 31 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 ,640 6,419 1,014 4,305 1,099 481 13 Dec. 30 5,569 2,083 3,487 2,911 576 -.034 7,109 1,228 4,778 1,103 490 13 1951—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 L .913 6,706 1,038 4,573 1,095 495 13 June 30 .... 5,520 2,215 3,305 2,742 564 1,898 6,921 1.040 4,756 1,126 501 13 July 25P 5.422 2,235 3,187 2,648 539 1,906 6.788 1,151 4,527 1,110 497 13 Aug. 29* 5,427 2,280 3,147 2,610 537 1,906 6,783 1,120 4,549 1,114 502 13 Sept. 26P 5,539 2,397 3,142 2,611 531 1,962 6,982 1,170 4.703 1.109 504 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 1.616 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—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 July 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. 29? 40,796 18,792 22,004 18,271 3,733 12,501 49,723 5,509 32 ,304 11,910 3,441 322 Sept. 26P 41,162 18,956 22,206 18,442 3,764 13,329 50,813 5,782 33,065 11.966 3,458 321 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—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 3,615 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 July 25P 40,645 15,817 24,828 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 Sept. 26P 41,383 16,054 25,329 20,913 4,416 11,344 49,237 1,047 32,903 15,287 3,723 6,492 1 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 nonmeraber commercial banks. For other footnotes see preceding and opposite page. 1390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets * Total » b In a t n e k r ^ - a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1 1 9 9 4 4 5 1 — —D D e e c c . . 3 3 1 1 # # 1 4 2 9 1 , , 2 8 9 0 0 9 2 25 1 , , 7 2 6 5 5 9 9 2 6 8 , , 0 0 4 3 3 1 2 88 1 , , 9 0 1 4 2 6 6 7 , , 9 1 8 3 4 1 3 2 4 5 , , 2 7 9 8 2 8 1 6 4 9 7 , , 4 7 1 7 1 5 1 13 0 , , 8 6 8 5 3 4 1 4 0 3 4 , , 0 0 5 1 9 5 2 1 9 5 , , 8 6 7 9 6 9 8 6 , , 6 8 7 4 1 4 1 1 3 3 2 4 9 2 7 6 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 194g—Dec 3i t ># 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 13,744 103,499 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. 31. 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec 31 69,312 13,925 55.387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4 644 5 017 1947—Dec. 31 . ... 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5 005 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4 975 1950—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 1 502 1945—Dec. 31 . 37,871 8,850 29.021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1 927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—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 nonmcmber commercial banks: 1941—Dec. 31 . ... 5,776 3,241 2,535 1,509 1.025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 ,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 ,271 6 478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 ,358 6,498 1949—Dec 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 ,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 ,570 6,562 1951—June 30 17,585 7,446 10,139 8,330 1 .810 3,718 19,741 235 12,650 6,857 .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 1,976 294 1,224 458 327 689 1951—June 30 1,913 514 1,399 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 ,362 7,130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 L,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 ,680 7 256 1949—Dec. 31 18,686 6,739 11,947 10,132 L.814 4,334 21,305 613 13,508 7,184 L ,794 7,267 1950—Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7,251 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 1rtd 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 I 420 192 19^0 Dec 30 15 101 6 086 9 015 7 487 1,528 617 14,320 19 14,301 .51 .3 194 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 5,020 558 350 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 DPO 30 6 245 2 050 4 194 3 380 814 180 5,711 3 5,708 734 335 1951—June 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, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. NOVEMBER 1951 1391 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 U S. Government •bligations Obli- Total mer- or carrying ga- Class of bank loans rial, securities i Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e m k p i l n u a e e g d r t n - - - A t c g u u a r l r l - i - - D e T r r o o s k- o T t o h- l R t o e a a e s t a n - e l s o u C a m o n n e s - r 2 O lo t a h n e s r 2 Total Total Bills C o c e f a r t t i e i n f s i - - Notes Bonds G t a e u n e a - d r- S p s a i t u o c o a n b l a f t d i - e l t s - O s ri e t t h c ie u e s r pa- and ers debt- diviper deal- ed- sions ers ness All insured commercial banks: 1941—Dec.31. 49,290 21, 259 9,214 450 614 662 4,773 4,! 45 28, 031 21, 046 988 3, 159 12,797 4,102 651 3,333 1945—Dec.31. 121 809 25 765 9,461 314 3,164 3,606 4 677 t351 2, 191 96,043 88, 912 ,455 19*071 16,045 51, 321 22 873 3,258 1 1 9 9 4 4 7 8 — — D D e e c c . . 3 3 1 1 . . 1 1 1 12 4, 2 2 7 8 4 6 3 41 7 , , 9 5 6 8 8 3 1 1 8 8 , , 0 7 1 6 2 1 6 7 1 7 0 51,3 8 3 2 6 3 1,1 9 9 3 0 9 1 9 0 , , 2 6 6 6 6 6 \ f9 8 0 4 7 5 2 2 , ,9 8 9 3 2 7 7 7 0 6 , , 3 6 1 9 8 1 6 6 1 7 , ,9 38 4 8 1 , , 8 1 2 2 1 4 1 7 0 , ,0 5 6 5 5 2 3 5 , , 3 9 9 1 4 8 4 5 5 2 , ,3 1 3 0 4 0 14 8 5 5 1 0 2 9 9 3 3, , 4 6 2 2 0 1 1949—Dec.31. 118 278 42 485 16,9352 963 1.749 855 11 405 002 3, 124 75 793 65, 820 ,692 12 479 5 810 43 833 6 ) 400 3,574 1950—Dec.30. 124 822 51 723 21.7762 823 1,789 1,036 13 389 7 628 3, 955 73 099 60 986 4,118 1 932 16 756 38 168 11 7 933 4,179 1951—June 30 124 132 54 306 23 S073 044 1,616 1,000 13 988 7 697 4, 166 69 825 57 4? 7 819 3 111 14 76? 35 7?4 11 8 S194,079 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 11 729 3,832 -$090 2,871 1945—Dec.31. 107 183 22 775 8,949 855 3,133 3,378 3 455 [ 027 1,977 84 408 78 338 2,275 16 985 14 271 44 792 163 254 2,815 1947—Dec.31. 97 846 32 628 16,962 1 046 811 1,065 7 130 3 064 2,550 65 218 57 914 ,987 5 816 4 815 45 286 104 199 3,105 1948—Dec. 31. 95 616 36 060 17,631 800 1,324 834 8 244 3 933 2,658 59 556 52 154 2,588 7 999 2 800 38 761 54 480 2,922 1949—Dec.31. 101 528 36 230 15,857 945 1,737 758 8 834 4 776 2,809 65 297 56 883 3,389 10 409 5 085 37 996 45 274 3,140 1950—Dec.30. 107 424 44 705 20,521 808 1,770 927 10 522 6 167 3, 585 62 719 52 365 3,665 1 468 14 054 33 170 86 640 3,714 1951—June 30. 106 563 46 866 22,161 919 1,601 882 10 975 6 174 3, 783 59 698 49 108 ,485 2 524 12 313 30 778 76 978 3,611 New York City:5 1941—Dec.31. 12 896 4 072 2,807 8 412 169 123 554 8 823 7 265 311 1 623 3 652 1,679 729 830 1945—Dec.31. 26 143 7 334 3,044 2,453 1,172 80 76 509 18 809 17 574 477 3 433 3 325 10 337 1 606 629 1947—Dec.31. 20 393 7 179 5,361 545 267 111 240 654 13 215 11 972 ,002 640 558 9 771 638 604 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 2 1,123 767 1951—June 30. 20 604 10 234 6,845 1,287 273 502 539 930 10 370 8 460 ,034 354 1 565 5 506 2 1,176 733 Chicago:1 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 73 87 46 91 84 3 287 2 890 132 235 248 2 274 213 185 1948—Dec.31. 4 799 1 783 ],412 4 71 63 51 115 88 3 016 2 633 183 275 217 1 958 210 174 1949—Dec.31. 5 424 1 618 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 ,456 300 114 194 1 527 4 C12 8 243 6 467 295 751 4 248 1,173 956 820 1945—Dec.31*. 40,108 8,514 2,661 205 427 1,503 1,459 433 '82631,594 29,552 1,034 6,982 5,653 15 878 c 1,126 916 1947—Dec.31. 36,040 13,449 1,088 225 170 484 3,147 1,256 1 079 22,591 20 196 373 2,358 1 901 15 560 1,342 1,053 1948—Dec.31. 35,332 14,285 1,282 437 130 360 3,503 1,609 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 £,704 457 183 309 3,742 1,9651 212 23,931 20,951 1,189 4,180 2,124 13 457 1,727 1,254 1950—Dec.30. 40,685 17,906 5,646 392 207 386 4,4232,5671 534 22,779 19,084 1,218 499 5 536 11,830 i2,184 1,511 1951—June 30. 39,991 18,558 ,254 425 164 362 4,5582,4931 559 21,432 17,659 1,177 1,069 4,665 10,746 l 2,318 1,456 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,. 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 "s',102 4,54416,713 ( 1,342 1,067 1947—Dec.31. 36,324 10,199 5,096 818 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 :5,2961,356 21 187 4,467 1,895 817 24,781 21,278 760 3,340 1,128 16,046 t 2,286 1,217 1949—Dec.31. 38,219 12,692 5,150 1,480 36 173 4.7842,320 884 25,527 21,862 1,148 3,753 1,768 15,189 2,505 1,160 1950—Dec.30. 40,558 14,988 3,980 1,407 33 187 5,5912,9131 054 25,570 21,377 1,390 588 6,107 13,287 t 2,998 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 5,430 12,797 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 1; 125 2,139 781 287 11,486 10,039 136 1,736 1,104 7,058 i 931 517 1948—Dec.31. 16,685 5,911 L ,131 975 \'t 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 \ 1,030 498 1949—Dec.31. 16,766 6,258 L,O781,018 1'4 9 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 \ 1,127 434 1950—Dec.30 17,414 7,023 1,255 1,015 U 109 2,872 1,461 370 10,39 8,632 453 465 2,702 5,008 \ 1,294 465 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 l- 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. 1392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e e e v n 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 a o i c s l t k - e - t h i s s c 4 j m p u D o a s d a e t d e s n e - - i - t d d s 5 m D e I s n o d t - t e i e c p r 4 o b s a i F e n t i s o k g r n - U m G er . o e n n v S - t - . p v s S o u i a t l s b a i n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f t n e c f c r r i d d . t s k - i ' s - , p a v n s a p I t h i i r d 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 i e a n o r a . n o e g s n v v d n S t s - - a - t . l v s p S i a u i s o t c n b i a l a o i d t d l t n e - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - n l i t - s All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,72212,566 ,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 ,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 84,21110,344 ,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 84,57610,885 ,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30. . 17,458 2,145 10,463 91,09911,955 ,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—June 30.. 18,945 1,847 8,657 87,832 9,881 1,335 6,105 8,290 2,251 84,682 366 223 1,473 34,855 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 ,438 7,117 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 ,672 6,270 73,52810,978 1,375 1,176 ,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 ,486 5,674 72,15210,098 1,480 2,122 ,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16,429 ,521 6,194 72,65810,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30. . 17,459 ,643 6,868 78,37011,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—June 30. . 18,946 ,403 5,567 75,657 9,659 1,327 5,811 6,713 2,093 74,061 361 206 1,243 28,263 55 9,987 New York City: 8 1941—Dec. 31.. 5.10J 93 141 10,761 3.595 607 866 319 450 11,282 6 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 1,418 30 2,259 1948—Dec. 31.. 5,64. 117 67 15,773 2,904 ,278 445 241 750 16,695 31 1,646 25 2,306 1949—Dec. 31. 4,462 112 68 15,182 2,996 ,084 640 196 895 16,408 113 1,590 2,312 1950—Dec. 30.. 4,693 118 78 15,898 3,207 ,162 451 258 1,087 17,490 268 1,647 "70 2,351 1951—June 30.. 5,053 96 48 15,368 2,744 ,104 280 823 16,381 259 1,605 2,398 Chicago:3 1941—Dec. 31.. 1,021 298 2,215 1,027 127 233 2,152 476 288 1945—Dec. 31.. 942 200 3,153 1,292 1,552 237 3,160 719 377 1947—Dec. 31.. 1,070 17. 3,737 1,196 72 285 3,853 902 426 1948—Dec. 31. . 1,325 143 3,604 1,038 188 284 3,702 989 444 1949—Dec. 31.. 1,183 159 3,797 1,151 258 286 3,932 1,069 470 1950—Dec. 30. . 1,216 133 3,954 1,177 174 284 4,250 1,089 490 1951—June 30.. 1,282 130 3,818 1,006 484 316 3,905 1,112 10 501 Reserve city banks 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 243 4,542 1,967 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1947—Dec. 31. . 7,09; 56: 2,125 25,714 5,497 131 405 2,282 705 26,003 22 332 11,045 2,844 1948—Dec. 31. , 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 547 10,798 2,928 1949—Dec. 31. . 6,413 48: 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 617 10,987 3,087 1950— Dec. 30., 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 631 10,956 3,322 1951—June 30. . 7,438 446 1,808 27,067 4,996 178 2,272 2,713 592 27,214 90 731 11,020 3,431 Country banks: 1941—Dec. 31. , 2,210 526 3,216 9,661 790 225 1,370 239 8,500 146 6,082 1,982 1945—Dec. 31. 4,52 796 4,665 23,595 1,199 5,465 2,004 435 21,797 219 12,224 2,525 1947—Dec. 31. 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 337 14,177 2,934 1948—Dec. 31. , 5,736 858 3,619 27,703 943 688 2,925 510 25,248 350 14,369 3,123 1949—Dec. 31. . 4,371 901 4,00: 27,935 979 797 3,058 579 25,337 400 14,289 3,305 1950—Dec. 30. , 4,745 976 4,450 30,581 1,111 922 3,282 715 27,980 443 14,339 3,532 1951—June 30. , 5,17: 834 3,581 29,404 913 1,248 3,404 626 26,562 480 14,526 3,658 Insured nonmember commercial banks: 1941—Dec. 31. . 271 2,32 4,092 108 53 611 68 3,483 74 3,276 959 1945—Dec. 31. . 391 3,959 10,537 233 1,560 858 135 9,643 97 5,579 1,083 1947—Dec. 31.. 473 3,466 12,223 258 149 1,188 158 11,019 132 6,420 1,271 1948—Dec. 31. . 453 3,273 12,059 246 201 1,332 151 10,736 153 6,459 1,358 1949—Dec. 31. 463 3,273 11,918 261 213 1,402 153 10,517 182 6,524 1,473 1950—Dec. 30. 503 3,596 12,729 286 265 1,49 174 11,262 210 6,510 1,570 1951—June 30. 445 3,090 12,175 222 293 1,57 159 10,621 230 6,609 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). 1 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. 1 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. NOVEMBER 1951 1393 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 J Investments For purchasing or carrying securities U. 5. Government obligations Com- Total mer- Date or month in l m o a v n a e e n d n s s t t s - Total i i t c n a r i i d n a a d 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 l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c i e e u r s t a c u g u r r l a i - - l G U t l i o i o o g . b v n a S - - s t . . O c t s u t i e h e r - s e i- r G l U t o i i o g o . b v S a n - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n f e e e d b s i - n t s - - Notes Bonds1 Total— Leading Cities 1950—September. 68,897 28,006 15,376 421 977 187 533 5,000 367 5,53640,891 34,563 2,668 1,280 7,929 22,6866,328 1951—July 70,142 32,673 19,067 4201,021 128 579 5,544 479 5,89537,469 30,818 2,405 1,541 7,38319,4896,651 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 September. 71,027 33,352 19,861 324 943 130 567 5,592 463 5,93437,675 31,008 2,675 2,359 6,643 19,3316,667 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 5,891 37,545 30,949 2,670 2,252 6,603 19,4246,596 Aug. 22... 70,331 32,767 19,503 209 905 131 562 5,571 462 5,88737,564 30,983 2,716 2,246 6,592 19,4296,581 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 6,624 19,4896,606 Sept. 12... 70,725 33,382 19,842 357 947 130 568 5,588 456 5,95637,343 30,722 2,368 2,186 6,669 19,4996,621 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 5,915 37,926 31,212 2,934 2,493 6,643 19,1426,714 Oct. 3... 71,223 33,644 20,171 225 953 123 567 5,615 554 5,90237,579 30,878 2,711 2,768 6,266 19,1336,701 Oct. 10. .. 71,085 33,501 20,314 157 949 128 564 5,618 325 5,913 37,584 30,864 2,678 2,798 6,258 19,1306,720 Oct. 17. .. 71,508 33,798 20,489 121 955 128 565 5,633 473 5,912 37,710 30,976 2,800 3,038 5,986 19,1526,734 Oct. 24. .. 72,606 33,925 20,472 119 975 124 565 5,638 575 5,93538,681 31,940 3,763 3,056 5,955 19,1666,741 Oct. 31 s. .72,648 34,083 20,571 134 943 127 557 55,653 627 5,95038,565 31,926 3,748 3,010 5,956H9.2126,639 New York City 1950—September. 19,786 8,637 5,471 372 761 41 231 404 294 1,188 11,149 9,316 878 200 1,695 6,543 i,833 1951—July 20,020 10,149 6,791 357 794 26 233 493 279 1,317 9,871 7,916 730 310 L, 549 5,327 1,955 August.... 19,702 10,036 6,908 207 738 28 225 495 260 1,316 9,666 7,714 684 358 1,433 5,239 1,952 September. 20,040 10,355 7,147 280 725 31 224 516 246 1,328 9,685 7,698 635 399 1,454 5,210 1,987 Aug. 8... 19,606 9,957 6,829 199 756 28 224 496 251 1,315 9,649 7,687 644 370 1,434 5,239 1,962 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 5,284 1,977 Sept. 5... 19,696 10,145 7,020 258 689 30 223 510 237 1,320 9,551 7,597 527 327 1,466 5,277 1,954 Sept. 12. .. 19,865 10,354 7,129 314 714 31 225 516 223 1,344 9,511 7,550 468 333 1,464 5,285 1,961 Sept. 19. .. 20,347 10,504 7,191 299 756 31 226 517 296 1,330 9,843 7,829 768 479 1,433 5,149 2,014 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 Oct. 3... 20,309 10,636 7,365 193 738 30 220 530 407 1,295 9,673 7,667 658 480 1,411 5,118 2,006 Oct. 10. .. 20,054 10,482 7,435 133 733 29 220 527 250 1,297 9,572 7,550 576 440 1,436 5,0982,022 Oct. 17. .. 20,172 10,634 7,527 93 737 29 221 531 340 1,300 9,538 7,514 567 486 1,369 5,0922,024 Oct. 24. .. 20,599 10,717 7,503 96 742 29 222 533 441 1,295 9,882 7,859 946 471 1,369 5,0732,023 Oct. 31. . .20,549 10,795 7,513 107 721 30 215 515 539 1,299 9,754 7,833 962 437 1,366 5,068 1,921 Outside New York City 1950—September. 49,111 19,369 9,905 49 217 147 302 4,595 73 4,348 29,742 25,247 1,790 1,080 6,234 16,1434,495 1951— A Ju u lv gust.... 5 5 0 0 , , 1 5 2 4 2 8 2 2 2 2 , , 6 5 4 2 6 4 1 1 2 2 , , 2 4 7 2 6 7 4 6 7 3 2 2 2 1 7 8 1 1 O 01 2 3 3 4 4 6 2 5 5, , 0 0 5 6 1 8 2 1 0 9 0 3 4 4 , , 5 5 7 7 8 02 2 7 7 , , 9 5 0 9 2 8 2 2 2 3 , , 9 2 0 4 2 2 1 1 ,9 ,6 6 7 0 5 1 1 , , 2 8 3 9 1 4 5 5, , 1 8 8 3 8 4 1 1 4 4 , , 1 2 6 0 2 04 4 , , 6 6 6 9 0 6 September. 50,987 22,997 12,714 44 218 99 343 5,076 217 4,606 27,990 23,310 2,040 1,960 5,189 14,1214,680 Aug. 8... 50,422 22,523 12,341 40 225 101 341 5,059 167 4,567 27,899 23,233 1,948 1,929 5,181 14,1754,666 Aug. 15... 50,655 22,691 12,451 37 216 100 342 5,068 224 4,57327,964 23,304 2,015 1,906 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 1,910 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 1,900 5,167 14,2024,665 Sept. 5... 50,676 22,853 12,566 41 211 99 344 5,071 218 4,623 27,823 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 5,205 14,2144,660 Sept. 19. .. 51,257 23,040 12,747 53 217 99 344 5,078 230 4,593 28,217 23,504 2,194 2,059 5,204 14,0474,713 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 Oct. 3... 50,914 23,008 12,806 32 215 93 347 5,085 147 4,607 27,906 23,211 2,053 2,288 4,855 14,0154,695 Oct. 10. .. 51,031 23,019 12,879 24 216 99 344 5,091 75 4,616 28,012 23,314 2,102 2,358 4,822 14,0324,698 Oct. 17. .. 51,336 23,164 12,962 28 218 99 344 5,102 133 4,612 28,172 23,462 2,233 2,552 4,617 14,0604,710 Oct. 24. .. 52,007 23,208 12,969 23 233 95 343 5,105 134 4,640 28,799 24,081 2,817 2,585 4,586 14,0934,718 Oct. 31 5. . 52,099 23,288 13,058 27 222 97 342 55,138 88 4,651 28,811 24,093 2,786 2,573 4,590 514,1444,718 :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. 1394 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 F w e R e a e r r i e a n d t v - h l - k e s v C a a i u n sh lt b m a w a n d e o i n c s t - e k h t s i s c j m p u o s d a a e t d s e n - i - d t d s 5 s p p u v n h c a o a a o i e n i d r l r p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s c C c O h a e f e e i t e n f c e r r f c d . t i d s k - i ' - s, U m G er . o e n v n S - - t . s p p u v n h c a o a a o i e i n r d l r p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i - t i l t e - s - s P U m G S e i a o n . r a o n e s g n v v d n S t s - - a - t . l m D t D e i o s c - - eman F ei d o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B d i e t a s b n - ^ k tions tions Total- Leading Cities 1950—September 12,321 835 2,24749,029 50,285 3,196 1,422 2,339 14,521 656 131 9,121 1,305 327 6,487 111,730 1951—July 14,207 861 2.348 49,85850,716 3,498 ,377 3,508 14,675 739 139 9,512 1,278 379 536 6,701 106,499 August 14,135 845 2,305 5500,,335500 50,986 3,425 ,341 2,813 14,699 742 141 9,620 1,246 381 574 6,724 106,448 September 14,195 889 2,38550,973 52,362 3,278 ,399 2,553 14,757 739 14710,028 1,212 395 619 6,745 108,629 Aug. 8... 14,226 839 2,289 50,18550,410 3,457 ,338 2,812 14,690 742 139 9,772 1,244 384 457 6,737 23,227 Aug. 15... 14,184 829 2,47849,909 51,573 3,331 ,179 3,010 14,685 743 14310,061 1,246 384 634 6,714 24,426 Aug. 22..., 14,119 852 2, 29"0 50,29650,914 3,331 ,176 2,959 14,708 733 143 9,604 1,250 375 551 6,718 24,002 Aug. 29... 14,092 896 2,151 50,97651,174 3,362 ,291 2,609 14,741 751 143 9,189 1,235 383 602 6,726 22,393 Sept. 5... 13,794 847 2,278 50,58451,479 3,331 ,399 2,082 14,736 746 145 9,802 1,228 384 540 6,749 20,267 Sept. 12...14,035 916 2,471 51,420 ,473 3,236 ,370 1,548 14,736 740 14710,311 1,222 390 631 6,738 24,666 Sept. 19... 14,633 881 2,478 51,35752,801 3,247 ,440 2,833 14,761 737 14810,259 1,198 400 785 6,740 30,263 Sept. 26... 14,317 912 2,311 50,533 51,696 3,300 ,388 3,747 14,795 734 147 9,739 1,201 405 518 6,751 26,803 Oct. 3....14,844 855 2,447 50,517 51,395 3,291 ,434 3,690 14,831 728 14910,228 ,232 399 450 6,768 29,474 Oct. 10..., 14,707 919 2,586 50,87851,846 3,214 ,264 3,011 14,847 726 15110,645 ,223 406 710 6,765 23,373 Oct. 17..., 14,748 886 2,760 51,32353,988 3,118 ,404 2,365 14,874 723 15211,269 ,241 405 324 6,761 25,680 Oct. 24..., 14,668 901 2,559 52,251 53,312 3,311 ,375 2,835 14,878 720 15110,465 ,224 427 502 6,789 26,568 14,437 870 2,439 52,12453,517 3,465 ,434 2,543 514,958 719 15210,295 ,225 428 644 6,833 27,491 Oct. 31 6... I New York City 4,465 15,419 16,251 230 689 1,503 2,753 1,060 168 158 2,309 46,400 1950—September 1951- -July 5,109 129 15,305 16,096 247 643 1,126 1,477 2,834 1,064 284 331 2,354 41.673 August. . . 4,960 125 15,366 16,096 235 626 723 1,453 2,780 1,030 286 314 2,364 39,007 September 5,124 135 15,670 16,460 242 639 785 1,472 2,867 1,005 298 347 2,361 41,688 Aug. 8... 5,031 125 15,346 15,953 232 644 730 1,449 2,7951,026 289 284 2,367 8,855 Aug. 15... 4,942 122 15,117 16,066 230 455 782 1,437 2,8681,033 289 349 2,366 9,010 Aug. 22... 4,958 124 15,323 16,000 213 464 755 1,448 2,7551,036 280 244 2,363 8.275 Aug. 29... 4,896 136 15,624 16,247 247 598 665 1,476 2,6331,022 288 319 2,361 8,143 Sept. 5... 4,924 132 15,521 16,251 225 663 521 1,457 2,785 1,020 286 2,368 7,423 Sept. 12... 5,047 140 15,796 16,704 212 618 383 1,464 2 9"0"0 1,014 295 370 2,362 9,466 Sept. 19... 5,392 129 15,896 16,649 256 628 907 1,473 2,961 992 305 478 2,359 11,443 Sept. 26... 5,130 140 15,468 16,234 275 648 1,329 1,495 2,821 995 305 254 2,355 10,247 Oct. 3... 5,224 135 15,451 16,078 283 657 1,317 1,482 2,989 1,014 304 214 2,369 12,156 Oct. 10... 158 15,594 16,086 309 551 1,035 1,468 3,105 1,009 311 61 2,366 8,882 Oct. 17... 136 15,676 16,772 300 634 755 1,471 3,266 1,030 310 82 2,363 9,514 Oct. 24... 138 16,191 16,796 377 633 962 1,459 3,031 1.007 331 59 2,364 9,927 Oct. 31... 5,112 133 15,954 16,832 393 678 839 1,467 2,981 1,009 333 251 2,379 10,933 Outside New York City 1950—September 7,856 706 2,213 33,61034,034 2,966 733 1,672 13,018 627 6,368 245 169 4,178 65,330 1951—July 9,098 732 2,318 34,55334,620 3,251 734 2,382 13.198 716 6.678 214 95 205 4,347 64,826 August. . . 9,175 720 2,276 34,984 34,890 3,190 715 2,090 13,246 719 6,840 216 95 260 4,360 67,441 September 9,071 754 2,,354 35,303 35,902 3,036 760 1,768 13,285 718 104 7,161 207 97 272 4,384 66,941 Aug. 8. 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 2,264 34,,997733 34,914 3,118 712 2,204 13,260 708 100 6,849 214 95 307 4,355 15,727 Aug. 29. 9,196 760 2,122 35,35234,927 3,115 693 1,944 13,265 730 100 6,556 213 95 283 4.365 14,250 Sept. 5. 8,870 715 2,248 35,06335,228 3,106 736 1,561 13,279 725 102 7,017 208 96 254 4,381 12,844 Sept. 12. 8,988 776 2,438 35,624 36,769 3,024 752 1,165 13,272 719 104 7,411 208 95 261 4,376 15,200 Sept. 19. 9,241 752 2,444 35,461 2,991 812 1,926 13,288 716 105 7,298 206 95 307 4,381 18,820 Sept. 26. 9,187 772 2,283 35,065 35,462 3,025 740 2,418 13,300 713 104 6,918 206 100 264 4,396 16,556 Oct. 3. 9,620 720 35,066 35,317 3,008 777 2,373 13,349 707 106 7,239 218 95 236 4,399 17,318 Oct. 10. 9,412 761 557 35,284 35,760 2,905 713 1,976 13,379 703 108 7,540 214 95 149 4,399 14,491 Oct. 17. 9,542 750 722 355,64737,216 2,818 770 1,610 13,403 701 109 8,003 211 95 242 4,398 16,166 Oct. 24. 9,404 763 525 365,06036,516 2,934 742 1,873 13,419 698 108 7,434 217 96 443 4,425 16,641 Oct. 31 s 9,325 737 407 36,170 36,685 3,072 756 1,704 H3,491 697 109 7,314 216 95 393 4,454 16,558 8Demand 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. 6 Changes in real estate loans, United States Government bonds, and time deposits are due in part to a change in the composition of the group of reporting banks in the Boston District. 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. NOVEMBER 1951 1395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE 1 [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan Manufacturing and mining Comm'l, Metals Public ind'l, Month or week2 l F iq a o n u o d o d r , , T a e p a x p n t a d il r e e s l , p m r m ( a o a i c e n n d h t c d u a i l c l . n t - s ch P l e c e e m o u t a r m i l o c , , - al Other ( r T w e a s r t h a n a a o l d d i e l l e e ) - m d C e o o a d m le it - r y s f p i S c n a o a a n m l n i e e c - s s e u p t t t ( r i o i i a l o n r i n n c t t i s a l ) e - . - s s o C t t a i t r o n o h u n d n e c - r - c c h l N f a a i n e s e s d g t i e - s D a p f n o e s e d u f r n e t p s i d n e - n e s - g e - d N ef o en n- se c c h N l f a a i n e s e d s g t i e - s ch t a a o a n g t n a g r d ' l e l « — tobacco leather ery and and trans. rubber equip.) 1951—April ^77 24 8 10 9 67 -135 18 19 3 -55 68 12 80 -75 Mt ayJ .... -126 27 97 24 3 5 -168 48 84 -3 Q 92 -82 10 -79 June —40 64 170 14 49 -10 —118 -3 72 52 250 239 14 253 172 July -128 14 78 22 -98 -35 -56 38 -20 -185 134 -316 -182 -262 August 152 —54 207 29 113 99 —46 75 —21 555 255 300 555 544 September. . 208 -37 167 42 18 8 100 1 105 -18 594 225 369 594 576 October.... 290 -139 85 26 6 18 230 -4 100 -8 603 162 441 603 493 Week ending: Aug. 1.... 35 -2 16 -1 4 -17 37 32 43 8 156 63 95 158 166 Aug. 8 45 -8 12 -2 5 -8 7 4 -5 4 53 16 36 52 46 Aug. 15.... 30 -7 140 3 10 23 16 -35 14 192 149 41 190 209 Aug. 22.... 37 -17 9 -1 5 128 23 -22 6 •-2l" 146 -1 148 148 124 Aug. 29 5 -20 30 2 5 -14 16 -23 19 -12 7 27 -20 7 -1 Sept. 5 40 -8 6 18 -6 -7 13 6 27 4 92 36 56 92 84 Sept. 12.... 69 6 61 9 17 31 18 4 10 23 249 65 184 249 256 Sept. 19.... 55 -25 51 10 9 -26 34 15 19 -37 105 42 63 105 96 Sept. 26 44 -10 50 5 -2 10 35 -23 48 -9 148 83 65 148 140 Oct. 3 53 -16 41 -1 -2 -12 28 42 24 -15 141 56 85 141 93 Oct. 10.... 99 -11 19 -3 1 16 34 -18 -1 1 134 12 122 134 143 Oct. 17.... 64 -36 13 10 14 14 54 24 33 10 201 38 163 201 175 Oct. 24 44 -50 7 1 -8 -1 56 -14 9 -11 33 16 16 33 -17 Oct. 31.... 31 -27 5 20 1 59 -38 35 8 95 40 55 95 99 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 75 per cent of those of all commercial banks. During April and May the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to purpose. 2 Monthly changes based on figures for last Wednesday in month. 3 Net change at all banks in weekly reporting series. NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices 1 Total Member Nonmember district 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 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948. 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec 31 1949 14,051 4,562 12,178 4,289 6,887 3 387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Sept. 30, 1951 P 14,003 5,051 12,166 4,755 6,844 3,772 5,322 983 1,837 296 By districts Sept. 30, 1951" District Boston 472 354 472 354 324 279 148 75 New York 862 983 862 983 740 910 122 73 Philadelphia 833 175 833 175 636 135 197 40 Cleveland 1,108 331 1,108 331 686 289 422 42 Richmond 1,007 578 808 433 475 270 333 163 199 145 Atlanta 1,212 236 611 195 356 167 255 28 601 41 Chicago 2,487 630 2,487 630 1,007 274 1,480 356 St Louis 1,466 156 1,138 96 495 56 643 40 328 60 Minneapolis 1,275 112 678 71 476 28 202 43 597 41 Kansas City 1,756 23 1,747 23 753 13 994 10 9 Dallas 1,032 65 929 56 632 37 297 19 103 9 San Francisco .. 493 1,408 493 1,408 264 1,314 229 94 P Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (see BULLETIN for February 1951, p. 228, footnotes 10 and 12). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 1396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month p o a u p t e - r Total Accepting banks G s o h o ip d p s e s d t o b re e d tw i e n e n or standing1 sta o n u d t i - ng Total O bi w ll n s 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 t r n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e Unite p d oints F i o n reign States countries 1950—August 286 374 174 103 71 200 238 87 1 26 21 September 308 397 187 103 84 211 264 79 2 29 23 October 312 383 168 100 68 215 243 85 2 29 25 November...... 325 383 166 104 62 217 234 88 2 29 29 December 333 394 192 114 78 202 245 87 2 28 32 1951—January 356 453 202 126 76 251 286 100 2 36 29 February 369 470 201 121 79 270 304 99 2 36 29 March 381 479 198 122 76 279 314 106 2 30 26 April 387 456 170 119 52 285 288 111 2 24 31 May . . 364 417 143 108 35 274 259 102 22 33 June 331 425 162 120 42 263 267 104 8 22 31 July 336 380 135 103 33 245 225 104 24 27 August 368 384 122 94 28 262 218 109 25 26 September 377 375 118 85 33 256 210 104 6 27 31 3 1 As reported by dealers; includes some finance company paper sold in open market. 'None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, •speedvely. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances n millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances x Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c s t o r t u a m d n e i ts 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 a s 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—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—june 681 5 419 280 493 528 129 20 9 260 December... 881 5 400 306 523 633 159 26 15 271 1950—October '1,351 3 759 * 771 November. . »1,360 3 774 3 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January.. . . 1,411 3 690 3 948 February... 1,367 3 642 3 953 March 1,304 3 715 3918 April 1,286 *661 3 879 May »1,287 »681 3 855 June 1,275 10 375 364 680 834 225 26 13 319 July 1,266 3 672 3 825 August '1,260 3 624 3816 September. . 1 290 3 640 3 843 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): July, 43; August, 41; September, 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. NOVEMBER 1951 1397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES Stock U. S. Government [Per cent per annum] mo Y w n e e th a e , r k , or m m 4 p P - c e o a r o r t n i p o c 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 - l , t- ch n l a c e o r a e l a e x a w n s - l - n 2 l g - e m bi o 3 s ll n e - s c t h u s ri 9 t i i m - s e s t s o u o n e ( t s 1 t h a 2 4 x - a 3 i b s - y l s e u t e o ) e a s r 5 6 - Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - o f $ $ 1 l 2 o 0 0 0 a 0 , n 0 ,0 0 0 0 0 - $ an 20 d 0 o ,0 v 0 e 0 r 1948 average .11 1.040 .14 1.62 Annual averages: 1949 average .12 1.102 .14 1.43 19 cities: 1950 average .15 1.218 .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—October.... .31 1.329 .40 1.65 1943 2.6 4.4 3.4 2.5 2.4 November. .31 1.364 .47 1.62 1944 2.4 4.3 3.3 2.6 2.2 December.. .31 1.367 .46 1.64 1945 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1951—January... .39 1.387 .47 1.66 1947 2.1 4.2 3.1 2.5 1.8 February. . .50 1.391 .60 1.67 1948 2.5 4.4 3.5 2.8 2.2 March .63 1.422 .79 1.86 1949 2.7 4.6 3.7 3.0 2.4 April .63 1.520 .89 2.03 1950 2.7 4.5 3.6 3.0 2.4 May .63 1.578 .85 2.04 June .63 1.499 .79 2.00 Quarterly: July .63 1.593 .74 1.94 19 cities: August.... .63 1.644 .70 1.89 1950—Dec 2.84 3.73 3.10 2.57 September. .63 1.646 .71 1.93 1951—Mar 3.02 3.88 3.27 2.76 October 1.63 1.608 1.74 2.00 June 3.93 3.32 2.81 Sept 4.74 3.99 3.36 2.78 Week ending: New York City: Oct. 6... 1.646 1.76 2.00 1950—Dec 2.51 3.44 2.80 2.35 Oct. 13... 1.576 1.75 1.98 1951—Mar 2.74 3.68 3.06 2.59 Oct. 20... 1.615 1.75 2.01 June 2.78 3.66 3.06 2.64 Oct. 27... 1.593 1.73 2.01 Sept 2.79 4.35 3.72 3.18 2.64 Nov. 3... 1.617 1.72 2.00 7 Northern and Eastern cities: 1950—Dec 2.87 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 3.90 3.28 2.83 per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948- Sept 3.06 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 6 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 YIELDS * [Per cent per annum] U. S. Government Corporate Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade) s Total years or Indus- Rail- Public more Aaa Aa A Baa trial road utility Number of issues 1-5 1-8 15 9 120 30 30 30 30 40 40 40 1948 average 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—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 (5) 2.40 1.61 2.66 2.85 2.66 2.71 2.88 3.16 2.69 3.01 2.86 March 2 47 1 87 2 78 2 95 2 78 2.81 2.98 3.22 2 79 3 09 2 95 April ... 2 56 2 05 2 88 3 07 2.87 2.93 3.12 3.34 2.89 3.24 3 07 May 2.63 2.09 2.89 3.09 2.88 2.93 3.14 3.40 2.90 3.28 3.10 June 2.65 2.22 2.95 3.16 2.94 2.99 3.21 3.49 2.96 3.33 3.18 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 October . 2 61 2 08 2 92 3 13 2.89 2.93 3.18 3.50 2 93 3 31 3 14 Week ending: Oct. 6 2 60 2 09 2 88 3 10 2.86 2.90 3.16 3.47 2.91 3.27 3 11 Oct. 13 2.60 2.09 2.89 3.11 2.87 2.90 3.17 3.48 2.92 3.29 3.11 Oct 20 2.62 2.09 2.92 3.12 2.88 2.92 3.17 3.51 2.94 3.29 3.14 Oct. 27 .. 2 62 2 06 2 95 3 16 2 92 2.97 3.20 3.53 2 96 3 34 3 17 Nov. 3 2.62 2.06 2.97 3.18 2.95 3.00 3.23 3.54 2.97 3.39 3.19 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 1 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. * Series discontinued. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Yea o r r , w m e o ek nth, m U G e . r 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 - 8 g ( r C r p h a a o o i d t g r - e e - h ) - 3 fe P r r r e ed - * 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 ) li l b c it - y Total Tot M al anu D a fa b u c l r e t ( - u in ri d n N e d a g x b u o , l r n e - - 19 T 3 p 9 t r o i a = o r n 1 n ta s 0 - - 0) P u i l u t i t i c y b l- - T a s r a f e n i a i n c r c n d e v d e - e - , , M in i g n- s s t h h a i a n ( o o n r i g f n e u d ^ s - s ) dumber 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 >,012 1950—Oct 101.64 136.4 121.1 180.5 158 171 129 106 165 180 166 194 171 108 198 155 .,141 Nov 101.69 137.0 121.1 180.8 156 169 127 105 166 182 166 197 171 107 201 158 5,032 Dec 101.53 137.4 121.1 179.9 158 171 139 104 165 180 162 198 184 107 196 160 J.769 1951—Jan 101.56 140.5 121.4 180.9 169 183 153 109 177 194 175 212 202 110 205 176 ',974 Feb 101.44 140.8 121.3 180.9 175 190 159 111 184 203 182 223 213 112 213 184 5,104 Mar , 100.28 135.5 119.4 174.9 170 184 149 111 180 198 178 217 200 113 210 177 ,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 L,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 L,333 Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 ,463 Sept 99.13 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 1,916 Oct 98.22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 L,802 Week ending: Oct. 6. 98.34 131.1 117.5 167.2 189 207 159 116 196 222 190 252 211 115 219 239 1,895 Oct. 13. 98.38 131.1 117.6 167.5 187 204 159 116 196 222 191 250 210 116 218 248 1,692 Oct. 20. 98.13 131.1 117.0 167.1 188 205 156 116 190 214 183 243 200 114 214 243 1,734 Oct. 27. 98.13 131.7 116.5 166.9 182 199 152 114 184 206 177 233 192 113 206 245 1,978 Nov. 3. 98.06 131.7 115.8 166.4 180 197 148 114 186 208 177 237 192 114 207 246 1,508 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. '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. s 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 d o g n s o r 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 - - l 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 g r n - 2 m e ( a f e i d o 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 d s n l - 1 - 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- 5 1942 2 114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2 169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8 006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947. . 39 691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 10,220 9,085 9,076 2,604 294 *6,177 <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 s10 935 8 271 8,160 3,370 394 4,395 3,199 1,197 111 82,665 2,441 112 992 1,338 1,280 58 m 1950—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.. '514 '436 436 154 41 242 192 50 77 77 19 45 13 11 2 February. 3834 8 649 594 181 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 1,291 '•1,095 1,075 280 89 706 562 144 '20 197 197 3 137 57 49 7 July 934 810 802 319 8 476 329 147 8 124 124 2 93 29 29 August... 617 424 390 150 240 139 101 34 192 192 1 172 20 20 r Revised. includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. includes issues of noncontiguous U. S. Territories and Possessions. sThese 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. NOVEMBER 1951 1399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds 2 proceeds 8 Repayment Other of purposes Total e P q la u n ip t m an en d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt 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—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 ••515 ••505 '452 '336 '116 '20 '20 '26 '6 August '545 ••537 '474 '352 '121 '23 '22 '1 '21 '20 September 378 371 334 281 53 17 17 15 4 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing 8 C m o i m sc m el e la rc n i e a o l u a s n 6 d Railroad Public utility? Communication8 R an ea d l f e in s a ta n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 1B ceeds9 ceeds' ceeds9 ceeds' 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 89i' "870" 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 1,165 695 143 533 273 67 587 346 183 2,895 2,003 679 396 314 73 618 356 78 1950—September 70 43 10 62 15 8 17 17 223 205 11 7 5 28 21 3 October 180 65 33 39 14 16 34 34 228 164 33 23 15 7" 46 20 November 127 78 21 31 17 8 24 24 174 126 45 9 6 22 17 1 December 146 113 10 109 64 2 72 16 "56 183 162 5 4 3 32 18 1 1951—January 65 47 7 74 46 6 44 44 185 127 7 9 9 31 28 February 63 53 2 27 20 5 26 8 18 220 200 4 2 2 39 33 1 March 298 219 28 52 44 2 30 30 172 115 37 423 421 20 16 April 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 3d July '141 '115 8 '31 '17 '10 18 18 '191 '181 3 '51 '51 '74 '71 August '250 '218 '9 '22 '16 '2 9 9 '225 '213 '12 '3 '3 '28 '14 September 165 146 11 29 19 4 23 23 131 126 2 8 8 15 12 r Revised. 1 Estimates of new issues sold for cash in the United States. 8 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 1 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently •imilar for broad comparisons. See also footnotes 5 through 8. ' Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 8 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. • Includes issues for repayment of other debt and for other purposes not shown separately. « 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. 1400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets ol 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 t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t 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 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 '21,316 2,033 '1 ,203 '944 17,416 1,573 932 804 '3,900 460 271 '140 1947 '30,797 4,099 2,521 1,168 25,686 3,423 2,105 1,000 '5,111 676 416 168 1948 '36,930 '5,312 '3,309 '1,402 31,238 4 593 2,860 1,210 '5 692 '719 '489 192 1949 '36,675 '5,034 '3,098 1,658 31,578 4,506 2,768 1,474 '5,097 '528 330 184 1950 '43,931 7,891 '4,061 2,237 37,704 '6,995 '3,571 2,013 '6,228 '896 489 224 Quarterly 1949—i '9,358 1,325 '807 343 8,056 1,187 723 303 1,302 138 84 40 2 '9,367 1,196 726 354 8,116 1,077 653 312 1,251 119 73 42 3 '9,406 1,312 799 '332 8,148 1,183 717 292 1,258 129 82 39 4 '8,545 1,200 766 '630 7,259 1.058 675 567 1,286 142 91 '63 1950—1 1 '9,256 1,400 '812 387 7,935 1,254 '725 347 1,322 146 87 40 2 x '10,644 1,821 1,047 '394 9,179 1 631 '935 347 '1 465 190 11? '47 31 11,784 2,185 1,244 583 10,110 1,925 1,092 534 '1,674 260 152 49 41 12,248 2,485 958 '874 10,481 2,185 820 785 1 ,767 300 138 88 1951—1 12,691 2,230 '906 '478 10,815 1,950 791 420 1,876 280 116 47 2 13,017 '2,208 '916 474 11,079 1,923 '797 421 1,938 '285 119 52 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power TelephoneJ 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 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 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 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 Annual 1939 3,995 126 93 126 2,647 629 535 444 1,137 384 224 173 1940 4,297 249 189 159 2,797 692 548 447 1,206 417 228 176 1941 5,347 674 500 186 3,029 774 527 437 1,334 473 236 170 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 551 222 160 1943 9,055 2,211 873 217 3,464 913 502 410 1,691 616 233 166 1944 9,437 1,972 667 246 3,615 902 507 398 1,815 649 222 165 1945 8,902 756 450 246 3,681 905 534 407 1,979 674 265 171 1946 7,628 271 287 235 3,815 964 638 458 2,148 517 253 179 1947 8,685 777 479 236 4,291 954 643 494 2,283 443 192 131 1948 9,672 1,148 699 289 4,830 983 657 493 2,694 563 263 178 1949 . 8,580 700 438 252 5,055 1,129 757 553 2,967 664 309 213 1950 9,473 1,385 783 312 5.431 1,303 824 619 3,342 952 441 276 Quarterly 1949—1 2,147 119 58 69 1,317 316 206 123 707 143 63 49 2 2,226 183 115 55 1,226 272 180 135 733 158 72 50 3 2,140 174 104 50 L.224 260 175 140 748 168 79 53 4 2,066 224 161 78 1,288 281 196 156 779 195 95 60 1950—1 1,985 109 3 52 61 1,378 351 8 230 146 787 210 3 99 63 2.. 2,238 248 M57 53 1,322 321 3212 153 821 231 3111 67 3 2,534 454 3257 55 1,317 293 3171 152 853 251 3112 71 4 2,716 574 3 318 142 1,415 339 3211 168 881 260 3119 75 1951—1 2 440 229 103 100 1,504 413 229 157 904 275 118 75 2 2,596 275 144 62 1,414 332 195 160 918 274 117 77 ' 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 New series. EAs 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 asseta 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). 1401 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1949 1950 1951 1948 1949 1950 2 3 4 1 i 3l 1 2 Nondurable goods industries Total (94 corps.):2 Sales 13 364 1?,790 14 710 3 051 3 163 3,333 3,251 3 453 3,939 4 066 4 4 Profits before taxes 2,208 1,843 2,701 397 446 503 504 581 782 833 850 '809 1 474 1,211 1 510 ?56 342 307 353 468 382 377 '369 Dividends 656 708 887 166 147 249 166 175 333 198 Selected industries: Foods and kindred products (28 corps.): Sales 3,447 3,254 3,416 79? 8?? 835 757 811 957 892 1,000 878 Profits before taxes 410 377 463 89 101 102 83 100 157 124 '83 Profits after taxes 257 233 253 54 63 64 47 58 88 59 58 '43 Dividends 135 134 141 31 29 44 31 33 34 44 31 33 Chemicals and allied products (26 corps.): Sales 3,563 3 567 4 456 860 896 910 952 1,049 1 ,19? 1,263 1,345 1,381 655 673 1 114 140 174 189 205 ?47 311 351 366 '367 Profits after taxes 408 403 560 83 105 115 117 141 176 '136 '138 Dividends 254 311 438 66 68 113 72 79 112 174 83 85 Petroleum refining (14 corps.): Sales 3,945 3,865 4 934 94? 996 960 989 1 113 1,172 1,704 1,704 7?1 5? 5 65? 119 114 131 133 188 209 717 ?03 Profits after taxes 548 406 443 9? 86 109 87 95 131 130 123 173 Dividends 17? 17? ?05 47 31 63 42 4? 44 77 57 55 Durable goods industries Total (106 corps.):3 Sales 567 886 r?Q '6 39? '6 307 '5,279 6,004 r7 '7 845 182 ,368 '8 757 Profits before taxes '3 105 '3 ,191 190 799 866 697 896 1 740 1 403 1 652 1 ,398 Profits after taxes . '1,835 '1,887 ,549 470 508 424 '503 '694 776 576 530 547 Dividends 746 '950 r] ,351 188 '185 '381 r71Q 370 541 r7 70 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 '3,198 Profits before taxes 1,174 993 1,698 252 228 160 299 400 455 544 525 '552 7?0 578 853 144 130 100 167 755 206 711 Dividends ?70 ?85 377 64 61 89 66 73 80 157 88 85 „ Machinery (27 corps.): Sales ,529 '4,353 '5,056 '1,182 '1,115 '1 ,163 '1,099 '1,195 '1 271 ,491 '1,480 '1,563 Profits before taxes '567 '519 '845 110 '147 '144 '167 '340 '248 7 36 Profits after taxes '320 '421 77 75 91 81 93 '107 140 94 '91 Dividends .. '125 '138 '208 32 31 '42 49 37 38 '84 '43 '47 Automobiles and equipment (15 corpi.): Sales 8,093 9,577 11,805 ,601 707 2,118 2,283 ,975 3 355 3,192 ,768 ,331 Profits before taxes 1,131 1,473 2,306 376 462 337 398 596 656 656 514 508 Profits after taxes 639 861 1,089 ?67 200 215 330 358 186 196 704 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 ghown separately, as follows: textile mill products (10); paper and allied product! (15); and miscellaneous (1). 'Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment ether 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 Income Profits Cash Undis- Profits Income Profits Cash Undis- Year before taxes after divi- tributed Quarter before taxes after divi- tributed taxes taxes dends profits 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 9 9 9 4 4 4 2 4 3 2 2 2 4 5 1 . . . 3 1 1 1 1 1 1 3 4 . . . 7 5 4 1 1 9 0 0 . . 4 6 8 4 4 4 . . . 3 7 5 5 6 6 . . . 2 1 1 1950— 2 1 3 37 1 . . 5 9 1 1 4 6 . . 4 9 2 1 0 7 . . 6 5 8 7 . . 4 8 1 9 2 . . 7 2 1945 19.7 11.2 8.5 4.7 3.8 3 45.7 20.5 25.2 9.4 15.8 1946 23.5 9.6 13.9 5.8 8.1 4 50.3 22.5 27.8 11.1 16.7 1947 30.5 11.9 18.5 6.6 12.0 1948 33.8 13.0 20.7 7.3 13.6 1951—l 51.8 '31.1 '20.7 8.8 '11.9 1949 28 3 11 0 17 3 7 6 9 8 2 '45 4 '27 0 '18 4 '9 6 '8 8 1950 41.4 18.6 22.8 9.2 13.6 3i '41.5 '17.0 '17.0 '9.6 '7.4 ' Revised i Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—-Same as for national income series. 1402 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 a Nonmarketable public issues End of month T g d r o e o t b s a s t l 1 d T d g i e r o r o b e t s a t c s l t Total * Tre b a il s ls ury c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total« s b a U o v . n i n d S g s . s T t s a r a n e x v o a i t s a n e u n g s r d s yT b i r o n s m e e n v a r e d e s i n e s s u t — s t r - y S i p ss e u c e ia s l i b n N e d te a e o r r b n e in t - s g t- 1944—June. . . . 202,626 201,003 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 Dec 232,144 230,630 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1945—June. . . . 259,115 258,682 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 Dec 278,682 278,115 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 1946—June.. . . 269,898 269,422 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 Dec 259,487 259,149 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 1947—June.... 258,376 258,286 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 Dec 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 970 28,955 2,695 1948—June 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 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—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 Oct 258,336 258,298 141,753 16,849 28,016 18,669 78,068 78,571 57,501 7,705 13,017 35,615 2,359 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,335 million dollars on Sept. 30, 1951. 8 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING OCTOBER 31, 1951 [In millions of dollars] On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury. In millions Am ou o t u - nt Funds receive p d e r fr io o d m sales during t R io e n d s e m an p d - Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of All Series Series Series All series E F G series Treasury bills 1 Treasury bonds—Cont. Fiscal year ending: Nov. 1, 1951 ,301 June 15, 5,825 June—1944.. 34,606 15,498 11,820 802 2,876 2,371 Nov. 8, 1951 ,300 June 15, 1,501 1945.. 45,586 14,891 11,553 679 2,658 4,298 Nov. 15, 1951 ,300 June 15, 510 1946.. 49,035 9,612 6,739 407 2,465 6,717 Nov. 23, 1951 ,101 Dec. 15, 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Nov. 29, 1951 ,101 June 15, 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 Dec. 6, 1951 ,103 June 15, 681 1949.. 56,260 7,141 4,278 473 2,390 5,067 Dec. 13, 1951 ,203 Mar. 15, 2,611 1950.. 57,536 5,673 3,993 231 1,449 5,422 Dec. 20, 1951 ,203 Mar. 15, 1,449 1951.. 57,572 5,143 3,272 347 1,523 6,137 Dec. 27, 1951 ,201 Sept. 15, 982 Jan. 3, 1952 ,202 Sept. 15, 3,822 1950—Oct 57,954 971 271 145 555 496 Jan. 10, 1952 ,201 June 15, 919 Nov.... 58,027 436 246 37 153 448 Jan. 17, 1952 ,200 June 15. 5,284 Dec.. . . 58,019 541 284 61 197 509 Jan. 24, 1952 ,201 Dec. 15, 3,469 Mar. 15, 1952 «.. ,234 Dec. 15, 1,485 1951—Jan 58,017 475 343 18 115 653 June 15, 2,118 Feb.. . . 57,769 386 272 17 97 528 Dec. 15, 2,831 Mar.... 57,764 359 280 12 67 560 Certificates June 15, 3,760 Apr.. . . 57,652 310 254 9 47 472 Apr. 1, 1952 \% 9,524 Dec. 15, 3,836 May.. . 57,607 296 247 8 41 478 July 1, 1952 1% 5,216 Mar. 15, 5,197 June.. . 57,572 290 244 8 38 476 Aug. 15, 1952 1J4 583 Mar. 15, 3,480 July... 57,538 311 258 8 45 482 Sept. 1, 1952 1% 1,832 June 15, 2,002 Aug... . 57,509 314 267 8 38 437 Oct. 1, 1952 IK 10,861 Sept. 15, 2,716 Sept... 57,488 273 230 7 36 390 Dec. 15, 4,076 Oct.. . . 57,501 334 274 10 50 410 Treasury notes Postal Savings Maturities and amounts outstanding October 31, 1951 bonds 102 N M M o a a v r r . . . 1 1 1 5 5 , , , 1 1 1 9 9 9 5 5 5 5 1 4 1 \ M \ y % 2 4 5 , , 2 6 3 7 6 6 6 5 5 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 Dec. 15, 1955 1% 6,854 Panama Canal Loan. 3 50 A O p c r t. . 1 1 , , 1 1 9 9 5 5 6 6 W \y2 2 1,0 5 0 0 7 2 Total direct issuei 141,753 1 19 9 5 5 2 1 3,7 9 7 1 1 2 3,7 9 7 1 1 2 1953 6,387 5,205 191 990 Treasury bonds 1 19 9 5 5 5 4 8 6, , 8 0 8 7 6 0 4 5 , , 4 7 6 2 8 3 4 5 7 0 9 3 1 1, 9 8 1 6 5 9 Dec. 15, 1951-533. *2 V± 1,118 Guaranteed securities 1956 5,106 2,287 582 2,238 M M a a r r . . 1 1 5 5 , , 1 1 9 9 5 5 2 2 - - 5 5 3 4 * .. . . . 2 2 y2 7 1. , 0 9 2 8 4 6 F V ed a e ri r o a u l s Housing Admin. 35 1 1 9 9 5 5 7 8 4 5 , , 8 00 8 1 7 2 2, , 6 3 0 8 4 3 4 2 6 4 4 4 2 2 ,1 0 5 4 2 1 1959. 4,820 2,695 261 1,864 I960 5,331 2,574 443 2 314 1 Sold on discount basis.*1 'See table on Open-Market Money Rates, 1961 3,526 2,022 206 1,298 p. 1398. 1962 2,206 376 1,830 2 Tax Anticipation Series. 1963 632 99 533 3 Partially tax exempt. Unclassified -33 4 Called for redemption on Dec. 15, 1951. 5 Maturity Sept. 15, 1953. Total 57,501 34,643 3,848 19,043 6 Maturity Dec. 15, 1955. 7 Restricted. NOVEMBER 1951 1403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g l u u a d r - - trust funds 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals l M an is e c o e u l s a se n c t u e r e i d - Special Public Total R B e a se n r k v s e m ba e n rc k ia s1 l s b a a v n in k g s s panies r c a o t r i p o o n - s go lo v c e a r l n- Savings Other in to v r es s - 1 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—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6,500 43,500 19,800 8,800 1947—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—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 Aug 256,677 35,146 6,339 215,192 23,127 58,900 10,100 16,700 21,700 8,000 49,000 16,800 10,800 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1951. 8 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 a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other ing and serve banks1 ings panies ing and serve banks1 ings panies f t u r n u d st s Banks banks fturnudsts Banks banks Type of Treasury bonds security: and notes, due or callable: To 1 1 1 t 9 a 9 9 l 4 5 5 : 9 ' 0 1 — — — D D J J J u u e e u n c c n n e e e . . . . . . . . 1 1 1 1 1 5 5 5 3 5 5 5 5 7 2 , , , . , 1 3 1 9 4 6 2 3 4 7 0 5 8 4 1 5 3 5 5 5 . , , , , 2 3 3 3 3 7 6 2 5 7 2 5 7 0 4 2 2 1 1 1 0 0 8 8 9 , , , , , 2 7 3 8 3 6 7 3 8 4 8 8 1 5 3 5 5 5 5 5 1 8 6 4 9 , , , , , 9 5 2 8 8 7 1 3 5 9 2 5 7 6 3 1 1 1 1 8 0 0 0 1 , , , , , 2 7 8 1 0 5 7 7 4 2 2 4 7 4 9 1 1 1 1 1 6 2 8 8 9 , , , , , 8 0 1 5 0 6 7 3 3 9 2 7 2 5 0 4 4 4 4 4 4 2 3 1 4 , , , , , 4 5 6 7 0 2 5 6 6 8 9 8 3 3 7 Wi 1 1 1 t 9 9 9 h 5 5 i 4 n 1 0 9 — — — 1 D D y J J J e e u u e u c c a n n n r e e e : . . . . . . . . . . . . 3 3 1 1 1 7 8 0 1 4 , , , , , 6 9 3 2 3 3 0 8 2 1 1 5 7 6 9 3 4 4 7 6 9 9 9 0 1 10 2 , , 2 3 9 8 5 4 7 8 0 7 1 3 2 5 8 1 1 9 7 7 5 4 , , , , , 0 0 0 0 6 1 0 2 4 8 4 1 1 5 3 2 4 2 2 1 6 3 3 3 5 7 0 6 8 1 1,0 4 3 3 9 4 6 6 2 8 4 0 8 6 5 1 1 3 2 2 0 0 , , , , , 6 3 5 7 7 4 8 2 0 5 7 2 5 0 3 July.... 139,305 3,30721,364 51,752 8,192 11,99342,697 Aug 139,771 3,30521,41351,754 8,155 11,77543,369 July.... 37,183 48 10,295 14,972 457 1,000 10,411 Treasury bills: Aug 31,832 40 8,640 13,550 432 875 8,295 1949—June 11,536 63 4,346 2,817 13 60 4,237 Dec 12,319 11 4,829 3,514 15 70 3,880 1-5 years: 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—June.... 13.614 26 527 3.750 122 829 8.360 1950—June.... 51,802 327 5,116 33,127 1,058 1,731 10,443 July.... 1 15 4 , , 0 4 1 1 2 3 4 4 7 3 5 61 6 6 6 4 4 , , 0 04 7 2 6 1 10 0 3 1 8 7 9 6 1 7 8 9, , 4 7 0 6 7 6 1951— D J e u c ne.... 3 3 1 3 , , 0 3 2 7 2 8 1 13 8 9 9 3 1 , ,2 8 8 7 5 8 2 2 4 0 , , 5 8 3 5 4 3 5 22 6 7 8 1,1 7 4 5 2 6 5 5, , 1 6 6 6 9 0 Ce 1 rt 9 if 4 i 9 ca — t D e J s e u : c ne.... 2 2 9 9 , , 4 6 2 3 7 6 4 2 8 6 6 6 , , 8 2 5 7 7 5 1 9 1 , , 5 5 6 2 1 0 2 1 0 6 7 9 6 6 0 3 2 3 1 1 2 0 , , 1 9 7 9 4 1 J A u u l g y.... 3 32 2 , , 0 0 2 2 5 4 1 1 3 3 5 4 4 4, , 8 8 7 7 8 82 20 0 , , 9 9 0 5 2 7 2 22 2 2 0 6 7 8 5 9 8 5 5, , 2 0 0 7 2 4 1950—June.... 18,418 7 5,357 5,354 64 382 7,254 1951— D J e u c ne.... 9 5 , , 5 3 0 7 9 3 3 2 , , 1 3 9 3 4 4 2 1 , ,5 7 4 5 4 3 37 7 28 5 7 3 3 1 , , 2 43 2 5 1 5— 1 1 9 0 4 y 9 e — ar D J s e : u c ne.... 1 1 5 8 , , 0 5 6 3 7 7 5 5 3 6 2 8 1,3 5 8 8 8 4 6 6 , , 5 9 8 9 7 5 2 2 , , 0 6 0 4 2 0 2 1 , ,7 2 3 3 2 0 4 3 , , 7 6 1 3 6 0 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 Aug 14,740 30 4,851 4,130 44 442 5,243 Dec 17,411 412 982 7,329 2,125 1,948 4,615 Treasury notes: 1951—June.... 15,962 376 1,032 6,273 2,009 1.858 4,414 1949—June.... 3,596 47 359 1,801 41 104 1,244 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 Aug 15,962 375 1,032 6,292 1,980 1,852 4,431 Dec 39.258 10 12,527 15,833 136 707 10,045 1951—June 35,806 14 12,439 13.704 120 687 8,842 After 10 years: Treasury J A b u u o l g n y d . s , : .. 3 31 6 , , 0 3 1 6 0 0 1 1 3 3 1 11 3 , , 8 4 3 9 8 3 1 1 3 2 , , 7 1 0 4 2 8 1 9 1 8 5 6 52 5 9 7 6 8 , , 3 3 8 8 4 0 1 1 9 9 4 5 9 0 — — D J J e u u c n n e e . . . . . . . . 4 4 4 8 5 5 , , , 5 0 0 5 8 8 4 4 4 4 4 4 , , , 4 4 4 8 4 5 1 2 5 4 3 2 , , , 4 5 3 5 9 4 2 3 9 3 4 3 , , , 0 9 8 9 8 3 2 7 3 6 7 7 , , , 1 5 2 3 8 9 0 8 3 1 1 1 3 4 3 , . , 5 1 4 0 7 8 7 9 5 1 1 1 3 4 3 , , , 2 5 0 4 2 9 2 4 0 1949—June.... 110,426 5,201 7,78042,042 10,768 18,31526,320 Dec 43,599 4,682 2,508 2,932 7,180 12,308 13,989 Dec 104,758 5,217 7,21839,235 10,480 17,57925,029 1951—June.... 30,023 2,629 1.397 2,781 5,389 7,293 10,534 1950—June.... 102,795 5,273 5,61838,691 10,624 17,24925,340 1951— D Ju ec ne.... 9 7 4 8 , , 0 8 3 3 5 2 3 5 . , 1 2 7 8 8 3 4 4. , 1 6 0 2 8 03 3 3 1 , , 6 2 0 8 7 6 9 7 , , 9 9 6 7 7 3 1 1 5 0 , , 6 2 1 6 7 4 2 2 4 2 , , 9 0 4 2 1 3 J A u u l g y.... 3 3 0 0 , , 0 0 1 2 8 1 2 2 , , 6 64 3 8 8 1 1, , 3 3 9 9 7 7 2 2, , 7 7 7 7 6 9 5 5 , , 3 3 7 7 7 5 7 7, , 1 2 3 0 7 0 1 10 0 , , 6 6 8 3 5 0 July.... 78,830 3,182 4,108 31,290 7,940 10,14922,161 Aug 78,827 3,185 4,108 31,372 7,909 10,025 22,228 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. «Less than $500,000. 1404 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) decrease (—) during period Assets y m F e i o a s r n c a t o h l r N re e - t Bu ex d - get s B ( u + u r ) d p g l o u e r s 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 ceipts p t e u n re d s i- deficit c e o t u c n .1 ts, co ac u - nt1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f g e u i e r n n a n d l - Total b s F e a R e e r n r e a d v k - l - e s2 d i S t e c a p p i r a e o i l - e s s - 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 Fiscal year: 1949 38 246 40 057 — 1 811 —495 +366 +478 — 1 462 3 470 3 862 438 1 771 I 653 392 41 62840 576 +1,051 1950 37,045 40 167 —3,122 +99 +483 +4 587 +2,047 5 517 5 927 950 3 268 I 709 410 40 97043 155 2 185 1951 48,143 44 633 +3,510 +679 —214 —2 135 +1 839 7 357 7 871 338 5 680 L 853 514 53 43945 go4 +7,635 1950—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 4-252 4+169 -63 +140 -6 4,139 4,586 714 2,232 1,640 446 3,487 3,415 +72 Dec. 4,211 3,742 +470 +45 -52 -369 +93 4,232 4,724 690 2,344 1,690 492 4,488 4,004 +485 1951—Jan.. . 4,448 3,808 +640 -83 +247 -583 +221 4,454 4,865 807 2,117 1,941 412 4,696 3,438 +1,259 Feb... 4,257 3,211 +1,047 +227 -161 -184 +929 5,382 5,806 465 3,614 1,726 423 4,877 3,522 +1,356 Mar.. 8,112 4,058 +4,054 -34 +111 -944 +3,187 8,569 8,991 1,120 5,900 1,971 422 8,489 4,219 +4,270 Apr.. . 2,626 4,007 -1,381 -69 +106 -270 -1,614 6,955 7,360 611 5,030 ,719 405 2,960 4,144 -1,184 May.. 3,146 4,517 -1,370 + 136 -304 +366 -1,173 5,782 6,376 666 4,029 1,681 594 4,148 5,154 -1,006 June.. 7,089 5,969 + 1,119 +284 +43 + 129 + 1,574 7,357 7,871 338 5,680 ,853 514 7,367 5,223 +2,144 July.. 2,571 4,739 -2,168 + 11 -14 +435 -1,737 5,620 6,032 584 3,694 ,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 1,861 439 6,555 4,862 +1,693 Oct... 2,635 5,483 -2,847 -55 -86 +945 -2,042 4,874 5,311 493 3,021 1,798 437 DETAILS OF TREASURY RECEIPTS On basis of daibr statements of United States Treasury On basis of reports by collectors of interna revenue Income taxes Deduct F o i r s c m al o y n e th ar b p W y l h o e i e y t l m e d h r - s - Other i r n e n c M t v e e e e l o i r l n s u a n - u - s a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e ts r c T e r o i e p t - a t l s R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y l 5 t - y c N e r i e e p - t ts i i n i W n n c o t d s o a i l i u d t m x v h r - e i e a a h d s g n e 7 a u e c l n a d e l d w t i v i a n I t x i c h n d o h d n u 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 e p x f o e i i a t n s r s n a - d - t t a a g E a n x i s f t d e e - t s l m E a o t n a a i x t s e x n h c c o d e e i e s s u 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—Oct 514 591 808 186 202 2,300 62 181 2,056 974 183 403 51 763 Nov.... 1,620 320 746 310 187 3,184 45 288 2,851 2,336 103 213 47 712 Dec 988 2,175 764 377 169 4,474 23 239 4,211 267 257 1,907 44 679 1951—Jan 6 t680 2,709 853 6149 230 4,621 42 131 4,448 829 2,527 297 80 820 Feb., . . 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 151 54 730 Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 129 682 Apr.. . . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May. .. 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 Tune... 1,123 5,065 719 425 270 7,603 234 280 7,089 256 1,195 3,908 47 660 July. . . 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 1,128 4,115 707 451 124 6,524 57 258 6,209 110 1,276 2,942 52 641 Oct. . . . 8 781 828 885 46 168 2,708 41 5 32 2,635 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 I t in i n a n a o a t n i a n n e d d - a c r- l e t e r m V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u 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 u E e y n r x e d - s i- ce R i e p - ts O m v I e t e n h s n - t e - t r s p tu E e r n x e d - s i- Fiscal year: 1949 40,057 12,158 5,339 6,016 6,791 2,656 916 6,181 3,722 1,479 2,252 1,992 832 1,046 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—Oct 3,170 1,338 229 360 457 -45 84 748 300 157 214 192 -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 (9) 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 2,628 580 301 365 36 496 757 421 193 243 475 323 99 Oct 5,483 P3,165 497 P333 406 P187 87 P807 179 59 253 190 -58 169 p Preliminary. * 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. s These are appropriatedfdirectly 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 Current appropriations to the Federal old-age and survivors insurance trust fund were^suspended on Oct. 10, 1951, to effect an adjustment of 113 million dollars during October. 9 Less than $500,000. NOVEMBER 1951 1405 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 terns 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 Com- Invest- B a o n n d d s d , e n b o e t n e - s, U. S. Primodi- ments Land, tures payable Gov- vately Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m p s r t a l i u i a n i e a p e t d s l - e s s , , - G U s ri e o t . c i v e u S t s - . . O r s i e t t i c h e u e s - r 2 s e t m u t a q r r n e u u e d n i c s p t - , - O s a t e s h t - s er a F g n u u b t a e y ll r e y - d Other O li i a t t i b h e i e s l r - i m n e e r t e s e n n t r - t - o in w e t s e n t r e - d U. S. All agencies: Sept. 30, 1950 . 24,102 598 12,769 1,739 2,112 3,478 2,931 476 19 1,108 970 21,791 214 Dec. 31, 1950 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 Mar 31 1951 25,104 715 13,496 1,764 2,162 3,467 2,951 549 19 1,247 1,234 22,337 268 June 30 1951 25,188 649 13,504 1,719 2,185 3,474 2,999 659 29 1,378 932 22,533 315 Classification by agency, June 30, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 377 18 310 43 (3) 6 81 1 273 21 Federal intermediate credit banks 822 15 754 46 7 753 8 61 Production credit corporations 56 1 42 - 13 55 Agricultural Marketing Act Revolving Fund 1 (3) 1 (3) (3) 1 Federal Farm IVtortcacre Corn 39 3 35 1 1 1 38 Rural Electrification Administration 1,709 18 1,643 47 1 1,708 Commodity Credit Corporation 2,106 19 349 U350 111 277 129 1,977 Farmers' Home Administration * 501 19 455 1 (3) 26 1 500 Federal Crop Insurance Corp 36 33 3 6 30 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,092 27 816 246 (3) 3 544 245 10 294 Federal Savings and Loan Insurance Corp.. 207 (3) 201 5 5 202 Home Owners' Loan Corp 2 2 1 (3) Public Housing Administration 8 1,784 46 463 (3) 1.258 17 40 1,744 Federal Housing Administration 399 41 23 266 (3) 1 67 27 190 182 Office of the Administrator: Federal National Mortgage Association. . . 1,592 1 1,579 13 2 1,591 Other 72 9 25 35 4 (3) 72 Reconstruction Finance Corporation: Assets held for U S Treasury 6 798 2 1 160 3 589 43 798 Other7 898 12 763 1 73 1 47 67 830 Export-Import Bank 2,351 1 2,314 35 56 2,294 Federal Deposit Insurance Corp 1,347 3 1,338 6 103 1,244 Tennessee Valley Authority 1,152 171 13 960 7 33 1,119 All other 7,848 207 3,973 196 (3) 3,385 44 44 44 7,804 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 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 c r 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 m c n c a a - l . - F A H e a d r o r s m m m ' . e - N M A g F a a s o t a e g i s l r d 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 a m d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r - t - t k - o A th l e l r a c g A i e e l n l s - a M g 1 e a 9 a n r 5 l . c l 1 3 i , e 1 s . To aid agriculture ... 40 754 312 354 1,644 565 6 3,675 3,931 To aid home owners 1 ,579 " 2 126 102 1,809 1,721 To aid industry: Railroads 103 2 105 108 Other 439 59 498 473 To aid financial institutions: Banks (3) Other 816 8 824 760 Foreign loans 79 2.322 *3', 750 6,151 6,116 Other 462 54 111 627 564 Less: Reserve for losses 5 2 5 2 109 1 46 7 9 186 178 Total loans receivable (net)... 35 754 310 349 1,643 455 1,579 463 816 764 2,314 4,021 13,504 13,496 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. * Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 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 June 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 1406 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 1 s s 9 t i 3 r c i 5 a a - l l 3 v 9 p o r = o lu d 1 m u 0 c 0 e t ) i * o 1 n aw 1 C a 9 o c r 2 d n o 3 e s n - d t t 2 r r u 5 a ( c v c = t t a 1 i s o l 0 u n 0 e)2 Em 19 p 3 lo 9 y = m 10 e 0 nt8 Depart- Whole- Year or month Total D f u M a - c a tu n r u N e - d s o u n - - M era in ls - Total R d t e e ia s n l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory 1 r 9 F p t o 1 o 3 a a l 0 l 9 r y c s 0 y - - = ' c 1 F a 9 i = r r n 3 e l g 1 o 5 i s g 0 - a * 3 0 d h 9 - t 1 u 9 m s = s ( e 3 t v a ) o e 1 5 a l e n r l 0 - * e - s t 3 0 4 9 1 s p 9 u = C r 3 i m c o 5 1 e n e - 0 s - 3 r 0 s 3 9 ' p m c = r 1 s i o o 9 a c 1 m d 2 l e 0 e i 6 s - 0 ty rable rable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88.6 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 89 4 104 1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79.7 79 7 80.2 110 92 127.7 97 6 1922 73 81 67 71 79 68 88 84 4 88 2 86 0 121 93 119 7 96 7 1923 88 103 72 98 84 81 86 92 9 100 9 109.1 142 104 121 9 100 6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122.2 98.1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103.5 1926 96 114 79 100 129 121 135 97 5 98 9 110 5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98.0 96 7 108.5 147 113 124.0 95 4 1928 99 117 85 99 135 126 142 98 1 96 9 109 8 148 114 122 6 96 7 1929 110 132 93 107 117 87 142 102 5 103 1 117 1 152 116 122 5 95 3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931 75 67 79 80 63 37 84 87.1 75.8 71.8 105 96 108.7 73.0 1932 58 41 70 67 28 13 40 77 2 64 4 49 5 78 75 97 6 64 8 1933 69 54 79 76 25 11 37 77 5 71 3 53.1 82 73 92.4 65 9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95.7 74.9 1935 87 83 90 86 37 21 50 88 5 88 7 78.6 92 88 98 1 80 0 1936 103 108 100 99 55 37 70 95 1 96 4 91.1 107 100 99.1 80.8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102.7 86.3 1938 89 78 95 97 64 45 80 95 4 90 0 84 7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100 0 100 0 100.0 101 106 99.4 77.1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100.2 78.6 1941 162 201 142 125 122 89 149 119 4 132.8 164.9 130 133 105.2 87.3 1942 199 279 158 129 166 82 235 131 1 156 9 241 5 138 150 116 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 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 1 150 9 148 3 367.5 126 362 172.0 162.9 August 209 212 247 195 159 334 362 311 148.3 155.0 156.3 394.4 135 336 173.4 166.4 September 211 216 251 194 163 321 332 312 149.2 156.0 158.9 403.2 134 -•319 174.6 169.5 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 222 223 276 198 165 361 276 430 153 6 161 3 158 6 428.4 133 301 185.4 182.9 June 221 223 274 197 165 374 289 443 153 9 161 2 '•159 5 r434.3 131 302 185.2 181.7 July 212 214 266 187 156 303 298 306 153 9 160 3 157.6 '424.1 125 309 185.5 179.4 August 217 221 268 193 166 291 292 291 153.6 158.4 159.7 431.3 133 319 185.5 178.0 September 3»219 P224 P273 *>192 ?169 P272 P280 P266 P153 2 P156 9P159 6 «436.1 133 ?312 186.6 177.6 October «220 e224 «277 190 168 135 «304 * Average per working day. « Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1408-1411. 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. 1415. 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. <For indexes by Federal Reserve districts and other department store data, see pp. 1417-1420. 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. NOVEMBER 1951 1407 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total . 211 216 215 218 221 221 222 223 222 221 212 217 P219 Manufactures— Total 220 225 224 229 231 232 234 234 233 231 222 227 P228 Durable Manufactures . 251 261 260 268 268 271 277 279 276 274 266 268 *>273 Iron and Steell . .. ... 24% 253 246 253 255 252 263 264 263 261 253 '254 Pig iron 223 225 211 216 224 217 228 231 234 235 230 230 231 Steel 275 286 272 280 288 281 298 301 301 296 293 291 298 Open hearth 203 209 198 207 212 206 217 218 217 213 215 208 213 Electric 792 835 803 802 827 815 879 891 897 884 850 881 902 Machinery 283 303 311 321 322 328 335 337 336 338 327 328 P336 Transportation EQuipment 284 291 278 292 285 304 314 311 310 '307 '298 310 P319 Automobiles (including parts) . ... 265 271 249 260 246 262 265 255 248 »-238 r222 230 P234 (Aircraft; Railroad Equipment; Shipbuilding — Private Wonferrous Metals and Products 216 223 226 227 224 217 209 '211 '206 '205 '199 197 P201 Smelting and refining 209 217 221 218 219 222 225 »"227 '227 '226 213 P212 (Copper smelting; Lead refining; Zinc smelting; Fabricating 219 225 228 230 226 215 202 204 197 197 188 190 P196 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 166 166 169 173 171 169 169 170 163 153 '141 146 P!46 Lumber 150 150 155 162 162 156 156 162 158 147 131 137 135 Furniture 196 198 197 195 190 193 195 185 173 164 159 165 P169 Stone Clay and Glass Products.... 215 229 227 235 236 237 243 247 236 239 237 227 P225 Glass products 212 245 235 247 240 243 251 270 242 250 '259 231 P227 Glass containers ... 225 262 247 265 257 261 269 292 257 269 285 249 246 Cement 206 214 214 232 238 245 252 243 231 235 226 222 219 Clay products 169 168 175 173 191 186 189 189 184 184 178 175 P173 Other stone and clay products 2 Nondurable Manufactures.... . 194 196 195 197 201 201 199 198 198 197 187 193 P192 Textiles and Products 191 197 193 194 194 194 188 185 190 185 160 170 P165 Textile fabrics. . 171 178 173 173 174 176 171 165 169 164 138 150 P146 Cotton consumption 152 162 158 158 163 174 175 153 164 157 123 145 142 Ravon deliveries 380 374 381 397 392 390 374 380 377 378 380 '361 335 Nylon and silk consumption2 Wool textiles 171 180 164 160 156 144 133 146 144 137 100 115 Carpet wool consumption 204 228 204 201 180 181 169 131 101 87 27 58 Apparel wool consumption 170 179 148 140 151 140 128 158 163 153 117 133 Wool and worsted yarn. . . 158 163 146 141 142 133 123 140 141 135 105 117 Woolen yarn 137 142 122 121 121 119 111 116 120 119 92 108 Worsted yarn 187 192 180 169 173 152 140 174 171 157 123 130 Woolen and worsted cloth. 172 180 172 169 163 143 130 159 163 159 124 135 Leather and Products 124 115 109 108 115 122 118 106 97 99 85 99 Leather tanning . . 111 106 108 106 107 112 105 97 88 89 75 81 Cattle hide leathers 125 119 121 120 120 126 119 110 104 109 99 Calf and kip leathers 91 84 89 84 77 88 80 78 56 51 42 44 Goat and kid leathers 84 88 96 88 94 96 93 87 80 73 r58 66 Sheep and lamb leathers 104 94 81 87 98 92 83 69 55 50 54 56 Shoes . . . . 133 121 110 109 121 128 127 112 103 106 92 110 Manufactured Food Products 167 162 161 165 168 166 167 168 167 165 '165 164 P162 Wheat flour 103 100 107 116 128 119 110 108 109 103 107 112 P103 Cane sugar meltings2 Manufactured dairy products 148 145 143 141 142 142 146 147 148 150 150 148 P143 Butter 78 75 72 70 73 71 72 74 72 75 77 77 73 Cheese 161 158 164 167 170 169 176 177 174 183 180 173 162 Canned and dried milk 158 150 142 131 131 135 152 156 164 168 169 160 138 Ice cream 2 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately ; 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. 1408 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 o Governors. 1935-39 average == 100] 1950 1951 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Meat packing . ... 168 158 165 171 162 148 159 163 149 145 152 162 168 Pork and lard , 196 188 195 202 188 171 194 208 181 188 187 207 221 Beef 153 138 148 155 152 141 139 134 134 110 126 128 126 Veal .... 120 107 108 104 93 88 82 79 79 95 107 110 99 Lamb and mutton 78 77 76 77 80 66 62 59 52 66 70 65 64 Other manufactured foods 174 171 168 172 176 176 177 177 176 175 173 172 P170 Processed fruits and vegetables 142 147 149 142 161 158 176 169 166 ••160 '148 138 P133 Confectionery 146 125 125 147 148 138 127 128 132 131 127 Other food products 187 184 181 184 185 188 186 187 186 186 ••188 188 P186 Alcoholic Beverages 203 182 207 208 248 225 207 187 179 178 175 178 184 Malt liquor 155 150 183 168 185 166 169 161 157 155 163 165 164 Whiskey 146 157 178 157 15S 135 150 118 117 104 78 51 70 Other distilled spirits 549 308 235 463 716 658 677 706 560 604 474 492 335 Rectified liquors , 340 304 341 340 439 408 240 148 174 174 197 223 332 Tobacco Products 172 165 171 153 177 179 170 177 172 171 161 183 177 Cigars .. . 120 124 127 89 101 107 100 104 105 115 98 114 123 Cigarettes 229 215 227 215 248 249 238 248 239 233 225 252 239 Other tobacco products 71 72 65 56 70 69 62 66 64 66 57 73 70 Paper and Paper Products 194 202 201 197 204 207 208 214 212 208 190 196 197 185 193 191 189 192 197 198 204 200 198 183 189 192 Pulp 213 228 220 218 220 228 229 241 233 235 230 228 234 Groundwood pulp 133 127 109 125 117 119 116 116 115 123 137 132 138 Soda pulp. . 114 96 92 92 94 98 94 100 99 88 78 93 96 Sulphate and Sulphite pulp8 240 265 258 251 256 265 269 284 274 275 269 265 272 Paper 180 188 186 184 188 193 193 198 195 193 176 183 185 Paperboard 232 238 240 229 247 245 248 253 256 247 217 224 216 Fine paper * . , Printing paper 180 187 183 188 181 192 189 194 186 180 167 185 192 Tissue and absorbent paper 185 207 196 202 206 205 208 224 207 204 204 196 200 Wrapping paper 156 164 163 165 159 172 171 172 170 177 165 168 180 116 117 112 117 117 120 119 119 121 127 123 123 124 Printing and Publishing .. .. ... 172 179 174 175 170 177 176 183 176 171 166 174 179 Newsprint consumption 163 171 165 162 159 162 162 171 166 163 166 164 167 Petroleum and Coal Products 243 251 253 263 272 269 269 255 263 263 '262 265 v264 Petroleum refining *... Gasoline 195 196 i95 197 202 198 199 193 207 212 211 213 P212 Fuel oil 200 210 209 225 238 238 227 204 210 215 213 209 P210 177 184 187 188 192 179 190 189 193 194 195 200 Kerosene 198 195 195 208 237 230 230 221 201 205 209 208 Coke 178 183 178 182 187 183 184 185 186 187 183 187 185 By-product coke 170 175 170 174 177 174 176 178 178 179 178 179 178 Beehive coke 443 467 436 457 522 487 475 433 456 476 388 456 412 Chemical Products 271 277 280 284 287 288 292 296 298 302 '305 307 P307 Paints 168 164 162 160 163 168 166 164 160 167 164 P158 Rayon 376 371 378 385 387 384 374 377 378 385 393 393 P394 Industrial chemicals 465 488 497 504 506 510 524 532 538 548 553 559 P568 Other chemical products 2 Rubber Products 244 250 250 251 244 235 239 238 247 '251 '245 247 P243 Minerals—Total 163 166 160 157 164 158 158 164 165 165 156 166 P169 Fuels 167 170 165 163 169 163 163 167 168 169 160 171 P173 Coal 133 141 127 130 140 118 111 120 118 123 97 123 125 Bituminous coal 144 151 138 143 151 125 127 133 126 133 105 134 137 Anthracite 92 102 84 80 96 89 48 64 83 86 66 77 79 Crude petroleum 184 184 184 178 184 185 189 191 192 191 192 194 197 Metals 141 141 130 126 130 131 127 140 151 145 132 136 P144 Metals other than gold and silver. . 198 199 180 173 180 181 176 199 216 209 187 194 P208 Iron ore (Copper; Lead; Zinc)2 Gold 59 59 59 57 57 55 56 54 56 52 52 Silver 73 73 70 77 78 80 77 77 76 73 67 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. NOVEMBER 1951 1409 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total 216 220 275 216 216 217 219 222 223 223 214 221 P224 Manufactures — Total 224 229 226 227 226 228 231 232 r233 232 224 230 P233 Durable Manufactures 253 263 260 266 264 268 275 278 277 276 267 270 P275 Iron and Steel *. 245 253 246 253 255 252 263 264 263 261 253 '254 257 Pig iron 223 225 211 216 224 217 228 231 234 235 230 230 231 Steel 275 286 272 280 288 281 298 301 301 296 293 291 298 Open hearth . . . « 203 209 198 207 212 206 217 218 217 213 215 208 213 Electric 792 835 803 802 827 815 879 891 897 884 850 881 902 Machinery 283 303 311 321 322 328 335 337 336 338 327 328 P336 Transportation Equipment 284 291 278 292 285 304 314 311 310 '307 '298 310 P319 Automobiles (including parts) 265 271 249 260 246 262 265 255 248 '238 '222 230 P234 (Aircraft; Railroad equipment; Shipbuilding—Private 216 223 226 227 224 217 209 '211 '206 '205 '199 197 P201 Smelting and refining 209 217 221 219 220 222 225 r227 '227 r225 r225 213 P212 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 219 225 228 230 226 215 202 204 197 197 188 190 P196 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 179 176 168 158 153 154 160 169 168 164 '150 158 P158 Lumber 170 165 153 140 134 134 141 161 165 163 146 154 153 Furniture 196 198 197 195 190 193 195 185 173 "•164 159 165 *>169 Stone, Clay, and Glass Products 223 240 233 227 223 221 232 243 242 241 239 237 P235 Glass products 215 251 237 233 236 237 251 270 255 248 250 238 P231 Glass containers 229 269 250 246 251 253 269 292 275 266 273 259 251 Cement 239 249 231 211 193 186 207 231 242 251 248 251 254 Clay products 175 177 182 178 178 176 180 183 184 184 179 181 P180 Other stone and clay products ' Nondurable Manufactures 201 201 197 196 196 196 194 195 197 197 189 197 P198 Textiles and Products 191 197 193 194 194 194 188 185 190 185 160 170 P165 Textile fabrics 171 178 173 173 174 176 171 165 169 164 138 150 P146 Cotton consumption 152 162 158 158 163 174 175 153 164 157 123 145 P142 Rayon deliveries 380 374 381 397 392 390 374 380 377 378 380 361 335 Nylon and silk consumption 2 Wool textiles 171 180 164 160 156 144 133 146 144 137 100 115 Carpet wool consumption... . 204 228 204 201 180 181 169 131 101 87 27 58 Apparel wool consumption 170 179 148 140 151 140 128 158 163 153 117 133 Woolen and worsted yarn 158 163 146 141 142 133 123 140 141 135 105 117 Woolen yarn 137 142 122 121 121 119 111 116 120 119 92 108 Worsted yarn 187 192 180 169 173 152 140 174 171 157 123 130 Woolen and worsted cloth 172 180 172 169 163 143 130 159 163 159 124 135 Leather and Products. ... 123 115 111 107 116 125 118 106 97 98 83 98 Leather tanning . . 109 107 111 106 108 120 104 97 88 86 71 80 Cattle hide leathers 122 120 126 120 123 136 119 110 104 105 86 96 Calf and kip leathers 89 86 91 82 76 93 79 75 54 52 42 47 Goat and kid leathers 85 88 93 89 94 100 92 89 78 74 '51 64 Sheep and lamb leathers 102 94 85 83 91 101 80 68 59 50 50 58 Shoes 133 121 110 109 121 128 127 112 103 106 92 110 Manufactured Food Products 190 173 163 161 155 149 149 152 159 165 176 187 P!85 Wheat flour 112 107 108 115 128 120 107 103 104 99 106 111 P\\2 Cane sugar meltings 2 .... Manufactured dairy products 156 119 94 90 90 101 120 153 196 221 221 215 169 Butter 74 64 55 55 61 63 65 75 93 104 94 85 70 Cheese 164 142 123 121 126 139 158 184 233 259 221 194 166 Canned and dried milk 145 122 102 101 106 121 149 176 228 232 196 164 127 P Preliminary. ' Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately 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. 1410 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued \Ieat packing 152 158 184 203 193 142 147 150 149 144 141 139 149 Pork and lard 155 177 228 267 247 168 180 189 181 188 165 159 174 Beef 165 151 154 155 155 129 127 126 134 107 127 130 136 Veal 132 122 116 98 86 77 77 78 82 95 107 108 109 Lamb and mutton 84 80 76 75 85 67 60 57 53 62 67 64 69 Other manufactured foods . . ... 206 189 175 169 162 159 156 157 159 165 181 198 P199 Processed fruits and vegetables 276 190 137 111 105 100 97 103 108 rl23 '193 262 P258 Confectionery 189 164 147 148 152 139 118 106 102 97 104 Other food products... 191 193 190 188 178 178 178 180 182 188 191 192 P190 Alcoholic Beverages.. . ..2.17 205 195 189 211 198 185 175 180 191 190 179 193 Malt liquor 156 139 141 134 151 149 157 169 179 195 204 188 166 Whiskey 146 157 178 157 155 135 150 118 117 104 78 51 70 Other distilled spirits 753 798 493 509 466 394 440 424 336 374 275 266 459 Rectified liQuors 340 304 341 340 439 408 240 148 174 174 197 223 332 Tobacco Products 181 170 174 142 177 170 161 167 172 178 167 190 188 Cigars 120 124 127 89 101 107 100 104 105 115 98 114 123 Cigarettes . . 245 224 231 198 248 234 222 231 239 245 236 265 256 Other tobacco products 76 77 67 50 69 67 62 66 65 67 57 71 75 Paper and Paper Products 194 202 201 197 203 208 208 215 212 209 189 196 196 Paper and pulp 184 193 191 188 192 198 198 205 201 199 182 188 191 Pulp 211 227 221 218 221 228 231 243 234 235 228 226 232 Groundwood pulp , 119 119 115 126 121 124 124 128 124 124 122 116 123 Soda pulp 114 96 92 92 94 98 94 100 99 88 78 93 96 Sulphate and Sulphite pulp 3.... 240 265 258 251 256 265 269 284 274 275 269 265 272 Paper 180 188 186 184 188 194 193 199 195 193 175 183 185 Paperboard 232 238 240 229 247 245 248 253 256 247 217 224 216 Fine paper 2 Printing paper 180 187 183 188 181 192 189 194 186 180 167 185 192 Tissue and absorbent paper 185 209 196 196 204 214 208 226 207 208 196 196 200 Wrapping paper 156 164 163 165 159 172 171 172 170 177 165 168 180 Newsprint 116 117 113 114 117 120 119 121 122 129 121 122 124 Paperboard containers (same as Paperboard) Printing and Publishing 172 183 182 179 164 176 179 188 179 170 155 166 180 Newsprint consumption 165 180 180 170 148 159 169 181 172 161 143 147 168 Printing paper (same as shown under Paper).. . Petroleum and Coal Products 243 251 253 263 272 269 269 255 263 263 262 265 P264 Petroleum refining 2 Gasoline 195 196 195 197 202 198 199 193 207 212 211 213 P212 Fuel oil 200 210 209 225 238 238 227 204 210 215 213 209 P210 Lubricating oil 177 184 187 187 186 177 188 197 201 194 193 198 Kerosene 196 195 201 214 241 241 235 226 203 193 194 199 Other petroleum products 2 Coke 178 183 178 182 187 183 184 185 186 187 183 187 185 By-product coke 170 175 170 174 177 174 176 178 178 179 178 179 178 Beehive coke 443 467 436 457 522 487 475 433 456 476 388 457 412 Chemical Products 272 282 284 288 288 291 296 298 298 300 301 303 P309 Paints 166 164 160 160 160 166 165 165 165 165 165 162 P156 Rayon 376 371 378 385 387 384 374 377 378 385 393 393 P394 Industrial chemicals 465 488 497 504 506 510 524 532 538 548 553 559 P568 Other chemical products 2 Rubber Products 244 250 250 251 244 235 239 238 247 251 245 247 P243 Minerals—Total 168 169 159 153 159 153 153 162 168 169 161 171 P173 Fuels 167 170 165 163 169 163 163 167 168 169 160 171 P173 Coal 133 141 127 130 140 118 111 120 118 123 97 123 125 Bituminous coal 144 151 138 143 151 125 127 133 126 133 105 134 137 Anthracite 92 102 84 80 96 89 48 64 83 86 66 77 79 Crude petroleum 184 184 184 178 184 185 189 191 192 191 192 194 197 Metals 171 161 124 93 94 94 92 129 166 171 166 169 P173 Metals other than gold and silver 244 227 166 115 118 121 118 184 248 256 247 250 P254 Iron ore 365 331 195 86 97 93 89 231 365 392 384 403 P405 (Copper; Lead; Zinc)2 Gold 68 69 66 59 55 50 49 48 49 48 50 Silver 74 73 70 77 78 81 80 78 76 70 66 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. NOVEMBER 1951 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1947-49 average = 100] 1950 1951 Product group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 166 166 165 163 146 157 160 138 129 125 100 P102 P107 Passenger automobiles 175 175 177 170 138 156 169 144 140 140 111 113 Household goods, total 157 156 152 156 156 158 151 131 117 108 88 P89 Carpets 114 113 121 115 114 115 102 101 82 70 47 55 56 Furniture 124 123 123 121 118 119 119 116 109 102 102 97 97 Major appliances 142 135 133 141 132 138 139 125 115 111 78 Radios and television 273 283 263 273 297 294 262 186 153 133 98 95 P123 P Preliminary. NOTE.—For description and back series see BULLETIN for October 1951, pp. 1235-1240. Unadjusted indexes for these series and individual series for major appliances and radios and television are available on request to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 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 Sept. • Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,783 12,921 12,915 12,953 13,083 13,214 13,218 13,249 13,211 '13,204 '13,130 12,973 12,857 Durable goods 6,996 7,135 7,155 7,193 7,249 7,352 7,395 7,449 7,449 r7,440 '7,369 7,313 7,292 Primary metal industries 1,105 1,111 1,120 1,131 1,143 1,147 1,153 1,161 1,174 n,i78 '1,173 1.170 1,161 Fabricated metal products 837 846 846 839 839 844 850 855 859 852 835 830 809 Machinery except electrical 1,055 1,110 1,139 1,157 1,192 1,209 1,219 1,233 1,236 1,246 '1,244 1,220 1,230 Electrical machinery 676 703 710 710 704 709 717 718 714 '708 '711 719 719 Transportation equipment 1,134 1,157 1,139 1,160 1,175 1,233 1,253 1,243 1,233 1,237 '1,204 1,214 1,237 Lumber and wood products 775 773 765 758 754 755 733 763 764 765 '750 735 727 Furniture and fixtures 325 323 319 320 316 318 323 319 309 '295 '296 289 287 Stone, clay, and glass products. . 456 469 475 469 478 475 479 483 484 485 483 477 472 Instruments and related products 199 204 208 209 210 214 216 220 222 223 229 225 225 Misc. manufacturing industries. . 412 417 411 416 413 421 423 424 422 r417 '409 397 386 Ordnance and accessories 22 22 23 24 25 27 29 30 32 34 35 37 39 Nondurable goods 5,787 5,786 5,760 5,760 5,834 5,862 5,823 5,800 5,762 '5,764 '5,761 5,660 5,565 Textile-mill products 1,268 1,264 1,250 1,239 1,245 1,250 1 ,211 1,214 1 ,212 r\ 205 '1,203 1,171 1,145 Apparel and other finished textiles 1,067 1 063 1,046 1,048 1,070 1,083 1,074 1,063 1 ,045 r\ 047 1,052 1 029 1,001 Leather and leather products. . . 365 '363 362 361 364 367 362 357 345 '351 '341 '335 321 Food and kindred products 1,171 1,166 1,171 1,173 1,211 1,212 1,213 1,191 1,184 1,177 1,176 1,151 1,140 Tobacco manufactures 82 82 79 81 80 81 81 82 80 80 79 80 81 Paper and allied products 420 419 423 424 421 421 422 427 426 '428 '427 420 416 Printing, publishing and allied industries 510 509 510 510 510 510 515 513 513 r512 513 516 513 Chemicals and allied products.. . 503 513 511 514 521 524 531 538 539 544 549 543 540 Products of petroleum and coal. 186 190 190 192 192 193 195 196 195 '197 196 194 194 Rubber products 215 217 218 218 220 221 219 219 223 '223 225 221 214 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 13,016 13,133 13,044 13,056 13,018 13,186 13,189 13,108 12,993 '13,064 '12,910 13,080 13,076 Durable goods 7,013 7,186 7,210 7,254 7,256 7,371 7,428 7,445 7,406 '7,409 '7,243 7,271 7,306 Primary Metal Industries 1,105 1,117 1,126 1,142 1,149 1,153 1,159 1,161 1,162 rl, 172 '/, 155 1,164 1,161 Blast furnaces, steel works and rolling mills 552 553 554 556 559 559 561 562 565 '572 571 576 Fabricated Metal Products 837 850 850 852 847 852 858 859 850 843 814 818 809 Machinery except Electrical 1,050 1,104 1,133 1,163 1,192 1,215 1,231 1,239 1,242 '1,252 '1,232 1,208 1,224 Metalworking machinery... 181 190 197 204 211 218 223 227 228 233 233 227 Electrical Machinery 673 710 721 724 711 716 724 718 707 r704 r690 701 715 Electrical apparatus (generating, etc.) 237 252 254 257 256 258 262 266 270 275 '271 273 Communication equipment. 255 272 278 278 268 270 273 262 247 '241 '235 242 Transportation Equipment 1,134 1,157 1,139 1,160 1,175 1,233 1,253 1,243 1,233 ' 1,237 '1,204 1,214 1,237 Motor vehicles and equipment . . . 788 795 760 767 767 791 793 774 752 738 '704 696 Aircraft and parts 209 225 239 252 264 288 299 309 318 r333 '345 354 Lumber and Wood Products 790 785 773 754 739 736 722 752 764 773 r750 753 742 Sawmills and planing mills. 468 462 452 440 429 428 426 443 449 456 442 447 Furniture and Fixtures 327 329 327 326 321 324 326 317 301 r286 r284 285 288 Household furniture 240 242 242 238 234 235 236 227 211 '197 '196 195 Stone, Clay, and Glass Products.. 458 471 477 474 473 473 479 483 484 485 476 479 474 Instruments and Related Products. 199 205 209 211 211 215 218 221 222 223 221 223 225 Misc. Manufacturing Industries. . 418 436 432 424 413 427 429 422 409 '400 *382 389 392 Ordnance and Accessories 22 22 23 24 25 27 29 30 32 34 35 37 39 For footnotes see following page. 1412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES--Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Industry group or industry Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept Nondurable goods 6,003 5,947 5,834 5,802 5,762 5,815 5,761 5,663 5,587 '5,655 '5,667 5,809 5,770 Textile-mill Products 1,255 1,264 1,262 1,258 1,257 1,269 1,223 1,214 1,206 r1,205 '1,167 1,153 1,134 Broad-woven fabric mills... 606 607 606 604 602 604 564 567 574 '588 '574 562 Knitting mills 233 236 234 234 232 236 236 230 222 '216 '211 212 A pparel and Other Finished Textiles 1,099 1,100 1,056 1,064 1,070 1,115 1,106 1,047 998 '1,000 989 1,044 1,031 Men's and boys' furnishings 254 254 253 251 251 259 263 261 253 '234 238 Women's and misses' outer- '245 wear 305 297 275 296 303 317 305 267 249 '273 297 Leather and Leather Products. . . . 372 367 360 359 364 374 371 353 331 ••255 r336 342 327 Footwear (except rubber)... 237 230 226 229 234 239 237 225 210 r344 215 221 Food and Kindred Products 1,350 1,260 1,196 1,155 1,120 1,099 1,096 1,085 1,099 '222 '1,232 1,309 1,309 Meat products 236 240 244 254 251 238 233 229 229 1,146 235 232 Canning and preserving.. . . 324 226 171 143 132 127 125 128 137 233 '232 307 Bakery products 194 196 193 190 188 188 190 190 190 154 192 192 Tobacco Manufactures 89 89 84 83 80 80 78 76 74 192 74 83 Paper and Allied Products 418 421 427 428 423 423 424 427 424 76 '418 418 Pulp, paper and paperboard mills 210 210 211 212 209 209 209 212 213 '215 '214 214 Printing, Publishing and Allied Industries 510 514 515 518 510 510 512 510 510 r512 508 511 513 Newspapers 151 150 150 152 149 150 150 151 152 152 151 151 Commercial printing 167 170 170 171 170 170 170 168 168 169 167 167 Chemicals and Allied Products.. . 506 523 521 524 526 532 539 538 531 528 527 532 543 Industrial organic chemicals 158 159 160 162 163 163 167 168 170 172 '173 175 Products of Petroleum and Coal.. 189 190 191 191 190 191 192 194 194 r198 198 198 197 Petroleum refining 145 147 148 147 147 148 149 150 151 '154 154 154 Rubber Products 215 219 222 222 222 222 220 219 220 *220 218 219 214 ' 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 September 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. 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 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Manufacturing—Total. 60.64 64.32 64.56 65.29 41.0 '40.2 40.4 40.5 1.479 1.600 1.598 1.612 Durable goods 65.14 '69.04 69.76 70.63 41.7 41.0 41.4 41.5 1.562 1.684 1.685 1.702 Primary metal industries 69.10 -75.12 74.59 75.25 41.4 41.3 41.3 41.1 1.669 •1.819 1.806 1.831 Fabricated metal products 65.72 '67.98 68.35 69.51 42.1 '41.0 41.3 41.7 1.561 1.658 1.655 1.667 Machinery except electrical 68.94 75.29 76.07 77.28 42.4 42.9 43.1 43.2 1.626 "1.755 1.765 1.789 Electrical machinery 61.48 '65.85 66.18 68.02 41.4 '40.3 40.7 41.2 1.485 '1.634 1.626 1.651 Transportation equipment 72.39 74.76 76.54 77.69 40.9 40.0 40.8 41.3 1.770 '1.869 1.876 1.881 Lumber and wood products 57.84 '57.43 60.18 61.10 41.2 39.8 40.8 40.9 1.404 '1.443 .475 .494 Furniture and fixtures 55.42 '55.37 57.61 58.44 42.6 '39.3 40.8 41.3 1.301 '1.409 .412 ,415 Stone, clay, and glass products 60.88 64.88 64.23 64.21 41.5 41.3 41.2 41.0 1.467 1.571 .559 ,566 Instruments and related products 63.58 '68.75 69.41 70.38 42.5 '42.1 42.4 42.6 1.496 1.633 .637 ,652 Miscellaneous manufacturing industries. 56.04 '56.28 56.64 57.12 42.1 39.8 40.0 40.2 1.331 '1.414 .416 ,421 Ordnance and accessories 67.41 73.36 72.66 75.86 43.1 '43.1 43.2 43.8 1.564 '1.702 .682 ,732 Nondurable goods. 55.30 '58.56 57.99 58.41 40.1 39.3 39.1 39.2 1.379 1.490 .483 490 Textile-mill products 49.98 '49.71 48.15 48.88 40.7 37.8 36.9 37.0 1.228 '1.315 .305 ,321 Apparel and other finished products.... 43.09 '45.24 46.07 45.72 35.7 '35.4 35.6 35.5 1.207 1.278 .294 ,288 Leather and leather products 45.72 '47.12 46.43 45.13 38.1 '37.1 36.5 35.2 1.200 '1.270 .272 ,282 Food and kindred products 56.36 '61.36 61.13 61.36 42.0 '42.0 41.9 42.0 1.342 r1.461 .459 ,461 Tobacco manufactures 42.02 '45.55 45.39 45.70 39.2 38.5 39.3 40.3 1.072 ^1.183 .155 ,134 Paper and allied products 63.10 '65.72 65.06 65.29 44.0 '42.7 42.8 42.7 1.434 r1.539 .520 1.529 Printing, publishing and allied products 74.48 75.39 75.70 77.66 39.2 38.6 38.8 39.3 1.900 '1.953 .951 1.976 Chemicals and allied products 64.16 '69.26 68.35 68.42 41.8 '41.6 41.4 42.0 1.535 1.665 .651 1.629 Products of petroleum and coal 76.77 '83.93 80.99 82.40 41 .7 41.8 40.8 41.2 1.841 '2.008 1.985 2.000 Rubber products 66.58 70.90 69.95 70.42 41.9 '41.1 41 .1 41.3 1.589 '1.725 1.702 1.705 ' Revised. NOTE.—Data are for production and related workers, Figures for September 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. NOVEMBER 1951 1413 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 ,394 4,055 5,967 1946 41 412 14,461 852 1,661 4,023 8,602 L 586 4 621 5 607 1947 43,371 15,247 943 1 ,982 4,122 9,196 L,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 L 763 4 782 5 811 1950 44,124 14,884 904 2,318 4,010 9,524 .812 4,761 5 910 SEASONALLY ADJUSTED 1950—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 L.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 L.856 4 745 6 294 May 46,507 16,081 916 2,572 4,140 9,821 1,865 4,765 6,347 June r46 626 '16,097 '923 '2,558 '4,132 r9,857 L,874 4 787 6 398 July '46,606 16,049 '902 '2,567 '4,135 '9,823 .879 4,779 6,472 August 46,515 15,891 919 2,584 4,142 9,803 1,892 4,789 6,495 September 46,395 15,800 920 2,526 4,159 9,787 1,902 4,774 6,527 UNADJUSTED 1950—September 45,684 15,685 946 2,626 4,139 9,641 1,827 4,816 6,004 October 45,898 15,827 939 2,631 4,132 9,752 1,821 4,757 6,039 November .. 45 873 15,765 938 2,571 4,123 9,896 1,820 4 723 6 037 December 46,595 15,789 937 2,403 4,125 10,443 1,828 4,694 6,376 1951—January 45,246 15,784 932 2,281 4,072 9,592 1,831 4,666 6,088 February 45,390 15,978 930 2,228 4,082 9,554 1,839 4,657 6,122 March. . . .. 45 850 16,022 924 2,326 4,112 9,713 1,854 4,682 6 217 April 45,998 15,955 911 2,471 4,132 9,627 1,865 4,745 6,292 Mav 46,226 15,853 915 2,598 4,137 9,683 1,874 4,789 6,377 June '46,567 '15,956 '927 '2,686 '4,161 '9,732 1,893 4,835 6,377 Julv '46,437 '15,837 '909 '2,747 '4,177 '9,653 1,907 4,851 6,356 August 46,689 16,010 928 2,791 4,189 9,623 1,911 4,837 6,400 September 46,870 16,026 925 2,703 4,180 9,777 1,892 4,822 6,545 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 % Not in the Year or month institutional Unem- labor force population » Total ployed In nonagricul- In Total tural industries agriculture 1943 94,6iO 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 8 SO 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—September 109,577 63,567 61.226 53,415 7,811 2,341 46,010 October 109,407 63,704 61,764 53,273 8,491 1 940 45 704 November 109,293 63,512 61,271 53,721 7,551 2,240 45,782 December 109,193 62,538 60,308 54,075 6,234 2,229 46,657 1951—January 109,170 61,514 59,010 52,993 6,018 2,503 47,658 February 108,933 61,313 58,905 52,976 5,930 2,407 47,619 March 108,964 62,325 60,179 53,785 6,393 2,147 46 638 April 108,879 61,789 60,044 53,400 6,645 1,744 47,092 May 108,832 62,803 61,193 53,753 7,440 1,609 46,029 Tune 108,836 63,783 61,803 53,768 8 035 1 980 45 053 July ... . 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 September 108,956 63,186 61,580 54,054 7,526 1,606 45,770 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. 1414 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] Residential Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 January 730.9 ,043.2 343.5 420.9 37.7 128.4 60.6 121.1 63.5 84.6 73.5 126.8 152.1 161.3 February 779.5 ,140.5 361.5 531.1 27.9 116.2 58.3 101.8 58.0 81.0 121.4 132.2 152.5 178.2 March ,300.2 ,267.5 574.7 574.6 161.5 122.7 88.6 78.8 96.3 128.4 154.3 139.4 224.9 223.6 April ,350.5 ,375.0 674.8 590.8 119.2 174.3 106.8 106.3 97.0 103.5 125.6 133.9 227.0 266.1 May ,347.6 2.573.0 674.6 661.1 83.7 ,274.9 96.4 60.6 100.2 123.2 128.3 175.3 264.5 278.0 June ,345.5 ,408.9 628.1 545.2 69.3 211.5 97.7 65.4 128.3 128.1 148.7 148.3 273 A 310.5 July ,420.2 ,379.8 675.1 548.1 79.8 164.1 117.4 75.4 121.2 150.1 168 8 146.9 258.0 295.2 August ,548.9 ,262.8 754.1 567.6 128.8 158.8 137.9 65.5 113.1 127.9 161 2 123.8 253.8 219.3 September ,286.5 ,082.9 549.6 479.7 90.8 109.4 137.2 80.0 119.4 98.5 151.4 116.6 238.2 198.7 October ,135.8 529.9 93.6 104.5 86.3 142.5 179.1 November 1,087 1 496.7 103.9 94.4 109.4 127 2 155.5 December 1,168.4 478.6 146.1 108.9 87.2 148.2 199.5 Year 14,501.1 6,741.0 1,142.3 1,208.5 1,179.8 1,651 0 2,578.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] (Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1949 1950 1951 1949 1950 1951 1949 1950 1951 1951 1950 Federal Reserve district Jan 483 731 1,043 160 201 306 323 530 737 Feb 568 780 1,141 252 285 332 317 495 808 Sept. Aug. Sept. Mar 748 1,300 1,268 282 481 418 466 819 849 Apr 846 ,3501,375 319 354 456 527 996 919 May 885 ,3482,573 369 389 1,474 517 959 1,099 Boston 57,455 72,804 64,450 June.... 950 1,345 1,409 375 428 583 574 917 826 New York 191,425 187,118 191,949 July 948 ,420 1,380 410 460 615 537 960 764 Philadelphia . . 52,093 77,383 72,716 Aug 911 1,549 1,263 316 438 486 595 1.111 776 Cleveland 106.455 150.112 141,878 Sept 1,072 1,287 289 364 783 922 Richmond 102,214 136,997 147,266 O N c o t v 1,0 9 6 5 2 8 1, , 0 1 8 3 7 6 3 3 3 1 2 6 3 3 0 2 8 0 6 7 4 3 2 0 8 7 2 6 8 7 A Ch tl i a c n ag ta o 2 1 0 0 3 8 , , 9 3 0 5 9 0 2 1 4 2 6 0 , , 1 79 0 7 3 2 1 0 3 8 9 , , 8 2 2 0 1 6 Dec 929 1,168 299 381 630 787 St Louis 66,506 117,967 88 438 Minneapolis 39,353 41,656 59,658 Year.. 10,359 14,501 3,718 4,409 6,641 10,092 Kansas City 58,390 19,732 57,075 Dallas 96,705 92,142 115,084 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,082,855 1 262,811 1,286,541 [In millions of dollars] Title 1 loans Mortgages Y m e o a n r th or Total p P m e r i r m r e o o t n v y p - t e - - l s S h c t t m o r i o o u m n a n c - l e - l 1 f h ( a - o T m I u t i D o s t i l l e e y 4 s - h R g ( o T a r e I u o n n i D s t u d t i l a p n e l g W h e ( o V V a T r u a r e I i s n t ) t a i l 1 - s n e n ' g d ( h M t T i o a n i i u r g t l y s l i e - - INSURED P O F R H T A F O H L O I M O [ , I E n B m Y M 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 la I r N s ( ] T S I T T I L T E U T I I I) O N HELD IN 1 1 1 1 1 9 9 9 9 9 4 4 5 4 4 7 6 0 8 9 . . .. . 3 3 4 1 , , , ,7 3 8 3 7 8 4 2 3 5 7 2 1 5 8 3 6 6 5 5 1 2 9 3 9 4 1 4 4 4 (4 1 ) 3 7 2 1 , ,8 4 3 4 8 5 6 4 4 8 5 7 6 0 6 21 3 1 1 1 , , , 8 3 0 8 3 3 3 0 8 6 9 1 8 5 12 1 3 2 End of month Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v a u k s l - - s a a S l s i a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e - r s - a c F e g i e r e e a d s n l - - l Other2 1950—Sept... 373 55 (4) 216 88 14 Oct 379 82 (*) 241 3 43 10 Nov.. . 379 74 (4) 236 2 49 17 1936—Dec 365 228 8 56 41 5 27 Dec. .. 349 54 (4) 204 5 63 23 1937—Dec 771 430 27 110 118 32 53 1938—Dec 1,199 634 38 149 212 77 90 1951—Jan.... 330 63 1 225 (4) 28 13 1939—Dec 1,793 902 71 192 342 153 133 Feb.... 261 44 1 176 4 27 10 1940—Dec 2,409 1.162 130 224 542 201 150 Mar... 294 50 2 180 3 32 28 1941—Dec 3.107 1,465 186 254 789 234 179 Apr. .. 252 43 2 162 7 20 18 1942—Dec 3.620 1 .669 236 276 1,032 245 163 May. . 271 52 2 165 16 36 1943—Dec 3,626 1,705 256 292 1,134 79 159 June.. 255 54 2 146 56 31 16 1944—Dec 3,399 1,590 260 269 1,072 68 140 July... 274 76 2 146 17 19 13 1945—Dec 3,156 1,506 263 253 1,000 13 122 Aug.. . 270 66 3 154 15 18 14 Sept... 239 53 4 131 7 16 28 1946—June..... 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. s Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent 1947—June 2.860 1.386 245 229 889 8 102 mainly mortgages insured under the Veterans' Housing Title VI Dec 2.871 1 .379 244 232 899 7 110 (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with 1948—June 2,988 1 .402 251 245 973 7 110 December 1947, figures include mortgages insured in connection with Dec 3.237 1,429 265 269 1.113 9 152 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1949—June 3,894 1,587 305 323 1,431 21 227 3 Mortgages insured on new rental housing at or near military Dec 4.751 1,771 378 416 1,828 52 305 installations under Title VIII, approved Aug. 8, 1949. « Less than $500,000. 1950—Dec 6,695 2,205 693 603 2,712 60 421 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28. 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w n r ts i tt o e n n p d r u e r v i i n o g u sl t y h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m or p p a o n r i a es ti , o f n i . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place, Federal Housing Administration. NOVEMBER 1951 1415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports2 Excess of exports Month I9473 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 Pi,024 660 545 515 118 P-50 February.. 1,198 1,085 1,043 764 1,076 438 589 567 600 760 496 477 164 P167 March.... 1,384 1,139 1,189 860 Pl,284 445 675 633 665 PI.099 939 464 557 195 P185 April 1,362 1,121 1,173 804 ,372 514 532 534 585 Pl.033 847 590 639 219 P340 May 1,504 1,103 1,095 830 ,355 475 554 541 659 P1,018 1,029 549 554 170 P337 June..... 1,320 1,014 1,108 878 ,293 464 625 526 687 ?930 856 389 582 191 P363 July 1,265 1,019 900 4779 ,190 452 564 456 709 813 456 444 70 P296 August. . . 1,265 992 885 762 ,264 406 606 491 820 860 386 394 -59 P3 84 September 1,185 926 910 911 ,231 475 560 530 862 710 365 380 49 P496 October... 1,304 1,023 856 P906 493 600 557 P923 811 423 299 P-17 November 188 823 842 P978 456 554 593 P854 732 269 249 P124 December. 172 1,318 945 P1,065 605 720 605 P867 567 598 340 P199 Jan.-Sept.. 11,676 9,489 9,409 i 1,037 4,202 5,249 4,868 6,210 P8,519 7,475 4,240 4,541 1,117 P2.518 ided warehouses. >ied areas, which had been export statistics for April, ,y , emu j line. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average =100] RAILROADS [In millions of dollars] For- Mis- Mer- Year or month Total Coal CokeGrain s L t i o v c e k - p e ro st d- Ore l c a e n l- e- c d h i a s n e ucts ous l.c.l. Year or month ope T r o a t t a in l g Total ope N ra e t t ing Net revenues expenses income income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 . . 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 ns 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 P9.473 P8,434 »»l,040 »783 ADJUSTED SEASONALLY 1950—September. . 134 135 201 128 72 149 '199 142 55 ADJUSTED October. . 136 135 206 159 75 146 184 145 54 November. . 136 126 198 166 72 157 184 146 53 1950—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 Tuly 125 97 215 130 61 143 203 142 45 May 855 794 62 30 August 133 122 215 140 67 148 209 144 47 Tune 871 795 76 44 September. 133 130 211 132 81 142 205 143 46 July 818 775 44 13 August 854 806 48 17 UNADJUSTED UNADJUSTED 1950—September. . 145 135 198 143 95 160 298 154 57 October.... 147 135 201 159 116 154 262 158 56 1950—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 M!ay 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 16 September.. . 144 130 209 148 107 153 308 154 48 August 910 829 81 PS 5 r 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. 1416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- 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 s n c n o - SALESi 1945 207 176 169 184 201 235 275 193 227 185 229 275 248 1946 264 221 220 235 257 292 344 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 337 1948 302 239 249 284 303 321 386 290 335 288 325 404 353 1949 286 234 236 271 281 309 374 271 317 275 309 385 332 1950 304 240 244 288 303 325 401 291 331 289 '329 417 354 SEASONALLY ADJUSTED 1950—September r319 255 '260 310 333 7-330 409 305 360 289 T-342 420 368 October 291 216 238 279 299 312 370 282 305 283 303 375 343 November 290 229 234 273 251 312 391 288 316 291 325 400 345 December 325 249 266 307 328 336 421 318 353 318 354 433 377 1951—January 362 303 291 342 395 369 450 349 363 325 395 475 421 February 326 251 263 321 333 341 419 322 327 324 346 439 375 March 291 217 230 283 286 297 413 290 298 249 321 414 336 April 302 233 252 286 323 326 399 282 320 287 314 402 346 May 301 235 243 281 309 331 387 290 330 278 317 405 348 Tune 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 319 256 265 304 312 350 398 317 350 298 333 411 361 September P312 P249 252 302 326 328 M08 299 346 283 P340 409 356 UNADJUSTED 1950—September r330 263 r265 313 337 T-353 426 320 363 T-320 7J6O 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 June 284 225 254 271 287 305 353 276 282 263 291 352 325 Tuly. . .. 240 169 179 207 241 254 324 235 269 223 257 339 310 August 267 ••189 194 228 271 279 358 263 301 268 307 366 339 September P323 P256 257 305 329 351 P424 314 349 314 P357 441 362 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—September 309 227 »-242 275 296 T-341 438 288 325 323 T-303 431 389 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 329 264 263 286 351 349 461 297 381 335 330 430 389 338 274 273 297 357 351 472 320 337 343 351 437 399 February 349 280 281 305 369 384 458 320 412 350 343 443 414 368 305 299 320 396 404 462 331 425 363 365 465 445 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 Tuly 353 262 294 309 349 407 451 340 357 354 356 482 418 August 342 250 279 301 323 393 441 320 359 362 361 486 424 September P335 251 274 302 315 P379 429 308 347 353 P346 P475 418 UNADJUSTED 1950—September '321 245 T-255 286 324 T-358 451 297 361 328 7-309 444 389 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 April 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 Julv 338 254 262 278 348 380 424 313 372 362 349 453 430 August 344 263 279 295 341 397 437 310 392 358 354 481 423 September P349 271 289 314 345 P397 442 317 385 358 P353 P489 418 p Preliminary. f Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1417 NOVEMBER 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 yearago stocks to without seasonal adius,tment (value) sales 1 1941 average monthly saes = 10C) 2 Num- Stocks Department b s e t r or o e f s Sale p s e r d io u d ring ( m e o n n d t o h f ) August Sale pe s r i d o u d ring Sto o c f k s m o a n t t h end reporting Eight 1951 1950 1951 1950 A 19 u 5 g 1 . months A 19 u 5 g 1 . 1951 1950 1951 Aug. July Aug. Aug. July Aug. GRAND TOTAL—entire store 3 354 -7 +4 +19 3.7 2.9 MAIN STORE—total 354 -8 +4 +20 4.0 3.1 189 155 204 753 728 625 Piece goods and household textiles 315 -14 +3 +30 3.9 2.6 199 154 231 786 808 605 Piece goods 293 -5 0 +2 4.7 4.4 165 130 173 779 730 759 Silks, velvets, and synthetics 193 -5 0 -1 4.8 4.6 157 104 165 747 628 751 Woolen yard goods 172 -17 -9 + 10 5.4 4.1 254 85 304 1,390 1,228 1,255 Cotton yard goods 185 +4 +4 -3 3.7 4.0 167 197 160 615 632 634 Household textiles 306 -17 +5 +52 3.6 2.0 220 170 266 795 860 523 Linens and towels 275 -16 +3 +29 4.2 2.7 172 146 204 721 ' 806 562 Domestics—muslins, sheetings 249 -23 +6 + 113 2.7 1.0 290 219 375 778 914 368 Blankets, comforters, and spreads 238 -8 +9 +44 4.3 2.8 189 151 204 813 864 562 Small wares 344 0 +4 + 12 4.4 4.0 152 133 151 679 660 607 Laces, trimmings, embroideries, and ribbons... 203 +4 +6 +2 4.2 4.3 157 157 151 657 643 646 Notions 239 +2 +4 +5 4.1 4.0 189 193 185 779 772 742 Toilet articles, drug sundries 328 +2 +7 + 12 3.9 3.5 138 130 135 533 543 477 Silverware and jewelry 313 -5 +3 + 19 5.9 4.7 155 125 162 918 887 768 Silverware and clocks 4 212 -12 +4 +34 7.4 4.9 Costume jewelry4 276 -f 1 0 +5 3.5 3.4 Fine jewelry and watches4 81 -4 +8 +22 9 8 7 7 Art needlework 228 -6 0 + 12 5.3 4.4 ' 14o' 108 149 737 719 655 Books and stationery 270 +5 +3 +8 4.1 4.0 153 120 145 628 591 571 Books and magazines 137 + 13 +4 +5 3.2 3.4 135 113 120 428 422 406 Stationery 233 +2 +2 +9 4.6 4.3 147 111 144 673 610 613 Women's and misses' apparel and accessories 351 -2 +4 +13 3.0 2.6 190 144 193 576 506 513 Women's and misses' ready-to-wear accessories 351 -2 +3 + 12 3.8 3.3 171 141 176 658 587 584 Neckwear and scarfs 310 + 12 + 10 + 13 2.8 2.7 195 157 175 541 453 478 Handkerchiefs 280 -8 -4 +6 5.0 4.3 102 85 112 507 496 475 Millinery 162 -8 -2 +8 1.4 1.3 146 68 158 218 144 199 Women's and children's gloves 322 -5 +3 +21 10.0 7.9 71 56 74 706 572 574 Corsets and brassieres 337 -3 +6 +6 3.4 3.1 229 222 237 773 765 729 Women's and children's hosiery 342 -15 -5 + 1 2.9 2.4 119 106 140 347 308 342 Underwear, slips, and negligees 344 2 +4 + 11 3.4 3.1 176 180 179 615 587 554 Knit underwear 250 -5 +4 +26 3.4 2.6 226 221 238 783 755 626 Silk and muslin underwear, and slips 284 -4 + 1 +4 3.8 3.4 151 163 156 565 563 541 Negligees, robes, and lounging apparel.... 255 + 11 + 12 +9 2.8 2.9 154 158 139 433 383 393 Infants' wear 324 +5 +6 + 13 3.4 3.1 268 191 254 903 806 796 Handbags and small leather goods 333 +2 +3 + 10 3.0 2.8 144 113 141 435 385 395 Women's and children's shoes 246 -3 +6 + 18 5.9 4.8 195 149 200 1,144 989 968 Children's shoes 4 212 +9 +6 +6 3.9 4.0 Women's shoes 4 225 — 7 +5 +21 6.6 5.1 Women's and misses' ready-to-wear apparel... 351 -1 +6 + 13 2.3 2.0 210 146 212 490 419 436 Women's and misses' coats and suits 339 -5 +6 + 19 2.7 2.2 203 93 213 550 425 466 Coats 4 212 — 2 +8 + 18 2.4 2 1 Suits4 206 — 13 +2 +20 3.2 2 3 Juniors' and girls' wear 313 +7 +6 + 12 1.9 1.8 299 158 279 575 496 511 Juniors' coats, suits, and dresses 272 +3 +5 + 10 1.8 1.7 267 160 258 472 380 423 Girls' wear 316 + 11 +8 + 12 2.0 2.0 342 159 308 701 642 617 Women's and misses' dresses 341 0 +4 +9 1.9 1.7 164 154 164 304 231 275 Inexpensive dresses 4 257 1 i +5 0 1.3 1.4 Better dresses4 271 — 1 +5 + 17 2.4 2.0 Blouses, skirts, and sportswear 340 +5 + 7 + 15 2.4 2.2 271 228 257 651 595 564 Aprons, housedresses, and uniforms 291 +2 +3 0 2.0 2.0 154 191 152 310 317 313 Furs 263 -27 +9 + 14 3.9 2.4 151 47 207 584 573 557 Men's and boys' wear 333 -1 +5 + 19 6.0 5.0 148 139 149 880 795 739 Men's clothing 255 0 +8 +30 7.9 6.1 137 144 138 1,086 917 836 Men's furnishings and hats 315 -4 +2 + 14 5.5 4.6 131 144 136 720 696 630 Boys' wear 301 +6 +4 +7 4.1 4.0 213 113 200 868 767 804 Men's and boys' shoes and slippers 193 -4 +9 + 19 6.8 5.4 160 145 167 1,089 961 901 Homef urnishings 319 -20 +1 +28 4.5 2.8 230 191 287 1,036 1,103 814 Furniture and bedding 248 -12 +6 +35 3.6 2.3 258 205 295 920 965 683 Mattresses, springs, and studio beds4 173 -11 +7 +59 1 .8 1.0 Upholstered and other furniture 4 181 — 13 +6 +31 4.2 2.8 Domestic floor coverings 276 -25 + 10 +25 5.9 3.5 197 154 263 1,168 1,154 932 Rugs and carpets4 163 —26 + 12 +27 6.2 3 6 Linoleum 4 96 — 14 — 1 -10 4 2 4 0 Draperies, curtains, and upholstery 296 —5 +7 + 11 5.0 4.2 175 159 183 866 850 780 Lamps and shades 250 -8 -1 + 14 4.4 3.6 167 137 181 748 748 656 China and glassware 252 -4 +7 +20 7.7 6.2 161 127 167 1,241 1,230 1,039 Major household appliances 241 -42 -20 +77 4.0 1.3 267 243 463 1,063 1,359 606 Housewares (including small appliances) 259 -9 +9 + 19 4.7 3.6 250 242 275 1,172 1,229 976 Gift shop4 171 -y -j-6 + 16 5.2 4.3 Radios, phonographs, television, records, etc.4. 231 —42 — 15 +39 3^9 Radios, phonographs, television 4 165 —41 -17 +36 3.1 1^4 Records, sheet music, and instruments4. . . . 125 — 13 +7 + 19 6.0 4.4 Miscellaneous merchandise departments. . . 315 +2 +6 +27 4.3 3.4 173 167 171 744 694 591 Toys, games, sporting goods, cameras 298 +2 +7 +41 7.9 5.8 154 170 150 1,214 1,167 867 Toys and games 239 +3 +8 +56 9.5 6.3 123 135 119 1,170 1,090 753 Sporting goods and cameras 143 + 1 +5 +20 6.0 5.0 164 171 162 980 933 825 Luggage 265 +3 +7 +8 3.3 3.1 241 237 234 794 832 730 Candy 4 190 + 1 +3 -5 1.1 1.2 For footnotes see following page. 1418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales i 1941 average monthly sales = 100 2 Num- Department r b s e t e p o r o re o rt s f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f August Sale p s e r d io u d ring Sto o c f k m s o at n e th nd ing A 19 u 5 g 1 . m E o 1 i 9 n g 5 t h h 1 t s A 19 u 5 g 1 . 1951 1950 1951 1950 1951 1950 Aug. July Aug. Aug. July Aug. BASEMENT STORE—total 196 0 +5 +9 2.6 2.4 184 157 183 483 462 444 Domestics and blankets 4 135 -8 +7 +29 2.5 1.8 Women's and misses' ready-to-wear 188 +2 +4 +1 2.1 2.1 179 152 176 367 340 363 Intimate apparel4 164 +5 -1 2.4 2.4 Coats and suits * 173 c +1 -2 2.4 2.3 Dresses 4 172 0 +3 -1 1.2 1.3 Blouses, skirts, and sportswear *. . 156 +3 +4 +3 1.9 1.9 Girls' wear * 121 +8 +6 +8 1.7 1.7 Infants' wear 4 120 + 10 +9 +4 2.5 2.7 Men's and boys' wear 155 +7 +7 +13 3.2 3.0 196 179 184 630 602 557 Men's wear 4 137 +4 +7 +15 3.6 3.2 Men's clothing 4 96 + 10 + 10 + 18 4.0 3.7 Men's furnishings 4 114 0 +5 + 10 3.2 2.9 Boys' wear 4 118 + 12 +7 +6 2.4 2.5 Homef urnishinj*s 103 -8 +3 +18 3.6 2.8 165 137 180 588 590 504 Shoes 116 +3 +9 + 16 4.1 3.6 152 126 147 617 526 530 NONMERGHANDISE—total«... 175 -1 +6 (5) t5) (5) Barber and beauty shop * 72 + 1 0 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 1417. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] [In millions of dollars] Reported data Derived data 1 Without seasonal adjustment 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 r o n n d n d d e t i r o h n s ) f g R m ( e o t c f o o n e t r t i a h p l ) ts m o ( o r t f o d o n t e r t a r h l s ) Dec. 1 1 3 0 9 . 4 . . . 9 . . . . . . 4 5 4 4 9 2 Dec. 19 2 9 5 . . 0 . . . . . . . . 4 5 4 5 4 4 June 1 1 3 0 9 . 5 . . . . 0 . . . . . 2 3 6 0 1 2 June 19 9 2 5 . . 1 . .. . . . . . 2 31 7 1 3 17... ..584 16... ..638 17... ..302 16... ..305 1942 average... 179 599 263 182 192 24... ..541 23... ..640 24... . 250 23... ..265 1943 average... 204 509 530 203 223 31... . 197 30... ..237 July 1... ..263 30. . . .258 1944 average... 227 535 560 226 236 8... . .218July 7 . ...218 1945 average... 255 563 729 256 269 1950 1951 15... ..265 14. ...238 1946 average... 318 715 909 344 327 22... ..303 21. .. .234 1947 average... 337 826 552 338 336 Jan. 7... . .205Jan. 6.. ...285 29... ..295 28. . . 232 1948 average... 352 912 465 366 345 14... ..233 13... ..305 Aug. 5... ..296 Aug. 4... . .254 L949 average... 333 862 350 331 331 21... ..230 20... ..301 12... ..273 11... ..252 1950 average... 347 942 466 361 370 28... ..222 27... ..278 19... ..281 18... . .268 Feb. 4... ..226 Feb. 3... ..234 26... ..288 25... . r280 1950—Sept 369 '1,026 700 ••476 ••422 11... ..238 10... ..273 Sept. 2... ..310 Sept. 1... . .303 Oct 360 1,168 593 '502 396 18... . .231 17... ..272 9... ..295 8... ..289 Nov 406 1,209 444 447 298 25... ..221 24... ..274 16... ..368 15... . .329 Dec 615 956 412 362 330 Mar. 4.. . 244 Mar. 3 . .288 23 .. 322 321 1951—Jan 337 992 657 373 618 11!! !! 253 10!!! ..303 30... ..320 29... . .328 Feb 284 1,089 652 381 376 18... ..264 17... ..292 Oct. 7... ,.325 Oct. 6... ..318 Mar 347 1,217 467 475 290 25... ..279 24... ..304 14... ..322 13... ..338 Apr 312 1,240 338 335 206 Apr. 1... ..301 31... ..258 21... ..304 20... ..334 May.... 339 1,193 295 292 249 8... ..320 Apr. 7... . .292 28... ..313 27... ..327 June 326 1,112 386 245 336 15... ..254 14... ..288 Nov. 4. . ...315 Nov. 3.. ...348 July.... 257 1,069 434 214 262 22 279 21 . .281 11. .. . .342 10 Aug 309 1,106 395 346 307 29".."'.285 28'.'.!..293 18... ..368 17... Sept P344 Pi,115 P407 P353 P365 May 6... . .301May 5... . .326 25. .. . .319 24 13.'.'.'!.*308 12.!! ..318 p Preliminary. r Revised. 20... ..275 19... ..285 1 These figures are not estimates for all department stores in the 27... ..282 26... ..290 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 9 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 NOVEMBER 1951 1419 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] S 1 e 9 p 5 t 1 . A 19 u 5 g 1 . 1951 S 1 e 9 p 5 t 1 . A 19 u 5 g 1 . T 1 O 9 9 O 5 S 1 . S 1 e 9 p 5 t 1 . A 19 u 5 g 1 . 19 9 51 S 1 e 9 p 5 t 1 . A 19 u 5 g 1 . m 19 9 o 5 s 1 . United States. P-6 -5 +3 Cleveland-cont. Chicago -6 -5 +4 Dallas -5 -7 +1 N P N P N D A L N S B W E N N P B P B B S S U R T L P o h e B o p o r o y e c L l o e o u r l h r a i e e o i t s o m w o b r n i r w a w i e i h r w u o s f n w w w i c a t d i c l t v r a f a g g t l n o n e s g a c l h w i a e c a o g a c a n i n a r t Y h a g t n n a h l Y l e d e d o n e d u H a r o y t B o r n l r a f s e s s k k o o e - p e n e s a e i o n d m t t t c e e a n e w e n A o r l e l e e i » r 1 l t d p p e c v k F k r c r r r t d a x n r o t p e f h h e e a d e * o * n C s i l i n * y a a r i l a i e d . . s . * t . . . . . y . . . . . . . . . P - - - - - - 1 - - - 1 - + 1 - + 1 - - - - - 1 - - - - 6 3 7 8 3 5 6 4 4 6 2 1 6 1 9 2 3 3 0 0 2 2 I 5 5 J + + - - - - - + - + + + - - - + - - 1 4 9 2 4 6 6 4 1 6 1 1 1 2 1 1 3 + + + + + + s + + + + + + + + + 1 4 4 2 6 2 2 3 4 6 4 7 6 9 3 0 2 R A W E P W A W A L N H C G J O B R C R C H R M M M S T A B a i t i t y r s o a a a i h o n h r i c r o l u a t t c h a o i . i o c r i h e a l l l l n m t l r a h n d a ' a g n k m s e a e e a t b h n u l s e f e n P c r m i s n e h s 1 s n e t i e m o n b i m n m t p v m l g h i i t l ' r o e t g o l i e d l r t t n u o n v i a e i i a n s h k b t a o o o n s b l s o o k o n g i n r g o e l i g u t 1 t n l v i n n r m e e g g l h r o - t n l a o t e r d i , . e o h S o s d a n , g l W e w , b n i l m n a N r e » S . u S l y n . e . . . V r . . 1 C 1 . m 1 . * g . . . C C . a . . . . . . . . . . . . . . . . . p + - - - - - — - + + - - 1 + + + - - - - 1 1 2 + - 4 - - - 1 - - — 1 7 7 6 4 4 2 1 4 3 4 4 7 0 6 2 3 4 1 6 8 5 1 1 1 0 0 3 c 2 6 '- + - + - - - - - - + 1 1 + + 1 + + + - _ - - - 2 1 2 1 1 - - — - - - - 1 1 9 2 1 9 6 5 5 3 1 2 1 4 3 3 1 7 1 1 0 4 4 1 5 3 0 7 7 0 0 4 + - + + + + + + 1 + + + + + + + + - + + - - + + - 1 1 4 1 5 1 4 7 3 3 2 4 4 2 1 9 6 2 2 6 6 3 6 8 1 7 0 2 0 0 0 0 S M F T F L C P Q I D D G M G M F L L S S S S E M M D t n S l o p . e a t t o t e o i h v u e r i r e u i d . . . i a e t i n n r e r u o r a u r i n s a l t i n t L l d i i m t r c L t w n L e r n P l s p i n r n t u n a n e e a o i s n i c i o M d o e W o g n s s a t p S a n e v e g i a i y h r v u o u f u H a u t u h a g m 1 i a o R i B i - o i l i a R n p i o p k e i i l s l l p * a s s s y x i i i a e l o o l r o e a t u d o e n y n i e h A l l * c p 1 t i i l * e e e s s i i k r x s . s d . 1 e K i 1 1 . . . . . K s . a . . . . . . . . . . . . . . . . . . . . . - + - - - - - + + 1 1 - - + - - - - — 1 - - - 1 1 - - - 1 - - - 1 5 7 3 3 6 7 4 6 4 1 6 8 3 8 5 1 7 2 1 3 1 1 6 6 4 7 0 - - - - - - + 1 1 1 1 - - - + - - - - - - 1 1 - - - - - - - - - 6 2 1 4 3 6 8 5 5 4 5 9 6 2 7 7 9 7 2 0 1 8 0 7 2 6 0 + + + + + + + + + + + + + + + - - - - - - 1 1 1 6 1 3 1 4 6 6 3 2 6 4 3 6 6 2 1 5 2 1 0 0 0 0 0 S E S S T F L O F S S C D L H S S S S V P S R B P B a S l N N a h B r o a a a a h t a a o o u o o o a a i a a o n o e n a v n n n c r l n o r s n c k l r k r i l e u P a a t s e c t l n s l r e p t s e t g e r l e p m a n s A e l A a v a a k F J D L F r o a k u n r j a W t s a o o s s m B e s t o n r n o e s i n B n p a n i a i o o r f R a s x p e i l d d x n l e k g t a i d e o n a e n e e n o o e g a C o e r e e n d y a r i n c J l n n r l o n a s l t d c h t t i e h c d a C a a o i n * s h r o * s i r n d c i K 1 i s d s d t . o c y i t 1 1 l n i o . . . . * » . . . . . . . o . . . . . . . . P P P P P P P - - - - - - (2 + + + + + 1 1 - - + - - - - 1 - - 1 1 1 - - - ) 9 7 7 5 5 9 1 7 9 5 7 1 2 2 0 0 0 3 1 7 2 2 5 0 + - - + - - + 1 + + 1 - 1 - - - - 1 - - - - - - - - - 2 1 3 5 4 1 6 3 7 4 3 1 5 4 4 9 2 3 0 1 3 2 6 0 5 A » « + + + + + + + + + + + + + + + 3 - - 1 1 1 - 2 5 2 1 5 6 4 4 2 2 2 2 2 1 1 2 2 0 0 0 ^ 5 C R Y W l e o e i a r l v k k d e e i l n i s a - g n B x d arre i. -1 — -8 1 8 -8 + + + 3 8 4 A S C M R a o o u a v l m g c u a u o e m n s n n t b a l a u h s + - + 1 — 1 1 5 q 2 + - + + + 1 1 2 1 4 3 1 + + + + 1 6 7 9 6 5 K D P H a u e u n e n t b c s v h a l e o i s r n so C n ity.. , , P ( - 2 5 - - ) 9 2 (2 - - - ) 9 7 7 3 + + + J 4 1 S S T E B p e a e v a o c l e l t o k i t r n m l a e e g n t a h e t * 1 a . * . * m . . . . . . . . " -1 - - - - 8 6 7 5 3 - + + - 1 3 1 5 5 0 + + + 6 5 5 A Ca k n ro to n n i * N B e a w to n O R rl o e u a g n e s * 1. . . . - — 10 6 - + 11 4 -1 -2 0 T W o i p c e h k it a a + + 1 9 5 + + 1 5 1 + + 1 9 4 Yakima*. . P-6 -1 +1 Cincinnati1... -1 Jackson * —7 -12 —5 Kansas City... -1 -5 +2 Cleveland » Meridian —7 -10 -2 Joplin +14 -7 Columbus J —6 Bristol —7 -1 -2 St. Joseph —7 -8 +1 Springfield * —6 Chattanooga *.. -8 -15 0 Omaha C -4 +5 Toledo * Knoxville l —7 —3 +2 Oklahoma City -13 -16 Youngstown 1. +3 +4 +13 Nashville i -8 — 7 —2 Tulsa —2 -10 0 p Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. »Seven months 1951. 4 Eight months 1951. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities, 1935-39 average =» 1001 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—September 174.6 210.0 189.8 131.8 141.2 194.2 157 8 October 175.6 210.6 193.0 132.0 142.0 198.7 158.3 November 176.4 210.8 194.3 132.5 142.5 201 1 159 2 December 178.8 216.3 195.5 132.9 142.8 203.2 160.6 1951—January 181.5 221.9 198.5 133.2 143.3 207.4 162.1 February . 183.8 226.0 202.0 134.0 143 9 209 7 163 2 March 184.5 226.2 203.1 134.7 144.2 210.7 164.3 April 184.6 225.7 203.6 135.1 144.0 211.8 164.6 May 185.4 227.4 204.0 135.4 143.6 212.6 165.0 June • 185.2 226.9 204.0 135.7 143.6 212 5 164 8 J ly , 185.5 227.7 203.3 136.2 144.0 212.4 165.0 U 185.5 227.0 203.6 136.8 144.2 210.8 165.4 September 186.6 227.3 209.0 137.5 144.4 211.1 166.0 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. 1420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Manu- Year, month, or week m c t A o i o e m l d s l i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m F g r a i h a u n a t t e d l e i s l n - g M m p u a r e e c n o t t t d d a a s l - l s B m r i i u n a 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 e a d s d n - i- d H g n f o o i i u n s o u r g h d s - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - p t u f u r a c o r c e t d s - d - 1929 95.3 104.9 99.9 91.6 109 1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86 4 88.3 90.5 85.2 100 0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 86 1 6f> 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 n 9 54k9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 80 9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86 6 77 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 7C 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 1(\3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 9? 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 6<3.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 J*. 78.6 67.7 71.3 83.0 100 8 7.1 8 71.7 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941. 87.3 82.4 82.7 89.0 108 3 84 8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117 7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.,5 97 4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105 8 128.2 106.2 99.7 118.1 10(1 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 18? 4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188.8 14<) 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 14(1 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.Q 14fl 0 133.2 173.6 206.0 122.7 153.2 120.9 172.4 156.8 1950—September 169.5 180.4 177.2 159.2 703 0 158.3 134.9 176.7 219.7 128.7 159.2 127.4 181.8 164.0 October 169.1 177.8 172.5 161.5 208.6 163 1 135.3 178.6 218.9 132.2 163.8 131.3 180.2 163.5 November 171.7 183.7 175.2 163.7 211.5 166 8 135.7 180.4 217.8 135.7 166.9 137.6 184.5 165.1 December 175.3 187.4 179.0 166.7 718 7 171.4 135.7 184.9 221.4 139.6 170.2 140.5 187.1 169.0 1951—Tanuary 180.1 194.2 182.2 170.3 734 8 m .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.? 181 1 138.1 188.1 228.1 147.3 175.4 142.7 199.1 175.5 March 184.0 203.8 186.6 172.4 236.7 183.2 138.6 188.8 228.5 146.4 178.8 142.5 199.4 175.8 April 183.6 202.5 185.8 172.3 733 3 187.8 138.1 189.0 228.5 147.9 180.1 142.7 197.7 176.1 May. .. . 182 9 199.6 187.3 171.6 232.6 187 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 7 137.8 188.2 225.6 142.3 179.5 141.7 194.7 175.5 Tuly '179.4 194.0 186.0 168.6 771 9 173 .2 137.9 187.9 '223.7 139.4 178.8 138.8 189.9 175.1 August 178.0 190.6 187.3 167.2 713 6 M67.5 138.1 188.1 '222.5 140.1 175.3 138.2 187.5 174.4 September 177.6 189.2 188.0 166.9 212.3 163.2 138.8 189.1 223.0 140.8 172.5 138.5 186.9 174.2 Week ending:1 1951—Sept 11 176 9 189 7 189.0 165 7 166 5 138.4 188.2 222.3 140 2 Sept. 18 176.4 188.6 187.9 165.4 163.2 138.6 189.4 222.0 140.4 Sept 25 176 7 190 5 188 6 165 1 1 SQ 5 138.7 190 5 222 6 141 1 Oct 2 177 1 191 1 189 5 165 2 ISfl 7 138.7 190 9 223 0 141 0 Oct 9 177 4 193 1 191.2 165 0 157 1 138.9 190.9 223 2 140 9 Oct. 16 177.7 195.2 191.6 165.1 157.1 138.8 190.9 223.2 141.2 Oct 23 177 1 192 3 190 1 165 1 1S6 8 138.8 190.9 223 7 141 8 Oct. 30 177.0 192.1 189.9 165.1 156.8 138.8 190.9 223.8 140.7 1950 1951 1950 1951 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept. Farm Products: Metals and Metal Products: Grains 166.. 178.6 178.0 180.4 181.6 Agricultural mach. & eauio.. . 150.3 1S<3 1 158 Q 158.5 158.9 Livestock and poultry 211 3 235 8 233 9 233 1 227 8 Farm machinery 152 7 161 1 160 9 160 5 160 9 Other farm products 164 4 180.4 173.1 166.7 166.9 Iron and steel 172.2 1R5 Q 185 9 185.9 185.9 Motor vehicles 176 5 184 ^ 184 6 185 C 187.4 Dairy products.... 154.7 163.4 167.5 169.0 170.3 Nonferrous metals 166.1 17? ? 175 6 175.3 176.4 Cereal products 155 5 162.3 162.3 161.9 160.4 Plumbing and heating... 166 9 r181 5 183 6 184.(5 184.4 Fruits and vegetables .... 131.0 146.3 144.3 142.6 141.9 Buildim Materials: Meats, poultry and fish 241.0 255.2 254.6 256.9 258.4 Brick aiad tile... 170.2 180.8 179 4 179.5 179.5 Other foods 158 7 160 8 158 5 161 2 162 5 Cement 136 3 147 7 147 ? 147.2 147.2 Hides and Leather Products: Lumber 371.5 352.3 347 1 342.8 343.2 Shoes 194.9 223.3 222.4 222.1 221.8 Paint atid oaint materials 145.9 161 6 159 1 158.C 159.8 Hides and skins 264." 284.3 250.7 222.1 225.7 Plumbing and heating... 166.9 18? S 183 6 184.(5 184.4 Leather 196 8 227 5 216 8 203 4 195 8 Striirtnrai stppi . . 191 6 204 204 3 204 3 Other leather products 151.3 180.6 180.6 180.6 180.6 Other building materials 182.5 195.1 198 1 198.2 198.4 Textile Products: Chemicals and Allied Products: Clothing 146 7 164.0 164.8 165.0 164.7 Chemicals 125 4 144 1 143 1 144.4 144.7 Cotton goods 221.6 228.7 r218.8 r206.0 196.5 Drugs and pharmaceutical*.. 153.4 1 RS 184 7 184.6 184.1 Hosiery and underwear 105.3 112.9 111.2 110.1 110.0 Fertilizer materials 111.4 115.1 119 0 117.8 118.5 Silk 64 9 73.2 71.1 68.7 72.6 Mixed fertilizers 103.4 108 6 108 6 109.3 111.3 Ravon and nvlon 41 7 43 1 43 1 43 1 43 1 Oils and fats 163 9 161 9 139 139.8 141.9 Woolen and worsted goods... 178.7 225.3 ••218.2 r207.4 196.7 Housefurnishing Goods: Other textile products 191 3 250.1 239.6 232.2 229.6 Furnishings 168.1 19(1 194.6 188.2 183.2 Fuel and Lighting Materials: Furniture... . . 149.9 161.5 161 9 161.6 161.2 142.8 152.5 153.5 154.9 157.0 Miscellaneous: Bituminous coal 193 2 195.5 194.6 194.9 196.7 Auto tires and tubes 77.4 8? 8 82 9 82.5 82.9 Coke 225.6 234.8 234.8 234.8 234.8 Cattle feed 203.8 74.5 0 740 3 225.5 231.2 Electricity 65 6 64.7 65.4 167.1 196 ? 197 ? 198.7 199.7 Gas. 89.0 92.9 93.8 94.1 Rubber, crude 114.7 1S5 1 106 6 106.6 106.6 Petroleum products 117.8 120.0 120.4 1L20.5 120.5 Other miscellaneous 127.8 136.7 136 3 135.7 135.5 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Beck figures.—Bureau of Labor Statistics, Department of Labor. NOVEMBER 1951 1421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 3 4 1 2 3 Gross national product . . 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 287.4 303.7 '319.0 '327.8 327.6 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 12.2 14.8 17.6 19.1 21.2 21.8 22.2 22.6 '23.1 23.9 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.7 23 8 25 3 24 3 25 9 '24.9 25.0 Business transfer payments 6 7 5 5 6 7 7 7 8 g 8 8 8 8 Statistical discrepancy -.1 1.2 1.4 1.6 1.7 .3 -3.2 -.8 -1.8 -6.4 -3.4 '.8 .'5.0 n.a. Plus: Subsidies less current surplus of government enterprises . -.1 5 1 9 — l o 0 3 2 ' 6 3 1 Equals: National income 87.4 72.5 103.8 180.3 198.7 223.5 216.7 239 0 245 8 260 1 269 4 274.3 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 37 4 42 2 42 9 43 0 n.a Contributions for social insurance.... .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 7.0 7.0 7.4 8.3 8.4 8.4 Excess of wage accruals over disbursements . ... .0 .0 .0 .0 .0 .0 .0 .0 .0 0 0 0 .0 7 Plus: Government transfer payments... .9 1.5 2.5 2.6 10.9 11.1 10.5 11.6 14.3 11.0 11.1 11.5 11.8 11.8 4.8 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.2 7.6 9.2 9 4 11 1 8 8 '9 6 9 6 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .8 .8 .8 .8 .8 .8 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 205.1 224.7 227.3 238.3 244 1 '249.9 253.2 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 18.8 21.5 21.1 18.6 20.5 20 2 23 1 r27 4 *28 0 28 4 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 17.8 17.5 20.3 '24.4 '25.1 ISA 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 '2.9 '3.0 3.0 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 158.9 169.5 188.4 186.4 204.3 207.1 215.2 '216.8 '221.8 224.7 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 202.5 198.4 208.2 201.7 202.5 Equals: Personal saving . 3.7 -1.2 2.7 9.8 12.0 3.9 10.5 6.3 10.7 4.6 16.8 '8.5 '20.1 22.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annualrates by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 3 4 1 2 3 National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.7 239.0 245.8 260.1 269.4 274.3 n.a. Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 139.9 153.3 157.3 165.2 172.1 177.4 180.4 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 133.4 145.8 149.7 157.2 163.6 168.8 171.6 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.0 123.6 127.2 132.7 137.1 140.5 141.1 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.2 5.1 5.0 6.6 7.8 n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 17.2 17.5 17.9 18.8 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 7.7 7.9 8.5 8.7 8.8 Proprietors' and rental income 8.. 19.7 7.2 14.7 20.8 42 0 42.4 47.3 41.4 44.0 45.6 47.2 48.8 48.1 49.1 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 20.9 22.3 23.2 23.0 24.1 23.6 23.4 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.0 13.7 14.3 15.8 16.4 16.3 17.3 Rental income of persons ........ 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.5 8.0 8.1 8.4 8.3 8.2 8.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.7 30.5 36.2 37.4 42.2 42.9 43.0 n.a. Corporate profits before tax .. 9.8 .2 6.5 17.2 23.5 30.5 33.8 28.3 41.4 45.7 50.3 51 8 45.4 n.a. Corporate profits tax liability. . . 1.4 .5 1.5 7.8 9.6 11.9 13.0 11.0 18.6 20.5 22.5 '31.1 27.0 n.a. Corporate profits after tax 8.4 — .4 5.0 9.4 13.9 18.5 20.7 17.3 22.8 25.2 27.8 '20,7 18.4 n.a. Inventory valuation adjustment. .. .5 -2.1 -.7 -2.6 -5.2 -5.8 -2.1 2.1 -5.1 -8.3 -8.2 -8.9 -2.3 2.8 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.3 4.9 5.4 5.5 5.6 5.6 5.7 5.8 n.a. Not available. ' Revised. 1 Less than 50 million dollars. 1 Includes employee contributions to social insurance funds. • 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. 1422 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 287.4 303.7 '319.0 '327.8 327.6 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 202.5 198.4 208.2 201.7 202.5 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.9 29.2 34.3 29.4 31.5 25.9 25.3 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.7 102.3 105.5 104.9 111.5 109.5 110.0 Services 31.7 20.6 25.5 28.5 44.5 49.1 54.1 57.6 62.1 62.7 64.0 65.2 66.2 67.2 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 42.7 33.0 48.9 47.3 60.2 '60.1 '65.6 55.7 New construction 1 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.2 22.1 23.5 23.3 23.9 '22.5 21.5 Producers' durable equipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.0 22.5 24.5 25.0 -•25.9 '27.2 28.1 Change in business inventories. . . . 1.6 -1.6 .4 3.9 6.1 — 8 5.0 -3.2 4.3 -.7 11.8 10.3 '15.9 6.1 Net foreign investment .8 .2 .9 1.1 4.6 1.9 .5 -2.3 -3.2 -2.7 '.0 1.2 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.9 28.6 36.6 43.6 42.5 40.8 47.8 '53.4 '60.4 68.2 Fe W N de o a r n r a w l ar 1 1 . . 3 3 2 2 . . 0 0 5 3 1 . . . 2 9 3 1 1 3 6 3 . . . 2 9 8 2 2 2 0 1 . . . 9 5 2 1 1 5 7 . . 8 1 2 2 1 1 . . 0 7 2 2 5 5 . . 5 9 2 2 2 3 . . 8 1 2 2 1 1 . . 2 4 2 2 7 7 . . 3 5 *32.3 r38.9 46,6 Less: Government sales 2 () () 2.7 1.3 .6 .4 .2 .2 .2 .2 .2 State and local 7.2 5.9 7.9 7.8 10.0 15.6 18.1 19.7 19.7 20.4 21. 21.4 21.6 12.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r is n t s a - e t l s - Wag d p m i e C u n r o o g s o a d t d m r n i u i i n t d e - c y - s - sal D a i r u n t i y r s t d i i t e u v r d s i e s i b - s - bu S r i e s n t e r r d v m i u e ic s e s e - nts m G er o e n v n - - t L b c p i s e u o a n l o s f o t n n s o s c i y u c o t i r e r a e e r n i m - l e - s - in O l c a t o b h m o e r r e5 i p n r r P e c a i o n e n ro m t t d o a - l e rs 6 ' i i n d n s p a t e c o e n e o n n r r d m d a e - l s s e t T m p r f e a a e n y n r t - s s - 7 in N t c u o o r m n 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—August 227.7 147.2 150.3 66.2 42.8 18.9 22.4 3.1 3.6 46.1 18.9 11.9 208.6 September.... 231.5 149.7 152.6 67.1 42.8 19.1 23.6 2.9 3.6 45.3 21.6 11.3 212.9 October 234.1 152.4 155.6 69.3 43.1 19.3 23.9 3.2 3.6 46.3 19.7 12.1 214.3 November. . . . 236.4 154.2 157.3 69.9 43.2 19.5 24.7 3.1 3.7 47.2 19.5 11.8 215.5 December 244.4 155.9 158.9 70.8 43.6 19.6 24.9 3.0 3.7 48.1 25.0 11.7 223.4 1951—Tanuary .. 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 48rO 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 August 253.7 167.4 170.8 74.5 46.2 20.3 29.8 3.4 3.8 49.7 20.1 12.7 231.3 Includes construction expenditures for crude petroleum and natural gas drilling. id and domestic sales of surplus consumption goods and materials. 1 income" is equal to total disbursements less employee contributions to social insurltory valuuaattiioonn aaddjjuussttmmeenntt. 7 Includes government social insurance benefits, direct relief, mustering out pay, vveetteerraannss'' rreeaaddjjuussttmmeenntt iallowances and other payments, as wel[lI as consumer bad debts and other business transfers. °8 Imnecmluodeess ppeerrssoonnaall iinnccoommee eexxcclluussiivvee ooif nneett iinnccoommee ooif iunincorporated farm enterprise, farm wages, agrii<cultural net rents, agricultural net inteerreesstt,. aanndd nneett ddiivviiddeennddss pnaaiidd bbyv aaggrriiccuullttuurraall ccoorrpnoorraattiioonnss.. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. NOVEMBER 1951 1423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit En o d r m o o f n y th ear co c T n r s o e u t d a m i l t er i c T m n r s o e e t t d n a a i l t l t - Total A S u al t e o m cr o e b d i i l t e Other Loans1 no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 .. . 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 . 5,627 2,364 942 227 715 1,422 3,263 510 Q81 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—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 L,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 ,086 May 19,-2 07 12,920 7,248 3,980 3,268 5,672 6,287 1,398 3,793 ,096 June 19,256 12,955 7,234 4,041 3,193 5,721 6,301 1,399 3,804 1,098 July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1,393 3,743 ,093 August? 19,262 13,044 7,247 4,138 3,109 5,797 6,218 1,399 3,724 L.095 September?.... 19,356 13,156 7,320 4,171 3,149 5,836 6,200 1,403 3,700 L.O97 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 - 1 l p S c l a m o o n a m a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n l t a o r o 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 n ti e a d r s o i r e r n n d 8 - b m C a e n o r k m c s ia - l i 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 a c n l t o n o r d i m a i u a e n l s s - - 2 u C n r i e o d n i s t 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 ... 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950 5,555 2,431 1,084 291 203 525 157 864 3,875 1,946 481 358 894 1950—August 5,396 2,401 1,009 290 197 514 150 835 387 166 46 33 88 September.. 5,486 2,462 1,010 295 201 524 150 844 356 149 40 32 76 October 5,510 2,460 1,026 294 201 524 152 853 298 149 39 28 66 November. . 5,501 2,435 1,037 292 200 521 153 863 257 165 34 27 64 December... 5,555 2,431 1,084 291 203 525 157 864 289 234 37 29 72 1951—January.... 5,558 2,438 1,090 289 202 518 158 863 326 162 39 28 67 February.. . 5,552 2,441 1,094 286 202 515 158 856 296 158 35 27 64 March 5,608 2,476 1,112 286 204 517 160 853 368 207 43 33 79 April 5,634 2,497 1,119 286 205 514 161 852 340 184 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 5,730 2,492 1,167 288 211 524 166 882 339 206 44 35 76 August?.. .. 5,797 2,521 1,181 293 217 531 167 887 389 210 49 40 90 September?. 5,836 2,521 1,203 296 221 533 169 893 351 182 42 35 78 ? 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 September amounted to 104 million dollars, and other loans made during September were 11 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Per- E y m e n o a d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a d e r i n d e e l r - t s F s t t u o u 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 or e e lr s y s r o t e A t o t h r a l e e l i r l s Year or month Total ch P a u s r e - r d eta ] i D l oa ir n e s ct c d r h e p a ir t a u n a e s r d i c e - l t d , l e o m r t a n a i n o o n i d z d n s a 1 - 2 - i l s m c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1939 1,525 377 536 273 93 246 period: 1940 1,721 439 599 302 110 271 1948 3,563 570 736 751 636 870 1941 1,802 466 619 313 120 284 1949 4,416 854 915 922 781 944 1942 1,135 252 440 188 76 179 1950 5,645 1,143 1,223 1,267 905 1,107 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 6 4 8 7 5 3 2 1 1 , , , 6 9 1 5 7 7 3 9 0 6 1 0 5 1 4 5 7 7 3 6 8 1 1 1 3 7 5 8 7 9 7 4 0 3 2 8 2 2 2 3 5 7 9 9 8 8 8 5 3 6 6 9 7 0 2 3 1 4 5 8 5 1 7 9 0 7 1 8 8 1 1 5 5 5 8 5 4 6 7 7 9 2 4 3 4 1 1 1 1 0 0 1 1 0 7 5 4 1 3 9 4 1950— O S N D A e c e o u p t c g 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 , , , , , 7 4 6 6 6 2 9 8 4 6 6 3 5 5 1 1 1 1 1 1 , , , , , 1 1 1 1 1 4 7 8 5 4 3 7 0 9 3 1 1 1 1 1, , , , , 2 2 2 2 2 2 5 3 5 1 3 4 4 1 7 1 1 1 1 1 , , , , , 2 2 2 2 1 8 6 6 5 7 2 7 1 8 8 9 9 8 8 9 0 0 7 9 0 5 5 2 1 7 1 1 1 , , , , , 1 0 1 1 1 0 8 0 0 0 5 3 8 7 0 1949 3,096 1,010 935 500 163 488 1951—January 5,610 1,116 1,219 1,268 890 ,117 1950 3,778 1,245 1,029 710 794 February 5,530 1,096 1,222 1,217 877 ,118 March 5,516 1,079 1,232 1,190 874 ,141 1950 April 5,490 1,072 1,242 1,153 875 ,148 August 3,506 1,123 998 658 727 May 5,489 1,083 1,248 1,123 882 ,153 September 3,645 1,159 1,028 702 756 June 5,481 1,090 1,246 1,098 883 ,164 October. .. 3,652 1,170 1,019 705 758 July 5,430 1,086 1,230 1,068 886 ,160 November. 3,630 1,172 1,003 702 753 August? 5,472 1,097 1,240 1,059 899 ,177 December. 3,778 1,245 1,029 710 794 September?.. 5,434 1,102 1,237 1,004 911 ,180 1951 Volume extended dur- January... 3,638 1,201 982 694 761 ing month: February.. 3,531 1,162 956 677 736 1950—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 S A Ju e u p l g y t u em st b P. e r .. ? 3 3 3 , , , 1 1 1 1 4 0 2 9 9 1 1 1 , , , 0 0 0 2 1 2 2 5 9 8 8 8 5 6 5 9 9 4 5 5 5 9 9 9 0 8 0 6 6 6 4 4 5 5 6 3 1951— F M Ja e a n b r u r c a u h r a y ry.... 5 6 6 3 3 0 8 6 6 1 9 0 9 3 9 8 1 1 1 3 3 6 2 7 0 1 1 1 1 2 4 7 3 7 5 4 4 1 1 7 1 1 1 9 5 7 5 3 7 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? 738 162 187 131 70 188 September?.. 682 148 166 127 67 174 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 * 2 loans Auto- ization cash mobile Other loans l * loans 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 3 2 3 1 4 7 . . . 1 5 9 1 1 1 9 9 9 4 4 5 9 8 0 2 1 1 2 9 7 6 4 7 . . . 7 9 1 4 5 3 3 7 8 . . . 5 9 3 4 3 2 1 1 3 . . . 1 4 7 6 5 7 . . . 5 0 3 1 1 12 1 1 0 0 3 . . . 6 1 3 1950— D S O N A e c e o p t c u v o t e e g e b m m m u er s b b b t e e e . r . r r . . . . . . . . 3 3 3 3 3 9 9 9 9 8 2 1 6 5 9 . . . . . 0 9 4 6 8 1 1 1 1 1 2 1 1 2 2 0 1 8 9 1 . . . . . 6 5 5 4 9 8 7 7 7 7 0 9 6 9 9 . . . . . 2 7 3 9 3 5 5 5 5 5 5 5 6 6 4 . . . . . 7 5 1 1 9 1 1 1 1 1 3 3 3 3 3 8 7 9 6 7 . . . . . 7 7 1 7 9 1950— S D O N A e c e o p t c u v o t e g e e b m m m u er s b b b t e e e .. r r r . . . . . . . . 2 2 2 2 2 1 2 2 2 2 9 6 4 3 3 . . . . . 9 9 0 3 8 5 5 5 5 5 7 5 7 7 7 . . . . . 2 4 9 9 3 3 4 4 4 4 9 1 0 1 1 . . . . . 2 1 9 7 1 7 7 7 7 7 . . . . . 3 4 3 3 3 1 1 1 1 1 1 1 1 1 2 8 7 7 0 7 . . . . . 6 1 6 5 8 1951— A S A J F M M T J u e e u p u a l a a p n b r y g n y r t i e r c e l u u u m h a s a r t b r ? y y e . . r . . . ? . . . . . . 3 3 3 3 3 3 3 3 3 8 8 9 8 8 8 8 8 9 2 1 2 2 5 5 6 4 6 . . . . . . . . . 7 5 7 5 1 0 4 9 3 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 1 7 0 6 6 9 3 3 6 8 . . . . . . . . . 2 2 5 4 6 1 9 9 0 7 7 7 7 7 7 7 7 7 5 8 7 2 6 1 0 3 4 . . . . . . . . . 4 9 4 3 6 2 7 4 6 5 5 5 5 5 5 5 5 5 1 2 3 2 2 2 4 2 3 . . . . . . . . . 8 7 4 6 9 0 8 3 6 1 1 1 1 1 1 1 1 1 3 4 3 4 4 3 3 3 3 9 3 9 1 4 7 5 9 7 . . . . . . . . . 9 7 3 1 3 0 8 9 7 1951— A S A J J F M M J u u e e u p a n l a a p b g r y n r y e t i r u c e l u u h s m a a t r ? b r y y e . r . . . . ? . . 2 2 2 2 2 2 2 2 2 2 4 2 2 3 2 3 4 3 5 5 6 8 5 5 0 1 2 . . . . . . . . . 1 9 1 5 6 6 4 3 6 5 5 5 5 5 6 6 6 5 6 9 3 7 3 0 6 7 9 . . . . . . . . . 2 2 1 5 8 5 8 8 8 4 4 4 4 3 4 4 4 3 0 0 4 9 0 2 0 0 9 . . . . . . . . . 2 5 0 6 5 4 8 8 8 6 7 7 7 7 7 7 7 7 . . . . . . . . . 9 2 1 0 2 3 1 0 0 1 1 1 1 1 1 1 1 1 3 2 2 2 2 2 2 2 2 0 3 5 8 2 1 7 4 0 . . . . . . . . . 2 4 9 5 3 1 8 0 8 Volume extended Volume extended during month: during month: 1950—August 52.7 15.4 11.0 4.1 22.2 1950—-August. . . . 35.5 8.1 7.3 0.5 19.6 D S O N e e c o p t c v o t e e e b m m m er b b b e e e r r r . . . . . . | 4 3 4 4 7 7 3 0 . . . . 2 2 5 3 1 1 8 9 3 1 . . . . 7 1 7 3 1 9 8 7 0 . . . . 0 6 6 5 3 3 3 2 . . . . 0 9 9 6 2 1 1 1 0 8 7 9 . . . . 6 7 9 1 S D O N e e o c p c v t t o e e e m b m m e b b b r e e e .. r r r . . . . . . . . 3 2 2 30 7 9 2 . . . . 4 4 3 8 6 6 6 7 . . . . 3 8 1 5 6 4 3 3. . . . 9 0 8 9 0 0 0 0 . . . . 4 4 4 3 1 1 1 1 7 9 8 7 . . . . 2 9 9 1 1951— F M J e a a b n r r c u u h a a r r y y .... 3 4 4 8 2 6 . . . 2 3 8 1 1 1 0 0 2 . . . 6 4 8 8 7 8 . . . 2 5 2 2 3 2 . . . 0 3 5 2 2 1 0 2 8 . . . 9 9 0 1951— F M J e a a b n r r c u u h a a r r y y . . . . . . . 2 2 3 7 4 9 . . . 9 3 1 6 6 7 . . . 4 8 4 4 3 4 . . . 3 8 9 0 0 0 . . . 3 4 3 2 1 1 1 7 7 . . . 6 7 4 A J A S J M u u e u p l n a p g y r y e t i u e l s m t? ber P 4 4 4 4 5 5 4 1 8 8 8 9 . . . . . . 2 9 5 8 4 3 1 1 1 1 1 1 6 3 4 9 5 5 . . . . . . 2 2 9 4 6 1 1 1 0 7 8 7 7 0 . . . . . . 4 3 8 8 6 4 3 4 4 3 3 3 . . . . . . 8 5 9 1 8 3 2 2 2 2 2 2 0 2 4 0 1 2 . . . . . . 2 7 5 1 5 0 A S A J J M u u e u p l a n p g r y y e i t u l e s m t? ber? 3 3 4 3 3 3 2 5 2 4 6 7 . . . . . . 4 9 6 8 1 8 1 9 9 7 8 8 1 . . . . . . 9 4 0 4 8 5 4 4 4 6 5 7 . . . . . . 4 2 2 9 9 0 0 0 0 0 0 0 . . . . . . 5 4 5 5 6 6 2 2 2 2 2 2 0 1 3 0 1 1 . . . . . . 2 9 7 5 3 3 v Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 8 Includes both direct loans and paper purchased. NOVEMBER 1951 1425 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 t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Year or month 1 S 9 e 5 p 1 t. ? A 19 u 5 g 1 . J 1 u 9 l 5 y 1 1 S 9 e 5 p 1 t. ? A 19 u 5 g 1 . J 1 u 9 l 5 y 1 D s m e to p e r a n e r t s t- F s t t u u o 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 -6 +20 -10 -20 -15 -23 August 18 11 11 50 Cash sales.... -9 + 10 -9 -13 -12 -9 September 18 11 10 51 Credit sales: October 18 11 11 51 Instalment -4 +28 -11 -22 -15 -29 November 17 10 10 51 Charge account -14 +21 -9 -18 -16 -18 December 18 11 10 49 Accounts receivable, end 1951 of month: January 19 10 12 50 Total 0 + 1 -3 -13 -10 -8 February 17 10 11 46 Instalment + 1 0 -3 -10 -10 -9 March 19 11 12 50 April 18 11 11 47 Collections during May , 18 11 11 49 month: June 19 11 12 49 Total -1 +4 -6 -6 -3 0 July 18 11 12 46 Instalment -3 +3 -6 -9 -4 -1 August 19 12 12 48 September P 20 12 12 47 Inventories, end of month, at retail value. +1 -3 -4 +9 +16 +29 p Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND C(OLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year or month Total Sa C le a s s h during I m n m s e o t n a n t l t - h a C c h c a o r u g n e t A I a c m n c t s e o t e n a u n l t n - d t s o r f e a c C m c e h c o iv a o n r a u t g b h n e l t e C I m n o s l e l t n e a c t l m - tio o n n s t a h C d c h c u a o r r i u n g n g e t C sa a l s e h s I m n sa s e l t e n a s t l- a C c s h c a a o le r u g s n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 .. 114 131 82 102 78 91 103 110 56 6 38 1943 ... 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 ... 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 200 212 165 196 200 224 51 8 41 1950 220 213 247 223 233 210 250 237 48 10 42 1950—August '209 196 '294 '208 241 191 250 212 46 12 42 September r233 217 306 238 256 210 269 221 46 12 42 October 229 216 269 236 260 216 283 244 47 10 43 November 257 249 248 268 259 233 278 251 48 9 43 December .. . 387 389 343 395 276 314 294 256 50 8 42 1951—January 212 195 233 228 269 269 318 354 45 10 45 February 179 167 211 187 262 236 289 279 46 10 44 March . . 220 210 234 228 255 227 318 268 48 9 43 April 198 192 199 206 244 220 286 244 48 9 43 May 217 209 205 229 235 224 278 244 48 8 44 June 207 208 188 211 226 218 275 245 50 8 42 July.. 162 163 165 160 215 195 253 228 50 9 41 August 196 191 230 195 214 196 259 212 48 11 41 September P 219 207 251 225 219 215 259 208 47 10 43 p Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1417. 1426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1951 [In thousands of units] Cotton Corn Winterwheat Springwheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Oct. 1, 1951 1950 Oct. 1, 1951 1950 Oct. 1, 1951 1950 Oct. 1, 1951 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,628 7,975 New York 35,371 35,580 13,594 13,430 115 110 Philadelphia 55,661 57,091 17,129 17,381 Cleveland 219,158 212,742 51,416 39,054 Richmond 590 1,534 197,503 177,809 22,669 29,841 Atlanta 1,576 2,672 218,592 190,065 5,103 5,710 Chicago 1,115,665 1,248,070 69,175 65,148 ' 1,332' 982 St Louis 12,691 23,809 426,131 389,986 48,517 50,685 10 8 Minneapolis . . . . 340,126 368,399 30,703 35,663 234,616 287,854 Kansas City "261' 481 429,739 354,812 354,215 268,040 3,678 4,173 Dallas 3.549 5,897 77,657 55,585 23,032 17,681 105 119 San Francisco 1,405 2,538 7,778 6,874 115,113 108,105 36,233 49,614 Total 10,012 16,931 3,131,009 3,104,988 750,666 650,738 276,089 342,860 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Oct. 1, 1951 1950 Oct. 1, 1951 1950 Oct. 1, 1951 1950 Oct. 1, 1951 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston. . . 6,742 7,672 3,664 4,235 40,813 35,971 70,733 51,240 New York 35,369 38,488 6,471 6,763 974 943 40,947 30,076 Philadelphia 18,957 22,206 2,653 2,754 61,365 59,655 21,901 17,218 Cleveland 53,976 64,953 6,243 6,422 125,873 143,781 13,413 10,929 Richmond 39,167 41,816 4,940 4,853 1,235,345 1,354,050 24,987 20,395 Atlanta 29,152 24 761 3 640 3 063 228,980 275,241 14,408 14,465 Chicago 630,672 535,480 20,281 23,674 32,147 25,374 32,505 24,324 St Louis 73,682 48,217 9,925 9,242 300,743 349,627 7,230 5,726 IVt inneapolis 389,199 440,833 10,905 14,292 2,359 1,825 50,112 38,716 Kansas City 122,848 108,770 10,247 10,775 3,851 3,377 34,973 24,582 Dallas 29,537 10,308 1,750 1,513 3,255 2,752 San Francisco 35,833 28,744 13,591 12,777 125,036 96,699 Total 1,465,134 1,372,248 94,310 100,363 2,032,450 2,249,844 439,500 337,122 1 Includes 7,000 bales grown in miscellaneous territory. 5 Includes 12,000 bales grown in miscellaneous territory. 1427 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States.. 1430-1435 Gold production.. 1435 Reported gold reserves of central banks and governments. 1436 Gold movements; gold stock of the United States. 1437 International Monetary Fund and Bank. . 1438 Central Banks.. 1438-1442 Money rates in foreign countries. . 1443 Commercial banks. . 1444 Foreign exchange rates. . 1445 Price movements: Wholesale prices. . 1446 Retail food prices and cost of living. . 1447 Security prices. . 1447 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. NOVEMBER 1951 1429 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 in U. S. securities: securities: Inflow in From th J ro a u n g . h 2 — , 1935, Total Total o F f o fi r c e ia ig 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 b f a u r n o n k a d i d n s g 1 In f f o u fl r n o e d w ig s n o 3 f o R f f u e n U t d u s . r n 3 S. b b r a o l k a e n r c a e g s 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—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 A 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 10,258.8 7,908.2 2,746.8 3,533.1 1,628.3 191.8 1,128.9 897.3 132.7 July 31P 10,129.6 7,797.5 2,506.3 3,633.9 1,657.3 193.0 1,093.7 912.9 132.6 Aug. 31P 10,157.2 8,019.8 2,736.4 3,640.5 1,642.9 180.6 918.7 907.7 130.6 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 a i- - 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 * - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions and Official* private 1945—Dec> 31 6,883 1 4,179.3 707.7 310 0 281 6 304 2 70 4 909 1 2,583 0 1,522 2 1 046 41 549 7181 8 1946—Dec. 31... 473.7 6,006^5 3,043.9 458.9 245^9 224.9 372^ 267!9 850'. 5 2,420i7 931.8 l!lO4.*8l!316!4 232^8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 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 1,287.01,151.8167.4 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—Sept. 30... 1,646.4 67,290.6 3,722.9 5 703.4 248.4 255.5 600.0 304.0 866.2 B2,977.5 1,332.5 1,544.0 1,224.6211.9 Oct. 31... 1,667.1 57,508.0 3,968.0 5 819.8289.6 275.0 572.4 309.2 859.8 «3,125.8 1,227.8 1,569.6 1,362.7222.1 Nov. 30... 1,733.4 57,170.0 3,609.5 5 723.3 247.2 281.9 569.9 303.1 811.3 52,936.7 1,054.9 1,524.8 1,403.9249.7 Dec. 31... 1,722.2 56,926.6 3,425.9 5 660.7 260.7 193.6 553.0 314.7 799.2 62,781.7 899.0 1,612.9 1,378.5254.5 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 5 2,753.2 887.1 1,585.31,369.7250.3 Feb. 28... :1,612.2 66,878.3 3,414.7 5 629.1 258.0 209.1 504.2 324.4 812.8 5 2,737.6 884.5 1,596.11.401.1259.0 Mar. 31... 1,620.0 56,838.1 3,357.1 s 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... L.625.6 56,782.6 3,292.8 5 673.6 193.0 131.4 502.5 299.1 827.8 52,627.4 811.6 1,705.81,386.0251.9 May 31... L,581.4 5 6,784.1 3,300.3 5629.5 191.9 133.4 498.2 289.8 863.4 52,606.3 818.1 1,714.01,387.2258.5 June 30... 1,648.3 s 7,014.0 3,457.1 5 629.1 246.3 134.8 509.3 276.0 928.8 8 2,724.4 964.4 1,672.91,399.1253.3 July 30P.. 1,677.3 56,874.3 3,216.6 s 550.3 218.3 132.0 498.7 289.4 969.7 6 2.658.4 931.8 1,614.31,412.0257.8 Aug. 31 P.. L.662.8 5 7,111.1 3,446.7 5 527.1 221.2 131.7 506.9 279.3 1,096.7 5 2,762.8 1,012.3 1,578.31,496.6261.0 p Preliminary. 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. 1430 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 i s a - 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 e e n - USSR s Y la u v g i o a - ot A h l e l r * 1945—Dec# 3i 909 1 185 0 25 9 5.5 7.0 70 8 216 1 47 9 9 3 31 7 210 1 28 0 5 7 66 0 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31.. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31.. 738.1 128 7 44 7 19.1 178.9 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—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 Tune 30. . 928.8 43.9 122.3 3.1 44.7 22.5 357.5 38.6 60.5 3.3 45.6 5.9 18.3 99.4 5.0 6.5 51.8 July 31 P. 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 Aug. 31 P. 1,096.7 54.6 134.2 2.1 39.9 27.5 481.4 40.4 99.9 2.1 44.9 5.7 14.0 88.8 3.5 4.2 53.4 Table 2b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e * r n r lic Surinam 1945—Dec. 31 1,046 4 77 3 14 a 19S 1 66 79.2 128 3 116 4 28.2 43 Q on n 49 7 158 8 1946—Dec. 31 1.104.8 112.6 14 0 174 0 SO7 57.8 153.5 16.1 40 9 77.2 74.0 181.8 1947—Dec 31 1 2166 236 2 17 s 104 7 46 46 1 234 7 H9 9 14 9 41 8 70 3 78 0 186 5 1948—Dec. 31 1,287 0 215 8 17 1 I'M 7 ss 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—Sept. ™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.Q 301.8 20 4 226 0 79 s 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 0 353.2 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 30 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 P1,614. 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 Aug. 31* 1,578 3 320.3 21 6 151.4 56.2 52.1 336.7 53.0 26 0 128.2 27.7 53.5 66.3 41.7 81.6 74.7 87.5 Table 2c.—Asia and All Other For- Egypt Date Asia M C m a h n a o i i d s n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p e b i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h i e a r 3 o A th l e l r A t l r u i a a s - - C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - S A U o f o n u r f i i t o c h a n Other < land Sudan 1945—Dec> 3i J 54Q 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—Tjec# 3i ,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. L.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 1 1 9 9 4 4 9 8 — — D jj eecc#. 3 31 1. 1, 9 1 6 5 1 1 . . 0 8 2 1 1 1 6 0 . . 2 6 5 8 1 3 .9 1 5 63 1 . . 3 8 4 1 1 5 . . 5 7 2 8 1 1 4 . . 4 6 2 4 9 8 7 8 . . 3 3 1 9 7 . . 8 5 2 1 0 6 4 5. . 7 0 1 1 6 7 7 9 . . 4 5 2 3 2 2 . . 2 4 2 6 7 1 . . 7 6 1 6 5 . . 0 8 1 7 0 9 1 . . 5 6 1950—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. L,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. L.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 59.7 124.9 26.3 15.6443.3 390.3 52.0 13.7 131.9 259.0 19.6 54.2 85.0 39.2 60.9 Mar. 31. L,411.0 79.6 65.5 60.4 138.2 24.3 14.1406.4 395.0 53.3 16.9 157.4 248.8 27.1 50.8 85.1 21.2 64.7 Apr. 30. 1,386.0 79.3 64.8 59.0 126.7 27.4 17.2376.6 404.5 57.7 20.6 152.2 251.9 18.3 51.4 105.6 9.5 67.1 May 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. 1,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89.4 16.8 65.9 July 31 P 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 Aug. 31 P 1,496.6 89.7 62.3 64.3 157.4 25.8 16.7440.6 382.2 73.1 12.9 171.6 261.0 22.3 53.1 98.7 21.8 65.2 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. * 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. NOVEMBER 1951 1431 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 1 [Amounts outstanding, in millions of dollars] Date Total U K d n i o n it m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia ot A h l e l r 1945—Dec. 31.. 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31.. 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31.. 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31.. 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31.. 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—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 June 30.. 937.6 110.2 7.4 3.5 10.5 52.9 87.9 272.4 117.9 386.6 100.9 59.9 July 3W. 936.4 103.7 8.2 3.4 10.7 29.3 91.4 246.8 119.8 404.1 109.1 56.6 Aug. 31 P. 948.8 87.0 13.3 3.8 8.1 18.0 89.0 219.2 102.3 429.5 141.0 56.9 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k l c o i h a - - m 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 i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r2 1945—Dec 3i 74 6 6 (8) (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 (3) 2.9 1.4 («) 6.0 29.8 1949—Dec 31 98 5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 (3) (3) 15.6 1950—Sept. 30. . 56.7 (3) 14.6 (3) 2.0 2.7 25.2 .1 .9 .1 .4 (8) 3.3 3.0 (3) 4.3 Oct. 31. . 60.3 17.6 3.3 2.0 25.3 .3 1.4 (8) .3 (3) 13 4.6 (3) "'(I}*" 3.9 Nov. 30. . 67 2 .1 21 3 (3) 4 4 2 2 25.5 .1 1.4 .1 5 .1 1 3 6 4 3.8 Dec. 31.. 67.1 .2 21.5 (3) 3.2 2.2 25.4 .2 1.4 (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 1.7 (3) .5 (3) 1.7 10.0 (3) (3) 4.0 Feb. 28.. 74.2 .2 24.9 .1 2.5 3.5 25.6 .1 1.9 (3) .6 (s) 1.2 9.4 (3) 4.2 Mar. 31. . 75.6 .2 23.4 .1 3.9 4.0 25.9 .1 2.1 (3) .5 (3) 1.3 9.5 .1 (3) 4.3 Apr. 30.. 75.5 (3) 21.9 .3 6.7 3.3 25.9 .1 1.8 (3) .7 (3) 2.0 8.6 .1 4.2 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 June 30. . 87.9 (3) 18.8 6.2 6.2 25.4 .1 2.3 (3) 1.3 (3) 13.6 7.4 (3) 1.7 4.7 J A u u ly g . 3 3 1 1 * P . . 9 8 1 9 . . 4 0 W2 1 1 8 5 . . 7 0 ( ( 3 3 ) ) 4 4 . . 1 1 5 5 . . 1 0 2 2 5 6 . . 9 4 . . 1 2 2 2 . . 1 0 (3 . ) 1 1 1 . . 0 0 ( ( 3 3 ) ) 2 2 0 3 . . 2 5 4 7 . . 9 8 (3) 1 1 . . 7 5 4 5. . 0 7 Table 3b.—Latin America Neth- 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 D R c l u i i a e o b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t Peru l P p a i R c u a m e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th a ti e e 4 n r r nam 1945—Dec. 31.. 158.9 21.0 1.3 24.7 6.6 16.8 33.3 11.0 .5 1.9 1.1 6.1 34.7 1946—Dec. 31. . 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25 5 8 3 7 1 3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4 6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Sept. 30. . 297.7 40.5 6.1 63.9 3.3 46.2 26.4 1.5 1.6 44.9 1.1 10.5 4.0 2.7 6.0 24.4 14.6 Oct. 31. . 307.3 40.5 8.4 63.3 3.4 40.9 33.9 1.5 1.7 44.2 1.1 8.6 4.1 3.9 6.2 31.5 14.3 Nov. 30. . 333.8 43.0 8.4 68.7 3.8 39.9 30.6 1.7 2.1 47.4 1.3 8.4 3.5 5.5 8.1 46.8 14.8 Dec. 31. . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—Jan. 31.. 374.2 25.2 7.4 76.2 6.0 39.1 31.6 1.9 2.8 77.7 1.1 14.3 2.8 7.7 5.3 61.7 13.5 Feb. 28.. 397.7 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 1.2 12.7 2.6 5.9 7.3 85.8 13.2 Mar. 31. . 402.5 17.8 5.5 85.4 6.9 36.4 46.7 1.9 2.8 64.8 1.1 13.5 2.8 4.6 7.6 91.5 13.2 Apr. 30.. 374.0 10.9 6.3 80.5 9.6 51.6 44.2 1.8 2.7 58.5 1.4 13.8 2.8 3.4 7.8 65.9 13.0 May 31. . 371.5 9.9 6.7 85.3 10.0 55.0 40.3 2.1 2.8 56.4 1.6 13.5 2.7 3.3 11.0 56.9 14.1 June 30.. 386.6 9.5 8.1 95.2 12.9 48.0 38.8 2.0 2.6 58.6 1.4 12.6 2.5 3.0 10.4 67.1 13.9 July 31 P. 404.1 10.0 9.1 104.9 12.3 45.2 50.6 2.0 2.7 60.4 1.4 11.1 2.6 3.8 9.9 63.7 14.4 Aug. 31P. 429.5 9.3 8.2 112.1 15.5 42.7 42.0 1.8 3.0 68.5 1.2 12.2 2.6 4.1 11.3 80.5 14.7 p Preliminary. 1 See footnote 1, p. 1430. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1432 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 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 a h o n i s d n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u ey r- O A t s h i e a r 1 o A th l e l r t A ra u l s ia - C g T o i i n p a - g i n 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 2 Main- public tian Africa land Sudan 1945—Dec# 31. 29 9 1 0 8 7 5 1 4 S 13.8 2 0 2 8 9 9 1 7 3 4 7 3 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31. . 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31 5 9.0 .1 14.4 8.0 1948—Dec. 31. . 118 8 24.? 3 4 20 4 1 9 15 9 37.3 1.4 14.3 19 7 4.7 .4 7.9 6 8 1949—Dec. 31.. 139.7 16 6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20 4 7.9 .2 4.5 7.7 1950—Sept. 30. . 84.4 21 6 3.7 14 7 .1 8.0 15.2 5 ? 6.2 1 s .8 7.5 59 8 44. S 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 6 18 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 Dec. 31. . 96.3 18 2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 .9 13.9 60 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. 28. . 92.2 10 2.8 18.2 .2 6.2 23.3 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 sn 3 4 6 6 8 Apr. 30. . 95.1 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 6.1 6.6 May 31.. 103.8 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 June 30. . 100.9 8 3 3.1 15.7 .2 7.4 20.2 9.9 9.5 3. 1 .6 22.8 59 9 36.4 7.0 .4 9.4 6 6 July 31 P. 109.1 8 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 Aug. 31P. 141.0 10 2 3.0 14.6 .2 6.6 24.0 7.9 22.7 4.4 .8 46.3 56 9 30.9 7.7 .5 9.3 8.4 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bond5 and notes 4 Corporate bonds anc stocks 8 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 d u e o r c m c u o h r e f a i s t s i t e e ic s s 1945 377 7 393 4 -15.7 260.2 357.7 —97 4 637 9 751 0 — 113 1 1946 414.5 684.2 -269.7 367.6 432.1 -64.5 782.1 1,116.3 -334.2 1947 344 8 283 3 61 5 226.1 376 7 — 150 6 570 9 659 9 —89 1 1948 282.4 330.3 -47.9 369.7 514.1 -144.3 652.2 844.4 -192.2 1949 430.0 333.6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1950 1,236.4 294.3 6 942.1 774.7 772.3 2 4 2,011 1 1,066 6 944 4 1950—September 58.6 32.0 26.6 57.9 58.7 -.8 116.5 90.7 25.8 October 58.1 26.9 31.2 69.9 68.7 1.2 128.0 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 210 2 492.4 -282.2 55 4 58.5 —3.1 265 6 550 9 —285 2 July? 30.0 68.9 -38.9 51.0 47.3 3.7 81.0 116.2 -35.2 August P 35.7 210.5 -174.9 68.0 68.1 1 103.7 278.7 -175.0 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 f e o r c c r u o e h r f i 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 -15.0 211.6 291.4 -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—September 18.1 35.4 -17.3 31.1 187.2 -156.1 49.2 222.6 -173.5 Ortnhpr 17 7 18 1 - 4 123.8 60.1 63.7 141.5 78.2 63 2 "NTnvpmhpr 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—Tanuarv 22.4 31.0 -8.6 32.5 24.2 8.3 54.9 55.2 -.3 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 1 June 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 August? 18.4 18.0 .4 20.1 25.8 -5.6 38.5 43.7 -5.2 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. s Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions. NOVEMBER 1951 1433 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 -.1 -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 2.2 36.5 -49.0 2.5 -2.1 .2 1950... 121.2 823.2 64.0 197.8 -6.3 19.0 1.5 73.8 347.5 458.2 30.1 -15.3 2.7 -.7 1950—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 A .2 .9 37.7 -14.0 -.6 1.2 .1 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 n -.9 -1.4 2.0 -11.3 -.4 .2 -.4 Mar.. . 25.8 5.6 A 20.3 -.1 r.4 .5 .7 22.5 -20.1 3.1 .4 -.3 Apr... 17.7 76.2 l".O 50.6 C1) 6.7 .3 -8.2 50.3 16.1 8.9 .8 .2 May. . 2.3 12.5 -2.9 1.3 -.1 4.6 .3 -4 6 -1.4 -3.6 3.1 14.7 -.4 June. . -61.9 -223.4 -13.0 -35.8 -5.3 2.7 .1 -5.4 -56.7 -156.4 -10.7 .5 -.1 Julyp. -1.2 -34.1 1.6 -13.9 -6.0 6.3 .6 .6 -10.9 -25.3 1.2 .9 .1 Aug. P. -5.1 -169.9 16.2 .4 -2.7 6.4 -.2 -42.6 -22.4 -144.1 -3.2 -.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 en e- o A th l e l r A L i a m c t a e in r- Brazil Cuba M ic e o x- p P a R u m o a b e n f a - l - ic S d a o E l r v l 2 a- O A L i a m t c h t a e i e n r r - Asia M C m F l a a h a o n o n i i d r s n d n - a a - Japan O A t s h i e a r 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 -.1 -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 0) -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 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 -.7 -2.1 -7.2 5.0 .1 1950 73.8 "i8!4 12.6 36.7 -1.1 7.1 30.1 -.1 24.6 .5 .1 -5.9 -15.3 -3.0 -13.7 1.3 1950—Sept.... 3.9 0) 3.9 -.2 0) .9 .2 1.0 -.2 -.2 0) 0) 1.3 .1 0) 1.2 Oct .9 1.0 0) -.2 -.6 .1 0) -.1 -.6 0) i 1.2 .3 0) .8 Nov. 35 1 — *2 1 4 34 2 — l — 2 20 1 — 4 4 — 1 0 0) .5 0) 0) .5 Dec -3.1 0) .6 1.5 -.7 -4.4 -1.7 -.1 2-0. 32 .2 -.2 0) -l!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 F M e a b r -1.4 .7 -1.7 0) .5 0) — -.3 .2 — 3. 1 .4 -.4 .2 -.5 .7 . . 3 3 - 1 .2 .0 8 . . 4 8 . . 2 4 0) 0 0 ) ) . . 9 3 Apr -8.2 '.9 0) C1)" .1 8.9 -.1 6.4 -.1 .2 2.4 .8 0)' .1 .6 J M u a n y e ... — -5 4 .4 6 — -7 . 1 3 9 — .9 5 - — 8 12 .7 . 87 -.1 — . 5 6 -10 3 . 7 1 0 1 ) 0 0 — ) 9 -.2 4 0 0 ) ) — 2. 9 .4 14. . 7 5 -.1 0) .1 14. . 4 6 J A u u l g y . p P. . . . . . -42.6 .6 -4.7 .1 -3.6 .2 -2 0 9 ) .2 0) .1 -5.0 .1 -3. 1 2 .2 0) -.3 .2 - - 1 1 . . 6 3 -10.9 -1 2 . . 3 1 . . 9 5 -.3 .2 0) . . 7 8 0) 0) 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 na I i n n ti t s o e t n i r - - al Total U K d n o i 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 at e in r- Asia o A th l e l r tutions ica 1945... -46.6 .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 1 1 9 9 4 4 8 9 . . . . . . 0) -9 4 4 3 . . 9 8 -1 -9 3 . . 9 5 -4.3 .4 -5 -. . 1 3 -3 1 5 9 . . 4 1 . . 1 4 2 1 4 1 . . 6 4 -4 3 3 0 . . 4 8 -1 -1 0 0 2. . 2 6 4 20 0 . . 2 7 1. . 6 8 8 2 . . 4 6 1950... -16.0 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 -3.6 1950—Sept.. . . -173.5 -1.6 0) .4 3.6 0) .2 2.7 -174.2 -3.0 .9 .1 Oct -2.0 65.2 -.2 -.6 -.1 -2.5 0) -.3 -3.7 65.8 2.5 .2 .3 Nov 0) 3.9 .7 -.3 -.5 1.7 0) .1 1.7 .4 1.6 0) .2 Dec -1.9 0) -.7 -.2 -.4 2.7 1.4 2.0 1.9 -.3 -6.8 1951—Jan -.5 .3 -.9 -1.7 .8 .2 -.1 -.8 -3.9 2.7 1.6 .6 Feb 0) -11.2 .4 -2.5 .4 -.2 1.6 -i -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 May.... — .1 -43.9 -2.1 .2 .2 1.8 .1 1.2 1.5 -40.4 3.9 -8.9 .1 June -33.6 -.2 .2 -.6 1.8 0) 7.5 8.8 -37.6 3.9 -9.1 .4 J A u u l g y . ? p . . . . . . -.9 - 1 4 5 . . 3 6 . . 1 3 -.4 .2 -.7 .2 1. . 0 3 .1 1. . 4 7 1 1 . . 7 5 - 1 6 6 . . 6 4 4. . 2 4 - 0 6 ) .9 . . 2 4 * Preliminary. > Less than $50,000. » Not available until 1950. 1434 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 it n z 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 ll er 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 -.2 -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 .1 — .5 .2 .9 .1 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 -.1 2.5 .7 .2 -.2 3.0 -3.0 4.4 3.0 .6 .4 1950—September -.8 .2 .8 .5 -1.6 -.1 .1 -.1 .5 -.5 -.1 -.6 October 2.4 -.4 -.3 -.2 1.9 0) -.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 -.8 .6 2.2 A .7 2.6 -4.0 .9 .8 -.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 -.5 1.0 .4 1.1 .1 .1 March -2.3 -.4 -.4 — .2 .5 .3 -.4 — .9 -.7 -.1 -.3 April -4.8 -.6 -.3 .3 -4.2 i!i .6 -3.1 -.4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 -.4 -.6 -2.4 -.2 -2.5 .2 .4 June 11.1 2.5 .2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) J A u u l g yp ust P 2-2 - . . 0 1 A c -.8 .5 -2.7 .8 - - . . 7 3 .1 2 -1 -. . 1 0 -4.9 .2 - - 1 . . 2 0 2. . 1 3 -.2 .7 . . 6 3 P Preliminary. >Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.1; U. S. brokerage balances abroad, 33.4. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America * Other production Total month U o . u S t . s S i . d R e .1 r m e o p n or th te l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 C B o el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag i u ca a - 6 Au l s i t a ra- India' $1 == 155/2i &rains of gold */wfitie: i. e.,an ounceof fine gold =$35 1941 1,265.6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871 5 774 1 448 2 23 0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777 0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683 0 427 9 19 9 18 9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23 0 5.9 1946 756 0 697 0 417 6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 .. 794 5 728 1 405 5 18.0 23 A 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 826.0 753.2 409.7 18.5 23 A 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—August 67.2 34.9 1.5 1.9 1.1 7.6 13.2 1.5 1.1 .5 .7 2.5 .6 September.. 65.3 34.0 L.5 2.0 1.0 7.6 12.8 1.1 1.1 .5 .7 2.6 .6 October .. . 66.8 33.9 S 1.9 1.0 7.9 13.2 1.4 1.2 .8 .6 2.8 .6 November 65 3 33 3 s 1.9 .9 7.3 13.2 1.1 1.3 .6 .6 2.8 .7 December. . 63.1 32.9 L.4 2.0 .9 6.7 13.4 .9 .8 .7 .6 2.4 .5 1951—January.. .. 63.3 33.4 4 2.0 .9 5.9 13.1 1.0 1.4 .6 .6 2.4 .5 February.. . 58.9 31.1 L.4 2.1 L.O 5.2 12.1 1.1 .7 .4 .7 2.4 .6 March 33.4 S 2.0 1 5.8 13.0 1.5 .6 .7 2.4 .6 April . 33 2 4 2.0 0 5.5 12.7 1.5 .6 .8 r2 4 7 May 34.6 4 1.9 1 5.5 12.9 1.4 .7 r3.5 .6 June 33 9 1.4 1.9 1 5.9 12.7 1.3 .6 r2 1 .6 July 34.4 1.9 ? 5.5 12 A 1.3 .9 2.4 .7 August.. 34.6 S 6.6 12.1 .8 .7 p 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 adjusted 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. • 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, NOVEMBER 1951 1435 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 iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)1 Treasury Total2 1945—Dec 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—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 63 271 31 22 Apr ... 21,805 21,900 288 609 23 317 635 45 65 271 31 22 May. . . 21,756 21,861 288 589 23 317 643 45 66 271 31 22 June P35 940 21,756 21,872 288 586 23 317 652 45 281 31 22 July 21 759 21,852 288 595 317 671 45 281 31 22 Aug 21 854 21,986 288 608 317 681 45 291 31 22 Sept 22,013 22,164 638 317 691 311 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 al e a w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec. . .. 53 796 28 274 127 28 5 201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 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 i78* 52 195 27 51 27 28 1950—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 3 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 27 247 138 252 229 228 311 31 50 27 46 July.... 174 548 27 247 138 252 229 311 31 50 27 46 Aug 174 548 27 247 138 252 229 31 50 27 46 Sept 548 27 247 229 31 46 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a S do a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1945—£)ec 13 914 110 482 1,342 43 241 62,476 195 202 39 1946—Dec.... 433 12 939 111 381 1,430 34 237 62,696 200 215 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 61,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 «1,688 178 373 1,451 68 1950—Oct 177 20 183 61 91 1,520 118 150 217 373 1,494 149 Nov. . . . 177 23 187 61 90 1,508 118 150 217 373 L.494 159 Dec 192 23 197 61 90 1,470 118 150 6 3,300 236 373 1,495 167 1951—Jan .... 197 23 202 61 93 1,474 118 150 260 373 L,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 "6*3',758" 295 373 1,495 119 Apr 212 23 210 61 124 1,444 118 150 295 373 .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.... 217 26 210 61 129 1,454 113 150 P27O 373 1,519 155 Aug 26 210 61 129 1,447 113 150 373 143 Sept 26 P210 128 150 6 3,269 373 v Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Beginning December 1950 includes gold holdings of issue and banking departments of the National Bank of Egypt; prior to that represents holdings of issue department only. 4 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1436 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) I Year or quarter Total K U in n g i d te o d m g B iu el m - France N la e e n r t - d h s - Po g r a t l u- S d w en e- S l w a er n i - t d z- E O ur t o h p er e ] 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 -20.0 2-119.1 -10.0 -11.3 Oct.-Dec -151.0 2.5 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -202.5 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June... -31.7 -20.0 -3.0 -11.9 July-Sept -732.2 -580.0 -28.5 -16.0 -25! 6' 3.4 8.2 -40.5 Oct.-Dec -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 -47.4 -100.0 20.0 -61.9 1951 Jan.-Mar.... -880.1 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June... -57.0 -80.0 2.0 15.0 -11.2 -10.0 64.1 July-Sept. .. 290.0 320.0 -5.0 -17.0 -3.5 -20.0 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 * (-) crease (-) 1945. -37.9 -73.1 -27. -188.3 3.7 1946. -4.9 -9.2 25.0 13.7 94. 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 »2,162.1 1,866.3 210.0 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 80.1 July-Sept.. -16.5 -50.0 -2.9 -2.2 48.1 -2.0 Oct.-Dec. -1.0 -11.9 -41.0 19.9 1950—Oct. . . 23,249 23,349 -242.5 -93.4 -146.2 7.9 Nov... 23,037 23,153 -195.5 -158.6 -35.3 7.3 1950 Dec... 22,706 22,820 -333.2 -93.0 -237.9 6.7 1951—Jan. . . 22,392 22,461 -358.8 -105.6 -248.5 5.9 Jan.-Mar.. -12.0 -10.5 3.9 -27.0 Feb... 22,086 22,162 -298.7 -107.9 -184.4 5.2 Apr.-June. -2.0 -1.0 9.2 -3.0 Mar... 21,806 21,927 -235.4 -123.5 -111.2 5.8 July-Sept.. -23.9 -.1 -14.9 -14.8 Apr. . . 21,805 21,900 -27.3 -110.6 101.9 5.5 Oct.-Dec.. -26.9 -6.0 -23.6 -3.0 May. . 21,756 21,861 -38.5 -41.0 -12.9 5.5 June.. 21,756 21,872 10.4 -37.6 46.3 5.9 1951 July.. . 21,759 21,852 -19.2 -16.2 -8.8 5.5 Aug. .. 21,854 21,986 133.1 -3.7 137.0 6.6 J A a p n r . . - - M Ju a n r e -5 1 0 5 . . 9 0 -1 - 1 5 . . 7 0 -2 -3 2. . 6 8 12.7 4 4- - 2 2 5 8 . . 0 0 O Se c p t. t . . . .. . P 2 2 2 2 , , 0 2 1 3 3 4P 2 2 2 2 , , 1 3 6 94 4 P 1 2 7 3 8 0 . . 0 6 C 10 4) .9 5 1 2 7 4 6 3 . . 7 4 6 (4 .4 ) July-Sept 28.0 3.5 -5.3 20.3 4-31.0 p Preliminary. 1 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. 1435, 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 5,486.4 million dollars on Oct. 31, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. NOVEMBER 1951 1437 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 Sept. June Mar, Sept. 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 11 9 6 10 Other 4,327 4,315 4,229 4,257 Other 944 919 920 921 Unpaid balance of member subscriptions. 869 907 1,003 989 Investment securities (U. S. Govt. obli- Other assets , 1 1 1 1 gations) 441 457 466 439 Member subscriptions 8,037 8,037 8,037 8,022 Calls on subscriptions to capital stock2. . 4 4 4 4 Accumulated net income -6 -6 -5 -4 Loans (incl. undisbursed portions and inch obligations sold under Bank's guarantee) 1 ,085 1,037 938 762 1951 1950 Other assets 13 19 12 8 Net currency transactions * Bonds outstanding 336 325 311 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- Sept. Aug. July Sept.' antee 33 33 30 26 Loans—undisbursed 368 352 279 140 Other liabilities 4 6 3 3 Australian pounds 20.0 20.0 20.0 20.0 General reserve • 46 42 38 31 B B e ra lg z i i a li n a n f r c a r n u c z s eiros 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 3 1 7 1 . . 5 4 S C p a e p c i i t a a l l2 reserve 22 1,66 2 8 0 1,66 1 8 8 1,66 1 8 5 Chilean pesos 5.4 5.4 5.4 8.8 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 Egyptian pounds -5.5 -5.5 -5.5 -5.5 1 As of Sept. 30, 1951, the Fund had sold 759.8 million U. S. dollars; French francs 125 0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 100.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Mexican pesos 22.5 to Norway 200 million Belgian francs in June and July 1948, and sold Netherlands guilders. . .. 75.4 75.4 75.4 75.4 to Brazil 10 million pounds sterling in January 1951. Repurchases Norwegian kroner 9.6 9.6 9.6 9.6 amounted to 69.3 million dollars. Currencies the net transactions in S T o u u rk th is h A f l r i i r c a a s n pounds. . . 5.0 5.0 5.0 1 5 0 . . 0 0 wh 2 i c E h x c a l m ud o e u s n t u n to c a 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 re l r s e u p b o sc rt r e ip d ti 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 Pounds sterling 300.0 300.0 300.0 300.0 6,651 million dollars as of Sept. 30, 1951, of which 2,540 million repre- Yugoslav dinars 9.0 9.0 9.0 9.0 sents the subscription of the United States. All other -.9 -.9 -.9 -.6 Total. 736.0 736.0 736.0 744.3 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O s t s h e e ts r 2 N c a o o n t i d n es 1 a v c n o D a d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n la 3 - Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l a n 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 194g—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18 1 1949—Dec 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Oct. 25 .4 1,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266 A 89.3 17 8 Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266 A 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 A 85.0 18 1 1951—Jan 31 . . .4 41,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18 3 Feb 28 . .4 L,350.0 62.0 16.1 345.7 1,289.0 293.0 13.0 9.3 90.1 18 5 Mar. 28 .4 ,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 Apr 25 .4 L,350.0 37.3 6.4 388.4 1,313.8 305.8 14.2 5.4 89 0 17 8 May 30 . .4 L,350.0 19.2 2.8 405.0 1,331.6 296.4 14.4 13.4 84 8 18 0 June 27 .4 4 1,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18 1 July 25 .4 L,400.0 20.1 7.7 390.8 1,380.9 294.4 14.8 2.3 88.9 18 3 Aug 29 . ... .4 4 ]L.400.0 42.9 29.7 337.7 1,358.0 273.6 18.5 .9 98 9 18 5 Sept. 26 .4 L,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 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. 1438 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 d i o l l l l io ar n s s ) of Gold and S t U at n es ited O as t s h e e t r s circ N ul o a t t e ion2 liab a i n li d ties dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital8 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 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198. 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42, 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68 8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Oct. 31. 152.2 ,381.4 435.7 440.0 ,321.8 621.7 39.0 235.2 191.6 Nov. 30. 127.2 ,170.0 662.0 415.5 ,323.5 578.9 45.3 221.0 206.0 Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951 Jan. 31. 117.9 ,171.0 731.5 273.7 ,294.4 537.6 68.3 204.4 189.3 Feb. 28 . 117.3 ,165.4 757.0 249.0 ,295.4 550.5 69.5 204.6 168.7 Mar. 31. 80.0 ,341.9 673.7 171.1 ,319.5 552.9 70.5 206.7 117.2 Apr. 30 . 128.8 ,327.6 722.5 168.8 ,323.0 556.1 56.9 215.1 196.6 May 31. 125.2 ,313.7 777.3 117.9 ,337.5 530.1 76.2 221.5 168.7 June 30. 116.8 ,335.2 846.3 104.1 ,351.3 590.7 75.3 220.1 165.0 July 31. 116.8 ,327.4 872.5 118.6 ,370.5 558.2 91.1 212.6 202.9 Aug. 31. 100.0 ,349.6 888.1 119.8 ,370.7 580.4 115.0 185.7 205.8 Sept. 29. 87.0 ,297.6 896.1 87.1 ,388.0 579.4 105.6 140.0 154.8 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r f e F s f r r i a a n n n c c s e ) Golds F c o h e r a x e n i - g g e n Open Domestic bills G A o d v v e a r n n c m es e n t t o 6 a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- Govern- Deposits 7 O li i a a t t n i b h e d i e s l r market6 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 44,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 8 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 33,137 815,596 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—Oct. 26. 182,785 140,735 115,122 25,035 371,010 162,600 481,039 197,555 ,466,623 73 8,739 171,836 28,610 Nov. 30. 182,785 146,783 150,674 32,047 297,884 155,900 481,039 222,2771,502,770 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 Tune 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 1,256 472,894 160,600 481,039 245,129 ,754,151 96 6,980 146,012 26,490 Sept. 27. 191,447 131,284 225.418 9,231 540,751 160,400 481,039 235,289 ,779,360 60 13,367 154,895 27,177 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For 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. * 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. » 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. »Includes advance to Stabilization Fund, amounting to 137.9 billion francs on Sept. 27. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 1439 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 874 874 656 Loans and discounts 274,968 262 241257,368 235,837 Other gold and foreign exchange. 924 2,165 1,653 Government loans and securities. 141,409141,557135,630 136,083 Government securities 034 2,003 1,933 Other assets 102,119104 245 83,883 60,816 Rediscounts and loans to banks. . ,675 37,661 31,253 Note circulation 412,627408 240 410,181 428,858 Other assets 267 293 202 Deposits 208,139 !24561204,422 193,483 Currency circulation 15,113 14,794 11,271 Other liabilities and capital 89,427 69 136 69,554 51,963 Deposits—Nationalized 408 25,060 21,834Central Bank of Costa Rica Other sight obligations 572 539 482 (thousands of colones): Other liabilities and capital 681 2,603 2,111 Gold 11 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 27 30,476 18,843 tralia (thousands of pounds): Net claim on Int'l. Fund 3 7 6,088 7,019 Gold and foreign exchange 688 834710,232 533,435 Loans and discounts 85 83,166 82,037 Checks and bills of other banks. . 4 193 5,063 6,013 Securities 8 8,219 17,421 Securities (incl. Government and Other assets 16 15,838 18,187 Treasury bills) 358, 342,668 350,647 Note circulation 101 103,701 98,006 Other assets 71 044 82,570 64,612 Demand deposits 43 41,311 46,756 Note circulation 281, 471277,721 236,770 Other liabilities and capital 11 10,286 10,256 Deposits of Trading Banks: National Bank of Cuba Special 525, 570 533,570 453,170 (thousands of pesos): Other 32. 33,653 38,415 Gold 290, 564 280,564 -•290,562 Other liabilities and capital 283 295,590 226,352 Foreign exchange (net) 99,645116,310 ^65,049 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 133,974129,648 35,335 Gold 51 51 51 50 Silver 42,588 43,486 72,758 Foreign exchange 475 358 252 356 Net claim on Int'l. Fund 3 12,511 12,511 12,507 Loans and discounts 5,494 ,327 4,918 2,837 Loans and discounts 1,053 1,245 1,145 Claim against Government 3,690 ,615 4,524 5,435 Credits to Government 10,478 10,522 r10,6l7 Other assets 36 36 37 44 Other assets 27,635 27,509 '18,561 Note circulation 7,264 ,190 6,796 5,863 Note circulation 378, 810 379,777 340,093 Deposits—Banks 305 173 171 316 Deposits 232 199 234,855 152,106 Other 618 884 577 1,284 Other liabilities and capital 7,439 7,163 14,335 Blocked 1,559 ,139 2,238 1,259National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 31,887 29,742 29,930 Gold 69 69 69 69 Foreign claims and balances (net). 15,934 12,580 7,265 Foreign exchange 454 433 425 328 Loans and discounts 6,470 9,334 6,330 Contributions to Int'l. Bank 8 8 8 6 Consolidated Government debt.. 34,860 34,860 34,939 Loans and discounts 132 120 112 33 Government securities 3,772 3,757 7,265 Securities 135 130 131 134 Other assets 3,333 3,112 4,305 Govt. compensation account. . .. 3,924 ,925 3,942 4,012 Note circulation 90,437 88,822 85,327 Other assets 513 582 539 262 Deposits—Demand 1,626 1,546 2,171 Note circulation 1,578 ,561 1,569 1,534 ECA 957 570 35 Deposits—Government 1,797 ,812 1,802 1,207 Other liabilities and capital 3,237 2,446 2,501 Other 1,668 ,700 1,670 1,945 Central Bank of Bolivia—Mone- Other liabilities and capital 193 194 185 159 tary dept. (millions of bolivianos): (June)* Central Bank of the Dominican Gold at home and abroad2 1,370 1,370 Republic (thousands of dollars): Foreign exchange (net) 900 370 Gold 8,056 ,056 8,056 4,045 Loans and discounts 1,960 1,745 Foreign exchange (net) 18,048 ,515 19,177 14,104 Government securities 724 736 Net claim on Int'l. Fund 3 1,250 ,250 1,250 1,250 Other assets 157 236 Paid-in capital—Int'l. Bank 40 40 40 40 Note circulation 3,887 3,061 Loans and discounts 332 212 212 252 Deposits 278 409 Government securities 6,217 ,217 6,217 5,383 Other liabilities and capital 948 Other assets 977 960 992 984 Central Bank of Ceylon (thousands Note circulation 26,350 ,296 26,226 20,652 of rupees): Demand deposits 7,737 ,138 8,918 5,100 Foreign exchange 703,644673 514677,105 518,141 Other liabilities and capital 834 817 801 307 Paid-in capital—Int'l. Bank 1,117 1.116 1,116 1,429Central Bank of Ecuador Government securities 3,252 3.252 2,706 (thousands of sucres): O O D Cu t t e h h p r e e r o e r r s n i a l c t i s s a y s — b e i i t n l G s B i t c a o ie i n v r s k e c s a r u n n la m d t i e c o n a n t pital 4 2 3 1 5 0 2 5 4 0 9 , , , , , 1 5 9 4 1 9 9 4 4 2 2 2 4 6 6 3 1 9 9 3 5 4 3 3 7 1 4 8 6 8 7 5 6 3 7 3 1 7 9 0 3 3 1 9 3 9 6 0 2 7 1 2 , , , , , 6 6 6 2 0 2 2 0 4 8 8 5 4 5 1 3 1 3 5 3 1 1 6 , , , 1 2 8 5 1 1 5 8 9 0 8 1 2 2 8 F N C G o r o e e r t l e d d i c i g l t s a s n 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 3 1 1 8 3 8 7 1 5 0 6 7 8 , , , , , 4 1 4 7 1 8 0 3 5 0 8 2 6 8 7 3 1 1 8 9 3 6 1 7 5 9 5 8 . , 6 2 4 7 7 2 9 5 5 2 5 9 8 0 8 3 1 1 6 3 8 7 1 9 4 8 1 8 , , , , , 9 3 1 0 7 6 9 5 1 5 2 3 7 0 7 2 2 1 1 1 5 2 5 1 6 2 8 6 7 , , , , , 7 8 3 8 0 2 8 5 0 4 1 1 7 4 6 Central Bank of Chile (millions Other assets 203,908 200 332 181,855 149,366 of pesos): Note circulation 499,180 507 165488,385 493,318 Gold ,304 1,314 1,233 Demand deposits—Private banks 140,420147.399136,423 146,650 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d 3 2 1 4 0 5 7 1 1 0 9 7 8 292 1 Other liabilities and O c t a h p e i r tal 2 1 5 0 2 9 , , 4 7 3 6 6 2 2 1 3 15 7,0 58 4 0 7 2 1 3 0 1 7 , , 7 5 7 5 2 4 1 17 0 5 5 , , 5 6 6 3 8 8 Discounts for member banks.... ,351 1,695 1,804National Bank of Egypt6 (thou- Loans to Government 675 675 686 sands of pounds): O O t t h h e e r r l a o s a s n et s s and discounts , , 6 3 1 9 3 9 2 5 , , 3 3 3 0 2 4 3 1 , , 1 7 0 2 5 4 F G o o r l e d i ? gn exchange8 4 6 2 0, , 5 6 5 1 2 8 4 6 6 0 , ,5 0 5 1 2 0 r55 6 , , 5 3 1 7 0 6 Note circulation ,375 7,359 6,207 Foreign and Egyptian Deposits—Bank ,669 1,497 1,240 Government securities 310, 508 309,905 304,436 Other 653 846 257 Loans and discounts 4 438 5,497 6,906 Other liabilities and capital ,995 1,924 1,139 Other assets 2.445 2,623 '2,388 Bank of the Republic of Colombia Note circulation 157 717160,295 159,293 (thousands of pesos): Deposits—Government 73 970 85,441 85,418 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 5 , , 3 94 6 2 9 16 2 8 4 , , 1 2 8 4 1 , , 3 5 6 2 9 4 2 2 1 4 5 , , 3 8 6 3 8 0 Other liabil O it t i h es e r and capital 1 2 6 1 7 0 8 3 3 8 6 1 2 5 2 6 , , 7 0 8 6 6 5 1 1 1 2 8 , , 4 4 8 2 2 4 Paid-in capital—Int'l. Bank 1,384 1,383 1,372 * Latest month available. 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. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. * For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 5 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 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 1440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 64,482 64,544 64,610 50,236 Foreign exchange 36 34 32 30 Foreign exchange (net) 52,481 67,331 75,364 57,300 Advances to Treasury 590 590 590 590 Net claim on Int'l Fund l 1 ,565 1,565 1 ,565 1 ,565 Loans and discounts 250 265 261 216 Loans and discounts 8,621 4,928 2,785 3,812 Government securities 204 204 205 178 Government debt and securities. . 5,526 5,395 5,602 4,994 Other assets 686 652 603 599 Other assets 1,785 1,642 1,406 1 ,295 Bank of Italy notes 1,118 1,118 1 046 Note circulation 73 002 74 035 75 803 63 062 Allied militarv notes j 1,152 2 2 Deposits ... 54 598 64,530 68,918 49,644 Deposits—Government 161 174 159 97 Other liabilities and capital 6,861 6,840 6,610 6,496 Demand 74 101 82 137 State Bank of Ethiopia 2 Other 302 276 269 267 Bank of Finland (millions of mark- Other liabilities and capital 81 79 64 68 kaa): Bank of Japan (millions of yen): Gold 4 475 4,475 4 475 2,230 Cash and bullion 1 ,147 1 162 Foreign assets (net) 13,685 12,090 5,663 519 Advances to Government 42,640 78,181 Clearings (net) — 763— 1 922 — 1 711 62 Loans and discounts 390 060 166 202 Loans and discounts 33,240 34,418 37,611 42,493 Government securities 130,388 127,628 Securities 945 984 955 1,041 Other assets 31,968 33,954 Other assets .. 6 997 8 278 9 480 1 359 409 026 328 781 Note circulation 42,272 41,446 39 826 34,004 Deposits—Government 147,234 41 891 Deposits 1,444 1 ,829 1,249 3,715 Other 19,824 18,250 Other liabilities and capital 14,863 15,048 15,399 9,985 Other liabilities 20,120 18,205 Bank of German States The Java Bank (millions of guilders): (millions of German marks): Golds 871 871 871 715 Foreign exchange 2,484 2,432 2,098 1,519 Foreign exchange (net) 752 786 730 91 Loans and discounts 4.622 4,025 4,194 3,845 Loans and discounts 587 501 493 210 Loans to Government . . . 9,062 9,591 9,556 9,112 Advances to Government 1,530 1,500 1,723 2,125 Other assets 1 ,585 1 ,498 1,470 1,254 Other assets 649 720 656 110 Note circulation 9,054 8,713 8,384 8,213 Note circulation 2,891 2,848 2,947 2,016 Deposits—Government 2 ,509 2,488 2,593 2,380 Deposits 779 789 830 813 Banks 1 ,890 1,860 1,846 1,055 Other liabilities and capital 720 741 695 422 Other 1 .426 1,405 1,286 637 Bank of Mexico (millions of pesos): Other liabilities and capital 2,874 3,080 3,210 3,445 Monetary reserve 6 1,139 1,098 1,060 909 Bank of Greece (billions of drach- "Authorized" holdings of secumae) : rities etc. . . 2 ,985 2,841 2,715 2,721 Gold and foreign exchange (net) 3 971 935 372 Bills and discounts 462 480 461 119 Loans and discounts 198 191 234 Other assets 448 386 493 374 Advances—Government 7 015 6 402 4,776 Note circulation 2,953 2,913 2,797 2,415 Other 3,433 3,528 2,652 Demand liabilities 1,603 1 ,481 1,443 1 ,223 Other assets 2,219 2,347 983 Other liabilities and capital 479 412 489 487 Note circulation 1,926 1,770 1,841 Netherlands Bank (millions of Deposits—Government 835 851 701 guilders): Reconstruction and Gold 7 1,177 1,177 1,177 873 relief accts 4,595 4,426 2,608 Silver (including subsidiary coin). 18 18 17 16 Other 2 248 2 035 1 ,177 Foreisrn assets (net} 58 23 41 1 ,249 Other liabilities and capital3. . . . 4,231 4,321 2,691 Loans and discounts 469 474 503 54 Bank of Guatemala (thousands of Govt. debt and securities 3,237 3,251 3,262 2,850 quetzales): Other assets 594 611 644 881 Gold . . 27 229 27 229 27 229 27 229 47 48 48 59 Foreign exchange (net) 6,779 '9,530 '12,092 '6,048 New 2,755 2,762 2,806 2 ,758 Gold contribution to Int'l Fund . 1,250 1,250 1,250 1,250 Deposits—Government 17 258 Rediscounts and advances 8,060 7,398 6,952 4,230 Blocked 2 Other assets 18,569 17,565 17 629 18,683 ECA 1,722 1,685 1,626 1,210 Circulation—Notes 36,211 36,230 36,256 34,113 Other 506 582 677 1,042 Coin 3,265 3,270 3,268 3,157 Other liabilities and capital 506 477 487 597 Deposits—Government 2,367 2,086 2,818 1,374 Reserve Bank of New Zealand Banks 8,901 10,393 10,949 9,356 (thousands of pounds): Other liabilities and capital 11,143 '10,993 '11 859 '9,441 Gold 5,365 5,306 5,203 4,426 National Bank of Hungary * Foreign exchange reserve 68,670 79,688 78,943 52,562 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,235 5,488 rupees): Advances to State or State un- Issue department: dertakings 51,459 51,445 51,929 55,789 Gold at home and abroad 400 400 400 Investments 31,440 22,675 11,974 21,974 Foreign securities 6,132 6,232 5,832 Other assets 3,109 3,190 3,510 '3,821 Indian Govt, securities 5,016 5 166 4,366 60,566 60,374 60,624 54,307 Rupee coin 639 603 607 Demand denosits 98,888 101,311 90,769 83,455 Note circulation 11,583 12,016 10,956 Other liabilities and capital 6,607 6,638 6,401 6,300 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 604 385 249 Gold 242 243 244 Balances abroad 2,140 2,174 2,240 Foreign assets (net) 221 187 '143 Bills discounted 83 28 17 Clearing accounts (net) 2 — 9 —37 Loans to Government 52 52 9 Loans and discounts 47 49 32 Other assets 1 000 926 923 Securities 46 46 47 Deposits 3,703 3,315 3,212 Occupation account (net) 6,202 6,202 7,112 Other liabilities and capital. . . 177 251 226 Other assets 129 121 75 Central Bank of Ireland (thousands Note circulation 2,450 2,431 2,264 of pounds): 1,680 1 ,754 '1,863 Gold ? 646 2 646 2 646 2 646 Banks 1,186 1 ,116 1,268 Sterling funds 51 372 50 174 49 886 47 932 Blocked 528 54,018 52,820 52,532 50,578 ECA 790 769 982 Other liabilities and capital 784 770 '710 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 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. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 7 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. NOVEMBER 1951 1441 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation 32,821 ,710 31,648 29,491 Issue department: Deposits—Government 221 220 690 42 Gold at home and abroad... 44 44 44 Other 2,987 ,256 3,229 3,430 Sterling securities 851 851 622 Other liabilities and capital 19,936 ,632 19,169 15,144 Pakistan Govt. securities. . . 605 555 519 Bank of Sweden (millions of kronor): Govt. of India securities... . 136 136 141 Gold 283 283 284 191 India currency 300 300 300 Foreign assets (net) 918 651 677 970 Rupee coin 39 42 56 Net claim on Int'l. Fund 2 88 88 Notes in circulation 1 ,920 1,868 ,642 Paid-in capital—Int'l. Bank.... 10 10 Banking department: Swedish Govt. securities and ad- Notes of issue department... 56 60 40 vances to National Debt Office8 3,351 ,454 3,526 2,745 Balances abroad 589 597 331 Other domestic bills and advances 24 267 242 184 Bills discounted 99 99 102 Other assets 517 499 511 369 Loans to Government 1 1 Note circulation 3,636 ,577 3,482 3,197 Other assets 364 ' 402 448 Demand deposits—Government.. 822 459 636 394 Deposits 1,016 1,071 821 Other 343 623 527 197 Other liabilities and capital. 92 87 100 Other liabilities and capital 613 594 594 670 Rank of Paraguay—Monetary dept. Swiss National Bank (millions of (thousands of guaranies): francs): Gold* 1,165 1 165 1,165 600 Gold 5,977 ,982 6,014 6,110 Foreign exchange (net) 120,944122 307115,282 12457 Foreign exchange 187 208 188 359 Net claim on Int'l. Fund 2 5,261 5 261 5,261 2 710 Loans and discounts 177 134 141 139 Paid-in capital—Int'l. Bank -1,015 024 -1 ,001 •228 Other assets 77 77 79 74 Loans and discounts 165,548156 107148,515 129 550 Note circulation 4,586 ,498 4,469 4,351 Government loans and securities 22,055 16 656 16,617 4 425 Other sight liabilities 1,633 ,704 1,753 2,130 Other assets 75,503 62 736 52,369 31 208 Other liabilities and capital 199 198 199 200 Note and coin issue 202,203197 123186,783 130 463 Central Bank of the Republic of Demand deposits 104,498 96 723 86,726 41 112 Turkey (millions of pounds): Other liabilities and capital 82,760 69 363 64,701 9 148 Gold 419 419 419 408 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings 113 141 160 124 Gold and foreign exchange3 528 637 651 337 Loans and discounts 1,456 ,332 1,282 1,235 Net claim on Int'l. Fund 2 20 20 20 20 Securities 15 15 15 28 Contribution to Int'l. Bank 2 2 2 2 Other assets 86 81 120 112 Loans and discounts to banks. . . 315 267 271 202 Note circulation 1,098 999 973 965 Loans to Government 714 679 701 704 Deposits—Gold 153 153 153 153 Other assets 244 173 127 301 Other 548 572 641 621 Note circulation ,191 1,200 1,228 970 Other liabilities and capital 291 265 230 166 Deposits 325 344 352 178Bank of the Republic of Uruguay Other liabilities and capital 307 235 192 419 (thousands of pesos): (June)* Central Bank of the Philippines Gold 424,577 329,186 (thousands of pesos): Silver 10,301 11,518 Gold 11,701 ,289 11,067 5 829 Paid-in capital—Int'l. Bank 318 313 Foreign exchange 510,766 ,024523,146 485 347 Advances to State and govern- Net claim on Int'l. Fund 2 29,504 ,504 29,504 7,502 ment bodies 149,982 143,638 Loans 25,168 609 29,609 66 253 Other loans and discounts 284,644 264,081 Domestic securities 231,193 206 231 ,760 148 851 Other assets 341,222 267,861 Other assets 197,231 473185,879 151 549 Note circulation 370,310 296,130 Note circulation 579,305 ,406 569 764 Deposits—Government 100,626 89,972 Demand deposits 231,225 564210,170 180,141 Other 319,831 307,229 Other liabilities and capital 195,032 545189,388 115 426 Other liabilities and capital 420,278 323,266 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,026 3,882 3,820 320 Gold 1,141 ,141 1,141 1 ,041 Foreign exchange (net) 11,086 10,861 10,692 577 Foreign exchange (net) -76 158 -94 31 Loans and discounts 645 531 529 538 Other assets 119 117 129 60 Advances to Government 1,247 1,246 1,246 243 Note circulation 740 739 730 715 Other assets 808 635 586 688 Deposits 210 195 171 258 Note circulation 8,567 8,493 8,242 019 Other liabilities and capital 234 167 276 159 Demand deposits—Government.. 992 909 900 458 Bank for International Settle- ECA 42 42 144 481 ments (thousands of Swiss gold Other 5,706 5,335 5,262 836 francs): Other liabilities and capital 2,505 2,377 2,326 573 Gold in bars 437 [75,853 442,523 South African Reserve Bank Cash on hand and with banks... 49 366 57,047 19,766 (thousands of pounds): Sight funds at interest 10 502 4,393 2,888 Gold * 74,264 74,338 ,544 Rediscountable bills and accept- Foreign bills 66,945 73,016 ,808 ances (at cost) 132 833139,380 120,239 Other bills and loans 6,751 5,119 ,043 Time funds at interest 32 544 31,023 47,574 Other assets. 35,313 27,919 ,800 Sundry bills and investments.... 343 857334,195 287,577 Note circulation 79,611 79,142 ,311 Funds invested in Germany 297 201297,201 297,201 Deposits 85,288 83,163 ,869 Other assets 1 430 1,393 1,507 Other liabilities and capital 18,375 18,087 ,015 Demand deposits (gold) 308 573304,286 302,479- Bank of Spain (millions of pesetas): Short-term deposits: Gold 550 665 665 668 Central banks—Own account.. 423 982505,345 408,213 Silver 378 378 378 412 Other 78 451 37,810 19,328 Government loans and securities. 15,608 15,707 15,771 ,839 Long-term deposits: Special 228 909228,909 228,909- Other loans and discounts 16,163 14,967 15,385 ,170 Other liabilities and capital 265 012264,135 260,346- Other assets 23,265 22,102 22,538 ,016 * Latest month available. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 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. 8 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. 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - 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 S R e 3 a p 0 t t e . ef D fe a ct t i e ve ba C n e k n t o r f a — l S R e 3 a p 0 t t e . ef D fe a ct t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Italy 4 Apr. 6, 1950 1939 2 2 4 3 3 Argentina Mar. 1, 1936 Japan 5.11 July 5, 1948 Jan. 25, 1940. . Austria Aug. 3, 1945 Java 3 Apr. 1, 1946 Apr. 9 3K Belgium 3H Sept. 13, 1951 Latvia 5 Feb. 17, 1940 May 17 3K Bolivia 6 Sept. 30, 1950 Lithuania. .. 6 July 15, 1939 Mar. 17, 1941.. 1M May 29 3 s June 27 Jan. 16, 1945. . Canada 2 Oct. 17, 1950 Mexico June 4, 1942 Jan. 20 Chile June 13, 1935 Netherlands.. Apr. 17, 1951 Feb. 9 2H Colombia July 18, 1933 New Zealand. July 26, 1941 Nov. 7, 1946.. iy2 Costa Rica 4 Feb. 1, 1950 Norway Jan. 9, 1946 Dec. 19 3 Jan. 10,1947.. Aug. 27 3H Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct. 9 2H&3 Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 June 28 1948 1 1-5 El Salvador... 3 Mar. 22, 1950 South Africa. Oct. 13, 1949 Sept 6 3H&4 Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Oct 1 Finland Nov. 3, 1950 Sweden 3 Dec. 1, 1950 May 27 1949 July 14 l i_4 Oct. 6. 3M June 8, 1950 France 2H June 8, 1950 Switzerland.. I" Nov. 26, 1936 Sept. 11 3% Germany il-6 Oct. 27, 1950 Turkey Feb. 26, 1951 Sept. 26 3 Greece 12 July 12, 1948 United King- Oct. 27 1 1-6 India 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec. 1 3 Ireland 2H Nov. 23, 1943 U. S. S. R.... 4 July 1, 1936 Apr. 17, 1951.. 4 July 5 SH Sept. 13 3\i 1 The lower rate applies to the Bank deutscher Laender, and the higher In effect Sept. 30, rate applies to the Land Central banks. 1951 2 2H U-6 3M 4 3 NOTE.—Changes since Sept. 30: Japan—Oct. 1, from 5.11 tc5.84 per cent; France—Oct. 11, from 2% to 3 per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Aug .53 1.03 1.00 1.00 1.66 1.25 1943—-Aug .50 1.03 1.00 1.11 1.62 1.25 1944—Aug .38 1.03 1.00 1.13 1.68 1.25 1945—Aug .36 1.03 1.00 1.13 1.50 1.25 1946—Aug .40 .53 .51 .63 1.32 1.41 1.18 1.25 1947—Aug .41 .53 .51 .63 1.46 1.30 1.00 1.25 1948—Aug .41 .56 .51 .63 1.88 1.35 1.06 .63 1949—Aug .51 .67 .52 .63 P2.06 1.25 .91 .50 1950—Aug .55 .69 .51 .63 2.35 1.44 .95 .50 1950—September .62 .69 .52 .63 2.22 1.33 .91 .50 October... .62 .69 .51 .63 2.28 1.27 .88 .50 November .62 .69 .51 .63 2.19 1.20 .88 .50 December. .63 .69 .51 .63 2.41 1.40 1.09 .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 August. .. .79 1.00 .51 .63 2.64 1.38 1.00 .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. NOVEMBER 1951 1443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o F l o i n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o i e a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i t e t a i r e l s 1945—December 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December .... 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—September 492 543 1,358 435 1,501 1,610 557 6,028 3,969 2,059 468 October 509 557 1,414 496 1,505 1,608 616 6,204 4,105 2,099 501 November 502 548 1,445 478 1,514 L,625 660 6,251 4,109 2,142 522 December 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—January 530 559 1,470 383 1,529 L.656 697 6,260 4,181 2,078 564 February 496 531 1,343 291 1,544 1,714 719 6,041 3,994 2,047 596 March . .... 489 537 1,313 234 1,552 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 Tune 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 August 515 573 1,185 306 1,549 1,863 755 6,133 4,061 2,072 612 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End in o f m m il o li n o t n h s f o i f gures a a n b d r o n ad et Securities Other ci N rc o u t l e a- lia O b t i h li e ti r es Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d f u b o e a r e n f i k r g o s n m assets tion Total Demand Time ca a p n i d tal 1945—December .... 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December .... 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—September 748 101 2,473 225 4,437 1,178 (3) 7,597 3,015 4,582 1,565 October 847 115 2,565 189 4,349 1,258 (3) 7,740 3,180 4,559 1,583 November 797 164 2,737 177 4,280 1,293 7,819 3,276 4,543 1,630 December 824 134 2,776 171 4,286 1,304 (3) 7,828 3,270 4,558 1,667 1951—January 774 118 2,795 175 4,248 1,270 (3) 7,748 3,171 4,577 1,631 February 770 109 2,872 176 4,093 1,334 7.675 3,057 4,618 1,678 M^arch 753 94 3,008 178 3,986 1,266 (3) 7,624 3,010 4,614 1,660 April 774 87 3,046 160 3,924 1,413 (3) 7,684 3,086 4,598 1,7?0 May 760 92 3,066 188 3,886 379 7,686 3,097 4,589 1,684 June 781 82 3,061 206 3,838 1, 288 (3) 7,591 3,032 4,559 1 664 July 798 84 3,043 209 3,840 1 ,349 (3) 7,658 3,078 4,580 j 1 665 August 784 90 3,073 260 3,832 1,339 7,667 3,084 4,583 1,710 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due frorr Bills dis- 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 42,311 426,69C 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—August 41,572 51,670 440,122 135,192 46,982 650,559 638,875 11,684 29,971 35,008 42,893 48,797 484,I3t 131,192 48,609 687,444 674,592 12,853 30,682 37,502 October 39,519 50,793 484,65? 136,334 49,077 689,545 674,169 15,376 29,208 41,628 November 38,030 52,709 460,635 146,408 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 73L.310 18,618 28,248 17 316 1951—January . 39,769 56,952 477,003 153,502 31,549 709,469 691,231 18,238 26,599 22,707 February 41,435 60,293 477,766 154,660 33,367 720,710 701,935 18,775 27,252 19,560 March 42,469 62,610 499,550 150,919 38,351 741,484 721,791 19,693 29,739 22 676 April 47,539 65,445 490,676 160,293 41,237 748,810 728,559 20,252 30,678 25 702 IVlay 48,809 63,440 475,054 166,984 46,169 739,071 719,405 19,666 33,354 28,033 June 47,856 62,305 522,657 159,958 47,815 777,219 756,997 20,222 32,544 30,828 July 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 35,141 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 Y% 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. 1444 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 irL New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) Aus- (franc) (cruzeiro) British (dollar) Malay- Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) a " n c B o c t o a e u n s k n " t Official Free (d s o ia ll a 2 r) Official Free 1946 29.773 321.34 2.2829 6.0602 95.198 93 288 1947 29 773 321.00 2 2817 5 4403 100 000 91 999 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 »13.333 * 8.289 223.15 1.9908 M.9722 5.4406 32.788 690.909 91.474 1950—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 .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 L.9774 5.4406 32.850 95.271 20.000 13.333 7.124 223.16 1.9843 .9306 5.4406 32.850 95.420 April 20 000 13 333 7.143 223 16 1.9830 L.9491 5.4406 32 850 94 353 May 20.000 13.333 7.096 223.16 1.9833 .9501 5.4406 32.850 93.998 20.000 13.333 7.071 223.16 1.9845 L.9568 5.4406 32.850 93.484 Tuly 20.000 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 L.9876 5.4406 32.850 94.700 September 20.000 13.333 6.952 223.01 1.9866 7 9876 5.4406 32.850 94.706 October 20.000 13.333 6.974 223.06 1.9838 5.4406 32.850 95.112 France Year or month Ceylon C slo ze v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2 0060 20 876 8109 30 155 20 581 37 813 1947 2.0060 20.864 .8407 30.164 20.577 37.760 1948 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 1949 27 839 2 0060 19 117 .4671 .3017 27 706 12 620 34 528 1950 20.850 2.0060 14.494 .2858 8 23.838 20.870 11.570 26.252 1950—November .. . 20.850 2.0060 14.494 .2856 23.838 20.870 11.571 26.232 December 20.850 2.0060 14.494 .2856 23.838 20.870 11.572 26.240 1951—January 20.850 2.0060 14.494 .2856 23.838 20.870 11.567 26.239 February 20.850 2.0060 14.494 .2856 23.838 20.870 11.562 26.241 March 20.850 2.0060 14.494 .2856 23.838 20.870 11.561 26.260 April 20.850 2 0060 14.494 .2856 23.838 20.870 11 561 26.241 20.850 2.0060 14.493 .2856 23.838 20.870 11.561 26.243 Tune . . 20 850 2 0060 14.484 .2855 23.838 20.870 11 561 26.279 July 20.850 2.0060 14.484 .2856 23.838 20.870 11.561 26.286 August 20.850 2.0060 14.492 .2856 23.838 20.870 11.568 26.280 September 20.850 2 0060 14.492 .2856 23.838 20.870 11 571 26.278 October 20.850 9 2.0060 14.492 io .4354 .2855 23.838 20.870 10 280.38 11.563 26.267 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P e p h p i i u n li 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 ) (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 d n i o i n m t g e - d Ur (p u e g s u o) ay (peso) (pound) 1946 . . 322.63 20.176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947 322.29 20.160 4.0273 400.74 27.824 23.363 402.86 65.830 56.239 1948 350.48 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 . 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1950—November 277.29 14.015 49.625 3.4791 278.38 19.332 22.946 280.07 65.833 56.180 42.553 December 277.22 14.015 49.625 3.4838 278.38 19.327 23.201 279.99 65.833 56.180 42.553 1951—January 277.21 14.015 49.625 3.4764 278.38 19.327 23.304 279.97 65.833 56.180 42.553 February 277.29 14.015 49.625 3.4679 278.38 19.327 23.265 280.07 65.833 56.180 42.553 March 277.29 14.015 49.627 3.4766 278.38 19.327 23.177 280.07 65.833 56.180 42.553 April 277.29 14.015 49.643 3.4799 278.38 19.327 23.133 280.07 65.833 56.180 42.553 277.29 14.015 49.643 3.4826 278.38 19.327 23.100 280.06 65.833 56.180 42.553 June 277.29 14 015 49 644 3 4880 278.38 19 327 23 018 280 07 65 833 56 180 42.553 Tuly 277.25 14.015 49.643 3.4827 278.38 19.327 23.038 280.02 65.833 56.180 42.553 August 277.11 14 015 49 643 3 4727 278.38 19 327 23 015 279 88 65 833 56.180 42.553 September 277.10 14.015 49.643 3.4644 278.38 19.327 22.963 279.88 65.833 56.180 42.553 October 277.17 14.015 49.643 3.4598 278.38 19.327 22.916 279.94 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. 3 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. » Based on quotations through Oct. 26; quotations discontinued thereafter. 10 Based on quotations beginning Oct. 29. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. 1445 NOVEMBER 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 1 t n 9 a 0 2 i 0 t t 6 e e ) s d = ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 9 1 n 3 g 0 i 0 0 t d e ) o d = m F (1 r 9 1 4 a 0 9 n 0 c ) = e (1 I 1 9 t 0 a 3 0 8 ly ) - ( a 1 J v 9 a = e 3 p r 4 1 a a - ) g n 3 e 6 N (1 l 9 e a 1 4 t n 0 8 h 0 d e ) s = r - ' S (1 w 9 1 3 e 0 5 0 d ) e = n (A Sw u = la g i 1 t . n 0 z d 1 0 e 9 ) r 3 - 9 1926 100 130 124 126 135 1940 79 108 103 137 7 121 2 146 133 1941 87 116 110 153 9 136 2 172 171 1942 99 123 121 159 10 153 2 189 195 1943 103 128 146 163 12 2 196 203 1944 104 131 179 166 14 2 196 207 1945 106 132 199 169 20 4 194 205 1946 121 139 229 175 34 16 186 200 1947 152 163 242 192 52 5,159 48 199 208 1948 165 193 260 219 89 5,443 128 100 214 217 1949 155 198 285 230 100 5,170 209 104 216 206 1950 162 211 311 262 108 4,905 246 117 227 203 1950—September 170 223 321 272 112 5,088 260 120 228 209 October 169 220 326 280 113 5,176 269 122 230 213 172 222 332 289 117 5,279 277 125 244 216 December 175 225 335 292 121 5,424 281 128 253 218 1951—January 180 232 344 300 123 5,652 296 136 266 226 February ....... 184 239 359 306 130 5,738 316 139 275 230 March 184 242 375 314 134 5,724 334 144 287 231 April 184 242 385 319 140 5,697 350 145 297 231 May 183 242 394 320 141 5,677 349 146 302 231 June 182 243 400 321 138 5,595 344 145 305 228 July 179 244 396 320 135 P5,558 340 142 P305 224 August 178 242 388 »-324 P134 P5.523 P348 142 P304 222 September 178 240 393 325 P137 P Preliminary. r Revised. 1 The Netherlands Central Bureau of Statistics is preparing a new wholesale price index. In the meantime an interim index, which is based on 1948 prices, is being published. The commodities are weighted in accordance with production and imports of that year. 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) (1948=100) Year or month pr F o a d r u m cts Foods co O i m t t i m h es e o r d- pr F o a d r u m cts R fa m p a c w a a t r u n t a r l u y e n - d d F f u a c m l h c l a y i t e u n f a r u l e y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u r u a s c w - ts p f I i r n n o tr i d d s i h u u al e c s- d ts goods goods 1926 100 100 100 144 129 133 1940 68 71 83 96 103 110 133 138 1941 82 83 89 107 »-114 119 146 156 1942 106 100 96 127 123 124 158 160 1943 123 107 97 145 131 127 160 164 1944 123 105 99 155 134 129 158 170 1945 128 106 100 165 136 130 158 175 1946 149 131 110 177 140 138 158 184 1947 181 169 135 190 164 162 165 207 1948 188 179 151 230 196 192 181 242 100 100 100 1949 166 161 147 226 197 199 197 249 101 108 104 1950 170 166 153 233 213 211 221 286 112 128 116 1950—September 180 177 159 235 226 222 220 303 110 133 120 October 178 173 162 229 220 221 226 311 110 138 123 November • 184 175 164 230 222 223 229 325 114 142 124 December 187 179 167 235 225 226 228 331 117 146 126 1951—January 194 182 170 242 231 234 228 345 120 158 135 February 203 188 172 254 237 240 227 356 119 165 139 March 204 187 172 264 239 244 226 370 122 170 145 April. . 203 186 172 257 239 245 236 370 120 174 146 May 200 187 172 257 239 244 242 *368 123 176 147 June 199 186 171 264 243 244 247 P367 123 173 145 July 194 186 169 268 243 247 252 P361 118 170 144 August 191 187 167 256 237 245 258 P363 119 172 143 September 189 188 167 254 236 244 261 P363 p Preliminary. r Revised. 1 The Netherlands Central Bureau of Statistics is preparing a new wholesale price index. In the meantime an interim ind ex, which is based on 1948 prices, is being published. The commodities are weighted in accordance with production and imports of that year. 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. 1446 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 h or ( S U 1 = t n 9 a i 3 1 t t 5 0 e - e 0 s 3 d ) i 9(1 = C 9 a a 3 d 1 n 5 0 a - - 0 3 ) 9 1 K 7 ( d i , J o n u 1 m n g 9 e - 47 F = r ( 1 a 1 9 n 0 4 c 0 9 e ) N ( l 1 e a 1 9 t n 4 0 h 9 d 0 e s ) r = 2 - 1 ( l 9 A e 3 a u r 9 n g - d . = Y m e o a n r t h or ( S U 1 = t n 9 a i 3 1 t t 5 0 e - e 0 s 3 d ) 9 i (1 = C 9 a a 3 d 1 5 n 0 a - - 0 3 ) 9 1 K 7 ( d i , J o n u 1 m n g 9 - e 47 F = r ( 1 a 1 9 n 0 4 c 0 9 e ) N ( l e 1 a 1 9 t 4 n 0 h 9 0 d e ) s r = 2 - 1 ( l 9 A 3 a u e 9 n g r d . - = = 100) 100) = 100) 100) 1942 .. 124 127 161 10 153 1942 117 117 200 10 141 1943 138 131 166 12 161 1943 124 118 199 12 148 1944 136 131 168 15 164 1944 126 119 201 16 151 1945 139 133 170 21 164 1945 129 119 203 22 153 1946 160 140 169 36 160 1946 140 124 204 35 152 1947 194 160 101 57 170 1947 160 136 101 57 158 1948 210 196 108 92 176 1948 172 155 108 90 163 1949 202 203 114 100 100 174 1949 . . 170 161 111 100 100 162 1950 205 211 123 111 111 176 1950 172 167 114 111 109 159 1950-September. 210 219 122 113 110 179 1950-September. 175 170 114 113 111 160 October... 211 220 125 116 113 180 October. .. 176 171 115 113 161 November 211 219 125 117 113 180 N o vein ber 176 171 116 113 161 December. 216 219 125 118 112 180 December. 179 171 116 117 113 161 1951-January... 222 220 127 120 113 179 1951-January... 182 173 117 119 113 162 February.. 226 224 127 121 112 178 February.. 184 175 118 121 115 163 March.... 226 234 128 123 113 178 March.... 185 180 119 124 117 163 226 238 131 125 122 178 April 185 182 121 126 122 165 May 227 235 135 129 124 179 May 185 182 124 129 122 166 June 227 240 136 127 123 180 June 185 184 125 129 121 166 July 228 250 140 127 127 181 July 186 188 126 130 122 167 August 227 251 140 127 124 182 August 186 189 127 131 121 168 September. 227 251 141 P129 September. 187 190 128 P133 121 p Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. 2 The Netherlands Central Bureau of Statistics is preparing a new consumer price index, which is expected to be ready during 1952. In the meantime an interim index, which is based on family budgets during the year 1949, is being published. Sources.—See BULLETIN for August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( t n r h a a i i d g t t e e e h d ) s ( C 1 = a 9 3 n 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n n c 1 g e i = m d t 1 e o b 0 d m e 0 r ) F (1 r 1 9 a 4 0 9 0 n ) c = e N l e a t n h d er s - ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 ( C 1 = a 9 3 n 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c b 0 e e 0 r ) N l e a t n h d e s r- Number of issues. . . 12 87 60 416 105 278 295 27 1943. 120.3 102.6 127.8 133.3 91.9 83.5 84.5 268 1944. 120.9 103.0 127.5 136.8 99.8 83.8 88.6 265 1945. 122.1 105.2 128.3 138.3 121.5 99.6 92.4 1946. 123.3 117.2 132.1 131.5 109.0 139.9 115.7 96.2 875 195 1947. 103.2 118.5 130.8 120.0 105.6 123.0 106.0 94.6 ,149 233 1948. 98.7 105.0 129.9 106.4 107.1 124.4 112.5 92.0 ,262 240 1949. 101.9 107.6 126.5 100.0 106.8 121.4 109.4 87.6 ,129 219 1950. 109.6 121.2 99.8 106.7 146.4 131.6 90.0 ,030 217 1950—October. . . 108.7 124.2 98.5 104.3 157.8 145.4 92.5 ,035 November. 106.5 124.1 99.8 104.6 156.1 144.5 92.9 ,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 ,031 224 February. . . 102.4 121.1 99.6 97 A 174.7 166.5 96.8 ,144 228 March 95.6 120.2 100.1 96.6 170.3 162.9 96.2 ,159 226 April , 95.3 119.8 99.2 93.1 172.3 165.6 96.0 ,169 221 May 95.3 118.3 100.4 86.9 173.9 164.2 99.7 ,172 215 June 95.0 117.5 100.6 87.6 171.7 160.7 99.4 ,188 212 July 95.5 116.9 101.2 84.1 172.8 162.0 97.6 ,185 ••208 August 95.3 116.6 102.0 80.3 181.5 169.7 96.5 ,300 207 September. 95.2 P103.8 78.1 187.3 179.8 ,413 212 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. NOVEMBER 1951 1447 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 LEGAL DIVISION DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director GEORGE B. VEST, General Counsel J. E. HORBETT, Assistant Director FREDERIC SOLOMON, Assistant General Counsel LOWELL MYRICK, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE SOLICITOR DWIGHT L. ALLEN, Director J. LEONARD TOWNSEND, Solicitor H, FRANKLIN SPRECHER, JR., Assistant Director G. HOWLAND CHASE, Assistant Solicitor DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS LISTON P. BETHEA, Director RALPH A. YOUNG, Director JOSEPH E. KELLEHER, Assistant Director FRANK R. GARFIELD, Adviser on Economic Research EDWIN J. JOHNSON, Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION SUSAN S. BURR, Assistant Director GUY E. NOYES, Director DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Assistant Director ARTHUR W. MARGET, Director HENRY BENNER, Assistant Director LEWIS N. DEMBITZ, Assistant Director CLARKE L. FAUVER, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman 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 JAMES K. VARDAMAN, JR. PAUL M. DAVIS, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist 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 1448 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 c 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 T. A. Lanford Rufus C. Harris L. M. Clark V. K. Bowman R. E. Moody, Jr. 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. Deming<• Paul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis CM. 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 Henry 0. Koppang R. L. Mathes C. E. Sandy 2 John Phillips, Jr. D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin 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 Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Hollowav Nashville R. E. Moody, 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 CM. Stewart Portland S. A. MacEachron Louisville C A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 General Manager. NOVEMBER 1951 1449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from RULES OF ORGANIZATION AND RULES OF PROCEDURE— the Division of Administrative Services, Board of Board of Governors of the Federal Reserve Sys- Governors of the Federal Reserve System, Wash- tem (With Amendments). September 1946. 31 ington 25, D. C. Remittance should be made pages. payable to the order of the Board of Governors THE FEDERAL RESERVE ACT, as amended to Novemof the Federal Reserve System. ber 1, 1946, with an Appendix containing pro- FEDERAL RESERVE BULLETIN. Issued monthly. Sub- visions of certain other statutes affecting the scription price in the United States and its pos- Federal Reserve System. 372 pages. 50 cents per sessions, Bolivia, Canada, Chile, Colombia, Costa paper-bound copy; $1.00 per cloth-bound copy. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, POSTWAR ECONOMIC STUDIES. (8 pamphlets) Newfoundland (including Labrador), Nicaragua, No. 1. Jobs, Production, and Living Standards. Panama, Paraguay, Peru, El Salvador, Uruguay, No. 2. Agricultural Adjustment and Income. and Venezuela is $2.00 per annum or 20 cents No. 3. Public Finance and Full Employment. per copy; elsewhere $2.60 per annum or 25 cents No. 4. Prices, Wages, and Employment. per copy. Group subscriptions in the United No. 5. Private Capital Requirements. States for 10 or more copies to one address, 15 No. 6. Housing, Social Security, and Public cents per copy per month, or $1.50 for 12 months. Works. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 7. International Monetary Policies. RATES, AND BUSINESS. Issued monthly. $6.00 No. 8. Federal Reserve Policy. per annum including historical supplement 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 THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND CHARTS ON BANK CREDIT, MONEY RATES, AND FUNCTIONS. November 1947; reprinted April BUSINESS. 113 charts. April 1951 edition. 1951. 125 pages. 75 cents per cloth-bound copy; Annual subscription to monthly chart book inin quantities of 10 or more copies for single cludes supplement; single copies, 60 cents each. shipment, 50 cents each. Paper-bound copies In quantities of 10 or more copies for single shipavailable without charge. ment, 50 cents each. (Domestic rates) 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 ship- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of ment, 75 cents each. 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. 1450 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. FRENCH EXCHANGE STABILIZATION FUND, by Robert DISTRIBUTION OF CONSUMER INCOME IN 1950. Solomon. January 1950. 5 pages. August 1951. 18 pages. PART IV. DISTRIBU- TION OF CONSUMER SAVING IN 1950. September INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- 1951. 18 pages. Also, similar survey for 1946 ruary 1950. 5 pages. from June-September 1946 BULLETINS, 28 pages; STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR for 1947 from June-August and October 1947 DEPOSIT INSURANCE. February 1950. 15 pages. BULLETINS, 48 pages; for 1948 from June-September and November 1948 BULLETINS, 70 INDUSTRIAL DIFFERENCES IN LARGE CORPORATION pages; for 1949 from June-November 1949 and FINANCING IN 1949, by Eleanor J. Stockwell. January 1950 BULLETINS, 124 pages; for 1950 June 1950. 6 pages. (Also, similar survey by from April and June-December 1950 BULLETINS, Charles H. Schmidt. June 1949. 8 pages.) 106 pages, which includes THE METHODS OF THE RETAIL CREDIT SURVEY—1949. From June 1950 SURVEY OF CONSUMER FINANCES.) BULLETIN with supplementary information for nine separate trades. 37 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- NIQUES. November 1950. April 1951. 19 pages. TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. System, before the Senate Committee on Bank- As amended to April 20, 1951. 4 pages. ing and Currency, June 27, 1950. July 1950. 8 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and 1949. July 1950. 16 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS DEFENSE LOAN POLICY. An announcement adopted AND BUSINESSES. July 1951. 2 pages. jointly by National and State Supervisors of banks 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- LATION. July 1951. 23 pages. REVISED ESTIMATES OF CONSUMER CREDIT. November 1950. 2 pages. FINANCING OF LARGE CORPORATIONS IN 1950, by Eleanor J. Stockwell. August 1951. 7 pages. MEASUREMENT OF CONSUMER CREDIT. Address by 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. 1451 NOVEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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