Federal Reserve Bulletin, 1952-02

F E D E R AL E S E R VE BULLETIN FEBRUARY 1952 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Money and Credit in 1951. 115-123 The Second Armament Budget. 124-132 Law Department 133-134 Current Events and Announcements 135-136 Directors of Federal Reserve Banks and Branches. 137-148 National Summary of Business Conditions 149-150 Financial, Industrial, Commercial Statistics, U. S. (See p. 151 for list of tables). 151-202 International Financial Statistics (See p. 203 for list of tables) . 203-221 Board of Governors and Stafif; Open Market Committee and Staff; Federal Advisory Council 222 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 223 Federal Reserve Board Publications. . 224-225 Map of Federal Reserve Districts 226 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 February 1952 NUMBER 2 MONEY AND CREDIT IN 1951 Bank credit in the aggregate continued to requirements early in 1951, and the rapid expand substantially in 1951 but the amount expansion in loans to individuals and busiof credit extended to private borrowers was nesses over the preceding year had lowered considerably less than in the preceding year. somewhat the liquidity position of banks. Commercial bank holdings of United States At the same time higher yields made Gov- Government securities, which declined sub- ernment securities more attractive for holdstantially during 1950 and the early part ing and their lower prices discouraged of 1951, increased in the latter part of 1951. lending institutions from selling existing As a result of bank credit expansion and holdings in order to obtain funds to make reversal of the gold outflow at midyear, the loans. A decrease after April in Federal privately held money supply—demand and Reserve purchases of Government securities time deposits and currency—increased by a from nonbank investors, as well as from larger amount than in 1950. Increased hold- banks, removed a source of additional reserve ings of money by businesses and individuals funds for banks. The net effect of these represented in part increased need for cash developments was to make banks less willbalances associated with expansion in eco- ing to expand their portfolios of private nomic activity, in part demands for addi- loans and investments and more interested tional liquidity, and in part increased savings in holding short-term Government securities funds temporarily awaiting investment. for liquidity reasons. In the consumer, real Turnover of demand deposits, the major estate, and stock market areas of credit, seleccomponent of the privately held cash bal- tive regulation helped to keep down growth. ances, slowed down moderately over the last The Voluntary Credit Restraint Program half of 1951 after rising sharply from early worked to direct available funds toward 1950 to the spring of 1951. financing of essential activity and to hold Growth in bank credit during 1951 re- down nonessential financing. flected some abatement of the record pri- Reflecting the reduced availability of funds, vate credit demands during 1950. It was along with the continuing active demand for also affected by a reduced willingness on credit, money rates rose moderately during the part of banks to extend credit to private 1951. Yields on short-term Government seborrowers. curities increased about one-third of a per- The sharp reduction in bank holdings of centage point on the average, following a United States Government securities during similar increase in 1950, and showed wider 1950 and early 1951, an increase in reserve fluctuations than in previous years in re- FEBRUARY 1952 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 sponse to changing money market develop- which had decreased by about 5.0 billion ments. Rates charged by the larger banks dollars in 1950, changed little in 1951. Banks on prime loans to customers rose from about sharply reduced their holdings in the first 2 per cent in the middle of 1950 to 3 per cent quarter of 1951, in large part to meet inat the end of 1951. Yields on the longest- creases in legal reserve requirements in Januterm Government bonds and on outstand- ary and February. Further moderate reducing high-grade corporate bonds rose about tion in the second quarter was followed by one-third of a point to approximately the a considerable increase in the last half of 1951 levels of 1939. at reserve city and country banks. The increases were principally in holdings of short- GROWTH OF BANK CREDIT term securities and reflected in part desire Over-all growth of commercial bank credit, for greater liquidity. which gained momentum following the Ko- Increased holdings of Government securirean outbreak, continued at a rapid rate in ties at country banks also reflected a flow of 1951, as is shown in the table. Total outfunds from commercial to agricultural areas standing loans and investments of all comand a smaller demand for loans. The reserve mercial banks increased 6.7 billion dollars positions of country banks during the last during the year as compared with 6.5 billion half of the year were somewhat easier, on the average, than those of city banks. This LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS [In billions of dollars] was due partly to the seasonal movement of Change: crops and partly to the heavy concentration Outstand- of country bank loan portfolios in real estate Type of loan or ing 1951 1950 investment Dec. and consumer loans. Growth in these loans 26, 1951 2nd 1st 2nd 1st slackened as a result of selective and general half half half half credit restraints as well as reduced demand Total loans and investments. 133.4 +7.4 -0.6 +4.9 + 1.6 for many types of consumer durable goods. U. S. Gov't. securities .... 61 9 +3 4 -3 5 -3.7 -1 3 Other securities * 13 2 +0.5 +0.3 + 1.2 + 1.0 Also, most of last fall's loan demand was Loans, total * 58.3 +3.5 +2.6 +7.5 + 1.8 from industrial businesses that were financed Business 26.1 +2.4 + 1.7 +5.0 -0.1 mostly by larger city banks. Real estate 14.5 +0.4 +0.6 + 1.1 +0.9 A Co ll n o s t u h m er e » r 1 7 0 . . 9 5 + + 0 0 . . 6 1 + + 0 0 . . 2 1 + + 0 0 . . 7 7 + + 0 0 . . 2 9 Bank loan expansion was not as large in 1951 as it was in 1950, amounting to 6.1 bil- 1 Includes mainly corporate and State and local government bonds. lion dollars or 11 per cent in 1951 compared • Total loans are after, and individual loan items are before, deductions for valuation reserves. * Includes mainly agricultural loans, loans on securities, loans to with 9.3 billion or 22 per cent in 1950. The banks, and loans of more than $3,000 to individuals. NOTE.—Changes are based on data for Dec. 31, 1949; June 30, growth was smaller for all major categories 1950; Dec. 30, 1950; June 30, 1951; and Dec. 26, 1951. Figures on types of loans for Dec. 26, 1951 are estimated; those on consumer of credit, but particularly for real estate and loans for all dates are partly estimated. Figures may not add to totals because of rounding. consumer loans. Whereas in 1950 about four-fifths of the loan increase came after during 1950. Private credit, that is, loans and midyear, less than three-fifths of the 1951 investments other than United States Govloan expansion occurred in that part of the ernment securities, was the dominant eleyear. ment in the total expansion in both years, but the increase in private credit was con- Notwithstanding more steady growth in siderably smaller in 1951 than in 1950. bank loans throughout the year in 1951 than Bank holdings of Government securities, in 1950, there was some seasonal step-up of 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 expansion in business loans during the sec- CHANGES IN BANK DEBT OF SELECTED INDUSTRIES Millions Millioi ond half of 1951. An increase of 2.4 billion of Dollars CUMULATIVE WEEKLY CHANGES SINCE MARCH 28. 1951 of Dolla dollars or about 10 per cent in business loans, typically the major component of changes in commercial bank loan portfolios, accounted for the bulk of the increase in all commercial bank loans during the half-year period. This contrasted with a rise of 5 billion or about 30 per cent in the comparable period a year earlier. Defense and defense-related businesses, like metal and metal products manufacturers and public utility companies, were an important factor in business credit demand at banks in the last half of 1951, taking up about half of business loan expansion. Borrowers in nondef ense lines of business that customarily borrow in the fall to help move the crops, like commodity dealers and food, liquor, and Apr May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan tobacco manufacturers, accounted for the other half. This was in decided contrast NOTE.—Data reported by over 200 of the largest weekly reporting member banks. Metal manufacturing includes metal products, machinery, and transportation equipment. Food manuto experience in the same period a year facturing includes liquor and tobacco. Public utilities include transportation. Latest data are for Jan. 30, 1952, and are earlier when the volume of defense borrow- preliminary. ing was small and borrowing for nonde- The autumn increase in total business loans fense purposes—including both crop movewas of about seasonal proportions. Loans ments and other lines of activity—was the to finance direct defense contracts and dedominant element in the increase in bank fense-supporting activities increased sharply, loans. Cumulative weekly changes in the while credit extended to business concerns outstanding bank indebtedness of the lines that customarily borrow heavily in the fall of businesses that experienced the largest increases last fall are shown in the accompany- was less than might have been expected on ing chart. the basis of the behavior of such loans in In contrast to the industries shown on the prior years. The more moderate demand chart, textile, apparel, and leather manufac- for credit from the usual business borrowers turers and construction companies reduced in the fall was due to a variety of developtheir bank debt in the second half of 1951. ments, including the moderation of infla- Each of these broad groups of borrowers had tionary pressures, the leveling off in inventory increased its debt appreciably a year ear- accumulation and prices, and the fact that lier. Loan reductions in late 1951 reflected business loans had not experienced their usual closer alignment of production schedules to seasonal decline earlier in the year. Morecurrent demand, changed expectations as to over, under the accelerated program of corthe strength of prospective markets, and poration income tax payments, corporations some liquidation of inventories. had to pay 60 per cent of their taxes in the 117 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 first half of last year and only 40 per cent lion dollars in each of the last two years or in the second half. by 25 and 20 per cent, respectively, in 1950 Real estate loans of commercial banks rose and 1951. In the last half of 1951, however, about a billion dollars or 7 per cent in 1951. the rate of increase was considerably slower In the preceding year they had risen 2 billion than in the two preceding half-year periods. or about 17 per cent. Since mid-1949 the Life insurance companies also increased their growth in real estate loans has been less rapid holdings of business securities by 2.6 billion at commercial banks than at the other major dollars in 1951 as compared with 1.9 billion types of mortgage lending institutions, in- in 1950, reflecting heavy business demand cluding life insurance companies, savings and for long-term external financing, particularly loan associations, and mutual savings banks. by concerns which held defense contracts or Outstanding bank loans to consumers rose were engaged in defense-related activities. only about a quarter billion dollars or 3 per The increase in mortgage and business secucent last year as compared with a growth of rity holdings of life insurance companies in 1.6 billion or about 27 per cent a year earlier. 1951 exceeded the new funds available to them from premium and interest receipts, CREDIT EXPANSION AT OTHER MAJOR and these companies reduced their holdings FINANCIAL INSTITUTIONS of Government securities by about 2.3 billion dollars. Approximately two-thirds of this Total consumer credit outstanding at all reduction was in the first half of the year. types of consumer lending agencies consid- Savings and loan associations increased ered as a group, including commercial banks, their mortgage portfolios somewhat less, and increased by half a billion dollars or less mutual savings banks about the same, in 1951 than 3 per cent last year as compared with as in 1950. At each type of institution there 3.3 billion or almost 20 per cent in 1950. has been a tendency for the rate of increase Outstanding consumer instalment credit to slacken somewhat in recent months. Savchanged little in 1951 whereas it had been ings and loan associations increased their responsible for most of the increase in total real estate loan holdings by an estimated 1.8 consumer credit the year before. billion dollars in 1951 as compared with 2.2 Consumer instalment loans in the aggrebillion in 1950; and savings banks increased gate increased somewhat after the relaxation their holdings of these loans 1.7 and 1.5 bilof credit terms on July 31. In the five months lion, respectively, in 1951 and 1950. Savings from the end of July through December, the banks continued to reduce their holdings of outstanding volume of consumer instalment Government securities in 1951, but the rate credit at consumer lending agencies rose 0.6 of reduction was less in the second half of billion dollars, a fairly substantial amount the year than in the first. though by no means as large as increases in earlier periods of stronger demand for con- TREASURY FINANCING sumer durable goods. This increase in consumer instalment credit followed a decline During the first half of 1951 the Treasury of 0.5 billion dollars from October 1950 had a substantial surplus of cash receipts over through July 1951. expenditures and was able to reduce the out- The real estate mortgage holdings of life standing debt held by the public as well as insurance companies increased about 3.2 bil- to increase its cash balance. In the latter 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 half of the year, however, the cash deficit funds of banks, business corporations, and was nearly as large as the previous surplus. others. There appeared to be little demand The Treasury drew down its cash balance for long-term Government securities; in fact, and also borrowed new funds in the market some of the larger institutional investors conin order to meet the deficit and to retire tinued to reduce their holdings of Treasury maturing or redeemable debt issues offered bonds. The chart shows monthly changes for cash redemption. Over the year redemp- in holdings of Government securities by tions of nonmarketable savings bonds and principal groups of investors. notes exceeded current sales plus current interest accruals, and the amount of such OWNERSHIP OF U.S. GOVERNMENT SECURITIES BANKS AND FEDERAL AGENCIES OTHER INVESTORS issues outstanding declined slightly. In ad- Billions of Dollars END OF MONTH FIGURES B illions of Dollar* dition, part of the maturing marketable 70 debt was redeemed for cash. Most of the maturing or called issues were refunded with new issues of certificates maturing within a year. Beginning early in July the Treasury offered 200 million dollars of additional bills in each of its weekly refinancings. These new offerings were discontinued in mid- August but resumed for three weeks in September. Altogether the amount of regular weekly issues of bills outstanding increased by 2 billion dollars. In October the Treasury also offered a new type of short-term issue when it sold 1% billion dollars of 144-day tax-anticipation bills NOTE.—Treasury Department estimates except for Federal maturing on March 15, 1952. These bills, Reserve Banks and Federal agencies and trust funds, which are reported holdings. Latest figures plotted: Federal Reserve which were sold at auction on a discount Banks, January 1952; Federal Agencies etc., December 1951; all others, November 1951. basis at a rate of 1.55 per cent per annum, were designed primarily to attract additional The Federal Reserve purchased substanshort-term funds accumulated by business tial amounts of Government securities early corporations prior to tax payment dates. A in the year in connection with the increase second issue of this type and of the same in reserve requirements of member banks amount, maturing on June 15, 1952, was of- and in support of bond prices. After April fered in November and sold at an average Federal Reserve purchases were largely conrate of 1.497 per cent. Banks originally pur- fined to periods of Treasury refunding and chased the major portions of both of these temporary money market tightness in June, issues, but thereafter sold a sizable amount September, and December. These purchases of their holdings to business corporations. were subsequently offset by sales, including New issues of Government securities of- sales made in January 1952. As previously fered in 1951, both for refunding and for new pointed out, commercial banks increased money, were designed primarily to tap liquid their holdings in the latter part of the year. FEBRUARY 1952 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 EXPANSION OF THE MONEY SUPPLY increased their savings in other liquid forms, particularly their holdings of savings and Expansion during 1951 in bank credit outloan shares and currency. standing to private borrowers was a major After a moderate but fairly steady decline factor responsible for the large increase dursince the end of 1946, currency in circulation, ing the year in the privately held money adjusted for seasonal variation, began to supply, that is, in the demand and time deincrease late in 1950 and continued to do so posits and currency holdings of individuals throughout last year. This rise reflected a and businesses. Cash balances increased variety of factors, including the growth and about 9 billion dollars as compared with increased movement of the armed forces and about 7 billion during 1950, as sho.wn on civilian personnel engaged in defense prothe table. duction as well as higher incomes and savings. The increase in currency in circulation CHANGES IN THE MONEY SUPPLY, WITH RELEVANT FACTORS was concentrated in the small denomina- [In billions of dollars] tions, and particularly in $10 and $20 bills. 1951 1950 Coins in circulation also rose and, with Item mintage restricted to save scarce metals, coin 2nd 1st 2nd 1st half half half half shortages developed from time to time in various sections of the country. Changes in adjusted deposits and currency The factors responsible for the rise in the Total i +8.1 +0.8 +5.9 +0.9 privately held money supply last year differed U. S. Government deposits.... -3.0 +3.0 -1.1 +0.7 Privately held money sup- substantially from those underlying the rise ply, total +11.0 -2.2 +7.0 +0.2 Demand deposits adjusted. +9.1 -3.3 +7.2 -0.7 a year earlier. In 1950 the expansion of pri- Time deposits adjusted 2... + 1.3 +0.7 -0.5 + 1.1 Currency outside banks. . . +0.5 +0.4 +0.2 -0.2 vate credit exceeded considerably the increase in the money supply; a significant reduction Principal factors (Sign indicates effect on money supply) in bank holdings of Government securities Bank loans and investments and a sizable outflow of gold from the United other than U. S. Gov't. securities 3 +4.9 +3.9 +9.5 +3 5 States, resulting in part from substantial Bank holdings of U. S. Gov't. securities 4 +3.5 -2.0 -2.0 -1.7 Gold stock +0.9 -1.0 -1.5 -0.2 United States imports, offset in part the effect Foreign deposits at Federal Reserve Banks +0.3 +0.3 -0.4 of private credit expansion on private hold- Other factors 6 -1.5 -0.1 -0.4 -0.3 ings of cash. In 1951, on the other hand, 1 Adjusted to exclude interbank deposits, items in process of private credit expanded by practically the collection, and bank vault cash. * Commercial and mutual savings banks and the Postal Savings System. same amount as the privately held money 8 Commercial and mutual savings banks. 4 Commercial, mutual savings, and Federal Reserve Banks. supply but the banking system as a whole, * Less than 50 million dollars. * Includes bank capital, miscellaneous bank assets and liabilities, including Federal Reserve and mutual savand differences between deposits due to and from banks. NOTE.—Changes are based on data for Dec. 31, 1949; June 30, ings banks as well as commercial banks, in- 1950; Dec. 30, 1950; June 30, 1951; and Dec. 26, 1951. Figures may not add to totals because of rounding. creased its holdings of Government securities by 1.5 billion dollars and for the year as All elements of the privately held money a wkole there was little change in the gold supply increased over the year with the major stock of the country. The changes in these growth in demand deposits. Time deposits elements, in part offset by miscellaneous facincreased significantly following a decline tors, tended to make the growth in privately in the second half of 1950. Individuals also held cash balances larger than a year earlier, 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 notwithstanding the reduced volume of pri- an annual rate of about lSl/ times in 1949 2 vate credit expansion. to about 22 in the second quarter of 1951 Total deposit growth in 1951 was largest and then decreased to about 21 in the fourth at the smaller banks in the Southern and quarter. The recent decline in the use of Western sections of the United States. Banks deposits has reflected in part their greater in the Mid-West also showed substantial supply. It has also reflected the lessening gains. Larger banks in the Northeastern of inflationary pressures, including reduced section of the country tended generally to consumer and business demands for goods show the smallest deposit expansion. In and bank credit. 1950, deposit growth had been much more evenly distributed. BANK RESERVES Accompanying the substantial increase in Reserve positions of commercial banks all elements of the privately held money supwere under greater pressure during 1951 than ply in 1951, the use or turnover of its prinin other postwar years. Effective in January cipal component, demand deposits, began and early February the Board of Governors to decline fairly steadily in the latter part of raised the reserve requirements against dethe year, following a sharp increase since mand deposits for member banks by 2 perearly 1950. The turnover of demand deposits centage points and against time deposits by at banks in leading cities outside New York, one percentage point, thereby increasing adjusted for seasonal variation, as is shown the amount of required reserves by about 2 on the accompanying chart, increased from billion dollars or over 10 per cent. These increases absorbed the additional reserves TURNOVER OF DEMAND DEPOSITS BANKS IN LEADING CITIES OUTSIDE NEW YORK being made available at the time by a return 0_-5 ANNUAL RATE OF TURNOVER flow of currency and a decline in Treasury deposits at Reserve Banks. The Federal Reserve also purchased Government securities from banks and from nonbank investors to assist in the adjustment to the increased reserve requirements. In the course of the year, demands for reserve funds arose from an increase in the volume of currency in circulation, as well as from increased amounts required because of the deposit growth at member banks. On the other hand, the cessation of the gold outflow in the spring of 1951 and the development of an inflow, as well as a reduction in foreign deposits at the Reserve Banks in the latter part of the year, removed a previous 1929 1939 1945 1946 1947 1948 1949 drain on reserves. Gold began to flow back NOTE.—Quarterly turnover rates are seasonally adjusted and are compiled by the Federal Reserve Bank of New York. De- into the United States in the third quarter posits used are averages of demand deposits, except U. S. Government and interbank deposits, as reported weekly by of last year after little change in the second member banks in leading cities. Annual data for 1929 were computed on a slightly different basis from that used for other quarter and a fairly steady outflow in the years. FEBRUARY 1952 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 first quarter of the year and in the last half MEMBER BANK RESERVES AND RELATED ITEMS Billions Billior of 1950. The inflow of gold, like the reduc- of Dollars MONTHLY AVERAGES OF DAILY FIGURES of Dolla tion in foreign balances at the Federal Reserve Banks, tended to increase bank reserves, as shown in the table and the chart. Reduced Federal Reserve buying of Government securities after April was an important factor limiting bank reserve expansion as compared with 1950 and early 1951. f. R. HOLDINGS OF U. S. GOV'T SECURITIES As bank reserves became less readily available than they had been previously, the level of excess reserves was somewhat lower and a MEMBER BANK RESERVES larger number of banks relied on short-term borrowing from the Federal Reserve Banks to meet temporary shortages in reserves. Because of the reluctance of banks to remain in debt for long periods of time, this in- "DISCOUNTS AND ADVANCES, MONTHLY RANGE" 1 I I . I I I I I l I CHANGES IN MEMBER BANK RESERVES, WITH RELEVANT '52 FACTORS [In billions of dollirs] crease in borrowing tended to make banks 1951 1950 feel under some pressure to use any new Item funds becoming available to them for paying 2nd 1st 2nd 1st half half half half off their indebtedness as soon as possible rather than for lending or investing. The Changes in member bank reserve balances high and low points of member bank bor- Total +1.2 +1.3 +1.7 -0.6 rowing for each month in 1950 and 1951 Required J +1.0 +2.1 +1.0 -0.1 Excess +0.2 -0.8 +0.7 -0.6 are shown in the accompanying chart. Principal factors (Signs indicate effect on reserves) MONEY MARKETS Currency in circulation -1.6 -0.1 -0.6 +0.4 Treasury operations 2 +0.1 +0.4 +0.3 -0.1 Gold stock +0.9 -1.0 -1.5 -0.2 Continued demand for credit and the Foreign deposits at Federal Reserve Banks .... +0.3 (*) +0.3 -0.4 reduced availability of bank reserves were Federal Reserve Bank credit, total. . + 1.5 +1.8 +3.5 -0.8 reflected in a rise in money rates and bond Transactions in U. S. Gov- yields in 1951. Levels of various types of inernment securities +0.5 +2.2 +2.4 -0.6 F B l o ® r a ro t wings .... + + 0 0 . . 7 3 - ( 0 3 . ) 4 +1 (3 .0 ) -P.2 terest rates during selected months in 1950 All other factors4 +0.1 +0.1 -0.2 +0.4 and 1951 are shown in the table on the following page. 1 Increase in first half of 1951 includes 2.0 billion due to increase in legal percentages required. Demand for investment funds, which had 2 Decrease (+) or increase (—) in Treasury deposits with Federal Reserve Banks and Treasury cash less change in Treasury currency been expanding rapidly up to the first quaroutstanding; an increase in net Treasury balances causes a decrease in reserves. ter, stabilized at a high level. Business 3 Less than 50 million dollars. 4 Includes nonmember deposits at Federal Reserve Banks other and consumer demands for goods and servthan foreign and miscellaneous Federal Reserve assets and liabilities. ices were also less insistent during most of NOTE.—Changes are based on data for Dec. 31, 1949; June 30, 1950; Dec. 30, 1950; June 30, 1951; and Dec. 26, 1951. Figures the year. Personal savings increased sharply may not add to totals because of rounding. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN 1951 SELECTED INTEREST RATES In the latter part of December a combina- [Per cent per annum] tion of corporate tax and dividend payments, holiday currency demand, and other end-of- 1951 1950 Type of debt year needs brought considerable pressure on Dec. June Dec. June the money market. At the same time an announcement by large commercial banks Short-term Public: in New York and other leading cities of a U. S. Treasury bills 1.731 1.499 1.367 1.174 U. S. certificates of indebtedness. . 1.77 1.79 1.46 1.23 rise in their lending rate to prime business Federal Reserve discount rates. . . 1.75 1.75 1.75 1.50 Private: Bankers' acceptances 1.69 1.63 1.31 1.06 borrowers from 2% to 3 per cent gave an Call loans 2.38 2.25 1.63 1.63 Commercial paper 2.31 2.31 1.72 1.31 indication of a possible general rise in the Commercial loans l 3.27 3.07 2.84 2,68 rate structure. As a result, open market Long-term Public: yields on short-term paper and bonds, both U. S. Government bonds 2.70 2.65 2.39 2.33 High-grade municipal bonds 2.10 2.22 1.77 2.09 private and public, rose sharply and bank Private: Commercial bank term loans x 2. . . 3.23 3.24 2.78 2.62 borrowing from the Federal Reserve in- Corporate Aaa bonds 3.01 2.94 2.67 2.62 Corporate Baa bonds 3.61 3.49 3.20 3.28 creased. The rate on new Treasury bills rose 1 Rates on new loans made at a sample of banks in leading cities to 1.865 per cent, the highest since 1932, and in the first 15 days of each month. a Term loans are loans with a maturity over one year. the yield on long-term Treasury bonds to Sources.—Treasury Department, Standard and Poor's Corporation, Moody's Investors Service, and the Federal Reserve. 2.74 per cent. In view of the temporary and seasonal nafrom the first to the second quarter and conture of the tightness, the Federal Reserve tinued at the higher level throughout the made funds available to the market through balance of the year, but a large part of these its open market operations in Government savings were held in money forms and were not invested in securities or used to repay securities. It purchased short-term securities debts. Altogether, the strength of demand in the market both outright and under refor funds in relation to supply tended to pro- purchase agreements with dealers in such duce a moderately rising trend in interest securities. Money market conditions eased rates throughout the last three quarters of considerably after the turn of the year, rethe year. flecting the return flow of currency from holiday circulation and a seasonal contrac- At times during the year a concentration tion in outstanding bank credit. As a result of demands, reflecting tax payments and of a greater availability of funds relative to other seasonal factors, resulted in somewhat greater money market tightness than at other demands, yields on securities and some types times and called forth resort to Federal Re- of short-term paper declined, and by the serve credit. Some tightness developed in end of January were back to early December June and September at times of Treasury levels. Member bank borrowings were refunding operations, and the Federal Re- largely paid off and the Federal Reserve serve supplied funds by buying securities in portfolio of Government securities was suborder to assure success of Treasury financing. stantially reduced. FEBRUARY 1952 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET1 The Federal Budget for the fiscal year ending dollars for 1953. This coupled with an estimated June 30, 1953 calls for expenditures of 85.4 billion deficit of over 8 billion in 1952 would increase the dollars—the third largest in our history. It reflects public debt to its statutory limit of 275 billion dolthe effort of this nation to develop further its mili- lars by the end of fiscal year 1953. The estimates tary and economic capacity. The total of estimated include additional receipts from three major tax expenditures is 14.6 billion dollars above outlays measures enacted since mid-1950, and they also in 1952 and over twice as large as expenditures in reflect the higher levels reached by prices and in- 1950, the fiscal year before the Korean outbreak. come since that time. The estimates do not include Nevertheless this is not a budget for all-out mobili- any new tax proposals, however, and the President zation, and the rearmament pace shows some signs has called for at least 5 billion dollars of additional of leveling off as requests for new spending author- revenue through taxation. ity are somewhat below the peak of the fiscal year Major emphasis of the Budget Message is on a 1952. long-term mobilization effort which can be carried Receipts are also expected to grow in 1953 but, without unduly straining the present economy but as the chart shows, not rapidly enough to keep pace which will provide the basis for increased economic with expenditures and forestall a large budgetary capacity and military strength in the future. Emdeficit. Estimated receipts of 71 billion dollars for phasis is thus not primarily on the current flow of fiscal year 1953 are only 8.3 billion greater than in 1952 and less than twice as large as 1950 receipts 1 This article was prepared by Donald C. Miller under the of 37 billion. The lag of revenue behind expendi- supervision of Richard Youngdahl, Chief of the Government Finance Section of the Board's Division of Research and ture will result in an estimated deficit of 14.4 billion Statistics. FEDERAL BUDGET RECEIPTS AND EXPENDITURES Billions of Dollars Fiscal Y( Billions of Dollars 100 100 80 80 t&; Deficit V^v\ EXPENDITURES 60 60 40 40 20 20 1.940 1 9 42 1 9 44 1 9 46 1 9 48 1 9 50 1 9 52 I I— tsriMATED-l 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET production with the goal of accumulating large New obligational authority for national security inventories of military equipment but rather on requested for 1953 will be about the same proporthe creation of industrial capacity which can be tion—76 per cent—of total new obligational auutilized quickly to produce advanced-design equip- thority that Budget expenditures for the purpose ment in substantial volume if the need arises. This are of total expenditures. This is a decrease from policy would avoid the sharp production peak that the 78 per cent estimated for 1952 and is a return had been envisioned for 1953 in earlier programs to approximately the ratio of 1951. Thus national and would make for an easier balance between civil- security expenditures will continue to rise in 1953, ian and military production. but a reduction in new obligational authority is Expenditures other than for security purposes are possible because of Budget authorizations enacted 850 million dollars lower than 1952. Some non- by Congress in earlier years. defense programs have been reduced or eliminated. Others classified as necessary for the long-run de- MAJOR NATIONAL SECURITY EXPENDITURES velopment of human and natural resources have been expanded. Greatly increased expenditures for major national The high rate of expenditure for 1953 reflects security programs, which began after the invasion the results of the many defense orders placed in of Korea, will continue throughout 1952 and will the last 18 months under Budget authorizations again dominate the Budget for the fiscal year 1953. granted to the services during this period. That These expenditures, shown in the table, will increase Congress has already enacted appropriations to to 65 billion dollars in 1953—over 15 billion greater cover much of the defense build-up is suggested by than 1952 and 39 billion in excess of 1951. A the decline of new obligational authority requested resume of the important parts and changes in the for 1953. New obligational authority includes all Budget for the fiscal year 1953 compared with types of new authority to incur financial obligations on the part of the Government. Although such FEDERAL BUDGET EXPENDITURES authority may decline even further in 1954, the [In billions of dollars] Budget Message presupposes continued large expenditures for military expansion after 1953 in view Fiscal year ending June 30— of the large unexpended balances available from Function 1953 1 1952 1 1951 1950 previous years. As the following table indicates, 76 per cent Total Budget expenditures 85.4 70.9 44.6 40.2 of total Budget expenditures in 1953 will be for Major national security programs, total 65.1 49.7 26.4 17.8 major national security programs as contrasted with Military services 51.2 39.8 20.5 12.3 70 per cent and 59 per cent for 1952 and 1951 D In e t v er e n lo a p ti m on e a n l t s o e f c a u t r o it m y ic energy. . . 1 1 0. . 8 8 7 1 . . 2 7 4. . 7 9 4. . 8 6 respectively. The rate of growth of these expendi- Defense production and economic stabilization .8 .7 tures for military services, international security and C Pr i o vi m l o d t e i f o e n n s o e f merchant marine.. . . . 3 2 .3 .2 ".i foreign relations, the development of atomic energy, All other 3 20.3 21.2 22.4 defense production and economic stabilization, civil 18.3 1 Estimated. MAJOR NATIONAL SECURITY PROGRAMS AS A PERCENTAGE 2 Less than 50 million dollars. OF THE TOTAL BUDGET 8 Includes adjustment to daily Treasury statement. NOTE.—Details may not add to totals because of rounding. Fiscal year ending June 30— Item earlier fiscal years follows, based on a functional 19531 1952 * 1951 1950 rather than agency classification of expenditures. Military services. Maintenance and expansion of Budget expenditures 76 70 59 44 New obligational authority 76 78 76 46 the military services is the largest item of the national security program, with expenditures totaling i Estimated. 51 billion dollars. This is more than double the -defense, and promotion of the merchant marine is 1951 expenditures and over 11 billion greater than expected to diminish, however, as the defense pro- estimates for 1952. Higher cost of military producgram approaches its peak. tion as well as a more rapid rate of production, as FEBRUARY 1952 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET the armed forces are built toward higher goals than of military equipment are expected to require over those previously established, account for these 12 billion dollars in 1953. This includes funds to increases. pay over 1.3 million Department of Defense civil- These goals contemplate the start of a build-up ian employees who will be engaged in military toward an Air Force of 143 wings—compared to functions in 1953. The Budget also provides for the presently authorized 95 wings—an Army of 21 an increase in the civilian reserve components such divisions, a Navy with increased personnel manning as National Guard and Reserve Officers' Training 408 major combatant vessels and 16 large carrier Corps units to a strength of over 900,000 in 1953. air groups, and a Marine Corps of 3 divisions. The In order to provide technical superiority for the President estimates that most of this currently armed forces, increased expenditures are also planned military expansion will be completed by budgeted for military research and development the end of the fiscal year 1954 and that "by the work. Such expenditures are estimated at 1.4 bilend of the fiscal year 1953, we will have reached lion dollars for 1953, an increase of almost one-half or passed the peak production rates for all our billion over 1952. major military items except some of the newer Stockpiling of strategic and critical materials for model aircraft and some weapons not yet in pro- the support of military services will continue in duction." With the peak of the rearmament pro- 1953 as expenditures exceed a billion dollars for gram in sight and because of the substantial pro- the first time. The stockpile inventory on June 30, visions already enacted by Congress, a reduction 1953 will be worth 5 billion dollars valued at Sepin the amount of new obligational authority for tember 1951 prices. The amount of new obligamilitary services is possible. Almost 62 billion tional authority requested is again decreased since dollars of authority was requested in 1952 but only total obligational authority of 5 billion dollars 52 billion for the coming fiscal year. already has been provided by Congress in the years Of total expenditures for military services, the 1947-52. Air Force accounts for the largest share with 18.9 International security and foreign relations. Folbillion dollars, the Army follows with 16.8 billion, lowing the expenditures for military services in size and the Navy's share is 12.3 billion. An additional are those requested for the international security 3.2 billion of expenditures for military services pro- and foreign relations programs. These expendivides for the Office of the Secretary of Defense, the tures, 10.8 billion dollars for 1953, are largely accritical materials stockpiling program, and new counted for by the mutual security program of military public works, as well as for increased mili- military and economic assistance to nations having tary pay. common security interests with the United States. The largest increase in expenditures for military The Budget Message emphasizes the importance services appears in the heavy cost of major procure- of mutual security aid in the building of European ment and production, and of the 20 billion dollars defenses. In order to complete the defense plan on of estimated expenditure for this purpose over half schedule, a large part of this aid will be in the will be for aircraft. One billion will be spent for form of military equipment that the Europeans ships, and the remaining 8 billion will provide other cannot obtain from their own resources. It is major weapons and military hard goods. pointed out that some European nations—especially The military personnel to go with this materiel France and Great Britain—have again been forced is expected to increase from a present force of 3.5 to use their limited dollar reserves to buy essential million men to 3.7 million during 1953, and ex- imports and that continued economic aid is also penditures for their provision will increase over needed to prevent the interruption of the defense 1952 by a billion dollars, from 10 to 11 billion. effort. In other areas of the free world, such as parts Expansion of the armed forces also will necessitate of Asia and the Middle East, the mutual security additional expenditure for the acquisition and con- program will place greater emphasis on economic struction of real property. These expenditures for aid and technical assistance than on military aid. military construction are expected to reach 3.5 bil- Accordingly, Budget figures include contributions lion dollars. to the technical assistance program of the United The operation and maintenance of the military Nations, the Point Four Program, and the Exportestablishments and the complex and large amounts Import Bank. 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET In 1953, 10.5 billion dollars, compared to 6.9 security effort. Expenditures for economic stabilizabillion in 1952, will go for such military, economic, tion and other payments under the Defense Proand technical assistance. The sharp increase will duction Act are expected to increase to over 800 be financed in part from present authorizations, but million dollars in 1953 from under 700 million in over 3 billion will come out of proposed new au- 1952 and 200 million in 1951. New obligational thorizations to be submitted at a later date. Total authority of 1.1 billion dollars is requested for the authorizations made under the existing program proposed extension of the Defense Production Act. through 1952 are 25.8 billion dollars which are about Some 900 million of this new authority is reequally divided between outlays for economic and quested primarily for the development of new technical assistance and those for military assistance. sources of strategic raw materials since the exist- Although deliveries of military equipment to ing borrowing authority under the Act will be allied nations in the past 18 months have fallen fully obligated by June 30, 1952. Of this amount behind schedule, a sharp acceleration is expected in it is estimated that 285 million dollars will be 1953. Expenditures for military assistance, which spent in 1953. Over 300 million from existing are estimated to reach 4 billion dollars for 1952, authority will be spent under present programs are expected to double in 1953. This equipment to extend financial aid to defense industries through will be allocated for the most part to North Atlantic the purchase of equipment and raw materials, Treaty Organization forces in Western Europe, in- Government loans, and guarantees of private loans. cluding the United States component. Maintenance of direct controls on the flow of Expenditures for the overseas information and materials and on prices and wages is expected to education program are expected to increase by 47 require more outlays in the fiscal year 1953 than million dollars in 1953 to a total of 157 million. currently. Over 60 million dollars is budgeted for This continues the increasing effort to counteract controls over the allocation of scarce materials and Soviet propaganda and agitation in the critical areas for the Small Defense Plants Administration in aidof the world. ing small businesses to participate in the defense program. Almost 150 million dollars, 37 million Development of atomic energy. The 1953 Budget more than in 1952, is requested for the Economic calls for expenditure of 1,775 million dollars for Stabilization Agency to control prices, wages, and the development of atomic energy compared with rents. 1,725 million in 1952. Operating costs of this program have increased greatly in the past two years and now account for over 40 per cent of total ex- PROGRAMS OTHER THAN MAJOR NATIONAL SECURITY penditures for development of atomic energy. The After expenditures for major national security expansion program which began in 1950 is "well programs are accounted for, about 20 billion dollars under way, and major production facilities now remain in the 1953 Budget. This is a decrease of under construction will begin to contribute to output in the fiscal year 1953." Increased funds are almost 1 billion from 1952 and 2 billion from 1950 recommended for the procurement of uranium ores but still over 2 billion above such expenditures in as well as the production of fissionable materials 1951. Some of these programs have been reduced or and their improved usage. deferred, some have been maintained at current levels, and others which the Budget characterizes as In addition to the program specified in the Budget contributing directly to the defense effort have been Message, President Truman has stated that he will ask for 5 to 6 billion dollars of new funds for further expanded. The expenditures for these programs expansion of the atomic energy program. The ex- are shown in the table on the next page. pansion would be devoted to production facilities About one-fifth of the total is for veterans' servand most of the spending would come after 1953. ices and benefits which arise for the most part from The President expressed the hope that these outlays World War II. Expenditures for veterans are exwould eventually result in a decrease in expendi- pected to continue their downward trend in 1953 tures for conventional armaments. from the immediate postwar peaks. The estimate Defense production and economic stabilization. Ad- of 4.2 billion dollars in 1953 is about 1 billion ditional expenditures in 1953 are requested for the below 1952 and 1951. Future declines are conpurpose of expanding the economic base of the sidered unlikely, however, because of growth in the FEBRUARY 1952 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET EXPENDITURES FOR OTHER THAN MAJOR NATIONAL expected to continue to increase in 1953 and may SECURITY PROGRAMS even decline, which would be a reversal of the trend [In billions of dollars] prevailing since savings bonds were introduced in 1935. Fiscal year ending June 30— The remaining 10 billion dollars of estimated ex- Function penditures represents a variety of Government pro- 1953 » 1952 i 1951 1950 grams and functions. The total has changed little, Other expenditures, total 20.3 21.2 18.3 22.4 compared with 1952, but decreases for some pro- Veterans' services and benefits 4.2 5.2 5.3 6.6 grams have been offset by increases for other pro- Interest on public debt 6.3 6.0 5.7 5.8 Social security, welfare, and health. . 2.7 2.7 2.4 2.2 grams. Five functional classifications account for Transportation and communication. 1.5 1.9 1.6 1.6 Natural resources 1 5 1 4 1 2 1 l almost 9 billion dollars of the total. Social security, Agriculture 1.5 1.4 .7 2.8 welfare, and health expenditures of about 2.7 billion Housing and community development .3 .8 .6 .3 dollars constitute the largest share. For each of the General Government 1.5 1.4 1.2 1.1 All other 2 1.0 .6 .3 .6 others—transportation and communication, natural resources, agriculture, and general Government— 1 Estimated. 2 Includes adjustment to daily Treasury statement. expenditures will approximate 1.5 billion dollars. NOTE.—Details may not add to totals because of rounding. Some expenditures included are rather directly connumber of veterans and continued increases in nected with the present defense effort, such as the compensation and pensions. expansion of electric power generation and defense Most of the 1953 decrease in veterans' expendi- housing projects, dispersal of Government facilitures will result from a decline in the enrollment of ties, and assistance to schools in defense areas. World War II veterans in the education and train- Social security, welfare, and health expenditures ing programs which stopped accepting new enrollees estimated for 1953 are almost the same as for 1952 in July 1951. The Budget asks for new legislation, and only 282 million dollars higher than in 1951. however, to provide 75 million dollars in 1953 for This includes allowance for new legislation rea new education program for Korean veterans. quested to provide 100 million dollars in 1953 Another factor is a drop in national service life for cost-of-living increases in public assistance payinsurance requirements based on the assumption ments. With this increase the public assistance that hostilities will cease in Korea during 1952. program will account for almost half the social Veterans' compensation and pension payments for security, welfare, and health budget total. both service- and nonservice-connected disabilities There are several proposals in the Budget Meswill increase slightly in 1953. The increase arises sage, however, that would expand the social secufrom nonservice-connected payments and proposed rity program in later years. The President excost-of-living increases in compensation rates. Cur- pressed the desire to "move closer to our objective rent expenses for hospital and medical care are also of making old-age and survivors insurance a basic expected to increase with the opening of 20 newprotection for all employed groups, with special veterans' hospitals in 1953, while expenditures for pension plans supplementing this basic protection." hospital construction will decline somewhat. He also asked that the present limitation of $3,600 Because of the predicted increase in the amount on taxable earnings be raised and that benefit payof interest-bearing debt as total expenditures exceed ments be increased by $5 a month. Some receipts total receipts and because of higher interest rates, and expenditures, such as those for the old-age and expenditures for interest payments are estimated to survivors trust fund and the unemployment trust increase from 6.0 billion dollars in 1952 to 6.3 bil- fund, are not included in Budget totals but are lion in 1953. The increase is not as large as these reflected in the cash budget described below. factors might suggest, however, since the rise in For transportation and communication a decrease interest rates will affect only refunding and new in expenditures of almost 400 million dollars is borrowing, and not the entire debt, and the full expected in 1953. Most of the decrease results from impact on interest cost of the increased size of the proposals to reduce the postal deficit. Although debt will be delayed because of the lag between some higher postal rates were recently enacted, borrowing and initial interest payments. Also the they have been offset by increased operating costs; amount of interest accruals on savings bonds is not and the deficit without further rate changes will be 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET almost 700 million dollars. The President has to provide grants to the States for operation and requested postal rate increases to provide 500 million maintenance of local schools. This request for 290 dollars annually, with the major part to be author- million dollars of new funds, together with proized in the current session of Congress. Approval posals for 70 million of new Federal aid to schools of these requests would result in a decline of 225 in critical defense areas and 30 million of new funds million dollars in the deficit predicted for 1953. for scholarship aid and loans to needy college stu- Development of land and water resources accounts dents, constitutes the important parts of additional for an increase of about 100 million dollars in ex- expenditures requested for education and general penditures for 1953. The President asked for some research. Total expenditures for this program new and expanded public power projects, such as 37 amounted to 115 million dollars in 1950 and 238 million dollars for the St. Lawrence seaway and million in 1951, and they are expected to reach three other projects and 63 million for new steam 624 million in 1953. and hydroelectric generation units in the Tennessee Expenditures for housing and community de- Valley Authority. It may be noted, however, that velopment, excluding the civil defense program, net additional expenditures for TVA would increase are scheduled to decline almost 500 million dollars only 10 million dollars. An interesting proposal in from the 1952 total of over 800 million. This is this sector of the Budget is for legislation which expected to result for the most part from the sharp would require new Congressional approval for con- reduction in housing starts scheduled for 1953 and tinuation of projects whenever the total cost, after from large supplies of private mortgage funds. A allowance for changes in construction cost levels, decline of almost one-half billion dollars in net had increased by more than 10 per cent above the purchases of mortgages is expected, and net receipts last estimate approved by Congress. instead of net expenditures are expected in various Expenditures for agriculture have been subject to public housing programs as Federal loans are repaid. large fluctuations in recent years as a result of the It is expected that these funds will be raised by price support program. The Commodity Credit local housing authorities through the sale of tax- Corporation had large net receipts in 1951 when exempt securities to private investors. Expendiinventories acquired from earlier support operations tures for housing and community facilities in miliwere liquidated. Some liquidation has also occurred tary and defense installation areas will rise sharply, in 1952 and so Budget expenditures for the sup- however, since almost a third of all new homes port program are estimated at only 70 million dol- built will be in these areas. lars. If production in calendar year 1952 is as high as anticipated, reserves of some commodities will EXPENDITURE AUTHORIZATIONS be built up again with a resulting increase in price Many orders placed by the Government during support outlays to about 250 million dollars in 1953. the earlier years of the present mobilization effort Expenditures for general Government services could not be delivered until later, and much of and activities in 1953 are expected to amount to the expenditure for 1953 reflects delivery of and 1.5 billion dollars, an increase of 131 million dollars payment for such goods. Spending in 1953 will over 1952. Part of the increase results from an depend not only on commitments entered into increase of 148 million in the Government's share under the new obligational authority received durof payments to the civil service retirement system, ing the year but also upon the authorizations and due to recent pay increases and amortization of the commitments made in previous years. Thus some Government's accrued liability to the fund. In- 1953 expenditures will arise out of commitments to creased funds are requested to handle the growing pay for goods received and not paid for at the start volume of tax collections, and a supplemental ap- of the year or for goods not yet received but under propriation will be needed in the fiscal year 1952 contract. Of the 85 billion dollars of Budget exfor 7,000 employees who will be added to the star? penditures for 1953, it is expected that almost half of the Bureau of Internal Revenue before July 1. will come out of expenditure authorizations of Decreases in expenditures are estimated for public previous years and nearly half will come from new building construction and the management of pub- obligational authority granted for 1953. Under lic property and records. ordinary one-year appropriations, the right to incur The President reiterated his request for legislation obligations ceases at the end of the fiscal year, but FEBRUARY 1952 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET authority to make expenditures continues for two pared with 1950 levels, the yield from these taxes additional years. on individuals is expected to almost double in 1953 Both the new obligational authority and the ex- while the yield from corporate income and excess penditure totals shown in the Budget document profits taxes will more than double. have important implications for the economy. The large build-up of authorizations following the attack FEDERAL BUDGET RECEIPTS on Korea had an inflationary impact on business [In billions of dollars] and individual expectations and spending as new Fiscal year ending June 30— orders for vast quantities of military equipment Source were placed or anticipated. On June 30, 1950 there 1953 1 1952 1 1951 1950 were less than 15 billion dollars of unexpended bal- Total Budget receipts 71.0 62.7 48.1 37.0 ances available for expenditure purposes out of Direct taxes on individuals 33.0 30.1 24.1 18.1 1950 and prior year appropriations. By June 30, Direct taxes on corporations 27.8 22.9 14.4 10.9 1951 such unexpended balances had jumped to over E E x m c p is l e o y t m ax e e n s t taxes 2 9 5 . . 7 0 9 4 . . 0 9 3 8 . . 9 7 2 7 . . 9 6 50 billion dollars as new obligational authority Customs .6 .6 .6 .4 Miscellaneous receipts 1.6 1.6 1.6 1.4 of over 84 billion was enacted for that year and Deduct: Appropriations to Federal old-age expenditures were less than 45 billion. This trend and survivors insurance trust funds 4.0 3.9 3.1 2.1 has continued in the current fiscal year. New Refunds of receipts (excluding interest) 2.7 2.5 2.1 2.2 obligational authority of over 93 billion dollars was recommended by the President, and it is esti- 1 Estimated. mated that some 50 billion of this amount will be 2 Excludes deposits by States in unemployment trust fund of payroll taxes on employers. expended in future years. With anticipated ex- NOTE.—Details may not add to totals because of rounding. penditures of 71 billion, the backlog of unexpended balances is expected to climb to over 70 With this growth in receipts, the share of gross billion dollars by June 30, 1952. national product taken by Federal taxes and other In 1953 the trend in new obligational authority miscellaneous Federal receipts since 1951 has reof the past two years will be reversed as the total versed the downward trend which began after drops to 84 billion dollars while expenditures climb World War II. Under present estimates this share to 85 billion. Nevertheless a large backlog of un- will again exceed the 20 per cent level in 1952 expended balances will remain at the end of the and 1953. The ratio of Government cash income year—around 70 billion dollars—as some 40 bil- (which includes all net cash Budget receipts, all lion of the new authority requested for 1953 is social security taxes, and additional miscellaneous earmarked for expenditure in future years. Reversal receipts) to gross national product increased from of this trend will mean that the volume of new about 7 per cent in 1940 to over 23 per cent in 1944. orders will drop in 1953 but that heavy outlays for The postwar decline to about 15 per cent in 1950 previously ordered materials will continue for some was reversed in 1951. On the basis of data given time. in the Budget this ratio will reach 22 per cent in 1953. BUDGET RECEIPTS If Federal purchases of goods and services, which The increases in revenue that have occurred since provide a more accurate indication of the drain of the beginning of the Korean crisis and are expected governmental activities upon the resources of the to continue in 1953 have resulted in the highest economy, are compared with gross national prod- Budget receipts in history, far above the World uct, an even more striking change is shown. In War II peaks reached in 1944 and 1945. In general, 1953 the ratio of such expenditure to gross narates of taxation now approximate those of World tional product may approach 20 per cent, compared War II, so the bulk of increased revenue is the result with about 9 per cent in 1950. of the large growth in incomes. The increases come The three tax laws enacted in the past 18 months largely from income taxes on individuals and cor- have increased the annual revenue yield by about porations. In 1953, under existing legislation, about 15 billion dollars and thus far have kept the nation's 85 per cent of total Budget receipts of 71 billion Budget close to a "pay-as-we-go" basis. By the end dollars are expected to come from these taxes. Com- of fiscal year 1952, however, the President estimates 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET that we will have departed from this basis and FEDERAL CASH TRANSACTIONS WITH THE PUBLIC states that, in view of large anticipated expenditures [In billions of dollars] and the inadequacy of the Revenue Act of 1951, we will not be able to regain this policy for the "next Fiscal year ending June 50—• Item year or two." The President had asked in 1951 1953 1 1952 1 1951 1950 for legislation to raise 10 billion dollars of revenue, but the Revenue Act of 1951 provided only about Receipts from the public half that amount. The recent Budget Message calls Federal funds (Budget receipts)' 71.0 62.7 48.1 37.0 Less: Noncash transactions. . .1 .1 .3 .1 for, "at the very least," additional revenue sufficient Equals: Cash Federal funds 70.9 62.6 47.9 36.9 to replace the 5 billion dollars that was not enacted Trust funds 8.8 8.8 7.8 6.7 Less: Noncash transactions. . 2.8 2.7 2.2 2.6 last year. This is regarded as a first step toward a return to the "pay-as-we-go" policy. This return Equals: Cash trust funds. . 6.0 6.1 5.6 4.0 would also be aided by the anticipated reduction in Cash operating income .. . 76.9 68.7 53.4 41.0 expenditures after fiscal year 1954. Payments to the public Federal funds (Budget ex- The Budget Message does not recommend how penditures) 85.4 70.9 44.6 40.2 Less: Noncash transactions. . 3.2 3.4 2.8 3.2 the new 5 billion dollars of revenue should be raised other than calling for the elimination of loopholes Equals: Cash Federal funds 82.2 67.5 41.8 37.0 Trust funds and other accounts. 9.1 9.0 7.3 5.9 and special privileges from existing tax laws. Else- Less: Noncash transactions. . 4.1 3.9 3.3 -.3 where, in his Economic Report, the President does Equals: Cash trust funds and other accounts 5.0 5.1 4.0 6.2 call for tax rate increases but does not specify which Cash operating outgo. . . . 87.2 72.6 45.8 43.2 bases would be affected or the amounts involved. Budget surplus or deficit (—)... -14.4 -8.2 3.5 -3.1 Net cash operating income or outgo ( —) -10.3 -4.0 7.6 -2.2 THE CASH BUDGET 1 Estimated. Budget receipts, Budget expenditures, and the NOTE.—Details may not add to totals because of rounding. creation of new obligational authority are important factors affecting the economic outlook of the nation, important adjustments made to derive a cash budget and these are factors that are emphasized in the from the administrative Budget. 1953 Budget. The Budget contains some supple- Elimination and consolidation of these accounts mentary material, however, which shows the con- to move to a cash accounting basis reveals for recent solidated cash budget or the cash income and outgo years larger surpluses or smaller deficits than are of the United States Treasury. This method of shown by the conventional budget accounts. The budgetary accounting, which shows cash transac- difference between the cash and conventional surtions with the public, is also important for measur- plus or deficit for 1951, 1952, and 1953 amounts ing the economic impact of the Government's ac- to about 4 billion dollars in each year, as is shown tivities and is especially significant from the point in the table. of view of future monetary developments. The cash budget supplements the conventional adminis- INCREASED CASH BORROWING trative budget by showing the flow of money income and expenditure between the Federal Government The cash deficit or surplus together with any and the public. From this the borrowing and re- changes in the Treasury cash balance determines payment of borrowing from the public can be de- the amount of borrowing or repayment of borrowtermined as well as the changes in their holdings of ing from the public. The expected cash deficit of liquid assets resulting from such transactions. 4 billion dollars in 1952 may be financed largely The financial transactions of the Federal Govern- by a decrease of over 3 billion in Treasury cash ment as shown in the cash budget include transac- balances, and less than 1 billion of additional cash tions of trust funds as well as Federal funds. The borrowing from the public may be necessary. For table indicates the importance of the trust funds in the first seven months of the current fiscal year prethe cash approach. The elimination of noncash liminary data show that cash payments have been items and various intra-governmental transactions 37.8 billion dollars and cash receipts 32.0 billion. from both Federal and trust funds are the most The resulting cash deficit of 5.8 billion has been FEBRUARY 1952 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE SECOND ARMAMENT BUDGET covered by a decrease in Treasury balances of 3.5 Such concentration may be accentuated in 1953 billion and 2.3 billion of cash borrowing. since under the accelerated payments plan 80 per With this amount of net cash borrowing accom- cent of corporate income taxes on calendar year plished in the first part of the current fiscal year, 1952 income will be due in the January-June 1953, debt retirement of about 1.7 billion dollars is ex- period. pected in the remaining five months. This is likely Cash borrowing from the public or retirement of to occur largely through the retirement of tax antici- debt held by the public does not account fully for pation bills and the use of savings notes for pay- the expected changes in the public debt in 1952 ment of taxes. For expenditures in 1952 to reach and 1953. Accrued discount on savings bonds, the levels projected in the Budget, the rate of ex- which increases the value of the bonds and the size penditure will have to accelerate rapidly in the of the public debt, is not a part of cash borrowing. last five months of the year. If this does not occur, More important, the expected excess of receipts over the Treasury cash balance at the end of the year expenditures of Government trust accounts will be would be somewhat larger than anticipated in the invested in Government securities. This borrow- Budget; and new borrowing would not have to be ing will be reflected in an increase in the total Fedas great in 1953. eral debt but will not represent cash borrowing from In 1953, as shown in the table, additional cash the public. These factors are reflected in the greater borrowing from the public of over 10 billion dollars growth of the public debt predicted for 1952 and is expected. As in 1952, this borrowing will be 1953 compared to the cash borrowing required from concentrated in the period July-December, the first the public. Although only a small amount of cash half of the fiscal year, since payments of both cor- borrowing from the public is anticipated in 1952, porate and personal income taxes will be much it is estimated that the public debt will increase smaller than in the last half of the fiscal year. by 5 billion dollars. In 1953 the expected large increase in cash borrowing of over 10 billion dollars will be accompanied by expansion of the public THE PUBLIC DEBT AND CASH BORROWING OR REPAYMENT debt by almost 15 billion. Most of the differential OF BORROWING FROM THE PUBLIC in both years results from the investment in Federal fin billions of dollars] securities by trust funds. Fiscal year ending June 30— In 1953, if the rate of expenditure reaches the Item pace predicted for that year and if sufficient addi- 1953 1 1952 i 1951 1950 tional taxes are not enacted, the cash deficit and cash borrowing from the public will be very large. The Net cash operating income or outgo ( —) -10.3 -4.0 7.6 -2.2 effects of this Government cash deficit will depend Less: Increase or decrease ( —) in Treasury cash balance.. -3.4 1.8 2.0 to a considerable extent on the manner in which Equals: Net cash borrowing or repavment (—) 10.3 .6 -5.8 4.2 the deficit is financed. Its inflationary impact will Plus: Noncash borrowing or repayment (—) 4.4 4.4 3.7 .4 be diminished if savings can be maintained or in- Equals: Net increase or decrease ( —) in public debt.... 14.7 5.0 -2.1 4.6 creased and are attracted into Government securities rather than used to finance private investment exi Estimated. penditures. NOTE.—Details may not add to totals because of rounding. .132 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 Verification of OPS Ceiling Price Questions have been presented concerning the Maximum Maturity in Refinancing application of Part 4 of the Supplement to Regula- A Federal Reserve Bank recently asked whether tion W, as amended, effective December 31, 1951, the owner of new residential construction may particularly as it relates to instalment loans subject refinance credit outstanding with respect to the to section 4(<ar) of the regulation. property for a term equal to the maximum matu- As so amended, Part 4 provides in effect that rity permitted by Regulation X. For example, if where the "cash price" of a listed article is not less the property was purchased in November 1950 and than the applicable maximum retail price prescribed the borrower is refinancing the credit in January by Federal price authorities, any instalment credit 1952, may the refinanced credit have a maturity of extended in connection with the purchase of the twenty years? article shall not exceed the amount of such credit After considering this request in the light of the which would have been permitted if the article principle stated in the January 1952 Federal Reserve had been sold at the maximum retail price. BULLETIN, at page 28, that the maximum permissible maturity of credit extended to the purchaser While the above provision, like section 8(^)(1) should be calculated from the time of resale, the of the regulation, applies to both instalment vendors Board replied to the above inquiry as follows: and instalment lenders, the position of the latter, "Principle stated applies also to refinancing where as a practical matter, may not be identical with that borrower is original owner of property. This of the former who always has specific, first-hand assumes, of course, that refinancing does not reflect knowledge of the price for which he sells a listed evasive side agreement which would permit final article, whether that price be, for example, the maturity to be deferred beyond date permitted at prescribed maximum retail price to which he is time credit was originally extended." subject or a lesser price. Furthermore, section 4(</) specifically provides that if an instalment lender Consumer Credit "relies in good faith on the facts set out by the obligor in" the Statement of the Borrower (one Court Proceedings and Suspension of License such fact being the cash price of the article), "it The United States District Court in St. Louis, shall be deemed to be correct for the purposes of Missouri, on January 24, 1952, issued injunctions the Registrant." against the Kahn Motor Company, a partnership The Amendment to Part 4 of the Supplement composed of Irvin L. Cohn and Harold Greenberg, was not intended to change the practice permissible engaged in selling automobiles, and Kahn Investto instalment lenders under section 4(V) or to ment Company, a corporation engaged in financing require an independent verification of a Statement such sales, enjoining them from further violations of the Borrower the truth of which the Registrant of Regulation W, Consumer Credit, and the Board had no reason to doubt. However, neither that of Governors of the Federal Reserve System suspended for a period of fourteen days from January section nor section 8(<?)(1) would protect an instal- 28 to February 10, 1952, inclusive, their licenses ment lender who, from any source, knew or had under Regulation W to make instalment sales and reasonable grounds for suspecting that the particto finance such sales, respectively. ular credit, if granted, would exceed the amount The issuance of the injunctions and the entry permitted by Part 4 because of either a fictitiously of the Orders by the Board were consented to by inflated price for the article or a price therefor in both companies. excess of the applicable maximum retail price. 133 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT "Combination Units" Interpretations Cancelled or Modified A question has been presented concerning the In view of Amendment No. 5 to Regulation W, meaning of item 6 in Group B, Part 1, of the Sup- effective December 31, 1951, the following interplement to Regulation W which covers "Combina- pretations or summary-interpretations published in tion units incorporating any listed article in the the Federal Reserve BULLETIN are no longer effecforegoing (5) classifications of this Group B." In- tive and should be regarded as cancelled as from asmuch as item 2 of Group B covers "Dishwashers, the effective date of Amendment No. 5: mechanical, designed for household use," the Board, in the 1950 Federal Reserve BULLETIN, at page 1613, "Automobile Appraisal Guides," 1950 Federal stated that a "combination unit" such as a kitchen Reserve BULLETIN 1311. sink including a dishwasher of the kind just " 'Used' Automobiles," 1950 Federal Reserve described, would constitute a Group B article. For these purposes, the Board is of the further BULLETIN 1472. view that to constitute such a "combination unit," "Sale of 'demonstrator' Automobile," 1950 the components thereof must be so manufactured Federal Reserve BULLETIN 1618, para. (33). as not to be reasonably susceptible of being sold "Automobile Appraisal Guides," 1951 Federal separately. For example, a mechanical dishwasher Reserve BULLETIN 148. which is manufactured as a separate unit and which "Automobile Appraisal Guides," 1951 Federal may be purchased as a separate unit, and a counter Reserve BULLETIN 269. top-sink bowl unit similarly manufactured and "Automobile Appraisal Guides," 1951 Federal offered for sale would not constitute a "combination unit," even though they may be sold and Reserve BULLETIN 392. delivered at or about the same time and installed "Automobile Appraisal Guides," 1951 Federal so that the dishwasher may become an attached Reserve BULLETIN 646. or supporting part of the counter top-sink bowl. In such a case, that portion of the credit applicable Other interpretations or summary-interpretations to the dishwasher would be subject to Group B, issued prior to the effective date of Amendment while that portion of the credit applicable to the No. 5 and which refer, for example, to "automobile counter top-sink bowl would be subject to Group appraisal guides" or "Part 5 of the Supplement to D; and the resulting combined credit may be the regulation," should be considered and applied treated as provided by section 6(d) of the regula- in the light of the changes made in the regulation tion. by Amendment No. 5. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Bank Suspensions is to provide the basis for better understanding of During 1951 there were three bank suspensions, debits and the velocity of deposits and hence of the of which two were unincorporated private banks. appropriateness of these series for different types of There has been no suspension of a member bank economic analysis. since 1943. The following table shows the number Mr. Garvy's study is a by-product of the research of suspensions and the deposits of the suspended program of the Federal Reserve System. This probanks in recent years: gram includes the development and maintenance of statistical tools and materials that contribute to an Member Nonmember understanding of banking and monetary developbanks banks Total, ments. Publication of any findings resulting from all banks ti N on a- al State su In re - d in N s o u n r - ed t d h o e r s r e e m se e a n r t c h o f p t r h o e g r v a ie m w s d o o e r s c o n n o c t lu in si d o i n c s a t e e x p of r f e i s c s ia e l d . en- The pamphlet may be purchased for 25 cents or Number of banks suspended: 1 15 cents in group purchases of 10 or more for single 1934-42 330 20 6 216 88 shipment. Orders should be sent to the Division 1943 4 2 2 of Administrative Services, Board of Governors of 1944 1 1 the Federal Reserve System, Washington 25, D. C. 1945 . . . 0 1946 0 1947 1 1 1948 0 Appointment of Branch Director 1949 4 4 1950 1 1 On January 17, 1952, the Federal Reserve Bank 1951 3 3 of Kansas City appointed Mr. George R. Gear, Deposits of suspended President, The City National Bank of Guymon, banks (in thousands of dollars): 2 Guymon, Oklahoma, as a director of the Oklahoma 1934-42 137,362 18,01626,548 51,567 41,231 City Branch for the unexpired portion of the term 1943 6,223 4,982 1 241 ending December 31, 1953. Mr. Gear succeeded 1944 405 405 1945 0 Mr. S. A. Bryant, President, The Farmers Na- 1946 0 1947 167 167 tional Bank of Cushing, Cushing, Oklahoma, 1948 0 1949 2,443 2,443 whose term expired. 1950 42 42 1951 3,113 3,113 Death of Director 1 Represents banks which, during the periods shown, closed Mr. Robert P. Patterson, a member of the firm temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by of Patterson, Belknap and Webb, attorneys at law. other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). New York, New York, who had served as a Class 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspensions, and deposits of noninsured C director of the Federal Reserve Bank of New nonmember banks are based on the latest data available at the time the suspensions were reported. York since April 24, 1950, died on January 22, 1952. Back figures.—See Banking and Monetary Statistics, pp. 283-92; for description, see pp. 281-82 in same publication. New Edition of U. S. Government Manual Publication of Technical Study The 1951-52 edition of the U. S. Government The Development of Ban\ Debits and Clearings Organization Manual is off the press and may and Their Use in Economic Analysis, by George be purchased from the Superintendent of Docu- Garvy of the Federal Reserve Bank of New York, is ments, Government Printing Office, Washington now ready for distribution at the offices of the Board 25, D. C, for $1 a copy. of Governors. This study combines a statistical The Manual is published by the Federal Register review of debits and clearings statistics in the United Division, National Archives and Records Service, States with a critical review of their use by econo- General Services Administration. It contains secmists and monetary analysts to interpret and project tions descriptive of the agencies in the legislative, economic developments. The purpose of the study judicial and executive branches of the Government. FEBRUARY 1952 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Supplemental information includes (1) brief de- The 119 page booklet is a guide to Federal scriptions of quasi-official agencies and selected agencies all or part of whose functions are deinternational organizations, (2) charts of the more voted to mobilization or to other related phases of complex agencies, and (3) appendixes relating the defense program. It includes brief organizato abolished or transferred agencies and to gov- tional outlines and the names and addresses of offiernmental publications. cials of emergency defense agencies, the Department of Defense, and the United States Coast Guard. Federal Register This revised edition may be purchased for 30^ The official text on prices, wages, production, a copy from the Superintendent of Documents, transportation, housing, finance, fuels, minerals Government Printing Office, Washington 25, D. C. etc. is published in the daily Federal Register. The Federal Register is the only official Gov- Abstracts of Orders ernment periodical in which publication of all emergency regulations is required by law. It is an The sixth issue of Abstracts of Defense Regulations went on sale this week. It contains a cumuinvaluable and indispensable aid to businessmen, lative list (through Dec. 31, 1951) of all regulaattorneys, and others who deal with the United tions, orders, delegations of authority, and forms States Government. issued pursuant to the Defense Production Act, Subscription price (includes postage)—$15.00 a together with brief abstracts of their content, citayear; $1.50 a month. tions to their publications in full in the Federal Order from Superintendent of Documents, Gov- Register, and the names of the persons to whom ernment Printing Office, Washington 25, D. C. inquiries concerning each document should be A sample copy will be sent upon request to: directed. This issue contains a cumulative listing Director, Federal Register Division, Washington of documents which are currently in effect. 25, D. C. Abstracts of Defense Regulations are revised Handbook of Emergency Defense Activiti2s monthly and may be obtained on a subscription The Federal Register Division has announced basis at $6 per year. Prices of individual copies vary. publication of the third edition of the Handbook Orders for subscriptions or for individual copies of Emergency Defense Activities, Oct. 1951-Mar. should be addressed to the Superintendent of 1952, Edition. Documents, Washington 25, D. C. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES "DOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present •*• constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. Term District No. 1—Boston Expires Class A: Dec. 31 Earle W. Stamm President, The National Bank of Commerce of New London, New London, Conn 1952 Lloyd D. Brace . .. President, The First National Bank of Boston, Boston, Mass.. . . 1953 Russell H. Britton. . Executive Vice President and Cashier, First National Bank of Rochester, Rochester, N. H.. 1954 Class B.- Roy L. Patrick . President, Rock of Ages Corporation, Burlington, Vt.. . 1952 Harvey P. Hood President, H. P. Hood & Sons, Inc., Boston, Mass.. . . . 1953 Frederick S. Blackall, jr. .President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. I. 1954 Class C.- Harold D. Hodgkinson1. , . Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons* Company, Boston, Mass 1952 Karl T. Compton. . Chairman of the Corporation, Massachusetts Institute of Technology, Cambridge, Mass. 1953 Ames Stevens2. .President, Ames Worsted Company, Lowell, Mass... 1954 District No. 2—New York Class A: John C. Traphagen... . . Chairman of the Board, Bank of New York and Fifth Avenue Bank, New York, N. Y 1952 Burr P. Cleveland President, First National Bank of Cortland, Cortland, N. Y.. 1953 F. Palmer Armstrong President, The Keyport Banking Company, Keyport, N. J.. 1954 1 Chairman. 2 Deputy Chairman. FEBRUARY 1952 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B.- Clarence Francis. . .. Chairman of the Board, General Foods Corporation, New York, N. Y 1952 Marion B. Folsom. . .. Treasurer and Director, Eastman Kodak Company, Rochester, N. Y 1953 Jay E. Crane. . .Vice President, Standard Oil Company (New Jersey), New York, N. Y.. 1954 Class C: Vacancy 1952 Robert T. Stevens1. . . Chairman of the Board, J. P. Stevens & Company, Inc., New York, N. Y 1953 William I. Myers2. . . . Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y.. 1954 Buffalo Branch Appointed by Federal Reserve Ban\: George F. Bates. Vice President, The Marine Trust Company of Western New York, Buffalo, N. Y. (In charge of the Power City Trust offices, Niagara Falls) 1952 Bernard E. Finucane. . . .President, Security Trust Company of Rochester, Rochester, N. Y 1952 C. Elmer Olson. President, The First National Bank of Falconer, Falconer, N. Y 1953 Lewis G. Harriman. . . . President, Manufacturers and Traders Trust Company, Buffalo, N. Y. . 1954 Appointed by Board of Governors: Edgar F. Wendt1. . . .President, Buffalo Forge Company, Buffalo, N. Y 1952 Robert C. Tait. . . .President, Stromberg-Carlson Company, Rochester, N. Y.. 1953 Clayton White .Dairy farmer, Stow, N. Y.. . 1954 District No. 3—Philadelphia Class A: J. Nyce Patterson. . . President, Watsontown National Bank, Watsontown, Pa 1952 Archie D. Swift. . . . Chairman of Board, Central-Penn National Bank, Philadelphia, Pa 1953 Wadsworth Cresse. . .. Cashier and Director, First National Bank and Trust Company, Woodbury, N. J... 1954 Class B.- Charles E. Oakes. . . . President and Director, Pennsylvania Power and Light Company, Allentown, Pa 1952 Warren C. Newton. . . .President, O. A. Newton and Son Company, Bridgeville, Del. 1953 Andrew Kaul, III President and Director, Speer Carbon Company, St. Marys, Pa. 1954 Class C: Warren F. Whittier1. , . Agricultural Consultant, Chester Springs, Pa... 1952 1 Chairman. 2 Deputy Chairman. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 C. Canby Balderston2. Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa 1953 William J. Meinel. . President and Chairman of Board, Heintz Manufacturing Company, Philadelphia, Pa.. 1954 District No. 4—Cleveland Class A: . President, The Merchants National Bank and Trust Company John D. Bainer. of Meadville, Meadville, Pa. 1952 . President, Mellon National Bank and Trust Company, Pitts- Lawrence N. Murray. burgh, Pa. 1953 President, Pomeroy National Bank, Pomeroy, Ohio. 1954 Edison Hobstetter Class B.- Edward C. Doll... .President, Lovell Manufacturing Company, Erie, Pa.. 1952 Charles J. Stilwdl. . .President, The Warner and Swasey Company, Cleveland, Ohio 1953 , . Chairman of the Board, The Eagle-Picher Company, Cincinnati, Joel M. Bowlby. . Ohio 1954 Class C: .President, Addressograph-Multigraph Corporation, Cleveland, George C. Brainard1. Ohio 1952 . Chairman of the Board, John C. Virden Company, Cleveland, John C. Virden2. Ohio . . 1953 Dean, College of Agriculture, The Ohio State University, Co- Leo L. Rummell. lumbus, Ohio 1954 Cincinnati Branch Appointed by Federal Reserve Ban\: Sterling B. Cramer First Vice President, The Fifth Third Union Trust Company, Cincinnati, Ohio .... . 1952 L. M. Campbell. President, Second National Bank, Ashland, Ky.. . 1953 E. S. Dabney. . .President, Security Trust Company, Lexington, Ky.. . 1954 Joseph B. Hall. President, Kroger Company, Cincinnati, Ohio. 1954 Appointed by Board of Governors: Henry C. Besuden. . . . Farmer, Winchester, Ky . 1952 Granville R. Lohnes. . Treasurer, National Cash Register Company, Dayton, Ohio. 1953 Ernest H. Hahne1. President, Miami University, Oxford, Ohio. 1954 Pittsburgh Branch Appointed by Federal Reserve Ban\: John Barclay, Jr.. . . President, Barclay-Westmoreland Trust Company, Greensburg, Pa 1952 Hugo E. Laupp. . . . President, Wheeling Dollar Savings and Trust Company, Wheeling, W. Va. 1953 Montfort Jones.. . .Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa. 1954 1 Chairman. 2 Deputy Chairman. FEBRUARY 1952 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 William B. McFall. . . . President, Commonwealth Trust Company of Pittsburgh, Pittsburgh, Pa. ... 1954 Appointed by Board of Governors: Sidney A. Swensrud1 President, Gulf Oil Corporation, Pittsburgh, Pa.. 1952 Henry A. Roemer, Jr President, Sharon Steel Corporation, Sharon, Pa 1953 Clifford F. Hood Executive Vice President—Operations, United States Steel Company, Pittsburgh, Pa. 1954 District No. 5—Richmond Class A: Warren S. Johnson. . . . Vice Chairman, Peoples Savings Bank and Trust Company, Wilmington, N. C. 1952 John A. Sydenstricker Executive Vice President, First National Bank in Marlinton, Marlinton, W. Va 1953 James D. Harrison. . ,. .President, First National Bank of Baltimore, Baltimore, Md.. 1954 Class B: H. L. Rust, Jr.. . .. .President, H. L. Rust Company, Washington, D. C. 1952 Cary L. Page. . ... .President and Treasurer, Jackson Mills, Wellford, S. C. ... 1953 Edwin Hyde. . . . .Executive Vice President, Miller & Rhoads, Inc., Richmond, Va. 1954 Class C.- John B. Woodward, Jr.2 President, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 1952 Charles P. McCormick1. . . . President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md.. 1953 W. G. Wysor. . . . Management Counsel, Southern States Cooperative, Inc., Richmond, Va. 1954 Baltimore Branch Appointed by Federal Reserve Ban\: Eugene G. Grady President, The Western National Bank, Baltimore, Md. 1952 Lacy I. Rice President, The Old National Bank, Martinsburg, W. Va. 1952 Charles W. Hoff. . .President, Union Trust Company of Maryland, Baltimore, Md. 1953 Charles A. Piper. . . .President, The Liberty Trust Company, Cumberland, Md. 1954 Appointed by Board of Governors: L. Vinton Hershey1. ..President and General Manager, Hagerstown Shoe Company, Hagerstown, Md. .. 1952 James M. Shriver . President, The B. F. Shriver Company, Westminster, Md.. 1953 Alonzo G. Decker, Jr Vice President, The Black & Decker Manufacturing Company, Towson, Md. 1954 Charlotte Branch Appointed by Federal Reserve Ban\: George S. Crouch. . . Chairman of the Board, Union National Bank, Charlotte, N. C. 1952 Jonathan Woody. . . President, First National Bank, Waynesville, N. C. 1952 1 Chairman. 2 Deputy Chairman. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 A. K. Davis. . . Senior Vice President, Wachovia Bank & Trust Company, Winston-Salem, N. C . . 1953 Thomas J. Robertson. . President, First National Bank of South Carolina, Columbia, S. C. 1954 Appointed by Board of Governors: W. A. L. Sibley1. . . .Vice President and Treasurer, Monarch Mills, Union, S. C. 1952 R. E. Ebert . .President, Dixie Home Stores, Inc., Greenville, S. C. . . . 1953 Paul T. Taylor. . .President, Taylor Warehouse Company, Winston-Salem, N. C. 1954 District No. 6—Atlanta Class A: Leslie R. Driver President, The First National Bank in Bristol, Bristol, Tenn.. 1952 Roland L. Adams .President, Bank of York, York, Ala. . . 1953 W. C. Bowman . . Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala. 1954 Class B: Donald Comer Chairman of the Board, Avondale Mills, Birmingham, Ala.. 1952 A. B. Freeman. . Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La.. 1953 J. A. McCrary Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga. 1954 Class C: Rufus C. Harris2. . President, The Tulane University of Louisiana, New Orleans, La. . 1952 Frank H. Neely1 . . . . Chairman of the Board, Rich's, Inc., Atlanta, Ga. 1953 Paul E. Reinhold President, Foremost Dairies, Inc., Jacksonville, Fla. 1954 Birmingham Branch Appointed by Federal Reserve Ban\: J. B. Barnett. . . President, The First National Bank of Monroeville, Monroeville, Ala. . 1952 A. M. Shook. ... ..President, Security Commercial Bank, Birmingham, Ala.. 1952 T. J. Cottingham. President, State National Bank of Decatur, Decatur, Ala.. . 1953 A. J. Goodwin, Jr.. . Vice President, The Anniston National Bank, Anniston, Ala.. 1954 Appointed by Board of Governors: Thad Holt. . . .President and Treasurer, Voice of Alabama, Inc., Birmingham, Ala. 1952 John M. Gallalee1. President, University of Alabama, Tuscaloosa, Ala.. 1953 Edwin C. Bottcher Farming, Cullman, Ala. 1954 Jacksonville Branch Appointed by Federal Reserve Ban\: J. E. Bryan... ..President, Union Trust Company, St. Petersburg, Fla.. 1952 N. Ray Carroll President, The First National Bank of Kissimmee, Kissimmee, Fla 1952 Clement B. Chinn President, The First National Bank of Miami, Miami, Fla. 1953 1 Chairman. 2 Deputy Chairman. FEBRUARY 1952 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 G. W. Reese. . . President, The Citizens and Peoples National Bank of Pensacola, Pensacola, Fla. . 1954 Appointed by Board of Governors: Howard Phillips1. . . .Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla 1952 Marshall F. Howell. . .. Vice President, Bond-Howell Lumber Company, Jacksonville, Fla 1953 J. Hillis Miller. ..President, University of Florida, Gainesville, Fla.. 1954 Nashville Branch Appointed by Federal Reserve Ban\: T. L. Cathey. . . .President, Peoples and Union Bank, Lewisburg, Tenn.. 1952 Thos. D. Brabson. . . .President, The First National Bank of Greeneville, Greeneville, Tenn 1952 G. C. Graves. . President, The First National Bank of Athens, Athens, Tenn. 1953 Sam M. Fleming. . . .President, Third National Bank in Nashville, Nashville, Tenn. 1954 Appointed by Board of Governors: W. Bratten Evans. . . . .President, Tennessee Enamel Manufacturing Company, Nashville, Tenn . .. 1952 C. E. Brehm. ... . .President, University of Tennessee, Knoxville, Tenn.. 1953 H. C. Meacham1. . .Agriculture and livestock, Franklin, Tenn.. 1954 New Orleans Branch Appointed by Federal Reserve Ban\: Percy H. Sitges. ... ... President, Louisiana Bank & Trust Company, New Orleans, La. 1952 Elbert E. Moore. . . .President, Louisiana National Bank of Baton Rouge, Baton Rouge, La. 1952 Win. C. Carter. President, Gulf National Bank of Gulf port, Gulf port, Miss. 1953 G. M. Me Williams. President, Citizens Bank of Hattiesburg, Hattiesburg, Miss.. 1954 Appointed by Board of Governors: E. O. Batson President, Batson-McGehee Company, Inc., Millard, Miss.. 1952 H. G. Chalkley, Jr.1. . . President, Sweet Lake Land & Oil Company, Inc., Lake Charles, La 1953 Joel L. Fletcher, Jr.. President, Southwestern Louisiana Institute, Lafayette, La.. 1954 District No. 7—Chicago Class A: Horace S. French. . . . President, The Manufacturers National Bank of Chicago, Chicago, 111 1952 Vivian W. Johnson.. President, First National Bank, Cedar Falls, Iowa. 1953 Walter J. Cummings . . . Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111. 1954 Class B.- William J. Grede. . . .President, Grede Foundries, Inc., Milwaukee, Wis.. 1952 1 Chairman. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 William R. Sinclair. Chairman of the Board and Chief Executive Officer, Kingan & Company, Indianapolis, Ind. 1953 Walter E. Hawkinson. Vice President in Charge of Finance, and Secretary, Allis- Chalmers Manufacturing Company, Milwaukee, Wis.. 1954 Class C: John S. Coleman2 . President, Burroughs Adding Machine Company, Detroit, Mich 1952 Allan B. Kline. President, American Farm Bureau Federation, Chicago, 111.. 1953 Franklin J. Lunding1. . Director and Chief Executive Officer, Jewel Tea Company, Inc., Chicago, 111. 1954 Detroit Branch Appointed by Federal Reserve Ban\: Howard P. Parshall. . .President, Commonwealth Bank, Detroit, Mich. 1952 John A. Stewart. , .Vice President and Cashier, Second National Bank & Trust Company, Saginaw, Mich. 1952 Joseph M. Dodge. ..President, The Detroit Bank, Detroit, Mich.. 1953 Appointed by Board of Governors: John A. Hannah1. President, Michigan State College, East Lansing, Mich.. 1952 William M. Day Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich. 1953 District No. 8—St. Louis Class A: J. E. Etherton President, Carbondale National Bank, Carbondale, 111.. 1952 William A. McDonnell. . President, First National Bank in St. Louis, St. Louis, Mo.. 1953 Phil E. Chappell. . . .President, Planters Bank & Trust Company, Hopkinsville, Ky.. 1954 Class B.- Ralph E. Plunkett. ..President, Plunkett-Jarrell Grocer Company, Little Rock, Ark. 1952 Louis Ruthenburg . . . .Chairman of Board, Servel, Inc., Evansville, Ind.. 1953 M. Moss Alexander. . . President, Missouri-Portland Cement Company, St. Louis, Mo. 1954 Class C.- Russell L. Dearmont1. . Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo. 1952 Wm. H. Bryce2. . . Vice President and Director, Dixie Wax Paper Company, Memphis, Tenn 1953 Joseph H. Moore. . . . Farmer, Charleston, Mo. . 1954 Little Rock Branch Appointed by Federal Reserve Ban\: Harvey C. Couch, Jr.. .President, Union National Bank, Little Rock, Ark.. . 1952 Gaither C. Johnston. . . Farming, Dermott, Ark 1953 H. C. McKinney, Jr.. President, First National Bank, El Dorado, Ark 1954 Thos. W. Stone. . .Executive Vice President, The Arkansas National Bank, Hot Springs, Ark. 1954 1 Chairman. 2 Deputy Chairman. FEBRUARY 1952 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec, 31 Appointed by Board of Governors: Stonewall }. Beauchamp1. . President, Terminal Warehouse Company, Little Rock, Ark.. 1952 Sam B. Strauss . President, Pfeifers of Arkansas, Little Rock, Ark 1953 Shuford R. Nichols Farmer, ginner and cotton broker, Des Arc, Ark.. 1954 Louisville Branch Appointed by Federal Reserve Ban\: A. C. Voris. .. .President, Citizens National Bank, Bedford, Ind.. . . 1952 Noel Rush . .President, Lincoln Bank and Trust Company, Louisville, Ky. 1953 M. C. Minor ..President, Farmers National Bank, Danville, Ky. . . 1954 Ira F. Wilcox . Vice President and Cashier, The Union National Bank, New Albany, Ind. 1954 Appointed by Board of Governors: Smith Broadbent, Jr Farmer, Cadiz, Ky. . . 1952 Alvin A. Voit1... ..President, Mengel Company, Louisville, Ky.. 1953 Pierre B. McBride. . . .President, Porcelain Metals Corporation, Louisville, Ky. 1954 Memphis Branch Appointed by Federal Reserve Ban\: Ben L. Ross. . .Chairman of Board, Phillips National Bank, Helena, Ark. 1952 C. H. Reeves President, Merchants and Farmers Bank, Columbus, Miss. 1953 John A. McCall. . President, First National Bank, Lexington, Tenn. 1954 William B. Pollard. President, National Bank of Commerce, Memphis, Tenn. 1954 Appointed by Board of Governors: Hugh M. Brinkley1. Farmer, Hughes, Ark 1952 M. P. Moore. . . . .Owner, Circle M Ranch, Senatobia, Miss. . 1953 CafTey Robertson President, Caffey Robertson Company, Memphis, Tenn.. 1954 District No. 9—Minneapolis Class A: Edgar F. Zelle. Chairman of the Board, First National Bank, Minneapolis, Minn. 1952 H. N. Thomson. , .Vice President, Farmers and Merchants Bank, Presho, S. Dak. 1953 C. W. Burges Vice President and Cashier, Security National Bank, Edgeley, N. Dak. 1954 Class B: Homer P. Clark .Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn 1952 W. A. Denecke. . Livestock rancher, Bozeman, Mont. 1953 Ray C. Lange President, Chippewa Canning Company, Chippewa Falls, Wis. 1954 Class C: F. A. Flodin . . President, Lake Shore Engineering Company, Iron Mountain, Mich. . 1952 Roger B. Shepard1. . .St. Paul, Minn 1953 Paul E. Miller2. . . . Director, Agricultural Extension Division, University of Minnesota, St. Paul, Minn.. ... 1954 1 Chairman. 2 Deputy Chairman. 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Helena Branch Appointed by Federal Reserve Ban\: Theodore Jacobs President, First National Bank, Missoula, Mont.. 1952 E. D. MacHafrle. . .Investments, Helena, Mont.. ... . 1952 A. W. Heidel. .Vice President, Powder River County Bank, Broadus, Mont.. 1953 Appointed by Board of Governors: John E. Corette, Jr.. ..Vice President, Montana Power Company, Butte, Mont.. 1952 G. R. Milburn1. .Livestock rancher, Grass Range, Mont.. 1953 District No. 10—Kansas City Class A: W. S. Kennedy. . , .President and Chairman of the Board, The First National Bank of Junction City, Junction City, Kan. . 1952 W. L. Bunten. . . .Executive Vice President, Goodland State Bank, Goodland, Kan. 1953 T. A. Dines. . .Chairman of the Board, The United States National Bank of Denver, Denver, Colo.. 1954 Class B: E. M. Dodds. . President, United States Cold Storage Corporation, Kansas City, Mo. . .. .. 1952 L. C. Hutson. . .Director, Chickasha Cotton Oil Company, Chickasha, Okla.. 1953 Vacancy 1954 Class C: Robert B. Caldwell1. . .Caldwell, Downing, Noble and Garrity, Kansas City, Mo.. 1952 Vacancy2 1953 Lyle L.Hague. ..Farmer and stockman, Cherokee, Okla.. 1954 Denver Branch Appointed by Federal Reserve Ban\: Albert K. Mitchell Rancher, Albert, N. Mex.. . . 1952 Ramon B. Handy .Executive Vice President, The First National Bank of Greeley, Greeley, Colo 1952 Merriam B. Berger. . Vice President, The Colorado National Bank of Denver, Denver, Colo. 1953 Appointed by Board of Governors: G. Norman Winder1. .Rancher, Craig, Colo 1952 Cecil Puckett .Dean, College of Business Administration, University of Denver, Denver, Colo. 1953 Oklahoma City Branch Appointed by Federal Reserve Ban\: Frank A. Sewell. . . Chairman of the Board and President, The Liberty National Bank and Trust Company of Oklahoma City, Oklahoma City, Okla. 1952 1 Chairman. 2 Deputy Chairman. FEBRUARY 1952 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 F. M. Overstreet. President, First National Bank at Ponca City, Ponca City, Okla. 1952 George R. Gear President, The City National Bank of Guymon, Guymon, Okla. 1953 Appointed by Board of Governors: Rufus J. Green1. . . Rancher and farmer, Duncan, Okla 1952 Cecil W. Cotton. . President, C. W. Cotton Supply Company, Tulsa, Okla.. 1953 Omaha Branch Appointed by Federal Reserve Ban\: Fred W. Marble. . . .President, The Stock Growers National Bank of Cheyenne, Cheyenne, Wyo 1952 I. R. Alter. . . President, The First National Bank of Grand Island, Grand Island, Neb 1953 Ellsworth Moser . . .President, The United States National Bank of Omaha, Omaha, Neb. 1953 Appointed by Board of Governors: Fred S. Wallace1. .. . .Farmer, Gibbon, Neb 1952 Joe W. Seacrest. . President, State Journal Company, Lincoln, Neb.. . 1953 District No. 11—Dallas Class A: J. Edd McLaughlin. . . Vice President, Security State Bank and Trust Company, Rails, Tex 1952 W. L. Peterson. . .. .President, The State National Bank, Denison, Tex.. 1953 P. P. Butler. . . .President, First National Bank of Houston, Houston, Tex.. . 1954 Class B: George L. MacGregor. . . . Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Tex 1952 W. F. Beall. . . . President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Tex 1953 George H. Zimmerman. . Chairman of the Board and President, Wm. Cameron & Company, Waco, Tex.. 1954 Class C: J. R. Parten1. . President, Woodley Petroleum Company, Houston, Tex.. 1952 G. A. Frierson. ... . G. A. Frierson & Son, Merchants & Planters, Shreveport, La.. 1953 R. B. Anderson2. . General Manager, W. T. Waggoner Estate, Vernon, Tex.. 1954 El Paso Branch Appointed by Federal Reserve Ban\: George G. Matkin. . . .President, State National Bank, El Paso, Tex 1952 W. H. Holcombe. .Executive Vice President, Security State Bank, Pecos, Tex.. . 1953 John W. Cordts. . . .President, Southwest National Bank, El Paso, Tex 1954 J. M. Sakrison.... ... President, Southern Arizona Bank & Trust Company, Tucson, Ariz. . 1954 Appointed by Board of Governors: Hiram S. Corbett1 President, J. Knox Corbett Lumber Company, Tucson, Ariz.. 1952 1 Chairman. 2 Deputy Chairman. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Hal Bogle . .Livestock feeding, farming and ranching, Dexter, N. Mex.. . 1953 James A. Dick, Jr.... ,. .President, James A. Dick Company, El Paso, Tex 1954 Houston Branch Appointed by Federal Reserve Ban\: Melvin Rouff President, Houston National Bank, Houston, Tex 1952 R. Lee Kempner President, United States National Bank, Galveston, Tex.. . . 1953 P. R. Hamill. . . . .President, Bay City Bank & Trust Company, Bay City, Tex.. . 1954 O. R. Weyrich President, Houston Bank & Trust Company, Houston, Tex.. . 1954 Appointed by Board of Governors: Charles N. Shepardson. . . . Dean of Agriculture, A. & M. College of Texas, College Station, Tex 1952 Herbert G. Sutton T. O. Sutton and Sons, Colmesneil, Tex 1953 Ross Stewart1 President, C. Jim Stewart & Stevenson, Inc., Houston, Tex.. . 1954 San Antonio Branch Appointed by Federal Reserve Ban\: Riley Peters President, First State Bank, Kerrville, Tex 1952 E. R. L. Wroe President, American National Bank, Austin, Tex. 1953 E. A. Baetz President, Bexar County National Bank, San Antonio, Tex.. . 1954 V. S. Marett President, Gonzales State Bank, Gonzales, Tex 1954 Appointed by Board of Governors: D. Hayden Perry Livestock farming, Robstown, Tex 1952 Edward E. Hale. ., . .Chairman of the Department and Professor of Economics, The University of Texas, Austin, Tex.. . 1953 Henry P. Drought1. , Attorney at Law, San Antonio, Tex.. 1954 District No. 12—San Francisco Class A: William W. Crocker. . . .Chairman of the Board, Crocker First National Bank of San Francisco, San Francisco, Calif 1952 Chas. H. Stewart. . . .Chairman of the Board, Portland Trust Bank, Portland, Ore.. . 1953 Carroll F. Byrd. . . .President, The First National Bank of Willows, Willows, Calif. 1954 Class B: Walter S. Johnson. . . .President, American Forest Products Corporation, San Francisco, Calif 1952 Alden G. Roach. . . .President, Columbia-Geneva Steel Division of United States Steel Company, San Francisco, Calif 1953 Reese H. Taylor. . . .President, Union Oil Company of California, Los Angeles, Calif. 1954 Class C: Bray ton Wilbur1 President, Wilbur-Ellis Company, San Francisco, Calif 1952 William R. Wallace, Jr.2. Member of the firm of Wallace, Garrison, Norton & Ray, Attorneys at Law, San Francisco, Calif 1953 Harry R. Wellman. . . . Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif... 1954 1 Chairman. 2 Deputy Chairman. FEBRUARY 1952 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Los Angeles Branch Appointed by Federal Reserve Ban\: M. Vilas Hubbard. .President, Citizens Commercial Trust & Savings Bank of Pasadena, Pasadena, Calif 1952 Frank L. King.. ..President, California Bank, Los Angeles, Calif.. 1952 W. R. Bimson. . , President, The Valley National Bank of Phoenix, Phoenix, Ariz. 1953 Appointed by Board of Governors: Fred G. Sherrill1. Vice President, J. G. Boswell Company, Los Angeles, Calif.. 1952 Paul H. Helms. . .President, Helms Bakeries, Los Angeles, Calif.. 1953 Portland Branch Appointed by Federal Reserve Ban\: W. W. Flint. . President, The First National Bank of Cottonwood, Cottonwood, Idaho . 1952 Frank Wortman .President, The First National Bank of McMinnville, McMinnvillc, Ore 1952 E. C. Sammons. . . President, The United States National Bank of Portland, Portland, Ore. 1953 Appointed by Board of Governors: Robert B. Taylor1. . . .Livestock and farming, Adams, Ore 1952 Aaron M. Frank. President, Meier & Frank Company, Inc., Portland, Ore.. 1953 Salt Lake City Branch Appointed by Federal Reserve Ban\: Chas. L. Smith. Chairman of the Board, First Security Bank of Utah, National Association, Salt Lake City, Utah. .. 1952 John A. Schoonover. President, The Idaho First National Bank, Boise, Idaho. 1952 Harry Eaton Vice President, Twin Falls Bank & Trust Company, Twin Falls, Idaho 1953 Appointed by Board of Governors: Merle G. Hyer1. . .Livestock and farming, Lewiston, Utah. 1952 Frank M. Browning. .President, Ogden Buick Sales Company, Ogden, Utah 1953 Seattle Branch Appointed by Federal Reserve Ban\: Fred C. Forrest. . .Chairman of the Board and President, The First National Bank of Pullman, Pullman, Wash.. 1952 Benj. N. Phillips. . .Chairman of the Board, First National Bank in Port Angeles, Port Angeles, Wash.. . 1952 Chas. F. Frankland. . .President, The Pacific National Bank of Seattle, Seattle, Wash. 1953 Appointed by Board of Governors: Ralph Sundquist1 . . .Sundquist Fruit & Cold Storage, Yakima, Wash 1952 D. K. MacDonald. . . .President, D. K. MacDonald & Company, Inc., Seattle, Wash.. 1953 1 Chairman. 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 28, and released for publication January 30] Over-all stability in economic activity continued of the preceding month but somewhat below the in December and January. Prices of some basic new rated capacity. Curtailed production of buildcommodities have weakened in recent weeks, ing materials in December reflected large invenwhile prices of finished goods have generally tories and the reduced level of residential conbeen maintained. Bank loans to business expanded struction. Output of household durable goods considerably in December and showed some de- continued at a level moderately above the summer cline in early January. Easing in money market low and close to the 1947-49 average rate. Auto conditions in January was reflected in reduction assemblies were considerably reduced in late Deof Federal Reserve holdings of Government securi- cember and early January, partly because of model ties to the lowest level since early July 1951. changeovers. The decline in nondurable goods production in INDUSTRIAL PRODUCTION December largely reflected moderate cuts in cot- The Board's index of industrial production in ton textiles, paperboard, and newsprint consump- December was 218 per cent of the 1935-39 average, tion and a more than seasonal decline in manuabout the same as in the preceding 4 months and in factured foods. Operations at chemical and rub- December the year before. The index averaged 220 ber plants continued at the high November levels for the year 1951, up 10 per cent from 1950. Dur- and petroleum refining activity increased slightly able goods output expanded further in December further. and topped the previous postwar high reached in Coal production decreased in December after April. There were offsetting declines, however, a marked rise in October and November. Crude in nondurable goods and minerals. petroleum output was stable at rates slightly be- Activity in producers' equipment and munitions low the peak reached last autumn. industries generally increased in December. Gains EMPLOYMENT were particularly marked for machine tool, electrical power equipment, and aircraft industries. Out- Seasonally adjusted employment in nonagriculput of steel and nonferrous metals held close to tural establishments continued unchanged in Dethe high November rates. In January a rise in cember. The average workweek at factories in steel capacity to 108.6 million tons per year was mid-December, however, rose to 41.2 hours, more announced; output was scheduled close to the level CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION :ASONALL "1 I 0 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 F. W. Dodge Corporation data for 37 Eastern States. Monthly figures, latest shown are for December. May figures 1947 1948 194 1947 1948 1949 1950 1951 for "public ownership" and "total" include several large Federal Reserve indexes. Monthly figures, latest shown are awards by Atomic Energy Commission totaling 980 million for December. dollars. FEBRUARY 1952 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS than half an hour above the level in other recent COMMODITY PRICES months. Average factory hourly earnings showed Prices of hides declined sharply and there were a slight further gain and average weekly earnings moderate decreases in textiles, chemicals and advanced considerably to $67.36. Unemployment grains from the early part of December to the latat 1.7 million was down about 150,000 from No- ter part of January. Foreign prices of metals, vember to a level of 550,000 below a year ago. which had been far above domestic levels, also decreased, while the domestic price for tin was CONSTRUCTION advanced. Prices of most foods and other finished Value of new construction work put in place goods have continued to change little. Manufacshowed no change in December, after allowance turers' ceilings and selling prices on new models for seasonal influences. The total for the year of some leading makes of autos were raised about rose to 30 billion dollars as building costs were at 5 per cent in the latter part of January. new record levels and the construction of indus- The consumers price index advanced slightly trial and military facilities increased sharply. The further from mid-November to mid-December, renumber of housing units started declined seasonflecting mainly higher food prices, offset in part ally in December to 62,000, bringing the 1951 by declines in apparel and housefurnishings. total to 1,090,000 as compared with the record 1,396,000 in 1950 and with 1,025,000 in 1949. MONEY AND BANK CREDIT DISTRIBUTION Bank credit, particularly business loans, ex- In the first three weeks of January, seasonally panded more sharply than usual in December and adjusted dollar sales at department stores were then contracted somewhat early in January. Metal close to the high December level, although about and metal product manufacturers have been parone-sixth below the record January 1951 rate. ticularly important borrowers in recent weeks. Sales of apparel and other nondurable goods have The December credit expansion contributed to been maintained in recent months. Sales by auto- a substantial rise in the private money supply—the motive and building materials and hardware stores amount of currency and bank deposits held by continued to decline in December. Value of de- businesses and individuals. The money supply partment store stocks was reduced less than sea- has not experienced its usual decline in January sonally in December, according to preliminary mainly because of a large transfer of bank balances estimates. from Treasury to private accounts. Member bank reserve positions tightened sharply in the last half of December and eased consider- WHOLESALE COMMODITY PRICES ably early in January. Federal Reserve holdings of Government securities have declined sharply in January and are now below the level of a month ago and at about the level of April 1951 following the Treasury-Federal Reserve accord. Common stock prices rose further in the first three weeks of January, reaching their highest level since April 1930. Accompanying an easing in money market conditions, yields on short- and medium-term United States Government securities declined during the first three weeks of January. Yields on long-term Governments showed little change, while yields on high grade corporate bonds 1944 |945 1946 1947 1948 1949 1950 1951 declined substantially, returning to their November Bureau of Labor Statistics' indexes. Weekly figures, latest levels. shown are for week ending February 5. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 153-154 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W 154-156 Federal Reserve Bank statistics . 157-159 Guaranteed Regulation V loans . . 159 Deposits and reserves of member banks 159-160 Bank debits and deposit turnover; Postal Savings System 160 Money in circulation 161 Consolidated statement of the monetary system, deposits and currency 162 All banks in the United States, by classes 163-165 All insured commercial banks in the United States, by classes. 166-167 Weekly reporting member banks . 168-170 Life insurance company commitments. . . . 170 Commercial paper, bankers' acceptances, and brokers' balances 171 Money rates; bank rates on business loans; bond yields 172 Security prices and new issues .... 173-174 Corporate sales, profits, and dividends 174-176 Treasury finance 177-179 Government corporations and credit agencies 180 Business indexes . 181-190 Department store statistics 191-194 Consumers' prices 194 Wholesale prices ... 195 Gross national product, national income, and personal income 196-197 Consumer credit statistics 198-200 Changes in number of banking offices in the United States. 201 Number of banking offices on Federal Reserve par list and not on par list 202 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. 151 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 30 MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 TOTAL RESERVE BANK HOLDINGS OF U- 5 GOVERNMENT SECURITIES 20 15 15 10 10 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for February 6. See page 153. 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Treas- U. S. Government Treas- ury de- Other Date or period c v o D a a a n u n d i c s n d - - e ts s Total se B cu o r n i d ti s es c c B e a r i t t l e i l f s s i , , - ot A h l e l r1 Total s G to o c ld k s r t o c e u i a u n u n r n r y c t g d - - 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 B p e s w R e o d a r i s e n e t v i r h - k t e a s s l b p m N e o r e o s m d n it e - s - - c s F o e R e a e r u e r c a d n v - - - l t e s Total qu R ir e e - d2 c E e x ss - 2 and notes Wednesday figures: 1950—Dec. 6. 110 20,239 4,571 15,668 573 20,92222,976 4,628 27,698 1,294 540 ,220 72517,049 16,100 949 Dec. 13. 69 20,529 4,820 15,709 746 21,34422,926 4,628 27,759 1,294 451 ,213 71617,465 16,365 1,100 Dec. 20. 5420,227 4,533 15,6941,583 21,86422,796 4,630 27,929 1,291 685 ,208 76017,416 16,550 866 Dec. 27. 30120,337 4,589 15,7481,081 21,720 22,795 4,631 27,916 1,295 786 ,215 76017,174 16,415 759 1951—Jan. 3. 2820,571 4,624 15,9471,281 21,87922,706 4,634 27,685 1,299 546 ,250 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 700 21,23522,546 4,635 27,415 1,308 273 ,173 74517,502 16,391 1,111 Jan. 17. 10120,798 4,747 16,0511,024 21,92322,494 4,635 27,200 1,303 105 ,113 74318,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 790 21,608 22,443 4,635 27,028 1,303 256 ,095 74318,260 17,610 650 Jan. 31. 79821,484 4,965 16,519 769 23,05122,392 4,638 27,048 1,297 807 ,206 73718,984 18,047 937 Feb. 7. 64321,641 5,080 16,561 976 23,260 22,341 4,638 27,125 1,307 795 ,200 73619,075 18,249 826 Feb. 14. 29421,808 5,202 16,6061,229 23,330 22,260 4,637 27,159 1,292 864 ,226 73418,952 18,211 741 Feb. 21. 196 21,854 5,320 16,534 ,233 23,28322,207 4,637 27,164 1,277 796 ,223 73318,934 18,357 577 Feb. 28. 397 21,881 5,393 16,488 909 23,18822,086 4,640 27,188 1,293 465 ,172 72919,066 18,366 700 Mar. 7. 207 22,179 5,592 16,587 840 23,226 21,951 4,639 27,219 1,308 495 ,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,093 23,65221,900 4,639 27,167 1,283 420 ,102 72119,498 18,456 1,042 Mar. 21. 15122,348 5,891 16,4571,109 23,60721,856 4,638 27,121 1,295 608 1,042 73419,301 18,724 577 Mar. 28. 47122,606 6,032 16,574 775 23,85221,855 4,637 27,038 1,299 1.052 1,197 73619,023 18,535 488 Apr. 4. 12622,914 6,288 16,626 773 23,81321,806 4,640 27,138 1,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 717 23,89521,806 4,640 27,166 1,287 411 1,19C 75319,533 18,546 987 Apr. 18. 11423,086 6,544 16,5421,034 24,234 21,807 4,640 27,157 1,293 621 1,184 75219,674 18,558 1,116 Apr. 25. 22,940 6,570 16,370 700 23,78921,807 4,641 27,122 1,296 678 1,212 75319,176 18,482 694 May 2. 26422,716 6,570 16,146 74423,72421,755 4,643 27,255 1,294 707 1,226 69718,942 18,486 456 May 9. 42222,544 6,618 15,926 74023,706 21,755 4,643 27,315 1,298 767 1,195 69618,833 18,270 563 May 16. 54222,397 6,644 15,753 97423,91321,755 4,643 27,287 1,297 745 1,214 69519,072 18,306 766 May 23. 226 22,413 6,713 15,700 77223,41121,755 4,642 27,251 1,290 765 1,201 69618,606 18,315 291 May 30. 540 22,293 6,719 15,574 564 23,396 21,755 4,642 27,461 1,294 620 1,217 69318,508 18,202 306 June 6. 128 22,653 6,869 15,784 76523,54621,756 4,644 27,520 1,303 139 1,102 19,198 18,335 863 June 13. 179 22,758 6,936 15,822 84623,783 21,756 4,647 27,499 1,289 129 ,095 68619,487 18,417 1,070 June 20. 165 22,806 6,736 16,0701,178 24,15021,755 4,648 27,479 1,285 433 ,099 77419,482 18,642 840 June 27. 220 22,843 6,809 16,034 852 23,916 21,755 4,650 27,601 1,286 418 ,139 19,102 18,564 538 July 3. 181 22,977 6,822 16,155 812 23,970 21,756 4,654 27,948 1,287 179 ,014 76419,189 18,556 633 July 11. 236 23,092 5,822 17,270 93824,26721,757 4,656 27,893 1,296 253 ,107 76819,364 18,459 905 July 18. 300 23,081 5,822 17,2591,223 24,60521,758 4,656 27,781 1,296 612 ,183 76619,380 18,465 915 July 25. 78 23,057 5,822 17,235 92824,06321,759 4,658 27,706 1,305 424 ,191 76719,088 18,440 648 Aug. 1. 40823,081 5,822 17,259 79424,28221,759 4,663 27,842 1,308 557 1,175 72219,099 18,430 669 Aug. 8. 200 23,118 5,822 17,296 72724,046 21,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 242 23,151 5,822 17,329 967 24,360 21,800 4,666 27,925 1,288 495 1,113 71919,285 18,468 817 Aug. 22. 214 23,084 5,822 17,262 87724,17521,800 4,667 27,932 1,292 434 1,096 71819,172 18,517 655 Aug. 29. 278 23,066 5,822 17,244 657 24,00121,800 4,668 28,034 1,291 557 999 71718,871 18,485 386 Sept. 5. 243 23,079 5,822 17,257 68424,006 21,854 4,672 28,262 ,299 408 1,022 18,825 18,406 419 Sept. 12. 325 23,108 5,822 17,286 951 24,38421,853 4,673 28,216 ,294 474 1,047 19,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,289 24,783 21,934 4,674 28,140 ,285 477 923 19,835 18,864 971 Sept. 26. 216 23,474 5,822 17,652 988 24,67722,013 4,676 28,137 ,288 816 1,024 73119,369 18,837 532 Oct. 3. 69 24,039 5,825 18,214 922 25,( ,015 ,680 28,320 ,284 966 20,004 18,843 1,161 Oct. 10. 79 24,072 5,825 18,247 87525,02522,055 ,680 28,448 ,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 69 23,848 5,325 18,5231,200 25,11722,105 ,681 28,385 1,296 326 975 85120,068 18,950 1,118 Oct. 24. 15223,666 5,325 18,3411,024 24,84122,144 ,683 28,301 1,291 509 886 85019,833 19,144 689 Oct. 31. 23,552 5,325 18,227 690 24,42722,234 4,686 28,410 1,288 493 818 78019,557 19,060 497 Nov. 7. 24323,507 5,325 18,182 845 24,59522,284 4,686 28,534 1,291 452 843 77819,667 18,988 679 Nov. 14. 27423,397 5,325 18,072 930 24,60222,283 4,688 28,601 1,284 245 815 77619,850 18,976 874 Nov. 21. 22723,275 5.334 17.9411,243 24,74522,333 4,689 28,701 1,285 364 800 77419,843 19,211 632 Nov. 28. 48323,239 5,334 17,905 957 24,67922,332 4,693 28,742 1,288 548 750 774 19,229 374 Dec. 5. 959 23,239 5,357 17,882 88325,08122,381 4,699 28,891 1,292 501 787 77019,919 19,196 725 Dec. 12. 710 23,239 5,376 17,8631,031 24,98022,382 4,700 29,037 1,284 266 740 77019,964 19,317 647 Dec. 19. 44923,239 5,334 17,9052,05725,74522,491 4,703 29,263 1,269 6 776 82720,798 19,767 1,031 Dec. 26. 79723,503 5,342 18,1611,276 25,57622,621 4,704 29,403 1,289 289 20,208 19,637 571 1952— Jan. 2.. 10523,658 5,344 18,3141,062 24,82522,697 4,706 29,143 1,275 694 20,364 19,68 679 Jan. 9.. 19823,452 5,344 18,108 90424,55422,772 4,707 28,800 280 69 771 74320,369 19,551 818 Tan. 16.. 13523,119 5,344 17,7751,118 24,37222,822 4,710 28,526 1,291 138 719 744 20,488 P19.57O P918 Jan. 23.. 11222,993 5,344 17,6491,010 24,11622,872 4,711 28,342 1,280 11 663 74320,660 P19,56O Pl,091 Jan. 30.. 210 22,785 5,344 17,441 71123,70722,931 4,716 28,347 1,302 221 729 74220,01 P19.470 P543 v Preliminary. r Revised. 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. 153 FEBRUARY 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- U. S s . e G cu o r v it e i r e n s ment T u re ry as- Money Treas- u p r o y s i d t e s - Non- O F t e h d e - r Date or period co D u is n - ts s G to o c ld k r c e u n r c - y in cu c la ir - - c u a r s y h Fe w d i e t r h al b m er e m de - - e R r e a - l a a n d d - c B e i r l t l i s fi , - ot A h l e l r1 Total s o ta u n t- d- tion h i o n l g d s - s R er e v - e posits se a r c v - e Total qu R ir e e - d2 c E e x s - s2 vances Total Bonds cates, ing Banks counts and notes End of period: 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30.. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31.. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31.. 249 24,262 947 23,315 580 25,091 20,065 1,339 28,515 2,287 977 1,308 495 15,915 14,4571,458 1946—Dec. 31. . 163 23.350 753 22.597 581 24,093 20.529 1,562 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 1,562 28,868 1,336 870 961 563 17,899 16,4001,499 1948—June 30... 265 21,366 6,206 15,160 268 21,900 23,532 1,565 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 L1,589 28,224 1,325 1,123 1,189 590 20,479 19,2771,202 1949—June 30... 103 19,343 7,780 11,563 250 19,696 24,466 1,597 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 :,598 27,600 1,312 821 1,517 706 16,568 15,5501,018 1950—June 30... 43 18,331 5,618 12,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 771 15,934 15,498 436 Dec. 30... 67 20,778 4,620 16,158 1,371 22,216 22,706 4,636 27,741 1,293 668 1,460 714 17,681 16,5091,172 1951—jan 798 21,484 4,965 16,519 769 23,051 22,392 4,638 27,048 1,29? 807 1,206 737 18,984 18,047 937 Feb . . 397 21,881 5,393 16,488 909 23,188 22,086 4,640 27,188 1,293 465 1,172 729 19,066 18,366 700 Mar 275 22,910 6,187 16,723 964 24,150 21,806 4,640 27,119 1,293 1,114 1,322 734 19,014 18,367 647 Apr 283 22,742 6,570 16,172 535 23,560 21,805 4,643 27,278 1,284 611 1,236 698 18,901 18,449 452 May... 529 22,509 6,803 15,706 443 23,481 21,755 4,646 27,519 1,293 666 1,179 690 18,536 18,206 330 June 53 22,982 6,822 16,160 1,007 24,043 21,756 4,655 27,809 1,281 317 1,262 765 19,020 18,604 416 July 277 23,078 5,822 17,256 679 24,033 21,759 4,666 27,851 1,302 584 1,159 700 18,863 18,396 467 Aug 552 23,127 5,822 17,305 630 24,309 21,854 4,673 28,155 1,287 459 1,038 716 19,181 18,464 717 Sept 190 23,734 5,822 17,912 1,134 25,058 22,013 4,681 28,288 1,285 936 1,127 727 19,391 18,822 569 Oct 186 23,552 5,325 18,227 690 24,427 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 '4,709 r29,206 ••1,270 247 889 746 20,056 19,667 389 1952—Jan 328 22,729 5,344 17,385 726 23,783 P22,951 ^4,716 P28.386 Pi,319 162 766 741 20,077 ^19,478 P599 Averages of daily figures: 1950—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 16,3641,027 1951—Jan 213 20,699 4,736 15,963 927 21,839 22,523 4,635 27,304 1,297 368 1,199 742 18,088 17,263 825 Nov 343 23,364 5 32918,035 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 19,484 826 1952—Jan 200 23,206 5,344 17,862 1,038 24,444 22,824 4,709 28,637 1,281 109 737 744 20,470 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935Dec. 31, 1935Jan. 1, 1936 Time Effective date deposits S P O a o t v h s i t e n a r l g s d s e a d p v e o i p n s o g it s s s i t d s p e a p y o a s b it l s e: 2V2 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 b In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22 % 12 1941—Nov. 1 26 20 14 t e b m i s a o a t N n n y a k b O s Q l n T is . o o E h r t . e U — d t i r n n u M b d s a e a y t n r x c y i t o m h t h m e e u i v m p s e B a n n o r t r e i a a e g r e t s d u e x l s o c a o e n t f t e i h o l d i G n a k t t e o h t v m d h e e e e r a p m n y r o o a a s r t b x i s e t i e s m u p u p u n a a n m d y i d e a d e r b r r l a b e p t t y r e h b o e v m y p l i a a s e a y i w m o a m s n b b s e e o l e r m f o f b b b t h e a y R r e n e k S S b g s t a t u a a n a t l t k e a s e - 1 1 9 9 4 4 2 8 — — O J S A F u e e c u n p b t g e . t . . . 2 2 1 1 3 7 0 1 4 2 2 2 2 2 4 0 2 2 4 in which the member bank is located. Maximum rates that may be Sept. 16 16 273, e p f a f i e d c ti b v y e F in e s b u . r 1 ed , 1 n 93 o 6 n , m a e re m t b h e e r s b a a m n e k s a s a t s h o e s s e t a i b n l e is ff h e e c d t f b o y r m th e e m b F e .D r b .I a . n C k ., s. 1949— S M e a p y t. 24 1 26 22 is' 27 May 5 *24' 21 37 June 30 20 86 July 1 14 26 MARGIN REQUIREMENTS ] A Au u g g , . 1 1 1 23H 13 '5 [Per cent of market value] Aug. 16 12 » 5 Aug. 18 23 19 Feb. 1, Mar. 30, Effec- Aug. 25 22^ Prescribed in accordance with 1947- 1949- tive Sept. 1 22 18 Securities Exchange Act of 1934 Mar. 29, Jan. 16/ Jan. 17, 1951—Jan. 11 23 19 *6 1949 1951 1951 Jan. 16 , 13 26 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect Feb. 1, 1952 4 ... 24 20 14 For extensions of credit by brokers For a n s d h o d r e t a s le a r l s e s on listed securities 7 7 5 5 5 5 0 0 7 7 5 5 Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 ep , o h s a i v ts e s b u e b e j n ec t t o t t o a l r e d se e r m ve a n r d e q d u e ir p e o m si e t n s ts m , i w n h us ic h c a b s e h g i i n t n e i m n s g Regulation U: in process of collection and demand balances due from domestic banks For loans by banks on stocks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. • Requirement became effective at central reserve and reserve city banks. 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time Monetary Statistics, Table 145, p. 504, deposits at all member banks, 3 and 6 per cent, respectively. p. 295, and February 1947, p. 162. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 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 Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 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 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 Ja a n te . 3 o 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous Maturities not exceeding five years [In effect January 31. Per cent per annum] 1- 90 days IK Dec. 18, 1951 1% 91-120 days Dec. 18, 1951 IVs 121-180 days 2V8 Dec. 18, 1951 2 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 January 31] Boston Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia Cleveland Richmond Guarantee fee Percentage of Atlanta Percentage of (percentage of any commitment Chicago loan guaranteed interest payable fee charged St. Louis by borrower) borrower Minneapolis.... Kansas City.... Dallas 70 or less 10 10 San Francisco... 75 15 15 80 20 20 85 25 25 1 Including loans made in participation with financing institutions. 90 30 30 2 Rate charged borrower less commitment rate. 95 .. 35 35 8 Rate charged borrower. Over 95 40-50 40-50 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of 34 per cent is made on undisbursed portion of loan. Maximum RatesFinancing Institutions May Charge Borrowers Back figures.—See Banking and Monetary Statistics, Table 118, [Per cent per annum] pp. 446-447. Interest rate 5 Commitment rate FEBRUARY 1952 155 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 $9,600 plus 40 per cent $11,040 plus 17 per cent of excess over $7,000 of excess over $12,000 of price over $12,000 (83-67) (80-72) (92-77 per cent of price) $15,001 -$20,000... $10,800 plus 20 per cent $11,550 plus 25 percent 50 per cent of value of excess (7 o 2 v -5 er 9 ) $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) $ o 1 f 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 Vof price over $20,000 1 j (59-50) (64-55 per cent of price) $23,501-$24,500 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 « » 2 2 0 5 \ None specified } Amortization requirements Minimum annual reduction of 5 per cent of original loan until amount outstanding is 50 per cent None specified under Liquidation of loan by or less of property value at time the loan was Regulation X; periodic maturity through sub- All values . . ... made or liquidation of loan by maturity through payments satisfactory stantially equal periodic substantially equal periodic payments or pay- to Commissioner on payments or payments ments of principal FHA loans of principal Effective date September 1, 1951 « September 1, 19514 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 1 9 95 5 1 0- July 31, 1951 Listed articles: Passenger automobiles 33 % 33 H 21 15 18 Major appliances 2 15 25 18 15 18 Furniture and floor coverings 10 15 15 18 15 18 Home improvement materials, articles, and services ' 10 10 10 30 30 36 Loans: To purchase listed articles (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. * Includes heating, plumbing, and other household fixtures. 4 Requirements same as on instalment sales of respective articles. 156 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 1952 1951 Jan. 30 Jan. 23 Jan. 16 Jan. 9 Jan. 2 Jan. Dec. Jan. Assets Gold certificates 21,012,254 20 957,253 20 884,95120,834,95120,765 21,012,25120,753,95220,564,902 Redemption fund for F. R. notes. 719,231 719,257 719,421 719,424 716 719,231 714,115 595,372 Total gold certificate reserves. . 21,731,485 ,676,510 21 604,372 21 554,375 21 ,064 21,731,48221,468,06721,160,274 Other cash 431,378 427,738 407,248 373,228 738 430,172 323,175 384,718 Discounts and advances: For member banks 210,145 112,437 134,612 197,606 497 328,485 19,347 798,142 For nonmember banks, etc.. Industrial loans 4,410 4^391 4,271 4,484 4 446 '4',570 4,637 ""3', 445 U. S. Government securities: Bills 52,400 123,800 335,460 487 860 596,360 1,698,664 Certificates: Special 22,000 Other 12,372 12,506,89812583,39812,704,39812,757 12,316,39812,792,798 Notes 5,068 5,068,073 068,073 5,068,073 5,068 5,068,073 5,068,07314,820,283 Bonds 5,344 5,344,127 344,127 5,344,127 5,344 5,344,127 5,344,127 4,965,425 Total U. S. Government securities. 22,785,198 22,993,498 23,119,39823,452,05823,657,658 22,728,59823,801,358 21,484,372 Total loans and securities 22,999,75323,110,326 23,258,28123,654,14823,767,60123,061,65323,825,342 22,285,959 Due from foreign banks 28 28 28 28 28 28 28 24 F. R. notes of other Banks. 210 345 218,184 233,180 256,597 208,469 205,928 201,141 165,992 Uncollected cash items 3,424083 3,873,132 ,274,947 3,443,592 4,233,650 3,299,047 3,905,327 3,281,637 Bank premises 43 917 43,984 43,955 43,695 43,606 43,898 43,599 40,175 Other assets 167 280 159,771 151,232 144,494 135,046 168,360 133,157 118,850 Total assets 49,008,269 49,509,673 49,973,243 49,470,15750,191,202 48,940,568 49,899,836 47,437,629 Liabilities Federal Reserve notes 24,374,926 24,362,07724,528,824 24,784,95525,025,67324,404,664 25,064,109 23,026,321 Deposits: Member bank—reserve accounts. . 20,012,91820659,79020488,24520,368 850 20,363,861 ,076,976 20,055,716 ,984,124 U. S. Treasurer—general account. 220,880 11,001 137,658 69 047 7,636 161,599 246,687 807,342 Foreign 456,995 494,593 534,716 529 523,268 445,612 526,375 866,455 Other 271,746 167,981 183,947 242, 170,777 320,289 362,798 340,017 Total deposits. . 20,962,539 21,333,365 21,344,566 21,209,682 21,065,54221,004,476 21,191,576 20997,938 Deferred availability cash items 2,717,158 2,867,309 ,160,847 2,543 860 3,176,289 ,578,144 ,721,490 2 516,976 Other liabilities and accrued dividends 13,533 13,461 12,559 12.780 12,494 13,039 13,809 8,422 Total liabilities. 48,068,156 48,576,212 49,046,796 48,551,277 49,279,998 48,000,32348,990,984 46.549,657 Capital Accounts Capital paid in 239,766 239,495 239,200 238,072 237,196 239,802 236,613 226,901 Surplus (section 7) 538,342 538,342 538,342 538,342 538,342 538,342 538,342 510,022 Surplus (section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 134,462 128,081 121,362 114,923 108,123 134,558 106,354 123,506 Total liabilities and capital accounts. 49,008,269 49,509,673 49,973,243 49,470,15750,191,20248,940,56849,899,836 47,437,629 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 47.4 47.1 46.9 46.6 47.9 48.1 Contingent liability on acceptances purchased for foreign correspondents , 12,826 14,287 16,336 19,138 20,766 12,826 20,913 27,146 Industrial loan commitments 6,589 6,461 6,405 6,157 6,235 7,124 6,036 3,325 Maturity Distribution of Loans and U. S. Government Securities l Discounts and advances—total 210,145 112,437 134,612 197,606 105,497 328,485 19,347 798,142 Within 15 days 184 301 89,478 111,204 178,985 91,855 303,441 11,215 788,842 16 days to 90 davs 25,844 22,959 23.408 18,621 13,63f 25,044 8,110 9,227 91 days to 1 vear .... 12 22 73 Industrial loans—total 4 410 4 391 4,271 4,484 4,446 4,570 4,637 3,445 Within 15 days 687 1,011 1,009 637 615 676 616 40 16 days to 90 days 1 088 1,007 973 1,381 1,236 923 689 291 91 days to 1 year 1,527 1,243 1,727 1,886 2,002 1,863 2,125 2,153 Over 1 year to 5 years . .. 1 ,108 1,130 562 580 593 1,108 1,207 961 U. S. Government securities—total ?? ,785,198 ?? ,993,498 ?3 ,119,398 ?3,452,058 ?3,657,658 22,728,598 23,801,358 21,484,372 Within 15 days 74,400 103,300 119,500 139,208 259,908 689,599 16 to 90 days 3,207,242 3,207,242 3,227,742 3,475,202 3,640,894 3,207,242 452,052 1,019,065 91 days to 1 year 10,833,381 10,967,281 11,043,781 11,112,781 11,132,981 10,776,781 14,344,823 12,157,285 Over 1 year to 5 years 5,102,256 5,102,256 5,102,256 5,102,256 5,102,256 5,102,256 5,102,256 4,002,023 Over 5 years to 10 years 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,013,614 986,700 Over 10 years.... 2,628,705 2,628,705 2,628,705 2,628,705 2,628,705 2,628,705 2,628,705 2,629,700 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,632,082 25,721,38325,848,951 25,994,558 26,106,718 25,630,522 26,130,543 24,027,470 Collateral held against notes outstanding: Gold certificates 12,684,000 12,659,000 12,659,000 12,559,000 12,484,000 12,684,000 12,484,000 13,119,000 Eligible paper 110,770 54,212 60,742 112,486 88,186 218,910 17,936 607,751 U. S. Government securities 13,775,000 13,875,000 13,975,000 14,175,000 14,050,000 13,775,000 14,050,000 11,890,000 Total collateral. 26,569,770 26,588,212 26,694,742 26,846,486 26,622 ,186 26,677,910 26,551,936 25,616,751 1 Callable U. S. Government securities classified according to nearest call date. FEBRUARY 1952 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates. 21,012,251 682,590 7,406,5811,198,1131,342,302 869,093 775,4774,018,836 550,573 322,851 709,219 580,2662,556,350 Redemption fund for F. R. notes. 719,231 62,660 77,537 56,076 81,252 66,944 49,693 122,462 49,219 24,993 37,080 28,112 63,203 Total gold certificate reserves.. 21,731,482 745,250 7,484,1181,254,1891,423,554 936,037 825,1704,141,298 599,792 347,844 746,299 608,3782,619,553 Other cash 430,172 29,018 97,053 29,880 35,348 28,070 30,641 71,571 20,553 8,643 16,176 19,067 44,152 Discounts and advances: Secured by U. S. Govt. securities. . . 327,745 4,125 18,785 3,230 3,900 26,615 13,350 75,400 18,350 1,850 49,090 9,000 104,050 Other 74C 65 250 325 100 Industrial loans 4,570 23 3,669 74 638 131 35 U. S. Govt. securities 22,728,598 1,540,840 4,892,808 1,395,6722,265,996 1,518,9301,336,2373,510,8871,247,936 722,792 1,093,0861,074,0852,129,329 Total loans and securities... . 23,061,653 1,545,030 4,911,616 1,402,5712,270,1461,545,9441,350,2253,586,2871,266,286 724,7731,142,2761,083,1202,233,379 Due from foreign banks 28 2 18 2 3 1 1 4 1 1 1 1 3 F. R. notes of other Banks. 205,928 7,483 18,018 7,434 7,792 69,039 22,821 17,045 6,912 6,344 7,290 15,195 20,555 Uncollected cash items 3,299,047 285,211 580,165 214,076 303,245 266,287 234,593 547,924 143,989 97,928 189,684 134,210 301,735 Bank premises... 43,898 1,013 7,506 2,848 4,752 4,167 2,970 6,472 3,250 1,080 2,458 647 6,735 Other assets 168,360 12,180 35,416 10,279 17,585 11,476 10,026 25,525 8,991 5,199 8,230 7,908 15,545 Total assets 48,940,568 2,625,187 13,133,9002,921,2794,062,4252,861,0212,476,4478,396,1262,049,774 1,191,8122,112,414 1,868,5265,241,657 Liabilities F. R. notes 24,404,664 1,480,881 5,425,0211,726,8722,220,992 1,731,3071,343,6194,661,014 1,140,911 619,933 958,318 679,8682,415,928 Deposits: Member bk.— reserve accts.20,076,976 846,430 6,473,816 915,7081,480,396 833,466 864,0843,136,462 716,867 453,023 950,023 990,7172,415,984 U. S. Treas.— gen. acct.. . . 161,599 1,628 148,204 486 592 1,510 549 500 1,466 3,027 518 1,009 2,110 Foreign 445,612 29,580 2 112,581 37,214 43,893 24,332 20,515 66,317 18,130 12,405 18,130 18,130 44,385 Other 320,289 3,097 256,884 1,400 4,350 1,860 1,830 2,016 7,819 1,949 1,341 451 37,292 Total deposits... 21,004,476 880,735 6,991,485 954,8081,529,231 861,168 886,9783,205,295 744,282 470,404 970,012 1,010,3072,499,771 Deferred avail. cash items.... 2,578,144 202,752 442,729 166,408 223,382 217,800 202,716 397,440 125,748 75,315 146,069 140,310 237,475 Other liab. and accrued div 13,039 1,218 2,964 730 1,705 641 609 2,033 616 511 544 481 987 Total liabilities 48,000 323 2,565,586 12,862,1992,848,8183,975,3102,810,9162,433,9228,265,7822,011,557 1,166,1632,074 9431,830 9665,154,161 Capital Accts. Capital paid in. . 239,802 13,065 76,288 16,862 22,804 10,496 9,906 30,641 8,399 5,419 9,061 11,292 25,569 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.. 134,558 9,333 28,351 9,617 12,657 9,235 7,986 18,673 7,509 5,094 6,906 6,751 12,446 Total liabilities and cap. accts.. 48,940,568 2,625,187 13,133,9002,921,2794,062,4252,861,0212,476,4478,396,1262,049,774 1,191,8122,112,414 1,868,5265,241,657 Reserve ratio.... 47.9% 31.6% 60.3% 46.8% 38.0% 36.1% 37.0% 52.6% 31.8% 31.9% 38.7% 36.0% 53.3% Cont. liab. on accept, purch.— foreign cor res p. 12,826 795 3 3,874 1,000 1,180 654 552 1,783 487 334 487 487 1,193 Industrial loan commitments.. 7,124 2,432 916 63 2,447 830 436 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,630,522 1,568,239 5,699,6531,822,3552,336,217 1,820,5931,440044,,-406 4,818,7451,192,463 634,733 995,824 735,536 2,601,758 Collateral held: Gold certificates12,684,000 350,000 4,470,000 750,000 760,000 580,000 485,0002,570,000 270,000 150,000 280,000 219,0001,800,000 Eligible paper. . 218,910 4,190 16,785 3,230 21,265 18,350 1,850 49,190 104,050 U. S. Govt. sec. 13,775,000 1,300,000 1,400,0001,100,0001,625,6661,300,000 950,000 2,300,0001,000,000 505,000 750,000 *545', 6661,000,000 Total collateral.. 26,677,910 1,654,190 5,886,7851,853,230 2,385,0001,901,2651,435,000 4,870,0001,288,350 656,8501,079,190 764,000 2,904,050 1 After deducting $20,000 participations of other Federal Reserve Banks. 2 After deducting $333,016,000 participations of other Federal Reserve Banks. 8 After deducting $8,952,000 participations of other Federal Reserve Banks. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND Partici- Date Hast A a p p p p li r c o a v ti e o d ns proved Loans Commit- o p f a f t i i n o a n n s c- EXECUTIVE ORDER NO. 10161 Wednesday to aaie but not out- ments ing insti- [Amounts in thousands of dollars] or last day com- standing2 out- tutions of period) pleted i (amount) standing out- N b u e m r - Amount (amount) (amount) s (a ta m n o d u in n g t) ' 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 borrowers 1944 3,489 525,532 1,295 3,894 4,165 2,705 Date under guar- 1 1 1 9 9 9 4 4 4 5 7 6. 3 3 3 , , , 5 5 5 1 4 7 1 2 4 5 5 5 4 6 8 4 5 6 , , , 9 9 7 6 1 2 1 3 6 4,5 3 9 7 2 4 7 0 5 1 1 , , 9 3 5 9 8 5 5 7 4 8 7 1, , , 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 am To o t u a n l t g P u t o e a r e t r d i a o n n - a o n u t t e m s e t e a 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 Oct. 31. .. 3 1,000 Dec. 30. . . 3,698 651,389 4,819 2,632 3,754 3,745 Nov. 30... 23 13,585 2,340 2,232 3,335 Dec. 31... 62 31,326 8,017 6,265 8,299 1951 Jan. 31... 3,707 654,199 1,862 3,520 3,325 5,402 1951 Feb. 28. . . 3,706 655,702 1,523 3,681 2,937 5,358 Jan. 31... 119 109,433 23,778 19,837 13,748 Mar.31. .. 3,710 660,525 3,980 3,988 2,824 5,262 Feb. 28... 161 122,541 44,250 36,537 33,840 Apr. 30. .. 3,717 664,473 4,925 4,845 2,595 5,331 Mar. 31... 254 300,955 68,833 56,973 47,822 May 31. .. 3,721 667,988 3,578 5,255 3,643 5,999 Apr. 30... 328 421,267 126,080 106,053 185,001 June 30. .. 3,724 671,432 3,221 5,762 3,740 6,199 May 31... 402 514,626 183,610 151,858 205,629 July 31... 3,727 678,477 6,730 5,801 3,767 6,115 June 30... 484 654,893 252,100 209,465 276,702 Aug. 31... 3,731 691,536 12,197 5,750 6,050 7,860 July 31... 568 828,584 325,299 267,715 349,905 Sept. 30... 3,732 695,178 4,394 5,062 6,478 11,420 Aug. 31... 658 1,052,337 405,043 332,618 384,852 Oct. 31... 3,734 700,040 2,943 4,447 7,151 11,990 Sept. 30... 729 1,154,942 492,167 400,652 450,013 Nov. 30. .. 3,736 706,215 3,073 4,505 6,361 12,064 Oct. 31... 776 1,218,988 556,839 454,789 495,512 Dec. 31... 3,736 710,931 3,513 4,687 6,036 11,985 Nov. 30... 815 1,302,342 615,812 502,524 476,699 Dec. 31... 854 1,395,444 675,459 546,597 472,827 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and 2 Includes industrial loans past due 3 months or more, which are not sum of loans outstanding and additional amounts available to borincluded in industrial loans outstanding in weekly statement of con- rowers under guarantee agreements outstanding represents amounts dition of Federal Reserve Banks. repaid, guarantees authorized but not completed, and authorizations 8 Not covered by Federal Reserve Bank commitment to purchase or expired or withdrawn. discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve m b A e e m l r l - city banks s c R e i r e t v y - e C t o r u y n- m b A e e m l r l - city banks s c R e i r e t v y - e C t o r u y nbanks New Chi- banks banks banks New Chi- banks banks York cago York cago First half of December 1951 Second half of December 1951 Gross demand deposits: Total 104,516 22,943 5,852 40,115 36,607 107,325 24,129 6,065 41,273 35,858 Interbank 12,464 3,887 1,155 6,220 1,202 12,985 4,100 1,220 6,447 1,218 Other 92,052 19,056 4,697 33,895 34,404 94,340 20,029 4,845 34,826 34,640 Net demand deposits 2 90,957 20,869 5,275 34,615 30,198 92,887 21,707 5,436 35,414 30,330 Time deposits * 30,632 1,976 1,119 12,176 15,360 30,782 1,989 1,127 12,245 15,421 Demand balances due from domestic banks... 6,288 41 111 1,878 4,258 6,608 49 129 2,056 4,375 Reserves with Federal Reserve Banks: Total 19,916 5,126 1,327 7,780 5,682 20,679 5,414 1,384 8,055 5,826 Required 19,263 5,127 1,333 7,654 5,149 19,690 5,329 1,372 7,817 5,171 Excess 652 -1 -7 127 533 989 85 11 237 655 Borrowings at Federal Reserve Banks 679 139 59 378 104 637 163 69 331 74 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. * Includes some interbank and U. S. Government lime deposits; the amounts on call report dates are shown in the Member Bank Call Report. 159 FEBRUARY 1952 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 r e e n M s d e i o n r n v g t e h s W , o h e r d e n ld es : 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- si End of month a D i n b t e c o a p e r l o s - s s ' - l Total d b C e t a o p i a n n r o s k y 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—December 17,391 4,742 1,199 6,689 4,761 1951—November 19,794 5,061 1,314 7,730 5,688 December 20,310 5,275 1,356 7,922 5,756 1943—December 1,788 1,843 10 1,716 118 1944—December 2,342 2,411 8 2,252 152 Dec. 19 20,471 5,326 1,352 7,947 5,846 1945—December 2,933 3,022 6 2,837 179 Dec. 26 20,533 5,338 1,382 7,993 5,821 1946—December 3,284 3,387 6 3,182 200 Jan. 2... 20,765 5,491 1,385 8,076 5,814 1947—December 3,417 3,525 6 3,308 212 Jan. 9 20,730 5,421 1,364 8,032 5,913 1948—December... . 3,330 3,449 7 3,244 198 Jan. 16 20,331 5,217 1,347 7,979 5,788 1949—December 3,188 3,312 7 3,118 187 Jan. 23... 20,716 5,363 1,342 8,079 5,932 Excess reserves: 1950—August 3,021 3,141 10 2,962 169 1950—December 1,027 125 8 232 663 September. . . 2,991 3,111 10 2,923 177 1951—November 729 6 144 584 October 2,967 3,088 10 2,903 175 December 826 44 3 184 596 November. . . 2,947 3,069 10 2,888 171 December 2,924 3,045 11 2,868 166 Dec. 19 866 44 -12 159 675 Dec. 26 815 3 5 160 647 1951—January 2,901 3,022 11 2,858 153 Jan. 2... 1,099 154 13 282 650 February 2,877 2,998 11 2,835 152 Borrowin J J J g a a a s n n n . . . a 2 t 1 9 3 6 Federal P 1 l. P , 1 1 8 2 6 5 9 5 2 1 1 2 4 4 6 0 9 2 f 2 2 2 0 8 5 5 1 6 P P 7 6 7 4 2 2 2 0 4 J A M M u p a n a r y e r i c l h 2 2 2 2 , , , , 8 8 8 7 3 5 0 8 1 2 8 8 2 2 2 2 , , , , 9 9 9 9 5 0 3 7 4 9 3 4 2 2 1 1 1 3 7 1 2 2 2 2 , , , , 7 7 7 7 2 6 4 9 2 5 8 3 1 1 1 1 7 6 6 6 2 5 4 9 Reserve Banks: July 2,772 2,893 22 2,704 166 1 1 9 9 5 5 1 0 — — D N D e o e c c v e e e m m m b b b e e e r r r 3 6 1 4 5 4 0 7 2 1 5 2 5 8 8 1 6 1 4 5 2 3 2 5 4 5 4 6 0 2 5 8 9 4 9 S A O N e c u o p t g v o t u e b e m s e m t r b b e e r r.... P P 2 2 2 2 , , , . 7 7 7 7 1 5 3 2 O 4 8 1 2 2, , 8 8 6 7 1 7 2 2 3 3 2 2 , , 6 6 8 8 0 0 1 1 7 5 3 8 December. . . . P2.7O1 Dec. 19 397 104 45 185 63 Dec. 26 551 58 59 351 83 Jan. 2 705 294 80 324 7 Jan. 9 237 5 34 169 29 J J a a n n . . 2 1 3 6 2 1 1 4 7 5 2 4 3 0 9 11 7 9 3 5 3 6 3 1 2 P O I P n u r c e t l s u li t d m a e n i s d n i a w n r g y o . rk p i r n in g c i c p a a s l h , r w ep it r h e s p en o t s e t d m a b s y te c r e s, r ti 5 fi c p a e te r s 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. 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 City1 centers 1 centers City centers City2 cities 2 City* cities * 1 1 9 9 4 4 6 6 — — o n l e d w s e se ri r e ie s s » 8 jl,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 52 4 2 9 , , 9 4 4 1 4 4 2 2 5 5 . . 2 5 1 16 6 . . 5 9 1947 1,125.074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 1.403.752 513,970 742,458 147,324 26.6 13.4 508,166 731.511 31 .4 20.3 1951 1,577,857 551,889 854,050 171,917 26.9 14.5 540,990 837,491 32.2 21.7 1950—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 •"132,158 44,802 72,428 14,928 27.8 15.4 42,503 69,685 31.4 22.0 December 144,800 53,500 76,049 15,251 30.7 15.1 55,184 76,007 37.9 22.6 *• Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 160 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 i Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935..., 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27.600 19,025 1,484 1,066 62 2,004 5,897 8.512 8.578 2.435 5,056 382 689 4 11 3 1950—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 December. . . 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 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. s 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 De 1 c 9 . 5 3 1 1, g a o s g l i d a lv in e a s r n t d Tre ca a s s h ury B R F a e n e d s k e e s r r v a a n e l d B R a a n e g s k e e s n r t v a s n e d De 1 c 9 . 5 3 1 1, No 1 v 9 . 5 3 1 0, De 1 c 9 . 5 3 0 1, certificates agents Gold 22,695 21,507 21,189 Gold certificates . ... . . 21,507 18,653 2,816 38 39 40 Federal Reserve notes 26,131 56 1,268 24,807 24,428 23,363 Treasury currency—total . 4,709 s2,353 26 323 4,360 4,343 4,338 Standard silver dollars 492 280 21 3 189 187 177 Silver bullion 2,074 2,074 Silver certificates and Treasury notes of 1890 3 2,353 273 2,080 2,130 Subsidiary silver coin 1 085 2 10 1,073 l]064 1,002 M^inor coin . . . 397 1 4 392 391 375 United States notes 347 1 30 316 320 313 Federal Reserve Bank notes 235 3 232 233 257 National Bank notes 80 1 79 80 84 Total—Dec. 31, 1951 (4) 23,860 1,270 18,653 4,406 29,206 Nov 30 1951 (4) 23 540 1,288 18,350 4,160 28,809 Dec 31 1950 23,828 1,293 18,642 4,213 27,741 r Revised. 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. 153. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. * Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1952 161 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 ]Dartly estimated except on call dates. In millions of i(ollar3 Assets Liabilities and Capital Total Bank credit assets, Total Date Treas- U.S. Government obligations li i a ti b e i s 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 - s n t c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41, 082 5 741 5,499 216 26 11,819 64,698 55,776 8 922 1933—June 30 4,031 2,286 42,148 21, 957 10 328 8,199 1,998 131 9,863 48,465 42,029 6 436 1939—Dec 30 17 644 2,963 54,564 157 105 19,417 2,484 1,204 9,302 75,171 68,359 6 812 1941—Dec. 31 22, 737 3,247 64,653 26, 605 29 049 25,511 2,254 1,284 8,999 90,637 82,811 7 826 1945—Dec. 31 20, 065 4,339 167,381 30, 387 128 417 101,288 24,262 2,867 8,577 191,785 180.806 10 979 1946 Dec 31 529 4,562 1S8,366 35, 765 113 110 86,558 23,350 3,202 9,491 183,457 171,657 11 800 1947—June 30 71 266 4,552 1S6,297 38,373 107 873 82,679 21,872 3, 322 10,051 182,115 169,234 1? 882 31 22, 754 4,562 160,832 43, 023 107 086 81,199 22,559 3,328 10,723 188,148 175,348 12 800 1948—June 30 23, 532 4,565 157,958 45, 299 101 451 76,774 21,366 3,311 11,208 186,055 172,857 13 200 Dec 31 74 244 4,589 160,457 48, 341 100 694 74,097 23,333 3 264 11,422 189,290 176,121 13 168 1949—June 30 24, 466 4,597 156,491 47, 148 97 428 74,877 19,343 3, 208 11,915 185,554 171,602 13 952 Dec 31 74, 427 4,598 16?,681 40, 604 100 456 78,433 18,885 3, 138 12,621 191,706 177,313 14 392 1950—June 30 74 231 4,607 164,348 999 08 709 77,320 18,331 058 13,640 193,186 178,568 14 618 Dec. 30 7? 706 4,636 171,667 60,366 06 560 72,894 20,778 2 888 14,741 199,009 184,385 14 624 1951—Jan. 31. 400 4,600 170,500 60,600 OS 200 70,800 21,500 7 900 14,700 197,500 18?,500 IS 100 Feb 28 7? 100 4,600 170,700 61 ,500 04 500 69,800 21,900 900 14,800 197,500 18?,600 14 800 Mar 28 71 900 4,600 17?,100 6?, 500 04 700 69,300 22,600 ? 800 14,900 198,600 183,700 14 900 Apr. 25 800 4,600 17?,100 67,600 04 600 68,900 22,900 7 800 15,000 198,600 183,600 1S 000 May 30 21, 800 4,600 171,300 62,900 93 500 68,400 22,300 2,800 14,900 197,700 182,900 14 800 June 30 71 756 4,655 173,447 821 04 450 68,726 22,982 742 15,176 199,858 18S,038 14 820 July 25P 21, 800 4,700 173,300 63, 400 94 600 68,900 23,100 2,700 15,300 199,700 184,500 15 200 Aug 71 800 4,700 174,300 64, 000 OS 000 69,200 23,100 700 15,300 200,700 18S,200 1S500 Sept.26P 77 000 4,700 176,400 65 000 OS 900 69,700 23,500 7 700 15,400 203,000 187,300 1S 700 Oct. 31P 77 700 4,700 178,300 6S 800 07 000 70,800 23,600 7 700 15,500 205,200 180,200 16 000 Nov 28? 300 4,700 170,400 66 500 07 400 71 500 23,200 700 15,500 206,400 100 500 1S 900 Dec. 22,600 4,700 181,300 67, 700 97 900 71,700 23,500 2,700 15,800 208,600 192,900 15 700 Deposits and Currency U.S. Government balances Deposits adjusted and currency E>ate Fo b r a e n i k gn At com- Time deposits 8 Total dep n o e s t its, T c r u a e r s a y h s- s m b a a e v a r n n i c n d k i 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 e a o r n m c k i - s al M s b a a v u n i t k n u s g a s l * S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55 776 365 204 381 36 54,790 22,540 78 611 19,557 8,905 149 3 639 1933—June 30 42 029 50 264 852 35 40,828 14,411 21 656 10,849 9,621 1,186 4 761 1939—Dec 30 .. 68 359 1,217 ?,409 846 634 63,253 29,793 77 059 15,258 10,523 1,278 6 401 1941—Dec. 31 82 811 1,498 2,215 1 895 867 76,336 38,992 27 729 15,884 10,532 1,313 9 615 1945—Dec 31 ....... 180 806 2,141 •?,287 74 608 977 150,793 75,851 48.452 30,135 15,385 ,932 76,490 1946—Dec. 31 171 657 1,885 2,272 3 103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 160 234 1,657 ,314 1 367 756 164,140 82,186 S5,655 34,835 17,428 3,392 76,299 Dec 31 17S 348 1,682 ,336 1 452 870 170,008 87,121 56,411 35,249 17,746 3,416 ?6,476 194g—june 30 17? 857 1,727 ,327 180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 ?S,638 Dec 31 176 121 2,103 ,325 2 451 1,123 169,119 85,520 S7,520 35,804 18,387 3,329 76,079 1949—June 30 171 602 1,927 ,307 2 304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec 31 177 313 2,150 ,312 3,249 821 169,781 85,750 S8,616 36,146 19,273 3,197 ?S,415 1950—June 30 178 568 2,555 ,298 3,801 950 169.964 85,040 SO,739 36,719 19,923 3,097 ?S,185 Dec. 30 184,385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Jan. 31 500 2,400 ,300 ,800 800 175,200 91,600 SO,000 36,100 20,000 7,900 ?4 600 Feb. 28 182,600 2,400 L,300 4,200 500 174,200 90,600 SO000 36,100 20,000 ,900 ?4,600 Mar. 28 183,700 2,400 L,300 6,400 1,100 172,500 89,000 50,100 36,200 20,100 2,800 74,400 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. ,900 2,500 1,300 4,800 600 173,700 89,500 SO,300 36,300 20,200 ,800 900 June 30 18S,038 2,424 L ,281 6,332 317 174,684 88,960 50 048 36,781 20,382 2,785 ?S,776 July 25P 500 2,400 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 ?S 100 Aug. 29P 18S,200 2,300 1,300 4,100 600 177,000 91,400 60 300 37,100 20,500 2,800 ?s 300 Sept 187,300 2,200 1,300 S,100 800 177,900 92,000 60 500 37,200 20,600 2,700 ?s,400 Oct 31P 180 200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2 700 ?s 700 Nov 28P 100 500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 ?s 800 Dec. 192,900 2,300 1,300 3,400 300 185,700 98,100 61,200 37,600 20,900 2,700 26,300 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 the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets * Total 1 b In an te k r - 1 a c c a c p o i u ta n l ts ba o n f ks Total ment secu- m D a e n - d Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 * 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—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. 31 P 152,550 66,320 86,230 70,780 15,450 40,450 177,730 13,490 105,820 58,420 14,530 14,631 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 Dec. 26P 155,630 68,170 87,460 71,700 15,760 42,140 181,690 14,060 108,860 58,770 14,620 14,622 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—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 Dec. 26P 133,370 58,300 75,070 61,910 13,160 41,240 160,780 14,060 108,840 37,880 12,210 14,093 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—Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29.336 9,695 6,873 1951—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. 31P 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 Dec. 26P 112,964 50,114 62,850 51,871 10,979 36,190 137,301 13,357 93,545 30,399 10,210 6,842 All mutual savings banks: I 1 I9 9 9 4 3 4 5 9 1 — — — D D £) e e e c c c > - 3 3 3 0 1 1 1 1 1 0 0 6 , , , 3 2 2 7 1 0 9 6 8 4 4 4 , , , 9 9 2 0 2 7 1 7 9 1 5 5 1 , , , 4 2 9 8 7 2 9 8 8 1 3 3 0 , , , 1 7 6 0 0 8 1 4 2 2 1 1 , , , 7 2 1 7 4 8 4 6 8 8 6 7 1 0 9 8 9 3 1 1 1 0 0 5 , , , 5 3 5 2 8 3 4 5 3 1 3 4 6 1 1 1 0 0 5 , , , 5 5 3 2 2 7 7 1 1 1 1 1, , , 5 3 2 9 0 4 2 9 1 5 5 54 5 4 2 1 8 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16 16,853 1,784 541 1947—Dec. 31 » 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 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—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 20 20,382 2,285 529 July 25P 21,800 9,160 12,640 10,130 2,510 820 20,460 20 20,440 2,290 529 Aug. 29P 21,920 9,310 12,610 10,090 2,520 790 20,530 20 20,510 2,300 529 Sept. 26P 22,000 9,420 12,580 10,040 2,540 810 20,610 20 20,590 2,320 529 Oct. 31 P 22.070 9,570 12,500 9,930 2,570 800 20,670 20 20,650 2,330 529 Nov. 28P 22,120 9,720 12,400 9,820 2,580 760 20,660 20 20,640 2,340 529 Dec. 26P 22,260 9,870 12,390 9,790 2,600 900 20,910 20 20,890 2,410 529 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. 163 FEBRUARY 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 1 Total i b In a t n e k r- 1 a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec 31 12,896 4,072 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec 31 20 834 6 368 14,465 13,308 L ,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 ,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 L.651 2 312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 L,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 25P 20,001 10,089 9,912 7,918 1,994 (5,816 23,695 4,157 17,940 1,598 2,396 22 Aug. 29P 20,048 10,179 9,869 7,877 1,992 (5,682 23,482 3,975 17,899 L,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. 28? 20,798 10,931 9,867 7,909 ,958 7,076 24,561 4,214 18,738 1,609 2,415 22 Dec. 26P 21,528 11,418 10,110 8,049 ',061 7,714 25,676 4,441 19,571 1,664 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 3i 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 1 499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec 31 . .. 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec 31 5 424 1 618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 .... 5,569 2,083 3,487 2,911 576 J.034 7,109 1,228 4,778 1,103 490 13 1951—June 30 5,520 2,215 3,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 July 25P 5,422 2,235 3,187 2,648 539 1,906 6,788 1,151 4,527 1,110 497 13 Aug. 29P 5,427 2,280 3,147 2,610 537 1,906 6,783 1,120 4,549 1,114 502 13 Sept. 26P 5,539 2,397 3.142 2,611 531 1,962 6,982 1,170 4,703 1,109 504 13 Oct. 31P 5,523 2,357 3,166 2,640 526 1,970 6,919 1,145 4,648 1,126 507 13 Nov. 28? 5,554 2,403 3,151 2,621 530 1,978 6.986 1,143 4,724 1,119 509 13 Dec. 26P 5,769 2,520 3,249 2,693 556 ?,119 7,181 1,217 4,834 ,130 512 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 t5.785 17,741 5.686 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 194g—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—Dec. 30 40,685 17,906 22,779 19,084 3.695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—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 25? 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 Dec. 26P 43,142 19,831 23,311 19,467 3,844 14,078 53,216 6,476 34,570 12,170 3,511 321 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—Dec 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 .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. 31P 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 Dec. 26P 42,525 16,345 26,180 21,662 4,518 12,279 51,228 1,223 34,570 15,435 3,772 6,486 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. 164 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 million3 of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets 1 Total i b In a t n e k r- ! a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s r e it c i u es - m D a e n - d Time tions All insured commercial banks: 1 19 9 4 4 5 1 — — D D eecc . 3 3 1 1 1 4 2 9 1 , , 2 8 9 0 0 9 7 ?S 1, ,7 2 6 5 5 9 9 2 6 8 , , 0 0 4 3 3 1 ? 8 1 ? , ,9 0 1 4 2 6 f 7, , 1 9 3 8 1 4 ? 3 5 4 , , 7 29 8 2 8 1 6 4 9 7, 4 7 1 7 1 5 1 1 0 3 , , 6 8 5 8 4 3 10 4 4 1, , 0 0 5 1 9 5 7 1 9 5 6 87 9 6 9 f,6 8 7 4 1 4 1 1 3 3 4 2 2 9 6 7 1947—Dec. 31 114,274 37 583 76,691 67,941 ?,750 36,926 141 ,851 17,670 94,300 34 887 <5,734 13 398 194g—Dec 31 112,286 41,968 70.318 61,388 ,929 18,087 140 642 11,900 91,300 35 441 1(1 158 13 413 1949—Dec. 31 118,278 4?,485 7C>,793 65.820 ,974 35,207 143,138 17,368 94,914 3S 856 1(1,645 13 429 1950—Dec. 30 124,822 51,723 7:5.099 60.986 1?,113 39,821 153,788 13,744 10,1,499 36 045 11,263 13 432 1951—June30 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 memtjer banks: 1941—Dec.31 27,571 11,725 15.845 1?,039 ,806 14,977 39,458 6,786 74,350 8 322 1,640 5 117 1945—Dec. 31 69,312 13,925 5<>.387 51,250 4t, 137 70,114 84, 939 9,229 5<3,486 16 774 4,644 5 017 1947—Dec. 31 65,280 21,428 43,852 3?,674 E,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 194g—Dec 31 63,845 ?3,752 40,093 341,852 G,241 ??,974 81 407 7,842 54,020 19 545 «i,657 4 991 1949—Dec. 31 67,943 73,853 44,090 1,161 E,930 70,995 83, 113 8,278 55.034 19 801 ,920 4 975 1950—Dec. 30 72,090 79,184 42,906 35,587 -r.320 73,763 89, 281 ,133 60,251 19 897 f,313 4.95S 1951—June30 71,014 30,479 40,534 32,965 r,569 22,198 86,589 7,625 581,715 20 248 £,504 t1,946 State member banks: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 3 1 7 5 , , 8 9 7 5 1 0 6 8 , , 2 8 9 5 5 0 2 9 9 , . 6 0 5 2 4 1 27 •J r. , O 50 8 0 9 1 , , 1 9 5 3 5 3 9 8, , 1 7 4 3 5 1 4 7 4 7 , 2 7 5 3 9 0 3 4 , , 7 4 3 1 9 1 3 1 1 4, , 4 3 9 3 5 4 4 7 0 9 2 8 5 6 f , , 2 9 4 4 6 5 I 5 8 0 67 2 1947—Dec. 31 32,566 11,200 2 .365 19.240 ,125 10,822 40, 505 3,993 27.449 9 062 t,055 1,918 1948—Dec 31 31,771 1?,308 19463 17r.301 ,161 11,228 39 955 3,799 26.862 9 295 •j,144 I 927 1949—Dec 31 33,585 1?,378 21.207 18,722 2..484 10,322 40, 777 3,819 27.594 9 359 i,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 •j,381 1,915 1951—June30 35,550 16,386 19,163 16,143 1,020 11,046 43,149 3,722 29,963 9 464 ,483 1,913 Insured nonmcsmber commercial 1t)anks: 1941—Dec.31 . ... 5,776 3,241 2.535 1,509 ,025 7,668 7,707 129 4.213 3 360 959 •» Kin 1945—Dec. 31 14,639 ?,992 1L.647 10,584 ,063 4,448 18, 119 244 \1,,196 5 680 1,083 6 416 1947—Dec. 31 16,444 4,958 11,486 10,039 ,448 4,083 19,340 266 12,515 6 558 1,271 6,478 1943—Dec 31 16,685 5,911 10,774 9,246 L,528 3,887 19 796 259 12.419 6 618 1,358 6 408 1949—Dec. 31 .... 16,766 6,258 10,508 8,947 L ,561 3,892 19, 769 272 i:5.285 6 717 1,473 <5 540 1950—Dec. 30 17,414 7,073 10.391 8,632 1,759 4,299 20 216 297 13.194 6 726 1,570 5,562 1951—June30 17,585 7,446 1(3,139 8,330 1,810 3,718 19,741 235 12',650 6 857 1,637 5.581 Noninsured nonmember com merelal banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1 877 329 L,291 753 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,457. 181 1,905 365 279 714 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2, 251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 L.234 259 509 7 701 368 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 1,040 286 468 976 294 11,224 458 327 689 1951—June30 1,913 514 1,399 L,094 305 423 1 996 364 L ,178 453 329 670 All nonmember com- • merclal ban!es: 1941—Dec. 31 7,233 3 696 J.536 1.210 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 L.362 7,130 1947—Dec 31 2 18,454 5,432 13,021 11,318 L,703 4,659 71 591 629 13,926 7 036 1,596 7 261 1943—Dec. 31 18,698 6,431 12,267 10,479 L,788 4,396 21 497 628 13,772 7 097 1,680 7 256 1949—Dec 31 18,686 6,739 11,947 10,132 1,814 4,334 71 305 613 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—June30 . . 19,499 7,960 11,538 9,423 2,115 4,141 21 737 599 13,828 7 310 1,966 7,251 Insured mutiuil savings banks: 1941 Dec 31 1 693 642 fi9Q 4911 151 1 789 1,789 164 52 1945 Dep 31 10 846 3 081 7 765 7 160 606 429 10 363 12 10 351 L 034 192 1947—Dec 31 12 683 3,560 <?,123 8 165 958 675 17 207 1 14 17,192 1,252 194 1948—Dec 31 13,312 4,109 <?,2O2 7,795 1,407 684 17 777 1 14 12,757 1,334 193 1949 Dec 31 14 209 4,814 ? 394 7,832 1,562 682 13 592 16 13 575 1,420 192 19 SO Dec30 15 ioi 6 086 9 015 7 487 1,528 617 14 320 19 14,301 I 513 194 1951—June30 15,668 6,829 3,839 7,169 1,670 688 14 924 1 18 14,905 1,582 201 Noninsured miitual savings banks: 1941 Dec 31 8 687 4 259 4 428 3 075 L 353 642 744 6 8,738 I 077 496 1945 Dec 31 5 361 1 198 4 163 3 522 641 180 5 022 2 s,020 558 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5 556 3 5,553 637 339 104.Q DPP 31 6 083 1 577 4 506 ^ *an 826 194 5 633 3 5,631 665 339 1949 Dec 31 6 192 1 764 4 428 5 596 832 191 702 3 s,699 702 339 1950 Dec 30 6 245 050 4 194 3 380 814 180 5 711 3 5,708 734 335 1951—June30 6,029 2,191 3,838 3,036 802 163 5 479 2 5,477 702 328 For footnotes see preceding two pages nji luumuLCB sec yicccuing LWKJ ydgca. 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. FEBRUARY 1952 165 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 Class of bank T lo o a t n a s l C m c o ia e m l r , - - o p L s u r e o r c c c a a u h n r r a r s i y t s i f i i e o n n s r g g U. S. Govern D m ir e e n c t t obligations O t g io a b n - li s cal a l n d d ate i m n a v e n e n d s t t s - Total* o e m k p p i p l n u e a a e e g d r n r - t - - - A t c u g a u r r l l i - - - b d a r e e T e n o r r o a s s d k l - - o T e t r h o s - l R o t e a a e s t n a - e s l s lo u C a m o n n e s - rO lo t a h n e s r Total Total Bills C o d c n e e a f e e r d t b t s i e i n - t f s s - i - - Notes Bonds G t a e u n e a d - r- S p d s s a i t u o c i i nO a n o v a f b l t I d k n i e l - - s s - O r s i e t t h c ie e u r s - All Insured commercial banks: 1 1 9 9 4 4 1 5 — r D > eecc . 3 -i 1 i . 1 4 2 9 1 , , 2 8 9 0 0 9 2 2 1 5 , , 2 7 5 6 9 5 9 9 , , 2 4 1 6 4 1 1 1 , , 4 3 5 1 0 43,1 6 6 1 4 4 3,6 6 0 62 6 4 4 , , 7 67 7 7 3 1,351 4 2 5 ,191 2 9 8 6 , , 0 0 3 4 1 3 2 8 1 8 , , 0 91 4 2 6 2,4 9 5 88 5 19,0711 3 6 , , 1 0 5 4 9 55 1 1 2 , ,7 3 9 2 7 1 4,10 2 2 2 3 3 ', 6 8 5 73 13 3 , , 3 2 3 5 3 8 1948—Dec. 31. 112,28641,968 18,7612,775 1,336 939 10,6664,907 2,992 70,31861,388 2,821 10,065 3,39445,100 85,5093,420 1949—Dec. 31. 118,27842,485 16,9352,963 1.749 855 11,4056,0023,12475,79365,820 3,692 12,479 5,81043.833 66,4003,574 1950—Dec. 30. 124,822 51,72321,7762,823 1,789 1,03613,3897,6283,95573,09960,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—June 30. 124,132 54,30623,5073,044 1,6161,00013,9887,6974,16669,825 57,427 3,819 3,11114,76235,724 118,3194,079 Member banks, total: 43,521 18,021 8,671 972 594 598 3 494 3,( 92 25,500 19,539 971 3,00711,7293,832 3 0902,871 11994415——DDeecc.. 3311..107,18322,775 8,949 8553,1333,378 3,4551,027 1,97784,408 78,3382,275 16,98514,27144,792 163,2542,815 1948—Dec. 31. 95,616 36,060 17,6311,8001,324 834 8,2443,9332,65859,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—Dec. 31.101,52836,230 15,8571,945 1,737 758 8,8344,7762,80965,297 56,8833,389 10,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,42444,705 20,5211,808 1,770 927 10,5226,167 3,58562,719 52,3653,665 1,468 14,05433,170 86,6403,714 1951—June 30. 106,56346,866 22,1611,919 1,601 882 10,9756,1743,78359,69849,1083,485 2,52412,31330,778 76,9783,611 Oct. 10. 108,38847,93623,1652,127 1,138 840 11,1736,1643,96860,452 49,6474,232 4,73910,19230,470 14 7,2883,517 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17,574 477 3',433 3,32510,337 1 606 629 1948—Dec. 31. 18,759 8,048 5,642 '"3 1,102 225 224 313 636 10,712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 377 621 12.033 10.746 720 1,785 835 7.405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—June 30. 20,604 10,234 6,845 1,287 273 502 539 930 10,370 8,460 1,034 354 1.565 5,506 2 1,176 733 Oct. 10. 20,280 10,527 7,443 874 254 534 509 1,058 9,753 7,718 598 450 1,470 5,197 2 1,325 710 Chicago:* 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 1,467 749 1,864 181 204 1948—Dec. 31. 4,799 1,783 1,412 4 71 63 51 115 88 3,016 2,633 183 275 217 1,958 210 174 1949—Dec. 31. 5,424 1,618 1,211 7 109 56 51 115 91 3,806 3,324 331 690 358 1,945 290 192 1950—Dec. 30. 5,569 2,083 1,567 9 110 69 65 147 147 3,487 2,911 232 131 700 1,847 335 242 1951—June 30. 5,520 2,215 1,717 7 113 64 70 131 150 3,305 2,742 209 150 653 1,729 347 216 Oct. 10. 5,487 2,358 1,865 11 77 60 73 117 193 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 3,661 205 427 1,503 1,459 433 826 31,594 29,552 1,034 6',982 5,65315,878 5 1,126 916 1948—Dec. 31 35,332 14,285 7,282 43 7 130 360 3,5031,6091,11821,047 18,594 1,056 3,201 1,090 13,247 11,4211,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,7421,9651,21223,931 20,951 1,189 4 ,180 2,12413,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,567 1,53422,779 19,084 1,218 499 5,53611,830 2,184 1,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,5582,493 1,55921,432 17,659 1,177 1,069 4,66510,746 12,318 1,456 Oct. 10. 41,098 18,962 9,578 473 153 345 4,6112,495 1,56722,136 18,361 1,680 2,017 3,80610,851 72,384 1,392 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5,102 4,54416,713 9 1,342 1,067 1948—Dec. 31. 36,726 11,945 3,2961,356 21 187 4,4671,895 817 24,78121,278 760 3,340 1,12816,046 42,286 1,217 1949—Dec. 31. 38,219 12,692 3,1501,480 36 173 4,7842,320 884 25,527 21,862 1,148 3,753 1,768 15,189 42,505 1,160 1950—Dec. 30. 40,558 14,988 3,9801,407 33 187 5,5912,913 1,05425,57021,377 1,390 588 6,10713,287 52,998 1,194 1951—June 30. 40,448 15,858 4,3451,487 37 183 5.8463,010 1.14524,59020,247 1,065 951 5,43012,797 43,137 1.206 Oct. 10. 41,523 16,089 4,2791,642 35 181 5,9543,043 1,15025,43420,970 1,750 2,027 4,41412,774 63,252 1,212 Insured nonmember commercial banks: 1 19 9 4 4 5 1 — — D jjeecc# . 3 3 1 1 . . 1 5 4 , , 7 6 7 3 6 9 3 2 , , 2 99 4 2 1 5 51 4 2 3 4 4 5 7 9 8 2 3 0 1 2 6 2 4 8 1 1 , , 2 2 8 2 2 4 323 8>4 214 1 2 1 , , 5 6 3 4 5 7 1 1 0 , , 5 5 0 8 9 4 18 1 0 7 2,087 1,7 1 7 5 4 2 6 1 , ,0 5 6 3 9 8 271 6 5 6 6 1 3 9 4 4 6 4 2 3 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,5751,225 315 10,508 8,947 303 2 071 725 5,846 2 1,127 434 1950—Dec. 30. 17,414 7.023 1,255 1 ,015 18 109 2,8721,461 370 10,391 8,632 453 465 2,702 5,008 3 1,294 465 1951—June 30. 17,585 7,446 1,346 1,124 16 118 3,0181,524 38310,139 8,330 334 587 2,449 4,956 4 1,342 468 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 166 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] ]DemancI deposits3 Time deposits Cla c s a s l a l o n d f d a b te arlk F s B e s w e R R e d a r r i v e e n e t v - r - h e k e a s s l v C a i a n u s l h t b m a w a B n d e n i a c o s t k l e t - h - i s s c 8 j m p u D o a d s a d t s e e n e i - - - t d d s * m D e I s n o d ti t - e c e p * r o b s a F i e n t i o s g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l C h c o a f e e e e i f n t e c f r r c i d d t s k . - i ' s - , p a v n s a p I t h i i d r n o d o t i d r n p u c n a i e s o a s - - , r l r s - - I b n a t n e k r- P U m G S e a o r a . n o e n s v v n d S t - - a - t . l v s S p i a u i o s t c n a b i l a o d i t d l t e n - i s s - a v s a n p i I t h d i r d n o o t i u d r n p c n a a i e s o s - - l , r s r - - , r B i o n o w g r s - - c C o a t a u a c p l - n i t - s ings AH insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1 761 3,677 1 077 36,544 158 59 492 15,146 10 6,844 1945—Dec.31.. 15 810 1,829 lit 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 1C,344 1 488 2 323 7,182 2 113 81,682 69 117 1,080 34,244 54 0,158 1949—Dec.31.. 16 428 1,984 9,466 84,576 1C,885 315 3 050 7,419 2 338 82,106 169 182 1,232 34,442 14 0,645 1950—Dec. 30. 17 458 2,145 10,463 91,099 11,955 1 442 2 788 7,892 2 898 89,922 347 189 1,331 34,525 82 1,263 1951—June30.. 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 1,622 Member banks, total: 31.. 12 396 1,087 6 246 33 754 9,714 671 1 709 3, 066 1 009 33,061 140 50 418 11,878 4 5,886 11994415——DDeecc.. 31.. 15 811 1,438 7 117 64 184 12,333 1,24322 179 4 240 2 450 62,950 64 99 399 23,712 208 7,589 1948—Dec. 31.. 20 406 1,486 5 674 72 152 1C),098 1,480 2 122 5,850 1 962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16 429 1,521 6 194 72 658 1C),623 1,310 2 838 6 017 2,185 71,589 164 175 1,051 27,934 11 9, 174 1950—Dec. 30.. 17 459 1,643 6 868 78 370 11,669 1,437 2 523 6 400 2,724 78,659 341 183 1,121 28,032 79 9 695 1951—June 30.. 18 946 1,403 5 567 75 657 S>,659 1,327 5 811 6 713 2,093 74,061 361 206 1,243 28,263 55 9 987 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 0 177 New York City: * 1941—Dec. 31.. 5 105 93 141 10 761 t.595 607 866 319 450 11.282 6 29 778 1 648 1945—Dec. 31.. 4 015 111 78 15 065 *5,535 1,105 6 940 237 1,338 15 712 17 io 20 1 206 195 2 120 1948—Dec. 31.. 5 643 117 67 15 773 .,904 1,278 445 241 750 16,695 31 14 20 646 25 2 306 1949—Dec. 31.. 4 462 112 68 15 182 5,996 1,084 640 196 895 16,408 113 38 24 1 590 2 312 1950—Dec. 30.. 4 693 118 78 15 898 5,207 1,162 451 258 1,087 17,490 268 37 37 1 647 "70 2 351 1951—Tune 30. . 5 053 96 48 15 368 >,744 1,104 1,808 280 823 16 381 259 39 22 605 1 2 398 Oct. 10.. 5 356 159 39 15 757 5,113 1,033 1 040 310 566 16 243 317 43 23 1 533 62 2 410 Chicago:2 1941—Dec. 31.. 1 021 43 298 2 215 1,027 8 127 233 34 2 152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3 160 719 377 1948—Dec. 31.. 1 325 28 143 3 604 1,038 26 188 284 53 3 702 1 11 989 444 1949—Dec. 31 . 1,183 27 159 3,797 L ,151 40 258 286 60 3 932 4 10 1 069 470 1950—Dec. 30. 1,216 30 133 3,954 1,177 48 174 284 70 4 250 3 10 1 089 .... . 490 1951—June 30. . 1,282 27 130 3 818 1,006 34 484 316 51 3 905 10 1 112 10 501 Oct. 10. . 1 377 30 129 3 837 1,216 33 302 258 48 3 975 4 10 1 103 4 506 Reserve city banks. 1941—Dec. 31.. 4,060 425 2,590 11,117 i1,302 54 491 1,144 286 11 127 104 20 243 4 542 1 967 1945—Dec. 31.. 6,326 494 2,174 22,372 (3,307 110 8,221 1,763 611 22 281 30 38 160 9 563 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 1 1 9 9 5 4 0 9 — — D D eecc#. 3 3 0 1 . . . . 6 6 , ,8 4 0 1 6 3 4 5 8 1 2 9 2 1, , 9 2 6 0 5 6 2 2 5 7 , , 7 9 4 3 4 8 < 5 5, , 1 4 7 9 4 8 2 1 1 7 7 6 1,1 9 4 76 2 2 2 , , 4 5 7 7 8 5 6 85 5 2 0 2 2 5 8 9 9 1 3 2 8 3 5 8 7 6 6 0 0 6 6 1 3 7 1 1 1 0 0 9 9 8 5 7 6 3 3 , ,3 0 2 8 2 7 1951—June 30. 7,438 446 1,808 27,067 1,996 178 2,272 2,713 592 27 214 90 68 731 11 020 8 3,431 Oct. 10. 7,544 600 2,107 28,008 <5,021 179 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 i 1,982 1945—Dec. 31. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21 797 1^ 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 1^ 49 350 14,369 12 3,123 1949—Dec. 31. 4,371 901 4,002 27,935 979 c 797 3,058 579 25,337 1; 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 li 82 443 14,339 ( 3,532 1951—June 30. 5,172 834 3,581 29,404 913 11 1,248 3,404 626 26,562 Yi 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 53 611 68 3,483 18 74 3,276 959 1945—Dec. 31. 391 3,959 10,537 233 1 1,560 858 135 9,643 ( 97 5,579 1,083 1948—Dec 31 453 3,273 12,059 246 \ 201 1,332 15 10,736 153 6,459 1,358 1949—Dec. 31 463 3,273 11,918 261 213 1,402 153 10,51 182 6,524 1,473 1950—Dec. 30. 503 3,596 12,729 286 265 1,492 174 11,262 I 21i 6,510 1,570 1951—June 30. 445 3,090 12,175 222 8 293 1,577 159 10,62 17 230 6,609 l: 1,637 2 Central reserve city banks. 8 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. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. .FEBRUARY 1952 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing or carrying securities U. S. 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 l i t c n a r i i d 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 if e t i e r - - s O s ri e t t h c ie u e 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 e h 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 - i s e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds' Total- Leading Cities 1950—December.. 70,835 30,971 17,590 5181,011 181 5,244 409 5,85039,86433,473 2,592 846 8,181 21,854 6,391 1951—October. . . 71,814 33,790 20,403 151 955 126 564 5,631 511 5,92238,02431,317 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 19,198 6,626 December.. 74,141 35,118 21,315 4051,008 117 568 5,668 530 5,99139,023 32,268 4,257 3,302 5,934 18,775 6,755 Nov. 7... 72,340 34,117 20,667 137 912 124 556 5,655 607 5,93938,22331,596 3,455 2,982 5,943 19,216 6,627 Nov. 14. .. 72,526 34,498 20,848 172 966 120 556 5,675 691 5,949 3802831,457 3,336 2,990 5,945 ,571 Nov. 21... 72,652 34,513 20,872 153 943 121 556 5,671 726 5,95038,13931,524 3,346 3,010 5,964 19,204 6,615 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 19,185 6,690 Dec. 5... 73,072 34,518 21,006 370 950 119 558 5,661 360 5,97438,55431,856 3,837 2,960 5,962 19,0976,698 Dec. 12... 73,771 34,93 21,219 421 970 117 563 5,669 485 5,974 38 83432,115 4,048 2,995 5,938 19,1346,719 Dec. 19. 74,842 35,512 21,442 4401,080 116 579 5,673 676 5,98739,33032,577 4,525 3,611 5,941 18,500 6,753 Dec. 26. .. 74,878 35,503 21,592 3881,031 118 573 5,668 6,03039,375 32,522 4,512 3,583 5,954 18,473 6,853 1952—Jan. 2 ... 74,217 35,161 21,419 3131,027 118 569 5,658 564 6,028 39,05632,224 4,129 3,596 5,968 18,5316,832 Jan. 9... 73,729 34,825 21,267 177 944 111 565 5,663 634 6,00138,90432,074 4,076 3,558 5,967 18,4736,830 Jan. 16. .. 74,217 35,136 21,441 1291,024 111 564 5,668 729 6,00739,081 32,283 4,221 3,605 5,965 18,4926,798 Jan. 23... 73,583 34,567 21,286 86 877 106 561 5,673 519 5,999 39,01632,166 4,092 3,652 5,961 18,4616,850 74,017 34,757 21,160 109 860 106 561 5,669 822 6,01139,26032,419 4,319 3,698 5,946 18,456 6,841 Jan. 30... New York City 20,448 9,660 6,225 450 774 243 1,30210,788 8,986 995 235 1,649 6,107 1,802 1950—December.. 1951—October. . . 20,337 10,653 7,469 125 734 220 527 395 1,297 9,684 7,685 742 463 1,390 5,090 ,999 November. 20,309 10,812 7,550 139 716 213 519 490 1,301 9,497 7,594 780 421 1,363 5,030 1,903 December.. 20,969 11,174 7,797 336 787 221 516 333 1,304 9,795 7,836 1,012 510 1,381 4,933 1,959 Nov. 7... 20,159 10,678 7,521 110 696 214 518 437 1,297 9,481 7,569 736 422 1,362 5,049 1,912 Nov. 14. .. 20,204 10,845 7,560 128 750 215 523 487 1,297 9,359 7,491 710 421 1,358 5,002 1,868 Nov. 21. .. 20,310 10,845 7,544 125 717 213 519 540 1,303 9,465 7,576 747 428 1,363 5,038 1,889 Nov. 28... 20,563 10,880 7,573 194 700 212 514 498 1,306 9,683 7,738 925 413 1,368 5,032 1,945 Dec. 5... 20,419 10,805 7,651 310 730 210 511 201 1,308 9,614 7,705 893 404 1,376 5,032 1,909 Dec. 12... 20,807 11,030 7,757 328 750 220 517 280 1,295 9,777 7,841 978 428 1,384 5,051 1,936 Dec. 19. .. 21,358. 11,502 7,847 381 858 231 518 487 1,295 9,856 7,916 1,101 604 1,385 4,826 1,940 Dec. 26... 21,291 11,359 7,933 325 811 223 516 364 1,317 9,932 7,881 1,076 605 1,377 4,823 ,051 1952—Jan. 2 ... 21,236 11,298 7,856 285 802 220 507 446 1,326 9,938 7,878 1,043 585 1,383 4,867 2,060 Jan. 9... 20,732 11,116 7,785 153 733 218 514 532 1,326 9,616 7,565 815 573 1,379 4,7982,051 Jan. 16. .. 21,026 11,288 7,881 107 801 217 513 580 1,333 9,738 7,698 914 624 1,370 4,7902,040 Jan. 23 ... 20,578 10,934 7,850 66 682 217 513 420 1,334 9,644 7,585 841 598 1,381 4,765 2,059 Jan. 30. .. 20,987 11,161 7,791 89 664 216 508 697 1,345 9,826 7,775 1,056 600 1,376 4,7432,051 Outside New York City 1950—December.. 50,387 21,311 11,365 4,806 4,548 29,076 24,487 1,597 611 6,532 15,7474,589 1951—October. . . 51,477 23,137 12,934 221 344 5,104 4,625 28,34023,632 2,398 2,471 4,694 14,069 4,708 November. 52,386 23,592 13,263 219 343 5,149 180 4,646 28,79424,071 2,741 2,573 4,589 14,168 4,723 December.. 53,172 23,944 13,518 221 347 5,152 197 4,68729,228 24,432 3,245 2,792 4,553 13,842 4 796 Nov. 7...52,181 23,439 13,146 216 342 5,137 170 4,64228,742 24,027 2,719 2,560 4,581 14,167 4,715 Nov. 14. ..52,322 23,653 13,288 216 341 5,152 204 4,65228,669 23,966 2,626 2,569 4,587 14,1844,703 Nov. 21... 52,342 23,668 13,328 226 343 5,152 186 4,64728,674 23,948 2,599 2,582 4,601 14,166 4,726 Nov. 28... 52,697: 23,608 13,292 220 346 5,156 159 4,64329,089 24,344 3,024 2,581 4,586 14,1534,745 Dec. 5...52,653 23,713 13,355 220 348 5,150 159 4,66628,940 24,151 2,944 2,556 4,586 14,0654,789 Dec. 12...52,964 23,907 13,462 220 343 5,152 205 4,67929,057 24,274 3,070 2,567 4,554 14,083 4,783 Dec. 19. ..53,484! 24,010 13,595 222 348 5,155 189 4,692 29,474 24,661 3,424 3,007 4,556 13,6744,813 Dec. 26...53,587 24,144 13,659 220 350 5,152 234 4,713 29,443 24,641 3,436 2,978 4,577 13,650 4,802 1952—Tan. 2... 2,981 23,863 13,563 225 349 5,151 118 4,70229,118 14,346 3,086 3,011 4,585 13,6644,772 Jan. 9... 2,997 23,709 13,482 211 347 5,149 102 4,67529,288 !4,509 3,261 2,985 4,588 13,675 4,779 Jan. 16. ..53,191 23,848 13,560 223 347 5,155 149 4,67429,343 14,585 3,307 2,981 4,595)13,7024,758 Jan. 23. .. 005: 23,633 13,436 195 344 5,160 99 4,66529,372 14,581 3,251 3,054 4,580,13,696 4,791 Jan. 30. .. 0301 23,596 13,369 196 345 5,161 125 4,66629,434 14,644 3,263 3,098 4,570jl3,713 4,790 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. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e n a d t v - h l k - e s v C a a i u n sh lt m b a w a n d e i n o c s t - e k h t s i s c j p m u o d a s a e d t s n e - i - t d d s 3 s p p u v n h c a o a a o i e i n r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s c C c O h a e f e e i e t n f e c r r f c d d i t . s k - i ' - s, U m G er . o e n v n S - - t . s p p u v n c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c 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 a r . n o e s g n 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 - 4 k tions tions Total- Leading Cities 1950—December.. 12,853 964 2,55751,385 52,810 3,369 1,664 1,478 14,518 641 126 10,179 1,373 309 419 6,531 126,403 1951—October 14,681 2,55851,419 52,812 3,280 1,382 2,889 14,878 723 15110,580 1,229 413 426 6,783 117,849 November.. 14,493 934 2,458 52,45554,061 3,413 1,422 1,999 14,942 716 15710,557 1,234 435 752 6,828 112,188 December.. 14,919 1,004 2,,457 54,08255,436 3,386 1,686 1,740 15,013 717 16310,652 1,274 4201,050 6,834 131,191 Nov. 7.... 14,385 896 2,439 52,17553,086 3,485 1,270 1,855 14,971 718 15610,591 1,218 433 628 6,832 24,613 Nov. 14.... 14,555 981 2,66152,24955,163 3,387 1,393 1,795 14,963 719 15711,057 1,239 433 770 6,825 23,838 Nov. 21.... 14,569 874 2,41752,35754,031 3,315 1,587 2,104 14,918 706 15710,505 1,252 437 739 6,818 30,833 Nov. 28.... 14,462 987 2,315 53,040 53,964 3,466 1,438 2,241 14,915 720 15710,074 1,226 437 870 6,839 23,249 Dec. 5.... 14,722 902 2,29253,204 54,047 3,378 1,568 1,427 14,939 716 16110,406 1,239 4271,093 6,838 28,964 Dec. 12 .... 14,688 1,033 2,46254,24356,209 3,363 1,636 1,200 14,986 724 16310,610 1,252 419 974 6,832 27,096 Dec. 19.... 15,334 1,005 2,59354,82255,996 3,391 1,890 2,016 15,022 714 16310,920 1,286 417 957 6,827 33,789 Dec. 26.... 14,930 1,077 2,48254,059 ,493 3,410 1,650 2,319 15,104 715 16310,672 1,319 4181,177 6,837 24,682 1952--Tan. 2.... 14,868 979 914 53,37055,554 3,582 2,097 2,225 15,152 712 16211,783 1,326 410 494 6,849 32,894 Jan. 9.... 14,922 969 630 53,706 54,374 3,449 1,372 1,612 15,200 720 16411,165 1,276 409 649 6,858 26,517 Tan. 16.... 15,019 903 749 54,54456,292 3,494 1,504 1,252 15,161 720 15611,347 1,274 411 702 6,849 27,296 Jan. 23.... 15,277 898 54,58655,240 3,541 1,368 1,353 15,175 722 16310,936 1,255 408 446 6,853 26,549 14,788 907 54,32:8 54,,798 3,694 1,354 1,644 15,176 728 16610,178 1,242 414 816 6,871 25,602 Jan. 30.... New York City 4,671 167 16,13917,136 250 826 1,557 2,9881,113 247 164 2,306 53,150 1950—December.. 1951—October.... 5,220 140 15,77316,513 332 631 982 1,469 3,074 1,014 318 134 2,368 45,334 November.. 5,064 157 15,91916,831 354 618 581 1,467 2,936 1,014 340 293 2,375 42,503 December.. 5,258 173 16,611 17,498 270 847 507 1,514 2,947 1,049 327 405 2,371 55,184 Nov. 7.... 5,040 155 15,78816,549 385 551 581 1,461 2,949 1,000 338 267 2,379 9,127 Nov. 14 5,117 164 15,74116,960 341 580 543 1,467 3,007 1,018 337 386 2,378 8,698 Nov. 21.... 5,058 149 40 15,891 16,825 321 726 607 1,463 2,962 1,029 342 244 2,372 11,996 Nov. 28.... 5,040 160 32 16,25716,991 369 614 593 1,479 2,826 1,010 342 273 2,371 8,807 Dec. 5.... 5,265 156 16,32917,016 278 752 377 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 3,064 1,061 324 308 2,368 14,701 Dec. 26.... 5,302 180 16,55517,535 275 823 767 1,536 2,988 1,088 323 462 2,371 10,116 1952—Jan. 2.... 5,238 154 16,26517,606 324 1,134 833 1,510 3,379 1,099 313 202 2,381 14,225 Jan. 9.... 5,258 148 16,34817,025 250 607 577 1,503 3,138 1,056 314 188 2,383 10,531 Jan. 16.... 5,073 136 16,53817,590 277 678 376 1,465 3,218 1,040 314 265 2,385 10,277 Jan. 23.... 5,558 133 16,79017,532 289 573 403 1,468 3,144 1,036 311 68 2,386 9,866 Jan. 30.... 5,310 139 16,76017,563 315 619 555 1,468 3,007 1,024 312 243 2,382 9,875 Outside New York City 1950—December.. 8,182 797 2,52035,246 35,674 3,119 838 1,09812,961 603 89 7,191 260 62 4,225 73,253 1951—October 9,461 746 2,526 35,646 36,299 2,948 751 1,907 13,409 701 108 7,506 215 95 292 4,415 72,515 November.. 9,429 777 2,425 36,53637,230 3,059 804 1,418 13,475 692 114 7,621 220 95 459 4,453 69,685 December.. 9,661 831 2,42137,47137,938 3,116 839 1,233 13,499 695 120 7,705 225 93 645 4,463 76,007 Nov. 7 9,345 741 2,410 36,38736,537 3,100 719 1,274 13,510 695 113 7,642 218 95 361 4,453 15,486 Nov. 14.... 9,438 817 2,62936,508 38,203 3,046 813 1,252 13,496 695 114 8,050 221 96 384 4,447 15,140 Nov. 21 9,511 725 2,377 3366,,466 37,206 2,994 861 1,497 13,455 682 114 7,543 223 95 495 4,446 18,837 Nov. 28.... 9,422 827 2,28336,78336,973 3,097 824 1,648 13,436 696 114 7,248 216 95 597 4,468 14,442 Dec. 5.... 9,457 746 2,257 36875 37,031 3,100 816 1,05013,455 694 118 7,576 219 94 636 4,462 17,340 Dec. 12.... 9,529 850 2,427 37,598 38,547 3,085 816 89513,471 701 120 7,706 225 92 582 4,463 15,858 Dec. 19....10,028 832 2,55137,906 38,217 3,141 899 1,43613,502 692 120 7,856 225 93 649 4,459 19,088 Dec. 26.... 9,628 897 2,448 37,504 37,958 3,135 827 1,55213,568 692 120 7,684 231 95 715 4,466 14,566 1952—Jan. 2.... 9,630 825 2,870 37,10537,948 3,258 963 1,39213,642 689 119 8,404 227 97 292 4,468 18,669 Jan. 9.... 9,664 821 2,583 358 37,349 3,199 765 1,03513,697 699 119 8,027 220 95 461 4,475 15,986 Jan. 16.... 9,946 767 2,710 38,006 38,702 3,217 826 87613,696 697 111 8,129 234 97 437 4,464 17,019 Jan. 23.... 9,719 765 2,612 796 37,708 3,252 795 95013,707 699 118 7,792 219 97 378 4,467 16,683 Jan. 30.... 9,478 768 2,339 37,568 37,235 3,379 735 1,08913,708 702 119 7,171 218 102 573 4,489 15,727 X 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. FEBRUARY 1952 169 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 lcan Manufacturing and mining tod?,' Metals Public Periods l F i a q 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 r ( a o a i c e n n d h t c d u a l i c l . n t - s ch P l e c e e m o u t a r m i l o c , , - al Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u p t t t ( r i o i i a l o n r i n n c t t i s a l ) e . - - s s o C t a t t i r o n h o u d n n e c - r - c c h l N f a a i n e s e d s g t i e - s D a p f n o e s e d u f r n e t p s i d n e n - s e - g e - d N ef o en n s - e c c h l N f a a i n e s e d s g t i e - s ch t a a o a n g t n g a r d ' e l l 3 — 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 1952—January -118 -39 520 39 4 -155 -93 -320 -53 -78 -293 262 -555 -293 -432 Week ending: 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 1952—Jan. 2.... -71 -29 54 31 4 -69 -15 57 -77 -7 -122 -28 -95 -122 -173 Jan. 9 -17 -1 40 -10 -18 -18 -80 3 -11 -112 31 -142 -112 -152 Jan. 16.... 5 -6 259 6 4" -33 -10 -58 34 -18 182 226 -44 182 174 Jan. 23.... -9 -11 22 9 -1 -21 -35 -52 -11 -18 -126 -6 -121 -126 -155 Jan. 30 -26 8 145 4 -2 -14 -16 -187 -2 -25 -115 39 -153 -115 -126 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. 8 Net change at all banks in weekly reporting series OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, End of month Total Total P ut u i b li l t i y c R ro a a i d l- bu O a s i t i n n h n d - e e r ss Total bu a s T i i n n n o d - ess Nonfarm residential a c n n o i d c u i n p m t a y u l , dustry dustry Farm VA FHA Con- Total guaran- in- venteed sured tional 1951—April* 4,504 1,687 383 300 1,005 2,709 963 99 1,648 650 649 349 108 May 1 4,331 1,677 450 298 928 2,564 937 88 1,539 577 619 343 91 June 1 4,197 1,760 446 309 1,005 2,362 831 83 1,447 531 594 322 76 Julyi 4,055 1,757 450 297 1,011 2,221 752 80 1,390 484 566 340 77 Augustl 3,749 1,642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 1,706 407 236 1,063 2,163 918 83 1,162 365 490 307 59 October 4,037 1,867 395 204 1,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2,112 353 192 1,567 2,238 955 98 1,186 276 437 473 44 December 4,175 2,019 310 170 1,539 2,111 1,007 107 997 270 417 311 44 1 Excludes business mortgage loans of less than $100,000 each and foreign investments, which were not reported until September. NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they are compiled by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 170 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 paper Accepting banks Goods st(Dred in or sta o n u d t i - ng1 st T a o n o u d t t a i - n l g Total O bi w ll n s bo B u il g ls ht Others2 I U m S i n t n p a i t o t t o e e r s d ts E U S f x n t r 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 U sh n i i p te p p d o ed int b s e F t i o n w r e e e ig n n States countries 1950—November .... 325 383 166 104 62 217 234 88 2 29 29 333 394 192 114 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 a 22 33 June 331 425 162 120 42 263 267 104 22 31 July 336 380 135 103 33 245 225 104 24 27 August 368 384 122 94 28 262 218 109 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 December 434 490 197 119 79 293 235 133 23 55 44 1 As reported by dealers; includes some finance company paper sold in open market. 'None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Other credit balances Debit Debit credit balances * End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed1 In partners' In firm In capital (net)* an a d cc t o ra u d n i t n s g an a d cc t o ra u d n i t n s g banks Free O (n th e e t) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t ac ( c n o e u t n ) ts accounts accounts 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—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—January.... 1,411 »690 »948 February.. . 1,367 *642 •953 March 1,304 «715 8 918 April 1,286 »661 8 879 May 1,287 »681 8 855 June 1,275 10 375 364 680 834 225 26 13 319 July 1,266 «672 8 825 August 1,260 *624 8816 September. . 1 ,290 «640 «843 October 1,291 «653 8 853 November. . 1 279 3 649 3 805 December?.. 1,291 13 392 377 695 816 259 42 11 314 P Preliminary. 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): 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. 171 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES mo Y w n e e th a e r , k , or m m 4 p P - c o e a r o r t n p i o c m m t e i h a 6 r - e , s l - 1 a a P d b c n a e a r 9 c r c i y n s 0 m e e s k ' p s x e - , t- c S h n l a c e t o r a e l o a x e a w n s l - c - n l 2 g k - e m bi o 3 l s U l - n e s . t c s h u S ri 9 t i m i G s - e s t s o o o u n v e ( 1 t e s t h 2 a r 4 n - x m a 3 i b s e - y l s n e u t e o t ) e a s r 5 - 6 Area and period [ l P o A e a l r n l s cen $ t $ 1 1 p 0 , e 0 ,0 0 r 0 0 a 0 - nnu $ $ m 1 1 0 0 ] S 0 ,0 i ,0 z 0 e 0 0 0 - o $ f $ 1 2 l 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r L949 average 1.48 1.12 1.63 1.102 1.14 1.43 Annual averages: L950 average 1.45 1.15 1.63 1.218 1.26 1.50 19 cities: 1951 average 2.17 1.60 2.17 1.552 1.73 1.93 1942 , 2.2 4.4 3.2 2.2 2.0 1943 2.6 4.4 3.4 2.5 2.4 1951—January... 1.86 L .39 2.00 1.387 1.47 1.66 1944 2 4 4 3 3 3 2 6 2 2 February.. 1.96 L .50 2.00 1.391 1.60 \ .67 1945 2.2 4 3 3 2 2.3 2.0 March 2.06 1.63 2.00 1.422 1.79 1.86 1946 2.1 4.2 3.1 2.2 1 7 April 2.13 L .63 2.00 1.520 1.89 2.03 1947 2 1 4 2 3 1 2 5 1.8 May 2.17 1.63 2.15 1.578 1.85 2.04 1948 2.5 4 4 3 5 2.8 2.2 June 2.31 1.63 2.25 1.499 1.79 2.00 1949 2.7 4.6 3.7 3.0 2.4 July 2.31 1.63 2.25 1.593 1.74 1.94 1950 . .. 2 7 4 5 3 6 3 0 2.4 August.... 2.26 L.63 2.25 1.644 1.70 1.89 1951 3.1 4 7 4 0 3.4 2.9 September. 2.19 L .63 2.25 1.646 1.71 1.93 October. . . 2.21 L.63 2.25 1.608 1.74 2.00 Quarterly: November. 2.25 1.63 2.25 1.608 1.68 2.01 19 cities: December.. 2.31 1.69 2.38 1.731 1.77 2.09 1951—Mar 3.02 4.68 3.88 3.27 2.76 June 3 07 4.73 3 93 3.32 2 81 1952—January... 2.38 1.75 2.45 1.688 1.75 2.08 Sept 3.06 4.74 3.99 3.36 2.78 Dec 3.27 4.78 4.05 3.49 3.03 Week ending: New York City: Jan. 5... 2% 1M 2H-2H 1.883 1.81 2.14 1951—Mar 2.74 4.20 3.68 3.06 2.59 Jan. 12... 2% 2H~2% 1.686 1.77 2.10 June 2.78 4.37 3.66 3.06 2.64 Jan. 19... 2% m 2H-2H 1.684 1.76 2.06 Sept.. . . 2 79 4.35 3 72 3.18 2.64 Jan. 26... 2% 21A~21A 1.599 1.72 2.05 Dec 3.01 4.37 3.91 3.34 2.87 Feb. 2... 2*A 1H 2H-2V2 1.589 1.71 2.05 7 Northern and Eastern cities: 1951—Mar 3.02 4.74 3.86 3.23 2.81 1 Monthly figures are averages of weekly prevailing rates. June 3.04 4.68 3.90 3.28 2.83 2 The average rate on 90-day Stock Exchange time loans was 1.63 Sept 3 06 4.81 3.97 3.24 2.82 per cent, Aug. 17, 1948-Jan. 1, 1951. In 1951 changes were made Dec 3.23 4.81 4.04 3.46 3.03 on the following dates: Jan. 2, 2.13; May 16, 2.38; Dec. 18, 2.56 per 11 Southern and cent. Western cities: 3 Rate on new issues within period. 1951—Mar 3.42 4.87 4.0i 3.41 3.06 4 Series includes certificates of indebtedness and selected note and June 3.52 4.90 4.10 3.52 3.14 bo 6 n d S e i r s i s e u s e i s n . cludes selected note and bond issues. S D e e p c t 3 3 .6 4 7 7 4 4 . . 8 9 9 5 4 4 . . 1 1 7 5 3 3. . 6 5 2 5 3 3 . . 0 3 4 5 Back figures.—See Banking and Monetary Statistics, Tables 120-121 pp. 448-459. and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949. pp. 228-237. BOND YIELDS * [Per cent per annum] U. S. Government Corporate ^Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues 1-5 1-8 15 9 120 30 30 30 30 40 40 40 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 2.57 2.00 2.86 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 1951—January 1.96 2.39 1.62 2.64 2.86 2.66 2.71 2.89 3.17 2.69 3.03 2.85 February (6) 2 40 1 61 2 66 2 85 2.66 2 71 2.88 3.16 2 69 3 01 2 86 March 2.47 1 87 2.78 2.95 2.78 2.81 2.98 3.22 2.79 3.09 2.95 April 2.56 2.05 2.88 3.07 2.87 2.93 3.12 3.34 2.89 3.24 3.07 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 1952—January . . 2.74 2.10 2.96 3.24 2.98 3.05 3.32 3.59 3.00 3.48 3.23 Week ending: Jan. 5 2.74 2 13 3.03 3.27 3.03 3.08 3.34 3 63 3.02 3 53 3 27 Jan. 12 2.75 2.12 3.00 3.26 3.01 3.08 3.33 3.61 3.02 3.51 3.26 )an. 19 2 75 2 10 2 95 3 24 2.99 3 06 3 32 3 60 3 01 3 49 3 24 Jan. 26 2.73 2.09 2.93 3.23 2.97 3.04 3.31 3.58 2.99 3.46 3.22 Feb. 2 2.71 2.08 2.90 3.20 2.95 3.01 3.29 3.55 2.97 3.43 3.20 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. ' 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. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSl Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o ar r , w m 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 i d t g r e - e - h ) - 3 fe P r r r e ed - * Tota ( l inde d t x I r u , n i a s - 1 - l 935 R r - o 3 a a 9 i d l - =1 u 0 P 0 t u i l ) l i b c it - y Total Tot M al anu D a fa b u c l r e t - ( u in ri d n N e d g x u o , r n - - 19 T 3 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 f r e n i a n r c n d v d e - - e , , M in i g n- s s h th a i a o ( n n o r i f g n d e u 5 s s - ) able ice dumber 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 1,037 1950 average. . . 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average.. . 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1951—jan 101.56 140.5 121.4 180.9 169 183 153 109 177 194 175 212 202 110 205 176 2,974 Feb 101.44 140 8 121.3 180 9 175 190 159 111 184 203 182 223 213 112 213 184 2,104 Mar 100.28 135.5 119.4 174.9 170 184 149 111 180 198 178 217 200 113 210 177 1,549 Apr 98.93 131.9 117.8 170.4 172 187 149 110 183 204 181 225 202 111 208 183 1,517 May. . . . 97 90 131.1 117.4 168.9 174 189 148 111 182 203 175 228 197 111 206 188 1,630 June.... 97.62 128.6 116.6 167.9 172 187 142 110 179 200 169 229 188 110 201 186 1,305 July 97.93 129.4 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 1,333 Aug . . 98 90 132.1 117.1 169 4 182 198 147 114 190 215 179 249 196 114 206 219 1,463 Sept 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 1,916 Oct 98.22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 1,802 Nov 97 52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 1,246 Dec. . . 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 1,367 1952—jan. 96.27 130.8 115.5 164.2 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Week ending: Jan. 5.. 96.30 130.3 114.5 161.6 186 203 152 116 193 219 184 251 207 116 210 235 1,295 Jan. 12. . 96.14 130.5 115.1 163.3 185 201 151 117 194 220 184 253 209 117 208 242 1,543 Jan. 19.. 96.09 130.9 115.6 164.3 187 204 156 117 196 222 186 256 214 117 209 251 1,544 Tan. 26. . 96.32 131.1 116.1 165.4 190 208 160 118 198 225 187 260 213 117 209 255 1,704 Feb. 2. . 96.64 131.3 116.4 166.2 189 205 158 118 196 223 186 258 211 117 208 254 1,662 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 annual dividend. 6 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( u i a n r n n n e e g d d - w ) - m T e ( a f e i o o d g n s t r o n d t a - i - ) l c Total S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a s d n l - - i Total Co B n r a o p o n t o n d e d r s a s te Stocks e F i o g r n - 2 m T e ( a f e i o o d g n s r t o n d t - a i - ) c l Tota S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a s d n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F ig o n r- 5 1942 2,114 1,075 1,075 342 108 624 50e 118 1,039 1,039 181 440 418 407 11 1943 2 169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 1S 1945 8 006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4 281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 10S 1947 39,691 87,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 . 10 220 9,085 9,076 2,604 294 46,177 45,269 908 10 1,135 1,135 82 768 284 257 28 1949 9.753 8,160 8,131 2,803 233 5,095 4,125 971 29 1,593 1,492 104 943 445 393 52 101 1950 "10 935 8 271 8,160 3,370 394 4,395 3,190 1,197 111 32,665 2,441 112 992 1,338 1,280 58 123 1950—November 853 613 599 356 244 201 43 14 240 240 14 150 75 67 8 December 840 630 630 138 98 394 319 75 210 210 28 79 103 91 12 1951— F M J e a a b n r r u c u a h a r . r y . y . . . 1 " ,2 8 5 3 2 1 4 9 4 1 » ,0 6 4 1 4 3 9 9 6 1,0 4 5 0 9 3 1 4 6 1 1 1 5 8 5 4 1 8 4 4 4 8 8 1 2 3 7 4 6 9 2 5 5 3 6 1 3 4 9 2 1 2 1 5 3 5 0 3 4 "'5 1 ' 7 2 1 1 8 7 1 4 7 1 1 8 8 7 4 0 7 1 1 3 0 9 1 4 8 5 5 8 4 2 8 1 7 2 3 2 5 1 5 2 1 30 2 2 31 April 1,064 920 918 228 29 660 433 227 2 144 144 4 61 80 24 55 May 1,162 947 866 407 60 399 314 85 80 215 215 4 198 13 8 6 June 1,291 1,095 1,075 280 89 706 562 144 20 197 197 3 137 57 49 7 July- 934 810 802 319 8 476 329 147 8 124 124 2 93 29 29 August. .. 617 424 390 150 240 139 101 34 192 192 1 172 20 20 September «986 »792 642 265 40 337 281 56 50 194 194 4 170 20 14 6 October. . 1,285 963 937 368 107 463 265 198 26 322 322 18 288 16 14 2 November 969 829 829 297 531 321 210 140 140 4 89 47 23 24 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. s These figures for 1947, 1950, February 1951 and September 1951 include 244 million dollars, 100 million, 50 million, and 100 million, respectively, of issues of the International Bank for Reconstruction and Development. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 173 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATB 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 e s d * E pr s o ti c n m e e e t a d t s e d * New money Retirement of securities Repa o y f ment Other purposes 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 '6,361 ••6,261 '•4,006 '2,966 1,041 1,271 1,149 122 '620 '364 1951 . . . 7,766 7,634 6,541 5,100 1,441 429 351 424 240 78 1950—December »-656 '649 '433 '242 190 >"84 '83 '84 '49 1 1951—January 383 359 301 224 77 20 17 29 8 February 383 377 314 243 71 30 28 32 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 August 545 537 474 352 121 23 22 1 21 20 September 378 371 334 281 53 17 17 15 4 October '655 r640 r541 r420 r121 '6 '5 2 '65 '27 November »-679 ••666 »-567 »-480 '88 '52 '51 1 '28 19 December.... 840 826 725 640 85 45 42 2 23 32 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Manufacturing ' C m o i m sc m ell e a r n c e ia o l u s a n * d Railroad Public utility' Communication 8 R a e n a d l fi e n 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- moneyments10 pro- moneyments10 pro- moneyments 10 pro- money ments10 pro- moneyments 10 pro- moneyments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 64 24 30 1,208 180 943 16 8 1939 584 188 353 182 85 97 1 248 43 1,157 102 9 88 1940 961 167 738 319 115 186 1 180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 . 627 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 . 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 . . 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,6861,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 . 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2.140 234 567 505 49 593 440 35 1950 '1,175 r688 149 '538 '262 '63 '548 '301 193 '2,866 1,971 '685 '395 '304 '81 '739 '480 100 1951 3,0692,559 185 515 340 53 324 289 34 2,583 2,337 114 628 624 3 515 391 41 1950—December 166 119 '22 108 '46 1 '69 13 56 184 151 5 4 '4 117 '99 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 6 24 24 35 30 May 384 353 1 71 57 12 14 14 217 3 4 4 50 37 3 June 361 314 18 42 28 4 26 26 258 242 6 3 2 123 73 36 July 141 115 8 31 17 10 18 18 191 181 3 51 51 74 71 August 250 218 9 22 16 2 9 9 225 213 12 3 3 28 14 September 165 146 11 29 19 4 23 23 131 126 2 8 8 15 12 October '308 '254 3 '37 '25 1 18 16 i 197 181 1 15 15 '63 '50 November '213 181 19 '46 '21 1 '76 '61 15 '279 '256 16 '37 '37 15 12 December 416 357 23 37 26 2 22 22 279 257 19 48 48 1 22 16 r Revised. 1 Estimates of new issues sold for cash in the United States. 1 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. * Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. • 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"' rprior 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. 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets ol 10 million dollars and over Assets oi" 50 million dollarsand over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 . . 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18.544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 t .129 861 22,278 1,976 964 764 4,253 445 165 98 1946 . . .. 21,316 2,033 .203 944 17,416 1,573 932 804 3,900 460 271 140 1947 30,797 4,099 2,521 1,168 25,686 3,423 2,105 1,000 5,111 676 416 168 1948 36,930 5,312 3,309 1,402 31,238 4,593 2,860 1,210 5,692 719 489 192 1949 36,675 5,034 3,098 1,658 31,578 4,506 2,768 1,474 5,097 528 330 184 1950 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 ,258 129 82 39 4 8,545 1,200 766 630 7,259 1,058 675 567 ,286 142 91 63 1950—i I 9,256 1,400 812 387 7,935 1,254 725 347 ,322 146 87 40 2 10,678 1,821 1,047 394 9,213 1,631 935 347 , ,465 190 112 47 3 11,830 2,185 1,244 583 10,156 1,925 1,092 534 ,674 260 152 49 4 12,292 2,485 958 874 10,525 2,185 820 785 ,767 300 138 88 1951—1 12,685 2,232 876 467 10,811 1,951 765 420 ,874 281 110 47 2 13,019 2,214 837 474 11,079 1,928 724 421 L.940 286 113 52 3 12,282 1,962 761 477 10,454 1,720 661 425 L ,828 242 100 52 PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Railroad Electric power Telephone Year or quarter r O e p v in e e r g n a u t e - P b t e r a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v i e n e r g n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1.137 231 189 164 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 .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 2 230 146 787 116 271 62 3 2 2 2 , , 5 2 3 3 4 8 2 45 4 4 8 2 2 1 2 5 5 7 7 5 5 5 3 1 1, . 3 3 1 2 7 2 3 29 2 3 1 2 2 2 1 1 7 2 1 1 15 5 2 3 8 85 2 3 1 1 1 3 58 7 2 2 8 8 4 4 6 70 7 4 2,716 574 2 318 142 1,415 339 2 211 168 881 169 292 76 1951—i 2,440 229 2 103 100 1,504 413 2 229 157 904 175 2 90 77 2 2,596 275 2144 62 1,419 344 2 195 160 918 174 292 79 3 2,583 250 2 122 56 1,421 320 2 168 162 931 160 272 81 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). 175 FEBRUARY 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 1950 3 4 1 i 31 41 1 i 2 i 3 i Nondurable goods Industries Total (94 corps.): 2 Sales 13,364 12,790 14,710 3,163 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 1,510 342 307 353 468 382 367 340 332 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 88 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 408 403 560 115 117 141 176 127 129 121 112 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 721 525 652 114 133 188 209 217 203 216 Profits after taxes 548 406 443 86 109 87 95 131 130 123 118 127 Dividends 172 172 205 31 63 42 42 44 77 57 55 55 Durable goods industries Total (106 corps.):3 Sales 23,567 23,886 29,346 6,307 5,279 6,004 7,225 7,891 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 8,197 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 88 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 2,975 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 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 3 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 dataat 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 s t 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 s ts 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 1940 9.3 2.9 6.4 4.0 2.4 1949—4 27.0 10.5 16.5 8.0 8.5 1941 17.2 7.8 9.4 4.5 4.9 1942 21.1 11.7 9.4 4.3 5.1 1943 25.1 14.4 10.6 4.5 6.2 1950—1 31.9 14.4 17.5 7.8 9.7 1944 24 3 13.5 10.8 4.7 6.1 2 37.5 16.9 20.6 8.4 12.2 1945 19.7 11.2 8.5 4.7 3.8 3 45.7 20.5 25.2 9.4 15.8 1946 23.5 9.6 13.9 5.8 8.1 4 50.3 22.5 27.8 11.1 16.7 1947 30.5 11.9 18.5 6.6 12.0 1948 . .. 33.8 13.0 20.7 7.3 13.6 1951—1 51.8 31.1 20.7 8.8 11.9 1949 28.3 11.0 17.3 7.6 9.8 2 45.4 27.0 18.4 9.6 8.8 1950 41.4 18.6 22.8 0.2 13 6 3 ••39.8 ••23.7 r16.1 9.6 '6.5 1951 44.5 26.6 18 0 9.4 8.6 4 '41.1 '24.5 16.7 '9.8 6.9 r Revised. Source.—Same as for national income series 176 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] 1 Marketable public issues a Nonmarketable public issues End of month T g d r o e o t b s a t s l * 1 d T d g i e r o r o b e t s a t c s l t Total» Tr b ea il s ls ury c i C e n a d e t d e n r e t s e i b f s o t i s - - f Tr n e o a t s e u s ryT b re o a n s d u s ry Total * s b a U o v . n i n d S g s . s T t s a r a n e x v o a i t s a n e u n g s r d s y T b i r o n s m e e n v a r e d e s i n e s s u — t t s r - y S i p ss e u c e ia s l i b n N e d t a e e o r r b n e in t - st 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 3,173 Dec 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 970 28,955 2,695 1948—June 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 959 30,211 2,229 Dec 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 955 31,714 2,220 1949—June.... 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 954 32,776 2,009 Dec 257,160 257,130 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 954 33,896 2,111 1950—June 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 954 32,356 2,148 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 1952—Jan 259,813 259,775 142,690 18,104 29,079 18,421 76,943 78,559 57,664 7,539 12,998 36,233 2,294 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,345 million dollars on Dec. 31, 1951. 3 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512, UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JANUARY 31, 1952 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redemr.of dollars] Amount Fundsreceived 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 All Series Series Series All series E F G series Treasury bills » Treasury bonds—Cont. Fiscal year ending: Feb. 7, 1952 ,300 5,825 June—1945.. 45,586 14,891 11,553 679 2 658 4,298 Feb. 14, 1952 ,303 1,501 1946.. 49,035 9,612 6,739 407 2 465 6,717 Feb. 21, 1952 ,102 510 1947.. 51,367 7,208 4,287 360 2 561 5,545 Feb. 28, 1952 ,100 7,986 1948.. 53,274 6,235 4,026 301 1 907 5,113 Mar. 6, 1952 ,104 8.662 1949.. 56,260 7,141 4,278 473 2 390 5,067 Mar. 13, 1952 ,200 725 1950.. 57,536 5,673 3,993 231 1 449 5,422 Mar. 15, 1952 2 ,234 681 1951.. 57,572 5,143 3,272 347 1 523 6,137 Mar. 20. 1952 ,201 2,611 Mar. 27, 1952 ,204 1,449 1951—Jan 58,017 475 343 18 115 653 Apr. 3, 1952 ,201 982 Feb.. .. 57,769 386 272 17 97 528 Apr. 10, 1952 ,201 3,822 Mar.... 57,764 359 280 12 67 560 J A A M u p p n a r r y e . . 1 2 1 5 4 1 7 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 2 2 2 2 2 , , , , 2 2 2 3 0 4 0 0 2 9 1 1 5 3 1 , , , 2 9 4 4 8 1 8 6 9 3 5 9 A J J M u u p a n l r y y . e . . . . . . . . . . . . 5 5 5 5 7 7 7 7 , , , , 6 5 6 5 5 7 0 3 2 2 7 8 3 2 3 2 9 1 1 9 6 1 0 0 2 2 2 2 4 5 5 4 7 4 8 4 9 8 8 8 4 4 3 4 7 1 8 5 4 4 4 4 7 8 7 7 2 2 6 8 2,118 Aug... . 57,509 314 267 8 38 437 2,830 Sept... 57,488 273 230 7 36 390 Certificates 3,760 Oct.... 57,501 334 274 10 50 410 A J A u p u ly r g . . 1 1 1 5 , , , 1 1 1 9 9 9 5 5 5 2 2 2 1 1 \y V % % 8 9 5, , 2 5 5 1 2 8 6 4 3 3 3 5 , , , 4 8 1 3 9 8 6 6 0 N De o c v .. . . . . . . 5 5 7 7 , , 5 5 8 5 7 2 3 29 1 7 6 2 25 6 4 8 9 9 3 3 4 9 4 3 0 6 1 4 Sept. 1, 1952 IK 1,832 2,000 1952—Jan. . . 57,664 441 364 16 61 493 Oct. 1, 1952 1% 10,861 2 716 Dec. 1,1952 1% 1,063 4,074 Maturities and amounts outstanding January 31, 1952 Treasury notes Po b s o ta n l d S s avings 92 m Y a e t a u r r i o t f y se A ri l e l s Se E ries Se F ries Se G ries Mar. 15, 1954 IX 4,675 A D O M p e c a c r t r . . . . 1 1 1 5 1 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 5 5 6 6 1 1 \ 1 % ^ ^ ^ 6 5 1 , , ,0 8 3 5 0 5 6 2 7 4 5 0 Pa T n o a t m al a d i C re a c n t a is l su L e o s an. 3 1 1 1 1 9 9 9 9 5 5 5 5 2 5 4 3 3 6 6 8 , , , , 7 8 3 0 5 3 4 5 5 6 0 0 4 3 5 5 , , , , 4 1 7 7 6 7 3 2 2 2 5 4 4 4 1 9 7 9 9 8 2 1 1 , , 8 8 9 9 4 7 5 8 6 1956 5,065 2,267 582 2,216 1957 4,845 2,359 464 2,022 Guaranteed securities 1958 4,947 2,574 242 2,130 Treasury bonds Federal Housing Admin. 1959 4,751 2,647 259 1,844 Mar. 15, 1952-54 »..2 1,024 Various 32 1960 5,244 2,504 442 2,298 1961 14,822 13,335 202 1,285 1962 2,287 103 372 1,812 1 Sold on discount basis. See table on Open-Market Money Rates, 1963 754 123 631 p. 172. 1964 33 6 27 2 Tax Anticipation Series. Unclassified — 64 » Called for redemption on Mar. 15, 1952. * Maturity Dec. 15, 1955. Total 57,664 34,882 3,860 18,985 5 Partially tax exempt. 6 Restricted. 1 Includes bonds with extended maturities totaling 776 million dollars. 177 FEBRUARY 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 bythe public gross U. S. Government debt agencies and End of month in (i g n c g l u ud ar - - trust funds x Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings ance corpo- local laneous securi- Special Public Banks banks 2 banks com- rations govern- Savings Other investies) issues issues panies ments bonds securities tors 3 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June.. . . 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June 76 991 7,885 2,737 66,369 2,645 26 000 3 900 9 200 4,900 900 9 100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1 500 19,200 11,700 3,400 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3 200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5 300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6 500 43,500 19,800 8,800 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7 100 45,500 20,700 9,800 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,500 7 800 47,100 18,400 9,100 Dec. 252,854 31,714 5,614 215,526 23 333 62,500 11 500 21 200 14 300 7 900 47,800 17,800 9,300 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,100 8 000 48,800 18,100 10,000 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,300 '8 100 49,300 '17,100 9,800 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,300 '8 700 49,900 '17,400 '10,000 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,600 19,900 '8 800 49,600 '16,400 10,700 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,000 20,200 '9 400 49,000 '16,200 '10,900 Sept 257,386 35,637 6,368 215,380 23,734 59,400 10,100 16,700 20,100 '9 400 48,900 '15,900 '11,200 Oct 258,336 35,615 6,367 216,353 23,552 60,600 10,000 16,600 20,900 r9 500 48,900 '15,900 '10,500 Nov 259,647 35,862 6,354 217,431 23,239 61,200 9,900 16,500 21,200 9 500 49,000 15,900 11,100 1 Includes the Postal Savings System. ' Revised. 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, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r e a n d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v u a k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o i n e a m k r l - s - 1 b M s i t a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 4 5 :2 0 9 1 — — — D D J J J u u e e u c c n 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 2 3 7 4 0 5 8 1 4 5 5 5 3 5 , , , , , 2 3 3 3 3 7 5 2 6 7 2 0 7 5 4 2 2 1 1 1 0 0 8 9 8 , . , , , 7 2 3 3 8 7 6 3 4 8 8 8 1 3 5 5 5 5 5 5 8 6 4 1 9 , , , , , 9 2 8 5 8 7 3 1 5 9 2 7 5 6 3 1 1 1 1 8 0 0 0 1 , , , , , 2 8 7 1 0 5 7 7 4 2 2 7 4 4 9 1 1 1 1 1 8 6 2 8 9 , , , , , 1 8 0 5 0 3 6 7 3 9 2 2 7 5 0 4 4 4 4 4 4 2 1 3 4 , , , , , 4 5 0 7 6 2 8 5 6 6 9 7 8 3 3 Wi 1 1 1 t 9 9 9 h 5 5 i 4 n 0 1 9 — — — 1 D D J y J J u u u e e e c c n a n n r e e e : . . . . . . . . . . . . 3 3 1 1 1 7 8 1 0 4 , , , , , 6 9 2 3 3 3 0 8 2 1 1 5 7 6 9 3 4 4 7 6 9 9 9 0 1 1 2 0 , , 3 2 8 9 5 4 7 7 8 0 1 3 8 2 5 1 1 9 7 7 4 5 , , , , , 0 0 0 6 0 1 0 2 4 8 4 1 1 5 3 2 2 2 4 1 6 3 3 3 5 7 6 0 8 1 1,0 3 4 3 9 4 6 6 8 2 4 0 8 5 61 1 3 2 2 0 0 , , , , , 6 3 5 7 7 8 0 2 5 4 2 5 0 7 3 Oct 141,788 3,33422,33853,409 8,002 11,64343,062 Nov. . . .142,778 3,32022,02553,911 7,898 11,52944,095 Oct. 18,230 29 1,370 11,577 373 611 4,270 Treasury bills: Nov 17,965 23 1,370 11,484 348 598 4,142 1949—June.... 11,536 63 4,346 2,817 13 60 4,237 Dec 12,319 11 4,829 3,514 15 70 3,880 1-5 years: 1950—June.... 13,533 3 3,856 3,703 35 90 5,846 1949—June 39,175 212 2,121 26,304 1,279 2,124 7,135 Dec 13,627 35 1,296 3,888 33 474 7,901 Dec 35,067 186 1,922 24,907 1,121 1,641 5,290 1951—June.... 13.614 26 527 3.750 122 829 8,360 1950—June.... 51,802 327 5,116 33,127 1,058 1,731 10,443 N Oc o t v. . .. 1 1 6 8 , , 8 1 4 0 9 0 6 5 3 4 3 1 1 1 0 7 5 6 , , 8 44 5 6 8 6 8 4 8 6 7 8 4 7 8 1 9 0 , , 7 7 8 32 2 1951— D Ju ec ne.... 3 31 3 . , 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, , 1 6 6 6 9 0 Ce 1 rt 9 if 4 i 9 ca — t D e J s e u : c ne.... 2 2 9 9 , , 4 6 2 3 7 6 2 4 6 8 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 O N c o t v.... 3 3 7 7 , , 3 3 3 3 4 7 1 1 6 5 0 4 5 5, , 3 3 9 9 6 6 2 2 4 4 , , 7 7 9 8 4 3 2 2 3 5 8 0 9 9 0 0 0 0 5 5 , , 8 8 4 5 5 5 1 1 9 9 5 5 0 1 — — D J J u e u c n n e e . . . . . . . . 1 5 9 8 , , , 3 5 4 7 0 1 3 9 8 (*) 1 7 7 3 5 2 , , , 1 3 3 9 5 3 4 7 4 5 2 1 , , ,5 3 7 4 5 5 4 3 4 6 3 4 7 7 3 2 8 8 5 2 7 3 3 7 1 , , , 4 2 2 3 2 5 5 1 4 5-1 1 0 9 4 y 9 e — ar D s J : e u c ne.... 1 1 8 5 , . 5 06 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 71 3 6 0 Oct 28,016 44 12,848 5,945 54 613 8,512 1950—June.... 15,926 423 1,148 5,675 2,439 2,055 4,186 Nov.... 28,017 49 12,720 5,952 37 623 8,636 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 Oct 11,157 315 1,014 2,436 1,928 1,658 3,806 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 Nov. ... 11,156 307 1,014 2,438 1,924 1,655 3,818 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 N O b c o o t n v d . s . : .. 1 1 8 8 , , 6 4 6 0 9 6 3 3 5 5 , , 0 0 6 6 8 8 1 10 0 , , 4 5 5 2 2 4 6 7 9 2 3 3 1 0 2 5 2 2, , 5 6 0 9 9 0 1 19 9 5 4 0 9 — — D J J u e u n c n e e.... 4 4 4 5 8 5 , , , 5 0 0 5 8 8 4 4 4 4 4 4 , , , 4 4 4 8 4 5 1 2 5 4 3 2 , , , 4 5 3 5 9 4 2 9 3 4 3 3 , , , 0 8 9 9 8 3 2 7 3 6 7 7 , , , 1 5 2 3 8 9 0 8 3 1 1 13 4 3 , , , 5 1 4 0 7 8 7 9 5 1 1 1 4 3 3 , , , 2 5 0 4 2 9 2 4 0 1949—June.... 110,426 5,201 7,78042,042 10,768 18,31526,320 Dec 43,599 4,682 2,508 2,932 7,180 12,308 13,989 Dec 104,758 5,217 7,218 39,235 10,480 17,57925,029 1951—June.... 30,023 2,629 1,397 2,781 5,389 7,29310,534 1 1 9 9 5 5 1 0 — — D J J e u u c n n e e . . . . . . . . 1 9 7 0 4 8 2 , , , 8 0 7 3 3 9 2 5 5 3 5 5 , , , 1 2 2 7 7 8 8 3 3 4 5 4 , , , 6 1 6 1 0 2 8 8 0 3 3 3 8 1 3 , , , 6 6 2 9 0 8 1 7 6 1 9 7 0 , , , 9 9 6 6 7 2 7 4 3 1 1 1 5 7 0 , , , 6 2 2 1 4 6 7 9 4 2 2 2 4 2 5 , , , 9 0 3 4 2 4 1 3 0 O N c o t v 3 3 0 0 , , 0 0 1 1 5 4 2 2 , , 6 6 9 8 7 8 1 1, , 4 4 0 0 9 0 2 2 , , 7 7 7 6 7 6 5 5, , 2 3 8 0 5 5 7 7 , , 1 0 0 5 1 3 1 10 0 , , 8 7 0 4 4 4 Oct 78,068 3,189 4,111 31,049 7,784 9,95821,977 Nov.... 78,066 3,178 4,12031,030 7,725 9,90022,113 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 3 Less than $500,000. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating income and outgc Increase (+) or General fund of the Treasury (end of period) decrease (—) during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n x r d d e - g s i e - t s " x ( d R u J + e U n r ) f r p Q i i c l ^ o u i c t s r i. c T e o a r t u u c 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 G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n c a n l d e l - - Total s F D e R e e r r e e a d v - p l - e osi d t S s e c p p ia i e o n l - s- O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u ) c o t o g e m s o r s e banks2 itaries Fiscal year: 1949 38,246 40,057 -1 811 -495 +366 +478 -1,462 3 470 3,862 438 1,771 1,653 392 41,62840 576 +1 051 1950 37,045 40,167 -3 122 +99 +483 +4,587 +2,047 5 517 5,927 950 3,268 1,709 410 40,97043 155 185 1951 48,143 44,633 +3 S10 +679 —214 —2,135 +1,839 7 357 7,871 338 5,680 1,853 514 53,43945 804 +7 635 1951—Jan.. . 4,448 3,808 +640 -83 +247 -583 +221 4 454 4,865 807 2,117 :,941 412 4,696 3 438 + 1259 Feb... 4,257 3,211 +1 047 +227 -161 -184 +929 5 382 5,806 465 3,614 ,726 423 4,877 3 522 +1 356 Mar.. 8,112 4,058 +4 054 -34 +111 -944 +3,187 8 569 8,991 1,120 5,900 ,971 422 8,489 4 219 +4 270 Apr... 2,626 4,007 -1 381 -69 +106 -270 -1,614 6 955 7,360 611 5,030 ,719 405 2,960 4 144 -1 ,184 May.. 3,146 4,517 -1 370 +136 -304 +366 -1,173 5 782 6,376 666 4,029 ,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 L ,754 412 2,854 4,843 -1 ,989 Aug. . 3,594 5,087 -1 493 +83 -103 +988 -525 5 095 5,431 459 3,244 1,727 336 4,600 5,565 -965 Sept.. 6,209 5,163 +1,046 +37 +30 +709 +1,822 6 916 7,356 947 4,547 1,861 439 6,555 4,862 +1,693 Oct... 2,635 5,483 -2 847 -55 -86 +945 -2,042 4 874 5,311 493 3,021 L.798 437 2,857 5,803 2,946 Nov... 3,521 5,178 -1 ,658 +82 +20 +1,306 -250 4 624 5,147 481 2,901 •1,765 523 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 5,642 5,621 +21 1952—Jan.. . 4,953 5,455 -501 -374 +103 +357 -415 3 879 4,306 162 2,048 2,096 427 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internalrevenue F o i r s c m al o y n e th ar b p W I y l h n o e c i y e t l o h e d m m r - s - e t O ax th es er i r n e n c M t v e e e e l o i r l 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 t l s R t e a f o x u f e n D s d e s du e S c t m S m a e t o x c p e c u e l n i o s r a t i y l 4 t - y c N e r i e e p - t ts in i W i n n c o d t o s i l a i u t d m x v h r - e i e h a a d s g n e a u 5 e l c n a d e l d w t i v a i n I t x i c n h d o d h 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 n t s r s n a - d - t t a a g E a n x i s t f d e e - t s l m E a o t n a a x i t s n e h x c c o d i e e e s s r u l e - s Fiscal year: 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 11,743 7,996 11,554 797 7,585 1950 10,073 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 13,535 24,218 9,423 3,940 2,253 53,369 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1951—Jan.. . . 6 680 2,709 853 6149 230 4,621 42 131 4,448 829 2,527 297 80 820 Feb.... 2,044 1,281 797 527 171 4,820 189 374 4,257 3,105 1,028 151 54 730 Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 129 682 Apr... . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May. .. 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 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... 1,361 2,916 823 325 153 5,576 31 266 5,279 275 347 2,649 77 712 1952—Jan.. . . P748 3,021 826 P175 383 5,153 52 147 4,953 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. F o i r s c m al o y n e th ar Total N de a f t e io n n se al e I d n s e t t e b o r t n - f t I in i n a n a o a n t i a n n e d d - a c r- l e tr e m V A a r i a 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 - - c T t o f r r a e t u u a c o r n - n s s t s ts - Other ce R i e p S - t o s c a ia c m v l c I e o e n S s u n - t e n - t c s t u s r p i t t u E e y n r x e d - s i- ce R i e p - ts O m v I t e e n h s n - e t- t r s p tu E e r n x e d - s i- Fiscal year: 1949 40,057 12,158 5,339 6,016 6,791 2,656 916 6,181 3,722 1,479 2,252 1,992 832 1,646 1950 40,167 12,378 5,750 4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857 1951.. 44,633 19,958 5,613 4,431 5,238 636 972 7,786 5,631 2,685 2,790 2,165 872 771 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 (7) 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 4,007 2,160 253 392 427 104 82 589 283 83 255 184 24 173 May 4,517 2,396 163 487 424 91 1 955 928 510 266 127 -23 166 June 5,969 2,495 1,557 785 383 92 (7) 655 570 346 261 433 317 -205 July 4,739 2,930 232 318 433 40 67 717 293 128 264 117 -22 28 AUJT. 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 3,070 1,057 436 386 49 64 565 550 81 278 142 -8 145 1952—Jan 5,455 P3.413 228 P285 428 P154 P78 P869 246 221 326 146 189 29 p Preliminary. 1 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. 179 FEBRUARY 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 * Lia in b t i e li r t a i g es e , n c o y th e it r e m th s an Corporation or agency Total Cash L c a r e 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 t d 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 O s r t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e h s t - s er a t B F g u n a u u b o t r n a e y l e n d l r e s d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i m U G n e e r . t o e s n e n v t S r - t - - . o i v n 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 24,635 642 13,228 1,774 2,075 3,473 2,945 499 1,190 1,19321,995 234 Mar. 31, 1951 25,104 715 13,496 1,764 2,162 3,467 2,951 549 1,247 1,23422,337 268 June 30, 1951 25,188 649 13,504 1,719 2,185 3,474 2,999 659 1,378 93222,533 315 Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 949 22,962 322 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 1,985 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 1,041 747 271 495 247 299 Federal Savings and Loan Insurance Corp. 201 195 4 Home Owners' Loan Corp 2 () () F P O e u ff d b ic e li e r c a o l H f H o t o u h u s e i s n i A g n g d A m A d i m d n m i i s n t i i n r s a i t s t r o t a r r t a : i t o i n o n 5 1, 4 9 1 0 2 4 56 2 0 4 277 1,254 1 31 19 1 7 6 1,8 1 8 83 8 Federal National Mortgage Association.. 1,728 ) 1,715 ) 1,726 Other 77 10 29 34 77 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 784, 2 1 140 583 55 784 Other ^ 860 12 731 1 45 791 Export-Import Bank 2,328 1 2,312 16 2,282 Federal Deposit Insurance Corp 1,353 1 () 1,338 () 13 1,263 Tennessee Valley Authority 1,151 132 13 998 8 1,115 All other s 7,900 173 4,011 124 3,385 44 164 7,843 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1951 Purpose of loan M F C F a o e o r r d m r p . t. . b i m c F n r a a e e t e n t e d d d e k r i i . - s - t f o B t o i p a r v e n e c r k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r 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 t o e g s i l d r o n e t . n . - - P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - 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 (S) 6 3,896 3,675 To aid home owners 1,715 2 124 139 1,981 1,809 To aid industry: Railroads 102 2 104 105 Other m 425 69 494 498 To aid financial institutions: Banks .. (3) Other 747 8 755 824 Foreign loans 64 2,319 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. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 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. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y 1 s s 9 t i r 3 c i 5 a a l l - 3 v p 9 o r = l o u 1 d m 0 u 0 c e t ) i * o 1 n aw 1 C a 9 o r c 2 d n o 3 e s n - d t t 2 r r u 5 a ( c c = v t t a 1 i s o l 0 u n 0 e)2 Em 19 p 3 lo 9 y = m 10 e 0 nt3 Fac- D m ep e a n r t t- Whole- Year or month Total D f u M a - c a tu n r u N e d - s o u n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l a n - i- l - Factory 1 r 9 p t o 1 3 o a l 9 0 l r y s 0 y - = » c 1 F a 9 i = r n r 3 e l g 1 o 5 i s g 0 - a * 3 0 h d 9 t - 1 u 9 s s = ( e 4 t a v ) o 7 1 l a e r 0 - l * e s - 4 0 * 9 1 s p 9 u = C r 3 i m c o 5 1 e n e 0 - s - 3 r 0 s 3 9 ' p m c = r 1 s i o o 9 a c 1 m d 2 l e 0 e 6 i s - 0 ty rable rable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88.6 103.7 103.9 120 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 11 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 1951 z>220 P273 P194 P164 P153.1 P159.1 *432.2 134 P109 185 6 180.4 1950 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 A 133 109 185.5 178.0 September 219 223 271 193 167 275 279 271 '•153.4 156.9 159.8 r437.8 133 107 186.6 177.6 October 218 222 273 188 174 261 265 258 153.1 156.1 158.7 '434.2 135 108 187.4 178.1 November . . 219 220 277 188 170 291 243 331 153.4 156.1 157.7 434.1 137 112 188.6 178.3 December P218 P216 P280 ^185 P164 P299 P238 P350P153.3 ^156.0 P157.3 «443.5 133 P109 189.1 177.8 1952 January e218 e2l3 e281 e185 166 mo * Average per working day. * Estimated. v Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 182-185. 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. 189. 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. 192-194. 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. FEBRUARY 1952 181 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Industrial Production—Total. 218 221 221 222 223 222 221 212 217 219 218 219 218 Manufactures—Total 229 231 232 234 234 233 231 222 226 228 226 228 227 Durable Manufactures 268 268 271 277 279 276 274 265 267 '271 273 277 280 Iron and Steell. . 253 255 252 263 264 263 261 253 254 258 261 261 263 Pig iron 216 224 217 228 231 234 235 230 230 231 235 232 227 Steel 280 288 281 298 301 301 296 293 291 298 -304 307 304 Open hearth. 207 206 217 218 217 213 215 208 213 217 216 219 Electric 802 827 815 879 891 897 884 850 881 902 921 954 911 Machinery 321 322 328 335 337 336 338 328 328 336 341 347 '356 Transportation Equipment 292 285 304 314 311 310 307 293 305 r311 •309 314 '5/5 Automobiles (including parts) , 260 246 262 265 255 248 238 216 223 226 "221 219 '214 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government)2 , Nonferrous Metals and Products. . 227 224 217 209 211 206 205 197 196 201 Smelting and refining 218 219 222 225 227 227 226 226 230 235 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 230 226 215 202 204 197 197 188 191 190 190 198 199 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 173 171 169 169 170 163 153 141 146 146 149 157 P157 Lumber .... 162 162 156 156 162 158 147 131 137 135 138 149 '146 Furniture .... 195 190 193 195 185 173 164 160 165 167 170 173 '178 Stone, Clay, and Glass Products... 235 236 237 243 247 236 239 237 228 228 •220 212 '219 Glass products 247 240 243 251 270 242 250 260 234 •232 •214 199 •209 Glass containers 265 257 261 269 292 257 269 285 249 246 222 204 216 Cement 232 238 245 252 243 231 235 226 222 219 217 219 242 Clay products 173 191 186 189 189 184 184 177 176 173 172 172 '170 Other stone and clay products 2. Nondurable Manufactures. . . 197 201 201 199 198 198 197 187 193 193 188 188 185 Textiles and Products. . . 194 194 194 188 185 190 185 160 170 163 •154 157 Textile fabrics 173 174 176 171 165 169 164 138 150 145 139 142 Cotton consumption 158 163 174 175 153 164 157 123 145 142 140 144 136 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2 397 392 390 374 380 377 378 379 360 334 293 •289 282 Wool textiles 160 156 144 133 146 144 137 100 115 114 114 121 Carpet wool consumption 201 180 181 169 131 101 87 27 58 63 ••86 94 Apparel wool consumption. 140 151 140 128 158 163 153 117 132 132 119 122 Wool and worsted yarn 141 142 133 123 140 141 135 105 117 117 114 120 Woolen yarn 121 121 119 111 116 120 119 92 108 108 108 116 Worsted yarn 169 173 152 140 174 171 157 123 130 129 123 126 Woolen and worsted cloth. . 169 163 143 130 159 163 159 124 135 132 126 133 Leather and Products. .. . 115 122 118 106 97 99 85 99 100 91 89 Leather tanning 106 107 112 105 97 88 89 75 81 84 80 78 Cattle hide leathers 120 120 126 119 110 104 109 91 99 104 96 94 Calf and kip leathers 84 77 88 80 78 56 51 42 44 51 51 51 Goat and kid leathers 88 94 96 93 87 80 73 58 65 56 53 53 Sheep and lamb leathers 87 98 92 83 69 55 50 54 56 64 67 69 Shoes 109 121 128 112 106 92 110 111 98 97 127 103 Manufactured Food Products. . 165 168 166 168 165 164 166 163 158 P155 167 167 W Ca h n e e a t s u f g lo a u r r meltings 2 116 128 119 110 108 109 103 107 108 107 109 115 P107 Manufactured dairy products. 141 142 142 146 147 148 150 150 148 143 140 137 P136 Butter 70 73 71 72 74 72 75 77 77 72 71 64 62 Cheese 167 170 169 176 177 174 183 180 173 165 163 '158 161 Canned and dried milk.. . 131 131 135 152 156 164 168 169 160 138 126 118 119 Ice cream 2 P Preliminary. r Revised. c Corrected 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 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. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1950 1951 Industry Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 171 162 148 159 163 149 145 152 162 168 157 168 163 Pork and lard.... 202 188 171 194 208 181 188 187 207 221 198 205 200 Beef 155 152 141 139 134 134 110 126 128 126 124 143 141 Veal 104 93 88 82 79 79 95 107 110 99 109 106 84 Lamb and mutton . 77 80 66 62 59 52 66 70 65 64 74 75 69 Other manufactured foods ... 172 176 176 177 177 176 175 173 174 '176 172 164 P162 Processed fruits and vegetables 142 161 158 176 169 166 160 147 139 '152 '163 121 Confectionery . . 147 148 138 127 128 132 130 127 140 136 127 Other food products 184 185 188 186 187 186 186 188 188 189 182 182' P181 Alcoholic Beverages. . 208 248 225 207 187 179 178 175 178 184 178 188 176 Malt liquor .... 168 185 166 169 161 157 155 163 165 164 154 180 178 Whiskev 157 155 135 150 118 117 104 78 51 70 76 86 85 Other distilled spirits .... ....463 716 658 677 706 560 604 474 492 335 265 262 253 Rectified liquors... 340 439 408 240 148 174 174 197 223 332 358 292 225 Tobacco Products. 153 177 179 170 177 172 171 161 183 177 185 194 147 Cigars 89 101 107 100 104 105 115 98 114 123 127 129 87 Cigarettes .... 215 248 249 238 248 239 233 225 252 239 259 262 204 Other tobacco products . . 56 70 69 62 66 64 66 57 73 70 44 84 60 Paper and Paper Products... 197 204 207 208 214 212 208 190 196 197 196 '191 184 Paper and pulp 189 192 197 198 204 200 198 183 189 192 191 '187 182 Pulp 218 220 228 229 241 233 235 230 228 234 235 235 223 Groundwood pulp 125 117 119 116 116 115 123 137 132 137 130 112 116 Soda pulp 92 94 98 94 100 99 88 78 93 99 97 95 94 Sulphate and sulphite pulp 3 251 256 265 269 284 274 275 269 265 271 273 278 261 Paper 184 188 193 193 198 195 193 176 183 185 185 '180 176 Paperboard 229 247 245 248 253 256 247 217 224 216 213 "2 05 191 Fine paper 2 . . Printing paper 188 181 192 189 194 186 180 167 185 192 190 188 191 Tissue and absorbent paper 202 206 205 208 224 207 204 204 196 200 210 179 181 Wrapping paper 165 159 172 171 172 170 177 165 168 180 180 184 182 Newsprint 117 '118 120 119 119 121 '128 '129 '130 '129 '127 '124 128 Paperboard containers (same as Paperboard) . . . .... Printing and Publishing. ... 175 170 177 176 183 176 171 166 174 179 177 175 174 Newsprint consumption 162 159 162 162 171 166 163 166 164 167 165 163 158 Printing paper (same as shown under Paper) . . . Petroleum and Coal Products. . 263 272 269 269 255 263 263 262 265 266 '269 275 V279 Petroleum refining 2.. . Gasoline .... 197 202 198 199 193 207 212 211 213 214 212 214 P216 Fuel oil 225 238 238 227 204 210 215 213 209 213 214 226 *>233 Lubricating oil 188 192 179 190 189 193 194 195 200 187 200 196 Kerosene 208 237 230 230 221 201 205 209 208 216 214 230 Other petroleum products 2. . Coke 182 187 183 184 185 186 187 183 187 185 185 184 Bv-product coke 174 177 174 176 178 178 179 178 179 178 178 176 Beehive coke 457 522 487 475 433 456 476 388 457 411 452 460 456 Chemical Products. . 284 287 288 292 296 298 302 305 306 304 '298 298 P298 Paints. 160 163 168 166 164 160 161 167 165 '158 '155 157 Pi 57 Ravon 385 387 384 374 377 378 385 392 393 393 367 352 Industrial chemicals 504 506 510 524 532 538 548 554 557 558 552 554 P560 Other chemical products 2. . Rubber Products.. 251 244 235 239 238 247 251 243 243 245 238 244 P243 Minerals—Total... 157 164 138 138 164 165 165 156 165 167 174 170 P164 Fuels. . 163 169 163 163 167 168 169 160 171 172 179 178 pJ72 Coal...... 130 140 118 111 120 118 123 97 123 125 138 141 P125 Bituminous coal 143 151 125 127 133 126 133 105 134 137 147 152 135 Anthracite .... 80 96 89 48 64 83 86 66 77 79 104 99 84 Crude petroleum .... 178 184 185 189 191 192 191 192 194 195 199 196 P195 Metals 126 130 131 127 140 151 145 132 134 137 rt43 122 P]22 Metals other than gold and silver 173 180 181 176 199 216 209 187 194 200 211 174 P174 Iron ore (Copper; Lead; Zinc)2 Gold 57 57 55 56 54 56 52 52 49 49 47 Silver. . . 77 78 80 77 77 76 73 67 58 58 62 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. 183 FEBRUARY 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total . . 216 216 217 219 222 223 223 214 220 223 222 220 P216 Manufactures— Total 227 226 228 231 232 233 232 223 229 233 230 229 P226 Durable Manufactures 266 264 268 275 278 277 276 266 269 '273 275 277 P278 Iron and Steel * . . . .. 253 255 252 263 264 263 261 253 254 258 261 261 263 Pig iron 216 224 217 228 231 234 235 230 230 231 235 232 227 Steel 280 288 281 298 301 301 296 293 291 298 304 307 304 Open hearth 207 212 206 217 218 217 213 215 208 213 217 216 219 Electric 802 827 815 879 891 897 884 850 881 902 921 954 911 Machinery 321 322 328 335 337 336 338 328 328 336 341 347 P356 Transportation Equipment 292 285 304 314 311 310 307 293 305 r311 r309 314 P315 Automobiles (including parts) . . 260 246 262 265 255 248 238 216 223 '226 '221 219 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 227 224 217 209 211 206 205 199 197 197 201 209 P210 Smelting and refining 219 220 222 225 227 227 225 225 213 214 230 236 P235 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 ... Fabricating 230 226 215 202 204 197 197 188 191 190 190 198 ?199 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 158 153 154 160 169 168 164 151 158 158 158 155 P143 Lumber .. ... 140 134 134 141 161 165 163 146 154 153 151 146 P\26 Furniture 195 190 193 195 185 173 164 160 165 167 170 173 P178 Stone Clay, and Glass Products .... .... 223 221 232 243 242 241 239 238 237 231 218 P212 Glass products 233 236 737 251 270 255 248 251 241 '236 '219 201 P197 Glass containers 246 251 253 269 292 275 266 273 259 251 228 206 201 Cement 211 193 186 207 231 242 251 248 251 254 252 237 219 Clay products 178 178 176 180 183 184 184 179 182 180 '182 178 P175 Nondurable Manufactures 196 196 196 194 195 197 197 188 197 '200 193 190 P185 Textiles and Products. . . .... 194 194 194 188 185 190 185 160 170 163 r154 157 P154 Textile fabrics... . 173 174 176 171 165 169 164 138 150 145 139 142 Cotton consumption 158 163 174 175 153 164 157 123 145 142 140 144 136 397 392 390 374 380 377 378 379 360 334 293 '289 282 Nylon and silk consumption 2 Wool textiles 160 156 144 133 146 144 137 100 115 114 114 121 Carpet wool consumption 201 180 181 169 131 101 87 27 58 63 '86 94 Apparel wool consumption 140 151 140 128 158 163 153 117 132 132 '119 122 Woolen and worsted yarn 141 142 133 123 140 141 135 105 117 117 114 120 Woolen yarn 121 121 119 111 116 120 119 92 108 108 108 116 Worsted yarn 169 173 152 140 174 171 157 123 130 129 '123 126 Woolen and worsted cloth 169 163 143 130 159 163 159 124 135 132 '126 133 Leather and Products 107 116 125 118 106 97 98 83 98 100 91 91 Leather tanning 106 108 120 104 97 88 86 71 80 83 80 81 Cattle hide leathers 120 123 136 119 110 104 105 86 96 102 97 98 Calf and kip leathers 82 76 93 79 75 54 52 42 47 50 52 52 Goat and kid leather? 89 94 100 92 89 78 74 57 63 57 53 52 Sheep and lamb leathers 83 91 101 80 68 59 50 50 58 62 67 73 Shoes 109 121 128 127 112 103 106 92 110 111 98 97 Manufactured Food Products 161 155 149 149 152 159 161 176 189 '192 176 162 P153 Wheat flour ... 115 128 120 107 103 104 99 106 107 117 115 116 Cane sugar meltings 2 Manufactured dairy products 90 90 101 120 153 196 221 221 215 169 128 98 95 Butter 55 61 63 65 75 93 104 94 85 69 61 49 49 Cheese 121 126 139 158 184 233 259 221 194 169 146 119 116 101 106 121 149 176 228 232 196 164 127 102 85 92 Ice cream P Preliminary. r Revised. c Corrected. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separatelv. 8 Because of a reclassincation 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. 184 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat oackins 203 193 142 147 150 149 144 141 139 149 156 188 195 Pork and lard 267 247 168 180 189 181 188 165 159 174 186 240 264 Beef 155 155 129 127 126 134 107 127 130 136 135 148 141 Veal 98 86 77 77 78 82 95 107 108 109 124 114 79 Lamb and mutton 75 85 67 60 57 53 62 67 64 69 77 75 68 169 162 159 156 157 159 165 181 200 ••209 192 172 Processed fruits and vegetables . 111 105 100 97 103 108 123 191 263 r297 211 111 88 Confectionery 148 152 139 118 106 102 96 104 151 175 167 Other food products 188 178 178 178 180 182 188 191 192 193 191 191 P184 Alcoholic Beverages 189 211 198 185 175 180 191 190 179 193 197 178 154 M!alt liquor . 134 151 149 157 169 179 195 204 188 166 143 139 142 Whiskey 157 155 135 150 118 117 104 78 51 70 76 86 85 Other distilled spirits 509 466 394 440 424 336 374 275 266 459 686 549 278 Rectified liquors 340 439 408 240 148 174 174 197 223 332 358 292 225 Tobacco Products 142 177 170 161 167 172 178 167 190 188 191 198 137 Cigars 89 101 107 100 104 105 115 98 114 123 127 129 87 Cigarettes 198 248 234 222 231 239 245 236 265 256 269 267 188 Other tobacco products 50 69 67 62 66 65 67 57 71 75 47 86 53 Paper and Paper Products 197 203 208 208 215 212 209 189 196 196 196 '191 183 Paper and pulp 188 192 198 198 205 201 199 182 189 191 191 187 181 Pulp 218 221 228 231 243 234 235 228 226 232 233 236 223 Groundwood pulp 126 121 124 124 128 124 124 122 116 122 121 119 117 Soda pulp 92 94 98 94 100 99 88 78 93 99 97 95 94 Sulphate and sulphite pulp 3 251 256 265 269 284 274 275 269 265 271 273 278 261 Paper 184 188 194 193 199 195 193 175 183 185 185 180 175 Paperboard 229 247 245 248 253 256 247 217 224 216 213 ^205 191 Fine naner * Printing paper 188 181 192 189 194 186 180 167 185 192 190 188 191 196 204 214 208 226 207 208 196 196 200 212 179 176 Wrapping paper .... 165 159 172 171 172 170 177 165 168 180 180 184 182 Newsprint 114 118 120 119 122 122 129 126 128 129 127 126 125 Printing and Publishing 179 164 176 179 188 179 170 155 166 180 181 183 178 Newsprint consumption 170 148 159 169 181 172 161 143 147 168 173 178 166 Printing paper (same as shown under Paper) Petroleuttt and Coal Products 263 272 269 269 255 263 263 262 265 266 '269 275 P279 Petroleum refining 2 Gasoline 197 202 198 199 193 207 212 211 213 214 212 214 Fuel oil 225 238 238 227 204 210 215 213 209 213 214 226 Lubricating oil 187 186 177 188 197 201 194 193 198 187 200 196 Kerosene 214 241 241 235 226 203 193 194 199 214 214 237 Other netroleum nroducts' Coke 182 187 183 184 185 186 187 183 187 185 185 "184* By-product coke 174 177 174 176 178 178 179 178 179 178 178 176 Beehive coke 457 522 487 475 433 456 476 388 457 411 452 460 456 Chemical Products 288 288 291 296 298 298 300 301 303 306 304 303 P303 Paints 160 160 166 165 165 165 165 165 163 157 155 155 P157 Rayon 385 387 384 374 377 378 385 392 393 393 367 352 P331 Industrial chemicals 504 506 510 524 532 538 548 554 557 558 552 554 P560 Other chemical products 2.. Rubber Products 251 244 235 239 238 247 251 243 243 245 238 244 P243 Minerals—Total 153 159 153 153 162 168 169 161 170 171 176 169 P160 Fuels 163 169 163 163 167 168 169 160 171 172 179 178 P172 Coal 130 140 118 111 120 118 123 97 123 125 138 141 M25 Bituminous coal 143 151 125 127 133 126 133 105 134 137 147 152 135 80 96 89 48 64 83 86 66 77 79 104 99 84 Crude petroleum 178 184 185 189 191 192 191 192 194 195 199 196 P195 Metals 93 94 94 92 129 166 171 166 167 166 '162 115 P89 115 118 121 118 184 248 256 247 250 246 240 159 I'll 7 Iron ore 86 97 93 89 231 365 392 384 403 388 354 185 P97 (Conner* Lead* Zinc)* Gold 59 55 50 49 48 49 48 50 54 56 55 Silver 77 78 81 80 78 76 70 66 57 59 62 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. 185 FEBRUARY 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. pDec. Total 163 146 157 160 138 129 125 100 101 107 103 104 95 Passenger automobiles 170 138 156 169 144 140 140 111 112 115 108 104 90 Household goods, total 156 156 158 151 131 117 108 88 89 98 98 103 100 Carpets 115 114 115 102 101 82 70 47 55 56 60 60 Furniture 121 118 119 119 116 109 102 102 97 97 98 100 105 Major appliances 141 132 138 139 125 115 111 78 86 96 88 93 92 Radios and television 273 297 294 262 186 153 133 98 95 123 135 149 122 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 may be obtained from 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,953 13,083 13,214 13,218 13,249 13,211 13,204 13,106 12,967 12,855 '12,789 12,787 12,779 Durable goods 7,193 7,249 7,352 7,395 7,449 7,449 7,440 7,352 7,303 '7,265 '7,245 7,281 7,270 Primary metal industries 1,131 1,143 1,147 1,153 1,161 1,174 1,178 1,173 1,171 '1,162 '1,151 1,155 1,156 Fabricated metal products 839 839 844 850 855 859 852 834 829 '810 '805 800 796 Machinery except electrical 1,157 1,192 1,209 1,219 1,233 1,236 1,246 1,247 1,221 '1,225 '1,248 1,261 1,256 Electrical machinery 710 704 709 717 718 714 708 705 714 '711 '708 713 714 Transportation equipment 1,160 1,175 1,233 1,253 1,243 1,233 1,237 1,187 1,198 '1,211 '1,199 1,236 1,242 Lumber and wood products 758 754 755 733 763 764 765 748 736 730 728 714 704 Furniture and fixtures 320 316 318 323 319 309 295 296 289 284 283 287 287 Stone, clay, and glass products. . 469 478 475 479 483 484 485 485 482 '480 '478 470 461 Instruments and related products 209 210 214 216 220 222 223 229 226 '226 '228 229 230 Misc. manufacturing industries.. 416 413 421 423 424 422 417 410 396 '382 '370 366 374 Ordnance and accessories 24 25 27 29 30 32 34 38 41 '44 47 50 50 Nondurable goods 5,760 5,834 5,862 5,823 5,800 5,762 5,764 5,754 '5,664 '5,590 '5,544 5,506 5,509 A Te p x p t a il r e e - l m a i n ll d p o r t o h d e u r c t f s inished tex- 1,239 1,245 1,250 1,211 1,214 1,212 1,205 1,203 1,170 1,147 '1,133 1,122 1,123 tiles 1,048 1,070 1,083 1,074 1,063 1,045 1,047 1,053 1,032 '1,007 '985 993 1,016 Leather and leather products. . . 361 364 367 362 357 345 351 341 336 321 317 318 328 Food and kindred products 1,173 1,211 1,212 1,213 1,191 1,184 1,177 1,170 1,154 '1,148 '1,157 1,132 1,110 Tobacco manufactures 81 80 81 81 82 80 80 80 81 82 82 79 81 Paper and allied products 424 421 421 422 427 426 428 427 421 '418 '412 407 404 Printing, publishing and allied industries 510 510 510 515 513 513 512 512 514 515 513 514 511 Chemicals and allied products... 514 521 524 531 538 539 544 548 542 540 534 531 527 Products of petroleum and coal. 192 192 193 195 196 195 197 196 194 194 198 197 197 Rubber products 218 220 221 219 219 223 223 224 220 218 213 213 212 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 13,056 13,018 13,186 13,189 13,108 12,993 13,064 12,885 13,069 13,087 12,997 12,915 12,889 Durable goods 7,254 7,256 7,371 7,428 7,445 7,406 7,409 7,226 7,261 '7,279 '7,293 7,331 7,330 Primary Metal Industries 1,142 1,149 1,153 1,159 1,161 1,162 1,172 1,155 1,165 '1,162 '1,157 1,161 1,168 Blast furnaces, steel works and rolling mills 556 559 559 561 562 565 572 572 575 '573 '570 572 Fabricated Metal Products 852 847 852 858 859 850 843 813 817 '810 '809 804 808 Machinery except Electrical 1,163 1,192 1,215 1,231 1,239 1,242 1,252 1,235 1,209 '1,219 '1,242 1,255 1,262 204 211 218 223 227 228 233 232 225 '231 '234 242 Metalworking machinery... 724 711 716 724 718 707 704 684 696 '707 '715 724 728 Electrical Machinery Electrical apparatus (gen- 257 256 258 262 266 270 275 271 272 273 272 274 erating, etc.) 278 268 270 273 262 247 241 230 239 '247 '257 266 Communication equipment. 1,160 1,175 1,233 1,253 1,243 1,233 1,237 1,187 1,198 ' 1,211 '1,199 1,236 1,242 Transportation Equipment Motor vehicles and equip- 767 767 791 793 774 752 738 684 675 679 '661 657 ment 252 264 288 299 309 318 333 347 357 '360 '363 397 Aircraft and parts 754 739 736 722 752 764 773 748 754 745 739 721 700 Lumber and Wood Products 440 429 428 426 443 449 456 443 449 '443 '440 429 Sawmills and planing mills.. 326 321 324 326 317 301 286 284 285 285 289 294 293 Furniture and Fixtures 238 234 235 236 227 211 197 196 195 196 201 206 Household furniture 474 473 473 479 483 484 485 478 484 '482 '480 472 466 Stone, Clay, and Glass Products.. 211 211 215 218 221 222 223 221 224 '226 '229 230 232 Instruments and Related Products. 424 413 427 429 422 409 400 383 388 '388 '387 384 381 Misc. Manufacturing Industries.. 24 25 27 29 30 32 34 38 41 47 50 50 Ordnance and Accessories For footnotes see following page. 186 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Nondurable goods 5,802 5,762 5,815 5,761 5,663 5,587 5,655 5,659 5,808 '5,808 '5,704 5,584 5,559 Textile-mill Products 1,258 1,257 1,269 1,223 1,214 1,206 1,205 1,167 1,152 1,136 n, 133 7, 73J 7,740 Broad-woven fabric mills... 604 602 604 564 567 574 588 574 561 551 '546 544 Knitting mills 234 232 236 236 230 222 216 210 212 ••205 '209 210 A pparel and Other Finished Textiles 1,064 1,070 1,115 1,106 1,047 998 1,000 990 1,047 '1,037 '1,019 1,003 1,031 Men's and boys' furnishings 251 251 259 263 261 253 245 233 238 239 '237 232 Women's and misses' outerwear 296 303 317 305 267 249 255 271 295 284 269 273 Leather and Leather Products... . 359 364 374 371 353 331 344 336 343 327 320 316 326 Footwear (except rubber)... 229 234 239 237 225 210 222 215 221 208 201 197 Food and Kindred Products 1,155 1,120 1,099 1,096 1,085 1,099 1,146 1,225 1,307 '1,330 r1,253 1,160 1,102 Meat products 254 251 238 233 229 229 233 236 233 235 '236 247 Canning and preserving.. . . 143 132 127 125 128 137 154 226 305 ••330 '238 144 Bakery products 190 188 188 190 190 190 192 192 192 193 '195 192 Tobacco Manufactures 83 80 80 78 76 74 76 75 84 89 85 83 Paper and A Hied Products 428 423 423 424 427 424 426 418 419 r416 r414 411 408 Pulp, paper and paperboard mills 212 209 209 209 212 213 215 214 215 ••214 '212 212 Printing, Publishing and Allied Industries 518 510 510 512 510 510 512 507 509 515 518 519 519 Newspapers 152 149 150 150 151 152 152 151 151 153 153 153 Commercial printing 171 170 170 170 168 168 169 167 166 167 169 170 Chemicals and Allied Products... 524 526 532 539 538 531 528 526 531 543 545 542 538 Industrial organic chemicals 162 163 163 167 168 170 172 172 174 175 174 173 Products of Petroleum and Coal.. 191 190 191 192 194 194 198 198 198 197 198 198 196 Petroleum refining 147 147 148 149 150 151 154 154 154 154 154 154 Rubber Products 222 222 222 220 219 220 220 217 218 218 215 217 216 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Manufacturing—Total. . 63.88 '65.41 65.81 67.36 41.4 40.5 40.5 41.2 1.543 1.615 1.625 1.635 Durable goods 68.32 71.14 71.01 72.58 42.2 41.7 41.5 42.1 1.619 1.706 1.711 1.724 Primary metal industries 74.36 '75.41 75.57 77.78 42.3 41.5 -41.5 42.0 1.758 •1.817 1.821 1.852 Fabricated metal products 68.26 -70.43 70.18 71.95 42.4 41.7 '41.5 42.4 1.610 1.689 1.691 1.697 Machinery except electrical 74.20 '77.90 77.49 79.81 43.7 43.4 '43.1 43.9 1.698 •1.795 .798 1.818 Electrical machinery 65.15 '68.27 68.76 70.68 41.9 41.4 '41.6 42.3 1.555 1.649 . 653 1.671 Transportation equipment 75.18 '76.95 76.96 78.39 41.4 40.8 '40.7 41.3 1.816 "1.886 .891 1.898 Lumber and wood products 57.59 '62.17 60.64 59.32 41.4 41.2 '40.4 40.6 1.391 1.509 .501 1.461 Furniture and fixtures 56.77 '58.66 58.92 61.23 42.3 41.4 '41.2 42.4 1.342 '1.417 .430 1.444 Stone, clay, and glass products 63.60 '66.00 64.95 65.38 42.2 41.8 '40.9 41.2 1.507 '1.579 1.588 1.587 Instruments and related products 66.75 '70.22 70.68 72.03 42.6 42.3 '42.4 42.8 1.567 1.660 1.667 1.683 Miscellaneous manufacturing industries. 57.50 '57.96 58.44 61.26 41.7 40.5 '40.5 41.7 1.379 1.431 1.443 1 .469 Ordnance and accessories 68.34 '75.16 74.91 75.56 42.5 43.8 '43.4 43.7 1.608 '1.716 1.726 1.729 Nondurable goods 58.44 '58.00 59.04 60.44 40.5 38.9 '39.2 40.0 1.443 1.491 1.506 1.511 Textile-mill products 53.57 '49.29 50.46 52.76 40.8 37.2 '37.8 39.4 1.313 .325 1.335 1.339 Apparel and other finished products.. . . 45.88 '43.57 44.96 46.37 36.5 34.5 '35.4 36.2 1.257 .263 1.270 1.281 Leather and leather products 47.26 '45.42 45.92 49.32 38.3 35.4 '35.6 38.2 1.234 .283 1.290 1.291 Food and kindred products 59.85 '61.78 63.08 63.75 42.3 42.0 '42.0 42.3 1.415 .471 1.502 1.507 Tobacco manufactures 43.72 '45.26 46.18 46.10 38.9 39.6 '39.3 39.2 1.124 .143 1.175 1.176 Paper and allied products 66.44 '66.07 66.19 67.46 44.5 42.9 '42.7 43.3 1.493 1.540 1.550 1.558 Printing, publishing and allied products. 76.42 '76.35 76.85 79.36 39.8 38.6 '38.6 39.5 1.920 •1.978 1.991 2.009 Chemicals and allied products 66.43 '68.26 68.80 69.84 42.1 41.8 41.8 42.1 1.578 '1.633 1.646 1.659 Products of petroleum and coal........ 78.32 '81.40 80.60 82.62 41.2 40.8 '40.4 41.0 1.901 '1.995 1.995 2.015 Rubber products 68.76 '68.00 69.51 70.40 41.6 40.0 '40.6 40.6 1.653 '1.700 1.712 1.734 ' Revised. NOTE.—Data are for production and related workers. Figures for December 1951 are preliminary. Back data are available from the Bureau of Labor Statistics. 187 FEBRUARY 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 of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , al and utilities government 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 L.641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 . .. 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1 .812 4,761 5,910 1951 46,380 15,927 919 2,567 4,143 9,795 1,883 4,758 6,386 SEASONALLY ADJUSTED 1950—December 45,605 15,692 938 2,452 4,125 9,692 1,846 4,741 6,119 1951—January .... 45,804 15,852 939 2,507 4,107 9,722 1,840 4,737 6,100 February 46,078 16,009 939 2,503 4,117 9,769 1,848 4,728 6,165 March 46,266 16,058 930 2,556 4,147 9,762 1,854 4,729 6,230 April 46,411 16,102 914 2,574 4,153 9,773 1,856 4,745 6,294 May . 46,507 16,081 916 2,572 4,140 9,821 1,865 4,765 6,347 June 46,626 16,097 923 2,558 4,132 9,857 1,874 4,787 6,398 July 46,602 16,026 899 2,574 4,134 9,837 1,880 4,780 6,472 August '46,555 '15,893 914 2,601 4,143 9,822 1,895 4,791 6,496 September '46,465 '15,801 '912 '2,587 4,157 '9,791 '1,908 '4,783 6,526 October '46,382 '15,731 '913 '2,625 '4,175 '9,755 '1,920 '4,746 6,517 November 46,455 15,771 918 2,571 4,170 9,797 1,926 4,758 6,544 December 46,434 15,769 915 2,553 4,147 9,835 1,936 4,745 6,534 UNADJUSTED 1950—December . 46,595 15,789 937 2,403 4,125 10,443 1,828 4,694 6,376 1951—January 45,246 15,784 932 2,281 4,072 9,592 1,831 4,666 6,088 February 45,390 15,978 930 2,228 4,082 9,554 1,839 4,657 6,122 March 45,850 16,022 924 2,326 4,112 9,713 1,854 4,682 6,217 April 45,998 15,955 911 2,471 4,132 9,627 1,865 4,745 6,292 M^ay 46,226 15,853 915 2,598 4,137 9,683 1,874 4,789 6,377 June 46,567 15,956 927 2,686 4,161 9,732 1,893 4,835 6,377 July- 46,432 15,813 906 2,754 4,176 9,667 1,908 4,852 6,356 August 46,724 16,008 922 2,809 4,190 9,641 1,914 4,839 6,401 September '46,956 '16,039 '917 '2,768 4,178 '9,781 '1,898 '4,831 6,544 October '46,868 '15,948 '915 '2,756 '4,168 '9,878 '1,901 '4,770 6,532 November 46,822 15,899 919 2,622 4,166 10,078 1,907 4,734 6,497 December 47,482 15,874 915 2,502 4,147 10,598 1,917 4,698 6,831 ' 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. December 1951 figures and 1951 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted ifigures 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 i o n o n o n a n J l - Total Employed 2 Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed tural industries agriculture 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 1951 108,976 62,884 61,005 53,951 7,054 1,879 46,092 1950—December 109,193 62,538 60,308 54,075 6,234 2,229 46,657 1951—Tanuarv 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 47 619 108,964 62,325 60,179 53,785 6,393 2 147 46 638 108,879 61,789 60,044 53,400 6,645 L.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 I 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 L 606 45 770 October 109,064 63,452 61,836 54,168 7,668 L,616 45,612 November . .. . 109,122 63,164 61,336 54,314 7 022 I 828 45 958 December 109,200 62,688 61,014 54,636 6,378 674- 46,512 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. 188 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 utilities Month Factories Commercial Educational Other 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 January 730 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 1,140.5 361.5 531.1 27.9 116.2 58.3 101.8 58.0 81.0 121.4 132.2 152.5 178.2 March 1,300 1,267.5 574.7 574.6 161.5 122.7 88.6 78.8 96.3 128.4 154.3 139.4 224.9 223.6 April 1,350 1,375.0 674.8 590.8 119.2 174.3 106.8 106.3 97.0 103.5 125.6 133.9 227.0 266.1 May 1,347.62,573.0 674.6 661.1 83.7 ,274.9 96 60.6 100.2 123.2 128.3 175.3 264.5 278.0 June 1,345 1,408.9 628.1 545.2 69.3 211.5 97.7 65 128.3 128.1 148.7 148.3 273.4 310.5 July 1,420 1,379.8 675.1 548.1 79.8 164.1 117.4 75 121.2 150.1 168.8 146.9 258.0 295.2 August 1,548 1,262.8 754.1 567.6 128.8 158.8 137.9 65 113.1 127.9 161.2 123.8 253.8 219.3 September 1,286 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 1,135 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 1,087 931.8 496.7 443.9 103.9 77.2 94 48.4 109.4 79.0 127.2 123.1 155.5 160.2 December 1,168 478.6 146.1 108.9 87.2 148.2 199.5 Year 14,501.1 6,741.0 1,142.3 1,208.5 1,179.8 1,651.0 2,578.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1949 1950 1951 1949 1950 1951 1949 1950 1951 1951 1950 Federal Reserve district Jan 483 731 1,043 160 201 306 323 530 737 Feb 568 780 1,141 252 285 332 317 495 808 Dec. Nov. Dec. Mar.. .. 748 ,300 1,268 282 481 418 466 819 849 Apr.. . . 846 ,350 1,375 319 354 456 527 996 919 May. .. 885 1,348 2,573 369 389 1,474 517 959 1,099 Boston 126,458 96,669 72,726 June... 950 ,345 1,409 375 428 583 574 917 826 New York . ... 129,179 134,069 209,421 July.... 948 1,420 1,380 410 460 615 537 960 764 Philadelphia 79,820 50,090 70,488 Aug 911 ,549 1,263 316 438 486 595 1,111 776 Cleveland . . 113,748 96,119 125,139 Sept 1,072 ,287 1,083 289 364 318 783 922 765 Richmond 172,982 98,941 124,538 Oct 1,062 1,136 1,051 332 308 307 730 828 745 Atlanta 139,308 77,276 150,924 N De o c v.... 9 9 5 2 8 9 1 , ,1 0 6 8 8 7 1,2 9 3 3 4 2 3 2 1 9 6 9 3 38 2 1 0 3 50 2 2 4 6 6 4 3 2 0 7 7 8 6 7 7 6 7 0 3 8 2 S C t h . i L ca o g u o i s . . . ... 2 8 1 1 9 , , 8 1 3 3 6 1 1 7 4 3 4 , , 7 5 4 6 1 3 1 4 6 8 8 , , 0 3 6 9 3 5 Minneapolis 28,658 39,703 33 294 Year. 10,359 14,501 15,751 3,7184,4096,1226,641 10,0929,629 Kansas City 54,145 46,080 44,825 Dallas 89,074 74,517 120,619 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,234,339 931,768 1,168,432 [In millions of dollars] Title ] loans MortgEiges Y m e o a n r t o h r Total p m P e i r r r m e o o t n v y p - t e - 1 - s S h c t t o m i r o o u m n a n c - l e - l 1 f h ( a o - T m I u D t i o s t i l l e e y 4 s - h R g ( o T a r e I u o n n D i s u t d t i l a n p e l g W h e ( o V V r a T u a r e I i s n t ) t a i l 2 - s n e n ' g d h ( M t T i o a n i u i r g t l y s l i e - - INSURED P O F R H T A F O H L O I M O [ , E I n B M m Y i O l C li R L on T A s G S o S A f G O d E o F l S l a I r N s (T ] S I T T I L T E U T I I I O ) N HELD IN 1 1 1 1 1 1 9 9 9 9 9 9 5 4 4 4 5 4 1 7 6 9 0 8 3 3 3 4 1 , , , . , 2 7 8 3 3 7 8 2 2 3 4 5 7 1 1 8 2 5 3 5 6 5 6 7 2 3 9 1 9 0 1 4 4 4 4 8 ( ( * 4 2 « 1 ) ) 9 7 3 7 2 1 1 , . , 8 8 4 3 4 8 5 9 6 4 4 8 5 4 6 7 6 0 1 2 0 1 9 3 7 1 1 1 , , , 3 8 0 8 2 3 3 3 8 0 7 1 9 6 5 8 8 " 2 1 n 0 2 3 3 End of month Total b C m a c o i n e a m r k l - - s b M s i t a n u a n g u v a k s - l - s a a S l i s a o t n s a n i a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e - r s - a c F e g i e r e e a d s n l - - * Other2 1950—Dec. .. 349 54 0) 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 6 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. .. 227 65 3 125 9 10 15 Dec 2,946 1,429 252 233 917 9 106 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 3 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 * 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, Qtc. 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. 189 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports * Excess of exports Month 1947 » 1948 1949 1950 1951 1947 1948 1949 1950 1951 1947' 1948 1949 1950 1951 January 1,193 1,092 1,105 741 P974 533 547 590 623 Pl,024 660 545 515 118 p-50 February .. 1.198 1,085 1,043 764 Pl.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 *186 April 1,362 1,121 1,173 804 Pl.370 514 532 534 585 Pl,033 847 590 639 219 P337 May 1,504 1,103 1,095 830 Pl.354 475 554 541 659 Pl.018 1,029 549 554 170 P337 June 1,320 1,014 1,108 877 PI.294 464 625 526 687 P929 856 389 582 190 P365 July 1.265 1,019 900 4779 Pl.190 452 564 456 709 P895 813 456 444 70 P295 1,265 992 885 762 P1,267 406 606 491 820 P881 860 386 394 -59 P386 September... . 1,185 926 910 911 Pi,232 475 560 530 859 P721 710 365 380 52 P512 October 1,304 1,023 856 906 Pl.155 493 600 557 922 P833 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 1,065 Pl,436 605 720 605 867 ^801 567 598 340 198 P636 Jan -Dec. .. . 15,340 12,653 12,051 10,275 P15.019 5,756 7,124 6,622 8,852 ?10,960 9,585 5,529 5,429 1,424 P4,059 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. 8 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 Coke Grain 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 se nucts ous I.C.I. Year or month o r p e T e v r e o a n t t a u in l e g s ex T p o e t n a s l es op in e N r c a o e t t m in e g in N co et me 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1942 138 135 181 120 104 155 206 146 69 1939 3,995 3 406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4 348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943... 9,055 7 695 1 360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 184 136 88 149 184 146 68 1945 8,902 8,047 852 450 1949 116 100 145 142 77 123 151 127 57 1946 7,628 7,009 620 287 1950. . 128 117 180 135 68 »-141 172 140 53 1947 8,685 7,904 781 479 1951 134 121 208 143 69 150 205 147 48 1948 9,672 8 670 1,002 699 1949 8,580 7,893 687 438 SEASONALLY 1950 9,473 8,434 1,040 783 ADJUSTED SEASONALLY 1950—December. . . 140 129 194 158 72 162 198 151 52 ADJUSTED 1951—January 146 133 199 153 69 170 243 158 52 1950—December.. 941 849 92 60 Februarv.... 129 114 186 134 55 143 241 141 48 March 139 112 202 150 62 147 241 157 53 1951—January 863 766 98 66 April 136 112 197 158 68 156 212 151 51 February... 783 742 41 11 May 133 111 210 141 64 154 212 148 48 March 854 783 71 39 June 131 120 217 123 61 152 207 144 47 April 873 800 73 41 July 125 97 215 130 61 143 203 142 45 May 855 794 62 30 August 133 122 215 140 67 148 209 144 47 June 871 795 76 44 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 December. . . 133 127 206 143 68 144 235 142 44 October 897 C818 c7Q 47 November.. 907 818 89 P58 UNADJUSTED UNADJUSTED 1950—December. . . 130 129 204 148 70 145 '61 142 50 1950—December.. 928 815 113 120 1951—January 133 133 209 153 66 153 61 145 50 February.... 119 114 197 131 44 137 60 133 46 1951—January 849 771 78 55 March 130 112 204 138 49 147 70 149 54 February... 716 697 19 -4 April 133 112 193 139 61 156 193 149 51 March.... 875 797 78 51 May 135 111 208 124 57 160 296 149 48 April 851 781 71 45 June 137 120 212 125 49 158 321 148 47 May 889 814 75 49 July . . .. 130 97 209 156 50 143 325 143 44 June 856 792 64 50 August 137 122 206 151 64 155 313 145 47 July 817 775 42 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 C844 C122 98 December. . . 123 127 216 135 65 128 73 134 43 November.. 904 809 95 P68 r Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. P Preliminary. c Corrected. 529-533. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 190 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 a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- 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 - SALES » 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 1951 P109 P105 P105 P109 Pill ni2 P114 P108 P105 P104 Pill P117 P108 SEASONALLY ADJUSTED 1950—December 110 104 ••106 110 112 107 116 111 108 109 112 116 108 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 Miarch 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 98 100 104 111 104 105 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 109 108 106 111 108 121 110 107 106 109 111 115 106 107 100 101 107 108 109 111 106 105 101 112 115 108 October 108 103 103 108 112 114 111 109 105 104 110 114 106 November 112 106 104 109 114 118 121 110 109 107 116 129 114 December P109 nO6 103 105 109 109 P120 109 107 104 P113 122 109 UNADJUSTED 1950—December 184 186 '185 193 186 188 194 178 171 174 183 193 185 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 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 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 95 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 134 129 131 144 140 145 138 132 130 120 131 144 125 December P183 P188 179 185 181 193 P202 175 ^168 165 P185 203 188 STOCKS i 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 110 110 104 108 111 114 120 110 112 104 113 112 110 1951 P129 P124 P124 P127 P134 P134 P140 P128 P131 P117 P132 P132 P131 SEASONALLY ADJUSTED 1950—December 122 121 113 120 128 126 142 120 125 112 126 122 121 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 May 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 . . .. 134 127 129 130 136 140 144 131 139 123 143 140 138 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 December P119 115 115 119 116 129 133 117 119 P107 P121 175 119 UNADJUSTED 1950—December 110 113 104 105 113 110 123 111 110 103 112 112 108 1951—January 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 139 132 131 136 148 142 148 136 140 126 144 141 142 129 122 122 123 137 133 135 125 136 117 137 128 133 July . . ..127 117 117 116 129 134 132 125 129 120 133 129 134 129 120 125 123 131 138 141 124 135 117 134 137 132 132 124 129 131 137 139 137 127 135 117 133 138 135 October 135 130 130 135 137 143 142 134 134 120 134 136 136 November . ... 133 132 132 133 128 139 145 133 125 119 133 135 132 December P107 108 106 105 102 113 116 109 105 P99 P108 115 106 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 191 FEBRUARY 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) sales i 1941 average monthly sales = 100 2 Num- Department r b s e t e p o r o re r o t s f - Sale p s e r d io u d ring m ( S e t o n o n d c t k h o s ) f November Sal p e e s r d i u o r d ing Sto o c f k s m o a n t t h end ing 11 1951 1950 1951 1950 N 19 o 5 v 1 . m 1 o 9 n 5 t 1 hs N 19 o 5 v 1 . 1951 1950 Nov. Oct Nov. Nov. Oct. Nov. GRAND TOTAL—entire store » 358 +8 +4 -5 2.8 3.1 MAIN STORE—total 355 +8 +3 -5 3.0 3.4 271 238 250 802 798 841 Piece goods and household textiles. 321 +3 +2 -10 3.6 4.1 213 209 207 770 769 858 Piece goods 297 +7 + 1 -8 3.2 3.8 207 228 194 669 722 732 Silks, velvets, and synthetics 197 +9 +2 -10 2.9 3.5 196 217 180 571 646 643 Woolen yard goods 173 -8 -3 3.4 3.4 248 359 261 845 1,037 874 Cotton yard goods 189 + 16 +6 -12 3.4 4.5 165 171 142 570 629 653 Household textiles 311 + 1 +3 -11 3.7 4.3 214 202 212 800 791 904 Linens and towels 280 0 + 1 -9 3.8 4.2 216 170 217 831 804 920 Domestics—muslins, sheetings 253 -8 +2 -9 4.4 4.6 169 205 183 757 731 838 Blankets, comforters, and spreads. 242 + 11 +6 -17 3.0 4.0 257 233 231 765 773 920 Sm T S N A L B a i o a o o r l S F S l C B t c i v o t l l e i i i t e e o k o n l o n a s w r v t o s s e t , e n w e i t k e a a s a o u t r a d j s r r r n w e m n r i t l e d w a e e i m e a s c e n w r r e l m a s y d e e j l o t n r e s a i r y d a m , n w k t n i g d a j a e o d e s r g n l n , u w r d a c e y g e z l e r 4 o m w i y l s n r c u b y a e k n r t s s o c d 4 h i r d e i e e s s r 4 ies, and ribbons , , 3 3 2 2 3 2 2 2 2 2 1 3 8 4 1 4 1 0 3 7 4 7 3 3 3 2 8 9 7 7 7 6 6 9 5 + + + + + + + + + + + 1 1 1 1 9 7 5 3 7 6 1 9 4 2 4 + + + + + + + + + + + + 7 5 6 7 2 2 5 7 5 4 1 1 - + - - - - - - 1 6 5 6 6 3 2 3 0 3 0 3 3 3 3 3 4 4 2 5 2 2 2 . . . . . . . . . . . . 4 2 1 1 7 3 4 3 8 6 4 4 3 3 4 4 4 3 3 4 5 2 2 2 . . . . . . . . . . . . 1 2 2 6 9 8 9 8 9 6 7 7 2 3 2 2 2 2 3 2 1 6 7 5 8 6 6 2 8 8 5 9 7 4 7 4 4 4 4 2 2 2 2 2 2 1 1 1 0 2 5 1 2 1 9 8 5 1 1 6 3 2 8 8 1 5 2 2 2 2 2 3 2 3 1 3 3 4 1 6 4 4 3 7 6 3 2 2 9 9 3 0 2 , 9 6 9 8 8 7 7 0 0 3 0 7 5 6 5 5 3 9 9 7 4 0 4 2 9 8 5 8 7 8 6 7 7 5 8 8 7 2 5 7 2 7 3 2 0 6 7 9 7 4 9 , 9 9 8 9 6 9 9 7 1 1 4 2 3 0 6 0 8 1 3 2 9 7 0 4 5 6 6 +11 Women's and misses' apparel and accessories. 355 +10 +5 n 2.4 2.8 259 244 235 616 622 664 Wo N m ec e k n w 's e a a n r d a n m d i s s s c e a s r ' fs ready-to-wear accessories. 3 3 1 5 6 5 + + 1 1 6 0 +4 - - 9 8 2 1 . . 8 9 3 2 . . 4 4 3 26 7 6 8 3 2 4 3 3 2 2 3 4 2 1 5 7 72 3 3 7 6 7 8 2 2 5 8 7 1 8 0 3 Handkerchiefs 282 +3 + 11 -13 3.4 4.0 224 135 217 755 660 870 W W M C U In o n i f o o S K N l r d a m m l i s e n n i l e e k n g e e r i t t t e s w l s n n i a ' r g ' ' u e y n s s a w e n a d n e a a r d e d , s n n a e m , d d r s r b r u w l r i o c c s a p e b l h h s s i a e s i i n , r l l i s d d e a , u r r r n a n e e e d n s d n n d e ' ' n s s r e l w g h g o l o l u e o i s a g n v i r e g e e , e i r s n s y a g n d a p sl p ip a s rel.... 3 3 3 3 2 2 2 3 1 4 5 3 2 4 4 5 8 5 3 5 1 7 7 8 7 8 2 + + + + + + + + + 1 1 1 1 1 9 8 6 8 7 1 1 1 3 + + + + + + + - - 1 1 1 5 5 3 8 4 6 3 - - - - - + - - 1 2 1 1 1 1 9 1 6 7 4 7 n 1 0 3 2 2 2 2 2 2 2 . . . . . . . . . 9 4 6 8 2 1 7 6 3 3 4 3 3 3 3 3 1 . . . . . . . . 1 2 3 1 6 0 0 3 2 3 3 2 2 3 4 1 1 7 1 8 3 4 7 0 9 8 9 4 4 9 0 0 4 5 8 2 2 2 2 3 2 1 1 1 6 4 5 1 7 0 6 9 8 5 7 1 0 8 3 7 0 0 2 2 3 2 2 2 3 1 1 5 2 4 8 8 4 5 7 7 9 2 6 2 9 7 7 6 7 1,0 8 4 8 9 7 7 7 1 0 1 2 1 2 9 1 6 4 3 1 7 7 5 2 6 9 0 8 9 8 3 9 7 6 7 1 2 7 8 2 9 2 7 0 9 5 1 0 6 9 7 4 7 0 1, , 9 9 0 8 5 8 8 1 0 1 4 1 9 7 0 7 7 7 3 2 7 1 7 4 6 0 8 W Ha o W C n m h d o i e b m l n d a e ' g r s e n s n a 's a n ' s n d s d h s h o c s o e h m s e i l s 4 a d 4 l r l e n le 's a t s h h e o r e g s oods 3 2 2 2 3 1 2 4 6 3 5 6 + + + + 1 3 8 7 0 + + + + 4 5 5 5 + + - - 7 2 2 4 4 2 4 4 . . . . 7 9 0 4 5.2 2 2 3 4 2 4 2 2 1 3 1 7 2 2 2 1 1 7 1, 6 10 0 0 5 1,1 5 4 3 5 3 1,0 6 8 5 5 2 Women's and misses' ready-to-wear apparel.. . 355 + 10 +6 -4 2.0 2.2 252 257 228 491 509 509 Wo C m oa e t n s ' s 4 and misses' coats and suits 3 2 4 1 4 7 + + 1 8 0 + + 5 7 — - 5 5 1 1. . 6 4 1 1 . . 8 6 292 325 272 465 539 486 J F A W B u u l p n S o J o G I B r r n u i s m u u o e i o e n s r i n t r e x l e t i t s s s n s o e s p , ' ' 4 , r ' r e s w a h s s n d ' n o k a e s r d u c n i i a e r v o s d r s t g e e a s s d i e , t m r d s r s l a , e i r s 4 s n e s ' s s s d s u w e s e i s e s e s t ' s , s p a , d 4 r o a r a n r e t n d s s d s w e u d e s n a r i e f r o ss r e m s s 3 2 2 3 3 3 2 2 2 2 1 0 7 4 7 2 6 4 7 9 8 8 7 6 5 0 2 4 1 4 + + + + + + + + + - 1 1 1 1 1 3 9 7 9 6 4 7 3 2 0 + + + + + + + + + + 7 6 5 9 5 5 7 4 6 1 - + - - - - - - - 9 7 6 2 2 4 3 9 2 7 2 2 2 3 1 2 1 1 1 1 . . . . . . . . . . 6 7 2 3 6 0 2 8 8 4 2 2 2 2 2 2 2 3 1 1 . . . . . . . . . . 1 8 3 0 5 4 9 8 4 6 3 2 4 3 1 1 1 3 6 1 0 7 8 9 0 7 6 4 1 7 7 3 2 3 2 3 1 1 9 0 4 1 1 5 5 1 5 1 5 2 0 9 2 2 3 2 1 1 1 9 4 6 6 7 5 6 5 5 3 9 4 6 9 5 4 3 6 4 5 7 7 2 4 6 0 6 9 5 5 2 5 0 5 8 6 4 3 8 3 6 5 0 5 6 0 5 4 8 5 9 8 0 8 6 3 6 4 8 3 4 6 5 5 1 4 1 8 3 5 3 0 9 7 2 8 3 Men's and boys' wear 337 +10 +5 +4 3.4 3.6 298 216 272 1,007 1,016 975 Men's clothing 260 +8 +6 +23 4.3 3.7 271 240 252 1,154 1,218 952 Men's furnishings and hats 317 + 12 +4 -4 3.0 3.4 313 195 281 930 900 971 Boys' wear 306 + 10 +6 -7 2.8 3.2 336 243 307 923 935 1,003 Men's and boys' shoes and slippers. 197 +5 +7 -1 4.5 4.8 237 190 225 1,068 1,140 1,105 Homef urnishings. 324 +4 -5 3.6 3.9 275 278 266 991 1,010 1,045 Fu M rn a it t u tr r e e s s a e n s d , s b p e r d in d g in s g , and studio beds 4 2 1 4 7 8 2 + 0 1 + + 3 4 + 1 3 2 . . 8 4 3 2 . . 8 7 227 246 227 865 895 853 Upholstered and other furniture 4 179 0 +2 -12 4.1 4.0 Do R m u e g s s t i a c n f d lo c o a r r c p o e v ts e r 4 ings 2 1 7 6 9 2 - - 6 6 + + 3 4 + - 3 7 4 4 . . 1 1 4 4 . . 2 2 268 262 1,010 1,071 1,098 Linoleum 4 98 -2 -9 4.3 4.8 Draperies, curtains, and upholstery 301 +4 +5 -11 3.1 3.4 285 283 275 901 934 Lamps and shades 252 +4 -1 -5 2.7 3.2 301 266 289 825 810 920 China and glassware. 255 +6 +5 -10 5.0 4.8 259 196 244 1,291 1,280 1 ,173 Major household appliances 241 — 1 -18 +11 4.0 4.4 222 298 225 894 885 978 H G R i a o f R R d u t i e a s o s c e d h s o w i , o o r a p d s p r , s h 4 e , p s o s h n h ( o o i e n n g e c o r t l a g u m p r d a h u i p s n s , h g ic s t , e , s l m a t e e n v a l d e l i l s v i i i a o n s p n i s p o , t n r l r i u a e 4 m n co c e e r n d s t ) s s , 4 e . t . c . . 4 . . 2 2 1 1 1 6 3 8 8 2 2 3 2 0 7 + + + + + 3 4 8 8 0 6 1 - - + + + 1 1 6 6 5 5 5 - - + - - 3 2 9 4 7 2 6 3 3 3 2 1 . . . . . 4 7 7 3 8 4 3 4 4 4 . . . . . 1 1 6 0 0 311 293 308 1,148 1,157 1,242 Miscellaneous merchandise departments. . . 323 +12 +8 + 1 2.3 2.6 340 219 304 769 867 788 Toys, games, sporting goods, cameras 304 + 15 +9 -2 2.4 2.7 556 224 486 1,330 1,608 1 ,336 Toys and games 253 + 15 + 10 0 1.9 2.2 756 224 657 1,466 1,698 1,453 Sporting goods and cameras 148 + 15 +6 + 1 4.2 5.0 427 227 373 1,799 1,376 1,848 Luggage 269 + 17 +7 3.8 4.8 261 187 222 991 991 1,077 Candy 4 190 + 10 +4 1.3 1.6 For footnotes see following page. 192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales 1 1941 average monthly sales =100 * Department r b N s e t e p o u r o r m e o r s - t f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k o h s f ) November Sale p s e r d io u d ring Sto o c f k m s o at n e th nd ing 11 1951 1950 1951 1950 N 19 o 5 v 1 . mo 19 n 5 th 1 s N 19 o 5 v 1 . 1951 1950 Nov. Oct. Nov. Nov. Oct. Nov. BASEMENT STORE—total 199 +11 +5 -9 2.0 2.4 266 236 240 529 525 585 Domestics and blankets4 137 +9 +6 -17 2.5 3.3 Women's and misses' ready-to-wear 190 +11 +5 -11 1.7 2.1 254 235 229 422 412 474 C In o t a im ts a a te n d a p su p i a t r s e 4 l * . .. 1 17 6 6 6 + + 1 8 1 + + 6 2 - - 1 1 5 1 2 1 . . 1 2 2 1 .4 7 Dresses * 174 +8 +3 -4 1.4 1.7 Blouses, skirts and sportswear 4 158 + 14 +6 -8 1.7 2.1 Girls' wear 4 123 + 17 +8 — 11 1.4 1.9 Infants' wear * 122 + 17 + 11 -11 1.8 2.3 Men's and boys' wear 161 +13 +8 -6 2.1 2.4 352 260 311 729 726 773 Men's wear 4 143 + 13 + 7 -5 2.1 2.5 Men's clothing 4 98 + 11 +9 +3 2.4 2.6 IVten's furnishings 4 .. 118 + 14 + 7 -10 1.9 2.4 Boys' wear 4 119 + 14 +9 -7 1.8 2.2 Homef urnishings 104 +7 +3 -8 2.3 2.7 270 263 252 632 629 695 Shoes 114 +10 +8 +2 3.2 3.4 197 174 178 628 645 610 NONMERCHANDISE—total * 176 +7 +5 (5) (5) (5) Barber and beauty shop * 76 +9 + 1 (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 thac 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. 191. 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] Without seasonal adjustment Reported data Derived data 1 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 u n 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 o r t f o d o n e t e r w t a r h l s ) Mar. 1 U 1 4 8 9 . . . 5 .. 0 . . . . . .2 2 2 4 6 5 4 4 3 Mar. 1 1 1 3 0 7 9 . . . 5 . . . . . 1 . . . . . . . 2 3 2 8 0 9 8 3 2 Sept 1 1 2 9 6 9 . . . 5 . . . . 0 . . . . . . . . 3 3 2 6 1 9 8 0 5 Sept. 1 1 9 8 5 1 51 . . . 2 3 3 8 2 0 9 9 3 25... . .279 24... ..304 23... ..322 22.... .321 1943 average.. . 204 509 530 203 223 Apr. 1... ..301 31... . .258 30... ..320 29.... .328 1944 average... 227 535 560 226 235 8... ..320 Apr. 7... ..292 Oct. 7... ..325 Oct. 6.... .318 1945 average... 255 563 729 256 269 15... ..254 14... ..288 14... ..322 13.... .338 1946 average... 318 715 909 344 327 22... ..279 21... ..281 21... ..304 20 .334 1947 average... 337 826 552 336 336 29... ..285 28... ..293 28... ..313 27.... .327 1948 average ,. 352 912 465 366 345 May 6... ..301 May 5... ..326 Nov. 4. . .. 315Nov. 3 .349 1949 average... 333 862 350 331 331 13... ..308 12... ..318 11 . . ...342 10... ..366 1950 average... 347 942 466 361 370 20... ..275 19... ..285 18... ..368 17.... .374 1951 average... 1,114 P356 P346 27... . .282 26... ..290 25... ..319 24 .354 June 3... ..261 June 2... ..273 Dec. 2... ..444 Dec. 1 . 464 1950—Dec '614 r957 412 »-363 ••329 10... ..302 9... ..311 9... ..554 8.... .550 1951—Jan 337 992 657 373 618 17... ..302 16... ..305 16... ..638 15.... . 613 Feb 284 1,089 652 381 376 24... ..250 23... ..265 23... ..640 22 .... '657 Mar 347 1,217 467 475 290 July 1... ..263 30. .. .258 30... ..237 29.... .265 Apr 312 1,240 338 335 206 8... ..218 July 7 . ...218 1951 1952 May.... 339 1,193 295 292 249 15... ..265 14. ...238 June.... 326 1,112 386 245 336 22... ..303 21. ...234 Jan. 6... ..285 Jan. 5.... ••225 July.... 257 1,069 434 214 262 29... . . 205 28.. . 232 13... ..305 12 .264 - Aug 309 1,106 395 346 307 Aug. 5. .. . .296Aug. 4.. ...254 20... ..301 19 .259 Sept 343 L ,117 404 354 363 12. . .. .273 11. .. ..252 27... ..278 26.... .240 Oct 388 L.152 408 423 427 19. . ...281 18. . ...268 Feb. 3. . ...234 Feb. 2. . . .246 Nov 442 1,147 373 437 402 26. . .. .288 25. .. ..280 10. .. . .273 9. ... Dec P610 P930 P300 P393 P320 17. .. . .272 16. .. 24. . ..274 23 P Preliminary. r Revised. 1 These figures are not estimates for all department stores in the • Revised. 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. 193 FEBRUARY 1952 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] Dec. Nov. Year Dec. Nov.Year Dec. Nov.Year Dec. Nov.Year 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 1951 United States.. P-1 +9 +4 Clevetand-cont. Chicago P-2 +3 +3 Dallas +5 +13 +5 B N N A N S N P D L W E N N P B B B P S B R o e B p o o r c o l u L e e l o i e e r o o i s w m o b o n a i r h w r w w f t u w o w s c w a d o i f t a g v g r t e s g h i n a w l e g o a n c n n r a h i t a n l Y e h l g a d o e r n H B o e y r r t l a n e s k k f o - p a e n Y e o s m t d e c i A a 1 e n w e o t n r e o d t 1 e k F e r v t c r a c l r r f n . o t r d p e e o d a k e e 1 C . n a . s * r . l . . y n . . . . . d l i i . . . . e s t . y . . . . . . . * . . . . + + + + + + + + + - - - - - - - - - - 6 4 4 2 2 6 8 1 3 1 3 2 2 2 2 1 1 1 0 - 1 i + + + + + + + + + + + + + + + + + + + + + 1 1 i 1 1 o 4 5 6 6 2 6 6 5 5 5 5 3 8 1 0 5 5 6 8 0 i + + + + + + + + + + + + + + + + + + -1 4 3 5 7 4 4 6 6 6 3 3 3 5 5 2 5 5 6 0 0 0 A R L N A W W A C H M W C C G R M H E P R B R B i t i y r c o i h o h s a a l i o r n u a o t h i o a c i r a e h h n l l l r a n t ' e d a n g m b s e h e l t u n e f s e n c m r s n i s e t h o i e e i m b n m i v l m t h i t i g t l ' r o e i l l r g t o n o n e a v u i s i k h n b o o b s s l k o n n g n g o i o r l g u t n t n l i e r e g - g h d o t m n a l o e t r d S . , o e » a h o n g , W w , n a e m » n N S l r S n e . . y . V . m . C * 1 . . C . C a . . . . . . . . . . . . . p + + + + + + + + + + + + + + + + + - - - - - - 2 1 1 1 2 6 6 9 4 3 2 2 2 4 2 4 2 4 1 7 1 5 6 1 2 1 0 + + + + + + + + + + + + + + + + + + + + + - - - 2 1 3 1 1 1 1 5 1 3 1 1 1 1 1 1 1 9 8 1 3 6 5 1 1 0 3 6 6 5 5 2 2 3 5 0 2 9 3 6 2 + + - + + + + + + + + + + + + + + + + 1 - - 1 1 1 1 3 6 2 2 4 6 9 4 4 3 7 4 4 2 7 7 3 0 0 1 6 S Q F L F L L S S S F T G G E M C P D D M M I t n . p t t l o e o o i v a e h u r e r e . . i d e i a t r o e u a r n r r a n s i i l t t L i m d i L t t r c L n w e l r n r i n n s t a e e s i i a o o n c o d M i g s o a p S s n W a v i g n u y i v u o f u h u a R m H i t o 1 i g t o i l R i B » n p e k i a s i l l s o 1 s a i s i e l l i o e y a a t d c e n 1 u A 1 h e p l n J k y . i e t i s e r 1 e * d s l . e . . » 1 * s . . . . a . . . . . . . . . . . . 1 . . . P P P P P P P P — P - - - - + + — + + + 2 + + + + + 1 1 + 2 - - - 1 5 3 7 P P 3 2 1 1 4 2 5 2 8 1 1 0 2 1 0 0 1 + + + ' + + + + + + + + + + + + + + + + + - 1 1 1 1 1 1 4 3 5 2 2 9 2 3 3 5 7 4 0 2 3 5 8 2 0 0 0 4 + + + + + + + + + + + + + + + + + + + 1 2 4 2 7 3 5 7 7 3 1 1 4 3 3 3 1 3 0 0 0 1 1 c S E O S S S S S S T L L F S R C D F H P B a S A l B a a a a a a h o r o o u h i o a a a o n e v a n n n n c n r s r n c k k o e r l r u P s n t e r e l p t s g e e r l e s a n a a J a F D v A A r a k o u r a n W t s o s o m s B F s e n r e n o B s 1 i i n n o i R f s a p e d l d i n e r l x i e e o e e t n g g e o a C o e r 1 n o y a r c l l n o l e n r a s d t c h t n i t a a o l n 1 a c h s h 1 r i e r n . . d i c . i i o 1 d s s s d 1 o . . . . c . . i t . . . n i o . , . . * . . . . o . . . . . P P P P + + + + + + + + + + + + + + + + + + - - 2 1 2 1 5 1 3 7 6 5 5 3 2 2 2 5 8 8 8 4 2 0 • + + + + + + + + + + + + + + + + + + + + 1 1 2 1 2 1 1 1 1 1 1 9 9 9 8 8 7 6 7 3 9 3 3 5 7 0 0 0 6 8 8 3 + + + + + + + + + + + + + + + + + + + + 1 1 5 2 8 5 6 6 2 2 2 5 3 3 2 2 1 4 5 3 1 0 6 P C T Y W S U L R P h l y r a h e e o t i i e i n v l r a i r l c a n l a e k k c d a a d l t c a e i a o d e i n u s s n n l e g t - s p e d l B e h p * r i 1 a i h * a r i r . a . e . 1 » . . . . + + - - - - - - — - 4 6 3 1 1 7 3 6 3 1 + + + + + + + + + - 1 2 1 1 1 2 6 9 5 3 8 9 5 4 0 + + + + + + + + + -1 2 2 8 3 5 8 2 6 3 O J T A S M S A C M R a a t a o o r t u c . i a v l l m a m l g k a a c u a P m u n s o n p e m n o e s d n t a i n a t t n b o a e i a 1 v i u * r h i s s l b le u r * g . , . . . P P + + + + + + + + - - 1 1 3 1 2 7 3 9 2 6 0 7 + + + ' + + + + + + + + 3 1 1 1 1 1 1 6 5 8 6 4 3 4 6 8 0 7 + + + + + + + + + + - 2 1 2 9 6 9 9 8 1 2 7 0 1 M K S D P M D H a S t u i u e u . n i n u e n n l t n s P p b u c n v a e e l h t a e e o s h a r i u a r i - p n o p l o C s 1 r o o l i l i t i n s y s . . 1 . 1 . . . . . . . . . , , , . + - - - - - 5 1 4 6 1 1 2 0 r ( + + - - - 2 - 2 2 2 4 ) 6 3 j + + - - - - - 1 5 1 1 1 2 3 0 S V S S B P S E B N N p e a t o o v a e o l a o l i r e a a t l l s c t t k e r l m p t e l L k i e a l j a a e o n t t n a p a n t o g k e a n * d ? n i e . h d 1 i n . 1 . a . . d C , m . . i . t . . y . . . . . . V . . P + + + - - - 1 4 6 4 2 1 + + + + + + + + 1 1 2 4 3 3 3 1 6 5 + + + + + + - 1 5 4 6 3 1 0 0 1 2 Akron 1 -3 +28 +8 Baton Rouge >.. P-9 +6 -8 Topeka +9 +11 +11 Tacoma 1 -4 +6 +5 C Ci a n n c t i o n n n » ati *. - — 2 7 + +1 3 1 1 + +6 1 J N a e c w ks o O n r l 1 eans *.. + -3 7 + + 1 4 1 + -3 2 W Ka ic n h sa it s a City + + 6 4 + + 1 1 7 1 + + 1 4 4 Yakimai +8 0 +7 +3 Cleveland *.. -10 +29 +6 Meridian 0 +4 0 Joplin , -2 (2) +4 S C p o r l i u n m gf b ie u l s d i 1 . . . -2 0 + + 2 2 6 2 + + 6 3 C Br h i a st t o ta l nooga 1.. 0 -i + + 1 2 2 + -1 2 O St m . a Jo h s a e ph , +2 A -3 0 + +5 1 Toledo i -4 +6 +5 Knoxville1 -4 + 10 +3 Oklahoma City -2 -1 -4 Youngstown *.. -9 +35 +11 Nashville * +8 + 14 +3 Tulsa , +4 +15 +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. J Data not available. 3 Seven months 1951. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities, 1935-39 average = 100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e i c g t e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1941 105.2 105.5 106.5 106.4 102.2 107.3 104 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 1951 185.6 227.4 204.5 136.2 157.2 210.9 165.4 1950—December 178.8 216.3 195.5 132.9 142.8 203.2 160.6 1951—Tanuarv 181.5 221.9 198.5 133.2 143.3 207.4 162.1 February 183.8 226.0 202.0 134.0 143.9 209.7 163 2 March 184.5 226.2 203.1 134.7 144.2 210.7 164.3 April 184.6 225.7 203.6 135.1 144.0 211.8 164.6 May . 185.4 227.4 204.0 135.4 143.6 212 6 165 0 185.2 226.9 204.0 135.7 143.6 212.5 164 8 July , 185.5 227.7 203.3 136.2 144.0 212.4 165.0 August 185.5 227.0 203.6 136.8 144.2 210 8 165 4 September 186.6 227.3 209.0 137.5 144.4 211.1 166 0 October 187.4 229.2 208.9 138.2 144.6 210.4 166.6 November ... .. 188.6 231.4 207.6 138.9 144.8 210 8 168 4 December 189.1 232.2 206.8 139.2 144.9 210.2 169.1 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. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a i h a u n a t t e 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 ca a p h u l l r e s 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 l w e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 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 & 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.& 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.a 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 0 133.2 173.6 206.0 122.7 153.2 120.0 172.4 156.8 1951 180.4 196.1 186.9 169.4 221.4 172.2 138.2 189.2 225.5 143.3 176.0 141.0 192 A 174.9 1950—December. 175.3 187.4 179.0 166.7 218.7 171.4 135.7 184.9 221.4 139.6 170.2 140.5 187.1 169.0 1951—January 180.1 194.2 182.2 170.3 234.8 178.2 136.4 187.5 226.1 144.5 174.7 142.4 192.6 173.1 February 183.6 202.6 187.6 171.8 238.2 181.1 138.1 188.1 228.1 147.3 175.4 142.7 199.1 175.5 March 184.0 203.8 186.6 172.4 236.2 183.2 138.6 188.8 228.5 146.4 178.8 142.5 199.4 175.8. April 183 6 202.5 185.8 172.3 233.3 182.8 138.1 189.0 228.5 147.9 180.1 142.7 197.7 176.1 182.9 199.6 187.3 171.6 232.6 182.1 137.5 188.8 227.8 145.7 180.0 141.7 195.5 176.2 181.7 198.6 186.3 170.5 230.6 177.7 137.8 188.2 225.6 142.3 179.5 141.7 194.7 175.S 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 4 166.6 208.3 157.7 138.9 191.2 223.6 141.1 171.7 139 2 188.9 174.3 November. . . 178 3 195.1 188.8 166.9 196.6 159.4 139.1 191.5 r224.5 138.7 172.0 141.3 189.6 174.1 December 177.8 193.6 187.3 166.9 192.3 160.5 139.2 191.7 224.0 137.9 172.0 141.6 188.8 173.9- Week ending: * 1951—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 1 189.2 165.5 160.0 138.8 190.9 224.6 137.6 1952—Tan 1 177 2 193 7 189 2 165 4 159 7 138 8 190.9 224 2 137.7 Tan 8 177 ? 193 9 188 8 165 3 159 5 138 8 190 8 224 0 137 6 Tan IS 176 5 192 0 187 5 165 2 158 6 138 8 190 8 223 6 137 5 Tan 22 175 9 188.9 186 2 165.0 157.8 138.9 191 .5 223.7 133.5 Jan. 29 176.3 190.8 185.8 165.2 157.5 138.9 192.6 222.7 132.7 1950 1951 1950 1951 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec. Farm Products: Metals and Metal Products: Grains 180.9 181.6 187.3 195.1 197.6 Agricultural mach. & equip. 155.7 158.9 159.1 159.2 159.0* Livestock and poultry.. . . 204.9 227.8 225.2 212.4 209.8 Farm machinery 158.2 160.9 161.0 161.0 160.9- Other farm products 177.4 166.9 172.6 183.5 181.5 Iron and steel 182.1 185.9 186.0 186.1 186.1 Motor vehicles 178.4 187.4 191.3 191.8 192.0- Dairy products 164.4 170.3 173.8 178.7 183.2 Nonferrous metals 182.5 176.4 180.4 180.8 181.1 Cereal products 157.6 160.4 161.3 163.8 163.5 Plumbing and heating 183.6 184.4 184.2 184.1 184.3- Fruits and vegetables. . . . 138.0 141.9 143.3 151.6 161.3 Building Materials: Meats, poultry and fish. . 233.7 258.4 260.8 251.8 246.2 Brick and tile 179.1 179.5 179.5 179.5 179. JS Other foods 161.5 162.5 161.7 160.0 152.3 Cement 141.2 147.2 147.2 147.2 147.2 Hides and Leather Products: Lumber 348.4 343.3 344.4 '345.0 344.1 Shoes 209.3 221 .8215.8 210.9 208.6 Paint and paint materials.. 154.9 159.8 161.3 164.4 164.1 Hides and skins 277.5 225.3 220.9 182.2 174.0 Plumbing and heating 183.6 184.4 184.2 184.1 184.3* Leather 213.8 195.5 194.5 183.5 175.7 Structural steel 204.3 204.3 204.3 204.3 204.3" Other leather products . . . 173.9 180.6 180.6 180.6 180.6 Other building materials... 193.8 198.4 198.4 198.9 198.1 Textile Products: Chemicals and Allied Products: Clothing 155.4 164.7 163.8 160.4 160.4 Chemicals 136.1 144.7 144.7 144.7 144.5" Cotton goods 236.6 196.5 193.6 198.8 202.6 Drugs and Pharmaceuticals 175.1 184.1 184.1 169.1 169.0« Hosiery and underwear... 113.7 110.0 108.0 107.5 107.4 Fertilizer materials 115.6 118.5 120.2 122.4 123.2 Silk 75.0 72.6 75.8 76.3 77.6 Mixed fertilizers 107.4 111.3 111 .3 111.3 111.5" Rayon and nylon 43.0 43.1 43.1 43.1 43.1 Oils and fats 180.9 141.9 142.6 132.0 126.1 Woolen and worsted good* 195.6 196.7 169.9 177.8 176.7 Housefurnishing Goods: Other textile products.. . . 229.6 229.6 229.6 229.9 234.1 Furnishings 180.6 183.1 181.8 182.0 182.1 Fuel and Lighting Materials: Furniture 159.2 161.2 161.1 161 .5 161.5* Anthracite 145.7 157.0 157.0 157.3 157.6 Miscellaneous: Bituminous coal 193.2 196.9 197.6 198.0 198.3 Auto tires and tubes 82.5 82.9 82.9 82.9 82.9= Coke 232.7 234.8 234.8 234.8 234.8 Cattle feed 224.4 231.2 245.1 267.5 274.0 Electricity 65.7 65.4 64.9 Paper and pulp 189.0 199.7 200.5 201.1 200.9- Gas 90.2 94.7 94.6 97.'7 Rubber, crude 146.1 106.6 106.6 106.6 106.6 Petroleum products 118.0 120.5 120.5 120.6 120.4 Other miscellaneous 136.6 135.5 136.4 137.8 137.8, r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. 195 FEBRUARY 1952 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 1947 1948 1949 1950 1951 4 2r 3' 4 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 14.8 17.6 19.1 21.2 23.5 22.2 22.6 23.1 23.7 24.5 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 18.7 20.4 21.7 23.8 25.4 24.3 25.9 24.9 25.1 25.8 Business transfer payments .6 .7 .5 .5 .7 .7 .7 .8 .8 8 8 8 8 8 Statistical discrepancy -.1 1.2 1.4 1.6 .3 -3.2 -.8 -1.8 2.9 -3.4 1.6 5.9 2.3 2.5 Plus: Subsidies less current surplus of government enterprises -.1 (*) .5 .1 — .1 .0 .0 .3 .5 .2 .8 .8 4 1 Equals: National Income 87.4 39.6 72.5 103.8 198.7 223.5 216.7 239.0 275.8 260.1 269.4 274.3 278.0 281.2 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 30.5 36.2 43.0 42 2 42 9 43 0 42 6 43 6 Contributions tor social insurance.. .2 .3 2.1 2.8 5.7 5.2 5.7 7.0 8.5 7.4 8.3 8.4 8.5 8.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .7 -.7 Plus: Government transfer payments... .9 1.5 2.5 2.6 11.1 10.5 11.6 14.3 11.7 11.1 11.5 11.8 11.8 11.8 Net interest paid by government 1.0 1.2 1.2 1.3 4.4 4.5 4.6 4.7 4.9 4 7 4 8 4 8 4 8 4 9 Dividends 5.8 2.1 3.8 4.5 6.6 7.2 7.6 9.2 9.4 11.1 8.8 9.6 9.6 9.8 Business transfer payments .6 ,7 5 .5 .7 .7 .7 .8 8 8 8 8 8 8 85.1 46.6 72.6 95.3 191.0 209.5 205.1 224.7 251.1 238.3 244.1 249.9 253.2 257.0 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 21.5 21,1 18.6 20.5 28.4 23.1 27.6 28.1 28.4 29.7 Federal 1.3 .5 1.2 2.0 19.6 19.0 16.2 17.8 25.5 20.3 24.7 25.1 25.4 26.7 State and local 1.4 1.0 1.2 1.3 1.9 2.1 2.5 2.7 3.0 2.7 2.9 3.0 3.0 3.1 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 169.5 188.4 186.4 204.3 222.6 215.2 216.5 221.8 224.9 227.2 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.2 193.6 205.5 198.4 208.8 202.4 204.0 206.7 Equals: Personal saving 3.7 -1.2 2.7 9.8 3.9 10.5 6.3 10.7 17.2 16.8 7.8 19.4 20.8 20.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1950 1951 1929 1933 1939 1941 1947 1948 1949 1950 1951 4 I"- 2r 3' 4 National income 87.4 39.6 72.5 103.8 198.7 223.5 216.7 239.0 275.8 260.1 269.4 274.3 278.0 281.2 Compensation of employees 50.8 29.3 47.8 64.3 128.0 140.2 139.9 153.3 178.1 165.2 172.1 177.4 180.6 182.0 Wages and salaries 2 50 2 28 8 45 7 61.7 122.1 134.4 133.4 145.8 169.4 157.2 163.6 168.8 171.7 173.1 Private 45.2 23 7 37 5 51.5 104.8 115.7 113.0 123.6 140.3 132.7 137.1 140.6 141.3 142.0 Military .3 .3 .4 1.9 4.1 4.0 4.2 5.1 n a 6.6 7.8 8.9 n a n a Government civilian 4.6 4.9 7.8 8.3 13.2 14.7 16.1 17.2 n a 17.9 18.8 19.4 n a n a Supplements to wages and salaries.. .6 .5 2.1 2.6 5.9 5.8 6.5 7.5 8.7 7.9 8.5 8.7 8.9 8.9 Proprietors' and rental income 3.. 19.7 7.2 14.7 20.8 42.4 47.3 41.4 44.0 48.9 47.2 48.8 48.1 49.1 49.8 F B a u r s m iness and professional. 8 5. . 7 3 2 2 . . 9 3 6 4 . . 8 5 9 6 . . 6 9 1 1 9 5 . . 8 6 2 1 2 7 . . 1 7 2 1 0 3 . . 9 0 2 1 2 3 . . 3 7 2 1 3 6 . . 7 9 2 1 3 5 . . 0 8 2 1 4 6 . . 1 4 2 1 3 6 . . 6 3 2 1 3 7 . . 4 3 2 1 3 7 . . 6 6 Rental income of persons 5.8 2.0 3.5 4.3 7.1 7.5 7.5 8.0 8.3 8.4 8.3 8.2 8.4 8.5 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 30.5 36.2 43.0 42.2 42.9 43.0 42.6 43.6 Corporate profits before tax ... . 9.8 .2 6.5 17.2 30.5 33.8 28.3 41.4 44.5 50.3 51.8 45.4 39.8 41.1 Corporate profits tax liability. 1.4 .5 1.5 7.8 11.9 13.0 11.0 18.6 26.6 22.5 31.1 27.0 23.7 24.5 Corporate profits after tax 8.4 — .4 5.0 9.4 18.5 20.7 17.3 22.8 18.0 27.8 20.7 18.4 16.1 16.7 Inventory valuation adjustment... .5 -2.1 -2.6 -5.8 -2.1 2.1 -5.1 -1.5 -8.2 -8.9 -2.3 2.8 2.5 Net interest 6.5 5.0 4.2 4.1 3.5 4.3 4.9 5.4 5.7 5.6 5.6 5.7 5.8 5.8 n.a. Not available. r Revised. 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) o the Survey of Current Business, Department of Commerce. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by Quarters 1950 1933 1939 1948 1950 1951 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.2 193.6 205.5 198.4 208.8 202.4 204.0 206.7 Durable goods 9.4 3.5 6.7 9.8 21.4 22.9 23.9 29.2 26.8 29.4 31.3 25.9 25.2 25.0 Nondurable goods 37.7 22.3 35.3 44.0 95.1 100.9 98.7 102.3 111.8 104.9 112.1 110.1 111.5 113.6 Services 31.7 20.6 25.5 28.5 49.1 54.1 57.6 62.1 66. 64.0 65.4 66.5 67.3 68.1 Gross private domestic investment 15.8 1.3 9.9 18.3 30.2 42.7 33.0 48.9 59.1 60.2 60.2 65.6 56.6 54.6 New construction x 7 1.1 4.9 6.8 13.9 17.7 17.2 22.1 22.2 23.3 23. 22.7 21.6 20.7 Residential, nonfarm 3 .5 2.7 3.5 6.3 8.6 8.3 12.6 10.9 13.1 12.9 10.9 9.8 10.1 Other 4 .7 2.2 3.3 7.6 9.1 9.0 9.5 11.3 10.3 10.9 11.7 11.8 10.6 Producers' durable equipment. 6.4 1.8 4.6 7.7 17.1 19.9 19.0 22.5 27.3 25.0 25.9 27.2 27.0 29.0 Change in business inventories 1.6 -1.6 .4 3.9 -.8 5.0 -3.2 4.3 9.7 11.8 10.6 15.8 8.0 4.9 Nonfarm only 1.8 -1.3 .3 3.4 1.4 3.7 -2.5 3.6 8.0 10.6 9.1 14.1 6.2 3.3 Net foreign investment .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 -2.7 -2.7 -.1 1.2 2.5 Government purchases of goods and services 8.5 8.0 13.1 24.7 28.6 36.6 43.6 42.5 63 47.8 53.2 60.3 67.7 70.7 Federal 1.3 2.0 5.2 16.9 15.8 21.0 25.5 22.8 41.6 27.3 32.2 38.9 46.2 49.0 O N t a h ti e o r nal security 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 9 . . 9 1 3 4 7 . . 2 5 2 3 4 . . 4 1 2 3 8 . . 5 9 3 3 5 . . 7 3 4 4 1 . . 6 8 4 5 4 . . 1 1 Less: Government sales2.... (3) (3) 1.3 .6 .4 .2 .2 .2 .2 .2 .2 .2 State and local 7.9 7.8 12.8 15.6 18.1 19.7 21.4 20.4 21.0 21.3 21.4 21.7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month in s c o o n m al e 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 g s o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t e u v ri s s e b - - S i e n t r r d v i u e ic s s e - m G er o e n v n - - t b c i s u o a n o f t n n s o c i u c o t i r r a e r n i l - - s in l c ab o o m r e' in re c a o n n m t d a e l 6 i i n n s p t c o e e o n r r m a e - l s e t m p e f a e n y r t - s7 i a n g t c u r o i r c m a u l e l- 8 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—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 A 1951—January 243.6 158.0 161.6 71.7 44.3 19.9 25.7 3.6 3.7 50.5 18.8 12.6 221.4 February 243.3 160.0 163.4 72.4 44.5 19.8 26.7 3.4 3.8 48.2 19.2 12.1 222.9 March 245.5 162.2 165.9 73.7 44.9 20.0 27.3 3.7 3.8 47.7 19.7 12.1 225.2 April . . . 249.0 164.8 168.2 75.0 45.3 20.1 27.8 3.4 3.8 48.1 20.2 12.1 227 8 May 249.8 165.1 168.8 74.6 45.6 20.2 28.4 3.7 3.8 48.0 20.2 12.7 229.0 June 251.0 166.4 169.9 75.2 45.6 20.3 28.8 3.5 3.8 48.0 20.0 12.8 230.1 July 252.4 167.1 170.6 74.8 46.0 20.3 29.5 3.5 3.8 49.2 19.7 12.6 230.1 253.7 167.4 170.8 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 November. . . . 256.5 170.7 174.3 75.1 46.1 20.5 32.6 3.6 3.9 49.1 20.2 12.6 234.8 r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. « Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. 197 FEBRUARY 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 E o n r d 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 c T m n r s o e e t t d n a a i t l l t - Total A S u al t e o m cr o e b d i i l t e Other Loans 1 no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 ,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 ,061 891 200 691 1,170 2,915 428 758 729 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 2,352 677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 428 896 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 1951?... 20,610 13,488 7,555 4,039 3,516 5,933 7,122 1,435 4,587 1,100' 1950—November. . 19,405 13,306 7,805 4,175 3,630 5,501 6,099 1,298 3,739 1,062' December. . 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951—•.January.... 19,937 13,252 7,694 4,056 3,638 5,558 6,685 1,352 4,248 ,085'- February... 19,533 13,073 7,521 3,990 3,531 5,552 6,460 1,369 4,010 ,081 March 19,379 12,976 7,368 3,946 3,422 5,608 6,403 1,381 3,938 ,084 April 19,126 12,904 7,270 3,934 3,336 5,634 6,222 1,392 744 ,086- May 19,207 12,920 7,248 3,980 3,268 5,672 6,287 1,398 793 ,096. Tune 19,256 12,955 7,234 4,041 3,193 5,721 6,301 1,399 804 ,098^ July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1,393 743 ,093- August 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1,398 3,724 ,095 September.. 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 ,098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 1,413 3,868 ,108 Novembers. 19,983 13,261 7,400 4,100 3,300 5,861 6,722 1,422 4,190 1 ,110 December?. 20,610 13,488 7,555 4,039 3,516 5,933 7,122 1,435 4,587 1,100 ? Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end ofperiod) (during period) Year or month Total b m C a e n o r k c m s ia - l i p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m l i r n o z e a o s a a p n u d t n a i d r e s o i e r r n d n 3 - b m C a e n o r k c m s ia - l i p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n it s 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 1951? 5,933 2,510 1,264 300 229 542 175 913 4,199 2,425 527 417 94& 1950—November. . 5,501 2,435 1,037 292 200 521 153 863 257 165 34 27 64- December... 5,555 2,431 1,084 291 203 525 157 864 289 234 37 29 72 1951—January.... 5,558 2,438 1,090 289 202 518 158 863 326 162 39 28 67 February. . . 5,552 2,441 1,094 286 202 515 158 856 296 158 35 27 64 March 5,608 2,476 1,112 286 204 517 160 853 368 207 43 33 79 April 5,634 2,497 1,119 286 205 514 161 852 340 184 41 31 72 May 5,672 2,506 1,131 288 207 518 162 860 359 198 44 33 82 June 5,721 2,515 1,151 288 209 522 164 872 356 204 44 35 86 Tuly .... 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 5,841 2,522 1,191 299 222 535 168 904 373 205 52 40 86 November? . 5,861 2,509 1,211 299 225 535 170 912 347 228 45 38 83 December?.. 5,933 2,510 1,264 300 229 542 175 913 355 280 49 42 85 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of December amounted to 106 million dollars and other loans made during December 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. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimates. lions of dollars] [Estimated amounts outstanding. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e n a o d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t , e o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r e - d D lo i a r n ec s t c d h p a ir a u n e s r d c e - t d l e o m r t n a i o o n iz d n s a - 1 - 2 i l m c n o a s a e s t n n a h s t lhouses Outstanding at end of period: 1939 1,525 377 536 273 93 246 1 19 9 4 4 9 8 3 4 , ,4 5 1 6 6 3 5 8 7 5 0 4 9 7 1 3 5 6 9 7 2 5 2 1 6 7 3 8 6 1 9 8 4 7 4 0 1 1 19 9 9 4 4 4 2 0 1 1 1 1, , 1 7 8 3 2 0 5 1 2 4 4 25 3 6 2 9 6 4 6 5 4 1 9 0 9 9 3 3 1 0 1 8 2 3 8 1 1 1 2 7 0 0 6 2 2 1 8 7 7 4 1 9 1 19 9 5 5 1 0 ? 5 5 , , 4 6 3 4 4 5 1 1 , , 1 0 4 6 3 0 1 1 , , 1 2 9 2 2 3 1 1 , , 2 0 6 3 7 3 9 93 0 7 5 1 1, , 2 1 1 0 2 7 1943 707 172 289 78 57 111 1950—November.. . 5,661 1,159 1,234 1,261 907 1,100 1944 691 183 293 50 56 109 December. . . 5,645 1,143 1,223 1,267 905 1,107 1945 715 198 296 51 57 113 1 1 9 9 4 4 6 7 1 1, , 9 1 3 0 5 4 3 6 3 5 7 0 3 5 8 8 6 7 2 1 4 1 9 8 1 8 4 9 4 3 1 0 7 5 4 1951— F Ja e n b u r a u r a y ry.... 5 5 , , 6 5 1 3 0 0 1 1 , , 1 0 1 9 6 6 1 1 , , 2 22 1 2 9 1 1 , ,2 2 1 6 7 8 8 87 9 7 0 1 1 , , 1 1 1 1 7 8 1948 2,567 874 750 387 152 404 March 5,516 1,079 1,232 1,190 874 1,141 1949 3,096 1,010 935 500 163 488 April 5,490 1,072 1,242 1,153 875 1,148 1 1 9 95 51 0 ? 3 3, , 5 7 1 7 6 8 1 1 , , 2 1 4 8 5 5 1,0 9 2 7 9 0 6 7 2 1 2 0 7 7 3 9 9 4 J M un ay e 5 5, , 4 4 8 8 9 1 1 1 , ,0 0 9 8 0 3 1 1, , 2 2 4 4 6 8 1 1 , ,0 1 9 2 8 3 8 8 8 8 2 3 1 1 , , 1 1 6 5 4 3 1950 J A u u ly gust 5 5 , ,4 4 7 3 2 0 1 1 , , 0 0 8 9 6 7 1 1 , , 2 2 3 4 0 0 1 1 , , 0 0 6 5 8 9 8 8 8 9 6 9 1 1, , 1 1 7 6 7 0 November. 3,630 1,172 1,003 702 753 September.. . 5,440 1,105 1,239 1,004 911 1,181 December. 3,778 1,245 1,029 710 794 October 5,442 1,090 1,226 1,010 925 1,191 1951 N De o c v e e m m b b e e r r ? ? . .. . 5 5 , , 4 4 3 3 6 4 1 1 , , 0 0 7 6 9 0 1 1 , ,1 2 9 0 2 9 1 1 , , 0 0 1 3 7 3 9 9 3 3 7 7 1 1 , , 2 1 1 9 2 4 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—November. . . 517 91 101 124 55 146 May 3,268 1,084 890 616 678 December. . . 562 94 117 141 48 162 June 3,193 1,055 874 602 662 July 3,112 1,022 854 590 646 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? 3,300 1,099 908 608 685 May 683 140 166 132 65 180 December? 3,516 1,185 970 622 739 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 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL N D o ec v e e m m b b e e r r ? ? . . . . 6 68 8 5 9 1 11 3 6 6 1 1 5 4 2 9 1 1 4 5 7 7 7 7 2 0 1 1 8 9 2 3 BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT Retail instal- [Estimates. In millions of dollars] Year or month Total m A m o u b t e o il n - e t pap O e t r h 2 er l m i R o z a a o e a n n d p ti s d e a o r i l n n r 2 - P i l e m n c o r s a a s e t s o n a n h n s l t - al Year or month Total m A R m o u b e t e o i t n l a - e t i l p i a n p O s e t t a r h l 2 - er m l i R o z o a a e a d n n p ti e s d a o r i x n n r 2 - P i l e m n c o r s a a s e t s o n a n h n s l t - al Outstanding at end Outstanding at end of period: of period: 1948 286.2 66.6 43.4 51.7 124.5 1948 177.1 38.3 23.7 5.0 110.1 1949 343.2 93.6 63.1 55.4 131.1 1949 194.7 43.5 31.4 6.5 113.3 1950 391.0 118.5 79.7 54.9 137.9 1950 226.9 57.9 41.1 7.3 120.6 1951? 403.1 118.9 81.2 55.5 147.5 1951? 255.2 63.2 47.3 7.4 137.3 1950—November.. 392.9 120.6 79.9 55.7 136.7 1950—November . 223.3 57.3 40.9 7.3 117.8 December.. 391.0 118.5 79.7 54.9 137.9 December.. 226.9 57.9 41.1 7.3 120.6 1951—January... 386.9 117.2 78.4 53.6 137.7 1951—January... 225.6 56.8 40.8 7.2 120.8 February... 382.5 116.9 77 A 52.4 135.8 February . . 225.1 56.8 40.2 7.0 121.1 March 382.5 116.4 76.4 52.0 137.7 March 226.9 57.1 40.5 7.0 122.3 April 382.7 116.5 75.3 51.8 139.1 April 228.1 57.8 40.0 6.9 123 A May 384.4 118.0 74.2 52.3 139.9 May 230.6 59.2 39.6 7.0 124.8 June 385.0 119.6 72.9 52.6 139.9 June 232.6 59.8 39.8 7.1 125.9 July 385.1 120.2 70.7 52.9 141.3 July 235.4 40.8 7.1 127.0 August. . . . 391.7 123.1 71.6 53.7 143.3 August.... 241.3 42.4 7.2 128.5 September . 396.3 123.9 73.6 54.8 144.0 September . 245.5 44.5 7.3 130.2 October 401.8 123.9 75.8 56.1 146.0 October 247.4 45.6 7.4 130.7 November? 402.4 121.9 77.7 56.5 146.3 November? 250.3 46.1 7.6 133.2 December P. 403.1 118.9 81.2 55.5 147.5 December?. 255.2 47.3 7.4 137.3 Volume extended Volume extended during month: during month: 1950—November . 37.2 8.7 7.6 3.0 17.9 1950—November.. 27.4 6.1 3.8 0.4 17.1 December.. 40.3 9.1 8.0 2.6 20.6 December.. 30.4 6.3 3.9 0.3 19.9 1951—January... 42.2 10.6 8.2 2.5 20.9 1951—January. . . 29.1 6.8 4.3 0.3 17.7 February... 38.3 10.8 7.2 2.3 18.0 February .. 27.9 6.4 3.8 0.3 17.4 March 46.8 12.4 8.5 3.0 22.9 March 34.3 7.4 4.9 0.4 21.6 April 44.9 13.1 7.8 3.3 20.7 April 32.4 7.4 4.4 0.4 20.2 May 49.3 15.2 8.3 3.8 22.0 May 34.8 8.8 4.2 0.5 21.3 June 48.8 15.6 7.8 3.9 21.5 June 36.1 9.0 4.9 0.5 21.7 July 48.5 14.9 7.6 3.8 22.2 July 35.9 8.9 5.2 0.5 21.3 August 58.4 19.4 10.4 4.5 24.1 August.... 42.6 11.5 7.0 0.6 23.5 September . 51.2 16.2 10.4 4.1 20.5 September . 37.8 9.4 6.9 0.6 20.9 October 60.0 17.3 12.2 5.2 25.3 October 41.3 9.6 7.7 0.7 23.3 November? 52.3 14.6 11.8 4.1 21.8 November? 39.5 9.0 6.2 0.7 23.6 December?. 53.6 13.1 12.8 3.4 24.3 December?. 43.4 9.3 6.6 0.5 27.0 ? Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. FEBRUARY 1952 199 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 * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Year or month Item 1 D 9 e 5 c 1 . ? N 19 o 5 v 1 . 1 O 9 c 5 t 1 . 1 D 9 e 5 c 1 . ? N 19 o 5 v 1 . 1 O 9 c 5 t 1 . D s m t e o p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1950 Total +25 + 1 + 14 + 1 + 10 +2 November 17 10 10 51 C C a re s d h i t s a s l a e l s es: +40 +2 + 17 -6 -2 -7 December 18 11 10 49 Instalment +24 +2 + 15 +9 +20 + 7 1951 Charge account + 13 +2 + 14 -17 -6 -9 J F a e n b u ru ar a y ry 1 1 9 7 1 1 0 0 1 1 1 2 4 5 6 0 Accounts receivable, end March 19 11 12 50 of month: April 18 11 11 47 Total +8 +2 +2 -7 -9 -12 May 18 11 11 49 Instalment + 11 +2 +2 -5 -9 -10 June 19 11 12 49 July 18 11 12 46 Collections during August 19 12 12 48 month: September 19 11 12 47 Total -2 2 +9 -7 -3 -5 October 21 12 12 50 Instalment -3 -2 +9 -5 -3 -5 N D o ec v e e m m b b e e r r ? 2 1 0 9 1 1 1 1 1 1 2 2 5 4 0 5 Inventories, end of month, at retail value. -8 + 1 + 1 c -2 -1 p Preliminary. 1 Collections during month as percentage of accounts outstanding at p Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year or month Sales during month Ac a c t o e u n n d ts o r f e c m e o iv n a t b h le Collec m tio o n n s t h during Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t 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 1951? 227 218 242 233 239 235 282 254 48 9 43 1950—November 257 249 248 '267 259 233 278 251 48 9 43 December 387 389 343 '394 276 314 294 256 50 8 42 1951—January 212 195 233 228 269 269 318 354 45 10 45 February 179 167 211 187 262 236 289 279 46 10 44 March 220 210 234 228 255 227 318 268 48 9 43 April 198 192 199 206 244 220 286 244 48 9 43 M^ay.... 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 December? 385 383 375 388 260 334 285 263 49 9 42 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 191. 200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercia and stock savings banks and nondeposit trust companies Mutual savings banks All Member banks Nonmember banks banks Total Total i ti N on a- al m S e t m a b te er1 Total su I r n e - d 2 in N su o r n e - d 2 sur I e n d - *2 in N su o r n e - d Banks (head offices) Dec 31 1933 15 029 14 450 6,011 5,154 857 8,439 8,439 579 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec 31 1946 14 585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 « 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1950 14,650 14,121 6,873 4,958 1,915 7,251 6,562 689 194 335 Dec 31 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Branches and additional offices Dec 31 1933 . . . .. 2 911 2,786 2,081 1,121 960 705 7C5 125 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 < 783 4 126 Dec 31 1941 3 699 3 564 2 580 1 565 1,015 984 932 52 32 103 Dec. 31, 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 a 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec 31. 1950 5,056 4,843 3,589 2,230 1,359 1,254 1,202 52 152 61 Dec. 31, 1951 . .. 5,381 5,150 3,835 2,368 1,467 1,315 1,274 41 165 66 Changes, Jan. 1-Dec. 31, 1951 Banks New Banks 5 +63 +62 +11 +9 +2 +51 +42 +9 + 1 Suspensions —3 —3 -3 -3 Consolidations and absorptions: Banks converted into branches -59 -58 -33 -22 -11 -25 -22 -3 -1 Other —24 —24 — 7 -5 -2 -17 -11 -6 Voluntary liquidations 6 -11 -11 -2 -2 p -2 -7 Other changes 7 +2 +2 +2 +2 Interclass changes: Conversions— National into State -1 -1 +1 + 1 Fede S ra t l a t R e e i s n e t r o v e n a m ti e o m na b l ership: 8 +2 +2 -2 -2 Admissions of State banks +8 +8 -8 -6 -2 Withdrawals of State banks -11 -11 + 11 Fede A ra d l m d i e s p s o io s n it s i o n f s u S r t a a n t c e e: b 9 anks + 11 -29 +7 _7 +29 Net increase or decrease -32 -32 -33 -19 -14 + 1 -39 +8 -8 +40 Number of banks, Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 650 202 327 6,602 Branches and additional offices 10 De novo branches +251 +234 +177 + 108 +69 +57 +56 + 1 + 11 +6 D Ba is n c k o s n t c i o n n u v e e d rted into branches + — 5 2 9 2 + — 5 2 8 2 + — 4 2 8 1 + -1 2 5 3 + - 2 6 5 + - 1 1 0 + - 1 1 0 + 1 Other changes n +3 +3 +2 +1 + 1 + 1 + 1 Interclass branch changes: -20 +20 National to nonmember -3 -3 +3 +3 State member to national + 12 State member to nonmember 2 -2 +2 +2 Nonmember to national +2 +2 -2 -2 Nonmember to State member + 11 + 11 -11 -11 Noninsured to insured . . . +2 -2 +2 -2 Net increase or decrease +291 +273 +214 + 108 +106 +59 +70 -11 + 13 +5 Number of branches and additional offices Dec. 31, 1951 5,225 4,994 3,693 2,244 1,449 1,301 1,260 41 165 66 Banking facilities I2 Established . . .. +34 +34 +33 +31 +2 + 1 + 1 Inter-class changes -1 +1 +1 Net increase +34 +34 +32 +30 +2 +2 Number of banking facilities, Dec. 31, 1951 156 156 142 124 18 14 14 I The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available for branches of insured and noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Three institutions restored to series, previously eliminated because reported as not engaged in deposit or fiduciary banking. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 10 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. II Three de novo branches opened prior to 1951 but not previously reported. 12 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 201 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices * Total Member Nonmember district or State Branches Branches Branches Branches Branches Banks and offices2 Banks and offices Banks and offices Banks and offices Banks and offices 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 Dec. 31, 1951 P.. . . 13,987 5,142 12,157 4,840 6,835 3,835 5.322 1,005 1,830 302 By districts and by States Dec. 31, 1951 v District Boston 471 368 471 368 323 289 148 79 New York 858 1,000 858 1,000 737 922 121 78 Philadelphia 829 184 829 184 632 142 197 42 Cleveland 1,106 339 1,106 339 685 296 421 43 Richmond 1,008 587 811 439 477 273 334 166 197 148 Atlanta 1,217 240 618 198 355 168 263 30 599 42 Chicago 2,483 641 2,483 641 1,009 283 1,474 358 St. Louis 1,464 162 1,139 100 495 59 644 41 325 62 Minneapolis 1,274 112 677 71 476 28 201 43 597 41 Kansas City 1,752 24 1,743 24 751 13 992 11 9 Dallas 1,034 69 931 60 633 41 298 19 103 San Francisco 491 1,416 491 1,416 262 1,321 229 95 State Alabama 226 28 129 28 93 28 36 97 Arizona 12 67 12 67 5 50 7 17 Arkansas 230 21 109 5 68 2 41 3 121* California 191 1,004 191 ,004 118 950 73 54 Colorado 150 4 150 4 93 3 57 Connecticut 104 60 104 60 63 53 41 7 Delaware 36 24 36 24 15 10 21 14 District of Columbia 19 47 19 47 15 37 4 10 Florida 200 8 144 7 74 7 70 56 Georgia 403 48 118 45 66 41 52 285 Idaho 42 58 42 58 23 53 19 Illinois 892 2 890 2 512 2 378 Indiana 481 121 481 121 237 64 244 57 Iowa 662 163 662 163 160 502 163 Kansas 607 605 2 215 390 2 Kentucky 380 51 380 51 114 33 266 18 Louisiana 166 83 62 60 47 52 15 8 104 23 Maine 62 75 62 75 38 39 24 36 Maryland 160 133 160 133 75 79 85 54 Massachusetts 175 189 175 189 139 168 36 21 Michigan 431 257 431 257 231 200 200 57 Minnesota 678 6 267 6 206 6 61 411 Mississippi 202 71 41 15 31 7 10 161 56 Missouri 594 1 530 1 178 1 352 64 Montana 110 110 84 26 Nebraska 410 410 2 139 271 Nevada 8 21 8 21 6 19 2 2 New Hampshire 74 2 74 2 52 1 22 1 New Jersey 315 176 315 176 272 156 43 20 New Mexico 51 23 51 23 34 6 17 17 New York 617 827 617 827 536 769 81 58 North Carolina 209 235 100 93 54 52 46 41 109 142 North Dakota 150 22 62 6 42 20 6 16 Ohio 656 246 656 246 419 216 237 30 Oklahoma 383 1 375 1 223 1 152 Oregon 69 104 69 104 30 90 39 14 Pennsylvania 954 220 954 220 725 192 229 28 Rhode Island 14 54 14 54 8 42 6 12 South Carolina 149 52 66 46 32 38 34 8 83 6 South Dakota 169 50 71 25 62 22 9 3 98 25 Tennessee 296 103 212 89 84 65 128 24 84 14 Texas 911 12 859 12 581 12 278 52 Utah 54 30 54 30 30 28 24 2 Vermont 68 11 68 11 39 2 29 9 Virginia 315 311 120 204 67 107 120 53 Washington 117 117 156 51 146 66 West Virginia 181 156 180 109 71 10 Wisconsin 552 552 152' 164 388 Wyoming 52 152' 52 39 13 130' P Preliminary. l 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 1952, p. 201, footnotes 10 and 12). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 204-209 Gold production 209 Reported gold reserves of central banks and governments 210 Gold movements; gold stock of the United States 211 International Monetary Fund and Bank . 212 Central Banks 212-216 Money rates in foreign countries 217 Commercial banks 218 Foreign exchange rates 219 Price movements: Wholesale prices 220 Retail food prices and cost of living 221 Security prices 221 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. FEBRUARY 1952 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.1 Decrease Domestic Foreign From th J r a ou n g . h 2 — . 1935, Total Total o F f o fi r c e ia ig l n * F o o t r h e e ig r n In ti t o e n rn al a- a b in b f a u r n U n o k a d . i d n s S g J . s I e f n f c o u f u r l n o r e d w i i t g s i n e * o s f : se o R f c f u u e n U t r d u i . t s r i S n e 3 . s: b I b r n a o f l l k a o e n w r c a e i g s n e 1945—Dec. 31 8,802.8 6,144.5 3,4(9.0 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 L, 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 L.209.9 123.7 1950—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 [,280.7 L.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 ]L.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 11,006.7 130.9 Apr. 30 10,387.6 7,647.1 2,582.5 3,459.0 1,605.6 240.3 1,399.4 974.8 126.1 May 31 10,286.3 7,604.3 2,590.0 3,452.8 1,561.4 215.4 L.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 r10,141.0 »-8,014.4 2,734.4 '•3,637.1 1,642.9 181.9 900.4 913.8 130.6 Sept. 30 10,193.9 8,036.0 2,720.2 3,698.7 1,617.2 231.9 879.8 914.4 131.8 Oct. 31 v 10,168.6 8,419.6 2,767.5 3,908.7 1,743.4 215.3 649.9 757.6 126.2 Nov. 30P 10,225.4 8,446.2 2,728.7 3,976.6 1,741.0 185.3 659.5 810.3 124.1 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d t - z * - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions and Official» private 1945—Dec. 31... 6,883.1 4,179.3 707.7 310.0 281 6 304 2 70 4 909.1 2,583.0 1,522 2 1,046.4 1,549.7 181.8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.8 1,316.4232.8 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 1,216.6 1,057.9 193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—Dec. 31... 1.657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1.436.7 961.0 179.5 1950— Dec. 31... 1,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 1,612.9 1,378.5 254.5 1951—Jan. 31... 1,635.4 6,838.1 3,386.2 630.2 273.7 203.5 513.2 308.6 816.3 2,745.6 887.1 1,585.3 1,369.7 250.3 Feb. 28... 1,612.2 6,871.0 3,414.7 621.8 258.0 209.1 504.2 324.4 812.8 2,730.4 884.5 1,596.1 1,401.1 259.0 Mar. 31... 1,620.0 6,830.8 3,357.1 638.9 232.5 198.6 505.0 306.3 814.8 2,696.1 828.6 1,646.3 1,410.9 248.8 Apr. 30... 1,625.6 6,775.6 3,292.8 666.6 193.0 131.4 502.5 299.1 827.8 2,620.3 811.6 1,705.8 1,386.0251.9 May 31... 1,581.4 6,777.0 3,300.3 622.5 191.9 133.4 498.2 289.8 863.4 2,599.3 818.1 1,714.0 1,387.2258.5 June 30... 1,648.3 7,006.9 3,457.1 620.1 246.3 134.8 509.3 276.0 930.7 2,717.3 964.4 1,672.9 1,399.1 253.3 July 31... 1,677.3 6,873.9 3,313.6 545.6 218.3 132.0 499.9 289.4 972.6 2,657.9 931.8 1,614.3 1,410.3259.4 Aug. 31... 1,662.8 •7,105.7 3,444.7 522.6 221.2 131.7 506.8 280.4 '•1,097.4 '2,760.1 1,011.1 1,578.3 1,495.1261.0 Sept. 30 . . 1,637 1 7,153.0 3,430.5 513.0 222.7 135.4 511 .5 285.8 1,131.3 2,799.8 1,022.8 1.532.0 1.540.8257.6 Oct. 31 P . 1,763.3 7,410.3 3,477.8 543.2 270.1 132.4 493.2 288.2 1,114.3 2,841.4 1,257.8 1,502.0 1,534.8274.3 Nov. 30P. 1,760.9 7,439.4 3,439.0 596.5 257.4 152.4 505.8 293.1 1,086.6 2,891.7 1,249.9 1,456.5 1,551.8289.5 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. 3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "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.) 6 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. 204 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 D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A he ll 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 1946—Dec> 31. m 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 A 112.5 1947—Dec. 31. . 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7 0 13 6 49.0 21.3 19.9 119.3 1949__Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31.. 799.2 *4l!9 128.2 "s'.6' 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Jan. 31.. 816.3 43.6 134.0 5.9 43.2 18.1 232.2 30.1 46.9 5.8 48.1 6.4 20.0 120.1 3.4 11.1 47.4 Feb. 28.. 812.8 45.0 119.9 4.3 42.2 20.3 241.0 31.4 51.3 5.6 54.0 6.4 25.3 105.5 3.3 8.3 48.9 Mar. 31.. 814.8 44.9 120.7 3.1 48.2 19.2 242.4 33.9 54.3 4.5 52.6 6.1 17.0 105.5 2.0 7.8 52.6 Apr. 30.. 827.8 42.4 122.3 3.2 47.8 22.1 266.4 35.8 57.8 4.0 46.8 6.2 19.2 92.8 2.3 6.4 52.4 May 31.. 863.4 41.2 121.6 2.9 48.0 22.2 303.6 38.0 62.2 3.8 44.0 6.1 16.3 92.8 2.9 9.2 48.8 June 30.. 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. . rl, 097.4 54.6 r138.4 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. . 1,131.3 57.4 132.9 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 Nov. 30P. 1,086.6 63.4 145.0 1.5 46.7 27.9 456.2 41.5 98.6 2.6 35.4 6.0 18.3 80.3 2.3 8.2 52.6 Table 2b.—Latin America Neth- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e b c n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e - s t s Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i a m c th t a i e e ' n r r nam 1945—Dec. 31. 1,046.4 77.3 14.5 195.1 66.3 79.2 128.3 116.4 28.2 43.9 88.7 49.7 158.8 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947—Dec. 31. 1,216.6 236.2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186.5 1948—Dec. 31. 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Dec. 31. 1,436.7 201.1 13.5 192 8 60.9 85.9 164.2 214.6 25 9 52 8 74.3 143.2 207 4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71.3 1951—Jan. 31. 1,585.3 334.4 18.8 228.9 73.3 54.6 251.0 44.3 27.2 142.5 31.5 62.3 54.2 28.2 83.3 78.5 72.2 Feb. 28. 1,596.1 312.1 20.8 249.8 70.6 49.7 257.7 45.1 30.6 140.7 30.0 60.6 51.9 42.2 79.0 75.9 79.6 Mar. 31. 1,646.3 345.2 22.4 259.6 69.9 44.2 276.0 45.8 31.8 108.7 30.8 55.0 52.2 46.5 81.8 89.8 86.6 Apr. 30. 1,705.8 347.5 19.3 248.1 79.9 66.6 309.8 46.3 30.8 115.8 28.8 58.2 51.9 46.3 82.1 80.8 93.5 May 31. 1,714.0 353.2 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 1330.9 22.2 171.5 57.8 50.9 354.3 53.2 28.5 111 2 28 2 52 8 62 0 46 1 83.2 74 6 86.9 Aug. 31. 1,578.3 320.3 21.6 151.4 56.2 52.1 336.7 53.0 26.0 128.2 27.7 54.5 66.3 41.7 80.6 74.7 87.5 Sept. 30. 1,532.0 312.1 26.2 140.4 55.5 46.2 312.3 50.7 23 A 143.9 30.4 52.9 58.7 37.7 7Q 7 76.3 85.5 Oct. 31 P1,502.0 299.5 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 Nov. 30P 1,456.5 277.1 25.0 110.3 47.6 79.7 284.6 43.6 22.8 156.1 31.2 48.6 65.6 28.5 83.0 66.2 86.6 Table 2c.—Asia and All Other For- Egypt Date Asia M C m a h n a o i i d s n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p e b i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h i e a r 8 o A th l e l r A t l r u i a a s - - C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - S A U o f o n u r f i i t o c h a n Other* land Sudan 1945—Dec. 31. 1,549.7 582.3 27.4 33.4 113.7 4.1 629.1 52.5 107.2 181.8 28.9 18.9 6.4 127.7 1946—Dec. 31. 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. 1,057.9 229.9 39 8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. 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—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 20.3 12*6458.5 374.4 48*2 14.3 111.9 254 5 19.1 58*. 1 75.6 44.0 57.7 1951—Jan. 31 1,369.7 78.7 73.7 49.6 115.6 24.7 15.8452.5 376 6 46.4 12.5 123.6 250.3 19.8 53.2 85.1 36.4 55.9 Feb. 28. 1,401.1 77.7 65.8 59.7 124.9 26.3 15.6443.3 390.3 52.0 13.7 131.9 259.0 19.6 54.2 85.0 39.2 60.9 Mar. 31. 1,410.9 79.5 65.5 60.4 138.2 24.3 14.1406.4 395.0 53.3 16.9 157.4 248.8 27.1 50.8 85.1 21.2 64.7 Apr. 30. 1,386.0 79.3 64.8 59.0 126.7 27.4 17.2376.6 404.5 57.7 20.6 152.2 251.9 18.3 51.4 105.6 9.5 67.1 May 31. 1,387.2 78.6 61.1 73.0 124.2 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. 1,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89.4 16.8 65.9 July 31. 1,410.3 84.3 61.4 75.1152.9 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 16.7440.6 382.2 73.1 12.9 170.1 261.0 22.3 53.1 98.7 21.8 65.2 Sept. 30. ,540.8 93.7 60.0 68.9 172.7 25.3 12.0492.4 369.4 80.0 12.0 154.5 257.6 22.4 50.3 104.8 11.6 68.5 Oct. 3\P ,534.8 89.8 60.1 59.8 128.0 21.0 13.5538.7 355.6 84.9 12.2 171.2 274.3 32.4 52.2 101.7 16.0 72.0 Nov. 30? ,551.8 87.9 62.0 56.1 129.1 21.8 14.4568.7 342.2 90.9 11.4 167.3 289.5 36.8 52.6 102.8 13.6 83.7 FEBRUARY 1952 205 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 COUNTRIES1 [Amounts outstanding, inmillions of dollars] Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L i m a c t a e in r- Asia ot A h l e l r 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708 3 47 7 5.7 151.0 9 8 16 0 82.8 312 9 52.2 226.8 99.2 17 2 1947—Dec. 31 948.9 29.2 23 A 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_DeCt 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—Dec. 31 898 0 105 7 31 4 3 4 8 7 20 7 67 1 237 0 125.8 378.8 96 3 60.0 1951—Jan. 3i 857.4 87 8 31.0 3.9 11.5 28.3 70.8 233.2 115.7 374.2 91 2 43.1 Feb. 28 . . .. 910.1 101.7 31.9 3.7 11.8 30.3 74.2 253.6 121.2 397.7 92.2 45.4 Mar. 31 910.5 99.8 30.6 3.6 9.0 34.3 75.6 252.9 107.3 402.5 86.2 61.6 Apr. 30 889 1 110 7 6.3 4.2 10 8 35 2 75 5 242.6 117.6 374.0 95 1 59.7 May 31. 913.9 98.8 7.0 3.9 11.0 55.1 82.7 258.5 116.7 371.5 104.5 62.7 Tune 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. 30 897 4 52 0 11 0 2 9 9 2 13 2 86 3 174.7 101.0 437.2 128.7 55.9 Oct. 31 P 914.1 33 0 11.4 2 8 9.6 11.2 93 0 160.9 108.4 463.3 136.8 44.7 Nov. 30P 944.1 34.7 11.0 3.9 8.8 7.5 97.7 163.6 119.3 465.5 153.0 42.6 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu el m - 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 an o- d t P u o g r a - l m R an u i - a Spain S d w e e n - USSR Y sl u a g v o ia - ot A h l e l r2 1 1 1 9 9 9 4 4 4 6 7 5 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . 1 8 7 1 2 4 8 . . . 8 6 9 1 7 5 . . 5 0 6 2 «s .2 6 8 (' . . ) 2 0 3 3 3 0 0 3 . . . 4 5 9 1 1 0 2 . . . 6 4 7 3 3 9 1 . . . 2 3 6 1 1 . . . 0 1 5 8 .1 7 1 . . . 2 6 9 4 5. . . 4 9 9 0 (' 0 ) 8 (8) 3 4 9 5 . . . 5 8 9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 00 29.8 1949—Dec. 31.. 98.5 19.3 4 8.2 30.0 .7 7.4 .5 7.0 2.3 (8) 6.0 15.6 1950—Dec. 31.. 67.1 .2 21.5 00 3.2 2.2 25.4 .2 1.4 00 .5 7.0 1.6 6.9 (8) 3.9 (') («} 1951— F Ja e n b . . 3 2 1 8, . . . 7 7 0 4. . 2 8 (') 2 2 2 4 . . 0 9 . . 1 1 2 2 . . 6 5 2 3 . . 7 5 2 2 5 5 . . 3 6 . . 2 1 1 1 . . 7 9 ( (* ') ) . . 5 6 00 1 1. . 2 7 1 9 0 . . 4 0 ( 0 ' 0 ) (8) 4 4. . 2 0 A M p a r r . . 3 31 0 . . . . 7 7 5 5 . . 5 6 (8 . ) 2 2 21 3 . . 9 4 .1 3 6 . . 9 7 3 4 . . 3 0 2 2 5 5 . . 9 9 . . 1 1 2 1. . 8 1 ( (« ') ) . . 5 7 ( 0 8 0 ) 2 1. . 3 0 9 8 . . 5 6 . . 1 1 (8) 4 4. . 2 3 May 31.. 82.7 00 19.7 7.3 6.3 25.9 .1 2.3 (3) 1.3 (8) 7.0 8.2 .2 4.3 June 30.. 87.9 (8) 18.8 6.2 6.2 25.4 .1 2.3 («) 1.3 00 13.6 7.4 L.7 4.7 July 31.. 89.8 (') 18.7 00 4.1 5.1 25.9 .1 2.1 1.0 00 20.2 6.2 1.7 4.7 O A N Se c u o p t g v . t . . . 3 3 3 3 1 0 1 0 P P . . . . . 9 9 8 8 7 3 8 6 . . . . 7 0 8 3 . . . . 9 2 2 1 2 2 2 1 7 3 1 5 . . . . 1 6 5 2 0 ( 0 0 ' 0 0 0 ) 5 5 4 5 . . . . 9 2 7 1 2 3 5 2 . . . . 2 7 0 5 3 2 2 2 0 8 8 6 . . . . 9 6 8 4 . . . . 2 2 1 5 2 1 1 1 . . . . 8 7 0 1 0 0 0 0 0 0 1. . . . 0 8 6 7 8 0 0 0 0 2 1 1 1 3 4 7 6 . . . . 2 5 1 8 4 4 4 6. . . . 2 1 3 9 0 (3 0 ) L 1 L 5 . . . . 9 5 5 I 4 5 4 4 . . . . 1 9 1 3 00 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 i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d e s s s t Peru l P p i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a t m h a ti e e * n r r lic Suri- ama nam 1945—rj>ec# 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 I 1 9 9 4 4 7 8 — —D D eecc#. 3 3 1 1. . 5 5 1 1 4 6 . . 3 6 6 7 5 2 . . 2 4 2 2 . . 7 0 1 1 6 6 5 5 . . 8 4 2 1 7 5. . 2 8 3 3 2 2 . . 6 6 1 8 0 3 8 . . 1 6 5 7 2 3 . . 2 8 L.5 1 4 4. . 4 3 4 4 . . 7 6 2 1 6 5 . . 0 3 3 34 4 . . 7 5 1949—Dec. 31. . 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 L.3 5.8 5.3 25.6 43.1 1950—Dec. 31. . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 "i!9 "2.6 70.6 L.3 11.0 3.1 "h'.k' *8.6' 49.4 14.6 1951—Jan. 31.. 374.2 25.2 7.4 76.2 6.0 39.1 31.6 1.9 2.8 77.7 L.I 14.3 2.8 7.7 5.3 61.7 13.5 Feb. 28.. 397.7 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 L.2 12.7 2.6 5.9 7.3 85.8 13.2 Mar. 31.. 402.5 17.8 5.5 85.4 6.9 36.4 46.7 1.9 2.8 64.8 L.I 13.5 2.8 4.6 7.6 91.5 13.2 Apr. 30.. 374.0 10.9 6.3 80.5 9.6 51.6 44.2 1.8 2.7 58.5 L.4 13.8 2.8 3.4 7.8 65.9 13.0 May 31.. 371.5 9.9 6.7 85.3 10.0 55.0 40.3 2.1 2.8 56.4 L.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 L.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 L.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 L.2 12.2 2.6 4.1 11.3 80.5 14.7 Sept. 30.. 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. 31P. 463.3 9.2 7.2 155.3 20.6 43.0 30.1 1.6 3.3 74.1 1.1 13.9 3.1 7.5 13.4 66.9 13.1 Nov. 30P. 465.5 7.9 7.2 164.3 22.7 39.7 29.4 1.7 3.2 87.4 1.4 12.7 3.3 8.4 9.3 54.6 12.3 p Preliminary. 1 See footnote 1, p. 204. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Co#i/ijf«^ 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 i n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p e b i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h ia e * r o A th l e l r t A ra u l s i - a C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u ic i f t o a h n Other* 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 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 'A 7.9 6.8 1949—Dec. 31. . 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 2^.4 7 9 .2 4.5 7.7 1950—Dec. 31. . 96.3 18.2 3.0 16.2 .2 "6.6 18'.9 12.1 4.9 i.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 June 30.. 102.9 8.3 3.1 15.7 .2 7.4 22.2 9.9 9.5 3.1 .6 22.8 59.9 36.4 7.0 A 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. 30. 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 7.9 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 Nov. 3OP. 153.0 10.1 3.3 13.3 .4 8.6 27.8 10.7 22.6 2.4 .8 52.9 42.6 23.4 6.7 .2 6.8 5.6 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES » (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks 5 Net purchases Year or month Net Net pu T rc o h t a a s l es T s o al t e a s l dom o e f stic Purchases Sales purchases Purchases Sales purchases securities 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 .236.4 294.3 « 942.1 774.7 772.3 2.4 ,011.1 1,066.6 944.4 1950—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 76.7 52.4 24.3 87.8 108.5 -20.7 October?.. . 21.2 273.0 -251.9 99.7 77.0 22.6 120.8 350.1 -229.8 November P . 28.7 20.0 62.6 61.8 91.3 81.8 9.5 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 purchases Year or month Net Net pu T rc o h t a a s l es T sa o l t e a s l for o e f ign Purchases Sales purchases Purchases Sales purchases securities 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—December.. 13.5 22.5 -9.0 27.5 20.4 7.1 41.1 43.0 -1.9 1951—January.... 22.4 31.0 -8.6 32.5 24.2 8.3 54.9 55.2 February. . . 29.8 30.4 -.6 25.3 36.0 -10.7 55.1 66.3 March 20.8 19.4 1.4 42.0 89.7 -47.6 62.8 109.1 -46.2 April 20.8 16.2 4.6 31.1 67.6 -36.5 51.9 83.8 -31.9 May 24.6 17.7 6.9 24.5 75.3 -50.9 49.1 93.0 -44.0 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 ••19.6 19.6 r-A '21.1 20.1 1.0 40.7 39.7 .9 O N Se c o p t v o t e e b m m er b b p e e r r P . . . 2 2 2 4 5 6 . . . 2 2 6 2 2 2 1 7 6 . . . 4 4 6 -3 3 .2 ( . 7 8 ) 5 8 7 9 3 8 . . . 7 6 0 2 3 2 7 2 0 3 . . . 0 3 0 -16 5 0 6 . . . 7 0 6 1 1 8 0 1 4 0 2 . . . 2 9 1 2 9 5 4 9 1 9 . . . 6 7 4 -15 5 6 2 . . . 8 7 6 p 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. FEBRUARY 1952 207 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 LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( —). In millions of dollars] Inter- Y m e o a n r t o h r n t a u i t n t i s i o t o i n - ns al Total U K d n i i o n m t g- ed France N l e a t n h d e s r* Sw l i a t n z d er- Italy E O u t r h o er pe E T u o r t o al pe Canada A L m a ic t e a in r- Asia o A th l e l r 1945 — 113.1 —32.5 4.3 -5.5 -13.1 .3 -4.4 -50.8 -98.6 26.4 10.8 -.9 1946.. . —334.2 —36 9 —6 8 —26.5 — 17 5 — .1 — 10.8 —98 6 —16.4 6.3 —224.5 — 1.0 1947 74.5 — 163.6 -8.9 —50.2 —98.2 13.0 -17.1 —14.1 -175 5 3.2 —3 5 10 0 2 2 1948 7.6 -199.8 9.1 -82.8 —79.3 -40.0 (i) 2.6 -190.4 7.5 10.2 -23.3 -3.9 1949 ... 87.0 — 11 8 20.9 —6 8 —25 5 44 2 1.5 2.2 36 5 —49.0 2 5 —2.1 2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2^7 1950— 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 6) 6.7 .3 -8.2 50.3 16.1 8.9 .8 .2 May.. 2.3 12.5 -2.9 1.3 4.6 .3 -4.6 -1.4 -3.6 3.1 14.7 -.4 June.. -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 -20.9 -2.5 -20.0 -1.4 11.0 .5 1.0 -11.6 -3.1 3.8 -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 Nov.P. .. 9.0 .5 .5 .6 -4.6 2.6 .2 .8 0) -1.7 1.2 .9 .1 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Re- Other mosa Y m e o a n r t o h r E O u t r h o er pe t A r us i - a 2 g B iu e m l- N w o a r y - S d w en e- ot A h ll er A La m ic t a e in r- Brazil Cuba M ic e o x- p P u o a b n f l - ic S d a o E l r v l a ' - A L i a m c t a e in r- Asia M C a h a n i i d n n a - Japan O A t s h i e a r ama land 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 5 4 7 9 8 5 0 6 - - — - 1 7 1 4 0 4 2 2 3 . . 4 8 . . . 2 8 6 1 "isli 1 — 2 1 1 2 . . . 6 6 6 6 5 9 - 3 4 — — 2 6 1 . . . 1 2 0 7 . . 9 3 - - - - 1 3 2 1 . . . . 4 3 5 1 . .2 4 - - — 1 5 0 6 7 1 . . 5 2 . . . 6 1 1 .1 -3 2 3 1 0 6 2 6 0 . . . . . 3 5 1 5 4 2 — - - - . . . 2 1 4 1 . . 6 4 .4 - 2 - — 1 3 4 1 . . 9 . . . 0 2 6 7 .8 - 6 2 2 .2 . . . . . 9 8 5 3 5 - — - 5 4 4 4 6 . . . . 7 7 . . 2 5 1 9 "io!9 - - 2 1 — 6 5 3 8 2 . . . . 2 9 . 2 7 2 .7 -2 - - 1 2 - 2 1 1 2 5 3 4 0 0 . . . . . . 1 3 3 5 0 8 -2 -2 - - - 0 2 3 7 3 2 0 2 . . . . . . 2 2 0 7 5 7 -1 0 3 8 5 ) . . ' . 7 . 5 0 1 - - 2 1 - 1 4 4 1 .7 . . 8 0 . . 3 7 .1 1950—Dec... -3.1 0) .6 1.5 -.7 -4.4 -1.7 — .1 -.3 .2 -.2 0) -1 2 -1.2 -.3 0) -1.0 1951—Jan.... 9.5 3.7 — .2 .4 0) 5.6 -2.3 — .1 -.2 -.9 -.9 0) -.3 1.6 0) (J) 1.7 F M e a b r . . . . .. . -1.4 .7 - 0 1 ) .7 W.7 0) .5 0) — -.3 .2 - 3 .4 .1 - .4 .2 -.5 .7 . . 3 3 - 1 .2 .0 0 0 ) ) . . 4 8 . . 2 4 0) 0 0 ) ) .3 9 Apr.... -8.2 .9 -8.7 0)' .1 8.9 — .1 6.4 -.1 .2 0) 2.4 .8 (0* .6 May —4 6 — 19 — 5 -2 7 5 3 1 1 0 — 9 — .3 .4 0* 2.9 14.7 .1 14.4 June .. -5.4 -7.3 .9 1.8 — .1 -.6 -10.7 0) .8 -.2 -10.9 -.4 .5 — !i 0) .6 J A u u l g y . . . . . . . -42.6 .6 -4.7 .1 -3.6 .2 -2 0 9 ) .2 o)'1 -5.0 .1 -1 1 .3 .2 0) W - . . 3 3 -.3 .2 -1.6 .6 8 -1 2 . . 3 1 — . 9 .1 -.2 .2 0 0 ) ) . . 7 1 O S N e c o p t. v. t.. P P .. . . 2 1 . . 4 0 .8 0 0 ) ) .4 2 1 . . . 0 2 7 0) 0 0 - ) ) .3 0) .1 3 6 1 . . . 8 2 8 0)' A -.2 . . 4 2 0) . . 6 1 - - 1 3 . . 3 . 5 1 C 0 0 1) ) ) 6 2 . . . 3 2 2 -1 -5 0 . . 0 . 1 9 0) . . 1 1 0 ( 0 l ) ) ) -1 -5 0. . 1 0 .9 T A B LE 7 . — F O R E I GN SECURITIES: N ET P U R C H A S ES BY F O R E I G N E RS OF L O N G - T E RM F O R E I GN S E C U R I T I ES O W N ED IN T HE U N I T ED STATES, BY C O U N T R I ES (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 in i m t g e - d France N l e a t n h d e s r- Sw l i a t n z d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r- Asia o A th ll er tutions ica 1945 -46.6 -8.8 .2 — .6 .7 -.1 2.3 -6.3 -55.8 15.1 — .5 1.0 1946. . 265 1 -20.9 -1.0 -7.0 -13.9 — .8 10.9 -32 6 187 6 131 3 3 —21 4 1947 —249.3 288.3 —2.0 -3.1 -29.9 -14.9 — .3 15.6 -34.4 205.2 89.2 .5 27.8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949... — 16 0 43 8 -13.5 .4 — .1 19.1 .4 24.6 30.8 — 10.6 20 2 8 2 6 1950 -3 6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1950—Dec. .. -1.9 0) -.7 - .2 - .4 .1 2.7 1.4 2.0 1.9 -.3 -6.8 1951—Jan -.5 .3 -.9 -1.7 .8 .2 -.1 .8 -.8 -3.9 2.7 1.6 .6 Feb 0) -11.2 .4 -2.5 .4 - .2 1.6 -.3 -12.8 1.3 .1 .5 Mar -48.7 2.5 .4 -2.2 .9 3.6 1.1 -.5 3.2 -5.1 2.5 1.5 .3 Apr -3.0 -28.9 0) -.4 .2 2.1 -.1 .1 2.0 -34.5 1.3 .1 2.2 May.... — .1 -43.9 -2.1 .2 .2 1.8 .1 1.2 1.5 -40.4 3.9 -8.9 .1 June . -33.6 -.2 .2 - .6 1.8 0) 7.5 8.8 -37.6 3.9 -9.1 .4 July. . 15 6 .1 — .4 .2 .3 1.4 1.7 16 4 4 2 —6 9 .2 O S A N e c u o p t g v t . . ? . P . . -9 -1 9 . . 0 . 9 1 -5 5 7 1 2 . . . . 0 6 7 8 — . . . 3 2 . 3 6 0) . . . 8 2 8 - .7 . . . 1 4 7 1 1 1 . . . 2 0 4 .2 0 0 0 0 ) ) ) ) — 1 1 . . . 4 . 7 3 1 3 2 1 . . . . 4 5 5 4 -6 - — 5 1 2 1 2 . . . 0 . 1 3 2 3 3 2 . . . 8 1 0 6 ) - - - PJ 2 3 .7 . . 9 0 1. . . 3 6 3 4 P Preliminary. 1 Less than $50,000. 2 Not available until 1950 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Year or month Total K U in n g i d te o d m France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia O A th l e l r 1945 17.8 1.3 .3 3.8 7.3 .1 3.1 15.9 3.4 .8 -1.8 -.5 1946 9.7 -.6 -2.9 -8.5 9.3 0) 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 -.5 -9.3 -2.0 — .6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 — .1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 — .1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1950—December .1 -.3 -.8 .6 2.2 .1 .7 2.6 -4.0 .9 .8 — .2 1951—January -1.3 .3 .1 -.3 -3.0 0) -.2 -3.2 1.3 1.0 — .2 — .2 February 2.7 .1 1.3 .2 -.2 0) -.5 1.0 .4 1.1 .1 .1 March —2.3 — .4 -.4 -.2 .5 -.2 .3 -.4 -.9 -.7 -.1 -.3 April -4.8 -.6 -.3 .3 -4.2 1.1 .6 -3.1 — .4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 -.4 -.6 -2.4 -.2 -2.5 .2 .4 June 11.1 2.5 .2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) July -.1 -.5 .5 .8 -.7 .1 -.1 .2 -1.0 .3 -.2 .6 August -2.0 .1 — 8 -2.7 -.3 -.2 -1.0 -4.9 -.2 2.1 .7 .3 September 1.2 -.2 -.3 .6 .3 .2 .4 1 .0 .1 .2 -.1 _0) Octobers -5.6 -.7 .2 -1.9 -1.0 -.1 .2 -3.4 .4 -4.5 2.4 November** 2-2.1 1.2 .6 .3 .1 0) .2 2.3 .1 -3.1 -2.0 P Preliminary. » Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.1; U. S. brokerage balances abroad, 35.9. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reportedmonthly Estimated Year or world Africa North and South America Other production Total month o U u S ts S i R de i r m e o p n or th te l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B Co el n g g ia o n 8 U St n a i t t e e s d * C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag i u ca a - • Au l s i t a ra- India3 $1 ==15*/n gwins of gold ViojSne: i. e.t an ounceof fine gold =$35 1941 1,265 6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1 125 7 982 1 494 4 26 6 29 2 18 0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9 1 1943 871 5 774.1 448.2 23 0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683 0 427 9 19 9 18 9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 756 0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766 5 705 5 392 0 18 3 19 3 10 8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6 1 1948 794 5 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 826 0 753 2 409 7 18 5 23 1 12 9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5 7 1950 775.9 408.2 17.9 23.2 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.1 6.7 1950—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 O 5.2 12.1 1.1 .7 .4 .7 2.4 .6 March. ... 63.5 33.4 1.5 2.0 1 5.8 13.0 .9 1.5 .6 2.4 .6 April 62 9 33 2 1 4 2 0 0 5.5 12.7 1.0 1.5 .6 .8 2.4 .7 May 34 6 1 4 1 9 1 5.5 12.9 1.4 .5 .7 3.5 .6 June 33.9 1.4 1.9 1 5.9 12.7 1.3 .5 .6 2.1 .6 July 34 4 1 4 1 9 ? 5.5 12.1 1.3 .5 .9 2.4 .7 August 34.6 1.4 1.9 L.3 6.6 12.1 1.5 .5 .8 2.6 .7 September. 33 3 1 4 2 0 1 6.4 12.6 1.3 .4 .8 2.4 .7 October 34 1 2 0 1 6 6 13.2 1 2 .7 2 6 .7 November. . 33 8 .9 5.7 7 .7 Gold production in USSR: No regular Government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1950 having been adjusted by subtracting from each monthly figure $252,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports reported by the National Bank of 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. FEBRUARY 1952 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- USSR)* 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 Apr . 21,805 21,900 288 609 23 317 635 45 65 271 31 22 May. . . 21,756 21,861 288 589 23 317 643 45 66 271 31 22 June.. . 35 930 21 756 21 872 288 586 23 317 652 45 281 31 22 July 21,759 21,852 288 595 23 317 671 45 281 31 22 Aug 21 854 21,986 288 608 23 317 681 45 291 31 22 Sent *>35 995 22,013 22,164 276 638 23 317 691 45 311 31 22 Oct 22 233 22 394 273 621 317 736 45 311 31 22 Nov 22 382 22,579 268 619 317 805 45 311 31 22 Dec.. . . 22,695 22,873 621 850 45 31 22 E m n o d n t 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 194g—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—Tan 97 523 27 247 139 252 228 281 311 30 50 27 31 Feb 102 523 27 247 139 252 228 281 311 30 50 27 31 Mar.... 117 523 27 247 139 252 228 304 311 30 50 27 46 Apr. . . . 117 548 27 247 138 252 229 282 311 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 Tuly 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 27 247 138 252 229 191 311 31 50 27 46 Oct 174 S48 27 247 138 252 ?79 31 50 27 46 Nov 174 548 27 247 138 252 279 31 27 46 Dec 548 27 247 138 279 32 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 ed - g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a I e t n i t o t t e l n e r a - - l Fund ments 1945—Dec. m m 13 914 110 482 1,342 43 241 6 2,476 195 202 39 1946—Dec. . . 433 12 939 111 381 1,430 34 237 S2.696 200 215 15 32 1947—Dec. . . 310 15 762 111 105 1,356 34 170 62,079 175 215 1.356 30 1948—Dec. . . 236 15 183 111 81 1,387 34 162 * 1,856 164 323 1,436 36 1949—Dec. . 178 17 128 85 70 1,504 118 154 5 1,688 178 373 ,451 68 1950—Dec. . . 192 23 197 61 90 1,470 118 150 63,300 236 373 ,495 167 1951—Jan 197 23 202 61 93 1,474 118 150 260 373 1,495 140 Feb 197 23 208 61 108 1,482 118 150 287 373 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 L 519 155 A Se u p g t 2 2 2 3 4 4 2 2 6 6 2 2 1 1 0 0 6 5 1 0 1 1 2 2 9 8 1 1 ,4 4 4 4 6 7 1 1 1 1 3 3 1 15 5 0 0 B3,269 2 25 5 2 7 3 3 7 7 3 3 I 1 ,5 5 2 2 9 9 1 1 4 4 4 3 Oct... 250 26 209 50 134 1,448 113 150 242 373 1,529 132 Nov 255 26 208 50 136 1,454 113 150 P232 373 1,530 127 Dec P264 26 151 5 2,335 1,530 115 P Preliminary. * 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." 8 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 8 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. 210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu el m - France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o h p e e r 1 Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 a-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 -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 J A u p ly r. - - S Ju ep n t e - 2 5 9 7 0 .0 .0 - 3 8 2 0 0 .0 .0 2.0 - - 1 5 5 . . 0 0 -17.0 -1 -3 1. . 2 5 -10.0 -20.0 64.1 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Other Asia Union end ofperiod Increase Net marked Domes- Year or Uru- Vene- Latin and of All in total gold im-gold: de-tic gold quarter guay zuela Amer- Oceania South other Period gold port or crease producica Africa Treas- stock export or in- tion J ury Total 1 (-) crease (-) 1945 -37.9 -73.1 —27.8 »-188.3 3.7 1946 —4 9 —9 2 25 0 13 7 94.3 22 9 1947 25.1 —3.7 79.1 1.0 256 0 11.9 1942 22,726 22,739 —23.0 315.7 -458.4 125.4 1948 10.7 -108.0 13.4 —4.1 498.6 6.9 1943, 21,938 21,981 —757.9 68.9 -803.6 48.3 1949 . .. — 14 4 —50 0 —7.5 —52.1 195 7 — 1.6 1944 20,619 20,631 — 1,349.8 —845.4 —459.8 35.8 1950 -64.8 -17.6 —39.2 13.1 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 *2,162.11,866.3 210.0 75.8 Jan.-M!ar. 3.6 —2.3 72.0 .1 1 1 9 9 4 4 8 9 . . 2 24 4 , , 4 2 2 4 7 4 2 2 4 4 , , 3 5 9 6 9 3 1,5 1 3 64 0 . .4 6 lt6 6 8 8 0 6 . . 4 5 - - 1 4 5 9 9 5 . . 2 7 6 7 7 0 . . 3 9 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'.6 —2.9 -2.2 48,1 -2.0 1951 22,695 22,873 52. 7 -549.0 617.6 69.9 Oct.-Dec -1.0 — 11.9 -41.0 19.9 .2 1951—Jan.. . 22,392 22,46! -358 8 -105.6 -248.5 5.9 1950 Feb... 22,086 22,162 -298. 7 -107.9 -184.4 5.2 Mar... 21,806 21,927 -235. 4 -123.5 -111.2 5.8 Jan.-Mar......... -12.0 -10.5 — 8 3.9 -27.0 Apr... 21,805 21,900 -27. 3 -110.6 101.9 5.5 Apr -June . —2 0 -1 0 9.2 -3.0 May.. 21,756 21,861 -38. 5 -41.0 -12.9 5.5 Tuly-Sept —23.9 — .1 — 14 9 -14.8 June.. 21,756 21,872 10 4 -37.6 46.3 5.9 Oct.-Dec —26.9 -6.0 —23.6 -3.0 July... 21,759 21,852 -19 2 -16.2 -8.8 5.5 Aug. .. 21,854 21,986 133 1 -3.7 137.0 6.6 1951 Sept... 22,013 22,164 178 0 10.9 176.7 6.4 Oct.... 22,233 22,394 229 9 -18.4 243.4 6.6 Jan.-Mar -50.9 -11.7 -22.6 «-28.0 Nov... 22,382 22,579 185 0 -2.1 188.4 5.7 J A u p ly r. - - S J e u p n t e 2 1 8 5 . . 0 0 "* — .9 -5 3 . . 0 5 - - 3 5 . . 8 3 "1 2 2 0 . . 7 3 « 4- - 3 2 1 5 . . 0 0 1952--J D a e n c. . . .. . 2 2 2 2 , , 6 9 9 5 5 1 2 2 2 3 , , 8 0 7 5 3 5 2 1 9 8 4 2 4 1 (4 6 ) .5 51 2 3 8 7 9 . . 5 9 5 (4 .1 ) 1 Includes Bank for International Settlements. 1 See footnote 2 on opposite page. 8 Includes sale of 114.3 million dollars of gold to Italy. 2 Yearly figures through 1950 are estimates of United States Mint. 8 Includes sales of 185.3 million dollars of gold to China. Figures for 1951 are estimates of American Bureau of Metal Statistics. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million 3 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 8 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 4,870.7 million dollars on Jan. 31, 1952. 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. 211 FEBRUARY 1952 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 1950 International Fund International Bank Oct. July Apr. Oct. Dec. Sept. June Dec. 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 5 Other 4,409 4,327 4,315 4,228 Other 944 919 921 Unpaid balance of member subscriptions. 869 869 907 1,003 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 510 441 457 437 Member subscriptions 8,137 8,037 8,037 8,037 Calls on subscriptions to capital stock 3. . 4 4 4 4 Accumulated net income -6 -6 -6 -4 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,113 1,085 1,037 868 1951 1950 Other assets 10 13 19 9 Net currency purchased 1 Bonds outstanding 436 336 325 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- Dec. Nov. Oct. Dec- antee 33 33 33 29 Loans—undisbursed 350 368 352 229 Other liabilities 10 4 6 5 Australian pounds 20.0 20.0 20.0 20.0 General reserve 50 46 42 35 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 24 22 20 17 Brazilian cruzeiros 65.5 65.5 65.5 37.5 CapitaP 1,688 1,688 1,668 1,668 Chilean pesos 5.4 5.4 5.4 8.8 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 r Revised. Egyptian pounds -5.5 -5.5 -5.5 -5.5 1 As of Dec. 31, 1951, the Fund had sold 766.4 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 I M ra e n x i i a c n a n r i p a e ls sos 6.6 '2.2 22.5 t t o o N B o ra rw zi a l y 1 2 0 0 m 0 i m lli i o ll n io n p o B u e n l d g s ia n s te fr r a li n n c g s i i n n J J u a n n e u a a r n y d 1 J 9 u 5 ly 1 . 19 R 48 e , p a u n r d ch s a o s l e d s Netherlands guilders.... 75.4 75.4 75.4 75.4 amounted to 79.7 million dollars. Currencies the net transactions in Norwegian kroner 9.6 9.6 which amount to less than one million are reported under "All other." S T o u u rk th is h A f l r i i r c a a s n pounds. . . 5.0 5.0 5.0 1 5 0 . . 0 0 2 3 L E e x s c s l u t d h e a s n u $ n 5 c 0 a 0 l , l 0 ed 0 0. portions of capital subscriptions, amounting to Pounds sterling 300.0 300.0 300.0 300.0 6,751 million dollars as of Dec. 31, 1951, of which 2,540 million repre- Yugoslav dinars 9.0 9.0 9.0 9.0 sents the subscription of the United States. All other -1.7 -1.7 -1.7 -.6 Total. 732.2 "727.8 735.2 744.3 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold i a O ss t e h t e s r 2 N c a o o n t i d n es 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 io cu n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h i a i t e l n a i r - l d 1942—Dec. 30 2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 L,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 "H'A" 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 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 1,289.0 293.0 13.0 9.3 90.1 18.5 Mar. 28 .4 L,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 Apr. 25 .4 L,350.0 37.3 6.4 388.4 1,313.8 305.8 14.2 5.4 89.0 17.8 May 30 .4 L,350.0 19.2 2.8 405.0 1,331.6 296.4 14.4 13.4 84.8 18.0 June 27 .4 L,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18.1 July 25 .4 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 * 1,400.0 42.9 29.7 337.7 1,358.0 273.6 18.5 .9 98.9 18.5 Sept. 26 .4 L,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 18.5 Oct. 31 .4 1,400.0 49.7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17.8 Nov. 28 .4 1,400.0 38.2 16.8 364.0 1,363.7 294.7 16.4 .6 89.4 18.0 Dec. 26 .4 ,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Nptes 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, decreased by 25 million on Aug. 21, and increased by 50 million on Dec. 12, 1951. For details on previous changes, see BULLETIN for February 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. 212 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 (F C 'g a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d S t e t U a rl t i n e n s i g ted securities a O s t s h e e ts r circ N ul o a t t e ion2 lia O b a t i n h l d i e ti r es dollars S te h r o m r t 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital 3 ment 1939—Dec. 30. 225. 7 64.3 181.9 49.9 5.5 232.8 217 0 46.3 17.9 13.3 1940—Dec. 31 . (4) 38.4 448 4 127.3 12.4 359.9 217 7 10.9 9.5 28.5 1941—Dec. 31. .. 200.9 391 8 216.7 33.5 496.0 232 0 73.8 6.0 35.1 1942—Dec. 31 ... .5 807 2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .. .6 787 6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944— Dec. 30. . 172.3 906 9 573.9 34.3 1,036.0 401 7 12.9 27.7 209.1 1945—Dec. 31 .. 156.8 1,157 3 688.3 29.5 1,129.1 521 2 153.3 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 42.7 1947—Dec. 31 . . 2.0 1,022 0 858.5 43.7 1,211.4 536 2 68.8 67.5 42.4 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 1,781 4 227.8 42.5 1,307.4 541 7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1,229.3 712.5 297.1 1,367.4 578 6 24.7 207.1 172.6 1951 —Tan. 31 117.9 1 ,171 0 731.5 273.7 1,294.4 537 6 68.3 204.4 189.3 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 1,319.5 552 9 70.5 206.7 117.2 Apr. 30... 128.8 1 ,327 6 722.5 168.8 1,323.0 556 1 56.9 215.1 196.6 May 31. . . 125.2 1,313 7 777.3 117.9 1,337.5 530 1 76.2 221 .5 168.7 Tune 30... 116.8 1,335 2 846.3 104.1 1,351 .3 590 7 75.3 220.1 165.0 Tuly 31 116 8 1,327 4 872 5 118 6 1,370.5 558 2 91.1 212.6 202.9 Aug. 31 ... 100.0 1,349 6 888.1 119.8 1,370.7 580 4 1 185.7 205.8 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 1,317. 5 956.4 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 Dec. 31 . . 117.8 1,141 8 1,049.3 135.2 1,464.2 619 0 94.9 66.1 200.0 Assets Liabilities Bank of France (Figures in Foreign Domestic bills G A o d v v e a r n n c m es e n t t o 6 Other Note Deposits 7 O lia t b h i e l r millions of francs) Gold 5 ex- circula- ities change m O ar p k e e n t6 Special Other Current Other assets *• 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 2,345 5,149 14,200 30,473 15,549 L51,322 1 914 14, 751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27, 202 844,986 1 1 9 Q 4 4 2 1 — — D i) eecc . 3 3 1 i ... 8 8 4 4 , , 5 5 9 9 8 8 3 3 7 8 6 8 , , 8 4 1 2 2 0 16 1 9 2 4 5 , , 5 3 1 6 7 8 6 6 8 9 , , 2 5 5 0 0 0 2 1 5 8 0 2 , , 9 5 6 0 5 7 1 1 6 7 , , 9 4 9 2 0 4 3 2 8 7 2 0, ,7 1 7 4 4 4 1 5 7 1 7 7 0 2 29 5 , , 2 9 7 3 2 5 8 8 6 2 8 1 , , 4 3 7 1 4 8 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33, 137 815,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37, 855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12 048 57, 755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63, 468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82, 479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171 ,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 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—Tan. 25... 182,785 172,719 131,554 35,907 373,922 159,800 481,039 197,815 1,535,688 74 16 772 154, 980 28,027 Feb. 22... 182,785 185,735 122,549 32,158 383 170 159,000 481,039 213,535 1,541 910 18 30 205 160, 976 26,864 Mar. 29... 182,785 193,622 133,959 29,194 389 147 154,800 481,039 223,295 1,576 231 75 39 588 149, 431 22,516 Apr. 26... 191,447 173,566 141,921 23,821 427 135 159,700 481,039 235,063 1,597,678 98 46 941 160, 530 28,444 May 31... 191,447 169,035 215,539 17,539 341 766 158,700 481,039 259,474 1,632,018 83 17 636 160, 143 24,658 June 28... 191,447 161,802 196,435 12,164 458 572 157,600 481,039 235,037 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 1,256 472 894 160,600 481,039 245,129 1,'754 151 96 6 980 146, 012 26,490 Sept. 27... 191,447 131 284 225,418 9,231 540 751 160,400 481,039 235,289 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 M?27 781 62 16 240 166, 453 25,905 Nov. 29... 191,447 31 888 153,650 32,015 716 710 160,300 481,039 199,545 1,779 556 19 1 869 157, 228 27,922 Dec. 27... 191,447 28 320 234,923 31,956 741 267 160,000 481,039 9190,830 1,841 608 29 10 587 166, 226 41,332 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 9 Includes advance to Stabilization Fund, amounting to 75.5 billion francs on Dec. 27. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. FEBRUARY 1952 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct, Dec. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 829 656 Loans and discounts 269,377 259,524291,262 274,809 Other gold and foreign exchange 1,081 1,336 2,03 Government loans and securities. 151,3511150,701151,070 131,933 Government securities , 2,058 2,053 2,028 Other assets 127,457117,002101,846 55,284 Rediscounts and loans to banks. . 41,250 40,646 33,030 Note circulation 522,527434,857414,863 463,^82 Other assets 316 29: 171 Deposits 236,660263,479 275,015 168,659 Currency circulation 16,020 15,512 13,258 Other liabilities and capital 59,110 63,251 63,424 51,957 Deposits—Nationalized 25,82 26,059 22,133 Central Bank of Costa Rica Other sight obligations 763 76- 512 (thousands of colones): Other liabilities and capital 2,908 2,820 2,015 Gold 11,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 37,745 20,104 16,917 9,353 tralia (thousands of pounds): Net claim on Int'l. Fund • 7,031 7,031 7,031 7,038 Gold and foreign exchange 479.021 585,757 567,116 Loans and discounts 96,770100,577 97,158 102,584 Checks and bills of other banks. . 5,341 4,868 5,209 Securities 8,109 8,272 8,182 14,555 Securities (incl. Government and Other assets 22,540 24,179 23,652 15,428 Treasury bills) 551,375433,319 387,278 Note circulation 114,317104,636103,248 107,534 Other assets 90,864 84,565 69,279 Demand deposits 51,058 47,307 42,494 43,504 Note circulation 291,221 286,971 272,020 Other liabilities and capital 18,331 19,731 18,709 9,431 Deposits of Trading Banks: Rational Bank of Cuba Special 490,070508,570 485,920 (thousands of pesos): Other 36,349 '25,348 42,669 Gold 310,564 310,564 270,561 Other liabilities and capital 309,861 287,621 228,273 Foreign exchange (net) 55,771 64,856 59,097 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 104,958117,105 35,981 Gold 51 51 51 50 Silver 42,1731 42,242 61,902 Foreign exchange 582 451 403 449 Net claim on Int'l. Fund • 12,511 12,511 12,507 Loans and discounts , 6,559 6,153 5,650 ,786 Loans and discounts 7,181 4,692 2,978 Claim against Government , 3,433 3,602 3,528 ,324 Credits to Government 10,214 10,217 21,153 Other assets , 37 36 36 37 Other assets 27,960 28,127 23,467 Note circulation , 8,032 7,859 7,326 ,349 Note circulation 360,51 li3,67,405 341,792 Deposits—Banks 539 161 211 429 Deposits 202,962215,252 136,297 Other , 581 58. 800 988 Other liabilities and capital 7,857 7,658 9,557 Blocked 1,510 1,689 1,330 [National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 31,070 30,937 31,029 29,369i Gold 69 69 69 69 Foreign claims and balances (net). 19,452 18,948 16,493 6,330 Foreign exchange 599 590 459 454 Loans and discounts 7,140 7,545 7,248 10,566 Contributions to Int'l. Bank 11 11 8 6 Consolidated Government debt.. 34,860 34,860 34,860 34,939 Loans and discounts 124 95 134 58 Government securities 7,967 3,876 7,157 7,635 Securities 122 134 141 133 Other assets 3,669 3,576 3,451 5,218 Govt. compensation account. .. 3,898 3,902 3,903 3,991 Note circulation 93,160 91,226 92,512 87,218 Other assets 665 650 590 413 Deposits—Demand 1,967 2,383 2,036 2,305 Note circulation 1 ,817 1,709 1,661 1,709 ECA 1,044 1,037 1,039 15 Deposits—Government 1,853 1,850 1,806 1,285 Other liabilities and capital 7.987 5,097 4,652 4,519 Other 1,637 1,713 1,657 1,924 Central Bank of Bolivia—Mone- Other liabilities and capital.... 182 181 183 207 tary dept. (millions of bolivianos): (Sept.) Central Bank of the Dominican Gold at home and abroad2 1,370 ,370 Republic (thousands of dollars): Foreign exchange (net) 750 ••82 Gold 12,066 12,066 12,066 4,045 Loans and discounts 1,016 ,931 Foreign exchange (net) 17,653 14,915 15,119 15,308 Government securities 1,857 734 Net claim on Int'l. Fund » 1,250 1,250 1,250 1,250 Other assets 125 135 Paid-in capital—Int'l. Bank 41 40 40 40 Note circulation 4,052 ,432 Loans and discounts 331 433 444 531 Deposits 443 235 Government securities 7,068 7,503 6,217 6,323 Other liabilities and capital.... 624 '586 Other assets 69: 885 995 874 Central Bank of Ceylon (thousands Note circulation 29,727 27,750 25,957 23,115 of rupees): Demand deposits 7,663 8,490 9,343 4,579 Foreign exchange 668,420 681,458 14,347 565,059 Other liabilities and capital 1,716 852 833 678 Paid-in capital—Int'l. Bank 1,134 1,136 1,127 1,429 Central Bank of Ecuador Government securities 3,083 3,252 3,252 4,493 (thousands of sucres): Other assets. 4,150 2 ,695 2,407 2,799 Gold « 335,618335 335,578 281,256 Currency in circulation 417,036 404,126410,889 367,357 Foreign exchange (net)1. , 51,261 73 80,191 232,393 Deposits—Government 35,008 67,339 69,707 12,463 Net claim on Int'l. Fund • 18,758 18 18,758 18,756 Banks 193,431 180,700174,248 165,189 Credits—Government 189,135195 205,929 183,881 Other liabilities and capital 31,312 36,374 36,288 28,770 Other 180,638170 175,965 113,929 Central Bank of Chile (millions Other assets 172,840188. 190,507 167,939 of pesos): Note circulation 489,581478. 489,938 509,451 Gold 1,205 1,189 1,205 1,245 Demand deposits—Private banks 138,630137, 135,348 170,661 Foreign exchange (net) 227 135 344 280 Other 98,244111, 115,487 95,504 Net claim on Int'l. Fund 8 107 107 107 1 Other liabilities and capital 221,794253. 266,154 222,540 Discounts for member banks... . 1,910 1,728 1,502 2,012 National Bank of Egypt (thou- Loans to Government 670 674 674 680 sands of pounds): Other loans and discounts 5,655 5,687 5,678 3,483 Golds 60,553 60,552 21,697 Other assets 3,310 3,181 3,167 2,275 Foreign exchange 31,966 37,409 ••50,324 Note circulation i 8,837 7,955 8.098 7,047 Foreign and Egyptian Deposits—Bank 1,606 1,962 1,817 1,096 Government securities 353,507329,238 327,034 Other 348 460 408 441 Loans and discounts 23,704 8,728 32,405 Other liabilities and capital 2,292 2,325 2,354 1,392 Other assets 3,217 3,670 '1,017 Bank of the Republic of Colombia Note circulation 203,679184,121 183,901 (thousands of pesos): Deposits—Government 124,426 96,690 121,376 Gold and foreign exchange 38,618202,867 77,636 196,029 Other 121,192134,666 120,153 Net claim on Int'l. Fund3 24,370 24,370 24,369 24,370 Other liabilities and capital:::... 23,649 24,120, 7,046 Paid-in capital—Int'l. Bank 7,124 7,122 7,118 1,373 i * Latest month available. r Revised. c Corrected. 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. «This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the net claim" will equal the country's gold contribution «For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 8 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. « Beginning 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. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank 1951 1950 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 64,27 64,344 64,411 57,564 Gold 4 4 4 4 Foreign exchange (net) 29,767 32,939 43,047 39,385 Foreign exchange 37 36 3.q 28 Net claim on Int'l Fund x 1,566 1,566 1,565 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 22,756 16,703 14,159 11,963 Loans and discounts 273 240 250 281 Government debt and securities.. 5,580 5,583 5,578 4,981 Government securities 187 187 187 197 Other assets 1,423 2,115 1,657 1,09: Other assets 782 755 737 '557 Note circulation 81,767 75,077 72,653 72,915 Bank of Italy notes ,168 1,154 1,163 Deposits 36,428 41,206 50,804 37,209 Allied military notes. 2 2 3 Other liabilities and capital 7,176 6,967 6,961 6,427 Deposits—Government 100 134 157 38 State Bank of Ethiopia 2 Demand 90 80 95 142 Bank of Finland (millions of mark- Other 308 350 317 252 kaa): Other liabilities and capital 83 77 77 ••59 Gold 5,865 5,865 5,420 2,674Bank of Japan (millions of yen): Foreign assets (net) 23,849 16,835 16,033 -922 Cash and bullion 1 1,424 1 ,066 Clearings (net) 3,297 1,373 846 -1,662 Advances to Government....... 41 41,243 63,015 Loans and discounts 19,270 28,589 28,859 40,535 Loans and discounts 355 550 378,830 269,027 Securities 950 962 940 992 Government securities 83 970 82,373 136,787 Other assets 2,899 3,702 4,478 4,63: Other assets 59 847 50,077 40,637 Note circulation 44,774 44,053 42,014 34,383 Note circulation 432 540 425,900 422,063 Deposits 272 2,168 1,223 1,50. Deposits—Government 60 77,894 47,757 Other liabilities and capital 11,083 11,106 13,340 10,361 Other 26 22,932 25,064 Bank of German States Other liabilities 22 27,220 15,648 (millions of German marks): The Java Bank (millions of rupiah): Gold 116 53 2 Gold < 1,060 ,060 1,060 791 Foreign exchange 1,998 2,119 2,395 1,116 Foreign exchange (net) 596 597 532 272 Loans and discounts 5,501 4,327 3,933 4,914 Loans and discounts 540 576 638 184 Loans to Government 8,313 8,544 8,715 9,588 Advances to Government 1,484 ,388 1,404 ,761 Other assets 1,283 1,485 1,344 1,515 Other assets 940 894 828 113 Note circulation 9,243 9,198 8,989 8,232 Note circulation 3,041 ,959 2,918 ,356 Deposits—Government 2,445 2,469 2,364 2,523 Deposits 806 813 111 ,142 Banks 2,681 2,017 1,948 1,841 Other liabilities and capital 773 743 768 623 Other 321 502 481 815 Bank of Mexico (millions of pesos): Other liabilities and capital 2,521 2,342 2,608 3,721 Monetary reserve 5 ,163 1,155 1,154 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc ,011 2,966 3,469 Gold and foreign exchange (net) . 1,072 1,048 50 Bills and discounts 421 463 171 Loans and discounts 194 195 250 Other assets 531 518 302 Advances—Government 7,261 7,364 ,255 Note circulation ,106 2,997 2,798 Other 3,647 3,591 ,900 Demand liabilities ,544 1,622 1,816 Other assets 2,235 2.209 877 Other liabilities and capital 476 482 480 Note circulation 1,934 2,008 Netherlands Bank (millions of Deposits—Government 789 917 guilders): Re r c e o li n ef s tr a u c c c t t i s on and 5,414 5,359 3,221 S G i o lv ld e r 6 (including subs ; i . d # iary coin). 1,19 1 5 9 ,18 1 2 9 1,18 1 2 9 87 1 3 8 Other 2,257 2,244 1,001 Foreign assets (net) 594 446 267 1,023 Other liabilities and capital 4,015 3,881 2,699 Loans and discounts 300 311 367 95 Bank of Guatemala (thousands of Govt. debt and securities 3,064 ,170 3,187 2,850 quetzales): Other assets 590 629 637 782 Gold 27,228 27,228 27,228 27,229 Note circulation—Old 46 46 46 56 Foreign exchange (net) 12,544 8,240 6.227 '9,784 New 2,991 ,843 2,841 2,911 Gold contribution to Int'l Fund.. 1,250 1 ,250 1,250 1,250 Deposits—Government 151 47 1 159 Rediscounts and advances 7,710 7,962 7,749 5,643 ECA 1 ,692 ,745 1,745 1,318 Other assets 17,640 17,686 18,365 18,805 Other 479 533 493 764 Circulation—Notes 38,678 37,132 36,672 37,355 Other liabilities and capital 404 541 533 434 Coin 3,385 3,339 3,292 3.259Reserve Bank of New Zealand Deposits—Government 2,980 2,533 1,752 1 ,341 (thousands of pounds): Banks 10,452 8.593 8,374 10,805 Gold 5,506 ,451 5,418 4,697 Other liabilities and capital 10,878 10,770 10,728 r9,951 Foreign exchange reserve 29,531 39,039 59,361 48,296 National Bank of Hungary 3 Loans and discounts 6,019 ,019 6,019 5,701 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 52,586 .528 51,373 57,736 Issue department: Investments 54,182 182 36,132 30,974 Gold at home and abroad 400 400 400 Other assets 4,628 ,944 3,778 2,607 Foreign securities 5,832 5,982 6,382 Note circulation 69,366 ,576 61,298 62,216 Indian Govt. securities 4,681 4,681 4,366 Demand deposits 76,097 ,836 94,166 81,234 Rupee coin 698 690 589 Other liabilities and capital 6,988 ,750 6,618 6,562 Note circulation 11,226 11,283 11,633 Bank of Norway (millions of kroner): Banking department: Gold 242 243 Notes of issue department ... 385 470 104 Foreign assets (net) 324 122 Balances abroad 1 ,958 1 ,981 1,963 Clearing accounts (net) -10 -65 Bills discounted 87 70 23 Loans and discounts 41 43 Loans to Government 50 50 39 Securities 46 47 Other assets 1 ,216 1,186 1,100 Occupation account (net) 6,202 6,202 Deposits 3,434 3,523 2,955 Other assets 165 79 Other liabilities and capital. . . 262 235 274 Note circulation 2,488 2,416 Central Bank of Ireland (thousands Deposits—Government 1,727 2,038 of pounds): Banks 1,132 740 Gold 2,646 2 ,646 2,646 2,646 Blocked 515 Sterling funds 58,232 55,344 53,189 54,293 ECA 836 355 Note circulation 60,879 57,990 55,835 56,939 Other liabilities and capital 828 608 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 8 Gold revalued on Sept. 19. 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113. 215 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 1950 Central Bank (Figures as of last report (Figures as of last report date of month) Dec. Oct. Dec. date of month) Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation 34,022 33,897 31,661 Issue S N G G I R P n t d a u o o o e d k e l p t v r i d e i l p a e t s i s . e a n t a c a r o g i t c u n t n f m o r h s r i c I e o G n e e n i c m r n n o d u c c t e y i r u : y a i t l t . a a i s n e t s e i s d e o c c n u a u r b r i i t r t i o i e e s a s . d . . . . . . . . . 2 1 , , 2 1 3 6 1 0 0 2 0 6 4 2 4 0 9 0 5 4 6 2,0 3 9 6 1 4 3 0 6 0 4 2 1 3 1 3 0 4 8 , 3 7 7 1 9 4 4 0 5 0 2 4 6 4 0 1 2 5 0Bank F D O N G P o a o o e t e i h r t p l f d e d e o - i c S r g i s l n w a n i l t i i s e m a c a — b d a s i p e s o l G O e n i i n t t t o t i a s e h ( I v l m s e — 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 B p d f i a t 2 k n a r k l. o n . o . r): ,7 3 1 3 8 1 8 4 8 0 2 2 0 1 1 , , , , 5 7 3 4 3 3 0 3 9 0 8 1 0 7 7 3 0 8 0 2 3 1 1 , , , 3 0 5 2 1 5 8 9 9 8 7 1 3 5 1 5 8 8 0 2 3 0 , , 8 3 9 7 1 7 6 5 9 9 3 0 9 9 8 Bank O O D L N B B in o t i a t e o l h g h a l p l t a s e e e n o n r r d s s s d c e i l a i t e o i t p s o s s a s f c a s b o e r G a i i t s u t l b s m i o s 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 . . . . 4 3 8 1 6 7 7 9 6 2 6 8 3 9 8 8 9 6 2 1 0 8 2 9 0 1 5 7 9 9 4 4 1 4 2 8 1 4 5 8 0 8 0 2 7 7 6 6 5 1 O O O S N D w t t t o e 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 i h e d i o r s a s c m s b G 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 i t 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 G l i n c t t D i o d a h e p v e e s a i e r b d t a r a t v n n l a d m O n f e a c f n i d e c t s - e .. 6 , , 0 8 2 6 5 5 6 9 2 3 4 3 2 5 0 1 2 7 1 8 0 3 3 , , 8 1 2 5 5 6 8 2 2 2 4 7 7 5 8 3 7 4 0 8 8 3 3 , , 7 0 2 5 6 6 5 5 5 4 7 2 3 2 5 4 2 3 3 8 9 3 3 , , 5 4 4 3 2 5 6 1 4 0 5 0 1 7 3 3 8 6 9 1 8 Bank of Paraguay—Monetary dept. Swiss National Bank (millions of Ce ( n th t D O O F N L G G N P r o o a o t a e t o o e u o h h i r a m l t t v s d l e e e e n d a e - i R c r r a s 1 g i n r l a n n e n a n a d l n a d i i s m s s n a d m c e e s b d a d e e o x r c i p n v t e f c o l s o d i p t e i h n t i t g i o i n a a s e u l B s n c I l o s a i — i n o g a a t s r s a t e u n s n a ' I n u n l s k n n . ( d e t a i n s t F e o n ' e c l s u f d . t a ) ) n : p B P s d i e a e t c 2 a n r u l u k rities. 2 1 1 1 - 9 8 1 2 0 8 1 1 0 6 5 6 2 1 1 4 0 , , , , , , , , , 0 , 2 0 0 1 9 0 6 4 7 3 6 6 7 4 2 5 0 9 9 5 5 1 5 9 3 0 4 5 8 2 1 1 1 - 1 2 8 8 0 7 1 1 2 4 3 2 5 1 3 6 1 , , , , , , , , , , 0 2 4 5 3 2 9 0 1 5 1 6 8 9 0 6 7 6 5 8 5 1 1 3 2 6 5 2 0 7 1 1 4 4 3 2 1 3 7 2 2 9 3 1 7 4 , , - , , , , , 6 1 1 2 4 9 6 2 9 7 9 0 1 3 4 5 4 4 3 1 3 0 5 7 7 7 8 8 8 0 Ce T f n r u a t F O O O G F N G L n r r o o c o a o t t t o k o h h h r r s l a l l t e e e d d e ) e e e n y : i i r r B r s g g c n n a s a l ( i a i m i r s n a n g c e s k b d i h u e e x l i t l x t l c l i s a d o i c o h l t t i f i h i n a i s a e o a n s c b s t n n g o h i o g a l e u e i f e n t n i d p t e R s s o a c e u n a p d n p u d it b s a f ) l o l : i r c e i o g f n , , , 9 5 0 2 4 2 3 1 2 2 0 2 0 1 2 1 2 7 9 4 3 1 8 6 4 6 1 , , , 0 6 4 2 2 2 6 1 8 2 0 3 1 8 5 5 3 0 0 1 3 ! 6 4 5 1 . , , 5 9 4 2 6 1 1 9 8 2 1 9 9 8 7 6 0 0 4 9 4 4 9 4 5 1 , , , 6 7 9 4 2 2 2 1 7 6 7 1 0 5 8 2 3 4 6 9 5 6 6 4 Ce ( ( n m th t O O O F O L D D D G C N N N N L G L i r o l o o o o o o t t t t e o o a e l o o e e u h h h h i r a a a p l t t n m l l m t t o s e d d e e e e e e n n n o t a n i c c r r r r a e r B s s s g s n s l l c a c i n s a a i n a b a l l a d i n i t a t t d i i o i i o r r s s s i u s n a a m n m d c c c f e s s b b t d k d u u e x e G o i s i f i s o t e t l l o c o l l f o o s e s d a a o i i n p h o n n r t t c l t t i p v e o i i f a e i i s u e e e o o i e t n s I s I c g r o s s s n n n ) n i r t g o i n t : o n h t t t s e a a u i I ' s ' m e e n n l l n n e ) . . s d d : t t x e s ' F F P n c l c c . u u h t t h a a o a n n B i p p n d d l a i b i i g t t p n 2 2 a a a e k p l n l 3 k in s. e s . . 1, 3 2 3 5 2 2 7 0 6 2 2 9 7 0 5 4 1 2 8 7 4 8 8 8 4 2 2 5 2 2 4 8 2 1 3 7 3 0 1 4 1 9 3 3 3 8 3 1 2 , , , , , , , , , , 1 3 3 2 2 1 8 5 5 2 2 2 1 8 7 4 7 7 1 1 4 8 2 1 7 9 7 0 4 1 9 4 4 7 1 3 1 4 4 6 1 3 2 6 9 4 9 3 9 4 0 8 4 2 2 5 2 1 0 2 4 9 3 4 8 1 9 5 7 9 8 0 4 0 2 1 9 , , , , , , , , , , 8 3 1 3 2 1 5 8 7 5 3 0 0 7 0 1 2 8 7 0 3 1 2 4 0 4 0 1 4 0 1 7 1 ; 7 1 5 2 2 2 1 2 2 0 6 5 9 4 7 9 8 5 6 2 1 1 1 6 4 4 2 0 5 7 2 3 3 8 6 9 8 7 9 5 . . , , . , , , , ,0 4 6 2 4 2 2 8 5 5 5 8 0 1 1 1 3 3 0 4 5 2 3 0 1 4 3 8 i 5 7 9 2 4 8 0 3 3 2 0 7 0 8 2 5 0 7 7 1 ; 1 1 ! ! 1 | Ba ( n th k S O O S A L O O O N D G P N D o e i a o d t o t t t t e o u o o e l c c m h h h h h i v a p l v p f t s t d l u d e e e e e e n e e e o a a o e - r r r r r r r t s a n n i s n s i c c h n t r i d i a c a l t l l a i i i t i e t i o i r e e s r s s s n s a n a c b c c a s — s s s — g b b d R a u o o n u e e s i i p t t f d s l l t l l G e O O G s s d a a o i i i i p t t a p t t t e i o t i t i o i i a s n s e h u e h e S o l o c v l d s s d s e e n b n t — o e o r a r l a a u r s d t i n I n n e n c ) i n m : d d s ts t a o c ' e n c o c l f . n d a a u t U p p B n i i t G r a t t s a a u n o l l k g v u er a n y - , , 4 1 6 2 1 1 1 3 2 1 9 5 8 1 7 8 7 5 1 3 5 8 1 1 , , 1 4 6 2 1 1 3 3 0 1 6 5 7 1 9 8 7 0 2 3 3 5 | | 1 3 l 3 3 3 4 3 6 2 5 8 5 1 8 1 9 8 1 2 1 4 4 1 6 3 0 , , , , , , , , , , , 6 1 3 6 9 0 8 8 0 6 3 1 4 1 1 1 2 7 5 3 1 5 5 8 1 5 1 3 7 0 3 7 5 1 8 7 6 7 4 4 1 6 7 9 8 2 2 4 1 2 3 5 3 4 3 4 3 2 1 5 8 0 3 6 0 7 1 4 7 6 7 6 1 7 1 1 0 3 , , , , , , , , , , 1 9 4 9 5 7 6 0 3 8 3 9 5 1 1 1 4 4 7 3 9 7 4 4 8 8 6 1 9 2 8 4 5 8 0 2 6 0 9 0 8 0 4 0 2 8 0 4 4 3 3 1 Bank of Portugal (millions of ICentral Bank of Venezuela (milesc F O G A O D L N u o o o d t t e o d h h r a l m v t o e d e e e n a s i r r a s g n ) c n : n c a l a i d i r e s n a c e s s b d u x d e i t t l c e l o s d a i h p t i t i a s o i G e o c n s s o n o g i t x v e a s m e O n E — ( r d G t t n n s h G e A m c e t o a r ) e v p n e i t t r a n l ment.. 1 4 8 6 2 1 1 , , , , , 2 , 8 9 1 5 3 7 5 2 7 7 9 4 0 3 9 4 0 5 2 6 2 2 8 7 0 8 4 4 4 8 5 2 1 1 1 , , , , , , , 1 2 2 8 8 1 3 6 7 7 5 0 6 0 4 0 0 7 1 1 1 7 8 2 2 1 6 7 0 l! B a f m l n i r o a k e O F O G G N D n n n o s c o t o t e o h h r t s l l p f t o e s d d e ) e e o o f i : r r r g s i c ( b n i n a l i t t i o r s s h a I c e b s l o b n i u x e a v u i t t l c r l s a a s e i s h t a t r r i a i e n e n o n s s d n g a ) s : e a t i n o o ( d n f n e c a t S a l ) w p . i i . t S s a s e l t g tl o e ld - 350 I , - . 8 2 5 1 1 1 3 7 4 7 1 0 4 1 1 3 3 2 8 1 388 1 , - , 9 2 1 7 1 1 6 1 7 2 2 4 9 8 0 8 5 9 1 7 1 ! ' 404 1 - 1 ,5 , 2 1 7 1 1 0 5 1 2 5 9 4 3 0 6 7 9 0 1 50 1 9 , , - 0 7 2 7 4 4 0 6 9 3 9 5 1 9 5 9 2 8 South African Reserve Bank Cash on hand and with banks. . . 28, 743 69,579 35,863 61,667 (th F O O G N D O o o o t t u e t o h h r h l p s t e d e e e e a o i r r r g n * s c n i d a b l i t i s r s s i a c l b s b l o u e i s i l f t l l l s a a s it p t n i i o e d o s u n l n a o d n a s d n ) s : capital 6 2 6 7 8 2 3 1 7 3 3 0 2 , , , , , , , 6 7 3 8 4 8 2 1 0 4 3 7 2 0 7 9 3 7 2 6 7 5 2 6 7 8 2 6 8 7 4 3 0 1 , , . , , , , 5 8 9 2 4 5 5 1 5 4 7 9 4 9 9 9 7 2 0 8 6 , , , , , , - 1 7 3 2 8 2 4 6 4 9 6 7 8 2 8 5 5 8 0 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 r s e c y f f n a s u u o i d s b n n n u s ( i v d d n a d e l e s l 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 n s i n t i n t e l e ( l r v G g s r e e e o e s a s l s t r n d t m t d ) m a a n e c y n c t e s p .. t- .. , 3 2 2 1 1 0 6 9 0 1 7 8 7 7 8 0 1 , , , , , , , 5 2 2 7 5 8 7 6 2 5 0 6 1 8 7 2 7 1 6 3 5 2 2 2 1 3 1 9 7 1 3 8 0 7 0 0 1 7 , , , , , , , 8 6 8 5 2 7 2 1 4 5 6 9 0 7 0 2 7 4 7 1 4 2 2 1 3 6 1 1 9 7 5 2 0 7 3 1 7 , , , , , , , 8 5 4 3 5 1 2 8 0 4 8 6 8 0 6 2 2 5 9 1 1 3 2 2 1 4 6 9 4 1 3 5 4 7 7 1 6 , , , , , , , 2 5 2 2 4 2 7 7 8 5 5 7 0 6 6 9 8 9 3 1 5 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 m s a a s i e n n e n s t s t ( . a m l n o i d a l 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 5 6 5 , , , 0 5 3 8 7 8 5 7 3 0 6 0 8 7 8 ! 2 1 1 4 5 7 , . , 8 5 3 0 9 4 5 8 7 0 0 0 1 8 2 1 ! ', . , 7 6 3 4 6 1 6 9 7 0 2 9 6 6 0 M l ! ! i | S O L h o t C h o n e r e g 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 t 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.. 3 2 2 9 6 2 8 3 7 8 4 . , , . 6 8 9 2 7 5 0 8 2 1 9 2 4 2 2 9 2 1 6 1 8 6 6 , , , , 5 9 6 8 2 0 4 7 4 9 3 4 4 2 2 9 1 2 6 6 2 8 6 , , , , 4 7 9 0 5 7 0 7 4 8 9 6 4 2 2 2 3 2 6 6 3 8 2 , , , , 2 9 5 9 8 6 0 1 2 9 3 4 T Revised. 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 ts^the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. ' In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. < On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 1 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120 216 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— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n t o r f a — l R D 3 a e 1 t c e . eff D ec a t t i e ve ba C n e k n t o r f a — l R D 3 a e 1 t c e . ef D fe a ct t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Japan 5.84 Oct. 1, 1951 1940 2 2 2 3 3^ Austria 5 2 Dec. 6. 1951 Java 3 Apr. 1, 1946 Mar. 17, 1941. . 1M Belgium Sept. 13, 1951 Mexico June 4, 1942 May 29 3 Bolivia 6 4 Sept. 30, 1950 Netherlands.. 4 Apr. 17, 1951 June 27 .... 23^ Jan 16 1945 IK Jan. 20 IK F N e o b v 9 7 1946 21/ 2V2 C Ch a i n le ada 2 O Ju c n t e . 1 17 3 , , 1 1 9 9 5 3 0 5 N N e o w rw Z ay ealand. J J u an ly . 2 9 6 , , 1 1 9 9 4 4 6 1 Dec. 19 .... 3 Colombia .... 4 Tuly 18, 1933 Pakistan. . . . 3 2 July 1, 1948 Jan. 10, 1947 Costa Rica 4 Feb. 1, 1950 Peru 6 Nov. 13. 1947 &2M Aug 27 Oct. 9 2K&3 June 28 1948 i 5 Denmark 5 Nov. 2, 1950 Portugal.... Jan. 12, 1944 Sept. 6 . ... Ecuador . . . 10 May 13, 1948 South Africa. Oct. 13, 1949 Oct. 1 3 El Salvador. . . 3 Mar. 22, 1950 Spain 4 2 Mar. 18, 1949 May 27 1949 i 4^ Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 July 14 1 4 Oct 6 3M June 8, 1950 2H Sept 11 3M France 4 Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Sept 26 3 Germany Oct. 27, 1950 Turkey 3 Feb. 26, 1951 Oct. 27 16 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 N N o o v v . . 2 1 3 5 , , 1 1 9 9 4 5 3 1 US d S o R m 2 4 Y2 J N u o ly v . 8 1 , , 1 1 9 9 5 3 1 6 July 5 3V Italy Apr. 6, 1950 Sept. 13 3M Oct 11 3 Nov. 8 2H 1 Rate established for the Land Central banks. Nov. 9 4 NOTE.—Changes since Dec. 31 r Netherlands—Jan. 12, 1952, from 4 to 3lA In effect Dec. 31, per cent. 1951 2V 2 4 •6 4 3 OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz 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—November. . . . .53 1.03 1.00 1.00 .50 1.67 3-5 % 1.25 1943—November. . . . .41 1.03 1.00 1.00 .50 1.64 3-5 K 1.25 1944—November. . . . .38 1.03 1.00 1.00 .50 1.21 3-5 M 1.25 1945—November. . . . .36 .53 .51 .63 .50 1.36 2^-5 1 25 1946—November. . . . .40 .53 .51 .63 .50 1.21 1L .01 .78 2H-4H 1.25 1 19 9 4 4 8 7 — — - N N o o v v e e m m b b e e r r . . . . . . . . . . 4 4 1 1 . .5 5 6 3 . . 5 5 1 1 . . 6 6 3 3 . . 5 5 0 0 2 2 . . 1 0 2 3 1 . .0 9 8 3 . .7 7 7 4 2K-43^ L [ . . 6 3 3 8 1949—November. . . . .51 .69 .52 .63 .50 v2 55 L.16 .93 2K-4K L.50 1950—November. . . . .62 .69 .51 .63 .50 2.19 .20 .88 2K-4K L.50 2K-4K 1950—December .63 .69 .51 .63 .50 2.41 L.40 1.09 3-5 L.50 1951—January .63 .69 51 .63 .50 2 45 L ,31 .83 3-5 L.50 February .... .73 .69 .51 .63 .50 2.42 t .55 1.00 3-5 L.50 March .... .76 .69 .51 .63 .50 2.45 .46 1.23 3-5 L.50 April .76 .69 .51 .63 .50 2.60 1.55 1.24 3-5 1.50 May .76 .69 .51 .63 .50 2.61 L.50 1.07 3-5 L.50 June .75 .69 .51 .63 .50 2.52 L.39 1.00 3-5 L.50 July .77 .93 .51 .63 .50 2.57 L.39 .91 3-5 L.50 August .79 1.00 .51 .63 .50 2.64 1.38 1.00 3-5 L.50 September.... .88 1.00 .51 .63 .50 2.56 1.24 1.00 3-5 L.50 October .93 1.00 .51 .63 .50 2.78 1.16 1.00 3-5 L.50 November.... .92 1.38 .84 .92 .69 3.27 L.17 1.00 3-5 L.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. 217 FEBRUARY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b m 1 a 1 i n l l L k io s o s n . n t e s d r o l F o i n f n 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 a i e c r y n t e d at B co il u ls n d te 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 t e o 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 1,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 :1,478 1,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 1,534 579 6.202 4,161 2,041 427 1950—December . 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—January. .. 530 559 ,470 383 1,529 1,656 697 6,260 4,181 2,078 564 February. . 496 531 ,343 291 1,544 1,714 719 6,041 3,994 2,047 596 March 489 537 ,313 234 1,552 1,766 770 6,037 3,987 2,049 625 April , 520 559 1,300 295 1,554 1,775 760 6,130 4,055 2,075 632 May 504 571 1,226 269 1,556 1,806 854 6,149 4,063 2,086 636 June 501 594 1,172 290 L,550 1,895 797 6,167 4,099 2,068 633 July 514 583 1,250 290 1,552 1,861 756 6,174 4,086 2,088 631 August.... 515 573 L.185 306 1,549 1,863 755 6,133 4,061 2,072 612 September . 503 582 1,276 216 1,553 1,888 741 6,135 4,068 2,067 624 October 514 579 1,330 177 1,555 1,910 778 6,204 4,140 2,063 638 November. 517 562 901 108 2,033 1,935 787 6,189 4,118 2,071 654 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 l n i n o d t n h o s l f o l i a g f r u s) res Cash Security Other d a a u n b e d r o fr n a o d 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- li c a a b a p i n l i i d t t a ie l s reserves loans loans and foreign Total Demand Time discounts banks 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 ,525 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—January... 774 118 2,795 175 4,248 ,270 () 7,748 3,171 4,577 ,631 February. . 770 109 2,872 176 4,093 ,334 7,675 3,057 4,618 ,678 March 753 94 3,008 178 3,986 ,266 8 7,624 3,010 4,614 ,660 April 774 87 3,046 160 3,924 ,413 7,684 3,086 4,598 ,720 J M un ay e 7 78 6 1 0 8 9 2 2 3 3, , 0 0 6 6 1 6 2 1 0 8 6 8 3 3 , , 8 88 3 6 8 , ,2 3 8 7 8 9 < 0 • 0 ) 7 7 , ,5 6 9 8 1 6 3 3, , 0 0 3 9 2 7 4 4 , , 5 5 5 8 9 9 , , 6 6 8 6 4 4 July 798 84 3,043 209 3,840 ,349 (») 7,658 3,078 4,580 ,665 August 784 90 3,073 260 3,832 ,339 («) 7,667 3,084 4,583 ,710 September. 788 107 3,045 217 3,876 ,242 (*) 7,637 3,042 4,595 ,639 October 835 111 3,034 182 3,876 ,403 («) 7,752 3,177 4,575 ,688 November. 843 96 3,123 166 3,894 ,423 (*) 7,829 3,213 4,616 ,715 (3) Assets Liabilities France (4 o f l a m rg o e n t b h a n fi k g s u . r es E in nd 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 accept- and Total Demand Time ances capital 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—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 October... 48,996 79,337 520,457 173,530 59,099 799,918 777,973 21,946 35,382 46,120 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1% per cent through Oct. 20, 1945, and at % per cent thereafter. » 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. 218 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) Year or month t A ra u l s ia - Malay- Basic P e r n e t f i e a r l - Free (pound) a " n c B o c t o a e u n s k n " t Official Free (d s o ia ll a i r) Official Free 1946 29.773 321.34 2.2829 6.0602 95.198 93.288 1947 29 773 321.00 2.2817 5.4403 100 000 91 999 1948 29.773 321.22 2.2816 5.4406 100 000 91 691 1949 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 21.9622 5.4406 32.849 94.939 1951—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 L.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 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 I 9864 1 9788 5 4406 32 850 94 252 August 20 000 13 333 7 103 223 01 L.9890 1 9876 5.4406 32.850 94.700 20.000 13.333 6 952 223 01 L9866 2 1.9876 5.4406 32.850 94.706 October 20.000 13.333 6.974 223.06 [.9838 5.4406 32.850 95.112 November 20 000 13 333 6 937 223 15 .9838 5.4406 32.850 95.820 20 000 13,333 6 986 222 61 1.9838 5.4406 32.830 97.410 1952—January 20.000 13.333 6.979 221.92 1.9838 5.4406 32.691 99.490 France Year or month Ceylon C sl z o e v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2 0060 20 876 109 30 155 20 581 37 813 1947 2.0060 20.864 .8107 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 8 2.0060 14.491 «.4354 .2856 23.838 20.869 < 280.38 11.564 26.264 1951—February 20 850 2 0060 14 494 .2856 23.838 20.870 11 562 26 241 March 20 850 2 0060 14 494 .2856 23.838 20.870 11.561 26.260 April 20 850 2 0060 14 494 .2856 23 838 20 870 11 561 26 241 May . 20 8S0 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 « .4354 .2855 23.838 20.870 «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 1952—January 20.799 14.492 .4354 .2856 23.838 20.819 280.38 11.562 26.320 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 i e u n l s i b e o p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w e o n n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o a ) y 1946 322 63 20 176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947 ... 322 29 20 160 4 0273 400 74 27 824 23.363 402.86 65.830 56 239 1948 350 48 20 159 4 0183 400 75 27 824 23 363 403 13 65 830 56 182 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277 28 14 015 49 621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14 015 49 639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—February. 277 29 14 015 49 625 3.4679 278.38 19.327 23.265 280.07 65.833 56.180 42.553 March 277.29 14.015 49.627 3.4766 278.38 19.327 23.177 280.07 65.833 56.180 42.553 April 277.29 14 015 49 643 3.4799 278.38 19.327 23.133 280.07 65.833 56.180 42.553 May 277.29 14 015 49.643 3.4826 278.38 19.327 23.100 280.06 65.833 56.180 42.553 June 277.29 14 015 49 644 3.4880 278.38 19.327 23.018 280.07 65.833 56.180 42.553 July 277 25 14 015 49 643 3 4827 278 38 19 327 23.038 280.02 65.833 56.180 42.553 August 277.11 14 015 49 643 3.4727 278.38 19.327 23.015 279.88 65.833 56.180 42.553 September 277.10 14 015 49 643 3.4644 278.38 19.327 22.963 279.88 65.833 56.180 42.553 October 277 17 14 015 49 643 3 4598 278.38 19.327 22.916 279.94 65.833 56.180 42.553 November 277.27 14.015 49.643 3.4605 278.38 19.327 22.882 280.05 65.833 56.180 42.553 December 276 72 14 015 49 643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—January 275.39 14.015 49.655 3.4874 276.95 19.327 22.880 278.15 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 two rates had been identical for a considerable period. 2 Based on quotations through Sept. 19, 1951. 8 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1951, p. 1601; October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. FEBRUARY 1952 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 9 n ta 0 2 i 0 t 6 t e e ) = d s ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 9 1 n g 3 0 i 0 0 t d e ) o = d m F (1 r 1 9 a 0 4 n 0 9 ) c = e 1926 100 130 124 1941 87 116 110 153 9 1942 99 123 121 159 10 1943 103 128 146 163 12 1944 104 131 179 166 14 1945 106 132 199 169 20 1946 121 139 229 175 34 1947 152 163 242 192 52 1948 ..... 165 193 260 219 89 1949 155 198 285 230 100 1950 162 711 311 •>62 tns 1951 180 240 386 P320 ^138 1950—December 175 225 335 292 121 1951—January 180 232 344 300 123 February 184 239 359 306 130 March 184 242 375 314 134 April.... 184 242 385 319 140 May 183 242 394 320 141 182 243 400 321 138 July 179 244 396 320 135 178 242 388 324 134 September 178 240 393 325 138 October 178 240 395 329 146 November 178 239 403 '329 P151 December 178 238 402 P330 P152 P Preliminary. ||I Japan Nether- Switzer- ( a 1 v 9 = e 3 r 4 1 a - ) g 3 e 6 (1 l 9 a 1 4 0 n 8 0 d ) = s S (1 w 1 9 e 0 3 d 0 5 ) e = n (Au - l = g a 1 . n 0 d 1 0 9 ) 39 126 135 136 2 172 171 153 2 189 195 2 196 203 2 196 207 4 194 205 16 186 200 5,159 48 199 208 5,443 128 100 214 217 5,170 209 104 216 206 4 905 246 117 227 ?03 P227 5,424 281 128 253 218 5,652 296 136 266 226 5,738 316 139 275 230 5,724 334 144 287 231 5,697 350 145 297 231 5,677 349 146 302 231 5,595 344 145 305 228 5,557 340 142 305 224 5,526 348 142 304 222 '5,438 P353 142 304 223 P5,451 P358 143 P306 227 ^5,468 144 P319 226 P228 __.,. r RReevviisseedd.. Sources.—See BULLETIN for Tanuary 1952, p. 108; August 1951, p. 1C46; Tanuary 1950, p. 124; June 1949, p. 754; Tune 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and'October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O m it t i m h es e o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t ie u n f r u l e y - d Foods p I r n t o r d d ia u u l s c - ts Foods t p r I r i n o a d d l r u u a s c - w ts p fi r n o tr i d s i h a u e l c d ts goods goods 1926 100 100 100 144 129 133 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 S61 147 226 197 199 197 249 101 108 104 1Q5O f»O '** '237 213 'Ml ??1 286 112 128 116 1951 196 187 169 262 238 242 247 1950—December 187 179 167 ••243 225 226 228 331 117 146 126 1951—January 194 182 170 '251 231 234 228 345 120 158 135 February 203 188 172 '263 237 240 227 356 119 165 139 March 204 187 172 '273 239 244 226 370 122 170 145 April . . 203 186 172 '265 239 245 236 370 120 174 146 May 200 187 172 '265 239 244 242 »368 123 176 147 June 199 186 171 ••273 243 244 247 *>367 123 173 145 July . . . 194 186 169 »-277 243 247 252 P361 118 170 144 August 191 187 167 -256 237 245 258 P363 119 172 143 189 188 167 r?54 236 244 261 P363 121 171 142 October 192 189 167 r253 236 243 263 P367 122 174 142 November 195 189 167 ••258 237 241 263 124 177 142 December 194 187 167 '260 236 240 266 P Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 108f August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz. Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e - 0 s 3 d ) 9 i (1 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N (1 l e a 1 9 t 0 4 n h 0 9 d e ) s = 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 s 3 d ) 1 9 (1 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N (1 l e a 1 9 t n 4 0 h 0 9 d e ) s = r- 1 ( l 9 A a 3 e n u 9 r d g - » . = 100) 100) = 100) 100) 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 1QSO 205 211 123 111 111 176 19S0 172 167 114 111 109 159 1951.. 227 241 P128 P181 1951 186 185 P124 P130 120 P167 1950-December. 216 219 125 118 112 180 1950-December. 179 171 116 117 113 161 1°51-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. . . 229 250 143 132 125 184 October. . . 187 190 129 136 121 170 November. 231 250 144 137 184 November. 189 191 129 140 120 171 December. 232 249 P139 P184 December. 189 191 P130 P143 119 P171 p Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. Sources.—See BULLETIN for Tanuary 1952, p. 1C9; August 1951, p. 1047; October 1950, p. 1421; Tanuary 1950, p. 125; July 1947, p. 935; Ma 1 942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES (Index numbers except as otherwise specified] Bonds Common stocks Year or month g U S r ( n t a h a d i i t g t e e e h ) s d l ( C 1 = a 9 n 3 1 5 a 0 - d 0 3 a ) 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m d t 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 c ) e = N l e a th n e d r s - ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 a 0 - d 0 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 er ) N l e a t n h d e s r- Number of issues. . . 17 87 60 14 416 105 278 295 27 1944 118.7 103.0 127.5 136.8 99.8 83.8 88.6 265 1945 121.6 105.2 128.3 138.3 121.5 99.6 92.4 1946 123.4 U7.2 132.1 131.5 109^0 139.9 115.7 96 2 875 195 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 1,149 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 1,262 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 219 19S0 122.0 109.6 121.2 99.8 106 7 146.4 131.6 90.0 1,030 217 1951 117.7 95.7 •117.6 87.0 176.5 168.3 97.1 PI,259 215 1951—January 121.4 102.1 122.4 99.7 99.4 168.6 153 8 94.7 1,031 224 February.. . . 121.3 102.4 121 ,1 99.6 97.4 174.7 166.5 96.8 1,144 228 March 119.4 95.6 120.2 100.1 96.6 170.3 162.9 96.2 1,159 226 April 117.8 95.3 119.8 99.2 93.1 172.3 165.6 96.0 1,169 221 May 117.4 95.3 118.3 100.4 86.9 173.9 164.2 99.7 1,172 215 June 116.6 95.0 117.5 100.6 87.6 171.7 160.7 99.4 1,188 212 July 116.2 95.5 116.9 101.2 84.1 172.8 162.0 97.6 1,185 208 August 117.1 95.3 116.6 102.0 80.3 181.5 169.7 96.5 1,300 207 September... 118.0 95.2 116.5 103.8 78.1 187.3 179.8 97.4 1,413 212 October 116.9 94.6 116.3 103.5 81.3 185.0 183.3 99.0 1,479 215 November.. . 115.3 92.8 115.0 103.1 80.3 177.7 174.0 97.3 1,406 207 December. . . 114.8 89.3 110.9 78.3 182.5 177.3 94.9 Pi,465 206 p Preliminary. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 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. FEBRUARY 1952 221 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 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 LISTON P. BETHEA, Director RALPH A. YOUNG, 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 WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman R. M. EVANS N. BAXTER JACKSON, NEW YORK DISTRICT RAY M. GIDNEY GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY GEORGE GUND, CLEVELAND DISTRICT OLIVER S. POWELL M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. PAUL M. DAVIS, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary V. J. ALEXANDER, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT KARL R. BOPP, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT WATROUS H. IRONS, Associate Economist DONALD S. THOMPSON, Associate Economist DEWITT T. RAY, DALLAS DISTRICT CLARENCE W. TOW, Associate Economist JOHN H. WILLIAMS, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Mar\et Account HERBERT V. PROCHNOW, Secretary 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEISI, DEPUTY CHAIRMEN, ,\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Bank of Deputy Chairman First Vice President Vice r residents Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey 3 Carl B. Pitman E. G. Hult 0. A. Schlaikjer R. F. Van Amringe New York Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers L. R. Rounds H. H. Kimball Robert G. Rouse L. W. Knoke William F. Treiber Walter S. Logan V. Willis A. Phelan R. B. Wiltse Philadelphia.... Warren F. Whit tier 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 a 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 Franklin 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 Russell L. Dearmont Delos C. Johns Frederick L. Deming Paul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis C. M. Stewart Wm. E. Peterson H. H. Weigel C. A. Schacht J. C. Wotawa Minneapolis.... Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell Paul E. Miller A. W. Mills C. W. Groth Otis R. Preston E. B. Larson M. H. Strothman, Jr. Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart G. H. Pipkin Henry 0. Koppang G. A Gregory 2 C. E. Sandy R. L. Mathes Clarence W. Tow John Phillips, Jr. D. W. Woolley Dallas J. R. Part en 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 6 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 O O k m la a h h o a ma City L R . . H L. . M Ea a r t h h a e r s t 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 CM. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. * General Manager. FEBRUARY 1952 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from RULES OF ORGANIZATION AND RULES OF PROCEDURE— the Division of Administrative Services, Board of Board of Governors of the Federal Reserve Sys- Governors of the Federal Reserve System, Wash- tem (With Amendments). September 1946. 31 ington 25, D. C. Remittance should be made pages. payable to the order of the Board of Governors THE FEDERAL RESERVE ACT, as amended to Novemof the Federal Reserve System. ber 1, 1946, with an Appendix containing 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. January 1952. 175 pages. 25 cents per copy; in cludes supplement; single copies, 60 cents each. quantities of 10 or more copies for single ship- In 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 with amendments. Board's start. August 1941; reprinted March 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 1 A more complete list, including periodical releases and ASSET POSITION OF CONSUMERS. June 1951. 18 reprints, appeared on pp. 1606-09 of the December 1951 BULLETIN. pages. PART II. PURCHASES OF HOUSES AND 224 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 1951. 5 pages. SUMER SPENDING UNITS. December 1951. 11 pages. (Also, similar survey for 1946 from THE BALANCE SHEET AND CURRENT TRENDS OF June-September 1946 BULLETINS, 28 pages; AGRICULTURE, 1951. September 1951. 14 pages. for 1947 from June-August and October 1947 THE CURRENT POSITION OF AGRICULTURE, by Philip BULLETINS, 48 pages; for 1948 from June-Sep- T. Allen. September 1951. 11 pages. tember and November 1948 BULLETINS, 70 pages; for 1949 from June-November 1949 and NEW INDEX OF OUTPUT OF MAJOR CONSUMER January 1950 BULLETINS, 124 pages; for 1950 DURABLE GOODS. October 1951. 6 pages. from April and June-December 1950 BULLETINS, CREDIT AND SALES REPORTED BY REGULATION W 106 pages, which includes THE METHODS OF THE REGISTRANTS. October 1951. 12 pages. SURVEY OF CONSUMER FINANCES.) VOLUNTARY ACTION TO HELP CURB INFLATION. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN November 1951. 9 pages. FOREIGN COUNTRIES—PROCEDURES AND TECH- REVISED INDEXES OF DEPARTMENT STORE SALES AND NIQUES. November 1950. April 1951. 19 pages. STOCKS BY DISTRICTS. December 1951. 53 pages. * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. As amended to April 20, 1951. 4 pages. January 1952. 11 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. THE SECOND ARMAMENT BUDGET. February 1951. April 1951. 14 pages. 9 pages. FEBRUARY 1952 225 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 s 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 s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis