Federal Reserve Bulletin, 1952-05

F E D E R AL E S E R VE BULLETIN 1952 >J v* >-N.f2 /P^ /s\\ n 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 Business Credit Demand in a Defense Period 475-481 Ownership of Demand Deposits. 482-485 Member Bank Earnings, 1951. 486-490 Changes in Instalment Credit Terms 491-496 Law Department 497-500 Voluntary Credit Restraint Releases. 501-502 Current Events and Announcements. 502 National Summary of Business Conditions. 503—504 Financial, Industrial, Commercial Statistics, U. S. (See p. 505 for list of tables) 505-568 International Financial Statistics (See p. 569 for list of tables) 569-587 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 588 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 589 Federal Reserve Board Publications 590-591 Map of Federal Reserve Districts. 592 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 May 1952 NUMBER 5 BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD Business expenditures for new plant and without further inflation, in contrast to the equipment and for inventory reached a new situation in 1950. record level in 1951—together, they exceeded the previous year's total of such in- BUSINESS INVESTMENT vestment by more than 20 per cent. Ac- Plant and equipment expenditures rose companied, as it was, by a marked decline appreciably during 1951 and in the first quarin retained earnings, this increased invest- ter of 1952 were about one-fourth larger ment necessitated a substantial amount of than a year earlier. Growth in book value external financing in the form of bank loans of business inventory holdings, however, and corporate security issues. The increase declined sharply during the past year, first in bank and other short-term indebtedness, quarter 1952 additions amounting to only together with a substantial growth in Fed- one-third those of first quarter 1951. Toeral income tax liability, brought about a gether, these two forms of business investfurther decline in the liquidity position of ment in early 1952, while smaller than a business. year ago, were nevertheless substantial rela- In the first quarter of 1952 plant and equip- tive to earlier periods. ment expenditures and corporate security Plant and equipment. From a total of issues continued at record levels for that sea- 17.8 billion dollars in 1950, business expendison of the year, but inventory accumulation tures on new plant and equipment rose to and growth in customers' receivables were 23.3 billion in 1951. While manufacturing smaller than a year earlier and bank credit industries alone accounted for two-thirds of demands consequently slackened. As a re- the increase, every major industry group for sult, total business investment and needs for which figures are compiled by the Departexternal funds were less than in the first ment of Commerce and the Securities and quarter of 1951. Exchange Commission shared in the ad- The large volume of external financing vance. of business in the past year coincided with To a certain extent the record 1951 volume some curtailment in the rate of expansion of business expenditure on new plant and of other types of credit, notably that of con- equipment reflected efforts by the Governsumers for the purchase of houses, automo- ment to assure increased output of such basic biles, and other durable goods. Total credit materials as iron and steel, chemicals, pedemands were more nearly in balance with troleum, and nonferrous metals, and the the current volume of saving, and after the enlargement of essential transport and elecearly months of 1951 were provided for tric power facilities. The Defense Produc- MAY 1952 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD tion Act of 1950, in addition to setting forth BUSINESS PLANT AND EQUIPMENT EXPENDITURES objectives for expansion of basic productive Billions of Dollars Semiannual!/ Billions of Dollars 14 | = : 1 14 capacity, authorized building restrictions, materials allocations, monetary and credit restraint measures, and incentives to private investment that would help to assure their OTHER accomplishment. Thus far, the primary in- INDUSTRIES centive to private expansion of productive facilities has been accelerated amortization of the investment for tax purposes. As of TRANSPORTATION AND ELECTRIC April 17, 1952, such permission had been AND GAS UTILITIES granted on proposed investment of 18.8 billion dollars. On the whole, it appears that govern- MINING AND mental policies have been more successful DEFENSE MANUFACTURINGin stimulating essential expansion than in curtailing less essential and deferable investment in new plant and equipment. The investment covered by tax amortization certificates that was put in place by the end of NOTE.—Department of Commerce and Securities and Exchange Commission data. Industries classified as "defense 1951 amounted to about 5 billion dollars, manufacturing" are: primary iron and steel, primary nonferrous metals, electrical and other machinery, motor vehicle and other transportation equipment, chemicals, and petrocompared with total business expenditures leum. on new plant and equipment in that year of more than 23 billion. Though some ex- very large companies undertaking largepansion deemed essential to the defense ef- scale projects. fort was not covered by accelerated amorti- There have been scattered reports recently zation, the difference of 18 billion dollars of cancellations and curtailments of plant suggests that a significant part of the total expansion and improvement programs of expenditure undertaken on the initiative individual companies, but those publicly anof private business represented projects nounced to date have not been large in total which were postponable or deferable for the amount, and some companies have actually duration of the defense emergency. revised their expenditure programs upward Despite the record volume of expenditures since the beginning of the year—in one case, for new plant and equipment during 1951, at least, quite substantially. Though the business concerns are currently expecting to seasonally adjusted rate of capital expendinvest even larger amounts in such facili- iture may decline somewhat during the ties. Reports obtained from businesses dur- latter part of the year—indicating that the ing February and early March showed that peak of the current plant expansion program in the aggregate they were anticipating ex- has been passed—over-all anticipations for penditures of 24.1 billion dollars in 1952— 1952 seem likely to be realized. roughly 4 per cent more than in the preced- Inventory accumulation. Book value of ing year. Practically all of the anticipated manufacturing and trade inventories inincrease from 1951 was accounted for by creased by a record 9.5 billion dollars in 1951, 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD as compared with 9.3 billion in the preced- which was largely seasonal in character, may ing year. Thus, while the character of busi- be followed by some liquidation of invenness inventory expansion was quite different tories during the remainder of the year, as in these two years, reflecting more largely there are still a number of manufacturing growth in physical quantity during 1951 as and trade lines in which inventory holdings contrasted with price increases in 1950, actual appear large relative to current sales. On inventory financing requirements differed the other hand, processing of purchased maonly slightly. terials and component parts by manufac- As a result of a transition during the year turers with defense contracts, together with from inventory accumulation to liquidation the inventory requirements of plants comon the part of many manufacturing and pleted during the year, may lead to some trade lines, practically all—9.4 billion dol- further expansion of manufacturing invenlars—of the 1951 increase in inventories oc- tories. curred during the first 5 months. In the FINANCING OF BUSINESS INVESTMENT case of wholesale and retail trade, the reduction in inventory holdings during the latter Nonfinancial business concerns obtained part of 1951 exceeded 3l/ billion dollars, as new credit—short- and long-term bank loans, 2 compared with an expansion of 8 billion real estate mortgage loans, and corporate from the outbreak of the Korean war bond and note issues—totaling 8.6 billion through May 1951. Manufacturing inven- dollars in 1951, compared with 7.6 billion in tories, on the other hand, continued to ex- 1950. The growing importance of plant pand through 1951, as shown in the table, and equipment expenditures relative to total though the rate of accumulation declined business investment is reflected in the inafter the middle of the year. creasing importance of corporate security is- Business inventory accumulation during sues relative to total credit obtained, as shown the first quarter of 1952 amounted to 2.2 in the table. billion dollars, as compared with 7.2 billion in the same quarter of 1951. This increase, BUSINESS FUNDS FROM SELECTED EXTERNAL SOURCES [In billions of dollars] Business debt CHANGES IN MANUFACTURING AND TRADE INVENTORIES Cor- Cor- Year or porate Real porate [Book value, in billions of dollars] quarter Total l B oa a n n s k x n b o a o t n n e d d s s 2 g e m a s g t o a e r t s t e - l i e s q su u e it s y * Manufacturing Trade Year and quarter Total 1950 7.6 4.9 2.0 0.7 1.7 Dur- Non- Whole- Reable durable sale tail 1951 8.6 4.0 3.6 1.0 2.8 1950—1 0.5 0.0 0.5 0.1 0.5 1950—l +2.0 +0.1 -0.2 +6.3 +1.7 2 0 5 -0 2 0.7 0.1 0.7 2 -0.2 +0.4 0) 0) -0.6 3 2.9 2.5 0.2 0.2 0.2 3 +2.8 +0.1 +0.5 +0.6 + 1.6 4 3 5 2 5 0 7 0 3 0.4 4 +4.8 +1.8 + 1.8 +0.8 +0.4 1951—i 3.1 1.9 0.9 0.3 0.5 1951—1 +7.2 + 1.6 + 1.1 +0.8 +3.7 2 1.4 -0.1 1.2 0.3 0.8 2 +2.0 +2.0 + 1.1 -0.1 -1.0 3 1.5 0.8 0.6 0.2 0.6 3 4 + -0 0 . . 4 8 + + 1 1 .5 .2 (0 + -0 0 . . 2 1 - -1 0 . . 6 8 4 2.6 1.4 1.0 0.1 0.9 +0.2 1952—1 0.9 -0.1 0.9 0.1 0.7 1952—1 +2.2 + 1.0 +0.1 + 1.4 -0.3 1 Change in outstanding indebtedness. 1 Change of less than 50 million dollars. 2 New security issues, less securities retired for cash or through NOTE.—Department of Commerce data, without adjustment for refunding. seasonal variation or for inventory revaluation arising out of price Source.—Federal Reserve, Securities and Exchange Commischanges. sion, Home Loan Bank Board. MAY 1952 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD This trend has continued into 1952. Dur- CORPORATE PROFITS ing the first three months of this year, new Billions of Dollars Billions of Dollar. corporate funds from debt and equity security issues reached a first quarter record of 1.6 billion dollars, while outstanding bank loans declined slightly. A further shift during 1951 and thus far in 1952, not revealed by the table, has been the increase in relative importance of financing in defense and defense-supporting industries, partly as a result of credit and monetary policies directed toward channeling available credit into such activities while restricting over-all credit expansion. NOTE.—Quarterly Department of Commerce figures, with- Funds retained from operations. The in- out adjustment for seasonal variation. crease in business external financing from than in the last two quarters of that year. 1950 to 1951 reflected an appreciable rise in Even if sales rise moderately from recent investment expenditures and a decline in the levels, prospects of further increases in opervolume of earnings available for investment. ating costs, the full impact of the higher Income data for all nonfinancial businesses Federal income tax rates imposed by the are not available, but for corporations alone Revenue Act of 1951, and continuation of it is estimated that funds retained from op- relatively large dividend payments would erations (depreciation allowances plus profits mean a 1952 level of retained earnings little after taxes and dividends) in 1951 were less if any above that of 1951. than in 1950 by 3 billion dollars, or 15 per Security issues. Corporate security issues cent. for new capital, exclusive of refundings, in- While depreciation accruals increased creased substantially in 1951. Despite some steadily last year, undistributed profits de- increase in the relative importance of equity clined sharply, as shown in the chart, from issues, debt obligations accounted for the an all-time record of 4.3 billion dollars in major share of the total. The continued prethe third quarter of 1950 to 2.2 billion in dominance of debt financing reflects a numthe third quarter of 1951 and 1.5 billion in ber of factors, among the more important the fourth quarter, when large year-end being the significant role of private placedividends customarily reduce the level of re- ments with life insurance companies, largely tained earnings. The declining level of re- on the basis of prior commitments. Another tained earnings in 1951 reflected a combina- is that, despite the decline in common stock tion of factors, the most important of which yields and rise in corporate bond yields were the shift during the year from inventory during the past year, the after-tax cost of profits to inventory losses and an increase in borrowed capital is still lower than that of Federal income and excess profits tax rates. external equity capital. Moreover, in some Thus far in 1952, corporate retained earn- instances, the allowances for interest payings have probably been well below the ments and borrowed capital permitted under average for 1951, although moderately larger the Excess Profits Tax Law of 1950 result in 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD nominal or even negative effective interest of the largest weekly reporting member cost. banks to manufacturers in the metals, metal New capital security issues of railroads, products, petroleum, coal, chemical, and rubpublic utilities, and defense and defense- ber industries increased by 2.5 billion dolsupporting manufacturing companies to- lars, while loans to other manufacturing and mining industries rose only 60 million. gether increased very sharply after mid-1951 The latter group had increased in accordrelative to the same period a year earlier— ance with seasonal influences in the latter much more sharply than issues of compapart of 1951, and decreased in the first quarnies that might be classed as nondefense. ter of this year. So far as purpose of financing was concerned, over 70 per cent of all corporate CHANGE IN BANK LOANS TO BUSINESS, BY INDUSTRY security issues for new capital in 1951 were TWELVE MONTHS ENDING APRIL 1952 for plant and equipment, as compared with about 60 per cent in 1950 and 1948. During the first three months of 1952, corporate security offerings for new capital reached an estimated first quarter record total of 2.0 billion dollars, of which nearly 75 per cent was for plant and equipment financing and about 50 per cent represented issues of manufacturing companies. Pri- COMMODITY DEALERS vate placements of new corporate securities TRADE amounted to 810 million dollars in the first CONSTRUCTION quarter. As of the end of March, outstanding commitments of major life insurance SALES FINANCE COS. companies to acquire business securities MFG.-TEXTILES,ETC. totaled 3.1 billion dollars, of which 1.3 billion -200 -100 100 200 300 was expected to be taken down during the Millions of Dollars second and third quarters. A large volume NOTE.—Data reported by over 200 of the largest weekly reporting member banks. Changes are for period April 25, of public utility financing is also in prospect, 1951 -April 23, 1952. most of which will be publicly offered. A substantial volume of business funds Other credit. Business borrowing from was provided in 1951 through the regular commercial banks increased sharply in the deferral of payment of Federal income and last half of 1950 and first quarter of 1951, excess profits taxes. In the case of manureflecting in large part the financing of in- facturing corporations, for example, joint esventory accumulation in nearly all areas. timates of the Federal Trade Commission Since mid-1951, however, growth in bank and the Securities and Exchange Commission loans has tended to represent normal seasonal indicate that accruals of such taxes, for payrequirements for short-term funds and, to ment the following year, were over 4 billion an increasing extent, borrowing by defense dollars larger in 1951 than in 1950. Those and defense-supporting businesses. In the companies which used these funds to finance twelve months ending April 1952, for ex- expansion of inventories, receivables, or plant ample, outstanding loans by more than 200 and equipment may face special financing MAY 1952 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD problems during the current year when tax of many enterprises. During the first half liabilities on 1951 income must be paid. of 1952, for example, corporations will have During 1951, and thus far in 1952, financ- to pay 70 per cent of the Federal income ing of defense contractors by the Federal tax liability accrued during 1951—an amount Government, through direct loans or prog- estimated in the neighborhood of 15 billion ress payments, has been relatively less im- dollars. While their holdings of cash and portant than more indirect financial aids United States Government securities have such as the V-loan guarantee program. As increased more than 4 billion dollars since for direct loans of the types authorized by Korea and totaled an estimated 51 billion the Defense Production Act, latest available at the beginning of 1952, or roughly three to data show that the Reconstruction Finance four times the amount of their first-half tax Corporation, through the end of 1951, had payments, a substantial part of these liquid participated to the extent of 190 million dol- assets is required for general working purlars in 600 loans for defense purposes, and poses. The current position of corporations that the Defense Production Administration is definitely tighter than it was at the beginand the Defense Materials Procurement ning of 1949, the previous postwar low point Agency, through March 1, 1952, had certi- in business liquidity, when they held 39 bilfied 145 applications under Section 302 for lion dollars of cash and Governments against direct loans totaling 181 million. As for first-half tax payments of slightly more than Regulation V loans, banks had obtained, 5 billion. through the end of March, procurement While the over-all business liquidity picture agency guarantees of 971 loans in authorized during the past 18 months is one of gradual amount of 1.7 billion dollars, of which 837 impairment and, at the present time, of some million was outstanding. financial tightness, the situation does differ CORPORATE LIQUIDITY DECLINE IN BUSINESS LIQUIDITY Over-all business liquidity has declined appreciably from the relatively high level that prevailed in mid-1950. In the case of nonfinancial corporations, this reduction in liquidity is reflected in the decline of total current assets and of liquid assets relative to short-term liabilities, in the rise in the proportion of current working assets represented by inventories and receivables, and in slower inventory turnover and receivables collections. Coinciding with the acceleration of Federal income tax payments provided for by the Mills amendment to the Revenue Act of 1950, the reduction in liquidity following the outbreak of Korean hostilities has accentuated the short-term financing problems NOTE.—Securities and Exchange Commission data; end of year, 1939-47, end of quarter 1948-51. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CREDIT DEMAND IN A DEFENSE PERIOD markedly among different industries and CONCLUSION concerns of different size. Within manu- During the first quarter of 1952 long-term facturing there are some industries, like texdebt and equity securities, which were issued tiles and apparel and other transportation in record volume, represented the principal equipment, that have been confronted with business funds from external sources. With a combination of declining liquidity positions large expenditures for new plant and equipand smaller profit margins, while others ment expected during the remainder of the have experienced some decline in liquidity year, substantial long-term financing conbut find their sales and profits margins well tinues to be in prospect. Though some part maintained. of such requirements for funds has probably Judging from data available for manualready been met, the post-Korean decline in facturing corporations, the post-Korean shift business liquidity could lead to some refundin liquidity position has been more proing of existing short-term indebtedness and nounced among large than among small to some more-or-less-permanent additions to companies. In the case of manufacturing working capital, both of which would incorporations with total assets of 100 million volve long-term financing. dollars and over, for example, holdings of There was, on balance, some reduction of cash and United States Government securicommercial bank loans to business during ties declined from $1.22 per dollar of curthe first four months of 1952. The decline rent liabilities on June 30, 1950, to $.76 at appears, however, to have been somewhat the end of 1951. For companies with total less than usual for this time of the year beassets of less than $250,000, on the other cause of increased lending to defense conhand, the reported ratio declined much less tractors as well as some lending for tax payduring this period—from $.58 to $.48. Such ments. During the second half of the year disparity in financial experience is not sur- the usual borrowing to move crops may prising in view of the fact that it has for the coincide with further borrowing by defense most part been the larger companies that contractors. At the same time, some busihave undertaken the major additions to ness concerns, faced with a decline in liquidplant and equipment and have accumulated ity, may endeavor to reduce their inventory substantial inventories for use in fulfilling holdings and to curtail expenditures in order defense contracts. to repay bank and trade creditors. MAY 1952 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS Total demand deposits of individuals, partner- 1952 accrued to almost all categories of depositors ships, and corporations in the United States rose in all Federal Reserve districts. Moreover, the 6.3 billion dollars, or 7.2 per cent, in the year end- percentage increases of the two largest categories ing January 31, 1952. These dollar and percentage of holders, businesses and individuals, were apincreases were not much different from those in preciable. the preceding year. In view of the lessening of Demand deposits of corporations and unincorinflationary pressures and the reduced private credit porated firms increased in all lines of business. Balexpansion during the past year, the question arises ances of farmers and other individuals rose someas to who held the additional deposits and for what what less percentagewise than business balances. reasons. Information from the Federal Reserve Deposits of nonprofit organizations rose more per- System's annual survey of demand deposit owner- centagewise than most other types of deposits. The ship reveals the division of the largest and most only deposit declines were in the accounts of trust volatile part of the private money supply, demand funds and of foreign individuals and businesses, deposits, among various economic groups in the as is shown in Table 1. country. Business deposits. Business demand deposits This year's survey shows that the increase in tended to rise most in the case of small unincordemand balances in the year ending January 31, porated concerns in such lines as manufacturing, trade, and other nonfinancial activities (including 1This article was prepared by Charles Fox of the Board's Division of Research and Statistics. the various services and construction), and least in OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES FEDERAL RESERVE ESTIMATES BILLIONS OF DOLLARS SELECTED DATES ,BILLJ0NS_OFJ)0_Ul.AR8 BROAD GROUPS NONF NANCIA- BLJSINESSES 01HERHOLDEJ 1 100 / 24 - A / INDI\/IDUALS / / — • —^^ - 80 -— *—-/ / / — 20 y / MANUFACTURING / TOTAL/ - AND MINING 1/ / / /* / "- — - 60 rV / — 16 /TRADE _ / Ai f / - / -^ ^= - / / , r^ NC)NFINANCIAL / / p—-—' 40 cillClklccero / -^TFAF MERS / / OTHER . 1 "I NONFINANCIAL NONPROFr / s - ' AND OTHER* / ^^|^__^'. . . . 20 INDVIDUALS y UT P I U L B IT L I IC ES - -*^ _ ^ / B F U IN S A IN N E C S IA S L ES FINAsICIAL EUSINESSE >» • •- 1 INSURANCE COMPANIES 0 ,AND (5THER* 1942 1944 1946 1948 1950 1942 1944 1946 1948 1950 1942 1944 1946 1948 1950 * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1952. 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS the case of large public utility companies. In- TABLE 2 creases in deposits were greater percentagewise for OWNERSHIP OF DEPOSITS OF CORPORATE AND NONCORPORATE unincorporated firms than for corporations, both for BUSINESSES business as a whole and for most lines. This is [Estimates* dollar amounts in billions] shown in Table 2. The relatively greater rise in Change from Jan. 31,1951 deposits of unincorporated firms may represent in Jan. 31, part the proceeds of larger than average inventory 1952 Dollar Perliquidation by these firms, particularly during the amount centage Type of holder second half of 1951. co L m a p r a g n e i es c o a rp n o d r a m tio a n n s u , fa p ct a u r r ti e c r u s lar o l f y d p u u ra b b li l c e g u o ti o li d ty s, C r p a o o t r e - - N r c p a o o o t r e n - - - C r p a o o t r e - - N r c p a o o o t r e n - - - C r p a o o t r e - - N r c p a o o o t r n - e - were still undertaking large capital expansion pro- Domestic businesses— grams. As a result, many of them not only were total 42.1 13.6 +2.9+1.2 +7.4 +9.9 unable to accumulate a significant volume of addi- Nonfinancial—total.... 35.2 11.5 +2.4 +1.1 +7.4 +10.3 tional liquid assets but needed substantial amounts Manufacturing and of B o u u s t i s n i e d s e s f c i o n n a c n e c r i n n s g o l f a s a t ll y e s a iz r e . s and in varied lines T Pu r m a b d l i i e n c i n u g tilities...... 1 4 8 9 . . . 2 4 3 2 0 6 . . . 2 0 5 + + 1 0 C . . 5 1 5 ) +0.2 + + +6 8 0 . . . 0 4 9 + + + 1 1 9 0 2 . . . 5 3 2 Other nonfinancial... 3.3 2.8 +0.4+0.3 +14.3 +10.7 tended to need larger deposit balances this past Financial—total 6.9 2.1 +0.4 +0.1 +6.9 +7.7 year because of larger operating or transactions re- Insurance 2.8 0.2 +0.2 +8.1 +5.1 quirements for such items as purchased materials, 4.1 1.9 +0.2 +0.1 +6.1 +7.9 Other financial. wages, and interest payments. Some may have accumulated additional deposits late in 1951 and i Less than 50 million dollars. NOTE.—Detailed figures may not add to totals because of early in 1952 to meet the larger income tax pay- rounding. merits anticipated in the first half of 1952 because of TABLE 1 higher tax rates and the acceleration in corporation OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, income tax payments. Corporations have to pay PARTNERSHIPS, AND CORPORATIONS 70 per cent of their 1951 income tax liabilities in [Estimates, dollar amounts in billions] the first half of this year and only 30 per cent in Change from the second half. Am ou o t u - nt Jan. 31, 1951 Demand deposits of financial businesses last year Type of holder standing Ja 1 n 9 . 5 3 2 1, Dollar Per- expanded at about the same rate as did demand amount centage deposits of all individuals, partnerships, and corporations. Savings institutions—chiefly insurance Domestic businesses—total... 55.7 +4.1 +8.0 companies, credit unions, and savings and loan as- Nonfinancial businesses—total. . 46.7 +3.5 +8.1 sociations—increased their demand balances in line Manufacturing and mining. . 21.3 +1.7 +8.8 Public utilities 4.4 +0.1 +1.4 with their other assets. The growth in their total Trade 15.0 + 1.0 +7.5 Other nonfinancial 6.1 +0.7 +12.7 assets reflected mainly the increase in individual Financial businesses-^total 9.0 +0.6 +7.1 saving that occurred last year. Savings and loan Insurance companies 3.0 +0.2 +8.0 associations, for example, experienced the largest Other financial 6.0 +0.4 +6.7 annual increase in share accounts in their history. Individuals—total 32.7 +1.9 +6.3 Deposits of individuals. Demand deposits of both Farmers 7.5 +0.5 +7.3 farmers and other individuals rose substantially in Other individuals 25.2 + 1.4 +6.0 the year ending January 31 and about in proportion Other holders—total 5.6 +0.2 +4.5 to the rise in total privately held demand deposits. Trust funds . 1.6 -0.1 -5.4 Nonprofit associations 3.4 +0.3 +11.1 The rise was greater, percentagewise, in the case Foreigners l 0.6 (2) -1.0 of deposits under $25,000 than in the case of those Total. 94.0 +6.3 +7.2 over $25,000. The rise in tke deposits of individuals reflected 1 Excludes foreign banks and governments. in part a larger need for cash balances to meet 2 Less than 50 million dollar decline. NOTE.—Detailed figures may not add to totals because of payments for debt service, taxes and other expenses. rounding. MAY 1952 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS It also reflected increased saving, particularly in TABLE 3 liquid forms. In addition to increasing their hold- PERCENTAGE CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS, ings of demand deposits almost 1.5 billion dollars, PARTNERSHIPS, AND CORPORATIONS, BY FEDERAL RESERVE individuals increased their holdings of currency DISTRICT AND TYPE OF HOLDER, JANUARY 31, about a billion and their time deposits about 2.5 1951 TO JANUARY 31, 1952 billion. The increase in individuals' share accounts Type of holder in savings and loan associations also amounted to about 2 billion dollars. Fede d ra is l tr R ic e t serve All Individuals Non- Individual saving increased last year despite holders 1 financial substantially higher income taxes. Moreover, con- Farmers Nonfarmers businesses sumer spending did not keep pace with the rising Boston +6.1 + 18.0 +3.7 +7.1 incomes. Individuals, like businesses, had engaged New York +7.0 + 11.2 +8.4 +8.2 Philadelphia +3.9 +8.6 +2.4 +5.2 in quite a buying spree after Korea, partly on Cleveland + 10.8 +8.9 +8.3 +12.4 credit, and this advance buying tended to reduce Richmond +10.4 +22.7 +7.8 + 10.4 Atlanta +9.0 +7.2 +7.0 + 10.7 purchases of most types of household goods during most of 1951. Chicago +5.1 +2.6 +5.6 +4.6 St. Louis +6.1 +6.9 +3.8 +7.3 The growth in farmers' deposits was the largest Minneapolis +5.1 +6.3 +5.0 +3.7 in several years. It followed four years of small Kansas City +6.1 +2.3 +6.9 +7.9 Dallas +7.9 +4.1 +4.1 +11.7 changes in such balances and brought their out- San Francisco +8.7 +17.6 +4.4 +9.9 standing amount to a level slightly above the pre- All districts +7.2 +7.3 +6.0 +8.1 vious high reported in early 1948. An important 1 Includes also financial businesses, nonprofit associations, trust factor in the growth of farmers' deposits during funds, and foreigners. 1951 was the large increase in farm receipts and income which resulted mainly from higher prices farmer-owned deposits varied widely among Fedfor farm products. The spending of farmers, like eral Reserve districts, depending largely on local that of other individuals, did not keep pace with agricultural conditions. The interdistrict variathe rise in incomes. The percentage increases in tion was greater for farmers' deposits than for TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-52 [Estimates, in billions of dollars] Dec. 31, Feb. 29, Jan. 31, Jan. 31, Feb. 26, Jan. 30, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Type of holder 1941 1944 1945 1946 1947 1948 1949 1950 1951 1952 Domestic businesses—total.. 24.8 35.9 40.4 42.9 43.8 47.1 46.6 47.9 51.6 55.7 Corporate 30.6 31.1 32.1 35.0 34.9 36.1 39.2 42.1 Noncorporate. 9.9 11.9 11.7 12.1 11.7 11.8 12.4 13.6 Nonfinancial businesses—total 20.4 31.5 35.3 37.0 37.2 39.8 39.4 40.2 43.2 46.7 Manufacturing and mining... 10.0 16.3 17.5 16.1 16.0 17.3 17.1 17.6 19.5 21.3 Public utilities 3.1 3.7 3.7 4.0 4.2 4.1 3.9 4.0 4.4 4.4 Trade 4.6 8.2 10.3 12.6 12.5 13.4 13.4 13.3 13.9 15.0 Other nonfinancial 2.7 3.4 3.7 4.2 4.5 4.9 5.0 5.3 5.4 6.1 Financial businesses—total 4.4 4.3 5.2 5.9 6.5 7.4 7.2 7.7 8.4 9.0 Insurance companies. . 1.9 1.7 1.9 1.8 2.1 2.7 2.5 2.7 2.8 3.0 Other financial 2.5 2.6 3.3 4.1 4.5 4.7 4.7 5.0 5.6 6.0 [ndividuals—total. 9.6 17.7 21.5 26.4 28.9 30.1 29.1 29.1 30.8 32.7 Farmers 4.2 5.0 6.3 7.2 7.5 7.1 6.8 7.0 7.5 Other individuals. . 13.5 16.5 20.1 21.7 22.6 22.0 22.3 23.8 25.2 Other holders—total. 3.2 3.6 4.0 4.8 5.2 5.2 5.1 5.0 5.3 5.6 T N r o u n s p t ro fu fi n t d a s. s s • o • c : i a • t . i , ons. 1 1 . . 3 5 1 1 . . 4 9 2 1. . 6 4 2 1. . 7 7 2 1. . 6 8 2 1. . 6 9 2 1 . . 9 5 3 1 . . 0 6 3 1 . . 4 6 Foreigners 0.8 0.7 0.8 0.8 0.7 0.7 0.6 0.6 0.6 Total. 37.6 57.2 65.9 74.1 77.8 82.4 80.8 82.0 87.7 94.0 * Not available. NOTE.—Detailed figures may not add to totals because of rounding. 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS those of other major groups of depositors, as is The decline in trust fund deposits may have been shown in Table 3. due in part at least to the greater availability of Miscellaneous deposits. Among the miscellaneous higher yielding investments, particularly United deposits, those of nonprofit associations rose sharply States Government and other securities. Foreign whereas those of trust funds and foreigners de- balances in commercial banks were drawn down clined. The increase in the deposits of nonprofit slightly in 1951, probably for a variety of reasons, organizations was the largest dollar growth for including speculation as well as operating needs. the group in several years and one of the largest These balances represent only a small proportion percentage growths of any group in 1951. The of total foreign balances in this country, for they rise during this past year may have been due in exclude the deposits of foreign banks and governimportant degree to postponement of planned con- ments at Federal Reserve as well as commercial struction activity by many organizations because banks. They do not necessarily reflect basic shifts of Federal restrictions on building materials. in the balance of international payments. MAY 1952 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951 Net current earnings of all member banks before recent years, the major factor in this increase was income taxes reached a new high in 1951, but net earnings on loans. An expansion of 10 per cent profits after taxes declined 3 per cent from 1950. in the amount of member bank loans outstanding Larger net operating earnings were accompanied during 1951 and a moderate increase in the average by somewhat smaller recoveries and profits, by rate of return, combined with the full effect on larger losses, charge-offs, and net additions to 1951 earnings of the rapid expansion in loans valuation reserves, and by a substantial increase in during the last half of 1950, brought earnings from provision for income taxes (including excess profits this source to 2,003 million dollars—369 million taxes). or 23 per cent above the previous year. This in- Net current earnings before income taxes ad- crease more than offset a moderate decline in vanced to 1,437 million dollars, an increase of earnings on United States Government securities 192 million or 15 per cent from 1950.2 As in other and an increase of 212 million dollars in total expenses. 1 This article was prepared by Raymond C. Kolb of the Board's Division of Bank Operations. The 3 per cent decline in net profits, after profit 2 Net current earnings are gross current operating earnings and loss adjustments and after provision for income less gross current operating expenses, before adjustments for taxes, was from 781 million dollars in 1950 to 756 losses, recoveries, and transfers to and from valuation reserves, and before taxes on net income. million in 1951. This decline in net profits, coupled MEMBER BANK EARNINGS, SELECTED YEARS, 1929-51 [Dollar amounts in millions] Item 1932 1939 1941 1942 1945 1946 1947 1948 1949 1950 1951 Earnings $2,399 $1,554 $1,296 $1,417 $1,487 $2,102 $2,403 $2,579 $2,828 $2,986 $3,265 $3,669 On U. S. Government securi- On t ie o s t h i er securities * • 473 458 444 / \ 2 23 0 9 6 3 2 3 0 6 4 9 1 9 3 7 9 1,0 1 5 4 4 8 9 1 2 4 1 9 8 1 5 5 5 8 8 1 5 6 9 9 8 1 6 9 5 0 8 2 3 1 2 1 On loans 2 1,563 851 560 665 649 588 772 1,044 1,308 1,427 1,634 2,003 Service charges on deposit ac- Ot c h o e u r n e t a s rnings 2 > 363 245 23 5 7 4 24 6 2 5 23 6 0 8 29 8 1 7 3 1 2 0 8 0 3 1 4 1 6 9 3 1 6 4 7 1 3 1 7 5 3 8 4 1 0 7 3 2 4 1 3 8 6 7 Expenses 2 1,684 1,143 895 988 1,002 1,268 1,469 1,650 1,795 1,889 2,020 2,232 Salaries and wages 464 357 388 426 461 580 699 797 876 926 1,000 1,125 Interest on time deposits 3. . . . 445 302 159 140 128 183 212 236 250 261 271 306 Interest on interbank and demand deposits 314 132 Taxes other than on net income 2 112 67 85 129 81 83 82 90 96 109 115 Other expenses 2 348 285 262 293 331 422 476 529 579 605 640 686 Net current earnings before income taxes 2 715 410 401 429 485 835 934 929 1,033 1,097 1,245 1,437 Recoveries and profits 4 137 113 327 278 188 454 356 232 190 155 175 139 Losses and charge-offs 2 4 295 778 380 318 223 230 247 251 195 166 149 202 Net additions to valuation reserves 4 173 125 121 128 Profits before income taxes.. 451 1,058 1,043 910 854 961 1,150 1,247 Taxes on net income 68 270 285 257 234 275 369 491 Net profits 557 -255 347 390 383 788 758 653 621 686 781 756 Cash dividends declared 6 387 245 207 211 203 246 267 281 294 313 346 371 Number of banks at end of year. 8,522 6,816 6,362 6,619 6,679 6,884 6,900 6,923 6,918 6,892 6,873 6,840 1 Not reported separately prior to 1945; data for 1941 to 1944 are estimated. 2 The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 8 Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. 4 For description of the composition of this item beginning with 1948, see footnote to table on p. 489. 6 Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947. 6 Includes interest on capital notes and debentures. 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951 with larger capital accounts, resulted in a decline MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 31, 1951 in the return on average total capital accounts from [Dollar amounts in millions] 8.3 per cent in 1950 to 7.6 per cent, the same percentage as in 1949. The proportion of net profits Change from Dec. 30, 1950 distributed as dividends increased from 44 per cent Item Dec. 31, 1951 in 1950 to 49 per cent in 1951 as a result of reduced Per- Amount net profits and an increase of 25 million in the centage dollar amount of dividends. Total loans and investments.. $112,247 +$4,823 +4.5 The increase in member bank capital accounts Loansl 49,561 +4,856 + 10.9 Commercial and industrial.... 24,347 +3,826 + 18.6 during 1951—largely through retention of profits— Agricultural 2,140 +332 + 18.3 For purchasing and carrying did not quite keep pace with the increase in assets. securities 2,401 -296 -11.0 Real estate 11,334 +812 +7.7 The ratio of average total capital accounts to aver- Consumer 6,195 +28 + .5 age total assets declined from 7.0 per cent in 1950 U. A S ll . o G th o e v r ernment securities. . 5 3 1 , , 8 6 6 21 3 + -7 2 4 7 4 8 + -1 7 . . 4 8 to 6.9 per cent in 1951. The increase in assets Treasury bills, notes, and certificates 22,005 +2,818 + 14.7 during 1951 was largely in loans and, combined Bonds and guaranteed obligations 29,616 -3,562 -10.7 with some shift from United States Government Other securities 11,066 +711 +6.9 State and local government . . . 7,528 +888 +13.4 securities to loans and other securities, resulted in Other 3,538 -177 -4.8 a continuation of the downward trend in the ratio of capital to so-called "risk assets" (total assets less 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. cash assets and United States Government securities). For 1951, this ratio was 16.7 per cent, the larger member banks indicate that about half of lowest since the 1920's and substantially below the increase was for defense purposes. By industry the corresponding figure of 18.9 per cent for 1950. group, the most substantial increase was in loans Earnings figures for selected years beginning to manufacturers of metals and metal products with 1929 appear in the table on the preceding page. (including machinery and transportation equip- Earnings and earning assets. Total current earn- ment); net decreases were reported for only two ings of all member banks aggregated 3,669 million groups—manufacturers of textiles, apparel, and dollars, an increase of 404 million or 12 per cent leather, and the construction industry. over 1950. With the exception of earnings on Earnings on United States Government securities United States Government securities, all reported declined less than 4 per cent, but the amount of categories of earnings increased from 1950. The such earnings, 832 million dollars, was less than in largest quantitative and relative increase was in any year since 1944. They represented only 23 earnings on loans. They continued to be an in- per cent of total earnings as compared with 27 per creasing proportion of total earnings, amounting cent the previous year. to 55 per cent of all earnings in 1951 as compared The decline in holdings of United States Governwith 50 per cent in 1950. The increase in these ment securities during 1951 was less than a billion earnings resulted primarily from an increase of dollars but, as indicated in the accompanying table, almost 5 billion dollars in loan holdings during there was a significant shift from bonds which 1951 and the full effect on 1951 earnings of the carried higher rates of return to the lower-yielding rapid loan expansion during the last half of 1950. bills, certificates, and notes. Despite the shift to An increase in the average rate of return on loans Government securities near the lower end of the from 4.17 per cent in 1950 to 4.26 per cent was yield range, the generally higher level of shortalso a contributing factor. As shown in the accom- term yields served to raise the average yield on panying table, all major categories of loans except member bank holdings from 1.57 per cent in those for purchasing and carrying securities shared 1950 to 1.66 per cent. The higher average yield in the 1951 expansion; the total loan expansion of was not sufficient, however, to offset the loss in about 5 billion dollars in 1951 was considerably earnings resulting from smaller holdings. less than the 8.5 billion increase in 1950. Holdings of obligations of State and local govern- About three-fourths of the loan increase was in ments increased 888 million dollars during the the commercial and industrial category. Statistics year, while holdings of other types of securities gathered since April 1951 from a sample of the declined 177 million, following substantial increases MAY 1952 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951 in both groups during 1950. Earnings on these Transfers to and from valuation reserves on loans groups of securities increased 21 million dollars, and securities have been an important factor affectreflecting the expansion in holdings. The average ing bank net profits, especially since the December rate of return on these securities declined from 2.02 1947 ruling of the Bureau of Internal Revenue proper cent in 1950 to 1.99 per cent in 1951, probably viding for certain tax-free additions to reserves for reflecting the growing importance of tax-exempt losses on loans. Net transfers to valuation reserves securities in the total. on loans aggregated 154 million dollars in 1951, about 15 million more than in 1950. Net transfers Expenses. Current expenses of all member banks to reserves on securities amounted to 17 million increased to 2,232 million dollars—212 million or dollars, only about 3 million more than in the 10 per cent above the previous year. There was no previous year. After adjustments for recoveries and significant change in the relative importance of the losses carried directly to these reserves, there were various expense items, all of which increased. net additions of 124 million dollars to loan reserves Salaries and wages were the largest component and 4 million to security reserves. Valuation reand accounted for slightly more than 50 per cent of serves on loans were about 1.5 per cent of the total expenses. Officers' salaries amounted to 375 outstanding loan volume at the end of 1951; and million dollars, an increase of 31 million from 1950, valuation reserves on securities were about 2.0 per and salaries and wages of other employees were cent of the book value of outstanding securities 750 million, an increase of 95 million. These inother than those of the United States Government creases reflected both larger numbers of officers and 0.35 per cent of total outstanding securities. and employees and increases in average salary payments. Interest paid on time deposits increased Provision for taxes on net income, including 35 million dollars to 306 million, and the average taxes on excess profits, aggregated 491 million dolrate of interest paid increased from 0.91 per cent lars, 122 million or 33 per cent more than the proto 1.02 per cent. Taxes other than taxes on net in- vision made in 1950. This unusually large increase come increased 6 million dollars and all other ex- reflected both larger taxable income and higher penses increased 46 million. tax rates as set forth in the Revenue Act of 3951. Factors affecting net profits. As already noted, net A summary of the factors that contributed to profits of member banks in 1951 were 25 million the decline in member bank net profits appears in the accompanying table. dollars or 3 per cent below the 1950 level. The return on average capital accounts was 7.6 per cent, the same as in 1949 but lower than the 8.3 FACTORS IN LOWER NET PROFITS per cent for 1950. This rate of return is computed [In millions of dollars] from aggregate dollar amounts for all member banks and is therefore weighted heavily by the Change Factor from 1950 experience of the very large banks. The 1951 ratios varied from 5.9 per cent for New York City banks Decrease in net profits -25 to 8.2 per cent for so-called country banks as a Factors increasing net profits, total +438 group. Increase in earnings on loans 369 Increase in other earnings, except on U. S. Govern- Losses and charge-offs on loans (not including ment securities 69 net additions to valuation reserves) amounted to 69 Factors decreasing net profits, total -463 Increase in expenses 212 million dollars in 1951 and recoveries to 43 million. Increase in provision for income and excess profits taxes 122 The resulting net loss of 26 million for the year Increase in net losses on securities * 50 was 1.3 per cent of reported total earnings on Decrease in earnings on U. S. Government securities. 33 Decrease in profits on securities sold 30 loans. This percentage was unchanged from 1950, Increase in net losses on loans l 6 Increase in net additions to valuation reserves 1. . . . 7 when net losses on loans aggregated 20 million Increase in other net losses 3 dollars. 1 For description of composition of these items, see footnote to Losses on securities increased from 39 million table on p. 489. dollars in 1950 to 88 million in 1951. Recoveries on securities were about 15 million in each year. Cash dividends and capital. The dollar amount Profits on securities sold or redeemed aggregated distributed in the form of cash dividends continued 52 million dollars, 30 million below the 1950 level. its gradual upward trend and amounted to 371 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951 million dollars in 1951, an increase of 25 million classes of banks. Profits before income taxes were over 1950. The yield was 3.7 per cent on total higher at all classes, but the larger provision for capital accounts, unchanged from the previous year. income taxes, particularly at central reserve city A little more than half of net profits—385 banks in New York, served to decrease net profits million dollars—was retained by member banks from the 1950 level at all classes of banks except to strengthen their capital positions. This retention central reserve city banks in Chicago where, an inof profits in capital was supplemented by about 186 crease was reported. The declines in net profits million dollars provided through sales of common amounted to 2 per cent at central reserve city banks stock, ofTset in part by retirement of preferred stock in New York, 3 per cent at reserve city banks, and amounting to about 12 million. almost 5 per cent at country banks. Earnings and profits by class of bank. Total earn- Expansion in gross earnings varied from 19 per ings, total expenses, and net current earnings before cent at central reserve city banks in New York to income taxes were higher in 1951 than in 1950 at 10 per cent at country banks; it was 14 per cent at all classes of member banks. central reserve city banks in Chicago and 12 per Noncurrent transactions—the net of recoveries cent at reserve city banks. Expansion in earnings and profits, losses and charge-offs, and valuation re- on loans was about 43 per cent at central reserve serve additions—resulted, however, in larger deduc- city banks, 22 per cent at reserve city banks, and tions from net current earnings than in 1950 at all 15 per cent at country banks. Declines in earnings MEMBER BANK EARNINGS, BY CLASS OF BANK, 1950 AND 1951 [Dollar amounts in millions! Central reserve city banks Reserve Country Total city banks banks New York Chicago 1951 1951 1950 1951 1950 1951 1950 1951 1950 Earnings $3,669 $3,265 $608 $512 $151 $132 $1,413 $1,257 $1,497 $1,364 On U. S. Government securities 832 865 127 145 45 48 298 311 362 362 On other securities 211 190 37 31 12 12 77 69 84 77 On loans 2,003 1,634 308 215 69 48 804 659 822 712 All other 623 575 136 121 25 24 235 218 228 213 Expenses 2,232 2,020 334 298 83 78 861 777 954 867 Salaries and wages 1,125 1,000 196 170 41 37 429 382 460 411 Interest on deposits 306 271 12 10 12 11 134 112 147 138 All other 801 749 126 118 30 30 298 282 347 318 Net current earnings before income taxes... 1,437 1,245 274 214 68 54 552 480 543 497 Recoveries and profits * 139 175 33 27 7 13 59 77 40 58 Losses and charge-offs 1 202 149 17 19 11 7 92 55 81 67 Net addition to valuation reserves 128 121 33 7 10 9 48 63 37 42 Profits before income taxes 1,247 1,150 256 214 55 50 471 439 464 447 Taxes on net income 491 369 114 69 17 15 196 155 163 131 Net profits 756 781 142 145 38 35 275 284 301 316 Cash dividends declared 2 371 346 93 89 16 16 147 133 115 108 Ratios (per cent): Net current earnings before income taxes to average total capital accounts 13.7 11.3 16.2 14.9 14.9 Net profits to— Average total capital accounts 7.6 8.3 5.9 6.2 7.7 7.4 8.1 8.8 8.2 9.2 Average total assets 0.53 0.57 0.50 0.54 0.51 0.49 0.50 0.55 0.57 0.63 Earnings on loans to average holdings 4.26 4.17 2.99 2.62 3.09 2.85 4.29 4.24 5.21 5.19 1 Data for these items and corresponding items in the table on p. 486 were derived by combining detailed earnings data on p. 555 of this BULLETIN as described below: (a) Recoveries and profits were obtained by combining profits on securities sold with recoveries credited to profits (shown in the body of the detailed table) and recoveries credited to valuation reserves (shown under memoranda items in the detailed table). The combined figures represent the gross recoveries and profits of member banks during the year regardless of the accounting methods of the individual banks. (b) Losses are the combination of losses charged against profits with losses charged to valuation reserves. These totals represent the gross losses of member banks during the year regardless of the accounting methods of the individual banks. (c) Net additions to valuation reserves on securities and loans represent the combination of four amounts given in the detailed table: the sum of the two items that increase valuation reserves (transfers to reserves reported in the body of the detailed table plus recoveries credited to reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from reserves reported in the body of the detailed table plus losses charged to reserves reported as memoranda items). 2 Includes interest on capital notes and debentures. MAY 1952 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951 on United States Government securities were re- age total assets was lower for 1951 than for 1950 corded by all classes of banks except country banks, at central reserve city banks, and the same for both where there was no change. years at other classes of banks. The ratio of total Total expenses increased about 10 per cent at capital accounts to "risk" assets, however, declined reserve city and country banks, 12 per cent at central at all classes. As in 1950, this ratio was lowest at reserve city banks in New York, and 6 per cent at reserve city banks (14.7 per cent) and highest at central reserve city banks in Chicago. Relative ex- central reserve city banks in New York (18.8 per pansion in net current earnings before income taxes cent). was greatest at the largest banks (central reserve Summary data by class of bank are shown in the city banks), next greatest at reserve city banks, and table on page 489, and detailed figures of earnleast pronounced at country banks. ings and related items, together with selected ratios, The ratio of average total capital accounts to aver- will be found on pages 555-566 of this BULLETIN. 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN INSTALMENT CREDIT TERMS1 Several surveys of the prevailing pattern of ma- in the case of major household appliances, the only turities and down payments on consumer instal- category of listed articles for which the required ment purchases under various regulatory conditions minimum percentage down payment had been rehave been conducted by the Board of Governors. duced, it was also apparent for other listed articles. The most recent of these was made during the In every case a larger proportion of the contracts period immediately following relaxation of Regula- was written with down payments at the regulatory tion W on July 31, 1951. Earlier surveys have cov- minimum. ered the periods from the fall of 1948 through the Prior to August 1, 1951, trade-ins could be infirst half of 1949, and from the summer of 1950 cluded as part of the down payment for automobiles through the first months of 1951.2 only. This provision was extended to purchases of The latest study supplements the earlier surveys major household appliances, furniture, and residenby showing the pattern of terms on consumer in- tial repairs and improvements by the July 31 amendstalment purchases for the period August 1-October ment to Regulation W. Consequently, the decline 27, 1951 with respect to down payments and ma- in average cash down payment on instalment conturities. Information was collected on approxi- tracts for the purchase of these articles was even mately 95,000 instalment contracts for the purchase greater after the relaxation than is indicated by the of automobiles, major household appliances, furni- decline in the percentage down payment. This ture, and residential repairs and improvements. factor was particularly important for major household appliances, the purchase of which frequently SUMMARY involves a trade-in. The survey indicates that the increase from 15 to 18 months in the maximum maturity on instalment MATURITIES contracts for the purchase of listed items permitted Relaxation of Regulation W on July 31, 1951 by the amendment of Regulation W on July 31, provided for a lengthening of maximum maturities 1951 was followed by a significant lengthening of for all listed articles. The maximum permitted mathe average maturity of these contracts. In the three turity was raised from 15 to 18 months for automonths immediately following relaxation, most in- mobiles, major household appliances, and furniture, stalment contracts for the purchase of automobiles and from 30 to 36 months for residential repair and and major household appliances were written with improvement contracts. maturities in excess of the previous permissible These regulatory changes had an almost immemaximum. The shift toward longer maturities was diate effect upon trade practices. The average mamuch less pronounced for furniture and for resi- turity on instalment contracts for the purchase of dential repairs and improvements. new automobiles rose to 16.5 months in the first The survey also indicates that there was a decline three months after relaxation, substantially above in the average down payment made on instalment the previous maximum maturity of 15 months, as purchases of all types of listed articles after the shown in Table 1 and in the chart on page 492. relaxation. While this decline was most pronounced Most purchasers of new automobiles on instalment credit took advantage of the increase in the maxi- 1This article was prepared under the supervision of Tynan Smith by Philip M. Webster of the Consumer Credit mum permitted maturity, as shown in Table 2. and Finances Section of the Board's Division of Research About 70 per cent of the contracts written in the and Statistics. The basic data were obtained by the Reguperiod August 1-October 27, 1951 carried maturities lation W Departments of the Federal Reserve Banks in the course of their regular review of instalment contracts sub- of 16 to 18 months. ject to Regulation W. Maturities on instalment contracts for the pur- 2 For results of the earlier surveys, see "A Study of chase of used automobiles were also lengthened. Instalment Credit Terms," Federal Reserve BULLETIN, December 1949, pp. 1442-49, and "Instalment Credit Terms The average maturity on such contracts rose from before and during Regulation," Federal Reserve BULLETIN, 13 months to 14.9 months. During the three months July 1951, pp. 800-06. MAY 1952 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN INSTALMENT CREDIT TERMS AVERAGE MATURITY ON INSTALMENT CONTRACTS COMPARED The average maturity on instalment contracts for WITH MAXIMUM MATURITY PERMITTED BY REGULATION W residential repairs and improvements rose from 21.4 months to 24.4 months after the maximum permissible maturity had been increased from 30 to 36 months. In the three months following relaxation, about 30 per cent of these contracts were written with maturities of 31 to 36 months, as shown on Table 3 on page 494. Average maturities on instalment contracts for the purchase of listed articles in the three months after relaxation, of Regulation W on July 31, 1951, however, remained substantially shorter than those. prevailing during the summer of 1950, prior to reinstitution of the regulation. The largest differences are indicated for new automobiles (average maturity four months shorter) and major household appliances (average maturity three months shorter), as shown in Table 1. For used automobiles, furni- NEW USED MAJOR FURNITURE AUTOMOEilLES HOUSEHOLD RESIDENTIAL REPAIRS ture, and residential repairs and improvements, the APPLIANCES AND IMPROVEMENTS average maturities in these two periods differed by * Sept. 18, 1950-Feb. 1, 1951 for residential repairs and improvements. less than two months. immediately following relaxation, nearly half of the TABLE 1 instalment contracts on used automobiles were writ- AVERAGE MATURITIES AND DOWN PAYMENTS ON INSTALMENT ten with maturities exceeding the previous permis- CONTRACTS FOR CONSUMER DURABLE GOODS COMPARED sible maximum of 15 months. WITH LIMITS UNDER REGULATION W Substantial differences in contract maturities for Commodity group Apr. 1, Sept. 18, Oct. 16, Aug. 1, prewar and postwar used automobiles were indi- (Maturity in months and 1950- 1950- 1950- 1951down payments as per- Sept. 17, Oct. 15, Feb. 1, Oct. 27, cated by the survey. Most contracts for prewar centage of purchase price) 1950 1950 1951 1951 used cars carried maturities of 12 months or less New automobiles: while most contracts for postwar used cars specified Maturity: Average 20.9 18.0 14 0 16.5 16 to 18 months, the same as for new cars. Maximum permitted. . 21.0 15^0 18^0 Down payment: Average 42.5 46.2 49.3 47.1 The average maturity on instalment contracts for Minimum required.... 33 H 33 H 33 H the purchase of major household appliances, in- Used automobiles: Maturity: cluding television sets and radios, rose from 13.2 to Average 16.2 15.3 13.0 14.9 Maximum permitted.. 21.0 15.0 18.0 15.2 months following the increase in the maximum Down payment: permitted maturity on July 31, 1951. Approxi- A M v i e n r i a m g u e m required... . 38.0 4 33 1 > 9 £ 3 4 3 2 % 8 3 4 3 1 X 7 mately half of the purchasers of these articles took Major household appliances (including teleadvantage of the longer maturities permitted and vision sets and radios): Maturity: made purchases calling for repayment in 16 to Average 18.2 14 5 13 2 15.2 18 months. Maximum permitted. . 18.0 15.0 18.0 Down payment: Average 14.5 21.9 29.3 21.2 Instalment contracts for the purchase of furniture Minimum required 15.0 25 .0 15 .0 did not respond to the increase in maximum ma- Furniture: Maturity: turities to the same extent as the contracts for other Average 14.2 13 0 12 3 13 .2 Maximum permitted. . 18.0 15.0 18^0 major consumer durable goods. In the case of Down payment: furniture the average maturity rose from 12.3 Average ... 16.7 19.5 22.1 21 0 Minimum required.... 10.0 15.0 15^0 months to 13.2 months, an increase of only one Residential repairs and improvements: l month. Only about one-fifth of these contracts Maturity: were written with maturities of 16 to 18 months. A M v a e x r i a m ge um permitted. . 26.0 3 2 C 1 .0 4 3 24 6 .0 4 The majority continued to carry maturities of 12 Down payment: Average 10.5 15 7 15 2 months or less, as was the case even before Regu- Minimum required 1C.0 io!o lation W was reimposed in September 1950. 1 There was no change in the regulatory limits for this type of instalment contract on Oct. 16, 1950. 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN INSTALMENT CREDIT TERMS TABLE 2 DISTRIBUTION OF INSTALMENT CONTRACTS FOR CONSUMER DURABLE GOODS BY MATURITY AND DOWN PAYMENT [Percentage distribution of contracts] New automobiles Used automobiles Aug. 1, 1951-Oct. 27, 1951 do M wn a tu p r a i y ty m e ( n in t m (a o s n p th e s r ) c e a n n t d age O F 1 c e 9 t b . 5 . 0 1 1 6 - , , O A 1 c u 9 t g . 5 . 2 1 1 - 7 , , do M w a n tu p r a i y ty m e (i n n t m (a o s n p th e s rc ) e a n n t d age O F 1 e c 9 b t. 5 . 0 1 1 6 - , , All Model Model of purchase price) 1951 1951 of purchase price) 1951 used year year cars 1 b 9 e 4 f 2 o r o e r 19 a 4 ft 6 e r or Maturity under contract: Maturity under contract: 12 or less 26.3 15.6 12 or less .... 49.5 38.1 78.8 15.6 13-15 72.9 14.4 13-15 50.0 14.5 12.6 15.6 16-18 0.2 70.0 16-18.. . 0.3 47.4 8.6 68.8 Total 99.4 100.0 Total 99.8 100.0 100.0 100.0 Down payment under contract: Down payment under contract: 33% 24.1 28.0 33% 36.3 40.8 37.6 42.6 34-39 17.0 20.3 34-39 26.4 26.6 26.5 26.6 40-49 17.7 17.7 40-49 16.3 14.7 17.2 13.3 50 or more 41.2 34.0 50 or more 21.0 17.9 18.7 17.5 Total 100.0 100.0 Total 100.0 100.0 100.0 100.0 Number of contracts 18,496 11,890 Number of contracts 33,774 29,222 10,402 18,820 Major household appliances (including television sets and radios) Furniture Maturity under contract: Maturity under contract: 12 or less 44.0 32.0 12 or less 64.9 60.1 13-15 53.9 16.9 13-15 34.4 17.3 16-18 2.1 51.1 16-18 0.7 22.6 Total. 100.0 100.0 Total 100.0 100.0 Down payment under contract: Down payment under contract: Less than 15 . 1.0 2.2 Less than 15 2.8 3.6 15-19 3.1 54.7 15-19 45.1 48.9 20-24 2.2 14.1 20-24 19.1 20.8 25 44.9 7.1 25 or more 33.0 26.7 Over 25 ... 48.8 21.9 Total 100.0 100.0 Total. . 100.0 100.0 Number of contracts.. 36,456 35,202 Number of contracts 29,908 15,010 Since September 1950 there have been relatively There was a wide range of variation among the minor regional differences in the pattern of instal- Federal Reserve districts in the average maturity on ment credit terms. For listed articles other than instalment contracts for residential repairs and imresidential repairs and improvements the variation provements both before and after the relaxation of in average maturity among Federal Reserve dis- terms. This reflected in part the wide variety of tricts was little more than a month on contracts goods and services sold in this category and the written during the period October 16, 1950-Febru- varying trade practices with respect to such inary 1, 1951, as shown in Table 4. Somewhat larger stalment sales. variations after the lengthening of permissible ma- DOWN PAYMENTS turities on July 31, 1951 indicate a greater reaction to the change in some Federal Reserve districts than Relaxation of Regulation W on July 31, 1951 in others. For example, the average maturity on lowered the minimum down payment on major instalment contracts for the purchase of new auto- household appliances from 25 per cent to 15 per mobiles increased 2.9 months in the San Francisco cent. No other change was made in the percentage District as compared with 1.6 months in the Atlanta down payment requirements. The regulation was District. In the case of furniture, the San Francisco changed, however, to permit a trade-in to be used District also had the largest increase in average in meeting the required down payment for major maturity. household appliances, furniture, and residential re- MAY 1952 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN INSTALMENT CREDIT TERMS TABLE 3 with down payments less than the previous mini- DISTRIBUTION OF INSTALMENT CONTRACTS FOR RESIDENTIAL mum of 25 per cent. REPAIRS AND IMPROVEMENTS, BY MATURITY AND There were also moderate declines in the average DOWN PAYMENT down payment for instalment contracts on types [Percentage distribution of contracts] of listed articles not affected by the relaxation, as shown in the accompanying chart. These declines Sept. 18, Aug. 1, Maturity (in months) and down payment 1950- 1951- appear to be significant since, as shown in Tables (as percentage of contract price) Feb. 1, Oct. 27, 1951 1951 2 and 3, in every case the distributions of percentage down payments show a shift toward contracts speci- Maturity under contract: 12 or less 29.4 25.0 fying the minimum down payment. It is probable 13-18 18 3 15 3 19-24 8.9 9.8 that many purchasers found that with longer 25-30 42.7 21.0 maturities they could reduce their down payment 31-36 0.7 28.9 and still have a monthly payment schedule which Total 100 0 100 0 would not impose too heavy a burden on their Down payment under contract: Less than 10 1.5 2.2 financial situations. Some purchasers no longer 10 40.5 44.7 More than 10 58.0 53.1 found it necessary to make a down payment in Total 100.0 100.0 excess of the required minimum in order to hold subsequent monthly payments to a level they could Number of contracts 5,086 3,454 meet conveniently from current income. pairs and improvements. In terms of cash, the decline in percentage down The reduction in the minimum percentage down payment after the relaxation was even greater for payment required on major household appliances goods other than automobiles than was shown by was reflected in a decline in the average percentage the survey, because data for the period after relaxadown payment from 29.3 per cent for contracts writ- tion include trade-ins as part of the down payment ten during the period October 16, 1950-February 1 for all listed goods. Prior to that time the figures ? 1951 to 21.2 per cent for contracts written during the on percentage down payment included trade-ins period August 1-October 27, 1951. As shown in for automobiles only. This change was particu- Table 2, more than 70 per cent of the instalment larly important for major household appliances. purchases of major household appliances were made During the period covered by the most recent survey, the average percentage down payment on in- AVERAGE DOWN PAYMENT ON INSTALMENT CONTRACTS COMPARED WITH MINIMUM DOWN PAYMENT REQUIRED BY REGULATION W stalment contracts varied somewhat more among Federal Reserve districts than did the average maturity, as shown in Table 4. In general, the per- OCT 16, 1950-FEB 1, 1951* centage down payment tended to be lower in the 1 -OCT 27, 1951 western sections of the United States than in the MINIMUM DOWN PAYMENT REQUIRED rest of the country. After the reduction in the minimum required down payment on major household appliances on July 31, 1951, the average declined substantially in each Federal Reserve district. The average down payment on instalment contracts for the purchase of new and used automobiles and furniture declined moderately in most Federal Reserve districts, even though there was no reduction in the permissible down payment. TRADE-INS The latest survey of instalment credit terms ob- NEW USED MAJOR tained information for the first time on the use of AUTOMOBILES HOUSEHOLD RESIDENTIAL REPAIRS APPLIANCES AND IMPROVEMENTS trade-ins for the purchase of television sets, refrig- * Sept. 18, 1950—Feb. 1, 1951 for residential repairs and im- erators, other household appliances and radios, provements. t Majpr household appliances was the only group subject to furniture, and residential repairs and improvements. change in down payment requirement on July 31, 1951. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN INSTALMENT CREDIT TERMS TABLE 4 AVERAGE TERMS OF INSTALMENT CONTRACTS FOR REGULATED COMMODITIES, BY FEDERAL RESERVE DISTRICT m (M en a C t t o u a m r s i t m p y e o r i d c n i e ty n m ta o a g n n e t d h o s a f v a e p n r u a d r g c e d h o a t w e se r n m p p s r a ic y e - ) tr d A i i c s l t - l s B to o n s- Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - New automobiles: Oct. 16, 1950-Feb. 1, 1951: Maturity 14.0 13.7 13.9 14.0 14.2 14.0 14.1 13.9 14.0 13.7 13.8 14.4 14.1 Down payment 49.3 49.8 52.1 50.0 48.1 49.7 50.9 50.2 50.4 49.0 47.8 41.8 46.9 Aug. 1-Oct. 27, 1951: Maturity 16.5 16.5 16.6 16.7 16.2 16.5 15.7 16.7 15.9 15.5 15.5 16.7 17.0 Down payment 47.1 49.3 46.8 47.7 46.1 46.9 50.2 48.5 48.4 47.8 42.8 47.2 43.9 Used automobiles: Oct. 16, 1950-Feb. 1, 1951: Maturity 13.0 13.4 13.6 13.6 13.4 12.8 12.8 12.9 12.9 12.7 12.8 13.8 13.3 Down payment 42.8 46.0 44.4 43.1 41.7 44.0 42.8 42.6 40.8 44.5 42.2 38.2 42.9 Aug. 1-Oct. 27, 1951: Maturity 14.9 15.4 15.9 15.4 15.0 14.5 14.4 14.8 14.4 14.0 14.7 14.7 14.9 Down payment 41.7 45.5 42.9 42.9 40.7 42.0 42.2 40.8 42.5 44.5 39.4 39.9 40.5 Major household appliances (including television sets and radios): Oct. 16, 1950-Feb. 1, 1951: Maturity 13.2 13.4 13.4 13.3 13.1 13.0 13.3 12.8 13.1 12.9 12.9 13.5 13.8 Down payment 29.3 30.6 31.0 28.2 30.5 29.1 28.5 30.7 29.2 29.3 29.3 26.6 28.3 Aug. 1-Oct. 27, 1951: Maturity 15.2 14.4 15.5 15.1 15.2 15.1 15.1 15.1 15.0 15.0 15.5 15.6 16.0 Down payment 21.2 21.8 22.6 22.5 21.5 21.0 19.0 22.6 22.1 22.8 22.3 21.0 19.4 Furniture: Oct. 16, 1950-Feb. 1, 1951: Maturity 12.3 12.6 12.3 12.6 12.3 11.9 11.9 12.0 12.5 12.1 12.5 13.1 12.9 Down payment 22.1 22.9 24.2 21.4 22.9 21.0 19.4 24.9 21.7 22.2 21.7 20.5 22.1 Aug. 1-Oct. 27, 1951: Maturity 13.2 12.9 13.4 13.9 13.1 13.0 12.6 12.6 12.9 13.4 13.5 13.6 14.8 Down payment 21.0 20.7 22.3 22.3 21.3 17.8 23.6 23.2 24.3 21.3 21.0 20.0 Residential repairs and improvements: Sept. 18, 1950-Feb. 1, 1951: Maturity 21.4 15.4 24.8 25.2 25.6 20.8 19.5 20.5 22.0 14.0 21.9 22.0 17.9 Down payment 15.7 17.3 14.5 14.5 15.0 15.8 15.3 17.1 16.5 18.1 16.2 13.3 15.8 Aug. 1-Oct. 27, 1951: Maturity 24.4 25.2 28.1 19.5 21.7 24.0 20.7 26.5 16.9 17.4 21.8 27.4 26.7 Down payment 15.2 14.3 16.5 17.5 16.1 15.5 15.3 16.1 16.6 16.3 14.8 13.8 13.1 TABLE 5 USE OF TRADE-IN ON INSTALMENT CONTRACTS FOR LISTED ARTICLES OTHER THAN AUTOMOBILES SUBJECT TO REGULATION W1 [Percentage distribution of number of contracts] Other Residential Use of trade-in Tele se v t i s sion e R r e a f t r o ig rs - a h p o p u l s i e a h n o c l e d s Furniture a r n e d p a i i m rs and radios provements No trade-in 70 63 71 89 98 Trade-in as discount 2 5 5 4 2 Trade-in as down payment 25 32 25 9 1 Total 100 100 100 100 100 Trade-in used as down payment was:4 Like article 81 93 91 78 Unlike article 19 7 9 22 Total 100 100 100 100 Value of trade-in used as down payment was:4 Less than required down payment 43 45 48 57 (*) Equal to required down payment . 22 22 19 19 More than required down payment 35 33 33 24 Total 100 100 100 100 (5) Number of contracts . . . . . . . .. 11,616 11,089 12,583 14,666 3,382 1 Based on sample of contracts written during period Aug. 1, 1951-Oct. 27, 1951. 2 Discount is allowed on price of article purchased, but down payment is required on balance (selling price minus discount), s Less than 0.5 per cent. 4 Percentage distribution is breakdown of figure reported above for trade-in as down payment. 5 Sample too small to provide reliable distribution. MAY 1952 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN INSTALMENT CREDIT TERMS Since the amendment to Regulation W on July 31, trade-ins in connection with instalment contracts 1951 permitted the use of trade-ins as part or all of for residential repairs and improvements. In most the down payment on the purchase of these articles of the purchases involving trade-ins, the article it is probable that trade-ins were used somewhat turned in was similar in kind to the article purmore frequently in connection with instalment con- chased. tracts written during the August 1-October 27, 1951 When trade-ins accompanied instalment purperiod than previously. chases of consumer durable goods, they were most Trade-ins were most frequent (nearly 4 in 10 often used as part of the down payment rather than cases) in connection with instalment purchases of as a discount from the purchase price. The former refrigerators, and next most frequent (about 3 in procedure reduced the amount of cash down pay- 10 cases) in purchases of television sets and other ment. In more than half of the purchases of telehousehold appliances and radios. Trade-ins oc- vision sets, household appliances, and radios incurred much less frequently (1 in 10 cases) in in- volving a trade-in, the value of the trade-in was stalment purchases of furniture, as shown in Table equal to or more than the required down payment, 5. As would be expected, there was very little use of thus making unnecessary any cash down payment. 496 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 completed, the date of the disbursement, as indicated in the first part of section 6(b), continues to Court Proceedings and Suspension of License control the time when monthly payments must The United States District Court for the Eastern begin. Furthermore, in the case of instalment sale District of Arkansas on March 17, 1952, imposed a credit, the "completion" referred to in the sentence fine of $1,500 on Sam Kay, doing business as added to section &(b) is substantial completion, and Arkansas Home Building and Repairing, Little the deliberate omission or delay of minor features Rock, Arkansas, following a plea of nolo contendere of a job does not permit delay in beginning monthly to an indictment charging failure to obtain the payments. down payment required by Regulation W. The Regulation W Suspended imposition of sentence of imprisonment was sus- The Board of Governors, effective May 7, 1952, pended and the defendant was placed on probation suspended Regulation W relating to consumer for one year. credit. The United States District Court in St. Louis, This action was taken after careful review of Missouri, on March 31, 1952, fined P. J. Castelli developments in the economy generally and in the $300 and sentenced him to six months' imprisonmarkets directly affected by the regulation. The ment for violating Regulation W. The court sus- Board has recommended to the Congress that aupended the prison sentence and placed him on prothority for the regulation of consumer credit be bation for eighteen months. The charges against continued after June 30, 1952, so that it could be Mrs. Castelli, with whom he is engaged in the busireinstated should subsequent developments necesness of selling furniture, appliances, and television sitate such action. sets, under the trade name L & P Sales Company, were dismissed. The Court's action followed a Real Estate Credit plea of guilty by Castelli to an information charg- Trust Companies ing him with having failed to obtain the down A Federal Reserve Bank requested the Board's payment required by Regulation W. view concerning real estate construction credit to The United States District Court for the North- be extended by a trust company which is a Regisern District of New York on April 30, 1952 fined trant under Regulation X in conjunction with a the Economy Appliance Company, Inc., of Albany, sale by it in a fiduciary capacity of a parcel of real New York, $1,000 for violating Regulation W. The estate that is "new construction." The sale would corporation had entered a plea of guilty. be made by the trust company acting either under Maturity of Group D Credit the powers of sale under the will or by court order on behalf of an estate which is not a Registrant. It appears that there has been some misunder- In its reply to the Federal Reserve Bank, the standing as to the application of the sentence that Board stated that it concurred in the Bank's view Amendment No. 7 of March 24, 1952, added to that a trust company which is a Registrant must section 6(b) of Regulation W. This sentence comply with Regulation X in selling "new conmerely restates the principle that had been set forth struction" as an executor under powers of sale in a in the language that the amendment deleted from will or by court order even though the estate itself section 3(V). This sentence does not in any way is not a Registrant. extend the time previously allowable under the regulation for beginning monthly payments. Nonconforming Lease as Additional Collateral Specifically, when a Group D article is financed Under the provisions of footnote 18a and section by a loan which is disbursed before the work is of Regulation X, a Registrant cannot accept MAY 1952 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT as collateral an assignment of a lease which is previously extended with respect to the "property." "credit" as that term is defined in section 2{c) of 2. In the event a borrower intends to purchase the regulation unless the lease conforms with the "property" and also to finance a major addition or regulation at the time it is entered into or conforms improvement thereto, the applicable maximum at the time of its assignment as collateral. Ques- loan values should be computed in two distinct tions have arisen as to whether this limitation ap- steps. The proposed credit should be treated as plies when there is a loan that complies with Regu- being for mixed purposes, and, therefore, the maxilation X, and the lender, out of an abundance of mum loan value should be computed on the basis caution, desires the assignment of a nonconforming of the sale price of the "property" and the cost or lease as additional collateral for the conforming estimated cost of the major addition or improveloan. ment, each being viewed separately although the In issuing Amendment No. 8 of December 31, financing constitutes a single package. That por- 1951, to Regulation X, one of the Board's primary tion of the mixed-purpose loan which is subject to concerns was that the total credit extended with the regulation also must comply with the maturity respect to leased property might exceed the maxi- and amortization requirements of the regulation. mum loan value if, in addition to making a con- 3. Whenever any major addition or improveforming mortgage loan, a Registrant permissively ment has been made to "property," the maximum could also extend further credit secured by an as- loan value in any subsequent refinancing of the signment of a nonconforming lease. This inten- total credit that has been extended with respect to tion would not be defeated, however, by permitting such property (which is "new construction" as a Registrants to accept an assignment of a noncon- result of such major addition or improvement) forming lease as additional collateral in making a must be determined according to the applicable conforming mortgage loan, and, accordingly, the provision of section 2(/)(2) of the regulation even Board will interpose no objection to such use of though this determination may limit the maximum nonconforming paper. However, any such case extension of refinanced credit to an amount less should be subject to especially careful analysis and than was previously outstanding. scrutiny to make certain that the basic loan does As illustrations of the types of questions that may in fact comply, and that the nonconforming paper arise with regard to the above-stated principles, is not being used in an effort to circumvent the following are several factual situations: requirements of the regulation. 1. A person finances, through a non-Registrant, the purchase of a residence built in October 1951, Major Additions or Improvements and the credit extended does not conform with the The Board of Governors has received inquiries terms of the regulation. He desires at a later date from several Federal Reserve Banks concerning the to finance a $5,000 major addition to his home maximum amount of credit that may be extended through a Registrant. The Registrant need not to finance major additions or improvements under consider the nonconforming credit previously ex- Regulation X, and the subsequent refinancing of tended on the property and, if he desires, may such extensions of credit. There are three general extend $4,500 in credit (the maximum loan value principles in this regard that should be of assistance of the major addition) to the owner to finance the in determining the amount of credit that may be major addition. extended. These principles are as follows: 2. (a) A person desires to finance the purchase 1. The maximum loan value of a major addition of a nonresidential structure built in 1935, the sale or improvement should be computed on the basis price being $30,000. At the same time, he desires of the cost or estimated cost of such addition or to make additions and improvements to the property improvement, regardless of whether credit that may which will cost $20,000. He approaches a Regispreviously have been extended with respect to the trant with a question regarding the maximum "property" on which such addition or improvement amount of credit that may be extended to finance is to take place is conforming or nonconforming. the total operation. In other words, the initial financing of the cost The Registrant may extend the maximum loan of a major addition or improvement is wholly value of such additions and improvements, which divorced from other credit that may have been is $10,000. Because the property on which the FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT major additions and improvements is to take place mum loan value of the property according to the is not "new construction," the Registrant is not applicable provision of section 2(/)(2). Because limited in the amount of credit he may extend to the entire cost of the residential property has been finance the purchase of the nonresidential struc- incurred within twelve months, the new Registrant ture, and may, if he desires, extend a total of $40,000 should compute the maximum loan value on the credit, $10,000 of which must also comply with the basis of the bona fide cost of the property to the maturity and amortization provisions of the regu- borrower in accordance with section 2(/)(2)(B)(i). lation. If the $20,000 major addition had been Therefore, in this illustration, the "value" would be made before the sale, however, it would be a sale $36,000 and he could consolidate and refinance only of "new construction" and the maximum loan value to the extent of $18,000. would be be $25,000, or 50 per cent of the sale Publicly Sponsored Parking Facilities price of $50,000. A State legislature has granted to a city of the (b) A person desires to finance the purchase of State certain powers with respect to the establisha one-family unit residential structure which was ment of public off-street parking facilities to be built in August 1951, the sale price being $25,000. exercised through the city Board of Real Estate At the same time, he desires to add a major addi- Commissioners. tion to the property which will cost $5,000. He These powers include the right to acquire propapproaches a Registrant with the same question as above. erty by eminent domain and to lease such property, or any property now or hereafter in the custody of The Registrant may extend the maximum loan the Board, which may be used by the lessee for value of the cost of such addition which, according parking purposes only. The lease may have a term to the Supplement to the regulation, is $4,500. not exceeding forty years. The lessee would build Because the property on which the major addition additional parking facilities on the land at his own is to be attached is "new construction," a Regisexpense, the new facilities to accommodate at least trant may extend the maximum loan value of the twice as many parked vehicles as before their conbona fide sale price of such property, which would struction. The law requires that each such lease be $12,500. Therefore, a Registrant in this given shall contain a Schedule of Maximum Rates as well illustration could extend a maximum loan value of as such regulations with respect to the use, opera- $17,000 credit for the total operation. However, tion, and occupancy of such property as the Board the Registrant in this instance should be clearly satisfied that it is a bona fide major addition, and may prescribe. Plans and specifications for any not merely an effort to divide a single construction structures and facilities are to be prepared under job into what will appear to be two parts. In order the supervision of the Board of Real Estate Comto qualify for separate loan values, there must be missioners. two separate and distinct projects. In this regard, Pursuant to the authority contained in the statute, attention is especially called to clause (5) of section the city, through its Board of Real Estate Commis- 2(;) of the regulation, which requires that the cost sioners, has prepared specifications and a form of of "any alteration or other modification made or lease and now proposes to lease certain property to be made to the property as an incident to the presently held by the city and used as a public parksale thereof" be included within the sale price. ing facility, and to have the lessee build suitable 3. A person finances the purchase of a $30,000 parking facilities on the premises. The more imhome in July 1951, under the terms of the regula- portant provisions of the form of lease are as tion, and is extended $15,000 credit. In October follows: 1951 he finances the cost of a $6,000 major improve- 1. A term of forty years. ment to his home and $5,400 credit is extended in 2. Lessee is to construct, without cost to the city, compliance with the regulation. He now contem- structures and facilities for public parking in acplates consolidating the two outstanding loans on cordance with plans and specifications prepared a more favorable interest basis with a new Regis- under the supervision of the Board of Real Estate trant, the consolidated credit to be secured by the Commissioners, the construction to be under superproperty. vision of the architect-engineer who prepared the The new Registrant should compute the maxi- plans and specifications. MAY 1952 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 3. A Schedule of Maximum Rates which are tied plicable to such properties, any structure exclusively to the "Cost o£ Living—Consumers Price Index designed for use by a "public utility." In that for Moderate Income Families in Large Cities— respect section 2(s) of Regulation X provides as All Items," which Schedule is to be re-examined follows: after the expiration of three years at which time (s) "Public utility'1 means any transportation increases may be affected in proportion to any in- company, electric light or power company, gas crease in the price index. company, water company, pipe line company, 4. Lessee is required to keep the facility open for telephone company, telegraph company, or other business during certain specified hours. similar business which is operated for the con- 5. A sign is required to be maintained stating venience, service or accommodation of the pubthe name of the lessor as well as that of the lessee lic if (1) the operations of such company are and also bearing the words "public parking facility." supervised by a Federal or State agency, or (2) 6. The leased premises may not be used for any the members of the public as such are entitled business incidental to the parking of motor vehicles as of right to demand and use its facilities or or affecting parked motor vehicles. services. 7. The facility is required to be available to all The Board does not consider an ordinary parking persons without discrimination. lot or garage, sponsored and operated by a private The fundamental reason for the above-described individual, to be a "public utility" within the meanaction of the State legislature and that proposed to ing of that term as used in section 2(s) of the regube taken by the city is to alleviate to the extent lation. However, in view of the circumstances possible a traffic situation which is recognized as described above, including the special public need a major municipal problem and one which has a and sponsorship for this particular facility, the serious adverse effect on virtually every phase of control exercised with respect to maximum rates municipal life. The problem is one which has not and other features of operations, and the requirebeen solved by ordinary means. ment that the parking facility shall be available to The Board of Governors has been asked whether all without discrimination, the Board is of the or not Regulation X would apply to the financing opinion that the proposed parking facility should of the parking facility to be built pursuant to the be considered to be embraced within section 2(s) plan. and that, accordingly, the structure should be con- Section 2(r)(4)(i) of Regulation X excludes sidered to be excluded from the definition of "Nonfrom the definition of "Nonresidential structure," residential structure" under the provisions of secand thus from the provisions of the regulation ap- tion 2(r)(4)(i) of Regulation X. 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES AMENDMENT TO PROGRAM FOR VOLUNTARY CREDIT RESTRAINT The following amendment to the Program for At the end of the sentence in the Statement of Voluntary Credit Restraint, suggested by the Vol- Principles which commences with the words "This untary Credit Restraint Committee as the result Program would not seek to restrict . . . ," add an of the request of the President transmitted to the asterisk with a footnote reading as follows: "In Defense Mobilization Director on March 24, 1952, accordance with the request of the President transwas approved by the Acting Attorney General on mitted to the Defense Mobilization Director on April 11, 1952. Accordingly, on April 17, 1952, March 24, 1952, the Program will not seek to rethe Board of Governors issued a Request under sec- strict, and will not apply to, the financing of or tion 708 of the Defense Production Act of 1950 loans to States or local governments including to financing institutions to act and refrain from counties, municipalities, districts or other political acting pursuant to the Program as thus amended. subdivisions." SUSPENSION OF PROGRAM FOR VOLUNTARY CREDIT RESTRAINT STATEMENT FOR THE PRESS, MAY 5, 1952 pursuant to the Program, every subcommittee created pursuant to the Program, and every individ- The Board of Governors of the Federal Reserve ual member of the said Committee and of said System has concurred unanimously in the recomsubcommittees were also requested by the said mendation of the National Voluntary Credit Re- Board, on March 9, 1951, to act and to refrain from straint Committee that the screening of applications for financing, in accordance with the principles acting pursuant to and in accordance with the established by the Voluntary Credit Restraint Pro- provisions of the Program. Subsequently, on April gram, be suspended in the light of current circum- 20, 1951, and on April 17, 1952, the said Board stances. The Voluntary Credit Restraint organi- requested every financing institution in the United zation will continue on a standby basis so that States, the said Committee, the said subcommittees, the voluntary program may be reinstated should and the individual members thereof, to act and to subsequent developments require. refrain from acting pursuant to and in accordance with the provisions of an amended "Program for WITHDRAWAL BY BOARD OF GOVERNORS OF THE FED- Voluntary Credit Restraint" which had been pre- ERAL RESERVE SYSTEM OF ITS REQUEST TO FINANC- pared, amended and approved in accordance with ING INSTITUTIONS TO ACT PURSUANT TO PROGRAM the procedures and requirements prescribed by the FOR VOLUNTARY CREDIT RESTRAINT said section 708 and by Executive Order No. 10161. On May 2, 1952, the Voluntary Credit Restraint Pursuant to the provisions of section 708 of the Committee recommended to the Board of Gover- Defense Production Act of 1950 and Executive nors of the Federal Reserve System that the screen- Order No. 10161, the Board of Governors of the ing of applications for financing, in accordance with Federal Reserve System, on March 9, 1951, rethe principles established by the Voluntary Credit quested every financing institution in the United Restraint Program, be suspended in the light of States to act, and to refrain from acting, pursuant current circumstances. The Board of Governors to and in accordance with the provisions of a of the Federal Reserve System is unanimously in "Program for Voluntary Credit Restraint" which agreement with this recommendation of the Volunhad been prepared and approved in accordance with tary Credit Restraint Committee. Accordingly, efthe procedures and requirements prescribed by the fective May 12, 1952, the Board of Governors of said section 708 and by the said Executive Order. The Voluntary Credit Restraint Committee created the Federal Reserve System hereby withdraws the MAY 1952 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUNTARY CREDIT RESTRAINT RELEASES requests which it addressed to all financing in- the withdrawal of such requests are not construed stitutions, the Committee, the subcommittees, and to be within the prohibitions of the anti-trust laws members thereof, on March 9, 1951, April 20, 1951, or of the Federal Trade Commission Act of the and April 17, 1952, to act and to refrain from act- United States. As the result of this withdrawal ing pursuant to and in accordance with the provi- by the Board of the requests previously made by sions of the Program. it, the provisions of said section 708 will not apply to any act or omission to act by reason of such re- Under the provisions of section 708 of the Dequests on or after May 12, 1952. fense Production Act of 1950, acts or omissions to By order of the Board of Governors of the Fedact pursuant to the requests above referred to and eral Reserve System, this 2nd day of May, 1952. the Program for Voluntary Credit Restraint which occur while said section 708 is in effect and before S. R. CARPENTER, Secretary. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings for all groups listed below, on request to the Divi- The Conference of Chairmen of the Federal sion of Administrative Services, Board of Gov- Reserve Banks met with the Board of Governors ernors of the Federal Reserve System, Washington in Washington on May 5-6, 1952. 25, D. C. Food and kindred products Appointment of Class C Director Tobacco manufactures On April 30, 1952, the Board of Governors an- Textile mill products nounced the appointment of Mr. Philip Young, Apparel and related products Dean, Graduate School of Business, Columbia Uni- Lumber and products versity, New York, New York, as a Class C Furniture and fixtures director of the Federal Reserve Bank of New York Paper and allied products for the unexpired portion of the three-year term Printing and publishing ending December 31, 1952. Mr. Young succeeded Petroleum and coal products Mr. Robert P. Patterson, deceased. Mr. Patterson Rubber products was a member of the firm of Patterson, Belknap Leather and leather products and Webb, Attorneys at Law, New York, New Stone, clay, and glass products York. Primary metals Revised Annual Industrial Production Indexes Fabricated metal products In the course of revising the Board's industrial Machinery (except electrical) production index, as announced in the BULLETIN for Electrical machinery December 1951, page 1527, tentative new annual The remaining manufacturing groups (chemicals, indexes have been developed for most major groups transportation equipment, ordnance, and miscelof manufacturing industries, covering the period laneous industries) and the mining industry groups since 1947. These indexes, together with informawill be available at a later date. tion on weights, base period quantities, and sources of data, are now available for distribution to inter- Change in Board's Staff ested persons for the purpose of obtaining com- The Board of Governors on May 9 announced ments which can be used to improve the measures the appointment of Mr. Robert H. Craft, Vice prior to publication of the finally revised annual President and Treasurer of the Guaranty Trust and monthly indexes. These new annual indexes Company of New York, as Technical Consultant are not for publication in their present form. to the Federal Open Market Committee. Mr. Craft The material is arranged by major industry has been granted a leave of absence by the Guaranty groups and may be obtained for a single group or Trust Company while he serves in this capacity. 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 29 and released for publication May 2] Output at factories and mines declined moder- of major appliances and television sets has apately in March and early April, while construction parently been reduced. Furniture output in March activity showed a substantial further gain. Prices was maintained at the level of the three preceding of basic commodities continued to decline. Con- months which was 10 per cent below a year ago. sumer prices changed little in March and, together Lumber production increased less than seasonally with retail sales, were somewhat below levels at from the unusually high February level. the beginning of the year. Reflecting in part sea- Reflecting largely fluctuations at textile mills, sonal influences, bank loans to business decreased nondurable goods production declined slightly in after mid-March. March after showing a small rise in February. With producers' stocks continuing at exceptionally high INDUSTRIAL PRODUCTION levels, rayon output was cut sharply further in The Board's preliminary seasonally adjusted index March and early April. Petroleum refining was of industrial production declined 2 points in March also reduced somewhat from the record February to 220 per cent of the 1935-39 average. In April, rate, and activity at paper and paperboard mills the index will probably decrease 3 points further, continued to decline. Reflecting larger supplies of reflecting partly the temporary sharp drop in steel natural rubber and greatly increased output of synoutput early in the month when furnaces were thetic rubber, the NPA revoked most of the rebanked in anticipation of a work stoppage. Fol- maining controls on natural rubber consumption lowing Federal seizure of steel mills, output recov- effective April 21. ered to capacity levels. An output decline of about A small drop in minerals production in March 10 per cent from the record March annual rate of reflected a 10 per cent decline in coal mining offset 111-million tons is indicated for the month as a in part by new record output of crude petroleum. whole. Production of iron ore was at a level considerably Activity in most machinery, transportation equip- greater than a year ago. ment, and other metal fabricating industries changed little in March. Passenger auto assembly, CONSTRUCTION however, continued to rise to the end of the month. Value of construction contract awards rose In April auto output has been maintained at an sharply in March. Increases were substantial in annual rate of about 4.8 million cars, while output all major categories. Nonfarm housing units INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED PHrSICflL VOLUME. SEASONALLY ADJUSTED, 1935-39- 100 .IONS OF DOLLARS 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for March. Monthly figures, latest shown are for March. MAY 1952 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS started totaled 98,000 compared with 77,000 in BANK CREDIT AND THE MONEY SUPPLY February and 94,000 a year earlier. The March Bank loans and investments declined substantotal included 12,000 public units, three times as tially in late March and early April reflecting largely many as in March 1951, and the third largest num- reductions in holdings of Government securities ber for any month since the end of the war. and in outstanding business loans. Seasonal repayments by commodity dealers and food, liquor, and DISTRIBUTION tobacco processors continued. Outstanding loans Sales at department stores in March and the first of metal, petroleum, and chemical manufacturers three weeks of April showed their usual seasonal were relatively stable following an earlier sharp rise. change from the February level. Seasonally ad- Interest rates charged by commercial banks on justed sales at automotive and other durable goods short-term business loans averaged 3.45 per cent in outlets, which had increased in February, returned the first half of March compared with 3.27 per cent to the January level in March; sales at other stores in the first half of December. This rise reflected also generally declined. Value of stocks held by de- mainly an increase in lending rates to prime busipartment stores continued to show a less than sea- ness borrowers announced in the latter part of December. sonal rise and at the end of March was estimated The total money supply declined in late March to be 15 per cent below a year ago. and early April, largely as a result of the reduction COMMODITY PRICES in bank credit. During this period, there were further transfers of funds from private to Government Prices of basic commodities declined further from accounts through Federal income tax payments. mid-March to the fourth week of April. Hides, Turnover of demand deposits at banks in leading wool, and some other commodities reached the lowcities outside New York showed little further est levels in several years. Prices of cattle, cotton, change in March. and most scrap metals remained close to earlier peaks, and action was taken to permit increases of SECURITY MARKETS 2.6 per cent in Federal price ceilings for steel mill Yields on intermediate and long-term Treasury products. Wholesale prices of finished industrial issues declined sharply during the first three weeks goods—mainly for sale to consumer markets—were of April. Yields on high-grade corporate bonds reduced in this period. decreased moderately and common stock prices receded to the level of early March. Treasury bill The consumers' price index, which had declined yields rose somewhat from the very low levels .6 per cent in February, changed little in March. reached at the end of March. During April the Decreases in retail prices of textile products, appli- Treasury raised 600 million dollars of new money ances, and television sets were offset by advances in through increases in Treasury bill offerings. rents and miscellaneous services. PRICES AND TRADE BUSINESS LOANS AT MEMBER BANKS IN LEADING CITIES IILL1ONS OF DOLLARS BILLIONS OF DOLLARS 3.0 80 L. 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1951 1952 Seasonally adjusted series except for prices. Wholesale Data for selected industries reported by over 200 of the prices, Bureau of Labor Statistics indexes. Consumer pnces largest weekly reporting member banks. "Metals" includes total retail sales, and disposable personal income, Federal Re-: metal products, machinery, and transportation equipment. serve indexes based on Bureau of Labor Statistics and Depart- "Petroleum, etc." includes coal, chemicals, and rubber products. ment of Commerce data. Department store trade, Federal Re- "Foods, etc." includes liquor and tobacco. Wednesday figures, serve indexes. Monthly figures, latest shown are for March. latest shown are for April 16. 504 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 507-508 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W . . 508-510 Federal Reserve Bank statistics 511-513 Guaranteed Regulation V loans ... 513 Deposits and reserves of member banks .... 513-514 Bank debits and deposit turnover; Postal Savings System. 514 Money in circulation . .. ... 515 Consolidated statement of the monetary system, deposits and currency 516 All banks in the United States, by classes . . . 517-519 All insured commercial banks in the United States, by classes. 520-521 Weekly reporting member banks 522-524 Life insurance company commitments 524 Commercial paper, bankers' acceptances, and brokers' balances 525 Money rates; bank rates on business loans; bond yields 526 Security prices and new issues 527-528 Corporate sales, profits, and dividends 528-530 Treasury finance 531-533 Government corporations and credit agencies 534 Business indexes 535-544 Department store statistics 545-548 Consumers' prices 548 Wholesale prices ... . 549 Gross national product, national income, and personal income. 550-551 Consumer credit statistics 552-554 Member bank earnings, 1951 555-566 Number of banks and branches in operation on December 31, 1951. 567-568 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. MAY 1952 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars MONEY IN CIRCULATION REQUIRED RESERVES 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1 I I FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL FEDERAL RESERVE FLOAT DISCOUNTS AND ADVANCES 1943 1944 1945 1946 1947 1948 1949 1950 1951 195? Wednesday figures, latest shown are for April 30. See page 507. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o D a a a n u n d is c n d - - e ts s T U ot . a l S s . e B G cu o o n r v i d t e i s e rn s c m c B e a e r i t t l n e i l f s t s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u n e u n r n a r c y g t d - - s y - - M in c t u o i o c l n a n i e r - y - T h c i u r o n a e r g l s a y d h s s - - F u T B p e s w r R r e o d y a e r i s n e e t v a d i r - h k t s e a e s s - - l b p m N e o r e o s m n i d t e - s - - c O s F o e R e a t e r u r c h e a d v n - e - l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes Wednesday figures: 1951—Mar. 7. 20722,179 5,592 16,587 84023,22621,951 4,639 27,219 ,308 495 1,065 72419,004 18,288 716 Mar. 14. 13222,426 5,859 16,5671,093 23,65221,900 4,639 27,167 ,283 420 1,102 72119,498 18,456 1,042 Mar. 21. 15122,348 5,891 16,4571,109 23,607 21,856 4,638 27,121 ,295 608 1,042 73419,301 18,724 577 Mar. 28. 47122,606 6,032 16,574 77523,85221,855 4,637 27,038 ,299 1,052 1,197 73619,023 18,535 488 Apr. 4. 12622,914 6,288 16,626 77323,81321,806 4,640 27,138 ,304 711 1,213 75319,141 18,495 646 Apr. 11. 9223,086 6,498 16,588 71723,89521,806 4,640 27,166 ,287 411 1,190 75319,533 18,546 987 Apr. 18. 114 23,086 6,544 16,5421,03424,23421,807 4,640 27,157 ,293 621 1,184 75219,674 18,558 1,116 Apr. 25. 14922,940 6,570 16,370 70023,78921,807 4,641 27,122 ,296 678 1,212 75319,176 18,482 694 May 2. 26422,716 6,570 16,146 74423,72421,755 4,643 27,255 ,294 707 1,226 69718,942 18,486 456 May 9. 42222,544 6,618 15,926 74023,70621,755 4,643 27,315 ,298 767 1,195 69618,833 18,270 563 May 16. 54222,397 6,644 15,753 97423,91321,755 4,643 27,287 ,297 745 1,214 69519,072 18,306 766 May 23. 226 22,413 6,713 15,700 77223,41121,755 4,642 27,251 ,290 765 1,201 69618,606 18,315 291 May 30. 540 22,293 6,719 15,574 56423,39621,755 4,642 27,461 ,294 620 1,217 69318,508 18,202 306 June 6. 12822,653 6,869 15,784 76523,54621,756 4,644 27,520 ,303 139 1,102 68419,198 18,335 863 June 13. 179 22,758 6,936 15,822 84623,78321,756 4,647 27,499 ,289 129 1,095 68619,487 18,417 1,070 June 20. 16522,806 6,736 16,0701,17824,1 ,755 4,648 27,479 ,285 433 1,099 77419,482 18,642 840 June 27. 22022,843 6,809 16,034 85223,91621,755 4,650 27,601 ,286 418 1,139 77519,102 18,564 538 July 3. 18122,977 6,822 16,155 81223,970 21,756 4,654 27,948 ,287 179 1,014 76419,189 18,556 633 July 11. 236 23,092 5,822 17,270 93824,26721,757 4,656 27,893 ,296 253 1,107 76819,364 18,459 905 July 18. 300 23,081 5,822 17,2591,223 24,60521,758 4,656 27,781 ,296 612 1,183 76619,380 18,465 915 July 25. 78 23,057 5,822 17,235 92824,06321,759 4,658 27,706 ,305 1,191 76719,088 18,440 648 Aug. 1. 408 23,081 5,822 17,259 79424,28221,759 4,663 27,842 ,308 557 1,175 72219,099 18,430 669 Aug. 8. 200 23,118 5,822 17,296 72724,04621,759 4,665 27,904 ,298 203 1,016 72019,328 18,441 887 Aug. 15. 24223,151 5,822 17,329 96724,36021,800 4,666 27,925 ,288 495 1,113 71919,285 18,468 817 Aug. 22. 21423,084 5,822 17,262 87724,17521,800 4,667 27,932 ,292 434 1,096 71819,172 18,517 655 Aug. 29. 278 23,066 5,822 17,244 65724,00121,800 4,668 28,034 ,291 557 999 71718,871 18,485 386 Sept. 5. 24323,079 5,822 17,257 68424,006 21,854 4,672 28,262 ,299 408 1,022 71418,825 18,406 419 Sept. 12. 32523,108 5,822 17,286 95124,384 21,853 4,673 28,216 ,294 474 1,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,28924,783 21,934 4,674 28,140 ,285 477 923 73019,835 18,864 971 Sept. 26. 216 23,474 5,822 17,652 98824,677 22,013 4,676 28,137 ,288 816 1,024 73119,369 18,837 532 Oct. 3. 24,039 5,825 18,214 92225,03022,015 4,680 28,320 ,284 397 966 75320,004 18,843 1,161 Oct. 10. 24,072 5,825 18,247 87525,02522,055 4,680 28,448 ,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 23,848 5,325 18,5231,20025,117 22,105 4,681 28,385 ,296 326 975 85120,068 18,950 1,118 Oct. 24. 15223,666 5,325 18,3411,02424,84122,144 4,683 28,301 ,291 509 886 85019,833 19,144 689 Oct. 31. 18623,552 5,325 18,227 69024,42722,234 4,686 28,410 ,288 493 818 78019,557 19,060 497 Nov. 7. 24323,507 5,325 18,182 84524,59522,284 4,686 28,534 ,291 452 843 77819,667 18,988 679 Nov. 14. 27423,397 5,325 18,072 93024,602 22,283 4,688 28,601 ,284 245 815 77619,850 18,976 874 Nov. 21. 227 23,275 5,334 17,9411,24324,745 22,333 4,689 28,701 ,285 364 800 77419,843 19,211 632 Nov. 28. 48323,239 5,334 17,905 95724,679 22,332 4,693 28,742 ,288 548 750 77419,603 19,229 374 Dec. 5. 959 23,239 5,357 17,882 88325,08122,381 4,699 28,891 ,292 501 787 770 19,919 19,196 725 Dec. 12. 710 23,239 5,376 17,8631,031 24,980 22,382 4,700 29,037 ,284 266 740 77019,964 19,317 647 Dec. 19. 44923,239 5,334 17,9052,05725, ,491 4,703 29,263 ,269 6 776 82720,798 19,767 1,031 Dec. 26. 23,503 5,342 18,1611,276 25,576 22,621 4,704 29,403 ,289 289 880 83220,208 19,637 571 1952—Jan. 2.. 10523,658 5,344 18,3141,06224,,825 22,697 4,706 29,143 ,275 8 694 74520,364 19,685 679 Jan. 9.. 198 23,452 5,344 18,108 90424,,554 22,772 4,707 28,800 ,280 69 771 74320,369 19,551 818 Jan. 16.. 13523,119 5,344 17,7751,11824,37222,822 4,710 28,526 ,291 138 719 744 20,488 19,590 898 Jan. 23.. 11222,993 5,344 17,6491,01024,116 22,872 4,711 28,342 ,280 11 663 74320,660 19,573 1,087 Jan. 30.. 210 22,785 5,344 17,441 71123,707 22,931 4,716 28,347 ,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 5,344 17,270 75923,656 22,990 4,717 28,378 ,317 52 728 74120,148 19,415 733 Feb. 13. 61922,499 5,344 17,155 63423,753 23,011 4,717 28,425 ,276 261 685 74120,094 19,304 790 Feb. 20. 454 22,400 5,471 16,9291,03323,887 23,071 4,721 28,387 ,308 491 749 738 20,007 19,293 714 Feb. 27. 42222,555 5,636 16,919 77323,750 23,110 4,722 28,390 ,308 712 730 735 19,710 19,224 486 Mar. 5. 384 22,514 5,636 16,878 98623,88323,290 28,464 ,296 670 895 78719,787 19,166 621 Mar. 12. 35722,530 5,636 16,894 89123,778 23,291 28,452 ,296 639 841 78519,781 19,182 599 Mar. 19. 12622,825 5,636 17,1891,26524,216 23,292 28,361 ,285 6 742 80321,038 19,627 1,411 Mar, 26. 170 22,528 5,636 16,892 71523,413 23,291 28,329 ,282 7 736 804 20,276 19,500 776 Apr. 2. 13022,514 5,636 16,878 76623,409 23,291 4,736 28,445 ,281 295 776 82719,812 19,166 646 Apr. 9. 16722,494 636 16,858 73123,39323,293 4,736 28,526 ,273 381 763 82719,652 19,076 576 Apr. 16. 62222,467 136 17,3311,02024,109 23,293 4,737 28,436 ,288 520 853 82520,218P19.196Pi,022 Apr. 23. 830 22,372 136 17,236 77123,97323,295 4,738 28,333 1,287 877 809 82419,875P19.083 P792 Apr. 30. 67622,363 5,136 17,227 59323,63223,297 4,739 28,460 1,284 450 784 74919,940P19.144 P796 v Preliminary. r Revised. 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. MAY 1952 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S s . e G cu o r v it e ie rn s ment T u re ry as- Money Treas- u T p r o r y e s a d it s e s - - Non- O F t e h d e - r Date or period co D a a u n i d s n d - - ts c B er il t l i s fi , - ot A h l e l r1 Total s G to o c ld k s r o c e ta u n u n r c t- - d y - i c n t u io l c a n i - r- h c i u o n a r l g s y d h s - Fe s w R e d r i e e v t - r h e al b p m e o r e s m d it e s - - s e R e a r r c e a v - - l e Total qu R ir e e - d2 c E es x s - 2 vances Total Bonds cates, ing Banks counts notes End of period: 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2 019 4 459 204 36 28 374 2,356 2 333 23 1933—June 30... 164 1,998 441 1,557 58 2,220 4,031 2 286 5 434 264 35 166 346 2,292 1 817 475 1939—Dec. 30.., 7 2,484 1 351 1 133 102 2,593 17 644 2 963 7 598 2,409 634 653 251 11 653 6 444 5,209 1941—Dec. 31... 3 2,254 1 467 787 104 2,361 22 737 3 247 11 160 2,215 867 i,360 291 12 450 9 365 3,085 1945—Dec. 31... 249 24,262 947 23 315 580 25,091 20 065 4 339 28 515 2,287 977 1,308 495 15,915 14 457 1,458 1946—Dec. 31... 163 23.350 753 22,597 581 24,093 20, 529 4 562 28 952 2,272 393 822 607 16 139 15 577 562 1947—Dec. 31... 85 22,559 2 853 19 70^ 536 23,181 22 754 4 562 28 868 1,336 870 961 563 17,899 16 400 1,499 1948—Dec. 31... 223 23,333 10 977 12 356 542 24,097 24 244 4 589 28 224 1,325 1,123 1,189 59C20 479 19 277 1,202 1949—June 30... 103 19,343 7 780 11 563 250 19,69f 24 466 4 59? 27 493 1,307 438 941 713 17,867 16 919 948 Dec. 31.. . 78 18,885 7 218 il 667 536 19,49Q 24 427 4 598 27 600 1,312 821 1,517 70f 16,568 15 550 1,018 1950— June 30... 43 18,331 5 618 12 713 329 18,703 24 231 4 607 27 156 1,298 950 1,431 771 15 934 15 498 436 Dec. 30... 67 20,778 4 620 16 158 1,371 22,216 22 706 4 636 27 741 1,293 668 1,460 714 17 681 16 509 1,172 1951—Apr 283 22,742 6 570 16 172 535 23,560 21 805 4 643 27 278 1,284 611 1,236 698 18 901 18 449 452 May 529 22,509 6 803 15 706 443 23,481 21 755 4 646 27 519 1,293 666 1,179 690 18 536 18 206 330 June 53 22,982 6 822 16 160 1,007 24,043 21 756 4 655 27 809 1,281 317 ,262 765 19 020 18 604 416 July 277 23,078 5,822 17 256 679 24,033 21 759 4 666 27 851 1,302 584 1,159 700 18 863 18 396 467 Aug. 552 23,127 5 822 17 305 630 24,309 21 854 4 673 28 155 1,287 459 1,038 716 19 181 18 464 717 Sept. 190 23,734 5,822 17 912 1,134 25,058 22 013 4 681 28 288 1,285 936 1,127 727 19 391 18 822 569 Oct 186 23,552 5,325 18 227 690 24,427 22 233 4 688 28 417 1,283 493 818 780 19 557 19 060 497 Nov. 624 23,239 5,334 17 905 871 24,734 22 382 4 700 28 809 1,288 481 794 772 19 670 19 180 490 Dec 1923,801 5,34418 457 1,189 25.009 22 695 4 709 29 206 1,270 247 889 746 20 056 19 667 389 1952—Jan. 328 22,729 5,344 17 385 726 23,783 22 951 4 717 28 386 1,319 162 766 741 20 077 19,443 634 Feb. 598 22,528 5,636 16 892 778 23,904 23 191 4 727 28 465 1,287 558 796 73319 982 19,254 728 Mar 133 22,514 5,636 16 878 623 23,270 23 291 4 736 28,473 1,277 169 845 801 19 733 19,241 492 Apr 676 22,363 5,136 17 227 593 23,632 P23 297 739 P28,460 v\ ,284 450 784 749 19 940 ,144 Averages of dailv figures: 1951—Feb. 330 21,733 5,197 16,536 1,222 23,286 22,249 4,637 27,145 1,290 842 1,255 734 18,907 18,279 627 Mar. 242 22,333 5,784 16,549 1,088 23,663 21,909 4,639 27,171 1,289 603 1,212 730 19,207 18,494 713 Apr.. 162 22,975 ,488 16,487 T-847 23,983 21,806 4,640 27,179 1,292 632 1,252 750 19,324 18,491 833 1952—Feb. 365 22,552 5,432 17,120 909 23.826 23,039 4,719 28,406 1,294 352 799 738 19,995 19,300 695 Mar. 314 22,634 5,636 16,998 942 23,890 23,278 4,728 28,437 1,283 333 845 790 20,207 19,322 885 Apr. 365 22,448 5,354 17,094 913 23,726 23,293 4,737 28,459 1,278 549 875 818 19,777 1 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits l Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time S O P a o t v h s i t e n a r l g d s S e d a 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 f f e ct c iv h e a n d ge ate C r b e e c a s n i e n t t r y k r v 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 ) ts r In 6 months or more In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22M 12 5 1941—Nov. 1 26 20 2 14 6 NOTE.—Maximum rates that may be paid by member banks as 1942—Aug. 20 24 established by the Board of Governors under provisions of Regula- Sept. 14 22 tion Q. Under this Regulation the rate payable by a member bank Oct. 3 20 may not in any event exceed the maximum rate payable by State 1948—Feb. 27 22 banks or trust companies on like deposits under the laws of the State June 11 24 in which the member bank is located. Maximum rates that may be Sept. 16 16 2 7^ paid by insured nonmember banks as established by the F.D.I.C., Sept. 24 26 22 effective Feb. 1, 1936, are the same as those in effect for member banks. 1949—May i 15 27 2 May 5 24 21 3 7 June 30 20 36 July 1 14 26 MARGIN REQUIREMENTS * Aug. 1 13 [Per cent of market value] A A u u g g . . 1 1 1 6 23H 12 3 2 5 5 Aug. 18 23 19 Feb. 1, Mar. 30, Effec- Aug. 25 22^ isy Prescribed in accordance with 1947- 1949- tive Sept. 1 22 2 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, 1951—Jan. 11 23 18 36 1949 1951 1951 Jan. 16 . 19 13 26 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect May 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). Regulations Tand U limit the amount of credit that may be ex- 2 Requirement became effective at country banks. 3 Requirement tended on a security by prescribing a maximum loan value, which is a became effective at central reserve and reserve city banks. specified percentage of its market value at the time of the extension; the * 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. 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FRDRRAL RESERVE BANK DISCOUNT RATKS [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank a A d o d v b v a li a n g n c a c e t e s i ( o s S s n e e s s e c e s u c a . u r n e r 1 d d e 3 d d b a i b n y sc y d e o l u i G 1 g n 3 i o b t a v s l ) e e 1 o r n p f a m a p n e e d n r t Other [ s S e e c c u . r e 1 d 0 (b ad )] vances t b i o o a b n n l s ( i k l g a s o a s t t t s h i e o e p c n r u a s r r t e . h o d S a f n e t b h c y . m e 1 d e U 3 i m r ) . e b S c e . t r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 2H Jan. 14, 1948 2 New York Aug. 21,1950 Aug. 21,1950 Oct. 30, 1942 Philadelphia. . Aug. 25,1950 Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 3^ 2 Oct. 28, 1942 Atlanta Aug. 24,1950 Aug. 24,1950 2M Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 2% Aug. 13, 1948 S M t. i n L n o e u a i p s olis. . A A u u g g . . 2 2 3 2 , , 1 1 9 9 5 5 0 0 A Au u g g . . 2 2 3 2, ,1 1 9 9 5 5 0 0 2 2M V2 J A a u n g . .2 1 3 2 , , 1 1 9 9 4 4 8 8 S K D a a a n n ll s a F a s r s a n C c i is t c y o .. X X A A A u u u g g g . . . 2 2 2 4 5 5 , , , 1 1 1 9 9 9 5 5 5 0 0 0 A A A u u u g g g . . . 2 2 2 5 4 5 , , ,1 1 1 9 9 9 5 5 5 0 0 0 2 2 Y Y 2 2 2 J F O a e c n b t . . . 2 1 1 8 4 9 , , , 1 1 1 9 9 9 4 4 4 2 8 8 2V2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 8 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances 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 advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section l()(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R A a p t r e . 3 o 0 n In g in ef n fe in c g t — be- Pre ra v t i e ous Maturities not exceeding five years [In effect April 30. Per cent per annum] 1- 90 days IK Dec. 18, 1951 IX 91-120 days 2 Dec. 18, 1951 IK 121-180 days 2H Dec. 18, 1951 To industrial or commercial To financing institutions NOTE.—Effective minimum buying rates at the Federal Reserve businesses Bank of New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Federal On 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 commit- Portion commitloans l ments for which Re- ments FEES AND RATES ESTABLISHED UNDER REGULATION V institu- maining ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion obligated PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 [In effect April 30] Boston 2*4-5 Fees Payable to Guaranteeing Agency by Financing Institution on New York 23^-5 Guaranteed Portion of Loan Philadelphia 2^-5 Cleveland 23^-5 Richmond 21^-5 Guarantee fee Percentage of Atlanta 23^-5 () Percentage of (percentage of any commitment Chicago 2H~5 2H-5 loan guaranteed interest payable fee charged St. Louis 3 -5 l3) by borrower) borrower Minneapolis.... 23^-5 (3) Kansas City.... 2^-5 Dallas 2 3^-5 70 or less 10 10 San Francisco... 234-5 75 15 15 80 20 20 85 25 25 1 Including loans made in participation with financing institutions. 90 30 30 2 Rate charged borrower less commitment rate. 9 O 5 ver 95 40 3 - 5 50 40 3 - 5 50 4 3 R R a a t t e e c c h h a a r r g g e e d d b b o o r r r r o o w w e e r r , but not to exceed 1 per cent above the discount rate. 5 Charge of yi per cent is made on undisbursed portion of loan. Maximum Rates Financing In.stitutions May Chanje Borrowers Back figures.—See Banking and Monetary Statistics, Table 118, [Per centper annum] pp. 446-447. Interest rate. 5 Commitment rate H MAY 1952 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as amended, and Executive Order 10161 1- to 4-family units and farm residences Multi-unit Nonresidential Value per family unit residences properties ] Regulation X and FHA VA (Reg. X and FHA) (Regulation X) Maximum loan per family unit2 Maximum loan (in per cent of value unless otherwise specified) per property Not more than $7,000... 90 96 per cent of price 83 $7,001-$10,000 85 94 per cent of price $10,001-$12,000 80 92 per cent of price $5,810 plus 53 per cent $12,001-$15,000 $9,600 plus 40 per cent $11,040 plus 17 percent of excess over $7,000 of excess over $12,000 of price over $12,000 (83-67) (80-72) (92-77 per cent of price) $15,001-$20,000.... $10,800 plus 20 per cent $11,550 plus 25 per cent 50 per cent of value of excess (7 o 2 v -5 er 9 ) $15,000 o (7 f 7 p -6 r 4 ic e p e o r v c e e r n t $ o 1 f 5 , p 0 r 0 ic 0 e) $ 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 1 $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) O N v o e t r m $ o 1 r 2 e , 0 t 0 h 0 an $12,000 2 2 5 0 3 3 2 2 0 5 > None specified } Amortization requirements Minimum annual reduction of 5 per cent of original loan until amount outstanding is 50 per cent None specified under Liquidation of loan by or less of property value at time the loan was Regulation X; periodic maturity through sub- All values ... made or liquidation of loan by maturity through payments satisfactory stantially equal periodic substantially equal periodic payments or pay- to Commissioner on payments or payments ments of principal FHA loans of principal Effective date September 1, 1951 4 September 1, 1951 * January 12, 1951 February 15, 1951 1 Properties generally described as commercial and recreational. 2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value. 3 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity on a loan may be 30 years. « 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 paymentl Maximum maturity (per cent) (months) Listed articles and loans Sept. 18- Oct. 16, 1950- July 31, 1951- Sept. 18- Oct. 16, 1950- July 31. 1951- Oct. 15. 1950 July 30, 1951 May 7, 1952 Oct. 15, 1950 July 30, 1951 May 7, 1952 Listed articles: Passenger automobiles2 33 M 33 H 33 H 21 15 Major appliances 3 15 25 15 18 15 Furniture and floor coverings 10 15 15 18 15 Home improvement materials, articles, and services * . . 10 10 MO 30 30 Loans: To purchase listed articles (6) (6) (6) (6) (8) Unclassified 18 15 00 00 00 (6) 18 1 For automobiles, payable in cash, trade-in, or both; for other listed articles, payable in cash from Sept. 18, 1950, to July 30, 1951, and in cash, trade-in, or both from Tuly 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. * Effective Jan. 2, 1952, includes only automobiles of model years later than 1942. 3 Includes radio or television receiving sets, phonographs, refrigerators, food freezers, cooking stoves, ranges, dishwashers, ironers, washing machines, clothes driers, sewing machines, suction cleaners, room-unit air conditioners, and dehumidifiers. < Includes heating, plumbing, and other household fixtures. * Effective Mar. 24, 1952, no down payment required. 5 Requirements same as on instalment sales of respective articles. 510 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 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. 2 Apr. Mar. Apr. Assets Gold certificates 21,412,25321,414,25121,414,25221,416,25421,416,251 ,412,25321,416,25419,944,401 Redemption fund for F. R. notes. 693,428 695,271 695,272 698,986 699,124 693,428 699,122 622,386 Total gold certificate reserves 22,105,68122,109,52222,109,52422,115,24022,115,37522105,68122,115,37620,566,787 Other cash 363,292 376,972 361,757 357,004 368,437 363,292 370,480 331,572 Discounts and advances: For member banks 653,260 807,322 599,102 153,479 116,593 653,260 120,237 283,315 For nonmember banks, etc 23,000 23,000 23,000 14,000 13,000 23,000 13,000 Industrial loans 5,158 5,070 4,995 5,129 5,224 5.158 5,247 4,775 Acceptances purchased 178 U. S. Government securities: Bills 1,248,298 Certificates: Special Other 11,659,30611,668,30611,763,30611,790,30611,809,806 ,659,30611,809,806 Notes 5,568,073 5,568,073 5,568,073 5,068,073 5,068,073 ,568,073 5,068,07314,923,633 Bonds 5,135,823 5,135,823 5,135,823 5,635,823 5,635,823 ,135,823 5,635,823 6,570,259 Total U. S. Government securities. 22,363,20222,372,20222,467,20222,494,20222,513,70222,363,20222,513,70222,742,190 Total loans and securities 23,044,620 23,207,594 23,094,299 22,666,810 22,648,51923,044,620 22,652,186 23,030,458 Due from foreign banks 28 28 28 28 28 28 33 F. R. notes of other Banks... 155,067 160,023 155,716 143,415 153,916 155,067 162,063 131,633 Uncollected cash items 3,326,466 3,636,182 4,495,938 3,402,033 3,687,469 ,326,466 3,078,533 2,607,981 Bank premises 44,649 44,559 44,545 44,457 44,321 44,649 44,336 40,919 Other assets 173,052 165,445 157,976 149,049 141,548 173,052 167,092 173,767 Total assets. . . 49,212,85549,700,325 50,419,783 48,878,036 49,159,61349,212,855 48,590,094 46,883,150 Liabilities Federal Reserve notes 24,332,276 24,234,32124,320,72124,385,49924,337,09124,332,276 24,371,38623,143,897 Deposits: Member bank—reserve accounts.. .. 19,940 26619,874,813 20.217,96419,652,02219,811,640 ,940,26619,732, 18,900,984 U. S. Treasurer—general account. . . 450 418 876,990 519,779 380,758 294,940 450,418 168, 611,161 Foreign 518 184 537,954 576,037 562,297 564,785 518,184 555, 914,405 Other 266 349 271,374 276,934 201,254 211,252 266,349 290, 321,323 Total deposits. 21,175,217 21,561,13121,590,714 20,796,33120,882,617 21,175,217 20,746,478 20,747,873 Deferred availability cash items 2,738, 2,870,664 ,481,103 2,675,944 2,926,578 2,738,727 2,460, ,078,255 Other liabilities and accrued dividends. 17, 17,162 16,508 15,805 15,209 17,330 15 13,116 Total liabilities. 48,263,550 48,683,278 49,409,046 48,873,579 48,161,495 48,263,550 47,593,814 45,983,141 Capital Accounts Capital paid in 242,928 242,644 242,467 242,341 242,260 242,928 242,225 228,753 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 140,492 208,518 202,385 196,231 189,973 140,492 188,170 133,691 Total liabilities and capital accounts. 49,212,855 49,700,32550,419,783 48,878,036 49,159,613 49,212,855 48,590,094 46,883,150 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 48.6 48.3 48.2 48.6 49.0 Contingent liability on acceptances purchased for foreign correspondents 8,118 8,096 8,049 8,096 8,023 8,118 8,089 31,970 Industrial loan commitments 6,536 6,627 6,545 6,505 6,424 6,536 6,468 2,596 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 676,260 830,322 622,102 167,479 129,593 676,260 133,237 283,315 Within 15 days 608,874 771,470 566,304 123,966 97,779 608,874 101,237 260,668 16 days to 90 days 67,386 58,852 46,798 43,513 31,814 67,386 32,000 22,573 91 days to 1 year 9,000 74 Industrial loans—total 5,158 5,070 4,995 5,129 5,224 5,158 5,247 ,775 Within 15 days 865 868 876 1,015 998 865 1,009 175 16 days to 90 days 786 772 710 660 746 786 273 701 91 days to 1 year 2,277 2,228 2,184 2,269 2,301 2,277 2,724 ,635 Over 1 year to 5 years 1,230 1,202 1,225 1,185 1,179 1,230 1,241 ,264 Acceptances purchased—total 178 Within 15 days 178 16 days to 90 days U. S. Government securities—total.. 22,363,20222,372,202 22,467,202 22,494,202 22,513,702 22,363,202 22,513,702 22,742,190 Within 15 days 430,474 16 to 90 days 441,856 450,856 530,856 532,856 537,856 441,856 2,662,319 91 days to 1 year 12,837,67512,837,675 ,852,67512,877,67512,892,17512,837,67513,430,03110,321,990 Over 1 year to 5 years 5,941,352 5,941,352 ,941,352 5,441,352 5,441,352 5,941,352 5,441,352 4,436,766 Over 5 years to 10 years 1,013,614 1,013,614 ,013,614 1,013,614 1,013,614 1,013,614 1,013,614 1,031,904 Over 10 years 2,128,705 2,128,705 ,128,705 2,628,705 2,628,705 2,128,705 2,628,705 3,858,737 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 25,259,528 25,250,00325,315,560 25,272,17525,279,277 25,259,528 25,282,203 23,985,884 Collateral held against notes outstanding: Gold certificates 12,749,000 12,749,000 12,749,000 12,749,000 12,699,000 12,749,000 12,699,000 12,174,000 Eligible paper 505,472 570,577 491,007 78,054 69,443 505,472 76,901 245,504 U. S. Government securities 13,625,000 13,625,000 13,625,000 13,625,000 13,675,000 13,625,000 13,675,000 12,520,000 Total collateral. . 26,879,472 26,944,577 26,865,007 26,452,054 26,443,443 26,879,472 26,450,901 24,939,504 1 Callable U. S. Government securities classified according to nearest call date. MAY 1952 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.21,412,253 795,727 7,117,2961,265,2611,433,546 933,250 838,6624,230,885 575,239 358,466 716,142 612,2042,535,575 Redemption fund forF. R. notes. 693,428 61,143 71,786 53,230 79,396 64,500 48,294 115,349 48,613 24,740 36,564 27,648 62,165 Total gold certificate reserves. . 22,105,681 856,870 7,189,082 1,318,4911,512,942 997,750 886,9564,346,234 623,852 383,206 752,706 639,8522,597,740 Other cash 363,292 24,807 72,308 24,002 27,604 25,240 35,228 65,895 18,548 7,009 11,328 11,742 39,581 Discounts and advances: Secured bv U. S. Govt. securities. . . 652,812 10,065 209,060 8,511 37,679 20,360 23,050 57,275 17,648 15,375 70,739 13,700 169,350 Other 23,448 1,521 6,946 1,794 2,116 1,248 989 3,197 874 598 1,152 874 2,139 Industrial loans.. 5,158 4 108 100 820 125 5 U. S. Govt. securities 22,363,202 1,516,069 4,814,149 1,373,2352,229,566 1,494,5101,314,7553,454,4441,227,874 711,172 1,075,5131,056,8182,095,097 Total loans and securities. . . 23,044,620 1,527,655 5,030,1551,387,6482,269,361 1,516,2181,339,6143,514,9161,246,396 727,2701,147,4041,071,3972,266,586 Due from foreign banks 28 2 18 2 3 1 1 4 1 1 1 1 3 F. R. notes of other Banks. 155,067 3,125 21,244 7,525 7,245 38,345 18,994 15,661 6,614 5,939 5,193 6,007 19,175 Uncollected cash items 3,326,466 295,805 620,657 221,996 324,113 257,555 244,647 514,780 136,398 84,748 177,217 152,259 296,291 Bank premises. . . 44,649 999 7,634 2,832 4,772 4,475 3,292 6,517 3,189 1,072 2,410 647 6,810 Other assets 173,052 13,100 36,487 10,534 17,533 11,730 10,331 26,080 9,223 5,352 8,433 8,117 16,132 Total assets 49,212,855 2,722,363 12,977,5752,973,0304,163,5732,851,3142,539,0638,490,0872,044,221 1,214,5972,104,692 1,890,0225,242,318 Liabilities F. R. notes 24,332,276 1,497,396 5,389,3951,718,4092,231,156 1,697,9961,329,3894,634,344 1,123,811 621,259 962,537 687,4392,439,145 Deposits: Member bk.— reserve accts. 19,940,266 846,211 6,415,353 931,317 1,489,651 817,332 877,8943,188,230 696,689 446,382 910,674 979,4782,341,055 U. S. Treas.— gen. acct.. . . 450,418 32,347 41,852 36,002 26,159 45,755 49,562 40,606 43,482 34,152 30,989 32,284 37,228 Foreign 518,184 32,122 2 156,535 40,412 47,665 26,423 22,278 72,016 19,688 13,471 19,688 19,688 48,198 Other 266,349 3,791 199,478 1,481 3,711 2,121 2,557 6,083 6,815 1,709 3,993 1,678 32,932 Total deposits. . . 21,175,217 914,471 6,813,2181,009,2121,567,186 891,631 952,2913,306,935 766,674 495,714 965,344 1,033,1282,459,413 Deferred avail, cash items.... 2,738,727 249,263 496,906 171,464 274,782 210,308 213,604 414,409 114,313 71,230 138,224 130,530 253,694 Other liab. and accrued div 17,330 1,051 4,874 1,009 2,267 798 772 2,595 725 510 662 663 1,404 Total liabilities. . 48,263,550 2,662,181 12,704,3932,900,0944,075,3912,800,7332,496,0568,358,2832,005,523 1,188,7132,066,767 1,851,7605,153,656 Capital Accts. Capital paid in. . 242,928 13,146 76,502 16,971 23,312 10,595 10,014 31,308 8,504 5,454 9,225 11,738 26,159 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.. 140,492 9,833 29,618 9,983 13,216 9,612 8,360 19,466 7,885 5,294 7,196 7,007 13,022 Total liabilities and cap. accts. 49,212,855 2,722,363 12,977,5752,973,0304,163,5732,851,3142,539,0638,490,0872,044,221 1,214,5972,104,692 1,890,0225,242,318 Reserve ratio.... 48.6% 35.5% 58.9% 48.3% 39.8%, 38.5% 38.9%) 54.7% 33.0%) 34.3% 39.0% 37.2% 53.0% Cont. liab. on accept, purch.— foreign corresp. 8,118 503 3 2,451 633 747 414 349 1,128 309 211 309 309 755 Industrial loan commitments.. 6,536 1,846 916 62 2,482 815 415 Federal Reserve Notes—Federal Reserve Agents* Accounts F. R. notes outstanding (issued to Bank) 25,259,528 1,551,094 5,619,590 1,777,794 ,307,588 1,790,7971,381,2974,725,324 1,169,655 633,142 991,011 721,0652,591,171 Collateral held: Gold certificates 12,749,000 450,000 4,470,000 750,000 810,000 580,000 485,000 2,470,000 270,000 165,000 280.000 219,000 1,800,000 Eligible paper. . 505,472 10,160 198,050 8,511 19,560 17,648 15,375 70,818 165,350 U. S. Govt. sec. 13,625,000 1,300,000 1,300,0001,100,0001,575,0001,300,000 950,000 2,300,0001,000,000 505,000 750,000 545,000 1,000,000 Total collateral. . 26,879,472 1,760,160 5,968,0501,858,51112,385,0001,899,5601,435,000 4,770,0001,287,648 1,100,818 764,0002,965,350 1 After deducting $20,000 participations of other Federal Reserve Banks. 2 After deducting $361,634,000 participations of other Federal Reserve Banks. 3 After deducting $5,667,000 participations of other Federal Reserve Banks. 512 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 W D e a d te n e ( s l d as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it- o in p P f g a a f t r i i i n t o n i a c n s n i s t - c i- - E [ X A E m C ou U n T ts I V in E t h O o R us D an E d R s o N f O d . o l 1 l 0 ar 1 s 6 ] 1 o o r f la p 3 er t io d d ay ) pl c e o t m ed - } s ( t a a m nd o i u n n g t 2 ) sta o n u d t- ing tu o t u io t- ns Guaranteed loans Guaranteed Additional Num- (amount) (amount) standing3 authorized loans amount ber Amount (amount) to date outstanding available to Date borrowers under guar- 1944 3,489 525,532 1,295 3,894 4 165 2,705 Portion antee agree- 1945 i sii 544,961 320 1,995 1 644 1 086 Num- Amount Total guaran- ments 1946 3,542 565,913 4,577 554 8 309 2^670 ber amount teed outstanding 1947 3,574 586,726 945 1,387 7 434 4,869 1 1 9 9 4 4 8 9 3 3 , , 6 6 0 4 7 9 6 6 1 2 5 9 , , 6 3 5 2 3 6 3 5 3 3 5 9 2,1 9 7 9 8 5 2 1 2 6 8 4 8 3 2 1 , , 9 9 4 9 7 0 1950 1950 3,698 651,389 4,819 2 ,632 3 754 3,745 Oct. 31. .. 3 1,000 1951 Nov. 30. .. 23 13,585 2^340 2,232' 3^335* 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 June 30. . 3,724 671,432 3,221 5,762 3 740 6,199 Tan. 31... 119 109,433 23,778 19,837 13,748 July 31 3,727 678,477 6,730 5,801 3 767 6,115 Feb. 28... 161 122,541 44,250 36,537 33,840 Aug. 31. . 3,731 691 ,536 12,197 5 ,750 6 050 7,860 Mar. 31 ... 254 300,955 68,833 56,973 47,822 Sept.30 ... 3,732 695,178 4,394 5 ,062 6 478 11,420 Apr. 30. .. 328 421,267 126,080 106,053 185,001 Oct. 31 3 ,734 700,040 2 ,943 4,447 7 151 11 .990 May 31. .. 402 514,626 183,610 151,858 205,629 Nov. 30.' ." .3, 736 706,215 3,073 4,505 6 361 12,064 Tune 30. . . 484 654,893 252,100 209,465 276,702 Dec. 31 ... 3,736 710,931 3,513 4,687 6 036 11,985 Tuly 31... 568 828,584 325,299 267,715 349,905 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 Tan. 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 ,395,444 675,459 546,597 472,827 Mar.31 . 3,741 725,787 108 5,296 6 467 10,474 1952 1 Includes applications approved conditionally by the Federal Re- Tan. 31. .. 901 1,463,443 715,928 580,381 525,129 serve Banks and under consideration by applicant. Feb. 29... 934 1,530,388 763,838 617,674 '•511,786 2 Includes industrial loans past due 3 months or more, which are not Mar. 31. .. 971 1,677,786 836,739 672,974 467,392 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or r Revised. discount. NOTE.—-The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- NOTE.—The difference between amount of applications approved and rowers under guarantee agreements outstanding represents amounts the sum of the following four columns represents repayments of ad- repaid, guarantees authorized but not completed, and authorizations vances, and applications for loans and commitments withdrawn or expired or withdrawn. 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 a e R 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 k r l s - Ne c w ity ban C ks hi- b s c a e R 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 March 1952 Second half of March 1952 Gross demand deposits: Total 102,878 23,057 5,679 39,154 34,987 104,394 23,601 5,794 40,027 34,971 Interbank 11,994 3,902 1,135 5,839 1,117 12,154 3,981 1,215 5,862 1,097 Other 90,884 19,155 4,544 33,316 33,870 92,239 19,620 4,579 34.166 33,875 Net demand deposits 2 90,115 21,165 5,111 33,916 29,922 91,494 21,685 5,243 34,607 29,959 Time deposits 3 31,454 2,005 1,145 12,558 15,746 31,519 2,061 1,135 12,547 15,777 Demand balances due from domestic banks... 5,979 41 114 1,837 3,987 6,127 71 90 2,011 3,955 Reserves with Federal Reserve Banks: Total 19,840 5,181 1,287 7,679 5,694 20,551 5,525 1,353 ,946 5,727 Required 19,166 5,200 1,295 7,537 5,134 19,470 5,328 1,326 ,674 5,141 Excess 674 -20 -9 142 561 1,082 197 27 586 Borrowings at Federal Reserve Banks 39 204 69 175 46 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, MAY 1952 513 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- Assets Month, or mem- serve Counweek ending Wednesday ber city try Deposbanks 1 Y N o e r w k c C a hi g - o banks banks * End of month a i n b t c o a e r l s s - ' 1 Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - r f e C u s n a e d s r h s v , e tory securi- etc.2 Total reserves held: banks ties 1951—March 19,207 5,181 1,292 7,354 380 1952—February.... 19,995 5,209 1,305 7,757 723 March 20,207 5,358 1,321 7,817 5,711 1943—December 1,788 1,843 10 1,716 118 1944—December 2,342 2,411 8 2,252 152 Mar. 19 20,510 5,385 1,331 952 5,841 1945—December 2,933 3,022 6 2,837 179 Mar. 26 20,673 5,566 1,361 969 5,777 1946—December 3,284 3,387 6 3,182 200 Apr. 2 20,049 5,372 1,265 823 5,589 1947—December... . 3,417 3,525 6 3,308 212 Apr. 9 19,784 5,112 1,251 731 5,691 1948—December 3,330 3,449 7 3,244 198 Apr. 16 19,902 5,185 1,271 744 5,702 1949—December 3,188 3,312 7 3,118 187 Apr. 23 19,731 5,124 1,271 7,662 5,674 1950—November. . . 2,947 3,069 10 2,888 171 Excess reserves: December.... 2,924 3,045 11 2,868 166 1951—March 713 48 2 170 493 1952— M F a e r b c r h uary.... 6 88 9 5 5 92 5 - 1 3 0 2 1 0 3 9 6 5 57 5 4 7 1951— F M Ja e a n b r u r c u a h r a y ry 2 2 2 , , , 9 8 8 0 5 7 1 2 7 3 2 2 , , , 0 9 9 2 9 7 2 8 4 1 1 1 1 1 1 2 2 2 , , , 8 8 7 3 5 9 5 8 3 1 1 1 5 5 6 3 2 9 Mar. 19 1,075 89 287 691 April 2,831 2,954 17 2,765 172 Mar. 26 1,130 208 15 280 627 May 2,808 2,933 21 2,748 164 Apr. 2 775 99 6 196 474 June 2,788 2,909 23 2,722 165 Apr. 9 649 -41 -6 135 561 July 2,772 2,893 22 2,704 166 A A p p r r . . 2 1 3 6 P P 6 7 1 6 8 4 48 6 -12 1 1 8 4 6 5 P57O S O A e c u p t g o t u b e s e m t r ber.... 2 2 2 , , , 7 7 7 5 3 2 4 8 4 2 2 2 , , , 8 8 8 6 5 7 1 1 7 2 2 2 3 3 5 2 2 2 , , , 6 6 6 8 7 8 0 0 0 1 1 15 5 7 6 8 3 Borrowings at Federa November.... P2.710 Reserve Banks: December. . . . P2.701 1951—March 242 43 29 111 59 1952—February 365 9 82 220 53 1952—January P2.698 March 307 19 82 149 57 February P2 685 March P2.670 Mar. 19 183 51 77 55 Mar. 26 138 25 72 41 A A A p p p r r r . . . 1 2 9 6 3 2 1 5 1 6 3 5 2 11 1 6 5 3 1 1 8 2 1 1 4 2 8 5 9 6 5 5 8 5 3 0 2 P 1 I O P n u r c e t l s u li t d m a e n i s d n i a r n e r g y s . e p rv r e in c a i n p d a l, m r i e s p c r e e ll s a e n n e t o ed u s b w y o c r e k r i t n if g i ca fu te n s d s o f w d it e h p o T si r t e . asurer Apr. 23 390 47 13 265 65 of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for P Preliminary. description, see p. 508 in the same publication. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member 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 x centers City centers City* cities 2 City* cities * 1 1 9 9 4 4 6 6 — — o n l e d w se se ri r e i s e s 3 ' }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 . . 5 2 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 , 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 19S0 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1951 1,577,857 551,889 854,050 171,917 26.9 14.5 540,990 837,491 32.2 21.7 £951—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 '128.022 45,375 '68,738 13,908 27.8 14.5 44,419 67,466 32.5 21.4 March 139,974 50,180 75,089 14,705 27.9 14.6 50,213 74,545 34.0 22.0 *• Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. * Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover ihave 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. 514 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 tion1 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—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 March.... 28,473 19,937 1,637 1,113 65 2,016 6,165 8,940 8,537 2,496 5,140 349 540 4 8 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 3 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal M 1 a 9 r. 5 2 31, g a o s g l i d a lv i n e a s r n t d Tr c e a a s s h ury B F R a e n e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 a 9 r. 5 2 31, Fe 1 b 9 . 5 2 2 9, M 1 a 9 r. 5 1 31, certificates agents Gold . 23,291 22,153 21,137 Gold certificates . . . . . 22,153 i9,300 2,816 38 38 39 Federal Reserve notes 25,282 62 1 073 24,147 24,179 22 834 Treasury currency—total 4,736 *2,330 78 370 4,288 4,248 4,245 Standard silver dollars 492 246 54 4 188 188 177 Silver bullion 2 084 2 084 Silver certificates and Treasury notes of 1890.. 3 2,330 299 2,031 1,999 2,061 Subsidiary silver coin 1,105 16 26 1,062 1,056 993 Minor coin 401 4 10 387 386 373 United States notes 347 3 28 315 313 310 Federal Reserve Bank notes 229 1 2 226 228 250 National Bank notes 79 (5) 1 78 79 82 Total—Mar 31 1952 (4) 24,484 1,277 19,300 4,259 28,473 Feb. 29, 1952 (4) 24,365 1,287 19,177 4,413 28,465 Mar 31 1951 (4) 22,938 1,293 17,751 4,219 27.119 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. 507. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MAY 1952 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Treas- u. s Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold re cu n r c - y Total Lo n a e n t s, m C e o rc m ia - l Federal O se t c h u e - r ca a p n i d tal, c d u e a r p r n o e d s n i c ts y co m a u c i n - s t c s . , Total and Reserve Other rities net net 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—jjec 30 ... 17,644 2 963 54 564 22,157 23 105 19 417 2.484 \ 204 9 302 75 171 68,359 6.812 1941—Dec 3i#.. , 22,737 3 247 64 653 26 605 29 049 25 511 2 254 1 284 8 999 90 637 82 811 7 826 I945—Dec 31 20,065 4 339 !67 381 30 387 128.417 101 288 24 262 I 867 8 577 191.785 180.806 tO,979 1946—Dec 31 20,529 4 562 1 S8366 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 60,832 43 023 107 086 81 199 22.559 3.328 10 723 88,148 175 348 12 800 1048—Dec. 31 ....... 24,244 4 589 160,457 48341 100,694 74 097 23 333 3.264 11,422 189 290 176,121 13,168 todo June 30 ...,.,,.. 24.466 4 597 1S6 491 47,148 97 428 74,877 19,343 3 208 11,915 185 554 171,602 13,952 Dec 31 24,427 4 598 162,681 49 604 100 456 78.433 18 885 3 138 12,621 191,706 177,313 14,392 1950—Tune 30 24,231 4 607 164.348 S1 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—Mar. 28. 21 900 4,600 17?,100 62.500 94.700 69 300 22.600 2 800 14 900 198 600 183,700 14,900 Apr. 25 21 800 4 ,600 17?,100 62.600 94.600 68 900 22,900 2 800 15.000 98 600 183 600 15,000 May 30. 21.800 4 600 171 300 62,900 93 500 68 400 22,300 2 800 14 900 197 700 182 900 14 800 June 30. 21.756 4,655 171,447 63,821 94,450 68.726 22,982 2,742 15,176 199,858 185 038 14,820 July 25 21 800 4.700 173 300 63 400 94 600 68 900 23,100 2 700 15 300 199 700 184 500 15 200 Aug. 29 21.800 4.700 174,300 64,000 95,000 69 200 23 100 2 700 15,300 200,700 185,200 15,500 Sept. 26 22,000 4 700 176,400 65,000 95 .900 69,700 23,500 2,700 15,400 203,000 187 300 15.700 Oct 31 22,200 4 700 178 300 65,800 97,000 70,800 23,600 2 700 15 500 205 200 189 200 16 000 Nov. 28 ... 22,300 4,700 179,400 66.500 97,400 71,500 23.200 2,700 15,500 206,400 190 500 15,900 Dec. 31 22,695 4,706 181,323 67,597 97,808 71,343 23.801 2,664 15,918 208,724 193,404 15,320 1952—Tan. 30Pr. . . 22,900 4,700 179,900 66,700 97,300 71,800 22,800 2,700 15,900 207,600 191,600 15,900 Feb. 21 P- 23,100 4,700 179,300 67,000 96,200 71,100 22,600 2,600 16,100 207,200 191,500 15,700 Mar. 26P 23,300 4,700 180,100 67,700 96,100 70,900 22,500 2,600 16,400 208,200 192,300 15,900 Deposits and Currency U S. Governmentbalances Deposits adjusted and currency Date Fo b r a e n i k gn At com- Time deposits8 Total dep n o e s t its. T c u r a e r s y a h s- s m b a a e a v n r n i c n d k i g a s s l R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia - s l s M b a a v u n i t k n u s g a s l * S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55,776 365 204 381 36 54,790 22.540 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 I939—Dec. 30 68 359 1,217 -.409 846 634 63.253 29.793 27,059 15,258 10,523 1,278 6,401 194 l_Dec 31 82 811 1,498 2,215 1.895 867 76,336 38.992 27,729 15,884 10.532 1,313 9,615 1945—Dec 31 180 806 2.141 ',287 24.608 977 150,793 75,851 48.452 30.135 15,385 2,932 26,490 1946—Dec 31 171,657 1 .885 272 * 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 S70 170,008 87,121 56,411 35,249 17.74C 3,416 26,476 1948 Dec. 31 , 176.121 2 103 . 25 2,451 1.123 169,119 85,520 57.520 35 804 18,387 3.329 26.079 104.Q Tune 30 ... 171 602 1,927 .307 2 ,304 438 165,626 81,877 58,483 36,292 18,935 3,259 25 26t Dec 31 177 313 2,150 ,312 3,249 821 169,781 85,750 58,616 36.14t 19,273 3,197 25,415 1950—Tune 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.—Mar 28 183 700 2,400 .300 6,400 I 100 172 500 89,000 59.100 36,200 20.100 2,800 24.400 Apr 25 183 600 2,500 .300 5,800 700 173 300 89,500 59,200 36.300 20,200 2,800 24 600 May 30 182 900 2 ,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 L .281 6.332 317 174.684 88,960 59,948 36,781 20,382 2,785 25,776 Julv 25 184 500 2.400 .300 4 600 400 175.800 90,700 60.000 36.800 20,400 2,800 25 100 Aug. 29 185,200 2.300 L.300 4,100 600 177,000 91,400 60,300 37.100 20,500 2.800 25 300 Sept. 26 187,300 2,200 .300 5.100 800 177,900 92,000 60,500 37.200 20.600 2.700 25 400 Oct. 31 189,200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2,700 25.700 Nov. 28 190,500 2,100 1,300 3,800 500 182,700 96.300 60,600 37,300 20,600 2,700 25,800 Dec 31 193 404 2,279 L ,279 3,615 247 185,984 98,234 61.447 37,859 20,887 2,701 26,303 1952—Jan. 30?"- 191,600 2,100 1,300 2,800 200 185,200 97,900 61,700 38,000 21.000 2,700 25,600 Feb. 27*"- 191,500 2,200 1,300 3,900 700 183,400 95,700 62.000 38,200 21,100 2,700 25,600 Mar. 26P 192,300 2,200 L,300 5,800 (5) 182,900 94,800 62,400 38,500 21,300 2,700 25,700 p Preliminary. r Revised. 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 Exclude? 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. 5 Less than 50 million dollars. 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. 516 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 andinvestments Deposits Investments Other Class of bank Cash c T a o p t it a a l l Number and date Total Loans Total Go u mve . enr tn s - . O s t e h cu e - r asseta * Total 1 b I a nt n e k r 1 - m D a e n - d Time accounts banks obliga- rities tions AH banks: 1939—Dec 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9874 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 10982 44,355 26,479 8,414 14,826 1945—Dec 31 140227 30,362 109,865 01,288 8,577 35,415 165,612 14065 105,935 45613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35041 155,902 12656 92,462 50,784 11,360 14,585 1947—Dec. 31 2 134,924 43,002 91,923 81,199 10,723 38388 161865 13033 95,727 53,105 11,948 14,714 1948—Dec 31 133693 48,174 85,519 74,097 11,422 39474 161248 12269 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 41086 175,296 14039 104,744 56,513 13,837 14,650 1951—Mar. 28 147120 62,950 84170 69,250 14920 37 440 69 760 11630 01,660 56,470 13,940 14649 June 30. .... 147742 63,840 33901 68.726 15176 38235 71860 11947 102,527 57,386 14,236 14,636 Nov. 28 153980 66,990 86990 71,450 15540 39 920 178200 13330 06,690 58,180 14,540 14 625 Dec. 31 154869 67,608 87261 71343 15918 45 531 185 756 15087 111,644 59,025 14,623 14618 1952—Jan. 30?"-. . .155200 67460 87740 71,820 15920 39 900 179460 13320 06,860 59,280 14,640 14615 Feb. 27P>\ . . . 154790 67630 87160 71060 16100 39 820 78 770 12900 06,240 59,630 14,690 14615 Mar. 2dv 155280 67990 87290 70920 16370 40 230 180 140 13200 106,890 60,050 14,770 14606 AH commercial banks: 1939—Dec. 30.. . 40668 17238 23430 16316 7 114 22 474 57718 9 874 32,513 15,331 6,885 14484 1941—Dec. 31 50746 21714 29032 21808 7225 26551 71283 10982 44,349 15,952 7,173 14278 1945—Dec. 31 124019 26083 97936 90606 7331 34806 150227 14065 105,921 30,241 8,950 14011 1946—Dec. 31 113993 31122 82871 74780 8 091 34223 139033 12656 92,446 33,930 9,577 14044 1947—Dec. 31 2 116284 38057 78226 69221 9 006 37502 144 103 13032 95,711 35,360 10,059 14181 1948—Dec. 31 .... 114298 42488 71811 62622 9 189 38596 142843 12269 94,654 35,921 10,480 14171 1949—Dec. 31 120197 42965 77232 67005 10227 35 650 145 174 12709 96,136 36328 10,967 14156 1950—Dec. 30 126675 52249 74426 62027 12399 40 289 155265 14039 104,723 36503 tl,590 14121 1951—Mar. 28 125 740 54420 71320 58770 12550 36 560 149 650 11630 101,640 36380 11,660 14120 Tune 30 126045 54821 7\224 58521 12 703 37 384 151457 11946 102,507 37 004 11,951 14107 Nov. 28 131 860 57270 74590 61630 12960 39 160 157 540 13330 106,670 37540 12,200 14096 Dec. 31 132,610 57746 74863 61524 13339 44 645 164840 15086 111,618 38 137 12,216 14089 1952—Tan. 30/"-.... 132,770 57510 75260 61990 13270 39 070 158410 13320 106,830 38 260 12,240 14086 Feb. 27?"-. ...132 240 57590 74650 61260 13390 38,970 157620 12900 106,210 38 510 12,280 14086 Mar. 2dv 132,530 57840 74690 61120 13570 39,380 158810 13,200 106,860 38 750 12,340 14,077 AH member banks: 1939—Dec. 30 33,941 13962 19,979 14328 5,651 19,782 49 340 9,410 28,231 11699 E,522 6,362 1941—Dec. 31 43,521 18021 25,500 19539 5,961 23,123 61,717 10,525 38,846 12347 i,886 6,619 1945—Dec 31 107,183 22775 84,408 78338 ,070 29,845 129670 13640 91,820 24210 ,589 6,884 1946—Dec. 31 96,362 26696 69,666 63042 6,625 29,587 118,170 12,060 78,920 27190 L095 6,900 1947—Dec 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34203 121,362 11,641 80,881 28 840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29 160 9,174 6,892 1950—Dec. 30. ... 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29 336 9,695 6,873 1951—Mar. 28 106,366 46 618 59,748 49 264 10,484 32,336 128,046 11,129 87,697 29 220 9,750 6,871 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 Nov. 28 111,428 49,104 62,324 51,527 10,797 34,315 134,245 12,651 91,480 30 114 10,205 6,843 Dec. 31 112,247 49,561 62,687 51,621 11,065 39,252 141,015 14,425 95,968 30 623 10,218 6,840 1952—Tan. 30*"\ . . 112,298 49,327 62,971 51,965 11,006 34,266 135,103 12,726 91,687 30 690 10,238 6,838 Feb. 27w. . . 111,771 49,364 62,407 51,294 11,113 34,216 134,370 12,325 91,141 30 904 10,271 6,834 Mar. 26 *-. . . .112,030 49,524 62,506 51,227 11,279 34,631 135,587 12,623 91,852 31 112 10,319 6,829 AH mutual savings banks: 1939—Dec. 30 ... 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 2 . 18,64 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19273 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—Mar. 28 21,380 8,530 12,850 10,480 2,370 880 20,110 20 20,090 2,280 529 June 30... . 21,697 9,020 12,677 10,205 2,472 851 20.404 1 20 20.382 >.285 S29 Nov. 28 22,120 9,720 12,400 9,820 2,580 760 20,660 1 20 20,640 2,340 529 Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—Tan. 30?"-. .. 22,430 9,950 12,480 9,830 2,650 830 21,050 2 30 21,020 1,400 529 Feb. 27P'. . . 22,550 10,040 12,510 9,800 2,710 850 21,150 2 30 21,120 2,410 529 Mar. 26P . . . . 22,750 10,150 12,600 9,800 2,800 850 21,330 30 21,300 2,430 529 2 P Preliminary. r Revised. • "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. MAY 1952 517 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 t b e ank Total Loans Go U v . e r S n . - Other as C s a e s t h s 1 Total i b I a nt n e k r i - De- a c c T a c o p o t i u t a n a l t l s N b u a o m n f b ks 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. 31. .. 76,143 7,334 18,809 17,574 1 2.35 6,4.39 30,121 4 657 74,777 1,236 ,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 1949—Dec. 31. .. 19.583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18.139 1.651 2,312 25 1950—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—Mar. 28. .. 20,594 10,307 10,287 8,326 1,961 7,272 24,799 4,054 19,002 1,743 2,354 23 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 Nov. 28... 20,798 10,931 9,867 7,909 1,958 7,076 24,561 4,214 18,738 1,609 2,415 22 Dec. 31... 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Jan. 30*"-. 21,203 11,210 9,993 7,927 2,066 7,320 25,179 4,368 19,195 1,616 2,427 22 Feb. 27P»\ 21,115 11,216 9,899 7,808 2,091 7,211 24,935 4,190 19,110 1,635 2,438 22 Mar. 26P. . 21,134 11,068 10,066 7,905 2,161 7,601 25,590 4,379 19,465 1,746 2,438 22 Chicago: 1 1 9 9 4 3 1 9 — — D D e e c c . . 3 3 1 0 2 ? , , 7 10 6 5 0 9 5 5 6 4 9 1 1 , , 8 5 0 3 6 6 1 1 , , 4 20 3 3 0 3 .3 3 7 3 6 1 1, ,5 4 6 4 6 6 4 3, ,0 3 5 3 7 0 1, 8 0 8 3 8 5 7 1, ,5 9 4 4 6 7 4 4 7 9 6 5 2 2 5 8 0 8 1 1 3 4 1945—Dec. 31 5,931 1,333 4 598 4,213 385 1489 7046 131? 5,015 719 377 12 1946—Dec. 31 4,765 1,499 .3,266 7,912 355 1,545 S,905 1,153 3,922 829 404 14 1947—Dec. 31 5,088 1,801 3 787 7,890 397 1739 6 40? 1217 4 773 913 426 14 1948—Dec. 31 4,799 1,783 ,016 7,633 383 1,932 6,293 1064 4,227 1,001 444 13 1949—Dec. 31 S,424 1,618 .3,806 ,324 482 1850 6,810 1191 4,535 1,083 470 13 1950—Dec. 30 s,569 ?,083 3,487 2,911 576 034 7,109 1228 4,778 1,103 490 13 1951—Mar. 28 5,461 2,163 3 298 2,743 555 1 888 6,667 1 059 4,528 1,080 490 13 June 30 S,520 ,215 3 305 7 74? 564 1 898 6,921 1 040 4,756 1,126 501 13 Nov. 28 s,554 ?403 3 151 7 671 530 1978 6 986 1 14.3 4 774 1,119 509 13 Dec. 31 5,731 2,468 3 264 2,711 552 2 196 7 402 1307 4,952 1,143 513 13 1952—Jan. 30P S,680 375 3 .305 777 528 197.3 6 952 1 155 4655 1,142 510 13 Feb. 27P 5 626 7 366 3 260 2 73.3 527 2 079 6 944 1167 4 644 1,138 510 13 Mar. 26P S747 409 33.38 ? 798 540 1884 7058 1775 4 651 1,132 513 13 Reserve city member banks: 1939—Dec. 30 1?272 s329 6 944 5 194 1,749 6 785 17741 3686 9 439 4,616 1828 346 1941—Dec. 31 1S347 7 105 8 243 6 467 1776 8 518 7?313 4 460 13047 4,806 1967 351 1945—Dec. 31 40 108 8514 31594 79 557 7042 11786 49 085 6448 .3?877 9,760 566 359 1946—Dec. 31 35 351 10 825 74527 7?250 7276 11654 44477 S570 78 049 10,858 2 728 355 1947—Dec. 31 36 040 13449 591 70196 7396 13066 46467 5649 79 395 11,423 2844 353 1948—Dec. 31 3S 332 14285 71047 18594 7453 13317 4S943 5400 79 153 11,391 2 928 335 1949—Dec. 31 38 301 14370 73931 709S1 7980 17168 47559 5713 .30182 11,664 3 087 341 1950—Dec. 30 40 685 17906 77 779 19084 ,3695 1,3998 51 437 6 448 .3.3342 11,647 ,3322 336 1951—Mar. 28 39 735 18543 21 192 17479 3 713 12,672 48 933 5 063 32 380 11490 3 326 325 Tune 30 .39991 18558 21 437 17 65 Q 774 13 175 49 874 5 764 3? 791 11 819 .3431 324 Nov. 28. 4? 475 19459 73 016 19 195 .3821 13 528 S1950 6 127 .33769 1?054 3 512 321 Dec. 31 42 694 19651 23,043 19194 3 849 15,199 54 466 6,976 35 218 12272 3 521 321 1952—Jan. 30?' 42 738 19465 23,273 19406 3 867 13,347 52 159 6,044 33 804 12 311 3 535 322 Feb. 27P»\ . . . 42 355 19402 22,953 19015 3938 13,437 51 818 5,866 33 519 12 433 3 546 320 Mar. 26P 4? 435 19511 7? 924 189.34 3990 13,611 5? 328 5 875 33 998 1?455 .3565 320 Country member banks: 1939—Dec. 30 10 224 4,768 5456 3 159 7797 4,848 1.3762 598 7312 S852 1851 S,966 1941—Dec. 31 17,518 5,890 628 4,377 7250 6,402 17,415 822 10,335 6 258 1 ,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12 494 2,525 6,476 1946—Dec. 31 35,412 8,004 77,408 74,572 ? 836 10,151 43,066 1,091 77,921 14053 7,757 6,494 1947—Dec. 31 36,324 in,199 76175 7?8S7 ,3768 10778 44443 107.3 78810 14560 7,934 6,519 1948—Dec. 31 726 945 782 71,278 3,504 11,196 4S,102 964 79,370 14768 3,123 6,535 1949—Dec. 31 38*219 12'692 ?S527 71862 .3665 10,,314 45,534 1 ,001 79 771 14762 3,305 6,513 1950—Dec 30 40,558 14,988 570 71 ,377 4 193 11 ,571 48,897 1 ,133 37,899 14865 3,532 6,501 1951—Mar. 28 . 40,576 IS,605 24971 70,716 4255 10,504 47,647 953 31 ,787 14907 3,580 6,510 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 N De o c v . . 2 3 8 1.. 4?,6 4 0 4 1 4 1 16 6 , 3 2 1 9 1 6 76 2 1 9 4 0 8 7 7 1 1 , 5 8 8 02 7 4 4 4 56 88 1 1 1 1 3 , 2 7 9 3 2 3 SO, 2 7 8 4 8 8 1 13 1 0 6 9 7 3 3 4 S , 4 2 4 49 9 1 1 S S 3 5 3 3 2 0 3 3, , 7 7 6 69 0 6 6, 4 4 8 8 7 4 1952—Jan. 30P' 42,677 16,277 26,400 21,855 4,545 11,676 50,813 1,159 34,033 15 621 3,766 6,481 Feb. 27*" 42,675 16,380 26,295 21,738 4,557 11,539 50,673 1,107 33,868 15698 3,777 6,479 Mar. 26P 42,714 16,536 26,178 21,590 4,588 11,535 50,611 1,094 33,738 15 779 3,803 6,474 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time 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. 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Nuniber and date Total Loans G U ov . e S r . n- Other assets 1 Total l b In an te k r - 1 a c c a c p o i u ta n l ts ba c n f ks Total ment secu- De- Time obliga- rities mand tions All insured commercial banks: 1941—Dec. 31 49,290 ?1,259 28,031 21,046 6,984 ?S,788 69,411 10,654 43,059 15,699 6,844 13 426 1 19 9 4 4 g 5 — — D D eecc#. 3 3 1 1 1 1 2 1 1 2 , , 8 2 0 8 9 6 2 4 5 1 , , 7 9 6 6 5 8 9 7 6 0 , , 0 3 4 1 3 8 8 6 8 1 , , 9 3 1 8 2 8 7 8 , , 1 9 3 2 1 9 3 3 4 8 , , 2 0 9 8 2 7 1 1 4 4 7 0 , ,6 7 4 7 2 5 1 1 3 1 , ,9 8 0 8 0 3 1 9 0 3 4, ,3 0 0 1 0 5 3 2 5 9 , , 4 8 4 7 1 6 1 8 0 , 6 1 7 5 1 8 1 1 3 3 ,2 4 9 1 7 3 I949—Dec 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 19^0—Dec. 30 124,822 SI,723 73,099 60,986 V>,113 39,821 1S3,288 13,744 103,499 36 045 11 263 13 432 1951—June 30 124,132 S4,306 69,825 57,427 1?,398 36,960 149,461 11,582 101,328 36,551 11 622 13 437 Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 National member "** banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 ?4,350 8,322 3 640 5 117 I945—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 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 ?3,853 44,090 38,161 s,930 ?0,995 83,113 8,278 SS,034 19,801 5 920 4 975 1950—Dec. 30 72,090 ?9 184 42,906 35,587 7,320 73,763 89,281 ,133 60,251 19,897 6,313 4 958 1951—Tune 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 Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 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 2,246 502 1945—Dec 31 .... 37.871 8,850 29,021 27,089 1,933 9.731 44,730 4,411 3?,334 7,986 2 945 867 194g—Dec. 31 31,771 1?,308 19,463 17,301 ?,161 11,228 39,955 3,799 ?6,862 9.295 3 144 927 I949—Dec 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 917 1950—Dec. 30 35,334 1S,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3 381 915 1951—june 30 35,550 16,386 19,163 16,143 3,020 11,046 43,149 3,722 ?9,963 9.464 3 483 913 Dec 31 . . 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 3?,491 9,715 3 565 901 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 ,025 ?,668 7,702 129 4,213 3,360 959 g 810 1945—Dec. 31 14,639 2,992 11,647 10,584 ,063 4,448 18,119 244 12,196 5,680 1,083 6,416 194g—Dec 31 16,685 s,911 10,774 9,246 ,528 3,887 19,296 259 1?,419 6,618 1 358 5 498 I949—Dec. 31 16,766 6,258 10,508 8,947 ,561 ,3,892 19,269 272 1?,285 6,712 1 473 6*540 1950—Dec 30 17,414 7,023 10,391 8,632 ,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—june 30 17,585 7,446 10,139 8,330 ,810 3.718 19,741 235 17,650 6,857 1.637 581 Dec. 31 18,591 7,701 10,890 8,923 ,967 4,926 21,912 353 14,415 7,144 1,686 6,602 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 I945—Dec 31 . . . 2,211 318 1,893 1,693 200 514 2,452 181 ,905 365 279 714 194g—Dec. 31 2 ... 2,013 520 1,493 1,234 259 509 7,201 368 ,353 479 322 75f 1949—Dec. 31 1,919 481 1,438 1,185 253 442 7,036 341 ,223 472 321 727 1950—Dec 30 1,853 527 1,327 1,040 286 468 1,976 294 ,224 458 327 689 1951—June 30 1,913 514 1,399 1,094 305 423 1,996 364 ,178 453 329 670 Dec 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 All nonmember commercial banks: 1 1 9 9 4 45 1 — — D D e e c c : . 3 3 1 1 1 7 6 , , 2 8 3 4 3 9 3 3 , , 6 3 9 1 6 0 1 3 3 , , 5 5 3 3 6 9 1 2 2 , , 2 2 7 7 0 7 1 1 , , 2 26 6 2 6 . 4 3, , 4 9 3 6 1 2 2 9 0 , , 5 5 7 7 4 1 4 4 5 2 7 5 1 5 4 , , 5 1 0 0 4 1 3 6 , , 6 0 1 4 3 5 1 1, , 3 2 6 8 2 8 7 7 ( , 6 1 6 3 2 0 194g—Dec. 31 2 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 71,305 613 13,508 7,184 1,794 7 267 1950—Dec 30 19,267 7,550 11,718 9,672 ?,046 4,767 7?,193 591 14,417 7,184 1 897 7 251 1951—Tune 30 19,499 7,960 11,538 9,423 ?,115 4,141 71,737 599 1.3,828 7,310 1,966 7 2«5l Dec. 31. . . . 20,380 8,192 12,189 9,914 7,275 5,395 73,843 661 15,650 7,533 1,999 7 252 Insured mutual savings banks: 1941—Dec 31 1,693 642 1 050 629 421 151 1,789 1,789 164 52 1945 Dec 31 10 846 3 081 7 765 7 160 606 429 10,363 12 10,351 1 034 192 194g—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 1.3,592 16 13,575 1,420 192 19 SO Dec 30 15 101 6 086 9 015 7,487 1,528 617 14,320 19 14,301 1 513 194 1951—June 30 ... 15,668 6,829 8,839 7,169 1,670 688 14,924 1 18 14,905 1,582 ?01 Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 Noninsured mutual savings banks: 1941—Dec 31 8 687 4,259 4 428 3,075 1,353 642 8,744 6 8,738 1 077 496 1945 Dec 31 5 361 I 198 4 163 3 522 641 180 5,022 2 5,020 558 350 1948—Dec. 31* 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec 31 6 192 1 764 4 428 3,596 832 191 S,702 3 5,699 702 339 19 SO Dec 30 6 245 2 050 4 194 3 380 814 180 s,711 3 5,708 734 335 19S1 Tune 30 6 029 2 191 3 838 3 036 802 163 s,479 2 5,477 702 328 Dec 31 6,069 2,339 3,730 2,897 833 191 5,547 3 5,544 729 327 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. MAY 1952 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- 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 - Total1 o c m k p i l i n u n a e e g d - r t n - - - A t c u g a u r r l l i - - - b a r e T n o r o s d k- o T th o - l R t o e a a e s t n a - e l s s L u C o m a o n n e s r -O lo t a h n e s r Total Total Bills C o d c e f e a r t b t i e i n t f s - i - - Notes Bonds G t a e u n e a - d r- S p s a i t o u c o a n l a b t f d i e l - t s - O r s i e t t h c ie e u s r pa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1941—Dec. 31 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12.797 4,102 3,651 3,333 1945—Dec. 31 121,809 25,765 9,461 1,314 3,164 3,606 4,677 1,351 2,191 96,043 88,912 2,455 19.071 16,045 51,321 22 3,8733,258 1948—Dec. 31 112,286 41,968 18,7612,775 1,336 039 10,6664,907 2,992 70,318 61,388 2,821 10,065 3.394 45,100 8 5,509 3,420 1949—Dec. 31 .118,278 42,485 16,935 2,963 1.749 855 11,4056,002 3,124 75,793 65,820 3,692 12,479 5,810 43.833 66,400 3,574 1950—Dec. 30. 124,822 51,723 21,776 2,823 1,789 t.036 13,389 7,6283,955 73,099 60,986 4,118 1,932 16,756 38,168 11 7,9334,179 1951—June 30. 124.132 54,306 23,507 3,044 1,616 1,000 13,9887,697 4,166 69,825 57,427 3,819 3.111 14,762 35.724 11 8.319 4.070 Dec. 31. 130,820 57,256 25,744 3,321 1,571 960 14,4507,742 4,282 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 It.729 *,832 3,090 2,871 1945—Dec. 31 107,183 22,775 8,949 855 .5,1333,378 3,455 1,027 1,977 84,408 78,338 2,275 16 98514,271 44 792 16 3,254 2.815 1948—Dec. 31. 95,616 36,060 17,631 1,800 1,324 834 8,244 3,9332,658 59,556 52,154 2,588 7,999 2,800 38.761 5 4,480 2,922 1949—Dec. 31 101,528 36,230 15,857 1,945 1 ,737 758 8,8344,776 2,809 65,297 56,883 3,389 10,409 5,085 57,996 4 5,274 5,140 1950—Dec. 30 107,424 44,705 20,521 ,808 1,770 927 10,522 6,167 3,58562,719 52,365 3,665 1,468 14,054 33,170 86,640 3,714 1951—June 30 106,563 46,866 22,161 1,919 1 .601 882 10,9756,174 3,783 59,698 49,108 3,485 2.524 12,313 30,778 76,978 3,611 Dec. 31. 112,247 49,561 24,347 2,140 1,551 851 11,3346,195 3,86362,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31 26,143 7,334 3,044 2,453 1.172 80 76 509 18,809 17,574 477 3 433 3,325 10.337 1 606 629 1948—Dec. 31. 18,759 8,048 5,642 3 1,102 225 224 313 636 10,712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 377 621 12,033 10,746 720 1.785 835 7.405 752 535 1950—Dec. 30 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6.206 " 21,123 767 1951—June 30. 20,604 10,234 6,845 1,287 273 502 539 930 10.370 8,460 1,034 354 1.565 5.506 2 1,176 733 Dec. 31. 21,379 11,146 7,852 1,219 262 514 520 950 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 Chicago:- 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 20Q ISO 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 1,5 12 8,243 6,467 295 751 4.248 1,173 956 820 1945—Dec. 31. 40.108 8,514 3.661 205 42 V 1.503 1 ,450 433 826 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 43/ 130 360 3,503 1,609 1,118 21,047 18,594 1,056 3,201 1,090 13,247 1 1 ,4211,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 23,931 20,951 1,189 4 ,180 2.124 13,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,423 2,567 1,534 22,779 19,084 1,218 499 5.536 11,830 ' 12,184 1,511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,558 2,493 1,559 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 4,651 2,512 1,578 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1 ,i30 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 2,913 1,054 25,570 21,377 1,390 588 6 10713,287 5 2,998 1,194 1951—June 30. 40,448 15,858 4,345 1,48" 37 183 5,846 3,010 1.145 24,590 20.247 1,065 951 5,430 12.797 4 3,137 1,206 Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,0993,046 1,163 26,148 21,587 2,418 2,568 4,008 12,587 53,334 1,227 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31 . 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 2^087 1,774 6,538 6 619 443 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31 16,766 6,258 1,078 1,018 12 ^7 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—Dec. 30. 17,414 7.023 1,255 1,015 18 109 2,872 1,461 370 10,391 8,632 453 465 2,702 5,008 3 1,294 465 1951—June 30. 17,585 7,446 1,346 1,124 16 118 3,018 1,524 383 10,139 8,330 334 587 2,449 4,956 4 1,342 468 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. 520 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 Cla c s a s l a l o n d f d a b te ank F s B s e w e R R e d a r r i v n e e e t v - r - h e k e a s s l v C a i a n u s l h t b m a w a B d n e n o i c a s t k l e - t h - i s s c 3 j p m u D o a d s a t d s e e n e i - - - t d d s 4 m D e I s n o d t - t e i e c p r ' o b s a i F e n t i s o g k r n - m U G er . o e n n v S - t - . p v s S o i u a t s l b a i n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r c r i d t s k d . - i ' s - , p a v n s a p t I h i i d r n o d o t i d r n p u n c a i e a s o s - - , r l r s - - I b n a t n e k r- P m U G S e i a o n r a . n o e g n s v n d v S t s - - a t - l v s S p i a u i s o t c n b i a l a o d i t d l t n e - i s ? - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1948—Dec. 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—Dec. 31.. 16,428 1,984 9,46t 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 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1948—Dec. 31.. 20,406 L,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 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—June 30.. 18,946 1,403 5,567 75,657 9,659 1,327 5,811 6,713 2,093 74,061 361 206 1,243 28,263 55 9,987 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 "f.0 20 1.20C 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 19C 895 16,408 113 38 24 1,590 2,312 1950—Dec. 30.. 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 "70 2,351 1951—June 30. . 5,053 96 48 15,368 2,744 1,104 1,808 280 823 16,381 259 39 22 1,605 1 2,398 Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 Chicago: 2 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1948—Dec. 31. . 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—Dec. 31.. 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. 1,216 30 133 3,954 1,177 48 174 284 70 4,250 '*'*3 3 10 1,089 490 1951—June 30. 1,282 27 130 3,818 1,006 34 484 316 51 3,905 •3 10 1,112 10 501 Dec. 31.'. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8.221 1,763 611 22,281 30 38 160 9,563 "2 2,566 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Dec. 31.. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 1950—Dec. 30.. 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—June 30. . 7,438 446 1,808 27.067 4,996 178 2,272 2,713 592 27.214 90 68 731 11,020 g 3,431 Dec. 31. . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31.. 4,371 901 4,002 27.935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30. . 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—June 30.. 5,172 834 3.581 29,404 913 11 1,248 3,404 626 26,562 12 96 480 14,526 36 3,658 Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31.. 391 3,959 10.537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1948—Dec. 31 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—Dec. 31 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1,570 1951—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. a 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. MAY 1952 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments For purchasing or carrying securities U. S. Government obligations Com- Totai merloans cial, To brokers Date or month n a v n e d st- Total i i t n ri d a u l s , - and dealers To others e R st e a a t l e Lo to ans Other Total C ti e fi r - - O se th cu er ments and loans banks loeins cates rities t a c u g u r r l a i - - l G U t l i o i o . o g b v n a S - - t s . . O c t s u t i h e e r - s e i- r G U l t o i i o g . o b S v a - n - . t s . O c t s u t i e h e r - s e i- r Total Bills o d n f e e e d b i s - n t s - - Notes Bonds2 Total— Leading Cities 195I—March. . . . 69,868 32,428 19,005 251 1,182 151 577 5,352 459 5,899 37,440 30,868 1,838 8 263 20 767 6,572 1952—January. . .73,952 34,889 21,315 163 946 110 564 5,666 654 6,00939,063 32,233 4,167 3,622 5 96118 4836,830 February.. 73,615 34,598 21,140 170 919 103 559 5,660 591 5,99939,017 32,102 3,998 3 788 5 95018 3666,915 March.... 73,678 34,807 21,305 207 940 102 559 5,646 582 6,01338,871 31,873 3,988 3,696 5 93918 2506,998 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 94818 4376,890 Feb. 13... 73,678 34,559 21,144 139 909 105 559 5,671 579 5,99639,119 32,185 4,051 3 784 5 950184006,934 Feb. 20. .. 73,504 34,633 21,148 258 890 101 561 5,659 555 6,00538,871 31,973 3 853 3 830 5 94818 3426,898 Feb. 27. .. 73,526 34,693 21,157 178 899 102 558 5,652 691 5,99938,833 31,892 3,855 3 798 5 95318 2866,941 Mar. 5... 73,423 34,746 21 155 184 898 102 557 5,642 770 5,98438,677 31,718 3,767 3 692 5 95418 3056,959 Mar. 12... 73,641 34,820 21 233 241 933 102 560 5,643 644 6 01138,821 31,854 3,959 3 674 5 95418 2676,967 Mar. 19. .. 73,919 34,964 21,469 238 965 102 559 5 646 517 6 01638,955 31,959 4 134 3 707 5 92418 1946,996 Mar. 26. .. 73,728 34,696 21,364 165 963 100 560 5,653 397 6 04339,032 31,961 4 092 3 711 5 9?? 18 ?367 071 Apr. 2... 73,111 34,795 21 172 2061,072 116 561 5,657 540 6 02138 316 31 163 3 415 3 611 5 91718 2207,153 Apr. 9... 72,917 34,724 21 049 2641,062 103 560 5 658 550 6 02738 193 31 006 3 289 3 567 5 91018 2407,187 Apr. 16. .. 73,108 34,679 21 051 312 1,104 103 567 5 677 399 6 01538 429 31 244 3 523 3 611 5 89618 2147,185 Apr. 23. .. 73,076 34,746 20 872 4741,160 102 568 5 679 404 6 03638 330 31 216 3 435 3 640 5 90018 2417,114 Apr. 30... 73,333 34,770 20 796 5371,158 93 567 5 674 438 6 05638 563 31 456 3 624 3 684 5 87418 2747,107 New York City 1951—March. . . . 20 238 10 158 6 785 204 924 30 237 444 338 1 335 10 080 8 164 513 1 712 5 939 1,916 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 7922.052 February. . 20 776 11 020 7 850 141 711 23 216 497 423 1 333 9 756 7 689 924 679 1 379 4 7072,067 March. . . . 20 986 11 137 7 932 174 739 23 215 470 428 1 329 9 849 7 752 1 077 646 1 364 4 6652,097 Feb. 6... 20 743 10 918 7 802 85 765 24 215 502 367 1 332 9 825 7 753 1 036 635 1 379 4 7032,072 Feb. 13... 20 682 10 934 7 842 107 690 24 215 505 390 1 335 9 748 7 675 921 656 1 384 4 7142,073 Feb. 20. .. 20 795 11 079 865 225 691 23 217 497 402 1 333 9 716 7 667 834 730 1 379 4 7242,049 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 6862,076 7 Mar. 5... 20 955 11 185 7 929 151 700 23 215 470 536 334 9 770 7 692 982 653 1 373 4 6842,078 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 6792,071 Mar. 19. .. 21 099 11 208 7 967 210 767 23 214 470 405 1325 9 891 7 799 1 150 637 1 358 4 6542,092 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 6412,146 Apr. 2... 20 805 11 127 7 815 181 861 24 214 469 419 1 317 9 678 7 493 884 633 1 356 4 6202,185 Apr. 9... 20 635 10 996 7 744 204 856 25 215 470 343 1 312 9 639 7 454 842 634 1 368 4 6102,185 Apr. 16. .. 20 499 10 933 7 745 249 888 24 216 465 197 1 322 9 566 7 380 803 632 1 367 4 5782,186 Apr. 23... 20 522 11 039 7 631 370 924 23 215 462 267 1 320 9 483 7 389 796 620 1 374 4,5992,094 Apr. 30... 20 761 11 046 7,612 443 912 18 213 453 243 1325 9 715 7 626 1 010 631 1 363 4,6222,089 Outside New York City 1951—March. . . . 49 630 22 270 12,220 47 258 121 340 4 908 121 4 564 27 360 22 704 1 325 6,55114,8284,656 1952—January... 53 041 23 730 13,482 23 210 83 347 5,155 119 4,67629,311 24,533 3,233 3,026 4,58313,6914,778 February. . 52,839 23 578 13,290 29 208 80 343 5,163 168 4,66629 261 24 413 3 074 3,109 4,571 13,6594,848 March. . . . 52,692 23 670 13,373 33 201 79 344 5,176 154 4,68429,022 24,121 2 911 3,050 4,575 13,5854,901 Feb. 6... 53,008 23,587 13,308 22 212 80 343 5,157 170 4,66429,421 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 4,66129,371 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 4,67229,155 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 4,66629,098 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 4,65028,907 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 4,68128,990 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 4,69129,064 24,160 2,984 3,070 4,566 13,540 4,904 Mar. 26... 52,815 23,685 13,436 28 209 77 345 5,182 68 4,71629,130 24,205 2,984 3,060 4,566 13,595 4,925 Apr. 2... 52,306 23,668 13,357 25 211 92 347 5,188 121 4,70428,638 23,670 2,531 2,978 4,561 13,6004,968 Apr. 9... 52,282 23,728 13,305 60 206 78 345 5,188 207 4,71528,554 23,552 2,447 2,933 4,542 13,6305,002 Apr. 16. .. 52,609 23,746 13,306 63 216 79 351 5,212 202 4,69328,863 23,864 2,720 2,979 4,529 13,6364,999 Apr. 23. . 52,554 23,707 13,241 104 236 79 353 5,217 137 4,71628,847 23,827 2,639 3,020 4,526 13,6425,020 Apr. 30... 52,572 23,724 13,184 94 246 75 354 5,221 195 4,73128,848 23,830 2,614 3,053 4,511 13,6525,018 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. »Includes guaranteed obligations. 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e n a d t v - h l k - e s v C a a i u n s l h t b m a w a n d e n i o c s t e k - h ti s s c j p m u o a d s a t d s e n e i - - t d d s 8 s p p u v n h c a o a a o i e n i r d r p l r r d a s t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n i d t i l - t e - s - s c C O c h a f e e e i e t n f e r c r f c d i t s d . k - i ' - s, U m G er . o e n n v S - t - . s p p u n v c h a o a a o e i n i r d r p l r r d a s t - - - s - , - , p S s d s a i i o u t i c o n a v l b a n i d t i l - t e - s - s P m U G S e i a o n r a n . o e s g n v n d v S t s - - a t - . l m D t D e i o c s e - - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n « - k tions tions Total— Leading Cities 1951—March.... 14,266 85: 2,31850,55351,483 3,459 1,596 3,24214,524 699 127 9,192 1,344 386 52: 6,553129,039 1952—January... 14,975 931 2,66554,10' 55,25: 3,552 ,539 1,61 15,173 720 16211,0821,275 410 621 6,856117,411 February.. 14,714 901 2,37052,95854,015 3,630 ,461 2,45915,239 750 16710,0931,213 412 894 6,88' 111,885 March 14,899 873 2,55752,73353,695 3,452 ,506 2,92115,385 757 17010,2741,229 415 681 6,908124,758 Feb. 6... 14,794 848 2,28953,50353,672 3,727 ,350 2,11515,213 740 16510,2841,222 413 643 6,885 29,208 Feb. 13... 14,809 943 2,47853,09055,277 3,658 ,553 2,31615,234 741 16610,2451,198 4121,079 6,893 22,818 Feb. 20... 14,751 890 2,36352,55753,467 3,535 ,570 2,86015,233 758 168 9,984 1,221 413 904 6,876 30,962 Feb. 27... 14,504 924 2,35152,68353,646 3,599 ,370 2,54515,275 761 169 9,858 1,212 411 948 6,896 24,342 Mar. 5... 14,507 832 2,33752,62553,242 3,491 ,443 1,95315,325 757 17110,1171,229 413 ,025 6,902 28,270 Mar. 12 ... 14,541 900 2,45953,40654,910 3,413 ,565 1,68515,402 757 17010,175 ,223 414 896 6,904 26,174 Mar. 19... 15,563 876 2,748 52,99354,136 3,375 ,502 3,58715,404 756 17010,6641,228 416 473 6,906 31,955 Mar. 26... 14,984 884 2,68651,90952,493 3,528 ,516 4,45915,410 758 17010,1421,235 417 329 6,918 27,327 Apr. 2 ... 14,475 819 2,65251,16251,729 3,710 ,533 3,66615,385 764 16910,3801,232 430 464 6,935 30,682 Apr. 9... 14,401 875 2,35651,17651,602 3,589 ,418 3,34.'15,405 766 17010,0051,263 425 568 6,942 25,747 Apr. 16... 14,918 866 2,50151,82353,561 3,671 ,514 3,13715,413 765 17210,1361,241 420 848 6,939 27,364 Apr. 23... 14,701 873 2,254 52,153 52,664 3,767 ,860 2,89315,421 763 171 9,337 1,249 4171,059 6,947 28,325 Apr. 30... 14,735 845 2,28152,30352,913 4,070 ,656 3,18415,444 767 172 9,334 1,243 421 869 6,975 28,271 New York City 1951—March 5,222 131 15,82016,683 235 819 1,109 1,563 2,8031,111 292 237 2,319 53,142 1952—January... 5,288 142 16,540 17,463 291 722 549 ,483 3,177 1,051 313 193 2,384 45,425 February.. 5,256 142 16,24217,127 297 695 887 ,480 2,904 1,006 312 251 2,394 44,419 March.... 5,389 133 16,28617,119 238 704 1,080 ,556 2,996 .1,023 315 203 2,394 50,213 Feb. 6... 5,245 132 16,41917,008 293 602 749 ,476 2,928 1,005 312 146 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... 5,307 142 16,08916,939 268 800 1,042 ,477 2,902 1,014 312 318 2,393 12,736 Feb. 27... 5,231 142 16,33817,176 284 588 902 ,485 2,848 1,009 311 270 2,393 9,487 Mar. 5... 5,159 128 16,44017,125 250 679 664 1,480 2,920 1,026 313 296 2,396 11,044 Mar. 12... 5,130 139 38 16,52017,533 236 789 538 1,568 2,9181,019 314 314 2,394 10,712 Mar. 19... 5,683 129 4716,27317,172 208 639 1,419 1,585 3,1311,022 314 139 2,394 13,119 Mar. 26... 5,585 136 7515,91216,647 260 707 1,699 1,591 3,015 1,024 317 61 2,392 10,594 Apr. 2... 5,032 127 19715,90316,686 302 675 1,235 1,571 2,997 1,011 326 69 2,400 12,637 Apr. 9... 4,999 137 2715,60516,266 317 663 1,042 1,553 2,940 1,050 321 241 2,401 10,745 Apr. 16... 5,380 131 3415,74316,797 299 712 943 1,548 2,725 1,023 317 483 2,402 11,313 Apr. 23... 5,333 132 3116,03216,779 312 1,075 871 1,545 2,734 1,033 314 434 2,402 11,804 Apr. 30... 5,300 127 3216,090 16,982 385 853 1,001 1,565 2,8031,031 316 350 2,411 11,671 Outside New York City 1951—March 9,044 721 2,27434,73334,800 3,224 2,13312,961 89 6,389 233 4,234 75,897 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 3366,,771166 36,8883,333 766 1,57213,759 723 120 7,189 207 100 643 4,493 67,466 March.... 9,510 740 2,50936,44736,576 3,214 802 1,84113,829 730 122 7,278 206 100 478 4,514 74,545 Feb. 6... 9,549 716 2,26137,084 36,664 3,434 748 ,36613,737 713 118 7,356 217 101 497 4,488 17,025 Feb. 13... 9,568 791 2,44736,96737,894 3,314 762 ,46213,751 714 119 7,308 204 100 808 4,500 14,455 Feb. 20... 9,444 748 2,329 36,468 36,528 3,267 770 818 13,756 731 121 7,082 207 101 586 4,483 18,226 Feb. 27... 9,273 782 2,320 36345 36,470 3,315 782 ,643 13,790 734 121 7,010 203 100 678 4,503 14,855 Mar. 5... 9,348 704 2,304 36,18536,117 3,241 764 ,28913,845 730 123 7,197 203 100 729 4,506 17,226 Mar. 12... 9,411 761 2,42136,886 '3 7,3773,177 776 ,14713,834 730 122 7,257 204 100 582 4,510 15,462 Mar. 19... 9,880 747 2,70136,720 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 2,61135,99735,846 3,268 809 2,76013,819 731 122 7,127 211 100 268 4,526 16,733 Apr. 2... 9,443 692 2,45535,25935,043 3,408 858 2,431 13,814 737 121 7,383 221 104 395 4,535 18,045 Apr. 9... 9,402 738 2,,329 35,57135,336 3,272 755 2,303 13,852 739 121 7,065 213 104 327 4,541 15,002 Apr. 16... 9,538 735 2,46736,080 36,764 3,372 802 2,194 13,865 737 123 7,211 218 103 365 4,537 16,051 Apr. 23... 9,368 741 2,223 "3 6,12135,885 3,455 785 2,022 13,876 739 122 6,603 216 103 625 4,545 16,521 Apr. 30... 9,435 718 2,249 36,21335,931 3,685 803 2,18313,879 743 123 6,531 212 105 519 4,564 16,600 s Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. MAY 1952 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE * [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan Manufacturing and mining p 'i hid'l, ' Period^ t l o F i b q a o n u a o d c 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 e n n d t h a t c d u a a n h i l c l n s d t - s ch r P l u c e e a e o m b u n t a b r m d i l o c e , , - a r l Other ( r T w e a s r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i u o i i a l o n b r i n c n t t l i s a l i ) e - . c - s s o C t t a i t r o n o h u d n n e c - r - c c h l N f a a i n e s e s d g t i e - s D a p f n o e s e d u f r n e t s p i d n e - n e s - g e - de N f o en n s - e c c h l N f a a ie n s e d s g t i e - s ch t a o a a n g t n a g r d l ' e l 3 — trans. equip.) 1851—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 1952—Jan.-Mar.... -422 17 949 192 56 -124 -333 -325 -8 -74 -74 607 -680 -74 -228 Monthly: 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 April -295 -35 41 -26 5 20 -131 3 -70 -12 -499 18 -517 -499 -568 Week ending: 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 -ll" 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 Apr. 2.... -96 1 5 -27 6 -6 -23 7 -43 2 -173 -18 -154 -173 -192 Apr. 9.... -23 3 -13 7 -10 2 -29 -37 -15 -7 -126 -13 -113 -126 -123 Apr. 16.. .. -60 -4 57 15 19 21 -44 21 -4 -5 15 41 -26 15 5 Apr. 23.... -53 -18 -4 -32 -4 -1 -10 5 -15 -13 -144 -29 -116 -144 -182 Apr. 30 -64 -17 -4 12 —7 8 -25 6 8 12 -71 38 -109 -71 -76 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, Other To county, End of month Total Total P ut u i b li l t i y c R ro a a i d l- bu a s i n i n n d - ess Total bu a s i i n n n d - ess Nonfarm residential a n n i d c ip m a u l dustry dustry Farm VA FHA Con- Total guaran- in- venteed sured tional 1951—April1 4,504 687 383 300 1,005 2,709 963 99 1,648 650 649 349 108 May* 4,331 677 450 298 928 2,564 937 88 1,539 577 619 343 91 June * 4,197 760 446 309 1,005 2,362 831 83 1,447 531 594 322 76 July* 4,055 757 450 297 1,011 2,221 752 80 1,390 484 566 340 77 Augustl 3,749 642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 706 407 236 1,063 2,163 918 83 1,162 365 490 307 59 October 4,037 867 395 204 1,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2,112 353 192 1,567 2,238 955 98 1,186 276 437 473 44 December 4,175 2,019 310 170 1,539 2,111 1,007 107 997 270 417 311 44 1952—January 4,144 1,983 302 137 1,544 2,114 1,053 99 962 257 409 295 46 February 4,101 2,111 419 158 1,534 1,937 969 102 866 222 346 298 54 March 4,090 2,211 508 144 1,559 1,842 901 852 205 332 315 37 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 were initiated by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others2 I U m S i n t n p a i t o t t o e e r s d ts E U S f x t r n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F d i t o n w r i e e n e i g n o n r States countries 1951—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 8 22 31 July 336 380 135 103 33 245 225 104 24 27 August 368 384 122 94 28 262 218 109 25 26 September 377 375 118 85 33 256 210 104 6 27 31 October 410 398 131 87 44 267 226 106 3 27 35 November 435 437 154 96 58 283 227 116 4 46 43 December 434 490 197 119 79 293 235 133 5 55 44 23 1952—Tanuary........ 480 492 193 127 66 300 235 135 23 52 48 February 517 493 188 121 67 305 234 135 27 46 51 March 534 458 177 120 57 282 228 138 6 36 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. > 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 EXCHANGB FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m d n e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June. ...... 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December.., 550 10 312 349 257 586 112 28 5 278 1949—June 681 5 419 280 493 528 129 20 9 260 December... 881 5 400 306 523 633 159 26 15 271 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—April 31,286 »661 "879 May 31,287 »681 •855 June 1,275 10 375 364 680 834 225 26 13 319 July 1,266 «672 "825 August 1,260 «624 •816 September. . 1 ,290 «640 »843 October 1,291 «653 «853 November. . 1,279 *649 »805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 1,289 3633 3 809 February. . . 1,280 3 652 s 790 March 1 293 3 734 3 756 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). 3 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): January, 39; February, 40; March, 39. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. MAY 1952 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES Stock U. S. Government [Per cent per annum] mo Y w n e e th e a , r k , or m m 4 p P - c o e a r o r t n p i o c m m t e i h a r 6 - e s , l - 1 a a d P b c n a e a r 9 c i c y r n m 0 e s e s k ' p s e - * t , - ch n l a c o e r a e l a e x a w n s l - - n ' l g - e m bi o 3 l s l n - e s t c » h uri 9 t i m i s - e s t s o o u n e ( 1 t s t h 2 a * - xa 3 i b s - y s l e u t e o ) e a s r 5 - 5 Area and period lo A a 1 n 1 s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i ,0 z 0 e 0 0 0 - of $ $ 1 2 l 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r 1949 average 1.48 1.63 1.102 1.43 Annual averages: 1950 average 1.45 1.63 1.218 1.50 19 cities: 1951 average.... 2.17 2.17 1.552 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—April 2.13 2.00 1.520 2.03 1944 . .. 2.4 4.3 3.3 2.6 2.2 May 2.17 2.15 1.578 2.04 1945 2.2 4.3 3.2 2.3 2.0 June 2.31 2.25 1.499 2.00 1946 2.1 4.2 3.1 2 2 1.7 July 2.31 2.25 1.593 1.94 1947 2.1 4.2 3.1 2.5 1.8 August. . . 2.26 2.25 1.644 1.89 1948 2.5 4.4 3.5 2.8 2.2 September 2.19 2.25 1.646 1.93 1949 . . 2.7 4.6 3.7 3.0 2.4 October. . 2.21 2.25 1.608 1950 2.7 4.5 3.6 3.0 2.4 November 2.25 2.25 1.608 1951 3.1 4.7 4.0 3.4 2.9 December. 2.31 2.38 1.731 Quarterly: 1952—January.. 2.38 2.45 1.688 19 cities: February . 2.38 2.38 1.574 1951—June. .. . 3.07 4.73 3.93 3.32 2.81 March 2.38 2.38 1.658 Sept 3.06 4.74 3.99 3.36 2.78 April 2.35 2.38 1.623 «1.93 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 Apr. 5... 1.598 1.60 5 1.95 New York City: A A A p p p r r r . . . 2 1 1 6 9 2 . . . . . . . . . 2 2 V %8 1 1 1. . . 6 6 6 1 2 5 6 9 0 1 1 1. . . 6 5 5 2 9 9 1 1 1 . . . 9 9 9 0 6 1 1951— S D Ju e e n p c e t. .. 2 2 3 . . . 7 0 7 9 1 8 4 4 4 . . . 3 3 3 7 7 5 3 3 3 . . . 7 9 6 2 1 6 3 3 3 . . . 3 1 0 4 8 6 2 2 2. . . 8 6 6 7 4 4 May 3... 1.691 1.63 1.92 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 c o e n n t t . he following dates: Jan. 2, 2.13; May 16, 2.38; Dec. 18, 2.56 per 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. Beginning Apr. 1, Sept 3.47 4.89 4.17 3.55 3.04 1952, series includes 1% per cent note of Dec. 15, 1955, and 2% per Dec 3.67 4.95 4.15 3.62 3.35 cent bond of Mar. 15, 1956-58. 1952—Mar. .. . 3.79 5.01 4.28 3.79 3.46 Back figures—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October NOTE.—For description of series see BULLETIN for March 1949, 1947, pp. 1251-1253. pp. 228-237. BOND YIELDS * [Per cent per annum] Corporate Moody's^5 Year, month, or week G t ( m U e o lo r v . e m n S e n g r . ) t n - 2 - M g ( r h i a u p i d g n a e h i l c ) - 3 - g C ( r h r o a a i r d g t p e e h o ) - - 4 Total By ratings Indus- By R g a r i o l u - ps Public 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—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 April 2 2.64 2.01 2.92 3.16 2.93 3.01 3.20 3.50 2.97 3.32 3.19 Week ending: Apr 5 2 2 68 2 03 2.94 3.17 2.95 3.02 3.22 3.50 2.98 3 34 3 20 Apr. 12. . . .. 2 69 2.00 2.92 3.17 2.94 3.02 3.21 3.49 2.98 3.33 3.19 Apr. 19 2.63 2.00 2.91 3.16 2.93 3.01 3.21 3.50 2.98 3.32 3.19 Apr. 26 2 60 2.00 2.91 3.16 2.93 3.00 3.19 3.51 2.97 3.31 3.19 May 3 2.58 2.00 2.91 3.16 2.92 3.00 3.19 3.50 2.97 3.31 3.19 "^ Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, all bonds due or first callable after 15 years were included. a Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 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. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Yea o r r , w m e o ek nth, m U G e e . r o n n v S - t - 2 . g M i ( r c h a i u i d p g n e a h - l ) - 8 g ( r C r p h a a o i d o t g r e - e - h ) - 3 fe P r r re e d - * Tota ( l inde d t x I r , u n i a s - - l 1935 R ro - 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 f a a 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 u t t i i y c b l- - T a s a r f e n i a n r n c d v d - e - e , , M in i g n- s s h th a i a o ( n n o r i f g n d e u 5 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—Apr. . . . 98.93 131.9 117.8 170.4 172 187 149 110 183 204 181 225 202 111 208 183 1,517 May. . . 97.90 131.1 117.4 168.9 174 189 148 111 182 203 175 228 197 111 206 188 1,630 June.... 97.62 128.6 116.6 167.9 172 187 142 110 179 200 169 229 188 110 201 186 1,305 July 97.93 129.4 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 1,333 Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 1,463 Sept 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 1,916 Oct 98.22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 1,802 Nov 97.52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 1,246 Dec 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 1,367 1952—Jan.. 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 1,320 Mar 96.87 131.5 115.9 168.3 185 201 161 118 193 216 182 248 214 , 117 203 295 1,283 Apr 297.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 1,282 Week ending: Apr. 5. . ^97.22 132.3 116.0 171.2 188 204 169 117 193 217 183 249 219 116 204 301 1,399 Apr. 12. . 97.32 132.8 116.2 171.7 186 202 167 117 193 217 182 250 220 117 203 307 1,122 Apr. 19.. 98.04 132.8 116.2 172.9 183 199 163 117 189 212 180 241 213 116 202 298 1,500 Apr. 26. . 98.44 132.8 116.3 172.4 182 197 162 116 189 212 181 240 216 116 201 289 1,259 Mav 3. . 98.82 132.8 116.4 172.9 180 195 163 116 189 212 181 241 213 116 201 285 1,171 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 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, all bonds due or first callable after 15 years were included. 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. 6 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For newcapital Foi refunding Total Domestic Domestic (new Total Total Year or month fu i a r n n n e g d d - ) - m e f ( a e i o d g n s r o n d t - i - ) c Total S n m a r t i n n a c U i d t i i - - e a c F e g i e e r e a s d n l - * - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 2 m e f ( a e i o d g n s r o n d t - i - ) c Total S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a s d n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F ig o n r- * pai notes notes 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 . . 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 10,220 9,085 9,076 2,604 294 46,177 *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 3 10,900 8,214 8,103 3,370 394 4,339 3,138 1,200 111 32,686 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 1951—Feb 3 839 3 654 599 181 48 370 337 33 5 185 185 3 154 27 26 2 Mar 1,235 1,024 1,007 158 48 800 646 154 17 211 180 10 88 82 52 30 ' 3i Apr 1,064 920 919 228 29 661 433 227 2 144 144 4 61 80 24 55 May. . . . 1,171 951 871 407 60 404 314 89 80 220 220 4 198 18 12 6 June.... 1,391 1,162 1,142 280 89 774 627 146 20 229 229 3 137 89 82 7 July.... 946 820 812 319 8 485 334 151 8 126 126 2 93 31 31 Aug 677 485 451 151 300 199 101 34 192 192 1 172 20 20 Sept 3 1,075 3 881 731 265 ' ""46 427 370 56 50 194 194 4 170 20 14 6 Oct 1,292 970 945 368 107 470 272 198 26 322 322 18 288 16 14 2 Nov 1,006 866 866 297 569 371 197 140 140 4 89 47 23 24 Dec 1,053 842 838 276 562 361 201 4' 211 205 19 102 83 83 ' "<5 1952—Jan 1,232 930 926 349 39 538 437 101 4 302 302 221 71 10 7 3 .... 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. * 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. MAY 1952 527 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 Year or month Esti g m ro a s t s ed Esti n m et ated New money Retirement of securities proceeds 2 proceeds 8 Repa o y f ment Other Total e P q la u n ip t m a e n n d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other 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 it080 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—March 1,009 994 845 146 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 Julv 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 is 4 October . 655 640 541 420 121 6 5 2 65 27 November 679 666 567 480 88 52 51 1 28 19 December 840 826 725 640 85 45 42 2 23 32 1952—January '605 '595 '559 '72 '8 '8 '15 13 February . . . '478 '469 '413 '278 '134 '36 '35 1 '13 '7 March 972 954 875 655 221 15 15 45 19 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing 5 C m o is m c m ell e a r n c e ia o l u a s6 nd Railroad Public utility' Communication 8 R an e d al f e i s n t a a n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1,208 18C 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 24f 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 14£ 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1 969 811 1 010 1 436 115 1 320 2 291 69 2 159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 288 189 24 1948 2 1801 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 3,069 2,559 185 515 340 53 324 289 34 2,583 2,337 114 628 624 3 515 391 41 1951—March 298 219 28 52 44 2 30 30 172 115 37 423 421 20 16 April 405 301 55 48 23 4 20 20 278 23,0 6 24 24 35 30 May 384 353 1 71 57 12 14 14 217 211 3 4 4 50 37 3 June 361 314 18 42 28 4 26 26 258 242 5 3 2 123 73 36 July 141 115 8 31 17 10 18 18 191 181 3 51 51 74 71 August 250 218 9 22 16 2 9 9 225 213 12 3 3 28 14 September 165 146 11 29 19 4 23 23 131 126 2 8 8 15 12 October 308 254 3 37 25 1 18 16 1 197 181 1 15 15 63 50 November 213 181 19 46 21 1 76 61 15 '279 256 16 37 37 15 12 December 416 357 23 37 26 2 22 22 280 257 19 48 48 1 22 16 1952—January '349 '331 '29 '21 '1 17 17 '184 '177 '6 '2 '2 '14 '11 1 February '285 '238 "••31' '13 '9 2 '29 '29 '125 '122 '3 3 3 '13 '12 March 366 336 4 61 46 5 12 12 490 461 6 6 6 20 15 ' Revised. 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 similar for broad comparisons. See also footnotes 5 through 8. 5 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. w 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. 528 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 fin millions of dollars! Assets ol 10 million dollars and over Assets of 50 million dollarsand over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r a e o f x o f e i r t s e s P t a r a f o x te f e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r 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 18,321 3,163 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 r8,555 '3,410 1,985 43,389 r7,492 r2,975 1,754 7,651 rl,064 435 231 Quarterly 1950—1 i 9,257 1,400 ,791 387 7,935 1,253 705 347 1,323 147 85 40 2 i 10,689 1,821 1,037 395 9,213 1,629 926 347 1,476 192 112 48 3i 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 1 12,290 1,963 762 475 10,443 1,716 658 422 1,847 247 103 53 41 13,005 *2 , 136 ••932 567 11,055 rl,897 r827 490 1,950 r239 105 77 PUBLIC UTILITY CORPORATIONS fin millions of dollars! Railroad Electric power Telephone Year or quarter Operat- Profits Profits Divi- Operat- Profits Profits Divi- Operat- Profits Profits Divi rev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends Annual 1939 3,995 126 93 126 2.647 629 535 444 1,137 231 189 164 1940 4,297 249 189 159 2 797 692 548 447 1,206 257 193 167 1941 5,347 674 500 186 3 029 774 527 437 1.334 297 187 162 1942 7.466 1,658 902 202 3 216 847 490 408 1.508 364 168 151 1943 9,055 2.211 873 217 i 464 913 502 410 1,691 420 176 156 1944 9,437 1,972 667 246 3 615 902 507 398 1,815 451 168 155 1945 . . . . 8,902 756 450 246 3.681 905 534 407 1,979 433 174 162 1946 7,628 271 287 235 3.815 964 638 458 2,148 313 209 168 1947 8,685 777 479 236 4291 954 643 494 2.283 215 138 131 1948 9,672 1,148 699 »«9 4,830 983 657 493 2.694 292 186 178 1949 8.580 700 438 252 5,055 1,129 757 553 2,967 333 207 213 1950 9,473 1,384 783 312 5 431 1,303 824 619 3 342 580 331 2 76 1951 10,391 1,260 693 328 5,867 1,480 818 661 3,729 691 341 318 Quarterly 1950—1 1,985 114 2 56 61 1,378 351 223U 146 787 116 1 71 62 2 2,238 243 2 152 53 1.322 321 2212 153 821 137 5 84 67 4 ' 2 2 , , 5 7 3 1 4 5 4 5 5 7 4 4 2 2 3 2 1 5 8 8 14 5 2 5 1 1 , , 3 4 1 1 7 5 3 2 3 9 9 3 2 2 2 1 1 7 1 1 1 1 5 6 2 8 8 88 5 1 3 1 1 5 6 8 9 2 2 8 9 4 2 7 7 0 6 1951—1 2,440 229 2 104 101 1,504 413 2 229 157 904 175 2 90 77 2 2,596 275 2 146 63 1,419 344 3 195 161 918 174 2 92 79 3 2,583 250 1 124 53 1.423 320 1 168 162 931 160 2 72 81 4 2,772 505 2 320 111 1,521 403 2 226 181 976 182 2 86 81 r Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 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. AII 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). MAY 1952 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1950 1 1951 i 1948 1949 1950 1951 1 2 3 4 i 2 3 4 Nondurable goods industries Total (94 corps.):2 Sales . . . 13,407 12,825 14,751 17,344 3,260 3,463 3,951 4,078 4,343 4,281 4,287 4,433 Profits before taxes 2,210 1,845 2,700 '3,182 505 582 785 829 855 814 772 '741 Profits after taxes 1,475 1,212 1,512 '1,410 301 350 467 394 368 342 333 '367 Dividends 657 709 888 '845 167 175 213 333 199 202 202 241 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 411 377 468 405 83 101 159 125 123 86 92 '104 Profits after taxes 258 234 256 198 48 58 89 61 61 40 46 '52 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 '861 121 133 187 209 217 203 218 '222 Profits after taxes 548 406 442 '516 86 96 130 130 123 118 127 '148 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 '5,374 895 1,239 1,405 1,653 1,382 1,405 1,191 '1,396 Profits after taxes . . 1,835 1,887 2,542 '2,000 489 688 773 592 510 497 428 '565 Dividends 746 950 1,351 1,141 221 210 370 541 270 273 273 325 Selected industries: Primary metals and products (39 corps.): Sales 9 066 8,187 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 '2,092 298 400 455 547 525 557 492 '519 Profits after taxes 720 578 854 '775 165 223 253 214 188 193 176 '217 Dividends 270 285 377 380 66 73 80 157 88 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 '998 144 168 194 341 250 237 210 '301 Profits after taxes 333 320 424 367 79 93 107 145 90 82 73 123 Dividends 125 138 208 191 49 37 38 84 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 '488 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 duarraabbllee ggoooods groups not shown separately, as follows: building materials (12); transportation equipment ether than automobile (6); and miscellaineous (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 s t e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a o f x t f e i e t r s s d C d e i a n v s d i h - s tr U p i r b n o u f d t it e i s s d - 1940 9 3 2.9 6.4 4.0 2.4 1950—i 31 9 14 4 17 5 7 8 9 7 1941 17 2 7 8 9 4 4 5 4 9 2 37 5 16 9 20 6 8 4 12 2 1942 21 1 11 7 9 4 4 3 5 1 3 45 7 20 5 25 2 9 4 15 8 1943 25.1 14.4 10.6 4.5 6.2 4 50.3 22.5 27.8 11.1 16.7 1944 24.3 13.5 10.8 4.7 6.1 1 1 9 9 4 4 6 5 2 1 3 9 . . 5 7 1 9 1 . . 6 2 1 8 3 . . 5 9 4 5 . . 7 8 3 8. . 1 8 1951—1 51.8 '29.6 '22.2 8.8 '13.4 1947 30 5 11 9 18 5 6 6 12 0 2 45.4 '25.9 '19.4 9.6 '9.8 1948 33.8 13.0 20.7 7.3 13.6 3 39.8 '22.8 '17.0 9.6 '7.4 1949 28.3 11.0 17.3 7.6 9.8 4 '40.0 '22.9 '17.1 9.8 '7.3 1950 41.4 18.6 22.8 9.2 13.6 1951 r44.3 '25.3 '18.9 9.4 ••9.5 1952—l I 42.5 25.9 16.6 '9.1 '7.5 ' Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 530 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] Public issues s Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t s t a c s 2 l t Total Total Bills c C e i a n e d t r d e n t s e i e f b s o i s - t f - Notes B e b l a l ig e n 4 i k B - on s d t B s r r i a e c n - t k ed v C i e b o r l n e t- - Total 5 b S i o n a n g v d s - s n s i T a o n a n a t g v e d x s - s S i p ss e u c e ia s l 1943—Dec.. 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec. 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec. 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec. 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec.. 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec. 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June. 252,798 252,770 217,986 155,147 11,536 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec. 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June. 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec. 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—Apr... 254,748 254,727 218,690 138,075 13,627 43,802 44,555 36,091 13,545 67,070 57,652 8,109 33,590 May. 255,122 255,093 218,680 138,041 13,614 43,802 44,555 36,070 13,565 67,074 57,607 8,158 34,049 June. 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,57'2 7,818 34,653 July.. 255,685 255,657 218,618 139,279 14,413 9,524 36,360 42,923 36,058 12,571 66,768 57,538 7,926 34,707 Aug.. 256,677 256,644 219,174 139,741 15,012 14,740 31,010 42,923 36,056 12,570 66,864 57,509 8,041 35,146 Sept.. 257,386 257,353 219,321 140,169 15,617 15,317 31,013 42,168 36,054 12,567 66,585 57,488 7,775 35,637 Oct... 258,336 258,298 220,325 141,753 16,849 28,016 18,669 42,167 36,053 12,065 66,506 57,501 7,705 35,615 Nov.. 259,647 259,604 221,391 142,741 18,100 28,017 18,406 42,167 36,050 12,062 66,588 57,552 7,737 35,862 Dec.. 259,461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—Jan.. . 259,813 259,775 221,249 142,690 18,104 29,079 18,421 41,040 36,046 12,047 66,513 57,664 7,539 36,233 Feb... 260,399 260,362 221,776 142,701 18,104 29,079 18,434 41,040 36,044 12,034 67,041 57,682 8,044 36,360 Mar.. 258,124 258,084 219,301 141,376 16,863 29,079 18,450 40,942 36,042 12,018 65,907 57,680 6,911 36,493 Apr... 258,337 258,292 219,356 141,820 17,462 28,423 18,952 40,943 36,040 11,516 66,019 57,644 7,057 36,746 Includes non-interest-bearing debt, not shown separately 0 includes series A investment oonas, depositary Donos, and Armea rorces i>eav< Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING APRIL 30, 1952 [In millions of dollars] [On basis of daily statements o o f f U do n l i l t a e r d s] States Treasury. In millions Amount Funds received from sales during t R io e n d s e m an p d - Year or out- period maturities Issue and coupon rate Amount Issue and coupon rate Amount month a s t t a e n n d d i n o g f All Series Series Series All month series E F G series Treasury bills * Treasury bonds—Cont. 1945 48,183 12,937 9,822 595 2,520 5,558 May 1, 1952 1,301 , 1952-54 3.... 2 5,825 1946 49,776 7,427 4,466 325 2,637 6,427 May 8, 1952 1,302 , 1952-54 2 8,662 1947. 52,053 6,694 4 085 342 2,267 5,126 May 15, 1952 1,302 , 1952-55 *..2H 1,501 1948 55,051 7,295 4,224 498 2,573 5,144 May 22, 1952 100 2-55 2 510 1949 56,707 5,833 4,208 233 1,392 5,101 May 29, 1952 ,101 725 1950 58,019 6,074 3,668 417 1,990 5,840 June 5, 1952 ,100 681 1951 57,587 3,961 3,190 124 646 5,651 June 12, 1952 ,200 2,611 June 15, 1952 2 ,249 1,449 1951—Apr.. . . 57,652 310 254 9 47 472 June 19, 1952 ,201 982 May. . . 57,607 296 247 8 41 478 June 26, 1952 ,201 3,822 June.. . 57,572 290 244 8 38 476 July 3, 1952 ,202 927 July. .. 57,538 311 258 8 45 482 July 10, 1952 ,402 919 Aug.. . . 57,509 314 267 8 38 437 July 17, 1952 ,401 5,282 Sept.... 57,488 273 230 7 36 390 July 24, 1952 ,401 3,469 Oct 57,501 334 274 10 50 410 1,485 Nov.... 57,552 316 268 9 39 364 Certificates 2 2f, 1 8 1 3 8 0 1952— D Ja e n c .. . . 5 5 7 7 , , 6 5 6 8 4 7 4 2 4 9 1 7 3 2 6 5 4 4 1 9 6 3 6 4 1 4 4 0 9 1 3 July 1, 1952 \% 5,216 3,760 Feb.. . . 57,682 339 288 10 42 411 A D S O e u e c p c g t. t . . . 15 1 1 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 2 2 2 2 \ 1 \ \ Y % % %% 1 1 1 0 , , , 0 8 8 5 6 3 6 8 3 2 1 3 5 3 3 1 , , , 9 1 8 4 9 9 3 8 9 5 6 0 A M p a M r r .. . a . t . . u . . rit 5 5 ie 7 7 s , , 6 6 a 4 8 n 4 0 d amo 3 3 u 1 3 n 3 1 ts outs 2 2 t 6 8 a 7 4 nding A 1 p 0 9 ril 30, 3 3 1 8 7 952 4 4 3 2 8 8 Feb. 15, 1953 \% 8,868 2,716 4,072 Year of All Series Series Series maturity series E F G Treasury notes Postal Savings Mar. 15, 1954 1% 4,675 bonds 2y2 92 1952 3,534 3,534 D M e a c r . . 1 1 5 5 , , 1 1 9 9 5 5 5 5 \ \ y %2 6 5 , , 8 3 5 6 4 5 1 1 9 9 5 5 3 4 6 7 , , 3 9 1 7 5 8 5 5 , , 1 6 5 7 9 5 4 1 7 9 5 0 1,8 9 2 6 8 5 A A O p p ct r r . . . 1 1 1 , , , 1 1 1 9 9 9 5 5 5 6 7 6 \Y \ \ y y % 2 2 1,0 5 5 0 5 0 7 0 1 Pa T n o a t m al a d i C re a c n t a i l s s L ue o s an. 3 141,82 5 0 0 1 1 1 1 9 9 9 9 5 5 5 5 7 6 8 5 . 4 4 6 5 , , , 0 7 7 8 1 9 9 8 7 8 6 7 2 2 4 2 , , , , 3 5 4 2 3 3 2 4 2 9 5 4 2 4 4 5 4 6 9 7 0 0 7 8 2 2 2 1 , , , , 1 1 0 87 9 0 0 4 5 8 6 1959 4,684 2,600 257 1,827 Guaranteed securities 1960 5,160 2,437 439 2,284 Treasury bonds 1961 14,608 13,137 200 1,270 Federal Housing Admin. 1962 3,006 843 367 1,796 Sept. 15, 1952-53 2 7,986 Various 42 1963 747 121 626 1964 189 37 152 !Sold on discount basis. See table on Open-Market Money Rates, Unclassified .. -74 p.r526. i 2 Tax Anticipation Series. 3 Maturity June 15, 1954. Total 57,644 34,926 3,862 18,930 * Maturity June 15, 1955. 5 Partially tax exempt. 6 Restricted. 1 Includes bonds with extended maturities totaling 712 million dollars. MAY 1952 531 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 (includ- trust funds 1 Insur- State Individuals Misceling guar- Federal Com- Mutual Other and laneous anteed Total Reserve mercial savings ance corpo- local invessecuri- Special Public Banks banks 2 banks com- rations govern- Savings Other tors ' ties) issues issues panies ments bonds securities 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5 ,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36.200 16,700 7,400 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,000 9,500 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 19,900 8,300 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14.100 7,300 46,200 19,300 8,600 1948—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—Tan 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 Feb 260,399 36,360 6,500 217,538 22,528 61,000 9,800 16,200 22,600 9,700 49,100 15,800 10,800 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a - d l - G a t a c r g o n u i e e v d s n s t t - . B s F e e R a e r r e d n a v - l - k e s b C m a c o i n e m a r k l - - s1 b M s i t a n u a n g v u a k - - s l s p I c a n a o n s n m c u i e - e r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e e R a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 4 5 : 1 0 2 0 — — — D D T D J u e e e u n c c c n e e.... 1 1 1 H 1 5 5 5 4 7 5 5 2 2 , , , , 9 1 3 4 7 4 3 2 7 2 4 8 5 1 4 3 3 5 5 5 , . , , , 2 3 3 3 3 7 4 2 6 5 2 5 7 5 0 2 2 2 1 1 2 0 0 8 8 , , , , , 3 2 5 7 8 3 6 8 7 8 1 8 8 8 5 5 5 5 5 51 8 4 9 4 , , , , 9 1 8 8 ,5 7 4 5 9 1 2 8 6 3 5 1 1 1 8 7 0 0 0 ,7 8 8 2 1 7 7 8 5 4 2 7 0 4 4 1 1 1 1 1 8 8 2 1 6 , . , , , 3 1 0 8 5 6 3 7 6 3 4 2 7 2 5 4 4 4 4 1 3 3 1 2 4 , , , , 3 6 7 4 5 9 6 2 6 5 9 3 9 3 8 Wi 1 1 1 t 9 9 9 h 4 5 5 in 9 1 0 — — — 1 D D D J v J u e e e u e c c c n a n r e e : . . . . . . . . 3 3 2 1 1 8 7 5 0 4 . , , , , 6 9 5 3 3 3 0 0 8 1 1 8 5 7 9 2 3 4 7 1 6 9 9 0 1 1 1 0 2 , . , 6 2 3 8 5 6 4 7 0 7 8 1 3 5 8 1 1 1 9 7 6 5 4 , , , . , 0 0 7 0 6 1 0 9 8 4 4 1 3 3 5 4 4 2 2 1 2 6 3 3 5 0 7 0 8 1 1,0 3 4 9 7 4 6 2 6 8 4 0 6 8 7 1 1 3 2 5 0 0 , , , . , 8 3 6 7 7 1 0 4 2 8 9 7 0 2 5 1952—Tan 142,722 3,421 21,515 54,570 7 890 11,345 43,981 Feb 142,734 3,467 21,314 53,761 7 859 11,284 45,049 1952—Tan 25,508 19 1 ,66816,850 431 797 5,743 Treasury bills: Feb 25,508 21 1,959 16,657 417 789 5,665 1949—Dec 12,319 11 4,829 3,514 15 70 3,880 1950—June 13,533 3 3,856 3,703 35 90 5,846 1-5 years: Dec 13,627 35 1,296 3,888 33 474 7,901 1049—Dec 35,067 186 1,922 24,907 I,121 1,641 5,290 1951—June.... 13.614 26 527 3.750 122 820 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 1952—Tan 18.104 60 6.983 107 501 10,453 1951—Tune .. 31.022 130 3.878 ?0.853 227 7^6 5.169 Feb 18,104 66 6,274 99 552 11,113 Dec 28,678 155 5,102 18,600 142 685 3,994 Ce l r 9 ti 4 fi 9 c _ at D es e : c 29,636 48 6,275 11,520 169 633 10,991 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 Feb 28,703 150 5,102 18,615 142 706 3,988' Dec 5,373 (3) 2,334 1 ,544 7 53 1,435 1951—Tune.... 9,509 17 3.104 2.753 37 287 3.221 5-10 years: Dec 29,078 49 12,793 6,773 41 662 8,760 1 1 0 9 4 5 9 0 — — D J e u c ne.... 1 1 8 5 , , 5 9 3 2 7 6 5 42 6 3 8 1 1 , , 1 3 4 8 8 8 6 5, , 6 9 7 9 5 5 2 2 , , 4 6 3 4 9 0 2 2, ,0 2 5 3 5 0 4 4, , 1 7 8 1 6 6 1952—Tan 29,079 64 12,316 6,952 89 675 8,983 Dec 17,411 412 982 7,329 2,125 1,948 4,615 Feb 29,079 86 11,824 7,033 108 643 9,385 1951—Tune . . 15,962 376 1,032 6,273 2.000 1.858 4.414 Treasury notes: Dec 11,156 309 1,014 2,436 1,925 1,656 3,816 1949—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 Feb 11,155 319 1,014 2,434 1,892 1,657 3,839 1951—Tune.... 35,806 14 12.430 13,704 120 687 R.842 Dec 18,409 3 5,068 10,465 67 316 2,490 After 10 years: 1952—Tan 18,421 3 5,068 10,443 66 320 2,521 1940—Dec 45,084 4,441 3,593 3,887 6,588 13,485 13,090 Feb 18,434 3 5,068 10,456 68 327 2,512 1950— D J e u c n , e. . . . . . 4 4 5 3 , , 0 5 8 9 4 9 4 4, , 6 4 8 8 2 2 2 2 , , 5 3 0 4 8 9 4 2 , , 0 9 9 3 2 2 7 7 , , 1 1 8 3 0 0 1 1 3 2, , 3 5 0 0 8 7 1 1 3 3 , , 5 9 2 8 4 9 1949—Dec. '.. 104,758 5,217 7,218 39,235 10 480 17,579 25,029 1951 —Tune 30 023 2.629 1 .397 7.781 5.380 7.293 10.534 1950—June.... 102,795 5,273 5,618 38,691 10 624 17,249 25,340 Dec 30,012 2,726 1,415 2,740 5,276 7,027 10,828 1951— D D T e e u c c ne.... 9 7 7 4 8 6 , . , 8 0 9 3 3 4 2 5 5 3 3 5 , , . 1 2 2 7 0 8 8 9 3 4 4 4, . , 1 6 1 0 2 3 8 0 0 3 3 3 0 1 3 , . , 1 2 6 0 0 8 4 7 6 9 7 7 9 9 6 7 6 9 3 7 7 1 1 9 5 0 , . , 6 2 8 1 6 3 7 4 9 2 2 2 1 2 4 , , . 9 9 0 4 6 2 1 6 3 1952—T F a e n b 3 3 0 0 , , 0 0 0 1 9 0 2 2, , 7 7 9 7 5 6 1 1 , ,4 4 1 1 5 5 2 2, , 7 7 1 4 9 3 5 5, , 2 1 1 9 2 8 6 7, ,9 0 2 0 3 8 1 1 0 0, , 9 8 5 5 9 6 1952—Tan 76,943 3,263 4,130 30,163 7 625 9,837 21,925 Feb 76,942 3,282 4,422j29,969 7 581 9.749 21,939 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savingsbanks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 3 Less than $500,000. 532 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 basisof daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) lie a.iiuuuigu decrease (—) during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n x r d e d - g s i e - t s B ( d u + e u r f d ) p i c g l o u i e t s r t c T e o a r t u c u c n - 1 s t t s, c C o i a l n c u e g - a n r t - 1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n c a n l d e l - - Total F D e R e r e e a d - p l - osi d t S s e c p p i i a e o n l - s- O as t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u c o ) tg e m o s o s e r B se a r n v k e s2 itaries Fiscal year: 1949 38,246 40,057 — 1,811 -495 +366 +478 -1,462 3,470 3,862 438 1,771 L .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 1,853 514 53,43945,804 +7,635 1951—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 L,853 514 7,367 5,223 +2,144 July.. 2,571 4,739 -2,168 +11 -14 +435 -1,737 5,620 6,032 584 3,694 1,754 412 2,854 4,843 -1,989 Aug. . 3,594 5,087 -1,493 +83 -103 +988 -525 5,095 5,431 459 3,244 1,727 336 4,600 5,565 -965 Sept.. 6,209 5,163 +1,046 +37 +30 +709 +1,822 6,916 7,356 947 4,547 1,861 439 6,555 4,862 +1,693 Oct... 2,635 5,483 -2,847 -55 -86 +945 -2,042 4,874 5,311 493 3,021 1,798 437 2,855 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 L,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 10,436 6,120 +4,316 Apr.. . 4,323 6,016 -1,693 -291 +329 +209 -1,447 5,393 6,108 450 3,779 1,879 715 DETAILS OF TREASURY RECEIPTS On basis of dailjr statements of United States Treasury On basi3 of reports by collectors of internal revenue F o i r s c m al o y n e th ar p b W I l y h o n e y i c e t l o e m h d r m - s - 4 e t O ax th es er i r n e n c M v t e e e e l o i r l s n u n a - u - s a e l S S t r a o e i x c t c y e i u a s - l O ce r t i e h p - e t r s c T e r o i e p t - a t l s R t e a f o x u f e n D s d e s du e S c t m S m a e t o x c p e c e u l n i o s r a t B i y l t - y c N e r i e e p - t ts W In i i d n t i h a s v n u h i d r e d a l u d n o a c l l d e - i a t n a O g c x e t o e h m s er e c C o t p i o m t o r a r o n e p x f o e i i a t n s r s n a - d - t t a a g E a n x i s t f d e - e t s lm E a o t n a a x i t se n x h c co d e e i e s s u r l e -s Fiscal year: 1949 9,842 19,641 8,348 r2,477 T-2,466 42,774 2,838 1,69038,246 11,743 7,996 11,554 797 7,585 1950.. . . 10,073 18,189 8,303 T-2.883 7-1,862 41,311 2,160 2,106 37,045 11,762 7,264 10.854 706 7,599 1951 13,53524,218 9,423 r3,931 T-2,263 53,369 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1951—Apr 578 1,688 690 157 177 3,289 513 150 2,626 935 989 499 59 635 May... 2,038 482 747 r554 T-218 4,039 359 534 3,146 3,509 194 244 58 713 June... 1,123 5,065 719 7-423 T-273 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 >-596 228 4,165 55 516 3,594 3,600 116 290 66 771 Sept 1,128 4,115 707 T-449 T-126 6,524 57 258 6,209 110 1,276 2,942 52 641 Oct. ... 780 828 885 7-46 T-169 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 '322 T-155 5,576 31 266 5,279 275 c310 2,649 77 712 1952—Jan 4 8976 3,021 826 174 383 5,153 52 147 4,953 814 62,330 807 65 763 Feb.. .. 3,057 1,943 805 T-703 131 6,194 195 446 5,553 4,172 n,464 311 66 754 Mar. . . 2,019 7,717 825 T-539 T-160 10,800 455 460 9,886 537 2,133 5,913 113 718 Apr. . . . P976 3,191 849 P27O 152 5,187 612 252 4 ,S?.S 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 t f i e N d o n e n a s - - a e l m g s O e r i p a c l t r m u i h o t r e a - s i r r t 7 y y n n a I a e n t o i c i t d m o o e - n r i s c - al I d n e o e t s n e b t r t - e i m V t s A r i t a o i e r d n n n a t - - - s - a t c A u g t u o i r r l d - e i- S S g p o e r i r t a c c o y m i u - a r l s - T t f r r e t u a o r n s s t s- Other ce R i e p S - t o s c a ia c m v l c I e o S e n s u - n e t- n t c s t u s ri p t t u E e y r n x e - d s i ce R i e p - ts m O v e I e t n h n s - t e t - s r 9 p tu E e r n x e - d s i- Fiscal year: 1949 40,057 12,158 647 6,278 5,339 6,789 2,656 1,110 916 4,164 3,722 1,479 2,252 1,992 832 1,646 1950 40,167 12,346 663 4,941 5 ,750 6,043 2,984 1,375 1,383 4,682 4,293 1.028 3,114 2,376 -1,430 3,857 1951 44,633 19,964 1,901 3,854 5,613 5,204 635 1,415 972 5,075 5,631 2,685 2,790 2,165 872 771 1951—Apr 4,007 2,161 191 313 253 427 104 130 82 346 283 83 25,c 184 24 173 May 4,517 2,396 256 368 163 424 91 149 1 668 928 510 26f 127 - 2? 166 June 5,969 2,496 290 642 1,557 383 92 105 (10) 403 570 346 261 433 317 -205 July 4,739 2,930 210 232 232 433 40 114 67 480 293 128 264 117 -22 28 Aug 5,087 3,040 304 252 222 419 104 150 41 556 919 526 291 160 -66 245 Sept 5,163 2,628 262 188 580 365 36 58 496 550 421 193 243 475 323 99 Oct 5,483 3,166 289 247 497 406 206 187 87 398 179 59 253 190 -58 169 Nov 5,178 3,015 380 188 173 436 105 121 92 669 732 285 28? 171 -38 291 Dec 5,627 3,070 323 261 1,057 386 49 88 64 330 550 81 278 142 -8 145 1952—Jan 5,455 3,414 350 120 228 428 194 158 78 486 246 221 326 146 189 29 Feb 5,105 3,155 363 214 142 378 78 108 71 595 711 175 319 120 46 105 Mar 5,704 3,425 406 201 689 385 83 65 78 371 558 157 320 126 14 87 Apr 6,016 ^3,766 435 P279 350 371 vS2 P150 50 P563 371 267 318 104 3 178 P Preliminary. r Revised. c Corrected. * Excess of receipts (+) or expenditures (—). 2 4 E Pr x i c o l r u d to e s J i a t n e u m a s r y in 1 9 pp 95 rr 5 oo 22 cc ee r ss e ss p oo re ff s cc e oo n lll t l s ee cc i t n tii c oo o nn m .. e tax ww ** i i F t F thh oo hh rr e e dd lld e d e s , s cc aa rr n i n ip d p d t t i e i e oo mm nn, pp , s l s lo e o ee yy e m T m Tr ee re n e n a t a t s s tt u a u a r xx ryy ee ss BB l u l u ee ll s l s le ss e t ti a i a nn mm f o f o oo uu rr n n SS tts e s e p a p a t p t p ee pp mm rro b o be pp er r r r i i 1 a 1 a 9 t 9 te 4 e 4 d 7 d 7 t a t a oo nn d FF d e e ss d u d u e b e b rr ss aa ee ll q q oo uu ll e d e d n n -a t a t g i g is e s e ssues. tt fd bgiinning with January 1952, employment taxes withheld no longer separable. and survivors 8 Includes State Department. MAY 1952 533 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 * 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 Bonds, notes, Com- Invest- and deben- U. S. Pri- Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m p s r t a l i u i o a i n e a p e t d d s l e - s s , i , - - G s U r e i o t . c i v u e S m t s - . . en O r t s i s e t t i c h e u e s - r 2 L s e t m u t a q a r r n e u n u e n d i c d s p t - , , - O s a t e h s t - e s r a t F g n u u b u t r a e y l e l r e s y - d pa O ya th b e le r O li i a t t i b h e i e s l r - i m G n e e r t o e s e n v n t r - - t - o i v n w a e t t s e n e t r e l - y d U. S. All agencies: Mar. 31, 1951 25,104 715 13,496 1,764 2,162 3,467 2,951 549 19 1,247 1,234 22,337 268 June 30 1951 25,188 649 13,504 1,719 2,185 3,474 2,999 659 29 1,378 932 22,533 315 Sept. 30, 1951 25,668 659 13,906 1,515 2,236 3,472 3,025 854 34 1,399 949 22,962 322 Dec 31 1951 26,744 931 14,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 Classification by agency, Dec. 31, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 500 26 423 43 7 170 2 301 27 Federal intermediate credit banks 720 26 633 51 9 674 8 38 Production credit coroorations 56 1 43 11 55 Agricultural Marketing Act Revolving Fund 2 1 (3) 2 Federal Farm Mortgage Corp 36 2 34 1 1 1 35 Rural Electrification Administration 1,815 18 1,740 56 1 1,814 Commodity Credit Corporation 2,350 10 780 1,174 107 280 4 y 336 2,010 Farmers' Home Administration * 589 128 436 1 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 36 806 249 w (3) 4 525 268 302 Federal Savings and Loan Insurance Corp.. 208 3 200 5 5 203 Public Housinsr Administration 1 948 70 608 (3) (3) 1 251 19 13 1 935 Federal Housing Administration 435 46 29 285 1 73 39 206 190 Office of the Administrator: Federal National Mortgage Association.. . 1,865 1 1,850 14 3 1,862 Other 89 20 33 32 4 1 88 Reconstruction Finance Corporation: Assets held for U S Treasurv 6 786 3 1 129 3 594 57 786 Other 7 838 8 724 1 63 1 40 68 770 Export-Import Bank 2,324 2,289 35 57 2,267 Federal Deposit Insurance Corp 1,360 1 1,353 7 78 1,282 Tennessee Valley Authority 1,296 225 14 1,048 9 38 1,259 All other 8 8,397 27694,036 144 (*) 3,385 323 233 72 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 r m p . t. . b i m c F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d r o r s m m m ' . e - N M A g F a a s a t o e i g s l d r o n e t . n - . - P H A u i o d n b u m g l s ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c o n u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - S ag e 1 e p 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 o 123 169 2,142 1,981 To aid industry: Railroads 99 2 101 104 Other c) 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: Reserve losses 2 3 2 103 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 2 A To ss ta e l t s s a fo re r s e h a o ch w n q u o a n r t a e r n i e n t c b lu a d si e s , t i h . e e . U t n a i f t t e e d r r S e t s a e t r e v s e ' f i o nv r e lo st s m se e s n . t 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. * Includes Disaster Loans, etc., Revolving Fund. 6 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 .Tune 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o l n aw C a o c rd n o e s n d t t r r u a ( c v c t t a i s o lu n e)2 Employ 1 m 94 e 7 n - t 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 Du f M a - c a tu n r u N e - d s o u n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N p t a e c u l g u m o o r r l n a y - i - - l - - pr E o M m d a u p n c l u t o i f y o a - n c t w ur o i r n P k g a e y rs - c 1 a 9 i = n r 3 l g 1 o 5 s 0 - a * 3 0 d 9 - 1 u 9 = s ( e 4 v a ) 1 l 7 a e 0 l • - s - 4 « 0 9 1 s p 9 u = r 3 i m c 1 5 e e 0 - s 3 r 0 s 9 3 ' 1 p m 9 = c r 4 i o o c 1 7 m d e 0 - s i 4 - 0 t 8 y 9 rable rable ment ment rolls Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 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 7" 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 171 170 172 106.6 105.4 129.2 134 109 185 6 114 8 1950 July. 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 November 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 . . 217 220 267 193 165 156 176 143 107.0 104.8 105.7 128.4 133 109 185.5 113.7 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186.6 113 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 ••218 217 282 185 163 166 145 180 107.1 103.5 104.4 132.9 133 109 189.1 113.5 1952 January '221 ••217 ••283 189 167 161 142 173 106.8 103.7 103.3 130.7 141 108 189.1 113.0 February 222 218 283 190 167 156 163 152 107.0 103.7 103.5 131.1 136 106 187.9 112.5 March P220 P217 P282 P188 P164 P157 P166 P151P106.7P103.3P103.1 «130.9 133 P105 188.0 112.3 April e217 «216 «277 e186 «162 «104 » Estimated; all estimates are those of Board of Governors. P Preliminary. r 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. 536-539. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 543. 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. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 546-548. 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. MAY 1952 535 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 222 223 222 221 212 217 218 218 219 r218 r221 222 P220 Manufactures—Total 234 234 233 231 222 226 228 226 228 228 r231 232 P230 Durable Manufactures 277 279 276 274 265 267 271 274 277 282 '283 283 P282 Iron and Steel* 263 264 263 261 253 254 258 261 261 263 261 261 P262 Pig iron 228 231 234 235 230 230 231 235 232 227 229 235 239 Steel 298 301 301 296 293 291 298 304 307 304 304 304 309 Open hearth 217 218 217 213 215 208 213 217 216 219 218 221 225 Electric 879 891 897 884 850 881 902 921 954 911 913 892 911 Machinery 335 337 336 338 328 328 336 340 347 r358 359 358 P355 Transportation Equipment 314 311 310 307 293 305 311 311 313 r320 '321 319 P319 Automobiles (including parts) 265 255 248 238 216 223 226 223 216 '221 '220 215 P214 (Aircraft; Railroad Equipment; Shipbuilding—Private Nonferrous Metals and Products 209 211 206 205 199 197 196 201 209 207 '216 217 P218 Smelting and refining 225 227 227 226 226 213 214 230 235 235 243 249 P252 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 202 204 197 197 188 191 190 190 198 196 '206 204 P204 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products 169 170 163 153 141 146 146 149 157 rl54 159 162 P157 Lumber 156 162 158 147 131 137 135 138 149 141 150 154 P147 Furniture 195 185 173 164 160 165 167 171 172 '178 '175 176 P175 Stone, Clay, and Glass Products.. 243 247 236 239 237 228 228 219 212 '219 217 224 P221 Glass products 251 270 242 250 260 234 232 214 199 '208 211 224 P224 Glass containers 269 292 257 269 285 249 246 222 204 216 '223 239 239 Cement 252 243 231 235 226 222 219 217 219 242 233 257 244 Clav products 189 189 184 184 177 176 173 172 173 172 180 175 P172 Other stone and clay products 2 Nondurable Manufactures 199 198 198 197 187 193 192 188 188 185 189 190 P188 Textiles and Products 188 185 190 185 160 170 163 154 157 152 157 160 P153 Textile fabrics 171 165 169 164 138 150 145 139 142 137 142 146 Cotton consumption 175 153 164 157 123 145 142 140 144 136 144 150 141 Ravon deliveries 374 380 377 378 379 360 334 293 289 283 296 294 287 T^vlon and silk consumption 2 . Wool textiles 133 146 144 137 100 115 114 114 120 118 116 122 Carpet wool consumption .... 169 131 101 87 27 58 63 86 94 99 120 133 Apparel wool consumption 128 158 163 153 117 132 132 119 122 121 '110 112 Wool and worsted yarn 123 140 141 135 105 117 117 114 120 115 '109 116 Woolen yarn 111 116 120 119 92 108 108 108 116 112 108 114 Worsted yarn 140 174 171 157 123 130 129 123 126 119 '109 110 Woolen and worsted cloth 130 159 163 159 124 135 132 126 133 131 126 126 Leather and Products 118 106 97 99 85 99 100 91 89 100 107 Leather tanning 105 97 88 89 75 81 84 80 78 79 86 90 Cattle hide leathers 119 110 104 109 91 99 104 96 94 91 98 101 Calf and kip leathers 80 78 56 51 42 44 51 51 51 59 64 73 Goat and kid leathers 93 87 80 73 58 65 56 53 53 60 70 72 Sheep and lamb leathers 83 69 55 50 54 56 64 67 69 71 71 74 Shoes 127 112 103 106 92 110 111 98 97 94 110 118 Manufactured Food Products 167 168 167 165 164 166 167 163 160 r160 163 165 P167 Wheat flour 110 108 109 103 107 108 107 109 115 109 122 113 P104 Cane sugar meltings 2 Manufactured dairy products 146 147 148 150 150 148 143 140 137 136 137 138 142 Butter 72 74 72 75 77 77 72 71 64 62 65 66 71 Cheese 176 177 174 183 180 173 165 163 158 161 165 163 170 C Ic a e n c n r e e d a m a n 2 d dried milk 152 156 164 168 169 160 138 126 118 119 118 120 133 been revised beginning October 1949. A description of the new methods and sulphite pulp series are no longer availa 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1951 1952 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Manufactured Food Products—Continued Meat packing 159 163 149 145 152 162 168 157 168 163 162 182 179 Pork and lard 194 208 181 188 187 207 221 198 205 200 193 228 230 Beef 139 134 134 110 126 128 126 124 143 141 145 153 141 Veal 82 79 79 95 107 110 99 109 106 84 '87 84 81 Lamb and mutton. 62 59 52 70 65 64 74 75 69 '80 85 85 Other manufactured foods 177 177 176 175 173 174 176 173 166 "168 170 171 P175 Processed fruits and vegetables. . 176 169 166 160 147 139 152 163 121 '123 '129 134 P151 Confectionery 127 128 132 130 127 140 136 127 136 149 145 143 Other food products 186 187 186 186 188 188 189 183 183 183 r185 185 >186* A Icoholic Beverages. . ... 207 187 179 178 175 178 184 178 188 176 174 171 170 Malt liquor 169 161 157 155 163 165 164 154 180 178 185 173 171 Whiskey 150 118 117 104 78 51 70 76 86 85 73 73 68 Other distilled spirits 677 706 560 604 474 492 335 265 262 253 336 327 292 Rectified liquors 240 148 174 174 197 223 332 358 292 225 150 193 208 Tobacco Products 170 177 172 171 161 183 177 185 194 147 176 175 174 Cigars 100 104 105 115 98 114 123 127 129 87 108 105 109 Cigarettes 238 248 239 233 225 252 239 259 262 204 244 244 243 Other tobacco products 62 66 64 66 57 73 70 44 84 60 67 68 59 Paper and Paper Products. . .... 208 214 272 208 190 196 197 196 191 184 187 193 192 Paper and pulp 198 204 200 198 183 189 192 191 187 182 185 189 188 Pulp 229 241 233 235 230 228 234 235 235 223 229 237 241 Groundwood pulp 116 116 115 123 137 132 137 130 112 116 111 114 117 Soda pulp 94 100 99 88 78 93 99 97 95 94 95 99 99 Sulphate and sulphite pulp 3 269 284 274 275 269 265 271 273 278 261 271 279 284 Paper 193 198 195 193 176 183 185 185 180 176 178 181 180 Paperboard 248 253 256 247 217 224 216 213 205 191 197 209 205 Fine paper 2 Printing paper 189 194 186 180 167 185 192 190 188 191 192 191 189 Tissue and absorbent paper 208 224 207 204 204 196 200 210 179 181 195 184 190 Wrapping paper 171 172 170 177 165 168 180 180 184 181 177 r176 178 Newsprint 119 119 128 129 130 129 127 125 128 123 129 131 Paperboard containers (same as Paperboard) Printing and Publishing 176 183 176 171 166 174 179 177 175 174 175 177 177 Newsprint consumption 162 171 166 163 166 164 165 163 158 159 163 164 Printing paper (same as shown under Paper). Petroleum and Coal Products. . 269 255 263 263 262 265 266 269 276 281 r281 v277 Petroleum refining 2 Gasoline 199 193 207 212 211 213 214 212 214 215 211 P2\3 Fuel oil 227 204 210 215 213 209 213 214 226 234 238 242 P232 Lubricating oil 190 189 193 194 195 200 187 200 196 192 188 177 Kerosene 230 221 201 205 209 208 216 214 230 224 243 208 Other petroleum products 2. Coke 184 185 186 187 183 187 185 185 185 185 188 188 187 By-product coke 176 178 178 179 178 179 178 17* 177 178 179 179 180 Beehive coke 475 433 456 388 457 411 45? 467 456 464 "459 408 Chemical Products. . 292 296 298 302 305 306 301 296 Paints 166 164 160 161 167 165 158 156 158 "158 157 Rayon 374 377 378 385 392 393 346 331 317 r32 2 299 O In t d h u e s r tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2 524 532 538 548 554 557 560 556 563 '563 r558 P561 Rubber Products 239 238 247 251 243 243 245 239 245 250 250 245 P244 Minerals—Total.... 138 164 165 165 156 165 167 174 170 163 167 167 vl64 Fuels 163 167 168 169 160 171 172 179 178 170 175 174 P171 Coal. 111 120 118 123 97 123 125 138 141 125 136 123 111 Bituminous coal. 127 133 126 133 105 134 137 147 152 135 147 135 122 Crud A e n p t e h t r r a o c l i e t u e m 48 64 83 86 1 6 9 6 2 77 79 1 1 0 9 4 9 1 9 9 0 6 86 1 9 9 1 4 19 7 9 7 P2 6 00 7 189 191 192 191 194 195 193 Metals. . . 132 '122 r125 127 P125 127 140 151 145 134 137 '122 Metals other than gold and silver. 187 '175 rl78 I ( r C o o n p p or e e r; Lead; Zinc) 2 176 199 216 209 194 200 174 Gold Silver 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. MAY 1952 537 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 219 222 223 223 214 220 223 222 220 217 r217 218 P217 Manufactures — Total 231 232 233 232 223 229 232 230 229 227 T227 228 P227 Durable Manufactures. 275 278 277 276 266 269 273 276 277 280 '280 280 P280 Iron and Steel1 263 264 263 261 253 254 258 261 261 263 261 261 P262 Pig iron 228 231 234 235 230 230 231 235 232 227 229 235 239 Steel 298 301 301 296 293 291 298 304 307 304 304 304 309 Open hearth 217 218 217 213 215 208 213 217 216 219 218 221 225 Electric . . 879 891 897 884 850 881 902 921 954 911 913 892 911 Machinery . . 335 337 336 338 328 328 336 340 347 r358 359 358 P355 Transportation EQuiptnent 314 311 310 307 293 305 311 311 313 r320 321 319 P319 Automobiles (including parts) 265 255 248 238 216 223 226 223 216 '221 '220 215 P214 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)' Nonferrous Metals and Products 209 211 206 205 199 197 197 201 209 207 r216 217 P218 Smelting and refining. . . 225 227 227 225 225 213 214 230 236 235 243 249 P252 (Copper smelting; Lead refining; Zinc smelting; Aluminum' IVlafirnesium* Tin) 2 Fabricating ;•••••. 202 204 197 197 188 191 190 190 198 196 '206 204 P204 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products.... 160 169 168 164 151 158 158 158 155 rl41 142 148 P149 Lumber 141 161 165 163 146 154 153 151 146 122 125 133 P135 Furniture 195 185 173 164 160 165 167 171 172 178 '175 176 P175 Stone, Clay, and Glass Products... 232 243 242 241 239 238 237 230 217 205 208 P211 Glass products 251 270 255 248 251 241 236 219 200 197 208 219 Glass containers 269 292 275 266 273 259 251 228 206 201 '219 232 239 Cement 207 231 242 251 248 251 254 252 237 220 188 196 200 Clay products 180 183 184 184 179 182 180 182 179 177 167 165 P164 Other stone and clay products 2 Nondurable Manufactures. 194 195 197 197 188 197 199 193 191 185 184 186 P184 Textiles and Products 188 185 190 185 160 170 163 154 157 152 157 160 P153 Textile fabrics 171 165 169 164 138 150 145 139 142 137 142 146 Cotton consumption 175 153 164 157 123 145 142 140 144 136 144 150 141 Rayon deliveries 374 380 377 378 379 360 334 293 289 283 296 294 287 Nylon and silk consumption 2 Wool textiles 133 146 144 137 ioo 115 114 114 120 118 122 Carpet wool consumption 169 131 101 87 27 58 63 86 94 99 120 133 Apparel wool consumption 128 158 163 153 117 132 132 119 122 121 110 112 Woolen and worsted yarn 123 140 141 135 105 117 117 114 120 115 109 116 Woolen yarn 111 116 120 119 92 108 108 108 116 112 108 114 Worsted yarn 140 174 171 157 123 130 129 123 126 119 109 119 Woolen and worsted cloth 130 159 163 159 124 135 132 126 133 131 126 126 Leather and Products 118 106 97 98 83 98 100 91 91 88 100 109 Leather tanning .. . . . . 104 97 88 86 71 80 83 80 81 79 86 96 Cattle hide leathers 119 110 104 105 86 96 102 97 98 91 100 109 Calf and kip leathers 79 75 54 52 42 47 50 52 52 58 62 77 Goat and kid leathers . 92 89 78 74 57 63 57 53 52 61 70 74 Sheep and lamb leathers 80 68 59 50 50 58 62 67 73 67 66 81 Shoes 127 112 103 106 92 110 111 98 97 94 110 118 Manufactured Food Products... 149 152 159 165 176 189 192 177 164 158 152 149 P149 Wheat flour 107 103 104 99 106 107 117 115 116 108 122 114 P102 Cane sugar meltings 2 Manufactured dairy products. 120 153 196 221 221 215 169 128 98 95 86 97 117 Butter 65 75 93 104 94 85 69 61 49 49 54 58 64 Cheese 158 184 233 259 221 194 169 146 119 116 122 134 153 Canned and dried milk 149 176 228 232 196 164 127 102 85 92 95 108 131 Ice cream P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 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. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) llndex numbers of the Board of Governors. 1935-39 average =100] 1951 1952 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 147 150 149 144 141 139 149 156 188 195 193 175 165 Pork and lard 180 189 181 188 165 159 174 186 240 264 253 223 214 Beef 127 126 134 107 127 130 136 135 148 141 148 140 128 Veal 77 78 82 95 107 108 109 124 114 79 81 74 76 Lamb and mutton 60 57 53 62 67 64 69 77 75 68 85 86 83 Other manufactured foods 156 157 159 165 181 200 209 192 174 166 157 155 P156 Processed fruits and vegetables 97 103 108 123 191 263 297 210 111 '96 '84 84 PS3 Confectionery 118 106 102 96 104 151 175 167 161 150 149 144 Other food products 178 180 182 188 191 192 193 192 192 187 '178 175 P179 A Icoholic Beverages 185 175 180 191 190 179 193 197 178 154 145 152 155 Malt liquor 157 169 179 195 204 188 166 143 139 142 151 155 159 Whiskey 150 118 117 104 78 51 70 76 86 85 73 73 68 Other distilled spirits 440 424 336 374 275 266 459 686 549 278 219 196 190 Rectified liquors . ... 240 148 174 174 197 223 332 358 292 225 150 193 208 Tobacco Products 161 167 172 178 167 190 188 191 198 137 176 167 164 Cigars 100 104 105 115 98 114 123 127 129 87 108 105 109 Cigarettes 222 231 239 245 236 265 256 269 267 188 244 229 226 Other tobacco products 62 66 65 67 57 71 75 47 86 53 66 66 59 Paper and Paper Products. 208 215 212 209 189 196 196 196 191 183 187 194 192 Paper and pulp 198 205 201 199 182 189 191 191 187 181 185 190 189 Pulp 231 243 234 235 228 226 232 233 236 223 230 '238 242 Groundwood pulp 124 128 124 124 122 116 122 121 119 117 116 119 125 Soda pulp 94 100 99 88 78 93 99 97 95 94 95 99 99 Sulphate and sulphite pulp 3 269 284 274 275 269 265 271 273 278 261 271 279 284 Paper 193 199 195 193 175 183 185 185 180 175 178 182 180 Paperboard 248 253 256 247 217 224 216 213 205 191 197 209 205 Fine paper 2 Printing paper 189 194 186 180 167 185 192 190 188 191 192 191 189 Tissue and absorbent paper 208 226 207 208 196 196 200 212 179 175 193 '191 190 Wrapping paper 171 172 170 177 165 168 180 180 184 181 177 '176 178 Newsprint 119 122 122 129 126 128 129 127 126 125 123 129 131 Paperboard containers (same as Paperboard) Printing and Publishing 179 188 179 170 155 166 180 181 183 178 170 175 180 Newsprint consumption. . . . 169 181 172 161 143 147 168 173 178 166 148 159 171 Printing paper (same as shown under Paper) Petroleum and Coal Products. . 269 255 263 263 262 265 266 269 276 281 '281 282 P277 Petroleum refining 2 Gasoline 199 193 207 212 211 213 214 212 214 215 211 212 P213 Fuel oil 227 204 210 215 213 209 213 214 226 234 238 242 P232 Lubricating oil 188 197 201 194 193 198 187 200 196 190 183 175 Kerosene 235 226 203 193 194 199 214 214 237 231 248 218 Other petroleum products 2 Coke 184 185 186 187 183 187 185 185 185 185 188 188 187 By-product coke 176 178 178 179 178 179 178 178 177 178 179 179 180 Beehive coke 475 433 456 476 388 457 411 452 467 456 464 '459 408 Chemical Products. . 296 298 298 300 301 303 303 303 304 302 '300 298 P297 Paints 165 165 165 165 165 163 157 156 157 '158 156 155 P156 Rayon 374 377 378 385 392 393 358 346 331 317 '322 '299 270 Industrial chemicals 524 532 538 548 554 557 560 556 563 '563 '558 558 P561 Other chemical products 2 Rubber Products 239 238 247 251 243 243 245 239 245 250 250 245 v244 Minerals—Total. 153 162 168 169 161 no 171 176 169 '159 162 162 P159 Fuels 163 167 168 169 160 171 172 179 178 170 175 174 P171 Coal 111 120 118 123 97 123 125 138 141 125 136 123 111 Bituminous coal 127 133 126 133 105 134 137 147 152 135 147 135 122 Anthracite 48 64 83 86 66 77 79 104 99 86 91 77 67 Crude petroleum 189 191 192 191 192 194 195 199 196 193 194 199 P200 Metals 92 129 166 171 166 167 166 '163 115 '89 91 P90 Metals other than gold and silver 118 184 248 256 247 250 246 240 '160 '117 '116 121 P120 Iron ore 89 231 365 392 384 403 388 354 185 94 94 98 (Copper: Lead; Zinc) 2 Gold 49 48 49 48 50 54 56 55 50 46 45 Silver 80 78 76 70 66 57 59 62 65 70 73 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. MAY 1952 539 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 160 138 129 123 100 101 107 103 104 98 94 103 107 Passenger automobiles 169 144 140 140 111 112 115 108 104 93 79 98 108 Household goods, total 151 131 117 108 88 89 98 98 103 104 110 108 105 Carpets 102 101 82 70 47 55 56 60 60 63 79 75 Furniture . . 119 116 109 102 102 97 97 98 101 '105 104 104 103 Major appliances 139 125 115 111 78 86 96 88 93 100 rQ7 95 97 Radios and television 262 186 153 133 98 95 123 135 149 130 164 157 140 ' Revised. NOTE.—Figures for March are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including unadjusted indexes for these series, and indexes for certain component series 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, ADJUSTED FOR SEASONAL VARIATION Total 13,218 13,249 13,211 13,204 13,106 12,967 12,855 12,789 12,776 12,803 '12,822 12,823 12,773 Durable goods 7,395 7,449 7,449 7,440 7,352 7,303 7,265 7,248 7,264 ?7,261 '7,259 7,271 7,224 Primary metal industries 1,153 1,161 1,174 1,178 1,173 1,171 1,162 1,154 1,143 1,152 1,157 1,154 1,148 Fabricated metal products 850 855 859 852 834 829 810 805 801 r794 '796 797 795 Machinery except electrical 1,219 1,233 1,236 1,246 1,247 1,221 1,225 1,248 1,261 '1 ,263 '1 ,275 1,274 1,255 Electrical machinery 717 718 714 708 705 714 711 700 707 '712 '717 719 712 Transportation equipment 1,253 1,243 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,235 '1,237 1,243 1,239 Lumber and wood products 733 763 764 765 748 736 730 729 712 '699 '671 686 671 F St u o r n n e i , t u c r l e a y a , n a d n d fi x g t l u a r s e s s products. . 3 4 2 7 3 9 3 4 1 8 9 3 3 4 0 8 9 4 2 4 9 8 5 5 4 2 8 9 5 6 2 4 8 8 9 2 2 4 8 8 4 0 2 4 8 7 3 7 4 28 7 7 0 '290 ' 4 2 5 9 6 2 4 2 4 9 9 0 T [ 2 4 9 4 4 8 Instruments and related prod- 460 ucts 216 220 222 223 229 226 226 227 229 230 '231 230 229 O M r i d sc n . a m nc a e n u a f n a d c t a u c r c i e n s g s o in ri d e u s stries. . 423 424 422 41 3 7 4 410 396 382 373 370 374 '373 374 376 Nondurable goods.... 29 30 32 5,764 38 41 44 47 50 52 54 55 57 Textile-mill products 5,823 5,800 5,762 1,205 5,754 5,664 5,590 5,541 5,512 '5,542 '5,563 5,552 5,549 Apparel and other finished tex- 1,211 1,214 1,212 1,203 1,170 1,147 1,133 1,121 '1,124 '1,121 1,105 1,098 tiles 1,074 1,063 1,045 1,047 1,053 1,032 1,007 985 998 '1,020 '1,027 1,019 1,011 Leather and leather products. . . 362 357 345 351 341 336 321 317 319 325 '330 335 337 Food and kindred products 1,213 1,191 1,184 1,177 1,170 1,154 1,148 1,158 1,132 ••1,133 '1,144 1,160 1,165 Tobacco manufactures 81 82 80 80 80 81 82 82 79 '83 82 81 ^82 Paper and allied products 422 427 426 428 427 421 418 411 407 '406 402 402 401 Printing, publishing and allied industries 515 513 513 512 512 514 515 512 514 '512 514 511 515 Chemicals and allied products... 531 538 539 544 548 542 540 533 531 527 531 529 531 Products of petroleum and coal. 195 196 195 197 196 194 194 197 196 197 195 195 197 Rubber products 219 219 223 223 224 220 218 213 215 215 217 215 212 WITHOUT SEASONAL ADJUSTMENT Total 13,189 13,1C8 12,993 13,064 12,885 13,069 13,087 12,997 12,904 12,911 12,771 12,807 12,754 Durable goods 7,428 7,445 7,406 7,409 7,226 7,261 7,279 7,296 7,314 '7,322 '7,267 7,292 7,259 Primary Metal Industries 1,159 1,161 1,162 1,172 1,155 1,165 1,162 1,160 1,149 1,164 1,163 1,160 1,154 Blast furnaces, steel works 561 562 565 572 572 575 573 570 558 '573 571 571 and rolling mills 858 859 850 843 813 817 810 809 805 r804 805 803 Fabricated Metal Products 1,231 1,239 1,242 1,252 1,235 1,209 1,219 1,242 1,255 ,269 r1,275 1,280 1,268 Machinery except Electrical 223 227 228 233 232 225 231 232 241 '245 '246 248 Metalworking machinery... 724 718 707 704 684 696 707 707 718 *724 726 719 Electrical Machinery Electrical apparatus (gen- 262 266 270 275 271 272 273 265 266 '271 '273 275 erating, etc.) 273 262 247 241 230 239 247 258 268 272 271 273 Communication equipment. 1,253 1,243 1,233 1,237 1,187 1,198 1,211 1,205 1,234 ,235 ^1,237 1,243 1,239 Transportation Equipment. Motor vehicles and equip- 793 774 752 738 684 675 679 667 655 '645 '635 626 ment 299 309 318 333 347 357 360 362 395 '407 415 424 Aircraft and parts 722 752 764 773 748 754 745 740 719 *696 r658 669 Lumber and Wood Products. . 426 443 449 456 443 449 443 439 428 '412 '390 395 Sawmills and planing mills . 326 317 301 286 284 285 285 289 294 r296 '296 296 297 Furniture and Fixtures. . 236 227 211 197 196 195 196 201 206 '208 '208 208 Household furniture 479 483 484 485 478 484 482 479 472 465 451 447 448 Stone, Clay, and Glass Products. 218 221 222 223 221 224 226 228 230 232 r232 231 231 Instruments and Related Products 429 422 409 400 383 388 388 390 388 381 r373 380 382 Misc. Manufacturing Industries. . 29 30 32 34 38 41 44 47 50 52 54 55 57 Ordnance and Accessories For footnotes see following page. 540 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] 1952 Industry group or industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Nondurable goods 5,761 5,663 5,587 5,655 5,659 5,808 5,808 5,701 5,590 ••5,589 '5,504 5,515 5,495 Textile-mill Products 1,223 1,214 1,206 1,205 1,167 1,152 1,136 1,133 1,132 rl, 141 '1, 132 1,122 1,109 Broad-woven fabric mills... 564 567 574 588 574 561 551 546 544 '548 '541 526 Knitting mills 236 230 222 216 210 212 205 209 209 211 '208 209 Apparel and Other Finished Textiles 1,106 1,047 998 1,000 990 1,047 1,037 1,019 1,008 '1,035 '1,027 1,050 1,041 Men's and boys' furnishings. 263 261 253 245 233 238 239 238 233 '235 '229 233 Women's and misses' outerwear 305 267 249 255 271 295 284 270 279 '296 '300 308 Leather and Leather Products. . . . 371 353 331 344 336 343 327 320 317 323 '330 342 345 Footwear (except rubber)... 237 225 210 222 215 221 208 201 198 '205 '213 221 Food and Kindred Products 1,096 1,085 1,099 1,146 1,225 1,307 1,330 1,254 1,160 rl,122 ' 1,067 1,060 1,060 Meat products 233 229 229 233 236 233 235 236 246 '252 '246 244 Canning and preserving.. . . 125 128 137 154 226 305 330 238 145 '120 '106 106 Bakery products 190 190 190 192 192 192 193 195 192 '190 187 187 Tobacco Manufactures 78 76 74 76 75 84 89 89 £5 '85 82 80 79 Paper and Allied Products 424 427 424 426 418 419 416 413 411 r410 404 404 403 Pulp, paper and paperboard mills 209 212 213 215 214 215 214 212 212 212 211 210 Printing, Publishing and Allied Industries 512 510 510 512 507 509 515 517 519 r520 514 511 512 Newspapers 150 151 152 152 151 151 153 153 154 155 151 152 Commercial printing 170 168 168 169 167 166 167 169 170 '171 '171 168 Chemicals and Allied Products... 539 538 531 528 526 531 543 544 542 538 536 537 539 Industrial organic chemicals. 167 168 170 172 172 174 175 172 173 171 170 168 Products of Petroleum and Coal.. 192 194 194 198 198 198 197 197 197 196 193 193 194 Petroleum refining 149 150 151 154 154 154 154 154 154 155 153 153 Rubber Products 220 219 220 220 217 218 218 215 219 219 219 216 213 ' Revised. NOTE.—Covers production and related workers only: data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for March 1952 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 64.57 67.04 67.03 67.20 41.1 40.9 40.8 40.7 1.571 1.639 1.643 1.651 Durable goods 69.30 72.28 72.27 72.38 41.9 41.9 41.8 41.6 1.654 1.725 1.729 1.740 Primary metal industries. . . 75.11 '76.75 76.34 76.53 41.8 41.6 41.6 41.5 1.797 1,845 1.835 1.844 Fabricated metal products. . 69.55 -71.19 71.52 71.60 42.1 "41.9 41.9 41.8 1.652 1,699 1.707 1.713 Machinery except electrical. 76.43 -79.81 79.56 79.59 43.8 43.9 43.5 43.3 1.745 1.818 1.829 1.838 Electrical machinery 65.34 70.35 70.10 70.34 41.3 '42.0 41.7 41.5 1.582 1.675 1.681 1.695 Transportation equipment. . 75.73 79.77 78.69 79.64 41.2 -41.7 41.2 41.2 1.838 1.913 1.910 1.933 Lumber and wood products 55.58 -•57.12 59.10 58.53 40.6 -40.2 40.7 40.2 1.369 '1.421 1.452 1.456 Furniture and fixtures 58.67 '59.80 60.22 60.15 42.3 '41.5 41.5 41.2 1.387 '1.441 1.451 1.460 Stone, clay, and glass products 64.53 -•64.47 65.27 65.12 41.9 '40.7 41.0 40.8 1.540 '1.584 1.592 1.596 Instruments and related products 67.64 71.40 71.44 71.22 42.3 '42.3 42.1 41.7 1.599 '1.688 1.697 1.708 Miscellaneous manufacturing industries 58.18 r59.80 60.37 60.26 41.5 '40.9 40.9 40.8 1.402 '1.462 1.476 1.477 Ordnance and accessories 72.71 76.99 78.27 78.01 43.1 44.3 44.6 44.3 1.687 '1.738 1.755 1.761 Nondurable goods 58.40 '60.19 60.12 60.20 40.0 '39.6 39.5 39.4 1.460 1.520 1.522 1.528 Textile-mill products 53.34 r52.48 52.44 51.61 40.5 '38.9 38.9 38.4 1.317 '1.349 1.348 1.344 Apparel and other finished products.. . . 47.27 '46.61 47.49 47.23 37.4 36.1 36.7 36.7 1.264 r1.291 1.294 1.287 Leather and leather products.. 48.73 '49.63 50.32 50.86 38.4 r38.5 38.8 39.0 1.269 1.289 1.297 1.304 Food and kindred products 59.12 --63.47 63.34 63.17 41.0 '41.7 41.4 41.1 1.442 1.522 1.530 1.537 Tobacco manufactures 42.03 '45.31 43.61 42.80 36.8 '38.5 36.8 35.7 1.142 1.177 1.185 1.199 Paper and allied products 66.16 r66.65 66.56 67.14 43.7 42.7 42.5 42.6 1.514 '1.561 1.566 1.576 Printing, publishing and allied products 75.74 '•77.12 77.34 78.80 38.9 '38.6 38.4 38.8 1.947 '1.998 2.014 2.031 Chemicals and allied products 67.54 '"68.72 68.39 68.55 41.9 '41.5 41.3 41.1 1.612 '1.656 1.656 1.668 Products of petroleum and coal 78.93 '82.90 82.38 82.30 40.6 '40.9 40.8 40.7 1.944 '2.027 2.019 2.022 Rubber products ... 65.88 '75.15 74.30 75.38 40.0 '41.2 40.8 41.1 1.647 '1.824 1.821 1.834 ' Revised. NOTE.—Data are for production and related workers. Figures for March 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. MAY 1952 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS. BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 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 46,401 15,931 920 2,569 4,144 9,804 1,883 4,759 6,390 SEASONALLY ADJUSTED 1951—March 46,266 16,058 930 2,556 4,147 9,762 1,854 4,729 6,230 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 4,758 6,544 December '•46,608 15,811 916 '2,569 '4,161 '9,893 '1,931 4,749 '6,578 1952—January '46,468 '15,831 '916 '2,537 '4,143 '9,851 '1,918 '4,744 6,528 February 46,572 15,854 918 2,589 4,146 9,860 1,929 4,738 6,538 March 46,422 15,809 914 2,515 4,144 9,840 1,930 4,727 6,543 UNADJUSTED 1951—March 45,850 16,022 924 2,326 4,112 9,713 1,854 4,682 6,217 April 45,998 15,955 911 2,471 4,132 9,627 1,865 4,745 6,292 May 46,226 15,853 915 2,598 4,137 9,683 1,874 4,789 6,377 June 46,567 15,956 927 2,686 4,161 9,732 1,893 4,835 6,377 July 46 432 15,813 906 2,754 4,176 9,667 1,908 4,852 6,356 August 46,724 16,008 922 2,809 4,190 9,641 1,914 4,839 6,401 September 46,956 16,039 917 2,768 4,178 9,781 1,898 4,831 6,544 October 46,902 15,965 917 2,761 4,166 9,893 1,898 4.770 6,532 November 46,852 15,890 917 2,633 4,165 10,109 1,907 4,734 6,497 December '•47,663 15,913 '916 '2,518 '4,161 '10,660 '1,912 4,702 '6,881 1952—January '45,911 ••15,777 909 '2,309 '4,107 '9,719 '1,908 '4,673 6,509 February 45,877 15,836 908 2,304 4,110 9,643 1,919 4,667 6,490 March 45,873 15,784 907 2,289 4,108 9,647 1,930 4,680 6,528 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. March 1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total Year or month c in iv s i t l i i t a u n t io n n o a n l - Employed 2 l N ab o o t r i n f o t r h c e e population l Total Total In nonagricul- In ployed tural industries agriculture 1944 93,220 54,630 53,960 45 010 8,950 670 38 590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46 930 8 320 2 270 45 550 1947 106.018 60,168 58,027 49,761 8 266 2 142 45,850 1948 107,175 61.442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62.105 58,710 50,684 8 026 3 395 46,051 1950 109.284 63 099 59,957 52.450 7.507 3.142 46,181 1951 108,976 62,884 61,005 53,951 7,054 1 879 46,092 1951—March 108.964 62.325 60,179 53.785 6,393 2,147 46,638 April 108,879 61,789 60,044 53 400 6 645 1 744 47 092 May 108,832 62,803 61.193 53,753 7 440 1,609 46 029 June .. 108,836 63,783 61,803 53,768 8,035 1 ,980 45,053 July 108,856 64,382 62,526 54 618 7 908 1 856 44 474 August » • .. 108,896 64,208 62,630 54,942 7,688 1,578 44,688 September. •. 108,956 63,186 61,580 54 054 7 526 1 606 45 770 October 109,064 63.452 61,836 54,168 7,668 1.616 45,612 November 109,122 63,164 61,336 54,314 7,022 1.828 45,958 December 109,200 62,688 61,014 54,636 6,378 1,674 46,512 1952—January . 109,260 61,780 59,726 53.540 6,186 2,054 47,480 February 109,274 61,838 59,752 53.688 6,064 2,086 47,436 IVlarch 109,274 61,518 59,714 53,702 6,012 1,804 47,756 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no onger available for reasons of security. 2 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 542 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 en in t g ial Factories Commercial Educational Other an u d ti l p it u ie b s lic 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January '1,045.2 902.1 420.9 337.7 130.4 110.1 121.1 55.7 84.6 98.1 126.8 93.9 161.3 206.7 February 1,140.5 885 2 531 1 396 4 116 2 61.0 101.8 62.2 81.0 104.2 132.2 74.0 178.2 187.4 March 1,271.0 1,321.3 574.6 592.7 126.2 120.2 78.8 70.6 128.4 118.7 139.4 153.8 223.6 265.3 April 1 375 0 590.8 174 3 106 3 103 5 133 9 266 1 May 2,573.0 661.1 1,274.9 60.6 123.2 175.3 278.0 June . 1 439 4 545.2 242.0 65.4 128.1 148.3 310.5 July 1,422 7 548 1 206 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 1 096 0 479.7 122.5 80.0 98.5 116.6 198.7 October.... t,072.0 496 2 116 4 68.8 94.5 159.1 137.0 November 951.1 443.9 96.5 48.4 79.0 123.1 160.2 December 1,099.5 346.1 115.1 43.1 136.0 163.9 295.2 Year 15,751.1 6,205.4 2,883.3 915.3 1,334.6 1,689.2 2,723.2 c Corrected. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the (Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] F. W. Dodge Corporation. Value of contracts in millions of dollars] Total Public ownership Private ownership 1952 1951 Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 Federal Reserve district Mar. Feb. Mar. Jan 731 1,045 902 201 306 297 530 739 605 Feb.. . . 780 1,141 885 285 332 339 495 808 547 Mar.. . . 1,300 1,271 481 418 819 852 Boston 61,959 40,649 69,471 Apr.. . . 1,350 1,375 354 456 996 919 New York 220,869 169,440 174,303 May. . . 1,348 2,573 3891,474 9591,099 Philadelphia 62,868 39,819 69,523 June... 1,345 1,439 428 583 917 856 Cleveland 121,483 77,168 122,277 July.... 1,420 1,423 460 636 960 787 Richmond 132,814 98,910 136,495 Aug.. . . 1,549 1,266 438 486 1,111 779 Atlanta 181,819 116,133 136,026 Sept 1,287 1,096 364 318 922 778 Chicago 190,559 126,042 223,251 Oct 1,136 1,072 308 310 828 762 St. Louis . 102,236 46,255 96,558 Nov.. . . 1,087 951 320 326 767 625 Minneapolis 45,015 23,504 41,580 Dec.. . . 1,168 1,100 381 476 787 624 Kansas City 60,802 57,342 69,168 Dallas .... . .. 140,830 89,944 r132,298 Year. 14,501 15,751 4,409 6,122 10,092 9,629 Total (11 districts) 1,321,254 885,206 1,270,950 r Revised. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title ][ 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 - - l s S h c t t m o i r o o u m n a n c - l e - l f h 1 ( a o T m I u t D i o s t i l l e e y 4 s - h R g ( o T a r e I u o n n I i s t u ) d t i l a p n e l g W h e ( o V V T a r u a r I e i s n ) t t a 2 i l - s n e n ' g d V h ( M t T i o a I n i u i r I t g l I y s i l ) - e - End of month Total b C m c a o i n e a m r k l - - s b s i t M a n u a n g u v a k - s - l s a a S l i s a o t n s a n i a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e r - s - a c F e g i r e e e a s d n l - l - Other 2 1947 1,787 534 (3) 446 808 1936—Dec 365 228 8 56 41 5 27 1948 3,338 614 7 880 1,836 1937—Dec 771 430 27 110 118 32 53 1949 3,821 594 13 1,855 7 1,339 12 1938—Dec 1,199 634 38 149 212 77 90 1950 4.342 694 < 7 2.466 21 1 .031 123 1939—Dec 1,793 902 71 192 342 153 133 1951 3,221 708 29 1,894 109 278 203 1940—Dec 2,409 1 162 130 224 542 201 ISO 1941—Dec 3,107 1.465 186 254 789 234 179 1942—Dec 3,620 1,669 236 276 i 032 245 163 1951—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 1 .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—Tan. . . 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 (3) 10 Mar... 5 207 61 2 124 7 5 8 1949—June 3,894 1,587 305 323 1,431 21 227 Dec 4,751 1.771 378 416 1,828 52 305 2 1 I N n e c t l u p d r e o s c e m ed o s r tg to a g b e o s rr in o s w u e r r e s d . 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 1951—June 7,556 2,412 903 658 3,115 44 423 ho 4 u s In in c g lu . de 3 s L 6 e s m s i t l h li a o n n $ d 5 o 0 l 0 la ,0 rs 0 0 o . f Class 3 loans (program terminated Dec 8,212 2,554 1,072 689 3,453 71 373 Feb. 28, 1950) and 1 million of Sec. 8 loans. 5 Includes defense housing as follows (in millions of dollars): Jan- 1 The RFC Mortgage Company, the Federal National Mortgage uary, 1; February, 0.3; March, 0.5. Association, the Federal Deposit Insurance Corporation, and the and N O d T o E n . o — t F ta ig k u e re a s c c r o e u p n re t s o en f t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r ts it t o e n n p d r u e r v i i n o g u s t ly h e in pe su ri r o e d d Un 2 it I e n d c lu S d ta e t s e s m o H r o tg u a si g n e g co C m or p p a o n r i a e t s i , o n fi . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration, MAY 1952 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1951—March 94 51 43 90 78 5 7 4 38 24 14 April 96 52 44 92 83 4 6 4 39 24 15 May 101 55 46 98 86 3 9 3 47 32 15 June 133 85 48 90 79 3 8 42 37 24 13 July 91 46 45 87 76 3 8 4 34 22 12 August . . 89 46 43 88 78 3 8 1 32 21 11 S O e c p to te b m er ber v . 9 9 6 0 4 4 9 4 4 4 7 6 9 8 5 9 8 8 1 0 4 3 1 6 0 1 1 3 3 0 2 2 2 0 0 1 1 0 2 November 75 39 36 72 64 3 6 2 27 18 9 December 61 31 29 60 51 6 1 23 14 9 1952—January 68 n.a. n.a. 65 n.a. n.a. n.a. 3 23 16 7 February 77 n.a. n.a. 74 n.a. n.a. n.a. 3 26 17 9 March . . 98 n.a. n.a. 86 n.a. n.a. n.a. 12 28 19 9 n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjustec Monthly—unadjusted Annual Class 1951 1952 1951 1952 1950 1951 Mar. Nov. Dec. Jan. Feb. Mar. Mar. Nov. Dec. Jan. Feb. Mar. Total 128 134 139 137 133 141 136 133 130 140 123 128 126 124 Coal 117 121 112 140 127 133 120 111 112 140 127 133 120 111 Coke 180 202 218 218 206 203 192 196 204 218 216 214 203 198 Grain 135 143 150 159 143 146 140 139 138 156 135 146 137 128 Livestock 68 69 62 70 68 67 72 66 49 88 65 64 57 53 Forest Droducts 141 150 147 152 144 155 146 141 147 149 128 139 140 141 Ore 172 205 241 180 235 256 277 257 70 174 73 64 69 75 Miscellaneous 140 147 157 144 142 151 149 149 149 149 134 138 140 142 Merchandise, 1. c. 1 53 48 53 46 44 46 49 47 54 47 43 44 47 48 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1950 1951 1952 19 0 1951 1952 1950 1951 1952 January 741 974 Pl.247 623 1,024 P922 118 —50 P325 Februarv 764 1,076 Pl.328 600 910 P892 164 166 P436 March 860 PI,285 665 PI,101 195 P184 April 804 Pl,37O 585 P1,033 219 P337 May 830 P1,354 659 P1,018 170 P337 June 877 P1,294 687 P930 190 P364 JUly 779 P1,190 709 P894 70 P296 August • 762 Pl.269 820 P880 -59 P389 September 911 P1,232 859 P721 52 P511 October 906 P1,155 923 P833 -16 P321 November 977 Pl.388 855 P818 122 P57O December 1,065 Pl,438 867 P800 198 P637 January-February 1,505 2,050 P2,575 1,224 1,933 Pi,814 282 116 P761 P Preliminary. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-February 1952, 144. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 544 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—March .. . 105 102 103 109 104 105 113 107 99 r94 110 112 102 April . 104 98 102 105 108 111 105 104 98 101 103 112 102 May 104 100 100 104 104 110 107 105 98 100 104 111 104 June, 105 98 108 103 106 110 114 101 98 98 104 113 103 July 105 106 103 105 107 105 111 101 104 101 104 114 108 109 108 106 111 108 121 110 107 106 109 111 115 106 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 106 100 100 110 108 109 111 105 100 113 106 115 103 March P105 ?104 98 109 106 114 P113 104 99 P94 P105 115 102 UNADJUSTED 1951—March 98 93 95 105 99 100 115 r97 94 84 101 108 94 April 99 95 96 99 103 100 101 99 96 100 100 106 95 103 101 98 105 106 109 103 105 102 101 104 109 98 Tune 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 '89 81 81 72 86 95 83 February 83 75 82 82 83 83 93 81 80 83 85 93 »"86 March . . P92 P87 86 97 95 96 P108 89 89 *>80 P93 105 90 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—March 133 132 129 132 143 124 144 132 135 119 133 134 132 April 138 132 131 133 148 138 150 136 142 123 142 138 140 May 136 129 128 132 145 137 146 134 140 123 141 140 137 136 131 131 132 146 145 141 133 143 122 141 138 136 July 138 130 133 134 144 146 140 139 139 124 141 141 139 134 127 129 130 136 140 144 131 139 123 143 140 138 September 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 119 115 115 120 116 130 133 117 119 106 121 125 119 1952—January 118 115 114 115 114 133 133 114 106 106 122 124 121 116 *-112 107 ni3 110 127 129 113 112 102 122 122 123 March P114 109 108 110 110 127 123 113 111 J>103 P121 124 119 UNADJUSTED 1951—March 139 136 -•135 140 151 132 151 138 143 124 140 142 135 April 145 136 137 144 155 149 158 141 151 129 149 146 147 May 139 132 131 136 148 142 148 136 140 126 144 141 142 129 122 122 123 137 133 135 125 136 117 137 128 133 July 127 117 117 116 129 134 132 125 129 120 133 129 134 129 120 125 123 131 138 141 124 135 117 134 137 132 132 124 129 131 137 139 137 127 135 117 133 138 135 October 135 130 130 135 137 143 142 134 134 120 134 136 136 November 133 132 132 133 128 139 145 133 125 119 133 135 132 107 108 106 105 102 114 116 109 105 97 108 115 106 1952— January 106 105 101 100 104 117 119 106 92 100 114 112 109 February 113 107 104 in 109 123 128 111 109 99 121 120 117 M^arch P120 112 113 116 116 135 130 118 118 P107 P127 131 122 J» 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. MAY 1952 545 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 Index numbers change from a stocks to without seasonal adjustment year ago (value) sales i 1941 average monthly sales = 100 2 Department r b s N e t e p o u r o r m e r o t s - f - d p S u e a r r l i i e o n s d g ( m S e t n o o d n c t k o h s f ) February Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing F 19 e 5 b. 2 m T 1 o 9 w n 5 o t 2 hs F 19 e 5 b. 2 1952 1951 1952 1951 1952 1951 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store 3 354 -6 -10 -11 3.8 4.0 MAIN STORE—total 354 -6 -11 -10 4.0 4.2 166 184 176 667 649 747 Piece goods and household textiles 317 -11 -20 -13 4.4 4.6 152 286 171 684 684 783 Piece goods 295 -5 -9 -12 3.8 4.1 198 199 208 744 699 838 Silks, velvets, and synthetics 199 0 -6 -10 3.4 3.9 176 172 176 616 580 688 W Co o t o to le n n y y a a r r d d g g o o o o d d s s 1 1 9 7 2 6 - + 2 2 3 - + 26 1 - - 1 1 5 4 4 3 . . 5 4 4 4. . 2 0 2 1 1 7 8 8 2 1 3 9 2 1 2 2 3 1 2 4 8 7 1 5 0 4 8 7 5 0 6 7 9 8 2 9 1 2 Household textiles 309 -16 -24 -14 5.0 4.9 129 331 153 649 664 756 Linens and towels 276 -11 -21 -9 5.7 5.6 124 292 139 709 771 781 Domestics—muslins, sheetings 256 -27 -30 -10 4.3 3.4 144 501 196 613 616 687 Blankets, comforters, and spreads 242 -4 -13 -25 5.0 6.3 122 234 127 607 667 785 Small wares 345 +4 0 -6 4.1 4.6 156 163 150 644 642 690 Laces, trimmings, embroideries, and ribbons... 204 +2 0 -5 4.1 4.4 172 163 169 712 623 742 Notions 237 +3 0 -7 4.3 4.7 181 209 176 777 755 834 Toilet articles, drug sundries 329 +5 2 -3 3.8 4.1 139 154 133 528 539 547 Silverware and jewelry 315 +4 -4 -8 5.8 6.5 147 135 141 846 918 Silverware and clocks 4 218 -10 -18 -7 7.9 7.7 Costume jewelry 4 283 +15 + 10 -10 3.3 4.2 Fine jewelry and watches 4 78 + 1 -4 +8 9.8 9.2 Art needlework 234 -3 -3 -13 4.2 4.6 151 194 156 632 638 725 Books and stationery 275 +7 +7 -4 3.2 3.5 177 173 165 557 581 589 Books and magazines 130 +7 +8 +3 2.4 2.6 168 169 157 414 449 417 Stationery 240 +6 +5 -7 3.6 4.1 169 169 159 602 630 649 Women's and misses' apparel and accessories 351 +1 -3 -7 3.2 3.4 167 176 165 534 493 576 Women's and misses' ready-to-wear accessories. 351 0 -4 -9 3.8 4.1 160 160 159 599 557 660 Neckwear and scarfs 309 +7 +4 -3 2.6 2.9 226 194 211 591 491 606 Handkerchiefs 282 -3 -14 4.0 4.4 110 95 113 440 436 508 Millinery 160 +4 +3 -12 1.4 1.8 146 113 141 220 154 252 Women's and children's gloves 325 -1 -9 5.1 5.6 109 107 110 559 495 617 Corsets and brassieres 337 -1 -7 -15 3.4 3.9 224 262 226 760 744 888 Women's and children's hosiery 344 c -11 -20 2.5 3.0 126 123 132 316 310 396 Underwear, slips, and negligees 343 0 -6 -10 3.5 3.9 152 160 152 538 523 596 Knit underwear 253 -12 -9 3.4 3.5 190 221 203 655 673 714 Silk and muslin underwear, and slips 289 y -6 -13 3.9 4.5 134 144 132 522 526 595 Negligees, robes, and lounging apparel... . 256 + 1 +8 -6 2.5 3.0 151 150 135 383 399 408 Infants' wear 328 + 12 +7 -10 3.6 4.2 214 226 201 766 684 854 Handbags and small leather goods 332 +6 + 1 -6 3.2 3.6 133 118 128 426 383 455 Women's and children's shoes 242 +4 -11 -4 6.3 6.3 170 172 177 1,065 1,107 Wo J A F W W B u m u l p n o W o S J C o B C G I r r e n u s i m u m o u o h e n i o e o n s r n i t a i ' e e r x e l m s i t t l s t s s n n o s s e d p s , ' ' 4 , a e r ' ' r r e s s 4 w h s a e n n s n d ' o n k n a ' a d e s s r u c ' i i n d n a e s r v o m s s r s d d t e g h e s a s s i d h o i e , t m m s r d s s r o e s l a , e r i i s e s e * s s e n s ' s s s 4 s s s s d ' u w e e 4 s e i r s e s s s e t e ' ' s , s p a a , d c 4 o r a d o r a r n y e a t n d s s - t d s t w s o u e e d a s - n w a r n i e r f d e o s a s r s r e m u s a i s t p s parel. . . 3 3 2 3 2 3 3 2 2 2 2 2 2 2 2 4 4 0 4 9 7 1 4 1 2 6 5 7 8 2 1 9 9 3 3 3 6 0 4 2 1 8 0 8 4 + + - - + + + + + - - - - - 1 2 1 1 3 6 1 2 4 2 3 0 0 8 9 9 0 0 A 1 - - - + + + + + + - - - - 1 2 1 4 2 9 1 5 2 4 4 4 3 2 4 7 ^ 2 - - + + - - - - - - - - - - 1 1 4 9 7 2 9 7 5 4 7 8 3 1 5 2 < 3 6 6 2 2 2 2 3 2 2 2 2 4 2 1 . . . . . . . . . . . . . . . 9 2 6 3 9 7 6 3 0 3 2 7 0 3 8 3 6 2 2 2 3 2 2 2 2 2 3 3 7 2 . . . . . . . . . . . . . . . 1 0 2 1 8 4 4 7 9 8 4 4 4 4 8 2 2 1 1 1 1 1 1 0 0 9 7 9 9 8 6 6 2 1 2 5 1 2 7 8 4 2 2 1 1 1 1 1 1 1 4 0 7 9 6 7 9 9 3 4 9 2 3 3 5 6 0 4 2 1 1 1 1 1 1 1 1 1 9 7 9 5 9 8 5 0 5 5 2 3 2 0 6 0 2 4 5 4 6 3 3 4 3 6 6 4 3 9 7 8 6 9 0 7 3 5 8 6 0 3 8 0 4 4 3 3 4 5 3 5 4 9 6 5 3 2 2 6 5 4 1 1 5 5 5 0 7 5 0 4 5 5 4 3 4 3 7 6 8 7 7 0 8 3 1 2 9 1 6 8 7 6 5 6 6 0 Men's and boys' wear 332 -9 -11 -7 5.9 5.8 127 153 139 750 722 805 Men's clothing 259 -16 -14 +2 6.7 5.6 135 204 160 908 874 887 Men's furnishings and hats 314 -10 -9 5.2 5.4 122 126 128 627 616 691 B M o e y n s ' ' s w a e n a d r boys' shoes and slippers 3 1 0 9 3 5 -13 0 c - + 17 1 - - 1 1 7 0 5 7 . . 7 0 6 6 . . 9 8 1 1 2 3 5 0 1 1 5 2 1 3 1 1 5 2 0 5 9 7 1 1 5 3 6 8 3 9 1 1 1, 8 01 7 8 0 Homef urnishings 321 -18 -22 -16 4.6 4.4 198 207 241 902 905 1,080 Fu M rn a it t u tr r e e s s a e n s d , s b p e r d in d g in s g , and studio beds 4 2 1 4 7 7 2 - - 6 3 - - 1 0 9 - - 1 2 0 4 3 2 . . 7 0 3 2 . . 8 6 230 221 246 843 860 940 Upholstered and other furniture 4 179 -8 -11 -9 4.1 4.1 Domestic floor coverings 274 -25 -31 -22 5.3 5.1 176 188 235 928 1,201 Rugs and carpets 4 163 -27 -32 -23 5.4 5.1 Linoleum 4 99 +7 -8 -17 4.3 5.5 Draperies, curtains, and upholstery 298 -5 -9 -10 5.0 5.4 166 167 174 836 793 929 Lamps and shades 249 +4 -5 -10 4.1 4.7 172 176 165 698 702 771 China and glassware 254 +3 -3 +6 7.4 7.2 158 159 153 1,177 1,144 1,094 Major household appliances 238 -46 -48 -25 4.8 3.5 166 193 305 797 814 1,057 Housewares (including small appliances) 262 -12 -20 -16 4.7 4.9 217 218 246 1,024 987 1,223 Gift shop * 183 +5 -2 -11 6.0 7.1 Radios, phonographs, television, records, etc.4. 228 -42 -38 -47 3.3 3.6 Radios, phonographs, television 4 165 -45 -39 -56 2.9 3.6 Records, sheet music, and instruments 4. . . . 123 -9 -10 -11 5.1 5.2 Miscellaneous merchandise departments 318 0 -4 -14 3.7 4.3 153 148 153 563 636 660 Toys, games, sporting goods, cameras 297 +3 -4 -17 8.6 10.6 83 59 80 712 690 851 Toys and games 243 +8 +3 -20 8.4 11.4 65 31 60 545 500 679 Sporting goods and cameras 149 -1 -8 -15 8.3 9.7 86 71 87 717 624 852 Luggage 269 +6 + 1 -9 5.4 6.3 146 169 138 787 826 882 Candy4 192 +11 +7 -26 1.1 1.6 For footnotes see following page. 546 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 l 1941 average monthly sales =100 2 Number of Sales Stocks Sales during Stocks at end Department r s e t p o o re rt s - d p u er r i i o n d g m (e o nd n t o h f ) February period of month ing 1952 1951 1952 1951 1 F 9 e 5 b. 2 m T o 19 n w 5 t o h 2 s F 19 e 5 b. 2 1952 1951 Feb. Jan. Feb. Feb. Jan. Feb. BASEMENT STORE—total 195 -2 -5 -16 3.0 3.4 153 170 156 452 416 539 Domestics and blankets4 132 -11 -16 -22 3.4 3.8 Women's and misses' ready-to-wear 188 +2 j -14 2.3 2.7 157 162 154 353 317 413 Intimate apparel4 165 -3 -8 -10 2.8 3.0 Coats and suits 4 171 -4 -6 -16 1.9 2.2 Dresses 4 171 +12 +5 -7 1.4 1.7 Blouses, skirts, and sportswear 4 155 +7 +3 -17 2.2 2.8 Girls' wear 4 123 -4 0 -21 2.9 3.4 Infants' wear 4 122 +4 +6 -20 3.1 4.0 Men's and boys' wear 158 -3 -5 -18 3.8 4.4 150 162 155 572 522 698 Men's wear 4 145 -3 -6 -17 3.6 4.2 Men's clothing 4 100 +2 -2 -15 3.6 4.3 Men's furnishings 4 119 -7 -10 -18 3.6 4.1 Boys' wear 4 120 -2 +3 -20 4.4 5.4 Homefurnishings. . 104 -8 -11 -20 3.5 4.1 165 156 180 582 559 728 Shoes 117 j -9 -6 5.2 5.1 115 129 124 596 538 624 NONMERGHANDISE—total4.. . 177 +2 1 (5) (5) (5) Barber and beauty shop 4 73 +15 + 12 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 545. 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 * [Weeks ending on dates shown. 1947-49 average = 100] [In millions of dollars] Without seasonal adjustment Reported data Derived data 1 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r - h o n s ) f g R m ( e o t c f o o n e t r i t a p h l t ) s m o ( N o r t f o d o n e t e r w t a r h l s ) June 1 1 1 3 0 7 950 . 1 1 0 0 9 4 4 0June 1 1 2 9 6 9 . . . 5 . 1 . . . . . . . . . . . 1 1 9 0 0 5 6 8 Dec. 1 1 2 9 6 9 . . . 5 . . . 0 . . . . . . 1 2 1 5 2 9 3 0 1 Dec. 1 1 5 8 1 951 . . . 2 1 1 1 6 9 3 1 1 24 . 86 23. .. .. 92 23. .. .221 22 .228 1943 average... 204 509 530 203 223 July 1 . 91 30. .. . . 89 30. . . . 82 29 . 92 1 19 9 4 4 5 4 a a v v e e r r a a g g e e . . . . . . 2 2 5 2 5 7 5 5 6 3 3 5 5 7 6 2 0 9 2 2 2 5 6 6 2 2 3 6 6 9 15 8 . . 9 7 1 5July 1 7 4 . . . . . . . . . . 8 7 3 5 1951 1952 1946 average... 318 715 909 344 327 22 .104 21. . .. . 81Jan. 6. . . . 98Jan. 5 . 78 1947 average... 337 826 552 338 336 29 .102 28... .. 80 13. ... .105 12 . 92 1948 average... 352 912 465 366 345 Aug. 5 .102 Aug. 4. .. . . 88 20. .. .104 19 . 90 1949 average... 333 862 350 331 331 12 . 94 11. . .. . 87 27. . . . 96 26.... . 83 1950 average... 347 942 466 361 370 19 . 97 18... . . 93Feb. 3. . . . 81Feb. 2 . 84 1951 average... 358 1,114 425 355 345 26 . 99 25. .. . . 97 10.... . 94 9 . 87 Sept 2 .107 Sept. 1. . .. .105 17 . 94 16.... . 89 1951—Mar '348 1,217 '466 '478 290 9 .102 8... . .100 24 . 95 23 . 83 Apr 312 1,240 338 335 '207 16.... .127 15... . .114 Mar. 3 . 99Mar. 1 . 85 May.... 339 1,193 295 292 249 23 .111 22. .. ..111 10 .105 8 . 88 June 326 1,112 386 245 336 30 .110 29. . .. .114 17 .101 15 . 90 July.... 257 1,069 434 214 262 Oct. 7 .112 Oct. 6. . .. .110 24 .105 22 . '94 Aug 309 1,106 395 346 307 14 .111 13. .. ..117 31. ... . 89 29 »-ioi Sept 343 1,117 404 354 363 21 .105 20... . .116Apr. 7 .101 Apr. 5 .109 Oct 388 1,152 408 423 427 28 .108 27... ..113 14 .100 12 .111 Nov 442 1,147 373 437 402 Nov. 4 .109 Nov. 3... ..121 21 . 97 19 ..97 Dec 608 929 292 390 309 11 .118 10... . .127 28.... .101 26 .105 1952—Jan 291 910 379 272 359 18 .127 17... . .130 May 5 . . . ..113 May 3 .111 F M e a b r P 2 3 7 1 1 8 Pi,0 9 2 56 5 P 3 3 8 3 6 2 P 3 3 1 8 7 7 P 3 3 2 3 4 3 25.... 110 24. .. . .123 2 1 19 6 2 . . . . . . . . . . . 1 1 1 0 9 0 0 9 2 1 1 4 0 7 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 BULLETIN for April 1952, 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. MAY 1952 547 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] Mar. Feb. 3 Mar. Feb. 3 Mar. Feb. 3 Mar. Feb. 3 1952 1952 1952 1952 1952 m 19 o 5 s 2 . 1952 1952 m 19 o 5 s 2 . 1952 1952 m 19 o 5 s 2 . United States. P-9 -4 -9 Richmond p-8 -2 -7 Chicago-cont. Dallas-cont. B N S N N W N P D L P B B o e B p o o r L e e e o o r s w o o w r r i w w w o s w t a r d t i o v t s w l c e n a o n g Y t a n i e l r o g n H B d r t l n e o k s o - e n f e d t p e r a n w i A e 1 n d k e o v r c n c r f l r e e d o e e t n l . r . a . . . . . d . . . . . . . . . . . . . . . . - - - - - - - - 1 1 1 1 1 1 1 1 - - - 2 0 6 9 7 2 1 3 5 1 3 Q y + - - + + - 1 _ - 1 - - 2 9 9 5 6 6 5 4 9 3 1 2 2 c - - - - - - - - 1 1 1 1 1 — + 1 - - - 1 1 2 1 6 5 9 2 3 7 1 1 3 2 7 N C H A A C G W W L R H C R R B y o h o i s r h o u n a a a i a c e h l r n l ' l g n a a d n l s u h t f e e e r n s c s e e i t o h n m m i v l m i t ' r h r o g l i t e o n v i s k s n o b b o k l h s o n g i t o l g n l i o t e u n . e r - t l a n o . t . e S w o , e d r o W , . n . g , n a , n n S N . . l S . . . . . e . . * V . C . m . . . . . C C a . . . . P P P - - - - - - - - — + 1 6 1 1 - 1 1 - — - 1 1 - 4 4 8 8 2 2 1 7 1 6 7 0 1 0 7 + - - - + + 1 + - - - 1 - 1 — — - 1 6 6 2 4 1 1 9 3 8 5 2 5 0 0 0 1 - - - + + + 1 1 - - 1 - - - - - - - - 6 1 7 3 9 6 8 7 8 6 2 3 4 2 1 2 S Q L L S F G L G E F M M D D t. t o o l i a u v r r e . e i t i a e n u r a i n l s t a L t d t n L w e l n s i r t n e s i c o n i M o o d S s a v n i s y u o u i u i m g v R B t i l R o n i k J s l s i x i e o i a e a l t n l h y l e . p c e e i k 1 * . d . s . 1 1 . . . . s . . . . . . . . . . . 1 . . .. P P p - - - - - - - - - - - - 8 5 2 1 1 - 1 1 - 1 1 1 1 1 - 8 6 9 0 1 2 0 0 0 8 2 9 3 - - - - + 1 - - - 1 1 1 - - - - 3 4 3 6 5 6 9 1 1 2 0 4 0 2 c - - - - - - - - 1 - - - — - 1 1 1 1 - 1 - 1 1 7 7 7 6 8 9 7 1 2 2 3 2 1 9 7 S L E F L T W P B S F H C D a A r o l a h o u o a o o n a e a n s o n k c r r r u P s l c t e s g e e p l n A s o A a a o a r n u F t o s W s n s n B i o n s * f o x r 1 g n i * t e a e o o e C a * l n x n l r d c e h c i t h s o n h i * s * s . . c t . . . i . o . . . . . p - - - - - - 1 1 + 1 1 - 1 - + - - 1 — 8 9 3 3 2 0 1 4 0 1 7 6 c 5 + + + + - - - - - + — - + - 2 3 7 8 3 6 1 8 1 9 3 4 2 4 8 c 4 - - - + 1 1 1 + + - - - 1 - - - 2 9 8 2 4 7 8 4 0 1 9 Q 0 1 A Bi l n b g a h n am y. to .. n . -1 -7 3 -8 0 -1 -8 2 Atlanta. P-9 +1 -5 S St p . r L in o g u f i i s e A ld r . e .. a . . P-6 -8 + -2 9 -1 y D A ow ng n e to le w sl n Los -14 -11 -15 Buffalo !. . . . -9 4-6 -4 Birmingham *. +2 -4 2 Memphis x.... P-1 -3 -3 Westside Los Elmira. -12 +3 -8 Mobile.... -1 +2 0 Angeles1 -9 -4 -9 C P S T A C T Y C C C Y L W N N U P S S P R R h l p o y o c r h a o l a k i e o e o e o t i e i i e r n i a l n r h u n a i l w r v r c u l l i c e v a u n l g o k k a n c d c e g t h e n a a d c e m o t a n g i a e d n i h e l Y d g o u o l n n i n r a s s f a e e s k b s n e a s i » g o n t - t n n c l e * t e e e u l l B e p r o a l d t p d e r * k r s F » d a h t w a * h p . a i . a d 1 ! r . i i 1 . C i s n * r l a y . . a . i l e . i . e s . . . . » , » t . ' . . . . . . . y . , . . . . . . . P - - - - - - - - - - - - ( 1 1 7 1 1 1 1 1 1 - - - 1 1 - - 1 - - - - - 2 1 9 2 6 3 3 6 2 9 7 8 ) 2 3 5 4 2 1 5 6 6 3 - - ( + 1 + - 1 - - — - - - - - - - - - - - - - 2 4 6 8 3 2 6 6 9 2 2 4 4 5 3 2 8 ) 2 0 6 7 2 2 3 - - - - - - - - - - - - - 1 1 1 1 1 - - 1 1 1 1 1 1 - - 1 - - 1 - _ 0 0 8 3 6 9 2 9 5 2 2 1 1 0 2 0 1 3 2 3 4 o 0 C N J C C P O S M K J T C N M S A A M R M B B a a h e a t h o h o a n r e a a r u t c c . e a i o i o v i l l i w l m t a m s o c g k k s a c r a a c u o r n a P h t t i x a u s o m s i n a n o e t m n d n t p a v o e v o g O s a n g t g d l i n a a i t t n i i n n b a o o x R o 1 o a e r l l a 1 1 n v u o l l l . r m * h 1 o e e » e i s o s . u l a 1 b . . e g l ' n g e . u r a s e . y r V . > 1 g . * . . . . .. P p p p P - - - - - - - - - - - - - 1 3 2 - 1 2 1 1 1 9 - 3 2 1 - - - l - - - - l 8 6 1 3 5 8 8 1 7 8 1 8 2 2 4 4 8 2 3 4 2 + + - - + + + + + + 1 + - - - - - - - - - - - 1 - 1 1 6 5 3 1 4 8 8 3 1 1 4 4 0 1 4 8 5 7 6 5 4 8 4 - - - - - - - - - - 1 1 1 1 + + + - 1 1 1 + - - - 1 1 1 - - - - 0 9 9 7 1 5 6 7 3 2 2 1 2 3 0 9 5 9 5 2 4 0 1 K M L O O J T T W S S D H S G P K M D G M o a S i t a u t u o k m i e a u r u r o . . p i a i n n u e l a p e n l n c n t u l l s n J C a a b n n s c u n P a e h i v s n a x o h h n k a e l d h t k t a r e i e a e o s h a o o t r a s s a i r a F a a u e F i n - m s t F o p p p o a a l s C C s r ' o o h o a e l l o l l i l i r l * s n t i s t i k C s y . . s y . s . . i 1 . . . . . t . . . . . y . . . . , , . . + - - - - - - - - - - - - 1 + 1 1 1 1 1 1 1 1 - - - 1 1 1 - - - - 1 6 4 6 8 8 8 1 1 7 5 5 9 5 4 4 1 1 0 3 4 1 r r + - - - - - - + l + + + + 1 1 - - - - 1 1 1 - - 1 6 7 5 8 4 7 2 5 6 1 0 0 ' 2 6 3 0 0 0 0 1 - - - - - - - - - - 1 1 1 1 1 1 1 1 - - - 1 - - - 1 - - - - - 0 9 4 2 6 9 5 9 6 6 7 8 1 1 5 6 2 9 5 1 1 V S T Y O S S S S S S S P E B B R S N N p a a a a e B a t a o v o a e a i a o a n l n v n a c o c l l i r k e k a a t e l s l n c t r e o t k r e m i l i p t r e a l J F L D k r n m a e m a l j k a a o s m B e o n r t g t p a n a i n i e a t s o a a e d h d e a k n e e \ e a l d n n g r * 1 a x e e d e n n 1 n c 1 . a o l l m y . t . d i a a C n o s 1 1 r n d . c . i d x . t d o . . . i y . . n 1 . . o i . .P- - — - - - 1 ( 1 - - - - 2 - - - - 3 - - 1 1 2 2 9 4 5 9 6 6 8 9 3 1 ) 2 6 0 8 7 - - ' - - 1 1 1 + - - - - - - - - - 8 6 6 7 7 5 6 9 6 3 4 0 1 ' ' • 9 0 O 0 4- - - - - - - - - - - l 1 1 1 1 1 1 1 1 - 1 - 1 - - - l 6 6 7 5 9 2 4 4 0 2 3 0 1 6 3 Erie* -1 0 -3 Fort Wayne*... -17 -8 -15 Pittsburgh »... -9 -12 -13 Indianapolis 1... -12 -1 -8 Dallas -6 +2 -4 Wheeling i... -10 -1 -9 Terre Haute1... — 7 +4 -6 Shreveport -1 + 10 +3 * Preliminary. p Revised. 1 Indexes for these cities mav be obtained on reiuest from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 January 1952. 4 Two months 1952. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average —100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e i c g t e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122 5 132 5 115.3 141.4 112.5 111 7 104.6 1933 92 4 84 1 87 9 100.7 100.0 84.2 98 4 1941 . 105.2 105.5 106.3 106.4 102.2 107 3 104.0 1942 116 6 123 9 i24 a, 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 !59 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 t98.0 121.2 133.9 195 8 149 9 1949 170.2 201 9 190.1 126.4 137.5 189.0 154 7 171 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—March 184 5 226.2 203 1 134.7 144.2 210.7 164.3 April t84.6 225.7 203.6 135.1 144.0 211.8 164.6 May 185 4 227 4 204.0 135.4 143.6 212 6 165 0 June 185.2 226.9 204.0 135.7 143.6 212.5 164 8 July 185.5 227 7 203 3 136 2 144 0 212.4 165.0 August .. 185.5 227.0 203.6 136.8 144.2 210.8 165 4 September 186.6 227.3 209.0 137.5 144.4 211.1 166.0 October 187 4 229.2 208.9 138.2 144.6 210 4 166 6 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 '209.1 169.6 February 187.9 227.5 204.3 140.2 145.3 208.6 170.2 March 188.0 227.6 203.5 140.5 145.3 207.6 170.7 r Revised. 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. 548 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] 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 m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n p o l r x - t d e d e s - l - l H e s p u a k a r i n c o i t d n h t d d e s s e s - , r , p l t F O i e m o a i g u n r n w t h a i e h g d a e - l t e l , - r s r , C c a p i u o a l h c r l c m n o a i e e t d l d m s m s d - - od p R i u a b t r u i c n o e e b t d d r s - s - L w p u a b r u o c n o e m o t d d r s d - - p a p P u a a l r u l c n p o i l e t d e d p s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c u M t a m e r h i c n o r v o i a y t n d 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 e n s e d - s e r i- -e s N t t r m t m a u a r o l l r i u e l s n a n - i c — c - l - - b m e b t o b f a u T r a a t e a a n c r o t c v n g l e d - - c e - u e s o d s - n c M e e o l is l 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 ^93.9 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. . 116.5 117.2 112.9 117.2 115.7 127 107.4 112.6 152.5 126.4 '120.5 123.7 117.7 114.6 113.7 108.4 103.9 March 116.5 117.6 112.0 117.3 115.9 126 107.3 111.8 •152.3 126.6 120.3 123.2 118.6 115.1 113.7 108 104.2 April 116.3 117.5 111 .8 117.1 115.5 126 106.5 111.5 151.5 126.6 119.7 123.3 118.6 115.4 113.7 108 105.7 May 115.9 115.7 112.3 116.8 114.8 126 106.2 111 .3 •151 .3 126.1 119.8 123.2 118.6 115.3 113.6 108 103.0 Tune 115.1 113.9 111.3 116.2 112.9 124 106.3 110.2 148.3 124.6 120.2 122.7 118.6 115.0 113.6 108 102.8 July 114.2 111.1 110.7 115.7 111 .6 122 106.5 108.8 •144.3 123.5 120.2 122.3 118.8 114.4 113.6 107.9 103.7 August. . . 113.7 110.4 111.2 114.9 108.5 118 106.3 108.5 144.3 122.3 119.5 122.2 118.9 113.5 113.6 107.8 102.6 September. 113.4 109.9 110.9 114.8 105.9 118 106.7 108.7 •144.7 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October 113.7 111.5 111.6 114.6 103.9 113 106.8 108.8 •144.7 121.7 118.8 122.4 120.2 112.8 113.6 107.5 106.9 November. 113.6 112.0 111.0 114.5 103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 113.6 107.5 108.9 December. 113.5 111.3 110.7 114.6 104.0 105.1 107.4 108.4 "144.3 120.3 118.4 122.5 120.7 112.7 112.8 108.1 109.8 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. . 112.5 107.8 "109.5 114.2 102.1 r99.5 107.2 -105.9 143.1 •120.3 118.3 122.6 -122.0 112.4 112.9 110.8 111.4 March . . . 112.3 108.3 109.2 113.9 100.6 98.1 107.3 105.4 142.1 120.5 117.7 122.6 122.0 112.1 112.9 110.8 109.3 1951 1952 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 88.5 121.5 112.6 123.9 Woodpulp 113.4 114.5 114.5 114.5 Grains 100.2 103.6 101.7 102.0 Wastepaper 262.5 89.5 87.3 70.0 Livestock and poultry 122.9 106.7 106.2 105.2 Paper 117.1 122.8 123.7 123.8 Plant and animal fibers 172.4 127.2 120.5 118.9 Paperboard 132.0 130.6 -130.3 130.3 Fluid milk 106.4 110.2 110.9 111.2 Converted paper and paperboard. . 117.0 115.9 -115.8 115.0 Eggs 96.6 80.8 74.3 76.6 Building paper and board 113.4 113.4 113.4 113.4 Hay and seeds 111.2 101.6 100.9 97.1 Metals and Metal Products: Other farm products 140.0 137.7 138.6 138.6 Iron and steel 122.9 123.1 123.2 123.2 Processed Foods: Nonferrous metals 125.3 124.2 '125.0 125.0 Cereal and bakery products 107.1 107.5 107.4 107.5 Metal containers 121.1 120 6 120.6 120.6 Meats, poultry and fish 117.1 113.5 110.8 111.0 Hardware 125.8 125.8 '125.9 126.9 Dairy products and ice cream 106.8 113.2 115.1 113.2 Plumbing equipment 123.2 116.6 116.7 116.7 Canned, frozen, fruits & vegetables. 106.7 105.7 104.8 104.7 Heating equipment 114.8 114.0 114.0 114.0 Sugar and confectionery 104.2 105.9 '106.1 107.2 Fabricated struc. metal products. . 118.9 115.8 115.5 115.5 Packaged beverage materials 161.1 162.5 '163.1 163.1 Fabricated nonstructural metal Other processed foods 121.9 114.6 115.4 116.0 products 126.0 124.4 124.4 124.4 Textile Products and Apparel: Machinery and Motive Products: Cotton products 118.9 102.8 '101.0 99.6 Agri. mach. and equipment 120.3 121.5 121.8 121.8 Wool products 164.7 118.0 114.4 111.9 Cons. mach. and equipment 123.6 124.6 125.2 125.2 Synthetic textiles 102.3 91.4 89.9 87.3 Metal working machinery 125.3 127.5 128.1 128.2 Silk products 146.3 126.0 130.2 129.1 General purpose mach., etc 123.4 123.5 123.3 123.3 Apparel 104.3 101.7 101.7 101.6 Miscellaneous machinery 119.2 120.1 120.2 120.2 Other textile products 147.9 133.3 126.4 107.0 Elec. mach. and equipment 121.7 121.5 121.6 121 .4 Hides, Skins, and Leather Products: Motor vehicles 112.1 117.1 120.0 120.0 Hides and skins 134.0 69.7 63.7 59.6 Furniture; Other Household Durables: Leather 137.8 97.0 -89.5 87.4 Household furniture 117.6 113.6 113.5 113.4 Footwear 123.1 115.9 '116.1 115.9 Commercial furniture 124.9 122.8 122.8 122.8 Other leather products 115.6 140.1 103.3 102.7 Floor covering 146.4 126.4 126.5 126.1 Fuel, Power, and Lighting Materials: Household appliances 107.9 108.0 108.0 107.4 Coal 110.1 108.8 108.8 108.7 Radio, TV, and phonographs 92.6 93.1 93.1 92.7 Coke 123.1 124.3 124.3 124.3 Other household durable goods... . 117.2 117.6 117.6 117.6 Gas 103.8 106.6 '107.0 107.0 Nonmetallic Minerals—Structural: Electricity 98.0 98.0 98.0 98.0 Flat glass 114.0 114.0 114.0 114.0* Petroleum and products 110.7 110.8 110.4 110.6 Concrete ingredients 113.2 113.2 113.2 113.2 Chemicals and Allied Products: Concrete products 112.4 112.4 112.4 112.4 Industrial chemicals 120.6 118.1 117.5 117.1 Structural clay products 121.4 121.4 121.4 121.4 Paint and paint materials 109.6 109.3 -108.7 108.0 Gypsum products 117.4 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics . 95.8 94.8 ••93.4 93.1 Prepared asphalt roofing 105.4 98.6 98.6 98.6 Fats and oils, inedible 114.8 56.8 51.2 46.7 Other nonmetallic minerals 110.9 111.2 111.2 111.2 Mixed fertilizers 106.2 108.5 108.6 108.6 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 105.4 109.4 109.6 109.6 Cigarettes 105.7 107.3 107.3 107.3 Other chemicals and products 110.4 104.2 104.2 104.1 Cigars 101.5 98.0 98.0 98.0 Rubber and Products: Other tobacco products 107.6 114.8 114.8 114.8 Crude rubber 237.9 197.3 193.3 187.9 Alcoholic beverages 107.0 105.9 111 .2 111.2 Tires and tubes 133.9 133.4 133.4 133.4 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber products 131.0 129.8 129.1 129.1 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 116.8 114.8 114.5 114.0 Lumber 126.7 120.4 120.6 120.8 Manufactured animal feeds 99.0 112.8 113.5 109.5 Millwork 130.9 127.0 126.3 126.8 Notions and accessories 101.4 100.2 100.2 100.2 Plywood 117.7 104.2 104.8 105.6 Jewelry, watches, photo equipment 100.9 100.9 100.9 100.9 Other miscellaneous 120.6 120.6 121.0 121.0 c Corrected. p Revised. Source: Bureau of Labor Statistics. For back figures, see BULLETIN for March 1952, pp. 311-313. MAY 1952 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1951 1952 1929 1933 1Q-JQ 104.1 1947 104ft 1 Q4.Q IQCfJ 1QC1 lyrtO iy%y iyou iyoi 1 2 3 4 1 Gro88 national product 103.8 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 319.5 328.2 329.5 334.6 339.7 Less: Capital consumption allowances.. 8.8 7.2 8.1 9.3 14.8 17.6 19.1 21.2 23.5 22.6 23.1 23.7 24.5 25.1 Indirect business tax and related liabilities 7.0 7.1 9.4 11 3 18.7 20.4 21.7 23.8 25.4 25.9 24.9 25.1 25.8 26.3 Business transfer payments .6 .7 .5 5 .7 .7 .7 .8 .8 .8 .8 .8 .8 8 Statistical discrepancy __ « 1.2 1.4 1 6 .3 -3.2 -.8 -1.8 '3.2 1.6 5.9 2.3 '3.5 n.a. Plus: Subsidies less current surplus of government enterprises — .1 (i) •> .1 — .1 .0 .0 .3 .5 g 8 4 1 4 Equals: National income 87.4 39.6 72.5 103.8 198.7 223.5 216.7 239.0 '275.5 269.4 274.3 278.0 '280.1 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 30.5 36.2 '42.8 42.9 43.0 42.6 '42.5 n.a. Contributions tor social insurance.. .2 .3 2.1 2.8 5.7 5.2 5.7 7.0 8.5 8.3 8.4 8.5 8.6 9.1 Excess of wage accruals over disbursements.. .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .7 -.7 .0 Plus: Government transfer payments... .9 1.5 2.5 2.6 11.1 10.5 11.6 14.3 11.7 11.5 11.8 11.8 11.8 11.9 Net interest paid by government... 1.0 1.2 1.2 1.3 4.4 4.5 4.6 4.7 4.9 4.8 4.8 4.8 4.9 4.9 Dividends 5.8 2.1 3.8 4.5 6.6 7.2 7.6 9.2 9.4 8.8 9.6 9.6 9.8 9.1 Business transfer payments .6 ,7 .5 .5 .7 .7 .7 .8 .8 .8 .8 .8 .8 .8 Equals: Personal income 85.1 46.6 72.6 95.3 191.0 209.5 205.1 224.7 251.1 244.1 249.9 253.2 257.0 257.9 Less: Personal tax and related payments. 2.6 1.5 2.4 3.3 21.5 21.1 18.6 20.5 28.4 27.6 28.1 28.4 29.7 31.6 Federal 1.3 .5 1.2 2.0 19.6 19.0 16.2 17.8 25.5 24.7 25.1 25.4 26.7 28.4 1.4 1.0 1.2 1.3 1.9 2.1 2.5 2.7 3.0 2.9 3.0 3.0 3.1 3.2 State and local 82.5 45.2 70.2 92.0 169.5 188.4 186.4 204.3 222.6 216.5 221.8 224.9 227.2 226.3 Equals: Disposable personal income 78.8 46.3 67.5 82.3 165.6 177.9 180.2 193.6 205.5 208.8 202.4 204.0 206.7 209.6 Less:Personal consumption expenditures 3.7 -1.2 2.7 9.8 3.9 10.5 6.3 10.7 17.2 7.8 19.4 20.8 20.5 16.7 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annualrates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 1 2 3 4 1 National income 87.4 39.6 72.5 103.8 198.7 223.5 216.7 239.0 '275.5 269.4 274.3 278.0 '280.1 n.a. Compensation of employees 50.8 29.3 47 8 64 3 128.0 140.2 139.9 153.3 178.1 172.1 177.4 180.6 182.0 185.8 ^Vages and salaries * 50.2 28.8 45.7 61.7 122.1 134.4 133.4 145.8 169.4 163.6 168.9 171.7 173.1 176.8 45.2 23.7 37.5 51.5 104.8 115.7 113.0 123.6 140.3 137.1 140.6 141.3 142.0 144.9 Military 3 .3 4 1 9 4 1 4 0 4.2 5.1 n.a. 7.8 8.9 9.6 n.a. n.a. Government civilian 4 6 4 9 7 8 8 3 13 2 14 7 16 1 17 2 n.a. 18 8 19.4 20 9 n.a n.a. Supplements to wages and salaries.. .6 .5 2.1 2.6 5.9 5.8 6.5 7.5 8.7 8.5 8.7 8.9 8.9 9.0 Proprietors' and rental income ».. 19.7 7.2 14.7 20.8 42.4 47.3 41.4 44.0 48.9 48.8 48.1 49 1 49.8 48.6 Farm 8 5 . 3 7 2 2 .9 3 6 4 .8 5 9 6 .6 9 1 15 9 .8 6 2 1 2 7 . 1 7 2 1 0 3 . 9 0 2 1 2 3 . 3 7 2 1 3 6 . . 7 9 2 1 4 6 . . 1 4 2 1 3 6 . . 6 3 2 1 3 7 . . 4 3 2 1 3 7 . . 6 6 2 1 4 5 . . 2 9 5.8 2.0 3.5 4.3 7.1 7.5 7.5 8.0 8.3 8.3 8.2 8.4 8.5 8.5 Corporate profits and inventory valuation adjustment 10.3 -2.0 5 8 14.6 24.7 31.7 30.5 36.2 '42.8 42.9 43.0 42.6 '42.5 n.a. C In o v C C r e p o o n o r r t r p p o a o o r t r r y e a a t t p v e e r a o p p lu f r r i a o o ts t f f i i i b o t t s s e n f t a o a a f r t x e d e r j t l u a i t a s x a t b x m il e it n y t . . . . . . 9 8 1 . 4 . , 8 4 5 -2 -. . 4 1 . . 2 5 6 5 1 . . . 5 0 5 - 1 2 7 9 7 . . . . 6 2 4 8 - 3 1 1 5 0 8 1 . . 8 . . 5 5 9 - 3 2 1 2 3 0 3 . . . 1 . 8 7 0 2 1 1 8 2 1 7 . . . . 3 1 0 3 - 4 2 1 5 1 2 8 . . . . 1 4 8 6 r ' ' - 1 2 4 1 8 5 4 . . . . 5 9 3 3 ' ' - 2 2 5 8 1 2 9 . . . . 8 9 2 6 ' ' - 2 1 4 2 5 9 5 . . . . 3 9 4 4 ' ' 2 1 3 2 7 2 9 . . . . 8 8 0 8 r ' ' 2 1 4 2 7 2 0 . . . . 9 1 5 0 n n n - . . . a a . a 1 . . . Net interest 6.5 5.0 4.2 4.1 3.5 4.3 4.9 5.4 5.7 5.6 5.7 5.8 5.8 5.9 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 1 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. 550 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 annual rates by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 1 2 3 4 1 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 319.5 328.2 329.5 334.6 339.7 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.2 193.6 205.5 208.8 202.4 204.0 206.7 209.6 Durable goods 9.4 3.5 6.7 9.8 21.4 22.9 23.9 29.2 26.8 31.3 25.9 25.2 25.0 25.0 Nondurable goods 37.7 22.3 35.3 44.0 95.1 100.9 98.7 102.3 111.8 112.1 110.1 111.5 113.6 115.6 31.7 20.6 25.5 28.5 49.1 54.1 57.6 62.1 66.8 65.4 66.5 67.3 68.1 69.0 Gross private domestic investment 15.8 1.3 9.9 18.3 30.2 42.7 33.0 48.9 59.1 60.2 65.6 56.6 54.6 53.4 New construction * 7.8 1.1 4.9 6.8 13.9 17.7 17.2 22.1 22.2 23.8 22.7 21.6 20.7 22.7 3.6 .5 2.7 3.5 6.3 8.6 8.3 12.6 10.9 12.9 10.9 9.8 10.1 10.9 Other .... 4.2 .7 2.2 3.3 7.6 9.1 9.0 9.5 11.3 10.9 11.7 11.8 10.6 11.9 Producers' durable equipment 6.4 1.8 4.6 7.7 17.1 19.9 19.0 22.5 27.3 25.9 27.2 27.0 29.0 30.4 Change in business inventories.... 1.6 -1.6 .4 3.9 -.8 5.0 -3.2 4.3 9.7 10.6 15.8 8.0 4.9 .2 Nonfarm only 1.8 — 1.3 .3 3.4 1.4 3.7 -2.5 3.6 8.0 9.1 14.1 6.2 3.3 -1.2 Net foreign investment .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 -2.7 -.1 1.2 2.5 2.0 Government purchases of 8.5 8.0 13.1 24.7 28.6 36.6 43.6 42.5 63.0 53.2 60.3 67.7 70.7 74.7 Federal 1.3 2.0 5.2 16.9 15.8 21.0 25.5 22.8 41.6 32.2 38.9 46.2 49.0 52.3 O N t a h t e io r nal security \ 11 .3i 2.0 3 1 . . 9 3 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 9 . . 9 1 3 4 7 . . 2 5 2 3 8 . . 5 9 3 3 5 . . 7 3 4 4 1 . . 6 8 4 5 4 . . 1 1 4 5 7 . . 2 2 Less: Government sales2 (3) (») (8) («) 1.3 .6 .4 .2 .2 .2 .2 .2 .2 .2 State and local Hi 5.9 7.9 7.8 12.8 15.6 18.1 19.7 21.4 21.0 21.3 21.4 21.7 22.4 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 re T c o e t i a p l ts4 b m T u d o e i r t s n s a - e t l s - Wag d p m i e C u n ro o g s o a d d t m r n i u i i n d t e c - y - s - sal D a i r u n i t y s r t d i i t u e v r d i s s e b i - s - bu S r i e s n t r e r d v i m e u ic s s e e - nts m G er o e n v n - - t in O l c a t o b h m o e r r e1 i p n r r e c P a i n o e n ro m t t d a o - l e rs 6 ' i i n n d s p t a c o e e e n o n n r r d m d a e - l s 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 o i u o t i e r n a r r n i a 8 l - - s l i a n g N t c u r o o i r c m a n u l - l e - 1 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—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—Tanuary 257 7 172 1 175.8 76.7 46.8 20.7 31.6 3.9 49.9 19.3 12.9 4.1 C235.8 February 258.3 173.7 177.3 77.4 47.0 20.9 32.0 3.9 48.6 19.9 12.6 4.0 238.0 c Corrected. 1 Includes construction expenditures for crude petroleum and natural gas drilling. '•Consists of sales abroad and domestic sales of surplus consumption goods and materials. *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. MAY 1952 551 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 o s e e t t d n a a i t l l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans * no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2.143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1.431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4 976 2,061 891 200 691 1.170 2,915 428 1 758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 8 677 4,000 1,648 544 1,104 2,352 4,677 749 3 054 874 1947 11,862 6,434 3.086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16 809 10,890 6,240 3,144 3,096 4,650 5 919 1,018 3 909 992 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 L,332 4,239 1,067 1951 20,644 13,510 7,546 4,039 3.507 5,964 7,134 1,436 4,587 L ,111 1951—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 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4,253 1,114 February v 19,716 13,184 7,158 3,927 3,231 6,026 6,532 1,448 3,967 1,117 March? . . . 19,557 13,149 7.C47 3,891 3,156 6,102 6,408 1,449 3,855 1,104 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - l l p S c l a 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 - J 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 - m I l i r n o z e o a s a a p n u d t n a i d r e s o i e r r n d n 8 - b m C a e n o r k c m s ia - » l p S c l a m o o n a m 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 l t n o o r d i i a m a u e n l s s - - 2 u C n r i e o d n it s 1939 1 .632 523 448 131 99 135 96 200 680 827 261 194 237 1940 . . .. 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 >,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 .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 L .268 301 229 542 176 938 4,198 2,437 528 417 947 1951—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 L.119 286 205 514 161 852 340 184 41 31 72 May 5,672 2,506 ,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. . .. 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February? . . 6,026 2,542 1,275 301 232 545 176 955 373 181 46 37 91 March? 6,102 2,592 1,285 303 235 553 177 957 429 216 52 41 95 p Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of March amounted to 111 million dollars and other loans made during March were 15 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 nonconsumer loans. 552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e n a o d r n t o o h f r in e m T g x o o c a b l t u a u i d l l t e , o - - s o m m t a r o n e a d r i n d e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o p u r c l l s d e e i e s - - J s e t 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 Total c P ha u s r e - d D lo i a r n ec s t c d h p a ir a u n e s r d c e - t d l e o m r t a n i o o n iz d n s a - 12 - i l m c n o a s a e s t n n a h s 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 ,107 1940 1,721 439 599 302 110 271 1951 5,434 1,061 1,192 1,031 937 ,213 1941 1,802 466 619 313 120 284 1942 . 1,135 252 440 188 76 179 1951—February 5,530 1,096 1,222 1,217 877 ,118 1943 707 172 289 78 57 111 March 5,516 1,079 1,232 1,190 874 ,141 1944. 691 183 293 50 56 109 April 5,490 1,072 1,242 1,153 875 ,148 1945 715 198 296 51 57 113 May 5,489 1,083 1,248 1,123 882 ,153 1946. 1,104 337 386 118 89 174 June 5,481 1,090 1,246 1,098 883 ,164 1947.. .. 1,935 650 587 249 144 305 July 5,430 1,086 1,230 1,068 886 ,160 1948 2,567 874 750 387 152 404 August 5.472 1,097 1,240 1,059 899 ,177 1949. 3,096 1,010 935 500 163 488 September.., 5.440 1,105 1,239 1,004 911 ,181 1950 3,778 1,245 1,029 710 794 October 5,442 1,090 1,226 1,010 925 ,191 1951 3,507 1,186 971 613 737 November.., 5,436 1,079 1,209 1,017 937 ,194 December. . . 5,434 1,061 1,192 1,031 937 1,213 1951 February.. 3,531 1,162 956 677 736 1952—January 5.418 1,042 1,184 1,034 928 1,230 March.... 3,422 L ,133 924 655 710 February?... 5,412 1,038 1,186 1,016 924 1,248 April..... 3,336 1,103 905 636 692 March? 5,446 1,036 1,196 1,007 922 1,285 May 3,268 1,084 890 616 678 June. 3,193 L 055 874 602 662 Volume extended dur- July 3,112 1,022 854 590 646 ing month: August.... 3,109 1,015 859 590 645 1951—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 L.056 890 607 668 April 625 118 153 125 56 173 November. 3,300 1,099 908 608 685 May 683 140 166 132 65 180 December . 3,507 1,186 971 613 737 June 666 143 160 115 64 184 1952 July 642 137 150 115 62 178 January... 3,360 1,129 933 592 706 August 738 162 187 131 70 188 FebruaryP. 3,231 1,082 909 567 673 September... 682 150 166 126 67 173 March P. . . 3,156 1,060 893 548 655 October 744 150 168 153 82 191 November... 689 136 152 147 72 182 December.. . 686 117 149 157 70 193 1952—January 714 131 170 146 57 210 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL February?.. . 679 135 167 130 55 192 BANKS, BY TYPE OF CREDIT March? 758 144 185 138 62 229 [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 sti M m P at A es N . IE I S n , m B i Y lli o T ns Y P o E f d O ol F la rs C ] REDIT Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o n l2 l c o a a s n h s Year or month Total A m ut e o n - t paper 2 m iz o a a d n ti e d o rn n - i m n c s a e t s a n h l t mobile Other loans 1 2 loans Outstanding at end Outstanding at end o 1 1 1 9 9 f 9 5 4 5 p 1 9 0 eriod: 3 3 4 4 9 0 3 1 4 . . . 2 0 1 1 1 9 1 1 3 8 8 . . . 6 9 5 6 8 7 1 3 9 . . . 2 1 7 5 5 5 4 5 6 . . . 9 4 5 1 1 1 3 4 3 1 7 7 . . . 1 5 9 o 1 1 1 f 9 9 9 5 4 5 p 1 9 0 eriod: 2 2 1 2 5 9 6 4 5 . . . 9 7 3 4 5 6 7 3 3. . . 2 9 5 3 4 4 1 1 7 . . . 4 3 1 6 7 7 . . 5 2 3 1 1 1 3 1 2 7 0 3 . . . 6 6 3 1951— J J A A S O N D M M F u u e p o e u c e n l a p a c y r v g t b y e t i r o e e e r u l c m u b m m s h a e t b b b . r . r e . y e e . . . . r . r r . . . . . 4 3 3 3 3 3 3 3 4 4 3 0 8 8 9 8 8 0 8 0 9 8 4 2 1 5 5 4 2 2 1 6 2 . . . . . . . . . . . 7 1 7 1 8 4 4 5 0 5 3 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 2 2 2 1 2 1 0 6 6 6 9 3 3 3 8 1 8 . . . . . . . . . . . 2 5 9 4 6 9 9 1 0 9 9 8 7 7 7 7 7 7 7 7 7 7 1 4 0 7 6 3 1 2 5 5 7 . . . . . . . . . . . 2 2 7 4 4 6 6 9 3 7 8 5 5 5 5 5 5 5 5 5 5 5 2 2 2 6 2 1 6 2 4 3 6 . . . . . . . . . . 9 4 5 6 8 7 5 3 8 1 0 1 1 1 1 1 1 1 1 1 1 1 3 3 4 4 3 3 3 4 4 4 4 7 9 7 4 5 9 9 1 3 6 6 . . . . . . . . . . . 7 9 5 0 8 9 1 3 3 0 3 1951— J A A J S O N M M D F u u e p u o e e c n a l a p r c b y v g t y e r i t o e r e e u l c u m b m m s h a e t b b r . b . r . y e e e . . . . r r r . . . . . 2 2 2 2 2 2 2 2 2 2 2 5 2 2 3 2 3 4 4 3 4 5 5 8 5 2 6 5 7 1 0 5 0 . . . . . . . . . . . 1 1 6 9 4 3 6 4 3 5 3 5 6 5 5 5 6 6 6 5 6 6 6 3 9 3 7 3 0 9 3 3 7 . . . . . . . . . . . 2 8 2 5 2 1 7 5 8 4 8 4 4 3 3 4 4 4 4 4 4 4 0 0 4 9 9 5 2 0 0 6 7 . . . . . . . . . . . 2 5 5 6 6 8 4 0 8 1 3 6 7 7 7 7 7 7 7 7 7 7 . . . . . . . . . 2 1 6 1 2 0 0 3 4 9 0 1 1 1 1 1 1 1 1 1 1 1 3 2 2 2 2 2 3 3 2 3 2 0 3 3 4 1 2 7 5 7 0 8 . . . . . . . . . . . 2 4 2 8 1 6 3 9 7 5 0 1952— F M J e a a b n r u r c u a h a ry ? ry . . . P . . . 4 4 40 0 0 5 3 2 . . . 8 9 6 1 1 11 1 1 6 6 6 . . . 6 5 3 8 8 81 1 1 . . . 2 4 4 5 5 5 5 6 6 . . . 4 1 3 1 1 1 4 5 4 8 2 9 . . . 6 9 6 1952— F M J e a a b n r u r c u a h a ry r ? y . . . ? . . . 2 2 2 6 5 5 0 6 7 . . . 2 9 7 6 6 6 2 2 2 . . . 5 6 4 4 4 4 7 8 7 . . . 8 0 4 7 7 7 . . . 2 0 1 1 1 1 4 3 4 2 9 0 . . . 5 5 8 Volume extended Volume extended d 1 u 9 r 5 i 1 n — g J J A M A O D M S N m F u u e p e o u c e a n l o a p c r y v t g b y e i n t r o e e r e l u c t m u b m m s h h a e t : b b b . . r r . y e e e . . . . r . r . r . . . . 4 4 4 4 4 5 3 5 6 5 5 8 3 6 4 9 8 8 8 0 1 2 . . . . . . . . . . . 5 6 8 9 3 8 2 3 4 0 3 1 1 1 1 1 1 1 1 1 1 1 5 2 5 4 3 9 0 6 3 7 4 . . . . . . . . . . . 2 4 6 9 1 4 8 2 6 1 3 1 1 1 1 1 8 8 7 7 7 7 0 2 2 0 1 . . . . . . . . . . 5 3 2 8 8 6 2 4 8 8 4 3 3 3 4 2 3 3 3 4 5 4 . . . . . . . . . . . 0 8 2 4 8 9 3 5 3 1 1 2 2 2 2 2 2 2 2 2 2 1 2 0 2 1 2 4 4 0 5 1 8 . . . . . . . . . . . 2 7 9 5 0 3 1 5 3 8 0 d 1 u 9 r 5 i 1 n — g J A J M M A S O N D m F u u e u e o p e c a p n l o a c v b r t y g y t e n r i e o e r u e l c m u t b m m s h h a e t b : b b r . . r e y . e e . . r . r . r . . . . . 3 3 3 4 2 3 3 3 4 4 3 5 4 3 4 6 7 2 1 7 2 9 . . . . . . . . . . . 9 1 3 6 8 9 4 6 5 3 8 1 6 9 8 8 9 9 7 9 9 7 1 . . . . . . . . . . . 9 4 8 0 6 4 3 4 4 0 5 3 4 4 4 4 5 6 6 6 7 7 . . . . . . . . . . . 2 2 8 9 9 4 2 6 9 7 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . 5 5 4 5 7 6 7 5 6 4 3 2 2 2 2 2 2 2 2 2 2 1 1 1 0 1 1 7 3 3 3 0 7 . . . . . . . . . . . 6 2 7 3 2 3 5 4 6 3 9 1952—January . . 52.5 14.3 11.8 3.5 22.9 1952—January . . 39.4 9.2 5.7 0.5 24.0 F M e a b r r c u h ar ? y .. ? . . 5 57 1 . . 5 8 1 1 5 6 . . 2 8 1 10 0 . . 6 1 3 4 . . 7 1 2 2 2 6 . . 8 0 F M e a b r r c u h ar ? y .. ? . . 3 4 8 2. . 2 3 8 9 . . 9 1 5 7 . . 7 1 0 0 . . 5 6 2 2 3 5 . . 2 4 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. MAY 1952 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en t p ag re e c e c d h i a n n g ge f m P ro e o m r n c t e h c n o t o a r f r g e e p s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts month year Item 1 M 95 a 2 r. P F 19 e 5 b 2 . J 1 a 95 n 2 . 1 M 95 a 2 r. ? F 19 e 5 b 2 . J 1 a 95 n 2 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: '951 Total +5 +1 -40 -6 -4 -12 February 17 10 11 46 Cash sales +2 -9 -39 -8 -10 -16 March 19 11 12 50 Credit sales: April 18 11 11 47 Instalment +8 +6 -46 +1 +4 -6 May 18 11 11 49 Charge account 0 -22 -23 -19 -24 J J u u l n y e , 1 1 9 8 1 1 1 1 1 1 2 2 4 4 9 6 Accounts receivable, end August 19 12 12 48 of month: September 19 11 12 47 Total % -2 -2 -5 -4 -2 -7 October 21 12 12 50 Instalment -1 -2 -5 -1 -3 -4 November 21 11 12 50 December 19 11 12 45 Collections during month: 1952 Total +4 -8 +8 -8 -6 -6 January 19 10 13 47 Instalment. +7 -8 +6 -5 -3 -3 February 18 10 13 45 March? 20 11 13 48 Inventories, end of month, at retail value. +4 +2 -1 -16 -13 -8 P Preliminary. 1 Collections during month as percentage of accounts outstanding at J» Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100 Percentage of total sales Year or month Sales during month A a cc t o e u n n d t s o r f e c m e o iv n a t b h le Collec m tio o n n s t h during Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash Instal- Charge I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950. 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1951—February. . . . 82 73 116 89 199 125 169 130 46 10 44 March 101 91 129 109 194 120 186 125 48 9 43 April 91 83 109 98 186 116 167 113 48 9 43 May 100 91 113 109 178 118 163 114 48 8 44 June 95 91 103 100 171 115 161 114 50 8 42 July 75 71 90 76 163 103 148 106 50 9 41 August 90 83 127 93 162 103 151 99 48 11 41 September. . . 101 90 138 107 166 113 151 97 47 10 43 October 113 101 164 121 172 122 163 114 46 11 43 November. . . 129 115 171 138 182 136 169 121 47 10 43 December.... 177 167 205 185 197 177 168 122 49 9 42 1952—January 84 77 110 89 190 142 180 165 48 10 42 February. . . . 79 72 106 83 182 124 162 129 48 10 42 March P 91 83 122 96 178 118 172 118 48 10 42 P Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 545. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All All Central reserve Reserve national State city member banks city Country All member banks x member member member member banks banks banks banks New York Chicago 1951 Year 1951 [Earnings 2,828,342 2,985,639 3,264,686 3,668,715 2,446,121 1,222,594 607,840 151,297 1,412,931 1,496,648 Interest and dividends on securities: U. S. Government 854,803 859,218 865,063 831,920 567,184 264,736 126,947 45,048 297,525 362,399 Other 157,844 168,502 190,173 210,766 147,954 62,812 37,338 12,377 76,654 84,398 Interest and discount on loans 1,289,454 1,405,636 1,607,967 1,974,325 1,336,049 638,276 302,990 68,337 788,931 814,069 Other charges on loans... 18,331 21,434 26,068 28,670 18,922 9,748 5,000 1,018 14,942 7,710 Service charges on deposits 141,133 157,957 172,489 186,872 128,732 58,140 17,572 1,954 71,608 95,739 Other charges, fees, etc... 65,329 64,497 70,754 79,003 50,575 28,428 11,203 1,200 29,459 37,142 Trust department 147,513 151,384 170,519 182,421 75,110 107,311 63,521 14,483 68,005 36,413 Other current earnings... 153,935 157,012 161,655 174,737 121,595 53,142 43,269 6,881 65,807 58,780 [Expenses 1,795,225 1,888,915 2,019,746 2,231,946 1,474,064 757,882 334,025 83,298 860,830 953,793 Salaries—officers 297,325 318,189 344,777 375,298 249,290 126,008 47,994 12,160 121,040 194,104 Salaries and wages—others 578,468 607,927 655,151 750,039 480,542 269,497 147,899 28,345 307,759 266,035 Directors' fees, etc... . 14,910 16,064 17,449 19,150 12,939 6,211 1,434 182 3,414 14,120 Interest on time deposits. 250,487 261,102 271,016 305,536 217,742 87,794 11,945 12,378 134,210 147,002 Interest on borrowed money 3,133 3,336 3,895 9,077 5,409 3,668 3,299 470 3,884 1,424 Taxes other than income. 89,928 96,285 108,854 114,958 76,764 38,194 13,128 4,541 47,658 49,631 Recurring depreciation... 39,376 43,901 48,016 53,067 36,971 16,096 3,757 687 18,746 29,876 Other current expenses... 521,598 542,111 570,588 604,822 394,407 210,415 104,568 24,535 224,118 251,602 Net current earnings before income taxes. . . 1,033,117 1,096,724 1,244,941 1,436,769 972,057 464,712 273,815 67,999 552,101 542,855 {Recoveries, transfers from reserves, and profits.. 242,523 182,476 218,570 148,624 95,172 53,452 28,970 8,825 70,095 40,734 On securities: Recoveries 26,477 13,447 12,789 13,531 5,614 7,917 5,288 710 3,739 3,795 Transfers from reserves 23,363 22,289 36,799 10,936 7,058 3,878 1,353 517 7,256 1,810 Profits on securities. . . 54,754 63,943 82,149 51,881 39,700 12,181 10,423 3,780 29,664 8,013 On loans: Recoveries 33,908 18,125 22,548 17,577 11,760 5,817 2,251 624 5,277 9,424 Transfers from reserves 45,547 24,918 26,960 25,622 12,129 13,493 4,682 1,807 12,045 7,089 All other 58,474 39,753 37,327 29,076 18,911 10,165 4,973 1,387 12,114 10,603 [Losses, charge-offs, and transfers to reserves. 421,175 317,875 313,661 338,857 230,443 108,414 46,522 21,482 151,302 119,551 On securities: Losses and charge-offs.. 68,334 30,857 32,623 72,103 51,095 21,008 5,685 7,651 29,842 28,926 Transfers to reserves... 35,521 28,004 50,933 28,418 17,127 11,291 2,972 1,197 17,790 6,459 On loans: Losses and charge-offs.. 23,784 19,152 14,269 13,555 9,556 3,999 971 404 1,296 10,883 Transfers to reserves... 247,178 191,254 166,272 180,034 125,339 54,695 32,557 11,058 82,888 53,532 All other 46,358 48,607 49,565 44,747 27,326 17,421 4,338 1,172 19,486 19,751 IProfits before income taxes 854,465 961,325 1,149,850 1,246,536 836,786 409,750 256,262 55,341 470,894 464,039 Taxes on net income.... 233,556 275,066 369,060 490,919 331,823 159,096 114,335 17,155 196,235 163,195 Federal 218,711 257,069 346,909 465,480 316,357 149,123 103,846 17,155 187,789 156,690 State 14,845 17,997 22,151 25,439 15,466 9,973 10,489 8,446 6,505 Net profits 620,909 686,259 780,790 755,617 504,963 250,654 141,927 38,187 274,660 300,844 •Cash dividends declared. 293,818 312,666 345,522 370,504 247,304 123,200 93,225 15,750 147,028 114,502 On preferred stock 2 3,866 3,488 2,835 2,587 612 1,975 64 68 497 1,958 On common stock 289,952 309,178 342,687 367,917 246,692 121,225 93,161 15,682 146,531 112,543 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 7,017 2,399 3,036 2,085 1,098 987 894 17 927 246 On loans 9,305 17,512 17,016 25,054 19,670 5,384 8,891 1,537 7,028 7,600 Losses charged to reserves (not included in losses above): On securities 17,079 5,144 5,808 15,919 6,355 9,564 553 394 12,886 2,086 On loans 39,645 61,857 46,329 55,581 44,314 11,267 5,631 1,198 28,935 19,816 Loans 34,186,509 35,249,000 39,098,000 47,016,000 10,288,000 2,246,00018,721,00015,762,000 U. S. Government securities. 54,735,701 54,063,000 54,916,000 50,075,000 8,200,000 2,690,00018,238,000 !0,947,000 Other securities 7,381,518 7,847,000 9,398,000 10,583,000 1,944,000 550,000 3,751,000 4,338,000 Cash assets 32,450,070 30,098,000 29,854,000 33,727,000 7,308,0001,970,00013,247,00011,201,000 Other assets 1,496,025 1,554,000 1,622,000 1,811,000 470,000 47,000 729,000 565,000 Total assets.... 130,249,823128,810,000134,889,000143,212,000 28,210,0007,503,000 54,686,000 52,813,000 Time deposits 28,720,582 29,145,000 29,506,000 30,074,000 1,941,0001,110,00011,895,00015,128,000 Total deposits 120,447,279118,264,000123,559,000130,760,000 () 24,623,000 6,910,000 50,396,000 48,831,000 Total capital accounts 8,629,770 8,999,000 9,455,000 9,947,000 (3). 2,387,000 498,000 3,409,000 3,652,000 Number of officers 46,278 47,454 48,967 50,553 35,125 15,428 3,497 859 13,504 32,693 Number of employees 247,628 250,367 263,643 282,266 183,174 99,092 46,012 9,241 111,859 115,154 Number of banks 6,918 6,892 6,873 6,840 4,939 1,901 22 13 321 6,484 See footnotes on pp. 556-558. MAY 1952 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 190,657 908,131 208,408 295,551 169,125 178,974 518,007 137,095 105,226 167,465 193,010 597,067 Interest and dividends on securities: U. S. Government 41,23? 197,300 50,122 78,262 40.895 39,008 155,578 30,704 23,532 38,169 36,558 100,561 Other 8,758 54,800 16,321 21,216 6,921 10,557 33,055 7,738 5,264 8,852 8,749 28,535 Interest and discount on loans 98,456 465,989 105,546 147,325 92,581 95,730 248,995 79,944 57,486 94,585 118,925 368,763 Other charges on loans.... 722 7,053 863 1,710 850 981 4,370 779 668 700 1,073 8.900 Service charges on deposits. 11,183 38,462 7,780 12,273 9,757 11,353 25,088 5,343 6,836 10,240 8,743 39,814 Other charges, fees, etc.. . . 3,984 17,407 2,506 4,775 5,281 7,166 9,608 4,007 4,935 3,181 4,866 11,288. Trust department 14,864 72,158 16,795 14,935 6,972 4,954 21,569 3,877 2,584 3,504 3,215 16,994 Other current earnings.. . . 11,458 54,962 8,473 15,055 5,869 9,225 19,744 4,704 3,921 8,234 10,882 22,212 Expenses 121,570 539,789 128,342 178,424 101,492 110,653 318,741 81,063 64.967 95,603 112,833 378,469 Salaries—officers 20,973 80,902 21,501 27,303 19,775 19,848 52,331 16,848 13,912 22,423 25,546 53,938. Salaries and wages—others 39,818 211,416 41,174 55,246 31,336 34,152 102,977 24,597 19,458 28,448 32,431 128,987 Directors' fees, etc 1,245 4,002 2,334 1,717 1,315 1,026 2,412 1,054 623 1,113 1,172 1,139' Interest on time deposits.. 13,208 45,788 17,075 28,262 13,321 11,319 53,389 8,383 8,688 8,061 5,637 92,405 Interest on borrowed money 288 3,998 457 393 260 201 1,009 300 252 478 76 1,364 Taxes other than income. . 5,796 22,114 6,680 17,318 5,160 6,925 15,786 4,696 2,302 3,804 10,441 13,936 Recurring depreciation... . 3,384 9,976 3,572 4,774 3,277 3,544 6,469 2,012 1,640 2,680 3,409 8,331 Other current expenses.... 36,859 161,595 35,550 43,413 27,048 33,639 84,369 23,173 18,092 28,596 34,120 78,369' Net current earnings before income taxes 69,087 368,342 80,066 117,127 67,632 68,321 199,266 56,032 40,260 71,862 80,177 218,598 Recoveries, transfers from reserves, and profits. . 7,816 44,555 11,226 24,779 3,924 4,179 18,300 4,580 2,996 4,114 6,172 15,984 On securities: Recoveries 409 5,761 1,754 672 218 233 1,720 366 111 425 472 725 Transfers from reserves. . . 1,006 2,783 1,812 460 201 762 1,860 378 107 254 55 1,259 Profits on securities 1,095 13,604 2,416 19,329 709 1,286 6,462 685 529 608 1,140 4,016 On loans: Recoveries 1,127 4,009 2,041 1,039 841 698 1,569 605 918 1,522 1,628 1,580 Transfers from reserves. 2,230 11,282 1,425 1,555 203 435 2,620 380 228 225 424 4,615 All other 1,949 7,116 1,778 1,725 1,751 765 4,069 2,167 437 1,080 2,452 3,789 Losses, charge-offs, and transfers to reserves. . 20,539 80,881 22,109 37,472 9,796 14,539 55,358 14,035 7,632 14,275 20,191 42,031 On securities: Losses and charge-offs. . 3,713 10,414 4,746 4,939 3,300 3,865 20,453 3,220 1,660 4,179 3,477 8,137 Transfers to reserves. . . 1,658 6,562 1,791 5,643 429 157 3,982 1,013 1,251 680 927 4,325 On loans: Losses and charge-offs. . 428 2,185 799 839 288 825 1,222 825 948 1,828 2,697 671 Transfers to reserves. . . 11,146 53,305 11,595 22,582 3,993 7,339 24,307 4,249 2,531 5,141 9,060 24,788 All other 3,593 8,415 3,179 3,469 1,786 2,354 5,395 4,728 1,242 2,446 4,031 4,110 Profits before income taxes 56,364 332,016 69,184 104,434 61,760 57,962 162,208 46,577 35,623 61,701 66,158 192,551 Taxes on net income 21,997 140,011 23,382 40,596 25,691 22,836 54,949 17,890 14,871 24,592 26,764 77,340 Federal . ... 18,754 127,637 23,382 40,596 25,364 22,276 54,865 17,537 13,361 23,501 26,738 71,467 State 3,243 12,374 326 559 84 353 1,509 1,091 It 5,873 Net profits . 34,367 192,005 45,801 63,838 36,069 35,126 107,259 28,687 20,753 37,109 39,393 115,211 Gash dividends declared. . 19,436 114,897 23,700 26,662 15,500 13,448 39,964 12,653 8,752 13,106 17,531 64,857 On preferred stock 2 18 1,598 113 71 26 9 324 43 43 2 16 326 On common stock 19,418 113,299 23,586 26,591 15,474 13,439 39,640 12,610 8,710 13,105 17,515 64,530 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 28 1,084 79 14 3 38 27 19 1 88 704 On loans 632 10,554 599 956 685 702 3,612 531 557 1,075 1,218 3,934 Losses charged to reserves (not included in losses above): On securities 403 3,210 656 3 344 677 12 1,387 1,135 12 162 101 4,821 On loans 3,319 10,111 1,972 2,488 1,517 2,253 4,271 1,736 1,109 2,500 6,292 18,013 Loans 2,357,000 13,718,0002,380,000 3,502,000 1,997,0001,986,000 6,093,000 1,863,0001,199,0001,977,0002,452,000 7,490,000 U. S. Government securities. 2,430,000 12,240,000 2,788,000 4,680,0002,424,000 2,364,000 9,396,000 1,854,0001,366,0002,344,0002,168,000 6,022,000 Other securities . . . . 488,000 2,855,000 755,000 963,000 340,000 485,000 1,734,000 367,000 279 000 478,000 385,000 1,453,000 Cash assets 1,507,000 9,200,000 1,632,000 2,554,000 1,625,0001,742,000 5,269,000 1,386,000 893^0001,933,0002,240,000 3,746,000 Other assets 121,000 600,000 99,000 135,000 83,000 88,000 180,000 51,000 34,000 57,000 103,000 261,000 Total assets 6,903,00038,614,000 7,654,000 11,835,0006,469,0006,665,00022,673,0005,520,0003,770,0006,790,0007,348,000 18,972,000 Time deposits 1 244,000 5,581,0001,941,000 3,252,000 1,350,0001 122 000 5 831 000 984,000 897,000 728,000 670,000 6,475,000 Total deposits 6,232,00034,174,0006,888,00010,862,000 5,969,0006,198,00021,152,0005,116 0003,493,0006,319,0006 855,00017,502,000 Total capital accounts 562,000 3,122,000 686,000 877,000 441,000 406,000 1,310,000 352,000 232,000 413,000 450,000 1,097,000 Number of officers 2,802 8,219 3,360 3,900 3,027 2,825 6 549 2,634 2,298 3 732 3,836 7 371 Number of employees 17,165 71,703 16,572 21,151 13,434 14,597 39^015 11,063 8,186 12',143 13,434 43^803 Number of banks 324 737 632 685 477 355 1,012 495 476 751 633 263- 1 Includes figures for ali banks that were members of the Federal Reserve System at the end of the year (including those becoming members during, the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Data may not add to totals because of rounding. 2 Includes interest on capital notes and debentures. 3 Not available on the 13-month basis used for all member banks. See note on p. 557. For other footnotes see pp. 557-558. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 67,952 36,985 79,893 163,647 71,183 75,414 154,684 66,295 34,221 83,937 85,926 492,796 Interest and dividends on securities: U. S. Government 12,542 7,010 14,328 42,561 18,518 15,261 52,226 12,650 6,032 19,477 15,217 81,702 Other 2,799 1,648 6,287 12,646 2,646 4,326 8,598 3,451 1,956 4,756 3,039 24,503 Interest and discount on loans. 34,937 21,009 40,910 77,675 35,254 41,288 71,123 40,521 20,224 46,806 53,691 305,493 Other charges on loans 381 401 493 1,250 356 781 1,995 496 214 261 680 7,635 Service charges on deposits. . . 2,125 2,637 2,117 5,467 4,206 3,491 10,214 1,772 1,412 3,657 1,836 32,674 Other charges, fees, etc 2,068 817 677 2,438 2,817 3,175 3,383 1,994 798 1,024 2,027 8,243 Trust department 7,496 904 11,328 12,392 4,628 2,812 2,981 3,200 2,087 2,881 2,558 14,738 Other current earnings 5,604 2,558 3,754 9,220 2,758 4,281 4,165 2,210 1,498 5,074 6,878 17,807 Expenses 39,054 25,588 48,591 96,265 41,794 46,832 100,366 37,465 20,728 46,984 48,501 308,662 Salaries—officers 6,524 3,300 6,986 11,772 7,406 6,779 12,563 . 6,139 3,161 7,419 8,000 40,992 Salaries and wages—others. . . 14,760 9,340 20,123 34,864 15,299 15,218 37,591 13,542 8,709 16,267 14,719 107,327 Directors' fees, etc 146 174 294 345 347 261 449 185 87 271 194 661 Interest on time deposits. . . . 1,595 3,113 1,600 12,867 3,244 4,733 16,633 2,783 1,702 4,234 3,041 78,665 Interest on borrowed money. . 89 140 308 332 159 134 487 256 216 392 44 1,327 Taxes other than income 1,885 944 2,431 9,738 2,460 3,558 4,484 2,198 460 1,913 5,679 11,908 Recurring depreciation 994 455 773 2,386 1,111 1,168 1,960 63 362 1,342 1,416 6,144 Other current expenses 13,062 8,121 16,074 23,962 11,769 14,982 26,200 11,724 6,031 15,146 15,408 61,638 Net current earnings before income taxes 28,897 11,396 31,303 67,382 29,389 28,582 54,318 28,830 13,493 36,953 37,425 184,134 Recoveries, transfers from reserves, and profits 3,805 4,899 7,120 21,659 2,030 2,356 5,445 2,807 694 1,909 3,200 14,171 On securities: Recoveries 10 1,200 333 78 438 227 114 327 259 675 Transfers from reserves 816 699 1,687 336 191 650 1,243 141 189 45 1,259 Profits on securities 433 894 1,345 18,623 326 912 1,602 457 "l02 421 836 3,714 On loans: Recoveries 396 73 970 547 292 353 363 175 321 385 268 1,135 All T o ra th n e sf r ers from reserves 1, 2 8 7 7 8 2 2, 2 9 9 3 4 9 1, 6 2 9 2 6 2 9 86 5 6 4 1,1 2 2 4 1 2 1 3 2 9 5 1,6 1 1 8 8 2 1,74 6 0 7 15 4 1 6 1 9 8 1,6 1 3 5 3 8 4 2 , , 4 9 5 3 7 1 142 Losses, charge-offs, and transfers to reserves 9,421 9,468 12,451 27,667 4,618 6,864 17,759 8,550 1,797 8,330 8,551 35,826 On securities: Losses and charge-offs 1,264 702 2,081 2,337 1,298 1,758 7,000 1,565 369 1,881 6,705 Transfers to reserves 757 1,808 1,590 5,077 390 2,248 850 153 343 4,038 On loans: Losses and charge-offs 34 11 202 10 25 81 43 262 293 140 194 Transfers to reserves 5,986 6,560 7,040 18,189 2,054 4,188 6,301 2,342 544 3,530 4,663 21,491 All other 1,381 387 1,741 1,861 867 893 2,129 3,749 469 1,088 3,398 1,524 Profits before income taxes. 23,281 6,828 25,971 61,374 26,801 24,074 42,004 23,087 12,391 30,532 162,479 32,074 Taxes on net income 9,562 2,155 9,674 25,733 11,832 10,181 15,637 10,684 5,980 14,409 65,039 Federal 7,866 1,978 9,674 25,733 11,674 9,987 15,614 10,417 5,247 13,801 15,349 60,451 State 1,696 176 195 23 268 733 609 15,349 4,588 158 Net profits 13,719 4,674 16,298 35,641 13,893 26,367 12,402 6,411 16,122 16,725 97,440 14,968 Cash dividends declared. 8,636 3,116 10,885 16,472 6,289 10,526 7,292 3,216 6,265 9,426 57,793 On preferred stock 2 15 64 7,113 134 33 251 On common stock ' 8,636 3,101 'l 0,885 16,408 ' 6,289 10,393 ' 7,292 3,183 6,265 9,426 57,541 Memoranda items: 7,113 Recoveries credited to reserves (not included in recoveries above): On securities 77 69 10 3 2 9 1 84 667 On loans 246 238 592 210 1,148 179 104 434 438 3,044 Losses charged to reserves (not included in losses above): On securities 1,811 608 3,168 10 877 1,045 153 4,564 On loans 1,517 796 808 1,478 706 1,460 724 292 1,247 3,582 15,838 Loans 1,009,000 492,0001,063,0002,113,000 887,000 963,0001,713,0001,095,000 502,000 1,171,0001,368,000 6,343,000 U. S. Government securities. . . . 771,000 397,000 831,0002,651,0001,147,000 944,0003,268,000 795,000 369,000 1,254,000 914,000 4,899,000 Other securities 142,000 81,000 278,000 530,000 129,000 184,000 503,000 153,000 105,000 258,000 135,000 1,252,000 Cash assets 617,000 309,000 790,0001,627,000 797,000 823,0001,740,000 779,000 396,000 1,159,0001,092,000 3,117,000 Other assets 60,000 18,000 40,000 88,000 42,000 42,000 61,000 25,000 12,000 40,000 67,000 235,000 Total assets.... 2,600,0001,297,0003,003,0007,009,0003,002,0002,955,0007,286,0002,845,000 1,385,0003,882,0003,575,000 15,846,000 Time deposits 182,000 281,000 224,0001,524,000 443,000 428,000 2,037,000 339,000 166,000 389,000 379,000 5,501,000 Total deposits 2,307,0001,192,0002,696,000 6,,440099,,0000002,778,000 2,749,000 6,864,0002,625,000 1,265,0003,611,0003,317,000 14,582,000 Total capital accounts 226,000 89,000 250,000 519,000 187,000 170,000 346,000 179,000 87,000 222,000 224,000 911,000 Number of officers 656 357 641 1,084 773 748 1,226 667 320 853 758 5,421 Number of employees 5,824 3,495 7,265 12,175 6,358 6,272 14,054 5,860 3,193 6,583 5,778 35,002 Number of banks 10 25 32 21 75 20 30 27 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of the year 1948. For subsequent years these three call dates were used, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of the end of the year. Cash assets are comprised of cash, balances (continued on following page) For other footnotes see pp. 556-558. MAY 1952 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M a i p n ol n i e s - K C an it s y as Dallas Fra S nc a i n sco- Earnings 122,705 263,306 128,515 131,904 97,94: 103,560 212,026 70,801 71,005 83,528 107,084 104,271 Interest and dividends on securities: U. S. Government 28,689 63,342 35,794 35,701 22,37 23,74 58,304 18,054 17.5CO 18,691 21,340 18,859 Other 5,959 15,814 10,034 8,571 4,276 6,23: 12,081 4,28 3,308 4,096 5,709 4,032 Interest and discount on loans. 63,519 141,990 64,637 69,650 57,327 54,442 109,535 39,424 37,262 47,779 65,234 63,269 Other charges on loans 342 1,652 370 460 494 200 1,358 28. 454 439 393 1,266 Service charges on deposits. . . . 9,058 18,253 5,664 6,807 5,551 7,862 12,920 3,571 5,424 6,583 6,907 7,139 Other charges, fees, etc 1,916 5,387 1,830 2,338 2,464 3,991 5,026 2,013 4,137 2,156 2,839 3,045 Trust department 7,368 7,733 5,468 2,543 2,344 2,142 4,105 676 497 624 657 2,256 Other current earnings 5,855 9,134 4,719 5,835 3,110 4,944 8,698 2,494 2,423 3,160 4,004 4,405 Expenses 82,516 180,176 79,751 82,159 59,699 63,821 135,077 43,599 44,239 48,619 64,332 69,806 Salaries—officers 14,449 29,608 14,515 15,531 12,368 13,069 27,608 10,709 10,751 15,004 17,546 12,946 Salaries and wages—others.... 25,058 54,176 21,051 20,382 16,038 18,934 37,041 11,055 10,750 12,181 17,713 21,660 Directors' fees, etc 1,099 2,393 2,039 1,372 968 765 1,782 869 536 842 978 477 Interest on time deposits 11,613 30,730 15,475 15,394 10,077 6,586 24,378 5,600 6,986 3,827 2,5p6 13,740 Interest on borrowed money.. . 199 558 149 61 102 67 52 44 36 86 32 37 Taxes other than income 3,911 8,041 4,248 7,580 2,700 3,367 6,761 2,498 1,84: 1,892 4,762 2,028 Recurring depreciation 2,390 5,764 2,799 2,388 2,167 2,376 3,822 1,375 1,278 1,338 1,993 2,187 Other current expenses 23,797 48,905 19,475 19,451 15,279 18,657 33,634 11,449 12,062 13,449 18,712 16,731 Net current earnings before income taxes 40,189 83,131 48,764 49,745 38,244 39,739 76,95C 27,202 26,766 34,909 42,752 34,465 Recoveries, transfers from reserves, and profits 4,011 10,686 4,107 3,12C 1,894 1,823 4,030 1,773 2,30: 2,205 2,972 1,813 On securities: Recoveries 399 473 553 339 141 156 572 140 663 97 213 50 Transfers from reserves 190 731 125 124 10 112 100 237 10 65 10 Profits on securities 662 2,287 1,071 706 384 374 1,081 228 427 188 303 On loans: Recoveries 730 1,685 1,071 492 550 345 582 430 597 1,132 1,365 446 Transfers from reserves 357 3,661 203 688 180 310 631 313 213 112 262 158 All other 1,671 1,849 1,083 771 630 526 1,064 426 295 611 819 858 Losses, charge-offs, and transfers to reserves 11,117 24,891 9,658 9,806 5,178 7,674 16,116 5,485 5,835 5,945 11,640 6,206 On securities: Losses and charge-off s. 2,450 4,028 2,665 2,603 2,002 2,107 5,802 1,654 1,291 1,295 1,596 1.433 Transfers to reserves 901 1,782 200 566 39 157 537 163 1,098 145 584 288 On loans: Losses and charge-offs 394 1,203 799 637 278 800 736 782 686 1,522 2,570 476 Transfers to reserves 5,161 14,188 4,555 4,392 1,939 3,150 6,948 1.907 1,987 1,625 4,383 3,297 All other 2,212 3,690 1,438 1,608 920 1,461 2,094 979 7 73 1,358 2,506 712 Profits before income taxes. . 33,083 68,926 43,213 43,C6C 34,959 33,888 64,863 23,490 23,233 31,169 34,084 30,072 Taxes on net income 12,435 23,522 13,70? 14,863 13,858 12,655 22,158 7,205 8,891 10,183 11,416 12,301 Federal 10,888 21,813 13,709 14,863 13,690 12,290 22,097 7,120 8,115 9,701 11,390 11,016 State 1,547 1,709 168 365 61 85 776 26 1,285 Net profits 20,647 45,4C4 29,5C4 28,197 21,101 21,233 42,706 16,285 14,342 20,987 22,668 17,771 Cash dividends declared 10,8CC 18,556 12,814 10,19C 8,387 7,160 13,688 5,361 5,536 6,841 8,104 7,064 On preferred stock 2 18 1,519 113 26 9 122 43 10 2 16 75 On common stock 10,782 17,037 12,701 10,184 8,361 7,151 13,566 5,318 5,527 6,840 8,089 6,989 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 28 113 11 4 15 25 10 4 37 On loans 511 1,418 362 363 475 927 352 453 780 890 Losses charged to reserves (not included in losses above): On securities 403 846 48 176 26 2 116 91 12 9 101 256 On loans 1,802 3,684 1,165 1,011 1,029 1,548 1,612 1,011 817 1,253 2,711 2,175 Loans 1,348,0002,938,000 ,317,000 ,389,0001,110,000 ,023,000 ,134,000 768,000 697,000 806,000 1,084,0001,147,000 U. S. Government securities 1,659,0003,643,000 ,957,000 ,029,0001,277,000 ,420,000 ,438,000 ,059,000 996,000 ,090,000 1,254,0001,123,000 Other securities 346,000 830,000 477,000 433,000 211,000 302,000 681,000 214,000 174,000 220,000 250,000 200,000 Cash assets 890,000 ,584,000 842,000 928,000 828,000 919,000 ,556,000 607,000 497,000 774,000 1,148,000 629,000 Other assets 61,000 112,000 59,000 47,000 41,000 46,000 72,000 26,000 21,000 17,000 36,000 27,000 Total assets. 4,303,0009,107,0004,651,0004,826,0003,467,0003,710,000 ,882,000 ,674,0002,385,0002,908,0003,773,0003,126,000 Time deposits 1,062,0003,359,000 ,717,000 ,728,000 907,000 693,000 ,681,000 645,000 731,000 339,000 291,000 974,000 Total deposits 3,925,0008,359,000 ,192,000 ,453,000 ,191,000 ,449,000 ,376,000 ,491,000 ,228,000 ,707,0003,538,000 2,992211,,000000 Total capital accounts 336,000 646,000 436,000 358,000 254,000 236,000 466,000 173,000 145,000 191,000 226,000 186,000 Number of officers 2,146 4,365 2,719 2,816 2,254 2,077 4,464 1,967 1,978 2,879 3,078 1,950 Number of employees. 11,341 22,196 9,307 8,976 7,076 8,325 15,720 5,203 4,993 5,560 7,656 8,801 Number of banks 314 704 620 660 445 334 924 475 467 702 603 236 NOTE.—(cont.)—with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other footnotes see pp. 556-557. 558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1951 ALL MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 3,648,449 10,383 58,048 228,579 264,055 374,747 300,515 271,115 2,141,010 Interest and dividends on securities: U. S. Government 827,060 2,116 13,456 55,762 65,497 92,889 70,329 63,263 463,747 Other 210,155 439 2,658 12,827 16,172 22,465 17,387 13,015 125,193 Interest and discount on loans. . 1,965,924 6,656 35,020 132,114 145,410 197,810 158,544 144,235 1,146,135 Other charges on loans 28,610 32 167 836 1,506 2,206 2,143 19,834 Service charges on deposits 185,847 556 3,348 13,851 18,195 27,570 20,308 16,'236 85,783 Other charges, fees, etc 78,792 352 2,068 6,675 7,027 8,862 6,411 6,370 41,029 Trust department 177,993 39 759 2,389 8,582 10,548 11,462 144,213 Other current earnings 174,068 232 1,293 5,755 7,859 14,364 14,843 14,647 115,076 Expenses 2,218,471 6,709 36,576 144,156 167,901 242,617 195,563 171,031 1,253,919 Salaries—officers 372,988 2,600 12,368 39,495 37,684 45,683 33,124 27,977 174,058 Salaries and wages—others 745,349 859 6,057 30,001 41,935 70,155 61,953 56,691 477,699 Directors' fees, etc 19,045 192 1,024 3,763 3,282 3,193 1,708 1,254 4,630 Interest on time deposits 304,525 833 5,324 23,811 27,982 39,462 27,425 21,418 158,272 Interest on borrowed money... . 9,02 5 52 157 198 290 386 490 7,450 Taxes other than income 114,500 342 1,850 7,392 8,656 12,253 10,116 8,838 65,053 Recurring depreciation 52,872 180 1,031 4,635 5,445 7,728 5,633 5,131 23,089 Other current expenses 600,164 1,698 8,871 34,903 42,719 63,853 55,217 49,234 343,669" Net current earnings before income taxes 1,429,979 3,674 21,473 84,423 96,154 132,130 104,952 100,083 887,091 Recoveries, transfers from reserves, and profits 147,194 357 1,528 5,191 5,872 10,022 8,259 8,999 106,966 On securities: Recoveries 13,493 16 77 414 892 1,759 837 314 9,185 Transfers from reserves 10,910 155 147 287 907 887 8,527 Profits on securities 51,735 24 133 759 1,102 1,958 1,680 1,922 44,156- On loans: Recoveries 17,404 260 865 2,142 1,567 2,088 1,335 1,109 8,039< Transfers from reserves 25,455 4 115 509 667 1,089 1,222 2,298 19,552 All other 28,197 55 338 1,213 1,498 2,841 2,277 2,470 17,506 Losses, charge-offs, and transfers to reserves 336,778 759 3,611 14,809 20,499 30,071 25,826 25,072 216,132" On securities: Losses and charge-offs 71,805 438 3,256 5,134 8,872 6,497 6,141 41,381 Transfers to reserves 28,259 64 475 967 1,668 1,603 1,924 21,553. On loans: Losses and charge-offs 13,286 452 1,492 3,052 2,238 1,701 1,147 809 2,395 Transfers to reserves 179,499 112 986 5,305 8,411 12,967 12,428 12,272 127,017 All other 43,929 103 630 2,721 3,749 4,862 4,152 3,926 23,786 Profits before income taxes 1,240,394 3,272 19,390 74,805 81,527 112,081 87,385 84,010 777,925. Taxes on net income 488,314 697 4,217 19,269 26,297 41,295 34,440 35,953 326,146. Federal 463,053 660 3,958 18,436 25,218 39,713 33,443 34,677 306,947 State 25,261 37 259 833 1,079 1,583 997 1,276 19,198 Net profits 752,080 2,575 15,173 55,536 55,230 70,786 52,945 48,057 451,779 Cash dividends declared 368,940 881 4,915 18,431 19,530 27,209 22,274 18,577 257,125 On preferred stock 2 2,580 4 13 106 144 336 228 450 1,301 On common stock 366,360 877 4,902 18,325 19,386 26,873 22,046 18,127 255,823. Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 2,085 2 4 31 45 90 113 1,799' On loans 25,000 220 1,151 1,679 1,752 1,396 1,296 17,494 Losses charged to reserves (not included in losses above): On securities 15,901 4 76 101 417 747 848 13,707 On loans 55,475 45 539 2,852 3,783 5,062 3,357 4,081 35,755. Loans 49,466,329 103,651 600,363 2,404,003 2,752,465 3,996,142 3,419,922 3,272,680 32,917,103; U. S. Government securities 51,492,754 114,765 741,860 3,179,486 3,802,029 5,541,827 4,319,052 4,078,581 29,715,154 Other securities 11,053,517 19,012 120,673 646,642 882,000 1,250,758 971,962 738,646 6,423,824 Cash assets 39,194,535 97,437 533,221 2,112,151 2,341,139 3,350,958 2,885,725 2,849,095 25,024,809* Other assets 1,935,198 2,264 13,287 66,214 87,791 157,623 139,342 141,604 1,327,073 Total assets.... 153,142,333 337,129 2,009,404 8,408,496 9,865,424 14,297,308 11,736,003 11,080,606 95,407,963 Time deposits 30,971,909 78,569 512,860 2,352,949 2,952,162 4,300,424 3,007,473 2,333,967 15,433,505 Total deposits 140,759,308 302,387 1,830,406 7,748,090 9,150,477 13,300,034 10,932,396 10,368,153 87,127,365 Total capital accounts 10,181,757 34,163 173,756 640,032 679,541 925,502 722,516 628,197 6,378,050' Number of officers 50,360 912 3,392 8,442 6,582 6,597 4,106 3,250 17,079 Number of employees 281,099 628 3,533 14,843 18,515 29,831 25,412 23,424 164,913 Number of banks 6,824 401 1,209 2,369 1,311 878 316 147 193 1 Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year.. See note on preceding page regarding the composition of cash assets and total capital accounts. MAY 1952 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1951—Continued NATIONAL BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total 1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,433,791 7,428 39,279 170,598 193,949 271,820 196,613 176,906 1,377,198 Interest and dividends on securities: U. S. Government 563,903 1,537 9,311 42,736 49,688 69,793 49,119 43,172 298,547 Other 147,468 351 1,835 10,178 12,196 16,609 11,607 9,228 85,464 Interest and discount on loans. 1,329,364 4,720 23,367 96,707 105,017 142,102 101,236 91,720 764,495 Other charges on loans 18,870 20 128 607 1,099 1,201 1,350 1,306 13,159 Service charges on deposits. . . . 127,902 401 2,271 10,359 13,464 19,861 13,601 10,763 57,182 Other charges, fees, etc 50,415 228 1,433 5,035 5,039 6,268 4,129 4,355 23,928 Trust department 74,734 22 588 1,458 5,640 5,198 6,019 55,809 Other current earnings 121,135 171 912 4,388 5,988 10,346 10,373 10,343 78,614 Expenses 1,466,510 4,770 24,666 107,485 122,841 174,216 126,801 110,839 794,892 Salaries—officers 248,055 1,841 8,249 29,301 27,526 33,154 21,709 18,188 108,087 Salaries and wages—others.... 477,651 627 4,173 22,541 30,728 50,296 40,130 36,188 292,968 Directors' fees, etc 12,869 143 711 2,867 2,444 2,331 1,093 785 2,495 Interest on time deposits 217,270 581 3,590 17,697 20,083 27,786 17,271 12,806 117,456 Interest on borrowed money... 5,363 3 41 115 155 186 195 340 4,328 Taxes other than income 76,479 231 1,172 5,473 6,289 8,935 6,489 5,893 41,997 Recurring depreciation 36,853 130 710 3,532 4,039 5,675 3,687 3,301 15,779 Other current expenses 391,970 1,214 6,020 25,959 31,577 45,853 36,227 33,338 211,782 Net current earnings before income taxes 967,281 2,658 14,613 63,113 71,108 97,604 69,812 66,067 582,306 Recoveries, transfers from reserves and profits 94,681 263 1,071 4,045 4,405 6,566 4,328 4,883 69,120 On securities: Recoveries 5,588 4 56 356 725 1,518 514 237 2,178 Transfers from reserves 7,032 133 76 201 173 653 5,796 Profits on securities 39,572 21 102 619 871 1,280 983 1,567 34,129 On loans: Recoveries 11,690 193 635 1,672 1,174 1,572 947 800 4,697 Transfers from reserves 12,112 31 334 338 431 213 639 10,126 All other 18,687 " *45 247 931 1,221 1,564 1,498 987 12,194 Losses, charge-offs, and transfers to reserves 229,499 528 2,536 11,140 15,180 22,310 16,209 15,311 146,285 On securities: Losses and charge-offs 50,873 71 317 2,576 3,936 7,033 4,925 4,529 27,486 Transfers to reserves 17,127 1 40 369 766 1,216 435 559 13,741 On loans: Losses and charge-offs 9,556 303 1,084 2,348 1,708 1,374 1,009 525 1,205 Transfers to reserves 125,023 69 643 3,896 5,948 9,122 7,262 7,424 90,659 All other 26,920 84 1,951 2,822 3,565 2,578 2,274 13,194 452 Profits before income taxes. . . 832,463 2,393 56,018 60,333 81,860 57,931 55,639 505,141 13,148 Taxes on net income: 329,935 505 14,223 19,103 30,335 22,843 23,042 216,995 Federal 314,561 475 2,889 13,551 18,299 29,134 22,217 22,418 205,777 State 15,374 30 2,690 672 804 1,201 626 624 11,218 199 Net profits 502,528 1,888 10,259 41,795 41,230 51,525 35,088 32,597 288,146 Cash dividends declared 246,573 671 3,552 14,178 14,863 19,984 14,522 12,398 166,405 On preferred stock 605 1 5 76 66 122 42 127 166 On common stock 245,968 670 3,547 14,102 14,797 19,862 14,480 12,271 166,239 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 1,098 20 27 48 84 919 On loans 19,619 151 1,329 1,250 927 813 14,240 Losses charged to reserves (not included in losses above): On securities 6,355 51 54 127 120 274 5,729 On loans 44,213 34 351 2,103 2,946 3,630 2,009 2,799 30,341 Loans 32,310,391 72,722 396,073 1,749,932 1,988,060 2,841,945 2,205,027 2,132,84120,923,791 U. S. Government securities 35,054,517 82,072 504,537 2,414,595 2,867,053 4,146,472 3,027,371 2,796,05119,216,366 Other securities 7,873,848 14,658 81,398 505,461 658,789 935,643 657,176 521,120 4,499,603 Cash assets 25,943,176 69,576 358,744 1,582,864 1,759,847 2,513,805 2,014,312 2,056,71715,587,311 Other assets 1,254,384 1,693 9,323 50,273 64,662 111,317 90,991 90,908 835,217 Total assets... 102,436,316 240,721 1,350,075 6,303,125 7,338,41110,549,182 7,994,877 7,597,63761,062,288 Time deposits 21,157,833 53,528 339,325 1,737,301 2,125,595 3,043,121 1,943,347 1,475,25810,440,358 Total deposits 94,150,476 214,417 1,223,592 5,796,443 6,802,841 9,826,075 7,470,231 7,117,22055,699,657 Total capital accounts 6,650,359 25,827 122,469 491,978 512,224 673,120 474,394 426,740 3,923,607 Number of officers 35,093 653 2,264 6,275 4,891 4,851 2,709 2,077 11,373 Number of employees 183,084 453 2,437 11,132 13,663 21,308 16,569 15,035 102,487 Number of banks 4,928 1,760 977 653 217 100 129 See footnotes on preceding page. 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1951—Continued STATE MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,214,658 2,95! 18,769 57,981 70,106 102,927 103,902 94,209 763,812 Interest and dividends on securities: U. S. Government.... 263,15 579 4,145 13,026 15,809 23,096 21,210 20,091 165,200 Other 62,68 8, 823 2,649 3,976 5,856 5,780 3,787 39,729 Interest and discount on loans. 636,56C 1,936 11,653 35,407 40,393 55,708 57,308 52,515 381,640 Other charges on loans 9.74C 12 39 229 407 1,00. 793 580 6,675 Service charges on deposits. . . . 57,945 155 1,077 3,492 4,731 7,709 6,707 5,473 28,601 Other charges, fees, etc 28,37 12 635 1,640 1,988 2,594 2,28 2,01 17,101 Trust department 103,25' 1 171 931 2,942 5,350 5,443 88,404 Other current earnings 52,93^ 61 381 1,367 1,871 4,018 4,470 4,304 36,462 Expenses 751,96 1,93( 11,910 36,671 45,060 68,401 68,76: 60,192 459,027 Salaries—officers 124,933 759 4,119 10,194 10,158 12,529 11,415 9,789 65,971 Salaries and wages—others. . . . 267,698 232 1, 7,460 11,20' 19,859 21,823 20,503 184,731 Directors' fees, etc 6,176 49 313 896 838 862 61 469 2,135 Interest on time deposits 87,255 252 1,734 6,114 7,899 11,676 10,154 8,612 40,816 Interest on borrowed money.. . 3,665 11 42 43 104 191 150 3,122 Taxes other than ircame 38,02 111 678 1,919 2,36 3,318 3,627 2,945 23,056 Recurring depreciation 16,019 50 321 1,103 1,406 2,053 1,946 1,830 7,310 Other current expenses 208,194 484 2,851 8,944 11,142 18,000 18,990 15,896 131,887 Net current earnings before income taxes 462,698 1,016 6,860 21,310 25,046 34,526 35,140 34,016 304,785 Recoveries, transfers from reserves, and profits 52,513 94 457 1,146 1,46' 3,456 3,931 4,116 37,846 On securities: Recoveries 7,905 12 21 58 16' 241 323 77 7,007 Transfers from reserves 3,878 2: 71 86 734 234 2,731 Fronts on securities 12,163 " 31 140 231 678 697 355 10,027 On loans: Recoveries 5,714 230 470 39. 516 388 309 3,342 Transfers from reserves 13,343 84 175 329 658 1,009 1,659 9,426 All other 9,510 91 282 277 1,277 779 1,483 5,312 Losses, charge-offs, and transfers to reserves 107,279 231 1,075 3,669 5,319 7,761 9,617 9,761 69,847 On securities: Losses and charge-offs 20,932 15 121 680 1,198 1,839 1,572 1,612 13,895 Transfers to reserves 11,132 24 106 201 452 1,168 1,365 7,812 On loans: Losses and charge-offs 3,730 149 408 704 530 327 138 284 1,190 Transfer to reserves 54,476 43 34. 1,409 2,463 3,845 5,166 4,848 36,358 All other 17,009 19 178 770 927 1,297 1,574 1,652 10,592 Profits before income taxes. . . . 407,931 879 6,242 18,787 21,194 30,221 29,454 28,371 272,784 Taxes on net income. . 158,379 192 1,328 5,046 7,194 10,960 11,597 12,911 109,151 Federal 148,49: 185 1,268 4,885 6,919 10,579 11,226 12,259 101,170 State 9,887 60 161 275 382 371 652 7,980 Net profits. 249,552 687 4,914 13,741 14,000 19,261 17,857 15,460 163,633 Cash dividends declared 122,367 210 1,363 4,253 4,667 7,225 7,752 6,179 90,720 On preferred stock 2 1,975 3 8 30 78 214 186 323 1,135 On common stock. . 120,392 207 1,355 4,223 4,589 7,011 7,566 5,856 89,584 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 987 4 11 18 42 29 880 On loans 5,381 253 350 502 469 483 3,254 Losses charged to reserves (not included in losses above): On securities 9,546 4 25 47 290 627 574 7,978 On loans 11,262 11 188 749 837 1,432 1,348 1,282 5,414 Loans 17,155,938 30,929 204,290 654,071 764,405 1,154,197 1,214,895 1,139,83911,993,312 U. S. Government securities 16,438,237 32,693 237,323 764,891 934,976 1,395,355 1,291,681 1,282,53010,498,788 Other securities 3,179,669 4,354 39,275 141,181 223,211 315,115 314,786 217,526 1,924,221 Cash assets 13,251,359 27,861 174,477 529,287 581,292 837,153 871,413 792,378 9,437,498 Other assets 680,814 571 3,964 15,941 23,129 46,306 48,351 50,696 491,856 Total assets... 50,706,017 96,408 659,329 2,105,371 2,527,013 3,748,126 3,741,126 3,482,96934,345,675 Time deposits 9,814,076 25,041 173,535 615,648 826,567 1,257,303 1,064,126 858,709 4,993,147 Total deposits 46,608,832 87,970 606,814 1,951,647 2,347,636 3,473,959 3,462,165 3,250,933 11,427,708 Total capital accounts 3,531,398 8,336 51,287 148,054 167,317 252,382 248,122 201,457 2,454,443 Number of officers 15,267 259 1,128 2,167 1,691 1,746 1,397 1,173 5,706 Number of employees 98,015 175 1,096 3,711 4,852 8,523 8,843 8,389 62,426 Number of banks 1,896 115 403 609 334 99 47 64 See footnotes on p. 559. MAY 1952 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city b a m n e k m s ber Re c s i e ty rve C m o e u m n b tr e y r member banks banks New Chicago York 1948 1949 1950 1951 Year 1951 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 12.0 12.2 13.2 14.4 11.5 13.7 16.2 14.9 Profits before income taxes 9.9 10.7 12.2 12.5 10.7 11.1 13.8 12.7 Net profits 7.2 7.6 8.3 7.6 5.9 7.7 8.1 8.2 Cash dividends declared 3.4 3.5 3.7 3.7 3.9 3.2 4.3 3.1 Percentage of total assets: Total earnings 2.17 2.31 2.42 2.56 2.15 2.02 2.58 Net current earnings before income taxes .79 .85 .92 1.00 .97 .91 1.01 Net profits .47 .53 .57 .53 .50 .51 .50 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 30.2 28.8 26.5 22.7 20.9 29.8 21.1 24.2 Other securities 5.6 5.6 5.8 5.7 6.1 8.2 5.4 5.6 Earnings on loans 46.2 47.8 50.1 54.6 50.7 45.8 56.9 54.9 Service charges on deposit accounts 5.0 5.3 5.3 5.1 2.9 1.3 5.1 6.4 Other current earnings 13.0 12.5 12.3 11.9 19.4 14.9 11.5 8.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.0 31.0 30.6 30.7 32.2 26.8 30.3 30.7 Interest on time deposits 8.9 8.8 8.3 8.3 2.0 8.2 9.5 9.8 Other current expenses 23.6 23.5 23.0 21.8 20.8 20.1 21.1 23.2 Total expenses 63.5 63.3 61.9 60.8 55.0 55.1 60.9 63.7 Net current earnings before income taxes 36.5 36.7 38.1 39.2 45.0 44.9 39.1 36.3 Net losses including transfers 2.9 5.2 2.9 8.4 5.8 5.3 Taxes on net income 6.3 4.5 11.3 13.4 18.8 11.3 13.9 10.9 Net profits 8.2 9.2 23.9 20.6 23.3 25.2 19.4 20.1 Rates of return on securities and loans: 22.0 23.0 Return on securities: Interest on U. S. Government securities 1.56 1.58 1.57 1.66 1.55 1.67 1.63 1.73 Interest and dividends on total securities 1.63 1.66 1.64 1.72 1.62 1.77 1.70 1.77 Net losses (or recoveries and profits +)12 .0 + .07 + .09 .03 + .10 .11 .04 .07 Return on loans: Earnings on loans 3.82 4.04 4.17 4.26 2.99 3.09 4.29 5.21 Net losses (or recoveries +)1 .05 .12 .05 .06 + .04 + .02 .10 .09 Distribution of assets: Percentage of total assets: U. S. Government securities 42.0 42.0 40.7 35.0 29.1 35.9 33.4 39.7 Other securities 5.7 6.1 7.0 7.4 6.9 7.3 6.9 8.2 Loans 26.2 27.4 29.0 32.8 36.5 29.9 34.2 29.8 Cash assets 24.9 23.3 22.1 23.6 25.9 26.3 24.2 21.2 Other assets 1.2 1.2 1.2 1.2 1.6 .6 1.3 1.1 Other ratios: Total capital accounts to: Total assets 6.6 7.0 7.0 6.9 8.5 6.6 6.2 6.9 Total assets less Government securities and cash assets 20.0 20.2 18.9 16.7 18.8 17.5 14.7 17.7 Total deposits 7.2 7.6 7.7 7.6 9.7 7.2 6.8 7.5 Time to total deposits 23.8 24.6 23.9 23.0 7.9 16.1 23.6 31.0 Interest on time deposits to time deposits .87 .89 .91 1.02 .62 1.12 1.13 .97 Number of banks 6,918 6,892 6,873 6,840 22 13 321 6,484 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. NOTE.—The r atios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,700.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. 562 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 12.3 11.8 11.7 13.4 15.3 16.8 15.2 15.9 17.4 17.4 17.8 19.9 Profits before income taxes 10.0 10.6 10.1 11.9 14.0 14.3 12.4 13.2 15.4 14.9 14.7 17.6 Net profits 6.1 6.2 6.7 7.3 8.2 8.7 8.2 8.1 8.9 9.0 10.5 Cash dividends declared 3.5 3.7 3.5 3.0 3.5 3.3 3.1 3.6 3.8 3.2 3.9 5.9 Percentage of total assets: Total earnings 2.76 2.35 2.72 2.50 2.61 2.69 2.28 2.48 2.79 2.47 2.63 3.15 Net current earnings before income taxes 1.00 .95 1.05 .99 1.05 1.03 .88 1.02 1.07 1.06 1.09 1.15 Net profits .50 .50 .60 .54 .56 .53 .47 .52 .55 .55 .54 .61 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 21.6 21.7 24.1 26.5 24.2 21.8 30.0 22.4 22.4 22.8 18.9 16.8 Other securities 4.6 6.0 7.8 7.2 4.1 5.9 6.4 5.6 5.0 5.3 4.5 4.8 Earnings on loans 52.0 52.1 51.1 50.4 55.2 54.0 48.9 58.9 55.3 56.9 62.2 63.3 Service charges on deposit accounts 5.9 4.2 3.7 4.1 5.8 6.3 4.8 3.9 6.5 6.1 4.5 6.7 Other current earnings 15.9 16.0 13.3 11.8 10.7 12.0 9.9 9.2 10.8 8.9 9.9 8.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.9 32.2 30.1 27.9 30.2 30.2 30.0 30.2 31.7 30.4 30.0 30.6 Interest on time deposits 6.9 5.0 8.2 9.6 7.9 6.3 10.3 6.1 8.3 4.8 2.9 15.5 Other current expenses 25.0 22.2 23.3 22.9 21.9 25.3 21.2 22.8 21.7 21.9 25.6 17.3 Total expenses 63.8 59.4 61.6 60.4 60.0 61.8 61.5 59.1 61.7 57.1 58.5 63.4 Net current earnings before income taxes 36.2 40.6 38.4 39.6 40.0 38.2 38.5 40.9 38.3 42.9 36.6 Net losses including transfers 6.7 4.1 5.2 4.3 3.5 5.8 7.2 6.9 4.4 6.0 7.2 4.4 Taxes on net income 11.5 15.4 11.2 13.7 15.2 12.8 10.6 13.1 14.2 14.7 13.9 12.9 Net profits 18.0 21.1 22.0 21.6 21.3 19.6 20.7 20.9 19.7 22.2 20.4 19.3 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.70 1.61 1.80 1.67 1.69 1.65 1.66 1.66 1.72 1.63 1.69 1.67 Interest and dividends on total securities 1.71 1.67 1.88 1.76 1.73 1.74 1.69 1.73 1.75 1.67 1.77 1.73 Net losses (or recoveries and profits +)1 .09 + .05 .03 + .21 .11 .08 .12 .15 .02 .12 .07 .10 Return on loans: Earnings on loans 4.21 3.45 4.47 4.26 4.68 4.87 .416 4.33 4.85 4.82 4.89 5.04 Net losses (or recoveries +)1 .08 + .02 .01 .04 .01 .08 .01 .08 .05 .09 .25 .18 Distribution of assets: Percentage of total assets: U. S. Government securities 35.2 31.7 36.4 39.5 37.5 35.5 41.4 33.6 36.2 34.5 29.5 31.7 Other securities 7.1 7.4 9.9 8.1 5.3 7.3 7.6 6.6 7.4 7.0 5.2 7.7 Loans 34.1 35.5 31.1 29.6 30.9 29.8 26.9 33.8 31.8 29.1 33.4 39.5 Cash assets 21.8 23.8 21.3 21.6 25.1 26.1 23.2 25.1 23.7 28.5 30.5 19.7 Other assets 1.8 1.6 1.3 1.2 1.2 1.3 .9 .9 .9 .9 1.4 1.4 Other ratios: Total capital accounts to: Total assets 8.1 8.1 9.0 6.8 6.1 5.8 6.2 6.1 6.1 5.8 Total assets less Government securities and cash assets 18.9 18.2 21.2 19.1 18.2 15.9 16.4 15.4 15.4 16.4 15.3 11.9 Total deposits 9.0 9.1 10.0 8.1 7.4 6.6 6.2 6.9 6.6 6.5 6.6 6.3 Time to total deposits 20.0 16.3 28.2 29.9 22.6 18.1 27.6 19.2 25.7 11.5 9.8 37.0 Interest on time deposits to time deposits 1.06 .82 .88 .87 .99 1.01 .92 .85 .97 1.11 .84 1.43 Number of banks 324 737 632 685 477 355 1,012 495 476 751 633 263 1J4Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. MAY 1952 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 12.8 12.8 12.5 13.0 15.7 16.8 15.7 16.1 15.5 16.6 16.7 20.2 Profits before income taxes 10.3 7.7 10.4 11.8 14.3 14.2 12.1 12.9 14.2 13.8 14.3 17.8 Net profits 6.1 5.3 6.5 6.9 8.0 8.2 7.6 6.9 7.4 7.3 7.5 10.7 Cash dividends declared 3.8 3.5 4.4 3.2 3.8 3.7 3.0 4.1 3.7 2.8 4.2 6.3 Percentage of total assets: Total earnings 2.61 2.85 2.66 2.33 2.37 2.33 2.47 2.16 2.40 3.11 Net current earnings before income taxes 1.11 .88 1.04 .96 .98 .97 .75 1.01 .97 .95 1.05 1.16 Net profits .53 .36 .54 .51 .50 .47 .36 .44 .46 .42 .47 .61 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 18.5 19.0 17.9 26.0 26.0 20.3 33.8 19.1 17.7 23.2 17.7 16.6 Other securities 4.1 4.4 7.9 7.7 3.7 5.7 5.6 5.2 5.7 5.7 3.5 5.0 Earnings on loans 52.0 57.9 51.8 48.2 50.0 55.8 47.2 61.9 59.7 56.0 63.3 63.5 Service charges on deposit accounts . 3.1 7.1 2.7 3.4 5.9 4.6 6.6 2.7 4.1 4.4 2.1 6.6 Other current earnings 22.3 11.6 19.7 14.7 14.4 13.6 6.8 11.1 12.8 10.7 13.4 8.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.3 34.2 33.9 28.5 31.9 29.2 32.4 29.7 34.7 28.2 26.4 30.1 Interest on time deposits 2.4 8.4 2.0 7.9 4.6 6.3 10.8 4.2 5.0 5.1 3.5 16.0 Other current expenses 23.8 26.6 24.9 22.4 22.2 26.6 21.7 22.6 20.9 22.7 26.5 16.5 Total expenses 57.5 69.2 60.8 58.8 58.7 62.1 64.9 56.5 60.6 56.0 56.4 62.6 Net current earnings before income taxes 42.5 30.8 39.2 41.2 41.3 37.9 35.1 43.5 39.4 44.0 43.6 37.4 Net losses including transfers 8.3 12.4 6.7 3.7 3.6 6.0 8.0 8.7 3.2 7.6 6.2 4.4 Taxes on net income 14.0 5.8 12.1 15.7 16.7 13.5 10.1 16.1 17.5 17.2 17.9 13.2 Net profits 20.2 12.6 20.4 21.8 21.0 18.4 17.0 18.7 18.7 19.2 19.5 19.8 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.63 1.77 1.72 1.61 1.61 1.62 1.60 1.59 1.63 1.55 1.66 1.67 Interest and dividends on total securities 1.68 1.81 1.86 1.74 1.66 1.74 1.61 1.70 1.69 1.60 1.74 1.73 Net losses (or recoveries and profits +)1 .09 .32 .01 + .42 .12 .07 .15 .20 .03 .15 .07 .10 Return on loans: Earnings on loans 3.50 4.35 3.89 3.74 4.01 4.37 4.27 3.75 4.07 4.02 3.97 4.94 Net losses (or recoveries +)12 .10 .10 + .04 .03 .0 .01 .0 .04 .03 .06 .22 .19 Distribution of assets: Percentage of total assets: XJ. S. Government securities 29.7 30.6 27.7 37.8 38.2 31.9 44.9 27.9 26.6 32.3 25.6 30.9 Other securities 5.5 6.3 9.3 7.6 4.3 6.2 6.9 5.4 7.6 6.6 3.8 7.9 Loans 38.8 37.9 35.4 30.1 29.5 32.6 23.5 38.5 36.3 30.2 38.2 40.0 Cash assets 23.7 23.8 26.3 23.2 26.5 27.9 23.9 27.4 28.6 29.9 30.5 19.7 Other assets 2.3 1.4 1.3 1.3 1.5 1.4 .9 1.0 1.9 1.5 Other ratios: Total capital account to: Total assets 6.9 8.3 7.4 6.2 6.3 6.3 Total assets less Government securities and cash assets 18.6 15.1 18.1 19.0 17.7 14.3 15.2 14.1 14.0 15.1 14.3 11.6 Total deposits 9.8 7.5 9.3 8.1 6.7 6.2 5.0 6.8 6.9 6.1 6.8 6.2 Time to total deposits 7.9 23.6 8.3 23.8 15.9 15.6 29.7 12.9 13.1 10.8 11.4 37.7 Interest on time deposits to time deposits 1.11 .71 .84 .73 1.11 .82 .82 1.03 1.09 .80 1.43 Number of banks 10 11 12 25 32 21 75 20 49 30 27 * Not including central reserve city banks. 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1951—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a - C la le n v d e- R m i o c n h d - la A n t t - a C ca h g i- o L S o t u . is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 12.0 12.9 11.2 13.9 15.1 16.8 16.5 15.7 18.5 18.3 18.9 18.5 Profits before income taxes 9.8 10.7 9.9 12.0 13.8 14.4 13.9 13.6 16.0 16.3 15.1 16.2 Net profits 6.1 7.0 6.8 7.9 8.3 9.0 9.2 9.4 9.9 11.0 10.0 9.6 Cash dividends declared 3.2 2.9 2.9 2.8 3.3 3.0 2.9 3.1 3.8 3.6 3.6 3.8 Percentage of total assets: Total earnings 2.85 2.89 2.76 2.73 2.82 2.79 2.69 2.65 2.98 2.87 2.84 3.34 Net current earnings before income taxes 93 .91 1.05 1.03 1.10 1 07 98 1.02 1.12 1.20 1.13 1.10 Net profits .48 .50 .63 .58 .61 .57 .54 .61 .60 .72 .60 .57 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 23.4 24.1 27.9 27.1 22.8 22.9 27.5 25.5 24.6 22.4 19.9 18.1 Other securities 4.9 6.0 7.8 6.5 4.4 6.0 5.7 6.1 4.7 4.9 5.3 3.9 Earnings on loans 52.0 54.6 50.6 53.1 59.0 52.8 52.3 56.1 53.1 57.7 61.3 61.9 Service charges on deposit accounts. 7.4 6.9 4.4 5.2 5.7 7.6 6.1 5.0 7.6 7.9 6.5 6.8 Other current earnings 12.3 8.4 9.3 8.1 8.1 10.7 8.4 7.3 10.0 7.1 7.0 9.3 Total earnings.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages .... 32.2 31.8 27.7 27.2 29.0 30.9 30.5 30.7 30.3 32.5 32.9 33.2 Interest on time deposits 9.5 11.7 12.0 11.7 10.3 6.4 11.5 7.9 9.8 4.6 2.4 13.2 Other current expenses 25.5 24.9 22.4 23.4 21.7 24.3 21.7 23.0 22.2 21.1 24.8 20.5 Total expenses 67.2 68.4 62.1 62.3 61.0 61.6 63.7 61.6 62.3 58.2 60.1 66.9 Net current earnings before income taxes .. 32.8 31.6 37.9 37.7 39.0 38.4 36.3 38.4 37.7 41.8 39.9 33.1 Net losses including transfers 5.8 5.4 4.3 5.0 3.4 5.7 5.7 5.2 5.0 4.5 8.1 4.2 Taxes on net income . ... .... 10.2 9.0 10.6 11 3 14 1 12.2 10.5 10.2 12 5 12 2 10.6 11 8 Net profits 16.8 17.2 23.0 21.4 21.5 20.5 20.1 23.0 20.2 25.1 21.2 17.1 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.73 1.74 1.83 1.76 1.75 1.67 1.70 1.70 1.76 1.71 1.70 1.68 Interest and dividends on total securities . . . 1.73 1.77 1.88 1.80 1.79 1.74 1.71 1.75 1.78 1.74 1.80 1.73 Net losses x .09 .04 .04 .07 .10 .09 .10 .11 .02 .08 .08 .10 Return on loans: Earnings on loans 4.74 4.89 4.94 5.05 5 21 5 34 5.20 5 17 5.41 5.98 6.05 5.63 Net losses .07 .06 .04 .06 .03 !l5 .04 '.13 .06 .12 .29 .11 Distribution of assets: Percentage of total assets: U. S. Government securities 38.6 40.0 42.1 42.0 36.8 38.3 43.6 39.6 41.8 37.5 33.2 35.9 Other securities . . . 8.0 9.1 10.2 9.0 6.1 8.1 8.6 8.0 7.3 7.6 6.6 6.4 Loans 31 3 32.3 28.3 28.8 32 .0 27.6 27.1 28. 7 29.2 27.7 28.7 36.7 Cash assets 20.7 17.4 18.1 19.2 23^9 24^8 19.7 22.1 20.8 26.6 30'. 4 20 A Other assets 1.4 1.2 1.3 1.0 1.2 1.2 1.0 1.0 .9 .6 1.1 .9 Other ratios: Total capital account to: Total assets 7.8 7.1 9.4 7.4 7.3 6.4 5.9 6.5 6.1 6.6 6.0 6.0 Total assets less Government securities and cash assets 19.2 16.6 23.5 19.2 18 6 17.2 16 1 17 2 16.3 18.3 16.5 13.5 Total deposits 8.6 1.1 10.4 8^0 8^0 6^8 6^3 6^9 6.5 7.1 6^4 6^4 Time to total deposits 27.1 40.2 41.0 38.8 28.4 20.1 36.3 25.9 32.8 12.5 8.2 33.3 Interest on time deposits to time deposits 1.09 .91 .90 .89 1.11 .95 .91 .87 .96 1.13 .89 1.41 Number of banks 314 704 620 660 445 334 924 475 467 702 603 236 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded. MAY 1952 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1951 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1948-1951 [Amounts in thousands of dollars] All insured commercial banks l F B ed an er k a s l n R o e t s m er e v m e b S e y r s s te o m f Items 1948 1949 1950 1951 1948 1949 1950 1951 Earnings 3,403,586 3,606,879 3,930,696 4,395,411 575,682 621,695 666,514 727,242 Interest and dividends on securities: U. S. Government 1,008,138 1,013,515 1,015,456 983,662 153,592 154,552 150,662 152,005 Other 189,559 201,691 225,425 249,495 31,749 33,220 35,283 38,759 Interest and discount on loans 1,577,633 1,733,690 1,976,100 2,390,106 288,310 328,207 368,320 416,015 Other charges on loans 22,315 26,090 31,724 34,595 3,985 4,658 5,658 5,927 Service charges on deposits 173,791 194,013 212,272 230,507 32,658 36,057 39,783 43,635 Other charges, fees, etc 97,456 95,420 104,602 116,140 32,134 30,929 33,855 37,145 Trust department 156,678 160,430 180,674 192,313 9,167 9,049 10,157 9,895 Other current earnings 178,016 182,030 184,445 198,593 24,087 25,024 22,797 23,862 Expenses 2,163,514 2,283,727 2,444,534 2,701,313 368,611 395,169 425,210 469,835 Salaries—officers 381,756 410,685 446,043 486,300 84,478 92,553 101,325 111,065 Salaries and wages—others 662,696 700,065 755,681 864,519 84,268 92,173 100,568 114,526 Directors' fees, etc 20,859 22,608 24,745 27,343 5,952 6,546 7,298 8,197 Interest on time deposits 316,570 328,010 343,040 385,344 66,244 67,100 72,266 80,076 Interest on borrowed money 3,432 3,582 4,296 9,667 299 246 401 590 Taxes other than income 106,163 113,569 128,101 135,590 16,247 17,296 19,259 20,645 Recurring depreciation 48,271 53,988 59,469 65,845 8,899 10,091 11,456 12,781 Other current expenses 623,767 651,219 683,159 726,707 102,224 109,165 112,636 121,956 Net current earnings before income taxes 1,240,072 1,323,153 1,486,164 1,694,100 207,071 226,527 241,306 257,409 Recoveries, transfers from reserves, and profits 266,439 213,187 245,461 169,233 23,925 30,726 26,891 20,621 On securities: Recoveries 29,221 16,412 14,718 15,292 2,744 2,968 1,930 1,761 Transfers from reserves 24,161 26,672 38,639 12,285 798 4,383 1,840 1,350 Profits on securities 60,025 73,196 90,469 56,563 5,274 9,263 8,321 4,683 On loans: Recoveries 39,748 23,142 28,506 22,595 5,840 5,017 5,958 5,018 Transfers from reserves 48,934 28,220 29,971 28,453 3,387 3,302 3,011 2,841 All other 64,350 45,546 43,157 34,046 5,882 5,794 5,830 4,970 Losses, charge-offs, and transfers to reserves 485,753 379,824 366,932 395,687 64,595 61,966 53,301 56,840 On securities: Losses and charge-offs .... 78,590 38,671 38,721 83,756 10,266 7,822 6,098 11,655 Transfers to reserves 40,941 33,044 54,518 31,680 5,420 5,041 3,585 3,262 On loans: Losses and charge-offs 32,393 29,064 23,030 21,215 8,609 9,912 8,762 7,660 Transfers to reserves 278,666 221,167 191,248 204,202 31,489 29,919 24,980 24,168 All other 55,163 57,878 59,414 54,836 8,811 9,272 9,875 10,097 Profits before income taxes 1,020,758 1,156,514 1,364,690 1,467,645 166,401 195,285 214,894 221,189 Taxes on net income 275,422 325,148 427,77b 559,475 41,866 50,082 58,716 68,556 Federal 258,490 304,572 402,582 530,810 39,779 47,503 55,673 65,330 State 16,932 20,576 25,194 28,664 2,087 2,579 3,043 3,225 Net profits 745,336 831,364 936,915 908,175 124,535 145,201 156,179 152,638 Cash dividends declared 331,833 354,144 391,249 418,860 38,015 41,478 45,727 48,356 On preferred stock 2 5,230 5,093 4,333 3,876 1,364 1,605 1,498 1,289 On common stock 326,603 349,052 386,916 414,984 36,651 39,874 44,229 47,067 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 7,224 2,600 3,565 2,363 207 201 529 278 On loans 10,844 19,645 20,385 28,477 1,539 2,133 3,369 3,423 Losses charged to reserves (not included in losses above): On securities 18,031 6,104 6,324 17,725 952 960 516 1,806 On loans 46,486 72,978 56,250 64,735 6,842 11,123 9,921 9,154 Loans 39,650,962 41,670,879 46,250,272 54,533,221 5,467,547 6,092,203 6,723,419 7,494,950 U. S. Government securities 64,291,298 63,080,739 63,846,830 59,711,922 9,566,975 9,035,341 8,855,315 8,691,259 Other securities 8,872,676 9,387,984 11,043,342 12,554,632 1,492,432 1,541,486 1,678,776 1,885,830 Cash assets 36,247,026 35,683,829 36,006,423 40,373,273 3,798,976 3,705,187 3,934,637 4,368,648 Other assets 1,664,551 1,742,647 1,840,027 2,034,346 168,593 182,596 201,885 215,804 Total assets.... 150,726,513 151,566,078 158,986,894 169,207,394 20,494,52320,556,813 21,394,032 22,656,491 Time deposits 35,322,398 35,902,235 36,446,656 37,271,294 6,618,112 6,708,045 6,853,262 7,023,832 Total deposits 139,517,461 139,764,394 146,269,294 155,460,465 19,086,487 19,038,257 19,725,789 20,864,285 Total capital accounts 9,951,200 10,421,106 11,007,396 11,615,767 1,322,909 1,423,677 1,545,040 1,650,644 Number of officers 67,609 69,439 71,566 73,806 21,342 21,996 22,610 23,263 Number of employees 292,015 296,308 312,324 334,961 44,406 45,959 48,696 52,713 Number of banks 13,419 13,436 13,446 13,455 6,504 6,547 6,576 6,618 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. 566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1951 All banks by class of bank All banks maintain b i y n g c la b s r s a n o c f h b e a s n o k r * additional offices, Commercial banks Commercial banks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings banks banks banks banks banks Total Total Total Total ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m r te - su I r n e - d s N u i o n re - n d - su I r n e - d s N u i o n re n - d - United States 14,618214,089 4,93921,901 6,602 650 2 202 327 1,484 1,361 406 230 696 75 48 Alabama 226 226 70 23 133 7 7 1 Arizona 13 13 3 2 7 7 1 Arkansas 230 230 52 16 156 19 19 California 201 201 93 26 71 50 50 Colorado 157 157 77 16 54 4 4 Connecticut 184 112 48 15 31 24 18 Delaware 38 36 11 4 20 10 9 Dist. of Col 19 19 9 6 4 15 15 Florida 208 208 63 11 130 9 9 Georgia 403 403 51 15 271 20 20 Idaho 42 42 13 10 18 1 9 9 Illinois 895 895 386 126 370 13 2 2 Indiana 485 M81 125 2 113 234 10 63 63 39 Iowa 663 663 97 63 446 57 121 121 118 Kansas 607 607 174 41 253 139 2 2 Kentucky 383 383 93 21 247 22 26 26 Louisiana 166 166 36 11 118 1 40 40 Maine 95 63 32 6 16 9 25 27 25 2 Maryland 169 160 59 16 83 2 3 40 36 Massachusetts 368 180 115 25 33 7 188 92 54 38 Michigan 435 435 153 183 21 68 68 Minnesota 681 680 178 28 457 17 2 2 Mississippi 202 202 24 7 167 4 38 38 Missouri 599 599 79 99 397 24 1 1 Montana 110 110 39 45 26 Nebraska 416 416 123 16 228 49 2 Nevada 8 8 5 1 2 5 5 New Hampshire 109 75 51 1 6 34 3 2 New Jersey 341 318 202 70 42 23 64 59 New Mexico 51 51 26 17 14 14 New York 749 619 372 164 74 182 124 North Carolina 225 225 46 8 170 66 66 North Dakota 150 150 40 2 103 15 15 Ohio 659 656 239 180 230 61 61 Oklahoma 385 385 198 25 151 1 1 Oregon 71 70 20 10 38 14 14 Pennsylvania 967 960 619 106 219 78 74 Rhode Island 22 14 6 2 3 11 9 South Carolina 149 149 25 7 102 18 18 South Dakota 169 169 35 27 107 26 26 Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming include banking facilities provided through arrangements made by the ireasury Department with banks designated as depositaries and financial agents of the Government. 2 The figures for member (commercial) banks, and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." linsured ng tneir location, ratner tnan tne location oi tne parent banks. Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688: June 1944, pp. 612-613; June 1945, pp. 616-617; June 1946, pp. 672-673; June 1947, pp. 752-753; May 1948, pp. 588-589; June 1949, pp. 734-735; May 1950, pp. 600-601, and May 1951, pp. 586-587. MAY 1952 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1951—Continued All branches and additional offices, by class of bankl All branches and additional offices except offices at military reservations, by location Commercial banks Mutual Offices savings Outside head office city military Member Nonmember banks Total banks banks head tions Total office ^n head In con- In non- Na- State In- Non- In- Non- city c o o f u fi n ce ty c t o ig u u n o ti u e s s c u o o n u ti s gtional member sured insured sured nsured counties United States . 5,383 5,153 2,370 1,467 1,275 41 165 65 2,362 1,327 688 847 159 Alabama. 28 28 27 1 7 6 4 8 3 Arizona 68 68 45 5 17 1 14 19 22 10 3 Arkansas... 21 21 2 19 16 3 1 1 California. . 1,004 1,004 793 157 53 1 ' 246 113 140 476 29 Colorado. 4 4 3 1 1 3 Connecticut 70 60 27 26 7 1 9 29 27 13 1 Delaware ... 25 24 10 13 1 1 8 9 8 District of Columbia 47 47 25 12 10 43 4 Florida 9 9 2 1 8 Georgia... 48 48 31 io 6 1 26 1 7 7 7 Idaho 58 58 49 4 5 4 5 11 38 Illinois.... .... 2 2 2 2 Indiana... .... 121 121 43 '"'21' 56 1 '58' 61 2 Iowa .... 163 163 160 3 120 ' " " 43 ' Kansas 2 2 2 2 Kentucky. 51 51 23 10 18 31 13 2 5 L M o a u i i n s e iana. . . .... 8 7 3 8 8 7 3 6 4 1 2 0 2 1 9 0 3 2 1 7 io' 2 43 9 3 3 7 1 31 5 • ' 3 ' ' Y 1 1 Maryland 151 134 21 58 54 1 "17' 73 30 31 10 Massachusetts. ... 239 190 97 71 20 2 49' 139 91 6 1 2 Michigan 257 257 91 109 50 7 171 52 22 10 2 Minnesota .... 6 6 6 6 . _. Mississippi .... 71 71 5 '"2 64 8 39' 16 2 Missouri .... 1 1 1 1 Montana Nebraska 2 2 2 2 Nevada ... . 21 21 15 '4 "l 3 3 '4 io 1 N N N e e e w w w J H M e a r e s m x e i p y c s o h . ire. ... . . .. . . . 1 2 8 3 3 5 1 2 7 3 2 6 7 5 6 1 " 8 1 0' '2 1 0 7 ' 1 9 1 lio 9 72 7 3 3 '1 3 3 ' New York 935 831 231 538 59 3 104 751 120 45 7 12 North Carolina 235 235 26 26 181 2 45 47 80 61 2 North Dakota 22 22 27 11 11 Ohio 246 246 81 135 30 159 80 5 2 Oklahoma. 1 1 1 1 O Pe re n g n o s n ylvania. . . . .... 2 1 3 0 9 4 2 1 2 0 0 4 1 8 3 8 2 60 2 2 1 4 4 4 [g' 1 2 4 0 3 6 1 0 3 30 9 62 1 , . „ Rhode Island. .... 60 54 10 32 10 2 3 3 21 20 8 11 South Carolina 54 54 38 2 14 10 8 9 24 3 South Dakota 50 50 22 28 21 17 11 1 Tennessee... 103 103 53 12 38 55 29 7 8 4 Texas 12 12 12 12 Utah 30 30 19 9 2 5 3 7 12 3 Vermont .... 20 11 2 9 'g' 11 9 Virginia 120 120 48 19 53 56 23 19 9 13 Washington 159 156 140 6 10 3 39 21 32 62 5 West Virginia Wisconsin 152 152 16 6 129 1 18 108 25' 1 Wyoming.... .... Member banks com N m o e n r m ci e a m l b b e a r nks savi M ng u s t u b al anks Distribution by location of branches with respect to head office Total National State Insured in N su o r n e - d Insured in N su o r n e - d Banks with branches or additional offices 3 1,484 406 230 696 29 75 48 In head office city only 446 165 114 68 5 71 23 Outside head office city but not beyond head office county.... 656 IIP 70 431 14 2 20 Outside head office county but not beyond contiguous counties. . 251 37 26 173 8 2 5 In counties not contiguous to head office county. . 69 31 16 20 2 At military reservations . 62 54 4 4 Branches and additional offices . 5,383 2,370 1,467 1,275 41 165 65 In head office city 2,362 985 971 205 12 151 38 Outside head office city: In head office county.... 1,327 323 266 693 17 7 21 In contiguous counties 688 237 140 289 9 7 6 In noncontiguous counties 847 699 72 73 3 At military reservations 159 126 18 15 For footnotes see preceding page. 568 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 570-575 Gold production 575 Reported gold reserves of central banks and governments 576 Gold movements; gold stock of the United States 577 International Monetary Fund and Bank 578 Central Banks 578-582 Money rates in foreign countries 583 Commercial banks 584 Foreign exchange rates 585 Price movements: Wholesale prices 586 Retail food prices and cost of living 587 Security prices 587 Tables on the following pages inclade 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 exceot price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. MAY 1952 569 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 From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total banking Inflow of Return brokerage Total o F f o fi r c e ia ig l n 2 F o o t r h e e ig r n In ti t o e n rn a a l - ab fu ro n a d d s > f f o u r n e d ig s n 8 o fu f n U d . s S 8 . balances 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 I,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 L.844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Mar. 31 10,357.1 7,696.8 2,646.8 3,449.8 1,600.1 218.9 1,305.5 1,005.0 130.9 Apr. 30 no,372.9 7,647.1 2,582.0 3,459.5 L.605.6 240.3 n,386.4 973.1 126.1 May 31 10,271.6 7,604.3 2,589.4 3,453.5 1,561.4 215.4 1,401.2 929.2 121.6 June 30 '10,235.6 7,901.1 2,746.2 3,526.6 1,628.3 190.3 1,115.9 895.6 132.7 July 31 '10,100.9 7,797.0 2,602.7 3,537.0 1,657.3 189.4 n,070.8 911.2 132.6 Aug. 31 '10,119.4 8,017.4 2,733.9 3,640.7 1,642.9 181.9 '877.4 912.1 130.6 Sept. 30 no,171.3 8,038.1 2,719.7 3,701.2 1,617.2 231.9 '856.8 912.7 131.8 Oct. 31 '10,115.1 8,422.3 2,767.9 3,911.0 1,743.4 211.3 '612.9 744.3 124.3 Nov. 30 no,130.6 8,448.2 2,733.5 3,973.7 L,741.0 186.3 '617.0 755.0 124.1 Dec. 31 10,122.9 8,529.7 2,750.6 4,090.8 L.688.3 160.9 618.6 688.1 125.6 1952—Jan. 31 P. . 10,045.7 8,463.4 2,633.1 4,149.4 1,680.9 133.5 631.5 692.7 124.6 Feb. 29P 10,207.2 8,634.3 2,809.6 4,197.7 1,627.0 164.9 617.8 663.2 126.9 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 Official2 private 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 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 1,436.7 961.0 179.5 1950—Dec. 31... 1,722.2 «6,922.6 3,425.9 8656.6 260.7 193.6 553.0 314.7 799.2 «2,777.7 899.0 1,612.91,378.5254.5 1951—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... 1,581.4 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... 1,648.3 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 3,478.2 543.2 270.1 132.4 493.3 288.2 1,116.5 2,843.7 1,257.8 1,502.21,535.0274.3 Nov. 30. . 1,760.9 7,441.4 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. . 1,708.2 7,575.6 3,460.9 642.6 289.4 148.8 521.3 300.5 1,021.2 2,923.7 1,307.1 1,437.81,609.6297.4 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 Feb. 29P.. 1,646.9 7,741.4 3,519.9 796.9 253.4 155.9 544.1 293.9 956.7 3,000.9 1,335.4 1,414.11,661.9329.1 P Preliminary. r Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 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, 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A 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. 3i 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. 3i 717.0 119 9 38 0 25.1 149.4 29.6 69.4 38 1 6.7 15.7 90.1 10.2 7.6 117 4 1950—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—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 A 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.. 1,021.2 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 57.6 1952—Jan. 31 v . 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 Feb. 29*>. 956.7 55.4 136.6 .8 38.7 30.7 353.0 38.4 96.7 5.8 40.3 6.1 17.4 64.4 4.9 8.7 58.8 Table 2b.—Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c l u i i a e b c n n - - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e - s t s Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic m a th a t e i e n * r r nam 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947—Dec. 31. 1,216.6 236.2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186.5 1948—Dec. 31. 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Dec. 31. 1,436.7 201.1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 25.4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71.3 1951—Mar. 31 1,646 3 345 2 22 4 259 6 69.9 44.2 276.0 45.8 31.8 108.7 30.8 55.0 52.2 46.5 81.8 89.8 86.6 Apr. 30. 1,705.8 347.5 19.3 248.1 79.9 66.6 309.8 46.3 30.8 115.8 28.8 58.2 51.9 46.3 82.1 80.8 93.5 May 31. 1,714.0353.2 19.7 241.7 76.6 66.2 327.9 48.7 29.2 109.9 25.6 57.9 53.9 46.8 74.4 87.2 95.2 June 30. 1,672.9 343.7 24.7 212.4 69.9 58.1 327.9 51.3 29.5 123.8 25.0 54.3 58.1 50.6 74.6 75.6 93.2 July 31. 1,614.3 330.9 22.2 171.5 57.8 50.9 354.3 53.2 28.5 111.2 28.2 52.8 62.0 46.1 83.2 74.6 86.9 Aug. 31. 1,578 3 320 3 21 6 151 4 56.2 52.1 336.7 53.0 26.0 128.2 27.7 54.5 66.3 41.7 80.6 74.7 87.5 Sept. 30. 1,532.0 312.1 26.2 140.4 55.5 46.2 312.3 50.7 23.4 143.9 30.4 52.9 58.7 37.7 79.7 76.3 85.5 Oct. 31. 1,502.2 299.5 24.1 132.8 52.5 61.0 305.2 44.2 21.9 150.4 30.2 51.2 64.6 32.2 79.1 68.0 85.4 Nov. 30. 1,461.6 277 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. 1,437 8 249 7 27 8 100 3 54.0 106.4 251.7 45.8 24.4 158.2 34.9 47.2 67.7 27.8 84.7 71.9 85.1 1952—Tan. 31?1,398.9 225.9 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 Feb. 29P 1,414.1 212.9 25.6 116.2 59.5 96.3 264.9 48.9 35.9 134.0 31.3 48.8 65.7 39.0 76.8 62.3 95.9 TabU 2c—Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a H Ko o n n g g India I n n e d s o ia - Iran IsraelJapar i P p R h p e i i - l n - e T la h n a d i- T k u e r y - O A t s h i e a r ' o A th l e l r A t l r u i a a s - - C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u i f o th n Other < Main- public tian Africa land Sudan 1946—Dec. 31 . 431.9 44.9 43 5t27.1 16.6 446 6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31 ,057.9 229.9 39.8 62 4 69.3 31.3 488 6 37.6 99 0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. 151 8 216.2 51.1 51 8 41 5 81.4 488 3 17.5 204.0 167.4 22.2 27.7 15.8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297 3 9.8 165 7 179.5 32.4 61 6 6.0 79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7114 7*203 12!6458.5 374.4 ' 48!2 14.3 111 9 254.5 19.1 58J 75 6 44.0 57.7 1951 —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 0126.7 27.4 17.2376.6 404.5 57.7 20.6 152.2 251.9 18.3 51.4 105.6 9.5 67.1 May 31. 1,387.2 78.6 61.1 73 0124.2 25.8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105.1 16.2 65.6 June 30. 1,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89.4 16.8 65.9 July 31. 1,410.3 84.3 61.4 75.1 152.9 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. 1,540.8 93.7 60.0 68.9 172.7 25.3 12.0492.4 369.4 80.0 12.0 154.5 257.6 22.4 50.3 104.8 11.6 68.5 Oct. 31. 1,535.0 90.0 60.1 59.8 128.0 21.0 13.5538.7 355.6 84.9 12.2 171.3 274.3 32.4 52.2 101.7 16.0 72.0 Nov. 30. 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. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6596.0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Jan. 31 v L.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 Feb. 29* :1,661.9 81.6 64.4 59.4 127.4 26.9 19.3655.7 331.1 115.0 14.9 166.1 329.1 36.5 58.8 126.4 11.8 95.7 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 8 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included,,with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MAY 1952 57L Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O 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 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—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. 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—Jan. 31 P 995.9 28.5 14.1 5.8 11.2 12.6 114.6 186.8 89.3 520.3 161.9 37.5 Feb. 29P 964.4 32.8 14.1 5.6 10.3 14.4 103.0 180.2 72.4 520.6 154.6 36.7 Table 3a.—Othei Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k l c o i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o i - a ot A h l e l r1 1946—Dec. 31.. 82.8 7.5 .5 6.2 30.4 12.'I 3.3 1.0 .1 7.2 4.9 («) ?. <J.5 1 1 9 9 4 4 7 8 — — D D e e c c . . 3 3 1 1 . . , . 1 1 1 0 8 6 . . 9 3 2 1 1 5 . . 4 0 2. . 2 6 8 3 . . 0 4 3 3 0 0 . . 5 5 1 i 0 . . : (5 I 9 8 . . 2 4 1. . 1 7 ( ( 3 8 ) ) 2. . 9 9 5 1. . 4 4 («) («) 3 2 . < 5 ). . 8 9 1949—Dec. 31.. 98.5 19.3 .4 8.2 30.0 7 7.4 .5 7.0 7.0 2.3 (8) 3 1.5.6 1950—Dec. 31.. 67.1 ".2 21.5 ">)"' 3.2 2.2 25.4 I 1.4 "(•)'• .5 (*) 1.6 6.9 (8) ( ) 5.9 1951— A M p a r r . . 3 3 1 0 . . . . 7 75 5 . . 5 6 (8 . ) 2 2 21 3 . . 9 4 . . 1 3 3 6. . 7 9 4 3. . 3 0 2 2 5 5 . . 9 9 2 1 . . 1 8 ( ( 8 8 ) ) . .7 5 ( ( 8 8 ) ) 2 1. . 3 0 9 8. . 6 5 . . 1 1 / i 1 1. . 2 3 O A M J D J S N u u e e c u o a n l c p t g y v y . e . t . . . 3 3 3 3 3 3 3 3 1 1 1 1 1 0 0 0 . . . . . . . . . . . . . . 1 9 8 8 9 8 8 8 1 7 8 2 6 9 7 2 1 . . . . . . . . 7 8 1 3 8 9 7 2 ( ( ( ( ( ' 3 3 8 3 ) . ) ) ) ) 2 2 2 2 3 1 2 1 1 1 3 9 7 9 1 8 8 5 . . . . . . . 7 6 6 1 2 7 8 5 ( ( ( ( ( » 8 * 3 3 . ) ) ) ) 2 ) 5 7 6 4 4 5 5 4 . . . . . . . 7 2 2 9 3 8 1 1 6 2 6 5 2 3 3 5 . . . . . . . . 2 2 7 3 1 1 5 0 2 3 2 2 2 2 2 2 5 0 5 8 5 8 8 6 . . . . . . . . 9 9 4 6 9 8 4 3 } L 5 I ! 2 2 2 2 2 1 1 1 . . . . . . . . 8 3 7 1 3 1 0 5 ( ( ( ( ( ( 8 8 8 8 3 3 ) ) ) ) ) ) 1 1 1 1 . . . . . . . . 3 0 8 3 0 6 7 8 ( 8 ( ( ( ( ( » 3 8 3 8 3 3 ) ) ) ) ) ) 2 2 1 1 1 1 1 7 0 3 4 7 3 6 8 . . . . . . . . 0 2 2 5 1 6 8 8 6 4 4 4 6 8 5 7 . . . . . . . . 2 2 2 1 3 4 9 4 ( ( ( 8 8 3 ) ) ) " 3 3 1 1 1 1 1 '. . . . . . . . 2 1 9 7 7 5 9 5 t i t i 1 1 1 1 5 1 t 1 . . . . . . . . l 7 9 3 1 7 3 0 () 1952—Jan. 31 P. 114.6 (3) 42.9 (3) 4.0 3.6 30.1 I 2.0 (3) 1.0 ( 3 ) 19.0 5.2 2.4 1.1 Feb. 29P. 103.0 (3) 33.7 (3) 4.6 4.1 27.9 { 1.6 (3) .9 19.8 4.3 1.3 it.5 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l 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 n b o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a t m h a ti e e * n r rlic Suri- ama nam 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 L.I 4.3 4.7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 L.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 L.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 L.3 11.0 3.1 6.8' 8.6 49.4 14.6 1951—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 1.2 12.2 2.6 4.1 11.3 80.5 14.7 Sept.30.. 437.2 8.3 7.8 135.0 19.5 42.1 34.0 1.5 2.8 69.1 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 39.7 29.4 1.7 3.2 87.4 1.4 12.7 3.3 8 4 9.3 54.6 12.3 Dec. 31.. 489.3 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 14.5 1952—Jan. 31P. 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 Feb. 29P. 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2.1 4.2 103.0 1.2 11.8 4.1 8.4 7.9 38.7 13.8 P Preliminary. 1 See footnote 1, p. 570. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. » Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES— Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a H K o o n n g g India I n n e d s o ia - Iran IsrsielJapan 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 1 r o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other2 Main- public tian Africa land Sudan 1946—Dec# 31 99 2 53 9 5 9 12 0 1 0 9 20 9 1 4 4 6 17 9 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 s 9 0 1 14 4 8 0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1 .9 15 9 37 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 1.5 .9 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—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 3C.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 97 0 8 23 0 2 8 10 6 42.9 44 7 25 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.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41 9 22.8 5.7 .2 6.7 6.5 1952—Tan. 31P. 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 Feb. 29P. 154.6 9.6 1.6 16.8 .5 9.0 32.4 8.8 27.2 2.9 .6 45.1 36 7 17.5 6.0 .1 6.0 7.0 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES « (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks 6 Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f 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 1950 . . . 1,236.4 294.3 • 942.1 774.7 772.3 2.4 2,011.1 1,066.6 944.4 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584 3 1951—March 60.9 40.8 20.1 69.3 58.0 11 4 130.3 98 8 31 5 April.. . '88 5 23.7 '64 9 69.9 53.9 16 0 '158.4 77.5 '80 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 '25.7 226.7 ' -201.1 68.0 60.3 7.7 '93.7 287.0 '-193.3 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 '20.7 17.4 '3.4 62.6 61.8 .8 '83.4 79.2 '4.2 December 27.2 36.0 -8.8 64.1 53.7 10.4 91.3 89.7 1.6 1952—Tanuaryp 20.2 12.7 7.6 76.5 71.1 5.3 96.7 83.8 12.9 February? 15.5 18.2 -2.7 68.3 79.3 -11.0 83.8 97.5 -13.7 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 bond Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s u f e o r c c r u o e h r f i a i g t s n i 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 27.8 173 8 198.2 -24.4 589.2 710.2 — 121.0 763.0 908.4 — 145 4 1951 272.3 348.7 -76.4 500.4 800.4 -300.0 772.7 1,149.1 -376.4 1951 — Marrh 20.8 21.1 -.3 42.0 89.7 -47.6 62.8 110.8 —47 9 April 20.8 16.2 4.6 31.1 67.6 -36.5 51.9 83.8 -31.9 Mav 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 Dprpmbpr 24 4 82.6 -58.2 38.1 46.8 -8.7 62.5 129.4 —66.9 1952—TarmarvP 34.0 29.5 4.5 32.1 31.9 .2 66.1 61.4 4.7 February? 29.1 27.5 1.6 19.6 50.7 -31.1 48.7 78.2 -29.5 P Preliminary. ' Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. 6 Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions. 7 Less than $50,000. MAY 1952 573 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 e! Foreign Fonda) [Net sales, ( —). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i s i o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia o A th l e l r 1946. -334.2 -36.9 —6.8 -26.5 -17.5 — .1 —10.8 —98.6 —16.4 6.3 —224.5 -1.0 1947. 74 5 — 163.6 —8.9 —50.2 —98.2 13.0 -17.1 —14.1 -175.5 3.2 -3.5 10.0 2.2 1948. 7.6 —199.8 9.1 -82.8 —79.3 —40.0 0) 2.6 —190.4 7.5 10.2 —23.3 -3.9 1949. 87.0 — 11.8 20.9 —6 8 —25.5 44 2 1.5 2.2 36.5 —49.0 2.5 —2.1 .2 1950. 121.2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2.7 1951. -15.9 -568.4 21.4 6.0 -22.2 45.9 1.9 -43.8 9.2 —595.5 13.9 4.8 -.7 1951—Mar 25.8 5.6 -.4 20.3 -.1 1.4 .5 .7 22.5 -20.1 3.1 4 -.3 Apr '4.7 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 4.6 .3 -4.6 -1.4 -3.6 3.1 14.7 -.4 June.... -61.9 -223.4 -13.0 -35.8 -5.3 2.7 .1 -5.4 -56.7 -156.4 -10.7 .5 — # July ... -11.2 -34.0 1.6 -13.9 -6.0 5.8 .6 .6 -11.3 -25.3 1.7 .9 Aug r-18.6 -174.8 8.6 .4 -2.7 5.4 -.2 -42.6 -31.0 -142.2 -1.3 -.1 Sept .3 -20.9 -2.5 -20.0 -1.4 11.0 .5 1.0 -11.6 -3.1 3.8 -10.1 Oct -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 Nov 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 Dec .8 .7 5.6 .7 -1.0 -4.3 .3 3.8 5.0 -7.6 3.1 C1) .3 1952--Jan.P. . . .3 12.6 5.4 1.5 -1.7 10.4 -.1 -1.3 14.1 -2.9 2.3 -1.3 A Feb.p. .. -3.3 -10.4 -.7 .7 -2.7 -4.1 .2 -.1 -6.7 -.4 -2.3 -1.1 .1 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 r u ia s- 1 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 a m c t a e in r- Brazil Cuba M ic e o x- p P a R u m o a b e f n - a l - ic S d a o E l r v l a » - O A L i a m t c h t a e i e n r r - Asia M C m l a a h a n o n i i s n d n d a a - Japan O A t s h i e a r 1946 -10.8 .6 2.2 -3 4 -10.2 6.3 _ .4 1.7 6.8 4.5 -6.2 -224.5 -200 5 0) -24.0 1947 -14.1 -.9 -4.1 -2 5 -6. 6 -3.5 -1 .4 —.9 2.5 -6.9 3.2 10.0 -3 2 8.5 4.7 1948 2.6 2.6 -.3 2 1 10.2 .6 —.8 2.9 -4.7 12.2 -23.3 -22 7 .1 -.7 1949 2.2 1.6 -.9 4 l! 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 —11 7.1 30.1 _ .1 24.6 .5 .1 10'9 —5.9 — 15.3 —3 0 — 13.7 1.3 1951 -43.8 — 11.9 5.7 -38.1 (i) 5 13.9 1.6 6.1 2.5 .8 -10 .9 13.9 4.8 2 .1 4.8 1951—Mar.... .7 0) .7 0) 3 _ 3 3.1 .2 .7 .3 1.0 0) .8 .4 5 0) .9 A M p a r y ... - - 8 4 . . 2 6 -1 . . 5 9 -.5 .9 - - 8 2 . . 7 7 0) 1 5 1 3 8 . . 1 9 — 1 . . 1 0 — 6. . 4 9 - - . . 1 3 . . 4 2 8 2 2 . . 9 4 14. .8 7 0) 3 . . 1 1 14. . 4 6 June ... -5.4 -7 .3 .9 1.8 —1 —.6 -10.7 0) 0) .8 -.2 -10 .9 -.4 .5 —.1 0) .6 July.... .6 .1 .2 0) 1 1 1.7 0) .3 .2 -1.6 0) 2.7 .9 2 0) .7 A Se u p g t -42 1 . . 6 0 -4 C1 . ) 7 -3 1 . . 6 2 -2 0 9 ) .2 0) 3 -5! 0 1 -1 3 . . 3 8 0) .1 — . . 2 3 -.3 .6 3. . 1 6 0) -1. . 3 2 -1 - 0 .1 .1 — #2 1 tf -10.1 .1 O N c o t v. ... 1. . 9 8 0) .4 2. . 0 7 - 0 .2 ) ( 0 0 ) — # 3 5 3 1 . . 9 2 . . 1 5 . . 4 2 C1 . ) 1 -1 -. . 3 5 0 0 ) ) 3 2. . 2 4 -5.0 .9 0)' 1 00 0 )) ) -5.0 .9 Dec 3.8 0) 3.4 C1) 0) 4 3.1 0) .1 1.6 .2 0) 1.2 0) 0) 0) -.1 1952—Jan.P.. . -1.3 .2 - 6 (x) 0) 9 2.3 .1 .1 1.0 1.1 0) 0) -1.3 0) (x) -1.4 Feb.p... -.1 0) .5 -.1 C1) •5 -2.3 0) .3 -.2 -3.2 0) .9 1.1 1 .1 — 1.1 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 I a 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 o A th 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 1«48 (i) —94.9 —9.9 —4.3 -5.3 —35.4 .1 11.4 —43.4 —102.2 40.7 1.6 8 4 1949 — 16.0 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 —10.6 20.2 .8 2.6 1950 —3 6 —141.8 -6.1 — 1.3 -4.7 17.2 .5 7.8 13.4 —190.0 29 8 1 0 3 9 1951 -152 7 -223.7 -2.0 —4.1 2.8 14.2 1.2 16.4 28.5 -258.0 33 8 -36 0 7 9 1951—Mar -48.7 .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 .1 2.0 -34.5 1.3 .1 2.2 May.... -.1 -43.9 -2.1 .2 .2 1.8 .1 1.2 1.5 -40.4 3.9 -8.9 .1 June.... -33.6 -.2 .2 -.6 1.8 0) 7.5 8.8 -37.6 3.9 -9.1 .4 July.... 15.6 .1 — .4 .2 .3 .1 1.4 1.7 16.4 4.2 —6.9 .2 Aug .1 .8 .3 .2 -.7 1.0 0) .7 1.5 -1.0 0) 4.7 .4 Sept -1.0 1.6 -.6 .8 .1 1.2 0) -1.1 .4 -2.2 3.8 1.3 Oct -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov 10.7 .3 0) .4 1.4 (l) .3 2.5 9.2 2.6 —3.9 .3 Dec -66.9 -.1 .8 .2 .9 2.9 4.6 -68.0 2.3 -6.8 .9 1952—Jan. P.. . 0) 4.6 .2 1.0 .7 2.3 .1 .6 4.9 5.0 -1.1 -4.4 .3 Feb.p... -29.6 -3.0 .4 .3 .7 0) .8 -.8 -29.8 2.3 -1.8 .6 J» Preliminary. •• Revised. » Less than $50,000. > Not available until 1950. 574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] United Nether- Switzer- Other Total Latin All Year or month Total Kingdom France lands land Italy Europe Europe Canada America Asia Other 1946 9.7 -.6 -2.9 -8.5 9.3 0) 1.1 -1.6 2.0 7.5 1.0 .7 1947 — 11.3 -1 0 — 1.4 —4 8 -1.5 -.5 —9.3 —2.0 — 6 1 8 — 1 4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 — .1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 .2 1950 8.0 -.1 — .1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1951 -6.1 .9 .4 .3 -4.8 .2 -.3 . -3.3 2.8 -5.0 -.5 — .1 1951—March -2.3 — .4 -.4 -.2 .5 -.2 .3 -.4 -.9 -.7 -.1 -.3 April -4.8 — .6 — .3 .3 —4.2 1.1 .6 —3.1 -.4 .2 — .9 — .6 May -4.5 -1.5 -.5 -.6 1.2 — .4 -.6 -2.4 -.2 -2.5 .2 .4 June . . .. 11.1 2.5 .2 3 2 2.5 .1 .7 9.2 2.8 — .5 — 4 July -.1 -.5 .5 .8 -.7 .1 -.1 .2 -1.0 .3 -.2 August .. -2.0 1 — .8 —2.7 — .3 — .2 — 1.0 -4.9 — 2 2 1 7 3 September 1.2 -.2 -.3 .6 .3 .2 .4 1.0 .1 .2 -.1 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 .2 2.3 .1 -3.1 — .1 December 1.5 .7 -.3 .7 0) -.5 -.2 .3 .3 1.3 0) -.4 1952—January P -1.0 -.8 -1.0 -1.7 -.7 0) .4 -3.9 1.1 2.2 -.4 0) February? 22.4 1.1 .8 1.0 1.5 .2 4.8 -2.4 -1.5 1.1 .4 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S.f 82.5; U. S. brokerage balances abroad, 32.4. 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 * r m e T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o ia - A W fr e ic st a2 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- India8 $1 =15/21 grains of gold 9/10 fine: i. e., an ounce of fine gold =$35. 1941. ,265.6 1,110.4 504.3 27.8 3322..44 1199..66 220099..22 187.1 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 113311..00 169.4 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 4488..88 127.8 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 3355..88 102.3 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 3322..55 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 5511..22 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 7755..88 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948. -•798.0 728.1 405.5 18.0 2233..44 1111..11 7700..99 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. '833.0 753.2 409.7 18.5 2233..11 1122..99 6677..33 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950. 861.0 775.9 408.2 17.9 2233..22 1122..00 8800..11 155.4 14.3 13.3 6.7 8.0 30.1 6.7 1951. 403.1 2233..77 1122..77 6699..99 152.7 15.1 7.6 1951—February.. 58.9 31.1 1.4 2.1 1.0 5.2 12.1 1.1 2.4 .6 March.... 63.5 33.4 1.5 2.0 1.1 5.8 13.0 .9 2.4 .6 April 62.9 33.2 1.4 2.0 1.0 5.5 12.7 1.0 2.4 .7 May 65.0 34.6 1.4 1.9 1.1 5.5 12.9 1.0 3.5 .6 June 62.9 33.9 1.4 1.9 1.1 5.9 12.7 1.0 2.1 .6 July 34.4 1.4 1.9 1.2 5.5 12.1 2.4 .7 August 34.6 1.4 1.9 1.3 6.6 12.1 2.6 .7 September. 33.3 1.4 2.0 1.1 6.4 12.6 2.4 .7 October. .. 34.1 1.5 2.0 1.1 6.6 13.2 2.6 .7 November. 33.8 1.4 2.0 .9 5.7 13.0 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 '12.4 1.6 .6 February. 32.2 1.9 1.2 4.8 12.3 .7 r Revised. 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. 8 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. 6 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp 542-543. MAY 1952 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- USSR)* Treasury Total2 1945—Dec.. . . 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec.. . . 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec.. . . 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec.. . . 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec.. . . 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Apr. 21,805 21,900 288 609 23 317 635 45 65 271 31 22 M^ay 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 P35,956" 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Tan. 22,951 23,055 268 631 317 860 45 311 31 22 Feb . . 23,190 23,373 268 610 317 868 45 311 31 22 Mar.. . . 23,290 23,428 624 874 31 22 E m n o d n t o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 "<20i' 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 M80 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 2& 1950—Dec 97 523 27 247 140 252 208 208 311 29 50 27 31 1951—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 27 247 138 252 279 316 32 50 27 46 Feb 174 548 27 247 138 279 P317 32 50 46 Mar.... 174 548 27 247 279 P340 32 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g 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 I e n ti t t o t e l n r e - a - l Fund ments 1945—Dec 13 914 110 482 1,342 43 241 «2,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 5 2,696 200 215 15 32 1947—Dec 310 15 762 111 105 1,356 34 170 6 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 « 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 * 1,688 178 373 L.451 68 1950—Dec 192 23 197 61 90 1,470 118 150 5 3,300 236 373 L.495 167 1951—Apr. 212 23 210 61 124 1,444 118 150 295 373 1,495 161 May.... 217 23 210 61 129 1,458 115 150 293 373 L.495 153 June.... 217 26 210 60 129 1,451 115 150 8 3,867 279 373 1,518 151 July.... 217 26 210 61 129 1,454 113 150 269 373 L.519 155 Aug 224 26 210 61 129 1,447 113 150 257 373 L,529 143 Sept.. . . 234 26 210 50 128 1,446 113 150 '«' 3^ 269' 252 373 L.529 144 Oct 250 26 209 50 134 1,448 113 150 242 373 1,529 132 Nov 255 26 208 50 136 1,454 113 150 232 373 1,530 127 Dec 265 26 190 51 152 1,452 113 151 5 2,335 P221 373 1,530 115 1952—Jan P265 26 190 51 179 1,438 113 150 5 2,036 373 1.531 116 Feb P27O 26 193 51 211 1,426 150 5 1,770 373 1,532 126 Mar 26 51 214 150 s 1,700 143 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central' banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money. Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951. p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r * Canada A t r i g n e a n- Cuba Mexicov 1945 —452 9 31.1 278.5 —47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10 0 86 6 311 2 727 5 —65 0 45 4 1948 1 510 0 734 3 69 8 15 8 40 7 63 0 3 0 — 5 6 5 8 114 1 — 10 0 61 6 1949 193.3 446.3 —41.0 —23 5 14 0 —40 0 2—159 9 3 4 —49 9 — 10 0 —16 1 1950 -1,730 3 -1.020.0 -55 0 -84 8 -79.8 -IS 0 -22 9 -38.0 -68.3 -100.0 28.2 -118.2 1951 67.9 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 "-49!9" -20.0 -60.2 1949 Jan.-Mar 68.8 -12.5 10 4 10,5 -5.0 — 13.7 3.4 2.3 Apr.-June 173 9 162.4 -31.0 — 10 0 — 11 2 7 9 July-Sept 101 5 283.9 3.5 -20.0 2-119.1 -10 0 -11 3 Oct.-Dec. -151 0 2 5 -33 9 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar. -202.5 -80.0 -35 0 -13 0 -12.4 —15.& Apr.-June -31 7 -20 0 -3 0 — 11 9 July-Sept -732.2 -580.0 -28.5 -16.0 -25.0 3.4 8.2 -40.5 Oct.-Dec -763 8 -360.0 -56.3 -79.8 -15.0 -4.0 -47,4 -100.0 20.0 -61.9 1951 -880.1 -400.0 -12.3 -91.7 —4.5 -10.0 — 15.0 — 15.0 -44.3 -49.9 —124.4- Apr.-June.. ...... -57.0 -80.0 2.0 — 15 0 -11.2 -10.0 64 1 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] I In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Other Asia Union end ofperiod Increase go N ld e i t m-g m ol a d r : k d e e d - Domes- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A L m i a c t a e in r- Oc a e n a d nia A So f o r u i f c th a o A th l e l r Period Treas- in s g to o to c ld k tal p e o xp rt o o rt r c c o r r r e e a a in s s - e e p ti t r c i o o d g n o u 2 l c d > - * ury Total» 1945 -37.9 -73.1 -27.8 3-188.3 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 to.so -64 8 -17 6 — 39.2 13 1 4-47 8 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1951 22 2 — .9 -17 2 5 -57.4 52.1 4-84.0 1 19 9 4 4 7 6 2 2 2 0 , , 7 5 5 2 4 9 2 2 0 2 , , 7 8 0 6 6 8 32,1 6 6 2 2 3 . . 1 1 1,8 3 6 11 6 . . 5 3 4 21 6 0 5 . . 0 4 5 7 1 5 . . 2 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 1950 22,706 22,820 -1,743.3 -371 .3 -1.352.4 80.1 Apr -June 3 0 3 7 — 6 6 55 6 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—Apr... 21,805 21,900 -27.3 -110.6 101.9 5.5 Oct.-Dec -1 .0 -11.9 -41.0 19.9 .2 May. . 21,756 21,861 -38.5 -41.0 -12.9 5.5 June.. 21,756 21,872 10.4 -37.6 46.3 5.9 1950 July.. . 21,759 21,852 -19.2 -16.2 -8.8 5.5 Aug. .. 21 ,854 21,986 133.1 -3.7 137.0 6.6 Jan.-Mar -12 0 -10.5 — .8 3.9 -27.0 Sept... 22,013 22,164 178.0 10.9 176.7 6.4 Apr -June.. .. •. —2 0 -1.0 9.2 -3.0 Oct.... 22,233 22,394 229.9 -18.4 243.4 6 6» July-Sept -23.9 -.1 -14.9 -14.8 Nov... 22,382 22,579 185.0 -2.1 188.4 5'.7 Oct -Dec —26 9 -6.0 -23.6 -3.0 Dec... 22,695 22,873 294.1 6.5 289 9 5.1 1951 1952—Tan. . . 22.951 23,055 182.4 63.6 137.5 5.0' Feb.. . 23,190 23,373 317.5 150.3 152.2 4.8' Jan -M^ar —50 9 -11.7 —22.6 —28.0 Mar.. . 23,290 23,428 55.6 157.1 -103.1 4.6'i Apr.-June 15.0 -.9 -5.0 -3.8 12.7 -25.0 Apr. . . 23,297 23,450 22.0 (4) 6-75.4 (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. 8 Change includes transfer of 687.5 million dollars gold subscriprs 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 institutions, amounted to 4,896.9 million dollars on Apr. 30. 1952. Gold' NOTE.—This series replaces the series on "Net Gold Imports to 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. MAY 1952 577 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 1952 1951 International Fund International Bank Jan. Oct. July Jan, Mar. Dec. Sept. Mar. 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 5 8 11 6 Other 4,408 4,409 4,327 4,229 Other 940 945 944 920 Unpaid balance of member subscriptions. 883 869 869 1,003 Investment securities (U. S. Govt. obli- Other assets , 1 1 1 1 gations) 490 510 441 466 A M c e c m um be u r la s t u e b d s c n r e ip t t i i n o c n o s me , 8,1 - 5 7 2 8,1 - 3 6 7 8,0 - 3 6 7 8,0 - 3 5 7 L C o a a ll n s s o n ( i s n u c b l. s c u r n ip d t i i s o b n u s r s to ed c a p p o it r a t l i o s n to s c a k n » d . . 4 4 4 incl. obligations sold under Bank's guarantee) 1,186 1,113 1,085 938 1952 Other assets 14 10 13 12 Net currency purchased * Bonds outstanding 450 436 336 311 (Cumulative—millions of dollars) Liability on obligations sold under guar- Mar. Feb. Jan. Mar. antee 41 33 33 30 Loans—undisbursed 372 350 368 279 Other liabilities 5 10 4 3 Australian pounds 20.0 20.0 20.0 20.0 General reserve 55 50 46 38 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 26 24 22 18 Brazilian cruzeiros 103.0 103.0 65.5 65.5 Capital' 1,691 1,688 1,688 1,668 Chilean pesos 5.4 5.4 5.4 8.8 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 'As of Mar. 31, 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 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 T N N u o e r t r k h w i e e s r h g l a ia l n i n r d a s k s r g o u n i e l r ders.... 7 5 5 . . 0 2 7 5 5 . . 0 2 7 5 5 . . 0 4 7 9 5 5 . . . 6 0 4 wh 2 8 i c L E h e x s c a s l m u t d h o e a u s n n t u $ n t 5 o c 0 a 0 l l e , l 0 s e s 0 d 0 t . h p a o n rt i o o n n e s m o i f l l c io a n p i a ta r l e s re u p b o sc rt r e ip d t i u o n n d s, e r a " m A o l u l n o t t i h ng e r. t " o Pounds sterling 300.0 300.0 300.0 300.0 6,763 million dollars as of Mar. 31, 1952, of which 2,540 million repre- Yugoslav dinars 9.0 9.0 9.0 9.0 sents the subscription of the United States. All other -1.7 -1.7 -1.7 -.9 Total. 771.7 771.7 734.4 762.0 CENTRAL BANKS A d ss e e p t a s rt o m f e i n ss t ue Ass d e e ts p a o r f t m b e a n n t king Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r * N c a o o n t i d e n s a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r io cu n l a * - Bankers' Pub D li e c pc>sit E s CA Other t c i l O i e a a s p t b h i a i t e l n a i r - l d 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec 29 2 1,100 0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 L.238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 t,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 .2 1,450.0 23.4 13.6 327.6 L.428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1.450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 2 1,325.0 36.1 16.7 401.1 I,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1.375.0 19.2 29.2 384.0 L.357.7 313.5 15.4 .4 85.0 18.1 1951—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 ,331.6 296.4 14.4 13.4 84.8 18.0 June 27 .4 L,400.0 51.8 7.9 360 0 ,349.3 290.1 20.4 4.4 86.6 18.1 July 25 .4 1,400.0 20.1 7.7 390.8 L.380.9 294.4 14.8 2.3 88.9 18.3 Aug. 29.. .4 1,400 0 42.9 29.7 337.7 ,358.0 273.6 18.5 .9 98.9 18.5 Sept. 26 .4 L,400.0 52.4 19.0 345.7 ,348.9 289.9 16.6 1.1 91.2 18.5 Oct 31 .4 L.400 0 49 7 20.8 356.0 ,351.8 303.9 14.5 7.2 93.1 17 8 Nov. 28 .4 1,400.0 38.2 16.8 364.0 ,363.7 294.7 16.4 .6 89.4 18.0 Dec. 26 .4 1,450.0 14.1 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952—Jan. 30 .4 4 1,400.0 48.1 7.9 343.7 ,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 .4 ,400.0 34.9 17.7 344.2 ,367.0 283.0 11.8 .4 83.1 18.5 Mar. 26 .4 ,400.0 17.4 23.6 351.8 ,384.6 280.3 12.1 .5 81.3 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. * 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. 578 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 ad s i i a n n m do il l l l i a o r n s) s of Gold an S d S t e t U a rl t i n e n i s g ted securities a O s t s h e e ts r circ N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m rt - * Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital * ment 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. ) 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- -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--Jan. 31. 85.4 1,095.4 1,042.6 82.7 1,375.6 629.2 92.8 54.9 153.4 Feb. 29. 70.3 1,058.1 1,027.7 88.2 1,374.4 616.7 88.5 52.1 112.5 Mar. 31. 60.1 1,179.9 882.2 106.8 1,393.2 656.5 14.6 66.1 98.6 Assets Liabilities m B i a ll n ( io F k n i g o s u f o r f e F s r f r a i a n n n c c e s) Gold* F c o h e r a x e n - i g g e n m O ar p k e e n t D 8 om S e p s e t c ic ia b l ills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h t o e 8 r a O ss t e h t e s r • ci N t r i c o o u t n l e a- G m ov e e n r t n- De E po C s A its 7 Other c O l a i i a a t p t n i b h e i d i e t s l a r - l 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,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- -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 Mar. 27. 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,099 ,861,681 22 15,783 188,767 41,448 1 Securities maturing in two years or less. 1 Includes notes held by the chartered banks, which constitute an important part of their reserves. 1 Beginning November 1944, includes a certain amount of sterling and United States dollars. • On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). * For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. • 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. • 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. 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. MAY 1952 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. 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 265 241,347220,739 252,792 Other gold and foreign exchange. 894 2,305 Government loans and securities. 155 495148,352149,819 136,414 Government securities 2,087 1,986 Other assets 119 421127,810128,240 65,771 Rediscounts and loans to banks. . 42,442 35,429 Note circulation 457 435 455,831457,288 378,488 Other assets 239 317 Deposits 297 392281,317268,614 220,913 Currency circulation 17,297 13,601 Other liabilities and capital 60 827 66,194 62,931 53,007 Deposits—Nationalized 25,577 24,456Central Bank of Costa Rica Other sight obligations 848 525 (thousands of colones): Other liabilities and capital 2,753 2,329 Gold ,511 ,511 11,511 11,542 Commonwealth Bank of Aus- ,188 ,144 64,228 42,541 tra G li o a l d (t a h n o d u s fo a r n e d ig s n o f e x p c o h u a n n d g s e ): 321,475 320,930 365,4 661 .673 F N o e r t e i c g la n i m ex c o h n a I n n g t e 'l. Fund 4 , , 0 9 3 1 1 3 , , 0 8 3 7 1 2 73 7, , 0 1 3 7 1 4 90 7 , , 5 01 76 9 Checks and bills of other banks. . 6,513 5,8 5,452 7,232 Loans and discounts ,619 ,593 7,953 19,404 Securities (incl. Government and Securities ,409 ,519 23,050 14,2 75 Treasury bills) 598,898 629,357619,543 404,992 Other assets ,844 ,292112,598 112,445 Other assets 111,271 102,833 93,052 80,233 Note circulation ,186 ,097 56,060 63,249 Note circulation 297,471294,971295,221 270,270 Demand deposits ,641 ,281 18,289 9,663 Deposits of Trading Banks: Other liabilities and capital Special 434,170 455,270 488,570 558,920National Bank of Cuba Aust O ri t O h an e t r h e N l r ia a b t i i l o it n ie a s l a B nd a n c k a p ( i m ta i l llions 2 3 7 0 6 , , 2 2 1 9 9 7 2 4 6 1 7 , , 0 6 7 8 9 52 3 6 5 3 . , 8 8 3 3 8 9 2 4 8 4 0 , ,1 8 2 1 2 7 (th F G o o o u r l s e d a ig n n d s e o x f c h p a e n s g o e s ) ( : net) 3 5 1 5 0 , , 7 5 3 6 4 431 5 0 2 , , 5 04 6 0 4 27 7 0 7 , , 5 5 6 8 1 6 of L O F C N D G s o o c l o t e o a h r h a l p t i e d e e n i m o i l r s g l s c i n i a n a a i t r s g s n g c e s — s d a u e x ) i t l : c n O B s B d a h s t i a l t a t i s o h o n n c c e G n k g o k r s e u o e n v d t e s rnment 3 6 8 1 , , . , 3 7 2 4 6 3 2 3 3 2 2 4 6 9 1 9 6 5 2 4 1 7 3 4 8 •3 6 8 1 , , , , 1 3 5 4 4 5 3 0 7 6 0 0 4 3 6 5 1 7 8 7 6 6 9 5 1 3 6 7 1 , , , , 4 7 2 9 4 3 2 2 5 6 6 8 3 8 1 5 3 9 5 9 1 8 0 8 1 3 4 6 2 , , , , 4 7 9 2 0 1 7 4 1 6 2 3 8 0 5 7 0 4 4 1 7 8 6 0 9 Nati O O F S D N L C N o i o n o r t t e o e l F h h e r v a p t a t e d e e u e e n l o i c r r r i s n g s t l B c s d a i n a l a i t i i a ) r s s n a m t c s n o e b d u e k x i t l o l G c s d a i n o h t t i o i i s f a e o v I c n s C n n e o g r t a u z e ' n n l n e . m d t c ( s F h e S c u n o t a a t n s p b d l i o i t l 4 v a iz l a a k t i i a o n 5 3 1 1 9 4 2 1 1 1 7 0 2 7 1 7 2 5 0 8 5 , , , , , , , , , 9 5 5 2 2 9 5 5 2 3 1 9 6 4 7 2 0 2 5 1 5 2 0 2 8 8 0 3 1 7 9 4 2 1 1 1 8 2 6 8 7 7 2 1 2 0 , , , , . , , , , 8 5 3 7 9 3 4 4 1 6 1 2 4 2 6 6 0 7 1 1 6 9 8 2 5 4 3 3 1 4 5 6 2 1 1 5 3 5 8 7 1 6 2 2 0 , , , , , , , , , 7 0 4 2 3 1 8 5 8 0 3 7 1 6 8 4 0 2 1 1 3 0 6 8 9 7 8 National Bank of Belgium National Bank of Denmark (m F D L O N G C G il o o l o e t o o o i h r a p n o t v l e e e n d o s n e i r s o 1 g s s r c i n l n a a i i t o r m s d s n c f c s — a d l u e e a t f n t l e r i D E s d a t m d a t i C e n i s s s o m c c A G e n a s o c a o n ) u u : n v d n r d e i t t b s r i n a e l s m an e c n e t s d ( e n b et t ) .. 9 3 3 2 3 5 1 8 3 4 4 1 1 , , , , , . , , , 2 5 6 7 1 0 1 7 7 4 5 8 6 9 0 3 8 6 1 3 7 3 8 5 5 3 7 3 9 3 2 2 8 8 3 3 4 2 1 0 , , , , , , , , , 3 2 4 0 6 8 9 4 1 5 7 3 0 2 6 4 8 4 4 2 8 3 9 3 9 4 0 3 3 9 2 4 3 2 8 1 4 1 1 7 , , , , , , , , , 3 2 5 8 4 9 0 3 1 5 2 2 4 5 9 9 5 9 9 3 6 0 4 8 1 7 6 3 8 2 1 3 2 5 9 4 3 8 1 , , , , , , , , 4 8 9 1 0 8 0 1 7 7 3 1 9 2 1 6 1 1 3 0 3 0 2 0 0 6 (m O S D F N G C L G il e o o t o o e l o o c h i r a p l n t v o e u d e e n o t n t i r r r . s g s s i c i t i n a c b i a i t o r e s o s u n c f e s s — m t d u e x i k o t l p c G s a d r n h e o t i o s a n i s n o n v c s t e n a g o e o r t e r u ) i n : I n o m n n ts t e ' a l n . c t c B o a u n n k t . . . . . . . . , , , 3 4 2 1 8 8 6 1 1 2 6 2 0 7 8 1 2 9 8 9 1 0 2 8 1 3 1 1 , . , 8 5 5 7 8 1 3 0 8 7 9 6 2 4 1 3 6 9 0 3 3 2 0 1 3 1 1 , , , 5 8 7 5 8 1 1 2 5 7 7 7 6 1 2 1 0 8 3 9 3 9 7 8 1 3 1 1 , . , 3 4 9 7 6 1 3 6 7 6 7 1 8 1 7 8 9 6 4 6 2 0 4 Other liabilities and capital 12,267 10,869 9,755 2,700 Other ,357 1,475 1,547 1 ,481 Central Bank of Bolivia—Mone- (Dec. Other liabilities and capital 146 180 180 184 tar G y o d ld e p a t t . h (m om il e li o a n n s d o a f b b ro o a li d v i 2 anos): 19 1 5 , 1 3 ) 7 * 0 1,370 Ce R n e tr p a u l b B li a c n ( k t h o o f u s t a h n e d s D o o f m d i o n l i l c a a rs n ): Foreign exchange (net) 790 '259 Gold 066 12,066 12,066 6,045 Loans and discounts 1,244 1,939 Foreign exchange (net) 227 18,967 18,365 16,629 Government securities 1,855 730 Net claim on Int'l. Fund 4 250 1,250 1,250 1 ,250 Other assets 242 139 Paid-in capital—Int'l. Bank 41 41 41 40 Note circulation 4,157 3,515 Loans and discounts 220 331 199 131 Deposits 689 326 Government securities 895 6,962 7,068 6,217 Other liabilities and capital 656 Other assets 720 713 702 1 ,065 Central Bank of Ceylon (thousands Note circulation 912 29,553 28,910 24,483 of O F A D G C r o u u t d e o h r p p r v v e e r e o a e i e r e g n s r n s n n i c a c t ) m e s s : y e s s — e e x i t n t c n o G s B t h c a o a G s i n n v e r o k g c e c s v e u r u n r e la i m r t t n i ; i e e o m n s n t ent3 6 4 1 2 2 0 0 6 3 3 3 2 0 2 1 , , , , , , , 8 5 6 1 9 5 6 9 0 9 2 6 4 1 2 7 9 6 4 1 4 4 6 1 0 3 3 1 7 4 6 3 3 6 1 1 , , , , , , , 1 3 1 9 2 6 8 2 1 5 0 6 2 4 9 5 6 0 4 1 7 6 4 1 0 6 7 5 1 3 6 2 0 4 5 3 , , , , , , , 8 8 8 9 9 9 7 9 6 7 8 1 5 4 2 3 2 9 0 0 4 3 6 1 ^ ' 9 4 4 8 • 5 0 3 1 1 ' 3 , , , , , 2 3 8 8 1 9 5 8 6 6 ^ 7 9 3 3 3 4 2 3 C 8 e ( n th t D O F G N r o o a t o e e u h r l m t l s e d e a i B c r a g n e l n a a n d l d i i n s a m e k b d o x i e f c o l o i p h n t f s o i a u e n s I E c s i n g r t c t s e a e u ' n l s . a ( ) d : n d F e c o u t a r n ) p 6 d i t 4 al 3 2 3 3 5 1 5 6 3 8 0 7 7 7 6 3 1 0 6 2 3 4 3 2 1 4 5 9 0 1 8 , , , 5 0 7 9 2 5 9 0 7 3 2 2 3 0 1 9 6 5 3 1 8 , , , , , , 0 7 5 9 7 7 5 3 2 0 0 5 1 1 2 3 6 8 3 2 1 3 1 3 1 4 6 1 6 8 , , , , , 1 3 9 9 7 7 7 1 2 3 2 5 1 2 5 2 8 7 Other liabilities and capital 43,638 "•42,907 '44,030 '41,768 Credits—Government 181. 676186,770 93,303 Central Bank of Chile (millions Other 178 322184754179,103 168,783 of pesos): Other assets 472,219 463,,4422-4 458,731 470,606 Gold 1,214 1,214 1,357 Note circulation 145. ,342150,889 139,626 Foreign exchange (net) 189 381 284 Demand deposits—Private banks 139 047 ,730115,130 114,879 Net claim on Int'l. Fund 4 107 107 1 Other 247 ,845226,012 238,906 Discounts for member banks.... 1,835 1,614 1,710 Other liabilities and capital Loans to Government 670 670 680 National Bank of Egypt (thou- O O t t h h e e r r l a o s a s n et s s and discounts 3 6 , , 0 2 8 7 7 0 3 6, , 2 1 5 1 1 0 4 2, , 3 2 5 4 1 1 san G d o s l d o f 7 pounds): 6 2 0 4 , , 5 9 5 4 3 2 6 2 0 5 , , 5 9 5 2 3 6 ' 2 • 8 51 , , 6 4 6 5 2 9 Note circulation 8,545 8,452 6,997 Foreign exchange Deposits—Bank 2,127 2,113 1,462 Foreign and Egyptian 329,470 333,987 337,374 Other 317 361 366 Government securities 28,326 29,400 22,679 Other liabilities and capital 2,382 2,420 1,799 Loans and discounts 1,712 4,061 '1,856 Bank of the Republic of Colombia Other assets 192,274194,948 182,754 (thousands of pesos): Note circulation 115,306119,312 125,774 Gold and foreign exchange 243,885254,335258,541 171,682 Deposits—Government 115,669114,487 124,286 Net claim on Int'l. Fund 4 24,371 24,371 24,370 24,369 Other 21,754 25,180 9,216 Paid-in capital—Int'l. Bank 7,132 7,126 7,124 1,380 Other liabilities and capital * 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 Includes special loan under Bretton Woods Agreements Act. 4 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. 6 For last available report (March 1950), see BULLETIN for September 1950. p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 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. 580 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Reserve Bank of El Salvador ("thousands of colones): Bank of Italy (billions of lire): Gold 64,075 64,144 64,211 57,380 Gold 4 4 4 4 Foreign exchange (net) 62,658 57,850 48,051 83,780 Foreign exchange 37 38 38 29 Net claim on Int'l. Fund l 1,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 10,474 16,448 18,051 1,807 Loans and discounts 257 260 238 275 Government debt and securities.. 6,111 5,435 5,466 4,950 Government securities 200 185 186 197 Other assets 1,350 1,445 1,675 1,211 Other assets 799 832 785 505 Note circulation 88,380 90,458 88,692 84,951 Note circulation 1,204 1,193 1,200 1,088 Deposits 50,757 49,464 43,038 59,413 Allied military notes 3 Other liabilities and capital.... 7,096 6,966 7,291 6,329 Deposits—Government 186 210 133 128 State Bank of Ethiopia 2 Demand 71 69 74 69 Bank of Finland (millions of mark- Other 352 365 361 250 kaa): Other liabilities and capital.... 74 74 74 62 Gold 5,865 5,865 5,865 3,120Bank of Japan (millions of yen): Foreign assets (net) 20,375 22,330 22,167 -909 Cash and bullion 1,178 1,204 1,024 Clearings (net) 6,427 4,545 3,361 676 Advances to Government 39,368 39,368 50,095 Loans and discounts 21,305 20,239 18,999 39,810 Loans and discounts 345,273345,990 408,149 Securities 1,017 1,030 1,051 962 Government securities 92,845 86,038 136,855 Other assets 2,208 2,479 2,639 6,253 Other assets 102,516 89,227 39,858 Note circulation 44,044 43,428 40,134 37,447 Note circulation 457,277467,021 396,307 Deposits 1,706 1,988 2,344 2,279 Deposits—Government 71.480 43,235 190,666 Other liabilities and capital 11,446 11,072 11,603 10,185 Other 25,216 25,756 28,360 Bank of German States Other liabilities 27,207 25,815 20,648 (millions of German marks): The Java Bank (millions of rupiah): Gold 116 116 116 Gold 4 1,060 1,060 1,060 866 Foreign exchange 2,230 2,094 2,046 1 ,166 Foreign exchange (net) 1,052 996 625 354 Loans and discounts 4,118 4,328 4,451 4,699 Loans and discounts 677 605 551 175 Loans to Government 9,228 9,009 8,753 9,148 Advances to Government 2,248 1,841 1,475 2,501 Other assets 577 633 590 1,43 Other assets 1,031 1,067 1,140 336 Note circulation 9,544 9,416 9,163 ,781 Note circulation 3,165 3,137 3,134 2,614 Deposits—Government 2,436 2,469 2,307 2,381 Deposits-—ECA 496 Banks 2,082 1,943 2,019 1,678 Other 1,034 861 "806 962 Other 250 270 273 900 Other liabilities and capital.... 1,372 913 Other liabilities and capital. . . 1,957 2,081 2,193 3,710Bank of Mexico (millions of pesos): 1,572 656 Bank of Greece (billions of drach- (Dec. Monetary reserve 5 1,110 1,156 mae): 1951)* "Authorized" holdings of secu- 1,143 1,191 Gold and foreign exchange (net) 1,021 530 rities, etc 2,783 3,027 Loans and discounts 185 204 Bills and discounts 485 2,952 435 3,317 Advances—Government 7,950 5,692 Other assets 527 448 504 277 Other 3,736 2,811 Note circulation 3,126 492 3,169 493 Other assets 2,090 1,484 Demand liabilities 1,314 3,163 1,453 2,787 Note circulation 2,198 1 ,578 Other liabilities and capital 465 1 ,411 498 1,978 Deposits—Government 1,141 1,051Netherlands Bank (millions of 462 512 Reconstruction and guilders): Ot r h e e li r ef accts 5 2 , , 6 2 1 5 8 9 3 1 , , 7 7 3 3 0 S G i o lv ld e r 6 (including subs ; idiary coin) 1,28 1 8 6 1,20 1 1 8 1,19 1 5 9 1,17 1 5 8 Other liabilities and capital.... 3,765 2,625 Foreign assets (net) 1,027 967 731 472 Bank of Guatemala (thousands of Loans and discounts 109 113 120 103 quetzales): Govt. debt and securities 2,850 2,850 3,000 3,000 Gold 27,228 27,228 27,228 27,229 Other assets 446 633 617 647 Foreign exchange (net) 22,749 18,671 16,160 15,273 Note circulation—Old 44 45 45 53 Gold contribution to Int'l. Fund 1,250 1 ,250 1,250 1,250 New 2,951 2,866 2,867 2,761 Rediscounts and advances 5,210 5,614 6,393 4,203 Deposits—Government 369 240 142 82 Other assets 18,280 17,525 16,387 19,386 ECA 1,804 1,778 1,730 1,386 Circulation—Notes 40,075 39,739 39,151 37,803 Other 343 439 491 734 Coin 3,393 3,392 3,386 3,319 Other liabilities and capital 227 413 407 399 Deposits—Government 4,702 4,511 3,870 1,735Reserve Bank of New Zealand Banks 12,469 11,022 11,032 11,561 (thousands of pounds): Other liabilities and capital 14,078 11,624 9,979 12,923 Gold 5,714 5,638 5,578 4,932 National Bank of Hungary 3 Foreign exchange reserve 22,266 21 ,352 24,087 61,319 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 7,217 rupees): Advances to State or State un- Issue department: dertakings 56,321 54,817 52,774 60,372 Gold at home and abroad 400 400 400 Investments 34,182 54,182 54,182 27,974 Foreign securities 6,032 5,932 6,782 Other assets 3,789 4,601 3,542 4,983 Indian Govt. securities 4,681 4,681 4,866 Note circulation 62,205 62 ,21.7 63,837 58,418 Rupee coin 683 683 543 Demand deposits 58.852 77,231 75,457 101,440 Note circulation 11,396 11,501 12,474 Other liabilities and capital 7,233 7,161 6,887 6,939 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 400 195 117 Gold 242 242 243 Balances abroad 1,415 1,706 2,060 Foreign assets (net) 416 391 208 Bills discounted 25 56 82 Clearing accounts (net) 15 7 -66 Loans to Government 68 80 16 Loans and discounts 44 48 47 Other assets 1,664 1,528 1,256 Securities 46 46 46 Deposits 3,252 3,238 3,200 Occupation account (net) 6,202 6,202 6,202 Other liabilities and capital. . . 319 328 331 Other assets 50 62 95 Central Bank of Ireland (thousands Note circulation 2,517 2,525 2,308 of pounds): Deposits—Government 1,829 1,771 2,104 Gold 2,646 2,646 2,646 2,646 Banks 1,165 1,216 977 Sterling funds 56,458 55,241 54,629 51,364 ECA , 926 918 642 Note circulation 59,104 57,887 57,275 54,010 Other liabilities and capital 579 568 744 * Latest month available. r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. B 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. MAY 1952 581 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Spain—Cont. rup I B s e a s e u n s e k ) S P G N G I R : i n t d a n u o o o e d k e g l p t v r i d e i p l M a e t s i s . a e n t a c e a r o g i t c u t p n n f m o h r a s r c I e o i r G e e n n i t c m r n m n o . d u c t c e y i r . u : e a y i t n . l t a . a i t . s n e s t : e i . s d e o c c n u a u b r ri i r t t o i i e e a s s d . . . . . . . . . . 2 1 , ,0 2 3 7 1 1 1 0 6 2 1 8 7 4 0 6 6 5 1 , , 2 1 3 7 1 9 1 0 2 1 8 1 5 7 0 6 5 1 6 2 1 , , 3 2 3 7 1 9 0 0 4 2 6 1 7 4 0 4 6 5 8 2,0 3 8 7 1 9 0 5 4 5 4 3 0 2 3 2 1 4 9 Bank F O N P D N G o a t o o e e o i h r t p l f t d e d e e o - i c S r g i s l c n w a n i l i t i i r s e m a c c a — b d a u s i p e s o l l O G n e a i i n t t t t t o i a s i e h ( I o v l m s e n — ( n e r n t i a . r l ' n e I l n l . . n i t m d o . ) t F • n ' e c l u s . n a n t o p B d f i a t 2 k a n l r k onor): , , , , , 3 3 9 5 4 4 4 7 2 9 5 7 8 1 6 6 8 9 4 2 8 1 3 1 2 5 1 9 , , , , 3 1 4 5 4 8 5 5 7 6 8 1 3 3 8 3 5 8 0 1 3 20 5 2 1 , , , , 3 4 4 1 6 9 8 7 0 3 0 1 5 8 0 8 4 7 4 1 3 1 3 0 1 8 , , , , 6 5 8 8 2 5 0 0 6 1 1 5 2 9 2 4 4 0 Bank of P O N L O D B B a o i a t e t o l h h r a l p l t a s e e e n a o n r r s s g d s c l i u a i o t e i t s o s s a a s f c s b y o e a G i i — s u t l b s s i o n r t u v M i o t e e e e a s d o r d d n n a e m n e p t d e a a n r r c y t t a m p d e i e t n a p t l t . . .. . 8 1 7 9 9 6 0 6 1 2 5 3 3 1 3 3 8 7 9 4 6 9 9 9 9 1 0 6 9 1 3 3 8 1 0 5 9 6 9 0 7 8 0 0 9 1 1 1, 3 6 0 8 6 5 3 8 5 6 4 8 6 2 5 1 S O O O N D w t t t o e v h h h m e t a e e e e d n r r r a i c c s n d a l h i e d i o r s a s c m s G b u d e t i e o t l o e l s a s i p v t N t t i i o i t e c . o a s s n t s b i i t e i a o s l c n l — n u s d a r a O G l i n c t t D i o d a h e p v s e e a i e r b d t a r a t v n n l a O m d n f a e c f n d i e c t - s e .. 5 , , 4 9 5 2 8 8 3 1 9 5 6 7 8 9 9 8 1 6 9 4 2 3, , 8 5 3 6 2 8 7 9 5 0 4 3 7 6 5 9 5 9 7 5 9 2 3 , , 6 4 5 8 2 6 7 6 8 6 5 8 4 8 8 1 0 8 5 1 9 3 3 , , 5 3 2 4 5 7 1 5 5 5 8 7 3 7 6 5 2 8 5 1 8 (thousands of guaranies): Swiss National Bank (millions of Cent F O O N L D G N G P r o a o t t a e e o o o h h i r a t l m v l t d e e e e d n e - i R c r r a * s g i r l a n n a e n n a l a n d i i s m s a m n c d e e s b a d d e x r e c i p n e v o c t l o d s i i p t h e n t . i t i o i a n a s l e B I n s c o l s n i i — o g a a s t t s e a u n s n ' I u l n n s k . n ( e d t a n s t F o ' n e c l u f . d a t n ) p B P s d i # e a e t 9 c a n r u l k u rities. 2 2 1 - 9 6 5 4 3 1 1 1 5 0 5 3 3 4 7 6 1 , , , , , , , , , , 0 2 1 7 8 8 8 7 1 4 4 8 6 3 5 7 2 6 4 2 4 8 1 6 4 4 5 3 7 8 2 2 1 4 3 1 6 1 1 8 4 3 3 9 0 , , , , , 0 0 0 0 2 1 0 2 2 7 3 2 4 9 2 8 6 8 1 2 9 8 2 2 3 4 2 1 8 4 2 2 1 1 - 1 4 6 3 0 0 1 0 8 3 5 0 7 1 4 1 , , , , , , , , , 0 2 7 2 0 0 4 3 1 3 3 7 6 1 1 2 3 8 8 6 5 3 5 2 1 5 3 9 8 4 1 1 6 6 1 3 4 1 1 5 5 5 2 9 4 5 1 - , , , , , , , , , 2 9 3 2 1 0 1 8 2 9 6 0 6 6 0 5 5 2 8 0 0 5 2 7 5 0 6 4 8 4 Ce T f n r u a t F O O G N O G L n r r o o c a o t o t t k o h h h r s a l l l t e e d d e ) e e e n y : i r B r r s g c n a a s l ( i a i m i r s n a n g c e s k b i d h u x e l i t l t l c l i s d a o i h o l t t i f i i a n i s a e o n c s b s t n g o i h o a e l u i e f n n t i d p t e R s o s c e u a p n p u d it b s a ) l l : ic of , , ,6 5 9 2 4 2 1 9 9 3 2 4 1 9 7 2 1 4 0 6 9 3 6 , , , 5 8 7 2 2 4 1 6 9 0 7 1 3 9 7 9 4 4 0 9 3 8 3 4 5 1 , , , 5 4 2 9 2 7 1 1 9 3 5 4 9 1 7 9 3 2 2 6 6 6 8 , , , 4 8 9 4 2 1 1 9 1 8 2 8 4 9 9 7 9 9 0 0 8 5 5 (millions of soles): Foreign exchange and foreign Cent N O D O C L N L G r o o o t o e a t e o h h a a t p l n l t d e e e n n o t c r r r B s s s l a c i a i a b l a t a i n t i i o r s s u m n a n d c s b t k d u e G i f i o o l t o l d o a s i n o n r t . t i v e i f i s e i t e o I c g o s n r n t o n n h t a u I ' m l n e n n e . t x d e ts ' F P n c l c . u h t t h a o a n B i p n d l a b i i g t n p 2 a a e k n l p « k in s. e s . . 1, 6 2 2 3 3 2 7 6 8 4 2 4 1 8 0 3 3 5 1 7 4 2 8 6 , 3 3 2 2 6 7 1 3 6 4 2 1 2 7 9 1 3 9 1 7 6 8 2 9 , 3 2 3 6 2 7 1 5 7 6 0 2 3 7 8 5 2 6 1 1 0 7 2 2 1, 4 2 6 1 7 1 1 7 2 5 1 2 1 6 0 2 5 0 0 3 9 5 2 9 Ba ( n th k O S O L N D o e o t t e o o u c c h h a p t s f l u e e e n o a e r r r t s a n s i c h i t r d l a i a t i i i e r s s s e n a n c — s s g b R d u o e s i l t f l e G O d s a i p t p t i o i t i s u e e h o l c d s s e b n o o r l a u s i n n c ): d ts o c f a U pi r ta u l guay , ,1 4 6 1 1 1 3 6 5 2 9 5 3 9 6 4 7 7 3 3 4 1 1 1, , 1 4 6 1 1 1 1 2 3 6 0 2 5 2 7 1 6 3 2 7 3 4 1 1 ( 9 N 1 1 5 , o , 1 3 6 1 v 1 1 1 1 ) 7 4 2 8 5 1 . 1 5 * 2 7 1 3 1 0 8 0 ,1 9 5 1 1 1 2 3 7 9 7 7 5 1 8 2 5 7 2 4 3 9 (thousands of pesos): Gold 353,107 447,376 Bank O F N L D N O G D o o t o o t e o e h h r a t l m m t e o d e e e n c i f r r a e s g l c s n a n a l i t d i i r s i m a P c c e s b d u x e o i s o e t l c r l e s a i p h n t t c t u o i a i u e o I n s g r s n n i g i a t t t e s a l i ' e l n . s d F ( m c u a n i p l d l i i t 2 o a n l s of 4 2 2 5 1 1 4 4 6 2 7 5 4 3 1 0 7 5 4 6 9 9 3 4 , . ! , , , 5 3 1 8 3 7 6 2 6 4 2 5 2 1 1 4 7 2 7 5 4 4 1 3 ( 1 6 9 6 1 8 3 4 9 D , , , , , , , , , e 1 2 8 7 1 5 8 c 3 6 8 8 2 7 0 . 8 0 5 4 1 3 6 6 3 7 4 9 8 5 6 1 1 1 1 7 2 5 6 6 3 7 9 0 5 9 8 4 9 3 4 0 , , , , , , , , , 5 5 8 5 9 2 3 0 9 2 9 6 8 0 1 8 6 8 2 3 1 7 3 2 8 0 0 S A O O N O P D i a d t t t e o l m h h i h v v p t d e e e e e a o e - r r r r n i n s c n i c a l t l i t o i r e s s a c b c a s s — b a o u n e i p t d s l t l O G s a o i i i t a t t e t i o i a s S n e h o v l s d e t n — e a r a r d t n I e n i n m s d a t c ' e n o c l. n d a u t p B n i G t a t s a n o l k vern- 3 3 3 4 3 1 8 4 3 6 0 8 1 6 9 9 2 3 5 0 7 , , , , , , , , 2 3 6 7 7 6 6 0 2 1 5 3 2 7 6 3 1 7 8 5 7 5 3 7 4 3 5 3 3 3 4 2 1 9 5 6 1 6 3 1 5 8 1 7 6 0 9 0 1 , , , , , , , , 4 9 3 6 3 3 8 0 3 8 5 0 8 3 6 0 5 1 7 0 4 9 0 1 9 8 8 escudos): 1951)* Central Bank of Venezuela (mil- F G L A O N D o o o d t e o h r a l m v t e d e e n a i r a s g n c n n a c i a d r e s n c e s s d u x e d t t l c e o d s a h p t i a o i s G o n c s o n o g it v e u s e n — ( r t n n s G m e o t e ) v n e t rnment.. 1 4 9 1 1 , , , , 3 8 6 2 2 6 7 8 4 4 3 5 9 6 5 8 0 9 3 7 3 1 3 8 0 1 , , , , 2 7 6 5 5 6 2 1 4 6 2 5 3 4 3 2 4 1 2 7 4 lio O O F D N G ns o t t e o o h h r p l o t e d e e e o f i r r g s c b i n a l 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 1, - 1 2 8 2 4 9 6 6 7 2 1 0 4 6 9 1, - 2 8 1 1 3 6 4 5 7 0 7 6 8 8 1 0 - 2 8 1 1 2 5 5 1 0 9 3 0 1 3 1, - 1 3 7 7 4 1 8 8 5 2 1 1 8 5 5 ECA 42 299 Bank for International Settle- Other 6,275 5,212 ments (thousands of Swiss gold So ( u th t O G h o t o u h A l s d e a f r * n r d l i i c s a a b o n i f li R t p ie e o s s u e n a r d n v s d e ) : c B a a p n it k al 397 6 2 7 , , 3 3 4 29 5 72 2 , , 3 7 5 0 1 4 fra S C G n i a c o g s s l h d h ) t : i o f n u n n b h d a a s r n s d a t a i n n d t e w re i s th t banks. . . 43 9 8 1 3 , , , 4 8 1 5 5 6 7 3 1 38 52 2 6 , , , 7 8 1 8 8 0 1 7 4 35 6 5 4 8 , , , 3 5 2 6 8 1 9 6 4 36 7 4 3 0 , , , 4 8 6 1 4 3 2 9 5 Bank F O O O N D o t t t e o o h h h r p t f e e e e e o i r r r S 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 a i 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): , , 2 9 5 1 9 2 5 0 9 7 9 1 9 4 5 7 1 5 2 2 6 8 6 2 7 5 8 5 1 , , , , , , 1 6 9 0 4 3 8 9 5 4 9 4 2 2 5 6 6 5 1 3 9 1 7 1 1 5 6 4 5 7 , , , , , , 4 3 3 0 0 6 9 1 9 8 7 5 1 1 3 2 7 4 T O S F D 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 f y n a s u o i d s n b n u s ( v i d n d e a l e l s t e t t s s a s p c t a a b e o o n t l d s e s d i i t n t ) i b i s 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 . - . 3 2 2 1 0 9 3 5 1 7 5 3 5 7 1 , , , , , , 4 4 2 6 0 8 6 0 2 3 2 6 1 1 8 4 5 4 2 2 2 1 1 4 9 2 1 8 7 8 2 2 1 , , , , , , 2 2 1 6 9 5 0 5 3 1 1 1 1 1 2 6 6 8 2 2 2 1 6 9 2 2 2 7 3 0 8 1 1 , , , , , , 2 5 4 7 8 9 0 2 3 6 6 6 1 5 2 7 6 4 3 2 1 1 3 9 0 7 7 3 7 1 8 8 4 , , , , , , 3 9 2 0 6 9 5 5 0 0 4 8 9 2 1 3 9 1 S O G G O i t o t o l h h v l v d e e e e r r r r n a lo m s a s e e n n t s s t a l n o d a n d s i s a c n o d u s n e ts curities. 2 2 1 6 0 5 , , , 3 5 4 2 7 5 7 7 0 6 3 8 5 2 7 , , 3 5 1 7 2 7 5 7 9 8 8 3 8 1 4 2 1 1 4 5 7 , , , 3 2 8 5 0 7 5 0 4 4 8 3 1 5 0 2 1 1 2 5 5 , , , 6 3 3 6 7 8 6 7 2 3 9 8 1 5 5 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 s d O s : : w t c S h a n p e p e r a i c t c i a a c l l ount.. 3 2 2 5 6 2 7 9 9 8 6 , , , , 2 3 9 5 5 6 0 0 7 8 9 0 3 2 2 3 2 6 7 3 8 8 5 , , , , 0 7 9 4 7 2 0 3 3 8 9 0 3 2 2 6 8 2 4 8 3 8 0 , , , , 0 9 0 4 5 0 1 1 7 9 1 9 2 2 5 2 6 2 5 3 4 8 8 , , , , 4 8 9 5 3 0 0 8 9 9 8 7 * Latest month available. e Corrected. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. < On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 1 Includes small amount of non-Government bonds. NOTE —For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 582 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 la w e n r i - d tz- ba C n e k n tr o a f l — M R 3 a a 1 t r e . ef D fe a ct t i e ve ba C n e k n tr o a f— l M R 3 a a 1 t r e . ef D fec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Japan 5.84 Oct. 1, 1951 1941 2 Ik 2 3 Austria 5 2 Dec. 6, 1951 Java 3 Apr. 1, 1946 Jan 16 1945 ..!* Belgium Sept. 13, 1951 Mexico June 4, 1942 Jan. 20 Bolivia 6 4 Sept. 30, 1950 Netherlands.. Jan. 22, 1952 Feb. 9 91/ Nov. 7, 1946 214 Dec. 19 Jan. 10, 1947 Canada h Oct. 17, 1950 New Zealand. July 26, 1941 &2M Chile June 13, 1935 Norway Jan. 9, 1946 Aug. 27 3y 2 Colombia July 18, 1933 Pakistan 3 July 1, 1948 Oct. 9 2H&3 Costa Rica Feb. 1, 1950 Peru 6 Nov. 13, 1947 June 28, 1948. . 15 4 Sept. 6 .. 3M&4 Oct. 1 May 27 1949 Denmark 5 Nov. 2, 1950 Portugal.... Jan. 12, 1944 July 14 i 4 Ecuador 10 May 13, 1948 South Africa. Mar. 27, 1952 Oct 6 3% El Salvador. .. 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 June 8, 1950, , 2H Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Sept. 11 3% Sept. 26 . 3 Oct. 27 i 6 Dec. 1 3 France . .. 4 Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Apr. 17, 1951. . 4 Germany 16 Oct. 27, 1950 Turkey 3* Feb. 26, 1951 July 5 33/ Greece 12 July 12, 1948 United King- Sept. 13 3 V India 3H Nov. 15, 1951 dom 4 Mar. 12, 1952 Oct. 11 3 Ireland Nov. 23, 1943 USSR 4 July 1, 1936 Nov. 8 2M Italy 4 Apr. 6, 1950 Nov. 9 4 Jan. 22, 1952 Mar. 12 4 1 Rate established for the Land Central banks. IneffectMar.31, m NOTE.—Changes since Mar. 31: None. 1952 4 4 16 3K 3 OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland 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—February .55 1.03 1.00 1.04 .50 1.58 3-5J4 L.25 1943—February .51 1.03 1.00 1.10 .50 1.65 3-5 K L.25 1 1 9 9 4 4 5 4 — — F F e e b b r r u u a a r r y y . . 3 3 7 9 1 1 . . 0 0 3 3 1 1 . . 0 0 0 0 1 1 . . 1 0 3 0 . . 5 5 0 0 1 1 . . 6 6 9 0 2^- 3 5 >-sy2 L L . . 2 2 5 5 1946—February .36 .53 .51 .63 .50 1.36 1.18 ' ''].00 2^-5 L.25 1 1 1 1 1 9 9 9 9 9 4 5 4 4 5 8 1 9 7 0 — — — — — F F F F F e e e e e b b b b b r r r r r u u u u u a a a a a r r r r r y y y y y . . . . . 4 7 4 5 4 2 3 1 1 0 . . . . . 6 5 5 6 5 9 6 6 9 3 . . . . . 5 5 5 5 5 2 1 2 0 1 . . . . . 6 6 6 6 6 3 3 3 3 3 . . . . . 5 5 5 5 5 0 0 0 0 0 2 2 2 2 1 . . . . . 4 0 0 3 4 2 9 8 0 0 ] L L L L . . . 5 . 3 5 . 3 7 5 8 4 9 2 1 ] L L . . . O . 7 4 9 5 O 8 6 0 0 2 2 2 2 y y y y 2 2 2 3 2 - - - - - i t ± y ^ y 5 y 2 2 A2 L L L L L . . . . . 2 5 6 5 5 5 0 3 0 0 1951—March .76 .69 .51 .63 .50 2.45 L.46 L.23 3-5 I 50 April .76 .69 .51 .63 .50 2.60 L .55 L.24 3-5 L.50 May .76 .69 .51 .63 .50 2.61 L.50 L.07 3-5 L.50 June .75 .69 .51 .63 .50 2.52 L.39 L.00 3-5 L.50 J A O N D S u e u c e o l p t c y g v o e u t b e e m s e m t m b r b e b r e e r r . . . . . . . . . . . . . .9 8 7 7 9 8 2 9 7 9 3 8 1 1 1 1 1 . . . . . . 0 3 5 0 0 9 0 8 0 0 0 3 . . . . . . 5 5 5 8 5 9 1 1 1 4 1 8 1. . . . . . 0 9 6 6 6 6 0 2 3 3 3 3 . . . . . . 5 7 5 5 5 6 0 5 0 0 0 9 2 3 2 3 2 2 . . . . . . 5 6 7 5 2 5 7 4 8 6 7 0 L 1 L L 1 L . . . . . . 1 3 2 1 3 2 7 8 4 6 9 1 L 1 L L L . . . . . . 9 0 0 0 0 0 1 0 0 0 0 0 3 3 3 3 3 3 - - - - - - 5 5 5 5 5 5 L L L L L L . . . . . . 5 5 5 5 5 5 0 0 0 0 0 0 1952—January .89 1.50 .97 1.00 .75 3.50 1L.18 L.00 3-5 L.50 February .91 1.50 .99 1.00 .75 3.93 ]L .17 L.00 3-5 L.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, t Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MAY 1952 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » (11 London clearing Money at Treasury Deposits Other banks. Figures in Cash call and Bills dis- Loans to Other liabilities. millio s n te s r o li f n g p ) ounds reserves n s o h t o ic rt e counted receipts 2 customers assets Total Demand Time ca a p n i d tal 1946—December . . . 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December..... 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—December.. .. 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December . , , 532 571 1.109 793 1.512 1.534 579 6,202 4,161 2.041 427 1950—December .... 540 592 1,408 456 1,528 1.660 735 6,368 4,262 2,106 550 1951— \pril 520 559 1,300 295 1,554 1,775 760 6,130 4,055 2,075 632 May 504 571 1,226 269 1,556 1,806 854 6,149 4,063 2,086 636 June 501 594 1,172 290 1,550 1,895 797 6,167 4,099 2,068 63* July 514 583 1,250 290 1,552 1,861 756 6,174 4,086 2,088 631 August 515 573 1,185 306 1,549 i, 863 755 6,133 4,061 2,072 612 503 582 1,276 216 1,553 1,888 741 6.135 4,068 2,067 624 October .. . . 514 579 1,330 177 1,555 1,910 778 6,204 4,140 2,063 638; November 517 562 901 108 2,033 1,935 787 6,189 4.118 2,071 654 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 February 492 526 856 15 1,944 1,945 804 5 ,893 3,923 1,971 689 March 492 526 854 1,935 1.959 789 5,887 3,914 1,974 667 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d r m i t i a l e o n l r i n e o d t d n h o s l b f o l a a i 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 a u n o f i n r k r g n a i o s s d n t e m y t Securities O as t s h e e ts r ci N r ti c o o u t n e a- e D T x o e c p t lu a 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 i d e t t a i r e l s; 1946—December 753 136 1 507 132 4,232 ,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 ,159 18 6.412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 .058 14 7,227 2,794 4,433 1,477 1950—December....... 824 134 2.776 171 4,286 ,304 7.828 3,270 4,558 1,667 1951 -March 753 94 3,008 178 3,986 ,266 («) 7,624 3,010 4,614 1,660 April 774 87 3,046 160 3,924 ,413 7,684 3,086 4,598 1,720 May 760 92 3.066 188 3,886 ,379 (J) 7,686 3.097 4,589 .684 June 781 82 3,061 206 3,838 ,288 7.591 3.032 4,559 1,664 July 798 84 3.043 209 3,840 ,349 7,658 3 078 4 580 1,665 August 784 90 3,073 260 3,832 ,339 (•) 7,667 3,084 4,583 1,710 September 788 107 3,045 217 3,876 ,242 7,637 3,042 4,595 1,639 October . . 835 111 3,034 182 3,876 ,403 (8) 7,752 3,177 4,575 1,688 November 843 96 3,123 166 3,894 1,423 « 7,829 3,213 4,616 ,715 December 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 1,714 1952—January 869 107 2,955 183 3,927 ,303 7,705 3,066 4,639 [ .637 February 809 95 2,918 231 4,003 1,353 7,761 3,076 4,685 1,648 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 79(1,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 33S,090 3,457 25,175 8.916 194g—December 45,397 35,633 354,245 126,246 34,030 552,221 54S,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 19 50— December 48,131 52,933 527,525 135,289 31,614 749,928 ,310 18,618 28,248 17,316 1951—February .... 41,435 60,293 477,766 154,660 33,367 720,710 701,935 18,775 27,252 19,560 March 42,469 62,610 499,550 150,919 38,351 741,484 ,791 19,693 29,739 22,676 April 47,539 65,445 490,676 160,293 41,237 748,810 778,559 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 p 47,815 777,219 756,997 20,222 32,544 30-82H July 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 V5,141 August 49,453 65,572 485,824 171,380 49,582 753,627 IV ,964 20,663 30,611 3/r .573 September 52,015 64,414 540,986 167,362 52,138 805,610 783,881 21,729 30,952 40,353: October 48.996 79,337 520,457 173,530 59,099 799,918 111,973 21,946 35,382 46.120 November . . 47,980 81,460 506,061 179,933 61,658 793,078 76K.657 24,422 35,372 4?5.641 December* 60,009 72,653 627,462 163,834 65,747 900,904 873,760 27,145 33,774 55,027 1952—January 53,133 75,407 534,792 189,098 36,548 831,691 801,854 29,837 30,433 26,854 P Preliminary. 1 This table represents aggregates of figures reported by individual banks. Data 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 with a yield of % per cent after October 1945. 3 Less than $500,000. NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and 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 samepublication. 584 FEDERAL RESERVE BULLETIN.- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average? of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) (franc) (cruzeiro) British (dollar) Year or month Basic Prefer- Free (p t A r o a u u l n s i - a d) " n B ot a e n s k " Official Free M (d s a o i l a l l a ^ a y r) - Official Free ential account 1946 29.773 321.34 2.2829 6 0602 95.198 93.288 1947 29 773 321.00 2.2817 5.4403 100.000 91.999 1948 29 773 321 22 2 2816 5 4406 100 000 91.691 1949 29 774 293 80 2.2009 2.1407 5.4406 42 973 97.491 92.881 1950 26.571 13 333 8 289 223.15 1.9008 1.9722 5.4406 32.788 90.909 91.474 1951 20 000 13 333 7 067 223 07 1 9859 21 9622 5 4406 32 849 94 939 1951—May 20.000 13.333 7.096 223.16 1.9833 1.9501 5.4406 32.850 93 998 June .... 20.000 13.333 7.071 223.16 1.9845 1.9568 5.4406 32.850 93.484 July 20 000 13 333 7 159 223 13 1.9864 1.9788 5.4406 32.850 94.252 August 20.000 13.333 7.103 223.01 1.9890 1.9876 5.4406 32.850 94 700 September«.. 20 000 13 333 6 952 223 01 1.9866 2 1.9876 5.4406 32 850 94.706 October 20.000 13.333 6.974 223.06 1.9838 5.4406 32.850 95.112 November 20 000 13 333 6 937 223 15 1 9838 5 4406 32 850 95.820 December 20 000 13 333 6 986 222 61 1.9838 5.4406 32.830 97.410 1952—Tanuary 20.000 13.333 6.979 221.92 1.9838 5.4406 32.691 99.490 February 20.000 13.333 7.115 222.00 1.9838 5 4406 32.662 99.869 March . . 20.000 13.333 7.172 223.03 1.9838 5.4406 32.783 100.375 April 20.000 13.333 7.164 224.10 1.9838 5.4406 32.921 101.891 France Year or month Ceylon C slo ze v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2 0060 20 876 8'109 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 32 0060 14 491 4 4354 .2856 23.838 20.869 4280 38 11 564 26.264 1951—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 < 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 43 54 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 April 21.003 14.492 .4354 .2856 23.838 21.031 280.77 11.569 26.340 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w ne a ) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o) ay 1946 322 63 20 176 4.0501 400.50 25.859 23.363 403.28 65,830 56.280 1947 322.29 20 160 4.0273 400 74 27.824 23.363 402.86 65.830 56.239 1948 350 48 20 159 4.0183 400.75 27 824 23 363 403.13 65 830 56.182 1949 365 07 18 481 49 723 3 8800 366 62 25 480 23 314 368 72 65 830 56 180 42 553 1950 277 28 14 015 49 671 3.4704 278.38 10.33? 2.3.136 280.07 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—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 Julv ... 277.25 14 015 49 643 3.4827 278.38 19.327 23.038 280.02 65.833 56.180 42 553 August 277 11 14 015 49 643 3 4727 278 38 19.327 23.015 279.88 65.833 56.180 42 553 September.... 277.10 14 015 49 643 3.4644 278 38 19.327 22.963 279.88 65 833 56 180 42 553 October 277.17 14.015 49.643 3.4598 278.38 19.327 22.916 279.94 65 833 56 180 42.553 November 277 27 14 015 49 643 3.4605 278.38 19.327 22.882 280.05 65.833 56.180 42.553 December 276.72 14 015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—January 275.39 14.015 49.655 3.4874 276.95 19.327 22.880 278.15 65.833 56.180 42.553 February 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 65.833 56.180 42 .553 March ?76 91 14 015 49 677 3.4888 278.55 19.327 22.947 279.67 65.833 56.180 42.553 April 277.96 14.015 49.677 3.4906 279.80 19.327 23.013 280.79 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 rraates 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. 3. 662-682. For description of statistics, see pp. 572-573 in same ous years, see BULLETIN for December 1951, p. 1601; October 1950, lly 1947, p. 933; and February 1944, p. 209. MAY 1952 585 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 94 1 n ta 7 0 i 0 - t t 4 e e ) d 9 s = ( C 1 = a 9 n 3 1 5 0 a 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 d 0 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 (1 l e a 1 9 t 0 n 4 h 0 8 d e ) s r = - S (1 w 1 9 e 0 3 0 5 d ) e = n (A Sw u = l g a i 1 . t n 0 z 1 d 0 e 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 ?30 100 5 170 209 104 216 206 1950 103 211 311 262 108 4 905 ?46 117 227 203 1951 . . 115 240 386 320 138 5,581 342 143 299 227 1951—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 '359 144 317 226 December 114 238 402 330 152 5,454 356 145 318 228 1952—January 113 237 402 335 153 P5.415 P357 145 320 227 February 113 233 400 329 P152 P5,377 145 z>320 224 Anarch 112 231 404 P333 P149 P222 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 pr 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 R fa m g p a c w o a a t r o u n t d r a l u e y s n - d d F f u a c m g l h c l o a y t ie o u n f d r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d r u u a s c w - ts p f I i r n n o tr i d d s i u a h u l s e c - d ts 1926 n.a. n.a. 72 144 129 133 1941 n.a. n.a. 64 107 114 119 146 156 1942 n.a. n.a. 68 127 123 124 158 160 1943 n.a. n.a. 69 145 131 127 160 164 1944 n.a. n.a. 70 155 134 129 158 170 1945 n a n a 71 165 136 130 158 175 1946 n.a. n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948. .... 107 106 103 230 196 192 181 242 100 100 100 1949. 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 265 238 242 247 122 171 143 1951—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 »368 123 176 147 June 114 111 116 273 ••244 244 247 »367 123 173 145 July 111 111 116 277 243 ••246 252 »361 118 170 144 110 111 115 263 237 245 258 *363 119 172 143 September 110 111 115 261 236 244 261 >363 121 171 142 October 112 112 115 259 236 243 263 »367 122 174 142 112 111 115 265 237 ••242 263 124 177 142 December 111 111 115 267 236 240 266 129 174 141 1952—January 110 110 114 263 233 240 277 130 176 141 February 108 110 114 251 228 236 271 133 172 141 March 108 109 114 248 226 235 P277 n.a. Not available. *» Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 1C8; August 1951, p. 1C46; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz Y m e o a n r t o h r ( S U 1 = 9 t n a 3 1 i t 5 t 0 e e - 0 3 d s ) i 9 (1 = C 9 a 3 a 1 d 5 n 0 a - - 0 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N ( l 1 e a 1 9 t 0 n 4 h 0 9 d e ) s = r- 1 ( l 9 A a e 3 r 9 n u - d g = . Y m e o a n r t o h r ( S U 1 = t 9 n a 3 1 i t 5 t 0 e e - 0 s 3 d ) » 9 (1 = C 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N ( l 1 e a 1 9 t 0 n 4 h 0 9 d e ) s = r- 1 ( l 9 A a e 3 n u r 9 d g - - . = 100) 100) = 100) 100) 1943 138 131 166 12 161 1943 124 118 199 12 148 1944 136 131 168 15 164 1944 126 119 201 16 151 1945 139 133 170 21 164 1945 . . 129 119 203 22 153 1946 160 140 169 36 160 1946 140 124 204 35 152 1947 194 160 101 57 170 1947 160 136 101 57 158 1948 210 196 108 92 176 1948 172 155 108 90 163 1949 202 203 114 100 100 174 1949 170 161 111 100 100 162 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-March 226 234 128 123 113 178 1951-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.. . 189 192 132 146 119 171 February.. 228 248 P150 145 182 February.. 188 191 133 149 171 March.... 228 242 P144 March.... 188 189 P133 P148 P171 9 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. 1C9; August 1951. p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month g U S r ( t n a h a d i ig t t e e e h ) d s * ( C 1 = a 9 3 n 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e n 1 n c g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 9 1 a 4 0 9 n 0 ) c = e N l e a t n h d er s - ( 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 = m n 1 c b e 0 e 0 r ) 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 87J? 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 90.0 .030 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 ,259 215 1951—April 117.8 95.3 119.8 99.2 93.1 172.3 165.6 96.0 11,169 221 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 1,185 208 August 117.1 95.3 116.6 102.0 80.3 181.5 169.7 96.5 1,300 207 September... 118.0 95.2 116.5 103.8 78.1 187.3 179.8 97.4 1,413 212 October 116.9 94.6 116.3 103.5 81.3 185.0 183.3 99.0 L.479 215 November... 115.3 92.8 115.0 103.1 80.3 177.7 174.0 97.3 1,406 207 December. . . 114.8 89.3 110.9 103.7 78.3 182.5 177.3 94.9 1,465 206 1952—January 115.5 88.2 110.4 103.7 80.0 187.1 181.7 95.0 1,624 204 February.. . . 116.5 87.8 110.5 104.1 81.5 183.2 179.5 92.8 1,694 198 March 115.9 86.9 107.3 P104.5 83.3 185.2 177.6 90.5 V1,597 191 v 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. MAY 1952 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK OLIVER S. POWELL R. M. EVANS A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director G. R. MURFF, Assistant Secretary FRED A. NELSON, Assistant Director KENNETH A. KENYON, Assistant Secretary ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor DWIGHT L. ALLEN, Director G. HOWLAND CHASE, Assistant Solicitor H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS LISTON P. BETHEA, Director RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research JOSEPH E. KELLEHER, Assistant Director KENNETH B. WILLIAMS, Assistant Director EDWIN J. JOHNSON, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION GUY E. NOYES, Director DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Assistant Director ARTHUR W. MARGET, Director HENRY BENNER, Assistant Director LEWIS N. DEMBITZ, Assistant Director ELIOT J. SWAN, Acting Assistant Director FEDERAL FEDERAL, OPEN MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman N. BAXTER JACKSON, NEW YORK DISTRICT MALCOLM BRYAN OLIVER S. POWELL GEOFFREY S. SMITH, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON R. M. EVANS M. S. SZYMCZAK GEORGE GUND, CLEVELAND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT A. L. MILLS, JR. C. S. YOUNG Vice President PAUL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President WOODLIEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT GEORGE W. MITCHELL, Associate Economist EARLE L. RAUBER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT O. P. WHEELER, Associate Economist 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 588 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 1 President Bank of Deputy Chairman First Vice President Vice Presidents Boston Harold D. Hodgkinson J. A. Erickson John J. Fogg E. 0. Latham Ames Stevens Alfred C. Neal Robert B. Harvey 3 Carl B. Pitman E. G. Hult 0. A. Schlaikjer R. F. Van Amringe New York Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers William F. Treiber H. H. Kimball Robert G. Rouse L. W. Knoke I. B. Smith Walter S. Logan V. Willis A. Phelan R. B. Wiltse J. H. Wurts Philadelphia Warren F. Whittier Alfred H. Williams Karl R. Bopp Wm. G. McCreedy C. Canby Balderston W. J. Davis Robert N. Hilkert P. M. Poorman E. C. Hill J. V. Vergari4 Richard G. Wilgus 2 Cleveland George C. Brainard Ray M. Gidney Wilbur T. Blair A. H. Laning 3 John C. Virden Wm. H. Fletcher Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson D. F. Hagner Edw. A. Wayne R. W. Mercer * 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 * 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. 2 Cashier. 3 Also Cashier. 4 Counsel. MAY 1952 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from BANKING AND MONETARY STATISTICS. Statistics of the Division of Administrative Services, Board of banking, monetary, and other financial develop- Governors of the Federal Reserve System, Wash- ments. November 1943. 979 pages. $1.50 per ington 25, D. C. Remittance should be made copy. No charge for available individual sections payable to the order of the Board of Governors (unbound). of the Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE— FEDERAL RESERVE BULLETIN. Issued monthly. Sub- Board of Governors of the Federal Reserve Sysscription price in the United States and its pos- tem (With Amendments). September 1946. 31 sessions, Bolivia, Canada, Chile, Colombia, Costa pages. Rica, Cuba, Dominican Republic, Ecuador, THE FEDERAL RESERVE ACT, as amended to Novem- Guatemala, Haiti, Republic of Honduras, Mexico, ber 1, 1946, with an Appendix containing pro- Nicaragua, Panama, Paraguay, Peru, El Salvador, visions of certain other statutes affecting the Uruguay, and Venezuela is $2.00 per annum or Federal Reserve System. 372 pages. 50 cents per 20 cents per copy; elsewhere $2.60 per annum or paper-bound copy; $1.00 per cloth-bound copy. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one ad- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND dress, 15 cents per copy per month, or $1.50 for FUNCTIONS. November 1947; reprinted April 12 months. 1951. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 or more copies for single ship- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ment, 50 cents each. Paper-bound copies avail- RATES, AND BUSINESS. Issued monthly. $6.00 able without charge. per annum including historical supplement listed below, or 60 cents per copy. In quantities DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND of 10 or more copies of a particular issue for STANDARD METROPOLITAN AREAS, as of Decemsingle shipment, 50 cents each. (Domestic rates) ber 30, 1950. July 1951. 125 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE A STATISTICAL STUDY OF REGULATION V LOANS. CHARTS ON BANK CREDIT, MONEY RATES, AND September 1950. 74 pages. 25 cents per copy; BUSINESS. 113 charts. April 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 *A 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. 590 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. Allen. 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 CREDIT AND SALES REPORTED BY REGULATION W DURABLE GOODS IN 1949 AND BUYING PLANS REGISTRANTS. October 1951. 12 pages. FOR 1951. July 1951. 18 pages. PART III. DISTRIBUTION OF CONSUMER INCOME IN 1950. VOLUNTARY ACTION TO HELP CURB INFLATION. August 1951. 18 pages. PART IV. DISTRIBU- November 1951. 9 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND TION OF CONSUMER SAVING IN 1950. September STOCKS BY DISTRICTS. December 1951. 53 pages. 1951. 18 pages. PART V. DISTRIBUTION OF ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. DEBT AND SELECTED NONLIQUID ASSETS OF CON- SUMER SPENDING UNITS. December 1951. 11 January 1952. 11 pages. pages. (Also, similar survey for 1946 from THE SECOND ARMAMENT BUDGET. February 1952. June-September 1946 BULLETINS, 28 pages; 9 pages. for 1947 from June-August and October 1947 MONEY AND CREDIT IN 1951. February 1952. 9 BULLETINS, 48 pages; for 1948 from June-Sep- pages. tember and November 1948 BULLETINS, 70 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. pages; for 1949 from June-November 1949 and March 1952. 10 pages. January 1950 BULLETINS, 124 pages; for 1950 RECENT CHANGES IN GERMANY'S FOREIGN TRADE from April and June-December 1950 BULLETINS, BALANCE. March 1952. 7 pages. 106 pages, which includes THE METHODS OF THE SURVEY OF CONSUMER FINANCES.) CONSUMER PLANS FOR SPENDING AND SAVING. April 1952. 6 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN BANKING IN THE SOVIET UNION. April 1952. 8 FOREIGN COUNTRIES—PROCEDURES AND TECHpages. NIQUES. November 1950. April 1951. 19 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. SALES. April 1952. 4 pages. April 1951. 14 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS ERNORS BEFORE SUBCOMMITTEE ON GENERAL AND BUSINESSES. July 1951. 2 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING 11, 1952. April 1952. 4 pages. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- CHANGES IN INSTALMENT CREDIT TERMS. May 1952. LATION. July 1951. 23 pages. 6 pages. MAY 1952 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES s BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis