Federal Reserve Bulletin, 1952-01

F E D E R AL R E S E R VE BULLETIN JANUARY 1952 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Expenditures in 1951 1-10 Economic Problems Facing Post-Treaty Japan 11-21 Voluntary Credit Restraint Releases 22-26 Law Department 27-31 Current Events and Announcements 31-35 National Summary of Business Conditions 36-37 Financial, Industrial, Commercial Statistics, U. S. (See p. 39 for list of tables) 39-89 International Financial Statistics (See p. 91 for list of tables) 91-109 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 110 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 111 Federal Reserve Board Publications. 112-113 Map of Federal Reserve Districts 114 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 38 January 1952 NUMBER 1 EXPENDITURES IN 1951 Economic activity and prices were at rec- in the hands of manufacturers and distribuord levels in the year 1951 as a whole. In tors from earlier advance buying, generally the spring of the year the inflationary de- ample supplies of consumer goods, and the velopments of the second half of 1950 and anti-inflationary effects of materials allocaearly 1951 were checked. After midyear, tions and direct price and wage controls. despite continued increases in defense and Consumer spending, particularly for durrelated outlays and in productive capacity, able goods, was reduced after the first quartotal physical output and expenditures ter and for the remainder of 1951 continued tended to stabilize. Industries closely as- at an unusually low level in relation to dissociated with the defense program operated posable income. Business inventories of close to capacity throughout the year, while nondefense goods continued to rise sharply in some other industries output in the sec- in the second quarter and, with consumer ond half of 1951 was substantially below demand slackened, businessmen reduced earlier rates as a result of reduced demand orders and cut back production of civilian and of restrictions on the use of metals. goods in some lines. The rate of accumula- Greatly increased private outlays, with two tion of business inventories declined greatly strong upsurges in demand associated with in the third quarter and somewhat further international crises, were largely responsible in the fourth quarter. Curtailment of confor the earlier inflationary expansion. Out- sumer and related business demands largely put for nondefense use increased sharply accounted for the approximate stability in and permitted substantial accumulation of total expenditures during the second half of business inventories of consumer and re- 1951, notwithstanding continued increases lated goods after the third quarter of 1950. in defense production and in business out- After the first quarter of 1951 there was a lays for many types of plant and equipment. change in expectations regarding imminent The shift from sharp expansion to apshortages and inflation, and some private de- proximate stability of economic activity at mands were appreciably reduced. high levels and the marked diversity of Important factors contributing to the developments in important sectors of the changed situation were the increased re- economy during 1951 are evident in the patstraint on spending exerted by higher per- tern of prices, industrial output, and emsonal and corporate taxes, the reinforcement ployment. Basic commodity prices reached of existing selective restraints on the use a peak in mid-February 47 per cent above of credit by tightened availability of com- the June 1950 level, declined through July, mercial bank reserve funds, large inventories and have since fluctuated within a narrow JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 range at a level nearly one-fourth above that goods output in December was close to its of June 1950. Average wholesale prices were postwar high despite large declines since 17 per cent higher in March 1951 than in early 1951 in output of automobiles, radios June 1950. They declined somewhat until and television sets, and household appliances. September but have been stable since then, Production of nondurable goods was 7 per cent below the record reached early in 1951, SELECTED BUSINESS INDEXES reflecting mainly slackened demand for tex- 1947-49--100 tiles, leather products, and paperboard. onlhly The labor force was generally adequate to meet demands in 1951, but some types of workers essential to defense production were in short supply and there was considerable regional variation in the general labor market situation. Although there has been some easing in the labor market since mid-1951, unemployment in December at 1.7 million persons was as low as in any December since 1947, and 550,000 less than a year earlier. In November nonagricultural employment, adjusted for seasonal variation, was slightly below the all-time high of 46.6 million reached at midyear. Average hourly earnings in manufacturing continued to rise through November, the latest month for which data are available, but at a lesser rate NOTE.—Seasonally adjusted series except for prices. Bureau after the middle of the year. of Labor Statistics price and employment series and New York Federal Reserve Bank indexes of hourly earnings of nonfarm wage earners converted to 1947-49 base; employment series seasonally adjusted by Federal Reserve. December 1951 data GROSS NATIONAL PRODUCT estimated by Federal Reserve for all series except hourly earnings, for which latest figure shown is for October. Gross national product, which measures as shown in the chart. Average consumer the total current output of the economy at prices for goods and services rose sharply prevailing prices, is estimated to have totaled through March, remained virtually un- 327 billion dollars in 1951, 15 per cent more changed from March to August, and then than the record volume in 1950. About half rose further to a level in December estimated of the increase in dollar volume represented to be about 11 per cent higher than in June higher prices and about half represented 1950. greater physical volume. In physical terms Industrial production for the year 1951 also the national product was apparently at was 219 per cent of the 1935-39 average an all-time high in 1951. and 10 per cent above 1950. The index The increase in national product was not reached its high for 1951 at 223 in April so large during 1951 as during 1950. Total and has since remained fairly steady at national product in dollar terms rose by a moderately reduced level, with the De- less than 10 per cent from the fourth quarcember index estimated at 219. Durable ter of 1950 to the fourth quarter of 1951, as FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 compared with an increase of nearly 20 per economic aid, were the dominant expansive cent during the preceding year. Practically force in the economy during 1951. Such all of the expansion during 1951 occurred in expenditures were at an annual rate of about the first half of the year, as may be seen from 45 billion dollars in the fourth quarter the chart. In physical terms also national of 1951, an increase of 20 billion in a year compared with a rise of 29 billion in total GROSS NATIONAL PRODUCT national product. Since the invasion of Annual Rare B 35 il 0 lions of D Quarterly South Korea, the proportion of total output taken by national security expenditures has f / risen from 6 to 14 per cent. GROS. / In broad outline, the growth in expendi- NATIONAL PRODUCT y/^-^^,/ y tures reflected the program set forth by the President a year ago. This program called A J for a limited expansion of the armed forces / ^S 1 (currently numbering about 3.5 million / / :XPENC5 ITU RES as compared with 1.5 million before Korea), production of modern military equipment / for the armed forces and for stockpiles for \ PRIVATE )OMESTIC *-• emergency use, military aid to our allies, f \ AND FOREIGN -A. j \ INVESTMENT and expansion of capacity in defense and GOVERNMENT PURCHAS s basic industries. The increase since Korea in budget expenditures for major national NOTE.—Department of Commerce estimates, adjusted for sea- security programs is shown in the table on fonal variation. Fourth quarter 1951 data estimated by Federal Reserve. the following page. While the initial expansion in outlays product increased less during 1951 than durwas in large part for wages and salaries for ing 1950, and practically all of the 1951 exthe enlarged armed forces and for purpansion came in the first half of the year. chases of soft goods, deliveries of hard goods The divergent pattern of demands since rose substantially by the end of 1951. Total early 1951 is reflected in changes in the deliveries of military goods and construction major components of gross national product amounted to about 24 billion dollars (annual from the first to the fourth quarters of 1951. rate) in the fourth quarter and deliveries of Outlays for national security programs inhard goods such as aircraft, tanks, artillery, creased sharply and expenditures for producers' durable equipment moderately, while and ships, to about 15 billion—five times expenditures for inventory accumulation, as much as in the third quarter of 1950. The personal consumption, and residential con- program for expanding deliveries of hard struction were smaller in the fourth than goods has been hampered by shortages, in the first quarter. particularly of some metals, machine tools, and skilled workers; the increasing com- GOVERNMENT EXPENDITURES plexity of modern weapons, which results in Federal expenditures for goods and serv- longer lead-times than for World War II ices for national security, including pro- counterparts; and the experimental nature grams for defense and foreign military and of much of the program, which has led to JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 BUDGET EXPENDITURES FOR MAJOR NATIONAL SECURITY lion dollars over the next year. Hard goods PROGRAMS1 are scheduled to account for the great bulk [Annual rates, inbillions of dollars] of this increase. 1950 1951 Federal expenditures for goods and serv- Type of expenditure ices for nondefense programs totaled 4 bil- 2ndQ. 4th Q. 2nd Q. 4th Q. lion dollars in 1951, about the same amount Total 17.5 22.4 37.0 43.8 as in 1950. In addition to purchasing goods Military services 11.9 17.2 28.2 37.0 Army .... 3.4 5.7 10.9 14.8 and services, the Federal Government makes Navy 3.8 5.3 7.4 9.2 Air Force 4.0 5.3 8.4 12.1 substantial outlays for interest, grants to Other2 .7 .9 1.5 1.0 State and local governments, loans, social International security and foreign relations 4.9 4.3 6.9 5.0 security benefits, and payments to veterans. Mutual Security Act 3.7 3.2 5.6 4.0 Economic and technical State and local government expenditures assistance 3.6 2.5 34.0 1.8 Ot M he i r l i 4 tary assistance 1. . 1 2 1. . 1 7 1 1 . . 6 3 2 1 . . 2 0 for goods and services amounted to about Atomic Energy Commission. .6 .7 1.3 1.5 21.5 billion dollars in 1951, almost 10 per Other security programs 6. . . .1 .2 .6 .3 cent more than in 1950, but increased only moderately after the first quarter of the year. * Budget expenditures differ somewhat in definition and amount from expenditures for goods and services as used in the national The higher level in 1951 reflected chiefly inincome accounts. On the latter basis security outlays in fourth qu 2 a r I t n e c r l u 1 d 9 e 5 s 1 m w a e i r n e l y a b e o x u p t e n 4 d 5 i t b u i r l e li s o n o f d o t l h la e r s O f ( f a ic n e n u o a f l t r h a e t e S ). ecretary of creases in wage rates of government em- Defense and those for strategic and critical materials. 8 Includes a 1.2 billion dollar (annual rate) transfer to a special ployees and larger construction expendiaccount, which did not represent a cash expenditure. < Includes mainly expenditures of the State Department and tures. Shortages of materials may force a those for government and relief in occupied areas. 8 Includes expenditures for defense production and economic reduction in State and local expenditures stabilization and for the maritime activities of the Commerce Department. for new construction in the year ahead. NOTE.—Data are from the Daily Statement of the U. S. Treasury. INVESTMENT EXPENDITURES efforts to improve designs further before "freezing" them. Gross private domestic investment totaled In contrast to the World War II pro- about 59 billion dollars in 1951, one-fifth duction effort, the current more limited pro- more than in 1950, the previous record year, gram has placed relatively more emphasis notwithstanding a substantial decline in resion expansion of basic industrial capacity dential construction. Total investment adand has involved much less interference with vanced to a peak annual rate of 66 billion dolproduction for civilian use. Sharp cuts lars (seasonally adjusted) in the second quarfrom earlier exceptionally high levels have ter and then declined to about 54 billion in nevertheless been required in output of the fourth quarter. Changes in the rate of inmetal-using consumer durable goods and ventory accumulation were largely responin many types of private construction, and sible for both the sharp rise to the peak and some further cuts have been announced for the subsequent decline, as may be seen from the first half of 1952. the chart. Further large increases in Government Producers' durable equipment and nonoutlays for security programs are in prospect residential construction. Reflecting capital for 1952 on the basis of present goals. Ac- expansion programs related to the defense cording to the Fourth Quarterly Report of effort and continued large demand for inthe Director of Defense Mobilization, such vestment goods in other areas, expenditures expenditures may increase by about 20 bil- for producers' durable equipment and non- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 PRIVATE DOMESTIC INVESTMENT clined one-third from this peak by Decem- Annual Rales Annual Rates ber. Expenditures for commercial construc- Billions of Dolla Quarterly illions of Dollars tion in March were 50 per cent above the pre-Korean level, but have since declined to less than half of the March volume. Some detail on the industrial composition of business investment outlays is given by the survey of plant and equipment expenditures made jointly by the Securities and Exchange Commission and the Department of Commerce, the coverage of which differs in some important respects from the national product data summarized above. While all major industrial groups showed substantial increases in capital outlays from 1950 to 1951, in part reflecting increases in costs, the largest expansion oc- NOTE.—Department of Commerce estimates, adjusted for sea- curred in manufacturing, as shown in the sonal variation. Fourth quarter 1951 data estimated by Federal Reserve. table. residential construction were at a record BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT level of 39 billion dollars in 1951, one-fifth [In billions of dollars] above the previous high in 1950. Expendi- Industry 1948 1949 1950 19511 tures for producers' durable equipment accounted for most of the increase. After Total 20.0 18.0 17.8 23.1 rising throughout the year, these expendi- Manufacturing 9.1 7.1 7.5 11.1 Durable goods 3.5 2.6 3.1 5.2 tures reached an estimated annual rate of 29 Nondurable goods 5.7 4.6 4.4 5.9 Mining .8 .7 .7 .8 billion dollars (seasonally adjusted) in the O Ra th il e ro r a t d ransportation 1. . 3 7 1. . 4 5 1. . 1 4 1. . 6 5 Electric and gas utilities 2.7 3.1 3.2 3.7 fourth quarter, 15 per cent higher than a Commercial and miscellaneou 5.4 5.1 4.9 5.4 year earlier. 1 Includes fourth quarter expenditures anticipated by business. Expenditures for private nonresidential NOTE.—Data are from Securities and Exchange Commission and Department of Commerce. construction in 1951 exceeded 11 billion dollars, almost 2 billion more than in 1950. Manufacturing outlays were about 50 per Such construction was at an all-time high cent larger in 1951 than in 1950, and the from May to August (after seasonal adjust- physical volume of additions is estimated ment). Since then it has declined from this to be almost two-fifths larger. Advances very high level by more than one-tenth to were greatest in the durable goods indusabout the level of a year ago, largely because tries, including nonautomotive transportaof increasingly stringent restrictions on the tion equipment (180 per cent), primary nonuse of scarce materials and of credit re- ferrous materials (135 per cent), and iron straints. Public utility construction con- and steel (120 per cent). Increases were tinued to increase throughout 1951. Indus- also widespread among nondurable goods trial construction in August was more than industries, with large increases in chemicals double the level of a year earlier, but had de- and petroleum. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 The expansion in total investment outlays major factor in general business developduring 1951 was increasingly concentrated ments. Accumulation at the record annual in industries closely related to defense, with rate of 15 billion dollars (seasonally adjusted) declines general after midyear in other in the second quarter followed six months areas such as commercial activities and many of large additions to stocks. It included an nondurable goods industries. In the first appreciable rise in distributors' stocks on the quarter of 1952 business concerns plan to basis of large orders placed in late 1950 and spend a record amount on new plant and early 1951 and a very large increase in manuequipment, after seasonal adjustment. facturers' stocks in both defense-related and The Government program for expansion other industries. By the third quarter, howof capacity in defense and basic industry is an ever, production was cut back sharply in important factor in the current and prospec- some lines and the rate of accumulation tive high level of investment expenditures. declined to 5 billion dollars, with substantial Expansion in these areas has been encourliquidation taking place in retail inventories. aged mainly by accelerated amortization for This sharp decline in nonfarm inventory actax purposes, allocation of materials in short cumulation offset increases in other types of supply, and provision for direct and guaranexpenditures and was mainly responsible for teed Government loans. Certificates of nethe stability of gross national product in the cessity under the accelerated tax amortization third quarter. In the fourth quarter, the program have been issued on projects totalrate of inventory accumulation declined furing 11.4 billion dollars, and at the end of ther as manufacturers added to stocks at a 1951 the greater part of the work on these much lower rate than earlier. projects remained to be done. Present plans Liquidation of retail inventories since call for further increases in capacity of about June has been widespread by type of store, 10 per cent in steel, 75 per cent in aluminum, and the ratio of inventories to sales has deand 40 per cent in electric power by 1954. clined appreciably. At the end of Novem- Change in business inventories. For the ber, however, this ratio was still high, with year 1951 as a whole there was a record inventories representing 1.5 months' sales accumulation of nonfarm business invencompared with 1.7 at the May peak and 1.3 tories of about 8 billion dollars, measured in in June 1950. Wholesalers' inventories rose current prices, compared with an expansion less relative to sales than did retailers' stocks of 3.5 billion in 1950. Farm inventories inand at the end of November they represented creased by about 1 billion dollars in each 1.1 months' sales compared with 1.2 at the year. Most of the accumulation of nonfarm peak and 1.0 in June 1950. inventories was in manufacturing industries. A substantial proportion of the increase was Residential construction. Expenditures for in industries engaged in defense-related private nonfarm residential construction production, where expanding output en- amounted to 11 billion dollars in 1951, 14 tailed a fairly steady rise in inventories. Dis- per cent below the peak 1950 level. The tributors' inventories showed little increase total number of nonfarm dwelling units for the year as a whole. started (including public) was about 1.1 Changes in the rate of accumulation of million in 1951, one-fifth fewer than in nonfarm inventories during 1951 were a 1950, but more than in any other year. The FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 high and rising level of residential construc- spending—in the third quarter of 1950 and tion (after seasonal adjustment) during the again in early 1951—contributed substanfirst three quarters of 1950 contributed to tially to inflationary developments. The the generally expansive economic situation, decline in consumption expenditures in the while the subsequent decline through mid- second quarter of 1951, and the continuation 1951 contributed to the development of over- of such expenditures below the first quarter all stability. Since midyear expenditures level despite the rise in disposable personal have been fairly stable at a level about one- incomes, contributed to the over-all economic fourth below the peak of September 1950. stability that prevailed during most of The decline in residential construction the year. Restrained spending practices are since late 1950 has reflected in large part re- indicated by the fact that consumption exduced availability of credit. The Board's penditures accounted for about 90 per cent Regulation X and the parallel regulations on of disposable income in the last three quar- Government insured and guaranteed loans ters of 1951 compared with an average of adopted in October 1950 and subsequently about 96 per cent in the years 1947-50. broadened required substantially larger down For the year 1951 as a whole personal payments and somewhat shorter maturities consumption expenditures are estimated to on mortgage loans than those prevailing durhave been about 205 billion dollars, an ining 1950. As the large backlog of pre-existcrease of almost 6 per cent from 1950. If ing financial commitments not subject to the allowance is made for the rise in consumer new limitations was worked down, the reguprices, it appears that there was little change lations became increasingly effective. They in the physical volume of consumer purwere reinforced in the middle quarters of the chases from the record level of the preceding year by tightness of mortgage money brought year. During the last three quarters of 1951, about by general credit restraint policies. however, the physical volume of takings by On September 1 the terms of Regulation X consumers was smaller than in the last half and associated regulations were considerably of 1950. relaxed to conform to the provisions of the In the first quarter of 1951 personal con- Defense Housing and Community Facilities sumption expenditures were at a record anand Services Act passed in August. The nual rate of 208 billion dollars (after seasonal relaxation of the regulations applies mainly adjustment), 6 billion above the previous to new houses selling for $12,000 or less, peak in the third quarter of 1950. This which available evidence suggests represented as much as two-thirds of all new second buying wave differed significantly houses sold in 1950. from the one that immediately followed the Korean invasion. Nondurable and semi- PERSONAL CONSUMPTION EXPENDITURES durable goods accounted for the bulk of the Personal consumption expenditures have second increase, and the rise reflected in greatly influenced over-all economic activ- large part a sharp advance in prices, parity and prices since the invasion of South ticularly for foods, apparel, and housefur- Korea, both directly and indirectly through nishings. Expenditures for durable goods their effect on business expectations and rose by only 2 billion dollars in the first quarordering. The two upsurges of consumer ter of 1951 and were nearly 10 per cent be- JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 low the earlier high, although prices had gether accounted for about two-thirds of total risen in the meanwhile. consumption expenditures in recent months. Consumer spending declined by more Outlays for other nondurable goods, accountthan 6 billion dollars in the second quarter, ing for about one-fifth of consumption exand increased only moderately thereafter penditures, were fairly stable at a level to an annual rate of about 205 billion (after slightly below that of the first quarter. seasonal adjustment) in the fourth quarter. Curtailment in output of consumer dur- Expenditures for durable and some semi- able goods other than automobiles during durable goods declined substantially, as may the summer and fall generally exceeded that be seen from the chart. Demand for durable required by Government restrictions on the goods was particularly affected by such fac- use of metals and resulted primarily from tors as record consumer stocks, earlier ad- reduced consumer demand and the desire of vance buying, and restraint on the use of businessmen to liquidate large inventories. instalment credit. The reduction in the Inventories in various lines are now benumber of new housing units completed may ing brought into better balance with dealso have contributed to curtailed demand mand, and further cuts in allocations of for household appliances and homefurnish- scarce materials are in prospect in the first ings. half of 1952. A substantial proportion of Outlays for clothing and shoes remained consumer durable goods such as furniture at a moderately lower level after the first and housefurnishings will not be affected, quarter. Expenditures for foods, however, however, by limitations on the use of metals. were maintained at the record first quarter level throughout the year and outlays for PERSONAL INCOME services continued to advance steadily, with Reflecting higher employment, wage prices of both groups somewhat higher at rates, and prices, personal income in 1951 the end of 1951. Food and services to- was more than 10 per cent above the preceding year and exceeded 250 billion dollars. PERSONAL CONSUMPTION EXPENDITURES This annual growth was the largest of the postwar period in either dollar amount or percentage terms. Following sharp expansion in the last half of 1950 and early 1951, personal income increased only moderately after mid-1951 as over-all economic activity leveled off and nonfarm employment declined slightly. The rise from June to December 1951 (exclusive of dividends in both months since these are greatly affected by the volume of year-end extras) is estimated at an annual rate of about 5 billion dollars (after seasonal adjustment) compared with an increase of about 19 billion in the corresponding period of 1950. NOTE.—Department of Commerce estimates, adjusted for seasonal variation. Latest figures shown are for third quarter Wage and salary receipts, which ac- 1951. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 counted for the bulk of the increase in per- civilian employees, which were increased by sonal income, rose from 143 billion dollars about 10 per cent beginning late in October, in 1950 to an estimated 166 billion in 1951, also included payments back to July under reflecting considerable increases in both the retroactive feature of the increase. employment and average earnings. In No- Income of farm proprietors in 1951 is vember 1951, as shown in the table, total estimated to have totaled about 17 billion wages and salaries were at a record annual dollars, an increase of almost one-fourth over rate of 170 billion dollars (seasonally ad- 1950 and only slightly below the record level justed), 10 per cent higher than a year earlier, of 1948. While farmers marketed a slightly with slightly more than half of the increase larger volume of products in 1951 than in taking place in private industry. 1950, the major factor in increased incomes Since April aggregate wages and salaries was the higher average price of farm prodearned in private industry have been virtually ucts. Income of nonfarm proprietors was unchanged, as further increases in wage steady during most of 1951 at a level slightly rates have about offset some reduction in below the record established early in the employment and hours in manufacturing year. plants. In the government sector wages Dividend payments increased during most and salaries continued to rise through No- of the year and were larger than in any vember, although Federal civilian employ- earlier year, despite sharply reduced corment and the size of the armed forces porate profits after taxes. Retained corporate tended to level off after midyear. In October earnings were the smallest since 1946 and and November the salaries of most Federal the financing requirements of record business capital expansion programs were met MAJOR COMPONENTS OF PERSONAL INCOME to an increased extent from outside sources. Disposable income (personal income after Percentage increase, No b v e e r m- No o v r e m de b c e r r e a 1 s 9 e 5 1 ( — fr ) o , m: tax) amounted to an estimated 223 bil- 1951 i Component (billions lion dollars in 1951, 18 billion more than dol o la f rs) 4 1 th 9 5 Q 0 . 2n 1 d 95 Q 0 . 4 1 th 9 4 Q 8 . in 1950, notwithstanding an increase of 8 billion dollars in personal tax payments. Total 256.7 8 18 20 Both disposable income and consumer prices Wage and salary receipts 2 170.4 11 23 25 Commodity producing in- were at all-time highs in the fourth quarter dustries 75.0 7 23 21 S D e i r s v tr ic ib e u i t n iv d e u s i t n r d ie u s stries 4 2 6 0 . . 0 5 6 6 1 1 1 4 2 1 1 7 of 1951, and the purchasing power of dispos- Government 32.5 33 54 64 Other labor income * 3.9 5 11 39 able income was little changed from the Proprietors' and rental income.. 49.1 4 17 5 Farm proprietors 17.0 8 39 -1 level of a year earlier. Nonfarm proprietors and rental income of persons.. 32.1 2 8 8 Dividends 10.0 *-10 19 32 Interest 10.7 4 7 16 PERSONAL SAVING Transfer payments 5 12.6 6 -16 18 Personal saving (disposable income less 1 Seasonally adjusted monthly totals at annual rates. 2 Employee contributions for social insurance are excluded from consumption expenditures) amounted to the total but included in the industry figures. 8 Includes mainly employer contributions to private pension 18 billion dollars in 1951 and accounted for and welfare funds and compensation for injuries. 4 Dividends in fourth quarter 1950 include a large volume of 8 per cent of disposable income. Both the extras paid in December. * Includes income, such as social security benefits, that is not dollar amount and the ratio were the largest related to current production or services currently rendered. The decline from second quarter 1950 reflects the large payments for any year since 1945. In the last three of the National Service Life Insurance special dividend made in that period. quarters of the year saving accounted for NOTE.—Based on data from Department of Commerce. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1951 between 9 and 10 per cent of disposable in- and loan associations and insurance and pencome. These figures compare with a ratio sion reserves. Individuals' holdings of Govof saving to disposable income of about 5 ernment securities probably showed little per cent in 1950, when personal saving change, and equities in homes probably inamounted to less than 11 billion dollars. creased somewhat less than in 1950. The change from a substantial rise in consumer PERSONAL INCOME, CONSUMPTION, AND SAVING instalment debt outstanding in 1950 to a Annua1 Rate Billiors of Dollar Quarterly 6illionl"of" Dollars slight decline in 1951 contributed to the 300 300 abatement of inflationary pressures during the year. 250 250 CONCLUSION PiRSOhAL INCOME 200 DISPOSABLE 200 Substantial progress was made during 1951 llNCOrM>ET in expanding defense output and enlarging essential basic industrial capacity, and in 150 ONAL CON<^UMP ION EXPENDITLJRES checking the inflationary developments that followed the outbreak of war in Korea. The 100 > 100 orderly adaptation to a growing volume of defense outlays was made possible by a de- 50 50 cline in private demand, in part the result rof stabilization policies. PERSONM SAVING r- 0 1 ! K v 0 Further large increases in defense outlays are in prospect for 1952, and are likely NOTE.—Department of Commerce estimates, adjusted for seasonal variation. Fourth quarter 1951 data estimated by Federal to place additional strains on important in- Reserve. dustries and to add to private incomes. The high ratio of personal saving to dis- While the total volume of goods and servposable income in the last three quarters of ices available for nondefense use will con- 1951 was of course the counterpart of the rel- tinue to be large, further reductions from atively low ratio of consumption expendi- recent levels of output have been announced tures to income discussed earlier. for some metal-using consumer durable Incomplete data now available for 1951 goods and for some types of construction. indicate that there was a substantial increase Also, the large business stocks of nonin individuals' saving in liquid forms which defense goods arising out of earlier accumdid not directly add to current demand ulation have been appreciably reduced. for goods and services and hence tended Under these circumstances the avoidance of to have anti-inflationary effects. During inflation, as defense outlays increase, will the year individuals added to their hold- depend largely on continued restraint in ings of currency and bank deposits and to civilian spending and on the continuance savings in the form of shares in savings of an adequate stabilization effort. 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN] Economic recovery in Japan has been erratic tion adapted to a high rate of saving and investduring the six years following surrender and has ment, the rapid assimilation of foreign technology, accelerated greatly with the post-Korean boom in and the induction of foreign capital. world economic activity following June 1950. Not- Japanese economic effort through the First World withstanding currently high levels of economic War emphasized the development of consumer activity, the Japanese people are facing the future goods industries, the expansion of external trading uncertain whether their economy can meet their facilities (both shipping and banking), and the physical needs and provide rewarding economic integration of a modern banking system capable opportunities to an increasing population. of meeting the requirements of industrial expan- The form and organization of the Japanese sion. Attention was also given to increasing agrieconomy which evolves after the Peace Treaty cultural productivity and improving the standard comes into force will depend upon resources avail- of living. able in Japan and changes in Japanese markets and Following 1920, Japanese industrial development sources of supply occasioned by loss of the war. It was reorientated toward expanding industrial prowill also be conditioned by the impact of institu- duction that required technological skills and tions installed by the Occupation, and by the greater capital investment. Concurrently the convarious settlements imposed upon Japan by the solidation of gains from earlier diplomatic and Peace Treaty and claims settlements still to be military successes encouraged economic penetranegotiated. tion of nearby areas and preparation for further The future of political and economic democracy military ventures. In this period there was further in Japan will depend in large part upon the concentration of financial, industrial, and commersuccess with which satisfactory solutions are found cial activities in powerful groups (the so-called for the problems occasioned by the pressure of Zaibatsu), the expansionists ascended to political an expanding population on limited resources. power, and government financial institutions as- Conditions conducive to economic and political sumed closer control over industrial and commerstability can be established by the sustained efforts cial companies engaged in activities of national of the Japanese and their access to markets and interest. The Manchurian coup in 1931 was folsources of raw materials on a competitive basis. lowed by government policies aimed at developing an economy capable of supporting further expan- HISTORICAL BACKGROUND sionist ambitions with minimum dependence upon sources of supply outside the control of Japan. Japan's advancement to the rank of an indus- After opening hostilities with China in 1937, the trial power came in the 75 years following restora- Japanese Government applied firm controls mobition of the Meiji Emperor in 1868. Elimination lizing limited financial resources and forcibly diof local feudal governments and the opening of verting resources to selected economic activities. Japan to external trade and the influence of Western culture were followed by phenomenal economic After defeat in World War II, Japan faced an development. The structural changes accompany- uncertain future. Her economy, wholly orientated ing the restoration reduced the tax and debt obli- to war, had to be converted to a peacetime basis. gations of the rural population and provided The Japanese Empire had been reduced in area broader commercial and industrial opportunities by 53 per cent, and the loss of other areas prefor the growing entrepreneurial classes. Rapid ex- viously occupied or subjected to control and expansion of economic activity was made possible ploitation further limited access to food and indusby an abundant labor force, an economic organiza- trial raw materials. Physical destruction within Japan had been severe; approximately 40 per cent 1 This article was prepared by Frank H. Golay under the of the built-up area of the 66 cities attacked by air supervision of Arthur C. Bunce, Chief of the Far Eastern had been destroyed, and nearly 30 per cent of Section of the Board's Division of International Finance. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN the entire urban population had lost their homes vacuum immediately following the surrender, howand many of their possessions. The very existence ever, the Japanese Government disbursed huge of the Japanese people was dependent upon im- amounts of extraordinary military funds for disported food provided by external aid. missal pay, indemnities to military contractors, and At the time of surrender the Japanese popula- war damage claims. These expenditures, together tion totaled 72.4 million. The population density with reduced output in this period of indecision of 491 per square mile was exceeded only in Java, and confusion, released an inflationary spiral which Belgium, the Netherlands, and England-Wales. was not controlled until 1949. Rapid, irregular Since only 16 per cent of Japan proper was under price inflation, stimulated by the slow recovery of cultivation, the density per square mile of culti- Japanese production, a cumbersome system of vated land was 3,109 persons. Repatriation of multiple exchange rates, and inflationary monetary Japan's overseas population, civilian and military, and fiscal policies, continued during the first three together with a sharp increase in the birth rate, and a half years of the Occupation. added 6.2 million persons in the two years ending This initial period of inflation was followed by September 30, 1947. While the Japanese birth rate a period of disinflation and stability as the Japanese has declined substantially from the postwar peak Government, at the direction of the Occupation of 1947, there is increasing evidence that the birth authorities, implemented the "Dodge" Stabilizaand the death rates are presently at levels which will tion Program. Following the introduction of the produce an annual increase of approximately 1.5 per Stabilization Program in March 1949, the inflation cent in the Japanese population, which totaled 84.3 was halted, a single exchange rate was established, million as of July 1951. and fiscal operations yielded a surplus without a Notwithstanding intensive cultivation of available reduction of expenditures. In this period local land, Japan proper has never been self-sufficient in government budgets were balanced, direct and food. In 1941, for instance, 20 per cent of the food intake was obtained from overseas sources. JAPANESE PRICES Because of the pressure of population on land resources and the rising standard of living which Per C Per Cent 300 300 accompanied industrialization, the Japanese economy has long been extremely dependent on foreign trade. Prewar Japan was able to pay for WHOLESALE/ large imports of foodstuffs and industrial raw materials by exports of manufactures, receipts from / 200 services, and by the return on investments in Em- / pire areas. Japan's colonial empire was intensively r ' developed to supply food products and as a result the Japanese Empire was a net exporter of foods. Trade with Empire areas, Korea, Formosa, Man- cONSUMER churia, and China averaged 43 per cent of exports 00 and 33 per cent of imports of Japan proper in 1935-37. - RECOVERY DURING THE OCCUPATION During the period of Occupation the implementa- 0 tion of divergent monetary and fiscal policies, together with the impact of changing international NOTE.—Wholesale prices include "official" prices of commodities subject to control and free prices of decontrolled comprice and demand conditions, produced three alter- modities. As of August 1951, 32 commodities subject to control and 295 commodities not subject to control were included in the nating periods of inflation and stability in Japan. price index. Open inflation had not been severe during the Consumer prices represent average costs or "effective prices" of 195 items in the urban standard of living. Price relatives war inasmuch as diversion of resources to the are weighted by expenditures in both controlled and free markets as shown by a monthly survey of family income and war effort had been accomplished by rigid mobili- expenditures. zation of the economy. In the governmental Source.—Supreme Commander for the Allied Powers, Japanese Economic Statistics. Base period changed. 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN hidden subsidies were drastically reduced or elimi- Occupation. Progress was temporarily impeded nated, government participation in private eco- by indecision regarding the industrial capacity to nomic activity was severely restricted, and the be permitted Japan and the reparations to be made proliferation of controls over economic activity was from industrial plant, as well as by the policy of rapidly dismantled. Budgetary surpluses were suf- breaking up large industrial-financial combinations. ficiently large to retire a substantial portion of the After hostilities began in Korea, industrial progovernment debt, even after the use of tax revenues duction expanded rapidly and by March 1951 exto sterilize the surplus in the balance of interna- ceeded the levels attained in 1935-37, before the tional payments. Additional debt was retired by invasion of China. By July 1951, production in using yen counterpart funds arising from the sale several lines approached levels attained in 1938-40, of United States aid imports. when the munitions and equipment industries were After the outbreak of hostilities in Korea, Jap- stimulated by intensive preparation for war. anese prices rose sharply. In the 10 months fol- Agricultural production, which had been little lowing June 1950, the index of wholesale prices disturbed by war and defeat, quickly recovered to rose by 53 per cent and the index of consumer prewar levels. Large imports of fertilizer financed prices by 25 per cent, as shown in the chart. After by United States aid helped to restore productivity. a brief period of inventory liquidation and rela- Incentives for increased production were created tive price stability following April 1951, the various by the land reform directed by the Occupation auprice indices resumed their upward trend in August thorities, and by the inflation which facilitated the 1951. Post-Korean price increases reflected strong liquidation of farm indebtedness. Moreover, aldemand for Japanese export commodities imple- though Japanese prices were officially controlled, a mented by the increased buying power of primary substantial part of the agricultural output was producers in Asiatic countries and the "special pro- sold at black market prices. curement" of supplies and services for the United Japanese foreign trade, virtually halted in the Nations forces in Korea, the higher world prices closing months of the war by the Allied blockade, paid for imports and the consequent increase in revived slowly during the Occupation. The recov- Japanese costs and prices, and a sharp increase in ery of trade was retarded by many factors, includthe Japanese currency issue and money supply. ing the small output of the Japanese economy, The monetary expansion resulted from the large the slow transition to private trade, the arbitrary balance of payments surplus in the last half of 1950 pricing of Japanese exports prior to the resumption and the credit expansion encouraged by the Bank of private trade, the destruction and inactivity of of Japan to facilitate the financing of imports and Japanese merchant shipping, the absence of overto stimulate deliveries of goods and services to the seas banking and commercial facilities, and the United Nations forces. political and economic instability in traditional Industrial production, virtually halted by the Asiatic markets for Japanese exports and imports. surrender and the ensuing political and economic The recovery of Japanese foreign trade was espevacuum, recovered slowly in the early period of cially slow during 1949. By the first half of 1950 exports (at constant 1937 prices) averaged only 26 JAPANESE INDUSTRIAL PRODUCTION a per cent of exports in 1937, while imports were [1935-37=100] equivalent to 31 per cent of imports in 1937. Following the outbreak of hostilities in Korea, Japa- Industry 19 4 3 0 8-194619471948194919501 J 9 u 5 ly 1 nese foreign trade expanded rapidly. Exports, responding to strong demand from abroad, expanded Industrial production.... 128 26 32 46 62 77 114 Mining 124 48 63 77 89 94 109 from an average monthly rate of 54 million dollars Durable manufactures 148 29 34 53 71 85 141 Metals 134 12 20 37 67 99 144 in the first half of 1950 to 83 million dollars in the Machinery 168 39 41 63 73 77 145 last half of 1950 and 110 million in the first half Nondurable manufactures . 108 19 23 33 46 65 86 Textiles 89 9 14 17 22 36 51 of 1951. In addition, in the 12 months following Chemicals 132 20 25 40 58 88 120 Food, beverages, tobacco 102 44 41 52 74 73 78 June 1950 deliveries of Japanese goods and services Utilities (electricity and gas) 122 102 115 125 143 155 175 to the United Nations Command were valued at 233 million dollars. These developments are shown 1 Supreme Commander for the Allied Powers, Japanese Economic in the chart on the following page. Statistics. Base period changed. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN FOREIGN TRADE OF JAPAN JAPAN'S INTERNATIONAL TRANSACTIONS1 Millions of U S. Dolla Millions of US. Dollai [In millions of U. S. dollars] 250 Sept. U. S. fiscal year Item 1945- June 1947 1948 1949 1950 1951 Current transactions: Imports (c.i.f.) 495 685 840 876 2 1,695 Exports (f.o.b.) 161 175 444 571 U.159 Trade balance -334 -510 -396 -305 -536 Balance in invisibles -1 +44 +85 3+475 Current account balance.. -335 -510 -352 -220 -61 Capital transactions: U. S. aid +324 +520 +506 +454 2 +226 Net borrowings (+) or repayments (—) +91 -44 +32 -79 Special adjustments -18 -44 +41 Change in net foreign exchange reserves.... +80 -34 +168 +111 3 +206 1 For the period September 1945-June 1950, see Supreme Commander for the Allied Powers, International Transactions of Japan, Aug. 8, 1950. 2 Supreme Commander for the Allied Powers, Japanese Economic NOTE.—Appropriations for United States aid terminated with Statistics. fiscal year 1950-51. Pipeline supplies contracted under the 3 Bank of Japan, Foreign Exchange Statistics Monthly. "Invisi- 1950-51 appropriation continued to arrive after June 30, 1951. bles" include receipts from "special procurement" deliveries. Sources.—Supreme Commander for the Allied Powers, Japanese Economic Statistics, except that data for "special procurement" exports are from Bank of Japan, Special Monthly aid shipments were drastically reduced, the trade Economic Report. deficit was almost matched by the surplus in invisible receipts largely attributable to "special pro- Japanese imports, restricted by limited allocacurement" for the United Nations forces and to tions of foreign exchange and by external supply expenditures by Occupation personnel in Japan. and price difficulties, declined in the third quarter of 1950. In order to expand imports and restore POST-TREATY PROSPECTS inventories depleted by the larger volume of ex- The sharp acceleration of all phases of Japanese ports, the Japanese Government sharply increased foreign exchange allocations for the last quarter of economic activity following June 1950 tends to 1950 and the first quarter of 1951, and the Bank obscure the magnitude of the problems involved in of Japan inaugurated a "usance bill" system under sustaining further improvement in production and which import credit was freely extended on fa- trade. The impetus derived from the strong devorable terms. Japanese imports, including United mand for Japanese exports of goods and services States aid shipments, expanded sharply from a has been crucial to the post-Korean recovery and monthly rate of 70 million dollars in the third further expansion will be facilitated by continued quarter of 1950 to 93 million in the fourth quarter. high levels of world economic activity. They reached 173 million dollars in the first quar- Foreign trade. Notwithstanding the sharp imter of 1951 and 208 million in the second quarter. provement in Japanese trade following the start of Despite the consistent excess of imports over the war in Korea, trade in the first half of 1951 was exports, which in the six years of the Occupation only 44 per cent of the 1937 volume—36 per cent totaled 2.0 billion dollars, Japanese net foreign in the case of exports and 50 per cent in the case exchange reserves accumulated steadily and at the of imports.2 end of June 1951 amounted to approximately 530 Following June 1950, the geographic structure million dollars. The deficit on trade account was of Japanese imports tended to return to the prewar more than offset through June 1950 by transfers of pattern as imports of United States food grains and United States aid, supplemented beginning in 1949 by a surplus in invisible receipts. In the 12 months 2 Percentage for exports includes "special procurement" of following June 1950, during which United States goods and services by the United Nations Command in Korea. 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN cotton declined in importance in an expanding vol- The commodity pattern of trade after the war, as ume of trade. The proportion of imports received in the prewar period, has included large imports of from former Empire areas also declined sharply, foods and textile raw materials and exports of after having recovered steadily in the earlier post- manufactures, especially textiles and metal prodwar period. The declining importance of imports ucts. In the first half of 1951, imports of foods from the United States and former Empire areas and textile raw materials amounted to 67 per cent was offset by increases in imports from Central and of the value of Japanese imports as compared with South America, the rest of Asia, Africa, and 48 per cent in 1936 and 1938. During this period Australasia. exports of textiles and metal manufactures totaled Japan's exports to former Empire areas amounted 68 per cent of the value of exports as compared to 6 per cent of total exports in the first half of 1951 with 58 per cent in 1936 and 1938. As a result of as compared with 43 per cent in 1935-37. Exports the commodity pattern of raw material imports to other Asian countries increased in relative im- and exports of manufactures, the average value portance so that exports to all Asian countries per ton of Japanese exports in the first half of 1951 amounted to 55 per cent of total Japanese exports was $310 as compared with $123 for imports. GEOGRAPHIC PATTERN OF JAPANESE TRADE a COMMODITY PATTERN OF JAPANESE TRADE * [Percentage distribution of total value] [Percentage distribution of total value] Area 1 1J£9 9 3J 3 ?7 5 - 11994477 11994488 11994499 11995500 1 J 9 u 5 n 1 e Commodity 1 1 a 9 9 n 3 3 d 6 8 1 S D 1 9 e 9 e 4 p 4 c 5 t 8 . . - 1949 1950 J 1 J u a 9 n n 5 e 1 .- Imports 2 Imports 2 Korea, Formosa, Man- Foods 23.5 52.2 40.6 34.8 26.3 churia, China 32.7 1.5 4.3 5.4 9.6 4.8 Raw cotton 17.8 18.0 16.8 28.9 26.4 OtherAsia 17.5 4.3 10.1 12.7 22 3 26.2 Other fibers 6.9 4.4 6.6 9.9 14.9 United States 25.1 91.9 64.7 64.2 44.1 33.2 Fuels and petroleum products 8.9 8.3 11.1 5.5 5.1 Europe 10.2 2.2 3.3 7.6 4.2 7.0 Chemical fertilizers 4.5 7.6 4.5 5.0 3.2 Mexico, Central and Ores, metals and mfrs 17.2 0.8 5.8 2.3 4.4 South America 3.1 12.5 1.5 6.9 12.8 Machinery, vehicles, etc 6.5 0.5 2.2 0.7 1.6 Restofworld 11.4 0.1 5.1 8.6 12.9 16.0 Other imports 14.7 8.2 12.4 12.9 18.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 Total. 100.0 100.0 100.0 100.0 100.0 Exports 3 Exports 3 Korea, Formosa, Man- Foods 10.4 3.5 4.1 6.6 4.7 churia, China 42.5 16.8 8.5 5.4 9.2 5.8 Cotton textiles and mfrs... 18.6 38.1 37.6 29.2 31.4 Other Asia 20.8 40 2 43.2 45.3 36.9 49.1 Silk textiles and yarns.... 13.0 19.2 6.9 8.6 6.0 United States 16.1 11.6 25.4 16.4 22.4 14.2 Other textiles and yarns. . 14.5 6.6 10.4 10.9 10.4 Europe 8.4 23.2 12.2 15.6 11.8 9.1 M^etals and mfrs 12.0 13.3 19.4 20.2 Mexico, Central and Machinery, vehicles, etc. . 8 5 11 5 9 8 9.6 Af S ri o ca uth America 3 5 . . 5 7 0 5 .2 0 0 7 . , 4 7 11 1.3 5 5 9 . . 7 0 8 7. . 9 3 Other exports 23.0 32.6 16.2 15.5 17.7 Rest of world 3.0 3.0 2.6 4.5 5.0 5.6 Total 100.0 100.0 100.0 100.0 100.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 1 Trade of Japan proper in 1936 and 1938 obtained from U. S. 1 Trade of Japan proper for 1935-37 obtained from Foreign E D c e o p n a o r m tm y, e n J t a n o u f a S ry t at 1 e 9 , 4 T 6 h . e P P o la st c w e a o r f F Ja o p r a e n ig e n se T r t a ra d d e e i n s t t a h ti e s t J i a c p s, a n S e u s - e Economic Administration, The Overseas Trade of Japan Proper, preme Commander for the Allied Powers, Japanese Economic October 1945. Postwar Japanese trade statistics obtained from Statistics. Supreme Commander for the Allied Powers, Japanese Economic 2 Includes United States aid shipments. Sta 2 3 t i I E s n x t c i c c l l u s u . d d e e s s U sp n e i c te ia d l S p t r a o t c e u s r e a m id e n s t h i o p f m g e o n o ts d . s and services for United Un 3 i t E e x d c l N ud a e ti s o n " s s p fo e r c c i e a s l in p r K oc o u r r e e a m i e n n 1 t" 9 50 o f a n g d o o 1 d 9 s 5 1 a . nd services for Nations forces in Korea in 1950 and 1951. Japan's experience in competing in the Asian in the first half of 1951 as compared to 63 per cent market as well as the complementary relationship in 1935-37. In the first half of 1951, the volume between the industrial economy of Japan and the of exports to Indonesia, Hong Kong, Malaya, the primary producing areas of Asia should facilitate Philippines, and Thailand had reached approxi- further expansion of trade in this direction. Immately 80 per cent of 1937 levels; those to India, ports of foods and industrial raw materials from Pakistan, and Burma were approximately 60 per Asian sources in the postwar period have been cent of the 1937 level. limited by the recovery of production in these areas. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN Further expansion of the supply of these products sufficient in some consumer goods and Japanese will depend not only upon economic development exports of such goods may decline. However, the in underdeveloped areas but upon further progress increased real incomes which will be realized by toward economic and political stability in these development should result in an expanded demand areas. The large-scale resumption of trade with for imports, including complex consumer goods China and Manchuria, which in the past have which are not presently part of the living standard furnished food, iron ore, and coking coal to Japan, in underdeveloped countries. To the extent that will depend upon the conclusion of a settlement in development plans provide for investment in the Korea and a general relaxation of tensions in the production of industrial raw materials, the demand Orient. Over the longer run, Japanese imports for imports in underdeveloped areas should be from Asian sources may be restricted if the pres- sustained by larger export earnings. sure of population in these areas limits the diver- Economic development in Southeast Asia should sion of foods and industrial raw materials to export operate to Japan's advantage over the longer run markets. since the value added to raw materials processed Japan's exports to Asian markets since mid-1950 into investment type goods is greater than the have reflected the increased incomes received in value added by processing textiles and other conthose areas from the production of primary prod- sumer goods. Larger net receipts of foreign exucts including tin, rubber, and rice. While there change would thus tend to accrue to Japan from has been some slackening in the demand for these expanded exports of metal products and machinery. commodities during 1951, the favorable terms at Furthermore, if economic development increases which primary products exchange for manufactures the output of industrial raw materials and food in should be sustained in the near future. Southeast Asia, it will tend to prevent further Increased Japanese exports to primary producing deterioration in the terms of trade at which Japan areas should be facilitated by the current develop- exchanges manufactures for primary products. ment plans of these areas, which provide for large Japan is committed by the Peace Treaty to enter imports for development purposes to be financed reparations negotiations with claimant countries. by grants, loans, and the release of blocked sterling The Treaty recommends that reparations be transbalances, as well as by current earnings of foreign ferred by making available the skills and industry exchange. External assistance for development in of the Japanese people in manufacturing, salvaging, Asian areas should materialize in the Mutual Se- and other services. Reparations in the form of curity Program (United States), lending by the Japanese manufactures would require service and International Bank for Reconstruction and Develop- maintenance and might develop further demand ment, Export-Import Bank (United States) loans, for the product serviced, while reparations in the the United Nations technical assistance programs, form of technical assistance might lead to increased the United Nations plan for relief and rehabilitation demand for Japanese commodity exports. in Korea, and the Colombo Plan for development Japan's postwar trade has been characterized by in the British Commonwealth areas of Southeast a large deficit in trade with the United States. As Asia. of June 30, 1951, the cumulative deficit totaled Japan's ability to capture a portion of the market 1,863 million dollars, of which 165 million accumufor investment goods in underdeveloped areas will lated following June 1950.3 The postwar deficit in depend not only upon supply conditions in Japan Japan's trade with the United States has been (prices, delivery dates, and service) but also upon almost completely offset by aid shipments from the the duration of the present tight supply of these United States, which, as of June 30, 1951, totaled goods in the United States and Western Europe. 1,773 million dollars.4 To the extent that non-Asian participation in Asiatic development is tied to expenditures within 3 Exports include "special procurement" of Japanese goods the contributing country, Japan's exports of invest- and services by the United Nations Command. 4 United States aid shipments procured from all sources, ment goods will tend to be limited. including shipments financed by United States appropriations As economic development progresses, the primary for Japanese aid and the diversion of military supplies for relief purposes, totaled 2,031 million dollars as of June 30, producing areas may become increasingly self- 1951. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN The termination of United States aid on June 30, large invisible earnings and United States aid, 1951, has presented Japan with the fundamental resulted in a surplus in external payments for this problem of reducing the imbalance in trade with period equivalent to approximately 300 million the United States. This problem will tend to dollars. In the first half of 1951 Japanese imports become increasingly critical in the event of a expanded rapidly. The visible trade deficit was settlement of the Korean conflict since more than only partly ofTset by net invisible receipts and one-half of Japan's exports for United States dollars United States aid and a deficit was experienced durfollowing June 1950 were "special procurement" ing the period. In recent months the trade deficit deliveries to the United Nations Command. has been more than offset by Japan's invisible earnings and the current account surplus in external The reorientation of Japan's trade toward other payments averaged 48 million dollars monthly in sources of supply will be facilitated by the re-estabthe four months following June 1951. lishment of the network of Japanese commercial and financial interests and the rebuilding of the The impact of the termination of United States Japanese merchant marine. aid on the balance of payments will be offset by substantial dollar payments by the United States A larger volume of Japanese trade with the ster- Government to meet local currency costs of mainling area may result from the new financial agreetaining United States forces in Japan under the ment of September 1, 1951 between Japan and the proposed Mutual Security Treaty. Since the ter- United Kingdom. The previous agreement promination of aid on June 30, 1951 the United States vided that Japan's holdings of sterling in excess of has assumed a portion of the yen costs of maintain- 17 million pounds were fully convertible into ing Occupation forces in Japan. Formerly these dollars. Because of this convertibility provision, costs were fully met out of Japanese budgetary imports into sterling area countries from Japan appropriations. were considered to be hard currency imports and Settlement of the Korean conflict would tend to were subject to sterling area exchange controls on increase dollar earnings from the expenditures of such imports. The new agreement provides that United States military personnel if troops now in Japan's holdings of sterling are inconvertible into Korea were sent to Japan, and the decline in earndollars. During the postwar period Japan has ings from "special procurement" deliveries to tended to accumulate sterling balances. Under the United Nations forces might be offset to some new agreement, exports to sterling area countries extent by United Nations outlays for relief and may be limited by Japan's inability to obtain derehabilitation in Korea. With the recovery of sired amounts of imports with her sterling earnings sovereignty and the expansion of Japanese commerand by her unwillingness to accumulate additional cial services, increased foreign exchange earnings inconvertible sterling balances. can be expected from shipping and from insurance Another development which could materially and banking services. afreet Japanese trade in the future would be Japa- Japan has joined several international organizanese accession to the General Agreement on Tariffs tions in the past year and has indicated interest in and Trade. At the present time, countries particimembership in additional international bodies. If pating in GATT are not required to grant Japan Japan should become a member of the United the tariff reductions negotiated between members, Nations and affiliated agencies she would be obliand most-favored-nation treatment is extended to gated to pay a pro-rata share of the operating costs Japan on a voluntary basis. GATT membership of these agencies. Future Japanese membership in in the future would tend to assure Japan of access the International Monetary Fund and the Interto world markets on a nondiscriminatory basis. national Bank for Reconstruction and Development Balance of payments. Japan's net foreign ex- would obligate Japan to transfer substantial amounts change reserves as of October 31, 1951 were of foreign exchange to these agencies in payment equivalent to 723 million dollars (597 million in of her capital subscription. In the longer run, dollars and 45 million in pounds sterling). During membership in the Fund and the Bank may give the last half of 1950 the persistent postwar trade Japan access to the lending resources of these indeficit was reversed and there was a small surplus stitutions. Japan's accession to the International in visible trade. This trade surplus, together with Wheat Agreement in 1951 will tend to reduce the JANUARY 1952 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN annual cost of wheat imports if wheat prices remain tion of the yen proceeds from the sale of aid shipat existing levels. ments have been employed to retire government Finally, the Japanese balance of payments will be debt. Between March 31, 1949 and June 30, 1951, affected by the settlement of external claims against the internal debt of the Japanese Government was Japan, in particular the claims arising out of United reduced from 587 billion yen to 345 billion or by States aid to Japan, the liquidation of Japan's pre- 41 per cent. The supplementary budget for the war bonded indebtedness, and reparations claims. current Japanese fiscal year (ending March 31, Post-Treaty financial claims settlements. Among 1952), and also the general budget proposed for the claims pending against Japan is the United 1952-53, provide for moderate increases in both States claim arising from postwar aid extended to receipts and expenditures. Japan. United States appropriations for Japanese A second important element in the Stabilization aid in the postwar period totaled 1.8 billion dollars. Program has been the practice of sterilizing the Japan's prewar foreign exchange bonds include balance-of-payments surplus. Normally holdings 67.6 million dollars of dollar bonds and 61.1 million of foreign exchange are transferred by exporters pounds of sterling bonds which, together with and other holders to the banking system in exaccumulated interest since 1941, amount to an change for domestic currency (demand deposits or external indebtedness equivalent to approximately currency), thereby tending to increase the money 360 million dollars. Early negotiation for a settle- supply. In Japan, the excess of foreign exchange ment of these claims, which Japan is obligated to receipts over payments has been largely acquired conclude under the terms of the Peace Treaty, may by the government (Foreign Exchange Control result from Japanese interest in inducing foreign Board) against yen appropriated out of budgetary investment and establishing external credit facilities. revenues. Appropriations totaling 120 billion yen The third important claim against Japan will (333 million dollars) have been made for this purarise from reparations claims of countries in South- pose in the three years ending March 31, 1952. east Asia. In the early postwar period some items Responsibilities assumed by Japan under the of industrial equipment were delivered to China, Peace Treaty will require heavy yen outlays and the Philippines, the Netherlands, and the United tend to reduce budgetary surpluses in the future. Kingdom, and Japanese overseas assets valued at Japanese commitments under mutual security aran estimated 3 billion dollars were transferred by rangements with the United States and the costs expropriation. The transfer of industrial equipof arming and maintaining an expanding Japanese ment was halted in the spring of 1949 and since defense establishment may exceed the annual rate that time no reparations transfers have been made. of 90-110 billion yen formerly paid to cover the The Peace Treaty affirms Japan's liability for reparacosts of Occupation. tions and commits Japan to negotiate settlements Yen appropriations will have to be made to of these claims. service and liquidate foreign claims, and the Substantial transfers of foreign exchange will be magnitude of the obligations arising out of United required to service the various external claims States aid, foreign currency bonds, and reparations acknowledged by Japan. The successful liquidaclaims indicates that raising sufficient yen revenues tion of these claims will be facilitated by the willingfor these purposes may become a pressing problem. ness of Japan's creditors to accept payment in ex- Beginning in Japanese fiscal year 1951-52, inports of goods and services from Japan. Fiscal problems. Since further expansion of Jap- creasing revenues should be derived from customs anese foreign trade will be of critical importance, duties. The previous tariff law prescribed specific it is imperative that fiscal, monetary, and exchange tariff rates which had little relevance in the postrate policies be implemented which will limit in- war period because of the depreciation of the yen. creases in prices and thus help to maintain the com- The new law imposes ad valorem rates and is petitive position of Japanese exports. moderately protective. Under the "Dodge" Stabilization Program in- Central and commercial banking problems. While augurated in April 1949, the Japanese Government the initial impetus to post-Korean increases in has been in an unusually sound fiscal position. Japanese prices came from strong external demand Large budgetary surpluses and a substantial por- conditions, the higher price levels were quickly 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN JAPANESE MONEY SUPPLY which totaled 72 billion yen. The ratio of cash End of Month reserves (including deposits in the Bank of Japan) to total deposit liabilities was only 2 per cent. Commercial bank holdings of cash, deposits in the Bank of Japan, and government securities amounted to only 5 per cent of deposit liabilities as of June 30, 1951, as compared with 21 per cent at the beginning of the Stabilization Program on April 1, 1949. In the absence of legal reserve requirements, the ultimate check on the credit expansion of the Japanese banking system has been the drain of currency into circulation as prices and incomes rose. During the stabilization period following March 1949, when a substantial portion of the government debt was being retired, the Bank of Japan, in order to avoid a curtailment in the currency circulation (with a resulting multiple contraction of bank credit), expanded its holdings of other earning assets to offset the decline in its holdings of NOTE.—Deposits include current and ordinary deposits in all government debt. These assets have included both Japanese banks except the Bank of Japan; they exclude time, loans to the financial system and, following Septemsavings, notice, special, and government deposits. Source.—Bank of Japan, Financial Statistics Monthly. ber 1950, foreign exchange loans to importers through the commercial banks. In the 27 months bolstered by a rapid increase in the money supply, following March 1949, Bank of Japan holdings of as shown in the chart. government securities declined from 282 billion The liquidity of the Japanese banking system has yen to 172 billion while its other earning assets declined steadily in the postwar period. Legal reserves are not required of commercial banks GOVERNMENT DEBT AND BANK CREDIT IN JAPAN under existing banking legislation and Japanese Billioi of Yen End of Month Billions banks customarily hold minimum cash reserves. 1600 While the negligible reserves of the banking system / magnify the power of the central bank to control monetary and credit expansion, in practice the / BANK CRECIT / close relationship between the lending policies of * the Bank of Japan and those of the banking system / has intensified political and economic pressure on J / the Bank of Japan to maintain an expanding supply of credit to commerce and industry. In the 12 months following June 1950 commer- / cial bank borrowing from the Bank of Japan increased by 55 billion yen (50 per cent) while the \ GOV1DEBT - / cash holdings of banks plus their deposits in the /~7 Bank of Japan increased by 3 billion yen to 25 y / billion. During this period the loans, discounts, and securities of commercial banks increased by - 459 billion yen (50.5 per cent) while deposit liabilities increased by 407 billion yen (47 per cent). As of June 30, 1951 bank borrowings from the NOTE.—Government debt includes National Government yen bonds, short-term securities, Reconversion Finance Bank de- Bank of Japan amounted to 166 billion yen, six bentures, and advances to the Government by the Bank of and a half times their cash reserves and more Japan. Bank credit includes loans, discounts, and securities of all Japanese banks except the Bank of Japan. than double their capital and surplus accounts, Source.—Bank of Japan, Financial Statistics Monthly. JANUARY 1952 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN expanded sharply from 68 billion yen to 408 billion. rial supply may become critical if output is to be The ratio of its government debt holdings to its expanded substantially. other earning assets declined from 415 to 42 per Further expansion of Japanese industrial procent. During this period the corresponding ratio duction will depend upon the capital accumulation for Japanese commercial banks declined from 17 of the Japanese economy and the magnitude of to 2 per cent. foreign loans and grants. Because of the low Production and capital formation. Further im- levels of Japanese incomes in the postwar period, provement in the Japanese living standard and ex- both absolutely and in relation to earlier levels, perternal trade will depend upon the continued ex- sonal and business savings have provided only a pansion of Japanese production. Following mid- minor portion of the investment funds required 1950 the strong external demands for Japanese by Japanese commerce and industry. The bulk of exports stimulated increases in production which these funds has been made available by inflationary permitted fuller use of available Japanese produc- bank credit expansion. However, the high rates of tive capacity than in the earlier postwar period. profit currently earned in Japanese industry and trade should result in a significant increase in In the earlier period production was handicapped business and personal savings. by a traditional paternalism under which retrenchment was not sought by reducing employment and Postwar foreign assistance to Japan has been confined to expenditures for relief and rehabilitabusiness losses were sustained in large part by bank tion and has therefore made only an indirect concredit expansion. tribution to Japanese capital endowment. For Industrial production in the second quarter of example, the United States Aid Counterpart Fund 1951 was 51 per cent greater than in the corre- (proceeds from sales of aid shipments) has been an sponding period of 1950 although employment in important source of investment funds for the shipmining and manufacturing declined by 6 per cent. building and public utilities industries in Japan. Since the average number of hours worked per When United States defense programs were being man in industry increased slightly (4.4 per cent), reviewed and expanded following the outbreak of the total number of man-hours required to produce hostilities in Korea, both the United States and 51 per cent more goods actually declined by 2 Japanese press frequently referred to "United per cent. States-Japanese economic cooperation" and there Similarly, the relative increase in total wage pay- was much conjecture regarding the form this coments was much less than the increase in physical operation would take. Among the alternatives production. Cash wages per worker in industry discussed have been the possibility of United States were 27 per cent greater in the second quarter of loans to expand Japanese electric power capacity, 1951 than in the second quarter of 1950. Since direct loans to Japanese industries to promote the wholesale prices averaged 53 per cent higher in the output of defense materials, and the shipment to second quarter of 1951 than in the same quarter Japan of industrial raw materials to be processed of 1950, the value (at wholesale prices) of Japanese into defense equipment. The time required to deindustrial production increased by approximately velop industrial capacity in Japan will undoubtedly 130 per cent while total labor costs increased by limit United States assistance of this nature. At approximately 20 per cent. present United States employment of Japanese pro- Substantial expansion of output accompanied by ductive capacity is limited to "special procurement" relatively smaller increases in the cost of production of supplies in support of United Nations forces in has established a margin of considerable depth in Korea and limited amounts of ofTshore procurewhich Japanese prices can be reduced without re- ment for Mutual Security Administration programs ducing profits below pre-Korean levels. While in Southeast Asia. industrial production has expanded at an unprece- Private foreign investment in Japan has been at dented rate in 1950-51, the possibility of further a relatively low level in the postwar period, and substantial increases in output with the present only in the year following June 1950 did the rate labor force and industrial plant is less certain. exceed 5 million dollars yearly. The low rate of Electric power has been chronically in short supply private foreign investment has resulted not only in the postwar period and problems of raw mate- from unwillingness of foreign investors to risk 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS FACING POST-TREATY JAPAN outlays in Japan but also from legal obstacles to Short-run prospects of continued Japanese trade foreign investment. Recent changes have been expansion appear to be favorable. Current rearmaproposed to liberalize existing legislation regulat- ment plans and stockpiling should sustain effective ing foreign investment. If such changes are made, demand for Japanese exports in underdeveloped increased amounts of private foreign investment Asian countries while continued hostilities in Korea in Japan may follow. or subsequent rehabilitation plans for Korea should provide Japan with an immediate market for ex- CONCLUSIONS ports of manufactures. Japan is distinguished from other "overpopu- Over the longer run, the external position of lated" areas of Asia by a relatively advanced state Japan will depend upon the maintenance of high of industrialization, a higher standard of living, levels of economic activity and world trade. Curand by an economic and social organization rent plans for economic development in Asia, if adapted to a high rate of capital formation. Inimplemented by adequate external aid, will help dustrialization and the pressure of population have to sustain effective demand in this area. More made Japan extremely dependent on foreign trade. important, it should result in the development of Further recovery of Japanese trade will depend not new sources of food and industrial raw materials only upon continued expansion in Japanese proto replace Chinese and Manchurian sources, which duction, but upon the implementation of fiscal, may tend to become of diminishing importance to credit, and exchange rate policies which will main- Japanese import trade. tain the competitive position of Japanese exports. Evaluation of future economic developments in Japanese prices increased rapidly following mid- Japan must take into account the resourcefulness 1950 and after a brief period of stabilization in the of the commercial and industrial interests in Japan. summer of 1951 resumed their increase although The constant pleas for protection from Japanese at a reduced rate. While the initial impetus to competition in other countries attest the ability of these price increases came from changes in external price and demand conditions, they were followed Japan to penetrate foreign markets and to create by a comparable increase in the money supply and a demand for Japanese products. Recovery of in bank credit. It is not clear that the inflationary sovereignty and the rebuilding of the Japanese pressures which retarded Japanese recovery prior merchant marine and external structure of banking to the "Dodge" Stabilization Program may not and commercial representation will facilitate Japan's again hamper expansion in production and trade. efforts to solve her economic problems. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES BULLETIN NUMBER 2 (REVISED) OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEE—BUSINESS CAPITAL EXPENDITURE FINANCINGx The Voluntary Credit Restraint Committee has other public transportation, electric, gas and water reviewed the outlook for business spending on plant utilities; loans under certain conditions to construcand equipment and has revised Bulletin Number 2 tion companies with bona fide contracts for the as follows: construction of defense facilities, highways, schools, port improvements, public utilities or railroads. 1. The economic outlook suggests the need for continued careful screening, under the Program, of 3. Among the nonessential uses of long-term all business capital financing programs. Business financing that might be postponed to a more prospending on plant and equipment is at record pitious time are those for such purposes as: (1) levels and is contributing to shortages of basic construction of facilities to improve the competimaterials. The prospects are that plant expansion tive position of an individual producer of nonprograms will remain at high levels for some time essential goods; (2) expansion and modernization to come; business requirements for outside financ- expenditures of concerns in distribution or service ing are expected to remain large during 1952. At lines where the distribution or service is not dethe same time, the supply situation in several basic fense-supporting; (3) expansion and modernization raw materials is likely to become worse before it programs for the manufacture of consumer goods improves. Consequently, financing institutions not related to the defense efTort; and (4) purchase should exert continued devoted efforts to channel of existing plants or firms to improve the diversificafunds used by business concerns into defense, de- tion of a company's products. fense-supporting and essential civilian purposes. 4. The purpose for which funds will be used, Plant expansion for nondefense and nonessential rather than the type of financing is the important purposes consumes scarce materials and syphons off consideration in screening capital expenditure funds which might better be used to finance the financing under the Program. Thus, it is recomdefense efTort. Thus it becomes a menace to the mended that all types of security issues be screened soundness of the American dollar. Such outlays —term loans, notes, debentures, bonds, preferred have apparently been large in 1951, although, stock, common stock, sale-lease-back arrangements thanks to careful screening, the amount financed by or any other form of financing. Interim financing borrowed money and stock issues has been held should be screened by the same tests that will be to a moderate sum. applied to the screening of the ultimate financing. However, there will come a time when these 5. Financing institutions are urged to give equal nondefense plant expenditures will afford welcome consideration to the needs of small as well as large support to business and employment. Business business in screening applications for long-term management and finance can jointly do a great financing. public service both now and later by timing plant 6. The financing of business plant and equipoutlays and the financing thereof with full consider- ment programs should be screened under the Proation of the foregoing factors. gram even though the project has received a cer- 2. Typical of the uses of funds which have a tificate of tax amortization, or has been allotted high priority under present conditions are the materials under the Controlled Materials Plan. Such following: increasing capacity for the production certificates or allotments are important factors of defense goods and of basic raw materials (such which should be given substantial weight by financas metal and petroleum); loans to railroads and ing institutions and by the regional committees in their ^screening, under the Program, of a financing 1 Statement issued by National Voluntary Credit Restraint proposal, but such certificates or allotments should Committee on Dec. 19, 1951 for release on Dec. 21, 1951. 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES not automatically exempt financing from evaluation payments and thus were a source of funds, the under the Program. Such screening is welcomed reverse may well prove to be the case in 1952. The by the Office of Defense Mobilization. acceleration of tax payments in the first half of the 7. Since there may be cases in which business year as the result of the "Mills plan" and the probmanagement has decided for policy reasons against ability that corporations in general have not fully applying for a certificate of tax amortization, the provided for their income tax liabilities also mean absence of such a certificate should not be taken that the financing requirements of many comas conclusive evidence that proposed financing of panies will be unusually heavy in the next few a plant program does not conform to the lending months. standards of the Voluntary Credit Restraint Pro- At the same time, retained earnings plus depregram. ciation accruals are expected to show little if any In conjunction with the issuance of the revised increase from the 1951 level. Thus, corporations Bulletin Number 2, the National Voluntary Credit may well require a large volume of financing from Restraint Committee made the following statement: external sources such as commercial banks, life insurance companies, and the securities markets FINANCING OF BUSINESS CAPITAL EXPENDITURES during 1952. High level of business investment. Business spend- These prospects suggest the need for an especially ing on plant and equipment is currently at record careful screening of business financing programs levels and is likely to remain relatively high for during the next few months. That there is room some time to come. In the fourth quarter of 1951, for restricting nondefense uses of funds is suggested it is estimated that such spending was at the rate by the data on corporate new capital securities of 25 billion dollars per year, and for the year the issues, including private placements, during the total is likely to be 23 billion or more. These fig- first nine months of 1951. The aggregate of such ures reflect recent Department of Commerce re- financing, 5.3 billion dollars, was significantly visions of plant and equipment expenditure esti- larger than in the comparable period in 1950. Of mates, and represent a 15 per cent increase over this total, an estimated 3.9 billion was accounted 1948, the previous record year. for by such defense and defense-supporting indus- Of the total for 1951, nearly 12 billion dollars tries as railroads, public utilities, and manufacturers will be accounted for by manufacturing and of iron and steel, nonferrous metals, machinery, mining, nearly 6 billion by public utilities and and other transportation equipment, chemicals, transportation, and the remaining 5 billion by rubber and petroleum. Of the remaining 1.5 trade, service and other. While a substantial part billion, roughly one-half reflected financing by of these expenditures doubtless represents additions manufacturers of food, beverage, and tobacco prodto productive facilities that are essential to the de- ucts, paper, construction materials and house furfense effort, it seems likewise obvious that a large nishings and appliances, and the balance repreamount represents expenditures that might better sented issues by trade, financial and other comhave been postponed until labor and materials panies. were in more plentiful supply. Some decline from Government policy re plant expansion. In part, the the record fourth quarter level would not be un- current record levels of business spending reflect expected, but present indications are that total Government policy. Through subsidy and exexpenditures in 1952 may be about as large as for ploration contracts, efforts have been made to in- 1951. crease supplies, largely, of basic raw materials. Of Need for outside financing. The amount of financ- greater aggregate significance is the incentive to ing to be done via the securities market, private plant expansion provided by accelerated amortizaplacements and the commercial banks may be about tion for tax purposes. Under this program some as large in 1952 as it was in 1951; the need for 4,300 certificates of tax amortization have been outside financing is likely to be especially heavy issued covering proposed plant investments amountduring the first half of the year. Payments of ing to 10.6 billion dollars. Federal income and excess profit taxes will be The {lesire to build at great speed a plant casubstantially larger in 1952. Furthermore, whereas pacity sufficient to meet simultaneously the dein 1951 accruals for tax liabilities ran in excess of mands of the defense program and the require- JANUARY 1952 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES ments of a high standard of living civilian economy, by the Office of Defense Mobilization through the has meant that it has not been feasible, until process of screening financing for business expanrecently at least, to give much attention to the sion even though the projects may have received development of well-integrated programs in the certificates of tax amortization, allotment of mavarious sectors of our tremendously complex econ- terials under C.M.P., or some other similar recogomy. Incentives to plant expansion have not been nition. limited to defense plants, narrowly defined, but There may be additional reasons for screening have been given to a fairly broad list of industries. the financing of such projects under the Program. On the other hand, first through N.P.A. cer- A certificate of tax amortization does not necessarilytificates and other controls over construction and mean that financing is required immediately since currently by means of the Controlled Materials a considerable period may elapse before the mate- Plan efforts have been made to limit less essential rials will become available. Premature financing construction. But C.M.P. is still in its formative increases the probability that funds may be diverted stages. The practice of "over-allotting," has been to other uses not related to the project for which followed, based on the premise that not all allot- a certificate has been obtained. In some cases only ments would be utilized, and it has been stated that part of a plant project may be classified as "essenan allotment is no guarantee that the specified tial" whereas the financing program may cover the materials will in fact be available. Self-certifica- entire venture. The character and type of financing tion allows some use of materials without specific proposed should be appropriate to the circumcontrol under the Program. stances: thus, it would seem reasonable to insist These comments underline the difficult problems upon reasonably adequate debt retirement proencountered in trying to determine, for the expan- visions in the case of projects which have received sion of productive plant and for the allotment of certificates of tax amortization. It is conceivable short materials, policies appropriate to a part- that there may be cases in which financing institudefense, part-civilian economy. The difficulties are tions, because of their intimate knowledge of a probably greater than they would be under con- local situation, may have reason to doubt whether ditions of all-out war. Assistance under the Volun- a given project has a reasonable chance of achieving tary Credit Restraint Program will be welcomed its objectives. BULLETIN NUMBER 4 (AMENDED) OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEE—LOANS ON REAL ESTATE At the meeting of the National Committee on the Program and should be screened as to purpose. November 15, 1951, it was agreed that if the Board This principle should apply to existing construction of Governors should decide to exempt leasing ar- of all types and should also apply to new construcrangements from Regulation X there should be an tion of commercial or industrial property, since amendment of Bulletin No. 4 (revised). Effective leasing arrangements involving commercial or in- December 31, 1951, as indicated on page 27 of dustrial property are no longer subject to Regulathis BULLETIN, the Board amended its Regulation X tion X. Some examples of leasing arrangements so that leasing arrangements involving new conwhich may be used as substitutes for mortgage struction of commercial and industrial property are credit and where, if this is the case, the above prinno longer subject to that regulation. Therefore, ciple (i.e., screening as to purpose) should apply the last paragraph of Bulletin No. 4 was amended are sale-lease-back arrangements, long-term leases to bring these leasing arrangements within its which may be renewed for a nominal rental, and purview. The amended paragraph follows: leases in which the lessee has the right to have 5. LEASING ARRANGEMENTS. The Committee also urges financing institutions to recognize that leas- rental payments applied to the purchase price in a ing arrangements sometimes are used as substitutes subsequent exercise of an option to buy the leased for mortgage financing and therefore come within property. 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES LIFE INSURANCE COMPANY LOAN AND INVESTMENT COMMITMENTS 2 Federal Reserve Board Governor Oliver S. Powell, applied to life insurance companies, since they Chairman of the National Voluntary Credit Re- do not cover loans and investments deferred in straint Committee, made public today an important accordance with the principles of the Program. new series of financial data relating to the loan Nevertheless, they constitute a new and important and investment commitments of life insurance source of information on the lending and investcompanies. In so doing, he called attention to the ment activities of one of the major groups of financfact that there has been an increase in the propor- ing institutions. tion of life insurance company funds earmarked Between the end of April and the end of August for the financing of defense and defense-supporting outstanding commitments of the 45 life insurance activities, as revealed by the commitments figures companies declined by roughly 750 million dollars. for 45 life insurance companies. Of a total of Of this amount, 420 million was accounted for 4.0 billion dollars of commitments outstanding at by residential real estate mortgage loan committhe end of October, roughly 46 per cent were to ments and roughly 240 million by other nondefense borrowers classed by the reporting companies as financing commitments. As commitments for defense or defense-supporting; as of April 30 such individual business mortgage loans of less than borrowers had accounted for about 37 per cent of $100,000 and foreign securities marketed for United outstanding loan and investment commitments. States dollars were first included in the Septem- Since life insurance company financing commit- ber figures, the increase in outstanding commitments frequently extend over a long period of time, ments during September is not indicative of trends any shift from the nondefense to defense and de- in life insurance company lending and investment fense-supporting categories would of necessity be activities. However, comparison of the September gradual. However, figures on new commitments and October commitments totals reveals a moderate entered into, whose collection was begun in Sep- increase during the latter month. tember, reveal an increase in the proportion of Financing of plant and equipment expansion defense and defense-supporting to total new comaccounts for the greater part of the proposed uses mitments from 46 per cent in September to 48 of funds by borrowers in nondefense industries; the per cent in October. So far as new commitments same is probably true for borrowers in defense and made to finance defense and defense-supporting defense-supporting industries, since those which activities are concerned, the data reveal that from are engaged in extensive expansion of productive September to October there was a decline in those capacity—including railroads, electric and gas to railroads and public utilities, whereas those to utilities, and manufacturers of iron and steel, ma- "business and industrial concerns," primarily manuchinery, petroleum, and chemical products—acfacturing companies, increased sharply both in counted for a large proportion of commitments outabsolute amount and in relation to total new comstanding at the end of October. mitments of all types. Of the 4.0 billion dollar total of life insurance These and other relevant statistics on the lending company commitments outstanding on October 31, and investment activities of life insurance comit was estimated by the reporting companies that panies have been compiled for the National Volun- 2.5 billion wTould be taken down within the ensuing tary Credit Restraint Committee by the Life Insix months. In the case of business other than surance Association of America from reports subrailroads and public utilities, about half of the mitted by 45 companies whose combined assets commitments outstanding at the end of October represent 85 per cent of all life insurance company are expected to be taken down sometime after assets. These data do not permit a full appraisal April 1952; for most other borrowers, the bulk of of the Voluntary Credit Restraint Program as their outstanding commitments are expected to be 2 Statement issued by the National Voluntary Credit Re- taken down during the fourth quarter of 1951 and straint Committee on Dec. 18, 1951 for release on Dec. 20, the first quarter of 1952. 1951. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES APPOINTMENTS TO REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES REPRESENTATION OF FRATERNAL INSURANCE Thomas R. Heaney, President, Catholic Order of ASSOCIATIONS3 Foresters, 30 North La Salle Street, Chicago 2, Illinois (alternate) The National Voluntary Credit Restraint Commitee has completed arrangements whereby the John P. Stock, President, The Maccabees, 5057 fraternal insurance associations of the country will Woodward Avenue, Detroit 2, Michigan (alterbe represented along with other important classes nate) of financing institutions in the regional committee Southwestern Insurance Voluntary Credit Restraint organization of the Voluntary Credit Restraint Pro- Committee gram. Under this plan representatives of the Anton E. Hill, Secretary, The Praetorians, Praetorifraternal associations have been appointed to the ans Building, Dallas 1, Texas existing regional insurance committees, which have Alan Brown, President, Woodmen of the World, headquarters in New York, Chicago, Dallas, and 1447 Tremont Place, Denver 2, Colorado (alter- San Francisco, respectively. Fraternal associations nate) are invited to submit to the appropriate insurance committee any questions which they may have with West Coast Insurance Voluntary Credit Restraint respect to the applicability of the adopted principles Committee of the voluntary program to specific items of Joseph A. Bradley, Box 548, San Mateo, California financing. Minerva Codding, Grand Guardian, Neighbors of The appointments made by the National Com- Woodcraft, 1410 S. W. Morrison Street, Portland mittee are shown below: 5, Oregon (alternate) Eastern Insurance Voluntary Credit Restraint THIRD DISTRICT COMMERCIAL BANKING Committee COMMITTEE 4 Ernest R. Deming, President, The Unity Life and The National Voluntary Credit Restraint Com- Accident Insurance Association, 636 South Warmittee has approved certain changes in the memberren Street, Syracuse 1, New York ship of the Third District Commercial Banking Norman MacKay, Secretary, Order of Scottish Voluntary Credit Restraint Committee. Clans, 899 Boylston Street, Boston 15, Massachu- Mr. Glenn K. Morris, President of the National setts Bank of Germantown & Trust Co., Philadelphia, Michael }. Wargovich, President, The First Catholic Pennsylvania, who had been serving as an alter- Slovak Union of the United States of America, nate, has been appointed a member of the Com- 3289 East 55th Street, Cleveland 27, Ohio (altermittee, while Mr. J. Wilson Steinmetz, Vice Presinate) dent of The Philadelphia National Bank, succeeds Mr. E. L. Worstall, also a Vice President of The Mid-Western Insurance Voluntary Credit Restraint Philadelphia National Bank, as an alternate mem- Committee ber. Mr. Steinmetz formerly had been a mem- Luke E. Hart, General Counsel, Knights of Columber of the Committee while President of the Ninth bus, La Salle Building, St. Louis 1, Missouri Bank and Trust Company, Philadelphia. Mr. De E. Bradshaw, Chairman of the Board, Wood- Henry Knepper, President of the First Camden men of the World Life Insurance Society, Insur- National Bank & Trust Co., Camden, New Jersey, ance Building, Omaha 2, Nebraska has joined the Committee as an alternate member. 8 Statement of National Voluntary Credit Restraint Com- 4 Statement issued by National Voluntary Credit Restraint mittee issued Jan. 3, 1952 for release on Jan. 4, 1952. Committee on Dec. 12, 1951 for release on Dec. 14, 1951. 26 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 Real Estate Credit In connection with new residential construction, lenders and builders should note the statutory pro- Amendments to Regulation X visions regulating certain kinds of leasing arrange- The Board of Governors of the Federal Reserve ments. In this respect, the Defense Production Act, System, effective December 31, 1951, issued an as amended, defines "credit" as including, among amendment to Regulation X, relating to real estate other things, "any rental-purchase contract, or any credit, to exempt extensions of credit in connection contract for the bailment, leasing, or other use of with the leasing of nonresidential properties from property under which the bailee, lessee, or user has the down payment and maturity requirements of the option of becoming the owner thereof, obligates the regulation. Concurrently, the National Vol- himself to pay as compensation a sum substantially untary Credit Restraint Committee amended the equivalent to or in excess of the value thereof, or last paragraph of Bulletin No. 4 so as to bring has the right to have all or part of the payments within the purview of such Bulletin leasing arrange- required by such contract applied to the purchase ments involving new construction of commercial price of such property or similar property; any and industrial property as well as leasing arrange- option, demand, lien, pledge, or similar claim ments involving existing construction of all types. against, or for the delivery of property or money; Leases on new residential construction are not af- any purchase, discount, or other acquisition of, or fected by either the amendment to Regulation X or any credit under the security of, any obligation or the revision in the Voluntary Credit Restraint claim arising out of any of the foregoing; and any Bulletin. transaction or series of transactions having a similar In exempting nonresidential leases on new con- purpose or effect." This definition of credit also struction from Regulation X, the Board of Gover- has been incorporated in Regulation X. nors gave consideration to the fact that transactions The text of the amendment to Bulletin No. 4 of of this particular kind tend to be specialized in the National Voluntary Credit Restraint Committee character and to represent but a relatively small is published on page 24 of this issue of the BULportion of aggregate financing. It is believed that LETIN, and the text of the amendment to Regulation such leasing arrangements, particularly sale-lease- X is as follows: back arrangements, may be effectively restricted AMENDMENT NO. 8 TO REGULATION X through the Voluntary Credit Restraint Program, which will call for a screening as to the purpose of Issued by the Board of Governors of the Federal Reserve System. any such contemplated credit extensions. If subsequently it becomes evident that an excessive in- Regulation X is hereby amended as follows, crease in new nonresidential construction has oc-effective December 31, 1951: curred through abnormal employment of nonresi- 1. Add the following new subsection (o) to dential leasing arrangements of the above type, con- section 5: sideration would be given to restoring nonresiden- (o) Nonresidential Leases. — The prohibitions tial leases to coverage by Regulation X. of section 4 of this regulation, except subsection Credit extended in connection with certain types 4(a)(5), shall not apply to any extension of real of nonresidential leases continues to be affected by estate construction credit which is a contract for the regulation. This is described in a footnote to the leasing of nonresidential property.1811 the nonresidential leasing amendment and includes cases where there is borrowing to finance nonresi- Ua Leases exempt under this subsection shall be considered dential construction on leased land and cases where "subject to" the regulation for purposes of subsection 4(a)(5). Moreover, even though contracts for the leasing nonresidential leases are used as collateral for loans. of nonresidential property are exempt to the extent provided JANUARY 1952 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The Board of Governors of the Federal Reserve resold. For example, if the property was originally System, with the concurrence of the Housing and purchased in November 1950 and is being resold in Home Finance Administrator, effective January 9, January 1952, may credit extended to the purchaser 1952, issued an amendment to Regulation X, relat- in the resale have a maturity of twenty years? ing to real estate credit, designed to clarify the It is the opinion of the Board that credit extended position of veterans and other persons financing the to the purchaser in such a case may have a maturity purchase of a home in cases where secondary loans of twenty years even if the purchaser refinances, are combined with loans made, insured, or guar- assumes, or takes the property subject to, existing anteed by a department or agency of the United indebtedness. For purposes of Regulation X, there States Government. is in such cases an extension of credit at the time The text of the amendment is as follows: of the resale, and, accordingly, the maximum permissible maturity of credit extended to the pur- AMENDMENT NO. 9 TO REGULATION X chaser should be calculated from such time. Issued by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home Consumer Credit Finance Administrator. Court Proceedings Regulation X is hereby amended as follows, effective January 9, 1952. On January 3, 1952, the United States District Court in St. Paul, Minnesota, fined Walter Lange 1. Add the following new subsection (p) to $1,000 and sentenced him to six months' imprisonsection 5: ment for violating Regulation W, Consumer Credit. The Court suspended the prison sentence and (p) Certain Government-aided Loans. — The placed Lange on probation for three years. Lange's prohibitions of subsections (a) and (b) of section sister-in-law, Charlotte Lange, doing business as 4 of this regulation shall not apply to a secondary Lange Television Sales, was also placed on probaloan to a borrower when the primary loan is tion for a year and a day. The Court's action made, insured, or guaranteed, in whole or in followed pleas of guilty by Walter Lange and nolo part, by any department or agency of the United contendere by Charlotte Lange to an information States, if (1) the total amount of the primary charging both with having wilfully sold television and secondary loans does not exceed the maxisets without obtaining the cash down payments mum loan which legally could have been made, required by Regulation W and failing to keep insured, or guaranteed by the department or proper records of these transactions. agency for the borrower, and (2) the department or agency approves the making of the secondary On January 4, 1952, the United States District loan. Court in Missoula, Montana, fined Clyde Fitz, doing business as Northwest Finance Company, Maximum Maturity in Resale Hamilton, Montana, $1500 for conspiring to vio- A Registrant under Regulation X has inquired late Regulation W. The defendant, who pleaded through a Federal Reserve Bank as to the maxi- guilty, was engaged in financing the sale of automum permissible maturity of credit extended to a mobiles. purchaser of residential property which is being Amendments to Regulation W in subsection (o) above, in cases where there is borrowing The Board of Governors of the Federal Reserve to finance nonresidential construction on leased land, and System, effective December 31, 1951, issued a techunder the contract for leasing the lessee has the option of nical amendment to Regulation W, relating to conbecoming the owner of the land, or has the right to have all or part of the payments required by the contract sub- sumer credit, designed to conform the provisions of sequently applied to a purchase of the land, or obligates the regulation to certain regulations of the Office himself to pay a sum substantially equivalent to or in excess of the value of the land, the amount of credit outstanding of Price Stabilization, including Ceiling Price Regby reason of the lease must be taken into account in deter- ulation 94, which establishes maximum retail mining the amount of additional credit which may be exprices for used automobiles. tended to the lessee to finance the construction. In such cases, the amount of credit outstanding by reason of the The amendment provides in substance that the lease shall be considered to be the appraised value of the maximum amount of money that can be loaned for land less any amounts which have been paid and which are applicable to the purchase of the land. the purchase of a listed article subject to Regulation 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT W shall be not more than the specified percentage ment to Regulation W, relating to consumer credit, of the cash price but in no event more than that removing all 1942 and older model automobiles percentage of the maximum retail price established from the list of articles subject to the provisions of by Federal authorities. This restores the form of the regulation. the provisions applying to maximum loan values Although about 40 per cent of all passenger autothat were in effect during the latter part of World mobiles now in use are prewar models, the change War II. is not expected to have any appreciable effect on The text of the amendment is as follows: the general credit situation. Greater risk is involved in financing older model cars and as a result AMENDMENT NO. 5 TO REGULATION W terms actually made available by sellers and lenders Issued by the l^oard of Governors of the Federal Reserve have in general been more stringent than those System. required under Regulation W. Regulation W is hereby amended in the follow- The text of the amendment is as follows: ing respects, effective December 31, 1951: 1. By amending Part 4 of the Supplement to the AMENDMENT NO. 6 TO REGULATION W regulation to read as follows: Issued by the Board of Governors of the Federal Reserve Part 4. Calculation of down payment and maxi- System. mum loan value for listed articles.—The required Regulation W is hereby amended in the followdown payment and maximum loan value for a ing respects, effective January 2, 1952: listed article shall be the specified percentage of 1. By adding after the word "Automobiles" in the cash price of the article. The amount of Item 1, Group A, Part 1 of the Supplement to the credit extended in connection with any article regulation the words "of year-model later than for which a maximum retail price is prescribed by 1942." Federal price authorities shall in no event ex- 2. By adding the following sentence at the end ceed the amount which would have been perof section 6(j): mitted if the article had been sold at the maxi- Any credit outstanding in connection with the mum retail price. Such required down payment purchase of any property used as a trade-in shall may be obtained in the form of cash, trade-in, be deemed to be credit for financing the puror both. chase of the article with respect to which the If the cash price of an article listed in Group trade-in is made. D cannot be determined at the time the required down payment must be obtained or at the time Floor or Wall Furnaces of the loan, (1) the Registrant may substitute From time to time questions have been presented for the cash price in calculating such down payconcerning the application of Regulation W to inment a bona fide estimated cash price, or (2) the stalment credit in connection with floor or wall borrower may substitute for the cash price, and furnaces. in calculating the maximum loan value the Reg- The Board of Governors has expressed the view istrant may rely in good faith on, a bona fide that a floor or wall furnace which transmits heat to estimated cash price as so stated in the Statement a room from a recess in which the furnace is of the Borrower. located and which is installed as a permanent part 2. By deleting in its entirety Part 5 of the Suppleof the realty, is not a space heater, even though the ment to the regulation. heat is not transmitted by means of pipes or ducts. 3. By substituting "Part 4" for "Part 5" in foot- The reference to "space heaters" in the interpretanote 5 to section 4(d) of the regulation. tion published at page 1310 of the 1950 Federal 4. By substituting "Part 4" for "Parts 4 and 5" in the language in parenthesis in the first sentence of Reserve BULLETIN does not include such furnaces. Accordingly, when sold for installation in an exist- Part 1 of the Supplement to the regulation. ing residential building, a floor or wall furnace as described herein constitutes a listed article under The Board of Governors of the Federal Reserve Group D, Part 1, of the Supplement to the regu- System, effective January 2, 1952, issued an amend- lation. "* JANUARY 1952 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Contest Prizes Contest, would be applied in connection with instal- A question recently arose concerning the status ment credit for an additional article. As to instalunder Regulation W of so-called "Merchandise ment credit outstanding in connection with an Certificates" to be awarded as prizes in contests article purchased during the Contest, cash payments open to the public and sponsored by a manufacturer to the purchaser of such article receiving a Certifiand its local dealers on a nation-wide scale as a sales cate would constitute either refund of down paypromotion program for the products of the manu- ment or payment of instalment payments contrary facturer which include refrigerators, freezers, to the regulation, including section 6(h). ranges, kitchen equipment, water heaters, radios, A Registrant who is an instalment vendor of a and television receivers. listed article is not prohibited by the regulation from Among other things, it appears that the "Mer- giving a rebate or sales discount on* the sales price chandise Certificates," which range in value from of the listed article, but such rebates or discounts $25 to $500, are to be awarded to contestants who must be treated in the manner required under the are judged to have given the best answers to cer- regulation. In addition, a Registrant is free to make tain questions concerning the manufacturer's prod- such payments as he may wish to make to the cusucts and who also have written the best short essay tomer upon the termination of the instalment oblion a specified topic of general interest. A descrip- gation, including refund of the entire amount paid tion of the contest states that "a winner may, at his by the customer. However, payment by an instaloption, apply all or part of the value of his prize ment vendor, for example, of all or part of any in- Certificate toward a down payment on a higher stalment prior to the last instalment, would not be priced" product of the manufacturer. In addition, permissible under the regulation, in cases such as a winner may receive "up to $15 in 'change' after that described herein. a certificate has been partially redeemed for" any Verification of Loan Value such product. Furthermore, in the case of a purchase "during the Contest, such Merchandise Cer- A bank or finance company purchasing or distificate will be redeemed in cash by the dealer from counting an instalment obligation arising from the whom the purchase was made up to either the face sale of a listed article is not required by section amount of the Certificate or the price of the product S(e)(2) of the regulation to check the applicable so purchased during the Contest, whichever shall be maximum retail price, if any, prescribed by Federal less, and any balance may be applied against the pur- price authorities, to verify that the instalment credit chase of additional" products of the manufacturer. extended does not exceed the amount permissible Insofar as the use of the "Merchandise Certifi- under Part 4 of the Supplement to the regulation in cases where the "cash price" of the article might cate" in connection with instalment credit for the not be less than the maximum retail price. Of purchase of a listed article is concerned, the Board course, if it appeared from the face of the obligaof Governors is of the view that, on the basis of the tion or accompanying papers, or if the Registrant facts as presented, such use of a Certificate would knew from any other source, that the maximum constitute a "rebate or sales discount," as specified credit value was exceeded, then the Registrant in section S(j)(7) of the regulation. Consequently, would not be entitled to the benefits of section the down payment to be obtained on the listed 8(V)(2) with respect to such obligation. article purchased must be net of the amount of the This opinion supersedes the opinion published in "Merchandise Certificate" used in connection with the transaction in accordance with the principle the 1950 Federal Reserve BULLETIN at page 1619 on the same subject upon reconsideration in the light previously published on page 813 of the July 1951 of the amendment to Regulation W, effective Federal Reserve BULLETIN. This applies whether December 31, 1951. the "Merchandise Certificate" is applied in its entirety toward the purchase of a listed article or Bank Loans to Finance Stock Purchases whether so applied in part with a cash payment for Loans to Brokers or Dealers any balance of the value of the Certificate. It would also apply where the balance of the value of a Questions have arisen as to the adequacy of Certificate remaining after a cash payment to a statements received by lending banks under section coi#estant who purchased a listed article during the 3(a) of Regulation U in the case of loans to brokers 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or dealers secured by stock where the proceeds of plicable unless the loan should be of a kind exthe loans are to be used to finance customer trans- empted by section 2. This result would not be actions involving the purchasing or carrying of afTected by the fact that the stock given as security registered stocks. for the loan was or included stock owned by the While some such loans may qualify for exemp- brokerage firm. tion under section 2 of the regulation, unless they In view of the foregoing, the statement referred do qualify for such an exemption they are subject to in section 3(a) which the lending bank may acto the regulation. For example, if a loan so secured cept and rely upon in good faith in determining the is made to a broker to furnish cash working capital purpose of the loan would be inadequate if the for the conduct of his brokerage business (i.e. for form of statement accepted or used by the bank purchasing and carrying securities for the account failed to call for answers which would indicate of customers), the maximum loan value prescribed whether or not the loan was of the kind discussed in the Supplement to the regulation would be ap- above. CURRENT EVENTS AND ANNOUNCEMENTS Earnings and Expenses of the Federal Reserve Banks his transfer to the Board, Mr. Masters held the posiin 1951 and 1950 tion of Trust Examiner. A condensed comparative statement of earnings Effective January 1, 1952, Mr. Clarke L. Fauver, and expenses of the Federal Reserve Banks in 1951 Assistant Director of the Division of Selective Credit and 1950 is shown below. A detailed statement Regulation, was transferred to the Board Members' of earnings and expenses of each Federal Reserve Offices as an assistant where he will work with Bank in 1951 will appear in the February Federal Mr. Thurston, Assistant to the Board. Mr. Fauver Reserve BULLETIN. came to the Board in December 1947, and since that time has worked in the Division of Research Thousands of dollars and Statistics, as Administrative Assistant to Chair- Item man McCabe, and, since April 1, 1951, has worked 1951 1950 in the Division of Selective Credit Regulation. Mr. Eliot J. Swan, Assistant Vice President of the Current earnings 394,656 275,839 Current expenses 95,469 80,572 Federal Reserve Bank of San Francisco, was ap- Current net earnings 299,187 195,267 pointed Acting Assistant Director of the Division Additions to current net earnings 425 136,969 of Selective Credit Regulation for the period Janu- Deductions from current net earnings.... 12,553 675 ary 8, 1952, through June 30, 1952. Mr. Swan has Net deductions (—) or net additions. -2,128 36,294 been with the Federal Reserve Bank of San Fran- Net earnings before payments to U. S. cisco for ten years, most of that time having been Treasury 297,059 231,561 spent in the Research Department. Prior to his Paid U. S. Treasury (interest on outstanding Federal Reserve notes) 254,874 196,629 employment with the Federal Reserve System, Mr. Dividends 13,865 13,083 Transferred to surplus (Sec. 7) 28,320 21,849 Swan taught at St. Mary's College and at the University of California. After his period of service 1 Includes net losses of $1,586,000 in 1951 and net profits of with the Board, Mr. Swan will return to his posi- $36,896,000 in 1950 on sales of U. S. Government securities. tion as Assistant Vice President of the Federal Reserve Bank of San Francisco. Changes in Board's Staff The Board of Governors on December 20, 1951, Election of Class A Director appointed Mr. Robert C. Masters, Assistant Director The Federal Reserve Bank of Minneapolis on of the Division of Examinations. Mr. Masters, pre- January 15, 1952, announced the election of Mr. viously a Federal Reserve Examiner in the Division Edgar F. Zelle, Chairman of the Board of the First of Examinations, came with the Board in December National Bank of Minneapolis, Minneapolis, Minne- 1948, after being on the staff of the Federal Reserve sota, as a Class A director of the Bank for the un- Bank of Boston for fourteen years. At the time of expired portion of the term ending December 31, JANUARY 1952 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1952, to succeed Mr. A. H. Quay, deceased. Mr. Death of Director Quay was President of the First National Bank of n . Hosford, Vice President, John Mr Wi ard D Minneapolis, Minneapolis, Minnesota. Company, Omaha, Nebraska, who had Deere Plow served as a Class B director of the Federal Reserve Appointments of Deputy Chairman and j died on Bank of Kansas City since April 1930 Class C Director ^ i ->c mci December 25, 1951. On December 28, 1951, the Board of Governors announced the appointment of Mr. Paul E. Miller, Admissions of State Banks to Membership in the Director, Agricultural Extension Division, Univer- Federal Reserve System sity of Minnesota, St. Paul, Minnesota, as Dep- The following State banks were admitted to memuty Chairman of the Federal Reserve Bank of Min- bership in the Federal Reserve System during the neapolis for the remaining portion of the year 1951 September 16, 1951 to December 15, 1951: period and for the year 1952. As Deputy Chairman, Mr. Miller succeeds Mr. W. D. Cochran, G.M.C. Truck New Jersey Distributor, Iron Mountain, Michigan, deceased. Matawan-The Matawan Bank. Mr. Miller has been serving as a Class C director of the Federal Reserve Bank of Minneapolis since Rhode Island January 1, 1946 Providence—Rhode Island Hospital Trust Corn- On December 29, 1951, the Board of Governors r an announced the appointment of Mr. F. A. Flodin, ' Texas President, Lake Shore Engineering Company, Iron Mountain, Michigan, as a Class C director of the Anthony—Anthony State Bank. Federal Reserve Bank of Minneapolis for the un- . expired portion of the three-year term ending es irSima December 31, 1952, to succeed Mr. Cochran. Beckley—The Raleigh County Bank. Appointments of Chairmen, Deputy Chairmen, and Directors The following designations and appointments at the Federal Reserve Banks and branches have been made by the Board of Governors of the Federal Reserve System. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1952 Federal Reserve Ban\ Name of Appointee Boston Harold D. Hodgkinson of Boston, Massachusetts New York . Robert T. Stevens of South Plainfield, New Jersey Philadelphia Warren F. Whittier of Chester Springs, Pennsylvania Cleveland . George C. Brainard of Cleveland, Ohio Richmond Charles P. McCormick of Baltimore, Maryland Atlanta . Frank H. Neely of Atlanta, Georgia Chicago . F. J. Lunding of Winnetka, Illinois St. Louis. Russell L. Dearmont of St. Louis, Missouri Minneapolis . Roger B. Shepard of St. Paul, Minnesota Kansas City . .Robert B. Caldwell of Kansas City, Missouri Dallas J. R. Parten of Houston, Texas San Francisco. . Brayton Wilbur of Burlingame, California DEPUTY CHAIRMEN FOR YEAR 1952 Boston . . . . Ames Stevens of North Andover, Massachusetts New York . . ... William I. Myers of Ithaca, New York Philadelphia . . C. Canby Balderston of Media, Pennsylvania 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS DEPUTY CHAIRMEN—Continued Federal Reserve Ban\ Name of Appointee Cleveland . . John C. Virden of Shaker Heights, Ohio Richmond .... John B. Woodward, Jr., of Newport News, Virginia Atlanta . Rufus C. Harris of New Orleans, Louisiana Chicago ... John S. Coleman of Detroit, Michigan St. Louis.... Wm. H. Bryce of Memphis, Tennesssee Minneapolis Paul E. Miller of St. Paul, Minnesota Dallas R. B. Anderson of Vernon, Texas San Francisco . * Wm. R. Wallace, Jr., of San Francisco, California CLASS C DIRECTORS (Appointed for three-year terms beginning January 1, 1952) Boston . . ... Ames Stevens of North Andover, Massachusetts New York . . William I. Myers of Ithaca, New York Philadelphia . . William J. Meinel of Huntingdon Valley, Pennsylvania Cleveland . . Leo L. Rummell of Columbus, Ohio Richmond . . W. G. Wysor of Richmond, Virginia Atlanta . . Paul E. Reinhold of Jacksonville, Florida Chicago . . . F. J. Lunding of Winnetka, Illinois St. Louis.... . Joseph H. Moore of Charleston, Missouri Minneapolis .... Paul E. Miller of St. Paul, Minnesota Kansas City . . . Lyle L. Hague of Cherokee, Oklahoma Dallas R. B. Anderson of Vernon, Texas San Francisco. . Harry R. Wellman of Berkeley, California BRANCH DIRECTORS Federal Reserve Ban\ and Branch Name of Appointee New Yor\ Buffalo .* Clayton G. White of Stow, New York Cleveland Cincinnati . . Ernest H. Hahne of Oxford, Ohio Pittsburgh .* Clifford F. Hood of Pittsburgh, Pennsylvania Richmond Baltimore . . * A. G. Decker, Jr., of Towson, Maryland Charlotte .# Paul T. Taylor of Danbury, North Carolina Atlanta Birmingham .# Edwin C. Bottcher of Cullman, Alabama Jacksonville . . J. Hillis Miller of Gainesville, Florida Nashville . .. . H. C. Meacham of Franklin, Tennessee New Orleans. . * Joel L. Fletcher, Jr., of Lafayette, Louisiana Chicago Detroit . f William M. Day of Grosse Pointe, Michigan * Indicates position filled by a new incumbent. f Indicates appointment for two-year term beginning January 1, 1952. All other appointments are for three-year terms. JANUARY 1952 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS BRANCH DIRECTORS—Continued Federal Reserve Ban\ and Branch Name of Appointee St. Louis Little Rock . * Shuford R. Nichols of Des Arc, Arkansas Louisville Pierre B. McBride of Louisville, Kentucky Memphis * Cafifey Robertson of Memphis, Tennessee Minneapolis Helena . .+ G. R. Milburn of Grass Range, Montana Kansas City Denver t Cecil Puckett of Denver, Colorado Oklahoma City t Cecil W. Cotton of Tulsa, Oklahoma Omaha t Joseph W. Seacrest of Lincoln, Nebraska Dallas El Paso * James A. Dick, Jr., of El Paso, Texas Houston Ross Stewart of Houston, Texas San Antonio.... Henry P. Drought of San Antonio, Texas San Francisco Los Angeles t Paul H. Helms of Los Angeles, California Portland + Aaron M. Frank of Portland, Oregon Salt Lake City. . f Frank M. Browning of Ogden, Utah Seattle . .*f D. K. MacDonald of Seattle, Washington * Indicates position filled by a new incumbent. t Indicates appointment for two-year term beginning January 1, 1952. All other appointments are for three-year terms. The new appointees are as follows: Federal Reserve Bank of San Francisco Mr. William R. Wallace, Jr., of San Francisco, California, who has been a Class C director of the Federal Reserve Bank of San Francisco since September 30, 1947, was appointed Deputy Chairman for the year 1952. Mr. Wallace is a member of the firm of Wallace, Garrison, Norton and Ray, Attorneys at Law, San Francisco, California. Branches Federal Reserve Bank of New York Mr. Clayton G. White of Stow, New York, was appointed a director of the Buffalo Branch of the Federal Reserve Bank of New York for a three-year term beginning January 1, 1952. Mr. White is a dairy farmer at Stow, New York. Federal Reserve Bank of Cleveland Mr. Clifford F. Hood of Pittsburgh, Pennsylvania, was appointed a director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1952. Mr. Hood is Executive Vice President of the United States Steel Company, Pittsburgh, Pennsylvania. 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Bank of Richmond Mr. A. G. Decker, Jr., of Towson, Maryland, was appointed a director of the Baltimore Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1952. Mr. Decker is Vice-President of the Black and Decker Manufacturing Company, Towson, Maryland. Mr. Paul T. Taylor of Danbury, North Carolina, was appointed a director of the Charlotte Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1952. Mr. Taylor is engaged in farming and cattle raising at Danbury, North Carolina. Federal Reserve Bank of Atlanta Mr. Edwin C. Bottcher of Cullman, Alabama, was appointed a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1952. Mr. Bottcher is a cotton and dairy farmer at Cullman, Alabama. Mr. Joel L. Fletcher, Jr., of Lafayette, Louisiana, was appointed a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1952. Mr. Fletcher is President of the Southwestern Louisiana Institute, Lafayette, Louisiana. Federal Reserve Bank of St. Louis Mr. Shuford R. Nichols of Des Arc, Arkansas, was appointed a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1952. Mr. Nichols is a farmer and cotton broker at Des Arc, Arkansas. Mr. Caffey Robertson of Memphis, Tennessee, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1952. Mr. Robertson is President of the Caffey Robertson Company, Memphis, Tennessee. Federal Reserve Bank of Dallas Mr. James A. Dick, Jr., of El Paso, Texas, was appointed a director of the El Paso Branch of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1952. Mr. Dick is President of the James A. Dick Company, El Paso, Texas. Federal Reserve Bank of San Francisco Mr. D. K. MacDonald of Seattle, Washington, was appointed a director of the Seattle Branch of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1952. Mr. MacDonald operates as D. K. MacDonald and Company, Inc., Seattle, Washington, engaging in real estate and building management operations. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 26 and released for publication December 28] General business activity continued to show little ment in previous months. Paperboard production, change at the end of 1951. Industrial output, con- however, continued to decline in November, while struction activity, employment, retail sales, and output at most paper mills apparently remained at wholesale prices remained somewhat below the very high levels. peaks reached earlier in the year and were at about Reduced minerals production in November rethe same levels as at the end of 1950. Consumer in- flected largely a cut in crude petroleum which more comes and prices were above year-ago levels. Total than offset further expansion in bituminous coal bank credit outstanding and the privately-held mining. Iron ore mining decreased somewhat money supply were also larger than at the end more than seasonally from earlier record levels. of 1950. CONSTRUCTION INDUSTRIAL PRODUCTION Value of construction contract awards declined The Board's index of industrial production in seasonally in November, reflecting decreases in most November held steady at the October level of 218 categories of private awards. The 76,000 housing per cent of the 1935-39 average. Nondurable goods units started in November brought the 11-month output remained at the reduced October rate, while total to 1,023,000 units, 21 per cent less than the a small increase in production of durable goods was record started in the comparable 1950 period. Exoffset by a decline in mining. penditures for construction put in place, allowing Steel production was at a new record as electric for seasonal influences, were little changed from furnace utilization in November reached rated October, and about as large as in November 1950. capacity for the first time since early 1949 and despite scrap shortages, steel mill activity increased EMPLOYMENT slightly further in early December. Refinery out- Seasonally adjusted employment in most nonput of nonferrous metals was practically unchanged agricultural lines in November remained at or from the postwar high of October. Over-all activity close to October levels, and total nonagricultural in producers equipment and munitions industries employment continued slightly below the mid-1951 continued to expand somewhat. Auto assembly peak. At 40.3 hours, the average work-week at declined further in November and December; asfactories was little changed from October, while semblies will be close to 1.1 million units in the average hourly earnings rose slightly to a new fourth quarter, about one-third below the correpeak of $1.62. Unemployment increased by 200,000 sponding period last year. to 1.8 million, reflecting to some extent the seasonal Output of the textile and leather industries was curtailment of outdoor activities. unchanged in November following sharp curtail- EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION IILLIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS OF PERSONS PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1935 - 39 « 100 —^u-^* 240 r 240 TOTAs f MA A N N U D FAC F T IN U IN R G ING J —1 220 220 200 v\ 1/ 200 w -^-— - 180 180 FINANCEAND SERV CE 160 160 —•~—_— V - TRAN 140 140 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 Bureau of Labor Statistics' data adjusted for seasonal varia- 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 tion by Federal Reserve. Proprietors and domestic servants Federal Reserve index. Monthly figures, latest shown are are not included. Midmonth figures, latest shown are for for November. November. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS AGRICULTURE BANK CREDIT Crop prospects declined further during Novem- Total bank credit outstanding at banks in leading ber and output for the year is now estimated to be cities increased further in November and the first only 2 per cent larger than in 1950. Grain pro- half of December. The increase was dominated duction is indicated to be 6 per cent smaller, while by a continued rise in bank loans to business, parcotton output, though substantially below early ticularly to commodity dealers; food, tobacco, and estimates, was reported to be 53 per cent greater liquor manufacturers; and metal and metal prodthan last year's small harvest. Meat production has ucts manufacturers. The rise in business loans was been increasing seasonally and is now at about particularly marked in the first half of December. year-ago levels; egg production in November was Deposits and currency of individuals and businesses 6 per cent above last year. continued to increase in November and early December, largely because of expansion in bank DISTRIBUTION loans and investments. Seasonally adjusted department store sales showed Banks in the larger financial centers increased little change from the third to the fourth quarter their interest rates on new loans to prime business and the value of holiday sales was about the same borrowers by !4 per cent, from 2% to 3 per cent, as in 1950. Dollar volume of sales for the year is in December. This was the second increase in expected to be approximately 3 per cent larger than the rate on these loans in two months. in 1950. Inventories held by department stores Member bank reserve positions have generally showed a further decline in the fourth quarter, after been under some pressure since late November seasonal adjustment. due in part to seasonal factors. Federal Reserve holdings of Government securities were unchanged COMMODITY PRICES until late December when short-term securities were The average level of wholesale commodity prices purchased to maintain orderly market conditions. continued to show relative stability from mid- SECURITY MARKETS November to the fourth week in December. Changes have been largely among agricultural Yields on U. S. Government and high-grade corcommodities and seasonal in character. Although porate securities were steady during the first half the December 10 Government cotton crop estimate of December and rose thereafter. In late Decemof 15.3 million bales was 480,000 below the Novem- ber, yields on most types of bonds were considerably ber estimate, in the week following release of the higher than a year ago and money market tightness report raw cotton prices declined about IV2 cents was reflected in higher rates on all types of shortper pound, about as much as they had advanced term paper. On December 3 the Treasury anin late November. nounced the offering of new 1% per cent certifi- The consumers' price index advanced .6 per cates of indebtedness to holders of the 1.1 billion cent from mid-October to mid-November reflecting dollars of 2J4 per cent Treasury bonds of 1951-53 chiefly a rise in food prices and increased excise maturing December 15. taxes. SECURITY MARKETS CONSUMERS' PRICES 240 220 \A -A f 220 FOOD 200 200 APPARE 180 180 // ALLITEMS 160 5CELLANE0US 140 1 120 120 - RENT 100 -• 100 80 1944 1945 1946 1947 1948 1949 1950 195! 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Common stock prices, Standard and Poor's Corporation; Bureau of Labor, Statistics' indexes. "All items" includes corporate bond yields, Moody's Investors Service; U. S. Govfuel and housefurnishings groups not shown separately. Mid- ernment bond issues, U. S. Treasury Department. Weekly month figures, latest shown are for November. figures latest shown are for Dec. 26. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 41-42 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W 42-44 Federal Reserve Bank statistics 45-47 Guaranteed Regulation V loans 47 Deposits and reserves of member banks 47-48 Bank debits and deposit turnover; Postal Savings System 48 Money in circulation 49 Consolidated statement of the monetary system, deposits and currency 50 All banks in the United States, by classes 51-53 All insured commercial banks in the United States, by classes. 54-55 Weekly reporting member banks 56-58 Number of banking offices on Federal Reserve par list and not on par list 58 Commercial paper, bankers' acceptances, and brokers' balances 59 Money rates; bank rates on business loans; bond yields 60 Security prices and new issues 61-62 Corporate sales, profits, and dividends 62-64 Treasury finance . 65-67 Government corporations and credit agencies 68 Business indexes 69-78 Department store statistics 79-82 Consumers' prices 82 Wholesale prices . . 83 Gross national product, national income, and personal income 84-85 Consumer credit statistics 86-88 December crop report, by Federal Reserve districts. 89 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. 39 JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLL, TREASURY CASH AND DEPOSITS 4 >y^^ 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 10 10 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Wednesday figures, latest shown are for December 26. See page 41. 40 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 D a a a n u n d is c n d - - e ts s T U ot . a l S. s e B G cu o o r n v i d t e i s r e n s m c 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 n e n r n a y r t c g - d - s y - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p s e r w R r e o y d a e r i s e n e t v a d i r h - k t s e e a 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—Nov. 1. Ill19,291 4,198 15,093 458 19,860 23,249 4,622 27,219 ,304 452 1,335 74816,674 15,947 727 Nov. 8. 29119,311 4,271 15,040 251 19,85323,198 4,622 27,388 ,292 298 1,324 74816,625 15.906 719 Nov. 15. 7119,425 4,281 15,144 675 20,17123,148 4,621 27,296 ,304 341 1,199 74517,054 16,044 1,010 Nov. 22. 24719,296 4,268 15,028 619 20,16223,097 4,622 27,450 ,281 541 1,242 74516,622 16.084 538 Nov. 29. 24019,569 4,346 15,223 692 20,50123,037 4,626 27,543 ,298 564 1,218 74216,799 16,120 679 Dec. 6. 110 20,239 4,571 15,668 573 20,922 22,976 4,628 27,698 ,294 540 1,220 72517,049 16,100 949 Dec, 13. 6920,529 4,820 15,709 74621,34422,926 4,628 27,759 ,294 451 1,213 71617 465 16,365 1,100 Dec. 20. 54 20,227 4,533 15,6941,583 21,86422,796 4,630 27,929 ,291 685 1,208 760 17,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,081 21,72022,795 4,631 27,916 ,295 786 1,215 760 17.174 16.415 759 1951 -Jan. 3. 28 20,571 4,624 15,9471,281 21,87922,706 4,634 27,685 ,299 546 1,250 747 17,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 70021,23522,546 4,635 27,415 ,308 273 1,173 745 17.502 16 391 1,111 Jan. 17. 10120,798 4,747 16,0511,024 21,92322,494 4,635 27,200 ,303 105 1,113 743 18,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 79021,608 22,443 4,635 27,028 303 256 1,095 743 18,260 17,610 650 Jan. 31. 798 21,484 4,965 16,519 76923.05122,392 4,638 27,048 ,297 807 1,206 737 18,984 18,047 937 Feb. 7. 643 21,641 5,080 16,561 976 23,260 22,341 4,638 27,125 ,307 795 1,200 736 19.075 18,249 826 Feb. 14. 21,808 5,202 16,6061,229 23,330 22,260 4,637 27,159 ,292 864 1,226 73418,952 18.211 741 Feb. 21. 196 21,854 5,320 16,5341,233 23,28322,207 4,637 27,164 ,277 796 1,223 733 18,934 18,357 577 Feb. 28. 397 21,881 5,393 16,488 909 23,18822,086 4,640 27,188 ,293 465 1,172 19,066 18,366 700 Mar. 7. 22,179 5,592 16,587 840 23,22621,951 4,639 27,219 ,308 495 1,065 72419,004 18,288 716 Mar. 14. 22,426 5,859 16,5671,093 23,65221,900 4,639 27,167 ,283 420 1,102 72119.498 18.456 1,042 Mar. 21. 15122,348 5,891 16,4571,109 23,60721,856 4,638 27,121 ,295 608 1,042 73419,301 18,724 577 Mar. 28. 22,606 6,032 16,574 77523,85221,855 4,637 27,038 ,299 1,052 1,197 73619,023 18,535 488 Apr. 4. 12622,914 6,288 16,626 77323,81321,806 4,640 27,138 ,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,89521,806 4,640 27,166 ,287 411 1,190 75319,533 18,546 987 Apr. 18. 114 23,086 6,544 16,5421,034 24,23421,807 4,640 27,157 ,293 621 1,184 75219,674 18,558 1,116 Apr. 25. 14922,940 6,570 16,370 70023,789 21,807 4,641 27,122 ,296 678 1,212 75319,176 18,482 694 May 2. 22,716 6,570 16,146 74423,72421,755 4,643 27,255 ,294 707 1,226 69718,942 18,486 456 May 9. 42222,544 6,618 15,926 74023,706 21,755 4,643 27,315 ,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 ,297 745 1,214 69519.072 18,306 766 May 23. 22,41. 6,713 15,700 77223,41121,755 4,642 27,251 ,290 765 1,201 69618,606 18,315 291 May 30. 54022,293 6,719 15,574 56423,39621,755 4,642 27,461 ,294 620 1,217 69318,508 18,202 306 June 6. 128 22,653 6,869 15,784 76523,54621,756 4,644 27,520 ,303 139 1,102 19,198 18,335 863 June 13. 22,758 6,936 15,822 846 23,783 21,756 4,647 27,499 ,289 129 1,095 68619,487 18,417 1,070 June 20. 22,806 6,736 16,0701,178 24,15021,755 4,648 27,479 ,285 433 1,099 77419,482 18,642 840 June 27. 22022,843 6,809 16,034 85223,91621,755 4,650 27,601 ,286 418 1,139 77519,102 18,564 538 July 3. 18122,977 6,822 16,155 81223,97021,756 4,654 27,948 ,287 179 1,014 76419,189 18,556 633 July 11. 23623,092 5,822 17,270 93824,26721,757 4,656 27,893 ,296 253 1,107 76819,364 18,459 905 July 18. 30023,081 5,822 17,2591,223 24,60521,758 4,656 27,781 ,296 612 1,183 19,380 18,465 915 July 25. 7823,057 5,822 17,235 92824,063 21,759 4,658 27,706 ,305 424 1,191 76719,088 18,440 648 Aug. 1. 40823,081 5,822 17,259 79424,28221,759 4,663 27,842 ,308 557 1,175 722 19,099 18,430 669 Aug. 8. 20023,118 5,822 17,296 72724,046 21,759 4,665 27,904 ,298 203 1,016 720 19,328 18,441 887 Aug. 15. 23,151 5,822 17,329 967 21,800 4,666 27,925 ,288 495 1,113 71919,285 18.468 817 Aug. 22. 214 23,084 5,822 17,262 87724,175 21,800 4,667 27,932 ,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 ,291 557 999 71718,871 18,485 386 Sept. 5. 243 23,079 5,822 17,257 68424,006 21,854 4,672 28,262 ,299 408 1,022 71418,825 18,406 419 Sept. 12. 32523,108 5,822 17,286 95124,384 21,853 4,673 28,216 ,294 474 1,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,289 24,78321,934 4,674 28,140 ,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 ,288 816 1,024 73119,369 18,837 532 Oct. 3. 69 24,039 5,825 18,214 92225,03022,015 4,680 28,320 ,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 ,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 23,848 5,325 18,5231,200 25,11722,105 4,681 28,385 ,296 326 975 85120,068 18,950 1,118 Oct. 24. 152 23,666 5,325 18,341 ,02424,84122,144 4,683 28,301 ,291 509 886 85019,833 19,144 689 Oct. 31. 23,552 5,325 18,227 69024,42722,234 4,686 28,410 ,288 493 818 19,557 19,060 497 Nov. 7. 24323,507 5,325 18,182 845 24,59522,284 4,686 28,534 ,291 452 843 77819,667 18,988 679 Nov. 14. 274 23,397 5,325 18,072 93024,60222,283 4,688 28,601 ,284 245 815 77619,850 18,976 874 Nov. 21. 22723,275 5.334 17.9411 ,24324,74522,333 4,689 28,701 ,285 364 800 77419,843 19,211 632 Nov. 28. 483 23,239 5,334 17,905 957 24,679 22,332 4,693 28,742 ,288 548 750 774 19,603 19,229 374 Dec. 5. 959 23,239 5,35 17,882 88325,08122,381 28,891 ,292 501 787 77019,919 19,196 725 Dec. 12. 710 23,239 5,376 17,8631,031 24,98022,382 29,037 ,284 266 740 77019,964 19,317 647 Dec. 19. 23,239 5,334 17,9052,05725,74522,491 29,263 ,269 6 116 82720,798 P19,678 Pl.120 Dec. 26. 797 23,503 5,342 18,1611,276 25,57622,621 4,704 29,403 ,289 289 880 83220,208 P19.573 P635 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. 41. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Treas- Treas- Other U. S. s e G cu o r v it e i r e n s ment ury Money Treas- u p r o y s i d t e s - Non- Fed- Date or period co D a a u n i d s n d - - ts c B er il t l i s fi , - ot A h l e l ri Total s G to o c ld k s r o e ta n u n c t d - y - i c n t u io l c a n i - r- 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 R e a r c e v - - e Total qu R ir e e - d2 c E e x ss - 2 vances Total Bonds cates, ing Banks counts and notes End of period: 1929—June 29... 1,037 216 71 145 147 1,400 4,03~7 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30... 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30... 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31... 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31... 163 23.350 753 22.597 581 24,093 20.529 4,562 28,952 2,272 393 822 607 16,139 15.577 562 1947—Dec. 31... 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30... 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31... 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30... 103 19,343 7,780 11,563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19,499 24,427 4,598 27,600 ,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 ,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 ,293 668 1,460 714 17,681 16,509 1,172 1951— F ja e n b # 3 7 9 9 7 8 2 2 1 1 , , 4 8 8 8 4 1 4 5 , , 9 3 6 9 5 3 1 1 6 6 , , 5 4 1 8 9 8 9 7 0 6 9 9 2 2 3 3 , , 0 1 5 8 1 8 2 2 2 2 , , 3 0 9 8 2 6 4 4 , , 6 6 3 4 8 0 2 2 7 7 , , 0 1 4 8 8 8 1 , , 2 29 9 3 7 8 4 0 6 7 5 1 1, , 1 2 7 0 2 6 7 7 3 2 7 9 1 1 8 9 , , 9 0 8 6 4 6 1 1 8 8 , , 0 3 4 6 7 6 9 7 3 0 7 0 Mar 275 22,910 6,187 16,723 964 24,150 21,806 4,640 27,119 ,293 1,114 1,322 734 19,014 18,367 647 Apr. 283 22,742 6,570 16,172 535 23,560 21,805 4,643 27,278 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 L,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 ,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 .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 l|287 459 1,038 716 19,181 18,464 717 Sept. . 190 23,734 5,822 17,912 1,134 25,058 22,013 4,681 28,288 1,285 936 1,127 727 19,391 18,822 569 Oct 186 23,552 5,325 18,227 690 24,427 22,233 4,688 28,417 1,283 493 818 780 19,557 19,060 497 Nov 624 23,239 5,334 17,905 871 24,734 22,382 4,700 28,809 1,288 481 794 772 19,670 19,180 490 Dec 1923,801 5,344 18,457 1,189 25,009 22,695 4,706 29,194 1,279 247 889 746 20,056 ^19,653 P403 Averages of daily figures: 1950—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 Dec 142 20,345 4,590 15,755 1,119 21,606 22,879 4,629 27,806 1,290 615 1,273 739 17,391 16,364 1,027 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 ,017 24,982 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 19,065 729 Dec 657 23,409 5,352 18,057 1,380 25,446 22,483 4,701 29,139 1,280 271 835 796 20,310 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits * Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Time Effective date deposits O S P a o t v h s i t e n a r l g d s S e a d p v e o p i s n D i g t s s s i t d s p e a p y o a s b i l t e s : of change C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r In 6 months or more In 90 days to 6 months. . . In less than 90 days 1 1938—Apr. 16 If 12 5 1941—Nov. 1 14 6 e t m b i s a o a t N n n a y k b O Q s l n T i s . o o E h t r . e — d U t i r n n M u b d s a y a t e n x r y c i t m o h th m e e u i v m s p e B a n R n o t r i a e a e r g t e s d e u x s l o c a o e n t f t e i h d o li a G n k t t e o h t v m e h d e e e a r p m n y r o o a a s r b t x s i e e t i s m u p p u u n a a n m d y i d e d a r e b r r l b a e p y t t r e h o b e v m y p i l a s e a a i y m w o a m n s b b s e e l o r e m f o f b b b t h e a y e R r n k e S b S s g t a t u a a n a l t t k a e s e - 1 1 9 9 4 4 2 8 — — O J S S A F u e e e c u n p p b t g e . t t . . . . 2 2 1 1 1 3 7 0 1 6 4 2 2 2 2 2 0 2 4 2 4 16 2 7IZ i p n a i w d h b ic y h i t n h s e u r m ed e m n b o e n r m b e a m nk b er is b lo a c n a k t s e d a . s e M st a a x b i l m is u h m ed ra b t y e s th th e at F . m D a . y I. C b . e , 1949— S M e a p y t. 24 1 26 22 15 27 effective Feb. 1, 1936, are the same as those in effect for member banks. May 5 24 21 37 June 30 20 36 MARGIN REQUIREMENTS1 J A u u ly g . 1 1 1 1 4 3 26 [Per cent of market value] Aug, 11 23^ 19>* 35 Aug. 16 " "\2 2 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 36 Jan. 16 13 26 Jan. 25 24 20 Regulation T: Feb. 1 14 For extensions of credit by brokers In effect Jan. 1, 1952 * ... 24 20 14 6 and dealers on listed securities 75 50 75 Re F g o u r l a s t h io o n rt U sa : les 75 50 75 1 Demand deposits subject to reserve requirements, which beginning For loans by banks on stocks 75 50 75 i A n u p g r . oc 2 e 3 s , s 1 o 9 f 3 c 5 o , ll h e a c v ti e o n b a e n en d d to em tal a n d d e m ba a l n an d ce d s e p d o u s e i t f s r om m in d u o s m e ca st s i h c b it a e n m k s s (also minus war loan and series E bond accounts during the period 1 Regulations T and U limit the amount of credit that may be ex- Apr. 13, 1943-June 30, 1947). tended on a security by prescribing a maximum loan value, which is a 2 Requirement became effective at country banks. 8 Requirement specified percentage of its market value at the time of the extension; the became effective at central reserve and reserve city banks. "margin requirements" shown in this table are the difference between 4 Present legal minimum and maximum requirements on net demand the market value (100 per cent) and the maximum loan value. deposits—central reserve cities, 13 and 26 per cent; reserve cities, Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time and BULLETIN for March 1946, p. 295, and February 1947, p. 162. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 42 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 Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan.14, 1948 New York Aug. 21,1950 Aug. 21,1950 'Oct. 30, 1942 Philadelphia Aug. 25,1950 Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct.28, 1942 Atlanta Aug. 24,1950 Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug.13, 1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12, 1948 Minneapolis Aug. 22,1950 Aug. 22,1950 Aug.23, 1948 Kansas City Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 San Francisco Aug. 24,1950 Aug. 24,1950 2 Oct.28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R D a ec te . 3 o 1 n In g i e n f n fe in ct g — be- Pre ra v t i e ous Maturities not exceeding five years [In effect December 31. Per cent per annum] 1- 90 days Dec. 18, 1951 91-120 days 2 Dec. 18, 1951 IK 121-180 days 2% Dec. 18, 1951 To industrial or commercial To financing institutions NOTE.—Effective minimum buying rates at the Federal Reserve businesses Bank of 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 December 31] Boston C) Fees Payable to Guaranteeing Agency by Financing Institution on New York (8) 1X Guaranteed Portion of Loan Philadelphia (8) 2-1H R C i le c v h e m la o n n d d 8 1H Guarantee fee Percentage of Atlanta Percentage of (percentage of any commitment Chicago 2^5 8 loan guaranteed interest payable fee charged St. Louis IH-2J4 () by borrower) borrower Minneapolis.... (2) Kansas City. . . . 8 Dallas 70 or less 10 10 San Francisco... 8 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 \i 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. JANUARY 1952 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 1 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 o $ f 9 , e 6 x 0 c 0 e s p s l u o s v e 4 r 0 $ p 1 e 2 r ,0 c 0 e 0 nt $ of 1 1 p ,0 ri 4 c 0 e p o l v u e s r 1 $ 7 1 p 2 e ,0 r 0 c 0 ent of excess (8 o 3 v -6 er 7 ) $7,000 (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 (7 o 2 v -5 e 9 r ) $15,000 o (7 f 7- p 6 r 4 ic e p e o r v c e e r n t $ o 1 f 5 , p 0 r 0 ic 0 e) $ 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) $20,001-$23,500... ] $11,800 plus 10 per cent $12,800 plus 15 per cent of excess over $20,000 of price over $20,000 I - $23,501-$24,500.... j (59-50) (64-55 per cent of price) 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 2 2 0 5 J 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 payment 1 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 19 9 5 5 1 0- July 31, 1951 Listed articles: Passenger automobiles 33 H 33 H 33 X 21 15 18 Major appliances 2 15 25 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) (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. 44 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 Dec. 26 Dec. 19 Dec. 12 Dec. 5 Nov. 28 Dec. Nov. Dec. Assets Gold certificates 20,689,453 20,579,454 20,485,68120,480,180 20 430,183 20,753,952 20,480,18120,880,403 Redemption fund for F. R. notes.. 706,811 707,195 694,936 685,436 685,436 714,115 685,436 577,229 Total gold certificate reserves. 21,396,2 ,286,( ,180,617 21 165,616 21 115,619 21 468,06721,165,617 21,457,632 Other cash 270,193 280,446 286,233 296,895 301,540 323,175 311,403 266,716 Discounts and advances: For member banks 796,566 448,779 710,206 958,925 482,135 19,347 624,105 67,395 For nonmember banks, etc , 1,000 Industrial loans , 4,706 4,362 4,310 4,370 4,385 4,637 4,450 '2",556 U. S. Government securities: Bills 326,335 116,970 116,970 116,970 116,970 596,360 116,970 1,296,071 Certificates: Special Other 12,766,598 12,719,598 12,677,598 12,696,598 12,719,598 12,792,798 12,719,598 2,334,195 Notes 5,068,073 5,068,073 5,068,073 5,068,073 5,068,073 5,068,073 5,068,073 12,527,226 Bonds 5,342,127 5,334,277 5,376,277 5,357,277 5,334,277 5,344,127 5,334,277 4,620,075 Total U. S. Government securities 23,503,133 23,238,918 23,238,918 23,238,918 23,238,918 23,801,358 23,238,918 20,777,567 Total loans and securities 24,304,40523,692,059 23,953,434 24,202,213 23,726,43823,825,34223,867,47320,847,518 Due from foreign banks 28 28 28 28 33 28 33 24 F. R. notes of other Banks. . 167,246 164,591 167,561 165,001 180,174 201,141 186,620 170,088 Uncollected cash items 3,700,270 5,041,651 3,823,773 3,503,059 3,627,686 3,905,327 3,315,667 4,270,008 Bank premises 43,599 43,380 43,106 43,107 43,033 43,599 43,116 39,972 Other assets 128,057 120,670 171,116 162,992 153,804 133,157 156,557 120,356 Total assets 50,010,06250,629,474 49,625,868 49,538,91149,148,32749,899,836 49,046,486 47,172,314 Liabilities Federal Reserve notes 25,201,824 25,069,79724,873,92224,731,01724,601,988 25,064,109 24,680,06723,587,018 Deposits: Member bank—reserve accounts 20,207,504.20,79842419,963,98319,918,89719,602,56220,055,71619,669,90817,680,744 U. S. Treasurer—general account 288,818 6 118 266,445 501,457 548,382 246,687 480,990 668,454 Foreign 610,100 518 562 527,020 570,096 548,823 526,375 569,963 895,442 Other 269,894 257 452 213,024 216,625 201,090 362,798 224,411 564,913 Total deposits 21,376,316 21,580,556 20,970,47221,207,075 20,900,857 21,191,576 20,945,272 19,809,553 Deferred availability cash items 2,428,630 2,988 2,796,801 2,624,312 2,674,802 2,721,490 2,449,517 ,901,599 Other liabilities and accrued dividends 23,806 18 19,356 18,127 18,634 13,809 17,678 5,600 Total liabilities 49,030,576 49,657,639 48,660,551 48,580,531 48,196,281 48,990,984 48,092,534 46,303,770 Capital Accounts Capital paid in 236,387 235,948 235,612 235,460 235,273 236,613 235,319 225,102 Surplus (section 7) 510,022 510,022 510,022 510,022 510,022 538,342 510,022 510,022 Surplus (section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 205,534 198,322 192,140 185,355 179,208 106,354 181,068 105,877 Total liabilities and capital accounts 50,010,062 50,629,47449,625,868 49,538,91149,148,327 49,899,836 49,046,486 47,172,314 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 45.9 45.6 46.2 46.1 46.4 46.4 Contingent liability on acceptances purchased for foreign correspondents 21,381 21,338 19,723 19,001 17,733 20,913 18,163 21,430 Industrial loan commitments 5,968 6,397 6,504 6,442 6,425 6,036 6,361 3,754 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances—total 796,566 448,779 710,206 958,925 483,135 19,347 624,105 67 395 Within 15 days 790 635 442,891 686,636 934,780 457,715 11,215 596,425 65 416 16 days to 90 days 5,905 5,704 23,340 23,898 25,080 8,110 27,377 1,859 91 days to 1 year . . 26 184 230 247 340 22 303 120 Industrial loans—total 4 706 4,362 4,310 4,370 4,385 4,637 4 450 2 556 Within 15 days 1,341 1,475 712 670 652 616 660 80 16 days to 90 days 90 84 906 905 834 689 923 197 91 days to 1 year 2,007 1,817 1,633 1,648 1,690 2,125 1,640 1,412 Over 1 year to 5 years 1,268 986 1,059 1,147 1,209 1,207 1,227 867 U. S. Government securities—total 23,503,13323,238,91823,238,91823,238,91823,238,91823,801,35823,238,91820,777,567 Within 15 days 199 033 62,908 91,750 62,000 54,062 259,908 ,561 915 16 to 90 days . . . . . .. 216,702 101,462 67,220 77,970 62,908 452,052 116,970 1,069,351 91 days to 1 year 14,344,823 14,339,323 14,047,123 14,066,123 14,089,123 14,344,823 14,089,123 11,856,148 Over 1 year to 5 years •>,100,256 S,098,856 5,396,456 s,396,456 S,396,456 5,102,256 5,396,456 1,800,753 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 1,000 Over 10 years 2,628,705 2,622,755 2,622,755 2,622,755 2,622,755 2,628,705 2,622,755 3,488,400 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 26,094,519 25,987,50125,752,86325,583,21425,528,911 25,064,109 25,526,339 24,548,029 Collateral held against notes outstanding: Gold certificates 12,764,00012,719,00012,654,00012,514,00012,554,00012,484,00012,464,000ia, 604,000 Eligible paper 555,805 317,604 468,040 709,340 359,380 17,936 520,275 73,065 U. S.Government securities 13,850,00013,850,000 13,725,00013,600,00013,600,00014,050,00013,600,00011,665,000 Total collateral 27,169,805 26,886,60426,847,040 26,823,340 26,513,380 26,551,936 26,584,27525,342,065 1 Callable U. S. Government securities classified according to nearest call date. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1951 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,753,952 654,638 6,788,866 1,145,047 1,519,769 928,621 923,550 4,221,264 554,750 325,261 737,998 553,765 2,400,423 Redemption fund for F. R. notes. 714,115 62,778 78,065 56,306 75,408 66,214 49,808 122,653 49,274 25,018 37,123 28,152 63,316 Total gold certificate reserves.. 21,468,067 717,416 6,866,931 1,201,353 1,595,177 994,835 973,358 4,343,917 604,024 350,279 775,121 581,9172,463,739 Other cash 323,175 20,638 69,693 17,513 19,113 23,885 26,579 53,922 18,944 7,056 13,128 19,218 33,486 Discounts and advances: Secured by U. S. Govt. securities. . . 19,306 2,510 2,595 3,440 670 2,340 300 300 7,096 Other 41 41 Industrial loans.. 4,637 23 3,763 94 584 134 39 U. S. Govt. securities 23,801,3581,640,736 5,508,485 1,485,205 2,204,9111,569,545 1,273,6843,521,975 1,286,902 749,3531,111,402 1,129,530 2,319,630 Total loans and securities.... 23,825,342 1,643,246 5,511,103 1,492,408 2,205,5811,571,9791,274,568 3,522,316 1,286,957 749,4871,118,4981,129,569 2,319,630 Due from foreign banks 28 2 18 2 3 1 1 4 1 1 1 1 3 F. R. notes of other Banks. 201,141 4,136 22,622 11,682 11,121 48,796 21,262 22,180 10,530 7,728 8,116 12,528 20,440 Uncollected cash items 3,905,327 414,090 769,587 267,200 383,721 287,820 234,021 652,609 136,889 96,789 202,755 168,648 291,198 O Ba th n e k r p a r s e se m ts ises... 1 4 3 3 3 , , 5 1 9 5 9 7 1,017 7,464 2 8 , , 8 2 5 9 4 8 1 4 2 , , 7 7 6 6 4 9 4 8 , , 1 8 1 4 1 1 2 7 , , 8 3 8 1 2 2 1 6 9 , , 3 3 4 3 2 3 3 6 , ,9 2 8 6 2 4 4 1 , ,0 0 8 3 3 6 2 6 , ,5 4 3 5 3 4 6, 6 2 5 5 1 9 1 6 2 , , 7 8 1 7 3 9 10,981 28,934 Total assets 49,899,836 2,811,52613,276,342 3,001,310 4,232,249 2,940,268 2,539,9838,620,6232,067,591 1,216,4592,126,6061,918,7915,148,088 Liabilities F. R. notes 25,064,109 .1,525,817 5,588,4341,769,888 2,286,8361,785,1531,382,1554,764,0811,167,160 632,029 972,743 702,1622,487,651 Deposits: Member bk.— reserve accts.20,055,716 873,756 6,368,672 912,1001,471,670 848,054 915,8583,227,710 740,738 464,389 952,3091,011,0452,269,415 U. S. Treas.— gen. acct.. . . 246,687 3,864 202,462 4,285 3,733 539 4,030 6,863 3,561 8,309 3,055 548 5,438 Foreign 526,375 32,271 2 165,651 41,120 48,407 26,025 21,861 71,829 19,259 13,013 19,259 19,259 48,421 Other 362,798 9,070 220,194 7,411 12,471 6,570 6,020 30,784 12,079 4,434 3,851 4,559 45,355 Total deposits... 21,191,576 918,961 6,956,979 964,9161,536,281 881,188 947,7693,337,186 775,637 490,145 978,4741,035,411 2,368,629 Deferred avail. cash items.... 2,721,490 307,828 461,363 195,198 323,938 225,184 168,835 392,025 87,485 69,118 138,927 145,138 206,451 Other liab. and accrued div.... 13,809 1,063 4,642 659 1,289 661 591 1,835 605 491 500 474 999 Total liabilities.. 48,990,984 2,753,66913,011,418 2,930,6614,148,344 2,892,186 2,499,3508,495,127 2,030,887 1,191,783 2,090,644 1,883,185 5,063,730 Capital Accts. Capital paid in. . 236,613 12,986 75,472 16,765 22,498 10,383 9,711 30,375 8,366 5,363 8,886 10,712 25,096 Surplus (Sec. 7).. 538,342 34,192 159,743 41,493 50,648 27,025 23,871 79,601 21,788 14,063 20,367 18,210 47,341 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.. 106,354 7,668 22,390 7,902 9,753 7,325 6,289 14,091 6,029 4,177 5,572 5,377 9,781 Total liabilities and cap. accts.. 49,899,8362,811,526 13,276,342 3,001,310 4,232,249 2,940,268 2,539,9838,620,623 2,067,591 1,216,459 1,918,791 5,148,088 Reserve ratio.... 46.4% 29.3% 54.7% 43.9% 41.7% 37.3% 41.8% 53.6% 31.2% 39.7% 33^5% 50.7% Cont. liab. on accept, purch.— foreign corresp. 20,913 1,326 3 6,096 1,689 1,988 1,069 898 2,951 791 535 791 791 1,988 Industrial loan commitments.. 6,036 1,319 902 64 2,473 835 443 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 26,130,5431,576,869 5,872,195 1,835,565 2,374,7401,864,284 1,445,648 4,887,938 L.220,180 646,856 1,010,117 751,7722,644,379 Collateral held: Gold certificates12,484,000 350,000 4,470,000 750,000 885,000 580,000 510,000 2,520,000 270,000 150,000 280,000 219,000 1,500,000 Eligible paper.. 17,936 2,510 2,595 3,440 2,240 55 7,096 U. S. Govt. sec. 14,050,0001,300,000 1,500,000 1,100,000 1,500,000 1,300,000 950,000 2,400,0001,000,000 '505*, 000 750,000 545,000 1,200,666 Total collateral.. 26,551,936 1,652,510 5,972,595 1,853,440 2,385,000 1,882,240 1,460,000 4,920,000 1,270,055 655,000 1,037,096 764,000 2,700,000 2 1 A A f f t t e e r r d d e e d d u u c c t t i i n n g g $ $ 3 2 6 0 0 ,0 ,7 0 0 0 7 p ,0 a 0 r 0 ti c p ip ar a t t i i c o i n p s a t o io f n o s t h o e f r o F th ed er e r F a e l d R e e ra s l e r R ve e s B er a v n e k s B ; anks. 3 After deducting $14,817,000 participations of other Federal Reserve Banks. 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 RESERVB [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p P f a a f t r i i t n o i a c n n i s - c- EXECUTIVE ORDER NO. 10161 Wednesday to UctlC but not out- ments ing insti- [Amounts in thousands of dollars] or last dav com- standing2 out- tutions of period) pleted i (amount) standing out- N b u e m r - Amount (amount) (amount) s ( t a a m n o d u in n g t) 8 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 1,2.95 3,894 4,165 2,705 T U -Vate u b n o d r e r r o w g e u r a s r- 1 1 1 9 9 9 4 4 4 5 6 7. 3 3 3 , , , 5 5 54 7 1 2 4 1 5 5 5 4 8 6 4 6 5 , , , 9 7 9 6 2 1 1 6 3 4,5 3 9 7 2 4 7 0 5 1 1 , , 9 3 5 9 8 54 5 7 8 1 7 , , , 6 4 3 4 3 0 4 4 9 4 2 1 , , ,0 8 6 8 6 7 6 9 0 N b u e m r - Amount a T m o o t u a n l t g P u t o e a r e t r d i a o n n - a o n u t t e m s e t e a n a 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 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 ,988 556,839 454,789 495,512 Oct. 31. .. 3,734 700,040 2,943 4,447 7,151 11,990 Nov. 30.. . 815 1,302,342 615,812 502,524 476,699 Nov. 30. .. 3,736 706,215 3,073 4,505 6,361 12,064 r Revised. 1 Includes applications approved conditionally by the Federal Re- NOTE.—The difference between guaranteed loans authorized and ser 2 v I e n c B lu an d k es s i a n n d d u s u t n ri d a e l r lo c a o n n s s i p d a e s r t a t d io u n e b 3 y m a o p n p th li s c a o n r t. more, which are not s ro u w m e r o s f u l n o d a e n r s g o u u a ts r t a a n n t d ee in g a g a re n e d m a e d n d ts i ti o o u n t a s l t a a n m di o n u g n t r s e p a r v e a s i e l n a t b s l e am to ou b n o t r s included in industrial loans outstanding in weekly statement of con- repaid, guarantees authorized but not completed, and authorizations dition of Federal Reserve Banks. expired or withdrawn. 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 r k 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 - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of November 1951 Second half of November 1951 Gross demand deposits: Total 102,929 22,362 5,753 39,651 35,164 104,319 22,721 5,875 40,237 35,486 Interbank 12,552 3,929 1,169 6,277 1,176 12,699 3,979 1,194 6,324 1,202 Other 90,377 18,433 4,584 33,373 33,988 91,620 18,742 4,681 33,913 34,284 Net demand deposits 2 89,510 20,5*02 5,190 34,163 29,655 90,305 20,657 5,239 34,397 30,013 Time deposits 8 30,759 1,941 1,123 12,182 15,514 30,618 1,942 1,122 12,159 15,395 Demand balances due from domestic banks.. 6,379 38 110 1,890 4,341 6,404 41 120 1,941 4,302 Reserves with Federal Reserve Banks: Total 19,750 5,042 1,306 7,714 5,688 19,837 5,081 1,322 7,746 5,688 Required 18,996 5,037 1,313 7,564 5,083 19,133 5,074 1,325 7,609 5,126 Excess 754 5 -7 150 606 704 6 -2 138 562 Borrowings at Federal Reserve Banks 344 43 16 234 52 336 12 8 259 57 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. * Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. JANUARY 1952 47 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 T w o e t e a k l e re n M s d e i o n r n v g t e h W s , o e h d r e n l e d s : day b m a b A n e e k m l r l s - * Y N c o e i r w t k y ban c C k a h g s i- o b s c R a e i r n e t v y - k e s C ba o tr n u y k n s - l End of month D a i n b t e c o a p e l r o - s s s ' * - Total d b C e t a o p i a n n r o s y k s h A s i- sse G t s s U m e o t c v i . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r . h v s 2 , e 1950—November 16,742 4,450 1,165 6,478 4,650 1951—October r19,868 5,225 1,328 '•7,701 5,614 November 19,794 5,061 1,314 7,730 5,688 1943—December 1,788 1,843 10 1,716 118 1944—December 2,342 2,411 8 2,252 152 Nov. 21 20,000 5,059 1,338 7,796 5,807 1945—December 2,933 3,022 6 2,837 179 Nov. 28 19,724 5,077 1,313 7,713 5,620 1946—December 3,284 3,387 6 3,182 200 Dec. 5 19,706 5,112 1,315 7,705 5,573 1947—December 3,417 3,525 6 3,308 212 Dec. 12 19,866 5,069 1,339 7,764 5,694 1948—December.... 3,330 3,449 7 3,244 198 Dec. 19 20,471 5,326 1,352 7,947 5,846 1949—December... . 3,188 3,312 7 3,118 187 Dec. 26 20,533 5,338 1,382 7,993 5,821 Excess reserves: 1950—July 3,061 3,181 9 3,027 145 1950—November 731 13 141 576 August 3,021 3,141 10 2,962 169 1951— N O o ct v o e b m er ber '9 7 1 2 5 9 10 6 8 8 c * •• 1 2 4 1 4 2 5 58 8 4 8 S O N e c o p t v o t e e b m m er b b e e r r . . . . . . 2 2 2 , , , 9 9 9 6 9 4 1 7 7 3 3 3 , , , 1 0 0 1 6 8 1 9 8 1 1 1 0 0 0 2 2 2 , , , 9 8 9 0 8 2 3 8 3 1 1 1 7 7 7 7 5 1 Nov. 21 861 10 8 171 67 N 2 December 2,924 3,045 11 2,868 166 Borrowin D D D D N g e e e e o s c c c c v . . . . a . t 2 2 1 1 5 8 9 F 6 2 . e . . . d . . eral P P 6 6 5 8 8 3 2 3 6 2 8 9 5 5 8 -3 4 3 3 5 4 1 - -1 1 - 2 5 2 1 8 0 1 1 1 1 9 6 2 5 3 4 0 0 9 1 P P 4 5 5 6 6 4 0 4 7 4 7 2 3 4 5 1951— F A M M Ja e p a a n b r y r u i r c l u a h r a y ry 2 2 2 2 2 , , , , , 8 8 8 9 8 5 3 7 0 0 1 2 1 7 8 3 2 2 2 2 , , , , , 0 9 9 9 9 2 5 7 3 9 2 4 4 3 8 2 1 1 1 1 1 1 1 1 7 2 2 2 2 2 , , , , , 8 7 8 7 7 3 6 5 9 4 5 5 8 3 8 1 1 1 1 1 6 5 7 6 5 4 2 2 9 3 Reserve Banks: June 2,788 2,909 23 2,722 165 1 1 9 9 5 51 0 — — N O N o c o t v v o e e b m m er b b e e r r 3 1 4 9 4 0 5 5 3 2 3 5 8 1 1 2 2 2 24 6 7 6 2 0 3 2 5 0 8 4 S O A Ju e c u l p t g y o t u b e s m e t r ber.... ? 2 2 2 2 , , , , 7 7 7 7 7 2 5 3 2 1 4 8 2 2 2 , , , 8 8 8 7 9 6 7 1 3 2 2 2 2 3 3 2 2 2 , , , 6 7 6 0 8 8 4 0 0 1 1 1 6 5 7 6 8 3 Nov. 21 188 5 2 135 46 November... P2,71O Nov. 28 386 4 14 307 61 Dec. 5 691 101 28 480 82 Dec. 12 730 158 73 379 120 D D e e c c . . 2 1 6 9 3 5 9 5 7 1 1 5 0 8 4 4 5 5 9 3 1 5 8 1 5 6 8 3 3 1 2 p O I P n r u c e t l l s u i t d m a e n i s n d a i w n ry g 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 t e c r e s, r ti 5 fi c p a e t r e s c e 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, ac- P Preliminary. r Revised. crued interest on bond investments, and accounts due from late post- 1 Weekly figures of excess reserves of all member banks and of masters. country banks are estimates. Weekly figures of borrowings of all mem- Back figures.—See Banking and Monetary Statistics, p. 519; for ber banks and of country banks may include small amounts of Federal description, see p. 508 in the same publication. 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 l 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 8 3 jl,050,021 417,475 527,336 105,210 2 1 1 8 . . 0 9 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 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—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 '•139,308 47,971 '75,799 15,539 26.4 14.4 45,334 72,515 30.4 20.9 November 132,159 44,802 72,428 14,929 27.8 15.4 42,503 69,685 31.4 22.0 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. * Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion * Total Coin $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 in 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—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 November. 28,809 20,283 1,642 1,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 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. 3 Paper currency only; $1 silver coins reported under coin Back figures.See Banking and Monetary Statistics Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation» Money Total out- held by standing, As security For Federal No 1 v 9 . 5 1 30, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d No 1 v 9 . 5 1 30, Oc 1 t 9 . 5 3 1 1, No 1 v 9 . 5 0 30, certificates agents Gold 22 382 21 204 21 177 Gold certificates 21,204 18,350 2,816 39 39 40 Federal Reserve notes 25,526 65 1,033 24,428 24,043 23,212 Treasury currency—total 4,700 32,335 45 311 4,343 4,335 4,342 Standard silver dollars 492 264 38 3 187 186 176 Silver bullion 2,072 2,072 Silver certificates and Treasury notes of 1890.. 32,335 268 2,066 2,069 2,133 Subsidiary silver coin 1,077 3 10 1,064 1,056 998 Minor coin 396 1 4 391 390 373 United States notes 347 3 24 320 320 318 Federal Reserve Bank notes 236 2 233 234 260 National Bank notes 80 1 80 80 84 Total—Nov. 30, 1951 15 23,540 1,288 18,350 4,160 28,809 Oct. 31, 1951 23,382 1,283 18,188 4,182 28,417 Nov. 30, 1950 24,162 1,287 18,982 3,944 27,595 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. 41. 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. JANUARY 1952 49 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 i i a t o i b e t i a s l l - Total C a a n p d ital Gold r c e u n r c - y Total Lo n a e n t s, Total m C a e o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e a r p r n o e d s n i c ts y c m o a n u c i e - n s t c ts . , savings Banks banks 1929 Tune 29 4,037 2,019 58 642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 4? 148 ,957 10,328 8,199 1 998 131 9,863 48,465 42,029 6,436 1939 Dec 30 17,644 2,963 S4 564 22,157 73,105 19,417 484 1 204 9,302 75,171 68,359 6,812 1941—Dec 31 22,737 3,247 64 653 ?6,605 79,049 25,511 2 254 1 284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167 381 30,387 178,417 101,288 74 262 7 867 8,577 191,785 180,806 10,979 1946 Dec 31 20,529 4,562 1S8 366 35,765 113,110 86,558 73 350 3 202 9,491 183,457 171,657 11,800 1947 Tune 30 21,266 4,552 1S6 297 38,373 107,873 82,679 71 872 3 322 10,051 182,115 169,234 12,882 Dec. 31 22,754 4,562 160 832 43,023 107,086 81,199 77 559 3 328 10,723 188,148 175,348 12,800 1948 Tune 30 23,532 4,565 157 958 45,299 101,451 76,774 366 3 311 11,208 186,055 172,857 13,200 Dec 31 24,244 4,589 160 457 48,341 100,694 74,097 73 333 3 264 11,422 189,290 176,121 13,168 1949 Tune 30 24,466 4,597 1S6 491 47,148 97,428 74,877 19 343 3 208 11,915 185,554 171,602 13,952 Dec 31 24,427 4,598 16? 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 Nov. 29 23,000 4,600 168 700 59,100 9S,200 72,700 19600 7 900 14,500 196,400 181,000 15,300 Dec. 30 22,706 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 22,400 4,600 170 500 60,600 95,200 70,800 71 500 7 900 14,700 197,500 182,500 15,100 Feb. 28 22,100 4,600 170, 700 61,500 94,500 69,800 71 900 7 900 14,800 197,500 182,600 14,800 Mar 28 21,900 4,600 17? 100 6? ,500 94,700 69,300 77 600 800 14,900 198,600 183,700 14,900 Apr. 25 21,800 4,600 17? 100 6?,600 94,600 68,900 77 900 7 800 15,000 198,600 183,600 15,000 May 30 21,800 4,600 171 300 67,900 93,500 68,400 77 300 7 800 14,900 197,700 182,900 14,800 June 30 21,756 4,655 173 447 63,821 94,450 68,726 982 7 74? 15,176 199,858 185,038 14,820 July 25P 21,800 4,700 300 63,400 94,600 68,900 73 100 7 700 15,300 199,700 184,500 15,200 Aug 29P 21,800 4,700 174 300 64,000 ,000 69,200 73 100 7 700 15,300 200,700 185,200 15,500 Sept. 26P 22,000 4,700 176 400 65,000 9S ,900 69,700 ?3 500 7 700 15,400 203,000 187,300 15,700 Oct. 31P 22,200 4,700 178 300 65,800 97,000 70,800 73 600 7 700 15,500 205,200 189,200 16,000 Nov. 28P 22,300 4,700 179, 400 66,500 97,400 71,500 23 200 2 700 15,500 206,400 190,500 15,900 Deposits and Currency U.S. Government balances Deposits adjusted and currency Date Total d F e b o p n r a o e e n s i t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r 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 55,776 365 204 381 36 54,790 72 540 78 611 19,557 8,905 149 3,639 1933—June 30 42 029 50 264 852 35 40,828 14 411 71 656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 7,409 846 634 63,253 79 793 77 059 15,258 10,523 1,278 6,401 1941—Dec 31 . . 82 811 1,498 ,215 1,895 867 76,336 38 992 27 729 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2,141 7,787 74,608 977 150,793 75 851 48.452 30,135 15,385 2,932 26,490 1946—Dec 31 171,657 1,885 ,272 3,103 393 164,004 83 314 53 960 33,808 16,869 3,283 26,730 1947 Tune 30 169 234 1,657 1,314 1,367 756 164,140 8? 186 SS 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 1948—June 30 172 857 1,727 1,327 ,180 1,928 165,695 8? 697 57 360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2,103 1,375 7,451 1,123 169,119 85 570 57 570 35,804 18,387 3,329 26,079 1949—June 30 171 602 1,927 1,307 7,304 438 165,626 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 S8 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 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 ,989 668 176,917 97 77? 59,247 36,314 20,010 2,923 25,398 1951—Jan 31 182 500 2,400 1,300 ? ,800 800 175,200 91 600 59 000 36,100 20,000 2,900 24,600 Feb. 28 182,600 2,400 1 300 4,200 500 174,200 90 600 59 000 36,100 20,000 2,900 24,600 Mar. 28 183,700 2,400 1,300 6,400 1,100 172,500 89 000 59,100 36,200 20,100 2,800 24,400 Apr 25 183 600 2,500 1,300 5,800 700 173,300 89,500 59,200 36,300 20,200 2,800 24,600 May 30. 182,900 2,500 1 300 4,800 600 173,700 89 500 59 300 36,300 20,200 2,800 24,900 June 30 185,038 2,424 1,781 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 ,100 800 177,900 Q?,000 60,500 37,200 20,600 2,700 25 400 Oct. 31 P 189 200 2,100 1,300 3,700 500 181,600 Q5 000 60,900 37,500 20,700 2,700 25,700 Nov. 28P 190,500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 25,800 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. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and t^he 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. 50 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans 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 * Total i 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 t a a n l l ts N b u a o m n f k b s 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 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—June 30 142,959 51,999 90,961 77,320 13,640 34,099 163,770 11,435 95,505 56,830 13,576 14,674 Dec. 30 148.021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—June 30 147,742 63,840 83,901 68,726 15,176 38,235 171,860 11,947 102,527 57,386 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. 31P 152,550 66,320 86,230 70,780 15,450 40,450 177,730 13,490 105,820 58,420 14,530 14,631 Nov. 28P 153,980 66,990 86,990 71,450 15,540 39,920 178,200 13,330 106,690 58,180 14,540 14,625 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—June 30 121,767 44,796 76,972 65,751 11,221 33,268 143.827 11,435 95,485 36,907 11,387 14,144 Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36.503 11,590 14,121 1951—June 30 126,045 54,821 71,224 58,521 12,703 37,384 151,457 11,946 102,507 37,004 11,951 14,107 July 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. 31P 130,480 56,750 73,730 60,850 12,880 39,650 157,060 13,490 105,800 37,770 12,200 14,102 Nov. 28P 131,860 57,270 74,590 61,630 12,960 39,160 157,540 13,330 106,670 37,540 12,200 14,096 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—June 30 102,745 37,658 65,087 55,759 9,328 29,380 122,707 10,850 82,232 29,625 9,523 6,885 Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,330 9,695 6,873 1951—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 Nov. 28P 111,428 49,104 62,324 51,527 10,797 34,315 134,245 12,651 91,480 30,114 10,205 6,843 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 2 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 I 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—June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 I 20 20,382 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. 31 P 22,070 9,570 12,500 9,930 2,570 800 20,670 I 20 20,650 2,330 529 Nov. 28P 22,120 9,720 12,400 9,820 2,580 760 20,660 I 20 20,640 2,340 529 p Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S rn . - Other as C s a e s ts h * Total i b In a t n e k r ^ - a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b i er Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 1.272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8 8°3 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec 3i 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 .... 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 194g—Dec 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 Dec. 30 20,612 9,729 10,883 8,993 1,890 7.922 25,646 4,638 19,287 1,722 2,351 23 1951—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 25? 20,001 10,089 9,912 7,918 1,994 6,816 23,695 4,157 17,940 1,598 2,396 22 Aug. 29P 20,048 10,179 9,869 7,877 :1,992 6,682 23,482 3,975 17,899 1,608 2,407 22 Sept. 26P 20,475 10,468 10.007 7,974 >,033 7,128 24,420 4,154 18,641 1,625 2,399 22 Oct. 31P 20,791 10,846 9,945 8.011 ,934 7,325 24,871 4,359 18,914 1,598 2,424 22 Nov. 28P 20,798 10,931 9,867 7,909 L ,958 7,076 24,561 4,214 18,738 1,609 2,415 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec 31 4,765 11,499 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 11,618 3,806 3,324 482 1,850 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 >,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—June 30. 5,520 >,215 3,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 July 25P 5.422 '.235 3,187 2,648 539 1,906 6,788 1,151 4,527 1,110 497 13 Aug. 29P 5,427 ',280 3,147 2,610 537 1,906 6,783 1,120 4,549 1,114 502 13 Sept. 26P 5,539 >,397 3.142 2,611 531 1,962 6.982 1,170 4,703 1,109 504 13 Oct. 31 P 5,523 ',357 3,166 2,640 526 1,970 6,919 1,145 4,648 1,126 507 13 Nov. 28P 5,554 ',403 3,151 2,621 530 1,978 6,986 1,143 4,724 ]L ,119 509 13 Reserve city member banks: 1939—Dec 30 12,272 5.32Q 6,944 5,194 1,749 6,785 17,741 3,686 9,439 Lt.616 1,828 346 1941—Dec. 31 .... 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 . 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 194S—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 3.69S 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—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 6,178 33,634 12,063 3,495 320 Nov. 28P 42,475 19,459 23,016 19,195 3,821 13,528 51,950 6,127 33,769 12,054 3,512 321 Country member banks: 1939—Dec. 30 ... . 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—June 30 39,245 13,510 25,734 21,830 3,904 9,773 45,888 871 29,953 15,064 3,433 6,511 Dec. 30 ... . 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951_june 30 40,448 15,858 24,590 20,247 4,343 10,779 47,877 936 31,840 15,101 3,658 6,500 July 25P 40,645 15.817 24,828 20,469 4,359 11,075 48,315 974 32,171 15,170 3,681 6,498 Aug. 29P 41,005 15,918 25,087 20,734 4,353 10,987 48,535 974 32,293 15,268 3,717 6,495 Sept. 26P 41,383 16,054 25,329 20,913 4.416 11,344 49,237 1,047 32,903 15,287 3,723 6,492 Oct. f3lP 42.031 16,241 25,790 21,313 4,477 11,827 50,362 1,147 33,724 15,491 3,774 6,490 Nov. 28P 42,601 16,311 26,290 21,802 4,488 11,733 50,748 1,167 34,249 15,332 3,769 6,487 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. 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets * Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13 297 1947—Dec. 31. . 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13 398 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 . 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13 429 1950—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 194g—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949_Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1950—Dec. 30.. 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4 958 1951—June 30 . ... 71,014 30,479 40,534 32,965 7,569 22,198 86,589 7,625 58,715 20,248 6,504 4 946 State member banks: 1941_Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1 .502 1945—Dec. 31 . 37,871 8,850 29.021 27,089 1,933 9,731 44,730 4,411 32.334 7,986 2,945 I 867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 I 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 I 917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 1951—June 30 35,550 16,386 19,163 16,143 3,020 11,046 43,149 3,722 29,963 9,464 3,483 1,913 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1.025 2,668 7,702 129 4,213 3,360 959 cs.ain 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6 416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 . 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 ,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 .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 L.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 L .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 .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—Dec. 31 10.846 3,081 7,765 7,160 606 429 10,363 12 10,351 ,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 ,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 ,334 193 1949—Dec 31 14 209 4,814 9 394 7,832 1,562 682 13,592 16 13,575 ,420 192 19 SO Dec 30 15 101 6 086 9 015 7,487 1,528 617 14,320 19 14,301 ,513 194 1951—June 30 15,668 6,829 8,839 7,169 1,670 688 14,924 1 18 14,905 .582 201 Noninsured mutual savings banks: 1941 Dec 31 8 687 4 259 4 428 3 075 1,353 642 8,744 6 8,738 1 077 496 1945—Dec 31 5 361 1 198 4 163 3,522 641 180 5,022 2 5,020 558 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1948 Dec 31 6 083 1 577 4 506 3 680 826 194 5,633 3 5,631 665 339 1949—Dec 31 6 192 1 764 4 498 3,596 832 191 5,702 3 5,699 702 33Q 1950—Dec. 30 6,245 2,050 4t,194 3,380 814 180 5,711 3 5,708 734 335 1951—june 30 6,029 2,191 3,838 3,036 802 163 5,479 2 5,477 702 328 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in" series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Total C m c o i e a m r l, - - o p L r u o r c c a a h n r a s ry s f i i n o n g r g U. S. Government obligations O t g io a b n - li s - 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 i p p p l i n u n a e e a e g d - r n r t - - - - A t c u g a u r r l l i - - - b d a r e T e s e n o e r r o a s s d k c l u - - rit o i T e th o s - l R t o a a e t n a e l s s lo u C a m o n n e s r -O lo 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 s i e i - n t f s D s - i - - ire N c o t tes Bonds g t a e u n e a - d r- S p d s s a i t u o c i i o a n o v b a l t f d i n i - e l t - s s - O s ri e t t h c ie e u s r - All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 ,450 614 662 4,773 4,545 28,031 21,046 988 3,15912,7974,1023,6513,333 1945—Dec. 31. 121,809 25,765 9,461 314 3,164 3,606 4,6771,3512,19196,043 88,9122,45519,07116,04551,321 223,8733,258 1948—Dec. 31. 112,286 41,968 18,761 ,7751,336 93910,,666 4,9072,992 ,31861,3882,82110,065 3,39445,100 8 509 3,420 1949—Dec. 31. 118,278 42,485 16,935 ,9631.749 85511,405i 6,0023,12475,793 65,8203,69212,479 5,810 43.833 66',4003,574 1950—Dec. 30 124,822 51,72321,7762,8231,789 1,03613,389 7,628 3,95573,09960,9864,118 1,93216,756 38,168 117933 4,179 1951—June 30. 124,132 54,30623,5073,0441,616 1,00013,988 7,6974,166 69,825 7,4273,819 3,11114,,762 35,724 118,319 4,079 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,8323,0902,871 1945—Dec. 31 107,183 22,775 8,949 8553,1333,378 3,4551,027 ,97784,40878,3382,275 16,98514,27144,792 163,2542,815 1948—Dec. 31. 95,616 36,060 17,6311,800 ,324 834 8,2443,9332,65859,55652,1542,588 7,999 2,80038,761 54,4802,922 1949—Dec. 31. 101,528 36,230 15,8571,945 ,737 758 8,834 4,7762,809 65,297 6,8833,38910,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,424 44,70520,5211,808 ,770 92710,5226,1673,585 62,71952,3653,665 1,46814,05433,170 86,640 3,714 1951—June 30. 106,563 46,86622,1611,919 ,601 88210,975 6,174 3,78359,69849,1083,485 2,52412,31330,778 76,9783,611 Oct. 10, 108,388 47,93623,1652,127 ,138 84011,173 6,1643,96860,45249,6474,232 4,73910,19230,470 147,2883,517 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 412 169 123 5 4 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,4531,172 80 76 50918,80917,574 477 3,433 3,32510,337 1 606 629 1948—Dec. 31. 18,759 8,048 5,642 1,102 225 224 313 63610,712 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 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6,206 1,123 767 1951—June 30. 20,604 10,234 6,845 1,287 273 502 539 930 10.370 8.460 1,034 354 1.565 5,506 1,176 733 Oct. 10. 20,280 10,527 7,443 874 254 534 5091,058 9,753 7,718 598 450 1,470 5,197 1,325 710 Chicago:* 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 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 Oct. 10. 5,487 2,358 1,865 77 60 117 193 3,129 2,599 204 245 502 1,649 327 203 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 ,034 6,982 5,65315,878 1,126 916 1948—Dec. 31 35,332 14,285 7,282 437 130 360 3,5031,6091,118 21,047 18,594 ,056 3,201 1,09013,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,9651,21223,931 20,951 ,189 I ,180 2,12413,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,5671,53422,779 19,084 ,218 499 5,53611,830 1 2,1841,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,5582,4931,559 21,432 17,659 ,177 1,069 4,66.r10.746 2,318 1,456 Oct. 10. 41,098 18,962 9,578 473 153 34, 4,6112,4951,56722,136 18,361 1,680 2,017 3,80610,851 72 ,3841,392 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,37 110 481 2,926 8611,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 471 1,881 492 57829,40726,999 630 5,102 4,54416,713 91,342 ,067 1948—Dec. 31. 36,726 11,945 3,2961,356 187 4,467 1,895 81724,78121,278 760 3,340 1,12816,046 42,286 ,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 173 4.784 2,320 884 25,52721,862 1,148 3,753 1,76815,189 4 2,505 ,160 1950—Dec. 30. 40,558 14,988 3,9801,407 18 5,591 2,9131,05425,57021,3771,390 588 6,10713,287 5 22,998 ,194 1951—June 30. 40,448 15.858 4,345 1.487 183 5,8463.0101,14524,59020,247 1,065 951 5,43012,797 43 ,137 .206 Oct. 10. 41,523 16,089 4,279 1,642 181 5 ,0431,150 25,43420,9701,750 2,027 4,41412,774 3,252 ,212 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 64 1,282 854 2,535 1,509 1 15: 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 228 1,224 323 21411,64 10,584 180 2,087 1,774 6,538 6 619 443 1948—Dec. 31. 16,685 5,911 1,131 97, 105 2,426 975 33410,774 9,246 234 2,066 594 6,349 1,030 498 1949—Dec. 31. 16,766 6,258 1,0781,018 9' 2,575 1,225 31510,508 8,947 303 2 071 725 5,846 1,127 434 1950—Dec. 30. 17,414 7,023 1,2551,015 109 2,872 1,461 37010,391 8,632 453 465 2,70: 5,008 1,294 465 1951—June 30. 17,585 7,446 1,3461,124 118 3,018 1,524 38310,139 8,330 334 58' 2,449 4,956 1,342 468 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Class of bank s w e R r i v e th - es Cash a w B n i c a t l e h - s m D d a e e n - - d In d t e e p r o b s a it n s k States C f e ie r d ti- v I i n d d u i a - ls U G . o v S - . States vi I d n u d a i- ls, Bor- C t a a p l icalal nddate Fe R de e r - al va in ult m d e o st - ic po ad si - ts U G . o v 0 - . po a li n t d ical o a f n fi d - p s a h rt i n p e s, r- Inter- m er e n n - t p a o n li d t- p s a h rt ip n s e , r- r i o n w gs - co a u c- nts B se a r n v k e s banks3 justed 4 m D es o t - ics F ei o g r n - m er e n n - t v su is b io d n i- s ch c e e e t c c rs . k ' s, an p t d i o o r c n a o s - r- bank P S a o a n s v d t - al v s i u i s c b i a o d l n i- s an p t d i o o r c n a o s - rings All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3 677 1 077 36,544 158 59 492 15 146 10 6,844 1945—Dec. 31. . 15,810 L,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 1948—Dec. 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7 182 2 113 81 682 69 117 1,080 34 244 54 1C,158 1949—Dec. 31. . 16,428 L.984 9,466 84,576 10,885 1,315 3,050 7 419 2 338 82 106 169 182 1,232 34 442 14 10,645 1950—Dec. 30. 17,458 M45 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 64,184 12,333 1,243 22,179 4 240 2,450 62 950 64 99 399 23 712 208 7,589 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 ?,801 1949—Dec. 31.. 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6 017 2,185 71 589 164 175 1,051 27 934 11 5,174 1950—Dec. 30. . 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6 400 2,724 78 659 341 183 1,121 28 032 79 ,695 1951—Tune 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 ,987 Oct. 10.. 19,857 1,930 6,515 79,066 11,435 1,255 3,848 6 059 1 717 77 511 420 233 1,224 28 667 250 1C,177 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 20 206 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16 695 31 14 20 646 25 2,306 1 1 9 95 4 0 9 — — D D e ec c < . 3 3 1 0 . mm 4 4 , , 4 6 6 9 2 3 1 1 1 1 2 8 6 7 8 8 1 1 5 5, , 1 8 8 9 2 8 2 3, , 2 9 0 9 7 6 1 1 , ,1 0 6 8 2 4 6 4 4 5 0 1 2 1 5 9 8 6 1,0 8 8 95 7 1 1 6 7 4 49 0 0 8 2 1 6 1 8 3 3 3 8 7 2 3 4 7 1 5 64 9 7 0 70 2 1 , , 3 3 1 5 2 1 1951—June 30 5,053 96 48 15.368 2,744 1,104 1,808 280 823 16 381 259 39 22 605 1 2 3°8 Oct. 10. . 5,356 159 39 15,757 3,113 1,033 1,040 310 566 16 243 317 43 23 1 533 62 1U10 Chicago:2 1 1 9 9 4 4 1 5 — — T D j> e e c C . - 3 3 1 1 . . 1,0 9 2 4 1 2 4 3 3 6 2 2 9 0 8 0 2 3 , , 2 1 1 5 5 3 1 1, , 2 0 9 2 2 7 20 8 1,5 1 5 2 2 7 2 2 3 3 3 7 3 6 4 6 2 3 1 1 5 6 2 0 4 7 7 1 6 9 2 3 8 7 8 7 1948—Dec. 31. . 1,325 28 143 3,604 1,038 26 188 284 53 3 702 i 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 10 1 089 490 1951—y O , c n t e . 3 1 0 0 . . . . 1 1 , , 2 3 8 7 2 7 3 2 0 7 1 1 3 2 0 9 3 3 , ,8 8 1 3 8 7 1 1 , , 0 2 0 1 6 6 3 3 3 4 3 4 0 8 2 4 3 2 1 5 6 8 4 5 8 1 3 3 9 9 7 0 5 5 4 3 1 1 0 0 1 1 1 1 1 0 2 3 io 4 5 5 0 0 1 6 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 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—Tune 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 Oct. 10.. 7,544 600 2,107 28,008 6,021 179 1,474 2,154 552 28 691 89 73 720 11 244 125 3,479 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 11,982 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 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 ,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—Tune 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 Oct. 10. . 5,579 1,141 4,240 31,464 1,085 10 1,032 3,336 551 28 601 13 113 471 14,788 60 3,782 Insured nonmember commercial banks: 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31.. 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 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 6 182 6,524 1 1,473 1950—Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 2 1,570 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. 1 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.—Set Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 55 JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans 1 In\vestments or c F a o r r r y p in u g rc h se a c s u in r g ities U. 5. Government obligations Com- Total mer- Date or month in m l a o v n e a e d n n s s t t s - Total i i t n c a r i d i n a a u d l l , s , - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O r s i e t t h c ie e u s r t a c u g u r r l a i - - l G U t l i o i o o g . b v n a S - - s t . . O c t s u t i h e e r - s i e - r G l U t o i i o g o b . v S a n - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1950—November. 69,523 29,894 16,822 454 989 184 566 5,169 295 5,810 39,629 33,313 2,284 1,085 7,74022,204 6,316 1951—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 November. 72,695 34,404 20,813 173 935 122 556 5,668 670 5,94738,291 31,665 3,521 2,994 5,952 19,1986,626 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 6. .72,648 34,083 20,571 134 943 127 557 65,653 627 5,95038,565 31,926 3,748 3,010 5,956 619,2126,639 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 Dec. 5... 73,072 34,518 21,006 370 950 119 558 5,661 360 5,97438,554 31,856 3,837 2,960 5,962 19,0976,698 Dec. 12. .. 73,771 34,937 21,219 421 970 117 563 5,669 485 5,97438,834 32,115 4,048 2,995 5,938 19,1346,719 Dec. 19. .. 74,842 35,512 21,442 4401,080 116 579 5,673 676 5,98739,330 32,577 4,525 3,611 5,941 18,5006,753 Dec. 26. .. 74,878 35,503 21,592 3881,031 118 573 5,668 598 6,03039,375 32,522 4,512 3,583 5,954 18,4736,853 New York City 1950—November. 19,736 9,156 5,928 394 772 37 247 431 183 1,290 10,580 8,825 779 225 1,573 6,248 1,755 1951—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 November. 20,309 10,812 7,550 139 716 28 213 519 490 1,301 9,497 7,594 780 421 1,363 5,030 1,903 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 5,038 1,889 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 Dec. 5... 20,419 10,805 7,651 310 730 28 210 511 201 1,308 9,614 7,705 893 404 1,376 5,032 1,909 Dec. 12... 20,807 11,030 7,757 328 750 28 220 517 280 1,295 9,777 7,841 978 428 1,384 5,051 1,936 Dec. 19. .. 21,358 11,502 7,847 381 858 30 231 518 487 1,295 9,856 7,916 1,101 604 1,385 4,826 1,940 Dec. 26... 21,291 11,359 7,933 325 811 30 223 516 364 1,317 9,932 7,881 1,076 605 1,377 4,823 2,051 Outside New York City 1950—November. 49,787 20,738 10,894 60 217 147 319 4,738 112 4,520 29,049 24,488 1,505 860 6,167 15,9564,561 1951—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 November. 52,386 23,592 13,263 34 219 94 343 5,149 180 4,646 28,794 24,071 2,741 2,573 4,589 14,1684,723 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 14,032 4,698 Oct. 17. .. 51,336 23,164 12,962 28 218 99 344 5,102 133 4,612 28,172 23,462 2,233 2,552 4,617 14,0604,710 Oct. 24... 52,007 23,208 12,969 23 233 95 343 5,105 134 4,640 28,799 24,081 2,817 2,585 4,586 14,0934,718 Oct. 31 5.. 52,099 23,288 13,058 27 222 97 342 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 Dec. 5... 52,653 23,713 13,355 60 220 91 348 5,150 159 4,666 28,940 24,151 2,944 2,556 4,586 14,0654,789 Dec. 12... 52,964 23,907 13,462 93 220 89 343 5,152 205 4,679 29,057 24,274 3,070 2,567 4,554 14,0834,783 Dec. 19. .. 53,484 24,010 13,595 59 222 86 348 5,155 189 4,692 29,474 24,661 3,424 3,007 4,556 13,6744,813 Dec. 26... 53,587 24,144 13,659 63 220 88 350 5,152 234 4,713 29,443 24,641 3,436 2,978 4,57713,6504,802 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. 56 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 r i e a n d t v - h l k - e s v C a a i u n s l h t b m a w a n d e n o i c s t - e k h t s i s c j m p u o a d s a d t e s n e - i - t d d s 3 s p p u v n h c a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n i d t i - l t e - s - s c C c O h a f e e e i e t n f e r c r f c d d t i . s k - i ' - s, U m G er . o e n v n S - - t . s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b 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 n s g v n d v S t - s - a t - . l m D t D e i o c s - e - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d it e a s b n * - k tions tions Total- Leading Cities 1950—November.. 12,436 847 2,30149,670 51,023 3,341 1,491 1,81114,508 649 125 9,5931,383 385 6,536105,854 1951—September . 14,195 889 2,385 50,97352,362 3,278 1,399 2,55314,757 739 14710,0281,212 395 619 6,745108,629 October 14,681 886 2,55851,419 52,812 3,280 1,382 2,889 14,878 723 15110,5801,229 413 426 6,783117,849 November.. 14,493 934 2,45852,45554,061 3,413 1,422 1,99914,942 716 15710,5571,234 435 752 6,828112,188 Oct. 3.... 14,844 855 2,447 50,51751,395 3,291 ,434 3,690 14,831 728 14910,2281,232 399 450 6,768 29,474 Oct. 10 14,707 919 2,586 50,878 51,846 3,214 ,264 3,011 14,847 726 15110,6451,223 406 210 6,765 23,373 Oct. 17.... 14,748 886 2,760 51,32353,988 3,118 ,404 2,365 14,874 723 15211,2691,241 405 324 6,761 25,680 Oct. 24.... 14,668 901 2,559 52,25153,312 3,311 ,375 2,835 14,878 720 15110,4651,224 427 502 6,789 26,568 Oct. 31 6... 14,437 870 2,439 52,124 53,517 3,465 ,434 2,543 14,958 719 15210,2951,225 428 644 6,833 27,491 Nov. 7.... 14,385 896 2,439 52,175 53,086 3,485 ,270 1,85514,971 718 15610,5911,218 433 628 6,832 24,613 Nov. 14.... 14,555 981 2,66152,249 55,163 3,387 ,393 1,79514,963 719 15711,0571,239 433 770 6,825 23,838 Nov. 21 14,569 874 2,41752,357 54i,031 3,315 ,587 2,104 14,918 706 15710,5051,252 437 739 6,818 30,833 Nov. 28.... 14,462 987 2,31553,040 533,964 3,466 ,438 2,241 14,915 720 15710,0741,226 437 870 6,839 23,249 Dec. 5.... 14,722 902 2,292 53,20454,047 3,378 ,568 1,42714,939 716 16110,4061,239 4271,093 6,838 28,964 Dec. 12.... 14,688 ,033 2,462 54,24356,209 3,363 ,636 1,20014,986 724 16310,6101,252 419 974 6,832 27,096 Dec. 19.... 15,3341,005 2,593 54, i ,996 3,391 ,890 2,016 15,022 714 16310,9201,286 417 957 6,827 33,789 14,9301,077 2,48254,05955,493 3,410 1,650 2,319 15,104 715 16310,6721,319 4181,177 6,837 24,682 Dec. 26.... New York City 4,462 138 15,41816,275 321 746 491 1,492 2,7781,126 190 171 2,310 41,167 1950—November.. 5,124 135 15,67016,460 242 639 785 1,472 2,867 1,005 298 347 2,361 41,688 1951—September . 5,220 140 15,77316,513 332 631 982 1,469 3,0741,014 318 134 2,368 45,334 October 5,064 157 15,91916,831 354 618 581 1,467 2,936 1,014 340 293 2,375 42,503 O O O O O N c c c c c o t t t t t v . . . . . em 3 2 1 1 3 1 4 7 b 0 . e . . . r . . . . . . 5 5 5 5 5 , , , , , 1 2 2 2 2 1 2 9 6 0 2 4 5 4 6 1 1 1 1 1 3 3 3 5 3 3 5 6 8 8 1 1 1 1 1 6 5 5 5 5 , , , , , 1 4 6 5 9 5 9 7 9 5 1 1 6 4 41 1 1 1 1 6 6 6 6 6 , , , , , 8 7 7 0 0 3 7 9 8 7 2 2 6 6 8 2 3 3 3 3 9 8 0 7 0 3 3 9 7 0 6 6 5 6 6 5 7 5 3 3 1 8 7 3 4 1 1, , 9 8 0 3 7 6 3 3 1 5 2 9 5 7 , , , , , 4 4 4 4 4 8 6 5 7 6 2 7 9 1 8 2 3 2 3 3 , , , , , 9 1 9 0 2 8 0 8 3 6 1 5 9 1 6 1 1 1 1 1 , , , , , 0 0 0 0 0 0 0 1 0 3 9 7 4 9 0 3 3 3 3 3 1 3 0 3 1 1 1 4 3 0 2 25 1 6 8 5 1 4 1 2 9 2 2 2 2 2 , , , , , 3 3 3 3 3 6 6 6 7 6 6 9 3 9 4 1 1 9 9 8 2 0 , , , , , 5 9 8 9 1 1 2 8 3 5 4 3 7 2 6 Nov. 7.... 5,040 155 15,78816,549 385 551 581 ,461 2,949 1,000 338 267 2,379 9,127 Nov. 14 5,117 164 15,74116,960 341 580 543 ,467 3,0071,018 337 386 2,378 8,698 Nov. 21.... 5,058 149 15,89116,825 321 726 607 ,463 2,9621,029 342 244 2,372 11,996 Nov. 28.... 5,040 160 16,25716,991 369 614 593 ,479 2,826 1,010 342 273 2,371 8,807 Dec. 5.... 5,265 156 16,32917,016 278 752 37 1,484 2,830 1,020 333 457 2,376 11,624 Dec. 12.... 5,159 183 16,64517,662 278 820 305 1,515 2,904 1,027 327 392 2,369 11,238 Dec. 19.... 5,306 173 16,91617,779 250 991 580 1,520 3,0641,061 324 308 2,368 14,701 Dec. 26.... 5,302 180 16,55517,535 275 823 76 1,536 2,988 1,088 323 462 2,371 10,116 Outside New York City 1950—November.. 7,974 709 2,26734,25234,748 3,020 745 1,32013,016 88 6,815 25: 4,226 64,687 1951—September . 9,071 754 2,354 35,30335,902 3,036 760 1,76813,285 718 104 207 272 4,384 66,941 October 9,461 746 2,526 ,299 2,948 751 1,90713,409 701 108 215 292 4,415 72,515 November.. 9,429 77 2,42 536 37,230 3,059 804 1,41813,475 692 114 220 459 4,453 69,685 Oct. 3 9,620 720 2,41735,06635,317 3,008 777 2,373 13,349 707 106 7,239 218 236 4,399 17,318 Oct. 10 9,412 761 2,557 35,284 35,760 2,905 713 1,97613,379 703 108 7,540 214 149 4,399 14,491 Oct. 17 9,542 750 2,722 35,64737,216 2,818 770 1,61013,403 701 109 8,003 211 24: 4,398 16,166 Oct. 24.... 9,404 763 2,52536,06036,516 2,934 742 1,87313,419 698 108 7,434 217 443 4,425 16,641 Oct. 31 5... 9,325 73 2,407 36,17036,685 3,072 756 1,704513,491 69 109 7,314 216 393 4,454 16,558 Nov. 7.... 9,345 741 2,41036,38736,537 3,100 719 1,27413,510 695 113 7,642 218 361 4,453 15,486 Nov. 14.... 9,438 81 2,629 36,50838,203 3,046 813 1,25213,496 695 114 8,050 221 384 4,447 15,140 Nov. 21.... 9,511 725 2,377 36,46637,206 2,994 861 1,49713,455 682 114 7,543 223 495 4,446 18,837 Nov. 28.... 9,422 827 2,283 36,783 36,973 3,097 824 1,64813,436 696 114 7,248 216 597 4,468 14,442 Dec. 5.... 9,457 746 2,25 36,87=37,031 3,100 816 1,05013,455 694 118 7,576 219 636 4,462 17,340 Dec. 12.... 9,529 850 2,42737,59838,547 3,085 816 89513,471 701 120 ,706 225 58: 4,463 15,858 Dec. 19.... 10,028 832 2,55137,90638,217 3,141 899 1,43613,502 692 120 ,856 22 649 4,459 19,088 Dec. 26.... 9,628 897 2,448 37,504 37,958 3,135 827 1,55: 13,568 692 120 7,684 231 715 4,466 14,566 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 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. JANUARY 1952 57 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 * [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan Manufacturing and mining Puonmmmm' li, Period2 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 u d a a i l c l n l . s t - s ch P l e c e e m o u t a r m i o l c , , a - l Other ( r T w e a s r t h a n a a l o 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 n a m l i e n e s - c s e u P p t t t ( r i i o u i a o l n r b i n n c t t l i a s l i ) e - . c - s s o C t t a i t r n o o h u d n e n c r - - c c h l N f a a i n s e e g s d t i e - s D a p f n o e s e d u n r fe t s p i n d e n - s e - g e - d N ef o en n s - e c c h l N f a a i n s e e g s d t i e - s ch t i o a a n a g t n n d a r d ' l g ' l l , e « 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-Sept... 231 -78 452 42 70 23 164 -100 218 -59 963 614 353 967 858 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 December... 249 -51 220 36 37 -55 159 138 30 36 801 221 580 801 727 Week ending: Oct. 3.... 53 -16 41 -1 -2 -12 28 42 24 -15 141 56 85 141 93 Oct. 10.... 99 -11 19 -3 1 16 34 -18 -1 -1 134 12 122 134 143 Oct. 17.... 64 -36 13 10 14 14 54 24 33 10 201 38 163 201 175 Oct. 24.... 44 -50 7 1 -8 -1 56 —14 9 -11 33 16 16 33 -17 Oct. 31 31 —27 5 20 1 59 -38 35 8 95 40 55 95 99 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 Dec. 5 75 —23 22 3 7 66 11 21 2 183 46 137 183 141 Dec. 12.!.. 61 -20 90 11 13 -3 46 9 -12 10 204 60 144 204 213 Dec. 19.... 83 4 69 5 4 -12 37 52 -7 17 253 61 192 253 223 Dec. 26 30 -11 40 17 13 -40 10 66 28 7 161 54 106 161 150 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 75 per cent of those of all commercial banks. During April and May the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to purpose. 2 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 1 Total Member Nonmember district Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 1946. 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949. 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Nov. 30, 1951 P 13,994 5,116 12,161 4,816 6,837 3,822 5,324 994 1,833 300 By districts Nov. 30, 1951 P District Boston 471 363 471 363 323 287 148 76 New York 859 996 859 996 737 920 122 76 Philadelphia 830 183 830 183 633 142 197 41 Cleveland 1,106 337 1,106 337 685 295 421 42 Richmond 1,009 585 811 438 477 273 334 165 198 147 Atlanta 1,216 238 616 197 356 167 260 30 600 41 Chicago 2,486 632 2,486 632 1,008 277 1,478 355 St. Louis 1,464 162 1,138 100 495 59 643 41 326 62 Minneapolis 1,274 112 677 71 476 28 201 43 597 41 Kansas City 1,754 24 1,745 24 751 13 994 11 9 Dallas 1,033 69 930 60 633 41 297 19 103 9 San Francisco 492 1,415 492 1,415 263 1,320 229 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. 58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g ls n banks bo B u il g ls ht Others2 I U m S i t n n p a i t o t t o e e r s d ts E U S f x t r n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F i d t o n w r i e e n e i g n o n r States countries 1950—October 312 383 168 100 68 215 243 85 2 29 25 November 325 383 166 104 62 217 234 88 2 29 29 December 333 394 192 114 78 202 245 87 2 28 32 1951—January 356 453 202 126 76 251 286 100 2 36 29 February 369 470 201 121 79 270 304 99 2 36 29 March 381 479 198 122 76 279 314 106 2 30 26 April 387 456 170 119 52 285 288 111 2 24 31 May 364 417 143 108 35 274 259 102 1 22 33 June 331 425 162 120 42 263 267 104 (8) 22 31 July 336 380 135 103 33 245 225 104 (») 24 27 August 368 384 122 94 28 262 218 109 6 25 26 September 377 375 118 85 33 256 210 104 3 27 31 October '410 398 131 87 44 267 226 106 4 27 35 November 435 437 154 96 58 283 227 116 5 46 43 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New YorkStock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances l Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v d In e t s f r t i a m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s 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—December... 1,356 9 399 397 745 890 230 36 12 317 1951—January 31.411 « 690 8 948 February.. . 1,367 8 642 « 953 March 1,304 *715 8 918 April »1,286 8 661 8 879 May 5 1.287 8 681 8 855 June 1.275 10 375 364 680 834 225 26 13 319 July »1,266 «672 8 825 August J 1,260 8 624 8816 September. . n,290 8 640 «843 October 5 1,291 8 653 3 853 November. . 1,279 3 649 3 805 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 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): September, 41; October, 40; November, 41. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data jn detail at semiannual dates prior to 1942. JANUARY 1952 59 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] Prime bank- ex- securities (taxable) Year, com- ers' change month, or mercial accept- call Size of loan week m 4 p - o a t n p o t e h r 6 s , - 1 a d n a 9 c y 0 e s s 1 , n l a o r e l e a w s - n 8 - m bi o 3 ll n - s t « h 9 i m s - s t o o u n e t 1 s h 2 4 - 3 is - y s t u e o a e r s 5 s - Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 -$ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 -$ a 2 n 0 d 0 o ,0 v 0 e 0 r 1949 average 1 48 1 63 j in? 1 14. 1 43 Annual averages: 1950 average 145 l!l5 l!63 1^218 i.26 l!50 19 cities: 1951 average 2.17 .60 2.17 .552 L.73 1.93 1942 2.2 4.4 3.2 2.2 2.0 1943 2.6 4.4 3.4 2.5 2.4 1950—December.. 1.72 L.31 1.63 L.367 L.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... 1.86 L.39 2.00 L.387 L.47 1.66 1946 2.1 4.2 3.1 2.2 1.7 February. • 1.96 L.50 2.00 L.391 L.60 1.67 1947 2.1 4.2 3.1 2.5 1.8 March 2.06 L.63 2.00 L.422 L.79 1.86 1948 2.5 4.4 3.5 2.8 2.2 April 2.13 L.63 2 00 L.520 1.89 2.03 1949 2.7 4.6 3.7 3.0 2.4 May 2.17 .63 2.15 .578 .85 2.04 1950 2.7 4.5 3.6 3.0 2.4 June... 2.31 63 2.25 499 !79 2.00 1951 3.1 4.7 4.0 3.4 2.9 July 2 31 L 63 2 25 593 74 1.94 August.... 2.26 L.63 2.25 L.644 L.70 1.89 Quarterly: September. 2.19 L.63 2.25 1.646 L.71 1.93 19 cities: October 2.21 .63 2.25 .608 L.74 2.00 1951—Mar 4.68 3.88 3.27 2.76 November. 2.25 1.63 2.25 .608 L.68 •-2.01 June 4.73 3.93 3.32 2.81 December.. 2.31 1.69 2.38 .731 L.77 2.09 Sept 4.74 3.99 3.36 2.78 Dec 3.27 4.78 4.05 3.49 3.03 Week ending: New York City: D D e e c c . . 8 1 . . . . . . 2 2 M H 2 2 - - 2 2 } y 42 L . . 6 6 3 0 2 9 1 1. . 7 6 0 8 2 2 . . 0 0 2 0 1951— J M un ar e 2 2 . . 7 7 8 4 4 4 . . 3 2 7 0 3 3 . . 6 6 6 8 3 3 . . 0 0 6 6 2 2 . . 6 5 4 9 D D e e c c . . 2 1 2 5. . . . . . 2 2 M 3^j 1 1 M % 2H 2 - - 2 2 % y2 L L. . 7 7 2 0 5 0 L L. . 7 7 9 3 2 2 . . 0 1 3 0 S D e e p c t 2 3. . 0 7 1 9 4 4 . .3 3 7 5 3 3 . . 7 9 2 1 3 3 . . 3 1 4 8 2 2. . 8 6 7 4 Dec. 29... IK L.865 L.90 2.24 7 Northern and Eastern cities: 1951—Mar 3.02 4.74 3.86 3.23 2.81 r Revised. June 3.04 4.68 3.90 3.28 2.83 1 Monthly figures are averages of weekly prevailing rates. Sept 3.06 4.81 3.97 3.24 2.82 2 The average rate on 90-day Stock Exchange time loans was 1.63 Dec 3.23 4.81 4.04 3.46 3.03 per cent, Aug. 17, 1948-Jan. 1, 1951. In 1951 changes have been 11 Southern and made on the following dates: Jan. 2, 2.13; May 16, 2.38; Dec. 18, Western cities: 2.56 per cent. 1951—Mar 3.42 4.87 4.01 3.41 3.06 8 Rate on new issues within period. June 3.52 4.90 4.10 3.52 3.14 4 Series includes certificates of indebtedness and selected note and Sept 3.47 4.89 4.17 3.55 3.04 bond issues. Dec 3.67 4.95 4.15 3.62 3.35 • Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October NOTE.—For description of series see BULLETIN for March 1949, 1947, pp. 1251-1253. 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 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 1951 average 2.00 2.86 3.08 2.91 3.13 3.41 2.89 3.26 3.09 2.57 2.86 1950—December 1.97 1.77 2.66 2.88 2.72 2.91 3.20 2.70 3.07 2.87 2.39 2.67 1951—January. . . 1 96 1 62 2 64 2 86 2.71 2.89 3.17 2.69 3.03 2.85 February (6) 22 .4309 1.61 2.66 2.85 22..6666 2.71 2.88 3.16 2.69 3.01 2.86 March 2.47 1.87 2.78 2.95 2.78 2.81 2.98 3.22 2.79 3.09 2.95 April 2 56 2.05 2 88 3.07 2.87 2.93 3.12 3.34 2.89 3.24 3.07 May 2.63 2.09 2.89 3.09 2.88 2.93 3.14 3.40 2.90 3.28 3.10 June 2 65 2 22 2 95 3 16 2.94 2.99 3.21 3.49 2.96 3.33 3 18 July 2 63 2.18 2.93 3.17 2.94 2.99 3.23 3.53 2.97 3.36 3.19 August 2.57 2.04 2.86 3.12 2.88 2.92 3.18 3.51 2.92 3.31 3.13 September 2 56 2 05 2 85 3 08 2.84 2.88 3.15 3.46 2.89 3.27 3 09 October 2 61 2.08 2.92 3.13 2.89 2.93 3.18 3.50 2.93 3.31 3.14 November 2.66 2.07 2.98 3.20 2.96 3.02 3.26 3.56 2.97 3.42 3.21 December 2 70 2 10 3 03 3 25 3 01 3.06 3.31 3.61 3.00 3.50 3 24 Week ending: Dec. 1 2.68 2.09 3.01 3.22 2.97 3.04 3.29 3.58 2.98 3.46 3.23 Dec. 8 2.69 2.09 3.00 3.24 2.99 3.05 3.30 3.60 2.99 3.47 3.25 Dec. 15 2 67 2 09 3 00 3 25 3.00 3.06 3.31 3 61 2.99 3 50 3 25 Dec. 22 2.70 2.10 3.02 3.25 3.01 3.06 3.30 3.63 3.00 3.51 3.24 Dec. 29. ... 2.74 2.13 3.08 3.26 3.03 3.07 3.31 3.63 3.01 3.52 3.25 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 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 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. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS L Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o ar r , w m e o ek nth, m U G e . e r o n n v S - t - . 2 g M i ( r c h a i u i d p g n e a h - ) l - 8 g ( r C r p h a a o o d i t g r e - e - h ) - 8 fe P r r r e e - d4 Tot * a ( l inde d t x I r u , n i a s - 1 - l 935 R r - o a 3 a i 9 d l- =10 u P 0 t u i ) l l i b c it - y Total Tot M al anuf D a a b c u l t r u e ( - r i i n n d g N e d 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 i a n r c n d v d e - - e , , M in i g n- s s t h h a i a ( o n n o r i f 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 1949 average. . . 102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 L.O37 1950 average. .. 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 !,012 1951 average. .. 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 L.684 1950—Dec. , , 101.53 137.4 121.1 179.9 158 171 139 104 165 180 162 198 184 107 196 160 i.769 1951—Jan. 101.56 140.5 121.4 180.9 169 183 153 109 177 194 175 212 202 110 205 176 J.974 Feb 101.44 140.8 121.3 180.9 175 190 159 111 184 203 182 223 213 112 213 184 J.104 Mar 100.28 135.5 119.4 174.9 170 184 149 111 180 198 178 217 200 113 210 177 1,549 April.... 98.93 131.9 117.8 170.4 172 187 149 110 183 204 181 225 202 111 208 183 ,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 L.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 Dec 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 1,367 Week ending: Dec. 1.. 97.20 '131.1 115.0 165.3 177 193 144 114 187 210 180 238 199 114 210 234 1,249 Dec. 8.. 97.10 131.1 115.0 165.7 181 197 149 115 191 215 184 244 208 115 211 243 ,527 Dec. 15.. 97.26 130.9 114.9 163.8 183 199 153 116 190 214 181 245 205 115 209 238 1,323 Dec. 22.. 96.77 130.3 114.1 163.2 184 201 152 116 191 216 182 249 203 115 207 239 1,308 Dec. 29.. 96.26 130.3 114.5 161.9 182 199 149 115 192 218 184 249 203 115 208 237 L.293 r Revised. 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. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annua dividend. 6 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] Total (domestic and foreign) 2,114 1.075 1.075 342 506 118 1,039 1,039 418 407 2,169 642 640 176 282 92 1,527 1,442 685 603 4,216 913 896 235 422 224 3,303 3,288 2,466 2,178 8,006 1,772 1,761 471 607 657 6,234 6,173 4,937 4,281 8,645 4,645 4,635 952 2,084 1,472 4,000 3,895 2,953 2,352 89,691 »7,566 7,255 2,228 3,567 1,219 2,125 1,948 1,482 1,199 10,220 9,085 9,076 2,604 45,269 908 1,135 1,135 284 257 9,753 8,160 8,131 2,803 4,125 971 1,593 1,492 445 393 "10,935 8,271 8,160 3,370 3,199 1,197 82,665 2,441 1,338 1,280 1950—October. . November December. 1951—January.. 514 436 436 February. »834 8 649 594 March.... 1,229 1,019 1,001 April 1,064 920 918 May 1,162 947 866 June 1,291 1,095 1,075 July 934 810 802 August... 617 424 390 September 3 986 3 792 642 October. . 1.285 963 937 1 Includes publicly offered issue? of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possession?. r__ -.^^ ,nrn i^_u ««r< --j o^—!.„_ -.^c, :--iucie 244 million dollars, 100 million, 50 million, and 100 million, respecsubject - - - - - .. ... - _...-_ JANUARY 1952 61 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 Year or month E pr s o ti g c m e ro e a s d t s s e d 2 E pr s o ti c n m e e e t a d te s d 3 New money Retirement of securities Repa o y f ment pu O r t p h o e s r es Plant and Working Bonds and Preferred other debt 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—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 November 602 590 504 438 66 49 48 1 21 16 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing B C m o i m sc m el e la rc n i e a o l u a s n 8 d Railroad Public utility' Communication 8 R an ea d l f e in s a ta n t c e ial Year Or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- money ments 10 pro- money ments 10 pro- moneyments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1 208 180 943 16 8 7 1939.. 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1 180 245 922 155 42 0 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 1 19 9 4 4 8 7. 2 2, , 1 6 8 8 0 6 1 1 , , 9 7 7 2 4 6 3 5 5 4 3 403 304 21 2 61 8 7 3 5 2 4 4 6 0 3 5 5 6 3 2 , , 2 2 1 8 2 1 2 1 , ,9 1 9 8 8 8 9 1 3 4 9 5 * *89i "870' .... „ 5 2 8 8 7 6 4 18 8 9 5 3 2 0 4 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—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 G 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 S O e c p to te b m er ber 2 1 4 6 4 5 2 1 0 4 3 6 1 3 1 2 2 9 9 2 1 0 9 4 2 1 3 8 2 1 3 6 i 1 1 7 3 9 1 1 1 2 6 6 3 2 1 8 4 1 8 4 5 1 7 5 4 1 6 2 November 165 139 19 32 10 70 55 15 274 253 15 35 35 14 11 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. « 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. 8 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 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. 62 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 dollarsand 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 t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t 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 Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940. 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942. 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 . 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,316 2,033 1,203 944 17,416 1,573 932 804 3,900 460 271 140 1947 30,797 4,099 2,521 1,168 25,686 3,423 2,105 1,000 5,111 676 416 168 1948 .... 36,930 5,312 3,309 1,402 31,238 4,593 2,860 1,210 5,692 719 489 192 1949 36,675 5,034 3,098 1,658 31,578 4,506 2,768 1,474 5,097 528 330 184 1950 44,056 7,891 4,061 2,237 37,828 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—1 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 9,213 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—1 12,685 2,232 876 467 10,811 1,951 765 420 1,874 281 110 47 2 13,019 2,214 837 474 11,079 1,928 724 421 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 dollarsi Railroad Electric power Telephone Year or quarter Operat- Profits Profits Divi- Operat- Profits Profits Divi- Operat- Profits Profits Divirev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends 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—i 1,985 109 2 52 61 1,378 351 2 230 146 787 116 2 71 62 2 2,238 248 2 157 53 1,322 321 2212 153 821 137 2 84 67 3 2,534 454 2257 55 1,317 293 2 171 152 853 158 2 84 70 4 2,716 574 2 318 142 1,415 339 2211 168 881 169 2 92 76 1951—l 2,440 229 2 103 100 1,504 413 2 229 157 904 175 2 90 77 3 2 2 2 , , 5 5 8 9 3 6 2 27 50 5 2 2 1 1 4 2 4 2 6 56 2 1 1 , , 4 4 2 1 1 9 3 3 4 20 4 2 2 1 1 6 9 8 5 1 16 6 2 0 9 9 1 31 8 1 1 7 60 4 2 2 9 7 2 2 8 7 1 9 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 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. 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). 63 JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1949 1950 1951 1948 1949 31 Nondurable goods industries Total (94 corps.):2 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.):' Sales 23,567 23,886 29,346 6,307 5,279 6,004 7,225 7,891 8,226 8,362 8,759 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 2,549 508 424 503 694 776 576 510 497 429 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 2,562 2,719 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 Total includes 26 com (15); and miscellaneous (1). '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 t i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1939 . . . 6.5 1.5 5.0 3.8 1.2 1949—4 27.0 10.5 16.5 8.0 8.5 1940 9 3 2 9 6.4 4.0 2.4 1 1 19 9 9 4 4 4 2 3 1 2 2 1 1 5 7 . . . 1 1 2 1 1 7 4 1 . . 8 7 4 1 9 9 0 . . . 4 4 6 4 4 4 . . . 5 5 3 5 4 6 . . . 1 2 9 1950— 2 1 3 3 1 7 . . 9 5 1 1 4 6 . . 4 9 2 1 0 7 . . 6 5 8 7 . . 4 8 1 9 2 . . 7 2 1944 24.3 13.5 10.8 4.7 6.1 3 45.7 20.5 25.2 9.4 15.8 1945 19.7 11.2 8.5 4.7 3.8 4 50.3 22.5 27.8 11.1 16.7 1946 23.5 9 6 13.9 5.8 8.1 1947 30.5 11.9 18.5 6.6 12.0 1951_1 51.8 31.1 20.7 8.8 11.9 1948 33 8 13 0 20.7 7.3 13.6 2 45.4 27.0 18 4 9.6 8 8 1949 28 3 11 0 17 3 7 6 9 8 3i . r40 0 r23 8 r16 2 9 6 r6 6 1950 41.4 18.6 22.8 9.2 13.6 41 42.0 25.0 17.0 10.1 6.9 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. 64 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 s t l 1 d T d g i e r o r o b e t s a t c s l t Total« Tre b a il s l u s ry c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total« s b U a o v . n i n d S g s s . T t s r a a n e x v o a i t s a n e u n g s r s d y T b i r o s m n e e n v e a r e d s n i s e s u t t s — r - y S i p s e s c u i e a s l i b n e N t d a e o e r r n b e i - t s n t g - 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 27,366 173 Dec. 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 970 28,955 ,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 31,714 220 1949—June. 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 954 32,776 009 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 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 Dec. 259,461 259,419 142,685 18,102 29,078 18,409 76,945 78,483 57,587 7,534 13,011 35,902 2,348 bo IBOJ aVclV^kI/W Olf teillg J urL/VeyilsViU.f— CXAASVJ. eA IeI 11 1VB,U a-L n\J 1k \_\_ivJn J—g/V O. Va \_ nUdvl lMUU) oinivwe twa*4.vr ti y*- wS—-jft«.—a M»t •• iw-»s^j t•ics, Tables 146-148, pp. 509-512, UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING DECEMBER 31, 1951 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and Month sta o n u d t- ing period maturities Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Treasury bills 1 Treasury bonds—Cont. Fiscal year ending: Jan. 3, 1952 1,202 June 15, 1952-54 2 5,825 June—1944.. 34,606 15,498 11,820 802 2,876 2,371 Jan. 10, 1952 1,201 June 15, 1952-55... 2\i 1,501 1945.. 45,586 14,891 11,553 679 2,658 4,298 Jan. 17, 1952 1,200 June 15, 1952-554 2 510 1946.. 49,035 9,612 6,739 407 2,465 6,717 Jan. 24, 1952 1,201 Sept. 15, 1952-53 2 7,986 1947.. 51,367 7,208 4,287 360 2,561 5,545 Tan. 31, 1952 1,302 Dec. 15, 1952-54 2 8,662 1948.. 53,274 6,235 4,026 301 1,907 5,113 Feb. 7,1952 ,300 June 15, 1953-555 2 725 1949.. 56,260 7,141 4,278 473 2,390 5,067 Feb. 14, 1952 ,303 June 15, 1954-566. .2\i 681 1950.. 57,536 5,673 3,993 231 1,449 5,422 Feb. 21, 1952 ,102 Mar. 15, 1955-606. .2% 2,611 1951.. 57,572 5,143 3,272 347 1,523 6,137 Feb. 28, 1952 ,100 Mar. 15, 1956-58. ..2}^ 1,449 M M a a r r . . 1 6 3 , , 1 1 9 9 5 5 2 2 , , 1 2 0 0 4 0 S S e e p p t t . . 1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 9 9 6 . . . .> 22 M ^ 3,8 9 2 8 2 2 1950— Dec... 58,019 541 284 61 197 509 Mar. 15, 1952 2 ,234 June 15, 1958-636. .2% 919 1951—Jan 58,017 475 343 18 115 653 J M M u a n a r r e . . 2 2 1 7 0 5 , , , 1 1 1 9 9 9 5 5 5 2 2 2 * , , ,2 2 2 4 0 0 9 4 1 J J D D u u e e n n c c e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 5 5 2 0 9 9 - - - - 6 6 6 6 7 5 2 2 « 6 6 6 . . . . . .- . 2 2 22# % j j | | 5 2 3 1 , , , , 1 4 2 4 8 1 6 8 5 8 9 3 A F M M e p b a a r . r y . . . . . . . . . . . . . . 5 5 5 5 7 7 7 7 , , , , 6 6 7 7 5 0 6 6 2 7 9 4 2 3 3 3 9 5 1 8 6 9 0 6 2 2 2 2 4 7 5 8 7 2 4 0 1 1 7 2 9 8 4 9 6 4 1 7 7 7 4 5 5 47 7 6 2 2 8 0 8 C A J A S D O e u e u p c r e l p t y g r c t . t . i . . f i 1 c 1 1 1 5 1 1 a , , , , , , t 1 e 1 1 1 1 9 1 s 9 9 9 9 9 5 5 5 5 5 5 2 2 2 2 2 2 1 \ 1 \ \ \ y y J % % % % % 4 10 9 5 1 1 , , , , , 0 8 8 2 5 5 6 3 6 8 1 2 3 1 2 1 6 4 J S D J D M D M u u e e e e a n a n p c c c r r e . . e . t . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 7 7 6 4 4 3 5 7 - - - - - - - - 7 7 7 6 6 6 7 7 2 2 1 9 9 8 0 2 6 6 6 6 6 6 8 . . . . . . . . . . . . . . . .2 2 2 2 . 2 2 2 2 % H H ^ ^ ^ ^ ^ 4 2 3 2 5 3 2 3 , , , , , , , , 0 7 0 1 4 8 8 7 7 1 9 0 8 3 3 6 4 6 6 1 0 0 6 0 N D J A S J O u u e e o u c c n l v p g t . y . e . t . . . . . . . . . . . . . . 5 5 5 5 5 5 5 7 7 7 7 7 7 7 , , , , , , , 5 5 5 5 5 4 5 8 5 7 0 3 8 0 7 2 2 1 8 8 9 3 2 3 3 2 3 2 9 1 1 7 1 3 9 7 6 1 3 4 4 0 2 2 2 2 2 2 2 5 4 6 7 3 5 6 4 4 7 4 0 8 8 10 8 9 8 8 9 7 3 4 3 3 3 3 5 8 5 8 6 4 9 0 3 4 4 4 4 4 3 8 0 9 7 3 6 1 2 1 0 6 7 4 0 Maturities and amounts outstanding December 31, 1951 Postal Savings Treasury notes bonds 102 Year of All Series Series Series Mar. 15, 1954 \ 4,675 maturity series E F G Mar. 15, 1955 1 5,365 A De p c r . . 1 1 5 , , 1 1 9 9 5 5 5 6 1 \ 6 1 , ,0 8 0 5 7 4 Panama Canal Loan. 3 50 1 1 9 9 5 5 2 1 3,7 8 6 40 5 3,7 8 6 40 5 Oct. 1, 1956 \ 508 Total direct issues 142,685 1953. 6,353 5,181 192 981 1954 8,055 5,721 478 1,856 Guaranteed securities 1 19 9 5 5 6 5 . 5 6 , , 0 8 7 7 7 0 4 2 , , 4 2 6 7 9 3 5 5 8 0 1 0 2 1 , ,9 2 0 2 2 3 Treasury bonds Federal Housing Admin. 1957 4,858 2,365 465 2,028 Mar. 15, 1952-54.. 32 1,024 Various 39 1958 4,962 2,583 242 2,137 1959. 4,771 2,660 259 1,851 1960 5,271 2,526 441 2,304 1 Sold on discount basis. See table on Open-Market Money Rates, 1961 3,882 2,389 203 1,289 p. 60. 1962 2,190 373 1,817 2 Tax Anticipation Series. 1963 723 117 606 8 Called for redemption on Mar. 15, 1952. Unclassified -30 4 Maturity Dec. 15, 1955. 6 Partially tax exempt. Total 57,587 34,771 3,851 18,995 6 Restricted. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d ar - - trust funds * Federal Com- Mutual Insur- Other S a t n a d te Individuals l M an is e c o e u l s a se n ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n r k ci s a l l s b a a v n in k g s s panies r c a o t r i p o o n - s g m o lo v e c e n a r t l n s - S b a o v n in d g s s se O cu th ri e ti r es in t v o e r s s - ' 1940— une 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— une 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942— une 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943— une 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944— une 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945— une 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946— une 269,898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6,500 43,500 19,800 8,800 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 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 Oct 258,336 35,615 6,367 216,353 23,552 60,600 10,000 16,600 20,900 8,100 48,900 17,300 10,600 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. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, ana 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 t i a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . 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: Total:* Within 1 year: 1 1 1 9 9 9 4 5 5 9 1 0 — — — 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 6 3 2 7 4 0 8 5 1 4 5 3 5 5 5 3 3 3 2 3 7 5 2 6 7 2 0 7 5 4 2 2 1 1 1 0 0 8 8 9 , , , , , 2 7 8 3 3 6 7 8 3 4 8 8 5 1 3 5 5 5 5 5 8 1 9 4 6 , , , , , 9 2 5 8 8 7 3 1 5 9 2 7 5 6 3 1 1 1 1 8 1 0 0 0 0 8 2 7 1 2 7 5 7 4 9 7 4 2 4 1 1 1 1 1 8 8 6 2 90 0 5 8 1 7 9 6 3 3 7 0 2 5 2 4 4 4 4 4 4 3 1 4 2 , , , , , 4 0 6 7 5 8 2 6 5 6 7 9 3 8 3 1 1 1 9 9 9 5 4 5 0 9 1 — — — D D J J J u u e e u n n c c n e e e.... 3 3 1 1 1 8 7 0 1 4 , , , , , 9 6 3 2 3 3 0 8 2 1 1 5 7 6 9 4 3 4 7 9 6 9 9 0 1 1 0 2, , 3 2 9 8 5 7 4 8 0 7 3 1 2 5 8 1 1 9 7 7 5 4 , , , , , 0 0 0 6 0 1 2 0 4 8 4 1 1 5 3 2 2 2 4 1 3 6 3 3 5 6 7 0 8 1 1,0 3 4 3 9 4 6 8 2 6 4 0 5 6 8 1 1 3 2 2 0 0 , , , , , 7 7 6 3 5 2 4 8 0 5 2 7 5 0 3 Sept 140,201 3 335 22,02052,303 8 126 11 691 42,726 Oct 141,788 3 334 22,338 53,409 8 002 11 643 43,062 Sept.. . . 31,077 39 8,712 13,203 418 819 7,886 Treasury bills: Oct 18,230 29 1,37011,577 373 611 4,270 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 2,12126,304 1,279 2,124 7,135 Dec 13,627 35 1,296 3,888 33 474 7,901 Dec 35,067 186 1,92224,907 1,121 1,641 5,290 1951—June.... 13,614 26 527 3,750 122 829 8,360 1950—June.... 51,802 327 5,11633,127 1,058 1,731 10,443 S O e c p t t 1 1 5 6 , , 6 8 1 4 7 9 6 6 8 3 1,0 3 5 1 8 0 4 5 , , 6 8 0 5 8 8 10 8 2 8 7 7 1 4 6 8 9 9, , 7 0 8 6 2 5 1951— D J e u c ne.... 3 3 3 1, , 0 3 2 7 2 8 1 1 8 3 9 9 3 1, , 2 8 8 7 5 8 2 2 4 0 , , 5 8 3 5 4 3 5 22 6 7 8 1,1 7 4 5 2 6 5 5 , , 6 1 6 6 0 9 Ce 1 rt 9 if 4 i 9 ca — t D e J s e u : c ne.... 2 2 9 9 , , 4 6 2 3 7 6 4 2 8 6 6 6 , , 8 2 5 7 7 5 1 9 1 , , 5 5 6 2 1 0 2 1 0 6 7 9 6 6 0 3 2 3 1 1 2 0 , , 1 9 7 9 4 1 S O e c p t t 3 3 6 7 , , 8 3 3 3 2 4 1 1 8 6 9 0 4 , , 3 8 9 9 6 62 2 4 4, , 7 78 8 1 3 2 2 5 5 9 0 8 9 9 0 2 0 5 5, , 8 8 4 1 5 5 1950—June.... 18,418 7 5,357 5,354 64 382 7,254 1951— D J e u c ne.... 5 9 , , 3 5 7 0 3 9 3 2 , , 1 3 9 3 4 4 2 1 , ,5 7 4 5 4 3 37 7 28 5 7 3 3 1 , ,4 2 3 2 5 1 5— 1 1 9 0 4 y 9 e — ar D J s u : e n c e 1 1 5 8 , , 0 5 6 3 7 7 5 5 3 6 2 8 1,3 5 8 8 8 4 6 6 , , 5 9 8 9 7 5 2 2 , , 0 6 0 4 2 0 2 1, , 7 2 3 3 2 0 3 4 , , 6 7 3 1 0 6 Sept.. . . 15,317 31 4,944 4,476 43 473 5,350 1950—June.... 15,926 423 1,148 5,675 2,439 2,055 4,186 Oct 28,016 44 12,848 5,945 54 613 8,512 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 Sept.. . . 11,157 318 1,014 2,431 1,935 1,658 3,801 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 Oct 11,157 315 1,014 2,436 1,928 1,658 3,806 Dec 39,258 10 12,527 15,833 136 707 10,045 1951—June.... 35,806 14 12,439 13.704 120 687 8,842 After 10 years: Treasury S O b e c o p t n t d .. s: . . 3 1 1 8 , ,6 0 6 1 9 3 1 3 31 5 1 , , 0 9 6 1 8 0 1 1 2 0 , , 2 5 2 2 8 4 10 7 3 2 3 5 1 1 2 4 2 6 , , 6 2 9 4 0 5 1 1 9 9 5 4 0 9 — — D J J e u u c n n e e . . . . . . . . 4 4 4 5 5 8 , , , 0 0 55 8 8 4 4 4 4 4 4 , , , 4 4 4 8 4 5 2 1 5 3 4 2 , , , 4 3 5 5 4 9 2 9 3 3 4 3 , , ,0 8 9 9 8 3 2 7 3 6 7 7, , , 1 2 5 3 9 8 0 3 8 1 1 1 4 3 3 , , , 1 5 4 7 0 8 9 7 5 1 1 1 3 3 4, , , 2 5 0 4 2 9 2 4 0 1949— D Ju e n c e 1 1 0 1 4 0, , 4 7 2 5 6 8 5 5 , ,2 2 1 0 7 1 7 7 , ,2 7 1 8 8 04 3 2 9 , , 0 2 4 3 2 5 1 1 0 0 4 7 8 6 0 81 1 8 7 , , 3 5 1 7 5 9 2 25 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 , , 5 39 0 7 8 2 2 , , 9 7 3 8 2 1 5 7, , 1 3 8 8 0 9 1 7 2, , 3 2 0 9 8 3 1 1 3 0 , , 9 5 8 3 9 4 1 1 9 9 5 5 1 0 — — D J J e u u c n n e e . . . . . . . . 1 9 0 7 4 2 8 , , , 7 8 0 3 9 3 2 5 5 3 5 5 , ,1 2 2 7 7 8 8 3 3 5 4 4 , , , 6 1 6 1 0 2 8 8 0 3 3 3 8 3 1 , , , 6 6 2 0 8 9 7 6 1 1 9 7 06 9 9 6 7 2 7 3 41 1 1 7 5 0 , , , 6 2 2 1 6 4 7 4 92 2 2 2 5 4, , , 9 0 3 4 2 4 1 3 0 S O e c p t t.. . . 3 3 0 0 , , 0 0 1 1 7 5 2 2 , , 6 6 5 8 5 8 1 1, , 4 39 0 7 0 2 2 , ,7 7 7 7 7 4 5 5 , ,3 3 0 6 5 6 7 7 , , 1 1 1 0 9 1 1 1 0 0 , ,7 7 4 0 4 6 Sept 78,070 3,188 4,108 30,961 7 876 9,97421,963 Oct 78,068 3,189 4,11131,049 7 784 9,95821,977 * 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. i Includes stock savings banks. 8 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. « Less than $500,000. 66 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 dail>r statements of United States 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 ( d u + e r f ) p i o c lu r it s c T e o a r t u c u c n - . s 1 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 ba fu la n n d ce f a g B e u n i e r a n n c a n l d e - l - Total s F e D e R e r r e e a d v - l p e osi d i t S t e c s a p i p r a i e o i n l - e s s - O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i E ( n o + x c u ) c o t o e g m s r o s e banks' Fiscal year: 1949...... 38,246 40,057 — 1 811 —495 +366 +478 — 1 4623 470 3 862 438 1,771 653 392 41 62840 576 +1,051 1950 37,045 40,167 —3,122 +99 +483 +4,587 +2,047 5,517 5.927 950 3,268 L 709 410 40 97043 155 —2,185 1951 48,143 44 633 +3 510 +679 —214 —2 135 +1 839 7 357 7 871 338 5 680 I 853 514 53 43945 804 +7 635 1950—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 L ,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 ,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 ,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 L.853 514 7,367 5,223 +2,144 July.. 2,571 4,739 -2,168 +11 -14 +435 -1,737 5,620 6,032 584 3,694 ,754 412 2,854 4,843 -1,989 Aug. . 3,594 5,087 -1,493 +83 -103 +988 -525 5,095 5,431 459 3,244 ,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 ,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 ,765 523 4,293 5,642 -1,348 Dec. . 5,279 5,627 -347 +196 +7 -186 -329 4,295 4,816 321 2,693 1,801 521 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct F o i r s c m al o y n e th ar b p W y l h o e i e y t l m e h d r - s - Other i r n e n c M v t e e e e l o i r l n s u a n - u - s a e l S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S m a e o x c p e c e u l n i o s r a t i y * l t - y c N e r i e e p - t ts in 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 h a d s n g e a u * e c l n a d e l d w t i v i a n I t x i c h n d o h d n u m e i a o - l l e d t c C o t p i o m t o r a r o n e p x f o e i i a t n s r s n a - d - t t a a g E a x n i s t f d e e - t s l m E a o t n a a x i t s e n x h c c o d i e e e s s u r l e - s Fiscal year: 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,69038,246 11,743 7,996 11,554 797 7,585 1950 10,073 18,189 8,303 2,892 1,853 41,311 2,160 2,106 37,045 11,762 7,264 10,854 706 7,599 1951 13,53524,218 9,423 3,940 2,253 53,369 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1950—Dec... 988 2,175 764 377 169 4,474 23 239 4,211 267 257 1,907 44 679 1951—Jan «680 2,709 853 «149 230 4,621 42 131 4,448 829 2,527 297 80 820 Feb.... 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 151 54 730 Mar..., 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 129 682 Apr... . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May... 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 June... 1,123 5,065 719 425 270 7,603 234 280 7,089 256 1,195 3,908 47 660 July. .. 726 983 722 177 225 2,833 88 175 2,571 1,158 321 596 56 709 Aug. ... 2,130 404 806 597 228 4,165 55 516 3,594 3,600 116 290 66 771 Sept 1,128 4,115 707 451 124 6,524 57 258 6,209 110 1,276 2,942 52 641 Oct. . .. 780 828 885 47 168 2,708 41 32 2,635 1,227 215 512 52 831 Nov.... 2,177 254 805 505 211 3,951 30 400 3,521 3,428 98 160 70 776 Dec... Pl.359 2,916 823 P325 153 5,576 31 266 5,279 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security 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 A r a a i t e d n i n t o - i s - s n - a t c A u g t u o i r r l d e i - - T c t o f r r a e t u a u c o r n n s - s t s ts - Other ce R i e p - ts ac m v c I e o e n s u n - t n - ts ts p tu E en r x e d - s i- ce R i e p - ts O m v I e t e n h s n - e t- 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.C46 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—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 9 606 582 194 258 125 15 14 Mar 4,058 2,057 580 346 454 68 2 •551 280 101 259 150 27 77 Apr ... 4,007 2,160 253 392 427 104 82 589 283 83 255 184 24 173 May 4,517 2,396 163 487 424 91 1 955 928 510 266 127 -23 166 5,969 2,495 1,557 785 383 92 (') 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 3,015 173 367 436 105 92 990 732 285 282 171 -38 291 Dec 5,627 P3.065 1,057 P445 386 48 64 P562 550 81 278 142 -8 145 p Preliminary. c Corrected. » Excess of receipts (+) or expenditures ( —). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues 4 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 5 Beginning January 1951, old-age insurance employment taxes are not reported separately. Figures for prior periods have been combined for purpose of comparison. 6 Beginning January 1951, Treasury reports combine income taxes withheld and employment taxes.. Figures shown for withheld income taxes exclude, and figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and survivors insurance trust fund. 7 Less than $500,000. 67 JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 labilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l - v e n - s m m C p s r t a l i u i o o a n i e a p e m d t s d l - e s s , i - , - - G U s r e i o t . c i v I e u S m n t s - . . v e e n s O r t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a e y l e n d l r e s d y - d s d p , e a n O b y o e a t t h n b e - e l s e r , l O i i a t t i b h e i e s l r - i U m G n e e r . t o e s e n v n t S r - - t - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: Dec. 31, 1950 24,635 64213,228 1,774 2,075 3,473 2,945 499 1,190 1,19321,995 234 Mar. 31, 1951 25,104 71513,496 1,764 2,162 3,467 2,951 549 1,247 1,23422,337 268 June 30, 1951 25,188 64913,504 1,719 2,185 3,474 2,999 659 1,378 93222,533 315 Sept. 30r 1951, 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 94922,962 322 Classification by agency, Sept. 30, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 426 353 117 285 23 Federal intermediate credit banks 848 742 787 52 Production credit corporations 56 13 55 Agricultural Marketing Act Revolving Fund 1 1 1 Federal Farm Mortgage Corp 35 32 1 1 34 Rural Electrification Administration 1,777 1,692 () 52 1 1,777 Commodity Credit Corporation 2,149 499 1,238 109 293 163 i,98r Farmers' Home Administration 4... 595 456 67 6 589 Federal Crop Insurance Corp 40 9 2 37 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,041 271 2-47 () Federal Savings and Loan Insurance Corp. 201 195 4 19 Home Owners' Loan Corp 2 () (3) Public Housing Administration 5 1,904 560 1,254 16 1,888 Federal Housing Administration 412 24 277 1 19 183 Office of the Administrator: Federal National Mortgage Association. . 1,72 ) 1,715 1,726 Other 77 10 29 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 784 2 1 140 583 55 784 Other 7 860 12 731 45 791 Export-Import Bank 2,328 1 2,312 16 2,282 Federal Deposit Insurance Corp 1,353 1 () i ,338 () 13 1,263 A Te ll n o n t e h s e s r e e s Valley Authority 7 1, , 1 9 5 0 1 0 1 1 3 7 2 3 4,011 1 1 2 3 4 3,381 99 4 8 4 16 8 4 57 7 1 , ,1 8 1 43 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1951 Purpose of loan M F C F a o e o r r d r m p . t. . b i c m F n r a a e e e t n t e d d d e k r i . i - s - t f o B t o p i a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d r o r s m m m ' . e - N M A g F a a s a o t e i g s l d r o n e t . n - . - P H A u i o d n b u m g l s 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 o n u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - J a u g 1 e n 9 a n e 5 l c l 1 3 i , e 0 s , To aid agriculture 37 742 356 503 1,693 559 6 3,896 3,675 To aid home owners 1,715 2 124 139 1,981 1,809 To aid industry: Railroads 102 2 104 106 Other 425 69 494 498 To aid financial institutions: Banks Other 747 8 755 824 Foreign loans 64 3',750 6,133 6,151 Other 559 53 108 720 627 Less: Reserve for losses 5 2 4 2 102 1 45 7 9 178 186 Total loans receivable (net)... 32 742 353 499 1,692 456 1,715 560 747 732 2,312 4,065 13,906 13,504 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are as of Aug. 31, 1951. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 68 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 variationj Year or month Tota I ( n l p d h u y 1 s 9 s t i 3 r c i 5 a a r - l D l a 3 b v f p 9 u M a l o r - e = c o l a u t d u 1 n m u 0 r N u r e c 0 e a d - s t o ) b u i * n o l - e 1 - n M era in ls - To a t w a 1 C l a 9 o c r 2 d n o 3 e s R n d - t d t t 2 e i e r r a u n s 5 a ( l i - c c v = - t t a 1 i s o l 0 u o n 0 e A t ) h 2 l e l r N t a c u g u o r r l a n E i - - l - m 19 p 3 lo 9 y F = m a 1 c 0 e t 0 o n r t8 y 1 r p 9 F t o 1 o 3 a a l 0 l r y 9 c s y 0 - - = » c 1 F a 9 i = r n r 3 e l g 1 o 5 i s 0 g a - * 0 3 h d 9 t - 1 D u 9 m s = s ( e e 4 t v a p o e ) 1 7 l a e a r n * 0 l - - e s r 4 * t 0 t 9 - 1 s p 9 u = r C 3 i m c o 1 5 e n 0 e - s 3 - 0 r s 3 9 ' p m W c = r 1 s i o o 9 a c h 1 m d 2 l e o 0 e i 6 s l - 0 t e y - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 . . 72 84 62 71 63 44 79 88.6 103.7 103.9 120 27 123.8 138.6 1920 75 93 60 83 63 30 90 89 4 104 1 124 2 129 32 143 3 154 4 1921 58 53 57 66 56 44 65 79 7 79 7 80 2 110 30 127 7 97 6 1922 73 81 67 71 79 68 88 84 4 88 2 86 0 121 30 119 7 96 7 1923 88 103 72 98 84 81 86 92 9 100 9 109 1 142 34 121 9 100 6 1924 . .. 82 95 69 89 94 95 94 91 7 93 7 101 8 139 34 122 2 98 1 1925 90 107 76 92 122 124 120 94 1 97 0 107 3 146 36 125 4 103 5 1926 96 114 79 100 129 121 135 97 5 98 9 110 5 152 37 126 4 100 0 1927 95 107 83 100 129 117 139 98 0 96 7 108 5 147 37 124 0 95 4 1928 99 117 85 99 135 126 142 98 1 96 9 109 8 148 37 122 6 96 7 1929 110 132 93 107 117 87 142 102 5 103 1 117 1 152 38 122 5 95 3 1930 91 98 84 93 92 50 125 96 2 89 8 94 8 131 35 119 4 86 4 1931.. . 75 67 79 80 63 37 84 87 1 75 8 71 8 105 32 108 7 73 0 1932 58 41 70 67 28 13 40 77 2 64 4 49 5 78 24 97 6 64 8 1933 69 54 79 76 25 U 37 77 5 71 3 53 1 82 24 92 4 65 9 1934 . .. 75 65 81 80 32 12 48 84 9 83 2 68 3 89 27 95 7 74 9 1935 87 83 90 86 37 21 50 88 5 88 7 78 6 92 29 98 1 80 0 1936 103 108 100 99 55 37 70 95 1 96 4 91 1 107 33 99 1 80 8 1937 113 122 106 112 59 41 74 101 4 105 8 108 9 111 35 102 7 86 3 1938 89 78 95 97 64 45 80 95 4 90 0 84 7 89 32 100 8 78 6 1939 109 109 109 106 72 60 81 100 0 100 0 100 0 101 35 99 4 77.1 1940 125 139 115 117 81 72 89 105 8 107 5 113 6 109 37 100 2 78 6 1941 162 201 142 125 122 89 149 119 4 132 8 164 9 130 44 105 2 87 3 1942 199 279 158 129 166 82 235 131 1 156 9 241 5 138 50 116 6 98 8 1943 239 360 176 132 68 40 92 138 8 183 3 331 1 137 56 123 7 103.1 1944 . . 235 353 171 140 41 16 61 137 0 178 3 343 7 140 62 125 7 104 0 1945 203 274 166 137 68 26 102 132 3 157 0 293 5 135 70 128 6 105 8 1946 170 192 165 134 153 143 161 136 7 147 8 271 7 132 90 139 5 121.1 1947 187 220 172 149 157 142 169 143 2 156 2 326 9 143 98 159 6 152 1 1948. . . 192 225 177 155 190 162 214 145 9 155 2 351 4 138 104 171 9 165 1 1949 176 202 168 135 211 192 226 142 0 141 6 325 3 116 98 170 2 155.0 1950 200 237 187 148 295 305 287 145 7 149 7 371.8 128 105 171 9 161.5 1950 January 183 179 209 179 130 242 245 239 140.7 140.5 139.8 329.2 117 97 168.2 151.4 February 180 177 207 180 118 263 260 266 139.6 140.2 139.9 330.0 104 98 167.9 152.8 March 187 183 211 181 144 275 278 274 141.2 141.3 141.0 333.5 127 99 168.4 152.7 April 190 188 222 180 140 284 298 273 142.7 143.2 141.6 337.2 126 100 168.5 152.8 May 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 100 169.3 155.9 June 199 200 237 184 151 291 325 262 145.3 148.9 147.3 362.7 127 103 170.2 157.3 July 196 198 235 181 144 325 369 289 146.1 150.9 148.3 367.5 126 122 172.0 162.9 August 209 212 247 195 159 334 362 311 148.3 155.0 156.3 394.4 135 114 173.4 166.4 September 211 216 251 194 163 321 332 312 149 2 156 0 158 9 403.2 134 108 174.6 169.5 October 216 220 261 196 166 299 294 303 149 9 157 7 160 3 415 8 137 103 175 6 169.1 November 215 215 260 195 160 306 284 323 150.2 157.7 159.2 414.6 136 103 176.4 171.7 December 218 216 268 197 157 332 297 360 150 6 158 1 159 4 426.0 140 110 178.8 175.3 1951 January 221 216 268 201 164 333 312 350 151.2 159.7 158.9 424.0 146 125 181.5 180.1 February. 221 217 271 201 158 323 311 334 152.1 161.3 161.0 430.0 129 115 183.8 183.6 March 222 219 277 199 158 304 292 314 152.8 161.4 161.0 435.0 139 105 184.5 184.0 April 223 222 279 198 164 373 283 446 153 2 161 7 160 0 433 2 136 104 184.6 183.6 May 222 223 276 198 165 361 276 430 153.6 161.3 158.6 428.4 133 104 185.4 182.9 June 221 223 274 197 165 374 289 443 153.9 161.2 159.5 434.3 131 105 185.2 181.7 July 212 214 265 187 156 303 298 306 153 9 160 0 157 3 422 8 125 105 185.5 179.4 August 217 220 267 193 165 291 292 291 153.7 158.3 159.5 '429.4 133 109 185.5 178.0 September 219 223 272 193 167 275 279 271 r153 3 r156 9 159 7 r437 4 133 107 186.6 177.6 October 218 222 274 188 174 261 265 258 153.1 156.1 158.6 432.7 135 108 187.4 178.1 D N e o c v e e m m b b e e r r P •2 2 1 1 8 8 ? e 2 2 1 1 9 6 P « 2 2 7 7 5 6 P «1 1 8 8 7 8 ? e 1 1 7 6 1 8 *>269 P243 P290P153.1P155.8P157.4 «429.7 1 1 3 3 7 3 P e1 1 1 1 0 2 188.6 178.3 * Average per working day. * Estimated. Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 70-73. 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. 77. 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 indexes by Federal Reserve districts and for other department store data, see pp. 80-82. 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, December 1951, pp. 1490-1515. JANUARY 1952 69 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total.. . 215 218 221 221 222 223 222 221 212 217 219 218 P218 Manufactures—Total 224 229 231 232 234 234 233 231 222 226 228 226 P227 Durable Manufactures 260 268 268 271 277 279 276 274 265 267 272 274 246 253 255 252 263 264 263 261 253 254 258 261 261 Pig iron 211 216 224 217 228 231 234 235 230 230 231 235 232 Steel 272 280 288 281 298 301 301 296 293 291 298 204 307 Open hearth . . . 198 207 212 206 217 218 217 213 215 208 213 217 216 Electric 803 802 827 815 879 891 897 884 850 881 902 921 954 Machinery 311 321 322 328 335 337 336 338 '328 328 336 341 P343 278 292 285 304 314 311 310 307 293 '305 '312 308 P309 Automobiles (including parts) 249 260 246 262 265 255 248 238 216 '223 228 219 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)* Nonferrous Metals and Products 226 227 224 217 209 211 206 205 199 197 '196 201 P209 Smelting and refining 221 218 219 222 225 227 227 226 226 213 214 230 P234 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)* Fabricating 228 230 226 215 202 204 197 197 188 191 190 190 P198 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 169 173 171 169 169 170 163 153 141 146 146 149 P156 Lumber 155 162 162 156 156 162 158 147 131 137 135 138 149 Furniture 197 195 190 193 195 185 173 164 160 165 167 170 P169 Stone, Clay, and Glass Products 227 235 236 237 243 247 236 239 237 228 228 221 P214 Glass products 235 247 240 243 251 270 242 250 260 '234: '233 215 P200 Glass containers 247 265 257 261 269 292 257 269 285 249 246 222 204 Cement 214 232 238 245 252 243 231 235 226 222 219 217 219 Clay products 175 173 191 186 189 189 184 184 177 176 173 173 P174 Other stone and clay products * Nondurable Manufactures. 195 197 201 201 199 198 198 197 187 193 '193 188 PI 88 Textiles and Products 193 194 194 194 188 185 190 185 160 170 '163 155 P156 Textile fabrics 173 173 174 176 171 165 169 164 138 150 145 139 Cotton consumption 158 158 163 174 175 153 164 157 123 145 142 140 144 Rayon deliveries 381 397 392 390 374 380 377 378 ••379 -•360 ••334 293 290 Nylon and silk consumption * Wool textiles 164 160 156 144 133 146 144 137 100 115 114 114 Carpet wool consumption 204 201 180 181 169 131 101 87 27 58 63 85 Apparel wool consumption 148 140 151 140 128 158 163 153 117 132 132 118 Wool and worsted yarn 146 141 142 133 123 140 141 135 105 117 117 114 Woolen yarn 122 121 121 119 111 116 120 119 92 108 108 108 Worsted yarn 180 169 173 152 140 174 171 157 123 130 129 122 Woolen and worsted cloth 172 169 163 143 130 159 163 159 124 135 132 127 109 108 115 122 118 106 97 99 85 99 100 91 Leather tanning 108 106 107 112 105 97 88 89 75 81 84 80 Cattle hide leathers 121 120 120 126 119 110 104 109 91 99 104 96 Calf and kip leathers 89 84 77 88 80 78 56 51 42 44 51 51 Goat and kid leathers 96 88 94 96 93 87 80 73 58 65 '56 53 Sheep and lamb leathers 81 87 98 92 83 69 55 50 54 56 64 67 Shoes 110 109 121 128 127 112 103 106 92 110 111 98 Manufactured Food Products 161 165 168 166 167 168 167 165 164 166 163 P161 Wheat flour 107 116 128 119 110 108 109 103 107 108 107 109 P119 Cane sugar meltings* Manufactured dairy products 143 141 142 142 146 147 148 150 150 148 143 140 P137 Butter 72 70 73 71 72 74 72 75 77 77 72 71 64 Cheese 164 167 170 169 176 177 174 183 180 173 165 163 159 Canned and dried milk 142 131 131 135 152 156 164 168 169 160 138 126 118 Ice cream * 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. 70 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Con tinned (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1950 1951 Industry Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued 165 171 162 148 159 163 149 145 152 162 168 157 168 Pork and lard .... 195 202 188 171 194 208 181 188 187 207 221 198 205 Beef 148 155 152 141 139 134 134 110 126 128 126 124 143 Veal 108 104 93 88 82 79 79 95 107 110 99 109 106 Lamb and mutton 76 77 80 66 62 59 52 66 70 65 64 74 75 Other manufactured foods 168 172 176 176 177 177 176 175 173 174 175 172 P168 Processed fruits and vegetables 149 142 161 158 176 169 166 160 147 139 ••146 157 Confectionery 125 147 148 138 127 128 132 130 127 140 136 Other food products 181 184 185 188 186 187 186 186 188 188 189 182 pjg2 207 208 248 225 207 187 179 178 175 17.? 184 178 188 Malt liquor 183 168 185 166 169 161 157 155 163 165 164 154 180 Whiskey 178 157 155 135 150 118 117 104 78 51 70 76 86 Other distilled spirits 235 463 716 658 677 706 560 604 474 492 335 265 262 Rectified IiQUors . 341 340 439 408 240 148 174 174 197 223 332 358 292 Tobacco Products 171 153 177 179 170 177 172 171 161 183 177 185 194 Cigars 127 89 101 107 100 104 105 115 98 114 123 127 129 Cigarettes 227 215 248 249 238 248 239 233 225 252 239 259 262 Other tobacco products .. 65 56 70 69 62 66 64 66 57 73 70 44 84 Paper and Paper Products 201 197 204 207 208 214 212 208 190 196 197 196 187 Paper and pulp 191 189 192 197 198 204 200 198 183 189 192 191 184 Pulp 220 218 220 228 229 241 233 235 230 228 234 '235 235 Groundwood pulp 109 125 117 119 116 116 115 123 137 132 137 130 112 Soda pulp ... ,. 92 92 94 98 94 100 99 88 78 93 99 97 95 Sulphate and Sulphite pulp * 258 251 256 265 269 284 274 275 269 265 271 273 278 Paper 186 184 188 193 193 198 195 193 176 183 185 185 177 Paperboard 240 229 247 245 248 253 256 247 217 224 216 213 196 Fine papei a . . . Printing paper 183 188 181 192 189 194 186 180 167 185 192 190 188 Tissue and absorbent paper 196 202 206 205 208 224 207 204 204 196 200 210 179 Wrapping paper 163 165 159 172 171 172 170 177 165 168 180 180 184 Newsprint 112 117 117 120 119 119 121 127 123 123 124 122 119 Printing and Publishing .... 174 175 170 177 176 183 176 171 166 174 179 177 175 Newsprint consumption 165 162 159 162 162 171 166 163 166 164 167 165 163 253 263 272 269 269 255 263 263 262 265 r266 268 v277 Gasoline 195 197 202 198 199 193 207 212 211 213 214 212 P214 Fuel oil 209 225 238 238 227 204 210 215 213 209 213 214 P228 Lubricating oil 187 188 192 179 190 189 193 194 195 200 187 200 Kerosene 195 208 237 230 230 221 201 205 209 208 216 214 Coke 178 182 187 183 184 185 186 187 183 187 185 185 By-product coke 170 174 177 174 176 178 178 179 178 179 178 178 Beehive coke 436 457 522 487 475 433 456 476 388 457 411 452 460 Chemical Products 280 284 287 288 292 296 298 302 305 306 r304 299 P297 Paints . . . .. . . 162 160 163 168 166 164 160 161 167 165 159 156 Rayon 378 385 387 384 374 377 378 385 ••392 393 r393 367 P3S3 Industrial chemicals .. , . 497 504 506 510 524 532 538 548 554 ••557 r558 552 P552 Other chemical products 2 . 250 251 244 235 239 238 247 251 243 '243 r245 238 Minerals—Total 160 157 164 138 158 164 165 165 156 165 167 174 P171 Fuels 165 163 169 163 163 167 168 169 160 171 172 179 Coal 127 130 140 118 111 120 118 123 97 123 125 138 141 Bituminous coal . 138 143 151 125 127 133 126 133 105 134 137 147 152 Anthracite 84 80 96 89 48 64 83 86 66 77 79 104 99 184 178 184 185 189 191 192 191 192 194 195 199 Metals 130 126 130 131 127 140 151 145 132 134 137 144 P122 180 173 180 181 176 199 216 209 187 194 200 211 *>175 (Copper; Lead; Zinc)2 Gold 59 57 57 55 56 54 56 52 52 49 49 Silver 70 77 78 80 77 77 76 73 67 58 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. 71 JANUARY 1952 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 215 216 216 217 219 222 223 223 214 220 223 222 P219 Manufactures — Total 226 227 226 228 231 232 233 232 223 229 233 230 P228 Durable Manufactures 260 266 264 268 275 278 277 276 266 269 274 275 P275 Iron and Steell 246 253 255 252 263 264 263 261 253 254 258 261 261 Pig iron 211 216 224 217 228 231 234 235 230 230 231 235 232 Steel 272 280 288 281 298 301 301 296 293 291 298 304 307 Open hearth 198 207 212 206 217 218 217 213 215 208 213 217 216 Electric 803 802 827 815 879 891 897 884 850 881 902 921 954 311 321 322 328 335 337 336 338 '328 328 336 341 P343 278 292 285 304 314 311 310 307 "293 '305 '312 308 P309 Automobiles (including parts) 249 260 246 262 265 255 248 238 216 '223 228 219 P215 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 ... Nonferrous Metals and Products 226 227 224 217 209 211 206 205 199 197 '197 201 P209 Smelting and refining 221 219 220 222 225 227 227 225 225 213 214 230 P235 (Copper smelting; Lead refining; Zinc smelting; Fabricating 228 230 226 215 202 204 197 197 188 r191 '190 190 H98 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2. Lumber and Products 168 158 153 154 160 169 168 164 151 158 158 158 P154 Lumber 153 140 134 134 141 161 165 163 146 154 153 151 146 Furniture 197 195 190 193 195 185 173 164 160 165 167 170 Stone, Clay, and Glass Products 233 227 223 221 232 243 242 241 239 '238 '237 231 P219 Glass products 237 233 236 237 251 270 255 248 251 '241 '237 220 P202 Glass containers 250 246 251 253 269 292 275 266 273 259 251 228 206 Cement 231 211 193 186 207 231 242 251 248 251 254 252 237 Clay products 182 178 178 176 180 183 184 184 179 182 180 183 P180 Nondurable Manufactures 197 196 196 196 194 195 197 197 ••188 197 199 193 P189 Textiles and Products 193 194 194 194 188 185 190 185 160 170 '163 155 P156 Textile fabrics 173 173 174 176 171 165 169 164 138 150 145 139 Cotton consumption 158 158 163 174 175 153 164 157 123 145 142 140 144 Rayon deliveries 381 397 392 390 374 380 377 378 »-379 '360 '334 293 290 Nvlon and silk consumption 2 Wool textiles 164 160 156 144 133 146 144 137 100 115 114 114 Carpet wool consumption 204 201 180 181 169 131 101 87 27 58 63 85 Apparel wool consumption 148 140 151 140 128 158 163 153 117 132 132 118 146 141 142 133 123 140 141 135 105 117 117 114 Woolen yarn 122 121 121 119 111 116 120 119 92 108 108 108 Worsted yarn 180 169 173 152 140 174 171 157 123 130 129 122 Woolen and worsted cloth 172 169 163 143 130 159 163 159 124 135 132 127 Leather and Products 111 107 116 125 118 106 97 98 83 98 100 91 Leather tanning 111 106 108 120 104 97 88 86 71 80 83 80 Cattle hide leathers 126 120 123 136 119 110 104 105 86 96 102 97 Calf and kip leathers 91 82 76 93 79 75 54 52 42 47 50 52 Goat and kid leathers 93 89 94 100 92 89 78 74 57 63 57 53 Sheep and lamb leathers 85 83 91 101 80 68 59 50 50 58 62 67 Shoes 110 109 121 128 127 112 103 106 92 110 111 98 163 161 155 149 149 152 159 165 176 189 '191 176 P160 Wheat flour 108 115 128 120 107 103 104 99 106 107 117 115 P120 Cane sugar meltings2 Manufactured dairy products 94 90 90 101 120 153 196 221 221 215 169 128 P98 Butter 55 55 61 63 65 75 93 104 94 85 69 61 49 Cheese 123 121 126 139 158 184 233 259 221 194 169 r146 119 Canned and dried milk 102 101 106 121 149 176 228 232 196 164 127 102 85 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. 8 B ecause 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. 72 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1950 1951 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Meat packing 184 203 193 142 147 150 149 144 141 139 149 156 188 Pork and lard 228 267 247 168 180 189 181 188 165 159 174 186 240 Beef 154 155 155 129 127 126 134 107 127 130 136 135 148 Veal 116 98 86 77 77 78 82 95 107 108 109 124 114 Lamb and mutton 76 75 85 67 60 57 53 62 67 64 69 77 75 Other manufactured foods 175 169 162 159 156 157 159 165 181 ••200 ••207 192 P169 Processed fruits and vegetables . .. 137 111 105 100 97 103 108 123 191 r263 r285 202 Confectionery 147 148 152 139 118 106 102 96 104 151 175 Other food products . 190 188 178 178 178 180 182 188 191 192 192 191 P192 Alcoholic Beverages 195 189 211 198 185 175 180 191 190 179 193 197 178 Malt liquor 141 134 151 149 157 169 179 195 204 188 166 143 139 Whiskey 178 157 155 135 150 118 117 104 78 51 70 76 86 Other distilled spirits 493 509 466 394 440 424 336 374 275 266 459 686 549 Rectified liquors 341 340 439 408 240 148 174 174 197 223 332 358 292 Tobacco Products 174 142 177 170 161 167 172 178 167 190 188 191 198 Cigars 127 89 101 107 100 104 105 115 98 114 123 127 129 Cigarettes 231 198 248 234 222 231 239 245 236 265 256 269 267 Other tobacco products . ... 67 50 69 67 62 66 65 67 71 86 57 75 47 Paper and Paper Products 201 197 203 208 208 215 212 209 196 187 189 196 196 Papet and pulp . 191 188 192 198 198 205 201 199 188 185 Pulp 221 218 221 228 231 243 234 235 212882 226 213921 213931 236 115 126 121 124 124 128 124 124 122 116 122 121 119 Soda pulp 92 92 94 98 94 100 99 88 78 93 99 97 95 Sulphate and Sulphite pulp 8 258 251 256 265 269 284 274 275 269 265 271 273 278 Paper 186 184 188 194 193 199 195 193 175 183 185 185 177 Paperboard 240 229 247 245 248 253 256 247 217 224 216 213 196 Fine paper 2 . . Printing paper 183 188 181 192 189 194 186 180 167 185 192 190 188 196 196 204 214 208 226 207 208 196 196 200 212 179 Wrapping paper 163 165 159 172 171 172 170 177 165 168 180 180 184 Newsprint 113 114 117 120 119 121 122 129 121 122 124 122 121 Printing and Publishing 182 179 164 176 179 188 179 170 155 166 180 181 183 Newsprint consumption 180 170 148 159 169 181 172 161 143 147 168 173 178 Printing paper (same as shown under Paper) Petroleum and Coal Products 253 263 272 269 269 255 263 263 262 265 r266 268 ^277 Gasoline 195 197 202 198 199 193 207 212 211 213 214 212 P214 Fuel oil 209 225 238 238 227 204 210 215 213 209 213 214 P228 Lubricating oil 187 187 186 177 188 197 201 194 193 198 187 200 Kerosene 201 214 241 241 235 226 203 193 194 199 214 214 Other petroleum products2 . . .. Coke 178 182 187 183 184 185 186 187 183 187 185 185 By-product coke 170 174 177 174 176 178 178 179 178 179 178 178 Beehive coke 436 457 522 487 475 433 456 476 388 457 411 452 460 Chemical Products 284 288 288 291 296 298 298 300 301 303 306 304 P302 Paints 160 160 160 166 165 165 165 165 165 '163 157 156 P154 Ravon 378 385 387 384 374 377 378 385 '392 39? '393 367 P353 Industrial chemicals * 497 ^04 506 510 524 532 538 548 554 •"558 552 J>552 Other chemical products 2 Rubber Products 250 251 244 235 239 238 247 251 243 243 r245 238 Minerals—Total 159 153 159 153 153 162 168 169 161 170 171 176 vl70 Fuels 165 163 169 163 163 167 168 169 160 171 172 179 vl78 Coal 127 130 140 118 111 120 118 123 97 123 125 138 141 Bituminous coal 138 143 151 125 127 133 126 133 105 134 137 147 152 84 80 96 89 48 64 83 86 66 77 79 104 99 Crude petroleum 184 178 184 185 189 191 192 191 192 194 195 199 196 Metals 124 93 94 94 92 129 166 171 166 167 166 163 P116 Metals other than gold and silver.. 166 115 118 121 118 184 248 256 247 250 246 240 P160 Iron ore 195 86 97 93 89 231 365 392 384 403 388 354 185 (Copper; Lead; Zinc)2 Gold 66 59 55 50 49 48 49 48 50 54 56 Silver 70 77 78 81 80 78 76 70 66 57 59 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. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1947-49 average = 100] 1950 1951 Product group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. PNOV. Total 165 163 146 157 160 138 129 125 100 101 107 103 105 Passenger automobiles 177 170 138 156 169 144 140 140 111 112 115 108 107 Household goods, total 152 156 156 158 151 131 117 108 88 89 98 98 103 Carpets 121 115 114 115 102 101 82 70 47 55 56 60 62 Furniture 123 121 118 119 119 116 109 102 102 97 97 98 98 M^ajor appliances 133 141 132 138 139 125 115 111 78 86 96 88 92 Radios and television 263 273 297 294 262 186 153 133 98 95 123 135 154 P Preliminary. NOTE.—For description and back series see BULLETIN for October 1951, pp. 1235-1240. Unadjusted indexes for these series and individual series for major appliances and radios and television are available 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 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,915 12,953 13,083 13,214 13,218 13,249 13,211 13,204 13,106 12,965 12,856 12,785 12,766 Durable goods 7,155 7,193 7,249 7,352 7,395 7,449 7,449 7,440 7,352 '7,303 '7,268 7,244 7,245 Primary metal industries 1,120 1,131 1,143 1,147 1,153 1,161 1,174 1,178 1,173 1,171 1,159 1,149 1,148 Fabricated metal products 846 839 839 844 850 855 859 852 834 '829 '812 806 798 Machinery except electrical 1,139 1,157 1,192 1,209 1,219 1,233 1,236 1,246 1,247 1,221 1,222 1,246 1,253 Electrical machinery 710 710 704 709 717 718 714 708 705 '714 '714 711 708 Transportation equipment 1,139 1,160 1,175 1,233 1,253 1,243 1,233 1,237 1,187 1,198 1,212 1,194 1,213 Lumber and wood products 765 758 754 755 733 763 764 765 748 '736 '730 728 719 Furniture and fixtures 319 320 316 318 323 319 309 295 296 »"289 284 283 284 Stone, clay, and glass products. . 475 469 478 475 479 483 484 485 485 ••482 '483 480 474 Instruments and related products 208 209 210 214 216 220 222 223 229 ••226 '225 227 229 Misc. manufacturing'industries. . 411 416 413 421 423 424 422 417 410 '396 '384 373 370 Ordnance and accessories 23 24 25 27 29 30 32 34 38 '41 '43 47 49 Nondurable goods 5,760 5,760 5,834 5,862 5,823 5,800 5,762 5,764 5,754 '5,662 '5,588 5,541 5,521 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,250 1,239 1,245 1,250 1,211 1,214 1,212 1,205 1,203 1,170 1,147 1,134 1,122 tiles 1,046 1,048 1,070 1,083 1,074 1,063 1,045 1,047 1,053 1,032 1,006 984 989 Leather and leather products. . . 362 361 364 367 362 357 345 351 341 '336 321 317 316 Food and kindred products 1,171 1,173 1,211 1,212 1,213 1,191 1,184 1,177 1,170 1,152 1,146 1,153 1,157 Tobacco manufactures 79 81 80 81 81 82 80 80 80 81 82 82 79 Paper and allied products 423 424 421 421 422 427 426 428 427 421 419 413 407 Printing, publishing and allied industries 510 510 510 510 515 513 513 512 512 '514 515 513 512 Chemicals and allied products... 511 514 521 524 531 538 539 544 548 '542 '540 534 531 Products of petroleum and coal. 190 192 192 193 195 196 195 197 196 194 194 198 197 Rubber products 218 218 220 221 219 219 223 223 224 '220 218 213 211 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 13,044 13,056 13,018 13,186 13,189 13,108 12,993 13,064 12,885 13,069 '13,083 12,991 12,892 Durable goods.. 7,210 7,254 7,256 7,371 7,428 7,445 7,406 7,409 7,226 '7,261 '7,282 7,292 7,295 Primary Metal Industries 1,126 1,142 1,149 1,153 1,159 1,161 1,162 1,172 1,155 1,165 1,159 1,155 1,154 Blast furnaces, steel works and rolling mills 554 556 559 559 561 562 565 572 572 '575 '572 569 F M a a b c r h ic in a e te ry d M ex e c t e a p l t P E r l o e d c u tr c i t c s al 1,1 8 3 5 3 0 1,1 8 6 5 3 2 1,1 8 9 4 2 7 1,2 8 1 5 5 2 1,2 8 3 5 1 8 1,2 8 3 5 9 9 1,2 8 4 5 2 0 1,2 8 5 4 2 3 1, 8 2 1 3 3 5 rl, '8 2 1 0 7 9 '1,2 '8 1 1 6 2 1,2 8 4 1 0 0 1, 8 2 0 4 2 7 197 204 211 218 223 227 228 233 232 '225 '228 231 Metalworking machinery... 721 724 711 716 724 718 707 704 684 '696 '710 718 719 Electrical Machinery Electrical apparatus (gen- 254 257 256 258 262 266 270 275 271 '272 '273 272 erating, etc.) 278 278 268 270 273 262 247 241 230 '239 '250 260 Communication equipment. 1,139 1,160 1,175 1,233 1,253 1,243 1,233 1,237 1,187 '1,198 '1,212 1,194 1,213 Transportation Equipment Motor vehicles and equip- 760 767 767 791 793 774 752 738 684 '675 679 656 ment 239 252 264 288 299 309 318 333 347 '357 '361 364 Aircraft and parts 773 754 739 736 722 752 764 773 748 '754 '745 739 726 Lumber and Wood Products 452 440 429 428 426 443 449 456 443 '449 '442 439 Sawmills and planing mills. . 327 326 321 324 326 317 301 286 284 '285 285 289 291 Furniture and Fixtures 242 238 234 235 236 227 211 197 196 195 196 201 Household furniture 477 474 473 473 479 483 484 485 478 '484 '485 482 476 Stone, Clay, and Glass Products.. 209 211 211 215 218 221 222 223 221 '224 '225 228 230 Instruments and Related Products. 432 424 413 427 429 422 409 400 383 '388 '390 390 388 Misc. Manufacturing Industries.. 23 24 25 27 29 30 32 34 38 '41 '43 47 49 Ordnance and Accessories For footnotes see following page. 74 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Nondurable goods 5,834 5,802 5,762 5,815 5,761 5,663 5,587 5,655 5,659 '5,808 '5,801 5,699 5,597 Textile-mill Products 1,262 1,258 1,257 1,269 1,223 1,214 1,206 1,205 1,167 '1,152 ' 1,136 1,134 1,133 Broad-woven fabric mills... 606 604 602 604 564 567 574 588 574 r561 551 545 Knitting mills 234 234 232 236 236 230 222 216 210 212 207 210 Apparel and Other Finished Textiles 1,056 1,064 1,070 1,115 1,106 1,047 998 1,000 990 1,047 1,036 1,018 999 Men's and boys" furnishings 253 259 263 261 253 245 233 '238 239 238 Women's and misses' outerwear 275 296 303 317 305 267 249 255 271 '295 r284 269 Leather and Leather Products,. .. 360 359 364 374 371 353 331 344 '343 327 320 314 Footwear (except rubber)... 226 229 234 239 237 225 210 222 215 221 208 201 Food and Kindred Products 1,196 1,155 1,120 1,099 1,096 1,085 1,099 1,146 r1,307 r1,323 1,247 1,183 Meat products.. . . 244 254 238 233 229 233 236 233 235 237 Canning and preserving.. . . 171 132 1?8 137 154 226 r305 r322 233 Bakery products 193 190 188 188 190 190 190 192 192 192 • 193 194 Tobacco Manufactures 84 83 80 80 78 76 74 76 75 84 89 89 85 Paper and Allied Products. ..... 427 428 423 423 424 427 424 426 418 419 417 415 411 Pulp, paper and paperboard mills 209 209 209 213 215 214 r215 213 Printing, Publishing and Allied Industries 515 518 510 510 512 510 510 512 507 '509 515 518 517 Newspapers . ... 150 152 149 150 151 152 152 151 151 153 153 Commercial printing 170 171 170 170 170 168 168 169 167 166 r167 169 Chemicals and A Hied Products... 521 524 526 532 539 538 531 528 526 '531 r543 545 542 Industrial organic chemicals 160 163 163 167 168 170 172 172 ••174 175 174 Products of Petroleum and Coal.. 191 191 190 191 192 194 194 198 198 198 197 198 Petroleum refining 148 147 147 148 149 150 151 154 154 154 154 154 Rubber Products 222 222 222 222 220 219 220 220 217 218 215 215 r Revised. NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for November 1951 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics, Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1950 1951 1950 1951 1950 1951 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Manufacturing—Total. 62.23 65.45 65.21 65.25 41.1 40.6 40.4 40.3 1.514 1.612 1.614 1.619 Durable goods 66.34 '70.67 70.84 70.42 41.8 41.5 41.6 41.3 1.587 1.703 1.703 1.705 Primary metal industries. . . 70.14 r74.89 74.37 73.49 41.8 •40.9 41.0 40.6 1.678 •1.831 1.814 1.810 Fabricated metal products. . 66.20 '69.89 70.39 70.64 41.9 '41.6 41.7 41.6 1.580 1.680 1.688 1.698 Machinery except electrical. 72.03 77.16 77.77 76.83 43.0 '43.2 43.4 42.9 1.675 1.786 1.792 1.791 Electrical machinery 64.33 '67.94 68.56 68.64 41.8 '41.4 41.5 41.4 1.539 1.641 1.652 1.658 Transportation equipment. . 71.78 77.77 77.06 76.64 40.1 '41.3 40.9 40.7 1.790 1.883 1.884 1.883 Lumber and wood products 57.03 '60.95 61.61 59.98 41.0 '40.5 41.1 40.2 1.391 1.505 1.499 1.492 Furniture and fixtures 56.87 '58.50 58.62 58.20 42.6 41.2 41.4 40.7 1.335 1.420 1.416 1.430 Stone, clay, and glass products 63.66 '65.49 65.75 64.41 42.3 '41.5 41.8 41.0 1.505 •1.578 1.573 1.571 Instruments and related products 65.47 70.01 70.13 69.59 42.4 '42.3 42.3 42.1 1.544 •1.655 1.658 1.653 Miscellaneous manufacturing industries. 57.01 '57.63 58.10 58.32 42.2 40.5 40.6 40.5 1.351 '1.423 1.431 1.440 Ordnance and accessories 70.53 77.37 76.31 75.62 43.4 '44.8 44.6 44.3 1.625 •1.727 1.711 1.707 Nondurable goods. 57.19 '58.56 58.00 58.69 40.3 '39.3 38.9 39.1 1.419 1.490 1.491 1.501 Textile-mill products 53.19 '48.74 49.29 50.73 40.7 36.9 37.2 38.0 1.307 '1.321 1.325 1.335 Apparel and other finished products.... 44.50 '45.89 43.57 44.28 36.9 '35.6 34.5 35.0 1.206 '1.289 1.263 1.265 Leather and leather products. 45.94 '45.95 45.55 46.58 37.5 35.9 35.5 35.8 1.225 '1.280 1.283 1.301 Food and kindred products 58.07 '61.90 61.72 62.73 41.9 42.6 41.9 42.1 1.386 '1.453 1.473 1.490 Tobacco manufactures 42.45 '44.94 45.45 46.22 37.8 '39.7 39.8 39.4 1.123 1.132 1.142 1.173 Paper and allied products 64.92 '65.57 66.07 66.50 44.1 42.8 42.9 42.9 1.472 '1.532 1.540 1.550 Printing, publishing and allied products. 74.52 -77.66 76.27 75.99 39.2 '39.2 38.6 38.4 1.901 1.981 1.976 1.979 Chemicals and allied products 65.52 68.39 68.22 68.18 42.0 41.7 41.8 41.5 1.560 1.640 1.632 1.643 Products of petroleum and coal 78.32 '83.01 81.03 80.24 41.2 '41.4 40.7 40.2 1.901 2.005 1.991 1.996 Rubber products 66.52 70.39 68.37 n.a. 41.5 '40.9 40.1 n.a. 1.603 '1.721 1.705 n.a. ' Revised, n.a. Not available. NOTE.-—Data are for production and related workers. Figures for November 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. JANUARY 1952 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 ofpersons] 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 l a i 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—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—Tanu ary 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 '46,553 '15,891 '914 '2,601 '4,143 '9,822 '1,895 4,791 '6,496 September '46,435 '15,787 '911 '2,580 '4,157 '9,784 '1,904 '4,786 '6,526 October 46,355 15,723 909 2,619 4,174 9,748 1,917 4,748 6,517 November 46,370 15,734 914 2,585 4,171 9,745 1,920 4,757 6,544 UNADJUSTED 1950—November 45,873 15,765 938 2,571 4,123 9,896 1,820 4,723 6,037 December . 46,595 15,789 937 2,403 4,125 10,443 1,828 4,694 6,376 1951—January 45,246 15,784 932 2,281 4,072 9,592 1 .831 4,666 6,088 February 45,390 15,978 930 2,228 4,082 9,554 1,839 4,657 6,122 M^arch 45,850 16,022 924 2,326 4,112 9,713 L,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 ,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 .908 4 852 6,356 August '46,724 '16,008 '922 '2,809 '4,190 '9,641 '1,914 4,839 '6,401 September '46,921 '16,020 '916 '2,761 '4,178 '9,774 1,894 '4,834 '6,544 October 46,841 15,940 911 2 ,750 4.167 9,871 1,898 4.772 6,532 November 46,736 15,861 916 2,637 4,167 10,024 1,901 4,733 6,497 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. November 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 i p n i o v s p i t l i u i t a l u a n t t i n i o o o n n n a l - l Total Employed 2 Unem- l N ab o o t r i n f o t r h c e e Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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—November 109,293 63,512 61,271 53,721 7,551 2,240 45,782 December 109,193 62,538 60,308 54,075 6,234 2,229 46,657 1951—January 109,170 61,514 59,010 52,993 6,018 2,503 47,658 February. . 108,933 61,313 58,905 52,976 5,930 2 407 47 619 March 108,964 62,325 60,179 53,785 6,393 2,147 46 638 April 108,879 61,789 60,044 53,400 6,645 1 744 47 092 May . .... 108,832 62,803 61,193 53,753 7,440 1 609 46 029 June 108,836 63,783 61,803 53,768 8,035 1,980 45,053 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 November 109,122 63,164 61,336 54,314 7,022 1,828 45,958 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. 76 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 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 January 730.9 1,043.2 343.5 420.9 37.7 128.4 60 6 121 1 63 5 84 6 73 5 126 8 152 1 161 3 February . 779 51,140.5 361.5 531.1 27.9 116.2 58.3 101.8 58.0 81.0 121.4 132.2 152.5 178^ March 1,300.21,267.5 574.7 574.6 161.5 122.7 88.6 78.8 96.3 128.4 154.3 139.4 224.9 223.6 1,350.51,375.0 674.8 590.8 119.2 174.3 106.8 106 3 97 0 103 5 125 6 133 9 227 0 266 1 May 1,347.62,573.0 674.6 661.1 83.7 1,274.9 96.4 60.6 100.2 123.2 128.3 175.3 264.5 278.0 June 1,345.51,408.9 628.1 545.2 69.3 211.5 97.7 65 4 128 3 128 1 148 7 148 3 273 4 310 5 July ,420.2 1,379.8 675.1 548.1 79.8 164.1 117.4 75.4 121.2 150.1 168.8 146.9 258.0 295.2 August . . . 1,548.91,262.8 754.1 567.6 128.8 158.8 137.9 65.5 113.1 127.9 161.2 123.8 253.8 219.3 September ,286.5 1,082.9 549.6 479.7 90.8 109.4 137.2 80 0 119 4 98 5 151.4 116 6 238 2 198 7 October .135.8 1,051.4 529.9 496.2 93.6 95.8 104.5 68.8 86.3 94.5 142.5 159.1 179.1 137.0 November 1,087.1 931.8 496.7 443.9 103.9 77.2 94.4 48 4 109 4 79 0 127 2 123 1 155 5 160 2 December 1,168.4 478.6 146.1 108.9 87.2 148.2 199.5 Year 14,501.1 6,741.0 1,142.3 1,208.5 1,179.8 1,651.0 2,578.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1949 1950 1951 1949 1950 1951 1949 1950 1951 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 Nov. Oct. Nov. Mar 748 1,300 1,268 282 481 418 466 819 849 Apr 846 1,350 1,375 319 354 456 527 996 919 May. . .. 885 1,3482,573 369 389 1,474 517 959 1,099 Boston 96,669 51,744 52,288 June.... 950 1,345 1,409 375 428 583 574 917 826 New York 134,069 181,596 197,462 July 948 1,420 1,380 410 460 615 537 960 764 Philadelphia 50,090 64,187 73,736 Aug 911 1,549 1,263 316 438 486 595 1,111 776 Cleveland 96,119 99,430 111,336 Sept 1.072 1,2871,083 289 364 318 783 922 765 Richmond 98,941 89,147 120,464 Oct 1,062 1,1361,051 332 308 307 730 828 745 Atlanta 77,276 131,907 110,816 Nov 958 1,087 316 320 642 767 Chicago 144,563 181,265 182,402 Dec 929 1,168 299 381 630 787 St. Louis 73,741 67,978 54,801 Minneapolis 39,703 52,759 33,584 Year. . 10,359 14,501 3,718 4,409 6,641 10,092 Kansas City 46,080 63,498 60,242 Dallas 74,517 67,908 89,931 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 931,768 1,051,419 1,087,062 [In millions of dollars] Title 1loans Mortgages Y m e o a n r t o h r Total P e i r m r o ty p - - S h c m o o m n a - l e l 1 h fa - o m u to s i l e 4 y s - h R g o a e r u o n n s u d t i a p n l g W h e o V a r u a r e s n t a i - s n n ' g d h M t i o a n i u r g l y s i- - INSURED P O F R H T A F O H L O I M O, E B M Y O C R L T A G S A S G O E F S IN (T S I T T I L T E U T II I ) O N HELD IN p m r e o n v t e - l s t t i r o u n c- (T II it ) le (T II it ) le ( V T I it ) l 2 e V (T I i I t I l ) e 3 [In millions of dollars] 1 1 1 1 1 9 9 9 9 9 5 4 4 4 4 0 7 6 9 8 . . 3 3 4 1 , , , 3 8 3 7 7 4 2 3 5 8 2 1 8 5 7 3 6 5 6 5 9 2 3 1 9 4 1 4 4 4 ( (4 4 « 1 ) ) 7 3 7 2 1 , , 4 8 3 4 8 6 5 4 4 8 6 7 5 6 0 21 3 7 1 1 1 , , , 8 3 0 8 3 3 3 0 8 6 8 5 9 1 12 1 3 2 End of month Total b C m a c o i n e a m r k l - s - b M s t i a n u a n g v u a k s l - - s a a S l s i a 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 e r e a d s n l - 1 - Other2 1950—Nov.. . 379 74 (4) 236 2 49 17 Dec. . . 349 54 («) 204 5 63 23 1936—Dec 365 228 8 56 41 5 27 1951—Jan.... 330 63 1 225 (4) 28 13 1937—Dec 771 430 27 110 118 32 53 Feb.... 261 44 1 176 4 27 10 1938—Dec 1,199 634 38 149 212 77 90 Mar... 294 50 2 180 3 32 28 1939—Dec 1,793 902 71 192 342 153 133 Apr. .. 252 43 2 162 7 20 18 1940—Dec 2,409 1,162 130 224 542 201 150 May 271 52 2 165 16 36 1941—Dec 3,107 1,465 186 254 789 234 179 June.. 255 54 2 146 C6 31 16 1942—Dec 3,620 1,669 236 276 1,032 245 163 July... 274 76 2 146 17 19 13 1943—Dec 3,626 1,705 256 292 1,134 79 159 Aug. . . 270 66 3 154 15 18 14 1944—Dec 3,399 1,590 260 269 1,072 68 140 Sept... 239 53 4 131 7 16 28 1945—Dec 3,156 1,506 263 253 1,000 13 122 Oct. . . 300 74 4 145 20 15 41 Nov... 248 68 4 141 4 24 7 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 c Corrected. 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 1,386 245 229 889 8 102 Housing Title VI through April 1946; figures thereafter represent Dec 2,871 1,379 244 232 899 7 110 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages 1948—June 2,988 1,402 251 245 973 7 110 originally written under the War Housing Title VI. Beginning with Dec 3,237 1,429 265 269 1,113 9 152 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1949—June 3,894 1,587 305 323 1,431 21 227 1948 include insured loans to finance the manufacture of housing. Dec 4,751 1.771 378 416 1,828 52 305 * Mortgages insured on new rental housing at or near military installations under Title VIII, approved Aug. 8, 1949. 1950— Dec 6,695 2,205 693 603 2,712 60 421 4 Less than $500,000. 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date 1 The RFC Mortgage Company, the Federal National Mortgage and not shown separately. Includes almost one million dollars of Association, the Federal Deposit Insurance Corporation, and the mortgages insured since August under new Sec. 8 small homes program. United States Housing Corporation. NOTE.—Figures represent gross insurance written during the period 2 Includes mortgage companies, finance companies, industrial banks, and do not take account of principal repayments on previously insured endowed institutions, private and State benefit funds, etc. loans. Figures include some reinsured mortgages, which are shown in NOTE.—Figures represent gross amount of mortgages held, excludthe month in which they were reported by FHA. Reinsured mortgages ing terminated mortgages and cases in transit to or being audited at the on rental and group housing (Title II) are not necessarily shown in the Federal Housing Administration. month in which reinsurance took place. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 8 Excess of exports Month 1947 3 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947 3 1948 1949 1950 1951 January 1,193 1,092 1,105 741 P974 533 547 590 623 Pl.023 660 545 515 118 P—49 February 1,198 1,085 1,043 764 PI.076 438 589 567 600 P909 760 496 477 164 P167 March. . .. 1,384 1,139 1,189 860 Pl.285 445 675 633 665 Pl.100 939 464 557 195 April 1,362 1,121 1,173 804 Pl,372 514 532 534 585 Pl,033 847 590 639 219 P339 May 1,504 1,103 1,095 830 Pl.354 475 554 541 659 P1,018 1,029 549 554 170 P337 June ... ... 1,320 1,014 1,108 877 Pl.292 464 625 526 687 856 389 582 190 P363 July 1,265 1,019 900 4779 Pi,189 452 564 456 709 P894 813 456 444 70 P296 August 1,265 992 885 762 Pl,267 406 606 491 820 P881 860 386 394 —59 P386 September. . . . 1,185 926 910 911 Pi,232 475 560 530 859 P718 710 365 380 52 P515 October 1,304 1,023 856 906 Pl.154 493 600 557 922 P832 811 423 299 -16 P322 November 1,188 823 842 977 Pl.386 456 554 593 855 P818 732 269 249 122 P568 December 1,172 1,318 945 Pl.065 605 720 605 P867 567 598 340 P198 Jan.-Nov 14,168 11,336 11,106 9,210 P13.581 5,150 6,404 6,018 7,985 P10.154 9,018 4,932 5,089 1,225 P3.428 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. 4 Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average =100] RAILROADS [In millions of dollars] For- Mis- Mer- Year or month Total Coal CokeGrain s L t i o v c e k - p e ro st d- Ore l c a e n l- e- c d h i a s n e ucts ous I.C.I. Year or month op T er o a t t a in l g Total ope N ra e ti t ng Net revenues expenses income income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 , 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 . 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 140 172 140 53 1948 9,672 8,670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 P9,473 »8,434 P1,040 J>783 ADJUSTED SEASONALLY 1950—November... 136 126 198 166 72 157 184 146 - 53 ADJUSTED December. . . 140 129 194 158 72 162 199 151 52 1950—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 39 131 120 217 123 61 152 207 144 47 April 873 800 73 41 July 125 97 215 130 61 143 203 142 45 May 855 794 62 30 August 133 122 215 140 67 148 209 144 47 June 871 795 76 44 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 November... 137 140 218 159 70 152 180 144 46 September. 873 794 79 50 October. .. 897 811 86 P56 UNADJUSTED UNADJUSTED 1950—November... 139 126 198 162 90 154 188 152 54 December.. . 130 129 204 148 70 145 62 142 50 1950—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 50 November.. . 140 140 218 156 88 149 174 149 47 October. .. 966 836 130 P98 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Associa- * Preliminary. tion of American Railroads. Total index compiled by combining indexes for NOTE.—Descriptive material and back figures may be obclasses with weights derived from revenue data of the Interstate Commerce tained from the Division of Research and Statistics. Basic Commission. data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 78 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] Federal Reserve district United Year or month States 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 - SALESi 1945 70 72 70 68 68 72 70 68 70 66 72 66 72 1946 90 92 91 87 88 92 90 89 90 88 90 85 91 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 .... 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 SEASONALLY ADJUSTED 1950—November 103 101 99 101 88 103 108 107 106 108 110 113 104 December 110 104 107 110 112 107 116 111 108 109 112 116 108 1951—January 125 123 120 125 136 125 123 123 128 117 132 129 125 February 115 111 110 120 120 115 114 116 108 117 116 118 112 March 105 102 103 109 104 105 113 107 99 93 110 112 102 April 104 98 102 105 108 111 105 104 98 101 103 112 102 May 104 100 100 104 104 110 107 105 98 100 104 111 104 June 105 98 108 103 106 110 114 101 98 98 104 113 103 July 105 106 103 105 107 105 111 101 104 101 104 114 108 August 109 108 106 111 108 121 110 107 106 109 111 115 106 September 107 100 101 107 108 109 111 106 105 101 112 115 108 October 108 103 103 108 112 114 111 109 105 104 110 114 106 November P112 106 104 109 114 118 P121 110 109 106 P116 129 114 UNADJUSTED 1950—November 123 123 124 134 108 127 123 128 125 122 124 127 114 December .... . . 185 186 186 193 186 189 194 178 171 174 183 193 185 1951—January 96 99 96 93 102 88 94 93 93 88 99 100 99 February 90 83 90 89 93 88 96 89 86 86 93 95 93 March 98 93 95 105 99 100 115 96 94 84 101 108 94 April.. 99 95 96 99 103 100 101 99 96 100 100 106 95 May 103 101 98 105 106 109 103 105 102 101 104 109 98 June 99 98 105 99 100 103 97 '99 90 94 97 100 97 July 84 73 74 76 84 86 89 86 85 81 85 96 93 August ... 93 82 80 83 94 r95 99 94 95 97 102 104 101 September 112 110 106 112 114 118 116 114 111 112 119 124 108 October 112 105 108 114 115 121 116 111 111 118 117 119 107 November P134 129 131 144 140 145 P138 132 130 120 P131 144 125 STOCKSi 1945 59 71 69 64 59 62 53 55 58 57 56 52 56 1946 77 85 85 81 78 80 75 73 77 74 74 69 73 1947.. 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 110 110 104 108 111 113 120 110 112 104 113 112 110 SEASONALLY ADJUSTED 195Q—November 122 120 117 117 128 122 137 121 124 111 122 122 122 December 122 121 113 120 128 124 142 120 125 112 123 121 121 1951—-January 127 123 119 124 133 129 146 125 127 113 129 129 126 February 129 129 124 127 133 131 145 127 131 114 128 126 128 !March 133 132 129 132 143 124 144 132 135 119 132 134 132 April 138 132 131 133 148 138 150 136 142 123 142 138 140 M^ay 136 129 128 132 145 137 146 134 140 123 141 140 137 June 136 131 131 132 146 145 141 133 143 122 141 138 136 July 138 130 133 134 144 146 140 139 139 124 141 141 139 August 134 127 129 130 136 140 144 131 139 123 143 140 138 September 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 November P117 P112 115 115 114 125 130 115 114 107 P116 120 119 UNADJUSTED 1950—November 139 141 134 136 145 137 153 141 137 124 138 137 135 December 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 March 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 May . . . 139 132 131 136 148 142 148 136 140 126 144 141 142 June 129 122 122 123 137 133 135 125 136 117 137 128 133 July 127 117 117 116 129 134 132 125 129 120 133 129 134 129 120 125 123 131 138 141 124 135 117 134 137 132 September 132 124 129 131 137 139 137 127 135 117 133 138 135 October 135 130 130 135 137 143 142 134 134 120 134 136 136 P133 P132 132 134 128 139 145 133 125 119 P131 135 132 r Revised. c Corrected. P Preliminary. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 79 JANUARY 1952 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) sales1 1941 average monthly salies = 100 2 Num- Department r b s e t e p o r o r e r o t s f - Sale p s e r d io u d ring m ( S e t o n o d n c t k o h s f ) October Sal p es e r d io u d ring Sto o c f k m s a o t n t e h nd ing Oct. m T on en ths Oct. 1951 1950 1951 1950 1951 1950 1951 1951 1951 Oct. Sept. Oct. Oct. Sept. Oct. GRAND TOTAL—entire store «... 358 +7 +3 -2 3.1 3.4 MAIN STORE—total 358 +7 +3 -1 3.4 3.6 238 213 223 798 780 810 Piece goods and household textiles 319 +5 +2 -3 3.7 4.0 209 188 199 769 779 794 Piece goods 297 +9 + 1 -8 3.2 3.7 228 203 209 722 763 786 Silks, velvets, and synthetics 196 + 13 + 1 -9 3.0 3.7 217 187 191 646 674 715 Woolen yard goods 174 0 -8 -2 2.9 2.9 359 332 359 1,037 1,138 1,065 Cotton yard goods 189 + 16 +5 -12 3.7 4.9 171 151 147 629 632 718 Household textiles 310 +3 +3 0 3.9 4.0 202 184 196 791 797 797 Linens and towels 281 -1 + 1 —3 4.7 4.8 170 150 172 804 771 836 Domestics—muslins, sheetings 253 +2 +3 + 12 3.6 3.3 205 206 201 731 798 663 Blankets, comforters, and spreads 243 +9 +6 — 7 3.3 3.9 233 205 214 773 801 827 Small wares 349 +7 +4 -4 3.9 4.4 198 172 186 777 701 812 Laces, trimmings, embroideries, and ribbons... 207 + 10 +6 -8 3.5 4.2 221 195 201 779 717 852 Notions 243 + 13 +5 -6 3.4 4.2 256 237 227 882 816 947 Toilet articles, drug sundries 334 +9 +7 -2 4.0 4.4 155 146 142 624 546 636 Silverware and jewelry 315 -1 + 1 -3 4.4 4.5 222 177 224 980 932 1,024 Silverware and clocks 4 219 -10 0 +9 6.5 5.4 Costume jewelry 4 283 +10 + 1 -12 2.8 3.4 Fine jewelry and watches4 89 —3 +5 -10 5 5 5 9 Art needlework 237 +5 0 -6 3.8 4.2 201 157 192 759 739 812 Books and stationery 277 +9 +4 -3 3.8 4.3 218 180 199 827 670 857 Books and magazines 144 + 10 +5 -1 3.0 3.4 181 154 164 553 488 571 Stationery 252 +8 +3 -3 4.1 4.6 213 188 197 876 744 905 Women's and misses' apparel and accessories 355 + 11 +4 -7 2.5 3.0 244 234 220 622 605 669 Women's and misses' ready-to-wear accessories 355 + 11 +4 -8 3.1 3.8 232 222 208 725 690 794 Neckwear and scarfs 316 + 15 + 10 -10 2.0 2.6 343 305 297 682 631 758 Handkerchiefs 280 -1 -4 -13 4.9 5.6 135 105 136 660 544 761 Millinery 186 +7 — 1 -10 0.8 0.9 247 292 231 190 219 231 Women's and children's gloves 328 + 11 +3 +3 4.4 4.7 190 136 170 826 775 799 Corsets and brassieres 344 +9 +5 -6 3.1 3.6 265 255 243 825 804 880 Women's and children's hosiery 347 + 13 -2 -30 2.4 3.8 167 148 147 399 354 566 Underwear, slips, and negligees 348 + 11 +4 -13 3.7 4.7 210 177 189 774 683 888 Knit underwear 255 + 10 +4 -5 3.5 4.1 278 231 252 980 886 1,026 Silk and muslin underwear, and slips 288 + 10 +2 -17 3.9 5.2 180 155 164 707 631 848 Negligees, robes, and lounging apparel 258 + 17 + 12 -16 3.3 4.6 203 163 173 671 530 794 Infants' wear 331 + 17 +7 -8 2.6 3.4 351 335 300 927 908 1,013 Handbags and small leather goods 336 +9 +3 -8 2.5 3.0 211 212 193 533 468 578 Women's and children's shoes 254 + 10 +5 +5 4.8 5.1 237 259 215 1,145 1,162 1,101 Children's shoes 4 218 +8 +5 -3 4.7 5.3 Women's shoes 4 233 + 10 +5 +7 4 9 5.0 Women's and misses' ready-to-wear apparel... 355 + 10 +5 -5 2.0 2.3 257 248 233 509 510 537 Women's and misses' coats and suits 344 +9 +5 -9 1.7 2.0 325 272 299 539 587 588 Coats * 218 + 12 + 7 — 11 1 6 2.0 Suits4 208 i + 1 -3 1.7 18 Juniors' and girls' wear 315 + 15 +7 -9 2.0 2.4 305 325 266 605 604 655 Juniors' coats, suits, and dresses 276 + 11 +5 -9 1.6 2.0 291 310 261 468 502 514 Girls' wear 319 + 18 +8 -8 2.3 3.0 341 365 288 800 762 862 Women's and misses' dresses 346 + 7 +4 -4 1.7 1.9 215 212 201 359 340 370 Inexpensive dresses4 263 +7 +5 -9 1.3 1 S Better dresses 4 276 +7 +4 0 2 0 2.1 Blouses, skirts, and sportswear 345 + 14 +7 2 2.1 2.4 312 337 274 646 620 656 Aprons, housedresses, and uniforms 293 + 10 +3 —6 2.4 2.8 150 143 136 358 333 376 Furs 274 +7 +4 +2 3.7 3.9 159 114 148 583 622 584 Men's and boys' wear 337 + 10 +4 +6 4.7 4.9 216 180 196 1,016 970 957 Men's clothing 263 +5 +5 +26 5.1 4.2 240 179 229 1,218 1,196 973 Men's furnishings and hats 316 + 11 +3 -3 4.6 5.3 195 150 175 900 790 921 Boys' wear 307 + 17 +5 -7 3.8 4.9 243 254 207 935 929 1,014 Men's and boys' shoes and slippers 200 +7 +7 +6 6.0 6.1 190 186 177 1,140 1,121 1,093 Homef urnishings 323 -2 -1 +2 3.6 3.5 278 237 283 1,010 1,035 1,002 Furniture and bedding 249 0 +3 + 10 3.6 3.3 246 216 246 895 928 812 Mattresses, springs, and studio beds4 171 +4 +5 -1 1.9 2.1 Upholstered and other furniture 4 180 2 +3 + 12 4 1 3 6 Domestic floor coverings 273 -7 +4 -2 4.0 3.8 268 208 287 1,071 1,121 1,088 Rugs and carpets4 161 — 8 +5 —2 4.0 3.8 Linoleum 4 96 A —2 -17 3 9 4^5 Draperies, curtains, and upholstery 300 +7 +6 -4 3.2 3.5 283 209 265 901 909 938 Lamps and shades 252 +3 -1 -5 3.0 3.3 266 206 258 810 793 854 China and glassware 261 +3 +5 + 16 6.5 5.8 196 174 191 1,280 1,279 1,140 Major household appliances 250 +9 -19 +7 3.0 3.0 298 268 273 885 1,026 850 Housewares (including small appliances) 266 +2 +6 -5 4.0 4.2 293 281 288 1,157 1,177 1,230 Gift shop4 178 +5 +5 +9 5.0 4.9 Radios, phonographs, television, records, etc.4. 240 —23 —20 — 12 2.4 2.1 Radios, phonographs, television 4 187 —21 -21 -20 1 8 Records, sheet music, and instruments4. .. . 132 +3 +4 +4 5.0 4^9 Miscellaneous merchandise departments 315 +18 +7 +3 4.0 4.5 219 176 186 867 826 853 Toys, games, sporting goods, cameras 303 + 11 +6 +8 7.2 7.4 224 156 201 1,608 1,394 1,490 Toys and f *mes 251 + 10 +7 + 12 7.6 7.4 224 130 204 1,698 1,364 1,513 Sporting goods and cameras 150 + 13 +5 -2 6.1 7.0 227 162 200 1,376 1,068 1,413 Luggage 271 + 12 +6 -10 5.3 6.6 187 176 167 991 806 1,037 Candy« 196 + 11 +3 -17 1.1 1.4 For footnotes see following page. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales ! 1941 average monthly sales = 100 2 Department r N b s e t e p o u r o r m e o rt s - f - d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k h o s ) f October 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 O 19 c 5 t 1 . m 1 T o 9 n e 5 t n h 1 s O 19 c 5 t 1 . 1951 1950 1951 1950 1951 1950 Oct. Sept. Oct. Oct. Sept. Oct. BASEMENT STORE—total. 199 + 11 +5 -11 2.2 2.8 236 210 213 525 511 588 Domestics and blankets * . . ... 137 +9 +5 -13 2.4 3.0 Women's and misses' ready-to-wear 191 + 12 +4 -16 1.7 2.3 235 213 210 412 394 490 Intimate apparel * 165 + 13 +5 -18 2.4 3.3 Coats and. suits * ... 175 +9 + 1 -21 1.3 1.7 Dresses 4 174 +5 +3 -8 1.4 1.6 Blouses, skirts, and sportswear 4 158 + 13 +5 -11 1.7 2.1 Girls' wear4 . . 125 + 17 +7 -12 1.8 2.4 Infants' wear 4 121 +23 + 10 -17 1.8 2.7 Men's and boys' wear 160 +16 +7 -7 2.8 3.4 260 223 225 726 696 779 Men's wear 4 141 + 14 + 7 c 2.9 3.4 Men's clothing4 96 + 14 +8 +3 2 8 3.1 Men's furnishings 4 117 + 15 +5 -12 2.9 3.7 Boys' wear 4 120 +21 +8 -11 2.4 3.3 Homefurnishings 104 +3 +2 -7 2.4 2.7 263 193 254 629 604 677 Shoes 121 + 11 +8 +3 3.7 4.0 174 180 157 645 643 633 NONMERCHANDISE—total4.. . 207 +6 +4 (5) (5) (5) Barber and beauty shop 4 107 +5 0 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 79. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. 1935-39 average = 100] [In millions of dollars] Reported data Derived data 1 Without seasonal adjustment Year or month m ( S t o 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 t o 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 n e e t r w t a r h l s ) Feb. 1 1 4 1 9 . . 5 . . . 0 . . . . . 2 2 2 3 6 8 Feb. 1 1 3 0 95 .. 1 .. . . 2 23 7 4 3 Aug. 1 1 5 2 9 . . 5 . . . . 0 . . . . 2 2 9 7 6 3 Aug. 1 1 9 4 1 51 . . 2 2 5 5 2 4 18... ..231 17 .272 19... ..281 18.... .268 1942 average... 179 599 263 182 192 25... ..221 24.... .274 26... ..288 25.... .280 1943 average... 204 509 530 203 223 Mar. 4... ..244 Mar. 3 .288 Sept. 2... ..310 Sept. 1 .303 1944 average... 227 535 560 226 236 11... . .253 10.... .303 9... ..295 8.... .289 1945 average... 255 563 729 256 269 18... ..264 17.... .292 16... ..368 15.... .329 1946 average... 318 715 909 344 327 25... . .279 24 .304 23... ..322 22 .321 1947 average... 337 826 552 338 336 Apr. 1... ..301 31.... .258 30... ..320 29.... .328 1948 average... 352 912 465 366 345 8... ..320 Apr. 7 .292 Oct. 7... ..325 Oct. 6 .318 1949 average... 333 862 350 331 331 15... ..254 14.... .288 14... ..322 13 .338 1950 average... 347 942 466 361 370 22... ..279 21.... .281 21... ..304 20.... .334 29... ..285 28.... .293 28... ,.313 27 .327 1950—Nov '405 1,210 444 446 308 May 6... ..301 May 5.... .326 Nov. 4... ..315 Nov. 3.... .349 Dec 615 956 412 362 330 13... ..308 12 .318 11. .. . .342 10... ..366 1951—Jan 337 992 657 373 618 20... ..275 19.... .285 18... ..368 17.... .374 Feb 284 1,089 652 381 376 27... ..282 26.... .290 25... ..319 24 .354 Mar 347 1,217 467 475 290 June 3... ..261 June 2 .273 Dec. 2... ..444 Dec. 1 . 464 Apr 312 1,240 338 335 206 10... ..302 9.... .311 9... ..554 8.... .550 May.... 339 1,193 295 292 249 17... ..302 16 .305 16... ..638 15 .613 June 326 1,112 386 245 336 24... ..250 23.... .265 23... ..640 22 .....656 July.... 257 1,069 434 214 262 July 1... ..263 30. .. .258 30... ..237 29.... .265 Aug 309 1,106 395 346 307 8... . .218July 7 . ...218 1951 1952 Sept 343 1,117 404 354 363 15... ..265 14. .. .238 Jan. 6... . .285Jan. 5 .226 Oct 388 1,152 408 423 427 22... ..303 21. .. .234 13... ..305 12.... Nov P442 ?1,149 P374 P439 P405 29... ..295 28... .232 20... ..301 19.... 27... ..278 26 P Preliminary. r Revised. 1 These figures are not estimates for all department stores in the United States. Figures for sales, stocks, and outstanding orders are NOTE.—For description of series and for back figures, see BULLETIN based on actual reports from the 296 stores. Receipts of goods are for September 1944, pp. 874-875. derived from the reported figures on sales and stocks. New orders are derived from estimates of receipts and reported figures on outstanding orders. Back figures,—Division of Research and Statistics. JANUARY 1952 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Nov. Oct. 11 Nov. Oct. 11 Nov. Oct. 11 Nov. Oct. 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 United States. P+9 +9 +5 Cleveland-cont. Chicago +3 +9 +4 Dallas +13 +13 +5 B N N P N A D L S W N E B B N N P B P B S R o e B o o o p c l r u e L l e o o o i e e s i r w m o b o n a r w h w u f w t r i o w w s c w a o f r t a d g i t v g e g s h i a w l c e n o n a n n r a g t a Y n l h i h Y e l e a o n r H B o y g t r d l r n e e s k o s a k o - e n a o f d t e c t e p r e a m w n e A i i e r 1 k n t d e o e v k F r c r a n t f r c p l r e e a d o o * e d e C s t l n y n 1 . r a i . l . . i e . . d . s . . . . . t . . . . . . . . . y . . . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 1 6 5 6 5 3 5 4 6 6 6 2 8 5 5 5 0 8 5 1 0 0 + r + + + + + + + + + + + + + + + + + + + - 1 1 1 2 8 7 2 6 6 9 4 5 7 3 4 6 6 6 7 7 5 3 0 5 0 + + + + + + + + + + + + + + + + + + + + -2 6 7 5 2 6 6 8 8 7 5 1 4 4 3 3 5 5 7 7 0 1 A R L A W N W W A G R C M P H R C R H M E B C B t i i y l c r i a o o s h a i h o r n a u a o o t h i a c r i e h h n l l l r t g a ' n a d m e n b n e s n h e t l u e f s e m c r n e i s s e * h i o e i t m t b n m t v l m h i g t l a ' r g r o l e i l i o t n v e o u i s i s k h n b o n o o b s l k o n n g i t n r o l g u t n l i n o m e g r e g g d h o - l a n e t r d , w . e h S t a o n g , e W * , o m a n N n r S i n y S l . . . e . V . . C 1 . m > . l . C C . a . . . . . . . . . . . . . . . . p P + + + + + + + + + + + + + + + + + + + + + - - - 1 1 2 1 1 1 3 1 5 1 3 1 1 1 1 1 1 9 8 1 6 2 2 1 6 5 3 7 3 5 0 6 3 0 1 5 3 2 2 5 6 + + + + + + + + + + + + + + - + + + + + + + + + 1 2 1 1 2 1 1 1 1 2 1 1 1 1 1 1 2 7 1 6 6 6 3 5 4 4 5 7 5 0 3 3 0 0 4 1 7 5 1 + + + - + + + + + + + + + + + + + + + + + 1 - - - 1 1 1 1 1 4 3 6 7 1 4 4 2 2 4 2 8 7 5 3 2 3 8 4 4 1 2 S L L L Q F T D F F E S S C P I D G M G M S M t n . p t t l e o o o a i e h v u e r e r . . i d i e t a o r n e u r a r r s n i l i t t a L i m i L t t r c w L n r e l r d s n i n t a e n e s i o a o n i c M o d o g W a i n p a S v n i g s i u y s u f u u H t h a g i R v m o J o B i i o l i a R i p k e i s l s * s i i a s o y 1 e l n a i o e n l a d u t x n A c y e x l l e . h p . * t . i e e . k s e s . r i * . . . . . d e 1 * . . . * , , . l a . . s . . . . . . \ . . . . . . . . , . . . , , . , + + + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 4 1 5 5 0 0 0 2 2 3 8 3 3 7 2 9 5 2 2 4 0 4 1 + + + + + + + + + + + + + + + + + + + + + - - 1 1 1 2 1 1 1 1 3 1 1 9 1 1 1 1 1 4 9 5 4 1 5 6 7 8 1 3 8 7 2 3 2 6 6 6 0 + + + + + + + + + + + + + + + + + + + - 1 4 4 7 4 4 6 2 2 4 5 8 5 3 8 3 1 4 3 0 0 0 1 1 S E O S T L L S S S S F S P F R S D H C B a S A l B a a a a a h r a o h o o u i a a o n a o e v a n n n n n c o s r n r c k k e l r r u P s n t e e l r t p e s g e e r l n a s a A A a a F J v D r a k o n r u a W t s o s o m s B s n e r e n o B i n 1 F n s i i o f R s a x p l d e d i n l e g t i e o e e e r n g e o o o e C r e n 1 a y a r c x l a o n l n r s l t d c n t h i t a e n a h a o i l s h J c o r s n r . d c i i * 1 d d s s o K . . 1 i c t . , . n . i * . o . . . . . o . . . . . . . P P P P P P P P + + + + + + + + + + + + + + + + + 1 + + 1 1 2 2 1 1 1 1 1 3 3 7 0 7 8 3 3 6 8 9 9 9 5 7 0 5 8 9 + + + + + + + + + + + + + + + + + + + + 1 3 1 1 1 1 1 1 1 1 1 5 2 8 5 6 9 9 4 8 7 9 8 8 3 4 9 7 1 3 7 4 + + + + + + + + + + + + + + + + + + + + 1 1 1 2 1 6 3 4 6 1 8 4 5 1 2 2 2 2 5 5 5 5 P T L W Y S U R P h y h r a e t o i i e i n r l i a l r c a a l n k c k d a a d c t e a * d i o u e s s n e l n s - t p g l e e B p h ! i r x a h i r a i r a . 1 e . . » . » . . . . + + + + + + + + - 1 1 1 1 2 9 0 6 5 4 8 3 5 + + + + + + + + - 1 1 1 7 8 6 4 7 5 5 2 + + + + + + + + 6 8 9 3 3 4 3 4 J O T A M S A C M R a t a o r u t c o . i a l l m a l g k a c a u m P m u s n o n p m o e s d n t i a e a t t n b o a e i l . v i u * . r i s s . l b l . e . u . * r . g . . . . .. . + + + + + + + + + + 1 3 1 1 1 1 6 3 5 1 8 9 8 5 3 6 + + + + + + + + + + 1 2 2 2 2 4 1 4 5 1 6 9 8 3 3 3 4 + + + + + + + + + - 2 1 2 9 8 4 9 1 9 7 2 1 K M S D P D M a S i u t e u n n . i u e n n l s n P b p u v n a e e l a t e e s o a h r r u a i p - o p l o C 1 r o l i i l * t s i y s .. . 1. . . . , , , P (2 + + - - - - ) 2 2 2 2 6 3 + + + + + + - 1 2 1 5 4 2 5 2 3 3+ + + - - 5 1 1 3 3 0 0 S V S S E B P B N N t a e o v o a e o l a l r l i e a a t c l s l t t r e m i p t e l k L n e l j a a e t o t g a p a n o t h a k n i d n x a * a e . d n m . d C . . i J . . t y . . . K . , . P p + + + + + + + - 1 1 1 3 3 0 5 2 4 6 1 + + + + + + + - 2 1 3 7 4 0 6 9 2 1 + + + + + + - 1 2 1 6 2 7 0 1 4 Cleveland.... +29 +9 +8 Savannah + 16 +29 +12 Hutchinson -4 +9 0 Spokane *.... . +3 + 13 +5 Akron i....... +28 +18 +10 Baton Rouge x.. +6 +10 -7 Topeka ..., +11 +27 +11 Tacoma » , +6 + 14 +6 Canton * +31 +11 +9 New Orleans l.. + 11 +13 +1 Wichita +17 +23 +15 Yakima» P+7 + 10 +3 Cincinnati1... +11 +7 +1 Jackson l +4 +5 -3 Kansas City.,. +11 +15 +4 Cleveland i.... +29 +9 +8 Meridian +4 + 12 0 Joplin (2) +8 3+6 Columbus *.... +26 +13 +6 Bristol +2 +3 -1 St. Joseph -3 +9 + 1 Springfield»... +22 +10 +5 Chattanooga *.. + 11 +8 +2 Omaha 0 + 10 +5 Toledo i +6 +4 +7 Knoxville i +10 + 12 +4 Oklahoma City, -1 +4 -4 Youngstown 1. +35 +9 +15 Nashville i +13 +16 +2 Tulsa +15 r+9 +2 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. • Ten months 1951. 4 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—November 176.4 210.8 194.3 132.5 142.5 201 1 159 2 178.8 216.3 195.5 132.9 142.8 203.2 160.6 181.5 221.9 198.5 133.2 143.3 207.4 162.1 February ... 183.8 226.0 202.0 134.0 143.9 209 7 163 2 March 184.5 226.2 203.1 134.7 144.2 210.7 164 3 184.6 225.7 203.6 135.1 144.0 211.8 164.6 May 185.4 227.4 204.0 135.4 143.6 212.6 165.0 June 185.2 226.9 204.0 135.7 143.6 212.5 164 8 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 4 186.6 227.3 209.0 137.5 144.4 211.1 166.0 October 187 4 229.2 208.9 138 2 144 6 210 4 166 6 November 188.6 231.4 207.6 138.9 144.8 210.8 168.4 1 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. 82 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c t A o i o e m l d s l i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a i h a u n a t t e l d i e s l n - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p h u l l r s e l c o i m t e a d s d n - i- d H g n f o o i i u n s o u r g h d s - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - M p t u f u r a a c o r c n e t d - s u d - - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86 4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92 7 77 7 84 3 88 0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64 8 48.2 *61.0 70.2 72.9 54.9 70.3 80.2 71.4 73 9 75 1 64 4 55 1 70 3 1933 65 9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56 5 70 5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81,5 69.7 68.6 78.2 1935 80 0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79 0 80 6 68 3 77 1 82 2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78 6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86 8 73.3 72.0 82 2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78 6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77 0 88 5 77 3 71 9 81 6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94 3 82.0 83.5 89 1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104 0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93 6 113.2 100 8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121 1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101 4 111 6 100 3 134 7 116 1 1947 152.1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115 5 165.6 146 0 1948 165.1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155.0 165.5 161.4 147.3 180.4 140.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 1950 161.5 170.4 166.2 153.2 191.9 148.0 133.2 173.6 206.0 122.7 153.2 120.9 172.4 156.8 1950—November 171.7 183.7 175.2 163.7 211.5 166.8 135.7 180.4 217.8 135.7 166 9 137 6 184.5 165 1 December 175.3 187.4 179.0 166.7 218.7 171.4 135.7 184.9 221.4 139.6 170.2 140.5 187.1 169.0 1951—January 180.1 194.2 182.2 170.3 234.8 178.2 136.4 187.5 226.1 144.5 174.7 142.4 192.6 173.1 February 183,6 202.6 187.6 171.8 238.2 181.1 138.1 188.1 228.1 147.3 175.4 142.7 199.1 175.5 March 184.0 203.8 186.6 172.4 236.2 183.2 138.6 188.8 228.5 146.4 178 8 142.5 199.4 175.8 183.6 202.5 185.8 172.3 233.3 182.8 138.1 189.0 228.5 147.9 180.1 142.7 197.7 176.1 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 3 179 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 177.6 189.2 188.0 167.0 212.1 163.2 138.8 189.1 223.0 140.8 172.4 138.5 187.0 174.2 October '178.1 192.3 '189.4 166.7 '208.3 157.7 138.9 191.2 223.6 141.1 171.7 139.3 188.7 174.3 November . 178 3 195.2 188.8 166.9 196.8 159.5 139.1 191.5 224.6 138 7 172 0 141 4 189 6 174 1 Week ending:1 1951—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, 20 177.2 195.7 189.8 165.1 158.6 138.7 190.9 224.8 140 0 Nov. 27 177.7 197.8 189.9 165.2 159.1 138.8 190.9 224.7 139.9 Dec. 4 177.1 193.9 187.5 165.5 159.6 138.8 190.9 224.7 139.4 Dec 11 177 1 193.7 188.4 165.6 159.6 138.8 190.9 224.7 138 0 Dec. 18 177 0 193.2 188.9 165.6 160.1 138.8 190.9 224.7 138 2 Dec. 26 177.3 195.1 189.2 165.6 160.0 138.8 190.9 224.6 137.6 1950 1951 1950 1951 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept Oct. Nov. Farm Products: Metals and Metal Products: Grains .. 172.1 180.4 181.6 187.3 195.1 Agricultural mach. & ermin.. 153 3 15£ 0 158 o 1S9 1 159 2 Livestock and poultry 197.3 233.1 227.8 225.2 212.4 Farm machinery 155 8 160 O 160 0 161 0 161 0 Other farm products 177.4 166.7 166.9 172.6 183.5 Iron and steel.. 174 0 18" Q 185 Q 186 0 186.1 Motor vehicles. 176 9 185 0 187 <\ 191 3 191 8 Dairy products 164 1 169.0 170.3 173.8 178.7 Nonferrous metals 181 7 17q 7, 176 i\ 180 4 180 8 Cereal products 154.1 161.9 160.4 161.3 163.8 Plumbing and heatine... 182 5 184 184 /| 184 2 184 1 Fruits and vegetables 140.4 142.6 141.9 143.3 151.6 Building Materials: ^£eats poultry and fish 223 4 256.9 258 4 260.8 251.8 Brick and tile.. 177 6 179 5 179 s 179 5 179 5 Other foods 158.9 161.2 162.5 161.7 160.0 Cement 140 8 14' 0 147 9 147 2 147 2 Hides and Leather Prodv^' Lumber 347 6 M" 7 343 7, 344 4 345 4 Shoes 203.7 222.1 221.8 »-2i5.8 210.9 Paint and paint materials.... 148 2 1"^ 0 159 8 161.3 164 4 Hides and skins 269.3 222.1 225.3 220.9 182.2 Plumbing and heatine. _. 182 5 184 184 /\ 184 2 184 1 Leather 204 9 203.8 195.5 194 5 184.0 Structural steel 191 6 204 204 7, 204 3 204 3 Other leather products 164.9 180.6 180.6 180.6 180.6 Other building materials 189.4 198.2 198 4 198.4 198.9 Textile Products: Chemicals and Allied Products Clothing 151.4 165.0 164.7 163.8 160.4 Chemicals 134 3 144 4 144 7 144 7 144 7 Cotton goods 231.7 206.0 196.5 193.7 198.9 Drugs and Pharmaceuticals.. 163 8 184I 6 184 1 184.1 169 1 Hosiery and underwpnr 111 .4 110.1 110.0 108.0 107.5 Fertilizer materials . . . 112 0 11/ 8 118 120 2 122 4 Silk. 69.0 68.7 72.6 75.8 76.3 Mixed fertilizers 105 1 109 3 111 111 3 111 3 Rayon and nylon. 42.7 43.1 43.1 43.1 43.1 Oils and fats... 171 5 139.8 141 9 142 <5132 0 Woolen and worsted goods... 192.7 207.4 196.7 169.9 177.8Housefurnishing Goods: Other textile products.. 210.4 232.2 229.6 229.6 229.9 Furnishings 176.6 188.2 183 1 181 8 182.0 Fuel and Lighting Materials: Furniture 156.7 161.6 161 2 161.1 161.5 Anthracite 144.7 154.9 157.0 157.0 157.3 Miscellaneous: Bituminous coal.. 193.3 194.9 196.9 197.6 198.0 Auto tires and tubes 82.3 82> 9 82 9 82.5 82 9 Coke 232.5 234.8 234.8 234.8 234.8 Cattle feed.... 211 4 225 9 231 9 245 1 267 5 Electricity 65.5 64.5 65.4 Paper and pulp. 178 7 198.7 199 7 200 f 201 1 Gas 90". 5 94.1 94.7 94.6 Rubber, crude.. 150.5 106.6 106.6 106. t 106.6 Petroleum products 118.1 120.5 120.5 120.5 120.6 Other miscellaneous 134.7 135.7 135 5 135.« 138.0 r Revised. * Weekly indexes are based on an abbreviated sample not comparable with monthly data Back figures.—Bureau of Labor Statistics, Department of Labor. JANUARY 1952 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 287.4 303.7 319.0 327.8 327.6 Less: Capital consumption allowances.. 8.8 7.2 8.1 9.3 12.2 14.8 17.6 19.1 21.2 21.8 22.2 22.6 23.1 23.9 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21,7 23.8 25.3 24.3 25.9 24.9 25.0 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .8 8 8 .8 8 8 Statistical discrepancy -.1 1.2 1.4 1.6 1.7 .3 -3.2 -.8 -1.8 -6.4 -3.4 .8 5.0 n.a. Plus: Subsidies less current surplus of — .1 .5 .1 .9 -.1 .0 .0 .3 -.1 .2 .6 .3 .1 Equals: National income. . 87.4 3& 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 o .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 4.8 4.8 4.8 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.2 7.6 9.2 9 4 11.1 8.8 9 6 9 6 Business transfer payments 6 7 5 5 6 7 7 7 .8 8 8 8 8 8 Equals: Personal income . 85.1 46.6 72.6 95.3 177.7 191.0 209.5 205.1 224.7 227.3 238.3 244.1 249.9 253.2 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 18.8 21.5 21.1 18.6 20.5 20.2 23.1 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 a 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 Tililitary .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 A 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. 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annualrates by quarters 1950 1951 1929 1933 1939 1941 1946 1947 1948 1949 1950 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.0 257.3 282.6 287.4 303.7 319.0 327.8 327.6 Personal consumption 78.8 46.3 67.5 82.3 146.9 165.6 177.9 180.2 193.6 202.5 198.4 208.2 201.7 202.5 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.9 29.2 34 3 29 4 31 5 25.9 25 3 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.7 102.3 105.5 104.9 111.5 109.5 110 0 Services 31.7 20.6 25.5 28.5 44.5 49.1 54.1 57.6 62.1 62.7 64.0 65.2 66.2 67.2 Gross private domestic 15.8 1.3 9.9 18.3 28.7 30.2 42.7 33.0 48.9 47.3 60.2 60.1 65.6 55.7 New construction * 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.2 22.1 23 5 23 3 23 9 22 5 21 5 Producers' durable equipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.0 22.5 24.5 25.0 25.9 27.2 28.1 Change in business inventories.... 1.6 -1.6 .4 3.9 6.1 -.8 5.0 -3.2 4.3 -.7 11.8 10.3 15.9 6.1 Net foreign investment .8 .2 .9 1.1 4.6 8.9 1.9 .5 -2.3 -3.2 -2.7 -2.7 .0 1.2 Government purchases of ^oods 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 46.6 War } 1.3 2.0 1.3 13.8 21.2 } 17.1 21.7 25.9 23.1 21.4 27.5 32.5 39.1 46.8 3.9 3.2 2.5 Less* Government sales ^ 2.7 1.3 .6 .4 .2 2 .2 .2 .2 .2 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.1 19.7 20.4 21.1 21.4 21.6 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Per- Wage and Scdary 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 per- fer agriculincome re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s - d p m i u C n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t e u v r s i 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 t n s o c i u c o i r a e r n - l s income6 in re c n om tal e8 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9 2 3 0 66 3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941. . 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9 9 3 1 86 1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 . . 150.3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 .9 32 8 10 0 3 0 135 2 1944 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1.3 35.5 10.6 3.6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37 5 11 4 6 2 155 7 1946 177.7 109.2 111.3 46.1 30.9 13.7 20.6 2.0 1.9 42.0 13 2 11.4 158 8 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.1 2.4 42.4 14.5 11.8 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.2 2.8 47 3 16 0 11 3 187 1 1949 205.1 131.2 133.5 56.9 39.0 17.2 20.4 2.2 3.0 41.4 17 1 12 4 187.6 1950 224.7 142.9 145.8 63.5 41.4 18.7 22.3 2.9 3.5 44.0 19 3 15 1 206.6 1950—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 Tune 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 253 7 167 4 170.8 74.5 46.2 20.3 29.8 3.4 3.8 49 7 20 1 12 7 231 3 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 October 257.5 169.5 173.1 75.1 46.1 20.4 31.5 3.6 3.8 50.5 20.8 12.9 234.5 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 1 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. 85 JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit En o d r m of o n y t e h ar co c T n r s o e u t d a m i l t er i T m ns o e t t n a a l t l - Sale credit Loans * no T m ni o e n t n s a t t l al- p S a i y n m gl e e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other credit loans 2 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1 513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 .. 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1950—October 19,398 13,389 7,879 4,227 3,652 5,510 6,009 1,250 3,703 1 .056 November 19,405 13,306 7,805 4,175 3,630 5,501 6,099 1,298 3,739 1,062 December 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951—January 19,937 13,252 7,694 4,056 3,638 5,558 6,685 L.352 4,248 1,085 February 19,533 13,073 7,521 3,990 3,531 5,552 6,460 1,369 4,010 1,081 March 19,379 12,976 7,368 3,946 3,422 5,608 6,403 1,381 3,938 1,084 April 19,126 12,904 7,270 3,934 3,336 5,634 6,222 1,392 3,744 ,086 19,207 12,920 7,248 3,980 3,268 5,672 6,287 1,398 3,793 ,096 June 19,256 12,955 7,234 4,041 3,193 5,721 6,301 1,399 3,804 1,098 July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1,393 3,743 L,093 August 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1,398 3 724 1,095 September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 1,098 October? 19,586 13,199 7,355 4,134 3,221 5,844 6,387 1,413 3,868 L ,106 November?.... 19,996 13,259 7,391 4,100 3,291 5,868 6,737 1,421 4,206 1,110 v Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. * Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - l l p S c l a o m o n a m i a n e l - s l I b n t a r d n i u a k l s s - a I p c n l t a o o r d n i a m u a i n e l s - s - J u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m I l i r n o z o e a a s a d p n u n ti e a d r s o r i e r n n * d - 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 u a s l s - » p I c a n l t o o r n d i m a i u a e n l s - s - a 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—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 July 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* 5,844 2,522 1,191 299 222 535 168 907 373 205 52 40 86 November? . 5,868 2,509 1,211 299 225 535 170 919 348 228 45 40 83 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 November amounted to 106 million dollars, and other loans made during November were 13 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. • Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Con tinned CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a t l b u a u i d l l t , e o - - s m o m t a r o n a e d r i n d e e l t r - s F s t t u u o r r r n e e i s - H s a h a t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d h p e a i t r a u n a e s r d i c e - l t d , l e o m r t a n a i n o o n iz d d n s a - 1 - 2 i l s m c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1939 1,525 377 536 273 93 246 period: 1940 1,721 439 599 302 110 271 1948 3,563 570 736 751 636 870 1941. 1,802 466 619 313 120 284 1949 4,416 854 915 922 781 944 1942...... 1,135 252 440 188 76 179 1950 5,645 1,143 1,223 1,267 905 1,107 1943. . 707 172 289 78 57 111 1950—October 5,726 1,180 1,254 ,282 905 ,105 1944 691 183 293 50 56 109 November... 5,661 1,159 1,234 ,261 907 ,100 1945 715 198 296 51 57 113 December. .. 5,645 1,143 1,223 ,267 905 ,107 1946 1,104 337 386 118 89 174 1947 1,935 650 587 249 144 305 1951—January 5,610 1,116 1,219 ,268 890 ,117 1948 2,567 874. 750 387 152 404 February 5,530 1,096 1,222 ,217 877 ,118 1949 3,096 1,010 935 500 163 488 March 5,516 1,079 1,232 ,190 874 ,141 1950 3,778 1,245 1,029 710 754 April 5,490 1,072 1,242 ,153 875 ,148 May 5,489 1,083 1,248 1,123 882 ,153 1950 June 5,481 1,090 1,246 1,098 883 ,164 October. .. 3,652 1,170 1,019 705 758 July 5,430 1,086 1,230 1,068 886 ,160 November. 3,630 1,172 1,003 702 753 August 5,472 1,097 1,240 1,059 899 ,177 December. 3,778 1,245 1,029 710 794 September. .. 5,440 1,105 1,239 ,004 911 1,181 October?.... 5,442 1,090 1,226 1,010 925 1,191 1951 November?.. 5,436 1,080 ,209 1,016 937 1,194 January... 3,638 1,201 982 694 761 February.. 3,531 1,162 956 677 736 Volume extended dur- March, . . . 3,422 1,133 924 655 710 ing month: April 3,336 1,103 905 636 692 1950—October 647 123 132 166 71 155 May 3,268 1,084 890 616 678 November... 517 91 101 124 55 146 June 3,193 1,055 874 602 662 December. . . 562 94 117 141 48 162 July. 3,112 022 854 590 646 1951—January 606 98 137 147 47 177 August.... 3,109 1,015 859 590 645 February 536 93 132 117 41 153 September. 3,152 1,028 870 600 654 March...... 638 109 160 123 51 195 October?. . 3,221 1,056 890 607 668 April 625 118 153 125 56 173 November** 3,291 1,098 901 609 683 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 October?.... 744 150 168 153 82 191 November?.. 689 136 152 146 72 183 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 paper2 and instal- Retail instal- Repair Personal Year or month Total modern- ment ment paper 2 and instalm A o u b to il - e nu . t , ner lo iz a a n ti s o 1 n 2 lo c a a n s s h Year or month TToottaall m A o u b to il - e Other l mm i o z a oo a n dd ti s ee o rr x n nn 2 -- l m c o a a e s n n h s t Outstanding at end Outstanding at end of period: of period: 1 1 1 9 9 9 5 4 4 0 9 8 3 3 2 4 8 9 3 6 1 . . . 2 2 0 1 9 6 1 6 3 8 . . . 6 6 5 6 4 7 3 3 9 . . . 4 1 7 5 5 5 5 1 4 . . . 4 7 9 1 1 1 3 2 3 1 4 7 . . . 5 1 9 1 1 1 9 9 9 4 4 5 9 8 0 2 1 1 2 9 7 6 4 7 . . . 9 7 1 4 5 3 3 7 8 . . . 5 9 3 3 2 4 1 3 1 . . . 4 7 1 6 5 7 . . . 5 0 3 1 1 1 1 1 2 0 0 3 . . . 6 1 3 1950— D N O e o c c v t e e o m m be b b r e e . r . r . . . . . . 3 3 3 9 9 9 5 2 1 . . . 6 9 0 1 1 1 1 2 2 8 1 0 . . . 5 5 6 8 7 7 0 9 9 . . . 7 3 9 5 5 5 6 4 5 . . . 1 9 7 1 1 1 3 3 3 7 7 6 . . . 9 7 7 1950— D N O e o ct c v o e e b m m er b b e e r r . . . . 2 2 2 2 2 2 4 6 3 . . . 0 9 3 5 5 5 7 7 7 . . . 4 9 3 4 4 4 1 0 1 . . . 7 1 9 7 7 7 . . . 3 3 3 1 1 1 2 1 1 0 7 7 . . . 6 6 8 1951— N A S A J J O F M M J u u e e o u p a c l n a a p b v g y r n t y r e i t o e r u u c l e u m b s h a m t a e r b r y r b e y ? . e r . . . * r . . . . . . . . 3 4 3 3 3 4 3 3 3 3 3 8 8 8 9 0 8 8 8 0 8 9 6 2 5 6 2 4 2 2 1 5 1 . . . . . . . . . . . 9 5 5 0 3 4 7 4 8 1 7 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 2 1 1 2 1 2 1 7 3 6 0 3 9 1 6 6 8 3 . . . . . . . . . . . 2 9 9 2 9 6 9 4 5 0 1 7 7 7 7 7 7 7 7 7 7 7 8 7 3 2 5 5 7 4 1 0 6 . . . . . . . . . . . 4 4 6 9 8 7 2 3 7 6 4 5 5 5 5 5 5 5 5 5 5 5 3 6 2 2 4 1 6 2 3 2 2 . . . . . . . . . . . 6 4 1 6 8 7 5 8 9 0 3 1 1 1 1 1 1 1 1 1 1 1 4 3 4 3 3 3 4 4 3 3 4 7 6 4 5 9 7 1 6 9 9 3 . . . . . . . . . . . 7 0 9 0 8 7 3 9 3 1 3 1951— N A A F J J O M M S J u u a e e o u p c a l n a n p b g v r y t r y e i u o t r u e c l e a u m b s h m r t a e y b r b r e y ? e r . . r * . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 5 4 4 4 5 5 8 6 0 2 5 0 7 5 1 . . . . . . . . . . . 6 9 1 1 6 6 4 5 5 4 3 5 5 5 5 5 5 6 6 6 6 6 6 6 7 9 3 7 0 9 3 3 3 . . . . . . . . . . . 2 8 8 8 2 1 5 8 7 5 4 4 4 4 4 4 3 3 4 4 4 4 0 0 0 0 0 9 2 9 6 4 5 . . . . . . . . . . . 2 0 8 8 5 6 4 8 5 3 6 6 7 7 7 7 7 7 7 7 7 7 . . . . . . . . . . . 9 2 0 1 0 1 2 3 0 6 4 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 3 2 2 3 3 3 0 1 2 5 0 4 8 3 7 0 . . . . . . . . . . . 4 1 8 2 3 9 8 2 5 0 7 Volume extended Volume extended during month: during month: 1950— D N O e o c c v t e e o m m be b b r e e . r . r . . . . . . 4 4 3 0 3 7. . . 2 5 3 1 9 8 1 . . . 1 7 3 8 9 7 . . . 0 6 6 2 3 3 . . . 6 9 0 2 1 1 0 8 7 . . . 6 7 9 1950— D N O e o c c t v o e e b m m er b b e e r r . . . . 3 2 2 0 7 9 . . . 4 4 3 6 6 6 . . . 3 1 8 4 3 3 . . . 9 9 8 0 0 0 . . . 3 4 4 1 1 1 7 9 7 . . . 1 2 9 1951— N A J S O A F J M M J u u e e o u p c a l n a a p b v g y r t n y r e i o t e r u c l u e u b m s h a m t a e r b r r y b e y ? . e r . . . * . r . . . . . . 4 3 6 4 5 4 4 5 4 4 5 2 8 1 0 8 8 4 2 9 6 8 . . . . . . . . . . . 2 2 3 5 0 8 3 9 3 8 4 1 1 1 1 1 1 1 1 1 1 1 0 0 7 6 5 4 5 3 2 4 9 . . . . . . . . . . . 6 2 8 3 2 6 6 9 4 1 4 1 1 1 1 8 7 7 7 8 8 7 2 0 1 0 . . . . . . . . . . . 2 2 8 5 8 3 6 2 4 8 4 2 5 2 4 3 3 4 3 3 4 3 . . . . . . . . . . . 2 3 3 5 9 1 8 1 0 8 5 2 2 2 2 2 1 2 2 2 2 2 0 1 8 1 5 0 2 0 2 2 4 . . . . . . . . . . . 9 0 8 5 2 5 3 7 9 0 1 1951— A A N J S O F J M M J u u e a e u p o c l n a a n p b g r y v t y r e i u o t r u e c l e u a b s m h m r t a e y b r r b y e * e r . . r * . . . . . 3 2 2 3 3 3 4 4 3 3 4 2 7 1 2 9 5 4 6 4 1 7 . . . . . . . . . . . 3 4 6 9 6 1 9 3 8 1 8 1 6 6 9 9 9 7 9 7 8 8 1 . . . . . . . . . . . 4 8 4 0 4 0 4 9 8 6 5 4 4 3 4 4 4 5 6 6 7 7 . . . . . . . . . . . 4 2 3 9 8 9 2 2 9 7 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 4 3 3 7 5 4 6 7 6 5 5 2 2 2 2 2 2 2 2 2 1 1 5 1 0 0 1 1 3 3 1 7 7 . . . . . . . . . . . 2 7 9 6 5 7 3 3 4 P Preliminary. J Includes not only loans insured by Federal Housing Administration but also noninsured loans. * Includes both direct loans and paper purchased. JANUARY 1952 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 a r g e e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding year Year or month uem 1 N 9 o 51 v P . 1 O 9 c 5 t 1 . S 1 e 9 p 5 t 1 . 1 N 9 o 5 v 1P . 1 O 9 c 5 t 1 . S 1 e 9 p 5 t 1 . D s m e to p e r a n e r t s t- F st t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1950 Total +1 +14 -5 +10 +2 -20 October 18 11 11 51 Cash sales. . . +3 +17 -8 -2 -13 November 17 10 10 51 Credit sales: December 18 11 10 49 Instalment + 1 + 15 -3 + 19 +7 -22 Charge account +2 + 14 -12 -6 -9 -17 January 1951 19 10 12 50 Accounts receivable, end February 17 10 11 46 of month: March 19 11 12 50 Total +2 +2 + 1 -9 -12 -13 April 18 11 11 47 Instalment + 1 +2 +1 -9 -10 -11 May 18 11 11 49 June 19 11 12 49 Collections during July 18 11 12 46 month: August 19 12 12 48 Total -2 +9 -1 -3 -5 -6 September 19 11 12 47 Instalment -2 +9 —3 -3 -5 -10 October 21 12 12 50 November P 20 11 12 50 Inventories, end of month-,- at retail value. + 1 + 1 0 -2 -1 + 10 p Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, ANDCOLLECTIONS Index numbers, without seasonaladjustment, 1941 average=100 Percentage of total sales Sales during month Accounts receivable Collections during Year or month at end of month month Cash I m ns e t n al t - a C c h co a u rg n e t Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t sales sales sales Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 .. 213 216 200 212 165 196 200 224 51 8 41 1950 220 213 247 223 233 210 250 237 48 10 42 1950—October . 229 216 ••270 ••235 260 216 283 244 47 10 43 November 257 249 248 268 259 233 278 251 48 9 43 December.. 387 389 343 395 276 314 294 256 50 8 42 212 195 233 228 269 269 318 354 45 10 45 February 179 167 211 187 262 236 289 279 46 10 44 March 220 210 234 228 255 227 318 268 48 9 43 April 198 192 199 206 244 220 286 244 48 9 43 217 209 205 229 235 224 278 244 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 ••215 259 209 47 10 43 October 247 231 298 254 226 230 279 246 46 11 43 November? 279 265 311 290 240 258 289 260 47 10 43 p Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p7.9. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF DECEMBER 1, 1951 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Dec. 1, 1951 1950 Dec. 1, 1951 1950 Dec. 1, 1951 1950 Dec. 1, 1951 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,915 7,397 New York . 33,543 33,194 12,296 11,586 172 144 Philadelphia 55,002 56,165 16,952 17,138 Cleveland 218,971 214,367 51,329 38,956 Richmond 590 1,426 176,823 163,964 20,343 26,097 Atlanta 1,576 2,557 196,452 172,810 4,252 4,621 Chicago 1,128,237 1,206,247 69,042 63,222 1,464 998 St. Louis !2,691 23,254 405,534 372,754 47,940 47,812 Minneapolis... 345,007 344,025 28,697 37,895 236,975 289,527 Kansas City 201 373 413,663 310,926 353,472 265,385 3,946 4,399 Dallas 3,549 5 136 68,793 51,647 19,355 17,660 105 105 San Francisco 1,405 2,544 7,863 7^927 117,004 115,097 36,045 46,832 Total... 10,012 15,290 3,057,803 2,941,423 740,682 645,469 278,707 342,005 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1950 Dec. 1, 1951 1950 Dec. 1, 1951 1950 Dec. 1, 1951 1950 Dec. 1, 1951 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,096 7,016 3,136 3,524 41,045 32,552 71,939 52,318 New York . . 32,300 37 726 5,728 6,045 978 671 40,686 31,767 Philadelphia 17,645 20,471 2,465 2,584 55,960 55,127 22,673 17,223 Cleveland 51,948 63,336 5,778 5,999 126,397 148,901 13,532 10,735 Richmond .... 36,725 38,477 4,795 4,905 1,235,345 1,378,420 22,910 18,375 Atlanta 23,180 18,505 3,479 3,085 229,530 275,307 13,056 13,195 Chicago ... 618,627 519,983 19,802 22,492 32,889 25,471 29,022 21,151 St. Louis 62,879 42,523 9,368 9,297 302,244 360,537 6,464 4,817 Minneapolis 385,913 433,771 10,937 13,273 2,406 1,865 47,159 34,771 Kansas City 111,845 96,111 10,342 11,068 3,851 3,535 33,363 19,934 Dallas 27,272 9,495 1,762 1,713 2,805 2,521 San Francisco 36,034 28,982 12,733 11,803 126,287 98,901 Total 1,410,464 1,316,396 90,325 95,788 2,030,645 2,282,386 429,896 325,708 1 Includes 7,000 bales grown in miscellaneous territory. 2 Includes 10,000 bales grown in miscellaneous territory. NOTE.—1950 figures for all crops except cotton are as revised in December 1951. JANUARY 1952 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 92-97 Gold production 97 Reported gold reserves of central banks and governments . 98 Gold movements; gold stock of the United States . 99 International Monetary Fund and Bank .. 100 Central Banks . 100-104 Money rates in foreign countries . 105 Commercial banks 106 Foreign exchange rates 107 Price movements: Wholesale prices . 108 Retail food prices and cost of living 109 Security prices . 109 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. JANUARY 1952 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.1 Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total Total o F f o fi r c e i i a g l n a F o o t r h e e ig r n In ti t o e n rn a a l - a b b f a u r n o n k a d i d n s g * In f f o u fl r n o e d w ig s n o 8 f o R f f u e n U t d u . s r S n 3 . b b r a o l k a e n r c a e g s e 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 798.7 972.8 144.1 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 2,242.0 186.5 375.5 1,276.9 142.4 1948— Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Nov. 30 10,710.8 8,149.3 2,899.2 3,536.6 1,713.5 282.7 1,080.9 1,066.4 131.6 Dec. 31 10,521.1 •7,890.7 2,715.6 '3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Jan. 31 10,466.8 •7,719.4 2,675.9 '3,428.1 1,615.5 272.0 1,280.7 1,064.2 130.5 Feb. 28 10,408.6 •7,729.2 2,704.4 '•3,432.5 1,592.3 219.3 1,274.0 1,052.9 133.2 Mar. 31 10,358.8 '7,696.8 2,646.8 '3 ,449.8 1,600.1 218.9 1,305.5 1,006.7 130.9 Apr. 30 10,387.6 •7,647.1 2,582.5 ••3,459.0 1,605.6 240.3 L.399.4 974.8 126.1 May 31 10,286.3 •7,604.3 2,590.0 '3,452.8 1,561.4 215.4 1,414.2 930.9 121.6 June 30 10,250.3 •7,901.1 2,746.8 '3,526.0 1,628.3 190.3 1,128.9 897.3 132.7 July 31 10,115.6 •7,797.0 2,603.3 '3,536.4 1,657.3 189.4 'L.083.8 912.9 132.6 Aug. 31 10,138.8 8,012.2 2,734.4 3,640.5 1,642.9 181.9 900.4 913.8 130.6 Sept. 30* 10,187.9 8,027.7 2,714.3 3.696.1 1.617.2 231.7 876.9 920.3 131.4 Oct. 31P 10,171.5 8,419.6 2,767.5 3,908.7 1,743.4 215.3 647.0 763.5 126.2 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 4 [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i - t d z ' - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions and Official 2 private 1945—Dec 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 1,046.41,549.7181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224^9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8167.4 1949—Dec. 31... 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 1,436.7 961.0 179.5 1950—Nov. 30... 1,733.4 •7,170.0 3,609.5 8 723.3 247.2 281.9 569.9 303.1 811.3 6 2,936.7 1,054.9 1,524.81,403.9249.7 Dec. 31..." 1,722.2 '66,922.6 3,425.9 '6 656.6 260.7 193.6 553.0 314.7 799.2 '62,777.7 899.0 1,612.91,378.5254.5 1951—Jan. 31... L.635.4 '66,838.1 3,386.2 '6 630.2 273.7 203.5 513.2 308.6 816.3 '62,745.6 887.1 1,585.31,369.7250.3 Feb. 28... 1,612.2 '66,871.0 3,414.7 '6 621.8 258.0 209.1 504.2 324.4 812.8 '62,730.4 884.5 1,596.11,401 1259.0 Mar. 31... 1,620.0 '6 6,830.8 3,357.1 '6 638.9 232.5 198.6 505.0 306.3 814.8 '6 2,696.1 828.6 1,646.3 1,410.9248.8 Apr. 30... 1,625.6 '66,775.6 3,292.8 '6 666.6 193.0 131.4 502.5 299.1 827.8 '62,620.3 811.6 1,705.81,386.0251.9 May 31... 1,581.4 '66,777.0 3,300.3 '6 622.5 191.9 133.4 498.2 289.8 863.4 '62,599.3 818.1 1,714.01,387.2258.5 June 30... 1,648.3 '» 7,006.9 3,457.1 '6 620.1 246.3 134.8 509.3 276.0 '930.7 '62,717.3 964.4 1,672.91,399.1253.3 July 31... 1,677.3 '66,873.9 3,313.6 '6 545.6 218.3 132.0 499.9 289.4 '972.6 '62,657.9 931.8 1,614.3lf4l0.3 259.4 Aug. 31... 1,662.8 67,103.5 3,444.7 6522.6 221.2 131.7 506.8 280.41,095.2 62,757.9 1,011.1 1,578.31,495.1261.0 Sept. 30P. 1,637.2 67,144.6 3,424.6 6513.1 222.7 135.4 510.6 286.81,129.1 «2.797.8 1.022.8 1,527.51,538.8257.6 Oct. 31 P . 1,763.3 67,410.3 3,477.8 6 543.2 270.1 132.4 493.2 288.2 1,114.3 •2,841.4 1,257.8 1,502.01,534.8274.3 p 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 not 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. 8 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. * "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. 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 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 1945—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—DeCt 31 m 739 8 124 9 52 8 30.5 89.5 34.7 56.2 47.1 8 7 12.8 58.6 73 7 12.1 138!2 1948—Dec. 31.. 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—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 ?S 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.. '930.7 43.9 124.2 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.. '972.6 44.9 129.6 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. . 1,095.2 54.6 136.2 2.1 39.9 27.5 481.4 40.4 99.9 2.1 41.5 5.7 14.0 88.8 3.5 4.2 53.4 Sept. 30*. 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 Oct. 31 P. 1,114.3 61.1 141.4 1.5 47.2 24.0 488.3 39.1 106.3 2.4 36.4 5.9 16.8 83.7 2.5 4.0 53.6 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d s ie s t s Peru l P p a i R c m u a e n b o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r 2 n r lic Surinam 1945—Dec. 31. 1,046 4 77.3 14.5 195.1 66.3 79.2 128.3 116.4 28.2 43.9 88.7 49.7 158.8 1946—Dec. 31. 1,104 8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947—Dec. 31. 1,216 6 236 2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186.5 1948—Dec. 31. 1,287 0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Dec. 31. 1,436 7201.1 13.5 192.8 60.9 85.9 164.2 ... 214.6 25.9 52.8 74.3 143.2 207.4 1950—Nov. 30. 1,524 8 281.9 17.0 195.4 79.0 49.6 277.2 41 8 22 6 187.8 27.7 57.4 58.3 14.6 69.7 79.4 65.6 Dec. 31. 1,612 9 301.8 20.4 226.0 79.5 53.4 259.1 42 7 25 4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71.3 1951—Jan. 31. 1,585 3 334.4 18 8 228.9 73 3 54.6 251.0 44 a 27 ? 142.5 31.5 62.3 54.2 28.2 83 78 5 7? 2 Feb. 28. 1,596 1 312.1 20.8 249.8 70.6 49.7 257.7 45 l 30 6 140.7 30.0 60.6 51.9 42.2 79.0 75.9 79.6 Mar. 31. 1,646 3 345.2 22.4 259.6 69.9 44.2 276.0 45 8 31 8 108.7 30.8 55.0 52.2 46.5 81.8 89.8 86.6 Apr. 30. 1,705 8 347.5 19.3 248.1 79.9 66.6 309.8 46 3 30 8 115.8 28.8 58.2 51.9 46.3 82.1 80.8 93.5 May 31. 1,714 0 353.2 19.7 241.7 76.6 66.2 327.9 48 7 29 2 109.9 25.6 57.9 53.9 46.8 74.4 87.2 95.2 June 30. 1,672 9 343.7 24.7 212.4 69.9 58.1 327.9 51 3 29 5 123.8 25.0 54.3 58.1 50.6 74.6 75.6 93.2 July 31. 1,614.3 330.9 22.2 171.5 57.8 50.9 354.3 53 2 28 5 111.2 28.2 52.8 62.0 46.1 83.2 74.6 86.9 Aug. 31. 1,578,3 320.3 21.6 151.4 56 7 52.1 336.7 53 0 26 0 128.2 27.7 54.5 66.3 41.7 80 6 74.7 87 5 Sept. 1 ,527s312 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 Oct. 31* 1,502 0 299.5 24.1 132.7 51.5 62.0 305.1 44 2 21 9 150.4 30.2 51.2 64.6 32.2 79.1 68.0 85.3 Table 2c—Asia and All Other For- Egypt Date Asia M C m a h a n o i i s d n n a a - H K o o n n g g India I n n e d s o ia - Iran Isnid Japan i p P p R u h p b e i i l - n l - i e c T la h n a d i- T k u e r y - O A t s h ia e * r ot A h 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 n a 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. 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31. L.057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31 1,151 8 216 2 51.1 51.8 41.5 81 4 488.3 17.5 204 0 167.4 22.2 27.7 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—Nov. 30. 1,403.9 103.8 93.7 58.2 110.5 20.4 11.9 454.0 379.7 44.4 13.1 114.3 249.7 21.8 58.2 66.3 44.3 59.1 Dec. 31. L.378.5 81. 7 86.1 55.7 114.7 20.3 12.6 458.5 374.4 48.2 14.3 111.9 254.5 19.1 58.1 75.6 44.0 57.7 1951—Jan. 31. 1,369.7 78.7 73.7 49.6 115.6 24.7 15.8 452.5 376.6 46.4 12.5 123.6 250.3 19.8 53.2 85.1 36.4 55.9 Feb. 28. L,401.1 77.7 65.8 59.7 124.9 26.3 15.6 443.3 390.3 52.0 13.7 131 9 259.0 19.6 54.2 85.0 39.2 60.9 Mar. 31. r ,410.9 ••79.5 65.5 60.4 138.2 24.3 14.1 406.4 395.0 53.3 16.9 157.4 248.8 27.1 50.8 85.1 21.2 64.7 Apr. 30. ,386.0 79.3 64.8 59.0 126.7 27.4 17.2 376.6 404.5 57.7 20.6 152 2 251.9 18.3 51.4 105.6 9.5 67.1 May 31. ,387.2 78.6 61.1 73.0 124.2 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. ,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. ,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 . ,495.1 89.7 62.3 64.3 157.4 25.8 16.7 440.6 382.2 73.1 12.9 170 1 261.0 22.3 53. 1 98.7 21.8 65.2 Sept. 30P ,538.8 91.7 60.0 68.9 172.7 25.3 12.0 492.4 369.4 80.0 12.0 154 4 257.6 22.4 50.3 104.8 11.6 68.5 Oct. 31P ,534.8 89.8 60.1 59.8 128.0 21.0 13.5 538.7 355.6 84.9 12.2 171 2 274.3 32.4 52.2 101.7 16.0 72.0 P Preliminary. T Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JANUARY 1952 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] United Neth- Switz- Latin Date Total K d i o n m g- France la e n r d - s la e n r- d Italy E O ur th o e p r e E T ur o o ta p l e C a a d n a - A i m ca er- Asia ot A h l e l r 1945—Dec. 31. 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31. 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31. 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31. 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31. 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Nov. 30. 846.6 127.2 31.2 3.7 11.4 14.5 67.2 255.2 98.4 333.8 90.6 68.6 Dec. 31. 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96.3 60.0 1951—Jan. 31.. 857.4 87.8 31.0 3.9 11.5 28.3 70.8 233.2 115.7 374.2 91.2 43.1 Feb. 28., 910.1 101.7 31.9 3.7 11.8 30.3 74.2 253.6 121.2 397.7 92.2 45.4 Mar. 31. 910.5 99.8 30.6 3.6 9.0 34.3 75.6 252.9 107.3 402.5 86.2 61.6 Apr. 30., 889.1 110.7 6.3 4.2 10.8 35.2 75.5 242.6 117.6 374.0 95.1 59.7 May 31. 913.9 98.8 7.0 3.9 11.0 55.1 82.7 258.5 116.7 371.5 104.5 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. 947.5 87.0 13.3 3.8 8.3 18.0 88.8 219.2 101.9 429.5 141.0 55.9 Sept. 30P 897.7 52.1 11.0 2.9 9.2 13.2 86.3 174.7 101.2 437.2 128.7 55.9 Oct. 31P 914.1 33.0 11.4 2.8 9.6 11.2 93.0 160.9 108.4 463.3 136.8 44.7 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k l c o i h a - - m 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 a o n - d t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r1 1945—Dec. 31. 74.6 .6 (3) (3) 33.9 .7 31 6 .5 .1 1 6 .9 (3) (8) 4 8 1946—Dec. 82.8 7.5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (3) (3) 9.5 1947—Dec. 31. . 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 .9 5.4 (8) 35.9 1948—Dec. 31 106 3 21 4 .6 3.4 30.5 1.2 8 4 .7 2 9 1.4 (3) 6.0 29.8 1949—Dec. 31. . 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 (3) (3) 15.6 1950—Nov. 30. . 67.2 .1 21.3 4.4 2.2 25.5 .1 1.4 .1 .5 .1 1.3 6.4 3.8 Dec. 31. 67 1 2 21 5 3 2 2 2 25 4 2 1 4 (3) 5 (3) 1 6 6 9 (*) 3 9 1951—Jan. 31.. 70.8 22.0 .1 2.6 2.7 25.3 .2 1.7 (8) .5 1.7 10.0 4.0 M Fe a b r . . 2 3 8 1 . . . . 7 7 4 5 . . 2 6 . . 2 2 2 23 4 . . 4 9 . . 1 1 2 3. . 9 5 3 4 . . 5 0 2 2 5 5 . . 6 9 2 1 . . 1 9 (8) . . 6 5 ( ( 8 8 ) ) 1 1 . . 2 3 9 9. . 5 4 (8).1 (8) 4 4. . 2 3 Apr. 30.. 75.5 (8) 21.9 .3 6.7 3.3 25.9 1.8 (3) .7 (3) 2.0 8.6 .1 4.2 May 31. . 82.7 19.7 7.3 6.3 25.9 2.3 1.3 ft 7.0 8.2 .2 4.3 A J J u u u n l g y e . 3 3 3 1 0 1 . . . . . 8 8 8 8 9 7 . . . 8 8 9 ( (8 3 ) ) .2 1 1 1 8 5 8 . . . 2 7 8 ( ( 3 8 ) ) .2 4 6 4 . . . 2 1 1 6 5 5 . . . 2 1 0 2 2 2 5 5 6 . . . 4 9 4 .2 2 2 2 . . . 3 1 0 ( (3 3 ) ) .1 1 1 1 . . . 3 0 0 ( ( 3 3 ) ) 2 2 1 0 3 3 . . . 2 5 6 6 4 7 . . . 2 9 4 ( ( ( 3 8 3 ) ) ) 1 1 1 . . . 7 5 7 4 4 4 . . . 9 7 7 Sept.30P. 86.3 .2 21.5 C3) 5.2 2.5 28.8 .2 1.8 .1 .8 (3) 14.2 4.1 1.9 5.1 Oct. 31P. 93.0 .9 23.6 (3) 5.7 2.7 30.9 .1 1.7 (3) .6 (3) 17.1 4.3 (3) 1.1 4.3 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l n W a a d n n e i d d e s s s t Peru l P p i R c u a e b n - o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th a ti e * e n r r lic Suri- ama nam I945—Dec. 31. . 158.9 21.0 1.3 24.7 6.6 16.8 33.3 11.0 .5 1 9 1 1 6.1 34 7 1946—Dec. 31. . 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948—Dec. 31. . 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Nov. 30. . 333.8 43.0 8.4 68.7 3.8 39.9 30.6 1.7 2.1 47.4 1.3 8.4 3.5 5.5 8.1 46.8 14.8 Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—Jan. 31.. 374.2 25.2 7.4 76.2 6.0 39.1 31.6 1.9 2.8 77.7 1.1 14.3 2.8 7.7 5.3 61.7 13.5 Feb. 28.. 397.7 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 1.2 12.7 2.6 5.9 7.3 85.8 13.2 Mar. 31.. 402.5 17.8 5.5 85.4 6.9 36.4 46.7 1.9 2.8 64.8 1.1 13.5 2.8 4.6 7.6 91.5 13.2 Apr. 30.. 374.0 10.9 6.3 80.5 9.6 51.6 44.2 1.8 2.7 58.5 1.4 13.8 2.8 3.4 7.8 65.9 13.0 May 31.. 371.5 9.9 6.7 85.3 10.0 55.0 40.3 2.1 2.8 56.4 1.6 13.5 2.7 3.3 11.0 56.9 14.1 June 30.. 386.6 9.5 8.1 95.2 12.9 48.0 38.8 2.0 2.6 58.6 1.4 12.6 2.5 3.0 10.4 67.1 13.9 July 31.. 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 Aug. 31. . 429.5 8.9 8.2 112.4 15.5 42.7 42.0 1.8 3.0 68.6 1.2 12.2 2.6 4.1 11.3 80.5 14.7 Sept. 30P. 437.2 8.3 7.8 135.0 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 Oct. 31 P. 463.3 9.2 7.2 155.3 20.6 43.0 22.3 9.4 3.3 74.1 1.1 13.9 3.1 7.5 13.4 66.9 13.1 v Preliminary. 1 See footnote 1, p. 92. * Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. «Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 94 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 M a h n o a i d s n in a a - H K o o n n g g India I n n e d s o ia - Iran Israeljapan i p P p R u h p b e i i l - l n - i e c T la h n a d i- T k u e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other2 land Sudan 1945—Dec. 31.. 29 9 1 0 8 7 5 1 4 .5 13 8 2.0 2.8 9.9 1.7 .3 4.7 3.3 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31 5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118 8 24 2 3 4 20 4 1 9 15.9 37.3 1.4 14.3 19 7 4.7 .4 7.9 6 8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7 9 .2 4.5 7.7 1950—Nov. 30.. 90.6 18.3 4.3 14.7 .2 7.1 16.4 10.9 4.6 1.8 .7 11.6 68.6 49.5 4.4 .1 7.4 7.3 Dec. 31.. 96.3 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 .9 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Jan. 31.. 91.2 10.5 3.0 16.5 .3 6.1 22.0 8.6 5.6 1.6 1.3 15.7 43.1 28.3 4.7 .3 2.7 7.0 Feb. 28. . 92.2 10.5 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 Tune 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.. 141.0 10.2 3.0 14.6 .2 6.6 24.0 7.9 22.7 4.4 .8 46.3 55.9 30.9 7.7 .5 9.3 7.4 Sept. 30P. 128.7 10.2 3.2 12.1 4 7 5 25 7 8 5 19 0 3 9 8 37 3 55.9 27 9 7 7 3 9 8 5 7 o Oct. 31 P. 136.8 10 3 3 6 9 7 4 8 1 27.0 8 4 23 0 2 8 6 42 9 44.7 25 3 6 9 .3 7.6 4.7 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 B 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 s o al t e a s l p s d u e o r c m c u o h r e f a i s t s i t e e ic s s 1945 377.7 393.4 -15.7 260.2 357.7 -97.4 637.9 751.0 -113.1 1946 414.5 684.2 -269.7 367.6 432.1 —64.5 782.1 1,116.3 —334.2 1947 344.8 283.3 61.5 226.1 376.7 -150.6 570.9 659.9 -89.1 1948 282.4 330.3 -47.9 369.7 514.1 -144.3 652.2 844.4 -192.2 1949 430.0 333.6 96.4 354.1 375.3 —21.2 784.1 708.9 75.2 1950 1,236.4 294.3 • 942.1 774.7 772.3 2.4 2,011.1 1,066.6 944.4 1950—November 274.5 33.4 241.1 68.0 61 2 6 8 342.5 94 6 247 9 December 172.3 52.1 120.3 74.6 72.9 1.7 246.9 124.9 122.0 1951—January 106.6 27.6 78.9 94.7 95.7 -1.1 201.2 123.4 77 8 February 25.3 31.8 -6.5 71.3 71.5 — .2 96.6 103.3 -6.7 March ... 60.9 40.8 20.1 69.3 58.0 11.4 130.3 98.8 31.5 April 101.5 23.7 77 9 69.9 53.9 16 0 171 4 77 5 93 9 May. 46.7 42.3 4.4 82.2 71.9 10.4 128.9 114.1 14.8 June 210 2 492 4 —282 2 55 4 58 5 —3 1 265 6 550 9 —285 2 July 30.0 79.3 -49.4 '51.6 47.3 '4.2 '81.5 126.7 '-45.1 August 35 7 226 7 — 191 1 68 0 60 3 7 7 103 7 287 0 — 183 3 September? 11.1 56.1 -45.0 77.7 56.2 21.5 88.8 112.3 -23.6 October? 21.2 273.0 -251.9 99.7 77.0 22.6 120.8 350.1 -229.8 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 Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s u f e o r c c r u o e h r i f a i g t s n i e e s s 1945. . . 37 3 54 8 — 17 5 318 1 347 3 —29 2 355 4 402.1 —46 6 1946 65.2 65.6 -.4 755.9 490.4 265.5 821.2 556.1 265.1 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39 0 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 —94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 —24 4 589.2 710.2 — 121.0 763.0 908.4 — 145 4 1950—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 Ill arch 20 8 19 4 1 4 42 0 89 7 -47 6 62 8 109.1 —46 2 April 20.8 16.2 4.6 31.1 67.6 -36.5 51.9 83.8 —31 9 May 24.6 17.7 6.9 24.5 75.3 -50.9 49.1 93.0 -44.0 June 17.7 16 4 1.2 39 1 73.9 -34 8 56.8 90.4 —33 6 July 16.4 18.1 -1.7 45.4 28.2 17.3 61.8 46.2 15.6 August 18 4 19 6 — 1 2 22 3 20 1 2 2 40 7 39.7 9 September? 26.6 26.6 (7) 78.5 72.0 6.5 105.1 98.6 6 5 October? 25.2 21.4 3.8 59.7 220.3 -160.7 84.9 241.7 -156.8 ? Preliminary. r Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 8 Includes transactions of international institutions. * Through 1949 includes transactions in corporate bonds. 6 Through 1949 represents transactions in corporate stocks only. 8 Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions. » Less than $50,000. JANUARY 1952 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF UNITED STATES SECURITIES. BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( —). In millions of dollars] Inter- Y m e o a n r t o h r na i t n io st n i a - l Total U K n in it 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 r t o a p l e Canada A L m at e in r- Asia ot A h 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 —1.0 1947 74.5 -163.6 -8.9 -50.2 —98.2 13.0 -17.1 -14.1 -175.5 3.2 —3.5 10.0 2.2 1948 7 6 — 199.8 9.1 -82.8 -79.3 —40.0 0) 2.6 -190.4 7.5 10 2 —23.3 —3 9 1949 87.0 -11.8 20.9 -6.8 -25.5 44.2 1.5 2.2 36.5 —49.0 2.5 —2.1 .2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 _ »T 73.8 347.5 458.2 30.1 —15.3 2.7 1950—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 '-34.0 1.6 -13.9 -6.0 5.8 .6 .6 -11.3 -25.3 1.7 .9 .1 Aug -8.6 -174.8 8.6 .4 -2.7 5.4 -.2 -42.6 -31.0 -142.2 -1.3 -.1 -.1 Sept.?... .3 -23.8 -2.5 -19.1 -1.4 9.6 .5 1.0 -12.0 -3.6 1.7 -10.1 .1 Oct.P. . . -14.5 -214.8 -1.0 .4 -2.2 11.2 -.1 2.4 10.6 -227.2 6.8 -5.0 .1 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- 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 m a c t a e in r- Brazil Cuba M ic e o x- p P a u m o a b f n a l - ic S d a E o lv l r' a- O A L i a m t c h t a e i e n r r - Asia M C m a h a n o i i d s n n a a - Japan O A t s h i e a r land 1945 -4.4 1.5 1.0 -1.3 -5.5 26.4 .4 3.2 -.2 -5.7 28.7 10.8 22.7 -.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 "H'A 12.6 36.7 -1.1 7.1 30.1 — .1 24.6 .5 .1 "io!9 -5.9 -15.3 -3.0 -13.7 1.3 1950—Nov 35.1 -.2 1.4 34.2 -.1 -.2 20.1 -.4 20.2 .4 -1.0 8 .8 .5 0) 8 .5 Dec -3.1 0) .6 1.5 -.7 -4.4 -1.7 -.1 -.3 .2 -.2 -1.2 -1.2 -.3 -1.0 1951—Jan 9.5 3.7 -.2 .4 (0 5.6 -2.3 -.1 — .2 -.9 — .9 0) -.3 1.6 0) 8 1.7 Feb -1.4 -1.7 0) .5 0) -.2 -.4 -.4 -.5 .3 -.2 8 .4 .2 0) .3 A M M p a a r y r . . .. . . . - — 8 4 .2 . . 7 6 - ( 1 *) .9 -.5 '.9 - - 0 8 2 ) . . 7 7 0) .3 -.3 . . 1 5 3 8 3 . . . 1 1 9 - 1 .1 . . 0 2 - 6 . . 9 . 4 7 - - . . 1 3 .3 1. . . 2 0 4 8 2 2 . . . 4 9 8 14. . . 7 4 8 0)" .3 0) 14 . . . 9 4 6 S J J A u e u u n p l g e y t . . p . .. . . . . . -4 -5 2 1 . . . 4 . 6 0 6 - - 0 4 7 ) ^ .3 7 — 1 3 . . . . 2 2 9 6 -8 0 1 . ) 2 .8 « — :! A - - 5 . . 6 0 . . 1 1 -1 -1 0 1 1 . . . . 3 7 7 2 0 " 0 ) ) is 0 - — ) .2 . 3 .3 — . . . 6 2 8 .3 -1 - 1 . . 2 . 6 . 1 6 -18 0 0 ) .9 -1 - 2 . . 4 . 3 . 1 2 -io! . . i 5 9 - - . . 2 1 . . 1 2 0 0 0 0 ) ) ) )' -10. . . . 1 6 7 1 Oct.P... 2.4 .4 2.0 0) 0) 0) 6.8 .4 0) -.3 0) 6.3 -5.0 .1 0) -5.0 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( -). In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al Total U K d n o i i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m at e i r n - Asia ot A h 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 (i) —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 g 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— D N e o c v 0) -1 3 . . 9 9 o)'7 - - . . 3 7 - - . . 5 2 - 1 .4 .7 0) .1 2. . 7 1 1 1 . . 7 4 2. . 0 4 1 1 . . 6 9 0) -6.8 .2 1951—Jan -.5 .3 -.9 -1.7 .8 .2 -.1 .8 -.8 -3.9 2.7 1.6 .6 Feb 0) -11.2 .4 -2.5 .4 -.2 1.6 -.3 -12.8 1.3 .1 .5 Mar -48.7 2.5 .4 -2.2 .9 3.6 1.1 -.5 3.2 -5.1 2.5 1.5 3 Apr -3.0 —28.9 0) -.4 .2 2.1 -.1 .1 2.0 -34.5 1.3 .1 2.2 J M un a e y ... . . -.1 - -3 4 3 3 . . 6 9 -2 -. . 2 1 . . 2 2 -.6 .2 1 1 . . 8 8 c1)'1 7 1 . . 5 2 8 1 . . 8 5 - - 4 3 0 7 . . 4 6 3 3 . . 9 9 - - 8 9 . . 9 1 . . 1 4 July 15.6 .1 — .4 .2 .3 1.4 1.7 16.4 4 2 —6 9 2 Aug .1 .8 .3 .2 -.7 1.0 0) .7 1.5 -1.0 0) .4 Sept 9 6.5 — .6 .8 .1 1.2 0) 4.2 5.7 —2.6 3 8 1 3 Oct.P. . . -99.9 -57.0 .2 .8 .7 .2 0) 1.4 3.4 -62.1 3.1 -2.0 .6 P Preliminary. r Revised. »Less than $50,000. * Not available until 1950. 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Year or month Total K U in n g i d te o d m France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia O A th l e l r 1945 17.8 1.3 .3 3.8 7.3 .1 3.1 15.9 3.4 .8 - 1 .8 -.5 1946 9.7 -.6 -2.9 -8.5 9.3 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 - .5 -9.3 - 2 .0 - .6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 !i -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—November. 7.3 .5 .6 .4 -.5 .5 .3 1.7 .8 3.2 1.4 .2 December.. .1 -.3 .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 - .5 1.0 .4 1.1 .1 .1 March -2.3 -.4 — .4 -.2 .5 .3 - .4 - .9 - .7 - .1 -.3 April -4.8 -.6 - .3 .3 -4.2 i!i .6 -3.1 - .4 .2 - .9 -.6 M ay -4.5 -1.5 - .5 -.6 1.2 -.4 - .6 -2.4 - .2 -2.5 .2 June 11.1 2.5 .2 3.2 2.5 .7 9.2 2.8 - .5 - .4 July -.1 -.5 .5 .8 -.7 - .1 .2 -1.0 .3 - .2 ! August. . . . -2.0 .1 - .8 -2.7 -.3 -.2 -1.0 -4.9 - .2 2.1 .7 .3 September? .8 -.2 - .3 .6 .3 .2 .4 1.0 .1 — 2 - .1 i1} October?... 2 -5.2 -.7 .2 -1.9 -1.0 -.1 -3.4 .4 2.4 v Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 85.6; U. S. brokerage balances abroad, 36.3. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reportedmonthly Year or world Africa North and South America Other month p U r o . o S u d t . u s S c i . d t R e i .1 on r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n 8 U St n a i t t e ed s4 C a a da n- M ic e o x- Co b l ia om- Chile r N a i g c ua a- B Au l s i t a ra- India1 $1-- = i5«/21 grains of gold Vio^ine: *. e., an ounce of fine gold =$35 1941 .... 1 265 6 1 110 4 504 3 27 8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871 5 774 1 448 2 23 0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 756 0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 794 5 728 1 405.5 18.0 23 A 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 826.0 753.2 409.7 18.5 23.1 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—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 4 33 4 1.4 2.0 .9 5.9 13.1 1.0 1.4 .6 .6 ••2.5 .5 February... 58.9 31.1 1.4 2.1 1.0 5.2 12.1 1.1 .7 .4 .7 2.4 .6 March 63.5 33.4 1.5 2.0 1.1 5.8 13.0 .9 1.5 .6 .7 2.4 .6 April 62 9 33 2 1.4 2.0 1.0 5.5 12.7 1.0 1.5 .6 .8 2.4 .7 M ay 34.6 1.4 1.9 1.1 5.5 12.9 1.4 .5 .7 3.5 .6 June . 33.9 1.4 1.9 1.1 5.9 12.7 1.3 .5 .6 2.1 .6 July 34 4 1 4 1.9 1.2 5.5 12.1 1.3 .5 .9 2.4 .7 August 34 6 1 4 1 9 1.3 6.6 12.1 1 5 .5 .8 2 6 .7 SeDtember 33 3 2 0 1 1 6.4 12 6 1 3 4 8 2 4 7 October 34.1 1.1 6.6 13.2 .7 2.6 .7 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 8 Reported by American Bureau of Metal Statistics. * 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. JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)i Treasury Total * 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—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 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 Au<j 21,854 21,986 288 608 23 317 681 45 291 31 22 Sept *35,995 22,013 22,164 276 638 317 691 45 311 31 22 Oct 22,233 22,394 273 621 317 45 311 31 22 Nov.. . 22,382 22,579 268 619 45 311 31 22 E m n o d nt o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 <201 181 265 23 91 24 1947—Dec... 53 548 27 274 142 58 «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—Dec 97 523 27 247 140 252 208 208 311 29 50 27 31 1951—Jan 97 523 27 247 139 252 228 281 311 30 50 27 31 Feb 102 523 27 247 139 252 228 281 311 30 50 27 31 Mar 117 523 27 247 139 252 228 304 311 30 50 27 46 Apr 117 548 27 247 138 252 229 282 311 30 50 27 46 May.... 124 548 27 247 138 252 229 261 311 30 50 27 46 June.... 143 548 27 247 138 252 229 228 311 31 50 27 46 July.... 174 548 27 247 138 252 229 195 311 31 50 27 46 Aug 174 548 27 247 138 252 229 193 311 31 50 27 46 Sept 174 548 27 247 138 252 229 311 31 50 27 46 Oct.. . . 174 548 27 247 252 279 31 50 27 46 Nov.... 174 548 27 247 279 31 46 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1945—Dec 13 914 110 482 1,342 43 241 62,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 62,696 200 215 15 32 1947—Dec 310 15 762 111 105 1,356 34 170 62,079 175 215 :L.356 30 1948—Dec 236 15 183 111 81 1,387 34 162 5 1,856 164 323 [,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 6 1,688 178 373 L.451 68 1950—Dec 192 23 197 61 90 1,470 118 150 6 3,300 236 373 1,495 167 1951—Jan 197 23 202 61 93 1,474 118 150 260 373 L.495 140 Feb 197 23 208 61 108 1,482 118 150 287 373 L,495 125 Mar.... 202 23 205 61 114 1,448 118 150 •3,758 295 373 1,495 119 Apr 212 23 210 61 124 1,444 118 150 295 373 1,495 161 May.... 217 23 210 61 129 1,458 115 150 293 373 1,495 153 June 217 26 210 60 129 1,451 115 150 «3,867 279 373 1,518 151 July.... 217 26 210 61 129 1,454 113 150 269 373 1,519 155 Aug.... 224 26 210 61 129 1,447 113 150 257 373 1,529 143 Sept.. . 234 26 210 50 128 1,446 113 150 63,269 252 373 L.529 144 Oct 250 26 209 50 134 1,448 113 150 P242 373 L.529 132 26 208 136 150 373 127 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). * Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r l Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 — .2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950 -1,730.3 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.3 -100.0 28.2 -118.2 1949 Jan.-Mar 68.8 -12.5 10.4 10.5 -5.0 -13.7 3.4 2.3 Apr.-June.... 173.9 162.4 -31.0 10.0 -11.2 7.9 July-Sept 101.5 283.9 "3*5 -20.0 8-119.1 -10.0 -11.3 Oct.-Dec -151.0 2.5 -33*. 9* -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -202.5 -80.0 -35.0 -13.0 -12.4 -15.8 Apr.-June.... -31.7 -20.0 -3.0 -11.9 July-Sept —732.2 -580.0 -28.5 -16.0 -25'.6' 3.4 8.2 -40.5 Oct.-Dec -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 -47.4 -100.0 20.0 -61.9 1951 Jan.-Mar -880.1 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr .-June.... —57.0 —80.0 2.0 -15.0 -11.2 -10.0 64.1 July-Sept 290.0 320.0 -5.0 -17!6 -3.5 -20.0 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Other Asia Union end of period Increase Net marked Domes- Year or Uru- Vene- Latin and of All in total gold im-gold: de- tic gold quarter guay zuela Amer- Oceania South other Period gold port or crease producica Africa Treas- stock export or in- tion * ury Total i (-) 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 4-47.8 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1946 20,529 20,706 623.1 311.5 465.4 51.2 1949 1947 22,754 22,868 »2,162.1 1,866.3 210.0 75.8 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 Jan.-Mar 3.6 -2.3 72.0 .1 1949 24,427 24,563 164.6 686.5 —495.7 67.3 Apr.-June... 3.0 3.7 -6.6 55.6 .1 1950 22,706 22,820 -1,743.3 -371.3 -1.352.4 80.1 July-Sept.... -16.5 -50.0 -2.9 -2.2 48.1 -2.0 1951 22,695 22,873 52.7 (4) 617.6 (4) Oct.-Dec -1.0 -11.9 -41.0 19.9 .2 1950—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 -.8 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 22,394 229.9 -18.4 243.4 6.6 Apr.-June... 15.0 -.9 -5.0 -3.8 12.7 4-25.0 Nov. 22,382 22,579 185.0 -2.1 188.4 5.7 July-Sept.... 28.0 3.5 -5.3 20.3 4-31.0 Dec. 22,695 22,873 294.1 (4) B289.9 (4) 1 Includes Bank for International Settlements. 1 See footnote 2 on opposite page. 2 Includes sale of 114.3 million dollars of gold to Italy. * Yearly figures are estimates of United States Mint. For explana- 8 Includes sales of 185.3 million dollars of gold to China. tion of monthly figures see p. 97, footnote 4. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million a Change includes transfer of 687.5 million dollars gold subscripdollars; 1951—Jan.-Mar., 20.0 million; Apr.-June, 25.0 million; and tion to International Monetary Fund. July-Sept., 31.0 million. 4 Not yet available. NOTE.—This series replaces the series on "Net Gold Imports to * Gold held under earmark at the Federal Reserve Banks for foreign United States, by Countries," published previously. account, including gold held for the account of international institutions, amounted to 5,008.2 million dollars on Dec. 31, 1951. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JANUARY 1952 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1951 1950 1951 International Fund International Bank 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 1 Bonds outstanding 336 325 311 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- Nov. Oct. Sept. Nov.r antee 33 33 30 26 Loans—undisbursed 368 352 279 140 Other liabilities 4 6 3 3 Australian pounds 20.0 20.0 20.0 20.0 General reserve • 46 42 38 31 B B e ra lg z i i a li n a n f r c a r n u c z s eiros 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 3 1 7 1 . . 5 4 S C p a e p c i i t a a l l2 reserve 1,68 2 8 2 1.66 2 8 0 1.66 1 8 8 1.66 1 8 5 Chilean pesos 5.4 5.4 5.4 8.8 C D z a e n c is h h o s k lo ro v n ak er ian koruny. 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . .2 0 r Revised. Egyptian pounds -5.5 -5.5 -5.5 -5.5 1 As of Nov. 30, 1951, the Fund had sold 768.6 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 Iranian rials to Norway 200 million Belgian francs in June and July 1948, and sold Mexican pesos 22.5 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders.... 75.4 75.4 75.4 75.4 amounted to 79.7 million dollars. Currencies the net transactions in N So o u rw th e g A i f a r n ic a k n ro n p e o r unds. . . 9.6 9.6 1 9 0 . . 6 0 wh 2 i c E h x c a l m ud o e u s n t u n to ca l l e l s e s d th p a o n rt i o o n n e s m o i f l l c io a n p i a ta r l e s re u p b o sc rt r e ip d ti u o n n d s e , r a " m A o l u l n o ti t n h g e r t ." o Turkish liras 5.0 5.0 5.0 5.0 6,651 million dollars as of Sept. 30, 1951, of which 2,540 million repre- Pounds sterling 300.0 300.0 300.0 300.0 sents the subscription of the United States. Yugoslav dinars 9.0 9.0 9.0 9.0 Allother -1.7 -1.7 -1.7 -.6 Total. 734.4 735.2 735.2 744.3 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold* a O s t s h e e ts r 3 N c a o o n t i d n es l a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n la • - Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l n a i r - l d 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 L.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 L,400.0 20.7 8.4 327.0 L.379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 L,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Jan. 31 .4 4 1,350.0 69.4 19.7 329.2 1,282.0 297.9 13.0 2.4 86.7 18.3 Feb. 28 .4 1,350.0 62.0 16.1 345.7 L,289.0 293.0 13.0 9.3 90.1 18.5 Mar. 28 .4 1,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 Apr. 25 .4 1,350.0 37.3 6.4 388.4 1,313.8 305.8 14.2 5.4 89.0 17.8 May 30 .4 1,350.0 19.2 2.8 405.0 1,331.6 296.4 14.4 13.4 84.8 18.0 June 27 .4 4 1,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18.1 July 25 .4 1,400.0 20.1 7.7 390.8 1,380.9 294.4 14.8 2.3 88.9 18.3 Aug. 29 .4 4 1,400.0 42.9 29.7 337.7 L,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 L,400.0 49.7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17.8 Nov. 28 .4 L,400.0 38.2 16.8 364.0 L.363.7 294.7 16.4 .6 89.4 18.0 »On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. • Notes issued less amounts held in banking department. * 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. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion1 liab a i n li d ties dollars S te h r o m r t * - Other Ch b a a r n te k r s ed D g o o m v i e n rn io - n Other capital3 ment 1939—Dec. 30... 225. 7 64 3 181. 9 49.9 5.5 232 8 717 0 46 3 17.9 13 1940—Dec 31 (4) 38 i\ 448 127 3 12 4 359 9 217 7 10 9 9 5 78 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. 209.2 31.3 693 6 759 9 51.6 19.1 24-0 1943—Dec. 31 787 472 8 47 3 R74. A 340 9 20 5 17 8 55 4 1944—Dec. 30... 172 906 9 573.9 34 3 1,036 0 401 7 12 9 27.7 709.1 1945—Dec. 31. .. 156 8 1,157.3 688.3 29.5 1,129.1 153.3 29.8 198 5 1946—Dec. 31 . 1 0 1,197 4 708 2 42 1 1,186 2 565 5 60 5 93 8 4? 7 1947_Dec. 31... 2 0 [,022 0 858 5 43.7 1,211 4 536. 68 8 67.5 4? 4 1948_Dec. 31. .. 4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43 1 1949—Dec. 31. . 74 1 [,781 4 227 8 42 5 1,307 4 541 7 30 7 126.9 119.2 1950—Dec. 30 . 111 4 L 229 712 5 297 1 L 367 4 578 6 24 7 207 1 17?.6 1951—Jan. 31. .. 117 9 1,171 0 731.5 273.7 1,294.4 537 6 68 3 204.4 189 Feb. 28 ... 117 3 1,165 4 757.0 249.0 1,295.4 550 5 69 5 204.6 168 7 Mar. 31... 80 0 1,341.9 673.7 171.1 1,319.5 55? 9 70.5 206.7 117 Apr. 30 ... 128 8 1,327 6 722.5 168.8 1,323 0 556 1 56 9 215.1 196 6 May 31... 125 9 1,313 7 777.3 117.9 1,337.5 530 1 76 2 221.5 168 7 June 30 116 s L 3359 846 3 104 1 1,351 3 590 7 75 3 220 1 16S 0 July 31... 116 8 L 3274 872.5 118.6 1,370 5 558 91 1 212.6 ?09 9 Aug. 31... 100 0 1,349 6 888.1 119.8 1.370.7 580. 4 115 0 185.7 ?05 8 Sept. 29... 87 0 1,297.6 896.1 87.1 1,388.0 579.4 105.6 140.0 154 8 Oct. 31. .. 96 5 L 3175 956.4 83.1 1,406.5 588.3 210 3 83.3 165 0 Nov. 30... 128.8 1,137.8 1,043.1 79.2 1,407.2 633. 8 66.0 92.5 189.5 Assets Liabilities Ban (F k i g o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m es e n t t o 8 Other Note Deposits 7 O lia t b h i e l- r millions of francs) Gold* ex- assets 8 circula- it1P« change m O ar p k e e n t8 Special Other Current Other tion G m ov e e n r t n- ECA Other ca a p n i d tal 1939—Dec. 28... 97,267 112 5,818 7,345 5 149 14,200 30,473 15,549 151,322 1 914 14, 751 2,925 1940—Dec 26 81 616 42 7 802 661 3 646 63 900 112 317 18 571 218,383 984 27 202 8 44,986 1941—Dec. 31 84,598 38 6 812 12 4 517 69,500 182,507 17,424 270,144 1 517 95' 272 8 68,474 1942—Dec 31 81 598 37 420 169 5 368 68 250 250 965 16 990 382 774 770 9Q 935 89J 318 1943—Dec. 30 81 598 37 0 518 29 7 543 64 400 366 973 16,601 500,386 578 33, 137 81S ,596 1944—Dec. 28 75,151 42 170 48 18 592 15,850 475,447 20,892 572,510 748 37, 855 7,078 1945—Dec 27 190 817 68 17 980 303 25 548 445 447 24 734 570 006 12 048 57 755 4 087 1946—Dec. 26 01 817 7 37 618 135 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 8?, 479 10,94? 1948—Dec 30 65 225 30 07 447 577 238 576 150 900 558 039 57 622 987,621 806 171 ,783 16,206 1949—Dec. 29 6? 274 61,943 137,689 rfQ 548 335 727 157.900 560,990 112,658 1,278,211 1 168 158, 973 19,377 1950—Dec. 28... 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15, 058 161, 720 24,234 1951—Jan. 25... 182,785 172,719 131,554 35,907 373 972 159,800 481,039 197,815 1,535,688 74 16, 772 154, 980 28,027 Feb. 22... 182,785 185,735 122,549 32,158 .383,170 159,000 481,039 213,535 1,541,910 18 30, 205 160, 976 26,864 Mar. 29... 182,785 193,622 133,959 29,194 389 147 154,800 481,039 223,295 1,576,231 75 39, 588 149, 431 22,516 Apr. 26... 191,447 173,566 141,921 23,821 427 135 159,700 481,039 235,063 1,597,678 98 46, 941 160, 530 28,444 May 31... 191,447 169,035 215,539 17,539 341 766 158,700 481,039 259,474 1,632,018 83 17, 636 160, 143 24,658 June 28... 191,447 161,802 196,435 1?,164 458 577 157,600 481,039 235,037 1,660,842 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 1,699,190 74 19, 703 166, 020 31,798 Aug. 30... 191,447 145,195 236,169 1,256 477 894 160,600 481,039 245,129 1,754,151 96 6,980 146, 012 26,490 Sept. 27... 191,447 1,31,284 775.418 9,231 540 751 160,400 481,039 235,289 1,779,360 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 1,827,781 62 16, 240 166, 453 25,905 Nov. 29... 191,447 31,888 153,650 32,015 716 710 160,300 481,039 9199,545 1/ ^79,556 19 1, 869 157, 228 27,922 » Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. • Beginning November 1944, includes a certain amount of sterling and United States dollars. • On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). • 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. 8 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 9 Includes advance to Stabilization Fund, amounting to 97.1 billion francs on Nov. 29. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. JANUARY 1952 101 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) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. 814 829 838 656 9S9, 594 991 969 974 968 252,587 Other gold and foreign exchange. 1,081 1,336 1 670 1,831 Government loans and securities. 150, 701151 070141, 409 132,510 Government securities 2,058 2,052 7 044 9 008 Other assets 17 009 01 846109 110 63,233 Rediscounts and loans to banks.. 41,250 40,646 39 396 32,135 434, 857 414 863 419 697 405,024 Other assets 316 292 78S 977 Deposits 963 479 97S 01S 908 139 208,642 16,020 15,512 15 786 11,873 Other liabilities and capital 63 751 63 474 89 497 53,238 Deposits—Nationalized . . 25,827 26,059 95 S31 99 907 Central Bank of Costa Rica Other sight obligations 763 764 670 551 (thousands of colones): Other liabilities and capital 2,908 2,820 9 737 9 970 Gold . ... 11 511 11 S11 11 S11 11,511 Commonwealth Bank of Aus- Foreign exchange 90 104 16 017 99 36S 7,606 tralia (thousands of pounds): Net claim on Int'l. Fund 8 7,031 7 031 7,031 7,038 Gold and foreign exchange . .. 479,921585,757 64 S051 56 S06 S Loans and discounts 00 S77 07 1S8 90 149 92,759 Checks and bUIs of other banks. . 5,341 4,868 5 340 5 309 Securities 8 979 8 189 8 197 17,056 Securities (incl. Government and Other assets 74, 179 9 3 6S? 15 859 17,430 Treasury bills) 551,375433,319 373 786 365 008 Note circulation 04 636 103 948 101 OSS 99,520 90,864 84,565 79 084 66,630 Demand deposits 47 307 49 404 41 807 42,752 Note circulation. . ... 291,221286,971 284 721 242,770 Other liabilities and capital 19,731 18 709 11 336 11,128 Deposits of Trading Banks: National Bank of Cuba Special . 490,070508,570 S14 570 490 490 (thousands of pesos) • Other 36,349 35,348 39 883 449 Gold 310 564 310 S64 310 S64 ••270,561 Other liabilities and capital 309,861287,621 777 386 737 ,366 55 771 64 8S6 69 590 ••61,349 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): 04 958 117 105 190 889 36,149 Gold 51 51 51 50 Silver 49 173 49 949 49 949 64,902 Foreign exchange 451 403 475 405 Net claim on Int'l. Fund 8 17 511 19 S11 19 S11 12,507 Loans and discounts 6 153 5,650 S 404 3 1S6 Loans and discounts 7 181 4 699 1 4S3 2,807 Claim against Government . . 3,602 3,528 3 600 5 980 Credits to Government. ... 10 914 10 917 10 397 ••16,144 Other assets 36 36 36 40 Other assets 97 960 197 97 997 ••21,949 Note circulation 7,859 7,326 7 964 6 174 Note circulation... 360 S11 367 40s 373 644 332,400 161 211 305 799 907 967 915 959 993 48 S 140,088 Other . 583 800 618 1 048 Other liabilities and capital 7 8S7 7 6S8 7 44S 13,882 Blocked 1,689 1,330 1 SSO 1 410 National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold i 30 937 31,029 31 887 90 040 Gold 60 60 60 69 Foreign claims and balances (net). 18,948 16,493 15 934 7,150 Foreign exchange . 590 459 454 403 Loans and discounts 7,545 7,248 6 470 0 133 Contributions to Int'l. Bank .. 11 8 8 6 Consolidated Government debt.. 34,860 34,860 34 860 34,939 95 134 139 43 Government securities 3,876 7,157 3 779 7 809 Securities .... 134 141 13S 137 3,576 3,451 3 333 5 909 Govt. compensation account. . . 3 909 3 003 3 094 3,999 Note circulation . 91 22692,512 90 437 86 938 Other assets 6S0 soo S13 377 Deposits—Demand 2,383 2,036 1 696 9 318 Note circulation 1 709 1 661 1 S78 1,589 EGA 1,037 1,039 957 42 Deposits—Government 1 850 1 806 1 797 1,245 Other liabilities and capital 5 097 4,652 3 937 4 7S8 Other 1 713 1 6S7 1 668 1,985 Central Bank of Bolivia—Mone- Other liabilities and capital 181 183 193 215 tary dept. (millions of bolivianos): (Aug.)* Central Bank of the Dominican Gold at home and abroad5 1.370 1 370 Republic (thousands of dollars): Foreign exchange (net) 654 170 Gold 17 066 19 066 8 0S6 4,045 Loans and discounts 1 07S rj 870 Foreign exchange (net) . . 14 915 1 5 110 18 048 14,211 Government securities 793 734 Net claim on Int'l. Fund 8 1 750 1 9 50 1 9S0 1,250 Other assets 170 149 Paid-in capital—Int'l Bank 40 40 40 40 Note circulation 4 006 3 773 Loans and discounts 433 444 339 505 Deposits 979 4S8 Government securities 7 S03 6 917 6 917 6,323 Other liabilities and capital 614 ••565 Other assets . . 885 995 077 938 Central Bank of Ceylon (thousands 27 750 95 057 96 350 21,659 of rupees): Demand deposits 8 400 0 34 3 7 737 5,324 Foreign exchange 681,458684,347 703,644 573,491 Other liabilities and capital 852 833 834 330 Paid-in capital—Int'l. Bank 1,136 1,127 1,117 1,429 Central Bank of Ecuador Government securities 3,252 3,252 3 959 3 903 (thousands of sucres): Other assets 2 695 2 407 9 144 415 Gold * . .. 33S 601 33S 579 33S 498 253,055 404,126410,889 410 446 343 813 Foreign exchange (net)8 73 937 80 101 80 436 185,619 Deposits—Government 67,339 69,707 54,592 65,671 Net claim on Int'l. Fund » 18 758 18,758 18,758 16,881 Banks 180,700 174,248 900 009 149 900 195 06990S 090186 109 200,054 Other liabilities and capital.... 36,374 36,288 3S,19ft 96 844 Other 170 150 175 065 177 107 131,824 Central Bank of Chile (millions Other assets 188 035 100 507 903 908 182,640 of pesos): 478 087 038 400 180 497,832 Gold 1,189 1,205 1 948 1,231 Demand deposits—Private banks 137 S43 13S 34S 140 490 155,955 Foreign exchange (net).... 135 344 221 295 Other 111 130115,487 109,762 109,359 N D e is t c c o l u a n im ts o fo n r I m nt e 'l m . b F e u r n d b a 8 nks.... 1,7 1 2 0 8 7 1,5 1 0 0 2 7 1,8 1 5 0 9 7 2,126 1 Nati O on th a e l r l B ia a b n il k it ie o s f a n E d g y ca p p t6 i ta ( l thou- 253,191266,154252,436 206,926 Loans to Government 674 674 675 685 sands of pounds) : Other loans and discounts 5,687 5,678 5418 3 138 Gold7 60 SS3 60 5S9 60 S59 6,376 Other assets 3 181 3 167 9 307 1,812 Foreign exchange8 31 066 37 409 35 378 r63,256 7,955 8,098 7 8S5 6,958 Foreign and Egyptian Deposits—Bank 1,962 1,817 1 6S0 1 3S3 507 390 938 393 096 318,832 Other 460 408 390 Loans and discounts .... 23 701 8 728 5 300 30,352 Other liabilities and capital 2,325 2,354 9 OSS 1,498 Other assets 3 917 3 670 9 6S8 ••3,228 Bank of the Republic of Colombia 903 670 184 191 179 708 176,849 (thousands of pesos): Deposits—Government 194 496 06,690 89 875 115,533 Gold and foreign exchange 202,867 177,636 16S 049 109 831 Other 191 109 134 666 1S1 139 119,237 Net claim on Int'l. Fund8 24,370 24,369 24,369 24,369 Other liabilities and capital..... 23,649 24,120 21,189 10,425 Paid-in capital—Int'l. Bank 7,122 7,118 1,384 1,374 * Latest month available. r Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. * It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 8 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 The National Bank of Egypt became the central bank on Apr. 5, 1951. 7 Beginning December 1950, includes gold in Banking Department, formerly shown under "Other assets"; in April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. 8 Includes foreign exchange and, from June to November 1950, gold, formerly shown under "Other assets." NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 112; and January 1950, p. 118. 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept, Nov. date of month) Nov. Oct. Sept. Nov. Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 64,344 64,411 64,482 57,618 Gold 4 4 4 4 Foreign exchange (net) 32,939 43,047 52,481 37,562 Foreign exchange 36 35 36 27 Net claim on Int'l Fund 1 1,566 1,565 1,565 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 16,703 14,159 8,621 8,140 Loans and discounts 240 250 250 239 Government debt and securities.. 5,583 5,578 5,526 5,002 Government securities 187 187 204 178 Other assets 2,115 1,657 1,785 1,184 Other assets 755 737 686 571 N De o p te o s c i i t r s culation 4 7 1 5 , , 2 0 0 7 6 7 5 7 0 2 , , 8 65 0 3 4 5 7 4 3 , , 5 00 9 2 8 4 6 0 4 , , 1 3 9 6 9 6 A B l a l n ie k d o m f i I l t i a ta ly ry n n o o te te s s 1,170 1,156 1,150 2 ,04 3 6 Other liabilities and capital 6,967 6,961 6,861 6,507 Deposits—Government 134 157 161 88 State Bank of Ethiopia 2 Demand 80 95 74 143 Bank of Finland (millions of mark- Other 350 317 302 261 kaa): Other liabilities and capital 77 77 81 70 Gold 5,865 5,420 4,475 2,230 Bank of Japan (millions of yen): Foreign assets (net) 16,835 16,033 13,685 -2,342 Cash and bullion 1,365 ,424 1,341 1,152 Clearings (net) 1,373 846 -763 -2,127 Advances to Government 41,243 ,243 41,440 70,015 Loans and discounts 28,589 28,859 33,240 44,074 Loans and discounts 355,550 ,830383,756 219,547 Securities 962 940 945 1,034 Government securities 83,970 ,373 80,036 135,450 Other assets 3,702 4,478 6,997 2,744 Other assets 59,847 ,077 38,246 34,914 Note circulation 44,053 42,014 42,272 33,916 Note circulation 432 540 425,900 416,359 353,576 Deposits 2,168 1,223 1,444 868 Deposits—Government 60,622 81,802: 68,965 Other liabilities and capital 11,106 13,340 14,863 10,829 Other 26,272 21,465 21,531 Bank of German States Other liabilities 22,541 25,194 17,005 (millions of German marks): The Java Bank (millions of guilders): Gold 53 2 Gold * 1,060 1,060 871 715 Foreign exchange 2,119 2,395 2,484 1,186 Foreign exchange (net) 597 532 752 254 Loans and discounts 4,327 3,933 4,622 4,630 Loans and discounts 576 638 587 183 Loans to Government 8,544 8,715 9,062 9,370 Advances to Government 1,388 1,404 1,530 2,527 Other assets 1,485 1,344 1,585 1,392 Other assets 894 828 649 123 Note circulation 9,198 8,989 9,054 8,099 Note circulation 2,959 2,918 2,891 2,307 Deposits—Government 2,469 2,364 2,509 2,741 Deposits 813 777 779 866 Banks 2,017 1,948 1,890 1,501 Other liabilities and capital 743 768 720 628 Other 502 481 1,426 670 Bank of Mexico (millions of pesos): Other liabilities and capital 2,342 2,608 2,874 3,567 Monetary reserve 6 1,163 1,155 1,139 1,000 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 3,011 2,966 2,985 2,937 Gold and foreign exchange (net)3. 1,048 1,126 345 Bills and discounts 421 463 462 155 Loans and discounts 195 208 248 Other assets 531 518 448 382 Advances—Government 7,364 7,456 5,436 Note circulation 3,106 2,997 2,953 2,552 Other 3,591 3,431 2,780 Demand liabilities 1,544 1,622 1,603 1,446 Other assets 2,209 2,180 966 Other liabilities and capital 476 482 479 475 Note circulation 2,008 2,132 1,805 Netherlands Bank (millions of Deposits—Government 917 875 866 ;uilders): Re r c e o li n ef s tr a u c c c t t i s on and 5,359 5,320 3,205 S G i o lv ld e r ^ ( including subsi ;> d > iary coin). 1,18 1 2 9 1,18 1 2 9 1,17 1 7 8 87 1 3 9 Other 2,244 2,274 1,185 Foreign assets (net) 446 267 58 1,079 Other liabilities and capital3. . . . 3,881 3,800 2,714 Loans and discounts 311 367 469 63 Bank of Guatemala (thousands of Govt. debt and securities 3,170 3,187 3,237 2,850 quetzales): Other assets 629 637 594 960 Gold 27,228 27,228 27,229 27,229 Note circulation—Old 46 46 47 57 Foreign exchange (net) 8,240 6,227 6,779 r6,853 New 2,843 2,841 2,755 2,796 Gold contribution to Int'l Fund.. 1,250 1,250 1,250 1,250 Deposits—Government 47 1 17 316 Rediscounts and advances 7,962 7,749 8,060 5,628 ECA 1,745 1,745 1,722 1,317 Other assets 17,686 18,365 18,569 17,885 Other 533 493 506 745 Circulation—Notes 37,132 36,672 36,211 35,492 Other liabilities and capital 541 533 506 613 Coin 3,339 3,292 3,265 3,206Reserve Bank of New Zealand Deposits—Government 2,533 1,752 2,367 1,407 (thousands of pounds): Banks 8,593 8,374 8,901 9,375 Gold 5,451 5,418 5,365 4,666 Other liabilities and capital 10,770 10,728 11,143 '9,364 Foreign exchange reserve 39,039 59,361 68,670 49,985 National Bank of Hungary 4 Loans and discounts 6,019 6,019 6,019 5,503 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 54,528 51,373 51,459 58,596 Issue department: Investments 46,182 36,132 31,440 25,974 Gold at home and abroad 400 400 400 Other assets 2,944 3,778 3,109 r2,806 Foreign securities 5,982 5,982 5,982 Note circulation 64,576 61,298 60,566 57,473 Indian Govt. securities 4,681 4,681 4,366 Demand deposits 82,836 94,166 98,r 83,661 Rupee coin 690 677 601 Other liabilities and capital 6,750 6,618 6,607 6,397 Note circulation 11,283 11,307 11138Bank"of Norway (millions of kroner): Banking department: Gold 242 242 243 Notes of issue department.... 470 433 211 Foreign assets (net) 324 294 162 Balances abroad 1,981 2,179 ,194 Clearing accounts (net) -10 2 -57 Bills discounted 70 65 13 Loans and discounts 41 44 35 Loans to Government 50 51 12 Securities 46 46 47 Other assets 1,186 1,193 940 Occupation account (net) 6,202 6,202 7,112 Deposits 3,523 3,706 ,115 Other assets 165 155 90 Other liabilities and capital. . . 235 217 256 Note circulation 2,488 2,478 z,262 Central Bank of Ireland (thousands Deposits—Government 1,727 1,698 2,087 of pounds); Banks 1,132 1,153 933 Gold 2,646 2,646 2,646 2,646 Blocked 518 Sterling funds 55,344 53,189 51,372 50,067 ECA 836 "813 1,150 Note circulation 57,990 55,835 54,018 52,713 Other liabilities and capital 828 843 682 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. s For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 Effective June 1, 1951, figures reflect the change in the official exchange parities of the drachma resulting from abolition of exchange certificate system. 4 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 7 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 113. JANUARY 1952 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept, Nov. date of month) Nov. Oct. Sept, Nov. State Bank of ^Pakistan (millions of Bank of Spain—Cont. rup Is e s e u s e ) S P N G G I R : n t a d u o o o e d k e l p t r v i d e i l p a e t s i s . e a n t a c a r g o i t c u n t n f m o h r s c r i e I o G e n e n i c m r n n o d u c t c e y r i u : y a i t l t a . a i n s e t s i e d s e o c . c n • u a u • b r r • i i • r t t . o i i e e a s s d . . . . . . . . . . 2,0 9 3 6 1 4 0 0 3 6 4 2 1 0 1 3 3 4 8 1,9 3 8 6 1 7 3 0 5 5 4 3 2 5 0 1 5 4 6 1,7 3 6 6 1 8 0 5 4 4 4 4 6 0 2 9 9 1 4 Bank F O N N D P G o a o o t e e o h i r t f p l t d e d e e o - i c S r g i s l c n w a n i l i t i i r s e m a c c a — b d a u s i p e s l o l G O a e n i i n t t t t o t i a i s h e ( o I v l m s e n — n ( e r n t i r a l ' e n I n l l . t n i m d ) o t F n ' e l c u s . n a n t o p B d f i a t 2 k a n l r k onor): ,5 3 3 0 8 1 0 0 8 0 3 2 3 3 1 1 , , , ,3 8 0 5 2 1 5 9 8 9 9 8 7 1 3 7 1 5 5 8 8 0 3 1 2 2 9 , , , 9 8 9 9 2 2 8 2 3 1 8 2 8 1 7 1 6 8 3 1 8 0 3 2 3 0 5 , , , 4 2 5 8 1 1 0 1 6 4 9 3 9 9 5 2 9 Bank O O D N L B B in o i a t t e o l g h h a l p l t a s e e e n o n d r r s s s d c e i l a i e o t i t p s o s s a s f c a s b o e r a G i i s t u t l b s m i s o n r t u v i o t e e e e e a n s d r d d t n a : e m n p d e a n r c t t a m p e it n a t l . .. . 9 6 2 1 0 9 8 0 2 1 5 9 7 4 9 4 1 3 9 6 1 0 9 9 4 5 1 9 2 9 3 0 2 0 3 3 8 1 8 6 1 0 5 1 9 3 2 0 O O S O N D w t t t e o v h h h m e t a e e e e d n r r r a i c c s n d l a h i e d i o r s a s c m s G b u d e t i o e t l o e l s a s i p v t N t t i i o t i e c . o a s s n t b s i i t e i a o s l c n l — n s u d a r a O l G i n c t t D i d o a h e p v s e e a i e r b d t a r a t v n n l a d O m n f e a c f n i d e c s t - e .. 5 . , 1 8 5 8 6 5 2 2 2 7 2 5 7 4 8 3 0 7 8 8 4 3 3, , 7 0 5 6 2 6 5 5 5 2 7 2 3 4 5 4 9 3 3 8 2 3 3 , , 3 6 3 2 8 6 5 5 3 2 4 4 1 1 1 6 2 3 7 7 3 3 3, , 2 0 4 3 3 6 2 8 4 2 0 9 9 1 5 6 6 4 8 3 1 Bank of Paraguay—Monetary dept. Swiss National Bank (millions of (th F L O N P G N G o o a o t e o o o u i h r a t l v t s d e e e d n a e - i c r * s g n i r l a n a n n d a a n i m s s n m d c e s d a e x e o c p n t c f o o s d i t h n i t g i a n a s l u n I c l o a n — i g o a s r t e u n s a ' I u l n s n . n ( e t a i n s t F e n ' e l s u d . t ) ) n : B s d e a 2 c n u k r • i . t - i . e •• s • . 2 1 1 - 2 8 1 8 1 1 5 6 2 1 6 4 0 , , , , , , , , 0 1 2 0 0 9 4 7 3 6 6 4 5 2 0 9 5 5 1 9 0 3 4 8 212 0 0 4 3 5 5 2 1 8 1 0 5 9 6 8 6 1 5 2 0 3 1 7 5 2 1 1 - 0 2 7 6 2 1 2 2 5 5 5 0 1 , , , , , , , , 0 2 1 2 0 5 5 9 6 1 6 0 5 0 4 4 1 5 5 3 5 3 8 4 1 1 3 3 3 1 8 4 2 4 1 8 - , , , , , , 2 7 0 4 3 5 7 6 4 1 9 8 2 6 1 0 8 0 3 3 0 5 3 5 Ce f n ra t F O O O N G L n r o o c a t t t o o h h h r s a l l t e d e ) e e e n : i r B r r s g c n a a s l i a i i r s n a n g c e s b k d h u e x i t t l c l s d a o i h l t t i f i i a i s a e o n c b s t n o g h i a l e u e i n n t i d t e R s s c e a p p u it b a l l ic of , , , 0 6 6 2 2 2 1 5 8 0 3 8 1 5 6 3 0 1 1 3 4 5 1 , , , 5 6 9 2 1 1 8 9 8 1 9 7 9 4 0 6 4 9 9 4 4 5 1 , , , 5 6 9 1 1 1 3 8 7 7 9 7 8 3 6 7 7 9 7 7 4 6 1 , , , 3 0 9 2 2 1 7 9 6 0 8 8 4 8 6 1 2 2 8 5 Demand deposits 101,695 962104,498 46,026 Turkey (millions of pounds): Cent O r t a h l e R r e li s a e b r i v li e t ie B s a a n n k d o c f a p P it e a r l u 90,075 276 82,760 15,449 F G o o r l e d ign exchange and foreign 420 420 419 419 (m N G il o l e i t l o d n c s l a a n o im d f f s o o o n r l e e i I s g n ) n : t 'l e . x F c u ha n n d g 2 e 3 51 2 3 1 5 2 1 1 0 5 2 2 0 8 34 2 6 0 S L e o c c a l u n e r s a i r t a i i e n n s g d s discounts ,4 1 3 6 1 8 2 5 1,4 1 3 3 1 1 2 5 1,4 1 5 1 1 6 3 5 1,1 2 8 1 2 6 5 7 Contribution to Int'l. Bank 2 2 2 2 Other assets 73 72 86 88 Loans and discounts to banks. . . 296 312 315 245 Note circulation ,139 1,128 1,098 959 Loans to Government 713 702 714 657 Deposits—Gold 153 153 153 153 Other assets „••••• 286 179 244 232 Other 610 617 548 700 Note circulation 1,173 1,182 1,191 983 Other liabilities and capital 207 172 291 124 Deposits 314 307 325 220 Bank of the Republic of Uruguay Other liabilities and capital 344 235 307 299 (thousands of pesos): Central Bank of the Philippines Gold 382,044 329,186 (thousands of pesos): Silver 9,830 11,143 Gold 2,811 12342 11,701 6,161 Paid-in capital—Int'l. Bank 318 320 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 2 4 2 81 9 . , 2 5 7 0 8 4 49 2 8 9 0 5 4 0 9 4 5 2 10 9 , , 7 5 6 0 6 4 57 2 4 9 , , 3 5 4 0 3 2 Ad m va e n n c t e b s o d to ie s State and Govern- 125,046 144,559 Loans 44,171 47 171 25,168 41,647 Other loans and discounts 313,037 269,379 Domestic securities 233,844230 846 231,193 155,240 Other assets 385,823 334,989 Other assets 213.279205 197,231 163,627 Note circulation 350,880 325,785 Note circulation 573.249580 579,305 602,402 Deposits—Government 91,960 78,626 Demand deposits 238.199244 231,225 245,149 Other 324,075 294,759 Other liabilities and capital 203,440199 195,032 122,969 Other liabilities and capital 449,184 390,406 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,272 4,168 4,026 3,428 Gold 1,141 1,141 1,141 1,041 Foreign exchange (net) 11,508 11,271 11,086 9,912 Foreign exchange (net) -68 -103 -76 -62 Loans and discounts 737 701 645 583 Other assets 128 127 119 81 Advances to Government 1,254 1,251 1,247 1,244 Note circulation 775 759 740 696 Other assets 590 677 808 608 Deposits 229 216 210 231 O N D t o e h m t e e r a c n l i d i r a c b u d i l e l a i p t t i o i e o s s n i t a s O n E — d C t h G A c e o a r p v i e t r a n l ment.. 8 2 6 , , , 1 9 8 3 9 4 0 7 4 2 2 8 6 4 2 8 5 1 , , , , 3 1 8 8 1 0 4 0 0 0 6 2 2 7 2 8 5 , , , 9 5 5 7 9 0 6 4 0 2 2 5 7 6 8 4 2 , , , 2 4 0 4 4 1 8 9 8 9 4 1 5 5 9 Ba f m n ra k e O G n n c o th t s l f s d ) e o : r r i ( n l t i h a I b o b n a u i t r l s e i s t a r i n e n s d a s a t i n o o d f n c a S a l w pi i t S s a s e l t g tl o e ld - 388.9 1 1 9 0 7 404,5 1 5 9 0 0 t39,7 2 0 3 5 4 487,1 1 6 3 6 3 South African Reserve Bank Cash on hand and with banks. . . 69.579 35,863 47,518 34,213 (th F O D O G N O o o o t e t t o u h h h r p l t s e d e e e e o a i r r r g n s 4 c i n d a l b i t i r s s s i a c l b s b l u o e i s i l t f l l l s a a i s t t p n i i e o d o s u n l n a o d n a d s n ) s : capital 6 2 8 6 2 7 3 7 1 2 0 3 3 , , , , , , , 6 3 2 7 4 8 8 1 4 2 0 7 0 3 7 3 6 9 2 7 7 5 2 8 6 7 2 8 7 0 6 4 3 1 , , , , , , , 5 8 4 9 2 5 5 1 5 4 7 9 4 9 9 9 7 2 0 8 6 5 2 7 8 7 1 1 4 5 0 4 1 6 8 , , , , , , , 1 5 4 4 9 0 4 6 7 4 3 8 3 4 3 9 7 8 2 8 4 3 9 6 7 7 1 7 3 6 9 6 3 4 , , , , , , , 2 3 2 1 4 7 5 3 1 7 6 3 6 6 1 5 6 7 2 6 0 S T S O R F D i u u i e t e g m a h n n d m h n e d d i e t c s r a s r e c y f f n a s u o u i d s n b n n u s ( v i d d n d a e l e l s s t t t e s a s s p c t b a a a e o o t n l t d e s s d i i t i n t ) i b i s n n t n i t e l e v ( l r G g s r e e e o e s s a s l t r t d n t m m ) d a e n n a y c ts c . e p . t . - . 2 2 2 1 9 7 3 1 3 1 7 0 8 0 7 0 1 ,5 2 2 6 7 8 8 6 7 0 5 9 1 4 4 4 1 7 7 0 2 2 2 2 1 3 6 9 1 1 7 5 2 1 7 0 7 3 , , , , , , , 8 4 5 5 3 2 1 8 4 8 6 0 0 8 6 2 5 9 2 1 1 3 3 2 1 3 3 2 9 2 9 7 1 0 1 7 0 , , , , , , , 1 3 9 0 6 2 5 4 5 2 7 8 4 0 9 1 6 9 0 5 1 3 2 2 1 - 3 8 9 3 1 3 0 6 9 7 7 , ^ , , , , , 5 1 4 6 2 6 ,5 3 6 4 1 5 0 2 4 1 6 9 5 1 7 Bank S O O G G i t t o o o l h h v l f v d e e e e r r S r r p n a lo s m a a s i e e n n n t s s t ( a m l n o i d l a l n i d o s i n s a s c n o o d u f n s p e ts e c s u e r t i a ti s e ) s : . 2 1 1 4 7 5 , , , 3 0 8 5 9 7 8 5 4 0 8 1 0 0 2 2 1 1 3 6 5 , , , 3 2 5 1 6 7 6 5 6 0 8 5 0 3 8 2 1 1 6 5 5 , , , 6 3 4 8 9 6 0 1 1 8 8 2 5 3 4 S O L h o t C h o n e r g e t r n - - t t t l e e r i r a a r m m b l i b l d i a d t e n i e e p k p s o s o — s a s i n i t t O d s O s : : w t c S h n a p e p e r a i c t c i a a c l l ount.. 4 2 2 1 9 6 2 6 1 6 8 8 5 9 6 4 2 0 7 3 4 9 4 4 2 2 9 1 2 6 6 2 8 6 , , , , 4 7 9 0 5 7 0 7 4 8 9 6 3 2 2 8 6 8 2 7 5 1 8 , , , , 8 9 5 4 8 0 2 7 2 9 3 9 3 2 2 9 2 6 1 7 8 2 7 * , , , 7 9 1 4 9 0 5 3 7 9 0 3 4 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 8 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 8 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n t m g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n t o r f a — l N R 3 o a 0 t v e . ef D fec a t t i e ve ba C n e k n t o r f— al • N R 3 o a 0 t v e . eff D ec a t t i e ve I M n a 1 e r 9 f . f 4 e 0 1 c 7 t , D 1 e 9 c 4 . 1 31, 2 2 1M sy 2 2 3 3V 2 iy 2 A A Be r u g l s g e t i r n u i t a m ina s 3 3 y H M 2 S A M e u a p g r t . . . 1 3 1 3 , , , 1 1 1 9 9 9 4 3 5 5 6 1 J J M a a v e p x a a i n co 3 4 5 ^ .84 J A O u p c n t r e . . 4 1 1 , , , 1 1 1 9 9 9 4 4 5 2 6 1 May 29 3 Bolivia . . . 6 Sept. 30, 1950 Netherlands.. 4 Apr. 17, 1951 June 27 Jan 16 1945 \y Jan. 20 2 F N D e e o b c v . 1 9 7 9 , 1946. . 3 2}4 C C C h o an i l l o a e m da bia 2 4 4 y2 J J O u u c l n t y e . 1 1 1 8 3 7 , , , 1 1 1 9 9 9 3 3 5 3 5 0 N N Pa e o w k rw i s Z a t y e a a n la . n .. d . . 2 \y y 2 2 J J J u a u n l l y y . 2 9 6 1 , , , 1 1 1 9 9 9 4 4 4 1 8 6 Jan. 10, 1947. . i% Costa Rica... . 4 Feb. 1, 1950 Peru 6 Nov. 13, 1947 &2M A O u ct g 2 9 7 2^&3 sy 2 J O S u e c n p t e . t 2 6 1 8, 1948. . 3K 3 &4 15 D E El c e u n S a m a d l o a v r r a k d . o r. . . . . . 1 5 0 N M M o a a v y r. . 2 1 2 2 3 , , , 1 1 1 9 9 9 5 4 5 0 8 0 S S P p o o a u r i t t n h u g A a f l r . ic .. a . . 3 4 iy y2 2 J O M a c n a t r . . . 1 1 1 2 3 8 , , , 1 1 1 9 9 9 4 4 4 9 9 4 May 27, 1949. . 143^ Finland 7M Nov. 3, 1950 Sweden 3 Dec. 1, 1950 July 14 1 4 Oct 6 3/4 June 8 1950 S Se e p p t t . 2 1 6 1 3M 3 F G r e a r n m c a e ny 16 4 O N c o t v . . 2 9 7 , , 1 1 9 9 5 5 1 0 S T w ur i k tz e e y rland.. 3 iy2 N Fe o b v . . 2 2 6 6 , , 1 1 9 9 3 5 6 1 Oct. 27 Greece 12 July 12, 1948 United King- A D p ec r 1 1 7 1951. 4 3 I I r n e d l i a a nd 3y2 N N o o v v . . 2 1 3 5 , , 1 1 9 9 4 5 3 1 U. d S o . m S. R.... i 4 y2 J N u o ly v . 8 1 , , 1 1 9 9 3 5 6 1 July 5 zy Italy i» Apr. 6, 1950 Sept. 13 3%2 Oct. 11 3 Nov. 8 1 Rate established for the Land Central banks. Nov. 9 4 NOTE.—Changes since Nov. 30: Austria—Dec. 6, from 33^ to 5 per cent; In effect Nov. 30, Finland—Dec. 16, from 7M to 5% per cent. 1951 4 X6 4 3 iy 2 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 1942— October... .53 1.03 1.00 1.04 1.61 1.25 1943—October... .43 1.03 1.00 1.00 1.73 1.25 1944—October... .38 1.03 1.00 1.10 1.73 1.25 1945—October... .36 .83 .75 .96 1.25 1.25 1946—October... .40 .53 .51 .63 1.29 1.01 .78 1.25 1947—October... .41 .53 .51 .63 1.64 .93 .74 1.38 1948—October... .41 .56 .51 .63 2.09 1.08 .77 1.63 1949—October... .51 .69 .52 .63 P2.25 1.16 .93 1.50 1950—October... .62 .69 .51 .63 2.28 1.20 1.50 1950—November, .62 .69 .51 .63 2.19 .20 1.50 December. .63 .69 .51 .63 2.41 .40 1.09 1.50 1951—January.. .63 .69 .51 .63 2.45 .31 .83 1.50 February. .73 .69 .51 .63 2.42 .55 1.00 1.50 March.... .76 .69 .51 .63 2.45 .46 1.23 1.50 April .76 .69 .51 .63 2.60 .55 1.24 1.50 May .76 .69 .51 .63 2.61 .50 1.07 1.50 June .75 .69 .51 .63 2.52 .39 1.00 1.50 July .77 .93 .51 .63 2.57 .39 .91 1.50 August. .. .79 1.00 .51 .63 2.64 .38 1.00 1.50 September .88 1.00 .51 .63 2.56 .24 1.00 1.50 October... .93 1.00 .51 .63 2.78 .16 1.00 1.50 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. 105 JANUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom» ( b 1 m a 1 i n ll L k io s o s . n n t e s d r o l F o i n n f ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1945—December. 536 252 369 1,523 1.234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 ,483 219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 ,478 396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 ,512 ,534 579 6,202 4,161 2,041 427 1950—November 502 548 1,445 478 ,514 625 660 6,251 4,109 2,142 522 December 540 592 1,408 456 ,528 ,660 735 6,368 4,262 2,106 550 1951—January.. 530 559 1,470 383 L.529 ,656 697 6,260 4,181 2,078 564 February. 496 531 1,343 291 1,544 ,714 719 6,041 3,994 2,047 596 March.... 489 537 1,313 234 1,552 ,766 770 6,037 3,987 2,049 625 April 520 559 1,300 295 1,554 ,775 760 6,130 4,055 2,075 632 May 504 571 1,226 269 1,556 ,806 854 6,149 4,063 2,086 636 June 501 594 1,172 290 1,550 ,895 797 6,167 4,099 2,068 633 July 514 583 1,250 290 1,552 ,861 756 6,174 4,086 2,088 631 August 515 573 1,185 306 1,549 ,863 755 6,133 A,061 2,072 612 September 503 582 1,276 216 1,553 ,888 741 6,135 4,068 2,067 624 October... 514 579 1,330 177 1,555 ,910 778 6,204 4,140 2,063 638 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s Other En C d a i n n o a f m d m i i a l o n li n o d t n h o s l o l f a i f g rs u ) res re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a f a u b n o b e a d r r e n o f i k r g n a o s d n e m t Securities O as t s h e e ts r ci N r ti c o o u t n l e a- Total Demand Time li c a a b a p i n l i i d t t a ie l s 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 1,525 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 1,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 1,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 1,477 1950—November 797 164 2,737 177 4,280 ,293 7,819 3,276 4,543 1,630 December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 1,667 1951—January.. 774 118 2,795 175 4,248 ,270 7,748 3,171 4,577 1,631 February. 770 109 2,872 176 4,093 ,334 7,675 3,057 4,618 1,678 March.... 753 94 3,008 178 3,986 ,266 7,624 3,010 4,614 1,660 April 774 87 3,046 160 3,924 ,413 7,684 3,086 ,598 1,720 May 760 92 3,066 188 3,886 ,379 7,686 3,097 ,589 1,684 June 781 82 3,061 206 3,838 ,288 7,591 3,032 ,559 1,664 July 798 84 3,043 209 3,840 ,349 7,658 3,078 4,580 1,665 August ... 784 90 3,073 260 3,832 ,339 7,667 3,084 4,583 1,710 September 788 107 3,045 217 3,876 ,242 7,637 3,042 4,595 1,639 October... 835 111 3,034 182 3,876 ,403 7,752 3,177 4,575 1,688 Assets Liabilities France (4 o f l a m rg o e n t b h a n fi k gu s. r es E i n n d Cash Due from Bills dis- Other Deposits Own lia O b t i h li e ti r es millions of francs) reserves banks counted Loans assets Total Demand Time a a c n c c e e p s t- ca a p n i d tal 1945—December;;.... 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December.. 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—October 39,519 50,793 484,658 136,334 49,077 689,545 674,169 15,376 29,208 41,628 November 38,030 52,709 460,639 146,408 49,479 676,636 660,106 16,530 27,555 43,073 December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—January 39,769 56,952 477,003 153,502 31,549 709,469 691,231 18,238 26,599 22,707 February 41,435 60,293 477,766 154,660 33,367 720,710 701,935 18,775 27,252 19,560 March 42,469 62,610 499,550 150,919 38,351 741,484 721,791 19,693 29,739 22,676 April 47,539 65,445 490,676 160,293 41,237 748,810 728,559 20,252 30,678 25,702 May 48,809 63,440 475,054 166,984 46,169 739,071 719,405 19,666 33,354 28,033 June 47,856 62,305 522,657 159,958 47,815 777,219 756,997 20,222 32,544 30,828 July 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 35,141 August 49,453 65,572 485,824 171,380 49,582 753,627 732,964 20,663 30,611 37,573 September 52,015 64,414 540,986 167,362 52,138 805,610 783,881 21,729 30,952 40,353 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. J Represent six-month loans to the Treasury at 1*4 per cent through Oct. 20, 1945, and at % per cent thereafter. » 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. 106 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 Belgium Brazil Canada (peso) (franc) (cruzeiro) British (dollar) Aus- Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) n "B ot a e n s k " Official Free (d s o i l a la 1 r) Official Free account 1946 29.773 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 M.9622 5.4406 32.849 94.939 1951—January 20.000 13.333 7.102 223.09 1.9945 1.9549 5.4406 32 850 95 002 February 20.000 13.333 7.138 223.16 1.9883 1.9774 5.4406 32.850 95.271 March 20.000 13.333 7.124 223.16 1.9843 1.9306 5.4406 32.850 95.420 April 20.000 13.333 7.143 223.16 1.9830 1.9491 5.4406 32.850 94.353 May. 20.000 13.333 7.096 223.16 1.9833 1.9501 5.4406 32.850 93.998 June 20.000 13.333 7.071 223.16 1.9845 1.9568 5.4406 32.850 93.484 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 2 1.9876 5 4406 32 850 94 706 October 20.000 13.333 6.974 223.06 1.9838 5.4406 32.850 95.112 November 20.000 13.333 6.937 223.15 1.9838 5.4406 32.850 95.820 December 20.000 13.333 6.986 222.61 1.9838 5.4406 32.830 97.410 France Year or month Ceylon C slo ze v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2.0060 20.876 .8409 30.155 20.581 37.813 1947 2.0060 20 864 .8407 30.164 20.577 37.760 1948 . . .. 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 1949 27.839 2 0060 19 117 .4671 .3017 27 706 12.620 34.528 1950 20.850 2.0060 14 494 . 2858 23.838 20.870 11.570 26.252 1951 20.849 3 2.0060 14.491 4.4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—January . 20.850 2.0060 14.494 .2856 23.838 20.870 11.567 26.239 February 20.850 2.0060 14 494 .2856 23.838 20.870 11.562 26.241 A!arch 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 May 20.850 2.0060 14.493 .2856 23.838 20.870 11.561 26.243 June 20 850 2 0060 14 484 2855 23 838 20 870 11 561 26 279 July . 20 850 2 0060 14 484 .2856 23.838 20 870 11.561 26.286 August 20.850 2.0060 14 492 .2856 23.838 20.870 11.568 26.280 September 20.850 2.0060 14.492 .2856 23.838 20.870 11.571 26.278 October 20.850 32.0060 14 492 4 .4354 .2855 23.838 20.870 4 280.38 11.563 26.267 November 20.850 14.492 .4354 .2856 23.838 20.870 280.38 11.569 26.270 December 20.840 14.492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 Year or month Z (p e N o a e u 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 e i u n l s i o b e p ) l - ic ( P es o g c r a u t d l u o - ) ( A S p o o fr u u i n t c h d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o) ay 1946 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 1951.. . 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 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 42.553 277.10 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 December 276.72 14.015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The ratefon both has been the same for a considerable period. 2 Based on quotations through Sept. 19, 1951. 3 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. . For description of statistics, see pp. 572-573 in same ,, see BULLETIN for December 1951, p. 1601; October 1950, p. 933; and February 1944, p. 209. JANUARY 1952 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) d s = ( C 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 3 g t 0 0 d e ) o d = m F (1 r 1 9 a 0 4 n 0 9 c ) e = ( I 1 1 t 9 0 a 3 0 l ) 8 y - ( a J 1 v a 9 = e 3 p r 4 1 a a - ) g n 3 e 6 N ( e l 1 1 9 a t 4 0 n h 8 0 d e ) s r = 1 - S (1 w 1 9 e 0 3 d 0 5 ) en - ( S A w u = l g i a . t 1 n z 0 1 d e 0 9 r ) 3 - 9 1926 100 130 124 126 135 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—November 172 222 332 289 117 5,279 277 125 244 216 175 225 335 292 121 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 5,724 334 144 287 231 184 242 385 319 140 5,697 350 145 297 231 May 183 242 394 320 141 5,677 349 146 302 231 June 182 243 400 321 138 5,595 344 145 305 228 July 179 244 396 320 135 '5,557 340 142 305 224 178 242 388 324 134 '•5,526 348 142 304 222 September 178 240 393 325 138 5,441 P352 142 P305 223 October . . . 178 240 395 ••329 P146 143 P306 227 November 178 239 403 326 P151 *>226 P Preliminary. r Revised. 1 The Netherlands Central Bureau of Statistics is preparing a new wholesale price index. In the meantime an interim index, which is based on 1948 prices, is being published. The commodities are weighted in accordance with production and imports of that year. Sources.—See BULLETIN for August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included intotal index above] United States Canada United Kingdom Netherlands * (1926=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and Induspr F o a d r uc m ts Foods co O i m t ti m h e e o s r d- pr F o a d r u m cts fa m p g c a a o t r n o u t d u r l s - e y d f c a m g h c a o i t o n e u f d u r l s - e y d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u r c s t a - s w p f r i o t n r d i i s u a h 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—November 184 175 164 230 222 223 229 325 114 142 124 December 187 179 167 235 225 226 228 331 117 146 126 1951—January 194 182 170 242 231 234 228 345 120 158 135 February 203 188 172 254 237 240 227 356 119 165 139 March 204 187 172 264 239 244 226 370 122 170 145 April 203 186 172 257 239 245 236 370 120 174 146 May 200 187 172 257 239 244 242 »368 123 176 147 June 199 186 171 264 243 244 247 J>367 123 173 145 July 194 186 169 268 243 247 252 J>361 118 170 144 191 187 167 256 237 245 258 P363 119 172 143 September 189 188 167 254 236 244 261 P363 121 171 142 October 192 r189 167 253 236 243 '263 P367 122 174 142 November 195 189 167 258 237 241 263 P Preliminary. r Revised. 1 The Netherlands Central Bureau of Statistics is preparing a new wholesale price index. In the meantime an interim index, which is based on 1948 prices, is being published. The commodities are weighted in accordance with production and imports of that year. Sources.—See BULLETIN for August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e 0 -3 s d ) 1 9 (1 = C 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N ( l 1 a e 1 9 n 0 t 4 d h 0 9 s e ) = 2 r- 1 ( l 9 A a e 3 n r 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 -3 s d ) i 9(1 = C 9 a 3 1 a d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n g 9 e 4 - 7 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N ( l 1 a e 1 9 n 0 t 4 h d 0 9 s e ) = r 2 - 1 ( l 9 A a e 3 n u r d 9 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-November. 211 219 125 117 113 180 1950-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. 227 251 141 129 124 183 September. 187 190 128 133 121 169 October... 229 250 143 132 184 October. .. 187 190 129 136 121 170 November. 231 250 144 P137 *>184 November. 189 191 129 P140 120 P171 Adjusted series reflecting allowances fo the be SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d t g t e e e h s d ) ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 1 a i 5 0 t te 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 6 g i = t d e 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—December 103.4 121.9 99.4 101.5 158.4 146.3 92.1 944 1951—January 102.1 122.4 99.7 99.4 168.6 153.8 94.7 1,031 224 February. . .. 102.4 121.1 99.6 97.4 174.7 166.5 96.8 1,144 228 March ... 95.6 120 2 100.1 96 6 170 3 162 9 96.2 L.159 226 April 95.3 119.8 99.2 93.1 172.3 165.6 96.0 1L.169 221 May 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 L.188 212 July 95.5 116.9 101.2 84.1 172.8 162.0 97.6 L ,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 C97.4 1,413 212 October . . 94.6 116.3 103.5 81 3 185.0 183 3 c99.0 1,479 215 November 92.8 115.0 80.3 177.7 174.0 97.3 VL 408 207 p Preliminary. cc CCoorrrreecctteedd.. 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. JANUARY 1952 109 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 ROBERT C. MASTERS, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director HOWARD H. HACKLEY, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor DWIGHT L. ALLEN, Director G. HOWLAND CHASE, Assistant Solicitor H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director LISTON P. BETHEA, Director FRANK R. GARFIELD, Adviser on Economic Research JOSEPH E. KELLEHER, Assistant Director KENNETH B. WILLIAMS, Assistant Director EDWIN J. JOHNSON, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION 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 ELIOT J. SWAN, Acting Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman (December 31, 1951) ALLAN SPROUL, Vice Chairman WALTER S. BUCKLIN, BOSTON DISTRICT R. M. EVANS NEW YORK DISTRICT RAY M. GIDNEY N. BAXTER JACKSON, R. R. GILBERT PHILADELPHIA DISTRICT FREDERIC A. POTTS, H. G. LEEDY CLEVELAND DISTRICT EDWARD L. NORTON SIDNEY B. CONGDON, OLIVER S. POWELL ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK Vice President JAMES K. VARDAMAN, JR. PAUL M. DAVIS, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT KARL R. BOPP, Associate Economist WATROUS H. IRONS, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT 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 Mar\et Account HERBERT V. PROCHNOW, Secretary 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMENf, DEPUTY CHAIRMEN, J\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey 3 Carl B. Pitman E. G. Hult O. 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. Vergari4 Richard G. Wilgus * Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 8 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson D. F. Hagner Edw. A. Wayne R. W. Mercer 3 Chas. W. Williams Atlanta .. Frank H. Neely Malcolm Bryan P. L. T. Beavers R. E. Moody, Jr. Rufus C. Harris L. M. Clark V. K. Bowman E. P. Paris J. E. Denmark Harold T. Patterson T. A. Lanford 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 L. G. Meyer Neil B. Dawes George W. Mitchell W. R. Diercks A. L. Olson W. A. Hopkins Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns FrederickL. Deming Paul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis 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 Paul E. Miller A. W. Mills C. W. Groth Otis R. Preston E. B. Larson M. H. St roth man, Jr. Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart G. H. Pipkin Henry 0. Koppang R. L. Mathes C. E. Sandy 2 John Phillips, Jr. D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin Watrous H. Irons R. B. Anderson W. D. Gentry R. B. Coleman L. G. Pondrom J. L. Cook 3 C. M. Rowland W. E. Eagle Mac C. Smyth W. H. Holloway San Francisco... Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade William R. Wallace, Jr. H. N. Mangels S. A. MacEachron Ronald T. Symms 8 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York Buffalo I. B. Smith 5 Minneapolis.... Helena C. W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock 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 Counsel. 6 General Manager. JANUARY 1952 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from RULES OF ORGANIZATION AND RULES OF PROCEDURE— the Division of Administrative Services, Board of Board of Governors of the Federal Reserve Sys- Governors of the Federal Reserve System, Wash- tem (With Amendments). September 1946. 31 ington 25, D. C. Remittance should be made pages. payable to the order of the Board of Governors THE FEDERAL RESERVE ACT, as amended to Novemof the Federal Reserve System. ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the FEDERAL RESERVE BULLETIN. Issued monthly. Sub- Federal Reserve System. 372 pages. 50 cents per scription price in the United States and its pospaper-bound copy; $1.00 per cloth-bound copy. sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Guatemala, Haiti, Republic of Honduras, Mexico, FUNCTIONS. November 1947; reprinted April Newfoundland (including Labrador), Nicaragua, 1951. 125 pages. 75 cents per cloth-bound copy; Panama, Paraguay, Peru, El Salvador, Uruguay, in quantities of 10 or more copies for single shipand Venezuela is $2.00 per annum or 20 cents ment, 50 cents each. Paper-bound copies availper copy; elsewhere $2.60 per annum or 25 cents able without charge. per copy. Group subscriptions in the United DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND States for 10 or more copies to one address, 15 STANDARD METROPOLITAN AREAS, as of Decemcents per copy per month, or $1.50 for 12 months. ber 30, 1950, July 1951. 125 pages. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY A STATISTICAL STUDY OF REGULATION V LOANS. RATES, AND BUSINESS. Issued monthly. $6.00 September 1950. 74 pages. 25 cents per copy; per annum including historical supplement in quantities of 10 or more copies for single shiplisted below, or 60 cents per copy. In quantities ment, 15 cents each. of 10 or more copies of a particular issue for single shipment, 50 cents each. (Domestic rates) COMPILATION OF FEDERAL AND STATE LAWS RELAT- ING TO BRANCH BANKING IN THE UNITED STATES. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE (July 1, 1951). December 1951. 33 pages. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. 113 charts. April 1951 edition. THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS Annual subscription to monthly chart book in- AND THEIR USE IN ECONOMIC ANALYSIS. Janucludes supplement; single copies, 60 cents each. ary 1952. 175 pages. 25 cents per copy; in In quantities of 10 or more copies for single ship- quantities of 10 or more copies for single shipment, 15 cents each. ment, 50 cents each. (Domestic rates) BANKING STUDIES. Comprising 17 papers on bank- REGULATIONS OF THE BOARD OF GOVERNORS OF THE ing and monetary subjects by members of the FEDERAL RESERVE SYSTEM. Individual regulations Board's staff. August 1941; reprinted March with amendments. 1949. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single ship- REPRINTS ment, 75 cents each. (From Federal Reserve Bulletin unless preceded by an asterisk) BANKING AND MONETARY STATISTICS. Statistics of THE INTERNATIONAL MOVEMENT OF GOLD AND DOLbanking, monetary, and other financial develop- LARS IN 1950. March 1951. 10 pages. ments. November 1943. 979 pages. $1.50 per copy. No charge for available individual sections 1951 SURVEY OF CONSUMER FINANCES—SELECTED (unbound). PRELIMINARY RESULTS. April 1951. 4 pages. PART I. THE ECONOMIC OUTLOOK AND LIQUID 1A more complete list, including periodical releases and ASSET POSITION OF CONSUMERS. June 1951. 18 reprints, appeared on pp. 1606-09 of the December 1951 pages. PART II. PURCHASES OF HOUSES AND BULLETIN. 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS DURABLE GOODS IN 1949 AND BUYING PLANS ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS FOR 1951. July 1951. 18 pages. PART III. AND BUSINESSES. July 1951. 2 pages. DISTRIBUTION OF CONSUMER INCOME IN 1950. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING August 1951, 18 pages. PART IV. DISTRIBU- THE INTRODUCTION OF REAL ESTATE CREDIT REGU- TION OF CONSUMER SAVING IN 1950. September LATION. July 1951. 23 pages. 1951. 18 pages. PART V. DISTRIBUTION OF DEBT AND SELECTED NONLIQUID ASSETS OF CON- SAVING IN THE DEFENSE ECONOMY. September SUMER SPENDING UNITS. December 1951. 11 1951. 5 pages. pages. (Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; THE BALANCE SHEET AND CURRENT TRENDS OF for 1947 from June-August and October 1947 AGRICULTURE, 1951. September 1951. 14 pages. BULLETINS, 48 pages; for 1948 from June-Sep- THE CURRENT POSITION OF AGRICULTURE, by Philip tember and November 1948 BULLETINS, 70 T.Allen. September 1951. 11 pages. pages; for 1949 from June-November 1949 and January 1950 BULLETINS, 124 pages; for 1950 NEW INDEX OF OUTPUT OF MAJOR CONSUMER from April and June-December 1950 BULLETINS, DURABLE GOODS. October 1951. 6 pages. 106 pages, which includes THE METHODS OF THE CREDIT AND SALES REPORTED BY REGULATION W SURVEY OF CONSUMER FINANCES.) REGISTRANTS. October 1951. 12 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN VOLUNTARY ACTION TO HELP CURB INFLATION. FOREIGN COUNTRIES—PROCEDURES AND TECH- November 1951. 9 pages. NIQUES. November 1950. April 1951. 19 pages. * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. REVISED INDEXES OF DEPARTMENT STORE SALES AND As amended to April 20, 1951. 4 pages. STOCKS BY DISTRICTS. December 1951. 53 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. April 1951, 14 pages. January 1952. 11 pages. JANUARY 1952 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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