Federal Reserve Bulletin, 1952-03

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE International Flow of Gold and Dollars, 1951. 227-236 Recent Changes in Germany's Foreign Trade Balance 237-243 Recommendations with Respect to Extension of Defense Production Act of 1950 244-250 Voluntary Credit Restraint Releases. 251-253 Law Department 254-255 Current Events and Announcements. 255-257 National Summary of Business Conditions. 258-259 Financial, Industrial, Commercial Statistics, U. S. (See p. 261 for list of tables) . 261-315 International Financial Statistics (See p. 317 for list of tables) 317-335 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 336 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 337 Federal Reserve Board Publications 338-339 Map of Federal Reserve Districts. 340 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, 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 March 1952 NUMBER 3 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 The movement of gold between the United Transactions of the United Kingdom domi- States and the rest of the world was reversed nated changes in monetary reserves throughduring 1951. The outflow from the United out the year, and the large gold inflow to States, which began with the devaluations the United States in the second half reof 1949 and increased sharply after the out- flected a sharp deterioration in the external break of the Korean conflict, came to an position of the sterling area. By the end of end in the first half of the year. In the the year, this area had lost about half of the second half, gold began to flow back into gold added to its reserves in the period from the United States, whose gold stock was at the devaluations of 1949 to the spring of approximately the same level at the end of 1951. These losses by the sterling area, as December as a year earlier. well as a decline in gold and dollar holdings Total foreign dollar holdings fluctuated by Latin America, were offset by increases only moderately during the year. While in the case of Continental Western Europe, they were drawn down to some extent for Canada, and Asia. conversion into gold during the latter part Changes in the distribution of foreign gold of 1950 and the first quarter of 1951, they and dollar holdings among individual counshowed little over-all change in the follow- tries during 1951 reflected divergent ining months. A modest increase toward flationary pressures and other factors exertthe end of the year brought the total to ing influence over the movement of goods, the same level as a year earlier. The arrest services, and capital. Wide shifts in internain the conversion of dollar balances into gold tional trade, despite import restrictions and early in the year reflected in part a strengthen- exchange controls, induced governments and ing of foreign confidence in the stability of international agencies to give renewed attenthe dollar following the adoption in the tion to domestic fiscal and monetary policies. United States of monetary and other meas- The monetary authorities in many countries ures to curb inflationary pressures. made greater use of general credit measures The combined gold and dollar holdings of to restrain the supply and to increase the cost foreign countries increased by almost a bil- of credit and money. These policies reflected lion dollars in the first half of the year, and a growing recognition of the need to recondecreased by about the same amount in the cile with the requirements of defense the second half. This reversal was mainly asso- objectives of internal and external balance ciated with a sharp increase in the United and the maintenance of social and political States export surplus of goods and services. stability. MARCH 1952 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 UNITED STATES EXPORT SURPLUS AND BALANCE OF PAYMENTS OF THE UNITED STATES FOREIGN AID BILLIONS OF DOLLARS BILLIONS OF DOLL, The most significant influence on the overall changes in foreign gold and dollar holdings in 1951 was the sharp increase in the United States export surplus of goods and services. A contributing cause was a moderate contraction of United States foreign economic assistance from the first to the second half of the year. The export surplus (including services, but excluding shipments and transfers under military aid), which had averaged nearly 500 million dollars a quarter during 1950, NET TRANSFERS OF GOLD A ND DOLLAR BALANCES TO was only 150 million in the first quarter FOREIGN COUNTRIES of 1951. It then rose to about 900 million in both the second and the third quarter and to 1.5 billion in the last quarter of the year. NOTE.—Net transfers of gold and dollar balances include On the other hand, United States net grants net foreign purchases of gold from United States plus net increase in foreign dollar balances; Federal Reserve data. Other and loans to foreign countries (exclusive of data from Department of Commerce. Exports of goods and services are net after deduction of military aid. U. S. Governmilitary assistance), which had averaged ment economic grants and loans exclude miscellaneous unilateral transfers and short-term capital. about 900 million dollars a quarter in 1950 and were still running at more than 800 mil- and the first quarter of 1951 was in part the lion a quarter in the first half of 1951, de- result of the currency devaluations of 1949 clined to a quarterly rate of around 700 mil- and in part the short-run effect of the Korean lion in the second half of the year. conflict. After the first quarter of 1951, As a result United States financial assist- prices in the United States showed a tendency ance exceeded the export surplus throughout to level off. While economic activity in this 1950 and in the first quarter of 1951, the country remained at a high level for the rest two figures were nearly in balance in the of the year, prices of many imported raw second quarter of 1951, and the export sur- materials declined, leading to a moderate plus greatly exceeded foreign aid in the fall in the value of imports from the allsecond half of the year, as shown in the time peak reached in March. Imports of chart. The rise in the export surplus and goods and services were at a quarterly rate of the decline in foreign aid, to the extent 3.6 billion dollars in the third and fourth that they were not offset by an outflow of quarters of 1951, as compared with a rate private capital and donations, were closely of nearly 4 billion in the first two quarters. reflected in the movement of foreign gold Notwithstanding this decline, imports of and dollar holdings, as the lower section of goods and services for the year as a whole the chart shows. were at a record level—15.1 billion dollars The virtual balance achieved on current as compared with 12.1 billion in 1950. account between the United States and the Contrary to widespread expectations of a rest of the world in the second half of 1950 decline, United States exports of goods and 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 services (excluding military aid) amounted ber 31, 1951. This amount represented alto 18.6 billion dollars in 1951 as compared most two-thirds of the world's gold reserves, with 13.9 billion for the preceding year. excluding those of the U.S.S.R., as may be Rising defense outlays and inflationary pres- seen in the chart. sures in many countries sustained an active demand for American goods which, except WORLD GOLD RESERVES EXCLUDING U. S. ,S. R. in a few lines, continued in plentiful supply, END OF YEAR Billions of Dollars partly because of some contraction of civilian 40 demand in the United States. Nonmilitary exports of goods and services rose from a quarterly rate of about 4 billion dollars in CANADA AND LATIN AMERICA the last quarter of 1950 and first quarter of i E R P O C TH O E U R NTRIES 1951 to more than 5 billion in the last quar- I UNITED KINGDOM ter of 1951. AND OTHER STERLING AREA MOVEMENTS OF GOLD Changes in the export surplus and foreign aid of the United States during 1951 UNITED STATES were reflected in the movement of gold. The heavy outflow of late 1950 carried over to early 1951, climaxing in record net sales by the United States Treasury to foreign monetary authorities of 880 million dollars of gold in the first three months of the year, as shown in the table on page 230. Be- Foreign transactions with United States. fore the end of the first quarter, however, Of the total sales of gold by the United States the peak had been reached. in the first quarter, about half was acquired Following announcement early in March by the United Kingdom; the remainder was of more restrictive monetary and debt man- divided almost equally between Continental agement policies, the rate of outflow began Western European countries (including the to decline, and by the end of March had al- Bank for International Settlements) and most ceased. Net weekly sales of gold aver- Latin America. When the movement reaged 83 million dollars in the 10 weeks end- versed in the second half of the year, British ing March 7 but only 34 million in the fol- sales of gold represented nearly the entire lowing three weeks. Net sales by the United amount of United States net purchases, as States Treasury of only 57 million dollars transactions by other countries tended to offin the second quarter of the year were fol- set one another. lowed by net purchases of 290 million in the The United Kingdom sold much more third quarter and 715 million in the final gold to the United States in the second quarter. half than it acquired in the first half, its The net effect of these changes over the net sales to this country over the year year was a slight increase in the United States amounting to nearly half a billion dollars. gold stock to 22.9 billion dollars as of Decem- In addition, South Africa sold a portion of MARCH 1952 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 NET FOREIGN PURCHASES OF GOLD FROM THE UNITED table on page 232. This reflects gold trans- STATES, 1951 a fers to third countries (partly through the [In millions of dollars] European Payments Union) in excess of Area and country J M an a . r - . A Ju p n r. e - J S u e l p y t - . O D c e t c .- . Year the gold acquired from sterling area production. Among other countries, Mexico, which ERP countries (other than United Kingdom): bought 60 million dollars of gold from the Belgium and Belgian Congo 20 -2 18 United States during 1951, showed no in- France 92 -72 20 Portugal 10 15 5 5 35 crease in its gold reserves for the year. Sweden 15 17 32 Other ERP countries 39 2 5 4 50 Canada, a gold-producing country, showed Bank for International Settlements 25 9 —4 30 a net increase in its gold reserves over the Total 201 24 23 -63 185 year of 260 million dollars, almost half rep- Other Continental Europe. . 3 -3 resenting purchases from countries other United Kingdom 400 80 -320 -630 -470 Union of South Africa...... -13 -20 -19 -52 than the United States. Nonproducing Canada 10 10 countries which added more to their gold Latin America: Argentina 50 50 reserves than can be accounted for by their Colombia -14 —4 -18 C M u e b x a ico 124 —64 20 2 6 0 0 transactions with the United States include 51 -15 -28 -30 -22 Other Latin America 26 6 4 36 net creditors over the year of the European Total 237 -73 -12 -26 126 Payments Union (Italy, Belgium, Portugal, Asia: Germany, and Sweden), as well as Cuba Indonesia 20 25 45 Other Asia 2 4 5 1 12 and Indonesia. Finally, there were unpub- Total 22 4 5 26 57 lished transactions in the gold holdings of Egypt 20 25 31 76 certain Western European countries and Grand total 880 57 -290 -715 -68 the Bank for International Settlements; 1 Minus sign indicates net sale to the United States. these are included in "other ERP countries and accounts" in the table on page 232. its newly mined gold to the United States. Foreign countries as a whole sold about On the other hand, Continental Western 70 million dollars net in gold to the United European countries purchased almost 200 States during 1951, transferred another 35 million dollars of gold from this country million to the International Monetary Fund, over the year, and Latin America and Asia and showed a small increase of 35 million also added to their gold reserves through net in gold reserves. Foreign gold production purchases from the United States. (exclusive of the U.S.S.R.) may be estimated Other changes in foreign gold reserves. at around 760 million dollars for the year. The gold position of individual countries was also affected by accruals from new pro- It would thus appear that about 600 million duction, by sales from reserves for indus- dollars of gold either went into industrial trial or other private uses, and by trans- uses or private holdings, or was otherwise actions among foreign monetary authorities. unaccounted for. This unexplained residual For example, the United Kingdom, which has been increasing in recent years, the estimade net sales of gold of less than 500 mil- mated figure for 1950 having been 335 million dollars to the United States in 1951, lion dollars. It may reflect in part transended the year with an estimated 700 million actions on free and black markets, in which dollars less in gold reserves than it had at gold is traded privately at premium prices. the beginning of the year, as is shown in the On the other hand, part of the residual may 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 be explained in other ways as information Analysis of dollar movements by type of on undisclosed foreign holdings and trans- holder reveals that the absence of net change actions becomes available. in the aggregate amount over the year was the result of a decline in official balances— CHANGES IN FOREIGN DOLLAR HOLDINGS that is, those held by foreign central banks and governments—offset by an equal rise in Dollar holdings of foreign countries, which private foreign balances held by banks, busiare held as deposits in Federal Reserve and nesses, and individuals. This offsetting movecommercial banks or in United States Govment was in the neighborhood of 600 million ernment short- or medium-term securities, dollars. If reported private dollar balances were about the same at the end of 1951 as at are adjusted to exclude Japanese holdings the beginning. There were significant (which are technically reported as private, fluctuations, however, from quarter to quarthough in reality of an official character), the ter, from country to country, and as between shift becomes smaller, but is still considerable. types of holders. The movement in private balances in 1951 In the first three months of the year, a was larger than in any other postwar year, number of foreign countries drew down their as shown in the chart. It was partly the dollar balances to some extent for conversion result of the heavy movement of investinto gold. Mexico and, to a lesser degree, a ment capital to Canada throughout the year. few European countries participated in these Speculation against the pound sterling and operations, which came to an end toward the the French franc in the summer and autumn close of the first quarter. In the second quarprobably contributed to the accumulation of ter, foreign dollar holdings showed no significant changes. After midyear, as the dollar balances in private foreign accounts. over-all position of certain foreign countries FOREIGN GOLD RESERVES AND DOLLAR BALANCES weakened, a net decline of 70 million in Billions of Dollars END OF QUARTER Billions of Dollars their dollar holdings accompanied the larger foreign losses of gold of the third quarter. - In the last three months of the year, a number of countries experienced some recovery, leading to an over-all rise in foreign dollar holdings of 165 million dollars for the - \ quarter. - X While these changes tended to offset one another over the year, individual countries *- - ^<+ and areas showed diverging movements. The dollar holdings of Continental European TAL ^f countries as a group rose somewhat during 1951 as a result of an increase of 185 million y-" dollars by Germany, partly offset by declines PRIVATE in the case of other countries. Holdings by Latin American countries and by Canada OFFICIAL - declined over the year, while those of Asiatic countries increased. 1946 1947 1948 1949 1950 1951 231 MARCH 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS DURING 1951 x [In millions of dollars] Increase or decrease (—), 1951 Holdings at Holdings at end of 1950 end of 1951P Jan.-Mar. Apr.-June July-Sept. Oct.-Dec.P Year-195lP Area and country Gold Dollar Gold DoUar Gold DoUar Gold Dollar Gold Dollar Gold DoUar Gold DoUar re- hold- re- hold- re- hold- re- hold- re- hold- re- hold- re- holdserves ings serves ings serves ings serves ings serves ings serves ings serves ings ERP countries (other than United Kingdom): Belgium-Luxembourg (and Belgian Congo) 650 198 47 -16 -44 8 59 4 -16 6 46 S 696 £01 France (and dependencies) 2 543 291 -8 25 27 -57 77 25 39 2 568 SSI Germany (Federal Republic of). 222 21 115 145 28 -97 28 184 28 406 Italy 3 258 315 -8 -30 ""24" 12 53 IS 77 -14 3 335 300 Netherlands (and Netherlands 1 West Indies and Surinam)... 335 224 6 -70 6 5 18 5 -40 340 S P w or e t d u e g n a l (and depen . d encie . s) . . . . . 20 9 7 0 1 5 1 0 5 2 1 4 0 —1 7 0 1 1 5 5 - — 7 6 "1 -1 7' -10 2 3 2 0 4 — -4 19 7 6 2 2 -45 2 1 7 5 9 2 Switzerland . 1,470 553 -22 —48 3 4 -5 2 6 10 -18 -32 1,452 621 Other ERP countries and accounts4 723 387 41 -29 -2 -29 29 SO -144 -4 -76 -S3 647 S54 Total 4,276 2,355 100 -85 12 12 123 134 -14 221 60 4,497 2M6 Other Continental Europe * 475 97 -20 -13 6 4 -4 1 -1 -13 -14 462 88 Sterling area: United Kingdom 62,900 657 475 -18 150 -19 -425 -107 -900 129 -700 -15 62,200 64* U. K. dependencies 120 -21 -4 -2 3 -23 97 Union of South Africa .. 197 44 8 —23 5 -5 -20 —5 *—7 -37 190 7 Other sterling area 7 406 97 6 13 9 19 8 -15 7 47 30 63 436 m Total 3,503 918 489 -49 164 -8 -417 -129 -913 174 -677 -11 2,826 907 Canada 590 1,398 28 -70 34 2 39 -87 159 61 260 -94 850 1,304 Latin America: Argentina 216 302 72 4S -2 -12 -32 -8 -62 52 -52 268 250 Brazil 317 226 34 -47 -72 -41 -126 317 100 Cuba . . 271 259 17 ""'io* 52 ""36 -16 -61 "40 -7 311 252 Mexico 208 207 -98 -76 15 -37 20 "•'17' 14 -49 208 158 Uruguay 236 75 59 7 -15 -7 -28 5 -31 5 -15 10 221 85 Venezuela 373 85 5 —14 1 —4 —13 373 72 Other Latin America 249 431 14 25 -14 24 24 -52 -16 44 8 40 257 470 Total 1,870 1,585 241 S3 -95 21 -23 -146 -38 -105 85 -198 1,955 1,387 Asia: Indonesia 208 115 20 28 1 13 27 50 -87 71 26 279 141 Japan 128 459 —52 —64 150 104 137 128 696 Philippine Republic. 3 374 1 21 1 9 1 -34 1 -1 4 -45 7 S30 Other Asia 356 226 1 54 3 34 1 2 2 7 93 363 318 Total 695 1,174 22 46 5 -8 2 145 53 28 82 211 777 1,885 All other countries 101 100 20 16 27 5 31 19 -1 9 77 50 178 150 Grand total 11,510 7,627 880 -122 153 28 -245 -68 -753 166 35 4 11,545 7,631 P Preliminary. 1 Dollar holdings represent official and private balances reported by banks in the United States and include holdings of U. S. Government securities with original maturities of up to 20 months. 2 Represents gold reserves of Bank of France and French dependencies only. 3 Represents gold reserves of Bank of Italy ($222 million) plus gold earmarked for special purposes. * Includes holdings of Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of ERP countries. 6 Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R. 6 Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as reported by British Government. 7 Excludes Eire and Iceland, which are included under "Other ERP countries and accounts." The decline in official balances in 1951 was ties of United States Government securities. partly reflected in the withdrawal of 370 mil- Net additions to private dollar balances were lion dollars from foreign deposits held with in large part held in deposits with commer- Federal Reserve Banks, but in addition there cial banks, but to some extent were invested was some sale by foreign monetary authori- in United States Government securities. 232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 RESERVE POSITIONS OF FOREIGN COUNTRIES FOREIGN GOLD RESERVES AND DOLLAR BALANCES SELECTED COUNTRIES AND AREAS Billions of Dollars END OF QUARTER Billions of Dolla The combined gold reserves and dollar holdings of foreign countries showed a net increase in the first half of the year of 939 million dollars (heavily concentrated in the first quarter), which was followed by a net decline in the second half of 901 million, as shown in the table on page 232. Total holdings at the end of the year stood at an estimated 19.2 billion dollars, a little higher than at the beginning of the year. The United Kingdom, which holds the central monetary reserves of the sterling area, accounted for the greater part of the movement of gold and dollars during 1951. Part of the reversal for the sterling area shown on the chart was the result of an adverse trade balance with Canada, Latin America, and Continental Western Europe, and part was the result of capital movements. In consid- States. Gold and dollar movements among erable measure, also, the changes in sterling Western European countries were mainly area reserves were accounted for by a marked determined by their transactions through the shift in the trade balance with the United European Payments Union. This institu- States. As exports from this country to the tion, established in 1950, provides for the sterling area increased, and imports declined, clearing of intra-European payments and for the United States trade balance with that area fractional settlement each month in gold or changed from a 350 million dollar import dollars of the net deficits and surpluses of surplus in the first half of 1951 to an export member countries with the Union. Over surplus of 440 million in the latter half of the the year 1951, Belgium, Germany, and Italy year. Coinciding with this adverse shift in received the largest sums of gold and dollars the trade balance was a contraction of disfrom EPU, in the net amounts of 229 million, bursements by the Economic Cooperation 132 million, and 93 million dollars, respec- Administration to the United Kingdom and tively. The United Kingdom, on behalf of other sterling area countries from about 270 the entire sterling area, made the largest net million dollars in the second half of 1950 to payments to EPU over the year, amounting 150 million in the first half of 1951 and 100 to 110 million dollars, while France paid 42 million in the second half. million. There was a shift from the first Continental Western Europe increased its to the second half, however; in the first six reserves during the year by about 280 mil- months the United Kingdom, Belgium, and lion dollars; the aggregate dollar deficit of Switzerland were the largest gold and dollar this area continued to be more than off- recipients, mainly at the expense of the set by financial assistance from the United Netherlands and Austria. In the second half, MARCH 1952 233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 the position of the United Kingdom and accounted for most of the remainder. Pro- France deteriorated seriously, and they made curement of goods and services for United the largest payments to the Union. The larg- Nations forces in Korea and expansion of est recipients of gold and dollars in this commercial exports were mainly responsible period were Belgium, Germany, and Italy. for the rise in Japan's reserves, while Indo- Latin American gold and dollar holdings, nesian increases were largely attributable to which had risen in the first quarter of 1951 increased exports of strategic raw materials when wool and coffee sales were seasonally and to restrictive import policies. high, declined in each succeeding quarter, SITUATION IN THE UNITED STATES AND mainly because of a shift in the trade balance MOVEMENTS OF GOLD with the United States, and ended the year with a net loss of 113 million dollars. Ex- Foreign countries normally maintain a subports from this country to Latin America stantial portion of their reserves in gold. were substantially larger in the second half After the great depletion of foreign gold reof the year than in the first, whereas imports serves during and following the war, it was remained somewhat low until the end of the to be expected that foreign countries would year. These trends were particularly notice- convert part of any net accruals of dollars able in the case of Brazil, whose imports from into gold. This is what occurred during the the United States increased sharply from the year following the currency devaluations of 1950 level while its exports tended to decline. September 1949. Foreign reserves, both of Although Canada had a large import gold and of dollars, rose each successive surplus with the United States in 1951, it quarter beginning with the final quarter was more than offset for the year as a whole of 1949. However, in the last part of 1950 by the combination of an export surplus with and the early part of 1951 an increasing other countries, a capital inflow from the number of countries chose to add to their United States, and domestic gold production. gold holdings rather than to their dollar The current-account deficit with the United balances and in certain cases actually drew States outweighed the favorable balance-of- down their dollar balances to purchase gold. payments factors in the first and third quar- This growing preference for holding gold ters, leading to reserve losses, while gains in rather than dollars was an unusual developthe other quarters, particularly the fourth, ment which largely reflected uneasiness resulted in a substantial increase in reserves abroad over inflationary tendencies in the for the year. United States and their possible future im- Asiatic countries as a group (excluding pact on the dollar. After the outbreak of members of the sterling area) added to the Korean conflict, prices in the United their reserves steadily over the year, except States advanced sharply and by the first in the second quarter; the over-all in- quarter of 1951 the wholesale price level was crease amounted to about 300 million dol- 20 per cent higher than in the corresponding lars. Japan's dollar holdings fell in the quarter of 1950. This price advance prefirst half of the year, but more than re- ceded rises in many other countries. Foreign covered in the second half, with a net in- monetary authorities, on the basis of past crease of 140 million for the year as a whole. experience with inflation in their own coun- Indonesia's acquisition of gold and dollars tries and in view of international political 234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 conditions, became more cautious about hold- action in particular assured foreign monetary ing their reserves in the form of dollar bal- authorities that the United States was deterances and increased the proportion held mined to take adequate steps to maintain in the form of gold. In the atmosphere the stability of its currency, and thereby then prevailing, emphasis was placed on largely removed the main motive to mainshort-run factors and less consideration tain a greater than normal portion of their was given to such basic facts as the produc- reserves in the form of gold. tive capacity of the American economy, the Foreign sales of gold to the United States very large gold stock of the United States, and the accompanying decline in foreign and the readiness of the United States Treas- official deposits at the Federal Reserve Banks ury to convert dollars into gold at the estab- in the second half of 1951 had a direct effect lished price to meet any monetary and other on the monetary situation in the United legitimate requirements of foreign govern- States. The inflow of gold in this period was ments and central banks. equal to the net addition of 1.0 billion dol- Such tendencies changed sharply early in lars to member bank reserves; the effects of 1951. Foreign dollar holdings stopped de- other relevant factors on such reserves clining in the second quarter, and during the tended to be offsetting. The inflow of gold latter part of the year private dollar holdings was the most persistent element adding to increased. Official holdings of dollars, as bank reserves in these months, and permitted well as of gold, declined because of the grow- further growth of bank credit and expansion ing trade deficit with the United States. The of the privately held money supply. most important immediate factor accounting for the cessation in the conversion of foreign INTERNATIONAL RESERVES AND MONETARY dollar holdings into gold appears to have POLICIES been a marked change in foreign expecta- Events during 1951 provided ample illustions relating to inflationary prospects in the tration of the close connection between in- United States. ternal financial policies and the balance of The rise in the wholesale price level in payments. Countries in which inflationary the United States ceased early in 1951, and pressures were unabated or growing, such as prices remained fairly stable during the re- Austria, France, the United Kingdom, and mainder of the year. Among the factors Brazil, were faced with a sharp deterioration bringing about this change were the intro- in their external positions. This situation led duction of wage and price controls late in the United Kingdom late in 1951 and in March January 1951; an unexpectedly high level of 1952 to adopt restrictive fiscal and monetary civilian output; a reduction in the rate of measures, accompanied by a planned curtailconsumer purchases following the wave of ment of imports. Countries such as Belgium, scare buying in anticipation of shortages and Italy, and Portugal, which continued to rely rising prices; and some reduction in inter- on general measures of restraint over the national tension. In addition, there was the supply of money and credit, succeeded in adoption of monetary and debt-management maintaining or improving their external balpolicies designed to minimize further mone- ance. Germany, which in the latter part of tization of United States Government securi- 1950 had suffered a rapid deterioration in its ties through Federal Reserve purchases. This balance of payments, was able in 1951 to re- MARCH 1952 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951 verse its position by internal credit measures, deteriorating, the threat of new restrictions supported by temporary trade controls which tends to stimulate the demand for imports, were abandoned as the situation stabilized. thereby placing the control mechanism under Increased awareness of the importance of increased pressure and frequently leading to budgetary restraint and monetary stability anticipatory imports. Under such conditions led to greater use of anti-inflationary fiscal the restrictions adopted may be more severe and central banking measures. There was than the longer run situation requires. renewed emphasis on the traditional tools of Exchange restrictions also tend to elimimonetary policy, including use of the dis- nate equilibrating movements of short-term count rate. Cheap-money policies, which capital and to impair the flow of long-term had been favored on various grounds during investment capital, and at the same time they the early postwar years, were looked upon have often proved inadequate to deal with with increasing misgiving, and there was a speculative movements of funds. It appears, growing reluctance to freeze interest rates at for instance, that in 1951 expectations of levels which could be maintained only by changes in exchange rates induced substaninflationary expansion of the supply of tial speculative movements of short-term money and credit. The need for strong in- funds, effected largely by anticipating or deternal financial policies was increasingly felt laying settlement of trade transactions. as the defense efforts of many countries added The reversal in international payments of to inflationary pressure. certain countries in 1951, notwithstanding The weakening in the external position trade and payment restrictions, has given rise of countries experiencing inflationary pres- to a new concern with respect to the adesures occurred in spite of the widespread quacy of monetary reserves. Since fiscal and use of direct restrictions on trade and pay- monetary measures require time to take full ments. Postwar experience indicates that effect, reserves of gold and convertible cursuch measures have serious shortcomings rencies have again emerged as essential infor the purpose of eliminating or reducing struments to cushion temporary difficulties fluctuations or swings in the balance of pay- and to facilitate longer run readjustments. ments. Such swings have continued to Recent events have dimmed the hope, which occur in recent years and, in some degree, had arisen from the devaluations of 1949, restrictions have actually shown a tendency that foreign countries would be able, in a to intensify or prolong them. Short of direct comparatively short time, to build their reinterference with transactions in process, serves to a level regarded as adequate to the full effectiveness of trade restrictions meet possible swings in international payis felt only after an interval of weeks or ments. On the other hand, the same events months, and restrictions adopted to meet a have deepened the conviction that there are particular situation may prove inappropriate no easy alternatives to positive fiscal and to meet the situation prevailing at the time monetary measures if countries are to meet they become effective. Moreover, when the the requirements of defense while maintainexternal position of a country appears to be ing internal and external stability. 236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE In the spring of 1951 an export surplus in the public of Germany assumed almost full economic foreign trade of the Federal Republic of Germany responsibility. replaced the excess of imports which had persisted The economy of the Federal Republic, like that since the end of the war and grown particularly of the former German Reich, depends upon imlarge in the months following the outbreak of hos- ported raw materials and foodstuffs. In fact, foreign tilities in Korea. Most of the change was in Ger- trade is even more important to the Federal Repubmany's trade balance with other Western European lic than it was to the former Reich. In 1936 the countries. It was connected with changes in prices area now within the Federal Republic sold 30 per on world markets, in domestic consumer demand, cent more goods to the eastern parts of the former and in the attitude of German producers and Reich (including Berlin) than it exported to foreign merchants towards the accumulation of inventories. countries, and imported 50 per cent more from The domestic factors were influenced by monetary eastern Germany than from foreign countries. and commercial measures taken by the Central After the Soviet occupation of eastern Germany Bank Board and the Federal Government. in 1945, this trade between western and eastern The postwar recovery of western Germany's Germany dwindled until in 1950 it was less than foreign trade did not get under way until the middle 5 per cent of the prewar volume. of 1948. In the three preceding years, German ex- It was possible for the Federal Republic to estabports included only small shipments of coal and lish new plants and to replace a portion of the timber, and imports consisted mainly of the most manufactured products formerly obtained from the urgently needed foodstuffs, financed by the United eastern part of the Reich, but domestic substitutes States and the United Kingdom in order to prevent for most raw materials and foodstuffs were unavailthe spread of disease and unrest. Recovery was able. These essential commodities represented about hampered by the division of the country into four half of the prewar purchases of the western part of zones of occupation, and by the repressed inflation the Reich from the eastern part. The Federal Rewhich impaired the working of the monetary public also had to readjust and to expand its exports, mechanism and made it necessary to retain the since western German industries that formerly sold direct economic controls established under the Nazi a large part of their output in eastern Germany regime. had to find new markets. In 1948 the authorities succeeded in establishing The foreign trade of the Federal Republic also a new currency system. In the western zones of was affected by postwar changes in Eastern Europe, occupation, many economic controls were abolished which accounted in 1936 for approximately 20 per and others relaxed. The reunification of western cent of western Germany's foreign trade. This Germany, which had been started in December 1946 area was the source of numerous raw materials and by the economic merger of the American and Brit- foodstuffs imported by Germany and the market ish zones, made greater progress. Under the Euro- for many types of industrial products exported by pean Recovery Program the emphasis of foreign Germany. The postwar policy of regional selfassistance was changed from relief to reconstruction. sufficiency in Soviet Europe cut that trade until in Western Germany became a member of the Organi- 1950 it amounted to only 5 per cent of the foreign zation for European Economic Cooperation, and trade of the Federal Republic. later of the European Payments Union. Super- To the middle of 1950, increased trade with the vision of foreign trade was gradually entrusted to rest of the world had not fully compensated for this the German authorities, and in the fall of 1949 the sharp decline in the Federal Republic's trade with Government of the newly established Federal Re- Eastern Europe (even excluding prewar trade with 1This article was prepared by Gordon B. Grim wood under the eastern area of the former Reich). This was the supervision of J. Herbert Furth, Chief of the Central and particularly true of exports, which in the second Eastern European Section of the Board's Division of Inter- quarter of 1950 were still 25 per cent below the 1936 national Finance. MARCH 1952 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE value of western German exports to foreign coun- ply of raw materials could not be rapidly increased, tries (at 1950 prices). Imports were within about and their prices rose faster than the prices of fin- 10 per cent of the 1936 figure and exceeded exports ished products. by 105 million dollars, exactly the amount of foreign During 1950 the German Central Statistical Office aid received under the European Recovery Program completed a new index of the physical volume of and the United States Army program of relief in foreign trade derived by expressing all value figures occupied areas. in 1950 prices. According to this index, as shown in the table on page 241, exports rose by 257 mil- INCREASE IN TRADE DEFICIT IN LAST HALF OF 1950 lion dollars and imports by 312 million between the second and the fourth quarter of 1950, accounting The immediate effect of the outbreak of hostilifor approximately 55 million dollars of a total inties in Korea on western Germany's international crease in deficit that amounted to 120 million. position was a 120 million dollar increase in the About 65 million dollars of the increase was thus trade deficit between the second and the fourth due to the changed relation between import and quarter of 1950, as shown in the chart. Four facexport prices. FOREIGN TRADE Accumulation of inventories. Prospects of rapid Million! of Dolla rearmament of the free world after the outbreak of the Korean war gave rise to a 33 per cent expansion in the output of finished producers' goods in Germany between the second and the fourth quarter of 1950. Increased employment in heavy industry, accompanied by a rise in consumer demand brought on by the general feeling of uncertainty, stimulated a rise in the output of consumers' goods by 26 per cent. The over-all index of industrial production (excluding construction and food processing) rose by 23 per cent, as shown in the table below, and this increase in production brought about an increase in the volume of producers' imports. The import volume of raw materials and semifinished goods increased far more rapidly than industrial production in the second half of 1950, as INDUSTRIAL PRODUCTION AND 1950 1951 VOLUME OF IMPORTS IN GERMANY Source.—Der Aussenhandel der Bundesrepublik Deutschland, [1950 = 100] December 1951. Percentage Indus- Pro- ratio of Contors largely explain this increase: changes in the Period pr t o r d ia u l c- du i c m e - rs' i p m ro p d o u r c ts e r t s o ' su i m m e - rs' relation of import and export prices, accumulation tion l ports 2 production ports 3 of inventories, increased importation of manufactured consumers' goods, and—on the financial side 1949_4th Q 86 80 93 113 —expansion of credit. 1950—1st Q 87 85 98 97 2ndQ 94 86 92 74 Changes in import and export prices. Germany, 3rd Q 103 99 96 105 along with other industrial nations that export 4th Q 116 129 111 124 mainly manufactured products and import mainly 1951—1st Q 117 116 99 110 2ndQ 122 83 68 91 foodstuffs and industrial raw materials, was affected 3rd Q 118 96 81 111 4th Q P126 105 83 105 by price changes on world markets after the outbreak of hostilities in Korea. Manufacturers and ^Preliminary. 1 Excluding building and food processing. dealers were anxious to accumulate inventories, and 2 Raw materials and semifinished products at 1950 prices. world demand became more urgent for industrial 3 Foodstuffs and finished manufactured products at 1950 prices . Source.—Production: Monthly Report of the Bank deutscher raw materials than for finished products. The sup- Laender, December 1951. Imports: Der Aussenhandel der Bundesrepublik Deutschland, December 1951. 238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE shown in the table. This would seem to indicate small fraction of the rise in total imports. Imports that some industrial imports were being accumu- of foodstuffs changed only seasonally. lated in inventories. Data on raw material stocks Expansion of credit. The persistent weakness of are fragmentary and inconclusive on this point, but the capital market in western Germany, together it is known that producers in Germany, as in most with a chronic shortage of working capital, caused other industrial countries, were at that time expect- German industry to depend greatly on short-term ing shortages, or at least a further rise in raw material prices, and were therefore anxious to purchase GERMAN MONETARY STATISTICS {In billions of Deutsche marks]1 large quantities of materials regardless of immediate needs. Rise in consumers' imports. Although the volume Money supply Sav- d M iu e m - End of ings Short- and of purchasing power in the hands of the public period de- term longincreased greatly during the period under review, Total re C n u c r y - 2 po D si e t - s 3 posits 4 credit5 c t r e e r d m it6 increased imports of finished consumers' goods were not a major factor in the rising trade deficit. In- 1949—4th Q.. 14.7 7.1 7.6 3.0 9.1 1.8 dustrial payrolls, as shown in the chart below, 1950—1st Q.. 14.5 7.1 7.4 3.4 10.1 2.5 increased by 21 per cent between the second 2nd Q.. 15.8 7.4 8.4 3.7 10.5 3.3 3rd Q.. 17.3 7.6 9.7 3.8 11.6 4.3 and the fourth quarter of 1950, and consumers 4th Q.. 17.9 7.7 10.2 3.9 13.0 5.3 spent a larger proportion of their increased money 1951—1st Q.. 17.8 7.3 10.5 3.9 12.9 6.2 2nd Q.. 18.8 7.8 11.0 4.1 12.8 7.0 incomes. Increased consumer demand was largely 3rd Q.. 20.3 8.7 11.6 4.3 13.9 7.7 4th Q.. 21.6 8.8 12.8 4.8 15.0 8.5 met by a rapid increase in the domestic production of consumers' goods, which in turn was reflected 1 Deutsche mark = $0,238. Figures rounded to nearest 0.1 in the rise of producers' imports. Increased imports billion. 2 Notes and currency in circulation outside banks. of finished manufactured products were only a 3 Sight and time deposits of business firms and individuals in commercial banks. 4 In commercial banks only. 5 Credits of six months or less by commercial banks to business SELECTED BUSINESS INDEXES firms and individuals. FEDERAL REPUBLIC OF GERMANY 6 Credits longer than six months by commercial banks to businesses and individuals. Per Cent Q uarterly 1950 - 100 PerCenf Source.—Monthly Report of the Bank deutscher Laender, January 1952. credit. Between June and December 1950, shortterm bank loans to business firms and individuals rose by 2.4 billion marks or about 570 million dollars; according to the estimate of the Bank deutscher Laender more than one-fifth of this amount was used directly for financing the increased volume of imports. This credit expansion was partly offset by a reduction of 0.3 billion marks in short-term credits to public authorities. As shown in the table, the money supply (currency outside banks plus private sight and time deposits) increased by 2.1 billion marks or about 500 million dollars during the same period. PAYMENTS CRISIS AND CORRECTIVE ACTION The inauguration of the European Payments Union on July 1, 1950 resulted in a shift in imports 1950 1951 1950 1951 NOTE.—Indexes represent quarterly averages; the production from the dollar area to Western Europe. Germany, index for fourth quarter 1951 is preliminary. Sales of investment goods are represented by sales of products of the metal like other participating countries, received a suband machine industries; sales of consumers' goods by sales stantial line of credit for imports from other Westof the textile and clothing industries. Prices of primary products are prices paid in Germany for products of the basic ern European nations. Moreover, in accordance industries. Payroll data for fourth quarter are estimated. Sources.—Production and prices: Monthly Report of the Bank with the program of intra-European trade liberalideutscher Laender, December 1951. Wages and sales: IVirt- zation, 60 per cent of Germany's imports from the schaft und Statistik, August 1951 and subsequent issues. MARCH 1952 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE Union had been freed from quota restrictions. The ports by tightening the general supply of credit. In rise in Germany's trade deficit with other members October 1950 reserve requirements and the redisof the Union was therefore particularly sharp. count rate were raised, and the Land Central Banks The balance of current payments with the Union were directed to hold the volume of acceptance area showed an even larger deficit than did the bal- credits in their portfolios within the amounts outance of trade, as shown in the chart. This move- standing on October 12, 1950. At the same time ment was largely the result of speculative activities. the German Government required importers seek- Pessimism as to the future of the German mark ing licenses to deposit in cash 50 per cent of the developed, and its influence was aggravated by value of the imports. rumors of an impending appreciation of sterling. These measures did not stop the expansion of In consequence, German importers tended to preshort-term credit, as shown in the table on page pay shipments and German exporters to extend 239. The continued expansion of short-term loans credit beyond the usual periods. was made possible largely by central bank credits to commercial banks, which in February 1951 GERMANY'S E. P. U. POSITION reached a record level 47 per cent higher than in Millions of Dollars Quarerly Millions of D 300 June and 11 per cent higher than in October 1950. The money supply, under pressure of seasonal tax BALANCE OF 200 •.PAYMENTS payments and continued heavy purchases of foreign exchange from the central banking system, contracted slightly during the first two months of 100 1951. Nevertheless, wholesale prices rose as much A in these two months as in the preceding six months and the cost of living, which until that time had BALANCf I remained stable, started to move upward (see chart 100 ( / on page 239). Germany's international trade and payments posi- 200 s. / /rilM PO U S l I A T T IO IV N E tion did not significantly improve in the first two months of 1951. The over-all trade deficit and the \ 300 / EPU payments deficit were only slightly below the monthly average of the fourth quarter of 1950. \ 400 >/ The German authorities took two drastic steps V at the end of February: the Central Bank Board 500 I I I* ordered the commercial banks to reduce the volume of short-term credit outstanding by 1 billion marks, NOTE.—Balances of trade and payments are quarterly totals. Cumulative figures are as of end of quarter and exclude capital and the German Government temporarily susmovements and bank balances not cleared through EPU, both of which are included in the balance-of-payments figures. pended the program of trade liberalization. On Source.—Monthly Report of the Bank deutscher Laender, February 22, 1951, with the consent of the Euro- December 1951. pean Payments Union, Germany reapplied the sys- By November 1950, only four months after the tem of licensing all imports from the other Union start of the European Payments Union, the Federal members. At the same time all licenses that were Republic had approached the limits of its credit outstanding but not supported by contracts were quota and had seriously depleted its dollar exchange canceled, and holders of licenses supported by conholdings in order to meet the increasing payments tracts payable before May 1, 1951 were required required under the Union schedule. To assist in to obtain special licenses. In this way the authorithe maintenance of the German program of trade ties regained control over the entire volume of imliberalization, the Union on December 13, 1950 ports. granted Germany a special additional line of credit up to 120 million dollars, which was to be repaid EMERGENCE OF EXPORT SURPLUS AFTER MID-1951 over a period of six months beginning in May 1951. Following the imposition of import restrictions As this payments crisis developed, the Central and the tightening of credit, Germany's balance of Bank Board moved to dampen the demand for im- trade changed sharply. Total exports continued 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE to increase until June 1951, after which they re- price changes had little effect during the second and mained nearly twice as large as the quarterly aver- third quarters, but accounted for almost all of Gerage for 1950. Total imports, on the other hand, many's export surplus in the fourth quarter of dropped by about 15 per cent between the first and 1951. the second quarter of 1951. Their rise after June Decline in inventory accumulation. Industrial pro- 1951 to a level slightly higher than in the winter duction stopped rising in April 1951, declined from of 1950-51 was not sufficient to prevent an export May until August, and advanced during the resurplus, as shown in the table below and the chart mainder of year. It was not until the last quarter, on page 238. however, that production surpassed the spring level. Correction for price changes alter the foreign The largest drop in production and the slowest trade picture only slightly. Exports rose less rapidly recovery occurred in consumers' goods. in physical volume than in value at current prices. The ratio of imports of producers' goods to indus- Imports fluctuated more extensively in volume than trial production declined considerably from the high in value, but their volume remained below the level of the fourth quarter of 1950, as shown by peak reached during the last quarter of 1950. the table on page 238. This fact indicates that inventories accumulated during the winter of 1950-51 VOLUME AND VALUE OF GERMANY'S FOREIGN TRADE were being used during the last nine months of 1951. [In millions of dollars] The change in producers' attitudes toward the accumulation of inventories may be explained, apart Exports Imports from the credit restrictions discussed below, by the Period greater uncertainty as to future increases in output Volume * Value 2 Volume l Value 2 and sales and by the decline in raw material prices 1949—4th Q 272 284 654 635 on world markets. 1950—1st Q 361 365 618 594 Decline in consumers' imports. Changes in con- 2nd Q 424 422 544 527 3rd Q 524 514 690 670 sumers' goods imports, which had played only a 4th Q 681 688 856 913 minor role in the increased trade deficit in the 1951—1 2 s n t d Q Q 6 7 4 0 8 9 8 71 4 1 4 5 7 8 6 9 6 8 76 8 1 5 winter of 1950-51, played an equally small part in 3 4 r t d h Q Q 7 7 3 5 9 5 9 96 5 1 8 6 7 9 1 9 2 9 9 1 4 1 6 the subsequent elimination of the deficit. They declined only slightly from the record level reached 1 Deutsche mark figures at 1950 prices converted into dollars at in the fourth quarter of 1950, and the greater part official exchange rate. 2 At current prices. of the change was attributable to seasonal varia- Source.—Der Aussenhandel der Bundesrepublik Deutschland, December 1951. tions in food shipments. Restrictive credit policies. After the Central Bank Reversal of the trends in prices and in inventory Board issued its credit directives in February, the accumulation, which had been major factors in the commercial banks curtailed the volume of shortlarge excess of imports in the winter of 1950-51, term credit to business and individual borrowers helped to bring about the subsequent reversal of from 13.5 billion marks on February 28 to 12.5 Germany's international trade position. The effects of these factors were augmented by the monetary billion on May 31, 1951. After May the volume policies of the central banking system and the direct of credit expanded again, but at a somewhat slower import controls imposed by the German Govern- rate than in 1950 (see table on page 239). ment. The money supply, after leveling in the first Reversal of price trends. After the second quarter quarter, resumed expansion in the second quarter of 1951 the ratio of export prices to import prices of 1951. In contrast to previous periods, however, moved slowly in favor of Germany: prices of most this expansion was largely based on net sales of industrial raw materials dropped on international foreign exchange to the central banking system markets while prices of manufactured products re- rather than exclusively on the extension of shortmained stable or continued to rise. Comparison of term credit by the commercial banks. the balance of trade which would have been The contraction of credit in March and April achieved had prices remained at the first-quarter 1951 probably strengthened the tendency of manulevel with the actual trade position indicates that facturers and wholesalers to reduce inventories. MARCH 1952 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE At the same time the restrictive credit policies, in the second quarter of 1951. In the two largest together with achievement of equilibrium in the consumers' goods industries, textiles and clothing, Government budget, helped to maintain public con- the value of domestic sales, adjusted for price fidence in the currency and thus to prevent a resur- changes, declined by 7 per cent between the first gence of the buying wave which had occurred in and the third quarter of 1951. In the same period the winter of 1950-51. Credit restrictions thus total imports, similarly adjusted, declined by 9 helped to prevent a rapid rise in domestic prices per cent. once the prices of imported raw materials stopped Only in the second quarter of 1951 were imports rising, and so to maintain the competitive position appreciably below a level that could be satisfactorily of German producers in foreign as well as domestic explained by domestic developments. Neither this markets. In the eight months following April 1951 fact nor the sudden change from a deficit to a surwholesale prices and the cost of living rose by only plus in trade with many members of the European 2 and 4 per cent, respectively, as shown in the chart Payments Union could be explained by market facon page 239. tors alone. Import controls thus appear to have Credit expansion in the winter of 1950-51 and influenced the improvement in Germany's foreign net purchases of foreign exchange from the central trade position primarily by their immediate impact banking system to finance the excess of imports in the second quarter of 1951. reduced the liquidity of the commercial banks and Improvement in EPU position. The combination increased the effectiveness of the credit controls of expanded exports and contracted imports changed applied in February 1951. In contrast, net sales Germany's position with the European Payments of foreign exchange to the central banking system Union, as shown by the chart on page 240. An after March 1951, when export surpluses prevailed, export surplus was achieved in March and increased gradually increased the liquidity of the banks and during the remainder of the year; the balance of enabled them to expand credit to finance imports payments, partly because of a reversal of the speculawithout recourse to borrowing from the central tive factors which had worked against Germany banking system. In October 1951 the central bank- during the winter of 1950-51, showed a larger suring system curbed the increase in liquidity by selling plus than the balance of trade by the third quarter commercial banks a substantial portion of its port- of 1951. The special credit granted by EPU, upon folio of short-term Treasury paper. This was the which payments were scheduled to begin in May first attempt by the central banking authorities to 1951, was completely repaid in that same month. reduce commercial bank liquidity by the sale of By November, for the first time since the establishsecurities. The weakness of the German capital ment of the EPU, Germany had a credit balance market has thus far precluded the issue of long- on its cumulative account. As a result of these term Government bonds which might have been developments the German Government decided to used for open market operations. abolish, as of January 1, 1952, most of the quotas Import restrictions. The direct controls imposed imposed in February 1951 on imports from the in February 1951 on German imports from Western other Union members. Europe probably were responsible for the speed with which Germany's international trade and payments OUTLOOK position changed after March, but it may be ques- Despite the improvement in Germany's balance tioned whether they did more than accentuate a of trade, the German monetary authorities have development that had its main roots in other ecodecided to continue a cautious monetary policy nomic changes. largely in order to protect the economy against Germany's export surplus was due more to increased exports than to reduced imports, as shown possible repercussions of international economic and in the table on page 241 and chart on page 238. financial developments. The fact that exports were 75 per cent larger in First, the foreign aid program of the United 1951 than in 1950 cannot be attributed to import States, which provided Germany with 428 million restrictions. Moreover, the reduction in imports dollars of free imports in 1951, was substantially was not much greater than the reduction in do- curtailed for the fiscal year 1951-52. Second, the mestic sales of German industrial products, except reliberalization of Germany's intra-European im- 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE ports, which went into force on January 1, 1952, a demand could be made immediately effective by might again increase imports, temporarily at least, a rapid expansion of credit. more rapidly than exports increase. This danger On the other hand, Germany's foreign exchange has become more imminent since balance-of-pay- position has been strengthened by developments ments difficulties have recently led the United since March 1951. Between February and Decem- Kingdom and France to impose import restrictions ber 1951 Germany not only repaid its EPU debt of which may make it difficult for Germany to in- 283 million dollars, but also increased its foreign crease or even to maintain its present level of exports exchange holdings by the equivalent of 263 million. to those countries. Third, participation by Ger- On December 31, Germany's gold and foreign exmany in the defense effort of the free world might change reserves slightly exceeded the equivalent of increase Germany's import requirements and divert 500 million dollars, and its EPU credit balance potential exports to domestic defense needs. Finally, and credit quota totaling 343 million were availincreasing international tensions might again re- able for covering future intra-European trade sult in an increase in consumer demand which deficits. Germany is therefore better prepared today would put pressure upon producers' imports for to meet a temporary deficit in its balance of payincreased domestic production. In the present ments than it has been at any other time since the liquid position of German commercial banks, such end of the war. MARCH 1952 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS WITH RESPECT TO EXTENSION OF DEFENSE PRODUCTION ACT OF 1950 STATEMENT BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM1 The primary concern of the Board of Governors to your Committee, the thing we must attempt to of the Federal Reserve System is to contribute do, if we cannot avoid a deficit, is to finance the through credit and monetary policy to the main- necessary borrowing from real savings, rather than tenance of sound financial conditions and an eco- by borrowing from the banking system. The efforts nomic environment favorable to the highest possible of the Board of Governors of the Federal Reserve degree of sustained production and employment. System to this end will be exerted primarily through It is essential to the attainment of these objectives other instruments than those authorized by the that confidence be maintained in the purchasing Defense Production Act. Our main reliance must power of the country's currency. Probably the most be on discount and open market operations. The important single factor contributing to economic roles of Regulation W, Regulation X, and the Volstability or instability in our country today is the untary Credit Restraint Program are supplementary fiscal position of the Federal Government. A cash and would not be sufficiently effective without apsurplus on the part of the Federal Government pro- propriate measures of general credit regulation. duces powerful anti-inflationary effects which can We believe that regulation of instalment and real operate to balance in whole or in part a high level estate credit and voluntary restraint by credit grantof private spending. A Federal deficit carries with ing institutions of loans which are not vital to the it a strong inflationary impact on the economy defense effort are effective and necessary parts of an which tends to result in bank credit expansion and anti-inflationary program. an upward spiral of prices unless it is balanced by There are four sections of the Defense Production reductions in private spending. Act under which the Federal Reserve System has a In periods when there is generally a high level responsibility, either directly or by delegation from of economic activity and inflationary forces pre- the President. dominate, or threaten to predominate, a balanced 1. The Board has issued and administered Regubudget, or preferably a surplus, is certainly the lation W which prescribes maximum maturities and greatest contribution which the Government can minimum down payments for certain instalment make to economic stability, but the budget esti- credit transactions. mates which have been submitted to Congress in- 2. Jointly with the Housing and Home Finance dicate a cash deficit of 10 billion dollars—or more— Administrator the Board is responsible for the reguin the year ahead. This may be reduced either by lation of real estate construction credit. increasing taxes or reducing expenditures. The 3. A program of voluntary credit restraint on the members of your Committee are in a better position part of private lenders directed to the discourageto evaluate the likelihood and extent of such changes ment of nonessential loans during the present than we are. However, it must be borne in mind emergency is sponsored by the Board. that a large part of the cash disbursements of the 4. The Federal Reserve Banks act as fiscal agents Government in the remainder of 1952 will be pur- in connection with loans to defense contractors, suant to appropriations already on the books. In guaranteed by procurement agencies, and the Board the event we are not faced with a deficit, the prob- is responsible for the establishment of rates and fees lem of inflation would certainly be substantially in connection with such loans. This is the program diminished. On the other hand, if the Government which is popularly referred to as the V-loan prowill be spending 10 billion more than it takes in gram. during the last six months of 1952, the inflationary Consumer credit. While there are difficult and potential in this period will be serious. onerous problems associated with Regulation W, As Chairman Martin pointed out in his statement the regulation of instalment credit has proven a 1 Submitted by the Board of Governors to the Senate Com- useful supplement to general measures directed mittee on Banking and Currency on Mar. 4, 1952. toward the stabilization of our economy. Con- 244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT sumer credit is relatively unresponsive to the effects lation pending consultation with the trade for the of general credit instruments; the expansion of such purpose of drafting a workable and equitable credit adds to general inflationary pressures and, trade-in provision which would be in line with the in the absence of selective regulation, might re- objective Congress intended to accomplish by the quire a more aggressive use of general credit instru- existing requirement. ments than would otherwise be necessary or desir- Real estate credit. We are advised that because able. It was the dramatic experience with stock of material limitations the officials of the Governmarket credit in the 1920's, along just these lines, ment primarily concerned with the production of that led Congress to provide permanent authority housing are agreed that new starts in 1952 will to regulate that type of credit selectively. have to be cut back considerably from the 1,100,000 The use of consumer credit, particularly instal- units started in 1951. From the point of view of ment credit, is closely related to the level of cur- financing the defense program and maintaining rent income and anticipated future income; in a reasonable balance between real savings and ininflationary periods when incomes are rising, con- vestment expenditures in the economy, it is likely sumer willingness to incur debt is strong. While that this is also necessary if the program is to be the total volume of consumer instalment credit financed without contributing dangerously to inoutstanding has not risen sharply in recent months, flationary pressures through credit expansion. instalment credit is being extended at a very high In our opinion the most effective way of limiting rate, and an increase in consumer demand might credit extensions in the real estate field, and at the well call for more restrictive terms than the Board same time holding new construction activity to now has authority to establish. levels which would be generally consistent with Accordingly, we recommend that the basic au- the availability of materials, is through the prescripthority contained in the Defense Production Act tion of appropriate down payment and repayment of 1950 be extended and that the limitations placed terms with respect to real estate financing. Reguon the Board's authority to fix appropriate terms lation X, like Regulation W, can supplement effecimposed by the Defense Production Act amend- tively both general credit policy and the program ments of 1951 be deleted. for material conservation and allocation. It is sometimes argued that if a serious situation Generally in 1952 demands for housing and should develop Congress might pass appropriate mortgage credit are likely to continue strong if the legislation at that time. In evaluating this possi- expanding defense program maintains or increases bility we must consider the period with which we incomes and economic activity generally. Under are most concerned at the moment—the last half of existing credit regulations, demand for old houses 1952. It is unlikely that Congress will be in session will probably continue not far below recent nearin that period, and, if it were, it would be because record levels and demand for new houses may well it was faced with a host of other vital matters calling exceed the supply that can be built with the availfor its immediate attention. Yet, if there is a re- able materials. Mortgage money, though not as surgence of inflationary forces, prompt action would easy as in late 1949 and most of 1950, could be large be most important. Consumer instalment credit is enough to support these demands. This level of a highly volatile segment of the credit picture, as real estate activity would create further upward indicated by the substantial increase—2.3 billion pressure on real estate prices and building costs. dollars in the four months, June to September— Under the circumstances, it seems to us that it that occurred in the summer of 1950 when the would be taking a dangerous and unnecessary risk reestablishment of authority for Regulation W was to move into the period ahead without more flexible under consideration by the Congress. authority to regulate down payments and maturities In addition to the restoration of more flexible au- in both the Government-aided and conventional thority over down payments and maturities, we mortgage lending fields. Therefore, we recomwould also recommend the removal of the present mend that both Section 602 and Section 605 be trade-in requirement, primarily on administrative extended without the limitations placed on them grounds and as a matter of equity among competi- in the Defense Housing and Community Facilities tors. In the event this restriction is removed the and Services Act of 1951. Board will retain the present provision in its regu- Voluntary credit restraint. The program of vol- MARCH 1952 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT untary credit restraint has made a substantial con- A more detailed evaluation of the role of selectribution to the control of inflation during the last tive credit regulation is contained in the Board's year. While it is impossible to measure statistically replies to Questions 38 to 42 in the series of questhe nonessential loans which have been eliminated tions asked by the Subcommittee on General Credit through this mechanism, our practical experience Control and Debt Management of the Joint Comwith the program leaves little doubt that they are mittee on the Economic Report. These are found numerous and amount to many millions of dollars. on pp. 402-460 of Part 1 of the Joint Committee Further, the National Voluntary Credit Restraint Print. Committee and its regional committees have made V-loan program. This program is successfully an invaluable contribution in bringing home to discharging the function for which it was intended. the cooperating lending institutions the importance It is very helpful to smaller contractors, and may of the effect of their combined lending activity and be needed to an increasing extent as defense prothe vital necessity of directing our financial re- duction moves forward. The continuation of this sources to the most essential uses in the present program throughout the period of intensive defense period. Authorization for this program should be production activity seems to us to be highly desircontinued. able. STATEMENT BY THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM2 You have asked me to testify this afternoon on will rise to its peak, with major impact on the the over-all state of the economy rather than on economy. I will not attempt to forecast what the those sections of the Defense Production Act with consequences of that impact will be. It is clear, which the Federal Reserve System is directly con- however, that the present is not a time to dispense cerned. The views of the Board of Governors with with the tools that are necessary for the restraint respect to the Act will be submitted to the Com- of inflation. mittee in a separate memorandum. Accordingly, I do not think anyone can confidently forecast I shall undertake to present my personal views on the period ahead or the repercussions on the econthe economic and financial problems facing the omy of the defense program on which we have country. I shall leave with you a memorandum embarked. The forces involved are complex. on the economic situation prepared by the Board's Who at this time last year thought that inflationary staff. pressures were at a peak, at least temporarily, and For a full year there has been abatement of the that the year ahead would be characterized by the surging inflationary pressures that developed after relative stability that was, in fact, achieved? This the outbreak of hostilities in Korea. During that experience well illustrates the hazards of forecastyear the annual rate of expenditures on this pro- ing. The most we can do in surveying the future gram has risen by about 20 billion dollars. The is to lay out the nature of the problems that may expansion of outlays on private accounts to enlarge be presented and prepare ourselves to deal with our defense-supporting industrial base is also well them as competently as we can. advanced. This record is impressive. Large as it is, our defense program is within our The abatement of inflationary forces has re- physical capacity as a nation. We have available flected a variety of developments in the economy the manpower, the equipment, the raw materials generally, including the application of restraints. and the know-how, to carry the program and to They are dealt with in more detail in the memor- maintain a high standard of living. Such misandum prepared by the Board's staff. We feel that givings as I have relate more to the financial than to the Federal Reserve has played a part in the salu- the physical problem. Our taxes are already heavy, tary result, not the principal part, but an indispen- yet they are not sufficient to cover total Federal sable part. In the period ahead defense spending expenditures. During the last half of this calendar year we will face the problem of financing a large 2 Personal views regarding the over-all state of the economy presented at the request of the Senate Committee on Banking and growing Federal deficit. We all know that if and Currency by Wm. McC. Martin, Jr., Chairman of the the deficit is financed by borrowing from the bank- Board of Governors of the Federal Reserve System, Mar. 4, ing system such borrowing will increase the volume 2952. 246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT of bank deposits and thus inflate further the money is true that there are soft spots in the economy supply. Our major problem will be to find ways and that some prices are weak. These reflect situaand means of financing the deficit by borrowing tions such as Detroit where cutbacks in the use of individual, institutional and corporate savings. The essential materials have resulted in cutbacks in emsavings are there. If saving continues in its present ployment. Soft spots of this type do not mean that volume, this can be done. The program will be inflationary pressures are over. The defense agenwithin our financial as well as our physical capacity. cies are moving rapidly to place contracts in these During the past year the American people have areas, and there will be a gradual lifting of restricsaved at unusually high rates. Otherwise, inflation- tions on civilian output as supplies of materials ary pressures would have been great. The task become available. ahead is to do everything possible to encourage Some soft spots in the economy today, such as continued high savings and their investment in in the textile industry, reflect excessive buying in Government securities. In this way the deficit that the period immediately following Korea rather looms can be financed without resort to the infla- than the effect of cutbacks in the use of essential tionary process of creating additional supplies of materials. For about eight months following bank credit. This view of the problem is fully Korea, consumers and businessmen were on a shared by the Treasury. We see eye to eye on this buying spree. They thought that a full war econproblem and are cooperating together to develop omy was in the making and that all sorts of coman effective program to deal with it. modities would be scarce. They thought that You have before you the official forecasts of the prices could only go up. It was a period of reckdeficit as contained in the President's budget mes- less spending and borrowing. It has left a lot of o headaches, especially among businesses that borsage. That was prepared some time ago and it rowed too much to acquire inventories at prices may be that the deficit will turn out to be materially that are now demonstrated to have been too high; lower than the official forecast, due to a slower rate headaches in expansion plans that proved too large of spending by the defense agencies. On the other to carry out efficiently; headaches in the form of hand, the outlays for military equipment may large holdings of receivables and of inventories of mount rapidly as bottlenecks are cleared away, suffinished products when customer markets turned ficiently rapidly to catch up with the rate of spendsluggish. ing assumed in the budget estimates. I think the essential nature of the problem at hand remains It is fortunate that this situation was not even the same regardless of which view may turn out worse. You cannot have a period of reckless prito be more nearly right. The blunt fact is that vate spending such as occurred in this country even if the more moderate estimates should be immediately after Korea without an aftermath. realized and expenditures are less than the estimates, Now I don't know how long it will take to get we still face a deficit financing problem that can over these headaches. I do feel, however, that it create serious inflationary pressures if the deficit would be a great mistake to think that because of were financed through the banking system. The them we should be complacent about the deficit most optimistic estimates of our budgetary position on the theory that just a little touch of further instill leave the Government with a financing prob- flation would do no harm. The prospective deficit lem of large magnitude. Every increase in the and the continued "take" required for defense are deficit increases that problem. Moreover, we do too large to take that risk. Furthermore, the innot know what will happen internationally. There ternational situation is too tense. This program is is a tendency just now to think that the immediate going to cost a lot of money for a long time. We danger abroad is less. While we all hope that the must carry it out without further inflation. Neither danger is in fact less, we cannot run the risk of this country nor the world can afford to lose conrelying on that hope. fidence in the dollar. You will probably hear from some observers who I wonder if we fully appreciate the significance feel that the danger of a further resurgence of in- of the dollar and what it stands for in the world flation is past or nearly past They are impressed today. For several years I was immersed in our by the many soft spots in the economy and by the foreign financial dealings at the Treasury and I slide of sensitive prices during recent weeks. It learned at first hand, day by day, what the dollar MARCH 1952 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT really means in a world of currencies that are in rial and military might of the United States. It many cases all too weak. The dollar holds a pivotal symbolizes the moral strength of the American position in the financial reconstruction of the free people and their determination to preserve its world today. It signifies far more than the mate- integrity. RECENT ECONOMIC DEVELOPMENTS AND PROSPECTS3 A year ago economic conditions in the United vate expenditures increased very sharply, however, States were reflecting the effects of more than half most of the increase in national product over the a year of hectic competitive bidding for commodi- past year resulted from larger purchases by the ties, rapid credit expansion, and sharply rising Federal Government. Federal expenditures for prices. With production for defense purposes in- security purposes increased 20 billion dollars. creasing rapidly and with total production in the The shift in the composition of expenditures last economy already close to then existing capacity, the year was reflected in changes in industrial producdanger that inflationary forces would develop fur- tion—output at factories and mines. Industries asther was great. At the same time, there was basis for sociated with the defense program expanded conhoping that the fiscal, monetary, and direct control siderably while output of many other industries, measures already adopted or then being taken would especially those in the consumer goods field, debe effective in checking the inflationary spiral. clined. The declines were due to reduced demands Now the situation seems much calmer. Instead of consumers in some instances and to restrictions of more than a half year of inflation just behind on the use of metals in others. us we have nearly a whole year of fairly stable con- Changes in the business inventory situation have ditions at very high levels of output and employ- played an important role in checking inflationary ment. Prices of basic commodities, such as rubber, forces over the past year. Nonfarm inventory acwool, tin, and hides, which advanced rapidly in the cumulation, which had been large in late 1950 and initial rush of buying, declined considerably from early 1951, reached an unprecedented annual rate early last year until midsummer, then fluctuated of 14 billion dollars in the second quarter of last within a narrow range, and this year have declined year. The large inventories provided assurance for again. These prices are now one-fifth below the a time against shortages and higher prices in most peak levels of a year ago but still are about one- lines and meant that resources then being used to sixth above the mid-1950 level. All commodity produce for stock could be freed for production of prices at wholesale declined moderately and since goods for delivery to customers. Since then, invenlast summer have been at a level of 4 to 5 per cent tory accumulation has declined to a rate of about 3 below the high reached a year ago. Consumer billion dollars annually. prices after rising at an exceptionally rapid rate Another major influence in curbing inflation has following the Korean outbreak, leveled off for a been the restraint exercised by consumers after the time last year, but rose again later in the year. In first quarter of last year, in contrast to earlier hectic January, however, they were unchanged from De- buying. Although incomes have continued to rise, cember and may have slightly declined in February consumer spending is less than a year ago and conin view of the easier situation in markets for food sumers are saving an unusually high proportion of and apparel. Real property values have shown their incomes after taxes. This restraint in buying little further change since a year ago, except for reflects a number of factors. The military situation some rise in farm land values. in Korea has improved and supplies of practically The value of total output has continued to expand all consumer goods have continued to be adequate. under the stimulus of increasing defense expendi- The imposition of curbs on the use of instalment tures and in the fourth quarter of last year gross credit, as authorized by the Defense Production national product was at an annual rate about 30 Act, also contributed to less urgent consumer debillion dollars or 10 per cent larger than a year mands. Underlying the greatly reduced urgency of earlier. In contrast to the previous year when pri- consumer demands—and also demands of many businesses—was a growing confidence in the ability 8 Memorandum prepared by the Board's Division of Re- of responsible authorities to preserve the value of search and Statistics, referred to in the opening paragraph of the dollar. Chairman Martin's statement. 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT Construction activity was fairly stable throughout ness loan expansion. A year earlier borrowing for 1951, with substantial advances in many types of nondefense purposes—especially for large-scale public construction and in private industrial con- accumulation of inventories of various kinds—was struction offsetting reduced residential and com- a dominant element in the increase in bank loans. mercial construction. Housing starts, which had Real estate and business financing activities of life reached the record total of 1.4 million units in 1950, insurance companies and real estate financing by were reduced last year to 1.1 million. The decline mutual savings banks and savings and loan associareflected mainly some tightening of earlier very easy tions, which were very large a year ago, slackened financing arrangements. This was due to general off somewhat last year, but the volume of new measures of credit restraint affecting the avail- lending remained high. There was less liquidation ability of mortgage funds as well as to selective re- of Government securities by these institutions in straints exerted by Regulation X and companion the second half of the year than previously, and regulations of the Federal Housing Administration new private financing by these institutions was and Veterans Administration. more in line with the amount of investment funds Business investment in plant and equipment has available to them from new savings and loan recontinued very high despite heavy investment since payments. the war, and activity presumably would be greater As a result of over-all bank credit expansion— if some construction, especially of a commercial including increased holdings of Government securinature, had not been stopped by Federal action de- ties and reversal in the gold outflow at midyear— signed to conserve structural steel. In some indus- the privately held money supply consisting of detries, however, declines in output and in corporate mand and time deposits and currency increased by liquidity during 1951 have dampened incentive for a larger amount in 1951 than in 1950. Increased further expansion of capacity. In general, however, holdings of money by businesses and individuals expansion, coupled with modernization, has con- reflected need for larger working balances to finance tinued at a rapid rate. Expansion in defense and current transactions and increased savings funds defense-related industries has been stimulated by temporarily awaiting investment. Turnover of dearmament contracts and by accelerated tax amorti- mand deposits, on the other hand, slowed down zation. Stability in the economy during the past moderately over the last three quarters of 1951 after year in the face of expanding defense outlays can- rising sharply from early 1950 to the spring of 1951. not be attributed to a slowing down in the use of The continuing active demand for credit, and resources for plant expansion. As plants started the reduction in the availability of funds as a result earlier have come into operation, however, they have of the more restrictive monetary and credit policies helped to meet demands for goods, tending to check pursued during the year caused money rates to rise price advances or to bring about price declines. moderately in 1951. Yields on the longest term Shifts in consumer and business demand, as well Government bonds and on high-grade corporate as the impact of general monetary, credit and fiscal bonds rose about one-third of a point to approximeasures, are reflected in credit expansion during mately the levels of 1939. Rates charged by larger 1951. Bank credit in the aggregate continued to banks on prime loans to business customers which expand substantially, but the amount of credit ex- began to rise in the latter part of 1950 continued tended to private borrowers since last March was to increase in 1951. considerably less than in the latter half of 1950 Over the next few months, the outlook is for little and early 1951. An increase in business loans ac- change in general business activity. Total invencounted for the bulk of the increase in all com- tories are at a high level and capacity to produce is mercial bank loans, and during the second half greater than ever before. In some lines efforts are of the year they expanded by only the usual sea- being made to reduce stocks further and plant exsonal amount, or less than half as much as in the pansion is being curtailed. On the other hand, Fedsecond half of 1950. Defense and defense-related eral outlays for security are continuing to expand businesses like metal and metal product manu- and total expenditures for plant and equipment are facturers and public utilities, were an important expected to remain close to present peak levels. factor in business credit demand at banks in the What the course of consumer buying may be is one last half of 1951, taking up about half of the busi- of the important uncertainties for the immediate MARCH 1952 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT future, but some shift upward seems more likely mercial banks and trade suppliers, credit demand than a shift downward in view of the record levels this year will probably be more largely confined to of consumer incomes, the low level of consumer longer term funds to finance plant and equipment outlays in relation to income, and the recent ac- expenditures and to refund previously incurred cumulations of savings in liquid forms. short-term debt. Thus, despite the possibility of Looking further ahead, over the next year or some decline in inventory holdings which would more, international tension seems likely to be a con- release funds for other purposes, business entertinuing powerful influence in the economic situa- prises may seek to finance a larger proportion of tion, even though settlement in Korea could lead their requirements from external sources. to further uncertainty in sensitive markets. In any Substantial declines in demands for mortgage event, large increases in outlays for national security credit are likely if the number of new housing are in prospect. The defense program has recently units started are reduced below the relatively large been revised and outlays under the program are number of starts last year, as now appears essential now scheduled to rise less sharply than planned in order to maintain over-all stability and to limit earlier but are expected to be maintained on a high total construction activity to the supply of scarce materials expected to be available. The large volplateau for an indefinite period. ume of savings which may be expected to flow The defense program is well within the physical into savings banks, insurance companies, and savcapacity of the country and should permit a conings and loan associations should provide these tinued very high level of production of goods and institutions, which are usually large purchasers of services for nondefense purposes. In view of the mortgages, with funds that might be attracted into generally ample supplies available for civilian pur- Government securities. poses, further expansion of capacity in basic indus- With the build-up of security expenditures, the tries, and the likelihood of continued increases in Federal fiscal position has been gradually shifting productivity, inflationary developments can be confrom a cash surplus to a substantial cash deficit. tained if appropriate policies are followed to chan- The shift in the Government's financial position nel resources into essential uses and to encourage a from surplus to deficit emphasizes the need for concontinued large volume of savings. tinued use of credit restraint measures for helping Scheduled defense expenditures will result in a to maintain stability. For the calendar year 1952, substantial addition to personal incomes after taxes. a large Federal cash deficit is in prospect. In the Even if mobilization authorities were to choose to second half of the year, a period of seasonally low build up our military strength somewhat more tax receipts and growing expenditures, the Governslowly than now contemplated, the volume of exment may need to borrow heavily in the market— penditures would still be large and would pose possibly more than 10 billion dollars. serious problems for those concerned with debt If confidence in the dollar is to be maintained management, monetary and credit and other stahere and abroad, debt management and monetary bilization policies. Moreover, factors which helped policies such as will keep to a minimum any into prevent inflation last year cannot be counted flationary consequences of Federal borrowing will upon in the same degree this year. For example, be essential. Every effort will need to be made to the rate of business inventory accumulation has finance the deficit out of savings. Monetary and already been greatly reduced and further reduc- credit policies should be flexible and capable of tions to offset expansion elsewhere in the economy being directed promptly and effectively to the remay be moderate. Continuation of restraint in con- straint of inflationary tendencies. sumer spending would contribute substantially to In conclusion, if appropriate policies are followed, the maintenance of stability over the year ahead. the outlook is that requirements of the defense pro- So far as business demands for credit are con- gram can be met without further inflation, while cerned, present indications are that corporations will permitting a large volume of goods and services again be seeking relatively large amounts of funds for consumer and business use. Debt management, from external sources. In contrast to the situation credit and monetary policies will be especially imfrom mid-1950 to mid-1951 when rapid expansion portant tools for maintaining economic stability of inventories and customer receivables required and encouraging orderly growth in the period substantial amounts of short-term credit from com- ahead. 250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES THE ROAD AHEAD1 in all sections of the country. The Program has been an important factor in holding prices level It has now been a full year since the nation's during the first year of its operation. There is financing institutions, under the authority granted need, however, for a new determination to preserve by the Defense Production Act, entered into a the progress that has been made in containing in- Voluntary Credit Restraint Program designed to flationary forces. assure adequate financing for defense and defense- The Congress has authorized huge expenditures related activities and to curtail credit for nonto assure the nation's security and in coming essential or deferrable purposes. months outlays of funds for defense purposes At the outset of the Program, which was without will reach new high levels. For the first time since precedent in the country's financial history, there the outbreak of hostilities in Korea there is the was widespread skepticism as to what might be prospect of a sustained period when cash income accomplished by a self-regulation effort in the of the Government will be less than its current exhighly competitive field of lending. This has been penditures. In the second half of this year we face supplanted by a recognition that the Program has the task of raising substantial amounts of new proved practicable, workable, and effective as a money to cover the deficit. supplement to fiscal, credit, and other anti-inflation- The full impact of this factor on the equilibrium ary weapons. The national and regional commitof the economy cannot be measured at the present tees, consisting of representatives of financial time. To the extent, however, that it is possible institutions which extend to all parts of the country, have provided lenders with criteria which have through the voluntary efforts of financial instituassisted them in differentiating between those tions and borrowers to postpone or curtail less imcredits which are essential and those which are not. portant and less urgent private and municipal As a result, the need for credit restraint in the financing more savings will be available to meet interest of a sound dollar has become more widely this additional demand for funds. Economy at understood than probably could have been accom- national, State and local levels of government, fiscal plished by any other means. measures to cover outlays so far as possible, and measures of credit restraint are all essential safe- The year has witnessed a decided change in guards against a resurgence of inflationary prespublic psychology and a great strengthening of confidence everywhere in the nation's ability to sures. preserve the value of the dollar. There has been a Appropriate measures taken now will make it marked and healthy increase in the volume of possible to finance Government requirements out savings and recently these have been increasing at of private savings, instead of by resort to the highly the highest rate since the end of the war. inflationary process of borrowing from the banking The contribution which the Voluntary Credit system. Moreover, postponement of less essential Restraint Program has made to stabilization is not projects now will build up a backlog which will be measurable in dollars, but the cumulative effect of most welcome when the defense program tapers off. the restriction of credit to essential purposes is To this added objective the Voluntary Credit clearly evident from reports received from lenders Restraint Program can make a contribution as important as it has to the goal of stabilization achieved 1 Statement released by National Voluntary Credit Restraint Committee, Mar. 10, 1952. during its first year of operation. MARCH 1952 251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES RECOMMENDATIONS TO REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES2 The following recommendations were voted at not already been favorably screened by a regional a recent meeting of the National Voluntary Credit committee, either screen the proposed financing, Restraint Committee. Will you kindly give the or, if they so elect, submit same to an appropriate subject matter such distribution as seems appro- regional committee. (2) In cases where there is priate ? no intermediary, it is the responsibility of the in- 1. Interim and permanent financing. In certain vesting institutions or agent-lender to screen the financing programs in which the interim financing issue themselves, or if they so elect, submit same is being handled by one group and the permanent to the appropriate regional committee for screening. financing by a different group of financial institu- (3) In each instance where the first financing intions, some question has arisen as to the appropriate stitution participating in the negotiations, either as procedure to insure that the financing is screened intermediary or, in the absence of an intermediary, under the Program. as ultimate investor or lender has submitted the proposed financing to the appropriate regional com- It is the view of the National Committee that mittee for screening and a favorable opinion has the institution making the first commitment should been accorded, the responsibility under the Program either screen the financing under the Program or, of subsequent financing institutions entering the if it so elects, submit same to the appropriate negotiations does not extend beyond ascertaining regional committee for screening. The responsithat the proposed financing has been approved by bility under the Program of financing institutions the appropriate regional committee. making the second commitment for financing in- 3. Loans to retire stock. The National Commitvolving substantially the same amount may be distee reaffirmed its position that loans to retire equity charged by either ascertaining that the proposed securities (including preferred stock) are contrary financing has been approved by the appropriate to the Statement of Principles of the Program in regional committees in the first instance, or lacking the absence of unusual extenuating circumstances. such approval, by themselves screening in the usual 4. Screening foreign borrowing. Since foreign manner. Should the amount sought substantially borrowing in the financial markets of the United exceed that previously approved, then such excess States involves a negotiated sale to a group of inshould be screened under the Program. vestment bankers (either on an agency or firm com- Banks financing underwriters temporarily pendmitment basis), the investment bankers have access ing distribution of securities should insure that the to all pertinent financial information regarding the financing has been screened by the underwriter. borrower. Consequently, the appropriate regional 2. Direct or private placements. Problems have committee to consider such foreign borrowing also arisen in the case of direct or private placeshould be the committee serving in the city in ments in which a number of investing institutions which the agent or principal underwriter is domimay be interested. The problem here is to avoid ciled. multiple requests to regional committees but at the 5. State and local interim financing. Certain musame time to insure that such issues are properly nicipalities have been arranging interim financing. screened. At a later date they have requested clearance of The views of the National Committee are as permanent financing on the grounds that inability follows: (1) In cases where an investment banker, to fund outstanding obligations would create unsecurity dealer or other financing institution is due hardship and embarrassment. acting as intermediary between the borrower and Bulletin Number 3 specifically recommends that the lenders, the intermediary should either screen "temporary borrowing for capital purposes, unless the proposed financing under the Program, or if it anticipating current revenues, should be judged by so elects, submit same to the appropriate regional the standards specified . . . for long-term capital committee for screening. The lending financing loans." The Bulletin also urges local governments institutions should, if the proposed financing has to balance operating budgets and to hold borrowing 2 Memorandum from Governor Oliver S. Powell, Chair- in anticipation of taxes or other revenues to a miniman, National Voluntary Credit Restraint Committee, to mum. Consequently, financing institutions are Regional Voluntary Credit Restraint Committees, Feb. 5, urged to assure themselves that interim financing 1952. 252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES by State and local governments is evaluated under amended to permit temporary financing in excess the Program in the same manner and by the same of permanent financing connected with the purstandards as would be applicable in the case of chase of a home when the prospective buyer is long-term financing. selling his present home to finance the down pay- 6. Transportation equipment. The question has ment required for the purchase of the other and been raised with the National Committee as to where the two transactions cannot be perfectly whether loans for the purchase of transportation synchronized. equipment already in use, i.e., ships, trucks, etc., The view of the Committee is that there are were contrary to the principles of the Voluntary undoubtedly some cases where the timing of the two Credit Restraint Program. transactions cannot be perfectly synchronized de- The National Committee expressed the opinion spite the best efforts of all parties concerned and that such loans are ordinarily not in conformance that to deny temporary credit in these circumwith the principles of the Voluntary Credit Restances for this reason alone would be unrealistic straint Program except in the event that denial of and would work an undue hardship. However, credit for such a purchase would result in the withlending institutions should make every effort to drawal of the equipment from active use for deascertain that the delay in sale of the present propfense or essential civilian purposes. erty is, in fact, unavoidable and provide for a 7. Temporary real estate financing. The quesmaturity date or provisions to pay off in terms that tion was raised with the National Committee as to would reflect the "temporary" nature of the credit whether the Committee should amend its Bulletin required in such cases. Number 4 as Regulation X has recently been CHANGES IN REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES STATEMENT OF THE NATIONAL VOLUNTARY CREDIT souri, Kansas, Nebraska, the Dakotas, Minnesota, RESTRAINT COMMITTEE, JANUARY 30, 1952 Iowa, and Colorado. Richard W. Simmons, of the firm of Blunt, Ellis STATEMENT OF THE NATIONAL VOLUNTARY CREDIT & Simmons, 208 South LaSalle Street, Chicago, RESTRAINT COMMITTEE, FEBRUARY 7, 1952 Illinois, formerly Vice Chairman, has been ap- Fred B. Dickey, Vice President of The Farmers pointed Chairman of the Mid-Western Investment and Merchants National Bank of Los Angeles, Los Banking Voluntary Credit Restraint Committee. Angeles, California, has been appointed a member Mr. Simmons, a member of the Committee since of the Los Angeles Regional Commercial Banking its formation, succeeds D. Dean McCormick, of Voluntary Credit Restraint Committee. Mr. McCormick & Co., who found it necessary to relin- Dickey, who had been serving as an alternate memquish the chairmanship after nearly a full year of ber of the Committee, succeeds H. M. Craft of the service in that capacity. same institution. M. F. Bowler, Jr., also a Vice Robert E. Simond, of Halsey, Stuart & Company, President of The Farmers and Merchants National Inc., has been appointed Vice Chairman of the Bank, has been appointed an alternate member of Committee and John T. Stentz, of the staff of the the Los Angeles Committee. Federal Reserve Bank of Chicago, has been named Lewis D. Fox, President of the Tarrant County Secretary. Inquiries may be addressed to the Com- Building and Loan Association of Fort Worth, mittee in care of Mr. Stentz at 230 South LaSalle Fort Worth, Texas, has been appointed a member Street, Chicago 90, Illinois. of the Eleventh District Savings and Loan Volun- The territory served by the Mid-Western Com- tary Credit Restraint Committee. His appointment mittee includes the States of Illinois, Michigan, fills the vacancy on the Committee which was Wisconsin, Indiana, Kentucky, Mississippi, Mis- occasioned by the death of Peyton L. Townsend. MARCH 1952 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Consumer Credit period of thirty days from March 24 through April 22, 1952, the license of H. Bands, Inc., Phila- Court Proceedings and Suspensions of Licenses delphia, Pennsylvania, to make instalment sales of The United States District Court in Baltimore, articles listed in Regulation W. The Company Maryland, on February 15, 1952 fined Rosen's is engaged in the business of selling television sets Incorporated of Baltimore, Maryland, $500 and and household appliances, and was charged with costs and fined Leonard Rosen $500 and costs for failing to obtain the down payment required by violating Regulation W, Consumer Credit. The Regulation W, and with maintaining improper violations consisted in not obtaining the down pay- records, in a large number of sales. ment required by Regulation W in connection with instalment sales of television sets. The fines fol- Performance of Contract Secured or Guaranteed lowed pleas of guilty by the defendants. A question was presented recently concerning The United States District Court in Missoula, the application of Regulation W to a proposed Montana, on February 26, 1952 fined W. H. arrangement of a Registrant to lease automobiles to Brandbo of Hamilton, Montana, $300 for failing the salesmen of a corporate employer engaged in to obtain the down payment required by Regulaa commercial enterprise. tion W and for conspiring to violate the regulation Under the above arrangement a separate, indiand the Defense Production Act in instalment sales vidual lease of an automobile would be entered of automobiles. The sentence followed a plea into with each of the several salesmen of the corof guilty. porate employer. Each such lease would be for The United States District Court in New Orleans, an initial term of one year, and the rental pay- Louisiana, imposed a fine of $500 on the Jet Apments would be made in monthly instalments. In pliance Company, 1724-26 Tulane Avenue, New addition, under a separate agreement between the Orleans, for violating Regulation W, Consumer Registrant-lessor and the employer, the latter would Credit. The Court's action followed a plea of guarantee both payment and performance of the nolo contendere. The Company is engaged in the individual leases executed by the salesmen. business of selling home furnishings, including elec- On the basis of these facts, it was the Board's trical appliances, radios, and television sets. view that each of the individual leases in question The United States District Court in Philadelphia would be subject to the regulation. The fact that issued an injunction against Jacob Kirschner, Bensome third party, such as the employer in the case jamin Kirschner, and Isadore Kirschner, partners, presented, undertakes to guarantee payment and doing business as Kirschner Brothers, engaged in performance in the manner described would not selling television sets, electric refrigerators, and change that result. The essential nature of each other articles listed in Regulation W, Consumer of the transactions between the Registrant and the Credit, enjoining them from further violations of individual salesmen would remain unaffected for the regulation, and the Board of Governors of the Federal Reserve System suspended for a period of the purposes of the regulation. The performance fifteen days, from February 25 to March 10, 1952, of contracts, of course, may be secured in various inclusive, their license under Regulation W to ways, including, for example, conveyances of propmake instalment sales of such articles. The issu- erty for security purposes or various types of surety ance of the injunction and the entry of the order undertakings. However, whether or not an inby the Board were consented to by the partners. stalment contract is secured or unsecured does not The Board of Governors of the Federal Reserve of itself relieve the transaction from the provisions System, after notice and hearing, suspended for a of the regulation. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT "Vent-A-Hood" as Home Improvement or Accessory The Board is of the view that the "Vent-A- Hood," if sold or delivered by the Registrant to A question has been presented concerning the the customer at or about the time of the sale or application of Regulation W to instalment credit delivery of a cooking stove, should be regarded as for the purchase or installation of a home kitchen "an accessory" under section 8(/)(7) of the reguventilating device known as the "Vent-A-Hood." lation. Consequently, the "cash price" of the stove, Briefly, the "Vent-A-Hood" is constructed for at- a Group B article, would include the price of the tachment to the wall to the rear and directly above "Vent-A-Hood." On the other hand, a "Vent-Aa cooking stove, and is designed to catch cooking Hood" sold separately and not in connection with heat, steam, and vapor which are ejected from the the sale or delivery of a cooking stove should be house by means of an exhaust unit and duct leading regarded as a Group D article in view of the nature to a flue or to an opening in an outside wall. of its installation. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings At the time of Mr. Norton's appointment to the Board of Governors, he was President of the Coosa The Federal Advisory Council met in Wash- River Newsprint Company, Coosa Pines, Alabama; ington on February 17-19, 1952. The annual or- Chairman of the Board of the Florida Broadcastganization meeting of the Council was held on February 17, at which Edward E. Brown, Chair- ing Company, Jacksonville, Florida; and Chairman man of the First National Bank of Chicago, was of the Board of the Voice of Alabama, Inc., Birmingre-elected President; Robert V. Fleming, President ham, Alabama. He was also a director of the First and Chairman of The Riggs National Bank, was National Bank of Birmingham, the Nehi Corporare-elected Vice President; and Herbert V. Prochnow tion, and the Avondale Mills. was reappointed Secretary. The Council met with Mr. Norton's letter of resignation and the Presithe Board of Governors of the Federal Reserve dent's letter of acceptance follow: System on February 19. January 21, 1952. A meeting of the Presidents of the Federal Re- My dear Mr. President: serve Banks was held in Washington on February 27 and 28, and on February 29 the Presidents met Certain personal business obligations make it with the Board of Governors of the Federal Reserve necessary for me to submit to you my resignation System. as a member of the Board of Governors of the Federal Reserve System, effective February 1, 1952. On February 29 and March 1 meetings of the This matter has been discussed with Chairman Federal Open Market Committee were held. At Martin. the meeting on March 1, William McC. Martin, Since you are the inspiration or source of my Jr., was re-elected Chairman of the Committee and appointment to the Board of Governors, I feel deeply Allan Sproul, Vice Chairman. The representative indebted to you, and I covet the opportunity to members of the Committee elected by the Federal reciprocate. Reserve Banks for the period of one year beginning March 1, 1952, are Allan Sproul, Hugh Leach, Yours respectfully, Malcolm Bryan, C. S. Young, and C. E. Earhart, (Signed) ED NORTON Presidents of the Federal Reserve Banks of New The President, York, Richmond, Atlanta, Chicago, and San Fran- The White House. cisco, respectively. The White House, Resignation of Mr. Norton as a Member of the Board Washington, of Governors January 22, 1952. Mr. Edward L. Norton resigned as a member of Dear Mr. Norton: the Board of Governors effective February 1, 1952. I am certainly sorry that it is necessary for you He had served as a member of the Board of Gov- to leave the Federal Reserve Board. ernors since September 1, 1950. It was a great pleasure to me when you accepted MARCH 1952 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS the appointment and you have done a wonderful Corporation. He had been a member of the Assojob since you have been over there. I talked with ciation of Reserve City Bankers since 1938, and Chairman Martin yesterday and I am accepting your served on the Association's Committee on Federal resignation effective February first as you suggest. Relationships and as a Trustee of the Banking Re- I hope everything will go well with you and that search Fund. He was also a member of the Oregon sometime or other you will be in a position to render Bankers Association Committee on Legislation and further public service. Taxation, and previously had been on various other Sincerely yours, standing committees of the Association. For many years, Mr. Mills has been actively en- (Signed) HARRY S. TRUMAN gaged in public and civic affairs, as President of the Honorable Edward L. Norton, Portland 4-H Club Advisory Council, a director of Member of the Board of Governors the Oregon Tuberculosis and Health Association, of the Federal Reserve System, Overseer of Whitman College, and a member of the Washington, D. C. Governor's Committee on Small Business, American Academy of Political Science, National Committee Appointments of Mr. Mills and Mr. Robertson as on Boys and Girls Club Work, Inc., Oregon Finance Members of the Board of Governors Officers' Association, and the American Economic The President, on January 23, 1952, sent to the Association. Senate the nominations of Mr. Abbot L. Mills, Jr., of Oregon, and Mr. J. L. Robertson, of Nebraska, as Members of the Board of Governors. The nom- Mr. Robertson was appointed for the unexpired inations of Mr. Mills and Mr. Robertson were con- portion of the term of fourteen years from February firmed by the Senate without objection on February 1, 1950, to fill the vacancy resulting from the resig- 6, 1952, and they took the oath of office on Febru- nation of Mr. Edward L. Norton. ary 18. Mr. Robertson was born in Broken Bow, Nebraska, on October 31, 1907, the son of Andrew J. Mr. Mills was appointed for the unexpired por- Robertson and Dora Reese Robertson. He married tion of the term of fourteen years from February Miss Julia Jensen on July 24, 1928, and they have 1, 1944, to fill the vacancy occasioned by the resignation of Mr. Marriner S. Eccles. three sons. After attending Grinnell College in 1925-27, Mr. Robertson received A.B. and LL.B. Mr. Mills was born in Portland, Oregon, on Sepdegrees from George Washington University in tember 26, 1898, the son of Abbot Low Mills and 1931, and an LL.M. degree from Harvard Law Evelyn Lewis Mills. He married Miss Katherine Ainsworth on August 4, 1924, and they have four School in 1932. He was admitted to the Bar of the children, two sons and two daughters. He attended Court of Appeals for the District of Columbia in grammar school in Portland, Oregon; preparatory 1931, and to the Supreme Court of the United States school in Concord, Massachusetts; and in 1921, he in 1935. He is a member of the American Bar graduated from Harvard University with an A.B. Association and of the Federal Bar Association. degree. On September 18, 1918, he was commis- Mr. Robertson is a career employee with twentysioned a Second Lieutenant in the Infantry, United four years of service, having entered the Govern- States Army, and attached to the Georgia School of ment service in 1927 as a Clerk in the United States Technology. Senate Post Office. In 1932-33, he served as a On October 1, 1920, Mr. Mills was employed by Special Agent of the Federal Bureau of Investigathe First National Bank of Portland, Oregon, and tion. He became Assistant Counsel to the Compwas serving as Vice President on December 31, 1932, troller of the Currency in 1933, and in 1942, was when he became associated with The United States appointed Assistant Chief Counsel. Following his National Bank of Portland as Assistant Vice Presi- service as a Lieutenant (jg) in the United States dent. He later became Vice President and was serv- Naval Reserve in 1943-44, he was appointed Third ing as First Vice President at the time of his appoint- Deputy Comptroller of the Currency, and in 1949, ment as a member of the Board of Governors. He he was designated First Deputy Comptroller, the was also a director of The United States National office he was holding at the time of his appointment Bank of Portland, and of the United States National as a member of the Board of Governors. 256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Retirement of Mr. Rounds as First Vice President of Mr. Treiber was appointed Vice President on May the Federal Reserve Bank of New York and 1, 1950, and since that time, with the exception of a Appointment of Mr. Treiber as His Successor few months, his assignment has been in the field of Mr. L. R. Rounds retired as First Vice President general administration. of the Federal Reserve Bank of New York effective February 29, 1952. Mr. Rounds became associated Deaths of Directors with the Federal Reserve Bank of New York on Mr. Russell H. Britton, Executive Vice President August 1, 1917, and had served as an officer of the and Cashier, First National Bank of Rochester, Bank since January 1, 1918. He served as the prin- Rochester, New Hampshire, who had served as a cipal operating officer for a number of years and had Class A director of the Federal Reserve Bank of served as First Vice President since January 1, 1941. Boston since January 1, 1949, died on February 25, Mr. William F. Treiber was appointed First Vice 1952. President of the Federal Reserve Bank of New York, Mr. Ramon B. Handy, Executive Vice President, effective March 1, 1952, to succeed Mr. Rounds. The First National Bank of Greeley, Greeley, Colo- He is a graduate of Columbia University with B.A. rado, who had served as a director of the Denver and LL.B. degrees. He is also a graduate of the Branch of the Federal Reserve Bank of Kansas City Graduate School of Banking, Rutgers University. since January 18, 1951, died on February 26, 1952. Following several years in the general practice of law, Mr. Treiber joined the staff of the Federal Admission of State Bank to Membership in the Reserve Bank of New York as an Assistant Coun- Federal Reserve System sel on September 28, 1934. In 1940, he was ap- The following State bank was admitted to pointed Assistant Secretary as well as Assistant membership in the Federal Reserve System during Counsel, and in 1942, he was appointed Secretary the period January 16, 1952 to February 15, 1952: as well as Assistant Counsel. On July 1, 1945, he was appointed Assistant Vice President and con- Alabama tinued to serve as Secretary until October 1, 1949. Alabaster—The First Bank of Alabaster. MARCH 1952 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 27, and released for publication February 29] Industrial and construction activity and retail from December to January and in February was sales continued to change little in January and Feb- scheduled at a new record rate. ruary. The average level of wholesale prices de- Nondurable goods output in January was at about creased reflecting marked declines in basic com- the October-November rate after a slight dip in modities. Bank loans were reduced owing mainly December. Changes in the index of nondurable to decreases in loans for nondefense business pur- goods production over this period reflected mainly poses. fluctuations in the textile, leather, and paper indus- INDUSTRIAL PRODUCTION tries. Petroleum refining and output of chemicals Output at factories and mines in January, as and rubber products were maintained in large volmeasured by the Board's seasonally adjusted index, ume. Meat production in January was close to yearwas 219 per cent of the 1935-39 average—little ago levels. During the first three weeks of Febchanged from the level of recent months and ruary output of pork showed much less than the slightly below a year ago. Durable goods produc- usual seasonal decline and was substantially larger tion was maintained at a level 5 per cent higher than a year earlier. than a year ago, while output of nondurable goods continued about 6 per cent below the early 1951 EMPLOYMENT record rate. Employment in nonagricultural industries, after Activity in most munitions and producers equip- adjustment for seasonal variation, continued in ment lines showed little change in January after in- January at 46.5 million. Average weekly hours of creasing steadily in other recent months. Passenger work at factories, which rose considerably in Deauto assembly was curtailed further owing in large cember, declined again to a level only slightly above part to additional model changeovers, but showed other recent months, while average hourly earna substantial rise in February. Production of ings changed little. Unemployment was reported household durable goods rose somewhat in January at 2.1 million in early January, up 400,000 from reflecting increased television output. Nonferrous the preceding month, owing mainly to seasonal metals production rose further to a new postwar curtailment of construction and other outdoor achigh owing mainly to expansion of aluminum ca- tivities, but 450,000 below a year ago. pacity and output. Steel production changed little EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION 3NS OF PERSONS SEASONALLY ADJUSTED PER CENT PHYSICAL VOLUME,SEASONAL LY AOJUSTEO, 1935 - 39 • IOC PEF 260 _-r>—y"^^—s - MANUFACTURING r \ / TOTA y AND MINING - Jf 220 \ 1 \ 200 J J — / / \I J Y \ V ,/ 180 : .. . -—*^- — FINANCEUNO SERV - GOVERNMENT L.---~ "" 160 V 160 AND U P T O I R L T IT A I T E I S O • 140 CONSTRUCTIOh 120 1947 1948 1949 1950 1951 1947 1948 1949 1950 1951 100 100 Bureau of Labor Statistics' data adjusted for seasonal varia- 1942 1943 1944 1945 1946 1947 1948 1949 I95O 1951 tion by Federal Reserve. Proprietors and domestic servants Federal Reserve index. Monthly figures, latest shown are are not included. Midmonth figures, latest shown are for for January. January. 258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION January as further declines in prices of apparel and housefurnishings were offset by increases in rents Value of construction contract awards in Januand miscellaneous services. Since mid-January reary was somewhat smaller than in other recent tail prices of foods have shown some declines, while months, despite a slight increase in public works prices of passenger automobiles have been raised. and utilities and a sustained volume of industrial awards, and was substantially below the year-ago MONEY AND BANK CREDIT total. January housing starts totaled 68,000 as Total loans at banks declined in January and compared with 62,000 in December and with early February owing largely to a decrease in loans 86,000 a year ago. to business. Loans for commodity transactions and DISTRIBUTION most other nondefense business purposes were Seasonally adjusted sales at department stores in sharply reduced while loans for defense and de- January and the first half of February remained fense-supporting activities continued to increase close to the December level. Retail sales of dura- substantially. ble goods, seasonally adjusted, in January were Member bank reserve positions were easy during generally above the reduced December level. Stocks most of January but tightened somewhat near held by department stores at the end of January month-end and in the first three weeks of Febwere estimated to be little changed from Decem- ruary. A post-Christmas return flow of currency ber. Stocks of men's clothing and of some con- and a further gold inflow supplied reserves to memsumer durables remained somewhat high in rela- ber banks, while an increase in Treasury deposits tion to sales of these items. at the Reserve Banks and a substantial reduction in Federal Reserve holdings of Government securi- COMMODITY PRICES ties absorbed reserves. The general level of wholesale prices declined SECURITY MARKETS moderately in February reflecting continued weak- Common stock prices declined moderately durness in the markets for basic commodities. The ing the first two weeks of February and dropped most marked declines were in prices of textiles and more sharply during the third week. other materials used by the nondurable goods in- Yields on short-term Government securities dedustries, but prices of scrap metals also eased. clined slightly during the first three weeks of Feb- Livestock prices weakened further and were conruary while yields on intermediate-term issues rose siderably below the peak year-ago levels as marketsomewhat in anticipation of an increase in the ings, particularly of hogs, showed a much less than supply of securities to be made available to this seasonal decrease. Wholesale prices of most metal sector of the market through the Treasury offerproducts, on the other hand, continued at ceilings. ing of new issues announced on February 13. The consumers' price index was unchanged in PERSONAL INCOME CONSUMERS' PRICES BILLIONS OF DOLLARS SEASONALLY ADJUSTED , ANNUAL RATES BILLIONS OF DOLLAF PERCENT 1935- 39-100 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Department of Commerce estimates. Wage and salary data Bureau of Labor Statistics' indexes. "All items" includes shown are disbursements and include employee contributions fuel and housefurnishings groups not shown separately. Mid- for social insurance which are excluded from the total. Monthly month figures, latest shown are for January. figures, latest shown are for December. MARCH 1952 259 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. 263-264 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W 264-266 Federal Reserve Bank statistics 267-269 Guaranteed Regulation V loans 269 Deposits and reserves of member banks 269-270 Bank debits an deposit turnover; Postal Savings System 270 Money in circulation 271 Consolidated statement of the monetary system, deposits and currency 272 All banks in the United States, by classes 273-275 All insured commercial banks in the United States, by classes. 276-277 Weekly reporting member banks 278-280 Life insurance company commitments 280 Commercial paper, bankers' acceptances, and brokers' balances 281 Money rates; bank rates on business loans; bond yields 282 Security prices and new issues 283-284 Corporate sales, profits, and dividends 284-286 Treasury finance 287-289 Government corporations and credit agencies 290 Business indexes 291-300 Department store statistics 301-304 Consumers' prices 304 Wholesale prices .... 305 Gross national product, national income, and personal income. 306-307 Consumer credit statistics 308-310 Revised Indexes of wholesale prices 311-313 Earnings and expenses of Federal Reserve Banks during 1950. 314-315 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. 261 MARCH 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 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- S GOVERNMENT SECURITIES 15 15 10 NOTES AND 10 CERTIFICATES 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for March 5. See page 263. 262 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- Treas- Other Date or period co D a u n is n d - ts T U ot . a l S s . e B G cu o o r n v i d t e i s e rn s c m c B e a e r i t t l n e i l f s t s i , , - ot A he ll r* Total s G to o c ld k s r t o c e u i a u n u n r n r c y t g d - - y - M i c n t u o i o c l n a n i e r - y - T h c i u r n o a e r g l s a y d h s s - - F u B p e s w r R e o d y a r i s n e e t v d i r - k h t e a e s s - l b p m N e o r e o s m n d it e - s - - c s F o e R e a e r u r c e a d v - n - l - e ts Total qu R ir e e - d2 Exand notes Wednesday figures: 1951—Jan. 3. 2820,571 4,624 15,9471,281 21,87922,706 4,634 27,685 1,299 546 1,250 74717,691 16,500 1,191 Jan. 10. 7320,461 4,674 15,787 70021,23522,546 4,635 27,415 1,308 273 1,173 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 1,113 74318,587 17,618 969 Jan. 24. 27320,545 4,747 15,798 79021,60822,443 4,635 27,028 1,303 256 1,095 74318,260 17,610 650 Jan. 31. 798 21,484 4,965 16,519 76923,05122,392 4,638 27,048 1,297 807 1,206 73718,984 18,047 937 Feb. 7. 643 21,641 5,080 16,561 97623,26022,341 4,638 27,125 1,307 795 1,200 73619,075 18,249 826 Feb. 14. 294 21,808 5,202 16,6061,229 23,33022,260 4,637 27,159 1,292 864 1,226 73418,952 18,211 741 Feb. 21. 19621,854 5,320 16,5341,233 23,28322,207 4,637 27,164 1,277 796 1,223 73318,934 18,357 577 Feb. 28. 39721,881 5,393 16,488 909 23,188 22,086 4,640 27,188 1,293 465 1,172 72919,066 18,366 700 Mar. 7. 20722,179 5,592 16,587 840 23,22621,951 4,639 27,219 1,308 495 1,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,093 23,65221,900 4,639 27,167 1,283 420 1,102 72119,498 18,456 1,042 Mar. 21. 15122,348 5,891 16,4571,109 23,60721,856 4,638 27,121 1,295 608 1,042 73419,301 18,724 577 Mar. 28. 47122,606 6,032 16,574 77523,85221,855 4,637 27,038 1,299 1,052 1,197 73619,023 18,535 488 Apr. 4. 12622,914 6,288 16,626 77323,81321,806 4,640 27,138 1,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,89521,806 4,640 27,166 1,287 411 1,190 75319,533 18,546 987 Apr. 18. 114 23,086 6,544 16,5421,034 24,23421,807 4,640 27,157 1,293 621 1,184 75219,674 18,558 1,116 Apr. 25. 14922,940 6,570 16,370 70023,78921,807 4,641 27,122 1,296 678 1,212 75319,176 18,482 694 May 2. 26422,716 6,570 16,146 74423,72421,755 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. 22622,413 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 56423,39621,755 4,642 27,461 1,294 620 1,217 69318,508 18,202 306 June 6. 12822,653 6,869 15,784 76523,54621,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 863 June 13. 17922,758 6,936 15,82: 84623,783 21,756 4,647 27,499 1,289 129 1,095 68619,487 18,417 1,070 June 20. 16522,806 6,736 16,0701,178 24,15021,755 4,648 27,479 1,285 433 1,099 77419,482 18,642 840 June 27. 220 22,843 6,809 16,034 85223,91621,755 4,650 27,601 1,286 1,139 77519,102 18,564 538 July 3. 18122,977 6,822 16,155 81223,97021,756 4,654 27,948 1,287 179 1,014 19,189 18,556 633 July 11. 236 23,092 5,822 17,270 93824,26721,757 4,656 27,893 1,296 253 1,107 76819,364 18,459 905 July 18. 300 23,081 5,822 17,2591,223 24,60521,758 4,656 27,781 1,296 612 1,183 76619,380 18,465 915 July 25. 78 23,057 5,822 17,235 92824,06321,759 4,658 27,706 1,305 424 1,191 76719,088 18,440 648 Aug. 1. 408 23,081 5,822 17,259 79424,28221,759 4,663 27,842 1,308 557 1,175 72219,099 18,430 669 Aug. 8. 200 23,118 5,822 17,296 72724,04621,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 24223,151 5,822 17,329 96724,36021,800 4,666 27,925 1,288 495 1,113 19,285 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 65724,00121,800 4,668 28,034 1,291 557 999 71718,871 18,485 386 Sept. 5. 243 23,079 5,822 17,25 68424,00621,854 4,672 28,262 1,299 408 1,022 71418,82: 18,406 419 Sept. 12. 325 23,108 5,822 17,286 95124,384 21,853 4,673 28,216 1,294 474 1,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,289 24,78321,934 4,674 28,140 1,285 477 923 730 19,835 18,864 971 Sept. 26. 21623,474 5,822 17,652 98824,67722,013 4,676 28,137 1,288 816 1,024 73119,369 18,837 532 Oct. 3. 69 24,039 5,825 18,214 92225,03022,015 4,680 28,320 1,284 397 966 20,004 18,843 1 ,161 Oct. 10. 79 24,072 5,825 18,24 87525,02522,055 4,680 28,448 1,286 335 1,002 19,939 18,868 1,071 Oct. 17. 69 23,848 5,325 18,5231,200 25,11722,105 4,681 28,385 1,296 326 975 85120,068 18,950 1,118 Oct. 24. 15223,666 5,325 18,3411,02424,84122,144 4,683 28,301 1,291 509 886 85019,833 19,144 689 Oct. 31. 186 23,552 5,325 18,227 69024,42722,234 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 77819,66' 18,988 679 Nov. 14. 274 23,397 5,325 18,07: 93024,60222,283 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. 483 23,239 5,334 17,905 95 24,679 22,332 4,693 28,742 1,288 548 750 77419,603 19,229 374 Dec. 5. 95923,239 5,357 17, J 25,08122,381 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 17,9052,05 25,74522,491 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 1,289 289 880 832 20,208 19,637 571 1952—Jan. 2.. 105 23,658 5,344 18,3141,062 24,82522,697 4,706 29,143 1,275 694 74520,364 19,685 679 Jan. 9.. 198 23,452 5,344 18,108 90424,554 22,772 4,707 28,800 1,280 69 771 74320,369 19,551 818 Jan. 16.. 135 23,119 5,344 17,7751,118 24,37222,822 4,710 28,526 1,291 138 719 744 20,488 19,590 898 Jan. 23.. 11222,993 5,344 17,6491,010 24,11622,872 4,711 28,342 1,280 11 663 74320,660 19,573 1,087 Jan. 30.. 210 22,785 5,344 17,441 71123,70722,931 4,716 28,347 1,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 5,344 17,270 75923,65622,990 4,717 28,378 1,317 52 728 74120,148 19,415 733 Feb. 13. 619 22,499 5,344 17,155 63423,753 23,011 4,717 28,425 1,276 261 685 74120,094 19,304 790 Feb. 20. 454 22,400 5,471 16,9291,03 23,88723,071 4,721 28,387 1,308 491 749 73820,007 P19.311 P696 Feb. 27. 42222,555 5,636 16,919 77323,75023,110 4,722 28,390 1,308 712 730 73519,710P19.252 P458 p Preliminary. 1 Includes industrial loans and acceptances purchased, which are 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. 263 MARCH 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 Date or p<;riod co D u is n - ts U. S s . e G cu o r v i e ti r e n s ment s G to o c ld k T r c e u r u n r e r c y a - y s- M in cu o c l n a ir e - y - T c u r a e r s y a h s- F u T p e r w r d o y e i s e t a i r d h t s a e s - l - b m N er e o m n d - - e- O F e R e t r h e d a - e - l r a a n d- d c B er il t l i s fi , - ot A h n er1 Total s o ta u n t- d- tion h in ol g d s - s R er e v - e posits se a r c v - e Total qu R ir e e - d2 (: E e x ss - ' 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—June30.. 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 1,35J 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31... 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31... 163 23.350 753 22.597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15.577 562 1947—Dec. 31... 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30... 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31... 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30... 103 19,343 7,780 11,563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,018 1950—June30... 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 16,509 1,172 1951—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 19 23,801 5,344 18,457 1 189 25,009 22,695 4,709 29,206 1,270 247 889 746 20,056 19,667 389 1952—Jan.. 328 22,729 5,344 17,385 726 23,783 22,951 4,717 28 ,386 1,319 162 766 741 20,077 19,443 634 Feb.. 598 22,528 5,636 16,892 778 23,904 P23 ,190P4,725 P28 ,464 Pi ,286 558 796 733 19,982 P19,280 P7O2 Averages of daily figures: 1950—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 Feb.. 330 21,733 5,197 16,536 1,22223,286 22,249 4,637 27,145 1,290 842 1,255 734 18,907 18,279 627 Dec. 657 23,409 5,352 18,057 1,38025,446 22,483 4,701 29,139 1,280 271 835 796 20,310 19,484 826 1952—Tan.. 200 23,206 5,344 17,862 1,03824,444 22,824 4,709 28,637 1,281 109 737 744 20,470 19,536 933 Feb.. 365 22,552 5,432 17,120 909 23,826 23,039 4,719 28,406 1,294 352 799 738 19,995 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 l Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Time deposits S P O a o t v h st i e n a r g l 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: Ef o f f e ct c iv h e a n d ge ate C r b e e c a s n i e n t t r y k r v a s 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 ba e ( m n a k l b l s e ) r In 6 months or more 2H In 90 days to 6 months. . . In less than 90 days 1 1938—Apr. 16 22M 12 5 1941—Nov. 1 26 20 2 14 6 NOTE.—Maximum rates that may be paid by member banks as 1942—Aug. 20 24 established by the Board of Governors under provisions of Regula- Sept 14 22 tion Q. Under this Regulation the rate payable by a member bank Oct. 3 20 may not in any event exceed the maximum rate payable by State 1948—Feb. 27 22 banks or trust companies on like deposits under the laws of the State June 11 24 i p n a f i w d hi b c y h i t n h s e u r m ed e m n b o e n r m b e a m nk b er i s b lo a c n a k t s e d a . s e M st a a x b i l m is u h m ed ra b t y e s th th e a t F . m D a .I y .C b . e , S Se e p pt t . 2 1 4 6 26 22 16 2 3 7 7 3 1 ^ / effective Feb. 1, 1936, are the same as those in effect for member banks. 1949—May 1 2 7 May 5 24 21 3 7 June 30 20 36 July 1 14 26 MARGIN REQUIREMENTS3 Aug 1 13 Aug. 11 193^ 35 [Per cent of market value] Aug. 16 " "\2 25 Aug. 18 "*23"" Feb. 1, Mar. 30, Effec- Aug. 25 Se P c r u e r s i c t r i i e b s e d E x i c n h a a c n c g o e r d A an c c t e o f w i 1 t 9 h 34 M 1 a 9 r 4 . 7 2 - 9, Ja 1 n 9 . 4 9 1 - 6, Jan ti . v e 17, 1951— S Ja e n p . t . 11 1 23 1 1 8 9 2 . . ._ 3 6 1949 1951 1951 Jan 16 2 6 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect Mar. 1, 1952 4. .. 24 20 14 6 For extensions of credit by brokers and dealers on listed securities 75 50 75 1 Demand deposits subject to reserve requirements, which beginning For short sales 75 50 75 Aug. 23, 1935, have been total demand deposits minus cash items Regulation U: in process of collection and demand balances due from domestic banks For loans by banks on stocks 75 50 (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. 3 Requirement became effective at central reserve and reserve city banks. 4 Present legal minimum and maximum requirements on net demand "margin requirements" shown in this table are the diffe deposits—central reserve cities, 13 and 26 per cent; reserve cities, the market value (100%) and the maximum loan value. 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, deposits at all member banks, 3 and 6 per cent, respectively. and BULLETIN for March 1946, p. 295, and February 1947, p. 162. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 264 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- A o d b v l a ig n a c t e io s n s s e c a u n r d e d d i b s y c ou G n o ts v e o r f n m an e d nt Other secured advances ti b o o a b n n l s i k g s o a t t s h i e o e c n r u s r t e h o d a f n t b h y e m d e U i m . r e b S c e . t r Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e li 1 g 3 i a b ) l 1 e paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 29 beginning— rate Feb. 29 beginning— rate Feb. 29 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan. 14, 1:948 2 New York Aug. 21,1950 Aug. 21,1950 'Oct. 30, 1942 3^ Philadelphia. . Aug. 25,1950 Aug. 25,1950 Aug. 23, 1948 2 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25, 1950 2J^ Richmond Aug. 25,1950 Aug. 25,1950 2 Oct. 28, 1942 4 Atlanta Aug. 24,1950 Aug. 24,1950 Aug. 24, 1950 2J^ Chicago , Aug. 25,1950 Aug. 25,1950 Aug. 13, 1948 2J^ St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12, 1948 2 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug. 23, 1948 2)4 Kansas City., Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 2 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 2 San Francisco Aug. 24,1950 Aug. 24,1950 2 Oct. 28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R Fe a b te . 2 o 9 n In g i e n f n fe in ct g — be- Pre ra v t i e ous Maturities not exceeding five years [In effect February 29. Per cent per annum] w% 1- 90 days Dec. 18, 1951 IK 91-120 days Dec. 18, 1951 121-180 days 2 2H Dec. 18, 1951 To industrial or commercial To financing institutions NOTE.—Effective minimum buying rates at the Federal Reserve businesses Bank of New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Federal On discounts or Back figures.—See Banking and Monetary Statistics, Table 117, pp. Reserve purchases 443-445. Bank On On On commit- Portion commitloans 1 ments for which Re- ments FEES AND RATES ESTABLISHED UNDER REGULATION V institu- maining ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect February 29] 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 9 8 0 5 2 30 5 2 30 5 1 2 R In a c t l e u d c i h n a g r g l e o d a n b s o m rro a w de e r i n l e p ss a r c ti o c m ip m at i i t o m n e n w t it r h a t f e i . nancing institutions. 95 35 35 » Rate charged borrower. Over 95 40-50 40-50 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 Rates Financing Institutions May Charge Borrowers Back figures.—See Banking and Monetary Statistics, Table 118, [Per cent per annum] pp. 446-447. Interest rate Commitment rate. 265 MARCH 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as amended, and Executive Order 10161 1- to 4-family units and farm residences Multi-unit Nonresidential Value per family unit residences properties * Regulation X and FHA VA (Reg. X and FHA) (Regulation X) Maximum loan per family unit2 Maximum loan (in per cent of value unless otherwise specified) per property Not more than $7,000 90 96 per cent of price 83 $7,001-$10,000 85 94 per cent of price $10,001-$12,000 80 92 per cent of price $5,810 plus 53 per cent $12,001-$15,000 $9,600 plus 40 per cent $11,040 plus 17 per cent of excess over $7,000 of excess over $12,000 of price over $12,000 (83-67) (80-72) (92-77 per cent of price) $15,001-$20,000.... $10,800 plus 20 per cent $11,550 plus 25 per cent 50 per cent of value of exces ( s 7 o 2 v -5 e 9 r ) $15,000 o (7 f 7 p -6 r 4 ic e p e o r v c e e r n t $ o 1 f 5 , p 0 r 0 ic 0 e) $ of 1 0 e , x 0 c 5 e 0 s s p l o u v s e 2 r 0 $ p 1 e 5 r ,0 c 0 e 0 nt (67-50) $20,001-$23,500.... $11,800 plus 10 per cent $12,800 plus 15 per cent of excess over $20,000 of price over $20,000 1 - (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 5 0 * 3 2 2 0 5 J None specified } Amortization requirements Minimum annual reduction of 5 per cent of original loan until amount outstanding is 50 per cent None specified under Liquidation of loan by or less of property value at time the loan was Regulation X; periodic maturity through sub- All values ... .... made or liquidation of loan by maturity through payments satisfactory stantially equal periodic substantially equal periodic payments or pay- to Commissioner on payments or payments ments of principal FHA loans of principal Effective date September 1, 1951 * September 1, 1951 < January 12, 1951 February 15, 1951 1 Properties generally described as commercial and recreational. 2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value. 8 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 paymentx 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. ep 1 t 5 . , 1 1 8 9 - 50 O Ju c l t y . 1 3 6 0 , , 1 1 9 9 5 5 0 1 - July 31, 1951 Listed articles: Passenger automobiles2 33 H 21 15 18 Major appliances 5 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 (5) (6) (6) (6) (5) (5) 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 Effective Jan. 2, 1952, includes only automobiles of model years later than 1942. 3 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. 4 Includes heating, plumbing, and other household fixtures. 6 Requirements same as on instalment sales of respective articles. 266 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 1952 1951 Feb. 27 Feb. 20 Feb. 13 Feb. 6 Jan. 30 Feb. Jan. Feb. Assets Gold certificates 21,186,251 1,146,254 1,119,252 1,074,252 1,012,254 1,286,251 1,012,25120,257,403 Redemption fund for F. R. notes... 706,125 706,355 708,102 708,102 719,231 706,081 719,231 594,817 Total gold certificate reserves.. 1,892,376 1,852,609 1,827,354 1,782,354 1,731,485 1,992,332 1,731,482 !0,852,220 Other cash 419,320 424,547 431,623 422,722 431,378 413,805 430,172 359,038 Discounts and advances: For member banks 422,486 454,287 619,339 282,833 210,145 598,175 328,485 397,557 Ind F u o s r tr n i o al n m lo e a m ns ber banks, etc. 4,977 ""i',466 ""4", 630 " "4',529 " "4",4i6 '4',883 ""4',57O 3,606 U. S. Government securities: Bills 1,526,606 Certificates: Special Other 11,851 ,860,447 12,087,148 12,202,148 12,372,998 11,824,306 12,316,398 Notes 5,068 ,068,073 5,068,073 5,068,073 5,068,073 5,068,073 5,068,07314,960,983 Bonds 5,635 ,471,177 5,344,127 5,344,127 5,344,127 5,635,823 5,344,127 5,393,375 Total U. S. Government securities. 22,554,952 22,399,697 22,499,34822,614,348 22,785,198 22,528,202 22,728,59821,880,964 Total loans and securities. 22,982,415 22,858,45023,123,317 22,901,71022,999,75323,131,260 23,061,65322,282,127 Due from foreign banks 28 28 28 28 28 28 28 F. R. notes of other Banks. 180,801 176,885 179,434 195,903 210,345 182,127 205,928 Uncollected cash items 3,761,184 ,001,662 3,757,090 3,357,931 3,424,083 3,355,342 3,299,047 Bank premises 44,095 44,170 44,059 43,902 43,91 44,137 43,898 Other assets 201,894 191,675 182,136 174,748 167,280 204,086 168,360 Total assets. 49,482,11349,550,02649,545,04148,879,29849,008,26949,323,117 48,940,56847,368,309 Liabilities Federal Reserve notes 24,357,763 24,356,63024,410,96924,388,35324,374,92624,422,57024,404,66423,109,851 Deposits: Member bank—reserve accounts.. 19,709,59620,007,14420,093,57920,147,74020,012,91819,982,42820,076 19,066,165 U. S. Treasurer—general account. 711,519 491,078 261,208 51,629 220,880 557,799 161 465,141 Foreign 522,78 475,700 427,871 462,192 456,995 577,359 445 838,880 Other 206,650 272,622 257,179 265,752 271,746 218,159 320 333,326 Total deposits. 21,150,552 21,246,544 21,039,837 20,927,313 20,962,539 21,335,745 21,004,476 20,703,512 Deferred availability cash items 2,993,176 2,973,005 3,127,422 2,603 947 2,717,158 2,582,699 2,578. 2,636,996 Other liabilities and accrued dividends. 14,865 14,264 13,979 13, 13,533 14,412 13, 10,985 Total liabilities. 48,516,356 48,590,443 48,592,207 47,932, 48,068,156 48,355,426 48,000,32346,461,344 Capital Accounts Capital paid in 241,128 240,843 240,271 240,094 239,766 241,431 239,802 227,916 Surplus (section 7) 538,342 538,342 538,342 538,342 538,34: 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 158,74. 152,855 146,678 140,430 134,462 160,375 134,558 141,484 Total liabilities and capital accounts 49,482,11349,550,026 49,545,04148,879,298 49,008,269 49,323,11 48,940,56847,368,309 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 48.1 47.9 48.0 48.1 47.9 48.1 47.9 47.6 Contingent liability on acceptances purchased for foreign correspondents 10,108 11,102 11,672 12,310 12,826 9,852 12,826 31,516 Industrial loan commitments 6,821 7,30 7,071 7,162 6,589 6,844 7,124 2,937 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances—total 422,486 454,287 619,339 282,833 210,145 598,175 328,485 397,557 Within 15 days ... 398,979 433,309 595,886 253,654 184,301 562,843 303,441 387,868 16 days to 90 days 23,507 20,978 23,453 29,179 25,844 35,332 25,044 9,668 91 davs to 1 vear 21 Industrial loans—total 4,977 4,466 4,630 4,529 4,410 4,883 4,570 3,606 Within 15 days 937 908 781 747 687 868 676 48 16 days to 90 days 815 646 881 790 1,088 778 923 269 91 days to 1 year 2,019 1,948 1,916 1,912 1,527 2,073 1,863 2,160 Over 1 year to 5 years 1,206 964 1,052 1,080 1,108 1,164 1,108 1,129 U. S. Government securities—total ... ... ?? ,554,952 7.2,399,697 22,499,34822,614,34822,785,19822,528,202 22,728,59821,880,964 Within 15 davs 164,650 16 to 90 days . 4,156,646 3,798,791 3,207,242 3,207,242 3,207,242 4,156,646 3,207,242 1,361,956 91 days to 1 year 9,653,731 9,856,331 10,547,531 10,662,531 10,833,381 9,626,981 10,776,781 12,231,185 Over 1 year to 5 years S,102,256 5,102,256 5,102,256 5,102,256 5,102,256 5,102,256 5,102,256 4,308,973 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 2,827,500 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 25,426,41725,455,954 25,477,05125,543,103 25,632,08224,422,570 25,630,52223,957,688 Collateral held against notes outstanding: Gold certificates 12,624,000 12,584,00012,684,00012,684,00012,684,00012,624,00012,684,00012,769,000 Eligible paper 271,721 293,852 381,164 125,358 110,770 379,235 218,910 283,391 U. S. Government securities 13,575,00013,675,00013,675,00013,775,00013,775,00013,575,00013,775,000 12,040,000 Total collateral. 26,470,721 26,552,852 26,740,16426,584,35826,569,770 26,578,23526,677,91025,092,391 1 Callable U. S. Government securities classified according to nearest call date. 267 MARCH 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 29 1952 ? [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates.21,286,251 755,597 7,127,4511,256,5161,436,848 965,967 833,9224,040,857 591,763 374,422 805,879 663,979 2,433,050 Redemption fund forF. R. notes. 706,081 62,118 75,496 55,066 80,598 65,208 49,225 116,721 49,033 24,901 36,912 27,966 62,837 Total gold certificate reserves..21,992,332 817,715 7,202,9471,311,5821,517,4461,031,175 883,1474,157,578 640,796 399,323 842,791 691,945 2,495,887 Other cash 413,805 29,631 80,156 29,917 36,366 26,782 29,089 77,652 21,324 8,529 17,017 15,326 42,016 Discounts and advances: Secured by U. S. Govt. securities. . . 597,315 7,025 31,130 6,385 5,490 24,000 23,425 169,750 10,650 1,425 41,485 8,200 268,350 Other 860 85 200 325 250 Industrial loans.. 4,883 3,874 80 782 129 ' ' 'l8 U. S. Govt. securities 22,528,202 1,527,254 4,849,669 1,383,3672,246,017 1,505,5371,324,4563,479,9311,236,933 716,4191,083,4491,064,6152,110,555 Total loans and securities.... 23,131,260!1,534,364 4,880,799 1,393,6262,251,707 1,529,9421,348,6633,649,6811,247,583 717,9731,125,1841,072,8332,378,905 Due from foreign banks 28 2 2 3 1 1 4 1 1 1 1 3 F. R. notes of other Banks 182,127 5,990 20,309 9,071 9,235 49,441 25,712 14,055 7,481 6,047 6,141 11,560 17,085 Uncqllected cash items 3,355,342 294,898 611,799 207,949 307,172 266,305 244,625 558,971 130,363 84,576 185,878 148,192 314,614 O B t a h n e k r p a r s e s m ets ises... 20 4 4 4 , , 0 1 9 3 0 7 14 1 , ,0 9 0 2 8 2 43 7 , , 2 5 0 4 9 2 1 2 2 , , 8 42 4 5 3 21 4 , , 0 79 0 5 6 1 4 3 , , 1 8 7 1 2 0 1 3 2 , , 1 1 1 2 1 8 30 6 , ,5 8 1 8 5 6 1 3 0 , ,9 2 7 3 5 0 6 1 , , 3 0 1 7 4 8 2 9 , , 4 9 4 3 2 0 9, 6 57 5 1 0 1 6 8 , , 7 9 5 1 1 4 Total assets 49,323,121! 2,698,530 12,846,7692,967,4154,147,7302,921,6282,546,4768,495,3422,061,753 1,223,8412,189,384 1,950,0785,274,175 Liabilities F. R. notes 24,422,570 1,492,866 5,405,0881,730,6732,224,3401,726,9101,332,9114,664,4241,137,8 622,792 963,395 686,1232,435,180 Deposits: Member bk.— reserve accts. 9,982,428 858,473 6,318,257 908,1831,492,610 843,873 907,3913,143,087 456,277 968,7941,005,4482,364,891 U. S. Treas.— gen. acct.. . . 557,799 32,906 55,072 44,062 50,981 45,424 35,550 63,387 34,771 31,574 49,733 51,164 63,175 Foreign 577,359 35,483 2 177,879 44,639 52,652 29,187 24,609 79,550 21,747 14,880 21,747 21,747 53,239 Other 218,159 3,066 163,131 878 4,101 1,622 2,778 1,803 7,136 1,377 168 944 31,155 Total deposits... 21,335,745i 929,928 6,714,339 997,7621,600,344 920,106 970,328 3'.,287,827, 778,798 504,1081,040,4421,079,3032,512,460 Deferred avail. cash items.... 2,582,699 213,497 446,663 164,060 231,427 222,061 198,297 405,739 104,756 69,807 146,144 145,076 235,172 Other liab. and accrued div.... 14,412 880 3,600 816 1,767 699 809 2,297 607 640 598 521 1,178 Total liabilities. . 48,355,426 2,637,171 12,569,6902,893,3114,057,8782,869,7762,502,3458,360,2872,022,029 1,197,3472,150,579 1,911,0235,183,990 Capital Accts. Capital paid in. . 241,431 13,076 76,338 16,926 22,972 10,529 9,970 31,250 8,456 5,444 9,127 11,558 25,785 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.. 160,379 11,080 33,679 11,196 15,226 10,949 9,528 22,775 8,959 5,914 8,174 7,980 14,919 Total liabilities and cap. accts.. 49,323,121 2,698,530 12,846,7692,967,4154,147,7302,921,628 2,546,4768,495,3422,061,753 223,8412,189,3841,950,0785,274,175 Reserve ratio.... 48.1% 33.8% 59.4% 48.1 39.7% 39.0% 38.3 52.3% 33.4% 35.4% 42.1% 39.2% 50.4 Cont. liab. on accept, purch.— foreign corresp. 9,852 627 3 2,793 789 930 516 435 1,406 263 384 384 941 Industrial loan commitments.. 6,844 2,174 916 67 2,433 825 429 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,424,432 1,563,501 5,649,3011,793,548 2,326,5691,807,7971,398,633 4,767,1301,181,077 632,961 989,039 729,8522,585,024 Collateral held: Gold certificates12,624,000 350,000 4,470,000 750,000 760,000 580,000 485,000 2,610,000 270,000 150,000 280,000 219,0001,700,000 Eligible paper.. 379,235 7,110 28,730 6,385 18,950 10,650 1,425 41,635 264,350 U. S. Govt. sec.13,575,000 1,300,000 1,300,0001,100,0001,62*5", 0001,300,000 950,000 2,200,6661,000,000 505,000 750,000 545,000 1,000,000 Total collateral..26,578,235 1,657,110 5,798,7301,856,385 2,385,0001,898,9501,435,000 4,810,000 1,280,650 656,425 1,071,635 764,000 2,964,350 1 After deducting $20,000 participations of other Federal Reserve Banks. 2 After deducting $399,465,000 participations of other Federal Reserve Banks. 3 After deducting $7,059,000 participations of other Federal Reserve Banks. 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVB [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND Partici- Date (last 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 in io a n n s c- EXECUTIVE ORDER NO. 10161 Wednesday to UcllC 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 8 ) Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al to date outstanding available to borrowers 1944 3,489 525,532 1,295 3,894 4,165 2,705 Date under guar- 1 1 19 9 9 4 4 4 7 5 6 3 3 3 , , , 5 5 5 4 1 7 2 1 4 5 5 5 4 8 6 4 6 5 , , , 9 7 9 6 2 1 1 6 3 4,5 3 9 7 4 2 7 5 0 1 1 , , 9 3 5 9 8 5 5 7 4 8 7 1 , , , 6 3 4 4 0 3 4 9 4 2 4 1 , , ,0 8 6 8 6 7 6 9 0 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 r t 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 3,698 651,389 4,819 2,632 3,754 3,745 1950 1951 O N c o t v . . 3 3 1 0 . .. . . . 2 3 3 1 1 3 , , 0 5 0 8 0 5 2,340 2,232 3,335 Jan. 31. .. 3,707 654,199 1,862 3,520 3,325 5,402 Dec. 31... 62 31,326 8,017 6,265 8,299 Feb. 28... 3,706 655,702 1,523 3,681 2,937 5,358 Mar. 31... 3,710 660,525 3,980 3,988 2,824 5,262 1951 J A S N A J D M O u u e o p u e c a p l n c v r t g y y . t e . . . . . 3 3 3 3 3 3 3 3 3 1 0 0 1 1 1 0 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 , , , , , , , , , 7 7 7 7 7 7 7 7 7 3 3 3 2 2 1 3 3 2 6 2 4 7 1 7 1 6 4 6 6 6 6 6 6 7 7 7 7 7 9 9 6 0 6 1 0 1 8 5 1 7 0 0 4 6 , , , , , , , , , 4 4 1 5 9 2 9 0 4 3 7 7 3 3 1 8 4 7 2 7 8 1 6 5 8 0 3 1 4 3 3 2 3 4 6 3 2 , , , , , , , , , 2 5 5 3 0 9 9 7 1 2 1 7 7 4 9 9 2 3 1 3 8 3 7 3 4 5 0 4 4 5 5 4 4 5 5 5 , , , , , , , , , 4 6 8 7 5 0 2 8 7 0 4 8 6 6 0 5 4 5 1 7 7 2 2 5 5 5 0 3 6 6 6 3 3 6 2 7 , , . , , , , , , 3 1 7 7 0 4 6 0 5 6 5 6 4 4 3 7 9 5 1 1 7 3 0 6 8 5 0 1 1 1 1 5 6 6 5 7 1 1 1 2 , , , , , , , , , 1 1 3 9 9 9 4 8 0 1 9 3 8 9 2 9 6 6 5 9 1 5 0 0 4 9 0 A S F A J J M J M a u u e e u p a a n p b n l g r y y r . . . e . t . . 3 3 3 3 3 3 2 3 3 1 1 1 1 1 0 8 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 4 4 6 5 7 1 1 0 5 5 8 2 6 2 6 1 2 8 4 4 8 8 9 1 9 1 1 , , 0 1 3 4 6 8 5 1 1 5 5 0 2 5 2 1 2 0 4 2 0 1 4 8 4 2 9 , , , , , , , , , 9 3 9 2 8 5 6 5 4 4 3 5 6 9 8 2 4 3 2 5 7 7 3 4 6 1 3 4 4 2 3 1 1 9 0 4 6 2 2 5 2 8 2 5 8 4 5 3 2 6 3 , , , , , , , , , 1 0 8 2 2 1 7 0 6 6 4 3 9 0 5 7 8 1 7 3 3 9 0 0 8 0 0 4 2 2 3 1 1 0 3 5 0 6 3 5 0 1 0 9 7 6 6 2 1 6 9 , , , , , , , , , 6 4 7 5 6 9 8 0 8 5 6 1 3 1 7 5 5 3 2 5 5 7 8 3 8 3 7 4 3 2 3 2 1 5 4 8 3 4 0 7 8 1 0 7 4 9 5 3 6 5 3 , , , , , , , , , 0 8 9 8 7 6 0 8 7 1 0 5 0 2 0 2 4 4 3 5 2 2 2 1 9 0 8 1952 O N c o t. v . 3 3 1 0 . . . . . . 8 7 1 7 5 6 1 1, , 3 2 0 1 2 8 , , 3 9 4 8 2 8 5 6 5 1 6 5 , ,8 8 1 3 2 9 4 5 5 0 4 2 , , 7 5 8 2 9 4 4 4 9 7 5 6 , , 5 6 1 9 2 9 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 Dec. 31. .. 854 1,395,444 675,459 546,597 472,827 1952 ser 1 v I e n c B l a u n d k e s s a a n p d p l u ic n a d t e io r n c s o n a s p i p d r e o r v at e i d o n c o b n y d a it p io p n li a c l a ly n t. by the Federal Re- Jan. 31... 901 1,463,443 715,928 580,381 525,129 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between guaranteed loans authorized and 3 Not covered by Federal Reserve Bank commitment to purchase or s r u ow m e r o s f u l n o d an er s g o u u a ts r t a a n n t d ee in g a g a r n ee d m a e d n d ts i ti o o u n t a s l t a a n m di o n u g n t r s e p a r v e a s i e l n a t b s l e am to o u b n or ts discount. repaid, guarantees authorized but not completed, and authorizations NOTE.—The difference between amount of applications approved and expired or withdrawn. the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R e a i r n e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R e a i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of January 1952 Second half of January 1952 Gross demand deposits: Total 106,502 23,492 6,001 40,943 36,066 105,218 23,216 ,857 40,508 35,638 Interbank 13,472 4,236 1,279 6,666 1,291 12,859 4,107 ,204 6,326 1,221 Other 93,030 19,256 . 4,722 34,277 34,775 92,359 19,109 ,653 34,181 34,417 Net demand deposits 2 92,198 21,370 5,382 35,135 30,310 92,023 21,371 ,284 35,104 30,264 Time deposits 3 31,052 1,957 1,140 12,375 15,580 31,082 1,920 ,139 12,400 15,622 Demand balances due from domestic banks... 6,829 48 129 2,079 4,573 6,451 41 117 1,983 4,310 Reserves with Federal Reserve Banks: Total 20,490 5,330 1,356 7,956 5,849 20,450 5,341 1,339 7,978 5,792 Required 19,554 5,246 1,360 7,770 5,178 19,520 5,244 1,336 7,765 5,174 Excess 936 84 -4 187 670 930 96 3 213 617 Borrowings at Federal Reserve Banks 213 3 32 137 41 207 1 35 123 48 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 time deposits; the amounts on call report dates are shown in the Member Bank Call Report. MARCH 1952 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS POSTAL SAVINGS SYSTEM [Averages of daily figures. In millions of dollars] [In millions of dollars] Central reserve All city banks Re- Coun- Assets week en M di o n n g t h W , o e r dnesday b m a b n e e k m r s - i Y N o e r w k c C a h g i o - b s c a e i r n t v y k e s ba tr n y ksl End of month a D i n b t e c o a p e r l o s - s s ' * - Total d C e to p i a n o r s y s h i- G s U m e o c v . e u e n S r r t i n . - - r f e C u s n a e d s r h v s, e Total reserves held: banks ties etc.* 1951—January 18,088 4,751 1,256 7,084 4,997 1952— D Ja e n c u e a m ry ber 2 20 0 , , 4 3 6 1 9 0 5 5 , , 2 3 7 3 5 5 1 1 , , 3 34 5 7 6 7 7 , , 9 9 2 6 2 7 5 5, , 8 7 1 5 9 6 1943—December 1,788 1,843 10 1,716 na 1944—December 2,342 2,411 8 2,252 152 Jan. 16 20,331 5,217 1,347 7,979 5,788 1945—December 2,933 3,022 6 2,837 179 Jan. 23 20,716 5,363 1,342 8,079 5,932 1946—December 3,284 3,387 6 3,182 200 Jan. 30 20,232 5,336 1,330 7,894 5,672 1947—December 3,417 3,525 6 3,308 212 Feb. 6 20,061 5,248 1,312 7,790 5,711 1948—December 3,330 3,449 7 3,244 198 Feb. 13 20,077 5,194 1,313 7,783 5,787 1949—December 3,188 3,312 7 3,118 187 Feb. 20 19,979 5,197 1,297 7,750 5,736 Excess reserves: 1950—September. . . 2,991 3,111 10 2,923 177 1951—January 825 9 -4 182 638 October 2,967 3,088 10 2,903 175 December 826 44 3 184 596 November. . . 2,947 3,069 10 2,888 171 1952—January 933 90 -1 200 643 December 2,924 3,045 11 2,868 166 Jan. 16 852 26 1 205 620 1951—January 2,901 3,022 11 2,858 153 Jan. 23 1,162 140 2 281 739 February 2,877 2,998 11 2,835 152 Jan. 30 745 74 -3 162 512 March 2,852 2,974 11 2,793 169 Feb. 6 659 2 -8 117 548 April 2,831 2,954 17 2,765 172 Feb. 13 743 1 3 132 607 May 2,808 2,933 21 2,748 164 Borrowin F g e s b . a 2 t 0 Federal P687 2 -7 128 P564 J Ju u l n y e 2 2 , ,7 7 7 8 2 8 2 2 , , 9 8 0 9 9 3 2 2 3 2 2 2 , ,7 7 2 0 2 4 1 1 6 6 5 6 Reserve Banks: August 2,754 2,877 23 2,680 173 1951—January 212 73 15 95 29 September.... 2,738 2,861 23 2,680 158 December 657 151 64 354 89 October 2,724 2,851 25 2,670 156 1952—January 210 2 34 130 45 D N e o c v e e m m b b e e r r P P2 2 , , 7 7 1 0 O 1 Jan. 16 217 2 40 119 56 Jan. 23 145 39 73 33 1952—January J>2,698 Jan. 30 221 29 135 57 Feb. 6 276 76 159 41 F F e e b b . . 2 1 0 3 3 41 7 4 3 3 3 2 6 6 8 5 3 2 1 4 0 1 1 21 1 2 7 2 v 1 O I P n u c re t l s u li t d m a e n s i d n i a r n e r g y s e . p rv r e in c a i n p d a l, m r i e s p c r e e ll s a e n n e t o ed u s b w y o c r e k r i t n if g ic a fu te n s d s o f w d it e h p o T si r t e . asurer of United States, working cash with postmasters, accrued interest on P Preliminary. bond investments, and miscellaneous receivables. 1 Weekly figures of excess reserves of all member banks and of Back figures.—See Banking and Monetary Statistics, p. 519; for country banks are estimates. Weekly figures of borrowings of all mem- description, see p. 508 in the same publication. ber banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers 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 se se ri r e ie s s » * Jl,050,021 417,475 527,336 105,210 18.9 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , ,9 4 4 1 4 4 2 2 5 5. . 2 5 1 1 6 6 . . 9 5 1947 .. 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 19S0 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 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.a 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 1952—January 138,520 48,106 74,953 15,462 26.4 14.4 45,425 71,986 30.1 20.6 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 8 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 270 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 * Large denomination currency * End ©f year or in cir- Unasmonth cula- sorted tion * Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933. 5,519 4,167 442 402 33 719 1,229 1,342 ,360 364 618 125 237 8 10 8 1934. 5,536 4,292 452 423 32 771 1,288 1,326 ,254 337 577 112 216 5 7 10 1935. 5,882 4,518 478 460 33 815 1,373 1,359 ,369 358 627 122 239 7 16 5 1936. 6,543 5,021 517 499 35 906 1,563 1,501 ,530 399 707 135 265 7 18 8 1937. 6,550 5,015 537 505 33 905 1,560 1,475 ,542 387 710 139 288 6 12 7 1938. 6,856 5,147 550 524 34 946 1,611 1,481 ,714 409 770 160 327 17 32 5 1939. 7,598 5,553 590 559 36 1,019 1,772 1,576 ,048 460 919 191 425 20 32 2 1940. 8,732 6,247 648 610 39 1,129 2,021 1,800 ,489 538 1,112 227 523 30 60 4 1941. 11,160 8,120 751 695 44 1,355 2,731 2,545 ,044 724 1,433 261 556 24 46 4 1942. 15,410 11,576 880 801 55 1,693 4,051 4,096 ,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 ,580 1,481 2,912 407 749 9 22 2 1944. 25,307 17,580 1,156 987 81 150 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—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 8,718 292 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 1952—January 28,386 19,807 1,631 1,115 65 2,009 6,088 8,898 8,582 2,508 5,161 352 550 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. » Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Meney in circulation l 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 r s n t d Tre ca a s s h ury B R F an e e d k se e s r r 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 Ja 1 n 9 . 5 3 2 1, De 1 c 9 . 5 3 1 1, Ja 1 n 9 . 5 3 1 1, certificates agents Gold 22 951 21,770 * 1,181 Gold certificates 21,770 18,916 2,816 38 38 40 Federal Reserve notes 25 631 64 1,432 24,135 24,807 22,811 Treasury currency—total 4,717 s2,316 74 430 4,213 4,360 4,197 Standard silver dollars 492 240 61 4 188 189 177 Silver bullion 2,076 2,076 Silver certificates and Treasury notes of 1890 3 2 316 349 1,967 2,080 2,027 Subsidiary silver coin 1 091 7 29 1,055 1,073 982 Minor coin 398 2 9 388 392 371 United States notes 347 3 36 308 316 303 Federal Reserve Bank notes 232 (5) 3 229 232 254 National Bank notes 80 (5) 1 79 79 83 Total—Jan 31 1952 (4) 24,086 1,319 18,916 4,678 28,386 Dec 31 1951 (4) 23 860 1,270 18,653 4,406 29,206 Jan 31 1951 (4) 23,513 1,297 18,345 4,367 27,048 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. 263. 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. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of Guch 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. MARCH 1952 271 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 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Treas- U.S. Government obligations l T ia o b t i a l l - Total C a a n p d ital Gold r c e u n r c - y Total Lo<a e n t s, Total m C a e o n rc 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 n e - s t t c s . , savings Banks banks 1929—June 29 4 037 2,019 58,642 41 ,082 5 741 5,499 216 26 11,819 64,698 55 776 8 922 1933—June 30 4,031 2,286 42,148 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 77. 157 105 19,417 484 1,204 9,302 75, 171 68 359 6 812 1941—Dec 31 7? 737 3,247 64,653 76,605 79 049 25,511 2 254 1,284 8,999 90,637 8? 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 4,562 158,366 765 110 86,558 73, 350 3,202 9,491 183, 457 171 657 11 800 1947—Tnne 30 71 266 4,552 156,297 38 373 107 873 82,679 71 872 3 322 10,051 187, 115 169 234 1? 882 Dec. 31 22, 754 4,562 160,832 43, 023 107 086 81,199 22,559 3, 328 10,723 188, 148 175 348 12 800 194g—Tune 30 73, 532 4,565 157,958 299 101 451 76,774 366 311 11,208 186 055 17? 857 H 200 Dec 31 74 244 4,589 160,457 48,341 100 694 74,097 73 333 3 264 11,422 189 290 176 121 n 168 1949—June 30 24, 466 4,597 156,491 47, 148 97 428 74,877 19,343 3, 208 11,915 185, 554 171 602 13 952 Dec 31 74, 427 4,598 16?,681 49, 604 100 456 78,433 18, 885 138 12,621 191 ,706 177 313 14 392 1950—June 30 74,231 4,607 164,348 51 ,999 98 709 77,320 18,331 058 13,640 186 178 568 14 618 Dec 30 706 4,636 171,667 60,366 96 560 72,894 778 2 888 14,741 199, 009 184 385 14 624 1951—Feb. 28 7? 100 4,600 170,700 61 500 94 500 69,800 71 900 ? 900 14,800 107 500 18? 600 14 800 Mar.28 71 900 4,600 17?,100 6? 500 94 700 69,300 7? 600 7 800 14,900 198 600 700 14 900 Apr 25 800 4,600 177,100 67 600 94 600 68,900 900 800 15,000 198, 600 183 600 15 000 ]Vtay 30 21 800 4,600 171,300 67 900 9} 500 68,400 22 300 ? 800 14,900 197 700 18? 900 14 800 June 30 71 756 4,655 173,447 63 821 94 450 68,726 7? 982 7 742 15,176 199 858 185 038 14 820 July 71 800 4,700 ,300 400 94 600 68,900 100 7 700 15,300 199 700 184 500 15 200 Aug 29P ?1 800 4,700 174,300 64 000 95 000 69,200 23 100 700 15,300 700 700 185 200 15 500 Sept. 7? 000 4,700 176,400 6S 000 95 900 69,700 73 500 7 700 15,400 70^ 000 i187 300 15 700 Oct 31P 7? 200 4,700 178,300 65 800 97 000 70,800 600 7 700 15,500 70S 200 189 200 16 000 Nov. 7? 300 4,700 179,400 66 500 97 400 71,500 23 200 7 700 15,500 706 400 190 500 1S 900 Dec. 26P 22 600 4,700 181,300 67 700 97 900 71,700 23, 500 2, 700 15,800 208 600 192 900 15 700 1952—Jan. 22 900 4,700 179,900 66 700 97 300 71,900 22 800 2 700 15,900 207 600 191 400 16 200 Deposits and Currency U.S. Government balances Deposits adjusted and currency Date Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A s m b a t a e v a c r n n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a i o r n m m c k i e a - s l de M s p b a o a v u s n i i t k n t u s s g a 8 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 S5 776 365 204 381 36 54,790 7? 540 78 611 19,557 8 905 149 639 1933—June 30 42 029 50 264 852 35 40,828 14 411 71 656 10,849 9 621 1 186 4 761 1939—Dec. 30 68 359 1,217 2,409 846 634 63,253 79 793 ?7 059 15,258 10 523 1 278 6 401 1941—Dec 31 82 811 1,498 7,215 1 895 867 76,336 38 992 77 729 15,884 10 532 1 313 9 615 1945—Dec. 31 180 806 2,141 7,287 74 608 977 150,793 75 851 48 452 30,135 15,385 7 932 ?6 490 1946—Dec 31 171 657 1,885 7,272 103 393 164,004 83 314 53 960 33,808 16 869 283 ?6 730 1947—June 30 L69 234 1,657 ,314 1 367 756 164,140 82 186 55 655 34,835 17,428 3 392 26,299 Dec 31 . . 348 1,682 ,336 1 452 870 170,008 87 121 56411 35,249 17,746 3 416 76 476 1948—June 30 177 857 1,727 ,327 7 180 1,978 165,695 87 697 57 360 35,788 18,194 3 378 ?5,638 Dec. 31 176 121 2,103 ,325 451 1,123 169,119 85 520 57 520 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 ,259 75,266 Dec. 31 177 313 2,150 ,312 ,249 821 169,781 85 750 58,616 36,146 19,273 3,197 ?5,415 1950—June 30 178 568 2,555 ,298 3,801 950 169.964 85 040 59 739 36,719 19,973 3 097 75,185 Dec 30 184 385 2,518 ,293 ,989 668 176,917 9?,272 59,247 36,314 70,009 ,923 75,398 1951—Feb 28 ... ,600 2,400 L.300 4 700 500 174,200 90 600 59 000 36,100 70 000 ? 900 ?4 600 Mar 28 183,700 I 2,400 1,300 6 400 1,100 172,500 I 89,000 59,100 36,200 70,100 2,800 74 400 Apr. 25 ,600 2,500 1,300 5,800 700 173,300 89,500 59,700 36,300 20,700 2,800 74 600 May 30 187,900 2,500 1,300 4,800 600 173,700 89,500 59,300 36,300 20,200 2,800 74,900 June 30 ,038 2,424 1,281 6,332 317 174,684 88 960 59 948 36,781 70 387 7 785 75,776 July 25P 184,500 2,400 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 7,800 75,100 Aug 29P 185,200 2,300 1,300 4,100 600 177,000 91 400 60 300 37,100 70 SOO ,800 ?5,300 Sept.26P 187,300 2,200 1,300 5 100 800 177,900 97,000 60,500 37,200 70 600 7,700 ,400 Oct. 31P 189,200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 70,700 7,700 75 700 Nov 28P 190,500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 75,800 Dec. 26P 192,900 2,300 1,300 3,400 300 185,700 98,100 61,200 37,600 20,900 2,700 26,300 1952—Jan. 191,400 2,000 1,300 2,800 200 185,100 97,800 61,700 38,000 21,000 2,700 25,600 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. 8 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. 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S rn . - Other as C s a e s ts h 1 Total b In an te k r - » a c c T a c o p o t i u a ta n l l t; N b u a o m n f k b s er 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 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78.433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—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 Aug. 29P. . . 148,950 64,470 84,480 69,230 15,250 37,090 171,100 12,200 101,110 57,790 14,360 14,634 Sept. 26P. . . 150,550 65,380 85,170 69,730 15,440 38,980 174,480 12,810 103,670 58,000 14,410 14,634 Oct. 31P. . . 152,550 66,320 86,230 70,780 15,450 40,450 177,730 13,490 105,820 58,420 14,530 14,631 Nov. 28P. . . 153,980 66,990 86,990 71,450 15,540 39,920 178,200 13,330 106,690 58,180 14,540 14,625 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 1952—Jan. 30P.. . 155,200 67,430 87,770 71,900 15,870 39,910 179,450 13,420 106,770 59,260 14.650 14.615 All commercial banks 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31*. .. 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62.027 12,399 40,289 155.265 14,039 104.72.1 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 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 1952—Jan. 30P . . . 132,770 57,480 75,290 62,090 13,200 39,060 158,410 13,420 106,750 38.240 12.240 14,086 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 Aug. 29P. . . 107,276 47,169 60,107 49,492 10,615 32,076 128,523 11,578 87,04a 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 1952—Jan. 30P . . . 112,298 49,327 62,971 51,965 11,006 34,266 135,103 12,742 91,687 30,674 10.238 6,838 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16,853 1,784 541 1947—Dec. 31 V .. 18,641 4,944 13,696 11,978 1,718 886 17,763 17,745 889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 18,387 999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 19,273 122 531 1950—Dec. 30. . . . 21,346 8,137 13,209 10,868 2,342 797 20,031 20,009 247 529 1951—June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 20,382 285 529 Aug. 29P. . . 21,920 9,310 12,610 10,090 2,520 790 20,530 20,510 300 529 Sept. 26P. . . 22,000 9,420 12,580 10.040 2,540 810 20,610 20,590 320 529 Oct. 31P. . . 22,070 9,570 12,500 9,930 2,570 800 20,670 20,650 330 529 Nov. 28P. . . 22,120 9,720 12,400 9,820 2,580 760 20,660 20,640 529 Dec. 26P. . . 22,260 9,870 12,390 9,790 2,600 900 20,910 20,890 2,410 529 1952—Jan. 30P. . 22,430 9,950 12,480 9,810 2,670 850 21,040 21 ,020 529 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. MARCH 1952 273 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. Amount* in millions of dollars] Loans and investments Deposit! Investments Other Class of baak Cash Total Number and date Total Loans G U ov . e S r . n- Other assets 1 Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: I939—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 1?,896 1,072 8,823 7,265 1,559 6,637 17,93? 4,207 1?,,917 807 1,648 36 1945—Dec. 31 ?6,143 7,334 18,809 17,574 1,235 5,439 30,121 4,657 ?4,227 1,236 ? 120 37 1946—Dec. 31 ?0,834 5,368 14,465 n,308 1,158 6,238 ?4 7?3 4,246 19,028 1,449 ?,205 37 1947—Dec. 31 . 20,393 7,179 13,214 n,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18.759 B.048 10,712 ,649 1,063 7,758 ?4,024 4,213 18,131 1,680 ?,306 35 1949—Dec. 31 19.583 7.550 1?,033 190,746 1,287 5,985 7*,983 4,192 18,139 1,651 ?,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—June 30 .... ?0,604 10,234 10,370 8,460 1,910 7,393 75,064 4,107 19,291 1,666 ?,398 22 Aug. 29P ?0,048 10,179 9,869 7,877 1,992 5,682 ?3,482 3,975 17,899 1,608 ?,407 22 Sept 26P 20,475 10,468 10,007 7,974 5,033 7,128 24,420 4,154 18,641 1,625 2,399 22 Oct 31 P ?0 791 10 846 0,945 8,011 ,934 7,325 ^4,871 4,359 18,914 1,598 ? 424 22 Nov. 28P . . ?0,798 10.931 9,867 7,909 L ,958 7,076 ?4,561 4,214 18,738 1,609 ?,415 22 Dec. 26? ?1,528 11,418 10,110 8 049 >•5,061 7,714 ?•>,676 4,441 19 571 1,664 ?,415 22 1952—Jan. 30? 21,203 11,210 9,993 7,927 ,066 7,320 25,179 4,378 19,195 1,606 2,427 22 1 Chicago: 1939—Dec. 30 .... ?,105 569 1,536 1,203 333 1,446 3,330 888 1947 495 250 14 1941—Dec. 31 ?,760 954 1,806 1,430 376 1,566 4 057 1,035 ?,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 L.499 3 266 ?,912 355 1,545 5,905 1,153 3 922 829 404 14 1947—Dec. 31 S,088 1,801 3,287 ?,890 397 1,739 6,402 1,217 4 ?,73 913 426 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. . .... s,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 5,083 3 487 2,911 576 5,034 7,109 1,228 778 1,103 490 13 1951—June 30 s,520 5,215 3 305 ? 742 564 11,898 6 921 L.040 4 756 1,126 501 13 Aug. 29P s427 r5,280 3 147 ? 610 537 1L.906 6 783 1,120 4 549 L ,114 502 13 Sept 26P 5,539 5,397 3 142 2 611 531 11,962 6 982 1,170 4 703 1,109 504 13 Oct. 31 P s 523 \5 357 3 166 ? 640 526 1,970 6 919 1,145 4 648 1,126 507 13 Nov. 28P . . . 5 554 r5,403 3 151 ? 621 530 1,978 6 986 L ,143 4 724 L ,119 509 13 Dec. 26P 5 769 ,520 3 249 2 693 556 5,119 7 181 1,217 4 834 L,130 512 13 1952—Jan. 30? 5 680 ,375 3 305 2 777 528 :,923 6 952 1,155 4 655 1,142 510 13 Reserve city member banks: 1939—Dec. 30 . . 12 272 1>,329 6 944 5 194 1,749 (>,785 17 741 $,686 9 439 L1,616 1 828 346 1941—Dec. 31 15 347 r,105 8 243 6 467 1,776 f$,518 ?? 313 LL460 13047 it,806 1 967 351 1945—Dec 31 40 108 5,514 31 594 29 552 2,042 11,286 49 085 6,448 32 877 c),760 2 566 359 1946—Dec. 31 35 351 If),825 ?4 527 ?? 250 ?,276 11,654 44 477 5.570 ?8 049 If),858 ? 728 355 1947—Dec. 31 36 040 I1 ,449 ?? 591 ?0 196 ?,396 115,066 46 467 t5,649 ?9 395 11L,423 ? 844 353 1948—Dec. 31 35 332 14t,285 ?1 047 18 594 ?,453 V ,317 45 943 c5,400 ?9 153 11,391 ? 928 335 1949—Dec. 31 38 301 14t,370 ?3 931 ?0 951 ?,980 17,168 47 559 e5,713 30 182 11,664 3 087 341 1950—Dec. 30 40 685 19,906 ?? 779 19 084 3.695 I1 ,998 51 437 (>,448 33 342 11,647 3 322 336 1951—June 30 39 991 1?,558 71 432 17 659 i>,774 1".175 4Q 874 c>,264 3? 791 11.819 3 431 324 Aug. 29P 40 796 1?5,792 ?? 004 18 271 ,733 17,501 49 723 c5,509 3? 304 11,910 3 441 322 S O e c p t. t . 3 2 1 6P P. 4 4 1 1 9 1 8 6 7 2 1 1 1 6, ,1 9 9 5 1 6 2 9? 2 2 7 0 9 6 6 1 1 9 8 0 4 0 4 8 2 3 -\ , ,7 7 8 6 8 4 1 1 ^ 3, ,6 3 9 2 2 9 5 S 0 18 8 7 1 5 3 f c5 > , , 7 1 8 7 2 8 3 3 3 3 6 0 3 6 4 5 r 11 , , 0 9 6 6 3 6 3 3 4 4 9 5 5 8 3 3 2 2 0 1 Nov. 28P 42 475 IS,459 23 016 19 195 3,821 13,528 51 950 (>,127 33 769 12 ,054 3 512 321 Dec. 26P . . . 4^ 142 1<;,831 ?3 311 19 467 3,844 14t,078 53216 f>,476 34 570 1" ,170 3 511 321 1952—-Jan. 30P 42 738 19,465 23 273 19 406 3,867 13,347 52 159 t),051 33 804 12 ,304 3 535 321 Country member banks: 1939—Dec. 30 10 224 4,768 S456 3 159 ?,297 4,848 13 762 598 7 312 q,852 1 851 s,966 1941—Dec. 31 .... 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 t,258 1,982 6,219 1945—Dec. 31 35 002 ,596 ?9 407 ?6 999 ?,408 in,632 43 418 1,223 ?9 700 1?,494 ?,525 6,476 1946—Dec. 31 35 412 fl,004 ?7,408 ?4 572 ?,836 1C,151 43 066 1,091 ?7 921 14,053 ?, 757 6,494 1947—Dec. 31 36 324 in,199 ?6 125 ?? 857 3,268 in,778 44 443 1,073 ?8 810 14,560 ? 934 6,519 1948—Dec. 31 36 726 ii ,945 ?4, 782 ?1 278 3,504 ii ,196 45 102 964 ?Q,370 14,768 3, 123 6,535 1949—Dec. 31 38,219 i? ,692 ?S 527 ?1 862 3,665 in,314 45 534 1,001 ?9 771 14,762 3,305 6,513 1950—Dec 30 40,558 14,988 25,570 21,377 4,193 n,571 48 897 1,133 32,899 U ,865 3,532 6,501 1951—June 30 40,448 is,858 ?4,590 70 247 4,343 m,779 47 877 936 31 840 \S,101 3,658 6,500 Aug. 29* 41,005 15,918 25,087 20,734 4,353 1C,987 48 535 974 32,293 15,268 3,717 6,495 O S N e c o p t v . t . . 2 3 2 8 6 1 P P P 4 4 4 2 1 2 , , , 3 0 6 3 8 0 1 3 1 1 1 1 6 6 6 , , , 3 0 2 1 5 4 1 4 1 2 2 2 6 5 5 , , , 2 3 7 9 2 9 0 9 0 2 2 2 1 1 0 , , ,9 3 80 1 1 2 3 3 4 4 4 , , , 4 4 4 7 1 8 7 6 8 n ini , , , 8 3 7 2 4 3 7 4 3 4 5 5 9 0 0 2 3 7 6 3 4 2 7 8 1 1 1 , , , 1 0 1 4 4 6 7 7 7 3 3 3 2 3 4 , , , 9 2 7 0 4 2 3 9 4 1 1 1 5 5 5 , , , 2 4 33 8 9 2 7 1 3 3 3 , , , 7 7 7 7 2 6 4 3 9 6 6 6 , , , 4 4 4 9 8 9 2 7 0 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 1952—Jan. 30P 42,677 16,277 26,400 21,855 4,545 11,676 50,813 1,158 34,033 15,622 3,766 6,482 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. I* or other footnotes see preceding and opposite page. 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s ts h x Total » b In a t n e k r * -, a c c T a c p o o t i 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 r e it c i u es - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 ?1 ,259 ?8,031 ?1,046 ,984 ?5, 788 69,411 10,654 43 059 IV699 6,844 13 426 1945—DeCt 31 ?1 809 ?S 765 96 043 88,912 7,131 34 292 47,775 13,883 04 01 S 79 876 8,671 13,297 1947—Dec. 31 14,274 37,583 76,691 67,941 8,750 36 926 41 851 17,670 94,300 34,882 9,734 13 398 1948—Dec. 31 17,286 41 ,968 70,318 61,388 8,929 38,087 40 642 11,900 93 300 35 441 10,158 13,413 1949—Dec> 31 18 278 4? 485 7S 793 65,820 9,974 3S 707 43 138 17,368 94 914 35 856 10,645 13 429 1950—Dec 30 1?4 822 S1 723 73 099 6(1,986 1?,113 39 821 S3 288 13,744 0^ 499 36 045 11,263 13 432 1951—June 30 124,132 54,306 69 825 57,427 12,398 36 960 149,461 11,582 01,328 36,551 11,622 13437 National mem1der banks: 1941—Dec. 31 ?7 571 11 77S 1S845 1?,039 ,1,806 14977 39 458 6,786 74 3 SO 8 377 ,640 s 117 1945—Dec. 31 69 312 13 925 55 387 51,250 4,137 70 114 84 939 9,229 59 486 16,774 4,644 s017 1947—Dec. 31 . . 6S 280 ?1 428 43 852 3?,674 •i,178 77 024 8? 023 8,410 54 335 19 278 s,409 s005 1948—Dec. 31 63 845 73 752 40 093 34,852 5,241 77 974 81 407 7,842 54 020 19 545 s,657 4 991 1949—Dec. 31 .. 67 943 23 853 44 090 38,161 5,930 20 995 83,113 8,278 55 034 19,801 5,920 4 975 1950—Dec. 30 7? 090 ?Q 184 4? 906 35 ,587 7,320 73 763 89 281 ,133 60 251 19 897 ,313 4 958 1951—June 30 71 014 30 479 40 534 37,965 1,569 7? 198 86 589 7,625 58 71 S 70 748 fj,504 4 946 State member banks: 1941—Dec. 31 1S 950 6 ?95 9 654 1,500 7,155 8 145 77 759 3,739 14 495 4 075 ?,246 1 502 1945—Dec. 31 37 871 8 850 79 071 2*t.089 1,933 9 731 44 730 4,411 37 334 7,986 7,945 1 867 1947—Dec. 31 . . 3? 566 11 200 ?1 365 19.240 7,125 10 822 40 505 3,993 77 449 9 062 ,055 \ 918 1948—Dec. 31 31 771 1? 308 19 463 lir.301 7,161 11 778 39 955 3,799 76 862 9 795 ,144 1 927 1949—Dec 31 33 585 1? 378 ?1 207 18,722 .,484 10 322 40 777 3,819 77 594 9 359 ,254 1 917 1950—Dec. 30 35 334 15 521 19 813 16,778 5,035 11 762 43 808 4,315 30 055 9 438 a,381 1915 1951—June 30 35 550 16 386 19 163 16,143 1,020 11 046 43 149 3,722 29 963 9 464 3 ,483 1913 Insured nonmember commercial banks: 1941—Dec. 31 5 776 3 241 2,535 1,509 1,025 2,668 7 702 129 4 213 3 360 959 6,810 1945—Dec. 31 14639 2 992 11,647 10,584 1,063 4,448 18 119 244 12 196 5 680 ,083 6,416 1947—Dec. 31 16444 4,958 11,486 10,039 1,448 4,083 19340 266 12 515 6 558 ,271 6,478 1948—Dec. 31 16685 5 911 10,774 9,246 1,528 3,887 19 296 259 12419 6 618 ,358 6,498 1949—Dec. 31 16 766 6 258 10,508 8,947 L ,561 3 892 19 269 272 17 785 6 712 ,473 6,540 1950—Dec 30 17,414 7,023 10,391 8,632 1,759 4 799 70 716 297 n 194 6 776 ,570 562 1951—June 30 17,585 7,446 10,139 8,330 ,810 3,718 19 741 235 12,650 6 857 ,637 6,581 Nonlnsured nonmember commen:ial banks: 1941—Dec. 31 1,457 455 1007 761 241 763 1 872 329 1,291 253 329 852 1945—Dec. 31 .... ?,211 318 1,893 1,693 200 514 ?.457 181 1,905 365 279 714 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 785 1948—Dec. 31 . . ?,013 520 1,493 1,234 259 509 7,201 368 1,353 479 322 75* 1949—Dec. 31 1,919 481 1,438 1,185 253 447 7 036 341 1 773 477 321 72? 1950—Dec. 30 1,853 577 1,327 1,040 286 468 1,976 294 1,274 458 327 689 1951—June 30 1,913 514 1,399 1,094 305 423 1,996 364 1,178 453 329 670 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2.270 1,266 3,431 9,574 457 5,504 3 613 1,288 7,662 1945—Dec 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 L.596 7,261 1948—Dec 31 18,698 6,431 1?,267 10,479 1,788 4 396 71,497 628 13,777 7 097 1,680 7,25<fc 1949—Dec. 31 18,686 6 739 11,947 10.132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—Dec 30 19,267 7.550 11,718 5,672 2,046 4,767 77,193 591 14,417 7,184 1,897 7,251 1951—June 30 ... 19,499 7,960 11,538 3,423 2,115 4,141 21,737 599 13,878 7,310 1,966 7,251 Insured mutual savings banks: 1941 Dec 'l1 1 693 642 1 050 629 421 151 1,789 1 789 164 52 1945—De^ 31 10.846 3,081 7[765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 .... 1?,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949 Dec 31 14 209 4,814 Q 394 7,832 1,562 682 13,592 16 13,575 1,420 192 19 SO—Dec 30 is 101 6,086 9,015 7,487 1,528 617 14,320 19 14 301 1,513 194 1951—June 30 15,668 6,829 8,839 7,169 1,670 688 14,924 1 18 14,905 1,582 201 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 33* 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec. 31 6,192 1,764 4,428 3,596 832 191 5,702 3 5,699 702 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951—June 30 6,029 2,191 3,838 3,036 802 163 5,479 2 5,477 702 328 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. MARCH 1952 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans securities Direct of cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e p i l n u e g d n - - A t c g u a u r r l l i - - - br T o o k- To l R t o e a a e s t n a - e l s s lo u C a m o n n e s r -O lo t a h n e s r Total Total C c e a r t t e if s i- G a u n a - r- S p a i t o c a n a l t d i e l t s - L r s J i e t t c n ie u e s - r 'ket" ers oth- Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,797 4,102 3 6513 333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 1,351 2,19196,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1948—Dec. 31. 112,286 41,968 18,7612,775 1,336 939 10,6664,907 2,992 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—Dec. 31. 118.278 42,485 16,9352,963 1.749 855 11,4056,0023,124 75,793 65,820 3,692 12,479 5,810 43.833 66.4003,574 1950—Dec. 30 124,822 51,723 21,7762,823 1,789 1,036 13,389 7.6283,955 73,099 60,986 4,118 1.932 16,75638,168 11 7.9334,179 1951—June 30. 124,132 54,306 23,5073,044 1,616 1,000 13,9887,6974,166 69,825 57,427 3,819 3,111 14,76235,724 118,319 4,079 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,t 92 25,500 19,539 971 3,007 11,7293,8323,0902,871 1945—Dec. 31 107,183 22,775 8,949 855 3,133 3,378 3,455 1,027 1,977 84,408 78,338 2,275 16,985 14,27144.792 163,2542,815 1948—Dec. 31. 95,616 36,060 17,631 1,800 1,324 834 8,2443,933 2.65859,556 52,154 2,588 7,999 2,800 38,761 54,480 2,922 1949—Dec. 31. 101,528 36,230 15,857 1,945 1,737 758 8,8344,776 2.80965,297 56,883 3,389 10,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,424 44,705 20,521 1,808 1,770 927 10.5226,167 3.58562,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—June 30. 106.563 46,866 22,161 1,919 1,601 882 10,9756.174 3.78359.698 49,108 3,485 2,524 12,31330,778 76.9783,611 Dec. 31. 112,247 49,561 24,3472,140 1,551 851 11,3346,195 3,86362,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17,574 477 3,433 3,325 10.337 1 606 629 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 Dec. 31. 21,379 11,146 7,852 1,219 262 514 520 950 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 Chicago:s 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 Dec. 31. 5,731 2,468 1,977 16 94 63 70 117 172 3,264 2,711 334 332 520 1,526 351 201 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,527 l,i 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40.108 8 514 3.661 205 427 1,503 1,459 433 826 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1948—Dec. 31 35,332 14,285 7,282 437 130 360 3,503 1.600 1,118 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1.965 1,212 23,931 20,951 1,189 4 ,180 2,124 13.457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,423 2.567 1,534 22,779 19,084 1,218 499 5,536 11 830 12,184 1,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,558 2.493 1 ,55921,432 17,659 1,177 1,069 4,665 10,746 12,318 1,456 Dec. 31. 42,694 19,651 10,140 513 203 347 4,6512,512 1,578 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 I,i 30 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5,iO2 4,544 16,713 9 1.342 1,067 1948—Dec. 31. 36,726 11,945 3,296 1,356 21 187 4,467 1,895 817 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4.784 2,320 884 25,527 21,862 1 ,148 3,753 1,768 15 189 42,505 1,160 1950—Dec. 30. 40,558]14,988 3,980 1,407 33 187 5,591 2.913 1,054 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—June 30. 40,448 15,858 4,345 1,487 37 183 5,846 3.010 1.145 24,590 20,247 1,065 951 5,430 12,797 43,137 1,206 Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,0993,046 1,163 26,148 21,587 2,418 2,568 4,008 12,587 53,334 1,227 Insured nonmember commercial banks: 1941—Dec 31 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2 071 725 5,846 2 1,127 434 1950—Dec. 30. 17,414 7,023 1,255 1,015 18 109 2,872 1.461 370 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 3,018 1,524 383 10,139 8,330 334 587 2,449 4,956 4 1,342 468 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comoarability 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. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s e w e R d r i e v e t r h - e a s l v C a i a n u s l h t m a w B n d e i a c o s t l e t - h - i s c m p D o a d a d s e e n i - - - t d s In d t e e p r o b s a it n s k U G . o v S - . p S o a t li a n t t i d e c s al C o a f e i f n e f r i d d t - i- p v s a I h i r n d t i d n p u i e s a - , r ls - Inter- U m G er . o e n n v S - t - . S p a o t n a li d t t e - s p v s a i I h d r n t i u d n p a i e s - l . r s - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s B se a r n v k e s banks8 justed 4 m D es o t - ic8 F ei o g r n - m er e n n - t v su is b io d n i- s ch c e e e t c r c s k . ' s, an p t d i o o r c n a o s - r- bank P S a o a n s v d t - al v s i i u s c b i a o d l n i s - an p t d i o o r c n a o s - rings All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1948—Dec. 31. . 20.404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—Dec. 31.. 16,428 1,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30. 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—June 30.. 18,945 1,847 8,657 87,832 9,881 1,335 6,105 8,290 2,251 84,682 366 223 1,473 34,855 67 11,622 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31. . 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1 1 9 9 5 5 0 1 — — D Ju e n c e . 3 3 0 0 . . . . 1 18 7 . , 9 4 4 5 6 9 1 1 , 6 ,4 4 0 3 3 6 5 , .5 8 6 6 7 8 7 7 5 8 . , 6 3 5 7 7 0 1 9 1 .V6 6 5 6 9 9 1 1 , 4 .3 3 2 7 7 2 5 , ,8 5 1 2 1 3 6 6, , 7 4 1 0 3 0 2 2. , 0 7 9 2 3 4 7 7 4 8 . , 0 65 6 9 1 3 3 6 4 1 1 2 1 0 8 6 3 1 1, , 2 1 4 2 3 1 2 2 8 8 . , 0 2 3 6 2 3 5 7 5 9 9 9, , 9 6 8 9 7 5 Dec. 31. . 19,912 >,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 New York City: * 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1.206 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950—Dec. 30, 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1.647 70 28351 1951—June 30. . 5,053 96 48 15,368 2,744 1,104 1,808 280 823 16,381 259 39 22 1,605 1 2,398 Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 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 1,151 40 258 286 60 3,932 4 10 1,069 470 1950— Dec. 30 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1.089 490 1951—June 30 1,282 27 130 3,818 1,006 34 484 316 51 3,905 3 10 1,112 io 501 Dec. 31'.'. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 Reserve city banks: 1941—Dec. 31 . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31 . 6,326 494 2,174 22,372 6,307 110 8.221 1,763 611 22,281 30 38 160 9,563 "2 2,566 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Dec. 31. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 1950—Dec. 30. . 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—June 30. . 7,438 446 1,808 27,067 4,996 178 2,272 2.713 592 27.214 90 68 731 11,020 *8 3,431 Dec. 31 . . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31.. 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30.. 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14.339 9 3,532 1951—June 30. . 5,172 834 3,581 29,404 913 11 1,248 3.404 626 26,562 12 96 480 14,526 36 3,658 Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 194g—Dec. 31 . 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—Dec 31 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1,570 1951—June 30 445 3,090 12,175 222 8 293 1,577 159 10,621 4 17 230 6,609 12 1,637 2 Central reserve city banks. 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. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113 MARCH 1952 277 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 » Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month in lo a v n a e n d s s t- Total i i t c n r i i d a a u l l , s , - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans Other Total C ti e fi r - - O se th c e u r ments and loans banks loans cates rities t a c u g u r r l a i - - l G U l o i o g . b v a S - - t . . O c s u th e r - e i- r G l U o i o g b . v S a - - t . .O c s u t e h r - i e - r Total Bills o d n f e e e d b s i - n t s - - Notes Bonds2 tions ties tions ties Total- Leading Cities 1951—January... 70,479 31,398 17,990 489 1,026 165 581 5,292 405 5,894 39,081 32,584 2,149 9,033 21,4026,497 November. 72,695 34,404 20,813 173 935 122 556 5,668 670 5,947 38,291 31,665 3,521 2,994 5,952 19,1986,626 December.. 74,141 35,118 21,315 4051,008 117 568 5,668 530 5,991 39,023 32,268 4,257 3,302 5,934 18,7756,755 1952—January... 73,952 34,889 21,315 163 946 110 564 5,666 654 6,009 39,063 32,233 4,167 3,622 5,961 18,4836,830 1951—Dec. 5... 73,072 34,518 21,006 370 950 119 558 5,661 360 5,97438,554 31,856 3,837 2,960 5,962 19,0976,698 Dec. 12... 73,771 34,937 21,219 421 970 117 563 5,669 485 5,974 38,834 32,115 4,048 2,995 5,938 19,1346,719 Dec. 19. .. 74,842 35,512 21,442 4401,080 116 579 5,673 676 5,987 39,330 32,577 4,525 3,611 5,941 18,5006,753 Dec. 26... 74,878 35,503 21,592 3881,031 118 573 5,668 598 6,030 39,375 32,522 4,512 3,583 5,954 18,4736,853 1952—Jan. 2... 74,217 35,161 21,419 3131,027 118 569 5,658 564 6,028 39,056 32,224 4,129 3,596 5,968 18,5316,832 Jan. 9... 73,729 34,825 21,267 177 944 111 565 5,663 634 6,001 38,904 32,074 4,076 3,558 5,967 18,4736,830 Jan. 16. .. 74,217 35,136 21,441 1291,024 111 564 5,668 729 6,007 39,081 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 39,016 32,166 4,092 3,652 5,961 18,4616,850 Jan. 30. .. 74,017 34,757 21,160 109 860 106 561 5,669 822 6,011 39,260 32,419 4,319 3,698 5,946 18,4566,841 Feb. 6... 73,751 34,505 21,110 107 977 104 558 5,659 537 5,996 39,246 32,356 4,232 3,739 5,948 18,4376,890 Feb. 13. .. 73,678 34,559 21,144 139 909 105 559 5,671 579 5,996 39,119 32,185 4,051 3,784 5,950 18,4006,934 Feb. 20. .. 73,504 34,633 21,148 258 890 101 561 5,659 555 6,005 38,871 31,973 3,853 3,830 5,948 18,3426,898 Feb. 27. .. 73,526 34,693 21,157 178 899 102 558 5,652 691 5,999 38,833 31,892 3,855 3,798 5,953 18,2866,941 New York City 1951—January. 20,146 9,768 6,381 427 786 30 250 433 278 1,322 10,378 8,507 630 1,836 6,041 1,871 November. 20,309 10,812 7,550 139 716 28 213 519 490 1,301 9,497 7,594 780 421 1,363 5,030 1,903 December.. 20,969 11,174 7,797 336 787 29 221 516 333 1,304 9,795 7,836 1,012 510 1,381 4,933 1.9591 1952—January. .. 20,911 11,159 7,833 140 736 27 217 511 535 1,333 9,752 7,700 934 596 1,378 4,792 2,052 1951—Dec. 5... 20,419 10,805 7,651 310 730 28 210 511 201 1,308 9,614 7,705 893 404 1,376 5,032 1,909 Dec. 12... 20,807 11,030 7,757 328 750 28 220 517 280 1,295 9,777 7,841 978 428 1,384 5,051 1,936 Dec. 19. .. 21,358 11,502 7,847 381 858 30 231 518 487 1,295 9,856 7,916 1,101 604 1,385 4,826 1,940 Dec. 26... 21,291 11,359 7,933 325 811 30 223 516 364 1,317 9,932 7,881 1,076 605 1,377 4,823 2,051 1952—Jan. 2 ... 21,236 11,298 7,856 285 802 28 220 507 446 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 27 218 514 532 1,326 9,616 7,565 815 573 1,379 4,798 2,051 Jan. 16. .. 21,026 11,288 7,881 107 801 29 217 513 580 1,333 9,738 7,698 914 624 1,370 4,790 2,040 Jan. 23... 20,578 10,934 7,850 66 682 25 217 513 420 1,334 9,644 7,585 841 598 1,381 4,765 2,059- Jan. 30. .. 20,987 11,161 7,791 89 664 25 216 508 697 1,345 9,826 7,775 1,056 600 1,376 4,743 2,051 Feb. 6... 20,743 10,918 7,802 85 765 24 215 502 367 1,332 9,825 7,753 1,036 635 1,379 4,7032,072 Feb. 13... 20,682 10,934 7,842 107 690 24 215 505 390 1,335 9,748 7,675 921 656 1,384 4,714 2,073 Feb. 20. .. 20,795 11,079 7,865 225 691 23 217 497 402 1,333 9,716 7,667 834 730 1,379 4,724 2.0491 Feb. 27. .. 20,884 11,149 7,890 149 698 23 217 482 531 1,333 9,735 7,659 903 695 1,375 4,686 2,076 Outside New York City 1951—January... 50,333 21,630 11,609 62 240 135 331 4,859 127 4,572 28,703 24,077 1,519 7,197 15,3614,626 November. 52,386 23,592 13,263 34 219 94 343 5,149 180 4,646 28,794 24,071 2,741 2,573 4,589 14,1684,723 December.. 53,172 23,944 13,518 69 221 88 347 5,152 197 4,687 29,228 24,432 3,245 2,792 4,553 13,8424,796 1952—January... 53,041 23,730 13,482 23 210 83 347 5,155 119 4,676 29,311 24,533 3,233 3,026 4,583 13,6914,778 1951—Dec. 5... 52,653 23,713 13,355 60 220 91 348 5,150 159 4,666 28,940 24,151 2,944 2,556 4,586 14,0654,789 Dec. 12... 52,964 23,907 13,462 93 220 89 343 5,152 205 4,679 29,057 24,274 3,070 2,567 4,554 14,0834,783 Dec. 19. .. 53,484 24,010 13,595 59 222 86 348 5,155 189 4,692 29,474 24,661 3,424 3,007 4,556 13,6744,815 Dec. 26... 53,587 24,144 13,659 63 220 88 350 5,152 234 4,713 29,443 24,641 3,436 2,978 4,577 13,6504,802 1952—Jan. 2... 52,981 23,863 13,563 28 225 90 349 5,151 118 4,702 29,118 24,346 3,086 3,011 4,585 13,6644,772 Jan. 9... 52,997 23,709 13,482 24 211 84 347 5,149 102 4,675 29,288 24,509 3,261 2,985 4,588 13,6754,779" Jan. 16... 53,191 23,848 13,560 22 223 82 347 5,155 149 4,674 29,343 24,585 3,307 2,981 4,595 13,7024,758 Jan. 23... 53,005 23,633 13,436 20 195 81 344 5,160 99 4,665 29,372 24,581 3,251 3,054 4,580 13,6964,791 Jan. 30... 53,030 23,596 13,369 20 196 81 345 5,161 125 4,666 29,434 24,644 3,263 3,098 4,570 13,7134,790 Feb. 6... 53,008 23,587 13,308 22 212 80 343 5,157 170 4,664 29,421 24,603 3,196 3,104 4,569 13,7344,818 Feb. 13... 52,996 23,625 13,302 32 219 81 344 5,166 189 4,661 29,371 24,510 3,130 3,128 4,566 13,6864,861 Feb. 20. .. 52,709 23,554 13,283 33 199 78 344 5,162 153 4,672 29,155 24,306 3,019 3,100 4,569 13,6184,849 Feb. 27. .. 52,642 23,544 13,267 29 201 79 341 5,170 160 4,666 29,098 24,233 2,952 3,103 4,578 13,6004,865 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. 278 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 e a r r i e d a n t v - - h l k e s v C a a i u n sh lt m b a w a n d e o i n c s t - e k h t s i s c j m p u o d a s a d e t s n - - e it d d s 3 s p p u v n h c a o a a i o e n i d r r r r p l d - - - s a t s - , - , S p s d s a i i o u t i c n o a v b l d a n i t - i l t e - s - s c C O c h a f e e e i n t e f c e r r d f c . t i d s k - i ' - s, U m G e . r o e n v S - n - t . p p u v n c a o a a o i e n d r r r l r d - - - s a t- , - S p s d s a i i o u t i c n o a v b l d a n i - t i l t e - s - s P U m G S e i a o n . a r o n e n v v s g d S - n - - t s a t . l m D t D e i o c s - - eman F e o i d g r- n Time r B i o n o w g r- - s c C o i a a t u c a p - n - l ts B d it e a s b n - * k tions tions Total- Leading Cities 1951—January... 13,500 854 2,462 51,443 52,436 3,501 1,583 1,31314,579 668 12710,1531,371 362 550 6,529120,787 November. 14,493 934 2,45852,455 54,061 3,413 1,422 1,99914,942 716 15710,5571,234 435 752 6,828112,188 December. 14,919 1,004 2,457 54,08255,436 3,386 1,686 1,74015,013 717 16310,6521,274 1,050 6,834131,191 1952—January 14,975 931 2,665 54,107 55,252 3,552 1,539 1,61715,173 720 16211,0821,275 410 621 6,856117,411 1951—Dec. 5... 14,722 902 2,292 53,20454,047 3,378 1,568 1,427 14,939 716 16110,4061,239 4271,093 6,838 28,964 Dec. 12... 14,6881,033 2,462 54,243 56,209 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 2,593 822 55,996 3,391 1,890 2,016 15,022 714 16310,9201,286 417 957 6,827 33,789 Dec. 26... 14,930 1,077 2,482 059 55,493 3,410 1,650 2,319 15,104 715 16310,6721,319 4181,177 6,837 24,682 1952—Jan. 2... 14,868 979 2,914 53,37055,554 3,582 2,097 2,225 15,152 712 16211,7831,326 410 494 6,849 32,894 Jan. 9... 14,922 969 2,630 53,706 54,374 3,449 1,372 1,612 15,200 720 16411,1651,276 409 649 6,858 26,517 Jan. 16... 15,019 903 2,749 54,544 56,292 3,494 1,504 1,252 15,161 720 15611,3471,274 411 702 6,849 27,296 Jan. 23... 15,277 898 2,65754,58655,240 3,541 1,368 1,353 15,175 722 16310,9361,255 408 446 6,853 26,549 Jan. 30... 14,788 907 2,37354, ,798 3,694 1,354 1,644 15,176 728 16610,1781,242 414 816 6,871 25,602 Feb. 6... 14,794 848 2,289 53,503 53,672 3,727 1,350 2,115 15,213 740 16510,2841,222 413 643 6,885 29,208 Feb. 13... 14,809 943 2,47853 090 55,277 3,658 1,553 2,316 15,234 741 16610,2451,198 4121,079 6,893 22,818 Feb. 20... 14,751 890 2,36352,55753,467 3,535 1,570 2,860 15,233 758 168 9,9841,221 413 904 6,876 30,962 14,504 924 2,35152,683 53,646 3,599 1,370 2,54515,275 761 169 9,8581,212 411 948 6,896 24,342 Feb. 27... New York City 4,769 131 4215,830 16,735 231 752 345 1,530 2,969 1,113 293 2,319 47,561 1951—January..., 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 16,61117,498 270 847 507 1,514 2,947 1,049 327 405 2,371 55,184 1952—January... 5,288 16,54017,463 291 722 549 1,483 3,177 1,051 313 193 2,384 45,425 1951—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 ,027 327 392 2,369 11,238 Dec. 19... 173 16,91617,779 250 991 580 1,520 3,064 ,061 324 308 2,368 14,701 Dec. 26... 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 Feb. 6... 5,245 132 16,41917,008 293 602 749 1,476 2,928 ,005 312 146 2,397 12,183 Feb. 13... 5,241 152 16,12317,383 344 791 854 1,483 2,937 994 312 271 2,393 8,363 Feb. 20... 5,307 142 16,08916,939 268 800 1,042 1,477 2,902 1,014 312 318 2,393 12,736 Feb. 27... 5,231 142 16,33817,176 284 588 902 1,485 2,848 1,009 311 270 2,393 9,487 Outside New York City 1951—January... 8,731 2,420 35,61335,701 3,270 831 96813,049 632 90 7,184 4,210 73,226 November. 9,429 2,42536,53637,230 3,059 804 1,41813,475 692 114 7,621 220 459 4,453 69,685 December. 9,661 831 2,42137,47137,938 3,116 839 1,23313,499 695 120 7,705 645 4,463 76,007 225 1952—January... 9,687 789 2,62337,567 37,789 3,261 817 1,06813,690 697 117 7,905 428 4,472 71,986 224 1951—Dec. 5... 9,457 746 2,257 36,875 37,031 3,100 816 1,05013,455 694 118 7,576 94 636 4,462 17,340 Dec. 12... 9,529 850 2,427 37,598 38,547 3,085 816 89513,471 701 120 7,706 219 92 582 4,463 15,858 Dec. 19... 10,028 832 2,551 37,906 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 37,50437,958 3,135 827 1,55213,568 692 120 7,684 225 95 715 4,466 14,566 231 1952—Jan. 2..., 9,630 825 2,870 37 105 37,948 3,258 963 1,39213,642 689 119 8,404 227 97 292 4,468 18,669 Jan. 9..., 9,664 821 2,1 358 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 17.01M Jan. 23... 9,719 765 2,612 37,796 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 37,56837,235 3,379 735 1,08913,708 702 119 7,171 218 102 573 4,489 15,727 Feb. 6... 9,549 716 2,26137,084 36,664 3,434 748 1,366 13,737 713 118 7,356 217 101 497 4,488 17,025 Feb. 13... 9,568 791 2,447 36,96737,894 3,314 762 1,462 13,751 714 119 7,308 204 100 808 4,500 14,455 Feb. 20... 9,444 748 2,329 36,,446688 36,528 3,267 770 1,818 13,756 731 121 7,082 207 101 586 4,483 18,226 Feb. 27... 9,273 782 2,320 36,34536,470 3,315 782 1,643 13,790 734 121 7,010 203 100 678 4,503 14,855 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. MARCH 1952 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE * [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan Manufacturing and mining Comm'l, Period 2 l F iq a o n u o d o d r , , T a e p a x p n t a d il r e e s l , p m M r m ( a o a i e c e n n d t h t d c u a a i l c l l . n s t - s ch P l e c e e m o u t a r m i l o c , , - al Other ( r T w e a s r t h a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o u i i a l o n b r i n n c t t l i s a l i ) e - . c - s s o C t t a i t r n o o h 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 s e e d u r f n e t p s i d n - e n s e - g e - d N ef o en n s - e 1 i c c h l N f a a i n e s e d g s t i e - s ch t i a o a a n n g t n d a g r d ' l ' 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 February.. . -113 48 141 104 19 -5 -121 -59 -10 11 14 131 -116 -3 Week ending: 1951—Dec. 5.... 75 -23 22 3 7 66 11 21 2 183 46 137 1 183 141 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 Feb. 6.... -24 21 29 20 5 -30 -25 -29 -25 17 -41 15 -56 ! -41 -50 Feb. 13 -31 15 48 31 15 32 -12 -3 32 44 -12 32 34 Feb. 20.... -16 2 39 37 4 1 -24 -10 -5 "-if 16 49 -33 16 4 Feb. 27.... -41 10 25 17 9 9 -41 -8 22 6 7 22 -15 7 9 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 residentia a c n n o i d u c 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» 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 July 1 4 055 1,757 450 297 1,011 2,221 752 80 1 390 484 566 340 77 August1 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 1952—January 4,144 1,983 302 137 1,544 2,114 1,053 99 962 257 409 295 46 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. 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - i l ng Accepting banks Others2 I U m i n n p i t o t o e r d ts E U f x r n p o i o m te rt d s Do ex ll - ar G s o h o ip d p p s o e s d i t n o t b r s e e d t in w i e n e n or Total O bi w ll n s bo B u il g ls ht States States change United Foreign States countries 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—January 356 453 202 126 76 251 286 100 2 36 29 February 369 470 201 121 79 270 304 99 2 36 29 March 381 479 198 122 76 279 314 106 2 30 26 April 387 456 170 119 52 285 288 111 2 24 31 May 364 417 143 108 35 274 259 102 1 22 33 June 331 425 162 120 42 263 267 104 (») 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 1952—January 480 492 193 127 66 300 235 135 23 52 48 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 Debit Debit cre C d u it s t b o a m la e n r c s e ' s 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m d n e t i s n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t a s o r t r a u m t d n n e i t e s n n r g s t ' a in n a v I d c n e c t s o r f t a u m ir d n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 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—February. . . » 1,367 »642 8 953 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 8 843 October »1,291 «653 »853 November. . 1,279 3 649 3 805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—Januarv .... 31,289 3633 3 809 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). 1 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): November, 41; December, 40; January, 39. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. MARCH 1952 281 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 Prime Stock u. s Government [Per cent per annum] Prime ex- securities (taxable) mo Y w n e e th a e , r k , or m m 4 p - c o e a o r t n p o c m t e i h a r - 6 , s l - 1 a a d c n e a 9 c r c y s 0 e e ' s p s l , t- ch n l a c o r a e l e a a s w n - l n l g 2 - e m bi o 3 ll - n s t h 3 9 i m s - s t o o u n e t s 1 h 2 4 - 3 is - y s u t e o e a s r 5 - 6 Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i ,0 z 0 e 0 0 0 - of $ $ 1 l 2 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 - $ an 2 d 0 0 o ,0 v 0 e 0 r 1949 average 1.48 1.12 1.63 1.102 1.14 1.43 Annual averages: 1950 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—February. . 1.96 1.50 2.00 1.391 1.60 1.67 1944 2.4 4.3 3.3 2.6 2.2 March 2.06 1.63 2.00 1.422 1.79 1.86 1945 2.2 4.3 3.2 2.3 2.0 April 2.13 1.63 2.00 1.520 1.89 2.03 1946 2.1 4.2 3.1 2.2 1.7 May 2.17 1.63 2.15 1.578 1.85 2.04 1947 2.1 4.2 3.1 2.5 1.8 June 2.31 1.63 2.25 1.499 1.79 2.00 1948 2.5 4.4 3.5 2.8 2.2 July... 2!31 1 63 2!25 l!593 1 74 1^94 1949 2.7 4.6 3.7 3.0 2.4 August.... 2.26 l!63 2.25 1.644 1.70 1.89 1950 2.7 4.5 3.6 3.0 2.4 September. 2.19 1.63 2.25 1.646 1.71 1.93 1951 3.1 4.7 4.0 3.4 2.9 October. . . 2.21 1.63 2.25 1.608 1.74 2.00 November. 2.25 1.63 2.25 1.608 1.68 2.01 Quarterly: December.. 2.31 1.69 2.38 1.731 1.77 2.09 19 cities: 1951—Mar 3.02 4.68 3.27 2.76 1952—January. . . 2.38 1.75 2.45 1.688 1.75 2.08 June 3.07 4.73 3.32 2.81 February .. 2.38 1.75 2.38 1.574 1.70 2.07 Sept 3.06 4.74 3.36 2.78 Dec 3.27 4.78 3.49 3.03 Week ending: New York City: Feb. 2... 2% 1M 2M-2H 1.589 1.71 2.05 1951—Mar 2.74 4.20 3.06 2.59 Feb. 9... 2% 1% 2H-2V2 1.584 1.71 2.06 June 2.78 4.37 3.06 2.64 Feb. 16... 1M 2M-2Y2 1.643 1.71 2.08 Sept 2.79 4.35 3.18 2.64 F M eb a . r . 23 1 . . . . . . 2 2V % s l 1 M M 2y±-iy2 1 1 . . 5 5 0 6 7 3 1 1. . 6 7 9 0 2 2 . . 0 0 8 8 7 Norther D n e a c nd East- 3.01 4.37 3.91 3.34 2.87 ern 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 4.01 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 bond issues. Sept 3.47 4.89 4.17 3.55 3.04 6 Series includes selected note and bond issues. Dec 3.67 4.95 4.15 3.62 3.35 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] Corporate Moody's)* U. S. Govern- Munic- Corpoment ipal rate By ratings By groups Year, month, or week 15 years (high- (highor more3 grade)2 grade)3 (tax- Total Indus- Rail- Public able) Aaa Aa A Baa trial road utility dumber of issues . . 1-8 15 9 120 30 30 30 30 40 40 40 1949 average 2.31 2.21 2.65 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1950 average 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—February 2.40 1.61 2.66 2.85 2.66 2.71 2.88 3.16 2.69 3.01 2.86 March 2.47 1 87 2.78 2.95 2.78 2.81 2.98 3.22 2.79 3.09 2.95 April 2 56 2 05 2 88 3.07 2.87 2.93 3.12 3.34 2.89 3.24 3.07 May 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 February.... 2.71 2.04 2.89 3.18 2.93 3.01 3.25 3.53 2.97 3.38 3.19 Week ending: Feb. 2 . 2 71 2 08 2.90 3.20 2.95 3.01 3.29 3.55 2.97 3.43 3.20 Feb. 9 2.71 2.04 2.87 3.18 2.93 3.00 3.26 3.54 2.97 3.39 3.18 Feb. 16 2 71 2 04 3.17 2.91 3.00 3.24 3.52 2.97 3.37 3.18 Feb. 23 2 70 2 04 2.89 3.18 2.93 3.02 3.24 3.52 2.97 3.37 3.19 Mar. 1 2.70 2.04 2.93 3.18 2.95 3.02 3.24 3.53 2.98 3.38 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. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 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. 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 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 er e . o n n v S - t - . 2 g M i ( r c h a i u i d p g n e a h ) - l - 8 g ( r C r h p a a o o i d t g r - e e h - ) - 8 fe P r r r e e - d* Tota (i l nde d t x I r u , n i s a - 1 - l 935 R r - o 3 a a i 9 d l- =10 u P 0 t u i l ) l i b c it - y Total Tot M al anu D a fa b u c l r e t ( - u in ri d n N e d a g x b u o , l r n e - - 19 T 3 p 9 t r o i a = o r n 1 n ta s 0 - - 0) P u i l u t i t i c y b l- - T a s a r f e n i a i n c r c n d e v d e - e - , , M in i g n- s s t h h a i a n ( o n o i r g f n d u e * s s - ) Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1949 average. .. 102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 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—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 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Feb 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 1,320 Week ending: Feb. 2.. 96.64 131.3 116.4 166.2 189 205 158 118 196 223 186 258 211 117 208 254 1,662 Feb. 9.. 96.71 132.1 116.8 165.7 187 204 156 118 195 221 185 255 210 117 209 258 1,395 Feb. 16.. 96.72 132.1 116.7 166.1 186 202 156 118 192 217 182 249 207 118 206 264 1,220 Feb. 23.. 96.83 132.1 116.4 165.9 180 195 152 117 188 212 178 243 206 116 201 257 1,508 Mar. 1.. 132.1 116.1 166.0 180 196 155 117 188 211 177 243 204 116 199 277 1,140 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. 5 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n n r n n e e g d d - w ) - m T e ( a f e i o o d g n s r t o n d t a - i - ) c l Total S n m a p t i n a c a u d i t l - - e a c F e g i e e r e a s d n l - 1 - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 2 m 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 i t l - - e a c F e g i e e r e a s d n l - * - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 5 1942 2 114 1 075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4 216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 89,691 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 3,199 1,197 111 82,665 2,441 112 992 1,338 1,280 58 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— J F M A J M J u u e p a n a a l b r n y y e r i r u l c u a h a r . r y . y . . . . . 1 1 1 1 8 , , , , 1 0 2 2 9 5 8 6 6 2 9 3 1 3 2 4 9 1 4 4 4 1 1 8 , , 0 0 9 8 4 9 6 9 1 4 1 2 3 4 5 9 7 0 0 6 9 1 1, , 0 0 8 8 4 5 9 7 0 0 6 9 3 1 5 1 2 6 4 6 8 3 4 2 2 1 1 1 1 0 8 2 5 5 8 9 7 0 8 4 8 1 4 6 4 4 8 2 8 0 8 1 8 9 9 3 4 2 3 6 7 7 7 9 4 6 6 9 0 6 9 2 5 0 5 6 3 3 6 3 4 5 1 1 3 6 2 4 3 9 4 2 2 9 1 3 2 2 1 1 1 3 2 5 8 4 5 4 3 7 0 5 7 4 4 8 2 1 0 0 5 2 8 7 ' 2 2 1 1 1 1 1 1 7 8 9 4 2 1 5 7 4 7 4 4 2 1 1 1 1 1 1 7 9 8 2 8 4 5 7 7 4 4 0 4 1 1 4 3 3 4 2 9 0 1 1 1 4 8 6 9 5 9 3 5 8 1 3 4 8 7 2 8 8 2 5 1 1 7 2 0 9 7 3 3 2 5 2 4 2 1 5 2 4 9 9 8 1 3 5 0 2 2 6 5 7 31 August 617 424 390 150 240 139 101 34 192 192 1 172 20 20 September 8 986 «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. a 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. MARCH 1952 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES » PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Esti g m ro a s t s ed Esti n m et ated New money Retirement of securities proceeds 2 proceeds * Repayment Other Total e P q la u n ip t m a e n n d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other o f debt purposes 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 . ... 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,078 6,959 5,929 4,221 1,708 307 240 67 488 234 1949 6,052 5,959 4,606 3,724 882 401 360 41 637 315 1950 6,361 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 78 424 240 195i—January 383 359 301 224 77 20 17 3 29 8 February 383 377 314 243 71 30 28 2 26 6 March 1,009 994 845 699 146 68 68 53 28 April 824 810 626 504 122 65 13 52 64 55 May 748 739 676 487 189 20 14 6 26 18 June 825 812 685 431 253 63 54 9 49 15 July 515 505 452 336 116 20 20 26 6 August . 545 537 474 352 121 23 22 1 21 20 September 378 371 334 281 53 17 17 15 4 October 655 640 541 420 121 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 1952—January 565 555 530 470 60 2 2 11 1 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing • C m o is m c m ell e a r n c e ia o l u a s n 8 d Railroad Public utility' Communication 8 R an ea d l f e in s a ta n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- money ments 10 pro- money ments 10 pro- money ments10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939... 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 0 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 ... 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 ... 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1 252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 .... 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 "89i" '870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2.140 234 567 505 49 593 440 35 1950 1,175 68S 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 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 23~0 6 24 24 35 30 May 384 353 1 71 57 12 14 14 217 211 3 4 4 50 37 3 June 361 314 18 42 28 4 26 26 25S 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 i 131 126 2 8 8 15 12 October 308 254 3 37 25 1 18 16 197 181 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 c280 257 19 48 48 1 22 16 1952—January 304 294 23 14 17 17 199 195 1 1 1 11 9 1 c Corrected. 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. * 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. 8 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 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. 284 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 o 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 . 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2 600 378 190 93 1942 21,771 3,395 1,220 760 18.544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4 497 549 164 93 1945. 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,316 2,033 1,203 944 17,416 1,573 932 804 3,900 460 271 140 1947 30,797 4,099 2,521 1,168 25,686 3,423 2,105 1,000 5,111 676 416 168 1948 36,930 5,312 3,309 1,402 31,238 4,593 2,860 1,210 5,692 719 489 192 1949 36,675 5,034 3,098 1,658 31,578 4,506 2,768 1,474 5,097 528 330 184 1950 . . 44,056 7,891 4,061 2,237 37,828 6,995 3,571 2,013 6,228 896 489 224 Quarterly 1949—3 m 9,406 1,312 799 332 8,148 1 183 717 292 1 258 129 82 39 4 8,545 1,200 766 630 7,259 1,058 675 567 1,286 142 91 63 1950—1 i 9,256 1,400 812 387 7,935 1,254 725 347 1,322 146 87 40 2 ' 10,678 1,821 1,047 394 9,213 1,631 935 347 1,465 190 112 47 3 11,830 2,185 1,244 583 10,156 1,925 1,092 534 1,674 260 152 49 4 12,292 2,485 958 874 10,525 2,185 820 785 1,767 300 138 88 1951—1 12,685 2,232 876 467 10,811 1,951 765 420 1,874 ?81 110 47 2 13,019 2,214 837 474 11,079 1,928 724 421 1,940 286 113 52 3 12,282 1,962 761 477 10,454 1,720 661 425 1,828 242 100 52 PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Railroad Electric power Telephone Year or quarter r O e p v in e e g r n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts 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 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 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 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 L ,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 2 76 Quarterly 1949—3 2,140 174 104 50 1,224 260 175 140 748 84 52 53 4 2,066 224 161 78 1,288 281 106 156 779 111 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 55 3 1 1 , , 3 3 2 1 2 7 3 29 2 3 1 2 2 2 1 1 7 2 1 1 15 5 2 3 8 85 2 3 1 1 15 3 8 7 2 2 8 8 4 4 6 70 7 4 2,716 574 2318 142 1,415 339 2211 168 881 169 2 92 76 1951—l 2,440 229 2 103 100 1,504 413 2 229 157 904 175 2 90 77 2 2,596 275 2144 62 1,419 344 2 195 160 918 174 2 92 79 3 2,583 250 2 122 56 1,421 320 2 168 162 931 160 2 72 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). MARCH 1952 285 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 21 41 Nondurable goods industries Total (94 corps.):' Sales 13,364 12,790 14,710 3,163 3,333 3,251 3,453 3,939 4,066 4,323 4,260 4,279 Profits before taxes 2,208 1,843 2,701 446 503 504 581 782 833 850 809 769 Profits after taxes 1,474 1,211 1,510 292 342 307 353 468 382 367 340 332 Dividends 656 708 887 147 249 166 175 213 333 198 201 202 Selected industries: Foods and kindred products (28 corps.): Sales 3,447 3,254 3,416 822 835 757 811 957 892 1,000 878 935 Profits before taxes 410 377 463 101 102 83 100 157 124 120 83 89 Profits after taxes 257 233 253 63 64 47 58 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 1,049 1,192 1,263 1,345 1,381 1,351 Profits before taxes 655 673 1,114 174 189 205 247 311 351 366 367 344 Profits after taxes 408 403 560 105 115 117 141 176 127 129 121 112 Dividends 254 311 438 68 113 72 79 112 174 83 85 87 Petroleum refining (14 corps.): Sales 3,945 3,865 4,234 942 996 960 989 1,113 1,172 1,204 1,204 1,246 Profits before taxes 721 525 652 114 131 121 133 188 209 217 203 216 Profits after taxes 548 406 443 86 109 87 95 131 130 123 118 127 Dividends 172 172 205 31 63 42 42 44 77 57 55 55 Durable goods industries Total (106 corps.):3 Sales 23,567 23,886 29,346 6,307 5,279 6,004 7,225 7,891 8,226 8,362 8,759 8,003 Profits before taxes 3,105 3,191 5,190 866 697 896 1,240 1,403 1,652 1,382 1,405 1,193 Profits after taxes 1,835 1,887 2,549 508 424 503 694 776 576 510 497 429 Dividends 746 950 1,351 185 381 221 219 370 541 270 273 275 Selected industries: Primary metals and products (39 corps.): Sales 9,066 ,197 10,446 2,050 1,542 2,200 2,562 2,719 2,965 3,044 3,198 3,034 Profits before taxes 1,174 993 1,698 228 160 299 400 455 544 525 557 791 Profits after taxes 720 578 853 130 100 167 225 255 206 188 193 176 Dividends 270 285 377 61 89 66 73 80 157 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 2,283 2,975 3,355 3,192 3,268 3,331 2,900 Profits before taxes 1,131 1,473 2,306 462 337 398 596 656 656 514 508 407 Profits after taxes 639 861 1,089 267 200 215 330 358 186 194 183 143 Dividends 282 451 671 80 216 90 91 232 258 123 119 121 (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 data at seasonally adjusted annual rates) [In billions of dollars] Year P b t e r 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 t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 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 1 1 9 9 4 4 6 5 2 1 3 9 . . 5 7 1 9 1 . . 6 2 1 8 3 . . 5 9 4 5 . . 7 8 3 8. . 1 8 3 4 4 5 5 0 . . 7 3 2 2 0 2 . . 5 5 2 2 5 7 . . 2 8 1 9 1 . . 4 1 1 16 5 . . 7 8 1947 30.5 11.9 18.5 6.6 12.0 1948 33.8 13.0 20.7 7.3 13.6 51.8 31.1 20.7 8.8 11.9 1949 28.3 11.0 17.3 7.6 9.8 2 45.4 27.0 18.4 9.6 8.8 1950 41.4 18.6 22.8 9.2 13.6 3 39.8 23.7 16.1 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 Source.—Same as for national income series. 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues * Nonmarketable public issues End of month T g d r o e o t b s a t s l * d T d g i e r o r o b e t s a t c s l t Total3 Tre b a il s ls ury c i C n a e t d e r e t s i b f o i t - - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total3 s b a U o v . n i n S d g s . s T t s a r a e x v a i a s n u n g r d s y T b i r o n m e n v a e d e s n s s u t — t r - y S i p ss e u c e ia s l i b n N e d te a e o r r b n e i t n - s g tedness notes series 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—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—Tan 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 Feb 260,399 260,362 142,701 18,104 29,079 18,434 76,942 79,075 57,682 8,044 12,986 36,360 2,226 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,421 million dollars on Jan, 31, 1952. 1 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes 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 FEBRUARY 29, 1952 [In millions of dollars] [On basis of daily statements o of f U do n l i l t a e r d s] States Treasury. In millions Am ou o t u - nt Funds receive p d e f r r io o d m sales during t R io e n d s e m an p d - Month standing maturities Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Treasury bills * Treasury bonds—Cont. Fiscal year ending: Mar. 6, 1952 1,104 7,986 June—1945.. 45,586 14,891 11,553 679 2,658 4,298 Mar. 13, 1952 1,200 5,825 1946.. 49,035 9,612 6,739 407 2,465 6,717 Mar. 15, 1952 * 1,234 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Mar. 20, 1952 1,201 1,501 1948.. 53,274 6,235 4,026 301 1,907 5,113 Mar. 27, 1952 1,204 510 1949.. 56,260 7,141 4,278 473 2,390 5,067 Apr. 3, 1952 1,201 725 1950.. 57,536 5,673 3,993 231 1,449 5,422 Apr. 10, 1952 1,201 681 1951.. 57,572 5,143 3,272 347 1,523 6,137 Apr. 17, 1952 1,202 2,611 Apr. 24, 1952 1,201 1,449 1951—Feb.... 57,769 386 272 17 97 528 May 1, 1952 1,301 982 Mar.... 57,764 359 280 12 67 560 May 8, 1952 1,302 3,822 Apr.. .. 57,652 310 254 9 47 472 May 15, 1952 1,302 919 May... 57,607 296 247 8 41 478 May 22, 1952 1,100 5,283 June... 57,572 290 244 8 38 476 May 29, 1952 1,101 3,469 July... 57,538 311 258 8 45 482 June 15, 1952 2 1,249 1,485 Aug 57,509 314 267 8 38 437 2,118 Sept... 57,488 273 230 7 36 390 2,830 Oct 57,501 334 274 10 50 410 Certificates 3.760 Nov.... 57,552 316 268 9 39 364 A A J S O D u e u p e c l p g c t y r . . t . . . 1 1 1 5 1 1 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 2 2 2 2 2 2 1 I \ \ \ \ % H % % % yt 1 9 5 1 0 1 , , , , , 5 0 2 8 8 5 8 6 6 3 1 2 3 3 1 2 6 4 4 2 3 2 3 5 , , , , . , 0 7 1 0 4 8 9 7 1 0 8 3 5 3 6 0 0 6 1952— F D J M a e e n b a . c t . . u . . r . . . . i . . ties 5 5 5 7 7 7 a , , , n 6 6 5 d 8 6 8 2 4 7 amoun 4 3 2 t 4 3 9 s 1 9 7 outsta 3 2 2 n 6 5 8 d 4 4 8 ing Feb 1 1 r 0 9 6 uary 29 3 6 4 , 4 1 2 1952 4 4 4 0 9 1 1 3 1 Postal Savings Year of All Series Series Series Treasury notes bonds 92 maturity series E F G Mar. 15, 1954 1« 4,675 Mar. 15, 1955 1} 5,365 1952 3,664 3,664 Dec. 15, 1955 If 6,854 Panama Canal Loan. 3 50 1953 6,323 5,160 191 973 A O p c r t. . 1 1 , , 1 1 9 9 5 5 6 6 1 \ ) \ 1, 5 0 3 0 3 7 Total direct issues 142,701 1 19 9 5 5 5 4 8 6 , , 0 8 3 3 7 8 4 5 , ,7 4 1 5 7 0 4 4 7 98 7 1 1 8 8 9 4 0 3 1956 5,051 2,260 581 2,210 1957 4,830 2,350 463 2 017 Guaranteed securities 1958 4,928 2,564 241 2,123 Treasury bonds Federal Housing Admin. 1959 4,730 2,633 258 1,839 Mar. 15, 1952-54*.. 2)i 1,024 Various , 33 1960. 5,218 2,483 441 2 294 1961 1 4,791 13,309 202 1 280 1962 2,489 314 370 1,805 1 Sold on discount basis. See table on Open-Market Money Rates, 1963 753 123 630 p. 282. 1964 91 19 73 2 Tax Anticipation Series. Unclassified -61 3 Called for redemption on Mar. 15, 1952. * Maturity June 15, 1954. Total 57,682 34,903 3,864 18,976 « Maturity June 15, 1955. 6 7 P R a e r s t t i r a i l c l t y e d t . ax exempt. do 1 l la In rs c . ludes bonds with extended maturities totaling 745 million MARCH 1952 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g l u u a d r - - trust funds 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 * 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 Oct 258,336 35,615 6,367 216,353 23,552 60,600 10,000 16,600 '21,200 9,500 48,900 '15,600 10,500 Nov 259,647 35,862 6,354 217,431 23,239 61,200 9,900 16,500 r21,400 9,500 49,000 15,600 11,100 Dec 259,461 35,902 6,379 217,180 23,801 61,400 9,800 16,300 20,800 9,500 49,000 15,600 11,000 r Revised * Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1951. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, 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. Total G ag o e v n t - . F er e a d l - Com- M tu u a - l Insur- Total G ag o e v n t - . F e e ra d l - Com- M tu u a - l Insur- End of month out- cies Re- mer- sav- ance Other End of month out- cies Re- mer- sav- ance Other st i a n n g d- and serve ba ci n a k l s1 ings p c a o n m ie - s st i a n n g d- and serve ba ci n a k l s1 ings p c a o n m ie - s trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 1 1 19 9 9 5 5 4 1 0 9 — — — J D J J u e u u n c n n e' e e .' . . . . . . . . ' . . . 1 1 1 1 1 5 5 5 3 5 5 5 5 7 2 , , , . , 1 3 1 9 4 2 3 6 4 7 5 8 0 4 1 3 5 5 5 5 , , , , , 2 3 3 3 3 7 6 5 2 7 2 5 0 7 4 2 2 1 1 1 0 0 8 8 9 . , , , , 2 7 3 8 3 6 7 8 3 4 8 8 5 1 3 5 5 5 5 5 1 8 4 6 9 . , , , , 5 9 8 2 8 1 7 9 3 5 5 2 3 7 6 1 1 1 1 8 0 0 0 1 . , , , , 2 8 1 7 0 5 7 7 4 2 7 4 4 2 9 1 1 1 1 1 8 2 6 8 9 , , , , , 1 8 0 5 0 3 6 7 3 9 2 2 7 5 0 4 4 4 4 4 2 3 4 1 4 , , , , , 5 6 4 0 7 5 6 8 2 6 8 3 7 9 3 Wi 1 1 1 t 9 9 9 h 5 5 4 in 1 0 9 — — — 1 D D J J J y e e u e u u c c a n n n r e e e : . . . . . . . . . . . . 3 3 1 1 1 8 7 0 1 4 , , , , , 6 9 3 2 3 3 0 8 2 1 1 5 7 6 9 3 4 4 7 6 9 9 9 0 1 10 2 , , 2 3 9 8 5 4 7 8 7 0 1 3 2 8 5 1 1 9 7 7 5 4 , , , , , 0 0 0 6 0 2 0 1 4 8 1 1 4 5 3 4 2 2 2 1 6 3 3 3 5 7 8 6 0 1 1,0 3 9 3 4 4 2 6 8 6 4 6 0 5 8 1 1 3 2 2 0 0 , , , , , 6 3 5 7 7 8 0 5 4 2 5 0 3 7 2 Nov.... 142,778 3,32022,02553,911 7,898 11,52944.095 Dec 142.724 3,34522,58854,148 7,88011,36443,399 Nov.... 17,965 23 1,370 11,484 348 598 4,142 Treasury bills: Dec 25,508 21 1,668 16,793 420 787 5,819 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 D o ec v 1 1 8 8, , 1 1 0 0 2 0 5 5 0 4 5 1 9 1 6 7 6 6 , , 4 7 4 7 6 3 6 7 4 1 6 53 8 2 71 1 0 0 , , 7 0 3 8 2 0 1951— D J e u c 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 r 9 ti 4 fi 9 c — at D e J s e u : c ne.... 2 2 9 9 , , 4 6 2 3 7 6 4 2 8 6 6 6 , , 8 2 5 7 7 51 9 1 , , 5 5 6 2 1 0 2 1 0 6 7 9 6 60 3 2 31 1 0 2 , ,1 9 7 9 4 1 N De o c v.... 3 2 7 8 , , 3 6 3 7 7 8 1 15 5 5 4 5 5, , 1 3 0 9 2 62 1 4 8 , , 7 6 9 0 4 0 2 1 3 4 8 2 9 68 0 5 0 3 5 , , 9 8 9 5 4 5 1950—June.... 18,418 7 5,357 5,354 64 382 7,254 1951— D J e u c ne.... 9 5 , , 5 3 0 7 9 3 (3) 17 3 2 , , 1 3 9 3 4 4 2 1 , ,5 7 4 5 4 3 37 7 28 5 7 3 3 1 , ,4 2 3 2 5 1 o— 1 lu 9 4 y 9 c — afS J • une.... 1 1 5 8 , , 0 5 6 3 7 7 5 5 3 6 2 8 1,3 5 8 8 8 4 6 6 , , 5 9 8 9 7 5 2 2 . , 0 6 0 4 2 0 2 1 , ,7 2 3 3 2 0 3 4, , 7 6 1 3 6 0 Dec Nov 28,017 49 12,720 5,952 37 623 8,636 1950—June.... 15,926 423 1,148 5,675 2,439 2,055 4,186 Dec 29,078 49 12,793 6,773 41 662 8,760 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 Nov.... 11,156 307 1,014 2,438 1,924 1,655 3,818 1950—June.... 20,404 29 3,50011,204 154 403 5.114 Dec 11,156 309 1,014 2,436 1,925 1,656 3,816 Dec 39,258 10 12,52715.833 136 707 10,045 1951—June.... 35.806 14 12,43913.704 120 687 8,842 After 10 years: Treasury N D b e o o c v nds: 1 18 8 , , 4 4 0 0 9 6 3 3 5 5 , , 0 0 6 6 8 81 1 0 0 , , 4 4 5 6 2 5 6 6 9 7 3 3 0 1 5 6 2 2 , , 4 5 9 0 0 9 1 1 9 9 5 4 0 9 — — D J J e u u c n n e e . . . . . . . . 4 4 4 8 5 5 , , , 5 0 0 5 8 8 4 4 4 4 4 4 , , , 4 4 4 8 5 4 2 5 1 4 3 2 , , , 4 5 3 5 4 9 2 9 3 3 4 3 , , , 0 9 8 9 8 3 2 7 3 6 7 7 , , , 1 5 2 3 8 9 0 8 3 1 1 1 3 3 4 , , , 5 4 1 0 8 7 7 5 9 1 1 1 4 3 3 , , , 2 5 0 4 2 9 2 4 0 1949— D J e u c ne.... 1 1 0 1 4 0 , , 7 4 5 2 8 6 5 5, , 2 2 1 0 7 1 7 7, , 2 7 1 8 8 0 3 4 9 2 , ,0 2 4 3 2 51 1 0 0 , , 4 7 8 6 0 8 1 17 8 , , 5 3 7 1 9 52 25 6 , , 0 3 2 2 9 0 1951— D J e u c ne.... 3 4 0 3 , , 0 5 2 9 3 9 2 4 , ,6 6 8 2 2 9 2 1, , 3 5 9 0 7 8 2 2 , , 7 9 8 3 1 2 5 7 , , 3 18 8 0 9 1 7 2 , , 2 3 9 0 3 8 1 10 3 , , 5 9 3 8 4 9 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 8 7 8 3 3 4 4 5 , , ,6 1 6 1 0 2 8 8 0 3 3 3 1 3 8 , , , 6 2 6 0 8 9 7 6 11 9 7 0 , , , 9 9 6 6 7 2 7 4 3 1 1 1 5 0 7 , , , 6 2 2 1 6 4 7 4 92 2 2 4 5 2 , , . 9 3 0 4 4 2 1 0 3 N De o c v.... 3 30 0 , , 0 0 1 1 2 4 2 2 , , 7 6 2 9 6 7 1 1, , 4 4 1 0 5 9 2 2 , , 7 7 6 4 6 0 5 5, , 2 2 7 8 6 5 7 7, , 0 0 2 5 7 3 1 1 0 0 , , 8 8 0 2 4 8 Nov.... 78,066 3,178 4,12031,030 7,725 9,90022,113 Dec 76,945 3,209 4,13030,104 7,697 9,83921,966 an amounts oi nonmaiKeiaDie issues; uy an DCUIK.S aim an iiisuia.uue companies lor certain uai.es are snown in tne tauie au 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. 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 > s Increase (+) or General fund of the Treasury (end of period) during period Assets y F e i a s r c a o l r N re e - t Bu ex d - get s B u u r d p g lu e s t T a r c u - st C i l n e g ar- a B n a c l- e Deposits in Total Cash i E n x c c o e m s e s ceipts p t e u n r d es i- ( d + ef ) ic o it r c e o t u c n .1 ts, co ac u - nt1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f g e u i e r n n a n d l - Total b s F e a R e e r n r e a d v k - l - e s1 d it e c a f p a r o i l" e s s - a O s t s h e e ts r b t l i i i e a li s - - co in m - e o C u a t s g h o ( o + u ) t g o o r Fiscal year: 1949 38 ?46 40 0S7 — 1811 -495 +366 +478 -1,462 3 470 3,86? 438 1 771 ,653 392 41,628 40.576 +1 051 1950 37,045 40,167 122 +99 +483 +4,587 +2,047 5 517 5,927 950 3,268 1,709 410 40,970 43,155 -2 ,185 1951... 48,143 44,633 +3 S10 +679 —214 -2,135 + 1,839 7 3S7 7 871 338 5 680 ,853 514 53,43945,804 +7 635 1951—Feb... 4,257 3,211 +1 047 +227 -161 -184 +929 5 382 5,806 465 3,614 11,726 423 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 ,853 514 7,367 5,223 +2,144 July.. 2,571 4,739 ,168 +11 -14 +435 -1,737 5 620 6,032 584 3,694 ,754 412 2,854 4,843 — 1,989 Aug. . 3,594 5,087 -1 ,493 +83 -103 +988 -525 5 095 5,431 459 3,244 1,727 336 4,600 5,565 -965 Sept.. 6,209 5,163 +1,046 +37 +30 +709 +1,822 6 916 7,356 947 4,547 ,861 439 6,555 4,862 +1,693 Oct... 2,635 5,483 -2 847 -55 -86 +945 -2,042 4 874 5,311 493 3,021 ,798 437 '2,855 ^5,801 -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—Tan.. . 4,953 5,455 -501 -374 + 103 +357 -415 3 879 4,306 162 2,048 2,096 427 5,183 5,473 -290 Feb... 5,553 5,105 +448 + 186 -25 +587 + 1,196 5 075 5,700 558 3,216 1,926 625 DETAILS OF' TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue F o i r s c m al o y n e th ar W I h n e c it l o d h m - e taxes n c M e el o i l s u a - - s S S r o e i c c ty i u a - l O r t e h - er T r o e t - al Refun D d e s du S c S e t o c c u i r a i l ty N re e - t In i d n i a s v u n i d r d a u n o a c l l e d - i a t n a g c x e o e m s e c C o ti o m o r n e p o i a n r n a - d - t a E a n s t d e - m E o a x i t s n h c c d i e e s r l e p b l y o y e e m rs - 4 Other i r n e t v e e r n n u a e l taxes ceipts ceipts taxes e t m m ax p e e l n o s t y 5 - ceipts Withheld Other p t r a o x f e it s s ta g x i•rl e t* s la t n a e x o e u s 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 13,53524,218 9,423 3,940 2,253 53,369 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1951—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—Tan 750 6 3,021 826 174 383 5,153 52 147 4,953 814 2,330 807 65 763 Feb.. .. *>2,600 1,943 805 P715 131 6,194 195 446 5T553 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust and other accounts 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 m e 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 i c a m v l c I e o e n S s u n - e t n - t c s t u s r p i t t u E e y n r x e - d s i- ce R i e p - ts m O v e I e t n n h s - t t e - s r 7 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 '•12,346 5,750 »-4,689 r6,043 2,984 1,383 r6,973 4,293 1,028 3,114 2,376-1,430 3,857 1951 44,633 '19,964 5,613 r4,445 r5,204 r635 972 *7,801 5,631 2,685 2,790 2,165 872 771 1951—Feb 3,211 1,695 156 328 417 (8) 9 r605 582 194 258 125 15 14 Mar 4,058 '2,059 580 '350 454 68 2 '545 280 101 259 150 27 77 Apr. 4,007 r2,161 253 r393 427 104 82 r587 283 83 255 184 24 173 May 4,517 2,396 163 487 424 91 1 '953 928 510 266 127 —23 166 5,969 »-2,496 1,557 »791 383 92 (8) r649 570 346 261 433 317 —205 July 4,739 2,930 232 318 433 40 67 717 293 128 264 117 —22 28 AUK.. 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 r442 386 49 64 '559 550 81 278 142 -8 145 1952—jan 5,455 3,414 228 291 428 ci94 78 822 246 221 326 146 189 29 Feb 5,105 2*3,150 142 P390 378 P78 P72 P895 711 175 319 120 46 105 P Preliminary. r Revised. c Corrected. : Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivovrosr si nisnusruarnacnec et trust fund. 5 TThheessee aarree aapppprroopprriiaatteedd ddiirreeccttllyy ttoo tthhee FFeeddeerraall oolldd--aaggee aanndd ssuurrvviivvoorrss iinnssuurraannccee ttrruusstt ffuund. 6 6 BRoemginnnnininrYg wTiriitrhri JTaonriunao rty-ir 119 O5 ^2 ^, initcirliundreiosc soocni^aila l seCc£*urr*iiitryif\ rt atoxveps co rn\n s eQlAf! f-_e^mmp t~lvo1y re\\dT (*pre\ rnsporncsn.nc 7 Includes investments of Government agencies in public debt. s Less than $500,000. MARCH 1952 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o o a i n e a p e m d t s d l - e s s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n s O r t s i s t e t - t i c h e u e s - r * L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e s h t - e s r a t B F g u n a u u b o r t n a e y l e n d l r e s d y - d s d p , e a n O b y o e a t t h n b e - e l s e r , l O i i a t t i b h e i e s l r - i U m G n e e r . t o e s e n v n t S r - - t - . o 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 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 Mar. 31 1951 25,104 71513,496 1,764 2,162 3,467 2,951 549 19 1,247 1,234 22,337 268 June 30, 1951 25,188 64913,504 1,719 2,185 3,474 2,999 659 29 1,378 93222,533 315 Sept. 30 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 34 1,399 94922,962 322 Classification by agency, Sept. 30, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 426 23 353 43 6 117 1 285 23 Federal intermediate credit banks 848 30 742 67 9 787 9 52 A Pr g o r d ic u u c l t t i u o r n a l cre M di a t r k c e o t r i p n o g r at A io c n t s Revolving 56 1 41 13 55 Fund 1 1 1 Federal Farm Mortgage Corp 35 2 32 1 1 1 34 Rural Electrification Administration 1,777 33 1,692 52 1 1,777 Commodity Credit Corporation 2,149 10 499 1,238 109 293 1 163 1,985 Farmers' Home Administration 4 595 70 456 1 67 6 589 Federal Crop Insurance Corp. 40 30 9 2 37 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,041 20 747 271 (3) 3 495 247 299 Federal Savings and Loan Insurance Corp.. 201 1 195 4 4 197 Home Owners' Loan Corp 2 2 1 (3) Public Housing Administration 6 1,904 69 560 1,254 21 16 1,888 Federal Housing Administration 412 37 24 277 1 71 31 197 183 Office of the Administrator: Federal National Mortgage Association... 1,728 1,715 :.":: 12 2 1,726 Other 77 10 29 34 4 1 77 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 784 2 1 140 3 583 55 784 Other 7 860 12 731 1 71 1 45 69 791 Export-Import Bank 2,328 1 2,312 16 47 2,282 Federal Deposit Insurance Corp 1,353 1 1,338 13 90 1,263 Tennessee Valley Authority 1,151 132 13 998 8 36 1,115 All other 8... 7,900 173 4,011 124 (3) 3,385 44 164 57 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 e t 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 i s g 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 E I 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 n e 9 a n e 5 l c l 1 3 i , e 0 s , To aid agriculture 37 742 356 503 1,693 559 (3) 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 (3) 425 69 494 498 To aid financial institutions: Banks (3) Other 747 8 755 824 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. 8 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. 290 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] Construction I ( n p d h u 1 y s 9 s t i 3 r c i 5 a a - l l 3 v 9 p o r = o lu d 1 m u 0 c 0 e t ) i * o n * aw 1 a 9 c r 2 d o 3 e n - d t 2 r 5 a ( = v ct a 1 s l 0 u 0 e)2 Em 19 p 3 l 9 o y = m 1 e 0 n 0 t3 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year or month Total Du f 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 n a i - - l - Factory 1 r p 9 o 1 3 a l 0 l 9 y s 0 - = « c 1 a 9 i = n r 3 l g 1 o 5 s 0 a - * 3 0 d 9 - 1 u 9 = s ( e 4 a v ) 1 l 7 a e 0 * - l s - 4 0 * 9 1 s p 9 u = ri 3 m c 1 5 e 0 e - s 3 r 0 s 3 9 ' 1 p m 9 c = r 4 o i o c 1 7 m d e 0 - i s 4 - 0 t 9 y 3 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 1920 75 93 60 83 63 30 90 89.4 104.1 124.2 129 32 143.3 1921 58 53 57 66 56 44 65 79 7 79.7 80.2 110 30 127.7 1922 73 81 67 71 79 68 88 84.4 88.2 86.0 121 30 119.7 1923 88 103 72 98 84 81 86 92.9 100.9 109.1 142 34 121.9 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 34 122 2 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 36 125.4 1926 96 114 79 100 129 121 135 97.5 98.9 110.5 152 37 126.4 65.0 1927 95 107 83 100 129 117 139 98.0 96.7 108.5 147 37 124.0 62.0 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 37 122 6 62.9 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 38 122.5 61.9 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 35 119.4 56.1 1931. . 75 67 79 80 63 37 84 87.1 75.8 71.8 105 32 108.7 47.4 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 24 97 6 42.1 1933 69 54 79 76 25 11 37 77.5 71.3 53.1 82 24 92.4 42.8 1934 75 65 81 80 32 12 48 84 9 83.2 68.3 89 27 95 7 48 7 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 29 98.1 52.0 1936 103 108 100 99 55 37 70 95 1 96.4 91.1 107 33 99 1 52 5 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 35 102 7 56.1 1938 89 78 95 97 64 45 80 95.4 90.0 84.7 89 32 100.8 51.1 1939 109 109 109 106 72 60 81 100 0 100.0 100 0 101 35 99 4 50 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 37 100 2 51 1 1941 162 201 142 125 122 89 149 119.4 132.8 164.9 130 44 105 2 56 8 1942 199 279 158 129 166 82 235 131 1 156 9 241 5 138 50 116 6 64 2 1943 239 360 176 132 68 40 92 138.8 183.3 331.1 137 56 123.7 67.0 1944 235 353 171 140 41 16 61 137.0 178.3 343.7 140 62 125 7 67 6 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 70 128.6 68.8 1946 170 192 165 134 153 143 161 136.7 147.8 271.7 132 90 139.5 78.7 1947 187 220 172 149 157 142 169 143.2 156.2 326.9 143 98 159.6 96.4 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 104 171 9 104 4 1949 176 202 168 135 211 192 226 142 0 141 6 325 3 116 98 170 2 99 2 1950 200 237 187 148 295 305 287 145 7 149.7 371.8 128 105 171 9 103 1 1951 P220 P273 P194 P164 319 282 349 P153.2 P159.1 «432.3 134 109 185 6 1950 March 187 183 211 181 144 275 278 274 141.2 141.3 141.0 333.5 127 99 168.4 98.5 April 190 188 222 180 140 284 298 273 142.7 143.2 141.6 337.2 126 100 168.5 98.5 May. 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 100 169.3 99.6 June 199 200 237 184 151 291 325 262 145.3 148.9 147.3 362.7 127 103 170 2 100 2 July . 196 198 235 181 144 325 369 289 146.1 150.9 148.3 367.5 126 122 172.0 103.0 August 209 212 247 195 159 334 362 311 148 3 155.0 156 3 394 4 135 114 173 4 105 2 September 211 216 251 194 163 321 332 312 149.2 156.0 158.9 403.2 134 108 174.6 107.1 October 216 220 261 196 166 299 294 303 149.9 157.7 160.3 415.8 137 103 175 6 107.7 November. . 215 215 260 195 160 306 284 323 150.2 157.7 159.2 414.6 136 103 176.4 109.3 December 218 216 268 197 157 332 297 360 150.6 158.1 159.4 426.0 140 110 178.8 112.1 1951 January 221 216 268 201 164 333 312 350 151.2 159.7 158.9 424.0 146 125 181.5 115.0 February 221 217 271 201 158 323 311 334 152.1 161.3 161.0 430.0 129 115 183 8 116 5 March. . . 222 219 277 199 158 304 292 314 152.8 161.4 161.0 435.0 139 105 184.5 116.5 April 223 222 279 198 164 373 283 446 153.2 161.7 160.0 433.2 136 104 184 6 116 3 May 222 223 276 198 165 361 276 430 153.6 161.3 158.6 428.4 133 104 185.4 115.9 June 221 223 274 197 165 374 289 443 153.9 161.2 159.5 434.3 131 105 185.2 115.1 July 212 214 265 187 156 303 298 306 153.9 160 0 157.3 422 8 125 105 185 5 114 2 August 217 220 267 193 165 291 292 291 153.7 158.3 159.5 429.4 133 109 185.5 113.7 September 219 223 271 193 167 275 279 271 153.4 156.9 159 8 437.8 133 107 186 6 113 4 October 218 222 '274 188 174 261 265 258 '153.3 156.1 158.7 434.2 135 108 187.4 113.7 November . . 219 220 277 188 170 291 243 331 153.4 '156.0 157.6 '433.9 137 112 188.6 113.6 December 218 216 281 185 163 310 240 367 153.6 156.3 157.5 444.1 133 109 189.1 113.5 1952 January P215 P280 P187 P164 300 236 353 P153.6P156.2P155.6 "435.0 141 P108 189.1 113.2 February "219 «215 «281 "187 136 «105 * Average per working day. e Estimated. P Preliminary. T Revised. 1 For indexes by groups or industries, see pp. 292-295. 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. 299. 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. The wholesale price index is the revised series; for figures by major groups and subgroups, see pp. 311-313 of this BULLETIN. 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. 302-304. 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. MARCH 1952 291 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] 1951 1952 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 221 221 222 223 222 221 212 217 219 218 219 218 P219 Manufactures—Total 231 232 234 234 233 231 222 226 228 226 228 228 P229 Durable Manufactures 268 271 277 279 276 274 265 267 271 '274 277 281 P280 Iron and Steel' 255 252 263 264 263 261 253 254 258 261 261 263 261 Pig iron 224 217 228 231 234 235 230 230 231 235 232 227 229 Steel 288 281 298 301 301 296 293 291 298 304 307 304 304 Open hearth 212 206 217 218 217 213 215 208 213 217 216 219 218 Electric 827 815 879 891 897 884 850 881 902 921 954 911 913 Machinery 322 328 335 337 336 338 328 328 336 '340 347 358 P356 Transportation Equipment 285 304 314 311 310 307 293 305 311 '311 '316 317 P315 Automobiles (including parts) 246 262 265 255 248 238 216 223 226 '223 r220 211 pin (Aircraft; Railroad Equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 224 217 209 211 206 205 199 197 196 201 209 208 v212 Smelting and refining 219 222 225 227 227 226 226 213 214 230 235 235 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 . . . Fabricating 226 215 202 204 197 197 188 191 190 190 198 197 ^201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 171 169 169 170 163 153 141 146 146 149 157 153 P155 Lumber 162 156 156 162 158 147 131 137 135 138 149 141 P146 Furniture 190 193 195 185 173 164 160 165 167 '111 173 177 P173 Stone, Clay, and Glass Products 236 237 243 247 236 239 237 228 228 '219 212 218 P216 Glass products 240 243 251 270 242 250 260 234 232 214 199 208 Pill Glass containers 257 261 269 292 257 269 285 249 246 222 204 216 222 Cement 238 245 252 243 231 235 226 222 219 217 219 242 233 Clay products 191 186 189 189 184 184 177 176 173 172 172 172 P179 Other stone and clay products 2 Nondurable Manufactures 201 201 199 198 198 197 187 193 193 188 188 185 P187 Textiles and Products 194 194 188 185 190 185 160 170 163 154 157 11? P159 Textile fabrics 174 176 171 165 169 164 138 150 145 139 142 137 Cotton consumption 163 174 175 153 164 157 123 145 142 140 144 136 144 Rayon deliveries 392 390 374 380 377 378 379 360 334 293 289 283 295 Nylon and silk consumption 2 Wool textiles 156 144 133 146 144 137 100 115 114 114 r120 118 Carpet wool consumption 180 181 169 131 101 87 27 58 63 86 94 99 Apparel wool consumption 151 140 128 158 163 153 117 132 132 119 122 121 Wool and worsted yarn 142 133 123 140 141 135 105 117 117 114 120 114 Woolen yarn 121 119 111 116 120 119 92 108 108 108 116 111 Worsted yarn 173 152 140 174 171 157 123 130 129 123 126 119 Woolen and worsted cloth 163 143 130 159 163 159 124 135 132 126 133 131 Leather and Products 115 122 118 106 97 99 85 99 100 91 89 88 Leather tanning 107 112 105 97 88 89 75 81 84 80 78 79 Cattle hide leathers 120 126 119 110 104 109 91 99 104 96 94 91 Calf and kip leathers 77 88 80 78 56 51 42 44 51 51 51 59 Goat and kid leathers 94 96 93 87 80 73 58 65 56 53 53 60 Sheep and lamb leathers 98 92 83 69 55 50 54 56 64 67 69 71 Shoes 121 128 127 112 103 106 92 110 111 98 97 94 Manufactured Food Products 168 166 167 168 167 165 164 166 167 163 '159 161 P160 Wheat flour 128 119 110 108 109 103 107 108 107 109 115 109 P121 Cane sugar meltings 2 Manufactured dairy products 142 142 146 147 148 150 150 148 143 140 137 136 *>137 Butter 73 71 72 74 72 75 77 77 72 71 64 62 65 Cheese 170 169 176 177 174 183 180 173 165 163 158 161 165 Canned and dried milk 131 135 152 156 164 168 169 160 138 126 118 119 118 Ice cream 2 P Preliminary. »• Revised. * Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 3 Because of a re classification 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. 292 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] 1951 1952 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 162 148 159 163 149 145 152 162 168 157 168 163 157 Pork and lard 188 171 194 208 181 188 187 207 221 198 205 200 187 Beef 152 141 139 134 134 110 126 128 126 124 143 141 142 Veal . . . 93 88 82 79 79 95 107 110 99 109 106 84 78 Lamb and mutton . . 80 66 62 59 52 66 70 65 64 74 75 69 78 Other manufactured foods . 176 176 177 177 176 175 173 174 176 173 166 169 M74 Processed fruits and vegetables . . .. . . 161 158 176 169 166 160 147 139 152 163 120 126 Confectionery 148 138 127 128 132 130 127 140 136 127 136 149 Other food products 185 188 186 187 186 186 188 188 189 183 183 183 P\83 A Icoholic Beverages 248 225 207 187 179 178 175 178 184 178 188 176 174 Malt liquor 185 166 169 161 157 155 163 165 164 154 180 178 185 W7hiskey 155 135 150 118 117 104 78 51 70 76 86 85 73 Other distilled spirits .... 716 658 677 706 560 604 474 492 335 265 262 253 336 Rectified liquors 439 408 240 148 174 174 197 223 332 358 292 225 150 Tobacco Products.... 177 179 170 177 172 171 161 183 177 185 194 147 176 Cigars . . . . 101 107 1C0 104 105 115 98 114 123 127 129 87 107 Cigarettes 248 249 238 248 239 233 225 252 239 259 262 204 244 Other tobacco products 70 69 62 66 64 66 57 73 70 44 84 60 67 Paper and Paper Products ... 204 207 208 214 212 208 190 196 197 196 191 184 187 Paper and pulp 192 197 198 204 200 198 183 189 192 191 187 182 185 Pulp 220 228 229 241 233 235 230 228 234 235 235 223 229 Groundwood pulp 117 119 116 116 115 123 137 132 137 130 112 116 111 Soda pulp. . . .. 94 98 94 100 99 88 78 93 99 97 95 94 95 Sulphate and sulphite pulp 3 . . . .256 265 269 284 274 275 269 265 271 273 278 261 270 Paper 188 193 193 198 195 193 176 183 185 185 180 176 178 Paperboard .. 247 245 248 253 256 247 217 224 216 213 205 191 197 Fine paper 2 Printing paper 181 192 189 194 186 180 167 185 192 190 188 191 192 Tissue and absorbent paper . 206 205 208 224 207 204 204 196 200 179 181 194 Wrapping paper 159 172 171 172 170 177 165 168 180 180 184 181 177 Newsprint 118 120 119 119 121 128 129 130 129 127 125 128 123 Paperboard containers (same as Paperboard) Printing and Publishing 170 177 176 183 176 171 166 174 179 177 175 174 175 Newsprint consumption 159 If 2 162 171 166 163 166 164 167 165 163 158 159 Printing paper (same as shown under Paper) . . . Petroleum and Coal Products... ...272 269 269 255 263 263 262 265 266 269 r276 279 P277 Petroleum refining2 Gasoline 202 198 199 193 207 212 211 713 214 212 214 215 P2\2 Fuel oil 238 238 227 204 210 215 213 ?09 213 214 226 234 P234 Lubricating oil . . . . 192 179 190 189 193 194 195 200 187 200 106 190 Kerosene 237 230 230 221 201 205 209 208 216 214 230 224 Other petroleum products 2 Coke 187 183 184 185 186 187 183 1F7 185 185 185 185 Bv-product coke 177 174 176 178 178 179 178 179 178 178 177 178 Beehive coke . .... 522 487 475 433 456 476 388 457 411 452 '46 7 456 474 Chemical Products 287 288 292 296 298 302 305 306 304 297 298 296 P297 Paints 163 168 166 164 160 161 167 165 158 156 158 157 M59 Ravon 387 384 374 377 378 385 392 303 303 367 352 331 Industrial chemicals 506 c10 524 532 538 548 554 557 558 7-549 ••552 551 ^548 Rubber Products 244 235 239 238 247 251 243 243 245 244 248 P248 Minerals—Total... 164 158 158 164 165 165 156 165 167 174 170 163 P164 Fuels . . 169 163 163 167 168 169 160 171 172 179 178 170 P173 Coal 140 118 111 120 118 123 97 123 125 138 141 125 136 Bituminous coal 151 125 127 133 126 133 105 134 137 147 152 135 147 Anthracite . . . 96 89 48 64 83 86 66 77 79 104 99 91 Crude petroleum 184 185 189 191 192 191 192 194 195 199 196 193 P192 Metals 130 131 127 140 151 145 132 134 137 143 '121 120 P112 Metals other than gold and silver . . 180 181 176 199 216 209 187 194 200 211 174 173 P159 (Copper* Lead* Zinc) 2 Gold 57 55 56 54 56 52 52 49 40 47 45 Silver 78 80 77 77 76 73 67 58 58 62 65 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. 293 MARCH 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] Annual 1951 1952 Industry 1951 1950 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total. 220 200 217 219 222 223 223 214 220 223 222 220 216 P215 Manufactures — Total 229 209 228 231 232 233 232 223 229 233 230 229 221 P225 Durable Manufactures... 273 237 268 275 278 277 276 266 269 273 '276 277 279 P277 Iron and Steell. . . 259 229 252 263 264 263 261 253 254 258 261 261 263 261 Pig iron 230 211 217 228 231 234 235 230 230 231 235 232 227 229 Steel 297 265 281 298 301 301 296 293 291 298 304 307 304 304 Open hearth... 214 198 206 217 218 217 213 215 208 213 217 216 219 218 Electric 884 740 815 879 891 897 884 850 881 902 921 954 911 913 Machinery 336 270 328 335 337 336 338 328 328 336 '340 347 358 P356 Transportation Equipment 307 261 304 314 311 310 307 293 305 311 r311 '316 317 P315 Automobiles (including parts) 237 241 262 265 255 248 238 216 223 226 '223 ••220 217 P217 (Aircraft; Railroad equipment; Shipbuilding— Private and Government) ^ Nonferrous Metals and Products... 207 206 217 209 211 206 205 199 197 197 201 209 208 P212 Smelting and refining 225 210 222 225 227 227 225 225 213 214 230 236 235 P240 (Copper smelting; Lead refining: Zinc smelting; Aluminum* IVtagnesiunv Xin) 2 Fabricating 200 205 215 202 204 197 197 188 191 190 190 198 197 P201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products 157 160 154 160 169 168 164 151 158 158 158 155 141 P139 Lumber 148 148 134 141 161 165 163 146 154 153 151 146 122 P121 Furniture . ,, 176 183 193 195 185 173 164 160 165 167 171 173 177 P173 Stone, Clay, and Glass Products 231 209 221 232 243 242 241 239 238 237 '230 r217 211 P204 Glass products 237 216 237 251 270 255 248 251 241 236 219 '200 197 207 Glass containers 252 228 253 269 292 275 266 273 259 251 228 206 201 218 Cement 231 212 186 207 231 242 251 248 251 254 252 237 '220 188 Clav products 180 164 176 180 183 184 184 179 182 180 182 178 176 P165 Other stone and clay products 2 . . . Nondurable Manufactures... 194 187 196 194 195 197 197 188 197 200 193 190 184 P183 Textiles and Products... ...174 182 194 188 185 190 185 160 170 163 154 157 152 P159 Textile fabrics 156 163 176 171 165 169 164 138 150 145 139 142 137 144 Cotton consumption. . 150 145 174 175 153 164 157 123 145 142 140 144 136 144 Rayon deliveries 352 364 390 374 380 377 378 379 360 334 293 289 '283 295 Nylon and silk consumption 2 Wool textiles 129 160 144 133 146 144 137 100 115 114 114 120 118 Carpet wool consumption 106 204 181 169 131 101 87 27 58 63 86 94 99 Apparel wool consumption 136 155 140 128 158 163 153 117 132 132 119 122 121 Woolen and worsted yarn 125 143 133 123 140 141 135 105 117 117 114 120 114 Woolen yarn 112 127 119 111 116 120 119 92 108 108 108 116 111 Worsted yarn 143 167 152 140 174 171 157 123 130 129 123 126 119 Woolen and worsted cloth . 142 160 143 130 159 163 159 124 135 132 126 133 131 Leather and Products... 101 111 125 118 106 97 98 83 98 100 91 91 88 Leather tanning 90 102 120 104 97 88 86 71 80 83 80 81 79 Cattle hide leathers 105 113 136 119 110 104 105 86 96 102 97 98 91 Calf and kip leathers .. 60 80 93 79 75 54 52 42 47 50 52 52 57 Goat and kid leathers 72 87 100 92 89 78 74 57 63 57 53 52 60 Sheep and lamb leathers . ... 69 88 101 80 68 59 50 50 58 62 67 73 67 Shoes 108 117 128 127 112 103 106 92 110 111 98 97 94 Manufactured Food Products ... 165 164 149 149 152 159 165 176 189 192 rl77 '163 158 P150 Wheat flour 111 109 120 107 103 104 99 106 107 117 115 116 108 P121 Cane sugar meltings 2 Manufactured dairv products 151 149 101 120 153 196 221 221 215 169 128 98 95 P86 Butter 72 83 63 65 75 93 104 94 85 69 61 49 49 54 Cheese 172 176 139 158 184 233 259 221 194 169 146 119 116 122 Canned and dried milk. 148 154 121 149 176 228 232 196 164 127 102 85 92 95 Ice cream P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 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. 294 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] Annual 1951 1952 Industry 1951 1950 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing ... 158 157 142 147 150 149 144 141 139 149 156 188 195 188 Pork and lard 195 179 168 180 189 181 188 165 159 174 186 240 264 246 Beef 133 146 129 127 126 134 107 127 130 136 135 148 141 145 Veal ... 95 108 77 77 78 82 95 107 108 109 124 114 79 72 Lamb and mutton 67 77 67 60 57 53 62 67 64 69 77 75 68 82 Other manufactured foods ... ... 174 172 159 156 157 159 165 181 200 209 192 '173 167 P156 Processed fruits and vegetables 150 144 100 97 103 108 123 191 263 297 '210 111 98 78 Confectionery 135 138 139 118 106 102 96 104 151 175 167 161 150 Other food products 186 185 178 178 180 182 188 191 192 193 '192 '192 187 P176 Alcoholic Beverages. . 186 188 198 185 175 180 191 190 179 193 197 178 154 145 Malt liquor 165 164 149 157 169 179 195 204 188 166 143 139 142 151 Whiskey 102 114 135 150 118 117 104 78 51 70 76 86 85 73 Other distilled spirits 413 372 394 440 424 336 374 275 266 459 686 549 278 219 Rectified liquors 266 294 408 240 148 174 174 197 223 332 358 292 225 150 Tobacco Products... 175 168 170 161 167 172 178 167 190 188 191 198 137 176 Cigars . . . 109 105 107 100 104 105 115 98 114 123 127 129 87 107 Cigarettes 242 229 234 222 231 239 245 236 265 256 269 267 188 244 Other tobacco products .... 65 68 67 62 66 65 67 57 71 75 47 86 53 66 Paper and Paper Products. 201 187 208 208 215 212 209 189 196 196 196 191 183 187 Paper and pulp 193 179 198 198 205 201 199 182 189 191 191 187 181 185 Pulp 231 208 228 231 243 234 235 228 226 232 233 236 223 229 Groundwood pulp 122 110 124 124 128 124 124 122 116 122 121 119 117 116 Soda pulp 94 110 98 94 100 99 88 78 93 99 97 95 94 95 Sulphate and sulphite pulp 3 270 238 265 269 284 274 275 269 265 271 273 278 261 270 Paper 187 174 194 193 199 195 193 175 183 185 185 180 175 178 Paperboard 230 218 245 248 253 256 247 217 224 216 213 205 191 197 Fine paper 2 Printing paper... 186 174 192 189 194 186 180 167 185 192 190 188 191 192 Tissue and absorbent paper 202 183 214 208 226 207 208 196 196 200 212 179 '175 192 Wrapping paper 173 160 172 171 172 170 177 165 168 180 180 184 '181 177 Newsprint 124 111 120 119 122 122 129 126 128 129 127 126 125 123 Paperboard containers (same as Paperboard) Printing and Publishing 175 170 176 179 188 179 170 155 166 180 181 183 178 170 Newsprint consumption 164 166 159 169 181 172 161 143 147 168 173 178 166 148 Printing paper (same as shown under Paper) Petroleum and Coal Products. 267 229 269 269 255 263 263 262 265 266 269 "276 279 P277 Petroleum refining 2 Gasoline 207 187 198 199 193 207 212 211 213 214 212 214 215 P212 Fuel oil 220 192 238 227 204 210 215 213 209 213 214 226 234 P234 Lubricating oil 192 162 177 188 197 201 194 193 198 187 200 196 190 Kerosene 219 191 241 235 226 203 193 194 199 214 214 237 231 Other petroleum products 2 Coke 185 169 183 184 185 186 187 183 187 185 185 '185 185 By-product coke 177 164 174 176 178 178 179 178 179 178 178 '177 178 Beehive coke.. . . 456 335 487 475 433 456 476 388 457 411 452 '467 456 474 Chemical Products.... 299 264 291 296 298 298 300 301 303 306 r303 r302 301 P298 Paints 162 156 166 165 165 165 165 165 163 157 '156 '156 157 P156 Rayon 376 361 384 374 377 378 385 392 393 393 367 352 331 Industrial chemicals .... 540 455 510 524 532 538 548 554 557 558 '549 '552 551 P548 Other chemical products 2 Rubber Products. ... 243 223 235 239 238 247 251 243 243 245 r239 244 248 P248 Minerals—Total 164 148 153 153 162 168 169 161 170 171 176 169 158 P159 Fuels 169 152 163 163 167 168 169 160 171 172 179 178 170 P173 Coal . . 123 119 118 111 120 118 123 97 123 125 138 141 125 136 Bituminous coal 134 127 125 127 133 126 133 105 134 137 147 152 135 147 Anthracite 81 87 89 48 64 83 86 66 77 79 104 99 86 91 Crude petroleum 192 168 185 189 191 192 191 192 194 195 199 196 193 192 Metals 134 125 94 92 129 166 171 166 167 166 162 115 88 P76 Metals other than gold and silver 192 171 121 118 184 248 256 247 250 246 240 159 115 Iron ore 257 214 93 89 231 365 392 384 403 388 354 185 94 (Copper: Lead; Zinc) 2 Gold PSI 60 50 49 48 49 48 50 54 56 55 50 Silver P70 73 81 80 78 76 70 66 57 59 62 65 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. MARCH 1952 295 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] Annual 1951 1952 Product group 1951 1950 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 123 153 157 160 138 129 125 100 101 107 103 104 98 95 Passenger automobiles. . 128 160 156 169 144 140 140 111 112 115 108 104 93 83 Household goods, total.. 117 146 158 151 131 117 108 88 89 98 98 103 104 109 Carpets 78 111 115 102 101 82 70 47 55 56 60 60 63 Furniture 107 117 119 119 116 109 102 102 97 97 98 101 104 102 Major appliances 109 136 138 139 125 115 111 78 86 96 88 93 100 98 Radios and television. . 172 239 294 262 186 153 133 98 95 123 135 149 130 164 ' Revised. NOTE.'—Figures for January are preliminary. For description and back series see BULLETIN for October 1951, pp. 1935-1940. 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, D. C. FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Annual 1950 1951 1952 Industry group or industry 1950 1951 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec. Jan. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,264 13,034 12,953 13,083 13,214 13,204 13,106 12,967 12,855 12,789 12,779 12,800 12,797 Durable goods 6,622 7,335 7,193 7,249 7,352 7,440 7,352 7,303 7,265 '7,248 '7,274 7,263 7,268 Primary metal industries 1,053 1,160 1,131 1,143 1,147 1,178 1,173 1,171 1,162 '1,154 '1,145 1,153 1,161 Fabricated metal products 776 831 839 839 844 852 834 829 810 805 800 795 793 Machinery except electrical 1,040 1,233 1,157 1,192 1,209 1,246 1,247 1,221 1,225 1,248 1,261 1,264 1,273 Electrical machinery 636 710 710 704 709 708 705 714 711 '700 '706 710 719 Transportation equipment 1,044 1,221 1,160 1,175 1,233 1,237 1,187 1,198 1,211 '1,205 '1,242 1,238 1,244 Lumber and wood products 730 741 758 754 755 765 748 736 730 '729 '715 702 680 Furniture and fixtures 311 301 320 316 318 295 296 289 284 283 287 288 288 Stone, clay, and glass products. . 441 478 469 478 475 485 485 482 480 '477 470 460 456 Instruments and related products 186 223 209 210 214 223 229 226 226 '227 229 229 229 Misc. manufacturing industries.. 385 401 416 413 421 417 410 396 382 '373 '369 373 373 Ordnance and accessories 20 37 24 25 27 34 38 41 44 47 50 51 52 Nondurable goods 5,642 5,699 5,760 5,834 5,862 5,764 5,754 5,664 5,590 '5,541 '5,505 5,537 5,529 A Te p x p t a i r le e - l m a i n ll d p o r t o h d e u r c t f s inished tex- 1,206 1,186 1,239 1,245 1,250 1,205 1,203 1,170 1,147 1,133 1,122 1,125 1,123 tiles ,042 1,039 1,048 1,070 1,083 ,047 1,053 ,032 1,007 985 '994 1,014 1,015 Leather and leather products. . . 355 342 361 364 367 351 341 336 321 317 318 325 325 Food and kindred products ,168 1,171 1,173 1,211 1,212 ,177 1,170 ,154 1,148 '1,158 '1,134 1,137 1,132 Tobacco manufactures 81 81 81 80 81 80 80 81 82 82 79 82 79 Paper and allied products 404 419 424 421 421 428 427 421 418 '411 '406 405 401 Printing, publishing and allied industries 503 512 510 510 510 512 512 514 515 '512 '513 511 514 Chemicals and allied products... 496 535 514 521 524 544 548 542 540 '533 '530 527 531 Products of petroleum and coal. 185 195 192 192 193 197 196 194 194 '197 197 198 196 Rubber products 203 219 218 220 221 223 224 220 218 213 '212 213 213 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,264 13,034 13,056 13,018 13,186 13,064 12,885 13,069 13,087 12,997 12,907 12,906 12,750 Durable goods 6,622 7,335 7,254 7,256 7,371 7,409 7,226 7,261 7,279 '7,296 '7,324 7,323 7,275 "Primary Metal Industries 1,053 1,160 1,142 1,149 1,153 1,172 1,155 1,165 1,162 '1,160 '1,151 1,165 1,167 Blast furnaces, steel works and rolling mills 536 566 556 559 559 572 572 575 573 570 '559 573 Fabricated Metal Products 776 831 852 847 852 843 813 817 810 809 804 807 801 Machinery except Electrical 1,040 1,233 1,163 1,192 1,215 1,252 1,235 1,209 1,219 1,242 1,255 1,27C 1,273 169 229 204 211 218 233 232 225 231 '232 '241 245 Metalworking machinery... 636 710 724 711 716 704 684 696 707 r707 '717 724 726 Electrical Machinery Electrical apparatus (gen- 230 267 257 256 258 275 271 272 273 '265 '267 271 erating, etc.) 237 256 278 268 270 241 230 239 247 '258 '267 270 Communication equipment. 1,044 1,221 1,160 1,175 1,233 1,237 1,187 1,198 1,211 '1,205 '1,242 1,238 1,244 Transportation Equipment Motor vehicles and equip- 714 720 767 161 791 738 684 675 679 '667 '663 650 ment 202 337 252 264 288 333 347 357 360 '362 '395 406 Aircraft and parts 730 741 754 739 736 773 748 754 745 '740 '722 698 666 Lumber and Wood Products 431 437 440 429 428 456 443 449 443 '439 429 412 Sawmills and planing mills.. 311 301 326 321 324 286 284 285 285 289 294 294 292 Furni H tu o r u e se a h n o d l d F f i u xt r u n r i e t s ure 4 2 4 2 1 8 2 4 1 7 2 8 4 2 7 3 4 8 2 4 3 7 4 3 4 2 7 3 3 5 4 1 8 9 5 7 4 1 7 9 8 6 4 1 8 9 4 5 4 1 8 9 2 6 T 2 4 0 7 1 Q 4 2 7 0 2 6 2 4 0 6 6 5 451 Stone, Clay, and Glass Products.. 186 223 211 211 215 223 221 224 226 '228 230 231 230 Instruments and Related Products. 385 401 424 413 427 400 383 388 388 r390 '387 380 373 Misc. Manufacturing Industries.. 20 37 24 25 27 34 38 41 44 47 50 51 52 Ordnance and Accessories For footnotes see following page. 296 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] Annual 1950 1951 1952 Industry group or industry 1950 1951 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec Jan. Nondurable goods. .... 5,642 5,699 5,802 5,762 5,815 5,655 5,659 5,808 5,808 '5,701 5,583 5,475 Textile-will Products 1,206 1,186 1,258 1,257 1,269 1,205 1,167 1,152 1,136 1,133 1,133 1,142 1,134 Broad-woven fabric mills... 586 569 604 602 604 588 574 561 551 546 544 547 Knitting mills 224 219 234 232 236 216 210 212 205 209 r209 Apparel and Other Finished Textiles 1,042 1,039 1,064 1,070 1,115 1,000 990 1,047 1,037 1,019 rl, 004 1,029 1,015 Men's and boys' furnishings 245 246 251 251 259 245 233 238 239 r238 232 236 Women's and misses' outerwear 287 282 296 303 317 255 271 295 284 ••270 '274 289 Leather and Leather Products.... 355 342 359 364 374 344 336 343 327 320 316 323 325 Footwear (except rubber)... 229 218 229 234 239 222 215 221 208 201 197 205 Food and Kindred Products 1,168 1,171 1,155 1,120 1,099 1,146 1,225 1,307 1,330 r 1,254 rl, 162 1,125 1,060 Meat products 236 238 254 251 238 233 236 233 235 236 247 252 Canning and preserving 177 181 143 132 127 154 226 305 330 238 144 122 Bakery products 192 191 190 188 188 192 192 192 193 195 193 191 Tobacco Manufactures , 81 81 83 80 80 76 75 84 89 89 85 84 \ 79 Paper and Allied Products 404 419 428 423 423 426 418 419 416 r413 r410 403 Pulp, paper and paperboard mills 205 212 212 209 209 215 214 215 214 212 212 212 Printing, Publishing and Allied Industries , 503 512 518 510 510 512 507 509 515 '517 '518 519 514 Newspapers , 149 152 152 149 150 152 151 151 153 153 154 155 Commercial printing , 16 169 171 170 170 169 167 166 167 169 170 170 Chemicals and Allied Products... 496 535 524 526 532 528 526 531 543 '544 '541 538 536 Industrial organic chemicals 152 170 162 163 163 172 172 174 175 nil 173 171 Products of Petroleum and Coal.. 185 195 191 190 191 198 198 198 197 rl97 198 197 194 Rubb P er e t P ro ro le d u u m ct s refining 2 1 0 4 3 3 2 1 1 5 9 2 2 1 2 4 2 7 2 1 2 4 2 7 2 1 2 4 2 8 2 1 2 5 0 4 2 1 1 5 7 4 2 1 1 5 8 4 2 1 1 5 8 4 2 1 1 5 5 4 ' 1 2 5 1 4 6 2 1 1 5 7 5 215 r Revised. l Annual figures for 1951 were computed by Board of Governors and are preliminary. NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for January 1952 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1951 1952 1952 1951 1952 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Manufacturing—Total 63.76 65.81 67.36 66.79 41.0 40.5 41.2 40.7 1.555 1.625 1.635 1.641 Durable goods 67.65 '70.84 72.63 71.93 41.5 '41.4 42.2 41.7 1.630 1.711 1.721 1.725 Primary metal industries 74.42 '74.94 77.30 78.23 41.6 '41.2 42.1 42.4 1.789 '1.819 1.836 1.845 Fabricated metal products 67.80 '69.92 72.08 71.14 41.8 '41.4 42.4 41.8 1.622 '1.689 1.700 1.702 Machinery except electrical 74.47 '77.45 79.95 79.39 43.4 43.1 44.0 43.5 1.716 1.797 1.817 1.825 Electrical machinery 64.42 68.76 69.84 69.14 41.4 '41.7 42.2 41.4 1.556 1.649 1.655 1.670 Transportation equipment 72.06 '77.19 79.16 n.a. 39.9 '40.8 41.6 n.a. 1.806 '1.892 1.903 n.a. Lumber and wood products 55.73 '60.79 59.37 54.90 40.5 '40.5 40.5 1.376 1.501 1.466 1.404 Furniture and fixtures 56.93 '59.12 61.02 59.82 41.8 41.2 42.2 1.362 '1.435 1.446 1.445 Stone, clay, and glass products 63.48 '65.03 65.47 64.52 41.6 40.9 41.2 1.526 '1.590 1.589 1.593 Instruments and related products 65. 79 '70.56 70.98 70.47 41.8 '42.3 42.3 1.574 1.668 1.678 1.690 Miscellaneous manufacturing industries 57.37 '58.71 60.61 60.00 41.3 '40.6 41.4 40.9 1.389 1.446 1.464 1.467 Ordnance and accessories 69.55 '75.25 76.80 75.97 42.0 '•43.6 44.6 1.656 1.726 1.722 1.711 Nondurable goods 58.53 59.04 60.45 60.16 40.2 39.2 39.9 39.5 1.456 1.506 1.515 1.523 Textile-mill products 53.59 '50.50 52.70 52.09 40.6 37.8 39.3 38.7 1.320 '1,336 1.341 1.346 Apparel and other finished products... . 47.42 '45.05 46.30 46.53 36.9 '35.5 36.2 36.1 1.285 '1,269 1.279 1.289 Leather and leather products...- 48.30 '46.04 48.78 49.16 37.9 '35.8 37.9 38.2 1.248 '1,286 1,287 1,287 Food and kindred products 60.11 '63.17 64.07 63.62 41 .8 42.0 42.4 41.8 1.438 '1.504 1.511 1.522 Tobacco manufactures 44.12 '46.22 46.65 44.74 38.7 '39.4 39.6 38.4 1.140 1.173 1.178 1.165 Paper and allied products 65.96 '65.55 66.88 66.30 43.8 '42.4 42.9 42.5 1.506 1.546 1.559 1.560 Printing, publishing and allied products 74.22 '76.97 79.67 78.15 38.9 '38.7 39.5 38.9 1.908 1.989 2.017 2.009 Chemicals and allied products 66.99 68.80 69.39 68.60 42.0 41.8 41.9 41.3 1.595 1.646 1.656 1.661 Products of petroleum and coal 79.58 '81.00 82.41 83.27 41.0 '40.6 41.1 40.8 1.941 1.995 2.005 1.941 Rubber products 66.78 '70.05 74.01 76.61 40.4 '40.8 41.3 41.5 1.653 1.717 1.792 1.846 " Revised. n.a. Not available. NOTE.—Data are for production and related workers, Figures for January 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. MARCH 1952 297 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 fa g c- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 1951 , 46,392 15,932 920 2,569 4,143 9,801 1,882 4,758 6,386 SEASONALLY ADJUSTED 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 ,880 4,780 6,472 August , 46,555 15,893 914 2,601 4,143 9,822 ,895 4,791 6,496 September 46,465 15,801 912 2,587 4,157 9,791 ,908 4,783 6,526 October r46,415 15,748 '914 '2,630 173 '9,770 ,917 4,746 6,517 November "•46,473 '15,773 '919 '2,575 167 '9,814 ,924 '4,757 6,544 December 46,525 15,808 917 2,570 4,152 9,866 ,929 4,749 6,534 1952—January 46,510 15,806 918 2,548 4,122 9,925 ,922 4,741 6,528 UNADJUSTED 1951—January 45,246 15,784 932 2,281 4,072 9,592 ,831 4,666 6,088 February 45,390 15,978 930 2,228 4,082 9,554 ,839 4,657 6,122 March 45,850 16,022 924 2,326 4,112 9,713 ,854 4,682 6i217 April 45,998 15,955 911 2,471 4,132 9,627 ,865 4,745 6,292 May 46,226 15,853 915 2,598 4,137 9,683 ,874 4,789 6,377 June 46,567 15,956 927 2,686 161 9,732 ,893 4,835 6,377 July 46,432 15,813 906 2,754 4,176 9,667 ,908 ,852 6,356 August 46,724 16,008 922 2,809 190 9,641 ,914 4,839 6,401 September 46,956 16,039 917 2,768 178 9,781 ,898 4,831 6,544 October »-46,902 15,965 '917 '2,761 166 '9,893 ,898 4,770 6,532 November '46,843 15,902 '920 '2,627 163 10,096 1,905 '4,733 6,497 December 47,569 15,908 917 2,519 4,152 10,630 1,910 4,702 6,831 1952—January 45,955 15,755 2,319 4,087 9,792 1,912 4,670 6,509 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. January 1952 figures and 1951 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Divis ion of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total Year or month c in iv s i t l i i t a u n ti o n n on al - Employed 2 l N ab o o t r i n f o t r h c e e population * Total In nonagricul- In ployed Total 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 1951—Tanuary . ... 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 April 108,879 61,789 60,044 53,400 6,645 1,744 47 092 May 108,832 62,803 61,193 53,753 7,440 1,609 46 029 June 108,836 63,783 61,803 53,768 8,035 1,980 45,053 July 108,856 64,382 62,526 54,618 7,908 1,856 44 474 August . . 108,896 64,208 62,630 54,942 7,688 1,578 44 688 September 108,956 63,186 61,580 54,054 7,526 1,606 45,770 October 109,064 63,452 61,836 54,168 7,668 1 616 45 612 November 109,122 63,164 61,336 54,314 7,022 1,828 45 958 December 109,200 62,688 61,014 54,636 6,378 1,674 46,512 1952—January 109,260 61,780 59,726 53,540 6,186 2,054 47,480 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. * 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. 298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars) Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January 1,043.2 902.1 420.9 337.7 128.4 110.1 121.1 55.7 84.6 98.1 126.8 93.9 161.3 206.7 February.. 1 140 5 531.1 116.2 101.8 81.0 132.2 178.2 March 1,267.5 574.6 122.7 78.8 128.4 139.4 223.6 April 1,375 0 590 8 174 3 106.3 103 5 133.9 266.1 May 2,573.0 661.1 1,274.9 60.6 123.2 175.3 278.0 June 1 408 9 545 2 211 5 65.4 128 1 148 3 310 5 July 1,379.8 548.1 164.1 75.4 150.1 146.9 295.2 August 1,262.8 567.6 158.8 65.5 127.9 123.8 219.3 September 1 082 9 479 7 109 4 80.0 98 5 116 6 198 7 October 1,051.4 496.2 95.8 68.8 94.5 159.1 137.0 November.. 931.8 443.9 77.2 48 4 79 0 123.1 160 2 December 1,234.3 346.1 250.0 43.1 136.0 163.9 295.2 Year... 15,751.1 6,205.4 2,888.3 915.3 1,334.6 1,689.2 2,723.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. VV. 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 1952 Federal Reserve district Jan 483 731 ,043 160 201 306 323 530 737 Feb 568 780 1,141 252 285 332 317 495 808 Jan. Dec. Jan. Mar.... 748 1,300 ,268 282 481 418 466 819 849 Apr.. . . 846 L.350 ,375 319 354 456 527 996 919 May... 885 1,348 >,573 369 389 1,474 517 95£ 1,099 Boston 38,402 126,458 42,118 June... 950 ,345 L.409 375 428 583 574 917 826 New York 133,898 129,179 180,807 July.... 948 1,420 ,380 410 460 615 537 960 764 Philadelphia 54,388 79,820 84,852 Aug.... 911 1,549 ,263 316 438 486 595 1,111 776 Cleveland 69,220 113,748 94,146 Sept 1,072 ,287 1,083 289 364 318 783 922 765 Richmond 82,234 172,982 114,752 Oct 1,062 1,136 ,051 332 308 307 730 828 745 Atlanta 180,381 139,308 122,414 Nov.... 958 ,087 932 316 320 324 642 767 608 Chicago 114,783 219,131 156,509 Dec... 929 1,168 1,234 299 381 502 630 787 732 St. Louis 64,179 81,836 51,723 Minneapolis 28,944 28,658 23,024 Year. 10,359 14,501 15,751 3,718 4,409 6,122 6,641 10,0929,629 Kansas City 59,472 54,145 69,749 Dallas 76,190 89,074 103,154 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 902,091 1,234,339 1,043,248 [In millions of dollars] Title loans Mortgages Y m e o a n r t o h r Total p m P e r i r m e r o o t n v y p - t e - J - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t D i o s t i l l e e y 4 s - h R g ( o T a r e I u o n n I i s t ) u d t i l a p n e l g W h e ( o V V T a r u a r I e i s n t ) t a i l 2 - s n e n ' g d V ( h M t T i o a I n i u i I r g t l I y s l i ) e - - 3 INSURED P O F R H T A F O H L O I M O [ , E I n B M m Y i O l C li R L o T n A s G S o A S f G O d E o F S l l a I r N ( s T ] S I T T I L T E U T II I ) O N HELD IN 1 1 1 1 1 9 9 9 9 9 5 4 5 4 4 1 7 0 9 8 3 3 3 4 1 , , , , 2 3 8 7 3 2 4 2 8 3 1 2 1 7 8 6 6 5 7 5 9 1 9 0 3 4 4 4 8 4 (* 2 * 1 ) 9 7 3 7 2 1 1 , , , 4 8 8 4 8 6 9 5 4 8 6 4 5 6 0 1 2 0 1 9 7 1 1 1 , , , 8 3 0 2 8 3 3 3 7 0 6 8 9 8 1 2 1 0 2 1 3 3 2 End of month Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v a u k s l - - s a a S l s i a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l - l - Other2 1951—Jan.... 330 63 1 225 (4) 28 13 J F A J M M u u e p ^ n l a b a r y . r e y . . . . . . . . . . . . . . 2 2 2 2 2 2 7 5 7 5 9 6 4 5 1 2 4 1 4 5 5 4 5 7 3 2 4 4 0 6 2 2 2 2 2 1 1 1 1 1 1 1 6 4 6 7 4 8 2 6 5 6 6 0 1 1 6 7 6 4 3 7 3 3 2 3 2 1 6 1 7 2 0 9 2 1 1 1 1 8 0 8 6 3 1 1 1 1 1 1 9 9 9 9 9 9 3 4 3 3 3 4 9 0 6 7 8 1 — — — — — — D D D D D D e e e e e e c c c c c c 3 2 1 1 , , , , 1 4 1 7 3 7 0 0 9 9 6 7 7 9 9 3 5 1 1 1 , , 1 4 9 4 6 2 6 6 0 3 3 2 2 5 2 4 0 8 1 1 2 3 3 7 8 7 8 8 0 1 6 2 2 1 1 1 2 5 9 5 4 1 4 4 2 6 9 0 3 5 2 7 1 4 4 1 4 8 1 2 2 2 1 9 8 2 2 1 3 0 3 7 5 4 1 2 5 7 3 1 1 1 5 9 2 7 5 3 3 0 7 9 0 3 Aug... 270 66 3 154 15 18 14 1942—Dec 3,620 1,669 236 276 1,032 245 163 Sept... 239 53 4 131 7 16 28 1943—Dec....... 3,626 1,705 256 292 1,134 79 159 N O o ct v . . . . . . 3 24 0 8 0 6 7 8 4 4 4 1 1 4 4 1 5 20 4 2 1 4 5 41 7 1 1 9 9 4 4 4 5 — — D D e e c c 3 3, , 1 3 5 9 6 9 1 1, , 5 5 0 9 6 0 2 2 6 6 3 0 2 25 6 3 9 1 1 , , 0 0 7 0 2 0 6 1 8 3 1 1 2 4 2 0 Dec... 227 65 3 125 9 10 15 1952—Jan. . . 274 88 4 159 18 3 2 1946— D Ju e n c e 3 2 , , 1 9 0 4 2 6 1 1, , 4 4 2 8 9 8 2 25 6 2 0 2 2 3 4 3 7 9 91 7 7 4 1 9 1 1 1 2 0 2 6 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 4 Less than $500,000. 6 Includes about 3 million dollars of Class 3 loans insured before expiration of this program Feb. 28, 1950, but tabulated after that date 1 The RFC Mortgage Company, the Federal National Mortgage and not shown separately. Includes almost one million dollars of Association, the Federal Deposit Insurance Corporation, and the mortgages insured since August under new Sec. 8 small homes program. United States Housing Corporation. NOTE.—Figures represent gross insurance written during the period 2 Includes mortgage companies, finance companies, industrial banks, and do not take account of principal repayments on previously insured endowed institutions, private and State benefit funds, etc. loans. Figures include some reinsured mortgages, which are shown in NOTE.—Figures represent gross amount of mortgages held, excludthe month in which they were reported by FHA. Reinsured mortgages ing terminated mortgages and cases in transit to or being audited at the on rental and group housing (Title II) are not necessarily shown in the Federal Housing Administration. month in which reinsurance took place. MARCH 1952 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 January 1,092 1,105 741 P974 n.a. 547 590 623 P1,024 n.a. 545 515 118 P-50 n.a. February 1,085 1,043 764 '1,076 589 567 600 P910 496 477 164 P166 March 1,139 1,189 860 '1,285 675 633 665 Pi,100 464 557 195 P185 April 1,121 1,173 804 '1,370 532 534 585 Pi,033 590 639 219 P338 May 1,103 1,095 830 '1,354 554 541 659 Pl.018 549 554 170 P337 1,014 1 108 877 '1,294 625 526 687 *>929 389 582 190 P364 July 1,019 900 3779 '1,190 564 456 709 *>895 456 444 70 P295 August 992 885 762 i"1,267 606 491 820 P88C 386 394 -59 P387 September. . . . 926 910 911 "1,232 560 530 859 P721 365 380 52 P511 October 1,023 856 906 "1,155 600 557 923 P833 423 299 — 16 P321 November 823 842 977 "1,388 554 593 855 J>818 269 249 122 P57O December 1,318 945 1,065 '1 .43<S 720 605 867 P801 598 340 198 P636 Jan.-Dec 12,653 12,051 10,275 P15.O22 7,124 6,622 8,852 PlO,962 5,529 5,429 1,423 P4,060 P Preliminary. n.a. not available 1 Includes both domestic and foreign merchandise. Recorded exports include shipments under the Army Civilian Supply Program for occupied areas. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 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 1952. p. 190; 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 r s od t - Ore l c a e n l e - - c d h i a s n e ucts 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 c ra o e t m i t n e g in N c e o t me 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1940 4,297 3,614 682 189 1946 132 130 146 138 129 143 136 139 78 1941 5,347 4,348 998 500 1947 143 147 182 150 107 153 181 148 75 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 1950 128 117 180 135 68 141 172 140 53 1948 9,672 8,670 1,002 699 1951 134 121 208 143 69 150 205 147 48 1949 8,580 7,893 687 438 1950 9,473 8,434 J ,040 78.1 SEASONALLY 1951 P10,391 P9,448 P943 P693 ADJUSTED SEASONALLY 1951—January 146 133 199 153 69 170 243 158 52 ADJUSTED February.... 129 114 186 134 55 143 241 141 48 March 139 112 202 150 62 147 241 157 53 1951—January.., 863 766 98 66 April 136 112 197 158 68 156 212 151 51 February., 783 742 41 11 May 133 111 210 141 64 154 212 148 48 March 854 783 71 39 June 131 120 217 123 61 152 207 144 47 April 873 800 73 41 July 125 97 215 130 61 143 203 142 45 May 855 794 62 30 August 133 122 215 140 67 148 209 144 47 June 871 795 76 44 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. ., 897 818 79 47 November 907 818 89 56 1952—January 141 133 203 146 67 155 256 151 46 December. 925 779 147 UNADJUSTED UNADJUSTED 1951—January 133 133 209 153 66 153 61 145 50 1951—January. . 849 771 78 55 February.... 119 114 197 131 44 137 60 133 46 February. 716 697 19 -4 March 130 112 204 138 49 147 70 149 54 March 875 797 78 51 April . 133 112 193 139 61 156 193 149 51 April 851 781 71 45 May 135 111 208 124 57 160 296 149 48 May 889 814 75 49 June 137 120 212 125 49 158 321 148 47 June 856 792 64 50 July 130 97 209 156 50 143 325 143 44 July , 817 775 42 16 August 137 122 206 151 64 155 313 145 47 August 910 829 81 55 September.. . 144 130 209 148 107 153 308 154 48 September 856 780 76 50 October 146 134 202 154 128 152 267 157 48 October. ., 966 844 122 98 November. . .140 140 218 156 88 149 174 149 47 November 904 809 95 68 December. . . 123 127 216 135 65 128 73 134 43 December 903 768 135 1952—January 128 133 214 146 64 139 64 138 44 P Preliminary. NOTE.—Descriptive material and back figures may be ob- NOTE.—For description and back data, see BULLETIN for June 1941, pp. tained from the Division of Research and Statistics. Basic 529-533. Based on daily average loadings. Basic data compiled by Associa- data compiled by the Interstate Commerce Commission. tion of American Railroads. Total index compiled by combining indexes for Annual figures include revisions not available monthly. classes with weights derived from revenue data of the Interstate Commerce Commission. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES 1 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 109 105 105 109 111 112 114 108 105 104 111 117 108 SEASONALLY ADJUSTED 1951—January 125 123 120 126 136 124 123 121 128 117 132 129 125 February 115 111 110 120 120 115 114 116 108 117 116 118 112 March 105 102 103 109 104 105 113 107 99 93 110 112 102 April 104 98 102 105 108 111 105 104 98 101 103 112 102 May. .. . 104 100 100 104 104 110 107 105 98 100 104 111 104* June 105 98 108 103 106 110 114 101 98 98 104 113 103 July 105 106 103 105 107 105 111 101 104 101 104 114 108 August 109 108 106 111 108 121 110 107 106 109 111 115 106 September 107 100 101 107 108 109 111 106 105 101 112 115 108 October 108 103 103 108 112 114 111 109 105 104 110 114 106 November 112 106 104 109 114 118 121 110 109 107 116 129 114 December 109 106 103 105 109 109 121 109 107 104 113 122 110 1952—January P108 P102 100 111 115 113 P118 106 111 P96 P115 122 105 UNADJUSTED 1951—January 96 99 96 93 102 '87 94 194 93 88 99 100 99 February 90 83 90 89 93 88 96 89 86 86 93 95 93 March 98 93 95 105 99 100 115 96 94 84 101 108 94 April 99 95 96 99 103 100 101 99 96 100 100 106 95 May 103 101 98 105 106 109 103 105 102 101 104 109 98 June 99 98 105 99 100 103 97 99 90 94 97 100 97 July 84 73 74 76 84 86 89 86 85 81 85 96 93 August 93 82 80 83 94 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 183 188 179 185 181 192 203 175 168 166 185 203 189 1952—January *>83 P81 80 82 87 80 P90 81 81 P72 P86 95 83 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 129 124 124 127 134 134 140 128 131 117 132 132 131 SEASONALLY ADJUSTED 127 123 120 124 133 129 146 125 127 113 129 129 126 129 129 124 127 133 131 145 127 131 114 128 126 128 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 136 129 128 132 145 137 146 134 140 123 141 140 137 136 131 131 132 146 145 141 133 143 122 141 138 136 July 138 130 133 134 144 146 140 139 139 124 141 141 139 134 127 129 130 136 140 144 131 139 123 143 140 138 September 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 December 119 115 115 120 116 129 133 117 119 106 121 1?5 119 1952—January . ... P118 P115 114 116 P115 132 133 114 106 P108 P123 P112 121 UNADJUSTED 114 112 '106 108 121 114 132 115 110 106 120 116 114 125 123 120 124 132 128 144 124 128 110 127 124 122 March 139 136 134 140 151 132 151 138 143 124 139 142 135 April 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 Tune 129 122 122 123 137 133 135 125 136 117 137 128 133 July 127 117 117 116 129 134 132 125 129 120 133 129 134 129 120 125 123 131 138 141 124 135 117 134 137 132 September 132 124 129 131 137 139 137 127 135 117 133 138 135 October 135 130 130 135 137 143 142 134 134 120 134 136 136 133 132 132 133 128 139 145 133 125 119 133 135 132 107 108 106 105 102 113 116 109 105 97 108 115 106 1952—January P106 *>104 101 101 P104 117 119 106 92 P102 P114 P101 109 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. 301 MARCH 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 1 1941 average monthly sales =100 2 Num- Department b st e o r r e o s f Sale p s e r d io u d ring m ( S e t o n o d n c t k o h s f ) December Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd report- 1951 1950 1951 1950 D 19 e 5 c 1 . Y 19 e 5 a 1 r D 19 e 5 c 1 . 1951 1950 Dec. Nov. Dec. Dec. Nov. Dec. GRAND TOTAL—entire store « 352 -2 +3 -3 1.6 1.7 MAIN STORE—total 352 -2 +2 -3 1.7 1.7 385 271 391 662 802 673 312 -8 +1 -7 3.2 3.1 244 213 266 778 770 832 Piece goods ... 291 -5 +1 -5 4.2 4.2 160 207 169 666 669 694 S W il o k o s l e v n e y lv a e rd ts , g a o n od d s synthetics 1 1 9 6 3 9 -2 -4 0 tl - - 6 5 3 5 . . 6 2 3 4 . . 7 4 1 1 5 7 5 3 2 1 4 9 8 6 2 1 1 6 5 1 9 5 0 6 4 3 5 84 7 5 1 9 5 2 9 7 6 Cotton yard goods 183 +5 +5 -3 4.4 4.8 142 165 136 640 570 656 Household textiles 304 -9 -8 2.8 2.8 278 214 307 792 800 858 Linens and towels 273 -5 -5 2.4 2.4 320 216 338 787 831 825 Domestics—muslins sheetings 248 -23 0 -6 4.2 3.4 197 169 255 831 757 878 Blankets comforters, and spreads 237 -2 +5 -16 2.4 2.8 289 257 297 697 765 828 Small wares 343 +1 +4 -1 1.4 1.5 455 257 451 674 858 672 Laces, trimmings, embroideries, and ribbons 203 +3 +6 -3 2.3 2.4 319 264 309 740 854 767 Notions 237 +7 +6 2.1 2.3 371 265 348 799 903 804 Toilet articles, drug sundries 327 + 1 +5 + 1 1.4 1.4 394 184 392 571 760 556 Silverware and jewelry 313 -3 +1 + 1 1.6 1.5 533 284 551 857 1,052 837 S C i o lv s e tu rw m a e r e je a w n e d lr c y l 4 ocks 4 2 2 8 1 0 1 +3 y tj + -3 3 0 2 . . 9 6 0 2 . . 9 3 Fine jewelry and watches4 78 -10 +4 2.3 1.9 Art needlework 234 0 3.1 3.3 "242' ''224' 244 754 754 784 Books and stationery 271 +5 +5 -4 0.9 1.0 624 367 596 568 877 591 Books and magazines 132 +7 +7 -1 0.9 1.0 494 284 464 465 639 450 Stationery • 240 +4 +4 -6 0.9 1.0 639 379 615 569 909 602 Women's and misses' apparel and accessories. 349 0 +4 -3 1.4 1.4 358 259 357 483 616 492 Women's and misses' ready-to-wear accessories. 349 — 1 +3 -5 1.3 1.4 418 266 422 556 737 578 Neckwear and scarfs 310 +7 + 10 -6 0.7 0.8 653 378 610 444 723 470 Handkerchiefs .. 279 -6 -4 -12 0.7 0.8 571 224 606 428 755 485 ]VIillinery 166 +5 0 +4 0.8 0.8 167 188 159 132 169 127 Women's and children's gloves 322 -4 +2 -1 1.1 1.1 459 279 478 514 792 516 Corsets and brassieres 337 -1 +5 -5 2.8 2.9 285 240 288 800 817 830 Women's and children's hosiery 341 -8 -2 -16 0.9 1.0 319 195 347 300 427 354 Underwear, slips, and negligees 341 -1 +4 -8 0.9 0.9 607 314 616 522 811 567 Knit underwear 252 + 1 +4 -5 1.0 1.1 660 384 655 693 1,003 721 Silk and muslin underwear, and slips 283 -4 + 1 — 11 0.9 1.0 570 270 596 524 740 578 Negligees, robes, and lounging apparel 251 +3 + 10 -7 0.5 0.6 695 339 675 354 716 378 I H n a f n an d t b s a ' g w s e a a n r d small leather goods 3 33 2 0 4 + + 6 1 ++47 - -1 5 0 1 . . 8 4 0 1 . . 9 5 4 5 7 3 7 3 4 2 0 44 4 5 47 0 2 3 3 7 9 2 6 5 9 6 2 05 5 3 7 9 5 6 5 ^Tomen's and children's shoes 243 -4 +4 0 3.4 3.3 278 232 289 958 1,100 931 Children's shoes 4 212 -3 +4 —3 2 5 2 5 Women's shoes 4 223 -4 +4 + 1 3.7 3.5 Women's and misses' ready-to-wear apparel.... 349 +2 +5 0 1.4 1.4 294 252 287 406 491 402 Women's and misses' coats and suits 338 -6 +4 -1 1.9 1.8 213 292 225 412 465 408 Coats 4 213 -3 +6 +9 1.8 1.6 Suits 4 205 — 16 0 —21 2 5 2 7 Juniors' and girls' wear 283 +5 +7 — 1 1.0 1.1 414 330 394 423 575 429 Juniors' coats, suits, and dresses 271 +2 +5 -5 1.2 1.2 320 267 313 369 425 385 Girls' wear 315 +7 +9 + 1 0.9 1.0 541 416 505 509 765 495 Women's and misses' dresses 340 +2 +4 -1 1.4 1.4 218 187 213 306 342 305 Tnpxnensive dresses 4 256 +4 +5 -4 1.0 1.1 Better dresses 4 269 +2 +4 + 1 1.8 1.8 Blouses skirts, and sportswear 339 +9 +8 -1 1.0 1.1 480 304 441 499 665 499 Aprons, housedresses, and uniforms 289 +4 +4 —4 1.3 1.4 270 171 258 356 400 370 Furs 267 -13 +3 + 12 2.7 2.1 187 197 216 513 598 442 Men's and boys' wear 331 •* +4 +7 1.4 1.4 513 298 517 759 1,007 703 Men's clothing 255 -4 +4 +23 3.1 2.4 308 271 322 943 1,154 769 Men's furnishings and hats 311 0 +3 0 0.9 0.9 666 313 663 626 930 623 Boys' wear 299 0 +5 -4 1.3 1.4 500 336 498 665 923 687 Men's and boys' shoes and slippers 195 -4 +5 0 2.2 2.1 429 237 448 927 1,068 915 Homefurnishinf*s 311 -10 -2 -6 3.1 3.0 287 275 318 897 991 952 Furniture and bedding 241 -8 +2 -4 4.4 4.3 192 227 210 862 865 890 163 —9 +3 — 16 3 6 3 9 177 -8 +2 -2 4.6 4.4 Domestic floor coverings 275 -20 + 1 -9 5.3 4.7 "187' ' 246' 233 997 1,010 1,102 Rues and carDets 4 156 -21 +2 -11 5.4 4.8 Linoleum 4 95 + 10 -1 -12 4.2 5.2 Draperies curtains and upholstery 294 -4 +4 -4 3.4 3.4 245 285 255 825 882 857 Lamps and shades 248 -4 -1 -3 2.0 2.0 375 301 389 753 825 778 China and glassware 250 0 +4 +9 3.0 2.8 380 259 378 1,159 1,291 1,051 Major household appliances .. 242 -38 -20 -8 4.6 3.1 199 222 321 906 894 969 Housewares (including small appliances) 258 -6 +4 -7 2.3 2.3 434 311 461 994 1,148 1,055 173 +4 +5 +4 1.5 1.4 Radios, phonographs, television, records, etc.4. . 228 -11 -15 -30 1.4 1.9 175 -9 -15 —39 1 3 2 0 Records, sheet music, and instruments4 123 -3 +3 0 1.6 1.6 Miscellaneous merchandise departments.... 317 +3 +6 -4 0.7 0.8 599 340 583 437 769 455 Toys games sporting goods cameras • 300 +4 +7 -6 0.6 0.7 1,034 556 994 652 1,330 696 Toys and games .. 246 +5 +8 -9 0.4 0.4 1,393 756 1,331 557 1,466 586 144 0 +5 -6 1.5 1.6 752 427 752 1,143 1,799 1,204 266 +4 +7 -4 1.4 1.6 548 261 524 800 991 818 Candy 4 188 +3 +4 -17 0.3 0.4 For footnotes see following page. 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales * 1941 average monthly sales = 1002 Num- Department r b s e t e p o r o r o e rt s f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f December Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing 1951 1950 1951 1950 D 19 e 5 c 1 . Y 19 e 5 a 1 r D 19 e 5 c 1 . 1951 1950 Dec. Nov. Dec. Dec. Nov. Dec. BASEMENT STORE—total 195 +1 +5 -5 1.3 1.4 338 266 333 429 529 450 Domestics and blankets4 136 0 +5 -11 2.3 2.6 Women's and misses' ready-to-wear 189 +2 +5 4 1.0 1.1 326 254 320 323 422 336 Intimate apparel4 164 0 +5 -5 1.1 1.1 Coats and suits 4 173 -4 +2 1.6 1.6 Dresses4 173 +3 +3 +2 0.9 0.9 Blouses, skirts, and sportswear 4. 156 +5 +5 -4 0.8 0.9 Girls' wear 4 122 +5 +8 -3 0.8 0.8 Infants' wear4 120 +7 + 11 -7 1.0 1.2 Men's and boys' wear 159 +3 +7 5 1.0 1.1 529 352 513 524 729 534 Men's wear 4 140 +3 +7 -5 1.0 1.1 Men's clothing 4 97 +4 +8 i 1.8 1.9 Men's furnishings 4 .... 117 +4 +6 -6 0.7 0.8 Boys' wear 4 119 +2 +7 -3 1.0 1.0 Homef urnishings 102 -2 +2 -7 2.5 2.7 227 270 232 574 632 620 Shoes . 118 0 +7 +3 2.1 2.1 245 197 246 518 628 499 NONMERCHANDISE—total4.. 176 +4 (6) (5) (5) Barber and beautv shop 4 75 +7 +2 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of Bales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 301. 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 o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d u n d d e t t i r - o h n s ) f g R m ( e t o c f o o n e t r i t a p h l t ) s m o ( N r o t f o d o e n t e r w t a r h l s ) Apr. 1 1 8 1 5 9 . . . 5 . . . . . 0 . . . . . . . 3 3 2 0 2 5 1 0 4 M Ap a r r . 3 1 1 1 7 4 9 . 5 . . . 1 . . . . . . . 2 2 2 9 8 5 2 8 8 Oct. 2 1 1 7 1 4 9 . . . 5 . . . . . 0 . . , . . . . 3 3 3 2 0 2 2 4 5 Oct, 2 1 1 0 3 9 6 51 . . . 3 3 3 3 3 1 8 4 8 22... ..279 21 .281 28... ..313 27 .327 1943 average.. 204 509 530 203 223 29... ..285 28.... .293 Nov. 4. . ...315 Nov. 3 .349 1944 average... 227 535 560 226 236 May 6... ..301 May 5.... .326 11. .. ..342 10... ..366 1945 average,.. 255 563 729 256 269 13... ..308 12 .318 18. .. . .368 17 .374 1946 average... 318 715 909 344 327 20... ..275 19.... .285 25... ..319 24.... .354 1947 average... 337 826 552 338 336 27... ..282 26.... .290 Dec. 2... ..444 Dec. 1 . 464 1948 average... 352 912 465 366 345 June 3... ..261 June 2.... .273 9... ..554 8.... .550 1949 average... 333 862 350 331 331 10... ..302 9 .311 16... ..638 15.... . 613 1950 average... 347 942 466 361 370 17... ..302 16.... .305 23... ..640 22 .657 1 1 9 9 5 5 1 1 — av J e an rage... 3 33 5 7 8 1, r 1 Q 1 Q 4 4 4 65 2 7 5 '3 3 7 5 4 5 '6 3 1 4 9 5 July 2 8 4 1 . . . . . . . . . . . . . . . 2 2 2 1 6 5 8 3 0 July 2 30 7 3 . . . . . . . . . . . . . 2 2 2 5 6 1 8 5 8 3 19 0 5 .. 1 . ..237 29 19 . 5 . 2 .. . 265 Feb 284 1,089 652 ••379 '374 15... ..265 14. .. .238 Jan. 6... ..285 Jan. 5.... '224 Mar 347 1,217 467 475 290 22... ..303 21. .. .234 13... ..305 12 r265 Apr 312 1,240 338 335 206 29... ..295 28... 232 20... ..301 19 .259 May.... 339 1,193 295 292 249 Aug. 5. .. . .296Aug. 4.... .254 27... ..278 26.... .240 J J u u n l e y.... 3 25 2 7 6 1 1 , , 1 0 1 6 2 9 3 43 8 4 6 2 2 4 1 5 4 3 26 3 2 6 1 19 2 . . . . . . . .2 .2 7 8 3 1 1 1 1 8.... . . 2 2 5 6 2 8 Feb. 1 3 0. . . . . . . . . . 2 2 7 3 3 4 Feb. 2 9.... . > 2 "2 5 4 1 2 Aug 309 1,106 395 346 307 26. . ...288 25 .280 17... . .272 16. ... .257 Sept 343 1,117 404 354 363 Sept. 2... ..310 Sept. 1.... .303 24... ..274 23... . .240 Oct 388 1,152 408 423 427 9... ..295 8 .289 Mar 3... ..288 Mar. 1 .245 Nov 442 1,147 373 437 402 16... . .368 15 .329 10... ..303 8 Dec 608 929 292 390 309 23... . .322 22 .321 17... . .292 15 952—Jan P293 P917 P379 P281 P368 30.7'.'.320 29.'.'..'.328 24... ..304 22 * Preliminary. r Revised. 1 These figures are not estimates for all department stores in the r 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. MARCH 1952 303 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] Tan. Dec. Year Jan. Dec. Year Jan. Dec. Year Jan. Dec.Year 1952 1951 1951 1952 1951 1951 1951 1951 1952 1951 1951 United States. P-13 0 +4 Richmond -8 +1 +4 Chicago-cont. Dallas-cont. B N N P D N S W L B B P o e p B o r o r o L e o e s w o r o r i w w w t s o w a d r o i t v t s n l w c e o n n g i t Y a g e d l H o n B e t r l n o f s e - o n p e i t e d r a e A n w e n o d k l v c r c d r r n f e e e e t o 1 a n rd .. . . . P- - - - - - - - 1 1 1 2 1 2 1 1 - - - - 7 6 6 8 7 6 2 0 6 1 9 9 + + - + + + - - - - 1 2 3 6 1 2 1 2 2 / 0 A + + + + + + + + + -1 6 3 3 4 5 5 2 3 3 0 0 A L N C W A C G R W C R H R B y o o a n i h s h a o r a c a i h n r l l e l a d a ' g n h u t s e l f e e c r n i e e s s h o i m m m n h v g l r ' t r o l i e t o i v b s k n h s o b k o o l s t n o i l u g t n o i r n l e e o n a l - r t e w d , e . S o n g , W , a n n N S S l . . e . V * . C m C . C a . . . . . . . . - - - - + + + - - - - - - 1 1 1 1 4 7 2 2 4 3 7 9 9 6 4 4 7 n Q + + + + + + + + + - - - - - 2 1 2 2 4 1 5 6 6 9 4 2 3 6 2 0 + + - + + + + + + + 1 - - - 1 1 2 1 1 3 9 2 6 4 2 3 6 1 6 0 °\S Q L F L F L G G D D M E M t.? o l o a i u r e e r v i t a i r . u n a n e s t l i t a d w L n t r e l n i t s e n s o i n M c i o d a S s v i n i y s u o u t m i R g B v o l R n i k l * x s i i i a o e e a t l n y h e c l p » e e k i J . s d . 1 . 1 . . . s . . . . . . . . . . l . . P P- - - - - - - - - - - - 1 1 1 1 1 1 2 1 - 1 1 1 - 1 3 6 7 2 3 8 0 5 7 3 6 0 6 6 - - + + + + 1 + + 1 - - - - - 3 5 2 1 5 2 1 5 2 2 3 8 1 0 + r+ + + + + + + + - 1 4 5 7 7 2 o 3 4 5 1 3 0 0 S E T L L W F F H S P C B D a a r l o o h o u a o n a o a e n r n s k o c r P l u s c t s p e g l e n o A a A s a o n r u W o t s n s s F B i s n n o o f x 1 J i r e o n g t e C a a r ! o ! l e n d t c h n l h h c e n i * i o s s s » . t c . . . i . o . . . . . . . P P p P - - - + - - 1 - l - l 6 1 + 1 + - - 1 - 2 1 l 2 2 9 2 4 l 0 3 2 4 2 + + + + + + + + + + + + 2 2 1 3 4 2 2 2 3 6 5 7 2 3 0 0 + + + + + + + + + + + + 1 1 1 4 1 2 5 3 3 2 2 1 6 0 3 1 Newark* -17 -6 +4 Huntington.... -6 + 11 +4 St. Louis» -12 0 +1 Area* P-17 + 1 +2 C P A A S T Y C E L W C C B N N P P R C S S U B R h l p y c e o h l a u k o l r a i o l i i e e t o i m b n a e i r n r v i h u n l r e f a i r n w l c l c a v i u l f a g a c e k k o g n h c d e g i n t a a a d i e l r c a n m o a n e h n h Y n t e i a g l d l u a e » r n o y o n s s s a f a n n e k e b l o a s * t - t i g n » p n c l m e a e d B e e e u r i p * h 1 t l r d e t r F k s d a 1 a h i t p i * J a o r a l » i d i C * s l a r . n i y l . e i e ^ s . t . 1 . . . . y . . . . . - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 + 1 1 2 1 1 - - - - - — 1 5 5 4 9 8 9 1 6 3 1 7 2 2 3 4 5 5 6 0 9 8 7 1 o - + + + 1 + + - + - - - - - - - - - - - - - - - 2 2 8 2 1 1 7 6 1 3 3 7 4 3 5 4 0 3 3 6 2 1 0 1 i + + + + + + + + + + + + + + + + + + + + + + + -1 8 6 3 5 8 3 2 2 8 6 6 6 5 5 7 6 3 5 2 1 6 4 6 0 1 C A O J J A S N N T A C M M M S C M R M K B B B h t a a a t a l i r u a e h r t o o a n . r c e i a o i a c o v l i l m w l m t a c g a s a o m k r s a k c b u n a o n P a m h u t t i n x n o s p s i m n t n e o d t t i g l e o v s O a v o n t d a n g e a i n l i t t o a n b i i a n n o g R a e o a l 1 r i l J u n l v l h o r * l m l h e o e i s e s o a l 1 u b J a g l e m e g u a n r e y r * s * * » g 1 . . . . . . . . . . . . . . . . P P p P v + - - - - - - - + - + - - - - - - - 1 - - 1 1 1 1 — 1 1 6 8 7 7 3 3 5 7 7 5 2 2 3 1 3 5 9 2 9 0 0 4 0 + + + + + + + + + + + + + + - - - - - - - 1 1 1 4 2 1 3 1 8 2 1 7 2 4 2 4 7 9 6 9 0 3 2 0 0 7 + + + + + + + + + + + + + + + + + — + - - 2 1 8 1 2 3 2 7 6 8 9 9 3 4 4 2 9 0 2 2 1 0 7 1 I ; I ! | K M L S O P J G D H T W S S S M K S G M M D a o S i p t t t u a o m e i r o a r u u . . . n p a e i i n u r e a p n e n c u n l t m n L i C l s J a n p b P n u a e h c v n i n x s a h o k n e l k e o t h d t a a e r p i g e o s s t h r a a a u o u r a s F i f h a a e F i n i t - p s F i o l p e p i a o s a s C o s s r l o o * h l e d o l l » A l C l * i l i r n s s i s t r s i k . . y . t e . y . s . . l a . . . . . . . . . . . . . . . . P P - P - - - - - - - - - - - - - - 1 1 ( - 3 1 1 1 1 1 1 2 2 2 1 1 1 2 8 - - - - - 2 S 3 9 9 6 3 5 7 8 7 7 4 4 6 8 0 3 ) 0 1 + + + + + + + - - - - - - - - - - -4 2 4 6 1 1 5 3 1 2 4 3 6 4 2 1 9 2 0 + + + + + + + + + + + + + + + - - - - - - 1 1 1 1 1 5 2 1 3 7 2 3 5 4 4 5 3 2 4 1 1 1 4 0 W S S V S S S P S S T D O B S Y E R B S N N a a a a a B p t a a e o A A o a v o a i e o e a v c l n n n a o r i c l k e e a k w l t a n n s s l c r n e t t k r r l e p o i t l e a g g J k l F r L m D t n i a k e s j a a a m l m n B s m e e o o i t n r t t a e a e n i n i d l l o t s a o p a a e g e d l d 1 k e e n e e e d e e a n w r g n 1 1 h s s * e a n e d * y n n 1 . o 1 l c a n a t L . a d C a i n o i . l s m r . o n . d c i L d . s t d o . . y i . o l . n . . * . . s . . . * o . . . P P P P P P - - - - - - - - - - - - - - - - - 1 1 2 ( 1 2 2 1 1 1 2 1 1 1 1 2 1 1 - 2 5 0 2 8 1 1 7 4 5 2 0 3 9 8 4 1 ) 2 5 r+ + + + + + + + + + + - - - - - - - 1 4 9 5 6 4 2 9 2 6 8 8 5 2 5 1 8 0 1 + + + + + + + + + + + + + + - - 1 2 3 6 2 6 5 5 8 4 5 3 2 1 6 2 0 0 1 P T E Y i r o o t i l t u e e s n d b * g o u s r i t g o h w n * *. - - -1 2 1 -8 1 0 4 r- + l + -9 7 1 + + + + 11 7 5 7 F C P In o e h d o r i i r t c a i a W a n g a o * a p » y o n li e s K 1.. . . . - - - - 1 1 1 1 0 7 7 0 + + -3 2 1 + + + ++ 3 3 37 1 \ D O T a u k l l l l s a a a h s oma City - - 1 1 -5 6 1 + + -2 5 4 + + -4 2 5 Wheeling i.... -15 -3 +3 Terre Haute1... -15 + 1 +3 Shreveport +2 +5 +5 P Preliminary. f 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. 8 Data not available. 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 it io 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. a 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 C144.1 210.9 165.4 1951—January 181.5 221.9 198.5 133.2 143.3 207.4 162.1 February .. .. 183 8 226.0 202.0 134.0 143.9 209.7 163.2- March 184 5 226.2 203.1 134.7 144.2 210.7 164.3 April 184.6 225.7 203.6 135.1 144.0 211.8 164.6 May 185.4 227.4 204.0 135.4 143.6 212.6 165 0 June 185 2 226.9 204.0 135.7 143.6 212.5 164.8 July 185.5 227.7 203.3 136.2 144.0 212.4 165.0 185.5 227.0 203.6 136.8 144.2 210.8 165.4 September 186.6 227.3 209.0 137.5 144.4 211.1 166.0 October 187.4 229.2 208.9 138.2 144.6 210.4 166.6 188.6 231.4 207.6 138.9 144.8 210.8 168.4 December 189.1 232.2 206.8 139.2 144.9 210.2 169.1 1952—January 189.1 232.4 204.6 139.7 145.0 209.1 169.6 c Corrected. 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim vision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 304 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 Ayfo Year, month, or week m c t o o ie 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 n l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e s d - - c C a p a h u l l r s e l c o i m t e a d s d n - i- d H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 95 % 104 9 99.9 91 6 109.1 90.4 83.0 100.5 95 4 94 0 94 3 82-6 97 s 94 1933 65 9 51.4 6C.5 71 80.9 64.8 66.3 79.8 77 0 72.1 75.8 62.5 56 5 70.5 1934 74 Q 7f 5 7F 4 86.6 72.9 73.3 86.9 86 75,3 81 5 69 7 68 6 78 1935. 80 0 78 8 81 7 77 9 89.6 7(19 73.5 86.4 85 3 79 0 80 6 68 3 77 1 82 2 1936 80.8 80.9 82.1 75.6 95.4 71.5 76.2 87.0 86 7 78 7 81.7 70.5 79 9 82.0 1937 86,3 4 8S s 104.6 76 77.6 95.7 95 82 6 89 7 77 8 84 8 87-2 1938 78 6 68 5 71 6 81 7 92.8 66 7 76.5 95.7 90 3 77 0 86 8 73 3 72 0 8? 2 1939 77 1 65.3 7C.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 67 7 71 83 n 100.8 71 8 71.7 95.8 94 8 77 0 88 5 77 71 9 81 6 1941 87 8? 4 8? 7 89-0 108.3 84 8 76.2 99.4 103 84 4 94 82 0 83 5 89 1 1942 98 8 105 9 9<)6 95 5 117.7 96 9 78.5 103.8 110 7 95 10? 4 89 7 100 6 98 6 1943 103 t 17? 6 106 6 96 9 117 5 97 4 80 8 103.8 111 4 94 Q 10? 7 92 112 1 100 1 1944 104 0 171 104 Q 98 5 116.7 98 4 83.0 103.8 115 5 95 104 93 6 113 100 8 1945 105 8 178 7 106 2 7 118.1 10(1 1 84.0 104.7 117 8 95 104 S 94 7 116 8 101 8 1946 121 1 9 11(1 7 10<3 s 137 2 116 90 1 115.5 132 6 101 4 111 6 100 134 7 116 1 1947 152 1 181 168 7 IIS 182.4 141 7 108.7 145.0 179 7 127 3 111 1 115-5 165 6 146 0 1948 165 1 188 179 1 151 0 188.8 149 8 134.2 163.6 199 1 135 7 144 5 170 5 178 4 159 4 1949 155 0 165 5 161 4 147 3 180.4 14(1 4 131.7 170.2 193 4 118 6 145 3 112 3 163 9 151 1950 161 s 170 4 166 191 9 148 0 133.2 173.6 206 0 122 7 1S1 120.9 172 4 1*6 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 4 174.9 19SI Tanuarv 180 1 194 7 IIP 17(1 3 234 8 178 0 136 4 187 5 226 1 144 K 174 7 142 192 173 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 ?03 8 186 6 17? 4 236-2 18,1 138.6 188.8 5 146.4 178 8 147 5 199 4 175 8 183 6 70? 5 18S 8 17? 3 ?*?{ 1 18? 8 138.1 189.0 228 5 147 9 180 1 142 7 197 7 176 1 May 182 9 199 6 187 1 171 6 232 6 187 1 137.5 188.8 227 8 145 7 180 0 141.7 195 s 176 181 7 198 6 186 1 17(1 5 230 6 177 7 137 8 188.2 225 6 142 ^ 1795 141 7 194 7 175 5 July 179 4 194 0 186 0 168 6 9 171 137.9 187.9 223 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 6 189 188 0 167 0 212 1 161 138.8 189.1 223 0 140 8 17? 4 138 187 0 174 October 178 1 1Q7 1 18Q 4 166 6 208.3 7 138.9 191.2 223 6 141 1 171 7 139 7 188 Q 174 November 178 3 195.1 188.8 166.9 \9t . 6 159.4 139.1 191.5 224 5 138 7 172 0 141.3 189.6 174.1 December 177 8 6 187 166 Q 1QT 160 S 139 2 191 7 224 0 137 Q 177 0 141-6 188 8 171 Q Week ending:1 1952—Jan 8 177 9 193 0 188 7, 159 s 138 8 190 8 224 0 137 Jan. 15 176.5 192.0 187.5 165.2 ••158.6 138.8 190.8 223 6 137 5 Tan. 22 . 175 0 188 Q 186 9 16S 0 157 8 138 9 191 5 223 7 133 5 Jan 29 176.3 190.8 185.8 165.3 157.5 138.9 192.6 222 7 '132 8 Feb. 5 175.8 189.1 185.6 164.8 157.1 138.8 192.9 221 7 132 5 Feb. 12 175 4 187 4 18S s 164 Q 156 8 138 8 193 4 222 5 132 7 Feb. 19 .. . 174 8 186 4 1 164 1 138 7 193 4 222 5 131 7 Feb. 26 Annual 1951 Annual 1951 Subgroup Subgroup 1950 1951 Jan. Dec. 1950 1951 Jan Dec. Farm Products: Metals and Metal Products Grains 168 5 186 5 186.6 197.6 Agricultural mach. &equiD.. . 146 8 158 8 156 159 0 Livestock and poultry. . 195.5 229.3 222.2 209.8 Farm machineryr 149 2 160.8 158.4 160.91 Other farm products 154.8 177.5 178.2 181.5 Iron and steel. . 171 3 185.9 185.7 186.1 ' Food Products: Motor vehicles. 176 0 185.5 178.8 192.0] Dairy products 149 1 170 0 171 5 183 2 Nonferrous metc 150 S 181.4 187.Q 181 Cereal products 1S0 0 163 4 163.0 163.5 Plumbinef and heatim 162.6 183.9 183.7 184 Fruits and vegetables... 135.9 144.6 136.1 161.3 Building Meiterials: Meats, poultry and fish. 219.9 254.0 242.7 246.2 Brick and tile . 168 2 179 9 180.7 179.5 Other foods 143.4 159.4 157.7 152.3 Cement 136 6 147 2 147.2 147.2 Hides and Leather Products: Lumber 327 4 351 4 356.8 344.1 Shoes 101 0 219.4 208.6 Paint and naintmaterials. . . . 142 0 162 162.1 164 1 L H e id a e th s e a r nd skins.,. 2 1 2 8 2 8 .9 7 259.2 3 3 2 1 2 8 4 . . 2 8 1 17 7 5 4 . . 7 0 S P t l r u u m c b tu in ra g l a s n te d e l heatingI- • 1 1 9 6 2 2 . . 6 6 2 1 0 8 4 3 9 3 2 1 0 8 4 3 . . 3 7 7 1 0 8 4 4.3 3 Other leather products.. 150.7 182.5 188.0 180.6 Other building materials 178 4 198 1 195.8 198.1 Textile Products: Chemicals and Allied Product. Clothing 146 0 163 4 161 6 160 4 Chpmirals 122 0 144 7 138 1 144 s Cotton goods 197.0 219.4 239.2 202.6 Drugs and Pharmaceuticals... 137 8 182 0 184.4 169.0 Hosiery and underv 10? 111 4 115.2 107.4 Fertilizer materials 113 8 118 8 118.1 173 2 Silk 58 0 78 6 86.1 77.6 Mixed fertilizers 104 109 7 108 Q 111 5 Rayon and nylon 40.9 43.1 43.1 43.1 Oils anc1 fats 139 4 164 2 200.4 126.1 Woolen and worsted goods . 163.0 212.2 217.4 176.7 Housefurnis king Goocis: Other textile products 182.5 239.0 238.1 234.1 Furnishings. . . 161 2 189 1 186.2 182.1 Fuel and Lighting Materials: Furniture.... 144 8 162 2 162.7 161.5 Anthracite , 141 0 154.3 145.8 157.6 Miscellaneou5." Bituminous coal. . 193.7 196.2 193.2 198.3 Auto tires and tubes, 71.2 82.8 82.8 82.9 Coke 226 7 5 232.8 234.8 Cattle feed 208.7 244.5 226.3 774 0 Electricity 66 Q 65.7 Paper and pulp 163 5 198 0 196.5 700 Q Gas 88 1 90.0 Rubber, crude. 84 0 124 0 148.4 106 6 Petroleum products 113.9 120.1 119.4 120.4 Other miscellaneous. 124 8 136 7 137.1 137 8 r Revised, 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. NOTE.—For monthly and annual figures on the revised basis (1947-49 = 100), see pp. 311-313. Back figures.—Bureau of Labor Statistics, Department of Labor. MARCH 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 Seasonally adjusted annual rates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1947 1948 1949 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 Less: Capital consumption allowances. . 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 Plus: S B t S u a u s t i i b n s s e t i i s d c s i a e l t s r d a l n i e s s s c f s r e e r c p u a p r n a r c y e y n m t en su ts rplus of -.1 .6 1. . 2 7 1. . 4 5 1. . 6 5 . . 3 7 -3.2 .7 -.8 .7 -1.8 .8 2. . 9 8 -3.4 .8 1. . 6 8 5. . 9 8 2. . 3 8 2. . 5 8 government enterprises C1) .5 — .1 .0 .4 — .1 .1 .0 .3 .5 .2 .8 .8 .1 Equals: National income 39.6 72.5 198.7 216.7 278.0 87.4 103.8 223.5 239.0 275.8 260.1 269.4 274.3 281.2 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 43.6 Contributions tor social insurance.. .2 2.1 2.8 5.7 5.2 5.7 7.0 8.5 7.4 8.3 8.4 8.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 -.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 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 4.9 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 9.8 Business transfer payments .6 .7 .5 .5 .7 .7 .7 .8 .8 .8 .8 .8 Equals: Personal income 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 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 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 3.1 2.9 3.0 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 169.5 188.4 186.4 204.3 222.6 215.2 224.9 227.2 216.5 221.8 Less:Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.2 193.6 205.5 198.4 204.0 206.7 208.8 202 .4 Equals: Personal saving 3.7 -1.2 2.7 9.8 3.9 10.5 6.3 10.7 17.2 16.8 20.8 20.5 7.8 19.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates 1950 1951 1929 1933 1939 1941 1947 1948 1949 1950 1951 4 1 2 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 7 122.1 134.4 133.4 145.8 169.4 157.2 163.6 168.9 171.7 173.1 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 Business and professional 8.3 2.9 6.8 9.6 19.8 22.1 20.9 22.3 23.7 23.0 24.1 23.6 23.4 23.6 Farm ... . 5 7 2 3 4 5 6 9 15 6 17 7 13 0 13.7 16.9 15.8 16.4 16.3 17 3 17.6 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 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. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—National Income Supplement (July 1951 edition) to the Survey of Current Business, Department of Commerce. 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1950 1951 1929 1933 1939 1941 1947 1948 1949 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 66.8 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 l 7.8 1.1 4.9 6.8 13.9 17.7 17.2 22.1 22.2 23.3 23.8 22.7 21.6 20.7 Residential, nonfarm 3.6 .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 4.2 .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 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 National security 1.3 13.8 13.3 16.1 19.3 19.1 37.5 24.1 28.9 35.3 41.8 44.1 Other 1.3 2.0 3.9 3.2 3.8 5.6 6.6 3.9 4.2 3.4 3.5 3.7 4.6 5.1 Less: Government sales 2 () 1.3 .6 .4 .2 .2 .2 .2 .2 .2 .2 State and local 7.2 5.9 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 so co 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 C u n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v r s i s e b - - S i e n t r r d v ie u ic s s e - m G er o e n n v - t - b c i s u a n o o f t n s n o c i u c o t i r r a e r n i - l - s in l c a o b m or e5 in re c a n o n m t d al e6 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 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 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 1951 251 1 165 9 169.4 74.5 45.6 20.2 29.1 3.5 3.8 48.9 20.0 12.5 229.4 1950—December 244.4 155.9 158.9 70.8 43.6 19.6 24.9 3.0 3.7 48.1 25.0 11.7 223.4 1951—Tanuary 243.6 158.0 161 .6 71.7 44.3 19.9 25.7 3.6 3.7 50.5 18.8 12.6 221.4 February 243.3 160.0 163.4 72.4 44.5 19.8 26.7 3.4 3.8 48.2 19.2 12.1 222.9 ]Vlarch 245 5 162 2 165.9 73.7 44.9 20.0 27.3 3.7 3.8 47.7 19.7 12.1 225.2 April 249.0 164.8 168.2 75.0 45.3 20.1 27.8 3.4 3.8 48.1 20.2 12.1 227.8 May 249 8 165 1 168.8 74.6 45.6 20.2 28.4 3.7 3.8 48.0 20.2 12.7 229.0 June 251.0 166.4 169.9 75.2 45.6 20.3 28.8 3.5 3.8 48.0 20.0 12.8 230.1 July 252 4 167 1 170.6 74.8 46.0 20.3 29.5 3.5 3.8 49.2 19.7 12.6 230.1 August 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 December 258.6 171.9 175.4 76.8 46.5 20.7 31.4 3.5 3.9 49.8 20.7 12.3 235.9 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurancei. 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. 307 MARCH 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 o s 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 le t Other Loans* no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 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 L.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 L,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 L ,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 L,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 L.758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 .981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951P 20,640 13,506 7,543 4,039 3,504 5,963 7,134 1,436 4,587 1,111 1950—December , . 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951—January 19,937 13,252 7,694 4,056 3,638 5,558 6,685 1,352 4,248 1,085 February 19,533 13,073 7,521 3,990 3,531 5,552 6,460 1,369 4,010 1,081 March 19,379 12,976 7,368 3,946 3,422 5,608 6,403 1,381 3,938 1,084 April 19,126 12,904 7,270 3,934 3,336 5,634 6,222 1,392 3,744 1,086 May 19,207 12,920 7,248 3,980 3,268 5,672 6,287 1,398 3,793 1,096 June 19,256 12,955 7,234 4,041 3,193 5,721 6,301 1,399 3,804 1,098 July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1,393 3,743 1,093 August 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1,398 3,724 1,095 September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 1,098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 1,413 3,868 1,108 November 19,989 13,271 7,400 4,100 3,300 5,871 6,718 1,422 4,190 1,106 December?.... 20,640 13,506 7,543 4,039 3,504 5,963 7,134 1,436 4,587 1,111 1952—January? 20,080 13,313 7,326 3,970 3,356 5,987 6,767 1,446 4,213 1,108 ? Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total b m C a e n o r k c m s ia - * l p S c l a m o o n a m i a n e l - s l b I a n t n r d i k u a s l s - 2 p I a c n l t n o o r d i i m a 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 - m l i r o z e a o a a p n d t n i a d e s o i r r n n 3 - b m C a e n o r k c m s ia - 1 l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m a u e n l s s - - 2 u C n r i e o d n i s t 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950 5,555 2,431 1,084 291 203 525 157 864 3,875 1,946 481 358 894 1951? 5,963 2,510 1,268 301 229 542 176 937 4,198 2,437 528 417 947 1950—December... 5,555 2,431 1,084 291 203 525 157 864 289 234 37 29 72 1951—January.... 5,558 2,438 1,090 289 202 518 158 863 326 162 39 28 67 February... 5,552 2,441 1,094 286 202 515 158 856 296 158 35 27 64 March . 5,608 2,476 1,112 286 204 517 160 853 368 207 43 33 79 April 5,634 2,497 1,119 286 205 514 161 852 340 184 41 31 72 May 5,672 2,506 1,131 288 207 518 162 860 359 198 44 33 82 June 5,721 2,515 1,151 288 209 522 164 872 356 204 44 35 86 July 5,730 2,492 1,167 288 211 524 166 882 339 206 44 35 76 August 5,798 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 .. 5,871 2,509 1,211 299 225 535 170 922 347 228 45 38 83 December?.. 5,963 2,510 1,268 301 229 542 176 937 354 292 50 42 84 1952—January?... 5,987 2,521 1,270 300 231 539 176 950 392 186 46 38 84 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 January amounted to 106 million dollars and other loans made during January 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. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] (Estimates. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e n a o d r n o t o h f r in e T g x o c a l t u a u d l t , o - - s m m t a o n a e r i d n e l t - s F s t t u u o r r r n e e i s - H a a h p o n o p u c l s l d e i e - - Je st w o e re lr s y o re A th ta l e l i r l 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 i a r 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 - 12 - i m l c n o a s a e s t n n a h s t lmobile order stores stores houses Outstanding at end of period: 1949 4,416 854 915 922 781 944 1939... . 1,525 377 536 273 93 246 1950 5,645 1,143 1,223 1,267 905 1,107 1940 1,721 439 599 302 110 271 1951? 5,434 1,061 1,192 1,031 937 1,213 1941 1,802 466 619 313 120 284 1942 1,135 252 440 188 76 179 1950—December. . . 5,645 1,143 1,223 1,267 905 1,107 1943 707 172 289 78 57 111 1944 691 183 293 50 56 109 1951—January 5,610 1,116 1,219 1,268 890 1,117 1945. 715 198 296 51 57 113 February.... 5,530 1,096 1,222 1,217 877 1,118 1946 1,104 337 386 118 89 174 March 5,516 1,079 1,232 1,190 874 1,141 1947 1,935 650 587 249 144 305 April 5,490 1,072 ,242 1,153 875 1,148 1948. . . 2,567 874 750 387 152 404 May 5,489 1,083 ,248 1,123 882 1,153 1 1 9 9 4 5 9 0 3 3 , , 0 7 9 7 6 8 1 1, , 2 0 4 1 5 0 1,0 9 2 35 9 5 7 0 1 0 0 163 794 488 J J u u l n y e 5 5 , , 4 4 8 3 1 0 1 1 , , 0 0 8 9 6 0 , , 2 2 4 3 6 0 1 1 , , 0 09 6 8 8 8 8 8 8 3 6 1 1 , , 1 1 6 6 4 0 1951?.... 3,504 1,184 971 613 736 A Se u p g t u e s m t ber... 5 5 , ,4 4 7 4 2 0 1 1 , , 0 1 9 0 7 5 , , 2 23 4 9 0 1 1, , 0 0 0 5 4 9 9 8 1 9 1 9 1 1 , , 1 17 8 7 1 1950 October 5,442 1,090 ,226 1,010 925 1,191 December. 3,778 1,245 1,029 710 794 November... 5,436 1,079 ,209 1,017 937 1,194 1951 December?. . 5,434 1,061 1,192 1,031 937 1,213 January... 3,638 1,201 982 694 761 February.. 3,531 L.162 956 677 736 1952—January?.. . . 5,416 1,042 1,185 1,032 927 1,230 March.... 3,422 1,133 924 655 710 April . 3,336 1,103 905 636 692 Volume extended dur- May 3,268 1,084 890 616 678 ing month: June 3,193 1,055 874 602 662 1950—December. . . 562 94 117 141 48 162 July 3,112 L,O22 854 590 646 August.... 3,109 1,015 859 590 645 1951—January 606 98 137 147 47 177 September. 3,152 1,028 870 600 654 February 536 93 132 117 41 153 October. . . 3,221 1,056 890 607 668 March 638 109 160 123 51 195 November. 3,300 1,099 908 608 685 April 625 118 153 125 56 173 December ? 3,504 1,184 971 613 736 May 683 140 166 132 65 180 June 666 143 160 115 64 184 1952 July 642 137 150 115 62 178 January?.. 3,356 L, 126 926 599 705 August 738 162 187 131 70 188 September... . 682 150 166 126 67 173 October 744 150 168 153 82 191 November.... 689 136 152 147 72 182 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL December?. .. 686 117 149 157 70 193 BANKS, BY TYPE OF CREDIT 1952—January? 710 130 170 144 57 209 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL R m e e t n a t i l p i a n p s e ta r l 2 - R a e n p d air P i e n r s s t o a n l- al LOAN [ C Es O ti M m P at A es N . IE I S n , m B i Y lli o T ns Y P o E f d O ol F la rs C ] REDIT Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o 1 n 2 l c o a a s n h s Year or month TToottaall m A o m u b t e o i n l - e t pap O e t r h 2 er mm l i o z oo a a a d n d n t e i d e s o rr n l n n 2 -- i m l n c o s a e a t s n n a h t s l- Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 4 5 5 1 9 0 ? 3 4 3 9 0 43 1 4 . . . 2 0 1 1 1 9 1 1 3 8 8 . . . 6 9 5 6 8 7 1 3 9 . . . 2 1 7 5 5 5 6 4 5 . . . 5 9 4 1 1 1 4 3 3 7 7 1 . . . 5 9 1 o 1 1 1 f 9 9 9 4 5 5 p 1 9 0 e ? riod: 2 2 1 2 5 9 6 5 4 . . . 9 3 7 4 5 63 7 3 . . . 2 9 5 4 4 3 1 7 1 . . . 1 3 4 6 7 7 . . . 5 2 3 1 1 1 2 3 1 0 7 3 . . . 6 6 3 1950—December. 391.0 118.5 79.7 54.9 137.9 1950—December. 226.9 57.9 41.1 7.3 120.6 1951— A A J J S O N D F M M J u u e e u p e o c a a a l n p b c r g y v t n y r e t i o r e u e c l e u u m b h m s m a a t e b r b r b r y e y e . e r . . . r r . ? . ., 4 3 3 4 3 3 3 3 3 3 4 3 0 9 0 9 8 8 8 8 0 8 8 8 4 1 2 1 2 6 2 4 2 5 5 6 . . . . . . . . . . . . 1 7 5 7 8 5 4 4 0 3 1 9 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 2 2 2 1 1 1 0 6 3 8 7 6 9 3 1 3 8 6 . . . . . . . . . . . . 2 2 4 9 9 5 6 9 9 1 0 9 8 7 7 7 7 7 7 7 7 7 7 7 1 3 4 7 2 6 5 0 1 8 7 5 . . . . . . . . . . . . 2 6 2 7 9 7 4 6 8 4 4 3 5 5 5 5 5 5 5 5 5 5 5 5 6 3 6 2 2 2 2 2 1 4 6 3 . . . . . . . . . . . . 5 7 5 6 9 4 0 3 6 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 4 3 3 4 4 3 3 4 3 4 7 4 7 9 9 6 6 5 9 7 3 1 . . . . . . . . . . . . 7 0 5 9 9 0 3 7 8 1 3 3 1951-— J A F A J S O D M M N u u J e e u p e o c a a a n l p b c r y g v t y r e n i t r o e u c e l e u u m b h m s m a a t e b r b r b r y e y e e . r . r . r ? . . . . , . 2 2 2 2 2 2 2 2 2 2 2 2 5 2 2 2 2 3 3 4 4 4 5 3 5 5 6 8 5 0 2 5 7 1 0 5 . . . . . . . . . . . . 3 1 9 6 6 6 1 5 4 4 3 3 6 6 5 5 5 6 6 6 5 5 5 6 3 3 3 3 0 6 9 7 6 7 3 9 . . . . . . . . . . . . 2 2 2 5 7 5 8 1 8 8 4 8 4 4 4 3 4 4 4 4 3 4 4 4 0 0 4 9 2 0 0 5 0 9 7 6 . . . . . . . . . . . . 2 5 5 6 4 0 8 6 8 8 3 1 6 7 7 7 7 7 7 7 7 7 7 7 . . . . . . . . . . . . 9 2 2 0 0 1 1 3 2 0 4 6 1 1 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 2 2 2 2 3 3 2 0 0 3 5 3 8 4 1 7 2 7 0 . . . . . . . . . . . . 2 2 7 9 4 5 8 1 6 0 3 8 1952—January? . 402.6 116.5 81.4 56.1 148.6 1952—January? . . 256.7 62.5 47.2 7.2 139.8 Volume extended during month: Volume extended 1950— December. 40.3 9.1 8.0 2.6 20.6 d 1 u 9 r 5 i 0 n — g D m e o c n e t m h: ber.. 30.4 6.3 3.9 0.3 19.9 1951— J J A F A S O N D M M u u J e e e u p o c a a a n l p b c r g y v t y n r e i t e o r u c e l e u m u b h m s m a a t e b r b r b r e y y e . e r . . . r * r . . . , ' . , 4 4 3 4 4 4 5 4 5 5 6 5 6 2 3 4 8 8 8 1 9 8 2 0 . . . . . . . . . . . . 2 6 8 2 9 3 5 8 3 4 3 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 5 6 2 9 5 4 4 7 3 3 . . . . . . . . . . . . 2 2 6 4 8 4 6 6 9 3 1 1 1 1 1 1 1 8 8 8 7 7 7 7 0 2 0 1 2 . . . . . . . . . . . . 2 5 3 2 8 6 8 2 4 4 8 8 2 3 3 2 3 3 4 4 4 3 3 5 . . . . . . . . . . . . 0 8 2 3 4 3 5 8 5 9 1 1 2 2 2 2 2 2 2 2 2 2 2 1 2 0 2 0 4 1 0 2 5 4 1 8 . . . . . . . . . . . . 2 7 9 9 1 5 5 0 3 3 8 0 1951— J A F A J O S N D M M u u J e e p c o e u a a l a n p b t y r c v y n r g e o i t r e c e l e u u b u m h m m a e a s r b r r b b t y y e . e e . r r . r . . . ? . . . . . . 4 2 3 3 4 3 4 2 3 3 3 3 3 2 5 9 4 1 7 7 9 2 4 6 . . . . . . . . . . . . 6 9 1 6 9 3 3 5 8 4 8 1 1 9 6 9 8 9 6 8 9 9 7 7 1 . . . . . . . . . . . . 9 6 8 4 8 0 4 0 4 4 3 5 4 3 4 4 4 4 5 6 7 6 7 6 . . . . . . . . . . . . 2 3 2 9 9 4 9 8 2 0 7 6 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 6 5 4 6 7 5 5 4 3 3 7 5 2 2 2 2 2 2 2 2 2 2 1 1 1 0 1 3 0 1 1 3 3 7 7 7 . . . . . . . . . . . . 2 6 7 5 9 3 6 2 3 4 3 7 1952—January? . , 52.5 14.3 11.8 22.9 1952—January? . . 39.5 9.2 5.8 0.5 24.0 p Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. ^Includes both direct loans and paper purchased. MARCH 1952 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE» Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Year or month Item Jan. Dec. Nov. Jan. Dec. Nov. D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h H p o l o l i d a u n s a c e p e - - D s m e to p e r a n e r t s t- 1952? 1951 1951 1952? 1951 1951 stores Net sales: 1950 Total -40 +25 +1 -12 +2 + 10 December 18 11 10 49 Cash sales -39 +40 +2 -15 -5 -2 Credit sales: 1951 Instalment -46 +25 +2 -5 + 10 +20 January 19 10 12 50 Charge account -22 +13 +2 -24 -16 -6 February 17 10 11 46 March 19 11 12 50 Accounts receivable, end April 18 11 11 47 of month: May 18 11 11 49 Total -5 +8 +2 -8 -7 -9 June 19 11 12 49 Instalment -5 +11 +2 -4 -4 -9 July 18 11 12 46 August 19 12 12 48 Collections during September 19 11 12 47 month: October 21 12 12 50 Total +6 2 -2 -6 -7 November '21 11 12 50 Instalment +4 -3 -2 -5 -6 -3 December 19 11 12 45 Inventories, end of 1952 month, at retail value. -i -8 +1 -9 -5 -2 January P 47 Preliminary. P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100! Percentage of total sales Sales during month Accounts receivable Collections during Year or month at end of month month Cash Instal- Charge Total Cash I m ns e t n a t l- a C c h c a o r u g n e t Instal- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1950—December 178 169 190 187 210 166 119 1951—January 98 85 128 108 204 142 186 165 45 10 45 February. . . . 82 73 116 89 199 125 169 130 46 10 44 March 101 91 129 109 194 120 186 125 48 9 43 April 91 83 109 98 186 116 167 113 48 9 43 May 100 91 113 109 178 118 163 114 48 44 June 95 91 103 100 171 115 161 114 50 42 July 75 71 90 76 163 103 148 106 50 9 41 August 90 83 127 93 162 103 151 99 48 11 41 September. . . 101 90 138 107 166 113 151 97 47 10 43 October 113 101 164 121 172 122 163 114 46 11 43 November. . . 129 115 171 138 182 136 169 121 47 10 43 December 177 167 205 185 197 177 168 122 49 9 42 1952—January? 84 77 109 90 188 141 178 164 10 P Preliminary. 1 Indexes have been converted from the 1941 base previously used to a 1947-49 base. Back figures by months beginning January 1941[may be obtained from the Division of Research and Statistics. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 301. 310 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, 1947-49=100] Group a A v n e n ra u g a e l Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. All Commodities: 1926 65.0 67.0 66.3 65.4 65.2 65.3 65.3 64.6 64.4 64.8 64.6 64.0 63.6 1927 62.0 62.0 62.7 62.3 61.6 61.1 61.2 61.3 61.9 62.6 62.8 62.6 62.6 1928 62.9 62.6 62.3 62.1 62.8 63.4 62.9 63.3 63.4 64.1 62.9 62.3 62.3 1929 61 9 62.3 62.0 62.5 62.1 61.5 61.9 62 7 62 6 62 5 61.8 60.7 60 6 1930... . 56.1 60 1 59.4 58.6 58.5 57.7 56.4 54 8 54.8 54.9 53.9 52 8 51 7 1931 47.4 50.8 49.9 49.4 48.6 47.6 46.9 46.8 46.9 46.3 45.7 45.6 44.6 1932 42 1 43.8 43 1 42 9 42 6 41 9 41 6 41 9 42 3 42.5 41 9 41.5 40.7 1933 42.8 39.6 38.8 39.1 39.2 40.8 42.2 44.8 45.2 46.0 46.3 46.2 46.0 1934 48.7 46.9 47.8 47.9 47.7 47.9 48.5 48.6 49.7 50.4 49.7 49.8 50.0 1935 52 0 51.2 51 7 51 6 52 0 52 1 51 9 51 6 52 3 52 4 52 3 52.4 52.6 1936 52.5 52.4 52.4 51.7 51.8 51.1 51.5 52.3 53.0 53.0 53.0 53.6 54.7 1937 56.1 55.8 56.1 57.0 57.2 56.8 56.6 57.2 56.9 56.8 55.5 54.1 53.1 1938 51.1 52.6 51.9 51.8 51.1 50.8 50.9 51.2 50.7 50.9 50.5 50.3 50.1 1939 50.1 50.0 50.0 49.9 49.5 49.5 49.2 49.0 48.7 51.4 51.6 51.4 51.5 1940 51.1 51.6 51.2 50.9 51.1 50.9 50.4 50.5 50.3 50.7 51.2 51.7 52.0 1941 56.8 52.5 52.4 53.0 54.1 55.2 56.6 57.7 58.7 59.7 60.1 60.1 60.9 1942 64.2 62.4 62.8 63.4 64.1 64.2 64.1 64.1 64.4 64.8 65.0 65.2 65.6 1943 67.0 66.2 66.6 67.2 67.4 67.6 67.4 67.1 67.0 67.0 67.0 66.9 67.1 1944 67.6 67.1 67.3 67.5 67.5 67.6 67.8 67.7 67.5 67.6 67.7 67.8 68.0 1945 68.8 68.2 68.3 68.4 68.7 68.9 69.0 68.9 68.7 68.4 68.8 69.4 69.6 1946 78.7 69 6 70.0 70.8 71.6 72.1 73.3 81 1 83.9 80.6 87.2 90 8 91.6 1947 96.4 92.3 93.1 95.4 94.8 94.3 94.3 95.3 96.5 98.4 99.6 100.7 102.6 1948 104.4 104.5 102.5 102.5 103.3 103.8 104.6 105.5 106.2 106.1 105.0 104.7 104.0 1949 99.2 102.8 101.2 100.9 99.9 99.0 98.2 98.0 98.2 98.3 97.9 97.8 97.7 1950 103.1 97.7 98.3 98.5 98.5 99.6 100.2 103.0 105.2 107.1 107.7 109.3 112.1 1951 115.0 116.5 116.5 116.3 115.9 115.1 114.2 113.7 113.4 113.7 113.6 113.5 1952 113.2 Farm Products: 1947 100 0 92 1 94.3 100.7 97.4 96 5 97 0 98 1 99 1 103 1 105 0 105 6 110 9 1948 107.3 113^4 105.6 105.3 106.8 109.4 111.5 in !i 109! 7 108 !o 103.9 102.5 100^0 1949 92.8 97.0 93.0 94.4 94.4 94.4 92.5 92.2 92.2 92.5 90.7 90.6 89.1 1950 97.5 88.8 90.7 92.2 91.9 94.3 94.5 100.4 101.3 103.0 100.9 104.2 107.9 1951 112.3 117.2 117.6 117.5 115.7 113.9 111.1 110.4 109.9 111.5 112.0 111.3 1952... 110 0 Processed Foods: 1947 98.2 94.9 95.8 98.7 96.4 94.2 94.1 95.6 97.2 100.9 102.0 103.5 105.1 1948 106.1 107.8 104.0 103.9 105.8 107.0 107.7 109.3 109.4 108.8 105.1 102.9 101.1 1949... 95.7 98.9 96.2 96.3 95.4 95.2 95.4 95.1 96.1 96.3 95.1 94.8 94.3 1950 99.8 94.0 94.9 94.7 94.4 96.2 96.8 101.9 105.2 106.3 103.6 103.5 106.6 1951 110.2 112.9 112.0 111.8 112.3 111.3 110.7 111.2 110.9 111.6 111.0 110.7 1952 111.2 Other than Farm Products and Foods: 1926.. 71.5 73.3 72.7 72.0 71.5 71.6 71.6 71.1 71.2 71.2 71.1 70,9 70.1 1927.... 67.2 69.0 68.5 67.6 66.9 66.8 66.8 66.8 67.0 67.1 66.9 66.5 66.7 1928.... 66.4 66.4 66.4 66.2 66.3 66.4 66.2 66.2 66.4 66.5 66.4 66.5 66.5 1929 65.5 66.0 65.7 65.9 65.6 65.4 65.7 65.5 65.3 65.5 65.5 64.9 64.7 1930 60.9 64.0 63.6 63.1 62.8 62.4 61.3 60.4 59.8 59.5 58.7 58.0 57.4 1931 53.6 56.5 56.0 55.2 54.2 53.7 53.0 52.9 53.0 52.8 52.2 52.5 51.7 1932 50.2 51.3 51.0 50.7 50.7 50 3 50.1 49 8 50 1 50.3 50 2 49.9 49.3 1933 50.9 48.1 47.2 47.0 46.7 47.5 49.2 51.7 53.0 54.4 55.2 55.2 55.4 1934 56.0 56.0 56.3 56.1 56.2 56.4 55.9 56.0 56.0 56.0 55.8 55.8 55.7 1935 55.7 55.6 55.4 55.3 55.2 55.5 55.8 55.8 55.7 55.6 56.0 56.3 56.3 1936 56.9 56.3 56.5 56.4 56.4 56.3 56.4 56.8 57.0 56.9 57.3 57.9 58.8 1937 61.0 59.6 60.1 61.2 61.8 61.7 61.5 61.7 61.6 61.4 60.9 60.2 59.8 1938 58.4 59.7 59.4 59.1 58.6 58.4 58.1 58 2 58 2 58 2 58.0 57 6 57 4 1939 58.1 57.3 57.4 57.5 57.6 57.6 57.4 57^3 57.3 58> 59.9 60il 60^0 1940 59.4 60.0 59.5 59.3 59.0 59.0 58.8 58.8 58.7 58.8 59.7 60.2 60.2 1941 63.7 60^3 60.3 60.7 61.4 62.5 63.4 64.1 64^9 65 '. 5 66.8 66^9 67^0 1942 68.3 67.6 67.8 68.1 68.3 68.4 68.4 68.4 68.3 68.3 68.3 68.5 68.6 1943 69.3 68.7 68.8 69.0 69.1 69.2 69.2 69.3 69.4 69.5 69.5 69.6 69.8 1944 70.4 69.9 70.1 70.1 70.3 70.4 70.4 70.4 70.5 70.5 70.5 70.6 70.7 1945 71.3 70.8 70 9 71.0 71.0 71 1 71.2 71.3 71.4 71.4 71.5 71 7 71 9 1946 78.3 72.1 72.4 73.1 73.8 74.3 75.5 78!3 79.8 80.2 82.8 86^3 89^2 1947 95.3 91.8 92.2 93.6 94.0 93.8 93.9 94.6 95.8 96.9 97.9 99.0 100.4 1948 103.4 102.0 101.6 101.6 102.0 102.0 102.5 103.5 104.7 105.1 105.2 105.5 105.4 1949 101.3 104.9 104.0 103.3 102.0 100.8 100.1 99.8 100.0 100.0 100.0 100.0 100.2 1950 105.0 100.4 100.6 100.7 100.8 101.5 102.2 103.8 105.9 108.2 110.1 111.6 114.1 1951 116.6 117.2 117.3 117.1 116.8 116.2 115.7 114.9 114.8 114.6 114.5 114.6 1952 114.3 Textile Products and Apparel: 1947 100.1 98.2 99 0 99.4 99.3 99.2 98.7 99 1 99.7 100 7 101 2 102 1 104 0 1948 104.4 105.1 105.7 105.4 104.5 104.9 104.3 104^6 104.6 104.3 103! 7 103^0 102^9 1949 95.5 100.8 99.8 98.3 96.5 94.5 93.7 93.4 93.4 93.6 93.9 94.1 94.3 1950 99.2 94.3 94.4 94.1 93.0 92.8 93.3 96.2 100.4 104.3 107.4 109.1 111.4 1951 114.6 115.7 115.9 115.5 114.8 112.9 111.6 108.5 105.9 103.9 103.9 104.0 1952 103.5 Hides, Skins and Leather Products: 1947 ... . 101.0 95 8 96 5 97.2 96.2 95 5 96 3 98.9 101 6 102 6 108.2 112 .1 111 5 1948 102.1 108.8 103.7 99.7 101.1 102.4 102.3 103.1 101.8 100.7 99.8 101.5 100.6 1949 96.9 100.4 97.8 96.4 95.9 95.6 95.7 94.6 95.7 96.9 97.8 98.1 97.6 1950 104 6 96.4 96.1 97.1 97.2 98.1 99.1 103.6 106.5 110.6 112.9 116.6 121.4 1951 .. 127 3 127.7 126.9 126.5 126.2 124.7 122.3 118.0 118.0 113.6 107.0 105 !l 1952 102.3 For footnotes see p. 313. MARCH 1952 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Group a A v n e n ra u g a e l Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Fuel, Power and Lighting Materials : 1947.. 90 9 82.7 83.5 85.8 88.4 88.5 88.9 91.9 93.6 94.1 94.9 97 7 101 5 1948 107.1 105.6 106.3 106.2 106.5 106.6 106.9 108.3 107.7 107.6 108.0 108.1 107.6 1949 101 9 107 1 105 6 103 8 102 0 100.8 100.3 100 1 100 0 100 5 101 3 101 1 100 9 1950 103 0 101.4 101 8 101.5 100.7 101.7 102.4 103.3 103.8 104.5 104.9 105 4 104 7 1951 106.4 107.4 107.3 106.5 106.2 106.3 106.5 106.3 106.7 106.8 106.9 107.4 1952 107 4 Chemicals and Allied Products: 1947 101 4 101.5 102 4 104.0 103.9 100.4 98.7 97 5 96.6 98 4 102 1 105 3 105 6 1948 103.8 106.9 105.1 104.7 104.5 103.2 103.7 104.2 103.4 103.6 103.0 102.5 101.3 1949 94.8 99.8 98.3 97.0 95.3 94.9 94.5 93.5 93.6 93.2 92.7 92.5 92.4 1950 96 3 92.3 92 2 92.0 92.2 92.1 92.1 93.4 95.9 99.7 102 1 103 4 107 6 1951 111.4 112.6 111.8 111.5 111.3 110.2 108.8 108.5 108.7 108.8 108.6 108.4 1952 106 7 Rubber and Products: 1947 99 0 102 9 103 4 103.3 102.9 101.3 96.3 94 1 94 2 94.9 96 6 98 4 99 5 1948.. ... 102.1 100.4 100.1 99.9 100.6 101.0 101.1 103.9 104.1 104.2 104.0 103.2 102.8 1949 98.9 102.4 101.6 101.7 100.9 100.4 97.6 96.2 96.0 96.4 96.1 97.7 99.9 1950 120 5 100 8 101 4 101.5 103.6 106.6 109.5 115 6 129 6 135.2 140 7 149 2 152 0 1951.. ... ... 154.8 154.1 153.9 153.2 152.9 150.0 145.9 145.9 146.3 146.3 146.3 145.9 1952 145 7 Lumber and Wood Products: 1947 93.7 84.9 86.9 89.9 92.2 92.7 92.3 92.7 94.5 96.8 98.3 100.8 102.3 1948 107 2 104 4 105 0 106.0 106.3 107.5 108.2 109.0 109 9 109.2 108 1 107 0 105 5 1949.. . .. 99.2 104.1 103.0 102.1 101.0 99.6 98.0 96.7 95.5 95.9 97.0 98.0 99.2 1950 113.9 100.8 103.0 104.9 106.5 110.1 112.4 115.4 120.3 124.6 123.4 122.7 123.2 1951 125 5 126 4 126.6 126.6 126.1 124.6 123 5 122.3 121.6 121 7 121.1 120 3 1952 120 2 Pulp, Paper and Allied Products: 1947 98.6 95.9 96.7 97.4 98.7 98.5 98.3 98.4 99.0 99.4 99.9 100.0 101.2 1948 102 9 102 0 103 1 102.8 102.6 102.4 102.5 102 9 103 3 103.4 103 4 103.3 103 2 1949. 98.5 103.1 102.8 102.1 100.8 99.2 97.3 96.0 95.7 96.1 96.1 96.3 96.4 1950 100.9 96.3 96.2 96.0 96.0 95.7 95.9 97.8 101.4 103.6 107.3 109.9 114.4 1951 120 1 120 1 120.3 119.7 119.8 120.2 120.2 119 5 119.4 118 8 118.4 118.4 1952 118.2 Metals and Metal Products: 1947 91.3 87.9 88.4 90.0 90.2 89.5 89.8 90.6 93.0 93.3 94.0 94.3 94.8 1948 103 9 96 7 97 7 98 6 100.9 100 5 100 7 102 6 108 7 109.4 109 9 110 7 111 0 1949 104 8 111 2 110.1 109.0 105.8 103.2 101.8 101.7 102.1 102.9 102.7 103.0 103.4 1950 110.3 104.3 104.9 104.8 105.2 106.6 108.8 109.2 110.8 113.3 116.1 117.7 121.9 1951 124 0 123 7 123.2 123.3 123.2 122.7 122 3 122.2 122.1 122 4 122 5 122.5 1952 122 4 Machinery and Motive Products: 1947 92 5 89.7 90.0 90.1 90.3 91.4 91.8 92.1 93.5 94.5 95.1 95.6 96.1 1948 100.9 96.7 96.7 96.9 97.1 97.2 98.9 100.9 103.6 105.0 105.6 106.1 106.7 1949 106 6 106 9 107 4 107.4 107.0 106.6 106.2 106.3 106.3 106.2 106.1 106.0 106.0 1950 108 6 106 0 105.7 105.7 105.9 106.0 106.3 107.0 109.3 110.7 111.9 112.8 116.0 1951 117.3 117.7 118.6 118.6 118.6 118.6 118.8 118.9 119.4 120.2 120.5 120.7 1952 120 7 Furniture and Other Household Durables: 1947 95 6 93 8 94 1 94 2 94.5 94 7 94 9 95 5 95 9 96 6 97 3 97 5 98 1 1948 101 4 98 7 98.8 98.9 99.7 99.7 100.1 100.9 101.7 102.9 104.8 105.1 105.1 1949 103.1 104.6 104.6 104.5 104.2 103.7 103.3 102.4 102.0 101.9 101.7 101.8 102.0 1950 105.3 102.2 102.3 102.4 102.6 103.0 103.1 103.5 104.8 106.8 109.5 110.7 112.2 1951 114 2 114 6 115 1 115.4 115.3 115 0 114 4 113 5 113 1 112 8 112 7 112 7 1952 112.7 Nonmetallic Minerals—Structural: 1947 93.9 90.9 91.3 92.5 93.5 93.6 93.7 94.0 94.3 94.7 95.5 96.3 97.2 1948 101 7 99.0 99.3 99.6 99.9 100.1 100.6 102.9 103.5 103.6 103.8 104.0 104.1 1949 104.4 104.3 104.4 104.4 104.4 104.4 104.4 104.2 104.3 104.3 104.3 104.4 104.4 1950 106 9 105 0 105 2 105.6 105.4 105.2 105.4 105.6 106.4 107.1 109 5 110 7 111 7 1951 113.6 113.7 113.7 113.7 113.6 113.6 113.6 113.6 113.6 113.6 113.6 112.8 1952 112 8 Tobacco Manufactures, and Bottled Beverages: 1947 98 0 97.5 98.0 98.1 97.9 97.7 97.7 97.7 97.7 98.2 98.1 98.5 98.5 1948 100.4 98.9 99.4 99.4 99.4 99.3 100.0 100.3 101.6 101.8 101.8 101.8 101.7 1949 101.6 101.7 101.7 101.7 101.7 101.7 101.6 101.5 101.5 101.5 101.5 101.5 101.3 1950 102 4 101.3 101.4 101.5 101.4 101.4 101.4 101.4 102.3 102.6 103.9 105.3 105.3 1951.. 108.4 108.4 108.4 108.4 108.4 108.4 107.9 107.8 107.8 107.5 107.5 108.1 1952 108 1 Miscellaneous: 1947 100.8 90.9 87.7 96.4 93.4 94.6 98.3 102.4 103.7 110.5 109.2 109.0 113.5 1948 103 1 120.0 107.7 106.9 107.6 105.6 107.3 102.5 95.3 96.1 92.7 97.7 98.5 1949 96.1 97.3 93.1 95.2 97.4 95.6 95.7 99.1 102.5 96.4 94.1 92.7 93.5 1950 96.6 91.7 90.9 94.1 96.3 100.4 96.9 103.5 97.1 96.0 94.7 97.3 100.4 1951 102.6 103.9 104.2 105.7 103.0 102.8 103.7 102.6 105.1 106.9 108.9 109.8 1952 111.1 For footnotes see p. 313. 312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49=100] 1951 1951 1952 Subgroup Subgroup Jan. Oct. Nov. Dec, Jan. Jan. Oct. Nov. Dec. Jan. Farm Products: Pulp, Paper and Allied Products— Fresh and dried produce 90.8 96.1 106.9 117.4 121 Continued Grains 99.4 101.1 103.9 105.1 103 Converted paper and paper- Livestock and poultry 112.8 114.5 108.5 107.5 106 board 116.7 116.3 115.9 Plant and animal fibers 160.4 118.8 128.4 126.8 127 Building paper and board.... 113.4 113.4 113.4 113.4 O F E H l g t a u h g y i e s d r a m n fa d i r l m k se e p d r s oducts 1 1 1 9 0 0 4 0 6 7 0 . . . . 1 2 2 3 1 1 1 9 3 0 2 6 8 5 9 . . . . 9 6 8 8 1 1 1 1 0 0 3 3 1 7 5 1 . . . . 7 0 3 5 1 1 1 1 0 0 3 0 2 9 8 1 . . . . 7 1 0 9 1 1 1 0 3 1 8 1 7 0 0 Meta N M I ls r o o e a n n t n a f e d l a r n c r M d o o u n e s s t t t a a e l i m e n l P e e r t r a o s l d s ucts: 1 1 1 2 2 2 1 6 4 . . . 1 0 5 1 1 1 2 2 2 1 4 3 . . . 0 1 1 1 1 2 2 2 1 4 3 . . . 1 1 1 1 1 1 2 2 2 4 1 3 . . . 2 1 1 1 1 1 2 2 2 1 4 3 . . . 0 3 1 Processed Foods: Hardware 125.8 125.8 125.8 125.8 125.8 Cereal and bakery products. . 106.4 106.8 107.8 107.9 107 Plumbing equipment 123.2 121.5 121.3 120.9 117.4 Meats, poultry and fish 112.2 119.5 115.8 113.6 113 Heating equipment 114.5 114.4 114.5 114.1 Dairy products and ice cream. 105.8 108.5 111.1 113.0 118, Fabricated structural metal 114.6 Canned, frozen, fruits and products 118.6 115.9 115.8 115.8 vegetables 105.8 105.6 106.1 106.2 105 Fabricated nonstructural 115.9 Sugar and confectionery 104.3 105.8 99.2 99, metal products 126.0 124.4 124.4 124.4 F Pa a c ts k a a g n e d d o b il e s v , e e r d a i g b e l e materials. 159.8 161.9 161.9 161.9 162 Machinery and Motive Products: 124.3 Other processed foods 124.2 122.0 121.5 119.3 Ag e r q ic u u ip lt m ur e a n l t machinery and 118.4 120.2 120.2 120.2 121.6 Textile Products and Apparel: Construction machinery and Cotton products 118.9 100. 102.3 103.3 102 equipment 123.1 123.6 123.8 124.0 124.6 Wool products 153.8 120. 122.0 120.3 117 Metal working machinery.... 125.3 126.7 128.0 128.5 127.7 Synthetic textiles 103.1 91.5 91.5 91.7 91 General purpose machinery Silk products 138.6 122.5 123.2 125.3 126 and equipment 123.3 123.7 123. 123.6 123.4 Apparel 104.1 103.3 102.3 102.1 102 Miscellaneous machinery.... 118. 119.6 119.6 120.2 120.2 Other textile products 142.6 134.1 134.2 136.1 133 Electrical machinery and Hides, Skins, and Leather Products: equipment 121.6 121.8 121.8 121.7 Hides and skins 140.9 109.5 87.6 81.7 69, Motor vehicles 109.1 116.0 116.6 116.6 Leather 137.3 110.1 100.3 98.7 97 Furniture and Other Household Footwear 122.3 119.4 118.0 116.5 115, Durables: Other leather products 113.8 107.0 105.7 Household furniture 117.4 115.4 115.5 115.1 114.6 Fuel, G C C P o o a o a k s w l e er and Lighting Materials: 1 1 1 0 0 2 4 6 3 . . . 0 5 1 1 1 9 0 2 9 8 4 . . . 2 7 4 1 1 9 0 2 8 9 4 . . . 2 4 1 1 1 0 0 2 6 8 4 . . . 6 9 3 1 1 1 0 2 0 6 4 8 . . . F R C H l a o o o d m u o i s r o m e , c h e o T o r v c l V d i e a , r l i a a n p f n g u p d r l i n a p i n t h u c o r e n e s ographs. 1 1 1 9 0 3 2 2 7 8 4 . . . . 6 7 5 9 1 1 1 9 2 0 2 3 6 7 4 . . . . 0 7 9 1 1 1 1 9 0 2 2 3 7 5 2 . . . . 0 9 4 8 1 1 1 9 0 2 2 3 8 6 2 . . . . 0 2 3 8 1 1 1 9 0 2 2 3 8 6 2 . . . . 1 2 7 8 E Pe le tr c o tr le ic u i m ty and products 1 9 0 8 9 . . 5 9 1 9 1 8 0 . . 0 9 1 9 1 8 0 . . 0 9 1 9 1 8 0 . . 0 8 1 9 1 8 0 . . Ot g h o e o r ds household durable 117.0 117.3 117.4 117.5 117.5 Chem F F D M P In i e a a c r i d m r t u i a x s t n u g i l e e t s l s d s a t i t i , a z n a r c e f n i n d P s e a r d d h r l o t m a A i i p c l r l l i h a s a m l z , t e i i e e e n a m i r r d c t n s i i e e a c P m u d l a s r t i l a i b o s c t l d a e e u l r s c i , t a s c l : s o . s . - .. 1 1 1 1 1 9 0 0 1 0 1 5 5 6 6 8 9 . . . . . . 9 2 2 1 1 9 1 1 1 1 9 7 0 0 0 2 5 1 7 9 8 0 . . . . . . 6 8 5 0 7 9 1 1 1 1 9 6 0 0 0 2 5 5 8 9 9 0 . . . . . . 2 0 1 0 8 9 1 1 1 1 9 6 0 0 0 2 5 1 8 8 9 0 . . . . . . 2 5 9 8 9 8 1 1 1 1 9 5 0 0 0 1 6 9 4 8 9 8 . . . . . . Nonm O F S P G C C e t l r o t o y t r a e h a n n u p t p e l c c s c l a r g u r r i t r c e e u l m n e a t t r d o e s e M a s n p l p i a i m n r n s c r o g o p e e l d a r r d t h e y a u a u a d l c l l c l s p i t t i t e — s c r s n r o o t m S d s o t u f r i i c n u n t e c g s t r u a r l a s. l . : . 1 1 1 1 1 1 1 0 1 1 1 2 1 1 5 2 0 7 1 4 3 . . . . . . . 4 1 9 4 3 0 0 1 1 1 1 1 1 1 1 1 0 1 1 1 2 0 7 5 2 2 4 1 . . . . . . 9 A 9 4 4 4 0 1 1 1 1 1 1 1 0 1 1 2 1 1 1 5 7 2 1 1 2 4 . . . . . . . 4 7 4 4 1 9 0 1 1 1 1 1 1 9 1 1 1 2 1 1 8 1 7 2 1 4 3 . . . . . . . 7 2 7 4 4 0 0 1 1 1 1 1 1 9 1 1 1 2 1 1 8 1 7 2 1 4 3 . . . . . . . 6 2 7 4 4 0 1 Other chemicals and products. 110.2 105.8 105.9 105.5 104. Tobacco Manufactures and Bottled Rubber and Products: Beverages: O T C i r t r h u e e d s r e a r r n u u d b b b b t e u e r b r e p s roducts 2 1 1 4 3 3 2 5 3 . . . 8 5 9 1 1 1 3 3 9 3 5 7 . . . 9 5 3 1 1 1 3 3 9 3 5 7 . . . 9 5 3 1 1 1 3 3 9 3 5 7 . . . 4 1 3 1 1 1 3 3 9 4 3 7 . . . O A C C i l i t g c g h o a a e h r r r s e o t t l o t i e c b s a b c e c v o e r p a r g o e d s ucts 1 1 1 1 0 0 0 0 7 7 5 1 . . . . 2 7 5 0 1 1 1 9 0 0 0 8 5 5 5 . . . . 0 7 9 8 1 1 1 9 1 0 0 8 1 5 5 . . . . 0 9 9 0 1 1 1 9 1 0 0 8 4 5 7 . . . . 0 9 8 3 1 1 1 9 0 1 0 8 5 4 7 . . . . 0 9 8 3 Lumber and Wood Products: Nonalcoholic beverages 119.7 119.7 119.7 119.7 119.7 L P M l u y i m l w lw b o o e o r r d k 1 1 11 2 2 7 5 9 . . . 4 6 0 1 1 1 2 1 2 9 4 1 . . . 5 3 1 1 1 1 0 2 2 9 9 0 . . . 4 1 8 1 1 1 0 2 2 2 8 0 . . . 7 8 4 1 1 10 2 2 4 0 7 . . . Misc T el o l a a y r n s m e , o s s u p s o : rting goods, small 115.7 116.1 115.4 115.4 115.1 Pulp, Paper and Allied Products: Manufactured animal feeds. . 96.3 104.4 108.3 110.0 112.8 Woodpulp 113.4 114.5 114.5 114.5 114. Notions and accessories 99.5 101.4 101.4 101.4 100.2 Wastepaper 257.5 110.0 91.7 89.5 89. Jewelry, watches, photo Paper 117.1 122.1 122.4 122.4 122. equipment 100.9 101.2 101.2 101.2 101.1 Paperboard 132.0 131.7 131.5 130.9 130. Other miscellaneous 120.5 120.3 120.7 120.7 120.6 NOTE.—Bureau of Labor Statistics revised indexes oi and foods, the former series going back to 1926 were lin shown on p. 305, as "official" through December 1951 313 MARCH 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1951 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounts and advances $5,139,059 $147,272 $1,742,006 $209,461 $252,016 $165,421 $130,934 Industrial loans 208,454 403 152,657 4,975 7,367 9,281 Commitments to make industrial loans. 20,650 1,416 5,342 490 Acceptances purchased 1,445 1,445 U. S. Government securities 389,125,363 7,040,160 88,247,279 4,444,088 36,284,43825,827,61520,959,997 All other 161,101 9,385 28,190 9,559 19,841 9,544 10,927 Total current earnings. . . 394,656,072 27,196,817 90,019,32324,817,18136,566,61226,010,437 21,111,139 Current Expenses Salaries: Officers 989,310 225,100 801,602 207,751 335,910 282,195 291,752 Employees 036,564 3,900,791 13,738,794 3,474,283 5,172,234 3,485,214 2,688,285 Directors' and other fees 288,366 18,544 43,856 22,614 20,201 17,899 31,350 Retirement contributions ,093,128 401,060 1,364,146 350,386 542,343 377,971 345,803 Traveling expenses 235,437 74,499 143,882 47,213 109,522 111,527 83,948 Postage and expressage 902,966 1,070,028 2,010,544 791,630 1,076,454 1,151,932 1,087,995 Telephone and telegraph 707,885 38,478 161,851 41,752 54,165 41,873 61,673 Printing, stationery, and supplies ,433,944 423,389 1,060,157 300,161 508,698 327,065 336,908 Insurance 769,522 55,630 160,568 36,543 73,710 62,278 52,508 Taxes on real estate ,071,841 250,384 526,372 94,617 232,214 85,865 84,156 Depreciation (building) ,196,377 55,832 472,112 66,351 302,285 170,604 43,302 Light, heat, power, and water 871,140 47,908 167,413 48,097 95,825 64,035 41,809 Repairs and alterations 736,391 24,158 18,902 37,028 120,063 71,182 69,943 Rent. 385,637 55,756 5,086 27,745 11,971 5,609 27,010 Furniture and equipment: Purchases ,832,857 172,980 298,634 95,737 138,318 151,370 140,101 Rentals ,907,177 184,765 508,463 242,607 260,343 236,558 152,509 Assessment for expenses of Board of Governors. ,095,497 254,300 1,255,300 321,999 380,400 206,000 172,800 Federal Reserve currency ,580,913 379,839 1,633,240 552,183 697,858 711,160 592,003 All other ,640,929 97,613 179,862 106,603 345,198 90,145 82,594 Total. 113,775,881 7,731,054 24,550,784 6,865,300 10,477,712 7,650,482 6,386,449 Less reimbursement for certain fiscal agency and other expenses 18,306,795 1,016,165 3,951,250 990,535 1,746,086 994,508 1,001,750 Net expenses 95,469,086 6,714,889 20,599,534 5,874,765 8,731,626 6,655,974 5,384,699 Profit and Loss Current net earnings. 299,186,986 20,481,928 69,419,78918,942,416 27,834,98619,354,46315,726,440 Additions to current net earnings 387,875 301,388 21,526 2,547 30,189 1,255 50 Deductions from current net earnings: Losses on U. S. Government securities sold (net).... 1,586,123 115, 371,595 112,256 148,481 101,555 83,639 Charge-offs and special depreciation on bank premises. 299,939 299, Reserves for contingencies 489,452 56, 64,603 29,349 37,072 54,664 48,003 All other 140,250 105. 1,946 1,353 9,904 10,488 744 Total deductions 2,515,764 577,563 438,144 142,958 195,457 166,707 132,386 Net deductions 2,127,889 276,175 416,618 140,411 165,268 165,452 132,336 Net earnings before payments to U. S. Treasury 297,059,09720,205,753 69,003,17118,802,00527,669,71819,189,01115,594,104 Paid U. S. Treasury (interest on outstanding F. R. notes). 254,873,588 17,513, 58,083,91016,041,52023,708,41416,720,82313 524,304 Dividends 13,864,750 745, 4,465,288 978,022 1,327,030 610,304 567,001 Transferred to surplus (Sec. 7).. J,320,759 1,946, 6,453,973 1,782,463 2,634,274 1,857,884 ,502,799 Surplus (Sec. 7), January 1 510,022,387 52,245,671 153,289,61139,710,46748,014,19525,166,80322,368,598 Surplus (Sec. 7), December 31. 538,343,146 54,191,802159,743,584 41,492,930 50,648,469 27,024,687 23,871,397 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1951—Continued Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Current Earnings $642,988 $225,904 $190,320 $335,639 $47,671 $1,049,427 Discounts and advances 7,784 1,266 24,721 Industrial loans 5,639 60 4,645 3,058 Commitments to make industrial loans Acceptances purchased 58,031,398 20,992,083 12,258,370 18,289,180 18,583,474 38,167,281 U. S. Government securities 19,400 7,376 8,425 17,036 9,549 11,869 All other 58,699,425 21,225,423 12,464,899 18,646,500 18,641,960 39,256,356 Total current earnings Current Expenses Salaries: 454,843 262,129 233,206 280,749 264,963 349,110 Officers 8,918,661 3,389,087 1,863,498 3,025,338 2,623,037 5,757,342 Employees 16,550 20,369 15,465 19,165 19,585 42,768 Directors' and other fees 920,226 362,196 185,001 337,912 300,355 605,729 Retirement contributions 174,292 92,189 85,926 88,601 84,033 139,805 Traveling expenses 1,857,224 675,578 408,569 685,636 651,370 1,436,006 Postage and expressage 54,122 50,637 31,117 47,237 44,626 80,354 Telephone and telegraph 917,134 369,956 139,912 271,001 244,284 535,279 Printing, stationery, and supplies 97,292 51,211 20,576 52,143 34,851 72,212 Insurance 288,378 88,774 97,164 113,739 49,923 160,255 Taxes on real estate 315,671 261,626 31,406 192,511 44,122 240,555 Depreciation (building) 122,320 71,466 27,125 74,724 44,009 66,409 Light, heat, power, and water 61,365 137,141 93,391 50,126 21,742 31,350 Repairs and alterations 84,327 23,553 50,135 14,226 9,821 70,398 Rent Furniture and equipment: 387,931 137,229 29,507 76,251 66,020 138,779 Purchases 505,996 125,877 88,173 161,004 161,712 279,170 Rentals 566,300 151,698 103,700 153,400 150,700 378,900 Assessment for expenses of Board of Governors 1,198,015 400,400 135,245 303,544 268,338 709,088 Federal Reserve currency 216,497 99,101 82,266 109,377 73,539 158,134 All other 17,157,144 6,770,217 3,721,382 6,056,684 5,157,030 11,251,643 Total Less reimbursement for certain fisca agency and other 3,056,221 1,047,945 583,337 1,227,931 809,009 1,882,058 expenses 14,100,923 5,722,272 3,138,045 4,828,753 4,348,021 9,369,585 Net expenses Profit and Loss 44,598,502 15,503,151 9,326,854 13,817,747 14,293,939 29,886,771 Current net earnings 18,330 6,244 71 991 337 4,947 Additions to current net earnings Deductions from current net earnings: 222,407 86,872 51,867 75,621 70,894 144,959 Losses on U. S. Government securities sold (net) Charge-offs and special depreciation on bank premises 64,863 22,607 14,131 22,727 24,160 51,259 Reserves for contingencies 3,736 417 1,270 885 331 3,543 All other 291,006 109,896 67,268 99,233 95,385 199,761 Total deductions 272,676 103,652 67,197 98,242 95,048 194,814 Net deductions 44,325,826 15,399,499 9,259,657 13,719,505 14,198,891 29,691,957 Net earnings before payments to U. S. Treasury 38,297,506 13,435,403 8,050,167 11,879,030 12,220,821 25,397,880 Paid U. S. Treasury (interest on outstanding F. R. notes) 1,772,557 471,210 314,934 520,513 620,109 1,471,970 Dividends 4,255,763 1,492,886 894,556 1,319,962 1,357,961 2,822,107 Transferred to surplus (Sec. 7) 75,345,443 20,295,334 13,168,052 19,046,592 16,852,180 44,519,441 Surplus (Sec. 7), January 1 79,601,206 21,788,220 14,062,608 20,366,554 18,210,141 47,341,548 Surplus (Sec. 7), December 31 315 MARCH 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 318-323 Gold production 323 Reported gold reserves of central banks and governments 324 Gold movements; gold stock of the United States 325 International Monetary Fund and Bank 326 Central Banks 326-330 Money rates in foreign countries 331 Commercial banks 332 Foreign exchange rates 333 Price movements: Wholesale prices 334 Retail food prices and cost of living 335 Security prices 335 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. MARCH 1952 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE l.—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 t h J ro a u n g . h 2 — , 1935, Total Total o F f o f r ic e i i a g l n 2 F o o t r h e e ig r n In ti t o e n rn a a l - a b in b f a u r n U o n k a d . i d n s S g * . s I e n f f c o u f u l r n o e r d w i i g t s i n e o 3 s f : se o R f c f u u e n U t r d u i . t s r i S n e 3 s . : b I b n r a o f l l k o a e n w r c a e g i s n e 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 I,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 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 1,280.7 1,064.2 130.5 Feb. 28 10,408.6 7,729.2 2,704.4 3,432.5 1,592.3 219.3 1,274.0 1,052.9 133.2 Mar. 31 10,358.8 7,696.8 2,646.8 3,449.8 1,600.1 218.9 1,305.5 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 1,414.2 930.9 121.6 June 30 10,250.3 7,901.1 2,746.8 3,526.0 1,628.3 190.3 1,128.9 897.3 132.7 July 31 10,115.6 7,797.0 2,603.3 3,536.4 1,657.3 189.4 1,083.8 912.9 132.6 Aug. 31 ••10,144.1 ••8,017.4 2,734.4 ••3,640.2 L.642.9 181.9 900.4 913.8 130.6 Sept. 30 ••10,196.0 ••8,038.1 2,720.2 ••3,700.8 1,617.2 231.9 879.8 914.4 131.8 Oct. 31 10,139.8 8,422.3 2,768.4 3,910.5 1,743.4 211.3 635.9 746.0 124.3 Nov. 30P 10,199.7 8,446.2 2,728.7 3,976.6 1,741.0 185.3 645.4 798.8 124.1 Dec. 31P 10,174.0 8,517.9 2,744.3 4,085.4 1,688.3 159.4 641.6 732.4 122.6 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 o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz s - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions and Official 2 private 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 ,287.0 1,151.8167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 ,436.7 961.0179.5 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 1,612.91,378.5254.5 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 1,585.31,369.7250.3 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 1,596.11,401.1259.0 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 1,646.31,410.9248.8 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 1,705.81,386.0251.9 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 L,714.01,387.2258.5 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 1,672.91,399.1253.3 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 1,614.31,410.3259.4 Aug. 31... 1,662.8 •7,108 7 3,444 7 522 6 221 2 131 7 506 8 r283 4 1,097.4 r2,763 1 1,011.1 1,578 31,495 1261.0 Sept. 30 .. 1,637.1 •7,155.1 3,430.5 513.0 222.7 135.4 511.5 ••287.8 1,131.3 ••2,801.9 1,022.8 1,532.01,540.8257.6 Oct. 31 . . L.763.3 7,413.1 3,478.7 543.2 270.1 132.4 493.3 288.2 1,116.5 2,843.7 1,257.8 1,502.21,535.0274.3 Nov. 30?. 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 L.456.51,551.8289.5 Dec. 31*. 1,708.2 7,563.9 3,454.6 642.0 285.4 148.8 521.3 300.5 1,020.3 2,918.2 1,303.7 1,437.41,609.0295.9 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.) 5 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. 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o ay r- l P an o- d t P u o g r a - l m R a u n - ia OPc S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1946—Dec< 31. . 850.5 159.5 66.5 22.2 7 1 49.3 123.5 39.0 8.9 16 4 172.6 60.5 12 4 112.5 L 947—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 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 A 1950—Dec. 31.. 799.2 41.9 128.2 5.6 45.5 18.3 221 6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Jan. 31.. 816.3 43.6 134.0 5.9 43.2 18.1 232 2 30.1 46.9 5.8 48.1 6.4 20.0 120.1 3.4 11.1 47.4 Feb. 28. . 812.8 45.0 119.9 4.3 42.2 20.3 241.0 31.4 51.3 5.6 54.0 6.4 25.3 105.5 3.3 8.3 48.9 Mar.31. . 814.8 44.9 120.7 3.1 48.2 19.2 242 4 33.9 54.3 4.5 52.6 6.1 17.0 105.5 2.0 7.8 52.6 Apr. 30.. 827.8 42.4 122.3 3.2 47.8 22.1 266 4 35.8 57.8 4.0 46.8 6.2 19.2 92.8 2.3 6.4 52.4 May 31.. 863.4 41.2 121.6 2.9 48.0 22.2 303 6 38.0 62.2 3.8 44.0 6.1 16.3 92.8 2.9 9.2 48.8 June 30.. 930.7 43.9 124.2 3.1 44.7 22.5 357 5 38.6 60.5 3.3 45.6 5.9 18.3 99.4 5.0 6.5 51.8 July 31.. 972.6 44.9 129.6 3.4 41.5 26.3 403.6 38.2 65.5 3.6 42.9 6.0 15.8 94.5 4.7 4.2 48.0 Aug. 31.. 1,097.4 54.6 138.4 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. . 1,116.5 61.1 143.6 1.5 47.2 24.0 488.3 39.1 106.3 2.4 36.4 6.0 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 Dec. 31P. 1,020.3 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 70.7 2.5 7.1 56.6 Table 2b.—Latin America Neth- Do- er- 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 ia - Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l P p i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic m a th t a e i e 2 n r r lic Suri- am a nam 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. 1,714.0353.2 19.7 241.7 76.6 66.2 327.9 48.7 29.2 109.9 25.6 57.9 53.9 46.8 74.4 87.2 95.2 June 30. 1,672.9 343.7 24.7 212.4 69.9 58.1 327.9 51.3 29.5 123.8 25.0 54.3 58.1 50.6 74.6 75.6 93.2 July 31 1,614.3 330.9 22.2 171.5 57.8 50.9 354.3 53.2 28.5 111.2 28.2 52.8 62.0 46.1 83.2 74 6 86 9 Aug. 31. 1,578.3 320.3 21.6 151.4 56.2 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 23.4 143.9 30.4 52.9 58.7 37.7 79.7 76.3 85.5 Oct. 31. 1,502.2 299.5 24.1 132.8 52.5 61.0 305.2 44.2 21.9 150.4 30.2 51.2 64.6 32.2 79.1 68.0 85.4 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 Dec. 31P 1,437.2 249.7 27.8 99.8 54.0 106.4 251.7 45.8 24.4 158.2 34.9 47.2 67.7 27.8 84.7 71.9 85.0 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 b e i i l - l n - i e c T la h n a d i- T k u e r y - O A t s h ia e r 3 o A th l e l r A t l r i u 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 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 '2Y3 12*6458.5 374.4 * 48*2 14.3 111.9 254.5 19.1 58*.l 75.6 44.0 57.7 1951—Jan. 31. 1,369.7 78.7 73.7 49.6115.6 24.7 15.8452.5 376.6 46.4 12.5 123.6 250.3 19.8 53.2 85.1 36.4 55.9 Feb. 28. 1,401.1 77.7 65.8 59.7 124.9 26.3 15.6443.3 390.3 52.0 13.7 131.9 259.0 19.6 54.2 85.0 39.2 60.9 Mar. 31. 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 73.0124.2 25.8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105.1 16.2 65.6 June 30. 1,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89.4 16.8 65.9 July 31. 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. 1,495.1 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. 1,540.8 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. 31. 1,535.0 90.0 60.1 59.8 128.0 21.0 13.5538.7 355.6 84.9 12.2 171.3 274.3 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 Dec. 31 P ,609.0 88.8 60.5 62.1 140.6 25.5 26.5596.0 329.7 96.7 14.1 168.4 295.9 38.5 54.5 109.8 6.9 86.2 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 8 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MARCH 1952 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K n d i o i n t m g ed - France N la e e n r t d - h s - S l w a er n it - 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 1946—Dec. 3i m 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31 1,018 7 24 5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec> 31 827.9 37.2 51.8 5.2 3.8 22.6 98 5 219.2 37.6 411.1 139.7 20.4 1950—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# 311 857.4 87.8 31.0 3.9 11.5 28.3 70.8 233.2 115.7 374.2 91.2 43.1 Feb. 28 910.1 101.7 31.9 3.7 11.8 30.3 74.2 253.6 121.2 397.7 92.2 45.4 Mar. 31 910 5 99 8 30 6 3.6 9.0 34.3 75.6 252.9 107.3 402.5 86 2 61.6 Apr. 30 889.1 110.7 6.3 4.2 10.8 35.2 75.5 242.6 117.6 374.0 95.1 59.7 May 31 913.9 98.8 7.0 3.9 11.0 55.1 82.7 258.5 116.7 371.5 104.5 62.7 June 30 939 0 110 2 7 4 3.5 10 5 52 9 87.9 272.4 117.3 386.6 102.9 59.9 July 31 939.9 103 7 8.2 3.4 10.7 29.3 89.8 245.2 119.3 401.3 117.6 56.6 Aug. 31 947 5 87 0 13 3 3 8 8 3 18.0 88 8 219.2 101.9 429.5 141 0 55.9 Sept. 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. 31 918 1 33 0 11.3 2.9 9.6 11.2 92.1 160.1 102.5 463.8 146.9 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 Dec. 31P 969.9 35.0 9.6 8.0 11.2 10.3 111.2 185.2 91.9 489.0 162.4 41.4 Table 3a.—Other Europe Czech- Date E O u t r h o e p r e A tr u ia s- g B iu el m - v o a s k lo i - a m D a e r n k - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A he ll r2 1946—Dec. 31. . 82.8 7.5 .5 6.2 30 4 12.4 3.3 1.0 .1 7.2 4.9 (8) 8 9.5 1947—Dec. 31. . 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 <•> .9 5.4 .1 35.9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 (8) 2.9 1.4 («) 29.8 1949—Dec. 31.. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 («) 6.0 15.6 1950—Dec. 31.. 67.1 "'.2 21.5 3.2 2.2 25.4 .2 1.4 "(»)" .5 09 1.6 6.9 («) (8) 3.9 1951—Jan. 31.. 70.8 (8) 22.0 .1 2.6 2.7 25.3 .2 1.7 (') .5 8 1.7 10.0 («) (8) 1.0 Feb. 28.. 74.2 .2 24.9 .1 2.5 3.5 25.6 .1 1.9 (») .6 1.2 9.4 (•) t1.2 Mar. 31.. 75.6 .2 23.4 .1 3.9 4.0 25.9 .1 2.1 (8) .5 1.3 9.5 (8) t1.3 Apr. 30.. 75.5 (8) 21.9 .3 6.7 3 3 25.9 .1 1.8 (8) .7 («) 2.0 8.6 [1 tI ? May 31.. 82.7 (') 19.7 («) 7.3 6.3 25.9 .1 2.3 («) 1.3 7.0 8.2 .2 1I 3 June 30.. 87.9 (8) 18.8 6.2 6.2 25.4 .1 2.3 («) 1.3 8 13.6 7.4 (8) 1.7 i1.7 A Ju u l g y . 3 3 1 1 .. . 8 8 9 8 . . 8 8 (>>2 1 1 8 5. . 2 7 ( ( « « ) j 4 4. . 1 1 5 5 . . 1 0 2 2 5 6 . . 9 4 . . 1 2 2 2 . . 1 0 cj1 1 1. . 0 0 2 2 0 3 . . 2 5 6 4 . . 2 9 ( (« 8) ) 1 1 . . 7 5 1 i 1 1. . 9 7 O N Se c o p t v . t . . 3 3 3 0 1 0 P . . . . . 9 8 9 7 6 2 . . 7 1 3 (3) 2 2 2 2 7 3 1 . . . 1 6 5 ( ( (3 3 * ) ) ) 5 5 5 . . 9 7 2 3 2 2 . . 2 7 5 3 2 2 8 8 0 . . 6 9 8 . . . 5 2 1 1 1 1 . . 1 7 8 ( ( 3 3 ) ) . . . 8 6 7 8( ( 3 3 ) ) 1 1 1 4 7 6 . . 1 8 2 4 4 6 . . 2 3 1 (8) 3 1 1 . . 5 1 9 4 4 ; . . 1 3 1 Dec. 31P. 111.2 (3) 39.6 (3) 4.8 3.1 28.3 .2 2.5 (3) .8 (3) 18.8 5.4 (3) 3.9 4.0 (8) Table 3b.—Latin America Neth- Do- er- Re- 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 Br•tzil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l n W a a d n n e i d d e s s s t Peru l P p ic u a n b o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m t a h ti e e 4 n r r lic Suri- ama nam 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 25 7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 L.I 4.3 4.7 15.3 34.5 1948—Dec. 31. . 516.6 72.4 2.7 165.4 15.2 32.6 83 1 73.8 L.5 4.4 4.6 26.0 34.7 1949—Dec. 31. . 411.1 53.6 2.3 136.9 15.5 21.1 27 5 73.0 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 6 8 8.0 49.4 14.6 1951—Jan. 31.. 374.2 25.2 7.4 76.2 6.0 39.1 31 6 1.9 2.8 77.7 L.I 14.3 2.8 7 7 5.3 61.7 13.5 Feb. 28.. 397.7 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 1.2 12.7 2.6 5 9 7.3 85.8 13.2 Mar. 31.. 402.5 17.8 5.5 85.4 6.9 36.4 46 7 1.9 2.8 64.8 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 1.2 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 L.4 12.7 3.2 5 5 12.9 67.7 13.7 Oct. 31.. 463.8 9.3 7.2 155.6 20.6 43.0 30 1 1.7 3.4 74.1 L.I 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 Dec. 31P. 489.0 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 L.2 11.8 3.0 9 5 10.5 41.7 14.3 P Preliminary. 1 See footnote 1, p. 318. 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. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C m a h n o i s d n a a H K o o n n g g India I n n e d s o ia - Iran Isnid Japan i P p R h p e i i l - ne T la h n a d i- T k u ey r- O A t s h ia e 1 r o A th l e l r t A ra u l s ia - g B i e a l n - A E a n g n g y d l p o - - S U o n o u f i t o h n Other2 Congo Main- public tian Africa land Sudan 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31 5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 .... 15.9 37.3 1.4 14 3 19 7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50 3 20 4 7.9 .2 4.5 7.1 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 6'.6 18'.9 12.1 4.9 1 5* .9 13.9 60.0 40.8 4.4* .3 7.3 7.2 1951—Jan. 31.. 91.2 10.5 3.0 16.5 .3 6.1 22.0 8.6 5.6 1 6 1.3 15.7 43.1 28.3 4.7 .3 2.7 7 0 Feb. 28.. 92.2 10.5 2.8 18.2 .2 6.2 23.3 7.7 4.4 1 4 1.7 15.9 45.4 30.8 5.4 .3 2.3 6 6 Mar. 31. 86 2 8 4 2 3 16 7 1 7 5 19 8 8 4 9 0 2 9 1 4 9 7 61 6 44 9 S 0 .3 4.6 6.8 Apr. 30. . 95.1 8 4 4.2 18.4 .2 7.9 ?5 7 6.8 6. s 4 0 1.5 11 6 59 7 41.5 S 2 .3 6.1 6.6 May 31.. 104.5 8.4 4.4 17.5 .3 7.9 30.0 8.2 6.7 3 8 .8 16.6 62.7 41.8 5.8 .3 8.6 6.2 June 30.. 102.9 8.3 3.1 15.7 .2 7.4 22.2 9.9 9.5 3 1 .6 22.8 59.9 36.4 7.0 .4 9.4 6.6 July 31.. 117.6 8.3 4.3 13.3 .3 7.1 21.6 11.1 14.0 3 7 .8 33.1 56.6 32.4 7.3 .8 9.4 6 8 Aug. 31.. 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 7.1 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.. 146.9 10.3 3.6 9.7 .4 8. 1 27.0 8.5 23.0 2 8 10.6 42.9 44.7 25.3 6.9 .3 7.6 4.7 Nov. 30P. 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 Dec. 31*. 162.4 10.2 3.0 13.4 .3 9.3 30.0 12.2 29 3 2 5 .6 51.6 41.3 22.8 5.7 .2 6.6 6.0 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 3 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds anc stocks 8 Net Year or month Total Total purc o h f ases Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m ur e i s ti t e ic s 1946 414.5 684.2 -269.7 367.6 432.1 -64.5 782.1 1,116.3 -334.2 1947 344.8 283.3 61.5 226.1 376.7 -150.6 570.9 659.9 -89.1 1948 282.4 330.3 —47.9 369.7 514.1 —144 3 652.2 844.4 — 192.2 1949 430.0 333.6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1950 1,236 4 294 3 • 942.1 774.7 772.3 2 4 2,011.1 1,066 6 944 4 1951? 703.6 1,363.5 -659.9 859.7 761.0 98.7 1,563.3 2,124.5 -561.2 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 20.7 282.5 -261.8 94.0 76.1 17.9 114.6 358.5 -243.9 November P 28 7 20 0 8.8 62.6 61.8 8 91.3 81 8 9.5 December? 26.2 40.4 -14.1 64.1 53.7 10.4 90.3 94.1 -3.8 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES. BY TYPES • (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bondv3 Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s u e fo r c c r u o e h r f i a i g t s i n e e s s 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 1951P 272.3 266.1 6.2 515.2 792.9 -277.7 787.4 1,058.9 -271.5 1951—January . . 22.4 31 0 —8.6 32.5 24.2 8.3 54.9 55.2 — .3 February 29.8 30.4 — .6 25.3 36.0 -10.7 55.1 66.3 — 11.3 March 20.8 19.4 1.4 42.0 89.7 -47.6 62.8 109.1 -46.2 April 20 8 16 2 4.6 31.1 67.6 —36.5 51.9 83.8 —31.9 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 — .1 21.1 20.1 1.0 40.7 39.7 .9 September 26.6 26.6 (7) 73.6 73.0 .6 100.2 99.6 .6 October .. 25 2 21 4 3.8 53 9 226.1 -172 2 79.1 247.5 — 168 4 November? 24.2 27.4 -3.2 88.0 32.0 56.0 112.1 59.4 52.7 December P. . 24.4 82.6 -58.2 38.6 46.8 -8.2 63.0 129.4 -66.4 p Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. »Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. * Through 1949 represents transactions in corporate stocks only. 8 Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions. ' Less than $50,000. MARCH 1952 321 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 na in ti s o t n i- al Total U K n in it g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r- Asia o A th l e l r tutions ica 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 1Q48 7.6 -199.8 9.1 -82.8 -79.3 -40.0 0) 2.6 -190.4 7.5 10.2 -23.3 —3.9 1949 87.0 — 11 8 20.9 —6 8 —25 5 44.2 1.5 2 2 36 5 —49 0 2 5 —2 1 2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 — 7 73.8 347.5 458.2 30.1 -15.3 2.7 1951P 10.0 -571.3 17.3 6.0 -22.2 46.9 l!9 —44.8 5.1 -595.5 13.9 6.0 -.7 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 l'.O 50.6 0) 6.7 .3 -8.2 50.3 16.1 8.9 .8 .2 May.... 2.3 12.5 -2.9 1.3 -.1 4.6 .3 -4.6 -1.4 -3.6 3.1 14.7 -.4 June.... -61.9 -223.4 -13.0 -35.8 -5.3 2.7 .1 -5.4 -56.7 -156.4 -10.7 .5 — t j July ... -11.2 -34.0 1.6 -13.9 -6.0 5.8 .6 .6 -11.3 -25.3 1.7 .9 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 Oct -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 Nov.P. .. 9.0 .5 .5 .6 -4.6 2.6 .2 .8 0) -1.7 1.2 .9 Dec.p. .. -4.2 .4 4.1 .7 -1.0 -3.3 .3 2.8 3.5 -7.6 3.1 1.2 ]3 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s - * g B iu e m l- N w o a r y - S d w e e n - o A th l e l r A L i a m c t a i e n r- Brazil Cuba M ic e o x- p P a u m o a b n f a l - ic S d a o E l r v l a * - O A L i a m t c h t a i e e n r r - Asia M C m a h a n o i i d s n n a a - Japan O A t s h i e a r land 1946 -10.8 .6 2.2 -3.4 -10.2 6.3 — .4 1.7 6.8 4.5 -6.2 -224.5 -200.5 0) -24.0 1947 -14.1 -.9 -4.1 -2.5 -6.6 -3.5 -1.4 -.9 2.5 -6.9 3.2 10.0 -3.2 8.5 4.7 1948 2.6 2.6 -.3 .2 .1 10.2 .6 — .8 2.9 -4,7 12.2 -23.3 -22.7 .1 -.7 1949 2.2 1.6 -.9 .4 1.1 2.5 -.2 -1.0 .3 4.2 -.7 -2.1 -7.2 5.0 .1 1950 73.8 18.4 12.6 36.7 -1.1 7.1 30.1 -.1 24.6 .5 .1 10.9 -5.9 -15.3 -3.0 -13.7 1.3 1951P -44.8 -11.9 4.7 -38.1 0) .5 13.9 1.6 6.1 2.5 .8 -10.9 13.9 6.0 -.2 .1 6.0 1951—Jan.... 9.5 3.7 -.2 .4 0) 5.6 -2.3 -.1 -.2 -.9 -.9 8 -.3 1.6 0) 0) 1.7 Feb.... -1.4 -1.7 .5 0) -.2 -.4 — .4 -.5 .3 — .2 .4 .2 0) 0) .3 A M M p a a y r r . . . . . . . . . « — ~8 4 . . 2 7 6 — 0) 1!9 ( — 1>. . 7 9 5 - - 0 8 2 ) . . 7 7 0) .3 -.3 . . 1 5 3 3 8 . . . 1 1 9 - 1 .1 . . 0 2 — 6. . 4 7 .9 - - . . 1 3 .3 1. . . 0 2 4 0 0 0 ) ) * 2 2. . . 9 4 8 14. . . 7 4 8 0 - ) .5 .3 0) .1 14 . . . 9 4 6 June ... -5.4 -7.3 .9 1.8 -.1 -.6 -10.7 .8 -.2 -10.9 -.4 .5 -.1 0) .6 July... .6 .1 .2 0) .1 ••1.7 0).3 .2 -1.6 0) '2.7 .9 .2 0) Aug.... -42.6 -4.7 -3.6 -29.2 p)'1 -5.0 -1.3 8 i -.3 -.3 .6 0) -1.3 -.1 -.2 0) !i O S N D e e o c p c v t t . . . p . . . . P . . . . . . 2 1 1 . . . . 8 9 0 8 0 0 C ) ) 1 ' ) 2 2 1 . . . . 4 0 2 7 - 0 0 0 .2 ) ) ) 0 0 0 - ) ) ) .3 -.5 . . . 1 3 4 3 3 3 1 . . . . 8 1 9 2 0) .1 -.2 . . . 4 2 1 0 l ) ! . 6 6 - - 1 3 . . 3 . 5 . 1 2 C 0 0 (l ) ) ) 1) 3 2 1 . . . . 4 2 2 2 -1 -5 0 1 . . . 0 . 1 2 9 8' .1 1 0 0 0 0 ) ) ) ) -1 -s 0 i . . . . e i 1 9 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return o! U. S. Funds) [Net sales, ( -). In millions of dollars] Inter- Y m e o a n r t o h r na in ti s o t n i- al Total U K d n o i i n m te g d - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m at e i r n - Asia ot A h l e l r tutions ica 1946 265.1 —20.9 —1.0 —7.0 —13.9 — .8 10.9 —32.6 187.6 131.3 .3 —21.4 1947 -249.3 288.3 —2.0 -3.1 -29.9 -14.9 — .3 15.6 -34.4 205.2 89.2 .5 27.8 1948 (i) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949. .. — 16.0 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 — 10.6 20.2 .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 1951P -152.7 -179.4 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 -213.7 33.8 -36.0 7 9 1951—Jan -.5 .3 -.9 -1.7 .8 .2 -.1 .8 -.8 -3.9 2.7 1.6 .6 Feb (l) — 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 -.4 .2 2.1 -.1 .1 2.0 -34.5 1.3 .1 2.2 May.... -.1 -43.9 •S.i .2 .2 1.8 1.2 1.5 -40.4 3.9 -8.9 .1 June .. —33.6 .2 — .6 1.8 0) 7.5 8.8 —37.6 3.9 -9.1 .4 July 15.6 .1 — .4 .2 .3 .1 1.4 1.7 16.4 4.2 -6.9 .2 Aug .1 .8 .3 .2 -.7 1.0 0) .7 1.5 -1.0 0) 0) .4 Sept -1.0 1.6 -.6 .8 .1 1.2 0) -1.1 .4 -2.2 3.8 -1.7 1.3 Oct -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov. 9.. 52.7 .3 C1) .4 1.4 C1) .3 2.5 51.3 2.6 -3.9 .3 Dec.p . -66.4 .8 .2 .9 2.9 4.6 -67.4 2.3 -6.8 .9 P Preliminary. r Revised. 1 Less than $50,000. 2 Not available until 1950. 322 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] United Nether- Switzer- Other Total Latin All Year or month Total Kingdom France lands land Italy Europe Europe Canada America Asia Other 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 -.2 -.5 -9.3 -2.0 -.6 1.8 -1.4 1948 -19.3 -1 .2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 9 .2 1950 8.0 —.1 -.1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3^0 .6 1951? -9.1 .9 .4 .3 -4.8 .2 -1.0 -4.0 2.8 -7.1 -.7 i 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 .3 -.4 -.9 -.7 -.1 -.3 April -4.8 -.6 -.3 ^3 -4.2 i!i .6 -3.1 -.4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 -.4 -.6 -2.4 -.2 -2.5 .2 .4 June 11.1 2.5 2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) 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 O Se c p to te b m er ber -7 1 . . 5 2 - - . . 2 7 .2 •? 1. . 9 6 -1.0 .3 — .2 1 . . 4 2 -3 1 . . 4 0 . . 1 4 -4.5 .2 -.1 .5 _0) November? -.2 1.2 .6 .3 .1 C1) .2 2.3 .1 -3.1 -.1 .5 December? .6 -.3 .7 0) -.9 -.4 .3 -.8 -.2 -A P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.2; U. S. brokerage balances abroad, 37.5 . GOLD PRODUCTION OUTSIDB USSR [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other production month outside Total USSR1 r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au l s ia tra- India* $1= 15/21 grains of gold 9/10fine: i. e., an ownce of finegold =$. 1941 1 265 6 1 110 4 504 3 27 8 32 4 19 6 209 2 187.1 28 0 23 0 9.3 7 5 52 4 10 0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 794.5 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 826 0 753 2 409 7 18 5 23 1 12 9 67 3 144.2 14 2 12 6 6.3 7 7 31 3 5 7 1950 775 9 408 2 17 9 23 2 12 0 80.1 155.4 14.3 13.3 6.7 8 0 30 1 6.7 1950—December. . 63.1 32.9 1.4 2.0 .9 6.7 13.4 .9 .8 .7 .6 2.4 .5 1951—January 63.4 33.4 1.4 2.0 .9 5.9 13.1 1.0 1.4 .6 .6 2.5 .5 February.. 58 9 31 1 1 4 2 1 1 0 5 2 12 1 1.1 .7 .4 7 2 4 6 March 63 5 33 4 1 5 2 0 1 l 5 8 13 0 9 1 5 .6 7 2 4 6 April 62 9 33 2 1 4 2 0 1 0 5 5 12 7 1 0 1 5 6 8 2 4 7 May 34.6 1.4 1.9 1.1 5.5 12.9 1.4 .5 .7 3.5 .6 June 33 9 1 4 1 9 1 l 5 9 12 7 1 3 .5 6 2 1 6 July 34.4 1.4 1.9 1.2 5.5 12.1 1.3 .5 .9 2.4 .7 August 34 6 1 4 1 9 1 3 6.6 12.1 1.5 .5 8 2 6 7 September 33.3 1.4 2.0 1.1 6.4 12.6 1.3 .4 .8 2.4 .7 October. . . 34 1 1 5 2 0 1 l 6.6 13.2 1.2 .5 7 2 6 7 November 33 8 2.0 .9 5.7 13.0 1 2 .7 2.8 .7 December. . 33 2 1.0 5.1 8 .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. 6 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. MARCH 1952 323 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 e r n k - E d c o u r a- USSR)* Treasury Total2 1945—Dec 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec.. . . 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec.. . . 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec.. . . 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—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 Sept 35,990 22,013 22,164 276 638 23 317 691 45 311 31 22 Oct.. 22,233 22,394 273 621 23 317 736 45 311 31 22 Nov 22,382 22,579 268 619 317 805 45 311 31 22 Dec.. . . P35.950 22,695 22,873 268 621 317 850 45 311 31 22 1952—Jan. 22,951 23,055 631 45 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 4201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 4 180 100 231 23 72 20 1948—Dec... 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 252 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 252 208 208 311 29 50 27 31 1951—Feb 102 523 27 247 139 252 228 281 311 30 50 27 31 Mar 117 523 27 247 139 252 228 304 311 30 50 27 46 Apr 117 548 27 247 138 252 229 282 311 30 50 27 46 May.... 124 548 27 247 138 252 229 261 311 30 50 27 46 June 143 548 27 247 138 252 229 228 311 31 50 27 46 July.... 174 548 27 247 138 252 229 195 311 31 50 27 46 Aug 174 548 27 247 138 252 229 193 311 31 50 27 46 Sept.. . . 174 548 27 247 138 252 229 191 311 31 50 27 46 Oct 174 548 27 247 138 252 279 190 312 31 50 27 46 Nov. 174 548 27 247 138 252 279 312 31 50 27 46 Dec...'.'. 174 548 27 247 138 252 279 P316 32 50 27 46 1952—Jan, 548 27 279 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1945—Dec. 13 914 110 482 1,342 43 241 5 2,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 5 2,696 200 215 15* 32 1947—Dec 310 15 762 111 105 1,356 34 170 5 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 s 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 s 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 8 3,300 236 373 1,495 167 1951—Feb 197 23 208 61 108 1,482 118 150 287 373 1,495 125 Mar 202 23 205 61 114 1,448 118 150 '*'3',758' 295 373 1,495 119 Apr 212 23 210 61 124 1,444 118 150 295 373 1,495 161 May.... 217 23 210 61 129 1,458 115 150 293 373 1,495 153 June 217 26 210 60 129 1,451 115 150 '6'3',867' 279 373 1,518 151 July.... 217 26 210 61 129 1,454 113 150 269 373 1,519 155 Aug 224 26 210 61 129 1 447 113 150 257 373 1,529 143 Sept.'.'.'.' 234 26 210 50 128 1,446 113 150 «3,269 252 373 1,529 144 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 26 190 51 152 1,452 113 151 *5"2',335' P221 373 1,530 115 1952—Jan 26 179 150 373 1,531 116 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figures are for following dates: 1946—'Mar. 31, and 1947—Mar. 31. 5 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. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o h p e e r * Canada A t r i g n e a n- Cuba Mexico 1945 —452.9 31.1 278.5 —47.9 —86 8 —7 4 36 8 —224 9 —85 0 —23 8 1946 721.3 — .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 1951 67.9 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 ' -49.9' -20.0 -60.2 1949 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 tg g -15.0 1950 Jan.-Mar -202.5 -80.0 -35.0 -13.0 -12.4 -15.8 -31.7 -20.0 -11.9 July-Sept -732.2 -580.0 -28.5 -16.0 -25.0 3.4 8.2 -40.5 Oct.-Dec -763.8 -360.0 -56.3 -79.8 -15.0 -4.0 -47.4 -100.0 20.0 -61.9 1951 Jan.-Mar -880.1 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June. ... -57.0 -80.0 2.0 — 15 0 -11 2 —io 6 64 1 Tuly-Sept 290.0 320.0 —5.0 -17 0 —3 5 -20.0 Oct -Dec 715.0 629.9 71 7 —5 0 — 1 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- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e r n e d a s o - fp T e o ri t o a d l 1 I in n s g c to o r t e o l c d a k t s a e l g p e o x o N ld p rt e o i t o m rt r -g m o c c o l r r a r d e e r : i a a k n s s d e - e e d e- p D ti t r c o i o o m d g n o u e 2 l c s d - ury 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 1951 22.2 — 9 -17 2 5 —57 4 52 1 4—84 0 1946.. 20,529 20,706 623.1 311.5 465.4 51.2 1947 22,754 22,868 32,162.1 1,866.3 210.0 75.8 1949 1948 24,244 24,399 1,530.41,680.4 — 159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Jan -l^ar. .. . 3.6 -2.3 72.0 .1 1950 22,706 22,820 -1,743.3 -371.3 1,352.4 80.1 Apr.-June 3.0 3.7 -6.6 55.6 1951 22,695 22,873 52.7 -549.0 617.6 69.9 J O u c l t y . - -D Se e p c t -1 — 6 1 .5 .0 -50.0 -1 -2 1 . . 9 9 -4 -2 1 . . 2 0 4 1 8 9 . . 1 9 -2^ . 0 2 1951—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 1950 Apr... 21,805 21,900 -27.3 -110.6 101.9 5.5 May.. 21,756 21,861 -38.5 -41.0 -12.9 5.5 Jan -M!ar......... — 12.0 -10.5 -.8 3.9 -27.0 June.. 21,756 21,872 10.4 -37.6 46.3 5.9 Apr.-June -2.0 -1.0 9.2 -3.0 July... 21,759 21,852 — 19.2 -16.2 -8.8 5.5 July-Sept -23.9 -.1 *-i4*.9 -14.8 Aug. .. 21,854 21,986 133.1 -3.7 137.0 6.6 Oct.-Dec -26.9 -6.0 -3.0 Sept... 22,013 22,164 178.0 10.9 176.7 6.4 -23.6 Oct.... 22,233 22,394 229.9 -18.4 243.4 6.6 1951 Nov... 22,382 22,579 185.0 -2.1 188.4 5.7 Dec... 22,695 22,873 294.1 6.5 289.9 5.1 Jan -Mar.... .... —50 9 -11.7 -22.6 -28.0 1952—Tan. .. 22,951 23,055 182.4 63.6 137.5 (4) Apr.-June 15.0 -.9 -5.0 -3.8 " 1217 -25.0 Feb.. . 23,190 23,373 317.5 M52.2 Tuly-Sept 28.0 3.5 -5.3 20.3 -31.0 (4) (4) Oct.-Dec 30.1 -4.0 -25.7 19.2 1 See footnote 2 on opposite page. 8 Yearly figures through 1950 are estimates of United States Mint. 1 Includes Bank for International Settlements. Figures for 1951 are estimates of American Bureau of Metal Statistics. 2 Includes sale of 114.3 million dollars of gold to Italy. * Change includes transfer of 687.5 million dollars gold subscrip- 3 Includes sales of 185.3 million dollars of gold to China. tion to International Monetary Fund. * Includes sales of gold to Egypt as follows: 1950, 44.8 million 4 Not yet available. dollars; and 1951, 76.0 million. 8 Gold held under earmark at the Federal Reserve Banks for foreign 5 Includes sales of 45.0 million dollars of gold to Indonesia. account, including gold held for the account of international institu- NOTE.—This series replaces the series on "Net Gold Imports to tions, amounted to 4,718.5 million dollars on Feb. 29, 1952. Gold United States, by Countries," published previously. 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. MARCH 1952 325 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] 1952 1951 1950 International Fund International Bank Jan. Oct. July Jan Dec. Sept. June Dec. Gold 1,531 1,529 1,519 1,495 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,322 1,322 1,316 1,304 United States 11 9 5 Other 4,408 4,409 4,327 4,229 Other 945 944 919 921 Unpaid balance of member subscriptions. 883 869 869 1,003 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 510 441 457 437 Member subscriptions 8,152 8,137 8,037 8,037 Calls on subscriptions to capital stock 3. . 4 4 4 4 Accumulated net income -7 -6 -6 —5 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,113 1,085 1,037 868 1952 1951 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- Jan. Dec. Nov. Jan. 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 B B r e a lg z i i a li n a n f r c a r n u c z s eiros 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 6 1 5 1 . . 5 4 S C p a e p c i i t a a l l3 reserve 1,68 2 8 4 1,68 2 8 2 1,66 2 8 0 1,66 1 8 7 Chilean pesos 5.4 5.4 5.4 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 1 As of Jan. 31, 1952, the Fund had sold 768.6 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials 6.6 2.2 to Brazil 10 million pounds sterling in January 1951. Repurchases Mexican pesos 22.5 amounted to 79.7 million dollars. Currencies the net transactions in Netherlands guilders. . . . 75.4 75.4 75.4 which amount to less than one million are reported under "All other." S N o o u rw th e g A i f a r n ic a k n r o p ne o r unds. . . 1 9 0 . . 6 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 Turkish liras 5.0 5.0 5.0 5.0 6,751 million dollars as of Dec. 31, 1951, of which 2,540 million repre- Pounds sterling 300.0 300.0 300.0 300.0 sents the subscription of the United States. Yugoslav dinars 9.0 9.0 9.0 9.0 All other -1.7 -1.7 -1.7 -.6 Total. 734.4 732.2 727.8 772.3 CENTRAL BANKS Assets of issue Assets of banking Liabilities ofbanking department department department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o D a d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r io cu n l 3 a- Bankers' Pub D li e c posits ECA Other t c l i O i e a a s t p b h i i a e t 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 inn n 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec 27 2 I 250 0 13 5 5 1 317 4 1,238 6 260.7 5.2 52.3 17.8 1945—Dec. 26 2 1,400 0 20 7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 2 L 450 0 23 4 13 6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1.293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28. . .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—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—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 1,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 Apr 25 4 1,350.0 37.3 6.4 388.4 1,313.8 305.8 14.2 5.4 89.0 17.8 May 30 .4 1,350.0 19.2 2.8 405.0 1,331.6 296.4 14.4 13.4 84.8 18.0 June 27 4 I 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 1,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 18.5 Oct. 31 4 1,400 0 49 7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17.8 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 1952—Jan. 30 . .4 41,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 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. 8 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 16. For details on previous changes, see BULLETIN for February 1952, p. 212; 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. 326 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 ig a u n r a es d i i a n n m d i o l l l l i a o r n s s ) of Gold an S d S t e t U a rl t i n e n i s 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 li d e ti r es dollars S te h r o m r t- l Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Feb. 28. 117.3 1,165.4 757.0 249.0 ,295.4 550.5 69.5 204.6 168.7 Mar. 31. 80.0 1,341.9 673.7 171.1 ,319.5 552.9 70.5 206.7 117.2 Apr. 30. 128.8 1,327.6 722.5 168.8 ,323.0 556.1 56.9 215.1 196.6 May 31. 125.2 1,313.7 777.3 117.9 1,337.5 530.1 76.2 221.5 168.7 June 30. 116.8 1,335.2 846.3 104.1 1,351.3 590.7 75.3 220.1 165.0 July 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 1,370.7 580.4 115.0 185.7 205.8 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 1952—Jan. 31. 85.4 1,095.4 1,042.6 82.7 1,375.6 629.2 92.8 54.9 153.4 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r f e F s r f r i a a n n n c c e s) Gold * F c o h e r a x e n i - g g e n m O a p rk en et D 6 om S e p s e t c ic ia l bills Other Cu G A r o r d e v v n e a t r n n c m e O e s n t t h t o e 6 r a O ss t e h t e s r 6 ci N t r i c o o u t n l e a- G m ov e e n r t n- De E p C os A its 7 Other c O l a i i a a t p t n i b h e i d i t e s l a r - l 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33 137 815,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17.980 303 25,548 445,447 24,734 570,006 12,048 57,755 4.087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67^900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,6581,278,211 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 15,658* 161,720 24,234 1951—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 23,821 427,135 159,700 481,039 235,0631,597,678 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 1,827,781 62 16,240 166,453 25,905 Nov. 29.. . 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,5451,779,556 19 1.869 157,228 27,922 Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,8301,841,608 29 10,587 166,226 41,332 1952—Jan. 31. . . 191,447 20,857 233,879 31,456 757,085 166,500 481,039 "184,0641,866,693 57 7,157 156,405 36,015 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 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 49.5 billion francs on Jan. 31. 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. MARCH 1952 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 814 656 Loans and discounts 770 739 769,377 759 524 245 697 Other gold and foreign exchange. 1,052 1,081 2.117 Government loans and securities. 49 819 151, 351 150 701 131, 675 Government securities 9 077 2,058 2,026 Other assets 740 77 457 17 007 59 170 Rediscounts and loans to banks.. 49 313 41,250 33,633 Note circulation 457 288 577,.5774.34 857 404, 707 Other assets 148 316 253 Deposits 768 614 936 660 963 479 206, 765 17 704 16,020 13,289 Other liabilities and capital 67 9.31 59 110 63 751 54 819 Deposits—Nationalized 25,232 25,827 22,621 Central Bank of Costa Rica Other sight obligations 790 763 525 (thousands of colones): Other liabilities and capital 9 678 2,908 2,251 Gold .. 11 511 11 511 11 511 11 511 Commonwealth Bank of Aus- Foreign exchange 64 728 37, 74.5 70, 104 9,025 tralia (thousands of pounds): Net claim on Int'l. Fund 8. ..... 7 031 7,031 7 031 7,029 Gold and foreign exchange 365,421431,357479,921 570.469 Loans and discounts 73 174 96, 770 100 577 98, 647 Checks and bills of other banks. . 5,452 6 396 5,341 6,203 Securities 7 953 8, 109 8 772 13 600 Securities (incl. Government and 23 050 22,540 24 179 15 939 Treasury bills) 619,543 595 073 551,375 399,920 17 598 14 317 104 636 102 004 Other assets 93,052 81 797 90,864 80,998 Demand deposits 56 060 51 0.58 47 307 43 892 Note circulation 295,221 394 471 291,221 252,520 Other liabilities and capital 18 989 18 3.31 19 731 9 8.55 Deposits of Trading Banks: National Bank of Cuba Special 488,570475 ,820490,070 525,420 (thousands of pesos): Other 35,838 ,886 36,349 32,639 Gold . 310 564 310 564 770 561 Other liabilities and capital 263,839 975 377 309,861 247,010 Foreign exchange (net) 54 401 55 771 60 803 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) . . 07 479 104 958 39 239 Gold 51 51 51 51 Silver 47 173 47 173 57 458 Foreign exchange . 480 582 451 198 Net claim on Int'l Fund * 17 511 17 511 12 507 6,269 6 559 6,153 3,660 Loans and discounts 9 475 7 181 2 833 Claim against Government 3,455 3 433 3,602 4,769 Credits to Government 10 703 10 214 21 830 Other assets . 38 37 36 39 98 731 97 960 25 526 7,969 8 039 7,859 6,097 393 675 360 511 334 316 218 539 161 383 Deposits 69 623 702 962 147 246 Other 381 581 583 783 Other liabilities and capital::;». 7 238 7 857 9 197 Blocked 1,723 1,510 1,689 1,454 National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold i 31,529 070 30 937 29,565 Gold 69 69 69 69 Foreign claims and balances (net). 21,450 19 459 18,948 6,018 Foreign exchange 550 599 590 444 Loans and discounts . . 8,356 7 140 7,545 9,680 Contributions to Int'l Bank 11 11 11 6 Consolidated Government debt.. 34,823 34 860 34,860 34,910 129 124 95 84 Government securities 7,998 7 067 3,876 7,371 Securities 113 122 134 121 Other assets 3,244 669 3,576 4,788 Govt compensation account 3 878 3 898 3 902 3 988 Note circulation 94,197 93 160 91,226 86,868 Other assets ... 578 665 650 408 Deposits—Demand 2,356 1,967 2,383 1,951 Note circulation 1 723 1 817 I 709 1 621 ECA 1 091 1 044 1 037 13 Deposits~~~Government 1 877 1 853 1 850 1 316 Other liabilities and capital 9,755 7 987 5,097 3,500 1 547 1 637 1 713 1 966 Central Bank of Bolivia—Mone- Other liabilities and capital 180 182 181 216 tary dept. (millions of bolivianos): (Oct.)* Central Bank of the Dominican Gold at home and abroad8 1 370 1,370 Republic (thousands of dollars): Foreign exchange (net) • 635 12 066 12 066 12 066 4 045 Loans and discounts 1 018 1 ,982 Foreicn exchange (net) 18 365 17 653 14 915 15 541 Government securities 1 856 732 Net claim on Int'l Fund ' 1 250 1 250 1 250 1 250 Other assets 107 137 Paid-in capital—Int'l. Bank .... 41 41 40 40 Note circulation 3 853 3,384 Loans and discounts 199 331 433 350 Deposits 495 320 Government securities 7 068 7 068 7 503 6 323 Other liabilities and capital 639 '592 Other assets .... 702 698 885 832 Central Bank of Ceylon (thousands Note circulation 28 910 29 727 27,750 22 944 of rupees): 9 051 7 663 8 490 4 744 Foreign exchange 660,950 668,420681,458 591,917 Other liabilities and capital. : :.. 1,731 1 716 852 694 Paid-in capital—Int'l. Bank 1,134 1,134 1 ,136 1,429 Central Bank of Ecuador Government securities 2,810 3,083 3.252 1.997 (thousands of sucres): Other assets 3,893 4,150 2,695 2,423 Gold * 335 ,706 335 618 335 601 281 545 Currency in circulation 406 862 117 036 404 126 366,204 Foreicrn exchange (net) ' 26,503 51 261 73,237 215 101 Deposits—Government 75,744 ,008 67,339 31,523 Net claim on Int'l. Fund « 18,758 18 758 18,758 18 757 Banks 154,989 193 431180 700 171,254 Credits—Government 203,922 189 135 195,062 200,466 Other liabilities and capital 31,193 31,312 36,374 28,785 Other 186,770 180 638 170,159 101,353 Central Bank of Chile (millions 179,103 172 840 188,035 168,501 of pesos): Note circulation 458 ,731 489,581 478,987 481 ,848 Gold 1,214 1 905 1 ,189 1,295 Demand deposits~~Private banks 150,889 138,63C 137,543 168,652 Foreign exchange (net) 381 227 135 267 Other 115,130 98 244 111,130 110,127 Net claim on Int'l. Fund • 108 107 107 1 Other liabilities and capital 226,012 221,794 253,191 225,096 Discounts for member banks.... 1,614 1,910 1,728 1,872 National Bank of Egypt (thou- Loans to Government 670 670 674 680 sands of pounds) * Other loans and discounts 6 251 s655 5 687 3 676 Gold6 60 553 60 553 60, 553 21,697 Other assets 3 110 310 3 181 2 300 Foreicrn exchange 25,976 .34,195 31,966 r47,763 Note circulation 8 452 ^837 7 955 6 722 Foreisrn and EffVDtian Deposits—Bank 2,113 1 606 1 962 1,367 Government securities 333 ,987 340,892 353,507 323 ,400 Other 361 348 460 543 29,40( 30,560 23 704 32,069 Other liabilities and capital 2,420 9 2,395 1,458 4,061 4,934 3,217 r2,502 Bank of the Republic of Colombia 194,948 201,396 203,679 182,417 (thousands of pesos): 119,312 117,974 124,426 119,942 Gold and foreign exchange.... 258,541 938 618 202,867 203,056 Other .-... 114,487 126,675 121,192 115,988 Net claim on Int'l. Fund8 ..... 24,370 24,370 24,370 24,369 Other liabilities and capitals : :.. 25,180 25,088 23,649 9,084 Paid-in capital—Int'l. Bank 7,124 7,124 7,122 1,374 * Latest month available. r Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 5 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 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. 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 64,211 64,278 64,344 57,498 Gold 4 4 4 4 Foreign exchange (net) 48,051 29,767 32,939 57,125 Foreign exchange 38 37 36 28 Net claim on Int'l Fund * 1,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 18,051 22,756 16,703 6,905 Loans and discounts 238 273 240 250 Government debt and securities.. 5,466 5,580 5,583 4,947 Government securities . . . 186 187 187 187 Other assets 1,675 1,423 2,115 1,565 Other assets 785 782 755 526 Note circulation 88,692 81,767 75,077 82,586 Note circulation 1,200 1,292 1,168 1,086 Deposits 43,038 36,428 41,206 40,529 Allied military notes 2 3 Other liabilities and capital 7,291 7,176 6,967 6,490 Deposits—Government 133 100 134 44 State Bank of Ethiopia 2 Demand 74 90 80 113 Bank of Finland (millions of mark- Other 361 308 350 277 kaa): Other liabilities and capital 74 83 77 61 Gold 5,865 5,865 5,865 2,676 Bank of Japan (millions of yen): Foreign assets (net) 22,167 23,849 16,835 -682 Cash and bullion 1 ,204 1,238 1 ,365 1,063 Clearings (net) 3,361 3,297 1,373 -647 Advances to Government 39,368 39,625 41,243 53,645 Loans and discounts 18,999 19,270 28,589 36,453 Loans and discounts 345,990361,296 355,550 310,609 Securities 1 ,051 950 962 984 Government securities 86,038 126,045 83,970 128,611 Other assets 2,639 2,899 3,702 4,420 Other assets 89,227 66,550 59,847 33,636 Note circulation .... 40,134 44,774 44,053 31,820 Note circulation 467,021506 386432,540 397,730 Deposits 2,344 272 2,168 672 Deposits—Government 43,235 31,572 60,622 88,964 Other liabilities and capital 11,603 11,083 11,106 10,711 Other 25,756 33,324 26,272 22,615 Bank of German States Other liabilities 25,815 23,472 22,541 18,256 (millions of German marks): The Java Bank (millions of rupiah): Gold 116 116 53 Gold 4 1 060 1 060 1,060 866 Foreign exchange 2,046 1,998 2,119 1,008 Foreign exchange (net) 625 596 597 190 Loans and discounts 4,451 5,501 4,327 4,496 Loans and discounts 551 540 576 176 Loans to Government 8,753 8,313 8,544 9,330 Advances to Government 1,475 1,484 1,388 2,996 Other assets 590 1,283 1,485 1,362 Other assets 1,140 940 894 124 Note circulation 9,163 9,243 9,198 7,761 Note circulation 3,134 3,041 2,959 2,475 Deposits—Government 2,307 2,445 2,469 2,687 Deposits.. . 806 806 813 1,252 Banks 2,019 2,681 2,017 1,362 Other liabilities and capital 913 773 743 625 Other 273 321 502 944 Bank of Mexico (millions of pesos): Other liabilities and capital 2,193 2,521 2,342 3,442 Monetary reserve 5 . 1,156 1,188 1,163 1,210 Bank of Greece (billions of drach- "Authorized" holdings of secumae) : rities, etc. 3,027 3,149 3,011 3,537 Gold and foreign exchange (net) . 1,072 537 Bills and discounts 435 428 421 185 Loans and discounts 194 229 Other assets S04 480 531 469 Advances—Government 7,261 5,454 Note circulation 3,169 3,330 3,106 2,743 Other 3,647 2,893 Demand liabilities 1,453 1,420 1,544 2,096 Other assets 2,235 1,557 Other liabilities and capital 498 493 476 562 Note circulation 1,934 1,658 Netherlands Bank (millions of Deposits—Government 789 1,028 guilders): Reconstruction and Gold 6 1,195 1,195 1,182 1,175 relief accts 5,414 3,550 Silver (including subsidiary coin). 19 19 19 18 Other 2 257 1 762 731 594 446 621 Other liabilities and capital 4,015 2,673 Loans and discounts 120 300 311 71 Bank of Guatemala (thousands of Govt. debt and securities 3,000 3,064 3,170 3,000 quetzales): Other assets 617 590 629 645 Gold 27,228 27,228 27 228 27.229 Note circulation Old 45 46 46 55 Foreign exchange (net) 16,160 12,544 8,240 "11,422 New 2,867 2,991 2,843 2,841 Gold contribution to Int'l Fund.. 1,250 1,250 1,250 1,250 Deposits—Government 142 151 47 132 Rediscounts and advances 6,393 7,710 7,962 4,439 ECA 1,730 1,692 1,745 1,273 Other assets 16,387 17,640 17,686 19,505 Other 491 479 533 822 Circulation—Notes 39,151 38,678 37,132 37,108 Other liabilities and capital 407 404 541 408 Coin 3,386 3,385 3,339 3,271 Reserve Bank of New Zealand Deposits—Government 3,870 2,980 2,533 975 (thousands of pounds): Banks 11,032 10 45? 8 593 11 883 Gold 5 578 5 506 5,451 4,810 Other liabilities and capital 9,979 10,878 10,770 10,606 Foreign exchange reserve 24,087 29,531 39,039 51,092 National Bank of Hungary 3 Loans and discounts 6,019 6,019 6,019 9,180 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 52,774 52,586 54,528 57,832 Issue department: Investments 54,182 54,182 46,182 35,974 Gold at home and abroad 400 400 400 Other assets 3,542 4,628 2,944 2,903 Foreign securities 5,832 5,832 6.382 Note circulation 63,837 69,366 64,576 58,583 Indian Govt. securities 4,681 4,681 4,666 Demand deposits 75 4S7 76 097 82,836 96,565 Rupee coin 690 698 574 Other liabilities and capital 6,887 6,988 6,750 6,644 Note circulation 11,411 11,226 11.907 Bank of Norway (millions of kroner): Banking department: Gold . . . 242 243 Notes of issue department. . . . 192 385 115 Foreign assets (net) 329 149 Balances abroad 1,980 1,958 2,051 Clearing accounts fneO -21 -62 Bills discounted 67 87 49 Loans and discounts 39 41 Loans to Government 80 50 38 Securities 46 46 Other assets 1 373 1 216 914 6,202 6,202 Deposits 3,377 3.434 2 .885 Other assets 151 79 Other liabilities and capital. . . 314 262 282 Note circulation 2,498 2,285 Central Bank of Ireland (thousands Deposits—Government 1,761 2,094 of pounds): 1,109 707 Gold 2 ,646 2,646 2,646 2,646 Banks 513 Sterling funds 54,629 58,232 55,344 54,778 EBCloAcked 860 486 Note circulation 57,275 60,879 57,990 57,424 Other liabilities and canital 759 613 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. * Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 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. MARCH 1952 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation 36,239 34,022 30,855 Issue S N P G I G R n t a d u o o o e d k e l p t y 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 h r s c r i I e o G n e e n i c m r n n o d u c c t e v i r u : a y i t l t a . a i s n e t s e i d s e o c c u n a u r b r it i r i t e o ie s a s d . . . . . . , , 1 3 3 7 1 5 5 0 4 2 6 2 4 1 0 4 5 5 6 2 1 , ,1 2 3 6 1 0 0 6 0 4 2 2 4 0 5 0 4 9 6 2,0 8 8 3 1 6 0 4 0 4 0 4 2 1 2 3 4 0 0 Bank O D F N G P o a t o e o e h i r t p l f d e d e o - i c S r g i s l n w a i n l t i i s a e m 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 a i r ' 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 . nor): , 3 6 9 8 1 0 5 8 0 7 2 3 0 1 , , , 7 2 3 5 1 1 3 8 4 1 * 5 4 8 8 0 8 20 2 1 1 , , , ,3 7 4 3 5 0 3 3 9 0 8 1 7 7 0 0 3 8 0 1 3 8 1 , , , 6 6 2 5 4 4 5 0 2 9 9 9 6 2 8 Banking department: Notes of issue department.. 62 68 68 Sw v e a d n i c sh e s G to o v N t. a t s i e o c n u a r l i t D ies e b a t n d O f a fi d c - e5 ,661 2,821 3,128 3,425 Bank of P O O D L B B a o i t a t e l h h r a l p l a s e e a n o n r r s g s d c l i u a i t e i t s o s s a a s c s b y o e G a i — u t l b s i o n r t v M i o t e e e a s d o r d n a n m n e d t e a n r c y t a p d i e ta p l t . . . 4 3 8 1 4 2 2 9 0 0 7 7 9 2 1 3 4 8 1 6 7 9 7 2 6 3 8 9 8 4 3 84 2 8 6 9 6 7 3 0 2 | i O O O N D t t t o e h h h m t e e e e r r r a c n d l a i d i o r s a c m s b u d e i e t l e l s a s i p t t t i i o i e c o s s n b i t i a s l n l — s d a O G n c t o d a h p v e a i e r d t r a v n l a m n e c n es t.. , 4 2 6 5 7 8 8 5 6 4 8 8 1 0 8 8 5 9 4, 6 2 6 5 5 0 3 3 5 4 2 9 1 2 0 7 8 0 3,8 2 5 5 6 8 2 2 7 7 4 5 7 8 0 4 8 3 3, 3 5 4 5 3 1 9 8 6 0 3 8 5 8 8 8 6 9 (thousands of guaranies): Swiss National Bank (millions of Cent O O F N D N L G P G r o a o a t t e o e o o h h i r a l t m t v d l e e e e n d e - i R c r r a s g i i r l a n n e a n n a l a n d i i s m s n a d m c e e s b d a d e r e x c i p n e t v c o l o s d i i p t e h n t i t i o i n a a s e l B n s I c l o s n i — i o g a a s t t s e a u n s n ' I n u l n s k . n ( d e t a n s t F o n ' e c l u f d . t a ) n p B s P d i e a e t 2 c a n r u l k u rities. 2 2 1 1 - 4 6 3 1 0 0 1 5 8 3 1 0 0 1 7 4 , , , , , , , , , 0 , 4 2 1 7 2 3 0 0 3 3 3 8 6 1 1 6 2 7 8 5 9 8 1 2 5 4 5 3 3 2 1 1 1 - 1 9 2 8 0 8 1 1 6 0 2 5 6 1 4 1 0 , , , , , , , , , , 0 2 9 0 1 6 0 0 4 7 6 3 6 2 7 9 4 5 0 9 1 5 5 3 5 5 9 0 4 8 1 1 4 4 2 1 4 3 3 2 8 2 7 8 1 1 - , , , , , , , , 2 6 7 3 2 3 5 2 2 6 4 3 5 4 1 1 3 4 1 0 8 7 9 0 6 7 3 3 3 0 Ce T f n r u a t O O F O G G N L n r r o o a c o t t o t k o h h h r s l a l l t e e d d e e ) e e n y : i r r B r s g c n a a s l ( i a i m i r s n a n g c e s b k d i h u e x l i t l t l c l i s a d o i h o l t t i f i i a n i s a e o n s c b s t n o g h i o a l e u e i f n n t i d p t e R s s o c e u a p n p u d it b s a ) l l : ic of , , , 4 2 2 1 5 7 9 1 5 3 9 7 9 1 4 9 2 3 6 6 2 8 6 4 6 1 , , , 5 4 9 2 3 2 0 1 2 2 1 0 2 2 1 0 9 2 1 3 8 6 7 4 4 6 1 , , , 0 6 4 6 2 2 2 1 5 3 8 1 2 0 8 5 6 1 3 0 0 1 3 4 5 1 , , , 4 9 2 9 3 1 1 2 1 9 8 8 9 7 5 0 9 0 8 3 5 7 7 (m O D O L N C N G L il o o o t e o t l o e i h h a a p t l n t o d e e e n n o t n c r r r s s s s l a c i a i a b l a t n i t o i i o r s s u n m a d f c s b t d u e G i s f i o t l o o l o s d a o i n n r l t t i v e e i i s e i t o e s I c o g s ) n r n o n : n t a u I ' m n l n n e . d x t t e s ' F n c l c . u h t t a o a n B p n d b a i g t n a 2 a e . k n l 8 k . s. . . , 3 3 2 2 5 7 2 6 0 2 7 2 9 5 0 7 4 1 8 4 8 2 8 8 1,1 2 2 3 3 5 7 7 9 8 1 4 2 1 1 3 6 6 4 4 1 3 3 2 1,0 4 2 6 2 2 1 4 2 5 8 9 3 6 2 8 7 7 8 8 0 2 2 2 ! | | 1 i 1 1 Ba ( n th k S O O F N D L o e o o t t e o u o c c h h r a p f t s l e u e e e n o e a i r r r t s a g n s i c h i t r n d a l i a t i i e i r s e s s n a n c — s s g b d R u e o e s i x t l f l G e O s d a i c p t p t i o h t i i s u e h e o l a c d s s e b n n o o r g l a u s i e n n c ) : d ts o a c f n a d U p i r ta u fo l g r u ei a g y n , , 6 1 1 1 1 3 1 4 2 8 5 7 1 5 1 2 7 1 3 1 0 8 0 1 1 , , 1 4 6 2 1 1 3 1 1 2 9 5 8 1 8 7 5 7 1 3 5 8 (O 1 1 c , , t 2 1 4 6 . 1 1 3 3 ) 0 1 5 6 7 1 * 9 8 7 0 3 2 3 5 1,1 9 5 1 1 1 1 4 4 9 5 5 7 1 5 1 3 7 6 3 0 9 Ce ( n th t F G r o o o a u r l l s e d a i B g n n a d s n e k x o c f h o p a f e n s t g o h e s e ) : Philippines 47 1 6 3 , , 2 8 2 8 6 7 47 1 9 3 , , 0 4 3 1 7 9 48 1 1 2 , ,8 2 1 7 1 8 541 7 , , 4 4 8 4 5 7 ! S G P i a o l i v l d d e - r in capital—Int'l. Bank 368 9 , , 3 3 6 1 3 7 8 6 7 39 1 4 0 , , 3 3 9 1 4 1 8 2 9 Bank O O L D N D N o t t e o o e h h a t m m t o e e e n c f r r a e s l c n s a a l i t d i i r s i a m P c c s b d u o e i s e t l o r l e s a i p n t t c t u o i i u e o I s g r s n n i i a t t t s a l i ' e n l. s d F (m c u a n i p l d l i i t o 2 a n l s of 2 5 2 1 1 2 4 4 7 5 4 3 1 9 4 6 1 8 9 , , , , , , , 1 8 5 6 1 3 8 8 4 0 0 5 1 3 8 4 3 9 2 2 1 4 4 2 2 4 1 2 9 6 7 , 00 2 2 5 2 2 4 3 2 7 1 3 0 4 3 9 3 3 8 3 , , , , , , , 1 2 8 2 1 4 5 7 4 7 9 4 4 0 1 9 9 9 4 0 4 6 1 1 1 1 2 5 4 8 6 3 6 3 9 4 6 0 4 7 , , , , , , , 9 8 5 5 6 1 7 7 2 0 6 6 5 9 6 1 3 4 8 7 l ^ i | ' | A O O O N D d t t t e o m h h h p v t e e e e o a e r r r n n s c i c a t l l i t o i r e s s a b c a s s — b u o n e i t d l s t l O G s a o i i t t a e t i o i n s S e h o v s d e n t e a r a r d t n n e i m d s a c e n o c n d a u t p n i G t t s a o l vern- 3 3 4 3 3 1 5 1 5 2 8 8 1 4 0 2 1 4 3 6 , , , , , , , 8 1 6 9 0 0 8 5 5 5 1 5 0 8 1 9 7 4 4 4 6 3 3 4 4 2 1 5 9 0 2 5 7 5 6 7 3 8 2 2 2 , , , , , , , 2 0 3 2 2 7 1 4 8 0 5 9 6 6 2 2 3 3 7 8 4 escudos): Central Bank of Venezuela (mil- F A O D G L N o o d o t e o h r a l m v t e d e e n a i r a s g n c n n c a a i d r e s n c e s s d u x d e t t l c e o d s a h p t i a o i s G o n c s n o o g it v e u s e n — ( r t n n s G e m t o ) e v n e t rnment.. 3 6 6 2 2 8 7 8 5 4 6 3 4 9 5 3 9 7 3 8 0 1 4 8 1 1 , , , , 2 9 2 5 8 7 5 5 0 7 7 9 3 0 4 8 0 7 2 6 8 1 3 8 0 1 , . , , 2 2 6 2 5 6 6 3 4 1 9 7 8 5 1 2 0 7 2 9 3 J 1 ! lio O F N O D G ns o t o t e o h h r l p t o e d e e e o f i r r g s c b n i a l i t i o r s s a c e l s b i u e x v i t l c l a s a i h t r t i a e i e o n s s n ) g : e a n ( d n e c t a ) pital , - 8 2 1 1 1 2 5 5 1 0 4 9 3 0 1 3 0 1, - 1 8 2 1 1 3 4 7 4 1 0 1 1 1 3 2 8 1, - 1 2 7 1 1 6 4 2 7 9 2 8 1 9 5 7 8 1 - , 1 0 2 7 0 4 0 9 7 6 0 1 1 6 6 0 ECA 42 42 299 Bank for International Settle- Other 2 75 6,344 4.591 ments (thousands of Swiss gold So ( u th t O G h o t o u h A l s e d a f r * n r d l i i c s a a b o n i f l i R t p ie e o s s u e n a r d n v d s e ) : c B a a p n it k al 3 3 4 6 5 3 7 2 3 , , 1 8 9 3 2 7 7 2 1 . , 4 5 3 05 3 fra S G C n i c a o g s s l h d h ) t : i o f n u n n b h d a a s r n s d a t a i n n d t e w re i s th t banks. . . , , , 5 3 2 8 6 1 6 9 4 3 2 5 1 8 0 0 , , , 7 5 5 4 7 6 3 3 7 38 6 1 9 8 0 , , , 5 9 5 7 1 6 9 0 4 4 4 2 3 3 9 , , , 3 3 9 2 7 2 9 6 4 Bank O F O D O N o t e t t o o h h h r p f t e e e e e o i r r r S g s c p n i a b l i t i r s a s i a c l b s i b l u e n i s i l t l l l s a a i s ( t t n m i i e d o i s n l l l a i o o n a n d n s s c o a f p p it e a s l etas): , 3 6 8 7 1 1 8 1 5 7 9 8 9 0 0 4 8 6 2 6 6 8 2 3 7 3 1 2 0 , , , , , , 6 3 7 8 2 4 1 4 0 2 7 0 7 3 9 6 2 7 1 9 2 7 1 1 1 8 7 2 4 2 , , , , , , 0 0 2 6 7 6 7 4 3 4 2 2 2 9 2 6 6 2 1 , T S F O D R u u i e t e m a h n n d m n e d d e i c r s a r s e c y n f a s u o i d s n b n u s ( v i d n d a e l e l s t t e t s s a s p t c a a b e o o n t l d s e s d i i t t n ) i b s i n t n i e l ( v l r G g s e e o e s s a l t r t d n m m ) d a e n a n y c t c s. e p . t . - . 2 2 2 1 6 9 2 2 2 8 7 0 1 3 1 , , ! . , , , , , , , 2 4 8 5 9 7 0 3 6 2 6 6 1 2 6 5 7 4 3 2 2 1 9 6 1 0 0 7 8 7 8 7 1 , , , , , , 2 7 5 8 2 7 0 6 2 1 8 5 1 6 2 3 5 7 2 2 2 1 3 9 7 1 3 7 8 0 0 7 1 , , , , , , 2 6 8 8 2 7 0 1 5 4 9 7 1 0 7 2 7 4 2 2 2 1 8 9 2 6 5 7 3 9 8 5 1 , , , , , , 2 6 4 5 7 7 9 0 0 0 9 7 7 1 2 3 7 8 O S O G G i t o t o l h h v l v d e e e e r r r r n a lo m s a s e e n n t s s t a l n o d a n d s i s a c n o d u n se ts curities. , , , 5 3 9 7 3 5 7 3 5 8 3 8 1 1 9 2 1 1 5 5 6 , , , 3 5 0 8 7 7 8 5 3 0 8 0 6 7 8 2 1 1 2 5 5 . . , 3 6 5 6 4 1 0 1 1 6 7 8 2 8 9 J J | ! i ' i S O L h o t C h o n e r g e t r n - - t t t l e e r i r a a r m m b l i b l d i a d t e n i e e p k p s o s o — s a s i n i t t O d s O s : : w t c S h n a p e p e r a i c t c i a a c l l ount.. 3 2 2 4 2 6 8 0 8 3 8 , , , , , , ,0 4 9 0 1 1 0 5 1 9 9 7 3 2 2 9 8 6 2 3 4 7 8 , , , , 8 6 2 9 5 7 8 0 1 2 2 9 4 2 2 1 6 9 2 6 8 6 1 , , , , 8 9 6 5 4 0 7 2 3 9 4 4 4 2 2 5 3 6 2 3 1 2 8 , , , , 3 1 9 5 0 9 0 9 1 9 9 0 * Latest month available. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 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. 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n t o r f a — l R J 3 a a 1 n te . eff D ec a t t i e ve ba C n e k n tr o a f— l R J 3 a a 1 n te . ef D fec a t t i e ve In 1 e 9 ff 4 e 1 ct Dec. 31, 2 IK 2 2H 3 A A r u g s e tr n i t a ina 3y2 M De a c r . . 6 1 , , 1 1 9 9 3 5 6 1 J J a a p va an 3 5.84 A O p ct r . . 1 1 , , 1 1 9 9 5 4 1 6 Jan. 16 1945 Belgium Sept. 13, 1951 Mexico June 4, 1942 Jan. 20 1M Bolivia ... . 6 4 Sept. 30, 1950 Netherlands.. Jan. 22, 1952 F N e o b v . 9 7, 1946 91/ 2y2 Dec. 19 . Jan. 10, 1947 Canada Oct. 17, 1950 New Zealand. July 26, 1941 Chile June 13, 1935 Norway 2H Jan. 9, 1946. Aug. 27 Colombia 4 2 July 18, 1933 Pakistan 3 July 1, 1948. Oct. 9 Costa Rica 4 Feb. 1, 1950 Peru 6 Nov. 13, 1947 June 28 1948 15 Sept. 6 Oct. 1 3 May 27, 1949. . 1 41/ Denmark 5 Nov. 2, 1950 Portugal.... Jan. 12, 1944 July 14 1 4 Ecuador 10 May 13, 1948 South Africa. Oct. 13, 1949 Oct. 6 . . •51/ El Salvador. .. 3 Mar. 22, 1950 Spain 4 2 Mar. 18, 1949 J S u e n p e t 1 8 1 , 1950 2y2 3% Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Sept. 26 3 Oct. 27 1 6 Dec. 1 3 France . . . 4 Nov. 9, 1951 Switzerland.. Nov. 26, 1936= Apr. 17, 1951. . 4 Germany 16 Oct. 27, 1950 Turkey 3 2 Feb. 26, 1951 July 5 . 3XA Greece 12 July 12, 1948 United King- Sept. 13 3% India Nov. 15, 1951 dom Nov. 8, 1951 Oct 11 3 Ireland Nov. 23, 1943 USSR July 1, 1936 N N o o v v . . 9 8 2y2 4 Italy 4 Apr. 6, 1950 Jan. 22, 1952. . In effect Tan. 31, 1 Rate established for the Land Central banks. 1952 2X 4 16 SH 3 IK NOTE.—Changes since Jan. 31: None. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—December .52 1.03 1.01 1.00 .50 1.42 3-53^ 1.25 1 1 9 9 4 4 3 4 — — D D e e c c e e m m b b e e r r . . 4 3 2 7 1 1 . . 0 0 3 3 1 1 . . 0 0 1 0 1 1. . 0 0 2 0 . . 5 5 0 0 1 1 . . 6 5 5 3 3-5 y2 1 1 . . 2 2 5 5 1945—December .36 .53 .50 .63 .50 1.33 2 }i-5 ' J 75 1946—December .40 .53 .50 .63 .50 1.19 1.21 .78 1.25 1947—December .41 .53 .51 .63 .50 2.04 1.13 .53 ].38 1948—December .41 .56 .52 .63 .50 2.00 1.25 .96 :.63 1949—December .51 .69 .52 .63 .50 P2.55 1.32 1.03 .50 1950—December .63 .69 .51 .63 .50 2.41 1.40 1.09 3-5 2 L.50 1951—January .63 .69 .51 .63 50 2 45 1.31 .83 3-5 L50 February .73 .69 .51 .63 .50 2.42 1.55 1.00 3-5 L50 March .76 .69 .51 .63 .50 2 45 1.46 1.23 3-5 1.50 April 76 .69 .51 .63 .50 2.60 L55 L24 3-5 L.50 May .76 .69 .51 .63 .50 2 61 L50 L07 3-5 L.50 June .75 .69 .51 .63 .50 2.52 1.39 LOO 3-5 L.50 July .77 .93 .51 .63 .50 2 57 L39 .91 3-5 L.50 .79 1.00 .51 .63 .50 2.64 .38 LOO 3-5 L.50 September.... .88 1.00 .51 .63 .50 2.56 1.24 LOO 3-5 L.50 October .93 1.00 .51 .63 .50 2.78 L16 LOO 3-5 L.50 November. . . . .92 1.38 .84 .92 .69 3.27 1.17 LOO 3-5 L.50 December .89 1.50 .98 1.00 .75 3.50 L21 LOO 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. 331 MARCH 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b 1 a 1 n L k o s. n do F n i g c u l r e e a s r i i n n g Cash M ca o ll n e a y n d at Bills dis- Treasury Loans to Other Deposits lia O b t i h li e t r ies millio s n te s rl o i f n g p ) ounds reserves n s o h t o ic rt e counted receipts 2 Securities customers assets Total Demand Time ca a p n i d tal 1945—December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 ,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 ,478 ,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 ,534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 ,528 ,660 735 6,368 4,262 2,106 550 1951—January 530 559 1.470 383 ,529 L,656 697 6,260 4,181 2,078 564 February . ... 496 531 ,343 291 ,544 L ,714 719 6,041 3,994 2,047 596 March 489 537 ,313 234 ,552 ,766 770 6,037 3,987 2,049 625 520 559 ,300 295 ,554 1,775 760 6,130 4,055 2,075 632 May 504 571 ,226 269 ,556 1,806 854 6,149 4,063 2,086 636 June 501 594 L ,172 290 ,550 L,895 797 6,167 4,099 2,068 633 July 514 583 1,250 290 ,552 1,861 756 6,174 4,086 2,088 631 August 515 573 L ,185 306 ,549 1,863 755 6,133 4,061 2,072 612 September 503 582 1,276 216 1,553 L,888 741 6,135 4,068 2,067 624 October 514 579 L,330 177 1,555 1,910 778 6,204 4.140 2,063 638 No vem ber 517 562 901 108 .033 .935 787 6.189 4,118 2.071 654 December 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 Assets Liabilities Canada Security Deposits payable in Canada E (1 n 0 d c o h f a m rte o r n e t d h b f a ig n u k r s e . s Entirely in Canada a l b o r a o n a s d Other Note excluding interbank deposits lia O b t i h li e ti r es Ca i n n a m di i a l n li o d n o s l o la f rs) Cash Security Other d a u n e d fr n o e m t Securities assets cir ti c o u n la- ca a p n i d tal reserves loans l d o i a sc n o s u a n n t d s f b o a re n i k g s n Total Demand Time 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1.386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 ,874 1,159 18 6,412 2,671 3,740 L.544 194g—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December. 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—January 774 118 2,795 175 4,248 1,270 7,748 3,171 4,577 1,631 F M e a b r r c u h ary 7 75 7 3 0 1 9 0 4 9 2 3 , , 8 0 7 0 2 8 1 1 7 7 6 8 4, , 0 9 9 8 3 6 1 1 , , 3 2 3 6 4 6 (8) 7 7 , , 6 6 7 2 5 4 3 3, , 0 0 1 5 0 7 4 4 , , 6 6 1 1 8 4 1 1, , 6 6 6 7 0 8 April 774 87 3,046 160 •a,924 1,413 7,684 3,086 4,598 1,720 May 760 92 3,066 188 ,886 1,379 (*) 7,686 3,097 4,589 1,684 June 781 82 3,061 206 ,838 1,288 (*) 7,591 3,032 4,559 1,664 July 798 84 3,043 209 •a,840 1,349 (8) 7,658 3,078 4,580 1,665 August 784 90 3,073 260 ,832 1,339 00 7,667 3,084 4,583 1,710 September 788 107 3,045 217 ,876 1,242 (8) 7,637 3 042 4 595 I 639 October 835 111 3,034 182 ,876 1,403 (3) 7,752 3,177 4,575 1,688 November 843 96 3,123 166 3,894 1,423 (») 7,829 3.213 4,616 .715 December 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 1,714 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1945—December...... 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December .... 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3 457 25 175 8 916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December . . 40,937 42,311 426.69C 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—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 41,435 60,293 477,766 154,660 33,367 720 710 701,935 18,775 27 252 19 560 IVtarch 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 62,305 522,65/r 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 November 47,980 81,460 506,061 179,933 61,658 793 078 768,657 24,422 35,372 48,641 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}4 per cent through Oct. 20, 1945, and at % per cent thereafter, s 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. 332 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) Aus- (franc) (cruzeiro) British (dollar) Year or month tralia M s a i l a a 1 y- 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 (dollar) 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 '1.9622 5 4406 32.849 94 939 1951—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 L.9833 1.9501 5.4406 32.850 93.998 Tune . 20 000 13 333 7 071 223 16 I 9845 1 9568 5 4406 32.850 93.484 July. 20 000 13 333 7 159 223 13 L.9864 1 9788 5.4406 32.850 94.252 August 20 000 13 333 7 103 223 01 1.9890 1.9876 5.4406 32.850 94.700 September 20 000 13 333 6 952 223 01 L 9866 2 1 9876 5.4406 32.850 94.706 October 20 000 13 333 6 974 223 06 I 9838 5 4406 32 850 95 112 November 20 000 13 333 6 937 223 15 I 9838 5 4406 32.850 95 820 December 20.000 13.333 6.986 222.61 I.9838 5.4406 32.830 97.410 1952—Tanuary 20 000 13 333 6 979 221 92 I 9838 5.4406 32.691 99.490 February 20.000 13.333 7.115 222.00 L.9838 5.4406 32.662 99.869 France Year or month Ceylon C sl z o e v c a h k o ia - m De a n rk - Finland (franc) G (d e e r u m ts a ch n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946.. . . 2 0060 20 876 .8109 30.155 20.581 37.813 1947 2.0060 20.864 .8407 30.164 20.577 37.760 1948 2 0060 20 857 .4929 .3240 30.169 18.860 37.668 1949 . 27 839 2 0060 19 117 4671 3017 27.706 12 620 34 528 1950 20 8S0 2 0060 14 494 2858 23.838 20.870 11.570 26.252 1951 20 849 82 0060 14 491 < 4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—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 20 850 2.0060 14 493 .2856 23.838 20.870 11.561 26.243 Tune 20 850 2 0060 14 484 .2855 23.838 20 870 11.561 26.279 July . 20 850 2 0060 14 484 .2856 23.838 20.870 11.561 26.286 August 20 850 2.0060 14 492 .2856 23.838 20.870 11.568 26.280 September 20 850 2 0060 14 492 2856 23 838 20 870 11.571 26.278 October 20 850 82 0060 14 492 * 4354 .2855 23.838 20.870 4 280.38 11.563 26.267 November 20 850 14 492 .4354 .2856 23.838 20.870 280.38 11.569 26.270 December ... 20 840 14 492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 1952—Tanuary 20.799 14.492 .4354 .2856 23.838 20.819 280.38 11.562 26.320 February 20.818 14.492 .4354 .2854 23.838 20.839 280.38 11.561 26.329 Year or month Z (p e N o a e u l w a 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 l n 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 o en n e- a) e S (f r w r l a a i n t n c z d ) - U ( K p d n o i o i u n m t n g e d - d ) Ur (p u e g s u o) ay 1946 322 63 20 176 4 0501 400 50 25 859 23 363 403.28 65.830 56.280 1947.... 322 29 20 160 4 0273 400 74 27.824 23.363 402.86 65.830 56.239 1948 350 48 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277 28 14 015 49 621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49 639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—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—Tanuary . 275 39 14 015 49 655 3 4874 276.95 19.327 22.880 278.15 65.833 56.180 42.553 February 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 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. 3 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. MARCH 1952 333 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 (1 U S 9 1 4 n t 0 a 7 i 0 t t - e ) 4 e i s d 9 = ( C 1 • a 9 = n 3 1 5 a 0 - 0 d 3 ) a 9 M (19 1 e 3 0 x 9 0 i ) co - K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 9 1 a 4 0 9 n 0 c ) e - (1 I 9 1 t 3 0 a 8 0 ly ) - ( a 1 J v 9 a - e 3 = p r 4 1 a a - ) g n 3 e 6 N (1 l e 9 1 a t 4 0 n h 0 8 d e ) s = r- S (1 w 9 1 3 e 0 5 d 0 ) e » n (A Sw u = la g i 1 . t n z 0 1 d e 0 9 r ) 3 - 9 1926 65 130 124 126 135 1941 57 116 110 153 9 136 2 172 171 1942 64 123 121 159 10 153 2 189 195 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,170 209 104 216 206 1950 103 211 311 262 108 4.905 246 117 227 203 1951 240 386 ?320 P138 P5.581 143 *299 227 1951—January 115 232 344 300 123 5,652 296 136 266 226 117 239 359 306 130 5,738 316 139 275 230 March 117 242 375 314 134 5,724 334 144 287 231 April 116 242 385 319 140 5,697 350 145 297 231 May 116 242 394 330 141 5,677 349 146 302 231 115 243 400 321 138 5,595 344 145 305 228 July 114 244 396 320 135 5,557 340 142 305 224 August 114 242 388 324 134 5,526 348 142 304 222 September 113 240 393 325 138 5,438 353 142 304 223 October 114 240 395 329 146 5,451 358 143 306 227 November 114 239 403 329 151 P5.462 P358 144 P317 226 December 114 238 402 P330 P152 *>5,455 145 P318 228 1952—January 113 237 402 *153 P227 P Preliminary. 1 Revised series; for other figures see pp. 311-313. Sources.—See BULLETIN for January 1952, p. 1C8; August 1951, p. 1C46; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100)1 (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pr f o o c o e d s s sed co O i m t t i m h es e o r d- pr F o a d r u m cts R fa m p g a c a w o a t r o u n t d r a l u y e s n - d d F f u a c m g l c h l o a y t ie o u n f d r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u r u a s c w - ts p f I i r n n o tr i d d s i u h a u l e s c - d ts 1926 n.a. n.a. 72 144 129 133 1941 n.a. n.a. 64 107 114 119 146 156 1942 . . n a n a 68 127 123 124 158 160 1943 n.a. n.a. 69 145 131 127 160 164 1944 n.a. n a 70 155 134 129 158 170 1945 n a n a 71 165 136 130 158 175 1946 n.a. n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128- 116 1951 262 238 242 247 122 171 143 1951—January 112 110 117 251 231 234 228 345 120 158 135 February 117 113 117 263 237 240 227 356 119 165 139 March 118 112 117 273 239 244 226 370 122 170 145 April 118 112 117 265 239 245 236 370 120 174 146 May 116 112 117 265 239 244 242 P368 123 176 147 June 114 111 116 273 243 244 247 *»367 123 173 145 July 111 111 116 277 243 247 252 »361 118 170 144 August 110 111 115 256 237 245 258 P363 119 172 143 September 110 111 115 254 236 244 261 P363 121 171 142 October 112 112 115 253 236 243 263 P367 122 174 142 November , 112 111 115 258 237 241 263 124 177 142 December 111 111 115 260 236 240 266 129 174 141 1952—January 110 111 114 257 233 240 P Preliminary. n.a. Not available. 1 Revised series; for monthly figures beginning 1947, see pp. 311-313. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 0 t e e 0 -3 s d ) 9 1 (1 C = 9 a 3 a 1 d n 5 0 a - - 0 3 ) 9 1 K ( 7 d J , i o u 1 n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N (1 la e 9 1 4 t n 0 9 h 0 d e ) s = r- 1 ( l 9 A a e 3 u 9 r n g - d . = Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i 5 t 0 t e 0 e -3 s ) d 9 1 (1 C = 9 a 3 a 1 d 5 n 0 a - 0 - 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N (1 l e a 9 1 4 t n 0 9 h 0 d e ) s = r- 1 ( l 9 A a 3 e u n 9 r g d - . - = 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 1950 205 211 123 111 111 176 1950 172 167 114 111 109 159 1951. ... ... 227 241 136 128 P121 181 1951 186 185 125 130 120 167 1951-January... 222 220 127 120 113 179 1951-January... 182 173 117 119 113 162 February.. 226 224 127 121 112 178 February.. 184 175 118 121 115 163 March 226 234 128 123 113 178 March.... 185 180 119 124 117 163 April 226 238 131 125 122 178 April 185 182 121 126 122 165 May 227 235 135 129 124 179 May 185 182 124 129 122 166 June .... 227 240 136 127 123 180 June 185 184 125 129 121 166 July 228 250 140 127 127 181 July .. . 186 188 126 130 122 167 August.... 227 251 140 127 124 182 August 186 189 127 131 121 168 September. 227 251 141 129 124 183 September. 187 190 128 133 121 169 October... 229 250 143 132 125 184 October. .. 187 190 129 136 121 170 November. 231 250 144 137 123 184 November. 189 191 129 140 120 171 December. 232 249 145 139 P122 184 December. 189 191 130 143 119 171 1952-January... 232 250 P142 n83 1952-January... 189 192 P132 P146 P171 P Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision oo:f series and weights. Sources.—See BULLETIN for January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month g U S r ( t n a h a d i ig t t e e e h ) s d 1 ( C 1 = 9 a 3 n 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 e g i = m d t 1 e o b 0 d m e 0 r ) F (19 r 1 4 a 0 9 0 n ) c = e N l e a t n h d e s r- ( U 1 S = 9 t n 3 a 1 i 5 0 t t e - e 0 3 d s ) 9 ( C 1 = a 9 3 n 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = 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 123.4 117.2 132.1 131.5 169.6 139.9 115.7 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 1U262 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 11,030 217 1951 117.7 95.7 '117.6 101.4 87.0 176.5 168.3 97.1 1L.259 215 1951—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 L ,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 1,172 215 116.6 95.0 117.5 100.6 87.6 171.7 160.7 99.4 L.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 89.3 110.9 103.7 78.3 182.5 177.3 94.9 1,465 206 1952—January 115.5 88.2 110.4 80.0 187.1 181.7 95.0 p]L,624 204 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. MARCH 1952 335 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 OLIVER S. POWELL R. M. EVANS A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON 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 ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel 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 ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS 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 N. BAXTER JACKSON, NEW YORK DISTRICT MALCOLM BRYAN OLIVER S. POWELL GEOFFREY S. SMITH, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON R. M. EVANS M. S. SZYMCZAK GEORGE GUND, CLEVELAND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT A. L. MILLS, JR. C. S. YOUNG Vice President PAUL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President WOODLIEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT GEORGE W. MITCHELL, Associate Economist EARLE L. RAUBER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT O. P. WHEELER, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT CHAS. W. WILLIAMS, Associate Economist JOHN H. WILLIAMS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman * President Bank of Deputy Chairman First Vice President Vice rresiuenis 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 William F. Treiber H. H. Kimball Robert G. Rouse L. W. Knoke I. B. Smith Walter S. Logan V. Willis A. Phelan R. B. Wiltse J. H. Wurts Philadelphia.... Warren F. Whittier Alfred H. Williams Karl R. Bopp Wm. G. McCreedy C. Canby Balderston W. J. Davis Robert N. Hilkert P. M. Poorman E. C. Hill J. V. Vergari4 Richard G. Wilgus 2 Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson D. F. Hagner Edw. A. Wavne 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 John L. Liles, Jr. 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 St. Louis Russell L. Dearmont Delos C. Johns FrederickL. Demingr Paul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis C. M. Stewart Wm. E. Peterson H. H. Weigel C. A. Schacht J. C. Wotawa Minneapolis.... Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell 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 Clarence W. Tow R. L. Mathes D. W. Woolley John Phillips, Jr. Dallas J. R. Parten R. R. Gilbert E. B. Austin Watrous H. Irons R. B. Anderson W. D. Gentry R. B. Coleman L. G. Pondrom J. L. Cook 3 C. M. Rowland W. E. Eagle Mac C. Smyth W. H. Holloway San Francisco... Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade William R. Wallace, Jr. H. N. Mangels S. A. MacEachron Ronald T. Symms 8 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch VicePresidents New York Buffalo I. B. Smith Minneapolis.... Helena C. W.Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City Denver G. H. Pipkin Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. MARCH 1952 337 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 BANKING AND MONETARY STATISTICS. Statistics of the Division of Administrative Services, Board of banking, monetary, and other financial develop- Governors of the Federal Reserve System, Wash- ments. November 1943. 979 pages. $1.50 per ington 25, D. C. Remittance should be made copy. No charge for available individual sections payable to the order of the Board of Governors (unbound). of the Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE— FEDERAL RESERVE BULLETIN. Issued monthly. Sub- Board of Governors of the Federal Reserve Sysscription price in the United States and its pos- tem (With Amendments). September 1946. 31 sessions, Bolivia, Canada, Chile, Colombia, Costa pages. Rica, Cuba, Dominican Republic, Ecuador, THE FEDERAL RESERVE ACT, as amended to Novem- Guatemala, Haiti, Republic of Honduras, Mexico, ber 1, 1946, with an Appendix containing pro- Nicaragua, Panama, Paraguay, Peru, El Salvador, visions of certain other statutes affecting the Uruguay, and Venezuela is $2.00 per annum or Federal Reserve System. 372 pages. 50 cents per 20 cents per copy; elsewhere $2.60 per annum or paper-bound copy; $1.00 per cloth-bound copy. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one ad- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND dress, 15 cents per copy per month, or $1.50 for FUNCTIONS. November 1947; reprinted April 12 months. 1951. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 or more copies for single ship- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ment, 50 cents each. Paper-bound copies avail- RATES, AND BUSINESS. Issued monthly. $6.00 able without charge. per annum including historical supplement listed below, or 60 cents per copy. In quantities DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND of 10 or more copies of a particular issue for STANDARD METROPOLITAN AREAS, as of Decemsingle shipment, 50 cents each. (Domestic rates) ber 30, 1950. July 1951. 125 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE A STATISTICAL STUDY OF REGULATION V LOANS. CHARTS ON BANK CREDIT, MONEY RATES, AND September 1950. 74 pages. 25 cents per copy; BUSINESS. 113 charts. April 1951 edition. in quantities of 10 or more copies for single ship- Annual subscription to monthly chart book in- ment, 15 cents each. cludes supplement; single copies, 60 cents each. COMPILATION OF FEDERAL AND STATE LAWS RELAT- In quantities of 10 or more copies for single ship- ING TO BRANCH BANKING IN THE UNITED STATES. ment, 50 cents each. (Domestic rates) (July 1, 1951). December 1951. 33 pages. BANKING STUDIES. Comprising 17 papers on bank- THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS ing and monetary subjects by members of the AND THEIR USE IN ECONOMIC ANALYSIS. Janu- Board's staff. August 1941; reprinted March ary 1952. 175 pages. 25 cents per copy; in 1949. 496 pages. Paper cover. $1.00 per copy; quantities of 10 or more copies for single shipin quantities of 10 or more copies for single ship- ment, 15 cents each. ment, 75 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1606-09 of the December 1951 with amendments. BULLETIN. 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. (From Federal Reserve Bulletin unless preceded by an asterisk) April 1951. 14 pages. THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS LARS IN 1950. March 1951. 10 pages. AND BUSINESSES. July 1951. 2 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING 1951 SURVEY OF CONSUMER FINANCES—SELECTED PRELIMINARY RESULTS. April 1951. 4 pages. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- LATION. July 1951. 23 pages. PART I. THE ECONOMIC OUTLOOK AND LIQUID ASSET POSITION OF CONSUMERS. June 1951. 18 SAVING IN THE DEFENSE ECONOMY. September pages. PART II. PURCHASES OF HOUSES AND 1951. 5 pages. DURABLE GOODS IN 1949 AND BUYING PLANS THE BALANCE SHEET AND CURRENT TRENDS OF FOR 1951, July 1951. 18 pages. PART III. AGRICULTURE, 1951. September 1951. 14 pages. DISTRIBUTION OF CONSUMER INCOME IN 1950. THE CURRENT POSITION OF AGRICULTURE, by Philip August 195 L 18 pages. PART IV. DISTRIBU- T. Allen. September 1951. 11 pages. TION OF CONSUMER SAVING IN 1950. September NEW INDEX OF OUTPUT OF MAJOR CONSUMER 1951. 18 pages. PART V. DISTRIBUTION OF DURABLE GOODS. October 1951. 6 pages. DEBT AND SELECTED NONLIQUID ASSETS OF CON- SUMER SPEXNTDING UNITS. December 1951. 11 CREDIT AND SALES REPORTED BY REGULATION W pages, (Also, similar survey for 1946 from REGISTRANTS. October 1951. 12 pages. June-September 1946 BULLETINS, 28 pages; VOLUNTARY ACTION TO HELP CURB INFLATION. for 1947 from June-August and October 1947 November 1951. 9 pages. BULLETINS, 48 pages; for 1948 from June-September and November 1948 BULLETINS, 70 REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS BY DISTRICTS. December 1951. 53 pages. pages; for 3949 from June-November 1949 and ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. January 1950 BULLETINS, 124 pages; for 1950 January 1952. 11 pages. from April and June-December 1950 BULLETINS, 106 pages, which includes THE METHODS OF THE THE SECOND ARMAMENT BUDGET. February 1952. 9 pages. SURVEY OF CONSUMER FINANCES.) MONEY AND CREDIT IN 1951. February 1952. 9 * THE TREASURY—CENTRAL BANK RELATIONSHIP IN pages. FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. March 1952. 10 pages. # PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. RECENT CHANGES IN GERMANY'S FOREIGN TRADE As amended to April 20, 1951. 4 pages. BALANCE. March 1952. 7 pages. MARCH 1952 339 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 I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES 3 S 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis