Federal Reserve Bulletin, 1952-04

F E D E R AL E S E R VE BU IN 7* r APRIL 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 Consumer Plans for Spending and Saving. . 341-346 Statement by Chairman of the Board of Governors before Subcommittee on General Credit Control and Debt Management. . 347-350 Banking in the Soviet Union. . 351-358 Revised Weekly Index of Department Store Sales. . 359-362 Voluntary Credit Restraint Releases. . 363-365 Current Events and Announcements. 365-366 Law Department . 367-398 National Summary of Business Conditions. . 399-400 Financial, Industrial, Commercial Statistics, U. S. (See p. 401 for list of tables). 401-450 International Financial Statistics (See p. 451 for list of tables). . 451-469 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . . . * . 470 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 471 Federal Reserve Board Publications 472-473 Map of Federal Reserve Districts. 474 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 April 1952 NUMBER 4 CONSUMER PLANS FOR SPENDING AND SAVING Shifts in consumer spending and saving sumer purchases of durable goods and are important influences upon economic houses. activity. Waves of consumer buying in the Preliminary results of the seventh annual third quarter of 1950 and again in early 1951 Survey of Consumer Finances based on incontributed substantially to inflationary pres- terviews with a cross-section of American sures. Subsequently in 1951 curtailed ex- consumers in January and February of this penditures for durable goods, together with year indicate that consumers in 1952 are a sharp increase in consumer saving and likely to be moderate in their purchases of the accumulation of a large part of these durable goods and to save about as large a savings in liquid form, were important portion of their incomes as they did in factors in the relative economic stability the last three quarters of 1951. The investwhich characterized the remainder of the ment of saving in houses may continue as year. In the coming year consumer actions large as in 1951. may be critical in determining whether potential inflationary pressures remain rela- GROWTH IN CONSUMER INCOME tively dormant or again become a serious Aggregate personal income, as estimated threat to stability. by the Department of Commerce, expanded Information on the plans and attitudes of sharply in the last half of 1950 and early a representative national sample of consumer 1951. Income increased moderately in the spending units can be helpful as an indi- last half of 1951 and, for the year as a cator of consumer actions over the near- whole, personal income was nearly 12 per term future. Annual Surveys of Consumer cent above 1950. Finances conducted for the Board of Gover- The increase in personal income in 1951 nors of the Federal Reserve System by the was particularly pronounced in the wage Survey Research Center of the University and salary sector. Income of farm operators of Michigan gather information on buying in 1951 was also substantially above 1950, plans, attitudes as to whether the present largely as the result of higher prices for is a good or bad time to buy, expectations farm products. Income of nonfarm business concerning supplies, prices, and incomes, proprietors was only moderately above that investment preferences, and the financial po- of 1950. Dividend and interest receipts also sition of consumers. These Surveys are still increased moderately. These income devellargely experimental, but over the past six opments are reflected in the Consumer Fiyears Survey findings have provided help- nances Survey finding of an increase in ful clues to prospective tendencies in con- the proportion of spending units having APRIL 1952 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER PLANS FOR SPENDING AND SAVING annual money incomes of $4,000 or more. the accompanying chart. Consumer de- Average annual income data for the whole mand moderated in the face of continued population do not, of course, furnish a growth in personal incomes, with the recurrent picture applicable to all groups in sult that consumer spending absorbed a the population. Over two-fifths of the non- smaller proportion of disposable personal farm spending units, according to the Con- income (income after taxes) in the last sumer Finances Survey, were making more three quarters of 1951 than at any other money at the beginning of 1952 than a year time in the postwar period. earlier. About one-third were making about The decline in consumer spending was the same. These proportions are roughly particularly concentrated in durable goods, similar to those obtained in the Survey conreflecting in part a reaction from large purducted in early 1951. Chiefly because of chases in earlier postwar years as well as from the increase in taxes and prices, however, the accelerated rate of purchase of automothe number of people who believed that they biles and other durables following the Kowere worse off financially in early 1952 than rean outbreak. By early 1951 consumers a year earlier was slightly larger than the were unusually well stocked with durable number who believed they were better off. goods. The total number of automobiles in active service early in 1951 was half again as DECLINE IN CONSUMER SPENDING large as in 1939 or in 1945; consumer stocks Consumer expenditures for goods and of major household appliances had increased services fell off sharply in the second quarter even more rapidly. The tightening of terms of 1951 and continued at a lower level durof instalment credit through readoption of ing the remainder of the year, as shown in Regulation W in the latter part of 1950 also PERSONAL INCOME, CONSUMPTION, AND SAVING contributed to the curtailment of consumer Annual Rates Annual Rates demand for durable goods. Billions of Dollars Quarterly 8illions of Dollars The purchase of new housing, which is 260 260 regarded as an investment rather than a con- - sumption expenditure, also declined appreci- 240 240 ably in 1951 from the extraordinary level reached in the second half of 1950. This PERSONAL INCOME / decline reflected in part a reaction from the 220 220 post-Korean buying wave and in part the rr - prior satisfaction of much of the wartime 200 200 DISPOSABLE INCOME backlog of housing needs. Another impor- After Taxes % tant factor was the tightening of mortgage credit brought about by general credit meas- ~~~~ CONSUMPTION EXPENDITURES ures and by specific restraints on mortgage 1 terms under Regulation X and related FHA r,r.r and VA regulations. NET PERSONAL SAVING /\ INCREASE IN CONSUMER SAVING 1948 1949 1950 1951 In the last three quarters of 1951 per- Department of Commerce quarterly estimates, adjusted for seasonal variation. sonal saving, as measured by the excess of 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER PLANS FOR SPENDING AND SAVING disposable income over personal consump- ment in housing and noncorporate business, tion expenditures, amounted to more than slackened, although the amounts going into 9 per cent of disposable income. This was these forms continued at a high level relative a sharp rise from the earlier part of the to earlier years. Consumer indebtedness, postwar period. which is an offset to saving, increased Much of the growth of saving was in such much less than in 1950, reflecting increased forms as time deposits, shares in savings and repayments of debt accompanying continued loan associations, and insurance and pension expansion of borrowing. reserves. The accompanying table shows the Altogether, consumers made a substantial increase after the first quarter of 1951 in addition to their holdings of liquid assets the volume of saving going into time de- during 1951, probably equal to between 3 posits of commercial and mutual savings and 5 per cent of their holdings at the beginbanks and savings and loans shares. Indi- ning of the year. Not all spending units, however, shared in the increase in liquid SAVING IN SELECTED FORMS asset holding; about 3 in 10 indicated that [Changes in amount outstanding, in millions of dollars] they had no liquid assets in early 1952. Time deposits Total of Savings This was a slightly larger proportion than Period in s a v v se i l n e g ct s ed Com- Mutual l a o n a d n a year earlier. forms mercial savings shares banks banks CONSUMER BUYING PLANS FOR 1952 1950 +2,392 + 168 +737 +1,487 1951P +4,278 +1,286 +891 +2,101 Consumer behavior in spending and sav- 1950—1st Q +1,228 +354 +427 +447 ing has changed quite sharply in the past 2ndQ +933 +219 +223 +491 3rd O -546 -519 -23 -4 and may be expected to do so in the future. 4th Q +777 +114 + 110 +553 Information obtained through the Surveys 1951—1st Q +286 -114 +91 +309 2nd Q + 1,490 +581 +282 +627 of Consumer Finances as to consumer spend- 3rd Q.P.... + 1,044 +419 +218 +407 4th Q.P.... +1,458 +400 +300 +758 ing and saving plans, economic attitudes, P Preliminary. and financial situations has been found to be Source.—Federal Reserve BULLETIN and Home Loan Bank Board. useful in estimating how consumers will act viduals also purchased a large volume of se- in the future. This information, however, curities, representing equity or indebtedness is merely one guide to possible consumer of business corporations or obligations of action; it is not a forecast of what people State and local governments, and expanded will do. Plans may be changed to a sigfurther their holdings of currency and de- nificant extent because of important demand deposits. Preliminary results of the velopments that were not foreseen by con- System's annual Survey of Ownership of sumers at the time they were interviewed. Demand Deposits of Individuals, Partner- Past observations, however, suggest that, in ships, and Corporations indicate that indi- the absence of major unanticipated developviduals increased their holdings of such de- ments, spending patterns over the shortposits over the year ending January 31, 1952, run are likely to follow the indications given by roughly 6 per cent, or at about the same by reported buying plans. rate as the growth in total demand deposits. Major household goods. Consumer plans On the other hand, growth in other forms to purchase major household goods in 1952 of individual saving, for example, invest- appear to be somewhat less frequent than 343 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER PLANS FOR SPENDING AND SAVING those expressed for 1951 in the Survey a because of present price levels. Higher year ago. The indicated volume of planned income taxes, especially for the income purchases appears to be within the produc- groups that buy new cars most frequently tion limit permitted by the supply of ma- may also affect buying intentions. terials. While the preliminary Survey data Houses. The number of consumers exregarding specific goods should be inter- pressing fairly definite intentions to buy preted with particular caution, the find- houses (new and existing) in the coming ings are that intentions to buy refrigerators, year was about the same as a year earlier. console radios, and washing machines have There was, however, some decline in the fallen off somewhat more than planned pur- number of people tentatively considering chases for the group of major household such purchases. Buying plans suggest that goods as a whole. Demand for television the number of new houses that will be pursets appears to be close to the 1951 level. chased in 1952 is about the same, or slightly Prospective purchases of refrigerators in less, than last year, provided that material, price, quality, and credit factors do not 1952 were concentrated in the first half of the change significantly. There is some eviyear, while a more even distribution of teledence that the middle income groups vision purchases over the year was indicated. ($3,000-$7,500) constitute a larger proportion In 1951, plans to buy and actual purchases of the new house market in 1952 than they of television sets and refrigerators were condid in 1951. Intentions to buy existing houses centrated in the first six months. continue at about the same high level as Automobiles. Somewhat fewer consumin 1951. Altogether, the findings with reers planned to buy new cars in 1952 than spect to house purchase plans in 1952 point expressed similar plans at the beginning of to continued strength of demand in the 1951. Plans to buy used cars were at least housing market. as numerous as a year ago. Consumer intentions at the beginning of 1951 indicated Some further light is thrown on future prospects in the housing market by reports a softening of the market for new cars, on buying plans for 1953. These plans for which did occur, although the sharp falling transactions 12 to 24 months in the future, off in the frequency of intentions to buy however, are necessarily more tentative than overstated the extent of the decline. It would those for the coming 12 months. The numagain appear that the number of consumers ber thinking, in early 1952, that they might with plans to purchase new cars in 1952 purchase a new house in 1953 is at least as is, as in 1951, substantially less than the numlarge as the number with such plans for ber of new cars that will probably be pur- 1952. chased during the year. ATTITUDES AND EXPECTATIONS Past experience with Survey data suggests that, at prevailing price levels and credit Survey reports of the attitudes and expecterms, demand for new cars in 1952 will tations of consumers provide important supbe no greater than the output that is pos- plementary information for interpreting sible under current and prospective mate- their buying plans. rial limitations. Consumers appear to be Good or bad time to buy. Approximately highly price conscious and to some extent 6 in every 10 consumers with opinions exare limiting or postponing car purchases pressed the view that the current year is a 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER PLANS FOR SPENDING AND SAVING bad time to make large purchases such as cated that their buying plans were affected automobiles or refrigerators. Less than 3 by fear of shortages. in 10 consumers believed the present to be Consumer expectations of price and ina good time to buy, while the remainder come changes. At the beginning of 1952 were undecided. The significance of these about 6 in every 10 consumer spending units attitudes is indicated by the fact that con- felt that prices of the things they buy would sumers who in early 1952 considered the rise during the coming year. It is highly present a poor time to buy generally had significant that, despite this belief, relaplans to buy durable goods during the year tively few people (less than 1 in 10) conat only half the rate found for those con- sider the present a good time to buy before sumers who felt the present a good time to prices go higher. The general opinion that buy. As compared with early 1951, the prices would rise was similar to that in early number viewing the present as a poor time 1951, although somewhat fewer had this to buy had increased, and the number con- opinion than was the case a year earlier. sidering it a good time had fallen. This Belief that prices would remain at current shift in consumer attitudes is consistent with levels was held somewhat more widely than the declining rate of durable goods purchases in early 1951, by 3 as compared with 2 in during 1951 and the moderation of buying every 10 consumers. A very small number intentions for 1952. continued to believe that prices would fall in Many factors help to determine consum- the ensuing 12 months. ers' attitudes as to the wisdom of buying Increases in income during 1952 were exat this time. The Survey obtained sug- pected with considerably greater frequency gestive, although incomplete, information than declines (4 compared with 1 in every concerning some of these factors. At the 10 spending units). The ratios were apbeginning of 1952, as a year earlier, high proximately the same as a year earlier. In prices were the chief reason advanced for both years the number of people anticipatthe belief that the present is a bad time to ing price rises was considerably larger than purchase. For some, this reflected a feeling the number expecting increases in income, that prices were too high in relation to what although the differential was somewhat less is considered a proper price level. For oth- this year. Approximately one-third of the ers, this view appeared to reflect a belief spending units did not expect their incomes that prices would decline at some time in the to keep pace with prices during the year. future, and for still others it may have been an indirect way of saying that prices are PREFERENCES IN INVESTING SAVINGS out of line with incomes. Direct indica- Consumer attitudes toward different types tions that people could not afford to make of investment and investment plans for the purchases were more frequently expressed coming year are also available from the early this year than a year ago. The decline Survey. Consumers with incomes of $3,000 in the past year in the number of con- or more were asked to state their preference sumers who considered the present a good for various forms of investment. time to buy was apparently related to Some change occurred in consumer attilessened fear of shortages of goods as well tudes toward specific assets, but the rapid as of price increases. Very few people indi- growth in popularity of assets of fluctuating APRIL 1952 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER PLANS FOR SPENDING AND SAVING value—real estate and common stock—that safety, and interest return, while the reasons took place in 1949 and 1950 did not continue for common stock preference were high in 1951. United States savings bonds con- income return and protection against intinued to be the most popular type of in- flation. There was little change during 1951 vestment in early 1952, being preferred by in the proportion (nearly 2 in 10) giving nearly half of all people questioned on this real estate other than a home as a first choice point. The proportion of consumers pre- for investment. ferring these bonds declined somewhat further, however, continuing a gradual shift SUMMARY COMMENT that has been under way since 1949. The The information on consumer plans, attichief reasons given in favor of savings bonds tudes, and financial positions provided by were safety, interest return, and patriotic the Survey of Consumer Finances is helpmotives. ful in assessing current and prospective de- Last year's Survey showed that approxivelopments in 1952 in a major sector of the mately half of the people reporting plans economy. Such information, however, should concerning savings bonds maturing within not be considered as conclusive evidence of the following two years planned to retain what consumers will do. Changes in the the funds in savings bonds. This year's international situation or in the level of busi- Survey showed some increase in the proporness or governmental expenditures may tion of holders with such intentions for affect substantially incomes, prices, availbonds maturing in 1952 and 1953. ability of consumer goods, and, accordingly, The slight decline in popularity of savings the climate of consumer attitudes and plans. bonds from early 1951 to early 1952 was as- It is relevant, nevertheless, to know that in sociated with slight increases in the proporthe economic climate of early 1952 consumtions of consumers favoring bank deposits ers were planning, as in early 1951, to purand common stock. This shift in investchase durable goods in moderate volume ment preferences was apparent particularly in relation to income. Such a volume of among consumers with incomes of $5,000 or purchases would be consistent with a conmore. This group, while not large in number, accounts for a large proportion of the tinued high level of consumer saving which, aggregate saving and wealth of consumers. if channeled into investment in Government The chief reasons that consumers gave for securities, might provide a significant antipreferring bank deposits were liquidity, inflationary force. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMAN OF THE BOARD OF S OF THE FEDERAL RESERVE SYSTEM1 In coming before you today I should like to changes brought about by military and security express what I know has been in the minds of needs, monetary policy by itself cannot maintain all of us in the Federal Reserve System in prepar- economic stability and preserve unchanged the puring the answers to your questionnaire. We have chasing power of the dollar. Even aside from these welcomed this opportunity to put down on paper disturbances, it is probably fair to say that moneour concepts of what our function is in the govern- tary policy has not always been as timely or as mental structure and in the economy. You gave effective as it could have been. us a heavy load of homework and we have all Your first concern, I take it, is to look at the profited by it. I know that for me it has been record of the past principally for the light it can more than a refresher course—it has been a liberal throw on the road ahead. We are trying to look education in what I prefer to call reserve banking, forward, as you are. In his first inaugural address rather than central banking operations. The task as President, Woodrow Wilson included a stateof preparing answers to the comprehensive and ment, part of which is inscribed in the foyer of searching questions has been formidable and I will the Federal Reserve Building: not pretend that I approached it without some re- We shall deal with our economic system luctance. Now that the task is done and the as it is and as it may be modified, not as it results are published I realize how worthwhile might be if we had a clean sheet of paper to has been the time and effort expended not only write upon; and step by step we shall make it by those of us in the System but by the many what it should be, in the spirit of those who others to whom you addressed questionnaires. question their own wisdom and seek counsel Irrespective of the conclusions you may reach as and knowledge, not shallow self-satisfaction a Committee, you have assembled a body of inor the excitement of excursions whither they formation that I think will prove to be invaluable cannot tell. for a long time to all who are interested in the special problems of general credit control and debt I am sure it is the purpose of this inquiry, as it is management. of all of us, to appraise judicially this reserve bank- Beyond that, however, we have all genuinely ing mechanism and to do whatever appears wise welcomed this inquiry. The Federal Reserve Sys- so that it may render the best possible public service. tem is a servant of the Congress and, through you, The Federal Reserve System and the Federal of the people of the United States. You created Reserve Banks sometimes are referred to as bankit, you can abolish or change it. Our task is to ers' banks, but that describes only a part of their carry out your will and it is our duty to lay before functions. The various services which the Reyou all the facts at our command for which you serve Banks perform for the banking community, ask and to give you our best judgment on these such as supplying currency, transferring funds, important matters. and collecting checks, have proved to be an essen- We are glad of the opportunity to make any tial element in keeping the mechanics of moderncontribution we can to the improvement of this day commercial banking in step with the financial reserve banking mechanism. Like all human insti- needs of a growing and changing private entertutions, it is not perfect or infallible. In the nearly prise economy. The overriding purpose of this four decades of its existence, the System has un- Reserve System is to serve the interests of the gendoubtedly made mistakes. It has also learned from eral public in business, industry, labor, agriculture, experience. One of the fundamental purposes of and all walks of life. As I understand the intent the Federal Reserve Act is to protect the value of of this inquiry and of these hearings, it is to exthe dollar. Yet that value today in terms of pur- plore how that interest of the public can best be chasing power is less than half of what it was served in the area of general credit control and when the System was founded. In this span of 1 Statement of Wm. McC. Martin, Jr., Chairman, Board years the country has engaged in two world wars of Governors of the Federal Reserve System, before the and is now in the throes of what might be called Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, an undeclared war. With the vast economic Mar. 11, 1952. APRIL 1952 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS debt management on which the activities of the The System is a unique concept, an ingenious Federal Reserve System have so important a bear- merging of public and private interests in a charing. The approach to this broad subject by the acteristically democratic institution. The doctrine members of this Committee and of the Banking of the separation of powers, as Mr. Justice Brandeis and Currency Committees and those of us to whom once pointed out, was adopted "not to promote you entrust the duty of carrying out your wishes efficiency but to preclude the exercise of arbitrary must be in the spirit to which Wilson referred. power." The purpose was "not to avoid friction, We must always question our own wisdom and but by means of the inevitable friction incident to seek counsel and knowledge. the distribution of the Government powers among Considering that money is one of the most con- three departments, to save the people from autoctroversial of all subjects, it is rather remarkable racy." Doubtless this reserve banking mechanism that the replies elicited by your questionnaire re- could be more efficiently devised or differently veal so little fundamental divergence. Honest judg- organized in the governmental structure but it ments may differ as to whether the Reserve Sys- would be at the cost, I think, of something far tem, for example, has done its job well or poorly. more important. In any case, such an institution There are bound to be differences of opinion con- will in the last analysis render good or bad public cerning the structure and internal operations of service depending upon the abilities of the human the System but essentially I find very little differbeings engaged in its operation rather than upon ence in all the replies on fundamentals. There its organizational form and structure. And by the is a general recognition of the need for a mechasame token, the resolution of difficult problems and nism of this kind to perform substantially the funcof conflicts of opinion must come out of the minds tions and to render the services that this System of men and not from the forms in which they now furnishes. If the Congress were to do away chance to be organized. with the present system some other way would have to be found to perform its function and to I have sought to indicate in a general way the play its role in the economy. attitude with which we have approached this important inquiry into the public's business as dis- Basically, the job of the Federal Reserve System is that of monetary management—to increase charged by the Federal Reserve System. We have the money supply and make it more easily avail- looked at this System, not as if we had a clean able when there is evidence of weakness in the sheet of paper to write upon, but in the light of economy and to reduce the volume of money and the concepts on which it was based and its performmake it less easily available when indications show ance over the years. We have tried to be honest that there is excessive expansion. In other words, with you and ourselves. Certainly we have nothing it is the business of monetary management to con- to withhold or conceal. The record is an open tribute to the broad objectives of steady economic book. progress which is the ultimate goal of all national We have sought to make clear that monetary policy. policy cannot, by itself, achieve stable economic The instruments by which these broad purposes progress but that it is an indispensable means to of monetary management are achieved are dealt that end. It must go hand in hand with fiscal with in detail in the answers to your questionnaire. policy and debt management. How and when and why these instruments have We have tried also to spell out as plainly as we been used is likewise set forth at some length. You can the meaning of the accord which we reached will have to judge how wisely or unwisely they with the Treasury last March, in which you are have been used in the revealing light of hindsight. naturally interested. Its achievement illustrates You will have to judge whether these instruments the point which I mentioned before that the solucan be improved, or others provided. We have tion of difficult problems and the reconciliation of called attention to some of the various problems differing viewpoints depends upon the ability of for which perhaps better answers can be found men to come to a meeting of minds in the best but we are not, as you may have noted, recommend- interest of the public rather than upon the forms ing any broad or sweeping changes. The test that of institutional organization. That accord was I have no doubt you will apply is whether the pub- not a transitory or empty gesture. It is a reality lic interest is well served. I think that, generally under which debt management and monetary speaking, it has been well served by the System. policy are moving together toward the same objec- 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS tives with mutual understanding and meeting of "will be found vastly too complex to permit of minds. facile generalization." May I add that I concur fully in your Chair- I think it may prove useful to the members of man's confident prediction that the fundamental the Committee for me to present a summary which issues with which the Committee is concerned I have prepared of our replies to your questionnaire. SUMMARY OF REPLIES BY THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO THE QUESTIONNAIRE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT This summary presents first the major points of 6) In this process, credit and monetary policy reserve banking philosophy developed in the an- affects, but does not determine, interest rates in swers, second, some of the more important positions the market. Interest rates are prices which perform taken on the issues raised, and, third, several gen- vital economic functions and they should be responeral points as to changes in banking structure and sive to basic supply and demand conditions. In a as to foreign monetary organization and experi- rich, high savings economy with well integrated ence. Each reply submitted undertakes to deal financial markets, significant changes in the availwith the question asked on its own merits and to ability of credit, and hence in the volume of spendprovide a direct, objective, and comprehensive ing, need be accompanied by only small changes answer. in the cost of money. Reserve banking philosophy. The following views 7) On balance the System, through its support are expressed with respect to the role of credit of Government security prices, accentuated postand monetary policy and the organization within war inflationary pressures. the Government for such policy. 8) In early postwar years, the System favored 1) Flexible credit and monetary policy, together and defended a support program as a part of transiwith flexible debt management policy and an ade- tional adjustment and sought other means of requate fiscal program, is essential to economic sta- straining inflationary credit expansion. This policy bility. took account of the need for time to develop a debt management program that would lodge a greater 2) The established relationship of the Federal proportion of the public debt permanently in the Reserve Board of Governors to other branches of hands of nonbank investors. As time passed and the Government is consistent with and adequate the System's support policy led to increasing monefor the function which the Reserve System pertization of the public debt, the Federal Reserve forms. became more and more concerned about the con- 3) The status of the Board as an independent tribution of its operations to inflationary pressures. establishment of the Government is sound on the basis of accepted principles of democratic govern- 9) More flexible credit and monetary policies, mental organization, regardless of any theoretical applied through the discount and open market question as to the branch of the Government in mechanism within the framework of an orderly which it falls. Government securities market, have demonstrated 4) Changes in money market conditions and in their effectiveness since they were undertaken in interest rates reflect the interplay of basic forces March of 1951. of supply and demand for short- and long-term 10) In addition to measures affecting credit gencredit. Supply is made up of new individual and erally, flexible credit and monetary policy includes corporate savings, accumulated cash balances of- the use, on occasion, of selective credit regulations fered for investment, repayments on past loans, (relating to stock market, consumer, and real and credit expansion by the commercial banking estate credit) as well as of voluntary measures. system. Demands from business enterprises, 11) Credit and monetary policy cannot be fully farmers, consumers, State, local, and foreign gov- effective without public understanding and supernments, and the Federal Government form the port. The System strives to keep the public fully major components of credit demand. informed on all credit and monetary developments. 5) Credit and monetary policy operates primarily Major positions. Of the specific positions brought through its effects on the availability and supply out in the answers to different questions, the folof credit; it cuts out of the market or brings into lowing are the more important. it fringe credit demands. 1) The Federal Reserve Board is subject to the APRIL 1952 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS Employment Act of 1946. Fairly interpreted, the ments could be modernized in some respects for Congressional directive stated in this Act implies purposes of more efficient and equitable admina goal of monetary stability and needs no modi- istration. Also, standard legal reserve requirefication. ments could be applied to all banks without rais- 2) Existing Congressional directives to the Fed- ing the question of the dual banking system, the eral Reserve System afford a broad workable guide preservation of which the Board favors. This is for policies and operations. not an urgent problem at the present time, how- 3) The status of the Board as an independent ever. establishment of the Government, subject to the 13) Extension of selective credit regulation to direction and scrutiny of the Congress, should be areas other than stock market, consumer, and real preserved. Budgetary discretion is essential to estate credit is not feasible. Further experience maintain the basic character of the Reserve System. with regulation in both the consumer and the real 4) No legislation is required with respect to estate credit areas is needed to determine their the organizational relationship between the Treas- role on a long-run basis. ury and the Federal Reserve or the Executive and 14) With effectiveness of discount policy and the Federal Reserve. open market operations reestablished, disadvan- 5) Advantages of the existing regional status tages of supplementary reserve proposals outweigh and organization of the twelve Federal Reserve advantages. Banks far outweigh disadvantages. 15) Direct control or rationing of bank credit 6) Considering the functions in Government of by the Federal Reserve or any Government agency the Federal Reserve Board, a board type of organi- should not be resorted to except in an extreme emerzation may be preferable to a single governor type. gency. The weight of advantage may lie, however, with General points. Several general points in the a smaller-size board—say five men. replies are of interest. These include: 7) No substantial gain in efficiency of Federal 1) Generally speaking, the banking system has Reserve decision-making would be likely from kept pace with both the growing and changing centralizing the authority for all credit instruments credit needs of the different segments of the econin one body, the Board or the Federal Open Market omy. Today, business, agriculture, and consumers Committee. are more adequately supplied with banking serv- 8) Member bank borrowing at the Federal Re- ices of various kinds than they were 25 years ago. serve should be the principal means of obtaining 2) Commercial banks are meeting short- and additional bank reserves. Discount rate changes intermediate-term credit needs of small businesses and open market operations should be the main reasonably satisfactorily. Provision of special longinstruments through which credit and monetary term credit assistance in this area, such as would policies are adapted to changing conditions in the be authorized by bills introduced in recent years, economy. This means increased use of the dis- namely, Government guarantee of loans made by count mechanism, increased importance of dis- private financing institutions or the establishment count rates in comparison with credit policy experi- of special investment companies, would be untimely ence of the past decade, and reliance on open in an inflationary period. market operations to reinforce discount policy. 3) Foreign experience with central banking and 9) The present organization for the execution monetary policy does not yield lessons that are of open market operations is designed to protect directly applicable to the United States. The folthe public interest. The Federal Open Market lowing foreign developments are nevertheless sug- Committee is constantly studying this organiza- gestive: (a) It has been widely recognized, at least tion with a view to making adaptations which will in the countries of the free world, that the central improve it. (Open Market Committee questions.) bank should have a large measure of independence 10) Open market operations should be con- within the governmental structure, (b) In a numducted impersonally without resort to moral sua- ber of foreign countries, postwar credit policy was sion. (Open Market Committee questions.) first operated mainly through selective regulations, 11) Only in exceptional circumstances should but subsequently such regulations have been supuse be made of authority to change reserve require- plemented or replaced by measures of general credit ments, which is a blunt and inflexible instrument. policy, such as reserve requirements and discount 12) The existing structure of reserve require- rate changes. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION1 Economic activity in the Soviet Union is based estate markets. upon an economic plan decreed by the Govern- The Soviet planning mechanism relies in part on ment. This plan prescribes in detail the conditions the desire of managers and workers to increase under which the State administration and the in- their income and consumption, and therefore does dustrial, agricultural, and commercial enterprises not completely disregard the reactions of individmay use their resources in producing and distribut- uals to changes in their incomes and in prices. It ing goods and services. Since the production and does not subject itself to the test of a market, howdistribution processes involve the use of money ever, and does not attempt to set prices and proand credit, the plan contains many elements of duction at the levels which would result if a free monetary and credit policy. It therefore provides market mechanism were functioning. In short, it for financial institutions that control the supply does not measure the success of its program or the of money and credit and the purposes for which efficiency of the economy in general by reference it may be used. Among these institutions are sev- to the operations of a market mechanism. eral State-owned banks, the most important of The Soviet banks maintain their own offices and which is the State Bank of the U.S.S.R. engage in banking activities similar to those of Although the economic plan is formulated by noncommunist countries, such as issuing notes, centralized procedures, its execution necessitates receiving deposits, and making loans at interest. a certain degree of decentralization of responsi- They have their own assets and liabilities and aim bility among administrative agencies, enterprises, at making a profit, part of which they retain in and individuals. The State administration has its their capital accounts. However, they differ from own budget, with income derived mainly from central and commercial banks in noncommunist taxation and to a lesser extent from borrowing countries in that their activities are dictated by the from finanical institutions and individuals. The economic plan. The banks have only limited power enterprises, although wholly controlled and mostly to determine their own policies and operations. owned by the State, have their own assets and The use of statistical information on financial liabilities and earn profits or suffer losses. and monetary developments in the U.S.S.R. pre- Individuals receive money income, mainly in sents great difficulties. In the first place, statistics the form of wages and salaries from the State or are fragmentary; they are published irregularly and from State-owned enterprises. This money income presented in a propaganda context which often may be used not only for personal expenditures, raises doubts about their reliability. but also in some degree for the accumulation of Secondly, the data themselves, when available, savings, for instance in the form of savings accounts. must be analyzed with considerable caution because The State administration and the enterprises carry statistics in a completely planned economy have a out their financial transactions primarily through meaning different from that of statistics in a free transfers from and to their bank accounts; indi- market economy: prices, incomes, and outlays may viduals use almost exclusively cash, mainly in the be changed by administrative decisions independent form of bank notes. There is no market for loans of changes in the actual conditions of production, to individuals or enterprises, and no sale of secu- distribution, or demand. The subjection of prices rities other than Government bonds. Likewise, and wages to the planning mechanism, espeexcept for limited sales of private homes, there are cially the practice of isolating prices and wages in no sales of real estate. Thus investment financing one sector of the economy from those in other is conducted exclusively through the banking system sectors, makes it particularly difficult to use price and not through security, commodity, or real and wage data, or data involving price and wage figures, such as budget expenditures, for interpret- 1 This article was prepared by Edward Ames under the ing economic developments. supervision of }. H. Furth, Chief of the Central and Eastern Finally, the conversion of Soviet financial data European Section of the Board's Division of International into dollars is complicated by the fact that the ruble Finance. APRIL 1952 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION does not enter into international transactions and The savings and insurance institutions are unhas no market value. Its nominal value was 18.8 important and subordinate to the fiscal system. cents until March 1, 1950, and has been 25 cents The over-all economic plan affects financial insince then. M. Wyczalkowski of the International stitutions as well as the State enterprises through Monetary Fund estimated the 1950 purchasing the directives included in the following component power of the ruble to be about 4 cents in retail plans: transactions and 10 cents in wholesale transactions, 1) A plan for production, costs, and employthe difference being due to sales taxes.2 ment and wages, prepared by the ministries on the basis of directives issued by the State Planning SOVIET FINANCIAL INSTITUTIONS Committee, a Cabinet agency. Soviet capital formation—including investment 2) A plan for capital investment prepared by the in plant, equipment, and inventories—is mainly ministries on the basis of directives issued by the financed through the Ministry of Finance, a Cabi- State Committee on Construction, a Cabinet agency. net agency, which includes the following operating 3) A State Budget prepared by the Ministry of agencies: Finance. 1) The tax collection and disbursement agencies, 4) A credit plan prepared by the State Bank that that is, the apparatus common to ministries of establishes a credit ceiling for each industry in order finance in general. to provide effective "control by the ruble" over its 2) The State Bank, which is an autonomous operations. unit "within the system of the Ministry of Finance." 5) A "cash plan" prepared by the State Bank to All transactions other than wage payments, retail establish note circulation on the basis of ceilings sales, and construction transactions represent trans- for wage payments in the various industries and fers from one State Bank deposit to another, while of the value of retail transactions. wage payments and retail sales, respectively, are The directives contain detailed instructions to the principal channels for the inflow and outflow each Ministry, to each regional office of the Ministry of bank notes. of Finance and the State Bank, and to each pro- 3) Four "Banks for Long-term Investments," ducing unit. The budget is ordinarily submitted the Industrial Bank, the Agricultural Bank, the to the Supreme Soviet (the legislature), which Bank of Trade, and the Central Communal Bank. ratifies it unanimously after suggesting minor The last is a sort of holding company, controlling changes to the Council of Ministers (the Cabinet). a number of local banks. Each bank disburses The other plans are approved by the Council. budgetary appropriations for construction in its re- The budget is published in general outline, but the spective field, and each makes loans to cooperatives other plans are ordinarily not made public. and to State enterprises under the jurisdiction of In any given year the actual amounts produced, local authorities. the actual revenues and outlays of the budget, and 4) A system of savings institutions which receive other indices included in the economic plan differ deposits from individuals and invest the proceeds from planned amounts. These deviations result in State bonds. in part from changes in the Government program 5) A system of insurance covering damage to during the course of the year and in part from per- State property, and issuing life and personal propformance better or worse than planned by the erty insurance policies to individuals. various Soviet agencies. Information as to these An investment transaction arises typically from deviations is as fragmentary as information cona contract between two enterprises, with the pur- cerning the plans; it is therefore often impossible chasing enterprise paying the builder or supplier to determine whether the plans give a correct picpartly from its own funds but mainly with funds ture of events. made available by one of the investment banks FINANCIAL CONTROLS either from budget appropriations or from the bank's own resources. The Soviet authorities have established an elaborate system of direct as well as monetary controls 2 International Monetary Fund, Staff Papers, September in order to make sure that the funds of economic 1950. 352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION enterprises, as well as those of the banking system, by budget appropriations supplementing its capital. are used only for the purposes of the plan. Soviet comments on long-term lending indicate Construction control. Controls over construction fairly steady upward pressure on loan ceilings from are designed to prevent investment funds (most of potential borrowers. There is also some tendency which are from budget appropriations) from being for enterprises to use funds designated for construcused to finance current production and to make tion purposes to finance inventories, according to sure that Government-approved projects, and only the complaints made by the Minister of Finance those projects, are actually carried out. in his budget reports. In particular, enterprises Construction projects requiring more than a often fail to transfer profits and depreciation funds small amount of expenditure must be approved by to the investment banks in the amounts stipulated a Cabinet committee; smaller projects may be ap- by the plan. proved by the Ministry having jurisdiction over the Current production control. Controls over curindustry where the plant is being built. The ap- rent production are analogous in purpose to those proval is given only after the presentation of three over capital construction: to prevent the producing sets of documents: an economic justification of the enterprises from using funds designated for current project; a set of blue-prints and specifications; and production to finance construction, or to finance an estimate of the cost of the project, broken down current production other than that envisaged by on a quarterly basis. When approval has been the economic plan. The State Bank is the chief given, a special account is set up in the appropriate instrumentality in the exercise of this set of coninvestment bank (usually the Industrial Bank). trols; it attempts to minimize the liquidity of the For the most part the funds deposited are appro- enterprises by means of the following regulations: priated from the State Budget, and may be drawn 1) Enterprises are required to keep their liquid upon only within limits established in the cost funds in interest-bearing deposits in the State Bank. estimate and for purposes described in the engi- 2) Enterprises are forbidden to receive credit neering specifications. from or extend credit to other enterprises, and nor- Construction is carried on by special construcmally cannot purchase interest-bearing securities. tion enterprises, which make contracts with the 3) A depreciation fund is set up in the name of producers who will operate the completed plants. each economic ministry and a depreciation al- In most cases, the construction enterprise is not lowance, based on the original cost of the fixed connected in any way with the producing entercapital of enterprises controlled by the ministry, prise, but in some cases the producing enterprise must be transferred periodically to it. sets up a special construction division. Payments 4) Payments of profits taxes must be made to the construction agency may be made only on monthly, subject to adjustments at the end of the the basis of work actually performed, in amounts year, and other tax payments must be made still limited by the terms of the contract, and from more frequently, so as to prevent the enterprises funds actually on deposit in the investment bank from accumulating liquid funds by building up that is supervising the construction. liabilities to the Ministry of Finance. Profits allo- The investment banks are operated as integral cated to finance construction must be regularly parts of the Ministry of Finance. Their main transferred to special deposits in the investment function is the supervision of the expenditure of banks. funds from their accounts. They also receive the 5) The planned size and composition of the curdeposits of construction enterprises and of enterrent assets of each enterprise are determined by the prises undertaking construction projects. Their volume of production planned for the enterprise, power to finance investments on their own is limthe permissible level of inventories being fixed at ited. They are permitted to make loans only to a certain number of days' requirements. Since the cooperatives, very small State-owned enterprises amount of current assets allowed an enterprise operated by local authorities, and individuals borusually exceeds its own financial resources, it must rowing to finance housing construction. The total amount an investment bank can lend to such have recourse to bank credit if it is to maintain borrowers in any period is determined by its profits, its planned level of production. by repayments of principal on earlier loans, and 6) If the current assets of an enterprise are con- APRIL 1952 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION sidered to be excessive, the enterprise may be re- current assets at the end of 1947. In contrast quired to transfer the excess to the Ministry of with corporations in the United States, how- Finance. ever, Soviet enterprises have few short-term liabilities to others than banks. Moreover, with the ex- The State Bank is permitted to grant credit to an ception of small enterprises that are permitted to enterprise only on the basis of individual transacfinance construction with loans, Soviet enterprises tions, and to finance only stipulated percentages of have no long-term liabilities since their outlays on any transaction. This requirement is intended to capital construction and permanent working capiprevent the enterprise from concentrating borrowed tal are mainly obtained from the State budget or funds in certain activities and using its own funds from retained profits. for other activities. In the absence of complete data, it is not possible An enterprise is obligated to complete the proto determine the extent to which the State Bank's duction planned for it. If it tries to expand plant control over current production is successful. The facilities or inventories in order to insure smoother low liquidity of enterprises means, according to operations, it will require additional amounts from Soviet commentators, that difficulties experienced the State Bank. Likewise, if an enterprise has by a single enterprise rapidly lead to delays in paybeen operating at a loss, or at a level of profit ments and thus to similar difficulties in other enterinsufficient to meet its tax obligations, it will reprises. Since a State-owned enterprise is not perquire additional funds from the Bank. Before grantmitted to declare itself insolvent or to suspend ing a credit, the Bank must determine whether the need for credit results from an improper diver- CURRENT ASSETS OF SELECTED PLANTS IN VARIOUS sion of resources from current output to unau- SOVIET INDUSTRIES, 1948 thorized construction. Likewise, the Bank must [As percentages of total current assets] decide whether the demand for credit results from Heavy General w ac o c u u l m d u i l n a d ti i o ca n t e o th f at u t n h s e o l q d u al f i i t n y i s o h f e d th e g g o o o o d d s s w (w as h i t c o h o Current asset ch p m i l n a a e n - r t y t A r p a l u c a t t n o o t - r t c r i i h p n a i l d l n a u e n m s r t - y a- T p e l x a t n il t e low or that the sales department of the enterprise was inefficient) or from accumulation of goods in Materials and supplies. 36.5 40.2 50.0 60.8 process (which would indicate that the production Goods in process 39.3 36.1 31.8 12.6 Finished goods 10.1 6.6 4.4 6.8 department of the enterprise was unable to main- Ca c s e h i , v a d b e l p e o s s 1 its, and re- 14.1 17.1 13.8 19.8 tain an even flow of materials through the plant). Total current assets. 100.0 100.0 100.0 100.0 The Bank is supposed to insist on the correction of such faults as a prerequisite for the credit. 1 Includes a negligible amount of Bank advances on goods in shipment, the only type of accounts receivable permitted by law. Liquidity is kept to a minimum in order that Sources.—S. B. Barngolts and I. E. Khavin, Putt uskoreniya oborachivaemosti oborotnykh sredstv v mashinostroenii (Methods of State Bank control over the activities of enterprises Increasing the Speed of Turnover of Working Capital in the Machinery Industry), Moscow, 1950, p. 27; K. A. Fedoseev, Oborotnye may be as effective as possible. According to avail- sredstva promyshlennykh predpriyafii (The Working Capital of able data for a few enterprises, shown in the accom- Industrial Enterprises), Moscow, 1949, p. 20. panying table, liquid assets amounted in 1948 to operations, the Bank must extend additional credit 14-20 per cent of all current assets. The larger to a financially distressed enterprise if normal portion of current assets consists of inventories. operations are to be continued. The Minister of For United States manufacturing corporations Finance has repeatedly criticized the tendency of at the end of 1948 liquid assets were about 38 per enterprises to consider the Bank to be a residual cent of current assets, excluding receivables. In con- lender in case of emergency. Nevertheless, the trast, the importance of credit in financing current practice appears to persist although it causes some assets in the U.S.S.R. is similar to that in the United credit to be tied up in inefficient rather than effi- States although the types of credit are different. cient enterprises. About 40 per cent of all current assets of Soviet Fragmentary data concerning the balance sheets enterprises was financed by credit in 1947, and of Leningrad enterprises on October 1, 1950 give credit has become somewhat more important since some indication of the problems involved in the that time. In the United States, current liabilities State Bank's supervision of the current assets of of manufacturing corporations were 37 per cent of enterprises. As shown in the following table, 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION DEVIATIONS FROM PLAN OF CURRENT ASSETS AND LIABILITIES tions of the fiscal agencies dealing with tax collec- OF LENINGRAD ENTERPRISES, OCTOBER 1, 1950 tion and disbursement. [As percentages of total current assets] It is not possible to state with any certainty the reason for the separation of the State Bank from Assets d w U ev a p r i - d a- D d w e o v a w r i d a n - - Liabilities D d w e o v a w r i d a n - - d w e U v a p r i - d a- t i h n e 1 9 M 4 i 7 n . i st T ry h e o re f i F s i n n o a n i c n e d ic i a n t io 19 n 3 t 8 h a o t r m f a o jo r r i t c s h r a e n t g u e r s n tions tions tions tions in economic policy or internal political balances of Inventories 10.7 4.0 Overdue pay- 4.0 power were involved. The change appears to have not financed ables to State from credit Bank and been occasioned by the need to coordinate and unify Goods shipped 2.8 suppliers to purchasers Other paya- 9.4 the activities of the economic agencies dealing with Receivables 14.5 bles budget and credit matters and by the belief that from pur- Capital of 3.9 4.3 chasers enterprises differences in budget and credit policies should be Total 13.5 18.5 13.3 8.3 resolved within a Ministry of Finance responsible for both rather than at the Cabinet level. Source.—O. Kadinski, "Ustranit prichiny vnutrimesyachnykh platezhnykh zatrudnenii khozorganov (Removal of the Reasons for Temporary Payments Difficulties of Business Organizations)," Dengi i Kredit {Money and Credit, monthly organ of the State Bank STATE BANK POLICY AND ECONOMIC STABILITY of the U. S. S. R.), No. 2, 1951. total deviations of current balance-sheet items from State Bank control over enterprises aims not only planned amounts (upward deviations of assets plus at making them complete their output schedules downward deviations of liabilities) were equal to but also at maintaining monetary stability in the 26.8 per cent of the total current assets of the economy as a whole. The State Bank is the bank of supervised enterprises. Aggregate net deviations issue as well as the only important source of shortwere smaller since, for instance, above-plan inven- term credit; it is the only organization receiving tories in some enterprises and in some types of in- demand deposits; and it receives and disburses all ventories were offset by below-plan inventories in budgetary funds. Its operations thus involve all others. It would appear that aggregate current important components of the country's money supassets and current liabilities were about 5 per cent ply, and its balance sheet reflects financial developbelow plan, with capital accounts slightly above ments and changes in financial policy. plan. Since the Leningrad office of the State Bank The composition of the Bank's liabilities changes and Leningrad industries are generally reputed to in response to fiscal, wage, and price policies. Fisbe above the Soviet average in efficiency, these data cal operations change the relative importance of probably represent better than average performance. Treasury funds to the total money supply, while Controls over operations of State Bank. Relations price and wage controls change the relative imporbetween the State Bank, the Cabinet, and the Min- tance of the note issue as compared to the deposits istry of Finance have varied from time to time. of the Treasury and enterprises. Prior to 1936 the State Bank was a part of the The size of the money supply, however, is also Ministry. According to the 1936 constitution, the influenced by the volume of Bank assets. For State Bank, although a part of the Ministry of this reason an analysis of the assets and liabili- Finance, was represented at Cabinet meetings; in ties of the State Bank is necessary to an under- 1938 it was removed from the Ministry and in standing of Soviet monetary policy and its relation effect made a special agency responsible directly to other financial developments. No balance sheet to the Cabinet. In 1947 the State Bank was again has been published since 1936, but some informamade part of the Ministry of Finance and deprived tion is available concerning changes in some of its of representation at the Cabinet level. # main items. At the present time, the Chairman of the Board State Bank assets. The Bank's assets consist of of the State Bank is an Assistant Minister of gold and foreign exchange, Government debt (if Finance and appears to outrank slightly—as "Dep- any), short-term advances with a maturity of a uty" to the Minister—the Assistant Ministers who few days on shipping documents in the process of head the fiscal system and the other financial in- clearing, and loans to enterprises with maturities stitutions. The operations of the State Bank have not exceeding 12 months. been and continue to be independent of the opera- Of these items, the gold stock and foreign ex- APRIL 1952 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION change are primarily influenced by domestic gold enterprises to increase their own funds as a result production and by changes in the current balance of capital gains on inventories, ordered them to of trade, neither of which is subject to direct con- offset the increase in the book value of inventories trol by the State Bank. Government debt to the by writing up their indebtedness to the Bank. Ac- Bank may have been completely liquidated during cording to fragmentary data for a number of industhe currency conversion of 1947; in any case avail- tries, however, the ratio of State Bank loans for able data indicate a cash surplus in the Govern- financing current production to funds owned by the ment budget since 1943. The volume of short-term enterprises was fairly stable throughout the period. advances is determined mainly by clearing payments If this stability was planned, it would seem that among enterprises and, although the Bank devotes it reflected larger planned expansions of loans until a considerable amount of attention to speeding up 1949 and smaller planned expansions thereafter. It the clearing process, it does not appear to use these is not possible to determine the extent to which the short-term advances as an instrument of monetary expansion of bank loans has actually been retarded policy. since 1949. State Bank control of the total volume of its State Bank liabilities. Bank liabilities consist priassets is exercised mainly by control of loans to marily of notes, deposits of enterprises, and deenterprises. Control of these loans means not only posits of the Ministry of Finance. These concontrol of inventories, which are to a considerable stitute the entire money supply of the country with degree financed by loans, but also control of the the exception of coin and Treasury notes of small liquidity of enterprises, as reflected in their de- denomination. The Bank's control over the composits with the Bank. There are, however, im- position of its liabilities is limited to its ability to portant limitations to Bank control over loans. prevent cash withdrawals or transfer of funds from Since inventories normally increase as output in- one deposit to another if the transactions covered creases, the volume of loans could be stabilized are not at prices or in amounts specified by the under conditions of increasing output only if addi- planning authorities. In particular, the Bank may tions to inventories were financed exclusively from prevent enterprises from making larger wage payincreases in the financial resources of enterprises ments than are called for in the plan. This control, themselves. Such a method of financing would, according to Soviet sources, is one of the most however, tend to reduce the dependence of the important of the Bank's functions, since it serves enterprises upon Bank loans, and would therefore to hold down personal incomes and hence the reduce Bank control. The Bank must therefore rely outflow of notes from the Bank. in part upon fiscal policy, especially the tax on the Since the Soviet economy does not operate on profits of enterprises, to retard the building up of the basis of a market-price mechanism, an unthe enterprises' own resources. planned increase in money incomes usually tends Data on changes in the amount of loans out- to increase the cash holdings of individuals. Likestanding are not available but data concerning wise, an unplanned increase in bank credit usually planned increases in enterprises' own resources tends to increase the liquidity of enterprises. Prices offer indirect information about credit policy. and production in socialized enterprises do not re- Financial planning by the Government called for act to changes in purchasing power because of the a growth of 14.1 billion rubles in these funds dur- inflexibility of production plans and prices that are ing 1946. In subsequent years the amount rose to determined by administrative procedures. Instead, a peak of 23.6 billion in 1949, declining thereafter scarcities and bottlenecks interfere with the achieveto 11.3 billion in 1951 and 10.7 billion in 1952. ment of the plan. The authorities must then either These figures indicate neither the actual increases t-aise retail prices as a means of increasing the inin the resources of enterprises nor the planned in- flow of notes to the State Bank, or intensify direct creases in Bank loans. controls, such as allocations of materials, rationing, Complete analysis of the expansion of State Bank and stricter regulation of individuals. The Soviet loans in this period would have to take into account authorities therefore endeavor to achieve "control a bookkeeping increase in Bank loans outstand- by the ruble," which aims at the avoidance of excess ing in 1949 in connection with an inventory re- liquidity, primarily by restricting growth in note valuation. The authorities, instead of permitting circulation and in the deposits of enterprises. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION The purpose of this monetary measure is not thus to stabilize at least in part the volume of curto replace direct controls, which are a permanent rency held by individuals. part of the Soviet system, but to limit their sphere The budget accounts (deposits of the Ministry and at the same time to make them more effective. of Finance) change according to the Government The conditions necessary for the application of surplus or deficit (actual receipts, including bormonetary controls were created, according to the rowing from the public, minus actual outlays). Soviet authorities, by the currency conversion of The surplus rose from 3.4 billion rubles in 1945 December 1947, in which old notes were ex- to a peak of 39.6 billion in 1948, and then declined changed for new at a ratio of ten to one, and by to a low of 9.4 billion in 1950. For 1951 it was scaling down the values of savings deposits and planned at 6.4 billion but actually reached 28 bilindividually held State bonds. Simultaneously, lion, and for 1952 it is planned at 33 billion. rationing was abolished. The rise of the surplus indicates the extent to Control of the note circulation is attempted which the liquid funds of enterprises and indithrough the "cash plan" prepared by the State Bank. viduals are being diverted into the Treasury. Re- This plan is designed to equate the outflow of duction of the liquid assets of enterprises and indicash from the Bank in wages, social services, and viduals lowers their ability to purchase capital and Government administrative salaries with the inflow consumer goods, and hence reduces the problem of cash from retail trade, tax payments, and sub- of bottlenecks and scarcities. The coordination of scriptions to State bonds. State Bank policy has the surplus with Bank loan policy is an important been supplemented by a wage policy that provides aspect of the planning policy. Unless the Treasury for the automatic reduction of piece-rates, and by surplus rises as rapidly as Bank loans rise, an inthe use of price reductions rather than wage in- crease in loans will ordinarily lead to the creation of creases to bring about such recovery in the stand- excess liquidity. ard of living from low wartime levels as was con- During the decline in the surplus from 1948 to sistent with over-all Soviet policy. Increases in 1950, Bank policy took two main forms. First, aggregate individual income appear to have been it tried to reduce the rate of credit expansion by little greater than increases in nonfarm employ- compelling enterprises to raise the ratio of current ment. Disposable personal income has risen less production to inventories. In 1950 output rose 5 rapidly than aggregate income as a result of in- per cent faster than inventories, and in the following year 4 per cent faster. Since inventories are largely creases in direct taxes and State borrowing from financed by Bank loans, this policy tended to hold individuals. down the volume of loans. Second, the Bank Increased spending by individuals leads to an exercised closer supervision over wage payments so increased inflow of notes to the State Bank as retail as to limit increases in the note issue. stores deposit their sales receipts. No direct in- Since 1951 there have been indications of information is available on retail trade in recent creased efforts to limit the expansion of note ciryears but some indication of its course can be culation and deposits of enterprises. These efforts gathered from data on revenue from the "turnhave involved, in addition to the continuation of the over" tax, a sales tax that in 1940 accounted for restrictions on wage payments and inventory more than 60 per cent of all retail outlays by congrowth, the increase in the budget surplus mensumers. This revenue has been virtually stable tioned above and a slowing down of price reducsince 1947, varying only between limits of 230 and tions. 240 billion rubles a year. There have been sev- If retail prices are reduced, with no change in eral reductions in the prices of retail goods since supplies of consumer goods, the flow of cash into 1947, and there is evidence that they have been the Bank from the receipts of retail stores will also largely due to reductions in turnover tax rates. drop. Since such a reduction does not affect per- The stability of turnover tax revenues despite lower sonal money incomes (or the outflow of cash) its rates indicates a rise in the total value of retail main effect is to increase the volume of notes outsales, and hence in the inflow of currency into the standing. The larger the price reduction, the larger Bank. This inflow has tended to offset the in- must be the increase in the physical volume of concreased outflow due to rising wage payments, and sumer goods production if the inflow of notes to APRIL 1952 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING IN THE SOVIET UNION the Bank is to be maintained at any desired level. ing correspondingly the physical volume of goods Reductions in retail prices were announced an- available to consumers. The fragmentary charnually on March 1 during the period 1948-51, and acter of the data available, however, does not on April 1, 1952. They took the form of specified permit a quantitative evaluation of these changes reductions—usually 10 to 20 per cent—in the prices in policy, or an answer to the question whether the of particular commodities. No index of retail measures so far taken will be sufficient to assure prices is published, and the importance of the cuts reasonable monetary stability. must be judged on the basis of the number and types of goods covered in the reductions. During SUMMARY 1948-51 both foodstuffs and industrial goods were The economic planning mechanism of the Soviet included in the reductions. In 1951 the number of Union imposes a wide variety of controls over goods covered in the reduction was much smaller production and distribution, many of which are than in 1950, and in 1952 no industrial goods administered by the banking system. The State prices were reduced. The small price reductions Bank and the fiscal authorities are separate entities, in 1951 and 1952 make it possible for the Soviet but their operations are closely integrated by the authorities to maintain the inflow of notes with economic plan. The State Bank regulates the volrelatively small increases in the physical volume ume of money and credit, and by limiting the of consumer goods production. liquidity of individuals and producers directs their These efforts by the fiscal and monetary au- activities into channels contemplated by the ecothorities to hold down increases in purchasing nomic plan. The Bank's principal instrument is its power of individuals and enterprises, or to absorb control over loans, with which it influences the earlier unplanned increases, are readily explained by total supply of money. Under the impact of a the impact of the Soviet investment and arma- growing armaments and investment program, ment program, which increases the incomes of monetary and fiscal measures appear to have beboth enterprises and individuals without increas- come more stringent. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES The Board's weekly index of department store ent article contains little discussion of such matters sales has been revised for the entire period covered as changes in the definition of a department store, by the series, 1937 to date. This is the first revision the technique for adjustment to Census benchmark since the one in September 1944, which was de- data, and the selection of a new base period. scribed in the Federal Reserve BULLETIN for that The accompanying chart shows the movement month. The principal features of the current re- of the revised index during the period 1950 to date. vision are: Indexes for the entire period covered by the series are contained in tables on pages 360-61. The in- (1) The index has been adjusted to conform to dexes have not been adjusted for seasonal variation. changes shown by comprehensive Census data on Adjustment to Census data and monthly index levels. department store sales for the years 1939 and 1948. The weekly index has been adjusted to reflect For the period 1949 through 1951, the index has changes in department store sales indicated by been adjusted to the annual levels indicated by the Census data for the years 1939 and 1948. The Board's revised monthly sales index. Census data used were totals for the United States, (2) The base period for the index has been adjusted to exclude catalog sales of mail-order orchanged from 1935-39 to 1947-49. ganizations. The percentage change from 1939 to The revision of the weekly sales index parallels 1948 shown by the Board's unrevised sales index closely certain features of the recent revision of the was compared with that shown by Census data to monthly indexes of department store sales and determine the amount of adjustment necessary. As stocks, as described in the Federal Reserve BUL- in the case of the adjustment of the monthly sales LETIN for December 1951. For this reason the pres- (Continued on page 362) DEPARTMENT STORE SALES 1947-49 Average=100 Weekly 22 5 19 2 16 30 14 28 11 25 9 23 APRIL 1952 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES WEEKS ENDING ON DATES SHOWN [Index without seasonal adjustment, 1947-49 average = 100] 1937 1938 1939 1940 1941 1942 1943 1944 Jan. 9..30 Jan. 1. . 23 Jan. 7... 26 Jan. 6... 27 Jan. 4... 28 Jan. 3.. . 36 Jan. 2... 39 Jan. 1...37 16. . 28 8. . 30 14.. . 27 13. . .28 11. .. 33 10... 45 9.. . 48 8. . .48 23.. 26 15.. 28 21.. . 26 20.. . 27 18.. . 30 17. . .45 16.. . 46 15... 49 30. . 28 22. . 26 28... 25 27. . .26 25.. . 30 24... 40 23... 42 22. .. 48 29.. 25 31... 41 30.. . 42 29. . .46 Feb. 6.. 29 Feb. 5.. 27 Feb. 4... 26 Feb. 3... 28 Feb. 1... 31 Feb. 7... 39 Feb. 6... 47 Feb. 5... 49 13.. 29 12.. 26 11.. . 26 10... 27 8.. . 32 14.. . 40 13. . .59 12.. . 47 20.. 29 19. . 27 18.. . 27 17.. . 27 15. . .33 21.. . 38 20.. . 51 19. . .47 27.. 31 26.. 27 25.. . 26 24... 27 22.. . 30 28... 42 27 54 26... 49 Mar. 6.. 33 Mar. 5.. 28 Mar. 4... 30 Mar. 2... 33 Mar. 1... 35 Mar. 7. . .43 Mar. 6... 50 Mar. 4... 51 13.. 33 12.. 29 11... 30 9. . .33 8... 33 14... 45 13.. . 48 11. .. 54 20.. 34 19. . 29 18... 31 16. . .33 15. . .36 21... 49 20.. . 49 18. . .58 27.. 38 26.. 33 25.. . 34 23.. . 38 22.. . 38 28. . .52 27.. . 51 25.. . 61 30... 30 29. .. 41 Apr. 3. . 34 Apr. 2. . 34 Apr. 1... 37 Apr. 6... 38 Apr. 5... 45 Apr. 4... 56 Apr. 3... 53 Apr. 1... 71 10.. 34 9.. 32 8... 39 13... 33 12... 48 11. .. 43 10. . .56 8.. . 69 17.. 35 16. . 37 15. . .31 20.. . 35 19. . .41 18... 48 17.. . 57 15. . .51 24. . 34 23. . 31 22... 31 27... 34 26.. . 40 25... 46 24... 61 22... 54 30. . 30 29.. . 33 29. .. 56 May 1.. 35 May 7.. 35 May 6... 35 May 4... 38 May 3... 44 May 2... 49 May 1... 47 May 6... 62 8.. 40 14. . 29 13... 36 11. . .40 10... 46 9. . .49 8.. . 56 13... 66 15.. 34 21. . 29 20... 32 18... 35 17.. . 39 16.. . 42 15. . .50 20. . .59 22.. 34 28. . 30 27.. . 33 25. .. 34 24. . .42 23... 41 22.. . 51 27.. . 56 29.. 36 31... 38 30... 34 29.. . 50 June 5.. 35 June 4.. 30 June 3... 33 June 1... 31 June 7... 45 June 6... 48 June 5... 50 June 3... 55 12.. 36 11.. 31 10... 35 8... 41 14... 43 13... 42 12... 56 10.. . 58 19.. 34 18.. 31 17.. . 33 15... 37 21... 38 20... 43 19.. . 56 17... 58 26.. 30 25. . 27 24... 29 22... 33 28... 39 27.. . 36 26. .. 44 24... 51 29... 31 July 3.. 30 July 2.. 27 July 1... 29 July 6... 24 July 5... 31 July 4... 31 July 3... 45 July 1... 50 10. . 21 9. . 20 8... 21 13.. . 27 12.. . 33 11... 37 10... 37 8... 39 17. . 25 16. . 23 15... 25 20... 26 19... 33 18... 35 17.. . 42 15... 49 24. . 23 23.. 21 22... 23 27... 25 26... 32 25... 34 24... 41 22... 46 31.. 25 30.. 22 29.. . 23 31. .. 39 29... 44 Aug. 7.. 26 Aug. 6. . 23 Aug. 5... 26 Aug. 3... 28 Aug. 2... 37 Aug. 1... 35 Aug. 7... 44 Aug. 5... 46 14.. 26 13.. 23 12... 25 10... 28 9.. . 42 8... 40 14.. . 44 12. .. 50 21.. 26 20.. 24 19... 26 17... 29 16.. . 41 15.. . 41 21. .. 49 19... 50 28. . 30 27.. 26 26... 28 24... 32 23... 42 22... 42 28... 48 26... 57 31... 40 30... 53 29... 47 Sept. 4.. 35 Sept. 3. . 34 Sept. 2... 36 Sept. 7... 37 Sept. 6... 43 Sept. 5... 55 Sept. 4. . .56 Sept. 2... 65 11. . 33 10. . 31 9... 33 14... 43 13... 47 12. . .47 11. .. 52 9. . .59 18. . 42 17. . 37 16... 38 21... 41 20... 47 19... 50 18.. . 60 16. . .66 25.. 37 24.. 35 23.. . 37 28... 43 27... 53 26... 57 25. .. 59 23... 65 30... 41 30.. . 66 Oct. 2.. 41 Oct. 1. . 35 Oct. 7...42 Oct. 5... 43 Oct. 4...59 Oct. 3...61 Oct. 2... 58 Oct. 7... 73 9. . 40 8.. 37 14... 38 12... 39 11. .. 44 10.. . 57 9. . .63 14. . .74 16.. 41 15.. 34 21. . .40 19... 43 18... 47 17. . .55 16... 63 21. .. 70 23.. 38 22.. 34 28... 39 26. . .43 25. .. 47 24. .. 57 23. .. 65 28.. . 70 30.. 37 29. . 36 31... 56 30.. . 62 Nov. 6.. 39 Nov. 5. . 36 Nov. 4... 42 Nov. 2... 40 Nov. 1... 48 Nov. 7... 60 Nov. 6... 67 Nov. 4.. . 72 13. . 36 12. . 36 11... 39 9. . .43 8.. . 49 14... 60 13.. . 70 11. .. 77 20.. 39 19. . 38 18... 39 16. . .45 15... 52 21. .. 60 20.. . 75 18... 85 27.. 35 26.. 34 25... 36 23... 41 22. .. 46 28... 58 27... 67 25... 79 30.. . 50 29. . .58 Dec. 4.. 49 Dec. 3. . 48 Dec. 2... 47 Dec. 7... 67 Dec. 6... 74 Dec. 5... 83 Dec. 4... 90 Dec. 2... 102 11.. 60 10. . 59 9.. . 63 14... 80 13... 83 12.. . 98 11... 99 ?9... 122 18.. 71 17.. 73 16.. . 79 21. .. 91 20. . .99 19... 110 18.. .107 16... 127 25.. 62 24. . 71 23... 82 28.. . 44 27... 63 26... 74 25... 91 23. ..124 31.. 24 30... 27 30... 41 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES—Continued WEEKS ENDING ON DATES SHOWN [Index without seasonal adjustment, 1947-49 average = 100] 1945 1946 1947 1948 1949 1950 1951 1952 Jan. 6. . 49 Jan. 5. .46 Jan. 4... 64 Jan. 3... 70 Jan. 1... 70 Jan. 7... 70 Jan. 6... 98 Jan. 5... 78 13.. 56 12. . 63 11... 79 10... 86 8. . .93 14. . .80 13. ..105 12.. . 92 20. . 54 19. . 64 18. . .76 17. . .80 15... 84 21.. . 79 20... 104 19... 90 27.. 54 26. . 64 25... 75 24... 77 22... 79 28.. . 76 27.. . 96 26... 83 31... 80 29.. . 74 Feb. 3.. 55 Feb. 2. . 67 Feb. 1... 74 Feb. 7... 82 Feb. 5... 78 Feb. 4... 78 Feb. 3... 81 Feb. 2... 84 10. . 58 9 73 8... 75 14. . .81 12... 81 11... 82 10... 94 9. . .87 17. . 59 16. . 71 15... 84 21.. . 85 19... 78 18.. . 80 17.. . 94 16. . .89 24. . 59 23.. 72 22... 74 28... 85 26. .. 79 25... 76 24... 95 23... 83 Mar. 3.. 61 Mar. 2. . 73 Mar. 1... 81 Mar. 6... 91 Mar. 5... 83 Mar. 4... 84 Mar. 3... 99 Mar. 1... 85 10. . 69 9. . 79 8... 87 13... 95 12.. . 88 11.. . 87 10.. .105 8... 88 17.. 72 16. . 82 15... 91 20. . .107 19... 89 18. . .91 17... 101 15.. . 90 24.. 76 23. . 86 22... 97 27... 113 26.. . 95 25... 96 24. ..105 22... 95 31.. 77 30.. 87 29... 96 31.. . 89 29... 102 Apr. 7.. 61 Apr. 6. . 92 Apr. 5...109 Apr. 3... 96 Apr. 2...103 Apr. 1...104 Apr. 7... 101 Apr. 5... 14. . 52 13.. 95 12... 90 10.. .102 9.. .110 8... 110 14.. .100 12... 21. . 65 20. . 98 19. . .92 17. . .100 16... 108 15. . .88 21... 97 19... 28.. 62 27. . 79 26... 91 24... 101 23... 91 22... 96 28... 101 26... 30... 98 29... 98 May 5.. 65 May 4. . 84 May 3... 95 May 1...103 May 7... 115 May 6.. .104 May 5... 113 May 3... 12.. 66 11. . 93 10.. .106 8...113 14... 98 13.. .106 12... 110 10... 19.. 60 18.. 83 17... 93 15... 100 21... 96 20... 95 19.. . 99 17... 26.. 61 25. . 83 24... 94 22.. .101 28... 94 27... 97 26... 100 24... 31... 85 29... 101 31... June 2. . 57 June 1. . 76 June 7...100 June 5... 96 June 4... 89 June 3.... 90 June 2... 95 June 7... 9. .66 8.. 93 14.. .102 12... 104 11... 99 10... 104 9.. .108 14... 16. . 69 15. . 96 21. .. 87 19... 106 18... 98 17... 104 16.. .106 21... 23.. 62 22.. 84 28... 83 26... 90 25... 85 24.. . 86 23... 92 28.. . 30.. 58 29.. 81 30... 89 July 7.. 51 July 6.. 65 July 5... 71 July 3... 91 July 2... 82 July 1... 91 July 7... 75 July 5... 14. . 56 13. . 71 12.. . 78 10... 74 9... 69 8... 75 14... 83 12... 21.. 53 20.. 68 19... 74 17... 81 16... 73 15... 91 21... 81 19... 28.. 51 27. . 69 26... 73 24.. . 79 23... 71 22... 104 28... 80 26... 31... 80 30... 72 29... 102 Aug. 4. . 56 Aug. 3. . 74 Aug. 2... 75 Aug. 7... 89 Aug. 6... 78 Aug. 5... 102 Aug. 4... 88 Aug. 2 .. . 11.. 59 10.. 77 9... 76 14... 88 13... 75 12... 94 11... 87 9... 18. . 42 17. . 81 16.. . 77 21... 93 20... 86 19.. . 97 18... 93 16... 25.. 61 24.. 86 23... 83 28... 87 27... 86 26... 99 25... 97 23... 31. . 95 30... 95 30... Sept. 1..65 Sept. 7. . 90 Sept. 6... 91 Sept. 4...105 Sept. 3...101 Sept. 2...107 Sept. 1...105 Sept. 6... 8.. 60 14.. 99 13... 99 11... 97 10... 93 9... 102 8... 100 13... 15.. 72 21. . 95 20... 103 18... 115 17.. .108 16... 127 15... 114 20... 22. . 74 28.. 87 27... 108 25... 109 24... 100 23... 111 22... 111 27... 29. . 71 30... 110 29... 114 Oct. 6.. 82 Oct. 5.. 94 Oct. 4... 111 Oct. 2... 112 Oct. 1... 104 Oct. 7...112 Oct. 6...110 Oct. 4... 13.. 83 12.. 95 11.. .104 9... 115 8... 102 14... 111 13... 117 11... 20. . 80 19.. 100 18.. .102 16.. .113 IS.. .100 21.. .105 20. . .116 18... 27.. 79 26.. 97 25.. .105 23... 118 22... 101 28... 108 27.. .113 25... 30... 109 29.. .102 Nov. 3.. 80 Nov. 2. . 94 Nov. 1...107 Nov. 6... 109 Nov. 5...108 Nov. 4... 109 Nov. 3... 121 Nov. 1... 10.. 88 9. .107 8... 118 13... 118 12... 109 11... 118 10... 127 8... 17.. 93 16.. 116 15... 130 20... 127 19... 118 18.. .127 17.. .130 15... 24.. 87 23.. 123 22... 135 27... 119 26... 113 25... 110 24.. .123 22... 30.. 114 29... 125 29. .. Dec. 1. .110 Dec. 7..161 Dec. 6...174 Dec. 4... 166 Dec. 3...154 Dec. 2... 153 Dec. 1... 161 Dec. 6. .. 8. .135 14.. 176 13... 195 11... 193 10... 186 9... 191 8... 191 13. . . 15.. 146 21.. 181 20... 197 18... 197 17.. .201 16.. .220 15... 213 20... 22.. 142 28. . 95 27.. .123 25.. .162 24.. .186 23... 221 22... 228 27... 29.. 54 31... 68 30... 82 29... 92 APRIL 1952 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES index to benchmark levels, it was assumed that the tricts in about the same proportion as were total discrepancy had increased evenly over the period department store sales in that year. Reports are between the Census years and therefore a "straight- obtained from virtually every department store tradline" adjustment technique was used. The mini- ing area of importance in the country. While the mum correction was made in the index for the sample has a relatively small proportion of the total week ending January 6, 1940, and the maximum for number of small department stores, it has not been the week ending January 3, 1948. The net effect deemed necessary to increase the representation of of the adjustment was to raise the 1948 level of this group since, generally speaking, percentage the index, relative to 1939, by about 5 per cent. changes in sales of the small stores have not tended Month-to-month changes indicated by the weekly to differ significantly from changes in sales of the series have tended to be very similar to those shown larger stores. The purposes for which the weekly by the monthly index. The weekly index, how- index is compiled, as described in the following ever, has shown a slight year-to-year downward section, appear to be adequately served with the bias relative to the monthly index since 1948. Con- present sample. sequently, the weekly index in this period has been Purposes of the weekly index. The weekly index adjusted to the annual levels shown by the monthly is compiled and published in order to provide index. Adjustments of this kind will be continued, prompt information on fluctuations in department as necessary, until new benchmark figures become store sales and to permit analyses of changes within available from the next Census of Business. months. The index provides the basis for the The new base period. The comparison base period preparation and publication of preliminary estifor the weekly index has been changed from 1935- mates of the monthly index. 39 to 1947-49, and all of the index numbers from Week-to-week changes in sales are generally 1937 to date have been recalculated on this base. sharper and more erratic than month-to-month This was done in accordance with a general recomchanges. The volume of sales in a particular week mendation made in August 1951 by the Division may be influenced greatly by such factors as special of Statistical Standards of the Bureau of the Budget sales, weather conditions, and the incidence of to all Federal statistical agencies, following an interholidays, whereas in a monthly period many of agency study in which representatives of the Board these influences tend to offset one another. Holiof Governors participated. days are especially important in the weekly series. The new base period has been adopted in order In analyzing movements during the Christmas to have the index reflect more clearly recent deseason, for example, allowance should be made for velopments in department store trade and to facilithe fact that Christmas falls on different days of tate comparisons of the index with other economic the week and sometimes in different weeks of the series that are being placed on the same base. Users month. During March and April the pattern of of the index can readily convert it to another base department store sales is influenced to a considerperiod, if desired, by dividing the published index able extent by the date of Easter, and this needs numbers on the 1947-49 base by the average index to be taken into account in analyzing changes in for the year or years which they prefer as the base sales. period. Adjustments for changes in the number of trading The reporting sample. The present weekly index is computed from a reporting sample that com- days and for seasonal variation (including a special prises nearly 550 department stores, including a adjustment for the changing date of Easter) have number of retail outlets of mail-order firms. The been made only in the monthly index. For this stores included in the sample accounted for approxi- reason, and because of the considerably smaller mately two-thirds of the estimated sales volume sample used, the weekly index is properly regarded of all department stores in 1951. Sales of the sample as a supplement to rather than a substitute for the stores were distributed among Federal Reserve dis- monthly index. 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES SUSPENSION OF SCREENING OF STATE AND LOCAL GOVERNMENT FINANCING : At its meeting March 28 the National Voluntary Executive Office of the President Credit Restraint Committee gave consideration to Office of Defense Mobilization the action of the President on March 24, 1952, in Washington requesting the suspension of screening of State, Office of the Director municipal and public body financing by the re- March 28, 1952 gional VCR committees. The National Committee has instituted the nec- Dear Mr. Martin: essary procedure to comply with the President's Enclosed is a copy of the President's letter of request. March 24 requesting me to undertake the neces- It remains to be seen, the Committee said, sary steps to remove from the restrictions of the whether those bodies, now freed from screening of Voluntary Credit Restraint Program the financial issues by the voluntary credit restraint committees, actions of State and local governments. will exercise the self-restraint urged by the Presi- It will be very much appreciated if, through dent, or whether there will be a rush to issue public Governor Powell, Chairman of the National Voluntary Credit Restraint Committee, you would bring securities for purposes deemed unnecessary and conthe President's letter to the attention of the National trary to the anti-inflationary objectives for which Committee for its consideration. the Voluntary Credit Restraint Program was or- May I call attention particularly to the concludganized. It was pointed out by the Committee ing paragraphs of the President's letter in which that the failure by public bodies to exercise the he strongly reiterates his view that State and local desired restraint would seriously affect the morale governments should continue to exercise great essential to the success of the Program in private caution in deciding on new bond issues, taking financing channels. into account the potential inflationary effects and Regional committees were urged to continue to the need to restrict credit expansion to what is operate as heretofore in the field of private finance absolutely necessary under emergency conditions. pending determination of the over-all effect of It would also be appreciated if Governor Powell these new developments or until such time as the would express to the National Committee what I responsible monetary authorities determine that am sure they know to be my deep conviction that the inflationary dangers are abated. Financing in- the participants in the Voluntary Credit Restraint stitutions were urged to continue their record of Program are performing a most valuable public excellent cooperation and compliance with the service, not only in discouraging nonessential uses Program. of credit in these times but particularly in re- The texts of the President's letter and of Mr. awakening throughout the Nation a deeper con- Wilson's letter of March 28, 1952, to the Chairman sciousness on the part of borrowers as well as of the Board of Governors of the Federal Reserve lenders of the vital necessity for and the means by System in connection with the President's letter, which we may best preserve and foster the economic are attached. strength of the Nation. They have contributed greatly to the success of the Government's efforts to stabilize the national economy and thus to further the interests of our entire defense mobiliza- 1 Statement released by National Voluntary Credit Retion program. straint Committee, Mar. 31, 1952. APRIL 1952 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES I cannot too strongly emphasize the importance worried me from the start. That is the feature of continued adherence to the principles under under which State and local governments were rewhich the Voluntary Credit Restraint Program was quested to submit their proposals for new financestablished and is being effectively carried out by ing to committees made up of private bankers the national and regional committees representing and others in the private financial field for advice every section of the United States. as to whether the financing should be undertaken during the present emergency. Furthermore, pri- Sincerely yours, vate financial houses were requested not to extend (Signed) C. E. WILSON. credit in cases where the credit restraint committees Honorable William McChesney Martin, Jr. recommended against the State or local bond issue. Chairman This arrangement has meant, in effect, that the Board of Governors Federal Government has restricted the proposed Federal Reserve System actions of State and local governments in matters Washington 25, D. C. which should be decided, under our scheme of government, by State and local initiative. While some bond issues which would clearly have been inflationary have been prevented in this fashion, The White House it has necessarily resulted in disapproving actions Washington which have been decided on through democratic U. S. Naval Station processes by State and local governments. I be- Key West, Florida lieve that the application of such an arrangement My dear Mr. Wilson: to the affairs of State and local governments should I should like you to undertake the necessary be continued no longer than is absolutely necessary. steps to remove from the restrictions of the credit Accordingly, I have given continuing thought to restraint program the financial actions of State and how soon we can return to the State and local local governments. governments full responsibility for deciding what financing is desirable in the public interest during As you know, the credit restraint program was the present emergency. I believe that time has set up, more than a year ago, under the terms of now come, and I therefore request that you underthe Defense Production Act which exempt from take to work out the necessary arrangements for the anti-trust laws voluntary agreements among terminating the present system of review and apprivate businessmen if those agreements are approval of proposed State and local financing by proved by the appropriate Government officials. voluntary credit restraint committees. In this case, private commercial bankers, investment bankers, and others in the financial field, I am strongly of the opinion that State and agreed on certain standards they would apply in local governments should continue to exercise great extending credit during the present emergency caution in deciding on new bond issues. They period. Those standards, which were approved should take into account, in every case, the posby the Federal Reserve Board and the appropriate sible effect of any proposed financing on the mobilization agencies, were intended to limit the strength of the bond market, on the heavy inflagranting of bank loans and other types of credit, tionary pressures which continue to face us, and insofar as possible, to those cases where there the continued need to restrict credit expansion to would result some expansion of needed productive what is absolutely necessary under emergency capacity or where there would be some other re- conditions. sult achieved which was valuable in this time of I hope and expect that State and local governemergency. I have always believed this to be a ment officials will make their decisions on the basis sensible approach to the problem, and I believe the of what is best in the interest of the whole Nation. credit restraint program as a whole has done a Furthermore, they will, of course, continue to have great deal of good in limiting credit expansion in to adjust their plans to the limitations imposed by inflationary pressures. the scarcity of certain materials. Consequently, I One feature of the program has, however, believe we need no longer exercise the same degree 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES of supervision over the financial actions of States and the First National Bank of Minneapolis, Minnelocalities that we have for the last year. apolis, Minnesota, as a member of the Ninth Dis- Sincerely yours, trict Commercial Banking Voluntary Credit Restraint Committee. Mr. Murray previously had (Signed) HARRY TRUMAN been serving as an alternate member. Rufus W. Honorable Charles E. Wilson Hanson, Vice President of the First National Bank Director of Defense Mobilization of Minneapolis, has been appointed as an alternate member of the Ninth District Committee. The National Committee also has appointed Appointments to Regional Voluntary Credit Restraint R. J. Rice, Vice President of the Twin City Bank, Committees North Little Rock, Arkansas and O. D. Hadfield, STATEMENT OF THE NATIONAL VOLUNTARY CREDIT Vice President of Peoples National Bank, Little RESTRAINT COMMITTEE, MARCH 14, 1952 Rock, Arkansas, as alternate members of the Little The National Voluntary Credit Restraint Com- Rock Regional Commercial Banking Voluntary mittee has appointed Gordon Murray, President of Credit Restraint Committee. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Class C Director and Appointments of Branch Directors Deputy Chairman On March 13, 1952, the Federal Reserve Bank On March 21, 1952, the Board of Governors an- of Kansas City appointed Mr. Ralph S. Newcomer, nounced the appointment of Mr. Cecil Puckett, Executive Vice President of the First National Dean, College of Business Administration, Uni- Bank in Boulder, Boulder, Colorado, as a director versity of Denver, Denver, Colorado, as a Class C of the Denver Branch for the unexpired portion of director of the Federal Reserve Bank of Kansas City the two-year term ending December 31, 1952, to for the unexpired portion of the three-year term succeed Mr. Ramon B. Handy, deceased. Mr. ending December 31, 1953, and as Deputy Chair- Handy was Executive Vice President of The First man of the Bank for the remaining portion of the National Bank of Greeley, Greeley, Colorado. year 1952. He succeeded Mr. Robert L. Mehornay, On March 14, 1952, the Federal Reserve Bank Chairman of the Board, Mehornay Furniture Com- of Atlanta appointed Mr. John B. Barnett, Jr., Presipany, Kansas City, Missouri, deceased. dent, The Monroe County Bank, Monroeville, Ala- Mr. Puckett had been serving as a director of the bama, as a director of the Birmingham Branch for Denver Branch of the Federal Reserve Bank of the unexpired portion of the three-year term ending Kansas City since June 6, 1950. December 31, 1952, to succeed his father Mr. J. B. Barnett, deceased. Mr. J. B. Barnett, ST., was Election of Class B Director President of The First National Bank of Monroe- The Federal Reserve Bank of Kansas City, on ville, Monroeville, Alabama. March 11, 1952, announced the election of Mr. Max On March 27, 1952, the Board of Governors an- A. Miller of Omaha, Nebraska, as a Class B director nounced the appointment of Mr. Aksel Nielsen, of the Bank for the unexpired portion of the three- President of the Title Guaranty Company, Denver, year term ending December 31, 1954, to succeed Colorado, as a director of the Denver Branch of Mr. Willard D. Hosford, deceased. Mr. Hosford the Federal Reserve Bank of Kansas City for the unwas Vice President of the John Deere Plow Com- expired portion of the two-year term ending Depany, Omaha, Nebraska. Mr. Miller is engaged in cember 31, 1953. Mr. Nielsen succeeds Mr. Cecil ranching and farming. Puckett who was appointed a Class C director and APRIL 1952 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Deputy Chairman of the Federal Reserve Bank of Correction Kansas City. In the statement by the Board of Governors of Revised Edition of Historical Supplement to Monthly the Federal Reserve System with respect to exten- Chart Book on Bank Credit, Money Rates, sion of the Defense Production Act of 1950, as reand Business printed in the March 1952 BULLETIN on pages 244- The Board of Governors has available for dis- 46, the correction indicated below should be made. tribution a revised edition of the historical supple- Page 245, column 1, 14th line from bottom of ment to the monthly Federal Reserve Chart Book page. Change sentence beginning on this line to on Bank Credit, Money Rates, and Business. read: Consumer instalment credit is a highly vola- The format and the charts included, of which tile segment of the credit picture, as indicated by there are 113 pages, are the same in the 1952 sup- the substantial increase—a rate of almost 500 milplement as in the April 1951 issue. In most cases lion dollars per month during the period in 1950 the charts cover the period beginning with 1919 or when the Defense Production Act was under consome earlier year. All charts include the latest sideration by the Congress. data available on April 2, 1952. The historical supplement now available will be Admission of State Bank to Membership in the distributed free of charge to annual subscribers to Federal Reserve System the monthly Chart Book. Single copies of the The following State bank was admitted to memsupplement may be purchased for 60 cents each; bership in the Federal Reserve System during the in quantities of 10 or more copies for shipment to period February 16, 1952 to March 15, 1952: one address, there is a special price of 50 cents per copy. Orders should be sent to the Division of Ad- South Carolina ministrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. North Charleston—The Port City Bank. 366 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Consumer Credit 4. By changing the figure "5a" at the end of subsection (a) of section 8 to "5" and by making Amendments to Regulation W the corresponding change in the footnote. The Board of Governors of the Federal Reserve 5. By inserting in the first sentence of Part 1 of System, effective March 24, 1952, amended Reguthe Supplement to the regulation after the phrase lation W, relating to consumer credit, by removing "maximum loan values are prescribed," the lanthe prescribed minimum down payment and maxiguage "for articles listed in Group A, Group B, mum loan value in connection with home repairs and Group C." and modernization credits. The maximum permis- 6. By amending the italicized caption "Group D sible maturity of 36 months for this type of instal- —20 per cent minimum down payment, 90 per ment credit was not changed. cent maximum loan value": in Part 1 of the Sup- Also, the Board of Governors, effective April 8, plement to the regulation to read as follows: 1952, amended Regulation W so as to exempt from Group D—No prescribed requirement as to the prescribed minimum down payment and maximinimum down payment or maximum loan mum loan value, all listed articles costing less than value: $100. The amendment does not affect the maxi- 7. By deleting the second paragraph of Part 4 of mum maturities prescribed for listed articles. The the Supplement to the regulation. exemption previously applied to articles costing less than $50. AMENDMENT NO. 8 TO REGULATION W The texts of these amendments are as follows: Issued by the Board of Governors of the Federal Reserve System. AMENDMENT NO. 7 TO REGULATION W Regulation W is hereby amended in the follow- Issued by the Board of Governors of the Federal Reserve ing respect, effective April 8, 1952: System. 1. By changing "$50" to "$100" in the intro- Regulation W is hereby amended in the followductory sentence of Part 1 of the Supplement. ing respects, effective March 24, 1952: Court Proceedings and Suspension of License 1. By amending subsection (c) of section 3 to read as follows: The United States District Court in Minneapolis, (c) Time of Down Payment—The down pay- Minnesota, on April 7, 1952, fined the Minnesota ment shall be obtained at or before the time of Soft Water Company of Minneapolis, $900 for failing to obtain the down payment required by delivery of the listed article. Regulation W in connection with sales of water 2. By deleting the figure "5" following the words softeners and for failing to maintain adequate "cash price" in the second sentence of subsection records of such sales as required by the regulation. (d) of section 4 and the footnote to said subsec- On March 31, 1952, the Board of Governors of tion (d). the Federal Reserve System suspended for a period 3. By adding at the end of subsection (b) of sec- of thirty days, from April 1 through April 30, 1952, tion 6 the following new sentence: the license of Video Meters, Inc., San Francisco, In the case of an instalment credit for financing California, to make instalment sales and rentals of the purchase of an article listed in Group D, this television sets subject to Regulation W. The comsection 6(b) shall not be deemed to require com- pany consented to the entry of the Order by the pliance to be determined from a date in advance Board. The company was charged with failing to of completion of the agreed upon repairs, altera- obtain the required down payment in connection tions, or improvements. with sales and rentals subject to Regulation W. APRIL 1952 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Clayton Act Proceeding spondent's counsel, reply by respondent's counsel to findings proposed by counsel for the Board, and Transamerica Corporation briefs of counsel in support of and in opposition to There are printed below the Board's Findings the amended and supplemental complaint. Subseas to the Facts, Conclusion, and Order, together quently, the Hearing Officer duly considered the with four other orders adopted by the Board on matter, ruled upon the proposed findings submitted March 27, 1952, in connection with the Trans- by counsel for the Board and by respondent's counamerica Clayton Act proceeding, and the dissent- sel, and made and filed with the Board his recommended decision dated June 13, 1951. Thereafter ing statement of Governor Powell filed April 1, the proceeding regularly came on for final hearing 1952. by the Board upon the amended and supplemental complaint, testimony and other evidence duly recorded, certified and filed in the office of the UNITED STATES OF AMERICA BEFORE THE BOARD Board, the recommended decision of the Hearing OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Officer, respondent's motion to dismiss dated and filed September 13, 1951, exceptions on behalf of In the Matter of ) the respondent dated and filed September 13, 1951, Transamerica Corporation j and briefs and oral argument of counsel for the Board and of counsel for respondent; and the FINDINGS AS TO THE FACTS, CONCLUSION AND ORDER Board, having duly considered the matter, having denied respondent's aforesaid motion to dismiss and Pursuant to the provisions of an Act of Congress exceptions, and being now fully advised in the approved October 15, 1914, entitled, "An Act to premises, makes and enters these its findings as to supplement existing laws against unlawful re- the facts, conclusion and order. straints and monopolies, and for other purposes" (the Clayton Act), the Board of Governors of the FINDINGS AS TO THE FACTS Federal Reserve System on June 24, 1948, issued and thereafter served upon respondent, Trans- PARAGRAPH ONE: (a) Respondent, Transamerica america Corporation, a complaint, and on July 19, Corporation (hereinafter frequently called "Trans- 1949, issued and thereafter served upon respondent america"), is a corporation organized and existing an amended and supplemental complaint, charging under the laws of the State of Delaware, and has respondent with violation of section 7 of said Act its principal office and place of business at 4 Colum- (38 Stat. 731, 15 U.S.C. §18). By order entered bus Avenue, San Francisco, California. It is a herein December 6, 1948, Rudolph M. Evans, a holding company, having an authorized capital member of the Board of Governors of the Federal stock of 25,000,000 shares of a par value of $2 each, Reserve System, was duly designated to serve as and having outstanding as of December 31, 1948, a Hearing Officer in this proceeding, and, upon the total of 9,930,000 of such shares. Respondent was completion of the taking of evidence, to make and organized in 1928 by A. P. Giannini for the purfile his recommended decision. Pursuant to appro- pose, among others, of facilitating control and manpriate authorization, Paul C. Hodge, General agement through a single corporation of the banks Counsel of the Federal Reserve Bank of Chicago, and other corporations theretofore operated under served as legal adviser to the Hearing Officer. The his general direction. taking of evidence having been completed, the (b) At or about the time of the filing of the matter was duly heard by the Hearing Officer upon Board's amended and supplemental complaint, rethe amended and supplemental complaint, testi- spondent had acquired and owned, directly and mony and other evidence recorded and filed in the through subsidiaries, voting stock in each of the office of the Board, proposed findings as to the facts following commercial banks in the States of Califiled by counsel for the Board, proposed findings as fornia, Oregon, Nevada, Arizona and Washington, to the facts filed by respondent's counsel, reply by in the approximate stated percentage of the total counsel for the Board to findings proposed by re- stock of each such bank: 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT In California In Washington Bank of America National Trust and Savings National Bank of Washington, Tacoma.. . 62.30 Association, San Francisco 22.88% Central Bank, Oakland 99.65 (c) In addition to the stocks owned as stated in The First National Bank of Garden Grove, the preceding subparagraph, Transamerica also Garden Grove 90.00 Bank of Pinole, Crockett 92.31 owned, as of 1948, stock in banks, financial institu- Central Bank of Calaveras, San Andreas 92.50 tions, and other corporations as follows: The First National Bank of Fairfield, Fairfield 89.60 The Temple City National Bank, Temple City 86.67 (1) Banca d'America e d'ltalia, 92.59 per cent The First National Bank of Weed, Weed 90.00 of the capital stock. First Trust and Savings Bank of Pasadena, (2) The National City Bank of New York, Pasadena 97.78 The First National Bank of Bellnower, Bell- approximately 7.2 per cent of the capital stock. flower 95.00 (3) First Savings Bank of San Jacinto, Cali- First National Bank in Corcoran, Corcoran. . . 92.00 The First National Bank of Los Altos, Los fornia, 65.40 per cent of the capital stock. Altos 87.20 (4) All of the stock of Capital Company Bank of Newman, Newman 87.83 y First National Bank in Santa Ana, Santa Ana 98.50 which is engaged in the purchase, sale, leasing, First National Trust and Savings Bank of management, and operation of real estate, and in Santa Barbara, Santa Barbara 96.18 Bank of Tehachapi, Tehachapi 92.50 the leasing and operation of agricultural, oil, gas, The First National Bank of Crows Landing, and mineral land. This company supervises,, Crows Landing 89.60 The First National Bank of San Jacinto, San maintains, and constructs properties for its affili- Jacinto 66.90 ated companies, and engages especially in the Farmers & Merchants Bank of Watts, Los handling of properties owned by or acquired Angeles 97.50 The First National Bank of Mountain View, from affiliated banks. Mountain View 75.63 (5) All of the stock of Allied Building Credits, The First National Bank of Oakdale, Oakdale 93.00 First National Bank in Turlock, Turlock 89.87 Inc., which is engaged in financing new construc- Bank of Beaumont, Beaumont 93.00 tion, largely residential, and in reselling mort- First National Bank in Delano, Delano 90.27 American Commercial & Savings Bank, Moor- gages and instalment notes to banks, insurance park 90.00 companies, and other investors. In 1948, this Stanislaus County Bank, Oakdale 97.08 company purchased nearly $45,000,000 of notes In Oregon and mortgages. (6) All of the stock of Occidental Corporation, The First National Bank of Portland, Portland 68.60 The First National Bank of Forest Grove, which, in turn, owned all of the stock of Occi- Forest Grove 90.00 dental Life Insurance Company of California. Coolidge & McClaine, Silverton 98.13 Moreland-Sellwood Bank, Portland 97.00 The latter is the largest life insurance company Clatsop County Bank, Seaside 97.00 located on the Pacific Coast, having in 1948 more The First National Bank of Cottage Grove, than 15,000 sales representatives and nearly Cottage Grove 90.00 The First National Bank of Prineville, Prineville 90.00 $2,000,000,000 in life insurance in force. The Scio State Bank, Scio 95.00 (7) All of the stock of Pacific National Fire Bank of Sweet Home, Sweet Home 97.50 The First National Bank of Eugene, Eugene. 98.20 Insurance Company, which is engaged in writing Benton County State Bank, Corvallis 97.33 fire, automobile, and marine insurance. This Carlton State & Savings Bank, Carlton 90.00 Yamhill State Bank, Yamhill 90.00 company had, in 1948, some 4,000 sales repre- Monroe State Bank, Monroe 91.67 sentatives and received in that year premium pay- The First National Bank of Lebanon 86.00 ments of nearly $10,000,000. State Bank of Malheur County, Ontario. . . 94.60 (8) Through its subsidiary named in (7) In Nevada above, all of the stock of Premier Insurance Com- First National Bank of Nevada, Reno 99.10 pany, which is engaged in writing automobile Farmers' Bank of Carson Valley (Inc.), Minden 88.00 insurance, principally in connection with instal- Bank of Nevada, Las Vegas 70.00 ment sales of automobiles. This company re- In Arizona ceived premium payments in 1948 of nearly $8,000,000. First National Bank of Arizona, Phoenix. . 80.83 APRIL 1952 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (9) More than 99 per cent of the stock of Adel other States, and deposited for collection by such Precision Products Corporation. This company payees in banks in States other than the State in manufactures tractors, aircraft parts and equip- which the paying bank is located. Both in receivment, and other metal products. Its 1948 sales ing for collection checks drawn upon banks in were more than $6,000,000. other States and in honoring the checks of its own (10) Eighty-six per cent of the stock of Gen- depositors which are deposited for collection in and eral Metals Corporation. This company produces received from banks in other States, each of the ferrous and nonferrous castings and forgings, banks named above in subparagraph (b) of Paraand had sales in 1948 of more than $9,000,000. graph One hereof must, and does, arrange for the (11) All of the stock of Enterprise Engine & settlement of the resulting debit or credit balances. Foundry Company. This company operates Such transactions across State lines are necessary in foundries and produces diesel engines, oil burner the operation of all commercial banks and require equipment, and other machinery. Its sales in constant communication and transportation be- 1948 were more than $8,000,000. tween various States of the United States. (12) Slightly over 60 per cent of the stock of (b) In addition to the matters stated in sub- Columbia River Packers Association, Inc. This paragraph (a) of this Paragraph Two, commercial company operates fisheries and processing plants, banks, including those named in subparagraph (b) and markets canned salmon, tuna, crabmeat, shad of Paragraph One hereof, normally and regularly roe, and frozen fish. Its sales in 1948 were more engage in all or substantially all of the following than $12,000,000. functions: collection or payment of bill-of-lading (13) More than 99 per cent of the stock of drafts, notes, and other commercial instruments; Corporation of America. This company, as of acceptance of bills of exchange; purchase or sale of 1948, was engaged only in acting as trustee securities for their own accounts or the accounts of under deeds of trust in which respondent and its their customers; collection of maturing securities or affiliated companies were named as beneficiaries. interest coupons due thereon for their own accounts (14) All or a substantial part of the stocks of or the accounts of customers; maintenance of various other companies, including Inter-America correspondent relationships with banks in other Corporation, American Brokerage, Inc. (in- States; telegraphic transfer of funds for their own active); The Axton-Fisher Tobacco Company (in accounts or the accounts of their customers; and liquidation); Coast Service Company; and Time- other commercial transactions. The performance plan, Incorporated (inactive). of these functions requires constant use of the chan- PARAGRAPH TWO: (a) Each of the banks named nels of interstate communication and transportation in subparagraph (b) of Paragraph One hereof is a and involves constant commercial intercourse across commercial bank. Each of these banks accepts State lines, including the regular shipment and deposits subject to check issued by the depositor receipt of documents and the transfer of funds beagainst his account. Each of these banks, through tween and among various States of the United the check collection facilities of the Federal Reserve States. Banks, through correspondent banks or directly, (c) Each of the banks named in subparagraph or through one or more of these means, continu- (b) of Paragraph One hereof is engaged in comously and regularly sends checks deposited by its merce, as "commerce" is defined in the aforesaid customers, which are drawn upon banks in States Clayton Act (38 Stat. 730; 15 U.S.C. §12). other than the State in which such bank is located, PARAGRAPH THREE: (a) The banking group conto such out-of-State banks for collection. Each of trol of which was later concentrated in Transthese banks continuously and regularly receives america had its origin in the organization by A. P. from banks in States other than the State in which Giannini of the Bank of Italy in San Francisco, it is located, through the check collection facilities California, in 1904. Its expansion began with a first of the Federal Reserve Banks, through correspond- branch in 1909, a second in 1910, a third in 1912, ent banks or directly, or through one or more of 2 in 1913, 1 in 1915, 5 in 1916, and 7 in 1917, makthese means, checks drawn by its own depositors ing a total of 18 branches at the end of that year. against their accounts in such bank and sent by Until 1917, the method followed in buying other such depositors as a means of payment to payees in banks was for one or more of the officers of the 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT Bank of Italy to buy the stock of the bank to be Italy National Trust and Savings Association under acquired with the proceeds of personal loans to a national charter. them by another bank, these loans being secured (c) In 1928, A. P. Giannini organized respondby the stock purchased. The assets of the bank ent, Transamerica, as previously found, for the purthe stock of which had been thus purchased were pose, among others, of concentrating under the then sold to the Bank of Italy; the loans made to control of a single company all of the various banks finance the stock purchased were then paid from and other organizations above referred to in this the sale of assets and the acquired bank was liqui- Paragraph Three. At the request of A. P. Giannini, dated. This method was followed because Cali- practically all of the stockholders in Bank of Italy fornia law did not permit one bank to buy the National Trust and Savings Association and Bancstock of another. italy Corporation exchanged their stock in these (b) As the number of banks being acquired in- companies for stock in Transamerica, thus placing creased, this procedure became burdensome and in the hands of Transamerica, at the time of or inconvenient. In 1917, A. P. Giannini organized shortly after its organization, substantially all of the Stockholders Auxiliary Corporation, the bene- the stock of Bank of Italy National Trust and ficial interest in its stock being owned by the stock- Savings Association and Bancitaly Corporation. holds of the Bank of Italy in the same proportion The Bank of Italy National Trust and Savings as their stockholdings in that bank. This company Association had by that time acquired, by the purwas organized for the purpose, among others, of chase of other banks through the method stated acting as a purchaser of the stock of banks the above and by the establishment of de novo branches, assets of which were to be later acquired by the some 284 branches in California. In addition, Bank of Italy. It also took charge of any assets of Transamerica had acquired and held all or a subthe acquired bank which had to be written off by stantial majority of the stock of California Joint the Bank of Italy. It acted as an insurance broker Stock Land Bank, National Bankitaly Company, in placing insurance for the Bank of Italy and in- Bankitaly Agricultural Credit Corporation, Banksurance which came to the Bank of Italy through italy Mortgage Company, Bank of America its customers or in connection with loans made by National Association of New York, Bancamerica it. In 1918, A. P. Giannini organized the Bancitaly Blair Corporation, Commercial Holding Company, Corporation, a New York corporation, in which Bankitaly Company of America, Occidental Corabout three-fifths of the stockholders were also poration (a holding company owning Occidental stockholders in the Bank of Italy, and in which the Life Insurance Company and Occidental Invest- Stockholders Auxiliary Corporation owned about ment Company), Bank of America (California) 25 per cent of the stock. The Bancitaly Corpora- and its security affiliate, Corporation of America, tion acquired control of several banks in New York, and Pacific National Fire Insurance Company. The interests in some foreign banks, and controlling "Statement of Condition at the Close of Business stock interests in some California banks. A. P. December 31, 1928," issued by Transamerica, Giannini was President of Bancitaly Corporation stated its resources as $1,093,449,250, and gave the from the organization of that company until its names of its Directors as follows: dissolution in 1928. In 1924, Stockholders Auxiliary Corporation and certain stockholders of the A. P. Giannini, President, Transamerica Corporation; James A. Bacigalupi, President, Bank of Italy N.T. & S.A.; Bank of America of Los Angeles organized a com- A. J. Mount, Senior Vice President, Bank of Italy N.T. & pany known as Americommercial Corporation, S.A.; which also engaged in acquiring controlling stock P. C. Hale, Vice President, Bankitaly Company of America; interests in California banks. Stockholders Aux- A. Pedrini, Vice President, Bankitaly Company of iliary Corporation later came into the sole owner- America; ship of Americommercial Corporation. In 1927, L. M. Giannini, President, Pacific National Fire Insurance Company; after the passage of the McFadden Act, permitting A. E. Sbarboro, Vice President, Pacific National Fire Innational banks to engage in branch banking, the surance Company; W. E. Blauer, Vice President, Bankitaly Mortgage Com- Bank of Italy absorbed the Liberty Bank of pany and Vice President, California Joint Stock Land America of San Francisco and the Commercial Bank; National Bank of Los Angeles and became Bank of Dr. A. H. Giannini, Chairman, Board of Directors, The Bank of America, N.A., New York; APRIL 1952 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Edward C. Delafield, President, The Bank of America, branches of the First National Bank of Nevada. N.A., New York; In furtherance of the policy of expanding and ex- L. V. Belden, President, The Bankameric Corporation, New York; tending the operations of the group, Transamerica J. E. Rovensky, Vice President, The Bankameric Cor- entered the State of Washington in 1936 through poration, New York; the acquisition of the National Bank of Tacoma, Leon Bocqueraz, Chairman, Board of Directors, Bank of America of California; the name of which was subsequently changed to E. J. Nolan, President, Bank of America of California; National Bank of Washington. Since this acquisi- C. N. Hawkins, Vice President, Bankitaly Agricultural Credit Corporation; tion, Transamerica has acquired nine other banks W. H. Snyder, Vice President, Commercial Holding in Washington, all of which have been converted Company; into branches of the National Bank of Washington. George A. Webster, Vice President, Commercial Holding Company; Continuing its expansion and extension policy, the W. F. Morrish, Vice President, Corporation of group entered Arizona in 1937 through the acqui- America; sition by Transamerica of the First National Bank C. R. Bell, Vice President, Corporation of America. [BX 3-A] of Arizona at Phoenix, the Phoenix National Bank, and its affiliate, the Phoenix Savings Bank & Trust In 1930, through a consolidation with Bank of Company. The First National Bank of Arizona America of California, which was itself a consoliat Phoenix and the Phoenix National Bank were dation of United Security Bank and Trust Company with Merchants National Trust and Savings consolidated and became the First National Bank Bank, Bank of Italy National Trust and Savings of Arizona. This bank acquired a branch from Association became Bank of America National another bank and later established two additional Trust and Savings Association, hereinafter fre- branches and merged with its companion bank, quently referred to as "Bank of America." Phoenix Savings Bank & Trust Company. PARAGRAPH FOUR: (a) The Transamerica group— (c) The usual method followed in acquiring operating principally through Transamerica, but banks was to arrange for the purchase by Transwith active assistance and cooperation from other america of a controlling stock interest in the bank to members of the group and especially from officials be acquired, and thereafter if the bank purchased of Bank of America—continued its aggressive policy was to be converted into a branch, Transamerica of acquiring other banks and extending and ex- would convey the assets to one of its controlled panding its operations. From its organization in banks. It has been common procedure for Trans- 1928 to the time of this proceeding, Transamerica america to sell to persons selected to be directors of acquired some 240 banks and branches in Cali- a bank purchased by it, directors' qualifying shares fornia, of which some 200 have been absorbed into with an option to Transamerica to repurchase. It and become branches of Bank of America. has also been common for Transamerica to com- (b) A bank cannot lawfully engage in interstate plete such arrangements prior to the time it became branch banking; however, Transamerica, not being the owner of record of the capital stock of the bank a bank itself, was able to, and did, extend its con- acquired. By this means, boards of directors setrolled group-banking operations into other States. lected by Transamerica were provided for in ad- Transamerica first expanded the operations of the vance of transfer to Transamerica of the stock group into Oregon in 1930, through the acquisition bought in its behalf, and thus any need for Transof The First National Bank of Portland. Subse- america to obtain a voting permit from this Board quently, Transamerica acquired some 56 banks and in order to vote its stock for the election of a board branches in that State, about 40 of which have been of directors was avoided. There are a total of 324 absorbed into the branch-bank system of The First directorships in Transamerica majority-owned National Bank of Portland. The Transamerica banks which are filled by 266 individuals, and group expanded its operations into Nevada in 1934 Transamerica holds options to purchase the qualithrough the acquisition by Transamerica of the fying shares in the case of 249 such directorships. First National Bank in Reno, the name of which It has also been a frequent practice of Transamerica, was subsequently changed to First National Bank where it appeared necessary in order to secure a conof Nevada. Since this first acquisition in Nevada, trolling interest in a bank it desired to purchase, to Transamerica has acquired six other banks in pay bonuses to officials of the bank or to grant them Nevada, four of which have been converted into special inducements in various forms, as well as to 372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT pay unusually high prices for shares that represented in the Bank. The facts as to these particular matcontrol, or which might aid in securing control. It ters are:. (1) From the organization of Transamerhas consistently sought to acquire controlling in- ica in 1928 until July 1937, it held more than 99 terests. per cent of the stock of Bank of America; in July (d) As of June 30, 1948, the Transamerica group 1937, Transamerica distributed about 58 per cent controlled in California 25 commercial banks hav- of its holdings of stock in Bank of America to the ing 529 branches, with a total of 554 banking offices; stockholders in Transamerica, and thereafter, by in Oregon, 13 commercial banks having 44 sales, reduced its holdings of stock of Bank of branches, with a total of 57 banking offices; in Ne- America to percentages of the total stock of that vada, 3 commercial banks having 12 branches, with bank as follows: a total of 15 banking offices; in Arizona, 1 commer- 1938 41.17% 1944 23.84% cial bank having 5 branches, with a total of 6 bank- 1939 30.16 1945 21.25 ing offices; and in Washington, 1 commercial bank, 1940 36.53 1946 22.32 1941 30.85 1947 22.54 having 9 branches, with a total of 10 banking 1942 25.05 1948 22.88 offices. Subsequently, the number of controlled 1943 21.36 commercial banks was increased in California to 26 During the pendency of this proceeding, Transand in Oregon to 16. america three times reduced its holdings of Bank (e) During the pendency of this proceeding the of America stock by sale and by distribution of Transamerica group, having secured permits from shares to its own stockholders. The first reduction the Comptroller of the Currency to branch such was in 1949 to 11.1 per cent of the total stock of banks, attempted to convert into branches of Bank Bank of America; the second was in 1951 to 7.66 of America 22 banks with 28 banking offices (one per cent of such stock; and the third was in 1952, dual occupancy) in California which are majority after final hearing of this matter by the Board, to owned by Transamerica. This conversion was pre- approximately 5.6 per cent of the Bank of America's vented by injunctive orders issued by the United total stock. (2) As of August 31, 1950, the 24,- States Court of Appeals for the Ninth Circuit upon 000,000 shares of stock of Bank of America were the petition of this Board and by subsequent action distributed among more than 180,000 holders, exof that court in contempt proceedings instituted clusive of Transamerica, its subsidiaries, and nomiagainst Transamerica, Bank of America, and their nees, and Bank of America employees' profit-sharrespective chief executive officers, Sam H. Husbands ing and family-estate trustees. (3) The stockholdand L. M. Giannini, for failure to obey the in- ings of L. M. Giannini, plus other shareholdings junctive orders. In Oregon, Transamerica pres- directly controlled by him, amounted to approxiently controls 15 banks (with 17 offices) now oper- mately two-tenths of 1 per cent of the total stock ated as affiliates of The First National Bank of of Bank of America. Portland. Applications to convert such banks into (b) From its organization in 1928 to July 1937, branches of The First National Bank of Portland Transamerica had and exercised control of Bank of are now pending before the Comptroller of the America through its ownership of more than 99 Currency. per cent of the stock of that bank. However im- PARAGRAPH FIVE: (a) A basic position of re- portant other elements of control may have been spondent in this proceeding is that Bank of Amer- during that period, they are not considered here beica is not controlled by Transamerica, is not a part cause of the direct control through stock ownership. of the Transamerica group, and is a wholly separate The control exercised by Transamerica, not only of institution dealing at arms length with Trans- Bank of America, but also of its majority-owned america and banks and other corporations majority banks and other companies, has always been and is owned by Transamerica. The support for this one of policy, leaving the details of the management position appears to be necessarily based principally of the individual banks and other companies to upon, though not limited to, reductions in the pro- officials selected directly or indirectly by Transportions of the stock of Bank of America held by america. Any radical departure from these policies, Transamerica, upon the present wide distribution or any abnormal commitment, required prior conof the stock of Bank of America, and upon the rela- sultation with and approval by Transamerica. tively insignificant stockholdings of L. M. Giannini Transamerica's control of Bank of America was APRIL 1952 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT for many years publicly acknowledged by Trans- Ferroggiaro, Vice President; Dr. A. H. Giannini, america. For example, the published Annual Re- Chairman of the General Executive Committee; port of Transamerica for 1932 contains the state- A. J. Gock, Vice President; G. J. Panario, Vice ment: President; A. E. Sbarboro, Vice President and Vice The policies of the Giannini management of Chairman of its General Finance Committee, and Transamerica Corporation have been restored Will C. Wood, Vice President. R. P. Everard, Secand are hereby reaffirmed. [BX 3-E] retary of Bank of America and of Transamerica Corporation, was designated as Secretary of the The published Annual Report of Transamerica for Advisory Council. Apparently this Council became 1934 stated in part: inactive after a few years. Your Directors have named a committee of The Annual Report of Transamerica for 1935 fourteen to serve as an Advisory Council to assist states: A. P. Giannini in directing the activities of all ... it is fitting that there be incorporated in banks controlled by Transamerica Corporation. this letter to the stockholders of Transamerica . . . This Council, in addition to its advisory Corporation a copy of the following preambles functions, will co-operate with A. P. Giannini and and resolutions in regard to Mr. [A. P.] Giannini your Board of Directors in choosing from time which were adopted at a regular meeting of the to time the chief operating executives of the Board of Directors of the Bank of America N. T. Transamerica group. [BX 3-G] & S. A. on August 14, 1935: The same Annual Report refers to L. M. Giannini, WHEREAS, at a meeting of this Board of who was made head of the Advisory Council men- Directors held on July 9, 1935, there was tioned in the preceding excerpt, as follows: presented for consideration a recommenda- The selection of L. M. Giannini to head the tion of the Board of Directors of Trans- Advisory Council is, in the opinion of your Board, america Corporation that Bank of America a particularly happy one for, in addition to his N. T. & S. A. place Mr. A. P. Giannini on close contact with the wide range of Transa salary as Chairman of the Board of said america's activities since their inception, he is a Bank; and man whose seasoned judgment, qualities of leadership, and outstanding analytical abilities peculiarly qualify him to head the Council which will WHEREAS, this Board of Directors fully determine management policies for the entire recognizes the fact that the gigantic task group of Transamerica's banks. [BX 3-G] of reconstruction undertaken by Mr. Gian- The composition of the Advisory Council selected nini when he resumed control of the manby the Directors of Transamerica to assist A. P. agement of Bank of America N. T. & S. A. Giannini and Transamerica in selecting "the chief on February 15, 1932, has been accomoperating executives of the Transamerica group" plished through the genius and indomitand to "determine management policies for the able leadership of Mr. Giannini * * #. entire group of Transamerica's banks" was L. M. [BX 3-H] Giannini as Council Chairman, and the following (c) (1) When Transamerica, in 1937, became a membership: John M. Grant, President of Trans- minority stockholder in Bank of America through america; E. B. MacNaughton, President of The distribution to its own shareholders of 58 per cent First National Bank of Portland, a Transamerica- of its then stockholdings in that bank, the effective controlled bank; C. F. Wente, President of the First control of that bank by Transamerica was not in- National Bank in Reno, a Transamerica-controlled terrupted. Many factors, some tangible and others bank; and the following, each of whom held the of an intangible character, have contributed to and position stated in the Bank of America: F. N. Bel- aided in the continuance of this control to the grano, Jr., Vice President; W. E. Blauer, Vice present time, and promise its continuance in the President and Chairman of its General Finance future. Committee; Hugh L. Clary, Vice President and (2) In 1930, A. P. Giannini retired pursuant to Vice Chairman of its Operating Committee; Louis a previously announced plan, and at his invitation Ferrari, Vice President and General Counsel; F. A. Elisha Walker, an Eastern banker, became Chair- 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT man of the Board of Directors of Transamerica. 1940, and the following resolution was adopted by The Board of Directors was reconstituted, and in Transamerica's Board: 1931 it wrote down the book value of Trans- Resolved, that the Chairman of the Board of america's assets by about one billion dollars, most Directors or the President of this corporation be, of which was due to the reduction to nominal and each of them hereby is authorized to execute figures of the sums previously carried as goodwill for and in the name and on behalf of this corpoand going-concern values. Transamerica's Board ration, a proxy or power of attorney in any form also announced new policies, which included even- satisfactory to him appointing such person or tual withdrawal of Transamerica from the control persons as he shall determine as attorneys and of banks, in which connection Transamerica's proxies to vote the shares of stock of other cor- Board stated: porations now or hereafter registered in the name . . . Your Board believes that it is unsound to of this corporation, or which this corporation may link, through a holding company, the ownership now or hereafter be entitled to vote at any and and control of a deposit bank with other un- all meetings of shareholders of said other corporelated activities and that it is essential to the rations. [TR 1735] complete success of any bank that it should be (3) In addition to the delegations of authority operated and publicly regarded as an independent by Transamerica to A. P. Giannini as Chairman of institution without responsibility for, or connec- Transamerica's Board of Directors, and to the tion with, any other business. It was for this President of Transamerica, to designate the person reason that your Board determined upon the or persons to represent the interests of Transamerica policy of confining the Corporation's investments on boards of directors of corporations of which in the banking field to minority interests not in- Transamerica held stock, and to name proxies to volving controlling influence. The eventual vote the stock held by Transamerica in other corseparation of its controlled banks from Trans- porations, the by-laws of the Bank of America america, in accordance with this policy, will give placed specific powers in the hands of A. P. such banks complete independence in their lend- Giannini. At all relevant times, A. P. Giannini, as ing and investment policies which is the only Chairman of the Board of Directors of Bank of sound foundation for a bank. [BX 3-D] America, and, later, as Founder-Chairman of the Bank, had direct authority to formulate the policies A. P. Giannini came out of retirement and, against by which the affairs and operations of the Bank the strenuous opposition of the new management of of America were controlled. Section 4 of the Bank's Transamerica, secured proxies more than sufficient by-laws as amended on September 22, 1931, reads to control Transamerica; whereupon the Walker in part: management was ousted. A. P. Giannini again Section 4. The Chairman of the Board. The became Chairman of the Board of Directors of Chairman of the Board of Directors shall preside Transamerica, with L. M. Giannini as a Director at all meetings of the Board and of the shareand Chairman of the Executive Committee, and holders, and shall perform all other duties imwith other Directors and officers selected by A. P. posed upon him by the Board of Directors and Giannini. On February 24, 1932, soon after these these By-Laws. The duties of the Chairman, in events, the Board of Directors of Transamerica addition to the usual executive duties of such adopted the following resolution: officer, shall also include responsibility for the Resolved, that the Chairman of the Board or policies upon which the bank's operations and the President of this corporation be, and he affairs will be conducted. [BX 289] hereby is, authorized to designate, where deemed When the position of "Founder-Chairman" was advisable by either of them to do so, the parcreated by the Bank of America for A. P. Giannini, ticular person or persons who shall represent the Section 4 of the Bank's by-laws was, on May 8, interests of this corporation on the Board of 1945, amended to read in part: Directors of any other corporation of which this Section 4. The Founder-Chairman. The corporation owns stock. [TR 1734] Founder-Chairman shall be responsible for the The foregoing action was rescinded on August 23, formulation of the policies upon which the bank's APRIL 1952 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT operations and affairs will be conducted and shall brother of A. P. Giannini, who has served on the perform such other duties as may be imposed committee every year since 1941. The Proxy Comupon him by the Board of Directors and these mittee has consistently voted for and elected as By-Laws. . .. [BX 289] Directors of Bank of America the Directors already in office if they were available, and when a new (d) (1) When the stock of a company is widely member was added to replace a Director no longer distributed among a large number of small holders, available, the Proxy Committee voted for whoever it is common experience that a substantial though was selected by the Bank's Board, usually at the minority interest frequently exercises effective conrecommendation of the Chairman of the Board of trol. In the present instance, after reduction to 7.66 the Bank, sometimes after consultation with Direcper cent of the stock of Bank of America, the holdtors and officers. This provides the Bank's manageings of Transamerica and its subsidiaries in that ment with an effective instrument for perpetuating bank on January 31, 1951, were 1,838,850 shares itself in control. (later reduced in January 1952 to approximately 5.6 per cent, or 1,345,883 shares). On August 31, (e) Among the important intangible factors of 1950, (the nearest date for which figures are avail- control of Bank of America by Transamerica is the history of "Giannini management" of Transamerica able) the next largest holder, other than Bank of and its affiliates, the long-established relationships America employee trust funds, which had 450,891 among the members of this group, the long and shares, was a securities dealer who was the holder continuous service of most of the important officials of record of 62,000 shares. More than half of the in the group, the expectation and acceptance of 24,000,000 shares of stock of Bank of America was policy direction, and the momentum of established held in lots of less than 500 shares by 173,109 ownpolicies and procedures. All of these tend to preers, and almost a quarter of the total issue was held serve and continue unity of policy on the part of by 6,727 owners in lots of more than 499 but less the management hierarchy of both Transamerica than 2,000 shares. The record shows that in the and Bank of America. years 1938 to 1950, inclusive, the shares voted by (f) A result of the tangible and intangible factors the management Proxy Committee (as distinguished entering into the control of Bank of America by from shares voted by other proxies, or in person) Transamerica appears from an examination of the averaged approximately 99 per cent of all the shares 1948 Board of Directors of that bank. The Bank's which were voted. For example, the figures for 1948 Board consisted of 25 members. Of this memrecent years show: bership, 14 were members of the Bank's 1937 Board Voted by Total management Voted selected by Transamerica when it owned more than vYear shares Proxy by all 99 per cent of the stock of Bank of America. These voted Committee others members were: 1947 6,158,796 6,097,080 61,716 (1) W. E. Blauer (8) A. J. Gock 1948 6,214,715 6,143,564 71,151 (2) Leon Bocqueraz (9) J. E. Marble 1949 6,183,509 6,115,453 68,056 (3) G. E. Caglieri (10) H. A. Mazzera 1950 7,108,579 7,031,046 77,533 (4) J. Cereghino (11) Angelo Petri (5) John A. Corotto (12) A. E. Sbarboro Transamerica holds a voting permit issued by this (6) A. P. Giannini (13) C. J. Sullivan Board to vote the stock it holds in Bank of America. (7) L. M. Giannini (14) Z. Zentner (2) Since 1939 the stock owned by Transamerica Each of these 14 members of the 1948 Board of in Bank of America has been voted by the Bank's Directors of Bank of America served continuously Proxy Committee. The formal designation of the in that capacity from 1937, except A. E. Sbarboro, members of this committee is by the Board of Di- who was relieved in 1938 and re-elected in 1946. rectors of the Bank. This Proxy Committtee has The remaining 11 members of the 1948 Board of consisted of three members (except in one year the Bank of America were: five members were named) who have always been (1) F. S. Baer, who was elected to the Bank's persons close to A. P. Giannini. Two of the usual Board in 1943 and served continuously through members of the committee have been Margaret 1948. Baer came into the Transamerica group Mallory, office manager of the A. P. Giannini through Transamerica's acquisition in 1942 of Company, who has served on the Proxy Committee Pacific Finance Corporation of California, of which every year since 1937, and George J. Giannini, he was managing head. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (2) Louis Ferrari, who became a member of the (10) E. R. Thurber, who became a member of Bank's Board in 1946 and served through 1948. the Bank's Board in 1932, at the time the Giannini He had previously been a Director of the Bank for management resumed control, and served continuthe years 1929 through 1932, inclusive. He became ously through 1948 except for the years 1934 to a trust attorney for the Bank of Italy in 1919. From 1938, inclusive. He was a Director of California 1926 to 1944 he was Vice President and General Lands, Inc., in 1939 and 1940, and a Director of Counsel of Bank of America. Capital Company from 1941 through 1947. (3) F. A. Ferroggiaro, who became a member (11) C. F. Wente, who became a member of of the Bank's Board in 1940 and served continuously the Bank's Board in 1944 and served continuously through 1948. He had previously been a Director through 1948. He has been continuously employed of the Bank in 1930 and 1931. He has been an in Transamerica-group banks since 1918; as Vice employee of the Bank of Italy and its successor President in 1929, and Executive Vice President since its organization. in 1930, of the Bank of Italy; as President and (4) Marshal Hale, Jr., who became a member Chairman of the Board of the First National Bank of the Bank's Board in 1946 and served continuously in Reno (later called the First National Bank of through 1948. He took the place of his father, Nevada) from shortly after Transamerica's acquisiwho had served as a Director of the Bank from tion of that bank in 1934 until 1937; in 1934 and 1926 to 1945, inclusive, except for the years 1934, thereafter, as Director of The First National Bank 1935, and 1936. Marshal Hale, Jr., and his family of Portland; in 1937, as President of the Central have been closely associated with the Gianninis for Bank, Oakland, California, a Transamerica bank; many years. and in 1943, as Senior Vice President of Bank of (5) C. N. Hawkins, who became a member of America. Mr. Wente is now Vice Chairman of the Bank's Board in 1925 and served continuously the Executive Committee of Bank of America, a through 1948 except for the years 1934, 1935, 1936, member of its Trust Committee, and Chairman of and 1937. In 1916, his father sold two banks to the Branch Premises Committee. the Bank of Italy and thereupon became a Director With very few exceptions, the members of the of that bank, to which position C. N. Hawkins 1948 Board of Directors of the Bank of America succeeded. He was a Director of Stockholders were either long-time employees of, or had been Auxiliary Corporation in 1920. During the years closely associated with, the Transamerica group 1934 to 1937 he was a member of the Advisory for many years. They were selected by the methods Board of the Bank of America. heretofore described and could neither have become (6) Eric A. Johnston, who became a member of nor have continued as Directors of the Bank of the Bank's Board in 1946 and served continuously America except with the approval and support of through 1948. He became a Director of the Bank Transamerica. at the invitation of A. P. Giannini. (g) Twelve of the Directors of the Bank of (7) Alfred J. Lundberg, who became a member America named in the preceding subparagraph have of the Bank's Board in 1946 and served continuously also been Directors and/or officers of Transamerica through 1948. He became a Director of the Bank or its subsidiaries (other than commercial banks) at the invitation of L. M. Giannini. in various years since 1937, as follows: (8) W. W. Mein, who became a member of the (1) W. F. Blauer—Director, Bankamerica Agri- Bank's Board in 1938 and served continuously cultural Credit Corporation, 1939, 1940, and 1941; through 1948. He was a Director of Occidental Director, Inter-America Corporation, 1939; Di- Life Insurance Company from 1939 through 1947. rector, Pacific National Fire Insurance Company, (9) Neil Petree, who became a member of the 1939 through 1947. Bank's Board in 1943 and served continuously (2) Leon Bocqueraz—Director, Capital Comthrough 1948. He became a Director of the Bank pany, 1939 through 1947; Director, Pacific National at the invitation of A. P. Giannini, and testified that Fire Insurance Company, 1939 through 1947. in 1945 "Again Mr. A. P. Giannini suggested to (3) Joseph Cereghino—Director, General Metals me that he would like to know if I wanted to go Corporation, 1939 through 1947. on the Executive Committee [of the Bank], and (4) A. P. Giannini—Chairman, Board of Di- I did, and so was elected." [TR9834] rectors, Transamerica Corporation, 1932 until his 377 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT death in 1949; Director and Chairman of the sidering the matter of control of Bank of America Board, Corporation of America, 1933 through 1939; by Transamerica subsequent to 1937. Director, Occidental Life Insurance Company, 1936 (2) Since 1937, Bank of America has performed through 1947; Chairman, Board of Directors, Trans- or continued to perform a wide variety of services america General Corporation, 1938 and 1939; Di- for Transamerica inconsistent with cessation of conrector, Merchants Realty Corporation, 1938. trol of that bank by Transamerica after Trans- (5) L. M. Giannini—Chairman, Advisory Coun- america became a minority stockholder of the Bank. cil and Chairman, Executive Committee, 1935 One important type of service performed by various through 1937, and Chairman, Executive Commit- officers and employees of the Bank of America has tee, 1938 through 1948, Transamerica Corporation; been assistance to Transamerica in acquiring other Chairman, Board of Directors, Bankamerica Agri- banks. G. M. McClerkin, a Vice President of Bank cultural Credit Corporation, 1928 through 1941; of America from 1932 until 1946, devoted a major Director, California Lands, Inc., 1938 through 1940; portion of his time and efforts during that period Director, Capital Company, 1938 through 1947; to seeking out opportunities for Transamerica to Director and Vice President, 1939 and 1940, and acquire controlling stock interests in banks, and in Director and President, 1941 through 1947, Cor- negotiating or assisting in negotiating such purporation of America; Director, Inter-America Cor- chases. Since 1946, he has been a Vice President poration, 1939 through 1947; Director and Presi- of Transamerica, where he has continued his bankdent, 1933 through 1943, and Chairman of the purchasing activities and also serves as a liaison Board, 1944 through 1947, Occidental Life In- officer between Transamerica and its controlled surance Company; Director, Pacific Fire Insurance banks. During the time in 1941 when Transamer- Company, 1933 through 1947; Director, America ica was in process of acquiring the controlling and Security Corporation, 1938; Director, Merchants stock interest in the First Trust and Savings Bank Realty Corporation, 1933 through 1947; and Di- of Pasadena, Edmund Nelson and S. C. Beise, each rector, Transamerica General Corporation, 1938 a Vice President of Bank of America, and Louis and 1939. Ferrari, the General Counsel of that bank, actively (6) A. J. Gock—Vice President, Transamerica participated in the various steps taken, and aided in Corporation, 1932 through 1939. carrying out and in supervising the carrying out (7) Marshal Hale, Jr.—Director, Pacific National of much of the work incident to such acquisition. Fire Insurance Company, 1945 through 1947. S. C. Beise also assisted Transamerica in a similar (8) C. N. Hawkins—Director, Bankamerica manner in 1944 in connection with the acquisition Agricultural Credit Corporation, 1939 through 1941. by Transamerica of the stock of the First National (9) W. W. Mein—Director, Occidental Life In- Bank in Santa Ana and the First Trust and Savings surance Company, 1939 through 1947. Bank of Santa Barbara. In 1942, F. S. Baer, then (10) A. E. Sbarboro—Director and Vice Presi- Vice Chairman of the Board of Directors of the dent, Inter-America Corporation, 1939 through Bank of America, approached the President of the 1947; Director and Vice President, Pacific National Citizens National Trust and Savings Association Fire Insurance Company, 1939 through 1947; Di- of Los Angeles on behalf of the acquisition by rector, Western Furniture Exchange (later called Transamerica of that bank. In 1945, C. F. Wente, Western Merchandise Mart), 1939 through 1947. then Senior Vice President of Bank of America, (11) E. R. Thurber—Director, California Lands, conducted the negotiations through which Trans- Inc., 1939 and 1940; Director, Capital Company, america acquired the Bank of Corning. These are 1941 through 1947. merely specific instances of the continual activity (12) C. F. Wente—Director and Vice President, which the record shows to have been engaged in Bankamerica Agricultural Credit Corporation, 1939 by numerous officers and employees of the Bank through 1941; Director and Vice President, Cali- of America in aid of the purchases of banks by fornia Lands, Inc., 1939 and 1940; Director, Capital Transamerica. Company, 1939 through 1942; and Vice President, (3) Other types of services performed for Trans- Corporation of America, 1939 through 1947. america by Bank of America include the audit and (h) (1) The interrelationships between Trans- examination of Transamerica-controlled banks by america and Bank of America are significant in con- the Inspection Department of the Bank of America, 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT reports of which inspections are supplied to Trans- tional Bank of Nevada. A. H. Brouse, an emamerica and to the banks examined. Similarly, the ployee of the Bank of America since 1920, became same department of the Bank audits and examines a Vice President of Bank of America in 1928; he Transamerica subsidiaries not engaged in banking. was in 1938 made Executive Vice President, and Other services performed for Transamerica by per- later President, of the National Bank of Washsonnel of the Bank of America include tabulating, ington, a Transamerica subsidiary. H. C. Gruwell, addressographing, and mailing services; the han- after service in the Bank of America, was in 1941 dling of stock transfers, mechanical maintenance, made a Vice President of Bank of America, where stationery supplies, rent collections, burglar alarm he remained until 1945, when he was made Execuinspection, and, until 1950, telephone switchboard tive Vice President, and in 1947 President, of the service. All of these services are performed by the First National Bank of Arizona. Between 1927 Bank at actual cost, and substantially all are per- and 1940, George J. Panario was Assistant Vice formed only for Transamerica and its subsidiaries. President and then Vice President of the Bank of (4) Officers and personnel of the Bank of Amer- America; since 1935, he has been successively Presiica are freely moved to other banks controlled by dent and Chairman of the Board of Directors of Transamerica, and from such other banks to Bank Capital Company; since 1940, he has been succesof America. The record leads to the conclusion that sively Secretary, Director, and Chairman of the Bank of America has served as a reservoir of trained Board of Directors of General Metals Corporation; personnel later placed in important positions in since 1942, he has been Chairman of the Board other banks controlled by Transamerica. An ex- of Directors of Enterprise Engine & Foundry Comample of this appears in the case of C. F. Wente, pany; and he is also a Director of Occidental Corwhose many transfers among Transamerica-con- poration and of Western Merchandise Mart. trolled banks are stated in subparagraph (f) (11) The foregoing are but a few instances illustrative of this Paragraph Five. In connection with his of the large number of transfers of officials between transfer, at the request of A. P. Giannini, from the Bank of America and Transamerica-controlled presidency of Central Bank, Oakland, to Senior banks and companies which are shown by the Vice President of Bank of America, Mr. Wente record. testified he "couldn't do anything but salute the (1) (1) A different type of interrelationship apgeneral, and say, 'Yes, Sir, Mr. A. P., I will be pears in unusual corporate transactions. here.'" F. N. Belgrano, Jr., became a Vice Presi- (2) Subsequent to 1937, Pacific National Fire dent of Bank of America in 1933; in 1939, he was Insurance Company, a Transamerica subsidiary, made President of Pacific National Fire Insurance and subsequent to July 31, 1941, Premier Insurance Company, a Transamerica subsidiary; in 1943, he Company, a Transamerica subsidiary, wrote insurwas made President of Central Bank, Oakland, sucance on automobiles the purchase of which was ceeding C. F. Wente. The vacancy as President of financed by Bank of America. Inter-America Cor- Pacific National Fire Insurance Company caused by poration, a Transamerica subsidiary, acted as broker this transfer of F. N. Belgrano, Jr., was filled by in these transactions. The arrangement between moving into it A. E. Connick, a Vice President of Bank of America and each of the insurance comthe Bank of America. In 1947, Belgrano was made panies has included a formula of adjustment with President of The First National Bank of Portland, respect to the premiums paid for the insurance. succeeding E. B. MacNaughton, who was made Under this formula, if the actual losses incurred by Chairman of the Board of The First National Bank the insurance company on such insurance, plus the of Portland. W. W. Hopper, who had been an insurance company's cost of doing business, exemployee of the Bank of America since 1922, beceeded the premiums received by the insurance came a Vice President of Bank of America in company, the difference would be paid to the in- 1937; he had also been President of California Joint surance company by Bank of America. On the Stock Land Bank and of Bankamerica Agricultural other hand, if the premiums received by the insur- Credit Corporation, both Transamerica subsidiaries; ance company exceeded the insurance company's when C. F. Wente was moved from the First Nalosses and expense, the difference would be paid tional Bank of Nevada to the Central Bank, Oakto Bank of America by the insurance company. land, Hopper was made President of the First Na- The net result of adjustments made pursuant to 379 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT this formula has been payments by the Bank to difference between the interest actually received the Pacific National Fire Insurance Company for and what the interest would have amounted to if the period from June 1, 1939, to July 31, 1943, the rate had been 6 per cent. As a part of this totalling $998,158.70, and payments by the Bank arrangement, Capital Company required the borto Premier Insurance Company for the period from rowers to obtain from Bank of America financing August 1, 1941, to September 30, 1946, totalling for homes built upon the property, or in case of sale $1,109,400.17. Both of these insurance companies of lots, that the purchaser offer Bank of America are stock companies, and their earnings, when the first opportunity to make any building loans. declared as dividends, accrue to Transamerica. Another arrangement was that Capital Company (3) Since 1937, Corporation of America, a Trans- would participate in residential loans made by Bank america subsidiary, has acted as trustee (and in of America by assuming any amount above the recent years that has been its sole function) under maximum the Bank could lawfully lend. deeds of trust in which Transamerica or its affiliated (j) Having fully considered the evidence respectorganizations are named as beneficiaries. This ing the manner of operation of Transamerica and activity has largely been on behalf of Bank of its relationships and activities with and in con- America, and a number of officers of that bank are nection with Bank of America, and with and in also officers of Corporation of America. They, connection with Transamerica's majority-owned together with officers of other Transamerica-con- banks and other companies, it is concluded, and trolled banks, were appointed to facilitate the therefore found, that Transamerica has had and execution and delivery of papers in connection now has the power to control and direct, and in fact with deeds of trust. The fees paid to Corporation has controlled and directed, and now does control of America by Bank of America are one-half of and direct, the major policies and activities, as disthe total fees collected from the trustors, the other tinguished from the day-to-day details of operation, half being retained by Bank of America. of Bank of America and of each of the other banks (4) Before and after 1937, group insurance poli- named above in subparagraph (b) of Paragraph cies issued by Occidental Life Insurance Company, One. As to such other banks, Transamerica aca Transamerica subsidiary, to Bank of America quired and now holds a controlling stock interest included not only employees of that bank but also in each of them, and has openly and freely exercised employees of Transamerica and of other of Trans- that control. It is further concluded, and therefore america's subsidiaries. found, that Transamerica has not held and does (5) In offering to purchase the stock of the not now hold its stock in any of the banks named First Trust and Savings Bank of Pasadena, in in said subparagraph (b) solely for investment. November 1941, Transamerica agreed that if any PARAGRAPH SIX: (a) Much evidence was introofficers or employees of the First Trust and Savings duced or proffered by respondent assigning reasons Bank of Pasadena were released from their employ- for bank acquisitions, explaining the circumstances ment in line with any management policy, Trans- under which made, and the goal being sought. america would endeavor to obtain suitable employ- This evidence is principally intended to show that ment for such persons with the Bank of America. the purpose was to accept opportunities to acquire (6) As previously found, one of the principal banks as they were presented in order to round out functions of Capital Company, a Transamerica sub- State-wide branch banking by extending the facilisidiary, has been to manage, operate, and sell real ties and services of the system into areas where it estate acquired by Bank of America through fore- was lacking, and to add to the lines and types of closures. This company also manages the premises business not already adequately represented in the occupied by the branches of Bank of America. It system; to acquire suitable banking premises not also entered into an arrangement with Bank of otherwise available; to acquire, at the request of America for the purchase and improvement of real owners or supervisory authorities, banks in failing estate. At the request of the Bank, which sup- or frozen condition; and to indicate that there was plied appraisal and credit information, Capital Com- no purchase of banks merely for the sake of increaspany made loans at competitive rates of interest to ing the size of the group or to reduce competition. finance the acquisition and improvement of proper- (b) Elsewhere in these findings there are shown ties, and the Bank paid to Capital Company the in detail the growth of the Transamerica group 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT through 1948 (in which year this proceeding was tions for purchasing the bank; and that in 1941 commenced, Transamerica's further acquisitions the manager of the local branch of the Bank of during the pendency of this proceeding, and Trans- America inquired about the possibility of buying america's unsuccessful attempt to convey the assets the bank, saying that he did so at the direction of 22 banks with 28 banking offices to Bank of of his superiors. America. With respect to extending services and (c) Respondent introduced testimony to the facilities, there are at least eight counties in Cali- effect that in the past 25 or 30 years some 17 banks fornia having two or more banking offices in which with numerous branches were offered for sale, all the banking offices are Transamerica controlled. considered, and the offer rejected by respondent. There has been no abatement of attempts by Trans- Even assuming this to be the fact, it would not america to purchase other banks during this period. affect the conclusion from the whole record re- The testimony of a large number of independent specting bank purchases by respondent. However, bankers shows that the general reputation of Trans- the weight of the testimony concerning a number america (and also Bank of America) among bank- of the claimed offers and rejections make it clear ers in the area involved is one of constantly seeking that in some of the instances there was no offer, but, to acquire more banks. Typical examples of this on the contrary, negotiations were had upon soliciappear in the following extracts from such testi- tation by or in behalf of respondent; in some inmony: stances negotiations broke down over the question of price; and in some instances no party to the . . . That they [Transamerica and Bank of negotiations was in a position to convey a controlling America] are very aggressive and very anxious to interest. buy into small banks in our neighborhood. [TR 3201] (d) Interstate branch banking is unlawful, and Transamerica cannot directly consolidate its controlled banks in the several States into a single bank. The reputation among the bankers of Northern Although Bank of America is by its own statement California unanimously is that they [Trans- "the world's largest bank" [RX 350], Transameramerica and Bank of America] are out to acquire ica has evidenced a desire to create an even larger any bank that they can get. [TR 3348] bank by interstate branch banking, if and when this is possible. The 1937 Annual Report of Transamer- Well, they [Transamerica and Bank of Amer- ica contains the statement: ica] have purchased already five banks in the . . . and should Congress enact legislation percounty, and there are four left, and they have all mitting branch banking over State lines, Transbeen invited to come into the organization. [TR america Corporation, with the cooperation and 3152] consent of the other stockholders of member This line of testimony shows not only the great banks in which it is substantially interested, will persistence of efforts to buy banks by or in behalf be in a position to take advantage of the broader of Transamerica, but also makes it clear that Trans- scope which the new legislation will offer and will america is not especially engaged in acquiring banks be among the first to launch a branch banking in bad condition. Illustrative of this is the testimony system beyond State lines. [BX 3-J] of the President of The Savings Bank of Mendocino Practical steps in the same direction may be inferred County, which operates a commercial banking de- from the fact that the internal operations of Transpartment, that the first efforts to purchase this america banks in Oregon and Nevada and those bank were about 1923 to 1925 on behalf of the of Central Bank, Oakland, are conducted under a Bank of Italy, and continued at intervals of about Manual of Operations copied or adapted from the 60 days for two years; that in the early 1930's, Manual of Operations of Bank of America, probefore 1933, Mr. McClerkin (then Vice President ducing a uniformity of internal operations adapted of Bank of America) made two attempts to pur- not only to central management and control but chase; that in 1933, when the bank was in difficul- also to unification into an interstate branch-banking ties, he approached McClerkin in an effort to sell operation should that become lawful. the bank, but was unable to get an offer; that about (e) The course followed by Transamerica re- 1936 McClerkin approached him to reopen negotia- quires the conclusion that so long as it is profitable APRIL 1952 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and advantageous to the group to acquire more banks rests on two principal factors. First, combanks, this will be done to the extent possible. mercial bank demand deposit liabilities (deposits PARAGRAPH SEVEN: (a) A principal part of re- subject to check) are widely used and accepted as spondent's defense has been devoted to offering or means of payment or money. Second, commertendering evidence directed to showing the con- cial banks do not keep a full cash reserve behind tinued existence of effective competition; that com- each dollar of their demand deposit liabilities, but petition from commercial banks located outside operate instead on a fractional reserve basis. Comthe five-State area, together with competition from mercial banks are thus in a position to add to their nonbanking institutions within and without the demand deposit liabilities in exchange for note five-State area, is such that respondent could not, or security assets if they have cash reserves in exeven if it tried, bring about a substantial lessening cess of what must be held against their deposits of competition; and that no proper conclusion con- or if they can obtain additional reserves. When cerning the effect of respondent's stock acquisitions a commercial bank lends to a borrower, it typically can be reached without considering the character sets up on its books a demand deposit liability and extent of competition from these sources. These (deposit subject to check) to his account. The matters have been considered in the light of the borrower accepts the deposit as means of payment fact that this proceeding challenges the lawfulness equivalent to cash. As the borrower writes checks of respondent's acquisition and use of stock in against his new deposit, the funds are transferred commercial banks within the five-State area and in and deposited elsewhere, usually in other banks. the light of the characteristics and functions of The cash reserves of the lending bank are drawn commercial banks. down, but the bank can readily meet such a drain (b) The banking structure of the country as it as long as it has left the minimum fraction of cash now exists requires and depends upon two func- reserves needed against its remaining deposits. tions which are performed by and are unique The bank or banks receiving the deposits thus to commercial banks. These are the money-pay- obtain more cash reserves than they need to hold ment and the money-creation functions. There is against deposits, and in turn can increase their a third function—the extension of short-term busi- deposit liabilities by additional lending. In this ness credit—in which commercial banks are domi- country commercial banks are generally required nant and for which, in the practical sense, there is by law to hold reserves equal to specified percentno adequate existing alternative or substitute. In ages of their demand and time deposits, with low these areas there is no substantial competition with percentages typically applying to time deposits. commercial banks from any source. For member banks of the Federal Reserve System, (c) The money-payment function rests upon the whose deposits represent 85 per cent of all comacceptance of demand deposits subject to being mercial bank deposits, these reserves must be kept drawn upon by depositors through the issuance of as balances with the Federal Reserve Banks. For checks. The conduct of all business depends upon banks which are not members of the Federal Rethe smooth operation of the elaborate mechanism serve System, required reserves are generally kept by which money payments can be made between in the form of vault cash or balances with correpersons in the same or widely separated parts of spondent banks. Balances in excess of the rethe country through the check collection and clear- quired amounts are excess reserves that may be ance procedures of the commercial banking system, used to support an expansion of commercial bank without persons having to make physical transfers lending with a resultant increase in bank deposit of currency or coin in order to effect payment. liabilities. If 20 per cent of demand deposits must More than 80 per cent of all money payments be held in reserves, then banks as a group may throughout the country are made by check. Some expand their deposits by five times the amount of four billion checks a year are issued, representing the excess reserves. Member banks as a group may a dollar volume of about one and one-half trillion increase their total reserve balances by borrowing dollars. Only commercial banks perform this from the Federal Reserve Banks or by selling Govmoney-payment function and there is no existing ernment securities, which are purchased by the adequate alternative or substitute for it. Federal Reserve Banks. Nonmember banks as a (d) The money-creation function of commercial group may increase their total reserve balances by 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT borrowing from correspondent banks, which in lied upon, commercial banks are able to and do turn may borrow from Federal Reserve Banks or extend and service short-term business credit to also may sell Government securities. An adequate, the almost total exclusion of other lenders. Finanthough perhaps somewhat oversimplified, illustra- cial institutions without the same knowledge of tion of the process of money creation through an local conditions, and without ready access to such increase in bank lending is: knowledge, afford no practical alternative or substitute for the short-term business credit function Bank A sells f 1,000 in Government bonds to of local commercial banks. a Federal Reserve Bank, resulting in increasing (f) Because of the frequency of need for access the reserve balance of Bank A by that amount. to one or more of the services of commercial banks, Bank A thereupon lends $1,000 to Jones by such banks draw their business largely from areas adding that amount to his demand deposit balwithin which customers may conveniently visit the ance. Jones draws a check for $1,000 on Bank A, banks as occasion may require. Thus, in this aspect payable to Smith, who deposits the check in of their customer relations, commercial banks are Bank B. Bank B sets aside $200 as the required largely local, and for the usually needed customer reserve against this increase in its deposits and services a distant bank cannot adequately serve a then lends the remaining $800 to Brown. Brown customer. Very large concerns with national credit draws a check for $800 to Johnson, who deposits standing have access to credit from banks in many the check in Bank C. Bank C sets aside $160 parts of the country and may also maintain accounts as the reserve against this increase in its deposits, in widely scattered banks. This does not apply, lending the balance, or $640, to Green. This however, to the great multitude of the customers of process is repeated by similar transactions within commercial banks. The smaller concerns, local the commercial banking system until the excess business enterprises, and ordinary citizens must reserves of $1,000 originally created by the sale depend upon their local commercial bank or banks by Bank A of the $1,000 Government bond to for the financial services peculiar to such banks; the Federal Reserve Bank supports an expansion for all these customers there is no alternative or of newly created deposits totalling $5,000. It is substitute, because distantly located banks do not in this way that the commercial banking system serve or supply their needs. as a whole is able to use excess reserves to pro- (g) In addition to the three distinctive services duce expansion of the demand deposits within the previously described, all commercial banks perform banking system as a whole at the ratio of five some or all of the following services: acceptance of to one when the ratio of required reserve is 20 savings deposits; the making of real estate, perper cent of demand deposits. sonal, agricultural, instalment, term, and other This money-creation function is unique to com- types of loans; the collection of drafts, bills, and mercial banks and there is no existing alternative other commercial instruments; the acceptance of or substitute for it. bills of exchange; the issuance of letters of credit; (e) Short-term business credit is credit required the sale of travelers' checks, cashiers' checks, and by small, medium, and even large business con- drafts on correspondent banks; the purchase or sale cerns for, or to supplement, their working capital. of securities for customers; the sale of foreign ex- In this area commercial banks occupy a pre-emi- change; the renting of safety deposit boxes; the nent position. Exclusive of trade credit (which extension of trust services, and others. Within the is an arrangement by which suppliers of goods and area of some of these additional services there is services grant the privilege of deferring payment some competition from sources other than comfor such goods and services for periods of 30, 60, mercial banks. Such sources, other than the Govand 90 days), commercial banks supply more than ernment lending agencies, are principally life in- 90 per cent of all short-term business credit. Be- surance companies, building and loan associations, cause of the commercial banks' intimate knowledge production credit associations, savings and loan of the affairs of business concerns in the areas in associations, credit unions, finance companies, perwhich commercial banks operate, including that sonal loan companies, and private individuals. All of acquired in the course of extending the other these, however, depend upon the commercial bankservices for which such banks are commonly re- ing system to carry on their own business, and most 383 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of them depend upon it for additional credit for bank in 1904 to 26 banks and branches in Calitheir own operations. Such nonbank competition fornia in 1920, representing 2.90 per cent of the as exists in this limited area of services is im- total number of banking offices in California. The material here, for it does not compete with or number of the group's banking offices in Caliafford an alternative or a substitute for the major fornia and the group's percentage of the total numfunctions of commercial banks. ber of banking offices in California increased by PARAGRAPH EIGHT: (a) In order to consider the years as follows: 1921, 31 offices, 3.33 per cent of effect of the acquisition and use by Trans- the total; 1922, 63 offices, 6.20 per cent of the america of the stock of banks, as heretofore total; 1923, 83 offices, 7.16 per cent of the total; found, it is necessary to relate the Transamerica- 1924, 106 offices, 8.70 per cent of the total; 1925, controlled banks and their operations to the en- 158 offices, 12.43 per cent of the total; 1926, 185 tire commercial banking structure of the area offices, 14.30 per cent of the total; 1927, 297 offices, involved. 22.42 per cent of the total; 1928, 352 offices, 26.27 (b) (1) From its inception with the organiza- per cent of the total. At this point control of the tion of the Bank of Italy by A. P. Giannini in group was placed in Transamerica, and thereafter 1904, the growth of the banking group, control of the expansion and extension of Transamerica in the which was concentrated in Transamerica upon its commercial banking field has been as shown in organization in 1928, proceeded steadily from one the following table: NUMBER OF TRANSAMERICA-CONTROLLED BANKING OFFICES AND THE PERCENTAGE SUCH NUMBER IS OF THE TOTAL NUMBER OF BANKING OFFICES, BY YEARS AND BY STATES The columns headed 'Trans." show the number of Transamerica-controlled banking offices, and the columns headed "Per cent" show the percentage of all banking offices controlled by Transamerica] California Oregon Nevada Arizona Washington In total area shown Year Trans. Per cent Trans. Per cent Trans. Per cent Trans. Per cent Trans. Per cent Trans. Per cent 192S 352 26.67 352 26.67 1929 449 34.20 449 34.20 1930 455 35 22 4 1 75 459 30 18 1931 421 33 98 4 1 85 425 29 21 1932 414 36.25 6 3.77 420 32.28 1933 419 38 94 17 13 49 436 36 27 1934 425 39 10 18 13 24 5 33 33 448 36 19 1935 433 40 43 26 18 71 7 41 18 466 37 98 1936 477 43 96 35 24 65 8 44.44 2 .87 522 35 37 1937 497 45.51 44 30.99 12 63.16 5 13.51 7 3.10 565 37.27 1938 504 46.54 46 32.39 12 63.16 5 13.16 11 4.87 578 38.33 1939 505 46 80 46 32.62 12 57.14 5 13.16 10 4.44 578 38 43 1940 509 47.39 46 32.86 12 57.14 5 13.16 10 4.46 582 38.88 1941 511 47.76 47 33.33 13 59.09 5 13.16 10 4.46 586 39.20 1942 506 48.19 49 34.75 14 60.87 5 12.82 10 4.57 584 39.70 1943 508 48.85 48 34.29 14 60.87 5 12.82 10 4.55 585 40.01 1944 521 50.05 48 34.29 14 60.87 6 14.63 10 4.48 599 40 80 1945 527 50.10 49 33.79 14 60.87 6 14.29 10 4.35 606 40.62 1946 538 50.33 51 34.93 14 58.33 6 13.33 10 4.22 619 40.70 1947 549 50.69 56 36.84 15 60.00 7 13.73 10 4.08 637 40.94 1948 556 50.86 57 36.07 15 60.00 7 13.20 10 4.06 645 40.95 (Figures are not available for 1949 for this table or for the tables showing loans and deposits, which hereafter appear in subparagraphs (c) and (d) of this Paragraph Eight. Such data are available for 1950, but do not differ substantially from the 1948 figures.) There was a dispute as to many of the above figures, america percentage of the total. For example, the arising primarily from problems relating to dual number of Transamerica-controlled banking offices occupancies (two banking offices in one location). in the five-State area in 1948 is shown as 645, and A recalculation which gave effect to the alternate the corresponding Transamerica percentage of the contentions has been made of all the above figures, total as 40.95 per cent. The recalculation shows and no material changes resulted, though the gen- these figures as 641 and 41.90 per cent, respeceral tendency was to increase slightly the Trans- tively. A dispute also arose over the figures as to 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT deposits and loans shown in succeeding subpara- trolled by Transamerica decreased from 951 to graphs (c) and (d) of this Paragraph Eight. Simi- 930. These changes occurred during a period when lar recalculations were made as to all these figures, the population of the five-State area was increasing with results similar to those stated above as to by 70 to 80 per cent, and the income of the popunumber of banking offices. In the case of de- lation, retail sales, and business generally increased posits, shown in subparagraph (c) of this Para- by much larger percentages. graph Eight, the Transamerica percentage of all (3) While the foregoing table shows the number bank deposits for the five-State area for 1948 is of Transamerica-controlled banks and branches shown as 38.85 per cent, and the recalculation shows which were in operation during the years indithis percentage as 40.45 per cent. In the case of cated, it does not reflect the many instances in which loans, shown in subparagraph (d) of this Paraa bank or branch in the Transamerica group was graph Eight, the Transamerica percentage of the merged or consolidated with another in the group, total of all bank loans in the five-State area for where a bank or branch acquired or established was 1948 appears as 49.97 per cent, and the recalcudiscontinued, or where banks within the group in lation shows this percentage as 51.80 per cent. Bethe first instance absorbed the business of various cause the recalculations make no change in trend banks or branches acquired by Transamerica or its and little in details, because other figures have predecessors. Although the table shows the numbeen determined upon a basis comparable to that ber of Transamerica-controlled banking offices in used in the tables referred to above and it is desiroperation in 1948 in the five-State area as 645, the able to use the same basis in all such figures, and number of banks and branches acquired by Transbecause respondent is put to no disadvantage by america to June 30, 1948, was 679, and the number failure to use the recalculations, the original figures of branches established de novo was 233, or a total are used throughout these findings. The foregoing acquired or established of 912. The importance table relating to banking offices presents only a of the mergers, consolidations, and discontinuances statistical record of the persistent and continuing more clearly appears from an examination of the expansion of Transamerica, showing the rate at facts respecting these matters in relation to smaller which it increased its percentage of occupancy of communities in the five-State area. The following the banking field to 1948, at which time it had table shows by States the number of communities under its control about 41 per cent of all the bankhaving, as of December 31, 1947, but one banking ing offices in the five-State area. Since 1948 Transoffice and in which the Transamerica group, america has increased its number of banking offices since 1904— by 13 in California, 5 in Oregon, 1 in Nevada, 3 in Arizona, and 1 in Washington, making a total Acquired Acquired Acquired addition of 23 banking offices. two three four banking banking banking (2) Transamerica expanded in California from Acquired offices offices offices 352 offices in 1928 to 556 offices in 1948. During and was and was and was and was operating operating operating operating the same period the total number of banking offices the only the only the only the only in California decreased from 1320 in 1928 to 1093 banking banking banking banking in 1948. Thus, banking offices in California other State office1 office2 office* office4 than those controlled by Transamerica decreased from 968 in 1928 to 537 in 1948. Making the same California. . 131 18 9 2 comparison for the five-State area, but beginning Oregon 26 2 0 0 with 1937, the first year in which Transamerica ex- Nevada... 10 0 0 0 panded into the last of the five States, the increase Arizona 1 0 0 0 in number of Transamerica-controlled banking of- Washington.. 5 0 0 0 fices in operation was from 565 to 645. During 1 This column includes 52 banking offices established de nnoovo, 39 in California, 6 in Oregon and 7 in Nevada. the same period the total number of banking offices 2 This column includes 4 dual occupancies in California. in the area increased from 1516 in 1937 to 1575 8 This column includes 6 dual occupancies. in 1948. The number of banking offices not con- 4 This column includes 3 dual occupancies, 2 of which were in one community. APRIL 1952 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The following table shows by States the number two banking offices and in which the Transamerica of communities having, as of December 31, 1947, group, since 1904— Acquired Acquired Acquired Acquired two bank- three bank- four bank- five bank- Acquired ing offices ing offices ing offices ing offices and was and was and was and was and was operating operating operating operating operating one banking one banking one banking one banking one banking State office1 office2 office3 office4 office5 California 54 23 5 3 1 5° lb Oregon 15 1 0 0 0 Nevada 1 1° 0 0 0 Arizona 0 1° 0 0 0 Washington 3 0 0 0 0 1 This column includes 10 banking offices established de novo, 9 in California and 1 in Oregon. * This column includes 10 dual occupancies in California. 1 This column includes 2 dual occupancies. 4 This column includes 4 dual occupancies, 2 of which were in one community. 1 This column includes 1 dual occupancy. ° In these communities the Transamerica group acquired two banking offices and on December 31, 1947, was operating the two existing banking offices. 6 In this community the Transamerica group acquired three banking offices and on December 31, 1947, was operating the two existing banking offices. The following table shows by States the number The following table shows by States the number of communities having, as of December 31, 1947, of communities having, as of December 31, 1947, three banking offices and in which the Transamer- four banking offices and in which the Transica group, since 1904— america group, since 1904— Acquired Acquired Acquired Acquired Acquired Acquired two three four two three five banking banking banking banking banking banking Acquired offices offices offices Acquired offices offices offices and was and was and was and was and was and was and was and was operating operating operating operating operating operating operating operating one one one one one one one three banking banking banking banking banking banking banking banking State office1 office2 office3 office State office office office1 offices2 California.. 12 4 California. . 5& Oregon.... 1 0 0 Oregon.... Nevada 0 0 0 Nevada... Arizona 0 0 0 Washington.. 0 0 0 Arizona 0 Washington.. 1 1 This column includes 3 banking offices established de novo, 2 in California and 1 in Oregon 1 This column includes 1 dual occupancy. 2 This column includes 2 dual occupancies. 2 This column includes 2 dual occupancies in one community. * This column includes 5 dual occupancies. B In this community the Transamerica group acquired two banking offices and on December 31, 1947, was operating two offices. • In these communities the Transamerica group acquired two b In these communities the Transamerica group acquired three banking offices and on December 31,1947. was operating two offices. banking offices and on December 31, 1947, was operating two offices. b In these communities the Transamerica group acquired three 6 In this community the Transamerica group acquired one bankbanking offices and on December 31, 1947, was operating two offices. ing office and on December 31, 1947, was operating two offices. «In this community the Transamerica group acquired three banking offices and on December 31, 1947, was operating the three (c) Individual banks and branches vary greatly existing offices. in size and volume of business. It is, therefore, desirable to relate the total of demand and time deposits in Transamerica-controlled banks and branches to the total of demand and time deposits 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT in all banks in the five-State area. This is another increase in Transamerica-controlled banks and important factor of market occupancy. The fol- branches during this period, through growth and lowing table shows the percentage of the total of acquisitions, was $5,040,292,000 as compared with all such bank deposits held by the Transamerica $6,996,345,000 in all other banks. group banks, by years, in each of the five States (d) Another important factor in relating the separately and also as a whole. market occupancy of Transamerica-controlled banks to all banks is the volume of bank loans. PERCENTAGE OF ALL BANK DEPOSITS, BOTH DEMAND AND The following table shows this in percentage pro- TIME, HELD BY TRANSAMERICA GROUP BANKS, BY STATES portions: AND YEARS For PERCENTAGE OF ALL BANK LOANS HELD BY TRANSAMERICA whole GROUP BANKS, BY STATES AND BY YEARS Cali- Ore- Ne- Ari- Wash- of area Year fornia gon vada zona ington shown For whole 1920 6.37 6.37 Cali- Ore- Ne- Ari- Wash- of area ' 1921 7.56 7.56 Year fornia gon vada zona ington shown 1922 9.48 9.48 1923 10.51 10.51 1920 5.82 5.82 1924 11.85 11.85 1921 7.57 7.57 1925 12.71 12.71 1922 9.37 9.37 1926 15.08 15.08 1923 10.71 10.71 1927 20.18 20.18 1924 11.65 11.65 1928 23.97 23.97 1925 11.54 11.54 1929 31.08 31.08 1926 13.32 13.32 1930 32.10 17.08 31.03 1927 19.37 19.37 1931 27.91 17.17 27.15 1928 22.59 22.59 1932 24.84 15.99 24.28 1929 29.30 29.30 1933 27.77 25.07 27.61 1930 31.64 15.35 30.72 1934 30.47 27.37 51.35 30.39 1931 29.73 12.19 28.87 1935 30.59 25.34 58.41 30.43 1932 28.03 12.57 27.39 1936 33.33 29.96 60.01 33.30 1933 31.09 20.70 30.75 1937 34.49 34.85 70.64 22.52 3.77 31.27 1934 31.49 27.76 26.04 31.35 1938 35.33 36.54 85.35 24.44 4.08 32.41 1935 30.72 26.50 40.22 30.59 1939 35.24 35.66 81.23 24.05 4.00 32.09 1936 31.03 29.95 53.20 31.07 1940 35.09 36.53 81.36 24.21 3.89 31.95 1937 35.26 37.38 65.69 18.23 32.24 1941 35.99 37.61 79.76 23.93 4.39 32.61 1938 37.32 41.99 83.56 21.52 34.43 1942 38.38 39.02 82.06 22.45 4.80 34.27 1939 40.21 42.70 81.21 20.52 36.94 1943 39.93 40.60 80.75 23.01 5.04 35.40 1940 40.37 44.03 79.31 19.89 36.92 1944 41.73 41.43 79.77 23.30 4.39 36.51 1941 41.36 46.11 80.15 18.17 37.70 1945 41.58 40.70 79.67 22.53 5.31 36.54 1942 43.88 45.87 81.17 17.23 6.66 39.89 1946 42.74 43.68 80.02 20.99 4.84 37.77 1943 44.90 42.84 81.49 14.35 6.07 40.39 1 1 9 9 4 4 8 7 4 4 3 3 . . 7 1 5 4 4 44 4 . . 1 1 2 1 7 7 8 6 . . 4 9 6 0 2 2 0 0 . . 1 4 0 4 4 4 . .5 8 8 1 3 38 8 . . 8 1 5 5 1 1 1 9 9 9 4 4 4 5 4 6 4 4 5 8 7 0 . . . 5 3 3 4 3 8 4 4 4 1 2 6 . . . 6 6 3 4 5 6 8 8 7 1 3 9 . . . 2 0 7 5 8 0 1 1 9 1 0 . . . 3 2 9 4 9 4 6 6 7 . . . 1 8 0 2 2 4 4 4 4 2 3 2 . . . 2 7 5 3 6 1 1947 57.35 43.16 77.94 9.28 6.46 49.65 In 1928, the total of all demand and time de- 1948 56.79 46.78 79.05 14.93 6.78 49.97 posits in all banks in California was $3,454,284,000, and this increased to $12,930,427,000 in 1948. The In California the total loans of all banks indemand and time deposits in Transamerica-con- creased $2,348,281,000 from 1928 to 1948. In this trolled banks in California increased by growth and State the loan total of Transamerica-controlled acquisitions from $827,992,000 in 1928 to $5,657,- banks increased $2,128,083,000 in this period as 897,000 in 1948. Thus, the increase in deposits in compared with an increase in loan total by all Transamerica-controlled banks amounted to $4,829,- other banks of $220,198,000. Using the five-State 905,000 as compared with an increase as to all summary for the available years, the total of loans other banks of $4,646,238,000. Making the same of all banks increased $3,826,313,000 from 1937 comparison for the five-State area, but beginning to 1948; the total of loans of Transamerica-conwith 1937, the year in which Transamerica ex- trolled banks increased $2,271,971,000 in the same tended its operations into the last of the five States, period, as compared with $1,554,342,000 for all the total demand and time deposits of all banks other banks. in those States in 1937 amounted to $4,800,809,000, (e) Another aspect of the bank deposit percentwhich increased to $16,837,446,000 in 1948. The ages set out in subparagraph (c) of this Paragraph APRIL 1952 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Eight, appears through segregating demand de- (g) The proportion of deposits held by Transposits from all other deposits. The following table america-controlled banks has been shown. It is shows the proportion of the total of all demand desirable, therefore, to show the proportions in deposits of all banks held by Transamerica group terms of number of accounts. As of September 30, banks: 1949, the total number of demand and time deposit accounts of individuals, partnerships, and PERCENTAGE OF TOTAL DEMAND DEPOSITS OF ALL BANKS HELD BY TRANSAMERICA GROUP BANKS, BY STATES AND BY corporations in insured commercial banks was SPECIFIED YEARS 8,284,719 in California; 902,731 in Oregon; 102,585 For in Nevada; 293,700 in Arizona; and 1,297,864 in whole Cali- Ore- Ne- Ari- Wash- of area Washington, with a total in the Rve States of Year fornia gon vada zona ington shown 10,881,599. The following table shows the per- 1920 4.6 4.6 centage of the total number of such accounts, 1925 8.5 8.5 divided into groups according to the size of the 1930 28.1 15.3 26.9 accounts and in total, held in Transamerica-con- 1935 24.0 26.5 60.6 24.6 1940 32.3 38.1 80.0 24.1 4.0 29.3 trolled banks: 1945 39.6 40.6 79.8 21.8 5.3 34.6 Per cent of demand and time Per 1948 42.3 44.5 79.1 18.9 4.5 37.1 deposit accounts of individuals, cent partnerships and corporations of The total demand deposits in all California banks all in 1930 was $1,442,135,000, and in 1948 the total $5,000 $5,001 $10,001 More such was $7,270,681,000, an increase of $5,828,546,000. or to to than ac- State less $10,000 $25,000 $25,000counts In the same period, the increase in this State for demand deposits in Transamerica-controlled banks California.. .. 53?3 4475 44~3 38.8 52.8 Oregon 48.0 44.5 43.5 45.4 47.9 was $2,670,805,000 as compared with $3,157,741,000 Nevada 77.8 74.4 75.6 82.3 77.6 in all other banks. From 1940, the first year for Arizona 20.5 21.5 21.2 21.3 20.5 which the figures are available for the five-State Washington.... 6.3 6.1 4.3 4.6 6.2 Total — area, to 1948, the increase in such deposits for all 5 States.. 46.6 40.5 40.1 35.3 46.2 banks was $7,217,121,000; the corresponding increase for Transamerica-controlled banks was The Transamerica percentage of dollar volume $2,890,677,000 as compared with $4,326,444,000 for of the deposit accounts shown by numbers above, all other banks. divided into the same grouping by size of account, as of September 30, 1949, was: (f) A further index is available through a comparison of the number of personnel employed in Percentage of dollar volume all insured commercial banks in the five-State of demand and time deposits Per in accounts of individuals, cent area and the number of personnel employed in partnerships and corporations of Transamerica-controlled banks. Approximately 99 all per cent of the commercial banks in the area are $5,000 $5,001 $10,001 More such or to to than deinsured. The following table shows the number State less $10,000 $25,000 $25,000 posits of officers and employees of all insured commercial California. . . . 4873 44.9 43.8 3572 43.3 banks and branches in the area as of December 31, Oregon 46.6 44.7 43.4 43.0 45.0 1949, and the Transamerica group proportion of Nevada 76.6 74.4 75.8 83.3 77.5 Arizona 20.7 21.1 21.8 21.8 21.2 the total, by States and in total. Washington... 7.0 6.0 4.2 2.1 5.2 Total, Total officers Officers and employees 5 States.. 42.7 40.8 39.5 32.3 39.0 and employees of Transamerica banks of all insured and branches commercial (h) Segregating the demand deposit accounts banks and Per cent from the totals of all deposit accounts shown in State branches Number of total subparagraph (g) of this Paragraph Eight, the California. . . 33,553 15,509 46.2 total number of demand deposit accounts of indi- Oregon 4,226 2,154 51.0 viduals, partnerships, and corporations in insured Nevada 510 399 78.2 Arizona 1,753 354 20.2 commercial banks as of September 30, 1949, was Washington.. 5,798 372 6.4 3,119,046 in California; 449,478 in Oregon; 51,082 Total, 5 States. 45,840 18,788 41.0 in Nevada; 163,040 in Arizona; and 674,495 in 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Washington; with a total in the five States of sought to secure control of Citizens National Trust 4,457,141. The following table shows the per- and Savings Bank of Los Angeles and its branches. centage of the total number of such accounts, The first direct approach to this end was made in divided according to size of accounts, held in 1942, although apparently Transamerica had been Transamerica-controlled banks: interested for several years before that date. In October 1942, F. S. Baer, a Vice President of Bank Per cent of number of demand Per deposit accounts of individuals, cent of of America, inquired of the President of Citizens partnerships and corporations num- Bank if a sale of all or part of the stock of that ber of $5,000 $5,001 $10,001 More all bank to Transamerica could be worked out. This or to to than such ac- inquiry was reported to the Executive Committee State $10,000 $25,000 $25,000 counts less of the Citizens Bank, which immediately rejected California. . . 48.9 44.0 41.5 37.8 48.5 any consideration of such a proposal. Later in Oregon 44.9 43.3 43.9 45.4 44.8 the same month, Mr. Baer renewed his inquiry, Nevada 74.8 75.6 74. 83.1 74.9 Arizona 21.0 19.7 20. 21.4 20.9 the matter was taken up with the Board of Di- Washington.., 5.8 4.2 3.5 4.2 5.7 rectors of Citizens Bank, and Baer was informed Total, 5 States. . 41.2 37.4 35.8 33.8 41.0 that the Directors did not wish to dispose of their stock holdings or to pursue the matter further. The Transamerica percentage of the dollar vol- In May 1943, a representative of Nelson Douglass ume of the demand deposit accounts in all insured & Company, a securities dealer, informed the Presicommercial banks shown by numbers above, divided dent of Citizens Bank that Transamerica intended into the same grouping by size of account, as of to present an offer to the Board of Directors of September 30, 1949, was: Citizens Bank to exchange stock of National City Percentage of dollar volume Bank of New York for Citizens Bank stock. Later of demand deposits in accounts Per in that month an offer was addressed to the Diof individuals, partnerships cent and corporations of rectors of Citizens Bank by Transamerica to acall quire 124,000 shares of Citizens Bank stock. There $5,000 $5,001 $10,001 More such or to to than de- were then outstanding 250,000 shares of such stock, State less $10,000 $25,000 $25,000 posits 2,000 shares of which were already owned by a California . . . 47.6 43.8 41.1 33.9 39.9 Transamerica subsidiary. The Board of Directors Oregon 46.9 44.0 43.7 42.8 44.5 of Citizens Bank having declined the Transamerica Nevada 76.5 75.7 75.1 84.8 78.8 Arizona 19.5 19.5 21.0 22.1 20.5 offer, Nelson Douglass & Company began adver- Washington.. . 7.3 4.1 3.4 1.8 4.2 tising the offer in Los Angeles newspapers, soliciting in that manner, and also by direct contact with 5 States.. 40.8 37.3 35.4 31.0 35.4 stockholders, acceptance of the Transamerica offer. PARAGRAPH NINE: (a) The amended and sup- There was active resistance on the part of Directors plemental complaint separately charges the acquiand officers of Citizens Bank, and many of its subsition by respondent of stock in the Citizens Nastantial stockholders, to the Transamerica effort to tional Trust and Savings Bank of Los Angeles, secure control. Against this opposition Trans- California, in violation of section 7 of the Clayton america failed to secure control, but did increase its Act. This bank is engaged in commercial banking, stockholdings to 54,583 shares at the end of 1943. having in 1947 a total of 35 banking offices, all in Although this attempt failed, Transamerica has Los Angeles, with aggregate deposits of $349,continued its efforts to buy stock in Citizens Bank, 147,000, and loans of $61,431,000. It is engaged and through purchases made from time to time inin commerce, as "commerce" is defined in the Claycreased its holdings to 58,142 shares in April 1949. ton Act (38 Stat. 730; 15 U. S. C. § 12), in the Of these shares, Transamerica itself on that date manner set out in Paragraph Two hereof, and said held 38,142; its subsidiary, Occidental Life Insurparagraph is hereby adopted as to this bank as fully ance Company, held 15,000 shares; and Occidental's as if such bank had been named in subparagraph subsidiary, Premier Insurance Company, held 5,000 (b) of Paragraph One of these findings as to the shares. In each year since 1943 Transamerica, facts. through cumulative voting of these shareholdings, (b) For a long period of years Transamerica APRIL 1952 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT has elected 5 of the 21 Directors of the Citizens result in bank failures, is sought to be avoided. A Bank. bank may not lawfully buy the stock of another (c) The actions of Transamerica in seeking to bank, but entry presents no problem to a holding purchase and purchasing controlling interests in company, such as Transamerica, other than its other banks, the nature of the negotiations and ability to buy a controlling stock interest in an offer made in this instance, and the additional pur- established bank. The size and resources of a chases of stock since 1943, indicate the purpose of large banking group also enable it to enter a com- Transamerica to acquire control of the Citizens munity before it is clearly apparent that a bank National Trust and Savings Bank. It is, there- is warranted, and thus anticipate and block the fore, concluded that the acquisitions by Trans- organization of a local bank, which must depend america of stock of this bank are not solely for upon the business available at such location for its investment, but for the purpose of securing control continuance. In this way, bank locations in promof the bank in order that it may be added to ising areas may be pre-empted by a large group Transamerica's interstate group-banking structure. through a branch which does not have to be im- The banking offices, deposits, loans, and other mediately profitable in order to continue. As the data concerning Citizens National Trust and Sav- size and resources of a banking group increase, its ings Bank have not been included in findings power to suppress potential competition increases. showing the proportions of market occupancy by Its size alone may discourage and prevent the Transamerica. The facts found in this paragraph establishment of independent banks in direct comare, however, considered in the light of all other petition with it, or serve as an inducement to existfindings made. ing small banks, likely to be, or already, in direct PARAGRAPH TEN: (a) As previously stated, com- competition with it, to sell to the group at its mercial banks enjoy a monopoly of the money- solicitation. payment and money-creation functions, and domi- (c) There is testimony that Transamerica did nate the market in short-term business credit. not attempt to acquire any bank against the wishes These facts, together with the fact that substan- of its owners; and there is testimony showing tially all those who require the services afforded specific instances where this was not true. There by commercial banks must rely upon such banks is testimony by numerous individuals stating their in the local area to which they have ready access, satisfaction with the services afforded by Transplace in the hands of such banks much power over america-controlled banks and their conclusions rethe business affairs of the area which they serve. specting the continuance of competition; and there The local bank or banks in a community have the is also evidence showing that as a result of acquisipower to overexpand credit by lending too freely tions by the Transamerica group, in a large numand too much, and, on the other hand, have the ber of communities that had two or more banks, power to so restrict credit as to hamper growth and the only banking services now existing are Transdevelopment. To the extent that banking offices america controlled. There is opinion testimony by are controlled by one group, these powers—which economists as to what constitutes competition and include the power to discriminate among business monopoly; and much testimony was introduced enterprises and individuals—are in the hands of and proffered by respondent to show that its exthat group. pansion and methods of expansion and operation (b) There is not the same freedom of entry have been benign in character and dominated by into banking as into other types of business. Au- a wish to make superior services and facilities availthorization must first be secured from regulatory able to more people. All of these matters have agencies before new banks or branches may be been considered. They are largely immaterial. established. Regulation concerning entry into The controlling facts are that it is clear from the banking is directed primarily to the protection and record that by the significant standards—number safety of depositors, and its exercise includes con- of commercial banking offices, volume of deposit sideration of the effect of such establishment upon liabilities, volume of loans, and number of deposit existing banks and the availability of business to accounts—Transamerica-controlled banks have, in support the new bank and permit its successful the five-State area, approximately 41 per cent of operation. An overbanked condition, which may all banking offices, 39 per cent of all bank deposits, 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 50 per cent of all bank loans, and 46 per cent of of America in aiding in constructing the Transall deposit accounts of individuals, partnerships america group, the unity established over the years, and corporations; that despite the tremendous the personal associations and relationships among growth of population and wealth in this area the important officials in Transamerica and Bank of expansion of Transamerica has been accompanied America, and similar intangible factors, provide by a decrease in the number of banking offices inde- sound reason to believe that even if Transamerica pendent of Transamerica, a substantially higher were required to divest itself of the stock it now relative increase in deposits in Transamerica-con- holds in Bank of America, the existing relationship trolled banks than in all other banks, and the between Transamerica and Bank of America would absorption by Transamerica of practically all of continue. In these circumstances, to require Transthe total increase in bank loans; that Transamerica america to divest itself of the stock it now holds in has the purpose and the power to continue to ex- Bank of America, but allow it to hold the stock pand its occupancy of the market in the five-State of other banks, would accomplish nothing. Divestiarea; that its present position is held with a pro- ture by Transamerica of the stock of other banks portion of approximately 8.13 per cent of the will place majority holdings of the stock of those capital funds of all banks in the area; that its banks into new and different hands so that prompt acquisition and holding of the stocks of the banks and full disassociation from Transamerica can be named in subparagraph (b) of Paragraph One and expected. These considerations have guided the of Citizens National Trust and Savings Bank of framing of the Board's order. Los Angeles were not and are not solely for investment; and that the effect of its holding and use ORDER of such stocks may be to substantially lessen com- IT IS ORDERED that respondent, Transamerica petition and restrain commerce in commercial bank- Corporation, a corporation, cease and desist from ing in the States of California, Oregon, Nevada, violating the provisions of section 7 of "an Act Arizona, and Washington, and tend to create a to supplement existing laws against unlawful remonopoly in such line of commerce in said area. straints and monopolies, and for other purposes" (38 Stat. 731, 15 U. S. C. § 18), in the manner set CONCLUSION out in the findings as to the facts herein; and it is The acquisition, holding, and use by Trans- specifically ordered that said respondent divest america, as aforesaid, of the stock of the banks itself fully and completely of all capital stock, named in subparagraph (b) of Paragraph One of whether directly or indirectly owned or controlled the foregoing findings as to the facts, and of the by it, of each of the following named banks: stock of Citizens National Trust and Savings Bank of Los Angeles, named in Paragraph Nine In California of such findings, constitutes and is a continuing Central Bank, Oakland, violation of section 7 of "An Act to supplement The First National Bank of Garden Grove, Garden Grove, Bank of Pinole, Crockett, existing laws against unlawful restraints and Central Bank of Calaveras, San Andreas, monopolies, and for other purposes," approved The First National Bank of Fairfield, Fairfield, October 15, 1914 (38 Stat. 731, 15 U. S. C. § 18). The Temple City National Bank, Temple City, The First National Bank of Weed, Weed, In considering the relief necessary and appro- First Trust and Savings Bank of Pasadena, Pasadena, priate to put an end to the aforesaid violations of The First National Bank of Bellflower, Bellflower, First National Bank in Corcoran, Corcoran, law in a manner which will have a practical result The First National Bank of Los Altos, Los Altos, consistent with the intent and purpose of said sec- Bank of Newman, Newman, tion 7, account has been taken of the factual situa- First National Bank in Santa Ana, Santa Ana, First National Trust and Savings Bank of Santa Barbara, tion presented by the record. The stock of Bank Santa Barbara, of America was the first acquisition by Trans- Bank of Tehachapi, Tehachapi, america of importance in this proceeding; Bank The First National Bank of Crows Landing, Crows Landing, The First National Bank of San Jacinto, San Jacinto, of America was the hard core around which the Farmers & Merchants Bank of Watts, Los Angeles, Transamerica-controlled banking group was built, Citizens National Trust and Savings Bank of Los Angeles, and it still is the center and principal support for Los Angeles, The First National Bank of Mountain View, Mountain View, the group. The long and close association of Bank The First National Bank of Oakdale, Oakdale, APRIL 1952 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT First National Bank in Turlock, Turlock, IT IS FURTHER ORDERED that within 90 Bank of Beaumont, Beaumont, days after the service of this order upon it, respond- First National Bank in Delano, Delano, American Commercial & Savings Bank, Moorpark, ent file with this Board a report in writing showing Stanislaus County Bank, Oakdale, in detail the action which it has then taken, and which it intends to take, in compliance with this or- In Oregon der; that within one year after the expiration of said The First National Bank of Portland, Portland, 90 days respondent file with this Board a report The First National Bank of Forest Grove, Forest Grove, in writing showing in detail the action which it Coolidge & McClaine, Silverton, Moreland-Sellwood Bank, Portland, has then taken, and which it intends to take, in Clatsop County Bank, Seaside, compliance with this order; and that within two The First National Bank of Cottage Grove, Cottage Grove, years and 90 days after said service of this order The First National Bank of Prineville, Prineville, The Scio State Bank, Scio, respondent file with this Board a report in writing Bank of Sweet Home, Sweet Home, showing in detail the manner and form in which The First National Bank of Eugene, Eugene, Benton County State Bank, Corvallis, it has completed compliance with this order. Carlton State & Savings Bank, Carlton, Yamhill State Bank, Yamhill, This 27th day of March, 1952. Monroe State Bank, Monroe, The First National Bank of Lebanon, Lebanon, State Bank of Malheur County, Ontario, By the Board. In Nevada (Signed) S. R. CARPENTER, First National Bank of Nevada, Reno, (SEAL) Secretary* Farmers' Bank of Carson Valley (Inc.), Minden, Bank of Nevada, Las Vegas, Governor Vardaman dissents. He would dis- In Arizona miss the complaint for the reason that, in his First National Bank of Arizona, Phoenix, opinion, the record fails to warrant or sustain the Board's finding that Transamerica's acquisition,, In Washington holding and use of the stock of the banks named National Bank of Washington, Tacoma; in the Board's divestment order "may be to subthat said divestment be made in good faith, and stantially lessen competition and restrain comthat none of the capital stock of any of said banks merce in commercial banking in the States of Calibe sold or transferred directly or indirectly to any fornia, Oregon, Nevada, Arizona, and Washington, presently existing or later organized or acquired and tend to create a monopoly in such line of comsubsidiary or affiliate of respondent, or to any merce in said area." Governor Vardaman is also director, officer, employee, agent, or nominee of the opinion that the Hearing Officer arbitrarily thereof, or to any person acting for or in behalf, and unfairly discriminated against Transamerica or subject directly or indirectly to the control, of in his conduct of the proceeding and erroneously respondent or of any of its subsidiary or affiliated excluded a substantial quantity of relevant and macompanies or of any director, officer, employee, terial evidence offered by Transamerica in defense agent, or nominee thereof; that said divestment be of the Board's charges. In the circumstances, it made without using or attempting to use any of is Governor Vardaman's opinion that, in the absence said capital stock in any manner in directly or of a dismissal of the complaint, the matter should indirectly acquiring or conveying to others any of be remanded to the Hearing Officer for the taking the assets of any of said banks; and that said of further testimony on behalf of Transamerica in divestment be made in such manner that each of line with Transamerica's several exceptions, dated and filed September 13, 1951, to the Hearing said banks may continue to operate as a going Officer's rulings on evidence. concern wholly independent of respondent; that action to bring about said divestment be initiated Governor Powell dissents for reasons to be set by respondent within 90 days after service of this forth in a statement hereafter to be filed and made order upon it, and that said divestment be com- a part of the record. pleted within two years and 90 days after said Governors Mills and Robertson took no part in service of this order. the Board's consideration or decision of this matter. 392 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT UNITED STATES OF AMERICA BEFORE THE BOARD ORDERED that respondent's Exceptions One to OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Nine, inclusive, be, and they hereby are, denied. Respondent's Exception Ten relates to the Hear- In the Matter of ) ing Officer's alleged "generally arbitrary and dis- Transamerica Corporation J criminatory conduct of the hearings and rulings ORDER DENYING RESPONDENT'S MOTION TO DISMISS admitting evidence offered by the [Board's] Solici- DATED AND FILED SEPTEMBER 13, 1951 tor and excluding evidence offered by the respondent." The Board is of the opinion that the This matter duly came on for hearing upon record affords no basis for this Exception. The respondent's "Motion to Dismiss the Complaint" Hearing Officer's conduct of the proceeding and herein, said motion having been dated and filed his rulings on evidence were fair, impartial and September 13, 1951, and the Board having now free from prejudicial error. His interpretation fully considered the matter, it is ORDERED that and application of the law were sound. He was said motion be, and it hereby is, denied for the under no duty to assist respondent in its efforts reasons stated in the Board's statement and order to obtain the appearance of witnesses, and he gave of January 17, 1949, denying respondent's "Motion full and due consideration to respondent's offers That Complaint Be Dismissed for Lack of Jurisof proof before ruling thereon. He neither failed diction" dated and filed December 7, 1948. nor refused to consider respondent's proposed re- This 27th day of March, 1952. buttal findings and conclusions (see the Hearing Officer's "Rulings upon Proposed Findings as to By the Board. the Facts" dated and filed June 13, 1951, and Tr. 12,955-12,959). It is therefore ORDERED that (Signed) S. R. CARPENTER, respondent's Exception Ten be, and it hereby is, (SEAL) Secretary. denied. Respondent submitted to the Hearing Officer Governors Mills and Robertson took no part in 278 proposed findings and conclusions and 148 the consideration or decision of the motion denied proposed rebuttal findings and conclusions. Many by the foregoing order. of these were adopted in substance by the Hearing Officer; most were rejected. In its Exceptions UNITED STATES OF AMERICA BEFORE THE BOARD Eleven to Nineteen, inclusive, respondent excepts, OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM in effect, to the Hearing Officer's failure to adopt its proposed findings and conclusions and proposed In the Matter of rebuttal findings and conclusions as proposed and Transamerica Corporation in their entirety, as well as to virtually every recital, statement and finding, and to the conclusion STATEMENT AND ORDER DENYING "EXCEPTIONS and order, contained in the Hearing Officer's rec- FILED ON BEHALF OF RESPONDENT TRANSAMERICA ommended decision. CORPORATION" DATED AND FILED SEPTEMBER 13, For the reasons indicated in the Hearing Officer's 1951 "Rulings upon Proposed Findings as to Facts" This matter duly came on for hearing upon dated and filed June 13, 1951, the Board is of the "Exceptions Filed on Behalf of Respondent Trans- opinion that respondent's Exceptions Eleven to america Corporation" dated and filed September Nineteen, inclusive, cannot be sustained. Insofar 13, 1951. as the Hearing Officer adopted the substance of Respondent's Exceptions One to Nine, inclusive, findings proposed by respondent, his failure to relate to the Hearing Officer's alleged erroneous express such findings in precisely the language exclusion of certain evidence offered by respondent. proposed by respondent furnishes respondent no The Board is of the opinion that the Hearing ground for complaint. Insofar as the Hearing Officer's exclusion of the evidence in question was Officer rejected respondent's proposed findings, the not erroneous, and that the Hearing Officer prop- findings rejected were immaterial or irrelevant, erly excluded such evidence for reasons which he not supported by evidence or contrary to the stated or indicated on the record. It is therefore weight of the evidence. There was no error in the APRIL 1952 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT introductory statement of the recommended deci- and every part of the statements" appearing in sion. The Hearing Officer's findings are supported such order, and respondent was allowed ample opby the weight of the evidence. His conclusion portunity to brief and orally to argue its objections and order were fully warranted by the record and to the order. Respondent's failure to avail itself by § 7 of the Clayton Act (38 Stat. 731, 15 U. S. C.of this opportunity was conscious and voluntary, § 18). Subject to certain minor clarifying changes, and affords no basis for a motion or request for the Hearing Officer's recommended decision is ap- leave to adduce additional evidence. The order proved and his findings, conclusion and order will recommended by the Hearing Officer has, morebe adopted and entered as the findings, conclusion over, received the Board's most thorough and careand order of the Board. Accordingly, it is ful consideration, and, in the opinion of the Board, ORDERED that respondent's Exceptions Eleven was fully warranted by the record. to Nineteen, inclusive, be, and they hereby are, It is therefore ORDERED that if respondent denied. intended the statement above quoted as a motion or request for leave to adduce additional evidence, This 27th day of March, 1952. said motion or request be, and it hereby is, denied. By the Board. This 27th day of March, 1952. (Signed) S. R. CARPENTER, (SEAL) Secretary. By the Board. Governors Vardaman and Powell dissent. (Signed) S. R. CARPENTER, Governors Mills and Robertson took no part (SEAL) Secretary. in the Board's consideration or decision of respondent's Exceptions. Governors Vardaman and Powell dissent. Governors Mills and Robertson took no part in UNITED STATES OF AMERICA BEFORE THE BOARD the Board's consideration or entry of the foregoing OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM statement and order. In the Matter of ) UNITED STATES OF AMERICA BEFORE THE BOARD Transamerica Corporation j OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM STATEMENT AND ORDER IN RE ADDUCING OF In the Matter of ADDITIONAL EVIDENCE BY RESPONDENT Transamerica Corporattiioonn j At page 3 of its brief herein dated and filed STATEMENT AND ORDER DENYING EXCEPTION OF September 13, 1951, respondent Transamerica Cor- COUNSEL FOR THE BOARD poration stated that, "In the event the Board should determine that an order [of divestment] At page 70 of their brief filed September 13, need be issued, Transamerica would ask leave to 1951, and not otherwise, counsel for the Board adduce evidence and be heard as to the provisions except to the Hearing Officer's failure to recomto be included in such an order." mend that respondent Transamerica Corporation It is not clear to the Board whether this state- be required to divest itself of its stock in Bank of ment was intended as a motion or request for America National Trust and Savings Association. leave to adduce additional evidence, or merely as This exception was not taken in accordance with a statement of an intention hereafter to make such Rule VII of the Board's Rules of Procedure. The a motion or request if the Board should decide to Board has nevertheless considered the exception, issue a divestment order. In either case, the Board and, for the reasons stated by the Hearing Officer is of the opinion that there is no necessity or occa- in his recommended decision, is of the opinion sion for the taking of additional evidence. that respondent should not be required to divest It was certainly contemplated that if the Hearing itself of its stock in Bank of America National Officer concluded that a divestment order should Trust and Savings Association. It is therefore be entered, his recommended decision should con- ORDERED that the exception of counsel for the tain, and it did contain, a recommended form of Board to the Hearing Officer's recommended deciorder. Respondent specifically excepted to "each sion be, and it hereby is, denied. 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT This 27th day of March, 1952. support all inferences necessary to demonstrate as a matter of 'reasonable probability' that the By the Board. Transamerica acquisitions will have the 'effect' (Signed) S. R. CARPENTER, prohibited by section 7." (Underscoring mine.) (SEAL) Secretary, Principal reliance, as I understand, is based on the Standard Oil case, 337 U. S. 293 (1949), a five- Governors Mills and Robertson took no part in to-four decision involving not section 7 but section the consideration or entry of the foregoing state- 3 of the Clayton Act. This decision is said by the ment and order. Board's Solicitor to require the Board to hold that any stock acquisition resulting in control of a UNITED STATES OF AMERICA BEFORE THE BOARD "quantitatively substantial" amount of business OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM may have the effect of substantially lessening competition, restraining commerce and tending to In the Matter of \ monopoly, and is therefore in violation of section Transamerica Corporation ] 7. I am unable to agree with this. Although contending in his brief that the Standard Oil case DISSENTING STATEMENT OF GOVERNOR governs the case at bar, the Board's Solicitor ad- OLIVER S. POWELL mitted on oral argument that: I am reluctant to disagree with my esteemed col- ". . . there is not one single case under the leagues, some of whom have had long experience Clayton Act that has ever decided at what point with the respondent in this case. But to bring out percentage-wise a concern can be found maybe to principles which in my judgment need to be clearly move in the direction of monopoly. There have determined for the future guidance of the Board of only been a few cases under the Clayton Act, as I Governors and of bank holding companies, I subam going to develop in just a moment but for the mit below my views which have led to a dissenting time being it is sufficient to say there has never vote. been a case where an accumulation of repetitive I. It is my judgment that the case was tried on acquisitions has been before the courts for detertoo narrow a basis. The Solicitor's argument boils mination under this section of the law, and so in a down largely to the fact that the respondent has sense this is a new case under section 7. There 40 per cent of the banking offices and 39 per cent has never been anything like it." (Underscoring of the deposits in &ve. States, that this is too large a mine.) percentage to be controlled by one party and that the respondent has intentions of further expansion. In the Columbia Steel case, 334 U. S. 495, 528 On page 22 of the Brief of Counsel for the Board (1948)—a Sherman Act case, but nevertheless relevant in my judgment—the Court thus stated the there appears the following language: type of evidence which it should consider in a case ". . . In presenting the Board's case we have dealing with restraint of trade: consistently adhered to the view that the deter- "In determining what constitutes unreasonable mination of this issue is largely governed by restraint, we do not think the dollar volume is in statistics, that is, by showing how many comitself of compelling significance; we look rather mercial banking offices and how much of the to the percentage of business controlled, the commercial bank deposits and credit in the fivestrength of the remaining competition, whether State area are now controlled by Transamerica. the action springs from business requirements or Our contention has been and is that these statispurpose to monopolize, the probable development tics, coupled with the facts that the greater part of the industry, consumer demands, and other of the Transamerica bank expansion over the characteristics of the market. We do not underyears has been accomplished by buying up inde- take to prescribe any set of percentage figures by pendent banks and branches, that such acquisi- which to measure the reasonableness of a cortions have been going on without interruption poration's enlargement of its activities by the purfor over forty-five years, and that unless re- chase of the assets of a competitor. The relative strained they will continue to occur in the future, effect of percentage command of a market varies APRIL 1952 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT with the setting in which that factor is placed." munities. In this way, banking differs from gasoline stations, which were involved in the Standard II. The Board of Governors of the Federal Re- Oil case, upon which the Board relies as a major serve System is unlike a court in that the Board legal basis for its decision. is supposed to be an expert in banking and can weigh special factors in banking cases over and (6) Is 40 per cent of the banking offices and above reliance on court decisions based on nondeposits in a five-State area the critical point beyond banking business. which a tendency to monopoly is clearly evident? III. In my judgment the Board did not have a This is a specious argument which over-simplifies clear objective in bringing this proceeding against the problem. If Transamerica had happened to the Transamerica Corporation. Such an objective control an affiliated bank in the State of New York, is needed because this decision will have an imthe addition of New York State to the number of portant bearing on equitable treatment of other banking offices and the amount of deposits against bank holding companies. In the evidence and which Transamerica holdings were measured arguments to support the claim that competition would have brought the level well below 40 per has been restrained and a tendency to monopoly cent. As a matter of fact, the percentage of bankhas been created, all of the following questions ing offices and bank deposits controlled by Transhave been mentioned but not placed in clear focus: america in the five States varies widely. For (1) Is there a threat to the dual system of example, at page 20 of the Board's findings, there banking? appear the following figures: No such threat has been proven. Holding com- Percentage of all Bank Deposits Held by Transamerica panies can operate either State or National banks, Group Banks by States in 1948 and they do so in many instances. California 43.75 Oregon 44.12 Nevada 78.46 (2) Is it monopolistic to cross State lines in the Arizona 20.10 ownership of banks? Washington 4.81 Five States 38.85 The Board of Governors has itself acquiesced in It is obvious from the above figures that the this practice in the cases of several holding com- 38.85 per cent of bank deposits in the five States panies by granting them permits to vote bank stock held by Transamerica group banks lacks signifiowned by them. cance. The statistical picture would have been more (3) Is there a threat to independent banking? adverse to Transamerica if it did not control banks in the State of Washington where its 4.81 percent- While this is a major point, it is hardly touched age holdings drag down the five-State average. The on in the Solicitor's brief or in the evidence. Furstatistical picture would have been still more damthermore, under the Board's order, Transamerica aging if Transamerica operated banks in the State is permitted to retain ownership of the great branch of Nevada only where its holdings are 78.46 per banking organization, Bank of America National cent of total deposits. Trust and Savings Association. Going one step further, banking, as the Board (4) Is competition lessened? expressly finds, is essentially a local business; the monopoly by Transamerica banks and branches The record makes it clear, and the Board's Soliciranges from 100 per cent in some towns to zero in tor has never denied that keen competition is other regions. present in the five States in which Bank of America affiliates operate. (7) Is this proceeding a means of stopping practices on the part of Transamerica and its affiliates (5) Is there a tendency to monopoly? which seem not to be in the public interest? The Board's position, it seems to me, fails to recognize that a certain amount of monopoly is The Board's findings list such things as: inherent in banking. Overbanking has been a (a) Options held by Transamerica to repurchase curse in past years and the supervisory authorities the qualifying shares in the case of 249 directorprotect a banking monopoly in hundreds of com- ships. 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (b) Special inducements to obtain controlling underwriting of municipal securities, etc. interests in a bank through higher payments to The Board finds that 38.85 per cent of all deposits officers of the desired bank or to shareholders repre- and 49.97 per cent of the loans in the Rve States senting control of such bank. are owned by Transamerica banks. This might (c) Channeling of Bank of America earnings to well indicate merely better service to the public by Transamerica Corporation through service corpora- Transamerica banks. As it stands, it is purely a tions rather than in the normal course of dividend statistical compilation without validity. payments on stock holdings, which have been re- On pages 21-22 of the Board's findings the tables duced to a nominal amount. on deposit accounts by size seem to show that the If these practices are unlawful, it would seem small depositor likes the Transamerica bank, that they should be corrected or controlled through especially in California. ordinary legal processes. Paragraph 9: This is the Citizens National Trust IV. In the findings of the Board, I get no clear and Savings Bank of Los Angeles episode. Transpicture to support its order against Transamerica america's action here might have been high-handed Corporation. Here is my evaluation of the para- but it was probably not illegal. It is evident from graphs in the findings as to the facts: the record that control of this bank is strongly held by interests very much opposed to Transamerica. Paragraph 1: Basic facts. There is no evidence to warrant a finding or con- Paragraph 2: Transamerica-owned banks are clusion that Transamerica's minority interest is such commercial banks and engaged in interstate com- that it may lessen competition, restrain commerce merce. I agree. or tend to monopoly. Paragraph 3: History of the growth of the Gian- Paragraph 10: Subparagraphs (a) and (b) are nini organization up to the formation of Trans- generalities largely unsupported by proof. As to america. the establishment of new banking offices, this procedure is subject to consent of the proper bank Paragraph 4: The growth of the Transamerica supervisor and thus competition to that extent is bank holdings in five States. already under public control. Subparagraph (c) is a mixture of statements, some of doubtful Paragraph 5: Convincing evidence of the close validity. For example, it is not necessarily bad relationship between Transamerica and Bank of to have a large number of communities where "the America. only banking services now existing are Trans- Paragraph 6: Facts as to acquisition of individual america controlled." I doubt the validity of the banks. Here much proffered evidence was rejected. inference involved in the reference to "the absorption by Transamerica of practically all of the total Paragraph 7: Principally an argument that eviincrease in bank loans." One is led to assume dence as to competition from nonbank sources from this that the competing banks have not been should be excluded from the hearing. I would making loans. Even if that were true, is it a sound agree. reason for a divestment order? Paragraph 8: Statistics as to the growing importance of Transamerica in five States. This is not V. I have previously referred to the statement of convincing without analysis of what has happened the Board's Solicitor that "this is a new case under to the principal competition. I would also suggest section 7. There has never been anything like it." a variety of other information as pertinent to de- This being true, the respondent should have been termining the existence of undesirable trends, such given full opportunity to present its evidence. In as: (a) distances to the nearest independent bank- the narrow view taken by the Board's Solicitor as ing office in towns served only by Bank of America; to the legal foundation of the case—namely, the so- (b) was the public poorly served measured by in- called quantitative substantiality theory said to have terest rates on loans, interest rates on savings, been established by the Standard Oil case—much variety of services offered, the trend of loans to evidence offered by the respondent was not allowed small business, the trend of loans to home owners, to be entered. In my judgment the following types APRIL 1952 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of evidence which the respondent requested per- effort to render services which were better in mission to enter should have been received: quality and cheaper in cost than those offered by competitors." ". . . evidence offered by respondent which ". . . evidence offered by respondent which would establish the geographical area in which would prove that the intent and effect of the banks involved in this proceeding compete with transactions by which Bank of America and the respect to the various services they offer." Transamerica majority-owned banks have ex- ". . . evidence offered by respondent which tended their facilities have been to give more and would prove the nature and effect of other fac- better service to more people over a wider area." tors, which are more important than acquisitions, ". . . evidence offered by respondent which upon the growth, development and competition would prove that there has been and is no tendof banks, including particularly those banks inency to create a monopoly or lessening of comvolved in this proceeding, and which would petition in the banking business in the five States establish that the nature and amount of services or elsewhere." provided by banks are continually changing and In effect, by excluding the above testimony this that they change in accordance with (a) the proceeding has denied to the respondent the prinnature and amount of bank and nonbank comcipal means at its disposal to defend or justify its petition; (b) management policies; and (c) the actions. aggressiveness with which particular services are offered either by banks or by their nonbank VI. In summary, it is my judgment that regardcompetitors." (However, as indicated above I less of the ultimate decision as to the respondent's would not favor admission of evidence as to violation of section 7 of the Clayton Act, the Board "nonbank competition.") of Governors has not clearly defined its complaint against respondent, the Order does not in all ". . . evidence offered by respondent which respects square with the facts and the respondent would prove that Bank of America and the has not had its day in court. Transamerica majority-owned banks grew as a result of providing a greater variety of services (Signed) OLIVER S. POWELL to a greater number of people, and by constant April 1, 1952. 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 28 and released for publication March 32] Industrial production rose slightly in February continued to expand in March. Refinery output of and early March and was at about the high level nonferrous metals also rose further in February and reached in the second quarter of 1951. Wholesale lumber production showed a strong seasonal rise. prices decreased further over this period, and con- The slight increase in nondurable goods output sumer prices also declined. Total retail sales in- in February reflected mainly a 4 per cent rise in creased in February while sales at department cotton consumption and an unusually large volume stores declined somewhat. Bank credit outstanding of meat production for this season. Pork production has changed little since early February. in March continued to exceed substantially the yearago amount. Petroleum refining was maintained INDUSTRIAL PRODUCTION at peak rates in February and stocks of gasoline The Board's preliminary seasonally adjusted rose to a new high. A decline in chemicals output index of industrial production in February was 222 reflected mainly a sharp further curtailment in per cent of the 1935-39 average, as compared rayon output. with 220 in January and 221 a year ago. Durable EMPLOYMENT goods output increased in February to a new post- Seasonally adjusted employment in nonagriculwar record level, and production of nondurable tural establishments in February was 46.5 million, goods was up slightly from the level reached at the about the same number as in other recent months. end of 1951. The average work week at manufacturing plants Passenger auto assembly increased substantially at 40.8 hours was little changed from January or in February and March; total output for the first from the level of a year ago; average hourly earnquarter will be close to the authorized limit of ings remained at $1.64. Unemployment was unabout one million units. Production of household changed at 2.1 million, the lowest for February goods was maintained in February at about the since 1945. January rate—one-fourth above last summer's low but 30 per cent under the exceptional rate of a year CONSTRUCTION ago. Over-all activity in machinery lines showed a Value of construction contract awards showed small increase, reflecting partly further gains in mili- little change in February as increases for most types tary equipment. Steel production, which reached of public construction partly oflset declines in prian annual rate of 108.7 million tons in February, vate nonresidential awards. The number of nonfarm housing units started rose to 77,000 from INDUSTRIAL PRODUCTION 68,000 in January and compares with 81,000 in PHYSICAL VOLUME, SEA! ED, 1939-39 • 100 February 1951. Expenditures for construction work put in place, allowing for seasonal influences, continued unchanged from January at 2.5 billion dollars and were as large as a year earlier. DISTRIBUTION Department store sales declined somewhat in February and early March, after allowance for the usual seasonal change. In the first three weeks of March, sales were 12 per cent below the corresponding period a year ago owing in part to the later date of Easter this year. Preliminary estimates in- J943 1949 1950 1951 1952 1948 1949 1950 1951 1952 dicate a moderate decline in February in value of Federal Reserve indexes. Monthly figures, latest shown are department store stocks after seasonal adjustment. for February. 399 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Seasonally adjusted sales at retail stores selling auto- of new bank loans to finance defense and defensemotive goods and building materials increased sub- related activity in such manufacturing lines as stantially in February. metal and metal products, petroleum, and chemicals has continued its steady upward movement COMMODITY PRICES and exceeded further seasonal repayments of loans The average level of wholesale commodity prices by commodity dealers and food, liquor, and tobacco declined slightly further from mid-February to the processors. fourth week of March, reflecting chiefly decreases The total money supply has also changed only in industrial commodities. Wholesale food prices slightly since early February reflecting in large part changed little. While some farm products strength- the stability in outstanding bank credit. The deened, hog prices decreased further. posit and currency holdings of businesses and individuals, however, declined sharply as a result of a The consumers' price index, which had advanced large seasonal transfer of funds from private to 11 per cent from June 1950 to last December, was Government accounts. Demand deposit turnover unchanged in January and then declined .6 per outside New York City rose in February following cent in February. The February decline reflected a decline from November to January. chiefly decreases in retail food prices. Since mid- February, there have been reductions in prices of SECURITY MARKETS television sets, appliances, and textile products. Common stock prices rose moderately during the first three weeks of March. Yields on short- and BANK CREDIT AND THE MONEY SUPPLY intermediate-term Government securities which had Total credit outstanding at banks in leading risen somewhat during the early part of March cities has shown little change since early February. subsequently declined sharply as money market Bank holdings of United States Government securi- conditions eased. Yields on long-term Treasury ties have declined somewhat while loans and other issues were little changed while yields on highsecurities have increased moderately. The volume grade corporate bonds rose slightly. PRICES AND TRADE BUSINESS LOANS AT MEMBER BANKS IN LEADING CITIES 1947-49.100 CHANGES FOR SELECTED INDUSTRIES (CUMULATIVE SINCE MARCH 28,1951) 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale prices, Bureau of Labor Statistics index. Consumer prices, total retail sales, and personal disposable income, Federal Reserve indexes based on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for February. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 403-404 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W . . 404-406 Federal Reserve Bank statistics 407-409 Guaranteed Regulation V loans . 409 Deposits and reserves of member banks . . 409-410 Bank debits and deposit turnover; Postal Savings System. 410 Money in circulation ... 411 Consolidated statement of the monetary system, deposits and currency 412 All banks in the United States, by classes ... . 413-415 All insured commercial banks in the United States, by classes. 416-417 Weekly reporting member banks 418-420 Life insurance company commitments . . . 420 Commercial paper, bankers' acceptances, and brokers' balances 421 Money rates; bank rates on business loans; bond yields 422 * Security prices and new issues 423-424 Corporate sales, profits, and dividends 424-426 Treasury finance 427-429 Government corporations and credit agencies 430 Business indexes . 431-440 Department store statistics 441-444 Consumers' prices 444 Wholesale prices .... 445 Gross national product, national income, and personal income. 446-447 Consumer credit statistics 448-450 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. APRIL 1952 401 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 TREASURY CASH AND DEPOSITS 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 TOTAL RESERVE BANK HOLDINGS OF U- S- GOVERNMENT SECURITIES 20 15 15 10 10 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for March 26. See page 403. 402 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 U. S. Government T u re r a y s- Treas- u T r r y e a d s e - - O F t e h d e - r Date or period c v o D a a a u n n d is n c d - - e ts s Total se B cu o r n i d ti s es c c B e a r i t t l e i l f s s i , , - oi A h l e l r* Total s G to o c ld k s r t o c e i a u u n n n r t g c - - d y - M in c t o u io c n la n i e r - y - h c i u o n a r l g s y d h s - F B p e s w R o e d a r i s n e e t v i r h - k t e a s s l b m p N e o r e o s m d n it e - s - - c s e o R e a r u r c e a v - n - l e ts Total qu R ir e e - d2 c E ess2 and notes Wednesday figures: 1951—Feb. 7. . 643 21,641 5,080 16,561 976 23,26022,341 4 638 27,125 1,307 795 1,200 736 19,075 18,249 826 Feb. 14. . 294 21,808 5,202 16,606 1,229 23,33022,260 4 637 27,159 1,292 864 1,226 734 18,952 18,211 741 Feb. 21.. 196 21,854 5,320 16,534 1,233 23,28322,207 4 637 27,164 L,277 796 1,223 733 18,934 18,357 577 Feb. 28.. 397 21,881 5,393 16,488 909 23,18822,086 4,640 27,188 L,293 465 1,172 729 19,066 18,366 700 Mar. 7.. 207 22,179 5,592 16,587 840 23,22621,951 4,639 27,219 L.308 495 I,065 724 19,004 18,288 716 Mar. 14.. 132 22,426 5,859 16,567 1,093 23,65221,900 4,639 27,167 1,283 420 1,102 721 19,498 18,456 1,042 Mar. 21.. 15122,348 5,891 16,457 1,109 23,60721,856 4,638 27,121 1,295 608 1,042 734 19,301 18,724 577 Mar. 28.. 471 22,606 6,032 16,574 775 23,852 21,855 4,637 27,038 1,299 1,052 1,197 736 19,023 18,535 488 Apr. 4.. 126 22,914 6,288 16,626 773 23,81321,806 4,640 27,138 1,304 711 I,213 753 19,141 18,495 646 Apr. 11.. 92 23,086 6,498 16,588 717 23,89521,806 4,640 27,166 •1,287 411 1,190 753 19,533 18,546 987 Apr. 18.. 11423,086 6,544 16,542 1,034 24,23421,807 4,640 27,157 1,293 621 1,184 752 19,674 18,558 1,116 Apr. 25.. 149 22,940 6,570 16,370 700 23,78921,807 4,641 27,122 1,296 678 1,212 753 19,176 18,482 694 May 2.. 264 22,716 6,570 16,146 744 23,72421,755 4,643 27,255 1,294 707 1,226 697 18,942 18,486 456 May 9.. 422 22,544 6,618 15,926 740 23,70621,755 4,643 27,315 1,298 767 1,195 696 18,833 18,270 563 May 16.. 542 22,397 6,644 15,753 974 23,91321,755 4,643 27,287 1,297 745 1,214 695 19,072 18,306 766 May 23.. 226 22,413 6,713 15,700 772 23,41121,755 4,642 27,251 1,290 765 1,201 696 18,606 18,315 291 May 30.. 540 22,293 6,719 15,574 564 23,39621,755 4,642 27,461 1,294 620 1,217 693 18,508 18,202 306 June 6. . 12822,653 6,869 15,784 765 23,54621,756 4,644 27,520 1,303 139 1,102 684 19,198 18,335 863 June 13. . 17922,758 6,936 15,822 846 23,78321,756 4,647 27,499 1,289 129 1,095 686 19,487 18,417 1 070 June 20. . 165 22,806 6,736 16,070 1,178 24,15021,755 4,648 27,479 1,285 433 1,099 774 19,482 18,642 840 June 27.. 220 22,843 6,809 16,034 852 23,91621,755 4,650 27,601 1,286 418 1,139 775 19,102 18,564 538 July 3. . 18122,977 6,822 16,155 812 23,97021,756 4,654 27,948 •1,287 179 1,014 764 19,189 18,556 633 July 11.. 236 23,092 5,822 17,270 938 24,26721,757 4,656 27,893 1,296 253 1,107 768 19,364 18,459 905 July 18.. 300 23,081 5,822 17,259 1,223 24,60521,758 4,656 27,781 1,296 612 1,183 766 19,380 18,465 915 July 25.. 7823,057 5,822 17,235 928 24,06321,759 4,658 27,706 1,305 424 1,191 767 19,088 18,440 648 Aug. 1. . 408 23,081 5,822 17,259 794 24,282 21,759 4,663 27,842 1,308 557 1,175 722 19,099 18,430 669 Aug. 8.. 200 23,118 5,822 17,296 727 24,04621,759 4,665 27,904 1,298 203 1,016 720 19,328 18,441 887 Aug. 15.. 242 23,151 5,822 17,329 967 24,36021,800 4,666 27,925 1,288 495 1,113 719 19,285 18,468 817 Aug. 22.. 214 23,084 5,822 17,262 877 24,17521,800 4,667 27,932 1,292 434 1,096 718 19,172 18,517 655 Aug. 29.. 278 23,066 5,822 17,244 657 24,00121,800 4,668 28,034 1,291 557 999 717 18,871 18,485 386 Sept. 5.. 243 23,079 5,822 17,257 684 24,00621,854 4,672 28,262 1,299 408 1,022 714 18,825 18,406 419 Sept. 12.. 325 23,108 5,822 17,286 951 24,38421,853 4,673 28,216 1,294 474 1,047 713 19,167 18,555 612 Sept. 19.. 359 23,135 5,822 17,313 1,289 24,78321,934 4,674 28,140 1,285 477 923 730 19,835 18,864 971 Sept. 26.. 216 23,474 5,822 17,652 988 24,67722,013 4,676 28,137 1,288 816 1,024 731 19,369 18,837 532 Oct. 3.. 69 24,039 5,825 18,214 922 25,03022,015 4,680 28,320 1,284 397 966 753 20,004 18,843 1 161 Oct. 10.. 79 24,072 5,825 18,247 875 25,02522,055 4,680 28,448 1,286 335 1,002 750 19,939 18,868 1 071 Oct. 17.. 69 23,848 5,325 18,523 1,200 25,11722,105 4,681 28,385 1,296 326 975 851 20,068 18,950 1 118 Oct. 24.. 152 23,666 5,325 18,341 1,024 24,84122,144 4,683 28,301 1,291 509 886 850 19,833 19,144 689 Oct. 31.. 186 23,552 5,325 18,227 690 24,42722,234 4,686 28,410 1,288 493 818 780 19,557 19,060 497 Nov. 7. . 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 1,291 452 843 778 19,667 18,988 679 Nov. 14. . 274 23,397 5,325 18,072 930 24,60222,283 4,688 28,601 1,284 245 815 776 19,850 18,976 874 Nov. 21. . 227 23,275 5,334 17,941 \,243 24,74522,333 4,689 28,701 1,285 364 800 774 19,843 19,211 632 Nov. 28. . 483 23,239 5,334 17,905 957 24,67922,332 4,693 28,742 1,288 548 750 774 19,603 19,229 374 Dec. 5. . 959 23,239 5,357 17,882 883 25,08122,381 *4,699 28,891 1,292 501 787 770 19,919 19,196 725 Dec. 12. . 71023,239 5,376 17,8631,031 24,98022,382 4,700 29,037 1,284 266 740 770 19,964 19,317 647 Dec. 19. . 449 23,239 5,334 17,9052,057 25,74522,491 4,703 29,263 1,269 6 776 827 20,798 19,767 1 031 Dec. 26. . 797 23,503 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... 10523,658 5,344 18,314 1,062 24,82522,697 4,706 29,143 1,275 8 694 745 20,364 19,685 679 Jan. 9... 19823,452 5,344 18,108 904 24,55422,772 4,707 28,800 1,280 69 771 743 20,369 19,551 818 Jan. 16... 135 23,119 5,344 17,775 1,118 24,372 22,822 4,710 28,526 1,291 138 719 744 20,488 19,590 898 Jan. 23... 11222,993 5,344 17,649 1,010 24,11622,872 4,711 28,342 1,280 11 663 743 20,660 19,573 1 087 Jan. 30... 210 22,785 5,344 17,441 711 23,707 22,931 4,716 28,347 1,302 221 729 742 20,013 19,455 558 Feb. 6.. 283 22,614 5,344 17,270 759 23,65622,990 4,717 28,378 1,317 52 728 74120,148 19,415 733 Feb. 13. . 619 22,499 5,344 17,155 634 23,75323,011 4,717 28,425 1,276 261 685 741 20,094 19,304 790 Feb. 20.. 454 22,400 5,471 16,929 1,033 23,887 23,071 4,721 28,387 1,308 491 749 738 20,007 19,293 714 Feb. 27. . 422 22,555 5,636 16,919 773 23,75023,110 4,722 28,390 1,308 712 730 735 19,710 19,224 486 Mar. 5. . 384 22,514 5,636 16,878 986 23,88323,290 4,726 28,464 1,296 670 895 787 19,787 19,166 621 Mar. 12. . 357 22,530 5,636 16,894 891 23,77823,291 4,726 28,452 1,296 639 841 785 19,781 19,182 599 Mar. 19. . 12622,825 5,636 17,189 1,265 24,21623,292 4,729 28,361 1,285 6 742 803 21,038 P19,581 Pl 457 Mar. 26. . 17022,528 5,636 16,892 715 23,41323,291 4,731 28,329 1,282 7 736 804 20,276 P19,480 9 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. APRIL 1952 403 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 period v co a D a a n u n i d s c n d - - e ts s T U o . t a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k s T r o c t e u i r a n u u n e r n g r y c t a - - d y s - - M in c t u o io l c n a n i e - r y - T h c i u r o n a e r l g s y a d h s s - - F u T B p e s r w R e o r d y a e r i s n e e v t a d i - r k h t e s a e s s - l - b p m N e o r e o s m d i n t e - s - - c O s F o e e R a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes End of period: 1929—June 29., 1,037 216I 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30.. 7 484I 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 25111,653 6,4445,209 1941—Dec. 31. 3 254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 ,360 29112,450 9,3653,085 1945—Dec. 31 249 24,262 94723,315 558800 25,091 20,065 4,339 28.515 2,287 977 ,308 49515,915 14,4571,458 1946—Dec. 31.. 16323.350 75322.597 58124,093 20.529 4,562 28.952 2,272 393 822 60716,139 15.577 562 1947—Dec. 31 . 8522,559I 2,853 19,70£ 536 23,181 22,754 4,562 28,868 1,336 870 961 56317,899 16,4001,499 1948—Dec. 31 . 22323,333 10,977 12,356 54224,097 24,244 4,589 28,224 1,325 1,123 ,189 59G20,479 19,2771,202 1949—June 30.. 10319,343 7,780 11,563 25019,696 24,466 4,597 27,493 1,307 438 941 71317,867 16.919 948 Dec. 31.. 7818,885 7,218 11,667 53619.499 24,427 4,598 27,600 1,312 821 ,517 70616,568 15,550 ,018 1950—June 30. . 4318,331| 5,61812,713 32918,703 24,231 4,607 27,156 1,298 950 ,431 77115,934 15,498 436 Dec. 30. . 6720,778 4,620 16,158 1,37122,216 22,706 4,636 27,741 1,293 668 ,460 71417,681 16,509 ,172 j 1951—Mar 27522,910 6,187 16,723 96424,150 21,806 ,640 27,119 1,293 1,114 ,322 73419,014 18,367 647 Apr 283 22,742I 6,57016,172 53523,560 21,805 ,643 27,278 1,284 611 ,236 69818,901 18,449 452 May 52922,509 6,803 15,706 44323,481 21,755 ,646 27,519 1,293 666 ,179 69018,536 18,206 330 June 5322,982 6,822 16,160 1,00724,043 21,756 ,655 27,809 1,281 317 ,262 76519,020 18,604 416 July 27723,078 82217,256 67924,033 21,759 ,666 27,851 1,302 584 ,159 70018,863 18,396 467 Aug 55223 127 822 17,305 63024,309 21,854 ,673 28,155 1,287 459 ,038 71619,181 18,464 717 Sept 19023,734 5,822 17,912 1,13425,058 22,013 ,681 28,288 1,285 936 ,127 72719,391 18,822 569 Oct 18623,552 5,325 18,227 69024,427 22,233 ,688 28,417 1,283 493 818 78019,557 19,060 497 Nov 62423 5,334 17,905 87124,734 382 ,700 28,809 1,288 481 794 77219,670 19,180 490 Dec 1923 5,.' 18,457 1,189 25,009 695 ,709 29,206 1,270 247 889 746 20,056 19,667 389 1952—Jan 32822,729 5,344 17,385 726 23,783 951 ,717 28,386 1,319 162 766 74120,077 19,443 634 Feb 598 22 528 5,63616,892 778 23904 191 ,727 28,465 1,287 558 796 73319,982 19,254 728 Mar 133 22 5,636 16,878 23,270 290 ,736P28,475 Pl.275 169 845 80119,733 ?19,298 M35 Averages of daily figures: 1951—Jan 21320,699 4,736 15,963 92721,839 22,523 4,635 27,304 1,297 1,199 74218,088 17,263 825 Feb 333300 21,733 5,197 16,536 222 23,286 22,249 4,637 27,145 1,290 842 1,255 73418,907 18,279 627 Mar 24222,333 5,784 16,549 088 23,663 21,909 4,639 27,171 1,289 603 1,212 73019,207 18,494 713 1952—Tan 200 23,206 5,344 17,862 038 24,444 22,824 4,709 28,637 1,281 109 737 74420,470 19,536 933 Feb 36522,552 5,432 17,120 909 23,826 23,039 4,719 28,406 1,294 352 799 73819,995 19,300 695 Mar 31422,634 5,636 16,998 942 23,890 23,278 4,728 28,437 1,283 333 845 790 20,207 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 x Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time S P O a o t v h s i t e n a r l g s d S e a d p v e o i p s n o i g t s s s i ts d p e a p y o a s b i l t e s : Ef o fe f ct c iv h e a n d g a e te C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e e a p ( m n a o k l s b l s i e t ) s r In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22 M 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 i w d h b ic y h i t n h s e u r m ed e m n b o e n r m b e a m nk b er i s b lo a c n a k t s e d a . s M est a a x b i l m is u h m ed ra b t y e s th th e at F . m D a . y I. C b . e , S Se e p p t t . . 2 1 4 6. . 26 22 . . ._ 1 _ 6 2 \ l 7V32^ effective Feb. 1, 1936, are the same as those in effect for member banks. 1949—May 1 May 5 24 21 37 June 30.. . . 20 36 July 1 26 MARGIN REQUIREMENTS3 Aug. 1 13 Aug. 11 23K 35 [Per cent of market value] Aug. 16 12 Aug. 18 23 19 Feb. 1, Mar. 30, Effec- Aug. 25 Prescribed in accordance with 1947- 1949- tive Sept. 1 22 18 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, 1951—Jan. 11 23 19 36 1949 1951 1951 Jan. 16 13 26 If Jan. 25 24 20 ' ' Feb 1 14 Regulation T: In effect Apr. 1, 1952 < 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 75 (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). Regulation T and U limit the amount of credit that may be ex- 2 Requirement became effective at country banks. Requirement tended on a security by prescribing a maximum loan value, which is a became effective at central reserve and reserve city bankj. specified percentage of its market value at the time of the extension; the 4 Present legal minimum and maximum requirements on net demand "margin requirements" shown in this table are the difference between 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. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government ti b o a n n s k s o t s h e e c r u r t e h d a n b y m d e i m re b c e t r obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning— rate Mar. 31 beginning- rate Mar. 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 2V2 Jan. 14, 1948 New York..., Aug. 21,1950 Aug. 21,1950 2V Oct. 30, 1942 Philadelphia. . Aug. 25,1950 Aug. 25,1950 2V22 Aug. 23,1948 \" Cleveland Aug. 25,1950 Aug. 25,1950 2% Aug. 25, 1950 A C R h i t c l i a h c n a m g ta o o nd A A A u u u g g g . . . 2 2 2 5 5 4 , , , 1 1 1 9 9 9 5 5 5 0 0 0 A A A u u u g g g . . . 2 2 24 5 5 , , , 1 1 1 9 9 9 5 5 5 0 0 0 2 2 % Y2 2 A A O u u c g g t. . . 2 2 1 8 4 3 , , , 1 1 19 9 9 4 4 5 2 8 0 S M t. i n L n o e u a i p s olis. . A A u u g g . . 2 2 2 3 , ,1 1 9 9 5 5 0 0 A Au u g g . . 2 2 2 3 , ,1 1 9 9 5 5 0 0 2 \Y % 2 A Ja u n g . . 1 2 2 3 , , 1 1 9 9 4 4 8 8 b Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 San Francisco Aug. 24,1950 Aug. 24,1950 'Oct. 28, 1942 2 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 1 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 M Ra a t r e . o 3 n 1 In g in ef n f i e n c g t — be- Pre ra v t i e ous Maturities not exceeding five years [In effect March 31. Per cent per annum] 1- 90 days 1% Dec. 18, 1951 IX 91-120 days Dec. 18, 1951 IK 121-180 days 2Vs Dec. 18, 1951 2 To industrial or commercial To financing institutions NOTE.—Effective minimum buying rates at the Federal Reserve businesses Bank of New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Federal On p d u i r s c c h o a u s n e t s s or Back figures.—See Banking and Monetary Statistics, Table 117, pp. Reserve 443-445. Bank On On On loans » commit- Portion commitments 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 tfn effect March 31] Boston Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia Cleveland Richmond Guarantee fee Percentage of Atlanta () lo P a e n r c g e u n a ta ra g n e t e o e f d in (p te e r r e c s e t n t p a a g y e a o b f le any f ee c o c m h m ar i g t e m d ent S C t h . ic L a o g u o is 2^-5 by borrower) borrower Minneapolis.... 1M-2M Kansas City.... (2) Dallas 70 or less 10 10 San Francisco... 75 15 15 80 20 20 9 8 0 5 2 3 5 0 2 3 5 0 2 1 R In a c t l e u d c i h n a g r g l e o d a n b s o m rro a w de e r i n l e p ss a r c ti o c m ip m at i i t o m n e n w t it r h a t f e i . nancing institutions. 95 35 35 1 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 M 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 5 Commitment rate. APRIL 1952 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as amended, and Executive Order 10161 1- to 4-family units and farm residences Multi-unit Nonresidential Value per family unit residences properties l Regulation X and FHA VA (Reg. X and FHA) (Regulation X) Maximum loan per family unit2 Maximum loan (in per cent of value unless otherwise specified) per property Not more than $7,000 90 96 per cent of price 83 $7,001-$10,000 85 94 per cent of price $10,001-$12,000 80 92 per cent of price $5,810 plus 53 per cent $12,001-$15,000 $ of 9 , e 6 x 0 c 0 e s p s l u o s v e 4 r 0 $ p 1 e 2 r ,0 c 0 e 0 nt $ o 1 f 1 p ,0 ri 4 c 0 e p o l v u e s r 1 $ 7 1 p 2 e ,0 r 0 c 0 ent of excess (8 o 3 v -6 er 7 ) $7,000 (80-72) (92-77 per cent of price) $l5,001-$20,000.... $10,800 plus 20 per cent $11,550 plus 25 per cent 50 per cent of value of excess over $15,000 of price over $15,000 (72-59) (77-64 per cent of price) $ of 1 0 e , x 0 c 5 e 0 s s p l o u v s e 2 r 0 $ p 1 e 5 r , 0 c 0 e 0 nt (67-50) $2O,OO1-$23,5OO.... $11,800 plus 10 per cent $12,800 plus 15 per cent of excess over $20,000 of price over $20,000 $23,501-$24,500 (59-50) (64-55 per cent of price) 50 Over $24,500 50 55 per cent of price Maximum maturity (years) N Ov ot e r m $ o 1 r 2 e , 0 t 0 h 0 an $12,000 2 2 5 0 « « 2 2 5 0 > 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 payment1 Maximum maturity (per cent) (months) Listed articles and loans Oc S t e . p 1 t 5 . , 1 1 8 9 - 50 O Ju c l t y . 1 3 6 0 , , 1 1 9 9 5 5 0 1 - July 31, 1951 Oc S t. e p 1 t 5 . , 1 1 8 9 - 50 O Ju c l t y . 1 3 6 0 , , 1 1 9 9 5 5 0 1 - July 31, 1951 Listed articles: Passenger automobiles2 33 H 21 15 18 Major appliancess 15 18 15 18 Furniture and floor coverings 10 15 15 18 15 18 Home improvement materials, articles, and services * 10 10 M0 6 30 30 Loans: To purchase listed articles Unclassified 18 18 15 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; Oct. 16, 1950-Apr. 7, 1952, those costing less than $50; beginning Apr. 8, 1952, those costing less than $100. 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 dehumidiflers. 4 Includes heating, plumbing, and other household fixtures. 6 Effective Mar. 24, 1952, no down payment required. 6 Requirements same as on instalment sales of respective articles. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1952 1952 1951 Mar. 26 Mar. 19 Mar. 12 Mar. 5 Feb. 27 Mar. Feb. Mar. Assets Gold certificates 21,407,25121,403,253 ,386,25221,386,25221,186,25121416,25421,286,25119,950,404 Redemption fund for F. R. notes. 699,124 699,055 706,082 706,082 706,125 699,122 706,081 616,292 Total gold certificate reserves.... 22,106,37522,102,30822092,33422,092,33421,892,37622115,37621,992,33220,566,696 Other cash 383,629 387,782 384,042 395,597 419,320 370,480 413,805 352,979 Discounts and advances: For member banks 156,942 113,052 357,481 383,814 422,486 120,237 598,175 275,023 For nonmember banks, etc 13,000 13,000 13,000 Industrial loans 5,124 4,856 4,790 4,584 4,977 5,247 4,883 3,918 Acceptances purchased 1,996 U. S. Government securities: Bills 16,000 1,719,598 Certificates: Special 14,000 311,000 Other 11,809,80611,809,80611,809,80611,809,80611,851,05611,809,80611,824,306 Notes 5,068,073 5,068,073 ,068,073 068,073 5,068,073 5,068,073 5,068,07315003,433 Bonds 5,635,823 5,635,823 ,635,823 635,823 5,635,823 5,635,823 5,635,823 187,231 Total U. S. Government securities. 22,527,702 22,824,70222,529,702 22,513,702 22,554,952 22,513,702 22,528,202 22,910,262 Total loans and securities 22,702,768 22,955,61022,891,973 22,902,100 22,982,415 22,652,186 23,131,260 23,191,199 Due from foreign banks... . 28 28 28 28 28 28 28 24 F. R. notes of other Banks. 178,010 163,641 167,703 176,786 180,801 162,063 182,127 155,599 Uncollected cash items 3,868,050 5,004,148 ,631,524 3,605,427 3,761,184 3,078,533 ,355,342 ,504,087 Bank premises 44,454 44,497 44,316 44,161 44,095 44,336 44,137 40,539 Other assets 161,474 153,053 164,395 156,290 201,894 167,092 204,090 167,086 Total assets. . 49,444,788 50,811,067 49,376,315 49,372,723 49,482,113 48,590,094 49,323,121 47,978,209 Liabilities Federal Reserve notes 24,258,067 24,280,20824,375,33124,408,49524,357,76324,371,38624,422,57023,040,941 Deposits: Member bank—reserve accounts. . 20,276,351 21,037,51719,781,30019,787,46519,709,59619,732,56619 982,428 ,014,238 U. S. Treasurer—general account. 7,455 6,072 638,979 670,005 711,519 168,605 557,799 ,113,904 Foreign 544,963 547,225 566,054 600,111 522,787 555,297 577,359 841,594 Other 190,602 195,129 275,258 295,394 206,650 290,010 218,159 480,637 Total deposits. 21,019,371 21,785,943 21,261,591 21,352,975 21,150,552 20,746,478 21,335,745 21,450,373 Deferred availability cash items 3,157,772 3,744,037 ,745,452 ,624,280 2,993,176 2,460,424 ,582,699 ,545,786 Other liabilities and accrued dividends. 17,982 15,518 14,969 14,531 14,865 15,526 14,412 12,633 Total liabilities. 48,453,192 49,825,706 48,397,343 48,400,281 48,516,356 47,593,81448,355,426 47,049,733 Capital Accounts Capital paid in 242,067 241,970 241,930 241,684 241,128 242,225 241,431 228,152 Surplus (Section 7) 538,342 538,342 538,342 538,342 538,342 538,342 538,342 510,022 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 183,644 177,506 171,157 164,873 158,744 188,170 160,379 162,759 Total liabilities and capital accounts 49,444,788 50,811,06749,376,315 49,372,723 49,482,113 48,590,094 49,323,12147,978,209 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 48.8 48.0 48.4 48.3 48.1 49.0 48.1 46.2 Contingent liability on acceptances purchased for foreign correspondents 8,053 8,104 9,034 9,708 10,108 8,089 9,852 31,226 Industrial loan commitments 6,626 6,729 6,810 7,004 6,821 6,468 6,844 2,824 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 169,942 126,052 357,481 383,814 422,486 133,237 598,175 275,023 Within 15 days 133,572 101,405 341,016 361,837 398,979 101,237 562,843 249,864 16 days to 90 days 36,370 11,647 16,465 21,977 23,507 32,000 35,332 5,150 91 days to 1 year 13,000 9 Industrial loans—total 5,124 4,856 4,790 4,584 4,977 5,247 4,883 3,918 Within 15 days 1,671 1 ,532 895 868 937 1,009 868 214 16 days to 90 days 17 17 706 718 815 273 778 198 91 days to 1 year 2,407 2,172 2,070 1,954 2,019 2,724 2,073 2,240 Over 1 year to 5 years 1,029 1,135 1,119 1,044 1,206 1,241 1,164 1,266 Acceptances purchased—total 1,996 Within 15 days 1,486 16 days to 90 days 510 U. S. Government securities—total ,527,702 ,824,702 ,529,70222,513,70222,554,95222,513,70222,528,20222,910,262 Within 15 days 14,000 311,000 16,000 254,913 16 to 90 days 4,156,646 156,646 ,471,785 91 days to 1 year ,430,03113,430,031 ,430,03113,430,031 9,653,73113,430,031 626,981 ,233,085 Over 1 year to 5 years ,441,352 5,441,352 ,102,256 5,102,256 5,102,256 5,441,352 102,256 ,435,866 Over 5 years to 10 years ,013,614 1,013,614 ,352,710 1,352,710 1,013,614 1,013,614 013,614 ,031,704 Over 10 years ,628,705 2,628,705 ,628,705 2,628,705 2,628,705 2,628,705 628,705 ,482,909 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 25,256,287 25,301,033 25,350,493 25,377,482 25,426,417 25,282,203 25,424,432 23,935,818 Collateral held against notes outstanding: Gold certificates 12,739,000 12,739,000 12,739,000 12,724,000 12,624,000 12,699,000 12,624,000 12,219,000 Eligible paper 96,327 69,547 167,476 235,649 271,721 76,901 379,235 140,392 U. S. Government securities 13,675,000 13,675,000 13,575,000 13,575,000 13,575,000 13,675,000 13,575,000 12,440,000 Total collateral. 26,510,327 26,483,547 26,481,476 26,534,64926,470,721 26,450,901 26,578,235 24,799,392 1 Callable U. S. Government securities classified according to nearest call date. APRIL 1952 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.21,416,254 762,818 7,461,834 1,252,174 1,454,430 913,902 793,6943,932,140 546,924 327,432 735,749 609,567 2,625,590 Redemption fund for F. R. notes. 699,122 61,596 73,500 54,120 79,961 64,498 48,754 116,019 48,822 24,816 36,744 27,808 62,484 Total gold certificate reserves..22,115,376 824,414 7,535,334 1,306,294 1,534,391 978,400 842,448 4,048,159 595,746 352,248 772,493 637,3752,688,074 Other cash 370,480 25,976 69,097 21,632 31,004 24,917 32,145 74,063 18,304 5,681 13,284 13,112 41,265 Discounts and advances: Secured by U. S. Govt. securities. . . 119,630 4,830 18,850 3,891 1,850 2,380 3,050 36,675 7,450 8,600 32,054 Other 13,607 3,926 1,014 1,196 988 559 1,807 494 338 694 494 1,209 Industrial loans.. 5,247 4,131 93 877 126 20 U. S. Govt. securities 22,513,702 1,526,272 4,846,547 1,382,476 2,244,5711,504,568 1,323,603 3,477,6921,236,137 715,958 ,082,752 1,063,930 2,109,196 Total loans and securities 22,652,186 1,531,990 4,869,3231,391.512 2,247,617 1,508,0291,328,089 3,516,1741,244,081 725,022 1,115,500 1,064,444 2,110,405 Due from foreign banks 28 2 2 3 1 1 4 1 1 1 3 F. R, notes of other Banks. 162,063 4,779 16,695 7,878 8,341 [38,400 [23,993 16,475 6,989 6,173 5,285 9,869 17,186 Uncollected cash items 3,078,533 283,143 626,103 192,349 273,375 239,179 201,060 466,721 129,337 71,678 173,943 151,790 269,855 O B t a h n e k r " a p s r s e e m ts ises... 1 4 6 4 7 , , 3 0 3 9 6 2 12 1 , , 7 00 8 3 2 35 7 , , 5 56 5 9 9 1 2 0 , , 8 1 3 2 7 4 1 4 7 , , 7 0 8 6 2 8 1 4 1, , 4 3 2 2 3 8 9 3, , 1 8 9 7 6 4 24 6 , ,5 8 1 9 3 2 3 8 , , 2 83 0 6 8 5 1 , ,0 0 7 9 5 9 2 8 , , 4 2 2 1 6 3 7,7 6 8 5 3 0 1 6 5 , , 7 4 4 3 9 9 Total assets 48,590,094 2,684,08913,159,6882,932,628 4,116,5812,804,677 2,440,806 8,153,0012,006,502 1,166,977 2,091,1451,885,024 5,148,976 Liabilities F. R. notes 24,371,386 1,491,293 5,413,358 1,723,271 2,223,214 1,710,8451,329,4374,648,5211,131,440 622,882 964,656 686,555 2,425,914 Deposits: Member bk.— reserve accts. 19,732,566 839,045 6,388,595 943,1681,471,911 816,858 894,729 2,989,984 706,344 444,326 932,541 991,812 2,313,253 U. S. Treas.— gen. acct 168,605 507 160,935 980 592 523 574 525 523 1,007 577 435 1,427 Foreign 555,297 32,990 2 183,876 41,504 48,953 27,137 22,880 73,962 20,220 13,835 20,220 20,220 49,500 Other 290,010 4,487 225,483 1,987 4,146 2,753 3,029 2,277 8,072 1,555 2,586 1,553 32,082 Total deposits... 20,746,478 877,029 6,958,889 987,6391,525,602 847,271 921,212 3,066,748 735,159 460,723 955,9241,014,020 2,396,262 Deferred avail. cash items.... 2,460,424 251,550 500,295 145,002 273,121 192,104 143,643 295,802 97,981 55,317 129,754 143,311 232,544 Other liab. and accrued div 15,526 914 4,112 899 1,892 738 711 2,430 674 666 610 597 1,283 Total liabilities. . 47,593,814 2,620,786 12,876,6542,856,8114,023,829 2,750,9582,395,003 8,013,5011,965,254 1,139,588 2,050,944 1,844,483 5,056,003 Capital Accts. Capital paid in. . 242,225 13,135 76,446 16,965 23,063 10,554 10,009 31,278 8,466 5,453 9,176 11,720 25,960 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.. 188,170 12,965 39,526 12,870 18,035 12,791 11,161 27,192 10,473 6,800 9,521 9,304 17,532 Total liabilities and cap. accts.. 48,590,094 2,684,089 13,159,688 2,932,6284,116,5812,804,6772,440,806 8,153,0012,006,502 1,166,977 2,091,145 1,885,024 5,148,976 Reserve ratio.... 49.0% 34.8% 60.9% 48.2% 40.9% 38.2% 37.4% 52.5% 31.9% 32.5% 40.2% 37.5% 55.7% Cont. liab. on accept, purch.— foreign corresp. 8,089 499 3 2,468 628 741 411 346 1,120 306 209 306 306 749 Industrial loan commitments.. 6,467 1,737 916 62 2,510 820 422 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,282,203 1,551,399 5,616,542 1,768,710 2,313,5871,793,884 1,390,786 4,732,8601,175,682 632,865 986,867 727,817 2,591,204 Collateral held: Gold certificates12,699,000 450,000 4,470,000 750,000 760,000 580,000 485,000 2,470,000 270,000 165,000 280,000 219,000 1,800,000 Eligible paper.. 76,901 4,911 17,615 3,891 2,280 7,450 8,600 32,154 U. S. Govt. sec.13,675,000 1,300,000 1,300,000 1,100,000 i,625',6661,300,000 950,000 2,300,0001,000,000 505,000 750,000 545,0001,000,666 Total collateral..26,450,901 1,754,911 5,787,615 1,853,8912,385,000 1,882,2801,435,000 4,770,0001,277,450 678,600 1,062,154 764,000 2,800,000 1 After deducting $20,000 participations of other Federal Reserve Banks. 'After deducting $371,406,000 participations of other Federal Reserve Banks. * After deducting $5,621,000 participations of other Federal Reserve Banks. 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE [Amounts in thousands of dollars] BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND Partici- Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p f a f t i i n o a n n s c- EXECUTIVE ORDER NO. 10161 Wednesday to U.CH.C but not out- ments ing insti- [Amounts in thousands of dollars] or last day com- standing1 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 ns teed A a d m di o ti u o n n t al to date outstanding available to borrowers 1944 3,489 525,532 1,295 3,894 4,165 2,705 Date under guar- 1 1 1 9 9 9 4 4 4 7 5 6 3 3 3 , , , 5 5 5 1 4 7 1 2 4 5 5 5 8 4 6 6 4 5 , , , 7 9 9 2 6 1 6 1 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 4 3 4 3 0 4 4 9 2 4 1 , , ,0 8 6 8 6 7 6 9 0 N b u e m r - Amount a T m o o t u a n l t g P u t o e a r e t r d i a o n n - a o n u t t e m s e t e a n n ag t d s r i e n e g - 1948 3,607 615,653 335 995 1,643 1,990 1949 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 4,819 2,632 3,754 3,745 1950 1951 Oct. 31. 3 1,000 Nov. 30. 23 13,585 2,340 2,232 3,335 Feb. 28.. . 3,706 655,702 1,523 3,681 2,937 5,358 Dec. 31. 62 31,326 8,017 6,265 8,299 Mar. 31... 3,710 660,525 3,980 3,988 2,824 5,262 Apr. 30.. . 3,717 664,473 4,925 4,845 2,595 5,331 1951 May 31... 3,721 667,988 3,578 5,255 3,643 5,999 Jan. 31. 119 109,433 23,778 19,83/ 13,748 June 30... 3,724 671,432 3,221 5,762 3,740 6,199 Feb. 28. 161 122,541 44,250 36,53 33,840 July 31... 3,727 678,477 6,730 5,801 3,767 6,115 Mar. 31. 254 300,955 68,833 56,973 47,822 Aug. 31... 3,731 691,536 12,197 5,750 6,050 7,860 Apr. 30. 328 421,267 126,080 106,053 185,001 Sept. 30... 3,732 695,178 4,394 5,062 6,478 11,420 May 31. 402 514,626 183,610 151,858 205,629 Oct. 31... 3,734 700,040 2,943 4,447 7,151 11,990 June 30. 484 654,893 252,100 209,465 276,702 Nov. 30. .. 3,736 706,215 3,073 4,505 6,361 12,064 July 31. 568 828,584 325,299 267,715 349,905 Dec. 31... 3,736 710,931 3,513 4,687 6,036 11,985 Aug. 31. 658 1,052,337 405,043 332,618 384,852 1952 Sept. 30. 729 1,154,942 492,167 400,652 450,013 Oct. 31. 776 1,218,988 556,839 454,789 495,512 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 Nov. 30. 815 1,302,342 615,812 502,524 476,699 Feb. 29 ... 3,741 721,144 772 4,957 6,845 10,307 Dec. 31. 854 1,395,444 675,459 54 5,597 472,827 1952 ser 1 v e In 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 ra v t e i d o n c b o y n 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 2 Includes industrial loans past due 3 months or more, which are not Feb. 29. 934 1,530,388 763,838 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c e R 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 e R 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 February 1952 Second half of February 1952 Gross demand deposits: Total 104,143 23,217 5,725 39,723 35,479 103,784 23,217 5,757 39,641 35,169 Interbank 12,275 3,946 1,142 6,015 1,171 12,041 3,911 1,146 5,860 1,123 Other 91,869 19,271 4,583 33,707 34,307 91,743 19,305 4,611 33,781 34,046 Net demand deposits 2. . 91,213 21,236 5,179 34,555 30,242 90,578 21,166 5,145 34,162 30,106 Time deposits 3 31,208 1,937 1,149 12,448 15,674 31,275 1,934 1,143 12,493 15,705 Demand balances due from domestic banks... 6,140 41 112 1,842 4,146 5,986 39 114 1,879 3,954 Reserves with Federal Reserve Banks: Total 20,055 5,199 1,306 7,787 5,763 19,930 5,220 1,304 7,725 5,681 Required 19,357 5,213 1,312 7,658 5,174 19,238 5,196 1,303 7,582 5,157 Excess 697 -14 -6 129 588 692 24 1 143 524 Borrowings at Federal Reserve Banks 329 3 76 202 48 404 17 241 59 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report, APRIL 1952 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS POSTAL SAVINGS SYSTEM [Averages of daily figures. In millions of dollars] [In millions of dollars] Central reserve All city banks Re- Coun- Assets T w o e t e a k l e r n e M d se i o n r n g v t e h W s , o e h r d e n l e d s : day b m a b n e e k m r s - 1 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 ksi End of month D a i n b t e c o p a e r l o s s - s ' - 1 Total d b C e t a o p i a n n r o s y k s h s i- G s U m e o t c v . i e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r . h v s 2 , e 1951—February 18,907 4,925 1,296 7,329 5,356 1952—January 20,469 5,335 1,347 7,967 5,819 February 19,995 5,209 1,305 7,757 5,723 1943—December 1,788 1,843 10 1,716 118 1944—December.... 2,342 2,411 8 2,252 152 Feb. 20 19,979 5,197 1,297 7,750 5,736 1945—December.... 2,933 3,022 6 2,837 179 Feb. 27 19,881 5,220 1,302 7,702 5,657 1946—December 3,284 3,387 6 3,182 200 Mar. 5 19,861 5,229 1,299 7,657 5,677 1947—December.... 3,417 3,525 6 3,308 212 Mar. 12 19,780 5,162 1,281 7,664 5,672 1948—December 3,330 3,449 7 3,244 198 Mar. 19 20,510 5,385 1,331 7,952 5,841 1949—December 3,188 3,312 7 3,118 187 Mar. 26 20,673 5,566 1,361 7,969 5,777 Excess reserves: 1950—October 2,967 3,088 10 2,903 175 1951—February 627 23 -3 121 487 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 February 695 5 -3 136 557 1951—'January 2,901 3,022 11 2,858 153 Feb. 20 693 2 -7 128 570 February 2,877 2,998 11 2,835 152 Feb. 27 667 34 -1 133 501 March 2,852 2,974 11 2,793 169 Mar. 5 689 6 -1 143 541 April 2,831 2,954 17 2,765 172 Borrowin M M M g a a a s r r r . . . a 2 1 1 t 6 2 9 Federal P P 1 l. , 1 0 6 2 7 6 7 4 7 2 - 0 8 4 8 9 1 8 y 5 2 2 1 8 8 3 0 7 9 P P 5 6 6 3 2 9 9 4 0 A J J M u u u a l n g y y e ust 2 2 2 2 , , , , 7 7 7 8 7 5 8 0 2 4 8 8 2 2 2 2 , , , , 9 8 8 9 0 9 7 3 9 3 7 3 2 2 2 2 3 1 2 3 2 2 2 2 , , , , 7 7 7 6 2 0 4 8 2 4 8 0 1 1 1 1 6 6 6 7 5 6 4 3 Reserve Banks: September.... 2,738 2,861 23 2,680 158 1951—February 330 79 12 189 50 October 2,724 2,851 25 2,670 156 1952—January 210 2 34 130 45 November P2.71O February 365 9 82 220 53 December. . . . P2.7O1 Feb. 20 414 65 101 212 1952—January ... . P2.698 Feb. 27 331 36 83 186 62 February P2,685 Mar. 5 462 136 260 66 Mar. 12 549 163 228 75 M M a a r r . . 2 1 6 9 1 13 8 8 3 83 5 2 1 5 7 7 7 3 4 5 0 5 2 P 1 I O P n u r c e 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 ri e n 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 by w 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 City 2 cities 2 City 2 cities 2 1 19 9 4 4 6 6— — o n l e d w s e se ri r e ie s s s * |l,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 1 6 6. . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1951 1,577,857 551,889 854,050 171,917 26.9 14.5 540,990 837,491 32.2 21.7 1951—February 114,064 39,067 62,370 12,627 26.1 14.3 38,916 62,239 30.7 21.5 March 144,015 53,171 75,941 14,904 29.0 14.9 53,142 75,897 35.5 22.5 April 128,450 45,477 69,421 13,553 26.5 14.6 44,312 68,157 32.5 22.3 May 130,704 45,375 71,197 14,132 26.2 14.3 42,272 68,378 30.0 21.3 June 135,031 48,588 72,110 14,332 27.9 14.5 49,398 72,179 34.4 22.2 July 124,425 43,224 67,532 13,669 26.0 14.1 41,673 64,826 31.1 20.9 August 125,291 41,363 69,827 14,101 23.8 13.5 39,007 67,441 27.0 20.0 September 121,205 41,145 66,359 13,700 26.0 14.4 41,688 66,941 31.7 21.8 October 139,308 47,971 75,799 15,539 26.4 14.4 45,334 72,515 30.4 20.9 November 132,158 44,802 72,428 14,928 27.8 15.4 42,503 69,685 31.4 22.0 December 144,800 53,500 76,049 15,251 30.7 15.1 55,184 76,007 37.9 22.6 1952—January 138,520 48,106 74,953 15,462 26.4 14.4 45,425 71,986 30.1 20.6 February 127,959 45,375 68,676 13,908 27.8 14.5 44,419 67,466 32.5 21.4 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 410 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 2 End of year or in cir- Unasmonth cula- sorted tion^ Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5.536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27.600 19,025 1,484 1,066 62 2,004 5.897 8,512 8.578 2.435 5,056 382 689 4 11 3 1950 .. 27.741 19,305 1,554 1,113 64 2,049 5,998 8,529 8.438 2,422 5,043 368 588 4 12 2 1951—January.... 27,048 18,694 1,530 1,056 61 1,943 5,791 8,313 8,356 2,393 5,002 366 583 4 9 3 February 27,188 18,861 1,535 1,057 61 1,959 5,880 8,369 8,329 2,385 4,986 365 581 4 9 2 March 27,119 18,845 1,542 1,059 61 1,953 5,881 8,348 8,275 2,369 4,955 362 576 4 8 1 April 27,278 19,023 1.551 1,073 62 1,973 5,943 8,422 8,257 2,371 4,941 360 573 4 8 1 May 27,519 19,260 1,568 1,087 63 1,995 6,024 8,523 8,259 2,382 4,938 357 570 4 8 1 June 27,809 19,521 1,578 1,092 64 2,011 6,113 8,663 8,289 2,405 4,947 356 570 4 8 2 July 27,851 19,560 1,590 1,092 64 2,008 6,088 8,718 8,292 2,409 4,952 354 565 4 8 2 August 28,155 19,813 1,602 1,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 4 8 2 September... 28,288 19.896 1,616 1,124 64 2,038 6,181 8,874 8,393 2,437 5,034 353 557 4 8 2 October 28,417 19,955 1,631 1 132 65 2,041 6,160 8,927 8,463 2,452 5,092 353 554 4 8 2 November... 28,809 20,283 1,642 1,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 4 8 2 December. . . 29,206 20,530 1.654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 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 4 8 2 February.... 28,465 19,904 1,630 1,110 66 2,013 6,152 8,934 8,563 2,503 5,152 351 545 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Fe 1 b 9 . 5 2 2 9, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d s k e s e r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Fe 1 b 9 . 5 2 2 9, Ja 1 n 9 . 5 3 2 1, Fe 1 b 9 . 5 2 1 8, certificates agents Gold. . .. 23,191 22,031 21,160 Gold certificates 22,031 19,177 2,816 38 38 40 Federal Reserve notes 25 424 61 1,184 24,179 24,135 22,916 Treasury currency—total 4,727 32,334 65 414 4,248 4,213 4,233 Standard silver dollars 492 254 46 4 188 188 177 Silver bullion 2,080 2,080 Silver certificates and Treasury notes of 1890. . *2,334 335 1,999 1,967 2,052 Subsidiary silver coin 1,098 \2 30 1,056 1,055 987 IVtinor coin 400 3 10 386 388 372 United States notes 347 3 32 313 308 311 Federal Reserve Bank notes 231 3 228 229 252 National Bank notes 79 1 79 79 83 Total—Feb. 29, 1952 24,365 1,287 19,177 4,413 28,465 Jan. 31, 1952 24,086 1,319 18,916 4,678 28,386 Feb. 28, 1951 23,217 1,293 18,037 4,166 27,188 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. 403. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. APRIL 1952 411 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, net- Total Date Gold T re c u r n u e r a c r y - s y - Total Lo n a e n t s, To U ta . l S. G m C o a e v o n r m e c d i r a n - l me R F nt e e d s o e e b r r v l a i e l gatio O n t s her O s ri e t t c h ie u e s - r c l a i i a a n p t n i b e i e t d i t s a l- l, c d u e T a r p o r n o e t d s a n i l c ts y C c m o a a a n u p c n i e s n - i d t c t t a s . l , 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 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—Dec. 31 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—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 104g—Dec. 31 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1O4Q—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 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—June 30 24,231 4,607 164,348 51,999 98,709 77.320 18,331 3.058 13,640 193,186 178,568 14,618 Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Feb. 28 22,100 4,600 170,700 61,500 94,500 69,800 21,900 2,900 14,800 197,500 182,600 14,800 Mar. 28 21,900 4,600 172,100 62,500 94,700 69,300 22,600 800 14,900 198,600 183,700 14,900 Apr. 25 21,800 4,600 172,100 62,600 94,600 68,900 22,900 800 15,000 198,600 183,600 15,000 May 30 21,800 4,600 171,300 62,900 93,500 68,400 22,300 800 14,900 197,700 182,900 14,800 June 30 21,756 4,655 173,447 63,821 94,450 68,726 22,982 2,742 15,176 199,858 185,038 14,820 July 25P 21,800 4,700 173,300 63,400 94,600 68,900 23,100 700 15,300 199,700 184,500 15,200 Aug. 29P 21,800 4,700 174,300 64,000 95,000 69,200 23,100 700 15,300 200,700 185,200 15,500 Sept. 26P 22,000 4,700 176,400 65,000 95,900 69,700 23,500 700 15,400 203,000 187,300 15,700 Oct. 31 P 22,200 4,700 178,300 65,800 97,000 70,800 23,600 700 15,500 205,200 189,200 16,000 Nov. 28P 22,300 4,700 179,400 66,500 97,400 71,500 23,200 700 15,500 206,400 190,500 15,900 Dec. 26? 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. 30? 22,900 4,700 179,900 66,700 97,300 71,900 22,800 2,700 15,900 207,600 191,400 16,200 Feb. 27P 23,100 4,700 179,300 67,000 96,300 71,100 22,600 2,600 16,000 207,200 191,100 16,000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e b o p n a r 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 n r n i c n o 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 T C e a i o r n m c m k i e a s - l de M s p b a o a v u n s i t i k n u t s s g a 3 s * l • S S P a y o v s s i t n e ta m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29.. 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30.. 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30.. 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31.. 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31. . 180,806 2,141 2,287 24,608 977 150,793 75,851 48.452 30,135 15,385 2,932 26,490 1946—Dec. 31.. 171,657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—Dec. 31.. 175,348 1,682 ,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Dec. 31.. 176,121 2,103 ,325 2,451 ,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1940—June 30., 171,602 1,927 ,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31., 177,313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—June 30.. 178,568 2,555 ,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 Dec. 30. 184,385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Feb. 28., 182,600 ,400 ,300 4,200 500 174,200 90,600 59,000 36,100 20,000 2,900 24,600 Mar. 28., 183,700 ,400 ,300 6,400 ,100 172,500 89,000 59,100 36,200 20,100 2,800 24,400 Apr. 25. 183,600 ,500 ,300 5,800 700 173,300 89,500 59,200 36,300 20,200 2,800 24,600 May 30. 182,900 ,500 ,300 4,800 600 173,700 89,500 59,300 36,300 20,200 2,800 24,900 June 30. 185,038 2,424 ,281 6,332 317 174,684 88,960 59,948 36,781 20,382 2,785 25,776 July 25P, 184,500 ,400 ,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 25,100 Aug. 29P 185,200 300 ,300 4,100 600 177,000 91,400 60,300 37,100 20,500 2,800 25,300 Sept. 26P 187,300 ,200 ,300 5,100 800 177,900 92,000 60,500 37,200 20,600 2,700 25,400 Oct. 31 P. 189,200 100 ,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2,700 25,700 Nov. 28P 190,500 100 ,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 25,800 Dec. 26P 192,900 2,300 ,300 3,400 300 185,700 98,100 61,200 37,600 20,900 2,700 26,300 1952—Jan. 30P 191,400 2,000 ,300 2,800 200 185,100 97,800 61,700 38,000 21,000 2,700 25,600 Feb. 27P 191,100 2,100 ,300 3,900 700 183,200 95,500 62,000 38,200 21,100 2,700 25,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash c T a o p t i a ta l l Nu o m f ber and date u. s. assets * Inter- accounts banks Total Loans Govern- Other Total » bank i De- Total ment secu- mand Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 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 Sept. 26P , . 150,550 65,380 85,170 69,730 15,440 38,980 174,480 12,810 103,670 58,000 14,410 14,634 Oct. 31 P 152,550 66,320 86,230 70,780 15,450 40,450 177,730 13,490 105,820 58,420 14,530 14,631 Nov. 28P 153,980 66,990 86,990 71,450 15,540 39,920 178,200 13,330 106,690 58,180 14,540 14,625 Dec. 26? 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—Tan. 30? 155,200 67,430 87,770 71,900 15,870 39,910 179,450 13,420 106,770 59,260 14,650 14,615 Feb. 27P 154,790 67,610 87,180 71,140 16,040 39,790 178,710 13,030 106,070 59,610 14,700 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 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155.265 14,039 104,723 36.503 11,590 14,121 1951—June 30 126,045 54,821 71,224 58,521 12,703 37,384 151,457 11,946 102,507 37,004 11,951 14,107 Sept. 26P 128,550 55,960 72,590 59,690 12,900 38,170 153,870 12,810 103,650 37,410 12,090 14,105 Oct. 31 P 130,480 56,750 73,730 60,850 12,880 39,650 157,060 13,490 105,800 37,770 12,200 14,102 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 Feb. 27P 132,240 57,560 74,680 61,370 13,310 38,920 157,570 13,030 106,050 38,490 12,280 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 29,330 9,695 6,873 1951—June 30 106,563 46,866 59,698 49,108 10,590 33,244 129,737 11.347 88,678 29,712 9,987 6.859 Sept. 26P 108,559 47,875 60,684 49,940 10,744 33,763 131,452 12,153 89,312 29,987 10,084 6,848 Oct. 31 P 110,332 48,635 61,697 50,972 10,725 34,814 134,027 12,829 90,920 30,278 10,200 6,845 Nov. 28P 111,428 49,104 62,324 51,527 10,797 34,315 134,245 12,651 91,480 30,114 10,205 6,843 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—Tan. 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 Feb. 27P 111,771 49,364 62,407 51,294 11,113 34,216 134,370 12,341 91,141 30,888 10,271 6,834 All mutual savings banks: 1939L-Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16 16,853 1,784 541 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18,387 1,999 532 1949_Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec. 30 21,346 8,137 13 209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 20 20,382 2.285 529 Sept. 26P 22,000 9,420 12,580 10,040 2,540 810 20,610 20 20,590 2,320 529 Oct. 31P 22,070 9,570 12,500 9,930 2,570 800 20,670 20 20,650 2,330 529 Nov. 28P 22,120 9,720 12,400 9,820 2,580 760 20,660 20 20,640 2,340 529 Dec. 26P 22,260 9,870 12,390 9,790 2,600 900 20,910 20 20,890 2,410 529 1952—Jan. 30? 22,430 9,950 12,480 9,810 2,670 850 21,040 1 20 21,020 2,410 529 Feb. 27P 22,550 10,050 12,500 9,770 2,730 870 21,140 1 20 21,120 2,420 529 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. 413 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S rn . - Other as C s a e s ts h l Total 1 b In an te k r - 1 De- a c c T a c o p o t i u a ta n l l ts N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec 3i 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec 31 >#-. 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec 31 18,759 8,048 10,712 9,649 1 ,063 7,758 24,024 4,213 18,131 1,680 2,306 35 I949—Dec. 31 19.583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Dec 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—June 30 20,604 10,234 10,370 8,460 1,910 7,393 25,064 4,107 19,291 1,666 2,398 22 Sept. 26P 20,475 10,468 10,007 7,974 2,033 7,128 24,420 4,154 18,641 1,625 2,399 22 Oct. 31P 20,791 10,846 9,945 8,011 1,934 7,325 24,871 4,359 18,914 1,598 2,424 22 Nov. 28P 20,798 10,931 9,867 7,909 1,958 7,076 24,561 4,214 18,738 1,609 2,415 22 Dec. 26P 21,528 11,418 10,110 8,049 2,061 7,714 25,676 4,441 19,571 1,664 2,415 22 1952—Tan. 30P 21.203 11,210 9,993 7,927 2,066 7,320 25,179 4,378 19,195 1,606 2,427 22 Feb. 27 P 21,115 11,216 9,899 7,808 2,091 7,211 24,935 4,200 19,110 1,625 2,438 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 I 1 9 9 4 4 7 8 — — D Deecc>. 3 31 1. ... 5 4, , 7 0 9 8 9 8 1 1 , , 8 7 0 8 1 3 3 3, , 0 2 1 8 6 7 2 2 , , 8 6 9 3 0 3 3 3 9 8 7 3 1 1 , , 7 93 3 2 9 6 6 , , 4 2 0 9 2 3 1 1 , , 2 0 1 6 7 4 4 4, , 2 2 2 7 7 3 1,0 9 0 1 1 3 4 4 2 4 6 4 1 1 4 3 I949—Dec 31 5,424 1 618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951_june 30. 5,520 2,215 3,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 Sept. 26P 5,539 2,397 3,142 2,611 531 1,962 6,982 1,170 4,703 1,109 504 13 Oct. 31 P 5,523 2,357 3,166 2,640 526 1,970 6,919 1,145 4,648 1,126 507 13 Nov. 28P 5,554 2,403 3,151 2,621 530 1,978 6,986 1,143 4,724 1,119 509 13 Dec. 26P 5,769 2,520 3,249 2,693 556 2,119 7,181 1,217 4,834 1,130 512 13 1952—Tan. 30P 5.680 2,375 3.305 2,777 528 1,923 6,952 1,155 4,655 1,142 510 13 Feb. 27P 5,626 2,366 3,260 2,733 527 2,029 6,944 1,162 4,644 1,138 510 13 Reserve city member 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 I945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11.423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949_Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 40,685 17,900 22,779 19,084 3.695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—June 30 39,991 18,558 21.432 17,659 3,774 13.175 49,874 5,264 32,791 11.819 3,431 324 Sept. 26P , , 41,162 18,956 22,206 18,442 3,764 13,329 50,813 5,782 33,065 11,966 3,458 321 Oct. 31 P 41,987 19,191 22,796 19,008 3,788 13,692 51,875 6,178 33,634 12,063 3,495 320 Nov. 28P 42,475 19,459 23,016 19,195 3,821 13,528 51,950 6,127 33,769 12,054 3,512 321 Dec. 26P 43,142 19,831 23,311 19,467 3,844 14,078 53,216 6,476 34,570 12,170 3,511 321 1952—Tan. 30P 42,738 19,465 23,273 19,406 3,867 13,347 52,159 6,051 33,804 12,304 3,535 321 Feb. 27P 42,355 19,402 22,953 19,015 3,938 13,437 51,818 5,873 33,519 12,426 3,546 319 Country member banks: I939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 I945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,'525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1 073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—June 30 40,448 15,858 24,590 20,247 4,343 10,779 47.877 936 31,840 15,101 3 658 6,500 Sept. 26P 41,383 16,054 25,329 20,913 4,416 11,344 49,237 1,047 32,903 15,287 3',723 6,492 Oct. 31 P 42,031 16,241 25,790 21,313 4,477 11,827 50,362 1,147 33,724 15,491 3,774 6,490 Nov. 28P 42,601 16,311 26,290 21,802 4,488 11,733 50,748 1,167 34,249 15,332 3,769 6,487 Dec. 26P 42,525 16,345 26,180 21,662 4,518 12,279 51,228 1,223 34,570 15,435 3,772 6,486 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 Feb. 27P 42,675 16,380 26,295 21,738 4,557 11,539 50,673 1,106 33,868 15,699 3,777 6,480 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 414 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 Dep<Dsits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets 1 Total * 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 De- Total ment secu- Time obliga- rities mana tions All insured commercial banks: 1941—Dec. 31.... 49.290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94.300 34,882 9,734 13,398 1948—Dec. 31 .. 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 . 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—Dec. 30 124,822 51.723 73.09O 60,986 12,113 39,821 153,288 13,744 103.499 36,045 11,263 13,432 1951—June 30 124,132 54,306 69,825 57,427 12,398 36,960 149,461 11,582 101,328 36,551 11,622 13,437 National member bank«: 1041—Dec. 31 . 27.571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24.350 8,322 3,640 5,117 1945 —Dec. 31. . 69,312 13,925 55.387 51,250 4,137 20,114 84,939 9,229 59.486 16,224 4,644 5,017 194 7—Dec. 31 ... 65,280 21,428 43,852 38,674 5,173 22,024 82,023 8,410 54,335 19.278 5,409 5,005 1948—Dec. 31 ... 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31 . 67,943 23853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1Q.S0—Dec. 30. 72,090 29.184 42,906 35.587 7.320 23.763 89,281 § .133 60,251 19,897 6,313 4,958 1951—June 30 . 71,014 30,479 40,534 32,965 7,569 22,198 86,589 7,625 58,715 20,248 6,504 4,946 State member banks: 1941—Dec. 31 . 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37.871 8,850 29.021 27,089 1,933 9.731 44,730 4.411 32,334 7,986 2.945 1,867 1047—Dec. 31 32,566 11,200 21,365 19,240 2.125 10 822 40,505 3,993 27,449 0,062 3,055 1,918 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3.799 26,862 9,295 3,144 1,927 1949—Dec. 31 33.585 12.378 21,207 18,722 2,484 10,322 40,772 3.819 27,594 9,359 3,254 1,917 1950— Dec. 30 . . 35.334 15,521 19,813 16,778 3,035 11.762 43,808 4,315 30,055 9.438 3,381 1.915 1951—June 30 35,550 16,386 19,163 16,143 3,020 11,046 43,149 3,722 29,963 9,464 3,483 1,913 Insured n on member 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. 3? 14,639 2.992 11,647 10,584 1,063 4. 448 18,119 244 12,196 5,680 1,083 6.416 1947—Dec. 31. .... 16 ,444 4,958 11,486 10,039 1,448 4 083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 .... 16,685 5.911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6.498 1949—Dec. 31 ... 16 766 6 258 10,508 8,947 1 .561 3.892 19,269 272 12,285 6,712 1,473 6,540 1950-— Dec. 30 17 414 7 023 10.301 8.632 1 759 4.299 20,216 207 13 194 6 726 1,570 6,562 1951—June 30. 17,585 7,446 10,139 8,330 1,810 3,718 19,741 235 12,650 6,857 1,637 6,581 Nonlnsured nonrnember commercial banks: 1941—Dec. 31 .... 1 457 455 .002 761 241 763 1,872 329 I 291 253 329 852 1945—Dec. 31 2 211 318 .. 893 1 693 200 514 2 452 181 I 905 365 279 714 1947— Dec. 31 2. . . 2 009 474 I 535 1., 280 255 576 2.251 363 ,411 478 325 783 1948—Dec. 31 2 013 520 1.493 1.234 259 509 2.201 368 1,353 479 322 758 1949—Dec. 31. 1 919 481 i ,438 1 185 253 442 2 036 341 L .223 472 321 727 1950—Dec. 30 1 853 527 .327 ! . 040 286 468 1 .976 294 1.224 458 327 689 1951—june 30 .... 1,913 514 1.399 1,094 305 423 1,996 364 1.178 453 329 670 All nonmember commercial banks: 1941—Dec. 31. 7 233 3,696 3,536 2.270 1 ,266 3,431 9.574 457 5,504 3,613 1,288 7,662 1945—Dec 31 16.849 3,310 13 539 12 277 1.262 4,962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec 31 2 .. 18,454 5,432 13,021 11 318 1 703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—Dec. 31 ... 18 698 6,431 12,267 10 479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6.739 11,947 10 132 1 814 4,334 21,305 613 13.508 7,184 1,794 7,267 1950—Dec. 30 19.267 7.550 11,718 9 672 2.046 4 767 22.193 591 14,417 7,184 1,897 7,251 1951—june 30 19,499 7,960 11,538 9,423 2,115 4,141 21,737 599 13,828 7,310 1,966 7,251 Insured mutual savings banks: 1,693 642 1,050 629 421 151 1,789 1,789 164 52 11994415 —DDeerc 3311 10.846 3 081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec! 31 .'."." 12.683 3.560 9,123 8,165 958 675 12f2O7 1 14 12,192 1,252 194 1948—Dec. 31 13,312 4.109 9,202 7.795 1,407 684 12,772 1 14 12,757 1,334 193 1949 Dec 31 14.209 4,814 9,394 7,832 1,562 682 13,592 16 13 575 1,420 192 1950—Dec. 30 15 ,101 6^086 o\ 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 1 1 9 9 4 4 7 z D Df e » r r 3 31 1 2 5 5 ^ ^ 3 9 6 5 1 7 1 1 ,1 ^3 9 8 8 4 4 4 , ,1 5 6 7 3 3 3 3 ^ ,5 8 2 1 2 3 6 7 4 6 1 0 2 1 1 8 1 0 5 5 , ,0 5 2 5 2 6 3 2 5 5 , , 0 5 2 5 0 3 6 5 3 5 7 8 3 3 3 5 9 0 1 M. 9 -' 4 A 8 i —D AS\^ e \^ c m 3 *J 1 X « • • • • 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 1Q50 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 5,838 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. APRIL 1952 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans x Investments Com- p L u o rc a h n a s s f i o n r g U. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total3 o e m p i l i n u n a e g d - r n - - - A t c u g 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 C u a m o n n e s - rO 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 t o o a n l t f d i e t s - O s ri e t t h c ie e u 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 4,1023,6513,333 1945—Dec. 31 121,809 25,765 9,461 1,3143,1643,606 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 18,7612,7751,336 939 10,6664,9072,992 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 5,81043.833 66,4003,574 1950—Dec. 30. 124,822 51,723 21,7762,823 1,789 1,036 13,3897,6283,95573,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—June 30. 124,132 54.306 23,5073.0441.616 1,000 13,9887,6974,16669,825 57,427 3,819 3.111 14,76235,724 118.3194.079 Dec. 31.130,820 57,256 25,7443,321 1,571 960 14,4507,7424,282 73,564 60,533 7,219 7,52611,25634,511 21 8,9894,042 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 3,1333,378 3,4551,027 1,977 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1948—Dec. 31. 95,616 36,060 17,6311,800 1,324 834 8,2443,9332,65859,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—Dec. 31. 101,528 36,230 15,8571,945 1,737 758 8,8344,7762,80965,297 56,883 3,38910,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,424 44,705 20,521 1,808 1,770 927 10,5226,1673,58562,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—June 30. 106,563 46,866 22,1611,919 1,601 882 10,9756,1743,78359,698 49,108 3,485 2,524 12.31330,778 76,9783,611 Dec. 31. 112,247 49,561 24,3472,140 1,551 851 11,3346,1953,86362,687 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 2,4531,172 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 *31,102 225 224 313 636 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—Tune 30. 20,604 10,234 6,845 1,287 273 502 539 930 tO,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:* 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 1,; 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 3,5031,609 1,118 21,047 18,594 1,056 3,201 1,090 13,247 1 1,421 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 4,4232,567 1,534 22,779 19,084 1,218 499 5,536 11,830 2,184 1,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,5582,4931,559 21,432 17,659 1,177 1,069 4,665 10,746 12,318 1,456 Dec. 31. 42,694 19,651 10,140 513 203 347 4,6512,512 1,57823,043 19,194 2,524 2,493 3,64010,528 82,4581,390 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1.530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5,102 4,544 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 4 2,505 1,160 1950—Dec. 30. 40,558 14,988 3,980 1,407 33 187 5,591 2,9131,054 25,570 21,377 1,390 588 6,107 13,287 5 2,998 1,194 1951—June 30. 40,448 15,858 4,345 1.487 37 183 5,8463,010 1,145 24,590 20.247 1,065 951 5.43012,797 4 3,137 1,206 Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,0993,0461,16326,148 21,587 2,418 2,568 4,008 12,587 53,3341,227 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 20 64 1.282 8S4 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 I ,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 Dec. 31. 18,591 7,701 1,397 1,181 20 109 3,121 1,546 419 10,890 8,923 820 1,516 1,660 4,921 6 1,462 505 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Class of bank s w e R r i v e t - h es Cash a w B n a i c t l e h - s m D d a e e n - - d In d t e e p r o b s a it n s k States C f e ie r d ti- v I i n d d u i a - ls U G . o v S - . States vi I d n u d a i- ls. Bor- C t a a p l ical a l n d d ate F B s e R e d a r e n e v - r k e a s l va in ult b m a d e n o s k - ti s c 3 j # p u o a st d s e i - t d s 4 m D es o t - ics F ei o g r n - U m G e . r o e n v n S - - t . p v s o u i a l s b i n i t o d i d c n i a - s l ch c o a e e e f t n c f r c d i k s . - ' s, p an s a p t h i d r o o t i r n p c n a e o s s - , r r - - I b n a t n e k r- P m S e a o r a n e s n v n d t - - a t l v s p i u a i s o c n b i l a o i d d l t n i - - s a p n s a p t h i d r o o t i r n p n c a e s s o - , r r - - r i o n w gs - co a u c n - ts ings 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 L,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30. 17,458 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 Dec. 31. . 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 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 L.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 1950—Dec. 30.. 17,459 L.643 6,868 78,370 11,669 L.437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—June 30.. 18,946 1,403 5,567 75,657 9,659 1,327 5,811 6,713 2,093 74,061 361 206 1,243 28,263 55 9,987 Dec. 31. . 19,912 2,062 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: 2 1941—Dec. 31. 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 io 20 l,20t 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 L ,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16.408 113 38 24 1,590 2,312 1950—Dec. 30. 4,693 118 78 15,898 3,207 1,162 451 258 1.087 17,490 268 37 37 1,647 70 2,351 1951—Tune 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 1 1 9 9 4 4 1 5 — — p D j) eecCt. 3 3 1 i . 1,0 9 2 4 1 2 4 3 3 6 2 2 9 0 8 0 2 3 , , 2 1 1 5 5 3 L 1, , 2 O 9 2 2 7 20 8 1,5 1 5 2 2 7 2 23 3 7 ? 6 3 6 4 2 3 , , 1 1 5 6 2 0 4 7 7 1 6 9 2 37 8 7 8 1948—Dec. 31. . 1,325 28 143 3,604 1,03? 26 188 284 53 3,702 1 ii 989 444 1 1 9 9 5 4 0 9 — — D D eecc ! 3 3 1 0! 1 1 , , 2 1 1 8 6 3 2 3 7 0 1 1 5 3 9 3 3 3 , , 9 7 5 9 4 7 L 1, . 1 1 7 S 7 1 4 4 0 8 2 1 5 7 8 4 2 28 8 4 6 6 7 0 0 4 3 , , 2 9 5 3 0 2 3 4 3 1 1 0 0 1 1 , , 0 0 8 6 9 9 4 4 9 7 0 0 1951—June 30.. 1,282 27 130 3,818 1,006 34 484 316 51 3,905 3 10 1,112 ic 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 8221 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—Tune 30. . 5,172 834 3,581 29,404 913 11 1,248 3,404 626 26,562 12 96 480 14,526 36 3,658 Dec. 31. . 5,676 ,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 1948—Dec. 31. . 453 3,273 12,059 24f 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1 1 9 9 5 4 0 9 — — D D eecc< 3 3 1 0 4 5 6 0 3 3 3 3, , 5 2 9 7 6 3 1 1 1 2 , , 9 7 1 2 8 9 2 2 6 8 1 6 6 5 2 2 1 6 3 5 1 1 , , 4 4 0 9 2 2 1 1 5 7 3 4 1 1 0 1 , , 5 2 1 6 7 2 5 6 6 6 2 1 1 8 0 2 6 6 , , 5 5 2 1 4 0 3 3 1 1 , , 5 4 7 7 0 3 1951—Tune 30 445 3,090 12,175 222 8 293 1,577 159 10,621 4 17 230 6.609 12 1,637 Dec 31 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6,876 4 1,686 2 Central reserve city banks. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 417 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month in l m o a v n a e e n d n s s t t s - Total i i t c n a r i i d n a a u d l l , , s- a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O r s i e t t h c i e e u r s t a c u g u r r l a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t s u t i h e e r - s e i- r G l U t o i i o g o b . v S a n - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds* Total- Leading Cities 1951—February. . 69,300 31,914 18,533 481 999 172 576 5,321 392 5,886 37,386 30,911 1,482 8,50220,9276,475 December.. 74,141 35,118 21,315 405 1,008 117 568 5,668 530 5,99139,023 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 February.. 73,615 34,598 21,140 170 919 103 559 5,660 591 5,999 39,017 32,102 3,998 3,788 5,950 18,3666,915 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 5,99639,246 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 Mar. 5... 73,423 34,746 21,155 184 898 102 557 5,642 770 5,984 38,677 31,718 3,767 3,692 5,954 18,3056,959 Mar. 12 ... 73,641 34,820 21,233 241 933 102 560 5,643 644 6,011 38,821 31,854 3,959 3,674 5,954 18,2676,967 Mar. 19. .. 73,919 34,964 21,469 238 965 102 559 5,646 517 6,016 38,955 31,959 4,134 3,707 5,924 18,1946,996 Mar. 26. .. 73,728 34,696 21,364 165 963 100 560 5,653 397 6,043 39,032 31,961 4,092 3,711 5,922 18,236 7,071 New York City 1951—February. . 19,657 9,948 6,645 396 758 35 237 427 258 1,331 9,709 7,870 293 1,708 5,869 1,839 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 1,959 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 February. . 20,776 11,020 7,850 141 711 23 216 497 423 1,333 9,756 7,689 924 679 1,379 4,707 2,067 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 4,703 2,072 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 2,049 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 Mar. 5... 20,955 11,185 7,929 151 700 23 215 470 536 1,334 9,770 7,692 982 653 1,373 4,684 2,078 Mar. 12 ... 20,975 11,144 7,902 200 736 23 215 470 441 1,330 9,831 7,760 1,068 643 1,370 4,679 2,071 Mar. 19. .. 21,099 11,208 7,967 210 767 23 214 470 405 1,325 9,891 7,799 1,150 637 1,358 4,654 2,092 Mar. 26. .. 20,913 11,011 7,928 137 754 23 215 471 329 1,327 9,902 7,756 1,108 651 1,356 4,641 2,146 Outside New York City 1951—February. . 49,643 21,966 11,888 85 241 137 339 4,894 134 4,555 27,677 23,041 1,189 6,794 15,0584,636 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 February. . 52,839 23,578 13,290 29 208 80 343 5,163 168 4,666 29,261 24,413 3,074 3,109 4,571 13,6594,848 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 Mar. 5... 52,468 23,561 13,226 33 198 79 342 5,172 234 4,650 28,907 24,026 2,785 3,039 4,581 13,6214,881 Mar. 12. .. 52,666 23,676 13,331 41 197 79 345 5,173 203 4,681 28,990 24,094 2,891 3,031 4,584 13,5884,896 Mar. 19. .. 52,820 23,756 13,502 28 198 79 345 5,176 112 4,691 29,064 24,160 2,984 3,070 4,566 13,5404,904 Mar. 26... 52,815 23,685 13,436 28 209 77 345 5,182 68 4,716 29,130 24,205 2,984 3,060 4,566 13,5954,925 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. 418 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 i r e d a n t v - - h l k e s va a in u 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 c h a o a a o i e n i d r r r r l d p - - - 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 e c r r d f c . d i t s k - i ' - s, U m G e . r o e n v - n S - t . s p p u v n c h a o a a o e i n i d r r r r l d p - - - s a t s - , - , p S 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 m U G S e i a o n . a r o n e n v s v g d - n S - - t s a t . l m D t D e i o c s - - ema F n 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 i e t a b s n * - k tions tions Total- Leading Cities 1951—February.. 14,061 839 2,214 50,60751,636 3,594 1,465 2,19314,496 706 126 9,2261,345 376 628 6,550 101,155 December. 14,919 1,004 2,457 54,08255,436 3,386 1,686 1,74015,013 717 16310,6521,274 4201,050 6,834131,191 1952—January... 14,975 931 2,665 54,10755,252 3,552 1,539 1,61715,173 720 16211,082 ,275 410 621 6,856117,411 February.. 14,714 901 2,370 52,958 54,015 3,630 1,461 2,45915,239 750 16710,093 ,213 412 894 6,887111,885 Jan. 2.. 14,868 979 2,914 53,370 55,554 3,582 2,097 2,22515,152 712 16211,783 ,326 410 494 6,849 32,894 Jan. 9.. 14,922 969 2 53,706 54,374 3,449 1,372 1,61215,200 720 16411,165 ,276 409 649 6,858 26,517 Jan. 16.. 15,019 903 2,749 54,54456,292 3,494 1,504 1,25215,161 720 15611,347 ,274 411 702 6,849 27,296 Jan. 23.. 15,277 898 2 54,586 55,240 3,541 1,368 1,35315,175 722 16310,936 ,255 408 446 6,853 26,549 Jan. 30.. 14,788 907 2,373 54,328 54,798 3,694 1,354 1,64415,176 728 16610,178 ,242 414 816 6,871 25,602 Feb. 6.. 14,794 848 2,289 53,50353,672 3,727 1,350 2,11515,213 740 16510,284 ,222 413 643 6,885 29,208 Feb. 13.. 14,809 943 2,478 53,090 55,277 3,658 1,553 2,31615,234 741 16610,245 ,198 4121,079 6,893 22,818 Feb. 20... 14,751 890 2,36352,55753,467 3,535 1,570 2,86015,233 758 168 9,9841,221 413 904 6,876 30,962 Feb. 27... 14,504 924 2,35152,68353,646 3,599 1,370 2,54515,275 761 169 9,8581,212 411 948 6,896 24,342 Mar. 5... 14,507 832 2,33752,62553,242 3,491 1,443 1,95315,325 757 17110,11 1,229 4131,025 6,902 28,270 Mar. 12... 14,541 900 2,45953,40654,910 3,413 1,565 1,68515,402 757 170 10,1751,223 414 896 6,904 26,174 Mar. 19... 15,563 876 2,: ,99354,136 3,375 1,502 3,587 15,404 756 17010,6641,228 416 473 6,906 31,955 Mar. 26... 14,984 2,68651,909 52,493 3,528 1,516 4,459 15,410 758 17010,1421,235 417 329 6,918 27,327 New York City 1951—February.. 5,020 132 15,63216,560 246 717 563 1,508 2,7461,092 281 302 2,327 38,916 December. 5,258 173 16,61117,498 270 847 507 1,514 2,9471,049 327 405 2,371 55,184 1952—January... 5,288 142 16,54017,463 291 722 549 1.483 3.1771,051 313 193 2,384 45,425 February.. 5,256 142 16,24217,127 297 695 887 1,480 2,9041,006 312 251 2,394 44,419 Jan. 2... 5,238 154 4416,26517,606 324 1,134 833 1,510 3,3791,099 313 202 2,381 14 225 Jan. 9... 5,258 148 16,34817,025 250 607 577 1,503 3,1381,056 314 188 2,383 10,531 Jan. 16... 5,073 136 16,53817,590 277 678 376 ,465 3,2181,040 314 265 2,385 10.277 Jan. 23... 5,558 133 4516,79017,532 289 573 403 ,468 3,1441,036 311 68 2,386 9.866 Jan. 30... 5,310 139 16,76017,563 315 619 555 ,468 3,0071,024 312 243 2,382 9,875 Feb. 6... 5,245 132 16,41917,008 293 602 749 ,476 2,9281,005 312 146 2,397 12,183 Feb. 13... 5,241 152 16,12317,383 344 791 854 ,483 2,937 994 312 271 2,393 8,363 Feb. 20... 5,30 142 16,08916,939 268 800 1,042 ,477 2,9021,014 312 318 2,393 12,736 Feb. 27... 5,231 142 3116,33817,176 284 588 902 1,485 2,8481,009 311 270 2,393 9,487 Mar. 5 ... 5,15 128 16,44017,125 250 679 664 1,480 2,9201,026 313 296 2,396 11,044 Mar. 12... 5,130 139 16,52017,533 236 789 538 1,568 2,9181,019 314 314 2,394 10,712 Mar. 19... 5 ,683 129 16,27317,172 208 639 1,419 1,585 3,1311,022 314 139 2,394 13,119 Mar. 26... 5,58 136 16,64 260 707 1,699 1,591 3,0151,024 317 61 2,392 10,594 Outside New York City 1951—February.. 9,041 2,18234,97535,076 3,348 748 1,63012,988 6,480 326 4,223 62,239 December. 9,661 831 2,42137,47137,938 3,116 839 1,23313,499 695 120 7,705 93 645 4,463 76,007 1952—January... 9,687 789 2,62337,56737,789 3,261 817 1,06813,690 697 117 7,905 224 97 428 4,472 71.986 February.. 9,458 759 2,339 36,716 36 3,333 766 1,57213,759 723 120 7,189 207 100 643 4,493 67,466 Jan. 2... 9,630 825 2,870 37105 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, 358 37,349 3,199 765 1,03513,697 699 119 8,027 220 95 461 4,475 15,986 Jan. 16... 9,946 767 2,710 38,006 38,702 3,217 826 87613,696 697 111 8,129 234 97 437 4.464 17,019 Jan. 23... 9,719 765 2,61237,796 37,708 3,252 795 95013,707 699 118 7,792 219 97 378 4,467 16,683 Jan. 30... 9,478 768 2,339 37,568 37,235 3,379 735 1,08913,708 702 119 7,171 218 102 573 4,489 15,727 Feb. 6... 9,549 716 2,26137,084 36,,664 3,434 748 1,36613,737 713 118 7,356 217 101 497 4,488 17,025 Feb. 13... 9,568 791 2,44736,967 3;7,894 3,314 762 1,462 13,751 714 119 7,308 204 100 808 4,5C0 14,455 Feb. 20... 9,444 748 2,329 36,468 36,528 3,267 770 1,81813,756 731 121 7,082 207 101 586 4,483 18,226 Feb. 27... 9,273 782 2,32036,34536,470 3,315 782 1,64313,790 734 121 7,010 203 100 4,503 14,855 Mar. 5... 9,348 704 2 304 36,185 36,117 3,241 764 1,28913,845 730 123 7,197 203 1C0 729 4,506 17,226 Mar. 12... 9,411 761 2,421 36,88637,377 3,177 776 1,14713,834 730 122 7,257 204 100 582 4,510 15,462 Mar. 19... 9>,880 747 2,701 36,720 36,964 3,167 863 2,168 13,819 728 122 7,533 206 102 334 4,512 18,836 Mar. 26... 9,399 748 2,611 35,99735,846 3,268 809 2,760 13,819 731 122 7,127 211 100 268 4,526 16,733 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 r* vised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. APRIL 1952 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE 1 [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan Manufacturing and mining Comm'l, Periods t l o F iq b a o n u a o c d o d c r , , o T a le e p a a x p n t t a h d il r e e e r s l , p m e M r m r ( a o y a i e c n e n d t h a t c d u a a i n l l c n l . s d t - s ch r P l u e c e a e m b o u n t a b r m d i l o c e , , a - r l Other ( r T w e a s r t h a n a a l o d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a n a m l n i e e c s - s e u P p t t t ( r i u o i i a l o n b r i n n t c t l i a s i l ) e c - . - s s o C t t a i t r n o o h u n d n e c - r - c c h l N f a a i n e s e s g d t i e - s D a p f n o e s e d u f r n e t s p i n d e n - s e - g e - de N fe o n n s - e c c h l N f a a i n e s e s g d t i e - s ch t i a a o a n n g t n d a g r d ' ' l e l l » , — trans, equip.) 1051—April June.. -243 116 275 48 60 62 -421 63 175 52 186 399 -56 343 18 July-Dec... 932 -361 873 125 141 16 722 30 351 -61 2,769 1,131 1,641 2,773 2,372 Monthly: 1951—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 14 -3 March -191 8 288 49 33 36 -119 54 55 -7 205 214 -9 205 207 Week ending: 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 —ii"' 16 49 -33 16 4 Feb. 27.... -41 10 25 17 9 9 -41 -8 22 6 7 22 -15 7 9 Mar. 5.... -47 14 30 23 3 —7 -33 40 3 -6 20 37 -17 20 2 Mar. 12.... -67 5 97 22 7 23 -29 -11 -5 13 55 56 -1 55 78 Mar. 19 -15 -4 122 16 19 33 -41 53 31 4 219 91 128 219 236 Mar. 26.... -62 -8 39 -11 4 -13 -17 -27 24 -18 -89 30 -119 -89 -105 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 75 per cent of those of all commercial banks. During April and May the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to purpose. 2 Monthly, quarterly, and semiannual figures are based on weekly changes during period. 3 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- b O u a s i t n i n h n d - e e r ss Total bu a s T i i n n n o d - ess Farm Nonfarm residentiaI a c n n o i d c u i n p m t a y u l , dustry dustry VA FHA Con- Total guaran- in- venteed sured tional 1951—April1 4,504 1.687 383 300 1,005 2,709 963 99 1.648 650 649 349 108 May1 4 331 L ,677 450 298 928 2,564 937 88 L,539 577 619 343 91 June * 4,197 L,760 446 309 1,005 2,362 831 83 L,447 531 594 322 76 July1 4,055 L ,757 450 297 1,011 2,221 752 80 1,390 484 566 340 77 Augustl 3,749 L,642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 L ,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 L.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 February 4,101 2,111 419 158 1,534 1,937 969 102 866 222 346 298 54 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. 420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Accepting banks Goods stored in or sta o n u d t i - ng1 st T a o n o u d t t a i - n l g Total O bi w ll n s bo B u il g ls ht Others2 I U m S i n t n p a i t o t t o e e r d s ts E U S f x r n t p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d o ed in t b s e F i t o n w r e e e ig n n States countries 1951—January 356 453 202 126 76 251 286 100 2 36 29 February 369 470 201 121 79 270 304 99 2 36 29 March 381 479 198 122 76 279 314 106 2 30 26 April 387 456 170 119 52 285 288 111 2 24 31 May 364 417 143 108 35 274 259 102 22 33 June 331 425 162 120 42 263 267 104 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 February 517 493 188 121 67 305 234 135 27 46 51 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances n 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 * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Other investment investment In capital accounts accounts Free (net) and trading and trading accounts accounts accounts (net) 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—March 3 1,304 •715 »918 April...... 31,286 8 661 8 879 May 31,287 «681 8 855 June 1,275 10 375 364 680 834 225 26 13 319 July 3 1,266 «672 8 825 August 31,260 »624 8816 September. . 31,290 «640 *843 October 3 1,291 8 653 8 853 November. . 1 1,279 3 649 8 805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 3 1,289 3 633 3 809 February. . . 3 1,280 3 652 3 790 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). s 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): December, 40; January, 39; February, 40. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. APRIL 1952 421 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 Prime St e o x- ck s U e . c u S r . i ti G es o v ( e ta rn x m ab e l n e) t [Per cent per annum] mo Y w n e e th a ek , r , or m m 4 p - c o e a o t r n p o c m t e i h 6 a r - s , l - 1 a a d b c n a e a 9 c r c y n s 0 e e s ' k p s - * , t- ch n l a c o r a e l a e s a w n - l n 2 l g - 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 t u e o e a s r 5 - 5 Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r 1949 average. 1.48 1.63 .102 1.14 1.43 Annual averages: 1950 average 1.45 1.63 .218 .26 1.50 19 cities: 1951 average. 2.17 2.17 .552 .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- -March 2.06 2.00 .422 .79 1.86 1944 2.4 4.3 3.3 2.6 2 2 April 2.13 2.00 .520 .89 2.03 1945 2.2 4.3 3.2 2.3 2.0 May 2.17 2.15 .578 .85 2.04 1946 2 1 4 2 3 1 2 2 1.7 June 2.31 2.25 .499 .79 2.00 1947 2.1 4.2 3.1 2.5 1.8 July 2.31 2.25 .593 .74 1.94 1948 2.5 4.4 3.5 2.8 2.2 August 2.26 2.25 .644 .70 1.89 1949 2 7 4.6 3 7 3.0 2.4 September. 2.19 2.25 .646 .71 1.93 1950 2.7 4.5 3.6 3.0 2.4 October. . . 2.21 2.25 .608 .74 2.00 1951 3.1 4.7 4.0 3.4 2.9 November. 2.25 2.25 .608 .68 2.01 December.. 2.31 2.38 .731 .77 2.09 Quarterly: 19 cities: 1952—January... 2.38 2.45 1.688 .75 2.08 1951—June 3.07 4.73 3.93 3.32 2.81 February ., 2.38 2.38 1.574 .70 2.07 Sept 3.06 4.74 3.99 3.36 2.78 March 2.38 2.38 1.658 1.69 2.02 Dec 3.27 4.78 4.05 3.49 3.03 Week ending: 1952—Mar 3.45 4.85 4.16 3.66 3.24 Mar. 1. . . 1.563 1.69 2.08 New York City: Mar. 8 . . . 1.656 1.75 2.10 1951—June 2.78 4.37 3.66 3.06 2.64 Mar. 15. .. 1.784 1.74 2.05 Sept. . . 2.79 4.35 3 72 3.18 2.64 Mar. 22 . . . 1.601 1.66 1.99 Dec 3.01 4.37 3.91 3.34 2.87 Mar. 29. . . 1.592 1.63 1.96 1952—Mar 3.23 4.43 3.97 3.48 3.11 7 Northern and Eastern cities: 1 Monthly figures are averages of weekly prevailing rates. 1951—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 cent. 1952—Mar 3.47 4.91 4.16 3.67 3.29 3 Rate on new issues within period. 11 Southern and 4 Series includes certificates of indebtedness and selected note and Western cities: bond issues. 1951—June 3.52 4.90 4.10 3.52 3.14 5 Series includes selected note and bond issues. Sept 3.47 4.89 4.17 3.55 3.04 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 1952—Mar. 3.79 5.01 4.28 3.79 3.46 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS 1 [Per cent per annum] Corporate Moody's)4 U. S. Govern- Munic- Corpoment ipal rate By ratings By groups Year, month, or week 15 years (high- (highor more grade)2 grade)3 (tax- Total Indus- Rail- Public able) Aaa Aa A Baa trial road utility Number 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—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 March 2 70 2.07 2.96 3.19 2.96 3.03 3.24 3.51 2.99 3.36 3 21 Week ending: Mar. 1 2.70 2.04 2.93 3.18 2.95 3.02 3.24 3.53 2.98 3.38 3.20 Mar. 8 2.71 2.07 2.95 3.19 2.96 3.02 3.25 3.52 2.99 3.37 3.22 Mar. 15.. 2.71 2.08 2.97 3.19 2.97 3.03 3.25 3.52 2.99 3.36 3 22 Mar. 22 2.70 2.07 2.96 3.19 2.97 3.03 3.23 3.50 2.99 3.36 3.21 Mar. 29 2.68 2.07 2.94 3.18 2.96 3.02 3.23 3.51 2.98 3.36 3.21 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 Moodv'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. 422 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS L Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o ar r , w m e o ek nth, m U G 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 p h 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 a s - 1 - l 935 R r - o a 3 a i 9 d l- =10 u P 0 t u i l ) l i b c it - y Total Tot M al anu D a fa b u c l r e t ( - u in ri d n N e d g x u o , r n - - 19 T 3 p 9 t r o i a = o r n 1 n ta s 0 - - 0) P u i l t u t i i y c b l- - T a s a r f e n a n i r c n d v d e - e - , , M in i g n- s s t h h a i a ( o n n o r i g f n d u e s s s - ) able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1949 average. . . 102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 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—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 L.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—Tan 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 L.320 Mar 96.87 131.5 115.9 168.3 185 201 161 118 193 216 182 248 214 117 203 295 L,283 Week"ending: " Mar. 1.. 96.82 132.1 116.1 166.0 180 195 155 117 188 211 177 243 204 116 199 277 1,140 Mar. 8.. 96.62 131.5 116.0 166.1 185 201 158 118 192 216 181 248 214 117 204 297 1,345 Mar. 15.. 96.76 131.3 115.5 166.6 185 201 162 118 193 216 181 249 216 117 203 302 1,286 Mar. 22.. 96.82 131.5 115.9 169.7 186 202 163 118 193 217 183 249 215 117 204 294 1,177 Mar. 29.. 97.24 131.5 116.0 170.6 185 202 162 118 196 222 186 254 221 117 204 306 1,261 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Average of taxable bonds due or callable in 15 years or~more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 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. 1251-125^ NEW SECURITY ISSUES fin mi'HoT s of dollars] For new capital F01 refunding Total Domestic Domestic Year or month f ( u i a n r n n n e e g - d d w ) - m T e ( f a e i d o o g n s o r t 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 d s n l - l - 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 i e d o o g n s o r t n d t - a - i ) c l Total S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F ig o n r- 5 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 3 9,691 "7,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 10,220 9,085 9,076 2,604 294 *6,177 *5,269 908 10 1,135 1,135 82 768 284 257 28 1949 9,753 8,160 8,131 2,803 233 5,095 4,125 971 29 1,593 1,492 104 943 445 393 52 ioi 1950 310,935 8,271 8,160 3,370 394 4,395 3,199 1,197 111 82,665 2,441 112 992 1,338 1,280 58 123 1950 ^10,900 T-8,214 T-8,103 3,370 394 T-4,339 T-3,138 1,200 111 T-32,686 T-2,463 112 992 1,360 1,301 58 123 1951 312,267 310,014 9,617 3,084 469 6,064 4,459 1,605 246 2,253 2,216 92 1,597 527 394 133 37 1950—Dec r879 T-663 T-663 138 98 T-427 T-350 T-77 T-216 T-216 28 79 109 T-97 12 1951—Jan ••517 T-438 T-438 154 41 T-243 193 50 T-79 T-79 19 45 15 12 2 Feb »• a 839 T-3 654 T-599 181 48 T-370 T-337 33 " "5* 185 185 3 154 27 T-26 2 Mar 1,235 1,024 1,007 158 48 T-800 T-646 154 17 211 180 10 88 82 52 30 31 Apr 1,064 920 T-919 228 29 T-661 433 227 2 144 144 4 61 80 24 55 May. . . . 1,171 T-951 T-871 407 60 T-404 314 T-89 80 T-220 T-220 4 198 18 12 6 June.... 1,391 1,162 1,142 280 89 T-774 7-627 146 20 -229 T-229 3 137 T-89 7-82 7 July r946 T-820 T-812 319 8 T-485 T-334 151 8 126 126 2 93 T-31 T-31 Aug T-677 T-485 T-451 151 T-300 199 101 34 192 192 1 172 20 20 • •••- Sept T-3 1,075 T-3 881 T-731 265 40 T-427 T-370 56 50 194 194 4 170 20 14 Oct 1,292 T-970 T-945 368 107 T-470 T-272 198 26 322 322 18 288 16 14 2 Nov 1,006 T-866 T-866 297 T-569 T-371 197 140 140 4 89 47 23 24 Dec 1,053 842 838 276 562 361 201 " ' '4' 211 205 19 102 83 83 ' "6 T- Revised. c Corrected. 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. 8 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. APRIL 1952 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds 2 proceeds 8 Repa o y f ment Other Total e P q la u n ip t m an e d nt W ca o p r i k ta in l g Total Bo n n o d t s e s and Pr s e t f o e c rr k ed other 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 1951—February 383 377 314 243 71 30 28 2 «27 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—Tanuary 565 555 530 470 60 2 2 11 13 February 459 450 385 282 103 33 32 1 28 5 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing 6 C m o is m c m el e la rc n i e a o l u a s n 6 d Railroad Public utility7 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- moneyments10 pro- moneyments19 pro- moneyments 10 pro- money ments 10 pro- moneyments 10 pro- money ments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1 208 180 943 16 8 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1 180 245 922 155 42 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 6012 201 981 704 129 571 2 129 785 1 252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 . 1 391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 1,175 688 149 538 262 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—February 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 23J0 6 24 24 35 30 May 384 353 1 71 57 12 14 14 217 211 3 4 4 50 37 3 June 361 314 18 42 28 4 26 26 258 242 C5 3 2 123 73 36 July- 141 115 8 31 17 10 18 18 191 181 3 51 51 74 71 August 250 218 9 22 16 2 9 9 225 213 12 3 3 28 14 September 165 146 11 29 19 4 23 23 131 126 2 g g 15 12 October 308 254 3 37 25 1 18 16 1 197 181 1 15 15 63 50 D N e o c v e e m m b b e e r r 4 2 1 1 6 3 3 1 5 8 7 1 2 1 3 9 4 3 6 7 2 2 1 6 2 1 7 2 6 2 2 6 2 1 15 2 2 7 8 9 0 2 2 5 5 6 7 1 1 6 9 3 4 7 8 3 4 7 8 i 2 1 2 5 1 1 2 6 1952—January 304 294 23 14 17 17 199 195 1 1 1 11 9 1 February 268 227 31 11 7 2 23 23 135 115 3 3 10 1C c Corrected. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently iimilar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 10 603 1 ,211 '998 '724 9,008 1,071 883 656 1 595 '140 '115 '68 1940 13,023 1,847 1,275 '857 11,138 1,638 1,127 772 1,885 '209 148 '85 1941 r18 321 r3,l63 1,522 '949 15,691 2,778 1 329 854 '2 631 '385 '193 '95 1942.... '21,816 '3,406 1,223 '761 18,544 2,876 1,056 672 '3,272 '530 167 '89 1943 '•28,287 '3,690 1,262 '778 24,160 3,111 1,097 688 '4,127 '579 165 '90 1944 '30,398 '3,536 1,257 '850 25,851 2,982 1,091 755 '4,527 '554 165 '95 1945 '26 577 '2,426 '1,131 '863 22,278 1,976 964 764 '4 299 '450 '167 '99 1946 '21,348 '2,035 1,204 '945 17,415 1,573 932 804 '3,933 '462 '272 141 1947 '30,838 '4,102 '2,523 1,169 25,686 3,423 2,105 1,000 '5,152 '679 '418 169 1948 . . '36 973 '5,314 '3,310 1,403 31,238 4,593 2,860 1,210 '5 735 '721 '450 '193 1949 '•36,710 '5,036 '3,100 1,659 31,578 4,506 2,768 1,474 '5,131 '530 '331 185 1950 '44 092 '7,892 '4,054 '2,240 '37,831 '6,992 '3 566 2 013 '6 262 '900 '488 '226 1951 51,040 8,571 3,396 1,985 43,389 7,504 2,961 1,754 7,651 1,067 435 231 Quarterly 1950—l i '9 257 1 ,400 '791 387 7,935 1 .253 '705 347 '1 323 147 '85 40 2 10,689 1,821 1,037 '395 9,213 1,629 '926 347 1,476 192 112 '48 3 11,840 '2,190 1,240 583 10,156 1,928 1,090 534 1,684 '262 150 49 4 12,306 '2,482 '986 '875 10,527 2,182 '846 785 1,779 '299 141 '89 1951—1 12,705 '2,237 '877 '469 10,811 1,951 765 420 1,893 '286 112 '48 2 13,040 '2,219 '839 '475 11,079 1,928 724 421 1,961 '291 115 '54 3 12,290 1,963 '762 '475 10,443 1,716 '658 '422 1,847 '247 103 '53 4 13,005 2,152 917 567 11,055 1,909 813 490 1,950 243 105 77 PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Railroad Electric power Telephone Year or quarter r O e p v in e e r g n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v i e n e r n g a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v i e n e r n g 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 Annual 1939 3,995 126 93 126 2,647 629 535 444 1,137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 1,206 257 193 167 1941 5,347 674 500 186 3,029 774 527 437 1,334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 156 1944 9,437 1,972 667 246 3,615 902 507 398 1,815 451 168 155 1945 8,902 756 450 246 3,681 905 534 407 1,979 433 174 162 1946. 7,628 271 287 235 3,815 964 638 458 2,148 313 209 168 1947 8,685 777 236 4,291 954 643 494 2,283 215 138 131 1948 9,672 1,148 699 4,830 983 657 493 2,694 292 186 178 1949 700 438 252 1.129 757 553 2,967 333 207 213 1050 9,473 1,384 783 312 5,431 1,303 824 610 3 34? 580 331 2 76 1951 10,391 1,260 693 328 5,867 1,480 818 661 3,729 691 341 318 Quarterly 1950—i 1,985 114 '2 56 61 1,378 351 2 230 146 787 116 *71 62 2 2,238 '243 '2 152 53 1,322 321 2212 153 821 137 2 84 67 3 2,534 454 2 258 55 1,317 293 2 171 152 853 158 2 84 70 4 '2,715 574 2 318 142 1,415 339 2211 168 881 169 2 92 76 1951—l 2,440 229 '2 104 101 1,504 413 2 229 157 904 175 2 90 77 2 2,596 275 '2146 '63 1,419 344 2 195 '161 918 174 292 79 3 . . 2 ,583 250 '2 124 r53 1,423 320 2 168 162 931 160 2 72 81 4 2,772 505 2 320 111 1,521 403 2 226 181 976 182 2 86 81 ' Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 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). APRIL 1952 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGB MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1950 » 1951 1948 1949 1950 1951 12 3 4 12 3 4 Nondurable goods industries Total (94 corps.):2 Sales '13,407 '12,825 '14,751 17,344 '3,260r3,463'3,951 '4,078'4,343 '4,281 '4,287 4,433 Profits before taxes '2,210 '1,845 '2,700 3,192 '505 '582 '785 '829 '855 '814 '772 752 Profits after taxes '1,475 '1,212 '1,512 1,409 '301 '350 '467 '394 '368 '342 '333 366 Dividends '657 '709 844 '167 175 213 333 '199 '202 202 241 Selected industries: Foods and kindred products (28 corps.) : Sales '3,503 '3,294 '3,467 3,847 '766 '822 '973 '906 1,020 '895 935 996 Profits before taxes 377 '468 405 83 '101 '159 '125 '123 '86 '92 103 Profits after taxes '258 '234 '256 198 '48 58 '89 '61 '61 '40 '46 51 Dividends '136 134 '142 139 31 33 34 44 31 '34 32 42 Chemical and allied products (26 corps.) Sales '3,549 '3,557 '4,447 5,433 '950 1,048 1,188 1,260 1,338 1,377 1,351 1,367 Profits before taxes '656 '675 '1,110 1,384 '206 247 '313 '345 '365 '365 '342 312 Profits after taxes '409 '404 560 484 '113 '138 '179 '131 '128 '120 '111 125 Dividends 254 '312 438 355 '73 79 '113 174 '84 85 87 100 Petroleum refining (14 corps.): Sales 3,945 3,865 4,234 4,999 960 989 1,113 1,172 1,204 1,204 1,246 1,345 Profits before taxes 721 525 '650 872 121 133 '187 209 217 203 '218 234 Profits after taxes 548 406 '442 515 '86 '96 '130 130 123 118 127 147 Dividends 172 172 205 231 42 42 44 '78 57 55 55 64 Durable goods industries Total (106 corps.): 3 Sales '23,566 '23,885 '29,341 33,696 '5,998-7,226 '7,889 '8,228 8,362 8,759 8,003 8,572 Profits before taxes 3,105 3,191 '5,192 5,378 '895 '1,239 '1,405 '1,653 1,382 1,405 '1,191 1,401 Profits after taxes 1,835 1,887 '2,542 1,997 '489 '773 '592 510 497 '428 562 Dividends 746 950 1,351 1,141 221 370 541 270 273 '273 325 Selected industries: Primary metals and products (39 corps.) Sales 9,066 ,187 10,446 12,501 2,200 2,562 '2,718 2,965 3,044 3,198 3,034 3,226 Profits before taxes 1,174 993 '1,700 2,096 '298 400 455 '547 525 557 '492 522 Profits after taxes 720 578 '854 773 '165 '223 '253 '214 188 193 176 215 Dividends 270 285 377 380 66 73 80 157 85 '86 120 Machinery (27 corps.): Sales 4,529 4,353 '5,058 4,604 "1,100 1,196 1,269 1,493 1,480 1,563 1,434 1,690 Profits before taxes 567 519 '847 999 144 '168 '194 '341 250 237 '210 302 Profits after raxes 333 320 '424 367 '79 93 107 '145 90 82 73 123 Dividends 125 138 208 191 49 37 38 43 47 '48 54 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 '2,899 2,939 Profits before taxes 1,131 1,473 '2 ,305 1,915 398 '595 656 '655 '513 508 '405 489 Profits after taxes 639 861 '1,087 704 '213 '328 '357 '189 194 183 '142 185 Dividends 282 451 671 479 90 91 232 258 '122 119 '119 119 ' Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 3 Total includes 25 companies in durable goods group3 not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a a r f o x te f 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 e r 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 1 1 1 1 9 9 9 9 4 4 4 4 2 5 4 3 .. . 2 2 2 1 1 5 4 9 . . . . 1 1 3 7 1 1 1 1 1 3 1 4 . . . . 2 7 5 4 1 1 9 8 0 0 . . . . 4 5 6 8 4 4 4 4 . . . . 7 7 3 5 6 6 3 5 . . . . 2 8 1 1 1950— 2 3 1 3 3 4 1 7 5 . . . 9 5 7 2 1 1 0 4 6 . . . 5 4 9 2 2 1 5 0 7 . . . 2 6 5 9 8 7 . . . 4 4 8 1 1 9 2 5 . . . 7 2 8 1946 .. . 23.5 9.6 13.9 5.8 8.1 4 50.3 22.5 27.8 11.1 16.7 1947 30.5 11.9 18.5 6.6 12.0 1948 33.8 13.0 20.7 7.3 13.6 1951—1 51.8 31.1 20.7 8.8 11.9 1949 28.3 11.0 17.3 7.6 9.8 2 45.4 27.0 18.4 9.6 8.8 1950 41.4 18.6 22.8 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. 426 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 d o e t b a t l * d T d i e o r b e ta t c l t Totals Tr b ea il s l u s ry c i C e n a d e d t r n e e t s e b i f s o t i s - - f Tr n e o a t s e u s ryT b re o a n s d u s ry Total « s b a U o v . n i n S d g . s s T t s a r a n e x v o a i t a s n e u n g s r d s yT b i r o n s m e e n v a r e d e s i n s e s u t t — s r - y S i p ss e u c e ia s l i b n N e d t a e e o r r b n e i t n - st g - 1945—June. 259,115 258,682 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 Dec.. , 278,682 278,115 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 1946—June. 269,898 269,422 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 Dec.. 259,487 259,149 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 1947—June. 258,376 258,286 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 Dec. 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 970 28,955 2,695 1948—June. 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 959 30,211 2,229 Dec. 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 955 31,714 2,220 1949—June. 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 954 32,776 2,009 Dec. 257,160 257,130 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 954 33,896 2,111 1950—June. 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 954 32,356 2,148 Dec. 256,731 256,708 152,450 13,627 5,373 39,258 94,035 68,125 58,019 8,640 953 33,707 2,425 1951—Mar.. 255,018 254,997 151,623 13,630 43,802 94,035 67,405 57,764 8,296 953 33,525 2,444 Apr... 254,748 254,727 138,075 13,627 43,802 80,490 80,615 57,652 8,109 14,498 33,590 2,447 May. 255,122 255,093 138,041 13,614 43,802 80,469 80,639 57,607 8,158 14,518 34,049 2,364 June. 255,251 255,222 137,917 13,614 9,509 35,806 78,832 80,281 57,572 7,818 14,526 34,653 2,370 July.. 255,685 255,657 139,279 14,413 9,524 36,360 78.830 79,339 57,538 7,926 13,524 34,707 2,332 Aug.. 256,677 256,644 139,741 15,012 14,740 31,010 78,827 79,434 57,509 8,041 13,522 35,146 2,323 Sept.. 257,386 257,353 140,169 15,617 15,317 31,013 78,070 79,152 57,488 7,775 13,519 35,637 2,395 Oct... 258,336 258,298 141,753 16,849 28,016 18,669 78,068 78,571 57,501 7,705 13,017 35,615 2,359 Nov.. 259,647 259,604 142,741 18,100 28,017 18,406 78,066 78,650 57,552 7,737 13,014 35,862 2.351 Dec. 259,461 259,419 142,685 18,102 29,078 18,409 76,945 78,483 57,587 7,534 13,011 35,902 2,348 1952—Jan. . 259,813 259,775 142,690 18,104 29,079 18,421 76,943 78,559 57,664 7,539 12,998 36,233 2,294 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 Mar.. 258,124 258,084 141,376 16,863 29,079 18,450 76,842 77,925 57,680 6,911 12,969 36,493 2,290 1 Includes fully guaranteed securities, not shown separately. 2 Includes amounts held by Government agencies and trust funds, which aggregated 3,467 million dollars on Feb. 29, 1952. 3 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 MARCH 31, 1952 [In millions of dollars] [On basis of daily statements o o f f d U o n l i l t a e r d s] States Treasury. In millions Month A st m a o n u o d t u - i n n t g Funds receive p d e r fr io o d m sales during m t R io a e n t d u s e r m a it n p i d e - s Issue and coupon rate Amount Issue and coupon rate Amount at m e o n n d t h of All Series Series Series All series E F G series Treasury bills» Treasury bonds—Cont. Fiscal year ending: Apr. 3, 1952. 1,201 Dec. 15, 1952-54 3.... 2 5,825 June—1945.. 45,586 14,891 11,553 679 2,658 4,298 Apr. 10, 1952. 1,201 Dec. 15, 1952-54. ...2 8,662 1946.. 49,035 9,612 6,739 407 2,465 6,717 Apr. 17, 1952. 1,202 Dec. 15, 1952-55 4.•2H 1,501 1947.. 51,367 7,208 4,287 360 2,561 5,545 Apr. 24, 1952. 1,201 Dec. 15, 1952-55.. 510 1948.. 53,274 6,235 4,026 301 1,907 5,113 May 1, 1952. 1,301 June 15, 1953-555.. .. 2 725 1949.. 56,260 7,141 4,278 473 2,390 5,067 May 8, 1952. 1,302 June 15, 1954-565..2H 681 1950.. 57,536 5,673 3,993 231 1,449 5,422 M M a a y y 2 1 2 5 , , 1 1 9 95 5 2 2 . . 1 1 , , 3 1 0 0 2 0 M M a a r r . . 1 15 5 , , 1 19 9 5 5 5 6 - - 6 5 0 8 5 . . ..2% 2 1 , , 6 4 1 49 1 1951.. 57,572 5,143 3,272 347 1,523 6,137 C F J J J A J J A S O D M T e u u u u u e e u p u r e c n l n n n a b p n c t t y g r y e e e e . . . t i . e . . f i 2 2 1 1 1 1 1 c 6 9 9 2 5 5 5 1 1 1 1 5 1 a , , , , , , , , , , , , , t 1 1 e 1 1 1 1 1 1 1 1 1 1 1 9 s 9 9 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 5 3 2 2 2 2 2 2 2 2 2 2 2 2 . . . . 2 .... 1 1 1 1 1 1 % % " 1 8 5 1 0 1 1 1 1 1 1 1 , , , , , , , , , , , 2 2 2 2 1 1 0 2 8 8 6 5 8 0 0 4 0 6 0 0 3 1 6 6 8 5 1 1 9 0 0 3 1 2 6 1 3 7 7 J S D J D D M M J D D J S S M J u u u u u e e e e e e e e a n a n n a p n n p p c c c c c r r e e e r e e t t t . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , . , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 O 9 6 6 6 6 6 6 6 5 5 6 6 6 5 5 5 5 7 7 5 6 4 4 0 9 9 3 7 6 2 8 7 - - 6 - - - - - - - - - - - - - 7 7 7 6 6 6 6 7 6 5 6 6 6 - 7 5 2 2 0 9 9 5 2 1 2 W 9 8 / 3 2 9 6 6 6 6 6 6 6 5 6 6 5 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . 2 . 2 2 2 , 2 2 2 2 2 2 2 2 2 2 2 M M % M * H H H H H H % ) % H ^ ^ 4 4 , 4 2 2 5 3 3 2 3 5 3 2 3 1 , . , , , , , , , , , , , 0 7 1 0 4 4 8 7 8 2 1 4 8 9 9 9 7 9 1 0 8 3 6 8 8 6 3 1 2 8 1 2 2 5 6 0 0 9 5 6 0 0 2 8 2 2 9 6 1 1 9 9 5 5 2 1 — — N F M J A D J S A M O J M a u u e e M o u p e c n a a b n l p a v c r g t r y y . a e . r . t . . . . . . . t . . . . . . . . . . . u . . . . . . . . . . . . . . . . . . . . . r . . iti 5 5 5 5 5 5 5 5 5 5 5 5 5 e 7 7 7 7 7 7 s 7 7 7 7 7 7 7 , , , , , , , , , , , , , 6 6 a 6 5 5 5 6 5 5 4 5 6 7 n 8 8 8 6 5 5 7 0 3 8 0 0 6 d 2 0 7 4 2 2 2 1 8 8 9 7 4 amou 3 4 3 3 3 2 3 2 3 3 2 2 3 n 3 4 3 9 3 1 1 7 9 1 5 9 1 1 1 9 7 4 1 6 3 t 6 4 9 0 0 s outst 2 2 3 2 2 2 2 2 2 2 2 2 2 a 8 5 6 8 7 5 6 3 6 5 4 4 8 n 4 4 4 8 4 8 8 0 7 4 7 4 0 ding M 1 1 1 1 a 6 9 9 0 0 8 8 9 2 9 8 7 8 rch 31, 3 3 6 3 4 5 3 6 3 4 4 3 4 1 6 4 7 8 5 0 9 1 8 7 1 8 2 952 4 4 4 4 3 3 5 4 4 4 4 4 4 0 8 7 1 6 1 9 3 7 9 7 6 2 1 2 6 0 4 1 0 7 8 3 2 0 8 Postal Savings Year of All Series Series Series Treasury notes bonds 2H 92 maturity series E F G Mar. 15, 1954.. 4,675 Mar. 15, 1955.. 5,365 1952 3,599 3,599 A D p e r c . 15 1 , , 1 1 9 9 5 5 5 6 . . . . 6 1 , ,0 8 0 5 7 4 Panama Canal Loan. 3 1 1 9 9 5 5 3 4 6 8 ,0 3 0 2 8 3 5 5 , , 1 6 6 9 4 7 4 1 7 90 6 1,8 9 3 6 5 9 Oct. 1,1956.. 549 Total direct issues 141,376 1955 6,817 4,437 498 1,882 1956. 5,034 2,252 580 2,203 1957 4,814 2,342 461 2,011 Guaranteed securities 1958 4 906 2,551 241 2 114 Treasury bonds Federal Housing Admin. 1959 4,707 2,617 258 1,832 Sept. 15, 1952-53 2 7,986 Various 37 1960 5,189 2,460 440 2,288 1961 1 4,708 13,231 201 1,276 1962 2,744 574 369 1,801 1 Sold on discount basis. See table on Open-Market Money Rates, 1963 750 122 628 p. 422. 1964 141 28 112 2 Tax Anticipation Series. Unclassified -60 3 Maturity June 15, 1954. 4 Maturity June 15, 1955. Total 57,680 34,924 3,864 18,952 5 Partially tax exempt. 6 Restricted. 1 Includes bonds with extended maturities totaling 726 million dollars. APRIL 1952 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d a - r- trust funds l Federal Com- Mutual Insur- Other S a t n a d te Individuals l M an is e c o e u l s anteed Total Reserve mercial savings corpo- local securi- Special Public Banks banks 2 banks rations govern- Savings Other ties) issues issues ments bonds securities 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 24,900 17,700 6,500 43,500 19,800 8,800 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,700 9,800 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 Nov 259,647 35,862 6,354 217,431 23,239 61,200 9,900 16,500 21,400 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 1952—Jan 259,813 36,233 6,454 217,126 22,729 61,900 9,800 16,200 21,500 9,700 49,100 15,700 10,500 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1951. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av u al - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other ing and serve banks1 ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds fund3 Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 5 4 :2 0 1 9 — — — D D D J J J e e e u u u c c c n n n e e e . . . . . . . . . . . . 1 1 1 1 1 1 5 5 5 3 5 4 5 5 5 7 2 2 , , , , , , 1 3 1 9 4 7 6 2 3 4 7 2 0 5 8 4 1 4 5 3 3 5 5 5 , , , , , , 2 3 3 3 3 3 7 4 5 2 6 7 2 5 0 7 5 4 2 2 2 1 1 1 2 0 0 8 8 9 , , , , , , 5 2 7 3 8 3 8 6 7 3 8 4 8 8 8 1 5 3 5 5 5 5 5 5 8 1 4 6 4 9 , , , , , , 9 5 1 2 8 8 7 1 4 3 9 5 2 5 8 7 3 6 1 1 1 1 8 7 0 0 0 1 , , , , , , 2 8 7 8 1 0 5 7 7 4 8 2 4 2 7 4 0 9 1 1 1 1 1 1 2 1 8 6 8 9 , , , , , , 0 1 8 3 5 0 7 3 6 6 3 9 7 2 2 4 5 0 4 4 4 4 4 4 3 2 3 4 4 1 , , , , , , 3 6 5 4 0 7 9 6 2 5 8 6 9 3 9 8 7 3 Wi 1 1 1 t 9 9 9 h 4 5 5 in 9 1 0 — — — 1 D D D J y J J u e e e u u e n c c c a n n e r e e : . . . . . . . . 3 3 2 1 1 1 7 8 5 0 1 4 , , , , , , 6 9 5 3 2 3 3 0 8 0 1 2 1 5 7 8 9 6 4 3 2 4 7 9 6 1 9 9 0 1 1 1 0 2 , , , 6 2 3 9 8 5 6 4 7 8 0 7 8 1 3 2 5 8 1 1 1 9 7 7 6 4 5 , , , , , , 0 0 0 7 6 0 1 0 2 9 4 8 4 1 1 3 5 3 4 4 2 2 2 1 2 6 3 3 3 5 0 7 0 6 8 1 1,0 3 3 4 9 7 4 6 2 6 8 8 4 0 6 8 5 7 1 1 3 5 2 2 0 0 , , , , , , 8 3 6 5 7 7 1 0 8 5 2 4 9 0 3 5 2 7 1952—Jan 142,722 3,421 21,515 54,570 7,890 11,34543,981 Treasury bills: 1952—Jan 25,508 19 1,668 16,850 431 797 5,743 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 Dec 18,102 50 596 6,773 71 532 10,080 Dec 33,378 189 1,285 24,534 568 1,142 5,660 Ce 1 rt 9 i 5 fi 2 c — ate Ja s: n 18,104 60 6,983 107 501 10,453 1951— D J e u c ne.... 3 2 1 8 , , 0 6 2 7 2 8 1 1 5 3 5 9 3 5, , 1 8 0 7 2 8 2 1 0 8 . , 8 6 5 0 3 0 2 1 2 4 7 2 6 7 8 5 5 6 5 3 , , 1 9 6 9 9 4 1949— D Ju e n c e 2 2 9 9 , , 4 6 2 3 7 6 2 4 6 8 6 6 , , 8 2 5 7 7 5 1 9 1 , , 5 5 6 2 1 0 2 1 0 6 7 9 6 6 0 3 2 3 1 1 2 0 , , 1 9 7 9 4 1 1952—Jan 28,690 152 5,102 18,604 140 693 3,999 1950—June 18,418 7 5,357 5,354 64 382 7,254 1951— D D J e e u c c ne.... 2 9 5 9 , , , 5 3 0 0 7 7 8 9 3 (3) 4 1 9 7 1 3 2 2 , , , 1 3 7 9 3 9 4 4 3 6 2 1 , , ,5 7 7 4 5 7 4 3 3 4 3 1 7 7 6 2 6 8 5 2 7 3 8 3 1 , , , 2 7 43 2 6 5 1 0 DC —1 1 1 1riU 9 9 t 5 4 rya 0 c 9 ncr — — ol T• D J S J u • e u n c n e e.... 1 1 1 5 5 8 , , , 0 9 5 6 3 2 7 7 6 5 4 53 6 2 2 8 3 1 1 , , 3 1 5 8 4 8 8 8 4 6 6 5 , , , 5 6 9 8 7 9 7 5 5 2 2 2 , , , 4 0 6 0 3 4 2 9 0 2 2 1 , , ,7 2 0 3 3 5 2 0 5 4 3 4 , , , 7 1 6 1 8 3 6 6 0 1952—Jan 29,079 64 12,316 6,952 89 675 8,983 Dec 17,411 412 982 7,329 2,125 1,948 4,615 Treasury notes: 1951—Tune.... 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 11,156 309 1,014 2,436 1,925 1,656 3,816 Dec 8,249 15 562 5,569 107 244 1,752 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 1952—Jan 11,156 319 1,014 2,409 1,908 1,659 3,847 Dec 39,258 10 12,527 15,833 136 707 10,045 1951—Tune.... 35,806 14 12,439 13.704 120 687 8.842 After 10 years: Dec 18,409 3 5,068 10,465 67 316 2,490 1949—June 48,554 4,455 4,452 3,933 7,293 14,179 14,242 Tr 1 1 e 1 9 a 9 9 s 5 5 4 u 2 0 9 r — — — y D J J b J a u e u o n n c n n e d e s .. : .. 1 1 1 1 0 1 0 8 2 0 4 , , , , 4 7 4 7 2 9 2 5 1 5 6 8 5 5 5 , , , 2 2 2 1 0 7 7 1 3 3 5 7 5 7 , , , , 6 0 2 7 1 1 6 8 8 8 8 0 3 4 3 1 9 2 8 0 , , , , 0 2 6 4 4 3 9 4 2 5 1 3 1 1 1 0 0 0 , , , 4 6 7 8 2 6 6 0 4 6 8 1 1 1 7 7 8 , , , 5 2 3 3 7 4 1 20 9 9 52 2 2 2 5 5 6 , , , , 5 0 3 3 2 2 4 2 1 9 0 0 1 19 9 5 5 1 0 — — T D D D Ju u e e e n n c c c e e 4 4 4 3 3 0 3 5 5 0 , , , , . 0 5 0 0 0 1 9 8 8 2 2 9 4 4 3 4 4 4 2 2 , , , , . 4 6 7 4 6 8 8 2 2 4 2 2 6 9 1 3 2 2 1 1 , , , , , 3 4 5 3 5 9 1 4 0 9 7 5 9 8 3 3 4 2 2 2 , , , , , 0 7 8 9 7 9 8 3 8 4 2 1 2 0 7 6 5 7 5 7 , , . , , 1 1 5 3 2 3 8 8 7 8 0 0 8 6 9 1 1 1 7 7 3 3 2 , , , , , 0 2 4 5 3 8 2 0 9 0 5 7 7 8 3 1 1 1 1 1 3 3 0 3 0 , , , , , 0 5 5 9 8 9 2 3 8 2 0 4 4 9 8 1951— D Ju e n c e 9 7 4 8 , , 0 8 3 3 5 2 5 3. , 1 2 7 8 8 3 4 4 , , 6 1 2 0 0 8 3 3 3 1 , , 6 2 0 8 7 6 9 7 , , 9 9 6 7 7 3 1 1 5 0 , , 6 2 1 6 7 4 2 2 4 2 , . 9 0 4 2 1 3 1952—Jan 30,010 2,776 1,415 2,743 5,212 7,008 10,856 Dec 76,945 3,209 4,130 30,104 7,697 9,83921,966 1952—Jan 76,943 3,263 4,130 30,163 7,625 9,83721,925 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. » Less than $500,000. 428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) mcor~11C uuigu decrease (—) during period Assets y F e i a s r c a o l r N re e - t Bu ex d - get s • • p B u .- r u j p d l g u e s t T a r c u - st C i l n e g ar- a B n a c l e - Depositsin Total Cash i E n x c c o e m ss e month ceipts p t e u n re d s i- ( d + ef ) i o ci r t c e o t u c n .i ts, co ac u - nt1 G de ro 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 s F e R e e r r e a d v - l - e d i S t e c a p i p r a e o i l - e s s - O as 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 Banks' Fiscal year: 1949 38,246 40,057 — 1811 -495 +366 +478 -1,462 3 470 3,862 438 1 771 1,653 392 41,62840,576 +1,051 1950 . 37,045 40,167 —3 122 +99 +483 +4,587 +2,047 5 517 5,927 950 3 268 1,709 410 40,97043,155 —2,185 1951 48,143 44,633 +3 510 +679 —214 —2,135 +1,839 7 357 7,871 338 5 680 1L ,853 514 53,43945,804 +7,635 1951—Mar.. 8,112 4,058 +4 054 -34 +111 -944 +3,187 8 569 8,991 1,120 5 900 L.971 422 8,489 4,219 +4,270 Apr... 2,626 4,007 -1 381 -69 +106 -270 -1,614 6 955 7,360 611 5 030 1,719 405 2,960 4,144 -1,184 May.. 3,146 4,517 -1 370 +136 —304 +366 -1,173 5 782 6,376 666 4 029 1,681 594 4,148 5,154 -1,006 June.. 7,089 5,969 +1 119 +284 +43 +129 +1,574 7 357 7,871 338 5 680 1,853 514 7,367 5,223 +2,144 July.. 2,571 4,739 -2 168 +11 -14 +435 -1,737 5 620 6,032 584 3 694 L,754 412 2,854 4,843 -1,989 Aug. . 3,594 5,087 -1 493 +83 -103 +988 -525 5 095 5,431 459 3 244 L.727 336 4,600 5,565 -965 Sept.. 6,209 5,163 +1 046 +37 +30 +709 +1,822 6 916 7,356 947 4 547 1,861 439 6,555 4,862 +1,693 Oct... 2,635 5,483 -2 847 -55 -86 +945 -2,042 4 874 5,311 493 3 021 1,798 437 2,855 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—Jan.. . 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 6,275 5,328 +947 Mar.. 9,886 5,704 +4 182 + 106 -245 -2,278 + 1,765 6 840 7,445 169 5 228 2,049 605 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual income Excise F o i r s c m al o y n e th ar W he it ld h- Other 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 Refunds S S e o c c u i r a i l ty N re e - t in a su n r d a n o c l e d -a ta g x e es 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 o a i t s n h c d e e r lby em- internal taxes ceipts ceipts of employ- ceipts profits gift laneous ployers4 revenue taxes ta m x e e n s t 5 Withheld Other taxes taxes taxes Fiscal year: 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,69038,246 11,743 7,996 11,554 797 7,585 1950 10,073 18,189 8,303 2 ,892 1,853 41,311 2 ,160 2,106 37,045 11,762 7,264 10,854 706 7,599 1951. . 13,53524,218 9,423 3,940 2,253 53,369 2,107 3,12048,143 15,901 9,908 14,388 730 8,704 1951—Mar.... 1,273 6,152 838 395 152 8,811 459 239 8,112 409 2,093 4,316 129 682 Apr.. . . 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May... 2,038 482 747 555 217 4,039 359 534 3,146 3,509 194 244 58 713 June... 1,123 5,065 719 425 270 7,603 234 280 7,089 256 1,195 3,908 47 660 July. .. 726 983 722 177 225 2,833 88 175 2,571 1,158 321 596 56 709 Aug. ... 2,130 404 806 597 228 4,165 55 516 3,594 3,600 116 290 66 771 Sept.... 1,128 4,115 707 451 124 6,524 57 258 6,209 110 1,276 2,942 52 641 Oct. ... 780 828 885 47 168 2,708 41 32 2,635 1,227 215 512 52 831 Nov.... 2,177 254 805 505 211 3,951 30 400 3,521 3,428 98 160 70 776 Dec... 1,361 2,916 823 325 153 5,576 31 266 5,279 275 347 2,649 77 712 1952—Jan 750 63,021 826 174 383 5,153 52 147 4,953 814 2,330 807 65 763 Feb.. .. 2,611 1,943 805 704 131 6,194 195 446 5,553 4,172 758 311 66 754 Mar. .. Pl.570 7,717 825 P531 157 10,800 455 460 9,886 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 st e t e b o r t n - f t I i i n n a n a o a n t i a n e n d d - a r c - l e tr e m V A a r i a t e d n i n t o - i - s s n - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other ce R i e p S - t o s c a ia c m l v c I o e S n e s u n e - t n - c ts t u s ri p 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 h n s - e t t - s r 7 p tu E en r x e d - s i- Fiscal year: 1949 40,057 12,158 5,339 6,016 q5,789 2,656 916 q5,183 3,722 1,479 2,252 1,992 832 1,646 1950 40,167 12,346 5,750 4,689 6,043 2 ,984 1 383^6,972 4,293 1,028 3,114 2,376-1,430 3,857 1951 44,633 19,964 5,613 4,445 5,204 635 972 '7,800 5,631 2,685 2,790 2,165 872 771 1951—Mar 4,058 2,059 580 350 454 68 2 545 280 101 259 150 27 77 Apr . . 4,007 2,161 253 393 427 104 82 587 283 83 255 184 24 173 May 4,517 2,396 163 487 424 91 1 r954 928 510 266 127 —23 166 June 5,969 2,496 1,557 791 383 92 (8) 649 570 346 261 433 317 -205 July 4,739 2,930 232 318 433 40 67 717 293 128 264 117 -22 28 Aug 5,087 3,040 222 367 419 104 41 894 919 526 291 160 —66 245 Sept 5,163 2,628 580 301 365 36 496 '758 421 193 243 475 323 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 '991 732 285 282 171 -38 291 Dec 5,627 3,070 1,057 442 386 49 64 559 550 81 278 142 o 145 1952—Jan 5,455 3,414 228 291 428 194 78 822 246 221 326 146 189 29 Feb 5,105 3,155 142 391 378 78 71 890 711 175 319 120 46 105 Mar 5,704 P3.420 689 P400 385 P83 78 *>649 558 157 320 126 14 87 -» nPcreuliinmuiindairyy.. •r iRvcevviiasceud.. -c vC.oururce^ctceud.. x Excess of receipts (+) or expenditures (—). 4 22 R EE e xx p cc r lluu e dd se ee n ss ts iitt ee i mm nc ss o m iinn e pp t rr a oo x ccee w ssss i t oo hh ff e cc l oo d ll , ll ee a cc n ttii d oo nn e .. m ploym 33 e FF n oo t rr t dd a ee x ss e cc s rr ii l pp e tt s ii s oo nn a ,, m ss o ee u ee n TT ts rr ee a aa p ss p uu r rr o yy p BB ri uu a ll t ll e ee d ttii nn t o ff oo F rr e SS de ee r pp a tt l ee mm ol bb d ee rr a g 11 e 99 44 an 77 d aa s nn u dd r v ss i uu v bb o ss r ee s qq uu in eenn su tt r ii a ss n ss c uu e ee ss t ,. rust fund. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 Beginning with January 1952, includes social security taxes on self-employed persons. 7 Includes investments of Government agencies in public debt. 8 Less than &500.000. APRIL 1952 429 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 Li i a n b t i e li r t a i g es e , n o cy th e it r e m th s an Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s r t a l i u i o o a n i e a p e m 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 2 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 h s t - e s r a t B F g u n a u b u 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 , O li i a t t i b h e i e s l r - i U m G n e e r . t o e s n e n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: Mar. 31, 1951 25,104 71513,496 1,764 2,162 3,467 2,951 549 1,247 1,23422,337 268 June 30, 1951 25,188 64913,504 1,719 2,185 3,474 2,999 659 1,378 93222,533 315 Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 94922,962 322 Dec. 31, 1951 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 Classification by agency, Dec. 31, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 500 423 170 301 27 Federal intermediate credit banks 720 633 674 38 Production credit corporations 56 55 Agricultural Marketing Act Revolving Fund 2 1 (3) 2 Federal Farm Mortgage Corp 36 2 34 1 3. Rural Electrification Administration 1,815 18 1,740 56 1 1,814 Commodity Credit Corporation 2,350 10 780 1,174 107 280 336 2,010 Farmers' Home Administration 4 589 128 436 24 2 588 Federal Crop Insurance Corp 35 31 3 2 32 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,095 806 249 525 268 302 Federal Savings and Loan Insurance Corp. 208 •(3) 200 5 203 P F u ed b e li r c a l H H ou o s u i s n i g n g A A d d m m in in is i t s r t a r t a i t o i n on 1,9 4 4 3 8 5 60 2 8 9 () 285 1,251 1 39 20 1 6 3 lf9 1 3 9 . 0 K Office of the Administrator: Federal National Mortgage Association.. . 1,865 1,850 1,862 Other 89 20 33 88 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 786 1 129 594 57 786 Other 7 838 724 1 1 40 770 Export-Import Bank 2,324 2,289 35 2,267 Federal Deposit Insurance Corp 1,360 1 (3) i ,353 7 1,282 Tennessee Valley Authority 1,296 225 14 1,048 9 1,259 All other s 8,397 276 4,036 144 3,385 323 233 8,325 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1951 Purpose of loan M F C F a o e o r r d m r p . t. . b i c m F n r a a e e t e n t e d d d e k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i t - . t y t R A r E t if i u l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - N M A g F a a s a t o e i g s l 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 o n 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 - S ag e 1 p e 9 a n t 5 l . c l 1 3 i , e 0 s , To aid agriculture 34 633 425 782 1,742 539 6 4,161 3,896 To aid home owners 1,850 123 169 2,142 1,981 To aid industry: (3) Railroads 99 2 101 104 Other 417 72 488 494 To aid financial institutions: Banks Other 806 8 814 755 Foreign loans 64 2,296 «3 ',750 6,110 6,133 Other 609 61 109 779 720 Less' Resevve losses 2 3 ' 103 1 46 7 10 173 178 Total loans receivable (net)... 34 633 423 780 1,740 436 1,850 608 806 725 2,289 4,099 14,422 13,906 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Includes Disaster Loans, etc., Revolving Fund. 5 Debit balance of less than $500,000. 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 two small agencies are for dates other than Dec. 31. 9 Repayment of 44 million dollars on Treasury loan of 3,750 million to United Kingdom was covered into the U. S. Treasury on Jan. 8, 1952. 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. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted"' and "Ijnadjusted ' refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c i a a l l v p o r l o u d m u e c ) t * io x n awa c rd o e n d t ra ( c v t a s lue)2 Employ 1 m 94 e 7 nt - 4 a 9 n = d 1 0 p 0 a * y * rolls3 1935-39 = 100 1947-49=100** D m ep e a n r t t- Whole- Freight Con- sale Year or month Total r D ab u f M a - le c a tu n r u N r e d - a s o u b n - l - e M era in ls - Total R d t e i e n a s - l i- ot A h l e l r N p m t a e c u l g o m u o e r r l n a n y i - - l - - t - pr E o M m d m a u p e n c l n u t o t i f y o a - n c tu w r o in r P r k g o a e l y r ls s - c 1 a 9 i = r n 3 l g o 5 1 s 0 a - * 3 d 0 9 - 1 u 9 = s ( e 4 a v ) 7 1 l a e 0 l - * s - 4 0 4 9 1 s p 9 u = ri 3 m c 5 1 e e 0 - s 3 r 0 s 3 9 ' I p m 9 c = r 4 i o o c 7 1 m d e - 0 i s 4 - 0 t 9 3 y Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed iusted justed justed justed 1919 72 84 62 71 34 26 39 61.6 68 7 31.1 120 27 123 8 1920 75 93 60 83 34 18 45 62.2 69.0 37.1 129 32 143 3 1921 58 53 57 66 30 27 32 55.4 52 8 24 0 110 30 127 7 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 119 7 1923 88 103 72 98 45 49 42 64.6 66 9 32 6 142 34 121 9 1924 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 122 2 1925 90 107 76 92 66 75 59 65.5 64.2 32.1 146 36 125 4 1926 96 114 79 100 69 73 67 67.9 65.5 33.0 152 37 126 4 65 0 1927 95 107 83 100 69 71 68 68.2 64.1 32.4 147 37 124 0 62 0 1928 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 122 6 62 9 1929 110 132 93 107 63 52 70 71.3 68 3 35 0 152 38 122 5 61 9 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 119 4 56 1 1931 75 67 79 80 34 22 41 60.6 50.2 21.5 105 32 108 7 47 4 1932 58 41 70 67 15 8 20 53.7 42 6 14 8 78 24 97 6 42 1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 92 4 42 8 1934 75 65 81 80 17 7 24 59.0 55.1 20.4 89 27 95 7 48 7 1935 87 83 90 86 20 13 25 61.6 58.8 23 5 92 29 98 1 52 0 1936 . .... 103 108 100 99 30 22 35 66.2 63.9 27 2 107 33 99 1 52 5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 102 7 56 1 1938 . . 89 78 95 97 35 27 40 66.4 59 6 25 3 89 32 100 8 51 1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 99 4 50 1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 100.2 51.1 1941 162 201 142 125 66 54 74 83 1 87 9 49 3 130 44 105 2 56 8 1942 199 279 158 129 89 49 116 91.2 103.9 72 2 138 50 116 6 64 2 1943 239 360 176 132 37 24 45 96 6 121 4 99 0 137 56 123 7 67 0 1944 235 353 171 140 22 10 30 95 3 118.1 102 8 140 62 125 7 67 6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 128 6 68 8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 139 5 78 7 1947.. .... 187 220 172 149 84 86 83 99 6 103 4 97 7 143 98 159 6 96 4 1948 192 225 177 155 102 98 105 101.6 102.8 105 1 138 104 171 9 104 4 1949 176 202 168 135 113 116 111 98.8 93.8 97.2 116 98 170 2 99 2 1950 200 237 187 148 159 185 142 101 4 99 2 111 2 128 105 171 9 103 1 1951 P220 P273 P194 P164 171 170 172 P106.6 e105.4 e129.2 134 109 185 6 114 8 1950 April 190 188 222 180 140 152 179 134 99.3 94.8 93.8 100 8 126 100 168 5 98 5 May- 195 195 231 181 145 146 183 122 100.1 97.4 95.7 104.0 122 100 169.3 99.6 June 199 200 237 184 151 155 196 129 101.1 98.6 97.6 108 4 127 103 170 2 100 2 Tulv 196 198 235 181 144 174 222 142 101.7 99.9 98.2 109.9 126 122 172.0 103.0 August 209 212 247 195 159 178 218 152 103.2 102.7 103.5 117 9 135 114 173 4 105 2 September 211 216 251 194 163 172 200 153 103.8 103.3 105.2 120.5 134 108 174.6 107.1 October 216 220 261 196 166 160 177 149 104.3 104.5 106.2 124 3 137 103 175 6 107 7 215 215 260 195 160 163 171 159 104.5 104.4 105.5 124.0 136 103 176 4 109 3 December 218 216 268 197 157 177 179 176 104.8 104.7 105.6 127 .4 140 110 178.8 112.1 1951 January 221 216 268 201 164 178 188 171 105.2 105.8 105.2 126.8 146 125 181.5 115.0 February 221 217 271 201 158 173 187 164 105.9 106.8 106 6 128 5 129 115 183 8 116 5 March 222 219 277 199 158 163 176 154 106 3 106 9 106 6 130 0 139 105 184 5 116 5 April 223 222 279 198 164 199 170 219 106.6 107.1 106.0 129.5 136 104 184.6 116.3 May 222 223 276 198 165 193 166 211 106 8 106.8 105 0 128 1 133 104 185 4 115 9 June . . 221 223 274 197 165 200 174 217 107 1 106 8 105 6 129 8 131 105 185 2 115 1 July 212 214 265 187 156 162 179 150 107.1 106.0 104.2 126.4 125 105 185 5 114 2 August 217 220 267 193 165 156 176 143 107 0 104 8 105.7 128 4 133 109 185 5 113 7 September '218 223 271 '192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186.6 113.4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129 8 135 108 187 4 113 7 November 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 112 188.6 113.6 December '219 r217 »"282 185 163 166 145 180 106.9 103.5 104.4 132.9 133 109 189 1 113 5 1952 January 220 216 281 189 167 161 142 173 106.7 103.7 103.3 130.9 141 108 189.1 113.0 F M e a b r r c u h ary P ^ 2 2 2 2 2 2 P e2 2 1 1 9 8 ? e > 2 2 8 8 7 4 P « 1 1 9 8 0 8 P e1 16 6 6 4 P156 P166 P149P106.9 P103.7 P103.5 e130.7 136 n n o o 5 s 187 9 112 6 e Estimated; all estimates are those of Board of Governors. P Preliminary. ^Revised. * Average per working day. ** Base period changed to 1947-49 average; back data may be obtained from Division of Research and Statistics. 1 For indexes by groups or industries, see pp. 432-435. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the revised index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 439. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 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. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 442-444. 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. APRIL 1952 431 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total . . ... 221 222 223 222 221 212 217 r218 218 219 '219 220 v222 Manufactures— Total 232 234 234 233 231 222 226 228 226 228 228 230 P232 Durable IManufactures 271 277 279 276 274 265 267 271 274 277 -282 281 *>284 Iron and Steel1 252 263 264 263 261 253 254 258 261 261 263 261 261 Pig iron 217 228 231 234 235 230 230 231 235 232 227 229 235 Steel . . .. 281 298 301 301 296 293 291 298 304 307 304 304 304 Open hearth ... 206 217 218 217 213 215 208 213 217 216 219 218 221 Electric 815 879 891 897 884 850 881 902 921 954 911 913 892 Machinevy 328 335 337 336 338 328 328 336 340 347 r359 359 v363 Transportation Equipment 304 314 311 310 307 293 305 311 311 '313 '321 307 P316 Automobiles (including parts) 262 265 255 248 238 216 223 226 223 r216 '222 203 P215 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government) 2.. Nonferrous Metals and Products . ... 217 209 211 206 205 199 197 196 201 209 '207 215 V215 Smelting and refining 222 225 227 227 226 226 213 214 230 235 235 243 P248 (Copper smelting; Lead refining; Zinc smelting; Fabricating ... . 215 202 204 197 197 188 191 190 190 198 196 204 P201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 169 169 170 163 153 141 146 146 149 157 153 159 P161 Lumber 156 156 162 158 147 131 137 135 138 149 141 150 154 Furniture 193 195 185 173 164 160 165 167 171 172 176 174 P174 Stone, Clay, and Glass Products 237 243 247 236 239 237 228 228 219 212 218 217 v222 Glass products 243 251 270 242 250 260 234 232 214 199 '209 211 P225 Glass containers 261 269 292 257 269 285 249 246 222 204 216 222 239 Cement 245 252 243 231 235 226 222 219 217 219 242 233 Clay products 186 189 189 184 184 177 176 173 172 173 172 180 P173 Nondurable Manufactures < 201 199 198 198 197 187 193 192 188 188 185 189 P190 Textiles and Products 194 188 185 190 185 160 170 163 154 157 152 157 P158 Textile fabrics 176 171 165 169 164 138 150 145 139 142 137 142 Cotton consumption .... 174 175 153 164 157 123 145 142 140 144 136 144 150 Rayon deliveries 390 374 380 377 378 379 360 334 293 289 283 296 294 Nvlon and silk consumotion * Wool textiles 144 133 146 144 137 100 115 114 114 120 118 116 Carpet wool consumption 181 169 131 101 87 27 58 63 86 94 99 120 Apparel wool consumption 140 128 158 163 153 117 132 132 119 122 121 108 Wool and worsted yarn 133 123 140 141 135 105 117 117 114 120 115 108 Woolen yarn 119 111 116 120 119 92 108 108 108 116 112 108 Worsted yarn ... 152 140 174 171 157 123 130 129 123 126 119 108 W^oolen and worsted cloth 143 130 159 163 159 124 135 132 126 133 131 126 Leather and Products . . . . 122 118 106 97 99 85 99 100 91 89 88 100 Leather tanning 112 105 97 88 89 75 81 84 80 78 79 86 Cattle hide leathers . . 126 119 110 104 109 91 99 104 96 94 91 98 Calf and kip leathers 88 80 78 56 51 42 44 51 51 51 59 64 Goat and kid leathers 96 93 87 80 73 58 65 56 53 53 60 70 Sheep and lamb leathers 92 83 69 55 50 54 56 64 67 69 71 71 Shoes 128 127 112 103 106 92 110 111 98 97 94 110 Manufactured Food Products 166 167 168 167 165 164 166 167 163 rl60 161 163 P165 Wheat flour 119 110 108 109 103 107 108 107 109 115 109 122 Pill Cane sugar meltings 2 Manufactured dairy products 142 146 147 148 150 150 148 143 140 137 136 137 138 Butter ... 71 72 74 72 75 77 77 72 71 64 62 65 66 Cheese 169 176 177 174 183 180 173 165 163 158 161 165 163 Canned and dried milk 135 152 156 164 168 169 160 138 126 118 119 118 120 Ice cream 2 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer avai%lable separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 432 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 1 952 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing 148 159 163 149 145 152 162 168 157 168 163 162 182 Pork and lard . ... 171 194 208 181 188 187 207 221 198 205 200 193 228 Beef 141 139 134 134 110 126 128 126 124 143 141 145 153 Veal 88 82 79 79 95 107 110 99 109 106 84 '87 84 Lamb and mutton 66 62 59 52 66 70 65 64 74 75 69 ••80 85 Other manufactured foods 176 177 177 176 175 173 174 176 173 166 169 170 P171 Processed fruits and vegetables 158 176 169 166 160 147 139 152 163 126 134 Confectionery 138 127 128 132 130 127 140 136 127 136 149 145 Other food products 188 186 187 186 186 188 188 189 183 183 183 184 #183 A Icoholic Beverages. ... 225 207 187 179 178 175 178 184 178 188 176 174 171 Malt liquor . . . 166 169 161 157 155 163 165 164 154 180 178 185 173 Whiskey 135 150 118 117 104 78 51 70 76 86 85 73 73 Other distilled spirits 658 677 706 560 604 474 492 335 265 262 253 336 327 Rectified liquors ... . 408 240 148 174 174 197 223 332 358 292 225 150 193 Tobacco Products 179 170 177 172 171 161 183 177 185 194 147 176 175 Cigars 107 100 104 105 115 98 114 123 127 129 87 108 105 Cigarettes 249 238 248 239 233 225 252 239 259 262 204 244 244 Other tobacco products 69 62 66 64 66 57 73 70 44 84 60 67 68 Paper and Paper Products 207 208 214 212 208 190 196 197 196 191 184 187 193 Paper and pulp 197 198 204 200 198 183 189 192 191 187 182 185 189 Pulp 228 229 241 233 235 230 228 234 235 235 223 229 237 Groundwood pulp 119 116 116 115 123 137 132 137 130 112 116 111 114 Soda pulp 98 94 100 99 88 78 93 99 97 95 94 95 99 Sulphate and sulphite pulp3 265 269 284 274 275 269 265 271 273 278 261 ••271 279 Paper 193 193 198 195 193 176 183 185 185 180 176 178 181 Paperboard 245 248 253 256 247 217 224 216 213 205 191 197 209 Fine paper 2 Printing paper 192 189 194 186 180 167 185 192 190 188 191 192 191 Tissue and absorbent paper 205 208 224 207 204 204 196 200 210 179 181 195 184 Wrapping paper 172 171 172 170 177 165 168 180 180 184 181 177 177 Newsprint 120 119 119 121 128 129 130 129 127 125 128 123 129 Paperboard containers (same as Paperboard) Printing and Publishing 177 176 183 176 171 166 174 179 177 175 174 175 177 Newsprint consumption 162 162 171 166 163 166 164 167 165 163 158 159 163 Printing paper (same as shown under Paper) Petroleum and Coal Products.... ... 269 269 255 263 263 262 265 266 269 276 *281 280 P282 Petroleum refining2 Gasoline . . 198 199 193 207 212 211 213 214 212 214 215 211 P209 Fuel oil 238 227 204 210 215 213 209 213 214 226 234 238 Lubricating oil . . 179 190 189 193 194 195 200 187 200 196 192 188 Kerosene 230 230 221 201 205 209 208 216 214 230 224 243 Other petroleum products 2 Coke 183 184 185 186 187 183 187 185 185 185 185 188 188 Bv-product coke 174 176 178 178 179 178 179 178 178 177 178 179 179 Beehive coke . . . . . . 487 475 433 456 476 388 457 411 452 467 456 '464 P466 Chemical Products. . 288 292 296 298 302 305 306 r301 r298 r299 r298 299 P295 Paints 168 166 164 160 161 167 165 158 156 158 157 159 Rayon 384 374 377 378 385 392 393 '358 '346 ••331 '317 323 300 Industrial chemicals 510 524 532 538 548 554 557 r560 r556 r563 '•561 557 P554 Other chemical products 2 ... Rubber Products 235 239 238 247 251 243 243 245 239 r245 *250 250 P245 Minerals—Total... 158 158 164 163 165 156 165 167 174 170 163 167 P166 Fuels 163 163 167 168 169 160 171 172 179 178 170 175 P173 Coal. . . . . . . . 118 111 120 118 123 97 123 125 138 141 125 136 123 Bituminous coal 125 127 133 126 133 105 134 137 147 152 135 147 135 Anthracite 89 48 64 83 86 66 77 79 104 99 86 91 77 Crude petroleum 185 189 191 192 191 192 194 195 199 196 193 194 P198 Metals ... ... 131 127 140 151 145 132 134 137 143 121 123 P122 Metals other than gold and silver 181 176 199 216 209 187 194 200 211 174 173 176 P174 Iron ore (Copper; Lead; Zinc) 2 Gold . ... 55 56 54 56 52 52 49 49 47 45 44 47 Silver 80 77 77 76 73 67 58 58 62 65 70 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. 433 APRIL 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] 1951 1952 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 217 219 222 223 223 214 220 223 222 220 r?17 216 Manufactures — Total 228 231 232 233 232 223 229 '232 230 229 227 226 Durable Manufactures... 268 275 278 277 276 266 269 273 276 277 '280 278 Iron and Steel1.... . 252 263 264 263 261 253 254 258 261 261 263 261 Pig iron 217 228 231 234 235 230 230 231 235 232 227 229 Steel 281 298 301 301 296 293 291 298 304 307 304 304 Open hearth 206 217 218 217 213 215 208 213 217 216 219 218 Electric. 815 879 891 897 884 850 881 902 921 954 911 913 Machinery . . .. 328 335 337 336 338 328 328 336 340 347 r359 359 Transportation Eouipwient 304 314 311 310 307 293 305 311 311 r313 "321 307 Automobiles (including parts) 262 265 255 248 238 216 223 226 223 r216 '222 203 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products. . 217 209 211 206 205 199 197 197 201 209 r207 215 Smelting and refining 222 225 227 227 225 225 213 214 230 236 235 243 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2. Fabricating 215 202 204 197 197 188 191 190 190 198 196 204 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products... 154 160 169 168 164 151 158 158 158 155 "140 142 Lumber 134 141 161 165 163 146 154 153 151 146 122 125 Furniture 193 195 185 173 164 160 165 167 171 172 176 174 Stone, Clay, and Glass Products... 221 232 243 242 241 239 238 237 230 217 211 205 Glass products 237 251 270 255 248 251 241 236 219 200 197 '208 Glass containers 253 269 292 275 266 273 259 251 228 206 201 218 Cement 186 207 231 242 251 248 251 254 252 237 220 188 Clay products 176 180 183 184 184 179 182 180 182 179 177 166 Other stone and clay products 2 Nondurable Manufactures. 196 194 195 197 197 188 197 193 191 185 184 Textiles and Products 194 188 185 190 185 160 170 163 154 157 152 157 Textile fabrics 176 171 165 169 164 138 150 145 139 142 137 142 Cotton consumption 174 175 153 164 157 123 145 142 140 144 136 144 Rayon deliveries 390 374 380 377 378 379 360 334 293 289 283 296 Nylon and silk consumption 2 Wool textiles . . 144 133 146 144 137 100 115 114 114 120 118 Carpet wool consumption 181 169 131 101 87 27 58 63 86 94 99 120 Apparel wool consumption 140 128 158 163 153 117 132 132 119 122 121 Woolen and worsted yarn 133 123 140 141 135 105 117 117 114 120 115 Woolen yarn 119 111 116 120 119 92 108 108 108 116 112 Worsted yarn 152 140 174 171 157 123 130 129 123 126 119 Woolen and worsted cloth 143 130 159 163 159 124 135 132 126 133 131 Leather and Products. 125 118 106 97 98 83 98 100 91 91 88 Leather tanning. . . . 120 104 97 88 86 71 80 83 80 81 79 Cattle hide leathers 136 119 110 104 105 86 96 102 97 98 91 Calf and kip leathers . . 93 79 75 54 52 42 47 50 52 52 '58 Goat and kid leathers 100 92 89 78 74 57 63 57 53 52 Sheep and lamb leathers 101 80 68 59 50 50 58 62 67 73 67 Shoes 128 127 112 103 106 92 110 111 98 97 94 Manufactured Food Products 149 149 152 159 165 176 189 192 177 "164 158 Wheat flour 120 107 103 104 99 106 107 117 115 116 108 Cane sugar meltings 2 Manufactured dairy products 101 120 153 196 221 22i 2i5 169 128 98 95 Butter 63 65 93 104 94 85 69 61 49 49 Cheese 139 158 184 233 259 221 194 169 146 119 116 Canned and dried milk 121 149 176 228 232 196 164 127 102 85 92 Ice cream ooo 00 00 00 Feb. P218 P228 P281 261 235 304 221 892 P363 P316 P215 P215 P248 P201 P147 133 P207 232 P164 P158 150 294 108 126 100 86 100 62 70 66 110 152 P149 122 P112 86 97 54 58 122 134 95 108 P Preliminary. T Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 434 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 oi* Governors. 1935-39 average == 100] 1951 1952 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing 142 147 150 149 144 141 139 149 156 188 195 ••193 175 Pork and lard 168 180 189 181 188 165 159 174 186 240 264 '253 223 Beef . .. 129 127 126 134 107 127 130 136 135 148 141 '148 140 Veal 77 77 78 82 95 107 108 109 124 114 79 r81 74 Lamb and mutton . ... . .. 67 60 57 53 62 67 64 69 77 75 68 '85 86 Other manufactured foods . . . .. . . 159 156 157 159 165 181 200 209 192 '174 166 157 M56 Processed fruits and vegetables 100 97 103 108 123 191 263 297 210 111 98 87 Confectionery 139 118 106 102 96 104 151 175 167 161 150 149 Other food products . .. 178 178 180 182 188 191 192 193 192 192 187 176 P174 A Icoholic Beverages. . 198 185 175 180 191 190 179 193 197 178 154 145 152 Malt liquor . .. .... 149 157 169 179 195 204 188 166 143 139 142 151 155 Whiskey 135 150 118 117 104 78 51 70 76 86 85 73 73 Other distilled spirits 394 440 424 336 374 275 266 459 686 549 278 219 196 Rectified liquors 408 240 148 174 174 197 223 332 358 292 225 150 193 Tobacco Products 170 161 167 172 178 167 190 188 191 198 137 176 167 Cigars 107 100 104 105 115 98 114 123 127 129 87 r108 105 Cigarettes 234 222 231 239 245 236 265 256 269 267 188 244 229 Other tobacco products 67 62 66 65 67 71 86 53 66 66 57 75 47 Paper and Paper Products 208 208 215 212 209 196 191 183 187 194 189 196 196 Paper and pulp 198 198 205 201 199 189 187 181 185 190 Pulp . . .. 228 231 243 234 235 212882 226 213921 213931 236 223 '230 237 Groundwood pulp 124 124 128 124 124 122 116 122 121 119 117 116 119 Soda pulp 98 94 100 99 88 78 93 99 97 95 94 95 99 Sulphate and sulphite pulp 3. . 265 269 284 274 275 269 265 271 273 278 261 '271 279 Paper 194 193 199 195 193 175 183 185 185 180 175 178 182 Paperboard . 245 248 253 256 247 217 224 216 213 205 191 197 209 Fine paper 2 Printing paper 192 189 194 186 180 167 185 192 190 188 191 192 191 Tissue and absorbent paper 214 208 226 207 208 196 196 200 212 179 175 '193 192 Wrapping paper 172 171 172 170 177 165 168 180 180 184 181 177 177 Newsprint 120 119 122 122 129 126 128 129 127 126 125 123 129 Paperboard containers (same as Paperboard) Printing and Publishing 176 179 188 179 170 155 166 180 181 183 178 170 175 Newsprint consumption 159 169 181 172 161 143 147 168 173 178 166 148 159 Printing paper (same as shown under Paper) Petroleum and Coal Products. . 269 269 255 263 263 262 265 266 269 276 r281 280 P282 Petroleum refining 2 Gasoline 198 199 193 207 212 211 213 214 212 214 215 iii P209 Fuel oil 238 227 204 210 215 213 209 213 214 226 234 P243 Lubricating oil 177 188 197 201 194 193 198 187 200 196 190 213883 Kerosene 241 235 226 203 193 194 199 214 214 237 231 248 Other petroleum products 2 Coke 183 184 185 186 187 183 187 185 185 185 185 188 188 By-product coke 174 176 178 178 179 178 179 178 178 177 178 179 179 Beehive coke 487 475 433 456 476 388 457 411 452 467 456 r464 466 Chemical Products. . 291 296 298 298 300 301 303 r303 303 r304 r302 301 r>298 Paints 166 165 165 165 165 165 163 157 156 '157 157 156 Pi 55 Ravon 384 374 377 378 385 392 393 '346 '331 T-317 323 300 Industrial chemicals 510 524 532 538 548 554 557 r560 r556 r563 r561 557 P554 Other chemical products 2 Rubber Products. ... 235 239 238 247 251 243 243 245 239 r245 '250 250 P245 Minerals—Total. . 153 153 162 168 169 161 170 171 176 169 158 162 P160 Fuels 163 163 167 168 169 160 171 172 179 178 170 175 P173 Coal 118 111 120 118 123 97 123 125 138 141 125 136 123 Bituminous coal 125 127 133 126 133 105 134 137 147 152 135 147 135 Anthracite 89 48 64 83 86 66 77 79 104 99 86 91 77 Crude petroleum 185 189 191 192 191 192 194 195 199 196 193 P\98 Metals. 94 92 129 166 171 166 167 166 162 115 88 86 P86 Metals other than gold and silver 121 118 184 248 256 247 250 246 240 159 115 114 P114 Iron ore 93 89 231 365 392 384 403 388 354 185 94 94 (Copper* Lead' Zinc) 2 Gold . . .. 50 49 48 49 48 50 54 56 55 50 46 45 Silver 81 80 78 76 70 66 57 59 62 65 70 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 94C-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1952 435 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] 1951 1952 Product group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 157 160 138 129 125 100 101 107 103 104 98 94 103 Passenger automobiles 156 169 144 140 140 111 112 115 108 104 93 79 97 Household goods, total 158 151 131 117 108 88 89 98 98 103 104 110 109 Carpets 115 102 101 82 70 47 55 56 60 60 63 79 Furniture 119 119 116 109 102 102 97 97 98 101 104 104 103 Major appliances 138 139 125 115 111 78 86 96 88 93 100 96 96 Radios and television 294 262 186 153 133 98 95 123 135 149 130 164 160 NOTE.—Figures for February 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. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1951 1952 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ADJUSTED FOR SEASONAL VARIATION Total 13,214 13,218 13,249 13,211 13,204 13,106 12,967 12,855 12,789 12,776 12,804 12,827 12,821 Durable goods 7,352 7,395 7,449 7,449 7,440 7,352 7,303 7,265 7,248 '7,264 '7,264 7,261 7,265 Primary metal industries 1,147 1,153 1,161 1,174 1,178 1,173 1,171 1,162 1,154 1,143 1,152 1,157 1,156 Fabricated metal products 844 850 855 859 852 834 829 810 805 '801 '796 799 802 Machinery except electrical 1,209 1,219 1,233 1,236 1,246 1,247 1,221 1,225 1,248 1,261 1,264 1,276 1,275 Electrical machinery 709 717 718 714 708 705 714 711 700 '707 '711 716 720 Transportation equipment 1,233 1,253 1,243 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,239 1,240 1,245 Lumber and wood products 755 733 763 764 765 748 736 730 729 '712 '698 670 668 Furniture and fixtures 318 323 319 309 295 296 289 284 283 287 288 289 287 Stone, clay, and glass products. . 475 479 483 484 485 485 482 480 477 470 460 456 450 Instruments and related products 214 216 220 222 223 229 226 226 227 229 '230 230 231 Misc. manufacturing industries. . 421 423 424 422 417 410 396 382 373 '370 '374 374 376 Ordnance and accessories 27 29 30 32 34 38 41 44 47 50 '52 54 55 Nondurable goods 5,862 5,823 5,800 5,762 5,764 5,754 5,664 5,590 5,541 '5,512 '5,540 5,566 5,556 T A e p x p t a il r e e - l m a i n ll d p o r t o h d e u r c t f s inished tex- 1,250 1,211 1,214 1,212 1,205 1,203 1,170 1,147 1,133 1,121 1,125 1,122 1,103 tiles 1,083 1,074 1,063 1,045 1,047 1,053 ,032 1,007 985 '998 1,018 1,026 1,018 Leather and leather products. .. 367 362 357 345 351 341 336 321 317 '319 325 331 335 Food and kindred products 1,212 1,213 1,191 1,184 1,177 1,170 ,154 1,148 1,158 1,132 1,135 1,146 1,166 Tobacco manufactures 81 81 82 80 80 80 81 82 82 79 82 82 81 Paper and allied products 421 422 427 426 428 427 421 418 411 '407 405 402 401 Printing, publishing and allied industries 510 515 513 513 512 512 514 515 512 '514 511 514 511 Chemicals and allied products... 524 531 538 539 544 548 542 540 533 '531 527 531 531 Products of petroleum and coal. 193 195 196 195 197 196 194 194 197 196 '197 195 195 Rubber products 221 219 219 223 223 224 220 218 213 '215 '215 217 215 WITHOUT SEASONAL ADJUSTMENT Total 13,186 13,189 13,108 12,993 13,064 12,885 13,069 13,087 12,997 12,904 12,911 12,775 12,803 Durable goods 7,371 7,428 7,445 7,406 7,409 7,226 7,261 7,279 7,296 '7,314 '7,325 7,269 7,286 Primary Metal Industries 1,153 1,159 1,161 1,162 1,172 1,155 1,165 1,162 1,160 '1, 149 rl, 164 1,163 1,162 Blast furnaces, steel works and rolling mills 559 561 562 565 572 572 575 573 570 '558 572 571 Fabricated Metal Products 852 858 859 850 843 813 817 810 809 '805 '808 807 810 E M l a ec c t h M r i i n c e e a t r l a y l M w e a o x c r c h k e i p i n n t e g r E y l m ec a tr c i h ca in l ery... 1, 2 7 2 1 1 1 8 6 5 1, 2 7 2 2 2 3 3 4 1 1, 2 7 2 2 1 3 7 8 9 1, 2 7 2 2 0 4 8 7 2 1, 2 7 2 3 0 5 3 4 2 1, 2 2 3 3 2 5 1, 2 6 2 2 9 0 5 6 9 1, 2 7 2 3 0 1 1 7 9 1, 2 7 2 3 0 4 2 7 2 1, ' 2 7 2 5 1 4 5 8 1 1, ' ' 2 2 7 7 2 4 0 5 6 1,2 2 7 7 2 4 6 3 7 1,2 7 8 2 1 7 Electrical apparatus (gen- 258 262 266 270 275 271 272 273 265 '266 '270 272 erating, etc.) 270 273 262 247 241 230 239 247 258 '268 '272 271 Communication equipment. 1,233 1,253 1,243 1,233 1,237 1,187 1,198 1,211 1,205 '1,234 '1,239 1,240 1,245 Transportation Equipment Motor vehicles and equip- 791 793 774 752 738 684 675 679 667 '655 '651 640 ment 288 299 309 318 333 347 357 360 362 395 406 415 Aircraft and parts 736 722 752 764 773 748 754 745 740 r719 '695 657 651 Lumber and Wood Products 428 426 443 449 456 443 449 443 439 '428 '411 389 Sawmills and planing mills.. 324 326 317 301 286 284 285 285 289 294 294 293 293 Furniture and Fixtures 235 236 227 211 197 196 195 196 201 206 206 207 Household furniture 473 479 483 484 485 478 484 482 479 472 465 451 448 Stone, Clay, and Glass Products.. 215 218 221 222 223 221 224 226 228 230 '232 231 232 Instruments and Related Products. 427 429 422 409 400 383 388 388 390 '388 '381 374 382 Misc. Manufacturing Industries.. 27 29 30 32 34 38 41 44 47 50 '52 54 55 Ordnance and Accessories For footnotes see following page. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1951 1952 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Nondurable goods 5,815 5,761 5,663 5,587 5,655 5,659 5,808 5,808 5,701 5,590 »-5,586 5,506 5,517 Textile-mill Products 1,269 1,223 1,214 1,206 1,205 1,167 1,152 1,136 1,133 '1,132 1,142 1,133 1,120 Broad-woven fabric mills... 604 564 567 574 588 574 561 551 546 544 547 540 Knitting mills 236 236 230 222 216 210 212 205 209 209 '211 209 Apparel and Other Finished Textiles 1,115 1,106 1,047 998 1,000 990 1,047 1,037 1,019 '1,008 '1,033 1,026 1,049 Men's and boys' furnishings. 259 263 261 253 245 233 238 239 238 '233 '237 230 Women's and misses' outerwear 317 305 267 249 255 271 295 284 270 '219 '294: 299 Leather and Leather Products. . . . 374 371 353 331 344 336 343 327 320 '317 323 331 342 Footwear (except rubber)... 239 237 225 210 222 215 221 208 201 198 '206 214 Food and Kindred Products 1,099 1,096 1,085 1,099 1,146 1,225 1,307 1,330 1,254 '1,160 '1,123 1,068 1,064 Meat products 238 233 229 229 233 236 233 235 236 '2\6 '251 246 Canning and preserving. . . . 127 125 128 137 154 226 305 330 238 145 123 108 Bakery products 188 190 190 190 192 192 192 193 195 192 191 187 Tobacco Manufactures 80 78 76 74 76 75 84 89 89 85 84 82 SO Paper and A Hied Products 423 424 427 424 426 418 419 416 413 '411 409 404 403 Pulp, paper and paperboard mills 209 209 212 213 215 214 215 214 212 212 212 211 Printing, Publishing and Allied Industries 510 512 510 510 512 507 509 515 517 '519 519 514 511 Newspapers 150 150 151 152 152 151 151 153 153 154 155 151 Commercial printing 170 170 168 168 169 167 166 167 169 170 170 170 Chemicals and Allied Products... 532 539 538 531 528 526 531 543 544 '542 538 536 539 Industrial organic chemicals. 163 167 168 170 172 172 174 175 172 173 171 170 Products' of Petroleum and Coal.. 191 192 194 194 198 198 198 197 197 '197 '196 193 193 Petroleum refining 148 149 150 151 154 154 154 154 154 154 155 153 Rubber Products 222 220 219 220 220 217 218 218 215 '219 '219 219 216 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [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 1951 1952 1951 1952 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 63.84 '67.40 67.08 66.83 40.9 41.2 40.9 40.8 1.561 '1.636 1.640 1.638 Durable goods 68.18 '72.71 72.28 72.02 41.6 42.2 41.9 41.8 1.639 1.723 1.725 1.723 Primary metal industries 73.12 '77.77 76.84 75.80 41.1 '42.2 41.6 41.4 1.779 1.843 1.847 1.831 Fabricated metal products 68.18 '72.25 71.70 71.61 41.7 '42.5 42.1 42.0 1.635 1.700 1.703 1.705 Machinery except electrical 75.08 '79.90 79.90 80.15 43.5 44.0 43.9 43.8 1.726 1.816 1.820 1.830 Electrical machinery 64.80 '70.18 70.60 70.56 41.3 '42.3 42.3 42.3 1.569 1.659 1.669 1.668 Transportation equipment 74.05 '79.33 79.62 77.64 40.8 41.6 41.6 40.8 1.815 1.907 1.914 1.903 Lumber and wood products 56.13 '59.63 56.44 58.43 40.5 '40.7 40.0 40.8 1.386 1.465 1.411 1.432 Furniture and fixtures 58.15 '60.44 60.17 60.03 42.2 '42.0 41.7 41.6 1.378 1.439 1.443 1.443 Stone, clay, and glass products 63.15 65.47 64.79 65.10 41.3 41.2 40.8 41.1 1.529 1.589 1.588 1.584 Instruments and related products 67.06 '71.61 71.19 71.49 42.2 '42.6 42.2 42.2 1.589 1.681 1.687 .694 Miscellaneous manufacturing industries 58.41 '60.65 60.02 59.67 41.6 41.4 41.0 40.9 1.404 '1.465 1.464 ,459 Ordnance and accessories 70.92 '77.57 76.95 78.10 42.7 '45.1 44.3 44.5 1.661 1.720 1.737 ,755 Nondurable goods 58.32 '60.49 60.04 60.04 40.0 39.9 39.5 39.5 1.458 1.516 1.520 1.520 Textile-mill products 53.94 '52.66 52.57 51.74 40.8 39.3 39.0 38.5 1.322 1.340 1.348 1.344 Apparel and other finished products... . 48.38 '46.37 46.71 47.49 37.5 36.2 36.1 36.7 1.290 1.281 1.294 ,294 Leather and leather products 49.43 '48.39 49.45 50.45 39.2 '37.6 38.3 38.9 1.261 1.287 1.291 ,297 Food and kindred products 59.04 '64.13 63.32 63.56 41.0 '42.3 41.6 41.6 1.440 1.516 1.522 .528 Tobacco manufactures 43.17 '46.73 45.51 45.23 37.9 39.6 38.6 38.3 1.139 1.180 1.179 181 Paper and allied products 65.36 '66.73 66.74 66.63 43.4 '42.8 42.7 42.6 1.506 1.559 1.563 1.564 Printing, publishing and allied products 74.23 '79.83 77.68 77.71 38.4 39.5 38.8 38.7 1.933 r2.021 2.002 2.008 Chemicals and allied products 67.17 '69.05 68.85 67.90 41.8 '41.8 41.6 41.0 1.607 1.652 1.655 1.656 Products of petroleum and coal 78.44 82.41 82.17 81.60 40.6 41.1 40.7 40.7 1.932 2.005 2.019 2.005 Rubber products 63.37 '73.49 74.76 74.03 38.9 '41.1 41.1 40.7 1.629 1.788 1.819 1.819 ' Revised. NOTE.—Data are for production and related workers. Figures for February 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. APRIL 1952 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- ning 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 46,395 15,931 919 2,570 4,144 9,803 1,883 4,759 6,386 SEASONALLY ADJUSTED 1951—February 46,078 16,009 939 2,503 4,117 9,769 1,848 4,728 6,165 March 46,266 16,058 930 2,556 4,147 9,762 1,854 4,729 6,230 April 46,411 16,102 914 2,574 4,153 9,773 1,856 4,745 6,294 May 46,507 16,081 916 2,572 4,140 9,821 1,865 4,765 6,347 June 46,626 16,097 , 923 2,558 4,132 9,857 1,874 4,787 6,398 July 46,602 16,026 899 2,574 4,134 9,837 1,880 4,780 6,472 August 46,555 15,893 914 2,601 4,143 9,822 1,895 4,791 6,496 September 46,465 15,801 912 2,587 4,157 9,791 1,908 4,783 6,526 October 46,415 15,748 914 2,630 4,173 9,770 1,917 4,746 6,517 November -46,482 -15,761 '916 -2,581 '4,169 -9,827 '1,926 r4,758 6,544 December '46,548 -15,811 '916 -2,576 -4,151 '9,881 '1,930 4,749 6,534 1952—January 46,459 15,830 915 2 ,545 4,145 9,837 1,916 4,743 6,528 46,528 15,840 915 2,557 4,141 9,870 1,929 4,738 6,538 February UNADJUSTED 45,390 15,978 930 2,228 4,082 9,554 1,839 4,657 6,122 1951—February 45,850 16,022 924 2,326 4,112 9,713 1,854 4,682 6,217 March 45,998 15,955 911 2,471 4,132 9,627 1,865 4,745 6.292 April 46,226 15,853 915 2,598 4,137 9,683 1,874 4,789 6.377 May 46,567 15,956 927 2,686 4,161 9,732 1,893 4,835 6.377 June 46,432 15,813 906 2,754 4,176 9,667 1,908 4,852 6,356 July 46,724 16,008 922 2,809 4,190 9,641 1,914 4,839 6,401 August 46,956 16,039 917 2,768 4,178 9,781 1,898 4,831 6,544 September 46,902 15,965 917 2,761 4,166 9,893 1,898 4,770 6,532 October -46,852 -15,890 ••917 -2 ,633 -4,165 '10,109 '1,907 '4,734 6.497 November -47,592 -15,912 '915 '2,524 '4,151 '10,646 '1,911 4,702 6,831 December 1952—January 45,903 15,776 909 2,316 4,109 9,706 1,906 4,672 6,509 February 45,834 15,819 905 2,276 4,105 9,653 1,919 4,667 6,490 ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th ol the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. February 1952 figures are preliminary. Annual average for 1951 are computed by Board of Governors and are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimate's without seasonal adiustment. Thousands of persons 14 years of age and over] Civilian labor force Total Year or month civilian non- Employed 2 Not in the i p n o s p ti u tu la t t i i o o n n a x l Total Total In nonagricul- In U pl n o e y m ed - labor force 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 100.284 63 090 59.057 52.450 7 .507 3.142 46 181 1951 108,976 62,884 61,005 53,951 7,054 1,879 46,092 1951—February.. 108,933 61,313 58,905 52,976 5,930 2,407 47,619 March. ... 108,964 62,325 60,179 53,785 6,393 2.147 46,638 April 108,879 61,789 60,044 53,400 6,645 ,744 47,092 May 108.832 62,803 61,193 53,753 7,440 ,609 46,029 June , 108,836 63,783 61.803 53,768 8,035 ,980 45,053 July 108,856 64,382 62,526 54,618 7,908 ,856 44.474 August 108,896 64,208 62,630 54,942 7,688 ,578 44,688 September 108,956 63.186 61,580 54,054 7,526 L,606 45.770 October. .. 109,064 63,452 61,836 54,168 7,668 L ,616 45,612 November 109,122 63,164 61.336 54,314 7,022 L,828 45,958 December. 109,200 62,688 61,014 54,636 6,378 L.674 46,512 1952—January.. . 109,260 61,780 59,726 53,540 6,186 2,054 47,480 February. . 109,274 61,838 59,752 53,688 6,064 2,086 47,436 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. 8 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. 438 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 Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January . '•1,043.2 902.1 420.9 337.7 130.4 110.1 121.1 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 1,271.0 574.6 126.2 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 J une 1 439 4 545.2 ^242 0 65 4 128 1 148 3 310.5 July ... 1 422 7 548 1 r206 9 75 4 150.1 146.9 295.2 August 1,265.8 567.6 161.8 65.5 127.9 123.8 219.3 September rl 096 0 479 7 122 5 80 0 98 5 116 6 198 7 October 1 ,072 0 496 2 116 4 68 8 94.5| 159.1 137.0 November r951 1 443 9 '96 5 48 4 79 0 123 1 160 2 December 1,099.5 346.1 115.1 43.1 136.0; 163.9 1 295.2 Year.. 15 751 1 6 205 4 2,883 3 915 3 1.334 6 1,689 2 12,723 2 i r Revised. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP F. W. Dodge Corporation. Value of contracts in thousands; of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the. F. W. Dodge Corporation. Value of contracts in millions of dollars] 1952 1951 Total Public ownership Private ownership Federal Reserve district Month Feb. Jan. Feb. 1950 1951 1952 1950 1951 1952 1950 1951 1952 Tan 731 r ,045 902 201 306 297 530 '739 605 Boston 40,649 38,402 55,670 Feb.. . . 780 ,141 885 285 332 339 495 808 547 New York ... 169,440 133.898 213,202 Mar.. . . 1 ,300r ,271 481 418 819 '852 Philadelphia.... . .. 39,819 54,388 70,071 Apr.. . . 1,350 ,375 354 456 996 919 Cleveland 77.168 69,220 89,040 Mav . . . 1,348 '.573 389 1,474( 959 1,099 Richmond.... 98,910 82 ,234 130,938 June... 1,345 r , 439 428 583 917 '856 Atlanta .... 116,133 180.381 124,115 July.... 1,420 r ,423 460 '636 960 '787 Chicago .... 126,042 114,783 158,732 Aug.. . . 1,549 1,266 438 486! 1,111 St. Louis 46,255 64,179 59,941 Sept.. . . 1,287 1,096 364 '318J 922 '778 Minneapolis. 23,504 28,944 30,593 Oct 1,136 1,072 308 '310| 828 '762 Kansas City. ... 57,342 59,472 47,274 Nov.. . . 1,087 '951 320 '3261 767 '625 Dallas 89,944 76,190 160,951 Dec.. . . 1,168 1,100 381 "476 787 -524 Total (11 districts) 885,206 902,091 1,140,527 Year. 14,501 15,751 4,409 6,122 10,092 '9,629 ' Revised. INSURED FHA HOME MORTGAGES (TITLE II) HELD IN LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Title 1 loans Mortgages Y m e o a n r t o h r Total p m P e i r r m r e o o t n v y p - t e - - ] s S h c t t m o i r o o u m n a n c - l e - l l f h ( a - o T m t I u D o i s t i 4 l i e e y - s h R g ( o T a r e I u o n n D 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 e i I s n t ) t a i l 2 - s n e n ' g d V h ( M t T i o a I n i i u r I g t l y I s l i ) e - - End of month Total ! b C m c a o i n e a m r k l - s - b M s i t a n u a n g v u a k s l - - s a a S l s i a o t n s a i n o a g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s a c F e g i e r e e a d s n l - J - Other2 1 1 1 1 1 9 9 9 9 9 4 5 4 5 4 7 1 9 0 8 3 3 4 3 1 , , , 2 3 8 , 3 7 2 2 3 4 8 1 1 8 2 7 6 6 7 5 5 0 1 0 9 3 4 4 8 4 4 V 4 2 1 9 ' 3 7 7 2 1 1 , , 8 8 . 4 8 4 9 5 4 8 6 4 5 6 0 6 1 2 0 1 9 7 1 1 1 , , . 8 2 3 8 0 0 7 3 3 3 8 8 9 6 1 2 1 0 2 1 3 3 2 1 1 1 1 1 9 9 9 9 9 3 3 3 4 3 6 7 9 0 8 — — — — — D D D D D e e e e e c c c c c. 2 1 1 , , , 1 7 4 3 7 9 9 0 6 7 9 3 5 9 1 1,1 9 2 4 6 6 0 3 2 3 2 2 4 8 0 1 2 3 3 7 7 8 0 1 8 2 1 1 1 2 9 5 4 1 4 2 6 9 0 3 2 5 1 4 4 1 4 1 2 2 2 1 8 2 1 0 3 5 7 1 2 3 7 5 1 1 9 2 5 5 3 0 7 3 0 3 1941—Dec 3,107 1,465 186 254 789 234 179 1951—Feb.... 261 44 1 176 4 27 10 1942—Dec 3,620 1,669 236 276 1,032 245 163 Mar... 294 50 2 180 3 32 28 1943—Dec 3,626 1,705 256 292 1,134 79 159 Apr. . 252 43 2 162 7 20 18 1944—Dec 3,399 1,590 260 269 1 ,072 68 140 May. . 271 52 2 165 16 36 1945—Dec 3,156 1,506 263 253 I ,000 13 122 June.. 255 54 2 146 6 31 16 July... 274 76 2 146 17 19 13 1946—June 3,102 1,488 260 247 974 11 122 Aug... 270 66 3 154 15 18 14 Dec 2,946 1,429 252 233 917 9 106 Sept... 239 53 4 131 7 16 28 Oct. . . 300 74 4 145 20 15 41 1947—June 2,860 1.386 245 229 889 8 102 Nov... 248 68 4 141 4 24 7 Dec 2.871 1,379 244 232 899 7 110 Dec... 227 65 3 125 9 10 15 1948—June 2,988 1,402 251 245 973 7 110 1952—Jan. . . 5 274 88 4 159 18 3 2 Dec 3,237 1,429 265 269 1,113 9 152 Feb.... 5 211 64 2 125 8 10 (3) 1949—June 3,894 1,587 305 323 1,431 21 227 Dec 4,751 1,771 378 416 1,828 52 305 1 Net proceeds to borrowers. 2 Includes mortgages insured in connection with sale of Government 1950—Dec 6,695 2,205 693 603 2,712 60 421 owned war housing and insured loans to finance the manufacture of housing. 3 Less than $500,000. 1951—June 7,556 2,412 903 658 3,115 44 423 4 Includes 6 million dollars of Class 3 loans (program terminated Feb. 28, 1950) and 1 million of Sec. 8 loans. 5 Includes defense housing as follows: January, 1 million dollars; 1 The RFC Mortgage Company, the Federal National Mortgage February, 0.3 million. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance companies, industrial banks, ioans. Figures include some"reinsured,mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reportedly FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. APRIL 1952 439 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 1,092 1,105 741 974 Pl.246 547 590 623 1,024 P922 545 515 118 -50 ,325 February 1,085 1,043 764 Pl.076 589 567 600 P910 496 477 164 P166 1,139 1,189 860 P1,285 675 633 665 Pl,100 464 557 195 P185 April 1,121 1,173 804 P1,370 532 534 585 Pl,033 590 639 219 P338 1,103 1,095 830 PI.354 554 541 659 Pl,018 549 554 170 P337 1,014 1,108 877 Pl.294 625 526 687 P930 389 582 190 P365 July . . 1,019 900 3779 Pi,190 564 456 709 *>895 456 444 70 P295 August 992 885 762 PI,267 606 491 820 P880 386 394 —59 P387 September. . . . 926 910 911 Pl.232 560 530 859 P721 365 380 52 P511 October 1,023 856 906 Pl.155 600 557 923 »833 423 299 -16 P321 November 823 842 977 Pl.388 554 593 855 P818 269 249 122 P57O December 1,318 945 1,065 Pl,436 720 605 867 P801 598 340 198 P636 Jan.-Dec 12,653 12,051 10,275 P15,022 7,124 6,622 8,852 PlO.962 5,529 5,429 1,423 P4.060 P Preliminary. 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 ro st d- Ore l c a e n l- e- c d h i a s n e ucts ous l.c.l. Year or month 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 t in e g in N co e m t e 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 1,040 783 SEASONALLY 1951 . PIO.391 P9.448 P943 P693 ADJUSTED SEASONALLY 1951—February 129 114 186 134 55 143 241 141 48 ADJUSTED March 139 112 202 150 62 147 241 157 53 April 136 112 197 158 68 156 212 151 51 1951—January 863 766 98 66 May 133 111 210 141 64 154 212 148 48 February... 783 742 41 11 June 131 120 217 123 61 152 207 144 47 March 854 783 71 39 July 125 97 215 130 61 143 203 142 45 873 800 73 41 August 133 122 215 140 67 148 209 144 47 May 855 794 62 30 September. . . 133 130 211 132 81 142 205 143 46 June 871 795 76 44 October 135 134 206 154 83 144 180 144 46 July 818 775 44 13 November. .. 137 140 218 159 70 152 180 144 46 August 854 806 48 16 December. . . 133 127 206 143 68 144 235 142 44 September.. 873 794 79 50 October 897 818 79 47 1952—January 141 133 203 146 67 155 256 151 46 November.. 907 818 89 56 February.... 136 120 192 140 72 146 277 149 49 December. . 925 779 147 111 UNADJUSTED UNADJUSTED 1951—February 119 114 197 131 44 137 60 133 46 L951—January. ... 849 771 78 55 March 130 112 204 138 49 147 70 149 54 February... 716 697 19 -4 April . 133 112 193 139 61 156 193 149 51 March 875 797 78 51 May 135 111 208 124 57 160 296 149 48 April 851 781 71 45 June 137 120 212 125 49 158 321 148 47 May 889 814 75 49 July 130 97 209 156 50 143 325 143 44 June 856 792 64 50 August 137 122 206 151 64 155 313 145 47 July 817 775 42 16 September.. . 144 130 209 148 107 153 308 154 48 August 910 829 81 55 October 146 134 202 154 128 152 267 157 48 September.. 856 780 76 50 November. .. 140 140 218 156 88 149 174 149 47 October 966 844 122 98 December. . . 123 127 216 135 65 128 73 134 43 November.. 904 809 95 68 December.. 903 768 135 151 1952—January 128 133 214 146 64 139 64 138 44 February 126 120 203 137 57 140 69 140 47 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. 440 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 Year or month U S n t i a t t e e d s Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 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—February 115 111 110 120 120 116 114 116 108 117 116 118 112 March 105 102 103 109 104 105 113 107 99 93 110 112 102 104 98 102 105 108 111 105 104 98 101 103 112 102 May 104 100 100 104 104 110 107 105 98 100 104 111 104 105 98 108 103 106 110 114 101 98 98 104 113 103 July 105 106 103 105 107 105 111 101 104 101 104 114 108 August 109 108 106 111 108 121 110 107 106 109 111 115 106 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 108 102 100 110 115 114 118 106 111 97 115 122 105 February.. . P105 P101 100 110 108 109 Pill 105 100 113 *>105 115 101 UNADJUSTED 1951—February 90 83 90 89 93 88 96 89 86 86 93 95 '94 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 '184 188 179 185 181 192 203 175 168 166 185 203 189 1952—January. 83 81 80 '81 87 80 90 81 81 72 86 95 83 February. P83 P76 82 82 83 83 P93 81 80 83 *>84 93 85 STOCKSi 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 1951—February 129 129 124 127 133 131 145 127 131 114 128 126 128 March 133 132 129 132 143 124 144 132 135 119 132 134 132 April 138 132 131 133 148 138 150 136 142 123 142 138 140 May 136 129 128 132 145 137 146 134 140 123 141 140 137 June 136 131 131 132 146 145 141 133 143 122 141 138 136 July 138 130 133 134 144 146 140 139 139 124 141 141 139 August 134 127 129 130 136 140 144 131 139 123 143 140 138 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 December 119 115 115 120 116 130 133 117 119 106 121 125 119 1952—January 118 115 114 115 114 133 133 114 106 106 122 124 121 February P116 113 107 112 110 127 129 113 112 *>102 P122 P123 123 UNADJUSTED 19<u—February 125 123 120 125 132 127 144 124 128 110 127 124 122 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 June 129 122 122 123 137 133 135 125 136 117 137 128 133 July 127 117 117 116 129 134 132 125 129 120 133 129 134 August 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 November 133 132 132 133 128 139 145 133 125 119 133 135 132 December 107 108 106 105 102 114 116 109 105 97 108 115 106 1952—January... 106 105 101 100 104 117 119 106 92 100 114 112 109 February. . P113 107 104 110 109 123 128 111 109 P99 "120 P121 117 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. APRIL 1952 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of [ndexnumbers changefrom a stocksto without seasonal adjustment year age> (value) sales1 1941 average monthly sales =100 2 Department r N b s e e t u p o r o m r r e - o t s f - d p u S e a r r l i i e o n s d g m S ( o e t n n o d c t k h o s ) f January Sale pe s r d i u o r d ing Sto o c f k m s o a n t t e h nd ing 1952 1951 1952 1951 1 J 9 a 5 n 2 . 1 J 9 a 5 n 2 . 1952 1951 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire store 3... 345 — 14 —7 3.3 3.1 MAIN STORE—total 345 -15 -7 3.5 3.2 184 385 215 649 662 689 Piece goods and household textiles 307 -24 -5 2.4 1.9 286 244 376 684 778 718 Piece goods 284 -12 -7 3.5 3.3 199 160 227 699 666 750 Silks, velvets, and synthetics 190 -12 -7 3.4 3.2 172 155 195 580 563 622 Woolen yard goods 167 -29 -8 4.4 3.4 191 173 269 856 904 916 Cotton yard goods 181 0 -9 3.0 3.3 232 142 233 707 640 783 Household textiles 298 -27 -5 2.0 1.5 331 278 453 664 792 693 Linens and towels 267 -25 •< 2.6 2.0 292 320 391 771 787 779 Domestics—muslins, sheetings 244 -31 + 1 1.2 0.8 501 197 730 616 831 620 Blankets, comforters, and spreads 232 -18 -16 2.9 2.8 234 289 285 667 697 743 Small wares 336 -4 -3 3.9 3.9 163 455 171 642 674 662 Laces, trimmings, embroideries, and ribbons 195 -1 -2 3.8 3.9 163 319 164 623 740 642 Notions 232 -3 4 3.6 3.6 209 371 215 755 799 790 Toilet articles, drug sundries 319 -8 0 3.4 3.2 154 394 167 539 571 539 Silverware and jewelry 306 -11 -3 6.2 5.7 135 533 151 828 857 844 Silverware and clocks 4 209 —25 _3 8.1 6.3 Costume jewelry 4 274 +4 —4 3.4 3^7 Fine jewelry and watches 4 75 — 10 2 117 10 7 Art needlework 228 -2 -9 3'.3 3^5 194 242 199 638 754 704 Books and stationery 267 +6 —3 3.4 3.7 173 624 164 581 568 595 Books and magazines 127 + 10 + 1 2.6 2.9 169 494 154 449 465 440 Stationery 235 +4 -5 3.7 4.1 169 639 163 630 569 658 Women's and misses' apparel and accessories. 342 -7 -5 2.8 2.8 176 358 189 493 483 516 Women's and misses' ready-to-wear accessories... 342 -8 -6 3.4 3.4 160 418 175 557 556 588 Neckwear and scarfs 303 +2 -3 2.5 2.6 194 653 191 491 444 507 Handkerchiefs 275 -8 -11 4.6 4.8 95 571 102 436 428 490 Millinery 160 -8 1.4 1.4 113 167 112 154 132 166 Women's and children's gloves 316 -6 -6 4.6 4.6 107 459 114 495 514 526 Corsets and brassieres 330 -11 -9 2.8 2.8 262 285 295 744 800 813 Women's and children's hosiery 334 -16 -13 2.5 2.4 123 319 146 310 300 356 Underwear, slips, and negligees 324 -11 -6 3.3 3.1 160 607 179 523 522 551 Knit underwear 243 -16 -1 3.0 2.6 221 660 262 673 693 674 Silk and muslin underwear, and slips 277 -12 -10 3.6 3.6 144 570 163 526 524 576 Negligees, robes, and lounging apparel 246 +3 -5 2.7 2.9 150 695 145 399 354 405 Infants' wear 318 +8 -11 3.0 3.7 226 533 209 684 725 759 Handbags and small leather goods 326 -3 -4 3.3 3.3 118 477 121 383 396 398 Women's and children's shoes 240 -17 -1 5.7 4.8 172 278 207 988 958 990 Children's shoes 4 212 —9 6.8 7.1 Women's shoes 4 221 — 19 o 5^5 4A Women's and misses' ready-to-wear apparel 342 -4 2^2' 2'.2 " 193" '294' 204 425 406 439 Women's and misses' coats and suits 331 -12 -9 1.7 1.7 244 213 276 420 412 456 Coats4 221 5 1.3 1.3 Suits 4 210 —28 —20 2 6 2 3 Juniors' and girls' wear 304 -1 -11 2'.6 2^9 172 414 175 455 423 501 Juniors' coats, suits, and dresses 263 -6 -13 2.1 2.2 190 320 202 391 369 442 Girls' wear 307 +6 -9 3.4 4.0 163 541 154 561 509 603 Women's and misses' dresses 334 -1 0 1.9 1.9 175 218 178 335 306 336 Inexpensive dresses 4 250 — 2 —6 1.4 1.5 Better dresses 4 266 o +2 2 4 2 3 Blouses, skirts, and sportswear 332 +3 -3 2.6 2^8 209 480 203 555 499 563 Aprons, housedresses, and uniforms 287 -1 -4 1.9 1.9 196 270 199 367 356 385 Furs 260 -21 + 12 3.3 2.3 134 187 170 440 513 401 Men's and boys' wear 324 -12 -1 4.7 4.2 153 513 175 722 759 721 Men's clothing 251 -14 +8 4.3 3.4 204 308 237 874 943 811 Men's furnishings and hats 305 -15 -2 4.9 4.3 126 666 148 616 626 624 Boys' wear 294 +3 -12 5.1 6.0 123 500 120 631 665 713 Men's and boys' shoes and slippers 190 -20 -3 5.9 4.9 151 429 189 891 927 904 Homefurnishings 311 -25 -12 4.4 3.7 207 287 277 905 897 1 022 Furniture and bedding 242 -14 -6 3.9 3.6 221 192 258 860 862 910 Mattresses, springs, and studio beds 4 169 -14 -18 2.0 2.1 Upholstered and other furniture 4 173 — 14 —6 4.6 4 2 Domestic floor coverings 270 -36 -16 3^8 188 187 292 928 997 1 102 Rugs and carpets 4 166 —36 — 18 4^8 3. 7 Linoleum 4 97 —22 — 16 5 4 5 0 Draperies, curtains, and upholstery 289 -13 -6 4.7 4^4 167 245 193 793 825 839 Lamps and shades 246 -12 -5 4.0 3.7 176 375 200 702 753 738 China and glassware 247 -9 +8 7.2 6.1 159 380 174 1,144 1,159 1040 Major household appliances 232 -49 -22 4.2 2.7 193 199 380 814 906 1034 Housewares (including small appliances) 251 -27 -11 4.5 3.7 218 434 298 987 994 1 107 Gift shop 4 170 —9 + 1 6.4 5.8 Radios, phonographs, television, records, etc.4. 223 —34 —45 2^7 3.3 Radios, phonographs, television 4 173 —33 —55 2 1 3.1 Records, sheet music, and instruments 4. . . . 123 -11 -8 4.6 4.4 Miscellaneous merchandise departments. . . 309 -8 -7 4.3 4.3 148 599 161 636 437 690 Toys, games, sporting goods, cameras 288 -12 -10 11.6 11.3 59 1,034 68 690 652 760 Toys and games 237 -7 -14 16.1 17.3 31 1,393 33 500 557 572 Sporting goods and cameras 142 -14 -10 8.8 8.4 71 752 83 624 1,143 694 Luggage 259 -4 c 4.9 5.0 169 548 176 826 800 856 Candy 4 184 + 1 -15 1.7 2.0 For footnotes see following page. 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment year ago (value) sales i 1941 average monthly sales =100 2 b N e u r m o - f d S u a ri le n s g ( S e t n o d c k o s f January Sales during Stocks at end Department stores period month) period of month reporting 1952 1951 1952 1951 Jan. Jan. 1952 1952 1952 1951 Jan. Dec. Jan. Jan. Dec. Jan. BASEMENT STORE—total 191 -8 -11 2.4 2.5 170 338 186 416 429 463 Domestics and blankets4 130 -19 -12 1.7 1.6 Women's and misses' ready-to-wear . . 174 -4 -11 2.0 2.1 162 326 169 317 323 352 D I C B n o l r t o e a i u s m t s s s e e a s a s t e , n 4 d s a k p s i p u rt i a s t r , s e 4 a l n 4 d sportswear 4 1 1 1 1 7 5 6 5 0 9 7 0 -1 -7 2 0 - - 1 1 - - 6 1 6 1 2 2 1 1 . . . . 4 4 3 0 2 2 1 1 . . . . 2 6 3 4 Girls' wear 4 121 +4 0 -16 2.6 3.3 Infants' wear 4 115 +8 -17 2.5 3.3 Men's and boys' wear 155 -7 -13 3.2 3.4 162 529 173 522 524 593 iMen's wear 4 139 -9 -12 3.1 3.2 Men's clothing 4 95 -5 -12 2.9 3.1 Men's furnishings 4 114 -12 -11 3.2 3.1 Boys' wear4 . . . . . 118 -15 3.6 4.4 +7 Homef urnishings. 101 -14 3.6 3.5 156 227 182 559 574 650 -14 Shoes 114 -1 4.2 3.8 129 245 145 538 518 539 -11 NONMERCHANDISE—total . 174 -4 (5) (5) (5) Barber and beauty shop 4 80 + 11 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 441. 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 1951, 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. 1947-49 average = 100] [In millions of dollars] Without seasonal adjustment Reported data Derived data * Year or month m ( S o t f a o n o t l t r a e h l s ) m ( S e t o n o n d c t k h s o ) f s m ( t o e a O r o n n d n u d e d t r t h i - s o ) n f g R m ( e t o c f o o n e t r i t a p h l t ) s m o ( N o r t f d o n o e t e t r w a r h l s ) May 2 1 1 6 0 3 9 . 5 . 0 . . . . . 1 1 0 0 9 6 4 5 May 1 1 1 5 2 9 9 . 5 . 1 . .. . . 1 1 1 1 9 3 0 9 Nov. 1 1 1 4 1 8 9 . . . 5 . . . 0 . . . . . . . . .1 1 1 2 0 1 7 9 8 Nov. 1 1 1 3 0 7 951 . . . 1 1 1 2 2 3 7 1 0 27 . 97 26 .100 25. .. . .110 24 .123 1943 average... 204 509 530 203 223 June 3.. .. . 90June 2. . . . 95 Dec. 2. . .. .153Dec. 1 .161 1944 average... 227 535 560 226 236 10 104 9 .108 9. . .. .191 8 .191 1945 average... 255 563 729 256 269 17. . . 104 16 .106 16. . .. .220 15 .213 1946 average... 318 715 909 344 327 24. .. . 86 23. .. . 92 23. .. . .221 22 .228 1 1 1 9 9 9 4 4 4 8 9 7 a a a v v v e e e r r r a a a g g g e e e . . . . . . . . . 3 3 3 5 3 3 2 7 3 8 9 8 2 1 6 6 2 2 5 4 3 5 6 5 2 5 0 3 3 3 3 6 3 8 6 1 3 3 3 4 3 3 5 6 1 July 1 8 1 5 . . . . . . . . . . . . 9 9 7 1 1 5July 3 1 0 7 4 . . . . . . . . . . . . 8 8 7 9 3 5 3 1 0 9 . 5 . 1 .. . 82 2 1 9 952 . 92 1950 average... 347 942 466 361 370 22. .. .104 21. .. . 81Jan. 6. . .. . 98Jan. 5. . . .. 78 1951 average... 358 1,114 425 355 345 29. .. .102 28. . . . 80 13. .. . .105 12 . 92 Aug. 5. . . .102 Aug. 4. . . . 88 20. . .. .104 19 . 90 1951—Feb 284 1,087 ••654 ••383 '375 12. .. . 94 11. .. . 87 27. .. . . 96 26 . 83 Mar 347 1,217 467 ••477 290 19. .. . 97 18. . .. . 93Feb. 3. . .. . 81Feb. 2 . 84 Apr 312 1,240 338 335 206 26. .. . 99 25 . 97 10. . .. . 94 9 . 87 May.... 339 1,193 295 292 249 Sept. 2. . . .107Sept. 1. . . .105 17. . .. . 94 16 . 89 June 326 1,112 386 245 336 9. . . .102 8. . . .100 24. . .. . 95 23 . 83 July.... 257 1,069 434 214 262 16. . . .127 15. . . .114 Mar. 3. . .. . 99Mar. 1 . 85 Aug 309 1,106 395 346 307 23. .. .111 22 .111 10. . .. .105 8 . 88 Sept 343 1,117 404 354 363 30. . . .110 29. . . .114 17. . .. .101 15 . 90 Oct 388 1,152 408 423 427 Oct. 7. . . .112Oct. 6. . .. .110 24. . .. .105 22 . 95 Nov 442 1,147 373 437 402 14. . . .111 13 .117 31... . . 89 29 .102 Dec 608 929 292 390 309 21 .105 20 .116 Apr. 7. . .. .101Apr. 5 .109 1952—Jan 291 910 379 272 359 28.... .108 27. . . .113 14. . .. .100 12 Feb P271 P951 P386 P312 *>319 2 2 1 8 . . . . . . . . . . 10 9 1 7 2 1 6 9 p Preliminary. r Revised. 1 These figures are not estimates for all department stores in the United States. Figures for sales, stocks, and outstanding orders are NOTE.—Revised series; for description and weekly indexes for back based on actual reports from the 296 stores. Receipts of goods are years, see pp. 359-362. 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. APRIL 1952 443 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] F 19 e 5 b 2 . 1 J 9 a 5 n 2 . 1952 F 19 e 5 b 2 . 1 J 9 a 5 n 2 . 19 2 52 F 19 e 5 b 2 . 1 J 9 a 5 n 2 . m 19 2 o 5 s 2 . F 19 e 5 b 2 . 1 J 9 a 5 n 2 . 1952 United States. P-4 -13 P-9 Richmond., -2 -8 -6 Chicago-cont. Dallas-cont. B N N L S W P D P B o B p r o o L e e o o s o o r w r w w o s w a t i v r t t n o s w l c e o i n a t g n d e l H o n B r t l n f s e o - e n i a d t e e n A w n e v l d c c r d r e n e f e e n o a rd... P + - - - + + 1 1 - - - - 2 5 5 5 2 9 6 4 1 9 3 - - - - - - 1 2 1 1 1 2 -6 7 1 2 9 9 0 - - - - - - 1 + 1 1 1 1 1 - - - 7 1 3 2 7 8 3 4 3 7 A W A W C G L N C R B H R y o s h a o a i r n a a i c e h l n l l r g n a d s e u t h e f e c r e s i e h o i n m m v m l t g h r r i l e o v s i s n k h b b l o s o t n i o l g o u l i t e n r - l n a o t w r S e , e d o , g n . , a . n n N . . S l S . e . * . . . C . m . . C . . C. + - - - + + 1 1 1 - - - - 1 1 1 4 6 1 9 3 5 2 0 0 0 c - - - + + + 1 1 1 - - - - - - 4 9 7 9 4 9 2 2 4 6 4 7 Q - - - + + + 1 1 1 - - - - - - 4 7 5 7 5 5 1 2 0 7 2 8 j G L F L F M G M D D E o l i a v r r e e i i a t e a r n n l s t a t d t w e n l s r t e n i n M d o i s a S i n s o i u R v m B o g t R n k J o i 1 i a e a n i l c y t e l p e k h e i s » * . d . . i . . . . . s . . . . . . . . J . . ' * p - - - -3 + 1 1 - - 1 - - - - - 4 3 5 6 9 6 5 1 0 2 4 - - - - - - - - - - 1 1 1 1 1 1 1 2 - 1 1 - 3 7 6 3 0 5 6 7 6 6 3 0 - - - - - - 1 1 - - 1 1 1 1 - - - - 9 6 8 4 6 8 3 1 8 0 3 4 S E T W F S P B C F H D a l a r h u o a o o a n e a n o c k r r l u P s c t l p s e e n a s o A a o n r u F t W s o s s n o i s n f o r x » n l i t o a e o C » n l r l n d h t . c i h r o . i . i i s s . c . t o ! . . P P + - + - 1 + + + + - - 2 6 1 1 6 t 9 0 2 3 4 - 8 2 r + - - - - - - 1 - + + 1 1 1 2 1 - 2 6 1 9 1 2 4 0 0 4 2 2 P + - - - + + + + 1 - 1 1 - - - 1 7 1 6 3 6 2 3 3 3 2 9 5 New York -5 -16 -11 Roanoke -6 -17 -12 Louisville 1... . 0 -12 -6 Long Beach V P-6 -12 Bridgeport *.. . -2 -6 -4 Ch'ls'ton.W.Va. -2 -3 •? Quincy -11 -19 -15 Los Angeles... Newark J. . . . -9 -17 -13 Huntington. . +8 -6 +1 St. Louis i . P0 -12 -7 Area1 p—7 -18 -14 A B l i b n a g n h y amton . -8 0 - -1 1 1 9 -1 -6 4 Atlanta. . . p+1 A -2 S Sp t. r i L n o g u fi i e s l d A . re .. a p + -1 9 -1 -3 3 + -7 3 D A ow ng n e to le w s1 n Los -20 -16 Buffalo i +6 -8 -2 Birmingham » -4 -5 -5 Memphis l... . -6 -4 Westside Los Elmira +3 -12 -5 Mobile +2 -1 0 Angelesx -10 P C T A S N N L W S U Y C C C C P S P R R le h p y c h o r a v o a e e k o l o i i t e i i e r a i e r n h n i u a w n l r r c l l l c i a n l u g a v o k k n c d a e c h g t a a n c t o m a n a g n e e i i d Y e h d d o u n 1 n r n s f l s . e s e k e . 1 b s n a i a g o t . - t n c . e e e l l e u e » * B n r p p t l a l r F e k r s a d l d a h h t p J a d i i ^ r C i i » l s ' y r a . . l a l i . e i . s . . * e . . t . » . . y . . . . . . . . . . . . . ' p - - + + 1 - - - - - - - - - - - - - 6 6 8 5 4 4 2 2 4 3 6 9 2 2 0 7 6 2 -2 - - - - - - - - - - - - - 1 + 1 1 1 1 1 1 1 1 1 2 1 1 - - - - 2 7 9 9 5 2 7 5 5 6 5 3 8 6 0 4 3 1 A p- - - - - - - - 1 (2 1 + 1 1 1 1 1 1 - - - - - 1 - - ) 1 8 6 8 8 4 5 2 2 1 0 2 3 0 4 C O M J S T S N M A C N C A M R J K M B B a a h a t a o o r h r e a u a t n c . c a o i i v e i l l m m l w t a s g a k c s k c a o a u n o a r P h t t u a m s o s n z n m e o i n t t n p e o v o s O g a n g d d v l t n i a t t n n n b i o a o 1 o R e i a r i 1 a 1 l v u o 1 a l l l r m . l h o e l e . i s s o n l e . a u 1 b e l . g . 1 . n g e u r . . . a s e . y . r ! . . * . g x l .. . P P P P p + + - - - - 6 + + + 3 + 1 + - - - + + - + 1 - - — 1 1 8 1 1 8 3 4 1 2 8 0 3 6 8 4 5 7 4 4 5 r + - - - - - - 1 + 1 + 1 1 — - - 1 1 - - - - - - 1 9 9 5 7 8 3 3 7 2 0 4 3 2 5 5 3 3 0 0 7 j + - - -1 + + + + + 1 + - - - - 1 — - - - - 1 0 4 6 6 9 9 2 3 3 1 2 7 3 6 4 2 3 6 1 Q y K M L S M G S T G W J O S D P K H D M o S i a t a t u o r i m r o e a u . u . a p i n u a i n e e p n n u c n t l n l C J P n n a b a n u e c s h i v s x n k o h n t e d l a k h t a e r a e i e o h a s r o a t u a a s i F r s F a a i e - t n s F l o p p o a a s p C s C r o o o « l l e o h l l i l l r » s i s i t i . n t k s s y y . . . s * . . . . . .. p + - - - - - (2 + + 1 1 - + + 1 1 - + 1 - - - 1 ) 4 5 7 P 7 8 0 0 1 5 6 3 0 2 1 1 O 0 1 - - - - - - - - - - - - - - - 1 1 1 1 1 2 1 2 1 1 1 1 2 2 - - 2 - - 7 3 3 9 9 6 7 7 5 6 8 4 0 0 7 8 1 4 0 P - - - - ( - - - - - - 2 9 1 1 1 1 - - - 1 1 1 2 1 - - - - - ) 4 4 4 9 1 4 8 3 2 1 7 2 1 5 6 0 5 S S S O S S V S T R B S Y P E S B S N N B a a a a t a p e o o a i v a a e a o a v n n n c l a o l i k l e c k r a a e t l s n c l r e t k t r e l o m p i r i a e t F J k D r L k a l n m j e a l a s m m o B a o e n a t e r g p a n t i i o s a n a e l t d d n h e k a e e a a e i e » n n g d e r a . » d n e i n y a c . n 1 o * 1 m * t . . a d n i . C a o . i s . . n * . r d . c . i 1 . d . . d t . . o . y . . i . . . . n . . * . o \ p P P P - - - + - - 1 1 - - - + 1 - - - 7 1 7 9 9 6 6 6 1 4 0 3 9 0 > - c 7 2 ' ' ' r- • - - r - - - - - - - - - - - 1 - 1 2 1 1 1 2 2 1 2 1 1 1 1 _ l 5 2 2 9 3 4 1 1 0 3 5 5 4 8 9 l - - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - - 1 1 2 - 7 2 6 5 7 1 1 0 7 1 1 4 4 2 5 0 Toledo i -14 -11 Chicago1 -4 -10 -7 Oklahoma City -6 -16 -11 Voungstown 1. . -12 -11 -11 Peoria J — 1 -17 -9 Tulsa +3r-10 e Erie i 0 -8 -4 Fort Wayne >.. -8 -17 -13 Pittsburgh * -12 -20 -16 Indianapolis 1.. -1 -10 -6 Dallas +2 -2 Wheeling^. .. -1 -15 Terre Haute1... +4 -15 -6 Shreveport +10 +2 +6 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in thr district in which the city is located 2 Data not available. CONSUMERS' PRICES * [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 (941 105.2 105.5 106.3 106.4 102.2 107.3 104.0 1942 116.6 123.9 124.2 108.8 105.4 122.2 110.9 1943... 123.7 138.0 129 7 108.7 107.7 125.6 115.8 1944 125.7 136 1 138.8 109.1 109.8 136.4 121.3 1945 . . . 128.6 139.1 145.9 109.5 110.3 145.8 124.1 1946 139 5 159 6 160.2 110.1 112 4 159.2 128.8 1947 159.6 193.8 185.8 113.6 121.2 184.4 139.9 1948 171.9 210.2 198.0 121.2 133.9 195.8 149.9 1949 170 2 201 9 190.1 126.4 137 5 189.0 154.7 1950 171.9 204.5 187 7 131.0 140.6 190.2 156.5 1951 185.6 227.4 204.5 136.2 144.1 210.9 165.4 1951—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 November 188.6 231 4 207.6 138.9 144.8 210.8 168.4 December 189.1 232.2 206.8 139.2 144.9 210.2 169.1 1952—January . . 189.1 232 4 204.6 139.7 145 0 c209 0 169.6 February 187.9 227.5 204.3 140.2 145.3 208.6 170.2 'Corrected. 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 444 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] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i c e n o p l r x t d - e d e s - l - l H e s p u a k a r i n c i o t d n h t d d e s s e s - , r , p l t F i e o m a i g u r n w n h i a e g d a e - t l l - , r s , C a p i u a l h c r l c n o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l p c n o i l e t e d d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c M u m t a e r h i c n o r v o i a y t d n d e - s - - - F h o a h d t a o u b t u o u n h u r l r l r e d n s e e d - e s r i- - e s N t r t m t m a a u r o l l r i u e s l n a n i - — c c - l - - b m b e t o b f a T u r a a t a e a n c r o t c n v g l e d c - - e - u e s o d s - n c M e e o l i l s u a - s - 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.6 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1951 February. . 116.5 117.2 112.9 117.2 115.7 127.7 107.4 112.6 154.1 126.4 120.1 123.7 117.7 114.6 113.7 108.4 103.9 March 116.5 117.6 112.0 117.3 115.9 126.9 107.3 111.8 153.9 126.6 120.3 123.2 118.6 115.1 113.7 108.4 104.2 April 116.3 117.5 111.8 117.1 115.5 126.5 106.5 111.5 153.2 126.6 119.7 123.3 118.6 115.4 113.7 108.4 105.7 May 115.9 115.7 112.3 116.8 114.8 126.2 106.2 111.3 152.9 126.1 119.8 123.2 118.6 115.3 113.6 108.4 103.0 June 115.1 113.9 111.3 116.2 112.9 124.7 106.3 110.2 150.0 124.6 120.2 122.7 118.6 115.0 113.6 108.4 102.8 July 114.2 111.1 110.7 115.7 111.6 122.3 106.5 108.8 145.9 123.5 120.2 122.3 118.8 114.4 113.6 107.9 103.7 August. . . . 113.7 110.4 111.2 114.9 108. 118.0 106.3 108.5 145.9 122.3 119.5 122.2 118.9 113.5 113.6 107.8 102.6 September. 113.4 109.9 110.9 114.8 105.9 118.0 106.7 108.7 146.3 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October 113.7 111.5 111.6 114.6 103.9 113.6 106.8 108.8 146.3 121.7 118.8 122.4 120.2 112.8 113.6 107.5 106.9 November. 113.6 112.0 111.0 114.5 103.9 107.0 106.9 108.6 146.3 121.1 118.4 122.5 120.5 112.7 113.6 107.5 108.9 December. 113.5 111.3 110.7 114.6 104.0 105.1 107.4 108.4 145.9 120.3 118.4 122.5 120.7 112.7 112.8 108.1 109.8 1952 January... 113.0 110.0 110.1 114.3 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 112.9 108.1 111.1 February. . 112.6 107.8 109.7 114.3 102.1 99.7 107.2 106.0 143.1 120.4 118.4 122.6 121.9 112.3 112.9 111.0 111.4 1951 1951 1952 Subgroup Subgroup Average Feb, Jan. Feb. Average Feb. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 97.2 97.8 '121.5 112.6 Woodpulp 114.4 113.4 114.5 114.5 Grains 99.3 102.2 103.6 101.7 Wastepaper 188.3 274.8 89.5 87.3 Livestock and poultry 116.9 120.9 106.7 106.2 Paper 119.1 117.1 122.8 123.7 Plant and animal fibers 143.9 166.7 127.2 120.5 Paperboard 131.8 132.0 130.6 130.6 Fluid milk 104.8 107.2 110.2 110.6 Converted paper and paperboard. . 117.0 '117.0 115.9 115.9 Eggs 108.0 90.6 80.8 74.3 Building paper and board 113.4 113.4 113.4 113:4 Hay and seeds 102.7 110.5 101.6 100.9 Metals and Metal Products: Other farm products 138.5 141.1 137.7 138.6 Iron and steel 123.2 123.5 123.1 123.2 Processed Foods: Nonferrous metals 124.2 126.7 '124.2 125.1 Cereal and bakery products 106.9 107.8 107.5 107.4 Metal containers 121.1 121.1 '120.6 120.6 Meats, poultry and fish 116.7 117.4 113.5 110.8 Hardware 125.8 125.8 125.8 125.8 Dairy products and ice cream 107.7 107.8 '113.2 114.9 Plumbing equipment 122.5 123.2 '116.6 116.8 Canned, frozen, fruits & vegetables. 105.5 106.8 -"105.7 104.8 Heating equipment 114.6 114.7 '114.0 114.0 Sugar and confectionery 106.4 104.2 '105.9 105.6 Fabricated struc. metal products. . 117.5 119.1 115.8 115.5 Packaged beverage materials 161.3 161.1 162.5 162.5 Fabricated nonstructural metal Other processed foods 123.0 127.8 114.6 119.9 products 125.4 126.0 124.4 124.4 Textile Products and Apparel: Machinery and Motive Products: Cotton products 111.5 119.2 -•102.8 101.2 Agri. mach. and equipment 120.1 120.2 '121.5 121.8 Wood products 144.6 160.1 '118.0 114.4 Cons. mach. and equipment 123.6 123.6 124.6 124.9 Synthetic textiles 97.0 103.9 91.4 89.9 Metal working machinery 125.8 125.3 '127.5 127.5 Silk products 128.8 146.3 126.0 130.2 General purpose mach., etc 123.5 123.4 '123.5 123.5 Apparel 103.8 104.4 '101.7 101.6 Miscellaneous machinery 119.4 119.1 '120.1 120.1 Other textile products 141.6 147.9 '133.3 126.4 Elec. mach. and equipment 121.9 121.8 '121.5 121.6 Hides, Skins, and Leather Products: Motor vehicles 112.9 109.5 '117.1 120.0 Hides and skins 119.0 134.8 69.7 63.7 Furniture; Other Household Durables: Leather 124.7 137.7 r97.0 89.9 Household furniture 116.4 117.6 '113.6 113.5 Footwear 121.6 124.7 115.9 116.5 Commercial furniture 124.5 124.9 122.8 122.8 Other leather products 112.3 115.6 104.1 103.2 Floor covering 137.8 140.7 '126.4 126.4 Fuel, Power, and Lighting Materials: Household appliances 107.9 107.9 '108.0 108.0 Coal 108.4 110.6 108.8 108.8 Radio, TV, and phonographs 92.8 92.6 93.1 93.1 Coke 124.0 123.1 124.3 124.3 Other household durable goods... . 117.3 117.2 '117.6 117.6 Gas 100.7 104.7 106.6 106.6 Nonmetallic Minerals—Structural: Electricity 98.1 99.6 98.0 98.0 Flat glass 114.0 114.0 114.0 114.0 Petroleum and products 110.5 109.9 110.8 110.4 Concrete ingredients 113.0 113.2 '113.2 113.2 Ch F D P I e n a a m r d t u i s i n u g c t s a s a t , l n a r s P i d n a a d h l n o a d i p c r l m h s a A , e i a n m l i c l t n i e i e e c m u d d a t i a l i b s c P t l e a r e r l o i s d a , l u c s c o t s s m : etics . 1 1 9 8 0 2 5 8 8 0 . . . . 6 8 9 7 1 1 1 9 2 2 0 5 3 0 9 . . . . 9 4 5 4 • 1 1 9 5 1 0 4 6 8 9 . . . . 8 8 1 3 1 1 9 5 1 0 1 3 7 9 . . . . 2 7 5 0 S O G P C t r o t y r e h n u p p e c s c a r u r t r e u m n e t r d o e a n p l p a m r s c r o o p e l d a d t h y u a u a l c l c l p t t i t s c r s r o o m d o u i f n i c n e ts g rals 1 1 1 1 1 2 1 1 1 0 1 7 2 1 4 . . . . . 4 4 3 0 8 1 1 1 1 1 2 1 1 1 0 1 0 7 2 5 . . . . . 4 9 4 4 4 1 1 1 1 9 1 1 2 1 8 1 7 1 2 . . . . 6 2 7 4 A 1 1 1 1 9 1 1 1 2 8 1 7 2 1 . . . . . 6 2 7 4 4 Mixed fertilizers 107.3 106.2 108.5 108.6 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 106.3 105.4 109.4 109.6 Cigarettes 105.8 105.7 107.3 107.3 Other chemicals and products 108.4 112.4 104.2 104.2 Cigars 100.6 101.5 98.0 98.0 Rubber and Products: Other tobacco products 108 107.6 114.8 114.8 Crude rubber 215.1 238.9 197.3 193.3 Alcoholic beverages 106 107.0 105.9 111.5 Tires and tubes 133.9 133.9 133.4 133.4 Nonalcoholic beverages 119, 119.7 119.7 119.7 Other rubber products 130.9 131.0 129.8 129.1 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 116.2 116.1 '114.8 114.6 Lumber 123.6 126.4 120.4 120.6 Manufactured animal feeds 100.5 98.5 112.8 113.4 Millwork 130.1 131.0 127.0 126.4 Notions and accessories 101.3 101.4 100.2 100.2 Plywood 115.1 117.7 104.2 105.8 Jewelry, watches, photo equipment. 101.1 100.9 100.9 100.9 Other miscellaneous 120.6 120.6 120.6 121.0 r Revised. Source: Bureau of Labor Statistics.For back figures, see BULLETIN for March 1952, pp. 311-313. APRIL 1952 445 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.. 8.8 7.2 8.1 9.3 14.8 17.6 19.1 21.2 23.5 22.2 22.6 23.1 23.7 24.5 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 18.7 20.4 21.7 23.8 25.4 24.3 25.9 24.9 25.1 25.8 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments .6 .7 .5 .5 . . 7 3 .7 .7 .8 .8 .8 .8 .8 .8 .8 Plus: g o S v u e b r s n i m di e e n s t l e e s n s t e c r u p r r r i e s n es t surplus of -.1 0 1 ) .2 1.4 1.6 -.1 -3.2 -.8 -1.8 2.9 -3.4 1.6 5.9 2.3 2.5 Equals: National income — .1 39.6 .5 .1 198.7 .0 .0 .3 .5 .2 .8 .8 .4 .1 Less: Corporate profits and inventory 87.4 72.5 103.8 223.5 216.7 239.0 275.8 260.1 269.4 274.3 278.0 281.2 valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 30.5 36.2 43.0 42.2 42.9 43.0 42.6 43.6 Contributions tor social insurance.. .2 .3 2.1 2.8 5.7 5.2 5.7 7.0 8.5 7.4 8.3 8.4 8.5 8.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .7 -.7 Plus: Government transfer payments... .9 1.5 2.5 2.6 11.1 10.5 11.6 14.3 11.7 11.1 11.5 11.8 11.8 11.8 Net interest paid by government... 1.0 1.2 1.2 1.3 4.4 4.5 4.6 4.7 4.9 4.7 4.8 4.8 4.8 4.9 Dividends 5.8 2.1 3.8 4.5 6.6 7.2 7.6 9.2 9.4 11.1 8.8 9.6 9.6 9.8 Business transfer payments .6 .5 .5 .7 .7 .7 .8 .8 .8 .8 .8 .8 .8 .7 Equals: Personal income 85.1 72.6 95.3 191.0 209.5 205.1 224.7 251.1 238.3 244.1 249.9 253.2 257.0 46.6 Less: Personal tax and related payments. 2.6 2.4 3.3 21.5 21.1 18.6 20.5 28.4 23.1 27.6 28.1 28.4 29.7 Federal 1.3 1.5 1.2 2.0 19.6 19.0 16.2 17.8 25.5 20.3 24.7 25.1 25.4 26.7 1.4 .5 1.2 1.3 2.1 2.7 3.0 2.7 3.1 State and local 1.9 2.5 2.9 3.0 3.0 82.5 1.0 70.2 92.0 188.4 204.3 222.6 215.2 227.2 Equals: Disposable personal income 169.5 186.4 216.5 221.8 224.9 78.8 45.2 67.5 82.3 177.9 193.6 205.5 198.4 206.7 Less:Personal consumption expenditures 165.6 180.2 208.8 202.4 204.0 3.7 46.3 2.7 9.8 10.5 10.7 17.2 16.8 20.5 Equals: Personal saving 3.9 6.3 7.8 19.4 20.8 -1.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 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 ' 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.J 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 income8 . 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 Corporate profits before tax 9.8 2 6 5 17 2 30.5 33 8 28.3 41.4 44.5 50.3 51.8 45.4 39.8 41.1 Corporate profits tax liability. . 1.4 .5 1.5 7.8 11.9 13.0 11.0 18.6 26.6 22.5 31.1 27.0 23.7 24.5 Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.7 17.3 22.8 18.0 27.8 20.7 18.4 16.1 16.7 Inventory valuation adjustment... .5 -2.1 -2.6 -5.8 -2.1 2.1 -5.1 -1.5 -8.2 -8.9 -2.3 2.8 2.5 Net interest 6.5 5.0 4.2 4.1 3.5 4.3 4.9 5.4 5.7 5.6 5.6 5.7 5.8 5.8 n.a. Not available. 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. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annualrates by quarters 1950 1951 1929 1933 1939 1941 1947 1948 1949 1950 1951 4 1 2 3 4 Gross national product . . 103.8 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6 Personal consumption 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 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 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 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 Pr O od th u e c r ers' durable equipment 4 6 .4 2 1. . 8 7 2 4 . . 2 6 3 7 . . 3 7 1 7 7 . . 6 1 1 9 9 . . 1 9 1 9 9 . . 0 0 2 9 2 . . 5 5 2 1 7 1 . . 3 3 2 1 5 0 . . 0 3 2 1 5 0 . . 9 9 2 1 7 1 . . 2 7 2 1 7 1 . . 0 8 2 1 9 0 . . 0 6 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 63.0 47.8 53.2 60.3 67.7 70.7 Federal 1.3 2.0 5.2 16.9 15.8 21.0 25.5 22.8 41.6 27.3 32.2 38.9 46.2 49.0 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 Sta O L t e t e h s e s a : r n d G o lo v c e a r l nment sales2 \ ) 7 i ( l- 3 6 ).2 i 2 5 (« . . 9 0 ) 3 7 (3 . . ) 9 9 3 7 (8 . . 2 ) 8 1 3 1 2 . . . 8 3 8 1 5 5 . . . 6 6 6 1 6 8 . . . 6 1 4 1 3 9 . . . 9 7 2 2 4 1 . . . 2 4 2 2 3 0 . . . 4 4 2 2 3 1 . . . 5 0 2 2 3 1 . . . 7 3 2 2 4 1 . . . 6 4 2 2 5 1 . . . 1 7 2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P c o e o n r m a - l e r T ec o e t i a p l ts4 b m T u d o e i r n s t s a - e t l s - Wag d p m i e u C n r o o g s o a d t d m n r i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t e u v r d i s s e i b - s - bu S r i e s n t e r r d v i m u e ic s s e e - nts m G er o e n n v - t - in O l c a t o b h m o e r r e1 i p n r r e P c a i o n e r n o m t t d a o - l e rs 6 ' i i n n d s p a t c o e e n o e n n r r m d d a e - s l s e t m T p r e f a a e n y n r t - s s - 7 p b e c a i s u r n o o n s f t s n c o c i o u o t i e r n a r r n i a - l 8 - s l i a n g N t c u r o o i r c m n a u l - e l- 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 5 14.7 9.2 3.0 6 66.3 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 6 20.8 9.9 3.1 8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.1 131.2 133.5 56.9 39.0 17.2 20 4 3.0 41.4 17.1 12.4 2.2 187.6 1950 224.7 142.9 145.8 63 5 41 4 18 7 22 3 3 5 44 0 19 3 15.1 2 9 206.6 1951 251.1 165.9 169.4 74.5 45.6 20.2 29.1 3.8 48.9 20.0 12.5 3.5 229.4 1951—January 243 6 158 0 161 6 71.7 44.3 19 9 25 7 3.7 50.5 18.8 12.6 3.6 221.4 February 243.3 160.0 163.4 72.4 44.5 19.8 26.7 3.8 48.2 19.2 12.1 3.4 222.9 March ... . 245 5 162.2 165.9 73.7 44.9 20 0 27 3 3.8 47.7 19.7 12.1 3.7 225.2 April 249 0 164 8 168 2 75 0 45 3 20 1 27 8 3.8 48 1 20.2 12.1 3.4 227.8 May 249.8 165.1 168.8 74.6 45.6 20.2 28.4 3.8 48.0 20.2 12.7 3.7 229.0 June 251 0 166 4 169 9 75 2 45.6 20 3 28 8 3.8 48 0 20.0 12.8 3.5 230.1 July 252.4 167.1 170.6 74.8 46.0 20.3 29.5 3.8 49.2 19.7 12.6 3.5 230.1 August 253 7 167.4 170 8 74.5 46.2 20 3 29 8 3.8 49.7 20.1 12.7 3.4 231.3 September.... 253.6 168.3 171.7 75.0 46.4 20.3 30.0 3.8 48.3 20.7 12.5 3.4 232.1 October 257.5 169.5 173.1 75.1 46.1 20.4 31 5 3.8 50.5 20.8 12.9 3.6 234.5 November. . . . 256.5 170.7 174.3 75.1 46.1 20.5 32.6 3.9 49.1 20.2 12.6 3.6 234.8 December 258.6 171.9 175.4 76.8 46.5 20.7 31.4 3.9 49.8 20.7 12.3 3.5 235.9 1952—January 257.7 172.1 175.8 76.7 46.8 20.7 31.6 3.9 49.9 19.3 12.9 4.1 257.8 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 insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 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. APRIL 1952 447 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 Total E o n r d m of o n y t e h ar co c n r s e u d m it er i c T m n r s o e e t t d n a a i l t l t - Total A S u al t e o m cr o e b d i i l t e Other 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 y in 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 J.143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 L ,119 2,599 414 1,498 687 1944. 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 L.422 3,263 510 L.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 1951. 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 J .111 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 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1952—January?. 20,120 13,315 7,322 3,9^2 3,360 5,993 6.8C5 1,445 4,253 .107 February? 19,763 13,207 7,181 3,927 3,254 6,026 6,556 1,450 4,003 1,103 ? 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 insti (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - 1 l p S c l a m o o n a m a i n e l - l s b I a n t n r d i k u a s l s - 8 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m l i r n o z e a o s a a p n u d n t a i d r e s o i e r r n d n J - b m C a e n o r k c m s ia - l l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - > p I a c n t l n o r o 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 5,964 2,510 1,268 301 229 542 176 938 4,198 2,437 528 417 947 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. 5,964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January?. . 5,993 2,521 1,273 300 230 541 176 952 393 184 46 38 85 February? . 6,026 2,541 1,274 301 232 545 176 957 373 181 46 37 91 * Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small am ount of other retail direct loans not shown separately. ^ Other retail direct loans outstanding at the end of February amounted to 109 million dollars and other loans made during February were 14 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude noncorsumer loans. 448 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] Per- Depart- sonal y E m e n a o d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t e , o - - s o m m t a r o n e a d r n i d e e l t r - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s r o t e A t o t h r a l e e l i r l s Year or month i l m ns e t n a h t lhouses 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 1951—January 5,610 1,116 1,219 1,268 890 1,117 1943 707 172 289 78 57 111 February 5,530 1,096 1,222 1,217 877 1,118 1944 691 183 293 50 56 109 March 5,516 1,079 1,232 1,190 874 1,141 1945 715 198 296 51 57 113 April 5,490 1,072 1,242 1,153 875 1,148 1946 . 1,104 337 386 118 89 174 May 5,489 1,083 1,248 1,123 882 1,153 1947 1,935 650 587 249 144 305 June 5,481 1,090 1,246 1,098 883 1,164 1948 2,567 874 750 387 152 404 July 5,430 1,086 1,230 1,068 886 1,160 1949 3,096 1,010 935 500 163 488 August 5,472 1,097 1,240 1,059 899 1,177 1950 3,778 1,245 1,029 710 794 September 5,440 1,105 1,239 1,004 911 1,181 1951 . 3,507 1,186 971 613 737 October 5,442 1,090 1,226 1,010 925 1,191 November.... 5,436 1,079 1,209 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 1,162 956 677 736 1952—Tanuaryp 5,418 1,042 1,184 1,034 928 1,230 March.... 3,422 1,133 924 655 710 February* 5,412 1,039 1,185 1,016 925 1,247 April 3,336 1,103 905 636 692 May 3,268 1,084 890 616 678 Volume extended dur- June 3,193 1,055 874 602 662 ing month: July 3,112 1,022 854 590 646 1951—January 606 98 137 147 47 177 August.... 3,109 1,015 859 590 645 February 536 93 132 117 41 153 September. 3,152 1,028 870 600 654 March 638 109 160 123 51 195 October. . . 3,221 1,056 890 607 668 April 625 118 153 125 56 173 November. 3,300 1,099 908 608 685 1 May 683 140 166 132 65 180 December . 3,507 1,186 971 613 737 June 666 143 160 115 64 184 1952 July 642 137 150 115 62 178 Januaryp. . 3,360 1,129 933 592 706 August 738 162 187 131 70 188 FebruaryP. 3,254 1,089 920 567 678 September 682 150 166 126 67 173 October 744 150 168 153 82 191 November.... 689 136 152 147 72 182 December 686 117 149 157 70 193 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL 1952—Tanuaryp 714 131 170 146 57 210 BANKS, BY TYPE OF CREDIT Februaryp 679 135 167 130 55 192 [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 E O st M im P a A te N s. IE I S n , m B i Y lli o T n Y s P o E f d O ol F la r C s] 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 ment paper 2 mmoo a dd n ee d rrnn-- i m ns e t n a t lm A o u b to il - e Other l i o z a a n ti s o l n 2 l c o a a s n h s Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 4 5 5 9 0 1 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 7 1 5 5 5 6 4 5 . . . 5 9 4 1 1 1 3 4 3 1 7 7 . . . 5 9 1 o 1 1 1 f 9 9 9 5 4 5 p 1 9 0 eriod: 2 2 1 2 5 9 6 5 4 . . . 9 7 3 4 6 5 3 3 7 . . . 2 5 9 3 4 47 1 1 . . . 3 4 1 6 7 7 . . . 5 2 3 1 1 1 1 2 3 0 3 7 . . . 6 3 6 1951- - J J A S O A M N D F M J u u a e e p u c o e a n l a p n b t r y g c v y r o e t i u r e c u e e l b u a h m m s m e a r t r y b b r b y . e e e . r r r . . . , . , . . 4 3 3 3 3 4 3 4 3 3 3 3 0 9 9 0 8 8 8 0 8 8 8 8 4 1 1 5 5 6 4 2 2 2 6 2 . . . . . . . . . . . . 1 7 8 1 0 7 3 4 4 5 9 5 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 2 2 2 2 1 1 1 1 0 9 1 8 8 3 7 3 3 6 6 6 . . . . . . . . . . . . 2 6 9 9 2 9 0 9 5 1 9 4 8 7 7 7 7 7 7 7 7 7 7 7 1 4 7 5 3 0 8 6 1 2 7 5 . . . . . . . . . . . . 2 2 7 6 7 4 4 3 6 9 4 8 5 5 5 5 5 5 5 5 5 5 5 5 2 3 6 6 6 4 2 3 2 1 2 2 . . . . . . . . . 7 5 5 1 8 6 6 4 3 9 8 0 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 4 4 4 4 4 3 4 3 7 9 9 9 6 4 6 7 7 1 3 5 . . . . . . . . . . . . 7 7 1 9 9 5 3 0 0 3 3 8 1951— F J J A A M S O M N D J u u e e u p c o e a a a n l p b t r y g c v n y r e o i t r e u c e l u e u b h m s m m a e a t r r r b b b y y e e e . r r . r . . . . . , , 2 2 2 2 2 2 2 2 2 2 2 2 2 5 2 3 3 2 3 2 4 4 4 5 5 5 5 0 2 6 5 8 5 7 1 0 . . . . . . . . . . . . 1 3 6 6 6 9 4 1 5 4 3 3 5 5 5 6 6 6 5 5 5 6 6 6 6 3 7 6 9 0 3 3 3 7 9 3 . . . . . . . . . . . . 2 2 8 1 8 2 7 5 5 8 8 4 4 4 4 4 3 4 3 4 4 4 4 4 0 0 0 9 0 0 5 9 4 2 6 7 . . . . . . . . . . . . 2 5 6 8 0 6 8 8 5 4 1 3 6 7 7 7 7 7 7 7 7 7 7 7 . . . . . . . . . . . . 9 2 0 0 2 1 1 0 6 3 4 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 3 3 2 2 3 2 2 3 3 0 3 1 2 0 4 5 0 8 7 7 . . . . . . . . . . . . 4 2 2 1 3 8 9 7 8 5 0 6 1952— F J e a b n r u u a a ry ry p ? . . . 4 4 0 0 2 3 . . 6 9 1 1 1 1 6 6. . 5 3 8 8 1 1 . . 4 4 5 5 6 6 . . 1 3 1 14 4 9 8 . . 9 6 1952— F Ja e n b u ru a a ry r p y ? . . . . 2 2 5 5 6 7 . . 2 8 6 6 2 2 . . 5 4 4 4 7 7. . 5 0 7 7 . . 2 1 1 1 3 4 9 0 . . 5 8 Volume extended Volume extended d 1 u 9 r 5 i 1 n — g J J D A A O F S N M M m J u u e e a p u c e o n l a a o p b n t c y r g v r y o e t n i r e u c u e e l b u t m m h a s m h e a t r : r b b y b ry e e . e r . r r . . . . , , . . 5 4 4 4 4 4 3 4 5 6 5 5 3 6 1 9 8 2 4 8 0 8 8 2 . . . . . . . . . . . . 6 2 2 8 5 3 8 9 0 3 4 3 1 1 1 1 1 1 1 1 1 1 1 1 6 7 0 4 9 5 4 3 3 0 5 2 . . . . . . . . . . . . 2 6 6 2 4 3 6 9 1 1 4 8 1 1 1 1 1 8 8 8 7 7 7 7 2 0 0 1 2 . . . . . . . . . . . . 2 5 3 2 6 8 8 2 4 4 8 8 4 4 4 3 3 3 3 3 3 2 2 5 . . . . . . . . . . . 2 1 1 9 5 8 3 8 0 5 3 4 2 2 2 2 2 2 2 2 2 2 2 1 0 2 0 4 1 4 1 5 2 0 2 8 . . . . . . . . . . . . 2 7 5 3 8 1 5 3 0 9 9 0 d 1 u 9 r 5 i 1 n — g A J J A O F S D M N M J m u u e e a p c u e o a l a n p o n b t y r c g v y r e o t i u n r e c e u l e u b a t m h m m s h e a r t y r : r b . b b y e e e . r r r . . . , . 4 3 3 3 3 4 3 4 3 2 3 29 3 4 2 5 4 1 9 2 7 7 6 . . . . . . . . . . . 6 6 9 3 3 5 4 8 8 9 1 1 1 9 9 9 6 6 8 9 9 8 7 7 1 . . . . . . . . . . . . 6 9 4 4 0 8 0 3 8 4 4 5 4 4 4 6 3 4 4 5 6 6 7 7 . . . . . . . . . . . . 2 2 9 2 6 8 3 9 9 4 0 7 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 7 6 7 5 5 5 6 3 5 4 4 3 2 2 2 2 2 2 2 2 2 2 1 1 1 0 7 1 3 3 1 0 1 3 7 7 . . . . . . . . . . . . 2 2 7 6 5 6 3 9 3 3 7 4 1952— F J e a b n r u u a a ry ry ? P . . . . 5 5 2 1 . . 5 8 1 1 5 4 . . 2 3 1 10 1 . . 1 8 3 3 . . 7 5 2 2 2 2 . . 8 9 1952— F J e a b n r u u a a ry ry ? ? . .. , 3 3 8 9 . . 4 4 9 8 . . 2 9 5 5 . . 7 7 0 0 . . 5 5 2 2 3 4 . . 3 0 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 8 Includes both direct loans and paper purchased. 449 APRIL 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Pe fr r o ce m n t p a r g e e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instament accounts a C c h co ar u g n e ts month month of preceding Item year Year or month Depart- Furni- h H ol o d u s a e p - - Depart- 1 F 9 e 5 b 2 . P J 1 a 95 n 2 . D 19 e 5 c 1 . 1 F 9 e 5 b 2 . ? 1 J 9 a 5 n 2 . D 19 e 5 c 1 . s m to e r n e t s st tu or r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: 1951 Total +2 -40 +25 -4 -12 +2 19 10 12 50 Cash sales.... -8 -39 +40 -8 -16 -5 February 17 10 11 46 Credit sales: March 19 11 12 50 Instalment +6 -46 +25 +3 -6 + 10 April . . . 18 11 11 47 Charge account -22 +13 -18 -24 -16 May 18 11 11 49 June 19 11 12 49 Accounts receivable, end Tulv. 18 11 12 46 of month: August 19 12 12 48 Total . . . 2 -5 +8 2 -7 -7 September 19 11 12 47 Instalment -2 -5 +11 -2 -4 -4 October 21 12 12 50 21 11 12 50 Collections during December 19 11 12 45 month: Total -8 +8 —2 -6 -6 -7 1952 Instalment -8 +6 -3 -3 -3 -6 January . . . 19 10 13 47 February P 18 11 12 45 Inventories, end of month, at retail value. +2 -1 -8 -12 -8 -5 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average =100i Percentage of total sales Year or month Sales during month Ac a c t o e u n n d ts o r f e m ce o iv n a t b h le Collec m tio o n n s t h during Cash Instal- ment sales sales Total Cash I m ns e t n a t l- a C c h co a u rg n e t I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n a t l- a C c h co a u rg n e t Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 1942 53 57 45 48 60 48 60 51 56 6 1943 60 72 39 49 35 42 47 50 61 5 1944 67 82 36 53 29 44 41 52 64 4 1945 . . 75 92 37 59 28 50 40 59 64 4 1946 93 105 56 84 38 73 53 78 59 4 1947 99 103 85 95 67 92 78 92 55 6 1948 103 103 105 104 108 105 106 103 52 7 1949 98 94 110 101 125 103 117 104 51 8 1950 101 93 136 106 177 111 146 111 48 10 1951 104 95 133 111 181 124 165 118 48 9 1951—January 98 85 128 108 204 142 186 165 45 10 February 82 73 116 89 199 125 169 130 46 March 101 91 129 109 194 120 186 125 48 April 91 ' 83 109 98 186 116 167 113 48 100 91 113 109 178 118 163 114 48 June 95 91 103 100 171 115 161 114 50 July 75 71 90 76 163 103 148 106 50 August 90 83 127 93 162 103 151 99 48 September 101 90 138 107 166 113 151 97 47 October . 113 101 164 121 172 122 163 114 46 November 129 115 171 138 182 136 169 121 47 December 177 167 205 185 197 177 168 122 49 1952—January 84 77 110 89 190 142 180 165 48 February P 79 71 107 83 180 124 163 127 48 ooo Charge account sales 43 38 34 32 32 37 39 41 41 42 43 45 44 43 43 8 44 8 42 9 41 11 41 10 43 11 43 10 43 9 42 10 42 10 42 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. 441. 450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 452-457 Gold production 457 Reported gold reserves of central banks and governments 458 Gold movements; gold stock of the United States 459 International Monetary Fund and Bank 460 Central Banks 460-464 Money rates in foreign countries 465 Commercial banks 466 Foreign exchange rates 467 Price movements: Wholesale prices 468 Retail food prices and cost of living 469 Security prices 469 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. APRIL 1952 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.x Decrease Domestic Foreign in U. S. securities: securities: Inflow in From th r J o 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 b a fu r n o n k a d i d n s g » In f f o u fl r n o e d w ig s n o * f o R fu f e n U t d u . s r n S * . b b r a o l k a e n r c a e g s 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 2,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 L.844.3 116.8 183.3 L,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2.197.8 3,028.2 1,637.8 307.6 258.5 L.209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 L.702.3 231.4 1,202.9 1,064.5 131.7 1951—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 '10,357.1 7,696.8 2,646.8 3,449.8 1,600.1 218.9 1,305.5 L,005.0 130.9 Apr. 30 10,385.9 7.647.1 '2,582.0 ••3,459.5 1,605.6 240.3 1,399.4 ••973.1 126.1 May 31 10,284.6 7,604.3 ••2,589.4 •"3,453.5 1,561.4 215.4 1.414.2 '929.2 121.6 June 30 10,248.6 7,901.1 ••2,746.2 ••3,526.6 L.628.3 190.3 1,128.9 '895.6 132.7 July 31 10,113.9 7,797.0 '2 ,602 .7 '3,537.0 1,657.3 189.4 1,083.8 '911.2 132.6 Aug. 31 10,142.4 8,017.4 ••2,733.9 ••3,640.7 L.642.9 181.9 900.4 '912.1 130.6 Sept. 30 10,194.3 8,038.1 ••2,719.7 ••3,701.2 1,617.2 231.9 879.8 '912.7 131.8 Oct. 31 10,138.1 8,422.3 ••2,767.9 ••3,911.0 1,743.4 211.3 635.9 '744.3 124.3 Nov. 30 10,161.6 8,448.2 2,733.5 3,973.7 ,741.0 186.3 648.0 755.0 124.1 Dec. 31? 10,132.9 8,517.9 2,744.3 4,085.4 1,688.3 159.4 644.3 688.6 122.6 1952—Jan. 31* 10,067.0 8,463.4 2,633.1 4,149.4 L,680.9 133.5 652.2 693.3 124.6 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 » - 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' 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... L.864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0179.5 1950—Dec. 31... 1,722.2 • 6,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 «2,777.7 899.0 1,612.91,378.5254.5 1951—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 '3,292.3 666.6 193.0 131.4 502.5 299.1 827.8 2,620.3 811.6 1,705.81,386.0251.9 May 31... L.581.4 6,777.0 '3,299.7 622.5 191.9 133.4 498.2 289.8 863.4 2,599.3 818.1 1,714.01,387.2258.5 June 30... L,648.3 7,006.9 '3,456.5 620.1 246.3 134.8 509.3 276.0 930.7 2,717.3 964.4 1,672.91,399.1253.3 July 31... 1,677.3 6,873.9 '3,313.0 545.6 218.3 132.0 499.9 289.4 972.6 2,657.9 931.8 1,614.31,410.3259.4 Aug. 31... 1,662.8 7,108.7 '3,444.2 522.6 221.2 131.7 506.8 283.4 1,097.4 2,763.1 1,011.1 1,578.31,495.1261.0 Sept. 30 .. 1,637.1 7,155.1 '3,430.0 513.0 222.7 135.4 511.5 287.8 1,131.3 2,801.9 1,022.8 1,532.01,540.8257.6 Oct. 31 . . 1,763.3 7,413.1 '3,478.2 543.2 270.1 132 A 493.3 288.2 1,116.5 2,843.7 1,257.8 1,502.21,535.0274.3 Nov. 30. . 1,760.9 7,441.4 3,443.8 591.2 254.4 154.5 506.8 293.1 1,086.1 2,886.1 1,250.1 1,461.61,555.8287.8 Dec. 31*. L.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 1952—Jan. 31 P. 1,700.8 7,516.7 3,343.4 645.6 252.8 153.7 526.0 289.2 995.8 2,863.1 1,316.5 1,398.91,635.7302.6 P Preliminary. ' 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. * 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 funds held in accounts with the U. S. Treasury. 8 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 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. 452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k lo c i h a - - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR s Y la u v g i o a - ot A he ll 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 1947—Dec. 31. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73 7 12.1 138.2 1948—Dec. 31. 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Dec. 31 717.0 119.9 38 0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7 6 117.4 1950— Dec. 31. 799.2 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—Feb. 28. . 812.8 45.0 119.9 4.3 42.2 20.3 241. C 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 18.2 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. 30. .1,086.1 62.9 145.1 1.5 46.7 27.9 455.9 41.5 98.6 2.6 35.4 6.0 18.4 80.3 2.3 8.2 52.7 Dec. 31 P. 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 1952—Jan. 31? . 995.8 56.9 132.8 .7 44.0 30.0 395.1 38.9 97.7 2.4 38.8 6.0 16.6 64.3 4.2 7.7 59.5 Table 2b.—Latin America Neth- Do- er- Re- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l p P a ic u m a b n o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th a ti e e 2 n r r lic Surinam 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—Feb. 28. 1,596.1 312.1 20.8 249.8 70.6 49.7 257.7 45.1 30.6 140.7 30.0 60.6 51.9 42.2 79.0 75.9 79.6 Mar 31 1,646 3 345 2 22 4 259.6 69.9 44.2 276.0 45.8 31 8 108.7 30.8 55.0 52.2 46.5 81.8 89 8 86.6 Apr. 30. 1,705.8 347.5 19.3 248.1 79.9 66.6 309.8 46.3 30.8 115.8 28.8 58.2 51.9 46.3 82.1 80.8 93.5 May 31. 1,714.0 353.2 19.7 241.7 76.6 66.2 327.9 48.7 29.2 109.9 25.6 57.9 53.9 46.8 74.4 87.2 95.2 June 30 1,672 9 343 7 24 7 212.4 69.9 58.1 327.9 51.3 29.5 123.8 25 0 54.3 58.1 50.6 74.6 75 6 93.2 July 31. 1,614.3 330.9 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 30 1 461 6277 1 25 0 110 1 47 6 79.7 284.7 43.6 22 8 159.3 31 2 48 6 65 6 28 5 83 0 68 1 86.6 Dec. 31 P1,437.2 249.7 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 1952—Jan. 31v1,398.9 225.9 23.6 98.5 56.5 97.6 253.1 46.1 32.1 147.0 31.5 49.5 63.1 36.5 73.7 67.4 96.8 Tab!• 2c.—Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u ey r- O A t s h ia e r s 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 a n g n g y d l p o - - S U o o n u f i t o h n Other * Main- public na tian Africa 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 lOSO-Dec. 31. 1,378.5 81.7 86.1 55.7 U4.7 20.3 12.6458.5 374.4 48*2 14.3 111.9 254.5 19.1 58!i 75.6 44.0 57.7 1951 -Feb. 28. L,401.1 77.7 65.8 59.7 124.9 26.3 15.6443.3 390.3 52.0 13.7 131.9 259.0 19.6 54.2 85.0 39 2 60.9 Mar. 31. 1,410.9 79.5 65.5 60.4 138.2 24.3 14.1406.4 395.0 53.3 16.9 157.4 248.8 27.1 50.8 85.1 21 2 64.7 Apr. 30. 1,386.0 79.3 64.8 59.0 126.7 27.4 17.2376.6 404.5 57.7 20.6 152.2 251.9 18.3 51.4 105.6 9 5 67.1 May 31. 1,387.2 78.6 61.1 73.0 124.2 25.8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105.1 16.2 65.6 June 30. L,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89.4 16 8 65.9 July 31. 1,410.3 84.3 61.4 75.1 152.9 26.5 16.2356.9 396.1 67.8 14.3 158.6 259.4 23.6 55 4 98.9 17.3 64.2 Aug. 31. L,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. L,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. 1,555.8 88.4 62.0 57.7 129.1 21.8 14.4568.7 342.2 90.9 11.4 169.1 287.8 36.8 52.6 101.2 13.6 83.7 Dec. 31? 1,609.0 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 1952—Jan. 31? 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7632.4 332.1 108.8 13.6 164.8 302.6 32.3 54.3 120.4 8.2 87.3 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. «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. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. APRIL 1952 453 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 e n r it - d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia ot A h l e l r 1946—Dec. 31 708 3 47 7 5 7 151 0 9 8 16 0 82.8 312.9 52.2 226.8 99.2 17.2 1947__Dec. 31 948 9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—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—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. 30 943.1 34.7 11.0 3.9 8.8 7.5 97.7 163.6 118.3 465.5 153.0 42.6 Dec. 31 P . . .. . 969.9 35.0 9.6 8.0 11.2 10.3 111.2 185.2 91.9 489.0 162.4 41.4 1952—Jan. 31P 995.9 28.5 14.1 5.8 11.2 12.6 114.6 186.8 89.3 520.3 161.9 37.5 Table 3a.—Othei' 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 l c o i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P a o n - d t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r1 1946—Dec. 31. . 82.8 7.5 .5 6.2 30.4 12. <1 3.3 1.0 1 7.2 4.9 9.5 1947—Dec. 31 118.9 15.0 2.2 8.0 30.5 10.(S 9.2 1.1 (3) .9 5.4 % 35.9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 i.:I 8.4 .7 (*) 2.9 1.4 8 iS.O 29.8 1 1 9 9 4 5 9 0 — — D D e e c c . . 3 3 1 1 . . . . 9 67 8 . . 1 5 ' .2 2 1 1 9 . . 5 3 (3) ' 3. . 2 4 8 2 . . 2 2 3 2 0 5 . . 0 4 J I 7 1 . . 4 4 "(•>" . . 5 5 7 (• . ) 0 7 1. . 6 0 6 2 . . 9 3 ( 8 ) •) 1 3 5 . . 9 6 1951—Feb. 28.. 74.2 .2 24.9 .1 2.5 3.5 25.6 1.9 (») .6 8 1.2 9.4 (•) 4.2 A J M M u p a a n r y r e . . 3 3 3 3 0 1 0 1 . . . . . . . . 8 8 7 7 2 7 5 5 . . . . 7 5 9 6 I ( 8 ) 2 2 1 1 1 3 9 8 . . . . 9 7 4 8 (8) .1 3 6 7 6 . . . . 7 3 2 9 6 4 3 6 . . . . 3 2 0 3 2 2 2 2 5 5 5 5 . . . . 9 9 9 4 2 2 2 1 . . . . 3 3 1 8 8 ( ( « 8 , ) ) 1 1. . . . 3 3 5 7 8 8 1 2 7 1 3 . . . . 0 0 3 6 9 8 8 7 . . . . 5 2 6 4 A "( L 3) . . 2 7 4 4 4 4 . . . . 3 2 3 7 A Ju u l g y . 3 3 1 1 . . . 8 8 9 8 . . 8 8 .2 1 1 8 5 . . 7 2 ( ( 3 8 ) ) 4 4 . . 1 1 5 5 . . 1 0 2 2 5 6 . . 9 4 I 2 2 . . 1 0 1 1 . . 0 0 () 2 23 0 . . 5 2 6 4 . . 2 9 (8) 1 1 . . 7 5 4 4 . . 9 7 O D S N e c e o p t c v . . t . . 3 3 3 3 1 1 0 0 . . P . . . . . 1 9 9 8 1 7 2 6 1 . . . . 7 1 3 2 ( ( 3 3 ) . ) 1 2 2 3 2 2 9 3 7 1 . . . . 6 1 6 5 ( ( ( ( 3 » 3 3 ) ) ) ) 4 5 5 5 . . . . 8 7 2 9 2 3 3 2 . . . . 2 1 7 5 3 2 2 2 0 8 8 8 . . . . 9 6 3 8 I I 5 I 2 1 1 1 . . . . 5 1 7 8 ( ( ( 8 3 3 ) ) ) .1 . . . . 8 6 7 8 8 ( ( 3 8 ) ) 1 1 1 1 4 7 8 6 . . . . 2 1 8 8 4 4 6 5 . . . . 1 2 3 4 8 ( 8 ) L L 5 5 . . . . 5 9 9 I 5 4 4 4 . . . . 1 1 3 0 1952—Jan. 31 P. 114.6 (3) 42.9 (3) 4.0 3.6 30.1 I 2.0 (3) 1.0 f ( 3 3 ) ) 19.0 5.2 ( 3 ) I A 4.1 Table 3b.—Latin America (3) Neth- Do- er- Date A L m i a c t a e i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u a i e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d e s s s t Peru l P p i R c u a e b n o - - - f v S a E d al l o - r g U u r a u y - V zu e e n l e a - O A L ic a t m h a ti e e n < r r lic Suri- ama nam 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 j 1 4 3 4 7 15.3 34 5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 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 1.3 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 1.9 2.6' 70.6 L.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—Feb. 28.. 397.7 25.2 5.5 77.3 5.3 38.6 36.9 1.9 2.7 75.7 L.2 12.7 2.6 5.9 7.3 85.8 13.2 Mar. 31. . 402.5 17.8 5.5 85.4 6.9 36.4 46.7 1.9 2.8 64.8 L.I 13.5 2.8 4.6 7.6 91.5 13.2 Apr. 30.. 374.0 10.9 6.3 80.5 9.6 51.6 44.2 1.8 2.7 58.5 L.4 13.8 2.8 3.4 7.8 65.9 13.0 May 31.. 371.5 9.9 6.7 85.3 10.0 55.0 40.3 2.1 2.8 56.4 L.6 13.5 2.7 3.3 11.0 56.9 14.1 June 30.. 386.6 9.5 8.1 95.2 12.9 48.0 38.8 2.0 2.6 58.6 1.4 12.6 2.5 3.0 10.4 67.1 13.9 July 31.. 401.3 10.0 7.1 104.5 12.3 45.9 50.6 2.0 2.7 60.4 L.4 11.1 2.6 3.8 9.9 62.6 14.4 Aug. 31. . 429.5 8.9 8.2 112.4 15.5 42.7 42.0 1.8 3 0 68.6 L.2 12.2 2.6 4.1 11.3 80.5 14.7 Sept. 30.. 437.2 8.3 7.8 135.0 19.5 42.1 34.0 1.5 2.8 69.1 1.4 12.7 3.2 5.5 12 9 67 7 13 7 Oct. 31.. 463.8 9.3 7.2 155.6 20.6 43.0 30.1 1.7 3.4 74.1 1.1 13.9 3.1 7.5 13.4 66.9 13.1 Nov. 30.. 465.5 7.9 7.2 164.3 22.7 30.7 29.4 1.7 3.2 87.4 1.4 12.7 3.3 8.4 9 3 54.6 12.3 Dec. 31 P. 489.0 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 11.8 3.0 9.5 10.5 41.7 14.3 1952—Jan. 31 P. 520.3 7.9 7.1 207.3 26.2 39.3 29.6 2.2 4.0 109.1 1.2 12.0 4.2 9.9 11.8 34.9 13.7 p Preliminary. 1 See footnote 1, p. 452. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C M m a h n o a i s d n i a n a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p e b i i - l n l - i e c T la h n a d i- T k u e r y - O A t s h ia er 1 ot A h l e l r t A ra u l s i - a C g B o i n e a l g n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other 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 7.7 1950—Dec. 31. 96.3 18.2 3.0 16.2 .2 6\6 18!9 12.1 4.9 Y.'s .9 13.9 60.0 40.8 4.4' .3 7.3 7.2 1951—Feb. 28. 92 ? 10.5 2.8 18.2 .2 6.2 23 3 7.7 4.4 1 4 1.7 15 9 45 4 30 8 5 4 3 2 3 6 6 Mar. 31. 86.2 8.4 2.3 16.7 .1 7 5 19.8 8.4 9.0 2.9 1.4 9.7 61.6 44.9 5.0 .3 4.6 6.8 Apr. 30. 95.1 8.4 4.2 18.4 .2 7.9 25.7 6.8 6.5 4.0 1.5 11.6 59.7 41.5 5.2 .3 6.1 6.6 May 31. 104.5 8.4 4.4 17.5 .3 7.9 30.0 8.2 6.7 3.8 .8 16.6 62.7 41.8 5.8 .3 8.6 6.2 June 30. 102.9 8.3 3.1 15.7 .2 7.4 22.2 9.9 9.5 3.1 .6 22.8 59.9 36.4 7.0 .4 9.4 6.6 July 31. 117.6 8.3 4.3 13.3 .3 7.1 21.6 11.1 14.0 3.7 .8 33.1 56.6 32.4 7.3 .8 9.4 6.8 Aug. 31. 141.0 10.2 3.0 14.6 .2 6.6 24.0 7.9 22.7 4.4 .8 46.3 55.9 30.9 7.7 .5 9.3 7.4 Sept. 30. 128.7 10.2 3.2 12.1 .4 7.5 25.7 8.5 19.0 3.9 .8 37.3 55.9 27.9 7.7 3.9 8.5 7.9 Oct. 31. 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. 30. 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 v 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 1952—Jan. 31? 161.9 10.1 1.4 14.8 .4 8.9 35.9 8.6 29.1 2.1 .5 50.0 37.5 21.1 5.3 .1 6.3 4.6 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES * (Inflow of Foreign Funds) [In millions of dollars] US Government bonds and notes4 Corporate bonds anc stocks 6 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 t t i i e c 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 1050 1.236.4 294.3 6 942.1 774.7 772.3 2 4 2,011 1 1,066 6 944 4 1951P 703.6 1,360.9 -657.3 859.8 761.0 98.7 1,563.3 2,121.9 -558.6 1951—February 25.3 31 8 -6 5 71 3 71 5 - 2 96.6 103 3 -6 7 M!arch 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 28.7 17.4 11.4 62.6 61.8 .8 91 4 79 2 12 2 December? 26.2 40.4 -14.1 64.1 53.7 10.4 90.3 94.1 —3.8 1952—January P 20.2 17.7 2.6 76.5 71.1 5.3 96.7 88.8 7.9 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES • (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T s o al t e a s l p s u e fo c r r u c o e h r f i i a 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 272.3 348.6 -76.4 501.0 800.4 -299.4 773.2 1,149.1 -375.8 1951—F br 29 8 30 4 - 6 25 3 36 0 - 10 7 55 1 66 3 — 11 3 March . 20.8 '21.1 42 0 89.7 - 47.6 62.8 '110.8 r_47 9 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 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 47.6 -23.5 73.7 39.6 34.2 97.9 87.2 10 7 December? 24.4 82.6 -58.2 38.6 46.8 -8.2 63.0 129.4 -66.4 1952—January? • 34.0 29.5 4.5 32.1 31.9 .2 66.1 61.4 4.7 p Preliminary. r Revised. i 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. a Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. * Through 1949 represents transactions in corporate stocks only. » Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions, 7 Less than $50,000. APRIL 1952 455 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 d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m at e i r n - Asia ot A h l e l r tutions ica 1946 —334.2 —36.9 —6.8 —26.5 — 17.5 — i — 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 -171 — 14.1 — 175 5 3.2 -3.5 10.0 2^2 1948 7.6 —199.8 9.1 -82.8 -79.3 -40.0 (i) 2.6 -190.4 7.5 10.2 —23.3 —3.9 1949 87.0 — 11.8 20.9 —6.8 —25 5 44.2 1 5 2.2 36 5 —49.0 2.5 — 2.1 .2 1950 121 2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347.5 458.2 30 1 — 15 3 27 1951P 10.1 —568.7 19.9 6.0 -22.2 46.9 1.9 —44.8 7.6 —595.5 13.9 6.0 -.7 1951—Feb 3.2 -9.9 4.0 .4 .9 -.9 -.9 -1.4 2.0 -11.3 -.4 2 -.4 Mar 25.8 5.6 -.4 20.3 -.1 1.4 .5 .7 22.5 -20.1 3.1 4 — 3 Apr 17.7 76.2 1.0 50.6 0) 6.7 .3 -8.2 50.3 16.1 8.9 8 .2 May.... 2.3 12.5 -2.9 1.3 -.1 4.6 .3 -4.6 -1.4 -3.6 3.1 14.7 A June.... -61.9 -223.4 -13.0 -35.8 -5.3 2.7 .1 -5.4 -56.7 -156.4 -10.7 .5 -.1 July ... -11.2 -34.0 1.6 -13.9 -6.0 5.8 .6 .6 -11.3 -25.3 1.7 .9 .1 Aug -8.6 -174.8 8.6 .4 -2.7 5.4 -.2 -42.6 -31.0 -142.2 -1.3 -.1 -.1 Sept .3 -20 9 -2.5 -20.0 -1.4 11.0 .5 1.0 -11.6 -3.1 3.8 -10.1 .1 Oct -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 .1 Nov 9.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 .1 Dec.p. .. -4.2 .4 4.1 .7 -1.0 -3.3 .3 2.8 3.5 -7.6 3.1 1.2 .3 1952—Jan.?. . . -4.7 12.6 5.4 1.5 -1.7 10.4 -.1 -1.3 14.1 -2.9 2.3 -1.3 .4 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia 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 en e- ot A h l e l r A L i m a c t a e in r- Brazil Cut>a M ic e o x- p P R u o a b e f n - l - ic S d a o E l r v l a » - O A La t m h t e i e n r r - Asia M C m a h a n o i i n s d n a aI Japan O A t s h i e a r ama 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 (i) —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 .5 13.9 1.6 6.1 2 5 .8 -K .9 13.9 6.0 2 \ 6.0 1951- Feb -1 4 -1 .7 0) .5 0) -.2 -.4 .4 .5 3 -.2 ! .4 2 0) 0) .3 Mar.. . 7 0) .7 0) 3 -.3 3.1 .2 .7 3 1.0 1 .8 .4 5 0) .9 Apr .... -8 2 .5 .9 -8 7 0) .1 8.9 —.1 6.4 — 1 .2 1 2.4 .8 (1) 1 .6 May ... -4 6 «.9 -.5 -2.7 1 .5 3.1 1.0 —.9 — 3 .4 1 2.9 14.7 3 1 14.4 June . .. -5 4 -7 .3 .9 1.8 1 -.6 -10.7 C1) 8 -.2 -1C .9 -.4 .5 —, 1 0) .6 July.... 6 .1 .2 (!) 1 .1 1.7 0) .3 2 -1.6 2.7 .9 2 0) .7 Aug -42 6 -4 .7 -3.6 -29.2 0) -5.0 -1.3 .1 —.3 — 3 .6 0) -1.3 — , I — #2 0) .1 Sept.. .. 1 0 (x) 1.2 0) 3 .1 3.8 0) —.2 6 3.1 0 .2 -10.1 1 0) -10.1 Oct 1 9 .4 2.0 0) 0) — .5 3.9 .5 .4 0) -.3 0) 3.4 -5.0 1 0) -5.0 Nov. ... 8 0) .7 9 0) .3 1.2 .1 .2 1 -1.5 0 2.2 .9 0)' 0) .9 Dec.p .. 2 8 0) 2.4 0) 0) .4 3.1 0) .1 1 6 .2 0) 1.2 1.2 0) 1.1 1952—Jan.P.. . 3 .2 — .6 0) C1) -.9 2.3 .1 .1 I 0 1.1 I1 0) -1.3 0) 0) -1.4 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( -). In millions of dollars! Y m e o a n r t o h r n t a I u i n n t t i t s i o e o t n i r n - - a s l Total U K d n o i i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r 1946... 265.1 -20.9 -1.0 -7.0 -13.9 — .8 10 9 —32 6 187 6 131 3 3 —21 4 1947 -249.3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27 8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 t949 — 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 -223.2 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 -257 4 33.8 -36.0 7.9 1951—Feo (i) 11 2 .4 -2.5 .4 -.2 1.6 -.3 -12.8 1 3 1 5 Mar -48.7 r.8 .4 -2.2 .9 3.6 1.1 -.5 3 2 '-6.8 2.5 1 5 .3 Apr. ... -3.0 -28.9 0) -.4 .2 2.1 -.1 2.0 -34.5 1.3 1 2.2 May.... -43.9 -2.1 .2 .2 1.8 .1 T2 1.5 -40.4 3.9 -8.9 .1 June -33.6 — .2 .2 -.6 1.8 0) 7.5 8.8 -37.6 3.9 -9 1 .4 S J A e u u p l g y t . .. -1.0 .1 1 1 5 . . . 6 6 8 -.6 . . 1 3 -.4 . . 8 2 -.7 . . 2 1 1 1 . . . 2 0 3 0 0) )' -1 1 . . 1 . 4 7 1 1 . . . 7 5 4 - - 1 2 1 6 . . 2 0 .4 3 4 . . 0 8 2 ) - - 0 1 6 ) . . 7 9 1. . . 3 2 4 Oct -99.4 -69.0 .2 .8 .7 .2 ft 1.4 3.4 -76.5 5.4 -2.0 .6 10.7 .3 (i) .4 1.4 .3 2 5 9.2 2.6 -3.9 3 Dec.p... —66.4 -.1 .8 .2 .9 .1 2.9 4.6 -67.4 2.3 -6.8 .9 1952—Jan.P. . . C1) 4.6 .2 1.0 .7 2.3 .1 .6 4.9 5.0 -1.1 -4.4 .3 *» Preliminary. r Revised. » Less than $50,000 1 Not available until 1950. 456 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 C1) 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 -.5 -9.3 -2.0 -.6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 -.1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1951? -9.1 .9 .4 .3 -4.8 .2 -1.0 -4.0 2.8 -7.1 -.7 -.1 1951—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 l!l .6 -3.1 -.4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 -.4 -.6 -2.4 -.2 -2.5 .2 .4 June 11.1 2.5 .2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) July -.1 -.5 .5 .8 -.7 .1 -.1 .2 -1.0 .3 -.2 .6 August -2.0 .1 -.8 -2.7 -.3 -.2 -1.0 -4.9 2 2.1 .7 .3 September 1.2 -.2 -.3 .6 .3 .2 .4 1.0 .1 .2 -.1 0) October -7.5 -.7 .2 -1.9 -1.0 — .1 .2 -3.4 .4 -4.5 .5 -.5 November -.2 1.2 .6 .3 .1 0) .2 2.3 .1 -3.1 -.1 .5 December* -1.5 .6 -.3 .7 0) -.9 .3 -.2 -.4 -.5 1952—January* 22.0 -.8 -1.0 -1.7 -.7 0) 1.1 -3.2 1.1 4.3 -.2 0) P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.9; U. S. brokerage balances abroad, 36.2. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated ' Year or pro w d o u r c ld tion Africa North and South America Other month U ou S t S si R de i r m e T p o o o n t r t a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 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 9/10 fine: i. e., an ounce of fginoled =$35. 1941... ,265.6 1,110.4 504.3 27.8 3322..44 1199..66 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942... ,125.7 982.1 494.4 26.6 2299..22 1188..00 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943... 871.5 774.1 448.2 23.0 1199..77 1155..88 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 1188..44 1122..77 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 1188..99 1122..11 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 2200..55 1111..66 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 1199..33 1100..88 75.8 107.5 16 13.4 5.9 7.4 32.8 6.1 1948... 794.5 728.1 405.5 18.0 2233..44 1111..11 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 2233..11 1122..99 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950... 775.9 408.2 17.9 2233..22 1122..00 80.1 155.4 14.3 13.3 6.7 8.0 30.1 6.7 1951... 403.1 23.7 12.7 69.9 152.7 15.1 7.6 1951-—January.. . 63.4 33.4 2.0 .9 5.9 13.1 1.0 1.4 2.5 .5 February.. 58.9 31 2.1 1.0 5.2 12.1 1.1 .7 2.4 .6 March.... 63.5 33.4 2.0 1.1 5.8 13.0 .9 1.5 2.4 .6 April 62.9 33.2 2.0 1.0 5.5 12.7 1.0 .5 2.4 .7 May 65.0 34.6 1.9 1.1 5.5 12.9 1.0 .4 3.5 .6 June 62.9 33.9 1.9 1.1 5.9 12.7 1.0 .3 2.1 .6 July 34.4 1.9 1.2 5.5 12.1 .3 2.4 .7 August.... 34.6 1.9 1.3 6.6 12.1 .5 2.6 .7 September. 33.3 2.0 1.1 6.4 12.6 .3 2.4 .7 October. . . 34.1 2.0 1.1 6.6 13.2 .2 2.6 .7 November. 33.8 2.0 .9 5.7 13.0 .2 2.8 .7 December. 33.2 2.1 1.0 5.1 13.2 .7 1952—January. 34.2 2.0 1.2 5.0 .6 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 through 1950 are estimates of United States Mint. Figures for 1951 and 1952 are estimates of American Bureau of Metal Statistics. 5 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. APRIL 1952 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- USSR)1 Treasury Total2 1945—Dec 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec.. . . 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec.. . . 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—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 23 317 805 45 311 31 22 Dec P35.950 22,695 22,873 268 621 317 850 45 311 31 22 1952—Tan 22,951 23,055 268 631 317 45 311 31 22 Feb 23,190 23,373 610 317 45 311 31 22 E m n o d n t o h f Egypt France 3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1 090 28 274 131 24 294 270 23 80 28 1946—Dec... . 53 796 28 274 127 28 *201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 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—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 27 247 138 252 279 191 312 31 50 27 46 Dec 174 548 27 247 138 252 279 208 316 32 50 27 46 1952—Jan 174 548 27 247 252 279 316 32 50 27 Feb 174 548 27 279 50 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 52,696 200 215 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 5 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 s1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 53,300 236 373 1,495 167 1951—Mar 202 23 205 61 114 1,448 118 150 53,758 295 373 1,495 119 Apr 212 23 210 61 124 L 444 118 150 295 373 1,495 161 J M un a e y . . . . . . . . 2 2 1 1 7 7 2 2 3 6 2 2 1 1 0 0 6 6 1 0 1 1 2 2 9 9 1 1, , 4 4 5 5 1 8 1 1 1 1 5 5 1 1 5 5 0 0 53,867 2 2 9 7 3 9 3 3 7 7 3 3 1 1 , , 4 5 9 1 5 8 1 1 5 5 3 1 July 217 26 210 61 129 L 454 113 150 269 373 1,519 155 Aug 224 26 210 61 129 1,447 113 150 257 373 1,529 143 Sept.. . . 234 26 210 50 128 1,446 113 150 83,269 252 373 1,529 144 Oct 250 26 209 50 134 L 448 113 150 242 373 1 529 132 Nov 255 26 208 50 136 454 113 150 232 373 1,530 127 Dec P264 26 190 51 152 1,452 113 151 52,335 P221 373 1,530 115 1952—Tan. P265 26 190 51 179 1 .438 113 150 5 2,036 373 1,531 116 Feb 26 51 211 150 5 1,770 373 126 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a er n it - d z- E O ur t o h p er e 1 Canada A t r i g n e a n- Cuba Mexico 1945 —452.9 31.1 278.5 —47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406 9 222 8 264.6 130.8 116.0 238.0 10 0 86 6 311 2 727 5 —65 0 45 4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10 0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1Q5O — 1,730.3 -1.020.0 —55 0 —84 8 -70,8 — 15.0 —22.9 -38 O —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 2 -119.1 — 10.0 —11.3 Oct.-Dec -151.0 2.5 -33.9 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -202.5 -80.0 -35.0 -13.0 -12.4 -15.8 A Ju p l r y - - S Ju ep n t e . -7 -3 3 1 2 . . 7 2 -580.0 -20.0 -28.5 -1 — 6 3 .0 0 -25.0 -11 3 . . 9 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 -57.0 -80.0 2.0 -15.0 -11.2 —10.0 64 1 Tuly-Sept 290 0 320.0 —5 0 — 17 0 —3 5 —20 6 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 e o r 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 n a o A th l e l r Period T e u r n e r d a y s o - fp T e o ri t o a d l » 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 o x N ( l - d p r ) e t o i t o m rt r -g m o c c o l r r ( a r d e e - r ) : a a k i n s s e d 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 - - 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 1050 -64.8 -17.6 -30.2 13.1 *-47.8 1945 20,065 20,083 —547.8 -106.3 -356.7 32.0 1951 22.2 -.9 -17.2 s -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 3 2,162.11,866.3 210.0 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 -!Mar 3 6 -2.3 72.0 .1 1Q50 22,706 22,820 -1,743.3 -371.3 -1.352.4 80.1 Apr.-June.... 3 0 3.7 -6.6 55.6 1 1951 22,695 22,873 52.7 -549.0 617.6 69.9 July-Sept -16.5 -50.0 -2 9 -2.2 48.1 -2.0 1951—Mar... 21,806 21,927 -235.4 -123.5 -111.2 5.8 Oct -Dec -1.0 -11.9 -41.0 19.9 .2 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 1950 June.. 21,756 21,872 10.4 -37.6 46.3 5.9 July... 21,759 21,852 — 19.2 -16.2 -8.8 5.5 Jan -Mar . -12 0 -10.5 -.8 3.9 -27.0 Aug. .. 21,854 21,986 133.1 -3.7 137.0 6.6 Apr.-June -2.0 -1.0 9.2 -3.0 Sept... 22,013 22,164 178.0 10.9 176.7 6.4 July-Sept —23 9 -.1 *-i4!9 -14.8 Oct.... 22,233 22,394 229.9 -18.4 243.4 6.6 Oct.-Dec -26 9 -6.0 -23.6 -3.0 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 1951 1952—Jan. . . 22.951 23.055 182.4 63.6 137.5 5.0 Jan.-Mar —50 9 -11.7 -22.6 -28.0 Feb.. . 23,190 23.373 317.5 150.3 152.2 4.8 Apr -June 15.0 -.9 -5.0 -3.8 'l2*7 -25.0 Mar.. . 23,290 23,428 55.6 (4) 5-103.1 (4) Tuly-Sept 28.0 3.5 —5.3 20.3 -31.0 Oct -Dec 30.1 -4.0 -25.7 19.2 1 See footnote 2 on opposite page. 2 Yearly figures through 1950 are estimates of United States Mint. Figures for 1951 and 1952 are estimates of American Bureau of Metal 1 Includes Bank for International Settlements. Statistics. 2 Includes sale of 114.3 million dollars of gold to Italy. 3 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. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million 4 Not yet available. dollars; and 1951, 76.0 million. 5 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 4,821.6 million dollars on Mar. 31, 1952. Gold under earmark is not included in the gold stock of the United States. United States, by Countries." published previously. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. APRIL 1952 459 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 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 8 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 stock8. . 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 * Bonds outstanding 436 336 325 261 (Cumulative—millions of dollars) Liability on obligations sold under guar- Feb. Jan. Dec. Feb. 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 e ra lg z i i a li n a n f r c a r n u c z s eiros 1 1 0 1 3 . . 4 0 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 8.8 C D z a e n c is h h o s k lo ro v n ak er ian koruny. 1 6 0 . .2 0 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 As of Feb. 29, 1952, the Fund had sold 806.1 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 8.8 6.6 to Brazil 10 million pounds sterling in January 1951. Repurchases Mexican pesos 22.5 amounted to 79.9 million dollars. Currencies the net transactions in Netherlands guilders 75.2 75.4 75.4 75.4 which amount to less than one million are reported under "All other." Norwegian kroner 9.6 2 Less than $500,000. South African pounds. . . 10.0 8 Excludes uncalled 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. 771.7 734.4 732.2 772.3 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r J N c a o o n i t 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 ti c e u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i i a t e l a n i r - l d 1942—Dec. 30 .2 950 0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 L,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—Mar. 28 .4 L,350.0 31.3 12.3 395.1 1,320.1 302.4 13.8 14.6 89.3 18.5 Apr. 25 .4 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 1,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18.1 July 25 .4 L,400.0 20.1 7.7 390.8 1,380.9 294.4 14.8 2.3 88.9 18.3 Aug. 29 .4 L.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 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Jan. 30 .4 «1,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 .4 1,400.0 34.9 17.7 344.2 1,367.0 283.0 11.8 .4 83.1 18.5 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 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. 460 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 re a s 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 n i e n i s t g ed securities a O s t s h e e ts r circ N u o la 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 rt 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 capital 8 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 . .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31 . 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31 . 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31 . .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Mar. 31. 80.0 ,341.9 673.7 171.1 ,319.5 552.9 70.5 206.7 117.2 Apr. 30. 128.8 ,327.6 722.5 168.8 ,323.0 556.1 56.9 215.1 196.6 May 31 . 125.2 ,313.7 777.3 117.9 ,337.5 530.1 76.2 221.5 168.7 June 30. 116.8 ,335.2 846.3 104.1 ,351.3 590.7 75.3 220.1 165.0 July 31. 116.8 ,327.4 872.5 118.6 ,370.5 558.2 91.1 212.6 202.9 Aug. 31 . 100.0 ,349.6 888.1 119.8 ,370.7 580.4 115.0 185.7 205.8 Sept. 29. 87.0 ,297.6 896.1 87.1 ,388.0 579.4 105.6 140.0 154.8 Oct. 31. 96.5 ,317.5 956.4 83.1 ,406.5 588.3 210.3 83.3 165.0 Nov. 30. 128.8 ,137.8 1,043.1 79.2 ,407.2 633.8 66.0 92.5 189.5 Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Tan. 31 . 85.4 ,095.4 1,042.6 82.7 1,375.6 629.2 92.8 54.9 153.4 Feb. 29. 70.3 ,058.1 1,027.7 88.2 1,374.4 616.7 88.5 52.1 112.5 Liabilities Ban (F k i g o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m e e s n t t o 8 Other Note Deposits 7 O lia t b h i e l r millions of francs) Gold ch e a x n - ge m O a p rk en et6 Special Other Current Other assets 6 cir ti c o u n la- G m ov e e n r t n- ECA Other ca i a t p n ie i d t s al 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 671900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Mar. 29. 182,785 193,622 133,959 29,194 389,147 154,800 481,039 223,295 ,576,231 75 39,588 149,431 22,516 Apr. 26. 191,447 173,566 141,921 23,821 427,135 159,700 481,039 235,063 ,597,678 98 46,941 160,530 28,444 May 31. 191,447 169,035 215,539 17,539 341,766 158,700 481,039 259,474 ,632,018 83 17,636 160,143 24,658 June 28. 191,447 161,802 196,435 12,164 458,572 157,600 481,039 235,037 ,660,842 66 16,432 190,056 26,701 July 26. 191,447 154,610 232,873 5,967 454,608 145,800 481,039 250,441 ,699,190 74 19,703 166,020 31,798 Aug, 30. 191,447 145,195 236,169 1,256 472,894 160,600 481,039 245,129 ,754,151 96 6,980 146,012 26,490 Sept. 27. 191,447 131,284 225,418 9,231 540,751 160,400 481,039 235,289 ,779,360 60 13,367 154,895 27,177 Oct. 31. 191,447 82,087 168,822 23,855 670,689 166,200 481,039 252.303 ,827,781 62 16,240 166,453 25,905 Nov. 29. 191,447 31,888 153,650 32,015 716.710 160,300 481,039 199.545 ,779,556 19 1,869 157,228 27,922 Dec. 27. 191,447 28,320 234,923 31.956 741.267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952--Jan. 31. 191.447 20,857 233,879 31,456 757,085 166,500 481,039 184,064 ,866,693 57 7,157 156,405 36,015 Feb. 28. 191,447 15,607 245,014 29,280 850,733 174,400 481,039 126,412 ,880,832 96 3,699 198,702 30,601 1 Securities maturing in two years or less. 1 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). • 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. • 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. • Includes advance to Stabilization Fund, amounting to 13.4 billion francs on Feb. 28. 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. APRIL 1952 461 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 874 Loans and discounts 241,347220,739269,377 240,611 Other gold and foreign exchange. 1,052 1,981 Government loans and securities. 148,352149,819151,351 130,726 Government securities 2,077 2,017 Other assets 127,810128,240127,457 65,620 Rediscounts and loans to banks. . 42,313 34,406 Note circulation 455,831457,288522,52 392,098 Other assets 148 257 Deposits 281,31 268,614236,660 200,022 Currency circulation 17,704 13,430 Other liabilities and capital 66,194 62,931 59,110 58,671 Deposits—Nationalized 25,232 23,415Central Bank of Costa Rica Other sight obligations 790 523 (thousands of colones): Other liabilities and capital 2,678 2,168 Gold 11,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 76,144 64,228 37,745 20,975 tralia (thousands of pounds): Net claim on Int'l. Fund 3 7,031 7,031 7,031 7,029 Gold and foreign exchange 365 431,357 607,104 Loans and discounts 67,872 73,174 96,770 91,799 Checks and bills of other banks. . 5 6,396 6,047 Securities 7,593 7,953 8,109 11,338 Securities (incl. Government and Other assets 23,519 23,050 22,540 17,352 Treasury bills) 619 595,073 392,706 Note circulation 116,292112,598114,317 104,924 Other assets 93 81,727 68,687 Demand deposits 59,097 56,060 51,058 44,808 Note circulation 295, 324,471 255,270 Other liabilities and capital 18,281 18,289 18,331 10,272 Deposits of Trading Banks: National Bank of Cuba Special 488,,570 475,820 528,920 (thousands of pesos): Other 35.838 38,886 40,320 Gold 310,564 310,564310,564 270,561 Other liabilities and capital 263.839 275:,377 250,034 Foreign exchange (net) 55,734 52,040 54,401 66,394 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 05,220 96,861102,429 48,859 Gold 51 51 51 51 Silver 41,228 42,173 42,173 52,198 Foreign exchange 565 480 582 174 Net claim on Int'l. Fund 3 12,511 12,511 12,511 12,507 Loans and discounts 6,367 ,269 6,559 3,826 Loans and discounts 15,965 12,329 9,475 3,814 Claim against Government 3,408 ,455 3,433 4,763 Credits to Government 10,542 11,946 10,203 17,324 Other assets 39 38 37 40 Other assets 27,270 27,768 28,731 26,985 Note circulation 8,177 ,969 8,032 6,007 Note circulation 92,935378,405 93,625 345,103 Deposits—Banks 346 218 539 248 Deposits 78,508180,464169,623 145,297 Other 406 381 581 908 Other liabilities and capital 7,592 7,322 7,238 8,242 Blocked 1,501 ,723 1,510 1,690National Bank of Czechoslovakia4 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 30,483 529 31,070 30,188 Gold 69 69 69 69 Foreign claims and balances (net) 22,949 450 19,452 5,917 Foreign exchange 520 550 599 414 Loans and discounts 8,064 356 7,140 9,666 Contributions to Int'l. Bank.... 11 11 11 6 Consolidated Government debt.. 34,823 823 34,860 34,910 Loans and discounts 96 129 124 88 Government securities 8,409 998 7,967 5,342 Securities 140 113 122 121 Other assets 3,272 244 3,669 4,185 Govt. compensation account.... 3,872 3,878 3,898 3,985 Note circulation 93,638 197 93,160 85,854 Other assets 533 578 665 338 Deposits—Demand 2,354 356 1,967 1,798 Note circulation 1,703 1,723 1,817 1,607 ECA 1,140 091 1,044 5 Deposits—Government 1,883 1,877 1,853 1,266 Other liabilities and capital 10,869 755 7,987 2,552 Other 1,475 1,547 1,637 1,938 Central Bank of Bolivia—Mone- Other liabilities and capital 180 180 182 209 tary dept. (millions of bolivianos): (Nov.)* Central Bank of the Dominican Gold at home and abroad 2 1,370 1,370 Republic (thousands of dollars): Foreign exchange (net) 838 ••185 Gold 12,066 12,066 12,066 4,045 Loans and discounts 999 1,927 Foreign exchange (net) 18,967 18,365 17,653 17,279 Government securities 1,856 732 Net claim on Int'l. Fund 3 1,250 1,250 1,250 1,250 Other assets 113 136 Paid-in capital—Int'l. Bank 41 41 41 40 Note circulation 3,862 3,415 Loans and discounts 331 199 331 322 Deposits 672 341 Government securities 6,962 7,068 7,068 6,217 Other liabilities and capital 642 r594 Other assets 713 702 698 1,023 Central Bank of Ceylon (thousands Note circulation 29,553 28,910 29,727 24,230 of rupees): Demand deposits 9,027 9,051 7,663 5,237 Foreign exchange 636,621660 950 668,420 616,140 Other liabilities and capital 1,750 1,731 1,716 710 Paid-in capital—Int'l. Bank -1,624 1 134 1,134 1,430 Central Bank of Ecuador Government securities 3,356 2 810 3,083 (thousands of sucres): Other assets 3,128 3 893 4,150 2,005 Gold 6 535,822335,706 135,618 281,706 Currency in circulation 404,847 406,862 417,036 385,550 Foreign exchange (net)5 44,732 26,503 51,261 212,728 Deposits—Government 36,115 75, 35,008 23,535 Net claim on Int'l. Fund 3 18,758 18,758 18,758 18,757 Banks 171,200154, 193,431 181,669 Credits—Government :20,599203,922 89,135 198,056 Other liabilities and capital 29,320 31, 31,312 28,821 Other 97,676 86,770 80,638 97,825 Central Bank of Chile (millions Other assets 184,754179,103 72,840 175,940 of pesos): Note circulation 463,424 458,731 89,581 476,766 Gold 1,214 ,214 1,205 1,321 Demand deposits—Private banks 157,342 50,889 38,630 158,721 Foreign exchange (net) 189 381 227 357 Other 44,730 15,130 98,244 112,184 Net claim on Int'l. Fund 3 107 107 107 1 Other liabilities and capital !36,845226,012 121,794 237,341 Discounts for member banks.... 1,835 ,614 1,910 2,018 National Bank of Egypt (thou- Loans to Government 670 670 670 680 sands of pounds): Other loans and discounts 6,270 ,251 5,655 3,591 Gold 6 60,553 60,553 23,443 Other assets 3,087 ,110 3,310 2,350 Foreign exchange 25,926 34,195 -•52,434 Note circulation 8,545 ,452 8,837 6,885 Foreign and Egyptian Deposits—Bank 2,127 ,113 1,606 1,291 Government securities 333,987 40,892 323,301 Other 317 361 348 425 Loans and discounts 29,400 30,560 31,170 Other liabilities and capital 2,382 420 2,292 1,717 Other assets 4,061 4,934 '2,241 Bank of the Republic of Colombia Note circulation 94,948 01,396 183,758 (thousands of pesos): Deposits—Government 19,312 17,974 112,820 Gold and foreign exchange 254,335 238,618 188,087 Other 14,487 26,675 125,665 Net claim on Int'l. Fund 3 24,371 24,370 24,369 Other liabilities and capital 25,180 25,088 10,344 Paid-in capital—Int'l. Bank 7,126 7,124 1,377 * 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 amountof 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. 462 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 64,144 64,211 64,278 57,438 Gold 4 4 4 4 Foreign exchange (net) ... 57,850 48,051 29,767 75,297 38 38 37 27 Net claim on Int'l Fund * 1,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 16,448 18,051 22,756 2,880 Loans and discounts 260 238 273 279 Government debt and securities 5,435 5,466 5,580 5,310 185 186 187 187 Other assets 1,445 1,675 1,423 1,092 Other assets ... 832 785 782 515 Note circulation 90,458 88,692 81,767 86,371 Note circulation 1,193 1,200 1,292 1,074 49,464 43,038 36,428 51,273 3 Other liabilities and capital 6,966 7,291 7,176 5,937 Deposits—Government 210 133 100 117 State Bank of Ethiopia 2 69 74 90 73 Bank of Finland (millions of mark- Other 365 361 308 270 kaa): Other liabilities and capital 74 74 83 66 Gold 5,865 5,865 5,865 2,676 Bank of Japan (millions of yen): Foreign assets (net) 22,330 22,167 23,849 -72 Cash and bullion 1,204 1,238 1,112 Clearings (net) 4,545 3,361 3,297 355 Advances to Government 39,368 39,625 49,645 Loans and discounts 20,239 18,999 19,270 38,520 Loans and discounts 345,990361,296 366,549 Securities 1,030 1,051 950 968 Government securities 86,038 126,045 134,862 Other assets 2,479 2,639 2,899 4,926 Other assets 89,227 66,550 35,136 Note circulation 43,428 40,134 44,774 36,647 Note circulation 467,021506,386 399,771 Deposits . 1,988 2,344 272 433 Deposits—Government 43,235 31,572 139,171 Other liabilities and caoital 11,072 11,603 11,083 10,292 Other . 25,756 33,324 24,435 Bank of Oprman States Other liabilities 25,815 23,472 23,926 (millions of German marks): The Java Bank (millions of rupiah): Gold 116 116 116 Gold * 1,060 1,060 1,060 866 Foreign exchange . .... 2,094 2,046 1,998 1,008 Foreign exchange (net) 996 625 596 330 Loans and discounts 4,328 4,451 5,501 5,346 Loans and discounts 605 551 540 168 Loans to Government .. 9,009 8,753 8,313 9,466 1,841 1,475 1,484 2,849 Other assets 633 590 1,283 1,327 Other assets 1,067 1,140 940 133 Note circulation 9,416 9,163 9,243 7,745 Note circulation 3,137 3,134 3,041 2,554 Deposits—Government 2,469 2,307 2,445 2,881 Deposits . . 861 806 806 1,151 Banks . ... 1,943 2,019 2,681 1,852 Other liabilities and capital 1,572 913 773 641 Other 270 273 321 1,000 Bank of Mexico (millions of pesos): Other liabilities and capital 2,081 2,193 2,521 3,669 Monetary reserve 5 1,143 1,156 1,188 1,202 Bank of Greece (billions of drach- "Authorized" holdings of secumae) * (Nov.)* rities, etc 2,952 3,027 3,149 3,516 Gold and foreicn exchange (net) 1,072 567 Bills and discounts 448 435 428 202 194 213 Other assets 492 504 480 452 7,261 5,321 Note circulation 3,163 3,169 3,330 2,744 Other 3,647 2,779 Demand liabilities . ... 1,411 1,453 1,420 2,064 2,235 1,603 Other liabilities and capital 462 498 493 565 Note circulation 1,934 1,606 Netherlands Bank (millions of Deposits—Government . 789 995 guilders): Reconstruction and Gold 6 1,201 1,195 1,195 1,175 5,414 3,489 Silver (including subsidiary coin) . 18 19 19 19 Other 2,257 1,803 Foreign assets (net) 967 731 594 588 Other liabilities and capital 4,015 2,590 Loans and discounts 113 120 300 100 Bank of Guatemala (thousands of Govt. debt and securities 2,850 3,000 3,064 3,000 Quetzales) * Other assets 633 617 590 637 Gold 27,228 27,228 27,228 27,229 Note circulation—Old 45 45 46 54 Foreign exchange (net) 18,671 16,160 12,544 14,119 New 2,866 2,867 2,991 2,814 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 1,250 Deposits—Government 240 142 151 152 Rediscounts and advances. . . . 5,614 6,393 7,710 4,912 ECA 1,778 1,730 1,692 1,325 Other assets 17,525 16,387 17,640 19,742 Other 439 491 479 764 Circulation—Notes 39,739 39,151 38,678 37,719 Other liabilities and capital 413 407 404 410 Coin 3,392 3,386 3,385 3,304 Reserve Bank of New Zealand Deposits—Government 4,511 3,870 2,980 1,278 (thousands of pounds): 5,638 5,578 5,506 4,871 Banks 11,022 11,032 10,452 11,892 Gold 21,352 24,087 29,531 56,622 Other liabilities and capital 11,624 9,979 10,878 >"13,058 Foreign exchange reserve 6,019 6,019 6,019 8,855 National Bank of Hungary 3 Loans and discounts Reserve Bank of India (millions of Advances to State or State un- 54,817 52,774 52,586 59,199 rupees): dertakings 54,182 54,182 54,182 35,974 Issue department: Investments 4,601 3,542 4,628 4,882 Gold at home and abroad . . 400 400 400 Other assets 62,217 63,837 69,366 57,704 Foreign securities 5,932 5,832 6,582 Note circulation . . 77,231 75,457 76,097 105,894 Indian Govt. securities 4,681 4,681 4,766 7,161 6,887 6,988 6,804 Rupee coin 683 690 558 Other liabilities and capital 11,501 11,411 12,172 Bank of Norway (millions of kroner): Banking department: 195 192 134 Gold 242 242 242 243 Notes of issue department 1,706 1,980 1,984 Foreign assets (net) . . ... 416 391 270 192 Balances abroad 56 67 26 Clearing accounts (net) 15 7 5 -61 Bills discounted 80 80 34 Loans and discounts 44 48 49 43 Loans to Government 1,528 1,373 1,134 Securities 46 46 46 46 Other assets 3,238 3,377 3,012 Occupation account (net) 6,202 6,202 6,202 6,202 Deposits 328 314 300 Other assets 50 62 160 74 Other liabilities and caoital Note circulation 2,517 2,525 2,667 2,269 Central Bank of Ireland (thousands Deposits—Government 1,829 1,771 1,710 1,982 of pounds) * Banks 1,165 1,216 • 1,039 676 Gold 2 646 2,646 2,646 2,646 Blocked 510 Sterling funds ... . . . . 55,241 54,629 58,232 ECA 926 918 898 612 Note circulation 57,887 57,275 60,879 54,997 Other liabilities and capital 579 568 660 692 * Latest month available. r Revised. e Corrected. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 5 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. APRIL 1952 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1952 1951 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of rup Is e s e u s e ) S G P : t a d o e k e l r d i l p s i a n t a a r g t t n m h se o G e c m n o u t e v r : i t t a . i n e s s d e c a u b ri r t o ie a s d . . . . . . ,2 7 0 4 6 4 4 5 ,1 7 5 4 6 4 4 5 8 8 4 5 0 4 2 2 Bank D O N e t o o h p t f e e o r s S c i l p i t i r s a a c — b i u n i l l O G a — it t o t i i h e o v C s e n e o r r a n n n m t d . e c n a t pital , , , 5 4 1 7 5 5 3 8 3 1 3 20 2 5 , , , 4 4 1 7 3 0 8 4 1 4 3 2 3 6 0 ] , , 2 2 5 1 3 4 5 9 8 3 1 3 0 1 8 , , , , 2 7 8 3 4 0 8 3 0 5 7 9 Bank N G I R i n n u o o d g p t v i e a e t d s . e e c o i p c u n f o a r r c i I r n e n i t r n m d c c i u e y a l n a t s t : i e o c n urities.... ,3 3 1 9 0 1 2 7 0 8 6 ,3 3 1 5 2 0 2 1 5 0 6 2, 3 1 1 4 0 1 3 3 0 0 9 Bank F N P G o a o o e i r t f l d e d - i c S g i l n w a n i m e c a d a s p e s o e n i n t t a s ( I l m — n (n t il ' e I l l n t . i ) o t F n 'l u s . n o B d f a k * n r k onor) : , 4 3 6 8 1 8 5 8 0 3 1, 3 6 8 9 0 1 8 5 7 0 1, 3 7 3 8 1 1 4 8 8 0 4 2 6 3 8 9 Bank of O D O P N L B B a o i a t t e o l h h r a l p l t a a s e e e n o n g r r s s s d c u i l a i e o t t i s a o s s a s f c y s b o e a G i — i s u t l b s i s o n r t u M v i o t e e e e a s o d r d d n n a m e n e p d t e a a n r c r y t a t m p d i e e ta n p l t t . . . . . 3 3 8 1 5 9 9 0 6 0 8 0 9 7 0 1 1 4 3 8 1 2 4 9 2 6 0 7 0 9 7 2 2 1 3 9 5 4 6 6 6 9 8 6 9 9 3 3 4 1 S O O N D O w t t t e o v h h h m e t a e e e e d n r r r a i c c s n d a l h i e d i o r s a s c m s G b u d e t i o e l t o e l s a s i p v t N t t i i i o t e c o . a s s n t s b i i t e a i o s l c n — l n u s d a r O a G l i n c t t D i o a d h e v p e s e a e i r b d t a r a t v n n l a d m O n f e a c f n i d e c t - s e .. 6 , , 3 2 8 6 7 8 5 4 7 0 3 6 9 5 9 5 5 7 9 5 9 3 2 , ,6 8 2 6 4 5 7 6 8 8 4 5 6 8 1 1 8 0 8 5 9 2 4 , , 8 2 6 5 5 6 0 2 3 4 3 2 5 9 1 1 7 2 8 0 0 3 3 , ,6 3 4 4 5 5 1 1 6 6 4 2 8 7 8 3 5 0 2 6 1 (thousands of guaranies): Swiss National Bank (millions of F O N G L G P N o a o t e o o o h i r a t v l t d e e d e n e - i c r * s g i r l a n n a n a a n i m s n m d c e s d a e e x c p n t c o o s d i t h n t i i a n a s l n c I l o — n i o g a s t e u n s ' I u l n s n . ( e t a n s t F n ' e l u d . t ) n B s d e a c * n u k rities. 2 2 - 3 9 6 1 1 1 4 5 3 7 9 1 0 , , , , , , , 0 , 1 2 7 0 0 2 2 4 8 1 6 2 3 2 2 2 8 2 1 2 9 4 3 2 2 1 - 3 1 0 1 5 0 0 4 1 , ,3 7 0 6 1 7 4 2 3 2 2 0 6 3 5 3 1 , , , , , , , 6 2 0 1 7 9 1 9 0 6 3 8 1 2 8 2 3 1 5 3 2 6 8 4 1 1 4 2 3 3 2 2 5 8 9 2 - , , , , , , 2 1 2 8 7 3 6 2 6 4 3 8 9 1 2 0 0 1 7 3 9 0 8 0 fra O O F O N G L n o o c t t t o o h h h r s a l t e d e e e ) e n i : r r r s g c n s l a i a i i r s a n g c e s b d h u e x i t t l c l s a d i h l t t i i i a i s a e o n c b s n g o i a l e u i n n ti d t e s s capital , , , 2 2 1 5 7 8 3 7 9 7 6 0 9 3 0 8 3 9 4 4 4 5 1 , , , 5 2 2 9 7 1 9 3 5 4 1 9 7 3 2 2 6 6 6 8 4 6 1 , , , 3 2 9 2 5 0 1 1 0 2 2 2 0 1 1 3 8 7 9 6 4 4 6 1 , , , 9 3 0 2 1 1 5 2 8 7 6 9 7 4 3 6 1 7 7 0 Demand deposits 113,084107, ,966 54,351 Central Bank of the Republic of Cent O ra th l e R r e li s a e b r i v li e t ie B s a a n n k d o c f a p P i e ta r l u 48,098 48 51,430 17,820 Tu G rk ol e d y (millions of pounds): 419 419 422 419 (m C O D G N L N L il o o o o l e t e o i h a a p l t n o t d e e n n o t n c r r s s s s l a c i a i b a n i t a t o i o r s s u n m d c f s t d u e i G s f o t l o o o s a d o n n r l t i v e e i s o t i e s I c g o n ) r n o n : n t u I m 'l n n e . t e x t s ' F n c l . h t u t o a n B n d a b g n 2 a e k n 8 ks. . . , 3 2 2 6 7 1 6 7 0 2 3 7 8 6 2 1 2 1 0 7 2 , 3 2 2 5 7 2 2 0 7 9 2 5 0 1 4 8 2 8 4 8 8 1, 3 2 5 6 0 1 1 8 6 2 4 2 3 4 5 8 2 7 0 5 6 O S O L N D F e o o t e t o c c h h r a p t l e u e e e n o e i r r r s a g s i c i t r n a l a i t i i i r s e s n a n c — s s g b d u e e s i x l t l G O d s a i c t t i o h t i i s e h o l a c d s e n n o r g a u n e n d ts a c n a d p ita fo l reign , , 6 1 1 1 1 1 4 6 2 7 0 2 5 2 3 3 7 1 2 4 3 1 6 1 1 , , 6 3 1 1 1 1 1 7 4 2 5 8 1 5 1 2 7 1 3 1 8 0 0 1 1 , , 6 2 1 4 1 1 1 2 9 3 1 5 8 1 5 7 1 3 5 8 7 8 1,1 9 5 2 1 1 0 5 8 0 8 5 4 1 7 9 8 6 9 3 0 9 Ce ( n th t F O G r o o a o t u h r l l s e d e a i r B g n n l a d i n s a e b k x o i c l f i o h t p f i a e e n s s t g h o e a e s n ) d : P c h a i p li it p a p l ines 46 1 6 4 , , 1 3 2 5 7 5 47 1 6 3 , , 3 8 2 8 5 2 5 7 6 47 13 9 , 3 4 0 6 1 3 7 9 7 54 8 6 , , 0 5 1 3 9 3 1 9 4 Ba ( n th k S G P o i a o o u l i v l f s d d e a - t r n i h n d e s c R a o p f e i p p ta u e l s b — o l s i I c ) n : o t' f l. U B r a u nk guay 3 ( 5 N 9 3 o , , v 6 3 1 . 3 0 1 ) 8 7 3 * 43 1 5 0 , , 2 9 3 5 1 1 4 1 8 Bank O O D N L D N o t t e o e o h h a m t m t o e e e n f c r r a e s l c n s a a l i t d i i r s i a P m c c s b d u o e i s e t l o r l e s a i p t n t c t u o i i u e o g s I r s n n i i a t t t s a l i ' e n l. s d F ( m c u a i n p l d l i i t o 2 a n l s of 2 2 5 1 1 2 4 4 7 5 4 3 7 0 9 3 5 9 4 , , , , , , , 1 5 3 4 5 3 8 7 8 3 3 5 0 4 6 6 2 3 2 4 8 2 1 5 1 2 4 3 2 7 5 4 4 4 9 9 6 1 8 1 , , , , , , 6 3 1 5 4 8 9 8 12 5 2 1 1 4 4 2 9 2 4 3 2 1 9 2 6 7 4 4 3 4 8 5 7 1 8 6 2 7 0 2 0 1 3 3 3 4 7 0 6 1 1 1 1 2 4 5 4 6 7 7 9 9 5 4 0 3 5 , , , , , , , 1 4 6 3 5 7 4 8 1 1 3 0 7 9 1 8 4 4 4 4 4 O O A O D N t t d e t o m h h h p v t e e e e o a e r r r n s n c i c a l l t i t i o r e s s a b c a s s — b o u n e i t d l s t l O G s a o i i t t e a t o i i s h n e S o v s d e n t e a r r a d t n n e i m d s a c e n c o n d a u t p n i t G t s a o l vern- 3 4 3 3 3 1 6 0 8 8 4 3 1 3 5 0 6 9 2 7 , , , , , , , 7 6 2 0 7 2 6 7 6 5 3 2 7 1 5 3 5 7 7 5 4 3 4 3 2 3 1 9 4 1 6 7 5 5 9 7 3 1 5 5 2 , , , , , , , 5 5 6 1 0 0 2 1 5 4 0 9 3 4 2 7 6 6 6 0 9 escudos): Central Bank of Venezuela (mil- F A O G L N D o o o d t o e 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 e d t l t c e o s a d h p t i a i o s G o n c s n o g o it v e u s e n — ( r t n n s G e m t o ) e v n e t rnment.. 3 2 6 6 2 8 7 3 5 4 8 6 4 9 3 3 9 5 7 8 0 1 3 8 0 1 , , , , 2 2 6 5 7 7 5 4 4 5 1 0 9 0 1 9 2 7 6 8 0 lio O F O N D G n o s t t o e o h h r p l t o e d e e e o f i r r g s c b i n l a i t i o r s s a c e l s b i u x e 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 : a e n ( d n e c t a ) pital L, - 2 8 1 3 1 6 5 7 0 7 4 6 8 8 0 1 1, - 2 8 1 1 1 2 5 5 1 0 4 9 3 0 1 3 0 1, - 2 1 8 1 1 3 4 4 7 1 0 1 3 1 1 2 8 1 - , 1 1 7 1 1 3 4 9 5 5 8 2 1 0 6 9 3 ECA 42 299 Bank for International Settle- Other 275 4,962 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 i d l c i s a a b n o i f l i R t p i e e o s s u e n a r d n v d s e ) : c B a a p n it k al 68,397 67,329 , 3 3 4 6 5 3 7 2 3 , ,5 4 6 8 1 8 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 at a i n n d t e w re i s th t banks... 3 5 8 2 2 6,8 7 1 8 8 0 1 7 4 3 6 5 8 4 5 , , , 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 3 3 5 , , , 3 2 5 7 8 7 7 7 8 Bank F O O O N D o o t t e t o h h h r p f t e e e e e o i r r S r g s c p i n a l b i t i r s a s i a c b l s i b l u e n i s i l t l l l s a i a s ( t t m n i i e o d 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 2 6 8 8 1 3 1 1 3 6 8 , , , , , , 9 5 2 9 2 1 9 9 1 5 0 7 1 5 5 9 4 7 65, , , , , 0 3 9 1 4 4 4 5 8 9 5 5 2 2 6 65, , , , , ,1 3 1 7 8 6 8 8 9 7 5 1 6 9 8 4 0 0 1 9 2 7 1 1 3 6 2 7 4 3 , , , , , , 9 5 9 5 1 8 9 4 0 6 3 7 2 1 9 4 8 0 T F O D S R u u i e t e m a h n n d m n e d d i e c s r a s r e c n f y a s u o i d s n b n u s ( v i d n d e a l e l s t t t e s a s s p t c b a a 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 c y t c s . e p . t . - . 2 2 1 2 2 4 9 1 1 2 8 7 1 2 8 2 6 2 9 5 1 5 0 1 1 1 3 1 1 6 6 8 2 2 2 2 1 9 2 6 2 2 7 3 8 0 1 1 , , , , , , 2 4 9 8 5 7 0 3 6 2 6 6 1 2 7 6 5 4 3 2 2 1 1 9 6 0 0 7 7 8 8 7 1 , , , , , , 5 2 7 2 7 8 0 2 1 8 5 6 1 2 3 5 7 6 3 2 2 1 2 9 0 1 6 8 1 7 0 1 1 , , , , , , 6 3 2 5 3 6 7 0 1 4 2 3 8 1 6 7 7 6 S O G O G i o t 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 n e 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. 2 1 1 3 6 6 , , , 3 5 7 1 2 7 5 9 7 8 8 3 1 8 4 , , , 5 3 8 2 0 5 7 0 4 4 3 8 1 5 0 , , , 3 5 7 9 3 5 7 5 3 8 3 8 1 1 9 2 1 1 2 5 5 , , , 6 4 4 6 0 3 2 1 6 3 1 2 1 9 9 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 c t i a c a l l o unt.. 2 3 2 3 6 2 7 3 8 8 5 , , 4 0 9 7 0 3 2 7 9 0 8 3 3 2 2 4 8 6 2 3 0 8 8 , , , , 0 4 9 0 5 1 0 1 7 9 9 1 3 2 2 9 8 2 6 3 4 8 7 , , , , 2 8 9 6 8 0 5 7 2 9 1 2 5 2 2 3 6 0 2 3 0 6 8 , , , , 9 5 3 9 1 0 4 0 & 0 6 9 * Latest month available. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 8 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. * On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 8 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p 120, 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f l — R F 2 e a 9 b te . eff D ec a t t i e ve ba C n e k n tr o a f— l R F 2 e a 9 b te . ef D fec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Japan Oct. 1, 1951 1941 IX Austria Dec. 6, 1951 Java Apr. 1, 1946 Jan. 16, 1945 Belgium Sept. 13, 1951 Mexico June 4, 1942 Jan. 20 Bolivia Sept. 30, 1950 Netherlands.. Jan. 22, 1952 Feb. 9 Nov. 7, 1946 Dec. 19 Jan. 10, 1947 Canada Oct. 17, 1950 New Zealand. July 26, 1941 Chile June 13, 1935 Norway Jan. 9, 1946 Aug. 27 Colombia July 18, 1933 Pakistan July 1, 1948 Oct. 9 Costa Rica Feb. 1, 1950 Peru Nov. 13, 1947 June 28, 1948. . Sept. 6 3JJ|| 4 Oct. 1 & May 27, 1949. . Denmark 5 Nov. 2, 1950 Portugal.... Jan. 12, 1944 July 14 14 Ecuador 10 May 13, 1948 South Africa. Oct. 13, 1949 Oct. 6 El Salvador. .. 3 Mar. 22, 1950 Spain Mar. 18, 1949 June 8, 1950. . Finland Dec. 16, 1951 Sweden Dec. 1, 1950 Sept. 11 3% Sept. 26 Oct. 27 16 Dec. 1 France. .. 4 Nov. 9, 1951 Switzerland. IK Nov. 26, 1936 Apr. 17, 1951. . Germany. *6 Oct. 27, 1950 Turkey Feb. 26, 1951 July 5 Greece 12 July 12, 1948 United King- Sept. 13 India. Nov. 15, 1951 dom Nov. 8, 1951 Oct. 11 Ireland. Nov. 23, 1943 USSR July 1, 1936 Nov. 8 Italy... Apr. 6, 1950 Nov. 9 Jan. 22, 1952.. In effect Feb. 29, i Rate established for the Land Central banks. 1952 2H 16 IK NOTE.—Changes since Feb. 29: South Africa—Mar. 27, from , to 4 per cent; United Kingdom—Mar. 12, from 23^ to 4 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—January.. .55 1.03 1.01 1.04 .50 1.68 1.25 1943—January.. .51 1.03 1.01 1.08 .50 1.61 1.25 1944—January.. .41 1.03 1.01 1.08 .50 1.62 1.25 1945—January .. .37 1.03 1.01 1.00 .50 1.65 1.25 1946—January.. .36 .53 .50 .63 .50 1.27 1.01 1.00 1.25 1947—January.. .40 .53 .50 .63 .50 1.48 1.44 .77 1.25 1948—January.. .41 .54 .51 .63 .50 2.02 1.28 .57 1.50 1949—January.. .41 .56 .52 .63 .50 2.09 1.23 1.13 .63 1950—January.. .51 .69 .52 .63 .50 2.18 .31 1.22 .50 1951—January.. .63 .69 .51 .63 .50 2.45 .31 .83 .50 1951—February. , .73 .69 .51 .63 .50 2.42 .55 .00 .50 March.... .76 69 .51 .63 .50 2.45 .46 23 .50 April 76 .69 .51 .63 .50 2.60 .55 24 .50 May .76 .69 .51 .63 .50 2.61 .50 .07 .50 June .75 .69 .51 .63 .50 2.52 .39 .00 .50 July .77 .93 .51 .63 .50 2.57 .39 .91 .50 August. .. .79 1.00 .51 .63 .50 2.64 .38 .00 .50 September, .88 1.00 .51 .63 .50 2.56 .24 .00 .50 October... .93 1.00 .51 .63 .50 2.78 .16 .00 .50 November. .92 1.38 .84 .92 .69 3.27 .17 .00 .50 December. .89 1.50 .98 1.00 .75 3.50 .21 .00 .50 1952—January.. .89 1.50 .97 1.00 .75 3.50 1.18 1.00 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, tee Banking and Monetary Statistics, Table 172 pp. 656-661, and for description of statistics see pp. 571-572 in same publication. APRIL 1952 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom 1 ( b 1 a 1 n L ks o . n do F n ig c u l r e e a s r i i n n g Cash M ca o ll n a ey n d at Bills dis- T d r e e p a o su si r t y 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 * customers assets Total Demand Time ca a p n i d tal 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 ,528 1,660 735 6,368 4,262 2,106 550 1951—February 496 531 1,343 291 ,544 1,714 719 6,041 3,994 2,047 596 March 489 537 1,313 234 ,552 1,766 770 6,037 3,987 2,049 625 April 520 559 1,300 295 ,554 1,775 760 6,130 4,055 2,075 632 May 504 571 1,226 269 ,556 1,806 854 6,149 4,063 2,086 636 June . 501 594 1,172 290 ,550 1,895 797 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 1,185 306 1,549 1,863 755 6,133 4,061 2,072 612 September . 503 582 1,276 216 1,553 1,888 741 6,135 4,068 2,067 624 October 514 579 1 .330 177 1,555 1,910 778 6,204 4,140 2,063 638 November 517 562 001 108 2.033 1,935 787 6,189 4,118 2,071 654 December 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 1952—January 521 605 965 66 1,954 1,928 824 6,204 4,173 2,031 659 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d m r i i t a l e o n l r i n o e t d d n h o s l b f l o i a a f g r n u s k ) r s e . s re C se a r s v h E e n s tire S ly e lo c i a u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d S a f a u n b e o l b e o d c a r r e u a n o f i n r n k r g a i o s s e d t n m y t Securities O as t s h e e t r s ci N t r i c o o u t n l e a- e D T x e o c p t l a u o l d s i i n ts g p i D a n y e te m a r b b a le a n n d i k n d C e a T p n o i a m s d i e t a s li c a O a b a p t i n h l i d i t e t a i r e l s 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1.525 1947—December. . 731 105 1,999 106 ,874 1,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December 824 134 2.776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—February 770 109 2,872 176 4,093 1,334 (8) 7,675 3,057 4,618 1,678 A M p a r r i c l h 7 7 5 7 3 4 9 8 4 7 3 3 , , 0 0 0 4 8 6 1 1 7 6 8 0 3 3 , ,9 9 2 8 4 6 1 1 , , 2 4 6 1 6 3 (*) 7 7 , , 6 6 2 8 4 4 3 3 , , 0 0 1 8 0 6 4 4 , , 6 5 1 9 4 8 1 1 , , 6 7 6 2 0 0 J M u ^ n a e y 7 78 6 1 0 9 8 2 2 3 3, , 0 0 6 6 1 6 2 1 0 8 6 8 3 , , 8 8 8 3 6 8 1 1, , 2 3 8 7 8 9 ( ( * * ) ) 7 7, , 5 6 9 8 1 6 3 3 , ,0 0 3 9 2 7 4 4, , 5 5 5 8 9 9 1 1 , , 6 6 8 6 4 4 July 798 84 3,043 209 3,840 ,349 (8) 7,658 3,078 4,580 1,665 A Se u p g t u e s m t ber 7 78 8 8 4 1 9 0 0 7 3 3, , 0 0 4 7 5 3 2 2 1 6 7 0 3 ^ , , 8 83 7 2 6 1 1, , 2 3 4 3 2 9 ( ( * 8 ) ) 7 7 , , 6 6 3 6 7 7 3 3, , 0 0 4 8 2 4 4 4 , , 5 5 9 8 5 3 1 1, , 6 7 3 1 9 0 O N c o t v o e b m er ber 8 8 3 4 5 3 1 9 1 6 1 3 3, , 1 0 2 3 3 4 1 1 8 6 2 6 , ,8 8 9 7 4 6 1 1 , , 4 4 0 2 3 3 ( ( * » ) ) 7 7 , , 7 8 5 2 2 9 3 3 , , 1 2 7 1 7 3 4 4 ,6 5 1 7 6 5 [ 1 ,7 6 1 8 5 8 December 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 1.714 1952—January 869 107 2,955 183 3,927 1,303 7,705 3,066 4,639 1,637 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 countec[ assets Total Demand Time ances ca a p n i d tal 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 194g—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619.204 8,062 26,355 15,662 1 Q 50— December 48,131 52,933 527,525 135,289 31,614 749,928 ,310 18,618 28,248 17,316 1951—January 39,769 56,952 477,003 153,502 31,549 709,469 691,231 18,238 26,599 22,707 February 41,435 60,293 477,766 154,660 33,367 720,710 701,935 18,775 27,252 19,560 March 42,469 62,610 499,550 150,919 38,351 741,484 721.791 19,693 29,739 22,676 April 47,539 65,445 490,676 160,293 41,237 748,810 728,559 20,252 30,678 25,702 48,809 63,440 475,054 166,984 46,169 739,071 719,405 19,666 33,354 28,033 June 47,856 62,305 522,657 159,958 47,815 777,219 756,997 20,222 32,544 30 828 July 52,131 66,660 478,256 174,625 50,030 753,628 733.546 20,082 32,933 35,141 August 49,453 65,572 485.824 171,380 40,582 753.627 732.064 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 48,006 70,337 520,457 173.530 50,000 700.018 777,973 21,046 35,382 46 120 November 47,980 81,460 506,061 179,933 61,658 703.078 768,657 24,422 35,372 48.641 December? 60,009 72,653 627,462 163,834 65,747 900,904 873,760 27,145 33,774 55,027 P Preliminary. 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 H 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. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) (franc) (cruzeiro) British (dollar) Aus- Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) a " n c B o c t o a e u n s n k " t Official Free T ( V d s /f o a i l a l l o a i i r r ) Official Free 1946 29 773 321.34 2.2829 6.0602 95.198 93.288 1947 . 29 773 321 00 2 2817 5.4403 100 000 91 999 1948 29 773 321 22 2 2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 2 1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 .9722 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 2 L.9622 5.4406 32.849 94.939 1951—April 20.000 13.333 7.143 223.16 1 9R30 1.9491 5.4406 32.850 94.353 May 20 000 13 333 7 096 223.16 t.9833 L.9501 5.4406 32.850 93.998 June 20 000 13 333 7.071 223.16 1.9845 .9568 5.4406 32.850 93.484 July . 20.000 13.333 7.159 223.13 L.9864 9788 5.4406 32.850 94.252 August 20 000 13 333 7.103 223 01 L.9890 1.9876 5.4406 32.850 94.700 September 20 000 13 333 6 952 223 01 I 9866 2 1.9876 5 4406 32 850 94 706 October . 20 000 13 333 6 974 223 06 1.9838 5.4406 32.850 95.112 No vem ber 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 L.9838 5.4406 32.830 97.410 1952—Tanuary 20 000 13 333 6 979 221 92 1L 9838 5.4406 32.691 99.490 February 20 000 13 333 7 115 222 00 L 9838 •5 4406 32 662 99 869 March 20.000 13.333 7.172 223.03 L.9838 5.4406 32.783 100.375 France Year or month Ceylon C sl z o e v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2 0060 20.876 (09 30.155 20.581 37.813 1947 2 0060 20 864 8407 30.164 20 577 37 760 1948 2.0060 20.857 .4929 .3240 30,169 18.860 37.668 1949 27.839 2 0060 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 2.0060 14.494 .2858 23.838 20.870 11.570 26.252 1951 20.849 82.0060 14.491 4.4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—April 20.850 2.0060 14.494 .2856 23.838 20.870 11.561 26.241 May 20 850 2 0060 14 493 .2856 23.838 20.870 11.561 26.243 June 20.850 2 0060 14.484 .2855 23.838 20.870 11.561 26.279 July . 20 850 2 0060 14 484 .2856 23.838 20.870 11.561 26.286 August 20.850 2.0060 14 492 .2856 23.838 20.870 11.568 26.280 September 20 850 2 0060 14 492 .2856 23 838 20.870 11 571 26 278 October 20 850 82 0060 14 492 4 4354 .2855 23.838 20.870 4280.38 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 March 20.916 14.492 .4354 .2856 23.838 20.949 280.38 11.564 26.319 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P e ( p h p p i e i u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( S A p o o fr u u i n t c h d a ) (k S d r w o en n e- a) S e (f r w r l a a i n t n z c d - ) U ( K p d n o i o u i n m t n g e d d - ) Ur (p u e g s u o) ay 1946 322.63 20.176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947 322 29 20 160 4 0273 400 74 27 824 23 363 402 86 65 830 56 239 1948 350 48 20 159 4 0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277 28 14 015 49 621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—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 42.553 277.27 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 March 276.91 14.015 49.677 3.4888 278.55 19.327 22.947 279.67 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. For description of statistics, see pp. 572-573 in same =, TUTTTTTTTVT f^T December 1951, p. 1601; October 1950, lary 1944, p. 209. APRIL 1952 467 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 n 4 t 1 a 7 0 it t 0 - e e 4 ) d s 9 = ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n n 1 9 g 0 3 i 0 t 0 d e ) o d = m F (1 r 1 9 a 0 4 n 0 9 c ) e = (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a e 3 p = r 4 a a D - g n 3 e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s r = - S (1 w 1 9 e 0 3 0 d 5 ) e = n (A Sw u = l g a i . 1 t n z 1 0 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 115 240 386 320 138 *>5,581 *342 143 P299 227 1951—February 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 116 242 394 320 141 5,677 349 146 302 231 June 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 ••359 143 306 227 November 114 239 403 329 151 5,462 358 144 317 226 December 114 238 402 330 152 P5.455 *>355 145 P318 228 1952—January 113 237 402 335 P153 P145 ?320 227 February 113 233 400 P329 P152 P224 P Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 108: August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and Induspr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r u l e y - d fa c m c h a t ie u n f r u l e y - d Foods p I r n o tr d d i u u al s c - ts Foods t p r I r i n o al d d u u ra s c - w ts p fi r n o tr i d s ia u h l e c < d ts goods goods 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 t949 93 96 101 226 197 199 197 249 101 108 104 1950 , 98 100 105 237 213 211 221 286 112 128 116 1951 . 113 111 116 ••265 238 242 247 122 171 143 1951—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 »361 118 170 144 110 111 115 r263 237 245 258 »363 119 172 143 110 111 115 ••261 236 244 261 »363 121 171 142 October .... 112 112 115 '259 236 243 263 *367 122 174 142 November 112 111 115 r265 237 241 263 124 177 142 December 111 111 115 r267 236 240 266 129 174 141 1952—January 110 '110 114 '263 233 240 277 P130 P176 P141 February 108 110 114 251 228 236 P271 n.a. Not available. P Preliminary. r Revised. 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. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Co«tf»«*<* 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 i 1 t 5 t 0 e e - 0 3 d s ) i 9 (1 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N (1 l e 9 a 1 4 0 t n 9 0 h d ) e s r = - 1 ( l 9 A a e 3 r u 9 n - g d . = Y m e o a n r t o h r ( S U 1 = t 9 n a 3 i t 1 5 t e 0 e - 0 s 3 d ) » 9 (1 = C 9 a a 3 d n 1 5 a - 0 - 0 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 9 n 4 1 9 0 c 0 e ) N (1 l e a 9 1 4 0 t n 9 0 h 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 227 241 136 128 121 181 1951 186 185 125 130 120 167 1951-February.. 226 224 127 121 112 178 1951-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. 232 249 145 139 122 184 December. 189 191 130 143 119 171 1952-January... 232 250 150 142 183 1952-January... 189 192 132 146 171 February.. 228 248 *>145 P182 February.. 188 191 P133 P149 P171 * Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. Sources.—See BULLETIN for 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 i t t g e e e h ) d s l ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b 0 d m e 0 r ) F (1 r 9 1 a 4 0 n 9 0 c ) = e N l e a t n h d e s r- ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 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 123.4 117.2 132.1 131.5 109.0 139.9 115.7 96.2 875 195 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 ,149 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 ,262 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 ,129 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131 6 00.0 .030 217 1951 117.7 95.7 •117.6 101.4 87.0 176.5 168.3 97.1 ,259 215 1951—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 L ,172 215 June 116.6 95.0 117.5 100.6 87.6 171.7 160.7 99 4 1,188 212 July 116.2 95.5 116.9 101.2 84.1 172.8 162.0 97.6 L.185 208 August 117.1 95.3 116.6 102.0 80.3 181.5 169.7 96.5 L,300 207 September... 118.0 95.2 116.5 103.8 78.1 187.3 179.8 97.4 L.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 L.406 207 December. . . 114.8 89.3 110.9 103.7 78.3 182.5 177.3 94.9 1,465 206 1952—Tanuarv 115.5 88.2 110.4 103.7 80.0 187.1 181.7 95.0 1,624 204 February.... 116.5 87.8 110.5 P101.4 183.2 179.5 92.8 p1,694 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. APRIL 1952 469 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 FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director HOWARD H. HACKLEY, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWN SEND, 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 }. 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 CHAS. W. WILLIAMS, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT JOHN H. WILLIAMS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT Market Account HERBERT V. PROCHNOW, Secretary 470 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 l President Vice Presidents Bank of Deputy Chairman First Vice President Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey 3 Carl B. Pitman E. G. Hult 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 * Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson D. F. Hagner Edw. A. Wayne R. W. Mercer s 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 Frederick L. Deming Paul E. Schroeder Wm. H. Bryce 0. M. Attebery Dale M. Lewis C. M. Stewart Wm. E. Peterson H. H. Weigel C. A. Schacht J. C. Wotawa Minneapolis.... Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell Paul E. Miller A. W. Mills C. W. Groth Otis R. Preston E. B. Larson M. H. Strothman, Jr. Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy P. A. Debus 2 M. W. E. Park Cecil Puckett Henry 0. Koppang L. H. Earhart G. H. Pipkin G. A Gregory 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 Vice Presidents 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 Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. 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. * Cashier. 3 Also Cashier. * Counsel. APRIL 1952 471 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. SI 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 1952 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 shipment, 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. 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS SAVING IN THE DEFENSE ECONOMY. September (From Federal Reserve Bulletin unless preceded by an asterisk) 1951. 5 pages. THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- THE BALANCE SHEET AND CURRENT TRENDS OF LARS IN 1950. March 1951. 10 pages. AGRICULTURE, 1951. September 1951. 14 pages. 1951 SURVEY OF CONSUMER FINANCES—SELECTED THE CURRENT POSITION OF AGRICULTURE, by Philip PRELIMINARY RESULTS. April 1951. 4 pages. T. Alien. September 1951. 11 pages. PART I. THE ECONOMIC OUTLOOK AND LIQUID NEW INDEX OF OUTPUT OF MAJOR CONSUMER ASSET POSITION OF CONSUMERS. June 1951. 18 DURABLE GOODS. October 1951. 6 pages. pages. PART II. PURCHASES OF HOUSES AND DURABLE GOODS IN 1949 AND BUYING PLANS CREDIT AND SALES REPORTED BY REGULATION W FOR 1951. July 1951. 18 pages. PART III. REGISTRANTS. October 1951. 12 pages. DISTRIBUTION OF CONSUMER INCOME IN 1950. VOLUNTARY ACTION TO HELP CURB INFLATION. August 1951. 18 pages. PART IV. DISTRIBU- November 1951. 9 pages. TION OF CONSUMER SAVING IN 1950. September 1951. 18 pages. PART V. DISTRIBUTION OF REVISED INDEXES OF DEPARTMENT STORE SALES AND DEBT AND SELECTED NONLIQUID ASSETS OF CON- STOCKS BY DISTRICTS. December 1951. 53 pages. SUMER SPENDING UNITS. December 1951. 11 pages. (Also, similar survey for 1946 from ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. January 1952. 11 pages. June-September 1946 BULLETINS, 28 pages; for 1947 from June-August and October 1947 THE SECOND ARMAMENT BUDGET. February 1952. BULLETINS, 48 pages; for 1948 from June-Sep- 9 pages. tember and November 1948 BULLETINS, 70 MONEY AND CREDIT IN 1951. February 1952. 9 pages; for 1949 from June-November 1949 and pages. January 1950 BULLETINS, 124 pages; for 1950 from April and June-December 1950 BULLETINS, INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. 106 pages, which includes THE METHODS OF THE March 1952. 10 pages. SURVEY OF CONSUMER FINANCES.) RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- CONSUMER PLANS FOR SPENDING AND SAVING. April NIQUES. November 1950. April 1951. 19 pages. 1952. 6 pages. * PROGRAM FOR VOLUNTARY CREDIT RESTRAINT. BANKING IN THE SOVIET UNION. April 1952. 8 As amended to April 20, 1951. 4 pages. pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1951. 2 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING ERNORS BEFORE SUBCOMMITTEE ON GENERAL THE INTRODUCTION OF REAL ESTATE CREDIT REGU- CREDIT CONTROL AND DEBT MANAGEMENT, MARCH LATION. July 1951. 23 pages. 11, 1952. April 1952. 4 pages. 473 APRIL 1952 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 r === 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 c! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis