Federal Reserve Bulletin, 1951-12

F E D E R AL R E S E R VE IN DECEMBER 1951 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 Post-Korean Monetary Policies in Western Europe. 1453-1462 Revised Indexes of Department Store Sales and Stocks. 1463-1515 1951 Survey of Consumer Finances: Part V. Distribution of Debt and Selected Nonliquid Assets of Consumer Spending Units 1516-1526 Plans for Revision of Index of Industrial Production. 1527-1528 Law Department 1529-1530 Current Events and Announcements. 1530 National Survey of Business Conditions. 1531-1532 Financial, Industrial, Commercial Statistics, U. S. (See p. 1533 for list of tables) 1533-1583 International Financial Statistics (See p. 1585 for list of tables) . 1585-1603 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1604 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1605 Federal Reserve Publications. 1606-1609 Map of Federal Reserve Districts 1610 Index 1611-1635 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 37 December 1951 NUMBER 12 POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE The recent change in monetary policy in PRODUCTION AND TRADE* OF WESTERN EUROPE the United Kingdom is an outstanding ex- » Quarterly Indexes, 1938000 Per Ce ample of the reactivation of credit policy which has occurred in Western Europe since the beginning of hostilities in Korea. Faced with the resumption of strong inflationary pressures, several countries have invoked monetary measures for the first time since the end of the Second World War while other countries have strengthened earlier postwar measures and adopted new types of credit restraint. ECONOMIC DEVELOPMENTS BEFORE AND AFTER THE KOREAN OUTBREAK By the spring of 1950 the economic recovery of Western Europe had made substantial progress. Production was considerably above 1948 1949 1950 1951 * Exclusive of intra-European trade. prewar levels and internal financial stability Source.—-Economic Cooperation Administration, Recovery Guides. had been attained in most countries. Together with the currency devaluations of rope took an important step toward closer 1949, these achievements brought substan- cooperation and integration by reaching tial improvement in balance-of-payments agreement on the establishment of a Europositions. Nevertheless, currencies remained pean Payments Union (EPU), which began inconvertible and American aid was still an operations in July 1950. The Union may be essential condition for the economic bal- described as a clearing house for intra-Euroance of the Western European countries, pean payments which also provides a mechwhose exports to the dollar area covered anism for credit extension and thus reless than one-half of their dollar imports. quires only partial settlement in gold of the During the first half of 1950, with en- net debit and credit balances of its members. couragement and financial support from the In addition to eliminating the system of bi- United States, the countries of Western Eu- lateral payments previously in force, the DECEMBER 1951 1453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE countries participating in the EPU grad- dollar exports of their dependent overseas ually lifted a substantial portion of the territories and, in the case of the United quantitative restrictions affecting intra-Euro- Kingdom, also of the independent members pean trade and thereby promoted competi- of the sterling area. tion and an improved use of economic Improvement in trade and payments with resources within the EPU area. the dollar area exceeded the gradual decline In some respects, developments following in United States aid for many European the outbreak of war in Korea intensified eco- countries. Consequently, their gold and dolnomic trends already apparent in Western lar reserves increased. This development Europe. Production increased further, pri- was particularly striking in the case of the marily under the stimulus of suddenly in- United Kingdom. Following the large price creased purchases by consumers and busi- increases in raw materials, the overseas sterness firms. Between the second quarter of ling countries became large net earners of 1950 and the second quarter of 1951, output dollars. By the end of June 1950 sterling expanded most in Belgium, France, Ger- area reserves of gold and dollars had already many, and Italy, where in mid-1950 there risen by 1 billion dollars from the low point was some underutilization of industrial of 1.3 billion reached just before the devaluaplant and manpower. tion of September 1949. In the year following Korea, reserves rose by another 1.4 bil- INDUSTRIAL PRODUCTION IN SELECTED COUNTRIES OF lion, even though allocations of United States WESTERN EUROPE AND IN THE UNITED STATES aid to Britain were terminated at the end of [January-June 1950=100] 1950, largely because of the increase in 1950 1951 reserves. Country 1st 2nd 3rd 4th 1st 3rd Notwithstanding continuation of some of Q. Q. Q. Q. Q. Q* Q. these favorable trends, post-Korean events Belgium 103 97 99 118 122 124 U17 greatly complicated the economic problems Denmark 95 105 93 104 102 103 90 France 98 102 93 109 112 116 105 faced by Western Europe. Economic stabil- Germany (Fed. Rep.). 95 105 113 129 129 135 129 Italy 97 103 100 111 116 120 115 Netherlands 98 102 105 114 112 111 102 ity was threatened by the emergence of new Norway 100 100 84 101 105 106 *90 Sweden 98 102 87 104 103 106 J89 demands upon available resources. Anticipa- United Kingdom 101 99 95 107 104 107 199 tion of higher prices and fear of an early United States 97 103 108 114 117 117 114 recurrence of wartime shortages led to in- 1 Estimated. creased domestic and foreign purchases. Also, NOTE.—Official indexes for European countries, without adjustment for seasonal variation, converted to January-June 1950 the terms of trade of most Western European base by Federal Reserve; seasonally adjusted Federal Reserve index for the United States, converted to January-June 1950 base. countries deteriorated seriously as prices of Another favorable aspect of post-Korean imported raw materials rose much faster than developments was the expansion of dollar prices of their typical export commodities. exports to meet increased demands in the Finally, rearmament began to impose slowly United States. During the year following rising economic and financial burdens. June 1950, the Western European countries In conjunction with the rise in raw mateearned a larger portion of the dollars needed rial prices, the increased demands on ecofor imports than at any time since the end nomic resources resulted in strong inflationof the war. Their dollar positions were also ary pressures. The periods of greatest inimproved by considerable increases in the tensity of these pressures, which varied con- 1454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE siderably from one country to another, were As in the United States, expectations of punctuated in several cases by acute balance- future developments have accounted for of-payments difficulties which led to sub- much of the price rise. The expansion in stantial losses of previously accumulated re- defense expenditures was slow to get under serves and to the reimposition of trade way. Meanwhile, large-scale anticipatory restrictions. buying by consumers, producers, and distributors pressed against the prices of foreign RISE IN PRICES raw materials, as well as of domestic goods. Wholesale prices have risen sharply in Heavy foreign purchases of Belgian steel, Western Europe since June 1950, as shown Swedish wood pulp, and many other prodin the table. Through September 1951 the ucts of European industry added further increase averaged 28 per cent, exceeding this strength to total demand. rate in Sweden, France, and Denmark, and In the first six to nine months following staying somewhat below it in Italy, the Korea the rapidly climbing prices of im- Netherlands, and Germany. France, Italy, ported primary products appeared as the im- Belgium, and Denmark had the largest price mediate impulse to higher domestic prices. increases during the second half of 1950, but As the higher import prices affected conprices in Italy and Belgium declined sumer prices, they led to wage increases and promptly with the fall in world prices of a threat of wage-price spirals in some of the basic materials after February 1951. Since countries. Concern over these developments June 1951 wholesale prices have declined gave rise, for a short period early in 1951, to or remained stable in all countries except various proposals that the European countries appreciate their currencies in an attempt in France, where a substantial increase octo lower the prices, in their own currencies, curred in October, and in the United Kingof their imports of basic raw materials. Any dom. persuasiveness these proposals may have had At retail, price increases have been slower quickly disappeared when prices of raw mabut also more steady than at wholesale, and terials declined and the balances of payhave averaged 15 per cent. Wages have genments of some of the major countries deerally moved upward with retail prices. teriorated after the first quarter of 1951. PRICES IN WESTERN EUROPE AND THE UNITED STATES While raw material prices were falling [June 1950=100] after March 1951, the earlier rapid increases Wholesale Retail continued to be absorbed into the price structures of the various countries. In France Country 1950 1951 Sept. a significant wage increase, granted in Sep- 1951 Sept. Dec. Mar. June Sept. tember 1951 to adjust wage levels to the rise Belgium 114 120 131 130 127 113 in living costs, contributed to a further round Denmark 106 116 127 138 132 115 France 108 117 130 133 133 124 of price increases and speculative activity Germany (Fed. Rep.) 104 110 122 125 125 111 Italy 109 116 122 120 116 111 even though import prices had ceased to rise. Netherlands 104 112 126 127 124 112 Norway 109 113 120 130 130 120 Sweden 102 113 129 137 137 119 United Kingdom.... 106 114 122 125 127 113 EXPANSION OF CREDIT United States 108 112 117 116 113 110 In many respects the upsurge of both con- NOTE.—Official indexes converted to June 1950 base by Federal sumer and business purchasing in Western Reserve. DECEMBER 1951 1455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE Europe after the Korean outbreak was sim- erlands, France, and Norway occurred after ilar to that in the United States. Because the beginning of 1951. of the comparatively minor importance of consumer durable goods and of consumer CHANGES IN MONEY SUPPLY AND PRIVATE BANK CREDIT credit, however, consumer purchases ex- IN WESTERN EUROPE AND THE UNITED STATES panded much less in Europe than in the Percentage increase, or decrease (—) United States. Nevertheless, consumers drew Money supplyx Bank credit2 heavily on funds deposited in banks and Country savings institutions and in some countries July-Dec. Jan.-June July-Dec. Jan.-June 1950 1951 1950 1951 reduced their holdings of Government secu- Belgium 1.0 1.1 23.4 4.2 rities. Denmark -0.3 -1.1 2.7 3.5 France 10.3 6.3 7.0 12.0 Business firms in all Western European Germany (Fed. Rep.). • 10.6 3.3 22.9 -0.9 Italy 15.9 -2.8 20.9 5.4 countries found it necessary or desirable to Netherlands -1.7 -4.4 8.7 17.8 Norway -4.5 8.5 4.3 15.7 Sweden 7.0 2.4 7.7 7.4 increase their bank borrowing in order to United Kingdom 6.5 -2.3 -0.3 14.5 finance their greatly enlarged purchases of United States 6.8 -2.5 16.1 4.9 materials, both for current production and 1 For European countries, currency outside banks plus demand for inventory. In France, Germany, Italy, deposits, other than interbank and Government, at banking and postal checking systems. For the United States, currency outside and Sweden, substantial increases in the banks plus demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. money supply occurred in the year follow- 2 Commercial bank private credits, exclusive of rediscounts except for Belgium, France, and Italy, where central bank rediscounts are of significant importance. For the United States, loans ing Korea, as shown in the table. In the at all commercial banks. United Kingdom, Belgium, and Norway Source.—International Monetary Fund, International Financial Statistics for money supply; country sources for bank credit. the increase in the money supply was moderate as budget surpluses or balance-of- The United Kingdom was the only counpayments deficits approximately offset the try that did not experience an increase in money-creating effects of the private credit credit during the first half-year following expansion. In Denmark and the Netherthe Korean outbreak, but recourse to bank lands money holdings actually declined credit became considerable during the first slightly. half of 1951, when imports rose in volume The earliest large increases in commercial and even more in value. bank lending after the Korean outbreak oc- Differences in the expansion of bank credit curred in Belgium, Germany, and Italy, are associated with the varying effectiveness where bank credit to businesses and individ- of restrictive credit measures and the varyuals rose by more than 20 per cent from June ing extent to which business firms of the to December 1950. This increase financed Western European countries had to rely a sharp rise in output in all three countries on such credit to finance a larger volume and in Belgium and Germany also financed of operations at higher prices. However, expanded inventories of imported raw mate- changes in the volume of imports seem to rials. In other countries the expansion of have played a particularly important part bank credit to businesses and individuals in the process of credit expansion. Thus came somewhat later, as did the increase in Belgium and Germany, which reacted more inventory accumulation. As shown in the quickly than the other countries in building table, the bulk of the post-Korean credit ex- up stocks of foreign goods, experienced a pansion in the United Kingdom, the Neth- sharp increase in credit during the second 1456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE half of 1950. France and the United King- mediate postwar period and there was little dom, on the other hand, permitted their confidence that they could be effectively restocks to be drawn down during that period stored. The United Kingdom, the Netherand the major expansion of credit took place lands, and the Scandinavian countries had in these two countries in early 1951 when deliberately eliminated an increasing portion imports were expanded to replenish in- of their comprehensive wartime controls and ventories. were reluctant to reintroduce them. In this situation credit and monetary MONETARY AND CREDIT POLICIES measures have been adopted not only in An inflationary movement as strong as the Italy, Belgium, Germany, and France, where one that began in Western Europe in the they had been used intensively earlier in the summer of 1950 ordinarily calls forth a com- postwar period, but also in those Western bination of fiscal measures, credit and mone- European countries that had previously tary measures, and direct controls. In the shown a definite preference for fiscal policy past 18 months, however, monetary and and direct controls. credit policy has been assigned a particu- General evidence of this trend is the relarly important role in Western Europe. newed use of the central bank rediscount The importance of credit expansion in the rate as an instrument of monetary policy, inflationary developments during this period CHANGES IN REDISCOUNT RATES SINCE KOREA naturally called for specific restrictive measures in the monetary sphere. The need for Rate before Korea Rate established since Korea such measures was further strengthened by Country the obstacles to an immediate increase in Per Unchanged Per Date cent since cent established taxation and by the reluctance to return to Belgium *H Oct. 6, 1949 3% Sept. 11, 1950 direct controls. July 5, 1951 3H Sept. 13, 1951 Taxation was heavy in most European Denmark... Jan. 15, 1946 July 4, 1950 countries even before the Korean war and it 5 Nov. 2, 1950 France... .... 2H June 8, 1950 3 Oct. 11, 1951 was widely feared that further substantial 4 Nov. 9, 1951 tax increases would lead, in large measure, to Germany (Fed. Rep.) 4 July 14, 1949 6 Oct. 27, 1950 increased evasion and reduced savings. Even Netherlands 2X June 27, 1941 3 Sept. 26, 1950 4 Apr. 17, 1951 where taxes have been increased, they are Sweden iy Feb. 9, 1945 3 Dec. 1, 1950 scheduled to finance only a portion of the United Kingdom. . . 2 Oct. 26, 1939 2H Nov. 8, 1951 enlarged armament expenditures. There have been no substantial cuts in nonmilitary as shown in the table. But these discount spending although subsidies have not been rate changes were only one aspect of policies allowed to increase to compensate for rising that differed in important respects from one import prices and have actually been cut in group of countries to another. some countries. Belgium and Germany. Immediately af- Little use has been made of new direct ter the outbreak of war in Korea the sharp controls, such as allocation of materials, con- increase in the demand for goods throughsumer rationing, and price ceilings. In coun- out the world led to a rapid rise in industrial tries like France, Italy, and Germany, these output in both Belgium and Germany, which controls had broken down during the im- had available some unemployed manpower DECEMBER 1951 1457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE and industrial capacity. At the same time These surpluses increased progressively and there was considerable inventory accumula- by August 1951 Belgium had advanced to tion, particularly of imported raw materials, the European Payments Union the full in anticipation of higher levels of output as amount of credit required by its quota. Bewell as higher prices and scarcities. As a sides taking measures directly affecting forresult, both countries experienced inflationary eign trade and payments, the Belgian aupressures and incurred balance-of-payments thorities reduced the rediscount rate in July deficits during the second half of 1950, and and again in September to encourage a larger both applied corrective monetary measures. absorption of Belgian output by the domestic In Belgium the central bank reinforced market. the existing system of credit controls, which In the case of Belgium, the post-Korean is based on a relatively stringent require- upsurge of demand only temporarily erased ment that commercial banks hold reserves the intra-European surplus which had charin the form of Government securities in acterized the Belgian balance of payments amounts varying from 50 to 65 per cent throughout the postwar period. Germany, on of deposit liabilities for different categories the contrary, incurred very large intra-Euroof banks. Under this system commercial pean deficits which rapidly exhausted its banks frequently find it necessary to redis- quota in the EPU. In attempting to stave count commercial paper in order to acquire off this development, the German authorities additional reserves needed for credit expan- at first relied entirely on restrictive credit sion. As a result, by altering the terms measures. In October 1950 the rediscount rate and conditions for rediscounting, the central and reserve requirements were raised. In bank can influence the availability of credit. January 1951 commercial banks were ad- For a time after the Korean outbreak, the vised to maintain various classes of shortmonetary authorities supported the expan- term credits within certain multiples of their sion of economic activity by a large increase capital and reserves. These measures were in rediscounts, but attempted to minimize not sufficiently effective, however, and in the extension of credit for speculative pur- February the government reimposed previchases of domestic and imported goods. Re- ouslv lifted controls on European imports, discount rates were raised in September and the central bank asked commercial banks 1950, and the eligibility requirements for to reduce the volume of short-term credit outrediscounting commercial paper represent- standing by an amount equivalent to 7.5 ing import transactions were made more re- per cent of the total. strictive. Also, commercial banks were In March 1951 Germany started earning requested to reduce by almost one-fourth export surpluses with the other countries of the volume of outstanding consumer credit Western Europe and by the end of October and, in general, to refrain from extending had not only repaid a special EPU credit obcredit for speculative purposes. tained in November 1950, but had virtually Stabilization was rapidly achieved and in eliminated the entire deficit incurred in the 1951 Belgium, favored by strong demand first eight months following Korea. and high prices for its principal export prod- The success of Belgium and Germany in ucts, once again earned export surpluses with overcoming post-Korean inflationary presthe other countries of Western Europe. sures is largely the result of their credit 1458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE policies. Their current EPU surpluses, while central bank rediscount privileges for conclearly related to these policies, must also struction loans were withdrawn in October be ascribed to their ability to deliver goods 1950 and not restored until September 1951, urgently needed by other countries for re- after the central bank had arranged with armament or industrial expansion. the Minister of Finance for a debt manage- Scandinavian countries and the Nether- ment operation designed to prevent any conlands. Together with the United Kingdom, sequent expansion in the money supply. In whose problems will be discussed separately, Norway the monetary authorities, which for the Scandinavian countries and the Nether- a time had considered the introduction of a lands have pursued roughly similar economic reserve requirement, did not adopt any new policies in the postwar period. Through measure; however, the long-term yield on direct controls, subsidies, and anti-inflationary Government securities, which had remained fiscal policy, and with the help of import at 2l/ per cent since 1946, was allowed to 2 surpluses largely financed by United States move upward. aid, these countries succeeded in containing In Sweden the policy of maintaining a the strong inflationary pressures left behind stable yield of 3 per cent on Government seby occupation expenditures or newly created curities, through central bank purchases if by large-scale reconstruction and investment necessary, had long been the object of puboutlays. Before the middle of 1950, mone- lic discussion. The policy was discontinued tary policy was not widely used to com- in July 1950, and by December the yield on bat postwar inflation. In Sweden, in fact, Government securities rose by about onethe policy of supporting a fixed long-term third of 1 per cent. Thereafter yields reyield of 3 per cent on government securities mained stable, partly because of new Riksbecame in itself a contributory cause of bank purchases but principally because of the monetary expansion. favorable development in Sweden's inter- The economic pressures generated by the national position which led to an increase Korean war led to considerable policy in the liquidity of banking and business changes and innovations in this group of firms. countries. The increase in import prices Since the early summer of 1951 the presforced an abandonment of the former pol- sure on prices has abated in these four counicy of holding back increases in prices tries, and inflation in general has been held through subsidies. Wages were then allowed in check. Some marketing difficulties and to move upward and, in order to avoid a production cutbacks are reported in concumulative inflationary movement, it was sumer goods industries in Denmark and the found necessary to restrain credit expansion. Netherlands, where the most vigorous fiscal Rediscount rates were raised for the first and monetary measures were adopted to comtime in many years in the Netherlands, bat internal inflationary pressures as well as Denmark, and Sweden, and reserve require- acute balance-of-payments difficulties. Howments were introduced in the Netherlands ever, increasing defense expenditures and exand in Sweden. In the Netherlands reserve ports to other European countries are likely requirements, supplemented by a system of soon to absorb any resources which are credit ceilings, replaced the selective screen- presently unutilized. ing of loans previously used. In Denmark France and Italy. The recent sharp con- DECEMBER 1951 1459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE trast between renewal of inflation in France Italian wholesale prices rose from June and continued stability in Italy must be 1950 until March 1951 and then began to viewed against the background of substan- decline slowly. Industrial production extially similar experiences in the early post- panded 17 per cent during that period and war period and even during the first post- then leveled off until autumn, when a few Korean year. These countries suffered the indications of declining activity began to most acute inflations in Western Europe; appear. Apparently a considerable portion each then achieved stabilization, Italy in the of the increase in industrial output during autumn of 1947 and France one year later, 1951 has been stocked by Italian producers with the help of newly introduced quanti- in anticipation of an enlarged defense effort. tative credit controls and notwithstanding The maintenance of monetary stability in continuing budget deficits. In both coun- Italy without the adoption of new measures tries commercial banks are required to invest of monetary restraint is the more remarka portion of their new deposits in Govern- able since most wages are tied to the cost of ment securities and also to maintain their living through sliding scale arrangements. existing holdings; in France each bank is at While French prices rose under the influthe same time subject to a rediscount ceiling ence of rising import costs and upward wage at the Bank of France. adjustments, there was no evidence of de- The outbreak of hostilities in Korea ap- clining confidence in monetary stability unpears to have led to considerably less specu- til the autumn of 1951. The appreciable lative buying in France and Italy than in increases in the trade deficit and in the rate most other countries. The volume of im- of credit expansion in the course of 1951 apports in the second half of 1950 was smaller pear to have been associated mainly with the than during the first half and, with exports need to replenish supplies of imported raw rising sharply, each country experienced a materials. The large rearmament program marked improvement in its trade balance to which France is committed was still in during this period. Restraint on the part its early stages. of producers, traders, and consumers in Beginning in September inflationary forces these countries was apparently not due to a suddenly gathered strength in France. This lack of available credit. Rather it appears development appears to have derived its imthat years of political and economic con- pulse in part from the large increase in the vulsion had made the public less sensitive, Government-controlled price of wheat which at least initially, to the change in outlook led to a 30 per cent rise in the price of bread, brought about by the Korean war. and in part from the 15 per cent increase in Under these circumstances neither the the legal minimum wage which resulted in French nor the Italian monetary authorities a general round of wage and price increases. reacted to the Korean war by taking new The price expectations engendered by these restrictive monetary measures. The Bank of actions, perhaps combined with anticipations Italy, however, warned the banks in August of large rearmament demands, led to specu- 1950 to use caution, whereas the French lation in foreign exchange and commodities monetary authorities carried over into the reminiscent of the early postwar years. post-Korean period efforts to combat earlier France's sharply increased deficits with the slight tendencies toward recession. European Payments Union, larger than could 1460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE reasonably be accounted for by current com- DEPOSITS AND BANK CREDIT IN THE UNITED KINGDOM Millions of Pounds Monthly Billions of Pounds mercial transactions, suggested a considerable flight of capital. To restrain anticipatory buying and importing, which were financed to a significant extent by bank credit, the monetary authorities tightened exchange and credit controls. While rediscount ceilings were raised the Bank of France announced that, in contrast to previous practice, it would require strict day-to-day compliance with these ceilings and with the existing security reserve requirements. Also, recourse to central bank credit was made more costly through two successive increases in the rediscount rate. The present French difficulties appear to have arisen from a sudden decline of confidence in monetary stability rather than from NOTE.—All data refer to 11 London clearing banks. Dea disequilibrium between the basic elements posits include demand and time deposits. Short-term Treasury debt includes, in addition to Treasury bills and Treasury of demand and available resources. For this Deposit Receipts, call money loaned to the money market against Treasury bills and a small volume of commercial bills. reason, the current measures to restrict credit The large reduction during November of holdings of shortterm Treasury debt and the corresponding rise in securities are of particular importance. holdings reflect the funding operation which is discussed in the text. United Kingdom. Until the recent adop- Source.—Bankers' Clearing House, London. tion of new monetary measures, stabilization policies in the United Kingdom relied far less mained fixed, until recently, at the postwar on monetary techniques than on direct con- low of l/ per cent. Maintenance of this rate 2 trols and on the anti-inflationary effect of a was assured, when necessary, by operations of large budget surplus. A considerable expan- the Bank of England in the money market; sion in private bank lending occurred in the it was facilitated by the willingness of the postwar period, but, as shown in the chart, banks to limit private credit expansion in rethis expansion was partly offset by the reduc- sponse to official requests. These requests, tion in bank holdings of short-term Treas- together with the establishment of broad seury paper which was made possible by lective criteria for bank lending, were until budget and import surpluses. As a result, recently the principal positive measure of the volume of money increased only mod- monetary restraint. erately. These stabilization policies were tested After 1947, when the Treasury abandoned severely by post-Korean developments. Acits cheap money drive for a 2l/ per cent tive buying on the part of consumers at 2 long-term rate, yields on long-term securi- home and abroad, the rise in import prices ties were allowed to move upward in re- relative to export prices, and rearmament sponse to market forces. While this move made heavy new claims on Britain's ecowas of considerable help in preventing mone- nomic resources. Provision for increased tary expansion, the rate on Treasury bills re- defense expenditures in the budget for DECEMBER 1951 1461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POST-KOREAN MONETARY POLICIES IN WESTERN EUROPE 1951-52 removed the large surplus on whose to official accommodation to the market, is disinflationary impact the government had expected to reinforce the voluntary restricrelied heavily during the three previous tion of credit which had already been operfiscal years. After the large increases in ated with considerable effect by the comgold and dollar reserves during the nine mercial banks. Concurrently an upward months following the outbreak of war in readjustment of yields for private as well as Korea, the foreign balance began to deteri- official borrowing has taken place in the orate in the spring of 1951. Internal strains, long-term market. such as shortages of manpower, steel, and coal, also became more pronounced. CONCLUSION In July 1951 the Chancellor of the Ex- Economic developments and monetary chequer, in reviewing the increasing eco- policies of Western European countries durnomic difficulties, noted that the continued ing the past 18 months have shown great expansion in the level of bank advances diversity as well as striking similarity. The required a tighter check on the banks' lend- diversity relates primarily to the timing and ing policy. It was only after the October intensity of the difficulties experienced by elections, however, that additional monetary various countries. But the origins of these measures, described by the new Chancellor difficulties have been similar and the methods as a "clear change of emphasis," were taken. of dealing with them have been remarkably On November 7, 1951, the Bank of Eng- alike, especially when account is taken of the land's discount rate was raised to 2l/ per cent widely divergent economic policies in the 2 after having been held at 2 per cent almost earlier postwar period. continuously for 19 years. At the same time Monetary measures have been assigned the Bank introduced a new rate of 2 per cent an important role in combating inflationary on loans secured by Treasury bills. The latter pressures. In most cases credit expansion rate is of particular significance: while the was so clearly associated with inflationary central bank may continue to buy and sell pressures that the necessity of employing bills largely at the market rate—which has monetary measures became self-evident. already risen from l/ 2 to almost 1 per cent Thus several countries concluded that they —it can now withhold accommodation ex- could no longer permit an important anticept at the 2 per cent rate, as in fact it did inflationary instrument to remain unused. on two occasions during November. In this The current experience gives promise that way the monetary authorities have delibera better understanding will be gained of the ately introduced uncertainty as to the terms way in which fiscal policy, monetary policy, on which short-term accommodation may and other measures can supplement and rebe obtained from the central bank. inforce one another. Such an understand- As a complementary measure, the Treasury ing is of particular importance at a time has converted about one-fifth of the out- when the triple task of accelerating the Eustanding Treasury bills into one-, two-, or ropean defense effort, of maintaining ecothree-year securities, yielding from 1% to nomic and social progress, and of minimiz- 1% per cent. This funding operation has ing balance-of-payments deficits will continue reduced the liquidity of commercial banks to exert serious pressure on monetary stabiland, together with the new uncertainties as ity in Western Europe. 1462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS The Federal Reserve System's monthly indexes in the following sections and the indexes themselves of department store sales and stocks have been are shown in charts and tables beginning on page revised for the period 1919 to date.1 The revision 1475. Techniques of index construction not dehas been a joint project of the Board's Division scribed in the article itself are given in an appendix of Research and Statistics and the research depart- that follows the article. ments of the 12 Federal Reserve Banks. Revised As time permits, certain revisions will be made indexes for each Federal Reserve district and for in other of the System's department store series, the United States have been computed according such as those on weekly sales and monthly sales to procedures developed within the Reserve System. and stocks by departments. In particular, the base The principal features of the revisions are: period for index numbers will be changed to (1) The definition of "department stores" has 1947-49. been changed to that given in the revised Standard Industrial Classification Manual.2 The new defi- CHANGE IN CONCEPT OF DEPARTMENT STORES nition is somewhat narrower than that previously The new definition of department stores used by used, eliminating certain stores which are now the Federal Reserve System in reconstituting its considered to be in the miscellaneous general merdepartment store samples is as follows: chandise and variety store categories. This has "Department stores are retail stores carrying a necessitated changes in the reporting sample of general line of apparel, such as suits, coats, dresses, stores in each district. and furnishings; home furnishings, such as furni- (2) The indexes of department store sales have ture, floor coverings, curtains, draperies, linens, been adjusted to reflect changes indicated by com- major household appliances, and housewares, such prehensive Census data for the two years 1939 and as table and kitchen appliances, dishes, and uten- 1948. Estimates of the total retail value of depart- sils. These and other merchandise lines are norment store stocks for these two Census years have mally arranged in separate sections or departments been compiled and the stocks indexes adjusted to with the accounting on a departmentalized basis. these levels. The departments and functions are integrated (3) The base period for the indexes has been under a single management. Establishments inchanged from 1935-39 to 1947-49. cluded in this industry normally employ 25 or more (4) Seasonal adjustment factors have been re- persons." viewed for the period 1940 to date and have been This is the definition given in the revised revised where necessary. Standard Industrial Classification Manual and used Sales and stocks indexes for each district were in the 1948 Census of Business.3 The Manual was revised by the research department of the Federal prepared under the sponsorship of the Division of Reserve Bank in that district and the revised na- Statistical Standards of the Bureau of the Budget, tional indexes were computed by the Board of by technical committees drawn from Government Governor's Division of Research and Statistics. A agencies, with the advice and assistance of trade comparison of the old and the revised indexes for groups, special research organizations, and business the United States for the period 1939 to date is executives. The definitions and classifications given shown in the charts on the next page. The principal features of the revised indexes are discussed 3 Except that in the 1948 Census, "catalog" establishments of mail-order organizations which sold the merchandise lines required by the department store definition and which nor- 1 The revision of the national indexes of department store mally employed 25 or more persons were included with desales and stocks was conducted by Orville K. Thompson partment stores; however, Census figures for these establishand Howard G. Smith under the general supervision of ments are available as a separate type of operation at the Kenneth B. Williams, Assistant Director of the Board's United States level. In the classifications given in the Man- Division of Research and Statistics. ual, establishments selling general merchandise by catalog 2 Vol. II, Nonmanufacturing Industries, p. 74. May 1949 and mail order are segregated from department stores and edition, U. S. Government Printing Office. are listed as a separate kind of business. DECEMBER 1951 1463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES DEPARTMENT STORE TRADE OLD AND REVISED INDEXES, ADJUSTED FOR SEASONAL VARIATION, 1935-39=100 Per Cent Monthly Per Cent 400 1 400 - SALE! iD .EVISI l\ 300 300 OLD - i 200 A 200 f - 100 100 1939 1941 1943 1945 1947 1949 1951 End of M onth Per Cent 400 300 200 200 100 100 1939 1941 1943 1945 1947 1949 1951 *The revised series has been placed on a 1935-39 base for comparative purposes. 1464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS are recommended by the Bureau of the Budget for The revised reporting samples. The samples of use by Government agencies compiling statistics. stores regularly reporting sales and stocks to the The definition of department stores formerly System have been revised in two respects. Some used in the System's indexes was that employed stores have been eliminated because they are not in the 1939 Census: classified as department stores under the new defi- "Department stores are general merchandise nition, and others have been added to improve the stores with annual sales in excess of $100,000, or representativeness of the samples. The new samples with 10 or more employees. These stores are are believed to be well-balanced and representative. usually of the full-service type, carrying men's, Reports are obtained from virtually every important women's, and children's apparel and shoes, furnish- department store trading area in the country. ings and accessories, dry goods, homewares, and In recent years, monthly sales reports have been many other lines. Furniture and hardware are received regularly from about 1,450 department often but not necessarily represented, although stores. Reported sales have represented about 80 homefurnishings, draperies, curtains, and linens per cent of estimated total sales for all department are almost invariably carried." 4 stores in the country as previously defined. Fig- This earlier definition of department stores was re- ures on end-of-month stocks have been reported vised to make it more explicit in the light of pres- regularly by a sample comprising approximately ent retailing practices, and also because it was 1,000 stores that accounted for approximately 65 believed that use of the former criteria of minimum per cent of estimated total department store stocks. employment and value of sales resulted in the The net effect of the inclusion of a number of new inclusion of many smaller stores which it was reporters and of the deletion of stores that no preferable to group with miscellaneous general longer qualified as department stores was to reduce merchandise and variety stores. This was particu- the sample for the sales indexes to approximately larly true with regard to the value criterion, since 1,300 stores and that for the stocks indexes to in recent years the general increases in prices have about 925 stores. The dollar volume coverage of raised the levels of dollar volume of sales. the new samples is currently 84 per cent of total The department store universe. According to the sales of department stores as now defined, and 66 1939 Census of Business, there were 4,051 depart- per cent of estimated total stocks. ment stores with total sales of 3.5 billion dollars. New reporters include additional retail outlets In the Census of Business covering the year 1948, of Sears, Roebuck and Company, Montgomery only 2,558 establishments were classified in the Ward and Company, and }. C. Penney and Comdepartment store field; total sales of these stores pany. Geographic representation of stores in the amounted to 9.4 billion dollars.5 These compari- J. C. Penney chain has been substantially improved. sons are affected by both the change in definition Moreover, reports are now being received from a of department stores and by any actual changes number of additional independent department that may have occurred in the number of stores and stores as well as from newly opened suburban their sales. Data are not available at present to branches of downtown department stores. Largedetermine the effect of the change in definition scale expansion of branch store operations in suburalone, but, in general, it is apparent that the new ban areas is of comparatively recent origin, and definition is more restrictive than that used in the continuing study will be given to this phase of re- 1939 Census of Business. The stores that failed to tailing activity in order to insure adequate sample meet the requirements of the new definition were coverage in outlying sections of metropolitan areas. for the most part small in size and their deletion As in the past, the samples of reporting stores from the department store classification in 1948 for both the sales and stocks indexes are somewhat was of considerably less significance in terms of larger than required to measure national trends in dollar volume than it was in terms of establishment department store sales and stocks. It is desirable, count. however, to have information not only on national 4 Standard Industrial Classification Manual, 1942 edition, but on district and local business developments as p. 62. well and, in order to provide information on this 5 These totals exclude establishments selling by catalog. basis, a much broader sample is required. Such Published Census data include 24 such outlets in 1939 and 22 outlets in 1948. information has been of considerable use to the DECEMBER 1951 1465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS System and also to the respondent stores, trade Federal Reserve System by the Bureau of the associations, research organizations, and others Census. This tabulation included total sales for all concerned with regional developments. The in- department stores in each Reserve district and simiterest shown by these groups has been a prime lar totals for the cities and areas from which certain consideration in decisions to expand samples for of the district indexes were constructed. As noted many of the smaller cities to a size that would in footnote 3, Census data for department stores permit publication of separate figures for those include catalog sales of certain mail-order organicities. zations. It was necessary, therefore, to make an adjustment in Census totals in order to obtain ADJUSTMENT OF INDEXES TO CENSUS BENCHMARKS appropriate benchmark data. Because the System's indexes are based on Similar tabulations of Census data had been made reports from a sample of department stores, rather for 1939, but they were not strictly comparable with than from all such stores, it is desirable to those for 1948 because of the change in definition of check their levels against those indicated by the department stores. Comparable figures for 1939 comprehensive figures of the periodic Census of were developed by eliminating from these tabula- Business, and to make the appropriate adjustments tions the stores which did not conform to the definiin the indexes. Such adjustments of level had been tion used in the 1948 Census of Business. made in earlier revisions of the sales and stocks in- Another important adjustment involved the subdexes, using the Census data for 1929 and 1939. The traction of figures for State and local sales taxes first Census of Business since 1939 was taken for from previously used Census totals for 1939. At the the year 1948, and the data provided have been time of the last major revision of the sales indexes used in the present revision to make adjustments in June 1944, the Banks had been requesting rein the indexes for the period 1939 to 1948. spondent stores to include sales taxes in reported Census data on the retail value of stocks were figures. Accordingly, for purposes of that revision not available,6 and so a special technique, utilizsales taxes were added to 1939 Census of Busiing stocks-sales ratios of reporting stores, was ness figures on department store sales to obtain developed for estimating the total value of average benchmarks consistent with reporting practices. In end-of-month stocks in the Census years and the January 1949, however, the System introduced a stocks indexes were adjusted to these levels. new monthly reporting form which requested the It should be noted that where district indexes stores to exclude sales taxes from reported figures. are built up from a number of area and/or city For consistency with the new reporting procedure, indexes, the component indexes were individually therefore, these taxes were excluded when recomadjusted to benchmark levels. In such cases, no puting the benchmark figures for 1939. Census of direct adjustment of the district indexes was neces- Business figures for 1948 also exclude such taxes. sary. Similarly, a direct adjustment of the national For each district and area the percentage change indexes was not required because they are obtained by combining the indexes for the 12 districts.7 from 1939 to 1948 shown by the unrevised sales index was compared with that shown by the Cen- Sales indexes. To provide data in the form necessus data, to determine the amount of error accumusary for adjustment of the sales indexes, a special lated by the sales index over this period and the tabulation of the department store sales data reamount of adjustment therefore necessary. For ported in the 1948 Census was prepared for the purposes of adjustment it was assumed that the 6 In the Census of Business for 1939 and for 1948, infor- error had accumulated smoothly over the period, mation was collected on the total value, at cost, of stocks of and a "straight-line" adjustment technique was all department stores as of December 31 for each year. If such figures were not available for this date, stores were re- used. "Correction ratios" for application to the quested to report for their inventory date nearest December unrevised monthly indexes were developed, using 31. These data were not satisfactory for use as benchmarks the following formula: for the Federal Reserve indexes, however, owing partly to the differences in the reporting dates for individual stores, but mainly to the fact that the figures were at cost whereas the System's indexes measure stocks at retail value. R= 1.0 See the appendix for a detailed description of the procedure followed in calculating the national and district indexes. 1466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS Symbols in the formula represent: to obtain the benchmark figure for 1939. In a similar manner, estimates of average end-of-month R := Correction ratio for any month between stocks were computed for 1948. benchmark dates. Adjustment of the stocks indexes to benchmark Y = Distance of the particular month (in terms levels was then made by the same "straight-line" of number of months) from December, technique followed in adjusting the sales indexes. 1939. As in the case of the adjustment of the sales in- C — Ratio between Census benchmark data for dexes, the correction factors were applied directly 1948 and 1939. to the unadjusted monthly stocks indexes. A basic assumption of the indirect adjustment pro- B = Ratio between unrevised annual indexes for cedure is that the relationship of stocks to sales is 1948 and 1939. the same for all department stores as for stores in N — Total number of months between bench- the System's sample reporting both sales and stocks. mark dates -f- 1. Under this formula the minimum correction was THE NEW BASE PERIOD made in January 1940, and the amount of correc- The comparison base period for the sales and tion was gradually increased to a maximum in stocks indexes has been changed from 1935-39 to January 1948. The new annual indexes for 1948 1947-49, and all of the indexes from 1919 on have show the same percentage change from 1939 as been recalculated on this base. This was done in do the benchmark data. The net eflect of the adaccordance with a general recommendation made justment was to raise the 1948 level of the national in August 1951 by the Division of Statistical Standindex, relative to 1939, by about 4 per cent. ards of the Bureau of the Budget to all Federal sta- Some of the difference between the percentage tistical agencies. The recommendation followed a change from 1939 to 1948 shown by benchmark data study by an inter-agency committee which included and that shown by the unrevised annual sales inrepresentation from the Board of Governors. The dexes for a particular district may have been due to 1935-39 base period formerly used for the departthe change in definition of department stores. ment store series had also been adopted in light This was treated as part of the net error. Some of an earlier recommendation of the Bureau of slight additional accuracy in the month-to-month the Budget. movement of the series probably would have been The change to the 1947-49 base is considered obtained by recomputing all of the monthly indexes desirable in connection with the System's indexes in from data for stores meeting the new definition order to reflect more clearly recent developments in before making the benchmark adjustment. This department store trade. It is also desirable to faciliwas not done because of the disproportionate tate comparisons of these indexes with other ecoamount of work involved. nomic series that will be on the new base. Users Stocks indexes. Since Census figures on the reof the indexes can readily convert them to another tail value of stocks were not available, direct adbase period, if desired, by dividing the published justment of the stocks indexes was not possible. indexes on the 1947-49 base by the index number The adjustment was accomplished indirectly, how- (on the same base) for the year, or average of ever, by a method that essentially tied the stocks years, which they prefer as the base period. indexes to the regular monthly sales indexes as ad- Revised weights. The change in concept of dejusted to Census of Business benchmarks. partment stores described earlier and the shift to a The first step was to estimate the retail value of stocks in the years 1939 and 1948. The estimates new base period necessitated the computation of for 1939 were obtained by multiplying estimates new weights to be used in compiling the national of total sales for each month, derived from the and certain of the district indexes. The national sales index, by stocks-sales ratios for the correspond- indexes are averages, weighted according to the reing month calculated from data submitted by a lationship of total department store sales (or stocks) sample of stores conforming to the new definition in each district to the total for the country as a and reporting both sales and stocks. These whole in the base period. The same weighting monthly estimates of stocks were then averaged technique is followed in cases where district in- DECEMBER 1951 1467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS dexes are obtained by combining sub-area indexes.8 retail value of department store stocks were not Although total sales data were not available for available.10 It was necessary, therefore, to estithe base period years other than 1948, estimates mate the retail value of department store stocks were readily made for the full base period from in the various districts as of the end of each the revised indexes. The procedure was first to month in the base period. This was done by caldivide the daily average Census sales for 1948 for culating a stocks-sales ratio for each base period each district by the corresponding 1948 annual in- month from the figures on monthly sales and enddex number which had the 1947-49 daily average of-month stocks of the revised reporting sample and as a base. The resulting estimates of daily average applying these ratios to estimates of total dollar sales sales for the base period were then multiplied by in each month, derived from the sales indexes. the total number of trading days in the period in The estimates of end-of-month stocks for the the district to obtain an estimate of total sales in three years 1947-49 were averaged for each district, the 1947-49 period. These estimates of total sales in the averages were added to obtain a total for the the districts were then used to compute the percent- United States, and percentages of the United ages which sales in each district were of the national States total were then computed for each district. total in the base period. These percentages, shown These percentages, which are in the table, were in the table below, were used as weights throughout used as weights throughout the period covered by the period covered by the national sales index and the national stocks index and will be used in carrywill be used in carrying the index forward.9 ing the index forward. In connection with the new sets of weights, COMPUTATION OF WEIGHTS FOR THE NATIONAL INDEXES it may be noted that the relative contributions of the various districts to the total for the country as a Department store Department store whole have changed somewhat from the 1935-39 sales, 1947-49 stocks, 1947-49 period to the 1947-49 period. Generally speaking, Federal Reserve 3-year Per- End-of- Per- the southern and western areas of the country have District total centage month centage (In of average of gained relatively more than have the northern and thousands United (In thou- United of States sands of States eastern parts. For example, the New York Federal dollars) total dollars) total Reserve District formerly had a weight of 16.21 per cent in the national sales index and now has a Boston 1,643,870 6.03 112,120 5.67 New York 3.781,961 13.88 270,926 13.71 weight of 13.88, while the San Francisco District Philadelphia 1,675,163 6.15 111,111 5.62 Cleveland 3,003,523 11.03 221,010 11.18 had a weight of 12.50 per cent and now has a Richmond 1,979,762 7.27 146,669 7.42 weight of 13.71. Other districts with smaller Atlanta 1,599,788 5.87 110,603 5.59 Chicago 5,409,692 19.86 37Q.153 19.18 weights in the revised sales index are Boston, Phila- St. Louis 1,130,147 4.15 90,056 4.56 delphia, Cleveland, Chicago, and Minneapolis, with M Ka in n n sa e s a p C o i l t i y s 1,2 8 0 2 9 4 , , 2 0 1 4 7 3 3 4 . . 0 4 3 4 6 8 5 8 , , 1 8 3 7 6 5 4 3 . .2 5 9 0 the remaining districts having larger weights. For Dallas 1,246,864 4.58 87,283 4.42 the most part weights used in the stocks index have San Francisco 3,735,090 13.71 293,769 14.86 changed in much the same manner. United States 27,239,120 100.00 1,976,711 100.00 SEASONAL FACTOR REVIEW A similar procedure was followed in determining The seasonal pattern of department store sales the new weights for the national stocks index. reflects varying demands of consumers in different Here the weighting was based upon the relationmonths of the year, as they are determined by ship of total stocks for each district to the total for weather conditions and social factors such as the the country as a whole. Data on the actual total occurrence of holidays and vacation periods, and 8 Except in the case of the indexes for the Federal Reserve also the sales policies of management. Similarly, District of San Francisco. Here dollar estimates of the uni- seasonal variations in department store stocks reflect verse for each sub-area are summed to obtain a district total both the movement of sales during the course of the from which the indexes are directly computed. 9 Unlike the 1944 revision, which used daily average sales as a basis for determining the relative importance to the coun- 10 Census data on stocks were based on cost (see footnote 6, try of any district, the present revision relies on total sales p. 1466) and were not considered as satisfactory for use in during the base period, thus eliminating the effect of differ- determining weights as the estimates of the retail value of ent numbers of trading days among districts. stocks. 1468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS year and the purchasing practices of management. war ended, people gradually shifted back to prewar Changes in the underlying social and economic fac- habits of purchasing and December sales have retors over time often lead to more or less gradual gained much of their previous importance. shifts in these seasonal patterns for which corre- The change in consumer behavior during the sponding allowances must be made in the adjust- Christmas shopping season noted above was an imment factors used. This is particularly important portant factor in causing department stores to acfor data relating to department stores, where sea- quire their Christmas merchandise earlier than sonal fluctuations are pronounced. Consequently, was usual in prewar years. In terms of the stocks periodic reviews of the seasonal adjustment factors index, this change in inventory policy resulted in for the department store sales and stocks indexes an increase in the seasonal adjustment factors for are required. Such a review has been made for the months June through September and a decrease the period 1940 to date in connection with the in the factors for November and December. As in present revision. the case of sales, this particular shift in seasonal pat- Certain changes in seasonal patterns during this tern was temporary. period are of interest. During the past decade, In addition to the re-examination of the regular for example, department store sales in the month seasonal adjustment factors, a review has been made of July have become increasingly important in rela- of the special adjustments made in the months of tion to the other months, reflecting primarily pro- March and April because of the changing date of motional effort on the part of store management to Easter (in the sales index only, since such an adjustincrease sales in a month when consumer buying ment has been found unnecessary in the case of has been traditionally at a sharply reduced level. stocks). Changes over the years have been less Some temporary changes occurred during World marked for this special adjustment than they have War II. For example, consumers shopped earlier been in the case of the regular adjustments. Seathan usual for their Christmas goods in order to sonal factors used by the various districts in the meet overseas mailing deadlines, as well as to ob- compilation of their revised seasonally adjusted tain merchandise which might become scarce later indexes of department store sales and stocks for 1950 in the season. As a result, November sales in par- are shown in a table on the following page, toticular became larger in relation to December sales gether with seasonal factors for the national indexes than was true in the prewar period. When the for the period 1940-50. APPENDIX OTHER TECHNIQUES USED IN CONSTRUCTING THE INDEXES A large part of the discussion which follows has trict to the total for the country as a whole in the been drawn from articles previously published in base period. the Federal Reserve BULLETIN which describe The majority of the district indexes are computed earlier major revisions of the monthly sales and directly from the sales of a sample of department stocks indexes.1 With its inclusion here, the reader stores believed to be representative of total dehas available from a single source a description of partment store sales in the district. In some cases, the principal techniques relating to the construction however, district indexes are obtained by comof the national and district indexes. bining separate indexes for the various parts of the district. Generally speaking, the latter method is COMPUTATION OF THE SALES INDEXES used when the economic character and development The national index is an average of the 12 dis- of the different sections of a district vary greatly, trict indexes, each weighted according to the rela- and when, therefore, it is particularly important that tionship of total department store sales in the dis- the department store sales experience of each area be proportionately represented in the district index. 1 See the revisions prepared by Richard Youngdahl and In such cases the indexes are built up either from a John O. Bergelin published in the Federal Reserve BUL- number of individual city and area indexes (At- LETIN for June 1944, pp. 542-61, and June 1946, pp. 588- 612. lanta and San Francisco Districts), from separate DECEMBER 1951 1469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS SEASONAL ADJUSTMENT FACTORS UNITED STATES DEPARTMENT STORE TRADE, 1940-50* Year Jan. Feb. Mar.2 Apr.2 May June July Aug. Sept. Oct. Nov. Dec. Total Sales 1940 76 78 94 97 100 95 73 83 109 108 114 172 1,199 1941 . ... 77 79 90 102 99 94 74 84 109 107 117 168 1,200 1942 80 83 96 98 96 91 74 84 105 108 120 163 1,198 1943 80 85 92 102 95 91 75 84 104 108 124 160 1,200 1944 80 85 97 98 95 91 76 83 103 108 125 159 1 ,200 1945 79 85 101 94 95 92 78 83 102 107 125 159 1,200 1946 77 84 94 100 96 94 78 84 103 105 124 160 1,199 1947 76 80 96 96 99 95 78 84 104 104 123 164 1,199 1948 76 79 96 95 99 95 79 85 105 104 120 166 1 199 1949 76 79 87 101 99 95 80 85 106 104 120 168 1,200 1950 76 79 90 98 99 95 80 85 106 104 119 168 1,199 Stocks 1940 88 95 102 103 102 95 92 97 106 113 116 91 1,200 1941 87 94 100 101 101 96 95 101 108 113 113 89 1 ,198 1942 87 91 98 101 101 98 100 106 109 112 110 87 1 200 1943 87 91 97 99 101 99 101 108 110 112 108 86 1,199 1944 87 91 96 99 101 100 101 108 110 112 108 86 1,199 1945 87 91 96 100 101 100 101 107 110 112 108 86 1 ,199 1946 88 93 97 100 101 99 101 105 106 112 110 89 1,201 1947 90 96 103 103 101 96 95 99 104 111 113 90 1 201 1948 91 97 104 104 102 95 93 97 103 111 113 90 1,200 1949 90 98 105 105 102 95 92 96 103 111 114 90 1,201 1950 90 97 105 105 102 94 92 96 103 111 114 90 1,199 DISTRICT DEPARTMENT STORE TRADE, 1950 Fede d ra is l tr R ic e t serve Jan. Feb. Mar.2 Apr.2 May June July Aug. Sept. Oct. Nov. Dec. Total Sales Boston 80 75 86 102 101 100 69 76 110 102 121 178 1,200 New York 80 82 90 96 98 97 72 75 105 105 126 174 1,200 Philadelphia 74 74 93 98 101 96 72 75 105 105 132 175 1,200 Cleveland 75 77 90 100 102 94 78 87 105 103 123 166 1,200 Richmond l 70 76 89 96 99 94 82 79 109 106 123 177 1 ,200 Atlanta . . . 76 84 97 101 96 85 80 90 104 105 114 168 1,200 Chicago 76 77 88 98 100 98 85 88 107 102 120 161 1,200 St. Louis 73 80 91 102 104 92 82 89 106 105 118 158 1,200 Minneapolis l... . 75 73 87 102 102 96 80 89 110 113 113 159 1,199 Kansas City 75 80 90 99 100 93 82 92 106 106 113 164 1,200 Dallas 78 81 92 99 98 88 84 90 107 105 112 166 1,200 San Francisco. . . 79 83.5 89 96 94.7 93.9 85.5 95.3 100 101.5 110 171.6 1,200 Stocks Boston 91 95 103 103 102 93 90 95 103 113 118 94 1,200 New York 88 97 104.5 104.5 102.5 93 88 97 105.5 113 115 92 1,200 Philadelphia. . . . 87 98 106 108 103 93 87 95 104 115 116 88 1,200 Cleveland 91 99 106 105 102 94 90 96 104 112 113 88 1,200 Richmond * 88 97 107 108 103 91 92 98 103 113 112 88 1,200 Atlanta 90 99 105 105 101 96 94 98 104 109 112 87 1,200 Chicago . . 92 98 104 104 102 94 90 95 102 110 116 93 1.200 St. Louis 87 98 106 107 100 95 93 97 106 113 110 88 1,200 Minneapolis l.... 94 97 104 105 102 96 97 96 101 106 111 92 1,201 Kansas City 93 99 105 105 102 97 94 94 100 109 113 89 1,200 Dallas 90 99 106 106 101 93 92 98 102 109 112 92 1,200 San Francisco. . . 90.3 95.3 102.7 105 103.5 98 96.7 95.8 103 109.8 111.2 88.7 1,200 1 These seasonal factors may not total 1,200 for the year because they are approximations obtained by dividing the unadjusted index for each month by the corresponding seasonally adjusted index. Specific adjustment factors are not available because the seasonally adjusted index for each of these districts is a weighted average of seasonally adjusted indexes for various parts of the district and that for the United States is a weighted average of the 12 district indexes. The seasonal adjustment factors for the various city, State, or area indexes from which the adjusted district indexes are derived may be obtained, upon request, from the respective Federal Reserve Banks. 2 The factors for March and April (used in adjusting the sales indexes) vary considerably from year to year owing to changes in the date of Easter. The general method used in making this special adjustment is described in the appendix, p. 1473. More detailed information on the adjustment for each Federal Reserve district may be obtained, upon request, from the Federal Reserve Bank in that district. Back figures.—Changing seasonal factors are used in the computation of all of the System's indexes of department store sales and stocks. Back figures may be obtained, upon request, from the various Federal Reserve Banks or from the Board of Governors. 1470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS State indexes (Richmond District), or from a major dling such changes. Briefly, these procedures procity and an "all other district" index (Philadelphia vide for an appropriate adjustment in the base and Minneapolis Districts). figure used in computing the index numbers for a The general procedure used in the computation particular area whenever there is a change in the of the district indexes, or the component parts of reporting sample. The theory underlying the ada district index, is as follows: justment is that the ratio of the index base of the (1) The monthly sales of the stores included in reporting sample to the daily average sales of all dethe index sample are summed, and these monthly partment stores in the base period should be kept totals are then divided by the number of trading constant with the ratio of total sample sales to total days in the month to obtain daily average sales. area sales at the time a change occurs in the re- (2) The daily average sales are converted to index porting sample. As an illustration, the procedures numbers by dividing each by the daily average sales for handling several types of sample changes are during the base period, 1947-49. (As discussed in given below. the section immediately below, the base period fig- (1) When a store is newly opened (that is, not ure requires adjustment from time to time to take in operation at the time of the latest Census of into account changes in the reporting firms repre- Business): sented in the sample.) (a) In the month in which the adjustment is to (3) Seasonal adjustment factors are computed by be made, the universe for the area (district, city, the method generally used throughout the Federal or other area level) is estimated on the basis of the Reserve System, and described in detail in the Fedcurrent sample. This is done by multiplying the eral Reserve BULLETIN for June 1941. A special total area daily average sales in the base period by adjustment for the changing date of Easter, which the number of trading days in the month and the has an important influence on department store product by the corresponding unadjusted sales insales, is also necessary. dex. To this pre-existing universe, the sales of the (4) Seasonally adjusted indexes are computed by newly opened store to be incorporated in the index dividing the indexes obtained in (2) above by the are added to obtain a new total for the universe.2 appropriate seasonal adjustment factors. In some (b) The sales of the newly opened store are cases where the total district indexes are obtained added to the sales of all other sample stores to obby combining separate indexes for various cities or tain a new total for sample sales. areas within the district, each of the component (c) Total sample sales are divided by total area series is adjusted for seasonal variation before being sales to obtain a ratio which shows the part of the consolidated into a district index. universe now included in the sample. Provision for a changing sample. From time to (d) Total area daily average sales in the base time, changes occur in the reporting group on which period are multiplied by the ratio obtained in step the sales indexes are based. For example, a Bank (c) to obtain a new index base. Using the new may add a newly opened department store to the sample sales and this new index base, an index of sample in order to preserve its representativeness. sales including the store is computed. Also, stores previously in business are frequently (e) At the end of one year, the relationship bebrought into the reporting group with a view totween annual sales of the sample (as a result of ward expanding coverage in a particular trading adding the store) and the universe is examined area. On the other hand, a store may go out of and the base readjusted if the annual ratio differs business or for some other reason discontinue refrom the initial monthly ratio. porting to the System, resulting in a reduction (2) When a substantial permanent expansion ocin the size of the sample. Instances of substantial store expansions have also occurred, particularly in curs in a reporting store: recent years. Such changes in the number or char- (a) Only the "expanded" part of the store's sales acter of the reporting group must be adequately is added to the pre-existing universe (see example provided for in the construction of the indexes if they are to measure properly trends in consumer buying at department stores. 2 In estimating total area sales, consideration also is given A set of procedures has been developed for han- to the changes in number or character of the nonreporting part of the universe. 1471 DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS (b) No adjustment is made in total sample sales especially large fraction of the week's sales being because the reported sales of the store undergoing made on days other than Saturday. Just as, beexpansion already include the "expanded" portion. cause of calendar irregularities, the various months do not have an equal number of trading days, so (c) Otherwise, the procedure is the same as that too do the various months include a differing numoutlined in example 1-c, -d, and -e. ber of the more important trading days. That is, (3) When a store in business during the latest some months will have five Saturdays, which are Census of Business year begins reporting subse- generally of greater than average importance as quently to that year: trading days, while others will have only four. (a) The universe for the area is estimated on Moreover, the number of such days included in any the basis of the current sample (see example 1-a). given month varies from year to year. This set of However, the sales of the store are not added to circumstances raises a special problem inasmuch as the total for the universe since this store is already the level of daily average sales in months having a included in the universe. greater number of the more important trading days will be overstated somewhat unless, in the deter- (b) Sales of the store are added to the sales of all mination of the number of trading days in a other sample stores to obtain a new total for sample month, a special allowance is made for the varying sales. importance of the days of the week. (c) Otherwise, the procedure is the same as that In the Federal Reserve districts of Boston, Richoutlined in example 1-c and -d. Ordinarily it is mond, Chicago, St. Louis, Kansas City, and San not necessary to follow the procedure outlined in Francisco it is evident that particular days are of 1-e, since back figures for the previous 12-month special importance in the trading week, and approperiod are obtained before this type of store is priate adjustments are made in the determination added to the sample. of the number of trading days in each month. In A complete description of the various techniques most of these districts Saturday is the most immay be obtained from the research departments portant trading day, accounting for about one-fifth of the Reserve Banks or from the Board's Division of the week's sales. Generally, adjustment for this of Research and Statistics. is made simply by adding an extra one-third of Trading day allowances. The Federal Reserve a day to the actual number of trading days in System's indexes of department store sales are months having five Saturdays. In the Richmond measures of the level of daily average sales rather and San Francisco Districts, however, different than of total sales in a given month or year. allowances are used for each trading day of the Through the use of daily average sales, obtained by week and the allowances vary also among the intradividing total sales for the period by the corre- district areas for which separate indexes are comsponding number of trading days, fluctuations in puted. In the remaining districts (New York, the volume of sales resulting from calendar irreg- Philadelphia, Cleveland, Atlanta, Minneapolis, and ularities are largely eliminated. No single nation- Dallas) no special trading day allowances are used. wide pattern is followed in computing the number Procedures for trading day allowances are reof trading days, because trading habits vary sig- viewed periodically by all of the Reserve Banks. nificantly from city to city and from district to dis- Adjustment for seasonal variation. The method trict. In all districts, however, Sundays, New of seasonal adjustment generally used in the Sys- Year's Day, Memorial Day (except in the Atlanta tem is described in detail in the Federal Reserve and Dallas Districts), Independence Day, Labor BULLETIN for June 1941. The principal distinguish- Day (except in the Dallas District), Thanksgiving, ing characteristics of this method are that it allows and Christmas are considered as nontrading days. for changes in the seasonal pattern over time, and Throughout the country the days of the week that it relies less on mathematical formulae as the vary in importance as trading days. In certain dis- final determinants of the seasonal adjustment factricts, for example, an unusually large proportion tors than do most other methods. Since freehand of a week's sales is made on Saturday. In others, curves and charts are used extensively, it has been various local trading practices, such as evening found that the analyst is enabled to make use of openings and special buying habits, result in an more information on forces affecting the series 1472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS than would be true of more mechanical techniques. (5) For each year the percentage change which It is believed that this makes possible more accu- corresponds to the date of Easter in that year is rate measurements of seasonal variation. read from the freehand curve and these figures are Special adjustments are made in the March and rounded to the nearest even whole number. April seasonal adjustment factors to allow for (6) The preliminary seasonal adjustment facchanges in the date of Easter. These adjustments, tors derived for March and April in (1) above are which are made individually for each Federal Re- then adjusted for changes in the date of Easter by serve district, are determined in the following subtracting (algebraically) half of the selected permanner: centage change from the March seasonal adjustment factor and adding (algebraically) half of the (1) Preliminary seasonal adjustment factors selected percentage change to the April seasonal which eliminate, so far as possible, seasonal fluctuadjustment factor. The total of the March and ations other than those caused by changes in the April adjustment factors is not changed by the date of Easter are computed by the method re- Easter adjustment. In 1946, for example, when ferred to above. Easter fell on April 21, the percentage change on (2) A seasonally adjusted index is computed the freehand curve, read to the nearest even numusing these factors, and percentage changes in sales ber, was +4; consequently the seasonal adjustment from March to April as indicated by this index are factor for March was lowered by 2 points and that calculated for each year. for April was raised by 2 points. (3) These changes are adjusted for short-term trend, that is, they are .lowered slightly when the COMPUTATION OF THE STOCKS INDEXES general movement or trend of the seasonally adjusted index during the first half of the year is The national index of department store stocks upward and are raised slightly when the general is, like the national index of department store sales, movement is downward. The changes, thus ad- an average of the indexes for the 12 Federal justed for short-term trend, are plotted according Reserve districts, each weighted according to the to the date of Easter, as shown in the accompany- base period relationship of the total retail value of ing chart. department store stocks held in the district to the total' for the country as a whole. EASTER ADJUSTMENT IN DEPARTMENT STORE SALES KANSAS CITY DISTRICT The indexes for 10 of the Federal Reserve districts are calculated from the sum of the end-ofmonth stocks figures reported by the most representative group of department stores for which stocks data are available. The indexes for the other two districts (Philadelphia and Minneapolis) are in each case built up from two separate indexes —one covering the major city or cities in each district and the other covering the remainder of the district. Each district index is computed by using one of two basically similar methods. One method involves the computation of estimates of the total value of department store stocks at the end of each month. Such estimates are obtained by multiplying estimates of monthly sales, derived from the sales index, by stocks-sales ratios calculated from the data submitted by stores which report both (4) A freehand curve is drawn through the re- sales and stocks. The index of stocks is then comsulting scatter chart. This shows the upward pro- puted directly by dividing the monthly estimates gression in the change from March to April as the of total stocks by monthly average stocks in the date of Easter advances from the latter part of base period. March to the latter part of April. The second method involves first the calculation 1473 DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS of a preliminary end-of-month district index of divided into months and years. A continuous freestocks based on the most representative data avail- hand curve of monthly "moving ratios," averable for each year. This index is then adjusted in aging for each year the same as the annual ratio accordance with the relationship shown between an for that year, is drawn through the annual ratio annual index of sales computed from the same lines and the stocks index is adjusted by multiplysample as the stocks index and the comprehensive ing the index for each month by the correspondindex of sales regularly compiled for the district. ing ratio read from the freehand curve. The general procedure is as follows: After the index without seasonal adjustment has (1) The end-of-month stocks held by the stores been obtained by one of the two methods outlined included in the sample are summed and the total above, seasonal adjustment factors are computed by for each month is converted to an index number the method previously described. It has been by dividing by the average end-of-month stocks found that no special adjustment for the changing held during the base period, 1947-49. Whenever date of Easter is necessary in the stocks index alnecessary because of a change in the sample, this though such adjustment is necessary in the case of base period figure is adjusted in accordance with department store sales. Seasonally adjusted inthe procedure outlined in the previous section on dexes are then obtained by dividing the indexes, computation of the sales indexes. without seasonal adjustment, by the appropriate (2) A special annual sales index is then com- seasonal adjustment factors. In those cases where puted based on the sales data reported by those the total district index is obtained by combining stores included in the stocks sample. The ratio of separate indexes for component parts of the district, the regular district sales index to this special sales each of the component series is adjusted for seaindex is computed for each year and these ratios sonal variation before being consolidated into a disare plotted as horizontal lines on graph paper, trict index. 1474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 150 150 125 125 100 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 BOSTON FEDERAL RESERVE DISTRICT 150 150 125 100 r- 75 50 j 1 > l\ C — 2 5 pa w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

w 8 DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers.Adjusted For Seasonal Variation,1947-49=100 Per Cent Per Cent 175 175 NEW YORK FEDERAL RESERVE DISTRICT 150 150 125 - - 125 100 100 75 75 50 25 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation,1947-49=100 Per Cent Per Cent 175 175 PHILADELPHIA FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 I 25 25 g 1920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 I CLEVELAND FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 25 25 1920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 RICHMOND FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 so > 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

w o w DEPARTMENT STORE SALES AND STOCKS Monthly Index" Numbers, Adjusted for Seasonal Variation, 1947 - 49 = 100 Per Cent Per Cent 175 175 ATLANTA FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 CHICAGO FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 25 25 C/3 1 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

w o IPI DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 ST. LOUIS FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 MINNEAPOLIS FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 25 25 pi 5 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

s DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 175 KANS•AS CITY FEDERAL RESERVE DISTRICT 150 150 ll 125 125 1 1 100 100 SALES f 75 i 4 75 1 r ^STOCKS XA 50 50 25 25 0 1920 1925 1930 1935 1940 1945 1950 4 oo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation. 1-947-49-100 Per Cent Per Cent 175 175 DALLAS FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 I > 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 DEPARTMENT STORE SALES AND STOCKS Monthly Index Numbers, Adjusted For Seasonal Variation, 1947-49=100 Per Cent Per Cent 175 I 175 SAN FRANCISCO FEDERAL RESERVE DISTRICT 150 150 125 125 100 100 75 75 50 50 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES COMPARISON OF UNITED STATES AND FEDERAL RESERVE DISTRICTS Per Cent Index Numbers, 1947-49 Average = 100, Annually "*~ Per Cent O I ^ 100 M 1 1 1 j/***r 1 \ Ss?^ ioo - 50 —I -—* ^J-- BBOOSST7OONN --,>^ ^ ^ - ^ V. , —st< 50 —.—- IJ.S. 100 -t- 100 b^— PHILADELPHIA 50 50 - CLEVELAND * r - 100 +- 100 ATLANTA - RICH^^\ONDi I 50 / - 50 w 0 t f f f I t t 1920 1925 1930 1935 1940 1945 1950 1920 1925 1930 1935 1940 1945 1950 3 Figures for 1951 are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

!? DEPARTMENT STORE SALES COMPARISON OF UNITED STATES AND FEDERAL RESERVE DISTRICTS Per Cent Index Numbers, 1947-49 Average = 100, Annually ~^~ Per Cent - 100 LAy/ V^ r ys^f TOO CHIC"AGO J y - / 50 LV! -S- 50 U.S. ST. LOUIS 1 1 1 1 1 1 1 1 i i i i i i i i i i i i i i i i i 1 1 1 1 i i i i MIN ^JEAPO 100 m H- 100 50 / 50 > KAh^ISAS CITY i i i i ! 1 1 I i f i i - 100 - 50 50 ^/DA LLAS 1 1 1 1 i i i i t t t • 4 t t t t t 1920 1925 1930 1935 1940 1945 1950 1920 1925 1930 19 3 5 1940 1945 1950 /v Figures for 1951 are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] UNITED STATES Year Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 1919 21 21 23 26 26 26 21 21 27 31 33 48 27 1920 28 25 31 31 35 33 25 25 31 35 38 50 32 1921 28 26 30 30 31 30 23 22 27 33 33 46 30 1922 25 24 26 31 31 29 22 23 30 35 36 52 30 1923 27 27 32 33 34 34 25 26 33 38 40 56 34 1924 30 29 30 35 34 33 25 25 33 36 41 57 34 1925 29 30 32 36 35 34 26 27 34 42 42 61 36 1926 31 30 33 35 38 35 27 28 36 41 43 63 37 1927 31 31 33 38 36 35 27 30 36 40 43 63 37 1928 31 31 34 36 37 35 28 28 39 40 43 66 37 1929 31 32 37 36 37 37 28 29 40 42 43 65 38 1930 30 31 32 38 36 34 25 27 36 39 39 57 35 1931 28 28 32 35 33 31 23 24 31 33 33 49 32 1932 22 22 24 26 25 23 16 18 25 27 26 37 24 1933 18 18 18 24 24 23 17 21 26 28 27 43 24 1934 20 21 26 26 28 25 18 22 28 29 30 48 27 1935 21 22 26 29 28 28 21 23 31 32 34 52 29 1936 23 24 28 31 33 31 24 26 35 38 39 58 33 1937 26 28 33 34 36 34 25 27 38 39 38 57 35 1938 26 26 29 33 31 30 23 25 35 36 37 58 32 1939 25 26 31 34 34 33 25 27 38 39 40 64 35 1940 27 27 34 34 36 36 27 31 42 41 45 68 37 1941 30 32 36 43 43 41 33 43 50 46 52 76 44 1942 41 39 46 47 44 41 35 42 53 56 62 87 50 1943 43 52 48 55 52 52 42 46 58 62 72 91 56 1944 46 47 57 58 60 55 47 53 66 70 83 108 62 1945 52 58 72 59 62 63 55 57 71 78 92 119 70 1946 61 70 81 87 84 86 70 82 94 95 115 151 90 1947 71 76 91 92 96 91 75 80 103 103 129 167 98 1948 77 81 98 99 103 100 83 89 109 113 123 170 104 1949 78 78 87 101 99 93 75 82 103 101 117 166 98 1950 74 77 89 99 99 97 98 97 114 107 122 185 105 1951 96 90 98 99 103 99 84 93 112 112 Adjusted for seasonal variation 1919 23 25 25 25 25 26 28 28 29 28 30 30 1920 32 31 32 32 34 33 34 33 33 31 33 31 1921 32 32 31 31 30 30 30 29 28 29 29 29 1922 29 29 29 30 30 30 30 30 31 31 31 33 1923 32 32 33 34 34 35 34 35 34 35 34 34 1924 35 35 34 34 34 34 34 33 34 33 35 34 1925 34 35 35 35 35 35 35 35 35 38 36 36 1926 37 36 35 36 37 36 37 37 37 37 37 37 1927 37 37 37 36 36 36 37 38 36 37 37 37 1928 37 37 36 36 37 37 38 37 39 37 38 39 1929 38 38 39 37 37 39 38 38 39 38 38 38 1930 37 37 37 36 36 35 35 35 35 35 34 33 1931 34 34 34 35 33 33 32 31 30 30 29 29 1932 28 28 26 27 25 24 23 23 24 24 23 22 1933 22 22 20 23 24 24 25 27 25 25 24 25 1934 26 26 28 27 27 26 26 28 27 27 27 28 1935 27 28 29 28 27 29 29 29 29 29 30 30 1936 30 30 31 31 32 33 34 33 33 34 34 34 1937 35 35 35 35 36 35 35 35 35 35 33 33 1938 33 33 33 32 31 31 32 31 32 32 33 33 1939 33 33 34 34 34 34 34 34 35 35 35 37 1940 35 35 35 35 36 37 37 38 38 38 39 40 1941 39 40 41 42 44 43 45 51 46 42 45 45 1942 52 47 48 47 46 45 48 50 51 52 52 53 1943 54 61 52 53 54 57 56 55 56 57 58 57 1944 58 56 58 59 63 60 62 63 64 65 67 68 1945 66 68 71 63 65 68 71 68 70 73 74 75 1946 79 83 86 86 88 91 90 98 92 90 93 94 1947 94 94 95 95 97 96 96 96 99 99 105 102 1948 101 103 102 105 104 105 106 105 104 108 102 102 1949 102 99 100 100 100 98 95 96 98 97 98 99 1950 97 98 99 100 100 103 122 114 108 103 103 110 1951 125 115 106 103 104 105 105 109 106 108 1490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] UNITED STATES Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 30 32 34 34 34 33 34 38 42 45 46 40 37 1920 40 44 49 50 49 48 47 49 54 55 52 41 48 1921 37 38 41 42 41 40 39 41 45 46 47 39 41 1922 37 39 43 43 41 39 38 40 44 45 47 39 41 1923 39 42 46 47 46 44 43 45 50 52 53 44 46 1924 42 45 49 50 49 45 44 45 49 53 52 44 47 1925 43 45 49 50 48 46 45 47 51 53 55 45 48 1926 44 46 50 51 49 47 44 46 51 54 55 45 48 1927 43 46 50 50 49 46 45 47 51 54 55 45 48 1928 43 46 50 50 48 45 44 46 49 53 55 45 48 1929 43 46 49 49 48 45 44 46 49 53 54 44 48 1930 41 44 47 48 46 43 41 41 45 48 49 40 44 1931 37 38 41 41 40 38 35 36 40 42 42 34 39 1932 31 33 35 34 33 31 28 28 30 32 33 27 31 1933 25 26 27 27 27 27 27 30 35 37 37 30 29 1934 28 30 32 33 32 30 28 30 32 34 36 29 31 1935 27 29 32 32 32 30 28 30 33 36 37 30 31 1936 29 31 33 34 33 31 30 32 36 39 40 33 33 1937 33 36 40 41 40 38 36 38 42 44 44 35 39 1938 32 34 36 37 36 33 32 33 36 38 40 32 35 1939 31 33 36 36 36 34 32 34 38 41 43 33 35 1940 33 36 38 39 38 35 34 36 40 43 45 36 38 1941 35 38 41 42 43 41 42 47 53 60 61 48 46 1942 47 53 60 66 70 70 69 70 70 69 65 51 63 1943 50 48 51 51 51 52 55 60 63 63 61 51 55 1944 51 55 57 57 58 57 57 62 63 65 62 48 58 1945 49 52 55 59 62 63 63 65 66 66 64 49 59 1946 53 57 62 67 72 74 81 86 90 97 101 85 77 1947 85 91 96 95 92 86 84 89 94 104 108 89 93 1948 93 103 112 114 110 103 101 106 112 118 122 96 107 1949 92 98 105 105 102 95 91 94 101 110 113 90 100 1950 91 99 108 110 108 100 96 106 120 135 139 110 110 1951 114 125 139 145 139 129 126 129 132 134 Adjusted for seasonal variation 1919 34 34 33 33 34 34 36 38 39 41 42 44 1920 45 47 48 49 49 49 50 50 50 49 47 44 1921 41 40 40 41 41 41 42 42 42 42 42 42 1922 41 42 42 41 41 41 41 41 41 41 42 42 1923 43 44 45 45 45 46 46 47 47 47 47 47 1924 47 47 48 48 48 47 47 47 47 47 47 47 1925 48 47 48 48 47 48 48 49 48 48 48 49 1926 49 49 49 49 48 49 48 48 48 48 48 48 1927 48 48 49 48 48 48 49 49 49 49 49 48 1928 49 48 48 48 48 48 48 48 47 48 48 48 1929 48 48 48 47 47 47 48 48 47 48 47 47 1930 46 46 46 46 45 45 44 43 43 43 42 42 1931 41 40 40 40 39 39 39 38 38 37 36 36 1932 35 35 34 33 33 32 31 30 29 29 29 28 1933 28 27 26 26 26 28 29 31 33 33 32 31 1934 51 32 31 32 32 31 31 31 31 31 31 31 1935 31 31 31 31 31 31 31 31 31 32 32 32 1936 32 32 32 33 33 33 33 34 34 35 35 36 1937 37 38 39 39 39 40 40 40 40 39 38 37 1938 36 35 35 35 35 35 35 35 35 34 34 35 1939 35 35 35 35 35 35 35 35 36 36 37 36 1940 37 38 38 37 38 37 37 37 37 38 39 39 1941 40 40 41 42 42 43 45 47 49 53 54 54 1942 54 58 61 65 69 71 70 67 64 61 60 59 1943 57 53 52 51 51 53 55 56 57 56 57 59 1944 59 60 59 57 57 57 56 58 57 58 57 56 1945 56 57 57 59 61 63 62 60 60 59 59 57 1946 60 61 64 67 72 75 80 82 85 87 91 96 1947 95 95 94 92 91 90 89 90 90 93 96 99 1948 103 106 108 109 108 108 109 110 109 106 107 106 1949 102 100 101 100 100 100 99 98 98 100 99 100 1950 101 102 103 104 105 105 105 110 116 121 122 122 1951 127 129 133 138 136 136 138 134 128 121 DECEMBER 1951 1491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] BOSTON FEDERAL RESERVE DISTRICT Vear Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 1919 28 27 30 37 37 37 27 28 35 43 46 64 37 1920 38 32 41 44 46 45 33 31 40 45 50 64 42 1921 40 34 43 42 44 44 29 29 37 46 46 67 42 1922 38 33 39 46 44 45 31 31 42 49 51 73 43 1923 38 36 42 47 47 48 33 34 44 50 54 78 46 1924 44 38 41 50 47 48 34 31 43 49 53 79 46 1925 41 38 42 50 48 48 34 33 45 55 55 82 48 1926 48 37 42 48 49 49 35 35 46 55 57 84 49 1927 50 39 43 51 48 50 34 37 48 52 58 83 49 1928 47 38 42 48 47 51 36 34 48 53 57 86 49 1929 45 38 46 46 50 51 35 36 49 57 57 84 50 1930 48 39 40 50 50 47 33 34 43 52 55 76 47 1931 43 35 43 47 45 43 30 30 45 47 48 68 44 1932 34 28 34 37 37 34 22 22 38 39 38 54 35 1933 25 22 24 33 33 31 22 26 37 38 37 57 32 1934 29 24 34 34 35 34 22 26 36 40 38 62 34 1935 28 25 30 36 35 35 24 26 41 41 40 65 35 1936 30 27 33 39 40 39 27 28 41 45 46 70 39 1937 34 30 36 41 41 41 27 28 45 46 45 67 40 1938 33 28 33 41 36 38 24 27 40 45 46 69 38 1939 32 29 34 41 39 40 26 28 46 46 47 75 40 1940 33 28 36 39 40 42 28 33 47 49 49 82 42 1941 35 35 39 50 49 48 35 46 57 53 58 91 50 1942 49 42 51 54 52 49 38 42 61 64 68 103 56 1943 47 50 52 63 58 56 41 45 62 65 75 104 60 1944 49 47 59 66 66 59 45 49 69 75 85 123 66 1945 54 54 77 64 65 68 52 52 73 81 94 134 72 1946 61 65 82 93 88 90 66 77 100 101 119 167 92 1947 71 72 96 96 102 98 69 74 105 99 130 178 99 1948 73 74 97 99 102 103 75 75 111 110 121 181 102 1949 79 76 82 108 102 99 66 74 105 100 124 174 99 1950 78 74 88 102 97 99 81 86 113 104 123 186 103 1951 99 83 93 95 101 QR 73 8? 110 105 Adjusted for seasonal variation 1919 30 34 35 35 35 35 37 39 37 39 40 40 1920 41 40 44 45 44 43 45 43 43 41 43 40 1921 43 43 45 43 42 42 40 39 40 42 40 42 1922 41 41 44 44 43 42 43 43 44 44 44 45 1923 41 45 46 47 46 46 46 48 46 45 47 47 1924 47 48 47 48 46 47 47 44 46 45 46 47 1925 45 49 48 48 47 48 48 46 47 50 48 49 1926 50 47 45 49 49 48 49 50 49 50 50 49 1927 52 50 50 48 49 50 49 52 50 48 49 49 1928 50 48 47 47 48 51 51 48 50 48 49 51 1929 48 49 50 46 51 51 51 51 50 51 48 50 1930 51 50 47 47 50 48 48 48 43 47 47 45 1931 46 46 47 47 45 44 45 43 43 42 41 40 1932 39 38 36 37 36 34 34 32 35 34 33 32 1933 29 30 27 31 33 32 34 37 34 33 32 33 1934 34 33 36 35 35 34 34 36 33 34 33 35 1935 33 34 35 35 34 35 36 36 37 35 35 37 1936 36 37 38 37 39 39 40 39 38 39 41 40 1937 41 41 40 41 41 40 41 39 41 40 39 39 1938 40 39 39 39 36 38 37 38 37 39 40 39 1939 39 40 39 40 39 39 40 39 42 40 41 42 1940 41 38 39 40 40 41 42 43 43 44 43 46 1941 44 45 47 47 49 50 50 59 53 48 51 51 1942 62 53 53 55 52 52 54 55 56 58 58 59 1943 59 65 59 58 60 61 59 60 59 59 61 60 1944 62 61 61 64 68 64 64 66 67 68 69 71 1945 69 70 75 68 67 72 74 70 71 75 76 77 1946 80 84 87 89 91 92 92 103 96 95 96 96 1947 97 96 98 99 100 99 98 99 99 98 105 101 1948 98 99 100 102 100 103 106 100 102 108 100 101 1949 102 102 97 102 101 99 96 97 96 98 102 98 1950 97 99 102 100 96 99 117 113 103 102 101 104 1951 123 111 102 98 100 98 106 108 100 103 1492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] BOSTON FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 45 46 48 50 49 46 48 52 60 66 68 60 53 1920 54 57 63 66 64 61 58 60 67 69 68 56 62 1921 52 52 56 58 57 54 53 54 60 63 66 56 57 1922 54 57 60 61 60 58 56 57 64 67 70 59 60 1923 57 59 63 64 64 60 57 60 68 73 75 64 64 1924 58 61 67 67 66 62 60 59 66 71 73 62 64 1925 58 60 66 67 65 62 59 60 65 69 73 62 64 1926 58 60 65 66 65 61 59 57 66 71 75 63 64 1927 59 61 68 69 68 64 61 61 68 73 76 65 66 1928 59 62 67 68 68 62 59 59 64 69 73 62 64 1929 58 59 64 66 65 60 58 57 63 68 71 60 62 1930 54 56 61 60 59 56 51 49 55 60 62 54 56 1931 47 48 53 54 53 49 45 44 50 54 55 46 50 1932 41 42 45 44 43 42 37 37 40 44 46 39 42 1933 35 35 37 37 38 37 37 41 48 51 52 42 41 1934 39 41 44 45 44 41 38 40 44 46 49 41 43 1935 38 39 43 43 43 40 38 41 44 49 51 42 43 1936 39 41 45 46 46 42 40 42 47 50 54 46 45 1937 44 47 52 52 51 47 46 48 52 55 56 46 50 1938 41 42 46 45 46 41 39 40 44 47 50 42 43 1939 40 41 45 45 45 42 40 43 47 51 55 44 45 1940 42 45 48 48 48 44 42 44 49 53 57 47 47 1941 45 46 50 52 52 50 51 57 65 73 76 60 56 1942 58 65 73 79 82 80 79 81 82 82 81 63 75 1943 62 59 62 59 60 62 64 71 73 74 74 60 65 1944 61 64 67 66 67 65 63 72 74 76 77 60 68 1945 59 66 68 72 73 71 71 76 77 78 77 59 71 1946 61 67 72 76 81 81 84 92 98 108 110 87 85 1947 84 91 97 94 90 84 85 92 96 112 117 95 95 1948 94 101 110 110 106 96 94 100 108 117 125 98 105 1949 94 96 105 104 103 95 90 91 100 111 118 98 100 1950 94 99 108 108 107 98 92 106 116 133 141 113 110 1951 112 123 136 136 1i jZ~ \i X 1 ^ «^t n X 1 X * 17 X^ 1 V / in 124 124 Adjusted for seasonal variation 1919 50 48 48 48 48 48 52 56 57 59 60 62 1920 59 60 63 63 64 63 63 64 63 62 60 58 1921 57 56 56 56 56 56 57 57 57 56 57 58 1922 59 60 60 59 59 60 61 60 61 60 61 62 1923 63 62 62 63 63 63 62 64 65 66 65 66 1924 64 65 65 65 65 65 65 64 64 64 64 64 1925 64 64 64 64 64 64 64 64 63 64 64 64 1926 64 64 63 63 63 63 64 63 64 65 65 65 1927 65 65 66 66 65 66 67 67 67 67 66 66 1928 65 66 65 65 65 64 64 64 62 64 63 63 1929 64 63 63 63 62 62 63 62 61 61 62 61 1930 60 59 60 57 57 57 56 55 54 55 54 54 1931 53 52 52 52 51 50 50 49 49 48 47 46 1932 46 45 44 43 42 43 41 41 39 39 39 39 1933 39 38 37 36 37 39 41 43 47 45 44 43 1934 43 45 44 43 43 43 42 42 42 41 42 42 1935 42 42 42 42 42 42 42 43 43 43 43 43 1936 43 44 43 45 45 45 45 45 45 46 46 47 1937 48 50 50 50 49 50 51 50 50 50 48 47 1938 45 45 44 44 44 44 43 42 42 43 43 43 1939 44 43 44 44 44 45 45 45 45 45 47 46 1940 46 47 47 47 47 47 47 47 47 47 49 49 1941 49 49 50 51 52 53 55 57 60 65 65 66 1942 65 69 75 80 82 83 82 80 76 73 71 69 1943 68 63 63 61 61 65 66 68 68 65 65 67 1944 67 68 69 68 67 68 65 69 69 68 67 66 1945 68 70 71 73 74 74 74 72 71 69 68 65 1946 70 71 75 76 82 84 88 89 92 94 94 96 1947 96 96 94 92 91 91 91 93 93 98 99 103 1948 104 106 107 107 105 103 104 104 105 103 106 105 1949 103 102 102 101 101 102 100 96 97 98 100 104 1950 103 104 104 105 105 106 102 112 113 118 120 121 1951 123 129 132 132 129 131 130 127 120 110 DECEMBER 1951 1493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] NEW YORK FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 25 26 27 33 32 33 25 24 33 41 46 63 34 1920 38 34 39 39 46 41 30 28 36 45 50 64 41 1921 37 35 38 39 39 38 28 25 32 46 46 65 39 1922 34 33 35 41 39 39 28 27 38 48 49 71 40 1923 36 34 39 42 43 43 30 29 41 51 53 75 43 1924 40 38 39 45 44 44 31 28 44 52 56 77 45 1925 40 40 41 46 46 44 32 31 45 60 58 83 47 1926 43 41 42 45 48 46 33 34 48 59 60 87 49 1927 44 42 42 49 46 48 34 35 49 57 62 89 50 1928 43 42 43 47 48 49 35 33 53 57 62 95 51 1929 43 45 49 48 50 53 35 35 55 61 62 94 52 1930 45 45 46 53 53 50 34 33 52 58 60 85 51 1931 41 42 45 49 46 49 31 29 45 53 54 78 47 1932 35 34 35 38 36 36 23 24 37 42 42 60 37 1933 26 28 28 36 34 34 22 26 37 42 41 65 35 1934 29 30 37 36 36 36 23 26 37 43 44 69 37 1935 29 30 33 37 35 37 24 26 41 43 47 72 38 1936 31 32 35 39 40 40 28 27 43 49 53 78 41 1937 35 36 39 41 43 43 28 29 45 50 50 77 43 1938 34 34 35 41 37 38 25 26 43 45 48 76 40 1939 30 31 36 40 39 39 27 28 46 47 51 79 41 1940 33 31 37 39 39 41 28 32 50 49 55 83 43 1941 35 36 39 47 46 45 34 43 57 53 61 88 49 1942 48 43 48 49 46 43 35 40 55 61 66 94 52 1943 45 51 47 53 51 50 38 41 58 64 75 94 55 1944 46 47 57 56 58 55 41 46 65 71 85 111 61 1945 51 56 72 59 61 64 49 50 70 81 97 127 70 1946 64 72 85 90 89 91 65 78 88 84 125 162 91 1947 76 78 95 93 98 96 71 74 101 105 134 170 99 1948 80 84 97 99 105 103 75 78 107 117 124 173 103 1949 81 80 86 99 96 94 65 72 102 102 123 169 98 1950 76 76 87 94 93 94 79 83 110 107 124 186 101 1951 96 90 95 96 98 105 74 80 106 108 Adjusted for seasonal variation 1919 28 31 30 32 32 33 34 36 38 35 38 38 1920 42 40 40 40 45 41 42 41 41 39 41 39 1921 42 41 39 40 39 39 39 38 37 40 38 39 1922 39 39 39 40 39 39 40 40 41 41 40 42 1923 41 40 42 43 43 44 43 44 44 44 43 44 1924 44 44 45 43 44 45 45 42 47 45 46 45 1925 45 48 46 46 47 4=5 47 46 47 51 48 48 1926 49 49 46 48 50 47 49 51 50 51 49 50 1927 51 50 49 49 48 49 50 53 49 48 51 51 1928 50 50 48 49 50 50 52 49 53 49 51 54 1929 50 53 53 51 52 54 53 52 55 52 51 53 1930 53 52 54 52 55 51 51 50 51 50 50 48 1931 50 49 50 51 48 50 48 44 45 45 45 43 1932 43 41 38 40 38 37 35 35 36 36 35 33 1933 33 34 32 36 35 35 35 38 35 36 34 36 1934 36 37 40 38 38 36 35 38 36 37 37 38 1935 36 37 39 36 37 38 37 38 40 37 39 39 1936 40 39 40 40 41 41 43 41 41 42 43 42 1937 44 44 43 43 45 43 44 43 43 43 41 42 1938 43 4? 41 40 39 39 39 38 39 39 39 41 1939 38 40 43 41 41 41 41 40 41 42 42 42 1940 42 40 41 41 41 43 42 43 44 44 45 46 1941 45 46 46 47 48 48 51 57 51 46 49 50 1942 57 52 53 52 48 47 52 52 53 54 52 54 1943 54 60 52 53 53 55 56 55 56 57 57 56 1944 57 56 58 59 62 60 61 62 63 64 65 66 1945 64 67 71 63 64 68 70 68 71 73 74 76 1946 81 86 90 90 91 95 92 104 89 80 95 97 1947 96 98 95 98 100 99 100 98 101 100 102 101 1948 101 102 99 105 107 106 105 104 103 111 98 101 1949 101 97 100 99 98 97 91 95 97 97 98 97 1950 96 93 96 98 94 97 110 111 105 101 99 107 1951 120 110 103 102 100 108 103 1C6 101 103 1494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] NEW YORK FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 36 37 40 40 39 38 40 45 51 55 57 51 44 1920 51 56 63 64 61 58 58 61 66 66 64 51 60 1921 45 47 51 52 51 49 48 50 55 57 58 49 51 1922 47 48 53 54 51 49 47 49 54 55 59 50 51 1923 48 49 54 56 55 52 51 53 59 63 64 54 55 1924 51 51 56 58 56 53 50 53 59 63 63 54 56 1925 53 53 58 60 58 55 53 54 60 63 67 57 58 1926 55 56 61 62 59 56 54 55 61 65 67 57 59 1927 54 54 60 61 58 55 53 55 61 65 65 56 58 1928 53 54 58 60 58 54 53 56 59 65 69 58 58 1929 55 56 61 63 61 57 56 57 62 67 69 58 60 1930 54 55 60 62 61 57 53 54 60 64 67 55 58 1931 49 49 52 53 53 49 46 46 52 55 57 49 51 1932 43 43 45 45 44 41 36 36 39 42 44 36 41 1933 32 32 34 35 36 36 34 40 47 49 49 40 39 1934 37 39 42 43 43 40 36 38 42 45 48 40 41 1935 37 38 41 41 41 38 34 37 41 46 48 39 40 1936 36 38 41 41 41 38 35 39 44 48 51 43 41 1937 42 45 49 50 49 45 42 47 51 53 55 44 48 1938 40 42 44 44 44 40 37 41 44 48 50 41 43 1939 37 39 42 42 42 39 36 40 43 47 51 40 42 1940 37 41 44 44 43 40 37 42 46 50 54 44 44 1941 40 44 47 48 48 46 46 54 62 70 72 57 53 1942 54 64 74 81 86 85 84 87 87 86 82 64 78 1943 59 57 59 55 57 57 58 67 70 71 71 60 62 1944 59 64 65 62 64 61 60 70 71 72 72 56 65 1945 58 62 66 70 72 72 70 75 75 76 75 59 69 1946 63 67 74 79 83 83 85 96 94 94 107 93 85 1947 89 101 104 101 97 90 84 94 99 110 114 92 98 1948 88 101 110 110 108 99 96 106 112 117 120 93 105 1949 87 94 103 104 100 91 85 90 99 107 111 90 97 1950 87 95 103 105 103 93 88 100 114 127 134 104 104 1951 105 120 134 137 131 12?. 117 125 129 130 Adjusted for siesonal variation 1919 39 39 39 39 39 40 44 47 48 49 51 54 1920 56 60 62 62 60 61 63 64 62 60 56 54 1921 49 50 50 50 51 51 52 52 52 51 51 52 1922 51 51 53 52 51 52 52 51 51 50 52 52 1923 52 53 53 54 55 55 55 55 56 57 56 56 1924 55 55 55 56 55 55 55 56 56 57 56 56 1925 57 57 58 57 57 58 58 57 58 57 58 59 1926 60 59 60 60 59 59 59 58 58 58 59 58 1927 58 58 59 58 58 58 58 59 58 58 57 57 1928 58 57 58 58 57 57 59 59 57 58 60 59 1929 61 60 60 60 60 60 62 61 60 60 59 60 1930 60 59 59 60 60 60 59 57 57 58 56 57 1931 54 52 52 52 52 52 51 49 50 49 49 50 1932 47 46 45 44 43 43 40 38 37 38 37 37 1933 35 35 33 34 36 38 39 42 45 43 42 42 1934 42 42 41 42 42 42 41 40 40 40 41 41 1935 41 40 40 40 40 40 39 39 39 41 40 41 1936 40 40 40 40 41 41 40 41 42 42 43 44 1937 47 48 48 49 48 48 48 49 49 47 46 45 1938 45 45 44 44 44 43 42 43 42 42 42 42 1939 42 41 42 41 41 41 41 41 41 41 42 42 1940 43 44 43 43 43 43 42 43 43 44 45 46 1941 46 46 47 47 48 49 51 53 57 61 62 62 1942 62 69 74 80 85 88 90 83 80 76 73 71 1943 67 63 59 55 56 59 61 64 64 64 64 67 1944 67 69 66 61 63 63 63 66 65 64 65 63 1945 65 67 66 69 71 74 74 71 70 68 68 66 1946 71 72 75 78 82 86 91 91 89 83 95 101 1947 102 104 100 96 96 96 95 96 94 98 99 100 1948 100 104 105 105 106 106 109 110 106 103 105 102 1949 99 97 99 99 98 98 97 93 94 95 96 98 1950 99 98 98 101 100 99 100 103 108 113 117 113 1951 119 124 129 131 128 131 133 129 122 115 DECEMBER 1951 1495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] PHILADELPHIA FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 19191 40 19201 47 19211 45 19221 46 1923 41 43 49 46 50 51 39 41 43 55 64 84 50 1924 43 46 44 52 48 49 38 40 41 51 61 83 50 1925 42 44 46 51 48 48 37 40 41 58 64 85 50 1926 45 43 47 48 53 48 40 40 44 58 63 89 52 1927 42 42 44 51 48 47 38 40 41 53 61 85 49 1928 37 38 44 45 46 46 37 34 46 52 56 87 47 1929 38 39 48 43 45 47 34 37 45 55 57 85 48 1930 37 38 39 46 44 42 30 33 39 51 53 73 44 1931 33 34 40 41 40 40 28 28 34 42 43 63 39 1932 27 28 31 34 32 30 21 21 27 36 34 49 31 1933 21 21 23 32 29 29 21 24 31 36 35 54 30 1934 23 23 34 31 34 33 22 25 31 38 37 60 33 1935 23 24 31 34 32 34 24 26 34 38 42 63 34 1936 25 26 34 36 39 37 27 29 37 45 47 71 38 1937 29 30 39 37 43 39 28 29 40 46 47 68 39 1938 27 28 31 35 32 33 25 25 36 41 43 69 35 1939 26 28 35 37 38 36 26 27 41 43 50 74 38 1940 28 28 37 36 41 40 28 33 43 47 53 79 41 1941 30 34 40 47 47 44 34 44 50 51 62 89 48 1942 43 43 52 49 48 44 35 42 53 59 67 97 53 1943 41 51 50 56 52 50 39 41 56 64 75 94 56 1944 45 46 60 58 59 52 43 45 64 70 85 112 62 1945 49 55 73 56 60 61 50 50 66 77 94 121 68 1946 58 64 81 84 82 84 64 72 90 95 117 150 87 1947 69 70 94 91 96 87 68 71 98 103 137 169 96 1948 75 80 105 96 106 98 76 80 109 119 132 177 104 1949 77 73 92 104 102 94 69 74 103 103 131 173 100 1950 72 76 94 101 101 100 87 88 115 110 134 193 106 1951 93 89 105 99 105 99 76 83 112 114 Adjusted for seasonal variation 19191 19201 19211 19221 1923 48 49 50 48 50 53 52 52 51 51 51 50 1924 51 52 51 50 49 51 50 50 49 48 49 49 1925 48 50 51 50 49 50 48 51 50 53 51 50 1926 54 50 50 51 54 50 51 51 52 53 51 51 1927 50 51 51 50 49 49 50 52 48 48 49 49 1928 46 46 47 47 46 47 49 45 50 46 46 50 1929 48 48 50 46 46 49 46 48 49 48 47 48 1930 47 47 46 45 45 43 41 43 43 45 44 42 1931 43 43 42 42 41 41 38 38 37 36 36 36 1932 36 35 32 35 32 30 29 27 28 31 28 28 1933 28 28 25 30 29 29 29 32 32 31 30 30 1934 31 30 34 32 34 34 32 33 32 32 32 33 1935 32 32 34 32 32 34 34 35 34 33 35 35 1936 34 35 36 36 39 37 39 39 38 39 39 39 1937 41 40 39 39 42 40 40 39 40 40 38 37 1938 38 38 35 34 32 34 36 34 35 36 35 37 1939 36 37 37 38 38 37 37 37 40 38 41 40 1940 39 38 38 38 40 42 40 43 43 42 43 43 1941 42 44 43 47 47 46 50 58 49 46 49 50 1942 55 51 52 52 51 50 51 55 53 53 52 56 1943 52 60 53 54 55 57 57 55 56 58 58 55 1944 58 56 59 59 62 59 60 60 63 63 65 67 1945 64 68 68 59 63 68 70 67 65 71 72 73 1946 77 81 82 81 83 91 89 95 89 89 89 91 1947 93 91 90 95 95 94 94 94 96 98 104 101 1948 102 105 102 103 105 104 106 107 106 113 100 103 1949 104 99 102 101 101 99 95 98 98 98 99 99 1950 98 103 101 103 100 104 121 117 110 105 101 110 1951 125 120 109 105 104 103 105 111 107 108 1 Monthly data not available. 1496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] PHILADELPHIA FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 19191 19201 19211 19221 1923 63 66 75 75 75 72 65 69 79 84 86 71 73 1924 67 71 79 78 75 71 67 69 79 84 85 71 75 1925 68 71 80 79 76 74 68 71 80 84 88 74 76 1926 68 71 79 77 74 72 67 69 79 82 88 73 75 1927 67 71 79 77 73 71 67 68 77 84 86 71 74 1928 66 69 74 73 70 67 64 65 70 78 78 62 70 1929 58 62 65 66 63 61 58 58 65 72 75 60 64 1930 53 57 62 62 59 56 52 51 58 63 66 52 58 1931 47 49 53 53 51 49 45 45 50 55 56 45 50 1932 41 43 46 45 43 41 38 37 41 45 47 37 42 1933 35 35 37 37 36 36 37 39 47 50 51 41 40 1934 38 40 42 43 42 40 37 38 43 46 48 38 41 1935 36 38 41 42 41 38 35 36 43 47 48 38 40 1936 37 40 42 43 42 39 37 39 45 49 51 42 42 1937 40 45 48 49 47 44 41 43 49 52 52 40 46 1938 38 41 44 43 43 40 36 37 42 46 47 37 41 1939 35 39 42 42 41 39 36 38 43 48 50 37 41 1940 36 41 43 43 43 39 37 39 45 49 50 40 42 1941 38 42 46 47 47 46 46 52 60 67 66 49 51 1942 49 59 67 74 77 76 75 77 79 78 74 57 70 1943 54 54 56 55 56 56 57 65 69 69 67 54 60 1944 55 62 64 63 63 60 59 67 68 70 67 50 62 1945 51 57 58 64 67 66 66 70 71 72 70 53 64 1946 55 63 68 74 78 78 82 91 98 105 103 80 81 1947 81 90 95 96 92 85 83 91 98 111 111 88 93 1948 90 105 112 116 111 101 97 105 112 122 124 92 107 1949 89 98 107 108 104 93 86 90 103 113 113 86 99 1950 85 96 105 109 105 96 91 106 120 136 136 105 108 1951 108 124 140 144 136 123 116 123 131 134 Adjusted for seasonal variation 19191 19201 19211 19221 1923 70 71 72 72 73 75 73 75 75 75 75 74 1924 75 76 75 75 75 74 75 74 75 76 74 74 1925 75 75 76 76 76 77 76 76 76 76 76 76 1926 76 76 75 74 74 75 75 75 75 73 76 75 1927 75 75 75 75 74 73 74 74 75 74 73 73 1928 73 74 72 71 71 69 71 69 68 68 66 64 1929 65 66 64 64 64 63 64 63 62 63 63 62 1930 60 61 61 60 59 59 57 56 55 55 55 54 1931 53 52 52 52 51 51 50 50 49 48 47 47 1932 46 46 45 44 44 43 42 40 40 39 39 39 1933 39 37 36 37 36 38 40 43 45 44 43 42 1934 42 43 41 42 42 42 41 41 41 40 41 40 1935 40 40 40 40 40 40 40 39 41 41 40 40 1936 41 41 41 41 41 41 42 43 43 43 43 45 1937 45 47 47 47 46 47 47 47 46 45 45 44 1938 43 42 43 42 42 42 41 40 40 40 40 40 1939 39 40 40 40 40 41 41 41 41 41 42 41 1940 41 42 42 42 42 41 41 41 42 42 43 44 1941 44 45 46 46 46 49 51 52 54 58 56 56 1942 59 65 69 73 76 76 76 71 70 69 68 67 1943 65 59 58 55 56 57 58 61 61 61 61 64 1944 66 67 66 63 63 61 59 61 61 61 62 60 1945 61 62 60 63 66 67 67 64 64 63 63 63 1946 65 67 70 73 76 81 84 86 90 91 92 94 1947 94 94 94 92 91 90 90 91 92 96 98 101 1948 104 107 108 108 108 109 109 109 108 106 107 105 1949 103 101 101 101 101 100 98 95 99 98 97 98 1950 98 98 99 101 101 104 105 112 115 119 117 120 1951 124 127 132 133 132 132 134 130 126 117 1 Data not available. DECEMBER 1951 1497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] CLEVELAND FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 21 20 23 27 26 27 22 23 27 30 34 46 27 1920 30 27 33 32 37 35 29 29 33 37 41 51 34 1921 32 29 33 32 33 30 23 22 25 32 32 45 31 1922 24 23 26 33 32 30 23 24 30 36 36 53 31 1923 27 28 35 36 37 37 27 29 34 39 39 56 35 1924 29 31 32 38 35 35 25 27 32 34 40 56 34 1925 29 31 33 38 36 34 26 28 32 41 39 58 35 1926 28 30 32 35 38 33 26 29 34 41 41 59 36 1927 30 30 32 39 37 33 27 30 33 38 39 60 36 1928 30 30 33 36 36 34 28 28 37 37 39 62 36 1929 30 31 37 36 38 38 28 32 39 41 40 63 38 1930 27 29 31 39 37 33 25 28 34 36 35 54 34 1931 26 27 30 35 33 30 23 24 28 30 29 45 30 1932 20 21 22 25 25 21 16 16 21 23 22 33 22 1933 16 16 15 24 23 22 18 22 25 25 24 39 22 1934 19 20 26 27 29 26 19 22 27 27 28 45 26 1935 22 20 25 29 28 28 20 23 29 30 31 49 28 1936 22 24 26 33 35 32 25 28 34 37 38 58 33 1937 26 30 35 37 40 36 27 30 40 40 36 56 36 1938 25 25 28 33 30 28 23 24 33 33 34 56 31 1939 25 26 31 35 35 32 25 28 37 38 40 64 34 1940 26 28 33 35 37 37 27 33 42 39 45 68 38 1941 29 33 37 46 46 43 35 49 51 45 54 77 45 1942 44 40 49 51 46 43 35 45 54 56 63 85 51 1943 44 52 49 54 52 52 42 48 56 61 72 88 56 1944 44 45 56 58 60 53 47 54 64 69 82 103 61 1945 49 55 73 58 60 63 55 56 68 76 90 115 68 1946 57 66 81 86 83 88 70 85 86 91 114 148 88 1947 67 72 90 92 98 92 76 82 101 100 128 166 97 1948 75 80 98 97 105 100 85 93 110 116 127 170 105 1949 80 79 89 106 102 92 75 82 99 96 117 163 98 1950 74 75 88 100 102 97 98 101 116 110 1,08 186 105 1951 102 93 99 103 106 100 84 94 114 115 Adjusted for seasonal variation 1919 23 25 25 24 24 27 29 30 30 28 31 31 1920 33 32 34 32 35 35 38 37 36 34 36 34 1921 37 35 32 32 32 30 31 28 27 29 28 29 1922 29 28 29 30 30 30 31 30 32 33 32 34 1923 32 32 35 36 35 37 35 36 36 36 35 35 1924 35 36 35 35 34 35 33 33 34 32 36 35 1925 35 36 36 35 35 34 34 34 33 38 34 36 1926 35 36 33 34 36 34 35 36 35 37 37 37 1927 37 36 35 36 35 34 36 37 34 35 36 37 1928 38 35 35 34 35 34 37 34 38 34 36 38 1929 38 37 37 37 36 38 38 38 39 38 37 38 1930 35 35 35 36 35 33 33 34 34 34 32 32 1931 34 32 32 34 32 31 31 29 28 27 28 27 1932 26 26 23 25 23 22 21 19 21 21 21 20 1933 20 20 17 22 21 22 24 27 24 23 22 23 1934 25 25 27 28 28 26 25 27 26 25 26 27 1935 29 25 29 27 26 29 28 28 28 28 30 29 1936 29 30 29 32 33 33 33 33 32 35 35 34 1937 35 38 37 38 38 37 37 36 38 37 33 -32 1938 33 32 32 31 29 30 32 29 31 31 32 33 1939 33 33 34 34 34 33 34 33 34 36 36 38 1940 35 35 37 33 37 39 37 39 38 37 40 40 1941 38 41 42 43 45 46 46 56 48 42 47 47 1942 57 49 49 49 48 46 46 52 51 52 53 54 1943 58 64 50 52 55 56 55 55 55 58 57 57 1944 58 55 57 56 63 56 61 62 64 65 65 66 1945 65 67 71 59 63 67 68 64 70 72 71 74 1946 77 81 84 84 85 92 87 98 89 88 92 92 1947 90 94 99 93 96 97 97 94 96 97 104 100 1948 101 104 103 102 103 105 108 107 105 113 103 102 1949 107 103 100 105 100 98 97 95 94 93 95 98 1950 99 98 98 100 100 103 126 116 111 107 88 112 1951 136 120 109 104 104 106 107 108 108 112 1498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] CLEVELAND FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 30 31 34 34 34 34 34 39 44 46 47 41 37 1920 39 45 51 53 52 51 51 53 58 61 57 46 51 1921 37 40 43 45 44 43 42 44 48 49 49 41 44 1922 35 39 43 44 42 41 39 41 44 46 48 40 42 1923 37 43 47 49 48 46 45 47 51 54 56 46 47 1924 42 47 52 54 53 49 46 47 52 55 55 46 50 1925 43 47 52 53 52 49 46 49 52 54 56 46 50 1926 40 47 52 51 50 49 45 46 52 56 58 47 49 1927 43 47 52 51 50 48 46 48 53 55 57 46 50 1928 43 47 50 50 49 46 45 47 49 54 55 46 49 1929 42 46 49 50 50 47 45 46 50 56 56 44 49 1930 40 43 47 47 47 45 42 41 45 48 50 39 45 1931 36 38 41 41 40 38 36 36 41 43 43 34 39 1932 31 32 35 34 34 32 29 28 31 32 32 26 31 1933 23 24 25 25 26 26 26 28 34 36 37 29 28 1934 27 30 31 32 32 30 29 30 33 35 35 28 31 1935 26 29 32 32 32 30 27 28 32 35 36 29 31 1936 28 30 33 34 34 32 31 33 37 39 42 34 34 1937 34 37 42 44 43 40 39 42 46 48 49 36 42 1938 34 36 39 39 39 35 33 34 37 39 40 31 36 1939 31 34 36 37 36 34 33 35 38 42 44 34 36 1940 33 37 40 40 40 36 34 37 41 45 46 35 39 1941 35 38 42 43 45 43 45 50 57 65 64 50 48 1942 49 57 64 71 77 76 76 75 74 72 68 52 68 1943 51 49 51 50 50 50 54 58 62 63 60 50 54 1944 52 56 57 57 56 56 56 61 62 64 60 46 57 1945 49 53 54 60 62 63 63 64 65 66 63 47 59 1946 52 57 64 70 74 75 81 86 94 102 101 82 78 1947 86 93 97 97 92 85 83 91 95 105 109 87 93 1948 93 102 111 114 108 102 99 105 111 117 123 95 107 1949 93 100 109 103 105 96 90 94 103 111 109 86 100 1950 90 98 107 110 109 100 93 107 124 137 145 113 111 1951 121 132 151 155 148 137 129 131 137 137 Adjusted for seasonal variation 1919 36 34 34 32 34 35 36 38 40 42 43 44 1920 48 49 51 50 52 53 53 53 54 55 51 49 1921 45 43 42 42 43 44 45 45 45 44 44 43 1922 42 42 42 41 41 42 42 42 42 41 43 43 1923 45 46 45 46 47 47 48 48 48 49 50 49 1924 50 50 50 51 51 50 50 49 50 50 48 50 1925 50 50 50 51 50 50 50 51 50 49 49 50 1926 47 50 50 49 49 49 49 49 50 50 50 50 1927 50 50 50 50 49 49 50 50 51 49 49 49 1928 50 49 50 49 48 47 49 49 47 47 48 49 1929 49 49 48 49 48 48 49 49 48 49 48 47 1930 46 46 46 46 46 46 45 44 43 42 43 42 1931 41 41 40 40 39 39 39 38 39 38 37 36 1932 35 35 34 34 33 33 31 30 29 28 28 28 1933 27 26 25 24 25 26 28 30 31 32 32 32 1934 31 32 31 31 31 31 31 31 31 31 30 31 1935 30 31 31 32 32 31 30 30 30 31 31 32 1936 32 32 33 32 33 33 33 35 35 35 36 37 1937 39 39 41 42 42 42 42 43 43 42 42 41 1938 38 38 38 38 38 37 36 35 35 34 35 35 1939 36 35 36 36 36 36 36 36 35 37 38 38 1940 39 40 40 39 39 37 37 37 37 39 40 40 1941 40 40 44 43 44 42 44 47 51 58 61 60 1942 57 62 66 70 75 76 75 71 67 64 64 62 1943 58 53 52 50 49 50 53 55 56 56 57 59 1944 60 60 58 57 55 55 55 57 56 57 57 55 1945 56 58 56 59 61 62 62 60 59 59 59 56 1946 60 62 66 68 72 75 80 85 88 91 91 95 1947 95 94 92 92 91 91 92 94 91 94 96 98 1948 103 103 105 108 106 108 110 110 107 105 109 108 1949 103 101 103 98 103 102 100 98 99 99 96 98 1950 99 99 101 105 106 106 103 112 119 122 128 128 1951 133 133 143 148 145 146 144 136 132 122 DECEMBER 1951 1499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] RICHMOND FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 16 16 19 21 20 21 15 14 20 22 26 37 21 1920 18 17 23 22 23 24 18 17 21 26 28 41 23 1921 19 18 23 22 22 23 16 15 18 24 25 37 22 1922 16 17 19 22 21 21 15 15 20 25 27 40 21 1923 18 18 24 23 24 24 18 18 22 28 29 41 24 1924 20 20 22 26 24 25 18 17 24 27 30 44 25 1925 19 21 24 26 25 24 19 19 23 31 32 47 26 1926 21 21 26 26 27 25 19 21 24 31 33 49 27 1927 21 21 24 27 27 25 19 21 25 30 32 47 27 1928 21 21 26 26 26 24 20 19 26 30 33 49 27 1929 20 21 29 25 27 26 19 19 27 31 32 50 27 1930 20 22 24 28 27 25 18 19 24 32 30 46 26 1931 19 20 26 26 26 25 18 17 22 27 26 42 25 1932 16 17 21 20 21 19 13 13 20 22 21 32 20 1933 13 14 15 19 20 18 13 16 20 24 23 37 19 1934 15 16 23 21 24 21 16 18 23 27 27 43 23 1935 16 18 22 25 24 24 17 19 27 29 29 48 25 1936 17 19 25 27 29 27 22 21 28 34 33 53 28 1937 20 22 30 27 30 29 20 22 32 34 32 55 29 1938 21 22 26 29 27 26 20 21 31 33 32 54 29 1939 21 22 28 29 31 29 21 23 33 36 37 59 31 1940 22 23 31 30 34 31 24 28 39 40 42 68 34 1941 26 28 35 41 41 38 31 39 46 47 52 79 42 1942 38 37 48 47 45 42 37 43 54 59 65 91 51 1943 41 53 50 57 54 53 42 46 62 64 76 100 58 1944 46 48 61 59 64 56 46 53 71 76 90 114 65 1945 53 58 76 59 64 64 56 60 74 84 98 123 72 1946 62 72 84 89 87 85 69 79 100 99 117 156 92 1947 69 71 93 92 96 89 69 74 103 104 127 175 97 1948 69 79 102 96 101 96 76 84 115 115 125 182 103 1949 72 78 89 100 102 94 77 79 108 102 122 174 100 1950 70 76 91 102 102 98 92 95 116 109 125 189 105 1951 88 88 100 100 109 103 86 94 117 120 Adjusted for seasonal variation 1919 20 20 21 21 20 21 21 21 22 19 21 21 1920 22 21 24 22 23 24 25 25 23 22 23 23 1921 24 23 23 22 22 23 23 22 20 21 21 21 1922 20 21 20 22 21 21 21 22 22 22 22 22 1923 22 22 24 23 24 25 25 25 24 25 24 24 1924 25 24 25 24 24 26 24 24 26 24 24 25 1925 24 25 26 26 25 26 27 26 25 27 27 26 1926 27 26 28 26 27 27 27 28 26 27 27 27 1927 27 27 27 26 27 27 26 28 26 26 27 26 1928 27 27 27 26 26 26 28 27 27 26 27 27 1929 27 27 28 27 26 28 27 27 28 27 27 28 1930 27 28 27 27 27 26 26 26 25 27 25 25 1931 25 26 27 26 25 26 25 24 23 23 23 23 1932 22 22 20 21 20 20 18 18 20 19 19 18 1933 19 18 17 19 19 19 19 21 20 20 20 21 1934 21 21 23 23 23 22 22 23 22 23 23 24 1935 23 24 25 24 23 24 25 25 26 25 26 26 1936 25 25 26 27 28 28 31 27 27 29 29 29 1937 29 29 29 30 30 30 29 29 30 30 28 30 1938 30 29 29 28 27 28 28 27 29 29 28 29 1939 30 29 30 30 31 31 30 30 31 31 32 32 1940 31 32 31 32 33 34 33 33 36 36 36 37 1941 36 37 39 39 41 42 43 46 43 43 44 45 1942 50 45 51 47 47 47 51 51 51 54 53 54 1943 53 62 54 55 57 61 58 57 60 58 60 60 1944 60 56 61 63 67 63 63 66 68 69 70 70 1945 70 70 70 68 66 71 76 73 71 77 77 76 1946 82 88 87 89 90 92 94 98 95 92 93 94 1947 96 91 94 95 97 96 94 93 97 98 102 102 1948 97 103 101 106 101 103 103 107 106 108 101 104 1949 102 102 103 98 103 100 97 101 99 96 99 99 1950 100 99 101 106 103 105 112 120 107 103 101 107 1951 125 115 105 111 110 110 105 120 108 113 1500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] RICHMOND FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 19191 19201 19211 19221 1923 28 32 35 36 35 33 33 38 40 40 40 32 35 1924 30 34 39 38 37 33 33 36 38 40 39 31 35 1925 30 33 36 36 35 32 33 36 38 41 40 32 35 1926 31 35 38 38 38 34 34 37 39 41 40 32 37 1927 31 35 38 38 37 34 35 37 40 42 42 34 37 1928 31 34 38 37 36 32 33 35 39 41 42 33 36 1929 32 34 37 37 36 33 32 33 36 39 39 31 35 1930 29 32 36 35 34 31 29 29 33 35 35 27 32 1931 25 27 30 30 29 26 25 27 29 31 31 24 28 1932 22 24 26 25 24 23 22 22 24 26 27 20 24 1933 19 20 21 21 21 21 22 26 30 32 32 24 24 1934 22 26 27 27 26 24 23 24 27 29 30 23 26 1935 22 24 27 26 26 24 22 24 27 31 31 24 26 1936 22 25 27 28 28 25 25 28 30 32 34 27 28 1937 26 30 33 34 33 30 29 31 34 36 36 27 31 1938 25 28 31 31 31 27 27 28 31 34 35 27 30 1939 26 29 32 32 30 29 29 31 33 36 38 29 31 1940 27 32 34 34 34 30 30 32 36 39 40 31 33 1941 30 34 38 38 39 37 38 43 49 54 55 41 41 1942 40 47 55 60 63 60 63 65 65 66 61 47 58 1943 47 45 50 50 51 51 54 62 62 63 59 49 54 1944 51 56 58 60 58 57 58 66 66 67 63 49 59 1945 52 56 58 62 64 64 66 70 71 71 65 51 62 1946 56 60 65 69 72 74 83 93 94 100 101 85 80 1947 86 93 96 98 92 84 87 95 92 104 107 88 94 1948 93 104 110 111 107 96 100 107 109 116 117 90 105 1949 91 98 107 109 105 95 94 100 104 114 111 90 101 1950 90 101 114 117 113 102 104 114 123 138 137 109 113 1951 114 128 132 149 142 HI 134. 130 140 144 X. ™i« AV^V^ M.**r .a. .a. v ,*- Adjusted for seasonal variation 19191 19201 192H 19221 1923 32 34 33 35 34 36 36 36 37 36 37 36 1924 35 36 37 36 36 36 35 34 36 35 35 35 1925 35 34 34 34 34 35 35 36 35 36 36 36 1926 36 37 36 36 37 37 37 37 37 36 36 36 1927 36 37 36 37 36 36 38 38 37 37 37 37 1928 37 36 36 36 35 35 36 36 36 36 36 36 1929 37 36 35 35 35 35 35 34 34 34 34 35 1930 34 34 34 33 33 33 32 31 31 30 30 30 1931 29 29 29 29 29 28 27 28 28 27 27 26 1932 26 25 24 24 24 24 24 23 22 23 23 22 1933 22 21 20 20 21 22 25 27 29 28 27 26 1934 26 27 26 26 26 26 26 26 26 25 26 25 1935 26 25 25 25 26 25 25 25 25 27 26 26 1936 26 27 26 27 27 27 27 29 29 28 29 30 1937 31 31 32 32 32 32 32 32 32 31 31 30 1938 29 29 30 29 30 29 30 29 29 30 30 30 1939 30 30 31 31 30 31 32 31 32 32 32 32 1940 32 33 33 33 34 33 33 33 33 33 34 35 1941 36 36 37 37 38 38 40 42 44 47 48 48 1942 49 53 56 59 62 62 62 59 58 57 56 56 1943 56 51 52 50 50 52 52 55 55 56 56 59 1944 59 62 60 61 58 58 57 59 59 59 60 60 1945 60 61 60 62 64 65 64 63 63 63 62 60 1946 63 64 67 68 73 77 82 85 89 90 94 98 1947 96 96 94 94 93 91 89 91 89 94 96 101 1948 103 105 105 105 105 10S 108 107 105 105 105 103 1949 102 99 100 102 102 104 102 101 101 102 99 103 1950 103 104 107 108 109 112 113 116 119 122 122 124 1951 129 131 124 138 137 145 146 141 135 128 xData not available. DECEMBER 1951 1501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] ATLANTA FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 1919 15 16 18 19 19 18 16 15 20 22 27 37 20 1920 20 19 23 25 26 23 19 19 23 29 29 37 24 1921 19 19 23 20 21 20 15 15 18 24 23 31 21 1922 16 16 17 21 19 18 15 15 18 23 24 34 20 1923 17 17 21 21 21 21 16 16 21 26 26 36 22 1924 18 18 19 22 21 20 15 15 20 24 25 35 21 1925 17 18 20 22 22 20 16 16 18 28 27 38 22 1926 19 20 21 23 24 21 16 17 20 26 27 38 23 1927 19 20 20 23 23 21 17 18 21 27 26 41 23 1928 19 20 23 23 23 21 17 18 23 25 25 40 23 1929 22 24 28 24 23 21 17 17 22 24 25 39 24 1930 19 22 23 23 22 19 15 16 20 24 23 35 22 1931 17 19 22 21 21 18 14 15 16 20 19 29 19 1932 14 15 16 16 14 12 10 10 14 16 14 22 14 1933 11 12 12 15 15 12 11 13 15 18 17 28 15 1934 14 17 21 19 18 16 13 14 19 20 21 34 19 1935 15 17 19 20 18 16 13 15 19 22 23 35 19 1936 16 19 21 22 21 19 16 19 23 26 26 41 22 1937 19 21 25 24 24 21 17 20 25 27 25 41 24 1938 19 21 23 24 22 19 17 19 24 27 26 42 24 1939 19 22 25 26 24 22 19 22 27 28 29 48 26 1940 20 23 29 26 27 24 20 24 32 30 35 54 29 1941 24 27 31 33 33 29 25 33 37 34 42 60 34 1942 30 30 37 36 34 30 28 35 41 44 50 69 39 1943 37 46 41 48 47 43 40 44 54 57 63 83 50 1944 45 49 56 57 57 50 49 55 65 68 80 106 61 1945 54 60 72 58 61 59 57 63 72 79 90 120 70 1946 64 76 82 88 81 80 71 84 98 97 109 149 90 1947 72 79 92 92 92 81 71 82 98 99 123 166 96 1948 75 85 104 99 100 90 84 95 109 113 117 171 103 1949 78 85 92 106 99 87 80 88 103 106 115 172 101 1950 78 88 98 106 103 94 106 102 116 105 123 194 109 1951 94 96 115 101 103 97 89 99 116 116 Adjusted for seasonal variation 1919 18 19 20 18 19 20 21 21 22 19 23 23 1920 24 22 23 25 26 25 26 26 25 25 24 23 1921 23 23 22 21 21 21 21 20 19 21 19 19 1922 19 19 18 20 19 19 20 20 20 20 20 21 1923 21 20 21 21 21 23 22 22 23 22 22 22 1924 22 21 21 21 21 21 21 21 22 21 21 21 1925 21 21 21 21 22 21 22 21 20 24 23 23 1926 23 23 21 22 24 23 23 23 21 23 23 23 1927 23 23 22 22 23 23 23 23 23 23 23 24 1928 23 23 23 22 23 23 24 23 23 22 23 23 1929 27 27 28 24 22 23 24 22 23 21 23 23 1930 23 25 25 22 22 21 21 21 21 21 21 20 1931 21 21 22 21 20 20 20 18 17 17 17 17 1932 17 16 16 16 14 14 14 13 14 14 13 13 1933 14 14 13 14 15 14 15 16 15 16 16 17 1934 18 19 21 19 18 19 18 18 19 18 19 19 1935 18 19 21 18 18 19 19 19 20 19 21 20 1936 20 21 21 21 22 22 23 23 23 23 23 23 1937 24 23 25 24 25 24 24 25 25 24 23 23 1938 24 24 24 23 22 23 24 24 24 24 24 24 1939 25 25 25 25 25 26 26 26 26 26 26 28 1940 25 27 28 27 27 29 28 27 31 29 31 32 1941 30 32 31 33 34 33 35 37 36 32 36 37 1942 38 35 37 36 36 35 35 38 40 42 42 45 1943 45 52 43 47 49 50 50 50 53 54 53 54 1944 55 54 56 58 61 58 61 62 63 64 67 68 1945 67 67 68 63 65 68 72 71 69 74 75 77 1946 84 84 84 87 87 92 89 93 94 93 92 94 1947 95 93 93 93 99 93 89 91 94 95 104 101 1948 99 100 102 103 104 106 105 105 105 107 103 103 1949 103 102 97 102 103 103 100 98 99 101 101 103 1950 103 105 101 105 107 111 133 113 111 100 108 116 1951 123 114 113 105 107 114 111 110 111 111 1502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] ATLANTA FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 27 27 28 27 26 25 25 29 33 35 36 31 29 1920 32 35 37 37 37 36 38 40 45 45 43 32 38 1921 30 32 33 34 33 31 31 33 37 39 38 31 33 1922 30 33 35 35 33 31 31 32 35 36 37 30 33 1923 31 33 35 36 36 34 34 36 39 41 40 33 35 1924 33 35 37 38 37 34 33 33 35 38 37 29 35 1925 31 32 34 34 33 31 30 33 35 36 36 29 33 1926 32 33 36 36 34 32 32 32 36 38 38 30 34 1927 31 35 38 38 36 32 32 33 37 39 40 31 35 1928 32 35 36 37 36 33 32 33 36 38 39 32 35 1929 31 35 36 37 35 33 32 33 35 37 36 29 34 1930 28 31 32 33 31 30 28 29 30 31 32 25 30 1931 25 26 27 27 26 25 22 23 25 26 26 21 25 1932 20 22 22 22 21 20 18 18 20 21 22 17 20 1933 16 17 17 17 17 17 17 19 22 24 24 19 19 1934 18 20 21 21 23 19 18 20 22 24 25 20 21 1935 20 22 23 23 22 21 19 20 24 25 26 21 22 1936 21 22 24 24 23 21 20 22 24 27 28 23 23 1937 24 27 28 29 28 26 25 27 30 32 32 24 28 1938 23 25 27 27 25 23 22 24 27 28 29 23 25 1939 23 26 27 27 26 24 23 25 29 31 33 24 27 1940 26 29 30 30 29 26 25 28 30 34 35 27 29 1941 29 32 33 32 33 32 33 38 42 48 48 36 36 1942 38 43 46 50 52 52 50 51 50 50 49 37 47 1943 37 36 39 39 40 42 46 50 52 53 49 41 44 1944 43 46 49 50 50 53 53 56 57 59 56 42 51 1945 43 47 48 52 56 57 58 57 58 60 58 44 53 1946 47 52 58 62 67 73 80 85 88 97 101 85 75 1947 82 91 94 93 88 83 82 87 92 99 105 86 90 1948 92 104 109 112 106 104 102 106 114 121 126 95 108 1949 96 102 108 105 99 93 90 95 105 115 121 94 102 1950 97 108 115 115 111 105 103 121 137 151 153 123 120 1951 132 144 151 158 148 135 132 141 137 142 Adjusted for seasonal variation 1919 29 28 28 27 26 26 27 29 30 31 32 33 1920 35 36 37 37 38 39 40 40 41 40 38 35 1921 33 33 33 33 33 33 33 34 34 34 34 34 1922 33 34 34 34 33 33 33 33 33 32 33 33 1923 34 34 34 35 36 36 36 36 36 36 36 36 1924 36 36 36 36 36 36 35 33 33 34 34 33 1925 33 33 33 33 33 33 33 34 33 33 33 34 1926 34 33 34 34 34 34 34 34 34 35 34 35 1927 34 35 35 36 35 34 34 35 36 35 36 35 1928 35 35 35 35 35 35 35 35 35 35 35 35 1929 35 35 35 35 35 34 34 34 34 34 32 32 1930 32 31 31 31 31 31 30 30 29 29 28 28 1931 28 27 27 26 26 25 24 24 24 24 23 23 1932 22 22 21 21 21 21 20 19 19 19 19 19 1933 17 17 17 17 17 18 19 20 21 21 20 20 1934 20 20 20 21 23 21 21 21 21 21 21 21 1935 22 22 22 22 22 22 22 22 22 22 22 23 1936 23 22 23 23 23 23 23 23 23 24 24 25 1937 26 27 26 27 28 28 29 28 29 28 28 27 1938 25 25 25 25 25 25 25 26 25 25 25 26 1939 26 26 26 26 26 26 27 26 28 28 28 27 1940 30 30 30 31 29 27 25 26 28 30 31 33 1941 34 34 34 32 33 32 32 35 38 43 44 43 1942 44 46 47 50 51 52 50 48 46 44 45 44 1943 42 39 40 40 40 42 44 46 48 47 46 49 1944 50 50 51 50 50 51 51 53 53 53 52 50 1945 50 51 50 52 56 56 55 54 54 54 54 51 1946 53 55 60 63 67 71 77 81 85 89 92 98 1947 91 92 90 89 88 87 86 88 88 91 94 99 1948 102 105 104 107 105 108 109 108 110 111 113 110 1949 107 103 103 100 98 97 96 97 101 106 108 109 1950 108 109 109 110 110 109 109 124 132 138 137 142 1951 146 145 144 150 146 141 140 144 132 130 DECEMBER 1951 1503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] CHICAGO FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 19191 19201 1921 25 24 27 28 30 27 23 21 26 29 30 40 28 1922 23 21 23 30 30 28 22 23 30 31 34 49 29 1923 27 26 31 34 34 34 25 27 34 38 39 54 34 1924 29 28 30 35 33 33 24 25 34 34 41 55 33 1925 28 28 30 36 35 34 25 27 35 42 42 59 35 1926 29 29 33 35 39 35 28 29 39 40 42 62 37 1927 30 32 33 38 36 36 27 30 37 40 44 63 37 1928 31 32 35 38 39 37 29 30 44 42 46 69 39 1929 32 33 38 38 41 40 30 32 45 42 45 65 40 1930 29 30 32 39 37 34 24 27 37 36 38 56 35 1931 27 28 30 35 33 31 22 23 30 29 30 46 30 1932 21 21 23 25 25 23 16 17 25 24 24 34 23 1933 17 17 18 22 24 24 18 22 27 27 26 40 23 1934 20 22 25 27 29 26 19 23 30 28 30 47 27 1935 22 24 27 30 30 29 22 24 32 32 34 51 30 1936 23 25 30 34 36 34 26 29 37 39 41 60 34 1937 28 31 36 38 41 38 28 30 41 41 40 58 38 1938 26 27 31 34 33 32 25 27 38 36 39 59 34 1939 27 27 34 37 37 36 26 30 42 41 42 66 37 1940 29 30 36 38 40 40 29 34 45 42 49 71 40 1941 32 34 40 46 48 46 36 46 55 47 55 78 47 1942 44 41 50 50 47 45 38 44 57 58 63 90 52 1943 44 54 49 56 52 54 44 48 58 61 70 89 57 1944 46 46 56 59 60 56 49 53 65 70 82 104 62 1945 52 57 71 58 60 63 55 56 70 76 90 114 68 1946 60 69 81 86 83 87 71 84 96 96 114 146 89 ^ 1947 70 75 89 92 99 97 79 80 106 102 131 163 98 i 1948 78 81 95 102 104 104 87 89 109 112 124 165 104 ! 1949 78 76 86 100 99 94 76 82 106 97 116 157 97 1950 73 73 86 96 100 100 97 100 115 106 128 178 104 1951 93 89 96 99 105 100 86 94 114 111 Adjusted for seasonal variation 19191 19201 1921 28 29 29 28 28 27 29 27 27 27 27 27 1922 27 26 26 28 28 28 28 29 30 29 30 32 1923 32 32 33 34 33 34 34 34 34 35 34 34 1924 34 34 34 33 32 33 32 32 33 31 35 34 1925 34 34 34 34 35 34 34 34 34 39 36 36 1926 36 35 35 35 38 36 38 37 38 37 37 38 1927 37 39 38 36 36 37 36 39 36 38 38 38 1928 39 38 38 37 38 38 40 39 41 40 40 41 1929 41 40 41 38 39 40 41 40 42 40 40 39 1930 37 37 36 37 36 35 34 35 34 35 34 33 1931 34 34 33 34 32 31 31 30 28 28 27 27 1932 27 26 25 25 24 24 22 21 22 23 22 20 1933 21 20 20 22 23 24 25 27 24 25 23 24 1934 26 27 27 28 27 26 27 29 28 27 27 29 1935 28 29 30 29 28 30 29 30 29 30 31 31 1936 30 31 33 33 34 34 36 35 35 36 37 37 1937 37 39 38 39 39 39 38 38 37 38 36 35 1938 35 35 34 33 32 32 33 33 34 33 35 35 1939 35 35 37 37 37 37 36 36 37 38 37 40 1940 38 38 38 39 40 41 39 40 41 41 43 43 1941 42 43 44 45 48 47 48 54 49 46 48 48 1942 55 51 53 50 48 48 51 52 53 54 54 56 1943 55 63 54 55 54 57 57 56 55 57 59 57 1944 58 54 57 60 62 60 64 63 64 65 66 68 1945 65 67 71 61 63 67 69 67 68 71 73 74 1946 78 82 85 86 86 89 88 100 91 92 92 95 1947 92 94 94 95 99 98 97 95 101 100 106 103 1948 103 104 102 106 104 105 104 105 104 110 103 103 1949 102 99 101 99 99 96 89 93 99 95 97 98 1950 97 95 98 98 100 102 114 113 107 104 107 111 1951 123 116 107 104 105 102 101 107 106 109 xData not available. 1504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] CHICAGO FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 19191 19201 1921 31 32 34 35 34 33 32 35 36 38 38 32 34 1922 30 32 35 35 34 32 32 34 36 38 38 32 34 1923 34 38 41 42 41 38 38 41 44 45 47 38 41 1924 35 39 44 44 42 39 38 40 43 46 45 39 41 1925 37 40 44 44 43 40 40 43 46 47 49 41 43 1926 39 43 45 45 44 41 37 41 45 48 48 39 43 1927 39 42 44 45 44 40 39 42 46 49 50 40 43 1928 39 42 46 47 45 41 41 44 47 52 53 43 45 1929 43 46 48 48 47 44 43 46 48 52 54 44 47 1930 42 44 47 47 46 43 41 41 44 46 47 40 44 1931 36 37 40 40 40 37 35 36 38 41 41 32 38 1932 30 31 33 33 32 29 26 27 28 29 30 24 29 1933 23 24 24 24 24 25 25 27 32 35 34 28 27 1934 27 28 30 30 30 29 27 28 30 32 33 27 29 1935 26 27 30 31 31 28 27 28 31 34 35 29 30 1936 28 29 32 32 32 30 29 31 36 38 40 33 32 1937 33 36 40 41 40 38 37 39 42 44 45 35 39 1938 33 34 36 36 36 34 32 33 35 37 39 31 35 1939 31 33 36 36 36 34 32 34 37 40 43 34 35 1940 33 37 39 38 38 35 34 36 40 43 45 37 38 1941 36 38 41 43 43 41 42 47 53 60 61 49 46 1942 46 54 61 67 70 69 68 73 71 70 67 53 64 1943 51 49 52 51 52 52 54 60 62 63 61 52 55 1944 50 53 55 55 55 54 54 59 61 62 60 48 55 1945 46 49 51 56 58 58 56 59 59 60 59 46 55 1946 49 53 58 64 68 70 75 81 88 95 99 83 73 1947 81 87 93 92 89 83 81 86 91 101 104 87 89 1948 93 104 116 116 114 106 102 109 116 122 128 104 111 1949 95 100 105 104 102 94 89 92 99 110 115 92 100 1950 92 100 108 108 106 99 92 104 119 136 141 111 110 1951 115 124 138 141 136 125 125 124 127 134 Adjusted for seasonal variation 19191 19201 1921 34 33 34 34 , •• — • 34 35 34 "34' ' "35" ''34'' "34" ' 1922 33 34 34 34 34 34 34 34 34 34 34 35 1923 38 40 40 41 41 40 41 41 41 41 42 41 1924 39 41 42 42 41 41 42 41 41 41 40 42 1925 42 41 42 43 42 43 43 44 43 43 44 45 1926 43 44 43 43 43 44 41 43 42 43 43 43 1927 43 43 43 43 43 43 43 44 44 44 44 44 1928 44 43 44 44 44 45 45 45 45 46 47 46 1929 48 48 47 46 45 45 46 48 47 48 47 47 1930 47 46 46 46 45 44 44 43 43 42 41 42 1931 40 40 39 39 38 38 37 37 38 37 35 34 1932 34 33 32 32 31 30 28 28 27 26 26 26 1933 25 25 24 24 24 25 27 29 32 32 30 29 1934 29 29 29 30 30 29 29 30 29 29 29 29 1935 29 28 29 30 30 30 30 30 30 31 31 31 1936 30 30 31 31 31 31 32 33 34 34 35 36 1937 37 37 38 39 40 40 40 40 40 40 39 39 1938 37 35 35 35 35 35 34 34 34 34 34 34 1939 34 34 34 35 35 35 36 36 36 37 37 37 1940 38 38 38 37 37 38 37 38 38 39 39 40 1941 41 40 41 42 43 44 45 47 49 54 53 53 1942 53 59 61 67 70 72 70 69 65 63 60 59 1943 58 54 53 51 52 53 55 56 57 56 56 57 1944 57 59 57 55 55 54 54 55 56 56 55 54 1945 53 54 53 56 57 58 57 56 55 54 54 52 1946 56 57 59 63 67 71 76 78 83 85 89 94 1947 90 91 91 90 88 86 84 86 89 91 92 96 1948 102 107 112 112 113 111 111 113 113 111 112 112 1949 103 102 101 100 100 100 99 97 97 100 99 99 1950 100 102 104 104 104 105 103 109 116 124 121 120 1951 125 127 132 136 134 133 139 131 124 121 1 Data not available DECEMBER 1951 1505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] ST. LOUIS FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 19191 19201 1921 27 26 31 30 34 30 23 23 32 35 37 49 31 1922 24 25 27 31 31 29 22 22 32 36 38 54 31 1923 26 28 33 34 34 35 25 25 38 38 40 56 34 1924 27 30 32 34 33 32 24 24 37 36 41 58 34 1925 29 30 33 38 34 32 25 27 36 45 41 60 36 1926 30 31 33 36 37 32 24 28 38 42 43 59 36 1927 28 31 31 36 35 32 24 30 35 43 43 60 36 1928 29 31 34 35 36 32 26 27 40 39 43 62 36 1929 28 32 37 34 36 34 26 28 44 38 42 58 36 1930 25 31 32 37 33 30 23 25 39 35 35 50 33 1931 23 26 28 33 31 28 20 23 31 29 32 44 31 1932 20 22 23 24 23 20 14 16 26 24 25 34 23 1933 16 16 17 23 21 20 15 20 23 24 25 38 21 1934 20 20 24 25 26 21 16 20 29 25 29 43 25 1935 18 20 24 24 25 24 19 20 28 28 30 44 25 1936 20 22 27 28 29 26 21 22 33 35 34 51 29 1937 22 25 32 33 34 30 23 25 36 36 33 49 31 1938 24 24 28 31 29 26 22 24 34 34 35 52 30 1939 25 25 30 34 34 30 24 27 37 37 38 57 33 1940 24 26 34 35 35 32 26 30 41 39 42 62 35 1941 29 30 37 43 42 38 33 42 49 47 51 72 43 1942 40 38 47 46 42 39 34 43 51 55 60 80 48 1943 41 52 46 52 50 50 42 46 57 59 68 85 54 1944 46 47 57 56 60 52 47 55 65 68 82 102 61 1945 53 57 71 59 64 61 57 59 72 78 93 112 70 1946 59 73 81 86 84 85 72 88 98 97 115 143 90 1947 71 75 89 92 98 84 77 82 106 102 133 160 97 1948 74 80 99 102 104 97 86 95 114 113 126 161 104 1949 74 81 89 100 102 88 79 87 104 103 117 158 98 1950 73 79 89 99 101 93 103 99 114 102 125 171 104 1951 93 86 94 96 102 90 85 95 111 111 Adjusted for seasonal variation 19191 19201 1921 33 32 32 31 33 33 33 32 30 31 32 30 1922 30 29 29 29 31 31 30 30 30 32 32 33 1923 32 33 34 35 34 38 35 34 36 34 34 34 1924 33 35 36 32 33 35 34 33 35 32 35 35 1925 36 35 37 36 34 35 35 35 35 40 35 36 1926 38 36 35 36 37 35 35 36 37 38 37 35 1927 35 36 35 35 35 35 35 38 33 38 37 36 1928 37 36 36 35 36 35 37 34 37 35 36 37 1929 36 37 38 35 36 37 37 36 39 35 36 35 1930 33 36 37 35 33 33 33 32 33 33 30 30 1931 30 30 31 32 31 31 29 28 27 28 27 27 1932 26 26 25 24 23 22 21 20 23 23 21 21 1933 20 20 19 21 21 22 22 24 20 23 22 23 1934 24 24 25 25 26 24 23 24 26 23 25 26 1935 23 25 27 23 24 26 27 26 25 26 26 26 1936 25 26 28 28 29 29 29 29 29 32 30 31 1937 29 31 31 34 33 33 32 32 33 33 30 29 1938 30 30 30 30 28 29 31 31 31 31 31 31 1939 31 31 32 33 33 33 33 33 33 34 34 35 1940 30 33 34 35 34 35 36 36 36 36 37 39 1941 36 38 39 42 43 41 43 50 45 43 45 45 1942 50 47 48 46 43 43 44 50 47 51 49 52 1943 51 65 49 51 51 56 53 53 55 56 54 55 1944 56 56 59 57 62 58 60 63 62 64 65 67 1945 66 68 72 62 66 68 73 68 69 74 73 74 1946 75 87 86 86 86 95 89 100 94 91 92 94 1947 94 92 93 94 99 93 94 93 100 97 107 104 1948 101 100 102 103 103 105 105 106 107 107 105 103 1949 101 101 100 96 98 96 97 98 98 98 99 100 1950 99 98 98 97 98 101 125 112 108 97 106 108 1951 128 108 99 98 98 98 104 106 105 105 1 Data not available. 1506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] ST. LOUIS FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 19191 19201 19211 1922 38 41 45 44 44 41 41 44 46 48 47 40 43 1923 38 47 50 50 50 47 47 52 56 57 54 47 49 1924 47 53 58 58 58 53 52 56 57 61 61 49 55 1925 47 51 55 56 55 52 51 56 58 60 62 51 55 1926 47 52 55 56 54 53 52 54 59 63 61 50 55 1927 47 50 54 56 54 51 51 52 57 60 60 50 53 1928 46 50 52 52 51 49 46 49 53 55 58 45 51 1929 42 45 49 49 48 46 44 47 50 56 54 44 48 1930 41 43 48 49 47 45 42 45 46 53 51 41 46 1931 37 40 44 43 42 39 37 40 42 46 43 35 41 1932 32 36 38 37 36 34 31 32 34 38 37 32 35 1933 27 29 29 31 29 28 29 33 37 39 39 31 32 1934 31 33 34 35 35 33 31 33 34 38 37 35 34 1935 28 33 34 36 35 32 30 32 34 37 38 30 33 1936 29 32 35 36 36 33 32 36 37 39 39 34 35 1937 34 38 42 44 44 41 40 42 43 45 45 35 41 1938 32 36 39 39 39 36 34 36 39 40 40 32 37 1939 30 34 38 38 38 36 35 36 40 44 45 35 37 1940 32 37 41 42 41 38 36 39 41 45 45 36 39 1941 34 40 44 46 47 46 46 53 55 61 61 48 49 1942 46 56 62 69 73 71 68 66 66 68 63 50 63 1943 51 48 51 51 53 52 57 60 60 61 58 46 54 1944 48 51 54 56 55 57 59 61 62 63 58 45 56 1945 45 50 53 59 60 63 63 63 66 64 61 45 58 1946 48 55 62 67 73 77 83 88 92 101 101 84 77 1947 86 91 96 96 93 91 88 93 93 105 105 85 93 1948 90 101 108 113 106 102 104 108 114 120 118 94 106 1949 89 95 106 107 100 95 94 97 105 113 111 88 100 1950 85 99 108 112 114 103 101 110 124 140 137 110 112 1951 110 128 143 151 140 136 129 135 135 134 Adjusted for seasonal variation 19191 19201 19211 1922 43 42 43 42 42 43 44 44 43 44 42 46 1923 43 49 48 48 48 49 50 51 52 52 48 53 1924 54 54 56 57 56 56 55 56 53 56 55 55 1925 54 53 54 55 54 55 54 56 54 55 55 56 1926 55 55 55 55 54 55 55 55 55 56 54 55 1927 54 53 54 54 53 53 54 53 54 53 53 53 1928 53 54 52 51 50 51 50 50 51 48 51 48 1929 49 48 48 47 47 48 47 48 48 49 47 * 47 1930 47 46 47 47 46 46 46 46 45 45 45 44 1931 44 43 43 41 41 40 41 40 41 40 38 37 1932 37 38 37 36 35 35 34 32 33 33 33 34 1933 32 31 29 30 28 29 32 33 37 34 34 33 1934 36 35 33 34 34 34 34 33 34 33 33 37 1935 33 35 33 34 33 33 32 32 33 33 34 32 1936 34 34 34 34 34 34 35 36 36 35 35 37 1937 40 40 41 42 42 42 43 42 42 41 40 39 1938 39 38 38 37 37 37 36 36 37 36 36 36 1939 36 36 37 36 36 37 37 36 38 39 40 39 1940 39 39 39 40 40 39 38 38 39 40 40 40 1941 42 42 43 44 46 47 49 51 53 54 55 56 1942 55 60 62 65 71 72 68 61 62 60 59 60 1943 60 53 52 51 52 52 54 54 55 55 56 57 1944 57 57 57 56 55 54 55 56 56 57 56 55 1945 53 57 56 59 59 60 59 57 59 58 58 55 1946 57 61 65 67 73 73 79 81 82 91 94 101 1947 100 98 97 94 93 92 88 88 85 93 97 100 1948 103 106 105 106 105 108 108 108 108 106 107 106 1949 103 97 100 100 100 101 101 100 99 100 101 100 1950 98 101 102 105 114 109 109 113 117 124 124 125 1951 127 131 135 142 140 143 139 139 127 119 i Data not available. 1507 DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] MINNEAPOLIS FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 33 30 37 39 37 39 30 32 37 40 42 53 37 1920 37 32 40 41 43 43 35 36 43 44 46 59 42 1921 36 32 39 43 41 39 32 32 38 40 41 51 39 1922 31 27 32 40 38 36 29 32 38 42 42 60 37 1923 33 29 36 44 41 39 31 35 41 43 43 60 40 1924 33 30 34 44 41 39 31 33 41 40 46 62 39 1925 34 33 37 44 42 39 31 34 41 49 44 64 41 1926 34 32 36 42 41 36 32 33 42 43 42 60 39 1927 33 33 35 40 38 36 31 35 38 42 41 61 39 1928 31 31 36 35 37 34 29 32 42 35 38 58 37 1929 33 29 34 34 35 37 29 31 41 39 39 56 36 1930 31 29 31 36 36 34 26 29 39 39 35 50 35 1931 31 27 34 36 34 32 25 27 33 35 32 45 33 1932 27 22 27 30 26 25 17 20 29 31 25 34 26 1933 21 18 22 28 25 25 18 23 29 30 25 40 25 1934 23 21 28 28 28 26 18 23 33 31 30 47 28 1935 21 22 26 29 29 31 23 26 34 35 35 47 30 1936 22 21 27 32 35 33 26 29 38 42 38 52 33 1937 25 25 33 33 36 35 27 29 41 42 38 51 34 1938 25 23 30 35 32 33 27 28 38 39 38 52 33 1939 26 23 31 36 34 33 27 30 42 42 37 59 35 1940 27 25 33 36 36 36 27 34 41 41 41 59 36 1941 28 27 36 42 43 40 32 42 49 45 46 67 41 1942 37 33 40 43 39 38 32 38 49 52 54 73 44 1943 37 44 43 52 48 49 39 45 56 57 62 81 51 1944 40 41 50 56 55 52 45 51 63 63 72 97 57 1945 47 50 67 55 58 61 52 56 73 74 86 109 66 1946 57 65 80 84 86 84 72 82 103 99 108 138 88 1947 70 72 92 94 94 94 77 86 111 108 121 153 98 1948 78 74 94 103 106 100 86 94 113 122 120 156 104 1949 73 72 86 104 100 92 77 87 109 112 111 158 99 1950 69 77 82 100 99 99 102 105 115 117 122 174 105 1951 88 86 84 100 101 94 81 Q7 112 118 Adjusted for seasonal variation 1919 37 37 39 37 36 37 37 37 36 37 38 39 1920 42 41 41 40 42 42 43 42 43 42 42 42 1921 41 41 41 41 40 39 39 38 38 37 37 35 1922 36 36 36 36 36 36 37 37 38 39 38 40 1923 39 39 39 41 40 40 39 41 40 40 39 39 1924 39 38 39 40 39 39 39 39 40 37 42 41 1925 41 40 40 40 41 41 39 40 40 44 41 42 1926 41 40 37 40 40 39 40 39 41 39 39 39 1927 40 40 39 37 37 38 39 41 36 39 39 40 1928 37 - 38 38 33 37 36 37 38 39 32 36 38 1929 39 36 35 34 35 38 37 37 37 35 37 37 1930 35 36 34 34 36 35 35 35 35 35 34 34 1931 35 34 35 35 33 32 34 33 29 31 31 30 1932 30 28 28 29 26 25 25 24 26 27 25 23 1933 23 23 24 26 25 25 25 28 25 26 24 27 1934 26 27 29 27 28 26 26 28 29 28 29 31 1935 28 31 30 29 29 31 29 29 30 30 32 30 1936 29 29 30 31 35 34 33 33 33 36 34 34 1937 33 35 35 33 36 35 34 33 36 36 34 33 1938 33 33 34 34 32 33 34 32 34 34 34 33 1939 34 33 34 35 34 34 35 35 37 36 34 38 1940 35 35 35 36 36 38 36 38 36 37 37 37 1941 37 38 39 40 42 42 42 47 43 41 41 42 1942 49 43 43 41 39 40 41 43 45 47 46 47 1943 48 57 47 49 50 52 51 52 51 52 52 53 1944 53 52 54 54 57 55 57 59 58 59 60 64 1945 62 63 68 55 60 64 65 65 67 68 72 72 1946 75 82 84 82 87 88 89 94 94 91 90 92 1947 94 96 97 95 93 98 96 98 100 99 101 102 1948 102 102 100 104 104 104 107 105 102 109 104 102 1949 97 99 100 102 98 96 95 97 99 99 99 100 1950 91 104 94 98 98 102 127 117 104 103 108 109 1951 117 117 93 101 100 98 101 109 101 104 1508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] MINNEAPOLIS FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 1919 39 43 46 46 51 44 50 50 50 56 57 47 48 1920 51 56 61 61 62 58 59 62 64 65 63 49 59 1921 42 46 50 50 51 49 49 52 55 57 57 48 51 1922 45 49 53 50 50 48 47 49 52 54 55 45 50 1923 46 50 56 55 55 51 51 53 56 59 59 48 53 1924 48 53 57 56 57 53 51 53 58 61 62 51 55 1925 50 53 58 58 57 53 52 55 59 60 61 50 56 1926 50 53 57 58 56 52 49 50 53 55 55 44 53 1927 45 48 52 52 50 47 46 48 52 54 54 43 49 1928 45 49 51 51 48 45 46 46 48 50 50 41 47 1929 42 44 47 48 47 42 39 41 43 47 48 39 44 1930 39 41 43 43 42 40 37 38 42 46 47 38 41 1931 35 36 39 40 39 38 35 36 40 41 42 35 38 1932 33 34 36 36 35 33 30 30 32 34 35 30 33 1933 28 29 30 30 29 29 29 31 35 37 38 32 31 1934 30 32 33 34 34 32 29 31 33 36 37 31 33 1935 28 30 33 32 33 30 29 31 36 38 39 32 32 1936 31 32 34 35 34 32 32 33 37 39 40 33 34 1937 33 35 39 40 40 38 36 39 42 43 43 34 39 1938 31 33 35 34 36 34 32 34 38 38 40 32 35 1939 31 33 37 35 36 35 35 36 39 42 44 35 37 1940 34 36 39 38 39 36 36 37 42 44 45 37 39 1941 38 40 44 43 44 43 46 49 54 59 60 49 47 1942 47 50 57 58 65 65 65 65 64 63 60 49 59 1943 48 46 49 46 49 50 54 58 58 60 59 49 52 1944 51 53 57 53 57 57 60 63 65 66 63 50 58 1945 51 53 55 54 61 60 63 61 61 62 61 47 57 1946 53 53 58 60 68 70 80 82 86 95 98 85 74 1947 87 89 93 93 92 84 88 86 90 95 104 91 91 1948 97 103 115 116 112 105 109 108 114 117 120 99 110 1949 97 98 105 104 101 97 96 94 99 103 109 90 100 1950 94 98 104 106 105 97 95 97 106 119 124 103 104 1951 106 110 124 129 126 117 120 117 117 120 Adjusted for seasonal variation 1919 43 45 45 46 50 45 52 50 48 51 51 53 1920 57 58 59 60 61 61 61 62 61 59 57 55 1921 47 48 48 49 50 52 51 52 53 52 52 54 1922 51 51 50 49 49 50 49 49 50 49 50 50 1923 52 52 53 54 54 54 54 54 54 54 54 53 1924 54 54 54 54 56 55 54 54 55 56 56 56 1925 56 55 55 56 56 56 55 56 56 55 56 56 1926 56 54 55 55 54 54 52 52 51 50 50 49 1927 49 49 50 49 49 49 49 49 50 49 49 48 1928 49 50 49 48 47 48 48 47 47 46 45 46 1929 46 45 45 45 46 44 42 43 42 42 43 42 1930 42 43 42 42 41 41 41 41 41 41 42 41 1931 39 38 39 39 39 39 38 38 39 37 37 36 1932 36 36 36 35 35 34 33 32 31 30 31 31 1933 31 30 29 29 29 30 31 32 33 34 33 33 1934 33 33 33 33 33 33 32 33 32 33 33 33 1935 31 31 32 32 32 31 31 32 33 34 34 34 1936 34 34 34 34 34 34 35 34 34 35 35 36 1937 37 37 38 39 39 40 40 40 39 39 38 37 1938 35 35 34 34 36 36 35 35 35 35 35 35 1939 35 35 36 35 36 36 37 37 37 37 38 38 1940 38 38 37 38 39 38 38 38 39 39 40 40 1941 43 43 43 43 44 45 48 49 51 53 53 53 1942 53 56 58 61 65 65 63 60 59 56 55 56 1943 55 52 51 49 49 50 51 53 53 54 55 55 1944 57 60 59 58 57 57 56 58 59 59 58 57 1945 58 58 58 58 60 60 59 57 56 56 56 54 1946 58 59 61 64 67 71 75 77 81 86 90 93 1947 92 91 90 90 90 88 89 90 89 90 94 98 1948 103 106 111 111 110 110 112 113 113 110 108 107 1949 102 101 101 100 99 101 99 98 98 98 98 99 1950 100 100 100 102 103 101 98 101 105 112 111 112 1951 113 114 119 123 123 122 124 123 116 113 1509 DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] KANSAS CITY FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 19191 19201 19211 19221 19231 1924 32 31 32 36 35 34 27 28 ' "38"" 38" " 42 60 36 " 1925 30 31 35 38 37 35 28 30 39 44 43 64 38 1926 31 31 34 37 37 35 27 30 40 40 44 64 37 1927 32 32 34 38 37 34 28 32 39 40 45 64 38 1928 30 29 33 35 36 31 27 30 40 39 42 63 36 1929 29 30 36 34 35 32 26 29 40 38 41 60 36 1930 26 29 32 35 34 31 25 28 37 36 37 55 34 1931 26 26 29 32 33 28 21 24 29 29 31 44 29 1932 20 21 23 24 24 20 15 17 26 24 23 32 22 1933 16 17 18 23 23 20 16 21 24 26 24 40 22 1934 19 20 25 26 27 22 18 22 31 27 28 45 26 1935 19 22 25 26 26 26 21 24 30 31 30 46 27 1936 21 22 28 29 31 29 23 25 33 35 34 52 30 1937 23 25 31 33 35 30 24 27 36 36 34 50 32 1938 23 24 29 31 31 28 24 26 33 34 33 51 30 1939 23 23 30 33 33 29 25 28 35 36 34 55 32 1940 23 25 32 33 34 31 26 31 37 35 38 57 34 1941 26 28 34 38 39 36 32 41 45 40 42 65 39 1942 35 33 41 42 39 37 35 43 53 54 59 81 46 1943 44 52 48 55 51 53 45 51 61 63 71 88 57 1944 48 50 57 57 60 55 52 60 69 70 82 106 64 1945 56 61 73 61 64 63 60 63 75 79 90 115 72 1946 63 75 80 86 85 84 75 88 98 99 107 141 90 1947 71 78 89 92 94 89 79 88 107 106 125 160 98 1948 78 81 95 102 104 96 86 97 109 114 118 159 103 1949 70 79 89 99 98 91 80 88 104 106 114 166 99 1950 75 80 91 100 101 98 112 109 118 108 124 183 108 1951 99 93 101 100 104 97 85 102 119 117 Adjusted for seasonal variation 19191 19201 19211 19221 19231 1924 39 37 35 35 36 37 37 35 36 36 37 36 1925 36 37 37 37 38 38 38 38 37 41 37 38 1926 37 37 35 37 38 38 38 37 38 38 39 38 1927 39 38 36 38 38 38 38 38 36 38 39 38 1928 37 36 35 35 36 35 37 37 37 37 36 37 1929 36 36 37 35 35 36 36 35 37 35 36 35 1930 34 35 34 34 34 34 34 34 34 34 33 33 1931 33 32 31 32 32 31 30 28 27 27 27 26 1932 26 26 24 24 23 22 21 21 24 22 21 19 1933 21 21 19 22 22 23 23 25 22 24 22 24 1934 25 25 26 26 25 24 24 26 28 25 26 27 1935 26 27 27 26 25 28 28 28 28 28 28 28 1936 28 28 30 29 30 31 30 30 30 31 32 31 1937 31 32 32 33 34 32 32 32 32 33 32 30 1938 31 31 31 30 29 30 31 30 30 31 31 31 1939 31 30 32 32 32 31 32 32 32 32 32 34 1940 31 33 33 33 33 34 33 34 34 33 35 35 1941 34 36 36 37 39 39 41 44 41 38 38 41 1942 44 41 42 42 41 41 44 47 49 51 51 52 1943 56 63 52 54 54 57 55 55 57 60 60 59 1944 60 60 59 58 64 59 64 65 65 67 69 70 1945 71 71 74 63 67 67 73 69 71 76 77 77 1946 80 88 85 85 87 89 91 96 92 94 94 94 1947 95 94 94 94 94 95 96 95 100 100 109 104 1948 103 100 100 105 104 102 105 105 103 107 103 101 1949 94 99 100 98 98 98 98 95 98 100 101 102 1950 100 100 101 101 101 105 137 118 112 102 110 112 1951 132 116 110 103 104 104 104 111 112 110 i Data not available. 1510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] KANSAS CITY FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 19191 19201 19211 19221 19231 1924 49 54 58 58 56 50 49 53 56 59 58 47 54 1925 49 56 61 62 51 57 54 62 66 68 68 55 59 1926 53 61 66 65 64 60 58 62 66 70 70 56 63 1927 52 60 65 63 62 58 55 64 68 73 73 56 62 1928 53 60 63 63 57 57 55 61 63 67 66 54 60 1929 50 58 61 62 59 55 53 58 61 64 64 51 58 1930 47 53 55 55 52 49 47 50 54 57 57 45 52 1931 42 48 50 49 47 45 42 46 48 49 49 40 46 1932 37 40 42 42 39 37 34 34 36 38 38 31 37 1933 29 31 32 32 31 31 31 35 39 41 40 32 34 1934 29 32 34 34 34 32 30 32 34 37 37 29 33 1935 27 30 33 33 33 30 28 30 34 37 39 30 32 1936 28 31 33 34 34 32 31 33 37 47 40 33 34 1937 32 36 39 41 38 37 35 38 41 41 42 33 38 1938 30 33 35 35 34 33 31 33 36 37 39 31 34 1939 30 33 35 35 34 33 31 32 35 38 40 32 34 1940 32 35 37 38 37 35 33 35 38 40 40 33 36 1941 33 36 39 40 39 39 41 44 49 56 57 46 43 1942 43 48 53 57 60 62 61 60 60 57 56 45 55 1943 44 44 48 51 49 52 58 60 61 62 59 48 53 1944 49 52 53 54 53 55 60 61 61 63 58 44 55 1945 46 49 50 55 57 59 62 62 61 62 60 45 56 1946 51 52 58 64 68 74 80 80 87 95 97 88 74 1947 92 94 97 97 93 89 84 86 90 98 102 87 93 1948 94 106 113 113 111 108 107 105 110 113 116 94 108 1949 95 98 105 104 101 96 93 92 93 111 116 92 100 1950 97 104 112 114 114 108 100 105 117 133 138 110 113 1951 120 127 139 149 144 137 1.M 134 133 134 Adjusted for seasonal variation 19191 19201 19211 19221 19231 1924 53 54 54 54 57 '53'" 54 53 53 55 54 54 1925 55 56 57 58 53 60 59 62 62 62 62 63 1926 62 61 62 62 66 62 63 62 63 62 63 63 1927 62 61 61 60 64 60 60 63 64 63 65 62 1928 63 62 61 61 59 60 60 60 59 59 58 60 1929 59 60 59 59 61 58 58 57 57 56 56 56 1930 55 54 54 53 52 52 51 51 50 51 50 49 1931 49 49 49 47 47 47 46 46 45 44 43 43 1932 43 42 41 40 39 39 37 35 34 34 33 33 1933 33 32 31 31 31 33 34 36 37 36 35 34 1934 33 33 33 33 33 33 34 34 32 32 32 31 1935 32 31 32 32 32 32 31 31 33 32 34 33 1936 32 32 31 32 33 33 35 35 36 41 35 36 1937 37 37 37 37 37 38 39 39 39 37 37 37 1938 35 34 33 32 33 33 34 34 35 34 35 34 1939 34 34 33 32 33 34 34 34 34 35 36 36 1940 36 37 36 36 36 36 35 36 36 36 36 37 1941 37 38 39 39 39 41 42 44 46 50 52 51 1942 49 52 54 57 61 63 59 57 55 52 52 51 1943 51 49 50 51 50 52 54 55 56 55 56 56 1944 55 57 55 55 54 55 55 56 56 57 55 53 1945 52 54 53 55 57 59 58 57 57 57 57 53 1946 55 56 60 64 67 73 78 78 82 86 90 102 1947 100 98 96 95 92 89 84 88 87 90 95 98 1948 103 107 109 109 109 109 111 111 110 104 104 105 1949 102 99 100 99 99 98 99 98 93 102 104 104 1950 104 105 107 109 111 111 107 112 117 122 122 123 1951 129 128 132 142 141 141 141 143 133 123 1 Data not available. DECEMBER 1951 1511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] DALLAS FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 1919 17 16 21 19 20 20 15 16 23 24 28 38 21 1920 22 21 28 25 27 25 19 19 26 29 31 38 26 1921 20 20 23 21 23 21 16 14 20 24 23 32 21 1922 17 17 18 19 20 19 14 14 22 22 23 33 20 1923 17 17 20 20 23 20 15 14 23 25 25 34 21 1924 18 18 20 21 23 21 15 15 25 25 26 36 22 1925 19 20 22 22 23 20 15 16 23 27 26 37 23 1926 20 21 22 22 25 22 16 19 25 27 27 39 24 1927 19 20 22 24 25 20 16 17 24 27 27 41 23 1928 20 20 23 23 25 21 16 17 26 26 28 42 24 1929 19 20 25 22 24 21 16 17 24 26 29 40 24 1930 17 20 21 23 22 20 15 17 23 25 25 34 22 1931 16 18 19 20 21 17 13 14 17 19 20 28 19 1932 12 13 14 14 14 12 9 10 16 17 15 21 14 1933 10 11 11 14 14 12 10 13 15 18 17 27 14 1934 12 14 17 17 17 15 12 13 20 19 20 32 17 1935 13 15 18 18 17 17 13 14 21 20 22 33 19 1936 15 17 19 20 22 21 17 18 25 28 26 39 22 1937 18 20 22 23 24 22 17 20 27 29 28 41 24 1938 19 20 22 23 23 21 18 20 27 28 28 41 24 1939 19 21 23 26 25 22 19 21 28 30 29 46 26 1940 20 21 26 24 25 23 20 23 31 29 32 48 27 1941 23 24 28 30 33 28 25 33 36 33 38 55 32 1942 30 27 32 32 32 29 26 33 42 44 48 67 37 1943 37 48 40 45 45 43 38 43 55 59 63 82 50 1944 42 48 54 53 55 49 46 52 63 66 75 100 58 1945 50 57 64 54 59 54 54 57 70 76 84 112 66 1946 59 71 75 81 79 75 70 81 94 93 105 137 85 1947 71 74 81 85 89 78 72 82 99 100 129 162 94 1948 81 84 100 104 103 92 88 96 115 110 122 167 105 1949 78 81 92 99 99 90 84 89 108 110 116 174 102 1950 81 87 96 105 105 97 120 110 124 108 127 193 113 1951 100 95 108 106 109 inn iru 124 119 Adjusted for seasonal variation 1919 20 19 22 19 19 21 21 22 22 21 24 24 1920 26 25 28 27 27 26 26 27 25 25 26 24 1921 24 24 23 22 22 22 21 20 19 21 20 20 1922 19 20 19 19 20 20 20 20 21 19 20 21 1923 20 20 20 21 22 21 21 20 22 22 21 21 1924 21 21 21 21 22 22 22 21 23 22 22 22 1925 23 24 23 23 23 22 22 23 22 24 22 23 1926 24 25 22 23 24 24 24 27 23 24 23 24 1927 23 23 23 24 24 23 23 24 22 23 23 24 1928 24 23 23 24 24 24 24 24 24 23 24 25 1929 25 24 24 23 24 24 24 23 23 23 24 23 1930 23 24 23 22 22 22 22 22 22 21 21 20 1931 21 21 20 20 21 19 19 18 16 16 17 17 1932 16 16 14 14 14 14 13 13 15 14 13 12 1933 13 13 12 14 14 14 15 16 14 15 15 16 1934 17 17 18 17 17 17 17 17 18 17 18 18 1935 18 18 19 18 17 18 19 18 19 19 19 19 1 1 1 1 9 9 9 9 3 3 3 3 6 7 8 9 2 2 2 2 0 3 5 5 2 2 2 2 0 4 4 5 2 2 22 1 3 55 2 2 2 2 5 1 3 6 2 2 2 2 2 4 6 4 2 2 2 2 3 4 4 6 2 2 2 2 3 4 4 6 2 2 2 2 3 5 4 5 2 2 2 2 2 5 4 5 2 2 2 2 4 4 4 7 2 2 2 2 3 4 5 5 2 2 2 2 3 5 4 7 1940 26 26 27 26 26 26 27 28 28 27 28 29 1941 29 29 30 30 33 33 33 38 33 30 33 33 1942 37 33 33 34 32 34 34 38 38 40 41 42 1943 46 56 43 46 47 51 49 49 51 53 52 52 1944 52 54 57 55 58 57 59 60 60 60 62 63 1945 63 63 65 58 63 63 69 65 66 70 70 71 1946 74 79 82 82 83 86 88 92 89 88 88 87 1947 89 88 86 88 91 90 89 92 94 96 107 101 1948 102 103 104 lit 105 104 108 107 107 105 104 103 1949 100 100 102 98 101 102 101 99 101 105 101 106 1950 104 107 104 106 107 110 143 122 116 103 113 116 1951 129 118 112 112 111 113 114 115 115 114 1512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] DALLAS FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 29 30 33 32 35 33 31 35 38 40 39 34 34 1920 35 39 42 43 46 46 47 53 58 57 51 35 46 1921 32 35 37 37 36 35 34 39 42 42 42 32 37 1922 32 34 37 37 36 32 32 35 37 38 38 30 35 1923 31 34 37 38 37 35 35 39 41 42 41 34 37 1924 34 38 40 41 39 37 36 40 42 43 43 34 39 1925 34 38 41 41 41 37 37 41 44 44 44 34 40 1926 33 36 39 40 37 34 32 35 38 39 38 30 36 1927 29 32 35 35 34 32 30 33 36 38 38 29 33 1928 29 31 33 33 32 29 27 32 34 35 36 27 32 1929 28 31 33 33 32 29 28 31 35 36 36 29 32 1930 28 29 31 31 30 28 26 28 30 34 34 25 29 1931 24 23 27 27 26 24 22 24 27 28 28 21 25 1932 20 21 22 22 20 20 18 18 20 21 22 17 20 1933 16 17 18 18 18 17 17 20 24 25 25 19 20 1934 18 20 22 23 22 21 20 22 24 25 26 20 22 1935 19 21 23 24 23 21 20 22 25 26 27 20 23 1936 20 22 24 25 25 23 22 25 27 27 29 23 24 1937 23 26 28 29 29 27 26 28 32 32 31 24 28 1938 22 24 28 28 27 25 24 26 31 31 31 24 27 1939 24 26 28 28 26 25 24 27 30 31 32 25 27 1940 26 29 31 31 29 27 26 28 31 33 33 27 29 1941 27 28 31 32 31 31 32 36 39 43 44 36 34 1942 36 39 42 45 46 45 45 46 45 44 43 34 42 1943 35 33 36 39 38 40 47 50 51 51 48 39 42 1944 42 43 45 46 45 47 51 54 53 54 51 40 48 1945 40 42 45 48 51 55 57 58 65 59 55 45 52 1946 44 46 51 55 63 67 75 81 82 87 89 84 69 1947 80 83 88 86 88 84 84 90 90 95 108 93 89 1948 95 105 114 114 112 105 106 112 114 118 120 98 110 1949 95 102 109 108 102 94 93 97 102 110 113 93 101 1950 94 103 111 112 108 99 100 113 125 134 136 112 112 1951 116 124 142 146 141 128 129 137 138 136 Adjusted for seasonal variation 1919 32 32 34 33 34 33 34 33 33 35 35 41 1920 39 41 42 43 45 47 51 51 51 50 46 42 1921 36 37 37 37 35 36 37 38 38 37 38 38 1922 37 36 36 36 35 34 34 34 33 34 35 35 1923 35 36 36 36 36 37 37 38 38 38 38 39 1924 39 39 39 39 39 39 39 39 38 39 39 39 1925 39 39 40 39 40 40 40 40 40 39 39 39 1926 38 37 38 38 37 36 35 35 35 35 34 34 1927 34 34 34 33 33 34 33 33 33 33 33 32 1928 32 32 32 32 31 31 31 32 31 31 31 31 1929 32 32 32 32 32 31 32 32 32 31 31 31 1930 31 31 30 30 30 30 29 29 28 29 28 28 1931 27 24 27 26 26 25 26 25 25 24 23 23 1932 22 23 22 22 21 21 20 18 18 18 18 19 1933 18 19 18 18 18 18 19 20 22 21 21 21 1934 21 22 22 22 22 22 22 22 22 22 22 22 1935 22 22 23 23 23 22 22 22 23 23 24 23 1936 23 23 23 24 24 24 25 25 25 24 26 26 1937 27 27 27 28 28 29 29 28 29 28 27 26 1938 26 26 27 27 27 27 26 27 28 27 27 27 1939 28 27 27 27 27 27 27 28 28 28 28 28 1940 29 30 30 30 30 29 28 29 29 29 29 30 1941 30 30 31 31 32 32 33 35 36 38 40 41 1942 40 42 42 44 47 46 43 43 42 40 40 39 1943 39 37 39 39 39 41 44 45 46 46 46 46 1944 48 48 48 47 46 47 48 48 48 48 49 47 1945 45 46 48 49 52 55 54 52 58 53 52 53 1946 49 52 54 57 63 67 71 74 75 79 83 94 1947 88 88 87 86 87 86 86 87 86 87 98 103 1948 106 107 109 109 111 112 113 113 111 107 108 108 1949 105 103 103 102 101 101 101 99 100 101 101 101 1950 104 104 105 106 107 107 109 115 123 123 121 121 1951 129 126 134 138 140 138 141 140 135 125 DECEMBER 1951 1513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE SALES [Index numbers; 1947-49 average =100] SAN FRANCISCO FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Without seasonal adjustment 1919 13 13 14 16 17 17 15 16 19 20 21 32 18 1920 19 17 19 20 22 21 18 20 22 23 23 34 22 1921 20 18 19 19 21 19 16 18 20 21 20 31 20 1922 18 16 17 19 22 19 17 19 20 23 24 36 21 1923 20 20 22 22 25 23 21 22 24 26 26 40 24 1924 22 22 22 24 24 23 20 22 24 26 26 40 25 1925 22 22 24 25 26 24 22 24 26 28 30 44 26 1926 23 23 26 26 27 25 22 26 29 29 30 48 28 1927 24 24 26 28 28 26 23 26 29 30 31 47 29 1928 25 25 26 29 29 26 25 27 30 32 31 50 30 1929 26 25 28 28 30 27 24 27 31 31 32 51 30 1930 25 25 26 29 28 26 22 26 28 28 28 44 28 1931 23 22 25 26 26 23 21 23 25 24 25 37 25 1932 18 18 20 19 19 17 15 18 19 20 18 29 19 1933 14 14 14 18 18 17 16 18 20 19 19 33 18 1934 16 17 20 19 19 18 16 20 22 22 23 38 21 1935 18 19 20 24 23 22 20 22 26 27 27 43 24 1936 20 21 24 26 26 26 24 26 30 30 31 49 28 1937 23 24 29 28 29 28 25 28 31 31 31 49 30 1938 23 22 24 28 28 26 24 26 28 29 32 48 28 1939 23 24 27 30 29 28 25 28 32 34 33 55 31 1940 25 26 30 30 32 30 28 31 36 35 38 60 33 1941 28 30 33 37 37 36 34 44 44 41 45 67 40 1942 37 38 42 43 41 40 40 46 54 55 64 86 49 1943 44 55 50 55 53 54 49 53 58 64 74 95 59 1944 49 52 58 58 59 57 54 59 66 70 87 110 65 1945 58 64 69 60 64 64 63 62 72 75 94 121 72 1946 63 74 76 85 84 85 79 86 96 99 112 151 91 1947 75 83 88 90 91 89 83 92 102 104 123 169 99 1948 82 86 95 98 100 100 92 100 104 102 115 171 104 1949 79 78 84 97 95 93 83 93 97 99 106 167 98 1950 74 80 86 95 94 95 115 104 110 102 114 185 105 1951 99 93 94 95 98 97 03 101 108 107 Adjusted for seasonal variation 1919 15 16 17 17 16 18 18 18 19 19 19 20 1920 21 21 21 22 22 22 22 22 22 21 21 21 1921 22 21 20 21 20 20 20 20 20 20 19 19 1922 19 19 20 20 21 20 20 20 20 22 22 23 1923 22 23 23 24 24 24 25 24 24 25 24 25 1924 25 25 25 24 24 24 24 25 24 25 25 25 1925 25 25 26 26 26 26 27 26 26 26 28 27 1926 27 27 28 28 27 28 27 28 28 28 28 29 1927 28 28 29 29 29 29 28 29 29 28 29 29 1928 29 29 28 30 29 29 30 30 30 30 29 30 1929 30 30 29 30 30 30 30 29 30 30 30 31 1930 29 30 29 29 28 29 27 27 27 27 27 27 1931 27 26 27 27 27 26 26 25 24 23 24 22 1932 22 22 21 20 20 19 18 18 19 19 17 17 1933 17 17 16 18 19 19 20 19 19 18 18 19 1934 20 20 21 20 20 20 20 21 21 22 22 22 1935 23 23 23 24 23 24 24 24 25 26 25 25 1936 25 26 27 27 27 28 29 28 29 29 29 29 1937 29 30 31 30 30 30 30 30 30 30 29 29 1938 29 28 28 28 29 28 28 28 27 28 30 29 1939 30 30 30 31 30 30 30 30 31 32 31 33 1940 32 32 32 32 33 33 34 34 34 34 36 36 1941 35 35 36 37 39 40 40 46 42 40 40 42 1942 45 43 44 45 45 45 48 50 52 53 53 54 1943 54 62 56 56 57 60 59 59 58 61 60 60 1944 60 59 62 61 63 63 65 66 66 68 70 70 1945 71 71 71 66 69 70 74 70 72 73 76 76 1946 80 83 87 88 90 91 92 94 95 95 94 95 1947 95 96 96 96 97 95 97 100 101 102 104 103 1948 103 103 104 105 105 107 107 106 104 100 102 102 1949 100 93 96 99 100 99 97 97 97 98 96 97 1950 94 96 96 99 99 101 134 110 110 100 104 108 1951 125 112 102 102 104 103 108 106 108 106 1514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1947-49 average =100] SAN FRANCISCO FEDERAL RESERVE DISTRICT Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Without seasonal adjustment 1919 23 23 24 24 25 24 25 28 33 33 34 29 27 1920 30 33 35 38 36 36 34 34 38 38 37 29 35 1921 27 27 28 30 30 29 29 31 34 33 33 28 30 1922 29 29 32 32 29 29 29 28 32 31 33 29 30 1923 29 30 33 35 33 34 32 32 37 37 38 31 33 1924 32 33 36 38 36 36 34 34 37 39 39 32 36 1925 33 33 35 37 36 35 34 35 38 40 39 33 36 1926 34 35 37 40 38 36 35 35 38 40 42 34 37 1927 35 37 39 40 39 38 37 36 39 42 42 36 38 1928 35 37 40 39 40 38 37 37 39 42 43 34 38 1929 34 35 38 40 38 37 35 37 39 43 44 35 38 1930 35 36 38 40 38 36 33 34 36 37 38 31 36 1931 31 31 32 34 33 31 30 30 33 33 33 27 32 1932 26 26 27 28 27 25 23 23 23 25 26 21 25 1933 21 20 21 21 21 21 20 22 25 29 29 23 23 1934 23 23 24 26 26 24 23 23 25 26 27 22 24 1935 22 24 26 27 27 26 25 25 27 30 31 24 26 1936 25 26 28 30 29 28 27 26 30 32 34 26 28 1937 26 28 31 34 34 33 32 30 35 37 36 28 32 1938 27 28 30 31 31 30 29 28 33 32 33 26 30 1939 27 28 31 33 32 31 30 29 34 37 37 29 32 1940 30 32 34 36 36 34 32 32 36 39 38 31 34 1941 31 33 36 37 39 38 39 42 46 53 53 44 41 1942 44 46 51 57 63 68 67 64 63 63 57 43 57 1943 47 43 47 50 51 52 56 59 63 57 58 48 53 1944 48 49 51 55 59 56 57 58 59 60 56 42 54 1945 45 46 49 54 58 62 62 63 64 63 62 45 56 1946 49 51 54 62 69 68 82 81 86 93 97 86 73 1947 86 89 95 95 94 90 89 85 93 101 107 90 93 1948 97 102 111 118 112 107 108 104 109 114 117 90 107 1949 90 94 103 104 103 98 97 96 103 108 114 89 100 1950 91 98 106 108 108 102 103 104 120 133 135 108 110 1951 114 122 135 147 142 133 134 132 135 136 Adjusted for sejsonal variation 1919 25 24 24 23 24 24 26 29 29 31 31 32 1920 32 35 34 36 35 36 36 36 34 35 34 32 1921 30 29 28 29 29 29 31 32 31 31 31 30 1922 31 31 32 31 29 29 30 29 30 29 30 31 1923 32 32 32 33 32 34 34 34 35 34 35 34 1924 34 35 36 36 36 36 36 35 35 36 35 35 1925 36 35 35 35 35 36 36 37 36 37 36 36 1926 37 37 37 38 36 37 37 36 37 37 38 37 1927 38 39 39 38 38 38 39 38 38 39 39 39 1928 38 39 39 38 39 38 39 39 38 38 38 37 1929 37 37 37 38 37 37 38 38 38 39 39 38 1930 38 38 38 38 37 36 36 36 35 33 34 34 1931 33 32 32 32 32 32 32 32 32 30 29 29 1932 27 27 27 27 27 26 25 24 23 23 23 22 1933 22 21 21 20 20 21 21 24 24 26 26 25 1934 25 24 24 25 25 25 25 25 24 24 24 24 1935 25 25 26 26 26 26 26 27 26 27 27 27 1936 28 27 28 29 28 28 28 28 28 29 30 30 1937 30 30 31 33 33 33 33 32 33 33 32 31 1938 31 30 30 30 30 30 30 30 30 29 30 30 1939 31 31 31 31 31 31 31 31 32 33 32 32 1940 34 34 34 34 34 34 33 34 34 35 34 35 1941 35 35 36 37 37 39 41 42 43 48 47 49 1942 49 52 55 57 60 66 63 61 58 56 53 52 1943 53 49 51 50 49 51 53 53 56 52 55 58 1944 55 56 55 56 57 55 54 53 52 54 53 51 1945 52 52 52 55 56 61 59 57 56 57 59 55 1946 53 56 57 63 68 70 76 79 82 86 89 92 1947 94 94 95 92 92 91 89 88 91 94 96 99 1948 103 107 109 113 109 109 109 108 106 105 104 103 1949 98 99 101 99 100 100 100 100 101 100 101 101 1950 101 103 103 103 104 104 106 108 117 121 122 121 1951 126 128 132 140 137 136 139 138 132 124 DECEMBER 1951 1515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES Part V. Distribution of Debt and Selected Nonliquid Assets of Consumer Spending Units] Rapid expansion of consumer debt, both short- marily the more recent acquisition of houses by the term and long-term, helped support high levels of younger group. demand for houses, automobiles, and other dur- Five in every 10 spending units had no non-realable goods during 1950. According to the Survey estate debt and another 3 in 10 owed less than of Consumer Finances, by early 1951 almost 6 in 10 per cent of their previous year's incomes. Only every 10 consumer spending units had some debt 1 in 10 consumer units had short-term debt that outstanding. The wide distribution of the debt, amounted to 20 per cent or more of income, and in the high level of income and employment, and the many cases this borrowing was related to business relatively large holdings of liquid assets facilitated investments. servicing of the debt. Consumers as a group were in a favorable finan- Approximately two-thirds of the debt owed by cial position at the beginning of 1951. The general consumer spending units early in 1951 was related softening in the market for automobiles and other to the ownership of nonfarm homes. Much of consumer durable goods in 1951 apparently did the remainder was associated with the acquisition not stem from an unusually large burden of debt of automobiles and other consumer durable goods. service charges. The incurrence of shorter term debt was often TOTAL DEBT purely a matter of convenience, for many spending The distribution of consumer debt among inunits had liquid assets that equaled or exceeded the come deciles did not vary in early 1951 from the amount of their shorter term debts. The distribudistribution a year earlier. At the beginning of tion of aggregate debt—including both real estate 1951, as in early 1950, about one-fourth of all conand non-real-estate debt—among income deciles sumer debt was owed by spending units that con- (tenths) was similar to that of personal income. stituted the tenth of the population having the About 47 per cent of owner-occupied nonfarm highest incomes in the previous year (see Table homes were encumbered by mortgages or related 1). Also, as in the previous year, the distribution forms of debt in early 1951. Two-thirds of the mortgages were for amounts of less than $5,000. TABLE 1 Spending units headed by younger persons had PROPORTION OF TOTAL MONEY INCOME AND TOTAL CONSUMER mortgages of $5,000 or more with greater frequency DEBT ACCOUNTED FOR BY EACH TENTH OF THE NATION'S than units headed by older persons, reflecting pri- SPENDING UNITS WHEN RANKED BY SIZE OF INCOME Spending units Money 1ncome 2 Total consumer debt 3 1 This is the fifth in a series of articles presenting the ranked by size results of the 1951 Survey of Consumer Finances sponsored of income 1 1950 1949 1951 1950 by the Board of Governors of the Federal Reserve System and conducted by the Survey Research Center of the Uni- Highest tenth 29 30 26 25 versity of Michigan. The first article in the series appeared Second 15 15 16 16 in the June BULLETIN and covered the economic outlook Third 13 12 14 13 and liquid asset position of consumers. The second article, Fourth 11 11 11 9 Fifth 9 9 11 10 devoted to durable goods expenditures in 1950 and buying Sixth 8 8 7 10 plans for 1951, appeared in the July BULLETIN. The third Seventh 6 6 5 5 article, analyzing the distribution of consumer income ap- N Ei i g n h th th 5 3 3 5 5 2 4 3 peared in the August BULLETIN, and the fourth, covering Lowest tenth 1 1 3 5 the 1950 saving of consumers, in the September BULLETIN. The present article was prepared by John A. Frechtling All cases 100 100 100 100 of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. The author has neces- 1 Ranking refers to income in year preceding year for which sarily maintained a close working relationship with the staff con 2 s M um on e e r y d i e n b c t o m is e g b iv e e fo n r . e taxes as reported early in year following of the Survey Research Center at all stages of the work and one specified. in his analysis of survey tabulations has had the benefit of 3 Includes mortgages on homes, farms, and other real estate; many suggestions from the Center's staff, particularly Harold instalment debt, charge accounts, and other debt owed to businesses, financial institutions, and individuals. Data refer to W. Guthrie, James K. Dent, and Kent Winter. debt at time of interview early in year specified. 1516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES of consumer debt among income deciles was simi- comparisons of the debt data for the respective lar to the distribution of total money income. years. One difference is that charge accounts were Mortgage debt accounts for the greater part of included in the 1951 survey but not in previous the total debt of consumers, but outstanding bal- surveys. Since the amount of this kind of debt is ances on instalment purchases, debts to banks, pol- small in relation to other kinds covered by the icy loans on life insurance, charge accounts, and survey, this difference is believed to have little other debts to individuals and institutions are also effect upon the distribution of total debt although important components of the debt data from the it has probably increased the frequency of indebted- 1951 survey. ness. The inclusion of charge account debt may Differences between the 1950 and 1951 survey have been partly responsible for the increase in the questionnaires necessitate careful qualification of estimated proportion of spending units having TABLE 2 INDEBTEDNESS WITHIN SPECIFIED GROUPS OF SPENDING UNITS, EARLY 1951 1 [Percentage distribution of spending units] All cases Amount of debt Group characteristic N b u e m r - c P e e n r t d N eb o t S d o e m bt e $ $ 2 1 0 - 0 $ $ 2 5 0 0 1 0 - $ $ 1 5 , 0 0 1 0 - 0 $ $ 1 2 , , 0 0 0 0 1 0 - $ $ 2 5 , , 0 0 0 0 1 0 - $5 o a , v n 0 e d 0 r 1 t a a N s i c n o e e t r d - All spending units 23,415 100 41 57 18 9 7 5 9 9 2 1950 money income before taxes: Under $1,000 418 100 69 29 13 4 5 3 3 1 2 $l,000-$l,999 514 100 52 45 21 9 6 3 4 2 3 $2,000-$2,999 567 100 39 59 23 10 9 6 7 4 2 $3 000-$3,999 . . 601 100 32 66 20 12 7 6 12 9 2 $4,000-$4,999 441 100 30 68 14 9 12 8 12 13 2 $5 000-$ 7 499 538 100 30 66 14 7 8 6 16 15 4 $7 500 and over 294 100 35 63 13 3 3 4 10 30 2 Liquid asset holdings: None 797 100 42 55 21 12 7 5 6 4 3 $1-$199 511 100 24 75 18 13 11 6 15 12 $200-$499 462 100 35 63 19 7 8 7 11 11 2 $500-$999 379 100 39 59 16 8 7 6 11 11 2 $l,000-$l,999 398 100 48 50 14 5 7 5 9 10 2 $2,000-$4,999 424 100 51 48 15 4 6 4 11 8 1 $5,000 and over 343 100 65 33 16 2 1 1 3 10 2 Occupation of head of spending unit: Professional and semiprofessional 269 100 36 63 20 10 4 5 7 17 1 Managerial and self-employed 485 100 31 66 18 8 7 6 12 15 3 Clerical and sales 477 100 39 59 23 6 9 3 9 9 2 Skilled and semiskilled 901 100 32 66 20 12 8 6 12 8 2 Unskilled and service 289 100 44 52 18 14 8 5 3 4 4 Farm operator 388 100 46 51 12 5 9 7 11 7 3 Retired 218 100 65 31 10 2 7 3 6 3 4 Other 275 100 58 40 17 5 2 5 5 6 2 Age of head of spending unit: 18-24 269 100 51 48 27 8 6 2 2 1 25-34 711 100 I 30 69 20 13 10 9 12 1 35-44 781 100 ! 26 72 19 12 9 7 13 12 2 4 5 5 5 - - 5 6 4 4 6 5 5 4 9 0 1 1 0 0 0 0 1 i 5 3 1 9 4 5 6 8 1 1 6 6 5 7 4 7 6 5 1 9 3 1 5 1 3 3 65 or over . . 434 100 ! 71 26 11 3 4 3 3 2 3 Family status: Single person:3 Age 18-44 419 100 52 47 27 8 6 1 3 2 1 Age 45 or over 461 100 69 29 10 3 4 4 6 2 2 Married:4 Age 18-44, no children under 18 304 100 30 69 22 14 10 6 9 8 1 Age 18-44, 1-2 children under 18 612 100 1 26 72 17 13 10 7 11 14 2 Age 18-44, 3 or more children under 18.... 291 100 17 80 19 13 10 8 15 15 3 Age 45 or over, no children under 18 756 100 52 45 15 5 5 5 8 7 3 Age 45 or over, 1 or more children under 18. 391 100 30 66 20 8 7 7 13 11 4 1 Includes mortgages on homes, farms, and other real estate; instalment debt, charge accounts, and other debt owed to businesses financial institutions, and individuals. 2 Total exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained. 3 Includes widowed, divorced, and separated persons. 4 Age refers to head of spending unit. DECEMBER 1951 1517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES some debt from 52 per cent in 1950 to 57 per cent per cent in the proportion of such homes encumin 1951. The effect of the inclusion of charge bered by mortgages or similar debt.2 The number accounts is particularly important among the of mortgaged owner-occupied homes rose from higher income groups. about 9 million to 10.5 million in this period. Because of differences in the survey questionnaires The amount of the mortgage outstanding on a covering different years, chief emphasis in this ar- home depends on the original size of the mortgage ticle will be on findings for the year 1951. Com- and on the amount of principal which has been parisons with previous years will be made only if repaid. The maximum amount of the original data have not been significantly affected by changes mortgage is limited by prevailing practices with in the questionnaire. For example, since questions respect to the acceptable ratio of the amount relating to mortgage debt have been the same in of the mortgage to the value of the house and by the last three surveys, the mortgage data may be the level of real estate values at the time the mortcompared. gage is made. The amount remaining to be paid on a mortgage at a given time depends on the DEBT ON OWNER-OCCUPIED NONFARM HOMES An increase in the number of owner-occupied 2 For survey data relating to the ownership of nonfarm nonfarm homes between early 1949 and early 1951 homes, see "Purchases of Durable Goods in 1950 and Buying Plans for 1951," Federal Reserve BULLETIN, July 1951, was accompanied by an increase from 45 to 47 pp. 759-76. TABLE 3 MORTGAGE STATUS OF OWNER-OCCUPIED NONFARM HOUSES WITHIN SPECIFIED GROUPS OF SPENDING UNITS, EARLY 1951 [Percentage distribution of nonfarm home-owning primary spending units] All cases Amount of mortgage No Mort- Group characteristic N b u e m r - Per gage $ U 1 n ,0 d 0 e 0 r $ $ 1 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $7 a , n 5 d 00 t a a N s i c n o e e t r d - All home-owning nonfarm spending units 2 1,500 100 53 47 13 Income of spending unit:3 Under $1,000 128 100 79 21 9 1 ( $1,000-$1,999 169 1010 71 29 9 7 1 1 $2,000-$2,999 185 100 57 43 12 14 11 3 2 $3,000-$3,999 267 100 43 57 9 19 12 12 4 $4,000-$4,999 223 100 38 62 5 18 16 12 8 $5,000-$7,499 300 100 44 56 4 14 14 11 12 $7,500 and over 207 100 50 50 1 5 11 10 22 Age of head of spending unit:5 25-34 216 100 22 16 17 21 16 35-44 344 100 38 62 15 17 11 10 45-54 369 100 49 51 15 12 7 6 55-64 301 100 72 28 11 5 3 2 65 or over 240 100 80 20 9 4 Total debt of spending unit:6 $l-$l,000 317 100 73 27 24 3 $l,001-$3,000 191 100 10 90 78 4 $3,001-$5,000 161 100 4 96 (4) 14 76 5 $5,OO1-$7,5OO 139 100 6 94 1 15 74 1 $7,501 and over 176 100 5 95 2 4 9 78 Location of house: Metropolitan area 495 100 43 57 14 12 11 13 City, 50,000 or more 238 100 42 58 12 19 13 5 City, 2,500-50,000 357 100 57 43 12 9 7 6 Towns, under 2,500 269 100 60 40 14 6 5 4 Open country 141 100 67 33 16 9 2 2 1 Includes a few cases for which mortgage status was not ascertained. 2 Only primary spending units are considered to be home owners. Therefore in this table primary spending units only are included in total number of home-owning spending units. Includes 14 spending units that own and live in buildings containing more than two dwelling units. 3 1950 money income before taxes. It is assumed that primary spending unit was responsible for mortgage. 4 No cases reported or less than one-half of 1 per cent. 5 Data not shown for the few homes owned by spending units headed by persons 18-24 years of age. 6 Excludes 478 cases with no debt. 1518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES amortization provisions of the mortgage contract among older groups (see Table 3). Over threeand how long it has been in effect. quarters of the spending units in the age group Not only has the value of houses risen during 25-34 years had mortgages on their homes in early the past decade but there has been a trend toward 1951, but only one-fifth of those in the age group granting larger mortgages in relation to house 65 years or more. The amount of the mortgage values, particularly since development of the Fed- also differed with age. Only an insignificant proeral Housing Administration and Veterans Ad- portion of mortgages on homes owned by spending ministration programs. The increasing practice units in the oldest age group were for $5,000 or of making regular monthly amortization payments more, in contrast with nearly half of the mortgages rather than a lump-sum payment at maturity has on homes owned by spending units headed by pertended to hasten mortgage repayment while the sons 25-34 years old. lengthening of the term of the mortgage has tended The frequency of mortgages on owner-occupied to slow down repayment. These factors influence homes was greatest among the middle income the aggregate amount of mortgage debt outstand- groups, reaching a peak among spending units ing and its distribution among some groups of having 1950 incomes of $4,000-$4,999. Mortgages spending units. were found least frequently in the group having Mortgages were much more frequent among 1950 incomes of less than $1,000, perhaps because spending units headed by younger persons than of the large proportion of home owners in this TABLE 4 RELATION OF MORTGAGE TO VALUE OF OWNER-OCCUPIED NONFARM HOUSES WITHIN SPECIFIED GROUPS OF SPENDING UNITS, EARLY 1951 [Percentage distribution of nonfarm 1 All cases Group characteristic Num- Per ber cent All home-owning nonfarm spending units 2 H,486 100 Value of home: Under $5 000 246 100 $5,000-$7,499 223 100 $7,500-$9,999 220 100 $10,000-$ 12 499 264 100 $12,500-$19,999 313 100 $20,000 and over 158 100 Family status of spending unit: Single person: 5 Age 18-44 51 100 Age 45 or over 209 100 Married: 6 Age 18—44, no children under 18 74 Age 18-44, 1-2 children under 18 309 Age 18-44, 3 or more children under 18. 121 Age 45 or over, no children under 18.... 482 Age 45 or over, 1 or more children under 18 . . . 211 Income of spending unit: 7 Under $1,000 . 127 $l,000-$l,999 169 $2,OOO-$2 999 184 $3,000-$3,999 265 $4,000-$4,999 220 $5 000-$7 499 295 $7,500 and over 204 oooo o oooo o lome-owning primary spending units] No Mortg m a o g r e t- 1 gage Under 20 53 47 8 64 36 7 54 46 8 48 52 8 46 54 9 44 56 11 50 50 16 53 47 6 75 25 2 39 61 3 29 71 9 30 70 8 70 30 10 44 56 13 100 79 21 4 100 71 29 8 100 57 43 10 100 43 57 10 100 38 62 100 44 56 100 50 50 ooooo vlortgage as a percentage of value 80 Not 20-39 40-59 60-79 and ascer- over tained 15 11 6 5 2 10 6 6 5 2 14 12 6 6 18 12 6 7 1 17 14 8 6 20 14 8 2 1 21 10 2 1 19 5 6 11 13 5 2 1 2 12 18 11 13 4 19 19 12 10 2 18 28 13 3 10 4 2 1 3 21 9 3 5 5 10 1 1 (4) 5 10 3 1 4 3 15 9 4 4 1 14 13 9 9 2 21 16 9 4 4 18 15 7 5 19 14 6 2 1 1 Includes a few cases for which mortgage status was not ascertained. 2 - O\junilyy ppruiimucauryy sepjjecnuduiinugg uunniittss acruee ctounussiiduecreicd to be home owners. Therefore in this table primary spending units only are included in to*t»afc T li1 o nm ta u l nm n e bK x e c pr e r e o d rf\ s f h s V u oin m mmll Ce^ o---Uf onW wi v ulla rlnlnlrgij i nn oSogpuCr s lHs o-p glnlie rlpgo n t uUdiH11p i1Lni sOn g.a b e uu c n a ni u itt s se e . of inclusion of cases for wrhhiicchh rreelleevvaanntt <characteristics were not ascertained. Excludes 14 spend4 i N ng o u ca n s i e ts s t r h e a p t o r o te w d mn o aa r in m l d e s nl s i vv t ec h a mi n n ub o uu n ni e l ud h ii a un l gg f ss o <c f _ ou 1 nin t p a.c e iun r . iiiin c iig e g n u t m . ore than two dwelling units. 5 Includes widowed, divorced, and separated persons. 6 Age refers to head of spending unit. 7 1950 money income before taxes. DECEMBER 1951 1519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES income group who are older, retired persons. In- income groups, probably because of the large procome, through its effect on ability to service and portion of older owners in these groups. The relarepay larger mortgages, was closely related to the tively small proportion of mortgages having a high amount of the mortgage. About 4 in 10 mort- ratio to house value in the higher income groups gages in the topmost income group amounted to reflected, in part, the greater frequency of expen- $7,500 or more but the proportion of mortgages sive homes in these groups. of this size fell off rapidly among lower income Despite the very active housing market and the groups. liberalization of mortgage terms in recent years, A very small proportion of mortgaged houses val- there was no significant change between 1949 and ued at $20,000 or more, and less than 20 per cent 1951 in the proportion of spending units that had of those valued at $12,500-$ 19,999, were mortgaged mortgages of specified amounts or of specified ratios for as much as 60 per cent of their estimated value to house value (see Tables 5 and 6). At the in early 1951, while about 25 per cent of those beginning of each of these three years, approxivalued at $5,000-$12,499 were mortgaged to this mately 30 per cent of all home owners had mortextent or more (see Table 4). gages of less than $5,000 on their homes and about The relation between the amount of the mort- 20 per cent had mortgages of less than 40 per cent gage and the value of the home reflects in part of the estimated house value. the practices of mortgage lenders. They customarily allow owners to borrow a relatively larger TABLE 6 proportion of the value of low- and medium-priced OWNER-OCCUPIED NONFARM HOUSES, CLASSIFIED BY VALUE, homes than of high-priced homes. These practices MORTGAGE DEBT, AND OWNER'S EQUITY have been formalized in the regulations governing [Percentage distribution of houses] mortgages guaranteed by the Veterans Administrat t i r o a n ti o o n r . insured by the Federal Housing Adminis- Valuei Mortgage 2 O eq w u n it e y rs 3 Amount The size of mortgage relative to value of home 195119501949195119501949195119501949 varied markedly among income groups in early 1951 (see Table 4). The frequency of mortgages Zero 53 54 55 $l-$2,499 /16 17 14 representing 60 per cent or more of the house value $2,500-$4,999 )22 24 23 30 28 29 121 21 21 was greatest (about 18 per cent) in the income $5,000-$7,499 19 21 19 8 12 7 18 21 20 $7,500-$9,999 17 18 16 5 3 3 14 14 12 group $3,000-$3,999. It was least in the two smallest $10,000-$12,499. . . 16 15 17 (11 10 12 $12,500-$19,999. . 15 11 13 2 1 2 10 7 8 $20,000 and over. . 7 4 6 1 4 3 4 Not ascertained. . 4 7 6 2 2 4 6 7 9 TABLE 5 All cases 100 100 100 100 100 100 100 100 100 RELATION OF MORTGAGE TO VALUE OF OWNER-OCCUPIED NONFARM HOUSES X 1 As estimated by respondents early in year indicated, except that houses purchased during preceding year were valued at pur- [Percentage distribution of houses] chase price. 2 Early in year specified. Includes mortgages and a few land contracts. Mortgage as percentage of value 1951 1950 1949 3 Value of house minus mortgage debt. No mortgage 2. . 53 54 55 FARM MORTGAGES Mortgage.... 47 46 45 Mortgages and related debts were less frequent Under 20 8 8 9 20-39... 15 11 12 in early 1951 on owner-occupied farms than on 4 6 0 0 - - 5 7 9 9 1 6 1 1 7 3 10 owner-occupied nonfarm homes. About 35 per 80 and over 5 4 3 cent of such farms were mortgaged as compared Not ascertained 2 3 6 with 47 per cent of nonfarm homes. Although a All cases.... 100 100 100 larger proportion of farms than of nonfarm homes Number of cases 1,486 1,417 1,413 was valued at $20,000 or more, the proportion of 1 Mortgage outstanding early in specified year as percentage of mortgages of large amounts ($7,500 or more) value estimated by respondents at that time except that houses was much less for farms than for nonfarm homes purchased in preceding year were valued at their purchase price. Includes a few land contracts among mortgages. (compare Tables 5 and 7). The relative infre- 2 Includes a few cases for which mortgage status was not ascertained. Such cases were less than one-half of 1 per cent of all quency of large mortgages on farms in comparison cases. 1520 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES to large mortgages on nonfarm homes may reflect credit, its judgment as to the immediacy of its a lower level of activity in the farm real estate needs, and, in some cases, by a general attitude market than in the nonfarm market in recent years. toward this form of debt. These factors account for many differences in the frequency and amount of non-real-estate debt owed by various groups of TABLE 7 spending units. OWNER-OCCUPIED FARMS, CLASSIFIED BY VALUE AND Non-real-estate debt was most frequent (58 MORTGAGE DEBT per cent of all cases) among spending units having [Percentage distribution of farms] incomes of $4,000-$4,999 and least frequent (23 per cent) among units having incomes of less than Value i Mortgage debt2 $1,000. In general, the frequency of larger amounts Amount 1951 1950 1951 1950 of debt increased among successively higher income groups (see Table 8). Zero 65 62 $l-$999 } " { » 10 8 Only half of the spending units without liquid $ $ 5 l, , 0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 1 4 7 20 3 assets owed non-real-estate debt as compared with $ $ 7 1 , 0 5 , 0 00 0 0 -$ -$ 9 1 ,9 4 9 ,9 9 99 1 7 5 1 1 0 1 (3) i ! about two-thirds of those having less than $200 in $ $ 1 2 5 0 , , 0 0 0 0 0 0 - - $ $ 1 2 9 9 , , 9 9 9 9 9 9 1 1 1 2 1 1 2 0 2 liquid assets. Apparently even small holdings of $30,000 and over 17 11 liquid assets are associated with a financial position Not ascertained 1 4 8 1 5 6 2 satisfactory to both lender and borrower when All cases 100 100 100 100 viewing a loan transaction. The frequency of Number of cases 236 262 236 262 debt declined progressively from one liquid asset group to the next larger, probably reflecting less 1 As estimated by respondents early in year specified. Bracket limits in 1951 are $99 less than amounts specified in stub because need for borrowing. Moreover, debts contracted of change in coding procedure. 2 As estimated by respondents early in year specified. Bracket by large holders of liquid assets tended to be limits in 1951 are $1.00 greater than amounts specified in stub because of change in coding procedure. small. 3 No cases reported or less than one-half of 1 per cent. Among occupational groups the most marked difference in the distribution of non-real-estate NON-REAL-ESTATE DEBT debt was its relative infrequency among the farm Early in 1951 approximately one-half of all spend- operator and retired groups. In the latter group ing units had debts other than those on real estate this infrequency may have been accounted for (see Table 8). These included amounts owed mainly by fewer large expenditures for major on instalment purchases and on charge accounts household equipment and furniture, a tendency as well as miscellaneous debts to financial institu- to meet their needs from accumulated assets, and tions, businesses, and individuals.8 Non-real-estate an inability to service debt as a result of reduced debt amounted to $200 or less for about 25 per cent incomes. Generally speaking, farm incomes tend of all spending units and to more than $1,000 for to be more seasonal than most other types. As a about 5 per cent of the units. result, instalment debt, which constitutes a large The amount of non-real-estate debt owed by a proportion of non-real-estate debt, does not offer spending unit is affected by its ability to obtain the same advantage to farmers as to persons whose incomes are spread more uniformly through the 3 Detailed examination of the sources and purposes of loans was undertaken only with respect to mortgages and year. It should be noted that the greater frequency credit obtained during the previous year for the purchase of debts of more than $1,000 among the farm of automobiles and other durable goods and for repairs, and the managerial and self-employed groups than additions, and improvements to homes. Debts such as those incurred for medical treatment, etc., were covered by omni- among other occupational groups probably relates bus questions which did not permit precise classification of to business activities rather than to consumption. instalment credit, single-payment loans, etc. However, by excluding mortgage debt and debt arising from repairs, Variations in the frequency and amount of nonadditions, and improvements, an estimate of the non-real- real-estate debt among the various age groups and estate debt of the spending unit was obtained. This estimate among groupings based on family status may have of non-real-estate debt includes in certain cases debt arising from business rather than from consumption activities. been accounted for in part by associated variations This is especially true for farmers and some small business- in income that affected the need and ability to men. The estimate may also include some debt on house incur debt. In addition, certain differences in the repairs made before 1950. DECEMBER 1951 1521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES patterns of current purchases of these various of expenditures most often financed by instalment groups and their longer run income expectations or other debt arrangements, especially initial purmay have affected their debt patterns. The types chases of cars or other durable goods, are more TABLE 8 NON-REAL-ESTATE DEBT WITHIN GROUPS OF SPENDING UNITS, EARLY 1951 * [Percentage distribution of spending units] All cases Group characteristic Num- Per ber cent All spending units 23,415 100 1950 money income before taxes: Under $1 000 418 100 $1 000-$ 1 999 514 100 $2,000-$2,999 567 100 $3,000-$3,999 601 100 $4 000-$4 999 441 100 $5 000-$7 499 . . .. 538 100 $7,500 and over 294 100 Liquid asset holdings: None 797 100 $1-$199 511 100 $200-$499 462 100 $500-$999 379 100 $1 000-$l 999 398 100 $2 000-$4 999 424 100 $5 000 and over 343 100 Occupation of head of spending unit: Professional and semiprofessional 269 100 IVlanagerial and self-employed 485 100 Clerical and sales 477 100 Skilled and semiskilled 901 100 Unskilled and service 289 100 Farm operator 388 100 Retired 218 100 Other . . . .. 275 100 Age of head of spending unit: 18-24 269 100 25-34 711 100 35-44 781 100 45-54 659 100 55-64 540 100 65 or over 434 100 Family status: Single person:4 Age 18-44 419 100 Age 45 or over 461 Married: 5 Age 18-44, no children under 18 304 Age 18-44, 1-2 children under 18 705 Age 18-44, 3 or more children under 18 291 Age 45 or over, no children under 18 756 Age 45 or over, 1 or more children under 18 391 Total savings: Positive: $1 000 and over 583 $500-$999 . .. 387 $200-$499 435 $100-$199 236 $l-$99 . .. 347 Zero 198 Negative: $l-$99 168 $100-$499 443 $500 and over 430 o ooooo c o ooooo c Amount of debt No Some debt debt $1- $201- $501- $200 $500 $1,000 51 48 25 11 7 77 23 15 5 1 58 40 26 9 4 46 53 29 11 9 43 56 28 17 8 40 58 25 14 12 43 55 27 11 9 47 52 24 7 6 50 49 26 14 6 32 67 31 18 11 44 55 29 12 8 52 47 26 7 8 60 39 21 7 6 63 37 22 6 4 72 28 20 2 1 45 54 29 13 6 43 56 27 11 8 45 55 30 11 9 43 55 28 14 9 49 49 27 14 6 60 38 17 7 4 77 22 15 2 4 67 32 19 9 2 52 46 28 9 6 37 62 30 16 10 36 62 29 16 10 52 47 25 9 6 63 36 23 6 4 80 19 13 3 54 45 29 9 79 20 13 3 36 63 28 16 37 61 27 17 26 73 34 19 63 36 21 6 47 51 28 11 55 44 25 6 loo 50 49 29 11 52 47 32 10 53 45 29 11 100 63 36 26 5 100 91 9 8 1 100 26 73 45 19 100 33 66 23 26 100 40 59 16 10 ot nC Not ascer- $1,001 tained and over 5 1 2 (3) 1 2 4 1 3 7 2 8 2 15 1 3 1 7 1 6 1 6 1 5 1 5 (3) 5 (*) 6 1 10 1 5 4 2 2 2 10 2 1 1 2 1 3 2 6 1 7 2 7 1 3 1 1 1 2 1 3 14 5 1 10 7 2 10 10 1 4 5 1 7 5 2 5 8 1 4 5 1 4 1 1 4 1 2 2 3 1 8 1 1 13 4 1 18 15 1 racteristics were not ascertained. 1522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES frequent and probably involve larger net outlays inclusion in this group of negative incomes traceamong younger than among older groups. At the able to farm or business losses. same time, prospects of increasing income and the In general, purchasers of automobiles and other remoteness of retirement probably encourage durable goods in 1950 owed non-real-estate debt younger persons to defer extensive saving and to with greater frequency in early 1951 than did other incur debt in order to increase current consumption. spending units. The size of non-real-estate debt The ratio of non-real-estate debt as of early relative to income tended to be larger for spending 1951 to total income of the spending unit in the units making large net expenditures for durable previous year offers a rough measure of the burden goods. However, only in the group of spending of non-real-estate debt. The non-real-estate debt of units whose net expenditures on durable goods spending units having such debt was less than 5 were $1,000 or more did more than half of the per cent of income in the previous year in 4 of 10 debtor units owe debts amounting to 10 per cent cases and 20 per cent or more of income in 2 of 10 or more of income in the previous year. cases (see Table 9). The proportion of debtor A rough measure of the liquidity of a spending units whose non-real-estate debt was less than 5 unit is the relation between its non-real-estate debt, per cent of income in the previous year increased which is largely short-term, and its liquid assets. with the level of income from a little over 3 in 10 About 7 in 10 units having $l-$200 of non-realin the next to lowest income group ($1,000-$ 1,999) estate debt had some liquid assets, and 5 in 10 had to almost 6 in 10 in the top-most income group. assets amounting to $200 or more (see Table 10). The relation of debt to income in the lowest in- The relation of liquid asset holdings to non-realcome group (less than $1,000) is obscured by the estate debt was less favorable when the debt was TABLE 9 RELATION OF NON-REAL-ESTATE DEBT TO INCOME [Percentage distribution of spending units within specified groups] All cases Non-real-estate debt as percentage of income Not Group characteristic N b u e m r - c P e e n r t Zero c 1 p e - e n 4 r t c 5 p e - e n 9 r t 1 c 0 p e - e n 1 r t 4 1 c 5 p e - e n 1 r t 9 2 c 0 p e - e n 2 r t 4 c 2 m e 5 n o t r p e e o 1 r r t a a s i c n e e r d - All spending units 3,415 100 51 20 10 5 3 3 7 1950 money income before taxes: Under $1,000 418 100 77 5 2 1 2 2 11 0) $l,000-$l,999 514 100 58 14 7 7 2 3 7 2 $2,000-$2,999 567 100 46 20 12 5 2 5 9 1 $3,000-$3,999 601 100 43 22 14 8 4 3 5 1 $4,000-$4,999 441 100 41 23 12 9 4 3 6 2 $5,000-$7,499 538 100 43 29 10 4 5 2 5 2 $7,500 and over 294 100 47 32 6 3 3 8 1 Net 1950 expenditure for durable goods: None 1,491 100 70 16 4 2 1 1 5 Under $200 362 100 43 32 9 5 4 1 5 $200-$499 655 100 36 25 17 9 4 2 5 $500-$999 364 100 27 20 19 12 5 5 11 $1,000 and over 508 100 32 16 9 9 8 9 15 Family status: Single person: Age 18-44 419 100 54 21 8 4 3 2 7 Age 45 or over 461 100 79 10 2 2 1 5 Married: Age 18-44, no children under 18 304 100 36 23 13 12 4 5 6 Age 18-44, 1-2 children under 18 705 100 37 21 16 7 5 4 8 Age 18-44, 3 or more children under 18 291 100 26 26 14 10 5 4 14 Age 45 or over, no children under 18.. 756 100 63 16 7 4 2 2 5 Age 45 or over, 1 or more children under 18 391 100 47 24 8 5 3 3 8 1 Includes debtor spending units whose incomes were negative because of business or farm losses. 2 No cases reported or less than one-half of 1 per cent. DECEMBER 1951 1523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES large. Only 3 in 10 spending units having $501- The combination of small amounts of non-real- $1,000 of non-real-estate debt held $500 or more estate debt and substantial liquid asset holdings in liquid assets and only 2 in 10 had more than may indicate that the debt was a matter of con- $1,000 in this form. venience rather than necessity. Since service charges are substantial on large debts, many spending units that had liquid assets possibly preferred TABLE 10 to draw upon them rather than to incur a large AMOUNT OF LIQUID ASSETS HELD BY SPENDING UNITS HAV- debt. ING SPECIFIED NON-REAL-ESTATE DEBT CHARGE ACCOUNTS [Percentage distribution of spending units] About 37 per cent of all spending units reported Amount of debt All having charge accounts at stores other than grocery Amount of spendliquid assets u i n n i g ts None $ $ 2 1 0 - 0 $ $ 2 5 0 0 1 0 - $ $1 5 , 0 0 1 0 - 0 $ o a 1 v n ,0 e d 0 r 1 s ra to p r i e d s l . y 4 fro B m y a in b c o o u m t 1 e 3 g p r e o r u c p e s n , t t o h f e th p e ro g p r o o r u ti p o n h a r v o i s n e g incomes of less than $1,000 to 71 per cent of those None. . 28 27 28 35 26 16 having incomes of $7,500 or more (see Table 11). Some 72 73 72 65 74 84 On an occupational basis, the proportion was larg- $1-$199 16 10 19 26 25 25 est (63 per cent) in the professional group, and $200-$499 14 12 16 16 16 16 $500-$999 11 11 11 7 12 13 smallest (16 per cent) among farm operators. The $l,000-$4,999 22 26 18 13 16 23 $5,000 and over. . 7 11 6 1 1 7 proportion of the clerical and sales group having Not ascertained1. 2 3 2 2 4 (2) All cases 100 100 100 100 100 100 4 Since charge accounts were not subjected to intensive probing, the foregoing figures may be affected by under- Number of cases.... 3,415 1,753 853 354 233 181 reporting. Balances outstanding but not yet due, for instance, may not have been reported. The deficiencies of 1 Includes cases for which ownership of liquid assets was not the data do not preclude comparisons among various groups ascertained. Such cases were less than one-half of 1 per cent of total sample. of the population since all groups were probably affected 2 No cases reported or less than one-half of 1 per cent. to about the same extent by this bias. TABLE 11 CHARGE ACCOUNT DEBT WITHIN GROUPS OF SPENDING UNITS, EARLY 1951 x [Percentage distribution of spending units] All cases Balance outstanding Group characteristic N b u e m r - c P e e n r t c c o h N a u a c r n o - g t e 2 C c h o a a u c r - n g t e Zero $l-$49 $50-$99 $ $ 1 1 0 9 0 9 - $ o a 2 v n 0 e d 0 r t a a N s i c n o e e t r d - All spending units 33,415 100 63 37 13 1950 money income before taxes: Under $1,000 418 100 87 13 3 7 2 $l,000-$l,999 514 100 75 25 7 12 2 $2,000-$2,999 567 100 64 36 9 13 6 $3,000-$3,999 601 100 59 41 10 15 8 $4,000-$4,999 441 100 55 45 16 13 7 $5,000-$7,499 538 100 49 51 15 17 11 $7,500 and over 294 100 29 71 35 11 7 Occupation head of spending unit: Professional and semiprofessional 269 100 37 63 24 18 Managerial and self-employed 485 100 49 51 20 13 Clerical and sales 477 100 47 53 17 19 Skilled and semiskilled 901 100 61 39 10 14 Unskilled and service 289 100 76 24 3 10 Farm operators 388 100 84 16 3 8 Retired 218 100 80 20 10 7 1 Amount of charge account debt outstanding early in 1951, excluding accounts with grocery stores. 2 Includes a few cases (less than one-half of 1 per cent of total sample) for which information regarding charge accounts was not ascertained. 3 Total exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained. 4 No cases reported or less than one-half of 1 per cent. 1524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES charge accounts was somewhat greater (53 per TABLE 13 cent) than would be expected on the basis of OWNERSHIP OF BUSINESS, EARLY 1951 income (median income of $3,200 in 1950) but may be accounted for by the predominantly urban Owners as character of this group. Group characteristic o N f u c m as b e e s r 1 o p f e r s c p e e n n t d ag in e g units in group DISTRIBUTION OF SELECTED NONLIQUID ASSETS All spending units 3,415 In the 1951 Survey of Consumer Finances own- 1950 money income before taxes: ership of assets such as stocks, businesses, real Under $1,000 418 4 $l,000-$l,999 514 6 estate other than owner-occupied houses and farms, $2,000-$2,999 567 5 $3,000-$3,999 601 7 and insurance was explored less intensively than $4,000-$4,999 441 8 in some of the earlier surveys. It is possible, how- $5,000-$7,499 538 15 $7,500 and over 294 36 ever, to give a general impression of the relative Age of head of spending unit: frequency with which these assets were held by dif- 18-24 269 2 25-34 711 7 ferent types of spending units in early 1951. Com- 35-44 780 13 45-54 659 11 parisons of frequencies in 1951 and earlier years 55-64 . . 540 11 are given in Table 12. 65 or over 435 4 1 Total exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained. TABLE 12 OWNERSHIP OF SELECTED ASSETS TABLE 14 [Spending units owning specified assets as percentages of all OWNERSHIP OF REAL ESTATE OTHER THAN HOMES spending units] EARLY 1951X Asset 1951 1950 1949 1948 Owners as Unincorporated business or pri- Group characteristic N of u m ca b s e e r s o p f e r s c p e e n n t d a i g n e g vately held corporation 9 rg 9 0) units in group Real estate other than owner-occupied nonfarm house or farm 15 16 16 0) All spending units 23,415 15 Life insurance 75 77 77 78 1950 money income before taxes: Under $1,000 418 9 Life insurance; premium in previous $l,000-$l,999 514 11 year, $100 or more 34 32 31 32 $2,000-$2,999 567 8 $3,000-$3,999 601 13 U. S. savings bonds (Series A-F). . . 41 39 44 47 $4,000-$4,999 441 15 $5,000-$7,499 538 23 Savings accounts 2. . . 45 42 44 45 $7,500 and over 294 39 Checking accounts 41 41 39 39 Occupation of head of spending unit: Professional and semiprofessional 269 21 r Revised. Managerial and self-employed.. . 485 29 1 Data not available. Clerical and sales 477 10 2 Includes savings accounts in banks, postal savings, and shares Skilled and semiskilled 901 10 in savings and loan associations and credit unions. Unskilled and service 289 11 Data for 1949 exclude shares in credit unions. The aggregate Farm operators 388 11 amount involved is small and is not likely to affect totals sig- Retired 218 20 nificantly. Place of residence of spending unit: Business ownership in early 1951 was definitely Metropolitan area 1,184 10 City, 50,000 or more 488 13 related to income, and increased greatly in fre- City, 2,500-50,000 646 21 Town, under 2,500 465 21 quency at incomes of $5,000 or more (see Table Open country 632 12 13). Ownership of real estate other than homes was similarly related to income, but the growth in 1 Includes real estate other than farms and one- and two-family houses occupied by owners. frequency from lower to higher income groups was 2 Total exceeds sum of various groups because' of inclusion of cases for which relevant characteristics were not ascertained. less pronounced than the growth in business ownership (see Table 14). marked exceptions. Despite relatively low in- Ownership of real estate other than homes by comes, they owned such real estate more frequently various occupational groups conformed fairly well than any other occupational group except the manwith expectations based on relative income levels. agerial and self-employed and the professional group. Spending units headed by retired persons were Ownership of such real estate was more common DECEMBER 1951 1525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1951 SURVEY OF CONSUMER FINANCES in smaller cities and towns than in large cities, clined. In the lowest income group, only 43 per metropolitan areas, and open country. In part, cent of the spending units had life insurance and the greater frequency of ownership in the smaller only 5 per cent paid premiums of $100 or more. towns reflected the presence of retired farmers who In all income groups except the lowest, at least retained ownership of farms. 60 per cent of the spending units had some life As with other asset items, the ownership of life insurance. insurance and the amount of premium paid in- At least 75 per cent of the spending units increased with the level of income (see Table 15). cluding a married couple had some life insurance. About 94 per cent of the spending units whose 1950 More than 7 in 10 single persons 18-44 years of incomes were $7,500 or more carried insurance in age owned life insurance but in general their early 1951 and about 32 per cent had paid premi- premiums were smaller than those of married perums of $500 or more in 1950. At successively sons in the same age group. Only among older lower levels of income the frequency of life insur- single persons was the frequency of life insurance ance and relatively large premium payments de- ownership less than 50 per cent. TABLE 15 LIFE INSURANCE STATUS OF SPENDING UNITS WITHIN SPECIFIED GROUPS, EARLY 1951, WITH PREMIUM PAID IN 1950 [Percentage distribution of spending units] Premium of insured spending units Group characteristic b N c e a u r s m e o s - f All s N u o re t d i n l - su In re - d $1- $50- $100- $200- $500 Not None $49 $99 $199 $499 ascertained All spending units 23,415 100 25 75 18 19 20 1950 money income before taxes: Under $1,000 418 100 57 43 25 3 2 $l,000-$l,999 514 100 40 60 27 18 9 2 $2,000-$2,999 567 100 27 73 25 23 16 5 $3,000-$3,999 601 100 16 84 14 27 31 9 1 $4,000-$4,999 441 100 12 88 12 17 36 18 1 $5,000-$7,499 538 100 7 93 17 28 30 6 $7,500 and over 294 100 6 94 9 12 35 32 Occupation of head of spending unit: Professional and semiprofessional. . . 269 100 11 89 12 17 19 27 11 Managerial and self-employed 485 100 13 87 12 16 21 24 12 Clerical and sales 477 100 16 84 22 17 22 16 2 Skilled and semiskilled 901 100 15 85 19 24 28 10 1 Unskilled and service 289 100 36 64 21 22 15 4 (3) Farm operator 388 100 45 55 18 16 12 6 Retired 218 100 43 57 18 16 4 1 Family status of spending unit: Single person:4 Age 18-44 419 100 28 72 33 20 Age 45 or over 461 100 52 48 22 10 Married: 5 Age 18-44, no children under 18. 304 100 16 84 14 26 27 11 Age 18-44, 1-2 children under 18 705 100 11 89 13 23 28 17 Age 18-44, 3 or more children under 18 291 100 78 11 17 Age 45 or over, no children under 18 756 100 79 14 17 24 17 Age 45 or over, 1 or more children under 18 391 100 25 75 18 18 17 13 1 Includes a few cases (less than one-half of 1 per cent of all cases) in which life insurance status was not ascertained. 2 Tf)tal exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained. 3 No cases reported or less than one-half of 1 per cent. 4 Includes widowed, divorced, and separated persons. 6 Age refers to head of spending unit. 1526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PLANS FOR REVISION OF INDEX OF INDUSTRIAL PRODUCTION The Board's index of industrial production is cur- in substantially the form described in the October rently undergoing a comprehensive revision, the 1943 issue of the BULLETIN until the current revisecond since the index was published in 1927. The sion is completed, probably in the middle of 1952. first comprehensive revision was completed in Au- It is planned to have tentatively revised annual ingust 1940. This was followed by the revisions of dexes, mainly beginning with the year 1947, avail- 1941 and 1943, made to take account of wartime able early in 1952 for the purpose of obtaining developments. critical comments from users of the data before the The present index will continue to be compiled finally revised indexes are released. NOTE ON CURRENT REVISION The current revision of the index of industrial for manufacturing industries will be adjusted to production involves the introduction of more re- those shown by the benchmark indexes compiled cent weight and comparison base periods, the use from Census of Manufactures data by the Buof new classifications, and improvement of compo- reau of the Census and the Federal Reserve Board, nent production indexes wherever possible. The and described in a recently released statement that weight period used in the indexes for recent years is reproduced in this BULLETIN, following this will be changed from 1937 to 1947, the first year note. since 1939 for which a Census of Manufactures has The revised index generally will conform to the been taken. The years 1947-49 will be used as the recommendations of the Economic and Social Councomparison base period in place of 1935-39, in ac- cil of the United Nations as published in Index cordance with the recent recommendation of the Numbers of Industrial Production (Statistical Of- Bureau of the Budget. The new industry classifi- fice of the United Nations, New York, September cation will follow the latest Standard Industrial 15, 1950). In accordance with United Nations rec- Classification Manual, developed under the aus- ommendations, consideration is being given to expices of the Bureau of the Budget and used in panding the scope of the index to include electric the 1947 Census of Manufactures. and gas utilities and possibly construction, in addi- A comprehensive review is being made of produc- tion to manufacturing and mining. tion measures for all industries and products in the Consideration is also being given to the developlight of (1) new current and benchmark data that ment of various new economic groupings of prohave become available since the latest revision, (2) duction data. The results of a closely allied changes in economic and technological relations in project, a new index of output of major consumer industry, and (3) experience with present methods. durable goods, were published in the October 1951 The indicated output changes from 1939 to 1947 Federal Reserve BULLETIN. BENCHMARK INDEXES OF MANUFACTURING PRODUCTION1 The Bureau of the Census and the Board of Gov- of the last two Censuses of Manufactures, which ernors of the Federal Reserve System today an- covered those years. Separate index numbers were nounced the completion of a joint study to deter- developed for over 200 individual industries and 18 mine the levels of the physical volume of manu- major industry groups as well as for manufacturing facturing output in 1947 relative to 1939. The as a whole. This project carries forward indexes calculations were based on the comprehensive data previously compiled by the National Bureau of Economic Research for Census years in the period 1 Joint statement of Bureau of the Census and Board of 1899-1939. Governors of the Federal Reserve System, released for publication on Nov. 10, 1951. The indexes were compiled from physical quan- DECEMBER 1951 1527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PLANS FOR REVISION OF INDEX OF INDUSTRIAL PRODUCTION tity data showing changes in output for about 1,700 next year. It will include tabulations of the detailed products, with various adjustments, based on re- results and the basic statistics, as well as a discuslated figures, to cover products for which physical sion of concepts, problems, and methods. A sumquantity data were not available. The data were mary table for major groups is attached. combined into industry, group, and total indexes in such a way as to represent the change, in terms INDEXES OF THE PHYSICAL VOLUME OF MANUFACTURING of "constant" dollars, in the "value added" by PRODUCTION IN 1947 manufacture. [1939=100] Total manufacturing output, according to this Average study, rose 74 per cent from 1939 to 1947. All Industry group 1939 and 1939 1947 major industry groups showed increases. The w 1 e 9 ig 4 h 7 ts weights weights largest increases were found in the output of machinery, which was about two and three-quarters All manufactures 174 184 169 times as large in 1947 as in 1939, and in primary Food and kindred products 154 159 151 Tobacco manufactures 150 155 146 metals, fabricated metal products, transportation Textile mill products 128 131 127 Apparel and related products 121 122 121 equipment, and chemicals, all of which were ap- Lumber and products (except furniproximately double the 1939 level. Production of Pa t p u e r r e ) and allied products 1 1 2 4 7 7 1 1 2 5 7 0 1 1 2 4 7 6 manufactured foods and tobacco products increased Printing and publishing industries. 144 144 145 Chemicals and allied products 216 241 200 over this period by about half, as did the output Petroleum and coal products 154 156 153 Rubber products 182 186 179 of petroleum and coal products, paper and products, Leather and leather products 115 115 115 and printing and publishing. Smaller increases, Stone, clay, and glass products 170 176 167 Primary metal industries 192 192 191 ranging from 15 to 30 per cent, were found for Fabricated metal products 198 201 196 textile, apparel, and leather products, and for lum- Machinery (except electrical) 267 277 260 Electrical machinery 286 280 290 ber products. The population increase for the coun- Transportation equipment 202 207 200 Furniture and fixtures 1 try in this period was 10 per cent. Instruments and related products. . , f 183 193 178 Miscellaneous manufactures J The two agencies pointed out that these results were obtained by combining the physical quantity NOTE.—Indexes based on data of Censuses of Manufactures for 1939 and 1947. data with weights based on the average of 1939 and 1947 (value-added) prices, and that the percentage The Federal Reserve Board is using the results increases would be different if the prices of either of the study in the comprehensive revision of its year alone were used for weighting purposes. With monthly index of industrial production now in weights based on 1939 prices, the increase in total progress. Manufacturing is the principal commanufacturing output would be 84 per cent, and if ponent of the industrial production index. The 1947 prices were used, the increase would be 69 per increase from 1939 to 1947 shown in the Board's cent, rather than the 74 per cent obtained by using present monthly index for manufacturing, which is average prices for 1939 and 1947. The differences compiled with 1937 weights, is 78 per cent. Alin the results obtained with the use of different though the adjustment required to bring the total weight periods arise because the faster growing manufactures index into line with the 74 per cent industries tended to show less than average price figure is not large, for a number of groups the adincreases from 1939 to 1947. justments necessary to take account of the findings A complete report on the study is now being of this Census-Federal Reserve study are fairly subprepared for publication and should be issued early stantial. 1528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Consumer Credit 1. Add the following new subsection (n) to section 5: Suspension of License (n) Unavoidable Sales Delay—If Registrant The Board of Governors suspended for a period a desires to extend credit to a person (1) who is of fifteen days, from November 18 through Decemmoving from one municipality or county to anber 2, 1951, the license of Herb Black, doing busiother, and (2) who is purchasing residential ness as Television Service Center, Cincinnati, Ohio, to make instalment sales of articles listed in Regu- property in the new location, which will be used lation W. Mr. Black, who consented to the entry in substitution for residential property presently of the order, is a dealer in television sets and house- held by such person in the old location as an hold appliances, and was charged with failing to owner-occupant, and (3) who has sold or is to sell obtain the down payment required by Regulation the property presently held and apply the pro- W in a number of instances. ceeds of the sale to the new purchase, the Registrant may apply to a Federal Reserve Bank for Real Estate Credit an exemption from this regulation, stating in the Amendment to Regulation X application all the relevant facts and that the Registrant is satisfied in good faith that the The Board of Governors of the Federal Reserve making or completion of the sale of the presently System, with the concurrence of the Housing and held property has been delayed for an unavoid- Home Finance Administrator, effective November 19, 1951, issued Amendment No. 7 to Regulation X able reason and that the proceeds from the sale relating to real estate credit. will therefore be temporarily unavailable to apply The amendment will assist persons moving from to the new purchase. If the Federal Reserve one part of the country to another in the purchase Bank is satisfied that the delay is unavoidable, it of a new home when there is a delay in obtaining will issue a certificate of exemption to the Regthe proceeds from the sale of their old home. Sec- istrant and thereupon the Registrant may extend ondary borrowing in connection with the purchase credit with respect to the property being purof a new house under such circumstances will be chased without regard to the secondary borrowexempt from the regulation provided the credit is ing prohibition in subsection (b) of section 4 limited to a period not exceeding six months. The of this regulation; provided, however, any credit exemption can be obtained on the basis of an appro- extended which exceeds the maximum loan value priate application to a Federal Reserve Bank. of the property being purchased shall meet such The amendment also changed the maximum requirements as may be specified in the certifiperiod specified in connection with exempt loans cate issued by the Federal Reserve Bank and shall for materials, articles, and services used in new not in any event have a maturity of more than construction from 30 to 36 months. This parallels six months from the date the certificate was recent changes in Regulation W relating to con- issued. sumer credit. The text of the amendment is as follows: 2. Strike out "30 months" in subsection (1) of section 5 and insert "36 months" in lieu thereof. AMENDMENT NO. 7 TO REGULATION X Issued by the Board of Governors of the Federal Reserve Medical Centers and Clinics System with the concurrence of the Housing and Home Finance Administrator. Individual groups of medical doctors who are Regulation X is hereby amended in the following associated in organizations variously known as respects, effective November 19, 1951: "medical centers" and "medical clinics" have from DECEMBER 1951 1529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT time to time contended to different Federal Reserve sidered as a "hospital" under section 2(r) of Regu- Banks that structures used by them are "hospitals" lation X, it has been our view that it must include within the meaning of section 2(r) of Regulation as a minimum requirement "in-patient" facilities X. Such medical groups are organized to provide coupled with extensive medical services normally medical services and often have extensive facilities, provided by hospitals. It seems apparent, however, including radiological departments, laboratories, that the medical services made available by some dispensaries, physical therapy and BMR (basal medical centers and clinics are an equally essential metabolism rate tests) and EKG (electrocardigram) and indispensable part of the public health facilities facilities, as well as facilities for minor surgery. of some communities, and for that reason we be- These medical centers and clinics sometimes pro- lieve that medical centers, clinics, and individual vide "out-patient" diagnostic and treatment services doctors' offices which offer reasonably complete which often are accessory to services contributed by medical services for diagnosis and treatment should hospitals, and which may be provided only through be considered "hospitals" within the meaning of the employment of most extensive physical facilities. Regulation X, even though they do not have "in- Heretofore, in order for an institution to be con- patient" facilities. CURRENT EVENTS AND ANNOUNCEMENTS Meetings Death of Director Mr. W. D. Cochran, G. M. C. Truck Distributor, A meeting of the Chairmen of the Federal Re- Iron Mountain, Michigan, who had served as a serve Banks, which was also attended by members Class C director of the Federal Reserve Bank of of the Board of Governors, was held on December Minneapolis since January 25, 1938, and as Deputy 3-4, 1951. Chairman since January 1, 1946, died on December 4, 1951. Election of Glass B Director Compilation of Federal and State Laws The Federal Reserve Bank of Philadelphia, on Relating to Branch Banking within the November 15, 1951, announced the election of Mr. United States Charles E. Oakes, President and Director, Pennsyl- The Legal Division of the Board, with the asvania Power and Light Company, Allentown, Penn- sistance of the Counsel for the Federal Reserve sylvania, as a Class B director of the Bank for the Banks, has prepared a compilation of the provisions unexpired portion of the three-year term ending of Federal and State laws relating to branch banking within the United States. Copies of the com- December 31, 1952, to succeed Mr. William J. pilation are available for distribution upon request. Meinel who was appointed a Class C director by This compilation, prepared as of July 1, 1951, superthe Board of Governors. Mr. Meinel is Chairman sedes the similar compilation which was published and President, Heintz Manufacturing Company, in the Federal Reserve BULLETIN for October 1939, Philadelphia, Pennsylvania. pp. 851-870. 1530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 29 and released for publication November 30] Over-all stability in industrial production con- There were further sharp decreases in production tinued in October and November. Wholesale prices at textile mills in October to a level about one-fifth changed little through the third week of Novem- below a year ago. At chemical plants output deber. Common stock prices declined. Bank loans clined slightly as rayon production was curtailed. to finance the seasonal movement of crops and Industrial chemicals, however, rose somewhat furgrowing defense activities continued to expand. ther. Output of rubber products was reduced to the lowest level this year. INDUSTRIAL PRODUCTION Minerals production in October was at a new The Board's index of industrial production in record largely as a result of a 12 per cent increase October was maintained at the September rate of in coal mining from the low rates of recent months. 219 per cent of the 1935-39 average. Small increases Crude petroleum advanced slightly further in Ocin output of durable manufactures and of minerals tober but declined somewhat in early November. were offset by further declines in nondurable manufactures. CONSTRUCTION Increased production of durable goods in October Value of construction contract awards declined reflected mainly a further gain in machinery in- slightly further in October reflecting decreases in dustries. Steel output advanced to 102.9 per cent awards for public works and utilities. The 86,000 of capacity and was maintained at about this rate housing units started in October brought the 10in November. Refining of nonferrous metals in- month total to 943,000 compared with 1,215,000 creased substantially in October, reflecting mainly for the same period a year earlier. Value of work termination of work stoppages, and there was some done on industrial construction in October declined pickup in lumber production. On a daily average for the first time since early 1950. basis, passenger car assembly declined somewhat in EMPLOYMENT October as metal supplies were reduced, and output of major household appliances fell back to about Employment in nonagricultural establishments, the August rate following a moderate rise in Sep- after adjustment for seasonal factors, continued to tember. Further curtailment of passenger car as- decline slightly in October, owing largely to resembly in November reflected partly model change- duced activity in nondurable manufacturing inovers. dustries. At 40.4 hours, the average work-week in all manufacturing plants showed little change from INDUSTRIAL PRODUCTION other recent months; average hourly earnings re- PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1939 -39-100 mained at the peak level of $1.61 reached in September. Unemployment in October continued at V . V TOTAL /* the low level of the two preceding months. V A/ J DURABLE / DISTRIBUTION 140 MANUFACTURES / 220 V 1s Vr1 Dollar value of department store sales in October and the first half of November rose less than seasonally but was somewhat greater than during r MINERALS f\ \J MAO N N U D F U A R C A TU B B L ES the corresponding period a year ago. Retail sales Hfif* 140 of some goods were stimulated by consumer anticipation of higher excise taxes effective November W 100 1. New auto sales, however, remained below the 1947 1946 1949 1950 1951 1947 1948 1949 1950 1951 reduced midsummer level. Although still large, Federal Reserve index. Monthly figures, latest shown are value of department store stocks, seasonally adfor October. DECEMBER 1951 1531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS justed, declined further in October and was below and process the harvest and by metal manufacturers the corresponding year-ago level for the first time and public utilities to finance direct defense and since January 1950. defense-supporting activities. The privately held money supply increased COMMODITY PRICES sharply in October and early November, owing The average level of wholesale commodity prices largely to Treasury spending in excess of receipts. changed little from mid-October to the third week Deposits also expanded as a result of increased of November. While prices of grains and some bank holdings of Government securities—particuother foodstuffs advanced, prices of hogs and pork larly the new tax anticipation bills—and as a result products declined as livestock marketings expanded. of seasonal and other bank lending, and some in- Raw cotton prices advanced following release on flow of gold. November 8 of the Government cotton crop esti- Federal Reserve holdings of Government securimate of 15.8 million bales, substantially less than ties declined sharply following the large-scale purhad been anticipated earlier. Industrial commodi- chases of late September and early October in conties generally have continued to change little. Prices nection with Treasury refinancing operations. Bank of some cotton textiles, however, have increased reserve positions showed little net change throughslightly and hides have decreased sharply further out most of this period. WHOLESALE COMMODITY PRICES SECURITY MARKETS PER CENT 1926-100 PER CENT Common stock prices declined further during November, and by the end of the third week the LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U. S. JOVERNMENT SECURITIES BILLIONS OF DOLLARS 1947 1948 1949 1950 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending December 4. since mid-October, to about the postwar low of mid-1949. 1948 1949 1950 1951 1948 1949 1950 1951 The consumers price index rose .4 per cent in Wednesday figures, latest shown are for November 28. October. Food prices advanced .8 per cent to a new high, 9 per cent above a year ago, and rents over-all average was down to its level of late July. increased further. Recently increased excise taxes A moderate decline in high-grade corporate bond on automobiles, gasoline, cigarettes, and beer will be yields was followed, during the third week, by reflected in the November index. some increase. Yields on short-term Government securities declined during the first three weeks of BANK CREDIT AND MONEY SUPPLY November, while those on long-term Governments Bank loans to business continued to expand sea- rose somewhat. The Treasury sold for cash for sonally during October and the first part of Novem- delivery November 27, \lA billion dollars of 201ber, reflecting in large part further borrowings by day tax-anticipation bills, on which the average commodity dealers and food manufacturers to move discount rate was 1.50 per cent. 1532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 1535-1536 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W 1536-1538 Federal Reserve Bank statistics 1539-1541 Guaranteed Regulation V loans 1541 Deposits and reserves of member banks 1541-1542 Bank debits and deposit turnover; Postal Savings System 1542 Money in circulation 1543 Consolidated statement of the monetary system, deposits and currency 1544 All banks in the United States, by classes 1545-1547 All insured commercial banks in the United States, by classes 1548-1549 Weekly reporting member banks 1550-1552 Number of banking offices on Federal Reserve par list and not on par list 1552 Commercial paper, bankers' acceptances, and brokers' balances 1553 Money rates; bank rates on business loans; bond yields 1554 Security prices and new issues 1555-1556 Corporate sales, profits, and dividends 1556-1558 Treasury finance 1559-1561 Government corporations and credit agencies 1562 Business indexes 1563-1572 Department store statistics 1573-1576 Consumers' prices 1576 Wholesale prices 1577 Gross national product, national income, and personal income 1578-1579 Consumer credit statistics 1580-1582 November crop report, by Federal Reserve districts. 1583 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. 1533 DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 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 November 28. See page 1535. 1534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o a D a a n u n i d s c n d - - e ts s T U ot . a l S. s e B G cu o o r n v i d t e i s r e n s c m c B e a e r i t t l n e i l f t s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o t c e u r i a u u e n n r n a r y t c g - d - s y - - M in c t u o i c o l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s r w r R e o y d a e r i s n e e t a v i d - r h k t s 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 e o R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes Wednesday figures: 1950—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 20,04423,432 4,618 27,339 1,316 508 1,332 81016,789 15,829 960 Oct. 18. 3919,506 3,979 15,527 881 20,426 23,291 4,617 27,228 1,313 449 1,292 80717,245 15,995 1,250 Oct. 25. 5019,229 4,058 15,171 473 19,75323,290 4,618 27,121 1,300 420 1,367 80516,649 15,962 687 Nov. 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, 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, 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, 24719,296 4,268 15,028 61920,16223,097 4,622 27,450 1,281 541 1,242 74516,622 16,084 538 Nov, 240 19,569 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 74621,344 22,926 4,628 27,759 1,294 451 1,213 71617,465 16,365 1,100 Dec. 20. 5420,227 4,533 15,6941,58321,864 22,796 4,630 27,929 1,291 685 1,208 760 17,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,08121,720 22,795 4,631 27,916 1,295 786 1,215 76017,174 16,415 759 1951—Jan. 3. 28 20,571 4,624 15,9471,28121,879 22,706 4,634 27,685 1,299 546 1,250 74717,691 16,500 1,191 Jan. 10. 73 20,461 4,674 15,787 70021,23522,546 4,635 27,415 1,308 273 1,173 74517,502 16,391 1,111 Jan. 17. 10120,798 4,747 16,0511,02421,92322,494 4,635 27,200 1,303 105 1,113 74318,587 17,618 969 Jan. 24. 273 20,545 4,747 15,798 79021,608 22,443 4,635 27,028 1,303 256 1,095 74318,260 17,610 650 Jan. 31. 798 21,484 4,965 16,519 76923.05122,392 4,638 27,048 1,297 807 1,206 73718,984 18,047 937 Feb. 7. 643 21,641 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 16,6061,22923,330 22,260 4,637 27,159 1,292 864 1,226 73418,952 18,211 741 Feb. 21. 196 21,854 5,320 16,5341,23323,28322,207 4,637 27,164 1,277 796 1,223 73318,934 18,357 577 Feb. 28. 397 21,881 5,393 16,488 909 23,188 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 23,226 21,951 4,639 27,219 1,308 495 1,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,09323,65221,900 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. 126 22,914 6,288 16,626 77323,813 21,806 4,640 27,138 1,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,895 21,806 4,640 27,166 1,287 411 1,190 75319,533 18,546 987 Apr. 18. 114 23,086 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 70023,78921,807 4,641 27,122 1,296 678 1,212 75319,176 18,482 694 May 2. 26422,716 6,570 16,146 74423,724 21,755 4,643 27,255 1,294 707 1,226 69718,942 18,486 456 May 9. 422 22,544 6,618 15,926 74023,706 21,755 4,643 27,315 1,298 767 1,195 69618,833 18,270 563 May 16. 54222,397 6,644 15,753 97423,913 21,755 4,643 27,287 1,297 745 1,214 69519,072 18,306 766 May 23. 226 22,413 6,713 15,700 772 21,755 4,642 27,251 1,290 765 1,201 69618,606 18,315 291 May 30. 540 22,293 6,719 15,574 56423,396 21,755 4,642 27,461 1,294 620 1,217 69318,508 18,202 306 June 6. 128 22,653 6,869 15,784 23,546 21,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 863 June 13. 179 22,758 6,936 15,822 84623,783 21,756 4,647 27,499 1,289 129 1,095 68619,487 18,417 1,070 June 20. 16522,806 6,736 16,0701,17824,150 21,755 4,648 27,479 1,285 433 1,099 77419,482 18,642 840 June 27. 220 22,843 6,809 16,034 85223,916 21,755 4,650 27,601 1,286 418 1,139 77519,102 18,564 538 July 3. 18122,977 6,822 16,155 81223,970 21,756 4,654 27,948 1,287 179 1,014 76419,189 18,556 633 July 11. 236 23,092 5,822 17,270 93824,267 21,757 4,656 27,893 1,296 253 1,107 76819,364 18,459 905 July 18. 300 23,081 5,822 17,259 1,223 ,758 4,656 27,781 1,296 612 1,183 766 ,380 18,465 915 July 25. 78 23,057 5,822 17,235 92824,063 21,759 4,658 27,706 1,305 424 1,191 76719,088 18,440 648 Aug. 1. 408 23,081 5,822 17,259 79424,282 21,759 4,663 27,842 1,308 557 1,175 72219,099 18,430 669 Aug. 8. 200 23,118 5,822 17,296 72724,046 21,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 24223,151 5,822 17,329 96724,360 21,800 4,666 27,925 1,288 495 1,113 71919,285 18,468 817 Aug. 22. 214 23,084 5,822 17,262 87724,17521,800 4,667 27,932 1,292 434 1,096 71819,172 18.517 655 Aug. 29. 278 23,066 5,822 17,244 657 24,00121,800 4,668 28,034 1,291 557 999 71718,871 18,485 386 Sept. 5. 23,079 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 17,286 951 24,38421,853 4,673 28,216 1,294 474 1,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,28924,783 21,934 4,674 28,140 1,285 477 923 730 19,835 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. 6924,039 5,825 18,214 92225,030 22,015 4,680 28,320 1,284 397 966 75320,004 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. 6923,848 5,325 18,5231,20025,11722,105 4,681 28,385 1,296 326 975 85120,068 18,950 1,118 Oct. 24. 15223,666 5,325 18,3411,02424,84122,144 4,683 28,301 1,291 509 886 85019,833 19,144 689 Oct. 31. 23,552 5,325 18,227 69024,427 22,234 4,686 28,410 1,288 493 818 78019,557 19,060 497 Nov. 7. 23,507 5,325 18,182 845 24,,595 22,284 4,686 28,534 1,291 452 843 77819,667 18,988 679 Nov. 14. 27423,397 5,325 18.072 93024,60222,283 4,688 28,601 1,284 245 815 77619,850 18,976 874 Nov. 21. 22723,275 5.334 17.9411,24324,745 22,333 4,689 28,701 1,285 364 800 77419,843 P19.101 Nov. 28. 48323,239 5,334 17,905 95724,679 22,332 4,693 28,742 1,288 548 750 77419,603 P19.164 p Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. DECEMBER 1951 1535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S. s e G cu o r v it e i r e n s ment T u re ry as- Money Treas- u T p r r o y e s a i d t s e s - - Non- O F t e h d e - r Date or period co D a a u n d is n d - - ts c B er il t l i s fi , - ot A h l e l r1 Total s G to o c ld k s r o c e ta u n u n r c t- - d y - i c n t u i o l c a n ir - - h c i u o n a r l g s y d h s - Fe s w R e d r i e e t v - r h e al b p m e o r e s m d it e s - - s e e R a r r c e a v - - l e Total qu R ir e e - d2 c E e x ss - 1 vances Total Bonds cates, ing Banks counts notes End of period: 1929—June 29. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,444 5,209 1941—Dec. 31 3 2,254 1,467 787 104 2,361 22.737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 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 19.490 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 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 Get 186 23.552 5.325 18.227 690 24,427 22,233 4.688 28,417 1,283 493 818 780 19,557 19,060 497 Nov 624 23,239 5 ,33417,905 871 24,734 P22.382 P4,697 P28.803 V1,292 481 794 772 19,670 P19,133 P537 Averages of daily figures: 1950—Sept. 96 18,946 5,546 13,400 568 19,610 23,560 4,613 27,154 1,303 749 1,235 740 16.602 15,837 765 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 Nov 145 19,381 4,273 15,108 633 20,159 23,157 4,622 27,380 1,290 450 1,331 746 16,742 16,009 733 1951—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 ,01724,982 22,104 4.682 28,387 1.283 451 977 802 19,868 18,952 916 Nov 343 23,364 5,329 18,035 1,078 24,785 22,298 4,688 28,612 1^286 436 867 776 19,794 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Time Effective date deposits Savings deposits of change C re e s n e t r r v a e l Re c s i e ty rve Country me ( m al b l er O Po th st e a r l d S e a p v o i s n i g ts s p de a p y o a s b i l t e s : b c a i n ty ks banks banks banks) In 6 months or more 2* In 90 days to 6 months. . . In less than 90 days 1 1 1 9 9 3 4 8 1 — — A N p o r v . . 16 1 2 26 2M 20 3 1 1 4 2 6 5 e e m t b i p n i s f a a o f t a N i n e a n w y d c b k O t h s l Q i n i T b i v s c . o o y e E h h t r . e F — i d U t t i n e r n h s u n M b e b u d s . a y a r t e m n 1 e x r y c d , e i t o m h m 1 th m e e 9 n u b i v 3 o m s p e e 6 B n a r n , R m n o t a r b i a e a e r e a r g e e t m s d n e u x t s k b o c l h o a e e n e t f t e i r i s h d l s o i a G a b n l k t o m t a e o h c n t v e m e a d h k e t e e a s a r e s p m n y d r o o a . t a a h s s r b x t i s o e t e i s s M e m e u s p p u u t n a a i a a n m x n d y b i d i e d a l m e e r i b f s r r f l u b a h e e p m y t t c e r e h t d o b e v y m f r p o a i b l a s e r a t a y i y e m w o m s a m n s b t b e h s t e e l o m h e e r m f o a b t f b b b F t e h e a y r . m e R r D n b a k e S . S b a y I s g t n a . t u a C a n k b a l t t k e a . e s s e , - . 1 1 1 9 9 9 4 4 4 2 8 9 — — — O J S S S A F \ u e e e f e c u a n p p p b t y g e . t t t . . . . . 2 2 2 1 1 1 4 3 i 7 0 1 4 6 2 2 2 2 2 26 0 2 4 4 2 22 1 1 6 5 ii* J M u a n y e 30 5 24 2 2 0 1 »7 MARGIN REQUIREMENTS J J A u u l g y 1 1 1 1 4 3 »6 [Per cent of market value] Aug. 11 23^ »5 Aug. 16 12 «5 Feb. 1, Mar. 30, Effec- Aug. 18 23 19 Prescribed in accordance with 1947- 1949- tive Aug. 25 22}* Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, Sept. 1 22 18 1949 1951 1951 1951—Jan. 11 23 19 «6 Jan. 16 13 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect Dec. 1, 1951 *. . . 24 20 14 6 and dealers on listed securities 75 50 75 For short sales 75 50 75 1 Demand deposits subject to reserve requirements, which beginning Regulation U: Aug. 23, 1935, have been total demand deposits minus cash items For loans by banks on stocks 75 50 75 in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a 8 Requirement became effective at country banks. * Requirement specified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between 4 Present legal minimum and maximum requirements on net demand the market value (100 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—Set Banking and Monetary Statistics, Table 107, p. 400. 1536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan.14, 1948 b 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 'Oct.28, 1942 Atlanta Aug. 24,1950 Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug.13, 1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan.12, 1948 2 M Ka in ns n a e s a p C o i l t i y s. . . . A A u ug g . . 2 2 5 2 , ,1 19 9 5 5 0 0 A A u u g g . . 2 2 2 5 , , 1 19 9 5 5 0 0 A Ja u n g . .2 1 3 9 , , 1 1 9 9 4 4 8 8 2Y2 Dallas Aug. 25,1950 Aug. 25,1950 Feb.14, 1948 2 San Francisco Aug. 24,1950 Aug. 24,1950 'Oct.28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R N a o t v e . o 3 n 0 In g i e n f n fe in ct g — be- Pre ra v t i e ous Maturities not exceeding five years [In effect November 30. Per cent per annum] 1- 90 days Aug. 21, 1950 ii 91-120 days IK Aug. 21, 1950 121-180 days Aug. 21, 1950 To industrial or commercial To financing institutions NOTE.—Minimum buying rates at the Federal Reserve Bank of businesses New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Federal On discounts or Back figures.—See Banking and Monetary Statistics, Table 117, pp. Reserve purchases 443-445. Bank On 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 November 30] Boston 8 Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia 8 Cleveland Richmond 8 Guarantee fee Percentage of Atlanta lo P a e n r c g e u n a ta ra g n e te o e f d in (p te e r r e c s e t n t p a a g y e a b o l f e any f ee c o c m h m ar i g t e m d ent S C t h . ic L a o g u o is If ( 8 ) by borrower) borrower M Ka i n n s n a e s a C po it l y is.... ( (*8) ) Dallas 70 or less 10 10 San Francisco... 75 . . 15 15 80 20 20 85 . . 25 25 1 Including loans made in participation with financing institutions. 90 30 30 2 Rate charged borrower less commitment rate. 95 35 35 3 Rate charged borrower. Over 95 40-50 40-50 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of )4, 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. X DECEMBER 1951 1537 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 l 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 $12,001-$15,000.... $9,600 plus 40 per cent $ 11,040 plus 17 per cent of excess over $7,000 of excess over $12,000 of price over $12,000 (83-67) (80-72) (92-77 per cent of price) $15,001-$20,000.... $10,800 plus 20 per cent $11,550 plus 25 per cent 50 per cent of value of excess over $15,000 of price over $15,000 (72-59) (77-64 per cent of price) $ of 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 $23,501-$24,500.... (59-50) (64-55 per cent of price) 50 Over $24,500. . 50 55 per cent of price Maximum maturity (years) N Ov ot e 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 equal periodic payments or pay- to Commissioner on payments or payments ments of principal FHA loans of principal Effective date September 1, 1951 * 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 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 payment1 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 51 0- July 31, 1951 Listed articles: Passenger automobiles 33 X 21 15 18 Major appliances 2 15 18 15 18 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) (*) 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. * Requirements same as on instalment sales of respective articles. 1538 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 Nov. 28 Nov. 21 Nov. 14 Nov. 7 Oct. 31 Nov. Oct. Nov. Assets Gold certificates 20,430,18320,426,18220,382,18120,381,180 20,335,68120,480,18120,335,68121,258,431 Redemption fund for F. R. notes.. 685,436 679,436 675,483 669,617 668,256 685,436 668,256 539,094 Total gold certificate reserves... 21,115,61921,105 618 21,057,66421,050,79721,003,93721,165,61721,003,93721,797,525 Other cash 301,540 300,751 295,395 307,196 313,677 311,403 313,677 248,822 Discounts and advances: For member banks 482,135 226,010 273,260 243,284 175,575 624,105 175,575 161,421 For nonmember banks, etc.. . 1,000 1,000 1,000 10,000 10,000 Industrial loans 4,385 4,318 4,149 4,497 4,392 " "2,336 U. S. Government securities: 4,392 Bills 116,970 126,970 191,345 268,945 310,445 116,970 310,445 1,111,646 Certificates: Special Other 12,719,59812,746,19812,812,85812,844,30812,848,30812,719,59812,848,308 718,350 Notes 5,068,073 5,068,073 5,068,073 5,068,073 5,068,073 5,068,073 5,068,07313,498,618 Bonds 5,334,277 5,333,777 5,325,227 5,325,227 5,325,227 5,334,277 5,325,227 4,364,375 Total U. S. Government securities. 23,238,91823,275,01823,397,50323,506,55323,552,053 23,238,918 23,552,05319,692,989 Total loans and securities 23 ,726,438 23 ,506,346 23 ,675 ,91223,754,33423,742,02023,867,47323,742,02019,856,746 Due from foreign banks 33 33 33 33 33 33 33 24 F. R. notes of other banks. . 180,174 173,376 163,552 157,236 164,207 186,620 164,207 132,361 Uncollected cash items , 3,627,686 4,141,118 4,333,991 3,353,294 3,354,872 3,315,667 3,354,872 3,248,080 Bank premises , 43,033 43,127 43,055 42,886 42,899 43,116 42,899 37,649 Other assets 153,804 145,337 137,121 127,095 118,576 156,557 118,576 126,573 Total assets. 49,148,32 7 49,415 ,706 49,706,723 48,792 ,87148,740,22149,046,486 48,740,22145,447,780 Liabilities Federal Reserve notes 24,601,98824,543,23124,430,76524,370,110 24,260,606 24,680,067 24,260,60623,396,543 Deposits: Member bank—reserve accounts 19,602,56219,842,53919,850,30019,666,66219,556,99119 669,908 19,556. 16,762,550 U. S. Treasurer—general account 548,382 363,993 245,488 452,453 492,712 480,990 492, 713,603 Foreign 548,823 578,232 594,296 567,770 556,277 569,963 556. 905,811 Other 201,090 222,207 221,039 274,610 262,353 224,411 262, 299,905 Total deposits. 20,900,857 21,006,97120,911,12320,961,49520,868,33320,945,272 20,868,333 18,681,869 Deferred availability cash items 2,674,802 2,902,942 3,408,296 2,513,062 2,669,543 ,449,517 2,669 ,467,307 Other liabilities and accrued dividends. 18,634 17,246 17,678 16,321 16,066 17,678 16, 11,660 Total liabilities. 48,196,28148,470,390 48,767,86247,860,988 47,814,548 48,092,534 47,814,548 44,557,379 Capital Accounts Capital paid in 235,273 235,131 234,971 234,711 234,990 235,319 234,990 221,956 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 179,208 172,620 166,325 159,607 153,118 181,068 153,118 152,729 Total liabilities and capital accounts 49,148,32749,415,706 49,706,72348,792,87148,740,22149,046,486 48,740,22145,447,780 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 46.4 46.3 46.4 46.4 46.5 46.4 46.5 Contingent liability on acceptances purchased for foreign correspondents 17,733 17,051 14,686 14,483 16,705 18,163 16,705 24,400 Industrial loan commitments 6,425 6,273 6,711 6,857 7,152 6,361 7,152 3,466 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 483,135 227,010 274,260 243,284 185,575 624,105 185,575 161,421 Within 15 days 457,715 203,166 254,155 194,929 157,608 596,425 157,608 157,877 16 days to 90 days 25 080 23 580 18 770 47,852 27,464 27,377 27,464 3,544 91 days to 1 year 340 264 1,335 503 503 303 503 Industrial loans—total 4 385 4 318 4,149 4,497 4,392 4,450 4,392 2,336 Within 15 days 652 524 517 517 492 660 492 36 16 days to 90 days 834 1,028 1,070 1,045 949 923 949 184 91 days to 1 year 1,690 1,478 1,637 1,727 1,750 1,640 1,750 837 Over 1 year to 5 years . . . 1,209 1,288 925 1,208 1,201 1,227 1,201 1,279 U. S. Government securities—total 23,238,91823,275,01823,397,50323,506,55323,552,05323,238,91823,552,053 19,692,989 Within 15 days . . 54,062 54,062 84,437 90,975 129,475 129,475 184,975 16 to 90 days 62,908 72,908 106,908 177,970 180,970 116,970 180,970 1,648,021 91 days to 1 year 14,089,123 14,115,723 14,182,383 14,213,833 14,217,833 14,089,123 14,217,833 13,315,268 Over 1 year to 5 years S,396,456 ,396,456 S,396,456 S,396,456 5,396,456 5,396,456 5,396,456 1,397,725 Over 5 years to 10 years . . . . . . 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 8,200 Over 10 years 2,622,755 2,622,255 2,613,705 2,613,705 2,613,705 2,622,755 2,613,705 3,138,800 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 25,528,911 25,387,030 25,257,817 25,192,637 25,149,278 25,526,339 25,149,278 24,143,509 Collateral held against notes outstanding: Gold certificates 12,554,000 12,489,000 12,489,000 12,474,000 12,474,000 12,464,000 12,474,000 13,894,000 Eligible paper 359,380 164,811 222,225 173,435 136,396 520,275 136,396 134,812 U. S. Government securities 13,600,000 13,500,000 13,485,000 13,385,000 13,385,000 13,600,00013,385,000 11,000,000 Total collateral. .. 26,513,380 26,153,81126,196,225 26,032,435 25,995,396 26,584,275 25,995,396 25,028,812 1 Callable U. S. Government securities classified according to nearest call date. DECEMBER 1951 1539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 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. 20,480,181 659,873 6,616,2431,126,9791,520,282 971,465 911,0124,171,164 548,057 345,584 713,814 584,8552,310,853 Redemption fund for F. R. notes. 685,436 63,293 65,021 55,242 75,068 66,161 46,534 113,347 47,464 24,588 37,270 27,790 63,658 Total gold certificate reserves.. 21,165,617 723,166 6,681,2641,182,2211,595,3501,037,626 957,5464,284,511 595,521 370,172 751,084 612,6452,374,511 Other cash 311,403 21,593 68,774 15,008 21,499 19,826 23,796 56,139 17,543 6,948 11,477 17,725 31,075 Discounts and advances: Secured by U. S. Govt. securities. . . 623,485 6,635 77,985 32,935 28,270 22,825 15,964 40,855 39,080 250 77,486 6,200 275,000 Other 620 50 41 250 279 Industrial loans. 4,450 23 3,513 20 90 630 136 38 U. S. Govt. securities , 23,238,918 1,621,773 5,224,0191,462,1932,170,747 1,545,2251,253,9493,466,4081,266,963 737,743 1,094,1811,112,0292,283,688 Total loans and securities.... 23,867,4731,628,408 5,302,0271,498,6412,199,087 1,568,1401,270,5433,507,3041,306,043 738,3791,171,9461,118,2672,558,688 Due from foreign banks 33 2 * 10 3 3 2 1 5 1 1 1 1 3 F. R. notes of other Banks. 186,620 7,236 22,874 8,530 9,218 43,620 18,620 15,310 8,896 9,587 8,026 12,716 21,987 Uncollected cash items 3,315,667 297,384 603,075 201,352 304,637 272,169 214,519 529,087 142,183 103,502 196,713 155,110 295,936 Bank premises... 43,116 1,022 7,659 2,859 4,664 4,107 2,754 6,269 3,287 1,085 2,464 654 6,292 Other assets 156,557 11,947 34,379 9,687 15,298 10,426 8,542 23,173 8,107 4,811 7,397 7,268 15,522 Total assets 49,046,4862,690,758 12,720,0622,918,3014,149,7562,955,9162,496,3218,421,7982,081,581 1,234,4852,149,1081,924,3865,304,014 Liabilities F. R. notes 24,680,067 1,502,665 5,472,1001,740,2962,227,433 1,770,2651,352,8084,704,114 1,147,516 626,872 964,042 696,8782,475,078 Deposits: Member bk.— reserve accts. 19,669,908 840,257 6,107,563 882,929 1,515,350 859,503 864,7423,089,988 723,483 459,484 938,235 996,1982,392,176 U. S. Treas.— gen. acct.. .. 480,990 45,367 88,208 31,341 33,242 29,124 36,586 36,945 32,036 29,946 35,530 34,121 48,544 Foreign ... . 569,963 33,666 2 193,649 42,897 50,499 27,150 22,806 74,934 20,091 13,575 20,091 20 091 50,514 Other 224,411 2,634 161,861 1,346 5,015 1,757 1,310 2,530 8,098 1,879 800 540 36,641 Total deposits... 20,945,272 921,924 6,551,281 958,5131,604,106 917,534 925,4443,204,397 783,708 504,884 994,6561,050,9502,527,875 Deferred avail. cash items.... 2,449,517 203,843 417,120 144,951 228,002 216,216 174,254 378,239 110,590 75,976 151,636 138,066 210,624 Other liab. and accrued div.... 17,678 1,316 4,534 1,022 1,941 869 756 2,816 774 669 741 688 1,552 Total liabilities. . 48,092,5342,629,748 12,445,0352,844,7824,061,482 2,904,8842,453,2628,289,5662,042,588 1,208,4012,111,075 1,886,5825,215,129 Capital Accts. Capital paid in . . 235,319 12,957 75,097 16,738 22,401 10,321 9,668 30,079 8,288 5,330 8,823 10,657 24,960 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.. 181,068 12,796 39,321 12,582 16,853 12,195 10,260 25,379 9,889 6,513 9,026 8,988 17,266 Total liabilities and cap. accts.. 49,046,4862,690,75812,720,0622,918,3014,149,7562,955,9162,496,3218,421,7982,081,581 1,234,4852,149,108 1,924,3865,304,014 Reserve ratio.... 46.4% 29.8% 55.6% 43.8% 41.6% 38.6% 42.0% 54.2% 30.8% 32.7% 38.3% 35.1% 47.5% Cont. liab. on accept, purch.— foreign corresp. 18,163 1,100 3 5,865 1,402 1,650 887 745 2,449 657 444 657 657 1,650 Industrial loan commitments.. 6,361 1,565 952 66 2,488 840 450 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,526,339 1,547,954 5,675,7241,807,729 2,305,943 ,819,5341,400,472 4,789,3601,186,706 637,075 991,916 737,5932,626,333 Collateral held: Gold certificates12,464,000 350,000 4,470,000 725,000 815,000 565,000 510,000 2,620,000 270,000 150,000 280,000 209,0001,500,000 Eligible paper.. 520,275 6,635 70,785 32,935 19,325 39,080 250 77,765 273,500 U. S. Govt. sec. 13,600,0001,300,000 1,300,0001,100,0001,500,666 ,275,000 950,000 2,200,000 975,000 505,000 750,000 '545,6661,200,000 Total collateral. . 26,584,2751,656,635 5.840,7851,857,935 2,315,000 1,859,3251,460,000 4,820,0001,284,0801 655,2501,107,765 754,000 2,973,500 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 7 3 6 ,0 ,2 0 9 0 9 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 t e h d 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 $12,298,000 participations of other Federal Reserve Banks. 1540 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 Partici- 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 f a f t i i n o a n n s c- EXECUTIVE ORDER NO. 10161 Wednesday to UdlC but not out- ments ing insti- [Amounts in thousands of dollars] or last day com- standing2 out- tutions of period) pleted 1 (amount) standing out- N b u e m r - Amount (amount) (amount)s (a ta m n o d u in n g t) 3 Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al 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 gu er a s r- 1 1 1 9 9 9 4 4 4 7 5 6 3 3 3 , , , 5 5 5 4 1 7 1 2 4 5 5 5 6 4 8 5 4 6 , , ,7 9 9 2 1 6 6 3 1 4,5 3 9 7 4 2 7 5 0 1 1 , , 9 3 5 9 8 5 5 7 4 8 1 7 , , , 6 3 4 4 0 3 4 9 4 2 4 1 , , ,0 6 8 8 7 6 6 0 9 N b u e m r - Amount am To 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 a n n g 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 Oct. 31... 3,692 647,432 5,108 2,307 3,035 3,707 Nov. 30... 23 13,585 2,340 2,232 3,335 Nov. 30... 3,695 649,748 5,519 2,413 3,466 4,050 Dec. 31... 62 31,326 8,017 6,265 8,299 Dec. 30. .. 3,698 651,389 4,819 2,632 3,754 3,745 1951 1951 Jan. 31... 119 109,433 23,778 19,837 13,748 Jan. 31. .. 3,707 654,199 1,862 3,520 3,325 5,402 Feb. 28... 161 122,541 44,250 36,537 33,840 Feb. 28... 3,706 655,702 1,523 3,681 2,937 5,358 Mar. 31... 254 300,955 68,833 56,973 47,822 Mar. 31... 3,710 660,525 3,980 3,988 2,824 5,262 Apr. 30... 328 421,267 126,080 106,053 185,001 Apr. 30. .. 3,717 664,473 4,925 4,845 2,595 5,331 May 31... 402 514,626 183,610 151,858 205,629 May 31... 3,721 667,988 3,578 5,255 3,643 5,999 June 30... 484 654,893 252,100 209,465 276,702 June 30 .. 3,724 671,432 3,221 5,762 3.740 6,199 July 31... 568 828,584 325,299 267,715 349,905 July 31. .. 3.727 678.477 6.730 5.801 3.767 6,115 Aug. 31... 658 1,052,337 405,043 332,618 384,852 Aug. 31.. . 3,731 691,536 12,197 5.750 6,050 7,860 Sept. 30... 729 1.154,942 492,167 400.652 450.013 Sept. 30... 3,732 695,178 4.394 5.062 6,478 11,420 Oct. 31. .. 776 1,218,638 556,839 454,789 495,512 Oct. 31 ... 3,734 700,040 2,943 4,447 7,151 11,990 NOTE.—The difference between guaranteed loans authorized and 1 Includes applications approved conditionally by the Federal Re- sum of loans outstanding and additional amounts available to borserve Banks and under consideration by applicant. rowers under guarantee agreements outstanding represents amounts 2 Includes industrial loans past due 3 months or more, which are not repaid, guarantees authorized but not completed, and authorizations included in industrial loans outstanding in weekly statement of con- expired or withdrawn. dition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of October 1951 Second half of October 1951 Gross demand deposits: Total 101,842 22,489 5,816 39,072 34,465 103,235 22,855 5,832 39,759 34,789 Interbank 12,320 3,991 1,192 6,037 1,099 12,572 4,034 1,199 6.202 1,137 Other 89,522 18,498 4,624 33,034 33,365 90,663 18,821 4,633 33,557 33,652 Net demand deposits 2 88,690 20,750 5,230 33,559 29,151 89,614 20,923 5,213 34,034 29,445 Time deposits 3 30,526 1,925 1,117 12,113 15,371 30,624 1,928 1,122 12,158 15,417 Demand balances due from domestic banks... 6,305 39 125 1,938 4,203 6,349 40 119 1,960 4,230 Reserves with Federal Reserve Banks: Total 19,859 5,213 1,332 7,681 5,632 19,872 5,236 1,324 7,715 5,597 Required 18,860 5,095 1,322 7,439 5,003 19,039 5,137 1,318 7,536 5,047 Excess 1,000 118 10 243 629 833 99 6 179 550 Borrowings at Federal Reserve Banks 76 3 1 43 29 114 3 2 79 30 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. 1 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection "and demand balances due from domestic banks. 1 Includes some interbank and U. S. Government lime deposits; the amounts on call report dates are shown in the Member Bank Call Report. DECEMBER 1951 1541 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 Assets All city banks Re- Month, or mem- serve oun- Deposweek ending Wednesday ba b n e k r s l Y N o ew rk c C a h g i o - b c a i n ty ks a End of month a i n b t c o a e r l s s - ' x Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - r f e C u s n a e d s r h v s, e tory securi- etc.2 Total reserves held: banks ties 1950—October 16,731 4 521 1,148 6,450 4,612 1951—September 19,396 5 029 1,307 7,526 5,534 1943—December 1,788 1,843 10 1,716 118 October 19,866 5 225 1,328 7,699 5,614 1944—December 2,342 2,411 8 2,252 152 O O O N N c c c o o t t t v v . . . . . 3 2 1 1 1 4 7 4 7 2 1 1 1 1 0 9 9 9 9 , , , , , 7 0 7 8 6 3 6 4 3 4 2 5 9 5 6 5 5 5 5 5 3 0 0 1 1 8 1 1 7 4 3 3 0 8 8 1 1 1 1 1 , , , , , 3 2 3 3 3 1 9 1 2 2 2 6 5 1 0 7 7 7 7 7 , , , , , 7 6 6 7 7 1 9 9 1 3 2 7 6 5 8 5 5 5 5 5 , , , , , 6 7 6 4 6 5 5 9 2 4 2 7 8 0 8 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 9 6 8 5 — — — — — D D D D D e e e e e c c c c c e e e e e m m m m m b b b b b e e e e e r r r r r 3 2 3 3 3 , , , , , 4 1 3 2 9 1 8 3 8 3 7 8 0 4 3 3 3 3 3 3 , , , , , 3 0 3 4 5 1 2 8 4 2 2 2 7 9 5 6 6 6 7 7 3 3 3 2 3 , , , , , 1 1 8 3 2 8 1 3 4 0 2 8 7 4 8 2 2 1 1 1 1 0 8 7 9 2 0 7 9 8 Nov. 21 20,000 5 059 1,338 7,796 5,807 1950—June 3,097 3,218 10 3,038 171 Ex 1 1 ce 9 9 s 5 5 s 0 1 r — — es O S e e r c p v to t e e b s m e : r ber 8 7 4 2 2 1 79 8 - - 3 5 1 1 7 5 7 1 5 5 6 9 7 0 J A S u e u l p y g t u e s m t ber. . . 3 3 2 , , , 0 0 9 2 6 9 1 1 1 3 3 3 , , , 1 1 1 1 4 8 1 1 1 1 1 9 0 0 2 3 2 , , , 9 9 0 6 2 2 2 3 7 1 1 17 4 6 7 5 9 October 914 108 8 210 588 October 2,967 3,088 10 2,903 175 Oct. 17 961 75 2 249 635 N D o e v c e e m m b b e e r r . . . . . . . 2 2 , , 9 9 4 2 7 4 3 3, , 0 0 4 6 5 9 1 1 1 0 2 2 , , 8 8 6 8 8 8 1 1 7 6 1 6 Oct. 24 1,032 176 2 220 634 O N c o t v . . 31 7 5 7 6 0 6 7 14 6 - - 5 3 1 1 3 2 9 9 4 5 2 6 8 5 1951— F Ja e n b u ru ar a y ry 2 2 , ,8 90 7 1 7 3 2, ,0 9 2 98 2 1 1 1 1 2 2 , , 8 8 3 5 5 8 1 15 5 2 3 N N o o v v . . 2 1 1 4 P 7 8 9 7 2 3 1 1 7 0 -14 8 1 1 5 4 1 9 P 6 7O 38 6 A M p a r r i c l h 2 2, ,8 83 5 1 2 2 2 , , 9 9 7 5 4 4 1 1 7 1 2 2 , ,7 7 6 9 5 3 1 1 7 6 2 9 Borrowings at Federal May 2,808 2,933 21 2,748 164 R 19 e 5 s 0 e — rve O c B to a b n er ks: 67 6 1 41 19 J Ju u l n y e 2 2, , 7 7 7 8 2 8 2 2 , , 8 9 9 0 3 9 2 2 2 3 2 2 , ,7 7 2 0 2 4 1 16 6 6 5 1951—September 338 66 7 213 51 August 2,754 2,877 23 2,680 173 October 95 3 2 62 30 September. P2,735 Oct. 17 76 42 34 October P2,721 Oct. 24 121 102 19 Oct. 31 .. 263 6 5 211 41 N N N o o o v v v . . . 2 1 7 1 4 2 4 1 7 2 8 6 3 8 7 1 4 8 5 30 3 2 2 2 1 5 1 3 4 8 5 3 6 4 7 5 6 1 2 P O I P n u r c e t l s u li t d m a e n i s d n i a w n r g y o . rk p i r n in g c i c p a a s l h , r w ep it r h e s p en o t s e t d m a b s y te c r e s, r ti 5 fi c p a e te r s ce o n f t d r e e p s o e s r i v t e . fund 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 Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City * centers * centers City centers City2 cities 2 City2 cities 2 1945 . . .. 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s 3 3 Jl,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 . , 4 9 1 4 4 4 2 25 5 . . 2 5 1 1 6 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19 2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 19S0 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1950—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 138,406 48,207 75,017 15,181 27.9 15.2 47,561 73,226 32.9 22 0 February 114,064 39,067 62,370 12,627 26.1 14.3 38,916 62,239 30.7 21.5 March 144,015 53,171 75,941 14,904 29.0 14.9 53,142 75,897 35.5 22.5 April 128,450 45,477 69,421 13,553 26.5 14.6 44,312 .68,157 32.5 22.3 May 130,704 45,375 71,197 14,132 26.2 14.3 42,272 68,378 30.0 21.3 June 135,031 48,588 72,110 14,332 27.9 14.5 49,398 72,179 34.4 22.2 July 124,425 43,224 67,532 13,669 26.0 14.1 41,673 64,826 31.1 20.9 August 125,291 41,363 69,827 14,101 23.8 13.5 39,007 67,441 27.0 20.0 September 121,205 41,145 66,359 13,700 26.0 14.4 41,688 66,941 31.7 21.8 October 139,209 47,971 75,700 15,539 26.4 14.4 45,334 72,515 30.4 20.9 r Revised. ^Corrected 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. 1542 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 currency2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion i Total Coin >$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1.693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1.274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6.060 8,846 8.698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8.578 2.435 5.056 382 689 4 11 3 1950—August 27,120 18,795 1.506 1,037 61 1,955 5,881 8,355 8,328 2,374 4,950 372 617 4 9 2 September. 27,161 18,834 1.515 1,054 61 1,964 5,884 8,357 8.329 2,369 4,964 370 613 4 9 2 October. . . 27,228 18,901 1,527 1,072 61 1,978 5,874 8,388 8.329 2,368 4,987 367 595 4 9 2 November. 27,595 19,252 1,547 1,089 62 2,021 6,021 8,511 8,345 2,384 4,994 365 589 4 9 2 December. 27,741 19,305 1.554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—January.. . 27,048 18,694 1,530 1,056 61 1,943 5,791 8,313 8,356 2,393 5,002 366 583 4 9 3 February.. 27,188 18,861 1,535 1,057 61 1,959 5,880 8,369 8.329 2,385 4,986 365 581 4 9 2 March.... 27,119 18,845 1,542 1,059 61 1,953 5,881 8,348 8,275 2,369 4,955 362 576 4 8 1 April 27,278 19,023 1,551 1,073 62 1,973 5,943 8,422 8,257 2,371 4,941 360 573 4 8 1 May 27,519 19,260 1,568 1,087 63 1,995 6,024 8,523 8,259 2,382 4,938 357 570 4 8 1 June 27,809 19,521 1,578 1,092 64 2,011 6,113 8,663 8,289 2,405 4,947 356 570 4 8 2 July 27,851 19,560 1,590 1,092 64 2,008 6,088 8,718 8,292 2,409 4,952 354 565 4 8 2 August... . 28,155 19,813 1,602 1,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 4 8 2 September. 28,288 19,896 1,616 1,124 64 2.038 6,181 8,874 8,393 2,437 5,034 353 557 4 8 2 October. . . 28,417 19,955 1,631 1,132 65 2,041 6,160 8,927 8,463 2,452 5,092 353 554 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. » Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Oc 1 t 9 . 5 3 1 1, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d Oc 1 t 9 . 5 3 1 1, Se 1 p 9 t. 5 1 30, Oc 1 t 9 . 5 3 0 1, certificates agents Gold 22,233 21,043 21,191 Gold certificates 21 043 18,188 2,816 39 39 40 Federal Reserve notes 25,149 53 1,053 24,043 23,924 22,885 Treasury currency—total ...... 4,688 * 2,340 39 314 4,335 4,325 4,303 Standard silver dollars 492 270 33 3 186 185 174 Silver bullion 2,069 2,069 Silver certificates and Treasury notes of 1890.. 3 2,340 2 70 2 ,069 2,073 2,112 Subsidiary silver coin 1,066 2 9 1,056 1,044 984 Minor coin 395 1 4 390 387 369 United States notes 347 2 24 320 319 317 Federal Reserve Bank notes 238 (5) 3 234 237 263 National Bank notes 81 1 80 80 85 Total—Oct. 31, 1951 (4) 23,382 1,283 18,188 4,182 28,417 Sept. 30, 1951 (4) 23,157 1,285 17,959 4,259 28,288' Oct. 31, 1950 (4) 24,366 1,295 19,229 3,998 27,228'' 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. 1535. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. DECEMBER 1951 1543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Date Treas- U.S. Government obligations l T ia o b t i a l l - Total C a a n p d ital Gold r c e u u n ry r c - y Total Lo n a e n t s, Total m C e a o r n c m d i - al R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i i e e d t t s al, c d u e a r p r n o e d s n i c ts y c m o a n u c i e - n s t c ts . , savings Banks banks 1929—June 29 4 037 2,019 58,642 41,082 S 741 5,499 216 26 11,819 64,698 55,776 8,922 1933—jUne 30 4 031 2,286 42,148 21,957 10 328 8,199 1 998 131 9,863 48,465 42,029 6,436 1939—Dec 30 17 644 2,963 54,564 22,157 73 105 19,417 484 1 204 9,302 75,171 68,359 6 812 1941—Dec 31 7? 737 3,247 64,653 26,605 79 049 25,511 7 254 1 284 8,999 90,637 82,811 7,826 1945—Dec 31 70 065 4,339 167,381 30,387 178 417 101,288 74 262 867 8,577 191,785 180.806 10 979 1946—Dec 31 70 529 4,562 158,366 35,765 113 110 86,558 73 350 3, 202 9,491 183,457 171,657 11,800 1947—June 30 . . 266 4,552 156,297 38,373 107 873 82,679 71 872 ,3322 10,051 182,115 169,234 12,882 Dec. 31 7? 754 4,562 160,832 43,023 107 086 81,199 7? 559 3 328 10,723 188,148 175,348 12,800 194g—June 30 ?3 532 4,565 157,958 45,299 101 451 76,774 71 366 3 311 11,208 186,055 172,857 13,200 Dec 31 . 74 244 4,589 160,457 48,341 100 694 74,097 73 333 3 264 11,422 189,290 176,121 13,168 1949—june 30 74 466 4,597 156,491 47,148 97 478 74,877 19 343 3, 708 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 73 300 4,600 167,700 57,500 9S 800 73,600 19 200 900 14,400 195,600 180,100 15 500 Nov.29 . . 000 4,600 168,700 59,100 9S 700 72,700 19 600 7 900 14,500 196,400 181.000 15.300 Dec. 30 77 706 4,636 171,667 60,366 96 560 72,894 70 778 7 888 14,741 199,009 184,385 14,624 1951—Jan. 31 72 400 4,600 170,500 60,600 95 700 70,800 71 500 7.900 14,700 197,500 182,500 15,100 Feb. 28 72 100 4,600 170,700 61,500 94 500 69,800 21 900 2 900 14,800 197,500 182,600 14,800 Mar 28 900 4,600 172,100 62,500 94 700 69,300 7? 600 7 800 14,900 198,600 183,700 14,900 Apr. 25 71 800 4,600 172,100 62,600 94 600 68,900 7? 900 7 800 15,000 198.600 183.600 15,000 May 30 71 800 4,600 171.300 62,900 93 500 68,400 7? 300 7 800 14,900 197.700 182.900 14,800 June 30 71 756 4,655 173,447 63,821 94 4S0 68,726 77 982 7 742 15,176 199,858 185,038 14,820 July 25P 71 800 4,700 173,300 63,400 94 600 68,900 73 100 7 700 15,300 199,700 184.500 15.200 Aug 29P 71 800 4,700 174,300 64,000 9S 000 69,200 73 100 700 15,300 200,700 185 200 15 500 Sent 26P 7? 000 4.700 176.400 65.000 9S 900 69.700 500 7 700 15,400 203,000 187.300 15,700 Oct. 31P 22 200 4,700 178,300 65,800 97 000 70,800 23 600 2 700 15,500 205,200 189,200 16,000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Eate Total d F e o b p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c r n n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a i o r n m m c k i e a - s l de M p s b a o a v u s n i i t k n t u s s g a 3 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 . ss 776 365 204 381 36 54,790 2? 540 28 611 19,557 8,905 149 3,639 1933—jUne 30 47 029 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 6.34 63,253 79 793 27 059 15,258 10,523 1,278 6,401 1941—Dec 31 8^ 811 1,498 2,215 1,895 867 76,336 38,992 27 779 15,884 10,532 1,313 9,615 1945—Dec. 31 180 806 2,141 2,287 24,608 977 150,793 75 851 48.452 30,135 15,385 2,932 26,490 1946—Dec 31 171 657 1,885 2,272 3,103 393 164,004 83 314 53 960 33,808 16,869 3,283 26,730 1947—June 30 169 234 1,657 1,314 1,367 756 164,140 8? 186 55 655 34,835 17,428 3,392 26,299 Dec 31 175 348 1,682 1,336 1,452 870 170,008 87 171 56 411 35,249 17,746 3,416 26,476 194g—June 30 17? 857 1,727 1,327 2,180 1,97.8 165,695 82 697 57 360 35,788 18,194 3,378 25,638 Dec. 31 176 121 2,103 1,325 2,451 1 17.3 169,119 85 570 57 570 35,804 18,387 3,329 26,079 1949_june 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31 177 313 2,150 1,312 3,249 821 169,781 85,750 58 616 36,146 19,273 3,197 25,415 1950—June 30 178 568 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 3,100 400 172,800 89,200 59,000 36,200 19,900 3.000 24,600 Nov. 29 181,000 2,300 1 ,300 3.000 600 173,900 90,300 58,700 35,900 19,800 2,900 24,900 Dec 30 184,385 2,518 1,293 2,989 668 176,917 97 7,77, 59 747 36,314 20,010 2,923 25,398 1951—Jan 31 500 2,400 1,300 2,800 800 175,200 91 600 59 000 36,100 20,000 2,900 24,600 Feb. 28 18?,600 2,400 1,300 4,200 500 174,200 90 600 59 000 36,100 20,000 2,900 24,600 Mar. 28 183,700 2,400 1,300 6,400 1,100 172,500 89,000 59,100 36,200 20,100 2,800 24,400 Apr. 25 600 2,500 1,300 5,800 700 173,300 89,500 59 700 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 18S,038 2,424 1,281 6,332 317 174,684 88 960 59,948 36,781 20,382 2,785 25,776 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 Oct. 189,200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2,700 25.700 p Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 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 Ranks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item 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. 1544 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 OP BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G u m ov . e e n s r t . n- O se t c h u e - r as C s a e s ts h i Total » b In an te k r - i m D a e n - d Time a c c T a c o p o t i u a ta n l l ts N b u a o m n f k b i er 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—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 25P 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. 29P 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. 26P 150,550 65,380 85,170 69,730 15,440 38.980 174,480 12.810 103,670 58.000 14.410 14.634 Oct. 31 P 152,550 66,320 86,230 70,780 15,450 40,450 177,730 13,490 105,820 58,420 14,530 14,631 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. 3i 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—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 Tune 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 25P 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. 29P 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. 26P 128,550 55,960 72,590 59,690 12.900 38.170 153.870 12.810 103.650 37.410 12.090 14.105 Oct. 31 P 130,480 56,750 73,730 60,850 12,880 39,650 157,060 13,490 105,800 37,770 12,200 14,102 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. 3i 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—Mav 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 32,607 128,605 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. 26P 108,559 47,875 60,684 49,940 10,744 33,763 131,452 12,153 89,312 29,987 10,084 6,848 Oct. 31 P 110,332 48,635 61,697 50,972 10,725 34,814 134,027 12,829 90,920 30,278 10,200 6,845 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 i 16 16,853 1,784 541 1947—Dec. 31 ' 18,641 4,944 13,696 11,978 1,718 886 17,763 I 17 17,745 1,889 533 1948—Dec. 31 19.395 5,686 13,709 11,476 2,233 878 18,405 l 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—May 30 21,620 8,880 12,740 10,300 2,440 800 20,240 20 20,220 2,280 530 June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 I 20 20,383 2,285 529 July 25P 21,800 9,160 12,640 10,130 2,510 820 20.460 I 20 20,440 2,290 529 Aug. 29P 21,920 9,310 12,610 10,090 2,520 790 20,530 I 20 20,510 2,300 529 Sept. 26P 22,000 9,420 12,580 10.040 2,540 810 20,610 I 20 20,590 2,320 529 Oct. 31P 22,070 9,570 12,500 9,930 2,570 800 20,670 I 20 20,650 2,330 529 * 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, DECEMBER 1951 1545 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 Class of bank Cash Total Number capital of and date Total Loans G U ov . e S r . n- Other assets * Total i b In a t n e k r- 1 accounts banks De- Total ment secu- Time obliga- rities mand 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 ,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 ,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 L.063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 . ... 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 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—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 L,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 ,625 2,399 22 Oct. 31P 20,791 10,846 9,945 8,011 1,934 7,325 24,871 4,359 18,914 1,598 2,424 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 L,566 4,057 L.035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 L,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31.... 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31. 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 .... 5,424 1,618 3,806 3,324 482 L.850 6,810 1,191 4,535 1,083 470 13 1950—June 30 5,256 1,557 3,700 3,138 562 1,640 6,419 1,014 4,305 1,099 481 13 Dec. 30 5,569 2,083 3,487 2,911 576 >,034 7,109 1,228 4,778 1,103 490 13 1951—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. 29P 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 Oct. 31* 5,523 2,357 3,166 2,640 526 L.97O 6,919 1,145 4,648 1,126 507 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 1,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 5,448 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—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. 29P 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 Oct. 31 P 41,987 19,191 22,796 19,008 3,788 13,692 51,875 5,178 33,634 12,063 3,495 320 Country member 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—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 Tuly 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. 29? 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 Oct. '31 P 42,031 16,241 25,790 21,313 4,477 11,827 50,362 1,147 33,724 15,491 3,774 6,490 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 1546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets 1 Total 1 b In an te k r - 1 a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1 19 9 4 4 7 5 — — D D e ec c # . 3 3 1 1 . 1 1 2 1 1 4 , , 8 2 0 7 9 4 3 2 7 5 , , 5 7 8 6 3 5 9 7 6 6 , , 0 6 4 9 3 1 6 8 7 8, , 9 9 1 4 2 1 8 7 , , 7 1 5 31 0 3 3 4 6 , , 2 9 9 2 2 6 1 1 4 4 7 1 , , 7 8 7 5 5 1 1 1 3 2 , , 8 6 8 7 3 0 1 9 0 4 4 , , 3 0 0 1 0 5 3 2 4 9 , , 8 8 8 7 2 6 9 8, , 6 7 7 3 1 4 1 13 3 ,2 3 9 9 7 8 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 I949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13 429 1950—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 I949—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 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 L 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 L 917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 L 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 nonm ember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1.025 2,668 7,702 129 4,213 3,360 959 6 810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6 416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1 358 6 498 1949—Dec. 31 16,766 6,258 10,508 8,947 L ,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—June 30 17,585 7,446 10,139 8,330 1.810 3,718 19,741 235 12,650 6,857 1,637 6,581 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 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 1,362 7,130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 .... 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 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 1,789 164 52 1945—De^ 31 10 846 3 081 7 765 7 160 606 429 10,363 12 10,351 1 034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949—Dec 31 14 209 4,814 9 394 7,832 1,562 682 13,592 16 13,575 1 420 192 19 "50—Dec 30 15 101 6 086 9 015 7 487 1,528 617 14,320 19 14,301 1 513 194 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 I945—Dec 31 5 36i 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 I949—Dec 31 6 192 1,764 4,428 3,596 832 191 5,702 3 5,699 702 339 19<S0—Dec 30 6 245 2 050 4 194 3 380 814 180 5,711 3 5,708 734 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. DECEMBER 1951 1547 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] Loans 1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s a s l a l o n d f d a b te ank i m n lo a v e n a e n n d s t s t s - Total1 o c m k p p i p l i n u n a e e a e g d - r n t - r - - - A t c u g u r r l i - - - b d a r s e e T e n o e r r o a s k s d c l u - - rit o i T e th o s - l R t o e a a e s t n a - e s s lo u C a m o n n e s rO o t a h n e s r Total Total Bills C o d c n e e f a e r e d t b t i s e i - n t D f s s - i - - ire N ct otes Bonds G t a e u n e a - d r- S p d s s a i t o u c i i o a n o v a b l t f d i n i e l - t - s s - O s r e i t t h c i u e e r t - All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,7974,1023,6513,333 1945—Dec. 31,121,809 25,765 9,4611,3143.1643,606 4,6771,3512,19196,04388,9122,45519,07116,045 51,321 223,8733,258 1947—Dec. 31. 114,274 37,583 18,0121,610 8231,190 9,2663,845 2,83776,69167,941 2,124 7,552 5,918 52,334 145,1293,621 1948—Dec. 31. 112,286 41,968 18,7612,775 ,336 93910,666 4,907 2,99270,31861,3882,821 10,065 3,394 45,100 85,5093,420 1949—Dec. 31. 118,278 42,485 16,935 2,963 .749 85511,405 6,0023,124 75,79365,8203,69212,479 5,810 43.833 66 6,400 3,574 1950—Dec. 30 124,822 51,723 21,7762,8231,7891,03613,3897,628 3,95573,09960,9864,118 1,93216,756 38,168 11 ,179 1951—June 30, 124,132 54,30623,5073,0441,6161,00013,9887,6974,166 69,82557,4273,819 3,111 14,76235,724 11 319 4,079 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 25,500 19,539 971 3,00711,729 3,8323,0902,871 1945—Dec. 31 107,183 22,775 8,949 8553,1333,378 3,4551,0271,977 84,40878,3382,27516,98514,27144,792 16 3,2542,815 1947—Dec. 31. 97,846 32,628 16,962 ,046 8111,065 7,130 3,064 2,550 65,21857,914 1,987 5,816 4,81545,286 10 4,1993,105 1948—Dec. 31. 95,616 36,060 17,631 ,8001,324 834 8,2443,933 2,658 59,55652,1542,588 7,999 2,800 38,761 5 4,4802,922 1949—Dec. 31.101,528 36,230 15,857 ,9451,737 758 8,8344,776 2,809 65,29756,8833,38910,409 5,08537,996 455,2743,140 1950—Dec. 30. 107,424 44,70520,521 ,8081,770 92710,522 6,167 3,58562,71952,3653,665 1,468 14,05433,170 86,6403,714 1951—June 30. 106,563 46,86622,161 ,9191,601 88210,9756,174 3,78359,69849,1083,485 2,52412,31330,778 7 6,9783,611 New York City:2 1941—Dec. 31. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 ,172 80 76 50918,809 17,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 111 240 65413,215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31. 18,759 8,048 5,642 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 62112.033 10.746 720 1,785 835 7.405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 85010,883 8,993 824 250 1,711 6,206 1,123 767 1951—June 30. 20,604 10,234 6,845 1,287 273 502 539 93010,370 8,4601,034 354 1,565 5,506 1,176 733 Chicago:2 1941—Dec. 31. 2,760 954 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. 5,931 1,333 760 211 233 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 91 84 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31. 4,799 1,783 1,412 71 63 115 88 3,016 2,633 183 275 217 1,958 210 174 1949—Dec. 31. 5,424 1,618 1,211 109 56 115 91 3,806 3,324 331 690 358 1,945 290 192 1950—Dec. 30. 5,569 2,083 1,567 110 69 147 147 3,487 2,911 232 131 700 1,847 335 242 1951—June 30. 5,520 2,215 1,717 113 64 131 150 3,305 2,742 209 150 653 1,729 347 216 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 4271,503 1,459 433 826 31,59429,552 1,034 6,982 5,65315,878 51,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 3,147 1,256 1,079 22,59120,196 373 2,358 1,90115,560 31,342 ,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,5031,609 1,118 21,04718,5941,056 3,201 1,090 13,247 11,421 ,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 23,93120,951 1,189 4 ,180 2,12413,457. ... 1.,727 ,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,567 1,534 22,779 19,0841,218 499 5,53611,830 2,184 ,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,5582,4931,559 21,432 17,659 1,177 1,069 4,66510,746 12,318 ,456 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611,222 ,028 1945—Dec. 31. 35,002 5,596 1,484 648 471 1,881 492 57829,40' 26.999 630 5,102 4,54416,713 9 ,342 ,067 1947—Dec. 31. 36,324 10,199 3,096 818 227 3,8271,476 73226,125 22,857 480 2,583 2,10817,681 62,006 ,262 1948—Dec. 31. 36,726 11,945 3,2961,356 187 4,467 1,895 817 24,781 21,278 760 3,340 1,12816,046 42,286 ,217 1949—Dec. 31. 38,219 12,692 3,1501,480 173 4.7842,320 88425,52721,862 1,148 3,753 1,76815,189 42,505 ,160 1950—Dec. 30. 40,558 14,988 3,9801,407 187 5,5912,9131,054 25,57021,377 1,390 588 6,10713,287 52,998 ,194 1951—June 30. 40,448 15,858 4,3451,487 183 5,8463,0101,14524,59020,247 1,065 951 5,43012,797 43,137 ,206 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 228 1,224 323 21411,647 10,584 180 2,087 1,774 6,538 6 619 443 1947—Dec. 31. 16,444 4,958 ,049 563 125 2,139 781 28711,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31. 16,685 5,911 ,131 975 105 2,426 975 33410,774 9,246 234 2,066 594 6,349 31,030 498 1949—Dec. 31. 16,766 6,258 ,0781,018 97 2,575 1,225 31510,508 8,947 303 2,071 725 5,846 21,127 434 1950—Dec. 30. 17,414 7,023 ,2551,015 109 2,872 1,461 37010,391 8,632 453 465 2,702 5,008 31,294 465 1951—June 30. 17,585 7,446 ,3461,124 118 3,018 1,524 38310,139 8,330 334 587 2,449 4,956 41,342 468 * 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. 1548 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] DemanJ deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B s e w e e R a d r r i v n e e v th - e r k e a s s l v C a i a n u s l h t b m a w a B d n e n i o a c s t k l e - t h - i s s c 3 j m p u D o a s d a t d s e e n e i - - - t d d s 4 m D e I s n d o t t - e i e c p r 3 o b s a i F e n t i s o g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s b i a n i t o t d i d e c n i s a - s l c C h c o e a f e e e i f t n c f e c r r i d s t k d . - i ' s - , p a v n s a p t I h i i d r n o d o t i d r n p u n c a i e s o a s - - , r l r s - - I b n a t n e k r- P U m G S e a o a r n . o e s n v n d v S t - - a t - . l v s p S i u a i s o t c n b i a l a o i d t d l t n e - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s ings All insured commercial banks: 1941—Dec. 31.. 12,396 L,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31.. 20,404 1,939 8,947 84,21110,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—Dec. 31.. 16,428 L,984 9,466 84,57610,885 1,315 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 91,099 11,955 1,442 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 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,18412,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 L,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31. . 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16,429 1,521 6,194 72,65810,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30.. 17,459 1,643 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 1,403 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:2 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950— Dec. 30. . 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 ***70 2,351 1951—June 30.. 5,053 96 48 15,368 2,744 1,104 1,808 280 823 16,381 259 39 22 1,605 1 2,398 Chicago: 2 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 194g—Dec. 31 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—Dec. 31. . 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. . 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—June 30.. 1,282 27 130 3,818 1,006 34 484 316 51 3,905 3 10 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 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Dec. 31. . 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Dec. 31. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 1950—Dec. 30. . 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—June 30. . 7,438 446 1,808 27,067 4,996 178 2,272 2,713 592 27,214 90 68 731 11,020 8 3,431 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30. . 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—June 30. . 5,172 834 3,581 29,404 913 11 1,248 3,404 626 26,562 12 96 480 14,526 36 3,658 Insured nonmember commercial banks: 1941—Dec 3i 271 2,325 4,092 108 2 53 611 68 3,483 18 3 74 3 ,276 6 959 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1947—Dec 31 473 3,466 12 ,223 258 4 149 1,188 158 11,019 4 6 132 6 420 7 1,271 1948—Dec. 31. . 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6^459 8 1,358 1949—Dec 31 463 3,273 11,918 261 6 213 1,402 153 10,517 5 182 6,524 3 1,473 1950—Dec. 30 503 3,596 12 ,729 286 5 265 1,492 174 11,262 5 5 210 6,510 3 1.57C 1951—June 30* 445 3,090 12,175 222 8 293 1,577 159 10,621 4 17 230 6,609 12 1,637 2 Central reserve city banks. 3 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. 4 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. DECEMBER 1951 1549 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] Loansl Investments For purchasing or carrying securities U. S. 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 x 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 ie e u s r t a c u g u r r l a i - - l G U l o i o g . b v a S - - t . . O c s u th e r - e i- r G l U o i o g . b v S a - - t . .O c s u t e h r - i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 tions ties tions ties Total- Leading Cities 1950—October. . . 68,849 28,854 16,080 397 965 187 547 5,089 264 5,718 39,995 33,590 2,386 1,034 7,78322,387 6,405 1951—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 October. . . 71,814 33,790 20,403 151 955 126 564 5,631 511 5,92238,024 31,317 3,140 2,934 6,084 19,1596,707 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 19,152 6,734 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 5,956 519,2126,639 Nov. 7... 72,340 34,117 20,667 137 912 124 556 5,655 607 5,93938,223 31,596 3,455 2,982 5,943 19,2166,627 Nov. 14. .. 72,526 34,498 20,848 172 966 120 556 5,675 691 5,94938,028 31,457 3,336 2,990 5,945 19,1866,571 Nov. 21... 72,652 34,513 20,872 153 943 121 556 5,671 726 5,95038,139 31,524 3,346 3,010 5,964 19,2046,615 Nov. 28. .. 73,260 34,488 20,865 228 920 122 558 5,670 657 5,94938,772 32,082 3,949 2,994 5,954 19,1856,690 New York City 1950—October. . . 19,606 8,844 5,719 354 748 39 233 417 216 1,243 10,762 8,902 746 152 1,597 6,407 1,860 1951—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 October. . . 20,337 10,653 7,469 125 734 29 220 527 395 1,297 9,684 7,685 742 463 1,390 5,090 1,999 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 Nov. 7... 20,159 10,678 7,521 110 696 29 214 518 437 1,297 9,481 7,569 736 422 1,362 5,049 1,912 Nov. 14. .. 20,204 10,845 7,560 128 750 29 215 523 487 1,297 9,359 7,491 710 421 1,358 5,002 1,868 Nov. 21 . . .20,310 10,845 7,544 125 717 28 213 519 540 1,303 9,465 7,576 747 428 1,363 5,0381,889 Nov. 28. .. 20,563 10,880 7,573 194 700 28 212 514 498 1,306 9,683 7,738 925 413 1,368 5,032 1,945 Outside New York City 1950—October. . . 49,243 20,010 10,361 43 217 148 314 4,672 48 4,475 29,233 24,688 1,640 882 6,186 15,9804,545 1951—August 50,548 22,646 12,427 47 218 101 342 5,068 193 4,57027,902 23,242 1,960 1,894 5,188 14,2004,660 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 October. . . 51,477 23,137 12,934 26 221 97 344 5,104 116 4,625 28,340 23,632 2,398 2,471 4,694 14,0694,708 Sept. 5... 50,676 22,853 12,566 41 211 99 344 5,071 218 4,62327,823 23,171 1,909 1,892 5,158 14,2124,652 Sept. 12... 50,860 23,028 12,713 43 233 99 343 5,072 233 4,612 27,832 23,172 1,900 1,853 5,205 14,2144,660 Sept. 19... 51,257 23,040 12,747 53 217 99 344 5,078 230 4,59328,217 23,504 2,194 2,059 5,204 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 4,64028,799 24,081 2,817 2,585 4,586 14,0934,718 Oct. 31 5..52,099 23,288 13,058 27 222 97 342 65,138 88 4,651 28,811 24,093 2,786 2,573 4,590 514,1444,718 Nov. 7... 52,181 23,439 13,146 27 216 95 342 5,137 170 4,642 28,742 24,027 2,719 2,560 4,581 14,1674,715 Nov. 14. .. 52,322 23,653 13,288 44 216 91 341 5,152 204 4,652 28,669 23,966 2,626 2,569 4,587 14,1844,703 Nov. 21. .. 52,342 23,668 13,328 28 226 93 343 5,152 186 4,647 28,674 23,948 2,599 2,582 4,601 14,1664,726 Nov. 28... 52,697 23,608 13,292 34 220 94 346 5,156 159 4,643 29,089 24,344 3,024 2,581 4,586 14,1534,745 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 1550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n d t v - h l k - e s v C a a i u n s l h t m b a w n a d e o n i c s t - e k h t s i s c j m p u o a d s a e d t s n e - i - t d d s 3 s p p u v n c h a o a a o i n e i d r r p l r r d s a t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n i d t - i l t e - s - s c C O c h a f e e e i t e n f c e r r f c d . i t s d 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 n i d r r p l r r d s a t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n i d t - i l t e - s - s P U m G S e i a o n r a . n o e g s n v n v d S t s - - a t - . l m D t D e i o s c - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B d i e t a b s n 4 - k tions tions Total- Leading Cities 1950—October... 12,465 834 2,334 49,26450,513 3,210 1,339 1,84614,535 653 127 9,530 1,388 228 213 6,506109,706 1951—August. . . 14,135 845 2,30550,35050,986 3,425 ,341 2,81314,699 742 141 9,6201,246 381 574 6,724106,448 September 14,195 889 2,38550,97352,362 3,278 ,399 2,55314,757 739 14710,0281,212 395 619 6,745108,629 October... 14,681 2,55851,41952,812 3,280 ,382 2,889 14,878 723 15110,580 1,229 413 426 6,783117,849 Sept. 5... 13,794 847 2,27850,58451,479 3,331 ,399 2,082 14,736 746 145 9,8021,228 384 540 6,749 20,267 Sept. 12...14,035 916 2,47151,42053,473 3,236 ,370 1,548 14,736 740 14710,3111,222 390 631 6,738 24,666 Sept. 19...14,633 881 2,47851,35752,801 3,247 ,440 2,83314,761 737 14810,259 1,198 400 785 6,740 30,263 Sept. 26...14,317 912 2,31150,53351,696 3,300 ,388 3,74714,795 734 147 9,7391,201 405 518 6,751 26,803 Oct. 3... 14,844 855 2,44750,51751,395 3,291 ,434 3,69014,831 728 14910,2281,232 399 450 6,768 29,474 Oct. 10... 14,707 919 2,58650,87851,846 3,214 ,264 3,011 14,847 726 15110,6451,223 406 210 6,765 23,373 Oct. 17... 14,748 886 2,76051,32353,988 3,118 ,404 2,365 14,874 723 15211,2691,241 405 324 6,761 25,680 Oct. 24..., 14,668 901 2,55952,25153,312 3,311 ,375 2,835 14,878 720 15110,4651,224 427 502 6,789 26,568 Oct. 31 «...14,437 870 2,43952,12453,517 3,465 ,434 2,543 14,958 719 15210,2951,225 428 644 6,833 27,491 Nov. 7... 14,385 896 2,43952,17553,086 3,485 ,270 1,855 14,971 718 15610,5911,218 433 628 6,832 24,613 Nov. 14... 14,555 981 2,66152,24955,163 3,387 ,393 1,795 14,963 719 15711,0571,239 433 770 6,825 23,838 Nov. 21... 14,569 874 2,41752,35754,031 3,315 ,587 2,10414,918 706 15710,5051,252 437 739 6,818 30,833 Nov. 28... 14,462 987 2,31553,04053,964 3,466 ,438 2,241 14,915 720 15710,0741,226 437 870 6,839 23,249 New York City 1950—October..., 4,509 133 39 15,34716,146 623 1,505 2,8491,129 171 77 2,305 43,159 1951—August 4,960 125 15,36616,096 235 626 723 1,453 2,7801,030 286 314 2,364 39,007 September 5,124 135 15,67016,460 242 639 785 1,472 2,8671,005 298 347 2,361 41,688 October..., 5,220 140 15,77316,513 332 631 982 1,469 3,0741,014 318 134 2,368 45,334 Sept. 5... 4,924 132 15,52116,251 225 663 521 1,457 2,785 1,020 288 286 2,368 7,423 Sept. 12... 5,047 140 15,79616,704 212 618 383 1,464 2,900 1,014 295 370 2,362 9,466 Sept. 19... 5,392 129 15,89616,649 256 628 907 1,473 2,961 992 305 478 2,359 11,443 Sept. 26... 5,130 140 15,46816,234 275 648 1,329 1,495 2,821 995 305 254 2,355 10,247 Oct. 3..., 5,224 135 30 15,45116,078 283 657 1,317 1,482 2,989 1,014 304 214 2,369 12,156 Oct. 10... 5,295 158 15,59416,086 309 551 1,035 1,468 3,105 1,009 311 61 2,366 8,882 Oct. 17... 5,206 136 15,67616,772 300 634 755 1,471 3,2661,030 310 82 2,363 9,514 Oct. 24... 5,264 138 16,19116,796 377 633 962 1,459 3,031 1,007 331 59 2,364 9,927 Oct. 31... 5,112 133 15,95416,832 393 678 839 1,467 2,981 1,009 333 251 2,379 10,933 Nov. 7... 5,040 155 15,78816,549 385 551 581 1,461 2,949 1,000 338 267 2,379 9,127 Nov. 14... 5,117 164 15,74116,960 341 580 543 1,467 3,0071,018 337 386 2,378 8,698 Nov. 21... 5,058 149 15,89116,825 321 726 607 1,463 2,962 1,029 342 244 2,372 11,996 Nov. 28... 5,040 160 16,25716,991 369 614 593 1,479 2,826 1,010 342 273 2,371 8,807 Outside New York City 1950—October..., 7,956 701 2,29533,91734,367 2,916 716 1,31713,030 625 90 6,681 259 57 136 4,201 66,547 1951—August. . . 9,175 720 2,276 34,98434,890 3,190 715 2,09013,246 719 98 6,840 216 95 260 4,360 67,441 September 9,071 754 2,35435,30335,902 3,036 760 1,768 13,285 718 104 7,161 207 97 272 4,384 66,941 October... 9,461 746 2,526 35,646 36,299 2,948 751 1,907 13,409 701 108 7,506 215 95 292 4,415 72,515 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 2,44435,46136,152 2,991 812 1,926 13,288 716 105 7,298 206 95 307 4,381 18,820 Sept. 26... 9,187 772 2,28335,06535,462 3,025 740 2,41813,300 713 104 6,918 206 100 264 4,396 16,556 Oct. 3. 9,620 720 2,41735,066 35,317 3,008 777 2,37313,349 707 106 7,239 218 95 236 4,399 17,318 Oct. 10. 9,412 761 2,55735, ,760 2,905 713 1,976 13,379 703 108 7,540 214 95 149 4,399 14,491 Oct. 17. 9,542 750 2,72235,64737,216 2,818 770 1,610 13,403 701 109 8,003 211 95 242 4,398 16,166 Oct. 24. 9,404 763 2,52536,060 36,516 2,934 742 1,873 13,419 698 108 7,434 217 96 443 4,425 16,641 Oct. 31 s 9,325 737 2,40736,17036,685 3,072 756 1,704 13,491 697 109 7,314 216 95 393 4,454 16,558 Nov. 7. 9,345 741 2,41036,387 36,537 3,100 719 1,274 13,510 695 113 7,642 218 95 361 4,453 15,486 Nov. 14. 9,438 817 2,629 36,508 38,203 3,046 813 1,252 13,496 695 114 8,050 221 96 384 4,447 15,140 Nov. 21. 9,511 725 2,377 36,466 37,206 2,994 861 1,497 13,455 682 114 7,543 223 95 495 4,446 18,837 Nov. 28. 9,422 827 2,28336,783 36,973 3,097 824 1,648 13,436 696 114 7,248 216 95 597 4,468 14,442 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 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. DECEMBER 1951 1551 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 uomm 1, Period 2 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 M m r ( a o a i e c n e n d t h t c d u a a l i l c l n . s t - s ch P l e c e e m o u t a r m i o l c , , - al Other ( T r w e s a 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 l m e 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 p t t t ( r u i o i i a l o n b r i n n c t t l i s a i l ) e - c . - 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 g d t i e - s D a p f n o e e s d u n f r e t s p i d n e n - s e - g e - d N ef o en n s - e c c h l N f a a i n e s e s g d t i e - s ch t i a o a n a n g t n d a g r d ' ' l e l l » , — tobacco leather ery and and trans. rubber equip.) 1951—April-June.. -243 116 275 48 60 62 -421 63 175 52 186 399 -56 343 18 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 November.. 162 -93 117 21 28 30 169 -4 3 -30 403 135 267 403 294 Week ending: 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 g 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 Nov. 7.... 71 -14 15 16 10 6 33 -13 1 -13 114 35 79 114 96 Nov. 14.... 26 -19 42 7 18 37 52 50 -33 6 186 11 175 186 181 Nov. 21.... 44 -35 39 2 -2 -3 52 -38 32 -15 76 65 10 76 24 Nov. 28.... 22 -26 20 -4 2 -10 32 -3 2 -9 27 24 3 27 -7 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. s Quarterly and monthly figures are based on weekly changes during period. 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 Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices l 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 Oct. 31, 1951P 14,000 5,099 12,164 4,801 6,840 3,815 5,324 986 1,836 298 By districts Oct. 31, 1951P District Boston 473 371 473 371 325 296 148 75 New York 861 991 861 991 739 918 122 73 Philadelphia 832 179 832 179 635 139 197 40 Cleveland 1,106 335 1,106 335 685 293 421 42 Richmond 1,008 581 810 435 476 270 334 165 198 146 Atlanta 1,216 237 614 196 356 167 258 29 602 41 Chicago 2,487 630 2,487 630 1,007 275 1,480 355 St. Louis 1,465 160 1,138 99 495 59 643 40 327 61 Minneapolis 1,274 112 677 71 476 28 201 43 597 41 Kansas City 1,754 23 1,745 23 751 13 994 10 9 Dallas . 1,032 69 929 60 632 41 297 19 103 9 San Francisco 492 1,411 492 1,411 263 1,316 229 95 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. 1552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Accept O in w g n banks Bills Others* I U m i n n p i t o t o e r d ts E U f x r n p o i o m te r d ts c D h e o a x l n l - g ar e G s o h o ip d p p s o e s d i t n o t b r s e e d i t n w i e n e n or Total bills bought States States United Foreign States countries 1950—September 308 397 187 103 84 211 264 79 29 23 October. . , 312 383 168 100 68 215 243 85 29 25 November 325 383 166 104 62 217 234 88 29 29 December. 333 394 192 114 78 202 245 87 28 32 1951—January. . 356 453 202 126 76 251 286 100 36 29 February. 369 470 201 121 79 270 304 99 36 29 March. . . 381 479 198 122 76 279 314 106 30 26 April 387 456 170 119 52 285 288 111 24 31 May 364 417 143 108 35 274 259 102 22 33 June 331 425 162 120 42 263 267 104 22 31 July 336 380 135 103 33 245 225 104 24 27 August... 368 384 122 94 28 262 218 109 25 26 September 377 375 118 85 33 256 210 104 27 31 October. . 409 398 131 87 44 267 226 106 27 35 1 As reported by dealers; includes some finance company paper sold in open market. > None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m n d e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n v d p e t s a r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t i a m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s 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—November. . 81 .360 3 774 3 796 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January. ... 1,411 8 690 3 948 February. . . 1,367 3 642 8 953 March 1,304 «715 3 918 April 1,286 8 661 8 879 May 1,287 3 681 3 855 June 1,275 10 375 364 680 834 225 26 13 319 July 1,266 8 672 3 825 August 1,260 3 624 8816 September. . 1,290 8 640 8 843 October 1 291 3653 3 853 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). 8 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): August, 41; September, 41; October, 40. 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. DECEMBER 1951 1553 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 p i o c m m t e i h a r - 6 e , s l - 1 a P a b d c n e a r a 9 c r c i n y 0 s m e e k ' s p s e - 1 , t- ch n l a c e o r a e l a e x a n w s l - - n 2 l g - e m bi o 3 s ll n e - s c t « h uri 9 t i m i - s e s t s o o u n e ( 1 t s t h 2 a 4 - xa 3 i b s - y l s e t u e o ) a e 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 - of $ $ 1 l 2 o 0 0 0 a 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r 1948 average L.44 1.11 1.55 L.040 1.14 1.62 Annual averages: 1949 average L.48 )L .12 1.63 L.102 1.14 1.43 19 cities: 1950 average L.45 1L .15 1.63 1.218 1.26 1.50 1941 2.0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1950—November. 1L.69 11.31 1.63 L.364 1.47 1.62 1943 2.6 4.4 3.4 2.5 2.4 December.. 1.72 1L .31 1.63 L.367 1.46 1.64 1944 2 4 4 3 3 3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1951—January... L.86 L.39 2.00 1.387 1.47 1.66 1946 2.1 4.2 3.1 2.2 1.7 February. . L.96 L.50 2.00 L.391 1.60 1.67 1947 2.1 4.2 3.1 2.5 1.8 March 1.06 L.63 2.00 L.422 1.79 1.86 1948 2.5 4.4 3.5 2.8 2.2 April 1.13 L.63 2.00 L.520 1.89 2.03 1949 2.7 4.6 3.7 3.0 2.4 May 1.17 L.63 2.15 L.578 1.85 2.04 1950 2.7 4.5 3.6 3.0 2.4 June 1.31 .63 2.25 L.499 1.79 2.00 July 1.31 L.63 2.25 L.593 1.74 1.94 Quarterly: August 1.26 L.63 2.25 L.644 1.70 1.89 19 cities: September. 1.19 L.63 2.25 L.646 1.71 1.93 1950—Dec 2.84 4 60 3.73 3.10 2.57 October 1.21 :.63 2.25 L.608 1.74 2.00 1951—Mar. 3.02 4.68 3.88 3.27 2.76 November. 1.25 1.63 2.25 L.608 1.68 2.00 June .. 3.07 4.73 3.93 3.32 2.81 Sept 3 06 4 74 3 99 3.36 2.78 Week ending: New York City: N N N N o o o o v v v v . . . . 2 1 1 3 4 7 0 . . . . . . . . . . . . 2 2 2 2 H M H H I 1 1 1 V % % % s 2 2 2 2 - - - - 2 2 2 2 Y Y ^ y 2 2 2 1 1 1 L L L . . . . 6 6 6 5 1 1 1 8 7 9 0 5 1 1 1 1 . . . . 7 6 6 6 2 8 8 8 2 2 2 1 . . . . 0 0 0 9 0 0 1 9 1 1 9 9 5 5 0 1 — — J S D M u e e n a p c r e t 2 2 2 2 . .7 7 7 5 4 8 9 1 4 4 4 4 . . 3 2 3 1 7 0 5 7 3 3 3 3 . . 6 6 4 7 6 8 4 2 3 2 3 3 . . . 0 0 8 1 6 6 0 8 2 2 2 2 . . . . 6 3 6 5 4 5 4 9 Dec. 1... 2% 1% 2-2^ L.609 1.68 2.00 7 Northern and Eastern cities: 1950—Dec 2.87 4.64 3.70 3.18 2.65 1 Monthly figures are averages of weekly prevailing rates. 1951—Mar 3.02 4.74 3.86 3.23 2.81 8 The average rate on 90-day Stock Exchange time loans was 1.50 June 3.04 4.68 3.90 3.28 2.83 per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948- Sept 3.06 4.81 3.97 3.24 2.82 Jan. 1, 1951. In 1951 changes have been made on the following dates: 11 Southern and Jan. 2, 2.00; May 16, 2.25 per cent. Western cities: 3 Rate on new issues within period. 1950—Dec 3.28 4.78 3.91 3.21 2.90 4 Series includes certificates of indebtedness and selected note and 1951—Mar 3.42 4.87 4.01 3.41 3.06 bond issues. June 3.52 4.90 4.10 3.52 3.14 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)3 Total years m o o r re Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues 1-5 1-8 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—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 (6) 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 M!ay 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 November 2.66 2.07 2.98 3.20 2.96 3.02 3.26 3.56 2.97 3.42 3.21 Week ending: Nov. 3 2.62 2 06 2 97 3 18 2.95 3.00 3 23 3 54 2 97 3 39 3 19 Nov. 10 2.63 2.06 2.96 3.19 2.96 3.00 3.24 3.54 2.97 3.40 3.20 Nov 17 2.65 2.05 2.96 3.19 2.96 3.01 3.24 3.55 2.97 3.41 3.20 Nov. 24 2.69 2.06 2.99 3.21 2.97 3.03 3.27 3.57 2.98 3.44 3.21 Dec 1 2.68 2.09 3.01 3.22 2.97 3.04 3.29 3.58 2.98 3.46 3.23 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 6 Series discontinued. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS i 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 er e . o n n v S - t - . 2 g M i ( r c h a i u i d p g n e a h - ) l - 8 g ( C r r p h a a o o i d t g r - e e h - ) - ' fe P r r r e e - d4 Tota (i l nde d t x I r u , n i a s - 1 - l 9 • 35 R r - o 3 a a i 9 d l- =10 u P 0 t u i l ) l i b c it - y Total Tot M al anu D a fa b u c l r e t ( - u in r d in N e d g x u o , r n - - 193 T p 9 t r o i = a o r n 1 n ta s 0 - - 0) P u i l t u t i i y c b l- - T a s a r f e n a i n r n c d v d e - e - , , M in i g n- s s h th a i a o ( n n o r i f n g e d u s ' s - ) able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1948 average. .. 100.84 125.3 118.3 168.7 124 131 115 96 132 136 124 147 158 99 157 133 11,144 1949 average. .. 102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 11,037 1950 average. .. 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 >,012 1950—Nov 101.69 137.0 121.1 180.8 156 169 127 105 166 182 166 197 171 107 201 158 ',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 >,104 Mar 100.28 135.5 119.4 174.9 170 184 149 111 180 198 178 217 200 113 210 177 L,549 April.... 98.93 131.9 117.8 170.4 172 187 149 110 183 204 181 225 202 111 208 183 1,517 May.... 97.90 131.1 117.4 168.9 174 189 148 111 182 203 175 228 197 111 206 188 1,630 June.... 97.62 128.6 116.6 167.9 172 187 142 110 179 200 169 229 188 110 201 186 1,305 July 97.93 129.4 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 1,333 Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 1,463 Sept. 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 1.916 Oct 98.22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 1,802 Nov 97.52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 1,246 Week ending: Nov. 3. 98.06 131.7 115.8 166.4 180 197 148 114 186 208 177 237 192 114 207 246 1,508 Nov. 10. 97.95 131.7 115.5 165.9 177 192 143 114 187 210 181 237 196 114 209 242 1,373 Nov. 17. 97.63 131.9 115.8 165.4 179 195 145 115 186 209 179 236 197 114 209 240 1,164 Nov. 24. 97.12 131.7 115.1 165.0 178 193 145 115 182 203 176 229 191 113 206 227 1,123 Dec. 1. 97.20 131.7 114.7 165.3 177 193 144 114 187 210 180 238 199 114 210 234 1,249 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annua dividend. 5 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 r n n n e g d d - ) - m e ( a f e i d o g n s o r n t d - 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 - x - 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 ( f a 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 - - 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 gn r- 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 1S 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 87,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 10,220 9,085 9,076 2,604 294 46,177 45,269 908 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 810,935 8,271 8,160 3,370 394 4,395 3,199 1,197 111 32,665 2,441 112 992 1,338 1,280 58 123 1950—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. 8834 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 September 3 986 3 792 642 265 40 337 281 56 50 194 194 4 170 20 14 6 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947, 1950, February 1951 and September 1951 include 244 million dollars, 100 million, 50 million, and 100 million, respectively, of issues of the International Bank for Reconstruction and Development. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. DECEMBER 1951 1555 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 pro g ce ro e s d s s 2 proc n e e e t ds 8 New money Retirement of securities Repa o y f ment Other Plant and Working Bonds and Preferred other debt purposes Total equipment capital Total notes stock 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—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 October 556 541 462 367 95 5 3 2 51 23 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing • C m o is m c 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- moneyments 10 pro- moneyments 10 pro- money ments 10 pro- moneyments 10 pro- moneyments l0 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 . 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2 291 69 2 159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3 212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 1,165 695 143 533 273 67 587 346 183 2,895 2,003 679 396 314 73 618 356 78 1950— 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 36 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 October 244 203 3 29 20 18 16 1 179 163 14 14 57 46 1 Estimates of new issues sold for cash in the United States. * 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 notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 1 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. • 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. 18 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. 1556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets oi 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 L ,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 L,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 .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 r44,056 7,891 4,061 2,237 r37,828 6,995 3,571 2,013 6,228 896 489 224 Quarterly 1949—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—i i 9,256 1,400 812 387 7,935 1,254 725 347 1,322 146 87 40 2 10,678 1,821 1,047 394 r9,213 1,631 935 347 1,465 190 112 47 3 11,830 2,185 1,244 583 10,156 1,925 1,092 534 1,674 260 152 49 4 12,292 2,485 958 874 10,525 2,185 820 785 1,767 300 138 88 1951—i 12,685 "•2,232 ••876 ••467 10,811 1,951 '765 420 1,874 r281 110 47 2 13,019 '2,214 ••837 474 11,079 1,928 r724 421 1,940 '286 113 52 3 12,282 1,962 761 477 10,454 1,720 661 425 1,828 242 100 52 PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Railroad Electric power Telephone» Year or quarter r O e p v i e n e r g n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v i e n e r g n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v i e n e r g n a u t- e P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 1,206 257 193 167 1941 5,347 674 500 186 3,029 774 527 437 1,334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 156 1944 9,437 1,972 667 246 3,615 902 507 398 1,815 451 168 155 1945 8,902 756 450 246 3,681 905 534 407 1,979 433 174 162 1946 7,628 271 287 235 3,815 964 638 458 2,148 313 209 168 1947 8,685 777 479 236 4,291 954 643 494 2,283 215 138 131 1948 9,672 1,148 699 289 4,830 983 657 493 2,694 292 186 178 1949 8,580 700 438 252 5,055 1,129 757 553 2,967 333 207 213 1950 9,473 1,385 783 312 5,431 1,303 824 619 3,342 580 331 276 Quarterly 1949—3 2,140 174 104 50 1.224 260 175 140 748 84 52 53 4 2,066 224 161 78 1,288 281 196 156 779 111 68 60 1950—l 1,985 109 »52 61 1,378 351 3 230 146 787 116 3 71 62 2 2,238 248 »157 53 L.322 321 3212 153 821 137 84 67 3 2,534 454 8257 55 1,317 293 8171 152 853 158 84 70 4 2,716 574 3 318 142 1,415 339 8211 168 881 169 92 76 1951 1 . .. 2,440 229 103 100 L,504 413 3 229 157 904 175 90 77 2 2,596 275 3144 62 rL.419 ••344 3 195 160 918 174 92 79 3 2,583 250 3 122 56 1,421 320 3 168 162 931 160 3 72 81 r Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax 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 1950 profits to cover 1950 liability for excess profits taxes. 2 Correction of new series. 3 As reported. NOTE.-—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Correction of new series. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. 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), 1557 DECEMBER 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 1948 1949 1950 21 31 4i Nondurable goods industries Total (94 corps.): » Sales 13,364 12,790 14,710 3,163 3,333 3,251 3,453 3,939 4,066 4,323 4,260 4,279 Profits before taxes. 2,208 1,843 2,701 446 503 504 581 782 833 850 809 769 Profits after taxes... 1,474 1,211 1,510 292 342 307 353 468 382 ••367 ••340 332 Dividends 656 708 887 147 249 166 175 213 333 198 201 202 Selected industries: Foods and kindred products (28 corps.): Sales 3,447 3,254 3,416 822 835 757 811 957 892 1,000 878 935 Profits before taxes 410 377 463 101 102 83 100 157 124 120 83 89 Profits after taxes 257 233 253 63 64 47 58 59 58 ••39 45 Dividends 135 134 141 29 44 31 33 34 44 31 33 32 Chemicals and allied products (26 corps.): Sales 3,563 3,562 4,456 896 910 952 1,049 1,192 1,263 1,345 1,381 1,351 Profits before taxes 655 673 1,114 174 189 205 247 311 351 366 367 344 Profits after taxes 408 403 560 105 115 117 141 176 127 129 121 112 Dividends 254 311 438 68 113 72 79 112 174 83 85 87 Petroleum refining (14 corps.): Sales 3,945 3,865 4,234 942 996 960 989 1,113 1,172 1,204 1,204 1,246 Profits before taxes 721 525 652 114 131 121 133 188 209 217 203 216 Profits after taxes 548 406 443 86 109 87 95 131 130 123 118 127 Dividends 172 172 205 31 63 42 42 44 77 57 55 55 Durable goods industries Total (106 corps.):3 Sales 23,567 23,886 '29,346 6,307 5,279 6,004 •7,225 -7,891 r8,226 '8,362 r8,759 8,003 Profits before taxes. 3,105 3,191 5,190 866 697 896 1,240 1,403 1,652 1,382 1,405 1,193 Profits after taxes... 1,835 1,887 2,549 508 424 503 694 776 576 '510 r497 429 Dividends 746 950 1,351 185 381 221 219 370 541 270 273 275 Selected industries: Primary metals and products (39 corps.): Sales 9,066 ,197 10,446 2,050 1,542 2,200 r2,562 r2,719 -•2,965 3,044 3,198 3,034 Profits before taxes 1,174 993 1,698 228 160 299 400 455 544 525 ••557 791 Profits after taxes 720 578 853 130 100 167 225 255 206 ••188 ••193 176 Dividends 270 285 377 61 89 66 73 80 157 85 87 Machinery (27 corps.): Sales 4,529 4,353 5,056 1,115 1,163 1,099 1,195 1,271 1,491 1,480 1,563 1,433 Profits before taxes. 567 519 845 119 147 144 167 193 340 ••250 ••237 211 Profits after taxes... 333 320 421 75 91 81 93 107 140 •"90 '82 73 Dividends 125 138 208 31 42 49 37 38 84 43 47 47 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 2,707 2,118 2,283 2,975 3,355 3,192 3,268 3,331 2,900 Profits before taxes 1,131 1,473 2,306 462 337 398 596 656 656 514 508 407 Profits after taxes 639 861 1,089 267 200 215 330 358 186 194 ••183 143 Dividends 282 451 671 80 216 90 91 232 258 123 119 121 ••Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax 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 1950 profits to cover 1950 liability for excess profits taxes. 2 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi i t t s e s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t s e s - d 1939 6 5 1.5 5.0 3.8 1.2 1949—3 28.0 10.9 17.1 7 4 9 7 1940 9 3 2.9 6.4 4.0 2.4 4 27.0 10.5 16.5 8 0 8 5 1941 17.2 7.8 9.4 4.5 4.9 1 1 1 1 9 9 9 9 4 4 4 4 2 5 3 4 2 2 2 1 1 5 4 9 . . . . 1 1 3 7 1 1 1 1 1 1 3 4 . . . . 2 7 5 4 1 1 9 8 0 0 . . . . 4 5 6 8 4 4 4 4 . . . . 3 7 7 5 5 6 6 3 . . . . 1 2 1 8 1950— 2 4 1 •3 3 3 4 5 1 7 5 0 . . . . 9 5 7 3 2 2 1 1 0 2 4 6 . . . . 5 5 4 9 2 2 2 1 5 0 7 7 . . . . 2 6 8 5 1 9 8 7 1 . . . . 4 4 8 1 1 1 1 9 6 2 5 . . . 7 2 8 7 1946 23.5 9.6 13.9 5.8 8.1 1947 30.5 11.9 18.5 6.6 12.0 1948 33 8 13.0 20.7 7.3 13.6 1951—1 51.8 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 31 41.5 '24.5 17.0 9.6 7.4 r Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1558 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 2 Nonmarketable public issues End of month T g d r o e o t b s a t s l * d T d g i e r o r o b e t s a t c s l t Total* Tr b ea il s l u s ry c i C e n a d e d t n r e e t s e b i s f o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total« s b a U o v . n i n S d g . s s T t s a r a n e x v o a i t a s n e u n g s r d s yT b i r o n s m e e n v a r e d e s i n e s s u — t t s r - y S is p s e u c e ia s l i b n N e d t a e e o r r b n e in t - s 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 4,394 959 30,211 2,229 Dec 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 955 31,714 2,220 1949—June 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 954 32,776 2,009 Dec 257,160 257,130 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 954 33,896 2,111 1950—June 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 954 32,356 2,148 1950—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 Nov 259,647 259,604 142,741 18,100 28,017 18,406 78,066 78,650 57,552 7,737 13,014 35,862 2,351 s adjusted service s, depositary bonds, and Armed Forces Leave bonds, not shown separatey. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512, UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING NOVEMBER 30, 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 se A r l i l es Se E ries Se F ries Se G ries se A r l ie l s Treasury bills * Treasury bonds—Cont. Fiscal year ending: Dec. 6, 1951 ,103 5,825 June—1944.. 34,606 15 498 11,820 802 2,876 2,371 Dec 13, 1951 ,203 1,501 1945.. 45,586 14 891 11,553 679 2,658 4,298 Dec 20, 1951 ,203 510 1946.. 49,035 9 612 6,739 407 2,465 6,717 Dec. 27, 1951 ,201 7,986 1947.. 51,367 7 208 4,287 360 2,561 5,545 Jan. 3, 1952 ,202 8,662 1948.. 53,274 6 235 4,026 301 1,907 5,113 Jan. 10, 1952 ,201 725 1949.. 56,260 7 141 4,278 473 2,390 5,067 Jan. 17, 1952 ,200 681 1950.. 57,536 5 673 3,993 231 1,449 5,422 Jan. 24, 1952 ,201 2,611 1951.. 57,572 5 143 3,272 347 1,523 6,137 Jan. 31, 1952 ,302 1,449 Feb. 7,1952 ,300 982 1950—Nov.... 58,027 436 246 37 153 448 Feb. 14, 1952 ,303 3,822 Dec... 58,019 541 284 61 197 509 Feb. 21, 1952 ,102 919 Feb. 28, 1952 ,100 5,284 1951—Jan 58,017 475 343 18 115 653 Mar. 15, 1952 2 ,234 3,469 Feb.. .. 57,769 386 272 17 97 528 June 15, 1952 2 ,247 1,485 Mar.... 57,764 359 280 12 67 560 2,118 Apr.. .. 57,652 310 254 9 47 472 2,831 May... 57,607 296 247 8 41 478 Certificates 3,760 June... 57,572 290 244 8 38 476 Apr. 1, 1952 \ 9,524 3,836 July... 57,538 311 258 8 45 482 July 1,1952 1 5,216 5,196 Aug 57,509 314 267 8 38 437 Aug. 15, 1952 \ 583 3,480 Sept... 57,488 273 230 7 36 390 Sept. 1, 1952 IJ 1,832 2,001 Oct.... 57,501 334 274 10 50 410 Oct. 1, 1952 \ 10,861 2,716 Nov.... 57,552 316 268 9 39 364 4,075 Maturities and amounts outstanding November 30, 1951 Treasury notes 102 Year of All Series Series Series Mar. 15, 1954 15 4,675 maturity series E F G Mar. 15, 1955 \\ 5,365 Dec. 15, 1955 15 6,854 Apr. 1,1956 n 1,007 Panama Canal Loan. 3 50 1951 882 882 Oct. 1, 1956 1} 502 1952 3,766 3,766 Total direct issues 142,741 1953 6,368 5,191 192 985 1954 8,051 5,710 478 1,863 1955. 6,878 4,467 502 1,909 Treasury bonds Guaranteed securities 1956 5,090 2,278 581 2 231 Dec. 15, 1951-533. * 1,118 Federal Housing Admin. 1957 4,870 2,372 463 2,035 Mar. 15, 1952-54.. ^ 1,024 Various 37 1958. 4,981 2,592 243 2,146 1959 4,793 2,676 260 1 857 1960 5,299 2,548 442 2 309 1 Sold on discount basis. See table on Open-Market Money Rates, 1961. 3,710 2,211 204 1,294 p. 1554. 1962 2,197 375 1 822 2 Tax Anticipation Series. 1963 682 108 573 3 Partially tax exempt. Unclassified -14 4 Called for redemption on Dec 15, 1951. 5 Called for redemption on Mar. 15, 1952. Total 57,552 34,693 3,849 19,024 6 Maturity Dec 15, 1955. 7 Restricted. DECEMBER 1951 1559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in ( a s i g e n t n i c t c e g e u l s u u e r ) i d a d - r - - S is p s t e u r c u e ia s s t l fun P i d s u s s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k c m i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h p o e o n r - s g m o S l a o v e t n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vi s d e u O c a u t l h s ri e t r ies l M a in n t i v o s e c e o r e s s u - l ' s - 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June , 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June. .,.. 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June. 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June , 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 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 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 '58,400 10,200 17,000 '20,200 8,000 49,000 '17,400 '11,100 July. ,, 255,685 34,707 6,341 214,637 23,078 '58,700 10,200 16,900 '20,300 8,000 49,000 '17,300 '11,200 Aug 256,677 35,146 6,339 215,192 23,127 '58,800 10,100 16,700 '21,000 8,000 49,000 '17,300 '11,100 Sept 257,386 35,637 6,368 215,380 23,734 59,400 10,100 16,700 20,100 8,000 48,900 17,200 11,300 r Revised. 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 i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v u a k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 5 5 : 9 2 0 1 — — — D D J J J u e e u u n c c n n e e e . . . . . . . . 1 1 1 1 1 5 5 5 5 3 5 5 5 2 7 , , , , . 1 1 3 4 9 3 6 2 7 4 8 0 5 1 4 5 5 5 3 5 , , , , , 2 3 3 3 3 7 2 6 5 7 2 7 5 0 4 2 2 1 1 1 0 0 8 8 9 , . , , , 7 2 3 8 3 7 6 3 8 4 8 8 1 5 35 5 5 5 5 8 6 9 4 1 , , , , , 9 2 8 8 5 7 3 5 9 1 2 7 6 3 5 1 1 1 1 8 0 0 0 1 , , , , , 2 7 8 1 0 5 7 7 4 2 4 2 7 4 9 1 1 1 1 1 6 8 2 8 9 , , , , , 8 1 0 5 0 6 3 7 3 9 2 2 7 5 0 4 4 4 4 4 4 1 3 2 4 , , , , , 4 0 7 6 5 2 8 6 5 6 9 7 3 8 3 W 1 1 i 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 u e 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 4 3 4 7 9 9 6 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 4 5 , , , , , 0 0 0 6 0 1 2 0 4 8 4 1 1 5 3 2 2 4 2 1 3 6 3 3 5 6 7 8 0 1 1,0 3 4 3 9 4 8 6 6 2 4 5 0 8 61 1 3 2 2 0 0 , , , , , 6 5 3 7 7 8 0 5 2 4 5 0 3 2 7 Aug 139,771 3,305 21,41351,754 8,155 11,77543,369 vSept.. . . 140,201 3,33522,020 52,303 8,126 11,69142,726 Aug 31,832 40 8,640 13,550 432 875 8,295 Treasury bills: Sept.. . . 31,077 39 8,712 13,203 418 819 7,886 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 A Se u p g t.. . . 1 1 5 5 , ,0 6 1 1 2 7 4 6 3 8 1,0 6 5 1 8 6 4 4 , , 6 0 0 7 8 6 1 1 0 0 2 3 7 71 6 6 7 9 9 , , 0 4 6 0 5 7 1951— D J e u c ne.... 3 3 1 3 , , 0 3 2 7 2 8 1 1 3 8 9 9 3 1 , ,2 8 8 7 5 8 2 20 4 , , 8 5 5 3 3 4 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 — te D 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 A Se u p g t.. . . 3 36 2 , , 8 0 3 2 2 5 1 1 8 3 9 4 4 4, , 8 8 9 7 6 82 2 0 4 , , 9 7 0 8 2 1 2 25 2 9 0 6 89 8 2 9 5 5 , ,8 2 1 0 5 2 1 1 9 9 5 5 0 1 — — D J J u u e n n c e e 1 9 5 8 , , , 5 3 4 0 7 1 9 3 8 (3) 1 7 7 3 5 2 , , , 1 3 3 9 5 3 4 7 4 5 2 1 , , ,5 3 7 4 5 5 4 4 3 6 3 4 7 7 3 2 8 8 5 2 7 3 3 7 1 , , , 4 2 2 3 2 5 5 1 4 5-1 1 0 9 4 y 9 e — ar D J s u : e n c e 1 1 5 8 , , 0 5 6 3 7 7 5 53 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 3 4, , 7 6 1 3 6 0 Aug 14,740 30 4,851 4,130 44 442 5,243 1950—June.... 15,926 423 1,148 5,675 2,439 2,055 4,186 Sept 15,317 31 4,944 4,476 43 473 5,350 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 Aug 15,962 375 1,032 6,292 1,980 1,852 4,431 1950—June 20,404 29 3,500 11,204 154 403 5,114 Sept 11,157 318 1,014 2,431 1,935 1,658 3,801 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: A Se u p g t 3 3 1 1 , , 0 0 1 1 0 3 1 1 3 3 1 11 1 , , 9 8 1 3 0 8 1 1 2 2 , , 1 2 4 2 8 8 1 9 0 8 3 5 5 2 1 9 4 6 6, , 2 3 4 8 5 4 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 2 1 5 4 3 2 , , , 4 5 3 5 4 9 2 9 3 3 4 3 , , , 0 9 8 9 8 3 2 7 3 6 7 7 , , , 1 5 2 3 9 8 0 3 8 1 1 1 4 3 3 , , , 1 5 4 7 0 8 9 7 5 1 1 1 4 3 3 , , , 2 5 0 4 2 9 2 4 0 Tr 1 ea 9 s 4 u 9 r — y D b J e u o c n nd e. s . : .. 1 10 1 4 0 , , 7 4 5 2 8 6 5 5 , , 2 2 1 0 7 1 7 7 , , 2 7 1 8 8 0 3 4 9 2 , , 2 04 3 2 5 1 1 0 0 , , 4 7 8 6 0 8 1 1 7 8 , ,3 5 1 7 5 92 2 5 6 , , 0 3 2 2 9 0 1951— D J e u c ne.... 4 3 3 0 , , 5 0 9 2 9 3 4 2 , , 6 6 8 2 2 9 2 1 , ,3 5 9 0 7 8 2 2 , , 7 9 8 3 1 2 5 7 , , 3 18 8 0 9 1 7 2 , , 2 3 9 08 3 1 1 0 3 , , 5 98 3 9 4 1 1 9 9 5 5 0 1 — — D J J e u u c n n e e . . . . . . . . 1 9 7 0 4 8 2 , , , 0 8 7 3 3 9 2 5 5 3 5 5 , , , 1 2 2 7 7 8 8 3 3 4 4 5 , , ,6 1 6 1 0 2 8 8 0 3 3 3 8 1 3 , , , 6 2 60 8 9 7 6 1 1 9 7 0 , , , 9 9 6 6 7 2 7 3 4 1 1 1 7 5 0 , , , 2 6 2 4 1 6 9 7 42 2 2 2 4 5 , , , 9 0 3 4 2 4 1 3 0 A Se u p g t.. . . 3 3 0 0 , , 0 0 1 1 7 8 2 2 , , 6 6 5 4 5 8 1 1 , , 3 3 9 9 7 7 2 2 , , 7 7 7 7 4 6 5 5 , , 3 3 6 7 6 5 7 7 , , 1 1 3 1 7 9 1 1 0 0 , , 7 6 0 8 6 5 Aug 78,827 3,185 4,10831,372 7,909 10,02522,228 Sept.. . . 78,070 3,188 4,10830,961 7,876 9,97421,963 * 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. * Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. »Less than $500,000. 1560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of UnitedStates Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) during period Assets y m e o ar n t o h r c N e r i e e p - t ts B p t e u u e n r x d e d - g s i e - t s B ( d u + u e ( r f d - p ) i ) g c l o u i e t s r t c T e o a r t u c u c n - . s i t t s, c C o i a l n u c e g - a n r t - 1 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 a g B e u n i e r a n n c a n l d e l - - Total b s F D e a R e e r n r e e a d v k - p l - e s o 2 si d i t S s t e c a p i p i r a e n o i l - e s s - O as t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + ( x c u - c o ) t ) g e m o s o s e r Fiscal year: 1949 S8 ?46 40,057 — 1,811 —495 +366 +478 -1,462 -\ 470 ,86? 438 1 771 1,653 392 41 62840 576 +1 051 1950 ,04<> 40,167 —3,122 +99 +483 +4,587 +2,047 5 517 5 9?7 950 ?68 1,709 410 40 97043 155 —2 185 1951 48, 14S 44 633 +3,510 +679 -214 -2,135 +1,839 7 357 7 871 338 S 680 1,8^ 514 53 43945 804 +7 635 1950—Nov. . 2,851 «3,102 4-252 <+169 -63 +140 -6 4 139 4,586 714 2 232 1,640 446 3,487 3,415 +72 Dec. . 4,211 3,742 +470 +45 -52 -369 +93 4 232 4,724 690 2,344 1,690 492 4,488 4,004 +485 1951—Jan... 4,448 3,808 +640 -83 +247 -583 +221 4 454 4,865 807 2,117 1,941 412 4,696 3,438 +1,259 Feb... 4,257 3,211 +1,047 +227 -161 -184 +929 5 382 5,806 465 3 614 1,726 423 4,877 3,522 +1,356 Mar.. 8,112 4,058 +4,054 -34 +111 -944 +3,187 8 569 8,991 1,120 5 900 1,971 422 8,489 4,219 +4,270 Apr... 2,626 4,007 -1,381 -69 +106 -270 -1,614 6 955 7,360 611 5 030 1,719 405 2,960 4,144 -1,184 May.. 3,146 4,517 -1,370 +136 -304 +366 -1,173 5 782 6,376 666 4,029 1,681 594 4,148 5,154 -1,006 June.. 7,089 5,969 +1,119 +284 +43 + 129 +1,574 7,357 7,871 338 5,680 1,853 514 7,367 5,223 +2,144 July.. 2,571 4,739 -2,168 +11 -14 +435 -1,737 5 620 6,032 584 3,694 1,754 412 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 2,857 5,803 -2,946 Nov... 3,521 5,178 -1,658 +82 +20 +1,306 -250 4,624 5,147 481 2,901 1, 765 523 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnitedStates Treasury On basis of reports by collectors of internal revenue F o i r s c m al o y n e th ar b p W I y l h n o e c i e y t l o m h d e m r - s - e t O ax th es er i r n e n c M t v e e e e o l i r l n s u n a - u - s a e l S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e ts r c T e r o i e p t - a ts l R t e a f o x u f e n D s d e s du e S t c m S a m e t o x c p e c e u l n i o s r a t i y 6 l t - y c N e r i e e p - t ts n i i W n n c o d t o s i l a i u d t m x v h r - e i e a a h d s n g e a u 8 e c l n a d e l d w t i v a i n I t x i c h n d o h d u n m e i a o - l l e d t c C o t p i o m t o r a r o n 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 t f d e e - t s l m E a o t n a a x i t s e n h x c c o d e e i e s u s r l e - s Fiscal year: 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,69038,246 11,743 7,996 11,554 797 7,585 1950 .... 10,07318,189 8,303 2,892 1,853 41,311 2,160 2,10637,045 11,762 7,264 10,854 706 7,599 1951 13,53524.218 9,423 3,940 2,253 53,369 2,107 3,12048,143 15,901 9,908 14,388 730 8,704 1950—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 7.680 2,709 853 7149 230 4,621 42 131 4,448 829 2,527 297 80 820 Feb 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 151 54 730 Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 129 682 Apr... . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May... 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 June.. . 1,123 5,065 719 425 270 7,603 234 280 7,089 256 1,195 3,908 47 660 July. .. 726 983 722 177 225 2,833 88 175 2,571 1,158 321 596 56 709 Aug.... 2,130 404 806 597 228 4,165 55 516 3,594 3,600 116 290 66 771 Sept 1,128 4,115 707 451 124 6,524 57 258 6,209 110 1,276 2,942 52 641 Oct. . . . 8 780 828 885 47 168 2,708 41 8 32 2,635 1,227 215 512 52 831 Nov P2.176 254 805 P506 211 3,951 30 400 3,521 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 s e t t e b o r t n - f t I i i n n a n a o a n t i a n e n d d - a r c - l e t e r m V r A a a i t e d n n i t o - i s - s n - a t c A u g t u o i r r l d e i - - T c t o f r r a e t 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 - t e n - t c s t u s r p i t t u E e y r n 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 1,646 1950 40,167 12,378 5,750 4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857 1951 44,633 19,958 5,613 4,431 5,238 636 972 7,786 5,631 2,685 2,790 2,165 872 771 1950—Nov *3,102 1,446 142 321 465 96 9 624 549 207 219 132 * -15 101 Dec 3,742 1,510 968 252 437 23 6 546 288 7 241 91 33 53 1951—Jan 3,808 1,651 514 334 462 115 73 658 414 233 278 157 194 -50 Feb 3,211 1,695 156 328 417 (8) 9 606 582 194 258 125 15 14 Mar 4,058 2,057 580 346 454 68 2 552 280 101 259 150 27 77 4,007 2,160 253 392 427 104 82 589 283 83 255 184 24 173 4,517 2,396 163 ,487 424 91 1 955 928 510 266 127 -23 166 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 3,166 497 377 406 206 87 744 179 59 253 190 -58 169 Nov 5,178 J>3,027 173 P395 436 104 92 P952 732 285 282 171 -38 291 v Preliminary. l Excess of receipts (+) or expenditures ( —). 1 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. ' These are appropriated1 directly to the Federal old-age and survivors insurance trust fund. 6 Beginning January 1951, old-age insurance employment taxes are not reported separately. Figures for prior periods have been combined for purpose of comparison. 7 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. 8 Current appropriations to the Federal ol d-age and survivors insuranceltrust fund were suspended on Oct. 10, 1951, until adjustments of 150 million dollars were completed. 9 Less than $500,000. DECEMBER 1951 1561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l Li i a n b t i e l r it a i g es e , n c o y th i e t r e m th s an Bonds, notes, Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a p e m t d d s l - e s s , i , - - - G U s ri e o t . c i v I S e u m n t s - . . v e e n O s r s t i t s e t - t c i h e u e s - r * L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e s h t - e s r a t F g U u n a u b u t r n . e a y l e S d l e r s y . - d d p e a O b y e a th n b e - le r l O i i a t t i b h e i e s l- r i U m G n e e r t o . e s n e S v n t r - . - t - o i v n P w e a t r s t e n i e t r - e l - y d All agencies: Sept. 30, 1950 24,102 598 12,769 1,739 2,112 3,478 2,931 476 1,108 970 21,791 214 Dec. 31, 1950 24,635 642 13,228 1,774 2,075 3,473 2,945 499 1,190 1,19321,995 234 Mar. 31, 1951 25,104 715 13,496 1,764 2,162 3,467 2,951 549 1,247 1,23422,337 268 June 30, 1951 25,188 64913,504 1,719 2,185 3,474 2,999 659 1,378 93222,533 315 Classification by agency, June 30, 1951 Department of Agriculture: Farm Credit Administration Banks for cooperatives 377 310 81 273 21 Federal intermediate credit mks 822 754 753 61 Production credit corporatio 56 13 55 Agricultural Marketing Act Revolving Fund 1 1 () () 1 Federal Farm Mortgage Corp 39 35 38 Rural Electrification Administrate n 1,709 1,643 () 47 1 1,708 Commodity Credit Corporation 2,106 349 1,350 111 277 129 1,977 Farmers' Home Administration 4 501 455 26 1 500 Federal Crop Insurance Corp 36 3 6 30 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,092 816 246 544 245 10 294 Federal Savings and Loan Insurance Corp. 207 201 5 202 Home Owners' Loan Corp 2 *(3) () () Public Housing Administration 6 1,784 463 1,258 40 Federal Housing Administration 399 23 266 1 190 1,744 Office of the Administrator: 182 Federal National Mortgage Association.. ,592 1,579 ) 1,591 Other 72 25 35 72 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 798 2 1 160 589 798 Other7 898 12 763 1 67 830 Export-Import Bank 2,351 1 2,314 *(3) 56 2,294 Federal Deposit Insurance Corp 1,347 3 (3) 1,338 () 103 1,244 Tennessee Valley Authority 1,152 171 13 960 33 1,119 All other 7,848 207 3,973 196 3,385 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 t e n t e d d d e k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i u f l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - N M A g F a a s a t o e i g s l r d o n e t . n . - - P H A u i o d n b u g m l s ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - 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 i 3 , e 1 s , To aid agriculture 40 754 312 354 1,644 565 (3) 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. * Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 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. 1562 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] Industrial production Construction (phy 1 s 9 i 3 c 5 a - l 3 v 9 o = lu 1 m 00 e)* 1 aw 1 a 9 c r 2 d o 3 e n - d t 2 r 5 a ( = v ct a 1 s l 0 u 0 e)8 Em 19 p 3 lo 9 y = m 1 e 0 n 0 t • Fac- D m e e p n a t rt- Whole- Year or month Total D f u M a - c a tu n r u N e - s on- M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory 1 r p 9 t o 1 o 3 a l 0 l r 9 y s y 0 - » = 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 s = s ( e t v 3 a ) o a 1 l 5 e l r * 0 - - e s 3 0 * 9 1 s p 9 u = C r 3 i m c o 1 5 e n e 0 - s - r 3 0 8 s 9 ' p m c = r 1 s i o o 9 a c 1 m d l 2 e 0 e 6 i s - 0 ty rable durable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed j sted 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 6 92.9 100.9 109.1 142 104 121.9 100.6 1924 82 95 69 89 94 95 I 91 7 93 7 101 8 139 104 122 2 98 1 1925 90 107 76 92 122 124 1 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 J»237 P187 P148 295 305 287 145.7 149.7 371.8 128 304 171.9 161.5 1949 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 9 209 212 247 195 159 334 362 311 148.3 155.0 156.3 394.4 135 336 173.4 166 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 '137 291 175 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 2 159.5 434.3 131 302 185 2 181 7 July 212 214 '265 187 156 303 298 306 153.9 '160.0 '157.3 '422.8 125 309 185.5 179.4 August 217 ••220 '267 193 '165 291 292 291 153.6 '158.1 '159.4 '430.2 133 319 185.5 178.0 September 219 223 272 192 167 275 279 271 153 2 156 8 159.5 436.9 133 312 186.6 177 6 October P219 P222 P274 P189 P171 261 265 258 P153.0P155.9P158.5«432.2 135 P303 187.4 178.2 November «218 e218 «275 «187 «170 137 * Average per working day. * Estimated. v Preliminary. ' Revised. 1 For indexes by groups or industries, see pp. 1564-1567. 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. 1571. 8 The unadjusted indexes of employment and payrolls, wholesale commodity prices and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For revised indexes on 1947-49 base, see p. 1573. Beginning with the BULLETIN for January 1952 the revised series will be shown here. Other department store data are shown on pp. 1574-1576. 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, pp. 1490-1515 of this issue. DECEMBER 1951 1563 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 216 215 218 221 221 222 223 222 221 212 217 219 P219 Manufactures—Total 225 224 229 231 232 234 234 233 231 222 '226 228 P227 Durable Manufactures . .. 261 260 268 268 271 277 279 276 274 '265 '267 272 Iron and Steel *..... . . .. 253 246 253 255 252 263 264 263 261 253 254 '258 261 Pig iron 225 211 216 224 217 228 231 234 235 230 230 231 235 Steel . .. . 286 272 280 288 281 298 301 301 296 293 291 298 304 209 198 207 212 206 217 218 217 213 215 208 213 217 Electric 835 803 802 827 815 879 891 897 884 850 881 902 921 Mochinery . 303 311 321 322 328 335 337 336 338 327 328 336 P342 Transportation Equipment 291 278 292 285 304 314 311 310 307 '294 '306 311 P305 Automobiles (including parts) . . 271 249 260 246 262 265 255 248 238 '216 '224 228 P220 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 , Nonferrous Metals and Products 223 226 227 224 217 209 211 206 205 199 197 199 P207 Smelting and refining 217 221 218 219 222 225 227 227 226 226 213 214 P23\ (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 225 228 230 226 215 202 204 197 197 188 190 193 P198 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 166 169 173 171 169 169 170 163 153 141 146 146 P149 Lumber 150 155 162 162 156 156 162 158 147 131 137 135 138 Furniture. 198 197 195 190 193 195 185 173 164 '160 165 167 P172 229 227 235 236 237 243 247 236 239 237 '228 228 P219 Glass products. 245 235 247 240 243 251 270 242 250 '260 '232 231 Glass containers 262 247 265 2S7 261 269 292 257 269 285 249 246 P2\3 Cement 214 214 232 238 245 252 243 231 235 226 222 219 221272 Clay products 168 175 173 191 186 189 189 184 184 '177 '174 173 Other stone and clay products 2 Nondurable Manufactures 196 195 197 201 201 199 198 198 197 187 193 192 P189 Textiles and Products 197 193 194 194 194 188 185 190 185 160 170 164 P155 Textile fabrics 178 173 173 174 176 171 165 169 164 138 150 145 P139 Cotton consumption 162 158 158 163 174 175 153 164 157 123 145 142 140 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2 374 381 397 392 390 374 380 377 378 380 361 335 293 Wool textiles 180 164 160 156 144 133 146 144 137 100 115 114 Carpet wool consumption 228 204 201 180 181 169 131 101 87 27 58 63 Apparel wool consumption 179 148 140 151 140 128 158 163 153 117 rl32 132 Wool and worsted yarn 163 146 141 142 133 123 140 141 135 105 117 117 Woolen yarn , 142 122 121 121 119 111 116 120 119 92 108 108 Worsted yarn 192 180 169 173 152 140 174 171 157 123 130 129 Woolen and worsted cloth. . 180 172 169 163 143 130 159 163 159 124 135 132 Leather and Products 115 109 108 115 122 118 106 97 99 85 99 100 Leather tanning 106 108 106 107 112 105 97 88 89 75 81 84 Cattle hide leathers 119 121 120 120 126 119 110 104 109 91 99 104 Calf and kip leathers 84 89 84 77 88 80 78 56 51 42 44 51 Goat and kid leathers 88 96 88 94 96 93 87 80 73 58 '65 57 Sheep and lamb leathers 94 81 87 98 92 83 69 55 50 54 56 64 Shoes 121 110 109 121 128 127 112 103 106 92 110 111 Manufactured Food Products 162 161 165 168 166 167 168 167 165 '164 '165 166 PI 64 Wheat flour 100 107 116 128 119 110 108 109 103 107 '108 107 Cane sugar meltings2 Manufactured dairy products 145 143 141 142 142 146 147 148 150 150 148 143 P141 Butter 75 72 70 73 71 72 74 72 75 77 77 '72 71 Cheese 158 164 167 170 169 176 177 174 183 180 173 '165 162 Canned and dried milk 150 142 131 131 135 152 156 164 168 169 160 138 126 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. 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. 1564 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing. 158 165 171 162 148 159 163 149 145 152 162 168 157 Pork and lard 188 195 202 188 171 194 208 181 188 187 207 221 198 Beef .. . . 138 148 155 152 141 139 134 134 110 126 128 126 124 Veal 107 108 104 93 88 82 79 79 95 107 110 99 109 Lamb and mutton 77 76 77 80 66 62 59 52 66 70 65 64 74 Other manufactured foods 171 168 172 176 176 177 177 176 175 173 174 P\73 Processed fruits and vegetables . . . . ... 147 149 142 161 158 176 169 166 160 '147 '137 144 Confectionery. . ', 125 125 147 148 138 127 128 132 '130 127 140 Other food products 184 181 184 185 188 186 187 186 186 188 188 188 P183 182 207 208 248 225 207 187 179 178 175 178 184 178 Malt liquor 150 183 168 185 166 169 161 157 155 163 165 164 154 Whiskey 157 178 157 155 135 150 118 117 104 78 51 70 76 Other distilled spirits 308 235 463 716 658 677 706 560 604 474 492 335 265 Rectified liquors . . . . .. 304 341 340 439 408 240 148 174 174 197 223 332 358 Tobacco Products ... 165 171 153 177 179 170 177 172 171 161 183 177 185 Cigars 124 127 89 101 107 100 104 105 115 98 114 123 127 Cigarettes 215 227 215 248 249 238 248 239 233 225 252 239 259 Other tobacco products 65 56 70 69 62 66 64 66 57 73 70 44 72 Paper and Paper Products 201 197 204 207 208 214 212 208 190 196 197 196 202 Paper and pulp... 191 189 192 197 198 204 200 198 183 189 192 191 Pulp 193 220 218 220 228 229 241 233 235 230 228 234 234 Groundwood pulp 212278 109 125 117 119 116 116 115 123 137 132 '137 130 Soda pulp.. 96 92 92 94 98 94 100 99 88 78 93 rQQ 97 Sulphate and Sulphite pulp8 265 258 251 256 265 269 284 274 275 269 265 271 273 Paper 188 186 184 188 193 193 198 195 193 176 183 185 184 Paperboard.. . . . .. 238 240 229 247 245 248 253 256 247 217 224 216 213 Fine paper a Printing paper 187 183 188 181 192 189 194 186 180 167 185 192 190 Tissue and absorbent paper. 207 196 202 206 205 208 224 207 204 204 196 200 210 164 163 165 159 172 171 172 170 177 165 168 180 180 Newsprint.. . . , . 117 112 117 117 120 119 119 121 127 123 123 124 122 Paperboard containers (same as Paperboard)., Printing and Publishing 179 174 175 170 177 176 183 176 171 166 174 179 177 Newsprint consumption 171 165 162 159 162 162 171 166 163 166 164 167 165 Printing paper (same as shown under Paper) Petroleum and Coal Products 251 253 263 272 269 269 255 263 263 262 265 265 P266 Petroleum refining * . . .. Gasoline 196 195 197 202 198 199 193 207 212 211 213 214 #215 Fuel oil. 210 209 225 238 238 227 204 210 215 213 209 213 P214 Lubricating oil 184 187 188 192 179 190 189 193 194 195 200 187 Kerosene 195 195 208 237 230 230 221 201 205 209 208 216 Other petroleum products 2 Coke 183 178 182 187 183 184 185 186 187 183 187 185 185 By-product coke 175 170 174 177 174 176 178 178 179 178 179 178 178 Beehive coke 467 436 457 522 487 475 433 456 476 388 '457 '411 452 Chemical Products 277 280 284 287 288 292 296 298 302 305 r306 303 P302 Paints 164 162 160 163 168 166 164 160 161 167 164 158 P156 Rayon 371 378 385 387 384 374 377 378 385 393 393 394 Industrial chemicals 488 497 504 506 510 524 532 538 548 '554 '556 557 ^563 Other chemical products J Rubber Products 250 250 251 244 235 239 238 247 251 r243 r245 246 P233 Minerals—Total 166 160 151 164 158 158 164 165 165 156 '165 161 Pill Fuels 170 165 163 169 163 163 167 168 169 160 171 172 P178 Coal 141 127 130 140 118 111 120 118 123 97 123 125 138 Bituminous coal 151 138 143 151 125 127 133 126 133 105 134 137 147 Anthracite 102 84 80 96 89 48 64 83 86 66 77 79 104 Crude petroleum . . ... 184 184 178 184 185 189 191 192 191 192 194 195 P197 Metals 141 130 126 130 131 127 140 151 145 132 r134 137 P143 199 180 173 180 181 176 199 216 209 187 194 200 P210 Iron ore (Copper; Lead; Zinc)2 Gold. 59 59 57 57 55 56 54 56 52 52 49 49 Silver . .. 73 70 77 78 80 77 77 76 73 67 58 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. DECEMBER 1951 1565 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 Oct. Nov. Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept. Oct. Industrial Production—Total 220 275 216 216 217 219 222 223 223 214 '220 223 P222 Manufactures — Total ... 229 226 227 226 228 231 232 233 232 '223 '229 233 P231 Durable Manufactures 263 260 266 264 268 275 278 277 276 ••266 '269 274 P276 Iron and Steel * .... ....253 246 253 255 252 263 264 263 261 253 254 '258 261 Pig iron 225 211 216 114: 217 228 231 234 235 230 230 231 235 Steel 286 272 280 288 281 298 301 301 296 293 291 298 304 209 198 207 212 206 217 218 217 213 215 208 213 217 Electric 835 803 802 827 815 879 891 897 884 850 881 902 921 303 311 321 322 328 335 337 336 338 327 328 336 P342 291 278 292 285 304 314 311 310 307 '294 '306 311 P305 Automobiles (including parts) 271 249 260 246 262 265 255 248 238 '116 '114: 118 J»220 (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 223 226 227 224 217 209 211 206 205 199 197 199 P207 in 221 219 110 111 225 111 in 225 225 213 214 P!31 (Copper smelting; Lead refining; Zinc smelting; Fabricating 115 228 230 226 215 202 204 197 197 188 190 193 P198 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 176 168 158 153 154 160 169 168 164 r151 158 158 P158 Lumber .... 165 153 140 134 134 141 161 165 163 146 154 153 151 Furniture 198 197 195 190 193 195 185 173 164 '160 165 167 P172 Stone, Clay, and Glass Products 240 2.?.? 227 223 221 232 243 242 241 239 237 237 P233 Glass products 251 237 233 236 237 251 270 255 248 ••251 '139 235 P218 269 250 246 251 253 269 292 275 266 273 259 251 228 Cement 249 231 211 193 186 207 231 242 251 248 251 254 252 Clay products 177 182 178 178 176 180 183 184 184 179 180 180 P182 Other stone and clay productsJ Nondurable Manufactures 201 197 196 196 196 194 195 197 197 189 197 199 P194 Textiles and Products 197 193 194 194 194 188 185 190 185 160 170 164 P155 Textile fabrics 178 173 173 174 176 171 165 169 164 138 150 145 P139 Cotton consumption 162 158 158 163 174 175 153 164 157 123 145 142 140 Rayon deliveries 374 381 397 392 390 374 380 377 378 380 361 335 293 Wool textiles 180 164 160 156 144 133 146 144 137 100 115 114 Carpet wool consumption 228 204 201 180 181 169 131 101 87 27 58 63 179 148 140 151 140 128 158 163 153 117 '132 132 Woolen and worsted yarn 163 146 141 142 133 123 140 141 135 105 117 117 Woolen yarn 142 122 111 121 119 111 116 120 119 92 108 108 Worsted yarn 192 180 169 173 152 140 174 171 157 123 130 129 Woolen and worsted cloth 180 172 169 163 143 130 159 163 159 124 135 132 Leather and Products 115 111 107 116 125 118 106 97 98 83 98 100 107 111 106 108 120 104 97 88 86 71 80 83 Cattle hide leathers 120 126 120 123 136 119 110 104 105 86 96 102 Calf and kip leathers 86 91 82 76 93 79 75 54 52 42 47 50 Goat and kid leathers 88 93 89 94 100 92 89 78 74 57 '63 57 94 85 83 91 101 80 68 59 50 50 58 62 Shoes 121 110 109 121 128 127 112 103 106 92 110 111 Manufactured Food Products 173 163 161 155 149 149 152 159 165 176 '188 190 P178 Wheat flour 107 108 115 128 120 107 103 104 99 106 107 117 P120 Manufactured dairy products 119 94 90 90 101 120 153 i96 221 221 215 169 P!28 Butter 64 55 55 61 63 65 75 93 104 94 85 '69 61 Cheese 142 123 121 126 139 158 184 233 259 221 194 '169 145 122 102 101 106 121 149 176 228 232 196 164 127 102 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. 1566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Co«*/ (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1950 1951 Industry Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued \Ieat packing . . . . . 158 184 203 193 142 147 150 149 144 141 139 149 156 Pork and lard 177 228 267 247 168 180 189 181 188 165 159 174 186 Beef 151 154 155 155 129 127 126 134 107 127 130 136 135 Veal 122 116 98 86 77 77 78 82 95 107 108 109 124 Lamb and mutton 80 76 75 85 67 60 57 53 62 67 64 69 77 Other manufactured foods 189 175 169 162 159 156 157 159 165 181 206 P193 Processed fruits and vegetables 190 137 111 105 100 97 103 108 123 '191 '260 282 P205 Confectionery 164 147 148 152 139 118 106 102 '96 104 151 Other food products .. . 193 190 188 178 178 178 180 182 188 191 '191 191 P192 A.lcoholic Beverages . . • 205 195 189 211 198 185 175 180 191 190 179 193 197 139 141 134 151 149 157 169 179 195 204 188 166 143 Whiskey .... . . . . . 157 178 157 155 135 150 118 117 104 78 51 70 76 Other distilled spirits ... 798 493 509 466 394 440 424 336 374 275 266 459 686 Rectified liquors 304 341 340 439 408 240 148 174 174 197 223 332 358 170 174 142 177 170 161 167 172 178 167 190 188 191 Cigars ... 124 127 89 101 107 100 104 105 115 98 114 123 127 224 231 198 248 234 222 231 239 245 236 265 256 269 77 67 50 69 67 62 66 65 67 57 71 75 47 202 201 197 203 208 208 215 212 209 189 196 196 196 193 191 188 192 198 198 205 201 199 182 188 191 191 Pulp 227 221 218 221 228 231 243 234 235 228 226 232 233 Groundwood pulp 119 115 126 121 124 124 128 124 124 122 116 '122 121 Soda pulp 96 92 92 94 98 94 100 99 88 78 93 '99 97 Sulphate and Sulphite pulp 3 265 258 251 256 265 269 284 274 275 269 265 '271 273 Paper .... 188 186 184 188 194 193 199 195 193 175 183 185 185 Paperboard 238 240 229 247 245 248 253 256 247 217 224 216 213 Printing paper 187 183 188 181 192 189 194 186 180 167 185 192 190 Tissue and absorbent paper 209 196 196 204 214 208 226 207 208 196 196 200 212 Wrapping paper 164 163 165 159 172 171 172 170 177 165 168 180 180 Newsprint 117 113 114 117 120 119 121 122 129 121 122 124 122 Printing and Publishing 183 182 179 164 176 179 188 179 170 155 166 180 181 Newsprint consumption 180 180 170 148 159 169 181 172 161 143 147 168 173 Petroleum and Coal Products .... 251 253 263 272 269 269 255 263 263 262 265 265 P266 Gasoline 196 195 197 202 198 199 193 207 212 211 213 214 P2\S Fuel oil 210 209 225 238 238 227 204 210 215 213 209 213 P214 Lubricating oil 184 187 187 186 177 188 197 201 194 193 198 187 Kerosene 195 201 214 241 241 235 226 203 193 194 199 214 Other petroleum products2 Coke 183 178 182 187 183 184 185 186 187 183 187 185 185 By-product coke 175 170 174 177 174 176 178 178 179 178 179 178 178 Beehive coke 467 436 457 522 487 475 433 456 476 388 457 411 452 Chemical Products 282 284 288 288 291 296 298 298 300 301 303 306 P307 Paints 164 160 160 160 166 165 165 165 165 165 162 156 P156 Rayon 371 378 385 387 384 374 377 378 385 393 393 394 P367 Industrial chemicals 488 497 504 506 510 524 532 538 548 '554 '556 557 P563 Rubber Products 250 250 251 244 235 239 238 247 251 r243 '245 246 P233 mo Minerals—Total 169 159 153 159 153 153 162 168 169 161 171 P174 Fuels 170 165 163 169 163 163 167 168 169 160 171 172 vl78 Coal 141 127 130 140 118 111 120 118 123 97 123 125 138 Bituminous coal 151 138 143 151 125 127 133 126 133 105 134 137 147 102 84 80 96 89 48 64 83 86 66 77 79 104 184 184 178 184 185 189 191 192 191 192 194 '195 197 Metals 161 124 93 94 94 92 129 166 171 166 166 P162 Metals other than gold and silver 227 166 115 118 121 118 184 248 256 247 250 246 P?W 331 195 86 97 93 89 231 365 392 384 403 388 354 (Copper; Lead; Zinc)2 Gold 69 66 59 55 50 49 48 49 48 50 54 56 Silver 73 70 77 78 81 80 78 76 70 66 57 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. 1567 .DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted jor Seasonal Variation) [Index numbers of the Board of Governors, 1947-49 average = 100] 1950 1951 Product group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 166 165 163 146 157 160 138 129 125 100 101 107 P102 Passenger automobiles 175 177 170 138 156 169 144 140 140 111 '112 115 P106 Household iloods total 156 152 156 156 158 151 131 117 108 88 89 98 P97 Carpets 113 121 115 114 115 102 101 82 70 47 55 56 Furniture 123 123 121 118 119 119 116 109 102 102 97 97 P99 M!aior appliances 135 133 141 132 138 139 125 115 111 78 86 96 Radios and television 283 263 273 297 294 262 186 153 133 98 95 123 P136 p Preliminary. ' Revised. 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 upon 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 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct, ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,921 12,915 12,953 13,083 13,214 13,218 13,249 13,211 13,204 '13,106 '12,954 12,846 12,775 Durable goods 7,135 7,155 7,193 7,249 7,352 7,395 7,449 7,449 7,440 '7,352 '7,294 7,261 7,238 Primary metal industries 1,111 1,120 1,131 1,143 1,147 1,153 1,161 1,174 1,178 1,173 '1,171 1,159 1,148 Fabricated metal products 846 846 839 839 844 850 855 859 852 '834 '828 811 804 Machinery except electrical 1,110 1,139 1,157 1,192 1,209 1,219 1,233 1,236 1,246 ••1,247 '1,223 1,225 1,249 Electrical machinery 703 710 710 704 709 717 718 714 708 '705 '713 713 711 Transportation equipment 1,157 1,139 1,160 1,175 1,233 1,253 1,243 1,233 1,237 '1,187 '1,197 1,210 1,193 Lumber and wood products 773 765 758 754 755 733 763 764 765 '748 '733 728 727 Furniture and fixtures 323 319 320 316 318 323 319 309 295 296 '288 284 283 Stone, clay, and glass products. . 469 475 469 478 475 479 483 484 485 '485 '479 480 477 Instruments and related products 204 208 209 210 214 216 220 222 223 229 225 224 226 Misc. manufacturing industries. . 417 411 416 413 421 423 424 422 417 '410 397 385 376 23 25 '40 Ordnance and accessories 22 24 27 29 30 32 34 '38 42 44 Nondurable goods 5,786 5,760 5,760 5,834 5,862 5,823 5,800 5,762 5,764 '5,754 5,660 5,585 5,537 A Te p x p t a il r e e - l m a i n ll d p o r t o h d e u r c f ts inished tex- 1,264 1,250 1,239 1,245 1,250 1,211 1,214 1,212 1,205 1,203 1,171 1,148 1,132 tiles 1,063 1,046 1,048 1,070 1,083 1,074 1,063 1,045 1,047 '1,053 '1,032 1,006 980 Leather and leather products. . . 363 362 361 364 367 362 357 345 351 341 335 321 318 Food and kindred products 1,166 1,171 1,173 1,211 1,212 1,213 1,191 1,184 1,177 '1,170 '1,149 1,143 1,153 Tobacco manufactures 82 79 81 80 81 81 82 80 80 '80 '81 82 81 Paper and allied products 419 423 424 421 421 422 427 426 428 427 '421 419 41D Printing, publishing and allied industries 509 510 510 510 510 515 513 513 512 '512 '515 515 514 Chemicals and allied products... 513 511 514 521 524 531 538 539 544 '548 '541 539 540 Products of petroleum and coal. 190 190 192 192 193 195 196 195 197 196 194 194 199 Rubber products 217 218 218 220 221 219 219 223 223 '224 221 218 210 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 13,133 13,044 13,056 13,018 13,186 13,189 13,108 12,993 13,064 '12,885'13,055 13,070 12,983 Durable goods 7,186 7,210 7,254 7,256 7,371 7,428 7,445 7,406 7,409 '7,226 '7,252 7,275 7,286 Primary Metal Industries 1,117 1,126 1,142 1,149 1,153 1,159 1,161 1,162 1,172 1,155 '1,165 1,159 1,154 Blast furnaces, steel works 553 554 556 559 559 561 562 565 572 '572 576 573 and rolling mills Fabricated Metal Products 850 850 852 847 852 858 859 850 843 r813 '816 811 808 Machinery except Electrical 1,1 19 0 0 4 1,1 1 3 97 3 1, 2 1 0 6 4 3 1, 2 1 1 9 1 2 1, 2 2 1 1 8 5 1, 2 2 2 3 3 1 1, 2 2 2 3 7 9 1, 2 2 2 4 8 2 1, 2 2 3 5 3 2 '1 ' , 2 2 3 3 2 5 '1, 2 2 2 1 7 1 1, 2 2 3 1 0 9 1,243 Metalworking machinery... 710 721 724 711 716 724 718 707 704 '684 r695 709 718 Electrical Machinery Electrical apparatus (gen- 252 254 257 256 258 262 266 270 275 271 273 275 erating, etc.) 272 278 278 268 270 273 262 247 241 '230 '236 248 Communication equipment. 1,157 1,139 1,160 1,175 1,233 1,253 1,243 1,233 1,237 '1,187 '-1,197 1,210 1,193 Transportation Equipment Motor vehicles and equip- 795 760 767 767 791 793 774 752 738 '684 '676 679 ment 225 239 252 264 288 299 309 318 333 '347 '356 360 Aircraft and parts 785 773 754 739 736 722 752 764 773 '748 '751 '743 738 Lumber and Wood Products 462 452 440 429 428 426 443 449 456 '443 '448 441 Sawmills and planing mills.. 329 327 326 321 324 326 317 301 286 284 '284 285 289 Furniture and Fixtures 242 242 238 234 235 236 227 211 197 196 195 196 Household furniture 471 477 474 473 473 479 483 484 485 r478 '481 482 479 Stone, Clay, and Glass Products. 205 209 211 211 215 218 221 222 223 221 223 224 227 Instruments and Related Products 436 432 424 413 427 429 422 409 400 '383 389 391 393 Misc. Manufacturing Industries., 22 23 24 25 27 29 30 32 34 '40 42 44 Ordnance and Accessories For footnotes see following page. 1568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1950 1951 Industry group or industry Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nondurable goods 5,947 5,834 5,802 5,762 5,815 5,761 5,663 5,587 5,655 '5,659 '5,803 5,795 5,697 Textile-mill Products 1,264 1,262 1,258 1,257 1,269 1,223 1,214 1,206 1,205 1,167 1,153 1,137 1,132 Broad-woven fabric mills... 607 606 604 602 604 564 567 574 588 574 562 551 Knitting mills 236 234 234 232 236 236 230 222 216 '210 212 207 Apparel and Other Finished Textiles 1,100 1,056 1,064 1,070 1,115 1,106 1,047 998 1,000 'i, 047 1,014 Men's and boys' furnishings 254 253 251 251 259 263 261 253 245 •"233 '237 239 Women's and misses' outerwear 297 275 296 303 317 305 267 249 255 '271 '294 283 Leather and Leather Products.. . . 367 360 359 364 374 371 353 331 344 336 342 527 321 Footwear (except rubber)... 230 226 229 234 239 237 225 210 222 215 221 208 Food M C B a a a n e n k d a n e t r K i y n p i g r n p o d a r d r o n u e d d d c u ts p c P t r r s e o s d e u r c v t i s ng.. . . 1,2 2 2 1 6 2 4 9 0 6 0 6 1,1 2 1 1 9 4 9 7 6 4 3 1 1,1 2 1 1 5 5 9 4 5 4 0 3 1, 2 1 1 1 5 8 3 2 1 8 2 0 1, 2 0 1 1 3 2 8 9 8 7 8 9 1, 2 0 1 1 3 2 9 9 3 5 0 6 1, 2 0 1 1 2 9 2 8 9 0 8 5 1, 2 0 1 1 2 9 3 9 9 0 7 9 1, 2 1 1 1 3 9 4 5 3 2 6 4 ' 1 ' ' , 2 2 2 1 2 3 9 2 6 6 2 5 'i,3 ' '2 2 1 t 9 3 9 fi 9 3 2 1, 2 3 1 3 3 1 9 1 5 6 3 7 1,249 Tobacco Manufactures 89 84 83 80 80 78 76 74 76 '75 '84 Pape P r u a l n p d , p A a H pe i r e d a n P d r o p d a u p c e t r s board 421 427 428 423 423 424 427 424 426 418 r419 417 mills 210 211 212 209 209 209 212 213 215 214 214 214 Printing, Publishing and Allied Industries 514 515 518 510 510 512 510 510 512 r510 515 519 Newspapers 150 150 152 149 150 150 151 152 152 151 151 153 Commercial printing 170 170 171 170 170 170 168 168 169 167 '166 168 Chemicals and Allied Products... 523 521 524 526 532 539 538 531 528 r526 r530 542 551 Industrial organic chemicals 159 160 162 163 163 167 168 170 172 '172 '173 174 Products of Petroleum and Coal.. 190 191 191 190 191 192 194 194 198 198 197 199 Petroleum refining 147 148 147 147 148 149 150 151 154 154 154 154 Rubber Products.. 219 22, 222 222 222 220 219 220 220 212 i ' 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 October 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1950 1951 1950 1951 1950 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Manufacturing—Total. 61.99 '64.52 65.45 65.17 41.3 40.4 40.6 40.4 1.501 1.597 1.612 1.613 Durable goods 66.39 '69.68 70.84 70.84 42.1 41.4 41.6 41.6 1.577 -1.683 1.703 1.703 Primary metal industries. . . 69.81 74.59 75.56 74.71 41.9 41.3 41.2 41.3 1.666 1.806 1.834 1.809 Fabricated metal products. . 66.66 '68.52 70.10 70.43 42.3 '41.4 41.9 41.9 1.576 1.655 1.673 1.681 Machinery except electrical. 71.00 '76.03 77.29 77.41 42.9 43.1 43.3 43.1 1.655 •1.764 1.785 1.796 Electrical machinery 64.12 '66.59 68.35 69.06 42.1 '40.9 41.6 41.7 1.523 '1.628 1.643 1.656 Transportation equipment. . 73.02 '76.34 77.62 76.91 41.0 40.8 41.2 40.8 1.781 "1.871 1.884 1.885 Lumber and wood products 58.83 '60.14 60.56 61.96 41.9 40.8 40.4 41.2 1.404 •1.474 1.499 1.504 Furniture and fixtures 56.27 '57.31 58.46 59.31 42.6 -•40.7 41.2 41.8 1.321 1.408 1.419 1.419 Stone, clay, and glass products 63.11 64.23 65.13 64.88 42.5 41.2 41.3 41.3 1.485 1.559 1.577 1.571 Instruments and related products 64.77 '68.67 70.13 70.30 42.5 -•42.0 42.4 42.4 1.524 •1.635 1.654 1.658 Miscellaneous manufacturing industries. 56.98 '56.60 57.51 57.75 42.3 40.0 40.5 40.5 1.347 '1.415 1.420 1.426 Ordnance and accessories 68.64 '72.40 76.03 76.39 43.2 43.2 44.1 43.8 1.589 '1.676 1.724 1.744 Nondurable goods. 56.58 '57.95 58.75 57.85 40.3 39.1 39.4 38.8 1.404 1.482 1.491 1.491 Textile-mill products 52.58 '47.98 48.89 49.40 40.6 r36.6 36.9 37.2 1.295 '1.311 1.325 1.328 Apparel and other finished products.... 45.51 '46.15 46.05 43.15 37.3 '35.8 35.7 34.3 1.220 '1.289 1.290 1.258 Leather and leather products 46.04 46.43 45.99 44.93 37.8 36.5 35.9 34.8 1.218 1.272 1.281 1.291 Food and kindred products 56.83 '61.34 61.94 61.45 41.6 '42.1 42.6 41.8 1.366 '1.457 1.454 1.470 Tobacco manufactures 41.21 '43.82 44.60 44.77 38.3 '38.3 39.4 39.2 1.076 '1.144 1.132 1.142 Paper and allied products 63.27 '64.82 65.40 65.24 44.0 '42.7 42.8 42.5 1.438 '1.518 1.528 1.535 Printing, publishing and allied products. 74.22 '75.58 77.85 76.12 39.0 '38.7 39.3 38.6 1.903 1.953 1.981 1.972 Chemicals and allied products 64.55 '68.06 68.39 68.13 42.0 41.4 41.7 41.8 1.537 •1.644 1.640 1.630 Products of petroleum and coal 77.71 '80.95 83.21 82.04 41.6 40.8 41.5 41.1 1.868 '1.984 2.005 1.996 Rubber products 66.29 '69.69 70.36 n.a. 41.9 '40.9 41.0 n.a. 1.582 '1.704 1.716 n.a. r Revised, n.a. Not available. NOTE.—Data are for production and related workers. Figures for October 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. DECEMBER 1951 1569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1943 42,042 17,381 917 1,567 3,619 7,189 1,401 3,919 6,049 1944 . . . 41 480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43 371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43 006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 SEASONALLY ADJUSTED 1950—October 45 408 15 606 937 2,506 4,138 9 630 1,839 4,733 6,019 November 45,501 15,635 937 2,521 4,126 9,620 1,838 4,747 6,077 December 45,605 15,692 938 2,452 4,125 9,692 1,846 4,741 6,119 1951—January .. . 45 804 15,852 939 2,507 4,107 9,722 1,840 4,737 6,100 February 46,078 16,009 939 2,503 4,117 9,769 1,848 4,728 6,165 March 46,266 16,058 930 2,556 4,147 9,762 1,854 4,729 6,230 April 46,411 16,102 914 2,574 4,153 9,773 1,856 4,745 6,294 May . 46 507 16 081 916 2,572 4,140 9,821 1,865 4,765 6,347 June . ... 46 626 16,097 923 2,558 4,132 9,857 1,874 4,787 6,398 July '46,602 16,026 '899 '2,574 '4,134 '9,837 1,880 '4,780 6,472 August '46 512 15 867 '917 r2,592 '4,140 '9,817 '1,893 '4,791 6,495 September 46,404 15,773 912 2,572 4,156 9,779 1,901 4,784 6,527 October 46,333 15,709 911 2,608 4,162 9,771 1,909 4,746 6,517 UNADJUSTED 1950—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—Tanuary 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 May 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 July '46,432 15,813 '906 '2,754 '4,176 '9,667 1,908 '4,852 6,356 August ••46,679 15,980 '925 '2,799 '4,187 '9,637 1,912 '4,839 6,400 September . 46 887 16,004 917 2,752 4,177 9,769 1,891 4,832 6 545 October 46,819 15,926 913 2,738 4,156 9,894 1,890 4,770 6,532 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. October 1951 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total Year or month c in iv s i t l i i t a u n ti o n n o a n l - Employed 2 l N ab o o t r i n f o t r h c e e population l Total Total In nonagricul- In ployed tural industries agriculture 1943 94,640 55,540 54,470 45,390 9,080 1,070 39,100 1944 93,220 54,630 53,960 45,010 8,950 670 38,590 1945... 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45 850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 109.284 63,099 59,957 52,450 7,507 3,142 46,181 1950—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 47,65& 108,933 61,313 58,905 52,976 5,930 2,407 47,619 March . . . . 108,964 62,325 60,179 53,785 6,393 2,147 46 638 April 108,879 61,789 60,044 53,400 6,645 1,744 47,092 May 108,832 62,803 61,193 53,753 7,440 1,609 46,029 June 108,836 63,783 61,803 53,768 8,035 1,980 45,053 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 October 109,064 63,452 61,836 54,168 7,668 1,616 45,612 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. 1570 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1950 f951 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 65.4 128.3 128.1 148.7 148.3 273.4 310.5 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 94 109.4 127.2 155.5 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 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 Oct. Sept. Oct. Mar 748 ,300 1,268 282 481 418 466 819 849 Apr 846 1,350 1,375 319 354 456 527 996 919 May. 885 ,3482,573 369 389 1,474 517 959 1,099 Boston 51,744 57,455 63,842 J Ju u l n y e.... 9 9 5 4 0 8 1, , 4 3 2 4 0 5 1 1 . , 4 3 0 8 9 0 3 4 7 1 5 0 4 4 6 2 0 8 6 5 1 8 5 3 5 53 7 7 4 9 9 1 6 7 0 8 7 2 6 6 4 N Ph e i w la d Y e o lp rk hia 1 6 8 4 1 , , 1 5 8 9 7 6 1 5 9 2 1 , , 0 42 9 5 3 2 6 1 4 0 , , 8 41 5 5 5 Aug 911 ,5491,263 316 438 486 595 1,111 776 Cleveland . . . . 99,430 106,455 121,840 Sept 1,072 ,2871,083 289 364 318 783 922 765 Richmond 89,147 102,214 105,523 Oct 1,062 1,136 1,051 332 308 307 730 828 745 Atlanta 131,907 108,350 109,635 Nov 958 L,087 316 320 642 767 Chicago 181,265 203,909 192,582 Dec 929 1,168 299 381 630 787 St. Louis 67,978 66,506 76,506 Minneapolis 52,759 39,353 33,577 Year.. 10,359 14,501 3,718 4,409 6,641 10,092 Kansas City 63,498 58,390 58,001 Dallas 67,908 96,705 99,039 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,051,419 1,082,855 1,135,815 [In millions of dollars] Title ] loans Mortgciges Y m e o a n r t o h r Total p m P e r i r m e r o o t n v y p - t e - - l s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t D i o s t i l l e e y 4 s - h R g ( o T a r e I u o n n I i s ) t u d t i l a n p e l g W h e ( o V V a T r u a r I e i s n ) t t a i l 2 - s n e n ' g d V ( h M t T i o a I n i i u r I g t l y I s l i e ) - - 3 INSURED P O F R H T A F O H L O I M O [ , E I n B m M Y i O l C li R o L n T A s G S o S A f G O d E o F l S la I r N s ( ] T S I T T I L T E U T II I ) O N HELD IN 1 1 1 1 1 9 9 9 9 9 5 4 4 4 4 0 7 9 6 8 3 3 4 1 , , 3 8 7 3 7 4 2 5 3 8 2 1 5 8 7 6 3 5 6 5 9 3 1 9 2 4 4 4 4 1 (4 4 5 1 ) ) 7 3 7 2 1, , 8 4 3 4 8 5 6 4 4 8 5 7 6 0 6 21 3 7 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 u a 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 n s m c u i e e - r s - a c F e g i e r e e a d s n l - - i Other2 1950—Oct 379 82 (4) 241 3 43 10 Nov.. . 379 74 (4) 236 2 49 17 Dec. .. 349 54 (<) 204 5 63 23 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1951—Jan.... 330 63 1 225 (*) 28 13 1938—Dec 1,199 634 38 149 212 77 90 Feb.... 261 44 1 176 4 27 1C 1939—Dec 1,793 902 71 192 342 153 133 Mar... 294 50 2 180 3 32 28 1940—Dec 2,409 1,162 130 224 542 201 150 Apr... 252 43 2 162 7 20 18 1941—Dec 3,107 1,465 186 254 789 234 179 May. . 271 52 2 165 16 36 1942—Dec 3,620 1,669 236 276 1,032 245 163 June. . 255 54 2 146 56 31 16 1943—Dec 3,626 1,705 256 292 1,134 79 159 July... 274 76 2 146 17 19 13 1944—Dec 3,399 1,590 260 269 1,072 68 140 Aug.. . 270 66 3 154 15 18 14 1945—Dec 3,156 1,506 263 253 1,000 13 122 Sept... 239 53 4 131 7 16 28 Oct. . . 300 74 4 145 20 15 41 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. a Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent 1947—June 2,860 1,386 245 229 889 8 102 mainly mortgages insured under the Veterans' Housing Title VI Dec 2,871 1,379 244 232 899 7 110 (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with 1948—June 2,988 1,402 251 245 973 7 110 December 1947, figures include mortgages insured in connection with Dec 3,237 1,429 265 269 1,113 9 152 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1949—June 3,894 1,587 305 323 1,431 21 227 3 Mortgages insured on new rental housing at or near military Dec 4,751 1,771 378 416 1,828 52 305 installations under Title VIII, approved Aug. 8, 1949. 4 Less than $500,000. 1950—Dec 6,695 2,205 693 603 2,712 60 421 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date and not shown separately. Includes almost one million dollars of 1 The RFC Mortgage Company, the Federal National Mortgage mortgages insured since August under new Sec. 8 small homes program. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u ev ri i n o g u sl t y h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta e t s e 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 e t s i , o f n i . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in en dowed 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. DECEMBER 1951 1571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports i Excess of exports Month 1947 3 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 a 1948 1949 1950 1951 January 1,193 ,092 1,105 741 P974 533 547 590 623 Pi,023 660 545 515 118 P-49 February ,198 ,085 1,043 764 1,076 438 589 567 600 P909 760 496 477 164 P167 March ,384 ,139 1,189 860 1,284 445 675 633 665 Pl.100 939 464 557 195 P184 April ,362 ,121 1,173 804 1,372 514 532 534 585 Pl,033 847 590 639 219 P339 May ,504 ,103 1,095 830 1,355 475 554 541 659 Pl,018 1,029 549 554 170 P337 June ,320 1,014 1,108 877 1,292 464 625 526 687 P929 856 389 582 190 P362 July ,265 1,019 900 4779 PI.189 452 564 456 709 P894 813 456 444 70 P295 August ,265 992 885 762 PI.267 406 606 491 820 P880 860 386 394 -59 P386 September. . . . ,185 926 910 911 Pl.231 475 560 530 859 P718 710 365 380 52 P513 October ,304 1,023 856 906 P1,154 493 600 557 922 P832 811 423 299 -16 P322 November ,188 823 842 P977 456 554 593 P855 732 269 249 P122 December ,172 1,318 945 P1,065 605 720 605 P867 567 598 340 P198 Jan.-Oct 12,980 10,512 10,264 8,233 P12.193 4,695 5,850 5,425 7,130 P9.336 8,285 ,663 4,840 1,103 P Preliminary. 1 Includes both domestic and foreign merchandise. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figures for 1947 have been revised to include shipments under the Army Civilian Supply Program for occupied areas, which had been previously included only for 1948 and subsequent years. * Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Year or month Total Coal CokeGrain s L t i o v c e- kp e r s o t d- Ore l c a el ne - - c d h i a s n e ucts ous l.c.1. Year or month op T er o a t t a in l g ex T p o e t n a s l es ope N ra e t t ing in N co e m t e revenues income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 . 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 . . 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 P9.473 P8,434 M.040 »783 ADJUSTED SEASONALLY 1950—October ••137 135 206 159 75 146 184 145 54 ADJUSTED November... 136 126 198 166 72 157 184 146 53 December. . . 140 129 194 158 72 162 199 151 52 1950—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 30 133 122 215 140 67 148 209 144 47 June 871 795 76 44 September... 133 130 211 132 81 142 205 143 46 July 818 775 44 13 October 135 134 206 154 83 144 180 144 46 August 854 806 48 16 September. 873 794 79 P48 UNADJUSTED UNADJUSTED 1950—October 147 135 201 159 116 154 262 158 56 November... 139 126 198 162 90 154 188 152 54 1950—October... 925 791 135 108 December... 130 129 204 148 70 145 62 142 50 November., 862 752 110 86 December. 928 815 113 120 1951—January 133 133 209 153 66 153 61 145 50 February.... 119 114 197 131 44 137 60 133 46 1951—January... 849 771 78 55 March 130 112 204 138 49 147 70 149 54 February.. 716 697 19 -4 April 133 112 193 139 61 156 193 149 51 March.... 875 797 78 51 May 135 111 208 124 57 160 296 149 48 April 851 781 71 45 137 120 212 125 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 55 October 146 134 202 154 128 152 267 157 48 September. 856 780 76 P50 p Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. P Preliminary. * Revised. 529-533. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may beTobtion 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. Commissi®n. Annual figures include revisions not available monthly. 1572 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, 1947-49 average = 100] Year or month United Statesi SALES 2 1945 70 1946 90 1947 . 98 1948 104 1949 98 1950 105 SEASONALLY ADJUSTED 1950—October 103 November. , 103 December 110 1951—Tanuary 125 February 115 March... 106 April, 103 May 104 Tune 105 Tulv 105 August . . 109 September .... 106 October 108 UNADJUSTED 1950—October 107 November ... . 122 December . 185 1951—Januarv 96 February . . .. 90 March 98 April... ... 99 Mav 103 Tune 99 Tulv. 84 August .... 93 September October STOCKS 2 1945 1946 1947. . 1948 1949 1950 SEASONALLY ADJUSTED 1950—October November . December 1951—Januarv February March . April May Tune Tulv August September October UNADJUSTED 1950—October November December March April May Tune Tulv August October ot ot O Federal Reserve district Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 72 70 68 68 72 70 68 70 66 72 66 72 92 91 87 88 92 90 89 90 88 90 85 91 99 99 96 97 97 96 98 97 98 98 94 99 102 103 104 105 103 103 104 104 104 103 105 104 99 98 100 98 100 101 97 98 99 99 102 98 103 101 106 105 105 109 104 104 105 108 113 105 102 101 105 107 103 100 104 97 103 102 103 100 101 99 101 101 108 107 106 108 110 113 104 104 107 110 112 107 116 111 108 109 112 116 108 123 120 125 136 125 123 123 128 117 132 129 125 111 110 120 120 115 114 116 108 117 116 118 112 102 103 109 109 105 122 107 99 93 110 112 102 98 102 105 104 111 97 104 98 101 103 112 102 100 100 104 104 110 107 105 98 100 104 111 104 98 108 103 106 110 114 102 98 98 104 113 103 106 103 105 107 105 111 101 104 101 104 114 108 108 106 111 108 120 110 107 106 109 111 115 106 100 101 107 108 108 111 106 105 101 112 115 108 103 103 108 112 113 111 109 105 104 110 114 106 104 107 110 110 109 105 106 102 117 108 108 102 123 124 134 108 125 123 128 125 122 124 127 114 186 186 193 186 189 194 178 171 174 183 193 185 99 96 93 102 88 94 93 93 88 99 100 99 83 90 89 93 88 96 89 86 86 93 95 93 93 95 105 99 100 115 96 94 84 101 108 94 95 96 99 103 100 101 99 96 100 100 106 95 101 98 105 106 109 103 105 102 101 104 109 98 98 105 99 100 103 97 100 90 94 97 100 97 73 74 76 84 86 89 86 85 81 85 96 93 82 80 83 94 94 99 94 95 97 102 104 101 110 106 112 114 117 116 114 111 112 119 124 108 105 108 114 115 120 116 111 111 118 117 119 107 71 69 64 59 62 53 55 58 57 56 52 56 77 85 85 81 78 80 75 73 77 74 74 69 73 93 95 98 93 93 94 90 89 93 91 93 89 93 107 105 105 107 107 105 108 111 106 110 108 110 107 100 100 97 99 100 101 102 100 100 100 100 101 100 110 110 104 108 111 113 120 110 112 104 113 112 110 121 118 113 119 122 122 138 124 124 112 122 123 121 122 120 117 117 128 122 137 121 124 111 122 121 122 122 121 113 120 128 124 142 120 125 112 123 121 121 127 123 119 124 133 129 146 125 127 113 129 129 126 129 129 124 127 133 131 145 127 131 114 128 126 128 133 132 129 132 143 124 144 132 135 119 132 134 131 138 132 131 133 148 138 150 136 142 123 142 138 140 136 129 128 132 145 137 146 134 140 123 141 140 136 136 131 131 132 146 145 141 133 143 122 141 138 135 138 130 133 134 144 146 140 139 139 124 141 141 138 134 127 129 130 136 141 144 131 139 123 143 140 137 128 120 122 126 132 135 132 124 127 116 133 135 131 121 110 115 117 122 128 130 121 119 113 123 125 127 135 133 127 136 137 138 151 136 140 119 133 134 133 139 141 134 136 145 137 153 141 137 124 138 136 135 110 113 104 105 113 109 123 111 110 103 110 112 108 114 112 105 108 121 114 132 115 110 106 120 116 114 125 123 120 124 132 128 144 124 128 110 127 124 122 139 136 134 140 151 132 151 138 143 124 139 142 135 145 136 137 144 155 149 158 141 151 129 149 146 147 139 132 131 136 148 142 148 136 140 126 144 141 141 129 122 122 123 137 133 135 125 136 117 137 128 133 126 117 117 116 129 134 132 125 129 120 133 129 134 129 120 125 123 131 139 141 124 135 117 134 137 132 132 124 129 131 137 140 137 127 135 117 133 138 135 135 124 130 134 137 144 142 134 134 120 134 136 139 1 See p. 1563 for sales indexes on 1935-39 base. 2 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.—Revised series; for description and monthly indexes for back years, see pp. 1490-1515. 1573 DECEMBER 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales * 1941 average monthly sales =100 2 Department r b N s e t e p o u r o r m e o rt s - f - Sale p s e r d io u d ring m ( S e t n o o d n c t k o h s f ) September Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing S 1 e 9 p 51 t. m N 1 o 9 i n 5 n t 1 e h: S 1 e 9 p 51 t. 1951 1950 1951 1950 1951 1950 Sept. Aug. Sept. Sept. Aug, Sept. GRAND TOTAL—entire store 8. 357 -7 +2 +8 3.4 3.0 MAIN STORE—total 356 -8 +2 +9 3.7 3.1 213 189 230 780 753 714 Piece goods and household textiles 318 -11 +2 +13 4.2 3.2 188 199 212 779 786 691 Pie W S c i e l o k o g s l , o e o v n d e s y lv a e rd ts , g a o n o d d s synthetics 2 1 1 9 7 9 5 2 7 - + - 15 4 1 -10 0 0 + - - 3 6 4 3 3 3 . . . 4 8 6 3 3 2 . . . 9 7 8 3 2 1 3 0 8 2 3 7 2 1 1 5 6 5 4 5 7 2 3 1 1 8 8 1 9 6 1, 6 7 1 7 6 3 4 3 8 1, 7 7 3 4 7 9 7 9 0 1, 7 7 0 1 8 9 6 9 6 Ho C L u i o s n e t e t h o n o n s l d a y n a t d e r d x t t o i g l w e o s o el d s s 3 2 1 0 7 8 9 7 7 - - + 1 1 5 5 2 + + + 3 4 1 + - 2 9 4 4 4 5 . . . 3 2 2 3 4 4 . . . 1 0 8 1 1 1 5 5 8 1 0 4 2 1 1 2 7 6 0 2 7 2 1 1 1 7 4 7 1 4 6 7 7 7 3 9 1 2 7 6 7 7 1 2 9 5 1 5 6 6 7 8 4 0 8 7 0 Domestics—muslins, sheetings 252 -19 +3 +11 3.9 2.0 206 290 254 798 778 500 Blankets, comforters, and spreads 241 -14 +5 +60 3.9 2.9 205 189 238 801 813 693 Small wares 347 -2 +4 + 16 4.1 3.9 172 152 175 701 679 692 Laces, trimmings, embroideries, and ribbons. 206 +3 +6 +2 3.7 3.9 195 157 190 717 657 755 Notions 241 0 +4 -4 3.4 3.5 237 189 236 816 779 835 Toilet articles, drug sundries 332 +1 +6 -2 3.8 3.6 146 138 144 546 533 520 Silverware and jewelry 316 -6 +1 +6 5.3 4.7 177 155 189 932 918 900 Silverware and clocks 4 , 215 -13 +2 +5 7.4 5.4 Costume jewelry4 279 -1 0 +20 3.0 3.2 Fine jewelry and watches4 79 -5 +6 -6 8.7 8.2 Art needlework 235 -5 +2 4.7 4.5 157 140 166 739 737 751 Bo S B o t o k a o s t i k a o s n n d a e n r s y d t a m ti a o g n a e z r i y n es , , , 2 2 1 7 4 3 3 5 0 + + 5 1 + + + 3 4 2 + + -1 1 1 3 3 4 . . . 2 7 0 3 3 3 . . . 7 9 3 1 1 1 8 5 8 3 4 0 1 1 1 3 5 4 5 3 7 1 1 1 4 7 9 6 8 0 4 6 7 8 7 4 8 0 4 4 6 6 2 7 2 8 3 8 4 6 7 8 7 5 2 3 1 0 Women's and misses' apparel and accessories. 353 -2 +4 +3 2.6 2.4 234 190 238 605 576 590 Women's and misses' ready-to-wear accessories. 353 -2 +3 +1 3.1 3.0 222 171 225 690 658 683 Neckwear and scarfs 313 +6 +9 +4 2.1 2.1 305 195 288 631 541 602 Handkerchiefs 281 -9 -4 -6 5.2 5.1 105 102 115 544 507 589 Millinery 158 -6 2 + 1 0.7 0.7 292 146 309 219 218 219 Women's and children's gloves 326 -8 + 1 +15 5.7 4.6 136 71 148 775 706 686 Corsets and brassieres 341 -2 +5 -1 3.1 3.1 255 229 259 804 773 813 Women's and children's hosiery 346 + 1 -23 2.4 3.1 148 119 147 354 347 460 Underwear, slips, and negligees 346 +3 -4 3.8 3.9 177 176 180 683 615 714 Knit underwear 253 -4 +3 +8 3.8 3.4 231 226 241 886 783 820 Silk and muslin underwear, and slips , 286 i +1 -10 4.1 4.4 155 151 157 631 565 698 Negligees, robes, and lounging apparel 255 +4 +11 -4 3.2 3.5 163 154 157 530 433 579 Infants' wear 329 +5 +2 2.7 2.7 335 268 333 908 903 890 Handbags and small leather goods 335 +2 +4 2.2 2.1 212 144 211 468 435 452 Women's and children's shoes 240 -4 +4 +13 4.4 3.8 259 195 270 1,162 1,144 ,032 Children's shoes 4 212 -1 +5 +1 3.6 3.4 Women's shoes 4 226 -5 +4 +15 4.8 3.9 Women's and misses' ready-to-wear apparel.. .. 353 -1 +5 +6 2.1 1.9 248 210 251 510 490 488 Wo C m oa e t n s ' s * and misses' coats and suits 3 2 4 1 3 6 - - 5 8 + + 4 6 + + 6 5 2 2 . . 2 3 2 1. . 9 0 272 203 286 587 550 556 Jun S J G u i u i o n r i r l i t s s o s ' ' 4 r w a s' n e d c a o r g a i t r s l , s ' s u w i e ts a , r and dresses 2 3 2 3 1 7 1 1 1 5 8 4 + + + -3 2 1 3 + + + + 6 5 7 1 + + + + 5 4 3 5 2 1 1 1 . . . . 1 7 6 9 2 1 1 1 . . . . 1 6 6 8 3 3 3 2 6 1 5 5 0 3 2 2 4 6 9 2 7 9 3 3 3 0 5 1 7 4 8 5 6 7 0 0 6 2 4 2 4 5 7 7 7 0 2 5 1 4 5 7 8 8 3 5 2 9 Women's and misses' dresses 342 0 +4 +6 1.6 1.5 212 164 212 340 304 322 Inexpensive dresses 4 261 +2 +4 1.2 1.3 A B p lo B r u o e s n t e t s e s , , r h s d o k r u i e r s s t e s s d , e r s a e 4 n s d se s s , p o an rt d s w u e n a if r orms 2 3 2 4 7 9 1 6 4 + + -1 3 1 + + + 4 3 6 + + 1 1 1 0 0 2 1 1 . . . 3 9 8 2 1 1 . . . 4 7 7 3 1 3 4 7 3 2 1 7 5 1 4 3 1 2 4 8 2 3 6 3 2 3 0 3 65 1 1 0 3 5 3 7 4 4 Furs 263 -21 +3 +7 5.4 4.0 114 151 144 622 584 602 Men's and boys' wear 335 -6 +3 +13 5.4 4.4 180 148 192 970 880 861 Men's clothing 259 — 12 +6 +31 6.7 4.5 179 137 203 1,196 1,086 920 Men's furnishings and hats 317 -5 +2 +4 5.3 4.8 150 131 158 790 720 765 Boys' wear 305 -1 +3 +2 3.7 3.6 254 213 256 929 868 925 Men's and boys' shoes and slippers. 197 -6 +7 + 14 6.0 5.0 186 160 198 1,121 ,089 988 Homef urnishings 322 -18 -1 +15 4.4 3.1 237 230 289 1,035 1,036 903 Fu M rn a it t u tr r e e s s a e n s d , s b p e r d in d g in s g , and studio beds4 2 1 4 7 9 0 - -1 1 1 2 + + 4 5 + + 2 2 4 8 4 2 . . 3 1 3 1 . . 0 4 216 258 246 928 920 744 Upholstered and other furniture 4 179 -13 +3 +24 5.1 3.6 Domestic floor coverings 274 -20 +6 + 10 5.4 3.9 208 197 1,121 1,168 1,010 Rugs and carpets4 159 -22 +7 +12 5.6 3.9 Linoleum 4 95 -11 -16 4.3 4.6 Draperies, curtains, and upholstery 299 -5 +5 +3 4.4 4.0 209 175 220 909 866 892 Lamps and shades 251 y -2 +5 3.9 3.4 206 167 222 793 748 745 China and glassware 255 -4 +6 + 18 7.4 6.0 174 161 180 1,279 1,241 1,087 Major household appliances 242 -37 -22 +49 3.8 1.6 268 267 428 ,026 1,063 697 Housewares (including small appliances) 263 -9 +6 +4 4.2 3.6 281 250 310 1,177 1,172 1,121 Gift shop4 176 -2 +5 + 10 5.2 4.6 Radios, phonographs, television, records, etc.4. 231 -37 -20 +11 2.7 1.6 Radios, phonographs, television 4 178 -37 -21 +3 2.2 1.3 Records, sheet music, and instruments *. . . . 125 -10 +5 +8 5.6 4.6 Miscellaneous merchandise departments. . . 318 -1 +5 +14 4.7 4.1 176 173 177 826 744 752 To T y o s, y s g a a m nd e s g , a s m po e r s ting goods, cameras 2 2 9 4 5 4 + -2 1 + + 6 7 + + 2 2 2 9 1 8 0 . . 9 5 8 7 . . 3 2 1 1 5 3 6 0 1 12 5 3 4 1 1 5 2 9 8 1 1 , , 3 3 9 6 4 4 1 1, , 1 2 7 1 0 4 1 1, , 1 0 7 7 1 7 Sporting goods and cameras 146 -6 +4 +8 6.6 5.7 162 164 173 1,068 980 1,017 Luggage 269 -2 +6 4.6 4.6 176 241 180 806 794 846 Candy4 191 0 +2 -11 1.1 1.3 For footnotes see following page. 1574 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 1 1941 average monthly sales = 1002 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 September Sale p s e r d io u d ring Sto o c f k m s a o t n t e h nd ing S 1 e 9 p 5 t 1 . m N o 19 n in 5 th e 1 s S 1 e 9 p 5 t 1 . 1951 1950 1951 1950 1951 1950 Sept. Aug. Sept. Sept. Aug. Sept. BASEMENT STORE—total 198 2 +4 -2 2.4 2.4 210 184 215 511 483 524 Domestics and blankets * 137 -7 +5 +5 2.7 2.4 Women's and misses' ready-to-wear 191 +3 -9 1.9 2.0 213 179 215 394 367 436 Intimate apparel 4 166 2 +5 -13 2.5 2.9 Coats and suits 4 176 -5 0 -13 1.8 1.9 Dresses 4 174 +1 +3 -6 1.4 1.4 Blouses, skirts, and sportswear4 158 +1 +3 -6 1.6 1.7 Girls' wear 4 126 + 1 +5 0 1.8 1.8 Infants' wear 4 120 +3 +8 -5 2.0 2.1 Men's and boys' wear 159 -2 +6 +3 3.1 3.0 223 196 228 696 630 668 Men's wear 4 139 -4 +6 +5 3.4 3.2 Men's clothing 4 98 -6 +8 + 12 3.7 3.1 Men's furnishings 4 118 2 +4 -2 3.2 3.2 Boys' wear 4 120 + 1 +6 -1 2.3 2.4 ^ Homef urnishings 104 +2 +1 3.1 3.0 193 165 202 604 588 600 Shoes 117 -1 +7 +10 3.6 3.2 180 152 182 643 617 584 NONMERCHANDISE—total4 177 -5 +4 (B) (6) (6) Barber and beauty shop * 74 -2 0 (6) (6) (6) 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 Bales 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 (revised to 1947-49 base) for the United States on p. 1573. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] [In millions of dollars] Reported data Derived data 1 Without seasonal adjustment Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o n s ) f g R m ( e o t c f o o n e t r i t a p h l t ) s m o ( N r o t f o d o e n t e w r t a r h l s ) Jan. 1 1 7 4 9 . 5 . 0 .. . . 2 2 3 0 3 5 Jan. 1 1 6 3 95 .. 1 .. . . 2 3 8 0 5 5 July 1 1 8 5 9 . . 5 . . 0 . . . . . . 2 2 1 6 8 5 July 1 1 9 7 4 5 . 1 .. .. . . . 2 2 3 1 8 8 21 .230 20 .301 22... ..303 21. ...234 1942 average... 179 599 263 182 192 28.... .222 27.... .278 29... ..295 28.. .232 1943 average... 204 509 530 203 223 Feb. 4 .226 Feb. 3.... .234 Aug. 5... ..296 Aug. 4... ..254 1944 average... 227 535 560 226 236 11.... .238 10 .273 12... ..273 11... ..252 1945 average... 255 563 729 256 269 18.... .231 17.... .272 19... ..281 18... ..268 1946 average... 318 715 909 344 327 25.... .221 24 .274 26... ..288 25... ..280 1947 average... 337 826 552 338 336 Mar. 4 .244 Mar. 3.... .288 Sept. 2... ..310 Sept. 1... ..303 1948 average... 352 912 465 366 345 11.... .253 10.... .303 9... ..295 8... ..289 1949 average... 333 862 350 331 331 18.... .264 17.... .292 16... ..368 15... ..329 1950 average... 347 942 466 361 370 25.... .279 24 .304 23... ..322 22... ..321 Apr. 1.... .301 31.... .258 30... ..320 29... . .328 1950—Oct 360 '•1,169 '582 '503 '385 8.... .320 Apr. 7.... .292 Oct. 7... ..325 Oct. 6... ..318 Nov 406 1,209 444 ••446 '308 15.... .254 14.... .288 14... ..322 13... . .338 Dec 615 956 412 362 330 22.... .279 21.... .281 21... ..304 20... ..334 1951—Jan 337 992 657 373 618 29 .285 28.... .293 28... ..313 27... . .327 Feb 284 1,089 652 381 376 May 6 .301 May 5.... .326 Nov. 4... ..315 Nov. 3... .>-349 Mar 347 1,217 467 475 290 13 .308 12.... .318 11... ..342 10... ..366 Apr 312 1,240 338 335 206 20 .275 19.... .285 18... ..368 17... ..374 May 339 1,193 295 292 249 27 .282 26 .290 25... ..319 24... ..354 June.... 326 1,112 386 245 336 June 3 .261 June 2.... .273 Dec. 2... ..444 Dec. 1... ..464 July.... 257 1,069 434 214 262 10. .302 9.... .311 9... ..554 8 Aug 309 1,106 395 346 307 17!!!!!302 16* m [I!305 16... ..638 1 Sept 343 1,117 404 354 363 24!!!!^250 23 ...265 23... 640 22 Oct P389 Pi,156 P407 P428 P431 July i.'.l'..*263 30.'.'.'.258 30... ..237 29 p Preliminary. »" Revised. 1 These figures are not estimates for all department stores in the United States. Figures for sales, stocks, and outstanding orders are r Revised. based on actual reports from the 296 stores. Receipts of goods are NOTE.—For description of series and for back figures, see BULLETIN derived from the reported figures on sales and stocks. New orders for September 1944, pp. 874-875. are derived from estimates of receipts and reported figures on outstanding orders. Back figures.—Division of Research and Statistics. DECEMBER 1951 1575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Co»/*»*<e<* SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 O 9 c 5 t 1 . 1 S 9 e 5 p 1 t. 1 1 9 0 51 1 O 9 c 5 t 1 . S 1 e 9 p 5 t 1 . m 19 1 o 0 5 s 1 . 1 O 9 c 5 t 1 . S 19 e 5 p 1 t. 1 1 9 0 5 1 I 1 O 9 c 5 t 1 . S 19 e 5 p 1 t. m 1 1 9 o 5 0 s 1 . J United States. P+8 -6 +3 Cleveland-cont. Chicago P+7 -6 Dallas +13 -5 +3 B N N N N A S E N L P D W P B B N P S B B R o e B p o o c o r l u L e o l e i e o r o s e i w m o o b n a h w i r r f t w u w o w w s c w a o d f i t r a v g g t e g s h i a w n l e c o n a n g n r i a h t n a l h e Y l g e a d o n r H o B y t r e r l n a e s k k o s - f e a n Y e o p m t d c e i t a e w n e A i n r o e e 2 o d t e k F r v c t . a c r l r n r f o r p e d . d a e e k 1 o t e n C s 1 . l . y . n r . . a . . i . l . d . i , . . e s . . t . . . y , . . . . . . . . . . . , . . P + + + + + + + + + + + + + + + + + + + + - 1 1 1 2 6 2 9 4 7 7 3 7 3 6 5 0 6 6 4 4 6 7 5 6 0 - - - - + + - - 1 1 1 1 - - - - - - - - - - - - - 9 5 2 6 7 8 5 3 6 4 4 5 5 3 6 2 0 3 3 2 2 h + + + + + + + + + + + + + + + + + + + -2 6 6 6 8 5 6 4 3 5 7 8 7 7 7 1 1 4 3 4 0 0 A R A A L N C G C M W W H W R H M P R C R B E B t i y i c r o l a o s h i h r n a o u i a o o t h a i a r i e h h n l c l l r a ' t d a n e n g m b e n s l e u t e f s n e m c r h n e i s s h t o i e i e t n b m v l m » t i h g i l ' t r g o m e l i l r o n t a e v n o u i s i k h n b o b o s s l k o n n g i g o n r l g u o t l t i n m e e r g g h d o n t l - a o t r e n , . e o S h a o n g , e W w i , n m d n a N r S i y S l n . . e . . . V * . . C * m . . . C . C a . l . . . . . . . . . . . . . . P P + + + + + + + + + + + + + + - + + + + + + + + 1 1 + 1 2 2 1 2 1 1 1 1 1 1 1 1 1 3 3 6 2 7 0 7 3 5 6 4 3 5 1 7 6 1 4 0 5 4 0 1 r - - - - - + + + + + + 1 - - - - 1 2 1 1 - - - - - - - - 4 4 3 1 4 4 2 4 6 4 7 7 2 6 3 4 0 8 5 6 8 1 1 c + + - + + + + + + + + + + + + + + + + + 1 - - - 1 1 4 1 3 4 2 8 6 2 2 6 4 2 3 3 4 4 8 3 5 1 1 2 1 0 S L Q L F S S F L S F T D D G M G M E M C P I t n . p t t o l o o a i e v e u h e r r e . . i d i a e t r n e u a r r o r a s n i l i t t i L d m i L t t r c L n w e r l s n i n n r t a e e s i o a o n i c M o i d g s o p n s S a v W n i g a i y u v u o f u h a t u m i g H 1 R o i B o i i l i R n p k e i i s a l l s » i s i a a s e l l 1 o o e n a y t e d 1 y A u l h e l e p c 1 n i s t s r i k l * e e . d e . 1 1 1 1 . a s . . . . . . . . . . . . . . . . . P P P + P + + + + + + + + + + + + + 1 + + + + + + - - + 1 1 1 1 3 1 1 1 2 1 1 1 1 9 1 2 5 6 6 4 1 3 2 0 6 9 8 1 5 8 6 7 3 7 1 4 ' ' r r r ' - - + + - - _ + + 1 1 - - - - - - - — - - - - 3 8 S 4 7 7 5 3 3 6 7 5 3 9 1 5 7 9 6 1 Q 0 1 + + + + + + + + + + + + + + + + + + + - - 1 4 1 4 7 7 1 1 4 4 2 8 3 5 7 3 4 5 3 0 1 0 4 1 S E F L O S S F T L S S S S H S D P C R B a S A l r B a a a a a o o h a h o u a a i o n o a e n v a n n n c n s o r n r c k k e r r u P l s t n e e r p s t g e e e l r l n s a a A A a J F v D r a o a k n r u a W t o o s m s B s e n s n r e o F B 1 i s n n i i o f R s a x 1 p e l d d n l e g i t e o e r e e n g e o o o e C r e a n y a * r l c x l o n n r a s l t n d c t h i t e h a a a o n x i h s 1 c r o s r n d . c » 1 i i 1 d d s s . o . . i c 1 t n . i . . . o J . . . o . . . . . . P P P P P + + + + + + + + + + + (* + + + + + + + + 3 1 1 1 1 1 1 1 1 1 1 ) 3 8 8 9 3 2 9 5 7 7 1 6 9 9 7 4 8 3 3 - - - (2 + + + + - + 1 1 1 - - - - - - - - - - ) 7 9 7 5 7 5 9 5 1 8 8 2 1 0 7 2 3 1 2 0 3 + + + + + + + + + + + + + + 1 1 + 3 2 6 1 1 1 2 5 4 4 7 4 3 3 0 0 0 5 P T W Y L R S U P h h y r a e o t i i e i n l a i r r l c a l n a k k d c a a d t c a i e d o i e n u s s e n l g t - s p e l B e p l h r i 1 a h i J a r i r . a . e * 1 . . , + + + + + + + + - 1 1 1 4 7 5 6 5 8 8 2 - - 1 - - - - - - - 1 9 6 2 8 8 1 1 1 0 + + + + + + + + -1 2 4 2 4 8 2 7 5 O T A J S A M R C M a t a o o r u t c . a i l l m m l g k a a a c u P u n s o n m e m p o e s d n t a a t i t n b o a l e 1 1 v u i r i s s l b le u rg l. . . . . + + + + + + + + + + 1 2 4 1 2 2 2 9 4 6 3 3 4 1 5 8 3 + - - + 1 1 - - - - 1 3 3 6 7 2 1 6 0 2 1 + + + + + + + + + - 1 3 1 3 8 1 8 8 6 8 2 9 K M P S D D M a S u t i e u . n n i u e n n l n s P b p u v n a e e l a t e e s o a h r u r a i p - l o p o r o i l l C i x i s s i .. t . y 1 . . . .. P P + + + + 1 + + - 1 2 3 1 2 4 5 3 -1 - - _ - - - 6 5 8 6 8 1 9 + + + + - - 5 1 1 1 3 2 0 S V S S E B P B N N a e t o o v a e o l a r l i l a a e t c l s l t t e p m i r t l e k L n l a j e a e t o g p n a a o t h t a k i d n i n 1 a a e d n m C d i * t . y . 1 , , . ' | j P P + + + 1 + + + + - 2 3 6 2 1 0 4 9 7 - (2 + 1 - — - - - ) 9 6 8 7 3 5 7 + + + + + + - - 1 1 3 7 2 6 1 4 1 Cleveland. +9 -6 +5 Savannah +29 +5 + 11 Hutchinson +9 -2 0 Spokanel +13 -7 +6 Akron i +18 -3 +8 Baton Rouge 1.. P+10 '-12 -8 Topeka +27 + 15 + 11 Tacoma 1 + 14 -5 +6 Canton i + 11 -2 +6 New Orleans *.. +13 -6 -1 Wichita +23 +9 +15 Yakima x P+10 -6 +2 Cincinnati1... +7 -12 0 Jackson 1 +5 -7 -4 Kansas City +15 +3 Cleveland 1.... +9 -7 +6 Meridian +12 -7 0 Joplin +8 +14 +6 Columbus i +13 -3 +4 Bristol +3 -7 -2 St. Joseph +9 — 7 +2 Springfield *... +10 -7 +3 Chattanooga x.. +8 Q +1 Omaha + 10 0 +6 Toledo i +4 -3 +7 Knoxville x + 12 — 7 +3 Oklahoma City. +4 -13 -4 Youngstown *. , +9 +3 +12 Nashville1 + 16 -8 0 Tulsa +10 -2 + 1 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. 3 Seven months 1951. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities, 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e i c g t e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122 5 132.5 115.3 141.4 112 5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.4 102.2 107.3 104.0 1942 116 6 123.9 124.2 108.8 105.4 122.2 110.9 1943 123.7 138.0 129.7 108.7 107.7 125.6 115.8 1944. 125 7 136.1 138.8 109.1 109 8 136 4 121.3 1945 128.6 139.1 145.9 109.5 110.3 145.8 124.1 1946 139.5 159.6 160.2 110.1 112.4 159.2 128.8 1947 159.6 193.8 185.8 113.6 121.2 184.4 139.9 1948 171 9 210.2 198.0 121.2 133.9 195.8 149.9 1949 170.2 201.9 190.1 126.4 137.5 189.0 154.7 1950 171.9 204.5 187.7 131.0 140.6 190.2 156.5 1950—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 183.8 226.0 202.0 134.0 143.9 209.7 163.2 184.5 226.2 203.1 134.7 144.2 210.7 164.3 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 July 185.5 227.7 203.3 136.2 144.0 212.4 165.0 August 185.5 227.0 203.6 136.8 144.2 210.8 165.4 September 186.6 227.3 209.0 137.5 144.4 211.1 166.0 October . 187.4 229.2 208.9 138.2 144.6 210.4 166.6 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. 1576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Manu- Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a i h a u n a t t e d l i e s l n - g M m p u a r e e c n o t t t d d a a s - l l s B m r i u i a n a i t g l l e s d - - c C a p a 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 u o 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.t 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86 4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88 7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79 3 84.9 69.8 65.6 77.0 1932 64 8 48 2 61 0 70.2 72.9 54.9 70.3 80.2 71.4 73 9 75.1 64.4 55.1 70.3 1933 65 9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72 1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75 3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79 0 80.6 68.3 77.1 82.2 1936 80 8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82 6 89.7 77.8 84.8 87.2 1938 78 6 68.5 73 6 81.7 92.8 66.7 76.5 95.7 90.3 77 0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76 0 86.3 74.8 70.2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77 0 88.5 77.3 71.9 81.6 1941 87 3 82.4 82.7 89.0 108.1 84.8 76.2 99.4 103.2 84 4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95 5 102.4 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94 9 102.7 92.2 112.1 100.1 1944 104 0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95 ? 104,3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95 7 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.7 116.3 90.1 115.5 132.6 101 4 111.6 100.3 134.7 116.1 1947 . . . 152 1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135 7 144.5 120.5 178.4 159.4 1949 155.0 165.5 161.4 147.3 180.4 140.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 1950 161 5 170.4 166.2 153.2 191.9 148.0 133.2 173.6 206.0 122.7 153.2 120.9 172.4 156.8 1950—October 169.1 177.8 172.5 161.5 208.6 163.1 135.3 178.6 218.9 13?. 7 163.8 131.3 180.2 163.5 November.. 171 7 183.7 175.2 163.7 211. 166.8 135.7 180.4 217.8 135 7 166.9 137.6 184.5 165.1 December 175.3 187.4 179.0 166.7 218.7 171.4 135.7 184.9 221.4 139 6 170.2 140.5 187.1 169.0 1951—Januarv 180.1 194.2 182.2 170.3 234.8 178.2 136.4 187.5 226.1 144 5 174.7 142.4 192.6 173.1 183.6 202.6 187.6 171.8 238.? 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.? 183.2 138.6 188.8 228.5 146 4 178.8 142.5 199.4 175.8 April 183.6 202.5 185.8 172.3 233.3 182.8 138.1 189.0 228.5 147.9 180.1 142.7 197.7 176.1 May 182.9 199.6 187.3 171.6 232.6 182.1 137.5 188.8 227.8 145.7 180.0 141.7 195.5 176.2 June 181 7 198.6 186.3 170.5 230.6 177.7 137.8 188.2 225.6 142 179.5 141 .7 194.7 175.5 July 179.4 194.0 186.0 168.6 221.9 173.2 137.9 187.9 223.7 139 4 178.8 138.8 189.9 175.1 August 178 0 190 6 187.3 167.2 213.7 167.5 138.1 188.1 222.5 140 1 175.3 138 2 187.5 174.4 September 177 6 189.2 188.0 166.9 212.1 163.2 138.8 189.1 223.0 140 8 ''172.4 138.5 187.0 174.2 October 178.2 192.4 189.5 166.7 208.5 157.8 138.8 191.2 223.6 141 1 171.7 139.2 188.8 174.3 Week ending:1 1951—ort 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 1 156.8 138 8 190.9 223.7 141 8 Oct 30 177 0 192 1 189 9 165 1 157 0 138 8 190 9 223 8 140 7 Nov. 6 177.2 193.3 190.1 165.2 158.1 138.7 190.9 223.9 140 9 Nov. 13 177.3 195.1 190.4 165.2 159.3 138.7 190.9 223.9 140 2 Nov 26 177 2 195 7 189 8 165 1 158 6 138 7 190.9 224 8 140 0 Nov 27 177.7 197.8 189.9 165.2 159.1 138.8 190.9 224.7 139 9 1950 1951 1950 1951 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug Sept. Oct. Farm Products: Metals and Metal Products: Grains 165.3 178.0 180.4 181 .6 187 3 Agricultural mach. & eauio.. . 152.1 158.9 158 0 158.9 159.1 Livestock and poultry 198.7 233.9 233.1 227.8 225.2 Farm machinery 154.5 160.9 160 9 160.9 161.1 Other farm products 167 4 173 1 166 7 166 9 172 9 Iron and steel.. 173 2 185 9 185 9 185 9 186 0 Motor vehicles. 176.8 184.6 185 0 187.4 191.3 Dairy products. 160 8 167 5 169 0 170 3 173 8 Nonferrous metLits 173 3 175 6 175 3 1 76 A 180.4 Cereal products 153.8 162.3 161.9 160.4 161.3 Plumbine and heatine.. 177.2 183.6 184 6 184.4 184.2 Fruits and vegetables 129.5 144.3 142.6 141.9 143.9 Buildins Materials: Meats, poultry and fish 223.7 254.6 256.9 258.4 260.8 Brick and tile. . 177.2 179.4 179 179 5 179.5 Other foods.. 156 4 158.5 161 2 162 5 161 7 Cement 140.2 147.2 147 2| 147.2 147.2 Hides and Ltdth.tr Products' Lumber 358 4 34'r 1"342 7 "343 3 344.4 Shoes 200 5 222.4 222.1 221.8 216.3 Paint and paint materials 145.7 159.1 158 0 159.S 161.3 Hides and skins 266 3 250 7 222.1 r2~25 3 220 9 Plumbing and heatine.. 177.2 is:? 6 184 6 184 4 184.2 Leather 201.3 216.8 "203.8 -•195.5 194.5 Structural steel 191.6 204.3 204 3 204.3 204.3 Other leather products 164.9 180.6 180.6 180.6 180.6 Other building materials 186.6 198.1 198 2 198.4 198.4 Textile Products: Chemicals and Allied Products Clothing 147 7 164.8 165.0 164.7 163.9 Chemicals 131.6 143.1 144.4 144.7 144.7 Cotton goods 225.7 218.8 206.0 196.5 193.8 Drugs and Pharmaceuticals.. 161.1 18-[ 7 184 6( 184.1 184.1 Hosiery and underwear 109 2 111 2 110 1 110 0 108 0 Fertilizer materials . . . 111.2 119 0 117 81 118.5 120.2 Silk.. . 65 3 71.1 68.7 72 6 75 8 Mixed fertilizers 103.4 108.6 109 3! 111.3 111.3 Rayon and nvlon 42 5 43 1 43 1 43 1 43 1 Oi1«a and fats 160 3 13C) 3 139 8i 141 9 142.6 Woolen and worsted goods... 189.1 218.2 207.4 196.7 169.9Housefurnishing Goods: •"! - ' Other textile nroducts 207 3 239 6 232 2 229 6 2?9 6 Furnish1'*1 p^ 173 6 194 6 188 r183.1 181 8 Fuel and Lighting Materials: Furniture 153.6 161.9 161 6 161.2 161.1 Anthracite 143.9 153.5 154.9 157.0 157.0Miscellaneous: Bituminous coal 193 3 194.6 194.9 197.0 197.4 Auto tires and tubes. . . 78.1 82.9 87 9 82.5 82.9 Coke 231.1 234.8 234.8 234.8 234.8 Cattle feed.... 199.6 240.3 275 Q 231.2 245.1 Electricitv 65 2 65.4 64.5 . Paper and pulp 173.4 19'7 7 198 7 199.7 200.5 Gas.. . 88.9 93.8 94.1 94.7 Rubber, crude.. 131.5 106.6 106 6 106.t 106.6 Petroleum products 118.0 120.4 120.5 120.5 120.5 Other miscellaneous 130.5 136.3 135.7 135.5 135.5 r Revised. 1 Weekly indexes are based^on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. 1577 DECEMBER 1951 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 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 Plus: S B t S u a u s t i i b n s s e t i i s d c s i a e l t s r d a l n i e s s s c f s r e e r c p u a p r n a r c y e y n m t en su ts rplus of -.1 .6 1. . 2 7 1. . 4 5 1. . 6 5 1. . 7 6 . . 7 3 -3.2 .7 -.8 .7 -l! -6.4 .8 -3.4 .8 . . 8 8 5. . 0 8 n. . a 8 . government enterprises -.1 .5 .1 .9 -.1 .0 .0 .3 — .1 .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 Net interest paid by government... 1.0 1.2 1.2 1.3 4.4 4.4 4.5 4.6 4.7 4.7 4.7 4 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 9.6 9.6 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .8 .8 .8 .8 .8 Equals: Personal Income 85.1 46.6 72.6 95.3 177.7 191.0 209.'5 205.1 224.7 227.3 238.3 244 249.9 253.2 Less: Personal tax and related Payments. 2.6 1.5 2.4 3.3 21.5 21.1 18.6 20.5 20.2 23.1 27.4 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 25.4 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 Seasonally adjusted annual rates Annual totals 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 * 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 *.. 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 Farm 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. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—National Income Supplement (July 1951 edition) to the Survey of Current Business, Department of Commerce. 1578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annualrates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 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 3?7 6 Personal consumption expenditures 78 8 46 3 67 8? 3 146.9 165.6 177 9 180 7 193.6 202.5 198 4 208.2 201.7 Durable goods 9 4 3 5 6 7 9 8 16 6 21 4 22.9 23.9 29.2 34.3 29 4 31.5 25.9 25.3 Nondurable goods . . . . .. 37 7 22 44 0 85 8 95 1 100 9 98 7 102 3 105 5 104Q 111 5 109 5 1100 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 60.1 65.6 7 New construction * 7 8 1 1 4.9 6.8 10 3 13.9 17 7 172 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 1 199 19 0 22 5 24 5 25 0 25 9 27 2 98 1 Change in business inventories.... 1.6 -1 6 4 3.9 6.1 -.8 5 0 2 4.3 -.7 118 10.3 15.9 6.1 Net foreign Investment .8 9 1 1 4 6 8 9 1 -2 3 -3 2 -2 7 -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 Federal 1.3 2 0 5 2 16 9 20 9 15.8 21 0 25 5 22.8 21.2 27.3 32.3 38.9 W No a n r war } 1.3 2 0 1 6 9 13.8 2 2 1 . . 5 2 } 17.1 21 7 25 9 23.1 21.4 27 5 32.5 39.1 46.8 Less: Government sales2 o (• (') 2.7 1.3 6 .4 .2 .2 2 .2 .2 .2 State and local 5 9 9 8 10 0 12 8 15 6 18 1 19 7 19 7 20 4 21 1 21 4 21 6 7.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Per- Wage and salary disbursements L p e l s o s y e e m e - Other pr P ie ro to - rs' d a e n n d ds Trans- Non- Year or month sonal contri- labor and perincome re T c o e t i a p l ts4 b m T u d o e i r s n t s a - e t l s - d p m i u C n ro o g s o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s s e b - - S i e n t r r d v i u e ic s s e - m G er o e n n v - t - b i s u a n o f n t s o c i u c o i r a e r n - l s income5 in re co n m ta e l 8 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1939 72.6 45.1 45.7 17 4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78 3 48 9 49.6 19.7 14.2 7.3 8.5 .7 .6 16 3 9 4 3 1 71 5 1941 95 3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122 7 80 7 81.9 39.1 18 0 8 6 16 1 1 2 .7 28 4 9 7 3 2 109 4 1943 150 3 103 6 105.4 49.0 20 1 9 5 26 8 1.8 .9 32 8 10 0 3 0 135.2 1944 165.9 114 9 117.1 504 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 19 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—September. . . . 231.5 149.7 152.6 67.1 42.8 19 1 23.6 2.9 3.6 45.3 21.6 11.3 212.9 October 234 1 152 4 155 6 69 3 43.1 19.3 23.9 3 2 3 6 46 3 19 7 12 1 214 3 November. . . . 236.4 154.2 157.3 69 9 43.2 19.5 24.7 3.1 3.7 47.2 19.5 11.8 215.5 December 244.4 155.9 158.9 70.8 43.6 19.6 24.9 3.0 3.7 48.1 25.0 11.7 223.4 1951—January 243.6 158.0 161.6 71.7 44.3 19.9 25.7 3.6 3.7 50.5 18.8 12.6 221.4 February 243.3 160.0 163.4 72 4 44.5 19.8 26.7 3.4 3.8 48.2 19.2 12.1 222.9 March . 245.5 162.2 165.9 73.7 44.9 20.0 27.3 3.7 3.8 47.7 19.7 12.1 225.2 April 249.0 164.8 168.2 75.0 45.3 20.1 27.8 3.4 3.8 48.1 20.2 12.1 227.8 May 249 8 165 1 168.8 74.6 45.6 20.2 28.4 3 7 3 8 48 0 20 2 12 7 229.0 June 251.0 166.4 169 9 75.2 45 6 20.3 28.8 3.5 3.8 48.0 20.0 12.8 230.1 July 252 4 167.1 170.6 74.8 46.0 20.3 29.5 3 5 3 8 49 2 19 7 12 6 230.1 August 2.S3.7 167.4 170.8 74.5 46.2 20.3 29.8 3.4 3.8 49.7 20.1 12.7 231.3 September.... 253.6 168.3 171.7 75.0 46.4 20.3 30.0 3.4 3.8 48.3 20.7 12.5 232.1 1 Includes construction expenditures for crude petroleum and natural gas drillin 2 Consists of sales abroad and domestic sales of surplus consumption goods andmaterials. 3 T Aoe tVion 50 million Hr»11ar« uation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, aa well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. DECEMBER 1951 1579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y th ear co c T n r s o e u t d a m i l t er i c T m n r o s e e t t d n a a i l t J t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans * no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e n 2 - 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 L .513 648 1943 . 4,600 2.001 882 175 707 1,119 2,599 414 1,498 687 1944 4.976 2.061 891 200 691 L ,170 2,915 428 1.758 729 1945 5.627 2,364 942 227 715 .422 3,263 510 9S1 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 , 10.800 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—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 L.067 1951—January 19,937 13,252 7,694 4,056 3.638 5,558 6,685 1.352 4,248 1,085 February 19.533 13,073 7,521 3,990 3,531 5,552 6,460 1,369 4,010 1,081 19,379 12,976 7.368 3,946 3.422 5,608 6,403 1,381 3,938 L.084 April 19,126 12.904 7,270 3,934 3,336 5.634 6,222 1.392 3.744 1,086 May 19,207 12,920 7,248 3,980 3.268 5.672 6.287 1,398 3,793 1,096 19.256 12.955 7,234 4,041 3.193 5,721 6.301 1.399 3.804 1,098 Tulv 19,132 12.903 7,173 4,061 3,112 5.730 6.229 1,393 3.743 1,093 August 19,262 13,045 7,247 4,138 3.109 5,798 6.217 1,398 3,724 1,095 September?.... 19,350 13,163 7,323 4,175 3,148 5,840 6,187 1,401 3.688 1,098 October? 19,528 13,167 7,324 4,129 3,195 5,843 6,361 1,411 3,844 1,106 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 Loan3 made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - * l p S c l a m o o n m a a i n e l - l s I b n t a r d n i u a k l s s - 2 p I c n t l a o o r d n i m a a u i n e l s - s - 2 u C n r i e o d n i s t l l M a e n n is e d c o e e u r l s s - m I l i r n o z o e a s a a d p n u t n i e a d r s o r e i r n n d 3 - 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 b I a n tr n d i k a u s l s - 2 p I c a n l t o o r n d i m a i u a e n l s - s - 2 u C n r i e o d n i s t 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1.967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 , 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—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 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 Julv 5.730 2.492 1.167 288 211 524 166 882 339 206 44 35 76 August 5.798 2,521 1.181 293 217 531 167 888 389 210 49 40 90 September. 5,840 2.524 1.203 296 221 533 169 894 351 183 42 35 78 October? 5,843 2,523 1,191 299 222 535 168 905 373 205 52 39 86 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of October amounted to 106 million dollars, and other loans made during October were 14 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS— Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t , e o - - s o m m t a r o n e a d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d h e p a i t a r u n a e s r d i c e - l t d , e lo m r t a n a i n o o n iz d d n s a - 1 - 2 i s l m c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1939 1,525 377 536 273 93 246 period: 1940 1,721 439 599 302 110 271 1948 3,563 570 736 751 636 870 1941 1,802 466 619 313 120 284 1949 4,416 854 915 922 781 944 1942 1,135 252 440 188 76 179 1950 5,645 1,143 1,223 1,267 905 1,107 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 4 3 7 6 ... 1 1 , , 1 9 6 7 7 0 3 9 0 1 4 5 1 7 5 6 3 1 1 1 3 5 7 9 8 7 0 2 8 3 2 2 2 3 5 9 8 8 9 8 6 6 9 3 7 2 1 5 5 4 7 1 0 1 9 8 8 1 5 5 8 5 4 7 6 9 7 4 3 1 1 1 1 0 1 0 1 7 5 1 9 3 4 1950— O N D S c e o e t c p v o e t e b e m m e m r b b b e e e r. r r . . . . . . . . 5 5 5 5 , . , , 6 6 6 7 6 8 4 2 1 5 5 6 1, , , , 1 1 1 1 7 5 4 8 7 9 3 0 1 1 1 1 , . , . 2 2 2 2 5 2 3 5 1 3 4 4 1, , , . 2 2 2 2 8 6 6 5 7 2 1 8 8 9 9 9 9 0 0 0 1 7 5 5 1 1 1 1, . , , 1 1 1 1 0 0 0 0 7 5 0 8 1948 2.567 874 750 387 152 404 1951—January 5,610 ,116 1,219 .268 890 1,117 1949 3.096 1,010 935 500 163 488 February.... 5.530 ,096 1,222 ,217 877 1,118 1950 3,778 1,245 1,029 710 7<4 March 5,516 .079 1,232 .190 874 1,141 April 490 ,072 1 ,242 ,153 875 1 .148 1950 May 5.489 .083 1.248 .123 882 153 September 3,645 1,159 1,028 702 756 June 5,481 1,090 1,246 1.098 883 1,164 October. . . 3.652 1.170 1,019 705 758 July. 5,430 1.086 1 ,230 1 .068 886 160 November. 3,630 1,172 1,003 702 753 August 5,472 1,097 1,240 1,059 899 1,177 December. 3,778 1,245 1,029 710 794 September?.. 5,440 1,105 1 ,2391,004 911 181 October? 5,443 1.090 1,226 1,010 926 1,191 1951 January... 3,638 1,201 982 694 761 Volume extended dur- February.. 3,531 1,162 956 677 736 ing month: March. . . . 3.422 1,133 924 655 710 1950—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 A Ju u lv gust.... 3 3 .1 1 0 1 9 2 1 1 , 0 0 1 2 5 2 8 8 5 5 9 4 5 5 9 9 0 0 6 6 4 4 6 5 1951— F Ja e n b u r a u r a y ry.... 5 6 3 0 6 6 9 9 3 8 1 13 3 2 7 1 1 4 1 7 7 4 41 7 1 15 7 3 7 September? 3.148 1,028 870 597 653 March 638 109 160 123 51 195 October?. . 3,195 1,056 873 603 663 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?.. 682 150 166 126 67 173 OctoberP. . . . 744 150 168 153 82 191 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 TToottaall mmooddeerrnn-- ment ment paper 2 and instalm A o u b to il - e Other l i o z a a n ti s o * n 2 l c o a a s n h s Year or month Total m A o u b to il - e Other l m i o z a o a n d ti s e o r * n n - 2 m l c o a a e s n n h s t Outstanding at end Outstanding at end o 1 1 1 f 9 9 9 5 4 4 p 0 9 8 eriod: 3 3 2 9 4 8 1 3 6 . . . 0 2 2 1 6 9 1 6 3 8 . . . 6 6 5 6 4 7 3 3 9 . . . 1 4 7 5 5 5 5 1 4 . . 7 9 4 1 1 1 2 3 3 4 7 1 . . . 5 9 1 o 1 1 1 f 9 9 9 4 5 4 p 9 0 8 eriod: 2 1 1 2 7 9 6 7 4 . . . 9 1 7 3 4 57 3 8 . . . 9 5 3 3 2 4 1 3 1 . . . 4 7 1 5 6 7 . . . 0 5 3 1 1 1 2 1 1 0 0 3 . . . 6 1 3 1950— O N Se c o p t v o t e e b m m er b b e e r r . . . . 3 3 3 9 9 9 5 2 6 . . . 6 9 4 1 1 12 2 2 0 1 1 . . . 6 9 5 8 7 7 0 9 9 .3 3 9 5 5 55 6 6 . . 1 1 7 1 1 1 3 3 3 9 7 6 . . . 1 7 7 1950— O N Se o c p t v t o e e b m m e b b r e e .. r r . . . 2 2 22 2 2 3 4 3 . 3 0 8 5 5 5 7 7 7 . . . 2 4 3 4 4 4 1 1 0 . . . 7 1 9 7 7 7 . . . 4 3 3 1 1 1 1 1 1 8 7 7 . . . 6 1 8 December. . 391.0 118.5 79.7 54.9 137.9 December. 226.9 57.9 41.1 7.3 120.6 1951— A S O A J J F M M J u u e a e u p c l n a p a n b g r v t y e r t i u o u r e c l a u b s h m r t a e y b r r y e ? r . . ? . . . . 4 3 3 3 3 3 3 3 3 3 9 8 8 8 0 8 8 9 8 8 1 2 2 5 1 2 6 6 5 4 . . . . . . . 8 5 9 4 3 0 7 1 5 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 2 1 2 6 6 6 8 3 0 7 3 9 3 . . . . . . 2 2 9 1 6 9 4 5 0 9 7 7 7 7 7 7 7 7 7 7 5 7 6 4 8 1 2 0 3 5 . . . . . . 4 9 7 6 6 8 2 4 4 3 5 5 5 5 5 5 5 5 5 5 1 2 2 2 3 3 6 2 4 2 . . . . . . . 4 7 1 6 0 3 8 9 8 6 1 1 1 1 1 1 1 1 1 1 4 3 3 4 4 3 3 4 3 3 1 9 7 7 3 6 9 4 5 9 . . . . . . . . . 7 9 7 0 3 8 0 1 9 3 1951— A A S F J J O M M J u u e e p a u c l n a p a b n r y t g y e t i r o r u l e u c u b a m s h a e r t b r y . r . . y ? e . . . . . . r . . . . . . ; 2 2 2 2 2 2 2 2 2 2 2 2 2 3 2 4 4 3 3 4 5 8 5 2 6 1 7 5 0 5. . 5 1 9 6 6 6 3 4 1 1 5 5 5 5 5 6 6 5 6 6 6 9 9 0 3 6 3 7 3 7 . . . 8 8 8 2 8 2 5 5 1 8 4 4 4 4 3 4 3 4 4 4 0 0 0 9 0 9 2 0 5 4 . . . . 8 7 5 2 5 0 8 6 8 4 6 7 7 7 7 7 7 7 7 . . . . . . . . . . 9 2 1 3 0 2 4 0 1 0 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 3 2 2 2 3 1 3 2 4 5 0 0 8 0 7 . . . . . . . . . . 4 2 3 2 8 9 5 8 0 1 Volume extended Volume extended d 1 u 9 r 5 i 0 n — g D O N S m e e c o o p c t v o n e t e e b m t m m h e b r : b b e e e r r r . . . . . . 4 3 4 4 7 7 0 3 . . . . 2 2 3 5 1 1 8 9 3 1 . . . . 7 1 7 3 1 8 9 7 0 . . . . 0 6 6 5 3 2 3 3 . . . . 9 6 9 0 2 1 1 1 0 8 7 9 . . . . 6 7 9 1 d 1 u 9 r 5 i 0 n — g D O N S m e c e o o p t c v o n t e e e b t m m m h e : r b b b e e e r r r . . . . . . 2 3 3 2 7 0 2 9 . . . . 4 4 8 3 6 6 6 7 . . . . 1 8 3 5 6 4 3 3 . . . . 8 9 0 9 0 0 0 0 . . . . 3 4 4 4 1 1 1 1 9 7 7 8 . . . . 2 9 1 9 1951— A J S O A J F M M J u u e a e u p c l n a a p n b g y r t y r e t i u o u r c l e a u b s h m r t a e y b r r y e ? r . . . . . . ? 6 4 4 4 3 4 4 5 5 4 1 0 8 4 2 8 8 9 8 6 . . . . . . . . . . 0 2 8 9 4 5 3 3 8 2 1 1 1 1 1 1 1 1 1 1 7 6 9 3 5 4 0 5 0 2 . . . . . . . . . . 2 2 4 6 9 6 1 3 4 8 1 1 1 8 8 7 8 7 7 7 2 0 0 . . . . . . . . . . 2 5 3 8 8 2 6 2 4 4 3 4 4 5 3 3 3 2 2 3 . . . . . . . . . . 2 9 1 5 8 8 3 0 3 5 2 2 2 2 2 2 2 2 2 1 5 1 0 0 2 4 2 0 2 8 . . . . . . . . . . 2 5 5 3 7 1 0 9 9 0 1951— A S A J O F J M M J u u e a e u c p l a p n a n b g y t r r u t o u y r i e c e l a u b s h . . m . r t . a . e . y . . r b r . . . y , ? e . . r . . ? . . 4 3 3 3 4 2 2 3 3 3 1 2 2 4 6 7 5 9 7 4 . . . . . . . . . . 4 1 6 8 9 1 9 1 3 8 1 6 9 9 9 6 8 7 8 7 1 . . . . . . . . . . 4 4 0 9 8 8 4 9 4 5 4 4 4 4 3 4 5 6 7 7 . . . . . . . . . . 4 2 9 2 8 9 3 9 0 8 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . 4 3 4 5 3 5 5 6 6 7 2 2 2 2 2 2 2 1 1 2 0 1 1 1 0 7 7 3 1 2 . . . . . . . . . . 2 6 4 7 7 3 9 5 7 3 ? Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. DECEMBER 1951 1581 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 Item Depart- Furni- h H ol o d u s a e p - - Depart- 1 O 95 c 1 t. P S 1 e 9 p 51 t. A 19 u 5 g 1 . 1 O 95 c 1 t. P S 1 e 9 p 51 t. A 19 u 5 g 1 . s m to e r n e t s s t to u r r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: 1950 Total +15 -5 +20 +2 -20 -15 September 18 11 10 51 Cash sales +18 -8 +10 -6 -13 -12 October 18 11 11 51 Credit sales: November 17 10 10 51 Instalment +16 —3 +28 +5 -22 -15 December 18 11 10 49 Charge account +15 -12 +21 -8 -17 -16 1951 Accounts receivable, end January 19 10 12 50 of month: February 17 10 11 46 Total +2 +1 +1 -12 -13 -10 March 19 11 12 50 Instalment +2 +1 0 -9 -11 -10 April 18 11 11 47 May 18 11 11 49 Collections during June 19 11 12 49 month: July 18 11 12 46 Total +9 — 1 +4 —5 -6 -3 August 19 12 12 48 Instalment +9 -3 +3 -5 -10 -4 September 19 11 12 47 OctoberP , 20 12 12 50 Inventories, end of month, at retail value. +1 0 -3 -2 +10 +16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Sales during month Accounts receivable Collections during Year or month Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I a m n t s e t e n a n t l d - of a m C c h c o a o n r u t g h n e t I m ns e t n a t l m - ont a h C c h c a o r u g n 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—September 233 217 '308 '237 256 210 269 221 46 12 42 October 229 216 269 236 260 216 283 244 47 10 43 257 249 248 268 259 233 278 251 48 9 43 387 389 343 395 276 314 294 256 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 44 220 210 234 228 255 227 318 268 48 9 43 198 192 199 206 244 220 286 244 48 9 43 Ivlay 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 218 207 251 225 218 214 259 209 47 10 43 OctoberP 247 232 298 253 226 229 279 244 46 11 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. 1573. 1582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1951 [In thousands of units] Cotton Corn Winterwheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Nov. 1, 1951 1950 Nov. 1, 1951 1950 Nov. 1, 19511 1950 Nov. 1, 1951 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels 7,628 7,925 New York 35,371 36,025 13,594 13,430 115 110 Philadelphia 55,661 56,809 17,129 17,381 219,158 215,008 51,416 39,054 Richmond 590 1,488 197,503 179,496 22,669 29,841 1,576 2,590 218,592 194,214 5,103 5,710 Chicago 1,115,665 1,249,222 69,175 65,148 1,332 982 St. Louis 2 2,691 83,390 426,131 394 678 48 517 50 685 10 8 340 126 355 897 30 703 3S 663 234 616 287,854 Kansas City 201 415 429,739 334,819 354,215 268,040 3,678 4,173 Dallas 3,549 5,350 77,657 56,808 23,032 17,681 105 119 San Francisco 1,405 2,538 7,778 7,191 115,113 108,105 36,233 49,614 Total 10,012 15,771 3,131,009 3,088,092 750,666 650,738 276,089 342,860 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Nov. 1, 1951* 1950 Nov. 1, 1951* 1950 Nov. 1, 1951 1950 Nov. 1, 1951 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,742 7,672 3,664 4,235 40,813 35,993 70,733 51,634 New York 35,369 38,488 6,471 6,763 974 968 40,947 30,532 Philadelphia 18,957 22,206 2,653 2,754 61,365 58,735 21,901 17,200 Cleveland 53,976 64,953 6,243 6,422 125,873 149,850 13,413 10,921 39,167 41,816 4,940 4,853 1,235.345 1,359,910 24,987 20,275 Atlanta 29,152 24,761 3,640 3,063 228,980 275,374 14,408 14,480 Chicago 630,672 535,480 20,281 23,674 32,147 25,542 32,505 23,907 St Louis 73,682 48,217 9,925 9,242 300,743 360,049 7,230 5,745 Minneapolis 389,199 440,833 10,905 14,292 2,359 1,881 50,112 38,537 Kansas City 122,848 108,770 10,247 10,775 3,851 3,368 34,973 22,711 Dallas 29,537 10,308 1,750 1,513 3,255 2,751 San Francisco 35,833 28,744 13,591 12,777 125,036 96,958 Total 1,465,134 1,372,248 94,310 100,363 2,032,450 2,271,670 439,500 335,651 1 Estimate is for Aug. 1; no estimate made since that date. 1 Includes 7,000 bales grown in miscellaneous territory. * Includes 11,000 bales grown in miscellaneous territory. * Estimate is for Oct. 1; no estimate made since that date. DECEMBER 1951 1583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1586-1591 Gold production 1591 Reported gold reserves of central banks and governments 1592 Gold movements; gold stock of the United States 1593 International Monetary Fund and Bank 1594 Central Banks 1594-1598 Money rates in foreign countries 1599 Commercial banks 1600 Foreign exchange rates 1601 Price movements: Wholesale prices 1602 Retail food prices and cost of living 1603 Security prices 1603 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. DECEMBER 1951 1585 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 Jan. 2, 1935, Total banking Inflow of Return brokerage through— Total o F f o fi r c e i i a g l» n F o o t r h e e ig r n In ti t o e n rn al a- ab fu ro n a d d s l f f o u r n e d ig s n 8 o f f u n U d . s * S. balances 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 I,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 [,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 11,637.8 307.6 258.5 1,209.9 123.7 1950—Oct. 31 10,734.1 8,421.0 3,257.7 3,516.1 L.647.2 293.4 833.0 1,062.5 124.3 Nov. 30 10,710.8 8,149.3 2,899.2 3,536.6 1,713.5 282.7 11,080.9 1,066.4 131.6 Dec. 31 10,525.2 7,894.7 2,715.6 3,476.8 1,702.3 231.4 1L,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 L,592.3 219.3 L,274.0 1,052.9 133.2 Mar. 31 10,366.1 7,704.1 2,646.8 3,457.1 L,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 '10,293.4 7,611.3 2,590.0 3,459.9 1,561.4 ••215.4 1,414.2 930.9 121.6 June 30 '10,257.4 7,908.2 2,746.8 3,533.1 ,628.3 190.3 1,128.9 897.3 132.7 July 31 10,117.6 7,799.6 2,603.3 3,539.0 1,657.3 189.4 L.083.2 912 9 132.6 Aug. 31? 10.146.8 8,019.8 2,736.4 3,640.5 L.642.9 180.6 908.2 907.7 130.6 Sept. 30* 10,194.0 8,027.7 2,714.3 3,696.1 1,617.2 231.7 889.2 914.2 131.4 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a i a - - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz * - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions and Official8 private 1945—D ec<31 6,883 1 4,179.3 707 7 310 0 281 6 304.5 70.4 909 1 2,583 0 1,522 2 1,046 41,549 7181.8 1946—Dec.31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec.31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 ,216.6 1,057.9 193.7 1948—Dec.31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333 .5 738.1 2,472.4 775.2 ,287.0 1,151.8 167.4 1949—Dec.31... L.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 L.436.7 961.0 179.5 1950—Oct. 31... 1,667.1 67,508 0 3,968.0 6819.8 289.6 275.0 572.4 309.2 859.8 63,125.8 1,227.8 1,569.61,362.7222.1 Nov.30... 1,733.4 67,170 0 3,609.5 6 723.3 247.2 281.9 569.9 303.1 811.3 62,936.7 1,054.9 L,524.8 1,403.9249.7 Dec.31... 1,722.2 66,926.6 3,425.9 6660.7 260.7 193.6 553.0 314.7 799.2 62,781.7 899.0 1,612.91,378.5254.5 1951—Jan. 31... 1,635.4 66,845 7 3,386.2 6637.7 273.7 203.5 513.2 308.6 816.3 82,753.2 887.1 1,585.31,369.7250.3 Feb. 28... 1,612.2 66,878 3 3,414.7 6629.1 258.0 209.1 504 2 324 .4 812.8 62,737.6 884.5 L,596.1 1.401.1259.0 Mar.31... 1,620.0 66,838 1 3,357.1 6646.1 232.5 198 6 505 0 306.3 814 8 62,703.4 828.6 1,646.31.411.0248.8 Apr. 30... 1,625.6 66,782 6 3,292.8 6673.6 193.0 131.4 502 5 299.1 827 8 62,627.4 811.6 L.7O5.81,386.0251.9 May 31... 1,581.4 66,784 1 3,300.3 6629.5 191.9 133 4 498 2 289.8 863 4 62,606.3 818.1 1,714.01,387.2258.5 June 30... 1,648.3 67,014 0 3,457.1 6629.1 246.3 134 8 509 3 276.0 928 8 62,724.4 964.4 1,672.91,399.1253.3 July 31... 1,677.3 66.876 4 3,313.6 6 550.2 218.3 132 0 499 9 289.4 970 7 62,660.5 931.8 1,614.31,410.3259.4 Aug. 31P.. 1,662.8 67,111 1 3,446.7 6527.1 221.2 131 7 506 9 279.3 1,096.7 62,762.8 1,012.3 1,578.31,496.6261.0 Sept.30P. 1,637.2 67,144.6 3,424.6 6513.1 222.7 135 4 510 6 286.8 1,129.1 S2,797.8 1,022.8 1,527.5 1,538.8257.6 *> Preliminary. r Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). 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. 1 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 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) * 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. An explanation of the changes appears on page 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 1586 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 th ro 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 en e- USSR s Y la u v g i o a - ot A h l e l r* 1945—Dec. 31. . 909.1 185.0 25.9 5.5 7 0 70 8 216.1 47.9 9.3 31.7 210.1 28.0 5.7 66.0 1946—Dec 31. 850.5 159.5 66 5 22.2 7.1 49.3 123.5 39 0 8^9 16.4 172.6 60 5 12.4 112.5 1947—Dec. 31. . 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 194g—Dec. 31, 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19 9 119.3 1949—Dec. 3i 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6^7 15^7 90.1 10^2 7.6 117^4 1950—Oct. 31.. 859.8 36.1 115.0 6.4 39.1 15.4 282.5 42.6 75.4 3.1 45.0 6.0 14.3 110.6 4.5 7.6 56.2 Nov. 30. . 811.3 38.7 128.2 6.6 43.7 17.6 227.7 44.2 44.5 6.9 50.2 6.1 20.1 108.7 5.5 12.3 50.4 Dec. 31.. 799.2 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Jan. 31.. 816.3 43.6 134.0 5.9 43.2 18.1 232.2 30.1 46.9 5.8 48.1 6.4 20.0 120.1 3.4 11.1 47.4 Feb. 28. . 812.8 45.0 119.9 4.3 42.2 20.3 241.0 31.4 51 3 5.6 54.0 6.4 25.3 105.5 3.3 8.3 48.9 Mar. 31. . 814.8 44.9 120.7 3.1 48.2 19.2 242.4 33.9 54.3 4.5 52.6 6.1 17.0 105.5 2.0 7.8 52.6 Apr. 30.. 827.8 42.4 122.3 3.2 47.8 22 1 266.4 35.8 57 8 4.0 46.8 6.2 19.2 92.8 2.3 6.4 52.4 May 31.. 863.4 41 .2 121 .6 2.9 48.0 22.2 303 6 38.0 62.2 3.8 44.0 6.1 16.3 92.8 2.9 9.2 48.8 June 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.. 970.7 44.9 127.6 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 Sept. 3()P . 1,129.1 57.4 130.7 2.0 44.6 23.1 502.5 41.1 103.0 2.3 47.9 6.0 14.4 89.3 4.1 5.3 55.6 Table 2b Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e b c n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e s - t s Peru l p P a i R c u m a e b n - o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m a c th t a e i e r ' n r nam 1945—Dec. 31. 1 0464 77 3 14 5 195.1 66 3 79 2 128 3 116.4 28.2 43.9 88.7 49.7 158.8 1946—Dec. 31 .1 1048 112 6 14 0 174 0 50 7 57 8 153 5 152.2 16.1 40.9 77.2 74.0 181.8 1947—Dec. 31 1 2166 236 2 17 8 104 7 46 3 46 1 234 7 139 2 14.9 41.8 70 3 78.0 186.5 1948—Dec. 31 .1 2870 215 8 17 123 7 55 6 54 0 219 4 146.7 24.3 52.6 71.8 121.7 184 1 1949—Dec. 31 .1 4367 201 13 5 192 8 60 9 85 9 164 2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Oct. 31 .1 .5696 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 .5248 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 .6129 301 8 20 4 226.0 79 5 53 4 259 1 42.7 25 4 207.1 30.2 60.2 59.2 16 1 75.1 85.2 71.3 1951—Jan. 31. 1 ,5853 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 .5961 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 .6463 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 .7058 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 .6729 343 7 24 7 212 4 69 9 58 1 327 9 51 .3 29 5 123.8 25.0 54.3 58.1 50 6 74.6 75.6 93.2 July 31 .1 ,6143 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 P1 .5783 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 Sept. 30P 1.527 5 312 1 26 2 140.4 55 5 46 2 309 6 50.7 23 4 143.9 30.4 52.9 59.8 36 6 79.7 76.3 83.8 Table 2c.—Asia and All Other For- Egypt Date Asia M C m a h a n 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 b e i i - l l n i - c e T la h n a d i- T k u ey r- O A t s h ia e * r o A th l e l r 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. 31 1.549.7 582.3 27.4 33.4 113.7 4.1 629.1 52.5 107.2 181.8 28.9 18.9 6.4 127.7 1946—Dec. 31 I.316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31 .057.9 229.9 39 8 62 4 69.3 31.3 488 6 37 6 99 0 193.7 30.6 25 0 46 4 91.8 1948—Dec! 31 . ,151 8 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 15.8 101 6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Oct. 31 1,362.7 116.7 94 4 50.5 91.7 20.4 11.5434.0 378.1 39.5 12.3 113.5 222.1 18.1 41.6 64.4 37.5 60.5 Nov. 30. 1,403 9 103.8 93 7 58.2 110.5 20.4 11.9454.0 379 7 44.4 13.1 114.3 249.7 21.8 58.2 66.3 44.3 59.1 Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 20.3 12.6458.5 374 4 48.2 14.3 111.9 254.5 19.1 58.1 75.6 44.0 57.7 1951—Jan. 31. 1,369.7 78.7 73.7 49.6 115.6 24.7 15.8452.5 376.6 46.4 12.5 123.6 250.3 19.8 53.2 85.1 36.4 55.9 Feb. 28. 1,401.1 77.7 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. 1,411.0 79.6 65.5 60.4 138.2 24.3 14.1406.4 395.0 53.3 16.9 157.4 248.8 27.1 50.8 85.1 21.2 64.7 Apr. 30. 1.386.0 79.3 64.8 59 0126 7 27 4 17 2376.6 404.5 57.7 20.6 152.2 251 .9 18.3 51.4 105.6 9.5 67.1 May 31 . 1,387.2 78.6 61.1 73 0124 2 25 8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105.1 16.2 65.6 June 30. I,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. 1,410.3 84.3 61.4 75.1 152.9 26.5 16.2356.9 396.1 67 8 14.3 158.6 259.4 23.6 55.4 98.9 17.3 64.2 Aug. 31 • 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 Sept. 30? 1,538.8 91.7 60.0 68.9 172.7 25.3 12.0492.4 369.4 80.0 12.0 154.4 257.6 22.4 50.3 104.8 11.6 68.5 itely as of that date. i Salvador, and Uruguay, reported separately as of that date, • JDegmning January iyto, miiuues .raK-isLcm, lauiia iously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date * Beginning January 1950, excludes Belgian Congo,reported separately as of that date. DECEMBER 1951 1587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia ot A h l e l r X945—Dec. 31 392 8 25 4 1 l 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—Dee. 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—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 3i 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 9 98 8 7.0 3 9 11 0 55.1 82.7 258 5 116 7 371 5 r104 5 62 7 June 30 •-939 0 110 2 7.4 3.5 10.5 52.9 87.9 272.4 "117.3 386.6 •"102.9 59.9 July 31 939 9 103 7 8 2 3 4 10 7 29 3 89 8 245 2 119 3 401 3 117 6 56 6 Aug. 31* 948 8 87.0 13 3 3.8 8 1 18 0 ; so. o 219.2 102 3 42Q.5 141 0 56 9 Sept 30v 897.7 52.1 11.0 2.9 9.2 . 13.2 ; 86.3 174.7 101.2 437.2 128.7 55.9 Table 3a.—Other EH rope Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R 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 r8 1945—Dec. 31. . 74.6 6 33.9 .7 31 6 .5 .1 1.6 .9 4.8 1946—Dec 31 82 8 7 5 .5 6 2 30 4 12 4 3 3 1.0 1 7 2 4 9 9 5 1947—Dec. 31. 118 9 15 0 2.2 8.0 30.5 10.6 9 2 1.1 .9 5.4 .1 35.9 1948—Dec. 31. tO6 3 21 4 .6 3.4 30.5 1.2 8 4 .7 2.9 1.4 6.0 29.8 1949—Dec. 31 98 5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2 3 15 6 1950—Oct. 31.. 60.3 .1 17 6 .1 3.3 2.0 25.3 .3 1.4 (3) .3 1.3 4 6 3.9 Nov. 30. . 67.2 .1 21 .3 4.4 2.2 25.5 .1 1.4 .5 .1 13 6 4 3 8 Dec. 31.. 67.1 .2 21.5 CO 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 3.9 1951— F J e an b. . 3 28 1.. 7 74 0 . . 2 8 2 2 2 4 9 0 . . 1 1 2 2 . . 6 5 2 3 .7 5 2 2 5 5 . . 3 6 . . 2 1 1 1 . . 7 9 (') . . 5 6 1 1 . . 7 2 1 9 0 .0 4 o (3) 4 4 .0 2 Mar. 31. . 75.6 .2 23 4 .1 3 9 4.0 25.9 .1 2.1 .5 1.3 9.5 .1 (3), 4.3 A M p a r y - 3 3 0 1. . 8 75 2 .7 5 2 1 1 9 .7 9 .3 6 7 .3 7 6 3 .3 3 2 25 5 .9 9 . . 1 1 2 1 . 3 8 (•) 1. . 3 7 $ 2 7 0 0 8 8 2 6 1 2 4 4 2 3 J J u u n ly e 3 3 1 0 . . . . 8 87 9 .8 9 (3) 1 18 8 .8 7 .2 6 4 . . 2 1 6 5 . . 2 1 2 2 5 5 . . 4 9 . . 1 1 2 2 .1 3 .1 1 1 . . 3 0 ! I!2 1 0 3 .2 6 6 7 . 2 4 8 1 1 . . 7 7 4 4 . . 7 7 Aug. 31 P. 89.0 .2 15 0 4 1 5.0 26.4 .2 2.0 ' (8) 1.0 23.5 4.9 1.5 5.0 Sept. 30*>. 86.3 21.5 5.2 2.5 28.8 ; .2 1.8 .8 14.2 4.1 .2 1.9 5.1 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l n W a a d n n e i d d e s ' s t s Peru '• l P p i R c u a a e b m 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 n r r lic Surinam 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 LI 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 L.5 1 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 1L3 5.8 5.3 25.6 43.1 1950—Oct. 31. . 307.3 40 5 8.4 63.3 3.4 40 9 33.9 1.5 1 7 44 2 L.I 8.6 4.1 3 9 6.2 3-1.5 14.3 Nov. 30. . 333.8 43 0 8.4 68.7 3.8 39 9 30.6 1.7 2 1 47 4 L.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 L.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 14.3 2.8 7 7 5.3 61.7 13.5 Feb. 28. . 397.7 25.2 5.5 77.3 5.3 38 6 36.9 1.9 2 7 75 7 L.2 12.7 2.6 5 9 7.3 85.8 13.2 Mar. 31. . 402.5 17.8 5.5 85.4 6.9 36 4 46.7 1.9 2 8 64 8 L.I 13.5 2.8 4 6 7.6 91.5 13.2 Apr. 30.. 374.0 10.9' 6.3 80.5 9 6 51 6 44.2 1.8 . 2 7 58 5 L.4 13 8 2.8 3 4 7.8 65.9 13.0 May 31. . 371.5 9.9 6.7 85.3 10. Q 55 0 40.3 2.1 . 2.8 56 4 .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 : 26 58 6 ; t.4 12.6 2.5 3 0 10.4 67.1 13.9 July 31. . 401 .3 10.0 7.1 104.5 12.3 45 9 50.6 2.0 2 7 60 4 1.4 11.1 2.6 3 8 9.9 62.6 14.4 Ang 31 P . 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 Sept.30*. 43 7.2 8.3 7.8 136.0' 19.5 42.1 34.0 1.5 2 8 69.1 ! 1.4 12.7 3.2 5 5 12.9 67.7 13.7 P Preliminary. r Revised'. iSee footnote 1, p. 1586. 2 Beginning January 195®, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. s Less than $50<000. * Beginning January 1950, excfedes Dominican RepuMc, Guatemala, El Salvador, and Uruguay, reported1 separately a* of that date.. 1588 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 IsrEleiJapan 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 o i n a g i n o A E a n g n g y d l p o - - S U o n o u f i t o h n Other Main- public tian Africa land Sudan 1945—Dec. 31.. 29 9 1.0 .8 7.5 1.4 .5 13.8 2.0 2.8 9.9 1.7 .3 4.7 3 3 1 1 9 9 4 4 5 7 — — D De e c c > > 3 31 1. . 1 9 2 9 7 2 0 5 4 3 0 8 Q 5 2 .6 9 2 1 9 2 O 6 1 .5 0 .9 2 2 2 0 7 .4 2 1 1 7 .7 4 4 7 6 5 3 1 1 7 5 2 9 3 4 0 4 1 1 1 0 4 1 4 3 S O 3 1 1 9 9 4 4 9 8 — — D D e ec c > # 3 3 1 1 1 1 1 3 8 9 7 8 2 1 4 6 9 3 3 7 4 2 1 0 7 4 4 1 2 9 1 15 4 .1 9 3 2 7 3 2 3 14 1 4 4 5 1 0 4 3 3 2 1 0 9 4 7 4 7 7 9 2 4 4 7 5 9 6 7 7 8 1950—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 3 Dec. 31.. 96.3 18 2 3.0 16.2 .2 6 6 18.9 12.1 4.9 1.5 .9 13.9 60.0 40.$ 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 10.5 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 5 0 .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.. ••104.5 8.4 4.4 17.5 .3 7 9 '30.0 8.2 6.7 3.8 .8 16.6 62.7 41.8 5 8 .3 8.6 6.2 June 30.. 102.9 8 3 3.1 15.7 .2 7 4 '22.2 9.9 9.5 3.1 .6 22 8 59 9 36.4 7 0 .4 9.4 6.6 July 31.. 117.6 8.3 4.3 13.3 .3 7 1 21.6 11.1 14.0 3.7 .8 33.1 56.6 32.4 7 3 .8 9.4 6.8 Aug. 31 P. 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 Sept.30*. 128.7 10.? 3.2 12.1 .4 7 S 25 7 8.5 19.0 3 9 .8 37.3 55.9 27.9 7 7 3.9 8.5 7 9 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES s (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds anc stocks 5 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 t ie i e c s s 1945 377 7 393 4 -15 7 260 2 i 357 7 -97.4 637.9 751 0 -113.1 1946 .,, . 414 5 684 2 —269 7 367 6 i 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—October 58 1 26 9 31.2 69 9 i 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 i 58 0 11 4 130 3 98 8 31 5 April 101.5 23.7 77.9 69 9 1 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 79.3 -49.4 51.0 ; 47.3 3.7 81.0 126.7 -45.7 August? 35.7 210 5 -174 9 68 0 ; 68 1 — 1 103 7 278 7 — 175 0 September^ 11.1 51.6 -40.5 77.7 i 56.2 21.5 88.8 107.8 -19.1 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES« (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r f i i g ti n es 1945. 37.3 54.8 -17.5 318.1 347.3 -29.2 355.4 402.1 —46 6 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—Ortnhrr 17.7 18.1 -.4 123 8 60.1 63.7 141.5 78.2 63.2 November . ..»•. 15.8 16.8 -1.0 25.4 20.5 4.9 41.2 37.3 3 9 December 13.5 22.5 -9.0 27.5 20.4 7.1 41.1 43.0 -1.9 1951-•"January 22.4 31.0 -8.6 32.5 24.2 8.3 54.9 55.2 -.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 Mtay 24.6 17.7 6.9 24.5 75.3 -50.9 49.1 93.0 —44 0 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 P 18.4 18.0 .4 20 1 25 8 -5 6 38.5 43.7 -5.2 September P 26.6 26.6 78.5 72.0 6.5 105.1 98.6 6.5 P Preliminary. r Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, exdades Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date, 8 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. • Includes 403 million dollars by Canada, 199 million by France, and 118 million by international institutions. ' Less than $50,000. DECEMBER 1951 1589 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- United Y m e o a n r t o h r na in ti s o t n i- al Total K d i o n m g- 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 —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 —i!o 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 (i) 2.6 -190.4 7.5 10.2 -23.3 —3.9 1949 87.0 — 11.8 20.9 —6.8 —25.5 44.2 1.5 2.2 36.5 —49 0 2.5 —2.1 .2 1950 ... 121^2 823.2 64.0 197.8 —6.3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2.7 1950—Oct.. 8.0 24 4 16 9 20.0 .2 — 4 .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 -.9 — .9 -1.4 2.0 -11.3 — .4 .2 — .4 Mar.... 25.8 5.6 -.4 20.3 -.1 1.4 .5 .7 22.5 -20.1 3.1 .4 -.3 Apr 17.7 76.2 1.0 50.6 0) 6.7 .3 -8.2 50.3 16.1 8.9 .8 .2 May 2.3 12.5 -2.9 1.3 — .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 July ... -11.2 -34.5 1.6 -13.9 -6.0 5.8 .6 .6 -11.3 -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 — .1 Sept. P.. . .3 -19.3 2.0 -19.1 -1.4 9.6 .5 1.0 -7.5 -3.6 1.7 -10.1 .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 i e n r- Brazil Cuba M ic e o x- p P a R u m o a b e f n a - l - ic S d a o E l r v l » 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 r d 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 .1 10.2 .6 -.8 2.9 -4.7 12.2 -23.3 -22.7 .1 -.7 1949 , 2 2 1.6 -.9 .4 1.1 2.5 -.2 -1.0 .3 4.2 -.7 -2.1 -7.2 5.0 .1 1950 73.8 18.4 12.6 36.7 -1.1 7.1 30.1 -.1 24.6 .5 .1 10.9 -5.9 -15.3 -3.0 -13.7 1.3 1950—Oct.... .9 .1 1.0 0) — .2 -.1 -.6 .1 0) — .1 — .6 0) .1 1.2 .3 0) .8 Nov.. . 35.1 — .2 1.4 34.2 — .1 -.2 20.1 -.4 20.2 .4 -1.0 0) .8 .5 0) 0) .5 Dec... -3.1 0) .6 1.5 -.7 -4.4 -1.7 -.1 -.3 .2 -.2 0) -1.2 -1.2 0) -1.0 1951—Jan.... 9.5 3.7 .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 - C 1 1) .7 (V7 o)'5 0) - - . . 2 3 - 3 .4 .1 -.4 .2 -.5 .7 . . 3 3 - 1 .2 .0 0 0 ) ) . . 4 8 . . 2 4 0) 0 0 ) ) . . 3 9 S J J A A M u u e p u a p l n r g y y t . e . . P P . . . . . . . . . -4 - - - 8 5 4 2 1 . . . . 2 . 4 6 6 . 0 6 - - - 0 7 4 l ) ! . . 9 3 7 .1 - - 3 1 . . 5 . 6 . . . 2 9 9 2 - - - 2 0 0 8 2 9 1 ) ) . . . 7 . 7 2 8 0 o — ) ) " ' ! 1 i - - 5 . . 6 0 . . . . 1 1 5 1 -1 -3 0 3 8 1 1 . . . . . 2 . 7 1 9 2 7 0 0 0 — 1 ) ) )' . 0 .1 0 - - - 6 ) . . . 2 9 . 3 4 — - - . . 3 3 . . . 2 8 6 .1 - — - 1 1 . . 1 2 . 6 . . 1 4 2 .3 -1 0 0 0 0 0 0 ) ) ) ) ) .9 — - 2 2 2 . 1 4 . . . . 1 9 4 2 .3 -1 1 0 4 . . . . . . 1 7 8 5 9 5 0 - - ) ! . ' 3 i . . 1 2 0 0 0) ) ) * !i -1 1 0 4 . . . . . . 1 4 6 7 8 6 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 -8.8 .2 -.6 .7 -.1 2.3 -6.3 -55.8 15.1 -.5 1.0 1946 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 .3 -21.4 1947 -249.3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27.8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 — 16.0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2.6 1950... —3.6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1950—O N c o t v.. . . - 0 2 ) .0 6 3 5 . . 9 2 -.2 .7 - - . . 6 3 - — .1 .5 -2 1 .5 .7 0 0 ) ) -.3 -3 1 . . 7 7 65. . 8 4 2 1 . . 5 6 o)"2 . . 3 2 Dec. . -1.9 0) -.7 -.2 — .4 2.7 1.4 2.0 1.9 -6.8 1951—Jan -.5 .3 — .9 -1.7 .8 .2 — .1 .8 -.8 -3.9 2.7 1.6 .6 Feb 0) -11.2 .4 -2.5 .4 -.2 1.6 -.3 -12.8 1.3 .1 .5 Mar.... -48.7 2.5 .4 -2.2 .9 3.6 1.1 -.5 3.2 -5.1 2.5 1.5 .3 Apr -3.0 -28.9 0) -.4 .2 2.1 -.1 .1 2.0 -34.5 1.3 .1 2.2 May.... -.1 -43.9 -2.1 .2 .2 1.8 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 July 15.6 .1 -.4 .2 .3 1.4 1.7 16.4 4.2 -6.9 .2 Aug.P... -.9 -4.3 .3 .2 -.7 1.0 0) .7 1.5 -6.6 .4 0) .4 Sept P 6.5 -.6 .8 .1 1.2 CO 4.2 5.7 -2.6 3.8 -1.7 1.3 P Preliminary. i Less than $50,000. * Not available until 1950. 1590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Year or month Total K U in n g i d te o d m France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia O A th 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 C1) 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 — .2 -.5 -9.3 -2.0 -.6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 .1 — .5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 -.1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1950—October 2.4 -.4 -.3 -.2 1.9 0) -.3 .7 .4 .3 .9 .1 November. 7.3 .5 .6 .4 _ e 5 .3 1.7 .8 3.2 1.4 .2 December., .1 -.3 -.8 .6 2!2 .1 .7 2.6 -4.0 .9 .8 -.2 1951—January..., -1.3 .3 .1 -.3 -3.0 0) -.2 -3.2 1.3 1.0 -.2 — .2 February.. 2.7 .1 1.3 .2 -.2 0) -.5 1.0 .4 1.1 .1 .1 March -2.3 -.4 -.4 -.2 .5 -.2 .3 -.4 -.9 -.7 -.1 -.3 April , -4.8 -.6 -.3 .3 -4.2 1.1 .6 -3.1 -.4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 — 4 -.6 -2.4 -.2 -2.5 .2 .4 June 11.1 2.5 .2 3.2 2.5 !i .7 9.2 2.8 -.5 -.4 0) July -.1 -.5 .5 .8 -.7 .i -.1 .2 -1.0 .3 -.2 .6 August?. . . -2.0 .1 -.8 -2.7 -.3 -.2 -1.0 -4.9 -.2 2.1 .7 .3 September? 2 .8 -.2 -.3 .6 .3 .2 .4 1.0 .1 -.2 -.1 0) P Preliminary, i Less than $50,000. 5Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.4; U. S. brokerage balances abroad, 32.9. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production i•eported monthly Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .i r m ep o o n r 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 - 5 Au l s i t a ra- India* $1 == /5«/« &*ains of goW'/wJSne: i. e.,an ounceof fine gold =$35 1941 1 265 6 1 110 4 504 3 27 8 32 4 19.6 209.2 187.1 28 0 23 0 9 3 7 5 52 4 10.0 1942 1 125 7 982 1 494 4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8 6 40.4 9.1 1943 871 5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777 0 701 5 429 8 20 7 18 4 12.7 35.8 102 3 17.8 19 4 7 1 7 9 23 0 6.6 1945 738 5 683 0 427.9 19 9 18 9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766 5 705 5 392.0 18.3 19.3 10 8 75.8 107.5 16.3 13.4 5.9 7 4 32.8 6.1 1948 794 5 728.1 405.5 18.0 23 4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 826 0 753.2 409.7 18 5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 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—September.. 65.3 34.0 1.5 2.0 1.0 7.6 12.8 1.1 1.1 .5 .7 2.6 .6 October 66 8 33 9 1 5 1 9 1.0 7.9 13.2 1.4 1.2 .8 .6 2.8 .6 November.. 65.3 33.3 1.5 1.9 .9 7.3 13.2 1.1 1.3 .6 .6 2.8 .7 December 63.1 32.9 1 4 2.0 .9 6.7 13.4 .9 .8 .7 .6 2.4 .5 1951—January 63 3 33 4 J 4 2 0 9 5.9 13.1 1.0 1.4 .6 6 2 4 .5 February... 58.9 31.1 4 2.1 1.0 5.2 12.1 1.1 .7 .4 .7 2.4 .6 March 33.4 S 2.0 1.1 5.8 13.0 1.5 .6 .7 2.4 .6 April 33 2 4 2 0 1.0 5.5 12.7 1.5 .6 .8 2 4 7 May 34 6 4 1 9 1 l 5 5 12 9 1 4 5 7 3 5 6 June . . 33 9 4 1.9 1.1 5.9 12.7 1.3 .6 2.1 .6 July 34 4 4- 1 9 1 2 5 5 12.1 1 3 9 2 4 7 August 34.6 1.9 1.3 6.6 12.1 1.5 .8 2.6 .7 September.. 33 3 2.0 1.0 6.4 12.6 8 .7 Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures 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. 6 Gold exports reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. DECEMBER 1951 1591 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 ota ( l e x w cl o . rk! 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.)i Treasury Total 2 1945—Dec 33.770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20.529 20.706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec 34.550 22,754 22.868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24.399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—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.... '35,810 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... 35,930 21,756 21,872 288 586 23 317 652 45 281 31 22 July 21.759 21.852 288 595 23 317 671 45 281 31 22 Aug... . 21,854 21.986 288 608 317 681 45 291 31 22 Sept P35.995 22.013 22,164 276 638 317 691 45 311 31 22 Oct. 22,233 22,394 273 621 311 31 22 E m n o d n t o h f Egypt ^ France4 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 6 201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 » 180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 252 178 52 195 27 51 27 28 1950—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 27 247 138 252 229 195 311 31 50 27 46 Aug 174 548 27 247 138 252 229 311 31 50 27 46 Sept 174 548 27 247 138 252 229 311 31 50 27 46 Oct 174 548 27 247 279 31 50 27 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 al r - 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—pec 13 914 110 482 ,342 43 241 •2,476 195 202 39 1946—Dec 433 12 939 111 381 ,430 34 237 «2,696 200 215 15 32 1947—Dec 310 15 762 111 105 ,356 34 170 «2 079 175 215 L. 356 30 1948—Dec 236 15 183 111 81 ,387 34 162 • 1,856 164 323 L.436 36 1949—Dec 178 17 128 85 70 ,504 118 154 61,688 178 373 L.451 68 1950—Nov 177 23 187 61 90 ,508 118 150 217 373 1,494 159 Dec 192 23 197 61 90 ,470 118 150 «3,300 236 373 1,495 167 1951—Jan 197 23 202 61 93 L.474 118 150 260 373 1,495 140 Feb 197 23 208 61 108 1.482 118 150 287 373 1,495 125 Mar 202 23 205 61 114 L.448 118 150 «3,758' 295 373 1,495 119 Apr. . . . ,212 23 210 61 124 1,444 118 150 295 373 1,495 161 May 217 23 210 61 129 L ,458 115 150 293 373 1,495 153 June.... 217 26 210 60 129 1,451 115 150 63,867 279 373 1,518 151 July 217 26 210 61 129 L.454 113 150 269 373 1,519 155 Aug 224 26 210 61 129 1,447 113 150 J>257 373 1,529 143 Sept 234 26 210 50 128 1,446 113 150 6 3,269 373 1,529 144 Oct 26 134 113 150 373 I 529 132 p Preliminary. r Revised. * 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. • 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. 1592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu el m - France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o h p e e r ] Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 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. -10.0 61.6 1949 193 3 446 3 -41 0 -23.5 14.0 -40.0 2-159 9 3.4 -49.9 -10.0 -16.1 1950 -1,730.3 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.3 -100.0 28.2 -118.2 1949 Jan.-Mar.. 68 8 -12.5 10.4 10.5 -5 0 -13.7 3,4 2.3 Apr.-June. 173 9 162.4 -31.0 -10 0 -11 2 7.9 July-Sept. 101.5 283.9 3.5 -20 0 2-119 1 -10.0 -11.3 Oct.-Dec.. -151.0 '2.5 -33.9 -5,0 -15.9 -49.9 -15.0 1950 Jan.-Mar -202.5 -80.0 -35 0 -13.0 -12 4 -15.8 Apr.-June -31.7 -20.0 -3 0 -11 9 July-Sept -732 2 -580.0 -28 5 -16 0 -25.6 3 4 8.2 -40.5 Oct.-Dec -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 -47.4 -100.0 20.0 -61.9 1951 Jan.-Mar.. -880.1 -400 0 -12.3 -91.7 -4.5 -10 0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June. -57 O -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 sLock at Ear- Other Asia Union end ofperiod 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 1 (-) crease (-) 1945 -37 9 -73 1 -27 8 -188 3 3.7 1946 -4.9 -9 2 25 0 13 7 94 3 22 9 1947 25 1 -3 7 79 1 1 0 256 0 11.9 1942.., 22,726 22,739 -23 0 315.7 -458.4 125.4 1948 10.7 -108 0 13 4 -4 1 498.6 6.9 1943.. . 21 938 21.981 —757 9 68.9 -803 6 48 3 1949 -14 4 -50.0 -7 5 -52 1 195.7 -1.6 1944 20 619 20.631—1,349.8 -845.4 -459.8 35 8 1950 -64.8 -17.6 -39.2 13.1*-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 32 162 11 866.3 210.0 75.8 1948 24.244 24,399 1 530 41 680 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 .2 1950—Nov.. . 23,037 23,153 -195 5 -158.6 -35.3 7.3 Dec... 22,706 22.820 -333 2 -93.0 -237.9 6.7 1950 1951—Jan. . . 22 392 22.461 -358 8 -105 6 -248.5 5.9 Feb... 22.086 22 162 -298 7 -107 9 -184.4 5.2 Jan.-Mar -12.0 -10.5 3.9 -27.0 Mar... 21.806 21 927 -235.4 -123.5 -111.2 5.8 Apr.-June -2.0 -1.0 9.2 -3 0 Apr. .. 21.805 21.900 -27 3 -110.6 101.9 5.5 July-Sept -23.9 — .1 -14 9 -14 8 May. . 21,756 21,861 -38 5 -41.0 -12.9 5.5 Oct.-Dec -26.9 -6.0 -23.6 -3.0 June.. 21.756 21.872 10 4 -37.6 46.3 5.9 July... 21,759 21,852 -19.2 -16.2 -8.8 5.5 1951 Aug. .. 21.854 21.986 133 1 -3.7 137.0 6.6 Sept... 22,013 22,164 178.0 10.9 176.7 6.4 Jan.-Mar.. -50.9 -11.7 -22.6 4-28.0 Oct.... 22,233 22.3<H 229.9 -18.4 243.4 6.6 J A u p ly r. - - S T e u p n t e .. . 2 1 8 5 . . 0 0 -.9 -5 3 . . 0 5 - -3 5 .3 8 2 1 0 2 . . 3 7« 4 - - 2 3 5 1 . . 0 0 Nov.. . P22.382?22,579 J»185.0 (4) 5188.4 (4) P Preliminary. a 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. 1591, footnote 4. 3 includes sales of 185.3 million dollars of eold 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 5,298.0 million dollars on Nov. 30, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. DECEMBER 1951 1593 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 Oct. July Apr. Oct. Sept. June Mar Sept. Gold 1,529 1,519 1,495 1,494 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,322 1,316 1,313 1,305 United States 11 9 6 10 Other 4,409 4,327 4,315 4,228 Other 944 919 920 921 Unpaid balance of member subscriptions. 869 869 907 1,003 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 441 457 466 439 Member subscriptions 8,137 8,037 8,037 8,037 Calls on subscriptions to capital stock2. . 4 4 4 4 Accumulated net income -6 -6 -6 -4 Loans (incl. undisbursed portions and incl. 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- Oct. Sept. Aug. Oct.' 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 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 22 20 18 15 Brazilian cruzeiros 65.5 65.5 65.5 37.5 Capital * 1,688 1,668 1,668 1,668 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 r Revised. Egyptian pounds -5.5 -5.5 -5.5 -5.5 1 As of Oct. 31, 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 Januarv 1951. Repurchases Norwegian kroner 9.6 9.6 9.6 9.6 amounted to 70.1 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 ca l l e le ss d th p a o n rt i o o n n e s m of il l c io a n p i a ta r l e r s e u p r o s r c t r e i d p 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 , -1.7 -•-1.7 -.9 -.6 Total. 735.2 •735.2 736.0 744.3 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O s t s h e e t r s J N c a o o n t i d n es a c n o d D u is n - a t d s - Se t c ie u s ri- cir ti c o u n la 8 - Deposits ti l O e ia s t b h a i e l n i r - d vances Bankers' Public ECA Other capital 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950 0 27.7 3.5 267 9 923.4 223.4 9.0 48 8 17.9 1943—Dec. 29 .2 1,100 0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250 0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 ,400 0 20.7 8.4 327.0 1,379 9 274.5 5.3 58 5 17.8 1946—Dec. 25 .2 1,450 0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450 0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325 0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Nov. 29 .4 1,350.0 66.1 37.8 585.9 1,286.0 305.0 18.4 266.4 82.2 18.0 Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan. 31 .4 4 ,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 Feb. 28 .4 ,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 ,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86 6 18 1 Tuly 25 .4 ,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 ,400.0 42.9 29.7 337.7 1,358.0 273.6 18.5 .9 98.9 18 5 Sept. 26 .4 1,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 18.5 Oct. 31 .4 1,400.0 49.7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17.8 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover foi fiduciary issue, the amount of which is also shown by this figure, s 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. 1594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (Figures in millions of and United Other Note liabilities Canadian dollars) Gold States assets circulation* and dollars S te h r o m rt - i Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other capital» 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232 8 217.0 46.3 17.9 13.3 1940—Dec. 31. 0) 38.4 448.4 127.3 12.4 359 9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340. 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521 153.3 29 8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 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—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 1,370.5 558.2 91.1 212 6 202.9 Aug. 31. 100.0 ,349.6 888.1 119.8 1,370.7 580 4 115 0 185.7 205.8 Sept. 29. 87.0 ,297.6 896.1 87.1 1,388.0 579 4 105.6 140.0 154.8 Oct. 31. 96.5 1,317.5 956.4 83.1 1,406.5 588.3 210.3 83.3 165.0 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o r f e s f r i a n ncs) Gold* F c o h e r a e x n i - g g e n m O a p rk e e n t D 6 om S e p s e t c i i c a l bills Other Cu G r o re v n e t r nm O en th t8 er a O ss t e h t e s r • ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C os A its ' Other c O l a i i a a t p t n i b h e i d t i e s a l r - l 1938—Dec. 29. 87,265 821 1,892 1,797 880 30,627 14,028 110.935 5.061 25.595 2 718 1939—Dec. 28. 97,267 112 5,818 2,345 149 14,200 30,473 15549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84.616 42 7,802 661 646 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 25.272 868.474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250.965 16,990 382.774 770 29 935821 .318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366.973 16,601 500,386 578 33 137 M5.596 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. 94,8t7 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—Nov. 30. 182,785 146,783 150,674 32,047 297,884 155,900 481,039 222,2771,502,770 83 7,613 137,038 21,885 Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,8221,560,561 70 15,058 161,720 24,234 1951—Jan. 25. 182,785 172,719 131,554 35,907 373,922 159.800 481,039 197,815 ,535,688 74 16.772 154,980 28,027 Feb. 22. 182,785 185,735 122,549 32,158 383,170 159,000 481,039 213.535 ,541,910 18 30.205 160.976 26,864 Mar. 29. 182,785 193,622 133,959 29,194 389,147 154,800 481,039 223,295 .576,231 75 39,588 149.431 22,516 Apr. 26. 191,447 173,566 141,921 23,821 427.135 159,700 481,039 235.063 ,597,678 98 46,941 160.530 28,444 May 31. 191,447 169,035 215,539 17,539 341,766 158,700 481.039 259,474 .632,018 83 17,636 160.143 24,658 June 28. 191.447 161,802 196,435 12,164 458.572 157.600 481,039 235,037 .660,842 66 16,432 190,056 26.701 July 26. 191,447 154,610 232,873 5,967 454,608 145,800 481,039 250,441 ,699,190 74 19.703 166,020 31,798 Aug. 30. 191,447 145,195 236,169 1,256 472,894 160,600 481,039 245,129 ,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 Oct. 31. 191,447 82.087 168,822 23,855 670,689 166,200 481,039 •252,303 ,827,781 62 16,240 166,453 25,905 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 1 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 8 Includes advance to Stabilization Fund, amounting to 117.1 billion francs on Oct. 31. NOTE.—For back figures on Bank of Canada and Bank of France, see Bankint 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. DECEMBER 1951 1595 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 829 838 874 656 Loans and discounts 291 262 274,968262,241 239,809 Other gold and foreign exchange. 1,336 1,670 1,924 1,680 Government loans and securities. 151 070 141 ,409141,557 139,451 Government securities 2.052 2,044 2.034 1.980 Other assets 101 846 102,119104,245 62,262 Rediscounts and loans to banks.. 40,646 39,396 38,675 32,054 Note circulation 414 863 412,627408,240 413,125 Other assets 292 285 267 23 Deposits 275 015 208,139224,561 205,640 Currency circulation 15,512 15,286 15,113 11,592 Other liabilities and capital 63 424 89,427 69,136 52,493 Deposits—Nationalized 26.059 25,531 25,408 22,326 Central Bank of Costa Rica Other sight obligations 764 679 572 465 (thousands of colones): Other liabilities and capital ... 2.820 2,737 2,681 2,224 Gold ,511 11,511 11,511 Co t m ra m lia o n ( w th e o a u l s t a h n ds B o a f n p k ou o n f d s): Aus- F N o e r t e i c g la n i m ex c o h n a n In g t e 'l. Fund 8 9 03 1 1 7 27 7 , , 6 0 5 3 8 0 1 7 3 , , 0 1 1 8 9 1 Gold and foreign exchange 585.757 645,951688,834 554,108 Loans and discounts ,158 85,898 85,957 Checks and bills of other banks. . 4,868 5,340 4,193 3,602 Securities 182 8,184 20,456 Securities (incl Government and Other assets 652 16,496 17,104 Treasury bills) 433,319 373,286 358,757 361,302 Note circulation 248^01 101,798 97,813 Other assets 84,565 79,984 71,044 49,864 Demand deposits 494 41 43,244 46,663 Note circulation 286,971284,721281,471 238,770 Other liabilities and capital 709 11 11,735 10,752 Deposits of Trading Banks: National Bank of Cuba Special 508.570 514,570 525.570 464,670 (thousands of pesos): Other 25,348 32,883 32,403 38,803 Gold 290,564 r290,561 Other liabilities and capital . . 287,621272,386 283,384 276,632 Foreign exchange (net) 99,645 r54,627 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 133,974 35,746 F G o o r l e d ign exchange 40 5 3 1 47 5 5 1 3 5 5 1 8 37 5 9 0 S N i e lv t e c r laim on Int'l. Fund 8 4 1 2 2 , ,5 5 1 8 1 8 6 1 8 2 , , 6 5 5 0 8 7 Loans and discounts 5.650 5,494 5,327 2.5 Loans and discounts 1,053 1.902 Claim against Government 3,528 3,690 4,615 5,305 Credits to Government 10,478 '15,620 Other assets 36 36 36 42 Other assets 27,635 r20.395 Note circulation 7,326 7,264 7,190 5,923 Note circulation 378,810 333,639 Deposits— Banks 211 305 173 331 Deposits 232,199 150,862 Other 800 618 884 1,102 Other liabilities and capital 7,439 15,516 Blocked 1,330 1,559 2,139 1,303 National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold ' . . 31 029 31.887 30,399 29,623 Gold 69 69 69 69 Foreign claims and balances (net). 16.493 15.934 14.902 7.378 Foreign exchange 459 454 433 400 Loans and discounts 7.2 6.470 8.268 7,205 Contributions to Int'l. Bank 8 8 8 6 Consolidated Government debt.. 34,860 34.860 34.860 34.939 Loans and discounts 134 132 120 40 Government securities 7,157 3.772 3.833 6,048 Securities 141 135 130 138 Other assets. . 3.451 3.333 3.249 3.815 Govt. compensation account. . . ,903 3,924 3,925 4,005 Note circulation 92,512 90,437 90,248 84,784 Other assets 590 513 582 272 Deposits— Demand 2.036 1,626 1,948 1,749 Note circulation ,661 1,578 1,561 1,571 RCA 1,039 957 780 12 Deposits- Government ,806 1,797 1,812 1,221 Other liabilities and capital 4,652 3,237 2,534 2,463 Other ,657 1,668 1,700 1,928 Central Bank of Bolivia—Mone- Other liabilities and capital. . 183 193 194 210 tary dept (millions of boliviano*): (July)* Central Bank of the Dominican Gold at home and ahroad* 1.370 1,370 Republic (thousands of dollars): Foreign exchange (net) 513 ••52 Gold 066 8,056 8,056 4,045 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies 1,9 7 7 2 5 4 1,8 7 7 3 9 5 N Fo e r t e i c g la n i m ex o ch n an In g t e ' l. ( n F e u t) nd 8 2 1 5 1 0 9 18 1, , 2 0 5 4 0 8 19 1, , 2 5 5 1 0 5 1 1 3 , . 2 8 5 3 0 0 Other assets 160 140 Paid-in capital—Int'l. Bank 40 40 40 40 Note circulation 3.936 3,191 Loans and discounts 444 332 212 405 D Ot e h p e o r s i l t i s abilities and capital . 6 1 1 9 3 4 r5 4 6 2 5 0 O G t o h v e e r r n a m ss e e n ts t securities 9 2 9 1 5 7 6,2 9 1 7 7 7 6,2 9 1 6 7 0 5 1. , 0 3 0 8 6 3 Central Bank of Ceylon (thousands Note circulation 957 26,350 26.2O6 20.558 of F P r o a u i r p d e e - i e g in s n ) : c e a x p c i h t a a n l— ge Int'l. Bank 684 1 , , 3 12 4 7 7703 1. , 1 6 1 4 7 4 673 1 . . 5 1 1 1 4 6 516 1, , 4 8 2 9 9 1 Cent O D ra t e h l m er B a n a l d i n a k b d i e l o i p f t o ie s E s i t c s a u n a d d c o a r pital 3 8 4 3 3 3 7, 8 7 3 3 4 7 9,1 8 3 1 8 7 5, 3 0 1 * 7 3 Government securities 3.252 3,252 3,252 (thousands of sucres): O Cu th r e re r n a c s y s e i t n s circulation 410 2 . . 8 4 8 0 9 7 419 2 , .1 4 4 4 4 6 39•3 1 3 . . 4 8 6 3 7 9 3 " 2 " 7 5 ,9 1 6 1 0 F G o o r l e d ig 6 n exchange (net)8 3 8 3 0 5. , . 4 4 3 8 6 8 3 8 3 7 5 . 4 7 2 5 8 0 2 1 5 7 2 6 , , 9 60 6 2 8 Deposits—Government 69.707 54.592 94,670 4,206 Net claim on Int'l Fund • 18,758 18,758 16.881 Banks 174,248200,992 157,851 134,688 Credits—Government 186,102195,699 202,309 Other liabilities and capital. . 36,288 35,126 33,733 51,977 Other 177.107169.225 144,515 Central Bank of Chile (millions Other assets 203,908200,332 159,813 of pesos): Note circulation 499.180 507.165 496,631 Gold 1,248 1,304 1,235 Demand deposits—Private banks 140,420147,3Q9 162,647 Foreign exchange (net) 221 245 266 Other... 109,762115,580 111,187 Net claim on Tnt'l. Fund • 107 107 1 Other liabilities and capital 252,436 237,047 182,622 Discounts for member banks.... 1,859 1,351 2,274 National Bank of Egypt* (thou- Loans to Government 675 675 685 sands of pounds): Other loans and discounts 5.418 5,613 3.002 Gold7 ... . 60552 60,552 60,552 6,376 O N t o h t e e r c a ir s c s u et l s ation 2 7 , . 3 85 97 5 2 7 . , 3 37 99 5 6 1 , , 2 74 2 8 0 F F o o r r e e i i g g n n e an x d c ha E n g g y e p 8 tian 37; 409 35,378 42,618 r53,288 Deposits— Bank 1,659 1,669 1,348 Government securities 329, 238 323,926310,508 312,421 Other 357 653 299 Loans and discounts 8 728, 5,390 4,438 27,917 Other liabilities and capital 2,055 1,995 1,343 Other assets.. 3,670, 2,658 2,445 ••2,587 Bank of the Republic of Colombia Note circulation 184, 121 172,708157,717 174,762 (thousands of pesos): Deposits—Government 96, 690 82,875 73,970 105,157 Gold and foreign exchange 177,636165.942168.140 203,996 Other 134 666 151,132167,038 111,561 Net claim on Int'l Fund3 24,369 24,369 24,369 24,368 Other liabilities and capital 24, 120 21,189 21,836 11,109 Paid-in capital—Int'l. Bank 7,118 1,384 1,384 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. * 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. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 The National Bank of Egypt became the central bank on Apr. 5, 1951. 7 Beginning December 1950, includes gold in Banking Department, formerly shown under "Other assets"; in April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. 8 Includes foreign exchange and, from June to November 1950, gold, formerly shown under "Other assets." NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 112; and January 1950, p. 118. 1596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Centra] Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Au Oct. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold . 64,411 64,482 64,544 50,179 Foreign exchange 35 36 34 28 Foreign exchange (net) 43.047 52.481' 67,331 51,343 Advances to Treasury 590 590 590 590 Net claim on Int'l Fund * 1,565 1,565 1,565 1,565 Loans and discounts 250 250 265 250 Loans and discounts. 14.159 8,621 4,928 6,179 Government securities 187 204 204 178 Government debt and securities. . 5,578 5,526 5,395 5,003 Other assets 737 686 652 579 O N t o h t e e r c a ir s c s u et l s ation 72 1 . ,6 6 5 5 7 3 73 1 , .7 0 8 0 5 2 74 1, , 6 0 4 3 2 5 62 1 , ,2 6 3 0 5 9 A B l a l n ie k d o m f i I li t t a a l r y y n n o o te te s s 1,156 1,150 2 1,118 2 1,043 3 Deposits 50,804 54,598 64,530 46,361 Deposits—Government 157 161 174 91 Other liabilities and capital 6,961 6,861 6,840 6,534 Demand 95 74 101 163 State Bank of Ethiopia « Other 317 302 276 261 Bank of Finland (millions of mark- Other liabilities and capital 77 81 79 67 kaa): Bank of Japan (millions of yen): Gold 5,420 4,475 4,475 2,230 Cash and bullion 1,424 1 341 1.149 1,158 Foreign assets (net) 16,033 13,685 12,090 -1,483 Advances to Government 41,243 41 440 42,640 70,015 Clearings (net) 846 -763 -1,922 -1.638 Loans and discounts 378.830383 756392,671 195,199 Loans and discounts 28,859 33,240 34,418 43,024 Government securities 82,373 80 036129,618 136,631 Securities 940 945 984 1,040 Other assets 50,077 38 246 38,749 31,055 Other assets 4,478 6,997 8,278 1,846 Note circulation 425,900 416.359 414,706 344,690 Note circulation 42.014 42,272 41.446 32,484 Deposits—Government 77,894 147,432 49,975 Deposits 1,223 1,444 1,829 1,997 Other 22.932 20,524 18,538 Other liabilities and capital 13,340 14,863 15,048 10,539 Other liabilities 27,220 22,166 20,855 Bank of German States The Java Bank (millions of guilders): (millions of German marks): Gold • , 1,060 871 871 715 Foreign exchange 2,484 2,432 1,320 Foreign exchange (net) 532 752 786 181 Loans and discounts 3.933 4.622 4,025 4,621 Loans and discounts 638 587 501 215 Loans to Government 8,715 9,062 9.591 9,218 Advances to Government 1,404 1,530 1,500 2,206 Other assets 1.344 1,585 1.498 1,320 Other assets . 828 649 720 115 Note circulation 8,989 9,054 8,713 8.123 Note circulation 2,918 2,891 2,848 2,194 Deposits—Government 2.364 2.509 2.488 2,564 Deposits 777 779 789 771 Banks 1,948 1 .890 1 .860 1,436 Other liabilities and capital 768 720 741 466 Other 481 1 ,426 1 .405 614 Bank of Mexico {millions of pesos): Other liabilities and capital 2,608 2,874 3,080 3,743 Monetary reserve 7 1,155 1,139 1,098 951 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 2,966 2,985 2,841 2,864 Gold and foreign exchange (net) 4 1,126 971 36-0 Bills and discounts 463 462 480 137 Loans and discounts 2H8 198 238 Other assets , 518 448 386 332 Advances— Government , 7.4^6 7.015 4,750 Note circulation 2,997 2 ,953 2.913 2,476 Other 3.431 3.433 2,735 Demand liabilities , 1,622 1,603 1,481 1,327 Other assets , 2.180 2.219 969 Other liabilities and capital 482 479 412 481 Note circulation 2,132 1,926 1,870Netherlands Bank (millions of Deposits—Government 875 835 841 guilders): Reconstruction and Gold 8 ,182 1,177 1,177 873 relief accts 5.320 4,595 2,552 Silver (including subsidiary coin), 19 18 18 18 Other. . • • 2.274 2.248 1 ,160 Foreign assets (net). 267 58 23 1,215 Other liabilities and capital 4. . 3,800 4,231 2,629 Loans and discounts , 367 469 474 122 Bank of Guatemala (thousands of Govt. debt and securities , ,187 3,237 3,251 2,850 quetzales): Other assets . , 637 504 611 917 Gold 27.228 27.229 27,229 27,229 Note circulation—Old 46 47 48 58 Foreign exchange (net)...... 6.227 6.779 9.530 '•6,205 New ,841 2,755 2,762 2,809 Gold contribution to Int'l Fund.. 1 .250 1 .250 1 .250 1,250 Deposits—Government , 1 17 287 Rediscount* and advances 7.749 8.060 7.398 4.085 Blocked 1 Other assets 18.365 18.569 17.565 17.499 EC A 1,745 1,722 1,685 1,388 Circulation—Notes 36.672 36.211 36.230 35.112 Other 493 506 58? 847 Coin 3.292 3,265 3,270 3,225 Other liabilities and capital 533 506 477 606 Deposits— Government 1 .752 2 .367 2.086 1 .202Reserve Bank of New Zealand Banks 8.374 8,901 10.303 8.386 (thousands of pounds): Other liabilities and capital 10,728 11,143 10,993 '8,345 Gold , 5,418 5,365 5,306 4,569 National Bank of Hungary 6 Foreign exchange reserve 59,361 68.670 79,688 50,041 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 5,502 rupees) Advances to State or State un- 6,019 Issue department: dertakings 51,373 51.459 51.445 56,450 Gold at home and abroad 400 400 400 Investments 36,132 31.440 22.675 25,974 Foreign securities 5,982 6,132 5,832 Other assets 3,778 3.109 3,190 ••3.700 Indian Govt. securities 4,681 5.016 4,366 Note circulation , 61,298 60 566 60.374 55.274 Rupee coin. 677 639 608 Demand deposits 94,166 98.888 101,311 84,632 Note circulation 11,307 11,583 11,058 Other liabilities and capital. . . 6,618 6,607 6,638 6,330 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 433 604 148 Gold 242 242 242 244 Balances abroad 2,179 2,140 2,328 Foreign assets (net) , 324 294 221 130 Bills discounted 65 83 5 Clearing accounts (net) -10 2 2 -41 Loans to Government 51 52 1 Loans and discounts 41 44 47 35 Other assets 1,193 1,000 912 Securities 46 46 46 47 Deposits 3,706 3,703 3,155 Occupatian account (net) 6,202 6,202 6,202 7,112 Other liabilities and capital. . 217 177 239 Other assets 165 155 129 77 Central Bank of Ireland (thousands Note circulation 2,488 2,478 2.450 2,247 of pounds): Deposits—Government 1,727 1,698 1,680 1,972 Gold 2,646 2.646 2,646 2,646 Banks 1,132 1,153 1,186 1,167 Sterling funds 53.189 51.372 50,174 48,751 Blocked 523 Note circulation 55,835 54,018 52,820 51,397 ECA 836 813 790 1,016 Other liabilities and capital 828 843 784 678 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). «?ee BULLETIN for December 1950, p. 1699. 8 Includes gold in the amount of 2.5 million D. marks. 4 Effective June 1, 1951, figures reflect the change in the official exchange parities of the drachma resulting from abolition of exchange certificate system. *For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 7 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 8 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. DECEMBER 1951 1597 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation 821 31,710 30,517 Issue department: Deposits—Government 221 220 379 Gold at home and abroad... 44 44 44 Other ,987 3,256 3,311 Sterling securities 851 851 652 Other liabilities and capital. . . ,936 18,632 17,331 Pakistan Goyt. securities. . . 655 605 549Bank of Sweden (millions of kronor): Govt. of India securities.... 136 136 141 Gold 295 283 283 199 India currency 300 300 300 Foreign assets (net) ,353 918 651 1,002 Rupee coin 35 39 53 Net claim on Int'l. Fund * 88 88 88 Notes in circulation ,972 1,920 1,696 Paid-in capital—Int'l. Bank.... 10 10 10 Banking department: Swedish Govt. securities and ad- Notes of issue department... 50 56 43 vances to National Debt Office8 ,054 ,351 3,454 2,957 Balances abroad 643 589 326 Other domestic bills and advances 238 247 267 188 Bills discounted 99 99 102 Other assets 542 517 499 397 Loans to Government 2 1 Note circulation ,755 ,636 3,577 3,250 Other assets 309 364 433 Demand deposits—Government.. 529 822 459 394 D Ot e h p e o r s i l t i s a biliti ; es and capital. . 9 1 9 1 2 0 1,01 9 6 2 8 8 1 9 4 Other liabilities and O c t a h p e i r tal 6 62 7 3 3 3 6 4 1 3 3 5 62 9 3 4 4 69 0 1 9 Bank of Paraguay—Monetary dept. Swiss National Bank (millions of (thousands of guaranies): francs): Gold » 1,165 1 165 1,165 600 Gold ,986 ,977 5,982 6,071 Foreign exchange (net) 116,587120944122,307 15,838 Foreign exchange 194 187 208 329 Net claim on Int'l. Fund s 5,261 5 261 5,261 2,710 Loans and discounts 214 177 134 139 Paid-in capital—Int'l. Bank -1,015 -1 015 -1,024 -228 Other assets 79 77 77 79 Loans and discounts 171,481165548156,107 131,391 Note circulation ,590 ,586 4,498 4,367 Government loans and securities. 22,050 22 055 16,656 4,425 Other sight liabilities ,684 ,633 1,704 2,049 Other assets 84,302 75503 62,736 34,572 Other liabilities and capital 199 199 198 202 Note and coin issue 212,593202 203197,123 132,743Central Bank of the Republic of Demand deposits 103,962104498 96,723 43,480 Turkey (millions of pounds): Other liabilities and capital 83,276 82 760 69,363 13,084 Gold 420 419 419 419 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings 132 113 141 190 Gold and foreign exchange » 528 637 312 Loans and discounts ,431 ,456 1,332 ,189 Net claim on Int'l. Fund 2 20 20 20 Securities 15 15 15 27 Contribution to Int'l. Bank 2 2 2 Other assets 72 86 81 90 Loans and discounts to banks. . . 315 267 246 Note circulation ,128 ,098 999 977 Loans to Government 714 679 703 Deposits—Gold 153 153 153 153 Other assets 244 173 251 Other 617 548 572 660 Note circulation ,191 1,200 975 Other liabilities and capital. ... 172 291 265 125 Deposits 325 344 190Bank of the Republic of Uruguay Other liabilities and capital 307 235 371 (thousands of pesos): (July)* Central Bank of the Philippines Gold 409,387 329,186 (thousands of pesos): Silver 10,043 11,344 Gold 11, 11,289 6,022 Paid-in capital—Int'l. Bank 316 313 Foreign exchange 510, 531,024 590,387 Advances to State and govern- Net claim on Int'l. Fund 2 29, 29,504 29,502 ment bodies 150,899 138,723 Loans 25. 39,609 36,208 Other loans and discounts 300,896 265,233 Domestic securities 231, 231,206 155,880 Other assets 357,247 290,399 Other assets 107, 191,473 156,278 Note circulation 360,210 301,973 Note circulation 579 588,994 584,870 Deposits—Government 109,921 83,966 Demand deposits 231, 254,564 261,342 Other 311,408 295,751 Other liabilities and capital 195 190,545 128,063 Other liabilities and capital 447,250 353,507 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,168 ,026 3,882 3,335 Gold ,141 1,141 1,141 1,041 Foreign exchange (net) 11,271 ,086 10,861 9,610 Foreign exchange (net) -103 -76 -158 -3 Loans and discounts 701 645 531 573 Other assets 127 119 117 67 Advances to Government 1,251 ,247 1,246 1,243 Note circulation 759 740 739 696 Other assets , 677 808 635 518 Deposits 216 210 195 256 Note circulation 8,807 ,567 8,493 8,089 Other liabilities and capital 190 234 167 154 Demand deposits—Government.. 1,106 992 909 448Bank for International Settle- ECA 42 42 42 481 ments (thousands of Swiss gold Other 5,802 ,706 5,335 3,844 francs): Other liabilities and capital 2,310 ,505 2,377 2,416 Gold in bars 404, ,705437,196 457,110 South African Reserve Bank Cash on hand and with banks... 35,863 47,518 49,366 26,811 (thousands of pounds): Sight funds at interest 10, ,151 10,502 3,156 Gold* 479 74,264 64,929 Rediscountable bills and accept- Foreign bills 438 66,945 77,874 ances (at cost) 173,302120. 132,833 135,337 Other bills and loans 082 6,751 7,457 Time funds at interest 35,485 32,544 34,527 Other assets 547 35,313 28,925 Sundry bills and investments... . 262,542331,079 343,857 311,575 Note circulation ,163 79,611 71,940 Funds invested in Germany 297,201297. 297,201 297,201 Deposits ,938 85,288 92,762 Other assets 1,886 1 1,430 1,417 Other liabilities and capital ,444 18,375 14,482 Demand deposits (gold) 217,181320,680 308,573 362,382 Bank of Spain (millions of pesetas): Short-term deposits: Gold 550 665 668 Central banks—Own account.. 412,754387 423,982 396,460 Silver 378 378 412 Other 96,478 81 78,451 17,937 Government loans and securities. ,608 15,707 15,672 Long-term deposits: Special 228, 228,909 228,909 228,909 Other loans and discounts ,163 14,967 13,630 Other liabilities and capital 266,076 265,479 265,012 261,446 Other assets ,265 22,102 21,156 * Latest month available. * As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. * On Dec. 31, 1949. gold revalued from 172 to 248 shillings per fine ounce. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 1598 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— Rate Rate ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - h d - s S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l O 3 c 1 t. ef D fec a t t i e ve ba C n e k n tr o a f— l O 3 c 1 t. ef D fec a t t i e ve In effect Dec. 31, Albania 5)4 Mar. 21, 1940 Italy 4 Apr. 6, 1950 1939 2 2 4 2H 3 3 IM Argentina Mar. 1, 1936 Japan 5.84 Oct. 1, 1951 Jan. 25, 1940.. Austria Aug. 3, 1945 Java 3 Apr. 1, 1946 Apr. 9 3^£ 3H Sept. 13, 1951 Latvia 5 Feb. 17, 1940 May 17 3H Bolivia 6 Sept. 30, 1950 Lithuania. .. 6 July 15, 1939 Mar. 17, 1941 IK May 29 3 June 27 2H Jan 16 1945 IK Canada h Oct. 17, 1950 Mexico June 4, 1942 Jan. 20 ... l M Chile June 13, 1935 Netherlands.. 4 Apr. 17, 1951 Feb. 9 2\k Colombia July 18, 1933 New Zealand. IX July 26, 1941 Nov. 7, 1946 2\4 Costa Rica Feb. 1, 1950 Norway 2X Jan. 9, 1946 Dec. 19 3 4 Jan 10 1947 iM &2M Aug. 27 . . 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 15 El Salvador... 3 Mar. 22, 1950 South Africa. Oct. 13, 1949 Sept 6 . . 3M&4 Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Oct. 1 .... Finland Nov. 3, 1950 Sweden 3 Dec. 1, 1950 May 27 1949 July 14 14 Oct. 6 June 8, 1950. . 2H France 3 Oct. 11, 1951 Switzerland.. Nov. 26, 1936 Sept. 11 3% Germany Oct. 27, 1950 Turkey 3 Feb. 26, 1951 Sept. 26 3 Greece 12 July 12, 1948 United King- Oct 27 16 India . . .. 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 Dec. 1 3 Ireland Nov. 23, 1943 U. S. S. R.... 4 July 1, 1936 Apr. 17, 1951.. 4 July 5 3V> Sept. 13 3% 1 Rate established for the Land Central banks. Oct 11 3 NOTE.—Changes since Oct. 31: France—Nov. 9, from 3 to 4 per cent; In effectlOct. 31, India—Nov. 15, from 3 to 33^ per cent; United Kingdom—Nov. 8, from 2 1951 2 3 4 3 to 2^ per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- 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 1 1 1 9 9 0 4 4 4 2 3 4 — — — S S S e e e p p p t t t e e e m m m b b b e e e r r r , , , . . . 3 5 4 8 3 6 1 1 1 . . . 0 0 0 3 3 3 1 1 1 . . . 0 0 0 0 0 1 1 1 1 . . . 0 0 1 7 5 3 1 1 1 . . . 6 6 7 6 1 3 3 3 3s - - 5 y S 'y V 2 2 1 1 1 . . . 2 2 2 5 5 5 1945—September, .36 1.03 1.00 1.13 1.41 1.72 1.08 1.25 1 1 1 9 9 9 4 4 4 7 8 6 — — — S S S e e ep p p t t t e e e m m m b b b e e e r r r , . . . . . 4 4 4 1 0 1 . . . 5 5 5 6 3 3 . . . 5 5 5 1 1 1 . . .6 6 6 3 3 3 2 1 1 . . . 3 4 8 2 4 4 1 1 1 . . . 1 3 0 0 0 8 1. . . 0 7 8 0 5 4 2 i 2 y V V 2 -2 6 \ V y 4 2 K 2 1 1 1 . . . 6 2 2 3 5 5 1949—September, .51 .69 .52 .63 P2.03 1.15 1.01 1.50 1950—September. .62 .69 .52 .63 2.22 1.33 .91 1.50 1950—October... .62 .69 .51 .63 1.27 .50 November. .62 .69 .51 .63 1.20 .88 .50 December. .63 .69 .51 .63 2.41 1.40 1.09 3-5 .50 1951—January. . .63 .69 .51 .63 2.45 1.31 .83 3-5 .50 February. . .73 .69 .51 .63 2.42 1.55 1.00 3-5 .50 March.... .76 .69 .51 .63 2.45 1.46 1.23 3-5 .50 April .76 .69 .51 .63 2.60 1.55 1.24 3-5 .50 May .76 .69 .51 .63 2.61 1.50 1.07 3-5 .50 June .75 .69 .51 .63 .52 1.39 1.00 3-5 .50 July .77 .93 .51 .63 2.57 1.39 .91 3-5 .50 August .79 1.00 .51 .63 2.64 1.38 1 00 3-5 .50 September. 1.00 .51 .63 2.56 1.24 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. DECEMBER 1951 1599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * ( b 1 a 1 n L ks o . n do F n i g c u l r e e a s r i i n n g Cash M ca o ll n e a y n d at Bills dis- Treasury Loans to Other Deposits lia O b t i h li e ti r es millio s n te s r l o i f n g p ) ounds reserves n s o h t o ic rt e counted receipts 2 customers assets Total Demand Time ca a p n i d tal 1945—December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1.972 396 1948—December 502 ' 485 741 1,397 ,478 1,396 621 6,200 4,159 2.041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—October 509 557 1.414 496 ,505 1,608 616 6,204 4,105 2,099 501 November 502 548 t, 445 478 ,514 1 625 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 1,660 735 6,368 4,262 2,106 550 1951—January 530 559 1,470 383 ,529 1.656 697 6,260 4,181 2.078 564 February 496 531 L.343 291 .544 1,714 719 6,041 3,994 2,047 596 March 489 537 ,313 234 ,552 1.766 770 6,037 3,987 2,049 625 April 520 559 1,300 295 ,554 1 775 760 6,130 4.055 2,075 632 Mav . . 504 ! 571 L .226 269 .556 1 806 854 6,149 4.063 2.086 636 June 501 594 L.172 290 ,550 1 895 797 6,167 4.099 2.068 633 Julv 514 583 1,250 290 .552 1.861 756 6,174 4,086 2.088 631 August 515 573 306 ,549 1 863 755 6.133 4.061 2,072 612 September 503 582 .276 216 1,553 1,888 741 6,135 4,068 2,067 624 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a d m r m i t i a e l o n l r i n e o t d d n h o s l b l f o a a i f g r n u s k r ) e s ' . s re C se a r s v h E e n s tire S ly e lo c i a u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d S a f a u n b e o l b e d o c a r r e u a n o f i n r r k g a n o i s s d n e t m y t Securities O as t s h e e t r s ci N t r i c o o u t n l e a- e D T x o e c p t lu a o l d s i i n ts g p D i a n y e te a m r b a b le n a d n i k n d C e a T p n o i a m s d i e t a s li c a O a b a t p i n h l i d i t e t a r ie l s 1945—December 6«4 251 1,274 227 4.038 869 26 5.941 3,076 2,865 1,386 1946—December 753 136 1 507 132 4,232 1,039 21 6.252 2,783 3 469 1.525 1947—December 731 105 1,999 106 874 1,159 18 6.412 2,671 3.740 1,544 1943—Decem ber 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—October 847 115 2.565 189 4,349 1.258 7.740 3.180 4 559 1,583 November 797 164 2.737 177 4.280 1,293 7,819 3.276 4.543 1.630 December.. 824 134 2.776 171 4.286 1.304 7,828 3,270 4,558 L.667 1951—Januarv . 774 118 2,795 175 4 248 L.27O 7.748 3 171 4.577 1,631 February 770 109 2 872 176 4 093 1.334 7 675 3.057 4 618 .678 March 753 94 3.008 178 3.986 1 .266 7.624 3 010 4.614 ,660 April 774 87 3.046 160 .924 1.413 7.684 3.086 4.598 ,720 Mav 760 92 3 066 188 886 I 370 (8) 7 686 3 007 4 S89 .684 June 781 82 3.061 206 ^ 838 1.288 7.591 3 032 4 559 .664 Julv 798 84 3.043 209 3.840 .349 C3) 7.658 3 078 4.580 1.665 August 784 00 3.073 260 3 832 1.330 7.667 3.084 4.583 1 710 September 788 107 3.045 217 3.876 1,242 7.637 3.042 4.595 1,639 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1945—December 14,733 14,128 155,472 36,621 4,783 215.615 711,592 2,023 2.904 7,218 1946—December 18,007 18,940 195,223 65.170 17.445 291 ,945 ?9C,055 1,890 15 694 7,145 1947—Decem ber 22.590 19.378 219,386 86,875 27 409 341 547 33?,090 3 457 25 175 8 916 1948—December 45.397 35.633 354.245 126.246 34,030 552.221 545.538 6,683 30 638 12,691 1949—December 40,937 42.311 426.690 129.501 29.843 627.266 61?,204 8,062 26,355 15.662 1950—September 42.893 48.797 484,136 131,192 48,609 687.444 674,592 12,853 30.682 37,502 October 39.519 50,793 484,658 136,334 49,077 689.545 674 169 15,376 29 208 41 628 November 38.030 52.709 460,639 146.408 49.479 676 636 660.106 16,530 27,555 43 073 December 48.131 52.933 527.525 135.289 31.614 749.928 731,310 18.618 28.248 17,316 1951—January 39.769 56.952 477,003 153.502 31,549 709,469 691.231 18,238 26.599 22,707 February ... . 41.435 60.293 477,766 154.660 33,367 720,710 701.935 18.775 27 252 19 560 March 42.469 62,610 499,550 150,919 38.351 741 .484 .791 19,693 29.739 22 676 April 47 539 65.445 490.676 160.293 41.237 748.810 725.559 20.252 30 678 25,702 May.. 48.809 63.440 475.054 166.984 46 169 739 071 71C ,405 19 666 33 354 28 033 June , 47.856 62,305 522.657 159.958 47.815 777.219 7^>.997 20,222 32 544 30 828 Tulv 52.131 66.660 478,256 174 625 50 030 753 628 73^ 546 20 082 32 933 35 141 August 49,453 65,572 485,824 171,380 49,582 753,627 732,964 20,663 30,611 37,573 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 5A 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. 1600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina L Belgium Brazil Canada (peso) (franc) (cruzeiro) British (dollar) Aus- Malay- Year or month tralia sia2 Basic P e r n e t f i e a r l - Free (pound) " n B ot a e n s k " Official Free (dollar) Official Free account 1946 29 773 321.34 2.2829 6 0602 95.198 93.288 1947 29 773 321 00 2 2817 5 4403 100 000 91 999 1§48 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 s13.333 4 8.289 223.15 1.9908 51.9722 5.4406 32.788 890.909 91.474 1950—December 20.000 13.333 6.924 223.10 1.9983 1.9720 5.4406 32.850 94.913 1951—January 20 000 13.333 7.102 223.09 1.9945 1.9549 5.4406 32.850 95.002 February 20 000 13 333 7 138 223 16 1 9883 1 9774 5 4406 32 850 95 271 March . . . 20 000 13 333 7 124 223 16 I 9843 1 9306 5 4406 32 850 95.420 April 20 000 13 333 7 143 223 16 1.9830 1 9491 5.4406 32 850 94.353 20.000 13.333 7 096 223.16 1.9833 1.9501 5.4406 32.850 93.998 June 20 000 13 333 7 071 223 16 I 9845 1 9568 5 4406 32 850 93 484 July 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 1.9876 5 4406 32.850 94.700 September . .. 20 000 13.333 6 952 223.01 1.9866 »1.9876 5 4406 32.850 94.706 October 20 000 T3 333 6 974 223 06 9838 5 4406 32 8SO 95 112 November 20.000 13.333 6.937 223.15 1.9838 5.4406 : 32.850 95.820 France Year ©r month Ceylon C sl z o e 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 tno 30 155 20 581 37 813 1947 2 0060 20 864 ,8407 30 164 20 577 37 760 194S 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 823,838 20.870 11 570 26 252 1950—December 20.850 2.0060 14.494 .2856 23.838 20.870 11.572 26.240 1951—Tanuary . 20 850 2 0060 14 494 .2856 23 838 20 870 11 567 26 239 February . . 20 850 2 0O6O 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 Mav , . . 20 850 2 0060 14 493 .2856 23 838 20 870 11 561 26 243 June 20 8S0 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 20 8SO 2 0060 14 492 28S6 23 838 20 870 11 S68 26 280 S^pt ember 20 850 2 0060 14 492 2856 23 838 20 870 11 571 26 278 October 20 850 »2 0060 14 4O2 " .4354 .28S5 23 8.38 20 870 io 280.38 11 563 26 267 November . 20.850 14.492 .4354 .2856 23.838 20.870 280.38 11.569 26.270 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 p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) (k S d r w o en n e a - ) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d d - ) Ur (p u e g s u o a ) y 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—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 May 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 July 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 November . 277.27 14.015 49.643 3.4605 278.38 19.327 22.882 280.05 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 quotaiions beginning July 13. 1950. 6 Based on quota'ions beginning Oct. 11, 1950. 6 Based on quota ions through Sept. 30, 1950; official rate abolished after that date. 7 Based on quota ions through Sept. 19. 1951. 8 Based on quotaions beginning June 22, 1950. • Based on quota ions through Oct. 26: quotations discontinued thereafter. 18 Based on quotaiions 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. DECEMBER 1951 1601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 2 0 t t 6 0 e e ) d s = ( C 1 a = 9 n 3 1 a 5 0 - d 0 3 ) a 9 M (1 e 1 9 x 0 3 i 0 9 ) c o = K U ( i 1 n n 1 9 i 0 g 3 t 0 0 d ) e o d = m F (1 r 1 9 a 0 4 n 0 9 c ) e = (1 I 1 9 t 0 3 a 0 8 l ) y - ( a J 1 v a 9 = e 3 p r 4 1 a a - ) g n 3 e 6 N ( e l 1 1 9 a t 0 4 n h 0 8 d e ) s r = 1 - S (1 w 1 9 e 0 3 d 0 5 ) e n = ( S A w u = l g i a . t 1 n z 0 1 d e 0 9 r ) 3 - 9 1926 100 130 124 126 135 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—October 169 220 326 280 113 5,176 269 122 230 213 November . . 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 Tune 182 243 400 321 138 5,595 344 145 305 228 julv 179 244 396 320 135 5,558 340 142 305 224 August 178 242 388 324 134 5,523 P348 142 304 222 September 178 240 393 325 P137 i»5,441 P352 142 P3 05 223 October 178 240 395 328 P146 P223 P Preliminary. 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; Match 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 uc m ts Foods co O i m t t m i h e e o s r d- pr F o a d r uc m ts R f m a p a g c a a o w t r n o u t a d u l r n s - e y d d F f u c m a l g h c l a o i t y n o e u f d u r a l s - e n y d d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u s c r t - a s w p f r I i n o t n r d d i i s u u a h s c l e - t d s 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—October 178 173 162 229 220 221 226 311 110 138 123 184 175 164 230 222 223 229 325 114 142 124 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 P368 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 121 171 143 October 192 190 167 253 236 243 262 P367 P Preliminary. 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; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz. Y m e o a n r t o h r ( S U 1 = t 9 n a 3 1 i t 5 0 t e e - 0 s 3 d ) 1 9 (1 = C 9 a 3 a 1 d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N ( l 1 a e 1 9 n t 0 4 h d 0 9 s e ) r = 2 - 1 ( l 9 A a e 3 r n u 9 - d g = . Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e - 0 s 3 d ) i 9 (1 = C 9 a 3 a 1 d 5 n 0 a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N ( l 1 a e 1 9 n t 4 0 h d 9 0 e ) s = r 2 - 1 ( l 9 A a e 3 n u r 9 d g - - . = 100) 100) = 100) 100) 1942 124 127 161 10 153 1942 117 117 200 10 141 1943 138 131 166 12 161 1943 124 118 199 12 148 1944 136 131 168 15 164 1944... . . 126 119 201 16 151 1945 139 133 170 21 164 1945 129 119 203 22 153 1946 160 140 169 36 160 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-October... 211 220 125 116 113 180 1950-October. .. 176 171 115 113 161 November. 211 219 125 117 113 180 November. 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 April 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. 227 251 141 129 183 September. 187 190 128 133 121 169 October... 229 250 P143 P132 *184 October. .. 187 190 *129 P136 121 Pi 70 p Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. 2The 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 ( n t r h a a i i d t g t e e e h d s ) ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n n c 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 9 1 a 4 0 n 9 0 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e - e 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n g 6 i = d te 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c 0 b e 0 e ) r N l e a t n h d e s r- Number of issues. . . 12 87 60 14 416 105 278 295 27 1943 120 3 102.6 127 8 133 3 91 9 83 5 84 5 268 1944 120.9 103.0 127.5 136.8 99.8 83.8 88 6 265 1945 122.1 105.2 128.3 138.3 121.5 99.6 92.4 1946 123.3 117.2 132.1 131.5 109.0 139 9 115.7 96 2 875 195 1947 103.2 118.5 130.8 120.0 105.6 123.0 106.0 94 6 1,149 233 1948 98.7 105.0 129.9 106.4 107.1 124.4 112.5 92.0 1,262 240 1949 101.9 107.6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 219 1950 109.6 121.2 99.8 106.7 146.4 131.6 90.0 1,030 217 1950—November 106 5 124 1 99 8 104 6 156 1 144 5 92 9 1 029 December.. . 103.4 121.9 99.4 101.5 158.4 146.3 92 1 944 1951—January .. 102.1 122.4 99.7 99.4 168.6 153.8 94.7 1,031 224 102.4 121.1 99.6 97.4 174.7 166.5 96 8 1,144 228 Iilarch ... 95.6 120 2 100.1 96.6 170 3 162 9 96 2 1 159 226 95.3 119.8 99.2 93.1 172.3 165.6 96 0 1,169 221 M.ay . .. 95.3 118.3 100.4 86.9 173 9 164 2 99 7 1 172 215 95.0 117.5 100.6 87.6 171.7 160.7 99.4 1,188 212 July 95.5 116.9 101.2 84.1 172.8 162 0 97 6 1 185 208 August 95.3 116.6 102.0 80.3 181.5 169.7 96.5 1,300 207 September... 95.2 116.5 103.8 78.1 187.3 179 8 90 8 1,413 212 October 94.6 116.3 P103.5 81.3 185.0 183.3 91.1 Pi,479 215 P Preliminary. 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. DECEMBER 1951 1603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS EDWARD L. NORTON OLIVER S. POWELL ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director G. R. MURFF, Assistant Secretary FRED A. NELSON, Assistant Director KENNETH A. KENYON, Assistant Secretary ARTHUR H. LANG, Chief Federal Reserve Examiner DIVISION OF BANK OPERATIONS LEGAL DIVISION GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE SOLICITOR DWIGHT L. ALLEN, Director J. LEONARD TOWNSEND, Solicitor H. FRANKLIN SPRECHER, JR., Assistant Director G. HOWLAND CHASE, Assistant Solicitor DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS LISTON P. BETHEA, Director RALPH A. YOUNG, Director JOSEPH E. KELLEHER, Assistant Director FRANK R. GARFIELD, Adviser on Economic Research EDWIN J. JOHNSON, Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION SUSAN S. BURR, Assistant Director GUY E. NOYES, Director DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Assistant Director ARTHUR W. MARGET, Director HENRY BENNER, Assistant Director LEWIS N. DEMBITZ, Assistant Director CLARKE L. FAUVER, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman R. M. EVANS N. BAXTER JACKSON, NEW YORK DISTRICT RAY M. GIDNEY FREDERIC A. POTTS, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY SIDNEY B. CONGDON, CLEVELAND DISTRICT EDWARD L. NORTON ROBERT V. FLEMING, RICHMOND DISTRICT OLIVER S. POWELL Vice President M. S. SZYMCZAK PAUL M. DAVIS, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT KARL R. BOPP, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT WATROUS H. IRONS, Associate Economist DONALD S. THOMPSON, Associate Economist DEWITT T. RAY, DALLAS DISTRICT CLARENCE W. TOW, Associate Economist JOHN H. WILLIAMS, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 1604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHATRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman ] President Vice Prpsirlfnfs 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 •J 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 J. V. Vergari5 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. Stctzelberger 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. Demingr Paul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis C. M. Stewart Wm. E. Peterson H. H. Weigel C. A. Schacht J. C. Wotawa Minneapolis.... Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell 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. Sandv2 John Phillips, Jr. D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin Watrous H. Irons R. B. Anderson W. D. Gentry R. B. Coleman L. G. Pondrom J. L. Cook 3 C. M. Rowland W. E. Eagle Mac C. Smyth W. H. Holloway San Francisco... Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms 3 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VTCE 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 Lr. H. Pipkin Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Omaha L. H. Earhart Charlotte R. L. Cherrv 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 F, Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City w. L.Partner Memphis Paul E. Schroeder Seattle J.M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 General Manager. 6 Counsel. DECEMBER 1951 1605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from No. 7. International Monetary Policies. the Division of Administrative Services, Board of No. 8. Federal Reserve Policy. Governors of the Federal Reserve System, Wash- The price for the set of eight pamphlets is $1.25; ington 25, D. C. Where a charge is indicated, 25 cents per pamphlet, or, in quantities of 10 or remittance should be made payable to the order more for single shipment, 15 cents per pamphlet. of the Board of Governors of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947; reprinted April BOOKS 1951. 125 pages. 75 cents per cloth-bound copy; BANKING STUDIES. Comprising 17 papers on bank- in quantities of 10 or more copies for single shiping and monetary subjects by members of the ment, 50 cents each. Paper-bound copies avail- Board's staff. August 1941; reprinted March able without charge. 1949. 496 pages. Paper cover, f 1.00 per copy; in quantities of 10 or more copies for single ship- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, As of December 31, 1947. July 1948. 122 pages. ment, 75 cents each. As of June 30, 1949. December 1949. 122 pages. BANKING AND MONETARY STATISTICS. Statistics of 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 December 30, 1950, July 1951. 125 pages. copy. No charge for available individual sections (unbound). A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; MONETARY AND BANKING REFORM IN PARAGUAY. in quantities of 10 or more copies for single ship- Includes translation of laws, accompanying rement, 15 cents each. ports, and introduction reviewing the monetary history of Paraguay. July 1946. 170 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE $1.00 per copy. CHARTS ON BANK CREDIT, MONEY RATES, AND RULES OF ORGANIZATION AND RULES OF PROCEDURE BUSINESS. 113 charts. April 1951 edition. Annual subscription to monthly chart book in- (Board of Governors of the Federal Reserve Syscludes supplement; single copies, 60 cents each. tem). September 1946. 31 pages. In quantities of 10 or more copies for single ship- THE FEDERAL RESERVE ACT, as amended to Novem- ment, 50 cents each. (Domestic rates) ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the COMPILATION OF FEDERAL AND STATE LAWS RELAT- Federal Reserve System. 372 pages. 50 cents per ING TO BRANCH BANKING IN THE UNITED STATES. paper-bound copy; $1.00 per cloth-bound copy. (July 1, 1951). December 1951. 33 pages. DEBITS AND CLEARINGS STATISTICS, THEIR BACK- THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS GROUND AND INTERPRETATION. October 1947. 50 AND THEIR USE IN ECONOMIC ANALYSIS. Decempages. 25 cents per copy; in quantities of 10 or ber 1951. 175 pages. 25 cents per copy; in more copies for single shipment, 15 cents each. quantities of 10 or more copies for single shipment, 15 cents each. POSTWAR ECONOMIC STUDIES. (8 pamphlets) No. 1. Jobs, Production, and Living Standards. REGULATIONS OF THE BOARD OF GOVERNORS OF THE No. 2. Agricultural Adjustment and Income. FEDERAL RESERVE SYSTEM. Individual regulations with amendments. No. 3. Public Finance and Full Employment No. 4. Prices, Wages, and Employment. PERIODICAL RELEASES No. 5. Private Capital Requirements. WEEKLY No. 6. Housing, Social Security, and Public CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS, Works. BY INDUSTRY AND PURPOSE 1606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS CONDITION OF THE FEDERAL RESERVE BANKS DEPARTMENT STORE SALES (Indexes and Comparisons with Previous Year) CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES DEPARTMENT STORE SALES AND STOCKS, BY MAJOR CONDITION OF WEEKLY REPORTING MEMBER BANKS DEPARTMENTS IN LEADING CITIES DEPARTMENT STORE STOCKS DEPARTMENT STORE SALES, BY CITIES FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES INTERDISTRICT SETTLEMENT FUND WEEKLY FOREIGN EXCHANGE RATES NATIONAL SUMMARY OF BUSINESS CONDITIONS OPEN-MARKET MONEY RATES IN NEW YORK CITY WEEKLY REVIEW OF PERIODICALS RETAIL FURNITURE REPORT SEMIMONTHLY RETAIL INSTALMENT CREDIT AT FURNITURE AND DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER HOUSEHOLD APPLIANCE STORES BANKS SALES FINANCE COMPANIES MONTHLY STATE BANK MEMBERS AND NONMEMBER BANKS FEDERAL RESERVE BULLETIN. Subscription price in THAT MAINTAIN CLEARING ACCOUNTS WITH FEDthe United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, ERAL RESERVE BANKS (Also annual list) Dominican Republic, Ecuador, Guatemala, Haiti, SEMIANNUAL—QUARTERLY Republic of Honduras, Mexico, Newfoundland ALL BANKS IN THE UNITED STATES AND POSSESSIONS (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Vene- —PRINCIPAL ASSETS AND LIABILITIES zuela is $2.00 per annum or 20 cents per copy; PRELIMINARY EARNINGS OF MEMBER BANKS elsewhere, $2.60 per annum or 25 cents per copy. SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- Group subscriptions in the United States for 10 TIONS or more copies to one address, 15 cents per copy ANNUAL per month, or $1.50 for 12 months. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY THE FEDERAL RESERVE SYSTEM RATES, AND BUSINESS. $6.00 per annum in- BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXcluding historical supplement, or 60 cents per CEPT INTERBANK ACCOUNTS copy. In quantities of 10 or more copies of a IRREGULAR particular issue for single shipment, 50 cents each. (Domestic rates) ASSETS AND LIABILITIES OF MEMBER BANKS (Condensed) ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES MEMBER BANK CALL REPORT (Detailed) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK LOANS BY DISTRICTS SELECTED LIST OF ADDITIONS TO THE RESEARCH BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- LIBRARY CEPT INTERBANK ACCOUNTS SURVEYS OF CONSUMER FINANCES BUSINESS INDEXES REPRINTS CONSUMER CREDIT CONSUMER INSTALMENT CREDITS OF COMMERCIAL (From Federal Reserve Bulletin unless preceded by an asterisk) BANKS THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS CONSUMER INSTALMENT CREDITS OF INDUSTRIAL IN THE UNITED STATES. November 1938. 20 BANKS pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL * PROBLEMS OF BANKING AND BANK SUPERVISION. LOAN COMPANIES Excerpts from the Board's 1938 Annual Report. CONSUMER INSTALMENT LOANS OF THE PRINCIPAL 33 pages. TYPES OF FINANCIAL INSTITUTIONS MONETARY MEASURES AND OBJECTIVES. September DEPARTMENT STORE CREDIT 1937, April 1939, and May 1939. 8 pages. DECEMBER 1951 1607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. METHODS OF RESTRICTING MONETIZATION OF PUBLIC January 1940. 4 pages. DEBT BY BANKS. April 1947. 4 pages. THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- REVISION OF WEEKLY STATISTICS FOR MEMBER SERVE BANKS, by George B. Vest. February 1940. BANKS IN LEADING CITIES. June-July 1947. 9 8 pages. pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- REVISION OF NATIONAL INCOME AND PRODUCT STA- SERVE POLICY, by Arthur Hersey. April 1940. TISTICS. September 1947. 12 pages. 11 pages. STERLING IN MULTILATERAL TRADE, by J. Burke CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, Knapp and F. M. Tamagna. September 1947. by E. A. Goldenweiser. May 1940. 5 pages. 8 pages. GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank BANK LOANS TO FARMERS— R. Garfield. June 1940. 7 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan GOLD RESERVES OF CENTRAL BANKS AND GOVERN- Smith and Philip T. Allen; FARM MORTGAGE MENTS. September 1940. 18 pages. LOANS AT COMMERCIAL BANKS, by Philip T. Allen; FARM PRODUCTION LOANS AT COMMERCIAL MEASUREMENT OF PRODUCTION, by Woodlief Thomas BANKS, by Herman Koenig and Tynan Smith; and Maxwell R. Conklin. September 1940. 16 pages. THE STRUCTURE OF INTEREST RATES ON COM- MERCIAL BANK LOANS TO FARMERS, by Richard FEDERAL RESERVE BANK LENDING POWER NOT DE- Youngdahl. October and December 1947. 36 PENDENT ON MEMBER BANK RESERVE BALANCES. pages. February 1941. 2 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE ADJUSTMENT FOR SEASONAL VARIATION, by H. C. 1929, by Morris A. Copeland and Daniel H. Barton, Jr. Description o£ method used by Board Brill. January 1948. 9 pages. in adjusting economic data for seasonal variation. June 1941. 11 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, by Caroline H. Cagle and Raymond C. Kolb. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER May 1948. 12 pages. BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by Milton Moss. July 1948. 6 pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. From August 1940, September 1941, and October THE PHILIPPINE CENTRAL BANK ACT and Text of the Act, by David Grove and John Exter. In 1943 issues of BULLETIN with supplementary data. part a reprint from the August 1948 BULLETIN. October 1943. 120 pages. 36 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. September 1944. 2 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE; OF PAYMENTS PROBLEMS, by David L. Grove and ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, Gerald M. Alter. November 1948. 11 pages. by Mary S. Painter. September 1945. 2 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS SURVEYS OF LIQUID ASSET HOLDINGS. September LOANS, by Richard Youngdahl. March 1949. 10 1945. 7 pages. pages. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY MEASUREMENTS OF SAVINGS, by Daniel H. Brill. MAJOR DEPARTMENTS. August 1946. 4 pages. November 1949. 8 pages. BUSINESS LOANS OF MEMBER BANKS. March, May, NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- June, July, and August 1947. 80 pages. vember 1949. 14 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- A STUDY OF INSTALMENT CREDIT TERMS, by Milton MENT FINANCING, by Frieda Baird. March 1947. Moss. December 1949. 8 pages. 6 pages. FRENCH EXCHANGE STABILIZATION FUND, by Robert VALUES AND LIMITATIONS OF CONSUMER FINANCIAL Solomon. January 1950. 5 pages. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Young and Duncan McC. Holthausen. March INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- 1947. 9 pages. ruary 1950. 5 pages. 1608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR 1951. 18 pages. PART V. DISTRIBUTION OF DEPOSIT INSURANCE. February 1950. 15 pages. DEBT AND SELECTED NONLIQUID ASSETS OF CON- SUMER SPENDING UNITS. December 1951. 11 RETAIL CREDIT SURVEY—1949. From June 1950 pages. (Also, similar survey for 1946 from BULLETIN with supplementary information for June-September 1946 BULLETINS, 28 pages; nine separate trades. 38 pages. (Also, Retail for 1947 from June-August and October 1947 Credit Survey—1943, 1944, 1945, 1946, 1947, BULLETINS, 48 pages; for 1948 from June-Sep- 1948 from the June 1944, May 1945, June 1946, tember and November 1948 BULLETINS, 70 July 1947, July 1948, and June 1949 BULLETINS pages; for 1949 from June-November 1949 and with supplementary information.) January 1950 BULLETINS, 124 pages; for 1950 STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- from April and June-December 1950 BULLETINS, TION. Presented by Thomas B. McCabe, Chair- 106 pages, which includes THE METHODS OF THE man, Board of Governors of the Federal Reserve SURVEY OF CONSUMER FINANCES.) System, before the Senate Committee on Banking arid Currency, June 27, 1950. July 1950. 8 * THE TREASURY—CENTRAL BANK RELATIONSHIP IN pages. FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and 1949. July 1950. 16 pages. * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. As amended to April 20, 1951. 4 pages. DEFENSE LOAN POLICY. An announcement adopted jointly by National and State Supervisors of banks TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. and other lending institutions. August 4, 1950. August 1950. 1 page. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1951. 2 pages. REVISED ESTIMATES OF CONSUMER CREDIT. November 1950. 2 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING MEASUREMENT OF CONSUMER CREDIT. Address by THE INTRODUCTION OF REAL ESTATE CREDIT REGU- Ralph A. Young and Homer Jones before the LATION. July 1951. 23 pages. University of Illinois Consumer Credit Confer- FINANCING OF LARGE CORPORATIONS IN 1950, by ence, Chicago, Illinois, October 5, 1950. Novem- Eleanor J. Stockwell. August 1951. 7 pages. ber 1950. 9 pages. SAVING IN THE DEFENSE ECONOMY. September THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- 1951. 5 pages. LARS IN 1950. March 1951. 10 pages. THE BALANCE SHEET AND CURRENT TRENDS OF STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING AGRICULTURE, 1951. September 1951. 14 pages. OATH OF OFFICE, APRIL 2, 1951. April 1951. 1 page. THE CURRENT POSITION OF AGRICULTURE, by Philip T. Allen. September 1951. 11 pages. 1951 SURVEY OF CONSUMER FINANCES—SELECTED PRELIMINARY RESULTS. April 1951. 4 pages. NEW INDEX OF OUTPUT OF MAJOR CONSUMER PART I. THE ECONOMIC OUTLOOK AND LIQUID DURABLE GOODS. October 1951. 6 pages. ASSET POSITION OF CONSUMERS. June 1951. 18 CREDIT AND SALES REPORTED BY REGULATION W pages. PART II. PURCHASES OF HOUSES AND REGISTRANTS. October 1951. 12 pages. DURABLE GOODS IN 1949 AND BUYING PLANS VOLUNTARY ACTION TO HELP CURB INFLATION. FOR 1951. July 1951. 18 pages. PART III. November 1951. 9 pages. DISTRIBUTION OF CONSUMER INCOME IN 1950. August 1951. 18 pages. PART IV. DISTRIBU- REVISED INDEXES OF DEPARTMENT STORE SALES AND TION OF CONSUMER SAVING IN 1950. September STOCKS BY DISTRICTS. December 1951. 53 pages. DECEMBER 1951 1609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

INDEX TO VOLUME 37 Pages Pages Acceptances, bankers': Assets and liabilities—Continued. Buying rates. .45, 171, 283, 401, 517, 657, 821, All banks in the United States and possessions, 969, 1143, 1265, 1381, 1537 by States on December 30, 1950 530 Open-market rates on. ... 66, 192, 304, 422, 540, 678, Commercial banks in United Kingdom, Canada 842, 990, 1164, 1286, 1398, 1554 and France 116, 244, 354, 472, 604, 728, 892, Outstanding. .65, 191, 303, 421, 539, 677, 841, 1044, 1216, 1338, 1444, 1600 989, 1163, 1285, 1397, 1553 Federal Reserve Banks: Admission of State banks to membership All banks 46, 172, 284, 402, 518, 658, 822, in Federal Reserve System.. .38, 163, 276, 394, 961 970, 1144, 1266, 1383, 1539 Affiliates, loans to . 960 Each bank. . . .47, 173, 285, 403, 519, 659, 823, Agricultural loans: 971, 1145, 1267, 1384, 1540 Insured commercial banks 58, 184, 296, 414, 532, Foreign central banks 110, 238, 348, 466, 598, 722, 670, 834, 982, 1156, 1278, 1392, 1549 886, 1038, 1210, 1332, 1438, 1594 Agriculture: Government corporations and credit Balance sheet and current financial agencies 74, 200, 312, 430, 548, 686, 850, trends, 1951 1090 998, 1172, 1294, 1406, 1562 Crop reports 99, 1024, 1198, 1320, 1427, 1583 Large corporations in selected industries. .918 Current position of . 1079 Assignment of claims against Government, National summary of business amendment to statute . 508 conditions .963, 1138, 1376 Atomic Energy Commission designated additional Albania: guaranteeing agency under Defense Production Act. .389 Discount rate of central bank. . . . 115, 243, 353, 471, 603, Attebery, O. M., appointed First Vice 727, 891, 1043, 1215, 1337, 1443, 1599 President at St. Louis. .34 Allen, Dwight L.: Australia: Appointed Assistant Director of Annual report of Commonwealth Bank, Division of Personnel Administration 34 fiscal year 1951 1369 Appointed Director of Division of Commonwealth Bank of: Personnel Administration . 648 Condition. .112, 240, 350, 468, 600, 724, 888, Allen, J. D., resignation as director at 1040, 1212, 1334, 1440, 1596 Denver .35, 163 Foreign exchange rates 117, 245, 355, 473, 605, 729, American Bankers Association: 893, 1045, 1217, 1339, 1445, 1601 Voluntary restraint program of. .133 Gold movements. 109, 237, 347, 465 Annual reports: Gold production 107, 235, 345, 463, 595, 719, Balance sheet and current financial 883, 1035, 1207, 1329, 1435, 1591 trends of agriculture, 1951. 1090 Austria: Bank Deutscher Laender . . 942 Austrian National Bank: Bank for International Settlements. .1104 Condition. . .112, 240, 350, 468, 600, 724, 888, Bank of Italy .952 1040, 1212, 1334, 1440, 1596 Board of Governors, publication of .648 Discount rate. . .115, 243, 353, 471, 603, 727, Commonwealth Bank of Australia, 891, 1043, 1215, 1337, 1443, 1599 fiscal year 1951. 1369 Automobile appraisal guides under Netherlands Bank .809 Regulation W .148, 269 392, 646 Argentina: ? Automobiles: Central bank of: Output for year .1228 Condition. 112, 240, 350, 468, 600, 724, 888, Output and registration. . .... 6 1040, 1212, 1334, 1440, 1596 Production and demand . 1229 Discount rate. .115, 243, 353, 471, 603, 727, 891, Balance sheet and current financial trends of 1043, 1215, 1337, 1443, 1599 agriculture, 1951 . 1090 Gold reserves. .108, 236, 346, 464, 596, 720, 884, Bank credit: 1036, 1208, 1330, 1436, 1592 Changes in . 745 Foreign exchange rates. . . .117, 245, 355, 473, 605, 729, Current statistics for Federal Reserve 893, 1045, 1217, 1339, 1445, 1601 Chart Book. .95, 221, 333, 451, 569, 707, 871, Articles: (See Special articles) 1019, 1193, 1315 Asia: National summary of business International capital transactions. . . .105, 233, 343, 461, conditions. .40, 165, 278, 396, 512, 651, 816, 593, 717, 881, 1033, 1205, 1327, 1433, 1589 963, 1138, 1259, 1376, 1532 Assessments: Federal Reserve Banks for expenses Bank debits: (See Debits to deposit accounts) of Board of Governors .226 Bank deposits: (See Deposits) Assets, liquid: (See Liquid assets) Bank for International Settlements: Assets and liabilities: Annual report 1104 Agriculture, 1951 .1091 Condition. 114, 242, 352, 470, 602, 726, 890, All banks in United States, 1042, 1214, 1336, 1442, 1598 by classes. .55, 181, 293, 411, 527, 667, 831, Gold reserves. .108, 236, 346, 464, 596, 720, 884, 979, 1153, 1275, 1389, 1545 1036, 1208, 1330, 1436, 1592 DECEMBER 1951 1611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Bank loans: (See Loans; Loans and investments) Board of Governors: Bank premises: Annual report, publication of. .648 Federal Reserve Banks 48, 174, 286, 404, 520, 660, Assessment for expenses of. .226 824, 972, 1146, 1268, 1384, 1540 Members: Bank suspensions: Eccles, Marriner S., resignation of .814 Changes in banking offices. . .228, 1199 Evans, R. M., recommended decision in Number and deposits 51 Transamerica Corporation hearing 645 Bankers' acceptances: (See Acceptances, bankers') Martin, William McChesney, Jr.: Bankers' balances: Appointment as member and Chairman. 394 Insured commercial banks. . .59, 185, 297, 415, 533, 671, Letter to Banking and Currency Com- 835, 983, 1157, 1279, 1393, 1549 mittees on consumer credit restraint as Weekly reporting member banks: an anti-inflationary measure 748 By Federal Reserve districts. . .63, 189, 301, 419, Statement on taking oath of office 377 537, 675, 839, 987, 1161, 1283 McCabe, Thomas B., resignation as Chairman, New York City and outside. . . .61, 187, 299, 417, letter to President of United States and 535, 673, 837, 985, 1159, 1281, 1395, 1551 reply 393 Banking: Members and officers, list 120, 248, 358, 476, 608, Funds, foreign, increase in 732, 896, 1048, 1220, 1342, 1448, 1604 United States 103, 231, 341, 459, 591, 715, 879, Publications of 122, 250, 360, 478, 610, 734, 898, 1031, 1203, 1325, 1430, 1586 1050, 1222, 1344, 1450, 1606 Offices: Staff: (See Staff of Board) Changes in number of 228, 1199 Bolivia: Number of. .64, 190, 302, 420, 538, 676, 840, Central Bank of: 988, 1162, 1284, 1396, 1552 Condition 112, 240, 350, 468, 600, 724, 888, Banks: 1040, 1212, 1334, 1440, 1596 Assets and liabilities in United States and Discount rate. . . .115, 243, 353, 471, 603, 727, 891, possessions, by States on December 31, 1950. . . .530 1043, 1215, 1337, 1443, 1599 Consolidations 228, 1199 Gold reserves. .596, 720, 884, 1036, 1208, 1330, Government securities held by. . . 72, 198, 310, 428, 546, 1436, 1592 684, 848, 996, 1170, 1292, 1404, 1560 Bond yields: Number of: Government, municipal and corporate. . . .66, 192, 304, By classes of banks. . .55, 181, 293, 411, 527, 667, 422, 540, 678, 842, 990, 1164, 1286, 1398, 1554 831, 979, 1153, 1275, 1389, 1545 Bonds: By districts and by States 64, 190, 302, 420, New security issues. .67, 193, 305, 423, 541, 679, 843, 538, 676, 840, 988, 1162, 1284, 1396, 1552 991, 1165, 1287, 1399, 1555 Changes .228, 1199 Prices in principal countries . . .119, 247, 357, 475, 607, December 31, 1950. . .586 731, 895, 1047, 1219, 1341, 1447, 1603 Suspensions .51 Prices in United States 67, 193, 305, 423, 541, 679, Banks for cooperatives: 843, 991, 1165, 1287, 1399, 1555 Loans by 74, 200, 312, 430, 548, 686, 850, State, to finance bonus payments, statement of 998, 1172, 1294, 1406, 1562 National Voluntary Credit Restraint Committee. 1243 Baumann, John C, resignation as State and local governments to finance con- Assistant General Counsel .163 struction .... 1359 Belgian Congo: United States savings, sales and Gold production. . . .107, 235, 345, 463, 595, 719, 883, redemptions 71, 197, 309, 427, 545, 683, 847, 1035, 1207, 1329, 1435, 1591 995, 1169, 1291, 1403, 1559 Belgium: (See also Government securities) Foreign exchange rates 117, 245, 355, 473, 605, 729, Bonus payments, State bond issues to finance 1243 893, 1045, 1217, 1339, 1445, 1601 Boothe, Gardner L., II, appointed Assistant Director Gold movements 109, 237, 347, 465, 597, 721, 885, of Division of Selective Credit Regulation. . 34 1037, 1209, 1331, 1437, 1593 Borrowings: National Bank of: Insured commercial banks. .. .59, 185, 297, 415, 533, Condition 112, 240, 350, 468, 600, 724, 888, 1040, 1212, 1334, 1440, 1596 671, 835, 983, 1157, 1279, 1393, 1549 Discount rate. . . .115, 243, 353, 471, 603, 727, 891, Member banks at Federal Reserve 1043, 1215, 1337, 1443, 1599 Banks 51, 177, 289, 407, 523, 663, 827, Gold reserves. . . .108, 236, 346, 464, 596, 720, 884, 975, 1149, 1271, 1385, 1541 1036, 1208, 1330, 1436, 1592 Weekly reporting member banks: Benner, Henry, appointed as Assistant Director of By Federal Reserve districts 63, 189, 301, 419, the Division of Selective Credit Regulation 275 537, 675, 839, 987, 1161, 1283 Bills discounted by Federal Reserve Banks: New York City and outside. .61, 187, 299, 417, All banks combined. .. .43, 169, 281, 399, 515, 655, 819, 535, 673, 837, 985, 1159, 1281, 1395, 1551 967, 1141, 1263, 1379, 1535 Branch banking within United States, compilation of Each bank.. ..47, 173, 285, 403, 519, 659, 823, Federal and State laws 1530 971, 1145, 1267 Branch banks, domestic: Maturity distribution 46, 172, 284, 402, 518, 658, Changes in number of 228, 1199 822, 970, 1144, 1266, 1383, 1539 Number of banking offices 64, 190, 302, 420, 538, Member and nonmember banks . . 46, 172, 284, 402, 676, 840, 988, 1162, 1284, 1396, 1552 518, 658, 822, 970, 1144, 1266, 1383, 1539 Number in operation on December 31, 1950. .586 1612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Branch banks, Federal Reserve System: Canada—Continued. Directors: (See Directors) Wholesale prices in. . . .118, 246, 356, 474, 606,: 730, Managing officers 121, 249, 359, 477, 609, 733, 894, 1046, 1218, 1340, 1446, 1602 897, 1049, 1221, 1343, 1449, 1605 Capital: Brazil: Movement to United States 102, 230, 340, 458, 590, Foreign exchange rates . . .117, 245, 355, 473, 605, 729, 714, 878, 1030, 1202, 1324, 1430, 1586 893, 1045, 1217, 1339, 1445, 1601 Capital accounts: Gold reserves 108, 236, 346, 464, 596, 720, 884, All banks in United States and possessions, 1036, 1208, 1330, 1436, 1592 by States 530 British Malaysia: Federal Reserve Banks: Foreign exchange rates 1217, 1339, 1445, 1601 All banks combined 1383, 1539 Brokers and dealers in securities, loans to: Each bank. . . .49, 175, 287, 405, 521, 661, 825, Insured commercial banks. . . .58, 184, 296, 414, 532, 973, 1147, 1269, 1384, 1540 670, 834, 982, 1156, 1278, 1392, 1548 Insured commercial banks... 59, 185, 297, 415, 533, Weekly reporting member banks: 671, 835, 983, 1157, 1279, 1393, 1549 By Federal Reserve districts 62, 188, 300, 418, Weekly reporting member banks: 536, 674, 838, 986, 1160, 1282 By Federal Reserve districts . 63, 189, 301, 419, New York City and outside. . 60, 186, 298, 416, 537, 675, 839, 987, 1161, 1283 534, 672, 836, 984, 1158, 1280, 1394, 1550 New York City and outside . 61, 187, 299, 417, Brokers' balances: 535, 673, 837, 985, 1159, 1281, 1395, 1551 Movement to United States from Cash in vaults: abroad.. . .102,230,340,458,590,714, 878, Insured commercial banks... 59, 185, 297, 415, 533, 1030, 1202, 1324, 1430, 1586 671, 835, 983, 1157, 1279, 1393, 1549 Brown, Edward E., re-elected President of Weekly reporting member banks: Federal Advisory Council .275 By Federal Reserve districts.. .63, 189, 301, 419, Brown, Lewis H., Class B. Director at New York, 537, 675, 839, 987, 1161, 1283 death of .276 New York City and outside. . .61, 187, 299, 417, Bryan, Malcolm H., appointed President of 535, 673, 837, 985, 1159, 1281, 1395, 1551 Federal Reserve Bank of Atlanta. .394 Cash income and outgo of Treasury... .73, 199, 311, 429, Budget, Federal, for rearmament .125 547, 685, 849, 997, 1171, 1293, 1405, 1561 Burr, Susan S., appointed Assistant Director of Census: Division of Research and Statistics. .34 American direct investments abroad, by Commerce Department 649 Business conditions: Current statistics for Federal Reserve Chart Central banks: Book. .95, 221, 333, 451, 569, 707, 871, Assets and liabilities. . . . 110, 238, 348, 466, 598, 722, 1019, 1193, 1315 886, 1038, 1210, 1332, 1438, 1594 National summary of. . . .39, 164, 277, 395, 511, 650, Discount rates. 115, 243, 353, 471, 603, 727, 891, 1531 1043, 1215, 1337, 1443, 1599 815, 962, 1137, 1258, 1375, Business financing in the defense period. .481 Gold reserves. .108, 236, 346, 464, 596, 720, 884, 1036, 1208, 1330, 1436, 1592 Business indexes, monthly and yearly (See also Foreign banks) figures. .75, 201, 313, 431, 549, 687, 851, Central reserve city member banks: 999, 1173, 1295, 1407, 1563 Condition of insured commercial banks 58, 184, 296, Canada: Bank of: 414, 532, 670, 834, 982, 1156, 1278, 1392, 1548 Condition .111, 239, 349, 467, 599, 723, 887, Deposits. .56, 182, 294, 412, 528, 668, 832, 980, 1039, 1211, 1333, 1439, 1595 1154, 1276, 1390, 1546 Discount rate. .115, 243, 353, 471, 603, 727, 891, Earnings and expenses: 1043, 1215, 1337, 1443, 1599 1950 504, 574 Gold reserves. .108, 236, 346, 464, 596, 720, 884, First half of 1951 1321 1036, 1208, 1330, 1436, 1592 Reserves 51, 177, 289, 407, 523, 663, 827, Commercial banks, assets and 975, 1149, 1271, 1385, 1541 liabilities. .116, 244, 354, 472, 604, 728, 892, Reserves and borrowings. . . .50, 177, 289, 407, 523, 663, 1044, 1216, 1338, 1444, 1600 827, 975, 1149, 1271, 1386, 1542 Cost of living, index numbers. ... 119, 247, 357, 475, Ceylon: 607, 731, 895, 1047, 1219, 1341, 1447, 1603 Condition of Central Bank . . .112, 240, 350, 468, 600, Foreign exchange rates. . . .117, 245, 355, 473, 605, 729, 724, 888, 1040, 1212, 1334, 1440, 1596 893, 1045, 1217, 1339, 1445, 1601 Foreign exchange rates. . . .117, 245, 355, 473, 605, 729, Gold movements. .109, 237, 347, 465, 597, 721, 885, 893, 1045, 1217, 1339, 1445, 1601 • 1037, 1209, 1331, 1437, 1593 Chairmen, Federal Reserve Banks: Gold production. .. .107, 235, 345, 463, 595, 719, 883, Appointments for 1951 35 1035, 1207, 1329, 1435, 1591 Hodgkinson, Harold D., designated at Boston 37 International capital transactions . .103, 231, 341, 459, List of 121, 249, 359, 477, 609, 733, 897, 591, 715, 879, 1031, 1203, 1325, 1430, 1586 1049, 1221, 1343, 1449, 1605 Recent measures to restrain bank lending in .268 Meetings: Retail food prices 119, 247, 357, 475, 607, 731, 895, May 7-8 510 1047, 1219, 1341, 1447, 1603 December 3-4 1530 Security prices. 119, 247, 357, 475, 607, 731, 895, Changes in number of banking offices in United 1047, 1219, 1341, 1447, 1603 States .228,1199 DECEMBER 1951 1613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Chart books: Charts—Continued. Bank credit, money rates, and business, revision Ownership of demand deposits by individuals and of 163 businesses . 505 Current figures on bank credit, money rates, and Ownership of State and local government business 95, 221, 333, 451, 569, 707, 871, securities 1359 1019, 1193, 1315 Personal consumption expenditures for Historical supplement to, on bank credit, money durable goods 1239 rates, and business, revised edition .510 Personal income, consumption, and saving 1055 Charts: Personal income and sales and stocks of goods 1225 Average down payment on instalment contracts Prices of consumer durable goods. 1233 compared with minimum down payment required Prices received by farmers 1085 by Regulation W 804 Production and trade of Western Europe . 1453 Average maturity on instalment contracts compared Sales and stocks of major household durables . 1232 with maximum maturity permitted by Regula- Saving and dissaving within income quintiles, 1950 1064 tion W 803 Security markets . . . .396,651 Balance of payments of the United States 365 Selected business indexes 1 Bank deposits and currency 740 Sources of funds of large corporations, 1950. 915 Bank loans and investments other than U. S. Gov- State and local government borrowing to finance construction 1358 ernment securities . . 746 Stocks of farm commodities. 1081 Bond yields 487, 1360 The balance sheet of agriculture. 1090 Changes in business loans, by industry of borrower. 747 Treasury receipts and expenditures 125 Changes in dollar value of farm land 1094 Turnover of demand deposits 741 Civilian population and civilian labor force 617 Unemployment . 623 Commodity prices, business inventories, and bank United States department store trade. 1464 loans . . . . : 1351 Used car prices 1230 Construction contracts awarded. .164, 395, 815, 1258 Value of new construction activity 902 Consumer prices 165, 651, 1138, 1376 Wholesale commodity prices. .40, 278, 512, 816, Consumer use of cash and instalment credit to buy 963, 1259, 1532 furniture and major household appliances. 770 Wholesale prices of building materials . . . 905 Corporate profits 484 Wholesale prices of industrial commodities 11 Department store sales and stocks. . . .40, 277, 396, 650, World gold reserves. 253 1137, 1375, 1475-1490 Chile: Deposits and bank credit in the United Kingdom. 1461 Central bank of: Employees in nonagricultural establishments. .619 Condition 112, 240, 350, 468, 600, 724, 888, Employment in nonagricultural 1040, 1212, 1334, 1440, 1596 establishments 39, 511, 962, 1376 Discount rate 115, 243, 353, 471, 603, 727, 891, Employment in selected activities 613 1043, 1215, 1337, 1443, 1599 Excess reserves, member bank borrowing, and Gold reserves 108, 236, 346, 464, 596, 720, 884, money rates 743 1036, 1208, 1330, 1436, 1592 Farm financial series . 1088 Gold production 107, 235, 345, 463, 595, 719, 883, Foreign gold reserves and dollar balances . . .255 1035, 1207, 1329, 1435, 1591 Foreign gold reserves and dollar balances, selected China: countries and areas ... . 2 57 Gold imports to United States 109, 237, 347, 465 Household durable goods 7, 1231 Circulars: Imports of ERP countries 376 Board of Governors: Imports and exports of ERP countries. . . . 363 Commercial banks in the United States on vol- Income grouping of spending units, 1945-50. . . . 921 untary restraint program 133 Industrial production 39, 164, 277, 395, 511, 650, Request to financing institutions to act pur- 815, 962, 1137, 1258, 1375, 1531 suant to program for voluntary credit re- Institutional holdings of debt, December 1950. .1349 straint 266 Labor force, employment and unemployment 615 Office of Defense Mobilization: Life insurance company commitments 1355 Postponement of State and local government Livestock production and meat consumption . 1082 financing 497 Loans and investments at member banks Clarke, W. A., appointed consultant on real estate credit. .34 in leading cities 512, 1138, 1259, 1532 Clayton Act: Member bank reserves and related items 42, 168, 280, Recommended decision of hearing officer in Trans- 398, 514, 654, 818, 966,1140, 1262, 1378, 1534 america case. 645 Member banks in leading cities 278, 963 Clearing and collection: Methods of financing new and used automobiles.... 965 New postal money order procedure. 806 New passenger cars. .6, 1229 Number of banks on par list, by Nonfarm housing units started. . 903 districts and by States 64, 190, 302, 420, 538, 676, Nonfarm mortgage lending. . . 906 840, 988, 1162, 1284, 1396, 1552 Non-real-estate farm loans .1102 Cochran, W. D., Class C director at Minneapolis, Output in major sectors ... 3 death of. 1530 Output of major consumer durable goods. . .1227 Coins: Output of major household goods .1235 Circulation of .52, 178, 290, 408, 525, 664, 828, Output of nondurable goods. .8 976, 1150, 1272, 1387, 1543 1614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Colombia: Common trust funds—Continued. Bank of Republic of: Transfer to fund of United States bonds 510 Condition. .112, 240, 350, 468, 600, 724, 888, Valuation of nonmarketable United States bonds. . .392 1040, 1212, 1334, 1440, 1596 Compton, Karl T., appointed Class C director at Boston 163 Discount rate 115, 243, 353, 471, 603, 727, 891, Condition statements: 1043, 1215, 1337, 1443, 1599 Commercial banks in United Kingdom, Gold reserves 108, 236, 346, 464, 596, 720, 884, Canada, and France. . . 116, 244, 354, 472, 604, 728, 1036, 1208, 1330, 1436, 1592 892, 1044, 1216, 1338, 1444, 1600 Foreign exchange rates 117, 245, 355, 473, 605, 729, Federal Reserve Banks: 893, 1045, 1217, 1339 All banks combined 46, 172, 284, 402, 518, 658, Gold imports to United States 109, 237, 347, 465 822, 970, 1144, 1266, 1383, 1539 Gold production 107, 235, 345, 463, 595, 719, 883, Each bank 47, 173, 285, 403, 519, 659, 823, 1035. 1207, 1329, 1435, 1591 Commercial banks: 971, 1145, 1267, 1384, 1540 Assets and liabilities in United Kingdom, Foreign central banks 110, 238, 348, 466, 598, 722, 886, Canada, and France. . 116, 244, 354, 472, 604, 728, 1038, 1210, 1332, 1438, 1594 892, 1044, 1216, 1338, 1444, 1600 Government corporations and Condition of insured in United credit agencies 74, 200, 312, 430, 548, 686, 850, States, by classes. 58, 184, 296. 414, 532. 670, 834, 998, 1172, 1294, 1406, 1562 982, 1156, 1278, 1392, 1548 Insured commercial banks, Consumer instalment loans. . .93, 219, 331, 449, 567, 705, classes of banks 58, 184, 296, 414, 532, 670, 834, 869, 1017, 1191, 1313, 1425, 1581 982, 1156, 1278, 1392, 1548 Insured home mortgages held. . . .83, 209, 321, 439, 557, Weekly reporting member banks: 695, 859,1007,1181, 1303, 1415, 1571 By Federal Reserve districts .62, 188, 300, 418, 536, Insured in United States and 674, 838, 986, 1160, 1282 possessions, earnings of. . . 585 New York City and outside. .60, 186, 298, 416, 534, Commercial, industrial, and agricultural 672, 836, 984, 1158, 1280, 1394, 1550 loans of weekly reporting member banks: Conferences: (See Meetings) By Federal Reserve districts. 62, 188, 300, 418, 536. Consolidations, changes in number of 674, 838, 986, 1160. 1282 banking offices. 228, 1199 New York City and outside 60, 186. 298, 416, 534, 672. Construction: 836, 984, 1158. 1280, 1394, 1550 Activity. 902 Commercial loans: National summary of business conditions 39, 164, 278, All banks in United States and 396, 511, 650, 816, 962,1137, 1258,1375,1531 possessions, by States.... 530 Postwar expenditures of State and local govern- Insured, by classes .58, 184, 296, 414, 532, 670, 834, ments and their financing 1356 982, 1156, 1278, 1392. 1548 Commercial paper: Construction contracts awarded: Open-market rates on .66, 192, 304, 422, 540, 678, 842, By districts 83, 209, 321, 439, 557, 695, 859, 990, 1164, 1286, 1398, 1554 1007, 1181, 1303, 1415, 1571 Outstanding 65, 191, 303, 421, 539, 677, 841, By public and private ownership .83, 209, 321, 439, 557, 989, 1163, 1285, 1397, 1553 695, 859, 1007, 1181, 1303, 1415, 1571 Commitment fees under Regulation V .. .45, 171, 283, 401, By type of construction . . .83, 209, 321, 439, 557, 695, 517, 657, 821, 969, 1143, 1265, 1381, 1537 859, 1007, 1181, 1303, 1415, 1571 Commitments under Section 13b, rates on .45, 171, 283, 401, Index of value of. 75, 201, 313, 431, 549, 687, 851, 517, 657, 821, 969. 1143, 1265, 1381. 1537 999, 1173, 1295, 1407, 1563 Committees: Consumer credit: Banking and Currency of House: Air conditioners under Regulation W 510 Statement of Chairman Martin on Federal Re- Amendent No. 2 to Regulation W. 269 serve responsibilities under Defense Produc- Amendment No. 3 to Regulation W 509 tion Act 490 Amendment No. 4 to Regulation W 958 Regional Committees for mutual savings banks 758 Automobile appraisal guides designated for pur- Regional Committees for saving and loan poses of Regulation W 148, 269, 392, 646 associations . . 755 Bona fide trade-ins 1134 Regional Voluntary Credit Restraint .379, 753. 1365 Chart book statistics 99, 225 Voluntary Credit Restraint 378, 496. 499. 624 Cooking stoves and ranges 813 Voluntary Credit Restraint, changes in Credits and sales reported by registrants 1244 subcommittees . . 939 Credits over $2,500 or $5,000^ 646 Commodity Credit Corporation: Disaster credit exemptions 21 Assets and liabilities. 74, 200, 312, 430, 548, 686, 850, Evaporative air coolers 270 998, 1172, 1294, 1406, 1500 Exclusion of self-labor. 21 Loans by. 74, 200, 312, 430, 548, 686, 850, Free merchandise and rebates.. . . 813 998, 1172, 1294, 1406, 1500 Furniture store statistics . 94, 220, 332, 450, 568, 706, Loans by, application of Regulation X to .33 870, 1018, 1192, 1314, 1426,1582 Commodity prices: Instalment credit terms before National summary of business conditions 40, 165, 278, 396, 512, 651, 816, 963, 1138, 1259, 1532 and during regulation 800 Common trust funds: Instalment credits of commercial Amendment to Regulation F increasing amount of banks, by type of credit. 93, 219, 331, 449, 567, 705, investment in 148 869, 1017, 1191, 1313, 1425, 1581 DECEMBER 1951 1615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Consumer credit—Continued. Costa Rica: Instalment loans outstanding. . .92, 218, 330, 448, 566, National Bank of: 704, 868, 1016, 1190, 1312, 1424, 1580 Condition. . . .112, 240, 350, 468, 600, 724, 888, Instalment loans made by principal 1040, 1212, 1334, 1440, 1596 lending institutions. .92, 218, 330, 448, 566, 704, 868, Discount rate. .115, 243, 353, 471, 603, 727, 891, 1016, 1190, 1312, 1424, 1580 1043, 1215, 1337, 1443, 1599 Instalment sale credit, excluding Country member banks: automobile credit 93, 219, 331, 449, 567, 705, 869, Assets and liabilities of all banks 1017, 1191, 1313, 1425, 1581 in United States. .56, 182, 294, 412, 528, 668, 832, Instructions for lenders and sellers. . 1253 980, 1154, 1276, 1390, 1546 Investigations and injunctions . 148 Condition. .58, 184, 296, 414, 532, 670, 834, Leasing arrangements under Regulation W 270 982, 1156, 1278, 1392, 1548 Minimum down payments and maximum maturi- Deposits and reserves 51, 177, 289, 407, 523, 663, ties under Regulation W 1382 827, 975, 1149, 1271, 1385, 1541 Over-allowances in trade-ins 21 Deposits in large and small centers. . .51, 177, 289, 407, Pre-effective date "balloon" notes or payments .646 523, 663, 827, 975, 1149, 1271 Ratio of collections to accounts Earnings and expenses: receivable. .94, 220, 332, 450, 568, 706, 870, 1950 .504,574 1018, 1192, 1314, 1426, 1582 First half of 1951 1321 Refund of finance charges at time of add-on sale. .1134 Reserves and borrowings. . . .50, 177, 289, 407, 523, 663, Rental transactions .20 827, 975, 1149, 1271, 1387, 1543 Restraint as an anti-inflationary measure. 748 Court cases: (See Violations) Suction cleaner attachments 813 Credit: Total credit, by major parts 92, 218, 330, 448, 566, 704, Bank: (See Bank credit) 868, 1016, 1190 1312, 1424, 1580 Consumer: (See Consumer credit) (See also Regulations, Board of Governors, W) Expansion, Western Europe.... . 1453 Consumer durable goods: Federal Reserve: New index of output. . 1235 Chart. 42, 168, 280, 398, 514, 654, Output .1412 818, 966, 1140, 1262, 1378, 1534 Situation .1225 Outstanding, Wednesday figures. .43, 169, 281, 399, Consumer finances, 1951 Survey of: 515, 655, 819, 967, 1141, 1263, 1379, 1535 Selected preliminary results of . . .385 Selective control of 744 Part I. The economic outlook and liquid asset posi- Crop reports, by Federal Reserve districts 99, 1024, tion of consumers 627 1198, 1320, 1427, 1583 Part II. Purchases of durable goods and houses in Cuba: 1950 and buying plans for 1951 759 Gold purchase by United States from. . .597, 721, 885, Part III. Distribution of consumer income in 1950 920 1037, 1209, 1331, 1437, 1593 Part IV. Distribution of consumer saving in 1950 1061 National Bank of: Part V. Distribution of debt and selected nonliquid Condition. .112, 240, 350, 468, 600, 724, assets of consumer spending units. .1516 888, 1040, 1212, 1334, 1440, 1596 Consumer goods, supplies of 1227 Gold reserves. . . 108, 236, 346, 464, 596, 720, Consumers' prices, index for moderate 884, 1036, 1208, 1330, 1436, 1592 income families .1186, 1308 ? 1420, 1500 Currency: Cooperatives: Circulation, by denominations . 52, 178, 290, 408, 524, Banks for, loans by 74, 200, 312, 430, 548, 686, 850, 664, 828, 976, 1150, 1272, 1387, 1543 998, 1172, 1294, 1406, 1562 Kinds of money in circulation. . . 52, 178, 290, 408, 524, Corporate bonds: 664, 828, 976, 1150, 1272, 1387, 1543 Yields on .66, 192, 304, 422, 540, 678, 842. Outside banks. . . .54,180,292,410,526,666, 990, 1164, 1286, 1398, 1554 830, 978, 1152, 1274, 1388, 1544 Corporate funds, uses and sources of . 483 Treasury, outstanding 43, 169, 281, 399, 515, 655, Corporate profits, taxes, and dividends . 70, 196, 308, 426, 819, 967, 1141,1263, 1379, 1535 544, 682, 846, 994, 1168, 1290, 1402, 1558 Customers' debit balances .. 65,191,303,421,539,677, Corporate security issues: 841, 989, 1163, 1285, 1397, 1553 New capital 485 Czechoslovakia: Proposed use of proceeds: Foreign exchange rates 117, 245, 355, 473, 605, 729, All issuers. .68, 194, 306, 424, 542, 680, 844, 893, 1045, 1217, 1339, 1445, 1601 922, 1166, 1288, 1400, 1556 National Bank of: Major groups of issuers 68, 194, 306, 424, 542, 680, Gold reserves 108, 236, 346, 464 844, 992, 1166, 1288, 1400, 1556 Davis, Chester C, resignation as President of Federal Corporate stocks: Prices in United States. .67, 193, 305, 423, 541, 679, 843, Reserve Bank of St. Louis 163 991, 1165, 1287, 1399, 1555 Day, William M., appointed director at Detroit. .35 Corporations, financing of large, in 1950. 913 Deaths: Cost of living: Brown, Lewis H., Class B director at New York .276 Consumers' price index for moderate Cochran, W. D., Class C director at Minneapolis .1530 income families. . .88, 214, 326, 444, 562, 700, 864, Limbocker, M. A., Class A director at Kansas 1012, 1186, 1308, 1420, 1576 City 1257 . Index for principal countries . 119, 247, 357, 475, 607, Mehornay, Robert L., Class C director and Deputy (t-' 731, 895, 1047, 1219, 1341, 1447, 1603 Chairman at Kansas City 1368 1616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Deaths—Continued. Department stores: Milam, J. R., Class B director at Dallas 163, 510 Sales: Quay, A. H., Class A director at Minneapolis. .1368 By Federal Reserve districts and Debit and credit balances of stock exchange by cities 88, 214, 326, 444, 562, 700, firms. ... .65, 191, 303, 421, 539, 677, 841, 864, 1012, 1186, 1308, 1420, 1576 989, 1163, 1285, 1397, 1553 Index of value of 75, 201, 313, 431, 549, 687, Debits to deposit accounts: 851, 999, 1173, 1295, 1407, 1563 Reporting centers, year and month. . . .53, 179, 291, 409, Weekly index of 87, 213, 325, 443, 561, 699, 525, 665, 829, 977, 1151, 1273, 1386, 1542 863, 1011, 1185, 1307, 1419, 1575 Weekly reporting member banks: Sales, accounts receivable, and By Federal Reserve districts 63, 189, 301, 419, collections. 94, 220, 332, 450, 568, 706, 537, 675, 839, 987, 1161, 1283 870, 1018, 1192, 1314, 1426, 1582 New York City and outside ... 61, 187, 299, 417, Sales and stocks: 535, 673, 837, 985, 1159, 1281,1395,1551 By Federal Reserve districts 85, 211, 323, 441, Debt: 559, 697, 861, 1009, 1183, 1305, 1417, 1573 Government, volume and kind of securities. .. .71, 197, By major departments. . .86, 212, 324, 442, 560, 698, 309, 427, 545, 683, 847, 995, 1169, 1291, 1403, 1559 862, 1010, 1184, 1306, 1418, 1574 Management and monetary policies, joint announce- Revised index of 1463 ment of Treasury and Federal Reserve System. .267 Sales, stocks, and outstanding orders. . .87, 213, 325, 443, Public, for past wars . . 128 561, 699, 863, 1011, 1185, 1307, 1419, 1575 Deposits: Defense Housing Act of 1951. . . .1130 Adjusted, of all banks and currency outside Defense housing areas: banks 54, 180, 292, 410, 526, 666, Executive Order providing restrictions in.. .1374 830, 978, 1152, 1274, 1388, 1544 Paducah, Kentucky, designation as 271 All banks in United States, by classes. .55, 181, 293, 411, Savannah River, South Carolina, designation as. .. .271 527 667, 831, 979, 1153, 1275, 1389, 1545 ; Defense Materials Procurement Agency, Executive Order All banks in United States and possessions, by establishing . ..1129 States 530 Defense Production Act: Cash collateral accounts, for purposes of reserve Amendments 911 requirements 1135 Atomic Energy Commission designated as addi- Distribution by counties and standard metropolitan tional guaranteeing agency 389 areas, pamphlet available.. .961 Bills to amend and extend, letter of Chairman Federal Reserve Banks: Martin on 748 All banks combined. . . .46, 172, 284, 402, 518, 658, Delegation of functions under. 389 822, 970, 1144, 1266, 1383, 1539 Extension of 812, 957 Each bank. ... .48, 174, 286, 404, 520, 660, Federal Reserve responsibilities under, statement by 824, 972, 1146, 1268, 1384, 1540 Chairman Martin 490 Foreign: Defense Production Administration, Executive Order Federal Reserve Banks. . .48, 174, 286, 404, 520, 660, establishing 16 824, 972, 1146, 1268, 1384, 1540 Defense production loans: Insured commercial banks, by Amendment to form of guarantee agreement 149 classes 59, 185, 297, 415, 533, 671, Assignment of Claims Act of 1940 amended to facili- 835, 983, 1157, 1279, 1393, 1549 tate financing of defense contracts 508 Government: Fees and rates on 45, 171, 283, 401, 517, 657, Federal Reserve Banks, each bank. . .48, 174, 286, 821, 969, 1143, 1265, 1381, 1537 404, 520, 660, 824, 972, 1146, 1268, 1384, 1540 Guaranteed under Regulation V. . . .176, 288, 406, 522, Insured commercial banks. . .59, 185, 297, 415, 533, 662, 826, 974, 1148, 1270, 1385, 1541 671, 835, 983, 1157, 1279, 1393, 1549 Guarantees for .. 20 Weekly reporting member banks: National Bank loan limitations 391 By Federal Reserve districts . . 63, 189, 301, 419, V-loan paper exempted from negotiability require- 537, 675, 839, 987, 1161, 1283 ment of Regulation A, amendment .391 New York City and outside. . .61, 187, 299, 417, Denecke, W. A., resignation as director at Helena .35 535, 673, 837, 985, 1159, 1281, 1395, 1551 Denmark: Insured commercial banks. . .59, 185, 297, 415, 533, 671, Foreign exchange rates 117, 245, 355, 473, 605, 729, 835, 983, 1157, 1279, 1393, 1549 893, 1045, 1217, 1339, 1445, 1601 Interest on, six months equals 180 days. .273 National Bank of: Member banks: Condition. . ... .112, 240, 350, 468, 600, 724, Classes of banks 51, 177, 289, 407, 523, 663, 888, 1040, 1212, 1334, 1440, 1596 827, 975, 1149, 1271, 1385, 1541 Discount rate 115, 243, 353, 471, 603, 727, Country, in large and small 891, 1043, 1215, 1337, 1443, 1599 centers 51, 177, 289, 407, 523, 663, Gold reserves 108, 236, 346, 464, 596, 720, 827, 975, 1149, 1271 884, 1036, 1208, 1330, 1436, 1592 Presentation of saving accounts passbooks. .19 Department of Agriculture: Transfers of time deposits 19 Balance sheet and current trends of agriculture, Mutual savings banks. . .57, 183, 295, 413, 529, 669, 833, 1951 1090 981, 1155, 1277, 1391, 1547 Department of Commerce: National banks. .57, 183, 295, 413, 529, 669, 833, Census of direct investments abroad. .649 981, 1155, 1277, 1391, 1547 DECEMBER 1951 1617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Deposits—Continued. Directors, Federal Reserve Banks—Continued. Nonmember banks: Sharpies, Philip T., resignation as Class C director Chart. . 42, 168, 280, 398, 514, 654, 818, at Philadelphia 961 966, 1140, 1262, 1378, 1534 Stevens, Ames, appointed Deputy Chairman Commercial banks. 57, 183, 295, 413, 529, 669. at Boston 37 833, 981, 1155, 1277, 1391, 1547 Virden, John C, appointed Class C director and In Federal Reserve Banks . .43, 169, 281, 399, 515, Deputy Chairman at Cleveland 37 655, 819, 967, 1141, 1263,1379, 1535 Zimmerman, George H., elected Class B at Dallas. .510 Ownership of demand 505 Directors, Federal Reserve Branch Banks: Postal savings: Allen, J. D., resignation at Denver. .35, 163 Consolidated condition statement .54, 180, 292, Appointments of .36 410, 526, 666, 830, 978, 1152, 1274, 1388, 1544 Day, William M., appointed at Detroit. 35 Depositors' balances and assets . .53, 179, 291, 409, Denecke, W. A., resignation at Helena. . . 35 525, 665, 829, 977,1151,1273, 1386, 1542 Handy, Ramon B., appointed at Denver. 163 Rates on. 44, 170, 282, 400, 516, 656, 820, Hannah, John A., appointed at Detroit. . 38 968, 1142, 1264, 1380, 1536 List of 135 Savings: Lohnes, Granville R., appointed at Cincinnati. 38 Interest rate on .44, 170, 282, 400, 516, 656, McBride, Pierre B., appointed at Louisville. 35 820, 968, 1142, 1264, 1380, 1536 Milburn, G. R., appointed at Helena 35 Place in defense economy. 1056 Morris, Ben R., resignation at Detroit 35 States and political subdivisions: Roemer, H. A., Jr., appointed at Pittsburgh. .38 Insured commercial banks. . .59, 185, 297, 415, 533, Strauss, Samuel B., appointed at Little Rock 38 671, 835, 983, 1157, 1279, 1393, 1549 Sundquist, Ralph R., appointed at Seattle. 3S Suspended banks 51 Tait, Robert C, appointed at Buffalo 38 Time, maximum rates on. . . .44, 170, 282, 400, 516, 656, Directory: 820, 968, 1142, 1264, 1380, 1536 Board of Governors. . .120, 248, 358, 476, 608, 732, Treasury: 896, 1048, 1220, 1342, 1448, 1604 Chart. 42, 168, 280, 398, 514, 654, 818. Federal Advisory Council 120, 248, 358, 476, 608, 732, 896, 1048, 1220, 1342, 1448, 1604 966, 1140, 1262, 1378, 1534 Federal Open Market Committee. 120, 248, 358, 476, With Federal Reserve Banks. .43, 169, 281, 399, 515, 608, 732, 896, 1048, 1220, 1342, 1448, 1604 655, 819, 967, 1141, 1263, 1379, 1535 Federal Reserve Banks and branches . 121, 249, 359, 477, Turnover. .53, 179, 291, 409, 525, 665, 829, 609, 733, 897, 1049, 1221, 1343, 1449, 1605 977, 1151, 1273, 1386, 1542 Disaster credits, amendment to Regulation W .509 Turnover of demand 741 Discount rates: Weekly reporting member banks: Federal Reserve Banks 45, 171, 283, 401, 517, 657, By Federal Reserve districts 63, 189, 301, 419, 821, 969, 1143, 1265, 1381, 1537 537, 675, 839, 987, 1161, 1283 Foreign central banks 115, 243, 353, 471, 603, 727, New York City and outside .61, 187, 299, 417, 535. 891, 1043, 1215, 1337, 1443, 1599 673, 837, 985, 1159, 1281, 1395, 1551 Discounts and advances: (See Bills discounted by Fed- Deputy Chairmen of Federal Reserve Banks: eral Reserve Banks) Appointments for 1951 35 Dividends: Cochran, W. D., Minneapolis, death of . . 1530 All member banks by classes: List of. .121, 249, 359, 477, 609, 733, 897, 1950 578 1049, 1221, 1343, 1449, 1605 First half of 1951 1321 Mehornay, Robert L., Kansas City, death of 1368 Corporate. 69, 195, 307, 425, 543, 681, 845, Stevens, Ames, appointed at Boston . .37 993,1167,1289, 1401, 1557 Virden, John C, appointed at Cleveland 37 Federal Reserve Banks 226 Directors, Federal Reserve Banks: Insured commercial banks in United States and Brown, Lewis H., Class B at New York, death of 276 possessions . 585 Chairmen: (See Chairmen, Federal Reserve Banks) Manufacturing corporations. . 69, 195, 307, 425, 543. Class C, appointments for 1951 36 681, 845, 993, 1167, 1289, 1401, 1557 Classes of 134 Member banks: Cochran, W. D., Class C at Minneapolis, death of . 1530 By classes .574 Compton, Karl T., appointed Class C at Boston 163 1950 501 Francis, Clarence, elected Class B at New York. . 510 First half of 1951 1256 Hodgkinson, Harold D., designated Chairman and Public utility corporations 69, 195, 307, 425, 543, Federal Reserve Agent at Boston 37 Kennedy, W. S., elected Class A at Kansas City 1257 681, 845, 993, 1167, 1289, 1401, 1557 Limbocker, M. A., Class A at Kansas City, Dominican Republic: death of 1257 Condition of central bank 112, 240, 350, 468, 600, List of 134 724, 888, 1040, 1212, 1334, 1440, 1596 Mehornay, Robert L., Class C at Kansas City, Earnings: death of 1368 Corporations. .69, 195, 307, 425, 543, 681, 845, Meinel, William J., appointed Class C 993, 1167, 1289, 1401, 1557 at Philadelphia. 961, 1530 Factory employees 81, 207, 319, 437, 555, 693, Milam, J. R., Class B at Dallas, death of 163, 510 857, 1005, 1179, 1301, 1413, 1569 Oakes, Charles E., elected Class B at Philadelphia. .1530 Insured commercial banks in the United States and Quay, A. H., Class A at Minneapolis, death of . 1368 possessions 585 1618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Executive Orders: Earnings—Continued. 10193, Providing for conduct of the mobilization Member banks: effort of the Government 16 1950 .501, 574 10200, Establishing the Defense Production Admin- First half of 1951 . 1256, 1321 istration 16 Ratios of all member banks . 581, 582 10223, Delegation of functions under Defense Pro- (See also Earnings and expenses) duction Act 389 Earnings and dividends: 10281, Establishing Defense Materials Procurement Public utility corporations. . . .69, 195, 307, 425, 543, Agency 1129 681, 845, 993, 1167, 1289, 1401, 1557 10296, Providing for performance of certain defense Earnings and expenses: housing and community facilities. 1374 All member banks, by classes 574 Expenditures: Federal Reserve Banks: Construction by State and local governments. 1356 1950 .... 226 Defense production 127 Member banks: Federal budget . . .. 126 1950 .501, 574 Military by Federal Government 127 First half of 1951. . 1256, 1321 Nondefense functions . 128 Eccles, Marriner S., resignation as member of Board Plant and equipment by business concerns 481 of Governors 814 Social security, welfare, and health . 129 Ecuador: Treasury. ' 73, 199, 311, 429, 547, 685, 849, Central bank of: 997, 1171, 1293, 1405, 1561 Condition. 112, 240, 350, 468, 600, 724, 888, (See also Earnings and expenses) 1040, 1212, 1334, 1440, 1596 Export-Import Bank: Discount rate. 115, 243, 353, 471, 603, 727, Loans by 74, 200, 312, 430, 548, 686, 850, 891, 1043, 1215, 1337, 1443, 1599 998, 1172, 1294, 1406, 1562 Gold reserves .596, 720, 884, 1036, 1208, Exports: 1330, 1436, 1592 Merchandise 368 Egypt: United States, composition of 368 National bank of: Factory employment: (See Employment) Condition. 112, 240, 350, 468, 600, 724, 888, Farm Credit Administration: 1040, 1212, 1334, 1440, 1596 Assets and liabilities. 74, 200, 312, 430, 548, 686, 850, Gold reserves. 108, 236, 346, 464, 596, 720. 998, 1172, 1294, 1406, 1562 884, 1036, 1208, 1330, 1436, 1592 Farm products: El Salvador: Inventory on prices of 10 Central reserve bank of: Wholesale price indexes: Condition .113, 241, 351, 469, 601, 725, Principal countries. 118, 246, 356, 474, 606, 730, 889, 1041, 1213, 1335, 1441, 1597 894, 1046, 1218, 1340, 1446, 1602 Discount rate 115, 243, 353, 471, 603, 727, 891, United States ... .89, 215, 327, 445, 563, 701, 1043, 1215, 1337, 1443, 1599 865, 1013, 1187, 1309, 1421, 1577 Gold reserves. 596, 720, 884, 1036, 1208, Farmers Home Administration: 1330, 1436, 1592 Loans by 74, 200, 312, 430, 548, 686, 850, Employees, Government, number of Federal, State and 998, 1172, 1294, 1406, 1562 local. .82, 208, 320, 438, 556, 694, 858, Fauver, Clarke L., appointed Assistant Director of 1006, 1180, 1302, 1414, 1570 Division of Selective. Credit Regulation. 961 Employment: Federal Advisory Council: Construction activity 902 Brown, Edward E., re-elected President. ... 275 Factory employment: Fleming, Robert V., re-elected Vice President. 275 Business index. 75, 201, 313, 431, 549, 687, Meetings: 851, 999, 1173, 1295, 1407, 1563 February 18-20 275 By industries 80, 206, 318, 436, 554, 692, May 13-15 . . 510 856, 1004, 1178, 1300, 1412, 1568 September 16-18 1078 Labor force. .82, 208, 320, 438, 556, 694, 858, November 18-20 . .1368 1006, 1180, 1302, 1414, 1570 Members, list of 120, 248, 358, 476, 608, 732, 896, Labor market developments. .617 1048, 1120, 1342, 1448, 1604 Manufacturing 619 Prochnow, Herbert V., reappointed Secretary. .275 National summary of business conditions. .39, 165, 277, Federal Deposit Insurance Corporation: 395, 511, 650, 815, 962, 1137, 1259, 1531 Assets and liabilities 74, 200, 312, 430, 548, Nonagricultural: 686, 850, 998, 1172, 1294, 1406, 1562 Business index 75, 201, 313, 431, 549, 687, Federal Farm Mortgage Corporation: 851, 999, 1173, 1295, 1407, 1563 Loans by. . .74, 200, 312, 430, 548, 686, 850, Total in each classification 82, 208, 320, 438, 998, 1172, 1294, 1406, 1562 556, 694, 858, 1006, 1180, 1302, 1414, 1570 Federal Home Loan Banks: Nonmanufacturing .621 Loans by. . .74, 200, 312, 430, 548, 686, 850, England: (See United Kingdom) 998, 1172, 1294, 1406, 1562 Estonia: Federal Housing Administration: Discount rate of central bank. . .115, 243, 353, 471, 603, Assets and liabilities. . . .74, 200, 312, 430, 548, 686, 850, 727, 891, 1043, 1215, 1337, 1443, 1599 998, 1172, 1294, 1406, 1562 Europe: Insured home mortgages held by banks and International capital transactions 103, 231, 341, 459, others S3, 209, 321, 439, 557, 695, 859, 591, 715, 879, 1031, 1203, 1325, 1431, 1587 1007, 1181, 1303, 1415, 1571 DECEMBER 1951 1619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Federal Housing Administration—Continued. Federal Reserve Banks—Continued. Loans insured by 83, 209, 321, 439, 557, 695, 859, Presidents, appointments for five-year terms begin- 1007, 1181, 1303, 1415, 1571 ning March 1, 1951 275 Real estate credit terms under regulations of 1382 Federal Reserve Chart Book: Federal Intermediate Credit Banks: Current statistics on bank credit, money rates, and Loans by. . . .74, 200, 312, 430, 548, 686, 850, business 95, 221, 333, 451, 569, 707, 998, 1172, 1294, 1406, 1562 871, 1019, 1193, 1315 Federal National Mortgage Association: Historical supplement to. . .... .510 Assets and liabilities. . 74, 200, 312, 430, 548, 686, 850, Revision of 163 998, 1172, 1294, 1406, 1571 Federal Reserve districts, map of 124, 252, 362, 480 Federal Open Market Committee: 612, 738, 900, 1052, 1224, 1346, 1452, 1610 Meetings: Federal Reserve notes: Tanuary 31 and February 6, 7 and 8. 163 Circulation : March 1, 2 and 8. ... .275 All banks combined 46, 172, 284, 402, 518, 658, May 17 ..648 822, 970, 1144, 1266, 1383, 1539 October 4 ..1257 Each bank, condition statement 48, 174, 286, November 14 1368 404, 520, 660, 824, 972, 1146,1268, 1384, 1540 Members and officers, list 120, 248, 358, 476, 608, Each bank, Federal Reserve Agents' 732, 896, 1048, 1220, 1342, 1448, 1604 accounts 50, 176, 288, 406, 522, 662, 826, Members elected by Federal Reserve Banks 275 974, 1148, 1270, 1384, 1540 Federal Reserve Bank notes: Collateral security for 50, 176, 288, 406, 522, 662, Circulation and outstanding 52, 178, 290, 408, 524, 826, 974, 1148, 1270, 1384, 1540 664, 828, 976, 1150, 1272, 1387, 1543 Federal Reserve Agents' accounts: Federal Reserve Bank of Atlanta: All Federal Reserve banks 1383, 1539 Staff: Each bank 50, 176, 288, 406, 522, 662, 826, Bryan, Malcolm H., appointed President 394 974, 1148, 1270, 1384, 1540 McLarin, W. S., Jr., retirement as President. .276 Outstanding and in circulation. . . 52, 178, 290, 408, 524, Federal Reserve Bank of Chicago: 664, 828, 976, 1150, 1272, 1387, 1543 Staff: Redemption fund: Heath, E. A., Assistant Cashier and Assistant All banks combined. .46, 172, 284, 402, 518, 658, 822, Secretary, return to Bank from duty with . . 970, 1144, 1266, 1383, 1539 Board 961 Each bank . .47, 173, 285, 403, 519, 659, 823, Federal Reserve Bank of Minneapolis: 971, 1145, 1267, 1384, 1540 Staff: Federal Reserve System: Sprecher, H. Franklin, Jr., appointed Assistant Admission of State banks to membership 38, 163, Director of Division of Personnel Adminis- 276, 394, 961 tration of Board ... .814 Map .124, 252, 362, 480, 612, 738, 900, Federal Reserve Bank of New York: 1052, 1224, 1346, 1452, 1610 Staff: Fees: Phelan, Arthur, Vice President: Guarantee and commitment under Appointed Acting Director of Division of Regulation V .45, 171, 283, 40.1, 517, 657, 821, Selective Credit Regulation of Board 34 969, 1143, 1265, 1381, 1537 Duties as Vice President reassumed 275 Financing and sales of residential real estate 905 Federal Reserve Bank of St. Louis: Financing of large corporations in 1950. . .913 Staff: Finland Attebery, O. M., appointed First Vice President. .34 Bank of: Davis, Chester C, resignation as President ..163 Condition. .113, 241, 351, 469, 601, 725, 889, Hitt, F. Guy, resignation as First Vice President. .34 1041, 1213, 1335, 1441, 1597 Johns, Delos C, appointment as President. .. .163 Discount rate. .115, 243, 353, 471, 603, 727, 891, Federal Reserve Banks: 1043, 1215, 1337, 1443, 1599 Assets and liabilities of 46, 172, 284, 402, 518, 658, Foreign exchange rates 1445, 1601 822, 970, 1144, 1266, 1383, 1539 First Vice Presidents of Federal Reserve Banks, appoint- Branches: (See Branch banks, Federal Reserve ments for five-year terms beginning March 1, 1951. . . .275 System) Fisher, Charles T., Jr., appointed Special Consultant to Capital and surplus of each bank . .49, 175, 287, 405, Board on financial and credit matters 34 521, 661, 825, 973, 1147, 1269, 1384, 1540 Fleming, Robert V., re-elected Vice President of Federal Chairmen: (See Chairmen) Advisory Council .275 Condition statement, each bank...47, 173, 285, 403, Food: 519, 659, 823, 971, 1145, 1267, 1384, 1540 Retail prices, principal countries. .119, 247, 357, 475, 607, Deputy Chairmen: (See Deputy Chairmen) 731, 895, 1047, 1219, 1341, 1447, 1603 Directors: (See Directors) Wholesale prices: Dividends . .226 Principal countries 118, 246, 356, 474, 606, 730, Earnings and expenses, 1950 226 894, 1046, 1218, 1340, 1446, 1602 First Vice Presidents, appointments for five-year United States. . .89, 215, 327, 445, 563, 701, 865, terms beginning March 1, 1951 . . 275 1013, 1187, 1309, 1421, 1577 Government securities held by 72, 198, 310, 428, 546, Foreign banks: 684, 848, 996, 1170, 1292, 1404, 1560 Bank Deutscher Laender, annual report of 942 Officers .121, 249, 359, 477, 609, 733, 897, Bank for International Settlements, annual report 1049, 1221, 1343, 1449, 1605 of 1104 1620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Foreign banks—Continued. Gold: Bank of Italy, annual report of .952 Earmarked .109, 237, 347, 465, 597, 721, 885, Commercial banks, condition of. .116, 244, 354, 472, 1037, 1209, 1331, 1437, 1593 604, 728, 892, 1044, 1216, 1338, 1444, 1600 Foreign purchases from United States 254 Commonwealth Bank of Australia, annual report International movement of, and of . 1369 dollars in 1950 . . 253 Condition of central banks .110, 238, 348, 466, 598, Movements, United States. . .109, 237, 347, 465, 597, 722, 886, 1038, 1210, 1332, 1438, 1594 721, 885, 1037,1209, 1331, 1437, 1593 Deposits held by member banks, by classes .59, 185, Production: 297, 415, 533, 671, 835, 983, 1157, 1279, 1393, 1549 United States. .109, 237, 347, 465, 597, 721, 885, Deposits of weekly reporting member banks: 1037, 1209, 1331, 1437, 1593 By Federal Reserve districts ... 63, JL89, 301, 419, World. .107, 235, 345, 463, 595, 719, 883, 537, 675, 839, 987, 1161, 1283 1035, 1207, 1329, 1435, 1591 New York City and outside. 61, 187, 299, 417, Reserves and dollar holdings during 1950 256 535, 673, 837, 985, 1159, 1281, 1395, 1551 Reserves of central banks and Discount rates of central banks.. .115, 243, 353, 471, governments. .108, 236, 346, 464, 596, 720, 884, 603, 727, 891, 1043, 1215, 1337, 1443, 1599 1036, 1208, 1330, 1436, 1592 Gold reserves of central banks . .108, 236, 346, 464, 596, Statement of policy by International 720, 884, 1036, 1208, 1330, 1436, 1592 Monetary Fund. 1368 Netherlands Bank, annual report of . . .809 Stock: Foreign deposits held by Federal Reserve Banks: Chart. .42, 168, 280, 398, 514, 654, 818, All banks combined 46, 172, 284, 402, 518, 658, 966, 1140, 1262, 1378, 1534 822, 970, 1144, 1266, 1383, 1539 United States, analysis of Each bank .48. 174, 286, 404, 520, 660, 824, changes. .109, 237, 347, 465, 597, 721, 885, 972, 1146, 1268, 1384, 1540 1037, 1209, 1331, 1437, 1593 Foreign exchange rates 117, 245, 355, 473, 605, 729, Wednesday figures 43, 169, 281, 399, 515, 655. 893, 1045, 1217, 1339, 1445, 1601 819, 967. 1141, 1263. 1379, 1535 France: Gold certificates: Bank of: Federal Reserve Bank holdings: Condition 111, 239, 349, 467, 599, 723, All banks combined. .46, 172, 284. 402, 518, 658, 887, 1039, 1211, 1333, 1439, 1595 822, 970, 1144, 1266, 1383, 1539 Discount rate. 115, 243, 353, 471, 603, 727,891, Each bank .47, 173, 285, 403, 519, 659, 823, 1043, 1215, 1337, 1443, 1599 971. 1145, 1267, 1384, 1540 Gold reserves. .108, 236, 346, 464, 596, 720, 884, Outstanding and in circulation 52, 178, 290, 408, 524, 1036, 1208, 1330, 1436, 1592 664, 828, 976, 1150, 1272, 1387, 1543 Commercial banks, assets and Government bonds: (See Government securities) liabilities. . .116, 244, 354, 472, 604, 728, 892. Government corporations and credit agencies: 1044, 1216, 1338, 1444, 1600 Assets and liabilities. 74, 200, 312, 430, 548, 686, 850, Foreign exchange rates. . .117, 245, 355, 473, 605, 729, 998, 1172, 1294, 1406, 1562 893, 1045, 1217, 1339, 1445, 1601 Loans by 74, 200, 312, 430, 548, 686, 850, Gold purchases by United States 998, 1172, 1294, 1406, 1562 from 109, 237, 347, 465, 597, 721, 885, 1037, Government debt: 1209, 1331, 1437, 1593 Volume and kind of securities. . .71, 197, 309, 427, 545, International capital transactions ...103, 231, 341, 459, 683, 847, 995, 1169, 1291, 1403, 1559 591, 715, 879, 1031, 1203, 1325, 1430, 1586 Government employees, number of Federal, State, and Monetary policies in postwar period 1560 local .82, 208, 320, 438, 556, 694, 858, Security prices, index numbers ... 119, 247, 357, 475, 1006, 1180, 1302, 1414, 1570 607, 731, 895, 1047, 1219, 1341, 1447, 1603 Government financing, plant expansion and working Wholesale prices in. .118, 246, 356, 474, 606, 730, 894, capital .... 488 1046, 1218, 1340, 1446, 1602 Government organization manual, announcement re- Francis, Clarence, elected Class B garding publication . 1136 director at New York .510 Government securities: Freight carloadings: Bond prices .67, 193, 305, 423, 541, 679, 843, 991, Classes. .84, 210, 322, 440, 558, 696, 860, 1165, 1287, 1399, 1555 1008, 1182, 1304, 1416, 1572 Defense bond drive 1057 Index of. .75, 201, 313, 431, 549, 687, 851, Direct obligations, volume and kind. . .71, 197, 309, 427, 999, 1173, 1295, 1407, 1563 545, 683, 847, 995, 1169, 1291, 1403, 1559 Federal Reserve Bank holdings: Furniture store statistics. .94, 220, 332, 450, 568, 706, 870, All banks combined .46, 172, 284, 402, 518, 658, 822, 1018, 1192, 1314, 1426, 1582 970, 1144, 1266, 1383, 1539 Germany: Each bank 47, 173, 285, 403, 519, 659, 823, Bank Deutscher Laender, annual report of 942 971, 1145, 1267, 1384, 1540 Condition of central banks 113, 241, 351, 469, 601, Maturity distribution . .46, 172, 284, 402, 518, 658, 725, 889, 1041, 1213, 1335, 1441, 1597 822, 970, 1144, 1266, 1383,1539 Discount rate. .115. 243, 353, 471, 603, 727, 891, Wednesday figures .43, 169, 281, 399, 515, 655, 819, 1043, 1215, 1337, 1443, 1599 967, 1141, 1263, 1379, 1535 Foreign exchange rates 117, 245, 355, 473, 605, 729, Insured commercial banks . .58, 184, 296, 414, 532, 670, 893, 1045, 1217, 1339, 1445, 1601 834, 982. 1156, 1278, 1392, 1548 DECEMBER 1951 1621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pa^es Pages Government securities—Continued. Imports: Investments by weekly reporting member banks: Gold movements to United States 109, 237, 347, 465, By Federal Reserve districts. .62, 188, 300, 418, 536, 597, 721, 885, 1037, 1209, 1331, 1437, 1593 674, 838, 986, 1160, 1282 Sources of 367 New York City and outside. .60, 186, 298, 416, 534, United States, composition of . .366 672, 836, 984, 1158, 1280, 1394, 1550 Imports and exports: New series of long-term nonmarketable Treasury Merchandise. 84, 210, 322, 440, 558, 696, 860, bonds, statement by Treasury Department 267 1008, 1182, 1304, 1416, 1572 Nonmarketable Treasury bonds, transfer from indi- Income: vidual trusts to common trust fund 510 Cash, and outgo of U.S. Treasury. . . .73, 199, 311, 429, Ownership of direct and guaranteed. .72, 198, 310, 428, 547, 685, 849, 997, 1171, 1293, 1405, 1561 546, 684, 848, 996, 1170, 1292, 1404, 1560 National. 90, 216, 328, 446, 564, 702, 866, Savings bonds .71, 197, 309, 427, 545, 683, 847, 1014, 1188, 1310, 1422, 1578 995, 1169, 1291, 1403, 1559 Personal. .91, 217, 329, 447, 565, 703, 867, Supplementary information regarding new series 1015, 1189, 1311, 1423, 1579 of long-term bonds, statement by Treasury De- Railroads. .84, 210, 322, 440, 558, 696, 860, partment 267 1008, 1182, 1304, 1416, 1572 Valuation of nonmarketable United States bonds in Taxes, Internal Revenue collections 73, 199, 311, common trust funds 392 429, 547, 685, 849, 997, 1171, 1293, 1405, 1561 Yields on .66, 192, 304, 422, 540, 678, 842, Index numbers: 990, 1164, 1286, 1398, 1554 Business indexes 75, 201, 313, 431, 549, 687, 851, Greece: 999, 1173, 1295, 1407, 1563 Bank of: Construction contracts awarded. . . .75, 201, 313, 431, Condition. 113, 241, 351, 469, 601, 725, 889, 549, 687, 851, 999, 1173, 1295, 1407, 1563 1041, 1213, 1335, 1441, 1597 Cost of living: Discount rate. 115, 243, 353, 471, 603, 727, 891, Consumers' price index for 1043, 1215, 1337, 1443, 1599 moderate income families. . . .88, 214, 326, 444, Gross national product 90, 216, 328, 446, 564, 702, 866, 562, 700, 864, 1012, 1186, 1308, 1420, 1576 1014, 1188, 1310, 1422, 1578 Principal countries 119, 247, 357, 475, 607, 731, 895, Guatemala: 1047, 1219, 1341, 1447, 1603 Condition of Bank of. . . 113,241,351,469,601,725, Department stores: 889, 1041, 1213, 1335, 1441, 1597 Sales, adjusted. 75, 201, 313, 431, 549, 687, 851, Gold reserves. .596, 720, 884, 1036, 1208, 1330, 999, 1173, 1295, 1407, 1563 Sales, weekly .87, 213, 325, 443, 561, 699, 863, 1436, 1592 1011, 1185, 1307, 1419, 1575 Guarantee agreements under Regulation V, Sales and stocks, by Federal Reserve disamendment to form of .20, 149 tricts .85, 211, 323, 441, 559, 697, 861, Hackley, Howard H., appointment as 1009, 1183, 1305, 1417, 1573 Assistant General Counsel... . 163 Sales and stocks, by major departments 86, 212, 324, Handy, Ramon B., appointed director at Denver .163 442, 560, 698, 862, 1010, 1184, 1306, 1418, 1574 Hannah, John A., appointed director at Detroit .38 Revision of 1463 Heath, E. A.: Factory employment, business index. .75, 201, 313, 431, Appointed Acting Assistant Director of 549, 687, 851, 999, 1173, 1295, 1407, 1563 Division of Selective Credit Regulation 275 Freight carloadings: Return to duty at Federal Reserve Bank Adjusted. . . 75, 201, 313, 431, 549, 687, 851, of Chicago after assignment with Board 999, 1173, 1295, 1407, 1563 of Governors. 961 Classes. .84, 210, 322, 440, 558, 696, 860, Hearings: 1008, 1182, 1304, 1416, 1572 Rules of procedure amended with respect Industrial production: to issuance of subpoenas and payment Adjusted for seasonal variation. .76, 202, 314, 432, of fees to witnesses .812 550, 688, 852, 1000, 1174, 1296, 1408, 1564 Hitt, F. Guy, resignation as First Vice President Physical volume. 75, 201, 313, 431, 549, 687, 851, at St. Louis .34 999, 1173, 1295, 1407, 1563 Home Owners' Loan Corporation: Revision of 1527 Loans by. . 74, 200, 312, 430, 548, 686, 850, Without seasonal adjustment. . . .78, 204, 316, 434, 998, 1172, 1294, 1406, 1562 552, 690, 854, 1002, 1176, 1298, 1410, 1566 Hours and earnings of factory employees . . .81, 207, 319, Output of major consumer durable 437, 555, 693, 857, 1005, 1179, 1301, 1413, 1569 goods, revised 1235, 1412 Hours of work 620 Retail food prices . 119, 247, 357, 475, 607, 731, House purchases following introduction 895, 1047, 1219, 1341, 1447, 1603 of real estate credit regulation. .777 Security prices in principal countries. . . .119, 247, 357, Household goods, demand for 1231 475, 607, 731, 895, 1047, 1219, 1341, 1447, 1603 Housing and Home Finance Agency, survey Stock prices. .67, 193, 305, 423, 541, 679, 843, on housing 798 991, 1165, 1287, 1399, 1555 Hungary: Wholesale prices: National Bank of: Commodities. 75, 201, 313, 431, 549, 687, 851, Gold reserves. 108, 236, 346, 464 999, 1173, 1295, 1407, 1563 1622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Index numbers—Continued. Interest rates—Continued. Wholesale prices—Continued. Time deposits, maximum rates on 44, 170, 2S2, 400, Groups of commodities 89, 215, 327, 445, 563, 516, 656, 820, 968, 1142, 1264, 1380, 1536 701, 865, 1013, 1187, 1309, 1421, 1577 Interlocking relationships: Principal countries 118, 246, 356, 474, 606, 730, Open-end investment companies 645 894, 1046, 1218, 1340, 1446, 1602 Internal Revenue collections. . . .73, 199, 311, 429, 547, 685, India: 849, 997, 1171, 1293, 1405, 1561 Foreign exchange rates 117, 245, 355, 473, 605, 729, International capital transactions of 893, 1045, 1217, 1339, 1445, 1601 the United States 102, 230, 340, 458, 590, 714, 878, Gold production 107, 235, 345, 463, 595, 719, 1030, 1202, 1324, 1430, 1586 883, 1035, 1207, 1329, 1435, 1591 Reserve Bank of: International Financing, Bulletin No. 5 of Na- Condition 113, 241, 351, 469, 601, 725, t'onal Voluntary Credit Restraint 889, 1041, 1213, 1335, 1441, 1597 Committee .938 Discount rate 115, 243, 353, 471, 603, 727, International Monetary Fund: 891, 1043, 1215, 1337, 1443, 1599 Gold reserves 108, 236, 346, 464, 596, 720, 884, Gold reserves 108, 236, 346, 464, 596, 720, 1036, 1208, 1330, 1436, 1592 884, 1036, 1208, 1330, 1436, 1592 Semiannual report of National Advisory Industrial advances by Federal Reserve Banks: Council made public 1257 All banks combined 46, 172, 284, 402, 518, 658, Statement on gold policy 1368 822, 970, 1144, 1266, 1383, 1539 International trade, trends in 363 Commitments 49, 175, 287, 405, 521, 661, Investments: 825, 973, 1147, 1269, 1384, 1540 All banks in the United States, by Each bank 47, 173, 285, 403, 519, 659, 823, classes 56, 182, 294, 412, 528, 668, 832, 971, 1145, 1267, 1384, 1540 980, 1154, 1276, 1390, 1546 Maturity distribution 46, 172, 284, 402, 518, 658, Census of direct American investments abroad 649 822, 970, 1144, 1266 1383, 1539 Insured commercial banks 58, 184, 296, 414, 532, 670, Number and amount 50, 176, 288, 406, 522, 662, 834, 982, 1156, 1278, 1392, 1548 826, 974, 1148, 1270, 1385, 1541 Weekly reporting member banks: Rates on loans and commitments 45, 171, 283, 401, By Federal Reserve districts .62, 188, 300, 418, 517, 657, 821, 969, 1143, 1265, 1381, 1537 536, 674, 838, 986, 1160, 1282 Industrial production: New York City and outside . 60, 186, 298, 416, Business index. 75, 201, 313, 431, 549, 687, 851, 534, 672, 836, 984, 1158, 1280, 1394, 1550 999, 1173, 1295, 1407, 1563 Iran: By industries: Gold reserves 108, 236, 346, 464, 596, 720, 884, Adjusted for seasonal variation 76, 202, 314, 432, 1036, 1208, 1330, 1436, 1592 550, 688, 852, 1000, 1174, 1296, 1408, 1564 Ireland: Without seasonal adjustment 78, 204, 316, 434, Central bank of: 552, 690, 854, 1002, 1176, 1298, 1410, 1566 Condition 113, 241, 351, 469, 601, 725, 889, National summary of business conditions .39, 164, 1041, 1213, 1335, 1441, 1597 277, 395, 511, 650, 815, 962, 1137, 1258, 1531 Discount rate 115, 243, 353, 471, 603, 727, 891, Revision of index of 1527 1043, 1215, 1337, 1443, 1599 Wholesale price index 118, 246, 356, 474, 606, 730, Foreign exchange rates. 1445, 1601 894, 1046, 1218, 1340, 1446, 1602 Italy: Inflation: Annual report of Bank of . 952 Measures taken by Federal Government to combat 2 Discount rate 115, 243, 353, 471, 603, 727, 891, Saving as anti-inflationary weapon, place of 1053 1043, 1215, 1337, 1443, 1599 Voluntary action to help curb 1347 Gold reserves 108, 236, 346, 464, 596, 720, 884, Injunctions: (See Violations) 1036, 1208, 1330, 1436, 1592 Instalment credit terms before and during regulation 800 International capital transactions 103, 231, 341, 459, Instalment loans: (See Consumer credit) 591, 715, 879, 1031, 1203, 1325, 1430, 1586 Insurance companies: Monetary policies in postwar period 1560 Government securities held by 72, 198, 310, 428, Wholesale prices in 118. 246, 356, 474, 606, 730, 546, 684, 848,996, 1170, 1292, 1404, 1560 894, 1046, 1218, 1340, 1446, 1602 Insured home loans held 83, 209, 321, 439, 557, Japan: 695,859, 1007, 1181,1303, 1415, 1571 Bank of: Insured commercial banks: Condition 113, 241, 351, 469, 601, 725, 889. Earnings, 1950, in United States and Possessions 585 1041, 1213, 1335, 1441, 1597 Loans and investments 58, 184, 296, 414, 532, 670, 834, 982, 1156, 1278, 1392, 1548 Discount rate 115, 243, 353, 471, 603, 727, 891, Interest rates: 1043, 1215,1337, 1443, 1599 Business loans by banks in Wholesale prices in 118, 246, 356, 474, 606, 730, 894, selected cities " .66, 192, 304, 422, 540, 678, 842, 1046, 1218, 1340, 1446, 1602 990, 1164, 1286, 1398, 1554 Java, Bank of: Open-market rates in New York Discount rate 115, 243, 353, 471, 603, 727, 891, City 66, 192, 304, 422, 540, 678, 842, 1043, 1215, 1337, 1443, 1599 990, 1164, 1286, 1398, 1554 Gold reserves 108, 236, 346, 464, 596, 720, 884, Regulation V loans, guarantee fees 1036, 1208, 1330, 1436, 1592 and rates on .45, 171, 283, 401, 517, 657, 821, Johns, Delos C, appointment as President of Federal 969, 1143, 1265, 1381, 1537 Reserve Bank of St. Louis 163 DECEMBER 1951 1623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Johnson, Edwin J., appointed Assistant Director of Loans—Continued. Division of Administrative Services .648 Canada, recent measures to restrain bank lending Joint announcements: in 268 Treasury and Federal Reserve System on Debt Commercial, industrial, and agricultural, by weekly Management and Monetary Policies 267 reporting member banks: Kelleher, Joseph E., appointed Assistant Director of By Federal Reserve districts. .62, 188, 300, 418, 536, Division of Administrative Services .34 674, 838, 986, 1160, 1282 Kennedy, W. S., elected Class A director at Kansas New York City and outside. .60, 186, 298, 416, 534, City 1257 672, 836, 984, 1158, 1280, 1394, 1550 Labor market developments 613 Commercial and industrial changes in sample of Lang, Arthur H., designated Chief Federal Reserve weekly reporting member banks by industry and Examiner . . 275 purpose 1396 Latin American Republics: Consumer instalments, made by principal lending Gold movements. . . .109, 237, 347, 465, 597, 721, 885, institutions 92, 218, 330, 448, 566, 704, 868, 1037, 1209, 1331, 1437, 1593 1016, 1190, 1312, 1424, 1580 International capital transactions. . .103, 231, 341, 459, Defense production, guarantee fees and rates under 591, 715, 879, 1031, 1202, 1324, 1430, 1586 Regulation V .45, 171, 283, 401, 517, 657, 821, Latvia: 969, 1143, 1265, 1381, 1537 Discount rate of central bank. .. 115, 243, 353, 471, 603, Federal Housing Administration, insured by. .83, 209, 727, 891, 1043, 1215, 1337, 1443, 1599 321, 439, 557, 695, 859, 1007, 1181, 1303, 1415, 1571 Leading articles: Government 370 Business financing in the defense period. .481 Government corporations and credit agencies.. 74, 200, Consumer durable goods situation. ... 1225 312, 430, 548, 686, 850,998, 1172, 1294, 1406, 1562 Federal budget for rearmament 125 Guaranteed under Regulation V, number and International movement of gold and dollars in 1950. .253 amount 176, 288, 406, 522, 662, 826, Labor market developments 613 974, 1148, 1270, 1385 Post-Korean monetary policies in Western Europe. . 1453 Guarantees for Defense Production 20 Recent monetary and credit developments. 739 Industrial (See Industrial advances) Residential real estate under controls. . 901 Instalment. .92, 218, 330, 448, 566, 704, 868, Saving in the defense economy. . 1053 1016, 1190, 1312, 1424, 1580 Supply and price situation 1 Inventory 1350 Trends in international trade and payments. 363 National banks, limitations in connection with Voluntary action to help curb inflation. 1347 V-loan program .391 Legislation: Real estate: Assignment of claims against Government, amend- Terms under Regulation X and regulations of ment to statute 508 FHA and VA .1382 Branch banking within United States, compilation Weekly reporting member banks: of Federal and State laws 1530 By Federal Reserve districts. .62, 188, 300, 418, Defense Production Act of 1950: 536, 674, 838, 986, 1160, 1282 Extension of 812, 957 New York City and outside. .60, 186, 298, 416, Letter of Chairman Martin to Banking and 534, 672, 836, 984, 1158, 1280, 1394, 1550 Currency Committees on bills to amend and (See also Real estate loans) extend 748 Secured by stocks and bonds, Bulletin of National Review of amendments 911 Voluntary Credit Restraint Committee. .938 Defense Housing Act of 1951 1130 State and local governments to finance Limbocker, M. A., Class A director at Kansas City, construction . 1358 death of 1257 Loans and investments: Liquid asset holdings of individuals and businesses 807 All banks in United States, by List of directors of Federal Reserve Banks and branches. . 134 classes. .56, 182, 294, 412, 528, 668, 832, Lithuania: 980, 1154, 1276, 1390, 1546 Discount rate of central bank. .115, 243, 353, 471, 603, All banks in the United States and 727, 891, 1043, 1215, 1337, 1443, 1599 Possessions, by States 530 Loans: Insured commercial banks. . . .58, 184, 296, 414, 532, 670, Affiliates, purchase of note of. .960 834, 982, 1156, 1278, 1392, 1548 Agricultural: Member banks, by classes .56, 182, 294, 412, 528, 668, Insured commercial banks. .58, 184, 296, 414, 532, 832, 980, 1154, 1276, 1390, 1546 670, 834, 982, 1156,1278, 1392, 1548 Member banks, December 30, 1950 502 Brokers and dealers in securities by weekly report- Mutual savings banks. . .57, 183, 295, 413, 529, 669, 833, ing member banks: 981, 1155, 1277, 1391, 1547 By Federal Reserve districts 62, 188, 300, 418, 536, National banks. .57, 183, 295, 413, 529, 669, 833, 674, 838, 986, 1160, 1282 981, 1155, 1277, 1391, 1547 New York City and outside .60, 186, 298, 416, 534, Nonmember banks. .57, 183, 295, 413, 529> 669, 833, 672, 836, 984, 1158, 1280, 1394, 1550 981, 1155, 1277, 1391, 1547 Business, bank rates on. .66, 192, 304, 422, 540, 678, 842, Weekly reporting member banks: 990, 1164, 1286, 1398, 1554 By Federal Reserve districts 62, 188, 300, 418, Business enterprises, authority to Reconstruction 536, 674, 838, 986, 1160, 1282 Finance Corporation amended by executive New York City and outside 60, 186, 298, 416, order . .. .1129 534, 672, 836, 984, 1158, 1280, 1394, 1550 1624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Lohnes, Granville R., appointed Member banks—Continued. director at Cincinnati . .38 Branches. .64, 190, 302, 420, 538, 676, 840, Manufactures: 988, 1162, 1284, 1396, 1552 Industrial production, index of 75, 201, 313, 431, Changes in number of banking offices 228, 1199 549, 687, 851, 999, 1173, 1295, 1407, 1563 Commercial and industrial loans, changes Manufacturing industries: in, by industry and purpose 1396 Hours and earnings of factory Deposits and reserves of 51, 177, 289, 407, 523, 663, employees 81, 207, 319, 437, 555, 693, 857, 827, 975, 1149, 1271, 1385, 1541 1005, 1179, 1301, 1413, 1569 Earnings: Maps: 1950 504, 574 Federal Reserve System 124, 252, 362, 480, 612, First half of 1951 1256, 1321 738, 900, 1052, 1224, 1346, 1452, 1610 Loans and investments 55, 181, 293, 411, 527, 667, Margin accounts: 831, 979, 1153, 1275, 1389, 1545 Statistics of stock exchange firms 65, 191, 303, 421, Number of: 539, 677, 841, 989, 1163, 1285, 1397, 1553 By classes. . . .55, 181, 293, 411, 527, 667, 831, Margin requirements: 979, 1153, 1275, 1389, 1545 Amendment to Regulation T .1133 By districts and by States. .. .64, 190, 302, 420, 538, Amendments to supplements to Regula- 676, 840, 988, 1162, 1284, 1396, 1552 tions T and U, increasing .22 Operating ratios, 1950 1025 Increase in 13 Par list 64, 190, 302, 420, 538, 676, 840, Table . .44, 170, 282, 400, 516, 656, 820, 988, 1162, 1284, 1396, 1552 968, 1142, 1264, 1380, 1536 Reserve requirements. . . .44, 170, 282, 400, 516, 656, 820, Marsh, Ben R., resignation as director 968, 1142, 1264, 1380, 1536 at Detroit .35 Reserves, reserve bank credit, and Martin, William McChesney, Jr. related items 43, 169, 281, 399, 515, 655, 819, Appointment as member and Chairman of Board. .394 967, 1141, 1263, 1379, 1535 Statement on Federal Reserve responsibilities under Defense Production Act. .490 Membership in Federal Reserve System, Statement on taking oath of office. .377 admission of State banks 38, 163, 276, 394, 961 Maturity distribution of loans and Merchandise: Government securities. . . .46, 172, 284, 402, 518, 658, 822, Exports and imports 84, 210, 322, 440, 558, 696, 970, 1144, 1266, 1383, 1539 860, 1008, 1182, 1304, 1416, 1572 McBride, Pierre B., appointed director Mexico: at Louisville .35 Bank of: McCabe, Thomas B., resignation of, letter Condition. . . .113, 241, 351, 469, 601, 725, 889, to President of United States and reply. .393 1041, 1213, 1335, 1441, 1597 McLarin, W. S., Jr., retirement as President Discount rate. .115, 243,353,471,603, 727, 891, at Atlanta. .276 1043, 1215, 1337, 1443, 1599 Meetings: Gold reserves 108, 236, 346, 464, 596, 720, Chairmen of Federal Reserve Banks: 884, 1036, 1208, 1330, 1436, 1592 May 7-8 . .510 Foreign exchange rates. . . .117, 245, 355, 473, 605, 729, December 3-4 .1530 893, 1045, 1217, 1339, 1445, 1601 Federal Advisory Council: Gold movements. . . .109, 237, 347, 465, 597, 721, 885, February 18-20.... .275 1037, 1209, 1331, 1437, 1593 May 13-15 ..510 Gold production 107, 235, 345, 463, 595, 719, September 16-18 . 1078 883, 1035, 1207, 1329, 1435, 1591 November 18-20 1368 Milam, J. R., Class B director at Dallas, death of. ... 163, 510 Federal Open Market Committee: Milburn, G. R., appointed director at Helena. . ... .35 January 31 and February 6, 7 and 8. . .163 Military reservations, officers of banks at. . . .587 March 1, 2 and 8 .275 Minerals: May 17 648 Industrial production, index of. . . 75, 201, 313, 431, 549, October 4 ...1257 687, 851, 999, 1173, 1295, 1407, 1563 November 14 . . 1368 National and Regional Committee: Minimum down payments and maximum maturities under Members of voluntary credit restraint Regulation W 1382 program . 1361 Monetary and credit developments 739 Presidents of Federal Reserve Banks: Monetary and credit policies of Western Europe. . . .1457 March 7, 8 and 9 .275 Money in circulation: May 16-18 . . .648 Adjustment for seasonal variation. . . .53, 179, 291, 409, September 27-29 in St. Louis. . . .1257 525, 665, 829, 977, 1151, 1273 October 4 in Washington .. 1257 By denominations 52, 178, 290, 408, 524, 664, Mehornay, Robert L., Class C director and 828, 976, 1150, 1272, 1387, 1543 Deputy Chairman at Kansas City, death of. . . .1368 By kinds. . . .52, 178, 290, 408, 524, 664, 828, 976, Meinel, William J., appointed Class C 1150, 1272, 1387, 1543 director at Philadelphia . .961, 1530 Chart. . . .42, 168, 280, 398, 514, 654, 818, Member banks: 966, 1140, 1262, 1378, 1534 All banks in United States and Weekly figures 43, 169, 281, 399, 515, 655, Possessions, by States . .530 819, 967, 1141, 1263, 1379, 1535 DECEMBER 1951 1625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Money rates: Netherlands—Continued. Business loans by banks. 66, 192, 304, 422, 540, 678, International capital transactions 103, 231, 341, 459, 842, 990, 1164, 1286, 1398, 1554 591, 715, 879, 1031, 1203, 1325, 1430, 1586 Current statistics for Federal Reserve Chart Monetary policies in postwar period 1559 Book 95, 221, 333, 451, 569, 707, 871, 1019, 1193, 1315 Open-market rates .115, 243, 353, 471, 603, 727, 891, Foreign countries .115, 243, 353, 471, 603, 727, 891, 1043, 1215,1337,1443, 1599 1043, 1215, 1337, 1443, 1599 Retail food prices .119, 247, 357, 475, 607, 731, 895, National summary of business conditions. . 396, 816 1047, 1219, 1341, 1447, 1603 Open-market, New York City 66, 192, 304, 422, 540, Security prices, index numbers. .119, 247, 357, 475, 607, 678, 842, 990, 1164, 1286, 1398, 1554 731, 895, 1047, 1219, 1341, 1447, 1603 Money supply: Wholesale prices .118, 246, 356, 474, 606, 730, 894, 1046, 1218, 1340, 1446, 1602 Changes in 739 Major factors affecting .... .740 New York Stock Exchange: National summary of business conditions 1532 Customers' debit balances, money borrowed and Morrill, Chester, retirement as Special Adviser to Board 34 related items . .65, 191, 303, 421, 539, 677, 841, Mortgages: 989, 1163, 1285, 1397, 1553 Insured Federal Housing Administration mortgages Volume of trading on 67, 193, 305, 423, 541, 679, 843, held. .83, 209, 321, 439, 557, 695, 859, 991, 1165, 1287, 1399, 1555 1007, 1181, 1303, 1415, 1571 New Zealand: Murff, G. R., appointed Assistant Secretary of Board .275 Foreign exchange rates. .117, 245, 355, 473, 605, 729, 893, Mutual savings banks: 1045, 1217, 1339, 1445, 1601 Branches, number of . 586 Reserve Bank of: Changes in number of banking offices 228, 1199 Condition. 113, 241, 351, 469, 601, 725, 889, Deposits. .57, 183, 295, 413, 529, 669, 833, 1041, 1213, 1335, 1441, 1597 981, 1155, 1277, 1391, 1547 Discount rate 115, 243, 353, 471, 603, 727, 891, Formation of Regional Voluntary Credit Restraint 1043, 1215, 1337, 1443, 1599 Committees for . . 758 Gold reserves 108, 236, 346, 464, 596, 720, 884, Government securities held by. 72, 198, 310, 428, 546, 1036, 1208, 1330, 1436, 1592 684, 848, 996, 1170, 1292, 1404, 1560 Nicaragua: Insured home loans held 83, 209, 321, 439, 557, 695, Gold imports to United States .109, 237, 347, 465 859, 1007, 1181, 1303, 1415, 1571 Gold production. .107, 235, 345, 463, 595, 719, 883, Loans and investments 57, 183, 295, 413, 529, 669, 1035, 1207, 1329, 1435, 1591 833, 981, 1155, 1277, 1391, 1547 Nonmember banks: National Advisory Council, report of . 1257 Branches. .64, 190, 302, 420, 538, 676, 840, National Analysts, Inc., survey of house purchases 988, 1162, 1284, 1396, 1552 conducted by 777, 796 Branches in operation, Dec. 31, National bank notes, outstanding. .52, 178, 290, 408, 524, 1950, by States. . . 586 664, 828, 976, 1150, 1272, 1387,1543 Changes in number of banking offices 228, 1199 National banks: Deposits: Branches, number of 586 Chart .42, 168, 280, 398, 514, 654, 818, Changes in number of banking offices. . . .228, 1199 966, 1140, 1262, 1378, 1534 Deposits. .56, 183, 295, 413, 529, 669, 833, Classified and total. 57, 183, 295, 413, 529, 669 981, 1155, 1277, 1391, 1547 833, 981, 1155, 1277, 1391, 1547 Earnings by size of bank, 1950 579 Held by Federal Reserve Banks 43, 169, 281, Loan limitations, in connection with V-loan 399, 515, 655, 819, 967, 1141, 1263, 1379, 1535 program . 391 Earnings of insured commercial banks in the Number of .57, 183, 295, 413, 529, 669, 833, United States and Possessions 585 981, 1155, 1277, 1391, 1547 Loans and investments 57, 183, 295, 413, 529, Suspensions .... .51 669, 833, 981, 1155, 1277, 1391, 1547 National Fraternal Congress of America joins Voluntary Number of: Credit Restraint Program . 1242 Commercial banks. 57, 183, 295, 413, 529, 669, National summary of business conditions 39, 164, 277, 395, 833, 981, 1155, 1277, 1391, 1547 511, 650, 815, 962, 1137, 1258, 1375, 1531 Offices in United States 64, 190, 302, 420, 538, Netherlands: 676, 840, 988, 1162, 1284, 1396, 1552 Annual report of Bank. .809 Par list. 64, 190, 302, 420, 538, 676, 840, Bank of: 988, 1162, 1284, 1396, 1552 Condition 113, 241, 351, 469, 601, 725, 889, Suspensions 51 1041, 1213, 1335, 1441, 1597 Discount rate 115, 243, 353, 471, 603, 727, 891, Norway: 1043, 1215, 1337, 1443, 1599 Bank of: Gold reserves 108, 236, 346, 464, 596, 720, 884, Condition 113, 241, 351, 469, 601, 725, 889, 1036, 1208, 1330, 1436, 1592 1041, 1213, 1335, 1441, 1597 Cost of living. . 119, 247, 357, 475, 607, 731, 895, Discount rate 115, 243, 353, 471, 603, 727, 891, 1047, 1219, 1341, 1447, 1603 1043, 1215, 1337, 1443, 1599 Foreign exchange rates 117, 245, 355, 473, 605, 729, Gold reserves. 108, 236, 346, 464, 596, 720, 884, 893, 1045, 1217, 1339, 1445, 1601 1036, 1208, 1330, 1436, 1592 Gold movements . .. 109, 237, 347, 465, 597, 721, Foreign exchange rates 117, 245, 355, 473, 605, 729, 885, 1037, 1209, 1331, 1437, 1593 893, 1045, 1217, 1339, 1445, 1601 1626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pases Pages Noyes, Guy E: Philippine Republic—Continued. Appointed Assistant Director of the Division Foreign exchange rates. . 117, 245, 355, 473, 605, 729, 893, of Selective Credit Regulation 34 1045, 1217, 1339, 1445, 1601 Appointed Director of Division of Selective Gold movements. .109, 237, 347, 465 Credit Regulation .275 Portugal: Oakes, Charles E., elected Class B director Bank of: at Philadelphia 1530 Condition. .114, 242, 352, 470, 602, 726, 890, Obligations of Government, direct and 1042, 1214, 1336, 1442, 1598 guaranteed maturities 71, 197, 309, 427, 545, 683, 847, Discount rate. .115, 243, 353, 471, 603, 727, 891, 995, 1169, 1291, 1403, 1559 1043, 1215, 1337, 1443, 1599 Office of Defense Mobilization: Gold reserves. 108, 236, 346, 464, 596, 720, 884, Executive Order establishing. . .16 1036, 1208, 1330, 1436, 1592 Letter on postponement of State and Foreign exchange rates 117, 245, 355, 473, 605, 729, 893, local government borrowing . . .497 1045, 1217, 1339, 1445, 1601 Open end investment companies, ruling Gold purchases by United States from. . .597, 721, 885, under Sec. 32 of Banking Act of 1933. .645 1037, 1209, 1331, 1437, 1593 Open-market paper, insured commercial Postal money orders, collection procedure 806 banks. .58, 184, 296, 414, 532, 670, 834, Postal savings deposits: 982, 1156, 1278, 1392, 1548 Depositors' balances and assets . .53, 179, 291, 409, 525, Open-market rates: 665, 829, 977, 1151, 1273, 1386, 1542 Foreign countries. 115, 243, 353, 471, 603, 727, 891, Insured commercial banks. . .59, 185, 297, 415, 533, 671, 1043, 1215, 1337, 1443, 1599 835, 983, 1157, 1279, 1393, 1549 New York City 66, 192, 304, 422, 540, 678, 842, Interest rate on .44, 170, 282, 400, 516, 656, 820, 990, 1164, 1286, 1398, 1554 968, 1142, 1264, 1380, 1536 Operating ratios of member banks, 1950 1025 Weekly reporting member banks: Ownership of demand deposits . 505 By Federal Reserve districts 63, 189, 301, 419, 537, Ownership of Government securities 72, 198, 310, 428, 546, 675, 839, 987, 1161, 1283 684, 848, 996, 1170, 1292, 1404, 1560 New York City and outside .61, 187, 299, 417, 535, Pakistan, State Bank of: 673, 837, 985, 1159, 1281,1395, 1551 Condition 114, 242, 352, 470, 602, 726, 890, President of the United States: 1042, 1214, 1336, 1442, 1598 Eccles, M. S., letters to and from, on Gold reserves 596, 720, 884, 1036, 1208, 1330, resignation as Governor .814 1436, 1592 McCabe, Thomas B., reply to letter of resignation Pamphlets: (See Publications) as member and Chairman of Board of Governors 393 Paper currency, circulation 52, 178, 290, 408, 524, 664, Presidents of Federal Reserve Banks: 828, 967, 1150, 1272, 1387, 1543 Appointments for terms beginning March 1, 1951 275 Par list: List of. .121, 249, 359, 477, 609, 733, 897, Number of banks by districts and 1049, 1221, 1343, 1449, 1605 by States 64, 190, 302, 420, 538, 676, 840, Meetings: 988, 1162, 1284, 1396, 1552 March 7, 8 and 9 275 Paraguay: May 16-18 648 Condition of central bank. .114, 242, 352, 470, 602, 726, September 28 and 29 in St. Louis 1257 890, 1042, 1214, 1336, 1442, 1598 October 4 in Washington 1257 Payments: Press statements: United States balance of .364 Debt management and monetary policies, joint an- Payrolls, factory: nouncement of Treasury and Federal Reserve Business index of 75, 201, 313, 431, 549, 687, System . . ." . . .. ..... 267 851, 999, 1173, 1295, 1407, 1563 Digest of opinions rendered by regional committees Personal income 91, 217, 329, 447, 565, 703, 867, on cases referred by lending institutions 1362 1015, 1189, 1311, 1423, 1579 Margin requirements, increase in 13 Peru: Real estate credit, revised restrictions on 13 Central Reserve Bank of: Regulation of real estate credit on nonresidential Condition 114, 242, 352, 470, 602, 726, construction . 132 890, 1042, 1214, 1336, 1442, 1598 Reserve requirements, increase in 13 Discount rate 115, 243, 353, 471, 603, 727, 891. Treasury Department: 1043, 1215, 1337, 1443, 1599 New series of long-term nonmarketable Gold reserves 108, 236, 346, 464, 596, 720, 884, Treasury Bonds 267 1036, 1208, 1330, 1436, 1592 Supplementary information regarding new Phelan, Arthur: series of long-term bonds . . 267 Appointed Acting Director of the Division of Voluntary restraint program of American Selective Credit Regulation 34 Bankers Association 133 Duties as Vice President of Federal Reserve Bank Prices: of New York reassumed 275 Advances in 9 Philippine Republic: Finished goods 11 Central Bank of the Philippines: Industrial materials 9 Condition 114, 242, 352, 470, 602, 726, 890, Retail food 119, 247, 357, 475, 607, 731, 895, 1042, 1214, 1336, 1442, 1598 1047, 1219, 1341, 1447, 1603 DECEMBER 1951 1627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Prices—Continued. Rates—Continued. Securities in principal countries. . 119, 247, 357, 475, Postal savings deposits 44, 170, 282, 400, 516, 656, 607, 731, 895, 1047, 1219, 1341, 1447, 1603 820, 968, 1142, 1264, 1380, 1536 Situation at beginning of year. . 1 Regulation V loans, guarantee Supplies of building materials. . 904 fees and rates. .45, 171, 283, 401, 517, 657, 821, Wholesale commodity: 969, 1143, 1265, 1381, 1537 Business index 75, 201, 313, 431, 549, 687, 851, Time deposits, maximum interest on 44, 170, 282, 999, 1173, 1295, 1407, 1563 By groups of commodities . 89, 215, 327, 445, 400, 516, 656, 820, 968, 1142, 1264, 1380, 1536 563, 701, 865, 1013, 1187, 1309, 1421, 1577 Ratios of all member banks: Wholesale commodity: By classes . .581 index of 118, 246, 356, 474, 606, 730, 894, By Federal Reserve districts. . . . .582 1046, 1218, 1340, 1446, 1602 Real estate, loans on: Prochnow, Herbert V., reappointed Secretary of Fed- All banks in United States and eral Advisory Council 275 Possessions, by States 530 Profits of large corporations. ...69, 195, 307, 425, 543, 681, Insured commercial banks. . .58, 184, 296, 414, 532, 670, 845, 993, 1167, 1289, 1401, 1557 834, 982, 1156, 1278, 1392, 1548 Public debt: Weekly reporting member banks: Volume and kind of securities. . . .71, 197, 309, 427, 545, By Federal Reserve districts. .62, 188, 300, 418, 536, 683, 847, 995, 1169, 1291, 1403, 1559 674, 838, 986, 1160, 1282 (See also Government securities) New York City and outside 60, 186, 298, 416, Public Housing Administration: 534, 672, 836, 984, 1158, 1280, 1394, 1550 Loans by 74, 200, 312, 430, 548, 686, 850, Real estate credit: 998, 1172, 1294, 1406, 1562 Actual date credit is extended. . 272 Public utility corporations: Amendments to Regulation X .22, 131, 149, 271, Earnings and dividends of. . . .69, 195, 307, 425, 543, 681, 389, 390, 509, 1132, 1529 845, 993, 1167, 1289, 1401, 1557 Amortization provisions under Regulation X. . 272 Publications: Appraisal value of lot and residence .647 Annual report of Board of Governors 648 Appraised value of improved real property. . . .272 Board of Governors, list. . . . 122, 250, 360, 478, 610, 734, Bulletin No. 4 of National Voluntary Credit 898, 1050, 1222, 1344, 1450, 1606 Restraint Committee, revised. . .1241 Distribution of bank deposits by counties Casualty exemption for tenants.. .960 and standard metropolitan areas 961 Church unit extending credits .... 647 Federal Reserve charts on bank credit, money Commodity Credit Corporation loans. ... ... .33 Defense construction area designations: rates, and business, revision of .163 (See Defense housing areas) Historical supplement to monthly chart book Determination of value of residential property. .. .813 on bank credit, money rates, and business, Dining cars as nonresidential structures. . . .959 revised edition 510 House purchases in the five months United States Government organization manual. .1136 following introduction of regulation 777 Quay, A. H., Class A director at Minneapolis, Interstate trucking companies as public utilities. . . .273 death of .1368 Loan values computed on family unit basis. .33 Railroads: Maximum maturity under Regulation X 161 Revenues, expenses and income of Medical centers and clinics. 1529 Class 1 84, 210, 322, 440, 558, 696, 860, Mortgage, discussion of 1353 1008, 1182, 1304, 1416, 1572 Newspaper printing plant 509 Rates: Participating share in cooperative development. . . .390 Acceptances, bankers' buying 45, 171, 283, 401, 517, Privately owned public warehouse not a 657, 821, 969, 1143, 1265, 1381, 1537 public utility 647 Business loans by banks 66, 192, 304, 422, 540, 678 Radio and television broadcasting companies 842, 990, 1164, 1286, 1398, 1554 not public utilities 273 Discount: Real estate brokers . 162 Central banks. . . .115, 243, 353, 471, 603, 727, 891, Regulation on nonresidential construction, 1043, 1215, 1337, 1443, 1599 amendments to Regulation X. . .... . .132 Federal Reserve Banks. .45, 171, 283, 401, 517, 657, Residential, review of controls. .901 821, 969, 1143, 1265, 1381, 1537 Residential credit restrictions in Foreign exchange 117, 245, 355, 473, 605, 729, 893, critical defense housing areas.. ..1374 1045, 1217, 1339, 1445, 1601 Revised restrictions on , ... 13 Industrial loans and commitments. . . .45, 171, 283, 401, Short-term construction credits . .647 517, 657, 821, 969, 1143, 1265, 1381, 1537 Terms under Regulation X and regulations of FHA and VA . . 1382 Money, current statistics for Federal Reserve chart book. . . .95, 221, 333, 451, 569, Unavoidable delay in credit extension.. ..959 Warehouses and office buildings used 707, 871, 1019, 1193, 1315 in processing goods 272 Open-market in certain foreign (See also Regulations, Board of Governors, X) countries 115, 243, 353, 471, 603, 727, 891, 1043, 1215, 1337, 1443, 1599 Receipts of Treasury, summary of Open-market in New York City 66, 192, 304, 422, operations. .73, 199, 311, 429, 547, 685, 849, 540, 678, 842, 990, 1164, 1286, 1398, 1554 997, 1171, 1293, 1405, 1561 1628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Reconstruction Finance Corporation: Regulations, Board of Governors—Continued. Assets and liabilities 74, 200, 312, 430, 548, 686, W. Consumer credit—Continued. 850, 998, 1172, 1294, 1406, 1562 Suction cleaner attachments. . . .813 Authority to make loans to business Violations: enterprises revised by Executive Order 1129 A. Harris Motor Sales, Pittsburgh, Loans by 74, 200, 312, 430, 548, 686, 850, injunction under . . 269 998, 1172, 1294, 1406, 1562 Atlas Furniture Company, Detroit, Registrants under Regulation W, Michigan, injunction against 645 credit and sales reported by . 1244 Atlas Sew-Vac Stores, Inc., Houston, Registration statements under Regulation W 1252 Texas, injunction against 645 Regulations, Board of Governors: Atlas T-V Stores, Inc., Houston, A, Discounts for and advances to member Texas, injunction against 645 banks by Federal Reserve Banks: Bogda Motor Company, Inc., Indian- Amendment .391 apolis, injunction against 269 D, Reserves of member banks: Clement B. DeRose, dba Genessee Classification of reserve cities... . .274 Construction Company, South Bend, Increase in reserve requirements. 13, 19 Indiana, fine imposed 1374 F, Trust powers of national banks: Duke Randall Motors, Inc., San Pedro, Amendment increasing amount of California, injunction against 269 investment in a common trust fund . 148 Fifth Ave. Motors, Inc., Columbus, Transfer to common trust funds Ohio, investigation ordered 148 of United States bonds.. . .510 Herb Black, dba Television Service Valuation of nonmarketable Center, Cincinnati, Ohio, suspension United States bonds .392 of license 1529 Q, Payment of interest on deposits: Lange Television Sales, criminal Six months equals 180 days .273 information filed 1134 T, Extension and maintenance of credit by Marvin A. Smith Company, Dallas, brokers, dealers, and members of national injunction against 269 security exchanges: Master Tire and Supply Company, Amendment No. 11 1133 Lawrence, Massachusetts, suspension of Amendment to supplement increasing license for 30 days 1374 margin requirements 13, 22 Michael's Home Equipment, Inc., U, Loans by banks for the purpose of purchasing injunction against .645 or carrying stocks registered on a national Ogden Auto Mart, Inc., Chicago, securities exchange: injunction against 392 Increase in margin requirements. . . .13, 22 Personal Finance Company of New York, criminal information filed 958 V, Loan guarantees for defense production: Roy's Appliance Company, Beloit, Amendment to form of guarantee agreement 20, 149 Wise, judgment against .148 Loans guaranteed under. . . .177, 289, 407, 523, 663, 827, 975, 1149,1271, 1385, 1541 (See also Consumer credit) W, Consumer credit: X, Real estate credit: Air conditioners . .510 Actual date credit is extended 272 Amendment No. 2 .269 Amendments to . . .22, 132, 149, 271 Amendment No. 3 .509 Amendment No. 2. 389 Amendment No. 4 . ..958 Amendment No. 3. . . .390 Automobile appraisal guides. .148, 269, 392, 646 Amendment No. 4 .390 Bona fide trade-ins. . 1134 Amendment No. 5 . . .509 Cooking stoves and ranges. . 813 Amendment No. 6 ... .1132 Credit and sales reported by registrants 1244 Amendment No. 7 1529 Credits over $2,500 or $5,000. .646 Amortization provisions 272 Disaster credit exemptions. . .21 Appraisal value of lot and residence 647 Evaporative air coolers. .270 Appraised value of improved real property 272 Exclusion of self-labor. . . . .21 Casualty exemption for tenants. .960 Free merchandise and rebates . .813 Church unit extending credits ... 647 Instalment credit terms before and during Commodity Credit Corporation loans 33 regulation . 800 Determination of value of residential property. .813 Instructions for lenders and sellers. .1253 Dining cars as nonresidential structures 959 Investigations and injunctions. . 148 Effect of 1353 Leasing arrangements .270 House purchases in the five months following Minimum down payments and maximum the introduction of regulation 777 maturities under 1382 Interstate trucking companies as public utilities. . 2 73 Over-allowances on trade-ins .21 Loan values computed on family unit basis 33 Pre-effective date "balloon" notes or payments. . 646 Maximum maturity . . 161 Refund of finance charges at time of add-on Medical centers and clinics. .1529 sale .1134 Newspaper printing plant 509 Registrants, number of .1245 Nonresidential construction, amendments cov- Rental transactions . . .20 ering 132 Restraint as an anti-inflationary measure. .748 Participating share in cooperative development. .390 DECEMBER 1951 1629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Regulations, Board of Governors—Continued. Resignations—Continued. X, Real estate credit—Continued. Davis, Chester C, as President of Privately owned public warehouse not a public Federal Reserve Bank of St. Louis. 163 utility ... .647 Denecke, W. A., as director at Helena 35 Radio and television broadcasting companies Eccles, Marriner S., as Member of Board . 814 not public utilities .273 Hitt, F. Guy, as First Vice President at St. Louis 34 Real estate brokers 162 McCabe, Thomas B., as member and Chairman of Residential credit restrictions in critical defense Board of Governors, letter to President of housing areas 1374 United States and reply .393 Revised restriction on 13 Morris, Ben R., as director at Detroit. 35 Short-term construction credits 647 Sharpies, Philip T., as Class C director Terms under . . . 1382 at Philadelphia 961 Unavoidable delay in credit extension .959 Retail food prices 119, 247, 357, 475, 607, 731, 895, Warehouses and office buildings used in process- 1047, 1219, 1341, 1447, 1603 ing goods . 272 Retirements: (See also Real estate credit) McLarin, W. S., Jr., as President at Atlanta... 276 Relations with dealers in securities: Morrill, Chester, Special Adviser to Board of Open end investment companies 645 Governors . . . . .. 34 Reports: Revenues, expenses and income of National Advisory Council. 1257 Class I railroads 84, 210, 322, 440, 558, 696, 860, (See also Annual reports) 1008, 1182, 1304, 1416, 1572 Reserve cities, classification of. 274 Rhodesia: Reserve city member banks: Gold production 107, 235, 345, 463, 595, 719, 883, Condition .56, 182, 294, 412, 528, 668, 832, 1035, 1207, 1329, 1435, 1591 980, 1154, 1276, 1390, 1546 Roemer, H. A., Jr., appointed director at Pittsburgh. 38 Deposits and reserves 51, 177, 289, 407, 523, 663, 827, Rules of procedure, amendments to. 812 975, 1149, 1271, 1385, 1541 Rumania: Earnings: National Bank of: 1950 . . . .504,574 Gold reserves. . 108, 236, 346, 464 First half of 1951 . 1321 Rural Electrification Administration: Reserves .50, 177, 289, 407, 523, 663, 827, Assets and Liabilities 74, 200, 312, 430, 548, 686, 975, 1149, 1271, 1386, 1542 850, 998, 1172, 1294, 1406, 1562 Reserve requirements: Loans by 74, 200, 312, 430, 548, 686, 850, Cash collateral accounts as deposits for 998, 1172, 1294, 1406, 1562 purposes of 1135 Salaries: Member banks, per cent of deposits of. .44, 170, 282, 400, Federal Reserve Banks, officers and employees 226 516, 656, 820, 968, 1142, 1264, 1380, 1536 Insured commercial banks, officers and employees 585 Revision of Regulation D, supplement increasing 13, 19 Member banks, officers and employees: Reserves: 1950 578 Cash collateral accounts. 1135 First half of 1951 1321 Federal Reserve Banks: Saulnier, Dr. Raymond J., appointed Consultant on real All banks combined 46, 172, 284, 402, 518, 658, estate credit . .. 34 822, 970, 1144, 1266, 1383, 1539 Savings, place in defense economy 1053 Each bank 48, 174, 286, 404, 520, 660, Savings and loan associations: 824, 972, 1146, 1268, 1384, 1540 Formation of Regional Voluntary Credit Restraint Gold, of central banks and governments 108, 236, 346, Committees for . . . 755 464, 596, 720, 884, 1036, 1208, 1330, 1436, 1592 Insured home mortgages held .83, 209, 321, 439, 557, Insured commercial banks with 695, 859, 1007, 1181, 1303, 1415, 1571 Federal Reserve Banks . .59, 185, 297, 415, 533, 671, Savings bonds: 835, 983, 1157, 1279, 1393, 1549 Defense bond drive 1057 Member banks: Sales and redemptions. 71, 197, 309, 427, 545, 683, Account with Federal Reserve Banks 48, 174, 286, 847, 995, 1169, 1291, 1403, 1559 404, 520, 660, 824, 972, 1146, 1268, 1384, 1540 Savings deposits: By classes of banks 51, 177, 289, 407, 523, 663, 837, Interest rates on 44, 170, 282, 400, 516, 656. 975, 1149, 1271, 1385, 1541 820, 968,1142,1264,1380,1536 Excess, Wednesday figures .43,169,281,399,515, Securities: 655, 819, 967, 1141, 1263, 1379, 1535 Domestic, inflow of foreign funds 102, 230, 340, 458, Total held, all banks .43, 169, 281, 399, 515, 655, 590, 714, 878, 1030, 1202, 1324, 1430, 1586 819, 967,1141, 1263, 1379, 1535 Foreign, return of United States Weekly reporting member banks: funds. 102, 230, 340, 458, 590, 714, 878. By Federal Reserve districts 63, 189, 301, 419, 1030, 1202, 1324, 1430, 1586 537, 675, 839, 987, 1161, 1283 Loans for purchasing or carrying: New York City and outside 61, 187, 299, 417, Insured commercial banks 58, 184, 296, 414, 532, 535, 673, 837, 985, 1159, 1281, 1395, 1551 670, 834, 982, 1156, 1278, 1392, 1548 Resignations: Weekly reported member banks: Allen, J. I)., as director at Denver 35, 163 By Federal Reserve districts 62, 188, 300, Baumann, John C, as Assistant General Counsel 163 418, 536, 674, 838, 986, 1160, 1282 1630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Securities—Continued. Special articles—Continued. Loans for purchasing or carrying—Continued. Current position of agriculture 1079 New York City and outside 60, 186, 298, 416, Estimated liquid asset holdings of individuals 534, 672, 836, 984, 1158, 1280, 1394, 1550 and businesses . 807 Securities Exchange Administration: Federal Reserve responsibilities under Margin requirements under Regulations T and U 44, Defense Production Act .490 170, 282, 400, 516, 656, 820, 968, 1142, 1264, 1380, 1536 Financing of large corporations in 1950 913 Security issues: House purchases in the five months following Corporate, proposed use of proceeds 68, 194, 306, 424, the introduction of real estate credit regulation 777 542, 680, 844, 922, 1166, 1288, 1400, 1556 Instalment credit terms before and during New and refunding .67, 193, 305, 423, 541, 679, regulation . .. . 800 843, 991, 1165, 1287, 1399, 1555 Member bank earnings, 1950 .501, 574 Security markets: Member bank earnings, first half of 1951 1256 Bond and stock prices 67, 193, 305, 423, 541, 679, New index of output of major consumer 843, 991, 1165, 1287, 1399, 1555 durable goods 1235 National summary of business conditions .40, 816, New postal money order procedure .806 963, 1138,1258, 1532 Ownership of demand deposits 505 Security prices: Postwar construction expenditures of State and Principal countries 119, 247, 357, 475, 607, 731, local governments and their financing 1356 895, 1047, 1219, 1341, 1447, 1603 Program for voluntary credit restraint 263 Sharpies, Philip T., resignation as Class C Director at Recent measures to restrain bank lending Philadelphia ... .961 in Canada . . .. . . .. 268 Silver and silver certificates, outstanding and in circula- Regulation of real estate credit on nonresidention ' 52, 178, 290, 408, 524, 664, 828, tial construction 132 976, 1150, 1272,1387,1543 Revised indexes of department store Sloan, George S., appointed Director of Division of sales and stocks. . ... . 1463 Revision of Federal Reserve index of industrial Examinations 648 production 1527 South Africa: Selected preliminary results of the 1951 Foreign exchange rates 117, 245, 355, 473, 605, 729, survey of consumer finances . . . 385 893, 1045, 1217, 1339, 1445, 1601 Statement by Chairman Martin on taking oath Gold movements 109, 237, 347, 465, 597, 721, 885, of office . . . .. ... .377 1037, 1209, 1331, 1437, 1593 Statement on gold policy by the international Gold production 107, 235, 345, 463, 595, 719, 883, monetary fund ....... . . 1368 1035, 1207, 1329, 1435, 1591 Reserve bank: Status of the Voluntary Credit Restraint Condition. 114, 242, 352, 470, 602, 726, 890, Program 1058 1042, 1212, 1336, 1442, 1598 Voluntary restraint program of American Discount rate 115, 243, 353, 471, 603, 727, 891, Bankers Association . 133 1043, 1215, 1337, 1443, 1599 Voluntary credit restraint committees 378, 624 Gold reserves 108, 236, 346, 464, 596, 720, 884, Voluntary credit restraint releases 752, 938, 1241 1036, 1208, 1330, 1436, 1592 1951 survey of consumer finances: Spain: Part I. The economic outlook and liquid asset position of consumers 627 Bank of: Condition 114, 242, 352, 470, 602, 726, 890. Part II. Purchases of durable goods and 1042, 1214, 1336, 1442, 1598 houses in 1950 and buying plans for 1951 759 Discount rate 115, 243, 353, 471, 603, 727, Part III. Distribution of consumer income 891, 1043, 1215, 1337, 1443, 1599 in 1950 .. 920 Gold reserves 108. 236, 346, 464, 596, 720, 884. Part IV. Distribution of consumer saving 1036, 1208, 1330, 1436, 1592 in 1950 ... ... 1061 Foreign exchange rates 117, 245, 355, 473. 605, 729. Part V. Distribution of debt and selected 893, 1045, 1217, 1339 nonliquid assets of consumer spending Special articles: units 1516 Annual report of the Bank Deutscher Laender 942 Sprecher, H. Franklin, Jr., appointed Annual report of the Bank for International Assistant Director of Division of Settlements 1104 Personnel Administration Annual report of the Bank of Italy 952 Staff of Board of Governors: Annual report of the Commonwealth Allen, Dwight L.: Bank of Australia, fiscal year 1951. . 1369 Appointed Assistant Director of Division of Annual report of the Netherlands Bank 809 Personnel Administration .34 Balance sheet and current financial trends of agriculture, 1951 1090 Appointed Director of Division of Personnel Changes in Federal Reserve credit regulations 13 Administration 648 Commerce Department census of direct invest- Allen, Philip T., article on current ments abroad 649 position of agriculture 1079 Consumer credit restraint as an anti-inflationary Baumann, John C, resignation as Assistant measure .748 General Counsel 163 Credit and sales reported by Regulation W Benner, Henry, appointed as Assistant Director registrants 1244 of Division of Selective Credit Regulation 275 DECEMBER 1951 1631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Staff of Board of Governors—Continued. Staff of Board of Governors—Continued. Boothe, Gardiner L., II., appointed Assistant Sprecher, H. Franklin, Jr., appointed Assistant Director of Division of Selective Credit Director of Division of Personnel Regulation . . 34 Administration 814 Burr, Susan S., appointed Assistant Director Stockwell, Eleanor J., article on financing of Division of Research and Statistics. . . .34 of large corporations in 1950 913 Clarke, W. A., appointed consultant Wayne, Edward A., to serve as adviser to the Board . 648 on real estate credit .34 Webster, Philip M., article on instalment credit Fauver, Clarke L., appointed Assistant terms before and during regulation . . . . 800 Director of Division of Selective Williams, Kenneth B., appointed Assistant Director Credit Regulation .961 of Division of Research and Statistics 34 Fisher, Charles T., Jr., appointed Special Young, Ralph A., article on 1951 survey of con- Consultant to Board on financial and sumer finances ....627 credit matters .34 State and local governments: Fort, Donald M., article on credit and sales Credits to, statement of Voluntary Credit Restraint reported by Regulation W registrants. 1244 Committee 498 Fox, Charles, article on ownership of Postponement of borrowing by, letter of Office of demand deposits . SOS Defense Mobilization 497 Frechtling, John A., article on 1951 survey Postwar construction expenditures and their financof consumer finances 759, 1061, 1516 ing 1356 Hackley, Howard H., appointed Assistant State member banks: General Counsel 163 Admission to membership in Federal Reserve Harris, Elinor, article on postwar construction System 38,163,276,394,961 expenditures of State and local governments Branches, number of 586 and their financing . 1356 Deposits. .57, 183, 295, 413, 529, 669, 833, Heath, E. A., appointed Acting Assistant 981, 1155, 1277, 1391, 1547 Director of Division of Selective Earnings, by size of banks, 1950. . . . . .580 Credit Regulation . . 275 Number of 57, 183, 295, 413, 529, 669, 833, Return to duties at Federal Reserve 981, 1155,1277, 1391, 1547 Bank of Chicago . . 961 Suspensions .51 Johnson, Edwin J., appointed Assistant States and political subdivisions: Director of Division of Administrative Deposits: Services . 648 Insured commercial banks, by classes .59, 185, 297, Jones, Homer, article on 1951 survey of con- 415, 533, 671, 835, 983, 1157, 1279, 1393, 1549 sumer finances .627 Weekly reporting member banks: Kelleher, Joseph E., appointed Assistant By Federal Reserve districts 63, 189, 301, Director of Division of Administrative 419, 537, 675, 839, 987, 1161, 1283 Services .34 New York City and outside 61, 187, 299, 417, Lang, Arthur H., designated Chief Federal 535, 673, 837, 985, 1159, 1281, 1395, 1551 Reserve Examiner 275 Investments of insured commercial banks in obli- Lorie, James, article on house purchases in five gations of. 58, 184, 296, 414, 532, 670, 834, months following introduction of real estate 982, 1156, 1278, 1392, 1548 credit regulation .777 Stock exchange: Morrill, Chester, retirement as special Call loan renewals, open-market rates in New York adviser to Board .34 City 66, 192, 304, 422, 540, 678, 842, Murff, G. R., appointed Assistant Secretary. .275 990, 1164, 1286, 1398, 1554 Noyes, Guy E.: Customers' debit balances, money borrowed and Appointed Assistant Director of Division principal related items of firms carrying margin of Selective Credit Regulation. . . 3 \ accounts. . .65, 191, 303, 421, 539, 677, 841, Appointed Director of Division of 989, 1163, 1285, 1397, 1553 Selective Credit Regulation... .275 Volume of trading on New York market. . 67, 193, 305, Phelan, Arthur: 423, 541, 679, 843, 991, 1165, 1287, 1399, 1555 Appointed Acting Director of Division Stocks: of Selective Credit Regulation. . . .34 New security issues 67, 193, 305, 423, 541, 679, Duties as Vice President at Federal 843, 991, 1165, 1287, 1399, 1555 Reserve Bank of New York reassumed. . .275 Prices in principal countries 119, 247, 357, 475, Reil, Katharyne P., article on credit and 607, 731, 895, 1047, 1219, 1341, 1447, 1603 sales reported by Regulation W registrants 1244 Prices in United States 67, 193, 305, 423, 541, Saulnier, Dr. Raymond J., appointed consultant on real estate credit .34 679, 843, 991, 1165, 1287, 1399, 1555 Schweiger, Irving, article on 1951 survey of Straits Settlements: consumer finances 627, 920 Foreign exchange rates. . .117, 245, 355, 473, Sloan, George S., appointed Director of 605, 729, 893, 1045 Division of Examinations .648 Strauss, Samuel B., appointed director at Little Rock. . .38 Smith, Paul F., article on member bank Sundquist, Ralph R., appointed director at Seattle. 38 earnings, 1950 .501 Surplus: Smith, Tynan, article on 1951 survey of Federal Reserve Banks: consumer finances . . 759, 1061 All banks combined. . .1383, 1500 1632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Surplus—Continued. Taxes—Continued. Federal Reserve Banks—Continued. Recommendations and message of President. .130 Each bank. . . .49, 175, 287, 405, 521, 661, 825, Television and radio sales. .1232 973, 1147, 1269, 1384, 1540 Thailand: Surveys: Gold reserves of central bank 596, 720, 884, 1036, Consumer finances, 1951: 1208, 1330, 1436, 1592 Selected preliminary results of .385 Transamerica Corporation, recommended Part I. The Economic outlook and decision of hearing officer . 645 liquid asset position of consumers. . . .627 Treasury bills: Part II. Purchases of durable goods Federal Reserve Bank holdings. . . .43, 169, 281, 399, 515, and houses in 1950 and buying plans 655, 819, 967, 1141, 1263, 1379, 1535 for 1951 759 Insured commercial bank holdings. . . .58, 184, 296, 414, Part III. Distribution of consumer income 532, 670, 834, 982, 1156, 1278, 1392, 1548 in 1950 920 Investments in, by weekly reporting member banks: Part IV. Distribution of consumer saving By Federal Reserve Districts. . . .62, 188, 300, 418, in 1950 1061 536, 674, 838, 986, 1160, 1282 Part V. Distribution of debt and selected New York City and outside. . . .60, 186, 298, 416, nonliquid assets of consumer spending units 1516 534, 672, 836, 984, 1158, 1280, 1394, 1550 House purchases, methods of, by Maturities of 71, 196, 309, 427, 545, 683, National Analysts . 777, 796 847, 995, 1169, 1291, 1403, 1559 Housing and Home Finance Agency.. 798 Open-market rate in New York City. . . .66, 192, 304, Suspension of banks: 422, 540, 678, 842, 990, 1164, 1286, 1398, 1554 Changes .228, 1199 Treasury currency outstanding, Wednesday Number and deposits. .51 figures 43, 169, 281, 399, 515, 655, 819, Sweden: 967, 1141, 1263, 1379, 1535 Bank of: Treasury Department: Condition 114, 242, 352, 470, 602, 726, Cash income and outgo 73, 199, 311, 429, 547, 890, 1042, 1214, 1336, 1442, 1598 685, 849, 997, 1171, 1293, 1405, 1561 Statement of new series of long-term Discount rate 115, 243, 353, 471, 603, 727, nonmarketable treasury bonds . .267 891, 1043, 1215, 1337, 1443, 1599 Statement on supplementary information Gold reserves 108, 236, 346, 464, 596, 720, regarding new series of long-term bonds. . . .267 884, 1036, 1208, 1330, 1436, 1592 Treasury receipts and expenditures: Foreign exchange rates 117, 245, 355, 473, 605, 729, 893, 1045, 1217, 1339, 1445, 1601 Summary of. .73, 199, 311, 429, 547, 685, 849, Gold movements 109, 237, 347, 465, 597, 721, 997, 1171, 1293, 1405, 1561 Trust funds, common: 885, 1037, 1209, 1331, 1437, 1593 Open-market rates 115, 243, 353, 471, 603, 727, Amendment to Regulation F increasing 891, 1043, 1215, 1337, 1443, 1599 amount of investment in . . 148 Wholesale prices in 118, 246, 356, 474, 606, 730, Transfer to fund of United States bonds 510 894, 1046, 1218, 1340, 1446, 1602 Valuation of nonmarketable United States bonds. . . .392 Switzerland: Trust powers of national banks: Cost of living, index numbers. . . .119, 247, 357, 475, 607, Amendment to Regulation F increasing amount 731, 895, 1047, 1219, 1341, 1447, 1603 of investment in common trust fund. . . .148 Foreign exchange rates 117, 245, 355, 473, 605, 729, Turkey: 893, 1045, 1217, 1339, 1445, 1601 Central Bank of the Republic of: Gold purchases by United States from. . . .597, 721, 885, Condition. . .114, 242, 352, 470, 602, 726, 890, 1037, 1209, 1331, 1437, 1593 1042, 1214,1336, 1442, 1598' International capital transactions. . . .103, 231, 341, 459, Discount rate. .115, 243,353,471, 603, 727,891, 591, 715, 879, 1031, 1203, 1325, 1431, 1587 1043, 1215, 1337, 1443, 1599 Open-market rates 115, 243, 353, 471, 603, 727, Gold reserves. . . 108, 236, 346, 464, 596, 720, 884, 891, 1043, 1215, 1337, 1443, 1599 1036, 1208, 1330, 1436, 1592 Retail food prices. .. .119, 247, 357, 475, 607, 731, Unemployment . 622 895, 1047, 1219, 1341, 1447, 1603 Union of Soviet Socialist Republics: Swiss National Bank: Discount rate. .115, 243, 353, 471, 603, 727, 891, Condition. . . 114, 242, 352, 470, 602, 726, 1043, 1215, 1337, 1443, 1599 890, 1042, 1214, 1336, 1442, 1598 Gold imports to United States. . 109, 237, 347, 465 Discount rate 115, 243, 353, 471, 603, 727, United Kingdom: 891, 1043, 1215, 1337, 1443, 1599 Balance of payments of. . .374 Gold reserves 108, 236, 346, 464, 596, 720, Bank of England: 884, 1036, 1208, 1330, 1436, 1592 Condition. . . .110, 238, 348, 466, 598, 722, 886, Wholesale prices in 118, 246, 356, 474, 606, 730, 1038, 1210, 1332, 1438, 1594 894, 1046, 1218, 1340, 1446, 1602 Discount rate. . . .115, 243,353,471, 603, 727,891, Tait, Robert C, appointed director at Buffalo. . .38 1043, 1215, 1337, 1443, 1599 Taxes: Gold reserves. . . . 108, 236, 346, 464, 596, 720, 884, Corporate. . .70, 196, 308, 426, 544, 682, 846, 1036, 1208, 1330, 1436, 1592 994, 1168,1290, 1402, 1558 Commercial banks, assets and Internal revenue collections. .. .73, 199, 311, 429, 547, liabilities. .116, 244, 354, 472, 604, 728, 892, 685, 849, 997, 1171, 1293, 1405, 1561 1044, 1216, 1338, 1444, 1600 DECEMBER 1951 1633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages United Kingdom—Continued. Violations—Continued. Cost of living, index numbers . .119, 247, 357, 475, 607, Bogda Motor Company, Inc., Indianapolis, Ind., 731, 895, 1047, 1219, 1341, 1447, 1603 injunction for violation of Regulation W . 269 Foreign exchange rates 117, 245, 355, 473, 605, 729, Clement B. DeRose, dba Genessee Construction 893, 1045, 1217, 1339, 1445, 1601 Company, South Bend, Indiana, fined for viola- Gold movements. 109, 237, 347, 465, 597, 721, 885, tion of Regulation W 1374 1037, 1209,1331, 1437, 1593 Duke Randall Motors, Inc., San Pedro, California, International capital transactions . . .103, 231, 341, 459, injunctions under Regulation W 269 591, 715, 879, 1031, 1203, 1325, 1431, 1587 Fifth Avenue Motors, Inc., Columbus, Ohio, investi- Monetary policies in post-war period 1561 gation ordered 148 Open-market rates .115, 243, 353, 471, 603, 727, 891, Herb Black, dba Television Service Center, Cincin- 1043, 1215, 1337, 1443, 1599 nati, Ohio, suspension of license 1529 Retail food prices. 119, 247, 357, 475, 607, 731, 895, Lange Television sales, criminal information under 1047, 1219, 1341, 1447, 1603 Regulation W filed 1134 Security prices, index numbers. .119, 247, 357, 475, 607, Marvin A. Smith Company, Dallas, Tex., injunc- 731, 895, 1047, 1219, 1341, 1447, 1603 tion under Regulation W . . . 269 Wholesale prices in. . . .118, 246, 356, 474, 606, 730, Master Tire and Supply Company, Lawrence, 894, 1046, 1218, 1340, 1446, 1602 Massachusetts, license under Regulation W sus- United States: pended . 1374 Cost of living, index number 119, 247, 357, 475, 607, Michael's Home Equipment, Inc., injunction for 731, 895, 1047, 1219, 1341, 1447, 1603 violation of provisions of Regulation W 645 Gold movements. 109, 237, 347, 465, 597, 721, 885, 1037, 1209, 1331, 1437, 1593 Ogden Auto Mart, Inc., Chicago, 111., injunction Gold production . 107, 235, 345, 463, 595, 719, under Regulation W . 392 883, 1035, 1207, 1329, 1435, 1591 Personal Finance Company of New York, criminal Gold reserves. 108, 236, 346, 464, 596, 720, 884, information filed under Regulation W .958 1036, 1208,1330, 1436, 1592 Roy's Appliance Company, Beloit, Wisconsin, judg- Government grants and credits 371 ment under Regulation W . . 148 Retail food prices. 119, 247, 357, 475, 607, 731, 895, Transamerica Corporation case, recommended de- 1047, 1219, 1341, 1447, 1603 cision of hearing officer . . . 645 Security prices, index of 119, 437, 357, 475, 607, Virden, John C, appointed Class C Director and 731, 895, 1047, 1219, 1341, 1447, 1603 Deputy Chairman at Cleveland .37 Wholesale prices in. 118, 246, 356, 474, 606, 730, V-loans: 894, 1046, 1218, 1340, 1446, 1602 Exempted from negotiability requirement of Regu- United States notes: lation A .391 Outstanding and in circulation . 52, 178, 290, 408, Voluntary Credit Restraint Program 263 524, 664, 828, 976, 1150, 1272, 1387, 1543 Amendments to program. . .496 Uruguay: American Bankers Association 133 Bank of the Republic of: Bulletin No. 1 on functioning of program .379 Condition. 114, 242, 352, 470, 602, 726, 890, Bulletin No. 2 on restriction of business capital ex- 1042, 1214, 1336, 1442, 1598 penditure financing . . .495 Foreign exchange rates. 117, 245, 355, 473, 605, Bulletin No. 3 on credits to State and local gov- 729, 893, 1045, 1217, 1339, 1445, 1601 ernments 498 Gold purchases by United States from 597, 721, 885, Bulletin No. 4 on loans on real estate 752 1037, 1209, 1331, 1437, 1593 Bulletin No. 4 on loans on real estate, revised 1241 Gold reserves 108, 236, 346, 464, 596, 720, Bulletin No. 5 on international financing. . 938 884, 1036, 1208, 1330, 1436, 1592 Bulletin No. 6 on loans secured by stocks and Venezuela: bonds " 938 Central Bank of: Changes in subcommittees. .939 Condition. 114, 242, 352, 470, 602, 726, 890, Committees 378 1042, 1214,1336, 1442, 1598 Digest of opinions rendered by regional committees Gold reserves . 108, 236, 346, 464, 596, 720, 884, on cases referred by lending institutions. 1362 1036, 1208, 1330, 1436, 1592 Discussion of 745, 1347 Gold imports to United States 109, 237, 347, 465, Evaluation of . 1354 597, 721, 885, 1037, 1209, 1331, 1437, 1593 Federal Reserve responsibilities under Defense Veterans Administration: Production Act, statement of Mr. Martin 490 Real estate credit terms under regulations of 1382 Meeting of National and regional committee Violations: members 1361 A. Harris Motor Sales, Pittsburgh, Penna., injunc- National fraternal Congress of America joins 1242 tion under Regulation W 269 Postponement of State and local government Atlas Furniture Company, Detroit, Michigan, in- borrowing .497 junction for violation of provisions of Regula- Regional committees appointed. 379 tion W 645 Regional committees. . . . 624 Atlas Sew-Vac Stores, Inc., Houston, Texas, injunc- Regional committees for mutual savings banks 758 tion for violation of Regulation W 645 Request to financing institutions by Atlas T-V Stores, Inc., Houston, Texas, injunction Board to act pursuant to 266 for violation of provisions of Regulation W 645 Review of 487 1634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 37 Pages Pages Voluntary Credit Restraint Program—Continued. Wholesale prices: State bond issues to finance bonus payments 1243 Groups of commodities 89, 215, 327, 445, 563, Statement on appointments to committees 499 701, 865, 1013, 1187, 1309, 1421, 1577 Statement on work of committees. .379 Principal countries 118, 246, 356, 474, 606, Statement on appointments to committee .496 ^ 73O> 894> 1046> 1218> 1340> 1446> ]6°2 l ir Status of 1058 Western Europe 1455 Wayne, Edward A to serve as Adviser to the Board WS^E^^^^STt ^^ * 34 for a brief period .648 securities: Yidds on Government West Africa: Average . .66, 192, 304, 422, 540, 678, 842, Gold production 107, 235, 345, 463, 595, 719, 990, 1164, 1286, 1398, 1554 883, 1035, 1207, 1329, 1435, 1591 Zimmerman, George H., elected Class B Western Europe, balance of payments of 372 director at Dallas. .510 DECEMBER 1951 1635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis