Federal Reserve Bulletin, 1952-06

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Recent Output and Price Developments. 593-601 Excess Profits Taxes of Commercial Banks. 602-619 Real Estate Loans of Registrants under Regulation X. 620-637 Financing of Large Corporations in 1951. 638-643 Retail Credit Survey—1951. 644-649 Law Department 650-652 Current Events and Announcements. 652 National Summary of Business Conditions. 653-654 Financial, Industrial, Commercial Statistics, U. S. (See p. 655 for list of tables). 655-704 International Financial Statistics (See p. 705 for list of tables) . 705-723 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 724 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 725 Federal Reserve Board Publications 726-729 Map of Federal Reserve Districts. 730 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 June 1952 NUMBER 6 RECENT OUTPUT AND PRICE DEVELOPMENTS Since last autumn over-all output of goods tively restrained demands for many types of and services has risen somewhat further as goods. Demand for new and used cars has defense activities have increased substan- been more active than for other consumer tially and as productive capacity has con- durable goods, and production of new pastinued to expand. Civilian and defense senger automobiles has risen since last winter demands for goods, nevertheless, have been in line with the increased supply of metals below, and available civilian supplies have available for civilian goods. Continued been considerably above, previous expecta- strong demands and high prices for foods tions, and important shifts have occurred in have remained a feature of the markets for civilian markets and among various types of nondurable goods. private activity. Readjustments in current SELECTED BUSINESS INDEXES and prospective demand, supply, and cost 1947-49=100 conditions have been reflected in some fur- i r r ther decline in wholesale prices. Changes in prices reported for consumer goods and services have been largely offsetting since last autumn, the average remaining relatively stable. Distributors' stocks have been cut back from the high levels reached a year ago, but manufacturers' stocks have increased further and this spring industrial production, shown together with other selected business indexes in the chart, has been curtailed somewhat below last autumn's level. Work stoppages in some major industries have contributed to the recent production decline, but reductions in output of consumer goods and some slackening of activity in producers NOTE.—Monthly series, seasonally adjusted except for prices. Indexes for inventories, retail sales, and disposable personal income based on Department of Commerce data. Price series equipment industries have also been im- from Bureau of Labor Statistics. Latest figures are for April 1952, except for industrial production and prices, which are estiportant factors. mates for May. A leveling off in disposable personal in- Total construction activity has reached a comes since last autumn has been an im- new high this spring. Public construction portant influence in the selective and rela- for military purposes has advanced substan- JUNE 1952 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS tially further. New housing starts have been and agriculture have taken place concurabout as high as in the spring of last year rently with a steadily rising volume of Fedbut substantially below 1950. Effective June eral defense expenditures. Total security 11, maximum down payments on new outlays, including substantial amounts for houses required by Regulation X were re- military pay, foreign military and economic duced. Contract awards for private non- aid, and atomic energy, were at an annual residential construction have increased con- rate of 47 billion dollars in the first quarter siderably as Federal curbs on the use of of 1952 and are estimated to be about 53 building materials have been relaxed. billion in the second quarter. Total employment in early May was close Production of goods for the military and to earlier record levels, and unemployment atomic energy programs and of materials since last autumn has remained at about the and equipment used in their manufacture is lowest level of the postwar period. Hourly estimated to have accounted for about oneearnings at factories have shown only a sixth of the Board's index of industrial promoderate further rise this year and average duction in the last quarter of 1951. The working hours have been reduced. New portion of durable manufactures was close to wage contracts in some leading industries one-fourth and that of nondurables about were still unsettled at the beginning of June, one-twelfth. During the second quarter of and in some others large increases had been this year the defense share of industrial progranted. duction has apparently increased to nearly In contrast to the increased supplies of one-fifth of the total. nonfood consumer goods, total production of livestock products and food crops has shown SHIFTS IN INDUSTRIAL OUTPUT relatively little expansion during the past Total production at factories and mines two seasons. Cattle slaughter has remained increased early this year to the advanced low relative to the number on farms. Hog rate prevailing during the first half of 1951, marketings, although in exceptionally large and then declined moderately as supplies of volume in February and March, have fallen goods proved to be larger than had generally off considerably since that time. Production been anticipated. The Board's index of inof crops is likely to increase further this year dustrial production in May is estimated to be if average weather conditions prevail, and 214 per cent of the 1935-39 average, 4 per domestic supplies of crops are expected to cent below the 222 level of last February and be augmented by a decline in exports from of May 1951. This decline reflects only in the record shipments of the current season. part work stoppages in steel and petroleum Prices received by farmers in mid-May refining. At the end of May petroleum rewere slightly below last autumn's average fineries were being reopened and steel mills level and about 20 per cent higher than were back to capacity levels. In early June two years ago. Farm incomes have been work was again stopped at most steel mills, largely maintained close to earlier peak and consequently industrial production has levels, and agricultural land values have in- apparently declined further. creased further to a level which in March Output and deliveries of military hard was 9 per cent above a year earlier. goods have risen further in recent months, These diverging developments in industry and total order backlogs of metalworking 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS industries have remained at advanced levels. million units, as compared with 5.3 in 1951 Nevertheless, the diversion of resources to and an exceptional 6.7 million in 1950. The the defense program has been less rapid than 4.8 million rate is in marked contrast to the projected under earlier schedules, and indus- rate of about 3.7 million units originally set trial materials capacity has continued to in- by Federal authorities for the second quarcrease markedly in line with expansion ter of 1952 in anticipation of severe metal programs established earlier. Thus, declin- shortages during this period. ing tendencies this year in activity in various Production of household goods recovered industries turning out goods for consumer moderately during the second half of last and private business use have been influenced year as consumer demands for television sets mainly by current and prospective demand and some major appliances strengthened considerations rather than by material or temporarily. Early this year manufacturers' labor supply limitations. stocks again began to accumulate. In view Consumer durable goods. Total output of the considerable easing in the materials of major consumer durable goods has been outlook that became apparent in the first relatively stable since mid-1951 at levels far quarter of this year, the slack in consumer below 1950 and early 1951, but at about the buying, and the 1951 experience with large average for the years 1947-49. During this inventories, neither producers nor distribuperiod production of household goods and tors were inclined to hold larger stocks. Conautomobiles have shown roughly offsetting sequently, output of television sets and housemovements, as indicated in the chart. hold appliances was curtailed sharply in April and May. OUTPUT OF MAJOR CONSUMER DURABLE GOODS Value of sales of these and other major Per Cent SEASONALLY ADJUSTED INDEXES, 1947-49= 100 Per Cent household goods decreased this year until the latter part of April and then increased more than seasonally. The rising volume of new housing and the easier credit terms accompanying suspension of instalment credit controls on May 7 appear to have been strengthening influences in the demand for these goods. In automobile markets there was a considerable expansion in sales of new and used cars following suspension of Regulation W. Preliminary registration reports indicate a level of new car sales in May in excess of the volume of output and a sizable reduction in dealers' stocks after a rise from 949 1950 February through April. NOTE.—May 1952 estimated. Nondurable goods. Production of non- Assembly of passenger automobiles in- durable goods was relatively stable last aucreased substantially from the model change- tumn and winter, at a level about 6 per cent over low point reached in January and since below the early 1951 peak, but this spring late March has been at an annual rate of 4.8 output of these goods has again declined. JUNE 1952 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS In April total output of nondurable manu- substantially liquidated, and in May activity factures was 8 per cent below earlier records, recovered somewhat. May output was about and in May, with petroleum refining activity one-fifth below a year ago, even though the temporarily curtailed sharply, output de- military take remained relatively large. creased somewhat further. Declines this Reductions in activity in the paper indusyear, as in 1951, have been concentrated try during the past year, stemming mainly largely in textile, leather, paper, and rubber from inventory considerations, have been products, where exceptionally high levels of less marked. Output curtailment in the output in late 1950 and early 1951 had led rubber industry has been relatively moderate, to excessive accumulation of inventories. In- in part because Federal controls on rubber ventory fluctuations are much less pro- consumption imposed late in 1950 had limnounced in manufactured foods and other ited expansion. This spring factory stocks nondurable goods industries, and output in of tires have shown a greater than seasonal this sector has changed little during the past rise, in spite of the increased rate of autoyear, as shown in the chart. The decrease mobile production and a record number of indicated in the latest month reflects mainly vehicles on the roads. Output of leather the work stoppages at petroleum refineries. products has recently been above earlier reduced levels. OUTPUT OF NONDURABLE GOODS Production in the chemical industries has shown only a slight decrease from the high 1947-49-100 Per Cent 140 levels reached last autumn. Although output of rayon and other chemical products used in the textile and paper industries has been reduced considerably, production of many other chemicals has continued to expand, owing partly to the Federal atomic energy program and other military requirements and partly to sustained or rising consumer demands for numerous chemical products. Generally sustained consumer demands have also been a factor in maintaining activity in industries producing manufactured foods and tobacco products, and in the printing and publishing industries. Business and military equipment. While NOTE.—Component indexes of the Federal Reserve industrial production index converted to a 1947-49 base, adjusted to levels business demands for inventories have been of tentative new annual indexes, and calculated with preliminary revised seasonal adjustment factors. May 1952 figures estimated. greatly curtailed during the past year, investment in plant and equipment has in- Textile output, which had been substan- creased to new record levels. This capital tially curtailed in 1951, was reduced again in expansion has been stimulated by the re- March and April this year. As a result of quirements of the defense program and the these curtailments, excessive business inven- advantages of rapid amortization of facilities tories of textile products were apparently for tax purposes. Since the beginning of the 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS year the rise in business expenditures on past year as market supplies became excessive capital equipment has apparently tapered off, in the light of reductions in consumer and and activity in industries making this equip- business demands. Rayon production has ment, mainly in the electrical and nonelec- been curtailed as sharply as in 1949, as trical machinery groups, has apparently de- shown in the chart, and paper and papercreased somewhat. board output is below current capacity levels. The shifting of an important part of the OUTPUT OF SELECTED MATERIALS nation's resources to defense production has been a gradual process, and the impact of the expansion of military output has been considerably less than anticipated earlier. In many lines, tooling up has now been accomplished on a large scale, pipelines have been filled, and emphasis has shifted from large gains in work in process to gains in finished output. In the first quarter of this year deliveries of aircraft and other military hard goods expanded more than one-third from the previous quarter to an annual rate of about 20 billion dollars, according to the Defense Production Administration. Total deliveries for military use, including also the value of camp, airfield, and other types of construction as well as of food, petroleum products, and other nondurable goods, were at an annual rate close to 28 billion dollars. It was also estimated that this rate is about two-thirds of the peak rate envisioned in NOTE.—Quarterly data at annual rates compiled from the current plans for early 1953. following sources: rayon, Textile Economics Bureau, Inc.; synthetic rubber (expressed in long tons), National Production Authority; paper and paperboard (excluding newsprint), Bureau of the Census; cement and aluminum, Bureau of Mines; and steel ingots, American Iron and Steel Institute. Cement and MATERIAL SUPPLIES steel series seasonally adjusted by Federal Reserve. Second quarter 1952 data estimated. Capacity data for year-end periods from various sources. The large expansion in output of metals since mid-1950, accomplished in part through Steel output in March was at a record increases in capacity, has brought demand- annual rate of 111 million ingot tons, 2 per supply relationships for most major metals cent in excess of rated January 1 capacity into close balance. For some items such as and 12 per cent larger than output in midaluminum, requirements of the Federal 1950. Capacity is scheduled to reach about strategic stockpile have been important in- 118 million tons by the end of 1952 and furfluences in maintaining over-all demands ther additions are planned for 1953. Severe above actual consumption levels. shortages of most steel products began to dis- Output of some other industrial materials, appear gradually in the first quarter of this used mainly in the production of nondurable year, and output of some types of steel began goods, has been cut considerably over the to exceed demands. Previously nondefense JUNE 1952 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS use of steel in the first quarter had been cut supply in the United States. Among other below earlier reduced amounts, and further nonferrous metals there have been sharp cuts had been scheduled for the second quar- drops in demands. ter, then viewed as the most critical period As balance between requirements and supfor consumer metal products. Partly because plies has developed, important relaxations of the stretch-out in the defense program an- have been made in production controls. All nounced early this year, second quarter au- restrictions on use of lead and a few other thorized use of steel for consumer durable nonferrous metals have been eliminated and goods and less essential construction was the major curbs on zinc have been removed. raised. Moreover, the Defense Production Adminis- The work stoppages at steel mills in tration announced in May that plans were early April and early May, which curtailed under way for the selective decontrol of other output for these two months about 10 per metals, including steel and aluminum. cent from the record March rate, did not Among nondurable materials, practically all result in modification of increased nonde- remaining controls on the use of natural and fense use for the second quarter, and in synthetic rubber were lifted in April. Synlate May substantially larger allotments for thetic rubber production is currently about civilian goods were announced for the third one-seventh below capacity rates, owing quarter. With work halted at steel mills mainly to a temporary shortage of ingrediagain in early June, however, the possibility ents as a result of the work stoppages at arises of renewed pressure on steel supplies. petroleum refineries. Steel requirements for the military and atomic energy programs are now close to RECENT PRICE DEVELOPMENTS their programmed peak, which, according Prices in both wholesale and consumer to the Defense Production Administration, markets have continued to show divergent will represent almost one-fifth of current tendencies this year. Supplies of goods have capacity levels. expanded unevenly, and there have been Aluminum output has expanded rapidly important shifts in private and public deto an annual rate of 940,000 tons in April, mands. Upward pressures of wage and diswhich was close to the highest levels reached tribution costs—including the recent 7 per in World War II, when the aircraft program cent advance in railroad freight rates—have was considerably greater than that contem- been offset in varying degrees by large replated under present defense plans. Federal ductions in costs of materials. While Federal defense authorities anticipate that perhaps as price ceilings on some materials have been much as 40 per cent of the total supply of suspended as prices have declined, many aluminum this year, including reclaimed other commodities continue at ceiling levels, metal and prospective imports, will be ab- which in certain cases have been raised since sorbed by the defense program. Defense re- last autumn. quirements for copper are also large, and Wholesale price trends have generally copper demands were further stimulated by been downward this year, and the general prospects of higher prices and a temporary level has declined 2 per cent to a point 4 cutting off of supplies from Chile, which ac- per cent below the February 1951 peak. counted for about 20 per cent of total new Basic commodities have declined steadily 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS except in mid-March and again in May when until the end of April, while prices of other less favorable reports were received from basic commodities declined considerably, as Korea, work stoppages threatened to cut shown in the chart. About half of these supplies, some Government restraints were other commodities were then back to or modified, and seasonal buying strengthened. below the price levels of two years earlier. Wholesale and retail prices of many finished The largest decreases, both this year and goods—mainly consumer goods other than last, were among such industrial materials foods—have also declined this year, in con- as wool, rubber, hides, and tallow. In part trast to the period early last year when de- this was a reaction from the very high levels creases in prices were limited to those basic reached in the earlier period of world-wide commodities that had risen most sharply speculative bidding for commodities and acafter the Korean outbreak. Rents and prices cumulation of inventories by manufacturers of other consumer and business services, and distributors. But other influences, such meanwhile, have continued to advance. as the rapid expansion in rubber supplies, reduced over-all demand for textiles and WHOLESALE MARKETS leather goods, and competition from alterna- Further decline in basic commodity prices tive materials, were important in the decline. this year has brought the average to a level In May prices of wool and hides recovered 10 per cent above June 1950, about the same moderately from their sharply reduced levels. percentage change as for the general whole- Agricultural products. Prices of major sale and consumer price averages. Mean- crops have declined moderately this year and while, however, changes among groups of in some cases are at Federal support levels, basic commodities became more divergent which are generally 15 per cent higher than during the first four months of the year. at the time of the Korean outbreak. While Domestic prices of metals were maintained use of feed grains has been large and supplies are considerably smaller than last year, pros- PRICES OF BASIC COMMODITIES pects of a wheat crop one-third larger than 1947-49=100 last year have exerted downward pressures on grain prices. Foreign, as well as domestic, textile mill activity has been curtailed this spring and prices of foreign cotton, previously considerably above the price for domestic cotton, have declined to levels more competitive with United States exports. Domestic spot cotton prices on June 5 were still one-fifth above the pre-Korean level and onefourth above the support level. Wholesale food prices this year have generally continued close to earlier peak levels, except for seasonal fluctuations. Major exceptions have been eggs and edible fats and oils, which have decreased largely in response NOTE.—Based on Bureau of Labor Statistics' indexes. Midmonth figures, except for latest shown, which are estimates for to significant increases in supplies. Hog June 5, 1952. JUNE 1952 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS prices, which had declined further in the though ferrous as well as nonferrous scrap first quarter of this year when marketings prices have fallen below ceiling levels. Prices were exceptionally large, rose sharply in of most finished metal products and indusearly May as marketings declined below trial machinery have continued at ceilings, those of a year ago. Prices of dairy prod- which for some products, notably automoucts, despite a larger seasonal decline this biles and machine tools, have been raised spring than last, are about 5 per cent above substantially since the initial price freeze. a year ago with supplies showing little CONSUMER MARKETS change. Average prices of fresh vegetables are 25 per cent higher, with supplies of In retail markets, the average level of prices potatoes and some other foods considerably advanced further last autumn but has below those of a year ago. changed little since then, although com- Metals. Until the end of April prices of ponents moved diversely. Rents and prices metals in domestic markets remained at of other services, as shown in the chart, have Federal ceilings. Ceilings for lead and zinc been rising gradually to new postwar highs— were raised upwards of 10 per cent last about 17 per cent above the 1947-49 average. autumn, and in January tin prices were raised Retail foods have shown mainly seasonal 18 per cent, following several reductions in changes at a high level—14 per cent above the spring of 1951 after the Reconstruction the 1947-49 average. Ceiling prices of auto- Finance Corporation became the sole im- mobiles have been raised three times since January 1951 and Federal excise taxes once, porter. By January, however, foreign prices for a total increase of 13 per cent. Prices of of other nonferrous metals had begun to decline sharply from levels far above CONSUMER PRICES domestic ceilings, as requirements to meet 1935-39 • 100 defense programs were below earlier expectations and there was no further deterioration in the international situation. Foreign prices of lead fell below the domestic ceiling, and since April 29 domestic prices have been reduced three times for a total reduction of 4 cents per pound or 20 per cent. By the end of April copper prices abroad had declined two-fifths to a level about one-third above the domestic ceiling. The effect of this decline on Chile's prospective earnings was in large part responsible for her actions to secure higher prices for copper shipped to the United States and the recent revision in domestic ceilings on imported copper. In early June domestic zinc prices were reduced 18 per cent. Pressures for higher ceiling prices on iron NOTE.—Bureau of Labor Statistics monthly indexes for foods and rent. Other series are based on Bureau of Labor Statistics and steel mill products continue strong, al- data and are partly estimated by Federal Reserve. All figures for May 1952 are estimates. 600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT OUTPUT AND PRICE DEVELOPMENTS used cars have continued to advance some- services reaching new peaks, the relative imwhat this spring, in contrast to declines in portance of service items in consumer April and May of last year, and are now budgets has undoubtedly increased from unup about 12 per cent from a year ago. usually low postwar levels. These develop- Prices of other goods, chiefly apparel, tex- ments, together with the fact that increasing tile housefurnishings, furniture, appliances, numbers of families are living in their own and television sets, have been declining since homes and making monthly payments on last autumn. In addition, large concessions mortgages, have tended to limit consumer from list prices in the form of special dis- demands for apparel and durable goods. counts and increased allowances on trade-ins In the aggregate, however, consumers have have been made by retailers to stimu- increased further their holdings of liquid late sales of appliances, television sets, and assets since last autumn, probably reflecting tires. their attitudes regarding prices as well as With gradual relaxation of controls over the earlier expansion in their stocks of many rents in recent years and with prices of other types of goods. JUNE 1952 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS In December 1951, the Federal Reserve Banks of individual banks (or other corporate taxpayers) transmitted a confidential tax questionnaire to subject to the tax, whose additional income may a selected sample of insured commercial banks.2 thereby be subject to a normal and surtax rate of One of the purposes of the questionnaire, which 52 per cent and an excess profits tax rate of 30 per was prepared by the Board of Governors of the cent, cannot of course be measured on the basis Federal Reserve System with the cooperation of of these statistics alone.3 other Federal agencies, State bank supervisory Sources of bank capital. Although for many years agencies, and bankers' associations, was to collect retained earnings have been the principal source factual data bearing on the effect of taxation on of additions to bank capital accounts, in 1950 and the ability of banks to improve their capital posi- 1951 sales of new stock provided a substantial protions out of earnings and to attract new capital. portion of additional capital. Taxes, like other The cooperation of the selected banks in respond- factors that decrease net profits, reduce the amount ing to the questionnaire was generous, particu- available for dividends or retention in capital aclarly in view of the complexity of the subject mat- counts. As background for a general measure of ter and the fact that the work had to be done the effect of taxes on retained earnings and bank about the time that banks were preparing their capital, Table 1 compares aggregate member bank regular year-end reports. dividends, changes in capital accounts, and Fed- The phase of the problem that was of immediate eral income and excess profits taxes for the period interest—and for which data were not then availa- 1948-51. ble—was the effect of the newly reinstituted excess TABLE 1 profits tax. This article presents data, derived from DIVIDENDS, INCREASES IN CAPITAL ACCOUNTS, AND FEDERAL the replies to the questionnaire, relative to the INCOME AND EXCESS PROFITS TAXES OF ALL MEMBER amounts of excess profits taxes on bank earnings BANKS, 1948-51 and the extent to which they affect the ability of [In millions of dollars] banks to strengthen their capital positions. Such an approach requires primarily relating excess prof- Cash Changes in total capital accounts Federa taxes diviits taxes to capital. The impact of other Federal dends Year on Re- Sales of Nor- Excorporate taxes is covered incidentally and in less c m o o m n - ch N an et ge t e a a in rn e - d c m o o m n - Other* a m n a d l pr c o e f s i s ts detail. stock ings stock ! surtax * tax The statistics presented show the impact of excess 1948 290 +337 +327 +44 -34 219 profits taxes on the commercial banking system 1 1 9 9 4 5 9 0 3 3 0 4 9 3 + + 5 3 2 7 1 3 + +4 3 3 7 5 3 + + 1 3 3 7 0 - - 3 4 7 4 4 2 3 5 3 7 5 M2 as a whole, with subgroupings of banks by size and 1951 368 +524 +385 + 186 -47 <445 *20 capital ratios. Effects on policies and operations 1 Not available for nonmember banks, or for member banks xThe study of excess profits taxes of commercial banks prior to 1948. Available data for national banks indicate that retained earnings accounted for the great bulk of increases in here reported was under the direction of a Federal Reserve capital accounts for many years before 1948. System advisory subcommittee representing the Board and 2 Net decreases resulting from miscellaneous factors affecting capital accounts of member banks, such as consolidations and ' the Reserve Banks. The present article was prepared by mergers, retirements of preferred stock, and changes in Federal Raymond C. Kolb of the Board's Division of Bank Opera- Reserve membership. tions. 3 On the basis of data reported to bank supervisory agencies in 2 See Appendix for brief discussion of sample technique, off 4 i c E ia s l t im re a p t o e r . ts F o o f r ea al r l n i i n n g s s u re a d n d co d m iv m id e e rc n i d a s l . banks estimated excess accuracy of results obtained from sample, etc. Data in this profits taxes were 15 million dollars in 1950 and 24 million in 1951. article are estimates based on the sample; they differ somewhat from other published data on bank earnings, but not 8 Current law limits the excess profits tax to 18 per cent enough to affect the discussion materially. In particular, of excess profits net income before deduction of excess profits data on taxes used herein, although comparable to tax items credit; the 30 per cent rate is applied to adjusted excess profits normally reported in official earnings and dividend reports, net income, which is excess profits net income less excess are the amounts applicable to income for 1950 and 1951; tax profits credit. For discussion of the principal methods for data normally reported to and published by the supervisory determining excess profits credit, see pp. 608-09 of this authorities, on the other hand, apply to the current year for article. See also Annual Report of the Secretary of the banks operating under a tax accrual accounting system but Treasury on the State of the Finances, fiscal year ended June to the preceding year for banks operating on a cash basis. 30, 1951, pp. 47-51. 602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS The two principal sources of bank capital are of reserves for bad debts, other valuation reserves, closely related. Retained earnings are affected di- and charge-offs; these charges, of course, are made rectly by net profits and dividends; and the will- against capital accounts. It is this book-value measingness of investors to subscribe to new stock issues ure of capital that has been used in the foregoing is affected by dividend payments and retained discussions of bank capital and capital ratios. earnings. In a given profits situation, bank man- Data reported in the confidential tax questionagement interested in improving its capital posi- naire permit statistical treatment of capital accordtion has to weigh the relative improvement that ing to a somewhat different concept—that of equity might be attained by plowing back earnings as invested capital. Equity invested capital is the conagainst a dividend policy which would tend to cept of capital used for excess profits tax purposes. make a favorable market for new stock issues. It differs from book capital primarily because the The determinants in arriving at such decisions latter excludes (1) valuation reserves for possible vary from bank to bank. As Table 1 shows, losses on loans and securities, and (2) write-downs the aggregate effect of individual bank policies of loans, securities, and real estate not recognized during the past two years has been for sales of by the Bureau of Internal Revenue as deductible common stock to account for a substantial propor- expenses for excess profits tax purposes. tion of capital additions. Nevertheless, retention of For the commercial banking system as a whole, earnings has been, and still is, the principal source equity invested capital is about 10 per cent higher of additions to bank capital. than book capital.4 As shown in Supplementary Capital ratios. Despite substantial increases in Table 1 on page 611, the reported difference bebank capital accounts, for years capital ratios have tween book and equity capital varies among size declined almost steadily because of the much faster groups of banks; it varies much more among ingrowth of bank assets. As shown in Table 2, dividual banks. Presumably the variation realthough total capital accounts of insured com- flects for the most part widely different amounts of mercial banks increased from 6.2 billion dollars nonbook capital. To some extent, however, it rein December 1935 to 11.9 billion in 1951, the flects differences in accounting methods (cash versus ratio of capital accounts to total assets declined accrual) for tax and book purposes; the fact that from 12.2 to 6.7 per cent, and the ratio of total capi- book capital in the table is as of the year-end tal accounts to so-called "risk assets" (total assets whereas equity invested capital is as of the beginless cash assets and United States Government se- ning of the year plus the daily average of new curities) declined from 26.1 to 16.4 per cent. capital during the year; and possibly the failure of some banks to report all nonbook capital in their TABLE 2 tax questionnaires. CAPITAL RATIOS OF ALL INSURED COMMERCIAL BANKS Both of the concepts described above are used in DECEMBER 31, 1935 AND 1948-51 the remainder of the article. The book value of [Dollar amounts in millions] capital accounts (referred to as "total capital accounts") is used for classifying banks by the dollar Percentage ratio of total capital size of capital and for computing relationships Year c T a o p t i a ta l l a T s o s t e a t l s as " s R e i t s s k " 1 accounts to: of capital to assets for the banking system. Howaccounts Total "Risk ever, because of the variation among individual assets assets" banks in the differences between book capital accounts and equity invested capital, the equity in- 1935 $6,210 $50,918 $23,792 12.2 26.1 1948 10,160 152,163 52,659 6.7 19.3 vested capital concept (referred to as "equity capi- 1949 10,649 155,319 54,250 6.9 19.6 1950 11,281 166,792 65,881 6.8 17.1 tal") has been used for the purpose of grouping in- 1951 11,923 177,449 72,608 6.7 16.4 dividual banks by ratios of capital to assets and for 1 Total assets less cash assets and U. S. Government securities. 4 It is estimated that about one-fourth of this difference is Concepts of capital. Banking institutions are in- attributable to the use of the "historical" invested capital credit method (see text and footnote 11, p. 609) by a relaclined to be conservative in stating the book value tively few large banks. Under this method, the amount of of capital accounts in their published statements. capital historically contributed to the business may exceed In official condition reports submitted to banking the net book value of assets principally by reason of assigning zero values to accumulated deficits, including those of transauthorities, likewise, bank assets are reported net feror corporations. JUNE 1952 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS computing rates of earnings, taxes, and dividends the invested capital method; and there is evidence on capital in Supplementary Table 2 on page 612. of more extensive use of some of the tax-saving Excess profits taxes on taxable income. About 25 provisions of the law, especially in 1951, to miniper cent of the insured commercial banks incurred mize the tax burden.6 The minimum credit of total excess profits taxes of about 15 million dollars $25,000 permitted by law obviated payment of on 1950 income, and about 21 per cent of the banks excess profits taxes by most of the small banks. incurred about 24 million of such taxes on 1951 in- For all insured commercial banks, as shown in come, as shown in Table 3.5 Other Federal cor- Supplementary Table 1, excess profits taxes inporate income taxes on banks aggregated 408 mil- curred on 1951 income were 0.2 per cent of end-oflion dollars on 1950 income and 542 million on year total capital accounts. In comparison, other 1951 income, as shown in Supplementary Table 1 Federal corporate income taxes were 4.6 per cent on page 611. and earnings retained were 3.9 per cent of year- By comparing reported data on excess profits net end total capital accounts. income with available excess profits tax credits, it is If all of the 1951 excess profits taxes could have estimated that, as a maximum, an additional 13 per been retained in total capital accounts, the yearcent of insured commercial banks would become end ratio of total capital accounts to total assets subject to excess profits taxes in some amount if tax- for all insured commercial banks could have been able income were to increase by 10 per cent. This increased from about 6.81 to 6.83 per cent. Earnmaximum would not be reached because of in- ings retained by insured commercial banks durcreases in capital or borrowings and consequent ing 1951 served to raise the capital-to-assets ratio to 6.81 per cent; without such retained earnings increases in banks' excess profits credits. the ratio would have been 6.55 per cent. Excess profits taxes were incurred in varying degrees by banks in the four selected size groups For the banks that incurred excess profits taxes shown in Table 3. However, a somewhat larger on 1951 taxable income, the addition to total capital accounts of an amount equal to their excess proportion of banks in the two intermediate-size profits taxes would have increased the year-end groups combined than in either the group of small ratio of total capital accounts to total assets from or large banks was in the excess profits tax bracket; 6.04 to 6.08 per cent. Similar computations for this was true also with respect to capital accounts. individual banks would, of course, show consid- So far as the largest banks as a group are conerable variation in results, as indicated on pages cerned, somewhat larger equity capital in rela- 607-08. These data provide quantitative indications tion to total assets provided a more advantageous of the effect of excess profits taxation in 1951 base for computing the excess profits credit under on the ability of the commercial banking system as 5 For most banks as well as other taxpayers (those with a whole and of the banks that incurred excess fiscal years corresponding with calendar years), excess profits taxes were applicable to only one-half of 1950 income due to 6 Most large banks used the invested capital method. See the July 1, 1950 effective date of the legislation. pp. 608-09. TABLE 3 EXCESS PROFITS TAXES INCURRED BY INSURED COMMERCIAL BANKS ON TAXABLE INCOME, BY SIZE OF BANK, 1950 AND 1951 All insured Banks incurring excess profits taxes commercial banks (Tota J l u S n i c z e a e p 3 i o t 0 f a , l b 1 a a 9 c n 5 c k 1 o ) unts, Number a c c T a c p o o i t u t a n a l l ts p b e a r N n ce k u n s m ta i b n g e e r g r o a o s f u a p ll Tot a a s l g p c r e a o r p u c i p e ta n l t t o a a g t c a e l c o ou f nts ( e I x n A c m e t t s h o a s o x u u e n p s s t r a o o n f f i d t s s (In thousands of dollars) of dollars) * 1950 1951 1950 1951 1950 1951 $4,000,000 and over 2 284 6,800,000 35 33 25 30 7,600 9,400 $750,000-$3,999.999 1,384 2,200,000 33 30 33 30 3,200 6,200 $250,000-$749,999 3,877 1,700,000 41 37 41 37 3,200 6,000 Under $250,000 7,868 1,000,000 16 12 23 17 900 1,900 Total 213,413 11,700,000 25 21 28 30 14,900 23,500 1 As of Dec. 31, 1951. » See footnote 1 to Supplementary Table 1, p. 611. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS profits taxes to improve capital positions out of Data in the confidential tax questionnaire make retained earnings and profits.7 available for the first time an allocation of taxes Taxes allocated to current earnings. The foregoing as between those applicable to current operations discussion has been concerned with taxes incurred and those applicable to noncurrent transactions. on taxable income, that is, on net current earnings, The accompanying tabulation reconciles the esticapital gains, recoveries, etc., less bad debts, losses mated amounts of Federal taxes incurred by inincurred on sales of bonds, etc. Essentially, bank sured commercial banks on 1951 taxable income, income can be considered as falling into two cate- as discussed above, with the amounts allocated to gories. First, there are the net current operating current operations: earnings, representing income derived and expenses incurred in the normal course of banking business, Normal Excess and profits such as extension of bank credit through loans and surtax tax investments, receipt of deposits, cashing and collec- (In millions of dollars) tion of checks, trust operations, etc. Second, in the Taxes allocated to net current earnings. 639 44 performance of these functions, bad debts are writ- Less tax reduction resulting from noncurrent losses, etc.. ... 97 20 ten off, recoveries are made, profits or losses are realized on securities bought and sold, and so on. Taxes incurred on taxable income. 542 24 These transactions take place every year; however, It will be noted that taxes allocated to current the dollar amounts fluctuate widely, sometimes earnings were considerably higher than the amounts adding to net current earnings and sometimes re- actually incurred on taxable income. In the case ducing them. In the eyes of many investors, the of excess profits taxes, the amount allocated to appropriate measure of a bank's income is its net current earnings was 44 million dollars for 1951, current operating earnings position after applicable compared with 24 million actually incurred. The taxes.8 44 million dollar figure was equal to 0.37 per cent 7 The effect of excess profits taxes on the ability of in- of year-end total capital accounts. dividual banks to improve their capital positions by selling If taxes had been based only on current earnings, new stock cannot, of course, be measured on the basis of all size groups of banks except the smallest would over-all statistics, since many factors other than excess profits taxes may affect the market for a new stock issue. have shown an increased proportion of both banks 8 In 1951, deductions from net current earnings on account and capital accounts in the excess profits tax bracket. of noncurrent transactions amounted to approximately 200 This is indicated by the comparative data for 1951 million dollars, compared with 120 million for 1950; a substantial portion of the 1951 deduction was due to the estab- shown in Table 4. lishment of losses, deductible for tax purposes, on sales of It will be noted that about 8 per cent more of securities. Some banks make a practice of trading in securities as a part of their normal current operations. Bank earn- the largest banks and 7 per cent more of the interings report forms do not, however, require that a distinction mediate-size banks would have paid excess profits be made between current and noncurrent gains and losses taxes if there had been no noncurrent offsets to curon purchases and sales of securities. TABLE 4 COMPARISON OF EXCESS PROFITS TAXES ON 1951 TAXABLE INCOME OF INSURED COMMERCIAL BANKS WITH EXCESS PROFITS TAXES ALLOCATED TO 1951 CURRENT EARNINGS, BY SIZE OF BANK Banks incurring excess profits Banks reporting excess profits taxes taxes on taxable income allocated to current earnings Excess Size of bank Total Excess Total profits (Total capital accounts, June 30, 1951) Number as capital profits Number as capital taxes allopercentage accounts taxes percentage accounts cated to of all banks as incurred of all banks as current in group percentage of (In thousands in group percentage of earnings group total of dollars) group total (In thousands of dollars) $4 000 000 and over 33 30 9,400 41 43 23,000 $750,000-$3,999,999 30 30 6,200 38 36 10,000 $250,000-$749,999 37 37 6,000 43 42 8,500 Under $250,000 12 17 1,900 12 17 2,500 Total 21 30 23,500 24 39 44,000 JUNE 1952 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS TABLE 5 ESTIMATED AMOUNTS OF EXCESS PROFITS TAXES INCURRED BY INSURED COMMERCIAL BANKS ON 1951 TAXABLE INCOME BY SIZE OF BANK AND BY "LOW-CAPITAL" AND "OTHER" GROUPS X Number of banks Total capital accounts Excess profits (Total cap a i n ta d l S c a i a z c p e c i o t o u a f l n b t p s a , o n s J k i u ti n o e n 30, 1951) ins A u l r l ed ex P r c e e e r p s c s o e r n p ti t r n a o g g f e its co i m ns m A u l e r l e rc d ial he P l r d e e r p c b o e y r n t t i b a n a g g n e ks t t i a a n x x c e a o s b m o le e n com b m an e k r s cial t t i a a n x x c e o a s b m o l e e n (In o f t b h d a o o n u l k l s a s a rs n ) ds exc t t a e a s x x s e a s b p o r le o n fits (I o n f th d o o u ll s a a rs n ) ds income Banks in all size groups: » "Low-capital" banks 3,414 28 3,300,000 50 12,500 Other banks 9,999 19 8,400,000 22 11,000 Banks with capital accounts of $4,000,000 and over: 2 "Low-capital" banks 73 55 2,100,000 54 6,000 Other banks 211 25 4,700,000 19 3,400 Banks with capital accounts of $750,000 to $3,999,999: "Low-capital" banks 358 44 600,000 48 Other banks 1,026 25 1,600,000 23 3,200 Banks with capital accounts of $250,000 to $749,999: "Low-capital" banks 1,009 49 400,000 49 ,700 Other banks 2,868 33 1,300,000 33 ,300 Banks with capital accounts of less than $250,000: "Low-capital" banks 1,974 13 200,000 19 800 Other banks 5,894 11 800,000 16 1,100 1 "Low-capital" banks are the one-fourth of the banks with the lowest ratios when arrayed in the order of their ratios of equity capital to total assets. In order to gain representativeness over the wide range of bank sizes comprehended in the group of banks with total capital accounts of 4 million dollars or more—up to total capital accounts in excess of 400 million—this group of banks was divided into four subgroups (total capital accounts 4-8 million dollars, 8-25 million, 25-100 million, and more than 100 million) and the lowest onefourth of the banks in each subgroup was combined as the lowest one-fourth for the group as a whole. When more than one bank fell at the quartile ratio, all banks with this ratio were included as below the quartile point; this accounts for the fact that the number of "low-capital" banks is not exactly one-fourth of all banks in each group. 1 See footnote 1 to Supplementary Table 1 on p. 611. rent earnings. Noncurrent transactions did not profits and earnings after taxes, dividends, and reaffect to any appreciable extent the number of the tained profits and earnings, arranged by size of small banks that incurred excess profits taxes. So bank and equity capital ratios. far as amounts are concerned, noncurrent transac- Since a major purpose of the study is to examine tions reduced the excess profits tax liability (on the effect of excess profits taxes on the ability of current earnings) of large banks more than one- banks to strengthen their capital positions, an half, of intermediate-size banks about one-third, analysis has been made of banks with relatively low and of small banks about one-fourth. capital ratios. In Table 5, "low-capital" banks Capital ratios and excess profits taxes. A bank's are the one-fourth of the banks with the lowest earnings come for the most part from the invest- ratios when arrayed in the order of equity-capitalment of its deposits and only to a small extent from to-total-assets ratios. As is shown in the table, the investment of its capital. Consequently, a bank or as may be computed therefrom: with relatively low capital will ordinarily have (1) The one-fourth of the banks with the lowest relatively high earnings in relation to such capital. capital ratios accounted for somewhat more than As might be expected, therefore, it was generally one-half of the excess profits taxes on 1951 taxable true for all sizes of banks that, the lower the equity- income. capital-to-total-assets ratio, the more frequently (2) For all "low-capital" banks (those incurring were excess profits taxes incurred and the higher as well as those not incurring excess profits taxes), was the tax in relation to equity capital. This is excess profits taxes on taxable income were about true whether measured by excess profits taxes actu- 0.38 per cent of year-end total capital accounts, as ally incurred on taxable income or excess profits compared with 0.13 per cent for all other banks. taxes allocated to current earnings. Supplementary (3) For the "low-capital" banks incurring excess Table 2 on page 612 shows in some detail the aver- profits taxes on taxable income, the amounts of age ratios to equity capital of excess profits taxes, such taxes were 0.76 per cent of year-end total 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS TABLE 6 ESTIMATED AMOUNTS OF EXCESS PROFITS TAXES ALLOCATED TO 1951 CURRENT EARNINGS OF INSURED COMMERCIAL BANKS BY SIZE OF BANK AND BY "LOW-CAPITAL" AND "OTHER" GROUPS1 Number of banks Total capital accounts Excess Percentage profits taxes Size of bank Percentage re- All held by banks allocated to (Total capital accounts, June 30, 1951) All porting excess insured reporting current and capital position insured profits taxes commercial excess profits earnings commercial allocated to banks taxes allo- (In thousands banks current (In thousands cated to of dollars) earnings of dollars) current earnings Banks in all size groups:J "Low-capital" banks 3,414 32 3,300,000 71 23,800 Other banks 9,999 22 8,400,000 26 20,200 Banks with capital accounts of $4,000,000 and over: 2 "Low-capital" banks 73 71 2,100,000 83 14,000 Other banks . . . . .. 211 31 4', 700 \ 000 24 9^000 Banks with capital accounts of $750,000 to $3,999,999: "Low-capital" banks 358 57 600,000 60 5,000 Other banks 1,026 31 1,600,000 28 5,000 Banks with capital accounts of $250,000 to $749,999: "Low-capital" banks 1,009 55 400,000 56 3,600 Other banks 2,868 38 1,300,000 37 4,900 Banks with capital accounts of less than $250,000: "Low-capital" banks 1,974 14 200,000 22 1,200 Other banks 5,894 11 800,000 16 1,300 i See footnote 1 to Table 5. J See footnote 1 to Supplementary Table 1 on p. 611. capital accounts, as compared with 0.60 per cent capital" banks; the comparable percentage for for all other banks that incurred the tax. other banks was about 22. (4) Of the 3,400 "low-capital" banks, about Similar comparisons of "low-capital" with other 28 per cent incurred excess profits taxes on taxa- banks on the basis of excess profits taxes allocated ble income; about 19 per cent of all other banks to current earnings are shown or may be computed incurred such taxes. from the data in Table 6. (5) The "low-capital" banks that incurred excess To point up further such differences in the improfits taxes on taxable income held about 50 per pact of excess profits taxes on taxable income, a cent of the total capital accounts of all "low- comparison has been made in Table 7 between TABLE 7 ESTIMATED NUMBER OF "LOWEST-CAPITAL" AND "HIGHEST-CAPITAL" X INSURED COMMERCIAL BANKS GROUPED BY PERCENTAGE POINT IMPROVEMENTS IN 1951 TOTAL-CAPITAL-ACCOUNTS-TO-TOTAL-ASSETS RATIOS IF 1951 EXCESS PROFITS TAXES ON TAXABLE INCOME HAD BEEN ADDED TO CAPITAL Number of banks with total capital accounts on June 30, 1951 of: impr A ov p e p m ro e x n i t m i a n t e 1951 $4,000,000 and over $750,000-$3,999,999 $250,000-$749,999 Under $250,000 capital-to-assets ratio (Percentage points) "Lowest- "Highest- "Lowest- "Highest- "Lowest- "Highest- "Lowest- "Highestcapital" capital ' capital" capital" capital" capital" capital" capital" banks banks banks banks banks banks banks banks No improvement * 16 28 74 127 209 370 733 761 001- 010 3 13 011- 050 . . 4 20 123 051- 100 4 20 *10 25 *24 *56 *28 101- 200 1 7 25 Over .200 3 12 Total . . .. 28 28 137 137 394 394 789 789 1 "Lowest-capital" banks are defined as the one-tenth of all insured commercial banks in each size group with the lowest ratios of equity capital to total assets. "Highest-capital" banks are defined as the one-tenth with the highest such ratios. In order to gain representativeness over the wide range of bank sizes comprehended in the group of banks with total capital accounts of 4 million dollars or more—up to total capital accounts in excess of 400 million dollars—this group of banks was divided into four subgroups (total capital accounts 4-8 million dollars, 8-25 million, 25-100 million, and more than 100 million) and the lowest and highest one-tenth of the banks in each subgroup were combined as the lowest and highest one-tenth for the group as a whole. 2 That is, no excess profits taxes on taxable income. * Insufficient observations to provide significant distribution. JUNE 1952 607" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS the one-tenth o£ the banks with the lowest ratios capital" banks incurring excess profits taxes on and the one-tenth with the highest ratios, when taxable income were about 43 for the large banks, banks are arrayed by equity-capital-to-total-assets 47 for intermediate-size banks, and 7 for the ratios.9 The banks shown in the table as having smallest banks. On the other hand, none of the possible improvements in 1951 capital-to-assets ratios large "highest-capital" banks incurred the tax and are those that incurred excess profits taxes on 1951 only relatively few of the intermediate and small taxable income. sizes. (1) About 23 per cent of the "lowest-capital" Comparison of "lowest-capital" and "highestbanks incurred excess profits taxes on 1951 taxable capital" banks on the basis of excess profits taxes income, and about 5 per cent of the "highest- allocated to current earnings shows similar results, capital" banks; the amounts of excess profits taxes as may be seen from Table 8. involved were about 4.5 million dollars and one- Method for determining excess profits credit. For third of a million for the two groups, respectively. banks, as for most other corporations, there are (2) Addition to capital of the amount of excess two principal methods of determining the amount profits taxes incurred on taxable income would of excess profits credit. These are the "income" have raised the aggregate year-end total-capital-ac- and "invested capital" credit methods. The counts-to-total-assets ratio for the 316 "lowest-capi- credit computed under the selected method, total" banks that incurred the tax from 4.18 to 4.23 gether with any available unused credits from other per cent. A distribution of the number of banks years, is deducted from excess profits net income incurring excess profits taxes by possible improve- in arriving at the amount subject to tax. There is ments in capital ratios as thus computed is shown also a provision that each corporate taxpayer shall in the table. be permitted an excess profits credit of not less (3) By size of bank, the percentages of "lowest- than $25,000. Without considering the more complicated de- 9 These two groups of banks will be referred to as "lowest- tails, the "income" method provides a credit equal capital," defined as the one-tenth of all insured commercial to a percentage.(84 per cent in 1951 and 83 per banks in each size group with the lowest ratios of equity capital to total assets; and "highest-capital," defined as the cent beginning with 1952) of average earnings, one-tenth of the banks with the highest such ratios. The before normal tax and surtax, in the best three of median capital ratio for the first group is around 4.5 per the four base period years 1946-49, plus credit for incent, and for the other group around 12 per cent. TABLE 8 ESTIMATED NUMBER OF "LOWEST-CAPITAL" AND "HIGHEST-CAPITAL"1 INSURED COMMERCIAL BANKS GROUPED BY PERCENTAGE POINT IMPROVEMENTS IN 1951 TOTAL-CAPITAL-ACCOUNTS-TO-TOTAL-ASSETS RATIOS IF 1951 EXCESS PROFITS TAXES ALLOCATED TO CURRENT EARNINGS HAD BEEN ADDED TO CAPITAL Number of banks with total capital accountson June 30, 1951 of: impr A ov p e p m ro e x n i t m i a n t e 1951 $4,000,000 and over $750,000-$3,999,999 $250,000-$749,999 Under $250,000 capital-to-assets ratio (Percentage points) "Lowest- "Highest- "Lowest- "Highest- "Lowest- "Highest- "Lowest- "Highestcapital" • capital" capital" capital" capital" capital" capital" capital" banks banks banks banks banks banks banks banks No improvement2 8 27 54 127 184 357 733 761 Oil- 050 10 23 111 .051-.100 6 1 34 *10 62 | *37 *56 *28 .101-.200 3 13 25 Over . 200 3 12 J Total 28 28 137 137 394 394 789 789 Median equity-capital-to-total-assets ratio of banks in group (per cent).... 4.7 13.1 4.0 13.4 4.2 13.3 4.5 11.2 1 See footnote 1 to Table 7. 2 That is, no excess profits taxes allocated to current earnings. * Insufficient observations to provide significant distribution. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS TABLE 9 PERCENTAGE OF INSURED COMMERCIAL BANKS UTILIZING SPECIFIED METHODS FOR DETERMINING 1951 EXCESS PROFITS TAX CREDIT, BY SIZE OF BANK Banks with total capital accounts on June 30, 1951 of: Excess profits credit method $4 an ,0 d 0 0 o , v 0 e 0 r 0 $ $ 3 7 ,9 5 9 0 to 9 ,0 ,9 0 9 0 9 $ $7 2 4 5 9 0 to , , 9 0 9 0 9 0 $2 U 5 n 0 d ,0 er 00 Banks paying excess profits tax on 1951 taxable income: Minimum 5 (i) Income 2 20 50 50 Invested capital3 80 50 45 0) 100 100 100 100 Banks not paying excess profits tax on 1951 taxable income: Minimum 1 18 92 Income 2 8 13 25 6 Invested capital3 92 86 57 2 100 100 100 100 1 The number of banks in this category is too small for computing a reliable percentage. 2 Includes the alternative "growth" and "industry rate of return" mesththooddss wwhhiicchh aarree rreellaatiively unimportant except in special cases. 3 Comprises both the "asset" and "historical" methods for determininngg equ'i ty invested" cap-i ta-l . —The "historical" method is relatively unimportant except in special cases. creases in capital during the base period and the ing excess profits tax credits. In contrast, most taxable years.10 large nonfinancial industry groups utilized pri- The "invested capital" method provides for a marily the income method. credit equal to a percentage, before normal and Inadmissible assets. Under the excess profits tax surtax, of invested capital (including three-fourths law, assets are termed "inadmissible assets" if inof borrowed capital) at the end of the base period come derived from them is exempted from the tax. (12 per cent on the first 5 million dollars of cap- For practical purposes, they consist of the following ital, 10 per cent on the next 5 million, and 8 per three principal categories of bank assets: United cent on capital over 10 million).11 States Government obligations fully or partially Under both the "income" and "invested capital" tax-exempt; obligations of States and political submethods, credit at 12 per cent is in general also divisions; and corporate stocks (with some excepgiven for new capital contributed and three-fourths tions). of the average daily increase in borrowings dur- Since banks are large holders of such assets, the ing the taxable years. provisions of the excess profits tax law regarding The largest banks almost universally used the this type of asset are of particular interest. Without invested capital method, as indicated in Table 9. going into details, income from inadmissible assets The medium-size banks that had to pay the tax is excluded from income, both in determining exwere fairly evenly divided between the income cess profits credit under the "income" method and method and the invested capital method, while in determining excess profits net income for the taxmost of those not paying the tax used the in- able year. Under the "invested capital" method, vested capital method. The smallest banks used the computed credit is reduced by the proportion the minimum credit method. that inadmissible assets are of total assets.12 Preliminary data tabulated by the Treasury De- Under the "income" method, then, declines in partment from 1950 tax returns show that, in gen- income from inadmissible assets during the base eral, banks and other financial industry groups used 12 So far as taxable year capital additions are concerned, a primarily the invested capital method for determin- provision regarding "inadmissible assets" contained in the Revenue Act of 1951 provides that if the increase in the total 10 The "growth" and "industry rate of return" methods assets of a bank is greater than the increase in its capital are alternative "income" methods, and are relatively unim- during the taxable year, the net capital addition is reduced portant except in special cases. only by a percentage based on the ratio of additional "inad- 11 There are two methods—"asset" and "historical"—for missible assets" to additional total assets acquired since the determining the amount of equity invested capital. The beginning of its first excess profits tax year. A similar ratio "historical" method is relatively unimportant except in spe- principle applies in the case of the "inadmissible asset" adjustcial cases. ment in determining base period capital additions. JUNE 1952 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS TABLE 10 ESTIMATED HOLDINGS OF AND INCOME FROM INADMISSIBLE ASSETS, ALL INSURED COMMERCIAL BANKS, 1946-511 [In millions of dollars] Holdings of inadmissible assets Net a T s o s t e a t l s Total U w t o a . b p h x l a o S - i r l e g . l t x y a i G a e t i l m o a o ly n n v p d s t 't s O u o p b b f o l d i a l i g S i v n t a t i d i t a s c i i t a o o e l n s n s s Co s r to p c o k ra s te o e c ( p i a t n B u e a r c r e x r n o r a f e i e o m n t s i n r ) g n e e t s g ina I d a n f m s r c o s o i e m s m t s s i e ble 1946 144,700 17,800 13,300 4,200 300 1,070 320 1947 . . 150,000 18,000 12,600 5,100 300 1,090 330 1948 149,400 16,600 10,900 5,400 300 1,210 310 1949 154,000 16,500 9,900 6,300 330 1,310 320 1950 165,200 17,500 9,200 7,900 340 1,470 320 1951 172,400 16,000 6,700 8,900 350 1,650 300 1 See footnote 1 to Supplementary Table 1 on p. 611. 2 Total assets and holdings of inadmissible assets are as of the year end; income is for the calendar year. period tend to increase the excess profits credit; and As a result principally of the maturity or retiredeclines since the base period tend to increase tax- ment of wholly and partially tax-exempt United able income (assuming income from inadmissible States Government securities, bank holdings of assets was replaced by income from other assets). such securities declined by about 6.5 billion dol- Under the "invested capital" method, declines in lars from 1946 to 1951. Of this decline, however, holdings of inadmissible assets as a proportion of about 4.5 billion was offset by increased holdings total assets during recent taxable years would inof obligations of States and political subdivisions. crease the excess profits credit but (assuming inadmissible assets were replaced by other earning The ratio of inadmissible asset holdings to total assets) taxable income would also be increased. assets, accompanying substantial increases in total The changes that have taken place in aggre- assets over the period, declined from about 12.3 to gate insured commercial bank holdings of, and 9.3 per cent. income from, inadmissible assets since 1946, the Aggregate income from inadmissible assets has first base period year, are shown in Table 10. Such not changed significantly over the period but, as changes for individual banks show wide variaa result of a 54 per cent increase in net current tions around the trends indicated by the aggregate operating earnings before income taxes since 1946, data. The several provisions of the excess profits tax law regarding inadmissible assets are such the proportion accounted for by income from inthat the matter of appropriate inadmissible assets admissible assets declined from about 30 to about policy is an individual bank problem. 18 per cent in 1951. 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS SUPPLEMENTARY TABLE I DISTRIBUTION OF ESTIMATED PROFITS AND CURRENT EARNINGS OF INSURED COMMERCIAL BANKS BY SIZE OF TOTAL CAPITAL ACCOUNTS, 1950 AND 1951 * [Based on data from confidential tax questionnaires of sample banks] Banks with total capital accounts on June 30, 1951 oi All groups l $4,000,000 $750,000- $250,000- Less than and over x $3,999,999 $749,999 $250,000 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 DISTRIBUTION OF NET PROFITS Dollar amounts (in millions): Net profits less State taxes 2 1,323 1,432 739 818 242 258 201 211 141 14S Federal normal and surtax on taxable income 408 542 240 330 79 102 57 72 32 38 Excess profits taxes on taxable income 15 24 8 10 3 6 3 6 1 2 Net profits after all taxes 900 866 491 478 160 150 141 133 108 105 Cash dividends on common stock 387 413 251 271 58 61 44 47 34 34 Retained net profits . . 513 453 240 207 102 89 97 86 74 71 Percentages of total capital accounts: Net profits less State taxes 2 . 12.0 12.2 11.4 12.0 12.1 11.9 12.7 12.6 14.3 13 6 Federal normal and surtax on taxable income 3.7 4.6 3.7 4.8 4.0 4.7 3.6 4.3 3.2 3.5 Excess profits taxes on taxable income .13 .20 .12 .14 .16 .28 .20 .36 .09 .18 Net profits after all taxes 8.1 7.4 7.6 7.0 8.0 6.9 8.9 8.0 11.0 9 9 Cash dividends on common stock 3.5 3.5 3.9 4.0 2.9 2.8 2.8 2.8 3.4 3 1 Retained net profits 4.6 3.9 3.7 3.0 5.0 4.1 6.1 5.2 7.6 6.7 Percentages of equity invested capital: Net profits less State taxes 2 10.8 11.0 9.8 10.2 11.5 11.3 12.6 12.4 14 8 13 9 Federal normal and surtax on taxable income 3.3 4.2 3.2 4.1 3.8 4.5 3.6 4.2 3.3 3.6 Excess profits taxes on taxable income .12 .18 .10 .12 .15 .27 .20 .35 .09 .19 Net profits after all taxes 7.4 6.7 6.5 6.0 7.5 6.6 8.8 7.8 11 4 10 2 Cash dividends on common stock 3.2 3.2 3.3 3.4 2.8 2.7 2.8 2.7 3.5 3.2 Retained net profits 4.2 3.5 3.2 2.6 4.8 3.9 6.0 5.1 7.9 6.9 DISTRIBUTION OF NET CURRENT EARN- INGS Dollar amounts (in millions): Net current earnings less State taxes 1,442 1,618 775 912 278 304 231 242 158 160 Allocated Federal normal and surtax 3 471 639 274 391 94 123 67 84 36 41 Allocated excess profits tax 3 20 44 10 23 4 10 5 9 1 2 Net current earnings after allocated taxes.. . . 952 935 491 498 180 171 160 150 121 116 Cash dividends on common stock 387 413 251 271 58 61 44 47 34 34 Net current earnings less dividends and allocated taxes 565 522 240 227 122 110 116 103 87 82 Percentages of total capital accounts: Net current earnings less State taxes 13.0 13.8 11.9 13.4 13.9 14.0 14.7 14.5 15.9 14.9 Allocated Federal normal and surtax 3 4.2 5.4 4.2 5.7 4.7 5.7 4.2 5.0 3.6 3.9 Allocated excess profits tax 3 .18 .37 .15 .34 .23 .46 .29 .50 .10 ?3 Net current earnings after allocated taxes.... 8.6 8.0 7.6 7.3 9.0 7.9 10.1 9.0 12.2 10.8 Cash dividends on common stock 3.5 3.5 3.9 4.0 2.9 2.8 2.8 2.8 3.4 3.1 Net current earnings less dividends and allocated taxes 5.1 4.4 3.7 3.3 6.1 5.1 7.3 6.2 8.8 7 7 Percentages of equity invested cap'tal: Net current earnings less State taxes 11.8 12.4 10.2 11.4 13.2 13.4 14.5 14.2 16.5 15.3 Allocated Federal normal and surtax 3 3.8 4.9 3.6 4.9 4.4 5.4 4.2 4.9 3.7 4.0 Allocated excess profits tax 3 .16 .34 .13 .29 .22 .44 29 .49 .11 .24 Net current earnings after allocated taxes.... 7.8 7.2 6.5 6.2 8.6 7.5 10.0 8.8 12.7 11 .1 Cash dividends on common stock 3.2 3.2 3.3 3.4 2.8 2.7 2.8 2.7 3.5 3.2 Net current earnings less dividends and allocated taxes 4.6 4.0 3.2 2.8 5.8 4.8 7.2 6.0 9.2 7 9 CAPITAL AND ASSETS (in millions of dollars) Total assets 4 165,249 172,369 96,068 99,373 31,508 33,148 23,496 24,795 14,177 15,053 Total assets less cash assets and U. S. Government securities 4 64,625 70,932 39,094 42,921 11,570 12,767 8,912 9,715 5,049 5,529 Total capital accounts 4... 11,064 11,744 6,495 6,828 1 ,998 2,171 1,576 1,674 995 1,071 Equity invested capital ^ 12,233 13,021 7,576 7,994 2,107 2,272 1,594 1,712 956 1,043 CAPITAL RATIOS (in per cent) Total capital accounts to total assets 6.7 6.8 6.8 6.9 6.3 6.5 6.7 6.8 7.0 7.1 Total capital accounts to total assets less cash and U. S. Government securities 17.1 16.6 16.6 15.9 17.3 17.0 17.7 17.2 19.7 19.4 Equity invested capital to adjusted total assets 6 7.3 7.5 7.8 7.9 6.6 6.8 6.8 6.9 6.7 6 9 NUMBER OF BANKS 13,413 >84 1 384 3 877 7 868 1 Data for banks with total capital accounts of 4 million dollars and over do not include estimates for 5 nonrespondent banks. 16 banks with preferred stock or capital notes or debentures, and one atypical bank. These exclusions are reflected in the "All groups" data. Data for the other size groups are estimates for all insured commercial banks in these size groups. 2 Comprises net current earnings less the net of capital losses and gains, charge-offs and recoveries, transfers to and from bad debt and other valuation reserves, etc. 3 This is the estimated hypothetical amount which would have been incurred on net currrent eanings; it is the amount incurred on net profits, adjusted for estimated tax reductions resulting from bond losses, additions to bad debt reserves, etc., but not wholly adjusted for recoveries and other noncurrent income. 4 End of year. 6 Excess profits tax basis; see footnote 1 to Supplementary Table 2 on p. 612. JUNE 1952 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS SUPPLEMENTARY TABLE 2 SELECTED RATIOS OF INSURED COMMERCIAL BANKS GROUPED BY SIZE OF BANK AND BY RATIO OF EQUITY INVESTED CAPITAL To ADJUSTED TOTAL ASSETS, 1951 * Number of banks Profits and earnings Profits and earnings reporting excess Excess profits taxes after all taxes but retained in profits taxes before dividends capital accounts Cash dividends Net on Capital size Incurred Allocated Incurred Allocated Net current common Retained and on to on to profits earnings stock Retained net equity-to-total-assets ratio taxable current taxable current after after net profits current (Per cent) income earnings income earnings taxes allocated earnings 2 taxes As b p a e n r k c s e n i t n a g g e r ou o p f all As percentage of equity invested capital of all banks in group J Banks with total capital accounts of $4,000,000 and over and capital ratios of: 5.0 and under 48 67 .52 .84 7.1 8.3 2.6 4.1 5.1 5.1-6 0 50 60 .32 .54 7 4 7 9 3.1 4 0 4.9 6. 1- 7.0 32 48 .14 .37 7 2 7.3 3.1 3.6 4.1 7. 1- 8.0 26 36 .12 .25 6.0 6.6 3.1 2.8 3.5 8. 1-9 0 12 24 .09 .17 5 3 6 1 2.7 2.6 3.5 9.1-10.0 11 22 .05 .18 5.8 5.7 2.9 2.5 2.3 10. 1 and over 4.4 4.3 3.0 1.2 1.6 All groups 33 41 .19 .36 6.4 6.9 3.0 3.2 3.8 Banks with total capital accounts of $750,000- $3,999,999 and capital ratios of: 5 .0 and under . . . 40 58 .51 .90 8 2 9.7 2.8 5.5 7.0 5. I- 6.0 49 53 .45 .68 7.7 8.6 2.5 5.2 5.8 6.1-7 0 33 45 .29 .52 7 4 8 2 2.7 4.6 5.2 7. I- 8.0 28 35 .23 .40 5.9 7.1 2.6 3.7 4.9 8 I- 9 0 14 18 10 .16 5 6 6 7 2 6 3 3 4 0 9.1-10.0 22 32 .13 .23 5.8 6.4 2.6 3.1 3.6 10.1 and over 7 15 .07 .10 5.3 5.9 2.5 2.9 3.1 All groups 30 38 .27 .46 6.7 7.6 2.6 4.0 4.9 Banks with total capital accounts of $250,000- $749,999 and capital ratios of: 5 .0 and under 46 56 .67 .84 8.7 9,9 2.4 6.1 7.8 I- 6.0 52 57 .53 .75 8.6 9.5 3.2 5.4 6.8 6.L- 7 0 33 41 .28 .41 8.2 9.2 2.6 5.4 6.4 7. L- 8.0 36 47 .32 .45 8.2 9.0 2.6 5.5 5.7 8.L- 9.0 37 45 .31 .45 7.2 8.7 2.8 4.4 6.1 9 L-10 0 16 26 OS 14 6 8 7 6 2 8 3 2 3 9 10. I and over 11 14 .09 .10 5.9 6.0 2.4 3.2 3.6 All groups 37 43 .34 .48 7.9 8.9 2.6 5.1 6.0 Banks with total capital accouni.s of under $250,000 and cai)ital ratios of: 5.() and under 7 7 .23 .33 12.5 13.1 3.5 9.3 9.7 5. L- 6.0 19 21 .19 .25 11.1 12.0 2.6 8.0 8.4 6.I- 7.0 10 10 .13 .14 11.3 12.1 3.4 7.8 8.3 7. L- 8.0 15 15 .12 .15 9.0 10.2 3.0 5.7 7.3 8. L- 9.0 8 11 .10 .13 10.3 10.8 3.1 7.3 7.5 9.1-10.0 5 5 .01 .01 9.6 9.7 2.8 6.3 6.6 10. I and over 6 9 .04 .04 8.3 8.4 2.6 5.0 5.7 i\11 grou ps 12 12 .12 .16 10.3 10.9 3.0 7.0 7.5 1 Equity invested capital is as defined for excess profits tax purposes. It consists of published total capital accounts at the beginning of the taxable year, plus adjustments to put capital on a tax basis, plus the average daily amount of new capital issued during the year. Adjusted total assets are published total assets plus adjustments to put assets on a tax basis. The principal adjustments to published capital and assets are reserves for bad debts and other valuation reserves, and write-offs not allowable for tax purposes. "Equity" and "Total assets" in this table are as thus defined. 2 Net current earnings less allocated normal tax, surtax, and excess profits tax, and dividends. 3 The excess profits tax percentages are arithmetic averages of individual bank ratios, because of the number of banks not paying such taxes (which were counted as having zero ratios); the other percentages are medians of individual bank ratios. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS APPENDIX The following pages present reproductions of the accompanying table which also shows the response Board's press release of December 10, 1951 an-to the questionnaire by size groups. nouncing the study of the effect of taxation on the As can be seen from the table, the degree of nonability of banks to improve their capital positions, response was not serious, particularly for the larger the letter suggested by the Board to be sent by the banks. Tests utilizing known earnings and bal- Federal Reserve Banks to the selected sample banks, ance-sheet information indicated that nonrespondand the form of questionnaire and accompanying ent banks were not significantly different from instructions. respondent banks. The universe from which the sample was selected Except in the largest size group, where adjusted consisted of all insured commercial banks. This data for the 284 banks described in footnote 3 to universe was stratified into four groups based on the accompanying table were used, data reported the following total-capital-account sizes as of June by the sample banks were inflated by the relation- 30, 1951: $4,000,000 and over, $750,000 to $3,999,- ship of the number of respondent banks to all in- 999, $250,000 to $749,999, and under $250,000. sured commercial banks in each size group in order The banks were arrayed by size of total capital ac- to obtain estimates for the size group universe. Spot checks of estimated universe data thus obcounts within these strata and a systematic sample tained against known data as reported in official was selected from a random starting point within condition and earnings reports indicate that the each stratum. For the four size groups respectively, estimates are substantially accurate. For example, the sample was 100 per cent, 33% per cent, 10 per cent, and 5 per cent.1 This is indicated in the 1951 net current operating earnings less State taxes for insured commercial banks (excluding the 24 large banks described above) as estimated from the Number of Percentage Percentage Total capital insured of banks of sample sample data were 1,618 million dollars; the official accounts 1 commercial included banks banks 1 in sample 2 responding tabulated figure, for all insured commercial banks {including the 24 large banks described above) $ $ 4 7 , 5 0 0 0 , 0 0 , 0 0 0 0 - 0 $ 3 a , n 9 d 9 9 o , v 9 e 9 r 9 . . . . . . 1,3 3 8 0 4 8 1 3 0 3 0 . . 3 0 9 (3 4 ) released by the Federal Deposit Insurance Corpo- $ U 2 n 5 d 0 e , r 0 0 $ 0 2 - 5 $ 0 7 , 4 0 9 0 , 0 999 3 7 , , 8 8 7 6 7 8 1 5 0 . . 0 0 8 7 8 6 ration, was 1,665 million. 1 As of June 30, 1951. 2 The sample proportions were reduced slightly by elimination, PRESS RELEASE OF BOARD OF GOVERNORS OF THE for technical reasons, of selected banks that had preferred stock, or capital notes, or debentures. Only about 2 per cent of all FEDERAL RESERVE SYSTEM insured commercial banks held such stock, notes, or debentures on 8 J O u f n e t h 3 e 0 3 , 0 1 8 9 5 b 1 a . nks in this size group, 5 did not respond, 2 disap- December 7, 1951 peared through consolidation or absorption between June 30, 1951 (For Release in Morning Papers, December 10, and the time of submitting questionnaires (figures for these banks were, however, included in the surviving banks' data), 1 bank was excluded because of special circumstances, and 16 banks were 1951) excluded because their capital accounts included preferred stock, or capital notes, or debentures. All tabulations for this group are based on the remaining 284 banks. The Board of Governors of the Federal Reserve System has transmitted to the Federal Reserve 1 All banks with total capital accounts of 4 million dollars Banks a form of "Confidential Tax Questionnaire" and over were selected for several reasons: the lack of hoto be distributed by them to a selected sample mogeneity among these very large banks makes estimating hazardous; the 308 banks of this size account for more than (approximately 1,500) of insured commercial 50 per cent of the country's banking business; the size-of- banks. The purpose of the questionnaire is to bank range within the group is very wide; and it was understood that large banks utilized primarily the invested capital obtain factual data for studying the effect of taxamethod for determining excess profits credits. In connection tion on the ability of banks to improve their capital with this last point, it was felt that setting the limit at 4 positions out of earnings and to attract new capital. million dollars total capital accounts would comprehend all banks with equity invested capital of 5 million dollars or The questionnaire was prepared with the coopmore and thus bring into the sample the group subject to the eration of representatives of other Federal and State variable percentage credits permitted under excess profits tax law if the invested capital method is utilized. Under agencies and bankers' associations. The collection this method excess profits credits (before normal and surtax) and tabulation of the data and preparation and are permitted at the rates of 12 per cent for the first 5 milanalysis of the resulting statistics and estimates lion dollars, 10 per cent for the second 5 million, and 8 per cent for the remainder. will be made by the Federal Reserve Board. The JUNE 1952 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS tabulations and analyses, by groups of banks, will from a selected sample of member and nonmember be made available to the Treasury, all interested insured commercial banks rather than from all Federal and State banking agencies, and bankers' such banks. The sample was selected in such a associations. manner that reliable estimates for all commercial banks can be made on the basis of data supplied by relatively few banks. Your bank was selected SUGGESTED LETTER TO BE SENT BY FEDERAL RESERVE as one of the sample banks. BANKS TO SELECTED SAMPLES OF MEMBER AND NON- MEMBER BANKS TRANSMITTING "CONFIDENTIAL TAX In work involving samples of this type, it is QUESTIONNAIRE" essential that the data be obtained from all banks to which the inquiry is sent, since they have been To the President of the Ban\ addressed selected in a prescribed technical manner. Failure Dear Sir: to collect the data from even a few of the sample Enclosed are three copies of a "Confidential Tax banks might affect the usefulness of the estimates Questionnaire" and a copy of related instructions, for all banks. It is, therefore, highly desirable that for your use in reporting certain factual data needed you supply all the information called for by the for studying the effect of taxation on the ability of enclosed form, even if your bank was not subject banks to improve their capital positions out of earn- to excess profits taxes for the year 1950 and does ings and to attract new capital. not appear to be subject to such taxes for the You have no doubt received, or will presently year 1951. receive, a letter from the American Bankers Asso- The National Association of Bank Auditors and ciation informing you that that Association, the Comptrollers has offered to provide assistance free Independent Bankers Association, and the National of charge for such banks as may require it. There Association of Bank Auditors and Comptrollers is enclosed a list of representatives of the Associahave joined together in sponsoring the study; that tion in your area who stand ready to assist if rethe questionnaire has been prepared by the staff quested. Your correspondents doubtless also will of the Board of Governors of the Federal Reserve help if you should so desire. These aids and the System with the cooperation of representatives of enclosed instructions should resolve any difficulties the Treasury, the Comptroller of the Currency, the you might experience. You will observe, however, Federal Deposit Insurance Corporation, the Na- that most of the items can be transcribed directly tional Association of Supervisors of State Banks, from condition reports, earnings and dividends rethe American Bankers Association, and the Na- ports, and tax returns, or are to be based on 1951 tional Association of Bank Auditors and Comp- estimates of items in such reports. trollers; and that the collection and tabulation of It will be greatly appreciated by all sponsoring the data and preparation and analysis of the regroups if you will complete the enclosed form and sulting statistics and estimates will be lodged in return two copies of it to this Federal Reserve the Federal Reserve System. The data supplied to Bank within ten days, if at all practicable, of its the Federal Reserve System for the purpose of receipt by you. the study will, of course, be kept strictly confidential; only the resulting statistics and analyses, Very truly yours, which will not reveal the data for individual banks, will be made available to various interested groups [Signature of officer of appropriate and agencies. Federal Reserve Bank] To reduce the work load on reporting banks and on the System, it was decided to obtain the data Enclosures. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS Page 1 FEDERAL RESERVE BANK OF Budget Bureau No. 55.5102 Confidential Tax Questionnaire NAME OF BANK_ _CITY AND STATE_ Related item in di e v a id rn e i n n d g s s r a e n p d ort 1950 (Est 1 im 95 a 1 ted) c T o a d b e . s or 1950 tax return (In dollars; omit cents) 1. Net current operating earnings E&D, item 3 01 2. Profits before income taxes E&D, item 6 3. Income and excess profits taxes (on earnings and dividends report basis): (See important footnote 1 below) 02 a. Write "accrued" or "paid" to show on which basis taxes are reported in E&D report b. State income tax E&D, item 7 c. Federal normal and surtax E&D, item 7 d. On capital gains, included in item 3c. (Special instrs.) e. Federal excess profits tax E&D, item 7 4. Cash dividends on common stock E&D, item 13-f, 03 national banks; item 9-b, State 5. Net income before net operating loss deduction 1120, line 32 or EP-1, line 1 6. Excess profits net income EP-1, line 23 or Schedule N 04 7. Excess profits credit EP-1, line 24 8. Unused excess profits credit adjustment EP-1, line 25 9. Federal income and excess profits tax liabilities (as shown in tax returns): 2 05 a. Normal and surtax 1120, p. 1, item 35 b. Tax on capital gains included in item 9a above (Special instrs.) c. Excess profits tax EP-1, line 38 1 Enter E&D tax figures applicable to 1950 and 1951 income. If your bank is on a cash basis, these are the figures which will be reported on 1951 and 1952 E&D reports, respectively. 2 There can be justifiable differences between items 9 and 3; see instructions. Page 2 NAME OF BANK_ _CITY AND STATE_ in R e 1 l 9 a 5 te 0 d ta s x ch r e e d t u u l r e n 1950 (Est 1 im 95 a 1 ted) c T o a d b e . s 10. Excess profits tax credit method used Check one for each year a. Minimum $25,000 credit used in lieu of b or c below EP-1 or Schedule N b. Income method (1) General average EP-2 (2) Growth credit EP-2 (3) Industry rate of return EP-5 (A, B, C, D) c. Invested capital method (1) "Asset" method EP-4 (2) "Historical" method EP-4 In dollars; omit cents 06 11. Average base period excess profits net income FP 2. line 26 or 31 12. Effect of certain items on Federal income taxes as shown in item 3 of this report: 07 a. Reduction in income subject to Federal income taxes resulting from— (1) Additions to bad debt reserves (2) Bond losses net (3) Other losses and charge-offs (4) Substantial nonrecurring expenses b. Additional Federal income tax liabilities which would have been incurred if the 08 amounts shown in item 12a had been included in income subject to tax— (1) Normal and surtax (2) Excess profits tax 09 13. Cash, bank balances, etc. at end of year Cond. Report, item 1 14. Total U. S. Govt. obligations at end of year Cond. Report, item 2 JUNE 1952 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS Page 3 NAME OF BANK CITY AND STATE Related item in c e o a n rn d i i n ti g o s n r r e e p p o o rt r , t, 1950 (Est 1 im 95 a 1 ted) c T o a d b e / s 11 or 1950 tax return (In dollars; omit cents) 15. Total capital accounts at beginning of year C.R., item 29 10 and 16. Adjustments of capital accounts to excess profits tax basis 11 a. Reserve for bad debts E&D, Sched. D b. Other valuation reserves on loans and securities E&D, Sched. D c. Other adjustments to tax basis (do not include borrowings) (Special instrs.) 17. Adjusted capital accounts (before new capital) (15 plus 16, this form) (Same as EP-4, line 1) 18. Equity invested capital for excess profits tax purposes (including EP-4, lines 1 plus 2, or new capital) line 53 19. 75% of average borrowed capital as defined for excess profits EP-4, line 3 (b) or tax purposes line 54 12 20. Net current operating earnings, applicable taxes, and capital accounts: 13 14 and Net current Approx. State 15 operating and Federal Adjusted earnings income taxes Total capital b ( a s s a i m s a e s p ( r e o x f c it l s . e t x a c x e e s s s ) Dates a c c a c p o i u t n al ts ac ( c sa o m un e ts item 1 of applicable to (C.R. item 29) basis as this report) Column (1) item 17 above) (In dollars; omit cents) (1) (2) (3) (4) 1946 12-31-45 1947 12-31-46 1948 12-31-47 1949 12-31-48 1950 12-31-49 1951 12-31-50 (Est.) 12-31-51 (Est.) Page 4 NAME OF BANK CITY AND STATE_ 21. Total assets and inadmissible assets: co R n e d o p i f o ti r o t n (C.R a T . s o i s t t e e a t m s l 12) C U w t o a . p b R . h x ( l a p o S - . i r e g a l . t l i x r a i y t G t a e e t i l m m o a o o ly f n n v p d 2 s t t . ) ( P o C O o f . b l R . l S i . s g t u a i a t b t t e e i d m o s i n v & s 3 s. ) C i o s t ( e t r C o p m c . o R k r 5 a s . ) te in i a o n E s f a s I & d e n i f m t t r c D e s o o m i m s m ( r s p e i e b 1 a p - l r o e a t rt) c T o a d b e . s (In dollars; omit cents) 6-30-46 1946 16 12-31-46 1Q47 17 12-31-47 1948 18 12-31-48 1949 19 12-31-49 1050 and 12-31-50 1951 20 12-31-51 (Est.) (Est.) 22. Issues of new corrimon capital stock, e:ccluding stock dividends, during 1946-195. (if none, so indicate 21 a. Year issued Amount issued (at issue price) $ b. Amount purchased by then existing shareholders (at issue price) c. Price per share at which issued d. Market price per share before issilance (if available) e. Book valueper share before issuanee, based on adjusted capital accounts (&ame basis as item 17 23. Data concerningcommon shares (if available): 22 a. Number of c:ommon shares whichwill be outstanding on December 31, 195L b. Number outstanding on date of quotation below c. Latest market price $ , or bid price $ Date . d. Source of market or bid price quc)tation (check one): Stock exchange . . Establish^;d over-the-counter market Private sales e. Latest repor?tec\ sale prire Date f. Estimated number of common shares traded during 1951 g. Number of c:ommon shareholderson latest available date (Name and title) (Signature) 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS FEDERAL RESERVE BANK OF or supplement showing how you arrived at some or all of the estimated figures. December 1951. Instructions—Confidential Tax Questionnaire Mergers, consolidations, and absorptions The importance of completing all items on the In the event your bank was involved in a merger, questionnaire has been stressed in the letters you absorption or consolidation in 1950 or 1951, the have received on the subject. This applies regard- figures reported for these two years should be on less of whether or not your bank paid excess profits a basis comparable to the present organization of taxes on 1950 income and whether or not you the reporting bank. By way of example, if your expect to pay such taxes on 1951 income. bank absorbed another bank on December 31, 1950, Most of the information requested can be ob- it would be necessary to combine 1950 net current tained from Reports of Condition, Earnings and operating earnings for both original banks in order Dividends Reports, or corporate tax returns. Where- to arrive at a 1950 figure comparable to the 1951 ever possible, references to the sources of informa- figure for the present bank. Similar reasoning tion are made in the second column of the ques- should be used in arriving at figures comparable to tionnaire; in other cases, the questions are self- those of the present bank for the other items on explanatory; and in still others, special instructions the questionnaire and for different dates of merger, are given below. The abbreviation "E&D" on the consolidation, or absorption. In all such cases, your questionnaire refers to earnings and dividends re- completed questionnaire should be accompanied port; "C.R." refers to condition report; "1120" by a supplement indicating how the comparable refers to U. S. Treasury Department Internal Rev- figures were arrived at. enue Service Form 1120 (Corporation Income Tax For items 20 and 21 on the questionnaire, which Return); "EP" refers to Schedule EP of Form require data back to 1946, the same reasoning as 1120 (Computation of Corporation Excess Profits above should be applied in the event your bank Tax); the number following "EP" refers to the was involved in one or more mergers, consolidaappropriate schedule of the EP form; Schedule N tions, or absorptions in the years 1946-1949. If is a separate mimeographed schedule to Form 1120 applicable, a supplement showing the composition which may be used in lieu of the EP schedule if of the figures in these two questions should also be the total excess profits net income is $25,000 or attached to your completed questionnaire. less; and "Special instrs." indicates that the instruc- Item 3 tions below contain some details relative to completing the items so indicated. As indicated in footnote 1, page 1, it is important that the taxes applicable to 1950 and 1951 income General be reported. This requires some special consid- All items should be completed; and in instances eration by banks on a "paid" or "cash" basis rather where the figures to be reported are zero, the word than an accrual basis. For these banks, taxes re- "none" should be inserted. The report should be ported in the earnings and dividends report for signed by the officer or employee of your bank to any year will be taxes paid on the previous year's whom inquiries may be addressed if that should income. In the questionnaire, therefore, the earnbe necessary. Normally, this would be the person ings and dividend basis taxes for banks on a "cash" within your bank who is most familiar with your rather than an accrual tax reporting system will reply to the questionnaire. be the figures expected to be reported in the 1951 If the bank has filed an amended tax return in and 1952 earnings and dividends reports, respecany year, it is necessary that the amended figures tively. be reported. In connection with both 1950 and For banks on an accrual tax reporting system, 1951 figures it should be noted that the Revenue the figures required by the questionnaire are those Act was recently amended retroactively; and figures reported or expected to be reported in 1950 and should be reported in accordance with the amended 1951 earnings and dividends reports. law. For figures which must be estimated, your best estimate, based on available information, is re- Question 3d quired. If you should so desire, the completed The figures reported should be those portions of questionnaire may be accompanied by a statement the amounts reported or to be reported in earnings 617 JUNE 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS and dividends reports item 7 which are applicable income taxes in order that conclusions can be to capital gains rather than to current operating drawn as to the effect of taxes on normal operatincome. See instruction below under question 9b. ing income. There should be entered, under 12(a), reductions in income due to special items and, under Question 8 12(b), the amounts of additional Federal income An unused credit in any one year may be carried tax liabilities which would have been incurred if forward or backward. Note that no adjustment these reductions had been included in income submay be made for an unused minimum credit of ject to tax. $25,000. Question 15 Item 9 Note that total capital accounts at the beginning The amounts reported under item 9 are the actual of 1950 and 1951 are required—i.e., as of Defigures from your tax return, rather than the cember 31, 1949 and 1950, respectively. amounts from earnings and dividends reports which were reported under item 3 above. Figures re- Item 16 ported under this heading (tax return basis) may The purpose of item 16 is to adjust beginning-ofdiffer from those reported under item 3 (earnings year capital accounts from a Condition Report basis and dividends report basis), because of provision to a tax return basis and, therefore, adjustments in earnings reports for amounts to cover possible should also be beginning-of-year figures. Imtax payments for items still under consideration, portant items involved are the reserves appearing adjustments in earnings reports for over-accruals in in Section D of the Earnings and Dividends repast years, adjustments for refunds, or because of port; these are covered by questions 16a and b. the fact that earnings reports are normally prepared Figures reported in question 16c, "other adjustwell in advance of tax returns. ments," should include differences (due to chargeoff s, write-downs, etc.) between the value of assets Question 9 b as shown on the Condition Report and their value Capital gains, both short- and long-term, are for income tax purposes. For example, a building shown in the corporation income tax return (Form carried on the books at $1 would require the dif- 1120) as items 12(a) and 12(b), respectively. Both ference between the $1 and the tax depreciated are included in the computation of normal tax and value of the building to be added back to capital surtax, unless the alternative tax on long-term accounts as shown in condition reports. Also under capital gains (per Schedule C of Form 1120) proitem 16c there should be reported amounts necesduces a lesser tax. The tax to be shown on the sary to reflect other adjustments of assets or liaquestionnaire should be either: bilities in order to put them on a tax basis. 1. If alternative tax on net long-term capital gains was not computed on Schedule C of Question 17 Form 1120, enter tax computed at the appli- The amount reported under question 17 will be cable normal and surtax rates on total net the amount which, under excess profits tax law, short-term and long-term capital gains (items represents the true equity of stockholders in your 12(a) and 12(b) of Form 1120). bank at the beginning of the taxable year (before or any adjustments for new capital paid in during the 2. If alternative tax on net long-term capital year in question). The amount will be the same gains was computed on Schedule C of Form as that reported or to be reported in Schedule EP-4, 1120, enter tax reported at item 19 of this line 1; it will equal the total of amounts entered Schedule plus tax computed at the applicable under questions 15 and 16. normal and surtax rates on net short-term Question 18 capital gains (item 12(a) of Form 1120). The equity invested capital reported under ques- Item 12 tion 18 is the amount reported under item 17 plus These questions are being asked to determine adjustments for new capital paid in during the the effect of certain extraordinary deductions on year. These adjustments should be on the basis of 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXCESS PROFITS TAXES OF COMMERCIAL BANKS the average for the year as called for by the EP-4 Question 21 Schedule. Report in column 5, "Income from inadmissible assets," the total amount of income derived from Question 20, column (2) the assets included in columns 2, 3, and 4 of this The purpose of this column is to determine the question. total State and Federal income tax (i.e., excluding NOTE taxes on excess profits and capital gains) applicable to net current operating earnings only. For 1950 If copies of the 1950 EP Schedule (for taxand 1951, the figures will be the same as the totals able years ending after June 30, 1950 and of items 3b plus 3c plus 12b(l) less 3d. before December 31, 1951) and/or related Internal Revenue instructions are not avail- Question 20, column (4) able in the bank's files and are needed as aids The adjusted capital accounts (same basis as in completing the questionnaire, they should item 17 of the questionnaire) should, for the years be requested from the nearest Collector of 1945-1949, be your best estimate taking into ac- Internal Revenue or the Federal Reserve count the adjustments mentioned under item 16 Bank. which apply in each of the years. JUNE 1952 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X1 Under the provisions of Regulation X of the they extended was too small to require their regis- Board of Governors of the Federal Reserve System, tration. Other institutions that did not register all persons engaged in the business of extending were probably in a similar position. or arranging real estate credit were required to The "noninstitutional" registrants are less repreregister with the Federal Reserve Banks not later sentative of the hundreds of thousands of diverse than June 30, 1951 or within 30 days after becom- noninstitutional mortgage holders, who include ing so engaged. By the end of May 1952, some many individuals and fiduciaries as well as mort- 50,000 individuals, firms, and financial institu- gage companies, mortgage brokers, real estate tions had filed registration statements pursuant brokers, builders and developers, and educational to this requirement.2 institutions. The great majority of such holders Almost 44,000 of the registrants filed sufficiently did not extend credit frequently enough or in large complete and accurate information about their busi- enough amounts to be required to register under nesses in time for inclusion in the analysis reported Regulation X. As a group, the noninstitutional in the present article. The data thus obtained registrants account for one-sixth of the real estate provide considerable detail about the size, activities, debt estimated to have been owned by all such and location of the individuals and organizations nongovernmental holders. These registrants, howthat make real estate credit available in the United ever, undoubtedly account for a substantially larger States. proportion of the real estate debt owned by the The figures presented here do not represent all firms and individuals that extend significant real estate lenders or all real estate credit outstand- amounts of credit; this is particularly true of ing in the United States. Comparison of the totals registrants in businesses closely associated with real derived from the registration statements with esti- estate, such as mortgage companies, mortgage brokmates from other sources indicates that the 57 bil- ers, and real estate brokers. lion dollars of real estate loans held by registrants The proportion of the national total of different on May 31, 1951 represents about three-fourths of kinds of real estate loans reported by the registrants the comparable total of all loans outstanding in the also varied markedly. Registrants reported threecountry. The registrants grouped here as "institu- fourths of the debt on residential properties, retional"—commercial banks, mutual savings banks, flecting their holdings of about 90 per cent of the savings and loan associations, and insurance com- Federally insured and guaranteed debt, and almost panies—account for more than three-fourths of the 70 per cent of the "conventional" residential debt. number and almost the total amount of the esti- They reported only about half of the privately mated mortgage holdings of all such institutions. held real estate debt on farms, however, and two- Reference to the condition reports of commercial thirds of the debt on nonfarm nonresidential banks indicates that the banks not registering had properties. little or no funds invested in real estate loans. It Registrants reported that they were servicing 16 seems clear that in general the amount of credit billion dollars of real estate loans for others. Available data do not permit an estimate of the propor- 1 This article was prepared by Doris P. Warner of the tion of all servicing of loans that is represented by Board's Division of Research and Statistics, under the supervision of Ramsay Wood. The Federal Reserve Banks edited this amount, or what part of this amount may be and coded the registration statements and prepared the data included in the 57 billion dollars of loans reported for tabulation. Some of the Reserve Banks published stateas held by registrants. Servicing loans for others ments covering their own districts in their Monthly Reviews. 2 The form of registration statement executed by regis- is a function performed by agents for mortgage intrants, with definitions and illustrative examples indicating vestors. It includes collection of principal and inwho is required to register, is shown on pp. 636-37. This terest payments and periodic checking to assure form was adopted after extensive consultation with persons in the business of extending or arranging real estate credit. compliance with the terms of the loan contract with It was designed to obtain information that would be useful respect to payment of taxes, insurance premiums, for administrative purposes without placing a heavy reportand similar charges. Serviced loans are sometimes ing burden on registrants. 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X first made by the agent for his own account and then of many mortgage contracts over a long period of sold, sometimes made by the agent directly for the time has also been an important factor. In recent account of an investor, and sometimes assigned by years, the underwriting of residential loans by the the holder to the agent for servicing. Federal Government has further facilitated the in- Loans serviced for others cannot be added to terregional movement of funds. loans held for own account without a substantial Both institutional and noninstitutional regisamount of duplication. Some of the loans reported trants participate in this movement of funds. Inas serviced by registrants, however, were probably surance companies and other institutional lenders held by nonregistrants and therefore are not in- hold large amounts of loans on real estate located cluded in the total of loan holdings reported in this at a distance and in many instances have them servarticle. iced by noninstitutional servicers close to the prop- The properties that secure the bulk of the loans erties. At the end of May 1951 the noninstitutional serviced for others are usually located fairly close registrants held a relatively small amount of loans to the offices of the servicing agents but may be a for own account but handled 85 per cent of all loans considerable distance from the home offices of the serviced for others. holders. Thus the information about servicing provides a rough measure of the dependence of some REGISTRANTS AND THEIR ACTIVITIES areas on the financial centers for funds to finance The real estate mortgage market represented by real estate. Data from the registration statements registrants comprises a diverse group of individuals, suggest that an appreciable part of the funds for firms, and institutions engaged in a wide range financing real estate in the South and Southwest of real estate and other activities. Of the 44,000 comes from the financial centers in the East and analyzed in this article, about a fourth neither held from the North and West. nor serviced loans on May 31, 1951, although their The movement of funds from one part of the recent activities had led them to register under country to another has been encouraged by in- Regulation X. Two-thirds held loans for their vestors seeking outlets for large amounts of funds, own account and less than a fourth serviced loans and has been made possible because many types for others. These last two groups overlapped, as of investors are permitted to hold loans secured is shown in Table 1; about one in seven both held by distant properties. Substantial standardization loans for own account and serviced loans for others. TABLE 1 PRINCIPAL BUSINESS OF HOLDERS AND SERVICERS OF REAL ESTATE LOANS, WITH AMOUNT OF LOANS HELD AND SERVICED MAY 31, 1951 Amount of loans Number of registrants (In billions of dollars) Principal business of registrant Total ho s N e ld e rv i e t i r h c n e e r o r r H o o n ld ly ers Se o rv n i l c y ers S h e l o r o l v a d i n i c n s e g rs H t o o l t d a e l r i s, Se to rv ta ic l e 2 rs, f a o c H r c e o o l u w d n n t S o e t r f h v o e i r c r e s d AH businesses... 43,771 9,836 24,059 4,109 5,767 29,826 9,876 3 56.6 4 15.8 !" Institutional 17,037 132 14,559 17 2,329 16,888 2,346 53.3 2.4 C M o u m tu m a e l r s c a ia v l i n b g a s n k bank 10,8 5 8 2 5 5 7 0 8 9,0 4 1 9 3 8 0 8 1,78 2 6 7 10,7 5 9 2 9 5 1,79 2 4 7 1 9 3 . . 1 2 1 (5 . ) 8 Savings and loan association 4,984 22 4,496 0 466 4,962 466 13.6 .5 Insurance company 643 32 552 9 50 602 59 17.3 .2 Noninstitutional 26,734 9,704 9,500 4,092 3,438 12,938 7,530 3.3 13.4 Corporate fiduciary 6 1,017 139 878 0 0 878 0 .9 0 Mortgage company 779 37 177 115 450 627 565 .5 6.1 Mortgage broker 1,860 729 229 523 379 608 902 .1 3.3 Real estate broker 11,817 5,459 2,431 2,010 1,917 4,348 3,927 .2 1.8 Other 11,261 3,340 5,785 1,444 692 6,477 2,136 1.5 2.3 1 Registrants that hold and service loans as well as holders only. 2 Registrants that hold and service loans as well as servicers only. 3 Servicers holding loans accounted for 11.3 billion dollars of this total. 4 Servicers holding loans accounted for 10.7 billion dollars of this total. 5 Less than 50 million dollars. 6 Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to report all loans serviced for others as loans held for own account in order to avoid duplication in reporting. NOTE.—In this and other tables in the text, parts may not add to totals because of rounding. For comparison of these figures with national totals, see Appendix Table 1, p. 629. JUNE 1952 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X By and large, the institutional registrants held cluding three-fifths of the commercial banks, more loans for own account and the noninstitutional than two-fifths of the insurance companies, oneserviced loans for others. The former reported third of the savings and loan associations, and only nearly 95 per cent of total holdings, and the lat- 3 per cent of the mutual savings banks. This large ter 85 per cent of all loans serviced for others. group of small holders had little more than 3 per Almost all the 17,000 institutional registrants held cent of the institutional holdings, as is indicated loans for their own account while few, other than in Table 2. At the other extreme, less than one the commercial banks, serviced loans for others. per cent of the institutional registrants had port- In contrast, more than one-third of the 27,000 non- folios of 50 million dollars or more but held 45 institutional registrants neither held nor serviced per cent of the group total of loans. Holdings were loans. Only one-half held loans while more than more evenly distributed among businesses of difone-fourth serviced them, including some who also ferent sizes in the case of commercial banks and held loans for their own account. savings and loan associations than of the insurance Holders for own account. A large majority of companies and mutual savings banks. those engaged in real estate lending activities in- Among the 13,000 noninstitutional registrants vest relatively small amounts in mortgages. In holding loans, corporate fiduciaries (trust companies the aggregate, registrants holding less than $500,- doing a trust business only and trust departments 000 each accounted for less than 5 per cent of the of commercial banks) held the largest amount of 56.6 billion dollars of reported holdings. The rela- loans—0.9 billion dollars. This is probably an overtively small number of registrants with portfolios statement of the amount held in trust inasmuch as of 50 million dollars or more, on the other hand, it may duplicate to some extent the amount reported accounted for 45 per cent of this total. by commercial banks and other registrants as held The holdings of institutional registrants were for own account. Fiduciaries act in a great many evenly divided between the many commercial banks capacities with respect to real estate loans and, in and savings and loan associations—typically small view of the difficulty of distinguishing between in size and widely distributed throughout the their holding and servicing functions, they were country—and the relatively small number of in-asked to report as held for own account all real surance companies and mutual savings banks. estate loans held or serviced for others. Individual holdings of less than $500,000 were Mortgage companies were the second largest reported by half of the institutional registrants, in- noninstitutional group of holders. The other non- TABLE 2 HOLDERS OF REAL ESTATE LOANS AND THEIR HOLDINGS, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF PORTFOLIO OF HOLDER [Amount of loans held in billions] Size of portfolio Principal business N o u f m re b g e - r Am o o f unt $5 U 0 n 0 d ,0 e 0 r 0 $ $4 5 , 0 9 0 9 , 9 0 , 0 0 0 0 - 0 $ $4 5 9 ,0 ,9 0 9 0 9 ,0 ,0 0 0 0 0 - $5 a 0 n , d 0 0 o 0 v ,0 e 0 r 0 of holder istrants loans holding held loans Number Amount Number Amount Number Amount Number Amount of of loans of of loans of of loans of of loans holders held holders held holders held holders held All businesses 29,826 $56.6 20,648 $2.4 7,630 $12.1 1,421 $17.4 127 $24.7 Institutional 16,888 53.3 8,648 1.7 6,777 10.9 1,340 16.5 123 24.2 Commercial bank 10,799 13.2 6,731 1.2 3,737 5.0 308 3.5 23 3.5 Mutual savings bank.... 525 9.1 17 0) 243 .6 222 3.3 43 5.2 Savings and loan association 4,962 13.6 1,644 .4 2,614 4.9 693 7.6 11 .7 Insurance company 602 17.3 256 0) 183 .3 117 2.1 46 14.9 Noninstitutional 12,938 3.3 12,000 .8 853 1.2 81 .9 4 .5 1 Less than 50 million dollars. NOTE.—For further detail, see Appendix Table 2, p. 630. 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X institutional registrants were typically small holders a registrant doing a mixed business classified itself but together accounted for 1.8 billion dollars of the was probably strongly influenced by the relative imloans. These registrants included mortgage and portance of each activity, but may also have been real estate brokers, builders and developers, con- affected by the history of the concern and by local tractors and dealers, sales finance and small loan practice. Consequently registrants engaged in companies, lawyers, production credit associations, similar activities may have registered in different National Farm Loan Associations, credit unions, groups under Regulation X. title and guarantee companies, schools and uni- Three-fourths of the registrants classifying themversities, and individuals. selves as mortgage companies serviced loans for Servicers for others. Some 10,000 registrants re- others in contrast with less than one-half of the ported that they were servicing real estate loans mortgage brokers and one-third of the real estate for others in the aggregate amount of 16 billion brokers (see Table 1). The mortgage companies, dollars. Three types of noninstitutional registrants though considerably less numerous than either of associated closely with real estate transactions— the other two groups, were typically larger firms mortgage companies, mortgage brokers, and real and serviced a larger amount of loans in the aggreestate brokers—serviced more than 11 billion gate. As few as 565 mortgage companies serviced dollars of this amount, as may be seen from 6 billion dollars of the 16 billion total, whereas 4,800 Table 3. mortgage brokers and real estate brokers together The difference between a mortgage company, a serviced 5 billion. The bulk of these loans was mortgage broker, and a real estate broker is not probably serviced for large institutional investors— always clear. Generally, the main activity of real particularly life insurance companies—and for the estate brokers is bringing buyers and sellers of real Federal National Mortgage Association. estate together; that of mortgage brokers is bring- Except for mortgage companies, registrants typiing borrowers and lenders together; and that of cally serviced small amounts of loans. Altogether, mortgage companies is investing funds for their the many registrants with servicing accounts of own account or for the account of others. These less than $500,000 apiece accounted for less than 5 activities are closely related in the real estate market, per cent of the total amount of loans serviced for and at times become so merged that one enterprise others, as may be seen from Table 3. At the other engages to some extent in all three activities. How extreme, a small number with servicing accounts of TABLE 3 SERVICERS OF REAL ESTATE LOANS AND AMOUNT SERVICED, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS OF SERVICER AND SIZE OF SERVICING ACCOUNT [Amount of loans serviced in billions] Size of servicing account Prin o c f i p s a e l r v b i u c s e i r ness s N i e o s r u f t v r m i a r c e n b i g n t e s - r g A s o e f m r v l o o ic u a e n n d s t $5 U 0 n 0 d ,0 e 0 r 0 $ $ 4 5 , 0 9 0 9 , 9 0 ,0 0 0 0 0 - $ $2 5 4 ,0 ,9 0 9 0 9 ,0 ,0 0 0 0 0 - $2 a 5 n , d 0 0 o 0 v ,0 e 0 r 0 loans Number Amount Number Amount Number Amount Number Amount of of loans of of loans of of loans of of loans servicers serviced servicers serviced servicers serviced servicers serviced All businesses 19,876 $15.8 6,954 $.7 2,279 $3.5 492 $5.4 131 $6.2 Institutional 2,346 2.4 1,773 .2 462 .8 91 .9 11 .6 Commercial bank 1,794 1.8 1,397 .1 326 .6 58 .6 9 .5 Other 552 .7 376 (2) 136 .2 33 .4 2 .1 Noninstitutional 7,530 13.4 5,181 .6 1,817 2.7 401 4.5 120 5.7 Mortgage company 565 6.1 114 (2) 179 .4 189 2.1 83 3.5 Mortgage broker 902 3.3 410 (2) 337 .7 133 1.5 21 1.1 Real estate broker 3,927 1.8 3,483 369 .5 59 .6 9 .3 Other 2,136 2.3 1,174 '.2 932 1.1 20 .2 7 .8 1 Includes 20 registrants not reporting amount of loans serviced. 2 Less than 50 million dollars. NOTE.—For further detail, see Appendix Table 3, p. 631. JUNE 1952 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X 25 million dollars or more reported 40 per cent by registrants, and serviced 10.7 billion dollars or of all loans serviced. two-thirds of all loans serviced. In this group, also, The relatively small number of mortgage com- loans were held principally by institutional regispanies accounted for nearly 40 per cent of all trants and serviced principally by noninstitutional servicing reported, and those with servicing ac- registrants. counts of 25 million dollars or more together Generally, those with large servicing accounts accounted for nearly three-fifths of the loans serv- had a relatively small proportion of the loans held iced by their group. In no group of registrants by servicers holding loans, and those holding large other than the mortgage companies did the very portfolios serviced a relatively small proportion of large operators do such a large proportion of all the loans serviced. This was less true of the comservicing for others. mercial banks that both held and serviced loans. The 2,300 institutional registrants typically did The group included a larger proportion of the only a small servicing business and as a group banks with large holdings than of the banks with handled only 2.4 billion dollars of loans. Com- small holdings, and the banks with the largest mercial banks accounted for the bulk of this total. holdings tended to have the largest servicing ac- The great majority of institutional registrants counts. serviced less than $500,000 of loans apiece, but 11 Most of the servicers holding loans, however, enwith 25 million dollars or more serviced one-fourth gaged in small-scale operations, neither holding nor of their group total. servicing as much as $500,000 of loans, as is shown Servicers holding loans. Nearly 6,000 registrants in Table 4. In the aggregate, this group held only that serviced real estate loans for others also held about 0.3 billion dollars of loans and serviced a loans for their own account. They reported 11.3 similar amount. The few registrants that had both billion dollars or about one-fifth of all loans held a loan portfolio and a servicing account in the TABLE 4 SERVICERS HOLDING REAL ESTATE LOANS, MAY 31, 1951 CLASSIFIED BY SIZE OF PORTFOLIO AND SIZE OF SERVICING ACCOUNT Number Size of servicing account of Size of portfolio servicers holding Under $500,000- $5,000,000- $25,000,000 loans $500,000 $4,999,000 $24,999,000 and over All Servicers HoldingLoans All portfolios !5,767 4,319 990 342 100 Under $500,000 3,920 3,197 519 165 28 $500,000-$4,999,000 1,448 954 311 126 52 $5,000,000-$49,999,000 369 161 147 48 13 $50,000,000 and over 30 7 13 3 7 Commercial Banks- All portfolios 1,786 1,391 325 58 9 Under $500,000 678 638 38 1 0 $500,000~$4 999 000 940 694 213 29 2 $5,000,000-$49,999,000 154 56 68 27 3 $50,000,000 and over 14 3 6 1 4 Mortgage Companies, Mortgage Brokers and Real Estate Brokers All portfolios 2,746 1,944 472 242 83 Under $500,000 2,526 1,920 423 153 25 $500,000-$4,999,000 203 23 47 86 47 $5,000,000 and over 17 1 2 3 11 1 Includes 16 registrants not reporting amount of loans serviced. NOTE.—For further detail, see Appendix Table 4, p. 632. 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X amount of 10 million dollars or more held in the the size of portfolio, as is indicated in Table. 5 aggregate 1.9 billion dollars of loans and serviced on the following page. With few exceptions, the 1.0 billion. larger the real estate loan portfolio, the larger the Some 3,400 of the servicers holding loans were proportion of Government insured or guaranteed noninstitutional registrants, for the most part mort- loans. In any particular size group, however, savgage companies, mortgage brokers, and real estate ings and loan associations tended to have a smaller brokers. The majority of these groups serviced a proportion of their residential loans insured than larger volume of loans than they held. There was did the other institutions, and commercial banks a considerable variation in the amount of loans held larger proportion. by agents servicing the same volume of loans, how- The commercial and mutual savings banks with ever, reflecting in part differences in major activi- the smaller portfolios, and all savings and loan ties and perhaps different stages of the same type associations except those with very small holdings, of activities. On May 31, 1951, some agents may tended to hold more VA-guaranteed than FHAhave been in the process of disposing of loans, for insured loans, while insurance companies as a instance, while other agents may have completed whole, and the commercial and mutual savings the sale of large blocks of loans a short time earlier. banks with large portfolios, held more FHA than VA. In fact, insurance companies generally held two COMPOSITION OF PORTFOLIOS OF REGISTRANTS to three times as much in FHA as in VA loans. Of the 56.6 billion dollars of loans held for own The types of loans held by noninstitutional regisaccount by registrants, 82 per cent was secured by trants also appear to have been related someresidential properties, 14 per cent by commercial what to the size of portfolio, although generally the and other nonfarm nonresidential properties, and type of business of the registrant was probably more the remainder by farms. Conventional loans— important. Residential loans made up almost all that is, loans not insured or guaranteed by the the portfolios of mortgage companies, mortgage Federal Government—made up more than half of brokers, and real estate brokers, and, except in the the residential total and loans insured by the Fedvery small portfolios, holdings of Government ineral Housing Administration about one-fourth. sured and guaranteed loans were particularly im- Residential loans. Residential loans made up the portant. This probably reflected in large part the largest part of the portfolios of all groups of regis- preferences of the institutional investors to which trants, but their relative importance in different these registrants expected to sell the bulk of their groups varied substantially, reflecting differences loans. in type of business, location, and size. Practically all real estate loans held by savings and loan asso- Nonresidential loans. Among institutional registrants the relative importance of loans on farms ciations were on residential properties as compared and on other nonresidential properties appears to with 70 per cent of the loans held by insurance have been related more to the type of business and companies. location of the registrant than to the size of real The proportion of the residential loans underestate loan portfolio. For example, such loans written by the Federal Government also varied accounted for no more than 2 or 3 per cent of the among registrants. It was smallest at savings and holdings of savings and loan associations, regardless loan associations and largest at insurance comof size. panies. Ordinarily, more than half of the Government-underwritten loans were insured by the Farm real estate loans at commercial banks and Federal Housing Administration, but the bulk of mutual savings banks generally declined in imthese loans held by saving and loan associations portance as total holdings of real estate loans inwere guaranteed by the Veterans Administration. creased, probably reflecting in large part the im- The types of residential loans held by institu- portance of farm real estate loans in the portfolios tional registrants appear to have been related to of the many small institutions located in agricul- JUNE 1952 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X TABLE 5 RELATIVE IMPORTANCE OF DIFFERENT TYPES OF REAL ESTATE LOANS HELD IN PORTFOLIOS OF SPECIFIED SIZES CLASSIFIED BY PRINCIPAL BUSINESS OF HOLDER MAY 31, 1951 [Percentage distribution of loans within portfolio groups] Number of Amount of All Loans on residential properties Loans Principal business of holder registrants loans held types on farm Loans and size of portfolio holding (In millions of proper- on other loans of dollars) loans Total FHA VA Conventional ties properties All businesses, total. . 29,826 56,604 100 82 21 n 44 14 Institutional, total.... 16,888 53,256 100 82 21 18 43 14 Commercial bank 10,799 13,240 100 77 24 18 35 6 17 Under $25,000 602 8 100 49 2 5 42 34 17 $25,000-$99,000 1,840 111 100 48 4 6 38 37 15 $100,000-$499,000 4,289 1,111 100 59 7 13 39 25 16 $500,000-$999,000 1,832 1,286 100 69 9 17 43 14 17 $l,000,000-$4,999,000 1,905 3,760 100 75 14 20 41 5 20 $5,000,000-$9,999,000 199 1,348 100 78 23 20 35 2 20 $10,000,000-$24,999,000 84 1,262 100 79 34 17 28 2 19 $25,000,000-$49,999,000 25 890 100 82 43 18 21 1 17 $50,000,000 and over 23 3,463 100 40 19 29 2 10 Mutual savings bank 525 9,100 100 86 24 17 45 C1) 14 Under $25,000 0 0 100 0 0 0 0 0 0 $25,000-$99,000 2 (2) 100 100 0 0 100 0 0 $100,000-$499,000 15 5 100 86 10 16 60 4 10 $500,000-$999,000 22 17 100 81 6 13 62 5 14 $ $ l 5 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 - - $ $ 4 9 , , 9 9 9 9 9 9 , , 0 0 0 0 0 0 2 1 2 0 1 6 5 7 9 2 6 2 1 1 0 0 0 0 8 8 7 9 4 7 2 2 1 4 6 5 2 8 3 1 1 1 0 0 $10,000,000-$24,999,000 81 1,257 100 88 11 25 52 (0 12 $ $ 2 50 5 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 -$ a 4 n 9 d , 9 o 9 v 9 e , r 000 3 4 5 3 5 1 , , 2 2 1 8 5 7 1 1 0 0 0 0 8 8 6 4 3 2 1 3 1 1 6 3 4 4 7 0 8 1 1 4 6 Savings and loan association.... 4,962 13,609 100 98 6 21 71 C1) 2 Under $25,000 41 1 100 98 5 3 90 1 $25,000-$99,000 290 20 100 97 0) 2 95 2 $100,000-$499,000 1,313 363 100 97 5 91 2 $500,000-$999,000 809 591 100 97 2 11 84 2 $l,000,000-$4,999,000 1,805 4,322 100 97 3 19 75 2 $5,000,000-$9,999,000 433 2,958 100 97 5 20 72 0) 3 $10,000,000-$24,999,000 220 3,359 100 98 8 24 66 2 $25,000,000-$49,999,000 40 1,320 100 97 9 26 62 0) 2 $50,000,000 and over 11 677 100 98 11 27 60 0 2 Insurance company 602 17,308 100 70 28 15 27 8 22 Under $25,000 30 (2) 100 78 7 3 68 17 5 $25,000-$99,000 69 4 100 79 10 2 67 8 13 $100,000-$499,000 157 40 100 76 13 4 59 5 19 $500,000-$999,000 72 50 100 74 9 5 60 6 20 $l,000,000-$4,999,000 111 257 100 76 21 9 46 9 15 $5,000,000-$9,999,000 42 294 100 68 25 11 32 8 24 $10,000,000-$24,999,000 43 671 100 74 28 9 37 4 22 $25,000,000-$49,999,000 32 1,116 100 80 28 14 38 5 15 $50,000,000 and over 46 14,876 100 69 28 16 25 9 22 Noninstitutional, total 12,938 3,346 100 79 19 12 48 18 Corporate fiduciary 878 949 100 75 12 7 56 23 Under $500,000 576 82 100 72 2 2 68 21 $500,000-$9,999,000 290 541 100 69 5 2 62 28 $10,000,000 and over 12 324 100 86 27 16 43 14 Mortgage company, mortgage broker, or real estate broker 5,583 866 100 89 25 24 40 Under $500,000 5,276 248 100 85 10 10 65 10 $500,000-$9,999,000 304 526 100 90 30 27 33 $10,000,000 and over 3 93 100 99 43 40 16 School or university 301 229 100 52 4 0) 48 44 $ $ U 5 5 n , 0 0 d 0 0 e 0 , r 0 , O 0 $ 0 0 5 O - 0 $ - 0 4 $ , 2 , 0 9 5 0 9 ,0 0 9 O ,0 O 0 , 0 OO0 211 1 3 9 1 8 1 1 1 0 0 0 0 0 0 6 2 7 5 8 5 2 0 7 o o 0 5 2 7 8 8 3 2 2 7 0 9 2 Miscellaneous 6,176 1,303 100 81 22 12 47 16 Under $500,000 5,937 404 100 78 4 3 71 14 $500,000-49,999,000 229 339 100 67 11 7 49 30 $10,000,000 and over 10 560 100 90 41 21 28 10 1 Less than one-half of 1 per cent. 2 Less than $500,000. NoTE.-For detail regarding dollar amount of loans, see Appendix Table 5, p. 633. 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X tural areas. At insurance companies, however, 69 per cent of the loans held. where investments are made through widely dis- For the country as a whole, the amount of loans tributed agencies, holdings of farm real estate serviced by registrants for others was about oneloans appear to have been little affected by size of fourth as large as the amount held for own acportfolio. The importance of nonfarm nonresi- count. In the Boston and New York Districts dential loans varied somewhat among types of in- this proportion was only about one-tenth to onestitutions, but not much among size groups. thirtieth. In contrast, in the Richmond, Atlanta, St. Louis, and Kansas City Districts, the amount of LOCATION OF REGISTRANTS AND LOANS loans serviced was from one-half to three-fourths as Regional differences in number and type of regis- large as the amount of loans held, and in the Dallas trants and in amount and kind of loans they hold District the amount of loans reported as serviced for own account and service for others reflect many exceeded by more than one-fourth the amount of factors, including differences in the economic char- loans held for own account. acteristics and financial structure of regions. The Similar evidence on this point is presented by intendency for holding to be concentrated in some formation on FHA-insured loans which, because Federal Reserve districts and servicing in others, they are highly standardized and also insured, are shown in Table 6, provides a rough indication important in the portfolios of large institutional of the movement of mortgage funds from one area investors. Registrants in the New York District to another. held 5 billion dollars of FHA-insured loans, nearly It should be noted that the data on holdings for twice the amount of such loans made on properties own account and servicing for others permit broad, located in this district between 1934 and 1950 and rather than precise, geographic comparison. The a still large proportion of the amount outstanding data nevertheless suggest that an appreciable part in 1951. In contrast, all registrants in the Dallas of the funds for financing real estate in the Rich- District held only 133 million dollars of FHA mond, Atlanta, St. Louis, Kansas City, and Dal- loans, although more than seven times that amount las Districts comes from the financial districts such of these loans had been made in Texas alone in the as Boston and New York, and from Chicago and 17 years. San Francisco. Registrants in the first five districts Federal Reserve Districts. Registrants in the Bosserviced 42 per cent of the loans serviced for others ton, New York, Chicago, and San Francisco Disby all registrants, and those in the latter four held tricts, numbering about two-fifths of all registrants, TABLE 6 REGISTRANTS, LOANS HELD, AND LOANS SERVICED IN METROPOLITAN AND NON-METROPOLITAN AREAS, MAY 31, 19511 CLASSIFIED BY FEDERAL RESERVE DISTRICT [Dollar amounts in millions] Number of registrants Amount of loans held Amount of loans serviced Fede d ra is l tr R ic e t serve ar A e l a l s p M a o r e l e i t t a r a o s n - p m a N o r e l o e t i r t n a a o s - n - ar A e l a l s p M a o r e l e i t t a r a o s n - p m a N o r e l o e i t t r a n a o s - n - ar A e l a l s p M a o r e l e i t t a r a o s n - p m a N o r e l o e i t t r a n a o s - n - All districts 43,771 26,029 17,742 $56,604 $48,485 $8,119 $15,835 $13,715 $2,121 Boston 2,287 1,517 770 7,175 5,790 1,384 231 183 48 New York.. .. 4,566 3,818 748 19,082 18,433 650 1,790 1,755 34 Philadelphia. . 3,435 2,882 553 2,188 1,917 270 663 651 13 Cleveland.... 3,564 2,299 1,265 4,211 3,424 788 784 744 41 Richmond.... 3,164 1,743 1,421 3,077 2,371 706 1,620 1,474 146 Atlanta 3,357 1,478 1,879 2,276 1,483 793 1,756 1,289 467 Chicago 6,347 3,570 2,777 6,421 5,157 1,264 2,412 2,084 328 St. Louis 3,181 1,498 1,683 1,409 960 449 857 732 125 Minneapolis. . 1,915 486 1,429 1,618 1,134 484 720 538 182 Kansas City. . 3,695 1,321 2,374 1,574 1,082 492 1,112 815 297 Dallas 3,856 1,991 1,865 1,325 1,023 302 1,662 1,447 215 San Francisco. 4,404 3,426 978 6,247 5,710 537 2,228 2,002 226 1 Standard metropolitan areas were defined for use in the 1950 Censuses of Population and Housing. Each standard metropolitan area contains at least one city with a population of 50,000 or more and generally comprises an entire county or group of two or more contiguous counties that are economically and socially integrated. JUNE 1952 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X accounted for more than two-thirds of all loans held In all districts except Minneapolis mortgage comby registrants. This reflects, in major part, the panies, mortgage brokers, and real estate brokers concentration of home offices of large institutional handled the bulk of the servicing. They accounted registrants in these districts. The Boston and New for more than half of the loans serviced, as is shown York Districts contain the major insurance com- in Table 8. Commercial banks were also impanies and mutual savings banks, and these two portant servicers in all districts. groups together accounted for about three-fourths Metropolitan and non-metropolitan areas. Throughof the loans held by the registrants in these dis- out the country, the persons and firms engaged in tricts. In the San Francisco District, commercial real estate financing are located predominantly in banks accounted for more than half of the loans urban areas, and tend to be concentrated in and held by registrants, and savings and loan associa- around the largest cities. About three-fifths of all tions for most of the remainder. In the Chicago registrants were in standard metropolitan areas.3 District, holdings were about evenly divided As can be seen from Tables 7 and 8, 85 per cent of among savings and loan associations, commercial the loans held for own account and serviced for banks, and insurance companies, as is shown in others were in these areas. Of the registrants out- Table 7. side metropolitan areas, almost 45 per cent were In the remaining eight districts, institutional commercial banks, 11 per cent savings and loan asregistrants also held the bulk of the loans. Sav- sociations, and 16 per cent real estate brokers. ings and loan associations and commercial banks Commercial banks and savings and loan associawere ordinarily large holders, and in the Richmond, tions together accounted for four-fifths of the loans Atlanta, Kansas City, and Dallas Districts, insur- held for own account in non-metropolitan areas, but ance companies were also relatively important. In only two-fifths in metropolitan areas, as can be only three districts did noninstitutional registrants account for 10 per cent or more of the district total. In the Philadelphia District, corporate fiduciaries 3 Standard metropolitan areas were defined for use in the 1950 Censuses of Population and Housing. Each standard were particularly important, and in the Dallas Dis- metropolitan area contains at least one city with a populatrict, mortgage companies accounted for nearly one- tion of 50,000 or more and generally comprises an entire county or group of two or more contiguous counties that are third of the holdings of noninstitutional holders. economically and socially integrated. TABLE 7 REAL ESTATE LOANS HELD IN EACH FEDERAL RESERVE DISTRICT, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS OF HOLDER [Percentage distribution of loans held within districts] Amount Institutional Number of of loans Federal Reserve registrants held (In All loans Nonindistrict h l o o l a d n in s g m do il l o l l i a f o r n s) s held m C b e a o r n c m k ia - l M sa b v u a i t n n u k g a s l as a S s n a o d v c i i l n a o t g a i s o n n I c n o s m ur p a a n n c y e stitutional All districts... 29,826 56,604 100 23 16 24 31 6 Boston 1,654 7,175 100 10 31 16 42 1 New York 2,944 19,082 100 11 33 9 44 3 Philadelphia 2,190 2,188 100 34 9 32 13 12 Cleveland 2,647 4,211 100 31 3 48 14 4 Richmond 2,344 3,077 100 26 2 38 26 8 Atlanta 2,383 2,276 100 25 0 41 27 7 Chicago 4,215 6,421 100 31 C1) 33 28 8 St. Louis 2,285 1,409 100 42 l 38 12 7 Minneapolis 1,426 1,618 100 27 5 22 13' 33 Kansas City 2,534 1,574 100 23 0 45 23 9 Dallas 2,490 1,325 100 22 0 30 33 15 San Francisco 2,714 6,247 100 55 1 28 10 6 Metropolitan areas 16,244 48,485 100 20 17 22 35 6 Non-metropolitan areas 13,582 8,119 100 43 10 36 7 4 1 Less than one-half of 1 per cent. NOTE.—For further detail by Federal Reserve district, see Appendix Table 6, pp. 634-35. 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X seen from Table 7. Insurance companies were and 39 per cent, respectively, of the loans serviced most important in metropolitan areas, accounting for others, as is shown in Table 8. Commercial for over one-third of the loans held in such areas. banks were about equally important in both areas. Mortgage companies, mortgage brokers, and real Noninstitutional servicers other than mortgage estate brokers as a group were the most important companies, mortgage brokers, and real estate brokers servicers of loans in both metropolitan and non- serviced as much as 45 per cent of the loans in nonmetropolitan areas and accounted for 75 per cent metropolitan areas. TABLE 8 REAL ESTATE LOANS SERVICED IN EACH FEDERAL RESERVE DISTRICT, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS OF SERVICER [Percentage distribution of loans serviced within districts] Amount Institutional Noninstitutional Number of of loans Federal Reserve registrants serviced All loans district servicing (In serviced Com- Mortgage company, loans millions mercial Other mortgage broker, or Other of dollars) bank real estate broker All districts 9,876 15,835 100 11 4 70 15 Boston 262 231 100 8 11 57 24 New York 744 1,790 100 22 0) 55 23 Philadelphia 710 663 100 8 C1) 88 4 Cleveland 496 784 100 9 3 82 6 Richmond 746 1,620 100 17 6 74 3 Atlanta 761 1,756 100 8 7 79 6 Chicago 1,513 2,412 100 10 2 77 11 St. Louis 915 857 100 5 7 79 9 Minneapolis 468 720 100 4 1 33 62 Kansas City 1,199 1,112 100 6 5 70 19 Dallas 852 1,662 100 7 1 69 23 San Francisco 1,210 2,228 100 15 10 67 8 Metropolitan areas.... 6,134 13,715 100 11 4 75 10 Non-metropolitan areas 3,742 2,121 100 13 3 39 45 1 Less than one-half of 1 per cent. NOTE.—For further detail by Federal Reserve district, see Appendix Table 6, pp. 634-35. APPENDIX TABLE 1 COMPARISON OF TOTALS DERIVED FROM REGISTRATION STATEMENTS WITH ESTIMATES OF CORRESPONDING NATIONAL TOTALS 1 [Dollar amounts in billions] Number of businesses Amount of real estate loans held Business Na t t o i t o a n l al Registrants as R o a f e g p n t e i o a s r t t t c a r i e l o a n n n t t a a s l ge N t a o ti t o a n li al Reg t i o st t r a a l nts' p R e t e r o n c g t a e i a t s n l i t o t r a a n a g s a n e l a t s o ' f total All businesses 43,771 $76.8 $56.6 74 Institutional ,088 17,037 77 56.1 53.3 95 Commercial bank 3 ,048 10,885 77 14.3 13.2 92 Mutual savings bank 529 525 99 9.1 9.1 100 Savings and loan association ,980 4,984 83 14.6 13.6 93 Insurance company ,531 643 42 18.1 17.3 96 Life 609 18.0 Other 922 .1 Noninstitutional Data from registration statement are as of May 31, 1951 and estimated national totals as of June 30, 1951. 2 Data not available. 3 Excludes trust companies doing a trust business only which, although generally classified as commercial banks, are included with noninstitutional holders in this study. NOTE.—Parts may not add to totals because of rounding. JUNE 1952 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X APPENDIX TABLE 2 REGISTRANTS HOLDING REAL ESTATE LOANS AND TOTAL AMOUNT HELD, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF PORTFOLIO OF HOLDER Regis- Size of portfolio All trants Principal business of holder regis- holding trants no All Under $25,000- $100,000- $500,000- $1,000,000- $5,000,000- $10,000,000- $25,000,000- $50,000,000 loans sizes $25,000$99,000 $499,000 $999,000 $4,999,000 $9,999,000 $24,999,000 $49,999,000 and over Number of Registrants All businesses 43,771 13,945 29,826 6,311 6,165 8,172 3,178 4,452 838 444 139 127 Institutional 17,037 149 16,888 673 2,201 5,774 2,735 4,042 780 428 132 123 Commercial bank 10,885 86 10,799 602 1,840 4,289 1,832 1,905 199 84 25 23 Mutual savings bank 525 0 525 0 2 15 22 221 106 81 35 43 Savings and loan association 4,984 22 4,962 41 290 1,313 809 1,805 433 220 40 11 Insurance company 643 41 602 30 69 157 72 111 42 43 32 46 Noninstitutional 26,734 13,796 12,938 5,638 3,964 2,398 443 410 58 16 7 4 Corporate fiduciary1. . . 1,017 139 878 117 173 286 137 128 25 8 3 1 Mortgage company 779 152 627 113 142 192 71 92 14 2 0 1 Mortgage broker 1,860 1,252 608 265 158 120 31 31 3 0 0 0 Real estate broker 11,817 7,469 4,348 2,693 1,192 401 37 25 0 0 0 0 Builder or developer.... 1,946 818 1,128 402 394 280 30 21 1 0 0 0 Dealer or contractor.... 236 158 78 57 14 7 0 0 0 0 0 0 Sales finance company... 174 94 80 40 27 10 2 1 0 0 0 0 Small loan company 1,251 1,038 213 154 42 16 1 0 0 0 0 0 School, university 309 8 301 27 69 115 43 37 8 2 0 0 Investor 2,547 111 2,436 821 1,045 523 32 14 1 0 0 0 Individual trustee 232 13 219 58 94 58 5 4 0 0 0 0 Other 4,566 2,544 2,022 891 614 390 54 57 4 4 2 Amount of Real Estate Loans Held (In millions of dollars] 56,604 60 342 2,028 2,257 9,801 5,714 6,799 4,857 24,745 Institutional 53,256 9 135 1,519 1,944 8,935 5,322 6,549 4,613 24,231 Commercial bank 13,240 8 111 1,111 1,286 3,760 1,348 1,262 890 3,463 Mutual savings bank 9,100 0 (2) 5 17 596 722 1,257 1,287 5,215 Savings and loan association 13,609 1 20 363 591 4,322 2,958 3,359 1,320 677 Insurance company 17,308 (2) 4 40 50 257 294 671 1,116 14,876 Noninstitutional 3,346 50 205 510 315 392 250 244 514 Corporate fiduciary1 949 1 10 71 98 267 176 127 (*) Mortgage company 492 1 8 46 49 200 95 (*) (*) Mortgage broker 149 2 8 26 22 74 17 0 0 0 Real estate broker 225 22 59 76 25 44 0 0 0 0 Builder or developer 159 4 21 63 21 (*) (*) 0 0 0 Dealer or contractor 3 (2) 1 2 0 0 0 0 0 0 Sales finance company 6 (2) 1 2 (*) (*) 0 0 0 0 Small loan company 7 1 2 3 1 0 0 0 0 0 I S n c v h e o s o t l o , r university 2 2 2 1 9 9 ( 10 2) 5 4 5 10 2 1 7 (* 21 ) (* 7 ) 9 (* 5 ) 5 "o 0 0 0 0 Individual trustee 30 1 5 11 3 9 0 0 0 0 Other 879 8 31 82 40 120 38 54 (*) * Data not shown to avoid disclosure of information regarding individual registrants. 1 Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to report the loans they were servicing for others as loans held for own account in order to avoid duplication in reporting. 2 Less than $500,000. NOTE.—Parts may not add to totals because of rounding and because of omission of data to avoid disclosure of information regarding individual registrants. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X APPENDIX TABLE 3 REGISTRANTS SERVICING REAL ESTATE LOANS AND TOTAL AMOUNT SERVICED, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF SERVICING ACCOUNT Regis- Size of servicing account All trants Principal business of servicer regis- servictrants ing no All Under $25,000- $100,000- $500,000- $1,000,000- $5,000,000- $10,000,000- $25,000,000 loans sizes $25,000 $99,000 $499,000 $999,000 $4,999,000 $9,999,000 $24,999,000 and over Number of Registrants All businesses... 43,771 33,895 19,876 2,272 2,242 2,440 985 1,294 248 244 131 Institutional 17,037 14,691 2,346 633 542 598 186 276 53 38 11 Commercial bank 10,885 9,091 1,794 526 430 441 125 201 34 24 9 Mutual savings bank 525 498 27 3 6 10 5 3 0 0 0 Savings and loan association. 4,984 4,518 466 97 95 133 51 63 15 1 Insurance company 643 584 59 7 11 14 5 9 4 1 Noninstitutional 26,734 19,204 7,530 1,639 1,700 1,842 799 1,018 195 206 120 Corporate fiduciary2 1,017 1,017 0 0 0 0 0 0 0 0 0 Mortgage company , 779 214 565 14 24 76 30 149 94 95 83 Mortgage broker 1,860 958 902 78 102 230 91 246 63 70 21 Real estate broker 11,817 7,890 3,927 1,252 1,234 997 191 178 27 32 9 Builder or developer 1,946 1,799 147 43 61 35 3 4 1 0 0 Dealer or contractor 236 229 7 5 2 0 0 0 0 0 0 Sales finance company 174 156 18 7 3 5 1 2 0 0 0 Small loan company 1,251 1,224 27 19 5 1 1 1 0 0 0 School, university 309 306 3 1 1 1 0 0 0 0 0 Investor 2,547 2,348 199 75 72 38 7 4 0 0 0 Individual trustee 232 218 14 2 5 5 1 1 0 0 0 Other 4,566 2,845 1,721 143 191 454 474 433 10 9 7 Amount of Real Estate Loans Serviced [In millions of dollars] All businesses... 15,835 25 120 581 711 2,749 6,244 Institutional 2,442 7 30 139 136 641 Commercial bank 1,754 6 24 100 92 458 Mutual savings bank 13 (3) (3) 3 4 Savings and loan association 451 1 5 32 37 Insurance company 224 (3) 1 4 3 Noninstitutional 13,394 19 89 443 577 Corporate fiduciary2 0 0 0 0 0 Mortgage company 6,054 (3) 1 19 21 Mortgage broker 3,307 1 6 59 66 Real estate broker 1,751 14 66 216 131 Builder or developer 26 1 3 7 2 Dealer or contractor C1) (3) (3) 0 0 Sales finance company 4 (3) (3) 1 (*) Small loan company 2 (*) School, university 1 (3) (3) (') 0 Investor 26 1 3 7 5 Individual trustee 5 (3) (3) 1 (*) Other 2,218 2 10 132 349 * Data not shown to avoid disclosure of information regarding individual registrants. 1 Includes 20 registrants not reporting amount of loans serviced. 2 Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to report the loans they were servicing for others as loans held for own account in order to avoid duplication in reporting. a Less than $500,000. NOTE.—Parts may not add to totals because of rounding and because of omission cf data to avoid disclosure of information regarding individual registrants. JUNE 1952 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X APPENDIX TABLE 4 REGISTRANTS BOTH HOLDING AND SERVICING REAL ESTATE LOANS AND AMOUNTS HELD AND SERVICED, MAY 31, 1951 CLASSIFIED BY SIZE OF PORTFOLIO AND SIZE OF SERVICING ACCOUNT Regis- Size of servicing account All trants Size of portfolio regis- servictrants ing no All Under $25,000- $100,000- $500,000- $1,000,000- $5,000,000- $10,000,000- $25,000,000 loans $25,000 $99,000 $499,000 $999,000 $4,999,000 $9,999,000 $24,999,000 and over Number of Registrants All portfolios 43,771 33,895 876 2,272 2,242 2,440 985 1,294 248 244 131 No loans held — 13,945 9,836 4,109 768 853 1,014 599 75 75 Some loans held 29,826 24,059 5,767 1,504 1,389 1,426 386 604 173 100 Under $25,000 6,311 4,631 1,680 597 482 397 66 81 21 25 7 $25,000-$99,000 6,165 5,066 1,099 315 309 268 74 91 15 14 10 $100,000-$499,000 ,172 7,031 1,141 296 257 276 69 138 54 36 11 $500,000-$999,000 3,178 2,635 543 119 130 134 46 54 17 33 7 $l,000,000-$4,999,000 4,452 3,547 905 139 165 267 76 135 35 41 45 $5,000,000-$9,999,000 838 631 207 24 25 47 30 50 14 6 11 $10,000,000-$24,999,000 444 315 129 10 17 26 17 37 11 2 $25,000,000-$49,999,000 139 106 33 3 3 6 4 9 2 0 $50,000,000 and over 127 97 30 1 1 5 4 1 7 Amount of Real Estate Loans Held [In millions of dollars] All portfolios 56,604 45,283 11,321 955 1,145 2,208 1,625 2,311 570 1,638 Under $25,000 46 14 5 4 3 1 1 () $25,000-$99,000 342 284 58 16 16 14 4 5 1 1 $100,000-$499,000 2,028 1,747 281 72 66 67 16 35 13 9 3 $500,000-$999,000 2,257 1,873 384 83 91 97 36 36 12 24 5 $1,000,000-$4,999,000 9,801 7,763 2,038 281 360 592 195 320 89 81 118 $5,000,000-$9,999,000 5,714 4,284 1,430 170 171 326 200 348 109 38 68 $10,000,000-$24,999,000.... 6,799 4,754 2,045 161 260 404 252 570 167 (*) (*) $25,000,000-$49,999,000.... 4,857 3,717 1,140 113 126 204 113 288 (*) (*) 0 $50,000,000 and over 24,745 20,814 3,931 53 51 500 808 708 (*) (*) Amount of Real Estate Loans Serviced [In millions of dollars] All portfolios.... 15,835 25 120 581 711 2,749 No loans held 5,086 8 46 258 435 1,298 Some loans held 10,748 16 74 323 277 Under $25,000 1,121 6 25 86 45 $25,000-$99,000 1,082 3 16 62 52 $100,000-1499.000 1,801 3 14 59 51 $500,000-$999.000 1,091 1 7 31 34 $l,000,000-$4,999,000. . 3,393 2 10 63 55 $5,000,000-$9,999,000.. 967 (2) 1 11 22 $10,000,000-$24,999,000 425 (2) 1 7 12 $25,000,000-$49,999,000 118 (2) (2) 2 3 $50,000,000 and over. .. 746 (2) (2) 1 3 (*) * Data not shown to avoid disclosure of information regarding individual registrants. 1 Includes 20 registrants not reporting amount of loans serviced. 2 Less than $500,000. NOTE.—Parts may not add to totals because of rounding and because of omission of data to avoid disclosure of information regarding individual registrants. 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X APPENDIX TABLE 5 REAL ESTATE LOANS HELD BY REGISTRANTS, MAY 31, 1951 CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF PORTFOLIO OF REGISTRANT AND BY TYPE OF LOAN [In millions of dollars] Loans on residential properties Loans Classification A o l f l l t o y a p n e s s fa o r n m on L o o a t n h s er Total FHA VA Conventional properties properties Principal business of holder: All businesses 56,604 46,007 11,605 9,789 24,612 2,450 8,145 Institutional 53,256 43,352 10,974 9,364 23,013 2,353 7,549 Commercial bank 13,240 10,243 3,221 2,425 4,597 817 2,178 Mutual savings bank 9,100 7,800 2,145 1,509 4,146 48 1,250 Savings and loan association 13,609 13,259 769 2,827 9,662 57 293 Insurance company 17,308 12,051 4,839 2,603 4,608 1,431 3,827 Noninstitutional 3,346 2,653 631 426 1,598 97 595 Corporate fiduciary l 949 712 118 63 532 23 214 Mortgage company 492 466 163 148 155 5 21 Mortgage broker 149 126 37 40 49 8 15 Real estate broker 225 185 21 18 146 10 30 Builder or developer 159 140 34 16 90 1 18 Dealer or contractor 3 2 (2) 2 (2) Sales finance company 6 5 () 4 Small loan company 7 6 0 6 1 School, university 229 120 8 (2\ 111 101 Investor 219 160 2 4 155 11 48 Individual trustee 30 18 (2) (2) 18 1 10 Other 879 713 247 136 330 30 136 Size of portfolio: All sizes 56,604 46,007 11,605 9,789 24,612 2,450 8,145 Under $25,000 60 47 2 2 43 7 6 $25,000-$99,000 342 241 13 14 214 60 40 $100,000-$499,000 2,028 1,447 124 192 1,130 311 270 $500,000-$999,000 2,257 1,753 169 317 1,267 197 306 $l,000,000-$4,999,000 9,801 8,390 867 1,828 5,695 291 1,119 $5,000,000-$9,999,000 5,714 5,055 669 1,109 3,277 76 583 $10,000,000-$24,999,000. . . . 6,799 6,063 1,053 1,438 3,571 57 679 $25,000,000-$49,999,000 4,857 4,242 1,234 883 2,124 75 540 $50,000,000 and over 24,745 18,770 7,473 4,006 7,291 1,375 4,600 1 Includes trust departments of commercial banks and trust companies doing a trust business only."'These registrants were instructed to report the loans they were servicing for others as loans held for own account in order to avoid duplication in reporting. 2 Less than $500,000. NOTE.—Parts may not add to totals because of rounding. JUNE 1952 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X APPENDIX TABLE 6 REGISTRANTS, LOANS HELD, AND LOANS SERVICED IN EACH FEDERAL RESERVE DISTRICT, MAY 31, 1951 CLASSIFIED BY TYPE OF REGISTRANT AND TYPE OF LOAN Classification tr d A i i c s l - t l s B t o o s n - Y N o e r w k P p h d h i e i l la - a - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i p n ol n i e s - K C s a i a t n s - y Dallas F c S r is a a c n n o - Number of Registrants Principal business of registrant: All registrants... 43,771 2,287 4,566 3,435 3,564 3,164 3,357 6,347 3,181 1,915 3,695 3,856 4,404 Institutional 17,037 1,127 1,538 1,337 1,880 1,388 1,440 2,855 1,253 1,056 1,389 1,040 734 Commercial bank 10,885 459 833 637 1,027 774 1,100 2,013 867 913 1,082 779 401 Mutual savings bank 525 326 165 9 4 8 0 5 1 2 0 0 5 Savings and loan association 4,984 315 510 667 807 551 259 712 340 122 265 152 284 Insurance company 643 27 30 24 42 55 81 125 45 19 42 109 44 Noninstitutional 26,734 1,160 3,028 2,098 1,684 1,776 1,917 3,492 1,928 859 2,306 2,816 3,670 Corporate fiduciary2 1,017 46 228 147 153 74 89 131 28 15 38 23 45 Mortgage company 779 36 51 30 45 52 77 114 55 20 89 106 104 Mortgage broker 1,860 63 203 43 103 212 231 200 104 51 151 222 277 Real estate broker 11,817 490 1,284 1,220 502 654 644 1,386 1,041 263 1,177 1,244 1,912 Builder or developer 1,946 95 323 140 92 171 55 276 76 42 50 248 378 Dealer or contractor 236 8 6 3 63 6 3 109 8 4 4 . 10 12 Sales finance company 174 11 22 20 8 15 9 32 24 4 14 7 8 Small loan company 1,251 95 42 149 226 82 115 270 95 52 73 22 30 School, university 309 21 105 48 13 12 10 31 8 7 14 17 23 Investor 2,547 93 377 87 108 155 261 163 207 42 272 354 428 Individual trustee 232 12 57 13 8 27 16 29 5 4 20 20 21 Other 4,566 190 330 198 363 316 407 751 277 355 404 543 432 Amount of Real Estate Loans Held [In millions of dollars] All registrants 56,604 7,175 19,082 2,188 4,211 3,077 2,276 6,421 1,409 1,618 1,574 1,325 6,247 Institutional 53,256 7,077 18,472 1,937 4,060 2,829 2,123 5,915 1,308 1,079 1,434 1,130 5,895 Commercial bank 13,240 677 2,031 750 1,315 800 575 1,978 593 433 356 289 3,445 Mutual savings bank 9,100 2,229 6,276 206 107 76 0 12 (*) (*) 0 0 102 Savings and loan association 13,609 1,158 1,750 695 2,030 1,154 934 2,146 (*) (*) 709 402 1,736 Insurance company 17,308 3,013 8,415 286 608 799 614 1,779 168 206 369 439 612 Noninstitutional 3,346 99 610 251 152 248 154 505 102 539 141 195 352 Corporate fiduciary 2 949 23 200 143 78 113 38 88 19 138 22 21 66 Mortgage company 492 7 14 26 24 22 46 161 21 4 39 60 69 Mortgage broker 149 8 10 1 6 20 16 21 10 2 15 8 33 Real estate broker 225 4 25 18 12 26 14 25 23 5 18 17 38 D Bu ea il l d e e r r o o r r c d o e n v t e ra lo c p to e r r 15 3 9 2 1 I 1 1) 4 0 8 0) 5 0 8 C1 5 ) C 2 1) 2 4 1 C1) 1 4 C 2 1) 3 0) 64 Sales finance company 6 C1) 2 1 0 C1) 0) 1 C1) C1) (x) 0) Small loan company 7 1 C1) 2 1 C1) 0) 0) 2 0) 1 0) School, university 229 10 113 28 4 7 6 22 3 7 6 19 Investor 219 10 63 5 9 13 16 16 11 4 14 23 36 Individual trustee 30 2 11 5 1 2 2 2 C1) C1) 3 1 1 Other 879 32 158 14 12 37 11 147 9 378 19 23 39 Amount of Real Estate Loans Serviced [In millions of dollars] All registrants 15,835 231 1,790 663 784 1,620 1,756 2,412 857 720 1,112 1,662 2,228 Institutional 2,442 45 401 56 96 368 252 282 103 34 118 128 560 Commercial bank 1,754 19 390 53 74 268 136 232 41 28 68 110 335 Mutual savings bank 13 5 6 0 0 0 0 0 0 0 0 0 1 Savings and loan association 451 13 5 2 22 62 19 47 21 5 50 14 190 Insurance company 224 7 0 0) 0 38 97 3 41 I1) 0) 5 34 Noninstitutional 13,394 186 1,388 608 688 1,253 1,504 2,130 753 687 994 1,534 1,668 Corporate fiduciary2 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage company 6,054 7 366 442 298 553 544 1,276 355 137 489 872 715 Mortgage broker 3,307 68 450 55 298 345 627 341 140 70 162 235 516 Real estate broker. 1,751 55 162 83 45 299 223 250 179 29 132 37 256 Builder or developer 26 C1) 1 2 C1) 1 C1) 12 C1) C1) 1 1 7 Dealer or contractor C1) 0 0 0 0 0 0 C1) 0 0 0 0) 0 Sales finance company 4 C1) 0 0 0 0 0 0) 1 1 1 C1) 2 Small loan company 2 0 0 C1) 0) 0 1 0 C1) 0 1 0) 0) School, university 1 0 1 0 0 0 0 0 0 0 0 0 0 Investor 26 0) 9 1 I1) 1 6 2 1 0) 3 1 3 Individual trustee 5 0) 1 3 0 C1) C1) C1) 0 0 C1) 0 0) Other 2,218 55 400 20 47 55 103 249 78 448 206 388 170 * Data not shown to avoid disclosure of information regarding individual registrants. 1 Less than $500,000. 2 Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to report the loans they were servicing for others as loans held for own account in order to avoid duplication in reporting. For additional footnotes see opposite page. 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X APPENDIX TABLE 6—Continued REGISTRANTS, LOANS HELD, AND LOANS SERVICED IN EACH FEDERAL RESERVE DISTRICT, MAY 31, 1951 CLASSIFIED BY TYPE OF REGISTRANT AND TYPE OF LOAN Classification tr d A i i c s l - l ts B to o n s- Y N o e r w k P p d h h e i l i l - a a- C l l a e 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 M ap in o n li e s - K C s a a it n s y - Dallas F c S r is a a c n n o - Number of Registrants Size of loan portfolio: All portfolios 43,771 2,287 4,566 3,435 3,564 3,164 3,357 6,347 3,181 1,915 3,695 3,856 4,404 No loans held 13,945 633 1,622 1,245 917 820 974 2,132 896 489 1,161 1,366 1,690 Some loans held 29,826 1,654 2,944 2,190 2,647 2,344 2,383 4,215 2,285 1,426 2,534 2,490 2,714 Under $25,000 6,311 231 406 391 357 426 494 636 518 270 849 789 944 $25,000-$99,000 6,165 217 515 326 345 392 526 811 579 343 723 769 619 $100,000-$499,000 8,172 309 782 709 745 727 793 1,271 704 482 531 607 512 $500,000-$999,000 3,178 170 357 317 430 307 246 538 202 150 160 126 175 $1,000,000-14,999,000 4,452 510 564 382 612 379 249 735 235 142 214 143 287 $5,000,000-$9,999,000 838 118 133 43 99 57 36 143 34 16 34 39 86 $10,000,000-$24,999,000. . . 444 68 90 15 42 37 27 54 10 13 17 12 59 $25,000,000-$49,999,000. . . 139 15 46 3 11 16 9 12 2 3 4 1 17 $50,000,000 and over 127 16 51 4 6 3 3 15 1 7 2 4 15 Amount of Real Estate Loans Held [In millions of dollars] Some loans held. . 56,604 7,175 19,082 2,188 4,211 3,077 2,276 6,421 1,409 1,618 1,574 1,325 6,247 Under $25,000 60 2 4 3 3 4 5 6 5 3 8 8 $25,000-$99,000 342 12 30 18 20 22 30 46 31 20 38 42 33 $100,000-$499,000 2,028 78 195 185 202 183 195 318 173 120 124 132 122 $500,000-$999,000 2,257 124 258 229 307 218 173 383 141 103 110 87 123 $l,000,000-$4,999,000. . 9,801 1,208 1,297 792 1,299 819 565 1,652 480 259 462 302 665 $5,000,000-$9,999,000. . 5,714 798 910 284 701 386 245 969 237 99 241 272 575 $10,000,000-$24,999,000 6,799 1,034 1,368 234 629 540 437 819 173 187 265 178 936 $25,000,000-$49,999,000 4,857 521 1,632 102 406 534 302 394 (*) 117 (*) (*) 610 $50,000,000 and over. . . 24,745 3,397 13,388 340 643 371 325 1,834 (*) 711 (*) (*) 3,176 Number of Registrants Size of servicing account: All sizes 43,771 2,287 4,566 3,435 3,564 3,164 3,357 6,347 3,181 1,915 3,695 3,856 4,404 No servicing 33,895 2,025 3,822 2,725 3,068 2,418 2,596 4,834 2,266 1,447 2,496 3,004 3,194 Some servicing 3 9,876 262 744 710 496 746 761 1,513 915 468 1,199 852 1,210 Under $25,000 2,272 70 151 285 123 147 128 290 214 92 308 172 292 $25,000-$99,000 2,242 64 193 207 115 150 146 318 211 92 292 188 266 $100,000-$499,000 2,440 67 167 130 122 190 187 411 249 125 310 202 280 $500,000-$999,000 985 24 54 30 35 76 90 155 119 70 112 118 102 $l,000,000-$4,999,000. . 1,294 28 107 32 57 109 142 250 81 73 123 119 173 $5,000,000-$9,999,000. . 248 5 28 9 19 26 17 36 22 5 24 21 36 $10,000,000-$24,999,000 244 2 21 8 21 28 36 29 17 10 20 15 37 $25,000,000 and over. . . 131 2 20 7 4 16 14 24 2 1 7 14 20 Amount of Real Estate Loans Serviced [In millions of dollars] Some servicing.. . 15,835 231 1,790 663 784 1,620 1,756 2,412 857 720 1,112 1,662 2,228 Under $25,000 25 1 2 3 1 2 1 3 2 1 3 2 3 $25,000-$99,000 120 3 10 11 6 8 8 17 12 5 16 10 14 $100,000-$499,000 581 17 37 25 28 45 46 95 64 32 73 52 66 $500,000-$999,000 711 17 40 20 26 55 63 111 83 50 82 88 75 $l,000,000-$4,999,000. . . 749 61 229 67 118 255 321 535 178 144 238 243 359 $5,000,000-$9,999,000 735 33 198 58 131 185 116 257 152 36 167 147 255 $10,000,000-$24,999,000. ,670 (*) 336 103 317 408 541 410 (*) (*) 297 243 578 $25,000,000 and over. . . . 6,244 (*) 936 376 156 662 659 983 (*) (*) 236 879 877 Amount of Real Estate Loans Held [In millions of dollars] Type of loan held: All types 56,604 7,175 19,082 2,188 4,211 3,077 2,276 6,421 1,409 1,618 1,574 1,325 6,247 On residential properties 46,007 5,290 15,394 1,854 3,592 2,501 1,870 5,332 1,170 1,395 1,246 903 5,460 Insured by FHA 11,605 1,017 5,012 215 396 328 468 1,247 311 458 359 133 1,661 Insured or guaranteed by VA 9,789 1,256 3,411 442 694 465 294 1,183 202 364 238 141 1,099 Conventional 24,612 3,017 6,971 1,196 2,502 1,708 1,108 2,901 657 574 650 629 2,699 On farms 2,450 342 780 46 172 97 88 367 91 79 144 97 144 On other properties 8,145 1,541 2,909 287 448 479 317 721 148 143 184 324 643 3 Includes 20 registrants not reporting amount of loans serviced. NOTE.—-Parts may not add to totals because of rounding and because of omission of data to avoid disclosure of information regarding individual registrants. JUNE 1952 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X Form FR 269 Form Approved Budget Bureau No. 55-R-184 REAL ESTATE CREDIT REGULATION REGISTRATION STATEMENT UNDER REGULATION X BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM INSTRUCTIONS All those subject to Regulation X, the Real Estate Credit Regulation of the Board of Governors of the Federal Reserve System, are to register in accordance with Section 3 (6) of the regulation. How and where to register—Those subject to Regulation X should register by filling out this form and returning it to the nearest Federal Reserve Bank or Federal Reserve branch. When to register—Those subject to Regulation X as of May 31, 1951, should return this form properly filled out not later than June 30, 1951. Those who become subject to the regulation after May 31, 1951, should return this form within 30 days after they become subject. Who is to register—A Registrant is defined in the regulation as a person who either (1) extends or has extended real estate credit more than three different times during the current calendar year or during the preceding calendar year, or (2) extends or has extended real estate credit in an amount or amounts aggregating more than $50,000 during the current calendar year or the preceding calendar year. In other words, you should register if you extended real estate credit four times or more in either 1950 or so far in 1951, or if you extended more than $50,000 of such credit in either of these years. Extension of real estate credit includes not only credit secured by real estate, but also credit for the purpose of purchasing, financing, or carrying real estate. The number and amount of credit extensions includes transactions as a fiduciary or as agent, as well as for your own account. Examples of those who should register are given below. If after studying these instructions and examples you are still uncertain whether or not to register, you may consult the nearest Federal Reserve Bank or branch. (a) Organizations and individuals lending on mortgages, deeds of trust, land contracts, or the like, whether first or junior liens, or purchasing or discounting such instruments. (b) Builders or other sellers of real estate selling subject to, or with assumption of, previously existing mortgages on which they were the obligors. (c) Mortgage or real estate brokers, or others who arrange for extensions of credit in connection with real estate as agents for the lender. (d) Loan and finance companies, commercial banks and trust companies, credit unions, and similar organizations or individuals lending to others for the purchasing, carrying, or financing of real estate, regardless of the nature of the security. Subsidiaries, affiliates, and branches—Subsidiaries and affiliates which are subject to the regulation should register whether or not the parent organization registers. Organizations or other persons maintaining branch offices should register for the head office and all branch offices, show combined figures" in Items III and IV for all offices, and attach a list of branch offices unless Registrant is a bank. FILL OUT THE STATEMENT ON THE REVERSE OF THIS FORM AND RETURN TO THE NEAREST FEDERAL RESERVE BANK OR BRANCH. YOU MUST RETURN THIS FORM BY JUNE 30, 1951, OR WITHIN 30 DAYS AFTER YOU BECOME SUBJECT TO THE REGULATION, WHICHEVER IS LATER. 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X REAL ESTATE CREDIT REGULATION REGISTRATION STATEMENT UNDER REGULATION X BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For instructions refer to reverse of this form Legal name of Registrant (print or type) State also trade name if different from legal name Street address City Zone No. County State I. Indicate by check mark whether Registrant is in business as (1) individual , (2) partnership , (3) corporation , or (4) other form (specify) II. Principal business of Registrant. (Check only one.) • (1) Commercial bank or trust com- • (10) Real estate broker or agent Pany • (11) Builder or developer D (2> TlcUiatl bank11"1'111 °f C°mmer" ° <12> Dealer or contractor in heating, plumbing, air condition- • (3) Savings bank ing equipment, etc., or renovation and repairs w • (4) Savings and loan association D (13) School> university? charitable ! • (5) Insurance company foundation church or simi- « * J Iar educational, charitable, g • (6) Sales finance company or nonprofit organization ^ • (7) State-licensed small loan com- ° <14> Investor J Pany • (15) Individual trustee or executor H • (8) Mortgage company • (16) Other (specify) .S D (9) Mortgage broker or agent as III. Outstanding amount of loans secured by real estate, held by Registrant for own account as of May 31, 1951. (Please estimate any figures which are not readily available and mark them "est.") A. On residences, residential properties, or multi-unit residential properties: Amount outstanding (1) Insured by the Federal Housing Administration $ H (2) Guaranteed or insured by the Veterans Administration (including the VA guaranteed second mortgage part of "combination" loans) . ... $ 12 (3) Not insured or guaranteed. $ 13 (4) Total, residential properties. $ 24 B. On all other properties: (1) Farm. $ 25 (2) Other . $ 26 (3) Total, all other properties. $ 27 C. Total, loans secured by real estate (Sum of A(4) and B(3) above).. $ 38 IV. Outstanding amount of loans secured by real estate which were being serviced by Registrant for others as of May 31, 1951. $ :.. 49 * * * * * I certify under the penalties of Regulation X of the Board of Governors of the Federal Reserve System that to the best of my knowledge and belief the foregoing facts are correct (except as to any items marked "est." whjch are estimated in good faith). Date Signature of Registrant or of officer authorized to sign for Registrant Title JUNE 1952 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1951 Among large corporations in practically all of Plant and equipment outlays of these large corthe 14 industry groups for which the Board of porations reached a record high of 9 billion dollars Governors regularly compiles financial data, higher in 1951. These expenditures had declined in 1949 levels of expenditures for plant and equipment and and again in 1950 from the 1948 high of 8.2 billion for inventories in 1951 were associated with lower dollars as initial capital investment programs begun levels of retained earnings.2 As a result, almost after the war approached completion. In 1951, every industry relied more heavily on external fi- however, new expansion programs were getting unnancing than in preceding postwar years. der way throughout industry, and capital expendi- This group of 300 large manufacturing, trade, tures increased in all industry groups except tobacco. and utility corporations used bank credit to an un- Industries which are closely associated with defense usual extent in 1951. In dollar terms, an even production, including chemicals, iron and steel, nonlarger volume of borrowing was done by public ferrous metals, machinery, and transportation equipissues of bonds or by private placements with in- ment other than automotive, doubled or almost surance companies. A sizable amount of funds doubled their plant and equipment outlays. A was raised by capital stock issues, mainly in those moderate increase in capital expenditures occurred industries which are somewhat protected, by even among trade corporations, despite declining various features of the tax laws, from the full profits and building and credit restrictions. impact of Federal income and excess profits taxes. Inventory expansion by these large corporations In some industries funds were also provided also reached a record high in 1951, totaling nearly through the liquidation of United States Govern- 4 billion dollars. This represented a 27 per cent ment security holdings; most industries, however, increase in book value, which substantially exceeded added moderately to their holdings of such secu- the 18 per cent increase for all corporations and rities. Trade payables and receivables, the remain- contrasted with the 1950 experience when the rate ing important components in the sources and uses of increase for all corporations was double that of of funds statement, both increased in rough pro- the large corporations. Inventory accumulation, portion to the increase in the volume of operations. which took place in 1951 among all industries rep- The liquidity position of these large corporations, resented in the sample, was most pronounced in as measured by the ratio of cash and marketable the machinery, automotive, and other transportasecurity holdings to current liabilities, declined fur- tion groups which produce military equipment. ther in 1951, in a few industries very sharply. Their FUNDS RETAINED FROM OPERATIONS situation is not in any sense critical, however, as earnings continue at a high rate, interest and amor- For the large corporations as a group, funds retization charges on debt are low relative to current tained from operations (profits after taxes and diviearnings, and many large corporations are expected dends plus depreciation allowances) were about 5 to improve their liquidity positions by the end of per cent smaller in 1951 than in 1950. This dethis year. cline was accounted for by a moderate narrowing of profit margins and a substantial increase in Fed- INVESTMENT eral income and excess profits tax rates which more Reflecting increased expenditures for plant and than offset the effects of larger sales, smaller diviinventories, aggregate funds used by the 300 corpo- dend disbursements, and increased depreciation rations in 1951 were the largest since the war, allowances. amounting to 15 billion dollars as compared to 13 Declines from 1950 to 1951 in the volume of billion in 1950 and 11.6 billion in 1948. funds retained from operations occurred in 11 of the 14 industry groups included in the sample. In four 1 This article was prepared by Paul S. Anderson of the of these groups—retail trade and manufacturers Board's Division of Research and Statistics. 2 For description of the large corporation sample and of food, tobacco, and transportation equipment analysis of its financial experience in previous years, see other than automotive—the decline amounted to at "Industrial Differences in Large Corporation Financing in least 25 per cent. Of the three industries which 1948," Federal Reserve BULLETIN, June 1949, pp. 626-33; "Industrial Differences in Large Corporation Financing in showed an increased amount of funds from oper- 1949," Federal Reserve BULLETIN, June 1950, pp. 636-42; ations, the petroleum group reported by far theand "Financing of Large Corporations in 1950," Federal Relargest rise—15 per cent. serve BULLETIN, August 1951, pp. 913-19. 638 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1951 FUNDS FROM OPERATIONS AS A PERCENTAGE OF bank debt amounted to 1.4 billion dollars—about LARGE CORPORATION OUTLAYS FOR 6 per cent of the business loans of all banks. INVENTORIES AND FIXED ASSETS During the year they obtained an additional billion dollars of bank credit, which was more than onefourth of the total increase in business loans at all banks. In dollar terms, most of this borrowing represented short-term credit to the food, tobacco, machinery, and other transportation industries. Several additional industries—including rubber, chemical, and iron and steel manufacturing—which in recent years have on balance repaid short-term bank debt or borrowed very moderate amounts, obtained relatively large amounts of such credit in 1951. Borrowing by the food and tobacco firms was primarily the result of higher levels of agricultural commodity prices while, among the other industries mentioned, increased use of bank credit was largely attributable to inventory and general working capital requirements associated with a high level of business activity, heavy plant and equipment expenditures, and smaller retained earnings. This demand for bank credit by the large corporations was accompanied by a substantial rise in the inter- Even in the petroleum group, however, the in- est rate on large business loans, as reported by crease in retained earnings plus depreciation did banks in leading cities, which contrasted with little not keep pace with the rise in plant and equipment change in the rate on smaller loans. outlays and inventory expansion. In this group, While most of the bank borrowing was shortand in every other industry in the sample with the term, 300 million dollars represented intermediateexception of retail trade, funds retained from oper- term credit. Retail trade firms obtained about 230 ations were smaller relative to these two major million in term loans while iron and steel manutypes of expenditures in 1951 than in 1950, as is facturers borrowed 70 million. Most of the retail shown in the chart. This decline in the relative trade term credit went to one firm which changed importance of earnings and depreciation allowances its method of financing instalment receivables. was especially pronounced in the nonferrous metals, Other long-term borrowing. Long-term borrowed machinery, and other transportation equipment funds obtained by the 300 corporations from nonmanufacturing groups. bank sources totaled 1,700 million dollars in 1951 compared with only 275 million in 1950. Railroads, EXTERNAL SOURCES OF FUNDS electric and gas utilities, and communications ac- With operations supplying a smaller share of counted for nearly half of the 1951 total; together total funds in 1951, large corporations relied on these industries borrowed about twice as much as external sources for a larger volume of financing in 1950. Among manufacturing industries, an even than in other recent years. In 6 of the 14 indus- more pronounced shift toward the use of such credit tries, such external financing supplied more than was evident—from a net reduction of outstanding three-fifths of total funds in 1951. Borrowing from debt in 1950 to substantial borrowing in 1951. banks, insurance companies, and in the securities The sample companies in six manufacturing inmarkets increased sharply in practically every in- dustries—foods, rubber, chemicals, iron and steel, dustry included in the Board's tabulations. In nonferrous metals, and machinery—obtained, on some industries, a significant volume of funds was balance, nearly 800 million dollars in long-term supplied by the Government through advances and funds from nonbank sources in 1951; in 1950 these progress payments on defense contracts. same companies had retired nearly 200 million dol- Bank loans. One of the most striking features lars of previously borrowed funds. about the external financing by these corporations Stock issues. In addition to the substantial volwas the large amount of bank credit obtained in ume of debt securities privately placed or publicly 1951. At the beginning of the year, their total offered by these large corporations in 1951, a larger JUNE 1952 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1951 EXTERNAL SOURCES OF FUNDS, 1951 nificant volume of short-term funds. In the auto- LARGE CORPORATIONS IN SELECTED INDUSTRIES mobile manufacturing, retail trade, and railroad PERCENTAGE DISTRIBUTION groups, however, accrued tax liabilities remained virtually unchanged or even declined in 1951. LIQUIDITY Net liquid asset accumulation by the 300 large corporations as a group totaled 500 million dollars in 1951, a much smaller amount than the 2,700 million accumulation of such assets in 1950. The 1951 increase consisted almost entirely of additions to marketable United States Government security holdings, since there was virtually no change in cash balances either for the sample as a whole or for any industry. By contrast, the remainder of the corporate universe accumulated liquid assets almost entirely in the form of cash. TOBACCO OTHER MACHINERY ELECTRIC RUBBER COMMUNI- Although large corporations as a group increased TRANS AND GAS CATIONS EQUIP UTILITIES their holdings of marketable securities in 1951, • MORTGAGES AND BONDS V77L BANK CREDIT OCK ISSUES OTHER Rve of the industries reduced their holdings. The ere selected that had obtained largest liquidation occurred in the machinery, autofunds used durinsr 1951 from motive, and other transportation equipment manufacturing industries. This liquidation enabled automobile manufacturers to finance their expendivolume of funds was provided by capital stock issues ture programs without borrowing from external than in any of the preceding four years. Such ex- sources, although only one-half of their total funds ternal equity financing amounted to about 1.2 bil- was supplied by operations. Among the industries lion dollars but was largely concentrated in the which added to their security holdings, the largest electric and gas utility and communications groups. dollar increases were in the petroleum, iron and More than 40 per cent of the total amount repre- steel, and communications industries. sented conversions of debt securities into stock of As noted earlier, all classes of current liabilities the communications company. Among large man- increased for the group as a whole as well as for ufacturing companies as a group, stock financing almost all the individual industries. As a result, was relatively unimportant, in part at least because liquidity positions, as measured by the ratio of of the greater advantages of debt financing for com- cash and marketable securities to current liabilities, panies in excess profits tax brackets. Corporations declined from 1950 to 1951 for the group as a whole in utility industries, on the other hand, are some- and in all the manufacturing industries. The greatwhat protected from the excess profits tax. est declines were experienced by the machinery, Other sources of funds. Funds provided by trade automotive, and other transportation equipment suppliers, as evidenced by the increase in accounts manufacturers which, as noted earlier, showed payable, amounted to 600 million dollars in 1951, the largest liquidations of marketable securities. as compared with 1,200 million the previous year. Declines in the other manufacturing industries were The Government also supplied funds, especially to relatively small. The liquidity ratio remained about manufacturers of machinery and transportation unchanged for the retail and utility groups. equipment other than automobiles, in the form of Many of these corporations indicated in their contract advances and progress payments for de- reports to stockholders that they expect to secure fense work in process. These funds, here classi- additional long-term funds in 1952, especially in fied as "other current liabilities," accounted for most the form of term loans from banks and private of the 1,100 million dollar increase in this account. placements of securities with insurance companies. As in all years since 1947 with the exception of This, combined with an expected decline in in- 1949, accrued income tax liabilities increased for ventory accumulation, should improve the shortthese corporations as a group, and provided a sig- term financial position of most of these firms. NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data for the sample of large corporations discussed in this article are shown on the following pages. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1951 COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1951 AND 1950 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iro s n te a el nd No m nf e e t r a r l o s us 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Number of companies 28 28 24 24 33 33 18 18 14 Sources of funds—total $478 $446 $160 $80 $383 $285 $2,548 $1,890 $958 $622 $1,350 $979 $44^ $280 Net from operations 1 192 259 30 53 186 180 2,226 1,945 496 524 736 791 272 275 A T O O M M C C B B r c a a a a t t o a a h h c s p n n r r d h e e r k k i k t u e r r t g e a e l l a s l c t d p o o g a o u a a a s b e u r i n n y t s l n r r o s s a e , c e c c , , b e n o k b s l s s l t m e o o e h 3 s c n n l o e i u d g a r r t t s - b i a - t , i t e t x l i e o i r e e t m r t s s i m h e e s r liabilities. - 1 1 4 8 5 0 ( 1 1 8 2 0 3 7 2 1 2 j ) - - 3 1 - 3 6 6 5 4 1 4 4 0 9 4 8 0 7 1 - - 1 1 2 - 3 2 1 0 1 5 0 0 0 2 5 0 ( - 2) 1 - 2 3 1 5 2 6 0 2 0 0 6 -1 - 1 1 3 4 9 6 2 1 0 3 4 7 0 1 1 8 - - - - 1 1 1 2 3 - - 4 5 0 1 1 7 2 8 8 0 1 3 8 - - 3 3 1 1 - 8 9 2 2 8 2 7 2 3 9 1 8 2 7 5 4 0 - - 1 2 - - - 2 1 2 1 9 1 8 7 6 3 6 3 3 8 9 9 1 6 5 4 -1 3 - - 5 6 9 3 9 2 7 6 1 2 4 6 1 1 4 5 7 -3 - 3 2 - - 8 3 2 8 6 7 3 5 7 2 5 2 4 6 1 -4 2 4 1 2 2 4 4 5 2 0 7 7 5 8 9 0 5 1 2 3 0 1 - - ( 1 3 - 2 4 1 ) 1 - 0 0 0 3 6 1 2 9 5 8 2 4 9 1 , - ( 1 - 2 1 2 ) 1 3 9 5 1 1 8 9 8 2 2 0 5 8 -1 - - 1 1 7 - 4 5 2 6 1 4 1 3 5 8 2 0 Uses of funds—total $478 $446 $160 $80 $383 $285 $2,548 $1,890 $958 $622 $1,350 $979 $446 $280 Plant and equipment expenditures 204 191 12 12 121 86 42,038 n,5i5 609 373 1,023 549 342 145 Inventories 235 125 140 56 226 56 266 -39 287 79 260 138 80 -37 Receivables 9 117 4 11 34 139 253 356 24 191 7 251 -6 142 O O t t h h e e r r u as s s e e s t 5 s 22 8 1 0 3 2 2 -1 2 3 -10 0 5 0 8 38 0 -21 0 60 1 42 0 30 0 28 2 Manufacturing, cont. Utilities Retail Account M e a le c i c n h t c i r n l i . c e a r l y, Automobile O e p t q h o u e r i r t p a m t t r i e o a n n n t s- trade Railroads a E n le d c t g r a ic s Co c m at m io u ns ni- 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Number of companies 46 46 12 12 19 19 42 42 20 20 35 35 1 1 Sources of funds—total $1,784 $728$1,365 $1,019 $1,210 $225 $490 $628 $1,020 $865$1,372 $1,302 $1,162 $977 Net from operations x 512 563 665 828 72 100 241 339 583 696 462 465 512 499 Cash -9 13 26 -28 -30 24 —60 —60 81 -134 -10 53 4 -5 Marketable securities 90 -139 741 -806 130 4 —33 —50 48 -134 -96 50 -259 -42 Trade payables 117 110 -20 255 114 57 —19 101 1 100 c 17 32 49 Bank loans, short-term 164 4 -2 13 235 -4 —3 17 16 -7 43 -59 Bank loans, long-term 9 -6 -2 —2 9 (2) 234 —16 () () 7 (2) 0 0 Accrued income taxes 402 288 -63 617 80 52 11 184 21 195 M15 7 72 119 131 Other current liabilities 248 47 6 156 553 -5 46 81 9 66 23 1 36 20 Mortgages, bonds, other liabilities. 192 -147 20 3 60 1 39 18 243 48 496 376 75 -20 Capital stock 57 -5 -11 -22 -13 -7 20 5 12 15 319 275 600 400 Other sources 3 1 0 5 4 2 15 9 22 13 45 0 0 4 Uses of funds—total $1,784 $728 $1,365 $1,019 $1,210 $225 $490 $628 $1,020 $865 $1,372 $1,302$1,162 $977 Plant and equipment expenditures 460 285 675 474 135 66 258 228 897 667 1,253 1,186 1,059 891 Inventories 877 170 410 243 777 45 36 286 136 6 80 64 9 10 Receivables 410 242 165 242 291 116 170 103 -29 223 16 41 47 58 Other assets 38 30 116 61 7 —3 26 11 16 -31 24 4 40 19 Other uses 5 0 0 0 0 0 0 0 0 0 0 7 7 0 1 Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. 2 Less than 0.5 million dollars. 3 Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 4 Company figures which in some cases include, and in others exclude, dry hole costs. 6 Prior year tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds. 6 Included with other short- and long-term liabilities. 7 Includes State income and property taxes. NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of funds. Details may not add to totals because of rounding. JUNE 1952 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1951, 1950, AND 1949 1 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iron and steel Nonferrous metals 2 1951 1950 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 1949 Number of companies 28 28 28 24 24 24 33 33 33 18 18 18 14 14 14 Total assets (end of year).. $3,987 $3,707 $3,463 $1,928 $1,769 $1,750 $2,117 $1,659 $1,382 $16,298 $14,514 $13,338 $6,719 $5,802 $4,930 $9,814 $8,464 $7,407 $4,213 $3,711 $3,312 C M Re a a c s r h e k i e v t a a b b l l e e s s ( e n c e u t r ) ities 3 5 1 3 5 6 7 9 4 3 2 5 5 2 2 9 1 7 3 2 4 8 1 6 9 0 6 9 6 0 7 9 9 60 0 3 5 8 0 6 2 3 4 1 0 2 7 0 7 7 3 1 1 9 6 6 3 7 7 2 1 1 5 2 3 4 9 9 1 1 1 , , , 1 0 5 7 0 8 1 9 8 1 1 , , 3 0 7 3 1 7 4 1 9 9 9 4 1 7 9 9 8 0 1,0 6 6 5 2 4 8 6 6 9 6 6 0 1 1 5 5 8 4 5 5 2 9 1 4 1 6 1,6 8 8 3 1 4 1 2 9 1,2 8 8 0 4 5 6 2 7 9 5 7 0 9 4 0 3 8 3 3 6 5 6 2 0 7 3 3 3 5 5 2 4 0 9 8 2 4 1 7 1 8 9 5 9 Inventories 1,337 1,104 987 1,614 1,474 1,418 724 498 452 1,948 1,682 1,719 1,235 954 877 1,728 1,462 1,324 676 594 632 Plant and equipment (net of depreciation) 1,427 1,342 1,267 116 113 110 464 409 385 9,566 8,670 8,238 2,390 2,036 1,892 4,419 3,781 3,574 1,945 1,668 1,609 Other assets 3 162 153 144 31 84 23 1,016 1,037 994 764 674 631 376 315 268 253 223 187 28 24 25 Total liabilities and equity $3,987 $3,707 $3,463 $1,928 $1,750 $1,382 $16,298 $14,514 $13,338 $6,719 $5,802 $4,930 $9,814 $8,464 $7,407 $4,213 $3,711 $3,312 Notes payable to banks $1,769 $2,117 $1,659 (short-term) 222 118 307 171 15 39 49 46 24 27 59 7 5 21 16 30 Trade notes and accounts 187 32 14 payable 254 242 191 19 17 11 171 127 74 1,101 978 844 286 261 189 765 662 493 212 173 119 A O c th c e ru r e c d u r in re c n o t m l e i a t b a i x li e t s ies 4. . . 3 2 1 0 6 9 2 1 8 9 6 6 2 1 2 7 7 2 146 1 4 1 6 1 8 2 9 6 2 1 9 74 3 1 1 7 1 7 4 6 7 9 3 1,093 3 6 9 9 0 7 3 4 8 1 8 9 1,0 2 7 4 9 2 2 7 3 1 9 6 3 21 8 5 4 1,378 4 9 1 3 5 1 3 5 7 2 5 3 4 1 6 3 3 5 3 1 1 1 3 0 1 1 0 6 5 6 Notes payable to banks 25 459 432 (long-term) 15 34 38 0 0 0 0 12 482 603 53 65 71 6 7 39 59 47 Mortgages, bonds, and 0 508 76 other liabilities 5 507 424 460 488 524 387 290 291 1,265 1,205 505 415 403 696 717 300 202 201 487 1,252 922 Surplus reserves 6 124 129 152 3 3 158 144 117 71 75 132 133 134 112 144 47 44 85 Capital stock 1,103 1,102 1,046 0 508 508 281 282 299 56 3,979 3,911 1,509 1,470 1,356 102 2,812 2,795 1,198 1,178 1,124 w Surplus 1,239 1,176 1,088 511 407 417 621 512 432 4,744 6,624 5,844 2,868 2,480 2,152 2,824 2,823 2,348 1,798 1,610 1,434 w o Income statement: 432 7,046 3,256 Sales $12,392 $10,914 $10,613 $2,485 $2,330 $2,317 $3,552 $2,776 $2,119 $14,826$12,721 $11,405 $6,763 $5,747 $4,732 $11,775 $9,935 $7,914 $3,869 $3,393 $2,404 Depreciation, depletion, and amortization 114 106 96 7 65 59 58 772 711 251 223 203 369 332 286 92 85 71 Profit before income taxes 7. 462 501 406 222 215 198 436 296 127 2,733 2,086 1,584 1,619 1,418 865 1,855 1,555 939 810 642 326 Net profit 7 221 282 248 94 118 124 173 158 1,811 1,519 1,279 645 783 556 661 772 552 413 390 227 Dividends 151 162 145 73 73 72 57 48 775 654 561 408 498 363 314 326 241 245 208 168 E Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing, cont. Utilities Retail trade Account Mac e h le in c e tr r i y c , a l incl. Automobiles O t t i h o e n r e t q ra u n ip s m po e r n t t a- Railroads Electric and gas Communications 1951 1950 1951 1950 1949 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1951 1949 Number of companies 46 46 46 12 12 12 19 19 19 42 42 42 20 20 20 35 35 35 1 1 1 Total assets (end of year).. $7,934 $6,457 $5,793 $6,842 $6,673 $5,188 $3,013 $1,938 $1,798 $5,266 $4,749 $4,108 $18,696 $18,187 $17,428 $12,751$11,704$10,803 $9,733 $8,750 $8,126 Cash 618 605 618 670 696 667 242 212 236 764 699 640 671 752 618 292 281 331 92 95 90 Marketable securities 728 817 678 1,445 2,186 1,379 67 197 201 339 306 256 561 608 475 294 196 246 548 289 247 Receivables (net) 1,490 1,076 830 811 646 404 680 388 272 808 639 544 618 647 423 297 281 241 430 383 326 Inventories 2,689 1,826 1,650 1,827 1,418 1,175 1,407 625 585 1,759 1,695 1,403 631 495 489 446 365 300 118 109 99 Plant and equipment (net of depreciation) 1,841 1,609 1,524 1,592 1,344 1,239 552 459 441 1,390 1,196 1,071 13,100 12,583 12.290911,179 10,347 99,457 7,911 7,279 6,789 Other assets 3 568 492 497 385 324 65 59 63 206 205 194 3,116 3,102 3,134 242 233 228 634 594 524 575 Total liabilities and equity $7,934 $5,793 $6,842 $6,673 $5,188 $3,013 $1,938 $1,798 $5,266 $4,740 $4,108 $18,696 $18,187 $17,428 $12,751 $11,704 $10,803 $9,733 $8,750 Notes payable to banks $6,457 $8,126 (short-term) 179 11 25 27 14 237 2 6 49 62 45 (10) (10) (10) 123 106 110 97 54 Trade notes and accounts 15 113 payable 491 373 262 698 718 462 278 163 106 379 394 293 537 536 436 175 180 161 332 300 251 A O c th c e ru r e c d u r in re c n o t m l e i a t b a i x li e t s ies 4.. . 1 1 , ,1 0 0 5 1 5 6 8 8 4 3 3 3 8 9 0 6 2 1,2 5 4 7 4 5 1,309 6 4 9 0 7 9 2 8 1 6 2 4 3 1 1 3 3 3 86 4 4 6 6 0 9 3 4 7 6 7 1 2 3 4 9 6 0 1 4 45 0 2 4 3 21 8 2 7 "5 2 1 4 3 4 220 H3 2 3 0 9 5 4 2 4 2 8 3 3 1 3 8 6 7 2 1 0 6 7 7 Notes payable to banks 569 319 296 (long-term) 30 20 26 3 7 9 263 29 (10) (10) (10) 54 4 49 0 0 0 Mo o r th tg e a r g l e i s a , b i b li o ti n e d s s 5 , and 647 465 644 211 5 188 179 117 0 263 194 45 6,646 6,413 6,359 5,733 5,269 4,888 3,746 3,671 3,691 S S C u u a r r p p p i l l t u u a s s l s re to s c e k rves 6 2 1 , ,7 6 6 0 5 1 9 9 2 1 , ,7 2 2 3 9 4 5 9 1 1 , , 5 8 1 9 7 8 7 0 4 2 1 , ,1 7 1 2 8 7 1 6 8 2 1 , ,1 5 1 1 3 9 9 2 1 5 2 8 2 1 , ,1 1 1 1 9 0 7 3 1 4 7 3 8 1 1 6 8 4 7 2 6 2 8 0 1 3 1 9 3 1 5 1 1 2 1, , 0 2 6 7 4 5 5 3 • 2 1 , ,0 1 4 3 4 6 5 2 1,0 1 4 4 7 3 5 7 4 5 1 , , , 1 3 0 9 9 7 7 3 4 3 5 1 , , , 9 3 0 4 7 6 9 1 3 3 5 1 , , ,3 0 6 1 4 7 2 9 4 4 1 , ,2 6 1 8 1 1 8 1 4 1 , ,1 3 2 4 1 9 0 4 4,0 9 3 9 1 9 6 7 3 1 , ,3 5 3 4 1 0 4 2 3 1 , , 1 06 1 1 9 3 9 2,8 8 1 6 1 5 3 9 Income statement: 745 1,886 Sales $10,062 $8,010 $7,192 $12,967$12,591$10,382 $3,581 $2,491 $2,356 $12 $11,927 $11,035 $6,968 $6,373 $5,741 $3,504 $3,199 $2,921 $3,639 $3,262 $2,893 Depreciation, depletion, and amortization 213 184 162 416 355 367 43 44 36 114 90 84 309 298 285 328 305 278' 353 334 321 Profit before income taxes 7. 1,548 1,307 903 1,885 2,351 1,550 285 233 158 775 896 638 767 909 448 840 749 633 704 588 354 Net profit7 582 677 559 717 1,135 930 101 121 100 352 474 397 415 522 287 456 463 415 365 347 233 Dividends 308 308 252 494 701 473 74 75 61 229 236 211 201 202 170 364 337 308 279 248 216 _i Data for 1949 and 1950 may differ from that published previously, reflecting revisions made to take account of consolidations and mergers with other corporations, inclusions or exclusions of domestic and oreign subsidiaries, and changes in the classification of accounts of the individual corporations. 2 Data for one company estimated. 9 Includes intangibles. 10 Included with other short- and long-term liabilities. n Includes State income and property taxes. Si Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—1951: Instalment sales at retail stores as a whole de- remained practically unchanged in 1951. The proclined slightly in 1951 for the first time since 1945. portion of instalment sales declined slightly but Increases in cash and charge-account sales, however, was still at about the prewar level. Sales of this type were more than enough to offset this decline. The had expanded rapidly after the war and by 1950 expansion in cash and charge sales amounted to an RETAIL SALES estimated 6 billion and 2 billion dollars, respectively, Billions of Dolla while instalment sales declined by about 600 million. These estimates of total retail sales by type of transaction, shown in Table 1 and the accom- —t*«*| INSTALMENT panying chart, are based in part on findings of ^CHARGE ACCOUNT the 1951 Retail Credit Survey. SSCASH Price changes played an important role in retail sales movements from 1950 to 1951. Price increases were prevalent in retail trade during the first half of 1951 and occurred even later for automobiles and apparel. Despite declines in list prices of many commodities in the latter part of the year and some further reductions through promotional activity and special discounts, prices for the year as a whole were considerably higher than in 1950. After allowances for price changes, the physical volume of sales was lower in 1951 than in 1950. The distribution of sales by type of transaction 1945 1946 1947 1948 1949 1950 1951 accounted for 13 cents of the retail dollar, more than TABLE 1 three times the wartime low. Charge-account busi- RETAIL SALES BY TYPE OF TRANSACTION ness tapered off relatively during the war, but since Annual estimates for total retail trade then has been the most stable segment of retail sales. During the past three years charge-account Sales (in billions of dollars) Percentage of total sales sales have represented 19 cents of each dollar spent. Year Total Cash a C c h c a o r u g n e t I m ns e t n a t l- Cash a C c h c a o r u g n e t I m ns e t n a t l- Cash sales, following five years of decline, increased slightly in relative importance in 1951. Sales of this 1939.. 42.0 27.2 9.9 4.9 65 23 12 type represented 69 cents of each dollar spent in 1940.. 46.4 29.6 10.9 5.9 64 23 13 1941.. 55.3 35.2 12.8 7.3 64 23 13 retail establishments during the year, as compared 1942.. 57.2 41.0 12.6 3.6 72 22 6 with 68 cents in 1950 and 78 cents at the end of 1943.. 63.2 47.9 12.1 3.2 76 19 5 the war. 1944.. 70.2 54.4 12.7 3.1 78 18 4 1945.. 78.0 61.2 13.8 3.0 78 18 4 1946.. 102.5 78.6 18.7 5.2 77 18 5 ^^The Retail Credit Survey for 1951 is the ninth annual 1947.. 119.6 87.6 22.8 9.2 73 19 8 study of credit-granting retail stores conducted by the Federal Reserve System. The Survey covers nine trade lines and 1948.. 130.5 93.2 25.7 11.6 71 20 9 1949.. 130.7 91.6 24.8 14.3 70 19 11 is based on data from about 16,000 stores, all of which trans- 1950.. 143.7 98.0 27.4 18.3 68 19 13 acted a part of their business on credit. Information was obtained on sales by type of transaction, down payments, 1951.. 150.6 103.7 29.2 17.7 69 19 12 and instalment paper sold in 1950 and 1951 and on accounts receivable by type and value of inventories at the end of these years. Totals include concerns submitting con- NOTE.—The estimates of total retail sales were compiled by the Bureau of Foreign and Domestic Commerce, United States Depart- solidated reports for multiple units, which in some cases ment of Commerce. Sales by type of transaction are based on could not be tabulated by Federal Reserve districts. data from the Census of Business for 1939 and 1948, and on Retail Credit Survey findings and other related data for intercensal and This article was prepared by Katharyne P. Reil of the later years. Board's Division of Research and Statistics. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1951 Sales experience of retail stores in 1951 reflected showed moderate changes from the 1950 volume. a number of changes in the retail market that fol- Sales of durable and nondurable goods during these lowed the mid-1950 buying upsurge stimulated by two years set the general pattern for the differences the Korean outbreak. The year began with a high reported by the groups surveyed. Stores selling level of sales as consumers—anticipating shortages primarily major durable goods had experienced a —stepped up their buying again, following the rapid sales growth during 1950. In 1951 such stores Chinese intervention in the Korean conflict. Price reported sales declines as large as 9 per cent. Stores increases that began in 1950 continued into the selling nondurables and smaller durable items, on early months of 1951. Incomes continued large. the other hand, had shown less marked increases in Record production of both durable and nondurable 1950 and continued to expand sales during 1951. goods permitted retailers to build up their inven- For such stores the 1950-to-1951 sales comparisons tories to meet an accelerated rate of demand. By were generally favorable. the second quarter of 1951, however, consumer The high level of sales that prevailed during demand for major durables began to weaken as 1950 at stores selling primarily major consumer shortages failed to develop, and sales in some lines durable goods was supplemented by a wave of began to lag. Retail inventories began to appear scare buying during the summer months. A second large relative to the reduced sales volume. During buying wave early in 1951 was followed by a rather the remainder of the year retailers attempted sharp decline in the demand for such goods that through shorter commitments, greater promotional brought total sales for 1951 below the level of the activity, and price reductions to lower stocks on previous year. The decline, as shown in Table 2, hand. Instalment sales of major durable goods was most pronounced at household appliance stores, had been subject to Government regulation of mini- where all types of sales were down. Declines in mum down payments and maximum maturities sales of appliances also accounted in large part for since September 1950. These requirements were the slight reduction in total sales of furniture stores. eased after July, in accordance with amendments to Because used car sales remained strong in 1951, the Defense Production Act of 1950. automobile dealers' sales for the year as a whole were only 4 per cent below the record 1950 total. SALES IN SELECTED TRADES Hardware, jewelry, and automobile tire and ac- Sales at the nine kinds of credit-granting stores cessory stores, which sell primarily smaller durable covered by the 1951 Retail Credit Survey generally goods items, reported larger sales in 1951 than in TABLE 2 RETAIL SALES, BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Stores Reporting in 1951 Retail Credit Survey Percentage change, 1950-51 Percentage of total sales 2 Number of stores Charge Instal- Kind of business reporting Total C sa a l s e h s C ac s h c a a o l r e u g s n e t - I m n sa s e l t e n a s l t - Cash account ment 1951 1950 1951 1950 1951 1950 Department stores 3 2,619 +4 + 5 +5 i 53 53 29 28 19 Men's clothing stores 463 +2 +4 +12 43 45 49 48 7 Women's apparel stores 681 +5 + 3 +7 +11 50 51 46 45 4 Furniture stores 2,182 -1 _(*) +2 - 3 18 18 19 19 63 63 Household appliance stores 2,493 -9 -4 -11 27 26 24 23 49 51 Jewelry stores 478 +3 + 1 +2 + 4 31 31 17 17 52 52 Hardware stores 887 + 4 +9 + 3 44 45 49 48 7 7 Automobile dealers 3,632 +6 +5 - 1 48 51 14 12 38 37 Automobile tire and accessory stores 2,174 - 8 +5 - 6 35 34 35 33 30 33 + 1 + 5 1 The extent of coverage in the various trade groups is indicated by the following comparisons of sales volume of the reporting creditgranting stores with the estimated total sales volume of all stores for each trade: department stores, 84 per cent; men's clothing stores, 12 per cent; women's apparel stores, 14 per cent; furniture stores, 16 per cent; household appliance stores, 11 per cent; jewelry stores, 8 per cent; hardware stores, 5 per cent; automobile dealers, 12 per cent; and automobile tire and accessory stores, 25 per cent. 2 Since the Survey is composed of credit-granting stores only, the proportion of total sales transacted on credit is larger than it would be if all stores were included. 3 Includes mail-order houses. 4 Less than one-half of 1 per cent. JUNE 1952 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1951 the preceding year. The increase of 6 per cent at for major durable consumer commodities usually hardware stores was the largest reported in the have a greater effect on instalment sales than on 1951 Survey and resulted from gains in all three either cash or charge-account sales, since a large types of sales. Purchases of garden equipment, proportion of articles of high unit value are purtools, and items for home repair and improvement chased on instalment. Shifts in demand for such were important in this expansion. Tire and acces- durables were substantial in 1951. sory stores were able to offset their declining sales At stores handling primarily commodities not of major household appliances with increased vol- covered by Regulation W, instalment sales increased ume of business in other lines. Business at jewelry —by 3 per cent and 4 per cent, respectively, at hardstores, in large part because of the character and ware and jewelry stores, and by more than 10 per diversity of products handled, continued to run cent at both men's clothing and women's apparel counter to the trend at most durable goods outlets. stores. The gains at apparel stores were accom- During the war, when other durable goods were plished partially through the increased use of threescarce, jewelry store trade increased steadily. As payment plans for purchase of suits and coats. Insupplies of other durables expanded after the war, stalment sales of these outlets continued to be a jewelry sales declined moderately. Throughout relatively small part of their total business. most of 1951, however, these outlets were able to maintain sales at comparatively high levels. INSTALMENT ACCOUNTS RECEIVABLE Department stores are classified as nondurable Year-end instalment accounts receivable declined goods outlets because of the importance of their soft at six of the nine trade lines reporting in the 1951 goods departments, but hard goods constituted an Survey. A number of factors contributed to these increasing proportion of their total sales in postwar declines. Changes in demand for some items that years prior to 1951. Sales of major household are usually sold on instalment and Government appliances and television sets declined both in dolregulation of instalment contracts tended to reduce lar volume and as a percentage of the total in 1951, instalment sales. The regulation also operated to but total sales at these stores were 4 per cent larger reduce accounts receivable by increasing the prothan a year earlier. The major portion of this sales portion paid down on instalment purchases and gain occurred in women's apparel and accessories shortening the average repayment period. Changes and in men's wear. The upward trend for these in sale of instalment paper were generally small departments was consistent with the sales increases and were not an important factor in the 1950-51 reported by apparel stores. changes in year-end accounts receivable. Transactions by type varied considerably from one trade to another. Although charge-account Household appliance stores, which showed the sales on a national basis showed no increase in rela- largest decline in instalment sales of any line covtive importance from 1950 to 1951, such sales ex- ered, also had the greatest reduction in end-of-year panded in dollar volume at eight of the nine trade indebtedness. Automobile tire and accessory stores lines surveyed and as a percentage of total sales reported a decline in instalment accounts receivable at seven of the nine groups. Since expansion in more than proportionate to the decline in annual charge-account sales occurred so much more fre- instalment sales. As shown in Table 3, these stores quently than in the case of either cash or instal- reported larger down payments in 1951 than in ment sales, it would appear that charge-account 1950, an increase in the proportion of instalment sales had an expansionary influence on total sales of paper sold to outside agencies, and faster repaymost trade lines in 1951. Cash sales increased at ments on paper retained. only five of the nine groups. Instalment accounts receivable held by automo- Instalment sales were down in Rve trade lines. bile dealers declined 8 per cent from the end of The largest decline, 11 per cent, occurred at house- 1950 to December 31 of the following year. Howhold appliance stores. At furniture stores and auto- ever, this is not necessarily indicative of the change mobile dealers, where instalment sales also account in total outstanding indebtedness arising from for large proportions of total business, sales of their instalment sales since automobile dealers sell this type declined more moderately. These de- nearly all of their instalment paper to banks, finance velopments emphasize the fact that shifts in demand companies, and others. 646 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1951 TABLE 3 RETAIL ACCOUNTS RECEIVABLE AND RELATED ITEMS, BY KIND OF BUSINESS Stores Reporting in 1951 Retail Credit Survey Percentage Average collection period change in for accounts receivable 1 Down payments Instalment accounts as percentage paper sold as Number receivable of instalment percentage of Kind of business of stores during 1951 Charge accounts Instalment sales instalment sales reporting (in days) (in months) Charge Instalaccounts ment 1951 1950 1951 1950 1951 1950 1951 1950 Department stores 2 2,562 + 6 - 6 64 62 13 15 17 13 35 35 Men's clothing stores 450 + 2 + 9 61 59 8 7 11 11 (3) (3) Women's apparel stores.... 573 + 7 +11 69 67 7 7 12 12 3 3 Furniture stores 1,716 — 2 - 4 64 69 13 15 19 18 8 7 Household appliance stores. 2,079 - 4 -14 56 56 14 16 21 20 35 35 Jewelry stores 455 - 2 + 3 63 63 14 13 13 13 3 (3) Hardware stores 822 - 3 - 4 52 55 11 12 26 25 28 28 Automobile dealers 3,308 + 3 o 50 47 (4) (4) 49 48 47 47 Automobile tire and accessory stores 2,120 -19 -13 37 49 13 15 16 12 17 15 1 Estimated in part from reported data. 2 Includes mail-order houses. 3 Less than one-half of 1 per cent. 4 Not computed because the small proportion of instalment paper retained by automobile dealers gives a collection period not typical of their entire instalment business. Instalment accounts receivable of hardware stores from shifts in the relative importance of different on December 31, 1951, were somewhat below those types of commodities. These stores have smaller of a year earlier in spite of an increase in instal- average down payments relative to instalment sales ment sales during the year. A similar decline in than those transacting nearly all of their deferred instalment indebtedness occurred at furniture stores. credit business in hard goods of high unit value. These declines reflected changes in the sales pattern, At jewelry and apparel stores, where little or none larger down payments, and faster repayment during of the merchandise sold was subject to regulation, 1951 than prevailed during most of 1950. down payments remained virtually unchanged as a At jewelry stores end-of-year instalment accounts proportion of the sales price. receivable showed a small increase from 1950 to Sales of instalment paper vary widely from one 1951. These were the only outlets selling durable kind of business to another. Automobile dealers goods for which the average repayment period customarily sell most of their instalment paper lengthened in 1951. regardless of size or type of operation. Household Down payments on instalment sales, which vary appliance stores sold more of their instalment paper considerably from trade to trade, were somewhat —about one-third—in the past two years than in larger in 1951 than in the preceding year at all other recent years. Jewelry and apparel stores conretail outlets handling primarily commodities sub- tinued to hold virtually all of their instalment ject to Regulation W. This reflects in part the fact contracts in 1951. that regulation of credit terms was in effect through- Practices in financing customer instalment acout all of 1951 but only a part of 1950. The 1951counts may also differ greatly within a given kind of average down payment as a proportion of instal- business. Some companies prefer to finance receivment sales amounted to nearly one-half at automo- ables through direct sale of customer paper, while bile dealers, more than one-fourth at hardware others obtain bank loans or make other financial stores, and approximately one-fifth at furniture and arrangements and service their own paper. Small household appliance stores. and medium-sized household appliance stores sell The most marked increases in down payments— a larger proportion of their instalment paper than 4 percentage points—occurred at automobile tire large stores or multiple-unit operations. On the and accessory stores and at department stores, both other hand, large and multiple-unit firms account of which handle a great variety of merchandise and, for most of the paper sold by department stores consequently, are subject to fluctuations resulting and mail-order houses. In those trade lines that JUNE 1952 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1951 customarily hold most of their paper or transact charge accounts receivable at the end of 1951 were little instalment business, sale of paper by multiple- only slightly below those at the close of 1950. unit outlets is less usual than at other outlets. The average collection period for charge accounts in 1951 was between 50 and 70 days for most CHARGE ACCOUNTS RECEIVABLE groups. These accounts were repaid more slowly at four of the nine trade lines, and at about the Total consumer charge accounts outstanding, estisame rate as in 1950 at two others. At furniture mated from monthly data, were above year-ago stores, however, where the repayment period had levels throughout most of 1951 and on December been somewhat longer than at other outlets in 1950, 31 amounted to nearly 4.6 billion dollars, more than charge-account credit was paid off more rapidly in 0.2 billion above the amount outstanding a year 1951. This change may have been due, at least in earlier. Among the trade lines covered by the Surpart, to some reclassification of 90- and 120-day acvey, increases in such credit outstanding at the end counts, which had been carried on a charge-account of the year were reported by department stores, basis during the period when instalment credit was men's clothing stores, women's apparel stores, and unregulated but which under regulation were deautomobile dealers, as shown in Table 3. These fined as instalment credit. Charge accounts of autofour groups transact a substantial proportion of all mobile tire and accessory stores customarily have retail charge-account business. been collected more rapidly than at most other re- Year-end charge accounts receivable of automotail outlets. In 1951 the collection period was rebile tire and accessory stores declined substantially duced about one-fourth, averaging only 37 days. despite an increase in annual charge-account sales. Sales at these outlets were large in December 1950, INVENTORIES and the amount of credit outstanding reached an unusually high level at the year-end. In the fourth Retail inventories expanded considerably durquarter of 1951, particularly in December, sales ing most of 1950, despite record sales, and this accuwere below those of a year earlier, and end-of-year mulation continued in the early part of 1951. Acaccounts receivable fell considerably below the large cording to Department of Commerce estimates, amount outstanding at the end of the preceding retail inventories reached a seasonally adjusted high year. At the other four durable goods outlets, of 20.6 billion dollars on May 31. As the market TABLE 4 INVENTORIES, BY KIND OF BUSINESS AND BY SIZE OF STORE Stores Reporting in 1951 Retail Credit Survey Inventory turnover by size of store * Kind of business c P o h e f a r n c 1 g e 9 e n 5 , t 0 a e g n to e d Total Small Medium Large c b la y N s s s o if i t i z e e d end of 1951 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Department stores 2 + 4 4.3 4.3 3.3 3.2 4.6 4.2 4.8 4.5 4.0 4.2 Men's clothing stores + 7 2.7 2.8 '2.1 2.1 2.6 2.7 3.0 3.1 2.6 2.9 Women's apparel stores , (3) 4.9 4.7 3.7 3.6 4.4 4.1 4.7 4.4 5.8 5.7 Furniture stores - 4 2.7 2.7 2.4 2.4 2.6 2.6 2.8 2.7 2.9 2.8 Household appliance stores + 2 3.3 3.7 3.1 3.7 3.8 4.2 3.7 4.0 2.9 3.3 Jewelry stores () 1.6 1.6 1.2 1.3 1.6 1.6 1.3 1.3 2.4 2.1 Hardware stores + 8 2.7 2.7 2.0 2.0 2.5 2.6 3.0 3.1 3.6 3.4 Automobile dealers +16 8.6 10.3 5.4 6.4 6.7 8.2 9.3 11.1 8.9 10.4 Automobile tire and accessory stores 4.2 4.0 2.3 2.3 2.9 3.0 5.8 5.2 3.9 3.9 1 Turnover is the ratio of sales to year-end inventories. Reporting firms were classified as small, medium, and large on the basis of 1951 annual sales volume. Different trade lines were classified into size groupings appropriate for the particular line. The range of the medium-sized group for each trade line, in thousands of dollars, is as follows: Department stores, 1,000 to 10,000; men's clothing and women's apparel stores, 250 to 1,000; furniture stores, 200 to 500; household appliance and jewelry stores, 100 to 250; hardware stores, 100 to 500; automobile dealers, 250 to 500; automobile tire and accessory stores, 50 to 100. Within trade lines, stores with sales volume below the lower limit for the medium-sized group were classified as small; those with sales above the upper limit for that group were classified as large. 2 Includes mail-order houses. 3 Less than one-half of 1 per cent. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1951 softened, inventories began to appear large in rela- granted during the year. With sales down for the tion to current sales volume. With orders for most year, the turnover ratio (annual sales divided by items being filled promptly, merchants found it year-end inventory) for automobile dealers dropped desirable to buy more cautiously. At the same time to 8.6 times from 10.3 times in 1950. The rate of they attempted to expand sales and reduce large turnover was reduced at dealers of all sizes, but constocks of many items through special features, tie-in tinued to be somewhat more rapid at large and sales, mark-downs, and occasionally through some- multiple-unit outlets than among the small and what lower mark-ups. By December 31 retail in- medium-sized dealers. Inventories of household ventories had been reduced to 18.3 billion dollars, appliance stores at the end of 1951 were slightly only 0.5 billion over the total at the end of 1950. larger than at the end of the preceding year, and, At the end of 1951, retailers' merchandise orders when related to the reduced annual sales volume, for future delivery were substantially below those indicated a stock turnover of 3.3 times in 1951 as of a year earlier. compared with 3.7 times in 1950. The rate of turn- Inventory changes by trade lines varied sharply over was slower in 1951 at stores in each size group. from the 3 per cent increase shown by total retail At hardware stores and men's clothing stores, inventories during the year 1951. Increases for where inventories were up 8 per cent and 7 per automobile dealers, hardware, men's clothing, and cent, respectively, over the year-period, the turnover department stores ranged from 16 to 4 per cent, as rate continued to be about the same as in 1950— shown in Table 4. In the two lines reporting de- slightly less than three times a year. Women's apcreases in stocks—furniture stores and automobile parel stores, which normally carry smaller inventire and accessory stores—the changes were small tories relative to the dollar volume of sales than and did not alter the relationship with sales. men's clothing stores, reported no change in year- Automobile dealer stocks, although drawn down end inventories although sales volume expanded. in the third quarter of 1951 and held at the lower Inventory turnover, therefore, was somewhat faster level in the final three months, were 16 per cent in 1951 than a year earlier. As in other recent larger at the end of 1951 than a year earlier. A part years, the small stores generally reported a slower of this change was due to increases in ceiling prices rate of turnover than the larger outlets. JUNE 1952 649 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 Interest on Deposits ness days of any calendar month ending a regular quarterly or semiannual interest period at the Amendment to Regulation Q applicable maximum rate prescribed pursuant to The Board of Governors of the Federal Reserve subsection (a) calculated to the end of such System, effective July 1, 1952, has amended Regulacalendar month. tion Q, relating to interest on deposits, so as to change the provision with respect to the allowance Real Estate Credit of days of grace in the computation by member Amendment to Regulation X banks of interest on savings deposits. The Board of Governors of the Federal Reserve Under this amendment, a member bank will be System, with the concurrence of the Housing and permitted to allow a grace period of 10 business Home Finance Administrator, effective June 11, days at the beginning of any calendar month com- 1952, issued Amendment No. 10 to Regulation X mencing a regular quarterly or semiannual interest relating to real estate credit. period, a grace period of 5 business days at the be- The amendment permits more liberal credit terms ginning of any other calendar month, and a grace for conventionally financed 1- to 4-family housing period of 3 business days at the end of any calendar built after August 3, 1950, and the minimum down month ending a quarterly or semiannual interest payment requirements for multi-unit housing (resiperiod. The Federal Deposit Insurance Corporation dential structures containing more than 4-family has adopted an identical amendment, also effective units) have been revised downward. July 1, 1952, to its regulations relating to payment At the same time the Federal Housing Adminof interest on deposits by insured nonmember istration and the Veterans Administration were banks. authorized by the Housing and Home Finance The text of the amendment is as follows: Administrator to change their related regulations covering FHA-insured mortgages and VA-guaran- AMENDMENT TO REGULATION Q teed loans to bring them generally in line with Issued by the Board of Governors of the Federal Reserve the revised Regulation X. FHA and VA regula- System. tions apply to both old and new housing. A similar Regulation Q is hereby amended, effective July revision was authorized by the Housing and Home 1, 1952, by changing subsection (d) of section 3 Finance Administrator in the terms applicable to thereof to read as follows: farm housing loans made by the Farmers Home (d^) Grace periods in computing interest on sav- Administration. The schedule of down payments ings deposits.—A member bank may pay interest for VA-guaranteed mortgages was proportionately on a savings deposit received during its first 10 adjusted to maintain a preference for veterans as business days of any calendar month commencing required by the Defense Production Act. a regular quarterly or semiannual interest period The Board of Governors also announced two and during its first 5 business days of any other technical amendments to Regulation X. The first calendar month at the applicable maximum rate of these provides special assistance for tenants prescribed pursuant to subsection {a) of this sec- and home owners whose homes have been destroyed tion calculated from the first day of such calendar or damaged in areas where major disasters have ocmonth until such deposit is withdrawn or ceases curred, and the second provides for longer term to constitute a savings deposit under the provi- sale agreements where properties being purchased sions of this regulation, whichever shall first will not be occupied or used by prospective owners occur; and a member bank may pay interest on a until the financing terms comply with Regulasavings deposit withdrawn during its last 3 busi- tion X. 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The text of the amendment to Regulation X 4. In the Maximum Loan Value provision of is as follows: Schedule II of the Supplement delete the table and insert therefor the following: AMENDMENT . No. 10 TO REGULATION X If the "value per fam- The "maximum loan Issued by the Board of Governors of the Federal Reserve ily unit" is value per family unit" is System with the concurrence of the Housing and Home Finance Administrator. Not more than $7,000 90% of "value per fam- Regulation X is hereby amended in the following ily unit" respects, effective June 11, 1952: More than $7,000 but $6,300 plus 55% of not more than $10,000 "value per family unit" 1. In paragraph (e) of section 5 strike out the in excess of $7,000 words "real estate construction credit as to which" and insert therefor the following: More than $10,000 but $7,950 plus 54% of real estate construction credit (1) which is ex- not more than $15,000 "value per family unit" tended pursuant to a program established by in excess of $10,000 the Housing and Home Finance Adminis- More than $15,000 but $10,650 plus 50% of trator to relieve distress caused by flood, fire not more than $20,000 "value per family unit" or other similar disaster, or (2) as to which. in excess of $15,000 2. Add the following sentence at the end of More than $20,000 but $13,150 plus 37% of paragraph (f) of section 5: not more than $25,000 "value per family unit" in excess of $20,000 None of the provisions of this regulation shall Over $25,000 60% of "value per famapply to any contract to sell real property under ily unit" which the purchaser is not to receive title, and not to have any occupancy or other use of the Trust Powers of National Banks property, until the terms of the credit conform More Than One Trust Investment Committee to the applicable provisions of this regulation and the Supplement thereto in effect on the The Board recently considered an inquiry from date the contract was entered into. a national bank exercising trust powers relative to the propriety, under the provisions of section 6 of 3. In the Maximum Loan Value provision of Regulation F, of a proposal to create two or more Schedule I of the Supplement delete the table trust investment committees to share the work inand insert therefor the following: volved in discharging the investment administrative If the "value per fam- The "maximum loan functions required by subsection (c). The inquirily unit" is value per family unit" is ing bank stated that the volume of its trust business is so great that those administrative functions re- Not more than $7,000 95% of "value per famquired to be based upon collective judgment canily unit" not be efficiently or effectively discharged by one More than $7,000 but $6,300 (i.e., 90% of committee, and that committee activities relating to not more than $10,000 $7,000) plus 75% of exdistinct types of trust business, such as pension and cess of "value per family profit sharing trusts, might be separated with inunit" over $7,000 creased administrative effectiveness. More than $10,000 but $8,550 plus 55% of ex- The Board expressed the opinion that an allocanot more than $15,000 cess of "value per family tion of administrative functions among two or unit" over $10,000 more trust investment committees is not incon- More than $15,000 but $11,300 plus 45% of exsistent with the requirements, the intent or the not more than $21,000 cess of "value per family spirit of the applicable provisions of Regulation F unit" over $15,000 provided (1) the scope of responsibilities and func- More than $21,000 but $14,000 plus 25% of ex- tions of such trust investment committees does not not more than $25,000 cess of "value per family extend beyond that outlined in subsection (c), secunit" over $21,000 tion 6 of Regulation F and does not impinge upon Over $25,000 60% of "value per fam- the primary, directive responsibilities of the board ily unit" of directors; (2) all such trust investment commit- JUNE 1952 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT tees operate under clear policy directives from the functions. For example, it is not unusual for the board of directors; (3) effective measures are board of directors of a national bank to delegate adopted to promote coordination of activities of to the trust investment committee, subject to review such committees through liaison membership or by the board, authority for general supervision of otherwise; and (4) the actions of such trust invest- fiduciary activities (subsection (b) provisions) in ment committees are subject to review and control addition to the administrative functions described in by the board of directors. subsection (c). Under arrangements of this kind, In commenting on the considerations underlying of course, the creation of two or more trust investits views on this question, the Board noted that ment committees would run counter both to the subsection (£), section 6 of Regulation F centers purposes underlying the provisions of the regulation in the board of directors responsibility for the in- and to accepted organization practice which are vestment of trust funds, the disposition of trust directed toward a centralization and continuity of investments, the supervision of the trust depart- authority for policy determination and general sument and the determination of the policies of such pervision of administrative activities. department. Subsection (r), section 6 of Regula- On the other hand, considerations relating to the tion F sets forth the administrative functions of the volume or character of the trust business of a natrust investment committee, and also provides that tional bank, or the widely separated location of the this committee may have such additional duties banking offices at which such business is conducted, relating to the trust department as may be pre- frequently provide reason for creating more than scribed by the board of directors. The practices of one trust investment committee, each of which national banks have not been uniform with respect would be limited in the scope of its activities to to the creation of committees for discharge of the those administrative functions outlined in subresponsibilities and functions outlined in subsec- section (c), section 6 of Regulation F. It is in such tions (b) and (c), section 6 of Regulation F. Such cases, and where a distinct separation is maintained committees vary considerably in name, in composi- between directive and administrative responsibilition and in the scope and nature of their assigned ties, that this ruling is applicable. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings and Cashier, First National Bank of Rochester, Rochester, New Hampshire. The Federal Advisory Council held a meeting in Washington on May 18-20, 1952, and met with Change in Board's Staff the Board of Governors of the Federal Reserve Sys- Mr. G. R. Murff, who had been serving as an tem on May 20, 1952. Assistant Secretary of the Board of Governors since February 21, 1951, resigned effective May 31, 1952, Election of Class A Director to accept the position of General Auditor of the The Federal Reserve Bank of Boston on May Federal Reserve Bank of Dallas. Mr. Murff has 28, 1952, announced the election of Mr. Harold I. been associated with the Federal Reserve System Chandler, Vice President and Cashier, The Keene for 33 years, having joined the staff of the El Paso National Bank, Keene, New Hampshire, as a Branch of the Federal Reserve Bank of Dallas on Class A director of the Bank for the unexpired June 1, 1919. He was appointed an Assistant portion of the three-year term ending December Examiner with the Field Staff of Examiners of the 31, 1954, to succeed Mr. Russell H. Britton, de- Board of Governors on January 6, 1934, and beceased. Mr. Britton was Executive Vice President came Chief Field Examiner on November 8, 1949. 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 28 and released for publication May 30] Industrial production declined in April and May, and output of other nonferrous metals was genowing in part to labor disputes. Construction erally maintained. Reduced activity in the machinactivity was maintained at record levels. Following ery industries reflected in part curtailments in outsome further decline in April, average prices of put of television and appliances and also small basic commodities have changed little. Consumer declines in various industrial machinery lines. Pasprices increased in April as food prices advanced. senger auto assembly in April and May has been Seasonal influences led to further declines in bank at an annual rate of 4.8 million units, moderately loans to business in April and early May. above the level prevailing in the second half of last year. INDUSTRIAL PRODUCTION A further decrease in output of nondurable goods The Board's seasonally adjusted production in- in April reflected largely additional curtailments dex was 216 per cent of the 1935-39 average in in cotton and wool textile industries. Production April, as compared with 220 in March and 223 in and deliveries of rayon showed little change, how- April 1951. Some further decline is indicated in ever, following earlier sharp declines. Paper pro- May. Output of both durable and nondurable duction declined somewhat as producers cut back goods has decreased since March, owing in part to output of kraft papers, while paperboard output temporary work stoppages in the steel and petro- held fairly steady at a level about one-fifth below leum refining industries and in part to continued the early 1951 peak. Petroleum refining was reslackened demands by business and consumers. duced somewhat in April and in May was curtailed Government defense expenditures have continued sharply further by work stoppages affecting a large to expand. part of the industry. Durable goods production declined 2.5 per cent CONSTRUCTION in April, as steel output decreased 10 per cent and activity in the machinery industries was reduced Value of construction contracts awarded in April about 2 per cent. Steel production was again cur- increased substantially further to 1.6 billion doltailed in early May but subsequently increased to lars, one-fifth more than in March and one-sixth 102 per cent of rated capacity, and output for the greater than in April 1951. Value of new work put month will probably be up somewhat from April. in place was larger than during any other April, Primary aluminum production rose further in April EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS LIONS OF PERSONS SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1935-39 • 100 1949 1950 1951 1952 Bureau of Labor Statistics data adjusted for seasonal vari- 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 ation by Federal Reserve. Proprietors, self-employed persons Federal Reserve indexes. Monthly figures, latest shown are and domestic servants are not included. Midmonth figures, for April. latest shown are for April. JUNE 1952 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS partly reflecting increased construction costs. Non- prices of wool and hides recovered moderately from farm housing units started in April totaled 108,000 their sharply reduced levels. An increase in Canacompared with 98,000 in March and 96,000 in dian newsprint was announced, effective June 15. April 1951. Meanwhile, prices of burlap, cotton, and alcohol EMPLOYMENT declined, and lead and antimony were reduced 20 Employment in nonagricultural establishments per cent. Rubber prices abroad dropped further in April, seasonally adjusted, continued at 46.5 and the RFC announced a 20 per cent reduction in million. The average workweek at factories was its resale price. reduced to 40 hours, down about half an hour from The consumers' price index advanced .4 per cent March and below any month since May 1950. in April to within .2 per cent of the January 1952 Average hourly earnings were little changed at peak. Foods—chiefly fresh fruits and vegetables— fl.66. Unemployment declined about 200,000 to rose, and rents and other services continued to in- 1.6 million in early April, a level close to the post- crease, while apparel, housefurnishings, television war low and about 100,000 below a year ago. sets, and soap were reduced further. DISTRIBUTION MONEY AND CREDIT Seasonally adjusted total retail sales rose slightly The volume of bank credit outstanding showed in April as sales at automotive stores recovered to little change in April and the first half of May. about the advanced February rate. Department Business loans declined fairly substantially reflecting store sales decreased somewhat owing in part to further repayment of seasonal borrowing and some fairly marked further declines for household duraleveling-off of defense borrowing. The decline in ble goods. In the first half of May, sales of these business loans was about offset by a sharp rise in goods at department stores increased, reflecting in security loans, particularly to dealers in Governpart easing of credit terms after suspension of Regument securities. Bankholdings of United States lation W on May 7. Value of department store Government securities, which had declined in the stocks is estimated to have increased in April, but first quarter of the year, subsequently changed only at the end of the month stocks were 16 per cent slightly. below a year ago. The total money supply showed little further COMMODITY PRICES change in April and early May. Deposits of busi- Average prices of basic commodities changed nesses and individuals increased somewhat while little in May, following some further decline in United States Government deposits declined. The April. Hog and pork prices rose sharply early in turnover of demand deposits outside New York the month as marketings fell below a year ago, and City declined in April after having risen somewhat in both February and March. PRICES AND TRADE 1947-49 = 100 Bank reserve positions were moderately tight in April and the first part of May. Federal Reserve holdings of Government securities were reduced slightly, and since mid-April member bank borrowing has fluctuated around a fairly high level. SECURITY MARKETS Common stock prices rose moderately during the first three weeks. of May. Yields on high-grade corporate bonds increased slightly. Yields on shortterm Government securities increased somewhat, 100 while yields on longer term Government bonds declined earlier in the period and subsequently increased. Near the beginning of the period the 1948 1949 1950 1951 1952 1948 1949 f950 1951 1952 Seasonally adjusted series except for prices. Wholesale Treasury announced the offering of additional prices, Bureau of Labor Statistics indexes. Consumer prices, total retail sales, and disposable personal income. Federal amounts of nonmarketable 2% per cent Treasury Reserve indexes based, on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Fed- bonds of 1975-80 and revised the terms on savings eral Reserve indexes. Monthly figures, latest shown are for bonds to make them more attractive to investors. April. 654 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. 657-658 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates tinder Regulation V; terms under Regulation X 658-660 Federal Reserve Bank statistics 661-663 Guaranteed Regulation V loans 663 Deposits and reserves of member banks 663-664 Bank debits and deposit turnover; Postal Savings System 664 Money in circulation 665 Consolidated statement of the monetary system, deposits and currency 666 All banks in the United States, by classes 667-669 All insured commercial banks in the United States, by classes. 670-671 Weekly reporting member banks 672-674 Life insurance company commitments 674 Commercial paper, bankers' acceptances, and brokers' balances 675 Money rates; bank rates on business loans; bond yields 676 Security prices and new issues 677-678 Corporate sales, profits, and dividends 678-680 Treasury finance 681-683 Government corporations and credit agencies 534 Business indexes 685-694 Department store statistics 695-698 Consumers' prices 698 Wholesale prices 699 Gross national product, national income, and personal income. 700-701 Consumer credit statistics 702-704 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. JUNE 1952 655 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 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 FEDERAL RESERVE CREDIT HOLDINGS OF U S GOVERNMENT SECURITIES - TOTAL RESERVE FLOAT IT. 7T7.ll . 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for May 28. See page 657. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S. Government T u re r a y s- Treas- u T r r y e a d s e - - O F t e h d e - r securities Money posits Non- eral Date or period c v o D a a a n u n d i c n s d - - e ts s Total Bonds c c B e a r i t t l e i l f s s i , , - ot A h l e l r1 Total s G to o c ld k s r t o e i a n u n n c g t d - y - in c t u io l c a n ir - - h c i u o n a r l g s y d h s - F B e s w R e d a r i e n e t v r h - k e a s l b p m e o r e s m d it e s - - c s o R e a u r c e v n - - e ts Total qu R ir e e - d2 c IZ ;s x s2 and notes Wednesday figures: 1951—Apr. 4.. 126 22,914 6,288 16,626 773 23,81321,806 4,640 27,138 1,304 711 L.213 75319,141 18,495 646 Apr. 11. . 92 23,086 6,498 16,588 717 23,895 21,806 4,640 27,166 1,287 411 ,190 75319,533 18,546 987 Apr. 18.. 114 23,086 6,544 16,542 1,034 24,234 21,807 4,640 27,157 1,293 621 L.184 75219,674 18,558 1,116 Apr. 25.. 149 22,940 6,570 16,370 700 23,789 21,807 4,641 27,122 1,296 678 ,212 75319,176 18,482 694 May 2.. 264 22,716 6,570 16,146 744 23,724 21,755 4,643 27,255 1,294 707 ,226 69718,942 18,486 456 May 9.. 422 22,544 6,618 15,926 740 23,70621,755 4,643 27,315 1,298 767 ,195 69618,833 18,270 563 May 16.. 542 22,397 6,644 15,753 974 23,913 21,755 4,643 27,287 1,297 745 ,214 69519,072 18,306 766 May 23.. 226 22,413 6,713 15,700 772 23,41121,755 4,642 27,251 1,290 765 ,201 69618,606 18,315 291 May 30.. 540 22,293 6,719 15,574 564 23,396 21,755 4,642 27,461 1,294 620 ,217 69318,508 18,202 306 June 6.. 128 22,653 6,869 15,784 765 23,546 21,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 863 June 13.. 179 22,758 6,936 15,822 846 23,78321,756 4,647 27,499 1,289 129 L.095 68619,487 18,417 1,070 June 20.. 165 22,806 6,736 16,070 1,178 24,15021,755 4,648 27,479 1,285 433 1,099 77419,482 18,642 840 June 27.. 220 22,843 6,809 16,034 852 23,91621,755 4,650 27,601 1,286 418 1,139 775 19,102 18,564 538 July 3.. 181 22,977 6,822 16,155 812 23,970 21,756 4,654 27,948 1,287 179 1,014 764 19,189 18,556 633 July 11.. 236 23,092 5,822 17,270 938 24,267 21,757 4,656 27,893 1,296 253 1,107 768 19,364 18,459 905 July 18.. 300 23,081 5,822 17,259 1,223 24,60521,758 4,656 27,781 1,296 612 L ,183 766 19,380 18,465 915 July 25.. 78 23,057 5,822 17,235 928 24,06321,759 4,658 27,706 1,305 424 L ,191 767 19,088 18,440 648 Aug. 1.. 408 23,081 5,822 17,259 794 24,282 21,759 4,663 27,842 1,308 557 L ,175 722 19,099 18,430 669 Aug. 8.. 200 23,118 5,822 17,296 727 24,046 21,759 4,665 27,904 1,298 203 L.016 720 19,328 18,441 887 Aug. 15.. 242 23,151 5,822 17,329 967 24,360 21,800 4,666 27,925 1,288 495 L ,113 719 19,285 18,468 817 Aug. 22.. 214 23,084 5,822 17,262 877 24,175 21,800 4,667 27,932 1,292 434 1,096 718 19,172 18,517 655 Aug. 29.. 278 23,066 5,822 17,244 657 24,001 21,800 4,668 28,034 1,291 557 999 717 18,871 18,485 386 Sept. 5.. 243 23,079 5,822 17,257 684 24,006 21,854 4,672 28,262 1,299 408 1,022 714 18,825 18,406 419 Sept. 12.. 325 23,108 5,822 17,286 951 24,384 21,853 4,673 28,216 1,294 474 1,047 713 19,167 18,555 612 Sept. 19.. 359 23,135 5,822 17,313 1,289 24,78321,934 4,674 28,140 1,285 477 923 730 19,835 18,864 971 Sept. 26.. 216 23,474 5,822 17,652 988 24,677 22,013 4,676 28,137 1,288 816 1,024 731 19,369 18,837 532 Oct. 3.. 69 24,039 5,825 18,214 922 25,03022,015 4,680 28,320 1,284 397 966 753 20,004 18,843 1,161 Oct. 10.. 79 24,072 5,825 18,247 875 25,02522,055 4,680 28,448 1,286 335 1,002 750 19,939 18,868 1,071 Oct. 17.. 69 23,848 5,325 18,523 1,200 25,117 22,105 4,681 28,385 1,296 326 975 851 20,068 18,950 1,118 Oct. 24.. 152 23,666 5,325 18,341 1,024 24,84122,144 4,683 28,301 1,291 509 886 850 19,833 19,144 689 Oct. 31.. 186 23,552 5,325 18,227 690 24,427 22,234 4,686 28,410 1,288 493 818 780 19,557 19,060 497 Nov. 7.. 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 1,291 452 843 778 19,667 18,988 679 Nov. 14. . 274 23,397 5,325 18,072 930 24,602 22,283 4,688 28,601 1,284 245 815 776 19,850 18,976 874 Nov. 21. . 227 23,275 5,334 17,941 1,243 24,74522,333 4,689 28,701 1,285 364 800 774 19,843 19,211 632 Nov.28. . 483 23,239 5,334 17,905 957 24,67922,332 4,693 28,742 1,288 548 750 774 19,603 19,229 374 Dec. 5. . 959 23,239 5,357 17,882 883 25,08122,381 4,699 28,891 1,292 501 787 770 19,919 19,196 725 Dec. 12. . 710 23,239 5,376 17,863 1,031 24,98022,382 4,700 29,037 1,284 266 740 770 19,964 19,317 647 Dec. 19. . 449 23,239 5,334 17,9052,057 25,74522,491 4,703 29,263 1,269 6 776 827 20,798 19,767 1,031 Dec. 26. . 79723,503 5,342 18,161 1,276 25,57622,621 4,704 29,403 1,289 289 880 832 20,208 19,637 571 1952—Jan. 2.. 10523,658 5,344 18,314 1,062 24,825 22,697 4,706 29,143 1,275 8 694 745 20,364 19,685 679 Jan. 9.. 198 23,452 5,344 18,108 904 24,554 22,772 4,707 28,800 1,280 69 771 743 20,369 19,551 818 Jan. 16.. 135 23,119 5,344 17,775 1,118 24,372 22,822 4,710 .28 ,526 1,291 138 719 744 20,488 19,590 898 Jan. 23.. 112 22,993 5,344 17,649 1,010 24,11622,872 4,711 28,342 1,280 11 663 743 20,660 19,573 1,087 Jan. 30.. 210 22,785 5,344 17,441 711 23,707 22,931 4,716 28,347 1,302 221 729 742 20,013 19,455 558 Feb. 6. . 283 22,614 5,344 17,270 759 23,65622,990 4,717 28,378 1,317 52 728 741 20,148 19,415 733 Feb. 13.. 619 22,499 5,344 17,155 634 23,75323,011 4,717 28,425 1,276 261 685 741 20,094 19,304 790 Feb. 20.. 454 22,400 5,471 16,929 1,033 23,887 23,071 4,721 28,387 1,308 491 749 738 20,007 19,293 714 Feb. 27.. 422 22,555 5,636 16,919 773 23,75023,110 4,722 28,390 1,308 712 730 735 19,710 19,224 486 Mar. 5.. 384 22,514 5,636 16,878 986 23,88323,290 4,726 28,464 1,296 670 895 787 19,787 19,166 621 Mar. 12. . 357 22,530 5,636 16,894 891 23,77823,291 4,726 28,452 1,296 639 841 785 19,781 19,182 599 Mar. 19. . 126 22,825 5,636 17,189 1,265 24,21623,292 4,729 28,361 1,285 6 742 803 21,038 19,627 1,411 Mar, 26. . 170 22,528 5,636 16,892 715 23,41323,291 4,731 28,329 1,282 7 736 804 20,276 19,500 776 Apr. 2. . 130 22,514 5,636 16,878 766 23,40923,291 4,736 28,445 1,281 295 776 827 19,812 19,166 646 Apr. 9. . 167 22,494 5,636 16,858 731 23,39323,293 4,736 28,526 1,273 381 763 827 19,652 19,076 576 Apr. 16. . 622 22,467 5,136 17,331 1,020 24,109 23,293 4,737 28,436 1,288 520 853 825 20,218 19,225 993 Apr. 23. . 830 22,372 5,136 17,236 771 23,97323,295 4,738 28,333 1,287 877 809 824 19,875 19,087 788 Apr. 30. . 676 22,363 5,136 17,227 593 23,632 23,297 4,739 28,460 1,284 450 784 749 19,940 19,143 797 May 7. . 1,043 22,329 5,136 17,193 695 24,067 23,297 4,739 28,523 1,286 749 762 747 20,034 19,071 963 May 14. . 671 22,315 5,136 17,179 779 23,764 23,297 4,739 28,497 1,293 516 796 745 19,953 19,092 861 May 21.. 499 22,283 5,136 17,147 1,013 23,79423,298 4,739 28,483 1,279 384 813 745 20,127 P19 ,186 P941 May 28. . 816 22,273 5,136 17,137 653 23,742 23,296 4,741 28,710 1,286 558 813 745 19,667 P19 ,228 P439 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JUNE 1952 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co a D a a n u n i d s c n d - - e ts s T U o . t a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e l i t s f s i , , - ot A h l e l r1 Total s G to o c ld k s T r o e t u i r a n n u e r n g y c t a - d y s - - M i c n t u o i o l c n a n i e r - y - T h c i r o n a e l g s a d h s s - - F u T B p e s w r R e o r d y a e r i s n e e v t a d i - r h k t e s a e s s - l - b p m N e o r e o s m d n it 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 es x s - 2 and notes End of period: 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 1,998 441 1 557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30... 7 2,484 1 351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445 209 1941—Dec. 31... 3 2,254 1 467 787 104 2,361 22,737 3,247 11,160 2,215 867 1 360 291 12,450 9.3653 085 1945—Dec. 31. .. 249 24,262 947 23 315 580 25,091 20,065 4,339 28t515 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 ! 947—Dec.31 . 85 22,559 2 853 19 70f 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1 499 t948—Dec. 31 . 223 23,333 10 977 12 356 542 24,097 24,244 4,589 28,224 1,325 1.123 1 189 59C 20,479 19,277 1 202 1949—Tune 30... 103 19,343 7 780 11 563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7 218 11 667 536 19,49Q 24,427 4.598 27.60C 1,312 821 1 517 706 16.568 15,550 1 018 1950— June 30... 43 18,331 5 618 12 713 329 18,703 24,231 4,607 27,156 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 L,293 668 1 460 714 17,681 16,509 1 172 1951—May 529 22,509 6 803 15 706 443 23,481 21,755 4,646 27,519 1,293 666 1 179 69C 18,536 18,206 330 June 53 22,982 6 822 16 160 1,007 24,043 21,756 4,655 27,809 1,281 317 1 262 765 19,020 18,604 416 July 277 23,078 5 822 17 256 679 24,033 21,759 4,666 27.851 1,302 584 1 159 700 18,863 18,396 467 Aug. 552 23,127 5 822 17 305 630 24,309 21,854 4,673 28,155 1,287 459 1 038 716 19,181 18,464 717 Seot. 190 23,734 5 822 17 912 1,134 25,058 22,013 4,681 28,288 1,285 936 1 127 727 19,391 18,822 569 Oct.. 186 23,552 5 325 18 227 690 24,427 22,233 4,688 28,417 1,283 493 818 780 19,557 19,060 497 Nov. 624 23,239 5 334 17 905 871 24,734 22,382 4.700 28,809 1,288 481 794 772 19.670 19,180 490 Dec. 19 23,801 5 344 18 457 1,189 25,009 22,695 4,709 29,206 1,270 247 889 746 20,056 19,667 380 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 1,287 558 796 733 19,982 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 5,13617 227 593 23,632 23,298 4,739 28,464 1,281 450 784 749 19,940 19.143 797 May 952 22,273 5,136 17 137 927 24,152 P23 ,296 P4 ,746P28,760 V1,280 541 1 094 743 19,778 P19,191 P587 Averages of daily figures: 1951—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 6,488 16 487 847 23,983 21,806 4,640 27,179 1,292 632 1,252 750 19,324 18,491 833 May 438 22,438 6,65415 784 811 23,686 21,757 4,643 27,324 1,291 640 1,243 696 18,892 18,302 590 1952—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 19,127 650 May 573 22,308 5,136 17 172 823 23,704 23,297 4,740 28,557 1,281 553 838 745 19,767 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 Effective date deposits S O P a o t v h s i t e n a r l g d s S e a d p v e o 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 : of change C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r In 6 months or more In 90 days to 6 months. . . In less than 90 days 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 71/ 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 1 15 2 7 May 5 24 21 8 7 June 30 20 36 July 1. MARGIN REQUIREMENTS * Aug. 1 13 [Per cent of market value] A A u u g g . . 1 1 6 1 23y2 19H 2 3 5 5 Aug. 18 23 19 Feb. 1, Mar. 30 Effec- Aug. 25 Prescribed in accordance with 1947- 1949- tive Sept. 1 22 18 2 Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, 1951—Jan. 11 23 19 '6 1949 1951 1951 Jan. 16 '"l3 26 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect June 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 50 (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 1 Regulations T and 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 4 Present legal minimum and maximum requirements on net demand "margin requirements" shown in this table are the difference between deposits—central reserve cities, 13 and 26 per cent; reserve cities, the market value (100%) and the maximum loan value. 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, deposits at all member banks, 3 and 6 per cent, respectively. and BULLETIN for March 1946, p. 295, and February 1947, p. 162. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning— rate May 31 beginning— rate May 31 beginning— rate Boston Aug.21, 1950 Aug. 21,1950 Jan.14, 1948 2 New York.... Aug.21, 1950 Aug. 21,1950 2 Oct.30, 1942 Philadelphia. . Aug.25, 1950 Aug. 25,1950 Aug.23, 1948 h Cleveland Aug.25, 1950 Aug. 25.1950 Aug.25, 1950 Richmond Aug.25, 1950 Aug. 25,1950 Oct. 28, 1942 Atlanta Aug.24, 1950 Aug. 24,1950 fi Aug.24, 1950 Chicago Aug.25, 1950 Aug. 25,1950 Aug.13, 1948 St. Louis Aug.23, 1950 Aug. 23,1950 2j| Jan. 12, 1948 2 Minneapolis. . Aug.22, 1950 Aug. 22.1950 2% Aug.23, 1948 2H Kansas City.. Aug.25, 1950 Aug. 25,1950 Jan. 19, 1948 Dallas. Aug.25, 1950 Aug. 25,1950 Feb. 14, 1948 2 San Francisco Aug.24, 1950 Aug. 24,1950 2 Oct.28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. * 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 10(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 M a a t y e 3 o 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous Maturities not exceeding five years [In effect May 31. Per cent per annum] 1- 90 days Dec. 18. 1951 1M 91-120 days 2 Dec. 18. 1951 IK 121-180 days 2ys Dec. 18. 1951 To industrial or commercial To financing institutions NOTE.—Effective minimum buying rates at the Federal Reserve businesses Bank of New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Federal On discounts or Back figures.—See Banking and Monetary Statistics, Table 117, pp. Reserve purchases 443-445. Bank On On On commit- Portion commit loans J ments for which Re- menta ?EES AND RATES ESTABLISHED UNDER REGULATION V institu- maining ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect May 31] Boston.. . X-IX Fees Payable to Guaranteeing Agent y by Financing Institution on New York. 234-5 Guaranteed Portion of Loan Philadelphia Cleveland Richmond Guarantee fee Percentage of Atlanta. Percentage of (percentage of any commitment Chicago. 2^-5 loan guaranteed interest payable fee charged St. Louis by borrower) borrower Minneapolis Kansas City Dallas 70 or less 10 10 San Francisco. 75 15 15 80 20 20 85 25 25 1 Including loans made in participation with financing institutions. 90 30 30 2 Rate charged borrower less commitment rate. 95 35 35 3 Rate charged borrower Over 95 40-50 40-50 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of M Per cent per annum is made on undisbursed portion Maximum Rates Financing Institutions May Charge Borrowers of loan. [Per cent per annum] Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. Interest rate, 5 Commitment rate. X JUNE 1952 659 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 Va p l e u r e f o a r m s i a ly le s u n p i r t ice M re u si l d ti e - n u c n e i s t No p n ro re p s e i r d ti e e n s t i 1 al Regulation X and FHA VA (Reg. X and FHA) (Regulation X) Maximum loan per family unit 2 Maximum loan (in per cent of value unless otherwisespecified) per property Not more than $7,000 95 100 per cent 90 of sales price (closing costs to be paid in cash) $7,001-$10,000. . $6,300 plus 75 per cent $6,720 plus 90 per cent $6,300 plus 55 per cent of excess over $7,000 of sales price over $7,000, of excess over $7,000 (95-86) plus total amount (90-80) of closing costs (96-94 per cent of sales price3) $10,001-$12,000... $9,420 plus 84 per cent $8,550 plus 55 per cent of sales price over $10,000, of excess (8 o 6 v - e 7 r 5 $ ) 10,000 o o p (9 f f lu 4 s c s - a l 9 o l t 3 e o s s i t n p a g p l e r r i a c c c m o e e s 3 o n ) ts u t nt o $ f 7 ,9 e 5 x 0 c e p ss lu ( s 8 o 0 v 5 - e 4 7 r 1 p $ ) e 1 r 0 , c 0 e 0 n 0 t $12,OO1-$15,OOO. .. $11,100 plus 45 per cent of (1) sales price over $12,000 and (2) closing costs (93-81 per cent of sales price plus closing costs) | 50 per cent of value $15,001-$16,000. . $10,650 plus 50 per cent of excess over $15,000 $16,001-$20,000... (71-66) $11,300 plus 45 per cent of excess over $15,000 $12,900 plus 43 per cent (75-67) of (1) sales price over 1 $16,000 and (2) closing costs (81-72 per cent of sales $2O,OOl-$21,000... price plus closing costs) $13,150 plus 37 per cent of excess over $20,000 $21,OO1-$25,OOO. . . $14,000 plus 25 per cent $15,050 plus 30 per cent (66-60) of excess over $21,000 of (1) sales price over (67-60) $21,000 and (2) closing costs (72-65 per cent of sales price plus closing costs) Over $25,000. . 60 65 60 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 4 4 2 2 0 5 None specified } Amortization requirements Minimum annual reduction of 5 per cent of original loan None specified under Reg- Liquidation of loan by All values u er n t t y i l v a a m lu o e u n at t o ti u m ts e t a t n he d in lo g a n is w 5 a 0 s p m er a d c e e n o t r o l r i q le u s i s d a o t f i o p n r o o p f - u m l e a n ti t o s n s a X tis ; fa p c e to ri r o y d t i o c C p o a m y- - s m ta a n tu ti r a i l t l y y e t q h u ro a u l g p h e ri s o u d b ic loan by maturity through substantially equal periodic missioner on FHA loans payments or payments payments or payments of principal of principal Effective date June 11, 1952 & June 11, 1952 s June 11, 1952 s 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 These percentages should be increased by the percentage that closing costs are of sales price. 4 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years. s For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510. 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. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1952 1952 1951 May 28 May 21 May 14 May 7 Apr. 30 May April May Assets Gold certificates 21,426,25421,418,250 1,410,25421,412,24921,412,25321,426,25221,412,25319,878,903 Redemption fund for F. R. notes. 677,135 688,411 688,836 689,550 693,428 677,137 693,428 628,764 Total gold certificate reserves... 22,103,38922,106,66122,099,090 22,101,79922,105,68122,103,389 22,105,68120,507,667 Other cash 314,165 337,453 339,101 348,735 363,292 324,123 363,292 298,842 Discounts and advances: For member banks 815,306 497,606 669,620 1,019,885 653,260 951,116 653,260 528,754 For nonmember banks, etc 1,000 1,000 1,000 23,000 23,000 1,000 23,000 U In . d S u . s t G ri o a v l e l r o n a m ns ent securities: 5,069 5,276 5,210 5,114 5,158 5,176 5,158 Bills 82,000 50,000 82,000 654,820 Certificates: Special Other 11,486,80611,528,80611,611 30611,625,30611,659 11,486,80611,659,306 Notes 5,568,073 5,568,073 5,568073 5,568,073 5,568. 5,568,073 5,568,07315051,113 Bonds 5,135,823 5,135 823 5,135 823 5,135,823 5,135, 5,135,823 5,135,823 803,479 Total U. S. Government securities. 22,272,70222,282,702 22,315,202 22,329,202 22,363,20222,272,70222,363,20222,509,412 Total loans and securities 23,094,077 22,786,584 22,991,032 23,377,201 23,044,62023,229,994 23,044,620 23,043,354 Due from foreign banks 28 28 28 28 28 28 28 38 F. R. notes of other Banks. 138,929 155,227 146,072 140,189 155,067 142,456 155,067 114,847 Uncollected cash items 3,292,582 3,958,153 3,985,952 3,265,986 3,326,466 3,497,186 3,326,466 ,959,221 Bank premises 44,740 44,832 44,829 44,639 44,649 44,745 44,649 41,047 Other assets 203,681 195,835 189,326 180,773 173,052 207,011 173,052 208,952 Total assets 49,191,591 49,584,773 49,795,430 49,459,350 49,212,855 49,548,932 49,212,855 47,173,968 Liabilities Federal Reserve notes 24,515,784 24,324,333 24,338,10124,364,03424,332,27624,567,30224,332,27623,331,677 Deposits: Member bank—reserve accounts 19,667,15520,126,52219,952,86120,034. 19,940,26619,777,67919,940,26618,535,791 U. S. Treasurer—general account. . . 558,130 384,313 515,862 749, 450,418 540,536 450,418 665,888 Foreign 597,032 572,247 539,480 497, 518,184 598,771 518,184 874,339 Other 215,857 241,181 257,016 265, 266,349 494,738 266,349 305,239 Total deposits. 21,038,17421,324,263 21,265,219 21,546,31521,175,21721,411,72421,175,21720,381,257 Deferred availability cash items 2,644,226 2,950,478 3,212,550 2,576 ,738,727 2,574,929 2,738,727 2,521,370 Other liabilities and accrued dividends 18,969 17,540 17,730 17 17,330 17,699 17,330 15,973 Total liabilities. 48,217,153 48,616,614 48,833,600 48,503,842 48,263,550 48,571,65448,263,550 46,250,277 Capital Accounts Capital paid in 243,541 243,372 243,034 242,995 242,928 243,549 242,928 228,984 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 165,012 158,902 152,911 146,628 140,492 167,844 140,492 157,142 Total liabilities and capital accounts. 49,191,591 49,584,773 49,795,430 49,459,350 49,212,855 49,548,932 49,212,855 47,173,968 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 48.5 48.4 48.5 48.1 48.6 48.1 48.6 Contingent liability on acceptances purchased for foreign correspondents 8,045 8,091 8,104 8,120 8,118 8,085 8,118 30,344 Industrial loan commitments 6,150 6,206 6,379 6,473 6,536 6,082 6,536 3,643 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances—total 816,306 498,606 670,620 ,042,885 676,260 952,116 676,260 528,754 Within 15 days 763,058 449,628 629,457 977,109 608,874 897,618 608,874 507,140 16 days to 90 days 53,248 48,978 41,163 65,776 67,386 54,498 67,386 21,452 91 days to 1 year 162 Industrial loans—total 5,069 5,276 5,210 5,114 5,158 5,176 5,158 5,188 Within 15 days 847 1,008 876 868 865 882 865 190 16 days to 90 days 649 643 870 870 786 666 786 551 91 days to 1 year 2,301 2,351 2,259 2,123 2,277 2,358 2,277 3,085 Over 1 year to 5 years 1,272 1,274 1,205 1,253 1,230 1,270 1,230 1,362 U. S. Government securities—total.. 22,272,702 22,282,702 22,315,202 22,329,202 22,363,202 22,272,702 22,363,202 ,509,412 Within 15 days 226,626 16 to 90 days 498,856 466,856 416,856 416,856 441,856 498,856 441,856 ,298,040 91 days to 1 year ,690,175 12,732,175 12,814,675 12,828,675 ,837,675 12,690,175 ,837,675 ,532,919 Over 1 year to 5 years ,941,352 ,941,352 ,941,352 5,941,352 ,941,352 5,941,352 ,941,352 ,436,766 Over 5 years to 10 years ,013,614 ,013,614 ,013,614 1,013,614 ,013,614 1,013,614 ,013,614 ,031,904 Over 10 years ,128,705 ,128,705 ,128,705 2,128,705 ,128,705 2,128,705 ,128,705 ,983,157 Federal Reserve Notes—Federal Reserve Agents' Accounts F, R. notes outstanding (issued to Bank).. 25,383,960 25,271,11725,286,786 25,214,29325,259,528 25,411,508 25,259,528 24,225,793 Collateral held against notes outstanding: Gold certificates 13,099,00012,999,000 13,049,000 13,049,000 12,749,000 13,099,000 12,749,000 12,244,000 Eligible paper 596,322 377,607 441,456 717,251 505,472 736,257 505,472 435,767 U. S. Government securities 13,175,00013,275,00013,275,000 13,275,000 13,625,000 13,175,000 13,625,000 12,680,000 Total collateral. 26,870,32226,651,607 26,765,456 27,041,251 26,879,472 27,010,257 26,879,472 25,359,767 1 Callable U. S. Government securities classified according to nearest call date. JUNE 1952 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.21,426,252 707,523 6,663,0301,226,4291,444,228 920,899 856,1544,485,308 600,959 366,627 860,490 680,7242,613,831 for F. R. notes. 677,137 60,593 69,360 54,140 78,746 63,204 47,828 104,512 48,413 24,653 36,411 27,496 61,781 Total gold certificate reserves. . 22,103,389 768,116 6,732,3901,280,5691,522,974 984,103 903,9824,589,820 649,372 391,280 896,901 708,2202,675,662 Other cash 324,123 23,512 57,042 20,344 27,944 21,527 33,383 59,986 17,271 5,988 12,397 10,973 33,756 advances: 952,116 26,248 325,852 22,648 68,742 47,711 48,243 58,374 19,371 11,816 97,680 16,738 208,693 Secured by U. S. Govt. securities. . . 950,812 26,150 325,550 22,570 68,650 47,660 48,200 58,235 19,333 11,790 97,374 16,700 208,600 Other 1,304 98 302 78 92 51 43 139 38 26 306 38 93 Industrial loans.. 5,176 4,107 104 838 123 4 U. S. Govt. securities 22,272,702 1,580,271 5,143,1011,399,8842,223,350 1,505,3671,289,1223,185,2411,207,158 708,962 975,0101,020,8922,034,344 Total loans and securities 23 229,994 1,606,519 5,468,9531,426,6392,292,092 1,553,1821,338,2033,243,6151,226,529 720,9011,072,6901,037,6342,243,037 Due from foreign banks 28 2 *8 2 3 1 1 4 1 1 1 1 3 F. R. notes of other Banks. 142,456 3,118 17,966 8,918 6,964 30,779 21,373 14,221 6,739 4,668 5,383 6,051 16,276 Uncollected cash items 3,497,186 275,610 601,121 204,283 303,840 358,826 268,264 578,262 159,220 97,179 186,046 176,962 287,573 Bank premises... 44,745 994 7,673 2,826 4,759 4,476 3,425 6,527 3,169 1,070 2,394 643 6,789 Other assets 207,011 16,260 46,731 12,883 20,858 14,094 12,201 29,113 10,955 6,437 9,207 9,475 18,797 Total assets 49,548,932 2,694,131 12,931,8842,956,4644,179,4342,966,9882,580,832 8,521,5482,073,256 1,227,5242,185,019 1,949,9595,281,893 Liabilities F. R. notes 24,567,302 1,507,154 5,473,5391,733,7862,243,470 1,695,8271,334,3144,676,377 1,130,497 624,431 969,244 694,9902,483,673 Deposits: Member bk.— reserve accts. 19,777,679 832,015 6,296,283 905,107 1,500,068 838,081 874,1983,121,894 692,439 450,635 944,476 975,3382,347,145 U. S. Treas.— gen. acct.. .. 540,536 28,791 84,352 37,288 55,050 39,989 34,745 83,462 43,332 28,723 47,975 28,174 28,655 Foreign 598,771 36,592 2 186,795 46,036 54,298 30,100 25,379 82,038 22,428 15,345 22,428 22,428 54,904 Other.. 494,738 5,113 154,232 1,410 4,081 65,153 92,545 4,110 38,815 5,778 21,271 58,227 44,003 Total deposits.. . 21,411,724 902,511 6,721,662 989,8411,613,497 973,323 1,026,8673,291,504 797,014 500,481 1,036,1501,084,1672,474,707 Deferred avail. cash items.... 2,574,929 221,185 452,026 157,182 229,289 244,527 174,225 415,392 104,801 75,329 139,786 130,477 230,710 Other liab. and accrued div 17,699 1,140 4,798 1,029 2,148 885 842 2,533 780 523 701 723 1,597 Total liabilities 48 571 654 2,631,990 12,652,0252,881,8384,088,4042,914,562 2,536,2488,385,8062,033,092 1,200,7642,145,881 1,910,3575,190,687 Capital Accts. Capital paid in. . 243,549 13,146 7:,C15 16,978 23,343 10,617 10,017 31,423 8,508 5,458 9,228 11,835 26,181 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.. 167,844 11,792 35,982 11,666 16,033 11,435 9,934 23,289 9,347 6,166 8,406 8,250 15,544 Total liabilities and cap. accts. 49,548,932 2,694,131 12,931,8842,956,4644,179,4342,966,9882,580,8328,521,5482,073,256 1,227,5242,185,019 1,949,9595,281,893 Reserve ratio.... 48.1% 31.9% 55.2% 47.0% 39.5% 36.9% 38.3% 57.6% 33.7% 34.8% 44.7% 39.8% 54.0% Cont. liab. on accept, purch.— foreign corresp. 8,085 499 3 2,469 628 740 410 346 1,118 306 209 306 306 748 Industrial loan commitments.. 6,082 1,516 915 61 2,372 810 408 Federal Reserve Notes—Federal Reserve Agents* Accounts F. R. notes outstanding (issued to Bank) 25,411,508 1,559,775 5,679,8241,777,6552,313,627 1,783,6241,391,3524,752,977 1,170,499 636,174 994,288 726,2432,625,470 Collateral held: Gold certificates 13,099,000 400,000 4,470,000 750,000 810,000 580,000 485,0002,870,000 270,000 165,000 280,000 219,000 1,800,000 Eligible paper.. 736,257 26,186 304,275 22,570 45,960 19,333 11,790 97,543 208,600 U. S. Govt. sec. 13,175,000 1,300,000 1,300,0001,100,0001,'5*75,0001,300,000 ' 950,0001,900,000 950,000 505,000 750,000 545,000 1,000,000 Total collateral.. 27,010,257 1,726,186 6,074,2751,872,5702,385,000 1,925,9601,435,000 4,770,0001,239,333 681,790 1,127,543 764,000 3,008,600 1 After deducting $20,000 participations of other Federal Reserve Banks. 2 After deducting $411,960,000 participations of other Federal Reserve Banks. 3 After deducting $5,616,000 participations of other Federal Reserve Banks. 662 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 Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p P f a a f t r i i t n o i a c n n i s - c- E [ X A E m C ou U n T ts I V in E th O ou R s D an E d R s o N f O d . ol 1 la 0 r 1 s 6 ] 1 Wednesday to UctLC but not out- ments ing instio o r f la p s e t r i d o a d y ) pl c e o t m ed - i 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 N b u e m r - Amount (amount) (amount) s ( t a a m n o d u in n g t) 3 au t t o h o d r a iz te ed outs lo ta a n n d s ing av a a m ila o b u l n e t to Date borrowers under guar- 1 19 9 4 4 5 4 . 3 3, , 5 4 1 8 1 9 5 5 2 4 5 4 , , 5 9 3 6 2 1 1,2 3 9 2 5 0 3 1, , 9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1 , ,0 7 8 0 6 5 N b u e m r - Amount a T m o o t u a n l t g P u o a r r ti a o n n - ante m e e n ag ts ree- 1946 3,542 565,913 4,577 554 8,309 2 670 teed outstanding 1947 3,574 586,726 945 1,387 7,434 4,'869 1948 3,607 615,653 335 995 1,643 1,990 1949. 3,649 629,326 539 2,178 2,288 2,947 1950 1950 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 Apr. 30... 3,717 664,473 4,925 4,845 2,595 5,331 May 31. .. 3,721 667,988 3,578 5,255 3,643 5,999 1951 June 30... 3,724 671,432 3,221 5,762 3,740 6,199 July 31 ... 3,727 678,477 6,730 5,801 3,767 6,115 Jan. 31. .. 119 109,433 23,778 19,837 13,748 Aug. 31 ... 3,731 691,536 12,197 5,750 6,050 7,860 Feb. 28... 161 122,541 44,250 36,537 33,840 Sept. 30. .. 3,732 695,178 4,394 5,062 6,478 11,420 Mar. 31. .. 254 300,955 68,833 56,973 47,822 Oct. 31 ... 3,734 700,040 2,943 4,447 7,151 11,990 Apr. 30. .. 328 421,267 126,080 106,053 185,001 Nov. 30. .. 3,736 706,215 3,073 4,505 6,361 12,064 May 31. .. 402 514,626 183,610 151,858 205,629 Dec. 31. .. 3,736 710,931 3,513 4,687 6,036 11,985 June 30. .. 484 654,893 252,100 209,465 276,702 July 31.. . 568 828,584 325,299 267,715 349,905 1952 Aug. 31. .. 658 1,052,337 405,043 332,618 384,852 Sept. 30... 729 1,154,942 492,167 400,652 450,013 Jan. 31 ... 3,738 716,210 832 4,621 7,125 12,018 Oct. 31.. . 776 1,218,988 556,839 454,789 495,512 Feb. 29. .. 3,741 721,144 772 4,957 6,845 10,307 Nov. 30. .. 815 1,302,342 615,812 502,524 476,699 Mar. 31 ... 3,741 725,787 108 5,296 6,467 10,474 Dec. 31... 854 1,395,444 675,459 546,597 472,827 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 1952 1 Includes applications approved conditionally by the Federal Re- Jan. 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 con- Apr. 30.. . 998 1,727,729 838,073 672,678 595,098 dition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or 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] II 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 R e 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 e R a i r n e t v y - k e s C ba t o r n u y k n s - York cago York cago First half of April 1952 Second half of April 1952 Gross demand deposits: Total 102,584 22,805 5,459 39,412 34,909 102,746 22,945 5,659 39,349 34,793 Interbank 12,042 3,922 1,205 5,817 1,098 12,300 4,573 1,103 5,568 1,056 Other 90,542 18,883 4,253 33,595 33,810 90,446 18,372 4,557 33,781 33,737 Net demand deposits 2 89,944 20,967 4,923 34,211 29,844 89,918 20,884 5,065 34,040 29,930 Time deposits 8 31,601 2,045 1,140 12,583 15,833 31,634 2,015 1,144 12,608 15,866 Demand balances due from domestic banks... 6,048 72 97 1,899 3,980 5,802 39 116 1,850 3,797 Reserves with Federal Reserve Banks: Total 19,822 5,137 1,234 7,749 5,702 19,732 5,154 1,284 7,656 5,638 Required 19,130 5,155 1,250 7,597 5,128 19,124 5,133 1,284 7,564 5,142 Excess 692 -17 -16 152 574 608 21 91 496 Borrowings at Federal Reserve Banks 253 44 9 139 61 481 76 14 300 91 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. 1 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, JUNE 1952 663 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] CentraI reserve Assets All city banks Re- T w o e t e a k l e re n M s d e i o n r n v g t e h W s , o e h r d e n l e d s : day b m a b n e e k m r s - * Y N o e r w k c C a h g i o - b s c e a i r n t v y k e s ba u n iy ks1 End of month D a i n b t e c o a p e r l o - s s s ' * - Total d b C e t a o p i a n n r o s k y s h i s - G s U m e o t c v . i e u e e n S s r r t i . n - - r f e C u e s n t a e c d s r . v 2 h s, e 1951—April 19 324 5 328 1,274 7,347 5,374 1952—March 20 207 5,358 1,321 7,817 5,711 1943—December 1,788 1,843 10 1,716 118 April 19 777 5,146 1,259 7,702 5,670 1944—December 2,342 2,411 8 2,252 152 Apr. 16 19 902 5,185 1,271 7,744 5,702 1945—December 2,933 3,022 6 2,837 179 A A p p r r . . 2 3 3 0 i 1 % 9 663 5 5 , ,1 1 4 2 5 4 1 1 , , 2 2 7 9 1 1 7 7 , , 6 6 6 4 2 4 5 5 , , 6 5 7 8 4 3 1 1 9 9 4 4 6 7 — — D D e e c c e e m m b b e e r r 3 3, , 4 2 1 8 7 4 3 3, , 5 3 2 8 5 7 6 6 3 3 , , 1 3 8 0 2 8 2 21 0 2 0 May 7 19 750 5,119 1,281 7,665 5,685 1948—December 3,330 3,449 7 3,244 198 May 14 19 762 5,130 1,286 7,661 5,684 1949—December 3,188 3,312 7 3,118 187 May 21... 19 865 5,204 1,277 7,681 5,703 1950—December 2.924 3,045 11 2,868 166 Excess reserves: 1951—-January 2,901 3,022 11 2,858 153 1 1 9 9 5 5 1 2 — — A A M p p a r r r i i l c l h 8 8 6 3 8 5 3 5 0 15 9 8 2 2 - - 1 8 10 2 1 1 0 6 2 9 7 2 5 5 5 0 3 7 9 5 4 F M A M e p a a b r r y r i c l u h ary 2 2 2 2 , , , , 8 8 8 8 3 7 5 0 1 7 2 8 2 2 2 2 , , , , 9 9 9 9 9 7 5 3 8 4 4 3 2 1 1 1 1 1 1 7 2 2 2 2 , , , , 8 7 7 7 3 6 9 4 5 5 3 8 1 1 1 1 5 7 6 6 2 2 9 4 A A A M M M p p p a a a r r r y y y . . . 2 3 2 1 1 1 0 7 3 4 6 P 6 5 6 7 7 7 0 6 O 3 6 0 3 0 3 6 0 7 -2 4 2 2 7 8 2 0 4 7 - - 1 1 -2 2 3 5 6 1 1 1 1 1 1 4 0 2 8 2 2 5 1 2 6 1 0 p5 4 5 5 5 5 6 7 5 2 5 5 7 2 0 3 1 3 S O A J J N D u u e c u e o l p n t c g y v o e t e u e e b m m s m e t r b b b e e e r r r * P > 2 2 2 2 2 2 2 , , , , , . 7 7 7 7 7 7 1 7 8 5 3 2 7 O 2 8 4 8 4 01 2 2 2 2 2 , , , , , 8 8 8 8 9 6 5 9 7 0 1 1 3 7 9 2 2 2 2 2 2 3 3 5 3 2 2 2 2 2 , , , , , 7 7 6 6 6 2 0 8 8 7 2 4 0 0 0 1 1 1 1 1 6 6 7 5 5 5 6 3 6 8 Borrowings at Federal 1952—January P2.698 R 19 e 5 se 1 r — ve A B pr a il nks: 161 23 6 69 64 February P2.685 1952—March 307 19 82 149 57 March P2.670 April 367 60 12 219 76 April P2.656 Apr. 16... 353 116 12 145 80 A A M p p a r r y . . 2 3 7 3 0 3 5 6 9 5 2 0 5 4 1 4 6 7 7 3 9 4 1 1 8 3 4 2 3 3 6 1 3 5 6 8 1 6 9 2 5 7 4 1 2 * O In P u c r t e l s u l t i d a m e n s i d n i r a n e r g s y e . p rv r e in c a i n p d al , 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 May 14 593 122 60 296 115 of United States, working cash with postmasters, accrued interest on May 21 357 20 2 250 85 bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. * Preliminary. 1 Weekly figures of excess reserve* 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.—Set 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 * centers City centers City2 cities 2 City 2 cities 2 1 1 9 9 4 4 6 6 — — o n l e d w s e se r r ie i s e s » 3 Jl,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 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 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1951 1,577,857 551,889 854,050 171,917 26.9 14.5 540,990 837,491 32.2 21.7 1951—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 '139,977 50,180 75,089 '14,708 27.9 14.6 50,213 74,545 34.0 22.0 April 139,141 52,057 72,607 14,476 28.8 14.1 49,745 70,189 34.4 21.1 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 664 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 andsmall denomination currency' Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion * Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1 254 337 577 112 216 5 7 10 1935 . 5,882 4,518 478 460 33 815 1,373 1.359 1.369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1.481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2.048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2 489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2.545 3.044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1.693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5 580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5.983 7,224 7.730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9 201 7 834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8.850 2.548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6.060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27.600 19,025 1 ,484 1,066 62 2,004 5.897 8.512 8.578 2.435 5,056 382 689 4 11 3 1950 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—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 9S2 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—Tanuary 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 April 28,464 19,936 1,651 1,114 66 2,004 6,141 8,960 8,529 2,498 5,137 347 535 4 9 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation x Money Total out- held by standing, As security For Federal Ap 1 r 9 . 5 3 2 0, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F a e n e d s k e e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d Ap 1 r 9 . 5 3 2 0, M 1 a 9 r. 5 3 2 1, Ap 19 r. 5 3 1 0, certificates agents Gold . . .. 23,297 22,144 2 1,153 Gold certificates 22,144 19,290 2,816 38 38 39 Federal Reserve notes 25,260 61 1,082 24,116 24,147 22,966 Treasury currency—total 4,739 s2,340 66 363 4,310 4,288 4,272 Standard silver dollars 492 255 45 3 189 188 178 Silver bullion 2,085 2,085 Silver certificates and Treasury notes of 1890. . *2,340 298 2,043 2,031 2,078 Subsidiary silver coin 1,108 12 23 1,073 1,062 1,000 Minor coin 402 4 8 389 387 374 United States notes 347 3 29 315 315 314 Federal Reserve Bank notes 226 1 2 223 226 247 National Bank notes 79 1 78 78 82 Total—Apr 30 1952 24,484 1,281 19,290 4,261 28,464 Mar 31 1952 24,484 1,277 19,300 4,259 28,473 Apr 30, 1951 22,943 1,284 17,751 4,121 27,278 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals or other end-of-month dates are shown in table above and totals by weeks in the table on p. 657. 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 s 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 specia significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JUNE 1952 665 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 J (Figures partly estimated except on call dates. In miliions of dollars] Assets Liabilities 1 and Capital Total Bank credit assets, Date Treas- i ! U. S.Government obligations l T ia o b ta il l - Total Ca a p n i d tal Gold re c n ur c - y Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h i u e e t - r ca a n p n i e d t t al, c d u e a r p r n o e d s n i c ts y c m o a n u i c e n s - t c t . s, savings Banks banks 1929—June 29.... 4 037 2,019 58,642 41 082 5,741 5,499 216 26 11,819 64 698 55,776 8,922 1933—June 30....... ... 4,031 2,286 42,148 21.957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939___Dec 30 17 644 2 963 54,564 99 ,157 73,105 19,417 484 1 204 9,302 75,171 68,359 6,812 1941—Dec 31 737 3,247 64,653 605 79,049 25,511 ? 254 1 284 8,999 90 637 82,811 7,826 1945—Dec 31. ... 70 065 4,339 167,381 30 387 178,417 101,288 74 262 867 8,577 191 785 180.806 10,979 1946 Dec 31 529 4,562 158,366 765 113,110 86,558 350 3 202 9,491 183 457 171,657 11,800 1947—Dec 31 ......... 72 754 4,562 160,832 43 023 107,086 81,199 7? 559 3 328 10,723 188 148 175,348 12,800 194Q Dec 31....... . 74 244 4,589 160,457 48 341 100,694 74,097 73 33.3 .3,264 11,422 189 290 176,121 13,168 1Q4Q Tune 30 ?4 466 4.597 156,491 47 148 97,428 74,877 19 343 3 208 11,915 185 554 171,602 13,952 Dec. 31 ... ... 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3, 138 12.621 191,706 177,313 14,392 1950—-Tune 30..... 24 231 4.607 164,348 51,999 98,709 77,320 18,331 3.058 13,640 193,186 178,568 14,618 Dec. 30 •7? 706 4,636 171,667 60 366 96,560 72,894 70 778 888 14,741 199 009 184,385 14,624 1951—Apr. 25. 21 800 4,600 172,100 62 600 94,600 68,900 22,900 2 800 15,000 198 600 183,600 15,000 May 30. 800 4,600 171,300 67 900 03,500 68,400 7? 300 800 14,900 197 700 182,900 14,800 June 30...... ... 71 756 4,655 173,447 63 821 94,450 68,726 77 98? 7 742 15,176 199 858 185,038 14,820 July 25 7 1 800 4.700 173,300 63 400 94 ,600 68,900 73 100 7 700 15,300 199 700 184,500 15,200 Aug 29 71 800 4,700 174,300 64 000 05 ,000 69,200 73 100 700 15,300 700 700 185,200 15,500 Sept 26 7? 000 4,700 i 76,400 65 000 OS,900 69,700 7S 500 7 700 15,400 703 000 187,300 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 , 11 300 4,700 179,400 66 500 97,400 71,500 73 700 7 700 15,500 706 400 190,500 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. 30? 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. 27P 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 Apr. 30P 23 300 4,700 179,900 68 100 95,200 70,200 22 400 2 600 16,600 207 900 192,200 15,700 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Fo b r a e n i k gn At com- Time deposits* Total deposits, Treas- mercial At Curnet c u a r s y h sa a v n in d gs R Fe e d se e r r v a e l Total d D e e p m os a i n ts d 2 Total m C e o r m cia - l M sav u i t n u g a s l S P a o v s in ta g l s o r u e t n si c d y e banks Banks banks banks * System banks 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. 47 029 50 264 852 35 40,828 14 411 21 656 10,849 9 621 1,186 4,761 1939 Dec 30 68 359 1,217 2,409 846 634 63,253 79 793 77 059 15,258 10 573 1,278 6,401 1941—Dec 31 ... 87 811 1,498 2,215 1,895 867 76,336 38 992 27,729 15,884 10 532 1,313 9,615 1945—Dec 31 180 806 2,141 2,287 74,608 977 150,793 75 851 48.452 30.135 15 385 2,932 26,490 1946—Dec 31 171 657 1,885 2,272 3 103 393 164,004 83 314 5.3,960 33,808 16 869 3,283 26,730 1947—Dec 31 ,348 1,682 1,336 1,452 870 170,008 87 121 56,411 35,249 17 746 3,416 26,476 1048 Dec 31 176 121 2,103 1,325 2,451 1.123 169,119 85 520 57 520 35,804 18 387 3,329 26,079 1 odo Tune 30 171 602 1,927 1,307 2,304 438 165,626 81 877 58,483 36,292 18,932 3,259 25,266 Dec 31 . 177.313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,773 3,197 25,415 1950—June 30 178,568 2,555 1,298 3,801 950 169.964 85,040 59,739 36,719 19,923 3,097 25,185 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Apr 25 183,600 2,500 1,300 5,800 700 173,300 89,500 59,200 36,300 20,200 2,800 24,600 Mav 30 18?,900 2,500 1,300 4,800 600 173,700 89,500 59,300 36,300 20,200 2,800 24,900 June 30. 185,038 2,424 1,281 6,3.32 317 174,684 88,960 59,948 36,781 20,382 2,785 25,776 July 25 184.500 2,400 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 25.100 Aug 29 ,200 2,300 1,300 4,100 600 177,000 91,400 60,300 37,100 20,500 2,800 25,300 Sept 26 ... 187,300 2,200 1,300 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 1,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Tan. 30P 101 600 2,100 1 ,300 2,800 200 185,200 97,900 61,700 38,000 21,000 2,700 25,600 F M A e p a b r r . . . 2 2 3 7 6 0 P P P 1 1 1 9 9 9 2 2 1 , , , 3 5 2 0 0 0 0 0 0 2 2 2 , , , 2 2 2 0 0 0 0 0 0 1 1 1 , , , 3 3 3 0 0 0 0 0 0 3 5 4 , , , 8 9 5 0 0 0 0 0 0 5 7 0 0 0 0 1 1 1 8 8 8 2 3 3 , , , 9 4 8 0 0 0 0 0 0 9 9 9 5 4 5 , , , 7 8 1 0 0 0 0 0 0 6 6 6 2 2 2 , , , 0 4 7 0 0 0 0 0 0 3 3 3 8 8 8 , , , 5 2 6 0 0 0 0 0 0 2 2 2 1 1 1 , , , 1 3 4 0 0 0 0 0 0 2 2 2 , , , 7 7 7 0 0 0 0 0 0 2 2 2 5 5 5 , , , 6 9 7 0 0 0 0 0 0 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s ts h a Total b In a t n e k r * - De- a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 01,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1(HQ_Dec. 31 140,598 49,544 91,054 78-433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87.635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Apr. 25 146,880 63,040 83,840 68,850 14,990 37,510 169,770 11,740 101,440 56,590 14,000 14,647 June 30 147.742 63,840 33,901 68.726 15,176 38,235 171,860 11,947 102,527 57,386 14.236 14,636 Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—Jan. 30? 155,200 67,460 87,740 71,820 15,920 39,900 179,460 13,320 106,860 59,280 14,640 14,615 Feb. 27? 154,790 67,630 87,160 71,060 16,100 39,820 178,770 12,900 106,240 59,630 14,690 14,615 Mar. 26? 155,280 67,990 87,290 70,920 16,370 40,230 180,140 13,200 106,890 60.050 14,770 14,606 Apr. 30?.... 155,250 68,490 86,760 70,210 16,550 40,050 179,360 12,340 106,670 60,350 14,890 14,602 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 . 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 1C,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52.249 74,426 62.027 12,399 40,289 155.265 14.039 104 72? 36 503 tl ,590 14,121 1951—Apr. 25 125,390 54,350 71,040 58,470 12,570 36,660 149,600 11,740 101,420 36,440 11,730 14,117 D Ju e n c e . 3 3 1 0 1 1 2 3 6 2 , , 0 6 4 1 5 0 5 5 4 7 , , 8 74 2 6 1 7 7 4 1 , , 8 2 6 2 3 4 5 6 8 1 S , 5 5 2 2 1 4 1 13 2 , 3 7 3 0 9 3 3 44 7 , , 6 3 4 8 5 4 1 1 5 6 1 4 . , 4 8 5 4 7 0 1 1 1 5 , , 9 0 4 8 6 6 1 1 1 02 1 , , 5 6 0 1 7 8 3 3 7 8 . , 0 1 0 3 4 7 1 1 1 2 , ,2 9 1 5 6 1 1 1 4 4 , , 1 0 0 8 7 9 1952—Tan. 30? 132,770 57,510 75,260 61,990 13,270 39,070 158,410 13,320 106,830 38,260 12,240 14,086 Feb. 27? 132,240 57,590 74,650 61,260 13,390 38,970 157,620 12,900 106,210 38,510 12,280 14,086 Mar. 26P. . . . 132,530 57,840 74,690 61,120 13,570 39,380 158,810 13,200 106,860 38.750 12,340 14,077 Apr. 30?. . . . 132,340 58,220 74,120 60,450 13,670 39,220 157,910 12,340 106,640 38,930 12,460 14,073 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 G,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 1,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 ; ,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 5,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 ?$.464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950-Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13.447 90.306 29.336 9,695 6,873 1951—Apr. 25 106,000 46,481 59,519 49,038 10,481 32,396 127,988 11,240 87,487 29,261 9,809 6,868 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 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. 21 P 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. 26P. . . . 112,030 49,524 62,506 51,227 11,279 34,631 135,587 12,623 91,852 31,112 10,319 6,829 Apr. 30?. . . . 111,753 49,806 61,947 50,590 11,357 34,528 134,650 11,796 91,607 31,247 10,419 6,824 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 10,521 L.309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16,853 L.784 541 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 19,273 2,122 531 1950—Dec. 30 21,346 8,137 13,209 10.868 2,342 797 20 031 20 009 2.247 529 1951—Apr. 25 21,490 8,690 12,800 10,380 2,420 850 20,170 20,150 1,270 530 June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 20.382 2.285 529 Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 20,888 > 407 529 1952—Jan. 30?.... 22,430 9,950 12,480 9,830 2,650 830 21,050 21,020 2,400 529 Feb. 27?. . . . 22,550 10,040 12,510 9,800 2,710 850 21,150 21,120 >,410 529 Mar. 26?. . . . 22,750 10,150 12,600 9,800 2,800 850 21,330 21,300 1,430 529 Apr. 30? 22,910 10,270 12,640 9,760 830 21,450 21,420 2,430 529 ? Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 667 JUNE 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *— Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o m U o b v l e . i e S g n r . a t n - - O s ri e t t c h ie u e s - r as C s a e s t h s 1 Total 1 b In a t n e k r- 1 m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a m o n f k b s er 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 26,143 7,334 18,809 17,574 1,235 6,439 30,121 1,657 24,227 J. 236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 11,246 19,028 [,449 2,205 37 1947_Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 i1,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 ,063 7,758 24,024 i1,213 18,131 1,680 2,306 35 1949—Dec. 31 19.583 7,550 12,033 10,746 1,287 6,985 23,983 11,192 18,139 L.651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 t.638 19,287 1,722 2,351 23 1951—Apr. 25 20,451 10,025 10,426 8,517 1,909 7,292 24,749 4,178 18,899 1,672 2,376 23 June 30. 20,604 10,234 10,370 8,460 L.910 7,393 25,064 4,107 19,291 L.666 2,398 22 Dec 31 21,379 11,146 10,233 8,129 > 104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Jan. 30P 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 L.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 Apr. 30P 20,990 11,113 9,877 7,775 2,102 7,682 25,266 4,175 19,374 1,717 2,458 22 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 1,446 3,330 fiftft 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 L,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 ,228 4,778 1,103 490 13 1951—Apr. 25. 5,386 2,125 3,261 2,692 569 1,929 6,814 1,051 4,668 1,095 492 13 June 30 .... 5,520 2,215 3,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 Dec. 31 5,731 2,468 3,264 2,711 552 2,196 7,402 L.307 4,952 1,143 513 13 1952—Jan. 30P 5,680 2,375 3,305 2,777 528 1,923 6,952 ,155 4,655 1,142 510 13 Feb. 27P 5,626 2,366 3,260 2,733 527 2,029 6,944 L ,162 4,644 1,138 510 13 Mar. 26P 5,747 2,409 3,338 2,798 540 1,884 7,058 1,275 4,651 1,132 513 13 Apr. 30P 5,456 2,370 3,086 2,545 541 1,994 6,877 L.091 4,645 1,141 520 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 J.686 9,439 4,616 1,828 346 1941—Dec. 31 ... 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948_Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3,322 336 195 I—Apr. 25 39,630 18,614 21,016 17,287 3,729 12,606 48,785 5,079 32,165 11,541 3,339 325 June 30 39,991 18,558 21.432 17.659 3,774 13.175 49.874 5,264 32,791 11.819 3,431 324 Dec 31 42,694 19,651 23,043 19,194 3,849 15,199 54,466 6,976 35,218 12,272 3,521 321 1952—Jan. 30P 42,738 19,465 23,273 19,406 3,867 13,347 52,159 6,044 33,804 12,311 3,535 322 Feb. 27P 42,355 19,402 22,953 19,015 3,938 13,437 51,818 5,866 33,519 12,433 3,546 320 Mar. 26P 42,435 19,511 22,924 18,934 3,990 13,611 52,328 5,875 33,998 12,455 3,565 320 Apr. 30P 42,463 19,577 22,886 18,807 4,079 13,454 51,900 5,502 33,879 12,519 3,606 320 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Apr. 25 40,533 15,717 24,816 20,542 4,274 10,569 47,640 932 31,755 14,953 3,602 6,507 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 Dec. 31 . ... 42,444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35,449 15,530 3,760 6,484 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. 27P 42,675 16,380 26,295 21,738 4,557 11,539 50,673 1,107 33,868 15,698 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 Apr. 30P 42,844 16,746 26,098 21,463 4,635 11,398 50,607 1,028 33,709 15,870 3,835 6,469 1 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. 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s ts h 1 Total 1 b In an te k r - 1 a c c T a c p o o i t u t a a n l l ts N b u a m o n f k b s er Total ment secu- De- Time obliga- rities mand tions All insured commercial banks: 1941—DeCt 3i 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 ),844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 f$.671 13,297 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 1C),158 13,413 1949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 If),645 13,429 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 1L.263 13,432 1951—June 30 124,132 54,306 69,825 57,427 12,398 36,960 149,461 11,582 101,328 36,551 11,622 13,437 Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55.387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4 644 5 017 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 i5,657 4,991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 c5.920 4,975 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—june 30 71,014 30,479 40,534 32,965 7,569 22,198 86,589 7,625 58,715 20,248 6 - 504 4,946 Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 f5 653 4 939 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 I 246 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 J.945 1,867 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 5,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 \1,254 1,917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 5,381 1,915 1951—Tune 30 35,550 16,386 19,163 16,143 3,020 11,046 43,149 3,722 29,963 9,464 •$,483 1,913 Dec 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 5,565 001 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6 540 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—june 30 17,585 7,446 10,139 8,330 1,810 3,718 19,741 235 12,650 6,857 1,637 6,581 Dec 31 18,591 7,701 10,890 8,923 1,967 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 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 » 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—June 30 1,913 514 1,399 1.094 305 423 1,996 364 1,178 453 329 670 Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1948—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 21,305 613 13,508 7,184 L.794 7,267 1950—Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7,251 1951—Tune 30. 19,499 7,960 11,538 9,423 2,115 4,141 21,737 599 13,828 7,310 1,966 7,251 Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 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—Der 31 10 846 3 081 7 765 7 160 606 429 10 363 12 10,351 L 034 192 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 L.334 193 1949—Dec 31 14 209 4 814 9 394 7 832 1 562 682 13,592 16 13,575 L 420 192 1950—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 1,582 201 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: 1041—Dec 31 8 687 4 259 4 428 3 075 1 353 642 8 744 6 8,738 L 077 496 I945—Dec 31 5 361 1 198 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 I949—Dec 31 6 192 1 764 4 428 3 596 832 191 5 702 3 5,699 702 339 1950—Dec 30 6 245 2 050 4 194 3 380 814 180 5,711 3 5,708 734 335 1951—june 30 6 029 2 191 3 838 3 036 802 163 5,479 2 5,477 702 328 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. JUNE 1952 669 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] Loansl Investments Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t n d s a t s t l s - Total1 o C e m m c k p i l i o i n u n a e e e a m g d - r r t n l, - - - - - A t c g u a u r r l l i - - - b o p r L e s T r u o e r o o r s c k c c a a u - h n r r a s r i y t o s i T f i i t e o n n h o s r g g - l R t o e a a e s t n a - e l s s o u C a m o n n e s - rO lo t a h n e s r Total Total U. B S i . l ls Go C o c v e f a e r t t r i e i n n f D s i m - - ir e e N n c t o t t o e b s lig B at o io n n d s s G t a e u n e a - d r- S p O s t a g t i i u o c a o n o a b a b l t f d - n i l e l - t i s s - - O r s i e t t h c ie e u s r pa- and ers debt- diviper deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 31 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,797 4.102 3 6513.333 1945—Dec. 31 121,809 25,765 9,461 1,314 3,164 3,606 4,677 1,351 2,19196,043 88,912 2,455 19,071 16,04551.321 22 3 8733.258 1948—Dec. 31 112,286 41,968 18,7612,775 1,336 939 10,6664,907 2,992 70,318 61,388 2,821 10,065 3,39445,100 85,5093.420 1949—Dec. 31. 118,278 42,485 16,9352,963 1.749 855 11,4056,0023,124 75,793 65,820 3.692 12,479 5,810 43 833 66,4003.574 1950—Dec. 30. 124,822 51,723 21,7762,823 1,789 1,036 13,3897.6283.95573,099 60,986 4.118 1,932 16,756 38 168 11 7 9334 179 1951—June 30. 124.132 54,306 23,5073,044 1,616 1,000 13.9887,6974.166 69,825 57,427 3.819 3,111 14.762 35.724 118.319 4 07Q Dec. 31. 130,820 57,256 25,7443,321 1,571 960 14,4507,7424,282 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,e92 25,500 19,539 971 3,007 11,729 3,8323,0902.871 1945—Dec. 31 107,183 22,775 8,949 855 3,1333,378 3,455 1,027 1,977 84,408 78,338 2,275 16,985 14,271 44.792 163.2542 815 1948—Dec. 31. 95,616 36,060 17,6311,800 1,324 834 8,2443,9332,65859,556 52,154 2,588 7,999 2,800 38.761 54,480 2.922 1949—Dec. 31. 101,528 36,230 15,857 1,945 1,737 758 8,8344,776 2.80965,297 56,883 3,389 10,409 5,085 37.996 4 5,274 3 140 1950—Dec. 30 107,424 44,705 20,521 1,808 1,770 927 10,5226,167 3,58562,719 52,365 3.665 1,468 14,05433.170 86.6403 714 1951—June 30. 106,563 46,866 22,161 1,919 1,601 882 10,9756.174 3,78359,698 49,108 3,485 2,524 12.313 30.778 76.978 3 611 Dec. 31. 112,247 49,561 24,347 2,140 1,551 851 11,3346,1953,86362,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17.574 477 3,433 3,325 10.337 1 606 629 1948—Dec. 31. 18,759 8,048 5,642 3 1,102 225 224 313 636 10,712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 377 621 12,033 10,746 720 1,785 835 7.405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6.206 "2 1 123 767 1951—June 30. 20,604 10,234 6,845 1.287 273 502 539 930 10,370 8,460 1.034 354 1.565 5.506 2 1 176 733 Dec. 31. 21,379 11,146 7,852 1,219 262 514 520 950 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 Chicago:2 1 19 9 4 4 5 1 — — D D eeCct. 3 3 1 i 2 5, , 9 7 3 6 1 0 1,3 9 3 5 3 4 7 7 6 3 0 2 6 2 21 4 1 8 23 5 3 2 2 3 2 6 26 96 65 4 1 , ,8 5 0 9 6 8 4 1 , ,4 2 3 1 0 3 2 1 5 3 6 3 1,467 7 1 4 5 9 3 1,8 9 6 0 4 3 119 1 1 8 8 2 1 2 1 0 9 4 3 1 19 9 4 4 9 8 — — D D eeCct. 3 3 1 i . 4 5 , , 7 4 9 2 9 4 1 1, , 6 7 1 8 8 3 1 1 , , 4 2 1 1 2 1 4 7 1 7 0 1 9 6 5 3 6 5 5 1 1 1 1 1 1 5 5 8 9 8 1 3 3 , , 0 8 1 0 6 6 3 2 , , 3 6 2 33 4 3 1 3 8 1 3 6 2 9 7 0 5 2 3 1 5 7 8 1 1, , 9 9 4 5 5 8 2 2 1 9 0 0 1 1 7 9 4 2 1950—Dec. 30. 5,569 2,083 1,567 9 110 69 65 147 147 3,487 2.911 232 131 700 1,847 335 242 1951—June 30. 5,520 2,215 1,717 7 113 64 70 131 150 3,305 2,742 209 150 653 1,729 347 216 Dec. 31. 5,731 2,468 1,977 16 94 63 70 117 172 3,264 2,711 334 332 520 1,526 351 201 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40.108 8,514 3,661 205 427 1,503 1,459 433 826 31,594 29,552 1,034 6 ',982 5,653 15,878 5 1,126 916 1948—Dec. 31 35,332 14,285 7,282 437 130 360 3,503 1,609 1,118 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 23,931 20,951 1,189 4 ,180 2,124 13,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,423 2,567 1,534 22,779 19,084 1,218 499 5,536 11,830 ' 12,184 1.511 1951—June 30. 39,991 18,558 9,254 425 164 362 4,5582,493 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 4,6512,512 1,578 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,«30 6,628 4,377 110 481 2,926 861 1,222 1 028 1945—Dec. 31 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5,102 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 ,7842,320 884 25,527 21,862 1,148 3,753 1,768 15,189 42,505 1,160 1950—Dec. 30. 40,558 14,988 3,980 1,407 33 187 5,591 2,913 1,054 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—June 30. 40,448 15,858 4,345 1,487 37 183 5,8463,010 1,145 24,590 20,247 1,065 951 5,430 12,797 43,137 1.206 Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,0993,0461,163 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 "l ',087 1,774 6,538 6 619 443 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—Dec. 30. 17,414 7,023 1,255 1,015 18 109 2,872 1,461 370 10,391 8,632 453 465 2,702 5,008 3 1,294 465 1951—June 30. 17,585 7,446 1,346 1,124 16 118 3,018 1,524 383 10,139 8,330 334 587 2,449 4,956 4 1,342 468 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. 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B s e w e R e d a r r i e n v e t v r h - e k e a s s l C va i a n u s l h t b m a w a B d n e n i o a c s t k l e t - h - i s s c 3 j p m u D o a d s a d t s e e n e i - - - t d d s 4 m D e I s n d o t t e - i e c p 8 r o b s a i F e t n i s o g k r n - U m G er . o e n v n S - - t . p v s S o u i a t l s i b a n i t o t d i d e c n i s a s l c C h c o a e f e e e i f n t e c f r r c i d t k d s - . i ' s - , p a v n s a p t I h i d i r n o d o t i d r n p u c n a i e a o s s - - , l r r ? - I b n a t n e k r- P U m G S e i a o n r a . n o e g s n v n d v S t s - - a t - . l v s S p i a u i s o t c n i b a l a o i d t d l t n e - i s ? p a v n s a p t i I h i d d r n o o t i u d r n p n c a a i s e 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 9.466 84,576 10.885 L .315 3.050 7.410 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30. . 17,458 2.145 10.463 91,090 11,955 I .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 1,486 5,674 72,152 10,098 L, 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 1,643 6,868 78,370 11,669 1,437 2.523 6,400 2,724 78,659 341 183 1.121 28.032 79 9,695 1951—June 30.. 18,946 1,403 5,567 75,657 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 L,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 I, 105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950—Dec. 30. 4,693 118 78 15,898 3.207 1,162 451 258 1 087 17,490 268 37 37 1,647 70 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 L ,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< 3i 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— D juence. 3 3 0 1 . . . 1 1 , , 4 28 0 2 7 2 3 7 2 1 16 3 5 0 3 4 , , 8 1 1 2 8 1 1 1 , , 2 00 6 6 9 3 3 4 8 4 2 8 4 4 2 3 2 1 4 6 0 5 6 1 6 3 4, , 4 9 0 0 4 5 1 3 5 1 1 0 1 1 1 , , 1 1 1 2 2 8 io 5 5 0 1 1 3 Reserve city banks: 1941—Dec. 31 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 "2 2,566 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Dec. 31.. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 1950—Dec. 30. 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—June 30. . 7,438 446 1,808 27,067 4,996 178 2,272 2,713 592 27,214 90 68 731 11,020 "*8 3,431 Dec. 31. . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 Country banks: 1941- Dec. 31. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30.. 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14.339 9 3,532 1951—June 30.. 5,172 834 3,581 29,404 913 11 1,248 3,404 626 26,562 12 96 480 14,526 36 3,658 Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 [nsured nonmember commercial banks: 1 19 9 4 4 5 1 — — D £) eecc . 3 3i 1.. 2 3 7 9 1 1 2 3 , , 3 9 2 5 5 9 1 4 0 , , 0 5 9 3 2 7 2 1 3 0 3 8 2 5 1,56 5 0 3 6 8 1 5 1 8 1 6 3 8 5 3 9 , , 4 6 8 4 3 3 18 6 8 4 9 7 7 4 3 5 , , 2 5 7 7 6 9 6 7 1,0 9 8 5 3 9 1 1 1 9 9 9 5 4 4 0 g 9 — — — D D D e e e c cc _ # 3 3 3 0 i i 4 4 5 5 6 0 3 3 3 3 3 3, , , 5 2 2 9 7 7 6 3 3 1 1 1 1 2 2 , , , 9 0 7 1 5 2 8 9 9 2 2 2 4 6 8 6 1 6 8 6 5 2 2 2 0 1 6 1 3 5 1 1 1 , , , 3 4 49 3 0 2 2 2 1 1 1 5 5 7 1 3 4 1 1 11 0 0 , , , 2 5 7 6 1 3 2 7 6 6 6 5 6 6 6 2 1 1 1 8 5 0 2 3 6 6 6, , , 5 5 4 1 2 5 0 4 9 8 3 3 1 1 1 , , , 3 5 4 5 7 7 8 0 3 1951—june 30 445 3,090 12,175 222 8 293 1,577 159 10,621 4 17 230 6,609 12 1,637 Dec 31 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6,876 4 1,686 2 Central reserve city banks. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back Mures— See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JUNE 1952 671 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 U. S. Government obligations or carrying securities Com- Total mer- Date or m<mth n l m a v o e e n a n s d n t t s s - Total i i t c a n r i i d n a a u d l l s , , - a T n o d b d r e o a k l e e r r s s To others e l R s o e t a a a n t l s e b L a o t n a o k n s s O l t o h an e s r Total c C t a e i t f r i e - - s O r s t i e; t h c i e u e r - s t a c u g u r r l i a - - l G U t l o o i i . b v g o - a n t S - s . . O c t t u s i h e r e e i - s - rG U l t o o i . i b v g o S - a t n . - . s O c t t s u i h e r e i - e s - r Total Bills o d n f e e e b d s i t - n s - - Notes Bonds1 Total- Leading Cities 1951—April 69,862 32,521 19,196 1751,122 133 593 5393 446 5,91837,34130736 1857 8,15520,7246 605 1952—February. .73,615 34,598 21,140 170 919 103 559 5 660 591 5,99939,01732 102 3 998 3,788 5,95018,3666,915 March. . . .73,678 34,807 21,305 207 940 102 559 5 646 582 6,01338,87131 873 3 988 3,696 5,93918,250 998 April 73,109 34,743 20,988 3581,111 104 565 5 669 466 6 03138,366 31 217 3 457 3,623 5,89918,238 149 Mar. 5. . 7.3,423 34,746 21,155 184 898 102 557 5 642 770 5 98438 67731 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 82131 854 3 959 3,674 5,95418,267 967 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 194 996 Mar.26. ..73,728 34,696 21,364 165 963 100 560 5 653 397 6 04339 03231 961 4 092 3,711 5,92218,236 071 Apr. 2. . .73,111 34,795 21 172 2061,072 116 561 5 657 540 6 02138 31631 163 3 415 3 611 5,91718220 153 Apr. 9. . .72,917 34,724 21 049 2641,062 103 560 5 658 550 6 02738 19331 006 3 289 3 567 5,91018240 187 Apr.16. . .73,108 34,679 21 051 3121,104 103 567 5 677 399 6 01538 429 31 244 3 523 3 611 5,896182147,185 Apr.23. ..73 076 34,746 20 872 4741,160 102 568 5 679 404 6 03638 33031 216 3 435 3 640 K,90018241 114 Apr.30. ..73,333 34,770 20 796 5371,158 93 567 5 674 438 6 05638 56331 456 3 624 3 684 5,87418274 107 May 7. ..73 168 34,659 20 723 5971,110 91 568 5 675 380 6 06438 50931 389 3 416 3 733 c,90418336 120 May 14. . .73 230 34,745 20 707 5591,128 93 568 5 684 480 6 07538 48531 397 3 385 3 711 c,91218389 088 May 21. ..73 365 34 696 20 636 4551,176 94 568 5 678 504 6 13538 66931 577 3 473 3 725 c,927184527092 May 28. ..73 846 34 863 20 530 6541,231 93 566 5 690 463 6 18738 98331 719 3 544 3 728 c,92318 524 264 New YorkCity 1951—April 20238 10048 6 775 143 851 26 241 458 355 133910190 8 260 609 1,688 5963 930 1952—February. .20 776 11020 7 850 141 711 23 216 497 423 1333 9 756 7 689 924 679 ,379 4 7072 067 March....20 986 11 137 7 932 174 739 23 215 470 428 1329 9 849 7 752 1077 646 ,364 4 6652 097 April 20 644 11028 7 709 289 888 23 215 464 294 1319 9 616 7 468 867 630 ,365 4 6062 148 Mar. 5...20 955 11 185 7 929 151 700 23 215 470 536 1334 9 770 7 692 982 653 ,373 4 6842 078 Mar. 12...20 975 11 144 7 902 200 736 23 215 470 441 1330 9 831 760 1 068 643 ,370 4 6792 071 Mar. 19...21 099 11208 7 967 210 767 23 214 470 405 1325 9 891 7 799 1,150 637 ,358 4 6542 092 Mar. 26...20 913 11Oil 7,928 137 754 23 215 471 329 1327 9 902 7 756 1 108 651 [,356 4 6412 146 Apr. 2. . .20 805 11 127 7 815 181 861 24 214 469 419 1317 9 678 7 493 884 633 ,356 4 6202 185 Apr. 9. . .20 635 10996 7 744 204 856 25 215 470 343 1312 9 639 7 454 842 634 ,368 4 6102 185 Apr.16. . .20 49Q 10933 7,745 249 888 24 216 465 197 1322 9 566 7 380 803 632 [,367 4 5782 186 Apr.23. ..20 522 11039 7,631 370 924 23 215 462 267 1320 9 483 7 389 796 620 [,374 4 5992 094 Apr.30. . .20 761 11046 7,612 443 912 18 213 453 243 1325 9 715 7 626 1,010 631 [,363 4 6222 089 May 7... 20,623 10981 7,593 429 890 16 213 450 238 1325 9 642 7,571 862 688 1,368 4 6532 071 May 14. . .20,642 11017 7,571 404 910 18 214 449 301 1,323 9,625 7,576 887 660 1,371 4,6582 049 May 21. ..20 678 10977 7,544 351 939 18 213 441 300 1,344 9 701 7,660 950 648 L.37O 4 6922 041 May 28. ..21,119 11 106 7,508 529 979 17 209 440 250 1,34810013 7,856 1,083 629 1,374 4 7702 157 Outside New York City 1951—April 49,624 22,473 12,421 32 271 107 352 4,935 91 4,57927,15122,476 1,248 6,46714,7614,675 1952—February. .52,839 23,578 13,290 29 208 80 343 5,163 168 4,66629,26124,413 3,074 3 109 4,57113,6594,848 March. . . .52,692 23,670 13,373 33 201 79 344 5,176 154 4,68429,02224,121 2,911 3 050 4,57513,5854,901 April 52,465 23,715 13,279 69 223 81 350 5,205 172 4,71228,75023,749 2,590 2,993 4,53413,6325,001 Mar. 5. . 52,468 23,561 13,226 33 198 79 342 5,172 234 4,65028,90724,026 2,785 3,039 4,58113,6214,881 Mar. 12. ..52,666 23,676 13,331 41 197 79 345 5,173 203 4,68128,99024,094 2,891 3,031 4,58413,5884,896 Mar. 19. . 52,820 23,756 13,502 28 198 79 345 5,176 112 4,69129,06424,160 2,984 3,070 4,56613,5404,904 Mar. 26. . 52,815 23,685 13,436 28 209 77 345 5,182 68 4,71629,13024,205 2,984 3,060 4,56613,5954,925 Apr. 2. . 52,306 23,668 13,357 25 211 92 347 5,188 121 4,70428,63823,670 2,531 2,978 1,56113,6004,968 Apr. 9. . 52,282 23,728 13,305 60 206 78 345 5,188 207 4,71528,55423,552 2,447 2,933 1,54213,6305,002 Apr. 16. . 52,609 23,746 13,306 63 216 79 351 5,212 202 4,69328,86323,864 2,720 2,979 1,52913,6364,999 Apr. 23. . 52,554 23,707 13,241 104 236 79 353 5,217 137 4,71628,84723,827 2,639 3,020 1,52613,6425,020 Apr. 30. . 52,572 23,724 13,184 94 246 75 354 5,221 195 4,73128,84823,830 2,614 3,053 1,51113,6525,018 May 7. . 52,545 23,678 13,130 168 220 75 355 5,225 142 4,73928,86723,818 2,554 3,045 1,53613,6835,049 May 14. . 52,588 23,728 13,136 155 218 75 354 5,235 179 4,75228,86023,82 2,498 3,051 4,54113,73 5,039 May 21. . 52,687 23,719 13,092 104 237 76 355 5,237 204 4,79128,96823,917 2,523 3,077 4,55713,7605,051 May 28. . 52,727 23,757 13,022 125 252 76 357 5,250 213 4,83928,97023,863 2,461 3,099 4,54913,7545,107 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e e a r i r d e n a t v - - h l k e s C va a in u sh lt m b a w n a d e o i n c s t - e k h t s i s c j m p u o d a s a d e t s n e - - it d d s 1 s p p u v n c h a o a a i o e n i d r r r l r p d - - - s a t s - , - , S p s d s a i i o u t i c n o a v b l d a n i t - i l t e - s - s c C c O h f a e e e i n t e f e c r r d f c . t d i s k - i ' - s, U m G e . r o e n v - n S - t . s p p u v n c h a o a a o i e n i d r r r l r d p - - - s a t s , - - , S p s d s a i i o u t i c n o a v b l d a n i t - i l t e - s - s P U m G S e i a o n . a o r n e n v v s g d - n S - - t s a t . l m D t D e i o c s - e - man F e o d ig r- n Time r B i o n o w g r- - s c C o i a a t u c a p - n - l ts B d it e a s b n * - k tions tions Total- Leading Cities 1951—April 14,422 829 2,34149,58350,385 3,515 1,402 4,47514,539 727 127 9,0901,392 353 358 6,582112,469 1952—February... 14,714 901 2,370 52,958 54,015 3,630 1,461 2,459 15,239 750 16710,0931,213 412 894 6,887 111,885 March 14,899 873 2,55752,73353,695 3,452 1,506 2,921 15,385 757 17010,2741,229 415 681 6,908 124,758 April 14,646 855 2,409 51,72352,494 3,761 1,596 3,245 15,414 765 170 9,8381,246 423 762 6,948 119,934 Mar. 5... 14,507 832 2,33752,62553,242 3,491 1,443 1,953 15,325 757 17110,1171,229 4131,025 6,902 28,270 Mar. 12... 14,541 900 2,459 53,,440066 54,910 3,413 1,565 1,685 15,402 757 170 10,1751,223 414 896 6,904 26,174 Mar. 19... 15,563 876 2,748 52,99354,136 3,375 1,502 3,587 15,404 756 17010,6641,228 416 473 6,906 31,955 Mar. 26... 14,984 884 2,686 51,909 52,493 3,528 1,516 4,459 15,410 758 17010,1421,235 417 329 6,918 27,327 Apr. 2... 14,475 819 2,65251,16251,729 3,710 1,533 3,666 15,385 764 16910,3801,232 430 464 6,935 30,682 Apr. 9... 14,401 875 2,356 51,176 51,602 3,589 1,418 3,345 15,405 766 17010,0051,263 425 568 6,942 25,747 Apr. 16... 14,918 866 2,50151,82353,561 3,671 1,514 3,137 15,413 765 17210,1361,241 420 848 6,939 27,364 Apr. 23... 14,701 873 2,25452,15352,664 3,767 1,860 2,893 15,421 763 171 9,3371,249 4171,059 6,947 28,325 Apr. 30... 14,735 845 2,28152,30352,913 4,070 1,656 3,184 15,444 767 172 9,3341,243 421 869 6,975 28,271 May 7... 14,784 850 2,24551,88751,798 4,014 1,432 2,705 15,472 763 173 9,708 1,221 4211,210 6,997 28,224 May 14... 14,709 910 2,43751,95553,222 3,910 1,365 2,928 15,470 779 171 9,901 1,203 423 949 6,991 26,121 May 21... 14,952 864 2,291 52,17052,775 3,871 1,755 3,441 15,508 777 175 9,421 1,265 425 792 6,990 29,688 May 28... 14,624 940 2,296 ,86353,152 4,021 1,735 2,917 15,554 780 175 9,179 1,281 4351,014 7,005 27,444 New York City 1951—April 5,327 129 15,59016,379 275 651 1,511 1,564 2,792 1,151 96 2,322 44,312 1952—February.. 5,256 142 3116,24217,127 297 695 887 1,480 2,904 1,006 312 251 2,394 44,419 March.... 5,389 133 4816,28617,119 238 704 1,080 1,556 2,996 1,023 315 203 2,394 50,213 April 5,209 131 6415,87516,702 323 796 1,018 1,556 2,880 1,030 319 315 2,403 49,745 Mar. 5... 5,159 128 3316,44017,125 250 679 664 1,480 2,920 1,026 313 296 2,396 11,044 Mar. 12... 5,130 139 3816,52017,533 236 789 538 1,568 2,918 1,019 314 314 2,394 10,712 Mar. 19... 5,683 129 4716,27317,172 208 639 1,419 1,585 3,131 1,022 314 139 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 12,637 Apr. 9... 4,999 137 2715,60516,266 317 663 1,042 1,553 2,940 1,050 321 241 10,745 Apr. 16... 5,380 131 3415,74316,797 299 712 943 1,548 "2,9251,023 317 483 11,313 Apr. 23... 5,333 132 3116,03216,779 312 1,075 871 1,545 2,734 1,033 314 434 11,804 Apr. 30... 5,300 127 3216,09016,982 385 853 1,001 1,565 2,803 1,031 316 350 2,411 11,671 May 7... 5,318 132 2615,91016,422 373 689 904 1,556 2,795 1,005 317 536 2,412 11,813 May 14... 5,314 139 3515,87416,749 330 606 1,126 1,560 2,819 995 317 337 2,412 10,425 May 21... 5,453 129 3816,04816,809 303 1,027 1,229 1,579 2,747 1,055 319 214 2,413 11,913 May 28... 5,347 166 3216,41117,077 403 979 1,000 1,619 2,741 1,076 329 400 2,40 11,476 Outside New York City 1951—April 9,095 700 2,29833,993 34,006 3,240 751 2,964 12,975 695 89 6,298 241 262 4,260 68,157 d 1952—February.. 9,458 759 2,339 36 716 36,888 3,333 766 1,572 13,759 723 120 207 100 643 4,493 67,466 March... . 9,510 740 2,509 36,447 36,576 3,214 802 1,841 13,829 730 122 206 100 478 4,514 74,545 April 9,437 724 2,34535,84835,792 3,438 800 2,227 13,858 739 121 6,958 216 104 447 4,545 70,189 Mar. 5... 9,348 704 2,304 36,18536,117 3,241 764 1,289 13,845 730 123 7,197 203 100 729 4,506 17,226 Mar. 12... 9,411 761 2,421 886 37,377 3,177 776 1,147 13,834 730 122 7,257 204 100 582 4,510 15,462 Mar. 19... 9,880 747 2,701 720 36,964 3,167 863 2,168 13,819 728 122 7,533 206 102 334 4,512 18,836 Mar. 26... 9,399 748 2,611 997 35,846 3,268 809 2, 760 13,819 731 122 7,127 211 100 268 4,526 16,733 Apr. 2... 9,443 692 2,455 3:5,25935,043 3,408 858 2,431 13,814 737 121 7,383 221 104 395 4,535 18,045 Apr. 9... 9,402 738 2,329:3 5.,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 2,467 36,080 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 36,12135,885 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 36,213 35,931 3,685 803 2,183 13,879 743 123 6,531 212 105 519 4,564 16,600 May 7... 9,466 718 2,219 35,977 35,376 3,641 743 1,801 13,916 738 124 6,913 216 104 674 4,585 16,411 May 14... ,395 771 2, ,081 36,473 3,580 759 1,802 13,910 754 122 7,082 208 106 612 4,579 15,696 May 21... ,499 735 2,25336,12235,966 3,568 728 2,212 13,929 752 126 6,674 210 106 578 4,577 17,775 May 28... 9,277 774 2,26436, 452 36,075 3,618 756 1,917 13,935 755 126 6,438 20. 106 614 4,598 15,968 c Corrected 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. JUNE 1952 673 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 lo£ Manufacturing and mining Comm'l, ind'l, Period * t l o F i b q a o n a u 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 y o a i e c e n n d t h t a c d u a a i n l c l l . n d s t - s ch r P l u e c e a e m o 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 c e - s e s u P p t t t ( r i o u i i a l o n b r i n c n t t l s i a l ) i e - . c - s s o C t t a t i 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 d s g t i e - s D a p f n o e e s d f n u r e t s p i d n e - n - e s g e - d N ef o en n s - e c c h l N f a a i n e s e s g d t i e - s ch t a o a a n g t n a g r d l ' e l — < trans. equip.) 1951-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—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 May — 116 — 57 29 —34 _7 — 118 35 19 26 —223 Week ending: 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 r2 Apr. 23.... -53 -18 -4 -32 -4 -1 -10 5 -15 -13 -144 -29 -116 -144 r-179 Apr. 30.... -64 -17 -4 12 -7 8 -25 6 8 12 -71 38 -109 -71 -76 May 7.... -31 -3 10 -4 2 7 — 42 11 -23 4 -69 -73 May 14 -28 -7 10 11 2 7 -23 -12 15 5 -20 -16 May 21 -44 -24 13 6 — 1 —4 -28 15 10 4 -53 -71 May 28 -13 -23 -4 -46 -3 -17 -26 21 17 14 -81 -106 r Revised 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to purpose. 2 Monthly, quarterly, and semiannual figures are based on weekly changes during period. 3 Purpose classification of loans discontinued after April 30, 1952. 4 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, End of month Total Other To county, Public Rail- business business Nonfarm residentia and mu- Total utility road and Total and nicipal du i s n t - ry du i s n t - ry Farm VA FHA Con- Total guaran- in- venteed sured tional 1951—April* 4,504 1,687 383 300 1,005 2,709 963 99 1,648 650 649 349 108 May » 4,331 1,677 450 298 928 2,564 937 88 1,539 577 619 343 91 June l. ... 4,197 1,760 446 309 1,005 2,362 831 83 1,447 531 594 322 76 Julyi 4,055 1,757 450 297 L.011 2,221 752 80 1,390 484 566 340 77 August1.. 3,749 1,642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 1,706 407 236 1,063 2,163 918 83 1,162 365 490 307 59 October... 4,037 1,867 395 204 1,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2,112 353 192 1,567 2,238 955 98 1,186 276 437 473 44 December. 4,175 2,019 310 170 1,539 2,111 1,007 107 997 270 417 311 44 1952—January.. 4,144 1,983 302 137 1,544 2,114 1,053 99 962 257 409 295 46 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 88 852 205 332 315 37 April 4,158 2,181 512 158 L ,511 1,946 980 85 881 200 352 329 31 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. 674 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 Accepting banks Others2 Im in p t o o rts E f x r p o o m rts D e o x ll - ar G s o h o ip d p p s o e s d i t n o t b r s e e d i t n w i e n e n or Own Bills United United change Total bills bought States States United Foreign States countries 1951—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 i 22 33 June 331 425 162 120 42 263 267 104 22 31 July 336 380 135 103 33 245 225 104 24 27 August 368 384 122 94 28 262 218 109 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—January 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 April 544 422 150 110 40 272 211 135 6 22 48 1 As reported by dealers; includes some finance company paper sold in open market. *None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Free Other investment investment In capital accounts accounts (net) and trading and trading (net) accounts accounts 1943—June 761 9 190 167 529 334 66 15 7 212 December.. 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June .... 1,223 11 333 220 853 549 121 14 13 264 December.. 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December.., 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December.. 578 7 315 393 240 612 176 23 15 273 194g—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—May 31,287 8 681 8 855 June 1,275 10 375 364 680 834 225 26 13 319 July 1 266 1 672 8 825 August 1,260 8 624 8816 September 1 .290 8 640 »843 October 1 291 8 653 8 853 November 1 279 '649 8 805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 1 289 3 633 3809 February 1 280 3 652 3 790 March 1 293 3 734 3 756 April 1,315 3818 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): February, 40; March, 39; April, 38. 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. JUNE 1952 675 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 BUSINESS BY BANKS IN SELECTED CITIES 1LJ. S. Government [Per cent per annum] Prime Prime securities (taxable) mo Y w n e e t a h e r k , , or m m 4 p - c o e a o r t n p o c m t e i h a r - 6 s , l -1 a a d b c n a e a 9 c r c y n s 0 e e s k ' p s x - , t- M y 3 a i - r e m k ld e o t nth o R n b a i n l t l e e s w 9 i m s - s t o o u n e t s 1 h 2 2 - 3 is - y s t u e o a e r s 5 3 - Area and period loans $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 o 0 0 0 a 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r issues Annual averages: 19 cities: 1949 average 1.48 1.12 1.08 1.102 1.14 1.43 1942 2.2 4.4 3.2 2.2 2.0 1950 average 1.45 1.15 1.20 1.218 1.26 1.50 1943 2.6 4.4 3.4 2.5 2.4 1951 average 2.17 1.60 1.52 1.552 1.73 1.93 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1951—May. . .. 2.17 1.63 1 55 1.578 1.85 2.04 1946 2.1 4.2 3.1 2.2 1.7 June 2.31 1.63 1.45 1.499 1.79 2.00 1947 2.1 4.2 3.1 2.5 1.8 July 2.31 1.63 1.56 1.593 1.74 1.94 1948 2.5 4.4 3.5 2.8 2.2 August.... 2.26 1.63 1.62 1.644 1.70 1.89 1949 2.7 4.6 3.7 3.0 2.4 September. 2.19 1.63 1.63 1.646 1.71 1.93 1950 2.7 4.5 3.6 3.0 2.4 October. . . 2.21 1.63 1.54 1.608 1.74 2.00 1951 3.1 4.7 4.0 3.4 2.9 November. 2.25 1.63 1.56 1.608 1.68 2.01 December.. 2.31 1.69 1.73 1.731 1.77 2.09 Quarterly: 19 cities: 1952—January. . . 2.38 1.75 1.57 1.688 1.75 2.08 1951—Tune 3.07 4.73 3.93 3.32 2.81 February.. 2.38 1.75 1.54 1.574 1.70 2.07 Seot 3.06 4.74 3.99 3.36 2.78 March 2.38 1.75 1.59 1.658 1.69 2.02 Dec 3.27 4.78 4.05 3.49 3.03 A M p !a ri y l 2 2 . . 3 3 1 5 1 1 . . 7 7 5 5 1 1. . 6 5 7 7 1 1. . 7 6 1 2 0 3 1 1. . 6 6 6 0 1 1 . . 9 9 3 5 1952—Mar 3.45 4.85 4.16 3.66 3.24 New York City: Week ending: 1951—Tune 2.78 4.37 3.66 3.06 2.64 M M a a y y 1 3 0 . . . . . . . . 2 2 . . 3 3 1 1 1 1 . . 7 7 5 5 1 1 . . 6 6 5 8 1 1. . 7 6 1 9 0 1 1 1. . 6 6 7 3 1 1 . .9 9 2 4 S D e e p c t. 3 2 . . 0 7 1 9 4 4 . . 3 3 7 5 3 3 . .7 9 2 1 3 3 . . 3 1 4 8 2 2 . . 8 6 7 4 May 17.... 2.31 1.75 1.67 1.725 1.67 1.94 1952—Mar 3.23 4.43 3.97 3.48 3.11 May 24.... 2.31 1.75 1.65 1.694 1.65 1.94 7 Northern and East- May 31.... 2.31 1.75 1.70 1.728 1.67 1.97 ern cities: 1951—June 3.04 4.68 3.90 3.28 2.83 Sept. . 3.06 4.81 3.97 3.24 2.82 1 Monthly figures are averages of weekly prevailing rates. Dec 3.23 4.81 4.04 3.46 3.03 2 Series includes certificates of indebtedness and selected note and bond issues. 1952—Mar 3.47 4.91 4.16 3.67 3.29 3 Series includes selected note and bond issues. 11 Southern and Western cities: Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1951—Tune 3.52 4.90 4.10 3.52 3.14 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October Sept... . 3.47 4.89 4.17 3.55 3.04 1947, pp. 1251-1253. Dec 3.67 4.95 4.15 3.62 3.35 1952—Mar 3.79 5.01 4.28 3.79 3.46 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] Corporate (Moody's)B Year, month, or week G t ( m U e o lo r v . e m n e n S g r ) t . n - 2 - M g ( r h i a u p i d n g 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- ups Public Aaa Aa Baa trial road utility Number of issues 1-8 15 120 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 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1951 average 2.57 2.00 2.86 2.86 2.91 3.13 3.41 2.89 3.26 3.09 1951—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 .50 2.93 3.31 3.14 November 2.66 2.07 2.98 3.20 2.96 3.26 3.56 2.97 3.42 3.21 December 2.70 2.10 3.03 3.25 3.01 3.31 3.61 3.00 3.50 3.24 1952—January 2.74 2.10 2.96 3.24 2.98 3.32 3.59 3.00 3.48 3.23 February 2.71 2.04 2.89 3.18 2.93 3.25 3.53 2.97 3.38 3.19 March 2.70 2.07 2.96 3.19 2.96 3.24 3.51 2.99 3.36 3.21 April 2.64 2.01 2.92 3.16 2.93 3.20 3.50 2.97 3.32 3.19 May 2.57 2.05 2.93 3.16 2.93 3.00 3.20 3.49 2.97 3.31 3.19 Week ending: May 3 2.58 2.00 2.91 3.16 2.92 3.00 3.19 3.50 2.97 3.31 3.19 May 10 2.56 2.02 2.93 3.16 2.93 3.01 3.20 3.50 2.97 3.31 3.19 May 17 2.56 2.05 2.93 3.15 2.92 3.00 3.20 3.48 2.97 3.31 3.19 May 24 2.58 2.06 2.94 3.16 2.93 3.01 3.20 3.49 2.97 3.31 3.19 May 31 2.60 2.07 2.95 3.16 2.93 3.01 3.20 3.49 2.98 3.31 3.19 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, 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, only bonds due or first callable after 15 years were included. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 676 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 Standird and Poor'sseries 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 - . 1 g M i ( r c h a i u i p d g n a e h - l ) - 1 g ( r C r p h a a o o d i t g r e - e - h ) - 8 fe P r r r e e - d4 Tota (i l nde d t x I r u , n i a s - 1 - l 935 R r - o a 3 a i 9 d l- =10 u P 0 t u ) i li l b c it - y Total Tot M al anu D a fa b u c l r e t - ( u in ri d n N e d g x u o , r n - - 19 T 3 p 9 t r o i a = o r n n 1 ta s 0 - - 0) P u i l t u t i i y c b l- - T a s a r f e n a i n r c n d v d e - - e , , M in i g n- s s h t a h i a n o ( n o r i f g n d u e * 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—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 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 1,282 May.... 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 1,044 Week ending: May 3.. 98.82 132.8 116.4 172.9 180 195 163 116 189 212 181 241 213 116 201 285 1,171 May 10. . 99.08 132.4 116.2 173.2 184 199 168 117 190 214 183 243 216 116 202 284 1,037 May 17.. 99.11 131.9 116.3 173.4 183 198 165 117 189 212 180 242 214 117 201 279 901 May 24.. 98.82 131.7 116.4 173.6 184 199 166 118 192 216 183 246 219 118 202 286 1,101 May 31.. 98.55 131.5 116.1 173.5 184 200 169 117 191 215 182 246 218 117 201 283 1,025 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, only bonds due or first callable after 15 years were included. * 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. * Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capita For refunding Total Domestic Domestic (new Total Total Year or month fu i a r n n n e g d d - ) - m e ( a f e i d o 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 n r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 2 m e ( a f 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 d s n l - - l Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - ' 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 52 101 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 U0.014 9,617 3,084 469 6,064 4,459 1,605 246 2,253 2,216 92 1,597 527 394 133 37 1951—Mar 1,235 1,024 1,007 158 48 800 646 154 17 211 180 10 88 82 52 30 31 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 40 427 370 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 4' 140 140 4 89 47 23 24 Dec 1,053 842 838 276 562 361 201 211 205 19 102 83 83 "6 1952—Jan 1,232 930 926 349 39 538 437 101 4 302 302 221 71 10 7 3 Feb 852 694 667 285 37 346 200 146 27 158 158 8 76 74 73 1 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. s These figures for 1947, 1950, 1951, and September 1951 include 244 million dollars, 100 million, 150 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. JUNE 1952 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds 2 proceeds 3 Repayment Other Total P eq la u n ip t m an en d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other o f debt purposes 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1 854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,078 6,959 5,929 4,221 1,708 307 240 67 488 234 1949 6,052 5,959 4,606 3,724 882 401 360 41 637 315 1950 6,361 6,261 4,006 2,966 1,041 1,271 1,149 122 620 364 1951 '7,741 '7,607 '6,531 '5,110 '1,421 '486 '391 '96 '363 '226 1951—April '798 '783 '619 '500 '118 '74 '20 '54 '35 '56 May '670 '661 '587 '433 '153 '37 '28 '9 '14 '24 June '861 '847 '714 '471 '242 63 54 9 '58 '12 Tuly '531 '521 '469 '350 '119 '30 '26 '3 '18 August '508 '500 '436 '342 '94 '24 '21 '3 27 '14 September '390 '381 '343 '286 '58 '18 '18 15 '5 October 655 '639 '548 '404 '144 '12 '10 2 '53 '26 November '673 '660 '570 '488 '83 '43 '42 1 '29 '18 December '871 '856 '771 '682 '90 45 42 2 '11 '29 1952—January 605 595 559 487 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 April .... 805 789 688 490 197 16 13 3 64 22 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Manufacturing5 C m o i m sc m el e l r a c n i e a o l u a s n 6 d Elailroad Public utility * Communication 8 R an e d a l f e in s a ta n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 . . .. 584 188 353 182 85 97 1,246 43 1 157 102 9 88 1940 961 167 738 319 115 186 1 180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1 320 2,291 69 2 159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 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 '3,066 '2,617 '221 '518 '337 '56 '332 '297 34 '2,570 '2,317 '104 '605 '594 '5 515 '368 '66 1951—April '373 '311 '47 '46 '17 4 20 20 '291 '225 '19 24 24 '30 '22 '4 May '339 '307 '6 '56 '42 '14 14 14 '200 '194 '2 '3 '3 '48 '27 '15 June '384 '336 '19 '52 '37 '5 26 26 '259 242 '3 3 2 '124 '72 36 July . . '154 '124 '17 '36 '21 '12 18 18 '188 '186 r\ 51 51 74 '70 August '230 '198 '17 22 16 '3 9 9 '209 '198 '4 3 3 '27 '12 September '156 '142 '13 '28 19 '3 '30 '30 '145 '133 2 8 8 '14 '11 October '306 '263 '10 '40 '26 18 16 1 197 '179 15 15 r62 '48 November '214 '180 '21 46 '22 76 61 15 '273 '260 '6 37 37 '14 '11 December '480 '428 '26 '39 '28 2 22 22 '266 '251 '14 '25 '24 '23 '18 '2 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 April 244 226 5 47 30 1 34 34 376 313 8 43 40 46 44 ' 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 notation, i. e., compensation to underwriters, agents, etc., and expenses. * Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets o: 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 . . 10,621 1,212 '999 '725 9,008 1,071 883 656 '1,613 '141 '116 '69 1940 13,041 1,848 '1,277 '859 11,138 1,638 1,127 772 1,903 '211 149 '86 1941 '18,342 '3,165 '1,523 '951 15,691 2,778 1,329 854 '2 651 '387 '194 '96 1942 '21,841 '3,408 1,224 '763 18,544 2,876 1,056 672 '3,297 '532 168 '91 1943 '28,312 '3,693 '1,263 '779 24,160 3,111 1,097 688 '4 152 '582 '167 '91 1944 '30,421 '3,538 1,258 '851 25,851 2,982 1,091 755 '4,550 '557 167 '96 1945 '26,600 '2,429 1,132 '864 22,278 1,976 964 764 '4,322 '453 168 100 1946 ... '21,372 '2,038 1,205 '946 17,415 1,573 932 804 '3,956 '465 '274 '142 1947 '30,869 '4,104 '2,524 1,170 25,686 3,423 2,105 1,000 '5,183 '681 '420 170 1948 .. '37,008 '5,317 '3,312 1,404 31,238 4,593 2,860 1,210 '5 770 '723 '452 '194 1949 r36,738 '5,038 '3,101 1,660 31,578 4,506 2,768 1,474 '5,160 '531 '332 186 1950 '44,118 '7,893 '4,055 2,240 37,831 6,992 3,566 2,013 '6 287 '902 '489 '228 1951 .. '51,067 '8,557 '3,411 1,986 43,389 7,492 2,975 1,754 '7.678 1,066 '436 '232 Quarterly 1950—1 '9,263 1,400 791 387 7,935 1,253 705 347 1,328 147 '86 '41 2 10,695 1,821 1,038 395 9,213 1,629 926 347 L ,482 192 112 48 3 11,847 2,190 1,240 583 10,156 1,928 1,090 534 '1,691 262 150 '50 4 12,313 2,482 '987 875 10,527 2,182 846 785 1,786 '300 141 89 1951—1 '12,711 '2,238 '878 469 10,811 1,951 765 420 L 899 '287 '113 48 2 13,047 2,219 839 475 11,079 1,928 724 421 r1,968 291 115 54 3 12,297 1,964 762 475 10,443 1,716 658 422 '[,854 '248 103 53 4 13,013 '2,137 932 567 11,055 1,897 827 490 .957 '240 105 77 1952—1. 12,797 1,942 756 482 10,847 1,717 668 430 1,951 225 89 62 PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Railroad Electric power Telephone Year or quarter O re p v in e e r g n a u t e - P b t e r a o f x o f e i r t s e s P t a r a f o x te f e i r s ts d D e i n v d i- s r O e p v in e e r n g a u t e - P b t e r a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v in e e r n g a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s 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 L.508 364 168 151 1943 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 156 1944 9,437 1,972 6*7 246 3,615 902 507 398 1,815 451 168 155 1945 8,902 756 450 246 3,681 905 534 407 97Q 433 174 162 1946 7 628 271 287 235 3,815 964 638 458 2,148 313 209 168 1947 8 685 777 479 236 4.291 954 643 494 2,283 215 138 131 1948 9 672 1.148 699 289 4.830 983 657 493 2,694 292 186 178 1949 8 580 700 438 252 5 055 1,129 757 553 2 967 333 207 213 JQ^O 9,473 1,384 783 312 5 431 1,303 824 619 3 342 580 331 276 1951 10,391 1,260 693 328 5,867 1,480 818 661 3,729 691 341 318 Quarterly 1950—i 2 , . 2 1 , , 2 98 3 5 8 2 1 4 1 3 4 2 2 1 5 5 2 6 6 53 1 1 1 . , 3 3 7 2 8 2 3 32 5 1 1 2 2 2 2 1 3 2 0 1 15 4 3 6 8 7 2 8 1 7 1 13 1 7 6 2 2 7 8 1 4 6 67 2 3 2,534 454 2 258 55 1,317 293 2 171 152 853 158 2 84 70 4 2,715 574 2 318 142 1,415 339 2211 168 881 169 292 76 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 2 195 161 918 174 2 92 79 3 2,583 250 2 124 53 L.423 320 2 168 162 931 160 2 72 81 4 2,772 505 2 320 111 L .521 403 2 226 181 976 182 2 86 81 1952—1 2,587 296 142 79 1,612 498 257 172 993 194 93 85 ' Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). JUNE 1952 679 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 i 1951 i 1952 1949 1950 1951 Nondurable goods industries Total (94 corps.):a Sales -12,853 '14,777 '17,371 -3,265'3,469'3,958'4,085 •4,349 '4,288'4,294'4,441 4,355 Profits before taxes "•1,847 '2,702 '3,184 505 582 785 '830 855 814 '773 741 709 Profits after taxes '1,213 ••1,513 '1,411 301 350 467 '395 368 342 '334 '368 312 Dividends '710 '889 845 167 175 213 '334 199 202 '203 '242 210 Selected industries: Foods and kindred products (28 corps.): Sales '3,323 '3,492 '3,873 '771 '828 '980 '913 1,025 '901 '942 '1004 962 Profits before taxes '379 '469 '40" 83 101 159 '126 '124 86 '93 104 Profits after taxes '235 '257 '199 48 58 89 '62 61 40 46 52 41 Dividends '135 '143 '140 31 '34 34 '45 31 32 42 32 Chemical and allied products (26 corps.): Sales 3,557 4,447 5,433 950 1,048 1,188 1,260 1,338 1,377 1,351 1,367 1,373 Profits before taxes 675 1,110 1,384 206 247 313 345 365 365 342 312 318 Profits after taxes 404 560 484 113 138 179 131 128 120 111 125 108 Dividends 312 438 355 73 79 113 174 84 85 87 100 87 Petroleum refining (14 corps.): Sales 3,865 4,234 4,999 960 989 1,113 1,172 1,204 1,204 1,246 1,345 1,318 Profits before taxes 525 650 '861 121 133 187 209 217 203 218 222 204 Profits after taxes 406 442 '516 86 96 130 130 123 118 127 148 126 Dividends 172 205 231 42 42 44 78 57 55 55 64 64 Durable goods industries Total (106 corps.):8 Sales 23,885 29,341 33,696 5,998 7,226 7,889 8,228 8,362 8,759 8,003 8,572 8,443 Profits before taxes 3,191 5,192 5,374 895 1,239 1,405 1,653 1,382 1,405 1,191 1,396 1,234 Profits after taxes 1,887 2,542 2,000 489 773 592 510 497 428 565 445 Dividends 950 1,351 1,141 221 210 370 541 270 273 273 325 273 Selected industries: Primary metals and products (39 corps.): Sales ,187 10,446 12,501 2,200 2,562 2,718 2,965 3,044 3,198 3,034 3,226 3,090 Profits before taxes 993 1,700 2,092 298 400 455 547 525 557 492 519 425 Profits after taxes 578 854 775 165 223 253 214 188 193 176 217 162 Dividends 285 377 380 66 73 80 157 85 86 120 Machinery (27 corps.): Sales 4,353 5,058 4,604 1,100 1,196 1,269 1,493 1,480 1,563 1,434 1,690 1,590 Profits before taxes 519 847 998 144 168 194 341 250 237 210 301 232 Profits after taxes 320 424 367 79 93 107 145 90 82 73 123 81 Dividends 138 208 191 49 37 38 84 43 47 48 54 49 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 2,899 2,939 3,035 Profits before taxes 1,473 2,305 1,915 398 595 656 655 513 508 405 488 503 Profits after taxes 861 1,087 704 213 328 357 189 194 183 142 185 170 Dividends 451 671 479 90 91 232 258 122 119 119 119 116 ' 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). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1940 9.3 2.9 6.4 4.0 2.4 1950—l 31.9 14.4 17.5 7.8 9.2 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 1 1 9 9 9 9 4 4 4 4 7 8 5 6 3 3 2 1 3 0 3 9 . . . . 5 8 5 7 1 1 1 9 3 1 1 . . . . 6 2 0 9 2 1 1 8 0 8 3 . . . . 5 7 5 9 4 5 6 7 . . . . 7 6 8 3 1 1 3 8 3 2 . . . . 1 8 6 0 1951— 3 2 4 1 3 5 4 4 9 5 1 0 . . . . 4 8 8 0 2 2 2 2 9 5 2 2 . . . . 6 9 8 9 2 1 1 1 2 9 7 7 . . . . 2 4 0 1 9 9 9 8 . . . . 6 6 8 8 1 9 7 7 3 . . . . 8 4 3 4 1949 28.3 11.0 17.3 7.6 9.8 1950 41.4 18.6 22.8 9.2 13.6 1951 44.3 25.3 18.9 9.4 9.5 1952—1 i 42.5 25.9 16.6 9.1 7.5 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 680 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 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a s l l d d T g i e r o r o b e t s a c t 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 i e g n i k B * - ond s B t s r r i a e c n - t k ed v C i e b o r l n t e - - Total b S i o n a n g v d s - s n s T i a o n a n a t g v d e x s - s S is p s 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—May. 255,12: 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 57,572 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.. 256,67 256,644 219,174 139,741 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... 258,336I 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.. 259,64 259,604 221,391 142,741 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... Feb.. Mar.. Apr.. May. 2 Includes noninterest-bearing debt, not shown sepai ich aggregated 6,500 million dollars on Apr. 30, 1952, avings bonds. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MAY 31, 1952 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury. In millions Amount Funds received from sale!i during t R io e n d s e m an p d - Year or out- per10a maturities Issue and coupon rate Amount Issue and coupon rate Amount month a s t t a e n nd d in o g f All Series Series Series All period series E F andjGandK series Treasury bills * Treasury bonds—Cont. 1945 48,183 12,937 9,822 595 2,520 5,558 June 5, 1952.. 1,100 8,662 1946 49,776 7,427 4,466 325 2,637 6,427 June 12, 1952.. 1,200 1,501 1947 52,053 6,694 4,085 342 2,267 5,126 June 15, 1952 * 1,249 510 1948 55,051 7,295 4,224 498 2,573 5,144 June 19, 1952.. 1,201 7,986 1949 56,707 5,833 4,208 233 1,392 5,101 J J J u u u l n l y y e 2 1 6 0 3 , , , 1 1 1 9 9 9 5 5 5 2 2 2 . . . , . . 1 1 1 , , , 4 2 2 0 0 0 2 2 1 2,6 6 7 1 8 2 1 1 5 1 1 9 9 5 5 0 1 5 57 8 , , 5 0 8 1 7 9 6 3, , 9 0 6 7 1 4 3 3, , 1 6 9 6 0 8 4 1 1 2 7 4 1,9 6 9 46 0 5 5, , 6 8 5 4 1 0 July 17, 1952.. 1,401 1,449 1951—May... 57,607 296 247 8 41 478 July 24, 1952.. 1,401 982 June.. . 57,572 290 244 8 38 476 July 31, 1952.. 1,503 3,822 July... 57,538 311 258 8 45 482 Aug. 7, 1952.. 1,303 927 Aug... . 57,509 314 267 8 38 437 Aug. 14, 1952.. 1,501 919 Sept.... 57,488 273 230 7 36 390 Aug. 21, 1952.. 1,303 5,282 Oct.. . . 57,501 334 274 10 50 410 Aug. 28, 1952.. 1,300 3,469 Nov 57,552 316 268 9 39 364 1,485 Dec.. . . 57,587 297 254 9 34 401 2,118 1952—Jan.. . . 57,664 441 364 16 61 493 Certificates 2,830 Feb.. . . 57,682 339 288 10 42 411 F J A O S D u e e e u c b l c p t y g . . . t . . 1 1 5 1 1 1 5 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 2 2 3 2 2 2 1 \ 1 1 V I \ J % K % % % 4 1 8 5 1 0 1 , , , , , 8 0 8 5 2 8 6 6 6 8 1 3 8 3 1 3 6 2 4 3 2 5 1 3 3 , , , , , , , 9 0 7 1 4 8 7 9 7 1 9 7 3 5 9 0 6 4 9 6 9 M A M p a a M r y r .. . a . . . t . . u . . . rit 5 5 5 ie 7 7 7 s . , , 6 6 6 a 4 1 8 n 4 4 0 d amo 3 3 2 u 9 1 3 n 2 3 1 ts outs 2 2 2 t 6 5 8 a 7 3 4 nding M 10 9 8 ay 31, 1 3 3 3 8 7 0 952 4 4 42 2 3 3 8 8 Year of All Series Series Series maturity series E F and J G and K Postal Savings Treasury notes bonds 92 Mar. 15, 1954 4,675 1952 3,475 3,475 Mar. 15, 1 9 5 5K 5,365 1953. .. 6,296 5,145 191 961 Dec. 15, 1955 1M 6,854 1954 7,957 5,663 473 1,820 Apr. 1, 1 9 5 6m 1,007 Panama Canal Loan. 3 1955. 6,795 4,432 496 1,867 Oct. 1, 1956 550 1956 5,002 2,237 577 2,188 Apr. 1,1957 505 Total direct issues 142,625 1957 4,782 2,324 460 1,998 1958. 4,868 2,528 239 2,101 1959 4,662 2,586 256 1,821 Guaranteed securities 1960 5,134 2,417 439 2,279 Treasury bonds Federal Housing Admin. 1 19 9 6 6 2 1 1 3 4 , , 2 54 0 4 4 13 1 , ,0 0 4 7 6 8 3 1 6 99 6 1 1 , , 2 7 6 9 7 1 Dec. 15, 1952-54 a.... 2 5,825 Various 43 1963 744 121 623 1964 243 50 194 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -92 -92 p. 676. 2 Tax Anticipation Series. » Maturity June 15, 1954. Total 57,614 34,839 3,866 18,909 * Maturity June 15, 1955. 5 Maturity Sept. 15, 1953. 6 Partially tax exempt. 7 Restricted. 1 Includes bonds with extended maturities totaling 702 million dollars. JUNE 1952 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d a - r- trust funds 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings corpo- local securi- Special Public Banks banks * banks rations govern- Savings Other ties) issues issues 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 '14,800 7,900 47,800 '17,300 9.300 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 '15,700 8,000 48.800 '17,500 10,000 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11.400 20,100 '17,000 8.100 49.300 '16,400 9.800 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11.600 19,800 '19,000 8,700 49.900 '16,600 ••10.100 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 '18,700 '20,800 8.800 49.600 '15,400 '10.800 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 '17.100 '21,100 9.400 '49 100 ••14,900 '11.100 Dec 259,461 35,902 6,379 217,180 23,801 r61,600 9,800 16,400 '21,400 9,500 49,000 '14,500 '11,100 1952—Jan 259,813 36.233 6,454 217,126 22,729 '62,100 9,800 '16,400 '22,100 9,700 49,100 '14,600 '10,600 Feb 260,399 36,360 6,500 217,538 22,528 "•61,300 9,800 '16,300 '23,200 9,700 49,100 '14,800 10,800 Mar 258,124 36,493 6,503 215,128 22,514 60,200 9,800 16,200 22,200 9,800 49,100 14,800 10,500 ' Revised. 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 u i n e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s t i a n u a n g v a u 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 R e a e r r e a n d v - l k - e s b C m a c o n i e a m k r l - s - * 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 s n m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 5 5 : 9 2 0 1 — — — D D D J J u e e e u n c c c n e e.... 1 1 1 1 1 5 5 5 3 4 5 5 2 7 2 , , , . , 1 3 4 9 7 3 7 2 4 2 8 1 5 4 4 3 5 5 5 3 , , , . . 3 3 2 3 3 7 4 6 2 5 2 5 5 7 0 2 2 2 1 1 2 0 0 8 8 , . . , . 5 7 2 8 3 8 7 6 8 3 8 8 8 5 1 5 5 5 5 51 8 9 4 4 . , . , . 9 8 8 1 5 7 5 9 4 1 2 6 3 8 5 1 1 1 8 7 0 0 0 . , , , . 2 8 7 8 1 * 7 7 8 4 2 4 7 4 0 1 1 1 1 1 6 2 8 1 8 . , , . 8 1 5 3 0 6 3 3 6 7 2 2 5 4 7 4 4 4 4 42 3 1 3 4 , , . . 3 7 6 4 5 9 6 6 2 .S 9 3 3 9 R Wi 1 1 1 t 9 9 9 h 5 4 i 5 n 1 9 0 — — — 1 D D D T y J e e e u e u c c c a n n . r e e : . . . . . . . . . . . 2 3 3 1 1 5 8 7 0 4 , . . 5 9 3 6 3 0 0 1 3 8 8 5 9 1 7 3 2 4 7 9 6 1 9 0 1 1 1 0 2 , , 6 3 8 5 2 6 7 0 7 4 8 3 5 8 1 1 1 IS 9 7 6 4 . . , . 0 O 0 6 7 1 0 K 4 9 4 1 5 3 ^ 4 2 2 4 1 2 * 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 5 3 2 0 0 , , . . 8 6 3 7 7 1 8 0 2 4 9 2 5 0 7 1952—Feb 142,734 3,467 21,31453,761 7,859 11,28445,049 Mar 141,413 3,469 21,300 52,779 7,852 11,23144,792 1952—Feb 25,508 21 1,959 16,657 417 789 5,665 Treasury bills*. Mar.. . . 24,485 9 1,620 16,177 369 769 5,541 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 lQ4Q_Dec 35.067 186 1,922 24,907 1.121 • ,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 .0S8 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— M Fe a b r. 1 1 8 6 . , 1 8 0 6 4 3 6 5 6 9 6 5 , , 2 4 7 8 4 7 1 9 1 9 5 5 6 5 7 2 7 1 1 1 0 , , 1 5 1 2 3 5 1951— D Tu ec ne . 2 3 8 1 , 6 0 7 ? 8 2 1 1 5 3 5 0 3 5 ,1 8 0 7 2 *? 1 o 8 .6 8 0 ^ 0 } 2 1 ? 4 7 2 6 7 8 S 5 6 5 3 ,9 1 9 6 4 9 Ce 1 1 rt 9 9 i 4 5 fi 9 0 c — — ate D J s u e : n c e 2 1 9 8 . , 6 4 3 1 6 8 48 7 6 5 , , 2 35 7 7 5 1 5 1 , , 3 5 5 2 4 0 1 6 6 4 9 6 38 3 2 31 7 0 , , 2 99 5 1 4 1952— M Fe a b r.. . . 2 2 8 9 , , 7 6 0 4 3 5 1 1 5 4 0 8 5 5 , ,1 4 0 4 2 1 1 19 8 , , 0 6 2 1 9 5 1 1 4 7 2 2 7 7 0 1 6 4 3 4, , 1 9 4 8 1 8 Dec 5,373 (3) 2,334 1,544 7 53 1,435 1951— D J e u c ne.... 2 9 9 , 5 07 0 8 9 4 1 9 7 1 3 2 ,7 1 9 9 3 4 6 2. , 7 7 7 S 3 3 4 3 1 7 6 2 6 8 2 7 8 3 , .2 7 2 6 1 0 5— 1 1 1 Q 9 0 5 4 y 0 Q - e — ar J D s u : e n c e... 1 1 8 5 , , 5 9 3 2 7 6 5 4 6 2 8 3 1 1 , , 3 1 8 4 8 8 6 5, , 6 9 7 9 S 5 2 2 . . 6 4 4 3 0 9 > , . 2 0 3 5 0 5 4 4 . , 7 1 1 8 6 6 1952—Feb 29,079 86 11,824 7,033 108 643 9,385 Dec... 17.411 412 982 7,329 2.125 .948 4,615 Mar.. . . 29,079 88 11,810 6,901 114 627 9,539 1951—Tune... 15 962 376 1.032 6.773 2 OOQ 8S8 4.414 Treasury notes: Dec 11,156 309 1,014 2,436 1,925 .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—Feb 11,155 319 1,014 2,434 1 .892 ,657 3,839 Dec 39,258 10 12,527 15,833 136 707 10.045 Mar.. . . 11,155 321 1,014 2,443 1,865 ,664 3,848 1951—June.... 35 806 14 12 43913 704 120 687 8 «42 Dec 18,409 3 5,068 10,465 67 316 2,490 After 10 years: Tr 1 1 e 1 9 a 9 9 s 5 4 5 u 2 9 0 r — — y — M F D b J e u o a e b n n r c . d e . . s .. : . . . . . . 1 1 1 1 0 0 8 8 2 4 , , , , 4 4 7 7 3 9 5 5 4 5 0 8 5 5 , , 2 2 1 7 7 3 3 3 5 5 7 5, , , , 6 2 0 0 1 1 6 6 8 8 8 8 3 3 1 1 8 9 0 0 , , , , 6 2 4 4 9 3 6 5 1 5 4 6 1 10 0 . . 6 4 2 8 6 6 4 0 8 8 1 1 7 7 , . 5 2 3 3 4 7 2 2 9 9 7 9 2 2 2 2 5 5 , , . , 5 5 3 0 1 1 4 2 2 8 0 9 1 1 1 9 Q 9 5 5 4 1 0 Q — — _ D T D D Ju u e e e n n c c c e e . . . . . . . . . . . . 3 4 4 4 W 3 0 5 5 , . . 5 0 0 0 0 1 9 8 8 2 2 4 4 9 3 4 4 4 2 2 , , , , 6 4 4 7 6 8 8 4 2 2 2 1 2 6 9 3 2 2 1 1 , . , , 4 5 5 3 3 1 9 0 4 0 5 3 8 9 7 3 4 2 2 ? , , , . 8 0 9 7 7 9 8 3 4 * 2 2 7 0 1 6 5 7 7 S , . 5 2 1 1 * 8 7 3 8 « 8 6 Q 0 0 1 1 1 7 7 3 2 3 , , . , 9 0 4 3 5 2 8 0 0 0 7 5 7 8 3 1 1 1 1 1 3 0 3 0 3 , , , S 5 0 8 9 2 9 2 3 8 4 0 8 4 9 1951— D D J e e u c c ne.... 9 7 7 4 8 6 , , 0 9 8 3 4 3 5 5 2 3 3 5 , . . 1 2 2 0 8 7 9 3 8 4 4 4 , , 1 6 1 3 2 0 0 0 83 3 3 1 0 3 , , 6 1 2 0 0 8 7 4 6 9 7 7 , , 9 9 6 6 9 7 7 7 } 1 1 9 0 5 , . 8 6 ?( 3 1 S 9 7 4 2 2 2 1 2 4, , . 9 9 0 4 6 2 1 6 3 1952— M Fe a b r.. . . 3 3 0 0 , , 0 00 0 7 9 2 2, , 8 7 1 9 3 5 1 1 , , 4 4 1 1 5 5 2 2, , 7 7 1 1 4 9 5 5 , , 1 2 9 1 8 3 6 6 , ,7 9 5 2 7 3 1 1 0 1 , , 9 0 5 9 9 5 1952—Feb 76,942 3,282 4,422 29,969 7,581 9.749 21,939 Mar 76,842 3,289 4,422 29,900 7,551 9,573 22,107 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. * Less than $500,000. 682 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+)or General fund of the Treasury (end of period) income and decrease v —j during period Assets y m F e i o a s r n c a t o h l r N re e - t Bu ex d - get s B ( u + u r d p ) g l o u e r s t T a ru c- st C i l n e g ar- a B n a c l e - Deposits in Total Cash i E n x co ce m ss e ceipts p t e u n re d s i- deficit c e o t u c n .i ts, co a u c- nt1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f g e u e i r n n a n d l - Total F e R e r e a d - l - de c? p a o l" s- O as t s h e e ts r b t l i i i a e li - s - co in m - e o C u a t s g h o ( o + u ) tg o o r Banks2 itaries Fiscal year: 1949 38,246 40,057 -1,811 -495 +366 +478 -1,462 3,470 3,862 438 1,771 1L ,653 392 41,6284.0 576 +1,051 1950 .. 37,045 40,167 —3,122 +99 +483 +4,587 +2 047 5,517 5,927 950 3,268 L.709 410 40 970 4^ i^ —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—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 L.861 439 6 555 4 862 +1.693 Oct... 2.635 5,483 -2.847 -55 -86 +945 -2 ,042 4.874 5,311 493 3,021 1,798 437 2.855 5,801 -2 946 Nov... 3,521 5,178 -1,658 +82 +20 +1,306 -250 4,624 5,147 481 2,901 1.765 523 4 293 5 642 -1,348 Dec. 5.279 5,627 -347 +196 +7 -186 -329 4.295 4,816 321 2,693 1,801 521 5.642 5,621 +21 1952—Jan.. . 4.953 5.455 -501 -374 +103 +357 -415 3.879 4.306 162 2,048 2.096 427 5.183 5.473 -290 Feb... 5.553 5.105 +448 + 186 -25 +587 +1,196 5 075 5.700 558 3,216 1.926 625 6.275 5,328 +947 Mar. . 9,886 5,704 +4,182 + 106 -245 -2,278 +1,765 6,840 7,445 169 5,228 2,049 605 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 4,689 5,972 -1,283 May.. 3,809 5,659 -1,850 +357 -91 +1,613 +28 5,421 6,046 569 3,690 1,787 624 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnited States Treasury On basis of reports by collectors of internal revenue Incometaxes Deduct F o i r s c m al o y n e th ar W he it ld h- n c M e e l o i l s u a - - s m p E l e m o n y - t - O r t e h - er T r o e t - al Refunds S S e o c c u i r a i l ty N re e - t In i d n i a s v u n i r d d a u n o a c l l e d - i a t n a g c x e o e m s e c C o ti o m o r n e p o i a r n n a - - d t a E a n s t d e - m E o a x i t s n h c c d i e e s r l e by em- Other internal taxes ceipts ceipts of employ- ceipts profits gift ployers4 revenue receipts ta m x e e n s t 5 Withheld Other taxes taxes taxes Fiscal year: 1949 9,842 19.641 8,348 2,477 2,466 42,774 2,838 1.690 38.246 11,743 7,996 11.554 797 7 585 1950 10 07318 189 8.303 2,883 1,862 41,311 2,160 2 106 $7,045 11 762 7,264 10 854 706 7 599 1951 13,53524,218 9,423 3,931 2,263 53,369 2,107 3,120 18,143 15,901 9,908 14,388 730 8,704 1951—May... 2,038 482 747 554 218 4,039 359 534 3,146 3.509 194 244 58 713 June... 1,123 5,065 719 423 273 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 4,115 707 449 126 6.524 57 258 6,209 110 1,276 2,942 52 641 Oct 780 828 885 "•46 169 2,708 41 32 2 .635 1,227 215 512 52 831 Nov.... 2.177 2S4 805 505 211 3 951 30 400 3,521 3,428 98 160 70 776 Dec... 1,361 2,916 823 322 155 5.576 31 266 5,279 275 310 2.649 77 712 1952—Jan 4 89763,021 826 174 383 5,153 52 147 4,953 814 62,330 807 65 763 Feb.... 3,057 1,943 805 703 131 6.194 195 446 5,553 4,172 1,464 311 66 754 Mar... 2,019 7,717 825 539 160 10,800 455 460 9,886 537 2,133 5,913 113 718 Apr. ... 978 3,191 849 268 152 5,187 612 252 4,323 1,330 1,583 1,278 88 742 May.. . P3,005 549 828 P585 197 4,688 403 476 3,809 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basisof daily statements ofUnited 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 m u r i h t o r e a s - i r r ty y 7 n n I a a n e o t i i c t m d 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 e i 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 c t o f r r a e t u u a c o r n n s - s t s ts - Other ce R i e p S - t o s c a ia c m l v c I e o e S n s u n - e t n - t c ? t u s ri p t t u E e y r n x e d - s i ce R i e p - ts - O n v I t e e n h n s - t e ts 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—May 4,517 2,396 256 368 163 424 91 149 1 668 928 510 266 12" 23 166 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 16C -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 19f -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 3,775 435 277 350 371 52 149 50 556 371 267 318 104 3 178 May 5,659 P3,794 413 P318 172 P352 P85 P78 99 P348 924 532 305 126 -22 -122 Preliminary. 1 Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. * Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federa old-age and survivors insuranee trust fund; beginning with January 1952, employment taxes withheld no longer separable. 5 rhese are appropriated dire°tlv to the Federal old-age and survivors ins irance trust fund. oad. 8 Includes State Department. JUNE 1952 683 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 iterns i Liabilities, other than interagency items 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 i u o a n i e a p e d t d s l e - s s , i , - - G U s ri e o t . c i v e u 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 d c s p t - , , - O s a t e h s t - e s r a t F g u n u u b 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 e n e r t o e s n e n v 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 (3) 7 170 2 301 27 Federal intermediate credit banks 720 26 633 51 9 674 8 38 Production credit corporations 56 1 43 11 55 Agricultural Marketing Act Revolving Fund ... 2 1 (3) 2 Federal Farm IVtortgage Corp 36 2 34 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 4 336 2 010 Farmers' Home Administration * 589 128 436 1 (8) 24 2 588 Federal Croo Insurance Coro 35 31 3 2 32 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,095 36 806 249 (?) («) 4 525 268 302 Federal Savings and Loan Insurance Corp.. 208 3 200 5 5 203 Public Housing Administration 1,948 70 *608 1,251 19 13 1,935 Federal Housing Administration 435 46 29 285 (3) 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 Treasury 8 786 3 1 129 3 594 57 786 Other 7 838 8 724 1 63 1 40 68 770 Export-Import Bank 2,324 (3) 2,289 (3) (8) 35 57 2,267 Federal Deposit Insurance Corp 1 360 1 (3) 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 m c i F n r a a e e e t n t e d d d e k r i i . - s - t f o B t o i p a r v e n e 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 o r r s m m m ' . e - N M A g F a a s a t o e i g s l d r o n e t . n - . - P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - 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 « 123 169 2,142 1,981 To aid industry: Railroads 99 2 101 104 Other (3) 417 72 488 494 To aid financial institutions: Banks (3) 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 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 8 Less than $500,000, 4 Includes Disaster Loans, etc., Revolving Fund. 8 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. » Repayment of 44 million dollars on Treasury loan of 3,750 million to United Kingdom was covered into the U. S. Treasury on Jan. 8, 1952. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u 1 y s s 9 t i r 3 c i 5 a a - l l 3 v 9 p o r = l o u d 1 m 0 u 0 e c ) t * io * n a 1 w 9 a 4 r c 7 d o - n e 4 d t 9 r = a (v c 1 t a 0 s l 0 ue)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls8 Freight D m ep e a n r t t- Con- W sa h l o e le- Year or month Total r D a u b f M a - le c a tu n r u N r e d a - s o u b n - le - M era in ls - Total R d t e i e n a s - l i- o A th l e l r N p m t a e c u l g u m o o e r r l n a n y i - - - l - t - pr E o M m d m a u p e n c l n u t o t i f y o a - n c t w ur o i r n P r k g o a e l y r l s s - c 1 a 9 i • r n = 3 l g 1 o 5 s 0 a - * 3 0 d 9 - 1 u 9 = s ( e 4 a v ) 7 l 1 a * e 0 - l * s - 4 0 9 1 s p 9 u = r 3 i m c 5 1 e e - 0 s r 3 0 s 3 9 ' p 1 m 9 r = c i 4 o o c 1 7 m e d 0 - s i - 4 0 t 8 y 9 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 79 80 34 22 41 60.6 50.2 21.5 105 32 108 7 47 4 1932 58 41 70 67 15 8 20 53.7 42.6 14.8 78 24 97 6 42 1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 92 4 42 8 1934 75 65 81 80 17 7 24 59.0 55.1 20.4 89 27 95 7 48 7 1935 87 83 90 86 20 13 25 61.6 58.8 23.5 92 29 98 1 52 0 1936 103 108 100 99 30 22 35 66.2 63.9 27.2 107 33 99 1 52 5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 102 7 56 1 1938 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 100 8 51 1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 99 4 50 1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 100 2 51 1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 105 2 56 8 1942 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 116 6 64 2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 123 7 67 0 1944 235 353 171 140 22 10 30 95.3 118.1 102.8 140 62 125 7 67 6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 128 6 68 8 1946 . 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 139 5 78 7 1947 187 220 172 149 84 86 83 99.6 103.4 97.7 143 98 159 6 96 4 1948 192 225 177 155 102 98 105 101.6 102.8 105.1 138 104 171 9 104 4 1949 . . 176 202 168 135 113 116 111 98.8 93.8 97.2 116 98 170 2 99 2 1950 200 237 187 148 159 185 142 101.4 99.2 111.2 128 105 171 9 103 1 1951 220 273 194 164 171 170 172 106.6 105.4 129.2 134 109 185 6 114 8 1950 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 September 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186 6 113 4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 108 187.4 113.7 November . 219 220 277 188 17C 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 r282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 108 189 1 113 0 February 222 218 283 190 167 156 163 152 107.0 103.7 103.5 130.9 136 106 187.9 112.5 March 217 283 188 163 164 174 157 106.9 103.5 103.4 131.2 133 105 188.0 112.3 April P2\6 P214 P276 J>184 170 186 159 P106.8P103.7 P102.6*>128.4 126 P103 188.7 111.9 May <214 «215 «275 182 161 122 107 e Estimated; all estimates are those of the Federal Reserve. P Preliminary. T Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 686-689. 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. 693. 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. * For indexes by Federal Reserve districts and for other department store data, see pp. 696-698. 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. JUNE 1952 685- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average =100] 1951 1952 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 223 222 221 212 217 218 218 219 218 221 222 220 P216 Manufactures—Total 234 233 231 222 226 228 226 228 228 231 232 230 P225 Durable Manufactures 279 276 274 265 267 271 274 277 282 ••282 283 283 P276 Iron and Steel1 . . 264 263 261 253 254 258 261 261 263 261 r260 262 P245 Pig iron 231 234 235 230 230 231 235 232 227 229 235 239 205 Steel 301 301 296 293 291 298 304 307 304 304 304 309 278 Open hearth 218 217 213 215 208 213 217 216 219 218 221 225 196 Electric 891 897 884 850 881 902 921 954 911 913 892 911 855 Machinery 337 336 338 328 328 336 340 347 358 359 358 357 P349 Transportation Equipment 311 310 307 293 305 311 311 313 320 '318 r320 322 P327 Automobiles (including parts) 255 248 238 216 223 226 223 216 221 r218 '217 217 P226 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government) 2 Nonferrous Metals and Products 211 206 205 199 197 196 201 209 207 216 217 218 P217 Smelting and refining 227 227 226 226 213 214 230 235 235 243 249 252 P260 (Copper smelting; Lead refining; Zinc smelting; Fabricating . . . 204 197 197 188 191 190 190 198 196 206 204 204 P200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 . . Lumber and Products 170 163 153 141 146 146 149 157 154 159 162 158 P153 Lumber 162 158 147 131 137 135 138 149 141 150 154 149 143 Furniture 185 173 164 160 165 167 171 172 178 175 r177 175 P172 Stone, Clay, and Glass Products 247 236 239 237 228 228 219 212 219 217 224 222 P221 Glass products 270 242 250 260 234 232 214 199 208 '210 224 224 P226 Glass containers 292 257 269 285 249 246 222 204 216 223 239 239 242 Cement 243 231 235 226 222 219 217 219 242 233 257 244 238 Clay products 189 184 184 177 176 173 172 173 172 182 r177 176 P175 Other stone and clay products2 Nondurable Manufactures 198 198 197 187 193 192 188 188 185 189 190 188 P184 Textiles and Products 185 190 185 160 170 163 154 157 152 157 160 152 P145 Textile fabrics 165 169 164 138 150 145 139 142 137 142 146 139 Cotton consumption 153 164 157 123 145 142 140 144 136 144 150 141 130 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption 2 . .. 380 377 378 379 360 334 293 289 283 296 294 288 282 Wool textiles 146 144 137 100 115 114 114 120 118 116 122 112 Carpet wool consumption 131 101 87 27 58 63 86 94 99 120 133 123 Apparel wool consumption 158 163 153 117 132 132 119 122 121 110 ••116 110 Wool and worsted yarn ... . 140 141 135 105 117 117 114 120 115 109 '117 108 Woolen yarn 116 120 119 92 108 108 108 116 112 108 114 103 Worsted yarn 174 171 157 123 130 129 123 126 119 109 r120 114 Woolen and worsted cloth.. 159 163 159 124 135 132 126 133 131 126 126 113 Leather and Products 106 97 99 85 99 100 91 89 88 100 107 108 Leather tanning 97 88 89 75 81 84 80 78 79 86 90 86 Cattle hide leathers 110 104 109 91 99 104 96 94 91 98 101 98 Calf and kip leathers 78 56 51 42 44 51 51 51 59 64 73 68 Goat and kid leathers 87 80 73 58 65 56 53 53 60 70 72 69 Sheep and lamb leathers 69 55 50 54 56 64 67 69 71 71 74 72 Shoes 112 103 106 92 110 111 98 97 94 110 118 122 Manufactured Food Products 168 167 165 164 166 167 163 160 160 '162 165 165 P162 Wheat flour 108 109 103 107 108 107 109 115 109 122 113 103 P107 Cane sugar meltings 2 Manufactured dairy products 147 148 150 150 148 143 140 137 136 137 138 142 146 Butter 74 72 75 77 77 72 71 64 62 65 66 71 73 Cheese 177 174 183 180 173 165 163 158 161 165 163 169 181 Ice cream 2 156 164 168 169 160 138 126 118 119 118 120 133 149 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. * 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. 686 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) [Federal Reserve index numbers, 1935-39 average =100] 1951 1952 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 163 149 145 152 162 168 157 168 163 162 182 179 165 Pork and lard 208 181 188 187 207 221 198 205 200 193 228 230 207 Beef 134 134 110 126 128 126 124 143 141 145 153 141 135 Veal 79 79 95 107 110 99 109 106 84 87 84 81 79 Lamb and mutton . . 59 52 66 70 65 64 74 75 69 80 85 85 79 Other manufactured foods 177 176 175 173 174 176 173 166 168 '169 ••170 171 P168 Processed fruits and vegetables 169 166 160 147 139 152 163 121 123 '128 134 150 P139 Confectionery 128 132 130 127 140 136 127 136 149 145 143 135 Other food products . . . 187 186 186 188 188 189 183 183 183 '•184 185 183 P181 Alcoholic Beverages 187 179 178 175 178 184 178 188 176 174 171 170 157 Malt liquor 161 157 155 163 165 164 154 180 178 185 173 171 154 Whiskey ... 118 117 104 78 51 70 76 86 85 73 73 68 62 Other distilled spirits 706 560 604 474 492 335 265 262 253 336 327 292 298 Rectified liquors 148 174 174 197 223 332 358 292 225 150 193 208 205 Tobacco Products 177 172 171 161 183 177 185 194 147 176 175 174 184 Cigars 104 105 115 98 114 123 127 129 87 108 105 109 110 Cigarettes 248 239 233 225 252 239 259 262 204 244 244 243 259 Other tobacco products . . . 66 64 66 57 73 70 44 84 60 67 68 59 62 Paper and Paper Products 214 212 208 190 196 197 196 191 184 187 193 192 185 Paper and pulp 204 200 198 183 189 192 191 187 182 185 189 188 181 Pulp 241 233 235 230 228 234 235 235 223 229 237 241 228 Groundwood pulp 116 115 123 137 132 137 130 112 116 111 114 117 110 Soda pulp 100 99 88 78 93 99 97 95 94 95 99 99 95 Sulphate and sulphite pulp 3 284 274 275 269 265 271 273 278 261 271 279 284 269 Paper 198 195 193 176 183 185 185 180 176 178 181 180 174 Paperboard 253 256 247 217 224 216 213 205 191 197 209 205 202 Printing paper 194 186 180 167 185 192 190 188 191 192 191 189 186 Tissue and absorbent paper 224 207 204 204 196 200 210 179 181 195 184 190 186 Wrapping paper 172 170 177 165 168 180 180 184 181 177 176 178 161 Newsprint 119 121 128 129 130 129 127 125 128 123 129 131 122 183 176 171 166 174 179 177 175 174 175 177 177 175 Newsprint consumption 171 166 163 166 164 167 165 163 158 159 163 164 164 Pettoltum and Coal Products . • 255 263 263 262 265 266 269 276 281 281 r281 280 n 64 Gasoline 193 207 212 211 213 214 212 214 215 211 212 210 P205 Fuel oil 204 210 215 213 209 213 214 226 234 238 242 227 P218 Lubricating oil 189 193 194 195 200 187 200 196 192 188 177 183 Kerosene 221 201 205 209 208 216 214 230 224 243 208 223 Other Detroleum Droducts * Coke 185 186 187 183 187 185 185 185 185 188 188 '204 179 By-product coke 178 178 179 178 179 178 178 177 178 179 179 M97 175 Beehive coke ... 433 456 476 388 457 411 452 467 456 464 459 '420 329 Chemical Products 296 298 302 305 306 301 298 299 298 r300 296 294 P295 Paints 164 160 161 167 165 158 156 158 158 rl59 '156 155 P154 Rayon 377 378 385 392 393 358 346 331 317 '32 2 r?99 270 P265 Industrial chemicals 532 538 548 554 557 560 556 563 563 r562 r560 563 P567 Rubber Products 238 247 251 243 243 245 239 245 250 r248 r243 245 P239 Minerals—Total 164 165 165 156 165 167 174 170 163 167 167 163 P164 Fuels 167 168 169 160 171 172 179 178 170 175 174 170 P169 Coal 120 118 123 97 123 125 138 141 125 136 123 111 110 Bituminous coal ... ... 133 126 133 105 134 137 147 152 135 147 135 122 119 Anthracite 64 83 86 66 77 79 104 99 86 91 77 68 74 Crude petroleum . 191 192 191 192 194 195 199 196 193 194 199 199 P198 Metals 140 151 145 132 134 137 144 122 122 rzi r128 125 vl37 Metals other than gold and silver 199 216 209 187 194 200 212 175 174 mi 182 116 Gold 54 56 52 52 49 49 47 45 44 47 47 Silver .. . . . ... 77 76 73 67 58 58 62 65 70 72 76 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. 687 JUNE 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average =100] 1951 1952 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total . . 222 223 223 214 220 223 222 220 217 217 218 217 P214 Manufactures — Total 232 233 232 223 229 232 230 229 227 227 228 227 P223 Durable Manufactures 278 277 276 266 269 273 276 277 280 279 280 281 P276 Iron and Steell 264 263 261 253 254 258 261 261 263 261 r260 262 P245 Pig iron 231 234 235 230 230 231 235 232 227 229 235 239 205 Steel 301 301 296 293 291 298 304 307 304 304 304 309 278 Open hearth 218 217 213 215 208 213 217 216 219 218 221 225 196 Electric 891 897 884 850 881 902 921 954 911 913 892 911 855 Machinery 337 336 338 328 328 336 340 347 358 359 358 357 P349 Transportation Equipment 311 310 307 293 305 311 311 313 320 r318 r320 322 P327 Automobiles (including parts) 255 248 238 216 223 226 223 216 221 '218 mi 217 P226 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)1 . Nonferrous Metals and Products . .... 211 206 205 199 197 197 201 209 207 216 217 218 P217 Smelting and refining. 227 227 225 225 213 214 230 236 235 243 249 252 P260 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating . . 204 197 197 188 191 190 190 198 196 206 204 204 P200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)8 Lumber and Products 169 168 164 151 158 158 158 155 141 142 148 149 P153 Lumber 161 165 163 146 154 153 151 146 122 125 133 135 143 Furniture 185 173 164 160 165 167 171 172 178 175 177 175 M72 Stone, Clay, and Glass Products 243 242 241 239 238 237 230 217 212 205 r209 212 P218 Glass products 270 255 248 251 241 236 219 200 197 '207 '218 224 P226 Glass containers 292 275 266 273 259 251 228 206 201 219 232 239 242 Cement 231 242 251 248 251 254 252 237 220 188 196 200 226 Clay products 183 184 184 179 182 180 182 179 177 169 168 167 P170 Other stone and clay products 2 . .. Nondurable Manufactures 195 197 197 188 197 199 193 191 185 184 186 184 P181 Textiles and Products . . . 185 190 185 160 170 163 154 157 152 157 160 152 P145 Textile fabrics : . . . .... 165 169 164 138 150 145 139 142 137 142 146 139 Cotton consumption 153 164 157 123 145 142 140 144 136 144 150 141 130 N Ra y y lo o n n a d n e d li v s e il r k i e c s onsumption 2. 380 377 378 379 360 334 293 289 283 296 294 288 282 Wool textiles 146 144 137 100 115 114 114 120 118 116 122 112 Carpet wool consumption 131 101 87 27 58 63 86 94 99 120 133 123 Apparel wool consumption 158 163 153 117 132 132 119 122 121 110 116 110 Woolen and worsted yarn 140 141 135 105 117 117 114 120 115 109 117 108 Woolen yarn .. 116 120 119 92 108 108 108 116 112 108 114 103 Worsted yarn 174 171 157 123 130 129 123 126 119 109 120 114 Woolen and worsted cloth 159 163 159 124 135 132 126 133 131 126 126 113 Leather and Products 106 97 98 83 98 100 91 91 88 100 109 108 Leather tanning 97 88 86 71 80 83 80 81 79 86 96 86 Cattle hide leathers 110 104 105 86 96 102 97 98 91 100 109 98 Calf and kip leathers 75 54 52 42 47 «* 50 52 52 58 62 77 67 Goat and kid leathers .. 89 78 74 57 63 57 53 52 61 70 74 68 Sheep and lamb leathers 68 59 50 50 58 62 67 73 67 66 81 70 Shoes 112 103 106 92 110 111 98 97 94 110 118 122 Manufactured Food Products 152 159 165 176 189 192 177 164 158 '151 149 148 P148 Wheat flour 103 104 99 106 107 117 115 116 108 122 114 101 P103 Cane sugar meltings 2 Manufactured dairy products 153 196 221 221 215 169 128 98 95 86 97 116 152 Butter 75 93 104 94 85 69 61 49 49 54 58 64 75 Cheese 184 233 259 221 194 169 146 119 116 122 134 1S2 189 Canned and dried milk 176 228 232 196 164 127 102 85 92 95 108 131 168 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. 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average= 100] 1951 1952 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 150 149 144 141 139 149 156 188 195 193 175 165 152 Pork and lard 189 181 188 165 159 174 186 240 264 253 223 214 188 Beef . . 126 134 107 127 130 136 135 148 141 148 140 128 127 Veal 78 82 95 107 108 109 124 114 79 81 74 76 78 Lamb and mutton 57 53 62 67 64 69 77 75 68 85 86 83 77 Other manufactured foods 157 159 165 181 200 209 192 174 166 157 155 153 P150 Processed fruits and vegetables 103 108 123 191 263 297 210 111 96 r83 84 83 P85 Confectionery 106 102 96 104 151 175 167 161 150 149 144 125 Other food products 180 182 188 191 192 193 192 192 187 177 176 176 P174 Alcoholic Beverages 175 180 191 190 179 193 197 178 154 145 152 155 155 Malt liquor . ... 169 179 195 204 188 166 143 139 142 151 155 159 162 Whiskey 118 117 104 78 51 70 76 86 85 73 73 68 62 Other distilled spirits 424 336 374 275 266 459 686 549 278 219 196 190 179 Rectified liquors 148 174 174 197 223 332 358 292 225 150 193 208 205 Tobacco Products 167 172 178 167 190 188 191 198 137 176 167 164 174 Cigars 104 105 115 98 114 123 127 129 87 108 105 109 110 Cigarettes 231 239 245 236 265 256 269 267 188 244 229 226 241 Other tobacco products.... 66 65 67 71 75 47 86 53 66 66 59 62 57 Paper and Paper Products 215 212 209 196 196 196 191 183 187 194 192 186 189 Paper and pulp 205 201 199 189 191 191 187 181 185 190 188 181 Pulp 243 234 235 212882 226 232 233 236 223 230 238 242 230 Groundwood pulp 128 124 124 122 116 122 121 119 117 116 119 125 121 Soda pulp 100 99 88 78 93 99 97 95 94 95 99 99 95 Sulphate and sulphite pulp 3 284 274 275 269 265 271 273 278 261 271 279 284 269 Paper .... 199 195 193 175 183 185 185 180 175 178 182 180 174 Paperboard 253 256 247 217 224 216 213 205 191 197 209 205 202 Fine paper2 Printing paper 194 186 180 167 185 192 190 188 191 192 191 189 186 Tissue and absorbent paper 226 207 208 196 196 200 212 179 175 193 191 190 188 Wrapping paper 172 170 177 165 168 180 180 184 181 177 176 178 161 Newsprint 122 122 129 126 128 129 127 126 125 123 129 131 124 Paperboard containers (same as Paperboard) Printing and Publishing 188 179 170 155 166 180 181 183 178 170 175 180 180 Newsprint consumption 181 172 161 143 147 168 173 178 166 148 159 171 174 Printing paper (same as shown under Paper) Petroleum and Coal Products 255 263 263 262 265 266 269 276 281 281 r281 280 P264 Petroleum refining 2 Gasoline 193 207 212 211 213 214 212 214 215 iii 212 210 P205 Fuel oil 204 210 215 213 209 213 214 226 234 238 242 227 P218 Lubricating oil . 197 201 194 193 198 187 200 196 190 183 175 181 Kerosene 226 203 193 194 199 214 214 237 231 248 218 227 Other petroleum products 2 Coke 185 186 187 183 187 185 185 185 185 188 188 r204 179 By-product coke 178 178 179 178 179 178 178 177 178 179 179 197 175 Beehive coke 433 456 476 388 457 411 452 467 456 464 459 r420 329 Chemical Products 298 298 300 301 303 303 303 304 302 '302 r299 298 P298 Paints 165 165 165 165 163 157 156 157 158 156 155 155 P155 Rayon . . 377 378 385 392 393 358 346 331 317 322 299 270 265 O In t d h u er s tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2 532 538 548 554 557 560 556 563 563 r562 '560 563 Rubber Products 238 247 251 243 243 245 239 245 250 r248 r243 245 P239 Minerals—Total 162 168 169 161 170 171 176 169 159 162 162 158 P163 Fuels 167 168 169 160 171 172 179 178 170 175 174 170 P169 Coal 120 118 123 97 123 125 138 141 125 136 123 111 Bituminous coal 133 126 133 105 134 137 147 152 135 147 135 122 119 Anthracite 64 83 86 66 77 79 104 99 86 91 77 68 74 Crude petroleum 191 192 191 192 194 195 199 196 193 194 199 199 Metals 129 166 171 166 167 166 163 115 89 91 89 P126 Metals other than gold and silver 184 248 256 247 250 246 240 160 117 116 121 118 Iron ore 231 365 392 384 403 388 354 185 94 94 98 94 P223 (Copper: Lead; Zinc) 2 Gold 48 49 48 50 54 56 55 50 46 45 43 Silver 78 76 70 66 57 59 62 65 70 73 77 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. JUNE 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1951 1952 Product group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total 138 129 125 100 101 107 103 104 98 94 103 107 106 Passenger automobiles 144 140 140 111 112 115 108 104 93 79 98 107 113 Household goods, total 131 117 108 88 89 98 98 103 104 110 108 106 99 Carpets ... 101 82 70 47 55 56 60 60 63 79 75 80 Furniture 116 109 102 102 97 97 98 101 105 104 104 103 108 Major appliances 125 115 111 78 86 96 88 93 100 97 95 98 84 Radios and television 186 153 133 98 95 123 135 149 130 164 158 141 123 ' Revised. NOTE.—Figures for April 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, Federal Reserve. In thousands of persons] 1951 1952 Industry group or industry Apr. May June July Aug. Sept. Oct. Nov. Dec. yin. Feb. Mar. Apr. ADJUSTED FOR SEASONAL VARIATION Total 13 249 13 211 13 204 13 106 12 967 12 855 12 789 12,776 12,803 r\2 ,816 12,823 12,807 12,821 Durable goods 7,449 7 449 7 440 7,352 7,303 7,265 7,248 7,264 7,261 r7,256 r7,273 7,257 7,298 Primary metal industries 1,161 1,174 1,178 1,173 1,171 1,162 1,154 1,143 1,152 n,156 1,154 1,147 1,152 Fabricated metal products 855 859 852 834 829 810 805 801 794 796 797 797 800 Machinery except electrical 1,233 1,236 1,246 1,247 1,221 1,225 1,248 1,261 1,263 n,276 '1,275 1,264 1,268 Electrical machinery. .. ... 718 714 708 705 714 711 700 707 712 r718 719 715 708 Transportation equipment 1,243 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,235 n,235 n,246 1,253 1,274 Lumber and wood products 763 764 765 748 736 730 729 712 699 '667 '682 677 674 Furniture and fixtures 319 309 295 296 289 284 283 287 290 292 290 293 295 Stone, clay, and glass products. . 483 484 485 485 482 480 477 470 460 ••457 '450 450 454 Instruments and related products 220 222 223 229 226 226 227 229 230 231 '231 230 235 Misc. manufacturing industries. . 424 422 417 410 396 382 373 370 374 '374 374 375 381 Ordnance and accessories 30 32 34 38 41 44 47 50 52 54 55 56 57 Nondurable goods 5 800 5 762 5 764 5 754 5 664 5 590 5 541 5,512 5,542 '5 560 '5,550 5,550 5 523 Textile-mill products . . . 1,214 1,212 1,205 1,203 ,170 1, 147 1,133 1,121 1, 124 r\ , 120 1, 104 1, 100 095 Apparel and other finished textiles 1,063 1,045 1,047 1,053 \,032 \,007 985 998 \ 020 r\ ,029 r\ ,021 1,019 \,004 Leather and leather products. . . '357 '345 '351 '341 '336 '321 317 319 '325 '330 '335 '335 '338 Food and kindred products 1,191 1,184 1,177 1,170 1,154 1,148 1,158 1,132 1,133 1,144 1,160 1,161 1,147 Tobacco manufactures. 82 80 80 80 81 82 82 79 83 82 81 81 83 Paper and allied products 427 426 428 427 421 418 411 407 406 '403 '403 402 398 Printing, publishing and allied industries 513 513 512 512 514 515 512 514 512 r510 '508 511 510 Chemicals and allied products... 538 539 544 548 542 540 533 531 527 531 529 529 534 Products of petroleum and coal. 196 195 197 196 194 194 197 196 197 195 195 197 199 Rubber products 219 223 223 224 220 218 213 215 215 r216 '214 215 215 WITHOUT SEASONAL ADJUSTMENT Total 13,108 12,993 13,064 12,885 13,069 13,087 12,997 12,904 12,911 r12,766 '12,808 12,791 12,696 Durable goods 7,445 7,406 7,409 7,226 7,261 7,279 7,296 7,314 7,322 r7 264 r7,294 7,292 7,296 Primary Metal Industries 1,161 1,162 1,172 1,155 1,165 1,162 1,160 1,149 1,164 rl ,162 1,160 1,153 1,152 Blast furnaces, steel works and rolling mills 562 565 572 572 575 573 570 558 573 r57O '570 566 Fabricated Metal Products 859 850 843 813 817 810 809 805 806 804 805 805 804 Machinery except Electrical 1,239 1,242 1,252 1,235 1,209 1,219 1,242 1,255 1,269 rl ,276 1,281 1,277 1,274 Metalworking machinery... 227 228 233 232 225 231 232 241 245 '247 248 248 Electrical Machinery 718 707 704 684 696 707 707 718 726 *725 726 722 708 Electrical apparatus (generating, etc.) 266 270 275 271 272 273 265 266 271 273 275 272 Communication equipment. 262 247 241 230 239 247 258 268 272 271 273 273 Transportation Equipment .... 1,243 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,235 rl ,235 rl ,246 1,253 1,274 Motor vehicles and equipment . 774 752 738 684 675 679 667 655 645 r633 '630 630 Aircraft and parts 309 318 333 347 357 360 362 395 407 415 424 427 Lumber and Wood Products 752 764 773 748 754 745 740 719 696 r654 r665 667 664 Sawmills and planing mills.. 443 449 456 443 449 443 439 428 412 '391 '396 398 Furniture and Fixtures 317 301 286 284 285 285 289 294 296 296 296 296 294 227 211 197 196 195 196 201 206 208 208 208 209 Stone Clay, and Glass Products.. 483 484 485 478 484 482 479 472 465 *452 r448 450 454 Instruments and Related Products. 221 222 223 221 224 226 228 230 232 232 '232 232 236 Misc. Manufacturing Industries.. 422 409 400 383 388 388 390 388 381 '374 380 381 379 Ordnance and Accessories 30 32 34 38 41 44 47 50 52 54 55 56 57 For footnotes see following page. 690 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, Federal Reserve. In thousands of persons] 1951 1952 Industry group or industry Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr, Nondurable goods 5,663 5,587 5,655 5,659 5,808 5,808 5,701 5,590 5,589 '5,502 '5,514 5,499 5,400 Textile-mill Products 1,214 1,206 1,205 1,167 1,152 1,136 1,133 1,132 1,141 r1,131 *1,121 1,111 1,095 Broad-woven fabric mills... 567 574 588 574 561 551 546 544 548 '540 '525 516 Knitting mills 230 222 216 210 212 205 209 209 211 ••209 '210 210 Apparel and Other Finished Textiles 1,047 998 1,000 990 1,047 1,037 1,019 1,008 1,035 '1,029 r1,052 1,050 Men's and boys' furnishings. 261 253 245 233 238 239 238 233 235 '228 '232 238 Women's and misses' outerwear 267 249 255 271 295 284 270 279 296 300 308 305 Leather and Leather Products.... 353 331 344 336 343 327 320 317 323 330 342 343 335 Footwear (except rubber)... 225 210 222 215 221 208 201 198 205 213 221 222 Food and Kindred Products 1,085 1,099 1,146 1,225 1,307 1,330 1,254 1,160 1,122 rl, 068 ' 1,061 1,058 1,052 Meat products 229 229 233 236 233 235 236 246 252 246 244 240 Canning and preserving... . 128 137 154 226 305 330 238 145 120 106 106 104 Bakery products 190 190 192 192 192 193 195 192 190 187 187 186 Tobacco Manufactures 76 74 76 75 84 89 89 85 85 82 80 78 77 Paper and Allied Products 427 424 426 418 419 416 413 411 410 r405 404 398 Pulp, paper and paperboard mills 212 213 215 214 215 214 212 212 212 211 210 210 Printing, Publishing and Allied Industries 510 510 512 507 509 515 517 519 520 r510 508 507 Newspapers 151 152 152 151 151 153 153 154 155 151 152 152 Commercial printing 168 168 169 167 166 167 169 170 171 ••170 '167 167 Chemicals and Allied Products... 538 531 528 526 531 543 544 542 538 536 537 537 534 Industrial organic chemicals. 168 170 172 172 174 175 172 173 171 170 '169 168 Products%of Petroleum and Coal.. 194 194 198 198 198 197 197 197 196 193 193 194 197 Petroleum refining 150 151 154 154 154 154 154 154 155 153 153 152 Rubber Products 219 220 220 217 218 218 215 219 219 r218 '2/5 216 216 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1951 1952 1951 1952 1951 1952 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr Feb. Mar. Apr. Total 64.70 '66.91 67.19 66.24 41.0 '40.7 40.6 40.0 1.578 '1.644 1.655 1.656 Durable goods. 69.68 '72.18 72.55 71.84 42.0 '41.7 41.6 41.1 1.659 '1.731 1.744 1.748 Primary metal industries. . . 75.70 '76.40 76.51 74.01 42.1 '41.5 41.4 40.2 1.798 '1.841 1.848 1.841 Fabricated metal products. . 69.51 '71.39 71.69 70.73 42.0 '41.8 41.8 41.1 1.655 '1.708 1.715 1.721 Machinery except electrical. 76.78 '79.52 80.08 78.40 43.9 43.5 43.5 42.7 1.749 '1.828 1.841 1.836 Electrical machinery 65.58 '69.97 70.00 69.32 41.3 '41.6 41.3 40.8 1.588 '1.682 1.695 1.699 Transportation equipment. . 74.81 '78.77 79.68 80.02 40.9 41.2 41.2 41.1 1.829 '1.912 1.934 1.947 Lumber and wood products , 58.95 '58.77 59.27 60.17 41.4 '40.5 40.4 40.3 1.424 '1.451 1.467 1.493 Furniture and fixtures , 56.96 '60.51 60.67 59.98 '41.7 41.3 41.0 1.386 1.451 1.469 1.463 Stone, clay, and glass products , 65.09 '65.31 65.72 65.57 41.0 41.0 40.8 1.546 '1.593 1.603 1.607 Instruments and related products 68.55 '71.02 71.09 70.38 42.5 '41.9 41.6 41.4 1.613 '1.695 1.709 1.700 Miscellaneous manufacturing industries 58.03 '60.41 60.32 58.88 40.9 40.7 39.7 1.405 '1.477 1.482 1.483 Ordnance and accessories 70.97 '78.50 78.99 77.00 44.6 44.4 43.5 1.662 '1.760 1.779 1.770 Nondurable goods. 58.16 '59.97 60.09 58.71 39.7 '39.4 39.3 38.5 1.465 1.522 1.529 1.525 Textile-mill products 52.87 '52.30 51.32 50.00 39.9 '38.8 38.1 37.4 1.325 1.348 1.347 1.337 Apparel and other finished products.... 44.97 '47.32 47.09 43.37 36.5 '36.6 36.7 35.0 1.232 '1.293 1.283 1.239 Leather and leather products 46.65 '50.31 50.50 48.60 36.5 r38.7 38.7 37.1 1.278 '1.300 1.305 1.310 Food and kindred products 59.66 '63.38 63.30 62.92 41.2 41.4 41.0 40.7 1.448 '1.531 1.544 1.546 Tobacco manufactures 42.58 '43.64 43.88 41.57 36.8 36.8 36.6 34.9 1.157 '1.186 1.199 1.191 Paper and allied products 66.38 '66.44 67.31 65.60 43.7 '42.4 42.6 41.6 1.519 '1.567 1.580 1.577 Printing, publishing and allied products. 75.78 '77.73 79.28 78.07 38.9 '38.5 38.9 38.4 1.948 '2.019 2.038 2.033 Chemicals and allied products 67.84 '68.56 69.09 69.26 41.8 41.3 41.3 41.2 1.623 '1.660 1.673 1.681 Products of petroleum and coal 81.33 '81.69 81.81 81.65 41.2 '40.6 40.6 40.6 1.974 '2,012 2.015 2.011 Rubber products 65.96 '73.71 73.81 71.04 40.0 40.7 40.8 39.6 1.649 '1.811 1.809 1.794 r Revised. NOTE.—Data are for production and related workers. Figures for April 1952 are preliminary, Back data are available from the Bureau of Labor Statistics. JUNE 1952 691 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, Federal Reserve.. 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—April 46,411 16,102 914 2,574 4,153 9,773 1,856 4,745 6,294 May 46,507 16,081 916 2,572 4,140 9,821 1,865 4,765 6,347 June . . 46,626 16,097 923 2,558 4,132 9,857 1,874 4,787 6,398 July 46,602 16,026 899 2,574 4,134 9,837 1,880 4,780 6,472 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—Tanuary . . '46,471 '15,830 916 '2,545 '4,139 '9,852 '1,919 '4,742 6,528 February '46,586 15,867 '912 '2,596 '4,144 '9,863 1,929 '4,737 6,538 March... 46,516 15,861 906 2,531 4,152 9,858 1,936 4,729 6,543 April 46,499 15,886 902 2,519 4,136 9,813 1,939 4,750 6,554 UNADJUSTED 1951—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 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 '45,913 '15,776 909 '2,316 '4,103 '9,720 1,909 '4,671 6,509 February '45,891 '15,849 '903 '2,310 '4,108 '9,646 1,919 '4,666 6,490 March 45,964 15,836 899 2,303 4,116 9,664 1,936 4,682 6,528 April 46,246 15,754 899 2,418 4,116 9,809 1 949 4,750 6,551 ' 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. April 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 i p n i o v s p i t l i u i t a l u a n t t i i o n o n o n a n l i - Total Employed * Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed tural industries agriculture 1944 93,220 54,630 53,960 45,010 8,950 670 38,590 1945.. 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 109,284 63,099 59,957 52,450 7,507 3,142 46,181 1951 108,976 62,884 61,005 53,951 7,054 1,879 46,092 1951—April 108,879 61,789 60,044 53,400 6,645 1,744 47,092 108,832 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 44,474 108,896 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 March 109,274 61,518 59,714 53,702 6 012 1 804 47 756 April 109,328 61,744 60,132 53,720 6,412 1,612 47,584 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no longer available for reasons of security. 2 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 692 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] Total R b es u i i d ld en in t g ial Nonresidential building P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 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 1,072.0 496.2 116.4 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 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 millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Month Total Public ownership Private ownership 1952 1951 1950 1951 1952 1950 1951 1952 1950 1951 1952 Federal Reserve district Apr. Mar. Apr. Jan 731 1,045 902 201 306 297 530 739 605 Feb.. . . 780 1,141 885 285 332 339 495 808 547 A A M M J J S O N u u e p c u o a a p l n t r g v r y y . t . . e . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 , , , , , , , , , 3 0 1 2 3 5 3 4 3 4 8 8 3 4 4 5 2 0 5 7 7 6 8 9 0 0 0 2 1 1 1 1 1 1 1 , , , , , , , , 3 2 2 5 4 4 0 0 9 7 7 7 6 3 2 9 7 5 1 5 2 6 9 3 6 3 1 1 1 , , 5 3 9 2 8 1 3 3 4 4 4 4 3 3 3 8 5 8 2 3 0 6 6 2 9 4 1 8 8 8 4 0 0 1,4 4 4 4 3 5 6 3 3 7 5 1 8 1 8 3 2 1 4 6 8 6 8 3 6 6 0 6 5 3 5 6 4 1,1 9 9 9 9 9 8 8 7 1 9 1 2 5 6 1 2 6 1 6 7 2 9 0 9 8 7 1,0 9 8 8 6 7 7 7 7 9 1 5 5 6 8 2 7 7 9 9 2 6 2 7 5 8 9 9 7 6 6 1 7 N A S P C B R C ^M t h l h o i e t . e c l i w i s i a l v h c L n t a n o a e m n o d Y g n l t e u a a e o o a o n i l n p s p r d d o k h . l i i a s 2 2 1 1 1 1 1 8 9 5 0 0 3 7 8 4 4 3 7 1 1 9 6 0 5 , , , , , , , , , 7 9 7 7 1 9 8 4 7 8 2 7 1 8 0 1 8 7 2 1 2 0 3 9 5 6 4 2 1 1 1 1 1 6 4 2 6 8 2 9 3 0 2 5 0 1 1 1 0 2 2 , , , , , , , , , 8 8 9 0 8 4 5 8 2 6 5 6 1 1 8 5 1 3 9 9 8 5 9 3 9 4 6 2 2 1 1 1 0 4 5 8 4 7 4 4 6 3 1 1 9 2 6 3 8 0 , , , , , , , , , 6 6 9 8 3 2 6 4 8 8 4 5 0 2 6 6 7 9 5 9 4 4 1 4 1 4 8 Dec.. . . 1,168 1,100 381 476 787 624 Kansas City 74,846 60,802 67,548 Dallas 140,319 140,830 148,733 Year. 14,501 15,751 4,4096,122 10,0929,629 Total (11 districts) 1,597,517 1,321,254 1,374,991 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 1loans Mortgages Y m e o a n r th or Total p m P e i r r m r e o o t n v - y p e t - 1 - s S h c t t m o r o i u o m n a c n - - l e l 1 f h ( a - o T m I t u D i o i s t l l y e 4 e - s h R g ( o T a e r I u o n D n i s t u d t i l a p n e l g W h e ( o V V a T r u a r I e i s n t ) a t i l 8 - s n n e ' g d V h ( M t T i o a I n i i u r I g t l y I s i l ) - e - End of month Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v u 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 d s n l - 1 - Other2 1947 1,787 534 (8) 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 1,162 130 224 542 201 150 1941—Dec 3,107 1,465 186 254 789 234 179 1942—Dec 3,620 1,669 236 276 1,032 245 163 1951—Apr. .. 252 43 2 162 7 20 18 1943—Dec 3,626 1,705 256 292 1,134 79 159 May 271 52 2 165 16 36 1944—Dec. 3,399 1,590 260 269 1,072 68 140 June.. 255 54 2 146 6 31 16 1945—Dec 3,156 1,506 263 253 1,000 13 122 July... 274 76 2 146 17 19 13 Aug... 270 66 3 154 15 18 14 1946—June 3,102 1,488 260 247 974 11 122 Sept... 239 53 4 131 7 16 28 Dec 2,946 1,429 252 233 917 9 106 Oct. .. 300 74 4 145 20 15 41 Nov... 248 68 4 141 4 24 7 1947—June 2,860 1,386 245 229 889 8 102 Dec... 227 65 3 125 9 10 15 Dec 2,871 1,379 244 232 899 7 110 1952—Jan. . . 5 274 88 4 159 18 3 2 1948—June 2,988 1,402 251 245 973 7 110 Feb.... «211 64 2 125 8 (3) 10 Dec 3,237 1,429 265 269 1,113 9 152 Mar... 6 207 61 2 124 7 5 8 Apr. . . 6 242 64 2 126 26 4 18 1949—June 3,894 1,587 305 323 1,431 21 227 Dec 4,751 1,771 378 416 1,828 52 305 1 2 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 housing. 3 Less than $500,000. 1951—June 7,556 2,412 903 658 3,115 44 423 4 Includes 6 million dollars of Class 3 loans (program terminated Dec 8,212 2,554 1,072 689 3,453 71 373 Feb. 28, 1950) and 1 million of Sec. 8 loans. 6 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.; April, 2. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance companies, industrial banks, 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. JUNE 1952 693 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 i - ly fam 2- ily f M am ul i t l i y - Total 1939 515 359 156 458 373 20 66 57 158 1941 706 434 272 620 533 28 58 87 220 1945 209 134 75 208 185 9 15 1 47 1946 671 404 267 663 590 24 48 8 152 1947 849 480 369 846 740 34 72 3 440 1948 932 525 407 914 763 46 104 18 393 1949 . 1,025 589 436 989 792 35 162 36 466 1950 1,396 828 568 1,352 1,151 42 159 44 686 1951 1,091 595 496 1,020 892 40 88 71 413 1951—May 101 55 46 98 86 3 9 3 47 June 133 85 48 90 79 3 8 42 37 July 91 46 45 87 76 3 8 4 34 August 89 46 43 88 78 3 8 1 32 September 96 49 47 95 81 4 10 1 30 October 90 44 46 89 80 3 6 1 32 November 75 39 36 72 64 3 6 2 27 December 61 31 29 60 51 2 6 1 23 1952—January J65 36 29 62 54 3 5 3 23 February 78 43 35 74 65 3 6 3 M^arch P98 n.a. n.a. 86 n.a. n.a. n.a. 12 April ... P108 n.a. n.a. P99 n.a. n.a. n.a. May n.a. n.a. P99 n.a. n.a. n.a. p8 Ot Ot J>> NO 00 03 FHA VA 158 220 41 6 69 83 229 211 291 102 361 105 486 200 264 149 32 15 24 13 22 12 21 11 20 10 20 12 18 9 14 9 16 7 17 9 19 9 26 12 n.a. n.a. n.a. fig Daseu on loans ciosea miormauon. wtner ngures are esumatea Dy rsurea 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 adjusted Monthly—unadjusted Annual Class 1951 1952 1951 1952 1950 1951 Apr. Dec. Jan. Feb. Mar. Apr. Apr. Dec. Jan. Feb. Mar. Apr. Total 128 134 136 133 141 136 133 126 133 123 128 126 124 123 Coal 117 121 112 127 133 120 111 103 112 127 133 120 111 103 Coke 180 208 197 206 203 192 196 166 193 216 214 203 198 163 Grain 135 143 158 143 146 140 139 130 139 135 146 137 128 115 Livestock 68 69 68 68 67 72 66 73 61 65 64 57 53 65 Forest products 141 150 156 144 155 146 141 142 156 128 139 140 141 142 Ore 172 205 212 235 256 277 257 212 193 73 64 69 75 195 Miscellaneous 140 147 151 142 151 149 149 141 149 134 138 140 142 139 Merchandise 1. c 1 53 48 51 44 46 49 47 46 51 43 44 47 48 47 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 exports1 Merchandise imports 2 Excess of exports Month 1952 1950 1951 1952 1950 1951 1952 January 741 974 623 1,024 P922 118 -50 P329 February 764 1,076 n,330 600 910 P892 164 166 P437 March 860 1,285 P1,416 665 1,102 P963 195 184 P454 April 804 PI.370 585 Pl.033 219 May 830 Pl,354 659 Pl.018 170 P337 June 877 Pl,294 687 P930 190 P364 July 779 PI.190 709 P894 70 P296 August 762 P1,269 820 P881 -59 P389 September 911 P1,232 859 P721 52 P511 October 906 P1,152 923 P834 -16 P318 November 977 P1,386 855 P818 122 December 1,065 P1,438 867 P800 198 P637 January-March 2,365 3,335 P3,996 1,889 3,035 P2,776 477 301 PI.220 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-March 1952, 238. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 694 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 United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 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—April 104 98 102 105 108 111 105 104 98 101 103 r110 102 Mav . .. 104 100 100 104 104 110 107 105 98 100 104 111 104 June 105 98 108 103 106 110 114 101 98 98 104 113 103 July 105 106 103 105 107 105 111 101 104 101 104 114 108 August 109 108 106 111 108 121 110 107 106 109 111 115 106 107 100 101 107 108 109 111 106 105 101 112 115 108 October 108 103 103 108 112 114 111 109 105 104 110 114 106 November 112 106 104 109 114 118 121 110 109 107 116 129 114 109 106 103 105 109 109 121 109 107 104 113 122 110 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 105 104 98 109 106 114 113 '103 99 94 105 115 102 April P103 P99 97 102 104 PIO9 114 100 98 98 P104 114 106 UNADJUSTED 1951—April '98 95 '95 »"98 103 100 101 99 96 100 100 '105 95 May . .. 103 101 98 105 106 109 103 105 102 101 104 109 98 June 99 98 105 99 100 103 97 99 90 94 97 100 97 July 84 73 74 76 84 86 89 86 85 81 85 96 93 August 93 82 80 83 94 95 99 94 95 97 102 104 101 September 112 110 106 112 114 118 116 114 111 112 119 124 108 October 112 105 108 114 115 121 116 111 111 118 117 119 107 November. . . 134 129 131 144 140 145 138 132 130 120 131 144 125 December 184 188 179 185 181 192 203 175 168 166 185 203 189 1952—January 83 81 80 81 87 80 89 81 81 72 86 95 83 February 83 75 82 82 83 83 93 81 80 83 85 93 86 March 92 87 86 97 95 96 108 89 89 80 93 105 90 April P103 P103 95 103 104 Pill 116 99 101 101 P104 114 103 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—April 138 132 131 133 148 '137 150 136 142 123 142 138 140 May 136 129 128 132 145 137 146 134 140 123 141 140 137 June 136 131 131 132 146 145 141 133 143 122 141 138 136 July 138 130 133 134 144 146 140 139 139 124 141 141 139 134 127 129 130 136 140 144 131 139 123 143 140 138 September 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 December 119 115 115 120 116 130 133 117 119 106 121 125 119 1952—January 118 115 114 115 114 133 133 114 106 106 122 124 121 February 116 112 107 113 110 127 129 113 112 102 122 122 123 March.. 115 109 108 '113 110 127 '126 113 111 103 120 124 119 April P116 111 111 112 111 P127 125 114 114 104 P122 122 123 UNADJUSTED 1951—April 145 136 137 144 155 '148 158 141 151 129 149 146 147 May 139 132 131 136 148 142 148 136 140 126 144 141 142 June 129 122 122 123 137 133 135 125 136 117 137 128 133 July 127 117 117 116 129 134 132 125 129 120 133 129 134 August 129 120 125 123 131 138 141 124 135 117 134 137 132 September 132 124 129 131 137 139 137 127 135 117 133 138 135 October 135 130 130 135 137 143 142 134 134 120 134 136 136 November 133 132 132 133 128 139 145 133 125 119 133 135 132 December 107 108 106 105 102 114 116 109 105 97 108 115 106 1952— January 106 105 101 100 104 117 119 106 92 100 114 112 109 February 113 107 104 111 109 123 128 111 109 99 121 120 117 March 120 112 113 '119 116 '136 '132 118 118 107 126 131 122 April P122 114 116 121 117 P137 132 118 122 109 P128 129 129 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. JUNE 1952 695 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 5 Department r b N s e t e p o u r o r m e o rt s - f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) March 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 M 19 a 5 r 2 . m T 1 o h 9 n r 5 e t 2 h e s M 19 a 5 r 2 . 1952 1951 1952 1951 1952 1951 Mar. Feb. Mar. Mar. Feb. Mar. GRAND TOTAL—entire store 3 357 -9 -10 -16 3.4 3.7 MAIN STORE—total 356 -10 -10 -16 3.7 4.0 194 166 215 714 667 851 Piece goods and household textiles 319 -4 -16 -23 4.2 5.3 165 152 171 697 684 901 Piece goods 297 +2 -5 -18 3.2 3.9 231 198 227 736 744 894 Silks, velvets, and synthetics 199 +2 -3 -16 2.9 3.6 257 176 251 752 616 905 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 7 9 7 1 +3 - + 19 2 - -2 1 1 6 3 3 . . 7 0 4 4. . 0 4 2 2 0 6 5 8 2 1 1 7 8 8 2 26 1 1 0 8 7 1 6 9 8 8 7 1 5 0 4 , 9 0 1 4 2 6 Household textiles 311 -9 -21 -26 5.1 6.3 133 129 145 682 649 921 Linens and towels 278 -10 -19 -18 5.9 6.4 123 124 136 721 709 886 Domestics—muslins, sheetings 256 -12 -28 -26 4.5 5.4 153 144 173 694 613 944 Blankets, comforters, and spreads 243 -2 -11 -34 4.9 7.3 127 122 130 626 607 947 Small wares 346 -4 2 -9 4.3 4.6 159 156 166 687 644 760 Laces, trimmings, embroideries, and ribbons... 204 -11 -4 -6 3.7 3.4 234 172 264 856 712 912 N To o i t l i e o t n a s rticles, drug sundries 3 23 3 9 0 -1 < - - 2 1 - - 9 8 4 3 . . 2 8 4 4. . 1 5 2 1 1 4 0 4 1 1 8 3 1 9 2 1 1 4 2 5 8 55 7 1 2 5 7 2 7 8 7 9 6 5 0 4 0 Silverware and jewelry 317 -10 -6 -12 6.0 6.2 149 147 165 902 846 ,028 Silverware and clocks 4 217 -17 -17 -15 8.4 8.2 F C i o n s e t u j m ew e e j l e ry w e a l n r d y * watches 4 28 7 2 6 - - 1 6 1 +4 7 - - 9 9 1 3 0 . . 6 7 1 3 0 . . 7 5 Art needlework 235 + 1 -2 -16 4.9 5.8 142 151 141 689 632 822 Books and stationery 276 +2 -5 3.7 3.7 164 177 174 612 557 643 Books and magazines 129 -2 +5 +4 2.7 2.6 178 168 181 489 414 479 Stationery 243 -8 + 1 4.3 4.3 149 169 162 644 602 704 Women's and misses' apparel and accessories 353 -8 -5 -10 2.6 2.6 220 167 239 571 534 632 Women's and misses' ready-to-wear accessories. 353 -13 -8 -10 3.2 3.1 205 160 235 656 599 730 Neckwear and scarf3 311 -11 -2 +2 2.4 2.1 278 226 314 669 591 653 Handkerchiefs 286 -24 -12 -15 5.0 4.5 94 110 124 476 440 568 Millinery 162 -21 -11 +6 1.1 0.8 243 146 308 272 220 256 Women's and children's gloves 327 -30 -17 -6 4.0 3.0 150 109 214 602 559 641 Corsets and brassieres 339 A -6 -15 3.1 3.4 265 224 275 810 760 948 Women's and children's hosiery 345 -14 -12 -26 2.4 2.8 143 126 165 339 316 457 Underwear, slips, and negligees 345 -4 -5 -17 3.6 4.1 170 152 176 609 538 729 Knit underwear 254 -6 -10 -15 3.6 4.0 218 190 233 794 655 936 Silk and muslin underwear, and slips 292 -3 -5 -18 4.5 156 134 161 597 522 732 Negligees, robes, and lounging apparel 259 +2 +6 -14 3.3 161 151 157 446 383 516 Infants' wear 330 -6 +2 -11 2.9 3.0 287 214 305 822 766 924 Handbags and small leather goods 338 -20 -9 -5 2.7 2.3 184 133 230 498 426 525 Women's and children's shoes 244 -15 -13 -4 4.7 4.1 238 170 281 1,119 1,065 1,156 Children's shoes * 211 -27 -16 -5 4.3 3.3 Women's shoes4 222 -12 -12 -4 4.8 4.4 Women's and misses' ready-to-wear apparel.. . 352 -4 -3 -8 2.0 2.2 235 175 244 483 463 527 Women's and misses' coats and suits 340 -2 -6 -15 4 .7 293 202 298 437 467 516 Coats 4 223 +6 + 1 -16 4 .7 Suits* 222 -10 -19 -19 6 Juniors' and girls' wear 315 Q -5 -5 7 7 321 187 350 558 543 581 Juniors' coats, suits, and dresses 276 -7 -5 -12 4 5 312 191 334 442 435 501 Girls' wear 318 -10 -4 + 1 1 1.8 345 192 384 713 698 706 Women's and misses' dresses 342 -4 + 1 9 1.9 210 168 217 399 376 420 Inexpensive dresses 4 257 -4 + 1 -11 5 1.6 Better dresses * 268 -3 + 1 -2 2.3 2.2 A F B u l p o r r s u o s n e s s , , h s o k u ir s t e s d , r a e n s d se s s , p o an rt d s w u e n a if r orms 3 2 2 4 6 9 3 2 4 + + -4 4 8 - + + 12 2 4 - - + 1 1 3 5 0 2 2 5 . . . 8 0 4 3 2 5 . . . 0 9 2 2 1 3 8 8 6 4 1 2 1 0 9 6 1 2 4 2 1 4 7 7 6 9 4 4 6 4 3 2 5 0 2 6 3 3 6 8 9 0 0 8 0 5 4 7 0 2 2 2 0 8 Men's and boys' wear 334 -14 -12 -11 5.1 5.0 160 127 186 819 750 925 Men's clothing 261 -11 -13 -5 5.7 5.3 171 135 193 972 908 1,016 Men's furnishings and hats 315 -13 -11 -16 5.3 5.5 131 122 150 698 627 826 Boys' wear 307 -18 -9 -14 3.6 3.4 220 125 269 798 713 932 Men's and boys' shoes and slippers 195 -19 -18 -13 6.1 5.7 167 130 207 1,020 915 1,173 Homef urnishings 323 -13 -19 -23 4.7 5.4 201 198 230 956 902 1,248 Fu U M rn p a i h t t u t o r r l e e s s t s e a e r n e s d d , s b a p e n r d d in d g i o n s t g , h e a r n d f u s r t n u i d tu io re b 4 eds 4 2 1 1 4 7 7 9 6 7 — - - 1 9 2 2 -10 y - - - 1 3 1 6 2 4 4 5 2 . . . 7 4 4 3 5 5 . . . 1 6 5 191 230 210 905 843 1,081 Domestic floor coverings 277 -25 -11 -29 5.5 5.9 171 176 227 943 934 1,331 Rugs and carpets 4 162 -29 -29 -33 5.6 5.9 Linoleum 4 97 -7 -31 -22 3.9 4.7 Draperies, curtains, and upholstery 300 -5 -16 4.4 5.0 201 166 211 896 836 1,061 Lamps and shades 252 3 -4 -16 4.4 5.1 171 172 176 758 698 900 China and glassware 254 -10 -6 +3 8.0 7.1 151 158 167 1,215 1,177 1,181 Major household appliances 237 -26 -41 -38 4.0 4.8 207 166 278 826 797 1,349 Housewares (including small appliances) 265 -3 -14 -25 4.3 5.6 259 217 267 1,123 1,024 1,489 Gift shop* 184 -11 -5 -6 6.4 6.1 Radios, phonographs, television, records, etc.4. 229 -23 -34 -53 3.4 5.6 Radios, phonographs, television 4 164 -23 -35 -61 2.8 5.5 Records, sheet music, and instruments 4. . . . 122 — 7 -9 -10 5.0 5.2 Miscellaneous merchandise departments 318 -14 -8 -19 3.7 3.8 171 153 199 623 563 764 Toys, games, sporting goods, cameras 295 -11 -7 -24 6.9 8.0 115 83 130 787 712 1,035 Toys and games 243 -17 -8 -29 6.4 7.5 96 65 116 616 545 870 Sporting goods and cameras 149 -6 -7 -20 7.2 8.4 110 86 117 790 717 990 Luggage 270 -1 0 -15 5.4 6.4 152 146 154 835 787 988 Candy4 188 -42 -17 +33 1.6 0.7 For footnotes see following page. 696 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 x 1941 average monthly sales =100 2 Num- Department r b s e t e p o r o r o e rt s f - d p S u e a r r l i i e o n s d g m S (e t o n o d n c t k o h s f ) March Sale p s e r d io u d ring Sto o c f ks m o at n e th nd ing M 19 a 5 r 2 . m T o 1 h 9 n r 5 t e h 2 e s M 19 a 5 r 2 . 1952 1951 1952 1951 1952 1951 Mar. Feb. Mar. Mar. Feb. Mar. BASEMENT STORE—total .. 196 -7 -6 -18 2.4 2.7 202 153 216 481 452 592 Domestics and blankets 4 135 +8 -11 -31 3.1 4.8 Women's and misses' ready-to-wear 189 -7 -4 -14 1.8 1.9 216 157 234 381 353 439 Intimate apparel * 167 -7 -7 -16 2.5 2.8 Coats and suits 4 174 -4 -5 -15 1.0 1.1 Dresses 4 173 -8 0 -11 1.4 1.4 Blouses, skirts, and sportswear 4 157 -2 + 1 -16 2.1 2.5 Girls' wear4 ... . .. 123 -15 -8 -11 1.6 1.5 Infants' wear4 ... . 125 -6 + 1 -16 2.3 2.6 Men's and boys' wear 161 -8 -6 -22 2.9 3.4 206 150 224 602 572 782 Men's wear4 146 -2 -5 -24 3.0 3.9 Men's clothing 4 100 +4 0 -21 2.8 3.6 Men's furnishings 4 120 -8 -9 -28 3.3 4.2 Boys' wear 4 123 -22 -11 -15 2.4 2.3 Homef urnishings 104 +2 -7 -25 3.3 4.4 183 165 179 594 582 796 Shoes 119 -18 -13 -4 4.1 3.4 162 115 198 656 596 680 NONMERCHANDISE—total4 177 -8 -3 (5) (5) (6) Barber and beauty shop 4 75 -2 +7 (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. * For movements of total department store sales and stocks see the indexes for the United States on p. 695. 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. 6 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 * Year or month m ( S o t f a o o n l t r e t a s h 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 ) ts m o ( N r o t f o d o n e e t w r t a r h l s ) July 1 1 8 5 1 9 . 5 . 0 .. . . . 9 9 7 1 1 5 J J u u n ly e 3 1 1 7 4 0 9 . . . 5 . . . . 1 . . . . . . . . 8 7 8 9 5 3 Jan. 2 1 1 6 0 3 9 . . . 5 . . . 1 . . . . . . . . . 1 1 9 0 0 8 4 5 Jan. 1 1 1 5 2 9 952 . . . 9 9 7 2 0 8 22. .104 21... .. 81 27... . . 96 26 . 83 1943 average... 204 509 530 203 223 29 .102 28. . ... 80 Feb. 3. . .. . 81Feb. 2 . 84 1944 average... 227 535 560 226 236 Aug. 5 .102 Aug. 4. . ... 88 10... . . 94 9'. '. '. '.. 87 1945 average... 255 563 729 256 269 12 . 94 11. . .. . 87 17. . ... 94 16 . 89 1946 average... 318 715 909 344 327 19 . 97 18... . . 93 24. . .. . 95 23 . 83 1947 average... 337 826 552 338 336 26 . 99 25... .. 97 Mar. 3. .. . . 99Mar. 1 . 85 1948 average... 352 912 465 ••356 ••335 Sept. 2 .107 Sept. 1. . .. .105 10... . .105 8 . 88 1949 average... 333 862 350 331 331 9.'.'.'. .102 8. . .. .100 17. . .. .101 15 . 90 1 1 9 9 5 5 1 0 a a v v e e r r a a g g e e . . . . . . 3 3 4 5 7 8 ,1 9 1 4 4 2 4 4 6 2 6 5 3 3 6 5 1 5 3 3 4 7 5 0 2 1 3 6 . . 1 1 2 1 7 1 2 1 2 5 . . . . . . . . . . 1 1 1 1 4 1 2 31 4 . . . . . . . . . .1 8 0 9 5 2 2 2 9 . . 10 9 1 4 30 .110 29. . .. .114 Apr. 7. . ...101 Apr. 5 .109 1951—Apr 312 1,239 ••337 335 ••205 Oct. 7 .112 Oct. 6. .. . .110 14... . .100 12.... .111 May.... 339 1,193 295 ••293 ••251 14! '. '. ..111 13. . .. .117 21. .. .. 97 19. . . ..97 June.... 326 1,112 386 245 336 21 .105 20. . .. .116 28... . .101 26. . . .105 July.... 257 1,069 434 214 262 28 .108 27. . ...113 May 5. . .. .113May 3... .111 Aug 309 1,106 395 346 307 Nov. 4.... .109 Nov. 3... . .121 12... ..110 10 .117 Sept 343 L ,117 404 354 363 11 .118 10 127 19 .. . 99 17 99 Oct 388 L,152 408 423 427 18.... .127 17... . .130 26... . .100 24 .105 Nov 442 1,147 373 437 402 25 .110 24.. ...123 June 2. . .. . 95 '31 . .97 Dec 608 929 292 390 309 Dec. 2 .153 Dec. 1. . .. .161 9. . .. .108June 7.. . ..110 1952—Jan 291 910 379 272 359 9. '. '. '.191 8. . .. .191 16. . .. .106 14. . Feb 271 956 386 317 324 16.... .220 15... ..213 23.. .. . 92 21 Mar 317 1L ,027 332 388 334 23 .221 22. .. ..228 Apr P340 PL,039 P277 P352 P297 30 . 82 29... . . 92 P Preliminary. r Revised. 1 These figures are not estimates for all department stores in the NOTE.—Revised series; for description and weekly indexes for back United States. Figures for sales, stocks, and outstanding orders are years, see BULLETIN for April 1952, pp. 359-362. based on actual reports from the 296 stores. Receipts of goods are 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. JUNE 1952 697 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] A 19 p 5 r 2 . 1 M 95 a 2 r. m 19 o 4 5 s 2 . A 19 p 5 r 2 . 1 M 95 a 2 r. m 19 o 4 5 s. 2 A 19 p 5 r 2 . 1 M 95 a 2 r. 19 4 52 A 19 p 5 r 2 . 1 M 95 a 2 r. 1952 United States. P+9 -10 -5 Richmond +15 -1 Chicago-cont. Dallas-cont. B N N P D L N W S P B N B L o B p e o r o e e o o e r o o r w a w r s i w w o s w w i v r t d w t t n s l c e o o i a n g a t g d l e r Y o n H B r t n l n e f e s e k - o n i p d n o t e e n a w A e l o c d l r c v r d e n r f k r e e t o e * n r a . d . . . . . . . . . . + + + + + + + + + + + + + 1 2 2 1 1 1 9 4 6 1 8 9 5 0 5 8 3 9 3 - - - - - - - - 1 1 1 1 1 1 - - 1 1 - - - 2 0 6 8 7 7 9 1 2 5 3 1 3 - + + 1 - - - - - - - T - 1 4 6 6 8 8 5 7 6 1 6 2 0 W A W A G L N H R C C R R C H B y a o h s n i o o r a h a u a i c e h l n l l a d r a g n ' n s e h t u l e f e r c n e i e s s h i o t n m m l v m g h r t o i ' r e i l t v o s i n s n h k b k o o b s l o o i n t l g g t u e l i n n o e r n o - l a t t e r d , e . w S , o o n g W , n a S n N n S l . . . . e x . V . . C . m . . C C a . . . . . . . . . . . + + + + + + + + + + + + + + + + 2 2 2 2 2 1 2 3 1 2 1 1 1 1 9 7 5 0 0 6 4 0 0 0 8 6 5 9 7 2 - - - - - - - 1 1 1 1 1 1 1 + - - - - - 7 7 4 6 4 1 7 6 1 0 1 2 2 0 + + + + + + + - - - - — 7 4 4 2 8 3 8 7 7 1 0 0 0 1 5 S F L F L G G Q D M M L S D E t l o . t a i o v u r r e e i . i a t e n a r u n s l a i t t L d t w L e n r l n s i t n e i s o n i M c d o o S s s a n v i i y o u v u u R t m g i o B R l n i i k i l o * s i l : i a e s e a n l t c y e h i e p e 1 k . . i s x l . . d 1 . . . . . . s . . . . . . . . . l . . . . , . P P P P + + + + + + + + + + + + + - 2 1 1 1 1 9 4 9 4 2 6 9 1 6 5 4 0 7 0 - - - - - - - - - - 1 1 1 1 1 1 - - 1 2 1 1 - - - 9 6 9 8 5 2 2 0 0 0 9 3 0 8 1 - -1 - - - - 1 - - - - - - - - 1 4 6 6 7 7 9 1 6 8 3 3 1 4 0 S T L F S W P F L C D E B H a A a h r o o u o l a o a o n e a n o s c n k r r r l u P s c t l e p s e e g F n a s A o a A o a n r u t s o W s s n o r i n B s n f o * x i a g n 1 i e t e o C e n o a * l 1 l r d c h n e c t h r s i i h 1 i s o x s . c . . t . . . i o . . . . . . . . P P P P + + + + + + + + + + + + + + 1 1 2 1 1 2 3 1 3 1 1 1 1 3 2 1 2 5 7 5 1 5 5 4 4 4 2 - - - - - + + 1 - - 1 1 1 - - - - 1 - 9 8 7 3 3 5 9 2 1 0 0 4 6 7 + + + + + + - - - - - 1 1 4 1 3 7 5 6 5 1 7 5 2 1 A E B B l u l i m b n ff a g i a n r l h a o y a m i ton... + + + - 2 5 3 8 9 - -1 1 - - 7 9 2 3 - - 1 - 4 1 0 0 A M B t i l o r a m b n i i l t n e a gham a.. . P+ + + 2 3 2 0 6 0 r- - - 3 9 1 + + + 9 1 2 S S M p t. e r i m L ng o p f u h i i e i s s l d : A . r . e . a . . P + + + 1 1 0 9 6 - - - 6 8 6 + - - 3 1 3 W D A A o e n n w s g g t n s e e i t l l d o e e e s s w l : n L o L s os P P + + 1 1 1 3 --11 -9 44 -1 -4 0 P N S L N U P R S T W P R Y h y o h a c r o e i e t o i e a i i n h u r i a w c l r c l l a n g k c k g d e h a a a c t a e a n h i d e Y o d n u i r s s s k e e a n e - o g t s t l c e e B e e p r l l e t x F r r k p 1 a h a p a 1 1 h r i d s C a r l y i i l e e i a s K . t . . l . y . . . . . . + + + + + + + + + + + + - + 2 1 2 1 1 1 2 8 2 0 5 8 3 6 9 4 9 6 5 2 - - - - - - - - - 1 1 1 - 1 1 — - 1 - 1 1 1 1 6 8 9 2 6 3 4 6 5 1 5 2 7 - + + + - - 1 - - - - - — - - 4 6 7 7 6 5 5 4 8 0 1 2 6 7 J O A S T A J M S M C M N R B a a t a a o r o u a t e . c i a o c v l l m a l w t m g k a c k a n u o m P a u n o s s p n t m e n n e o s o i g O d n a t * n t t n b n o o a R a e r • 1 a x v u 1 m l r : h o e s i s l a u e b l n g e r u y s e r . g * * l. . . . . . . . . . . P + + + + + + + + + + + + + + + 6 2 2 2 3 3 4 2 4 2 2 1 1 1 3 2 2 0 0 7 1 5 6 3 0 1 9 5 0 ' — - - - - - 2 2 3 1 - _ - - - - - - 6 8 8 7 1 8 9 2 8 2 3 3 4 2 2 + + + + + + + + - - 1 1 2 5 7 7 3 4 2 2 0 8 1 i M K S S G L M M G D D P a S i t a u i r r u o e . i a u n n a e e n n u l n C P p n b a u n s n v x k t e d l a t r a e e o e h o r a u F a r F s i a - s t F l o p a o a s C p r o o i l e l l l o l r l s i s . i k t l s y . i s s . . . l . . . . . . . P + + + + + + + + + + + + 2 2 1 9 8 3 3 3 5 7 3 9 6 4 8 + - - - - - - 1 - 1 1 1 - - - - 1 1 1 1 8 1 6 8 8 0 3 1 9 4 1 - - + - - - - - - - 1 1 5 7 2 2 7 5 5 4 0 0 0 1 S S S S V O S S R B P S N N B a a a a t a o o a i a o n n v n a c l l r k i e a a t c l s n r e t r e l p m l e a k J F D L r k a j a a o m s t B o n r e a p n i a o i s a e l d d k e a e d n n e e n g a e r e n d y c n o l n a 1 ! t i C d a a n o 1 s * n r d c i d . * t d o y i . . n 1 . . i o . . . . P P P P + + + + ( + + + + 2 + + 1 2 2 1 ) 1 7 9 1 2 6 9 4 2 7 ' - - - - - - - - - 1 2 1 1 - - 2 1 1 - 3 9 3 6 8 7 8 5 6 0 3 6 4 - - - - - 1 - - - 1 - - - 1 6 6 8 9 1 1 3 4 1 0 C A C l k a e n r v o t e o n l n a l n i d P+ + 5 6 0 - - 1 7 3 - - 6 8 3 M C B h r e i a s r t t i o t d a l i n an ooga l. . + + + 2 1 7 8 7 - - - 1 1 1 8 4 4 _ - - 1 8 2 W T H o u i p c tc e h h k it a i a nson. . . + + 1 9 0 1 - - - 1 1 1 5 5 4 - - - 9 6 5 S E B e e v a l e l t i r t n l e e g t h t x l am + + -2 5 7 - - 9 9 2 -6 C C C i l o e n l v u c e m in la b n n u a d s t i x i *. . . + + + 4 4 9 - - - 3 9 2 -5 b Cj N K a n s o h x v v i i l l l l e e * x + + 2 1 7 9 -1 -5 6 + -4 7 J S K o t a . p n l J i s o n a s s e p C h i . t y . . . . . . + ( + 2 1 ) 2 3 - - - 1 1 1 5 7 1 4 - - - 1 1 3 1 1 S Y T p a a c o k o k im m an a a e x * l P + + + 1 1 3 1 0 --11 - -4 6 22 - - 1 4 0 S T Y p o o r l u i e n n d g g o f s ie t i o ld w n 1. 1 . . . . + + 8 4 -1 -6 2 3 -8 ^ C P C h e h o i ic c ri a a a g g o l o l P p+ +4 5 - - 1 1 1 1 Q - - - 6 6 6 O O Tu m k l l s a a a h h a oma City + + + 1 2 5 6 r+ - - 4 6 2 + - - 2 6 2 Erie i +13 -1 +1 Fort Wayne 1... +20 -17 -6 Pittsburgh i. . . +3 -9 -9 Indianapolis l.. . + 12 -12 -3 Dallas +13 -6 +1 Wheeling i +12 -10 -4 Terre Haute x... + 13 -7 -1 Shreveport.... + 18 -1 +7 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 January 1952. 4 Three 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 ig ct 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 9 124 2 108.8 105.4 122.2 110.9 1943... . 123.7 138 0 129.7 108.7 107.7 125.6 115.8 1944 125 7 136 1 138 8 109.1 109 8 136.4 121 3 1945... . 128 6 139 1 145.9 109.5 110.3 145.8 124.1 1946 139.5 159.6 160.2 110.1 112.4 159.2 128.8 1947 159 6 193 8 185 8 113.6 121.2 184.4 139.9 1948 171.9 210 2 198.0 121.2 133.9 195.8 149.9 1949 170.2 201.9 190.1 126.4 137.5 189.0 154.7 1950 171 9 204 5 187 7 131.0 140.6 190.2 156.5 1951 185.6 227.4 204.5 136.2 144.1 210.9 165.4 1951—April. 184.6 225.7 203.6 135.1 144.0 211.8 164.6 May 185 4 227 4 204 0 135.4 143.6 212.6 165.0 June 185.2 226.9 204.0 135.7 143.6 212.5 164.8 July 185 5 227 7 203 3 136.2 144.0 212.4 165.0 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 April 188.7 230.0 202.7 140.8 145.3 206.2 171.1 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 698 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 o p l r x t d e d - e s - l - l H s p e u a k a r i n c o i d t n h t d d e s s e - s , r , p l t F O i o e a m i g u n w r n t h a i e h g d a e - l t e , l - r r s , C c a p i u o a l h c r l m c n o a i e e t d l d m s m s d - - od p R i u a b t r i u c n o e e t d b 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 p n c 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 a d a s l - l s p c M u m t a e r h i c n o r v i o a y t d n d e s - - - - F h o a h d t a o u b t u o u n h u r l r l r d e n e s e d - s e r i- -e s N t r t m t m a u a r o l l i r u l e s n n a i c — - c - l - - b m b e t o b f a T u a r a a t e a n c r t o c n v g l e d c - - e u - s e o d - s c M el i l s a - - 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 March.... 116.5 117.6 112.0 117.3 115.9 126.9 107.3 111.8 152.3 126.6 120.3 123.2 118.6 115.1 113.7 108.4 104.2 April 116.3 117.5 111.8 117.1 115.5 126.5 106.5 111.5 151.5 126.6 119.7 123.3 118.6 115.4 113.7 108.4 105.7 May 115.9 115.7 112.3 116.8 114.8 126.2 106.2 111.3 151.3 126.1 119.8 123.2 118.6 115.3 113.6 108.4 103.0 June 115.1 113.9 111.3 116.2 112.9 124.7 106.3 110.2 148.3 124.6 120.2 122.7 118.6 115.0 113.6 108.4 102.8 July 114.2 111.1 110.7 115.7 111.6 122.3 106.5 108.8 144.3 123.5 120.2 122.3 118.8 114.4 113.6 107.9 103.7 August. . . 113.7 110.4 111.2 114.9 108 118.0 106.3 108.5 144.3 122.3 119.5 122.2 118.9 113.5 113.6 107.8 102.6 September. 113.4 109.9 110.9 114.8 105.9 118.0 .106.7 108.7 144.7 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October... 113.7 111.5 111.6 114.6 103.9 113.6 106.8 108.8 144.7 121.7 118.8 122.4 120.2 112.8 113.6 107.5 106.9 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. 107.8 109.5 114.2 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 112.9 110.8 111.4 March . . . 112.3 "108. 109.2 '113.8 100.6 '98.0 •107.4 105.4 142.0 120.5 117.7 122.6 '121.8 rill .9 112.9 110.8 109.2 April 111.9 108. 108.0 113.4 99.9 94.3 106.3 104.8 140.7 120.7 117.4 122.5 121.8 112.0 112.8 110.8 109.5 1951 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 98.3 112.6 123.9 127.3 Woodpulp 114.3 114.5 114.5 113.3 Grains. 100.2 101.7 102.0 100.9 Wastepaper 220.9 87.3 70.0 70.0 Livestock and poultry 123.2 106.2 105.2 106.6 Paper 117.1 123.7 123.8 123.5 Plant and animal fibers 166.2 120.5 118.9 119.6 Paperboard 132.0 130.3 130.3 130.3 Fluid milk 103.2 110.9 110.3 108.1 Converted paper and paperboard. . 117.1 115.8 115.0 115.0 Eggs 96.7 74.3 76.6 81.7 Building paper and board 113.4 113.4 113.4 113.8 Hay and seeds 110.6 100.9 97.1 95.5 Metals and Metal Products: Other farm products 140.0 138.6 138.6 136.7 Iron and steel 122.9 123.2 123.2 123.0 Processed Foods: Nonferrous metals 125.7 115.0 124.9 124.9 Cereal and bakery products 107.0 107.4 107.5 107.4 Metal containers 121.1 120.6 120.5 120.5 Meats, poultry and fish 117.1 110.8 111.0 109.4 Hardware 125.8 125.9 126.8 126.8 Dairy products and ice cream 106.0 115.1 113.3 112.2 Plumbing equipment 123.2 116.7 116.7 116.3 Canned, frozen, fruits & vegetables. 106.7 104.8 "104.9 104.6 Heating equipment 114.8 114.0 114.0 113.9 Sugar and confectionery 103.9 106.1 107.2 109.4 Fabricated struc. metal products. . 118.8 115.5 115.5 115.4 Packaged beverage materials 161.1 163.1 163.1 161.9 Fabricated nonstructural metal Other processed foods 123.0 115.4 116.0 107.8 products 126.0 124.4 124.4 124.4 Textile Products and Apparel- Machinery and Motive Products: Cotton products 118.8 101.0 99.6 98.6 Agri. mach. and equipment 120.3 121.8 121.8 121.6 Wool products 164.5 114.4 111.8 109.2 Cons. mach. and equipment 123.6 125.2 124.9 124.9 Synthetic textiles 99.7 89.9 87.3 86.8 Metal working machinery 125.3 128.1 127.9 127.9 Silk products 138.3 130.2 129.1 128.4 General purpose mach., etc 123.4 123.3 123.0 123.0 Apparel 104.1 101.7 101.6 101.2 Miscellaneous machinery 119.2 120.2 119.4 119.4 Other textile products 147.9 126.4 107.0 110.0 Elec. mach. and equipment 121.8 121.6 •121.5 121.3 Hides, Skins, and Leather Products: Motor vehicles 112.1 120.0 120.0 120.0 Hides and skins 130.7 63.7 59.6 49.7 Furniture; Other Household Durables: Leather 137.8 89.5 '87.6 84.4 Household furniture 117.5 113.5 113.4 113.4 Footwear 123.1 116.1 115.9 113.6 Commercial furniture 124.9 122.8 123.0 123.0 Other leather products 116.2 103.3 '101.9 99.7 Floor covering 149.3 126.5 126.1 126.1 Fuel, Power, and Lighting Materials: Household appliances 107.9 108.0 107.4 107.8 Coal 108.2 108.8 108.7 104.8 Radio, TV, and phonographs 92.6 93.1 '90.7 90.7 G Co as ke 1 1 2 0 4 1 . . 2 5 1 1 2 0 4 7 . . 3 0 '1 1 0 2 5 4 . . 7 3 1 1 2 05 4 . . 7 3 No O nm th e e t r a l h li o c u s M eh i o n l e d r a d ls u — ra S b t l r e u c g t o ur o a d l: s.... 117.2 117.6 117.6 117.7 Electricity 97.4 98.0 r99.1 99.1 Flat glass 114.0 114.0 114.0 114.0 Petroleum and products 110.4 110.4 110.6 109.7 Concrete ingredients 113.2 113.2 113.2 112.9 Chemicals and Allied Products: Concrete products 112.4 112.4 112.4 112.4 Industrial chemicals 120.9 117.5 117.0 116.8 Structural clay products 121.4 121.4 121.4 121.3 Paint and paint materials 109.9 108.7 107.9 108.0 Gypsum products 117.4 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics . 95.8 93.4 93.1 92.7 Prepared asphalt roofing 105.4 98.6 98.6 98.6 Fats and oils, inedible 107.6 51.2 '47.3 42.6 Other nonmetallic minerals 110.9 111.2 111.2 111.4 Mixed fertilizers 106.2 108.6 108.6 108.6 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 105.4 109.6 109.6 109.8 Cigarettes 105.7 107.3 107.3 107.3 Other chemicals and products 109.9 1C4.2 104.1 103.0 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 233.8 193.3 187.9 182.7 Alcoholic beverages 107.0 111.2 111.2 111.2 Tires and tubes 133.9 133.4 133.4 133.2 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber products 131.0 129.1 128.8 128.2 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 116.8 114.5 '113.7 113.6 Lumber 126.7 120.6 '120.7 121.1 Manufactured animal feeds 101.7 113.5 109.5 110.2 Millwork 131.1 126.3 126.8 126.4 Notions and accessories 101.4 100.2 r98.5 96.1 Plywood 117.7 104.8 105.6 105.6 Jewelry, watches, photo equipment. 100.9 100.9 100.9 101.0 Other miscellaneous 120.7 121.0 '120.9 121.0 r Revised. Source: Bureau of Labor Statistics. For back figures, see BULLETIN for March 1952, pp. 311-313. JUNE 1952 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1933 1939 1941 1947 1948 1949 1950 1951 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 319.5 328.2 329.5 334.6 339.7 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 S B t u a s t i i n s e ti s c s a l t r d an is s c f r e e r p a p n a c y y ments .6 .7 .5 .5 . . 3 7 .7 -.8 .7 .8 .8 .8 .8 .8 .8 n.a . . 8 Plus: Subsidies less current surplus of -.1 1.2 1.4 1.6 -3.2 -1.8 3.2 1.6 5.9 2.3 3.5 government enterprises C1) -.1 .0 -.1 .5 .1 .0 .3 .5 .8 .8 .4 .1 Equals: National income 39.6 198.7 216.7 87.4 72.5 103.8 223.5 239.0 275.5 269.4 274.3 278.0 280.1 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 2.1 2.5 2.7 3.0 3.1 3.2 State and local 1.9 2.9 3.0 3.0 82.5 45.2 70.2 92.0 188.4 186.4 204.3 222.6 227.2 226.3 Equals: Disposable personal income. 169.5 216.5 221.8 224.9 78.8 46.3 67.5 82.3 177.9 180.2 193.6 205.5 206.7 209.6 Less:Personal consumption expenditures 165.6 208.8 202.4 204.0 3.7 -1.2 2.7 9.8 10.5 6.3 10.7 17.2 20.5 16.7 Equals: Personal saving 3.9 7.8 19.4 20.8 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 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 '177.5 180.6 182.0 185.8 Wages and salaries J 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 Private 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 •alaries.. .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 8.3 2.9 6.8 9.6 19.8 22.1 20.9 22.3 23.7 24.1 23.6 23.4 23.6 24.2 Farm 5.7 2 3 4.5 6.9 15.6 17.7 13.0 13.7 16.9 16.4 16.3 17.3 17.6 15.9 Rental income of persons 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. Corporate profits before tax 9.8 .2 6.5 17.2 30.5 33.8 28.3 41.4 44.3 51.8 45.4 39.8 40.0 n.a. Corporate profits tax liability. . . 1.4 .5 1.5 7.8 11.9 13.0 11.0 18.6 25.3 29.6 25.9 22.8 22.9 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.7 17.3 22.8 18.9 22.2 19.4 17.0 17.1 n.a. Inventory valuation adjustment... .5 -2.1 -2.6 -5.8 -2.1 2.1 -5.1 -1.5 -8.9 -2.3 2.8 2.5 -.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.S 5.9 n.a. Not available. c Corrected. 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. 700 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals 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 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 Services 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 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 Residential, nonfarm 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 &oods and services 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 National security 1.3 13.8 13.3 16.1 19.3 19.1 37.5 28.9 35.3 41.8 44.1 47.2 Other 2.0 3.9 3.2 3.8 5.6 6.6 3.9 4.2 3.5 3.7 4.6 5.1 5.2 Less: Government sales 2 (3) (8) (8) 1.3 .6 .4 .2 .2 .2 .2 .2 .2 .2 State and local . 7.2 5.9 7.9 7.8 12.8 15.6 18.1 19.7 21.4 21.0 21.3 21.4 21.7 22.4 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Year or month in s P o co e n r m a - l e r T ec o e t i a p l ts4 b m T u d o e i r s n t s a - e t l s - Wa d g p m i C n e u r o o g s o a d t d m r n i u i n i t d e - c y - s - sal D a i u n r i t s r y t d t i i u r e v d i s s e b i - s - bu S r i e n s t r r e d v i m e u ic s s e e - nts m G er o e n n v - t - in O l c a o t b h m o e r e r * i p n r r P c e a i o n e r n o m t t d o a - r e l s 6 ' i i n n d s D p t a o c e e i n e o n n v r r m d d a e i - - l s s e t m T p r f e a a e n y n r t - s s - 7 p b e c a i s u r o n L o n f s n t s o c e c o i u t i o s r e n r a r s 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 - e l- * 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—March 245.5 162.2 165.9 73.7 44.9 20.0 27.3 3.8 47.7 19.7 12.1 3.7 225.2 April 249.0 164.8 168.2 75.0 45.3 20.1 27.8 3.8 48.1 20.2 12.1 3.4 227.8 May 249.8 165.1 168.8 74.6 45.6 20.2 28.4 3.8 48.0 20.2 12.7 3.7 229.0 June. 251 0 166 4 169.9 75.2 45.6 20.3 28 8 3.8 48.0 20.0 12.8 3.5 230.1 July 252.4 167.1 170.6 74.8 46.0 20.3 29.5 3.8 49.2 19.7 12.6 3.5 230.1 August 253.7 167.4 170.8 74.5 46.2 20.3 29.8 3.8 49.7 20.1 12.7 3.4 231.3 September.... 253.6 168.3 171.7 75.0 46.4 20.3 30.0 3.8 48.3 20.7 12.5 3.4 232.1 October 257.5 169.5 173.1 75.1 46.1 20.4 31.5 3.8 50.5 20.8 12.9 3.6 234.5 November.... 256.5 170.7 174.3 75.1 46.1 20.5 32.6 3.9 49.1 20.2 12.6 3.6 234.8 December 258.6 171.9 175.4 76.8 46.5 20.7 31.4 3.9 49.8 20.7 12.3 3.5 235.9 1952—January 257.7 172.1 175.8 76.7 46.8 20.7 31.6 3.9 49.9 19.3 12.9 4.1 235.8 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 March 258.2 174.0 177.6 77.1 47.5 20.8 32.2 4.0 47.5 20.5 12.6 4.0 238.4 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 8 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. • 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. JUNE 1952 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m o o f n y t e h ar co c T n r s o e u t d a m i l t er i c T m n r s o e e t t d n a a i t l l t - Total A S u al t e o m cr o e b d i i l t e Other Loans J 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 ,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 ,498 687 1944 . . 4,976 2,061 891 200 691 1,170 2,915 428 L ,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 .981 772 1946 8 677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 . . 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 1,067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1951—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—Tanuary 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4.253 1,114 February 19,717 13,185 7,158 3,927 3,231 6,027 6,532 1,448 3,967 1,117 March P 19,558 13,155 7,C47 3,891 3,156 6.1C8 6,403 1 ,444 3,855 1 ,104 April? 19,771 13,302 7,1C6 3,957 3,149 6,196 6,469 1,450 3,913 1,106 v 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 I b n t a r d n i u a k l s s - 2 p I c n l t a o o r d n i a m u a i n e l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m l i r n o z e a o a s a p n u d t n i a d r e s o i e r r n d n s - 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 a u s l s - 2 p I a c n t l n o r o 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 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 ,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 1.268 301 229 542 176 938 4,198 2,437 528 417 947 1951—March.. 5,608 2,476 1,112 286 204 517 160 853 368 207 43 33 79 April 5,634 2,497 1,119 286 205 514 161 852 340 184 41 31 72 May 5,672 2,506 1,131 288 207 518 162 860 359 198 44 33 82 June ... 5,721 2,515 1,151 288 209 522 164 872 356 204 44 35 86 July 5,730 2,492 1,167 288 211 524 166 882 339 206 44 35 76 August 5,798 2,521 1,181 293 217 531 167 888 389 210 49 40 90 September. . 5,840 2,524 1,203 296 221 533 169 894 351 183 42 35 78 October 5,841 2,522 1,191 299 222 535 168 904 373 205 52 40 86 November .. 5,871 2,509 1,211 299 225 535 170 922 347 228 45 38 83 December... 5,964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January. . .. 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February. . . 6,027 2,542 1,275 301 232 545 176 956 373 181 46 37 91 March? 6,108 2,593 1,285 303 235 553 177 962 429 216 52 41 95 April? 6,196 2,640 1,295 307 239 566 178 971 431 210 50 39 102 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 April amounted to 114 million dollars, and other loans made during April were 18 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 702 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 il d l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s r o t e A t o t h r a l e e l i r l s Year or month Total ch P a 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 ,143 1,223 1,267 905 1,107 1940. 1,721 439 599 302 110 271 1951 5,434 ,061 1,192 1,031 937 1,213 1941 1,802 466 619 313 120 284 1942 1,135 252 440 188 76 179 1951—March 5,516 ,079 1,232 1,190 874 1,141 1943 707 172 289 78 57 111 April 5,490 ,072 1,242 1,153 875 1,148 1 19 9 4 4 5 4 6 7 9 1 1 5 1 1 9 8 8 3 2 2 9 9 6 3 5 5 0 1 5 5 7 6 1 1 0 1 9 3 J M u a n y e 5 5 , , 4 4 8 8 1 9 , , 0 0 8 9 3 0 1 1, , 2 2 4 4 6 8 1 1, , 0 1 9 2 8 3 8 88 8 3 2 1 1 , , 1 1 6 5 4 3 1946 . 1,104 337 386 118 89 174 July 5,430 ,086 1,230 1,068 886 1,160 1947 1,935 650 587 249 144 305 August 5,472 ,097 1,240 1,059 899 1,177 1948 2,567 874 750 387 152 404 September... 5,440 ,105 1,239 1,004 911 1,181 1949 3,096 1,010 935 500 163 488 October 5,442 ,090 1,226 ,010 925 1,191 1950 3,778 1,245 1,029 710 794 November... 5,436 ,079 1,209 1,017 937 1,194 1951 3,507 1,186 971 613 737 December. . . 5,434 ,061 1,192 1,031 937 1,213 1951 1952—January 5,418 ,042 1,184 1,034 928 1,230 March.... 3,422 1,133 924 655 710 February.... 5,412 ,038 1,186 1,016 924 1,248 April. . . 3,336 1,103 905 636 692 March? 5,446 ,035 1,197 1,008 922 1,284 May 3,268 1,084 890 616 678 April? 5,525 ,057 1,218 1,003 939 1,308 June 3,193 1,055 874 602 662 July 3,112 1,022 854 590 646 Volume extended dur- August.... 3,109 1,015 859 590 645 ing month: September. 3,152 1,028 870 600 654 1951—March 638 109 160 123 51 195 October. . . 3,221 1,056 890 607 668 April 625 118 153 125 56 173 November. 3,300 1,099 908 608 685 May 683 140 166 132 65 180 December . 3,507 L ,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 February. . 3,231 ,082 909 567 673 September... 682 150 166 126 67 173 March?. . . 3,156 1,060 893 548 655 October 744 150 168 153 82 191 April P 3,149 1,063 891 542 653 November.., 689 136 152 147 72 182 December.. . 686 117 149 157 70 193 1952—January 714 131 170 146 57 210 February.... 679 135 167 130 55 192 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL March? 758 144 185 138 62 229 BANKS, BY TYPE OF CREDIT April? 162 192 154 79 221 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL R m e e t n a t i l ]D in a s p t e a 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 ll io 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 Auto- Other l i o z a a n ti s o * n 2 l c o a a s n h s Year or month Total ment paper 2 mo a d n e d r n- in m s e ta n l t mobile Auto- ru-u** ization cash mobile utner loans i2 loans Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 4 5 5 9 1 0 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 3 1 9 . . . 2 1 7 5 5 56 5 4 . . . 5 4 9 1 1 1 3 3 4 7 1 7 . . . 9 1 5 o 1 1 1 f 9 9 9 4 5 5 p 9 1 0 e riod: 2 2 1 2 5 9 6 5 4 . . . 9 7 3 6 4 5 3 3 7 . . . 2 5 9 4 4 3 1 7 1 . . . 1 3 4 6 7 7 . . . 5 2 3 1 1 1 2 1 3 0 7 3 . . . 6 6 3 1951— J A O N A J S D M M u u e u p o e c a l n a p c r g y v t y r e t i o e u e c l e m b m h s m t e b b b r e e e .. r r r . . . . , . 4 4 4 3 3 3 3 3 3 3 0 0 0 9 8 9 8 8 8 8 4 2 1 1 5 6 5 2 2 4 . . . . . . . . . . 1 4 7 8 1 3 0 7 5 4 1 1 1 1 1 1 1 1 1 1 2 2 1 1 2 2 2 1 1 1 0 1 9 8 3 3 3 6 6 8 . . . . . . . . . . 2 9 6 9 1 9 9 4 5 0 8 7 7 7 7 7 7 7 7 7 1 4 0 7 6 1 3 5 2 5 . . . . . . . , . . 2 2 7 7 4 6 6 8 9 3 5 5 5 5 5 5 5 5 5 5 6 2 2 6 3 6 2 2 1 4 . . . . . . . . . . 1 6 9 7 5 5 0 3 8 8 1 1 1 1 1 1 1 1 1 1 4 4 3 4 4 4 4 3 3 3 1 6 7 7 3 4 6 9 9 9 . . . . . . . . . . 7 5 3 3 3 0 0 9 1 9 1951— J J A O A N M S D M u u e u c p e o a n l a p t r y g c v y e r o i t e u c l e b e m h s m m e t r b b b e e e r r r . . . . 2 2 2 2 2 2 2 2 2 2 5 5 3 3 4 3 4 2 2 4 5 0 5 2 5 7 0 6 8 1 . . . . . . . . . . 3 3 4 6 5 4 6 9 1 3 6 6 6 6 5 6 5 6 5 5 3 3 3 0 9 9 3 3 7 7 . . . . . . . . . . 2 4 2 5 5 2 8 7 1 8 4 3 4 4 4 3 4 4 4 4 6 9 0 4 9 0 7 5 0 2 . . . . . . . . . . 1 5 8 8 6 5 3 6 0 4 7 7 7 6 7 7 7 7 7 7 . . . . . . . . . . 6 1 1 9 3 2 0 0 2 4 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 3 2 3 2 2 3 0 5 7 3 0 7 2 8 4 . . . . . . . . . . 2 2 9 0 4 7 6 5 3 8 1952— A F M Ja e p a n b r r i u r l c u a ? h r a y ? r y . . . . . . . . . 4 4 4 4 1 0 0 0 0 3 2 5 . . . . 7 9 6 8 1 1 1 1 1 1 1 1 9 6 6 6 . . . . 2 3 5 6 8 8 8 8 1 1 1 1 . . . . 2 4 4 1 5 5 5 5 6 5 6 5 . . . . 3 4 1 8 1 1 1 1 5 4 4 5 2 9 8 4 . . . . 6 9 6 6 1952— A F M Ja e p a n b r r i u r l c u a ? h r a y ? r y . . . . . . . . . . 2 2 2 2 5 6 5 6 6 0 7 5 . . . . 2 9 7 5 6 6 6 6 2 2 2 4 . . . . 5 6 4 0 4 4 4 5 7 8 7 0 . . . . 0 8 4 0 7 7 7 7 . . . . 2 0 1 0 1 1 1 1 3 4 4 4 9 2 0 4 . . . . 5 5 8 5 Volume extended during month: Volume extended 1951— D J J S O N A A M M u u e e p o u c a l n a p c y r g v t y e r t i o e u e c e l m b h m s m t e b b b r e e e . r . r r . . . , , . 5 4 4 4 6 5 4 4 5 5 3 1 4 9 2 0 6 8 8 8 . . . . . . . . . . 6 2 9 3 3 5 4 0 8 8 1 1 1 1 1 1 1 1 1 1 3 6 3 5 9 5 4 4 7 2 . . . . . . . . . . 2 1 2 4 1 6 6 9 3 4 1 1 1 1 1 8 8 7 7 7 2 2 1 0 0 . . . . . . . . . . 3 5 6 8 8 2 8 4 4 8 3 4 4 3 3 3 3 5 4 3 . . . . . . . . . . 4 2 5 1 3 9 0 8 1 8 2 2 2 2 2 2 2 2 2 22 4 0 1 0 1 2 5 4 2 . . . . . . . . . 2 3 7 5 5 1 8 3 0 9 d 1 u 9 r 5 i 1 n — g J A J A O M S N D M m u u e p u e c o a l n a o p y r g c t v y r e i n o t e u c l e e t m b h s m h m t e : b b r b e . e e . r r r . . . . . . 3 4 4 3 3 3 3 4 3 3 9 1 3 7 5 4 6 2 2 4 . . . . . . . . . . 5 3 6 8 9 8 1 6 4 3 1 9 9 9 9 9 8 8 7 7 1 . . . . . . . . . . 6 4 0 3 8 9 0 4 4 5 6 6 4 6 4 7 5 4 4 7 . . . . . . . . . . 2 9 7 2 6 2 9 4 9 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . 7 5 7 5 6 5 4 5 4 6 2 2 2 2 2 2 2 2 2 2 3 7 1 3 0 0 1 1 1 3 . . . . . . . . . . 2 6 7 2 9 3 6 3 5 3 1952— A F M J e a p a n b r r i u r c l u a ? h r a p y r y . . . . . . 5 5 5 5 8 7 1 2 . . . . 8 5 8 5 1 1 1 1 8 5 6 4 . . . . 2 1 8 3 1 1 1 1 0 0 0 1 . . . . 1 6 3 8 3 4 3 5 . . . . 7 1 5 4 2 2 2 2 6 5 2 2 . . . . 0 0 8 9 1952— A F M J e a p a n b r r i u r l c u a ? h r a y P r y . . . . . . . . . . 3 4 3 4 9 2 8 1 . . . . 4 2 3 5 1 9 9 8 0 . . . 2 . 1 9 1 5 5 7 6 . . . . 7 7 1 8 0 0 0 0 . . . . 5 6 5 7 2 2 2 2 4 3 5 3 . . . . 2 0 4 9 9 Preliminary. > Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JUNE 1952 703 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 ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding Item year Year or month Depart- Furni- h H o o ld u a se p - - Depart- 1 A 9 p 52 r. ? M 19 a 5 r 2 . F 19 e 5 b 2 . 1 A 9 p 52 r. P M 19 a 5 r 2 . F 19 e 5 b 2 . s m to e r n e t s s t t u or r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: Total +3 +5 + 1 +2 -6 -4 March 19 11 12 50 Cash sales -3 +3 -9 -8 -8 -10 April 18 11 11 47 Credit sales: May 18 11 11 49 Instalment +2 +9 +6 +9 +2 +4 June 19 11 12 49 Charge account +6 + 1 -7 -8 -22 -19 July 18 11 12 46 August 19 12 12 48 Accounts receivable, end September 19 11 12 47 of month: October 21 12 12 50 Total 0 —2 — 2 —2 —4 — 2 November 21 11 12 50 Instalment 0 — 1 2 + 1 —2 —3 December 19 11 12 45 Collections during 1952 month: January 19 10 13 47 Total -6 +4 Q -8 -8 -6 February 18 10 13 45 Instalment -7 + 7 -8 -6 -5 -3 March 20 11 13 48 April?1 18 11 13 46 Inventories, end of month, at retail value. +2 +4 +2 -15 -16 -13 P Preliminary. 1 Collections during month as percentage of accounts outstanding at P Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100 Percentage of total sales Year oi month Total Sa C le a s s h during In m s o ta n l t - h a C c h c a o r u g n e t A I a c m n t c s e o t e n a u n t l n d - t s o r f e c m C e h o iv a n r a t g b h e le C I m n o s l e t l n e a c t l m - tio o n n s t a h C d c h c u a o r r i u n g n g e t C sa a l s e h s I m n sa s e l t e n a s t l- a C c s h c a a o le r u g s n e t 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—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 91 83 121 96 178 117 170 118 48 10 42 April? 99 90 118 107 176 121 153 108 48 9 43 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. 695. 704 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 706-711 Gold production . 711 Reported gold reserves of central banks and governments 712 Gold movements; gold stock of the United States 713 International Monetary Fund and Bank 714 Central Banks 714-718 Money rates in foreign countries 719 Commercial banks 720 Foreign exchange rates 721 Price movements: Wholesale prices 722 Retail food prices and cost of living 723 Security prices 723 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the mGst part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JUNE 1952 705 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.l Decrease Domestic Foreign From th J ro a u n g . h 2 — , 1935, Total Total o F f o f r ic e i i a g l n 2 F o o t r h e e ig r n In ti t o e n rn al a- a b in b a fu r n U o n k a d i . d n s S g 1 . s I e n f f c o u f u l r n o e r d w i i g s ti n e o 3 s f : se o R f c u f u e n U t r d u i . s t r i n e S 3 s . : b I b n r a o f l l k o a e n w r c a e g i s n e 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 5,242.0 186.5 375.5 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 11,637.8 307.6 258.5 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—Apr. 30 10,372.9 7,647.1 '•2,582.2 '3,459.3 L.605 6 240.3 1,386.4 973.1 126.1 May 31 10,271.6 7,604.3 '2,589.5 '3,453.4 1,561.4 215.4 1,401.2 929.2 121.6 June 30 10,235.6 7,901.1 r2 , 746.4 '3,526.3 1,628.3 190.3 1,115.9 895.6 132.7 July 31 10,100.9 7,797.0 '2,598.1 '3,541.6 L.657.3 189 4 1,070.8 911.2 132.6 Aug. 31 10,119.4 8,017.4 '•2,734.8 '3,639.7 1,642.9 181.9 877.4 912.1 130.6 Sept. 30 10,171.3 8,038.1 '2,723.6 '3,697.4 ,617.2 231.9 856.8 912.7 131.8 Oct. 31 10,115.1 8,422.3 '2,769.8 '3 ,909.1 ,743.4 211.3 612.9 744.3 124.3 Nov. 30 10,130.6 8,448.2 '2 ,734. 7 '3,972.5 ,741.0 186.3 617.0 755.0 124.1 Dec. 31 10,122.9 8,529.7 '2,751.9 '4,089.6 ,688.3 160.9 618.6 688.1 125.6 1952—Jan. 31 10,043.6 8,464.4 2,644.9 4,138.7 ,680.9 133.4 631.3 689.2 125.4 Feb. 29P 10,203.4 8,634.3 2,809.6 4,197.7 ,627.0 164.9 617.6 659.7 126.9 Mar. 31P 10,274.6 8,711.4 2,910.1 4,144.2 :,657.1 145.6 618.0 658.8 131.8 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total i'oreign In- countries Date t t i e i n o r s n n t a i a - - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - 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 i i n ca 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 1,216.61,057.9 193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8 167.4 1949—Dec. 31... 1.657.8 5.960.2 2.908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Dec. 31... 1,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 82,777.7 899.0 1,612.91,378.5254.5 1951—Apr. 30... 1,625.6 6,775.6 '3,292.5 666.6 193.0 131.4 502.5 299.1 827.8 2,620.3 811.6 ,705.8 1,386.0251.9 May 31... 1,581.4 6,777.0 '3,299.8 622.5 191.9 133.4 498.2 289.8 863.4 2,599.3 818.1 1,714.01,387.2258.5 June 30... 1,648.3 7,006.9 '3,456.7 620.1 246.3 134.8 509.3 276.0 930.7 2,717.3 964.4 1,672.91,399.1253.3 July 31... 1,677.3 6.873.9 '3,308.4 545.6 218.3 132.0 499.9 289.4 972.6 2,657.9 931.8 1,614.31.410.3259.4 Aug. 31... 1,662.8 7,108.7 '3,445.1 522.6 221.2 131.7 506.8 283.4 1,097.4 2,763 .1 1,011.1 1,578.31,495.1261.0 Sept. 30 . . 1,637.1 7,155.1 '3,433.9 513.0 222.7 135.4 511.5 287.8 1,131.3 2,801.9 1,022.8 ,532.0 1,540.8257.6 Oct. 31 . . 1,763 3 7,413.1 '3,480 1 543.2 270.1 132.4 493 3 288 ? 1,116.5 2,843.7 1,257.8 1,502.21,535 0274.3 Nov. 30. . 1,760.9 7,441.4 '3,445.0 591.2 254.4 154.5 506.8 2931 1,086.1 2,886.1 1,250.1 1,461.61,555.8287.8 Dec. 31. . 1,708.2 7,575.6 '3,462.2 642.6 289 A 148.8 521.3 300.5 1,021.2 2,923.7 1,307.1 L437.8 1,609.6297.4 1952—Jan. 31... 1,700.9 7,517.7 3,355.2 644.6 252.8 153.7 521.6 290.2 997.8 2,860.7 1,316.5 L.400.7 1,635.7304.1 Feb. 2QP. . 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 .0329.1 Mar. 31 P. . 1,677.0 7,788.5 3,620.4 785.3 251.3 149.8 543.9 292.1 956.1 2,978.5 1,335.7 ,459.6 1,688.8325.9 P Preliminary. r Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). and also funds held in accounts with the U. S. Treasury. 3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 5 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on page 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030 706 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued (Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h - a - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P a o n - 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 r* 1946—Dec. 3i _ 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 1 1 9 9 5 4 0 9 — — D D eeCc.- 3 3 1 1 7 79 1 9 7 . . 2 0 41.9 1 11 2 9 8 .2 9 5.6 3 4 8 5 . . 0 5 2 1 5 8 . . 1 3 2 1 2 49 1 .6 4 2 3 9 2 . . 6 3 6 4 9 3 .6 4 4.2 3 4 8 5 . . 1 7 6 6 .7 1 2 1 1 5 7 3 1 9 1 0 5 . 1 3 1 4 0 2 0 1 7 3 .2 6 1 5 1 2 7 ^ 4 4 1951 —Apr. 30. 827.8 42.4 122.3 3.2 47.8 22.1 266.4 35.8 57.8 4.0 46.8 6.2 19.2 92.8 2 3 6.4 52.4 May 31 863.4 41.2 121.6 2.9 48.0 22.2 303.6 38.0 62.2 3.8 44.0 6.1 16.3 92.8 2.9 9.2 48.8 June 30 930.7 43.9 124.2 3.1 44.7 22.5 357.5 38.6 60.5 3.3 45.6 5.9 18.3 99.4 5.0 6.5 51.8 July 31 972.6 44.9 129.6 3.4 41.5 26.3 403.6 38.2 65.5 3.6 42.9 6.0 15.8 94.5 4 7 4.2 48.0 Aug. 31.. 1,097.4 54.6 138.4 2.1 39.9 27.5 481.4 40.4 99.9 2.1 41.5 5.7 14.0 88.8 3.5 4.2 53.4 Sept. 30. . 1,131.3 57.4 132.9 2.0 44.6 23.1 502.5 41.1 103.0 2.3 47.9 6.0 14.4 89.3 4.1 5.3 55.6 Oct. 31. . 1,116.5 61.1 143.6 1.5 47.2 24.0 488.3 39.1 106.3 2.4 36.4 6.0 16.8 83.7 2.5 4.0 53.6 Nov. 30. .1.086.1 62 9 145.1 1.5 46.7 27.9 455.9 41.5 98.6 2.6 35.4 6.0 18.4 80.3 2.3 8.2 52.7 Dec. 31. . 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.. 997.8 57.0 132.8 .7 44.0 30.0 395.1 38.9 97.7 2.4 40.7 6.0 16.6 64.3 4.2 7.7 59.5 Feb. 29P. 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 Mar. 31P. 956.1 54.0 129.9 . 7 38.9 26.9 361.8 41.0 104.4 2.5 41.8 6.2 17.9 62.5 2.7 7.1 57.9 Table 2b.—Latin America Neth- Do- er- Date A L m i a c t a e i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n - n - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l p P i R c u a e n b o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th t a i e e 2 n r r lic Suri- ama nam 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947—Dec. 31. 1,216.6 236.2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186.5 1948—Dec. 31. 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Dec. 31 .1,436.7 201.1 13.5 192.8 60 9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 \6.'\ 75.1 85.2 71.3 1951—Apr. 30. 1,705.8 347.5 19.3 248.1 79.9 66.6 309.8 46.3 30.8 115.8 28.8 58.2 51.9 46.3 82 1 80.8 93.5 May 31. 1,714.0 353.2 19.7 241.7 76.6 66.2 327.9 48.7 29.2 109.9 25.6 57.9 53.9 46.8 74.4 87.2 95.2 June 30. 1,672.9 343.7 24.7 212.4 69.9 58.1 327.9 51.3 29.5 123.8 25.0 54.3 58.1 50.6 74.6 75.6 93.2 July 31. 1,614.3 330.9 22.2 171.5 57.8 50.9 354.3 53.2 28.5 111.2 28.2 52.8 62.0 46.1 83 2 74.6 86.9 Aug. 31 .1,578 3 320.3 21.6 151.4 56.2 52.1 336.7 53.0 26.0 128.2 27.7 *>4 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 8S 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—Jan. 31. 1,400.7 225.9 23.6 98.5 56.5 97.6 253.1 46.1 32.1 147.0 31.5 49.5 63.1 36.5 75.2 67.4 97.1 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 Mar. 31 P1,459.6 188.5 21.4 98.5 57.2 95.9 287.3 50.5 39.5 170.4 28.8 56.3 67.9 43.7 83.4 66.5 103.7 Table 2c—Asia and All Other For- Egypt Date Asia M C m a h a n o i i d s n n a a - H K o o n n g g India I n n e d s o ia - Iran fsraelJapan i p P p R u h p e b i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h i e a r 3 o A th l e l r A t l r u i a a s - - C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - S A U o f o n u r f i i t o c h a n Other * land Sudan 1946—Dec. 31. 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. L,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 1Q49—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. L,378!5 8l!7 86.1 55.7 114 7 20.3 12.6 458.5 374.4 "48!2 14.3 111 9 254.5 19.1 58*1 75 6 44 0 1951—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 73.0 124.2 25.8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105.1 16.2 65.6 June 30. ,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89.4 16.8 65.9 July 31. 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. ,495.1 89.7 62.3 64.3 157.4 25.8 16.7440.6 382.2 73.1 12.9 170.1 261.0 22.3 53.1 98.7 21.8 65.2 Sept. 30. ,540.8 93.7 60 0 68.9 172.7 25.3 12.0492.4 369.4 80.0 12.0 154 5 257.6 22.4 50.3 104.8 11.6 68.5 Oct. 31. ,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. ,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. ,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—Tan. 31. ,635.7 81.9 64.2 58.6 131.8 26.8 20.7636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29 P 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 Mar. 31P !688!8 78.6 67.8 47.4 141.0 25.7 19.8682.4 332.2 121.0 10.6 162.4 325.9 38.4 57.8 127.3 9.0 93.3 as of that date. :y 1950, excludes Iran, ?l, and l nailand, reported separately as or tnat date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date, JUNE 1952 707 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 STATBS, BY COUNTRIES * [Amounts outstanding, inmillions of dollars] Date Total U K d n i o n it m g e - d France N la e e n r t d - h s - S l w a er n it - d z- Italy E O ur th o e p r e E T 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 1 19 9 4 4 g 7 — — D D e e C c i 3 3 1 1... . 1,0 9 1 4 8 8 . . 7 9 2 2 9 4 . . 2 5 1 2 1 3 9 . . 4 0 4 5 9 1 . . 1 4 6 7 . . 9 0 2 1 1 5 . . 1 8 1 1 1 0 8 6 . . 9 3 3 2 2 4 3 8 . . 8 6 3 2 9 7. . 5 8 5 51 1 6 4 . . 6 3 1 11 2 8 7 . . 8 0 3 1 1 9 . . 5 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—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. 31 996.0 28.5 14.1 5.8 11.2 12.6 114.6 186.8 89.3 520.3 161.9 37.6 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 Mar. 31 P 983.8 35.4 13.2 5.7 11.0 21.5 89.6 176.3 72.1 550.2 149.5 35.7 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - Ger- Greece Nor- l P an o d - t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r1 1946—Dec. 31.. 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 8 9.5 1947—Dec. 31..118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 .9 5.4 35.9 1948—Dec. 31..106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 8 29.8 1949—Dec. 31.. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 6.0 15.6 1950—Dec. 31.. 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 3.9 () 1951—Apr. 30. 75.5 (8) 21.9 6.7 3.3 25.9 .1 1.8 .7 2.0 8.6 4.2 May 31.. 82.7 (») 19.7 7.3 6.3 25.9 .1 2.3 1.3 7.0 8.2 .2 4.3 J J u u n ly e 3 3 0 1 .. .. 8 89 7 . . 8 9 ( ( 8 8 ) ) 1 18 8 . . 7 8 6 4 . . 2 1 6 5 . . 2 1 2 2 5 5 . . 4 9 . . 1 1 2 2. . 1 3 1 1. . 0 3 2 1 0 3 . . 2 6 6 7 . . 2 4 ( 8 ) 1 1 . . 7 7 4 4 . . 7 7 Aug. 31 . 88.8 .2 15.2 4.1 5.0 26.4 .2 2.0 1.0 23.5 4.9 1.5 4.9 O Se ct p . t. 3 3 1 0 . .. . 8 92 6 . . 1 3 (3) .2 2 2 3 1 . . 6 5 5 5 . . 2 7 2 2 . . 7 5 3 2 0 8 . . 9 8 . . 1 2 1 1 . . 8 7 . . 8 6 1 1 4 7 . . 2 1 4 4 . . 1 3 8 1 1. . 1 9 5 4 . . 1 3 Nov. 30. . 97.7 .1 27.1 5.9 3.2 28.6 .5 1.1 .7 16.8 6.2 3.5 4.1 Dec. 31. . 111.2 (3) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 <*) 3.9 4.0 1952—Jan. 31.. 114.6 (3) 42.9 () 4.0 3.6 30.1 .2 2.0 1.0 19.0 5.2 2.4 4.1 Feb. 29P. 103.0 (3) 33.7 f3) 4.6 4.1 27.9 .1 1.6 .9 19.8 4.3 1.3 4.5 Mar. 31 P. 89.6 28.7 4.6 2.7 27.7 .1 1.5 1.2 13.5 4.2 .7 4.4 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a 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 l u i a i e c b n n - - - G m u a a l t a e- M ic e o x- I l W n S a a d u n n e i r d d e s i- s s t 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 - O A L ic m a th a t e i e * n r r nam *94€—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 65 2 2 0 165 8 27.8 32 6 108 6 52 2 1 4.3 4 7 15 3 34.5 1948—Dec. 31 516 6 72 4 2 7 165 4 15.2 32 6 83 1 73 8 5 4.4 4 6 26 0 34 7 1949—Dec. 31.. 411 1 53 6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5 3 25.6 43.1 1950—Dec. 31.. 378 8 45 9 8.7 78.0 6.8 42 5 27.6 1.9 *2.6 70.6 L.3 11.0 3 1 6.8 8.6 49.4 14.6 11951—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 .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 .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 .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 .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 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 .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 .2 11.8 3 0 9.5 10.5 41.7 14.5 1952—Jan. 31. . 520 3 7 9 7 1 207.3 26.2 39 3 29.6 2.2 4.0 109.1 .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 .2 11.8 4 8.4 7.9 38.7 13.8 Mar. 31P. 550 2 8 6 8 1 234 9 29.3 33 8 36.6 2.1 4.2 101.1 1.2 11.5 3 9 7.5 19.1 33.1 15.1 p Preliminary. 1 See footnote 1, p. 706. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. » Less than $50,000. Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 708 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 mosa Phil- Bel- and Union Pate Asia C M a h n a i d n in a - H K o o n n g gIndia I n n e d s o ia - Iran IsraelJapan i p p R u p e b i - l n i e c T la h n a d i- T k u ry i- O A t s h ia e r 1 o A th l e l r t A ra u l s i - a C g o i n a g n o A E t n i g a g y n l p o - - A S f o r o u i f c t a h Other* land Sudan 1946—Dec. 31.. 99 2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17 2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31 5 9.0 • .1 14 4 8.0 1948—Dec. 31.. 118 8 24.2 3.4 20.4 1.9 15.9 37 3 1.4 14 3 19 7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16 6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20 4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 Y.'s .9 13.9 60.0 40 8 4.4' .3 7.3 7.2 1951—Apr. 30. 95.; 8.4 4.2 18.4 .2 7.9 25.7 6.8 6.5 4.0 1.5 11.6 59.7 41.5 5.2 .3 6.1 6.6 May 31.. 104.5 8.4 4.4 17.5 .3 7.9 30.0 8.2 6.7 3.8 .8 16.6 62.7 41.8 5.8 .3 8.6 6.2 June 30. . 102.9 8.3 3.1 15.7 .2 7.4 22.2 9.9 9.5 3.1 .6 22.8 59.9 36.4 7.0 .4 9.4 6.6 July 31.. 117.6 8.3 4.3 13.3 .3 7.1 21.6 11.1 14.0 3.7 .8 33.1 56.6 32.4 7.3 .8 9.4 6.8 Aug. 31 141 0 10.2 3 0 14 6 .2 6.6 24.0 7.9 22 7 4.4 .8 46.3 55.9 30.9 7.7 .5 9.3 7.4 Sept. 30.. 128.7 10.2 3.2 12.1 .4 7.5 25.7 8.5 19.0 3.9 .8 37.3 55.9 27.9 7.7 3.9 8.5 7.9 Oct. 31.. 146.9 10.3 3.6 9.7 .4 8.1 27.0 8.5 23.0 2.8 10.6 42.9 44.7 25.3 6.9 .3 7.6 4.7 Nov. 30.. 153.0 10.1 3.3 13.3 .4 8.6 27.8 10.7 22.6 2.4 .8 52.9 42.6 23.4 6.7 .2 6.8 5.6 Dec. 31. 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. 31.. 161.9 10.1 1.4 14.8 .4 8.9 35.9 8.6 29 A 2.1 .5 50.0 37.6 21.1 5.3 .1 6.3 4.7 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 Mar. 31 P. 149.5 9.1 2.8 20.4 . 7 10.1 30.3 9.1 22.6 3.7 13.8 26.9 35.7 17.7 7.2 .1 5.7 5.0 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks « 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 d u e o r c m c u o h r e f a i s t s t i i e e c s 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 1Q50 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 6-683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1951—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 Tune . . .. 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 November 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—January 20 2 12.7 7 6 76.6 71 5 5 1 96 9 84 2 12 7 February? 15.5 18.2 -2.7 68.3 79.3 -11.0 83.8 97.5 -13.7 ]VIarchr> 19.2 16.3 2.9 65.7 68.1 -2.5 84.9 84.4 .4 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES. BY TYPES • (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s u f e o r c c r u o e h r 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 1950 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—April 20.8 16.2 4.6 31.1 67.6 —36.5 51.9 83 8 —31 9 May 24.6 17.7 6.9 24.5 75.3 —50.9 49.1 93 0 —44 O 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 October 25.2 21.4 3.8 53.9 226.1 -172.2 79.1 247 5 — 168 4 November... ... 24.2 47.6 -23.5 73.7 39.6 34 2 97 9 87 2 10 7 December 24.4 82.6 -58.2 38.1 46.8 -8.7 62.5 129.4 -66.9 1952—Tanuary 34.4 29.9 4.6 33.1 36.5 -3.5 67.5 66.4 1.1 FebruaryP 29.1 27.5 1.6 19.6 50.7 -31.1 48.7 78.2 -29.5 March? 18.8 30.3 -11.4 29.4 18.9 10.5 48.3 49.2 -.9 p Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. J Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 1 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. * Through 1949 represents transactions in corporate stocks only. 6 Includes net sales of 554 million dollars by Canada. 7 Less than $50,000. JUNE 1952 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES. BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al Total U K d n 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 ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 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 2.2 36.5 -49.0 2.5 -2.1 .2 1950... 121.2 823.2 64.0 197.8 -6.3 19.0 1.5 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 - 7 -43.8 9.2 -595.5 13.9 4.8 -.7 1.9 1951—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... -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 .1 Oct.. . -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 .1 Nov... 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 Dec... .7 5.6 .7 -1.0 -4.3 .3 3.8 5.0 -7.6 3.1 0) '.3 1952—Jan.. . .3 12.4 5.4 1.5 -1.7 10.4 -.1 -1.3 14.1 -3.1 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 Mar. P. -.4 2.3 .4 -2.3 2.4 -.2 -1.2 1.4 -2.9 -2.1 .3 TABLE 6a.—DOMESTIC SECURITIES NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s- 2 g B iu e m l- N w o a r y - S d w en e- o A th l e l r A L m i a c t e a i r n - 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 2 -A O L m i a t c h t e a i e r n r - Asia M C m l a a h a n o n i i d s n d n 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 10 2 6 - 8 2 9 -4.7 12 2 —23.3 -22.7 1 — .7 1949 2 2 .6 9 4 1 1 2.5 .2 -1.0 .3 4 7 -.7 -2.1 -7.2 5 0 .1 1950 73.8 18.4 12.6 36. 7 -1 1 7.1 30.1 _ 1 24.6 .5 .1 10 9 -5.9 -15.3 -3.0 -13 7 1.3 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—Apr... . -8.2 .5 .9 -8. 7 0) .1 8.9 1 6.4 -.1 .2 0) 2.4 .8 0) 1 .6 May.. . -4.6 -1 .9 .5 -2. 7 \ .5 3.1 1 0 -.9 -.3 .4 0) 2.9 14.7 .3 1 14.4 June.. . -5.4 -7 .3 .9 1.8 —1 -.6 -10.7 0) 0) .8 -.2 -10 9 -.4 .5 —. i (i) .6 July... .6 .1 .2 0) \ .1 1.7 0) .3 .2 -1.6 0) 2.7 .9 .2 0) .7 Aug.. . -42.6 -4 .7 -3 .6 -29. 2 0) -5.0 -1.3 1 "2 -.3 .6 -1.3 -.1 — , 2 0) .1 Sept... 1.0 0) 1.2 0) 3 .1 3.8 0) -.2 .6 3.1 0) .2 -10.1 .1 C1) -10.1 Oct.. . . 1.9 .4 2.0 0) 0) -.5 3.9 5 A 0) -.3 0) 3.4 -5.0 .1 -5.0 Nov.. . .8 C1) . 7 2 0) .3 1.2 1 .2 .1 -1.5 0) 2.2 .9 0) 0) .9 Dec... 3.8 0) 3.4 0)' .4 3.1 0) A 1.6 .2 C1) 1.2 0) 0) 0) -.1 1952—Jan.. .. -1.3 .2 .6 0) 0) -.9 2.3 1 A 1.0 1.1 0) 0) -1.3 0) 0) -1.4 Feb. P.. -.1 0) .5 1 0) -.5 -2.3 0) .3 2 -3.2 0) .9 -1.1 .1 1 — 1.1 Mar.p.. -1.2 C1) —.1 1 1 -1.4 2.9 0) .5 0)' 2.0 0) A -2.1 -.2 0) -2.0 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 na I i n n ti t s o e t n i r - - al Total U K d n i o n i m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1946 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 .3 -21 A 1947 -249.3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27.8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 — 16 0 43 8 -13.5 .4 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—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 A -.4 .2 .3 1.4 1.7 16.4 4 2 —6 9 2 Aug .1 .8 .3 .2 -.7 1.0 0) .7 1.5 -1.0 0) C1) .4 Sept... -1.0 1.6 -.6 .8 .1 1.2 0) -1.1 .4 -2.2 3.8 — 1.7 1.3 Oct.... -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov 10.7 .3 0) .4 1.4 0) .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.... -1.4 2.5 .2 1.0 .7 2.3 .1 .6 4.9 2.8 -1.1 -4.4 .3 Feb. P.. .1 -29.6 -3.0 .4 .3 .7 0) .8 -.8 -29.8 2.3 -1.8 .6 Mar. P.. .1 -1.0 — .5 .2 .5 .4 7.6 7.9 -5.5 1.5 -5.0 .1 P Preliminary. 1 Less than $50,000. 2 Not available until 1950. .710 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 () 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 -.5 -9.3 -2.0 -.6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 !i -3.2 -20.8 .1 1.2 .4 — .1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1 1 9 95 5 1 0 -6 8 . . 1 0 -.1 .9 — .4 .1 2. . 5 3 -4. . 8 7 . . 4 2 - - . . 3 2 -3 3 . . 3 0 -3 2 . . 0 8 -5 4 . . 0 4 - 3 .5 .0 __ .6 < 1951—April -4.8 -.6 -.3 .3 -4.2 1.1 .6 3.1 -.4 .2 -.9 -.6 May -4.5 -1.5 -.5 -.6 1.2 — .4 -.6 2.4 -.2 -2.5 .2 .4 June 11.1 2.5 .2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) J A S O u e u c l p t y g o t u e b s m e t r ber - - - 7 2 1 . . . 1 . 5 0 2 - - - . . . 2 5 7 .1 - -. . 3 8 . .2 5 - - 2 1 . . 7 9 . . 8 6 - - - 1 . . . 7 3 0 .3 — -.1 . . . 2 1 2 - - 1 . . 1 0 . . 4 2 4 3 1 . . . . 4 9 0 2 - - 1 . . 2 . . 0 1 4 -4 2 . . . . 5 1 3 2 - - . . 2 1 . . 7 5 J? . . 6 3 N D o ec v e e m m b b e e r r l!5 2 1. . 2 7 -.3 .6 . . 3 7 0) .1 -.2 .2 2. . 3 3 . . 1 3 -3 1 . . 1 3 - 0 .1 ) -.4 !5 1952—January 2 -.8 -1.1 -1.7 -.5 0) .4 -3.7 1.1 2.2 .2 FebruaryP 1.5 1.1 .9 1.0 1.3 2 4.6 -2.4 -1.5 .5 March? 24.9 .2 .2 1.9 .9 .1 '.2 3.4 2.1 .1 -.2 p Preliminary. > Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., <S.7; U. S. brokerage balances abroad, 33.7. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r pr U o o w u S d o t u S s r i c l R d d t * e ion r m e T o p o n o t t r a h te l ly d A So fr u ic th a d R e h s o ia A - fric A W a fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C ad a N n a - orth M a i n c e o d x - Sou C t o h b l i o a A m m - eri C ca hile r N ag ic u a a - 5 Au l s ia tr O a- the I r ndia3 $1= 15/21 '|rains of gold 9/10fine: i. t., an ownce of finegold =$. 1941 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 . 1,125 7 982 1 494 4 26 6 29 2 18 0 131.0 169 4 28 0 20 9 6 4 8 6 40 4 9 1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683 0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17 7 6 3 7.0 23.0 5 9 1946 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10 8 75.8 107.5 16 3 13 4 5 9 7 4 32.8 6 1 1948 798.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1 1 9 9 5 4 0 9 .. . 8 8 3 6 3 1 .0 0 •• 7 7 5 7 3 6 . . 2 2 4 4 0 0 8 9 . . 2 7 1 1 8 7 . . 5 9 2 2 3 3. . 2 1 1 1 2 2 . . 9 0 6 8 7 0. . 1 3 1 1 4 5 4 5 . . 2 4 1 1 4 4 . . 2 3 1 1 2 3 .3 6 6 6 .7 3 8 7. . 7 0 r3 3 0 1 . . 4 3 5 6 .7 7 1951 403 1 17 0 23 7 12 7 69.9 152 7 15 1 8.8 30.5 7 6 1951—March 63 5 33 4 1 5 2 0 1 1 5 8 13 0 9 1 5 6 7 2.4 6 April r63 . 0 33.2 4 2.0 1.0 5.5 12.7 10 1.5 .6 .8 *-2.6 .7 May r64 0 34 6 4 1 9 1 l 5 5 12 9 1 0 1 4 5 7 *2 5 6 June r63 0 33 9 4 1.9 1.1 5.9 12.7 1.0 1 3 5 6 ••2 3 6 July 34.4 .4 1.9 1.2 5.5 12.1 1.3 .5 .9 '2.0 .7 August 34.6 1.4 1.9 1.3 6.6 12.1 1.5 .5 .8 2.6 .7 September . 33 3 4 2.0 1 l 6.4 12.6 1.3 .4 .8 r2.8 7 October 34.1 L.5 2.0 1.1 6.6 13.2 1.2 .5 .7 '2.7 .7 November . 33.8 4 2.0 .9 5.7 13.0 1.2 .5 .7 r2.7 .7 December 33.2 S 2.1 1.0 5.1 13.2 9 .8 2.6 .7 1952—Tanuarv .. . 34.2 2.0 1 2 5.0 12.4 1.6 .7 2.4 .6 February 32 2 1.9 1.2 4.8 12 3 1 4 .7 2 6 7 March 34 4 1.2 4.6 12.8 7 .7 r Revised. Gold production in USSR: No regular government statistics en gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures through 1950 are estimates of United States Mint. Figures for 1951 and 1952 are estimates of American Bureau of Metal Statistics. 5 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. JUNE 1952 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- USSR)1 Treasury Total * 1945—Dec 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec.. . . 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—May 21,756 21,861 288 589 23 317 643 45 66 271 31 22 June... 35,930 21,756 21,872 288 586 23 317 652 45 281 31 22 July 21,759 21,852 288 595 23 317 671 45 281 31 22 Aug 21,854 21,986 288 608 23 317 681 45 291 31 22 Sept... . 35,990 22,013 22,164 276 638 23 317 691 45 311 31 22 Oct 22,233 22,394 273 621 23 317 736 45 311 31 22 Nov.. . 22,382 22,579 268 619 23 317 805 45 311 31 22 Dec 35,950 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Tan 22,951 23,055 268 631 23 317 860 45 311 31 22 Feb 23,190 23,373 268 610 317 868 45 311 31 22 Mar P36,000 23,290 23,428 268 624 317 874 45 321 31 22 Apr 23,297 23,450 268 638 317 45 31 22 E m n o d n t o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 <201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 *180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 '256 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 ••256 208 208 311 29 50 27 31 1951—May.... 124 548 27 247 138 '256 229 261 311 30 50 27 46 June.... 143 548 27 247 138 '256 229 228 311 31 50 27 46 July.... 174 548 27 247 138 '256 229 195 311 31 50 27 46 Aug 174 548 27 247 138 '256 229 193 311 31 50 27 46 Sept 174 548 27 247 138 '281 229 191 311 31 50 27 46 Oct 174 548 27 247 138 '292 279 190 312 31 50 27 46 Nov.. . . 174 548 27 247 138 '323 279 191 312 31 50 27 46 Dec 174 548 27 247 138 ^333 279 208 316 32 50 27 46 1952—Jan 174 548 27 247 138 '339 279 207 316 32 50 27 46 Feb 174 548 27 247 138 279 P317 32 50 46 Mar.... 174 548 27 247 138 279 P340 32 46 Apr 174 548 27 280 P342 32 46 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a I e 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 «2,696 200 215 15 32 1947—Dec 310 15 762 111 105 1,356 34 170 * 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 « 1,856 164 323 L.436 36 1949—Dec 178 17 128 85 70 1,504 118 154 * 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 6 3,300 236 373 1,495 167 1951—May.... 217 23 210 61 129 1,458 115 150 293 373 1,495 153 June 217 26 210 60 129 1,451 115 150 '«*3,867' 279 373 1,518 151 July.... 217 26 210 61 129 1,454 113 150 269 373 1,519 155 Aug 224 26 210 61 129 1,447 113 150 257 373 1,529 143 Sept 234 26 210 50 128 1,446 113 150 '"3,269' 252 373 1,529 144 Oct 250 26 209 50 134 L.448 113 150 242 373 1,529 132 Nov.. . . 255 26 208 50 136 1,454 113 150 232 373 L,530 127 Dec 265 26 190 51 152 1,452 113 151 «2,335 *221 373 1,530 115 1952—Jan P265 26 190 51 179 1,438 113 150 6 2,036 P221 373 1,531 116 Feb P27O 26 193 51 211 1,426 113 150 6 1,770 373 1,532 126 Mar P274 26 169 51 214 1,432 113 150 5 1,700 373 1,532 143 Apr 214 150 151 P Preliminary. ' Revised. 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. 1 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." 1 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. 712 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu el m - France N la e e n r t d - h s - Po g r a t l u- S d w 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 Mexico 1945 —452.9 31.1 278.5 —47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721 3 — .2 14 2 —10 0 80 2 —29 9 27 3 337 9 153 2 —30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 — 10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2—159.9 3.4 -49.9 -10.0 -16.1 1950 ••-1,725.2 -1.020.0 -55 0 -84 8 -79.8 -15 0 -22 9 -38 0 r-68.0 -100 0 28.2 -118.7 1951 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1949 68.8 — 12.5 10.4 10.5 —5.0 -13.7 3.4 2.3 Apr.-June 173.9 162.4 —31.0 — 10 0 — 11 2 7.9 July-Sept 101.5 283.9 3.5 —20.0 —10.0 —11.3 Oct.-Dec -151.0 2.5 -33.9 —5.0 —15.9 —49.9 -15.0 1950 '•-201.3 -80.0 -35.0 —13.0 —12.4 —15.8 Apr .-June '•-30.4 —20.0 —3 0 -11.9 July-Sept »•-731.0 -580.0 —28.5 — 16.0 —25.0 3.4 8.2 —40.5 Oct.-Dec r-762.4 -360.0 -56.3 -79.8 -15.0 -4.0 r-47.1 -100.0 20.0 -61.9 1951 Jan.-Mar r -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 -80.0 2.0 -15.0 -11.2 -io'.o' 64.1 Tuly-Sept '291'. 4 320.0 —5.0 -17.0 —3.5 -20.0 Oct -Dec 629.9 71 7 -5 0 — 1 1 1952 Jan.-Mar.P 557.4 520.0 20.2 22.5 -10.1 11.3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Other Asia Union end ofperiod Increase go N ld e i t m-g m ol a d r : k d ed e- Domes- Y qu e a a r r t e o r r g U u r a u y - V zu e e n l e a - A L i m 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 - t p i t r c i o o d g n o u 2 l c d ury Total» 1945 -37.9 —73.1 —27.8 8-188.3 3.7 1 1 1 9 9 9 4 4 4 8 6 7 - 2 1 4 5 0 . . . 9 1 7 -1 — — 08 9 3 . . . 0 2 7 2 7 1 5 9 3 . . . 0 1 4 — 1 1 3 4 . . . 0 7 1 4 2 9 9 5 4 8 6 . . . 6 3 0 2 1 6 2 1 . . . 9 9 9 1 1 9 94 4 2 3 2 2 1 2 , , 9 7 3 2 8 6 2 2 1 2 , , 9 7 8 3 1 9 -7 — 5 2 7 3 . . 9 0 3 6 1 8 5 . . 9 7 - - 8 4 0 5 3 8 . . 6 4 1 4 2 8 5 . . 3 4 1949 — 14.4 -50.0 -7 5 -52.1 195.7 — 1.6 1944 20,619 20,631 — 1,349.8-845.4 -459.8 35.8 1050 —64.8 '•-17.2 r-35.4 13.1 1945 20,065 20,083 —547.8 -106.3 -356.7 32.0 1951 22 2 — 9 -17.2 r5 —50 1 52.1 4-84 0 1946 20,529 20,706 623.1 311.5 465.4 51.2 1947 22,754 22,868 »2,162.1 1,866.3 210.0 75.8 1949 1948 24,244 24,399 1,530.41,680.4 —159.2 70.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 3.6 -2.3 72.0 .1 1950 22,706 22,820 -1.743.3 -371.3 -1.352.4 80.1 Apr.-June 3.6 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—May.. 21,756 21,861 -38.5 -41.0 -12.9 5.5 Oct.-Dec -1.0 -11.9 -41.0 19.9 .2 June.. 21,756 21,872 10.4 -37.6 46.3 5.9 July... 21,759 21,852 -19.2 -16.2 -8.8 5.5 1950 Aug. . 21,854 21,986 133.1 -3.7 137.0 6.6 Sept... 22,013 22,164 178.0 10.9 176.7 6.4 Jan.-Mar -12.0 '•-10.4 r .2 3.9 '•-26.9 Oct.... 22,233 22,394 229.9 -18.4 243.4 6.6 Apr.-June —2.0 r_.9 n.o 9.2 '•-2.8 Nov... 22,382 22,579 185.0 -2.1 188.4 5.7 July-Sept -23.9 -.1 Dec... 22,695 22,873 294.1 6.5 289.9 5.1 Oct.-Dec -26.9 r~22.8 '•-2.8 1952—Jan. . . 22,951 23,055 182.4 63.6 137.5 5.0 1951 Feb.. . 23,190 23,373 317.5 150.3 152.2 4.8 Mar.. . 23,290 23,428 55.6 157.1 -103.1 4.6 Jan -Mar -50.9 -11.7 -28.0 Apr. . . 23,297 23,450 22.0 96.6 -75.4 5.0 Aor -Tune 15.0 -.9 -5.0 12.7 -25.0 May. . 23,296 23,502 51.9 (4) 5 27.1 (4) Tuly-Sept .. 28.0 3.5 r-3.9 20 3 -31.0 Oct.-Dec 30.1 -4.0 >"-25.0 19.2 1 See footnote 2 on opposite page. 2 Yearly figures through 1950 are estimates of United States Mint. 1952 Figures for 1951 and 1952 are estimates of American Bureau of Metal Statistics. Jan -Mar P 10.0 -17.5 -3.2 4.3 J Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 4 Not yet available. v Preliminary. r Revised. 5 Gold held under earmark at the Federal Reserve Banks for foreign 1 Includes Bank for International Settlements. account, including gold held for the account of international institu- 2 Includes sale of 114.3 million dollars of gold to Italy. tions, amounted to 4,869.9 million dollars on May 31, 1952. Gold 3 Includes sales of 185.3 million dollars of gold to China. under earmark is not included in the gold stock of the United States. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million NOTE.—For back figures and description of statistics, see Banking dol 6 l a I r n s c ; l u a d n e d s 1 sa 9 l 5 e 1 s , o 7 f 6 . 4 0 5 m .0 i l m lio il n li . on dollars of gold to Indonesia. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. NOTE.—This series replaces the series on "Net Gold Imports to United States, by Countries," published previously. JUNE 1952 713 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 u b m e 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 8 d . . 4 4 4 4 incl. obligations sold under Bank's guarantee) 1,186 1,113 1,085 938 1952 1951 Other assets 14 10 13 12 Net currency purchased l Bonds outstanding 450 436 336 311 (Cumulative—millions of dollars) Liability on obligations sold under guar- Apr. Mar. Feb. Apr. 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 B B e ra lg z i i a li n a n f r c a r n u c z s eiros 1 1 0 1 3 . . 4 0 1 1 0 1 3 . . 0 4 1 1 0 1 3 . . 0 4 6 1 5 1 . . 5 4 S C p a e p c i i t a a l l8 reserve 1,69 2 1 6 1,68 2 8 4 1,68 2 8 2 1,66 1 8 8 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 1 As of Apr. 30, 1952, the Fund had sold 806.1 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials 8.8 88 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 N N Tu o e r t r k h w i e e s r h g la ia l n i n d r a s k s r g o u n i e ld r ers '75 5 ^ . 2 0 7 5 5 . . 0 2 '75 5 . . 0 2 7 9 5 5 . . . 6 0 4 wh 3 2 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 r s e u p b o sc rt r e i d p ti 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 771.7 771.7 771.7 762.0 CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of bankingdepartment Bank of England Note circula- (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- tion3 Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec 29 . .. .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec 27 2 1,250 0 13.5 5.1 317.4 1,238.6 260.7 5.2 52 3 17 8 1945—Dec 26 .2 1,400.0 20.7 8.4 327.0 L.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 194g—Dec. 29 .2 L,325.0 36.1 16.7 401.1 L,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 L.321.9 299.2 11.6 97.9 111 2 18 1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Mav 30 .4 1,350.0 19.2 2.8 405.0 1,331.6 296.4 14.4 13.4 84.8 18.0 June 27 .4 1,400.0 51.8 7.9 360.0 1,349.3 290.1 20.4 4.4 86.6 18.1 July 25 4 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 1,358.0 273.6 18.5 .9 98.9 18 5 Sept. 26 .4 1,400.0 52.4 19.0 345.7 L.348.9 289.9 16.6 1.1 91.2 18.5 Oct 31 .4 1,400.0 49.7 20.8 356.0 L ,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 L.437.9 299.8 13.4 .6 89.8 18.1 1952—Tan. 30 .4 41,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 .4 1,400.0 34.9 17.7 344.2 1,367.0 283.0 11 .8 .4 83.1 18.5 Mar 26 .4 1,400.0 17.4 23.6 351.8 1,384.6 280.3 12.1 .5 81 3 18 5 Apr. 30 .4 41,450.0 41.9 27.4 306.1 1,410.0 273.0 10.7 .5 73.4 17.8 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19. 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1. 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. 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o l l l l i a o r n s s ) of Gold an S d d S t o e t U a l r l l t a n i e n r i s s t g ed S te h r o m r s t 1 - ecuritie O s ther O as t s h e e t r s circ N u o la t t e ion2 Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other l c ia O a b a p t i n i h l t d i e a t r i l e 3 s 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 54T.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—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 ,095.4 1,042.6 82.7 ,375.6 629.2 92.8 54.9 153.4 Feb. 29. 70.3 ,058.1 1,027.7 88.2 ,374.4 616.7 88.5 52.1 112.5 Mar. 31. 60.1 ,179.9 882.2 106.8 ,393.2 656.5 14.6 66.1 98.6 Apr. 30. 72.3 ,191.5 874.7 84.0 ,411.8 645.7 14.3 41.7 109.0 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r f e F s r f r i a a n n n c c e s) Gold & Fo e r x ei - gn Domestic bills G A o d v v e a r n n c m es e n t t o 6 Other ci N rc o u t l e a- Deposits 7 O li i a t t i b h e i e s l r change m O ar p k e e n t 6 Special Other Current Other assets 6 tion G m ov e e n r t n- ECA Other ca a p n i d tal 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 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 1Q49—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Dec. 28... 182.785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15,058 161,720 24,234 1951—Mav 31 ... 191,447 169,035 215.539 17,539 341,766 158,700 481,039 259,474 1,632,018 83 17,636 160,143 24,658 June 28... 191,447 161,802 196,435 12,164 458,572 157,600 481,039 235,037 1,660,842 66 16,432 190,056 26,701 July 26... 191,447 154,610 232,873 5,967 454.608 145,800 481,039 250,441 1,699,190 74 19,703 166,020 31,798 Aug, 30... 191,447 145,195 236,169 1,256 472,894 160,600 481,039 245,129 1,754,151 96 6,980 146,012 26,490 Sept. 27... 191,447 131,284 225,418 9,231 540,751 160,400 481,039 235,289 1,779,360 60 13,367 154,895 27.177 Oct. 31 ... 191,447 82,087 168,822 23,855 670,689 166,200 481,039 252,303 1,827,781 62 16,240 166,453 25,905 Nov. 29... 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,545 1,779,556 19 1,869 157,228 27,922 Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,8301,841,608 29 10,587 166,226 41,332 1952—Jan. 31 ... 191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,064 1,866,693 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 1,880,832 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 1.861,681 22 15,783 188,767 41,448 Apr. 30... 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,747 1,925,615 84 341 156,326 29,679 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950. when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 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. JUNE 1952 715 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 814 874 Loans and discounts 288, 080 265,349241,347 207,292 Other gold and foreign exchange. 806 902 2,408 Government loans and securities. 156 100155,495 148,352 135,981 Government securities 2,108 2,094 1,861 Other assets 118,430119,421 127,810 69,785 Rediscounts and loans to banks. . 43,441 42,628 36,129 Note circulation 454 588 457,435 455,831 385,186 Other assets 327 302 261 Deposits 316 297,392 281,317 220,390 Currency circulation 17,184 17,298 13,814 Other liabilities and capital 63, 60,827 66,194 53,621 Deposits—Nationalized 26,564 25,728 24,706Central Bank of Costa Rica Other sight obligations 896 879 628 (thousands of colones): Other liabilities and capital 2,851 2,834 2,386 Gold 11 511 ,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 92,464 ,188 76,144 10,776 tralia (thousands of pounds): Net claim on Int'l. Fund 4 7,031 ,031 7,031 7,029 Gold and foreign exchange 321,475 320,930 688,612 Loans and discounts 57,841 ,913 67,872 88,911 Checks and bills of other banks. . 6,513 5,884 6,923 Securities 7,577 ,619 7,593 11,321 Securities (incl. Government and Other assets 24 276 ,409 23,519 17,227 Treasury bills) 598,898 629,357 389,391 Note circulation 116.765 ,844116,292 102,586 Other assets 111,271 102,833 79,161 Demand deposits 64 931 ,186 59,097 32,858 Note circulation 297,471294,971 266,770 Other liabilities and capital 19 ,641 18,281 11,331 Deposits of Trading Banks: National Bank of Cuba Special 434,1 55,270 558,920 (thousands of pesos): Other 30,219 41,079 45,805 Gold 320,564310,564 270,562 Other liabilities and capital 276,297267,685 292,592 Foreign exchange (net) 65,299 55,734 90,215 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 120,948105,220 76,613 Gold 98 98 51 51 Silver 40,351 41,228 43,188 Foreign exchange 665 667 565 255 Net claim on Int'l. Fund 4 12,511 12,511 12,507 Loans and discounts 6,541 6,424 6,367 3,957 Loans and discounts 16,379 15,965 2,282 Claim against Government 3,393 3,335 3,408 4,426 Credits to Government 12,277 10,542 17,228 Other assets 42 41 39 39 Other assets 27,294 27,270 30,903 Note circulation 8,291 8,222 8,177 6,254 Note circulation 409,770 392 935 364,849 Deposits—Banks 235 314 346 165 Deposits 198,026178,508 172,039 Other 274 293 406 469 Other liabilities and capital 7,826 7,592 6,612 Blocked 1,937 1,736 1,501 1,840National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 31,886 31,187 30,483 30,462 Gold 69 69 69 69 Foreign claims and balances (net) 24,316 24,785 22,949 7,566 Foreign exchange 408 412 520 389 Loans and discounts 7,780 5,795 8,064 10,673 Contributions to Int'l. Bank. . . . 11 11 11 6 Consolidated Government debt.. 34,763 34,763 34,823 34,860 Loans and discounts 110 100 96 85 Government securities 10,152 8,007 8,409 2,553 Securities 431 328 140 116 Other assets 3,370 3,663 3,272 3,729 Govt. compensation account. . . . ,872 3,872 3,872 3,969 Note circulation 95,773 93,138 93,638 85,138 Other assets 200 219 533 490 Deposits—Demand 1,573 1,553 2,354 1,853 Note circulation ,693 1,688 1,703 1,600 ECA 1,295 1,241 1,140 46 Deposits—Government ,840 1,821 1,883 1,727 Other liabilities and capital 13,627 12,267 10,869 2,807 Other ,405 1,357 1,475 1,612 Central Bank of Bolivia—Mone- Other liabilities and capital 163 146 180 186 tary dept. (millions of bolivianos): (Jan.)* Central Bank of the Dominican Gold at home and abroad 2 1,370 1,370 Republic (thousands of dollars): Foreign exchange (net) 785 '334 Gold 066 12,066 12,066 6,045 Loans and discounts 1,204 1,951 Foreign exchange (net) 610 20,227 18,967 17,560 Government securities 1,850 727 Net claim on Int'l. Fund 4 250 1,250 1,250 1,250 Other assets 248 143 Paid-in capital—Int'l. Bank 41 41 41 40 Note circulation 4,092 3,664 Loans and discounts 390 220 331 156 Deposits 672 261 Government securities 895 6,895 6,962 6,217 Other liabilities and capital 695 '599 Other assets 666 720 713 1,105 Central Bank of Ceylon (thousands Note circulation 992 29,912 29,553 24,552 of rupees): Demand deposits 137 9,736 9,027 7,090 Foreign exchange 566,051600,692636,621 650,436 Other liabilities and capital 790 1,771 1,750 732 Advances to Government3 28,964 22,964 11,964 13,972 Central Bank of Ecuador Government securities 12,827 3,526 3,356 (thousands of sucres): Other assets 4,086 3,809 3,129 705 Gold • 336 123335 335,822 334,416 Currency in circulation 409,133 402,514 404,847 394,197 Foreign exchange (net)8 76 159 53! 44,732 144,957 Deposits—Government 6,828 23,197 36,115 33,498 Net claim on Int'l. Fund 4 18 758 18 18,758 18,757 Banks 151,069161,641171,200 194,131 Credits—Government 240 052236,060 220,599 209,948 Other liabilities and capital 44,898 43,638 42,907 '43,287 Other 162 609 719197,676 98,749 Central Bank of Chile (millions Other assets 189 030178,322184,754 176,452 of pesos): Note circulation 470 332472,219463,424 475,181 Gold 1,210 1,215 1,214 1,430 Demand deposits—Private banks 148 953 ,923157,342 145,563 Foreign exchange (net) 265 270 189 310 Other 138 455 ,047144,730 105,675 Net claim on Int'l. Fund 4 107 107 107 1 Other liabilities and capital 264 991 ,392236,845 256,860 Discounts for member banks.... 1,830 1,935 1,835 1,042National Bank of Egypt (thou- Loans to Government 670 670 670 680 sands of pounds): Other loans and discounts 7,044 6,719 6,270 5,461 Gold7 : 60.553 60,553 60,553 Other assets 3,089 3,140 3,087 2,429 Foreign exchange 19,365 18,456 24,942 Note circulation 9,056 8,861 8,545 7,374 Foreign and Egyptian Deposits—Bank 2,420 2,435 2,127 1,737 Government securities 308. 826311,802329,470 Other 290 320 317 425 Loans and discounts 25,825 27,224 28,326 Other liabilities and capital 2,451 2,440 2,382 1,818 Other assets 2,107 2,873 1,712 Bank of the Republic of Colombia Note circulation 187,398 190,044192,274 (thousands of pesos): Deposits—Government 00,240 97,443115,306 Gold and foreign exchange 246,080243,885254,335 220,389 Other 107,910 112,478115,669 Net claim on Int'l. Fund 4 24,371 24,371 24,371 24,369 Other liabilities and capital 21,129 20,943 21,754 Paid-in capital—Int'l. Bank 1,402 7,132 7,126 1,381 * 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. 8 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. 716 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 64,013 64,07 64,144 57,319 Gold 4 4 4 Foreign exchange (net) 63,087 62,658 57,850 87,949 Foreign exchange 37 38 29 Net claim on Int'l. Fund x 1,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 10,488 10,474 16,448 2,290 Loans and discounts 261 25 260 286 Government debt and securities.. 6,369 6,111 5,435 5,231 Government securities 200 200 18. 205 Other assets 1,531 1,350 1,445 1,228 Other assets 79 799 832 509 Note circulation 84,895 88,380 90,458 81,392 Note circulation 1,196 1,204 1,193 1,073 Deposits 55,050 50,757 49,464 67 ,722 Allied military notes 3 Other liabilities and capital 7,109 7,096 6,966 6,468 Deposits—Government 193 186 ' "210 166 State Bank of Ethiopia 2 Demand 93 71 69 69 Bank of Finland (millions of mark- Other 331 352 365 251 kaa): Other liabilities and capital.... 73 74 74 61 Gold 5,865 5,865 5,865 3,35, Bank of Japan (millions of yen): Foreign assets (net) 18,628 20,375 22,330 -1,929 Cash and bullion 1,088 1 139 1,178 1,010 Clearings (net) 6,930 6,427 4,545 893 Advances to Government 38,390 39 670 39,368 42,645 Loans and discounts 23,296 21,305 20,239 39,452 Loans and discounts 287,589324 865 345,273 386,259 Securities 990 1,017 1,030 961 Government securities 150,868 99 92,845 125,003 Other assets 1,919 2,208 2,479 7,142 Other assets 97,892 160 102,516 37,771 Note circulation 44,338 44,044 43,428 38,329 Note circulation 462,482 457 576 457,277 410,015 Deposits 1,125 1,706 1,988 74; Deposits—Government 47,429 97 197 71,480 138,672 Other liabilities and capital 12,164 11,446 11,072 10,799 Other 24,626 25 683 25,216 21,958 Bank of German States Other liabilities 41,291 45 015 27,207 22,043 (millions of German marks): The Java Bank (millions of rupiah): Gold 190 116 116 Gold* 1,063 1,060 1,060 871 Foreign exchange 2,498 2,230 2,094 1,367 Foreign exchange (net) 1,134 1,052 996 409 Loans and discounts 3,440 4,118 4,328 4,195 Loans and discounts 216 677 605 244 Loans to Government 9,361 9,228 9,009 9,325 Advances to Government 1,927 2,248 1,841 2,275 Other assets 640 577 633 1,387 Other assets 936 1,031 1,067 360 Note circulation 9,644 9,544 9,416 7,960 Note circulation 3,327 3,165 3,137 2,691 Deposits—Government 2,113 2,436 2,469 2,392 Deposits—ECA 496 496 Banks 2,143 2,082 1,943 1,588 Other 1,166 1,034 861 " "823 Other 280 250 270 790 Other liabilities and capital. 287 1,372 1,572 644 Other liabilities and capital 1,949 1,957 2,081 3,545Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 5 , 1,080 1,110 1,143 1 ,113 mae): "Authorized" holdings of secu- Gold and foreign exchange (net) . 1,275 523 rities, etc , ,651 2,783 2,952 3,088 Loans and discounts 188 199 Bills and discounts 535 485 448 279 Advances—Government 8,016 5,856 Other assets , 523 527 492 479 Other 3,557 2,996 Note circulation ,081 3,126 3,163 2,753 Other assets 1,911 1,466 Demand liabilities ,238 1,314 1,411 1,699 Note circulation 1,961 1,900 Other liabilities and canital 469 465 462 507 Deposits—Government 1,048 924 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6,254 3,970 Gold e 1,297 1,288 1,201 1,175 Other 2,214 1,746 Silver (including subsidiary coin). 16 16 18 17 Other liabilities and capital 3,470 2,500 Foreign assets (net) , 1,059 1,027 967 259 Bank of Guatemala (thousands of Loans and discounts 45 109 113 97 quetzales): Govt. debt and securities 2,100 2,850 2,850 3,000 F G o o r l e d ign exchange (net) 2 22 7 , , 4 2 4 2 5 8 2 22 7 , , 7 2 4 2 9 8 2 1 7 8 , ,6 2 7 2 1 8 r1 2 4 7 , , 8 2 7 2 5 9 O N t o h t e e r c a ir s c s u e l ts ation—Old 46 4 7 4 44 4 6 4 63 4 3 5 62 5 8 1 Gold contribution to Int'l. Fund 1,250 1,250 1,250 1,250 New 2,932 2,951 2,866 2,682 Rediscounts and advances 4,815 5,210 5,614 4,974 Deposits—Government 379 369 240 20 Other assets 18,678 18,280 17,525 19,387 ECA 1,027 1,804 1,778 1,428 Circulation—Notes 39,212 40,075 39,739 36,596 Other 376 343 439 594 Coin 3,399 3,393 3,392 3,296 Other liabilities and capital 225 227 413 401 Deposits—Government 4,984 4,702 4,511 3,065 Reserve Bank of New Zealand Banks 11,425 12,469 11,022 10,700 (thousands of pounds): Other liabilities and capital 15,398 14,078 11,624 14,060 Gold 5,749 5,714 5,638 4,959 National Bank of Hungary 8 Foreign exchange reserve 23,424 22,266 21,352 65,459 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 7,270 rupees): Advances to State or State un- Issue department: dertakings 55,985 56,321 54,817 59,607 Gold at home and abroad 400 400 400 Investments 32,182 34,182 54,182 15,974 F N I R n o u o d r p t e i e e a i g e n c n i c r G o c s o u i e n v c la u t t . r i i o s t e n ie c s urities 1 4 6 1, , , 4 6 6 0 1 9 3 4 1 1 6 2 1 6 4 1 , , , 6 3 0 6 8 9 8 3 6 1 3 2 1 6 5 2 , , , 8 0 8 5 8 1 0 8 2 6 9 4 O O D N t t e o h h m t e e e r r a c n a l i d i r s a c s b d u e i e l l t a i p s t t . i o i ; e o s s i n t a s nd capital 6 5 3 2 5 7 , , , , 0 6 9 7 0 0 7 8 0 4 1 6 6 5 2 8 3 7 , , , , 2 8 7 2 0 5 8 3 5 2 9 3 6 7 2 4 7 7 , , , , 2 2 6 1 3 1 0 6 1 7 1 1 9 5 2 8 4 7 , , , , 0 6 4 0 7 1 8 6 5 3 7 9 Ce o n f t S G B r p t a o a o e O O N L D B B l n l r u d o l i k t t e a o B n i l h h a l p i n l t d a s a n e e e n g o s n r r s g n s s d ) c k f i : a i o l t e u t d s i o s s s f a n c o e s b o d e i f G p a s i u s t b a l I s s o i n r u r r t v o t t i e e e e m e a l d s r a d d e n n a n e m d n t p : e d a n ( t r t c h t a o m p u i e s t n a a n l t . . d . . s . . . 56 2 , , 2 6 0 4 5 6 56 3 2 1 1 , , , , , 1 4 3 3 6 9 1 8 5 5 5 3 4 3 9 8 1 9 8 7 9 6 6 9 55 3 2 1 1 , , , , , 2 3 4 6 2 4 6 4 1 0 4 5 2 6 1 6 1 9 0 5 8 6 2 5 4 49 3 2 1 1 , , , , , 0 9 2 9 6 3 1 5 2 9 1 4 4 6 7 2 6 3 2 3 1 7 6 2 3 Bank O F S O D G C L N e o o l o t c o e o e c h r a c l p t f e a u d e e n u o i N r r r s g p i s i c n t o n i a a a i i t g t r r s e s n i c a s w s — o a u d e s n a c s t l G s B E d a c y e a t i o t C a o i s s c ( u o n v c A m c n n k ( o e o n i t s r u u l s n l e n n i m t o t ( t s ) n n e ( s e n n t t o ) e f t ) kroner): 2 6 1 1 , , , , 5 4 9 2 2 9 0 4 3 4 4 5 0 4 6 4 2 1 9 3 2 9 6 1 8 2 6 8 6 2 6 1 1 , , , , 5 4 9 2 2 1 8 2 4 1 1 4 4 0 5 6 2 1 6 2 6 4 6 7 0 2 5 9 5 6 2 2, , , - 9 6 0 2 2 3 1 1 2 7 6 4 4 3 0 1 5 9 1 5 9 7 3 6 0 9 8 4 2 0 Note circulation 58,851 59,104 57,887 52,639 Other liabilities and capital 569 579 825 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. J For last available report (July 1950), see BULLETIN for December 1950, p. 1699. » For last available report (February 1950), see BULLETIN for September 1950, p. 1263. * Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 1 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 JUNE 1952 717 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of rupees): Bank of Spain—Cont. Issue department: Note circulation 35,599 35,458 30,926 Bank S G P G N I R i n n t a o u o o e d g k l p y t r i d e i l a e t s i d s . e n t a e c a o g i t p c u n n f o h a r s r c i I e o r G n e n i t c m r n m o d u c c e v i r u e a y i t l n t a . a i s t n e t s : e i s d e o c c u n a u r b r it i r i t e o ie s a s d . . . . . . 2 1 , , 1 0 6 3 1 1 8 6 0 6 8 2 6 2 5 0 6 1 6 2 1 , ,0 2 3 7 1 1 1 0 6 1 8 2 7 4 0 6 5 1 6 2 1 , ,1 2 3 7 1 1 9 0 1 8 2 1 7 5 0 5 1 6 6 2,0 3 8 7 1 5 4 4 0 5 4 3 2 4 2 0 3 8 7 Bank O F D G N P o a o o t e e h i r t p l f d e d e o - i c S r g i s l n w a n i l t i i s e a m c a — b d a s i p e s o l O G n i e i n t t t a t o i s h e ( l I v m s — e n ( e r n t i a r l I ' n e l l n n . i m t 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): 1, 4 2 7 8 4 1 2 8 1 6 22 2 2 1 , , , , 9 3 4 4 3 7 4 7 5 8 2 1 2 6 8 6 4 1 8 1 2 9 1 , , , 4 1 5 3 6 5 7 8 8 1 5 8 3 3 0 3 1 1 3 9 1 , , , 2 3 8 2 2 7 5 3 3 2 3 0 7 0 0 N O O L D B B o i a t t o e l h h l a p l t a s e e e n o n r r s s d s c l i a i o e t i t s o s s a s f c s b o e G a i i s u t l b s s o i n r t u v i o t e e e e a s d r d d n a e m n p d e a n r c t t a m p e it n a t l . .. . 7 7 9 9 0 7 7 9 2 2 0 9 8 7 1 9 9 6 6 0 1 2 5 3 3 3 3 8 7 6 9 9 9 4 9 0 9 9 6 1 1 1, 6 3 0 5 1 8 5 1 5 3 2 2 2 5 O S O N D w t t o e v h h m e t a e e e d n r r a i c c s n d a i h e d o r s s c m s G u d e t e o o l t e s a s p v N t t i o t i c . o a s n t b s i i t e i o s l c l — n u s a r a O G l i n t t D i o d h e v s e e a e r b d a r t v n n a O m d n f e c f a i n e c d t s e - . 5 . 2 4, , 0 2 8 8 6 1 2 5 5 6 1 9 6 3 6 1 0 0 2 3, , 9 4 2 8 8 5 6 7 1 3 8 1 6 9 4 9 9 2 3 , , 3 5 8 2 8 7 4 7 3 5 6 9 9 5 7 9 9 5 3 3 , , 4 5 4 4 2 4 0 0 9 5 9 5 5 1 3 6 6 8 Bank of Paraguay—Monetary dept. Other liabilities and capital 618 598 605 593 (thousands of guaranies): Swiss National Bank (millions of Cent N L O D F P N O G G r o a o a t e e t o o o h i h r a t l m l v t d e e e e d n e - i c R 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 m a n c d e e s b a d d e x e r c i p e n t v o c l o d s i i p t h e n t i t i o i n a s a l e B I n s c l o 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 t d a n s t F o ' n e c l u . f d a t n ) p B s P d i e a e t 2 c a n r u l k u rities. 2 2 1 1 - 2 6 5 6 7 2 0 1 5 0 4 3 9 7 1 9 2 , , , , , , , , , , 0 2 1 5 0 5 7 5 2 8 5 9 6 2 4 8 6 4 9 6 6 5 1 5 6 7 3 8 5 4 2 2 1 - 3 4 9 6 5 1 1 1 6 0 3 3 5 5 7 4 1 2 0 8 8 7 1 4 6 7 5 6 8 4 1 4 4 3 8 1 2 2 - 9 6 4 1 1 1 3 1 5 7 3 8 1 0 3 9 4 , , , , , , , 0 , , , 2 1 0 7 0 2 0 0 2 4 8 6 2 1 9 2 8 3 2 2 8 1 2 2 8 4 4 9 3 1 1 - - 6 2 5 2 6 3 1 1 2 9 1 4 4 5 4 5 1 , , , , , , , , , , 0 3 5 7 2 8 4 9 1 5 0 7 4 5 5 9 4 2 6 7 1 7 2 2 7 3 9 9 8 5 Ce T f n r u a t O F N O O G G L n r r o o c t a o t t o o k h h h r s a l l l t e e d d ) e e e e n y : i r r B r s g c n a a s l ( i a i i m r s n a n g c e s b k i h d u e x l i t t l l c l s i 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 o g i h o a e l u i e f n n t i t d p R e s s o c e u a p n p u d i b t s a ) l l : ic of 4 5 1 , , , 3 4 2 5 8 6 1 0 3 1 8 3 9 7 7 7 6 9 7 9 6 2 9 4 5 1 , , , 5 4 2 2 9 6 1 9 4 1 3 9 2 9 7 6 9 4 1 3 6 0 2 4 5 1 , , , 4 2 2 5 8 1 7 3 1 7 6 9 9 7 0 3 9 0 8 3 9 4 4 4 5 1 , , , 4 2 4 9 8 1 1 1 4 9 9 6 7 6 2 9 4 6 8 6 8 4 2 (millions of soles): Foreign exchange and foreign Cent O O N C L N D L G r o o o t a t o e e o h h a a t p n l l t d e e e n n o t c r r r B s s s l a c i a i b a l a t a i n t i i r o s s u n m a n d c s b t k d u e G i f i o t o l o l s d a o i n o n r t t i v e i f i s e i t o e I c g o s n r n t o n n h t a u I ' m l n e n n e . x t 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 p l 3 k in s. e s .. 1,2 4 3 2 8 2 6 3 3 2 6 3 1 5 2 0 5 8 5 3 5 8 1 2 1, 2 3 3 6 2 7 2 8 4 4 1 6 2 8 0 3 5 7 4 3 1 8 2 6 1, 6 2 3 3 2 7 1 3 6 1 2 2 4 7 9 1 3 7 6 1 9 2 8 9 1, 6 4 2 1 7 1 7 1 7 2 9 6 4 5 1 9 0 0 0 2 2 4 1 Ba ( n th k S O O N L 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 e a r r r t s a n s i c h t r i a d l i a i t i i e r s e s s n a n c — s s g b R d u o e s i l t f l e G O d a s i p t . t p i o t i i s u e h e o l c d s s e b n o o r l a u s i n n c ): t d s o c f a U pi r ta u l guay 1 1, , 6 1 4 1 1 1 9 3 2 2 5 0 3 7 3 3 7 3 9 8 1 7 1 1 , , 6 1 1 1 1 4 5 9 9 2 5 3 3 6 7 3 1 7 3 4 6 4 1 ( 9 1 D 1 5 e , , 1 6 c 1 1 1 1 4 1 ) 6 . 7 2 2 0 5 2 3 * 3 1 7 2 3 4 1 6 , 9 5 1 1 1 1 7 4 5 8 6 6 4 1 1 3 3 2 3 9 4 7 (thousands of pesos): Gold 336,354 447,376 Bank O O F N L D N D G o o t t o o e e o h h r a t l m m t e o d e e e n i c f r r a e s g l c n s a n a l i t d i i r s i a m P c c e s b d u o e x i s e t l c o r l e s a i p h t n t c t u o i a i u e o n I s g r s n n i g i a t t t s e a l i ' e l n . s d F ( m c u a n i p l d l i i 2 t o a n l s of 4 2 2 5 1 1 2 7 3 2 5 5 5 1 3 6 9 4 9 6 1 2 5 1 , , , , , , , , , 8 8 3 1 8 7 5 8 1 9 1 7 1 6 6 3 0 8 2 1 1 5 4 6 0 4 0 2 2 4 1 7 3 4 4 3 2 1 1 1 9 9 3 3 4 9 4 3 8 6 3 5 7 7 8 7 0 8 6 2 0 5 2 1 3 6 0 4 7 4 3 7 4 2 2 5 1 1 6 2 5 4 4 7 4 3 1 6 5 0 9 7 3 9 4 4 , , , , , , , , , 4 1 5 3 1 3 3 5 8 3 8 3 5 2 5 7 0 4 3 6 2 2 7 5 6 4 8 5 6 1 1 1 1 2 4 7 7 6 5 7 7 9 9 1 7 4 3 4 5 3 , , , , , , , , , 5 0 3 0 0 4 1 6 2 0 5 8 9 3 6 2 3 2 1 2 3 7 8 8 6 4 0 S A O O O N D P i a d t t t e o l m h h h i v p v t d e e e e e o a e - r r r r n i n s c n i a c l t l i t o i r s e 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 o i i a s S n h e o v l s e d t n — e a r a r d t n e I n i n m s d a t c ' e n o c l n . a d u t p B n i G t a t s a n o l k vern- 4 3 3 3 2 1 1 7 5 3 9 7 2 9 0 3 7 0 2 9 2 , , , , , , , , 3 5 2 2 3 7 0 5 3 1 1 5 0 8 0 2 3 3 3 5 2 9 3 7 9 0 4 3 3 3 2 4 1 1 2 6 2 6 0 1 4 0 9 8 8 7 9 0 9 1 , , , , , , , , 3 4 1 1 5 7 3 8 4 1 0 6 2 1 1 0 1 7 8 1 3 2 3 3 1 7 4 escudos): Central Bank of Venezuela (mil- F A O G L N D o o o d t o e h r a l m v t e d e e n a i r a s g n c n n c a a i d r e s n c e s s d u x d e t t l c e o d s a h p t i a o i s G o n c s n o o g it v e u s e n — ( r t n n s G m e o t e ) v n e t rnment.. 1 4 9 1 1 1 , , , , , 4 6 0 8 6 5 4 8 8 7 3 0 1 1 5 5 1 9 3 2 7 1 3 8 0 1 , , , , 7 5 1 5 6 2 7 6 9 3 5 4 5 4 2 5 4 6 6 7 6 lio O F O G N D ns o o t t e o h h r l p o t e d e e e o f i r r g s c b n i l a i t i o r s a s 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 ca t) pital , 2 8 1 1 7 5 9 8 4 8 1 9 3 3 1 6 1, - 2 1 8 2 9 4 6 6 7 2 0 4 6 1 9 1, - 2 1 8 1 3 6 4 5 0 7 7 6 8 0 1 8 1 - , 1 2 1 7 1 1 1 0 4 4 9 1 6 6 5 0 7 1 ECA 53 299 Bank for International Settle- Other 6,352 5,33 ments (thousands of Swiss gold Sout O h t h A e f r r i li c a a b n i li R tie e s s e a r n v d e c B a a p n i k tal.... 2,175 2,295 fra G nc o s ld ): in bars 461,427 438,453 386,887 491,935 (thousands of pounds): Cash on hand and with banks. . . 79,193 91,161 52,781 73,104 Gold * 59,778 68,397 74,470 Sight funds at interest 17,998 3,857 2,104 4,419 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 s a i a c b l s b i l u e i n s i l t l l l s a a i s ( t t n m i i e o d s i n l l l a i o o n a n n d s s c o a f p p i e t s a e l t . a . s . ) . : 6 3 8 2 7 1 9 3 2 2 6 8 , , , , , , 7 6 2 6 3 1 5 0 9 7 1 5 1 2 2 6 7 3 3 2 6 8 8 1 3 1 1 3 6 8 , , , , , , 9 9 5 2 2 1 9 5 9 1 7 0 1 9 5 5 7 4 1 9 2 7 0 1 4 1 6 7 7 3 , , , , , , 4 4 2 9 0 1 6 2 8 7 3 4 2 6 3 6 8 0 T S F O R D u u i e t e m a h n n d m n e d d i e c s r a r s c e y f n a s u o i d s r b n u s ( v i d n d e a l e s l t e t t s s a s p t c a b a e o o n t l d s e s d i i t n t ) i b s i n t n i e l ( v l r G g s e e o e s s a l t r t d n m m ) d a e n a n y c ts cept- 2 2 2 3 9 2 2 3 4 7 4 1 6 2 1 , , , , , , 2 7 0 2 5 8 0 1 2 5 7 6 1 3 3 6 8 7 2 2 3 1 9 3 0 5 1 7 5 3 5 1 7 , , , , , , 2 0 4 4 6 8 0 6 2 3 2 6 1 1 5 4 4 8 2 2 2 1 1 9 2 4 1 7 2 8 8 1 2 , , , , , , 2 2 6 9 5 1 0 5 1 1 3 1 1 1 2 6 8 6 2 2 1 3 9 7 5 4 7 2 4 6 9 5 , , , , , , 2 8 1 3 0 1 0 1 3 2 4 1 1 9 7 2 3 0 O S O G G i t t o o l h h v l v d e e e e r r r r n a lo m s a s e n e n t s s t a l n o d a n d s i s a c n o d u n se ts curities 2 2 1 6 0 5 , , , 3 5 4 2 7 5 7 7 0 6 3 8 5 2 7 2 1 1 3 6 6 , , , 5 3 7 1 2 5 7 9 7 8 3 8 1 8 4 2 1 1 2 5 5 , , , 6 3 9 8 3 6 7 7 1 7 9 8 9 3 4 S O L h o t C h o n e r g e t r n - - t t t l e e r i r a a r m m b l i b l d i a d t e n i e e p k p s o s o — s a s i n i t t O s O d s : : w t c S h n a p e p e r a i c t c i a a c l l ount.. 4 2 2 3 7 2 7 5 0 8 5 , , , , 9 1 9 1 9 3 0 7 3 2 9 6 2 3 2 2 5 6 7 9 8 9 6 , , , , 2 3 5 9 6 5 0 0 8 7 9 0 2 2 3 6 2 3 7 8 8 5 3 , , , , 9 7 0 4 0 7 2 3 9 3 8 0 2 2 7 2 2 6 4 5 8 5 6 , , , , 7 9 3 0 7 2 0 6 1 5 9 4 * Latest month available. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 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. 718 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 t m g ed - Francem G a e n r- y g B iu el m - N la e e n r t d - h s - S d w en e- S la w e n r i - t d z- ba C n e k n t o r f a — l R A 3 a p 0 t r e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R A 3 a p 0 t r e . ef D fe a ct 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 Dec. 6, 1951 Java 3 Apr. 1, 1946 Jan. 16, 1945 . . Belgium 3M Sept. 13, 1951 Mexico June 4, 1942 Jan. 20 Bolivia 6 Sept. 30, 1950 Netherlands.. Jan. 22, 1952 Feb. 9 2i/ Nov. 7, 1946 214 Dec. 19 3 Jan. 10, 1947 mi Canada 2 Oct. 17, 1950 New Zealand. July 26, 1941 Chile June 13, 1935 Norway Jan. 9, 1946 Aug. 27 Colombia 4 July 18, 1933 Pakistan 3 3 July 1, 1948 Oct. 9 2H&3 Costa Rica 4 Feb. 1, 1950 Peru 6 Nov. 13, 1947 June 28, 1948. . Sept. 6 Oct 1 3 May 27, 1949. . Denmark 5 Nov. 2, 1950 Portugal.... Jan. 12, 1944 July 14 Ecuador 10 May 13, 1948 South Africa. Mar. 27, 1952 Oct. 6 3\i. El Salvador... 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 June 8, 1950 2H Finland 5X Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Sept. 11 Sept. 26 3 Oct. 27 i 6 Dec. 1 3 France 4 Nov. 9, 1951 Switzerland.. I* Nov. 26, 1936 Apr 17 1951 4 Germany 16 Oct. 27, 1950 Turkey Feb. 26, 1951 July 5 Greece 12 July 12, 1948 United King- Sept. 13 3\i. India Nov. 15, 1951 dom 4 Mar. 12, 1952 Oct. 11 3 Nov. 23, 1943 USSR 4 July 1, 1936 Nov. 8 Italy 4 Apr. 6, 1950 Nov. 9 4 J M a a n r . . 1 22 2 , 1952. . 4 3y2 1 Rate established for the Land Central banks, In effect Apr. 30, NOTE.—Changes sinee Apr. 30: Germany-May 29, from 6 to 5 per cent. 1952 4 4 •6 3X 3H 3 OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1 1 1 1 9 9 9 9 4 4 4 4 3 2 4 5 — — — — M M M M a a a a r r r r c c c c h h h h . . . . . .3 3 5 5 9 7 5 0 1 1 1 1 . . . 0 0 0 0 3 3 3 3 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 1 1 1 . . . . 0 0 1 9 3 0 3 0 . . . . 5 5 5 5 0 0 0 0 1 1 1 1 . . . 6 5 6 5 5 9 0 8 2* 3 3 3 4 - - - - 5 5 5 5 H y y 2 2 L L L L . . 2 2 2 2 5 5 5 5 1946—March .36 .53 .51 .63 .50 1.34 1.05 1.00 L.25 1947—March .... .40 .53 .51 .63 .50 1.41 1.65 1.19 23^-4)| L.25 1948—March .41 .56 .51 .63 .50 2.09 1.45 .99 L.50 1949—March .42 .56 .52 .63 .50 2.10 .38 1.01 L.63 1950—March .51 .69 .52 .63 .50 2.70 .45 1.13 L.50 1951—March .76 .69 .51 .63 .50 2.45 .46 1.23 3-5 2 L.50 1951—April .76 .69 .51 .63 .50 2.60 1.55 1.24 3-5 L.50 May .76 .69 .51 .63 .50 2 61 L.50 1.07 3-5 L 50 June .75 .69 .51 .63 .50 2.52 L.39 1.00 3-5 L.50 July .77 .93 .51 .63 .50 2.57 L.39 .91 3-5 L 50 .79 L.00 .51 .63 .50 2.64 .38 1.00 3-5 L.50 September.... .88 1.00 .51 .63 .50 2.56 L.24 1.00 3-5 L.50 October .93 L.00 .51 .63 .50 2.78 L.16 1.00 3-5 L.50 November. . .. .92 L.38 .84 .92 .69 3.27 L.17 1.00 3-5 L.50 December .89 L.50 .98 1.00 .75 3.50 L.21 1.00 3-5 L.50 1952—January .89 1.50 .97 1.00 .75 3.50 L.18 1.00 3-5 L.50 February .91 L.50 .99 1.00 .75 3.93 L.17 1.00 3-5 L.50 March .94 IAS 2.01 1.82 1.57 3.95 1L.38 1.00 3-5 L.50 NOTE.—For monthly figure* on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 719 JUNE 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b m 1 a 1 i n ll L k io o s s n . t n e s d r o o F li n f n i g g p c u ) l o r e u e a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a r c y n t e d at B co il u ls n d te i d s- T r d e r c e e e p a i o s p u s t i s r t y J c L u o s a to n m s e t r o s O as t s h e e ts r TotaI D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a r ie l s 1946—December....... 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—December ... . 540 592 L.408 456 ,528 1,660 735 6,368 4,262 2,106 550 1951—May 504 571 1,226 269 ,556 1,806 854 6,149 4,063 2,086 636 June 501 594 1,172 290 ,550 1,895 797 6,167 4,099 2,068 633 July 514 583 1,250 290 ,552 1,861 756 6,174 4,086 2,088 631 515 573 1,185 306 ,549 1,863 755 6,133 4,061 2,072 612 September 503 582 1,276 216 ,553 1,888 741 6,135 4,068 2,067 624 October 514 579 . 330 177 ,555 1,910 778 6,204 4,140 2,063 638 November 517 562 901 108 ,033 1,935 787 6,189 4,118 2,071 654 December 531 598 972 102 ,965 1,950 867 6,333 4,290 2,042 651 1952—Tanuary 521 605 965 66 ,954 L.928 824 6,204 4,173 2,031 659 Februarv 492 526 856 15 ,944 1,945 804 5,893 3,923 1,971 689 March 492 526 854 ,935 1,959 789 5,887 3,914 1,974 667 April 501 512 883 ,934 1,967 821 5,994 3,952 2,042 623 Assets Liabilities Canada Security Deposits payable in 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 l n r i n o e t d n d h o s l b f l o i a a g f r n u s k r ) s e . s re C se a r s v h E e n s tire S l e y lo c u a in 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 a f a u b n o l b e o a d r r a e n f o i n r k n g a o s s n d e m t Securities a O s t s h e e t r s ci N r ti c o o u t n l e a- e T x o cl t u a ding i D n e te m rb an an d k de T po im si e ts li c a O a b a p t i n h l i i d t e t a r ie l s 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1.525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December .. 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—April 774 87 3,046 160 ,924 1,413 7,684 3,086 4,598 1,720 May 760 92 3,066 188 ,886 1,379 /|\ 7,686 3,097 4,589 1,684 June 781 82 3,061 206 ,838 1,288 (? 7,591 3,032 4,559 1,664 July . 798 84 3,043 209 ,840 1,349 7,658 3,078 4,580 1,665 August 784 90 3,073 260 ,832 1,339 («) 7,667 3,084 4,583 1,710 September 788 107 3,045 217 ,876 1,242 7,637 3,042 4,595 1,639 October 835 111 3,034 182 ,876 1,403 /j\ 7,752 3,177 4,575 1,688 November 843 96 3,123 166 ^,894 1,423 7,829 3,213 4,616 1,715 December .. 907 107 3,028 227 ,876 1,464 (*) 7,896 3,284 4,612 t ,714 1952—Tanuary 869 107 2,955 183 3,927 1,303 i 7,705 3,066 4,639 L,637 February 809 95 2,918 231 4,003 1,353 7.761 3,076 4,685 1,648 March 880 97 2,949 202 4,095 1,390 7,979 3,231 4,748 1,634 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December ... 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December 40,937 42,311 426,690 129,501 29,843 627,266 619.204 8,062 26,355 15,662 1950—December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—March 42,469 62,610 499,550 150,919 38,351 741,484 721.791 19,693 29,739 22,676 April 47,539 65,445 490,676 160,293 41,237 748,810 728,559 20,252 30,678 25,702 May 48,809 63,440 475,054 166,984 46,169 739,071 719,405 19,666 33,354 28,033 June. 47,856 62,305 522,657 159,958 47,815 777,219 756,997 20,222 32,544 30 828 July 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 35,141 49,453 65,572 485,824 171,380 49,582 753,627 732,964 20,663 30,611 37,573 September 52,015 64,414 540,986 167,362 52,138 805,610 783,881 21,729 30,952 40 353 October 48,996 79,337 520,457 173,530 59,099 799,918 777,973 21,946 35,382 46,120 November 47,980 81,460 506,061 179,933 61,658 793,078 768,657 24,422 35 372 48 641 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 February 50,662 73,868 538,245 183,504 38,310 827,946 796,396 31,551 30,414 26,227 v 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. a 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 same publication. 720 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada (peso) (franc) (cruzeiro) British (dollar) Year or month Basic P e r n e t f i e a r l - Free (p t A r o a u u l n s i - a d) a " n c B o c t o a e u n s k n " t Official Free M (d s a o i l a l l a ^ a y r) - Official Free 1946 29 773 321 34 2.2829 6 0602 95 198 93.288 1947 29.773 321.00 2.2817 5.4403 100.000 91.999 1948 . ... 29 773 321 22 2 2816 5 4406 100 000 91 691 1949 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32 788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 21.9622 5.4406 32.849 94 939 1951—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 J 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—Tanuarv 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 May 20.000 13.333 7.169 223.24 1.9838 5.4406 32.752 101.615 France Year or month Ceylon C slo ze v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2.0060 20.876 .8409 30.155 20.581 37 813 1947 2 0060 20 864 84n7 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 1050 . 20 850 2 0060 14 494 2858 23 838 20 870 11 570 26 252 1951 20.849 '2.0060 14.491 «.4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—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 •2.0060 14.492 • .4354 .2855 23.838 20.870 * 280.38 11.563 26.267 November . 20 850 14.492 .4354 .2856 23.838 20.870 280 38 11 569 26 270 December 20.840 14.492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 1952—January 20.799 14.492 .4354 .2856 23.838 20.819 280.38 11.562 26.320 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 May 20.961 14.492 .4354 .2856 s 23.838 20.988 280.07 11.566 26.337 Year or month Z (p e N o a e u l w a n n d d ) N (k o r r o w n a e) y R P e ( p h p p i 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 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42 553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—June 277.29 14.015 49.644 3.4880 278.38 19.327 23.018 280.07 65.833 56.180 42.553 July 277.25 14.015 49 643 3 4827 278.38 19.327 23.038 280 02 65.833 56.180 42 553 August 277.11 14.015 49.643 3.4727 278.38 19.327 23.015 279.88 65.833 56.180 42.553 September.. 277.10 14.015 49.643 3.4644 278 38 19.327 22.963 279.88 65.833 56.180 42 553 October 277.17 14.015 49.643 3.4598 278.38 19.327 22.916 279.94 65.833 56.180 42.553 November. ... 277.27 14.015 49.643 3.4605 278.38 19.327 22.882 280.05 65.833 56.180 42.553 December 276.72 14.015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—Tanuary 275 39 14 015 49.655 3 4874 276.95 19.327 22.880 278.15 65.833 56.180 42 553 February 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 65.833 56.180 42.553 March 276.91 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 Mav 277.29 14.015 49.677 3.4898 279.03 19.327 23.078 280.07 65.833 56.180 42.553 1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The two rates had been identical for a considerable period. 2 Based on quotations through Sept. 19, 1951. 3 Based on quotations through Oct. 26, 1951. * Based on quotations beginning Oct. 29, 1951. 5 Based on quotations through May 8, 1952. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662- 682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1951, p. 1601; October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. JUNE 1952 721 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 n 1 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 1 n 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 1 - g n 3 ) e 6 N (1 l e a 9 1 t 4 n 0 h 8 0 d e ) s r = - S (1 w 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i 1 . t n z 0 1 d e 0 9 r ) 3 - 9 1941 57 116 110 153 9 136 2 172 171 1942 64 123 121 159 10 153 2 189 195 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,170 209 104 216 206 t950 103 211 311 262 108 4 905 246 117 227 203 1951 115 240 386 320 138 5,581 342 143 299 227 1951—\pril 116 242 385 319 140 5,69? 350 145 297 231 May 116 242 394 320 141 5,677 349 146 302 231 115 243 400 321 138 5,595 344 145 305 228 July 114 244 396 320 135 5,557 340 142 305 224 August 114 242 388 324 134 5,526 348 142 304 222 113 240 393 325 138 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—Tanuary 113 237 402 335 153 5,415 '358 145 320 227 February 113 233 400 329 152 P5.373 P357 145 P320 224 March 112 231 404 333 149 P353 143 222 April 112 227 407 P330 P147 P221 P Preliminary. r Revviisseedd.. Sources.—See BULLETINi ffoorr JJaannuuaarry 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, pp.. 8844;; AApprriill 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and 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 fa m p c a a tu r n t r u l e y - d fa c m c h a t ie u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts f I in n t i r d s i u h al e s- d goods goods products 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—April 118 112 117 265 239 245 236 370 120 174 146 May 116 112 117 265 239 244 242 P368 123 176 147 June 114 111 116 273 244 244 247 P367 123 173 145 July . .. 111 111 116 277 243 246 252 P361 118 170 144 August 110 111 115 263 237 245 258 P363 119 172 143 September . . 110 111 115 261 236 244 261 P363 121 171 142 October 112 112 115 259 236 243 263 P367 122 174 142 November 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 108 109 114 248 226 235 277 130 169 139 April 109 108 113 245 221 231 P280 n.a. Not available. P Preliminary. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942 p. 451; March 1935, p. 180; and March 1931, p. 159. 722 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 ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e 0 - e d 3 ) s 9 i (1 C = 9 a a 3 1 d n 5 0 a 0 - - 3 ) 9 1 K d 5 (J o , i 1 a n m 9 n g 5 . 2 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t n 1 9 h 0 d 4 e 0 s 9 r ) - 1 ( l 9 A a e 3 r n 9 u - d g = . Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 0 t 5 t e e 0 - d 3 s ) 9 i (1 = C 9 a a 3 1 d n 0 5 a 0 - - 3 ) 9 1 K d 5 ( o J , i 1 m a n 9 n g 5 . 2 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n 9 u - d g = . = 100) 100) = 100) 100) 1943 138 131 12 161 1943 124 118 12 148 1944 136 131 15 164 1944 126 119 16 151 1945 . . 139 133 21 164 1945 129 119 22 153 1946 160 140 36 160 1946 140 124 35 152 1947 . . 194 160 67 57 170 1947 J60 136 77 57 158 1948 210 196 72 92 176 1948 172 155 82 90 163 1949 202 203 76 100 100 174 1949 170 161 84 100 100 162 1950 205 211 82 111 111 176 1950 172 167 86 ttl 109 159 1951 227 241 91 128 121 181 1951 186 185 95 130 119 167 1951-April 226 238 87 125 122 178 1951-April 185 182 92 126 122 165 May 227 235 90 129 124 179 May 185 182 94 129 122 166 June . 227 240 91 127 123 180 June 185 184 95 129 121 166 July 228 250 93 127 127 181 July 186 188 95 130 122 167 August 227 251 93 127 124 182 August 186 189 96 131 121 168 September. 227 251 94 129 124 183 September. 187 190 97 133 121 169 October... 229 250 95 132 125 184 October. .. 187 190 98 136 121 170 November. 231 250 96 137 123 184 November. 189 191 98 140 120 171 December. 232 249 97 139 122 184 December. 189 191 98 143 119 171 1952-January... 232 250 100 142 123 183 1952-January... 189 192 100 146 119 171 February.. 228 248 100 145 182 February.. 188 191 100 149 120 171 March.... 228 242 101 144 182 March.... 188 189 101 148 171 April 230 240 ^142 P182 April 189 189 P147 P170 P Preliminary. r Revised. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. 2 These new indexes, which have replaced the former "interim" indexes, are weighted indexes made up of 51 commodity categories, including 19 food groups. Figures from June 1947 through December 1951 are derived from the former "interim" series. A detailed description of the new index is given in the Ministry of Labour Gazette, March 1952, pp. 113-114. Sources.—See BULLETIN for Ianuary 1952, pp. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month g U S r ( t n a h a d i ig t t e e e h ) d s * ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( 1 K D 9 U 2 i e n 1 c n e g i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 0 t t e - 0 e 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 c 8 a e = m n 1 c 0 b e 0 er ) N l e a t n h d e s r- Number of issues... 17 87 60 14 416 105 278 295 27 1944 118.7 103.0 127.5 136.8 99.8 83.8 88.6 265 1945 121.6 105.2 128.3 138.3 121.5 99.6 92.4 1946 123.4 117.2 132.1 131.5 109.0 139.9 115.7 96.2 875 195 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 ,149 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 ,262 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 219 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 1,259 215 1951—May 117.4 95.3 118.3 100.4 86.9 173.9 164.2 99.7 1,172 215 June 116.6 95.0 117.5 100.6 87.6 171.7 160.7 99.4 1,188 212 July 116.2 95 5 116.9 101.2 84.1 172.8 162.0 97.6 1,185 208 August 117.1 95.3 116.6 102.0 80.3 181.5 169.7 96.5 1,300 207 September... 118.0 95.2 116.5 103.8 78.1 187.3 179.8 97.4 1,413 212 October 116.9 94.6 116.3 103.5 81.3 185.0 183.3 99.0 1,479 215 November... 115.3 92.8 115.0 103.1 80.3 177.7 174.0 97.3 1,406 207 December. . . 114.8 89.3 110.9 103.7 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 86.9 107.3 104.5 83.3 185.2 177.6 90.5 1,597 191 April 116.2 86.7 108.5 P105.4 83.9 183.6 175.8 91.6 V1,567 185 P Preliminary. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. JUNE 1952 723 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 KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION ROBERT C. MASTERS, Assistant Director GEORGE B. VEST, General Counsel DIVISION OF BANK OPERATIONS FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director HOWARD H. HACKLEY, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor DWIGHT L. ALLEN, Director G. HOWLAND CHASE, Assistant Solicitor H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director LISTON P. BETHEA, Director FRANK R. GARFIELD, Adviser on Economic Research JOSEPH E. KELLEHER, Assistant Director KENNETH B. WILLIAMS, Assistant Director EDWIN J. JOHNSON, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION GUY E. NOYES, Director DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Assistant Director ARTHUR W. MARGET, Director HENRY BENNER, Assistant Director LEWIS N. DEMBITZ, Assistant Director ELIOT J. SWAN, Acting Assistant Director FEDERAL OPEN FEDERAL 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 GEORGE GUND, CLEVELAND DISTRICT R. M. EVANS M. S. SZYMCZAK HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT Vice President A. L. MILLS, JR. C. S. YOUNG 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 GEORGE W. MITCHELL, Associate Economist V. J. ALEXANDER, ST. LOUIS DISTRICT 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 724 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 Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside lo n w ts e r i n s e c c h ti a o r n g e o f o t f h b is r a p n a c g h e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey 3 O. A. Schlaikjer E. G. Hult R. F. Van Amringe E. O. Latham 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 V. Willis Walter S. Logan R. B. Wiltse A. Phelan J. H. Wurts Philadelphia... Warren F. Whittier Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. George C. Brainard Ray M. Gidney Wilbur T. Blair Martin Morrison John C. Virden Wm. H. Fletcher Roger R. Clouse Paul C. Stetzelberger A. H. Laning 3 Donald S. Thompson Richmond. Charles P. McCormick Hugh Leach N. L. Armistead K. Brantley Watson John B. Woodward, Jr. J. S. Walden, Jr. R. W. Mercer 3 Edw. A. Wayne C. B. Strathy Chas. W. Williams Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey 2 Rufus C. Harris L. M. Clark J. E. Denmark L. B. Raisty John L. Liles, Jr. Earle L. Rauber Harold T. Patterson S. P. Schuessler Chicago.. Franklin J. Lunding C. S. Young Allan M. Black L. G. Meyer John S. Coleman E. C. Harris Neil B. Dawes George W. Mitchell W. R. Diercks A. L. Olson W. A. Hopkins Alfred T. Sihler L. H.Jones 2 W. W. Turner St. Louis. Russell L. Dearmont Delos C. Johns FrederickL.Deming H. H. Weigel Wm. H. Bryce O. M. Attebery Dale M. Lewis J. C. Wotawa Wm. E. Peterson Minneapolis. . . Roger B. Shepard J. N. Peyton H. C. Core Otis R. Preston Paul E. Miller A. W. Mills E. B. Larson M. H. Strothman, Jr. H. G. McConnell Sigurd Ueland Kansas City Robert B. Caldwell H. G. Leedy P. A. Debus 2 John Phillips. Jr. Cecil Puckett Henry O. Koppang G. A. Gregory Clarence W. Tow M. W. E. Park D. W. Woolley Dallas. J. R. Part en R. R. Gilbert E. B. Austin L. G. Pondrom R. B. Coleman Harry A. Shuford R. B. Anderson W. D. Gentry J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco . Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms "c William R. Wallace, Jr. H. N. Mangels H. F. Slade O. 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 Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. JUNE 1952 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from in quantities of 10 or more copies for single shipthe Division of Administrative Services, Board of ment, 50 cents each. Paper-bound copies avail- Governors of the Federal Reserve System, Wash- able without charge. ington 25, D. C. Where a charge is indicated, DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, remittance should be made payable to the order As of December 31, 1947. July 1948. 122 pages. of the Board of Governors of the Federal Reserve As of June 30, 1949. December 1949. 122 pages. System. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND BOOKS STANDARD METROPOLITAN AREAS, as of Decem- BANKING STUDIES. Comprising 17 papers on bankber 30, 1950. July 1951. 125 pages. ing and monetary subjects by members of the Board's staff. August 1941; reprinted March A STATISTICAL STUDY OF REGULATION V LOANS. 1949. 496 pages. Paper cover. $1.00 per copy; September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single ship- in quantities of 10 or more copies for single shipment, 75 cents each. ment, 15 cents each. BANKING AND MONETARY STATISTICS. Statistics of COMPILATION OF FEDERAL AND STATE LAWS RELATbanking, monetary, and other financial develop- ING TO BRANCH BANKING IN THE UNITED STATES. ments. November 1943. 979 pages. $1.50 per (July 1, 1951.) December 1951. 33 pages. copy. No charge for available individual sections THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS (unbound). AND THEIR USE IN ECONOMIC ANALYSIS. Janu- RULES OF ORGANIZATION AND RULES OF PROCEDURE ary 1952. 175 pages. 25 cents per copy; in (Board of Governors of the Federal Reserve Sys- quantities of 10 or more copies for single shiptem). September 1946. 31 pages. ment, 15 cents each. THE FEDERAL RESERVE ACT, as amended to Novem- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ber 1, 1946, with an Appendix containing pro- CHARTS ON BANK CREDIT, MONEY RATES, AND visions of certain other statutes affecting the BUSINESS. 113 charts. April 1952 edition. An- Federal Reserve System. 372 pages. 50 cents per nual subscription to monthly chart book includes paper-bound copy; $1.00 per cloth-bound copy. supplement; single copies, 60 cents each. In quantities of 10 or more copies for single ship- POSTWAR ECONOMIC STUDIES. (8 pamphlets) ment, 50 cents each. (Domestic rates) No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. REGULATIONS OF THE BOARD OF GOVERNORS OF THE No. 3. Public Finance and Full Employment. FEDERAL RESERVE SYSTEM. Individual regulations No. 4. Prices, Wages, and Employment. with amendments. No. 5. Private Capital Requirements. PERIODICAL RELEASES No. 6. Housing, Social Security, and Public WEEKLY Works. No. 7. International Monetary Policies. CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS, No. 8. Federal Reserve Policy. BY INDUSTRY The price for the set of eight pamphlets is $1.25; CONDITION OF THE FEDERAL RESERVE BANKS 25 cents per pamphlet, or, in quantities of 10 or more for single shipment, 15 cents per pamphlet. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947; reprinted April CONDITION OF WEEKLY REPORTING MEMBER BANKS 1951. 125 pages. 75 cents per cloth-bound copy; IN CENTRAL RESERVE CITIES 726 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS DEPARTMENT STORE SALES, BY CITIES DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS WEEKLY DEPARTMENT STORE SALES WEEKLY FOREIGN EXCHANGE RATES DEPARTMENT STORE STOCKS WEEKLY REVIEW OF PERIODICALS FOREIGN EXCHANGE RATES INTERDISTRICT SETTLEMENT FUND SEMIMONTHLY NATIONAL SUMMARY OF BUSINESS CONDITIONS DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS OPEN-MARKET MONEY RATES IN NEW YORK CITY RETAIL FURNITURE REPORT MONTHLY RETAIL INSTALMENT CREDIT AT FURNITURE AND FEDERAL RESERVE BULLETIN. Subscription price in HOUSEHOLD APPLIANCE STORES the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, SALES FINANCE COMPANIES Dominican Republic, Ecuador, Guatemala, Haiti, STATE MEMBER BANKS OF THE FEDERAL RESERVE Republic of Honduras, Mexico, Nicaragua, Pan- SYSTEM AND NONMEMBER BANKS THAT MAINTAIN ama, Paraguay, Peru, El Salvador, Uruguay, and CLEARING ACCOUNTS WITH FEDERAL RESERVE Venezuela is $2.00 per annum or 20 cents per BANKS (Also annual list) copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States SEMIANNUAL—QUARTERLY for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. ALL BANKS IN THE UNITED STATES AND POSSESSIONS —PRINCIPAL ASSETS AND LIABILITIES FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. $6.00 per annum in- PRELIMINARY EARNINGS OF MEMBER BANKS cluding historical supplement, or 60 cents per SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORAcopy. In quantities of 10 or more copies of a TIONS particular issue for single shipment, 50 cents ANNUAL each. (Domestic rates) ANNUAL REPORT OF THE BOARD OF GOVERNORS OF ASSETS AND LIABILITIES OF ALL BANKS IN THE THE FEDERAL RESERVE SYSTEM UNITED STATES BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- ASSETS AND LIABILITIES OF ALL MEMBER BANKS, CEPT INTERBANK ACCOUNTS BY DISTRICTS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- IRREGULAR CEPT INTERBANK ACCOUNTS MEMBER BANK CALL REPORT BUSINESS INDEXES MEMBER BANK LOANS CONSUMER CREDIT SELECTED LIST OF ADDITIONS TO THE RESEARCH CONSUMER INSTALMENT CREDITS OF COMMERCIAL LIBRARY BANKS SURVEYS OF CONSUMER FINANCES CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS REPRINTS (From Federal Reserve Bulletin unless preceded by an asterisk) CONSUMER INSTALMENT CREDITS OF INDUSTRIAL THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS LOAN COMPANIES IN THE UNITED STATES. November 1938. 20 CONSUMER INSTALMENT LOANS OF THE PRINCIPAL pages. TYPES OF FINANCIAL INSTITUTIONS * PROBLEMS OF BANKING AND BANK SUPERVISION. DEPARTMENT STORE CREDIT Excerpts from the Board's 1938 Annual Report. DEPARTMENT STORE SALES 33 pages. JUNE 1952 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS MONETARY MEASURES AND OBJECTIVES. September REVISION OF WEEKLY STATISTICS FOR MEMBER 1937, April 1939, and May 1939. 8 pages. BANKS IN LEADING CITIES. June-July 1947. 9 pages. THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. January 1940. 4 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- TISTICS. September 1947. 12 pages. THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- SERVE BANKS, by George B. Vest. February 1940. STERLING IN MULTILATERAL TRADE, by J. Burke 8 pages. Knapp and F. M. Tamagna. September 1947. 8 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- SERVE POLICY, by Arthur Hersey. April 1940. BANK LOANS TO FARMERS— 11 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan Smith and Philip T. Allen; FARM MORTGAGE CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, by E. A. Goldenweiser. May 1940. 5 pages. LOANS AT COMMERCIAL BANKS, by Philip T. Allen; FARM PRODUCTION LOANS AT COMMERCIAL GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank BANKS, by Herman Koenig and Tynan Smith; R. Garfield. June 1940. 7 pages. THE STRUCTURE OF INTEREST RATES ON COM- FEDERAL RESERVE BANK LENDING POWER NOT DE- MERCIAL BANK LOANS TO FARMERS, by Richard PENDENT ON MEMBER BANK RESERVE BALANCES. Youngdahl. October and December 1947. 36 February 1941. 2 pages. pages. ADJUSTMENT FOR SEASONAL VARIATION, by H. C. BANKING ASSETS AND THE MONEY SUPPLY SINCE Barton, Jr. Description of method used by Board 1929, by Morris A. Copeland and Daniel H. in adjusting economic data for seasonal variation. Brill. January 1948. 9 pages. June 1941. 11 pages. NEW COMMERCIAL BANKING OFFICERS, 1936-1947, COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER by Caroline H. Cagle and Raymond C. Kolb. BANKS, April 16-May 15, 1942. August, Septem- May 1948. 12 pages. ber, and November 1942. 32 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. Milton Moss. July 1948. 6 pages. From August 1940, September 1941, and October THE PHILIPPINE CENTRAL BANK ACT and Text of 1943 issues of BULLETIN with supplementary data. the Act, by David Grove and John Exter. In October 1943. 120 pages. part a reprint from the August 1948 BULLETIN. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, 36 pages. by Mary S. Painter. September 1945. 2 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE SURVEYS OF LIQUID ASSET HOLDINGS. September OF PAYMENTS PROBLEMS, by David L. Grove and 1945. 7 pages. Gerald M. Alter. November 1948. 11 pages. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY NEW STATISTICS OF INTEREST RATES ON BUSINESS MAJOR DEPARTMENTS. August 1946. 4 pages. LOANS, by Richard Youngdahl. March 1949. 10 pages. BUSINESS LOANS OF MEMBER BANKS. March, May, June, July, and August 1947. 80 pages. MEASUREMENTS OF SAVINGS, by Daniel H. Brill. November 1949. 8 pages. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- MENT FINANCING, by Frieda Baird. March 1947. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- 6 pages. vember 1949. 14 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL A STUDY OF INSTALMENT CREDIT TERMS, by Milton Moss. December 1949. 8 pages. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Young and Duncan McC. Holthausen. March FRENCH EXCHANGE STABILIZATION FUND, by Robert 1947. 9 pages. Solomon. January 1950. 5 pages. METHODS OF RESTRICTING MONETIZATION OF PUBLIC RETAIL CREDIT SURVEY—1951. From June 1952 DEBT BY BANKS. April 1947. 4 pages. BULLETIN with supplementary information for 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 9 separate trades. (Also, Retail Credit Survey— VOLUNTARY ACTION TO HELP CURB INFLATION. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 November 1951. 9 pages. from the June 1944, May 1945, June 1946, July REVISED INDEXES OF DEPARTMENT STORE SALES AND 1947, July 1948, June 1949, and June 1950 STOCKS. December 1951. 53 pages. BULLETINS with supplementary information.) ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- January 1952. 11 pages. TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve THE SECOND ARMAMENT BUDGET. February 1952. System, before the Senate Committee on Bank- 9 pages. ing and Currency, June 27, 1950. July 1950. 8 MONEY AND CREDIT IN 1951. February 1952. 9 pages. pages. BRANCH BANKING IN THE UNITED STATES, 1939 and INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. 1949. July 1950. 16 pages. March 1952. 10 pages. DEFENSE LOAN POLICY. An announcement adopted RECENT CHANGES IN GERMANY'S FOREIGN TRADE jointly by National and State Supervisors of banks BALANCE. March 1952. 7 pages. and other lending institutions. August 4, 1950. 1952 SURVEY OF CONSUMER FINANCES—CONSUMER August 1950. 1 page. PLANS FOR SPENDING AND SAVING. April 1952. 6 REVISED ESTIMATES OF CONSUMER CREDIT. Novem- pages. (Other articles on the 1952 Survey will ber 1950. 2 pages. appear in subsequent issues of the BULLETIN. Also, similar survey for 1946 from June-Septem- MEASUREMENT OF CONSUMER CREDIT. Address by Ralph A. Young and Homer Jones before the ber 1946 BULLETINS, 28 pages; for 1947 from University of Illinois Consumer Credit Confer- June-August and October 1947 BULLETINS, 48 ence, Chicago, Illinois, October 5, 1950. Novem- pages; for 1948 from June-September and Nober 1950. 9 pages. vember 1948 BULLETINS, 70 pages; for 1949 from June-November 1949 and January 1950 BULLE- THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- TINS, 124 pages; for 1950 from April and June- LARS IN 1950. March 1951. 10 pages. December 1950 BULLETINS, 106 pages, which STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING includes THE METHODS OF THE SURVEY OF CON- OATH OF OFFICE, APRIL 2, 1951. April 1951. SUMER FINANCES; for 1951 from June-September 1 page. and December 1951 BULLETINS. 86 pages.) * THE TREASURY—CENTRAL BANK RELATIONSHIP IN BANKING IN THE SOVIET UNION. April 1952. 8 FOREIGN COUNTRIES—PROCEDURES AND TECH- pages. 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 11, 1952. April 1952. 4 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGU- CHANGES IN INSTALMENT CREDIT TERMS. May 1952. LATION. July 1951. 23 pages. 6 pages. SAVING IN THE DEFENSE ECONOMY. September EXCESS PROFITS TAXES OF COMMERCIAL BANKS. 1951. 5 pages. June 1952. 18 pages. NEW INDEX OF OUTPUT OF MAJOR CONSUMER REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- DURABLE GOODS. October 1951. 6 pages. LATION X. June 1952. 18 pages. CREDIT AND SALES REPORTED BY REGULATION W FINANCING OF LARGE CORPORATIONS IN 1951. June REGISTRANTS. October 1951. 12 pages. 1952. 6 pages. 729 JUNE 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES S I = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 5 i ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis