Full text of Federal Reserve Bulletin : April 1952
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FEDERAL BU ESERVE 7* r IN APRIL 1952 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER SUSAN S. BURR RALPH A. YOUNG The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Consumer Plans for Spending and Saving. . 341-346 Statement by Chairman of the Board of Governors before Subcommittee on General Credit Control and Debt Management. . 347-350 Banking in the Soviet Union. . 351-358 Revised Weekly Index of Department Store Sales. . 359-362 Voluntary Credit Restraint Releases. . 363-365 Current Events and Announcements. 365-366 Law Department . 367-398 National Summary of Business Conditions. . 399-400 Financial, Industrial, Commercial Statistics, U. S. (See p. 401 for list of tables). 401-450 International Financial Statistics (See p. 451 for list of tables). . 451-469 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . ..* . 470 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. Federal Reserve Board Publications 471 472-473 Map of Federal Reserve Districts. 474 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL VOLUME 38 RESERVE April 1952 BULLETIN NUMBER 4 CONSUMER PLANS FOR SPENDING AND SAVING Shifts in consumer spending and saving are important influences upon economic activity. Waves of consumer buying in the third quarter of 1950 and again in early 1951 contributed substantially to inflationary pressures. Subsequently in 1951 curtailed expenditures for durable goods, together with a sharp increase in consumer saving and the accumulation of a large part of these savings in liquid form, were important factors in the relative economic stability which characterized the remainder of the year. In the coming year consumer actions may be critical in determining whether potential inflationary pressures remain relatively dormant or again become a serious threat to stability. Information on the plans and attitudes of a representative national sample of consumer spending units can be helpful as an indicator of consumer actions over the nearterm future. Annual Surveys of Consumer Finances conducted for the Board of Governors of the Federal Reserve System by the Survey Research Center of the University of Michigan gather information on buying plans, attitudes as to whether the present is a good or bad time to buy, expectations concerning supplies, prices, and incomes, investment preferences, and the financial position of consumers. These Surveys are still largely experimental, but over the past six years Survey findings have provided helpful clues to prospective tendencies in conAPRIL 1952 sumer purchases of durable goods and houses. Preliminary results of the seventh annual Survey of Consumer Finances based on interviews with a cross-section of American consumers in January and February of this year indicate that consumers in 1952 are likely to be moderate in their purchases of durable goods and to save about as large a portion of their incomes as they did in the last three quarters of 1951. The investment of saving in houses may continue as large as in 1951. GROWTH IN CONSUMER INCOME Aggregate personal income, as estimated by the Department of Commerce, expanded sharply in the last half of 1950 and early 1951. Income increased moderately in the last half of 1951 and, for the year as a whole, personal income was nearly 12 per cent above 1950. The increase in personal income in 1951 was particularly pronounced in the wage and salary sector. Income of farm operators in 1951 was also substantially above 1950, largely as the result of higher prices for farm products. Income of nonfarm business proprietors was only moderately above that of 1950. Dividend and interest receipts also increased moderately. These income developments are reflected in the Consumer Finances Survey finding of an increase in the proportion of spending units having 341 CONSUMER PLANS FOR SPENDING AND SAVING annual money incomes of $4,000 or more. Average annual income data for the whole population do not, of course, furnish a current picture applicable to all groups in the population. Over two-fifths of the nonfarm spending units, according to the Consumer Finances Survey, were making more money at the beginning of 1952 than a year earlier. About one-third were making about the same. These proportions are roughly similar to those obtained in the Survey conducted in early 1951. Chiefly because of the increase in taxes and prices, however, the number of people who believed that they were worse off financially in early 1952 than a year earlier was slightly larger than the number who believed they were better off. DECLINE IN CONSUMER SPENDING Consumer expenditures for goods and services fell off sharply in the second quarter of 1951 and continued at a lower level during the remainder of the year, as shown in PERSONAL INCOME, CONSUMPTION, AND SAVING Annual Rates Billions of Dollars Annual Rates 8illions of Dollars Quarterly 260 260 - 240 240 PERSONA L INCOME / 220 220 - rr 200 200 DISPOSABLE INCOME After Taxes % ~~~~ CONSUMPTION EXPENDITURES 1 r,r.r NET PERSONAL SAVING the accompanying chart. Consumer demand moderated in the face of continued growth in personal incomes, with the result that consumer spending absorbed a smaller proportion of disposable personal income (income after taxes) in the last three quarters of 1951 than at any other time in the postwar period. The decline in consumer spending was particularly concentrated in durable goods, reflecting in part a reaction from large purchases in earlier postwar years as well as from the accelerated rate of purchase of automobiles and other durables following the Korean outbreak. By early 1951 consumers were unusually well stocked with durable goods. The total number of automobiles in active service early in 1951 was half again as large as in 1939 or in 1945; consumer stocks of major household appliances had increased even more rapidly. The tightening of terms of instalment credit through readoption of Regulation W in the latter part of 1950 also contributed to the curtailment of consumer demand for durable goods. The purchase of new housing, which is regarded as an investment rather than a consumption expenditure, also declined appreciably in 1951 from the extraordinary level reached in the second half of 1950. This decline reflected in part a reaction from the post-Korean buying wave and in part the prior satisfaction of much of the wartime backlog of housing needs. Another important factor was the tightening of mortgage credit brought about by general credit measures and by specific restraints on mortgage terms under Regulation X and related FHA and VA regulations. / \ INCREASE IN CONSUMER SAVING 1948 1949 1950 1951 Department of Commerce quarterly estimates, adjusted for seasonal variation. 342 In the last three quarters of 1951 personal saving, as measured by the excess of FEDERAL RESERVE BULLETIN CONSUMER PLANS FOR disposable income over personal consumption expenditures, amounted to more than 9 per cent of disposable income. This was a sharp rise from the earlier part of the postwar period. Much of the growth of saving was in such forms as time deposits, shares in savings and loan associations, and insurance and pension reserves. The accompanying table shows the increase after the first quarter of 1951 in the volume of saving going into time deposits of commercial and mutual savings banks and savings and loans shares. IndiSAVING IN SELECTED FORMS [Changes in amount outstanding, in millions of dollars] Period 1950 Total of savings in vselected forms +2,392 Time deposits Commercial banks Mutual savings banks + 168 +737 Savings and loan shares +1,487 SPENDING AND SAVING ment in housing and noncorporate business, slackened, although the amounts going into these forms continued at a high level relative to earlier years. Consumer indebtedness, which is an offset to saving, increased much less than in 1950, reflecting increased repayments of debt accompanying continued expansion of borrowing. Altogether, consumers made a substantial addition to their holdings of liquid assets during 1951, probably equal to between 3 and 5 per cent of their holdings at the beginning of the year. Not all spending units, however, shared in the increase in liquid asset holding; about 3 in 10 indicated that they had no liquid assets in early 1952. This was a slightly larger proportion than a year earlier. CONSUMER BUYING PLANS FOR 1952 Consumer behavior in spending and saving has changed quite sharply in the past and may be expected to do so in the future. Information obtained through the Surveys -114 +309 1951—1st Q +286 +91 2nd Q + 1,490 +627 +581 +282 of Consumer Finances as to consumer spend3rd Q.P.... + 1,044 +407 +419 +218 4th Q.P.... +1,458 +300 +758 +400 ing and saving plans, economic attitudes, P Preliminary. and financial situations has been found to be Source.—Federal Reserve BULLETIN and Home Loan Bank Board. useful in estimating how consumers will act viduals also purchased a large volume of se- in the future. This information, however, curities, representing equity or indebtedness is merely one guide to possible consumer of business corporations or obligations of action; it is not a forecast of what people State and local governments, and expanded will do. Plans may be changed to a sigfurther their holdings of currency and de- nificant extent because of important demand deposits. Preliminary results of the velopments that were not foreseen by conSystem's annual Survey of Ownership of sumers at the time they were interviewed. Demand Deposits of Individuals, Partner- Past observations, however, suggest that, in ships, and Corporations indicate that indi- the absence of major unanticipated developviduals increased their holdings of such de- ments, spending patterns over the shortposits over the year ending January 31, 1952, run are likely to follow the indications given by roughly 6 per cent, or at about the same by reported buying plans. Major household goods. Consumer plans rate as the growth in total demand deposits. On the other hand, growth in other forms to purchase major household goods in 1952 of individual saving, for example, invest- appear to be somewhat less frequent than 1951P +4,278 +1,286 +891 +2,101 1950—1st Q 2ndQ 3rd O 4th Q +1,228 +933 -546 +777 +354 +219 -519 +114 +427 +223 -23 + 110 +447 +491 -4 +553 APRIL 1952 343 CONSUMER PLANS FOR SPENDING AND SAVING those expressed for 1951 in the Survey a year ago. The indicated volume of planned purchases appears to be within the production limit permitted by the supply of materials. While the preliminary Survey data regarding specific goods should be interpreted with particular caution, the findings are that intentions to buy refrigerators, console radios, and washing machines have fallen off somewhat more than planned purchases for the group of major household goods as a whole. Demand for television sets appears to be close to the 1951 level. Prospective purchases of refrigerators in 1952 were concentrated in the first half of the year, while a more even distribution of television purchases over the year was indicated. In 1951, plans to buy and actual purchases of television sets and refrigerators were concentrated in the first six months. Automobiles. Somewhat fewer consumers planned to buy new cars in 1952 than expressed similar plans at the beginning of 1951. Plans to buy used cars were at least as numerous as a year ago. Consumer intentions at the beginning of 1951 indicated a softening of the market for new cars, which did occur, although the sharp falling off in the frequency of intentions to buy overstated the extent of the decline. It would again appear that the number of consumers with plans to purchase new cars in 1952 is, as in 1951, substantially less than the number of new cars that will probably be purchased during the year. Past experience with Survey data suggests that, at prevailing price levels and credit terms, demand for new cars in 1952 will be no greater than the output that is possible under current and prospective material limitations. Consumers appear to be highly price conscious and to some extent are limiting or postponing car purchases 344 because of present price levels. Higher income taxes, especially for the income groups that buy new cars most frequently may also affect buying intentions. Houses. The number of consumers expressing fairly definite intentions to buy houses (new and existing) in the coming year was about the same as a year earlier. There was, however, some decline in the number of people tentatively considering such purchases. Buying plans suggest that the number of new houses that will be purchased in 1952 is about the same, or slightly less, than last year, provided that material, price, quality, and credit factors do not change significantly. There is some evidence that the middle income groups ($3,000-$7,500) constitute a larger proportion of the new house market in 1952 than they did in 1951. Intentions to buy existing houses continue at about the same high level as in 1951. Altogether, the findings with respect to house purchase plans in 1952 point to continued strength of demand in the housing market. Some further light is thrown on future prospects in the housing market by reports on buying plans for 1953. These plans for transactions 12 to 24 months in the future, however, are necessarily more tentative than those for the coming 12 months. The number thinking, in early 1952, that they might purchase a new house in 1953 is at least as large as the number with such plans for 1952. ATTITUDES AND EXPECTATIONS Survey reports of the attitudes and expectations of consumers provide important supplementary information for interpreting their buying plans. Good or bad time to buy. Approximately 6 in every 10 consumers with opinions expressed the view that the current year is a FEDERAL RESERVE BULLETIN CONSUMER PLANS FOR SPENDING AND SAVING bad time to make large purchases such as automobiles or refrigerators. Less than 3 in 10 consumers believed the present to be a good time to buy, while the remainder were undecided. The significance of these attitudes is indicated by the fact that consumers who in early 1952 considered the present a poor time to buy generally had plans to buy durable goods during the year at only half the rate found for those consumers who felt the present a good time to buy. As compared with early 1951, the number viewing the present as a poor time to buy had increased, and the number considering it a good time had fallen. This shift in consumer attitudes is consistent with the declining rate of durable goods purchases during 1951 and the moderation of buying intentions for 1952. Many factors help to determine consumers' attitudes as to the wisdom of buying at this time. The Survey obtained suggestive, although incomplete, information concerning some of these factors. At the beginning of 1952, as a year earlier, high prices were the chief reason advanced for the belief that the present is a bad time to purchase. For some, this reflected a feeling that prices were too high in relation to what is considered a proper price level. For others, this view appeared to reflect a belief that prices would decline at some time in the future, and for still others it may have been an indirect way of saying that prices are out of line with incomes. Direct indications that people could not afford to make purchases were more frequently expressed early this year than a year ago. The decline in the past year in the number of consumers who considered the present a good time to buy was apparently related to lessened fear of shortages of goods as well as of price increases. Very few people indiAPRIL 1952 cated that their buying plans were affected by fear of shortages. Consumer expectations of price and income changes. At the beginning of 1952 about 6 in every 10 consumer spending units felt that prices of the things they buy would rise during the coming year. It is highly significant that, despite this belief, relatively few people (less than 1 in 10) consider the present a good time to buy before prices go higher. The general opinion that prices would rise was similar to that in early 1951, although somewhat fewer had this opinion than was the case a year earlier. Belief that prices would remain at current levels was held somewhat more widely than in early 1951, by 3 as compared with 2 in every 10 consumers. A very small number continued to believe that prices would fall in the ensuing 12 months. Increases in income during 1952 were expected with considerably greater frequency than declines (4 compared with 1 in every 10 spending units). The ratios were approximately the same as a year earlier. In both years the number of people anticipating price rises was considerably larger than the number expecting increases in income, although the differential was somewhat less this year. Approximately one-third of the spending units did not expect their incomes to keep pace with prices during the year. PREFERENCES IN INVESTING SAVINGS Consumer attitudes toward different types of investment and investment plans for the coming year are also available from the Survey. Consumers with incomes of $3,000 or more were asked to state their preference for various forms of investment. Some change occurred in consumer attitudes toward specific assets, but the rapid growth in popularity of assets of fluctuating 345 CONSUMER PLANS FOR SPENDING AND SAVING value—real estate and common stock—that took place in 1949 and 1950 did not continue in 1951. United States savings bonds continued to be the most popular type of investment in early 1952, being preferred by nearly half of all people questioned on this point. The proportion of consumers preferring these bonds declined somewhat further, however, continuing a gradual shift that has been under way since 1949. The chief reasons given in favor of savings bonds were safety, interest return, and patriotic motives. Last year's Survey showed that approximately half of the people reporting plans concerning savings bonds maturing within the following two years planned to retain the funds in savings bonds. This year's Survey showed some increase in the proportion of holders with such intentions for bonds maturing in 1952 and 1953. The slight decline in popularity of savings bonds from early 1951 to early 1952 was associated with slight increases in the proportions of consumers favoring bank deposits and common stock. This shift in investment preferences was apparent particularly among consumers with incomes of $5,000 or more. This group, while not large in number, accounts for a large proportion of the aggregate saving and wealth of consumers. The chief reasons that consumers gave for preferring bank deposits were liquidity, 346 safety, and interest return, while the reasons for common stock preference were high income return and protection against inflation. There was little change during 1951 in the proportion (nearly 2 in 10) giving real estate other than a home as a first choice for investment. SUMMARY COMMENT The information on consumer plans, attitudes, and financial positions provided by the Survey of Consumer Finances is helpful in assessing current and prospective developments in 1952 in a major sector of the economy. Such information, however, should not be considered as conclusive evidence of what consumers will do. Changes in the international situation or in the level of business or governmental expenditures may affect substantially incomes, prices, availability of consumer goods, and, accordingly, the climate of consumer attitudes and plans. It is relevant, nevertheless, to know that in the economic climate of early 1952 consumers were planning, as in early 1951, to purchase durable goods in moderate volume in relation to income. Such a volume of purchases would be consistent with a continued high level of consumer saving which, if channeled into investment in Government securities, might provide a significant antiinflationary force. FEDERAL RESERVE BULLETIN CHAIRMAN OF THE BOARD OF FEDERAL RESERVE SYSTEM1 In coming before you today I should like to express what I know has been in the minds of all of us in the Federal Reserve System in preparing the answers to your questionnaire. We have welcomed this opportunity to put down on paper our concepts of what our function is in the governmental structure and in the economy. You gave us a heavy load of homework and we have all profited by it. I know that for me it has been more than a refresher course—it has been a liberal education in what I prefer to call reserve banking, rather than central banking operations. The task of preparing answers to the comprehensive and searching questions has been formidable and I will not pretend that I approached it without some reluctance. Now that the task is done and the results are published I realize how worthwhile has been the time and effort expended not only by those of us in the System but by the many others to whom you addressed questionnaires. Irrespective of the conclusions you may reach as a Committee, you have assembled a body of information that I think will prove to be invaluable for a long time to all who are interested in the special problems of general credit control and debt management. Beyond that, however, we have all genuinely welcomed this inquiry. The Federal Reserve System is a servant of the Congress and, through you, of the people of the United States. You created it, you can abolish or change it. Our task is to carry out your will and it is our duty to lay before you all the facts at our command for which you ask and to give you our best judgment on these important matters. We are glad of the opportunity to make any contribution we can to the improvement of this reserve banking mechanism. Like all human institutions, it is not perfect or infallible. In the nearly four decades of its existence, the System has undoubtedly made mistakes. It has also learned from experience. One of the fundamental purposes of the Federal Reserve Act is to protect the value of the dollar. Yet that value today in terms of purchasing power is less than half of what it was when the System was founded. In this span of years the country has engaged in two world wars and is now in the throes of what might be called an undeclared war. With the vast economic APRIL 1952 S OF THE changes brought about by military and security needs, monetary policy by itself cannot maintain economic stability and preserve unchanged the purchasing power of the dollar. Even aside from these disturbances, it is probably fair to say that monetary policy has not always been as timely or as effective as it could have been. Your first concern, I take it, is to look at the record of the past principally for the light it can throw on the road ahead. We are trying to look forward, as you are. In his first inaugural address as President, Woodrow Wilson included a statement, part of which is inscribed in the foyer of the Federal Reserve Building: We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; and step by step we shall make it what it should be, in the spirit of those who question their own wisdom and seek counsel and knowledge, not shallow self-satisfaction or the excitement of excursions whither they cannot tell. I am sure it is the purpose of this inquiry, as it is of all of us, to appraise judicially this reserve banking mechanism and to do whatever appears wise so that it may render the best possible public service. The Federal Reserve System and the Federal Reserve Banks sometimes are referred to as bankers' banks, but that describes only a part of their functions. The various services which the Reserve Banks perform for the banking community, such as supplying currency, transferring funds, and collecting checks, have proved to be an essential element in keeping the mechanics of modernday commercial banking in step with the financial needs of a growing and changing private enterprise economy. The overriding purpose of this Reserve System is to serve the interests of the general public in business, industry, labor, agriculture, and all walks of life. As I understand the intent of this inquiry and of these hearings, it is to explore how that interest of the public can best be served in the area of general credit control and 1 Statement of Wm. McC. Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Mar. 11, 1952. 347 STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS debt management on which the activities of the Federal Reserve System have so important a bearing. The approach to this broad subject by the members of this Committee and of the Banking and Currency Committees and those of us to whom you entrust the duty of carrying out your wishes must be in the spirit to which Wilson referred. We must always question our own wisdom and seek counsel and knowledge. Considering that money is one of the most controversial of all subjects, it is rather remarkable that the replies elicited by your questionnaire reveal so little fundamental divergence. Honest judgments may differ as to whether the Reserve System, for example, has done its job well or poorly. There are bound to be differences of opinion concerning the structure and internal operations of the System but essentially I find very little difference in all the replies on fundamentals. There is a general recognition of the need for a mechanism of this kind to perform substantially the functions and to render the services that this System now furnishes. If the Congress were to do away with the present system some other way would have to be found to perform its function and to play its role in the economy. Basically, the job of the Federal Reserve System is that of monetary management—to increase the money supply and make it more easily available when there is evidence of weakness in the economy and to reduce the volume of money and make it less easily available when indications show that there is excessive expansion. In other words, it is the business of monetary management to contribute to the broad objectives of steady economic progress which is the ultimate goal of all national policy. The instruments by which these broad purposes of monetary management are achieved are dealt with in detail in the answers to your questionnaire. How and when and why these instruments have been used is likewise set forth at some length. You will have to judge how wisely or unwisely they have been used in the revealing light of hindsight. You will have to judge whether these instruments can be improved, or others provided. We have called attention to some of the various problems for which perhaps better answers can be found but we are not, as you may have noted, recommending any broad or sweeping changes. The test that I have no doubt you will apply is whether the public interest is well served. I think that, generally speaking, it has been well served by the System. 348 The System is a unique concept, an ingenious merging of public and private interests in a characteristically democratic institution. The doctrine of the separation of powers, as Mr. Justice Brandeis once pointed out, was adopted "not to promote efficiency but to preclude the exercise of arbitrary power." The purpose was "not to avoid friction, but by means of the inevitable friction incident to the distribution of the Government powers among three departments, to save the people from autocracy." Doubtless this reserve banking mechanism could be more efficiently devised or differently organized in the governmental structure but it would be at the cost, I think, of something far more important. In any case, such an institution will in the last analysis render good or bad public service depending upon the abilities of the human beings engaged in its operation rather than upon its organizational form and structure. And by the same token, the resolution of difficult problems and of conflicts of opinion must come out of the minds of men and not from the forms in which they chance to be organized. I have sought to indicate in a general way the attitude with which we have approached this important inquiry into the public's business as discharged by the Federal Reserve System. We have looked at this System, not as if we had a clean sheet of paper to write upon, but in the light of the concepts on which it was based and its performance over the years. We have tried to be honest with you and ourselves. Certainly we have nothing to withhold or conceal. The record is an open book. We have sought to make clear that monetary policy cannot, by itself, achieve stable economic progress but that it is an indispensable means to that end. It must go hand in hand with fiscal policy and debt management. We have tried also to spell out as plainly as we can the meaning of the accord which we reached with the Treasury last March, in which you are naturally interested. Its achievement illustrates the point which I mentioned before that the solution of difficult problems and the reconciliation of differing viewpoints depends upon the ability of men to come to a meeting of minds in the best interest of the public rather than upon the forms of institutional organization. That accord was not a transitory or empty gesture. It is a reality under which debt management and monetary policy are moving together toward the same objecFEDERAL RESERVE BULLETIN STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS tives with mutual understanding and meeting of minds. May I add that I concur fully in your Chairman's confident prediction that the fundamental issues with which the Committee is concerned "will be found vastly too complex to permit of facile generalization." I think it may prove useful to the members of the Committee for me to present a summary which I have prepared of our replies to your questionnaire. SUMMARY OF REPLIES BY THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO THE QUESTIONNAIRE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT This summary presents first the major points of reserve banking philosophy developed in the answers, second, some of the more important positions taken on the issues raised, and, third, several general points as to changes in banking structure and as to foreign monetary organization and experience. Each reply submitted undertakes to deal with the question asked on its own merits and to provide a direct, objective, and comprehensive answer. Reserve banking philosophy. The following views are expressed with respect to the role of credit and monetary policy and the organization within the Government for such policy. 1) Flexible credit and monetary policy, together with flexible debt management policy and an adequate fiscal program, is essential to economic stability. 2) The established relationship of the Federal Reserve Board of Governors to other branches of the Government is consistent with and adequate for the function which the Reserve System performs. 3) The status of the Board as an independent establishment of the Government is sound on the basis of accepted principles of democratic governmental organization, regardless of any theoretical question as to the branch of the Government in which it falls. 4) Changes in money market conditions and in interest rates reflect the interplay of basic forces of supply and demand for short- and long-term credit. Supply is made up of new individual and corporate savings, accumulated cash balances offered for investment, repayments on past loans, and credit expansion by the commercial banking system. Demands from business enterprises, farmers, consumers, State, local, and foreign governments, and the Federal Government form the major components of credit demand. 5) Credit and monetary policy operates primarily through its effects on the availability and supply of credit; it cuts out of the market or brings into it fringe credit demands. APRIL 1952 6) In this process, credit and monetary policy affects, but does not determine, interest rates in the market. Interest rates are prices which perform vital economic functions and they should be responsive to basic supply and demand conditions. In a rich, high savings economy with well integrated financial markets, significant changes in the availability of credit, and hence in the volume of spending, need be accompanied by only small changes in the cost of money. 7) On balance the System, through its support of Government security prices, accentuated postwar inflationary pressures. 8) In early postwar years, the System favored and defended a support program as a part of transitional adjustment and sought other means of restraining inflationary credit expansion. This policy took account of the need for time to develop a debt management program that would lodge a greater proportion of the public debt permanently in the hands of nonbank investors. As time passed and the System's support policy led to increasing monetization of the public debt, the Federal Reserve became more and more concerned about the contribution of its operations to inflationary pressures. 9) More flexible credit and monetary policies, applied through the discount and open market mechanism within the framework of an orderly Government securities market, have demonstrated their effectiveness since they were undertaken in March of 1951. 10) In addition to measures affecting credit generally, flexible credit and monetary policy includes the use, on occasion, of selective credit regulations (relating to stock market, consumer, and real estate credit) as well as of voluntary measures. 11) Credit and monetary policy cannot be fully effective without public understanding and support. The System strives to keep the public fully informed on all credit and monetary developments. Major positions. Of the specific positions brought out in the answers to different questions, the following are the more important. 1) The Federal Reserve Board is subject to the 349 STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS Employment Act of 1946. Fairly interpreted, the Congressional directive stated in this Act implies a goal of monetary stability and needs no modification. 2) Existing Congressional directives to the Federal Reserve System afford a broad workable guide for policies and operations. 3) The status of the Board as an independent establishment of the Government, subject to the direction and scrutiny of the Congress, should be preserved. Budgetary discretion is essential to maintain the basic character of the Reserve System. 4) No legislation is required with respect to the organizational relationship between the Treasury and the Federal Reserve or the Executive and the Federal Reserve. 5) Advantages of the existing regional status and organization of the twelve Federal Reserve Banks far outweigh disadvantages. 6) Considering the functions in Government of the Federal Reserve Board, a board type of organization may be preferable to a single governor type. The weight of advantage may lie, however, with a smaller-size board—say five men. 7) No substantial gain in efficiency of Federal Reserve decision-making would be likely from centralizing the authority for all credit instruments in one body, the Board or the Federal Open Market Committee. 8) Member bank borrowing at the Federal Reserve should be the principal means of obtaining additional bank reserves. Discount rate changes and open market operations should be the main instruments through which credit and monetary policies are adapted to changing conditions in the economy. This means increased use of the discount mechanism, increased importance of discount rates in comparison with credit policy experience of the past decade, and reliance on open market operations to reinforce discount policy. 9) The present organization for the execution of open market operations is designed to protect the public interest. The Federal Open Market Committee is constantly studying this organization with a view to making adaptations which will improve it. (Open Market Committee questions.) 10) Open market operations should be conducted impersonally without resort to moral suasion. (Open Market Committee questions.) 11) Only in exceptional circumstances should use be made of authority to change reserve requirements, which is a blunt and inflexible instrument. 12) The existing structure of reserve require- 350 ments could be modernized in some respects for purposes of more efficient and equitable administration. Also, standard legal reserve requirements could be applied to all banks without raising the question of the dual banking system, the preservation of which the Board favors. This is not an urgent problem at the present time, however. 13) Extension of selective credit regulation to areas other than stock market, consumer, and real estate credit is not feasible. Further experience with regulation in both the consumer and the real estate credit areas is needed to determine their role on a long-run basis. 14) With effectiveness of discount policy and open market operations reestablished, disadvantages of supplementary reserve proposals outweigh advantages. 15) Direct control or rationing of bank credit by the Federal Reserve or any Government agency should not be resorted to except in an extreme emergency. General points. Several general points in the replies are of interest. These include: 1) Generally speaking, the banking system has kept pace with both the growing and changing credit needs of the different segments of the economy. Today, business, agriculture, and consumers are more adequately supplied with banking services of various kinds than they were 25 years ago. 2) Commercial banks are meeting short- and intermediate-term credit needs of small businesses reasonably satisfactorily. Provision of special longterm credit assistance in this area, such as would be authorized by bills introduced in recent years, namely, Government guarantee of loans made by private financing institutions or the establishment of special investment companies, would be untimely in an inflationary period. 3) Foreign experience with central banking and monetary policy does not yield lessons that are directly applicable to the United States. The following foreign developments are nevertheless suggestive: (a) It has been widely recognized, at least in the countries of the free world, that the central bank should have a large measure of independence within the governmental structure, (b) In a number of foreign countries, postwar credit policy was first operated mainly through selective regulations, but subsequently such regulations have been supplemented or replaced by measures of general credit policy, such as reserve requirements and discount rate changes. FEDERAL RESERVE BULLETIN BANKING IN THE SOVIET UNION1 Economic activity in the Soviet Union is based upon an economic plan decreed by the Government. This plan prescribes in detail the conditions under which the State administration and the industrial, agricultural, and commercial enterprises may use their resources in producing and distributing goods and services. Since the production and distribution processes involve the use of money and credit, the plan contains many elements of monetary and credit policy. It therefore provides for financial institutions that control the supply of money and credit and the purposes for which it may be used. Among these institutions are several State-owned banks, the most important of which is the State Bank of the U.S.S.R. Although the economic plan is formulated by centralized procedures, its execution necessitates a certain degree of decentralization of responsibility among administrative agencies, enterprises, and individuals. The State administration has its own budget, with income derived mainly from taxation and to a lesser extent from borrowing from finanical institutions and individuals. The enterprises, although wholly controlled and mostly owned by the State, have their own assets and liabilities and earn profits or suffer losses. Individuals receive money income, mainly in the form of wages and salaries from the State or from State-owned enterprises. This money income may be used not only for personal expenditures, but also in some degree for the accumulation of savings, for instance in the form of savings accounts. The State administration and the enterprises carry out their financial transactions primarily through transfers from and to their bank accounts; individuals use almost exclusively cash, mainly in the form of bank notes. There is no market for loans to individuals or enterprises, and no sale of securities other than Government bonds. Likewise, except for limited sales of private homes, there are no sales of real estate. Thus investment financing is conducted exclusively through the banking system and not through security, commodity, or real 1 This article was prepared by Edward Ames under the supervision of }. H. Furth, Chief of the Central and Eastern European Section of the Board's Division of International Finance. APRIL 1952 estate markets. The Soviet planning mechanism relies in part on the desire of managers and workers to increase their income and consumption, and therefore does not completely disregard the reactions of individuals to changes in their incomes and in prices. It does not subject itself to the test of a market, however, and does not attempt to set prices and production at the levels which would result if a free market mechanism were functioning. In short, it does not measure the success of its program or the efficiency of the economy in general by reference to the operations of a market mechanism. The Soviet banks maintain their own offices and engage in banking activities similar to those of noncommunist countries, such as issuing notes, receiving deposits, and making loans at interest. They have their own assets and liabilities and aim at making a profit, part of which they retain in their capital accounts. However, they differ from central and commercial banks in noncommunist countries in that their activities are dictated by the economic plan. The banks have only limited power to determine their own policies and operations. The use of statistical information on financial and monetary developments in the U.S.S.R. presents great difficulties. In the first place, statistics are fragmentary; they are published irregularly and presented in a propaganda context which often raises doubts about their reliability. Secondly, the data themselves, when available, must be analyzed with considerable caution because statistics in a completely planned economy have a meaning different from that of statistics in a free market economy: prices, incomes, and outlays may be changed by administrative decisions independent of changes in the actual conditions of production, distribution, or demand. The subjection of prices and wages to the planning mechanism, especially the practice of isolating prices and wages in one sector of the economy from those in other sectors, makes it particularly difficult to use price and wage data, or data involving price and wage figures, such as budget expenditures, for interpreting economic developments. Finally, the conversion of Soviet financial data into dollars is complicated by the fact that the ruble 351 BANKING IN THE SOVIET UNION does not enter into international transactions and has no market value. Its nominal value was 18.8 cents until March 1, 1950, and has been 25 cents since then. M. Wyczalkowski of the International Monetary Fund estimated the 1950 purchasing power of the ruble to be about 4 cents in retail transactions and 10 cents in wholesale transactions, the difference being due to sales taxes.2 SOVIET FINANCIAL INSTITUTIONS Soviet capital formation—including investment in plant, equipment, and inventories—is mainly financed through the Ministry of Finance, a Cabinet agency, which includes the following operating agencies: 1) The tax collection and disbursement agencies, that is, the apparatus common to ministries of finance in general. 2) The State Bank, which is an autonomous unit "within the system of the Ministry of Finance." All transactions other than wage payments, retail sales, and construction transactions represent transfers from one State Bank deposit to another, while wage payments and retail sales, respectively, are the principal channels for the inflow and outflow of bank notes. 3) Four "Banks for Long-term Investments," the Industrial Bank, the Agricultural Bank, the Bank of Trade, and the Central Communal Bank. The last is a sort of holding company, controlling a number of local banks. Each bank disburses budgetary appropriations for construction in its respective field, and each makes loans to cooperatives and to State enterprises under the jurisdiction of local authorities. 4) A system of savings institutions which receive deposits from individuals and invest the proceeds in State bonds. 5) A system of insurance covering damage to State property, and issuing life and personal property insurance policies to individuals. An investment transaction arises typically from a contract between two enterprises, with the purchasing enterprise paying the builder or supplier partly from its own funds but mainly with funds made available by one of the investment banks either from budget appropriations or from the bank's own resources. 2 International Monetary Fund, Staff Papers, September 1950. 352 The savings and insurance institutions are unimportant and subordinate to the fiscal system. The over-all economic plan affects financial institutions as well as the State enterprises through the directives included in the following component plans: 1) A plan for production, costs, and employment and wages, prepared by the ministries on the basis of directives issued by the State Planning Committee, a Cabinet agency. 2) A plan for capital investment prepared by the ministries on the basis of directives issued by the State Committee on Construction, a Cabinet agency. 3) A State Budget prepared by the Ministry of Finance. 4) A credit plan prepared by the State Bank that establishes a credit ceiling for each industry in order to provide effective "control by the ruble" over its operations. 5) A "cash plan" prepared by the State Bank to establish note circulation on the basis of ceilings for wage payments in the various industries and of the value of retail transactions. The directives contain detailed instructions to each Ministry, to each regional office of the Ministry of Finance and the State Bank, and to each producing unit. The budget is ordinarily submitted to the Supreme Soviet (the legislature), which ratifies it unanimously after suggesting minor changes to the Council of Ministers (the Cabinet). The other plans are approved by the Council. The budget is published in general outline, but the other plans are ordinarily not made public. In any given year the actual amounts produced, the actual revenues and outlays of the budget, and other indices included in the economic plan differ from planned amounts. These deviations result in part from changes in the Government program during the course of the year and in part from performance better or worse than planned by the various Soviet agencies. Information as to these deviations is as fragmentary as information concerning the plans; it is therefore often impossible to determine whether the plans give a correct picture of events. FINANCIAL CONTROLS The Soviet authorities have established an elaborate system of direct as well as monetary controls in order to make sure that the funds of economic FEDERAL RESERVE BULLETIN BANKING IN THE SOVIET UNION enterprises, as well as those of the banking system, are used only for the purposes of the plan. Construction control. Controls over construction are designed to prevent investment funds (most of which are from budget appropriations) from being used to finance current production and to make sure that Government-approved projects, and only those projects, are actually carried out. Construction projects requiring more than a small amount of expenditure must be approved by a Cabinet committee; smaller projects may be approved by the Ministry having jurisdiction over the industry where the plant is being built. The approval is given only after the presentation of three sets of documents: an economic justification of the project; a set of blue-prints and specifications; and an estimate of the cost of the project, broken down on a quarterly basis. When approval has been given, a special account is set up in the appropriate investment bank (usually the Industrial Bank). For the most part the funds deposited are appropriated from the State Budget, and may be drawn upon only within limits established in the cost estimate and for purposes described in the engineering specifications. Construction is carried on by special construction enterprises, which make contracts with the producers who will operate the completed plants. In most cases, the construction enterprise is not connected in any way with the producing enterprise, but in some cases the producing enterprise sets up a special construction division. Payments to the construction agency may be made only on the basis of work actually performed, in amounts limited by the terms of the contract, and from funds actually on deposit in the investment bank that is supervising the construction. The investment banks are operated as integral parts of the Ministry of Finance. Their main function is the supervision of the expenditure of funds from their accounts. They also receive the deposits of construction enterprises and of enterprises undertaking construction projects. Their power to finance investments on their own is limited. They are permitted to make loans only to cooperatives, very small State-owned enterprises operated by local authorities, and individuals borrowing to finance housing construction. The total amount an investment bank can lend to such borrowers in any period is determined by its profits, by repayments of principal on earlier loans, and APRIL 1952 by budget appropriations supplementing its capital. Soviet comments on long-term lending indicate fairly steady upward pressure on loan ceilings from potential borrowers. There is also some tendency for enterprises to use funds designated for construction purposes to finance inventories, according to the complaints made by the Minister of Finance in his budget reports. In particular, enterprises often fail to transfer profits and depreciation funds to the investment banks in the amounts stipulated by the plan. Current production control. Controls over current production are analogous in purpose to those over capital construction: to prevent the producing enterprises from using funds designated for current production to finance construction, or to finance current production other than that envisaged by the economic plan. The State Bank is the chief instrumentality in the exercise of this set of controls; it attempts to minimize the liquidity of the enterprises by means of the following regulations: 1) Enterprises are required to keep their liquid funds in interest-bearing deposits in the State Bank. 2) Enterprises are forbidden to receive credit from or extend credit to other enterprises, and normally cannot purchase interest-bearing securities. 3) A depreciation fund is set up in the name of each economic ministry and a depreciation allowance, based on the original cost of the fixed capital of enterprises controlled by the ministry, must be transferred periodically to it. 4) Payments of profits taxes must be made monthly, subject to adjustments at the end of the year, and other tax payments must be made still more frequently, so as to prevent the enterprises from accumulating liquid funds by building up liabilities to the Ministry of Finance. Profits allocated to finance construction must be regularly transferred to special deposits in the investment banks. 5) The planned size and composition of the current assets of each enterprise are determined by the volume of production planned for the enterprise, the permissible level of inventories being fixed at a certain number of days' requirements. Since the amount of current assets allowed an enterprise usually exceeds its own financial resources, it must have recourse to bank credit if it is to maintain its planned level of production. 6) If the current assets of an enterprise are con353 BANKING IN THE SOVIET UNION sidered to be excessive, the enterprise may be required to transfer the excess to the Ministry of Finance. The State Bank is permitted to grant credit to an enterprise only on the basis of individual transactions, and to finance only stipulated percentages of any transaction. This requirement is intended to prevent the enterprise from concentrating borrowed funds in certain activities and using its own funds for other activities. An enterprise is obligated to complete the production planned for it. If it tries to expand plant facilities or inventories in order to insure smoother operations, it will require additional amounts from the State Bank. Likewise, if an enterprise has been operating at a loss, or at a level of profit insufficient to meet its tax obligations, it will require additional funds from the Bank. Before granting a credit, the Bank must determine whether the need for credit results from an improper diversion of resources from current output to unauthorized construction. Likewise, the Bank must decide whether the demand for credit results from accumulation of unsold finished goods (which would indicate that the quality of the goods was too low or that the sales department of the enterprise was inefficient) or from accumulation of goods in process (which would indicate that the production department of the enterprise was unable to maintain an even flow of materials through the plant). The Bank is supposed to insist on the correction of such faults as a prerequisite for the credit. Liquidity is kept to a minimum in order that State Bank control over the activities of enterprises may be as effective as possible. According to available data for a few enterprises, shown in the accompanying table, liquid assets amounted in 1948 to 14-20 per cent of all current assets. The larger portion of current assets consists of inventories. For United States manufacturing corporations at the end of 1948 liquid assets were about 38 per cent of current assets, excluding receivables. In contrast, the importance of credit in financing current assets in the U.S.S.R. is similar to that in the United States although the types of credit are different. About 40 per cent of all current assets of Soviet enterprises was financed by credit in 1947, and credit has become somewhat more important since that time. In the United States, current liabilities of manufacturing corporations were 37 per cent of 354 current assets at the end of 1947. In contrast with corporations in the United States, however, Soviet enterprises have few short-term liabilities to others than banks. Moreover, with the exception of small enterprises that are permitted to finance construction with loans, Soviet enterprises have no long-term liabilities since their outlays on capital construction and permanent working capital are mainly obtained from the State budget or from retained profits. In the absence of complete data, it is not possible to determine the extent to which the State Bank's control over current production is successful. The low liquidity of enterprises means, according to Soviet commentators, that difficulties experienced by a single enterprise rapidly lead to delays in payments and thus to similar difficulties in other enterprises. Since a State-owned enterprise is not permitted to declare itself insolvent or to suspend CURRENT ASSETS OF SELECTED PLANTS IN VARIOUS SOVIET INDUSTRIES, 1948 [As percentages of total current assets] Heavy machinery plant Autotractor plant General industrial machinery plant Textile plant Materials and supplies. Goods in process Finished goods Cash, deposits, and receivables 1 36.5 39.3 10.1 40.2 36.1 6.6 50.0 31.8 4.4 60.8 12.6 6.8 14.1 17.1 13.8 19.8 Total current assets. 100.0 100.0 100.0 100.0 Current asset 1 Includes a negligible amount of Bank advances on goods in shipment, the only type of accounts receivable permitted by law. Sources.—S. B. Barngolts and I. E. Khavin, Putt uskoreniya oborachivaemosti oborotnykh sredstv v mashinostroenii (Methods of Increasing the Speed of Turnover of Working Capital in the Machinery Industry), Moscow, 1950, p. 27; K. A. Fedoseev, Oborotnye sredstva promyshlennykh predpriyafii (The Working Capital of Industrial Enterprises), Moscow, 1949, p. 20. operations, the Bank must extend additional credit to a financially distressed enterprise if normal operations are to be continued. The Minister of Finance has repeatedly criticized the tendency of enterprises to consider the Bank to be a residual lender in case of emergency. Nevertheless, the practice appears to persist although it causes some credit to be tied up in inefficient rather than efficient enterprises. Fragmentary data concerning the balance sheets of Leningrad enterprises on October 1, 1950 give some indication of the problems involved in the State Bank's supervision of the current assets of enterprises. As shown in the following table, FEDERAL RESERVE BULLETIN BANKING IN THE SOVIET UNION DEVIATIONS FROM PLAN OF C U R R E N T ASSETS AND LIABILITIES OF LENINGRAD ENTERPRISES, OCTOBER 1, 1950 [As percentages of total current assets] Up- Assets ward deviations Inventories not financed from credit Goods shipped to purchasers Receivables from purchasers Total 10.7 Downward deviations 4.0 2.8 14.5 13.5 18.5 Liabilities Overdue payables to State Bank and suppliers Other payables Capital of enterprises Downward deviations Up- ward deviations 4.0 9.4 3.9 4.3 13.3 8.3 Source.—O. Kadinski, "Ustranit prichiny vnutrimesyachnykh platezhnykh zatrudnenii khozorganov (Removal of the Reasons for Temporary Payments Difficulties of Business Organizations)," Dengi i Kredit {Money and Credit, monthly organ of the State Bank of the U. S. S. R.), No. 2, 1951. total deviations of current balance-sheet items from planned amounts (upward deviations of assets plus downward deviations of liabilities) were equal to 26.8 per cent of the total current assets of the supervised enterprises. Aggregate net deviations were smaller since, for instance, above-plan inventories in some enterprises and in some types of inventories were offset by below-plan inventories in others. It would appear that aggregate current assets and current liabilities were about 5 per cent below plan, with capital accounts slightly above plan. Since the Leningrad office of the State Bank and Leningrad industries are generally reputed to be above the Soviet average in efficiency, these data probably represent better than average performance. Controls over operations of State Bank. Relations between the State Bank, the Cabinet, and the Ministry of Finance have varied from time to time. Prior to 1936 the State Bank was a part of the Ministry. According to the 1936 constitution, the State Bank, although a part of the Ministry of Finance, was represented at Cabinet meetings; in 1938 it was removed from the Ministry and in effect made a special agency responsible directly to the Cabinet. In 1947 the State Bank was again made part of the Ministry of Finance and deprived of representation at the Cabinet level. # At the present time, the Chairman of the Board of the State Bank is an Assistant Minister of Finance and appears to outrank slightly—as "Deputy" to the Minister—the Assistant Ministers who head the fiscal system and the other financial institutions. The operations of the State Bank have been and continue to be independent of the operaAPRIL 1952 tions of the fiscal agencies dealing with tax collection and disbursement. It is not possible to state with any certainty the reason for the separation of the State Bank from the Ministry of Finance in 1938 or for its return in 1947. There is no indication that major changes in economic policy or internal political balances of power were involved. The change appears to have been occasioned by the need to coordinate and unify the activities of the economic agencies dealing with budget and credit matters and by the belief that differences in budget and credit policies should be resolved within a Ministry of Finance responsible for both rather than at the Cabinet level. STATE BANK POLICY AND ECONOMIC STABILITY State Bank control over enterprises aims not only at making them complete their output schedules but also at maintaining monetary stability in the economy as a whole. The State Bank is the bank of issue as well as the only important source of shortterm credit; it is the only organization receiving demand deposits; and it receives and disburses all budgetary funds. Its operations thus involve all important components of the country's money supply, and its balance sheet reflects financial developments and changes in financial policy. The composition of the Bank's liabilities changes in response to fiscal, wage, and price policies. Fiscal operations change the relative importance of Treasury funds to the total money supply, while price and wage controls change the relative importance of the note issue as compared to the deposits of the Treasury and enterprises. The size of the money supply, however, is also influenced by the volume of Bank assets. For this reason an analysis of the assets and liabilities of the State Bank is necessary to an understanding of Soviet monetary policy and its relation to other financial developments. No balance sheet has been published since 1936, but some information is available concerning changes in some of its main items. State Bank assets. The Bank's assets consist of gold and foreign exchange, Government debt (if any), short-term advances with a maturity of a few days on shipping documents in the process of clearing, and loans to enterprises with maturities not exceeding 12 months. Of these items, the gold stock and foreign ex355 BANKING IN THE SOVIET UNION change are primarily influenced by domestic gold enterprises to increase their own funds as a result production and by changes in the current balance of capital gains on inventories, ordered them to of trade, neither of which is subject to direct con- offset the increase in the book value of inventories trol by the State Bank. Government debt to the by writing up their indebtedness to the Bank. AcBank may have been completely liquidated during cording to fragmentary data for a number of industhe currency conversion of 1947; in any case avail- tries, however, the ratio of State Bank loans for able data indicate a cash surplus in the Govern- financing current production to funds owned by the ment budget since 1943. The volume of short-term enterprises was fairly stable throughout the period. advances is determined mainly by clearing payments If this stability was planned, it would seem that among enterprises and, although the Bank devotes it reflected larger planned expansions of loans until a considerable amount of attention to speeding up 1949 and smaller planned expansions thereafter. It the clearing process, it does not appear to use these is not possible to determine the extent to which the short-term advances as an instrument of monetary expansion of bank loans has actually been retarded since 1949. policy. State Bank liabilities. Bank liabilities consist priState Bank control of the total volume of its assets is exercised mainly by control of loans to marily of notes, deposits of enterprises, and deenterprises. Control of these loans means not only posits of the Ministry of Finance. These concontrol of inventories, which are to a considerable stitute the entire money supply of the country with degree financed by loans, but also control of the the exception of coin and Treasury notes of small liquidity of enterprises, as reflected in their de- denomination. The Bank's control over the composits with the Bank. There are, however, im- position of its liabilities is limited to its ability to portant limitations to Bank control over loans. prevent cash withdrawals or transfer of funds from Since inventories normally increase as output in- one deposit to another if the transactions covered creases, the volume of loans could be stabilized are not at prices or in amounts specified by the under conditions of increasing output only if addi- planning authorities. In particular, the Bank may tions to inventories were financed exclusively from prevent enterprises from making larger wage payincreases in the financial resources of enterprises ments than are called for in the plan. This control, themselves. Such a method of financing would, according to Soviet sources, is one of the most however, tend to reduce the dependence of the important of the Bank's functions, since it serves enterprises upon Bank loans, and would therefore to hold down personal incomes and hence the reduce Bank control. The Bank must therefore rely outflow of notes from the Bank. in part upon fiscal policy, especially the tax on the Since the Soviet economy does not operate on profits of enterprises, to retard the building up of the basis of a market-price mechanism, an unthe enterprises' own resources. planned increase in money incomes usually tends Data on changes in the amount of loans out- to increase the cash holdings of individuals. Likestanding are not available but data concerning wise, an unplanned increase in bank credit usually planned increases in enterprises' own resources tends to increase the liquidity of enterprises. Prices offer indirect information about credit policy. and production in socialized enterprises do not reFinancial planning by the Government called for act to changes in purchasing power because of the a growth of 14.1 billion rubles in these funds dur- inflexibility of production plans and prices that are ing 1946. In subsequent years the amount rose to determined by administrative procedures. Instead, a peak of 23.6 billion in 1949, declining thereafter scarcities and bottlenecks interfere with the achieveto 11.3 billion in 1951 and 10.7 billion in 1952. ment of the plan. The authorities must then either These figures indicate neither the actual increases t-aise retail prices as a means of increasing the inin the resources of enterprises nor the planned in- flow of notes to the State Bank, or intensify direct creases in Bank loans. controls, such as allocations of materials, rationing, Complete analysis of the expansion of State Bank and stricter regulation of individuals. The Soviet loans in this period would have to take into account authorities therefore endeavor to achieve "control a bookkeeping increase in Bank loans outstand- by the ruble," which aims at the avoidance of excess ing in 1949 in connection with an inventory re- liquidity, primarily by restricting growth in note valuation. The authorities, instead of permitting circulation and in the deposits of enterprises. 356 FEDERAL RESERVE BULLETIN BANKING IN THE SOVIET UNION The purpose of this monetary measure is not thus to stabilize at least in part the volume of curto replace direct controls, which are a permanent rency held by individuals. The budget accounts (deposits of the Ministry part of the Soviet system, but to limit their sphere and at the same time to make them more effective. of Finance) change according to the Government The conditions necessary for the application of surplus or deficit (actual receipts, including bormonetary controls were created, according to the rowing from the public, minus actual outlays). Soviet authorities, by the currency conversion of The surplus rose from 3.4 billion rubles in 1945 December 1947, in which old notes were ex- to a peak of 39.6 billion in 1948, and then declined changed for new at a ratio of ten to one, and by to a low of 9.4 billion in 1950. For 1951 it was scaling down the values of savings deposits and planned at 6.4 billion but actually reached 28 bilindividually held State bonds. Simultaneously, lion, and for 1952 it is planned at 33 billion. rationing was abolished. The rise of the surplus indicates the extent to Control of the note circulation is attempted which the liquid funds of enterprises and indithrough the "cash plan" prepared by the State Bank. viduals are being diverted into the Treasury. ReThis plan is designed to equate the outflow of duction of the liquid assets of enterprises and indicash from the Bank in wages, social services, and viduals lowers their ability to purchase capital and Government administrative salaries with the inflow consumer goods, and hence reduces the problem of cash from retail trade, tax payments, and sub- of bottlenecks and scarcities. The coordination of scriptions to State bonds. State Bank policy has the surplus with Bank loan policy is an important been supplemented by a wage policy that provides aspect of the planning policy. Unless the Treasury for the automatic reduction of piece-rates, and by surplus rises as rapidly as Bank loans rise, an inthe use of price reductions rather than wage in- crease in loans will ordinarily lead to the creation of creases to bring about such recovery in the stand- excess liquidity. During the decline in the surplus from 1948 to ard of living from low wartime levels as was consistent with over-all Soviet policy. Increases in 1950, Bank policy took two main forms. First, aggregate individual income appear to have been it tried to reduce the rate of credit expansion by little greater than increases in nonfarm employ- compelling enterprises to raise the ratio of current ment. Disposable personal income has risen less production to inventories. In 1950 output rose 5 rapidly than aggregate income as a result of in- per cent faster than inventories, and in the following creases in direct taxes and State borrowing from year 4 per cent faster. Since inventories are largely financed by Bank loans, this policy tended to hold individuals. down the volume of loans. Second, the Bank Increased spending by individuals leads to an exercised closer supervision over wage payments so increased inflow of notes to the State Bank as retail as to limit increases in the note issue. stores deposit their sales receipts. No direct inSince 1951 there have been indications of information is available on retail trade in recent creased efforts to limit the expansion of note ciryears but some indication of its course can be culation and deposits of enterprises. These efforts gathered from data on revenue from the "turnhave involved, in addition to the continuation of the over" tax, a sales tax that in 1940 accounted for restrictions on wage payments and inventory more than 60 per cent of all retail outlays by con- growth, the increase in the budget surplus mensumers. This revenue has been virtually stable tioned above and a slowing down of price reducsince 1947, varying only between limits of 230 and tions. 240 billion rubles a year. There have been sevIf retail prices are reduced, with no change in eral reductions in the prices of retail goods since supplies of consumer goods, the flow of cash into 1947, and there is evidence that they have been the Bank from the receipts of retail stores will also largely due to reductions in turnover tax rates. drop. Since such a reduction does not affect perThe stability of turnover tax revenues despite lower sonal money incomes (or the outflow of cash) its rates indicates a rise in the total value of retail main effect is to increase the volume of notes outsales, and hence in the inflow of currency into the standing. The larger the price reduction, the larger Bank. This inflow has tended to offset the in- must be the increase in the physical volume of concreased outflow due to rising wage payments, and sumer goods production if the inflow of notes to APRIL 1952 357 BANKING IN THE SOVIET UNION the Bank is to be maintained at any desired level. Reductions in retail prices were announced annually on March 1 during the period 1948-51, and on April 1, 1952. They took the form of specified reductions—usually 10 to 20 per cent—in the prices of particular commodities. No index of retail prices is published, and the importance of the cuts must be judged on the basis of the number and types of goods covered in the reductions. During 1948-51 both foodstuffs and industrial goods were included in the reductions. In 1951 the number of goods covered in the reduction was much smaller than in 1950, and in 1952 no industrial goods prices were reduced. The small price reductions in 1951 and 1952 make it possible for the Soviet authorities to maintain the inflow of notes with relatively small increases in the physical volume of consumer goods production. These efforts by the fiscal and monetary authorities to hold down increases in purchasing power of individuals and enterprises, or to absorb earlier unplanned increases, are readily explained by the impact of the Soviet investment and armament program, which increases the incomes of both enterprises and individuals without increas- 358 ing correspondingly the physical volume of goods available to consumers. The fragmentary character of the data available, however, does not permit a quantitative evaluation of these changes in policy, or an answer to the question whether the measures so far taken will be sufficient to assure reasonable monetary stability. SUMMARY The economic planning mechanism of the Soviet Union imposes a wide variety of controls over production and distribution, many of which are administered by the banking system. The State Bank and the fiscal authorities are separate entities, but their operations are closely integrated by the economic plan. The State Bank regulates the volume of money and credit, and by limiting the liquidity of individuals and producers directs their activities into channels contemplated by the economic plan. The Bank's principal instrument is its control over loans, with which it influences the total supply of money. Under the impact of a growing armaments and investment program, monetary and fiscal measures appear to have become more stringent. FEDERAL RESERVE BULLETIN REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES The Board's weekly index of department store sales has been revised for the entire period covered by the series, 1937 to date. This is the first revision since the one in September 1944, which was described in the Federal Reserve BULLETIN for that month. The principal features of the current revision are: (1) The index has been adjusted to conform to changes shown by comprehensive Census data on department store sales for the years 1939 and 1948. For the period 1949 through 1951, the index has been adjusted to the annual levels indicated by the Board's revised monthly sales index. (2) The base period for the index has been changed from 1935-39 to 1947-49. The revision of the weekly sales index parallels closely certain features of the recent revision of the monthly indexes of department store sales and stocks, as described in the Federal Reserve BULLETIN for December 1951. For this reason the pres- ent article contains little discussion of such matters as changes in the definition of a department store, the technique for adjustment to Census benchmark data, and the selection of a new base period. The accompanying chart shows the movement of the revised index during the period 1950 to date. Indexes for the entire period covered by the series are contained in tables on pages 360-61. The indexes have not been adjusted for seasonal variation. Adjustment to Census data and monthly index levels. The weekly index has been adjusted to reflect changes in department store sales indicated by Census data for the years 1939 and 1948. The Census data used were totals for the United States, adjusted to exclude catalog sales of mail-order organizations. The percentage change from 1939 to 1948 shown by the Board's unrevised sales index was compared with that shown by Census data to determine the amount of adjustment necessary. As in the case of the adjustment of the monthly sales (Continued on page 362) DEPARTMENT STORE SALES 1947-49 Average=100 Weekly 22 APRIL 1952 5 19 2 16 30 14 28 11 25 9 23 359 REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES WEEKS ENDING ON DATES SHOWN [Index without seasonal adjustment, 1947-49 average = 100] 1937 1940 1939 1938 1941 1942 1943 Jan. 9.. 16. . 23.. 30. . 30 28 26 28 Jan. 1. . 8. . 15.. 22. . 29.. 23 30 28 26 25 Jan. 7... 14.. . 21.. . 28... 26 27 26 25 Jan. 6... 27 13. . . 28 20.. . 27 27. . . 26 Feb. 6.. 13.. 20.. 27.. 29 29 29 31 Feb. 5.. 12.. 19. . 26.. 27 26 27 27 Feb. 4... 11.. . 18.. . 25.. . 26 26 27 26 Feb. 3... 10... 17.. . 24... 28 27 27 27 Feb. 1... 31 8.. . 32 15. . . 33 22.. . 30 Feb. 7... 14.. . 21.. . 28... Mar. 6.. 13.. 20.. 27.. 33 33 34 38 Mar. 5.. 12.. 19. . 26.. 28 29 29 33 Mar. 4... 11... 18... 25.. . 30 30 31 34 Mar. 2... 33 9. . . 33 16. . . 33 23.. . 38 30... 30 Mar. 1... 35 8... 33 15. . . 36 22.. . 38 29. .. 41 Mar. 7. . .43 14... 45 21... 49 28. . . 52 Apr. 3. . 10.. 17.. 24. . 34 34 35 34 Apr. 2. . 9.. 16. . 23. . 30. . 34 32 37 31 30 Apr. 1... 37 8... 39 15. . . 31 22... 31 29.. . 33 Apr. 6... 13... 20.. . 27... 38 33 35 34 Apr. 5... 45 12... 48 19. . . 41 26.. . 40 Apr. 4... 11. .. 18... 25... M a y 1.. 8.. 15.. 22.. 29.. 35 40 34 34 36 May 7.. 14. . 21. . 28. . 35 29 29 30 M a y 6... 13... 20... 27.. . 35 36 32 33 May 4... 38 11. . . 40 18... 35 25. .. 34 May 3... 44 10... 46 17.. . 39 24. . . 42 31... 38 June 5.. 12.. 19.. 26.. 35 36 34 30 June 4.. 11.. 18.. 25. . 30 31 31 27 June 3... 10... 17.. . 24... 33 35 33 29 June 1... 8... 15... 22... 29... 31 41 37 33 31 June 7... 14... 21... 28... July 3.. 10. . 17. . 24. . 31.. 30 21 25 23 25 July 2 . . 9. . 16. . 23.. 30.. 27 20 23 21 22 July 1... 8... 15... 22... 29.. . 29 21 25 23 23 July 6... 13.. . 20... 27... 24 27 26 25 Aug. 7.. 14.. 21.. 28. . 26 26 26 30 Aug. 6. . 13.. 20.. 27.. 23 23 24 26 Aug. 5... 12... 19... 26... 26 25 26 28 Aug. 3... 10... 17... 24... 31... Sept. 4.. 11. . 18. . 25.. 35 33 42 37 Sept. 3. . 10. . 17. . 24.. 34 31 37 35 Sept. 2... 9... 16... 23.. . 30... 36 33 38 37 41 Sept. 7... 14... 21... 28... Oct. 2.. 9. . 16.. 23.. 30.. 41 40 41 38 37 Oct. 1. . 8.. 15.. 22.. 29. . 35 37 34 34 36 Oct. 7... 42 14... 38 21. . . 40 28... 39 Nov. 6.. 13. . 20.. 27.. 39 36 39 35 Nov. 5. . 12. . 19. . 26.. 36 36 38 34 Nov. 4... 11... 18... 25... Dec. 4.. 11.. 18.. 25.. 49 60 71 62 Dec. 3. . 10. . 17.. 24. . 31.. 48 59 73 71 24 Dec. 2... 9.. . 16.. . 23... 30... 360 Jan. 4... 11. .. 18.. . 25.. . 28 33 30 30 Jan. 3.. . 36 10... 45 17. . . 45 24... 40 31... 41 39 48 46 42 42 Jan. 1... 37 8. . .48 15... 49 22. .. 48 29. . . 46 Feb. 6... 47 13. . . 59 20.. . 51 27 54 Feb. 5... 49 12.. . 47 19. . . 47 26... 49 50 48 49 51 Mar. 4... 51 11. .. 54 18. . . 58 25.. . 61 56 43 48 46 Apr. 3... 53 10. . . 56 17.. . 57 24... 61 Apr. 1... 71 8.. . 69 15. . . 51 22... 54 29. .. 56 M a y 2... 49 9. . . 49 16.. . 42 23... 41 30... 34 May 1... 47 8.. . 56 15. . . 50 22.. . 51 29.. . 50 May 6... 62 13... 66 20. . . 59 27.. . 56 45 43 38 39 June 6... 13... 20... 27.. . 48 42 43 36 June 5... 12... 19.. . 26. .. 50 56 56 44 June 3... 10.. . 17... 24... 55 58 58 51 July 5... 12.. . 19... 26... 31 33 33 32 July 4... 11... 18... 25... 31 37 35 34 July 3... 10... 17.. . 24... 31. .. 45 37 42 41 39 July 1... 8... 15... 22... 29... 50 39 49 46 44 28 28 29 32 40 Aug. 2... 9.. . 16.. . 23... 30... 37 42 41 42 53 Aug. 1... 8... 15.. . 22... 29... 35 40 41 42 47 Aug. 7... 14.. . 21. .. 28... 44 44 49 48 Aug. 5... 12. .. 19... 26... 46 50 50 57 37 43 41 43 Sept. 6... 13... 20... 27... 43 47 47 53 Sept. 5... 55 12. . . 47 19... 50 26... 57 Sept. 4. . . 11. .. 18.. . 25. .. 56 52 60 59 Sept. 2... 65 9. . . 59 16. . . 66 23... 65 30.. . 66 Oct. 5... 43 12... 39 19... 43 26. . . 43 Oct. 4... 11. .. 18... 25. .. 59 44 47 47 Oct. 3... 61 10.. . 57 17. . . 55 24. .. 57 31... 56 Oct. 2... 58 9. . . 63 16... 63 23. .. 65 30.. . 62 Oct. 7... 73 14. . . 74 21. .. 70 28.. . 70 42 39 39 36 Nov. 2... 40 9. . . 43 16. . . 45 23... 41 30.. . 50 Nov. 1... 48 8.. . 49 15... 52 22. .. 46 29. . . 58 Nov. 7... 14... 21. .. 28... Nov. 6... 13.. . 20.. . 27... 67 70 75 67 Nov. 4.. . 11. .. 18... 25... 72 77 85 79 47 63 79 82 27 Dec. 7... 14... 21. .. 28.. . 67 80 91 44 Dec. 6... 74 13... 83 20. . . 99 27... 63 Dec. 5... 83 12.. . 98 19... 110 26... 74 Dec. 4... 90 11... 99 18.. . 107 25... 91 Dec. 2... ?9... 16... 23. .. 30... 102 122 127 124 41 39 40 38 42 60 60 60 58 Jan. 2... 9.. . 16.. . 23... 30.. . 1944 Mar. 6... 13.. . 20.. . 27.. . FEDERAL RESERVE BULLETIN REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES—Continued WEEKS ENDING ON DATES SHOWN [Index without seasonal adjustment, 1947-49 average = 100] 1945 1946 1952 1947 1948 1949 1950 1951 Jan. 7... 70 14. . . 80 21.. . 79 28.. . 76 Jan. 6... 98 13. .. 105 20... 104 27.. . 96 Feb. 3... 10... 17.. . 24... Jan. 6. . 13.. 20. . 27.. 49 56 54 54 Jan. 5. . 12. . 19. . 26. . 46 63 64 64 Jan. 4... 64 11... 79 18. . . 76 25... 75 Jan. 3... 70 10... 86 17. . . 80 24... 77 31... 80 Jan. 1... 70 8. . . 93 15... 84 22... 79 29.. . 74 Feb. 3.. 10. . 17. . 24. . 55 58 59 59 Feb. 2. . 67 9 73 16. . 71 23.. 72 Feb. 1... 74 8... 75 15... 84 22... 74 Feb. 7... 82 14. . . 81 21.. . 85 28... 85 Feb. 5... 12... 19... 26. .. 78 81 78 79 Feb. 4... 11... 18.. . 25... Mar. 3.. 10. . 17.. 24.. 31.. 61 69 72 76 77 Mar. 2. . 9. . 16. . 23. . 30.. 73 79 82 86 87 Mar. 1... 8... 15... 22... 29... 81 87 91 97 96 Mar. 6... 91 13... 95 20. . .107 27... 113 Mar. 5... 12.. . 19... 26.. . 83 88 89 95 Apr. 7.. 14. . 21. . 28.. 61 52 65 62 Apr. 6. . 13.. 20. . 27. . 92 95 98 79 Apr. 5... 109 12... 90 19. . . 92 26... 91 Apr. 3... 96 10.. . 102 17. . .100 24... 101 M a y 5.. 12.. 19.. 26.. 65 66 60 61 May 4. . 11. . 18.. 25. . 84 93 83 83 M a y 3... 95 10.. . 106 17... 93 24... 94 31... 85 May 1... 103 8... 113 15... 100 22.. . 101 29... 101 June 2. . 9. . 16. . 23.. 30.. 57 66 69 62 58 June 1. . 8.. 15. . 22.. 29.. 76 93 96 84 81 June 7... 100 14.. . 102 21. .. 87 28... 83 June 5... 12... 19... 26... July 7.. 14. . 21.. 28.. 51 56 53 51 July 6.. 13. . 20.. 27. . 65 71 68 69 July 5... 12.. . 19... 26... 71 78 74 73 Aug. 4. . 11.. 18. . 25.. 56 59 42 61 Aug. 3. . 10.. 17. . 24.. 31. . 74 77 81 86 95 Aug. 2... 9... 16.. . 23... 30... 75 76 77 83 95 Sept. 1.. 8.. 15.. 22. . 29. . 65 60 72 74 71 Sept. 7. . 14.. 21. . 28.. 90 99 95 87 Oct. 6.. 13.. 20. . 27.. 82 83 80 79 Oct. 5.. 12.. 19.. 26.. Nov. 3.. 10.. 17.. 24.. Jan. 5... 12.. . 19... 26... 78 92 90 83 81 94 94 95 Feb. 2... 84 9. . .87 16. . . 89 23... 83 Mar. 4... 84 11.. . 87 18. . . 91 25... 96 Mar. 3... 99 10.. . 105 17... 101 24. .. 105 31.. . 89 Mar. 1... 85 8... 88 15.. . 90 22... 95 29... 102 Apr. 2... 103 9.. . 110 16... 108 23... 91 30... 98 Apr. 1... 104 8... 110 15. . . 88 22... 96 29... 98 Apr. 7... 101 14.. . 100 21... 97 28... 101 Apr. 5... 12... 19... 26... M a y 7... 14... 21... 28... 115 98 96 94 M a y 6.. . 104 13.. . 106 20... 95 27... 97 M a y 5... 113 12... 110 19.. . 99 26... 100 M a y 3... 10... 17... 24... 31... 96 104 106 90 June 4... 11... 18... 25... 89 99 98 85 June 3.... 90 10... 104 17... 104 24.. . 86 June 2... 95 9.. . 108 16.. . 106 23... 92 30... 89 June 7... 14... 21... 28.. . July 3... 10... 17... 24.. . 31... 91 74 81 79 80 July 2... 9... 16... 23... 30... 82 69 73 71 72 July 1... 8... 15... 22... 29... 91 75 91 104 102 July 7... 14... 21... 28... 75 83 81 80 July 5... 12... 19... 26... Aug. 7... 14... 21... 28... 89 88 93 87 Aug. 6... 78 13... 75 20... 86 27... 86 Aug. 5... 102 12... 94 19.. . 97 26... 99 Aug. 4... 11... 18... 25... 88 87 93 97 Aug. 2 .. . 9... 16... 23... 30... Sept. 6... 91 13... 99 20... 103 27... 108 Sept. 4... 105 11... 97 18... 115 25... 109 Sept. 3... 101 10... 93 17.. . 108 24... 100 Sept. 2... 107 9... 102 16... 127 23... 111 30... 110 Sept. 1...105 8... 100 15... 114 22... 111 29... 114 Sept. 6... 13... 20... 27... 94 95 100 97 Oct. 4... 111 11.. . 104 18.. . 102 25.. . 105 Oct. 2... 112 9... 115 16.. . 113 23... 118 30... 109 Oct. 1... 104 8... 102 IS.. . 100 22... 101 29.. . 102 Oct. 7...112 14... 111 21.. . 105 28... 108 Oct. 6... 110 13... 117 20. . .116 27.. . 113 Oct. 4... 11... 18... 25... 80 88 93 87 Nov. 2. . 94 9. . 107 16.. 116 23.. 123 30.. 114 Nov. 1... 107 8... 118 15... 130 22... 135 29... 125 Nov. 6... 13... 20... 27... 108 109 118 113 Nov. 4... 109 11... 118 18.. . 127 25... 110 Nov. 3... 121 10... 127 17.. . 130 24.. . 123 Nov. 1... 8... 15... 22... 29. .. Dec. 1. .110 8. . 135 15.. 146 22.. 142 29.. 54 Dec. 7.. 161 14.. 176 21.. 181 28. . 95 Dec. 6... 174 13... 195 20... 197 27.. . 123 Dec. 4... 166 11... 193 18... 197 25.. . 162 Dec. 3... 154 10... 186 17.. . 201 24.. . 186 31... 68 Dec. 2... 153 9... 191 16.. . 220 23... 221 30... 82 Dec. 1... 161 8... 191 15... 213 22... 228 29... 92 Dec. 6. .. 13. . . 20... 27... APRIL 1952 109 118 127 119 Nov. 5... 12... 19... 26... 78 82 80 76 361 REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES index to benchmark levels, it was assumed that the tricts in about the same proportion as were total discrepancy had increased evenly over the period department store sales in that year. Reports are between the Census years and therefore a "straight- obtained from virtually every department store tradline" adjustment technique was used. The mini- ing area of importance in the country. While the mum correction was made in the index for the sample has a relatively small proportion of the total week ending January 6, 1940, and the maximum for number of small department stores, it has not been the week ending January 3, 1948. The net effect deemed necessary to increase the representation of of the adjustment was to raise the 1948 level of this group since, generally speaking, percentage the index, relative to 1939, by about 5 per cent. changes in sales of the small stores have not tended Month-to-month changes indicated by the weekly to differ significantly from changes in sales of the series have tended to be very similar to those shown larger stores. The purposes for which the weekly by the monthly index. The weekly index, how- index is compiled, as described in the following ever, has shown a slight year-to-year downward section, appear to be adequately served with the bias relative to the monthly index since 1948. Con- present sample. sequently, the weekly index in this period has been Purposes of the weekly index. The weekly index adjusted to the annual levels shown by the monthly is compiled and published in order to provide index. Adjustments of this kind will be continued, prompt information on fluctuations in department as necessary, until new benchmark figures become store sales and to permit analyses of changes within available from the next Census of Business. months. The index provides the basis for the The new base period. The comparison base period preparation and publication of preliminary estifor the weekly index has been changed from 1935- mates of the monthly index. 39 to 1947-49, and all of the index numbers from Week-to-week changes in sales are generally 1937 to date have been recalculated on this base. sharper and more erratic than month-to-month This was done in accordance with a general recom- changes. The volume of sales in a particular week mendation made in August 1951 by the Division may be influenced greatly by such factors as special of Statistical Standards of the Bureau of the Budget sales, weather conditions, and the incidence of to all Federal statistical agencies, following an interholidays, whereas in a monthly period many of agency study in which representatives of the Board these influences tend to offset one another. Holiof Governors participated. days are especially important in the weekly series. The new base period has been adopted in order In analyzing movements during the Christmas to have the index reflect more clearly recent de- season, for example, allowance should be made for velopments in department store trade and to facili- the fact that Christmas falls on different days of tate comparisons of the index with other economic the week and sometimes in different weeks of the series that are being placed on the same base. Users month. During March and April the pattern of of the index can readily convert it to another base department store sales is influenced to a considerperiod, if desired, by dividing the published index able extent by the date of Easter, and this needs numbers on the 1947-49 base by the average index to be taken into account in analyzing changes in for the year or years which they prefer as the base sales. period. Adjustments for changes in the number of trading The reporting sample. The present weekly index days and for seasonal variation (including a special is computed from a reporting sample that comadjustment for the changing date of Easter) have prises nearly 550 department stores, including a number of retail outlets of mail-order firms. The been made only in the monthly index. For this stores included in the sample accounted for approxi- reason, and because of the considerably smaller mately two-thirds of the estimated sales volume sample used, the weekly index is properly regarded of all department stores in 1951. Sales of the sample as a supplement to rather than a substitute for the stores were distributed among Federal Reserve dis- monthly index. 362 FEDERAL RESERVE BULLETIN VOLUNTARY CREDIT RESTRAINT RELEASES SUSPENSION OF SCREENING OF STATE AND LOCAL GOVERNMENT FINANCING : At its meeting March 28 the National Voluntary Credit Restraint Committee gave consideration to the action of the President on March 24, 1952, in requesting the suspension of screening of State, municipal and public body financing by the regional VCR committees. The National Committee has instituted the necessary procedure to comply with the President's request. It remains to be seen, the Committee said, whether those bodies, now freed from screening of issues by the voluntary credit restraint committees, will exercise the self-restraint urged by the President, or whether there will be a rush to issue public securities for purposes deemed unnecessary and contrary to the anti-inflationary objectives for which the Voluntary Credit Restraint Program was organized. It was pointed out by the Committee that the failure by public bodies to exercise the desired restraint would seriously affect the morale essential to the success of the Program in private financing channels. Regional committees were urged to continue to operate as heretofore in the field of private finance pending determination of the over-all effect of these new developments or until such time as the responsible monetary authorities determine that the inflationary dangers are abated. Financing institutions were urged to continue their record of excellent cooperation and compliance with the Program. The texts of the President's letter and of Mr. Wilson's letter of March 28, 1952, to the Chairman of the Board of Governors of the Federal Reserve System in connection with the President's letter, are attached. 1 Statement released by National Voluntary Credit Restraint Committee, Mar. 31, 1952. APRIL 1952 Executive Office of the President Office of Defense Mobilization Washington Office of the Director March 28, 1952 Dear Mr. Martin: Enclosed is a copy of the President's letter of March 24 requesting me to undertake the necessary steps to remove from the restrictions of the Voluntary Credit Restraint Program the financial actions of State and local governments. It will be very much appreciated if, through Governor Powell, Chairman of the National Voluntary Credit Restraint Committee, you would bring the President's letter to the attention of the National Committee for its consideration. May I call attention particularly to the concluding paragraphs of the President's letter in which he strongly reiterates his view that State and local governments should continue to exercise great caution in deciding on new bond issues, taking into account the potential inflationary effects and the need to restrict credit expansion to what is absolutely necessary under emergency conditions. It would also be appreciated if Governor Powell would express to the National Committee what I am sure they know to be my deep conviction that the participants in the Voluntary Credit Restraint Program are performing a most valuable public service, not only in discouraging nonessential uses of credit in these times but particularly in reawakening throughout the Nation a deeper consciousness on the part of borrowers as well as lenders of the vital necessity for and the means by which we may best preserve and foster the economic strength of the Nation. They have contributed greatly to the success of the Government's efforts to stabilize the national economy and thus to further the interests of our entire defense mobilization program. 363 VOLUNTARY CREDIT RESTRAINT RELEASES I cannot too strongly emphasize the importance of continued adherence to the principles under which the Voluntary Credit Restraint Program was established and is being effectively carried out by the national and regional committees representing every section of the United States. Sincerely yours, (Signed) C. E. WILSON. Honorable William McChesney Martin, Jr. Chairman Board of Governors Federal Reserve System Washington 25, D. C. The White House Washington U. S. Naval Station Key West, Florida My dear Mr. Wilson: I should like you to undertake the necessary steps to remove from the restrictions of the credit restraint program the financial actions of State and local governments. As you know, the credit restraint program was set up, more than a year ago, under the terms of the Defense Production Act which exempt from the anti-trust laws voluntary agreements among private businessmen if those agreements are approved by the appropriate Government officials. In this case, private commercial bankers, investment bankers, and others in the financial field, agreed on certain standards they would apply in extending credit during the present emergency period. Those standards, which were approved by the Federal Reserve Board and the appropriate mobilization agencies, were intended to limit the granting of bank loans and other types of credit, insofar as possible, to those cases where there would result some expansion of needed productive capacity or where there would be some other result achieved which was valuable in this time of emergency. I have always believed this to be a sensible approach to the problem, and I believe the credit restraint program as a whole has done a great deal of good in limiting credit expansion in inflationary pressures. One feature of the program has, however, 364 worried me from the start. That is the feature under which State and local governments were requested to submit their proposals for new financing to committees made up of private bankers and others in the private financial field for advice as to whether the financing should be undertaken during the present emergency. Furthermore, private financial houses were requested not to extend credit in cases where the credit restraint committees recommended against the State or local bond issue. This arrangement has meant, in effect, that the Federal Government has restricted the proposed actions of State and local governments in matters which should be decided, under our scheme of government, by State and local initiative. While some bond issues which would clearly have been inflationary have been prevented in this fashion, it has necessarily resulted in disapproving actions which have been decided on through democratic processes by State and local governments. I believe that the application of such an arrangement to the affairs of State and local governments should be continued no longer than is absolutely necessary. Accordingly, I have given continuing thought to how soon we can return to the State and local governments full responsibility for deciding what financing is desirable in the public interest during the present emergency. I believe that time has now come, and I therefore request that you undertake to work out the necessary arrangements for terminating the present system of review and approval of proposed State and local financing by voluntary credit restraint committees. I am strongly of the opinion that State and local governments should continue to exercise great caution in deciding on new bond issues. They should take into account, in every case, the possible effect of any proposed financing on the strength of the bond market, on the heavy inflationary pressures which continue to face us, and the continued need to restrict credit expansion to what is absolutely necessary under emergency conditions. I hope and expect that State and local government officials will make their decisions on the basis of what is best in the interest of the whole Nation. Furthermore, they will, of course, continue to have to adjust their plans to the limitations imposed by the scarcity of certain materials. Consequently, I believe we need no longer exercise the same degree FEDERAL RESERVE BULLETIN VOLUNTARY CREDIT RESTRAINT RELEASES of supervision over the financial actions of States and localities that we have for the last year. Sincerely yours, (Signed) HARRY TRUMAN Honorable Charles E. Wilson Director of Defense Mobilization Appointments to Regional Voluntary Credit Restraint Committees STATEMENT OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEE, MARCH 14, 1952 The National Voluntary Credit Restraint Committee has appointed Gordon Murray, President of the First National Bank of Minneapolis, Minneapolis, Minnesota, as a member of the Ninth District Commercial Banking Voluntary Credit Restraint Committee. Mr. Murray previously had been serving as an alternate member. Rufus W. Hanson, Vice President of the First National Bank of Minneapolis, has been appointed as an alternate member of the Ninth District Committee. The National Committee also has appointed R. J. Rice, Vice President of the Twin City Bank, North Little Rock, Arkansas and O. D. Hadfield, Vice President of Peoples National Bank, Little Rock, Arkansas, as alternate members of the Little Rock Regional Commercial Banking Voluntary Credit Restraint Committee. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Class C Director and Deputy Chairman On March 21, 1952, the Board of Governors announced the appointment of Mr. Cecil Puckett, Dean, College of Business Administration, University of Denver, Denver, Colorado, as a Class C director of the Federal Reserve Bank of Kansas City for the unexpired portion of the three-year term ending December 31, 1953, and as Deputy Chairman of the Bank for the remaining portion of the year 1952. He succeeded Mr. Robert L. Mehornay, Chairman of the Board, Mehornay Furniture Company, Kansas City, Missouri, deceased. Mr. Puckett had been serving as a director of the Denver Branch of the Federal Reserve Bank of Kansas City since June 6, 1950. Election of Class B Director The Federal Reserve Bank of Kansas City, on March 11, 1952, announced the election of Mr. Max A. Miller of Omaha, Nebraska, as a Class B director of the Bank for the unexpired portion of the threeyear term ending December 31, 1954, to succeed Mr. Willard D. Hosford, deceased. Mr. Hosford was Vice President of the John Deere Plow Company, Omaha, Nebraska. Mr. Miller is engaged in ranching and farming. APRIL 1952 Appointments of Branch Directors On March 13, 1952, the Federal Reserve Bank of Kansas City appointed Mr. Ralph S. Newcomer, Executive Vice President of the First National Bank in Boulder, Boulder, Colorado, as a director of the Denver Branch for the unexpired portion of the two-year term ending December 31, 1952, to succeed Mr. Ramon B. Handy, deceased. Mr. Handy was Executive Vice President of The First National Bank of Greeley, Greeley, Colorado. On March 14, 1952, the Federal Reserve Bank of Atlanta appointed Mr. John B. Barnett, Jr., President, The Monroe County Bank, Monroeville, Alabama, as a director of the Birmingham Branch for the unexpired portion of the three-year term ending December 31, 1952, to succeed his father Mr. J. B. Barnett, deceased. Mr. J. B. Barnett, ST., was President of The First National Bank of Monroeville, Monroeville, Alabama. On March 27, 1952, the Board of Governors announced the appointment of Mr. Aksel Nielsen, President of the Title Guaranty Company, Denver, Colorado, as a director of the Denver Branch of the Federal Reserve Bank of Kansas City for the unexpired portion of the two-year term ending December 31, 1953. Mr. Nielsen succeeds Mr. Cecil Puckett who was appointed a Class C director and 365 CURRENT EVENTS AND ANNOUNCEMENTS Deputy Chairman of the Federal Reserve Bank of Kansas City. Revised Edition of Historical Supplement to Monthly Chart Book on Bank Credit, Money Rates, and Business The Board of Governors has available for distribution a revised edition of the historical supplement to the monthly Federal Reserve Chart Book on Bank Credit, Money Rates, and Business. The format and the charts included, of which there are 113 pages, are the same in the 1952 supplement as in the April 1951 issue. In most cases the charts cover the period beginning with 1919 or some earlier year. All charts include the latest data available on April 2, 1952. The historical supplement now available will be distributed free of charge to annual subscribers to the monthly Chart Book. Single copies of the supplement may be purchased for 60 cents each; in quantities of 10 or more copies for shipment to one address, there is a special price of 50 cents per copy. Orders should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 366 Correction In the statement by the Board of Governors of the Federal Reserve System with respect to extension of the Defense Production Act of 1950, as reprinted in the March 1952 BULLETIN on pages 24446, the correction indicated below should be made. Page 245, column 1, 14th line from bottom of page. Change sentence beginning on this line to read: Consumer instalment credit is a highly volatile segment of the credit picture, as indicated by the substantial increase—a rate of almost 500 million dollars per month during the period in 1950 when the Defense Production Act was under consideration by the Congress. Admission of State Bank to Membership in the Federal Reserve System The following State bank was admitted to membership in the Federal Reserve System during the period February 16, 1952 to March 15, 1952: South Carolina North Charleston—The Port City Bank. FEDERAL RESERVE BULLETIN; LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Consumer Credit Amendments to Regulation W The Board of Governors of the Federal Reserve System, effective March 24, 1952, amended Regulation W, relating to consumer credit, by removing the prescribed minimum down payment and maximum loan value in connection with home repairs and modernization credits. The maximum permissible maturity of 36 months for this type of instalment credit was not changed. Also, the Board of Governors, effective April 8, 1952, amended Regulation W so as to exempt from the prescribed minimum down payment and maximum loan value, all listed articles costing less than $100. The amendment does not affect the maximum maturities prescribed for listed articles. The exemption previously applied to articles costing less than $50. The texts of these amendments are as follows: AMENDMENT NO. 7 TO REGULATION W Issued by the Board of Governors of the Federal Reserve System. Regulation W is hereby amended in the following respects, effective March 24, 1952: 1. By amending subsection (c) of section 3 to read as follows: (c) Time of Down Payment—The down payment shall be obtained at or before the time of delivery of the listed article. 2. By deleting the figure "5" following the words "cash price" in the second sentence of subsection (d) of section 4 and the footnote to said subsection (d). 3. By adding at the end of subsection (b) of section 6 the following new sentence: In the case of an instalment credit for financing the purchase of an article listed in Group D, this section 6(b) shall not be deemed to require compliance to be determined from a date in advance of completion of the agreed upon repairs, alterations, or improvements. APRIL 1952 4. By changing the figure "5a" at the end of subsection (a) of section 8 to "5" and by making the corresponding change in the footnote. 5. By inserting in the first sentence of Part 1 of the Supplement to the regulation after the phrase "maximum loan values are prescribed," the language "for articles listed in Group A, Group B, and Group C." 6. By amending the italicized caption "Group D —20 per cent minimum down payment, 90 per cent maximum loan value": in Part 1 of the Supplement to the regulation to read as follows: Group D—No prescribed requirement as to minimum down payment or maximum loan value: 7. By deleting the second paragraph of Part 4 of the Supplement to the regulation. AMENDMENT NO. 8 TO REGULATION W Issued by the Board of Governors of the Federal Reserve System. Regulation W is hereby amended in the following respect, effective April 8, 1952: 1. By changing "$50" to "$100" in the introductory sentence of Part 1 of the Supplement. Court Proceedings and Suspension of License The United States District Court in Minneapolis, Minnesota, on April 7, 1952, fined the Minnesota Soft Water Company of Minneapolis, $900 for failing to obtain the down payment required by Regulation W in connection with sales of water softeners and for failing to maintain adequate records of such sales as required by the regulation. On March 31, 1952, the Board of Governors of the Federal Reserve System suspended for a period of thirty days, from April 1 through April 30, 1952, the license of Video Meters, Inc., San Francisco, California, to make instalment sales and rentals of television sets subject to Regulation W. The company consented to the entry of the Order by the Board. The company was charged with failing to obtain the required down payment in connection with sales and rentals subject to Regulation W. 367 LAW DEPARTMENT Clayton Act Proceeding Transamerica Corporation There are printed below the Board's Findings as to the Facts, Conclusion, and Order, together with four other orders adopted by the Board on March 27, 1952, in connection with the Transamerica Clayton Act proceeding, and the dissenting statement of Governor Powell filed April 1, 1952. UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM In the Matter of ) Transamerica Corporation j FINDINGS AS TO THE FACTS, CONCLUSION AND ORDER spondent's counsel, reply by respondent's counsel to findings proposed by counsel for the Board, and briefs of counsel in support of and in opposition to the amended and supplemental complaint. Subsequently, the Hearing Officer duly considered the matter, ruled upon the proposed findings submitted by counsel for the Board and by respondent's counsel, and made and filed with the Board his recommended decision dated June 13, 1951. Thereafter the proceeding regularly came on for final hearing by the Board upon the amended and supplemental complaint, testimony and other evidence duly recorded, certified and filed in the office of the Board, the recommended decision of the Hearing Officer, respondent's motion to dismiss dated and filed September 13, 1951, exceptions on behalf of the respondent dated and filed September 13, 1951, and briefs and oral argument of counsel for the Board and of counsel for respondent; and the Board, having duly considered the matter, having denied respondent's aforesaid motion to dismiss and exceptions, and being now fully advised in the premises, makes and enters these its findings as to the facts, conclusion and order. Pursuant to the provisions of an Act of Congress approved October 15, 1914, entitled, "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes" (the Clayton Act), the Board of Governors of the FINDINGS AS TO THE FACTS Federal Reserve System on June 24, 1948, issued and thereafter served upon respondent, TransPARAGRAPH ONE: (a) Respondent, Transamerica america Corporation, a complaint, and on July 19, Corporation (hereinafter frequently called "Trans1949, issued and thereafter served upon respondent america"), is a corporation organized and existing an amended and supplemental complaint, charging under the laws of the State of Delaware, and has respondent with violation of section 7 of said Act its principal office and place of business at 4 Colum(38 Stat. 731, 15 U.S.C. §18). By order entered bus Avenue, San Francisco, California. It is a herein December 6, 1948, Rudolph M. Evans, a holding company, having an authorized capital member of the Board of Governors of the Federal stock of 25,000,000 shares of a par value of $2 each, Reserve System, was duly designated to serve as and having outstanding as of December 31, 1948, a Hearing Officer in this proceeding, and, upon the total of 9,930,000 of such shares. Respondent was completion of the taking of evidence, to make and organized in 1928 by A. P. Giannini for the purfile his recommended decision. Pursuant to appro- pose, among others, of facilitating control and manpriate authorization, Paul C. Hodge, General agement through a single corporation of the banks Counsel of the Federal Reserve Bank of Chicago, and other corporations theretofore operated under served as legal adviser to the Hearing Officer. The his general direction. taking of evidence having been completed, the (b) At or about the time of the filing of the matter was duly heard by the Hearing Officer upon Board's amended and supplemental complaint, rethe amended and supplemental complaint, testi- spondent had acquired and owned, directly and mony and other evidence recorded and filed in the through subsidiaries, voting stock in each of the office of the Board, proposed findings as to the facts following commercial banks in the States of Califiled by counsel for the Board, proposed findings as fornia, Oregon, Nevada, Arizona and Washington, to the facts filed by respondent's counsel, reply by in the approximate stated percentage of the total counsel for the Board to findings proposed by re- stock of each such bank: 368 FEDERAL RESERVE BULLETIN LAW DEPARTMENT In Washington In California Bank of America National Trust and Savings Association, San Francisco Central Bank, Oakland The First National Bank of Garden Grove, Garden Grove Bank of Pinole, Crockett Central Bank of Calaveras, San Andreas The First National Bank of Fairfield, Fairfield The Temple City National Bank, Temple City The First National Bank of Weed, Weed First Trust and Savings Bank of Pasadena, Pasadena The First National Bank of Bellnower, Bellflower First National Bank in Corcoran, Corcoran. . . The First National Bank of Los Altos, Los Altos Bank of Newman, Newman First National Bank in Santa Ana, Santa Ana First National Trust and Savings Bank of Santa Barbara, Santa Barbara Bank of Tehachapi, Tehachapi The First National Bank of Crows Landing, Crows Landing The First National Bank of San Jacinto, San Jacinto Farmers & Merchants Bank of Watts, Los Angeles The First National Bank of Mountain View, Mountain View The First National Bank of Oakdale, Oakdale First National Bank in Turlock, Turlock Bank of Beaumont, Beaumont First National Bank in Delano, Delano American Commercial & Savings Bank, Moorpark Stanislaus County Bank, Oakdale National Bank of Washington, Tacoma.. 22.88% 99.65 90.00 92.31 92.50 89.60 86.67 90.00 97.78 95.00 92.00 87.20 87.83 98.50 96.18 92.50 89.60 66.90 97.50 75.63 93.00 89.87 93.00 90.27 90.00 97.08 In Oregon The First National Bank of Portland, Portland The First National Bank of Forest Grove, Forest Grove Coolidge & McClaine, Silverton Moreland-Sellwood Bank, Portland Clatsop County Bank, Seaside The First National Bank of Cottage Grove, Cottage Grove The First National Bank of Prineville, Prineville The Scio State Bank, Scio Bank of Sweet Home, Sweet Home The First National Bank of Eugene, Eugene. Benton County State Bank, Corvallis Carlton State & Savings Bank, Carlton Yamhill State Bank, Yamhill Monroe State Bank, Monroe The First National Bank of Lebanon State Bank of Malheur County, Ontario. . . 68.60 90.00 98.13 97.00 97.00 90.00 90.00 95.00 97.50 98.20 97.33 90.00 90.00 91.67 86.00 94.60 In Nevada First National Bank of Nevada, Reno 99.10 Farmers' Bank of Carson Valley (Inc.), Minden 88.00 Bank of Nevada, Las Vegas 70.00 In Arizona First National Bank of Arizona, Phoenix. . APRIL 1952 80.83 . 62.30 (c) In addition to the stocks owned as stated in the preceding subparagraph, Transamerica also owned, as of 1948, stock in banks, financial institutions, and other corporations as follows: (1) Banca d'America e d'ltalia, 92.59 per cent of the capital stock. (2) The National City Bank of New York, approximately 7.2 per cent of the capital stock. (3) First Savings Bank of San Jacinto, California, 65.40 per cent of the capital stock. (4) All of the stock of Capital Companyy which is engaged in the purchase, sale, leasing, management, and operation of real estate, and in the leasing and operation of agricultural, oil, gas, and mineral land. This company supervises,, maintains, and constructs properties for its affiliated companies, and engages especially in the handling of properties owned by or acquired from affiliated banks. (5) All of the stock of Allied Building Credits, Inc., which is engaged in financing new construction, largely residential, and in reselling mortgages and instalment notes to banks, insurance companies, and other investors. In 1948, this company purchased nearly $45,000,000 of notes and mortgages. (6) All of the stock of Occidental Corporation, which, in turn, owned all of the stock of Occidental Life Insurance Company of California. The latter is the largest life insurance company located on the Pacific Coast, having in 1948 more than 15,000 sales representatives and nearly $2,000,000,000 in life insurance in force. (7) All of the stock of Pacific National Fire Insurance Company, which is engaged in writing fire, automobile, and marine insurance. This company had, in 1948, some 4,000 sales representatives and received in that year premium payments of nearly $10,000,000. (8) Through its subsidiary named in (7) above, all of the stock of Premier Insurance Company, which is engaged in writing automobile insurance, principally in connection with instalment sales of automobiles. This company received premium payments in 1948 of nearly $8,000,000. 369 LAW DEPARTMENT (9) More than 99 per cent of the stock of Adel Precision Products Corporation. This company manufactures tractors, aircraft parts and equipment, and other metal products. Its 1948 sales were more than $6,000,000. (10) Eighty-six per cent of the stock of General Metals Corporation. This company produces ferrous and nonferrous castings and forgings, and had sales in 1948 of more than $9,000,000. (11) All of the stock of Enterprise Engine & Foundry Company. This company operates foundries and produces diesel engines, oil burner equipment, and other machinery. Its sales in 1948 were more than $8,000,000. (12) Slightly over 60 per cent of the stock of Columbia River Packers Association, Inc. This company operates fisheries and processing plants, and markets canned salmon, tuna, crabmeat, shad roe, and frozen fish. Its sales in 1948 were more than $12,000,000. (13) More than 99 per cent of the stock of Corporation of America. This company, as of 1948, was engaged only in acting as trustee under deeds of trust in which respondent and its affiliated companies were named as beneficiaries. (14) All or a substantial part of the stocks of various other companies, including Inter-America Corporation, American Brokerage, Inc. (inactive); The Axton-Fisher Tobacco Company (in liquidation); Coast Service Company; and Timeplan, Incorporated (inactive). PARAGRAPH TWO: (a) Each of the banks named in subparagraph (b) of Paragraph One hereof is a commercial bank. Each of these banks accepts deposits subject to check issued by the depositor against his account. Each of these banks, through the check collection facilities of the Federal Reserve Banks, through correspondent banks or directly, or through one or more of these means, continuously and regularly sends checks deposited by its customers, which are drawn upon banks in States other than the State in which such bank is located, to such out-of-State banks for collection. Each of these banks continuously and regularly receives from banks in States other than the State in which it is located, through the check collection facilities of the Federal Reserve Banks, through correspondent banks or directly, or through one or more of these means, checks drawn by its own depositors against their accounts in such bank and sent by such depositors as a means of payment to payees in 370 other States, and deposited for collection by such payees in banks in States other than the State in which the paying bank is located. Both in receiving for collection checks drawn upon banks in other States and in honoring the checks of its own depositors which are deposited for collection in and received from banks in other States, each of the banks named above in subparagraph (b) of Paragraph One hereof must, and does, arrange for the settlement of the resulting debit or credit balances. Such transactions across State lines are necessary in the operation of all commercial banks and require constant communication and transportation between various States of the United States. (b) In addition to the matters stated in subparagraph (a) of this Paragraph Two, commercial banks, including those named in subparagraph (b) of Paragraph One hereof, normally and regularly engage in all or substantially all of the following functions: collection or payment of bill-of-lading drafts, notes, and other commercial instruments; acceptance of bills of exchange; purchase or sale of securities for their own accounts or the accounts of their customers; collection of maturing securities or interest coupons due thereon for their own accounts or the accounts of customers; maintenance of correspondent relationships with banks in other States; telegraphic transfer of funds for their own accounts or the accounts of their customers; and other commercial transactions. The performance of these functions requires constant use of the channels of interstate communication and transportation and involves constant commercial intercourse across State lines, including the regular shipment and receipt of documents and the transfer of funds between and among various States of the United States. (c) Each of the banks named in subparagraph (b) of Paragraph One hereof is engaged in commerce, as "commerce" is defined in the aforesaid Clayton Act (38 Stat. 730; 15 U.S.C. §12). PARAGRAPH THREE: (a) The banking group control of which was later concentrated in Transamerica had its origin in the organization by A. P. Giannini of the Bank of Italy in San Francisco, California, in 1904. Its expansion began with a first branch in 1909, a second in 1910, a third in 1912, 2 in 1913, 1 in 1915, 5 in 1916, and 7 in 1917, making a total of 18 branches at the end of that year. Until 1917, the method followed in buying other banks was for one or more of the officers of the FEDERAL RESERVE BULLETIN DEPARTMENT Bank of Italy to buy the stock of the bank to be acquired with the proceeds of personal loans to them by another bank, these loans being secured by the stock purchased. The assets of the bank the stock of which had been thus purchased were then sold to the Bank of Italy; the loans made to finance the stock purchased were then paid from the sale of assets and the acquired bank was liquidated. This method was followed because California law did not permit one bank to buy the stock of another. (b) As the number of banks being acquired increased, this procedure became burdensome and inconvenient. In 1917, A. P. Giannini organized the Stockholders Auxiliary Corporation, the beneficial interest in its stock being owned by the stockholds of the Bank of Italy in the same proportion as their stockholdings in that bank. This company was organized for the purpose, among others, of acting as a purchaser of the stock of banks the assets of which were to be later acquired by the Bank of Italy. It also took charge of any assets of the acquired bank which had to be written off by the Bank of Italy. It acted as an insurance broker in placing insurance for the Bank of Italy and insurance which came to the Bank of Italy through its customers or in connection with loans made by it. In 1918, A. P. Giannini organized the Bancitaly Corporation, a New York corporation, in which about three-fifths of the stockholders were also stockholders in the Bank of Italy, and in which the Stockholders Auxiliary Corporation owned about 25 per cent of the stock. The Bancitaly Corporation acquired control of several banks in New York, interests in some foreign banks, and controlling stock interests in some California banks. A. P. Giannini was President of Bancitaly Corporation from the organization of that company until its dissolution in 1928. In 1924, Stockholders Auxiliary Corporation and certain stockholders of the Bank of America of Los Angeles organized a company known as Americommercial Corporation, which also engaged in acquiring controlling stock interests in California banks. Stockholders Auxiliary Corporation later came into the sole ownership of Americommercial Corporation. In 1927, after the passage of the McFadden Act, permitting national banks to engage in branch banking, the Bank of Italy absorbed the Liberty Bank of America of San Francisco and the Commercial National Bank of Los Angeles and became Bank of APRIL 1952 Italy National Trust and Savings Association under a national charter. (c) In 1928, A. P. Giannini organized respondent, Transamerica, as previously found, for the purpose, among others, of concentrating under the control of a single company all of the various banks and other organizations above referred to in this Paragraph Three. At the request of A. P. Giannini, practically all of the stockholders in Bank of Italy National Trust and Savings Association and Bancitaly Corporation exchanged their stock in these companies for stock in Transamerica, thus placing in the hands of Transamerica, at the time of or shortly after its organization, substantially all of the stock of Bank of Italy National Trust and Savings Association and Bancitaly Corporation. The Bank of Italy National Trust and Savings Association had by that time acquired, by the purchase of other banks through the method stated above and by the establishment of de novo branches, some 284 branches in California. In addition, Transamerica had acquired and held all or a substantial majority of the stock of California Joint Stock Land Bank, National Bankitaly Company, Bankitaly Agricultural Credit Corporation, Bankitaly Mortgage Company, Bank of America National Association of New York, Bancamerica Blair Corporation, Commercial Holding Company, Bankitaly Company of America, Occidental Corporation (a holding company owning Occidental Life Insurance Company and Occidental Investment Company), Bank of America (California) and its security affiliate, Corporation of America, and Pacific National Fire Insurance Company. The "Statement of Condition at the Close of Business December 31, 1928," issued by Transamerica, stated its resources as $1,093,449,250, and gave the names of its Directors as follows: A. P. Giannini, President, Transamerica Corporation; James A. Bacigalupi, President, Bank of Italy N.T. & S.A.; A. J. Mount, Senior Vice President, Bank of Italy N.T. & S.A.; P. C. Hale, Vice President, Bankitaly Company of America; A. Pedrini, Vice President, Bankitaly Company of America; L. M. Giannini, President, Pacific National Fire Insurance Company; A. E. Sbarboro, Vice President, Pacific National Fire Insurance Company; W. E. Blauer, Vice President, Bankitaly Mortgage Company and Vice President, California Joint Stock Land Bank; Dr. A. H. Giannini, Chairman, Board of Directors, The Bank of America, N.A., New York; 371 LAW DEPARTMENT Edward C. Delafield, President, The Bank of America, N.A., New York; L. V. Belden, President, The Bankameric Corporation, New York; J. E. Rovensky, Vice President, The Bankameric Corporation, New York; Leon Bocqueraz, Chairman, Board of Directors, Bank of America of California; E. J. Nolan, President, Bank of America of California; C. N. Hawkins, Vice President, Bankitaly Agricultural Credit Corporation; W. H. Snyder, Vice President, Commercial Holding Company; George A. Webster, Vice President, Commercial Holding Company; W. F. Morrish, Vice President, Corporation of America; C. R. Bell, Vice President, Corporation of America. [BX 3-A] In 1930, through a consolidation with Bank of America of California, which was itself a consolidation of United Security Bank and Trust Company with Merchants National Trust and Savings Bank, Bank of Italy National Trust and Savings Association became Bank of America National Trust and Savings Association, hereinafter frequently referred to as "Bank of America." PARAGRAPH FOUR: (a) The Transamerica group— operating principally through Transamerica, but with active assistance and cooperation from other members of the group and especially from officials of Bank of America—continued its aggressive policy of acquiring other banks and extending and expanding its operations. From its organization in 1928 to the time of this proceeding, Transamerica acquired some 240 banks and branches in California, of which some 200 have been absorbed into and become branches of Bank of America. (b) A bank cannot lawfully engage in interstate branch banking; however, Transamerica, not being a bank itself, was able to, and did, extend its controlled group-banking operations into other States. Transamerica first expanded the operations of the group into Oregon in 1930, through the acquisition of The First National Bank of Portland. Subsequently, Transamerica acquired some 56 banks and branches in that State, about 40 of which have been absorbed into the branch-bank system of The First National Bank of Portland. The Transamerica group expanded its operations into Nevada in 1934 through the acquisition by Transamerica of the First National Bank in Reno, the name of which was subsequently changed to First National Bank of Nevada. Since this first acquisition in Nevada, Transamerica has acquired six other banks in Nevada, four of which have been converted into 372 branches of the First National Bank of Nevada. In furtherance of the policy of expanding and extending the operations of the group, Transamerica entered the State of Washington in 1936 through the acquisition of the National Bank of Tacoma, the name of which was subsequently changed to National Bank of Washington. Since this acquisition, Transamerica has acquired nine other banks in Washington, all of which have been converted into branches of the National Bank of Washington. Continuing its expansion and extension policy, the group entered Arizona in 1937 through the acquisition by Transamerica of the First National Bank of Arizona at Phoenix, the Phoenix National Bank, and its affiliate, the Phoenix Savings Bank & Trust Company. The First National Bank of Arizona at Phoenix and the Phoenix National Bank were consolidated and became the First National Bank of Arizona. This bank acquired a branch from another bank and later established two additional branches and merged with its companion bank, Phoenix Savings Bank & Trust Company. (c) The usual method followed in acquiring banks was to arrange for the purchase by Transamerica of a controlling stock interest in the bank to be acquired, and thereafter if the bank purchased was to be converted into a branch, Transamerica would convey the assets to one of its controlled banks. It has been common procedure for Transamerica to sell to persons selected to be directors of a bank purchased by it, directors' qualifying shares with an option to Transamerica to repurchase. It has also been common for Transamerica to complete such arrangements prior to the time it became the owner of record of the capital stock of the bank acquired. By this means, boards of directors selected by Transamerica were provided for in advance of transfer to Transamerica of the stock bought in its behalf, and thus any need for Transamerica to obtain a voting permit from this Board in order to vote its stock for the election of a board of directors was avoided. There are a total of 324 directorships in Transamerica majority-owned banks which are filled by 266 individuals, and Transamerica holds options to purchase the qualifying shares in the case of 249 such directorships. It has also been a frequent practice of Transamerica, where it appeared necessary in order to secure a controlling interest in a bank it desired to purchase, to pay bonuses to officials of the bank or to grant them special inducements in various forms, as well as to FEDERAL RESERVE BULLETIN LAW DEPARTMENT pay unusually high prices for shares that represented control, or which might aid in securing control. It has consistently sought to acquire controlling interests. (d) As of June 30, 1948, the Transamerica group controlled in California 25 commercial banks having 529 branches, with a total of 554 banking offices; in Oregon, 13 commercial banks having 44 branches, with a total of 57 banking offices; in Nevada, 3 commercial banks having 12 branches, with a total of 15 banking offices; in Arizona, 1 commercial bank having 5 branches, with a total of 6 banking offices; and in Washington, 1 commercial bank, having 9 branches, with a total of 10 banking offices. Subsequently, the number of controlled commercial banks was increased in California to 26 and in Oregon to 16. (e) During the pendency of this proceeding the Transamerica group, having secured permits from the Comptroller of the Currency to branch such banks, attempted to convert into branches of Bank of America 22 banks with 28 banking offices (one dual occupancy) in California which are majority owned by Transamerica. This conversion was prevented by injunctive orders issued by the United States Court of Appeals for the Ninth Circuit upon the petition of this Board and by subsequent action of that court in contempt proceedings instituted against Transamerica, Bank of America, and their respective chief executive officers, Sam H. Husbands and L. M. Giannini, for failure to obey the injunctive orders. In Oregon, Transamerica presently controls 15 banks (with 17 offices) now operated as affiliates of The First National Bank of Portland. Applications to convert such banks into branches of The First National Bank of Portland are now pending before the Comptroller of the Currency. PARAGRAPH FIVE: (a) A basic position of respondent in this proceeding is that Bank of America is not controlled by Transamerica, is not a part of the Transamerica group, and is a wholly separate institution dealing at arms length with Transamerica and banks and other corporations majority owned by Transamerica. The support for this position appears to be necessarily based principally upon, though not limited to, reductions in the proportions of the stock of Bank of America held by Transamerica, upon the present wide distribution of the stock of Bank of America, and upon the relatively insignificant stockholdings of L. M. Giannini APRIL 1952 in the Bank. The facts as to these particular matters are:. (1) From the organization of Transamerica in 1928 until July 1937, it held more than 99 per cent of the stock of Bank of America; in July 1937, Transamerica distributed about 58 per cent of its holdings of stock in Bank of America to the stockholders in Transamerica, and thereafter, by sales, reduced its holdings of stock of Bank of America to percentages of the total stock of that bank as follows: 1938 1939 1940 1941 1942 1943 41.17% 30.16 36.53 30.85 25.05 21.36 1944 1945 1946 1947 1948 23.84% 21.25 22.32 22.54 22.88 During the pendency of this proceeding, Transamerica three times reduced its holdings of Bank of America stock by sale and by distribution of shares to its own stockholders. The first reduction was in 1949 to 11.1 per cent of the total stock of Bank of America; the second was in 1951 to 7.66 per cent of such stock; and the third was in 1952, after final hearing of this matter by the Board, to approximately 5.6 per cent of the Bank of America's total stock. (2) As of August 31, 1950, the 24,000,000 shares of stock of Bank of America were distributed among more than 180,000 holders, exclusive of Transamerica, its subsidiaries, and nominees, and Bank of America employees' profit-sharing and family-estate trustees. (3) The stockholdings of L. M. Giannini, plus other shareholdings directly controlled by him, amounted to approximately two-tenths of 1 per cent of the total stock of Bank of America. (b) From its organization in 1928 to July 1937, Transamerica had and exercised control of Bank of America through its ownership of more than 99 per cent of the stock of that bank. However important other elements of control may have been during that period, they are not considered here because of the direct control through stock ownership. The control exercised by Transamerica, not only of Bank of America, but also of its majority-owned banks and other companies, has always been and is one of policy, leaving the details of the management of the individual banks and other companies to officials selected directly or indirectly by Transamerica. Any radical departure from these policies, or any abnormal commitment, required prior consultation with and approval by Transamerica. Transamerica's control of Bank of America was 373 LAW DEPARTMENT for many years publicly acknowledged by Transamerica. For example, the published Annual Report of Transamerica for 1932 contains the statement: The policies of the Giannini management of Transamerica Corporation have been restored and are hereby reaffirmed. [BX 3-E] The published Annual Report of Transamerica for 1934 stated in part: Your Directors have named a committee of fourteen to serve as an Advisory Council to assist A. P. Giannini in directing the activities of all banks controlled by Transamerica Corporation. . . . This Council, in addition to its advisory functions, will co-operate with A. P. Giannini and your Board of Directors in choosing from time to time the chief operating executives of the Transamerica group. [BX 3-G] The same Annual Report refers to L. M. Giannini, who was made head of the Advisory Council mentioned in the preceding excerpt, as follows: The selection of L. M. Giannini to head the Advisory Council is, in the opinion of your Board, a particularly happy one for, in addition to his close contact with the wide range of Transamerica's activities since their inception, he is a man whose seasoned judgment, qualities of leadership, and outstanding analytical abilities peculiarly qualify him to head the Council which will determine management policies for the entire group of Transamerica's banks. [BX 3-G] The composition of the Advisory Council selected by the Directors of Transamerica to assist A. P. Giannini and Transamerica in selecting "the chief operating executives of the Transamerica group" and to "determine management policies for the entire group of Transamerica's banks" was L. M. Giannini as Council Chairman, and the following membership: John M. Grant, President of Transamerica; E. B. MacNaughton, President of The First National Bank of Portland, a Transamericacontrolled bank; C. F. Wente, President of the First National Bank in Reno, a Transamerica-controlled bank; and the following, each of whom held the position stated in the Bank of America: F. N. Belgrano, Jr., Vice President; W. E. Blauer, Vice President and Chairman of its General Finance Committee; Hugh L. Clary, Vice President and Vice Chairman of its Operating Committee; Louis Ferrari, Vice President and General Counsel; F. A. 374 Ferroggiaro, Vice President; Dr. A. H. Giannini, Chairman of the General Executive Committee; A. J. Gock, Vice President; G. J. Panario, Vice President; A. E. Sbarboro, Vice President and Vice Chairman of its General Finance Committee, and Will C. Wood, Vice President. R. P. Everard, Secretary of Bank of America and of Transamerica Corporation, was designated as Secretary of the Advisory Council. Apparently this Council became inactive after a few years. The Annual Report of Transamerica for 1935 states: . . . it is fitting that there be incorporated in this letter to the stockholders of Transamerica Corporation a copy of the following preambles and resolutions in regard to Mr. [A. P.] Giannini which were adopted at a regular meeting of the Board of Directors of the Bank of America N. T. & S. A. on August 14, 1935: WHEREAS, at a meeting of this Board of Directors held on July 9, 1935, there was presented for consideration a recommendation of the Board of Directors of Transamerica Corporation that Bank of America N. T. & S. A. place Mr. A. P. Giannini on a salary as Chairman of the Board of said Bank; and WHEREAS, this Board of Directors fully recognizes the fact that the gigantic task of reconstruction undertaken by Mr. Giannini when he resumed control of the management of Bank of America N. T. & S. A. on February 15, 1932, has been accomplished through the genius and indomitable leadership of Mr. Giannini * * # . [BX 3-H] (c) (1) When Transamerica, in 1937, became a minority stockholder in Bank of America through distribution to its own shareholders of 58 per cent of its then stockholdings in that bank, the effective control of that bank by Transamerica was not interrupted. Many factors, some tangible and others of an intangible character, have contributed to and aided in the continuance of this control to the present time, and promise its continuance in the future. (2) In 1930, A. P. Giannini retired pursuant to a previously announced plan, and at his invitation Elisha Walker, an Eastern banker, became ChairFEDERAL RESERVE BULLETIN LAW DEPARTMENT man of the Board of Directors of Transamerica. The Board of Directors was reconstituted, and in 1931 it wrote down the book value of Transamerica's assets by about one billion dollars, most of which was due to the reduction to nominal figures of the sums previously carried as goodwill and going-concern values. Transamerica's Board also announced new policies, which included eventual withdrawal of Transamerica from the control of banks, in which connection Transamerica's Board stated: . . . Your Board believes that it is unsound to link, through a holding company, the ownership and control of a deposit bank with other unrelated activities and that it is essential to the complete success of any bank that it should be operated and publicly regarded as an independent institution without responsibility for, or connection with, any other business. It was for this reason that your Board determined upon the policy of confining the Corporation's investments in the banking field to minority interests not involving controlling influence. The eventual separation of its controlled banks from Transamerica, in accordance with this policy, will give such banks complete independence in their lending and investment policies which is the only sound foundation for a bank. [BX 3-D] A. P. Giannini came out of retirement and, against the strenuous opposition of the new management of Transamerica, secured proxies more than sufficient to control Transamerica; whereupon the Walker management was ousted. A. P. Giannini again became Chairman of the Board of Directors of Transamerica, with L. M. Giannini as a Director and Chairman of the Executive Committee, and with other Directors and officers selected by A. P. Giannini. On February 24, 1932, soon after these events, the Board of Directors of Transamerica adopted the following resolution: Resolved, that the Chairman of the Board or the President of this corporation be, and he hereby is, authorized to designate, where deemed advisable by either of them to do so, the particular person or persons who shall represent the interests of this corporation on the Board of Directors of any other corporation of which this corporation owns stock. [TR 1734] The foregoing action was rescinded on August 23, APRIL 1952 1940, and the following resolution was adopted by Transamerica's Board: Resolved, that the Chairman of the Board of Directors or the President of this corporation be, and each of them hereby is authorized to execute for and in the name and on behalf of this corporation, a proxy or power of attorney in any form satisfactory to him appointing such person or persons as he shall determine as attorneys and proxies to vote the shares of stock of other corporations now or hereafter registered in the name of this corporation, or which this corporation may now or hereafter be entitled to vote at any and all meetings of shareholders of said other corporations. [TR 1735] (3) In addition to the delegations of authority by Transamerica to A. P. Giannini as Chairman of Transamerica's Board of Directors, and to the President of Transamerica, to designate the person or persons to represent the interests of Transamerica on boards of directors of corporations of which Transamerica held stock, and to name proxies to vote the stock held by Transamerica in other corporations, the by-laws of the Bank of America placed specific powers in the hands of A. P. Giannini. At all relevant times, A. P. Giannini, as Chairman of the Board of Directors of Bank of America, and, later, as Founder-Chairman of the Bank, had direct authority to formulate the policies by which the affairs and operations of the Bank of America were controlled. Section 4 of the Bank's by-laws as amended on September 22, 1931, reads in part: Section 4. The Chairman of the Board. The Chairman of the Board of Directors shall preside at all meetings of the Board and of the shareholders, and shall perform all other duties imposed upon him by the Board of Directors and these By-Laws. The duties of the Chairman, in addition to the usual executive duties of such officer, shall also include responsibility for the policies upon which the bank's operations and affairs will be conducted. [BX 289] When the position of "Founder-Chairman" was created by the Bank of America for A. P. Giannini, Section 4 of the Bank's by-laws was, on May 8, 1945, amended to read in part: Section 4. The Founder-Chairman. The Founder-Chairman shall be responsible for the formulation of the policies upon which the bank's 375 LAW DEPARTMENT operations and affairs will be conducted and shall perform such other duties as may be imposed upon him by the Board of Directors and these By-Laws. . . . [BX 289] (d) (1) When the stock of a company is widely distributed among a large number of small holders, it is common experience that a substantial though minority interest frequently exercises effective control. In the present instance, after reduction to 7.66 per cent of the stock of Bank of America, the holdings of Transamerica and its subsidiaries in that bank on January 31, 1951, were 1,838,850 shares (later reduced in January 1952 to approximately 5.6 per cent, or 1,345,883 shares). On August 31, 1950, (the nearest date for which figures are available) the next largest holder, other than Bank of America employee trust funds, which had 450,891 shares, was a securities dealer who was the holder of record of 62,000 shares. More than half of the 24,000,000 shares of stock of Bank of America was held in lots of less than 500 shares by 173,109 owners, and almost a quarter of the total issue was held by 6,727 owners in lots of more than 499 but less than 2,000 shares. The record shows that in the years 1938 to 1950, inclusive, the shares voted by the management Proxy Committee (as distinguished from shares voted by other proxies, or in person) averaged approximately 99 per cent of all the shares which were voted. For example, the figures for recent years show: Voted by Total management Voted vY e a r shares Proxy by all voted Committee others 1947 1948 1949 1950 6,158,796 6,214,715 6,183,509 7,108,579 6,097,080 6,143,564 6,115,453 7,031,046 61,716 71,151 68,056 77,533 Transamerica holds a voting permit issued by this Board to vote the stock it holds in Bank of America. (2) Since 1939 the stock owned by Transamerica in Bank of America has been voted by the Bank's Proxy Committee. The formal designation of the members of this committee is by the Board of Directors of the Bank. This Proxy Committtee has consisted of three members (except in one year five members were named) who have always been persons close to A. P. Giannini. Two of the usual members of the committee have been Margaret Mallory, office manager of the A. P. Giannini Company, who has served on the Proxy Committee every year since 1937, and George J. Giannini, 376 brother of A. P. Giannini, who has served on the committee every year since 1941. The Proxy Committee has consistently voted for and elected as Directors of Bank of America the Directors already in office if they were available, and when a new member was added to replace a Director no longer available, the Proxy Committee voted for whoever was selected by the Bank's Board, usually at the recommendation of the Chairman of the Board of the Bank, sometimes after consultation with Directors and officers. This provides the Bank's management with an effective instrument for perpetuating itself in control. (e) Among the important intangible factors of control of Bank of America by Transamerica is the history of "Giannini management" of Transamerica and its affiliates, the long-established relationships among the members of this group, the long and continuous service of most of the important officials in the group, the expectation and acceptance of policy direction, and the momentum of established policies and procedures. All of these tend to preserve and continue unity of policy on the part of the management hierarchy of both Transamerica and Bank of America. (f) A result of the tangible and intangible factors entering into the control of Bank of America by Transamerica appears from an examination of the 1948 Board of Directors of that bank. The Bank's 1948 Board consisted of 25 members. Of this membership, 14 were members of the Bank's 1937 Board selected by Transamerica when it owned more than 99 per cent of the stock of Bank of America. These members were: (1) (2) (3) (4) (5) (6) (7) W. E. Blauer Leon Bocqueraz G. E. Caglieri J. Cereghino John A. Corotto A. P. Giannini L. M. Giannini (8) (9) (10) (11) (12) (13) (14) A. J. Gock J. E. Marble H. A. Mazzera Angelo Petri A. E. Sbarboro C. J. Sullivan Z. Zentner Each of these 14 members of the 1948 Board of Directors of Bank of America served continuously in that capacity from 1937, except A. E. Sbarboro, who was relieved in 1938 and re-elected in 1946. The remaining 11 members of the 1948 Board of the Bank of America were: (1) F. S. Baer, who was elected to the Bank's Board in 1943 and served continuously through 1948. Baer came into the Transamerica group through Transamerica's acquisition in 1942 of Pacific Finance Corporation of California, of which he was managing head. FEDERAL RESERVE BULLETIN LAW DEPARTMENT (2) Louis Ferrari, who became a member of the Bank's Board in 1946 and served through 1948. He had previously been a Director of the Bank for the years 1929 through 1932, inclusive. He became a trust attorney for the Bank of Italy in 1919. From 1926 to 1944 he was Vice President and General Counsel of Bank of America. (3) F. A. Ferroggiaro, who became a member of the Bank's Board in 1940 and served continuously through 1948. He had previously been a Director of the Bank in 1930 and 1931. He has been an employee of the Bank of Italy and its successor since its organization. (4) Marshal Hale, Jr., who became a member of the Bank's Board in 1946 and served continuously through 1948. He took the place of his father, who had served as a Director of the Bank from 1926 to 1945, inclusive, except for the years 1934, 1935, and 1936. Marshal Hale, Jr., and his family have been closely associated with the Gianninis for many years. (5) C. N. Hawkins, who became a member of the Bank's Board in 1925 and served continuously through 1948 except for the years 1934, 1935, 1936, and 1937. In 1916, his father sold two banks to the Bank of Italy and thereupon became a Director of that bank, to which position C. N. Hawkins succeeded. He was a Director of Stockholders Auxiliary Corporation in 1920. During the years 1934 to 1937 he was a member of the Advisory Board of the Bank of America. (6) Eric A. Johnston, who became a member of the Bank's Board in 1946 and served continuously through 1948. He became a Director of the Bank at the invitation of A. P. Giannini. (7) Alfred J. Lundberg, who became a member of the Bank's Board in 1946 and served continuously through 1948. He became a Director of the Bank at the invitation of L. M. Giannini. (8) W. W. Mein, who became a member of the Bank's Board in 1938 and served continuously through 1948. He was a Director of Occidental Life Insurance Company from 1939 through 1947. (9) Neil Petree, who became a member of the Bank's Board in 1943 and served continuously through 1948. He became a Director of the Bank at the invitation of A. P. Giannini, and testified that in 1945 "Again Mr. A. P. Giannini suggested to me that he would like to know if I wanted to go on the Executive Committee [of the Bank], and I did, and so was elected." [TR9834] APRIL 1952 (10) E. R. Thurber, who became a member of the Bank's Board in 1932, at the time the Giannini management resumed control, and served continuously through 1948 except for the years 1934 to 1938, inclusive. He was a Director of California Lands, Inc., in 1939 and 1940, and a Director of Capital Company from 1941 through 1947. (11) C. F. Wente, who became a member of the Bank's Board in 1944 and served continuously through 1948. He has been continuously employed in Transamerica-group banks since 1918; as Vice President in 1929, and Executive Vice President in 1930, of the Bank of Italy; as President and Chairman of the Board of the First National Bank in Reno (later called the First National Bank of Nevada) from shortly after Transamerica's acquisition of that bank in 1934 until 1937; in 1934 and thereafter, as Director of The First National Bank of Portland; in 1937, as President of the Central Bank, Oakland, California, a Transamerica bank; and in 1943, as Senior Vice President of Bank of America. Mr. Wente is now Vice Chairman of the Executive Committee of Bank of America, a member of its Trust Committee, and Chairman of the Branch Premises Committee. With very few exceptions, the members of the 1948 Board of Directors of the Bank of America were either long-time employees of, or had been closely associated with, the Transamerica group for many years. They were selected by the methods heretofore described and could neither have become nor have continued as Directors of the Bank of America except with the approval and support of Transamerica. (g) Twelve of the Directors of the Bank of America named in the preceding subparagraph have also been Directors and/or officers of Transamerica or its subsidiaries (other than commercial banks) in various years since 1937, as follows: (1) W. F. Blauer—Director, Bankamerica Agricultural Credit Corporation, 1939, 1940, and 1941; Director, Inter-America Corporation, 1939; Director, Pacific National Fire Insurance Company, 1939 through 1947. (2) Leon Bocqueraz—Director, Capital Company, 1939 through 1947; Director, Pacific National Fire Insurance Company, 1939 through 1947. (3) Joseph Cereghino—Director, General Metals Corporation, 1939 through 1947. (4) A. P. Giannini—Chairman, Board of Directors, Transamerica Corporation, 1932 until his 377 LAW DEPARTMENT death in 1949; Director and Chairman of the Board, Corporation of America, 1933 through 1939; Director, Occidental Life Insurance Company, 1936 through 1947; Chairman, Board of Directors, Transamerica General Corporation, 1938 and 1939; Director, Merchants Realty Corporation, 1938. (5) L. M. Giannini—Chairman, Advisory Council and Chairman, Executive Committee, 1935 through 1937, and Chairman, Executive Committee, 1938 through 1948, Transamerica Corporation; Chairman, Board of Directors, Bankamerica Agricultural Credit Corporation, 1928 through 1941; Director, California Lands, Inc., 1938 through 1940; Director, Capital Company, 1938 through 1947; Director and Vice President, 1939 and 1940, and Director and President, 1941 through 1947, Corporation of America; Director, Inter-America Corporation, 1939 through 1947; Director and President, 1933 through 1943, and Chairman of the Board, 1944 through 1947, Occidental Life Insurance Company; Director, Pacific Fire Insurance Company, 1933 through 1947; Director, America and Security Corporation, 1938; Director, Merchants Realty Corporation, 1933 through 1947; and Director, Transamerica General Corporation, 1938 and 1939. (6) A. J. Gock—Vice President, Transamerica Corporation, 1932 through 1939. (7) Marshal Hale, Jr.—Director, Pacific National Fire Insurance Company, 1945 through 1947. (8) C. N. Hawkins—Director, Bankamerica Agricultural Credit Corporation, 1939 through 1941. (9) W. W. Mein—Director, Occidental Life Insurance Company, 1939 through 1947. (10) A. E. Sbarboro—Director and Vice President, Inter-America Corporation, 1939 through 1947; Director and Vice President, Pacific National Fire Insurance Company, 1939 through 1947; Director, Western Furniture Exchange (later called Western Merchandise Mart), 1939 through 1947. (11) E. R. Thurber—Director, California Lands, Inc., 1939 and 1940; Director, Capital Company, 1941 through 1947. (12) C. F. Wente—Director and Vice President, Bankamerica Agricultural Credit Corporation, 1939 through 1941; Director and Vice President, California Lands, Inc., 1939 and 1940; Director, Capital Company, 1939 through 1942; and Vice President, Corporation of America, 1939 through 1947. (h) (1) The interrelationships between Transamerica and Bank of America are significant in con- 378 sidering the matter of control of Bank of America by Transamerica subsequent to 1937. (2) Since 1937, Bank of America has performed or continued to perform a wide variety of services for Transamerica inconsistent with cessation of control of that bank by Transamerica after Transamerica became a minority stockholder of the Bank. One important type of service performed by various officers and employees of the Bank of America has been assistance to Transamerica in acquiring other banks. G. M. McClerkin, a Vice President of Bank of America from 1932 until 1946, devoted a major portion of his time and efforts during that period to seeking out opportunities for Transamerica to acquire controlling stock interests in banks, and in negotiating or assisting in negotiating such purchases. Since 1946, he has been a Vice President of Transamerica, where he has continued his bankpurchasing activities and also serves as a liaison officer between Transamerica and its controlled banks. During the time in 1941 when Transamerica was in process of acquiring the controlling stock interest in the First Trust and Savings Bank of Pasadena, Edmund Nelson and S. C. Beise, each a Vice President of Bank of America, and Louis Ferrari, the General Counsel of that bank, actively participated in the various steps taken, and aided in carrying out and in supervising the carrying out of much of the work incident to such acquisition. S. C. Beise also assisted Transamerica in a similar manner in 1944 in connection with the acquisition by Transamerica of the stock of the First National Bank in Santa Ana and the First Trust and Savings Bank of Santa Barbara. In 1942, F. S. Baer, then Vice Chairman of the Board of Directors of the Bank of America, approached the President of the Citizens National Trust and Savings Association of Los Angeles on behalf of the acquisition by Transamerica of that bank. In 1945, C. F. Wente, then Senior Vice President of Bank of America, conducted the negotiations through which Transamerica acquired the Bank of Corning. These are merely specific instances of the continual activity which the record shows to have been engaged in by numerous officers and employees of the Bank of America in aid of the purchases of banks by Transamerica. (3) Other types of services performed for Transamerica by Bank of America include the audit and examination of Transamerica-controlled banks by the Inspection Department of the Bank of America, FEDERAL RESERVE BULLETIN LAW DEPARTMENT reports of which inspections are supplied to Transamerica and to the banks examined. Similarly, the same department of the Bank audits and examines Transamerica subsidiaries not engaged in banking. Other services performed for Transamerica by personnel of the Bank of America include tabulating, addressographing, and mailing services; the handling of stock transfers, mechanical maintenance, stationery supplies, rent collections, burglar alarm inspection, and, until 1950, telephone switchboard service. All of these services are performed by the Bank at actual cost, and substantially all are performed only for Transamerica and its subsidiaries. (4) Officers and personnel of the Bank of America are freely moved to other banks controlled by Transamerica, and from such other banks to Bank of America. The record leads to the conclusion that Bank of America has served as a reservoir of trained personnel later placed in important positions in other banks controlled by Transamerica. An example of this appears in the case of C. F. Wente, whose many transfers among Transamerica-controlled banks are stated in subparagraph (f) (11) of this Paragraph Five. In connection with his transfer, at the request of A. P. Giannini, from the presidency of Central Bank, Oakland, to Senior Vice President of Bank of America, Mr. Wente testified he "couldn't do anything but salute the general, and say, 'Yes, Sir, Mr. A. P., I will be here.'" F. N. Belgrano, Jr., became a Vice President of Bank of America in 1933; in 1939, he was made President of Pacific National Fire Insurance Company, a Transamerica subsidiary; in 1943, he was made President of Central Bank, Oakland, succeeding C. F. Wente. The vacancy as President of Pacific National Fire Insurance Company caused by this transfer of F. N. Belgrano, Jr., was filled by moving into it A. E. Connick, a Vice President of the Bank of America. In 1947, Belgrano was made President of The First National Bank of Portland, succeeding E. B. MacNaughton, who was made Chairman of the Board of The First National Bank of Portland. W. W. Hopper, who had been an employee of the Bank of America since 1922, became a Vice President of Bank of America in 1937; he had also been President of California Joint Stock Land Bank and of Bankamerica Agricultural Credit Corporation, both Transamerica subsidiaries; when C. F. Wente was moved from the First National Bank of Nevada to the Central Bank, Oakland, Hopper was made President of the First NaAPRIL 1952 tional Bank of Nevada. A. H. Brouse, an employee of the Bank of America since 1920, became a Vice President of Bank of America in 1928; he was in 1938 made Executive Vice President, and later President, of the National Bank of Washington, a Transamerica subsidiary. H. C. Gruwell, after service in the Bank of America, was in 1941 made a Vice President of Bank of America, where he remained until 1945, when he was made Executive Vice President, and in 1947 President, of the First National Bank of Arizona. Between 1927 and 1940, George J. Panario was Assistant Vice President and then Vice President of the Bank of America; since 1935, he has been successively President and Chairman of the Board of Directors of Capital Company; since 1940, he has been successively Secretary, Director, and Chairman of the Board of Directors of General Metals Corporation; since 1942, he has been Chairman of the Board of Directors of Enterprise Engine & Foundry Company; and he is also a Director of Occidental Corporation and of Western Merchandise Mart. The foregoing are but a few instances illustrative of the large number of transfers of officials between Bank of America and Transamerica-controlled banks and companies which are shown by the record. (1) (1) A different type of interrelationship appears in unusual corporate transactions. (2) Subsequent to 1937, Pacific National Fire Insurance Company, a Transamerica subsidiary, and subsequent to July 31, 1941, Premier Insurance Company, a Transamerica subsidiary, wrote insurance on automobiles the purchase of which was financed by Bank of America. Inter-America Corporation, a Transamerica subsidiary, acted as broker in these transactions. The arrangement between Bank of America and each of the insurance companies has included a formula of adjustment with respect to the premiums paid for the insurance. Under this formula, if the actual losses incurred by the insurance company on such insurance, plus the insurance company's cost of doing business, exceeded the premiums received by the insurance company, the difference would be paid to the insurance company by Bank of America. On the other hand, if the premiums received by the insurance company exceeded the insurance company's losses and expense, the difference would be paid to Bank of America by the insurance company. The net result of adjustments made pursuant to 379 LAW DEPARTMENT this formula has been payments by the Bank to the Pacific National Fire Insurance Company for the period from June 1, 1939, to July 31, 1943, totalling $998,158.70, and payments by the Bank to Premier Insurance Company for the period from August 1, 1941, to September 30, 1946, totalling $1,109,400.17. Both of these insurance companies are stock companies, and their earnings, when declared as dividends, accrue to Transamerica. (3) Since 1937, Corporation of America, a Transamerica subsidiary, has acted as trustee (and in recent years that has been its sole function) under deeds of trust in which Transamerica or its affiliated organizations are named as beneficiaries. This activity has largely been on behalf of Bank of America, and a number of officers of that bank are also officers of Corporation of America. They, together with officers of other Transamerica-controlled banks, were appointed to facilitate the execution and delivery of papers in connection with deeds of trust. The fees paid to Corporation of America by Bank of America are one-half of the total fees collected from the trustors, the other half being retained by Bank of America. (4) Before and after 1937, group insurance policies issued by Occidental Life Insurance Company, a Transamerica subsidiary, to Bank of America included not only employees of that bank but also employees of Transamerica and of other of Transamerica's subsidiaries. (5) In offering to purchase the stock of the First Trust and Savings Bank of Pasadena, in November 1941, Transamerica agreed that if any officers or employees of the First Trust and Savings Bank of Pasadena were released from their employment in line with any management policy, Transamerica would endeavor to obtain suitable employment for such persons with the Bank of America. (6) As previously found, one of the principal functions of Capital Company, a Transamerica subsidiary, has been to manage, operate, and sell real estate acquired by Bank of America through foreclosures. This company also manages the premises occupied by the branches of Bank of America. It also entered into an arrangement with Bank of America for the purchase and improvement of real estate. At the request of the Bank, which supplied appraisal and credit information, Capital Company made loans at competitive rates of interest to finance the acquisition and improvement of properties, and the Bank paid to Capital Company the 380 difference between the interest actually received and what the interest would have amounted to if the rate had been 6 per cent. As a part of this arrangement, Capital Company required the borrowers to obtain from Bank of America financing for homes built upon the property, or in case of sale of lots, that the purchaser offer Bank of America the first opportunity to make any building loans. Another arrangement was that Capital Company would participate in residential loans made by Bank of America by assuming any amount above the maximum the Bank could lawfully lend. (j) Having fully considered the evidence respecting the manner of operation of Transamerica and its relationships and activities with and in connection with Bank of America, and with and in connection with Transamerica's majority-owned banks and other companies, it is concluded, and therefore found, that Transamerica has had and now has the power to control and direct, and in fact has controlled and directed, and now does control and direct, the major policies and activities, as distinguished from the day-to-day details of operation, of Bank of America and of each of the other banks named above in subparagraph (b) of Paragraph One. As to such other banks, Transamerica acquired and now holds a controlling stock interest in each of them, and has openly and freely exercised that control. It is further concluded, and therefore found, that Transamerica has not held and does not now hold its stock in any of the banks named in said subparagraph (b) solely for investment. PARAGRAPH SIX: (a) Much evidence was introduced or proffered by respondent assigning reasons for bank acquisitions, explaining the circumstances under which made, and the goal being sought. This evidence is principally intended to show that the purpose was to accept opportunities to acquire banks as they were presented in order to round out State-wide branch banking by extending the facilities and services of the system into areas where it was lacking, and to add to the lines and types of business not already adequately represented in the system; to acquire suitable banking premises not otherwise available; to acquire, at the request of owners or supervisory authorities, banks in failing or frozen condition; and to indicate that there was no purchase of banks merely for the sake of increasing the size of the group or to reduce competition. (b) Elsewhere in these findings there are shown in detail the growth of the Transamerica group FEDERAL RESERVE BULLETIN LAW DEPARTMENT through 1948 (in which year this proceeding was commenced, Transamerica's further acquisitions during the pendency of this proceeding, and Transamerica's unsuccessful attempt to convey the assets of 22 banks with 28 banking offices to Bank of America. With respect to extending services and facilities, there are at least eight counties in California having two or more banking offices in which all the banking offices are Transamerica controlled. There has been no abatement of attempts by Transamerica to purchase other banks during this period. The testimony of a large number of independent bankers shows that the general reputation of Transamerica (and also Bank of America) among bankers in the area involved is one of constantly seeking to acquire more banks. Typical examples of this appear in the following extracts from such testimony: . . . That they [Transamerica and Bank of America] are very aggressive and very anxious to buy into small banks in our neighborhood. [TR 3201] The reputation among the bankers of Northern California unanimously is that they [Transamerica and Bank of America] are out to acquire any bank that they can get. [TR 3348] Well, they [Transamerica and Bank of America] have purchased already five banks in the county, and there are four left, and they have all been invited to come into the organization. [TR 3152] This line of testimony shows not only the great persistence of efforts to buy banks by or in behalf of Transamerica, but also makes it clear that Transamerica is not especially engaged in acquiring banks in bad condition. Illustrative of this is the testimony of the President of The Savings Bank of Mendocino County, which operates a commercial banking department, that the first efforts to purchase this bank were about 1923 to 1925 on behalf of the Bank of Italy, and continued at intervals of about 60 days for two years; that in the early 1930's, before 1933, Mr. McClerkin (then Vice President of Bank of America) made two attempts to purchase; that in 1933, when the bank was in difficulties, he approached McClerkin in an effort to sell the bank, but was unable to get an offer; that about 1936 McClerkin approached him to reopen negotiaAPRIL 1952 tions for purchasing the bank; and that in 1941 the manager of the local branch of the Bank of America inquired about the possibility of buying the bank, saying that he did so at the direction of his superiors. (c) Respondent introduced testimony to the effect that in the past 25 or 30 years some 17 banks with numerous branches were offered for sale, considered, and the offer rejected by respondent. Even assuming this to be the fact, it would not affect the conclusion from the whole record respecting bank purchases by respondent. However, the weight of the testimony concerning a number of the claimed offers and rejections make it clear that in some of the instances there was no offer, but, on the contrary, negotiations were had upon solicitation by or in behalf of respondent; in some instances negotiations broke down over the question of price; and in some instances no party to the negotiations was in a position to convey a controlling interest. (d) Interstate branch banking is unlawful, and Transamerica cannot directly consolidate its controlled banks in the several States into a single bank. Although Bank of America is by its own statement "the world's largest bank" [RX 350], Transamerica has evidenced a desire to create an even larger bank by interstate branch banking, if and when this is possible. The 1937 Annual Report of Transamerica contains the statement: . . . and should Congress enact legislation permitting branch banking over State lines, Transamerica Corporation, with the cooperation and consent of the other stockholders of member banks in which it is substantially interested, will be in a position to take advantage of the broader scope which the new legislation will offer and will be among the first to launch a branch banking system beyond State lines. [BX 3-J] Practical steps in the same direction may be inferred from the fact that the internal operations of Transamerica banks in Oregon and Nevada and those of Central Bank, Oakland, are conducted under a Manual of Operations copied or adapted from the Manual of Operations of Bank of America, producing a uniformity of internal operations adapted not only to central management and control but also to unification into an interstate branch-banking operation should that become lawful. (e) The course followed by Transamerica requires the conclusion that so long as it is profitable 381 LAW DEPARTMENT and advantageous to the group to acquire more banks, this will be done to the extent possible. PARAGRAPH SEVEN: (a) A principal part of respondent's defense has been devoted to offering or tendering evidence directed to showing the continued existence of effective competition; that competition from commercial banks located outside the five-State area, together with competition from nonbanking institutions within and without the five-State area, is such that respondent could not, even if it tried, bring about a substantial lessening of competition; and that no proper conclusion concerning the effect of respondent's stock acquisitions can be reached without considering the character and extent of competition from these sources. These matters have been considered in the light of the fact that this proceeding challenges the lawfulness of respondent's acquisition and use of stock in commercial banks within the five-State area and in the light of the characteristics and functions of commercial banks. (b) The banking structure of the country as it now exists requires and depends upon two functions which are performed by and are unique to commercial banks. These are the money-payment and the money-creation functions. There is a third function—the extension of short-term business credit—in which commercial banks are dominant and for which, in the practical sense, there is no adequate existing alternative or substitute. In these areas there is no substantial competition with commercial banks from any source. (c) The money-payment function rests upon the acceptance of demand deposits subject to being drawn upon by depositors through the issuance of checks. The conduct of all business depends upon the smooth operation of the elaborate mechanism by which money payments can be made between persons in the same or widely separated parts of the country through the check collection and clearance procedures of the commercial banking system, without persons having to make physical transfers of currency or coin in order to effect payment. More than 80 per cent of all money payments throughout the country are made by check. Some four billion checks a year are issued, representing a dollar volume of about one and one-half trillion dollars. Only commercial banks perform this money-payment function and there is no existing adequate alternative or substitute for it. (d) The money-creation function of commercial 382 banks rests on two principal factors. First, commercial bank demand deposit liabilities (deposits subject to check) are widely used and accepted as means of payment or money. Second, commercial banks do not keep a full cash reserve behind each dollar of their demand deposit liabilities, but operate instead on a fractional reserve basis. Commercial banks are thus in a position to add to their demand deposit liabilities in exchange for note or security assets if they have cash reserves in excess of what must be held against their deposits or if they can obtain additional reserves. When a commercial bank lends to a borrower, it typically sets up on its books a demand deposit liability (deposit subject to check) to his account. The borrower accepts the deposit as means of payment equivalent to cash. As the borrower writes checks against his new deposit, the funds are transferred and deposited elsewhere, usually in other banks. The cash reserves of the lending bank are drawn down, but the bank can readily meet such a drain as long as it has left the minimum fraction of cash reserves needed against its remaining deposits. The bank or banks receiving the deposits thus obtain more cash reserves than they need to hold against deposits, and in turn can increase their deposit liabilities by additional lending. In this country commercial banks are generally required by law to hold reserves equal to specified percentages of their demand and time deposits, with low percentages typically applying to time deposits. For member banks of the Federal Reserve System, whose deposits represent 85 per cent of all commercial bank deposits, these reserves must be kept as balances with the Federal Reserve Banks. For banks which are not members of the Federal Reserve System, required reserves are generally kept in the form of vault cash or balances with correspondent banks. Balances in excess of the required amounts are excess reserves that may be used to support an expansion of commercial bank lending with a resultant increase in bank deposit liabilities. If 20 per cent of demand deposits must be held in reserves, then banks as a group may expand their deposits by five times the amount of the excess reserves. Member banks as a group may increase their total reserve balances by borrowing from the Federal Reserve Banks or by selling Government securities, which are purchased by the Federal Reserve Banks. Nonmember banks as a group may increase their total reserve balances by FEDERAL RESERVE BULLETIN LAW DEPARTMENT borrowing from correspondent banks, which in turn may borrow from Federal Reserve Banks or also may sell Government securities. An adequate, though perhaps somewhat oversimplified, illustration of the process of money creation through an increase in bank lending is: Bank A sells f 1,000 in Government bonds to a Federal Reserve Bank, resulting in increasing the reserve balance of Bank A by that amount. Bank A thereupon lends $1,000 to Jones by adding that amount to his demand deposit balance. Jones draws a check for $1,000 on Bank A, payable to Smith, who deposits the check in Bank B. Bank B sets aside $200 as the required reserve against this increase in its deposits and then lends the remaining $800 to Brown. Brown draws a check for $800 to Johnson, who deposits the check in Bank C. Bank C sets aside $160 as the reserve against this increase in its deposits, lending the balance, or $640, to Green. This process is repeated by similar transactions within the commercial banking system until the excess reserves of $1,000 originally created by the sale by Bank A of the $1,000 Government bond to the Federal Reserve Bank supports an expansion of newly created deposits totalling $5,000. It is in this way that the commercial banking system as a whole is able to use excess reserves to produce expansion of the demand deposits within the banking system as a whole at the ratio of five to one when the ratio of required reserve is 20 per cent of demand deposits. This money-creation function is unique to commercial banks and there is no existing alternative or substitute for it. (e) Short-term business credit is credit required by small, medium, and even large business concerns for, or to supplement, their working capital. In this area commercial banks occupy a pre-eminent position. Exclusive of trade credit (which is an arrangement by which suppliers of goods and services grant the privilege of deferring payment for such goods and services for periods of 30, 60, and 90 days), commercial banks supply more than 90 per cent of all short-term business credit. Because of the commercial banks' intimate knowledge of the affairs of business concerns in the areas in which commercial banks operate, including that acquired in the course of extending the other services for which such banks are commonly reAPRIL 1952 lied upon, commercial banks are able to and do extend and service short-term business credit to the almost total exclusion of other lenders. Financial institutions without the same knowledge of local conditions, and without ready access to such knowledge, afford no practical alternative or substitute for the short-term business credit function of local commercial banks. (f) Because of the frequency of need for access to one or more of the services of commercial banks, such banks draw their business largely from areas within which customers may conveniently visit the banks as occasion may require. Thus, in this aspect of their customer relations, commercial banks are largely local, and for the usually needed customer services a distant bank cannot adequately serve a customer. Very large concerns with national credit standing have access to credit from banks in many parts of the country and may also maintain accounts in widely scattered banks. This does not apply, however, to the great multitude of the customers of commercial banks. The smaller concerns, local business enterprises, and ordinary citizens must depend upon their local commercial bank or banks for the financial services peculiar to such banks; for all these customers there is no alternative or substitute, because distantly located banks do not serve or supply their needs. (g) In addition to the three distinctive services previously described, all commercial banks perform some or all of the following services: acceptance of savings deposits; the making of real estate, personal, agricultural, instalment, term, and other types of loans; the collection of drafts, bills, and other commercial instruments; the acceptance of bills of exchange; the issuance of letters of credit; the sale of travelers' checks, cashiers' checks, and drafts on correspondent banks; the purchase or sale of securities for customers; the sale of foreign exchange; the renting of safety deposit boxes; the extension of trust services, and others. Within the area of some of these additional services there is some competition from sources other than commercial banks. Such sources, other than the Government lending agencies, are principally life insurance companies, building and loan associations, production credit associations, savings and loan associations, credit unions, finance companies, personal loan companies, and private individuals. All of these, however, depend upon the commercial banking system to carry on their own business, and most 383 LAW DEPARTMENT bank in 1904 to 26 banks and branches in California in 1920, representing 2.90 per cent of the total number of banking offices in California. The number of the group's banking offices in California and the group's percentage of the total number of banking offices in California increased by years as follows: 1921, 31 offices, 3.33 per cent of the total; 1922, 63 offices, 6.20 per cent of the total; 1923, 83 offices, 7.16 per cent of the total; 1924, 106 offices, 8.70 per cent of the total; 1925, 158 offices, 12.43 per cent of the total; 1926, 185 offices, 14.30 per cent of the total; 1927, 297 offices, 22.42 per cent of the total; 1928, 352 offices, 26.27 per cent of the total. At this point control of the group was placed in Transamerica, and thereafter the expansion and extension of Transamerica in the commercial banking field has been as shown in the following table: of them depend upon it for additional credit for their own operations. Such nonbank competition as exists in this limited area of services is immaterial here, for it does not compete with or afford an alternative or a substitute for the major functions of commercial banks. PARAGRAPH EIGHT: (a) In order to consider the effect of the acquisition and use by Transamerica of the stock of banks, as heretofore found, it is necessary to relate the Transamericacontrolled banks and their operations to the entire commercial banking structure of the area involved. (b) (1) From its inception with the organization of the Bank of Italy by A. P. Giannini in 1904, the growth of the banking group, control of which was concentrated in Transamerica upon its organization in 1928, proceeded steadily from one N U M B E R OF TRANSAMERICA-CONTROLLED BANKING O F F I C E S AND THE PERCENTAGE SUCH N U M B E R IS OF T H E T O T A L N U M B E R OF BANKING O F F I C E S , BY YEARS AND BY STATES The columns headed 'Trans." show the number of Transamerica-controlled banking offices, and the columns headed "Per cent" show the percentage of all banking offices controlled by Transamerica] 192S 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Trans. Per cent 352 449 455 26.67 34.20 35 22 33 98 36.25 38 94 39 10 40 43 43 96 45.51 46.54 46 80 47.39 47.76 48.19 48.85 50.05 50.10 50.33 50.69 50.86 421 414 419 425 433 477 497 504 505 509 511 506 508 521 527 538 549 556 Trans. Per cent 4 1 75 1 85 3.77 13 49 13 24 18 71 24 65 30.99 32.39 32.62 32.86 33.33 34.75 34.29 34.29 33.79 34.93 36.84 36.07 4 6 17 18 26 35 44 46 46 46 47 49 48 48 49 51 56 57 Arizona Nevada Oregon California Year Trans. Per cent Trans. Per cent Washington Trans. Per cent In total area shown Trans. Per cent 352 449 459 26.67 34.20 30 18 29 21 32.28 36 27 36 19 37 98 35 37 37.27 38.33 425 5 7 8 12 12 12 12 13 14 14 14 14 14 15 15 33 33 41 18 44.44 63.16 63.16 57.14 57.14 59.09 60.87 60.87 60.87 60.87 58.33 60.00 60.00 420 436 5 5 5 5 5 5 5 6 6 6 7 7 13.51 13.16 13.16 13.16 13.16 12.82 12.82 14.63 14.29 13.33 13.73 13.20 2 7 11 10 10 10 10 10 10 10 10 10 10 .87 3.10 4.87 4.44 4.46 4.46 4.57 4.55 4.48 4.35 4.22 4.08 4.06 448 466 522 565 578 578 582 586 584 585 599 606 619 637 645 38 43 38.88 39.20 39.70 40.01 40 80 40.62 40.70 40.94 40.95 (Figures are not available for 1949 for this table or for the tables showing loans and deposits, which hereafter appear in subparagraphs (c) and (d) of this Paragraph Eight. Such data are available for 1950, but do not differ substantially from the 1948 figures.) There was a dispute as to many of the above figures, arising primarily from problems relating to dual occupancies (two banking offices in one location). A recalculation which gave effect to the alternate contentions has been made of all the above figures, and no material changes resulted, though the general tendency was to increase slightly the Trans384 america percentage of the total. For example, the number of Transamerica-controlled banking offices in the five-State area in 1948 is shown as 645, and the corresponding Transamerica percentage of the total as 40.95 per cent. The recalculation shows these figures as 641 and 41.90 per cent, respectively. A dispute also arose over the figures as to FEDERAL RESERVE BULLETIN LAW DEPARTMENT deposits and loans shown in succeeding subparagraphs (c) and (d) of this Paragraph Eight. Similar recalculations were made as to all these figures, with results similar to those stated above as to number of banking offices. In the case of deposits, shown in subparagraph (c) of this Paragraph Eight, the Transamerica percentage of all bank deposits for the five-State area for 1948 is shown as 38.85 per cent, and the recalculation shows this percentage as 40.45 per cent. In the case of loans, shown in subparagraph (d) of this Paragraph Eight, the Transamerica percentage of the total of all bank loans in the five-State area for 1948 appears as 49.97 per cent, and the recalculation shows this percentage as 51.80 per cent. Because the recalculations make no change in trend and little in details, because other figures have been determined upon a basis comparable to that used in the tables referred to above and it is desirable to use the same basis in all such figures, and because respondent is put to no disadvantage by failure to use the recalculations, the original figures are used throughout these findings. The foregoing table relating to banking offices presents only a statistical record of the persistent and continuing expansion of Transamerica, showing the rate at which it increased its percentage of occupancy of the banking field to 1948, at which time it had under its control about 41 per cent of all the banking offices in the five-State area. Since 1948 Transamerica has increased its number of banking offices by 13 in California, 5 in Oregon, 1 in Nevada, 3 in Arizona, and 1 in Washington, making a total addition of 23 banking offices. (2) Transamerica expanded in California from 352 offices in 1928 to 556 offices in 1948. During the same period the total number of banking offices in California decreased from 1320 in 1928 to 1093 in 1948. Thus, banking offices in California other than those controlled by Transamerica decreased from 968 in 1928 to 537 in 1948. Making the same comparison for the five-State area, but beginning with 1937, the first year in which Transamerica expanded into the last of the five States, the increase in number of Transamerica-controlled banking offices in operation was from 565 to 645. During the same period the total number of banking offices in the area increased from 1516 in 1937 to 1575 in 1948. The number of banking offices not conAPRIL 1952 trolled by Transamerica decreased from 951 to 930. These changes occurred during a period when the population of the five-State area was increasing by 70 to 80 per cent, and the income of the population, retail sales, and business generally increased by much larger percentages. (3) While the foregoing table shows the number of Transamerica-controlled banks and branches which were in operation during the years indicated, it does not reflect the many instances in which a bank or branch in the Transamerica group was merged or consolidated with another in the group, where a bank or branch acquired or established was discontinued, or where banks within the group in the first instance absorbed the business of various banks or branches acquired by Transamerica or its predecessors. Although the table shows the number of Transamerica-controlled banking offices in operation in 1948 in the five-State area as 645, the number of banks and branches acquired by Transamerica to June 30, 1948, was 679, and the number of branches established de novo was 233, or a total acquired or established of 912. The importance of the mergers, consolidations, and discontinuances more clearly appears from an examination of the facts respecting these matters in relation to smaller communities in the five-State area. The following table shows by States the number of communities having, as of December 31, 1947, but one banking office and in which the Transamerica group, since 1904— State California. . Oregon Nevada... Arizona Washington.. Acquired and was operating the only banking office1 131 26 10 1 5 Acquired two banking offices and was operating the only banking office2 Acquired three banking offices and was operating the only banking office* Acquired four banking offices and was operating the only banking office4 18 2 0 0 0 9 0 0 0 0 2 0 0 0 0 1 This column includes 52 banking offices established de novo, no 39 in California, 6 in Oregon and 7 in Nevada. 2 This column includes 4 dual occupancies in California. 8 This column includes 6 dual occupancies. 4 This column includes 3 dual occupancies, 2 of which were in one community. 385 LAW DEPARTMENT The following table shows by States the number of communities having, as of December 31, 1947, Acquired two banking offices and was operating one banking office2 Acquired and was operating one banking office1 State California 54 Oregon Nevada Arizona Washington 15 1 0 3 two banking offices and in which the Transamerica group, since 1904— Acquired three banking offices and was operating one banking office3 23 5° 1 1° 1° 0 5 lb 0 0 0 0 Acquired four banking offices and was operating one banking office4 Acquired five banking offices and was operating one banking office5 3 1 0 0 0 0 0 0 0 0 1 This column includes 10 banking offices established de novo, 9 in California and 1 in Oregon. *1 This column includes 10 dual occupancies in California. This column includes 2 dual occupancies. 4 This column includes 4 dual occupancies, 2 of which were in one community. 1 This column includes 1 dual occupancy. ° In these communities the Transamerica group acquired two banking offices and on December 31, 1947, was operating the two existing banking offices. 6 In this community the Transamerica group acquired three banking offices and on December 31, 1947, was operating the two existing banking offices. The following table shows by States the number of communities having, as of December 31, 1947, three banking offices and in which the Transamerica group, since 1904— State California.. Acquired and was operating one banking office1 12 Acquired two banking offices and was operating one banking office2 Acquired three banking offices and was operating one banking office3 Acquired four banking offices and was operating one banking office The following table shows by States the number of communities having, as of December 31, 1947, four banking offices and in which the Transamerica group, since 1904— State Acquired and was operating one banking office Acquired two banking offices and was operating one banking office Acquired three banking offices and was operating one banking office1 Acquired five banking offices and was operating three banking2 offices California. . 4 5& Oregon.... Nevada Arizona Washington.. 1 1 0 0 0 0 0 0 0 0 0 0 0 This column includes 3 banking offices established de novo, 2 in California and 1 in Oregon 2 This column includes 2 dual occupancies. * This column includes 5 dual occupancies. • In these communities the Transamerica group acquired two banking offices and on December 31,1947. was operating two offices. b In these communities the Transamerica group acquired three banking offices and on December 31, 1947, was operating two offices. «In this community the Transamerica group acquired three banking offices and on December 31, 1947, was operating the three existing offices. 386 Oregon.... Nevada... Arizona Washington.. 0 1 1 This 2 This B column includes 1 dual occupancy. column includes 2 dual occupancies in one community. In this community the Transamerica group acquired two banking offices and on December 31, 1947, was operating two offices. b In these communities the Transamerica group acquired three banking offices and on December 31, 1947, was operating two offices. 6 In this community the Transamerica group acquired one banking office and on December 31, 1947, was operating two offices. (c) Individual banks and branches vary greatly in size and volume of business. It is, therefore, desirable to relate the total of demand and time deposits in Transamerica-controlled banks and branches to the total of demand and time deposits FEDERAL RESERVE BULLETIN LAW DEPARTMENT in all banks in the five-State area. This is another important factor of market occupancy. The following table shows the percentage of the total of all such bank deposits held by the Transamerica group banks, by years, in each of the five States separately and also as a whole. PERCENTAGE OF ALL BANK DEPOSITS, BOTH DEMAND AND TIME, HELD BY TRANSAMERICA GROUP BANKS, BY STATES AND YEARS CaliYear fornia 1920 6.37 1921 7.56 1922 9.48 1923 10.51 1924 11.85 1925 12.71 1926 15.08 1927 20.18 1928 23.97 1929 31.08 1930 32.10 1931 27.91 1932 24.84 1933 27.77 1934 30.47 1935 30.59 1936 33.33 1937 34.49 1938 35.33 1939 35.24 1940 35.09 1941 35.99 1942 38.38 1943 39.93 1944 41.73 1945 41.58 1946 42.74 1947 43.14 1948 43.75 Oregon 17.08 17.17 15.99 25.07 27.37 25.34 29.96 34.85 36.54 35.66 36.53 37.61 39.02 40.60 41.43 40.70 43.68 44.11 44.12 Nevada 51.35 58.41 60.01 70.64 85.35 81.23 81.36 79.76 82.06 80.75 79.77 79.67 80.02 76.90 78.46 Arizona 22.52 24.44 24.05 24.21 23.93 22.45 23.01 23.30 22.53 20.99 20.44 20.10 Washington 3.77 4.08 4.00 3.89 4.39 4.80 5.04 4.39 5.31 4.84 4.58 4.81 For whole of area shown 6.37 7.56 9.48 10.51 11.85 12.71 15.08 20.18 23.97 31.08 31.03 27.15 24.28 27.61 30.39 30.43 33.30 31.27 32.41 32.09 31.95 32.61 34.27 35.40 36.51 36.54 37.77 38.15 38.85 In 1928, the total of all demand and time deposits in all banks in California was $3,454,284,000, and this increased to $12,930,427,000 in 1948. The demand and time deposits in Transamerica-controlled banks in California increased by growth and acquisitions from $827,992,000 in 1928 to $5,657,897,000 in 1948. Thus, the increase in deposits in Transamerica-controlled banks amounted to $4,829,905,000 as compared with an increase as to all other banks of $4,646,238,000. Making the same comparison for the five-State area, but beginning with 1937, the year in which Transamerica extended its operations into the last of the five States, the total demand and time deposits of all banks in those States in 1937 amounted to $4,800,809,000, which increased to $16,837,446,000 in 1948. The APRIL 1952 increase in Transamerica-controlled banks and branches during this period, through growth and acquisitions, was $5,040,292,000 as compared with $6,996,345,000 in all other banks. (d) Another important factor in relating the market occupancy of Transamerica-controlled banks to all banks is the volume of bank loans. The following table shows this in percentage proportions: PERCENTAGE OF ALL BANK LOANS HELD BY TRANSAMERICA GROUP BANKS, BY STATES AND BY YEARS Year 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 California 5.82 7.57 9.37 10.71 11.65 11.54 13.32 19.37 22.59 29.30 31.64 29.73 28.03 31.09 31.49 30.72 31.03 35.26 37.32 40.21 40.37 41.36 43.88 44.90 47.33 48.54 50.38 57.35 56.79 Arizona Oregon Nevada 15.35 12.19 12.57 20.70 27.76 26.50 29.95 37.38 41.99 42.70 44.03 46.11 45.87 42.84 46.36 41.64 42.65 43.16 46.78 26.04 40.22 53.20 65.69 18.23 83.56 21.52 81.21 20.52 79.31 19.89 80.15 18.17 81.17 17.23 81.49 14.35 83.08 11.29 81.25 10.94 79.70 9.34 77.94 9.28 79.05 14.93 Washington 6.66 6.07 6.12 6.82 7.04 6.46 6.78 For whole of area ' shown 5.82 7.57 9.37 10.71 11.65 11.54 13.32 19.37 22.59 29.30 30.72 28.87 27.39 30.75 31.35 30.59 31.07 32.24 34.43 36.94 36.92 37.70 39.89 40.39 42.23 42.76 43.51 49.65 49.97 In California the total loans of all banks increased $2,348,281,000 from 1928 to 1948. In this State the loan total of Transamerica-controlled banks increased $2,128,083,000 in this period as compared with an increase in loan total by all other banks of $220,198,000. Using the five-State summary for the available years, the total of loans of all banks increased $3,826,313,000 from 1937 to 1948; the total of loans of Transamerica-controlled banks increased $2,271,971,000 in the same period, as compared with $1,554,342,000 for all other banks. (e) Another aspect of the bank deposit percentages set out in subparagraph (c) of this Paragraph 387 LAW DEPARTMENT Eight, appears through segregating demand deposits from all other deposits. The following table shows the proportion of the total of all demand deposits of all banks held by Transamerica group banks: PERCENTAGE OF TOTAL DEMAND DEPOSITS OF ALL BANKS HELD BY TRANSAMERICA GROUP BANKS, BY STATES AND BY SPECIFIED YEARS CaliYear fornia 1920 1925 1930 1935 1940 1945 1948 Oregon Nevada For whole Ari- Wash- of area zona ington shown 4.6 8.5 4.6 8.5 28.1 24.0 32.3 39.6 42.3 15.3 26.5 38.1 40.6 44.5 60.6 80.0 79.8 79.1 24.1 21.8 18.9 4.0 5.3 4.5 26.9 24.6 29.3 34.6 37.1 The total demand deposits in all California banks in 1930 was $1,442,135,000, and in 1948 the total was $7,270,681,000, an increase of $5,828,546,000. In the same period, the increase in this State for demand deposits in Transamerica-controlled banks was $2,670,805,000 as compared with $3,157,741,000 in all other banks. From 1940, the first year for which the figures are available for the five-State area, to 1948, the increase in such deposits for all banks was $7,217,121,000; the corresponding increase for Transamerica-controlled banks was $2,890,677,000 as compared with $4,326,444,000 for all other banks. (f) A further index is available through a comparison of the number of personnel employed in all insured commercial banks in the five-State area and the number of personnel employed in Transamerica-controlled banks. Approximately 99 per cent of the commercial banks in the area are insured. The following table shows the number of officers and employees of all insured commercial banks and branches in the area as of December 31, 1949, and the Transamerica group proportion of the total, by States and in total. State California. . . Oregon Nevada Arizona Washington.. Total, 5 States. 388 Total officers Officers and employees and employees of Transamerica banks and branches of all insured commercial Per cent banks and of total branches Number 33,553 4,226 510 1,753 5,798 15,509 2,154 399 354 372 46.2 51.0 78.2 20.2 6.4 45,840 18,788 41.0 (g) The proportion of deposits held by Transamerica-controlled banks has been shown. It is desirable, therefore, to show the proportions in terms of number of accounts. As of September 30, 1949, the total number of demand and time deposit accounts of individuals, partnerships, and corporations in insured commercial banks was 8,284,719 in California; 902,731 in Oregon; 102,585 in Nevada; 293,700 in Arizona; and 1,297,864 in Washington, with a total in the Rve States of 10,881,599. The following table shows the percentage of the total number of such accounts, divided into groups according to the size of the accounts and in total, held in Transamerica-controlled banks: Per cent of demand and time Per deposit accounts of individuals, cent partnerships and corporations of all $5,000 $5,001 $10,001 More such or to to than acState less $10,000 $25,000 $25,000counts California.. .. Oregon Nevada Arizona Washington.... 53?3 48.0 77.8 20.5 6.3 4475 44.5 74.4 21.5 6.1 44~3 43.5 75.6 21.2 4.3 38.8 45.4 82.3 21.3 4.6 46.6 40.5 40.1 35.3 46.2 Total 5 States.. 52.8 47.9 77.6 20.5 6.2 — The Transamerica percentage of dollar volume of the deposit accounts shown by numbers above, divided into the same grouping by size of account, as of September 30, 1949, was: Percentage of dollar volume of demand and time deposits in accounts of individuals, partnerships and corporations State Per cent of all $5,000 $5,001 $10,001 More such or to to than deless $10,000 $25,000 $25,000 posits California. . . . 4873 Oregon 46.6 Nevada 76.6 Arizona 20.7 Washington... 7.0 Total, 5 States.. 42.7 44.9 44.7 74.4 21.1 6.0 43.8 43.4 75.8 21.8 4.2 3572 43.0 83.3 21.8 2.1 43.3 45.0 77.5 21.2 5.2 40.8 39.5 32.3 39.0 (h) Segregating the demand deposit accounts from the totals of all deposit accounts shown in subparagraph (g) of this Paragraph Eight, the total number of demand deposit accounts of individuals, partnerships, and corporations in insured commercial banks as of September 30, 1949, was 3,119,046 in California; 449,478 in Oregon; 51,082 in Nevada; 163,040 in Arizona; and 674,495 in FEDERAL RESERVE BULLETIN LAW DEPARTMENT Washington; with a total in the five States of 4,457,141. The following table shows the percentage of the total number of such accounts, divided according to size of accounts, held in Transamerica-controlled banks: sought to secure control of Citizens National Trust and Savings Bank of Los Angeles and its branches. The first direct approach to this end was made in 1942, although apparently Transamerica had been interested for several years before that date. In October 1942, F. S. Baer, a Vice President of Bank Per cent of number of demand Per deposit accounts of individuals, cent of of America, inquired of the President of Citizens partnerships and corporations numBank if a sale of all or part of the stock of that ber of bank to Transamerica could be worked out. This $5,000 $5,001 $10,001 More all to to than such ac- inquiry was reported to the Executive Committee or $10,000 $25,000 $25,000 counts State less of the Citizens Bank, which immediately rejected 48.9 44.0 41.5 37.8 48.5 California. . . any consideration of such a proposal. Later in 44.9 43.3 43.9 45.4 44.8 Oregon the same month, Mr. Baer renewed his inquiry, 83.1 74.9 74.8 75.6 74. Nevada 20.9 21.4 19.7 20. 21.0 Arizona the matter was taken up with the Board of Di4.2 4.2 5.7 5.8 Washington.., 3.5 rectors of Citizens Bank, and Baer was informed Total, that the Directors did not wish to dispose of their 5 States. . 41.2 37.4 35.8 33.8 41.0 stock holdings or to pursue the matter further. The Transamerica percentage of the dollar volIn May 1943, a representative of Nelson Douglass ume of the demand deposit accounts in all insured commercial banks shown by numbers above, divided & Company, a securities dealer, informed the Presiinto the same grouping by size of account, as of dent of Citizens Bank that Transamerica intended to present an offer to the Board of Directors of September 30, 1949, was: Citizens Bank to exchange stock of National City Percentage of dollar volume Bank of New York for Citizens Bank stock. Later of demand deposits in accounts Per in that month an offer was addressed to the Diof individuals, partnerships cent and corporations of rectors of Citizens Bank by Transamerica to acall quire 124,000 shares of Citizens Bank stock. There $5,000 $5,001 $10,001 More such were then outstanding 250,000 shares of such stock, or to to than deless $10,000 $25,000 $25,000 posits State 2,000 shares of which were already owned by a Transamerica subsidiary. The Board of Directors California . . . 47.6 43.8 41.1 33.9 39.9 Oregon 46.9 44.0 43.7 42.8 44.5 of Citizens Bank having declined the Transamerica 75.1 84.8 78.8 76.5 75.7 Nevada offer, Nelson Douglass & Company began adver19.5 19.5 21.0 22.1 20.5 Arizona 3.4 7.3 4.1 4.2 1.8 Washington.. . tising the offer in Los Angeles newspapers, soliciting in that manner, and also by direct contact with 5 States.. 40.8 37.3 35.4 31.0 35.4 stockholders, acceptance of the Transamerica offer. PARAGRAPH NINE: (a) The amended and sup- There was active resistance on the part of Directors plemental complaint separately charges the acqui- and officers of Citizens Bank, and many of its subsition by respondent of stock in the Citizens Na- stantial stockholders, to the Transamerica effort to tional Trust and Savings Bank of Los Angeles, secure control. Against this opposition TransCalifornia, in violation of section 7 of the Clayton america failed to secure control, but did increase its Act. This bank is engaged in commercial banking, stockholdings to 54,583 shares at the end of 1943. having in 1947 a total of 35 banking offices, all in Although this attempt failed, Transamerica has Los Angeles, with aggregate deposits of $349,continued its efforts to buy stock in Citizens Bank, 147,000, and loans of $61,431,000. It is engaged and through purchases made from time to time inin commerce, as "commerce" is defined in the Claycreased its holdings to 58,142 shares in April 1949. ton Act (38 Stat. 730; 15 U. S. C. § 12), in the Of these shares, Transamerica itself on that date manner set out in Paragraph Two hereof, and said held 38,142; its subsidiary, Occidental Life Insurparagraph is hereby adopted as to this bank as fully ance Company, held 15,000 shares; and Occidental's as if such bank had been named in subparagraph subsidiary, Premier Insurance Company, held 5,000 (b) of Paragraph One of these findings as to the shares. In each year since 1943 Transamerica, facts. through cumulative voting of these shareholdings, (b) For a long period of years Transamerica APRIL 1952 389 LAW DEPARTMENT has elected 5 of the 21 Directors of the Citizens Bank. (c) The actions of Transamerica in seeking to purchase and purchasing controlling interests in other banks, the nature of the negotiations and offer made in this instance, and the additional purchases of stock since 1943, indicate the purpose of Transamerica to acquire control of the Citizens National Trust and Savings Bank. It is, therefore, concluded that the acquisitions by Transamerica of stock of this bank are not solely for investment, but for the purpose of securing control of the bank in order that it may be added to Transamerica's interstate group-banking structure. The banking offices, deposits, loans, and other data concerning Citizens National Trust and Savings Bank have not been included in findings showing the proportions of market occupancy by Transamerica. The facts found in this paragraph are, however, considered in the light of all other findings made. PARAGRAPH TEN: (a) As previously stated, commercial banks enjoy a monopoly of the moneypayment and money-creation functions, and dominate the market in short-term business credit. These facts, together with the fact that substantially all those who require the services afforded by commercial banks must rely upon such banks in the local area to which they have ready access, place in the hands of such banks much power over the business affairs of the area which they serve. The local bank or banks in a community have the power to overexpand credit by lending too freely and too much, and, on the other hand, have the power to so restrict credit as to hamper growth and development. To the extent that banking offices are controlled by one group, these powers—which include the power to discriminate among business enterprises and individuals—are in the hands of that group. (b) There is not the same freedom of entry into banking as into other types of business. Authorization must first be secured from regulatory agencies before new banks or branches may be established. Regulation concerning entry into banking is directed primarily to the protection and safety of depositors, and its exercise includes consideration of the effect of such establishment upon existing banks and the availability of business to support the new bank and permit its successful operation. An overbanked condition, which may 390 result in bank failures, is sought to be avoided. A bank may not lawfully buy the stock of another bank, but entry presents no problem to a holding company, such as Transamerica, other than its ability to buy a controlling stock interest in an established bank. The size and resources of a large banking group also enable it to enter a community before it is clearly apparent that a bank is warranted, and thus anticipate and block the organization of a local bank, which must depend upon the business available at such location for its continuance. In this way, bank locations in promising areas may be pre-empted by a large group through a branch which does not have to be immediately profitable in order to continue. As the size and resources of a banking group increase, its power to suppress potential competition increases. Its size alone may discourage and prevent the establishment of independent banks in direct competition with it, or serve as an inducement to existing small banks, likely to be, or already, in direct competition with it, to sell to the group at its solicitation. (c) There is testimony that Transamerica did not attempt to acquire any bank against the wishes of its owners; and there is testimony showing specific instances where this was not true. There is testimony by numerous individuals stating their satisfaction with the services afforded by Transamerica-controlled banks and their conclusions respecting the continuance of competition; and there is also evidence showing that as a result of acquisitions by the Transamerica group, in a large number of communities that had two or more banks, the only banking services now existing are Transamerica controlled. There is opinion testimony by economists as to what constitutes competition and monopoly; and much testimony was introduced and proffered by respondent to show that its expansion and methods of expansion and operation have been benign in character and dominated by a wish to make superior services and facilities available to more people. All of these matters have been considered. They are largely immaterial. The controlling facts are that it is clear from the record that by the significant standards—number of commercial banking offices, volume of deposit liabilities, volume of loans, and number of deposit accounts—Transamerica-controlled banks have, in the five-State area, approximately 41 per cent of all banking offices, 39 per cent of all bank deposits, FEDERAL RESERVE BULLETIN LAW DEPARTMENT 50 per cent of all bank loans, and 46 per cent of all deposit accounts of individuals, partnerships and corporations; that despite the tremendous growth of population and wealth in this area the expansion of Transamerica has been accompanied by a decrease in the number of banking offices independent of Transamerica, a substantially higher relative increase in deposits in Transamerica-controlled banks than in all other banks, and the absorption by Transamerica of practically all of the total increase in bank loans; that Transamerica has the purpose and the power to continue to expand its occupancy of the market in the five-State area; that its present position is held with a proportion of approximately 8.13 per cent of the capital funds of all banks in the area; that its acquisition and holding of the stocks of the banks named in subparagraph (b) of Paragraph One and of Citizens National Trust and Savings Bank of Los Angeles were not and are not solely for investment; and that the effect of its holding and use of such stocks may be to substantially lessen competition and restrain commerce in commercial banking in the States of California, Oregon, Nevada, Arizona, and Washington, and tend to create a monopoly in such line of commerce in said area. CONCLUSION The acquisition, holding, and use by Transamerica, as aforesaid, of the stock of the banks named in subparagraph (b) of Paragraph One of the foregoing findings as to the facts, and of the stock of Citizens National Trust and Savings Bank of Los Angeles, named in Paragraph Nine of such findings, constitutes and is a continuing violation of section 7 of "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914 (38 Stat. 731, 15 U. S. C. § 18). In considering the relief necessary and appropriate to put an end to the aforesaid violations of law in a manner which will have a practical result consistent with the intent and purpose of said section 7, account has been taken of the factual situation presented by the record. The stock of Bank of America was the first acquisition by Transamerica of importance in this proceeding; Bank of America was the hard core around which the Transamerica-controlled banking group was built, and it still is the center and principal support for the group. The long and close association of Bank APRIL 1952 of America in aiding in constructing the Transamerica group, the unity established over the years, the personal associations and relationships among important officials in Transamerica and Bank of America, and similar intangible factors, provide sound reason to believe that even if Transamerica were required to divest itself of the stock it now holds in Bank of America, the existing relationship between Transamerica and Bank of America would continue. In these circumstances, to require Transamerica to divest itself of the stock it now holds in Bank of America, but allow it to hold the stock of other banks, would accomplish nothing. Divestiture by Transamerica of the stock of other banks will place majority holdings of the stock of those banks into new and different hands so that prompt and full disassociation from Transamerica can be expected. These considerations have guided the framing of the Board's order. ORDER IT IS ORDERED that respondent, Transamerica Corporation, a corporation, cease and desist from violating the provisions of section 7 of "an Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes" (38 Stat. 731, 15 U. S. C. § 18), in the manner set out in the findings as to the facts herein; and it is specifically ordered that said respondent divest itself fully and completely of all capital stock, whether directly or indirectly owned or controlled by it, of each of the following named banks: In California Central Bank, Oakland, The First National Bank of Garden Grove, Garden Grove, Bank of Pinole, Crockett, Central Bank of Calaveras, San Andreas, The First National Bank of Fairfield, Fairfield, The Temple City National Bank, Temple City, The First National Bank of Weed, Weed, First Trust and Savings Bank of Pasadena, Pasadena, The First National Bank of Bellflower, Bellflower, First National Bank in Corcoran, Corcoran, The First National Bank of Los Altos, Los Altos, Bank of Newman, Newman, First National Bank in Santa Ana, Santa Ana, First National Trust and Savings Bank of Santa Barbara, Santa Barbara, Bank of Tehachapi, Tehachapi, The First National Bank of Crows Landing, Crows Landing, The First National Bank of San Jacinto, San Jacinto, Farmers & Merchants Bank of Watts, Los Angeles, Citizens National Trust and Savings Bank of Los Angeles, Los Angeles, The First National Bank of Mountain View, Mountain View, The First National Bank of Oakdale, Oakdale, 391 LAW DEPARTMENT First National Bank in Turlock, Turlock, Bank of Beaumont, Beaumont, First National Bank in Delano, Delano, American Commercial & Savings Bank, Moorpark, Stanislaus County Bank, Oakdale, In Oregon The First National Bank of Portland, Portland, The First National Bank of Forest Grove, Forest Grove, Coolidge & McClaine, Silverton, Moreland-Sellwood Bank, Portland, Clatsop County Bank, Seaside, The First National Bank of Cottage Grove, Cottage Grove, The First National Bank of Prineville, Prineville, The Scio State Bank, Scio, Bank of Sweet Home, Sweet Home, The First National Bank of Eugene, Eugene, Benton County State Bank, Corvallis, Carlton State & Savings Bank, Carlton, Yamhill State Bank, Yamhill, Monroe State Bank, Monroe, The First National Bank of Lebanon, Lebanon, State Bank of Malheur County, Ontario, IT IS FURTHER ORDERED that within 90 days after the service of this order upon it, respondent file with this Board a report in writing showing in detail the action which it has then taken, and which it intends to take, in compliance with this order; that within one year after the expiration of said 90 days respondent file with this Board a report in writing showing in detail the action which it has then taken, and which it intends to take, in compliance with this order; and that within two years and 90 days after said service of this order respondent file with this Board a report in writing showing in detail the manner and form in which it has completed compliance with this order. This 27th day of March, 1952. By the Board. In Nevada First National Bank of Nevada, Reno, Farmers' Bank of Carson Valley (Inc.), Minden, Bank of Nevada, Las Vegas, In Arizona First National Bank of Arizona, Phoenix, In Washington National Bank of Washington, Tacoma; that said divestment be made in good faith, and that none of the capital stock of any of said banks be sold or transferred directly or indirectly to any presently existing or later organized or acquired subsidiary or affiliate of respondent, or to any director, officer, employee, agent, or nominee thereof, or to any person acting for or in behalf, or subject directly or indirectly to the control, of respondent or of any of its subsidiary or affiliated companies or of any director, officer, employee, agent, or nominee thereof; that said divestment be made without using or attempting to use any of said capital stock in any manner in directly or indirectly acquiring or conveying to others any of the assets of any of said banks; and that said divestment be made in such manner that each of said banks may continue to operate as a going concern wholly independent of respondent; that action to bring about said divestment be initiated by respondent within 90 days after service of this order upon it, and that said divestment be completed within two years and 90 days after said service of this order. 392 (Signed) S. R. CARPENTER, (SEAL) Secretary* Governor Vardaman dissents. He would dismiss the complaint for the reason that, in his opinion, the record fails to warrant or sustain the Board's finding that Transamerica's acquisition,, holding and use of the stock of the banks named in the Board's divestment order "may be to substantially lessen competition and restrain commerce in commercial banking in the States of California, Oregon, Nevada, Arizona, and Washington, and tend to create a monopoly in such line of commerce in said area." Governor Vardaman is also of the opinion that the Hearing Officer arbitrarily and unfairly discriminated against Transamerica in his conduct of the proceeding and erroneously excluded a substantial quantity of relevant and material evidence offered by Transamerica in defense of the Board's charges. In the circumstances, it is Governor Vardaman's opinion that, in the absence of a dismissal of the complaint, the matter should be remanded to the Hearing Officer for the taking of further testimony on behalf of Transamerica in line with Transamerica's several exceptions, dated and filed September 13, 1951, to the Hearing Officer's rulings on evidence. Governor Powell dissents for reasons to be set forth in a statement hereafter to be filed and made a part of the record. Governors Mills and Robertson took no part in the Board's consideration or decision of this matter. FEDERAL RESERVE BULLETIN; LAW DEPARTMENT ORDERED that respondent's Exceptions One to Nine, inclusive, be, and they hereby are, denied. Respondent's Exception Ten relates to the HearIn the Matter of ) ing Officer's alleged "generally arbitrary and disTransamerica Corporation J criminatory conduct of the hearings and rulings admitting evidence offered by the [Board's] SoliciORDER DENYING RESPONDENT'S MOTION TO DISMISS tor and excluding evidence offered by the reDATED AND FILED SEPTEMBER 13, 1951 spondent." The Board is of the opinion that the This matter duly came on for hearing upon record affords no basis for this Exception. The respondent's "Motion to Dismiss the Complaint" Hearing Officer's conduct of the proceeding and herein, said motion having been dated and filed his rulings on evidence were fair, impartial and September 13, 1951, and the Board having now free from prejudicial error. His interpretation fully considered the matter, it is ORDERED that and application of the law were sound. He was said motion be, and it hereby is, denied for the under no duty to assist respondent in its efforts reasons stated in the Board's statement and order to obtain the appearance of witnesses, and he gave of January 17, 1949, denying respondent's "Motion full and due consideration to respondent's offers That Complaint Be Dismissed for Lack of Juris- of proof before ruling thereon. He neither failed diction" dated and filed December 7, 1948. nor refused to consider respondent's proposed rebuttal findings and conclusions (see the Hearing This 27th day of March, 1952. Officer's "Rulings upon Proposed Findings as to By the Board. the Facts" dated and filed June 13, 1951, and Tr. 12,955-12,959). It is therefore ORDERED that (Signed) S. R. CARPENTER, respondent's Exception Ten be, and it hereby is, Secretary. (SEAL) denied. Respondent submitted to the Hearing Officer Governors Mills and Robertson took no part in 278 proposed findings and conclusions and 148 the consideration or decision of the motion denied proposed rebuttal findings and conclusions. Many by the foregoing order. of these were adopted in substance by the Hearing Officer; most were rejected. In its Exceptions UNITED STATES OF AMERICA BEFORE THE BOARD Eleven to Nineteen, inclusive, respondent excepts, OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM in effect, to the Hearing Officer's failure to adopt its proposed findings and conclusions and proposed In the Matter of rebuttal findings and conclusions as proposed and Transamerica Corporation in their entirety, as well as to virtually every recital, statement and finding, and to the conclusion STATEMENT AND ORDER DENYING "EXCEPTIONS and order, contained in the Hearing Officer's recFILED ON BEHALF OF RESPONDENT TRANSAMERICA ommended decision. CORPORATION" DATED AND FILED SEPTEMBER 13, For the reasons indicated in the Hearing Officer's 1951 "Rulings upon Proposed Findings as to Facts" This matter duly came on for hearing upon dated and filed June 13, 1951, the Board is of the "Exceptions Filed on Behalf of Respondent Trans- opinion that respondent's Exceptions Eleven to america Corporation" dated and filed September Nineteen, inclusive, cannot be sustained. Insofar 13, 1951. as the Hearing Officer adopted the substance of Respondent's Exceptions One to Nine, inclusive, findings proposed by respondent, his failure to relate to the Hearing Officer's alleged erroneous express such findings in precisely the language exclusion of certain evidence offered by respondent. proposed by respondent furnishes respondent no The Board is of the opinion that the Hearing ground for complaint. Insofar as the Hearing Officer's exclusion of the evidence in question was Officer rejected respondent's proposed findings, the not erroneous, and that the Hearing Officer prop- findings rejected were immaterial or irrelevant, erly excluded such evidence for reasons which he not supported by evidence or contrary to the stated or indicated on the record. It is therefore weight of the evidence. There was no error in the UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM APRIL 1952 393 LAW DEPARTMENT introductory statement of the recommended decision. The Hearing Officer's findings are supported by the weight of the evidence. His conclusion and order were fully warranted by the record and by § 7 of the Clayton Act (38 Stat. 731, 15 U. S. C. § 18). Subject to certain minor clarifying changes, the Hearing Officer's recommended decision is approved and his findings, conclusion and order will be adopted and entered as the findings, conclusion and order of the Board. Accordingly, it is ORDERED that respondent's Exceptions Eleven to Nineteen, inclusive, be, and they hereby are, denied. This 27th day of March, 1952. By the Board. (Signed) S. R. CARPENTER, (SEAL) Secretary. Governors Vardaman and Powell dissent. Governors Mills and Robertson took no part in the Board's consideration or decision of respondent's Exceptions. UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM In the Matter of ) Transamerica Corporation j STATEMENT AND ORDER IN R E ADDUCING OF ADDITIONAL EVIDENCE BY RESPONDENT At page 3 of its brief herein dated and filed September 13, 1951, respondent Transamerica Corporation stated that, "In the event the Board should determine that an order [of divestment] need be issued, Transamerica would ask leave to adduce evidence and be heard as to the provisions to be included in such an order." It is not clear to the Board whether this statement was intended as a motion or request for leave to adduce additional evidence, or merely as a statement of an intention hereafter to make such a motion or request if the Board should decide to issue a divestment order. In either case, the Board is of the opinion that there is no necessity or occasion for the taking of additional evidence. It was certainly contemplated that if the Hearing Officer concluded that a divestment order should be entered, his recommended decision should contain, and it did contain, a recommended form of order. Respondent specifically excepted to "each 394 and every part of the statements" appearing in such order, and respondent was allowed ample opportunity to brief and orally to argue its objections to the order. Respondent's failure to avail itself of this opportunity was conscious and voluntary, and affords no basis for a motion or request for leave to adduce additional evidence. The order recommended by the Hearing Officer has, moreover, received the Board's most thorough and careful consideration, and, in the opinion of the Board, was fully warranted by the record. It is therefore ORDERED that if respondent intended the statement above quoted as a motion or request for leave to adduce additional evidence, said motion or request be, and it hereby is, denied. This 27th day of March, 1952. By the Board. (SEAL) (Signed) S. R. CARPENTER, Secretary. Governors Vardaman and Powell dissent. Governors Mills and Robertson took no part in the Board's consideration or entry of the foregoing statement and order. UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM In the Matter of Transamerica Corporation tion j STATEMENT AND ORDER DENYING EXCEPTION OF COUNSEL FOR THE BOARD At page 70 of their brief filed September 13, 1951, and not otherwise, counsel for the Board except to the Hearing Officer's failure to recommend that respondent Transamerica Corporation be required to divest itself of its stock in Bank of America National Trust and Savings Association. This exception was not taken in accordance with Rule VII of the Board's Rules of Procedure. The Board has nevertheless considered the exception, and, for the reasons stated by the Hearing Officer in his recommended decision, is of the opinion that respondent should not be required to divest itself of its stock in Bank of America National Trust and Savings Association. It is therefore ORDERED that the exception of counsel for the Board to the Hearing Officer's recommended decision be, and it hereby is, denied. FEDERAL RESERVE BULLETIN LAW DEPARTMENT This 27th day of March, 1952. By the Board. (Signed) S. R. CARPENTER, Secretary, (SEAL) Governors Mills and Robertson took no part in the consideration or entry of the foregoing statement and order. UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM In the Matter of \ Transamerica Corporation ] DISSENTING STATEMENT OF GOVERNOR OLIVER S. POWELL I am reluctant to disagree with my esteemed colleagues, some of whom have had long experience with the respondent in this case. But to bring out principles which in my judgment need to be clearly determined for the future guidance of the Board of Governors and of bank holding companies, I submit below my views which have led to a dissenting vote. support all inferences necessary to demonstrate as a matter of 'reasonable probability' that the Transamerica acquisitions will have the 'effect' prohibited by section 7." (Underscoring mine.) Principal reliance, as I understand, is based on the Standard Oil case, 337 U. S. 293 (1949), a fiveto-four decision involving not section 7 but section 3 of the Clayton Act. This decision is said by the Board's Solicitor to require the Board to hold that any stock acquisition resulting in control of a "quantitatively substantial" amount of business may have the effect of substantially lessening competition, restraining commerce and tending to monopoly, and is therefore in violation of section 7. I am unable to agree with this. Although contending in his brief that the Standard Oil case governs the case at bar, the Board's Solicitor admitted on oral argument that: ". . . there is not one single case under the Clayton Act that has ever decided at what point percentage-wise a concern can be found maybe to move in the direction of monopoly. There have only been a few cases under the Clayton Act, as I am going to develop in just a moment but for the time being it is sufficient to say there has never been a case where an accumulation of repetitive I. It is my judgment that the case was tried on acquisitions has been before the courts for detertoo narrow a basis. The Solicitor's argument boils mination under this section of the law, and so in a down largely to the fact that the respondent has sense this is a new case under section 7. There 40 per cent of the banking offices and 39 per cent has never been anything like it." (Underscoring of the deposits in &ve. States, that this is too large a mine.) percentage to be controlled by one party and that In the Columbia Steel case, 334 U. S. 495, 528 the respondent has intentions of further expansion. On page 22 of the Brief of Counsel for the Board (1948)—a Sherman Act case, but nevertheless relevant in my judgment—the Court thus stated the there appears the following language: type of evidence which it should consider in a case ". . . In presenting the Board's case we have dealing with restraint of trade: consistently adhered to the view that the deter"In determining what constitutes unreasonable mination of this issue is largely governed by restraint, we do not think the dollar volume is in statistics, that is, by showing how many comitself of compelling significance; we look rather mercial banking offices and how much of the to the percentage of business controlled, the commercial bank deposits and credit in the fivestrength of the remaining competition, whether State area are now controlled by Transamerica. the action springs from business requirements or Our contention has been and is that these statispurpose to monopolize, the probable development tics, coupled with the facts that the greater part of the industry, consumer demands, and other of the Transamerica bank expansion over the characteristics of the market. We do not underyears has been accomplished by buying up indetake to prescribe any set of percentage figures by pendent banks and branches, that such acquisiwhich to measure the reasonableness of a cortions have been going on without interruption poration's enlargement of its activities by the purfor over forty-five years, and that unless rechase of the assets of a competitor. The relative strained they will continue to occur in the future, effect of percentage command of a market varies APRIL 1952 395 LAW DEPARTMENT with the setting in which that factor is placed." II. The Board of Governors of the Federal Reserve System is unlike a court in that the Board is supposed to be an expert in banking and can weigh special factors in banking cases over and above reliance on court decisions based on nonbanking business. III. In my judgment the Board did not have a clear objective in bringing this proceeding against the Transamerica Corporation. Such an objective is needed because this decision will have an important bearing on equitable treatment of other bank holding companies. In the evidence and arguments to support the claim that competition has been restrained and a tendency to monopoly has been created, all of the following questions have been mentioned but not placed in clear focus: (1) Is there a threat to the dual system of banking? No such threat has been proven. Holding companies can operate either State or National banks, and they do so in many instances. (2) Is it monopolistic to cross State lines in the ownership of banks? The Board of Governors has itself acquiesced in this practice in the cases of several holding companies by granting them permits to vote bank stock owned by them. (3) Is there a threat to independent banking? While this is a major point, it is hardly touched on in the Solicitor's brief or in the evidence. Furthermore, under the Board's order, Transamerica is permitted to retain ownership of the great branch banking organization, Bank of America National Trust and Savings Association. (4) Is competition lessened? The record makes it clear, and the Board's Solicitor has never denied that keen competition is present in the five States in which Bank of America affiliates operate. (5) Is there a tendency to monopoly? The Board's position, it seems to me, fails to recognize that a certain amount of monopoly is inherent in banking. Overbanking has been a curse in past years and the supervisory authorities protect a banking monopoly in hundreds of com- 396 munities. In this way, banking differs from gasoline stations, which were involved in the Standard Oil case, upon which the Board relies as a major legal basis for its decision. (6) Is 40 per cent of the banking offices and deposits in a five-State area the critical point beyond which a tendency to monopoly is clearly evident? This is a specious argument which over-simplifies the problem. If Transamerica had happened to control an affiliated bank in the State of New York, the addition of New York State to the number of banking offices and the amount of deposits against which Transamerica holdings were measured would have brought the level well below 40 per cent. As a matter of fact, the percentage of banking offices and bank deposits controlled by Transamerica in the five States varies widely. For example, at page 20 of the Board's findings, there appear the following figures: Percentage of all Bank Deposits Held by Transamerica Group Banks by States in 1948 California 43.75 Oregon 44.12 Nevada 78.46 Arizona 20.10 Washington 4.81 Five States 38.85 It is obvious from the above figures that the 38.85 per cent of bank deposits in the five States held by Transamerica group banks lacks significance. The statistical picture would have been more adverse to Transamerica if it did not control banks in the State of Washington where its 4.81 percentage holdings drag down thefive-Stateaverage. The statistical picture would have been still more damaging if Transamerica operated banks in the State of Nevada only where its holdings are 78.46 per cent of total deposits. Going one step further, banking, as the Board expressly finds, is essentially a local business; the monopoly by Transamerica banks and branches ranges from 100 per cent in some towns to zero in other regions. (7) Is this proceeding a means of stopping practices on the part of Transamerica and its affiliates which seem not to be in the public interest? The Board's findings list such things as: (a) Options held by Transamerica to repurchase the qualifying shares in the case of 249 directorships. FEDERAL RESERVE BULLETIN LAW DEPARTMENT (b) Special inducements to obtain controlling interests in a bank through higher payments to officers of the desired bank or to shareholders representing control of such bank. (c) Channeling of Bank of America earnings to Transamerica Corporation through service corporations rather than in the normal course of dividend payments on stock holdings, which have been reduced to a nominal amount. If these practices are unlawful, it would seem that they should be corrected or controlled through ordinary legal processes. IV. In the findings of the Board, I get no clear picture to support its order against Transamerica Corporation. Here is my evaluation of the paragraphs in the findings as to the facts: Paragraph 1: Basic facts. Paragraph 2: Transamerica-owned banks are commercial banks and engaged in interstate commerce. I agree. Paragraph 3: History of the growth of the Giannini organization up to the formation of Transamerica. Paragraph 4: The growth of the Transamerica bank holdings in five States. Paragraph 5: Convincing evidence of the close relationship between Transamerica and Bank of America. Paragraph 6: Facts as to acquisition of individual banks. Here much proffered evidence was rejected. Paragraph 7: Principally an argument that evidence as to competition from nonbank sources should be excluded from the hearing. I would agree. Paragraph 8: Statistics as to the growing importance of Transamerica in five States. This is not convincing without analysis of what has happened to the principal competition. I would also suggest a variety of other information as pertinent to determining the existence of undesirable trends, such as: (a) distances to the nearest independent banking office in towns served only by Bank of America; (b) was the public poorly served measured by interest rates on loans, interest rates on savings, variety of services offered, the trend of loans to small business, the trend of loans to home owners, APRIL 1952 underwriting of municipal securities, etc. The Board finds that 38.85 per cent of all deposits and 49.97 per cent of the loans in the Rve States are owned by Transamerica banks. This might well indicate merely better service to the public by Transamerica banks. As it stands, it is purely a statistical compilation without validity. On pages 21-22 of the Board's findings the tables on deposit accounts by size seem to show that the small depositor likes the Transamerica bank, especially in California. Paragraph 9: This is the Citizens National Trust and Savings Bank of Los Angeles episode. Transamerica's action here might have been high-handed but it was probably not illegal. It is evident from the record that control of this bank is strongly held by interests very much opposed to Transamerica. There is no evidence to warrant a finding or conclusion that Transamerica's minority interest is such that it may lessen competition, restrain commerce or tend to monopoly. Paragraph 10: Subparagraphs (a) and (b) are generalities largely unsupported by proof. As to the establishment of new banking offices, this procedure is subject to consent of the proper bank supervisor and thus competition to that extent is already under public control. Subparagraph (c) is a mixture of statements, some of doubtful validity. For example, it is not necessarily bad to have a large number of communities where "the only banking services now existing are Transamerica controlled." I doubt the validity of the inference involved in the reference to "the absorption by Transamerica of practically all of the total increase in bank loans." One is led to assume from this that the competing banks have not been making loans. Even if that were true, is it a sound reason for a divestment order? V. I have previously referred to the statement of the Board's Solicitor that "this is a new case under section 7. There has never been anything like it." This being true, the respondent should have been given full opportunity to present its evidence. In the narrow view taken by the Board's Solicitor as to the legal foundation of the case—namely, the socalled quantitative substantiality theory said to have been established by the Standard Oil case—much evidence offered by the respondent was not allowed to be entered. In my judgment the following types 397 LAW DEPARTMENT of evidence which the respondent requested permission to enter should have been received: ". . . evidence offered by respondent which would establish the geographical area in which banks involved in this proceeding compete with respect to the various services they offer." ". . . evidence offered by respondent which would prove the nature and effect of other factors, which are more important than acquisitions, upon the growth, development and competition of banks, including particularly those banks involved in this proceeding, and which would establish that the nature and amount of services provided by banks are continually changing and that they change in accordance with (a) the nature and amount of bank and nonbank competition; (b) management policies; and (c) the aggressiveness with which particular services are offered either by banks or by their nonbank competitors." (However, as indicated above I would not favor admission of evidence as to "nonbank competition.") ". . . evidence offered by respondent which would prove that Bank of America and the Transamerica majority-owned banks grew as a result of providing a greater variety of services to a greater number of people, and by constant 398 effort to render services which were better in quality and cheaper in cost than those offered by competitors." ". . . evidence offered by respondent which would prove that the intent and effect of the transactions by which Bank of America and the Transamerica majority-owned banks have extended their facilities have been to give more and better service to more people over a wider area." ". . . evidence offered by respondent which would prove that there has been and is no tendency to create a monopoly or lessening of competition in the banking business in the five States or elsewhere." In effect, by excluding the above testimony this proceeding has denied to the respondent the principal means at its disposal to defend or justify its actions. VI. In summary, it is my judgment that regardless of the ultimate decision as to the respondent's violation of section 7 of the Clayton Act, the Board of Governors has not clearly defined its complaint against respondent, the Order does not in all respects square with the facts and the respondent has not had its day in court. (Signed) OLIVER S. POWELL April 1, 1952. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 28 and released for publication Industrial production rose slightly in February and early March and was at about the high level reached in the second quarter of 1951. Wholesale prices decreased further over this period, and consumer prices also declined. Total retail sales increased in February while sales at department stores declined somewhat. Bank credit outstanding has changed little since early February. INDUSTRIAL PRODUCTION The Board's preliminary seasonally adjusted index of industrial production in February was 222 per cent of the 1935-39 average, as compared with 220 in January and 221 a year ago. Durable goods output increased in February to a new postwar record level, and production of nondurable goods was up slightly from the level reached at the end of 1951. Passenger auto assembly increased substantially in February and March; total output for the first quarter will be close to the authorized limit of about one million units. Production of household goods was maintained in February at about the January rate—one-fourth above last summer's low but 30 per cent under the exceptional rate of a year ago. Over-all activity in machinery lines showed a small increase, reflecting partly further gains in military equipment. Steel production, which reached an annual rate of 108.7 million tons in February, INDUSTRIAL PHYSICAL VOLUME, PRODUCTION ED, 1939-39 • 100 SEA! March 32] continued to expand in March. Refinery output of nonferrous metals also rose further in February and lumber production showed a strong seasonal rise. The slight increase in nondurable goods output in February reflected mainly a 4 per cent rise in cotton consumption and an unusually large volume of meat production for this season. Pork production in March continued to exceed substantially the yearago amount. Petroleum refining was maintained at peak rates in February and stocks of gasoline rose to a new high. A decline in chemicals output reflected mainly a sharp further curtailment in rayon output. EMPLOYMENT Seasonally adjusted employment in nonagricultural establishments in February was 46.5 million, about the same number as in other recent months. The average work week at manufacturing plants at 40.8 hours was little changed from January or from the level of a year ago; average hourly earnings remained at $1.64. Unemployment was unchanged at 2.1 million, the lowest for February since 1945. CONSTRUCTION Value of construction contract awards showed little change in February as increases for most types of public construction partly oflset declines in private nonresidential awards. The number of nonfarm housing units started rose to 77,000 from 68,000 in January and compares with 81,000 in February 1951. Expenditures for construction work put in place, allowing for seasonal influences, continued unchanged from January at 2.5 billion dollars and were as large as a year earlier. DISTRIBUTION J943 1949 1950 1951 1952 1948 1949 1950 1951 1952 Federal Reserve indexes. Monthly figures, latest shown are for February. APRIL 1952 Department store sales declined somewhat in February and early March, after allowance for the usual seasonal change. In the first three weeks of March, sales were 12 per cent below the corresponding period a year ago owing in part to the later date of Easter this year. Preliminary estimates indicate a moderate decline in February in value of department store stocks after seasonal adjustment. 399 NATIONAL SUMMARY OF BUSINESS CONDITIONS Seasonally adjusted sales at retail stores selling automotive goods and building materials increased substantially in February. COMMODITY PRICES The average level of wholesale commodity prices declined slightly further from mid-February to the fourth week of March, reflecting chiefly decreases in industrial commodities. Wholesale food prices changed little. While some farm products strengthened, hog prices decreased further. The consumers' price index, which had advanced 11 per cent from June 1950 to last December, was unchanged in January and then declined .6 per cent in February. The February decline reflected chiefly decreases in retail food prices. Since midFebruary, there have been reductions in prices of television sets, appliances, and textile products. BANK CREDIT AND THE MONEY SUPPLY Total credit outstanding at banks in leading cities has shown little change since early February. Bank holdings of United States Government securities have declined somewhat while loans and other securities have increased moderately. The volume PRICES AND TRADE of new bank loans to finance defense and defenserelated activity in such manufacturing lines as metal and metal products, petroleum, and chemicals has continued its steady upward movement and exceeded further seasonal repayments of loans by commodity dealers and food, liquor, and tobacco processors. The total money supply has also changed only slightly since early February reflecting in large part the stability in outstanding bank credit. The deposit and currency holdings of businesses and individuals, however, declined sharply as a result of a large seasonal transfer of funds from private to Government accounts. Demand deposit turnover outside New York City rose in February following a decline from November to January. SECURITY MARKETS Common stock prices rose moderately during the first three weeks of March. Yields on short- and intermediate-term Government securities which had risen somewhat during the early part of March subsequently declined sharply as money market conditions eased. Yields on long-term Treasury issues were little changed while yields on highgrade corporate bonds rose slightly. BUSINESS LOANS AT MEMBER BANKS IN LEADING CITIES 1947-49.100 CHANGES FOR SELECTED INDUSTRIES (CUMULATIVE SINCE MARCH 28,1951) 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale prices, Bureau of Labor Statistics index. Consumer prices, total retail sales, and personal disposable income, Federal Reserve indexes based on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for February. 400 FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulations X and W . . Federal Reserve Bank statistics Guaranteed Regulation V loans . Deposits and reserves of member banks . . Bank debits and deposit turnover; Postal Savings System. Money in circulation ... Consolidated statement of the monetary system, deposits and currency All banks in the United States, by classes . . . . All insured commercial banks in the United States, by classes. Weekly reporting member banks Life insurance company commitments ... Commercial paper, bankers' acceptances, and brokers' balances Money rates; bank rates on business loans; bond yields * Security prices and new issues Corporate sales, profits, and dividends Treasury finance Government corporations and credit agencies Business indexes . Department store statistics Consumers' prices Wholesale prices .... Gross national product, national income, and personal income. Consumer credit statistics 403-404 404-406 407-409 409 409-410 410 411 412 413-415 416-417 418-420 420 421 422 423-424 424-426 427-429 430 431-440 441-444 444 445 446-447 448-450 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics: back figures for most other tables may be obtained from earlier BULLETINS. APRIL 1952 401 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars TREASURY CASH AND DEPOSITS 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 TOTAL RESERVE BANK HOLDINGS OF U- S- GOVERNMENT SECURITIES 20 15 15 10 10 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for March 26. See page 403. 402 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S. Government securities Date or period Discounts and advances Total Gold stock Bills, oiAll Total her* certifiBonds cates, and notes Member bank reserve balances TreasTreasOther ury deury Money Treas- posits Non- Fedcurury in cirwith mem- eral Rerency cash Federal ber de- serve culaoutholdposits action ReRe- 2 E 2 Total quired standings serve cess counts ing Banks Wednesday figures: 1951—Feb. 7. . Feb. 14. . Feb. 2 1 . . Feb. 2 8 . . 643 294 196 397 21,641 21,808 21,854 21,881 5,080 5,202 5,320 5,393 976 23,260 16 ,561 16 ,606 1 ,229 23,330 16 ,534 1 ,233 23,283 16 ,488 909 23,188 22,341 22,260 22,207 22,086 4 638 4 637 4 637 4 ,640 27 ,125 27 ,159 27 ,164 27 ,188 1,307 1,292 L,277 L,293 795 864 796 465 1 ,200 1 ,226 1 ,223 1 ,172 736 734 733 729 19,075 18,952 18,934 19,066 18 ,249 18 ,211 18 ,357 18 ,366 826 741 577 700 Mar. 7.. Mar. 14.. Mar. 2 1 . . Mar. 2 8 . . 207 132 151 471 22,179 22,426 22,348 22,606 5,592 5,859 5,891 6,032 840 23,226 16 ,587 16 ,567 1 ,093 23,652 16 ,457 1 ,109 23,607 16 ,574 775 23,852 21,951 21,900 21,856 21,855 4 ,639 4 ,639 4 ,638 4 ,637 27 ,219 27 ,167 27 ,121 27 ,038 L.308 1,283 1,295 1,299 495 420 608 1,052 I ,065 1 ,102 1 ,042 1 ,197 724 721 734 736 19,004 19,498 19,301 19,023 18 ,288 18 ,456 18 ,724 18 ,535 716 1, 042 577 488 Apr. 4 . . Apr. 1 1 . . Apr. 1 8 . . Apr. 2 5 . . 126 92 114 149 22,914 23,086 23,086 22,940 6,288 6,498 6,544 6,570 16 ,626 773 16 ,588 717 16 ,542 1 ,034 16 ,370 700 23,813 23,895 24,234 23,789 21,806 21,806 21,807 21,807 4 ,640 4 ,640 4 ,640 4 ,641 27 ,138 27 ,166 27 ,157 27 ,122 1,304 •1,287 1,293 1,296 711 411 621 678 I ,213 1 ,190 1 ,184 1 ,212 753 753 752 753 19,141 19,533 19,674 19,176 18 ,495 18 ,546 18 ,558 18 ,482 646 987 1, 116 694 May May May 2 3 . . May 3 0 . . 264 422 542 226 540 22,716 22,544 22,397 22,413 22,293 6,570 6,618 6,644 6,713 6,719 16 ,146 15 ,926 15 ,753 15 ,700 15 ,574 23,724 23,706 23,913 23,411 23,396 21,755 21,755 21,755 21,755 21,755 4 ,643 4 ,643 4 ,643 4 ,642 4 ,642 27 27 27 27 27 ,255 ,315 ,287 ,251 ,461 1,294 1,298 1,297 1,290 1,294 707 767 745 765 620 1 ,226 1 ,195 1 ,214 1 ,201 1 ,217 697 696 695 696 693 18,942 18 ,486 18,833 18 ,270 19,072 18 ,306 18,606 18 ,315 18,508 18 ,202 456 563 766 291 306 June 6. . June 13. . June 20. . June 2 7 . . 128 179 165 220 22,653 22,758 22,806 22,843 6,869 6,936 6,736 6,809 15 ,784 765 23,546 15 ,822 846 23,783 16 ,070 1 ,178 24,150 16 ,034 852 23,916 21,756 21,756 21,755 21,755 4 ,644 4 ,647 4 ,648 4 ,650 27 27 27 27 ,520 ,499 ,479 ,601 1,303 1,289 1,285 1,286 139 129 433 418 1 ,102 1 ,095 1 ,099 1 ,139 684 686 774 775 19,198 19,487 19,482 19,102 18 ,335 18 ,417 18 ,642 18 ,564 863 1 070 840 538 July 3. . July 1 1 . . July 1 8 . . July 2 5 . . 181 236 300 78 22,977 23,092 23,081 23,057 6,822 5,822 5,822 5,822 16 ,155 812 23,970 17 ,270 938 24,267 17 ,259 1 ,223 24,605 17 ,235 928 24,063 21,756 21,757 21,758 21,759 4 ,654 4 ,656 4 ,656 4 ,658 27 27 27 27 ,948 ,893 ,781 ,706 • 1,287 1,296 1,296 1,305 179 253 612 424 1 ,014 1 ,107 1 ,183 1 ,191 764 768 766 767 19,189 19,364 19,380 19,088 18 ,556 18 ,459 18 ,465 18 ,440 633 905 915 648 Aug. 1. . Aug. 8 . . Aug. 1 5 . . Aug. 2 2 . . Aug. 2 9 . . 408 200 242 214 278 23,081 23,118 23,151 23,084 23,066 5,822 5,822 5,822 5,822 5,822 17 ,259 17 ,296 17 ,329 17 ,262 17 ,244 794 727 967 877 657 24,282 24,046 24,360 24,175 24,001 21,759 21,759 21,800 21,800 21,800 4 ,663 4 ,665 4 ,666 4 ,667 4 ,668 27 ,842 27 ,904 27 ,925 27 ,932 28 ,034 1,308 1,298 1,288 1,292 1,291 557 203 495 434 557 1 ,175 1 ,016 1 ,113 1 ,096 999 722 720 719 718 717 19,099 19,328 19,285 19,172 18,871 18 ,430 18 ,441 18 ,468 18 ,517 18 ,485 669 887 817 655 386 Sept. Sept. Sept. Sept. 5.. 12.. 19.. 26.. 243 325 359 216 23,079 23,108 23,135 23,474 5,822 5,822 5,822 5,822 17 ,257 684 17 ,286 951 17 ,313 1 ,289 17 ,652 988 24,006 24,384 24,783 24,677 21,854 21,853 21,934 22,013 4 ,672 4 ,673 4 ,674 4 ,676 28 ,262 28 ,216 28 ,140 28 ,137 1,299 1,294 1,285 1,288 408 474 477 816 1 ,022 1 ,047 923 1 ,024 714 713 730 731 18,825 19,167 19,835 19,369 18 ,406 18 ,555 18 ,864 18 ,837 419 612 971 532 Oct. Oct. Oct. Oct. Oct. 3.. 10.. 17.. 24.. 31.. 69 79 69 152 186 24,039 24,072 23,848 23,666 23,552 5,825 5,825 5,325 5,325 5,325 18 ,214 922 25,030 18 ,247 875 25,025 18 ,523 1 ,200 25,117 18 ,341 1 ,024 24,841 18 ,227 690 24,427 22,015 22,055 22,105 22,144 22,234 4 ,680 4 ,680 4 ,681 4 ,683 4 ,686 28 ,320 28 ,448 28 ,385 28 ,301 28 ,410 1,284 1,286 1,296 1,291 1,288 397 335 326 509 493 966 1 ,002 975 886 818 753 750 851 850 780 20,004 19,939 20,068 19,833 19,557 18 ,843 1 161 18 ,868 1 071 18 ,950 1 118 19 ,144 689 19 ,060 497 Nov. Nov. Nov. Nov. 7. . 14. . 21. . 28. . 243 274 227 483 23,507 23,397 23,275 23,239 5,325 5,325 5,334 5,334 18 ,182 845 24,595 18 ,072 930 24,602 17 ,941 \ ,243 24,745 17 ,905 957 24,679 22,284 22,283 22,333 22,332 4 4 4 4 ,534 ,601 ,701 ,742 1,291 1,284 1,285 1,288 452 245 364 548 843 815 800 750 778 776 774 774 19,667 19,850 19,843 19,603 18 ,988 18 ,976 19 ,211 19 ,229 679 874 632 374 Dec. Dec. Dec. Dec. 5. . 12. . 19. . 26. . 959 710 449 797 23,239 23,239 23,239 23,503 5,357 5,376 5,334 5,342 17 ,882 883 25,081 22,381 *4 ,699 28 ,891 4 ,700 29 ,037 17 ,863 1 ,031 24,980 22,382 4 ,703 29 ,263 17 ,905 2 ,057 25,745 22,491 4 ,704 29 ,403 18 ,161 1 ,276 25,576 22,621 1,292 1,284 1,269 1,289 501 266 6 289 787 740 776 880 770 770 827 832 19,919 19,964 20,798 20,208 19 ,196 19 ,317 19 ,767 19 ,637 725 647 1 031 571 1952—Jan. Jan. Jan. Jan. Jan. 2... 9... 16... 23... 30... 105 198 135 112 210 23,658 23,452 23,119 22,993 22,785 5,344 5,344 5,344 5,344 5,344 18 ,314 1 ,062 24,825 22,697 18 ,108 904 24,554 22,772 17 ,775 1 ,118 24,372 22,822 17 ,649 1 ,010 24,116 22,872 17 ,441 711 23,707 22,931 4 ,706 4 ,707 4 ,710 4 ,711 4 ,716 29 ,143 28 ,800 28 ,526 28 ,342 28 ,347 1,275 1,280 1,291 1,280 1,302 8 69 138 11 221 694 771 719 663 729 745 743 744 743 742 20,364 20,369 20,488 20,660 20,013 19 ,685 19 ,551 19 ,590 19 ,573 19 ,455 679 818 898 1 087 558 Feb. 6 . . Feb. 13. . Feb. 20.. Feb. 27. . 283 619 454 422 22,614 22,499 22,400 22,555 5,344 5,344 5,471 5,636 17 ,270 759 634 17 ,155 16 ,929 1 ,033 16 ,919 773 23,656 23,753 23,887 23,750 22,990 23,011 23,071 23,110 4 ,717 4 ,717 4 ,721 4 ,722 28 28 28 28 ,378 ,425 ,387 ,390 1,317 1,276 1,308 1,308 52 261 491 712 728 685 749 730 741 741 738 735 20,148 20,094 20,007 19,710 19 ,415 19 ,304 19 ,293 19 ,224 733 790 714 486 Mar. Mar. Mar. Mar. 384 357 126 170 22,514 22,530 22,825 22,528 5,636 5,636 5,636 5,636 16 ,878 986 23,883 16 ,894 891 23,778 17 ,189 1 ,265 24,216 715 23,413 16 ,892 23,290 23,291 23,292 23,291 4 4 4 4 28 ,464 28 ,452 28 ,361 28 ,329 1,296 1,296 1,285 1,282 670 639 6 895 841 742 736 787 785 803 804 19,787 19 ,166 621 599 19,781 19 ,182 21,038 P19 ,581 Pl 457 20,276 P19 ,480 2.. 9.. 16.. May 5. . 12. . 19. . 26. . 744 740 974 772 564 ,686 ,688 ,689 ,693 ,726 ,726 ,729 ,731 28 28 28 28 7 91 Preliminary. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. APRIL 1952 403 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Date or period End of period: 1929—June 2 9 . , 1933—June 30. 1939—Dec. 3 0 . . 1941—Dec. 3 1 . 1945—Dec. 31 1946—Dec. 31.. 1947—Dec. 31 . 1948—Dec. 31 . 1949—June 3 0 . . Dec. 3 1 . . 1950—June 30. . Dec. 30. . 1951—Mar Apr May June July Aug Sept Oct Nov Dec 1952—Jan Feb Mar Averages of daily figures: 1951—Jan Feb Mar 1952—Tan Feb Mar Discounts and advances 147 1,400 58 2,220 102 2,593 104 2,361 580 25,091 581 24,093 536 23 ,181 542 24,097 250 19,696 536 19.499 329 18,703 1,371 22,216 4,037 4,031 17,644 22,737 20,065 20.529 22,754 24,244 24,466 24,427 24,231 22,706 2,019 2,286 2,963 3,247 4,339 4,562 4,562 4,589 4,597 4,598 4,607 4,636 964 24,150 535 23,560 443 23,481 1,007 24,043 679 24,033 630 24,309 1,134 25,058 690 24,427 871 24,734 1,189 25 ,009 726 23 ,783 778 23 904 23,270 21,806 21,805 21,755 21,756 21,759 21,854 22,013 22,233 382 695 951 191 290 927 21,839 222 23,286 088 23,663 038 24,444 909 23,826 942 23,890 22,523 22,249 21,909 22,824 23,039 23,278 U. S. Government securities Total All 1 Total Bills, certifi- other Bonds cates, and notes 71 216 145 998 I 441 1,557 484 I 1,351 1,133 254 1,467 787 249 24,262 947 23,315 753 22.597 163 23. 350 85 22, 559 I 2,853 19,70£ 223 23,333 10,977 12,356 103 19,343 7,780 11,563 78 18,885 7,218 11,667 43 18,331 | 5,618 12,713 67 20,778 4,620 16,158 j 275 22,910 6,187 16,723 283 22,742 I 6,570 16,172 529 22,509 6,803 15,706 53 22,982 6,822 16,160 822 17,256 277 23 ,078 822 17,305 552 23 127 190 23,734 5,822 17,912 186 23,552 5,325 18,227 5,334 17,905 624 23 18,457 19 23 5,.' 328 22,729 5,344 17,385 598 22 528 5,636 16,892 5,636 16,878 133 22 1,037 164 7 3 213 330 242 200 365 314 Gold stock Treasury cur- Money cirrency in culaouttion standing 20,699 21,733 22,333 23,206 22,552 22,634 4,736 5,197 5,784 5,344 5,432 5,636 15,963 16,536 16,549 17,862 17,120 16,998 4,459 5,434 7,598 11,160 28.515 28.952 28,868 28,224 27,493 27,600 27,156 27,741 TreasdeTreas- ury posits ury with cash hold- Federal Reings serve Banks 204 264 2,409 2,215 2,287 2,272 1,336 1,325 1,307 1,312 1,298 1,293 36 35 634 867 977 393 870 1,123 438 821 950 668 28 166 653 ,360 ,308 822 961 ,189 941 ,517 ,431 ,460 374 2,356 346 2,292 251 11,653 291 12,450 495 15,915 607 16,139 563 17,899 59G 20,479 713 17,867 706 16,568 771 15,934 714 17,681 2,333 23 1,817 475 6,444 5,209 9,365 3,085 14,457 1,458 15.577 562 16,400 1,499 19,277 1,202 16.919 948 15,550 ,018 15,498 436 16,509 ,172 ,640 27,119 1,293 ,643 27,278 1,284 ,646 27,519 1,293 ,655 27,809 1,281 ,666 27,851 1,302 ,673 28,155 1,287 ,681 28,288 1,285 ,688 28,417 1,283 ,700 28,809 1,288 ,709 29,206 1,270 ,717 28,386 1,319 ,727 28,465 1,287 ,736 P28,475 Pl.275 1,114 611 666 317 584 459 936 493 481 247 162 558 169 ,322 ,236 ,179 ,262 ,159 ,038 ,127 818 794 889 766 796 845 734 19,014 698 18,901 690 18,536 765 19,020 700 18,863 716 19,181 727 19,391 780 19,557 772 19,670 746 20,056 741 20,077 733 19,982 801 19,733 18,367 647 18,449 452 18,206 330 18,604 416 18,396 467 18,464 717 18,822 569 19,060 497 19,180 490 19,667 389 19,443 634 19,254 728 ?19,298 M 3 5 1,199 842 1,255 603 1,212 109 737 352 799 333 845 742 18,088 734 18,907 730 19,207 744 20,470 738 19,995 790 20,207 4,635 4,637 4,639 4,709 4,719 4,728 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] 27,304 27,145 27,171 28,637 28,406 28,437 1,297 1,290 1,289 1,281 1,294 1,283 Net demand deposits x Effective date of change Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months. . . In less than 90 days NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. 1938—Apr. 1941—Nov. 1942—Aug. Sept. Oct. 1948~Feb. June Sept. Sept. 1949—May May 16 1 20 14 3 27 11 16. . 24 1 5 July Aug. Aug. Aug. Aug. Aug. Sept. 1951—Jan. Jan. 1 1 11 16 18 25 1 11 16 June 30.. 3 MARGIN REQUIREMENTS [Per cent of market value] Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Feb. 1, Mar. 30, Effec1949tive 1947Mar. 29, Jan. 16, Jan. 17, 1951 1951 1949 I f Jan. 25 ' ' Feb 1 75 75 50 50 75 75 75 50 75 Central reserve city banks 22 M 26 24 22 20 22 24 . . In effect Apr. 1, 1952 < Regulation T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, and February 1947, p. 162. 404 17,263 18,279 18,494 19,536 19,300 825 627 713 933 695 MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with Securities Exchange Act of 1934 Nonmember deposits Member bank reserve balances Other Federal Reserve Re- 2 Ex-2 acTotal quired cess counts Reserve city banks 20 26 22 24 21 20 2 Country banks Time deposits (all member banks) 12 14 5 6 16 . . .__ 23 19 22 23 18 19 24 20 24 20 73^ \lV2 37 36 6 2 13 23K 2 12 35 13 36 26 14 14 6 1 Demand'deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. Requirement became effective at central reserve and reserve city bankj. 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Federal Reserve Bank Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Rate on Mar. 31 Boston New Y o r k . . . , Philadelphia. . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . Kansas City.. Dallas San Francisco In effect beginning— Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Previous rate Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Other secured advances [Sec. 10(b)] Rate on Mar. 31 21,1950 21,1950 25,1950 25,1950 25,1950 24,1950 25,1950 23,1950 22,1950 25,1950 25,1950 24,1950 Previous rate In effect beginningAug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. 21,1950 21,1950 25,1950 25,1950 25,1950 24,1950 25,1950 23,1950 22,1950 25,1950 25,1950 24,1950 Rate on Mar. 31 In effect beginning— 2V2 2V2 2V2 2% 2Y2 2% 2% Jan. 14, 1948 Oct. 30, 1942 Aug. 23, 1948 Aug. 25, 1950 2 Oct. 28, 1942 Aug. 24, 1950 Aug. 13, 1948 Jan. 12, 1948 Aug. 23, 1948 Jan. 19, 1948 Feb. 14, 1948 'Oct. 28, 1942 \Y2 Previous rate \ " b 2 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 for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. 1 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Maturity Rate on Mar. 31 In effect beginning— AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Previous rate Maturities not exceeding five years [In effect March 31. Per cent per annum] 1- 90 days 91-120 days 121-180 days 1% 2Vs Dec. 18, 1951 Dec. 18, 1951 Dec. 18, 1951 IX IK 2 To industrial or commercial businesses NOTE.—Effective minimum buying rates at the Federal Reserve 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 Reserve Bank Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 tfn effect March 31] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan Percentage of loan guaranteed 70 or less 75 80 85 90 95 Over 95 Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower 10 15 20 25 30 35 40-50 10 15 20 25 30 35 40-50 APRIL 1952 On discounts or purchases On loans » On commitments Portion for which institution is obligated Remaining portion On commitments () 2^-5 1M-2M (2) 1 2 1 4 Maximum Rates Financing Institutions May Charge Borrowers [Per cent per annum] Interest rate Commitment rate. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas C i t y . . . . Dallas San Francisco... To financing institutions Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of M Per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. 5 405 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 Value per family unit Regulation X and FHA VA Multi-unit residences (Reg. X and FHA) Nonresidential properties l (Regulation X) Maximum loan per family unit 2 (in per cent of value unless otherwise specified) Not more than $7,000 90 96 per cent of price $7,001-$10,000 85 94 per cent of price $10,001-$12,000 80 92 per cent of price $12,001-$15,000 $9,600 plus 40 per cent of excess over $12,000 (80-72) $11,040 plus 17 per cent of price over $12,000 (92-77 per cent of price) $l5,001-$20,000.... $10,800 plus 20 per cent of excess over $15,000 (72-59) $11,550 plus 25 per cent of price over $15,000 (77-64 per cent of price) $11,800 plus 10 per cent of excess over $20,000 (59-50) $12,800 plus 15 per cent of price over $20,000 (64-55 per cent of price) $2O,OO1-$23,5OO.... $23,501-$24,500 50 Over $24,500 Maximum loan per property 83 $5,810 plus 53 per cent of excess over $7,000 (83-67) 50 per cent of value $10,050 plus 20 per cent of excess over $15,000 (67-50) 50 55 per cent of price Maximum maturity (years) 25 20 Not more than $12,000 Over $12,000 «25 « 20 > None specified } Amortization requirements All values Minimum annual reduction of 5 per cent of original loan until amount outstanding is 50 per cent or less of property value at time the loan was made or liquidation of loan by maturity through substantially equal periodic payments or payments of principal None specified under Regulation X; periodic payments satisfactory to Commissioner on FHA loans Liquidation of loan by maturity through substantially equal periodic payments or payments of principal Effective date September 1, 1951* January 12, 1951 February 15, 1951 September 1, 1951* 1 Properties generally described as commercial and recreational. 2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value. 8 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity on a loan may be 30 years. 4 For terms effective before Sept. 1, 1951, see BULLETIN for October 1950, p. 1321, and January 1951, pp. 31-32. NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspended or relaxed as provided by the Defense Housing and Community Facilities and Services Act of 1951 and as prescribed by the Administrator. For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve Banks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices. MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES UNDER REGULATION W Prescribed by Board of Governors of the Federal Reserve System under authority of the Defense Production Act of 1950, approved September 8, 1950, and as amended July 31, 1951 Minimum down payment 1 (per cent) Maximum maturity (months) Listed articles and loans Listed articles: 2 Passenger automobiles Major appliances s Furniture and floor coverings Home improvement materials, articles, and services * Loans: To purchase listed articles Unclassified Sept. 18Oct. 15, 1950 Oct. 16, 1950July 30, 1951 10 15 10 10 July 31, 1951 33 H 15 15 Sept. 18Oct. 15, 1950 Oct. 16, 1950July 30, 1951 July 31, 1951 21 18 18 15 15 15 18 18 18 30 30 M0 6 18 18 15 1 For automobiles, payable in cash, trade-in, or both; for other listed articles, payable in cash from Sept. 18, 1950, to July 30, 1951, and in cash, trade-in, or both from July 31, 1951. Exempted from down payment requirements: Sept. 18-Oct. 15, 1950, listed articles costing less than $100;2 Oct. 16, 1950-Apr. 7, 1952, those costing less than $50; beginning Apr. 8, 1952, those costing less than $100. Effective Jan. 2, 1952, includes only automobiles of model years later than 1942. 3 Includes radio or television receiving sets, phonographs, refrigerators, food freezers, cooking stoves, ranges, dishwashers, ironers, washing machines, clothes driers, sewing machines, suction cleaners, room-unit air conditioners, 6and dehumidiflers. 4 Includes heating, plumbing, and other household fixtures. Effective Mar. 24, 1952, no down payment required. 6 Requirements same as on instalment sales of respective articles. 406 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item End of month 1952 1952 Mar. 26 Assets Gold certificates Redemption fund for F. R. notes. Mar. 19 21,407,251 21,403,253 699,124 699,055 Total gold certificate reserves.... Mar. 12 Mar. 5 Feb. 27 Mar. 1951 Feb. Mar. ,386,252 21,386,252 21,186,251 21 416,254 21,286,251 19,950,404 706,082 706,082 699,122 616,292 706,125 706,081 22,106,375 22,102,308 22 092,334 22,092,334 21,892,376 22 115,376 21,992,332 20,566,696 Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans Acceptances purchased U. S. Government securities: Bills Certificates: Special Other Notes Bonds 383,629 387,782 384,042 395,597 419,320 370,480 413,805 352,979 156,942 13,000 5,124 113,052 13,000 4,856 357,481 383,814 422,486 598,175 275,023 4,790 4,584 4,977 120,237 13,000 5,247 4,883 3,918 1,996 1,719,598 16,000 14,000 311,000 11,809,806 11,809,806 11,809,806 11,809,806 11,851,056 11,809,806 11,824,306 5,068,073 5,068,073 ,068,073 068,073 5,068,073 5,068,073 5,068,073 15 003,433 5,635,823 5,635,823 ,635,823 635,823 5,635,823 5,635,823 5,635,823 187,231 Total U. S. Government securities. 22,527,702 22,824,702 22,529,702 22,513,702 22,554,952 22,513,702 22,528,202 22,910,262 Total loans and securities 22,702,768 22,955,610 22,891,973 22,902,100 22,982,415 22,652,186 23,131,260 23,191,199 Due from foreign banks... . F. R. notes of other Banks. Uncollected cash items Bank premises Other assets 28 28 178,010 163,641 3,868,050 5,004,148 44,454 44,497 161,474 153,053 Total assets. . 28 28 28 28 180,801 162,063 167,703 176,786 ,631,524 3,605,427 3,761,184 3,078,533 44,095 44,316 44,161 44,336 156,290 201,894 164,395 167,092 28 182,127 ,355,342 44,137 204,090 24 155,599 ,504,087 40,539 167,086 49,444,788 50,811,067 49,376,315 49,372,723 49,482,113 48,590,094 49,323,121 47,978,209 Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts. . U. S. Treasurer—general account. Foreign Other 24,258,067 24,280,208 24,375,331 24,408,495 24,357,763 24,371,386 24,422,570 23,040,941 20,276,351 21,037,517 19,781,300 19,787,465 19,709,596 19,732,566 19 982,428 7,455 638,979 168,605 557,799 6,072 670,005 711,519 544,963 566,054 555,297 577,359 547,225 600,111 522,787 190,602 290,010 218,159 195,129 295,394 206,650 275,258 Total deposits. ,014,238 ,113,904 841,594 480,637 21,019,371 21,785,943 21,261,591 21,352,975 21,150,552 20,746,478 21,335,745 21,450,373 Deferred availability cash items Other liabilities and accrued dividends. Total liabilities. Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 3,157,772 3,744,037 17,982 15,518 ,745,452 14,969 ,624,280 2,993,176 2,460,424 14,865 15,526 14,531 ,582,699 14,412 ,545,786 12,633 48,453,192 49,825,706 48,397,343 48,400,281 48,516,356 47,593,814 48,355,426 47,049,733 242,067 538,342 27,543 183,644 Total liabilities and capital accounts Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 241,970 538,342 27,543 177,506 241,930 538,342 27,543 171,157 241,684 538,342 27,543 164,873 241,128 538,342 27,543 158,744 242,225 538,342 27,543 188,170 241,431 538,342 27,543 160,379 228,152 510,022 27,543 162,759 49,444,788 50,811,067 49,376,315 49,372,723 49,482,113 48,590,094 49,323,121 47,978,209 48.8 48.0 48.4 48.3 48.1 49.0 48.1 46.2 8,053 6,626 8,104 6,729 9,034 6,810 9,708 7,004 10,108 6,821 8,089 6,468 9,852 6,844 31,226 2,824 275,023 249,864 5,150 9 3,918 214 198 2,240 1,266 1,996 1,486 510 22 ,910,262 254,913 ,471,785 ,233,085 ,435,866 ,031,704 ,482,909 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total Within 15 days 16 days to 90 days 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Acceptances purchased—total Within 15 days 16 days to 90 days U. S. Government securities—total Within 15 days 16 to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years 169,942 133,572 36,370 5,124 1,671 17 2,407 1,029 Over 10 years 126,052 101,405 11,647 13,000 4,856 1 ,532 17 2,172 1,135 ,527,702 14,000 ,824,702 311,000 ,430,031 ,441,352 ,013,614 ,628,705 13,430,031 5,441,352 1,013,614 2,628,705 357,481 341,016 16,465 383,814 361,837 21,977 422,486 398,979 23,507 133,237 101,237 32,000 598,175 562,843 35,332 4,790 895 706 2,070 1,119 4,584 868 718 1,954 1,044 4,977 937 815 2,019 1,206 5,247 1,009 273 2,724 1,241 4,883 868 778 2,073 1,164 ,529,702 22,513,702 22,554,952 22,513,702 22,528,202 16,000 156,646 4,156,646 626,981 ,430,031 13,430,031 9,653,731 13,430,031 102,256 ,102,256 5,102,256 5,102,256 5,441,352 013,614 ,352,710 1,352,710 1,013,614 1,013,614 628,705 ,628,705 2,628,705 2,628,705 2,628,705 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Government securities Total collateral. 1 25,256,287 25,301,033 25,350,493 25,377,482 25,426,417 25,282,203 25,424,432 23,935,818 12,739,000 12,739,000 12,739,000 12,724,000 12,624,000 12,699,000 12,624,000 12,219,000 96,327 76,901 140,392 271,721 379,235 69,547 167,476 235,649 13,675,000 13,675,000 13,575,000 13,575,000 13,575,000 13,675,000 13,575,000 12,440,000 26,510,327 26,483,547 26,481,476 26,534,649 26,470,721 26,450,901 26,578,235 24,799,392 Callable U. S. Government securities classified according to nearest call date. APRIL 1952 407 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1952 [In thousands of dollars] Item Total Assets Gold certificates. 21,416,254 Redemption fund for F. R. notes. 699,122 Total gold certificate reserves.. 22,115,376 370,480 Other cash Discounts and advances: Secured by U. S. Govt. 119,630 securities. . . Other Boston New York Philadelphia Cleveland 762,818 7,461,834 1,252,174 1,454,430 61,596 73,500 54,120 Richmond Atlanta 913,902 79,961 64,498 824,414 7,535,334 1,306,294 1,534,391 69,097 21,632 31,004 25,976 978,400 24,917 4,830 13,607 5,247 18,850 3,926 3,891 1,014 4,131 1,850 1,196 Total loans and securities 22,652,186 1,531,990 4,869,323 1,391.512 2,247,617 Due from foreign 3 banks 28 2 2 F. R, notes of 8,341 other Banks. 162,063 4,779 16,695 7,878 Uncollected cash 626,103 192,349 273,375 3,078,533 283,143 items 44,336 7,569 4,782 Bank "premises... 1,003 2,837 167,092 35,559 17,068 Other assets 793,694 3,932,140 Minneapolis St. Louis Kansas City 546,924 327,432 735,749 48,822 24,816 36,744 842,448 4,048,159 32,145 74,063 595,746 18,304 352,248 5,681 772,493 13,284 7,450 494 8,600 338 126 32,054 694 3,050 559 877 36,675 1,807 San Francisco Dallas 116,019 48,754 2,380 988 93 Industrial loans.. U. S. Govt. securities 22,513,702 1,526,272 4,846,547 1,382,476 2,244,571 1,504,568 Chicago 609,567 2,625,590 27,808 62,484 637,375 2,688,074 13,112 41,265 494 20 1,209 1,323,603 3,477,692 1,236,137 715,958 ,082,752 1,063,930 2,109,196 1,508,029 1,328,089 3,516,174 1,244,081 725,022 1,115,500 1,064,444 2, 110,405 1 1 3 5,285 9,869 17,186 1 1 4 1 [38,400 [23,993 16,475 6,989 6,173 129,337 3,208 8,836 71,678 1,075 5,099 173,943 2,426 8,213 F. R. notes 24,371,386 1,491,293 5,413,358 1,723,271 2,223,214 1,710,845 1,329,437 4,648,521 1,131,440 Deposits: Member bk.— reserve accts. 19,732,566 839,045 6,388,595 943,168 1,471,911 816,858 894,729 2,989,984 706,344 U. S. Treas.— 980 523 574 168,605 507 160,935 592 525 523 gen. acct 41,504 555,297 27,137 22,880 32,990 2 183,876 48,953 73,962 20,220 Foreign 290,010 1,987 225,483 2,753 3,029 4,487 4,146 2,277 8,072 Other 622,882 964,656 686,555 2,425,914 444,326 932,541 991,812 2,313,253 1,007 13,835 1,555 577 20,220 2,586 Total deposits... 20,746,478 Deferred avail. cash i t e m s . . . . 2,460,424 Other liab. and accrued div 15,526 Total assets 151,790 269,855 6,749 650 15,439 12,782 10,124 7,783 48,590,094 2,684,089 13,159,688 2,932,628 4,116,581 2,804,677 2,440,806 8,153,001 2,006,502 1,166,977 2,091,145 1,885,024 5,148,976 239,179 4,328 11,423 201,060 3,196 9,874 466,721 6,513 24,892 Liabilities 877,029 6,958,889 435 20,220 1,553 1,427 49,500 32,082 955,924 1,014,020 2,396,262 987,639 1,525,602 847,271 921,212 3,066,748 735,159 460,723 251,550 500,295 145,002 273,121 192,104 143,643 295,802 97,981 55,317 129,754 143,311 232,544 914 4,112 899 1,892 738 711 2,430 674 666 610 597 1,283 Total liabilities. . 47,593,814 2,620,786 12,876,654 2,856,811 4,023,829 2,750,958 2,395,003 8,013,501 1,965,254 1,139,588 2,050,944 1,844,483 5,056,003 Capital Accts. Capital paid in. . Surplus (Sec. 7).. Surplus (Sec. 13b) Other cap. accts.. 242,225 538,342 27,543 188,170 13,135 34,192 3,011 12,965 76,446 159,743 7,319 39,526 16,965 41,493 4,489 12,870 23,063 50,648 1,006 18,035 10,554 27,025 3,349 12,791 10,009 23,871 762 11,161 31,278 79,601 1,429 27,192 8,466 21,788 521 10,473 5,453 14,063 1,073 6,800 9,176 20,367 1,137 9,521 11,720 18,210 1,307 9,304 25,960 47,341 2,140 17,532 Total liabilities and cap. accts.. 48,590,094 2,684,089 13,159,688 2,932,628 4,116,581 2,804,677 2,440,806 8,153,001 2,006,502 1,166,977 2,091,145 1,885,024 5,148,976 Reserve r a t i o . . . . Cont. liab. on accept, purch.— foreign corresp. Industrial loan commitments.. 49.0% 34.8% 8,089 499 6,467 60.9% 3 2,468 48.2% 40.9% 38.2% 37.4% 628 741 411 346 1,737 916 62 52.5% 31.9% 32.5% 40.2% 37.5% 1,120 306 209 306 306 2,510 820 55.7% 749 422 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,282,203 1,551,399 5,616,542 1,768,710 2,313,587 1,793,884 1,390,786 4,732,860 1,175,682 632,865 986,867 727,817 2,591,204 Collateral held: Gold certificates 12,699,000 450,000 4,470,000 750,000 760,000 580,000 485,000 2,470,000 270,000 165,000 280,000 219,000 1,800,000 17,615 3,891 2,280 76,901 4,911 7,450 8,600 32,154 Eligible paper.. U. S. Govt. sec. 13,675,000 1,300,000 1,300,000 1,100,000 i,625',666 1,300,000 950,000 2,300,000 1,000,000 505,000 750,000 545,000 1,000,666 Total collateral.. 26,450,901 1,754,911 5,787,615 1,853,891 2,385,000 1,882,280 1,435,000 4,770,000 1,277,450 678,600 1,062,154 764,000 2,800,000 1 After deducting $20,000 participations of other Federal Reserve Banks. 'After deducting $371,406,000 participations of other Federal Reserve Banks. * After deducting $5,621,000 participations of other Federal Reserve Banks. 408 FEDERAL RESERVE BULLETIN INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT [Amounts in thousands of dollars] TO DEFENSE PRODUCTION ACT OF 1950 AND Date (last Wednesday or last day of period) Applications approved to U.CH.C Approved Loans Commitbut not outments com- standing 1 outpleted i (amount) standing (amount) (amount) Number Amount 1944 1945 1946 1947 1948 1949 1950 3,489 3,511 3,542 3,574 3,607 3,649 3,698 525,532 544,961 565,913 586,726 615,653 629,326 651,389 4,819 1951 Feb. 2 8 . . . Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 3 1 . . . Nov. 30. . . Dec. 3 1 . . . 3,706 3,710 3,717 3,721 3,724 3,727 3,731 3,732 3,734 3,736 3,736 655,702 660,525 664,473 667,988 671,432 678,477 691,536 695,178 700,040 706,215 710,931 1952 Jan. 3 1 . . . 3,738 Feb. 29 . . . 3,741 716,210 721,144 1,295 3,894 1,995 Participations of financing institutions outstanding 8 (amount) 2,178 2,632 1,523 3,980 4,925 3,578 3,221 6,730 12,197 4,394 2,943 3,073 3,513 3,681 3,988 4,845 5,255 5,762 5,801 5,750 5,062 4,447 4,505 4,687 2,937 2,824 2,595 3,643 3,740 3,767 6,050 6,478 7,151 6,361 6,036 5,358 5,262 5,331 5,999 6,199 6,115 7,860 11,420 11,990 12,064 11,985 832 772 4,621 4,957 7,125 6,845 12,018 10,307 945 335 539 554 1,387 995 [Amounts in thousands of dollars] Guaranteed loans authorized to date Guaranteed loans outstanding Additional amount available to borrowers under guarantee agreements outstanding Date 4,165 1,644 8,309 7,434 1,643 2,288 3,754 320 4,577 EXECUTIVE ORDER NO. 10161 2,705 1,086 2,670 4,869 1,990 2,947 3,745 Number 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. Total amount Amount 1950 Oct. 3 1 . Nov. 30. Dec. 3 1 . 3 23 62 1,000 13,585 31,326 2,340 8,017 1951 Jan. 31. Feb. 28. Mar. 3 1 . Apr. 30. May 3 1 . June 30. July 31. Aug. 3 1 . Sept. 30. Oct. 3 1 . Nov. 30. Dec. 3 1 . 119 161 254 328 402 484 568 658 729 776 815 854 109,433 122,541 300,955 421,267 514,626 654,893 828,584 1,052,337 1,154,942 1,218,988 1,302,342 1,395,444 23,778 44,250 68,833 126,080 183,610 252,100 325,299 405,043 492,167 556,839 615,812 675,459 1952 Jan. 31. Feb. 29. 901 934 1,463,443 1,530,388 715,928 763,838 Portion guaranteed 2,232 6,265 3,335 8,299 19,83/ 36,53 56,973 106,053 151,858 209,465 267,715 332,618 400,652 454,789 502,524 54 5,597 13,748 33,840 47,822 185,001 205,629 276,702 349,905 384,852 450,013 495,512 476,699 472,827 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 All member banks Central reserve city banks New York Chicago In millions of dollars] Reserve city banks Country banks All member banks Demand balances due from domestic banks... Reserves with Federal Reserve Banks: Total Required Excess Borrowings at Federal Reserve Banks 104,143 12,275 91,869 91,213 31,208 23,217 3,946 19,271 21,236 1,937 5,725 1,142 4,583 5,179 1,149 39,723 6,015 33,707 34,555 12,448 6,140 41 112 1,842 20,055 19,357 697 5,199 5,213 -14 1,306 1,312 -6 329 3 76 New York Chicago Reserve city banks Country banks Second half of February 1952 First half of February 1952 Gross demand deposits: Total Interbank Other 2 Net demand deposits .. Time deposits 3 Central reserve city banks 35,479 103,784 1,171 12,041 34,307 91,743 30,242 90,578 15,674 31,275 23,217 3,911 19,305 21,166 1,934 5,757 1,146 4,611 5,145 1,143 39,641 5,860 33,781 34,162 12,493 35,169 1,123 34,046 30,106 15,705 4,146 5,986 39 114 1,879 3,954 7,787 7,658 129 5,763 5,174 588 19,930 19,238 692 5,220 5,196 24 1,304 1,303 1 7,725 7,582 143 5,681 5,157 524 202 48 404 17 241 59 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based2 on deposits at opening of business. Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report, APRIL 1952 409 POSTAL SAVINGS SYSTEM MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member 1 banks Central reserve city banks Reserve city banks [In millions of dollars] Country banksi New York Chicago 18,907 20,469 19,995 4,925 5,335 5,209 1,296 1,347 1,305 7,329 7,967 7,757 5,356 5,819 5,723 19,979 19,881 19,861 19,780 20,510 20,673 5,197 5,220 5,229 5,162 5,385 5,566 1,297 1,302 1,299 1,281 1,331 1,361 7,750 7,702 7,657 7,664 7,952 7,969 5,736 5,657 5,677 5,672 5,841 5,777 627 933 695 23 90 5 -3 -1 -3 121 200 136 487 643 557 Feb. 20 693 Feb. 27 667 Mar. 5 689 Mar. 12 667 Mar. 19 P1,074 Mar. 26 Pl.127 Borrowings at Federal Reserve Banks: 1951—February 330 1952—January 210 February 365 2 34 6 -4 89 208 -7 -1 -1 y 8 15 128 133 143 139 287 280 570 501 541 539 P690 P624 79 2 9 12 34 82 189 130 220 50 45 53 65 83 136 163 51 25 101 186 260 228 77 73 212 62 66 75 55 40 Total reserves held: 1951—February 1952—January February Feb. 20 Feb. 27 Mar. 5 Mar. 12 Mar. 19 Mar. 26 Excess reserves: 1951—February 1952—January February Feb. Feb. Mar. Mar. Mar. Mar. 20 27 5 12 19 26 414 331 462 549 183 138 36 83 P1 Preliminary. Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. Assets Depositors' balances 1 End of month Total Cash in depository banks U. S. Government securities Cash reserve funds, etc.2 1943—December 1944—December.... 1945—December.... 1946—December 1947—December.... 1948—December 1949—December 1,788 2,342 2,933 3,284 3,417 3,330 3,188 1,843 2,411 3,022 3,387 3,525 3,449 3,312 10 8 6 6 6 7 7 1,716 2,252 2,837 3,182 3,308 3,244 3,118 118 152 179 200 212 198 187 1950—October November. . . December.... 2,967 2,947 2,924 3,088 3,069 3,045 10 10 11 2,903 2,888 2,868 175 171 166 1951—'January February March April May June July August September.... October November December. . . . 2,901 2,877 2,852 2,831 2,808 2,788 2,772 2,754 2,738 2,724 P2.71O P2.7O1 3,022 2,998 2,974 2,954 2,933 2,909 2,893 2,877 2,861 2,851 11 11 11 17 21 23 22 23 23 25 2,858 2,835 2,793 2,765 2,748 2,722 2,704 2,680 2,680 2,670 153 152 169 172 164 165 166 173 158 156 1952—January . . . February P2,685 . P2.698 P Preliminary. Outstanding principal, represented by certificates of deposit. Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 1 2 BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts, except interbank accounts Year or month Debits to demand deposit accounts, except interbank and Government Annual rate of turnover of total deposits, except interbank Total, all reporting centers New York City 1 140 other centers 1 Other reporting centers New York City Other reporting centers 1946—old series s 1946—new series* 1947 1948 1949 1950 1951 |l,050,021 1,125,074 1,249,630 1,231,053 1,403,752 1,577,857 417,475 405,929 449,002 452,897 513,970 551,889 527,336 599,639 667,934 648,976 742,458 854,050 105,210 119,506 132,695 129,179 147,324 171,917 18.9 21.0 23.6 24.1 26.6 26.9 10.0 11.9 12.9 12.4 13.4 14.5 1951—February March April May June July August September October November December 114,064 144,015 128,450 130,704 135,031 124,425 125,291 121,205 139,308 132,158 144,800 39,067 53,171 45,477 45,375 48,588 43,224 41,363 41,145 47,971 44,802 53,500 62,370 75,941 69,421 71,197 72,110 67,532 69,827 66,359 75,799 72,428 76,049 12,627 14,904 13,553 14,132 14,332 13,669 14,101 13,700 15,539 14,928 15,251 26.1 29.0 26.5 26.2 27.9 26.0 23.8 26.0 26.4 27.8 30.7 1952—January February 138,520 127,959 48,106 45,375 74,953 68,676 15,462 13,908 26.4 27.8 Annual rate of turnover of demand deposits, except interbank and Government New York City 2 Other leading cities 2 New York City 2 Other leading2 cities 374,365 407,946 400,468 445,221 447,150 508,166 540,990 449,414 522,944 598,445 660,155 639,772 731,511 837,491 25.5 25.2 24.1 27.2 28.2 31.4 32.2 16.9 16.5 18.0 19.2 18.7 20.3 21.7 14.3 14.9 14.6 14.3 14.5 14.1 13.5 14.4 14.4 15.4 15.1 38,916 53,142 44,312 42,272 49,398 41,673 39,007 41,688 45,334 42,503 55,184 62,239 75,897 68,157 68,378 72,179 64,826 67,441 66,941 72,515 69,685 76,007 30.7 35.5 32.5 30.0 34.4 31.1 27.0 31.7 30.4 31.4 37.9 21.5 22.5 22.3 21.3 22.2 20.9 20.0 21.8 20.9 22.0 22.6 14.4 14.5 45,425 44,419 71,986 67,466 30.1 20.6 21.4 | 32.5 1 2 3 National series for which bank debit figures are available beginning with 1919. Weekly reporting member bank series. Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 410 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. Total in circulation^ Total Coin 5,519 5.536 5,882 6,543 6,550 6,856 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 27.600 27.741 4,167 4,292 4,518 5,021 5,015 5,147 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19,305 442 452 478 517 537 550 590 648 751 880 1,019 1,156 1,274 1,361 1,404 1,464 1,484 1,554 27,048 27,188 27,119 27,278 27,519 27,809 27,851 28,155 28,288 28,417 28,809 29,206 18,694 18,861 18,845 19,023 19,260 19,521 19,560 19,813 19.896 19,955 20,283 20,530 1,530 1,535 1,542 1.551 1,568 1,578 1,590 1,602 1,616 1,631 1,642 1.654 1952—January 28,386 F e b r u a r y . . . . 28,465 19,807 19,904 1,631 1,630 End of year or month 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 .. 1951—January.... February March April May June July August September... October November... December. . . In millions of dollars] Large denomination currency Coin and small denomination currency $100 364 618 125 237 8 10 8 337 358 399 387 409 460 538 724 1,019 1,481 1,996 2,327 2,492 2,548 2,494 2.435 2,422 577 627 707 710 770 919 1,112 1,433 1,910 2,912 4,153 4,220 4,771 5,070 5,074 5,056 5,043 112 122 135 139 160 191 227 261 287 407 555 454 438 428 400 382 368 216 239 265 288 327 425 523 556 586 749 990 801 783 782 707 689 588 5 7 7 6 17 20 30 24 9 9 10 7 8 5 5 4 4 7 16 18 12 32 32 60 46 25 22 24 24 26 17 17 11 12 10 5 8 7 5 2 4 4 3 2 3 2 3 3 3 3 2 5,002 4,986 4,955 4,941 4,938 4,947 4,952 4,989 5,034 5,092 5,133 5,207 366 365 362 360 357 356 354 353 353 353 352 355 583 581 576 573 570 570 565 562 557 554 549 556 4 4 4 4 4 4 4 4 4 4 4 4 9 9 8 8 8 8 8 8 8 8 8 12 3 2 1 1 1 2 2 2 2 2 2 2 2,508 5,161 2,503 5,152 352 351 550 545 4 4 8 8 2 2 $5 402 33 423 460 499 505 524 559 610 695 801 909 987 1,039 1,029 1,048 1,049 1,066 1,113 32 33 35 33 34 36 39 44 55 70 81 73 67 65 64 62 64 719 771 815 906 905 946 1,019 1,129 1,355 1,693 1,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 1,229 1,288 1,373 1,563 1,560 1,611 1,772 2,021 2,731 4,051 5,194 5,983 6,782 6,497 6,275 6,060 5.897 5,998 1,342 1,326 1,359 1,501 1,475 1,481 1,576 1,800 2,545 4,096 5,705 7,224 9,201 9,310 9,119 8,846 8,512 8,529 1,360 1,254 1,369 1,530 1,542 1,714 2,048 2,489 3,044 3,837 5,580 7,730 7,834 8,518 8,850 8,698 8.578 8.438 1,056 1,057 1,059 1,073 1,087 1,092 1,092 1,103 1,124 1 132 1,144 1,182 61 61 61 62 63 64 64 64 64 65 65 67 1,943 1,959 1,953 1,973 1,995 2,011 2,008 2,031 2,038 2,041 2,075 2,120 5,791 5,880 5,881 5,943 6,024 6,113 6,088 6,176 6,181 6,160 6,291 6,329 8,313 8,369 8,348 8,422 8,523 8,663 8,718 8,837 8,874 8,927 9,067 9,177 8,356 8,329 8,275 8,257 8,259 8,289 8,292 8,344 8,393 8,463 8,528 8,678 2,393 2,385 2,369 2,371 2,382 2,405 2,409 2,428 2,437 2,452 2,482 2,544 1,115 1,110 65 66 2,009 6,088 8,898 8,582 2,013 6,152 8,934 8,563 $10 $20 Total Unassorted $50 $2 »$1 2 $500 $1,000 $5,000 $10,000 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3 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 in circulation * Money held in the Treasury Total outstanding, As security Feb. 29, against Treasury 1952 gold and cash silver certificates Gold. . . . Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890. . Subsidiary silver coin IVtinor coin United States notes Federal Reserve Bank notes National Bank notes Total—Feb. 29, 1952 Jan. 31, 1952 Feb. 28, 1951 23,191 22,031 25 424 4,727 22,031 492 2,080 *2,334 1,098 400 347 231 79 254 2,080 32,334 2 Money held by Federal For Reserve Federal Banks and Reserve agents Banks and agents Jan. 31, 1952 Feb. 28, 1951 38 24,179 4,248 38 24,135 4,213 22,916 4,233 1,160 61 65 19,177 46 \2 3 3 24,365 24,086 23,217 Feb. 29, 1952 1,287 1,319 1,293 19,177 18,916 18,037 2,816 1,184 414 40 4 188 188 177 335 30 10 32 3 1 1,999 1,056 386 313 228 79 1,967 1,055 388 308 229 79 2,052 987 372 311 252 83 4,413 4,678 4,166 28,465 28,386 27,188 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above and totals by weeks in the table on p. 403. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not4 included in total Treasury currency outstanding. Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special 5 significance and is not shown. See note for explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. APRIL 1952 411 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Assets Other Other securities Total assets, netTotal liabilities and capital, net 216 1,998 2,484 2,254 24,262 23,350 22,559 23,333 19,343 18,885 18,331 20,778 26 131 1,204 1,284 2,867 3,202 3,328 3,264 3,208 3,138 3.058 2,888 11,819 9,863 9,302 8,999 8,577 9,491 10,723 11,422 11,915 12,621 13,640 14,741 64,698 48,465 75,171 90,637 191,785 183,457 188,148 189,290 185,554 191,706 193,186 199,009 55,776 42,029 68,359 82,811 180,806 171,657 175,348 176,121 171,602 177,313 178,568 184,385 8,922 6,436 6,812 7,826 10,979 11,800 12,800 13,168 13,952 14,392 14,618 14,624 197,500 198,600 198,600 197,700 199,858 199,700 200,700 203,000 205,200 206,400 208,600 Bank credit Date Gold 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 104g—Dec. 1O4Q—June Dec. 1950—June Dec. 29 30 30 31 31 31 31 31 30 31 30 30 Treasury currency U. S. Government obligations Total Loans, net Commercial and savings banks Federal Reserve Banks 5,741 5,499 10,328 8,199 23,105 19,417 29,049 25,511 128,417 101,288 113,110 86,558 107,086 81,199 100,694 74,097 97,428 74,877 100,456 78,433 98,709 77.320 96,560 72,894 Total Capital Total and deposits misc. and accurrency counts, net 4,037 4,031 17,644 22,737 20,065 20,529 22,754 24,244 24,466 24,427 24,231 22,706 2,019 2,286 2,963 3,247 4,339 4,562 4,562 4,589 4,597 4,598 4,607 4,636 58,642 42,148 54,564 64,653 167,381 158,366 160,832 160,457 156,491 162,681 164,348 171,667 41,082 21,957 22,157 26,605 30,387 35,765 43,023 48,341 47,148 49,604 51,999 60,366 1951—Feb. 28 Mar. 28 Apr. 25 May 30 June 30 July 25P Aug. 29P Sept. 26P Oct. 31 P Nov. 28P Dec. 26? 22,100 21,900 21,800 21,800 21,756 21,800 21,800 22,000 22,200 22,300 22,600 4,600 4,600 4,600 4,600 4,655 4,700 4,700 4,700 4,700 4,700 4,700 170,700 172,100 172,100 171,300 173,447 173,300 174,300 176,400 178,300 179,400 181,300 61,500 62,500 62,600 62,900 63,821 63,400 64,000 65,000 65,800 66,500 67,700 94,500 94,700 94,600 93,500 94,450 94,600 95,000 95,900 97,000 97,400 97,900 69,800 69,300 68,900 68,400 68,726 68,900 69,200 69,700 70,800 71,500 71,700 21,900 22,600 22,900 22,300 22,982 23,100 23,100 23,500 23,600 23,200 23,500 2,900 800 800 800 2,742 700 700 700 700 700 2,700 14,800 14,900 15,000 14,900 15,176 15,300 15,300 15,400 15,500 15,500 15,800 182,600 183,700 183,600 182,900 185,038 184,500 185,200 187,300 189,200 190,500 192,900 14,800 14,900 15,000 14,800 14,820 15,200 15,500 15,700 16,000 15,900 15,700 1952—Jan. 30? Feb. 27P 22,900 23,100 4,700 179,900 4,700 179,300 66,700 67,000 97,300 96,300 71,900 71,100 22,800 22,600 2,700 2,600 15,900 207,600 191,400 16,000 207,200 191,100 16,200 16,000 Deposits and Currency U. S. Government balances Date Total Foreign bank deposits, Treasnet ury cash At comAt mercial Federal and Reserve savings Banks banks Deposits adjusted and currency Time deposits3 Total Demand deposits2 Total Commercial banks Mutual Postal savings Savings banks *• System Currency outside banks 1929—June 29.. 1933—June 3 0 . . 1939—Dec. 3 0 . . 1941—Dec. 3 1 . . 1945—Dec. 31. . 1946—Dec. 3 1 . . 1947—Dec. 3 1 . . 1948—Dec. 3 1 . . 1940—June 30., Dec. 3 1 . , 1950—June 30.. Dec. 30. 55,776 42,029 68,359 82,811 180,806 171,657 175,348 176,121 171,602 177,313 178,568 184,385 365 50 1,217 1,498 2,141 1,885 1,682 2,103 1,927 2,150 2,555 2,518 204 264 2,409 2,215 2,287 2,272 ,336 ,325 ,307 ,312 ,298 ,293 381 852 846 1,895 24,608 3,103 1,452 2,451 2,304 3,249 3,801 2,989 36 35 634 867 977 393 870 ,123 438 821 950 668 54,790 40,828 63,253 76,336 150,793 164,004 170,008 169,119 165,626 169,781 169,964 176,917 22,540 14,411 29,793 38,992 75,851 83,314 87,121 85,520 81,877 85,750 85,040 92,272 28,611 21,656 27,059 27,729 48.452 53,960 56,411 57,520 58,483 58,616 59,739 59,247 19,557 10,849 15,258 15,884 30,135 33,808 35,249 35,804 36,292 36,146 36,719 36,314 8,905 9,621 10,523 10,532 15,385 16,869 17,746 18,387 18,932 19,273 19,923 20,009 149 1,186 1,278 1,313 2,932 3,283 3,416 3,329 3,259 3,197 3,097 2,923 3,639 4,761 6,401 9,615 26,490 26,730 26,476 26,079 25,266 25,415 25,185 25,398 1951—Feb. 28., Mar. 28., Apr. 25. M a y 30. June 30. July 25P, Aug. 2 9 P Sept. 26P Oct. 31 P. Nov. 2 8 P Dec. 2 6 P 182,600 183,700 183,600 182,900 185,038 184,500 185,200 187,300 189,200 190,500 192,900 ,400 ,400 ,500 ,500 2,424 ,400 300 ,200 100 100 2,300 ,300 ,300 ,300 ,300 ,281 ,300 ,300 ,300 ,300 ,300 ,300 4,200 6,400 5,800 4,800 6,332 4,600 4,100 5,100 3,700 3,800 3,400 500 ,100 700 600 317 400 600 800 500 500 300 174,200 172,500 173,300 173,700 174,684 175,800 177,000 177,900 181,600 182,700 185,700 90,600 89,000 89,500 89,500 88,960 90,700 91,400 92,000 95,000 96,300 98,100 59,000 59,100 59,200 59,300 59,948 60,000 60,300 60,500 60,900 60,600 61,200 36,100 36,200 36,300 36,300 36,781 36,800 37,100 37,200 37,500 37,300 37,600 20,000 20,100 20,200 20,200 20,382 20,400 20,500 20,600 20,700 20,600 20,900 2,900 2,800 2,800 2,800 2,785 2,800 2,800 2,700 2,700 2,700 2,700 24,600 24,400 24,600 24,900 25,776 25,100 25,300 25,400 25,700 25,800 26,300 1952—Jan. 3 0 P Feb. 2 7 P 191,400 191,100 2,000 2,100 ,300 ,300 2,800 3,900 200 185,100 700 183,200 97,800 95,500 61,700 62,000 38,000 38,200 21,000 21,100 2,700 2,700 25,600 25,600 P Preliminary. Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1 2 3 4 412 FEDERAL RESERVE BULLETIN 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 Class of bank and date Total u. s. Loans Total Government obliga- Other Cash assets * Other securities Total » Interbank i Demand Time Total Number capital of accounts banks tions All b a n k s : 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 2 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—June 30 Sept. 26P , . Oct. 31 P Nov. 2 8 P Dec. 26? 1952—Tan. 30? Feb. 27P 50,884 61,126 140,227 131,698 134,924 133,693 140,598 148,021 147.742 150,550 152,550 153,980 155,630 155,200 154,790 22,165 28,719 19,417 26,615 34,511 25,511 30,362 109,865 101,288 35,648 96,050 86,558 43,002 91,923 81,199 48,174 85,519 74,097 49,544 91,054 78.433 60,386 87,635 72,894 63,840 83,901 68,726 65,380 85,170 69,730 66,320 86,230 70,780 66,990 86,990 71,450 68,170 87,460 71,700 67,430 87,770 71,900 67,610 87,180 71,140 9,302 8,999 8,577 9,491 10,723 11,422 12,621 14,741 15,176 15,440 15,450 15,540 15,760 15,870 16,040 23,292 27,344 35,415 35,041 38,388 39,474 36,522 41,086 38.235 38,980 40,450 39,920 42,140 39,910 39,790 68,242 81,816 165,612 155,902 161,865 161,248 164,467 175,296 171,860 174,480 177,730 178,200 181,690 179,450 178,710 9,874 10,982 14,065 12,656 13,033 12,269 12,710 14,039 11.947 12,810 13,490 13,330 14,060 13,420 13,030 32,516 44,355 105,935 92,462 95,727 94,671 96,156 104,744 102,527 103,670 105,820 106,690 108,860 106,770 106,070 25,852 26,479 45,613 50,784 53,105 54,308 55,601 56,513 57,386 58,000 58,420 58,180 58,770 59,260 59,610 8,194 8,414 10,542 11,360 11,948 12,479 13,088 13,837 14,236 14,410 14,530 14,540 14,620 14,650 14,700 15,035 14,826 14,553 14,585 14,714 14,703 14,687 14,650 14,636 14,634 14,631 14,625 14,622 14,615 14,615 All commercial b a n k s : 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 31 2 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—June 30 Sept. 26P Oct. 31 P Nov. 2 8 P Dec. 2 6 P 1952—Jan. 3 0 P Feb. 27P 40,668 50,746 124,019 113,993 116,284 114,298 120,197 126,675 126,045 128,550 130,480 131,860 133,370 132,770 132,240 17,238 21,714 26,083 31,122 38,057 42,488 42,965 52,249 54,821 55,960 56,750 57,270 58,300 57,480 57,560 23,430 29,032 97,936 82,871 78,226 71,811 77,232 74,426 71,224 72,590 73,730 74,590 75,070 75,290 74,680 16,316 21,808 90,606 74,780 69,221 62,622 67,005 62,027 58,521 59,690 60,850 61,630 61,910 62,090 61,370 7,114 7,225 7,331 8,091 9,006 9,189 10,227 12,399 12,703 12,900 12,880 12,960 13,160 13,200 13,310 22,474 26,551 34,806 34,223 37,502 38,596 35,650 40,289 37,384 38,170 39,650 39,160 41,240 39,060 38,920 57,718 71,283 150,227 139,033 144,103 142,843 145,174 155.265 151,457 153,870 157,060 157,540 160,780 158,410 157,570 9,874 10,982 14,065 12,656 13,032 12,269 12,709 14,039 11,946 12,810 13,490 13,330 14,060 13,420 13,030 32,513 44,349 105,921 92,446 95,711 94,654 96,136 104,723 102,507 103,650 105,800 106,670 108,840 106,750 106,050 15,331 15,952 30,241 33,930 35,360 35,921 36,328 36.503 37,004 37,410 37,770 37,540 37,880 38,240 38,490 6,885 7,173 8,950 9,577 10,059 10,480 10,967 11,590 11,951 12,090 12,200 12,200 12,210 12,240 12,280 14,484 14,278 14,011 14,044 14,181 14,171 14,156 14,121 14,107 14,105 14,102 14,096 14,093 14,086 14,086 All m e m b e r b a n k s : 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—June 30 Sept. 26P Oct. 31 P Nov. 2 8 P Dec. 2 6 P 1952—Tan. 3 0 P Feb. 27P 33,941 43,521 107,183 96,362 97,846 95,616 101,528 107,424 106,563 108,559 110,332 111,428 112,964 112,298 111,771 13,962 18,021 22,775 26,696 32,628 36,060 36,230 44,705 46,866 47,875 48,635 49,104 50,114 49,327 49,364 19,979 25,500 84,408 69,666 65,218 59,556 65,297 62,719 59,698 60,684 61,697 62,324 62,850 62,971 62,407 14,328 19,539 78,338 63,042 57,914 52,154 56,883 52,365 49,108 49,940 50,972 51,527 51,871 51,965 51,294 5,651 5,961 6,070 6,625 7,304 7,402 8,414 10,355 10,590 10,744 10,725 10,797 10,979 11,006 11,113 19,782 23,123 29,845 29,587 32,845 34,203 31,317 35,524 33,244 33,763 34,814 34,315 36,190 34,266 34,216 49,340 61,717 129,670 118,170 122,528 121,362 123,885 133,089 129,737 131,452 134,027 134,245 137,301 135,103 134,370 9,410 10,525 13,640 12,060 12,403 11,641 12,097 13,447 11.347 12,153 12,829 12,651 13,357 12,742 12,341 28,231 38,846 91,820 78,920 81,785 80,881 82,628 90,306 88,678 89,312 90,920 91,480 93,545 91,687 91,141 11,699 12,347 24,210 27,190 28,340 28,840 29,160 29,330 29,712 29,987 30,278 30,114 30,399 30,674 30,888 5,522 5,886 7,589 8,095 8,464 8,801 9,174 9,695 9,987 10,084 10,200 10,205 10,210 10,238 10,271 6,362 6,619 6,884 6,900 6,923 6,918 6,892 6,873 6.859 6,848 6,845 6,843 6,842 6,838 6,834 10,216 4,927 10,379 4,901 16,208 4,279 17,704 4,526 18,641 4,944 19,395 5,686 20,400 6,578 21,346 8,137 21,697 9,020 22,000 9,420 22,070 9,570 22,120 9,720 22,260 9,870 22,430 9,950 22,550 10,050 5,289 5,478 11,928 13,179 13,696 13,709 13,822 13 209 12,677 12,580 12,500 12,400 12,390 12,480 12,500 3,101 3,704 10,682 11,778 11,978 11,476 11,428 10,868 10,205 10,040 9,930 9,820 9,790 9,810 9,770 2,188 1,774 1,246 1,400 1,718 2,233 2,394 2,342 2,472 2,540 2,570 2,580 2,600 2,670 2,730 818 793 609 818 886 878 873 797 851 810 800 760 900 850 870 10,524 10,533 15,385 16,869 17,763 18,405 19,293 20,031 20,404 20,610 20,670 20,660 20,910 21,040 21,140 1 1 3 6 14 16 17 17 20 22 20 20 20 20 20 20 20 10,521 10,527 15,371 16,853 17,745 18,387 19,273 20,009 20,382 20,590 20,650 20,640 20,890 21,020 21,120 1,309 1,241 1,592 1,784 1,889 1,999 2,122 2,247 2.285 2,320 2,330 2,340 2,410 2,410 2,420 551 548 542 541 533 532 531 529 529 529 529 529 529 529 529 All m u t u a l savings banks: 1939L-Dec. 30 1941—Dec. 31 1945—Dec. 3 1 . . 1946—Dec. 31 1947—Dec. 31 2 1948—Dec. 31 1949_Dec. 31 1950—Dec. 30 1951—June 30 Sept. 26P Oct. 3 1 P Nov. 2 8 P Dec. 26P 1952—Jan. 30? Feb. 2 7 P P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. APRIL 1952 413 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] Deposits Loans and investments Other Investments Class of bank and date Total Central reserve city member banks: New York City: 1939—Dec 30 1941—Dec. 31 1945—Dec 3i 1946—Dec 31 > # - . 1947—Dec. 31 1948—Dec 31 I949—Dec. 31 1950—Dec 30 1951—June 30 Sept. 26P Oct. 31P Nov. 28P Dec. 26P 1952—Tan. 30P Feb. 27 P Chicago: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1946—Dec. 31 I947—Dec> 31. . . . 1948—Dec. 31 I949—Dec 31 1950—Dec. 30 1951_june 30. Sept. 26P Oct. 31 P Nov. 28P Dec. 26P 1952—Tan. 30P Feb. 27P Total U. S. Government obligations Loans 9,339 12,896 26,143 20,834 20,393 18,759 19.583 20,612 20,604 20,475 20,791 20,798 21,528 21.203 21,115 3,296 4,072 7,334 6,368 7,179 8,048 7,550 9,729 10,234 10,468 10,846 10,931 11,418 11,210 11,216 6,043 8,823 18,809 14,465 13,214 10,712 12,033 10,883 10,370 10,007 9,945 9,867 10,110 9,993 9,899 4,772 7,265 17,574 13,308 11,972 9,649 10,746 8,993 8,460 7,974 8,011 7,909 8,049 7,927 7,808 2,105 2,760 5,931 4,765 5,088 4,799 5,424 5,569 5,520 5,539 5,523 5,554 5,769 5.680 5,626 569 954 1,333 1,499 1,801 1,783 1 618 2,083 2,215 2,397 2,357 2,403 2,520 2,375 2,366 1,536 1,806 4,598 3,266 3,287 3,016 3,806 3,487 3,305 3,142 3,166 3,151 3,249 3.305 3,260 1,203 1,430 4,213 2,912 2,890 2,633 3,324 2,911 2,742 2,611 2,640 2,621 2,693 2,777 2,733 12,272 15,347 40,108 35,351 36,040 35,332 38,301 40,685 39,991 41,162 41,987 42,475 43,142 42,738 42,355 5,329 7,105 8,514 10,825 13,449 14,285 14,370 17,900 18,558 18,956 19,191 19,459 19,831 19,465 19,402 6,944 8,243 31,594 24,527 22,591 21,047 23,931 22,779 21.432 22,206 22,796 23,016 23,311 23,273 22,953 10,224 12,518 35,002 35,412 36,324 36,726 38,219 40,558 40,448 41,383 42,031 42,601 42,525 42,677 42,675 4,768 5,890 5,596 8,004 10,199 11,945 12,692 14,988 15,858 16,054 16,241 16,311 16,345 16,277 16,380 5,456 6,628 29,407 27,408 26,125 24,782 25,527 25,570 24,590 25,329 25,790 26,290 26,180 26,400 26,295 Cash assets l Other securities 1,272 1,559 1,235 1,158 1,242 1 ,063 1,287 1,890 1,910 2,033 1,934 1,958 2,061 2,066 2,091 Total 1 Interbank 1 Total Number capital of accounts banks Demand Time 1,236 1,449 1,445 1,680 1,651 1,722 1,666 1,625 1,598 1,609 1,664 1,606 1,625 736 807 1,592 1,648 2,120 2,205 2,259 2,306 2,312 2,351 2,398 2,399 2,424 2,415 2,415 2,427 2,438 36 36 37 37 37 35 25 23 22 22 22 22 22 22 22 495 476 719 829 913 1,001 1,083 1,103 1,126 1,109 1,126 1,119 1,130 1,142 1,138 250 288 377 404 426 444 470 490 501 504 507 509 512 510 510 14 13 12 14 14 13 13 13 13 13 13 13 13 13 13 9,439 13,047 32,877 28,049 29,395 29,153 30,182 33,342 32,791 33,065 33,634 33,769 34,570 33,804 33,519 4,616 4,806 9,760 10,858 11.423 11,391 11,664 11,647 11.819 11,966 12,063 12,054 12,170 12,304 12,426 1,828 1,967 2,566 2,728 2,844 2,928 3,087 3,322 3,431 3,458 3,495 3,512 3,511 3,535 3,546 346 351 359 355 353 335 341 336 324 321 320 321 321 321 319 7,312 10,335 29,700 27,921 28,810 29,370 29,771 32,899 31,840 32,903 33,724 34,249 34,570 34,033 33,868 5,852 6,258 12,494 14,053 14,560 14,768 14,762 14,865 15,101 15,287 15,491 15,332 15,435 15,622 15,699 1,851 1,982 2,'525 2,757 2,934 3,123 3,305 3,532 3 658 3',723 3,774 3,769 3,772 3,766 3,777 5,966 6,219 6,476 6,494 6,519 6,535 6,513 6,501 6,500 6,492 6,490 6,487 6,486 6,482 6,480 6,703 6,637 6,439 6,238 7,261 7,758 6,985 7,922 7,393 7,128 7,325 7,076 7,714 7,320 7,211 14,509 17,932 30,121 24,723 25,216 24,024 23,983 25,646 25,064 24,420 24,871 24,561 25,676 25,179 24,935 4,238 4,207 4,657 4,246 4,464 4,213 4,192 4,638 4,107 4,154 4,359 4,214 4,441 4,378 4,200 9,533 12,917 24,227 19,028 19,307 18,131 18,139 19,287 19,291 18,641 18,914 18,738 19,571 19,195 19,110 333 376 385 355 397 383 482 576 564 531 526 530 556 528 527 1,446 1,566 1,489 1,545 1,739 1,932 1,850 2,034 1,898 1,962 1,970 1,978 2,119 1,923 2,029 3,330 4,057 7,046 5,905 6,402 6,293 6,810 7,109 6,921 6,982 6,919 6,986 7,181 6,952 6,944 888 1,035 1,312 1,153 1,217 1,064 1,191 1,228 1,040 1,170 1,145 1,143 1,217 1,155 1,162 1,947 2,546 5,015 3,922 4,273 4,227 4,535 4,778 4,756 4,703 4,648 4,724 4,834 4,655 4,644 5,194 6,467 29,552 22,250 20,196 18,594 20,951 19,084 17,659 18,442 19,008 19,195 19,467 19,406 19,015 1,749 1,776 2,042 2,276 2,396 2,453 2,980 3.695 3,774 3,764 3,788 3,821 3,844 3,867 3,938 6,785 8,518 11,286 11,654 13,066 13,317 12,168 13,998 13.175 13,329 13,692 13,528 14,078 13,347 13,437 17,741 22,313 49,085 44,477 46,467 45,943 47,559 51,437 49,874 50,813 51,875 51,950 53,216 52,159 51,818 3,686 4,460 6,448 5,570 5,649 5,400 5,713 6,448 5,264 5,782 6,178 6,127 6,476 6,051 5,873 3,159 4,377 26,999 24,572 22,857 21,278 21,862 21,377 20,247 20,913 21,313 21,802 21,662 21.855 21,738 2,297 2,250 2,408 2,836 3,268 3,504 3,665 4,193 4,343 4,416 4,477 4,488 4,518 4.545 4,557 4,848 6,402 10,632 10,151 10,778 11,196 10,314 11,571 10,779 11,344 11,827 11,733 12,279 11,676 11,539 13,762 17,415 43,418 43,066 44,443 45,102 45,534 48,897 47.877 49,237 50,362 50,748 51,228 50,813 50,673 598 822 Reserve city member 1939—Dec. 30 1941—Dec 31 I945—Dec. 31 1946—Dec. 31 1947—Dec 31 1948—Dec. 31 1949_Dec. 31 1950—Dec. 30 1951—June 30 Sept. 26P Oct. 31 P Nov. 28P Dec. 26P 1952—Tan. 30P Feb. 27P Country member banks: I939—Dec. 30 1941—Dec 31 I945—Dec. 31 1946—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—June 30 Sept. 26P Oct. 31 P Nov. 28P Dec. 26P 1952—Jan. 30P Feb. 27P , , 1,223 1,091 1 073 964 1,001 1,133 936 1,047 1,147 1,167 1,223 1,158 1,106 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 414 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Dep<Dsits Investments Class of bank and date Total Other Cash assets 1 Total U. S. Government obligations Other securities Loans Total * Interbank i 49.290 121,809 114,274 112,286 118,278 124,822 124,132 21,259 25,765 37,583 41,968 42,485 51.723 54,306 28,031 96,043 76,691 70,318 75,793 73.09O 69,825 21,046 88,912 67,941 61,388 65,820 60,986 57,427 6,984 7,131 8,750 8,929 9,974 12,113 12,398 25,788 34,292 36,926 38,087 35,207 39,821 36,960 69,411 147,775 141,851 140,642 143,138 153,288 149,461 National m e m b e r bank«: 1041—Dec. 31 . 1945 —Dec. 3 1 . . 194 7—Dec. 31 . . . 1948—Dec. 31 . . . 1949—Dec. 31 . 1Q.S0—Dec. 30. 1951—June 30 . 27.571 69,312 65,280 63,845 67,943 72,090 71,014 11,725 13,925 21,428 23,752 23853 29.184 30,479 15,845 55.387 43,852 40,093 44,090 42,906 40,534 12,039 51,250 38,674 34,852 38,161 35.587 32,965 3,806 4,137 5,173 5,241 5,930 7.320 7,569 14,977 20,114 22,024 22,974 20,995 23.763 22,198 39,458 84,939 82,023 81,407 83,113 89,281 86,589 6,786 9,229 8,410 7,842 8,278 § .133 7,625 State member 1941—Dec. 1945—Dec. 1047—Dec. 1948—Dec. 1949—Dec. 1950— Dec. 1951—June 15,950 37.871 32,566 31,771 33.585 35.334 35,550 6,295 8,850 11,200 12,308 12.378 15,521 16,386 9,654 29.021 21,365 19,463 21,207 19,813 19,163 7,500 27,089 19,240 17,301 18,722 16,778 16,143 2,155 1,933 2.125 2,161 2,484 3,035 3,020 8,145 9.731 10 822 11,228 10,322 11.762 11,046 22,259 44,730 40,505 39,955 40,772 43,808 43,149 Insured n on m e m b e r commercial b a n k s : 1941—Dec. 31 . . . . 1945—Dec. 3? 1947—Dec. 31. . . . . 1948—Dec. 31 . . . . 1949—Dec. 31 . . . 1950-— Dec. 30 1951—June 30. 5 776 14,639 16 ,444 16,685 16 766 17 414 17,585 3.241 2.992 4,958 5.911 6 258 7 023 7,446 2,535 11,647 11,486 10,774 10,508 10.301 10,139 1,509 10,584 10,039 9,246 8,947 8.632 8,330 1,025 1,063 1,448 1,528 1 .561 1 759 1,810 2,668 4. 448 4 083 3,887 3.892 4.299 3,718 7,702 18,119 19,340 19,296 19,269 20,216 19,741 Nonlnsured n o n r n e m ber commercial banks: 1941—Dec. 31 . . . . 1945—Dec. 31 1947— Dec. 31 2 . . . 1948—Dec. 31 1949—Dec. 3 1 . 1950—Dec. 30 1951—j u n e 30 . . . . 1 457 2 211 2 009 2 013 1 919 1 853 1,913 455 318 474 520 481 527 514 .002 . 893 I 535 1.493 i ,438 .327 1.399 1 693 1., 280 1.234 1 185 ! . 040 1,094 All n o n m e m b e r c o m mercial b a n k s : 1941—Dec. 3 1 . 1945—Dec 31 2 1947—Dec 31 .. 1948—Dec. 31 . . . 1949—Dec. 31 1950—Dec. 30 1951—j u n e 30 7 233 16.849 18,454 18 698 18,686 19.267 19,499 3,696 3,310 5,432 6,431 6.739 7.550 7,960 3,536 13 539 13,021 12,267 11,947 11,718 11,538 2.270 12 277 11 318 10 479 10 132 9 672 9,423 Insured m u t u a l savings banks: 1945—Der 1941 Dec 31 1947—Dec! 31 .'."." 1948—Dec. 31 1949 Dec 31 1950—Dec. 30 1951—j u n e 30 . . . . 1,693 10.846 12.683 13,312 14.209 15 ,101 15,668 642 3 081 3.560 4.109 4,814 6^086 6,829 1,050 7,765 9,123 9,202 9,394 o\ 015 8,839 7,160 8,165 7.795 7,832 7.487 7,169 8,687 5^361 5^957 6,' 083 6^ 192 6,245 6,029 4,259 1,198 1 ^384 1,577 1,764 2 ,050 2,191 4,428 4,163 4,573 4^506 4,428 4 194 5,838 3,075 3,522 3^813 3,680 3,596 3,380 3,036 Noninsured mutual savings banks: 1941—Dec 194 z Df»r 1947 Der M. - ' A i AS\^\^m 1948—Dec 1949—Dec 1Q50 Dec 1951—June 31 31 2 31 *J X 31 31 30 30 « • • • • 761 629 241 200 255 259 253 286 305 1 ,266 1.262 1 703 1,788 1 814 2.046 2,115 421 606 958 1,407 1,562 1,528 1,670 1,353 641 760 826 832 814 802 Time mana All insured commercial banks: 1941—Dec. 3 1 . . . . 1945—Dec. 31 1947—Dec. 31 1948—Dec. 31 . . 1949—Dec. 31 . 1950—Dec. 30 1951—June 30 banks: 31 . 31 31 31 31 30 . . 30 De- Total Number capital of accounts banks 763 514 576 509 442 468 423 1,872 2 452 2.251 2.201 2 036 1 .976 1,996 10,654 43,059 13,883 104,015 12,670 94.300 11,900 93,300 12,368 94,914 13,744 103.499 11,582 101,328 15,699 29,876 34,882 35,441 35,856 36,045 36,551 6,844 8,671 9,734 10,158 10,645 11,263 11,622 13,426 13,297 13,398 13,413 13,429 13,432 13,437 24.350 59.486 54,335 54,020 55,034 60,251 58,715 8,322 16,224 19.278 19,545 19,801 19,897 20,248 3,640 4,644 5,409 5,657 5,920 6,313 6,504 5,117 5,017 5,005 4,991 4,975 4,958 4,946 3,739 4.411 3,993 3.799 3.819 4,315 3,722 14,495 32,334 27,449 26,862 27,594 30,055 29,963 4,025 7,986 0,062 9,295 9,359 9.438 9,464 2,246 2.945 3,055 3,144 3,254 3,381 3,483 1,502 1,867 1,918 1,927 1,917 1.915 1,913 129 244 266 259 272 207 235 4,213 12,196 12,515 12,419 12,285 13 194 12,650 3,360 5,680 6,558 6,618 6,712 6 726 6,857 959 1,083 1,271 1,358 1,473 1,570 1,637 6,810 6.416 6,478 6.498 6,540 6,562 6,581 253 365 478 479 472 458 453 329 279 325 322 321 327 329 852 714 783 758 727 689 670 5,504 14,101 13,926 13,772 13.508 14,417 13,828 3,613 6,045 7,036 7,097 7,184 7,184 7,310 1,288 1,362 1,596 1,680 1,794 1,897 1,966 7,662 7,130 7,261 7,256 7,267 7,251 7,251 1,789 10,351 12,192 12,757 13 575 14.301 14,905 164 12 14 14 16 19 18 1,034 1,252 1,334 1,420 1,513 1,582 52 192 194 193 192 194 201 6 2 3 3 3 3 2 8,738 5,020 5,553 5,631 5,699 5.708 5,477 329 181 363 368 341 294 364 3,431 4,962 4,659 4,396 4,334 4 767 4,141 9.574 20,571 21,591 21,497 21,305 22.193 21,737 457 425 629 628 613 591 599 151 429 675 684 682 617 688 1,789 10,363 12f2O7 12,772 13,592 14,320 14,924 1 1 642 180 211 194 191 180 163 8,744 5,022 5,556 5,633 5,702 5,711 5,479 1 I 291 I 905 ,411 1,353 L .223 1.224 1.178 1,077 558 637 665 702 734 702 496 350 339 339 339 335 328 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. APRIL 1952 415 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans x Loans for Compurchasing meror carrying cial, securities inReal Conelud- AgriculesOther Total ing turtate sumer To open- al brokloans loans loans marTo ers othket and ers padealper ers Total loans and investments Total3 banks: 1941—Dec. 31. 1945—Dec. 31 1948—Dec. 31 1949—Dec. 31. 1950—Dec. 30. 1951—June 30. Dec. 31. 49,290 121,809 112,286 118,278 124,822 124,132 130,820 21,259 25,765 41,968 42,485 51,723 54.306 57,256 9,214 9,461 18,761 16,935 21,776 23,507 25,744 1,450 1,314 2,775 2,963 2,823 3.044 3,321 Member banks, total: 1941—Dec. 31. 1945—Dec. 31 1948—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—June 30. Dec. 31. 43,521 107,183 95,616 101,528 107,424 106,563 112,247 18,021 22,775 36,060 36,230 44,705 46,866 49,561 8,671 8,949 17,631 15,857 20,521 22,161 24,347 1,800 1,945 1,808 1,919 2,140 2,807 3,044 5,642 4,792 6,328 6,845 7,852 Class of bank and call date Investments U. S. Government obligations Obligations of States Other CertifiGuar- and secucates an- polit- rities Bills of in- Notes Bonds teed subdebtdiviedsions ness Direct Total All insured commercial 614 662 4,773 4,545 28,031 21,046 3,164 3,606 4,677 1,351 2,191 96,043 88,912 1,336 939 10,666 4,907 2,992 70,318 61,388 1.749 855 11,405 6,002 3,124 75,793 65,820 1,789 1,036 13,389 7,628 3,955 73,099 60,986 1.616 1,000 13,988 7,697 4,166 69,825 57,427 1,571 960 14,450 7,742 4,282 73,564 60,533 972 594 598 855 3,133 3,378 1,324 834 1,737 758 1,770 927 1,601 882 1,551 851 3,494 3,455 8,244 8,834 10,522 10,975 11,334 169 1,410 1,421 1,287 1,219 225 219 285 273 262 123 80 224 256 442 502 514 48 211 71 109 110 113 94 52 233 63 56 69 64 63 22 36 51 51 65 70 70 3,t 92 25,500 1,027 1,977 84,408 3,933 2,658 59,556 4,776 2,809 65,297 6,167 3,585 62,719 6,174 3,783 59,698 6,195 3,863 62,687 19,539 78,338 52,154 56,883 52,365 49,108 51,621 988 2,455 2,821 3,692 4,118 3,819 7,219 12,896 26,143 18,759 19,583 20,612 20,604 21,379 4,072 7,334 8,048 7,550 9,729 10,234 11,146 Chicago:* 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—June 30. Dec. 31. 2,760 5,931 4,799 5,424 5,569 5,520 5,731 1,333 1,783 1,618 2,083 2,215 2,468 1,412 1,211 1,567 1,717 1,977 9 7 16 Reserve city banks: 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 31 1949—Dec. 31. 1950—Dec. 30. 1951—June 30. Dec. 31. 15,347 40.108 35,332 38,301 40,685 39,991 42,694 7,105 8.514 14,285 14,370 17,906 18,558 19,651 3,456 3.661 7,282 6,704 8,646 9,254 10,140 300 205 437 457 392 425 513 194 114 427 1,503 130 360 183 309 207 386 164 362 347 203 1,527 1,459 3,503 3,742 4,423 4,558 4,651 1,609 1,965 2,567 2,493 2,512 18,594 20,951 19,084 17,659 19,194 1,056 1,189 1,218 1,177 2,524 Country banks: 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—June 30. Dec. 31. 12,518 35,002 36,726 38,219 40,558 40,448 42,444 5,890 5,596 11,945 12,692 14,988 15,858 16,296 1,676 1,484 3,296 3,150 3,980 4,345 4,377 659 648 1,356 1,480 1,407 1.487 1,610 20 183 42 471 21 187 36 . 173 33 187 37 183 35 178 1,823 1,881 4.467 4.784 5,591 5,846 6,099 1.5 30 6,628 4,377 492 578 29,407 26,999 1,895 817 24,781 21,278 2,320 884 25,527 21,862 2,913 1,054 25,570 21,377 3,010 1,145 24,590 20.247 3,046 1,163 26,148 21,587 110 630 760 20 31 12 12 18 16 20 1.282 1,224 2,426 2,575 2,872 3.018 3,121 8 S4 2,535 1,509 214 11,647 10,584 323 975 334 10,774 9,246 1,225 315 10,508 8,947 1,461 370 10,391 8,632 1,524 383 10,139 8,330 1,546 419 10,890 8,923 954 732 760 8 412 2,453 1,172 6 2 4 7 5 54 8,823 7,265 311 76 509 18,809 17,574 477 636 10,712 9,649 313 589 377 621 12.033 10.746 720 540 850 10,883 8,993 824 539 930 tO,370 8,460 1,034 520 950 10,233 8,129 1,122 96 1,806 26 65 4,598 115 88 3,016 115 91 3,806 147 3,487 147 131 150 3,305 117 172 3,264 1,430 4,213 2,633 3,324 2,911 2,742 2,711 256 133 183 331 232 209 334 1 , ; 12 8,243 6,467 295 433 826 31,594 29,552 1,034 1,118 1,212 1,534 1,559 1,578 21,047 23,931 22,779 21,432 23,043 3,159 16,045 3,394 5,810 16,756 14,762 11,256 12,797 4,102 3,651 3,333 22 3,873 3,258 51,321 8 5,509 3,420 45,100 6 6,400 3,574 43.833 11 7,933 4,179 38,168 11 8.319 4.079 35,724 21 8,989 4,042 34,511 16,985 7,999 10,409 1,468 2,524 6,010 3,007 14,271 2,800 5,085 14,054 12.313 9,596 11,729 3,832 3,090 2,871 16 3,254 2,815 44,792 5 4,480 2,922 38,761 4 5,274 3,140 37,996 8 6,640 3,714 33,170 7 6,978 3,611 30,778 15 7,528 3,538 29,601 971 2,275 2,588 3,389 3,665 3,485 6,399 New York City:* 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Tune 30. Dec. 31. *3 1,102 19,071 10,065 12,479 1,932 3.111 7,526 1,623 3,652 1,679 729 1 606 3,433 3,325 10,337 365 7,512 563 1,183 835 7.405 752 1,785 250 1,711 6,206 "2 1,123 354 1,565 5.506 2 1,176 2 1,385 616 1,428 4,960 1,467 275 690 131 150 332 153 749 217 358 700 653 520 903 119 1,864 1,958 1,945 1,847 1,729 1,526 751 4,248 1,173 5 6,982 5,653 15,878 1 3,201 1,090 13,247 4 ,180 2,124 13,457 . . . . 499 5,536 11,830 1 1,069 4,665 10,746 8 2,493 3,640 10,528 481 2,926 5,102 4,544 16,713 3,340 1,128 16,046 1,148 3,753 1,768 15,189 588 6,107 13,287 1,390 951 5.430 12,797 1,065 2,418 2,568 4,008 12,587 182 181 210 290 335 347 351 956 830 629 500 535 767 733 719 193 204 174 192 242 216 201 820 916 1,126 1,421 1,727 2,184 2,318 2,458 1,032 1,254 1,511 1,456 1,390 861 9 4 4 5 4 5 1,222 1,342 2,286 2,505 2,998 3,137 3,334 1,028 1,067 1,217 1,160 1,194 1,206 1,227 271 6 3 2 3 4 6 563 619 1,030 1,127 1,294 1,342 1,462 462 443 498 434 465 468 505 Insured nonmember com- mercial banks: 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—June 30. Dec. 31. 5,776 14,639 16,685 16,766 17,414 17,585 18,591 543 478 3,241 512 459 2,992 5,911 1,131 975 6,258 1,078 1,018 7,023 1,255 I ,015 7,446 1,346 1,124 7,701 1,397 1,181 64 228 105 97 109 118 109 17 180 234 303 453 334 820 152 1,069 2,087 1,774 6,538 594 6,349 2,066 725 5,846 2 071 465 2,702 5,008 587 2,449 4,956 1,516 1,660 4,921 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 416 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Class of bank calland date Reserves Cash with in Federal vault Reserve Banks All insured commercial banks: 1941—Dec. 1945—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—June Dec. 31.. 31.. 31.. 31.. 30. 30.. 31. . 12,396 15,810 20,404 16,428 17,458 18,945 19,911 BalDeances mand with dedoposits mestic # ad- 4 banks 3 justed Interbank deposits ForDom estics eign Time deposits CertiStates fied U. S. and and Gov- political offiern- subdi- cers' ment visions checks, etc. U. S. IndiGov- States viduals and partner- Inter- ernment politships, ical and cor- bank and Postal subdiporaSav- visions tions ings 673 1,358 8,570 37,845 9,823 1,829 11,075 74,722 12,566 1,248 1,939 8,947 84,211 10,344 1,488 L,984 9,466 84,576 10,885 1,315 2,145 10,463 91,099 11,955 1,442 1,847 8,657 87,832 9,881 1,335 2,665 11,561 97,048 12,969 1,381 1,761 23,740 2,323 3,050 2,788 6,105 3,344 3,677 5,098 7,182 7,419 7,892 8,290 8,288 1,077 2,585 2,113 2,338 2,898 2,251 3,147 36,544 72,593 81,682 82,106 89,922 84,682 95,604 158 70 69 169 347 366 427 59 103 117 182 189 223 278 9,714 671 12,333 L.243 10,098 1,480 10,623 1,310 11,669 L.437 9,659 1,327 12,634 1,369 1,709 22,179 2,122 2,838 2,523 5,811 3,101 3,066 4,240 5,850 6,017 6,400 6,713 6,666 1,009 2,450 1,962 2,185 2,724 2,093 2,961 33,061 62,950 70,947 71,589 78,659 74,061 83,240 140 64 63 164 341 361 422 50 99 111 175 183 206 257 607 866 319 237 241 196 258 280 321 450 1,289 11,282 15,712 16,695 16.408 17,490 16,381 17,880 6 17 31 113 268 259 318 14 38 37 39 43 23? 237 284 286 284 316 240 34 66 53 60 70 51 66 2,152 3,160 3,702 3,932 4,250 3,905 4,404 1,144 1,763 2,401 2,478 2,575 2,713 2,550 286 611 649 650 852 592 822 1,370 2,004 2,925 3,058 3,282 3,404 3,554 239 435 510 611 858 IndiCapividuals. Bortal partner- row- acships, ings counts and corporations 15,146 29,277 34,244 34,442 34.525 34.855 35,986 10 215 54 14 82 67 30 1,051 1,121 1,243 1,238 11,878 23,712 27.801 27,934 28,032 28,263 29,128 4 5,886 208 7.589 45 8,801 11 9,174 79 9,695 55 9,987 26 10,218 29 20 20 24 37 22 22 l,20t 1,646 1,590 1,647 1,605 1,614 492 496 1,080 1,232 1,331 1,473 1,485 6,844 8,671 10,158 10,645 11,263 11.622 11,902 Member banks, total: 1941—Dec. 1945—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—June Dec. 31.. 31.. 31.. 31.. 30.. 30.. 31. . 12,396 1,087 15,811 1,438 20,406 1,486 16,429 1,521 17,459 L.643 18,946 1,403 19,912 2,062 6,246 7,117 5,674 6,194 6,868 5,567 7,463 33,754 64,184 72,152 72,658 78,370 75,657 83,100 New York City: 2 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 3 1 . . 1949—Dec. 3 1 . . 1950—Dec. 30. 1951—Tune 30. . Dec. 31. . 5,105 4,015 5,643 4,462 4,693 5,053 5,246 93 111 117 112 118 96 159 141 78 67 68 78 48 79 10,761 15,065 15,773 15,182 15,898 15,368 16,439 3.595 3,535 2,904 2,996 3,207 2,744 3,385 Chicago:2 1941—pj)eCt 1945—Dec. 1948—Dec. 1949—Dec 1950—Dec! 1951—June Dec. 1,021 1,325 1,183 1,216 1,282 1,407 43 36 28 27 30 27 32 298 200 143 159 133 130 165 2,215 3,153 3,604 3,797 3,954 3,818 4,121 L,O27 1,292 1,03? L.1S1 1,177 1,006 1,269 8 20 26 40 48 34 38 Reserve city banks: 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 3 1 . . 1949—Dec. 3 1 . . 1950—Dec. 30. . 1951—June 30.. Dec. 31. . 4,060 6,326 7,701 6,413 6,806 7,438 7,582 425 494 483 482 519 446 639 2,590 2,174 1,845 1,965 2,206 1,808 2,356 11,117 22,372 25,072 25,744 27,938 27,067 29,489 4,302 6,307 5,213 5,498 6,174 4,996 6,695 54 110 168 176 217 178 192 Country banks: 1941—Dec. 31. 1945—Dec. 31. 1948—Dec. 31. . 1949—Dec. 3 1 . . 1950—Dec. 30.. 1951—Tune 30. . Dec. 31. . 2,210 4,527 5,736 4,371 4,745 5,172 5,676 526 796 858 901 976 834 ,231 3,216 4,665 3,619 4,002 4,450 3,581 4,862 790 9,661 23,595 1,199 943 27,703 979 27,935 30,581 1,111 913 29,404 33,051 1,285 2 8 8 9 10 11 11 271 391 453 463 503 445 603 2,325 3,959 3,273 3,273 3,596 3,090 4,099 4,092 10,537 12,059 11,918 12,729 12,175 13,948 108 233 24f 261 286 222 335 2 5 8 6 5 8 12 3i 31. 31. . 31 30! 30.. 31. . 942 1,105 6,940 L ,278 445 640 1,084 451 1,162 1,104 1,808 858 1,128 127 1,552 188 258 174 484 242 491 8221 801 1,142 976 2,272 1,124 225 5,465 688 797 922 1,248 876 1,338 750 895 1.087 823 io 418 399 927 ii 10 778 1,648 2,120 2,306 2,312 70 2,351 1 2,398 5 2,425 195 25 476 719 989 288 377 444 470 490 501 513 1 1 4 3 3 5 10 10 11 11,127 22,281 25,302 25,912 28,938 27,214 30,722 104 30 19 38 57 90 90 20 38 46 60 60 68 85 243 160 547 617 631 731 714 4,542 1,967 2 2,566 9,563 8 2,928 10,798 10,987 3,087 10,956 3,322 11,020 ' *8 3,431 4 3,521 11,473 715 626 783 30 17 13 13 12 12 13 31 52 49 579 8,500 21,797 25,248 25,337 27,980 26,562 30,234 82 96 125 73 146 219 350 400 443 480 491 6,082 12,224 14,369 14,289 14,339 14,526 14,914 4 11 12 11 9 36 16 1,982 2,525 3,123 3,305 3,532 3,658 3,760 68 135 151 153 174 159 186 3,483 9,643 10,736 10,517 11,262 10,621 12,364 18 6 6 8 4 6 6 6 17 22 74 97 153 182 210 230 247 3,276 5,579 6,459 6,524 6,510 6.609 6,876 6 959 3 1,069 1,089 1,112 1,128 ic Insured nonmember commercial banks: 1941—Dec. 31. . 1945—Dec. 3 1 . . 1948—Dec. 31. . 1949—Dec< 31 1950—Dec 30 1951—Tune 30 Dec 31 53 1,560 201 213 265 293 243 1,332 1,402 1,492 1,577 1,622 5 6 4 5 7 1,083 1,358 1,473 1,570 1,637 1,686 8 3 3 12 4 2 3 Central reserve city banks. Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. APRIL 1952 417 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans 1 Date or month Total loans and invest- Total i ments Commercial, industrial, and agricultural Investments For purchasing or carrying securities To brokers and dealers To others U.S. U. S. Govt. Other se- Govt. obob- curiligaligations ties tions U. S. Government obligations Real Loans Other to estate loans Total loans banks Other securities Total Bills CerOther tifisecucates rities of in- Notes Bonds* debtedness 1,482 8,502 20,927 6,475 TotalLeading Cities 1951—February. . 69,300 31,914 18,533 December.. 74,141 35,118 21,315 999 172 576 5,321 392 5,886 37,386 30,911 405 1,008 117 568 5,668 530 5,991 39,023 32,268 4,257 3,302 5,934 18,775 6,755 481 1952—January. . . 73,952 February.. 73,615 34,889 21,315 34,598 21,140 163 170 946 919 110 103 564 5,666 559 5,660 654 6.009 39,063 32,233 4,167 3,622 5,961 18.483 6,830 591 5,999 39,017 32,102 3,998 3,788 5,950 18,366 6,915 Jan. 2 . . . Jan. 9 . . . Jan. 16. . . Jan. 2 3 . . . Jan. 30. . . 74,217 73,729 74,217 73,583 74,017 35,161 21,419 34,825 21,267 35,136 21,441 34,567 21,286 34,757 21,160 313 1,027 177 944 129 1,024 86 877 109 860 118 111 111 106 106 569 565 564 561 561 5,658 5,663 5,668 5,673 5,669 564 634 729 519 822 6,028 6,001 6,007 5,999 6,011 39,056 38,904 39,081 39,016 39,260 32,224 32,074 32,283 32,166 32,419 4,129 4,076 4,221 4,092 4,319 3,596 3,558 3,605 3,652 3,698 5,968 5,967 5,965 5,961 5,946 18,531 18,473 18,492 18,461 18,456 6,832 6,830 6.798 6.850 6,841 Feb. 6 . . . Feb. 1 3 . . . Feb. 2 0 . . . Feb. 2 7 . . . 73,751 34,505 73,678 34,559 73,504 34,633 73,526 34,693 Mar. Mar. Mar. Mar. 73,423 73,641 73,919 73,728 5... 12 . . . 19. . . 26. .. 21,110 21,144 21,148 21,157 107 139 258 178 977 909 890 899 104 105 101 102 558 559 561 558 5,659 5,671 5,659 5,652 537 579 555 691 5,996 5,996 6,005 5,999 39,246 39,119 38,871 38,833 32,356 32,185 31,973 31,892 4,232 4,051 3,853 3,855 3,739 3,784 3,830 3,798 5,948 5,950 5,948 5,953 18,437 18,400 18,342 18,286 6,890 6,934 6,898 6,941 34,746 21,155 34,820 21,233 34,964 21,469 34,696 21,364 184 241 238 165 898 933 965 963 102 102 102 100 557 560 559 560 5,642 5,643 5,646 5,653 770 644 517 397 5,984 6,011 6,016 6,043 38,677 38,821 38,955 39,032 31,718 31,854 31,959 31,961 3,767 3,959 4,134 4,092 3,692 3,674 3,707 3,711 5,954 5,954 5,924 5,922 18,305 18,267 18,194 18,236 6,959 6,967 6,996 7,071 New York City 1951—February. . 19,657 9,948 6,645 396 758 35 237 427 258 1,331 9,709 7,870 293 December.. 20,969 11,174 7,797 336 787 29 221 516 333 1,304 9,795 7,836 1,012 510 1952—January... 20,911 February. . 20,776 11,159 11,020 7,833 7,850 736 711 27 23 217 216 7,700 7,689 11,298 11,116 11,288 10,934 11,161 7,856 7,785 7,881 7,850 7,791 802 733 801 682 664 28 27 29 25 25 220 218 217 217 216 446 532 580 420 697 1,326 1,326 1,333 1,334 1,345 9,938 9,616 9,738 9,644 9,826 7,878 7,565 7,698 7,585 7,775 934 924 1,043 815 914 841 1,056 596 1,378 4.792 2,052 679 1,379 4,707 2,067 21,236 20,732 21,026 20,578 20,987 511 497 507 514 513 513 508 535 1,333 9,752 423 1,333 9,756 Jan. 2 . . . Jan. 9 . . . Jan. 1 6 . . . Jan. 2 3 . . . Jan. 30. . . 140 141 285 153 107 66 89 585 573 624 598 600 1,383 1,379 1,370 1,381 1,376 4,867 4,798 4,790 4,765 4,743 2,060 2,051 2,040 2,059 2,051 Feb. 6 . . . Feb. 1 3 . . . Feb. 2 0 . . . Feb. 2 7 . . . 20,743 20,682 20,795 20,884 10,918 10,934 11,079 11,149 7,802 7,842 7,865 7,890 85 107 225 149 765 690 691 698 24 24 23 23 215 215 217 217 502 505 497 482 367 390 402 531 1,332 1,335 1,333 1,333 9,825 9,748 9,716 9,735 7,753 7,675 7,667 7,659 1,036 921 834 903 635 656 730 695 1,379 1,384 1,379 1,375 4,703 4,714 4,724 4,686 2,072 2,073 2,049 2,076 Mar. Mar. Mar. Mar. 20,955 20,975 21,099 20,913 11,185 11,144 11,208 11,011 7,929 7,902 7,967 7,928 151 200 210 137 700 736 767 754 23 23 23 23 215 215 214 215 470 470 470 471 536 441 405 329 1,334 1,330 1,325 1,327 9,770 9,831 9,891 9,902 7,692 7,760 7,799 7,756 982 1,068 1,150 1,108 653 643 637 651 1,373 1,370 1,358 1,356 4,684 4,679 4,654 4,641 2,078 2,071 2,092 2,146 4,555 27,677 23,041 5... 12 . . . 19. . . 2 6 . .. 1,708 5,869 1,839 1,381 4,933 1,959 Outside New York City 1951—February. . 49,643 21,966 11,888 85 241 137 339 4,894 134 December.. 53,172 23,944 13,518 69 221 88 347 5,152 197 4,687 29,228 24,432 23,730 23,578 2 . . . 52,981 23,863 9 . . . 52,997 23,709 1 6 . . . 53,191 23,848 2 3 . . . 53,005 23,633 3 0 . . . 53,030 23,596 13.482 13,290 23 29 83 80 347 5,155 343 5,163 13,563 13,482 13,560 13,436 13,369 28 24 22 20 20 210 208 225 211 223 195 196 90 84 82 81 81 349 347 347 344 345 1952—January... 53,041 February. . 52,839 Jan. Jan. Jan. Jan. Jan. 1 2 6,794 15,058 4,636 1,189 3,245 2,792 4,553 13,842 4.796 4,676 29,311 24.533 3,233 3,026 4,583 13,691 4.778 4,666 29,261 24,413 3,074 3,109 4,571 13,659 4,848 5,151 5,149 5,155 5,160 5,161 119 168 118 102 149 99 125 4,702 4,675 4,674 4,665 4,666 29,118 29,288 29,343 29,372 29,434 24,346 24,509 24,585 24,581 24,644 3,086 3,261 3,307 3,251 3,263 3,011 2,985 2,981 3,054 3,098 4,585 4,588 4,595 4,580 4,570 13,664 13,675 13,702 13,696 13,713 4,772 4,779 4,758 4,791 4,790 3,196 3,130 3,019 2,952 3,104 3,128 3,100 3,103 4,569 4,566 4,569 4,578 Feb. 6 . . . Feb. 1 3 . . . Feb. 20. . . Feb. 27. . . 53,008 23,587 52,996 23,625 52,709 23,554 52,642 23,544 13,308 13,302 13,283 13,267 22 32 33 29 212 219 199 201 80 81 78 79 343 344 344 341 5,157 5,166 5,162 5,170 170 189 153 160 4,664 4,661 4,672 4,666 29,421 29,371 29,155 29,098 24,603 24,510 24,306 24,233 13,734 13,686 13,618 13,600 4,818 4,861 4,849 4,865 Mar. Mar. Mar. Mar. 52,468 23,561 52,666 23,676 52,820 23,756 52,815 23,685 13,226 13,331 13,502 13,436 33 41 28 28 198 197 198 209 79 79 79 77 342 345 345 345 5,172 5,173 5,176 5,182 234 203 112 68 4,650 4,681 4,691 4,716 28,907 28,990 29,064 29,130 24,026 2,785 3,039 4,581 13,621 24,094 2,891 3,031 4,584 13,588 24,160 2,984 3,070 4,566 13,540 24,205 2,984 3,060 4,566 13,595 4,881 4,896 4,904 4,925 5... 12. .. 19. . . 26... Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. Includes guaranteed obligations. 418 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. Demand deposits, except interbank Date or month ReIndiDeserves Balmand vidwith Certiash ances uals, States deFedwith and fied in posits part- politeral vault doand Remestic ad- 3 nerical Offiserve banks justed ships, subcers' and Banks divi- checks, coretc. pora- sions tions In millions of dollars] Time deposits, except interbank Interbank deposits IndividU. S. Demand uals, States Govand ernU. S. part- politnerGovical ment ships, suband ernment and Dodivi- Postal ForcorSavmeseign pora- sions ings tic tions Time Bor- Capital rowacings counts Bank debits* TotalLeading Cities 1951—February.. 14,061 839 2,214 50,607 51,636 3,594 December. 14,919 1,004 2,457 54,082 55,436 3,386 1952—January... February.. 1,465 2,193 14,496 1,686 1,740 15,013 1,539 1,617 15,173 1,461 2,459 15,239 126 9,226 1,345 376 717 163 10,652 1,274 420 1,050 6,834 131,191 720 750 162 11,082 167 10,093 ,275 ,213 410 412 621 6,856 117,411 894 6,887 111,885 410 409 411 408 414 494 649 702 446 816 706 628 6,550 101,155 14,975 14,714 931 2,665 54,107 55,252 3,552 901 2,370 52,958 54,015 3,630 Jan. 2.. Jan. 9.. Jan. 16.. Jan. 23.. Jan. 30.. 14,868 14,922 15,019 15,277 14,788 979 969 903 898 907 2,914 2 2,749 2 2,373 53,370 55 ,554 53,706 54,374 54,544 56,292 54,586 55,240 54,328 54 ,798 3,582 3,449 3,494 3,541 3,694 2,097 1,372 1,504 1,368 1,354 2,225 1,612 1,252 1,353 1,644 15,152 15,200 15,161 15,175 15,176 712 720 720 722 728 162 164 156 163 166 11,783 11,165 11,347 10,936 10,178 ,326 ,276 ,274 ,255 ,242 Feb. 6.. Feb. 13.. 14,794 14,809 Feb. 2 0 . . . 14,751 Feb. 2 7 . . . 14,504 848 943 890 924 2,289 2, 478 2,363 2,351 53,503 53,672 53,090 55,277 52,557 53,467 52,683 53,646 3,727 3,658 3,535 3,599 1,350 1,553 1,570 1,370 2,115 2,316 2,860 2,545 15,213 15,234 15,233 15,275 740 741 758 761 165 166 168 169 10,284 10,245 9,984 9,858 ,222 ,198 1,221 1,212 413 643 6,885 29,208 412 1,079 6,893 22,818 413 904 6,876 30,962 411 948 6,896 24,342 Mar. 5 . . . Mar. 1 2 . . . Mar. 1 9 . . . Mar. 2 6 . . . 14,507 14,541 15,563 14,984 832 2,337 52,625 53,242 900 2,459 53,406 54,910 ,993 54,136 876 2,: 2,686 51,909 52 ,493 3,491 3,413 3,375 3,528 1,443 1,565 1,502 1,516 1,953 1,685 3,587 4,459 15,325 15,402 15,404 15,410 757 757 756 758 171 170 170 170 10,11 10,175 10,664 10,142 1,229 1,223 1,228 1,235 413 1,025 6,902 28,270 414 896 6,904 26,174 416 473 6,906 31,955 417 329 6,918 27,327 6,849 6,858 6,849 6,853 6,871 32,894 26,517 27,296 26,549 25,602 New York City 1951—February.. 5,020 132 15,632 16,560 246 717 563 1,508 2,746 1,092 281 302 2,327 38,916 December. 5,258 173 16,611 17,498 270 847 507 1,514 2,947 1,049 327 405 2,371 1952—January... February.. 5,288 5,256 142 142 16,540 17,463 16,242 17,127 291 297 722 695 549 887 1.483 1,480 3.177 2,904 1,051 1,006 313 312 193 251 2,384 45,425 2,394 44,419 Jan. 2... Jan. 9... Jan. 1 6 . . . Jan. 2 3 . . . Jan. 3 0 . . . 5,238 5,258 5,073 5,558 5,310 154 148 136 133 139 44 16,265 17,606 Feb. 6... Feb. 1 3 . . . Feb. 2 0 . . . Feb. 2 7 . . . 5,245 5,241 5,30 5,231 132 152 142 142 Mar. 5 ... Mar. 1 2 . . . Mar. 1 9 . . . Mar. 2 6 . . . 5,15 5,130 5 ,683 5,58 128 139 129 136 45 31 55,184 16,348 16,538 16,790 16,760 17,025 17,590 17,532 17,563 324 250 277 289 315 1,134 607 678 573 619 833 577 376 403 555 1,510 1,503 ,465 ,468 ,468 3,379 3,138 3,218 3,144 3,007 1,099 1,056 1,040 1,036 1,024 313 314 314 311 312 202 188 265 68 243 2,381 14 225 2,383 10,531 2,385 10.277 2,386 9.866 2,382 9,875 16,419 16,123 16,089 16,338 17,008 17,383 16,939 17,176 293 344 268 284 602 791 800 588 749 854 1,042 902 ,476 ,483 ,477 1,485 2,928 1,005 2,937 994 2,902 1,014 2,848 1,009 312 312 312 311 146 271 318 270 2,397 12,183 2,393 8,363 2,393 12,736 2,393 9,487 16,440 17,125 16,520 17,533 16,273 17,172 16,64 250 236 208 260 679 789 639 707 664 538 1,419 1,699 1,480 1,568 1,585 1,591 2,920 2,918 3,131 3,015 313 314 314 317 296 314 139 61 2,396 2,394 2,394 2,392 1,026 1,019 1,022 1,024 11,044 10,712 13,119 10,594 Outside New York City 1951—February.. 9,041 2,182 34,975 35,076 3,348 748 1,630 12,988 December. 9,661 831 2,421 37,471 37,938 3,116 839 1,233 13,499 695 120 7,705 1952—January... February.. 9,687 9,458 789 2,623 37,567 37,789 3,261 3,333 759 2,339 36,716 36 817 1,068 13,690 766 1,572 13,759 697 723 117 7,905 120 7,189 Jan. 2... Jan. 9... Jan. 1 6 . . . Jan. 2 3 . . . Jan. 3 0 . . . 9,630 9,664 9,946 9,719 9,478 825 821 767 765 768 2,870 37 105 37,948 358 37,349 2, 2,710 38,006 38 ,702 2,612 37,796 37,708 2,339 37,568 37 ,235 3,258 3,199 3,217 3,252 3,379 963 765 826 795 735 1,392 1,035 876 950 1,089 13,642 13,697 13,696 13,707 13,708 689 699 697 699 702 119 119 111 118 119 Feb. 6... Feb. 1 3 . . . Feb. 2 0 . . . Feb. 2 7 . . . 9,549 9,568 9,444 9,273 716 791 748 782 2,261 37,084 2,447 36,967 2, 329 36,468 2,320 36,345 ,664 36, 37,894 ; 36,528 36,470 3,434 3,314 3,267 3,315 748 762 770 782 1,366 1,462 1,818 1,643 13,737 13,751 13,756 13,790 713 714 731 734 Mar. 5 . . . Mar. 1 2 . . . Mar. 1 9 . . . Mar. 2 6 . . . 9,348 9,411 9>,880 9,399 704 761 747 748 2 304 36,185 36,117 2,421 36,886 37,377 2,701 36, 720 36,964 2,611 35,997 35,846 3,241 3,177 3,167 3,268 764 776 863 809 1,289 1,147 2,168 2,760 13,845 13,834 13,819 13,819 730 730 728 731 326 4,223 62,239 93 645 4,463 76,007 224 207 97 100 428 643 4,472 71.986 4,493 67,466 8,404 8,027 8,129 7,792 7,171 227 220 234 219 218 97 95 97 97 102 292 461 437 378 573 4,468 4,475 4.464 4,467 4,489 18,669 15,986 17,019 16,683 15,727 118 119 121 121 7,356 7,308 7,082 7,010 217 204 207 203 101 100 101 100 497 808 586 4,488 4,5C0 4,483 4,503 17,025 14,455 18,226 14,855 123 122 122 122 7,197 7,257 7,533 7,127 203 204 206 211 1C0 100 102 100 729 582 334 268 4,506 4,510 4,512 4,526 17,226 15,462 18,836 16,733 6,480 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the r* vised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 4 APRIL 1952 419 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE 1 [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan Manufacturing and mining Periods Metals and Petroleum, Food, Textiles, metal coal, liquor, apparel products (incl. chemical and and and tobacco leather machinery and rubber trans, equip.) 1051—April J u n e . . - 2 4 3 July-Dec... 932 Monthly: 290 1951—October 162 November.. 249 December... Other Trade (whole- Comsale modity and dealers retail) Public Sales utilities finance (incl. comtranspanies portation) Construction and other Defense Net de- Nonchanges and classi- fensedefense supfied porting Comm'l, ind'l, and Net agr'l changes change— classi- total» fied 116 -361 275 873 48 125 60 141 62 16 -421 722 63 30 175 351 52 -61 186 2,769 399 1,131 -56 1,641 343 2,773 18 2,372 -139 -93 -51 85 117 220 26 21 36 6 28 37 18 30 -55 230 169 159 -4 -4 138 100 3 30 -8 -30 36 603 403 801 162 135 221 441 267 580 603 403 801 1952—January February... March -118 -113 -191 -39 48 8 520 141 288 39 104 49 4 19 33 -155 -5 36 -93 -121 -119 -320 -59 54 -53 -10 55 -78 11 -7 -293 14 205 262 131 214 -555 -116 -9 -293 14 205 493 294 727 -432 -3 207 Week ending: 1952-Jan. 2 . . . Jan. 9 Jan. 1 6 . . . Jan. 23 Jan. 3 0 . . . . -71 -17 5 -9 -26 -29 -1 -6 -11 8 54 40 259 22 145 31 -10 6 9 4 4 -69 -18 -33 -21 -14 -15 -18 -10 -35 -16 57 -80 -58 -52 -187 -77 3 34 -11 -2 -7 -11 -18 -18 -25 -122 -112 182 -126 -115 -28 31 226 -6 39 -95 -142 -44 -121 -153 -122 -112 182 -126 -115 -173 -152 174 -155 -126 17 —ii"' —41 32 16 7 15 44 49 22 -56 -12 -33 -15 -41 32 16 7 20 55 219 -89 37 56 91 30 -17 -1 128 -119 20 55 219 -89 -50 34 4 9 2 78 236 -105 4 -1 -2 Feb. Feb. Feb. Feb. 6.... 13.... 20.... 27.... -24 -31 -16 -41 21 15 2 10 29 48 39 25 20 31 37 17 5 4 9 -30 15 1 9 -25 -32 -24 -41 -29 -12 -10 -8 -25 -3 -5 22 Mar. Mar. Mar. Mar. 5.... 12.... 19 26.... -47 -67 -15 -62 14 5 -4 -8 30 97 122 39 23 22 16 -11 3 7 19 4 —7 23 33 -13 -33 -29 -41 -17 40 -11 53 -27 3 -5 31 24 6 -6 13 4 -18 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 75 per cent of those of all commercial banks. During April and M a y the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to purpose. 2 Monthly, quarterly, and semiannual figures are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS O F LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES [In millions of dollars] Defens e and defense-supporting Nondefense To others, on real estate mortgages End of month Total Total 1951—April11 May June1* July l August September October November December 1952—January February ... Public utility Railroad 4,504 4 331 4,197 4,055 3,749 3,928 4,037 4,394 4,175 1.687 L ,677 L,760 L ,757 L,642 L ,706 1 .867 2,112 2,019 383 450 446 300 298 309 407 236 310 4,144 4,101 1,983 2,111 302 419 450 409 395 353 Other business and industry 170 1,005 1,011 947 1,063 1,268 1,567 1,539 2,709 2,564 2,362 2,221 2,053 2,163 2,119 2,238 2,111 137 158 1,544 1,534 2,114 1,937 297 286 204 192 1,005 Total 928 To business and industry Farm VA guaranteed FHA insured Conventional 650 577 531 649 619 594 349 343 322 96 98 1.648 L,539 L,447 1,390 1,229 1,162 L.078 1,186 365 490 316 276 452 437 107 997 270 99 102 962 866 257 222 Total 963 937 831 99 88 83 918 83 752 744 945 955 1,007 1,053 969 State, county, and municipal Nonfarm residentia I 80 80 484 402 566 509 340 317 307 108 91 76 77 54 59 310 473 51 44 417 311 44 409 346 295 298 46 54 1 Excludes business mortgage loans of less than $100,000 each and foreign investments, which were not reported until September. NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they are compiled by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 420 FEDERAL RESERVE BULLETIN COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month 1951—January February March April May June July August September October November December 1952—January February Based on Held by Commercial paper Total out- 1 outstanding standing Accepting banks Total Own bills Others 2 Bills bought States Exports from United States Dollar exchange 2 2 2 2 Imports into United 356 369 381 387 364 331 336 368 377 410 435 434 453 470 479 456 417 425 380 384 375 398 437 490 202 201 198 170 143 162 135 122 118 131 154 197 126 121 122 119 108 120 103 94 85 87 96 119 76 79 76 52 35 42 33 28 33 44 58 79 251 270 279 285 274 263 245 262 256 267 283 293 286 304 314 288 259 267 225 218 210 226 227 235 100 99 106 111 102 104 104 109 104 106 116 133 480 517 492 493 193 188 127 121 66 67 300 305 235 234 135 135 Goods stored in or shipped between points in United States Foreign countries 6 3 4 5 23 36 36 30 24 22 22 24 25 27 27 46 55 29 29 26 31 33 31 27 26 31 35 43 44 23 27 52 46 48 51 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances n millions of dollars] Debit balances End of month Debit accounts 1943—June December... 1944—June December... 1945—June December... 1946—June December... 1947—June December... 1948—June December... 1949—June December... 1950—June December... Debit Customers' balances in balances in debit partners' firm balances investment investment (net)i and trading and trading 761 789 887 1,041 1,223 1,138 809 540 552 578 619 550 681 881 1,256 1,356 3 1,304 1951—March 31,286 April...... 31,287 May 1,275 June 3 1,266 July 3 1,260 August September. . 3 1,290 3 1,291 October November. . 1 1,279 1,292 December... 3 1,289 1952—January February. . . 3 1,280 9 11 5 7 11 12 7 5 6 7 7 10 5 5 12 9 accounts 190 188 253 260 333 413 399 312 333 315 326 312 419 400 386 399 Credit balances Cash on hand and in banks 167 181 196 209 220 313 370 456 395 393 332 349 280 306 314 397 10 375 364 12 392 378 Customers' credit balances * Money borrowed2 Other credit balances In partners' In firm investment investment In capital and trading and trading accounts (net) accounts accounts Free Other (net) 529 557 619 726 853 795 498 218 223 240 283 257 493 523 827 745 334 354 424 472 549 654 651 694 650 612 576 586 528 633 673 890 66 65 95 96 121 112 120 120 162 176 145 112 129 159 166 230 15 14 15 18 14 29 24 30 24 23 20 28 20 26 25 36 5 11 8 13 13 17 10 9 15 11 5 9 15 11 12 7 212 198 216 227 264 299 314 290 271 273 291 278 260 271 312 317 •715 8 661 «681 680 «672 »624 «640 8 653 3 649 695 »918 8 879 8 855 834 8 825 8816 *843 8 853 8 805 816 225 26 13 319 259 42 11 314 3 633 3 652 3 809 3 790 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). s As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): December, 40; January, 39; February, 40. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. APRIL 1952 421 OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months 1 U. S. Government Prime Stock exsecurities (taxable) bank- change ers' call accept- loan 39-to 12- 3- to 5ances, remonth month4 year 5 90 bills 3 issues issues days * newals 2 1949 average. 1950 average 1951 average. 1.48 1.45 2.17 1.63 1.63 2.17 .102 .218 .552 1.14 .26 .73 1.43 1.50 1.93 1951- -March April May June July August September. October. . . November. December.. 2.06 2.13 2.17 2.31 2.31 2.26 2.19 2.21 2.25 2.31 2.00 2.00 2.15 2.25 2.25 2.25 2.25 2.25 2.25 2.38 .422 .520 .578 .499 .593 .644 .646 .608 .608 .731 .79 .89 .85 .79 .74 .70 .71 .74 .68 .77 1.86 2.03 2.04 2.00 1.94 1.89 1.93 2.00 2.01 2.09 1952—January... February ., March 2.38 2.38 2.38 2.45 2.38 2.38 1.688 1.574 1.658 .75 .70 1.69 2.08 2.07 2.02 1.563 1.656 1.784 1.601 1.592 1.69 1.75 1.74 1.66 1.63 2.08 2.10 2.05 1.99 1.96 Week ending: Mar. 1. . . Mar. 8 . . . Mar. 15. . . Mar. 22 . . . Mar. 29. . . BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] Size of loan All loans Area and period Annual averages: 19 cities: 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1 2 Monthly figures are averages of weekly prevailing rates. The average rate on 90-day Stock Exchange time loans was 1.63 per cent, Aug. 17, 1948-Jan. 1, 1951. In 1951 changes were made on the following dates: Jan. 2, 2.13; May 16, 2.38; Dec. 18, 2.56 per cent. 3 Rate on new issues within period. 4 Series includes certificates of indebtedness and selected note and bond issues. 5 Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 2.2 2 6 4.4 4 4 3.2 3 4 2.2 2 5 2.4 4.3 3.3 2.6 4.3 4 2 3.2 3 1 4.2 3.1 2.2 2 1 2.0 2 4 2 2 2.0 1.7 2.5 2 7 2.7 3.1 4.4 4.6 4.5 4.7 3.5 3 7 3.6 4.0 2.3 2 2 2.5 2.8 3.0 3.0 3.4 3.07 3.06 3.27 3.45 4.73 4.74 4.78 4.85 3.93 3.99 4.05 4.16 3.32 3.36 3.49 3.66 2.81 2.78 3.03 3.24 2.78 2.79 3.01 3.23 4.37 4.35 4.37 4.43 3.66 3 72 3.91 3.97 3.06 3.18 3.34 3.48 2.64 2.64 2.87 3.11 3 04 3.06 3.23 3.47 4.68 4.81 4.81 4.91 3.90 3.97 4.04 4.16 3.28 3.24 3.46 3.67 2 83 2.82 3.03 3.29 3.52 3.47 3 67 3.79 4.90 4.89 4.95 5.01 4.10 4.17 4.15 4.28 3.52 3.55 3.62 3.79 3.14 3.04 3 35 3.46 2.1 Quarterly: 19 cities: 1951—June Sept Dec 1952—Mar New York City: 1951—June Sept. . . Dec 1952—Mar 7 Northern and Eastern cities: 1951—June Sept Dec 1952—Mar 11 Southern and Western cities: 1951—June Sept Dec 1952—Mar. $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 1.8 2.2 2.4 2.4 2.9 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS 1 [Per cent per annum] Corporate Moody's)4 U. S. Government 15 years or more (taxable) Year, month, or week Municipal (highgrade)2 Corporate (highgrade)3 By ratings By groups Total Aaa Aa A Baa Industrial Railroad Public utility 1-8 15 9 120 30 30 30 30 40 40 40 1949 average 1950 average 1951 average 2 31 2.32 2.57 2.21 1.98 2.00 2.65 2.60 2.86 2.96 2.86 3.08 2.66 2.62 2.86 2.75 2.69 2.91 3.00 2.89 3.13 3.42 3.24 3.41 2.74 2.67 2.89 3.24 3.10 3.26 2.90 2.82 3.09 1951—March April May June July August September October November December . 2.47 2.56 2.63 2.65 2.63 2.57 2.56 2.61 2.66 2.70 1.87 2.05 2.09 2.22 2.18 2.04 2.05 2.08 2.07 2.10 2.78 2.88 2.89 2.95 2.93 2.86 2.85 2.92 2.98 3.03 2.95 3.07 3.09 3.16 3.17 3.12 3.08 3.13 3.20 3.25 2.78 2.87 2 .88 2.94 2.94 2.88 2.84 2.89 2.96 3.01 2.81 2.93 2.93 2.99 2.99 2.92 2.88 2.93 3.02 3.06 2.98 3.12 3.14 3.21 3.23 3.18 3.15 3.18 3.26 3.31 3.22 3.34 3.40 3.49 3.53 3.51 3.46 3.50 3.56 3.61 2.79 2.89 2.90 2.96 2.97 2.92 2.89 2.93 2.97 3.00 3.09 3.24 3.28 3.33 3.36 3.31 3.27 3.31 3.42 3.50 2.95 3.07 3.10 3 18 3.19 3.13 3.09 3.14 3.21 3.24 1952—January February March 2.74 2.71 2 70 2.10 2.04 2.07 2.96 2.89 2.96 3.24 3.18 3.19 2.98 2.93 2.96 3.05 3.01 3.03 3.32 3.25 3.24 3.59 3.53 3.51 3.00 2.97 2.99 3.48 3.38 3.36 3.23 3.19 3 21 Week ending: Mar. 1 Mar. 8 Mar. 15.. Mar. 22 Mar. 29 2.70 2.71 2.71 2.70 2.68 2.04 2.07 2.08 2.07 2.07 2.93 2.95 2.97 2.96 2.94 3.18 3.19 3.19 3.19 3.18 2.95 2.96 2.97 2.97 2.96 3.02 3.02 3.03 3.03 3.02 3.24 3.25 3.25 3.23 3.23 3.53 3.52 3.52 3.50 3.51 2.98 2.99 2.99 2.99 2.98 3.38 3.37 3.36 3.36 3.36 3.20 3.22 3 22 3.21 3.21 Number of issues. . . . . . 1 Monthly 2 Standard 4 and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 3 and Poor's Corporation. U. S. Treasury Department. Moodv's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 422 FEDERAL RESERVE BULLETIN SECURITY MARKETS Bond prices L Stock prices Common Year, month, or week Standard and Poor's series (index, 1935-39=100) CorU. S. MunpoGov- icipal Prerate (high- (high- ferred' ern8 2 ment grade) grade)8 Total Industrial Railroad Public Total utility Volume of Securities and Exchange Commission series trad(index, 1939=100) ings (in thouManufacturing sands Trade, of finTrans- Public ance, Min- shares) portaNonutiland ing tion Total Durity servable durable ice 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1949 average. . . 102.73 1950 average. . . 102.53 1951 average. . . 98.85 128.9 133.4 133.0 121.0 122.0 117.7 176.4 181.8 170.4 121 146 177 128 156 192 97 117 149 98 107 112 128 154 185 132 166 207 116 150 178 147 180 233 139 160 199 98 107 113 161 184 208 129 144 205 1,037 2,012 1,684 100.28 98.93 97.90 97.62 97.93 98.90 99.10 98.22 97.52 96.85 135.5 131.9 131.1 128.6 129.4 132.1 132.0 131.3 131.6 130.9 119.4 117.8 117.4 116.6 116.2 117.1 118.0 116.9 115.3 114.8 174.9 170.4 168.9 167.9 166.7 169.4 168.5 167.0 165.4 163.7 170 172 174 172 173 182 187 185 178 183 184 187 189 187 188 198 205 202 193 199 149 149 148 142 139 147 153 155 144 151 111 110 111 110 112 114 116 115 115 116 180 183 182 179 182 190 195 191 185 190 198 204 203 200 204 215 220 216 208 215 178 181 175 169 170 179 185 185 178 182 217 225 228 229 236 249 253 244 235 245 200 202 197 188 188 196 204 203 194 204 113 111 111 110 111 114 115 114 114 115 210 208 206 201 202 206 215 214 208 209 177 183 188 186 195 219 231 244 239 238 1,549 L.517 1,630 1,305 1.333 1,463 1,916 1,802 1,246 1,367 96.27 96.77 96.87 130.8 132.1 131.5 115.5 116.5 115.9 164.1 165.9 168.3 187 183 185 204 199 201 155 155 161 117 118 118 195 193 193 222 218 216 185 183 182 255 251 248 211 209 214 116 117 117 209 206 203 246 258 295 1,574 L.320 L,283 Week"ending: " Mar. 1.. 96.82 Mar. 8.. 96.62 Mar. 15.. 96.76 Mar. 22.. 96.82 Mar. 29.. 97.24 132.1 131.5 131.3 131.5 131.5 116.1 116.0 115.5 115.9 116.0 166.0 166.1 166.6 169.7 170.6 180 185 185 186 185 195 201 201 202 202 155 158 162 163 162 117 118 118 118 118 188 192 193 193 196 211 216 216 217 222 177 181 181 183 186 243 248 249 249 254 204 214 216 215 221 116 117 117 117 117 199 204 203 204 204 277 297 302 294 306 1,140 1,345 1,286 1,177 1,261 Number of issues 1951—Mar Apr May. . . June.... July Aug Sept Oct Nov Dec 1952—Tan Feb Mar 1-8 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Average of taxable bonds due or callable in 15 years or~more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual 5 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. 1251-125^ NEW SECURITY ISSUES fin mi'HoT s of dollars] F 0 1 refunding For new capital Year or month Total (new and refunding) Domestic Total (domestic and foreign) 1943 1944 1945 1946 1947 1948 1949 1950 642 2,169 4,216 913 8,006 1,772 8,645 4,645 3 9,691 "7,566 10,220 9,085 9,753 8,160 3 10,935 8,271 1950 1951 ^10,900 Total 640 896 1,761 4,635 7,255 9,076 8,131 8,160 State and municipal Domestic Corporate Federal agencies l Total Bonds and notes 176 235 471 952 2,228 2,604 2,803 3,370 282 90 374 422 15 646 607 26 1,264 127 3,556 2,084 239 4,787 3,567 294 *6,177 *5,269 233 5,095 4,125 394 4,395 3,199 3,370 3,084 394 T-4,339 T-3,138 469 6,064 4,459 T-8,214 T-8,103 310,014 9,617 T-663 T-663 138 98 T-427 T-350 T-438 T-438 1951—Jan ••517 T-599 »• a 8 3 9 T-3 654 Feb 1 , 2 3 5 1,024 1,007 Mar T-919 1,064 920 Apr T-871 T-951 May. . . . 1 , 1 7 1 154 181 158 228 407 280 319 151 265 368 297 276 41 48 48 29 60 89 8 T-243 T-370 T-800 T-661 T-404 T-774 T-485 T-300 T-427 T-470 T-569 193 T-370 T-272 T-371 562 361 312,267 1950—Dec June.... July Aug Sept Oct Nov Dec r879 1,391 r946 T-677 T-3 1 , 0 7 5 1,292 1,006 1,053 1,162 1,142 T-820 T-485 T-3 8 8 1 T-970 T-866 T-812 T-451 T-731 T-945 T-866 842 838 40 107 T-337 T-646 433 314 7-627 T-334 199 Foreign2 Stocks Total (domestic and foreign) Total Corporate State and municipal Federal agencies 1 1,197 2 17 12 10 68 10 29 111 1,527 3,303 6,234 4,000 2,125 1,135 1,593 8 2,665 1,442 3,288 6,173 3,895 1,948 1,135 1,492 2,441 259 404 324 208 44 82 104 112 497 418 912 734 422 768 943 992 1,200 1,605 111 246 T-32,686 T-2,463 2,253 2,216 112 92 992 1,597 T-216 T-216 28 T-79 T-79 185 211 144 185 180 144 T-220 T-220 T-229 19 3 10 4 4 3 2 1 4 18 4 19 92 224 657 1,472 1,219 908 971 T-77 50 33 " " 5 * 17 154 2 227 80 T-89 20 146 8 151 34 101 50 56 26 198 197 201 " ' '4' -229 126 192 194 322 140 211 126 192 194 322 140 205 Foreign5 Bonds and notes Stocks 603 2,178 4,281 2,352 1,199 257 393 1,280 82 288 656 601 283 28 52 58 86 15 61 105 177 1,360 1,301 123 37 Total 685 2,466 4,937 2,953 1,482 284 445 1,338 527 394 58 133 79 109 T-97 12 45 154 88 61 198 137 93 172 170 288 89 102 15 12 2 2 30 55 6 7 27 82 80 18 T-89 T-31 20 20 16 47 83 T-26 52 24 12 7-82 ioi 123 31 T-31 20 • • • • 14 14 2 23 24 83 '"6 c T- Revised. Corrected. Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories and Possessions. These figures for 1947, 1950, February 1951 and September 1951 include 244 million dollars, 100 million, 50 million, and 100 million, respectively, of issues of the International Bank for Reconstruction and Development. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics. Table 137, p. 487. 1 2 8 APRIL 1952 423 NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Estimated Estimated gross net proceeds 2 proceeds 8 New money Plant and Working equipment capital Total 1938 1939 1940 1941 1942 1943 1944 . . 1945 1946 1947 1948 1949 1950 1951 1951—February March April May June July August September October November December 2,155 2,164 2,677 2,667 1,062 1,170 3,202 6,011 6,900 6,577 7,078 6,052 6,361 7,766 2,110 2,115 2,615 2,623 1,043 1,147 3,142 5,902 383 377 824 748 994 810 739 1952—Tanuary February 325 569 177 170 424 868 6,261 7,634 1,009 504 681 6,757 6,466 6,959 5,959 Retirement of securities 155 145 661 207 Total Bonds and notes 1,206 1,695 1,854 1,583 396 739 2,389 4,555 2,868 1,352 1,119 1,637 1,726 1,483 366 667 2,038 4,117 2,392 1,155 240 360 474 308 657 1,080 3,279 4,591 5,929 4,606 4,006 6,541 287 141 252 638 2,115 3,409 4,221 3,724 2,966 5,100 882 307 401 1,041 1,441 1,271 1,149 429 351 314 845 626 676 243 699 504 487 71 146 122 189 30 68 65 20 28 68 13 14 187 167 405 442 1,164 1,182 1,708 825 515 545 378 655 679 840 812 505 537 371 640 666 826 685 452 474 334 541 567 725 431 336 352 281 420 480 640 253 116 121 53 121 88 85 63 20 23 17 6 52 45 565 459 555 450 530 385 470 282 60 103 2 33 Repayment of other debt Preferred stock 87 59 128 100 30 72 351 438 Other purposes 215 69 174 7 26 19 144 28 138 73 49 134 35 27 47 133 476 196 67 41 122 78 379 356 488 637 620 424 231 168 234 315 364 240 2 «27 53 64 26 6 28 55 18 52 6 9 54 20 22 17 5 51 42 2 1 2 49 26 21 15 65 28 23 15 6 20 4 27 19 32 1 11 28 13 5 1 2 32 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing Year or month 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 . 1950 1951 Commercial and miscellaneous 6 6 Public utility 7 Railroad Communication Real estate and financial 8 Total Total Total Total Total Total net net New Retirenet net New Retire- net New RetireNew Retire- net New RetireNew Retirepro- money ments 1 0 pro- money ments 19 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds 9 ceeds9 226 831 469 584 188 961 167 828 244 527 293 497 228 454 1,033 1,969 811 3 601 2 201 2,686 1,974 2,180 1,726 1 391 851 1,175 688 3,069 2,559 353 738 463 89 199 504 1,010 981 353 54 44 149 185 403 338 538 515 304 229 262 340 21 28 63 53 2 28 55 1 18 8 9 11 3 19 23 27 52 48 71 42 31 22 29 37 46 37 20 44 23 57 28 17 16 19 25 21 26 5 2 31 23 11 14 7 1951—February March April May June JulyAugust September October November December 298 405 384 361 141 250 165 308 213 416 53 219 301 353 314 115 218 146 254 181 357 1952—January February 304 268 294 227 24 85 115 253 32 46 102 115 129 240 546 441 301 289 30 97 186 108 15 114 500 1,320 571 35 56 11 193 34 1 208 1,246 1 180 1 340 464 469 1,400 2,291 2 129 3,212 2,281 2,615 2,866 2,583 180 43 245 317 145 22 40 69 785 2,188 1,998 2,140 1,971 2,337 1,157 922 993 292 423 1,343 2,159 1 252 939 145 234 685 114 26 30 20 14 26 18 220 172 278 217 258 191 225 131 197 279 280 200 115 23J0 211 242 181 213 126 181 256 257 199 135 195 115 2 4 1 1 2 23 18 76 22 8 30 20 14 26 18 9 23 16 61 22 2 17 23 17 23 4 12 4 10 18 9 1 15 3 16 102 155 94 4 21 107 206 323 286 587 593 739 515 8 9 42 55 4 13 61 85 164 189 485 440 480 391 33 16 30 i 39 20 35 50 123 74 28 15 63 15 22 11 10 9 1C 943 54 182 319 361 47 160 602 1,436 704 283 617 456 548 324 891 567 395 628 870 505 304 624 4 37 6 3 C 5 3 12 2 1 16 19 2 423 24 2 421 24 4 2 1 1 3 4 3 51 3 g 15 37 48 2 49 81 51 3 g 15 37 48 1 3 37 73 71 14 12 50 12 16 7 88 18 4 42 65 64 24 30 35 100 41 1 3 36 1 c Corrected. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or 3 Estimated net proceeds are equal to estimated gross proceeds 4 number of units by offering price. less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently iimilar for broad comparisons. See also footnotes 5 through 8. 6 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. Included in "Manufacturing" prior to 1948. 7 8 Includes "Other transportation" for which separate figures are available beginning in 1948. 10 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 424 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over (200 corporations) Year or quarter Assets of 50 million dollars and over (81 corporations) Sales Profits before taxes Profits after taxes Dividends Sales Profits before taxes Profits after taxes Dividends 1 0 603 13,023 r 18 321 '21,816 '•28,287 '30,398 '26 577 '21,348 '30,838 '36 973 '•36,710 '44 092 51,040 1 ,211 1,847 r 3,l63 '3,406 '3,690 '3,536 '2,426 '2,035 '4,102 '5,314 '5,036 '7,892 8,571 '998 1,275 1,522 1,223 1,262 1,257 '1,131 1,204 '2,523 '3,310 '3,100 '4,054 3,396 '724 '857 '949 '761 '778 '850 '863 '945 1,169 1,403 1,659 '2,240 1,985 9,008 11,138 15,691 18,544 24,160 25,851 22,278 17,415 25,686 31,238 31,578 '37,831 43,389 1,071 1,638 2,778 2,876 3,111 2,982 1,976 1,573 3,423 4,593 4,506 '6,992 7,504 883 656 1,127 1 329 1,056 1,097 1,091 964 932 2,105 2,860 2,768 '3 566 2,961 Quarterly 1950—l i 2 3 4 '9 257 10,689 11,840 12,306 1 ,400 1,821 '2,190 '2,482 '791 1,037 1,240 '986 387 '395 583 '875 7,935 9,213 10,156 10,527 1 .253 1,629 1,928 2,182 1951—1 2 3 4 12,705 13,040 12,290 13,005 '2,237 '2,219 1,963 2,152 '877 '839 '762 917 '469 '475 '475 567 10,811 11,079 10,443 11,055 1,951 1,928 1,716 1,909 1939 1940 1941 1942.... 1943 1944 1945 1946 1947 1948 . . 1949 1950 1951 Annual Assets of 10-50 million dollars (119 corporations) Sales Profits before taxes Profits after taxes Dividends 772 854 672 688 755 764 804 1,000 1,210 1,474 2 013 1,754 1 595 1,885 '2 631 '3,272 '4,127 '4,527 '4 299 '3,933 '5,152 '5 735 '5,131 '6 262 7,651 '140 '209 '385 '530 '579 '554 '450 '462 '679 '721 '530 '900 1,067 '115 148 '193 167 165 165 '167 '272 '418 '450 '331 '488 435 '85 '95 '89 '90 '95 '99 141 169 '193 185 '226 231 '705 '926 1,090 '846 347 347 534 785 '1 323 1,476 1,684 1,779 147 192 '262 '299 '85 112 150 141 40 '48 49 '89 765 724 '658 813 420 421 '422 490 1,893 1,961 1,847 1,950 '286 '291 '247 243 112 115 103 105 '48 '54 '53 77 '68 PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Electric power Railroad Year or quarter Annual 1939 1940 1941 1942 1943 1944 1945 1946. 1947 1948 1949 1050 1951 Operating revenue 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,628 8,685 9,672 Profits before taxes 126 249 674 1,658 2,211 1,972 756 271 777 1,148 700 1950—i Quarterly 2 3 4 1951—l 2 3 . . 4 Profits after taxes 93 189 500 Dividends Operating revenue Profits before taxes 126 2,647 2,797 3,029 3,216 3,464 3,615 3,681 3,815 4,291 4,830 629 159 186 902 202 873 667 217 246 450 287 246 235 236 699 438 783 693 Profits after taxes 692 774 847 913 902 905 964 252 312 328 5,431 5,867 954 983 1.129 1,303 1,480 Operating revenue Profits before taxes Profits after taxes Dividends 1,137 1,206 1,334 1,508 1,691 1,815 1,979 2,148 2,283 2,694 2,967 3 34? 3,729 231 189 164 257 297 193 187 167 162 176 168 156 155 433 313 174 209 215 292 162 168 138 186 131 178 333 580 691 207 331 341 213 2 76 787 821 853 881 116 137 158 169 *71 2 84 2 84 2 92 62 67 70 76 904 175 918 931 976 174 160 182 535 444 447 437 534 638 407 458 408 410 398 643 657 494 493 757 824 818 553 610 661 146 153 152 168 1,384 1,260 1,985 2,238 2,534 '2,715 114 '243 454 574 '2 56 '2 152 2 258 2 318 61 53 55 142 1,378 1,322 1,317 1,415 351 321 293 339 2 230 2212 2 171 2211 2,440 2,596 2 ,583 2,772 229 '22 104 ' 146 '2 124 2 320 101 1,504 1,419 1,423 1,521 413 2 344 320 403 '63 r 53 111 Dividends 548 527 490 502 507 9,473 10,391 275 250 505 Telephone 229 22 195 168 2 226 157 '161 162 181 364 420 451 168 2 2 2 90 92 72 2 86 151 318 77 79 81 81 ' Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). APRIL 1952 425 SALES, PROFITS, AND DIVIDENDS OF LARGB MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1950 » 1948 1949 1950 1951 1951 1 2 3 4 1 2 3 4 Nondurable goods industries Total (94 corps.): 2 Sales Profits before taxes Profits after taxes Dividends '13,407 '12,825 '14,751 17,344 '3,260 r3,463 '3,951 '4,078 '4,343 '4,281 '4,287 4,433 '2,210 '1,845 '2,700 3,192 '814 '772 '505 '785 '829 '855 752 '582 '342 '333 '1,475 '1,212 '1,512 1,409 '301 '467 '394 '368 366 '350 '202 202 '657 '709 844 '167 213 333 '199 241 175 Selected industries: Foods and kindred products (28 corps.) : Sales Profits before taxes Profits after taxes Dividends Chemical and allied products (26 corps.) Sales Profits before taxes Profits after taxes Dividends Petroleum refining (14 corps.): Sales Profits before taxes Profits after taxes Dividends '3,503 '3,294 377 '234 134 '3,467 '468 '256 '142 3,847 405 198 139 '766 83 '48 31 '3,549 '3,557 '4,447 '675 '1,110 '656 '409 '404 560 254 '312 438 5,433 1,384 484 355 '950 1,048 1,188 '313 '206 247 '179 '113 '138 '113 '73 79 3,865 525 406 172 4,999 872 515 231 '258 '136 3,945 721 548 172 4,234 '650 '442 205 960 121 '86 42 '822 '101 58 33 '906 1,020 '125 '123 '61 '61 44 31 '973 '159 '89 34 1,260 '345 '131 174 '895 '86 '40 '34 935 '92 '46 32 996 103 51 42 1,338 1,377 1,351 1,367 312 '342 '365 '365 125 '111 '128 '120 100 '84 85 87 989 1,113 1,172 1,204 1,204 1,246 1,345 209 217 '218 234 203 133 '187 130 123 127 147 '96 '130 118 64 '78 57 55 44 55 42 Durable goods industries Total (106 corps.): 3 Sales Profits before taxes Profits after taxes Dividends '23,566 '23,885 '29,341 33,696 '5,998 -7,226 '7,889 '8,228 8,362 8,759 8,003 8,572 3,105 3,191 '5,192 5,378 '895 '1,239 '1,405 '1,653 1,382 1,405 '1,191 1,401 510 497 '428 562 1,835 1,887 '2,542 1,997 '489 '592 '773 1,351 '273 325 950 1,141 221 541 270 273 746 370 Selected industries: Primary metals and products (39 corps.) Sales Profits before taxes Profits after taxes Dividends 9,066 1,174 720 270 ,187 10,446 12,501 2,200 2,562 '2,718 2,965 3,044 3,198 3,034 3,226 522 993 '1,700 2,096 '547 525 557 '492 400 455 '298 215 '214 193 176 '854 188 578 773 '165 '223 '253 120 157 85 377 '86 285 380 73 80 66 Machinery (27 corps.): Sales Profits before taxes Profits after raxes Dividends 4,529 567 333 125 4,353 519 320 138 Automobiles and equipment (15 corps.): Sales Profits before taxes Profits after taxes Dividends 8,093 1,131 639 282 9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 '2,899 2,939 '513 489 656 '655 508 '405 398 1,473 '2 ,305 1,915 '595 194 '357 183 '142 185 '189 '213 861 '1,087 704 '328 '122 232 119 '119 119 258 90 451 671 479 91 '5,058 '847 '424 208 4,604 "1,100 1,196 1,269 1,493 1,480 250 999 144 '194 '341 '168 367 '79 107 '145 90 93 191 49 38 43 37 1,563 1,434 1,690 302 237 '210 123 82 73 54 47 '48 ' 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);3 and miscellaneous (1). Total includes 25 companies in durable goods group3 not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 .. . .. . Profits before taxes Income taxes Profits after taxes Cash dividends 9.3 17.2 21.1 25.1 24.3 19.7 23.5 30.5 33.8 28.3 41.4 44.5 2.9 7.8 11.7 14.4 13.5 11.2 9.6 11.9 13.0 11.0 18.6 26.6 6.4 9.4 9.4 10.6 10.8 8.5 13.9 18.5 20.7 17.3 22.8 18.0 4.0 4.5 4.3 4.5 4.7 4.7 5.8 6.6 7.3 7.6 9.2 9.4 Undistributed profits 2.4 4.9 5.1 6.2 6.1 3.8 8.1 12.0 13.6 9.8 13.6 8.6 Profits after taxes Cash dividends 10.5 16.5 8.0 8.5 31.9 37.5 45.7 50.3 14.4 16.9 20.5 22.5 17.5 20.6 25.2 27.8 7.8 8.4 9.4 11.1 9.7 12.2 15.8 16.7 51.8 45.4 39.8 41.1 31.1 27.0 23.7 24.5 20.7 18.4 16.1 16.7 8.8 9.6 9.6 9.8 11.9 8.8 6.5 6.9 Profits before taxes Income taxes 1949—4 27.0 1950—1 2 3 4 1951—1 2 3 4 Quarter Undistributed profits Source.—Same as for national income series. 426 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues * End of month 1945—June. Dec.. , 1946—June. Dec.. 1947—June. Dec. 1948—June. Dec. 1949—June. Dec. 1950—June. Dec. 1951—Mar.. Apr... May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 1952—Jan. . Feb... Mar.. Total Total debt* direct debt Totals 258,682 278,115 269,422 259,149 258,286 256,900 252,292 252,800 252,770 257,130 257,357 256,708 181,319 198,778 189,606 176,613 168,702 165,758 160,346 157,482 155,147 155,123 155,310 152,450 254,997 254,727 255,093 255,222 255,657 256,644 257,353 258,298 259,604 259,419 259,775 260,362 258,084 259,115 278,682 269,898 259,487 258,376 256,981 252,366 252,854 252,798 257,160 257,377 256,731 255,018 254,748 255,122 255,251 255,685 256,677 257,386 258,336 259,647 259,461 259,813 260,399 258,124 Nonmarketable public issues CertifiTreasury cates of Treasury Treasury Total « bonds indebtnotes bills edness 34,136 38,155 34,804 29,987 25,296 21,220 22,588 26,525 29,427 29,636 18,418 5,373 151,623 138,075 138,041 137,917 139,279 139,741 140,169 141,753 142,741 142,685 17,041 17,037 17,039 17,033 15,775 15,136 13,757 12,224 11,536 12,319 13,533 13,627 13,630 13,627 13,614 13,614 14,413 15,012 15,617 16,849 18,100 18,102 9,509 9,524 14,740 15,317 28,016 28,017 29,078 23,497 22,967 18,261 10,090 8,142 11,375 11,375 7,131 3,596 8,249 20,404 39,258 43,802 43,802 43,802 35,806 36,360 31,010 31,013 18,669 18,406 18,409 142,690 142,701 141,376 18,104 18,104 16,863 29,079 29,079 29,079 18,421 18,434 18,450 56,226 56,915 56,173 56,451 59,045 59,492 59,506 61,383 62,839 66,000 67,544 68,125 67,405 80,615 80,639 80,281 79,339 79,434 79,152 78,571 78,650 78,483 45,586 48,183 49,035 49,776 51,367 52,053 53,274 55,051 56,260 56,707 57,536 58,019 57,764 57,652 57,607 57,572 57,538 57,509 57,488 57,501 57,552 57,587 76,943 78,559 76,942 79,075 76,842 77,925 57,664 57,682 57,680 106,448 120,423 119,323 119,323 119,323 117,863 112,462 111,440 110,426 104,758 102,795 94,035 94,035 80,490 80,469 78,832 78.830 78,827 78,070 78,068 78,066 76,945 Noninterestbearing debt Treasury Special U. S. Treasury and bonds— issues savings tax investsavings bonds ment notes series 10,136 8,235 6,711 5,725 5,560 5,384 4,394 4,572 4,860 7,610 8,472 8,640 8,296 8,109 8,158 7,818 7,926 8,041 7,775 7,705 7,737 7,534 7,539 8,044 6,911 953 14,498 14,518 14,526 13,524 13,522 13,519 13,017 13,014 13,011 18,812 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,896 32,356 33,707 33,525 33,590 34,049 34,653 34,707 35,146 35,637 35,615 35,862 35,902 12,998 12,986 12,969 36,233 36,360 36,493 970 959 955 954 954 954 953 2,326 2,421 1,311 1,500 3,173 2,695 2,229 2,220 2,009 2,111 2,148 2,425 2,444 2,447 2,364 2,370 2,332 2,323 2,395 2,359 2.351 2,348 2,294 2,226 2,290 1 2 3 Includes fully guaranteed securities, not shown separately. Includes amounts held by Government agencies and trust funds, which aggregated 3,467 million dollars on Feb. 29, 1952. Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes depositary bonds and Armed Forces Leave bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512, UNITED STATES SAVINGS BONDS [In millions of dollars] UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING MARCH 31, 1952 [On basis of daily statements of United States Treasury. of dollars] In millions Month Issue and coupon rate Treasury bills» Apr. 3, 1952. Apr. 10, 1952. Apr. 17, 1952. Apr. 24, 1952. May 1, 1952. May 8, 1952. May 15, 1952. May 22, 1952. May 29, 1952. June 5, 1952 June 12, 1952. Tune 15, 1952 2 June 19, 1952. June 26, 1952. Certificates Apr. 1, 1952 July 1, 1952 Aug. 15, 1952 Sept. 1, 1952.... Oct. 1, 1952 Dec. 1, 1952 Feb. 15, 1953 Amount 1,201 1,201 1,202 1,201 1,301 1,302 1,302 1,100 1,101 1,100 1,200 1,249 1,201 1,201 1 1 1 1% 1" 1% 657 5,216 583 1,832 10,861 1,063 8,867 15, 1954.. 15, 1955.. 15, 1955.. 1, 1956.. 1,1956.. 4,675 5,365 6,854 1,007 549 Treasury bonds Sept. 15, 1952-53 Treasury bonds—Cont. Dec. 15, 1952-54 3 . . . . 2 Dec. 15, 1952-54. . . . 2 Dec. 15, 1952-55 4. •2H Dec. 15, 1952-55.. June 15, 1953-555. . . . 2 June 15, 1954-565. .2H Mar. 15, 1955-605. Mar. 15, 1956-58.. .2% Sept. 15, 1956-595. .2H Sept. 15. 1O56-W...2M M Mar. 15, 1957-59. . .2% June 15, 1958-63 5 . .2%, June 15, 1959-626. .2H Dec. 15, 1959-626. .2)4 Dec 15, 1960-655. .2*4 June 15, 1962-6/6. . 2 H Dec 15, 1963-68 6 . .2H June 15, 1964-696. . 2 ^ Dec 15, 1964-696. . 2 ^ Mar. 15, 1965-706. .2H Mar. 15, 1 9 6 6 - 7 1 6 . . 2 M June 15, 1967-726. .2H Sept. 15, 1 9 6 7 - 7 2 . . . 2H D e c 15, 1967-726. ,2% Postal Savings bonds Treasury notes Mar. Mar. Dec Apr. Oct. Issue and coupon rate 2 7,986 2H Amount 5,825 8,662 1,501 510 725 681 2,611 1,449 982 3,822 926 919 5,282 3,469 1,485 2,118 2,830 3,760 3,836 5,195 3,480 2,000 2.716 4,072 Total direct issues Guaranteed securities Federal Housing Admin. Various 141,376 37 1 Sold on discount basis. See table on Open-Market Money Rates, p. 2422. Tax Anticipation Series. 3 Maturity June 15, 1954. 4 Maturity June 15, 1955. 5 Partially tax exempt. 6 Restricted. APRIL 1952 Fiscal year ending: June—1945.. 1946.. 1947.. 1948.. 1949.. 1950.. 1951.. 45,586 14,891 49,035 9,612 51,367 7,208 53,274 6,235 56,260 7,141 57,536 5,673 57,572 5,143 1951—Mar.... Apr.. .. May... June... July... Aug.... Sept... Oct... . Nov.... Dec.... 57,764 57,652 57,607 57,572 57,538 57,509 57,488 57,501 57,552 57,587 57,664 1952—Jan Feb.. . . 57,682 Mar.... 57,680 11,553 6,739 4,287 4,026 4,278 3,993 3,272 679 407 360 301 473 231 347 2,658 2,465 2,561 1,907 2,390 1,449 1,523 4,298 6,717 5,545 5,113 5,067 5,422 6,137 359 310 296 290 311 314 273 334 316 297 280 254 247 244 258 267 230 274 268 254 12 9 8 8 8 8 7 10 9 9 67 47 41 38 45 38 36 50 39 34 560 472 478 476 482 437 390 410 364 401 441 339 331 364 288 284 16 10 9 61 42 38 493 411 428 Maturities and amounts outstanding March 31, 1952 All series Series E 1952 1953 1954 1955 1956. 1957 1958 1959 1960 1961 1962 1963 1964 Unclassified 3,599 6 323 8,008 6,817 5,034 4,814 4 906 4,707 5,189 1 4,708 2,744 750 141 -60 3,599 5,164 5,697 4,437 2,252 2,342 2,551 2,617 2,460 1 3,231 574 Total 57,680 34,924 Year of maturity 92 Panama Canal Loan. 3 RedempAmount Funds received from sales during tions and outperiod maturities standing at end of All All Series Series Series month G series F E series Series F Series G 190 476 498 580 461 241 258 440 201 369 122 969 1,835 1,882 2,203 2,011 2 114 1,832 2,288 1,276 1,801 628 28 112 3,864 18,952 1 Includes bonds with extended maturities totaling 726 million dollars. 427 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] End of month Held by the public Total Held by gross U. S. Government debt agencies andl (includtrust funds ing guaranteed securiSpecial Public ties) issues issues Federal Reserve Banks Commercial2 banks Mutual savings banks Insur- Total State and local governments Other corporations 1940—June 1941—June 1942—June 1943—June 1944—June 1945—June 1946—June 1947—June 1948—June Dec 1949—June Dec 1950—June Dec 1951—June 48,496 55,332 76,991 140,796 202,626 259,115 269,898 258,376 252,366 252,854 252,798 257,160 257,377 256,731 255,251 4,775 6,120 7,885 10,871 14,287 18,812 22,332 27,366 30,211 31,714 32,776 33,896 32,356 33,707 34,653 2,305 2,375 2,737 3,451 4,810 6,128 6,798 5,445 5,549 5,614 5,512 5,464 5,474 5,490 6,305 41,416 46,837 66,369 126,474 183,529 234,175 240,768 225,565 216,606 215,526 214,510 217,800 219,547 217,533 214,293 2,466 2,184 2,645 7,202 14,901 21,792 23,783 21,872 21,366 23,333 19,343 18,885 18,331 20,778 22,982 16,100 19,700 26,000 52,200 68,400 84,200 84,400 70,000 64,600 62,500 63,000 66,800 65,600 61,800 58,400 3,100 3,400 3,900 5,300 7,300 9,600 11,500 12,100 12,000 11,500 11,600 11,400 11,600 10,900 10,200 6,500 7,100 9,200 13,100 17,300 22,700 24,900 24,600 22,800 21,200 20,500 20,100 19,800 18,600 17,000 2,100 2,000 4,900 12,900 20,000 22,900 17,700 13,900 13,500 14,300 15,100 16,300 18,300 19,900 20,200 Nov Dec 1952—Jan 259,647 259,461 259,813 35,862 35,902 36,233 6,354 6,379 6,454 217,431 23,239 217,180 23,801 217,126 22,729 61,200 61,400 61,900 9,900 9,800 9,800 16,500 16,300 16,200 21,400 20,800 21,500 Individuals Miscellaneous Savings Other bonds securities 1,500 3,200 5,300 6,500 7,100 7,800 7,900 8,000 8,100 8,700 8,800 9,400 2,600 3,600 9,100 19,200 31,200 40,700 43,500 45,500 47,100 47,800 48,800 49,300 49,900 49,600 49,000 7,500 7,600 8,700 11,700 14,800 18,300 19,800 20,700 18,400 17,800 18,100 17,100 17,400 16,400 16,200 1,100 3,400 6,400 8,900 8,800 9,800 9,100 9,300 10,000 9,800 10,000 10,700 10,900 9,500 9,500 9,700 49,000 49,000 49,100 15,600 15,600 15,700 11,100 11,000 10,500 400 600 900 700 700 1 2 3 Includes the Postal Savings System. Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1951. 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] End of month Total outstanding U. S. Govt. Fed- Com- Mu- Insurtual agen- eral ance mer- savRecies com- Other cial 1 serve banks ings panies and banks trust Banks funds ing U. S. Govt. Fed- Com- Mu- Insuragen- eral tual ance mer- savcies Recom- Other cial 1 and serve banks ings panies trust Banks banks fund3 Treasury bonds Type of security: Total: 2 1949—June.... Dec 1950—June.... Dec 1951—June.... Dec 1952—Jan Treasury bills: 1949—June Dec 1950—June.... Dec 1951—June.... Dec 1952—Jan Certificates: 1949—June Dec 1950—June Dec 1951—June.... Dec 1952—Jan Treasury notes: 1949—June.... Dec 1950—June.... Dec 1951—Tune.... Dec 1952—Jan Treasury bonds: 1949—June.... Dec 1950—June Dec 1951—June Dec 1952—Jan End of month Total outstand- and notes, due or callable: 19,090 18,535 18,132 16,862 12,077 11,364 11,345 44,087 41,763 43,663 44,429 42,558 43,399 43,981 Within 1 year: 11,226 1949—June 14,319 Dec 1950—June.... 10,387 38,905 Dec 1951—June.... 37,631 25,508 Dec 19,343 18,885 18,331 20,778 20,268 22,588 21,515 56,237 59,856 58,972 54,893 51,515 54,148 54,570 11,029 10,772 10,877 10,144 8,254 7,880 7,890 63 4,346 11 4,829 3 3,856 35 1,296 527 26 596 50 60 2,817 3,514 3,703 3,888 3,750 6,773 6,983 13 15 35 33 122 71 107 60 4,237 70 3,880 1-5 years: 90 5,846 1949—June 474 7,901 Dec 829 8,360 1950—June.... 532 10,080 Dec 1951—June.... 501 10,453 29,427 29,636 18,418 5,373 9,509 29,078 29,079 26 6,857 9,561 48 6,275 11,520 7 5,357 5,354 2,334 1,544 (3) 17 3,194 2,753 49 12,793 6,773 64 12,316 6,952 207 169 7 37 41 602 12,174 633 10,991 382 7,254 53 1,435 287 3,221 662 8,760 89 675 3,596 8,249 20,404 39,258 35,806 18,409 18,421 359 1,801 47 562 5,569 15 29 3,500 11,204 10 12,527 15,833 14 12,439 13.704 3 5,068 10,465 41 107 154 136 120 67 5,068 10,443 66 42,042 39,235 38,691 33,607 31,286 30,104 30,163 10,768 10,480 10,624 9,967 7,973 7,697 7,625 155,160 155,138 155,325 152,471 137,944 142,724 142,722 11,536 12,319 13,533 13,627 13,614 18,102 18,104 110,426 104,758 102,795 94,035 78,832 76,945 76,943 5,374 5,327 5,350 5,365 3,272 3,345 3,421 3 5,201 5,217 5,273 5,283 3.178 3,209 3,263 7,780 7,218 5,618 4,620 4,108 4,130 4,130 64 1952—Jan Dec 8,983 1952—Jan C 1 ri 26,320 25,029 25,340 24,941 22.023 21,966 21,925 236 385 2,553 238 468 3,685 151 360 2,300 230 926 10,722 467 1,044 10,747 420 787 5,819 25,508 19 431 797 5,743 39,175 35,067 51,802 33,378 31,022 28,678 28,690 212 186 327 189 26,304 1,279 24,907 1,121 33,127 1,058 568 24,534 20.853 227 18,600 142 2,124 1,641 1,731 1,142 756 685 7,135 5,290 10,443 5,660 5,169 3,994 18,604 140 693 3,999 15,067 18,537 15,926 17,411 15,962 11,156 532 584 6,587 568 1,388 6,995 423 1,148 5,675 412 982 7,329 376 1 ,032 6,273 309 1,014 2,436 2,002 2,640 2,439 2,125 2,009 1,925 1,732 2,230 2,055 1,948 1,858 1,656 3,630 4,716 4,186 4,615 4.414 3,816 11,156 319 1,668 16,850 2,121 1,922 5,116 1,285 139 3,878 155 5,102 152 5,102 tranro • D—1U ycclTS • 1949—June.... Dec 1950—June Dec 1951—Tune.... Dec 104 1,244 244 1,752 403 5,114 1952—Jan 707 10,045 687 8.842 After 10 years: 316 2,490 1949—June Dec 320 2,521 18,315 17,579 17,249 15,617 10,264 9,839 9,837 49 982 7,021 36 878 9,014 70 505 7,001 9 12,373 14,645 49 10,241 15,083 21 1,668 16,793 1,014 2,409 1,908 1950—June Dec 1951—Tune Dec 48,554 4,455 4,452 3,933 7,293 45,084 4,441 3,593 3,887 6,588 45,084 4,482 2,349 4,092 7,130 43,599 4,682 2,508 2,932 7,180 30.023 2.629 1,397 2,781 5.389 30,012 2,726 1,415 2,740 5,276 1952—Jan 30,010 2,776 1,415 2,743 5,212 1,659 3,847 14,179 13,485 13,507 12,308 7,293 7,027 14,242 13,090 13,524 13,989 10,534 10,828 7,008 10,856 * 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 small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. » Less than $500,000. 428 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] Cash operating uuigu mcor~11C On basis of daily statements of United States Treasury Increase (+) or General fund of the Treasury (end of period) decrease (—) Assets during period •p.-j Fiscal year or month Net Budget •Budget exresurplus ceipts pendi- (+)or tures deficit Fiscal year: 1949 38,246 40,057 37,045 40,167 1950 . 1951 48,143 44,633 1951—Mar.. 8,112 4,058 Apr... 2,626 4,007 May.. 3,146 4,517 June.. 7,089 5,969 J u l y . . 2,571 4,739 Aug. . 3,594 5,087 Sept.. 6,209 5,163 Oct... 2,635 5,483 Nov... 3,521 5,178 D e c . 5,279 5,627 1952—Jan.. . 4,953 5,455 Feb... 5,553 5,105 M a r . . 9,886 5,704 Trust Clearacing counts, ac- 1 etc.i count — 1 811 —3 122 510 054 - 1 381 - 1 370 +1 119 - 2 168 - 1 493 +1 046 - 2 847 - 1 658 +3 +4 -347 -501 +448 +4 182 Balance in general fund General fund balance Gross debt - 4 9 5 +366 +478 +99 +483 +4,587 +679 —214 —2,135 -944 -34 +111 -69 -270 +106 +366 +136 —304 +129 +284 +43 -14 +435 +11 +988 +83 - 1 0 3 +709 +37 +30 -86 -55 +945 +82 +20 +1,306 -186 +196 +7 +357 - 3 7 4 + 103 -25 +587 + 186 + 106 - 2 4 5 - 2 , 2 7 8 -1,462 +2,047 +1,839 +3,187 -1,614 -1,173 +1,574 -1,737 -525 +1,822 -2,042 -250 -329 -415 +1,196 + 1,765 Deposits in Total liabilities Fed- Spe- Other eral Total cial assets Reserve deposBanks' itaries 1 3 5 1,120 5 611 5 666 4 338 5 584 3 459 3 947 4 493 3 481 2 321 2 162 2 558 3 169 5 438 950 338 3 470 3 ,862 5 517 5 ,927 7 357 7 ,871 8 569 8 ,991 6 955 7 ,360 5 782 6 ,376 7 357 7 ,871 5 620 6 ,032 5 095 5 ,431 6 916 7 ,356 4 874 5 ,311 4 624 5 ,147 4 295 4 ,816 3 879 4 ,306 5 075 5 ,700 6 840 7 ,445 Excess income Cash Cash income outgo (+) or outgo 392 41 ,628 40 ,576 410 40 ,970 43 ,155 514 53 ,439 45 ,804 422 8 ,489 4 ,219 405 2 ,960 4 ,144 594 4 ,148 5 ,154 514 7 ,367 5 ,223 412 2 ,854 4 ,843 336 4 ,600 5 ,565 439 6 ,555 4 ,862 437 2 ,855 5 ,801 523 4 ,293 5 ,642 521 5 ,642 5 ,621 427 5 ,183 5 ,473 625 6 ,275 5 ,328 605 771 1 ,653 1 ,709 1L ,853 L.971 1,719 1,681 1,853 L,754 L.727 1,861 1,798 1,765 1,801 2,096 1,926 2,049 268 680 900 030 029 680 694 244 547 021 901 693 048 216 228 +1,051 —2,185 +7,635 +4,270 -1,184 -1,006 +2,144 -1,989 -965 +1,693 -2,946 -1,348 +21 -290 +947 DETAILS OF TREASURY RECEIPTS On basis of reports by collectors of internal revenue On basis of daily statements of United States Treasury Deduct Income taxes Fiscal year or month Fiscal year: 1949 1950 1951. . 1951—Mar.... Apr.. . . May... June... July. . . Aug. . . . Sept.... Oct. . . . Nov.... Dec... 1952—Jan Feb.. . . Mar. . . Miscella- Social WithSecu- Other neous reheld rity Other by em-4 internal taxes ceipts revenue ployers 9,842 10,073 13,535 1,273 19,641 18,189 24,218 6,152 578 1,688 482 2,038 1,123 5,065 726 983 404 2,130 1,128 4,115 780 828 254 2,177 1,361 2,916 750 63,021 2,611 1,943 Pl.570 7,717 Social Total Net Refunds Security rereceipts of employceipts ment taxes taxes 5 8,348 2,487 2,456 42,774 8,303 2 ,892 1,853 41,311 9,423 3,940 2,253 53,369 838 395 152 8,811 157 690 177 3,289 555 747 217 4,039 719 425 270 7,603 722 177 225 2,833 806 597 228 4,165 124 6,524 707 451 47 885 168 2,708 505 805 211 3,951 325 823 153 5,576 174 826 383 5,153 704 131 6,194 805 825 157 10,800 P531 2,838 2 ,160 2,107 459 513 359 234 88 55 57 41 30 31 52 195 455 1,690 38,246 2,106 37,045 3,120 48,143 239 8,112 150 2,626 534 3,146 280 7,089 175 2,571 516 3,594 258 6,209 32 2,635 400 3,521 266 5,279 147 4,953 446 5,553 460 9,886 Individual income and old-age insurance taxes Withheld Other Corporation income and profits taxes 11,743 11,762 15,901 7,996 7,264 9,908 2,093 11,554 10,854 14,388 4,316 989 194 499 244 1,195 3,908 1,276 2,942 409 935 3,509 256 1,158 3,600 110 1,227 3,428 321 116 215 98 347 275 814 2,330 4,172 758 596 290 512 160 2,649 807 311 Excise and other miscellaneous taxes Estate and gift taxes 797 706 730 129 59 58 47 56 66 52 52 70 77 65 66 7,585 7,599 8,704 682 635 713 660 709 771 641 831 776 712 763 754 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Trust and other accounts Budget expenditures Social Security Fiscal year or month Total Fiscal year: 1949 1950 1951 1951—Mar Apr May June July Aug Sept Oct Nov Dec 1952—Jan Feb Mar . . 40,057 40,167 44,633 4,058 4,007 4,517 5,969 4,739 5,087 5,163 5,483 5,178 5,627 5,455 5,105 5,704 Inter- VetOther accounts Aid Transnafers erans to Inter- tional to National est agrion finance AdOther ExInInExdefense debt Re- vestminis- cul- trust Reand tration pendi- ceipts vest- pendiacture counts ceipts ments aid ments 7 tures tures 12,158 12,346 19,964 2,059 2,161 2,396 2,496 2,930 3,040 2,628 3,166 3,015 3,070 3,414 3,155 P3.420 5,339 5,750 5,613 580 253 163 1,557 232 222 580 497 173 1,057 228 142 689 832 1,646 6,016 q5,789 2,656 916 q5,183 3,722 1,479 2,252 1,992 4,689 6,043 2 ,984 1 383 ^6,972 4,293 1,028 3,114 2,376 -1,430 3,857 872 4,445 5,204 635 771 972 '7,800 5,631 2,685 2,790 2,165 280 101 150 2 27 454 545 259 77 350 68 393 487 791 318 367 301 377 367 442 291 391 P400 427 424 383 433 419 365 406 436 386 428 378 385 104 91 92 40 104 36 206 105 49 194 78 P83 82 1 (8) 67 41 496 87 92 64 78 71 78 587 r954 649 717 894 '758 744 '991 559 822 890 *>649 283 928 570 293 919 421 179 732 550 246 711 558 83 510 346 128 526 193 59 285 81 221 255 266 261 264 291 243 253 282 278 326 175 157 319 320 184 127 433 117 160 475 190 171 142 146 120 126 24 —23 317 -22 —66 323 -58 -38 173 166 -205 189 28 245 99 169 291 145 29 46 14 105 87 o c x r -2» ncuinuidiy. • ivcviacu. - v.uuc^cu. Corrected. Excess of receipts ( + ) or expenditures (—). Preliminary. Revised. 3 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues, For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Excludes items in process of collection. Represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivors insurance trust 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 Beginning with January 1952, includes social security taxes on self-employed persons. 7 fund. Includes investments of Government agencies in public debt. 8 Less than &500.000. APRIL 1952 429 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than interagency items Assets, other than interagency items 1 InvestComments modiLoans ties, supreceiv- plies, U. S. and Other able mate- Govt. secu- 2 rials securities rities Corporation or agency Cash Total All agencies: Mar. 31, 1951 June 30, 1951 Sept. 30, 1951 Dec. 31, 1951 25,104 25,188 25,668 26,744 Classification by agency, Dec. 31, 1951 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Agricultural Marketing Act Revolving Fund Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corporation Farmers' Home Administration 4 Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp. Public Housing Administration Federal Housing Administration Office of the Administrator: Federal National Mortgage Association.. . Other Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 Other 7 Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority All other s 715 649 659 931 13,496 13,504 13,906 14,422 1,764 1,719 1,515 1,461 2,162 2,185 2,236 2,226 3,467 3,474 3,472 3,463 Bonds, notes, U. S. Priand debenGov- vately tures payable Land, ernstruc- Other Other ment owned tures, interliabilinterasand Fully est ities est equip- sets guarment anteed Other by U. S. 2,951 2,999 3,025 3,358 1,247 1,234 22,337 1,378 932 22,533 1,399 949 22,962 1,369 1,161 23,842 549 659 854 882 170 674 423 633 500 720 56 2 36 1,815 2,350 589 35 1 2 34 18 1,740 780 1,174 10 436 128 31 1,095 208 1,948 435 608 29 1,865 89 1,850 33 20 786 838 2,324 1,360 1,296 8,397 1 724 2,289 •(3) 1 225 276 4,036 (3) 107 249 200 806 () 301 38 55 285 268 315 322 329 27 2 3. 1 1 1,814 336 2,010 2 588 2 32 56 280 24 3 268 5 203 13 lf93.K 206 190 525 1,251 1 39 302 1,862 88 594 1 129 1 (3) i ,353 1,048 14 323 3,385 144 57 40 35 7 9 233 786 770 2,267 1,282 1,259 8,325 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1951 Purpose of loan To aid agriculture To aid home owners To aid industry: Railroads Other To aid financial institutions: Banks Other Foreign loans Other Less' Resevve losses Total loans receivable (net)... Fed. Fed. inter- Banks Farm medi- for coMort. ate operaCorp. credit tives banks 34 633 425 Com- Rural Elecmodity trificaCredit tion Corp. Adm. 782 1,742 Fed. Recon- ExFarm- Nation- Public Fed. struc- porters' al Hous- home tion ImHome Morting loan Fiport Adm. gage Adm. banks nance Bank Corp. Assn. 539 1,850 6 4,161 169 2,142 3,896 1,981 101 488 104 494 806 814 8 64 2,296 «3 ',750 6,110 779 61 109 173 7 46 10 755 6,133 720 178 806 725 2,289 4,099 14,422 13,906 123 (3) 99 417 34 633 2 3 423 780 609 1 ' 103 1,740 436 1,850 608 All other Sept. 30, 1951, All all agen- agencies cies 2 72 1 2 Assets are shown on a net basis, i. e., after reserve for losses. Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and 3Development and its subscription of 2,750 million to the International Monetary Fund. 4 Less than $500,000. Includes Disaster Loans, etc., Revolving Fund. 5 Debit balance of less than $500,000. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for two small agencies are for dates other than Dec. 31. 9 Repayment of 44 million dollars on Treasury loan of 3,750 million to United Kingdom was covered into the U. S. Treasury on Jan. 8, 1952. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 430 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" ' a n d "Ijnadjus Construction contracts awarded (value) 2 1947-49=100** Industrial production (physical volume)* x 1935-39 = 100 Year or month ted ' refer to adjustment of monthly figures for seasonal variation] Employment and payrolls 3 1947-49=100** Manufactures Total Durable Nondurable Minerals Total Residential All other Nonagricultural employment DepartWholeFreight ment Consale carload- sales sumers'3 commodity Manufacturing ings* prices (val- 1935-39 prices 3 production workers 1935-39 ue) *4 = 100 I947-49 = 100 1947-49 = 100 = 100 EmployPayment rolls AdAd- Unad- Unad- AdAdAd- Unad- AdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed iusted Adjusted Unadjusted Unadjusted 1919 1920 1921 1922 1923 1924 1925 72 75 58 73 88 82 90 84 93 53 81 103 95 107 62 60 57 67 72 69 76 71 83 66 71 98 89 92 34 34 30 43 45 51 66 26 18 27 41 49 57 75 39 45 32 43 42 46 59 61.6 62.2 55.4 58.7 64.6 63.8 65.5 68 7 69.0 52 8 58.4 66 9 62.1 64.2 31.1 37.1 24 0 25.7 32 6 30.4 32.1 120 129 110 121 142 139 146 27 32 30 30 34 34 36 123 143 127 119 121 122 125 8 3 7 7 9 2 4 1926 1927 1928 1929 1930 96 95 99 110 91 114 107 117 132 98 79 83 85 93 84 100 100 99 107 93 69 69 73 63 49 73 71 76 52 30 67 68 70 70 62 67.9 68.2 68.3 71.3 67.0 65.5 64.1 64.2 68 3 59.5 33.0 32.4 32.8 35 0 28.3 152 147 148 152 131 37 37 37 38 35 126 124 122 122 119 4 0 6 5 4 65 62 62 61 56 0 0 9 9 1 1931 1932 1933 1934 1935 75 58 69 75 87 67 41 54 65 83 79 70 79 81 90 80 67 76 80 86 34 15 14 17 20 22 8 7 7 13 41 20 18 24 25 60.6 53.7 53.9 59.0 61.6 50.2 42 6 47.2 55.1 58.8 21.5 14 8 15.9 20.4 23 5 105 78 82 89 92 32 24 24 27 29 108 97 92 95 98 7 6 4 7 1 47 42 42 48 52 4 1 8 7 0 103 113 89 109 108 122 78 109 139 100 106 95 109 115 99 112 97 106 30 32 35 39 22 25 27 37 35 36 40 40 43 44 66.2 70.6 66.4 69.6 73.6 63.9 70.1 59 6 66.2 71.2 27 2 32.6 25 3 29.9 34.0 107 111 89 101 33 35 32 35 109 37 99 1 102 7 100 8 99 4 100.2 52 5 56 1 51 1 50 1 51.1 201 279 360 353 274 142 158 176 171 166 125 66 54 74 44 89 37 22 36 49 24 10 16 116 45 30 50 87 9 49 3 103.9 72 2 121 4 99 0 118.1 102 8 104.0 87.8 130 129 132 140 137 83 1 91.2 96 6 95 3 92.1 138 137 140 135 50 56 62 70 105 116 123 125 128 2 6 7 7 6 56 64 67 67 68 8 2 0 6 8 192 220 225 202 237 P273 165 172 177 168 187 P194 134 149 155 135 148 P164 82 84 102 113 159 171 87 86 98 116 185 170 79 83 105 111 142 172 95.1 99 6 101.6 98.8 101 4 P106.6 97.9 81.2 103 4 97 7 102.8 105 1 93.8 97.2 99 2 111 2 e 105.4 e 129.2 132 143 138 116 128 134 90 98 104 98 105 109 139 159 171 170 171 185 5 6 9 2 9 6 78 96 104 99 103 114 7 4 4 2 1 8 222 231 237 235 247 251 261 260 268 180 181 184 181 195 194 196 195 197 140 152 179 183 196 222 218 200 177 126 100 146 155 174 178 172 160 163 171 168 5 169.3 170 2 172.0 173 4 174.6 175 6 176 4 178.8 98 5 99.6 100 2 103.0 105 2 107.1 107 7 109 3 112.1 201 201 199 198 198 197 187 193 '192 188 188 185 181.5 183 8 184 5 184.6 185 4 185 2 185 5 185 5 186.6 187 4 188.6 189 1 115.0 116 5 116 5 116.3 115 9 115 1 114 2 113 7 113.4 113 7 113.6 113 5 189 P190 «188 189.1 187 9 113.0 112 6 1936 . 1937 1938 1939 1940 . . . . . . 125 1941 1942 1943 1944 1945 162 199 239 235 203 1946 1947.. 1948 1949 1950 1951 170 187 192 176 200 . . . . P220 117 44 1950 April MayJune Tulv August September October 190 December 1951 January February March April May June . . July August September October November December 1952 January February March 188 195 199 196 209 211 216 195 200 198 212 216 220 215 215 218 216 221 221 216 217 222 219 223 222 222 223 221 212 217 223 214 220 '218 218 219 '219 223 222 220 r 217 268 271 277 279 276 274 265 267 271 274 277 »"282 220 216 P218 e 219 281 ?>284 e 287 P222 ^222 145 151 144 159 163 166 160 157 177 179 164 158 158 164 165 178 173 188 187 163 176 165 156 165 200 162 156 174 179 176 147 140 156 166 168 160 146 145 161 142 P166 167 174 170 163 167 P166 e 164 199 193 P156 170 166 94.8 97.4 98.6 99.9 102.7 103.3 104.5 104.4 104.7 93.8 95.7 97.6 98.2 103.5 105.2 106.2 105.5 105.6 100 8 104.0 108 4 109.9 117 9 120.5 124 3 124.0 127 .4 171 105.2 105.8 164 105.9 106.8 154 106 3 106 9 219 106.6 107.1 211 106 8 106.8 217 107 1 106 8 150 107.1 106.0 143 107 0 104 8 133 106.8 103.9 127 106.6 103.4 162 106.8 103.3 180 106.9 103.5 105.2 106 6 106 6 106.0 105 0 105 6 104.2 105.7 105.8 105.1 104.3 104.4 99.3 100.1 101.1 101.7 103.2 103.8 104.3 159 104.5 176 104.8 134 122 129 142 152 153 149 122 127 126 135 134 137 136 100 103 122 114 108 103 103 140 110 126.8 128 5 130 0 129.5 128 1 129 8 126.4 128 4 130.9 129 8 129.8 132.9 146 129 125 115 139 105 173 106.7 103.7 103.3 130.9 P149 P106.9 P103.7 P103.5 e 130.7 141 136 136 133 104 104 131 125 133 105 105 109 133 135 137 133 107 108 112 109 108 no5 nos e Estimated; all estimates are those of Board of Governors. P Preliminary. ^Revised. * Average per working day. ** Base period changed to 1947-49 average; back data may be obtained from Division of Research and Statistics. 1 For indexes by groups or industries, see pp. 432-435. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the revised index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 439. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950,4 interim revision of series and weights. The wholesale price index is the revised series. For indexes by Federal Reserve districts and for other department store data, see pp. 442-444. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, December 1951, pp. 1490-1515. APRIL 1952 431 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1952 1951 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. . . . 221 222 223 222 221 212 217 r218 218 219 '219 220 v222 232 234 234 233 231 222 226 228 226 228 228 230 P232 271 277 279 276 274 265 267 271 274 277 -282 281 *>284 252 263 264 263 261 253 254 258 261 261 263 261 261 217 281 206 228 298 217 230 293 215 235 304 217 232 307 216 227 304 219 229 304 218 897 884 850 230 291 208 231 298 213 879 234 301 217 235 296 213 815 231 301 218 891 881 902 921 954 Machinevy 328 335 337 336 338 328 328 336 340 347 Transportation Equipment 304 314 311 310 307 293 305 311 311 262 265 255 248 238 216 223 226 223 Industrial Production—Total . . Manufactures— Total Durable IManufactures Iron and Steel1 Pig iron Steel Open h e a r t h Electric . . . . ... Automobiles (including parts) (Aircraft; Railroad Equipment; Shipbuilding—Private and Government) 2 . . 911 913 235 304 221 892 r 359 359 v363 '313 '321 307 P316 r 216 '222 203 P215 217 209 211 206 205 199 197 196 201 209 '207 215 V215 Smelting and refining (Copper smelting; Lead refining; Zinc smelting; 222 225 227 227 226 226 213 214 230 235 235 243 P248 Fabricating ... . (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 215 202 204 197 197 188 191 190 190 198 196 204 P201 169 169 170 163 153 141 146 146 149 157 153 159 P161 156 156 158 147 135 138 141 150 173 160 137 149 164 131 165 167 171 172 176 174 154 P174 236 239 237 228 228 219 212 218 217 v222 '209 216 242 172 211 222 233 180 P225 239 Nonferrous Metals a n d Products . . . . Lumber and Products Lumber Furniture Stone, Clay, and Glass Products Glass products Glass containers Cement Clay products 193 195 162 185 237 243 247 251 269 252 189 270 292 243 189 243 261 245 186 Nondurable Manufactures < Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nvlon and silk consumotion * Wool textiles Carpet wool consumption Apparel wool consumption Wool and worsted yarn Woolen yarn Worsted yarn . . . W^oolen and worsted cloth .... 242 257 231 184 250 269 235 184 260 285 226 177 198 198 197 187 193 192 188 188 185 189 P190 185 190 185 160 170 163 154 157 152 157 P158 176 174 390 171 175 374 165 153 380 169 164 377 164 157 378 138 123 379 150 145 360 145 142 334 139 140 293 142 144 289 137 136 283 142 144 296 150 294 144 181 140 133 169 128 146 131 158 144 101 163 137 87 153 100 27 117 115 58 132 114 63 132 114 86 119 120 94 122 118 99 121 117 108 114 108 120 116 115 112 116 120 108 152 140 174 171 157 130 129 123 126 119 108 163 159 123 97 99 123 111 140 116 141 120 135 119 . 122 118 106 Leather tanning Cattle hide leathers . . Calf and kip leathers Goat and kid leathers Sheep and lamb leathers Shoes 112 105 97 88 89 126 119 110 104 109 Wheat flour Cane sugar meltings 2 Manufactured dairy products Butter Cheese Canned and dried milk Ice cream 2 ... P173 199 133 119 Manufactured Food Products 199 204 219 173 188 159 . 214 222 217 172 194 130 . . 232 246 219 173 201 143 Leather and Products 234 249 222 176 88 96 92 128 80 93 83 127 166 167 119 110 142 71 169 135 146 72 176 152 56 80 55 103 51 73 50 106 168 167 108 109 147 74 177 156 148 72 174 164 78 87 69 112 105 92 124 117 108 108 108 135 132 126 133 131 126 85 99 100 91 89 88 100 75 81 84 80 78 79 91 99 104 96 94 91 51 56 64 111 51 53 67 98 51 53 69 97 59 60 71 94 64 70 71 110 86 98 42 58 54 92 44 65 56 110 165 164 166 167 163 rl60 161 163 P165 103 107 108 107 109 115 109 122 Pill 150 75 183 168 150 148 77 173 160 143 140 71 163 126 137 64 158 118 136 62 161 119 137 65 165 118 138 66 163 120 77 180 169 72 165 138 r P Preliminary. Revised. Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may 2be obtained from the Division of Research and Statistics. 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. 1 432 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1951 1 952 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 162 193 145 '87 182 228 153 84 85 Manufactured Food Products—Continued Meat packing Pork and lard . ... Beef Veal L a m b and mutton 148 171 141 88 66 159 194 139 82 62 163 208 134 79 59 149 181 134 79 52 145 188 110 95 66 152 187 126 107 70 162 207 128 110 65 168 221 126 99 64 157 198 124 109 74 168 205 143 106 75 163 200 141 84 69 Other manufactured foods Processed fruits and vegetables Confectionery Other food products 176 158 138 188 177 176 127 186 177 169 128 187 176 166 132 186 175 160 130 186 173 147 127 188 174 139 140 188 176 152 136 189 173 163 127 183 166 136 183 169 126 149 183 170 P171 134 145 184 #183 225 207 187 179 178 175 178 184 178 188 176 174 171 166 135 658 408 169 150 677 240 161 118 706 148 157 117 560 174 155 104 604 174 163 78 474 197 165 51 492 223 164 70 335 332 154 76 265 358 180 86 262 292 178 85 253 225 185 73 336 150 173 73 327 193 179 170 177 172 171 161 183 177 185 194 147 176 175 107 249 69 100 238 62 104 248 66 105 239 64 115 233 66 98 225 57 114 252 73 123 239 70 127 259 44 129 262 84 87 204 60 108 244 67 105 244 68 207 208 214 212 208 190 196 197 196 191 184 187 193 197 228 119 98 265 193 245 198 229 116 94 269 193 248 204 241 116 100 284 198 253 200 233 115 99 274 195 256 198 235 123 88 275 193 247 183 230 137 78 269 176 217 189 228 132 93 265 183 224 192 234 137 99 271 185 216 191 235 130 97 273 185 213 187 235 112 95 278 180 205 182 223 116 94 261 176 191 185 229 111 95 178 197 189 237 114 99 279 181 209 192 205 172 120 189 208 171 119 194 224 172 119 186 207 170 121 180 204 177 128 167 204 165 129 185 196 168 130 192 200 180 129 190 210 180 127 188 179 184 125 192 191 181 1 9 5 181 177 128 123 191 184 177 129 177 176 183 176 171 166 174 179 177 175 174 175 177 164 167 165 163 158 159 163 A Icoholic Beverages. ... M a l t liquor Whiskey Other distilled spirits Rectified liquors . . . ... . Tobacco Products Cigars Cigarettes Other tobacco products Paper and Paper Products Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate and sulphite pulp3 Paper Paperboard Fine paper 2 Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard) Printing and Publishing ••80 ••271 162 162 171 166 163 166 269 269 255 263 263 262 265 266 269 276 *281 280 P282 198 238 179 230 199 227 190 230 193 204 189 221 207 210 193 201 212 215 194 205 211 213 195 209 213 209 200 208 214 213 187 216 212 214 200 214 214 215 226 234 196 1 9 2 230 224 211 P209 238 188 243 183 174 487 184 176 475 185 178 433 186 178 456 187 179 476 183 178 388 187 179 457 185 178 411 185 178 452 185 177 467 288 292 296 298 302 305 306 r r r 168 384 510 166 374 524 164 377 532 160 378 538 161 385 548 167 392 554 165 393 557 158 '358 r 560 156 '346 r 556 Rubber Products 235 239 238 247 251 243 243 245 239 Minerals—Total... 158 158 164 163 165 156 165 167 174 Fuels 163 163 167 168 169 160 171 172 179 118 125 89 185 111 127 48 189 120 133 64 191 118 126 83 192 123 133 86 191 97 105 66 192 123 134 77 194 125 137 79 195 131 127 140 151 145 132 134 181 176 199 216 209 187 194 55 80 56 77 54 77 56 76 52 73 52 67 49 58 Newsprint consumption Printing paper (same as shown under Paper) Petroleum and Coal Products.... ... Petroleum refining2 Gasoline .. Fuel oil Lubricating oil .. Kerosene Other petroleum products2 Coke Bv-product coke Beehive coke . . . . .. Chemical Products. . Paints Rayon Industrial chemicals Other chemical products 2 Coal. . . . . Bituminous coal Anthracite Crude petroleum Metals ... 185 178 456 188 188 179 179 '464 P 4 6 6 r 298 299 P295 158 ••331 r 563 157 '317 '•561 159 300 323 557 P554 r 245 *250 250 P245 170 163 167 P166 178 170 175 P173 138 147 104 199 141 152 99 196 125 135 86 193 136 123 147 135 77 91 194 P 1 9 8 137 143 121 200 211 174 173 49 58 47 62 45 65 44 70 301 ... . ... Metals other than gold and silver Iron ore (Copper; Lead; Zinc) 2 Gold . ... Silver . . 298 299 123 P122 176 P174 47 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. APRIL 1952 433 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1952 1951 Production—Total Manufactures — Total Durable Manufactures... Iron and Steel1.... . Pig iron Steel Open hearth Electric. Machinery . . . . Transportation Eouipwient Automobiles (including parts) (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products. . Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 . Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products... Lumber Furniture Stone, Clay, and Glass Products... Glass products Glass containers Cement Clay products Other stone and clay products 2 Nondurable Manufactures. Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 2 Wool textiles Carpet wool consumption Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products. Leather tanning. . . . Cattle hide leathers Calf and kip leathers . . Goat and kid leathers Sheep and lamb leathers Shoes Manufactured Food Products Wheat flour Cane sugar meltings 2 Manufactured dairy products Butter Cheese Canned and dried milk Ice cream . . Mar. Apr. M a y June July Aug. Sept. Oct. 217 219 222 223 223 214 220 228 231 232 233 232 223 Nov. Dec. 222 220 229 '232 230 229 223 r?17 227 Jan. Feb. 216 P218 226 P228 268 275 278 277 276 266 269 273 276 277 '280 278 P281 252 263 264 263 261 253 254 258 261 261 263 261 261 217 281 206 815 228 298 217 879 231 301 218 891 234 301 217 897 235 296 213 884 230 293 215 850 230 291 208 881 231 298 213 902 235 304 217 921 232 307 216 954 227 304 219 911 229 304 218 913 235 304 221 892 328 335 337 336 338 328 328 336 340 347 r 359 359 P363 313 "321 307 P316 216 '222 203 P215 r 207 215 P215 235 243 P248 304 314 311 310 307 293 305 311 311 r 262 265 255 248 238 216 223 226 223 r 217 209 211 206 205 199 197 197 201 209 222 225 227 227 225 225 213 214 230 236 215 202 204 197 197 188 191 190 190 198 154 160 169 168 164 151 158 158 158 155 "140 134 193 141 195 161 185 165 173 163 164 146 160 154 165 153 167 151 146 122 171 172 176 221 232 243 242 241 239 238 237 230 217 211 237 253 186 251 269 207 270 292 231 255 275 242 248 266 251 251 273 248 241 259 251 180 183 184 184 179 182 219 228 252 200 206 237 197 '208 201 218 220 188 176 236 251 254 180 182 196 179 177 204 P201 142 P147 125 174 133 205 P207 166 232 P164 196 194 195 197 197 188 197 193 191 185 194 188 185 190 185 160 170 163 154 157 152 157 P158 176 174 390 171 175 374 165 153 380 169 164 377 164 157 378 138 123 379 150 145 360 145 142 334 139 140 293 142 144 289 137 136 283 142 144 296 144 181 140 133 119 152 143 133 169 128 123 111 140 130 146 131 158 140 116 174 159 144 101 163 141 120 171 163 137 87 153 135 119 157 159 100 27 117 105 92 123 124 115 58 132 117 108 130 135 114 63 132 117 108 129 132 114 86 119 114 108 123 126 120 118 94 99 122 121 120 115 116 112 126 119 133 131 125 118 106 97 98 83 98 100 91 91 88 100 120 136 93 100 101 128 104 119 79 92 80 127 97 110 75 89 68 112 88 104 54 78 59 103 86 105 52 74 50 106 71 86 42 57 50 92 80 96 47 63 58 110 83 102 50 57 62 111 80 97 52 53 67 98 81 98 52 52 73 97 79 91 '58 67 94 86 100 62 70 66 110 149 149 152 159 165 176 189 192 177 "164 158 152 P149 107 117 115 116 108 122 P112 22i 2i5 169 128 98 95 86 94 221 196 85 194 164 69 169 127 61 146 102 49 119 85 49 116 92 54 122 95 120 101 63 139 121 107 120 65 158 149 103 153 184 176 104 196 93 233 228 99 221 104 259 232 106 184 150 294 120 00 00 00 Industrial Feb. ooo Industry 108 126 97 58 134 108 T P Preliminary. Revised. Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may 2be obtained from the Division of Research and Statistics. 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. 1 434 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [.Index numbers of the Board oi* Governors. 1935-39 average == 100] 1952 1951 Industry Feb. Manufactured Food . . . . ... O t h e r manufactured foods . Processed fruits a n d vegetables Confectionery Other food products . . . . . . . A Icoholic Beverages. . M a l t liquor . . . .... Whiskey O t h e r distilled spirits Rectified liquors Products Cigars Cigarettes O t h e r tobacco products Paper and Paper May June July Aug. Sept. Oct. N o v . Dec. Jan. Feb. Products—Continued M e a t packing P o r k a n d lard Beef Veal Lamb and mutton Tobacco M a r . Apr. Products . . . . . 142 168 129 77 67 147 180 127 77 60 150 189 126 78 57 149 181 134 82 53 144 188 107 95 62 141 165 127 107 67 139 159 130 108 64 149 174 136 109 69 156 186 135 124 77 188 240 148 114 75 195 264 141 79 68 ••193 '253 '148 r 81 '85 175 223 159 100 139 178 156 97 118 178 157 103 106 180 159 108 102 182 165 123 96 188 181 191 104 191 200 263 151 192 209 297 175 193 192 210 167 192 '174 111 161 192 166 98 150 187 157 87 149 176 M56 P174 198 185 175 180 191 190 179 193 197 178 154 145 152 149 135 394 408 157 150 440 240 169 118 424 148 179 117 336 174 195 104 374 174 204 78 275 197 188 51 266 223 166 70 459 332 143 76 686 358 139 86 549 292 142 85 278 225 151 73 219 150 155 170 161 167 172 178 167 190 188 191 198 137 176 167 107 234 67 100 222 62 104 231 66 105 239 65 115 245 67 98 236 114 265 71 123 256 127 269 129 267 86 87 188 53 108 244 66 105 229 66 208 208 215 212 209 191 183 187 194 198 228 124 98 265 194 245 198 231 124 94 269 193 248 205 243 128 100 284 199 253 201 234 124 99 274 195 256 199 235 124 88 275 193 247 181 223 117 94 261 175 191 185 '230 116 95 '271 178 197 190 237 119 99 279 182 209 192 214 172 120 189 208 171 119 194 226 172 122 186 207 170 122 176 179 188 159 169 181 269 269 198 238 177 241 57 189 196 75 47 196 196 r 140 74 86 73 196 193 182 228 122 78 269 175 217 189 226 116 93 265 183 224 191 232 122 99 271 185 216 191 233 121 97 273 185 213 187 236 119 95 278 180 205 180 208 177 129 167 196 165 126 185 196 168 128 192 200 180 129 190 212 180 127 188 179 184 126 191 175 181 125 192 '193 177 123 191 179 170 155 166 180 181 183 178 170 175 172 161 143 147 168 173 178 166 148 159 255 263 263 262 265 266 269 276 281 280 P282 199 227 188 235 193 204 197 226 207 210 201 203 212 215 194 193 211 213 193 194 213 209 198 199 214 213 187 214 212 214 200 214 214 226 196 237 215 234 190 231 iii 238 183 248 P209 P243 183 174 487 184 176 475 185 178 433 186 178 456 187 179 476 183 178 388 187 179 457 185 178 411 185 178 452 185 177 467 185 178 456 179 r464 188 188 179 466 291 296 298 298 300 301 303 303 303 302 301 r>298 166 384 510 165 374 524 165 377 532 165 378 538 165 385 548 165 392 554 163 393 557 157 157 560 156 '346 r 556 561 156 Pi 55 323 300 557 P 5 5 4 ... 235 239 238 247 251 243 243 245 239 245 '250 250 P245 Minerals—Total. . 153 153 162 168 169 161 170 171 176 169 158 162 Fuels 163 163 167 168 169 160 171 172 179 178 170 175 P173 118 125 89 185 111 127 48 189 120 133 64 191 118 126 83 192 123 133 86 191 97 105 66 192 123 134 77 194 125 137 79 195 138 147 104 199 141 152 99 196 125 135 86 193 136 147 91 123 135 77 P\98 86 P86 P a p e r a n d pulp Pulp . . . . Groundwood pulp Soda pulp S u l p h a t e a n d sulphite pulp 3 . . Paper Paperboard . Fine paper 2 Printing paper Tissue a n d absorbent paper W r a p p i n g paper Newsprint P a p e r b o a r d containers (same as P a p e r b o a r d ) Printing and Publishing Newsprint consumption P r i n t i n g paper (same as shown u n d e r Paper) Petroleum and Coal Products. . Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products Coke By-product coke Beehive coke Chemical Products. 2 . Paints Ravon Industrial chemicals Other chemical products 2 Rubber Products. Coal Bituminous coal Anthracite Crude petroleum Metals. Metals other t h a n gold a n d silver Iron ore (Copper* L e a d ' Zinc) 2 Gold . . . . Silver r r r 304 '157 '331 r 563 r r r T-317 r 94 92 129 166 171 166 167 166 162 115 88 121 93 118 89 184 231 248 365 256 392 247 384 250 403 246 388 240 354 159 185 115 94 50 81 49 80 48 78 49 48 70 50 66 54 57 56 59 55 62 50 65 46 70 76 192 177 129 P160 114 P114 94 45 F o r other footnotes see preceding page. N O T E . — F o r description a n d b a c k figures see B U L L E T I N for October 1943, p p . 94C-984, S e p t e m b e r 1941, p p . 878-881 a n d 933-937, a n d A u g u s t 1940, p p . 753-771 a n d 825-882. APRIL 1952 435 OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1947-49 average = 100] 1952 1951 Product group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 103 Total 157 160 138 129 125 100 101 107 103 104 98 94 Passenger automobiles 156 169 144 140 140 111 112 115 108 104 93 79 97 Household goods, total Carpets Furniture Major appliances Radios and television 158 115 119 138 294 151 102 119 139 262 131 101 116 125 186 117 82 109 115 153 108 70 102 111 133 88 47 102 78 98 89 55 97 86 95 98 56 97 96 123 98 60 98 88 135 103 60 101 93 149 104 63 104 100 130 110 79 104 96 164 109 103 96 160 NOTE.—Figures for February are preliminary. For description and back series see BULLETIN for October 1951, pp. 1935-1940. Unadjusted indexes for these series and individual series for major appliances and radios and television may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1951 1952 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ADJUSTED FOR SEASONAL VARIATION Total 13,214 13,218 13,249 13,211 13,204 13,106 12,967 12,855 12,789 12,776 Durable goods 7,352 7,395 7,449 7,449 7,440 7,352 7,303 7,265 7,248 '7,264 Primary metal industries 1,154 1,143 1,173 1,171 1,162 1,147 1,153 1,174 1,178 1,161 Fabricated metal products 805 834 829 810 844 850 859 852 855 '801 Machinery except electrical 1,221 1,209 1,246 1,247 1,225 1,248 1,219 1,233 1,236 1,261 Electrical machinery 714 709 708 705 711 700 717 718 714 '707 Transportation equipment 1,187 1,211 1,205 1,234 1,253 1,237 1,198 1,233 1,243 1,233 Lumber and wood products 748 730 729 733 765 736 755 763 764 '712 Furniture and fixtures 296 284 283 323 295 289 318 319 309 287 Stone, clay, and glass products. . 485 480 477 479 485 482 475 483 484 470 Instruments and related products 229 214 220 229 227 222 223 226 226 216 Misc. manufacturing industries. . 417 421 424 410 373 422 396 382 423 '370 Ordnance and accessories 34 27 30 38 47 32 41 29 44 50 Nondurable goods 5,862 5,823 5,800 5,762 5,764 5,754 5,664 5,590 5,541 '5,512 Textile-mill products 1,205 1,250 1,214 1,203 1,133 1,212 1,170 1,211 1,147 1,121 Apparel and other finished textiles '998 985 1,074 1,063 1,053 1,007 ,032 1,083 1,045 1,047 Leather and leather products. . . 317 '319 362 357 341 321 336 367 345 351 Food and kindred products 1,170 ,154 1,158 1,132 1,212 1,213 1,191 1,184 1,148 1,177 Tobacco manufactures 79 80 81 82 81 82 80 82 80 81 Paper and allied products 421 411 422 427 '407 426 428 427 418 421 Printing, publishing and allied 512 '514 industries 515 512 514 510 515 512 513 513 533 548 542 '531 Chemicals and allied products... 524 540 531 538 539 544 196 194 197 193 196 Products of petroleum and coal. 196 195 194 195 197 220 221 213 219 224 '215 Rubber products 218 219 223 223 12,804 12,827 12,821 '7,264 7,261 7,265 1,152 1,157 1,156 799 802 '796 1,275 1,276 1,264 720 716 '711 1,240 1,245 1,239 670 668 '698 289 287 288 460 456 450 '230 '374 '52 '5,540 1,125 1,018 325 1,135 82 405 230 374 54 5,566 1,122 1,026 331 1,146 82 402 231 376 55 5,556 1,103 1,018 335 1,166 81 401 511 527 '197 '215 514 531 195 217 511 531 195 215 WITHOUT SEASONAL ADJUSTMENT Total 13,186 13,189 13,108 12,993 13,064 12,885 13,069 13,087 12,997 12,904 12,911 12,775 12,803 Durable goods 7,269 7,286 7,371 7,428 7,445 7,406 7,409 7,226 7,261 7,279 7,296 '7,314 '7,325 r Primary Metal Industries 1,163 1,162 1,153 1,159 1,161 1,162 1,172 1,155 1,165 1,162 1,160 '1, 149 l, 164 Blast furnaces, steel works 570 572 575 '558 572 571 573 559 562 561 565 572 and rolling mills 809 '808 817 '805 810 852 858 850 843 810 813 807 859 Fabricated Metal Products 1,270 1,215 1,231 1,239 1,242 1,252 1,235 1,209 1,219 1,242 1,255 1,281 1,276 Machinery except Electrical 247 232 '246 225 241 231 218 223 228 233 232 227 Metalworking machinery... 707 '725 696 '718 707 727 716 724 707 704 723 718 Electrical Machinery Electrical apparatus (gen272 265 '270 273 '266 262 270 271 272 258 275 266 erating, etc.) 271 239 258 247 273 247 '268 230 270 241 262 '272 Communication equipment. 1,233 1,253 1,243 1,233 1,237 1,187 1,198 1,211 1,205 '1,234 '1,239 1,240 1,245 Transportation Equipment 675 667 '655 '651 752 679 684 640 793 774 791 738 Motor vehicles and equip395 415 357 362 406 318 360 347 299 ment 309 288 333 r Aircraft and parts 719 657 651 754 740 '695 764 745 748 722 752 736 773 Lumber and Wood Products 389 '428 449 439 '411 449 443 443 426 443 428 456 293 Sawmills and planing mills.. 293 285 289 294 301 285 284 326 294 317 324 286 207 195 201 206 211 196 196 Furniture and Fixtures 236 227 235 197 206 448 484 479 465 451 484 482 478 479 483 473 485 Household furniture 472 232 224 228 '232 222 226 221 231 218 221 215 223 230 Stone, Clay, and Glass Products.. 382 388 390 '381 409 388 383 429 374 422 427 400 '388 Instruments and Related Products. 41 47 '52 32 44 38 29 30 54 27 34 55 50 Misc. Manufacturing Industries.. Ordnance and Accessories For footnotes see following page. 436 FEDERAL RESERVE BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] 1951 1952 Industry group or industry Feb. Nondurable goods Textile-mill Products Broad-woven fabric mills... Knitting mills Apparel and Other Finished Textiles Men's and boys' furnishings. Women's and misses' outerwear Leather and Leather Products. . . . Footwear (except rubber)... Food and Kindred Products Meat products Canning and preserving. . . . Bakery products Tobacco Manufactures Paper and A Hied Products Pulp, paper and paperboard mills Printing, Publishing and Allied Industries Newspapers Commercial printing Chemicals and Allied Products... Industrial organic chemicals. Products' of Petroleum and Coal.. Petroleum refining Rubber Products Apr. Mar. June May July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 5,815 1,269 604 236 5,761 1,223 564 236 5,663 1,214 567 230 5,587 1,206 574 222 5,655 1,205 588 216 5,659 1,167 574 210 5,808 1,152 561 212 5,808 1,136 551 205 5,590 5,701 1,133 '1,132 546 544 209 209 »-5,586 1,142 547 '211 5,506 1,133 540 209 5,517 1,120 1,115 259 1,106 263 1,047 261 998 253 1,000 245 990 233 1,047 238 1,037 239 1,019 '1,008 '233 238 '1,033 '237 1,026 230 1,049 317 374 239 1,099 238 127 188 80 423 305 371 237 1,096 233 125 190 78 424 267 353 225 1,085 229 128 190 76 427 249 331 210 1,099 229 137 190 74 424 255 344 222 1,146 233 154 192 76 426 271 336 215 1,225 236 226 192 75 418 295 343 221 1,307 233 305 192 84 419 284 327 208 1,330 235 330 193 89 416 270 '219 '317 320 201 198 1,254 '1,160 '2\6 236 145 238 192 195 85 89 '411 413 209 209 212 213 215 214 215 214 212 510 150 170 532 163 191 148 222 512 150 170 539 167 192 149 220 510 151 168 538 168 194 150 219 510 152 168 531 170 194 151 220 512 152 169 528 172 198 154 220 507 151 167 526 172 198 154 217 509 151 166 531 174 198 154 218 515 153 167 543 175 197 154 218 517 153 169 544 172 197 154 215 '294: 323 191 84 409 299 331 214 1,068 246 108 187 82 404 212 212 211 '519 154 170 '542 173 '197 154 '219 519 155 170 538 171 '196 155 '219 514 151 170 536 170 193 153 219 '206 '1,123 '251 123 342 1,064 SO 403 511 539 193 216 HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Industry group 1951 1952 Average hours worked (per week) 1951 Average hourly earnings (dollars per hour) 1952 1951 1952 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 63.84 '67.40 67.08 66.83 40.9 41.2 40.9 40.8 1.561 '1.636 1.640 1.638 Durable goods 68.18 '72.71 72.28 72.02 41.6 42.2 41.9 41.8 1.639 1.723 1.725 1.723 Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment 73.12 68.18 75.08 64.80 74.05 '77.77 '72.25 '79.90 '70.18 '79.33 76.84 71.70 79.90 70.60 79.62 75.80 71.61 80.15 70.56 77.64 41.1 41.7 43.5 41.3 40.8 '42.2 '42.5 44.0 '42.3 41.6 41.6 42.1 43.9 42.3 41.6 41.4 42.0 43.8 42.3 40.8 1.779 1.635 1.726 1.569 1.815 1.843 1.700 1.816 1.659 1.907 1.847 1.703 1.820 1.669 1.914 1.831 1.705 1.830 1.668 1.903 Lumber and wood products Furniture and fixtures Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing industries Ordnance and accessories 56.13 58.15 63.15 67.06 58.41 70.92 '59.63 '60.44 65.47 '71.61 '60.65 '77.57 56.44 60.17 64.79 71.19 60.02 76.95 58.43 60.03 65.10 71.49 59.67 78.10 40.5 42.2 41.3 42.2 41.6 42.7 '40.7 '42.0 41.2 '42.6 41.4 '45.1 40.0 41.7 40.8 42.2 41.0 44.3 40.8 41.6 41.1 42.2 40.9 44.5 1.386 1.378 1.529 1.589 1.404 1.661 1.465 1.439 1.589 1.681 '1.465 1.720 1.411 1.443 1.588 1.687 1.464 1.737 1.432 1.443 1.584 .694 ,459 ,755 58.32 '60.49 60.04 60.04 40.0 39.9 39.5 39.5 1.458 1.516 1.520 1.520 Textile-mill products Apparel and other finished products... . Leather and leather products Food and kindred products Tobacco manufactures 53.94 48.38 49.43 59.04 43.17 '52.66 '46.37 '48.39 '64.13 '46.73 52.57 46.71 49.45 63.32 45.51 51.74 47.49 50.45 63.56 45.23 40.8 37.5 39.2 41.0 37.9 39.3 36.2 '37.6 '42.3 39.6 39.0 36.1 38.3 41.6 38.6 38.5 36.7 38.9 41.6 38.3 1.322 1.290 1.261 1.440 1.139 1.340 1.281 1.287 1.516 1.180 1.348 1.294 1.291 1.522 1.179 1.344 ,294 ,297 .528 181 Paper and allied products Printing, publishing and allied products Chemicals and allied products Products of petroleum and coal Rubber products 65.36 74.23 67.17 78.44 63.37 '66.73 '79.83 '69.05 82.41 '73.49 66.74 77.68 68.85 82.17 74.76 66.63 77.71 67.90 81.60 74.03 43.4 38.4 41.8 40.6 38.9 '42.8 39.5 '41.8 41.1 '41.1 42.7 38.8 41.6 40.7 41.1 42.6 38.7 41.0 40.7 40.7 1.506 1.933 1.607 1.932 1.629 1.559 2.021 1.652 2.005 1.563 2.002 1.655 2.019 1.819 1.564 2.008 1.656 2.005 1.819 Nondurable goods ' Revised. NOTE.—Data are for production and related workers. of Labor Statistics. APRIL 1952 Figures for February 1952 are preliminary. r 1.788 Back data are available from the Bureau 437 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Year or month Total 41,480 40,069 41,412 43,371 44,201 43,006 44,124 46,395 1944 1945 1946 1947 1948 1949 1950 1951 Manufacturing ning Contract construction Transportation and public utilities Trade Finance Service Federal State, and local government 17,111 15,302 14,461 15,247 15,286 14,146 14,884 15,931 883 826 852 943 981 932 904 919 1,094 1,132 1,661 1,982 2,165 2,156 2,318 2,570 3,798 3,872 4,023 4,122 4,151 3,977 4,010 4,144 7,260 7,522 8,602 9,196 9,491 9,438 9,524 9,803 1,374 1,394 1,586 1,641 1,716 1,763 1,812 1,883 3,934 4,055 4,621 4,786 4,799 4,782 4,761 4,759 6,026 5,967 5,607 5,454 5,613 5,811 5,910 6,386 939 930 914 916 923 899 914 912 914 '916 '916 2,503 2,556 2,574 2,572 2,558 2,574 2,601 2,587 2,630 -2,581 -2,576 4,117 4,147 4,153 4,140 4,132 4,134 4,143 4,157 4,173 '4,169 -4,151 9,769 9,762 9,773 9,821 9,857 9,837 9,822 9,791 9,770 -9,827 '9,881 1,848 1,854 1,856 1,865 1,874 1,880 1,895 1,908 1,917 '1,926 '1,930 4,728 4,729 4,745 4,765 4,787 4,780 4,791 4,783 4,746 r4,758 4,749 6,165 6,230 6,294 6,347 6,398 6,472 6,496 6,526 6,517 6,544 6,534 SEASONALLY ADJUSTED 1951—February March April May June July August September October November December 1952—January February 46,078 46,266 46,411 46,507 46,626 46,602 46,555 46,465 46,415 -46,482 '46,548 16,009 16,058 16,102 16,081 16,097 , 16,026 15,893 15,801 15,748 -15,761 -15,811 46,459 46,528 15,830 15,840 915 915 2 ,545 2,557 4,145 4,141 9,837 9,870 1,916 1,929 4,743 4,738 6,528 6,538 45,390 45,850 45,998 46,226 46,567 46,432 46,724 46,956 46,902 -46,852 -47,592 15,978 16,022 15,955 15,853 15,956 15,813 16,008 16,039 15,965 -15,890 -15,912 930 924 911 915 927 906 922 917 917 '915 2,228 2,326 2,471 2,598 2,686 2,754 2,809 2,768 2,761 -2 ,633 '2,524 4,082 4,112 4,132 4,137 4,161 4,176 4,190 4,178 4,166 -4,165 '4,151 9,554 9,713 9,627 9,683 9,732 9,667 9,641 9,781 9,893 '10,109 '10,646 1,839 1,854 1,865 1,874 1,893 1,908 1,914 1,898 1,898 '1,907 '1,911 4,657 4,682 4,745 4,789 4,835 4,852 4,839 4,831 4,770 '4,734 4,702 6,122 6,217 6.292 6.377 6.377 6,356 6,401 6,544 6,532 6.497 6,831 45,903 45,834 15,776 15,819 909 905 2,316 2,276 4,109 4,105 9,706 9,653 1,906 1,919 4,672 4,667 6,509 6,490 UNADJUSTED 1951—February March April May June July August September October November December 1952—January February ••917 ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th ol the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. February 1952 figures are preliminary. Annual average for 1951 are computed by Board of Governors and are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimate's without seasonal adiustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month Total civilian noninstitutionalx population Employed Total 2 Total In nonagricultural industries In Unemployed Not in the labor force agriculture 1944 1945 1946 1947 1948 1949 1950 1951 93,220 94,090 103,070 106,018 107,175 108,156 100.284 108,976 54,630 53,860 57,520 60,168 61,442 62,105 63 090 62,884 53,960 52,820 55,250 58,027 59,378 58,710 59.057 61,005 45,010 44,240 46,930 49,761 51,405 50,684 52.450 53,951 8,950 8,580 8,320 8,266 7,973 8.026 7 .507 7,054 1,040 2,270 2,142 2.064 3,395 3.142 1,879 38,590 40,230 45,550 45.850 45.733 46,051 46 181 46,092 1951—February.. March. . . . April May June , July August September October. . . November December. 108,933 108,964 108,879 108.832 108,836 108,856 108,896 108,956 109,064 109,122 109,200 61,313 62,325 61,789 62,803 63,783 64,382 64,208 63.186 63,452 63,164 62,688 58,905 60,179 60,044 61,193 61.803 62,526 62,630 61,580 61,836 61.336 61,014 52,976 53,785 53,400 53,753 53,768 54,618 54,942 54,054 54,168 54,314 54,636 5,930 6,393 6,645 7,440 8,035 7,908 7,688 7,526 7,668 7,022 6,378 2,407 2.147 ,744 ,609 ,980 ,856 ,578 L,606 L ,616 L,828 L.674 47,619 46,638 47,092 46,029 45,053 44.474 44,688 45.770 45,612 45,958 46,512 1952—January.. . February. . 109,260 109,274 61,780 61,838 59,726 59,752 53,540 53,688 6,186 6,064 2,054 2,086 47,480 47,436 670 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no longer available for reasons of security. 8 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 438 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential building Total Month 1951 January . February March April . . May J une July ... August September October November December . '•1,043.2 1,140 5 1,271.0 1 375 0 2,573 0 1 439 4 1 422 7 1,265.8 r l 096 0 1 r,072 0 951 1 1,099.5 . r 1952 1951 1952 902.1 420.9 531 1 574.6 590 8 661 1 545.2 548 1 567.6 479 7 496 2 443 9 346.1 337.7 15 751 1 Year.. Factories 1952 1951 6 205 4 130.4 116 2 126.2 174 3 1,274 9 ^242 0 r 206 9 161.8 122 5 116 4 '96 5 115.1 110.1 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the. F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Tan Feb.. . . Mar.. . . Apr.. . . Mav . . . June... July.... Aug.. . . Sept.. . . Oct Nov.. . . Dec.. . . 1950 1951 1952 731 r ,045 780 ,141 1 ,300 r ,271 1,350 ,375 1,348 '.573 1,345 r , 439 1,420 r ,423 1,549 1,266 1,287 1,096 1,136 1,072 1,087 '951 1,168 1,100 Public ownership Private ownership 1950 1951 1952 1950 902 885 201 285 481 354 306 332 418 456 389 1,474( 428 583 460 '636 438 486! 364 308 320 381 Year. 14,501 15,751 '318J 1,111 922 828 767 787 '310| '3261 "476 4,409 6,122 1951 1951 121.1 101 8 78.8 106 3 60 6 65 4 75 4 65.5 80 0 68 8 48 4 43.1 1952 55.7 605 547 '778 '762 '625 -524 84.6 81 0 128.4 103 5 123.2 128 1 150.1 127.9 98 5 94.5| 79 0 136.0; 1.334 6 1952 1951 98.1 126.8 132 2 139 4 133 9 175.3 148 3 146.9 123.8 116 6 159.1 123 1 163.9 93.9 1,689 2 i 1952 1951 161.3 178.2 223 6 266 1 278.0 310.5 295.2 219.3 198 7 137.0 160 2 1 295.2 206.7 12,723 2 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands; of dollars] 1951 1952 Federal Reserve district Jan. Feb. Boston New York Philadelphia.... Cleveland Richmond.... Atlanta Chicago St. Louis Minneapolis. Kansas City. . . . Dallas ... . . . .... .... Total (11 districts) 10,092 '9,629 Other 1952 1951 1952 530 '739 495 808 819 '852 919 996 959 1,099 917 '856 960 '787 297 339 Educational 915 3 2,883 3 Revised. Total Commercial Public works and public utilities Feb. 40,649 169,440 39,819 77.168 98,910 116,133 126,042 46,255 23,504 57,342 89,944 38,402 133.898 54,388 69,220 82 ,234 180.381 114,783 64,179 28,944 59,472 76,190 55,670 213,202 70,071 89,040 130,938 124,115 158,732 59,941 30,593 47,274 160,951 885,206 902,091 1,140,527 ' Revised. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Mortgages Title 1 loans Year or month 1947 1948 1949 1950 1951 Total 1 ,787 3,338 3,821 4 342 3,221 1951—Feb.... Mar... Apr. . May. . June.. July... Aug... Sept... Oct. . . Nov... Dec... 1952—Jan. . . Feb.... 1 2 Prop- Small erty home imconprove- strucment ] tion 534 614 594 604 708 V '7 13 and l - t o 4 - Rental War Vetand famiiy group erans' houses housing housing (Title (Title (Title ID VI)2 ID 446 880 808 29 1,855 2 .466 1,894 7 21 109 4 7 Military housing (Title VIII) 1 ,836 1 ,339 1 .031 278 12 123 203 261 294 252 271 255 274 270 239 300 248 227 44 50 43 52 54 76 66 53 74 68 65 1 2 2 2 2 2 3 4 4 4 3 176 180 162 165 146 146 154 131 145 141 125 4 3 7 16 6 17 15 7 20 4 9 27 32 20 36 31 19 18 16 15 24 10 10 28 18 5 274 5 211 88 64 4 2 159 125 18 8 3 2 10 (3) 16 13 14 28 41 7 15 Net proceeds to borrowers. Includes mortgages insured in connection with sale of Government owned war housing and insured loans to finance the manufacture of housing. 3 Less than $500,000. 4 Includes 6 million dollars of Class 3 loans (program terminated Feb. 28, 1950) and 1 million of Sec. 8 loans. 5 Includes defense housing as follows: January, 1 million dollars; February, 0.3 million. NOTE.—Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured ioans. Figures include some"reinsured,mortgages, which are shown in the month in which they were reportedly FHA. Reinsured mortgages on rental and group housing (Title II) are not necessarily shown in the month in which reinsurance took place. APRIL 1952 ! End of month Total 1936—Dec 1937—Dec 1938—Dec. 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1,199 1,793 2,409 3,107 3,620 3,626 3,399 3,156 1946—June Dec 365 771 Commercial banks SavMuings Insur Fedtual ance and eral 2 savloan com- agen- Other ings associ- panies cies J banks ations 1,162 1,465 1,669 1,705 1,590 1,506 8 27 38 71 130 186 236 256 260 263 56 110 149 192 224 254 276 292 269 253 1,032 1,134 1 ,072 I ,000 3,102 2,946 1,488 1,429 260 252 247 233 1947—June Dec 2,860 2.871 1.386 1,379 245 244 1948—June Dec 2,988 3,237 1,402 1,429 1949—June Dec 3,894 4,751 1950—Dec 1951—June 228 430 634 902 41 118 212 342 542 789 5 32 77 153 201 234 245 79 68 13 27 53 90 133 150 179 163 159 140 122 974 917 11 9 122 106 229 232 889 899 8 7 102 110 251 265 245 269 973 1,113 7 9 110 152 1,587 1,771 305 378 323 416 1,431 1,828 21 52 227 305 6,695 2,205 693 603 2,712 60 421 7,556 2,412 903 658 3,115 44 423 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 Includes mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 439 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of e x p o r t s Month 1948 1949 1,092 1,085 1,139 1,105 1,043 1,189 1,121 1,103 1,014 July . . August September. . . . October November December February April Jan.-Dec 1950 1952 1951 1950 1948 1949 547 590 623 589 675 567 633 Pl.246 1951 1952 1,024 P910 Pl,100 P922 600 665 741 974 764 860 Pl.076 1,173 1,095 1,108 804 P1,370 PI.354 532 534 585 830 554 541 659 Pl,033 Pl,018 877 Pl.294 625 526 687 P930 1,019 992 926 900 885 910 3779 762 911 Pi,190 PI,267 Pl.232 564 606 560 456 491 530 709 820 859 *>895 1,023 823 1,318 856 842 945 906 977 1,065 Pl.155 Pl.388 Pl,436 600 554 720 557 593 605 923 855 867 »833 12,051 10,275 P 1 5 , 0 2 2 7,124 6,622 12,653 P1,285 1948 1949 1950 1951 545 496 464 515 477 557 118 164 195 -50 P166 P185 590 549 389 639 554 582 219 170 190 P338 456 386 365 444 394 380 70 —59 52 P295 P818 P801 423 269 598 299 249 340 -16 122 198 P321 P57O P636 8,852 PlO.962 5,529 5,429 1,423 P4.060 P880 P721 1952 ,325 P337 P365 P387 P511 P1 Preliminary. Includes both domestic and foreign merchandise. Recorded exports include shipments under the Army Civilian Supply Program for occupied 2areas. General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. Source.—Department of Commerce. Back figures.—See BULLETIN for February 1952, p. 190; February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Year or month ForLive- est Total Coal Coke Grain stock prod- Ore ucts Mis- Mercel- chanlane- dise ous l.c.l. 1939 1940 1941 101 109 130 98 111 123 102 137 168 107 101 112 96 96 91 100 114 139 110 147 183 101 110 136 97 96 100 1946.... 1947 1948 . . 1949 1950 1951 132 143 138 116 128 134 130 147 141 100 117 121 146 182 184 145 180 208 138 150 136 142 135 143 129 107 88 143 153 149 123 141 150 136 181 184 151 172 205 139 148 146 127 140 147 78 75 68 57 53 48 77 68 69 SEASONALLY ADJUSTED 1951—February March April May June July August September. . . October November. . . December. . . 1952—January February.... 129 139 136 133 131 125 133 133 135 137 133 114 112 112 111 120 97 122 130 134 140 127 186 202 197 210 217 215 215 211 206 218 206 134 150 158 141 123 130 140 132 154 159 143 55 62 68 64 61 61 67 81 83 70 68 143 147 156 154 152 143 148 142 144 152 144 241 241 212 212 207 203 209 205 180 180 235 141 157 151 148 144 142 144 143 144 144 142 48 53 51 48 47 45 47 46 46 46 44 141 136 133 120 203 192 146 140 67 72 155 146 256 277 151 149 46 49 119 130 133 135 137 130 137 144 146 140 123 114 112 112 111 120 97 122 130 134 140 127 197 204 193 208 212 209 206 209 202 218 216 131 138 139 124 125 156 151 148 154 156 135 44 49 61 57 49 50 64 107 128 88 65 137 147 156 160 158 143 155 153 152 149 128 60 70 193 296 321 325 313 308 267 174 73 133 149 149 149 148 143 145 154 157 149 134 46 54 128 126 133 120 214 203 146 137 64 57 139 140 64 69 138 140 44 47 UNADJUSTED 1951—February March April . May June July August September.. . October November. . . December. . . 1952—January February Year or month Total operating revenues Net Total expenses operating income Net income 1939 1940 1941.. . 3,995 4,297 5,347 3,406 3,614 4,348 589 682 998 93 189 500 1946 1947 1948 1949 . . 1950 1951 . 7,628 8,685 9,672 8,580 9.473 PIO.391 7,009 7,904 8,670 7,893 8,434 P9.448 620 781 1,002 687 1,040 P943 287 479 699 438 783 P693 1951—January February... March 863 783 854 873 766 742 783 800 98 41 71 73 66 11 39 41 May June July August September.. October November.. December. . 855 871 818 794 795 SEASONALLY ADJUSTED 62 76 44 854 873 897 907 925 775 806 794 818 818 779 30 44 13 48 79 79 89 147 16 50 47 56 111 849 716 875 851 771 697 797 781 78 19 78 71 55 -4 51 45 889 814 75 49 856 817 910 856 966 904 903 792 775 829 780 844 809 768 64 42 81 76 122 95 135 50 16 55 50 98 68 151 UNADJUSTED 51 48 47 44 47 48 48 47 43 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. 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. 440 [In millions of dollars] L951—January. . . . February... March April May June July August September.. October November.. December.. P Preliminary. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United States Year or month San Francisco Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 90 98 104 98 105 109 92 99 102 99 103 105 91 99 103 98 101 105 87 96 104 100 106 109 88 97 105 98 105 111 92 97 103 100 105 112 90 96 103 101 109 114 89 98 104 97 104 108 90 97 104 98 104 105 88 98 104 99 105 104 90 98 103 99 108 111 85 94 105 102 113 117 91 99 104 98 105 108 115 105 104 104 105 105 109 107 108 112 109 111 102 98 100 98 106 108 100 103 106 106 110 103 102 100 108 103 106 101 103 104 103 120 109 105 104 103 105 111 107 108 109 105 120 104 108 104 106 107 108 108 112 114 109 116 105 111 110 110 105 121 109 114 118 109 114 113 105 107 114 111 110 111 111 121 121 116 107 104 105 101 101 107 106 109 110 109 108 99 98 98 98 104 106 105 105 109 107 117 93 101 100 98 101 109 101 104 107 104 116 110 103 104 104 104 111 112 110 116 113 118 112 112 111 113 114 115 115 114 129 122 112 102 102 104 103 108 106 108 106 114 110 108 P105 102 P101 100 100 110 110 115 108 114 109 118 Pill 106 105 111 100 97 113 115 *>105 122 115 105 101 90 98 99 103 99 84 93 112 112 134 '184 83 93 95 101 98 73 82 110 105 129 188 90 95 96 98 105 74 80 106 108 131 179 89 105 99 105 99 76 83 112 114 144 185 93 99 103 106 100 84 94 114 115 140 181 88 100 100 109 103 86 95 118 121 145 192 96 115 101 103 97 89 99 116 116 138 203 89 96 99 105 99 86 94 114 111 132 175 86 94 96 102 90 85 95 111 111 130 168 86 84 100 101 94 81 97 112 118 120 166 93 101 100 104 97 85 102 119 117 131 185 95 108 106 109 100 96 104 124 119 144 203 '94 94 95 98 97 93 101 108 107 125 189 83 P83 81 P76 80 82 '81 82 87 83 80 83 90 P93 81 81 81 80 72 83 86 *>84 95 93 83 85 77 93 107 100 110 129 85 95 105 100 110 124 85 98 105 97 104 124 81 93 107 99 108 127 78 93 107 100 111 134 80 94 105 101 114 134 75 90 108 102 120 140 73 89 111 100 110 128 77 93 106 100 112 131 74 91 110 100 104 117 74 93 108 100 113 132 69 89 110 101 112 132 73 93 107 100 110 131 129 133 138 136 136 138 134 128 121 117 119 129 132 132 129 131 130 127 120 115 112 115 124 129 131 128 131 133 129 122 115 115 115 127 132 133 132 132 134 130 126 117 115 120 133 143 148 145 146 144 136 132 122 114 116 131 124 138 137 145 146 140 135 127 125 130 145 144 150 146 141 140 144 132 130 130 133 127 132 136 134 133 139 131 124 121 115 117 131 135 142 140 143 139 139 127 119 114 119 114 119 123 123 122 124 123 116 113 107 106 128 132 142 141 141 141 143 133 123 117 121 126 134 138 140 138 141 140 135 125 120 125 128 132 140 137 136 139 138 132 124 119 119 118 P116 115 113 114 107 115 112 114 110 133 127 133 129 114 113 106 112 106 *>102 122 P122 124 P123 121 123 125 139 145 139 129 127 129 132 135 133 107 123 136 136 132 122 117 120 124 130 132 108 120 134 137 131 122 117 125 129 130 132 106 125 140 144 136 123 116 123 131 135 133 105 132 151 155 148 137 129 131 137 137 128 102 127 132 149 142 133 134 138 139 143 139 114 144 151 158 148 135 132 141 137 142 145 116 124 138 141 136 125 125 124 127 134 133 109 128 143 151 140 136 129 135 135 134 125 105 110 124 129 126 117 120 117 117 120 119 97 127 139 149 144 137 133 134 133 134 133 108 124 142 146 141 128 129 137 138 136 135 115 122 135 147 142 133 134 132 135 136 132 106 106 P113 105 107 101 104 100 110 104 109 117 123 119 128 106 111 92 109 100 114 "120 112 P121 109 117 Minne- Kansas Dallas City apolis SALESi 1946 1947 1948 1949 1950 1951. . . SEASONALLY ADJUSTED 1951—February March May July August September October November December 1952—January February.. . UNADJUSTED 1951—February March April May June July August September October November . December . , 1952—January. February. STOCKSi 1946 1947 1948 1949 1950. 1951 .. . . SEASONALLY ADJUSTED 1951—February March April May June July August October November December 1952—January February UNADJUSTED 19<u—February March April May June July August September. . . October November December 1952—January... February. . P99 r P Preliminary. Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. APRIL 1952 441 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of change from a stocks to year age> (value) sales 1 Department NumSales Stocks ber of during (end of stores report- period month) ing January [ndex numbers without seasonal adjustment 1941 average monthly sales =1002 1952 Jan. 1952 Jan. 1952 1952 Stocks at end of month Sales during period 1952 1951 1951 1951 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire store 3 ... 345 — 14 —7 3.3 3.1 MAIN STORE—total Piece goods and household textiles Piece goods Silks, velvets, and synthetics Woolen yard goods Cotton yard goods Household textiles Linens and towels Domestics—muslins, sheetings Blankets, comforters, and spreads 345 -15 -7 3.5 3.2 184 385 215 649 662 689 307 284 190 167 181 298 267 244 232 -24 -12 -12 -29 0 -27 -25 -31 -18 -5 -7 -7 -8 -9 -5 •< 2.4 3.5 3.4 4.4 3.0 2.0 2.6 1.2 2.9 1.9 3.3 3.2 3.4 3.3 1.5 2.0 0.8 2.8 286 199 172 191 232 331 292 501 234 244 160 155 173 142 278 320 197 289 376 227 195 269 233 453 391 730 285 684 699 580 856 707 664 771 616 667 778 666 563 904 640 792 787 831 697 718 750 622 916 783 693 779 620 743 Small wares Laces, trimmings, embroideries, and ribbons Notions Toilet articles, drug sundries Silverware and jewelry 4 Silverware and clocks Costume jewelry 4 Fine jewelry and watches 4 Art needlework Books and stationery Books and magazines Stationery 336 195 232 319 306 209 274 75 228 267 127 235 -4 -1 -3 -8 -11 —25 3.9 3.9 3.8 3.9 3.6 3.6 3.4 3.2 6.2 5.7 8.1 6.3 3.4 3^7 117 10 7 3'.3 3^5 3.4 3.7 2.6 2.9 3.7 4.1 163 163 209 154 135 455 319 371 394 533 171 164 215 167 151 642 623 755 539 828 674 740 799 571 857 662 642 790 539 844 194 173 169 169 242 624 494 639 199 164 154 163 638 581 449 630 754 568 465 569 704 595 440 658 Women's and misses' apparel and accessories. Women's and misses' ready-to-wear accessories... Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery Underwear, slips, and negligees Knit underwear Silk and muslin underwear, and slips Negligees, robes, and lounging apparel Infants' wear Handbags and small leather goods Women's and children's shoes Children's shoes 4 Women's shoes 4 Women's and misses' ready-to-wear apparel Women's4 and misses' coats and suits Coats Suits 4 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear Women's and misses' dresses Inexpensive dresses 4 Better dresses 4 Blouses, skirts, and sportswear Aprons, housedresses, and uniforms Furs 342 342 303 275 160 316 330 334 324 243 277 246 318 326 240 212 221 342 331 221 210 304 263 307 334 250 266 332 287 260 Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers +4 — 10 -2 +6 + 10 +1 -16 -3 -2 4 0 -3 _3 —4 2 -9 —3 +1 +4 -5 -7 -8 -5 -6 -3 -11 -8 -6 -9 -13 -6 -1 -10 -5 -11 -4 -1 —9 +2 -8 -6 -11 -16 -11 -16 -12 +3 +8 -3 -17 — 19 -12 —28 -1 -6 +6 -1 —2 o +3 o -4 -9 5 —20 -11 -13 -9 0 —6 +2 -3 -4 -1 -21 + 12 324 251 305 294 190 -12 -14 -15 +8-2 +3 -12 -3 Homefurnishings Furniture and bedding Mattresses, springs, and studio beds 4 Upholstered and other furniture 4 Domestic floor coverings Rugs and 4carpets 4 Linoleum Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including small appliances) Gift shop 4 Radios, phonographs, television, records, etc.4. Radios, phonographs, television 4 4 Records, sheet music, and instruments . . . . 311 242 169 173 270 166 97 289 246 247 232 251 170 223 173 123 -25 -14 -14 — 14 -36 —36 —22 -13 -12 -9 -49 -27 —9 —34 —33 -11 -12 -6 -18 —6 -16 — 18 — 16 -6 -5 Miscellaneous merchandise departments. . . Toys, games, sporting goods, cameras Toys and games Sporting goods and cameras Luggage Candy 4 309 288 237 142 259 184 -8 -12 -7 -14 -4 -7 -10 -14 -10 -20 +1 -1 +8 -22 -11 +1 —45 —55 -8 c -15 2.8 3.4 2.5 4.6 1.4 4.6 2.8 2.5 3.3 3.0 3.6 2.7 3.0 3.3 5.7 6.8 5^5 2^2' 1.7 1.3 2 6 2'.6 2.1 3.4 1.9 1.4 2 4 2.6 1.9 3.3 176 358 2.8 3.4 160 418 2.6 194 653 4.8 95 571 1.4 113 167 4.6 107 459 2.8 262 285 2.4 123 319 3.1 160 607 2.6 221 660 3.6 144 570 2.9 150 695 3.7 226 533 3.3 118 477 4.8 172 278 7.1 4A 2'.2 " 193" ' 2 9 4 ' 1.7 244 213 1.3 2 3 172 414 2^9 2.2 190 320 4.0 163 541 1.9 175 218 1.5 2 3 209 480 2^8 1.9 196 270 2.3 134 187 189 175 191 102 112 114 295 146 179 262 163 145 209 121 207 493 557 491 436 154 495 744 310 523 673 526 399 684 383 988 483 556 444 428 132 514 800 300 522 693 524 354 725 396 958 516 588 507 490 166 526 813 356 551 674 576 405 759 398 990 204 276 425 420 406 412 439 456 175 202 154 178 455 391 561 335 423 369 509 306 501 442 603 336 203 199 170 555 367 440 499 356 513 563 385 401 4.7 4.3 4.9 5.1 5.9 4.2 3.4 4.3 6.0 4.9 153 204 126 123 151 513 308 666 500 429 175 237 148 120 189 722 874 616 631 891 759 943 626 665 927 721 811 624 713 904 4.4 3.9 2.0 4.6 207 221 287 192 277 258 905 860 897 1 022 862 910 188 187 292 928 997 4^8 5 4 4.7 4.0 7.2 4.2 4.5 6.4 2^7 2 1 4.6 3.7 3.6 2.1 4 2 3^8 3. 7 5 0 4^4 3.7 6.1 2.7 3.7 5.8 3.3 3.1 4.4 167 176 159 193 218 245 375 380 199 434 793 825 193 200 702 753 174 1,144 1 ,159 1 380 814 906 1 298 987 994 1 4.3 11.6 16.1 8.8 4.9 1.7 4.3 11.3 17.3 8.4 5.0 2.0 599 148 59 1,034 31 1,393 71 752 169 548 161 68 33 83 176 636 437 690 652 500 557 624 1 ,143 826 800 1 102 839 738 040 034 107 690 760 572 694 856 For footnotes see following page. 442 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage change from a year ago (value) NumSales ber of during stores period reporting Department Stocks (end of month) Jan. 1952 Jan. 1952 Ratio of stocks to sales i Index numbers without seasonal adjustment 1941 average monthly sales =100 2 January Sales during period 1952 1952 Stocks at end of month 1951 1952 1951 1951 Jan. Dec. Jan. Jan. Dec. Jan. 170 338 186 416 429 463 BASEMENT STORE—total 191 -8 -11 2.4 2.5 Domestics and blankets 4 130 -19 -12 1.7 1.6 174 159 170 167 150 121 115 -4 -12 -7 0 0 -11 -6 -16 -1 -11 -16 -17 2.0 2.4 1.4 1.3 2.0 2.6 2.5 2.1 2.3 1.6 1.4 2.2 3.3 3.3 162 326 169 317 323 352 155 139 95 114 118 -7 -9 -5 -12 -13 -12 -12 -11 -15 3.2 3.1 2.9 3.2 3.6 3.4 3.2 3.1 3.1 4.4 162 529 173 522 524 593 -14 3.6 3.5 156 227 182 559 574 650 -1 4.2 3.8 129 245 145 538 518 539 (5) (5) (5) Women's and misses' ready-to-wear Intimate apparel4 4 Coats and suits Dresses 4 Blouses, skirts, and sportswear 4 Girls' wear 4 4 Infants' wear Men's and boys' wear iMen's wear 4 Men's clothing 4 4 Men's furnishings Boys' wear 4 . . . . . . . Homef urnishings. 101 Shoes 114 NONMERCHANDISE—total . 174 Barber and beauty shop 4 80 +4 +8 +7 -14 -11 -4 + 11 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were3 reversed. For movements of total department store sales and stocks see the indexes for the United States on p. 441. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included 5 in group and total indexes. 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. WEEKLY INDEX OF SALES SALES, STOCKS, ORDERS, AND RECEIPTS AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. [In millions of dollars] Derived data * Reported data Year or month Sales (total for month) 1943 average... 1944 average... 1945 average... 1946 average... 1947 average... 1948 average... 1949 average... 1950 average... 1951 average... 1951—Feb Mar Apr May.... June July.... Aug Sept Oct Nov Dec 1952—Jan Feb 204 227 255 318 337 352 333 347 358 284 347 312 339 326 257 309 343 388 442 608 291 P271 Stocks Outstanding (end of orders month) (end of month) 509 535 563 715 826 912 862 942 1,114 1,087 1,217 1,240 1,193 1,112 1,069 1,106 1,117 1,152 1,147 929 910 P951 530 560 729 909 552 465 350 466 425 ••654 467 338 295 386 434 395 404 408 373 292 379 P386 month) 203 226 256 344 338 366 331 361 355 ••383 ••477 335 292 245 214 346 354 423 437 390 272 P312 223 236 269 327 336 345 331 370 345 '375 290 206 249 336 262 307 363 427 402 309 359 *>319 orders (total for r p Preliminary. Revised. 1 These figures are not estimates for all department stores in the United States. Figures for sales, stocks, and outstanding orders are 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. APRIL 1952 1950 New Receipts (total for month) 1947-49 average = 100] Without seasonal adjustment . . ..113 .110 . 99 .100 . . . 95 .108 .106 . . . 92 . . . 89 . . . 75 . . . 83 . . . 81 . . . 80 . . . 88 . . . 87 . . . . 93 . 97 . . .105 . . .100 . . .114 .111 . . .114 . . . .110 .117 .116 . . .113 1951 1950 1951 6. . . ..104 M a y 5. 12 .106 13 19 . 95 20 26 . 97 27 June 3 . . . . . 90 June 2. 104 9 10 16 17. . . 104 23. 24. . . . 86 30. July 1. . . . 91 8. . . . 75 July 7. 14. 15. . . . 91 21. 22. . . .104 28. 29. . . .102 Aug. 5. . . .102 Aug. 4. 11. 12. . . . 94 18. 19. . . . 97 25 26. . . . 99 Sept. 2. . . .107 Sept. 1. 8. 9. . . .102 15. 16. . . .127 22 23. . . .111 29. 30. . . .110 Oct. 7. . . .112 Oct. 6. 13 14. . . .111 .105 20 21 27. 2 8 . . . . .108 May .121 .127 .130 .123 .161 .191 .213 .228 . 92 Nov. 4. . . . 11. . . . 18. . . . 25. . . . Dec. 2. . . . 9. . . . 16. . . . 23. . . . 30. . . . 1951 .109 Nov. .118 .127 .110 .153 Dec. .191 .220 .221 . 82 3 10 17 24 1 8 15 22 29 1952 Jan. . 98 Jan. .105 .104 . 96 . 81 Feb. . 94 . 94 . 95 . 99 Mar. .105 .101 .105 . 89 .101 Apr. .100 . 97 .101 5. . . .. 78 12 . 92 19 . 90 26 . 83 2 . 84 9 . 87 16 . 89 23 . 83 1 . 85 8 . 88 15 . 90 22 . 95 29 .102 5 .109 12 19 6. . . . 13. . . . 20. . . . 27. . . . Feb. 3. . . . 10. . . . 17. . . . 24. . . . Mar. 3. . . . 10. . . . 17. . . . 24. . . . 31... . Apr. 7. . . . 14. . . . 21. . . . 28. . . . 26 NOTE.—Revised series; for description and weekly indexes for back years, see pp. 359-362. 443 DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] United States. Boston New Haven Portland Boston Area Downtown Boston LowellLawrence New Bedford... Springfield Worcester Providence New York Bridgeport *.. . Newark J . . . . Albany Binghamton . Buffalo i Elmira Niagara Falls New York City ' Poughkeepsie... Rochester i Schenectady. . . Syracuse l Utica Philadelphia... Trenton» J Lancaster Philadelphia*. . Reading l Wilkes-Barre».. York 1 Cleveland.... Akron 1 Canton * Cincinnati'. Cleveland^... Columbus l.... Springfield »... Toledo i Voungstown 1 . . Erie i Pittsburgh * Wheeling^. . . Richmond., * -12 Washington +7 Baltimore. Hagerstown -13 -17 -14 -5 -6 -21 -19 -5 -19 -14 -2 -16 -12 -20 -7 -18 -1 -3 -13 -11 -4 -13 -14 -6 -2 -5 -5 -13 -12 -10 P-4 +21 +9 +3 -9 -5 -2 -9 -8 0 +6 +3 -6 -8 -5 +7 -2 +6 -4 2 -10 -4 -6 -9 -2 p-6 -2 -2 -4 -3 -2 -12 0 -12 -1 -16 -6 -17 -19 -11 -8 -12 -7 -18 -15 -15 +1 -20 -12 -9 -14 -13 -9 -16 -2 P-9 P-5 -17 -13 -8 -9 -12 -6 -7 -5 -5 -10 Birmingham » Mobile Montgomery.. ! Jacksonville Miami 1 Orlando. . . St. Petersburg. Tampa 11 Atlanta Augusta Columbus Macon 1 Rome Savannah Baton Rouge xl New Orleans Jackson l . . . . Meridian.... Bristol Chattanooga * Knozville11 ... Nashville p-3 Fort Smith... Little Rock i. . Evansville.... Louisville 1... . Quincy St. Louis i . St. Louis Area A -2 Springfield. . . p+1 -4 -5 - 5 Memphis l... . 0 +2 - 1 -5 +8 — + 1 Minneapolis 3 -11 y Mankato P-3 -9 -6 Minneapolis *. -9 -4 -12 St. Paul « 0 + 14 +7 Great Falls 0 +6 +3 Grand Forks... - 8 - 1 4 - 1 1 Sioux Falls + 14 + 17 + 16 Duluth-1 j -4 Sunerior » —3 +4 - 9 La Crosse -1 -10 -6 Atlanta. . . - 1 5 p-11 -13 -8 -16 - 1 0 -17 - 1 1 -12 -8 -5 -4 A (2) Chicago - 1 4 - 1 1 Chicago 1 - 1 1 - 1 1 Peoria J -8 - 4 Fort Wayne >.. - 2 0 - 1 6 Indianapolis 1 .. -15 Terre Haute 1 ... P+8 P+3 +5 +5 +3 P+2 -10 -8 -3 —5 +7 p-6 -4 —1 -8 -1 +4 -7 -8 -7 -15 -3 -12 -3 r-13 -10 -17 -17 -10 -15 Feb. Jan. 1952 1952 1952 Chicago-cont. -6 Des Moines. -9 Detroit J +2 Q -12 Flint i -1 J -7 -13 -6 Grand Rapids . j Lansing1 0 -14 '-10 -9 * -5 -1 Milwaukee *... . -5 - 4 - 1 2 Green Bay »... -19 -11 5 Madison +5 +6 +7 c Asheville, N. C Raleigh Winston-Salem Anderson, S.C. Charleston.. . 0 Columbia +4 +2 Greenville, S. C. - 1 1 - 1 2 - 1 1 -4 -4 -4 Lynchburg. . . Norfolk +10 +7 +8 Richmond. . . -9 -7 -6 - 6 -17 -12 Roanoke •? -2 -3 Ch'ls'ton.W.Va. Huntington. . +8 - 6 +1 +4 -12 -1 -8 -6 -12 2 Feb. Jan. 1952 1952 mos. 1952 Feb. Jan. 2 1952 1952 1952 Feb. Jan. 1952 1952 1952 +6 Kansas City. -2 +4 Denver Pueblo - 3Q Hutchinson. . Topeka Wichita Kansas City. +2 Joplin St. Joseph. . . Omaha -10 Oklahoma City -7 Tulsa -9 -12 -3 -9 -13 - 6 Dallas - 6 Shreveport -4 -3 +4 0 -11 P0 p-1 +9 PO (2) +10 -7 -4 +2 -10 +3 -10 p - 5 -11 -15 -16 0 -7 +1 +1 -8 +1 -6 -16 -16 -23 -6 -16 -10 -17 -15 -11 -13 -18 -6 -13 -8 -14 -10 -13 -7 -13 -10 -12 -19 -12 -13 -3 -6 -9 -6 -8 -4 -6 -15 -17 -26 -17 -17 -18 -10 -24 P-9 -7 -7 +3 -4 (2) -4 -12 -11 -4 -17 -10 -15 -4 -12 -13 -18 -24 -17 -3 -9 -9 -20 -21 -6 -16 -9 -15 -20 -16 -1 -8 -4 -11 -15 -3 -11 Corpus Christ! Dallas » El Paso Fort Worth. .. Houston l San Antonio Waco San Francisco Phoenix ». . . Tucson Bakersfield i . Fresno l Long Beach V Los Angeles... Area 1 Downtown Los Angeles1 Westside Los Angelesx Oakland and Berkeley i. Riverside and San Bernardino Sacramento 1 San Diego *. . San Francisco * San Jose *.... Stockton1 Vallejo and Napa Boise and Nampa .... Portland 1 ... . Salt Lake City \ Bellingham Everett». Seattle i. . Spokane *. . . . Tacoma i . . . Yakima ». + 18 + 12 +15 -1 + t +2 +3 +24 P-6 -2 -6 -3 -6 -10 -9 -12 +3 +2 +9 +4 +2 -16 -11 P - 1 1 - 7 +3 P+9 r-2 -10 -6 P-6 -14 -20 -12 -12 -13 p—7 -18 -14 -20 -16 -10 -9 0 +9 p-7 -2 -1 P - 9 -11 -14 -13 -12 -10 r_ 9 '-12 -7 -2 -10 -6 -5 -11 c '•-ll >7 -21 -21 -7 -14 -14 -25 - 1 1 '-23 - 6 -15 -6 -18 -10 -19 P + 3 r-15 P - 6 -14 -14 -11 -20 -17 -11 -12 -15 -7 e +3 r-10 +2 +10 Dallas-cont. -2 +2 +6 r P Preliminary. Revised. Indexes for these cities may be obtained on request from the Federal Reserve Bank in thr district in which the city is located 1 2 Data not available. CONSUMERS' PRICES * [Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average — 100] Year or month 1929 1933 (941 1942 1943... 1944 1945 . . . 1946 1947 1948 1949 1950 1951 1951—February March April May June July September October November December 1952—January February . . All items Food Apparel Rent Fuel, electricity, and refrigeration House furnishings Miscellaneous 122.5 92 4 105.2 116.6 123.7 125.7 128.6 139 5 159.6 171.9 170 2 171.9 185.6 183.8 184.5 184.6 185.4 185.2 185.5 185.5 186 6 187.4 188.6 189.1 189.1 187.9 132 5 84 1 105.5 123.9 138.0 136 1 139.1 159 6 193.8 210.2 201 9 204.5 227.4 226 0 226.2 225.7 227.4 226 9 227.7 227.0 227.3 229.2 231 4 232.2 232 4 227.5 115.3 87 9 106.3 124.2 129 7 138.8 145.9 160.2 185.8 198.0 190.1 187 7 204.5 202.0 203.1 203.6 204.0 204.0 203.3 203.6 209.0 208.9 207.6 206.8 204.6 204.3 141.4 100.7 106.4 108.8 108.7 109.1 109.5 110.1 113.6 121.2 126.4 131.0 136.2 134.0 134.7 135.1 135.4 135.7 136.2 136.8 137.5 138.2 138.9 139.2 139.7 140.2 112.5 100 0 102.2 105.4 111.7 84.2 107.3 122.2 125.6 136.4 145.8 159.2 184.4 195.8 189.0 190.2 210.9 209.7 210.7 211.8 212.6 212.5 212.4 210.8 211.1 210.4 210.8 210.2 c 209 0 208.6 104.6 98.4 104.0 110.9 115.8 121.3 124.1 128.8 139.9 149.9 154.7 156.5 165.4 163.2 164.3 164.6 165.0 164 8 165.0 165.4 166.0 166.6 168.4 169.1 169.6 170.2 107.7 109.8 110.3 112 4 121.2 133.9 137 5 140.6 144.1 143.9 144.2 144.0 143.6 143.6 144.0 144.2 144.4 144.6 144.8 144.9 145 0 145.3 'Corrected. 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 444 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities All commodities Year or month Farm products Processed foods Total TexFuel, ChemHides, power, tile icals Rubprod- skins, and ber and and ucts lightand allied and leather ing prodprodprodapmaucts ucts ucts terials parel Machinery Lum- Pulp, and ber paper, Metals moand and and tive wood allied metal prodprod- prod- prod- ucts ucts ucts ucts Furniture and other household durables ToNon- bacco memanutallic facMismin- tures cellaerals— and neous struc- bottled tural beverages 96.4 104.4 99.2 103.1 114.8 100.0 107.3 92.8 97.5 113.4 98.2 106.1 95.7 99.8 111.4 95.3 103.4 101.3 105.0 115.9 100.1 104.4 95.5 99.2 110.6 101.0 102.1 96.9 104.6 120.3 90.9 107.1 101.9 103.0 106.7 101.4 103.8 94.8 96.3 110.0 99.0 102.1 98.9 120.5 148.0 93.7 107.2 99.2 113.9 123.9 98.6 102.9 98.5 100.9 119.6 91.3 103.9 104.8 110.3 122.8 92.5 100.9 106.6 108.6 119.0 95.6 101.4 103.1 105.3 114.1 93.6 101.7 104.4 106.9 113.6 98.0 100.4 101.6 102.4 108.1 100.8 103.1 96.1 96.6 104.9 July August. . . . September. October November. December. 116.5 116.5 116.3 115.9 115.1 114.2 113.7 113.4 113.7 113.6 113.5 117.2 117.6 117.5 115.7 113.9 111.1 110.4 109.9 111.5 112.0 111.3 112.9 112.0 111.8 112.3 111.3 110.7 111.2 110.9 111.6 111.0 110.7 117.2 117.3 117.1 116.8 116.2 115.7 114.9 114.8 114.6 114.5 114.6 115.7 115.9 115.5 114.8 112.9 111.6 108. 105.9 103.9 103.9 104.0 127.7 126.9 126.5 126.2 124.7 122.3 118.0 118.0 113.6 107.0 105.1 107.4 107.3 106.5 106.2 106.3 106.5 106.3 106.7 106.8 106.9 107.4 112.6 111.8 111.5 111.3 110.2 108.8 108.5 108.7 108.8 108.6 108.4 154.1 153.9 153.2 152.9 150.0 145.9 145.9 146.3 146.3 146.3 145.9 126.4 126.6 126.6 126.1 124.6 123.5 122.3 121.6 121.7 121.1 120.3 120.1 120.3 119.7 119.8 120.2 120.2 119.5 119.4 118.8 118.4 118.4 123.7 123.2 123.3 123.2 122.7 122.3 122.2 122.1 122.4 122.5 122.5 117.7 118.6 118.6 118.6 118.6 118.8 118.9 119.4 120.2 120.5 120.7 114.6 115.1 115.4 115.3 115.0 114.4 113.5 113.1 112.8 112.7 112.7 113.7 108.4 113.7 108.4 113.7 108.4 113.6 108.4 113.6 108.4 113.6 107.9 113.6 107.8 113.6 107.8 113.6 107.5 113.6 107.5 112.8 108.1 103.9 104.2 105.7 103.0 102.8 103.7 102.6 105.1 106.9 108.9 109.8 1952 January... February. . 113.0 112.6 110.0 107.8 110.1 109.7 114.3 114.3 103.3 102.1 102.2 99.7 107.4 107.2 106.7 106.0 144.1 143.1 120.1 120.4 118.2 118.4 122.4 122.6 120.8 121.9 112.3 112.3 112.9 112.9 111.1 111.4 1947 1948 1949 1950 1951 1951 February. . March April May June 1951 1952 1951 Subgroup Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Eggs Hay and seeds Other farm products Processed Foods: Cereal and bakery products Meats, poultry and fish Dairy products and ice cream Canned, frozen, fruits & vegetables. Sugar and confectionery Packaged beverage materials Other processed foods Textile Products and Apparel: Cotton products Wood products Synthetic textiles Silk products Apparel Other textile products Hides, Skins, and Leather Products: Hides and skins Leather Footwear Other leather products Fuel, Power, and Lighting Materials: Coal Coke Gas Electricity Petroleum and products Chemicals and Allied Products: Industrial chemicals Paint and paint materials Drugs, Pharmaceuticals, cosmetics . Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products Rubber and Products: Crude rubber Tires and tubes Other rubber products Lumber and Wood Products: Lumber Millwork Plywood 108.1 111.0 Subgroup Average Feb, Jan. Feb. 97.2 99.3 116.9 143.9 104.8 108.0 102.7 138.5 97.8 102.2 120.9 166.7 107.2 90.6 110.5 141.1 '121.5 103.6 106.7 127.2 110.2 80.8 101.6 137.7 112.6 101.7 106.2 120.5 110.6 74.3 100.9 138.6 106.9 116.7 107.7 105.5 106.4 161.3 123.0 107.8 117.4 107.8 106.8 104.2 161.1 127.8 107.5 113.5 '113.2 -"105.7 '105.9 162.5 114.6 107.4 110.8 114.9 104.8 105.6 162.5 119.9 111.5 144.6 97.0 128.8 103.8 141.6 119.2 160.1 103.9 146.3 104.4 147.9 -•102.8 '118.0 91.4 126.0 '101.7 '133.3 101.2 114.4 89.9 130.2 101.6 126.4 119.0 124.7 121.6 112.3 134.8 137.7 124.7 115.6 69.7 r 97.0 115.9 104.1 63.7 89.9 116.5 103.2 108.4 124.0 100.7 98.1 110.5 110.6 123.1 104.7 99.6 109.9 108.8 124.3 106.6 98.0 110.8 108.8 124.3 106.6 98.0 110.4 120.7 108.9 95.6 88.8 107.3 106.3 108.4 120.5 109.4 95.9 123.4 106.2 105.4 112.4 118.1 •109.3 94.8 56.8 108.5 109.4 104.2 117.5 109.0 93.7 51.2 108.6 109.6 104.2 215.1 133.9 130.9 238.9 133.9 131.0 197.3 133.4 129.8 193.3 133.4 129.1 123.6 130.1 115.1 126.4 131.0 117.7 120.4 127.0 104.2 120.6 126.4 105.8 Pulp, Paper, and Allied Products: Woodpulp Wastepaper Paper Paperboard Converted paper and paperboard. . Building paper and board Metals and Metal Products: Iron and steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated struc. metal products. . Fabricated nonstructural metal products Machinery and Motive Products: Agri. mach. and equipment Cons. mach. and equipment Metal working machinery General purpose mach., etc Miscellaneous machinery Elec. mach. and equipment Motor vehicles Furniture; Other Household Durables: Household furniture Commercial furniture Floor covering Household appliances Radio, TV, and phonographs Other household durable goods... . Nonmetallic Minerals—Structural: Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Prepared asphalt roofing Other nonmetallic minerals Tobacco Mfrs. and Bottled Beverages: Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small arms. . Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment. Other miscellaneous Average Feb. Jan. Feb. 114.4 188.3 119.1 131.8 117.0 113.4 113.4 274.8 117.1 132.0 '117.0 113.4 114.5 89.5 122.8 130.6 115.9 113.4 114.5 87.3 123.7 130.6 115.9 113:4 123.2 124.2 121.1 125.8 122.5 114.6 117.5 123.5 126.7 121.1 125.8 123.2 114.7 119.1 123.1 '124.2 '120.6 125.8 '116.6 '114.0 115.8 126.0 124.4 120.2 '121.5 123.6 124.6 125.3 '127.5 123.4 '123.5 119.1 '120.1 121.8 '121.5 109.5 '117.1 123.2 125.1 120.6 125.8 116.8 114.0 115.5 114.0 113.0 112.3 121.4 117.4 104.8 111.0 117.6 124.9 140.7 107.9 92.6 117.2 114.0 113.2 112.4 121.4 117.4 105.4 110.9 '113.6 122.8 '126.4 '108.0 93.1 '117.6 114.0 '113.2 112 A 121.4 117.7 98.6 111.2 113.5 122.8 126.4 108.0 93.1 117.6 114.0 113.2 112.4 121.4 117.7 98.6 111.2 105.8 100.6 108 106 119, 105.7 101.5 107.6 107.0 119.7 107.3 98.0 114.8 105.9 119.7 107.3 98.0 114.8 111.5 119.7 116.2 100.5 101.3 101.1 120.6 116.1 '114.8 98.5 112.8 101.4 100.2 100.9 100.9 120.6 120.6 114.6 113.4 100.2 100.9 121.0 125.4 120.1 123.6 125.8 123.5 119.4 121.9 112.9 116.4 124.5 137.8 107.9 92.8 117.3 124.4 121.8 124.9 127.5 123.5 120.1 121.6 120.0 r Revised. Source: Bureau of Labor Statistics. For back figures, see BULLETIN for March 1952, pp. 311-313. APRIL 1952 445 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 by quarters Annual totals 1950 1929 Gross national product Less: Capital consumption allowances.. Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises 126.4 8.1 9.3 7.0 .6 7.1 .7 1.2 9.4 .5 -.1 Less: Corporate profits and inventory valuation adjustment Contributions tor social insurance.. Excess of wage accruals over disbursements Plus: Government transfer payments... Net interest paid by government... Dividends Business transfer payments Equals: Personal income 85.1 Less:Personal consumption expenditures Equals: Personal saving 233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6 91.3 87.4 10.3 .2 State and local 1947 7.2 .0 .9 1.0 5.8 .6 2.6 1.3 1.4 82.5 0) 39.6 -2.0 .3 .0 1.5 1.2 2.1 .7 46.6 11.3 .5 1.4 1.6 .5 .1 72.5 103.8 5.8 14.6 2.1 2.8 .0 2.5 1.2 3.8 .5 72.6 .0 2.6 1.3 4.5 .5 1.5 .5 3.3 2.0 1.3 1.0 70.2 92.0 67.5 2.7 1949 1950 1951 17.6 19.1 21.2 23.5 22.2 22.6 23.1 23.7 24.5 18.7 .7 .3 20.4 .7 21.7 .7 23.8 .8 25.4 .8 24.3 .8 25.9 .8 24.9 .8 25.1 .8 25.8 .8 -.1 -3.2 -.8 1.6 5.9 2.3 2.5 .8 .4 .0 11.8 4.8 9.6 .8 .7 11.8 4.8 9.6 .8 14.8 -1.8 2.9 -3.4 198.7 .0 .0 .3 .5 .2 .0 11.1 4.4 6.6 .7 .0 10.5 4.5 7.2 .7 .0 11.6 4.6 7.6 .7 .0 14.3 4.7 9.2 .8 .0 11.7 4.9 9.4 .8 .0 11.1 4.7 11.1 .8 .1 .8 223.5 216.7 239.0 275.8 260.1 269.4 274.3 278.0 281.2 24.7 31.7 30.5 36.2 43.0 42.2 42.9 43.0 42.6 43.6 8.4 8.6 8.5 7.4 8.3 8.5 5.7 5.2 7.0 5.7 .0 11.5 4.8 8.8 .8 95.3 191.0 209.5 205.1 224.7 251.1 238.3 244.1 2.4 1.2 1.2 78.8 45.2 3.7 46.3 -1.2 1948 1951 1941 55.8 Equals: National income Equals: Disposable personal income 1939 103.8 8.8 — .1 Less: Personal tax and related payments. Federal 1933 82.3 9.8 21.5 19.6 1.9 169.5 165.6 21.1 19.0 2.1 188.4 177.9 10.5 3.9 18.6 16.2 2.5 186.4 180.2 20.5 17.8 2.7 28.4 25.5 3.0 23.1 20.3 2.7 204.3 222.6 215.2 193.6 205.5 198.4 10.7 17.2 16.8 249.9 253.2 257.0 27.6 24.7 28.1 25.1 28.4 25.4 2.9 3.0 3.0 216.5 221.8 224.9 208.8 202.4 204.0 7.8 6.3 -.7 11.8 4.9 9.8 .8 19.4 29.7 26.7 3.1 227.2 206.7 20.5 20.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1951 1950 1929 1933 1939 1941 1947 1948 1949 1950 1951 4 1 2 3 4 87.4 39.6 72.5 103.8 198.7 223.5 216.7 239.0 275.8 260.1 269.4 274.3 278.0 281.2 Compensation of employees Wages and salaries ' Private Military Government civilian Supplements to wages and salaries.. 50.8 50.2 45.2 .3 4.6 .6 47.8 45.7 37.5 4 7.8 2.J 64.3 128.0 140.2 139.9 153.3 178.1 165.2 172.1 177.4 180.6 182.0 61.7 122.1 134.4 133.4 145.8 169.4 157.2 163.6 168.9 171.7 173.1 51.5 104.8 115.7 113.0 123.6 140.3 132.7 137.1 140.6 141.3 142.0 8.9 n.a. 4.2 7.8 n.a. 5.1 n.a. 6.6 1.9 4.1 4 0 n.a. 17.9 18.8 19.4 n.a. 8.3 13.2 14.7 16.1 17.2 n.a. 8.7 8.9 8.9 8.7 8.5 6.5 7.5 7.9 5.9 5.8 2.6 Proprietors' and rental income 8 . Business and professional... . Farm Rental income of persons 19.7 8.3 5.7 5.8 29.3 28.8 23.7 3 4.9 .5 7.2 2.9 2.3 2.0 14.7 6.8 4 5 20.8 9.6 6.9 4.3 42 4 19.8 15.6 7.1 47.3 22.1 17.7 7.5 41.4 20.9 13.0 7.5 44.0 22.3 13.7 8.0 48.9 23.7 16.9 8.3 47.2 23.0 15.8 8.4 48.8 24.1 16.4 8.3 48.1 23.6 16.3 8.2 49 1 23.4 17.3 8.4 49.8 23.6 17.6 8.5 Corporate profits and inventory valuation adjustment 10 3 —2 0 58 65 1.5 5.0 14 6 17 2 7.8 9.4 -2.6 24 7 30.5 11.9 18.5 -5.8 31 7 33 8 13.0 20.7 -2.1 30.5 28.3 11.0 17.3 2.1 36.2 41.4 18.6 22.8 -5.1 43.0 44.5 26.6 18.0 -1.5 42.2 50.3 22.5 27.8 -8.2 42.9 51.8 31.1 20.7 -8.9 43.0 45.4 27.0 18.4 -2.3 42.6 43.6 4.2 4.1 3.5 4.3 4.9 5.4 5.7 5.6 5.6 5.7 5.8 5.8 National income Corporate profits before tax Corporate profits tax liability. . Corporate profits after tax Inventory valuation adjustment... Net interest 9.8 2 1.4 8.4 .5 .5 -.4 -2.1 6.5 5.0 3.5 39.8 23.7 16.1 2.8 41.1 24.5 16.7 2.5 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—National Income Supplement (July 1951 edition) to the Survey of Current Business, Department of Commerce. 446 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annual totals 1950 1933 1929 1939 1941 1947 1948 1949 1950 4 Gross national product . . Personal consumption Nondurable goods Gross private domestic investment Federal National security . . . Other Less: Government sales 2 State and local \ ) 2 4 3 55.8 91.3 126.4 233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6 67.5 82.3 165.6 177.9 180.2 193.6 205.5 198.4 208.8 202.4 204.0 206.7 9.8 21.4 22.9 23.9 29.2 26.8 29.4 31.3 25.9 25.2 25.0 44.0 95.1 100.9 98.7 102.3 111.8 104.9 112.1 110.1 111.5 113.6 28.5 49.1 54.1 57.6 62.1 66.8 64.0 65.4 66.5 67.3 68.1 78.8 46.3 9.4 3.5 6.7 37.7 31.7 22.3 20.6 35.3 25.5 15 8 1 3 1.1 .5 .7 1.8 -1.6 -1.3 9.9 4.9 18.3 3.6 4 2 6.4 1.6 1.8 2.7 2.2 4.6 .4 .3 3.5 3.3 7.7 3.9 3.4 30.2 13.9 6.3 7.6 17.1 -.8 1.4 .8 .2 .9 1.1 8.9 8.5 1.3 8.0 2.0 2.0 («) 5.9 13.1 5.2 24.7 16.9 13.8 3.2 Net foreign investment Government purchases of goods and services 1 103.8 7.8 Residential nonfarm Other Producers' durable equipment Change in business inventories.... Nonfarm only 1951 1951 i i l - 6 (3) 7.2 1.3 3.9 (3) 7.9 6.8 (8) 7.8 42.7 33.0 17.7 17.2 8.6 8.3 9.0 9.1 19.9 19.0 5.0 -3.2 3.7 -2.5 48.9 22.1 12.6 9.5 22.5 4.3 3.6 59.1 22.2 10.9 11.3 27.3 9.7 8.0 60.2 23.3 13.1 10.3 25.0 11.8 10.6 60.2 23.8 12.9 10.9 25.9 10.6 9.1 65.6 22.7 10.9 11.7 27.2 15.8 14.1 56 6 21.6 9.8 11.8 27.0 8.0 6.2 54.6 20.7 10.1 10.6 29.0 4.9 3.3 1.9 .5 -2.3 .2 -2.7 -2.7 -.1 1.2 2.5 28.6 15.8 13 3 36.6 21.0 16.1 43.6 25.5 19.3 42.5 22.8 19.1 63.0 41.6 37.5 47.8 27.3 24 1 53.2 32.2 28 9 60.3 38.9 35.3 67.7 46.2 3.8 5.6 6.6 3.9 4.2 3.4 .2 19.7 3.7 .6 15.6 .4 18.1 3.5 1.3 12.8 .2 21.4 .2 20.4 .2 21.0 .2 21.3 70.7 49.0 44.1 5.1 .2 21.7 41.8 4.6 .2 21.4 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Year or month Personal income Total receipts4 Total disbursements 1929 1933 1939 1941 1947 1948 1949 1950 1951 46.6 72.6 95.3 191.0 209.5 205.1 224.7 251.1 50.0 28.7 45.1 60.9 119.9 132.1 131.2 142.9 165.9 50.2 28.8 45.7 61.7 122.0 134.3 133.5 145.8 169.4 1951—January February March . . . . April May June July August September.... October November. . . . December 243 6 243.3 245 5 249 0 249.8 251 0 252.4 253 7 253.6 257.5 256.5 258.6 158 0 160.0 162.2 164 8 165.1 166 4 167.1 167.4 168.3 169.5 170.7 171.9 1952—January 257.7 172.1 85.1 Commodity producing industries 21.5 9.8 17.4 Distrib- Service utive indus- industries tries 15.5 8.8 27.5 54.3 60.2 56.9 13.3 16.3 35.1 38.8 39.0 161 6 163.4 165.9 168 2 168.8 169 9 170.6 170 8 171.7 173.1 174.3 175.4 175.8 8.2 5.1 6.9 7.8 Other labor income1 Government 5.0 5.2 8.2 dends Proand prietors' perand sonal rental 6 income interest Transfer payments7 income .5 .4 5 6 19.7 7.2 13.3 1.5 2.1 3.0 3.1 14.5 16.0 17.1 19 3 20.0 11.8 11.3 12.4 15.1 12.5 8.2 9.2 9.9 Less personal contributions for social insur-8 ance Nonagricultural income9 .1 .2 6 8 2.1 2.2 2.2 2 9 3.5 76.8 43.0 66.3 86.1 170.8 187.1 187.6 206.6 229.4 41 4 45.6 15.3 16.6 17.2 18 7 20.2 10.2 17.2 18.7 20 4 22 3 29.1 2.4 2.8 3.0 3 5 3.8 14.7 20.8 42.4 47.3 41.4 44 0 48.9 71.7 72.4 73.7 75 0 74.6 75 2 74.8 74.5 75.0 75.1 75.1 76.8 44.3 44.5 44.9 45 3 45.6 45.6 46.0 46.2 46.4 46.1 46.1 46.5 19 9 19.8 20 0 20 1 20.2 20 3 20.3 20 3 20.3 20.4 20.5 20.7 25 7 26.7 27 3 27 8 28.4 28 8 29.5 29 8 30.0 31 5 32.6 31.4 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.9 3.9 50.5 48.2 47.7 48 1 48.0 48 0 49.2 49.7 48.3 50.5 49.1 49.8 18.8 19.2 19.7 20.2 20.2 20.0 19.7 20.1 20.7 20.8 20.2 20.7 12.6 12.1 12.1 12.1 12.7 12.8 12.6 12.7 12.5 12.9 12.6 12.3 3.6 3.4 3.7 3.4 3.7 3.5 3.5 3.4 3.4 3.6 3.6 3.5 221.4 222.9 225.2 227.8 229.0 230.1 230.1 231.3 232.1 234.5 234.8 235.9 76.7 46.8 20.7 31.6 3.9 49.9 19.3 12.9 4.1 257.8 63 5 74.5 1 2 3 4 Includes construction expenditures for crude petroleum and natural gas drilling. Consists of sales abroad and domestic sales of surplus consumption goods and materials. Less than 50 million dollars. Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries. 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 8as consumer bad debts and other business transfers. Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. APRIL 1952 447 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Total consumer credit End of year or month 1939 1940 1941 1942 1943 1944. 1945 1946 1947 1948 1949. 1950 1951. Total instalment credit Noninstalment credit Sale credit Total Automobile Loans * Total noninstalment credit 2,607 2,746 2,939 2,644 2,599 2,915 3,263 4,677 5,428 5,766 5,919 6,638 7,134 Other 7,031 8,163 8,826 5,692 4,600 4,976 5,627 8,677 11,862 14,366 16,809 20,097 20,644 4,424 5,417 5,887 3,048 2,001 2,061 2,364 4,000 6,434 8,600 10,890 13,459 13,510 2,792 3,450 3,744 1,617 891 942 1,648 3,086 4,528 6,240 7,904 7,546 200 227 544 1,151 1,961 3,144 4,126 4,039 691 715 1,104 1,935 2,567 3,096 3,778 3,507 1,632 1,967 J.143 1,431 L ,119 1,170 L.422 2,352 3,348 4,072 4,650 5,555 5,964 1951—January February.... March April . . May June July August September October November December 19,937 19,533 19,379 19,126 19,207 19,256 19,132 19,262 19,362 19,585 19,989 20,644 13,252 13,073 12,976 12,904 12,920 12,955 12,903 13,045 13,167 13,196 13,271 13,510 7,694 7,521 7,368 7,270 7,248 7,234 7,173 7,247 7,327 7,355 7,400 7,546 4,056 3,990 3,946 3,934 3,980 4,041 4,061 4,138 4,175 4,134 4,100 4,039 3,638 3,531 3,422 3,336 3,268 3,193 3,112 3,109 3,152 3,221 3,300 3,507 5,558 5,552 5,608 5,634 5,672 5,721 5,730 5,798 5,840 5,841 5,871 5,964 1952—January?. February? 20,120 19,763 13,315 13,207 7,322 7,181 3,9^2 3,927 3,360 3,254 5,993 6,026 . . 882 1,267 1,729 1,942 482 1,525 1,721 1,802 1,135 175 707 Singlepayment loans 2 Charge accounts Service credit 428 510 749 896 949 1,018 1,332 1,436 L.544 1,650 1,764 1,513 1,498 1,758 L.981 3,054 3,612 3,854 3,909 4,239 4,587 729 772 874 920 963 992 1,067 J .111 6,685 6,460 6,403 6,222 6,287 6,301 6,229 6,217 6,195 6,389 6,718 7,134 1,352 1,369 1,381 1,392 1,398 1,399 1,393 1,398 1,401 1,413 1,422 1,436 4,248 4,010 3,938 3,744 3,793 3,804 3,743 3,724 3,696 3,868 4,190 4,587 1,085 1,081 1,084 1,086 1,096 1,098 1,093 1,095 1,098 1,108 1,106 1,111 6.8C5 6,556 1,445 1,450 4,253 4,003 .107 1,103 530 536 565 483 414 533 560 610 648 687 ? Preliminary. Includes repair and modernization loans insured by Federal Housing Administration. 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 1 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Total Commercial banks 1 Small loan companies 523 692 784 426 316 357 477 956 448 498 531 417 364 384 439 597 701 817 929 Loans made by principal lending insti (during period) Insured repair Comand merciall modern- banks ization loans J Industrial banks 8 Industrial loan com- 2 panies Credit unions 99 104 107 72 59 60 70 98 134 160 175 203 229 135 174 200 130 104 100 103 153 225 312 402 525 542 96 99 102 91 86 88 93 109 119 131 142 157 176 200 268 285 206 123 113 164 322 568 739 801 864 938 792 639 749 942 827 912 975 784 800 869 956 1,793 2,636 3,069 3,282 3,875 4,198 Miscellaneous lenders Industrial banks > Industrial loan com- 2 panies Credit unions 1,231 1,432 1,534 1,737 1,946 2,437 261 255 255 182 151 155 166 231 310 375 418 481 528 194 198 203 146 128 139 151 210 282 318 334 358 417 237 297 344 236 201 198 199 286 428 577 712 894 947 Small loan companies 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1,632 1,967 2,143 1,431 1,119 1,170 1,422 2,352 3,348 4,072 4,650 5,555 5,964 1,435 1,709 1,951 2,431 2,510 1,084 1,268 131 132 134 89 67 68 76 117 166 204 250 291 301 1951—January... February. . March April May June July August. . .. September. October..., November December. 5,558 5,552 5,608 5,634 5,672 5,721 5,730 5,798 5,840 5,841 5,871 5,964 2,438 2,441 2,476 2,497 2,506 2,515 2,492 2,521 2,524 2,522 2,509 2,510 1,090 1,094 1,112 1,119 1,131 1,151 1,167 1,181 1,203 1,191 1,211 1,268 289 286 286 286 288 288 288 293 296 299 299 301 202 202 204 205 207 209 211 217 221 222 225 229 518 515 517 514 518 522 524 531 533 535 535 542 158 158 160 161 162 164 166 167 169 168 170 176 863 856 853 852 860 872 882 888 894 904 922 938 326 296 368 340 359 356 339 389 351 373 347 354 162 158 207 184 198 204 206 210 183 205 228 292 39 35 43 41 44 44 44 49 42 52 45 50 28 27 33 31 33 35 35 40 35 40 38 42 67 64 79 72 82 86 76 90 78 86 83 84 1952—January?. . February? . 5,993 6,026 2,521 2,541 1,273 1,274 300 301 230 232 541 545 176 176 952 957 393 373 184 181 46 46 38 37 85 91 680 1,017 1,198 * Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small am ount of other retail direct loans not shown separately. ^ Other retail direct loans outstanding at the end of February amounted to 109 million dollars and other loans made during February were 14 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans8 are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude noncorsumer loans. 448 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of doll ars] Department Total, stores excludand ing automailmobile order houses End of year or month 1939 . . . . 1940 1941 1942 1943 1944 1945 1946 . 1947 1948 1949 1950 1951 . 1951 January... February.. March.... April May June July August.... September. October. . . November. December . 1952 Januaryp. . FebruaryP. Furniture stores Household appliance stores Jewelry stores 1,525 1,721 1,802 1,135 707 691 715 1,104 1,935 2,567 3,096 3,778 3,507 377 439 466 252 172 183 198 337 650 874 1,010 1,245 1,186 536 599 619 440 289 293 296 386 587 750 935 1,029 971 273 302 313 188 78 50 51 118 249 387 500 710 613 3,638 3,531 3,422 3,336 3,268 3,193 3,112 3,109 3,152 3,221 3,300 3,507 1,201 1,162 1,133 1,103 1,084 1,055 1,022 1,015 1,028 1,056 1,099 1,186 982 956 924 905 890 874 854 859 870 890 908 971 694 677 655 636 616 602 590 590 600 607 608 613 761 736 710 692 678 662 646 645 654 668 685 737 3,360 3,254 1,129 1,089 933 920 592 567 706 678 93 110 120 76 57 56 57 89 144 152 163 All other retail stores 246 271 284 179 111 109 113 174 305 404 488 794 737 Total Automobile Outstanding at end of period: 1949 1950 1951 Year or month h l Outstanding at end of period: 1949 1950 1951 4,416 5,645 5,434 854 915 922 1,143 1,223 1,267 1,061 1,192 1,031 781 944 905 1,107 937 1,213 1951—January February March April May June July August September October November.... December 5,610 5,530 5,516 5,490 5,489 5,481 5,430 5,472 5,440 5,442 5,436 5,434 1,116 1,096 1,079 1,072 1,083 1,090 1,086 1,097 1,105 1,090 1,079 1,061 890 877 874 875 882 883 886 899 911 925 937 937 1952—Tanuaryp February* 5,418 1,042 1,184 1,034 5,412 1,039 1,185 1,016 1952—Tanuaryp Februaryp 1,219 1,222 1,232 1,242 1,248 1,246 1,230 1,240 1,239 1,226 1,209 1,192 1,268 1,217 1,190 1,153 1,123 1,098 1,068 1,059 1,004 1,010 1,017 1,031 1,117 1,118 1,141 1,148 1,153 1,164 1,160 1,177 1,181 1,191 1,194 1,213 928 1,230 925 1,247 606 536 638 625 683 666 642 738 682 744 689 686 98 93 109 118 140 143 137 162 150 150 136 117 137 132 160 153 166 160 150 187 166 168 152 149 147 117 123 125 132 115 115 131 126 153 147 157 47 41 51 56 65 64 62 70 67 82 72 70 177 153 195 173 180 184 178 188 173 191 182 193 714 679 131 135 170 167 146 130 57 55 210 192 In millions of dollars] Retail instalment paper 2 Year or month Personal instalment Volume extended during month: 1951—January February March April 1 May June July August September October November.... December CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. CONSUMER INSTALMENT CREDITS O F COMMERCIAL BANKS, BY TYPE O F CREDIT [Estimates. In millions of dollars] Other Repair Personal and instalmodern- ment ization cash 12 loans loans CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE O F CREDIT [Estimates. In millions of dollars] Retail instalment paper 2 Year or month Outstanding at end of period: 1949 1950 1951 Total Repair and modernization loans l 2 Personal instalment cash loans Automobile Other 194.7 226.9 255.3 43.5 57.9 63.2 31.4 41.1 47.3 6.5 7.3 7.2 113.3 120.6 137.6 343.2 391.0 404.1 93.6 118.5 118.9 63.1 79.7 81.2 55.4 54.9 56.5 131.1 137.9 147.5 1951- -January. . . February.., March April May June July August September , October November . December.. 386.9 382.5 382.5 382.7 384.4 385.0 385.1 391.7 396.3 401.8 402.4 404.1 117.2 116.9 116.4 116.5 118.0 119.6 120.2 123.1 123.9 123.9 121.9 118.9 78.4 77.4 76.4 75.3 74.2 72.9 70.7 71.6 73.6 75.8 77.7 81.2 53.6 52.4 52 0 51 8 52.3 52.6 52 9 53.7 54.8 56.1 56.5 56.5 137.7 135.8 137.7 139.1 139.9 139.9 141.3 143.3 144.0 146.0 146.3 147.5 1951—January.. . February . . March April May June July August September , October November , December.. 225.6 225.1 226.9 228.1 230.6 232.6 235.4 241.3 245.5 247.4 250.3 255.3 56.8 56.8 57.1 57.8 59.2 59.8 60.5 63.2 63.5 63.7 63.4 63.2 40.8 40.2 40.5 40.0 39.6 39.8 40.8 42.4 44.5 45.6 46.1 47.3 7.2 7.0 7.0 6.9 7.0 7.1 7.1 7.2 7.3 7.4 7.6 7.2 120.8 121.1 122.3 123.4 124.8 125.9 127.0 128.5 130.2 130.7 133.2 137.6 1952—Januaryp .. February?. 402.6 403.9 116.5 116.3 81.4 81.4 56.1 56.3 148.6 149.9 1952—Januaryp . . 256.2 February?.. 257.8 62.5 62.4 47.0 47.5 7.2 7.1 139.5 140.8 Volume extended during month: 1951—January. . . February... March April May June July August September , October November , December.. 42.2 38.3 46.8 44.9 49.3 48.8 48.5 58.4 51.2 60.0 52.3 53.6 10.6 10.8 12.4 13.1 15.2 15.6 14.9 19.4 16.2 17.3 14.6 13.1 8.2 7.2 8.5 7.8 8.3 7.8 7.6 10.4 10.4 12.2 11.8 12.8 2.5 2.3 3.0 3.3 3.8 3.9 3.8 4.5 4.1 5.2 4.1 3 4 20.9 18.0 22.9 20.7 22.0 21.5 22.2 24.1 20.5 25.3 21.8 24.3 29 1 27.9 34.3 32.4 34.8 36.1 35.9 42.6 37.8 41.3 39.5 43.6 6.8 6.4 7.4 7.4 8.8 9.0 8.9 11.5 9.4 9.6 9.0 9.3 4.3 3.8 4.9 4.4 4.2 4.9 5.2 7.0 6.9 7.7 6.2 6.6 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.5 17.7 17.4 21.6 20.2 21.3 21.7 21.3 23.5 20.9 23.3 23.6 27.2 52.5 51.8 14.3 15.2 11.8 10.1 3.5 3.7 22.9 22.8 39.4 38.4 9.2 8.9 5.7 5.7 0.5 0.5 24.0 23.3 1952—January? . . February P. . Volume extended during month: 1951—January . . February March April May June July August. . September October November , December.. 1952—January? . , February?.. P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. 8 APRIL 1952 449 CONSUMER CREDIT STATISTICS—Continued RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 FURNITURE STORE STATISTICS Item Net sales: Total Cash s a l e s . . . . Credit sales: Instalment Charge account Accounts receivable, end of month: Total . . . Instalment Collections during month: Total Instalment Inventories, end of month, at retail value. Percentage change from preceding month Percentage change from corresponding month of preceding year Feb. 1952P Jan. 1952 Dec. 1951 Feb. 1952? Jan. 1952 Dec. 1951 +2 -8 -40 -39 +25 +40 -4 -8 -12 -16 +2 +6 -46 -22 +25 +13 -18 +3 -6 -24 + 10 +8 +11 2 -2 -7 -4 -7 -4 2 -2 -5 -5 -5 -16 Insta ment accounts Year or month Furniture stores 19 10 17 19 18 18 10 11 11 11 12 . . 19 18 19 11 11 12 12 12 12 11 12 . +2 +8 +6 —2 -3 -1 -8 -6 -3 -12 -6 -3 -7 -6 -5 -8 Preliminary. 11 12 19 21 21 19 December -8 -8 Household ap- Department pliance stores stores Department stores 1951 February March April May June Tulv. August September October 1952 . January February P . . 11 Charge accounts 11 12 11 11 12 12 12 19 10 13 18 11 12 50 46 50 47 49 49 46 48 47 50 50 45 47 45 P Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Percentage of total sales Index numbers, without seasonal adjustment 1947-49 average =100i Averages of monthly data: 1941 1942 1943 1944 1945 . . 1946 1947 1948 1949 1950 1951 Accounts receivable at end of month Sales during month Year or month Charge account 55 48 48 49 36 37 53 59 Total Cash Instalment 46 44 57 72 45 39 53 60 82 92 67 75 Collections during month Charge account Cash sales Instalment sales Charge account Instalment 76 53 48 42 58 60 47 47 51 50 48 56 61 9 60 35 29 28 44 50 41 40 52 59 64 64 4 4 Instalment 38 34 41 41 42 43 56 85 105 110 136 133 84 95 104 101 106 111 38 67 108 125 177 181 73 92 105 103 111 124 53 78 106 117 146 165 78 92 103 104 111 118 59 55 52 51 48 48 4 6 7 8 10 9 85 73 91 83 91 91 71 83 90 101 115 167 128 116 129 109 113 103 90 127 138 164 171 205 108 89 109 98 109 100 76 93 107 121 138 185 204 199 194 186 178 171 163 162 166 172 182 197 142 125 120 116 118 115 103 103 113 122 136 177 186 169 186 167 163 161 148 151 151 163 169 168 165 130 125 113 114 114 106 99 97 114 121 122 45 46 48 48 48 50 50 48 47 46 47 49 10 June July August September October . November December 98 82 101 91 100 95 75 90 101 113 129 177 1952—January February P 84 79 77 71 110 107 89 83 190 180 142 124 180 163 165 127 48 48 10 10 ooo 105 103 103 94 93 95 ' 43 6 5 93 99 103 98 101 104 1951—January February March April Charge account sales 8 8 9 11 10 11 10 9 32 32 37 39 45 44 43 43 44 42 41 41 43 43 43 42 42 42 P Preliminary. 1 Indexes have been converted from the 1941 base previously used to a 1947-49 base. Back figures by months beginning January 1941 may be obtained from the Division of Research and Statistics. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 441. 450 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 452-457 Gold production 457 Reported gold reserves of central banks and governments 458 Gold movements; gold stock of the United States 459 International Monetary Fund and Bank 460 Central Banks 460-464 Money rates in foreign countries 465 Commercial banks 466 Foreign exchange rates 467 Price movements: Wholesale prices 468 Retail food prices and cost of living 469 Security prices 469 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. APRIL 1952 451 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.x Domestic securities: Inflow of foreign funds * Foreign securities: Return of U. S. funds * Total Foreign official2 Foreign other International Decrease in U. S. banking funds abroad » 8,009.5 8,343.7 8,569.1 8,763.5 10,521.1 5,726.1 6,362.3 6,963.9 6,863.9 7,890.7 2,333.6 1,121.8 2,126.0 2.197.8 2,715.6 2,938.7 2,998.5 2,993.6 3,028.2 3,472.8 453.8 2,242.0 L.844.3 1,637.8 L.702.3 427.2 186.5 116.8 307.6 231.4 464.5 375.5 183.3 258.5 1,202.9 1,237.9 1,276.9 L,182.1 L.209.9 1,064.5 153.7 142.4 123.1 123.7 131.7 1951—Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31? 10,408.6 '10,357.1 10,385.9 10,284.6 10,248.6 10,113.9 10,142.4 10,194.3 10,138.1 10,161.6 10,132.9 7,729.2 7,696.8 7.647.1 7,604.3 7,901.1 7,797.0 8,017.4 8,038.1 8,422.3 8,448.2 8,517.9 2,704.4 2,646.8 '2,582.0 ••2,589.4 ••2,746.2 '2 ,602 .7 ••2,733.9 ••2,719.7 ••2,767.9 2,733.5 2,744.3 3,432.5 3,449.8 ••3,459.5 •"3,453.5 ••3,526.6 '3,537.0 ••3,640.7 ••3,701.2 ••3,911.0 3,973.7 4,085.4 1,592.3 1,600.1 1,605.6 1,561.4 L.628.3 1,657.3 L.642.9 1,617.2 1,743.4 ,741.0 1,688.3 219.3 218.9 240.3 215.4 190.3 189.4 181.9 231.9 211.3 186.3 159.4 1,274.0 1,305.5 1,399.4 1.414.2 1,128.9 1,083.8 900.4 879.8 635.9 648.0 644.3 1,052.9 L,005.0 ••973.1 '929.2 '895.6 '911.2 '912.1 '912.7 '744.3 755.0 688.6 133.2 130.9 126.1 121.6 132.7 132.6 130.6 131.8 124.3 124.1 122.6 1952—Jan. 31* 10,067.0 8,463.4 2,633.1 4,149.4 L,680.9 133.5 652.2 693.3 124.6 From Jan. 2, 1935, through— 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. Total 31 31 31 31 31 Inflow in brokerage balances TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] International institutions Date Total foreign countries Official and United NethKing- France erdom lands Switzerland» Italy Other Europe Total Europe Canada Latin America Asia All other 232.8 193.7 167.4 179.5 254.5 Official' private 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 31... 31... 31... 31... 31... 473.7 6,006.5 2,262.0 4,854.4 L.864.3 5,853.7 1,657.8 5,960.2 1,722.2 • 6,922.6 3,043.9 1,832.1 2,836.3 2,908.1 3,425.9 458.9 326.2 546.3 574.4 6 656.6 245.9 167.7 192.8 171.6 260.7 224.9 143.3 122.8 170.5 193.6 372.6 446.4 538.9 576.9 553.0 267.9 153.1 333.5 303.6 314.7 850.5 739.8 738.1 717.0 799.2 2,420.7 1,976.7 2,472.4 2,513.9 «2,777.7 931.8 409.6 775.2 869.1 899.0 1,104.8 1,216.6 1,287.0 1,436.7 1,612.9 1,316.4 1,057.9 1,151.8 961.0 1,378.5 3,414.7 3-357.1 '3,292.3 '3,299.7 '3,456.5 '3,313.0 '3,444.2 '3,430.0 '3,478.2 3,443.8 3,454.6 621.8 638.9 666.6 622.5 620.1 545.6 522.6 513.0 543.2 591.2 642.0 258.0 232.5 193.0 191.9 246.3 218.3 221.2 222.7 270.1 254.4 285.4 209.1 198.6 131.4 133.4 134.8 132.0 131.7 135.4 132 A 154.5 148.8 504.2 505.0 502.5 498.2 509.3 499.9 506.8 511.5 493.3 506.8 521.3 324.4 306.3 299.1 289.8 276.0 289.4 283.4 287.8 288.2 293.1 300.5 812.8 814.8 827.8 863.4 930.7 972.6 1,097.4 1,131.3 1,116.5 1,086.1 1,020.3 2,730.4 2,696.1 2,620.3 2,599.3 2,717.3 2,657.9 2,763.1 2,801.9 2,843.7 2,886.1 2,918.2 884.5 828.6 811.6 818.1 964.4 931.8 1,011.1 1,022.8 1,257.8 1,250.1 1,303.7 1,596.1 1,646.3 1,705.8 1,714.0 1,672.9 1,614.3 1,578.3 1,532.0 1,502.2 1,461.6 1,437.4 1,401.1 259.0 1,410.9 248.8 1,386.0 251.9 1,387.2 258.5 1,399.1 253.3 1,410.3 259.4 1,495.1 261.0 1,540.8 257.6 1,535.0 274.3 1,555.8 287.8 1,609.0 295.9 645.6 252.8 153.7 526.0 289.2 995.8 1951—Feb. 28... Mar. 3 1 . . . Apr. 30... May 3 1 . . . June 30... July 3 1 . . . Aug. 3 1 . . . Sept. 30 . . Oct. 31 . . Nov. 30. . Dec. 31*. 1,612.2 1,620.0 1,625.6 L.581.4 L,648.3 1,677.3 1,662.8 1,637.1 1,763.3 1,760.9 L.708.2 6,871.0 6,830.8 6,775.6 6,777.0 7,006.9 6,873.9 7,108.7 7,155.1 7,413.1 7,441.4 7,563.9 1952—Jan. 31 P. 1,700.8 7,516.7 3,343.4 2,863.1 1,316.5 1,398.9 1,635.7 302.6 P Preliminary. ' Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. * Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 8 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial 5firms. (Footnote 1 above also applies to this table.) Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on page 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 452 FEDERAL RESERVE BULLETIN 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 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950— Dec. DenBel- Czechoslo- mark gium vakia Finland GerNormany Greece way 850.5 739.8 738.1 717.0 799.2 41.9 159.5 124.9 128.7 119.9 128.2 5.6 66 5 52.8 44.7 38 0 45.5 22 2 30.5 19.1 25.1 18.3 89.5 178.9 149.4 221.6 45.0 44.9 42.4 41.2 43.9 44.9 54.6 57.4 61.1 62.9 57.1 119.9 120.7 122.3 121.6 124.2 129.6 138.4 132.9 143.6 145.1 134.7 4.3 3.1 3.2 2.9 3.1 3.4 2.1 2.0 1.5 1.5 1.3 42.2 18.2 47.8 48.0 44.7 41.5 39.9 44.6 47.2 46.7 45.3 20.3 19.2 22.1 22.2 22.5 26.3 27.5 23.1 24.0 27.9 27.0 241. C 242.4 266.4 303.6 357.5 403.6 481.4 502.5 488.3 455.9 405.6 995.8 56.9 132.8 .7 44.0 30.0 395.1 38.9 Other AusEurope tria Date 31. 31. 31. 31 31. 1951—Feb. 28. . 812.8 Mar. 3 1 . . 814.8 Apr. 30., 827.8 May 3 1 . . 863.4 June 30. . 930.7 July 31. 972.6 Aug. 3 1 . . 1,097.4 Sept. 30.. 1,131.3 Oct. 31. . 1,116.5 Nov. 30. . 1,086.1 Dec. 31 P. 1,020.3 1952—Jan. 31? . 7.1 Poland Portugal 49.3 123.5 34.7 56.2 21.1 77.7 29.6 69.4 32.3 43.6 4.2 39.0 47.1 37.7 38.1 45.7 31.4 51 3 33.9 54.3 35.8 57.8 38.0 62.2 38.6 60.5 38.2 65.5 40.4 99.9 41.1 103.0 39.1 106.3 41.5 98.6 45.8 99.7 5.6 4.5 4.0 3.8 3.3 3.6 2.1 2.3 2.4 2.6 2.8 54.0 52.6 46.8 44.0 45.6 42.9 41.5 47.9 36.4 35.4 40.7 2.4 38.8 97.7 Sweden Yugo- All 1 USSR slavia other 172.6 58.6 49.0 90.1 115.3 60.5 73 7 21.3 10.2 6.1 16.4 12.8 13.6 15.7 21.3 6.4 6.1 6.2 6.1 5.9 6.0 5.7 6.0 6.0 6.0 6.1 25.3 17.0 19.2 16.3 18.3 15.8 14.0 14.4 16.8 18.4 17.1 105.5 105.5 92.8 92.8 99.4 94.5 88.8 89.3 83.7 80.3 70.7 3.3 2.0 2.3 2.9 5.0 4.7 3.5 4.1 2.5 2.3 2.5 7.8 6.4 9.2 6.5 4.2 4.2 5.3 4.0 8.2 6.0 16.6 64.3 4.2 Rumania Spain 8.9 8.7 7.0 6.7 4.0 12.4 12.1 19.9 76 13 2 112.5 138.2 119.3 117.4 52.4 8 3 7.1 48.9 52.6 52.4 48.8 51.8 48.0 53.4 55.6 53.6 52.7 56.6 7.7 59.5 Table 2b.—Latin America Latin BoAmer- Argenlivia tina ica Date Netherlands West Peru Indies and Surinam Brazil Chile Colombia Cuba Dominican Guate- MexReico mala public 16.1 14.9 24.3 25.9 30 2 RepubEl lic of SalPan- vador ama Uruguay 40.9 41.8 52.6 52.8 60 2 77.2 70.3 71.8 74.3 59 2 Other Vene- Latin zuela America 2 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec 1950—Dec. 31. 31. 31. 31 31. 1,104.8 1,216.6 1,287.0 1,436 7 1,612 9 112 6 236.2 215.8 201 1 301.8 14.0 17.8 17.1 13.5 20 4 174.0 104.7 123.7 192.8 226.0 50.7 46.3 55.6 60,9 79.5 57.8 46.1 54.0 85.9 53.4 153.5 234.7 219.4 164.2 259.1 42.7 152.2 139.2 146.7 214.6 25.4 207 1 16.1 74 0 78.0 121.7 143.2 75 1 85 2 1951—Feb. Mar Apr. May June July Aug. Sept Oct. Nov Dec. 28. 1,596.1 31 1,646 3 30. 1,705.8 31. 1,714.0 30 1,672 9 31. 1,614.3 31. 1,578.3 30 1,532 0 31. 1,502.2 30 1 461 6 31 P 1,437.2 312.1 345 2 347.5 353.2 343 7 330.9 320.3 312 1 299.5 277 1 249.7 20.8 22 4 19.3 19.7 24 7 22.2 21.6 26 2 24.1 25 0 27.8 249.8 259.6 248.1 241.7 212.4 171.5 151.4 140.4 132.8 110 1 99.8 70.6 49.7 69.9 44.2 79.9 66.6 76.6 66.2 69.9 58.1 57.8 50.9 56.2 52.1 55.5 46.2 52.5 61.0 47 6 79.7 54.0 106.4 257.7 276.0 309.8 327.9 327.9 354.3 336.7 312.3 305.2 284.7 251.7 45.1 45.8 46.3 48.7 51.3 53.2 53.0 50.7 44.2 43.6 45.8 30.6 31 8 30.8 29.2 29.5 28.5 26.0 23.4 21.9 22 8 24.4 140.7 108.7 115.8 109.9 123.8 111.2 128.2 143.9 150.4 159.3 158.2 30.0 30.8 28.8 25.6 25 0 28.2 27.7 30.4 30.2 31 2 34.9 60.6 55.0 58.2 57.9 54.3 52.8 54.5 52.9 51.2 48 6 47.2 51.9 52.2 51.9 53.9 58.1 62.0 66.3 58.7 64.6 65 6 67.7 42.2 46.5 46.3 46.8 50.6 46.1 41.7 37.7 32.2 28 5 27.8 79.0 81.8 82.1 74.4 74.6 83.2 80.6 79.7 79.1 83 0 84.7 75.9 89 8 80.8 87.2 75 6 74.6 74.7 76.3 68.0 68 1 71.9 79.6 86.6 93.5 95.2 93.2 86.9 87.5 85.5 85.4 86.6 85.0 1952—Jan. 31v 1,398.9 225.9 23.6 98.5 97.6 253.1 46.1 32.1 147.0 31.5 49.5 63.1 36.5 73.7 67.4 96.8 56.5 181 8 186.5 184.1 207 4 71.3 Tab! • 2c.—Asia and All Other Date 1946-Dec. 1947—Dec. 1948—Dec. 1949—Dec. lOSO-Dec. Asia Formosa PhilIndoippine Thai- Tur- Other All and Hong land key Asia s other China Kong India nesia Iran Israel Japan ReMainpublic land 3 1 . 1.316.4 431.9 44.9 43.5 3 1 . 1,057.9 229.9 39.8 62.4 3 1 . 1,151.8 216.2 51.1 51.8 31. 961.0 110.6 83.9 63 3 31. 1,378.5 81.7 86.1 55.7 65.8 65.5 64.8 61.1 61.9 61.4 62.3 60.0 60.1 62.0 60.5 59.7 60.4 59.0 73.0 80.2 75.1 64.3 68.9 59.8 57.7 62.1 Egypt and Union Aus- Bel- Angloof Other * tra- gian Egyp- South lia Congo na tian Africa Sudan 127.1 69.3 41.5 ..... 15 7 U4.7 20.3 12.6 16.6 31.3 81.4 214.6 458.5 446.6 488.6 488.3 297.3 374.4 54.7 151.0 232.8 45.5 37.6 99.0 193.7 30.6 17.5 204.0 167.4 22.2 9 . 8 165.7 179.5 32 4 48*2 14.3 111.9 254.5 19.1 26.3 24.3 27.4 25.8 26.6 26.5 25.8 25.3 21.0 21.8 25.5 443.3 406.4 376.6 348.8 342.8 356.9 440.6 492.4 538.7 568.7 596.0 390.3 395.0 404.5 414.5 403.7 396.1 382.2 369.4 355.6 342.2 329.7 52.0 53.3 57.7 63.8 65.9 67.8 73.1 80.0 84.9 90.9 96.7 124.9 138.2 126.7 124.2 135.8 152.9 157.4 172.7 128.0 129.1 140.6 15.6 14.1 17.2 22.7 19.7 16.2 16.7 12.0 13.5 14.4 26.5 13.7 16.9 20.6 18.2 12.3 14.3 12.9 12.0 12.2 11.4 14.1 131.9 157.4 152.2 156.6 171.2 158.6 170.1 154.5 171.3 169.1 168.4 259.0 248.8 251.9 258.5 253.3 259.4 261.0 257.6 274.3 287.8 295.9 1951 - F e b . 28. L,401.1 Mar. 31. 1,410.9 Apr. 30. 1,386.0 May 31. 1,387.2 June 30. L,399.1 July 31. 1,410.3 Aug. 31. L,495.1 Sept. 30. L,540.8 Oct. 31. 1,535.0 Nov. 30. 1,555.8 Dec. 31? 1,609.0 77.7 79.5 79.3 78.6 79.2 84.3 89.7 93.7 90.0 88.4 88.8 1952—Jan. 31? 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7 632.4 332.1 108.8 13.6 164.8 302.6 32.3 19.6 27.1 18.3 19.9 26.2 23.6 22.3 22.4 32.4 36.8 38.5 58!i 20.8 25.0 27.7 61.6 75.6 54.2 50.8 51.4 51.6 55.0 55 4 53 1 50 3 52.2 52.6 54.5 85.0 85.1 105.6 105.1 89.4 98.9 98.7 104.8 101.7 101.2 109.8 39 2 21 2 9 5 16.2 16 8 17.3 21.8 11.6 16.0 13.6 6.9 60.9 64.7 67.1 65.6 65.9 64.2 65.2 68.5 72.0 83.7 86.2 54.3 120.4 8.2 87.3 .... 47.2 119.3 46.4 91.8 15.8 101.6 6 0 79 5 44.0 57.7 p Preliminary. Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. «Beginning January 1948, includes Pakistan. Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 1 2 APRIL 1952 453 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date 1946—Dec. 1947__Dec. 1948—Dec. 1949—Dec. 1950—Dec. Total 31 31 31 31 31 . . . . . .. . 1952—Jan. 31P Netherlands Switzerland 9 8 47 7 29.2 24.5 37.2 105 7 57 23.4 119.0 51.8 31.4 151 0 49.1 51.4 5.2 3.4 8.7 910.1 101.7 910.5 99.8 889 1 110 7 913.9 98.8 939.0 110.2 939 9 103 7 87.0 947.5 897 4 52 0 918 1 33.0 34.7 943.1 969.9 35.0 31.9 30.6 6 3 3.7 7.0 7.4 3.9 3.5 3 4 11 .8 9.0 10.8 11.0 10.5 10 7 3.8 8.3 995.9 14.1 708 3 948 9 1,018.7 827.9 898.0 1951—Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 P United King- France dom 82 13.3 11 0 11.3 11.0 9.6 28.5 7.0 6.9 3.8 Italy 16 0 21.1 15.8 22.6 20.7 3.9 8.0 8.8 11.2 30.3 34.3 35 2 55.1 52.9 29 3 18.0 13 2 11.2 7.5 10.3 5.8 11.2 12.6 3.6 42 92 2 9 9.6 2.9 Other Total Europe Europe Canada Latin America 82.8 118.9 106.3 98.5 67.1 74.2 75.6 75.5 82.7 312.9 248.6 323.8 219.2 237.0 52.2 27.5 39.8 37.6 125.8 87.9 89.8 88.8 86.3 92.1 97.7 111.2 253.6 252.9 242.6 258.5 272.4 245.2 219.2 174.7 160.1 163.6 185.2 121.2 107.3 117.6 116.7 117.3 119.3 101.9 101.0 102.5 118.3 91.9 226.8 514.3 516.6 411.1 378.8 397.7 402.5 374.0 371.5 386.6 401.3 429.5 437.2 463.8 465.5 489.0 114.6 186.8 89.3 520.3 Asia All other 99.2 127.0 118.8 139.7 96.3 17.2 31.5 19.7 20.4 60.0 92.2 86.2 95.1 104.5 102.9 117.6 141.0 128.7 146.9 153.0 162.4 45.4 61.6 59.7 62.7 59.9 56.6 55.9 55 9 44.7 42.6 41.4 161.9 37.5 Table 3a.—Othei' Europe Date 1946—Dec. 31. . 1947—Dec. 31 1948—Dec. 3 1 . . 1949—Dec. 3 1 . . 1950—Dec. 3 1 . . Other AusEurope tria DenBel- Czechoslogium vakia mark 82.8 118.9 106.3 98.5 67.1 7.5 15.0 21.4 19.3 21.5 1951—Feb. 2 8 . . 74.2 Mar. 31. . 75.6 Apr. 3 0 . . 75.5 May 3 1 . . 82.7 June 3 0 . . 87.9 July 3 1 . . 89.8 Aug. 31 . 88.8 Sept. 3 0 . . 86.3 Oct. 3 1 . . 92.1 Nov. 30. . 97.7 Dec. 31 P. 111.2 1952—Jan. 31 P. 114.6 ' .2 .2 .2 (3) 1 3 () 24.9 23.4 21.9 19.7 18.8 18.7 15.2 21.5 23.6 27.1 39.6 (3) 42.9 .2 I(8) Finland GerNormany Greece way .5 2.2 .6 .4 3.2 6.2 8.0 3.4 8.2 2.2 30.4 30.5 30.5 30.0 25.4 () (8) (») (3) (3) (3) 2.5 3.9 6.7 7.3 6.2 4.1 4.1 5.2 5.7 5.9 4.8 3.5 4.0 3.3 6.3 6.2 5.1 5.0 2.5 2.7 3.2 3.1 (3) 4.0 3.6 (3) ' .1 .1 (8) 3 Poland Spain 1 (3) (*) 7.0 (•) 7.2 .9 2.9 7.0 1.6 4.9 5.4 1.4 2.3 6.9 8 8 (8) 838 ((f ))) 1.2 1.3 2.0 7.0 13.6 20.2 23.5 14.2 17.1 16.8 18.8 9.4 9.5 8.6 8.2 7.4 6.2 4.9 4.1 4.3 6.2 5.4 19.0 5.2 Republic of Panama El Salvador 12. <1 10.( S i.:I J I 3.3 9.2 8.4 7.4 1.4 25.6 25.9 25.9 25.9 25.4 25.9 26.4 28.8 30.9 28.6 28.3 I I I 5 I 1.9 2.1 1.8 2.3 2.3 2.1 2.0 1.8 1.7 1.1 2.5 8,(8) .1 () (3) (3) .6 .5 .7 1.3 1.3 1.0 1.0 .8 .6 .7 .8 30.1 I 2.0 (3) 1.0 1.0 1.1 "(•>" (») («) 8 .7 .5 .5 Latin BoAmer- Argentina livia ica Brazil Chile 1.9 10.0 12.9 12.3 15.5 19.5 20.6 22.7 24.8 38.6 36.4 51.6 55.0 48.0 45.9 42.7 42.1 43.0 30.7 43.7 36.9 46.7 44.2 40.3 38.8 50.6 42.0 34.0 30.1 29.4 32.3 1.9 1.9 1.8 2.1 2.0 2.0 1.8 1.5 1.7 1.7 1.8 2.7 2.8 2.7 2.8 2.6 2.7 26.2 39.3 29.6 2.2 226.8 514.3 516.6 411.1 378.8 41.8 65.2 72.4 53.6 45.9 2.3 2.0 2.7 2.3 8.7 49.8 165.8 165.4 136.9 78.0 14.6 27.8 15.2 15.5 1951—Feb. 2 8 . . Mar. 31. . Apr. 3 0 . . May 3 1 . . June 3 0 . . July 3 1 . . Aug. 31. . Sept. 30.. Oct. 3 1 . . Nov. 30.. Dec. 31 P. 397.7 402.5 374.0 371.5 386.6 401.3 429.5 437.2 463.8 465.5 489.0 25.2 17.8 10.9 77.3 85.4 80.5 85.3 95.2 104.5 112.4 135.0 155.6 164.3 185.0 5.3 6.9 9.6 8.9 8.3 9.3 7.9 7.6 5.5 5.5 6.3 6.7 8.1 7.1 8.2 7.8 7.2 7.2 7.5 1952—Jan. 31 P. 520.3 7.9 7.1 207.3 9.9 9.5 Cuba NetherDolands minican Guate- Mex- West Re- mala ico Indies and pubSurilic nam 26.4 25.7 32.6 108.6 32.6 83.1 21.1 27.5 42.5 27.6 1946—Dec. 3 1 . . 1947—Dec. 31. 1948—Dec. 3 1 . . 1949—Dec. 3 1 . . 1950—Dec. 3 1 . . 10.0 Colombia 6.8 3 (3) (3) Table 3b.—Latin America Date Swe- USSR Yugo- All 1 den slavia other PorRutugal mania 25.5 52 2 73.8 73.0 2.6' 70.6 Peru 88 () (•) A 8 () 8 (8) (3) Uruguay •) "( 9.5 35.9 29.8 15.6 3.9 .2 L.7 1.7 1.5 L.9 L.I 5.5 5.9 4.2 4.3 4.2 4.3 4.7 4.7 4.9 5.1 4.3 4.1 4.0 IA 4.1 3 ) Other Vene- Latin zuela America < .8 3.7 1.3 8.7 j 1 L.5 4 3 47 15.3 26.0 25.6 49.4 26.2 34 5 34 7 43.1 14.6 85.8 91.5 65.9 56.9 67.1 62.6 80.5 67 7 66.9 54.6 41.7 13.2 13.2 13.0 14.1 13.9 14.4 14.7 13 7 13.1 12.3 14.3 34.9 13.7 4.4 5.8 L.3 11.0 4.6 5.3 3.1 6.8 8.0 L.2 L.I L.4 L.6 1.4 L.4 L.2 1.4 1.1 1.4 1.2 12.7 13.5 13.8 13.5 12.6 11.1 12.2 12.7 13.9 12.7 11.8 2.6 2.8 2.8 2.7 2.5 2.6 2.6 3.2 3.1 3.3 3.0 5.9 4.6 3.4 3.3 3.0 3.8 4.1 5.5 7.5 8.4 9.5 7.3 7.6 7.8 2.8 3.4 3.2 3.8 75.7 64.8 58.5 56.4 58.6 60.4 68.6 69.1 74.1 87.4 90.6 4.0 109.1 1.2 12.0 4.2 9.9 30 % iS.O 1.3 11.0 10.4 9.9 11.3 12 9 13.4 9 3 10.5 11.8 p Preliminary. See footnote 1, p. 452. Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1 2 454 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other Date 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1952—Jan. Formosa Philippine Thai- Tur- Other All and Hong IndoChina Kong India nesia Iran Israel Japan Reland key Asia 1 other Mainpublic land Asia 31.. 31 31.. 31.. 31. 28. 31. 30. 31. 30. 31. 31. 30. 31. 30. 31 v 31? 99.2 127 0 118.8 139.7 96.3 92 ? 86.2 95.1 104.5 102.9 117.6 141.0 128.7 146.9 153.0 162.4 161.9 53.9 40 8 24.2 16 6 18.2 10.5 5.9 2.6 3.4 3.7 3.0 2.8 2.3 4.2 4.4 3.1 4.3 3.0 3.2 3.6 3.3 3.0 1.4 8.4 8.4 8.4 8.3 8.3 10.2 10.2 10.3 10.1 10.2 10.1 12.0 29.6 20.4 17.4 16.2 18.2 16.7 18.4 17.5 15.7 13.3 14.6 12.1 1.0 5 1.9 .2 .2 .2 .1 .2 .3 .2 .3 .2 .4 .4 .4 .3 .4 9.7 13.3 13.4 14.8 .2 .9 6\6 6.2 7 5 7.9 7.9 7.4 7.1 6.6 7.5 8.1 8.6 9.3 8.9 15.9 14.1 18!9 12.1 23 3 7 . 7 19.8 8 . 4 25.7 6 . 8 30.0 8 . 2 22.2 9 . 9 21.6 11.1 24.0 7 . 9 25.7 8 . 5 27.0 8 . 5 27.8 10.7 30.0 12.2 35.9 8 . 6 20.2 27.4 37.3 23.2 4.9 4.4 9.0 6.5 6.7 9.5 14.0 22.7 19.0 23.0 22.6 29.3 29.1 1.4 17.7 1.4 • . . . 14.3 Y.'s 1 4 2.9 4.0 3.8 3.1 3.7 4.4 3.9 2.8 2.4 2.5 2.1 .9 1.7 1.4 1.5 .8 .6 .8 .8 .8 10.6 .8 .6 .5 4 6 7 5 14 3 50 3 13.9 15 9 9.7 11.6 16.6 22.8 33.1 46.3 37.3 42.9 52.9 51.6 50.0 17.2 31 5 19 7 20 4 60.0 45 4 61.6 59.7 62.7 59.9 56.6 55.9 55.9 44.7 42.6 41.3 37.5 Egypt and Union Bel- AngloAusof Other gian Egyp- South tralia Congo tian Africa Sudan 3.4 9.0 4.7 \ !.!! 7.9 . . . . . . 40.8 30 8 44.9 41.5 41.8 36.4 32.4 30.9 27.9 25.3 23.4 22.8 21.1 4.4' 5 4 5.0 5.2 5.8 7.0 7.3 7.7 7.7 6.9 6.7 5.7 5.3 .4 .1 .4 .2 .3 3 .3 .3 .3 .4 .8 .5 3.9 .3 .2 .2 .1 10.1 14.4 7.9 4.5 7.3 2 3 4.6 6.1 8.6 9.4 9.4 9.3 8.5 7.6 6.8 6.6 6.3 3.3 8.0 6.8 7.7 7.2 6 6 6.8 6.6 6.2 6.6 6.8 7.4 7.9 4.7 5.6 6.0 4.6 TABLE 4.—PURCHASES A N D SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES * (Inflow of Foreign Funds) [In millions of dollars] U S Government bond s and notes 4 Year or month 1946 1947 . . . 1948 1949 1050 1951P 1951—February M!arch April May June July August. . September October November December? 1952—January P Corporate bonds anc stocks 6 Purchases Sales Net purchases Purchases Sales Net purchases 414 5 344 8 282.4 430.0 1.236.4 703.6 25.3 60.9 101.5 46.7 210.2 30.0 35.7 11.1 20.7 28.7 26.2 20.2 684.2 283.3 330.3 333.6 294.3 1,360.9 31 8 40 8 23.7 42.3 492.4 79.3 226.7 56.1 282.5 17.4 40.4 17.7 -269.7 61.5 -47.9 96.4 6 942.1 -657.3 -6 5 20 1 77.9 4.4 -282.2 -49.4 — 191.1 —45.0 -261.8 11.4 -14.1 367.6 226.1 369.7 354.1 774.7 859.8 71 3 69 3 69 9 82.2 55.4 51.6 68.0 76.7 94.0 62.6 64.1 76.5 432.1 376.7 514.1 375.3 772.3 761.0 71 5 58 0 53.9 71.9 58.5 47.3 60.3 52.4 76.1 61.8 53.7 71.1 -64.5 -150.6 — 144 3 -21.2 2 4 98.7 - 2 11 4 16 0 10.4 —3.1 4.2 2.6 7.7 24.3 17.9 .8 10.4 5.3 Total purchases Total sales 782.1 570.9 652 2 784.1 2,011 1 1,563.3 96.6 130 3 171.4 128.9 265 6 81.5 103.7 87.8 114.6 91 4 90.3 96.7 1,116.3 659.9 844 4 708.9 1,066 6 2,121.9 103 3 98 8 77 5 114.1 550 9 126.7 287 0 108.5 358.5 79 2 94.1 88.8 Net purchases of domestic securities -334 2 -89.1 — 192 2 75.2 944 4 -558.6 -6 7 31 5 93 9 14.8 —285 2 -45.1 — 183 3 -20.7 -243.9 12 2 —3.8 7.9 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES • (Return of U. S. Funds) [In millions of dollars] Foreign stocks Year or month 1946 1947. 1948 1949. 1950 1951P 1951— F br March . April May June July August September October November December? 1952—January? . . ... • Purchases Sales 65.2 57.1 81.7 88.8 173.8 272.3 29 8 20.8 20.8 24.6 17.7 16.4 19.6 26.6 25.2 24.2 24.4 34.0 65.6 42.6 96.7 70.8 198.2 348.6 30 4 '21.1 16.2 17.7 16.4 18.1 19.6 26.6 21.4 47.6 82.6 29.5 Foreign bonds Net purchases -.4 14.6 -15.0 18.0 -24.4 -76.4 - 6 4.6 6.9 1.2 -1.7 — .1 3.8 -23.5 -58.2 4.5 Purchases Sales Net purchases 755.9 658.7 211.6 321.2 589.2 501.0 25 3 42 0 31.1 24.5 39.1 45.4 21.1 73.6 53.9 73.7 38.6 32.1 490.4 634.3 291.4 311.5 710.2 800.4 36 0 89.7 67.6 75.3 73.9 28.2 20.1 73.0 226.1 39.6 46.8 31.9 265.5 24.5 -79.8 9.8 -121.0 -299.4 - 10 7 - 47.6 -36.5 -50.9 -34.8 17.3 1.0 .6 -172.2 34.2 -8.2 .2 Total purchases 821.2 715.9 293.3 410.1 763.0 773.2 55 1 62.8 51.9 49.1 56.8 61.8 40.7 100.2 79.1 97.9 63.0 66.1 Total sales 556.1 676.8 388.2 382.3 908.4 1,149.1 66 3 '110.8 83.8 93.0 90.4 46.2 39.7 99.6 247.5 87.2 129.4 61.4 Net purchases of foreign securities 265 1 39 0 —94 8 27.8 -145 4 -375.8 — 11 3 r_47 9 -31.9 -44.0 -33.6 15.6 9 .6 — 168 4 10 7 -66.4 4.7 r p Preliminary. Revised. i Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran Israel, and Thailand, reported separately as of that date. a Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 4 3 Includes transactions of international institutions. Through 1949 includes transactions in corporate bonds. * Through 1949 represents transactions in corporate stocks only. » Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions, 7 Less than $50,000. APRIL 1952 455 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] Year or month 1946 1947. . 1948 1949 1950 1951P 1951—Feb Mar Apr May.... June.... International institutions United Kingdom Total —334.2 —163.6 —199.8 — 11.8 823.2 —568.7 -9.9 74 5 7.6 87.0 121 2 10.1 3.2 —36.9 —8.9 9.1 20.9 64.0 19.9 25.8 17.7 76.2 12.5 -223.4 -34.0 -174.8 -20 9 -229.4 2.3 -61.9 -11.2 -8.6 July . . . Aug .3 Sept Oct -14.5 9 . 0 Nov Dec.p. . . -4.2 1952—Jan.?. . . - 4 . 7 Italy Other Europe Total Europe —6.8 —50 2 -82.8 —6.8 197.8 —26.5 —98.2 -79.3 —25 5 -6.3 -22.2 — 17.5 13.0 -40.0 44.2 19.0 46.9 —i -171 — 10.8 — 14.1 —98.6 — 175 5 -190.4 36 5 347.5 .9 -.1 20.3 50.6 1.6 8.6 1.3 -.1 -35.8 -13.9 -5.3 -6.0 -2.7 -1.4 -2.2 -4.6 -1.0 -1.7 -20.0 3.1 4.1 .4 .6 .7 5.4 1.5 2.6 2.2 (i) 1 5 — .7 1.9 -.9 1.4 6.7 4.6 2.7 5.8 5.4 0) .4 -2.5 -3.6 12.6 Switzerland .4 -2.9 -13.0 3.1 .4 Netherlands 6.0 4.0 -.4 1.0 5.6 France -.9 .5 .3 .3 .1 .6 -.2 .5 -.1 .2 .3 11.0 11.2 2.6 -3.3 10.4 73.8 —44.8 -1.4 7.6 2.0 .7 22.5 50.3 -1.4 -56.7 -11.3 -31.0 -11.6 -8.2 -4.6 -5.4 .6 -42.6 1.0 1.9 .8 2.8 7.5 2.6 3.5 14.1 -1.3 -.1 Latin America Canada — 16 4 —224 5 10.0 —23.3 — 2.1 — 15 3 6.3 -3.5 10.2 3.2 7.5 —49.0 458.2 —595.5 -11.3 -20.1 16.1 -3.6 -156.4 -25.3 -142.2 -3.1 -235.9 -1.7 -7.6 -2.9 All other Asia 2.5 30 1 13.9 — 1.0 2^2 —3.9 .2 27 -.7 6.0 -.4 3.1 8.9 3.1 -.4 2 4 8 — 3 .2 A 14.7 .5 .9 -.1 -10.7 1.7 -.1 3.8 3.9 1.2 3.1 -10.1 -5.0 .9 1.2 .1 -.1 .1 .1 .1 .3 2.3 -1.3 .4 -1.3 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Year or month Other Europe Austria » Norway Belgium All other Sweden Latin America Bra zil Cut >a Republic El Other of Salva- Latin Pan- dor » Amer- Mexico Formosa and Other ChinaI Japan Asia Main land Asia ama 1946 1947 1948 1949 1950 1951P 1951- Feb Mar.. . Apr . . . . May . . . June . .. July.... Aug Sept.. . . Oct Nov. . . . Dec.p . . 1952—Jan.P.. . -10 8 -14 1 2 6 2 .2 73.8 18 # 4 - 4 4 .8 — 11 [9 -1 4 - 1 .7 7 0) -8 2 .5 -4 6 « .9 -5 4 - 7 .3 6 .1 -42 6 - 4 .7 1 0 (x) 1 9 .4 8 0) 2 8 0) 3 .2 .6 -.9 2.6 1.6 2.2 - 3 4 -10.2 -.9 1 1.1 7.1 .5 - 6.6 -4.1 - 2 5 2 — .3 12.6 36 7 -38.1 4.7 0) .5 .7 .9 -.5 .9 .2 0) -8 7 -2.7 -1 0) 0) 1.8 () ! -3.6 -29.2 1.2 0) 0) 2.0 .7 2.4 0) 0) 0) 0) 0) — .6 0) C1) 9 4 1 3 1 1 1 2.5 30.1 13.9 -.4 -.2 3.1 -.3 8.9 .1 3.1 .5 - . 6 -10.7 1.7 .1 -5.0 3 6.3 -3.5 10 2 .1 -1.3 3.8 3.9 1.2 3.1 2.3 — .5 .3 .4 -.9 .4 - 1 .4 .6 — .2 — .1 1 .6 1 7 9 8 - 1 .0 24 .6 6 .1 6 8 2 5 2 9 3 5 2 5 .4 .2 — .1 1 .0 .5 .7 6 .4 — .9 0) .3 — .3 — .2 .4 .2 .1 .1 3 3 — 1 — 3 8 2 — 3 6 C1) 0) .1 .5 .1 0) .1 0) 1 1 6 I 0 4 5 -6 9 -4 7 4.2 .1 10.9 . 8 - K .9 ! -.2 1 1.0 1 .2 1 .4 - . 2 - 1 C .9 -1.6 .6 3.1 -.3 -1.5 .2 1.1 0) 0 0) 0 0) I1 - 6 2 224 5 - 2 0 0 5 ( i ) 10 0 3 2 8 -3. 2 12 2 23 3 - 2 2 7 - 7 -2 1 -7. 2 5 - 3 . 0 -13 - 5 9 -15 3 2 6.0 13.9 .4 .8 2.4 2.9 -.4 2.7 -1.3 .2 3.4 2.2 1.2 0) 2 .4 .8 0) 3 1 2 # 2 1 1 —, .5 .9 —,I -10.1 — -5.0 .9 1.2 0) -1.3 0) 4.7 — .7 .1 1.3 6.0 0) 0) 5 (1) 14.7 —24 0 5 1 0 7 \ 1 1 .3 .9 .6 14.4 .6 .7 .1 0) 0) 0) 0)' 0) -10.1 0) 0) -5.0 0) -1.4 .9 1.1 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( - ) . In millions of dollars! Year or month International institutions 1946... 1947 -249.3 1948 0) t949 — 16.0 1950 -3.6 1951P -152.7 1951—F eo (i) -48.7 Mar -3.0 Apr. . . . May.... June July. . . .1 Aug -1.0 Sept -99.4 Oct Dec.p... 1952—Jan.P. . . Total United Kingdom France Nether- Switzerland lands Other Europe Total Europe Canada 10 9 15.6 11.4 24.6 —32 6 -34.4 -43.4 30 8 13.4 28.5 -.3 32 2.0 1.5 8.8 1.7 1.5 .4 3.4 2 5 187 6 205.2 -102.2 — 10.6 — 190.0 -257 4 -12.8 '-6.8 -34.5 -40.4 -37.6 16.4 -1.0 -2.2 -76.5 9.2 -67.4 265.1 288.3 -94.9 43.8 -141.8 -223.2 11 2 r.8 -28.9 -43.9 -33.6 15.6 .8 1.6 -69.0 10.7 —66.4 -20.9 -2.0 -9.9 -13 5 -6 1 -2.0 .4 .4 -.1 .8 .2 .9 ft .1 2.9 4.6 4.6 .2 1.0 .7 2.3 .1 .6 4.9 C1) 0) -2.1 — .2 .1 .3 -.6 .2 .3 -1.0 -3.1 -4.3 .4 — 1.3 -4.1 -2.5 -2.2 -.4 .2 .2 -.4 .2 .8 .8 (i) -7.0 -29.9 -5.3 — .1 -4.7 2.8 .4 .9 .2 .2 -.6 .2 -.7 .1 .7 .4 Italy -13.9 -14.9 -35.4 19.1 17.2 14.2 -.2 3.6 2.1 1.8 1.8 .3 1.0 1.2 .2 1.4 — .8 -.3 .1 .4 .5 1.2 1.1 -.1 .1 0) 0)' 0) 7.8 16.4 1.6 -.5 T2 7.5 1.4 .7 -1.1 1.4 .3 5.0 Latin America 131 3 89.2 40.7 20 2 29.8 33.8 1 3 2.5 1.3 3.9 3.9 4.2 0) 3.8 5.4 2.6 2.3 -1.1 Asia 3 .5 1.6 8 1 .0 -36.0 1 15 1 -8.9 -9 1 -6.9 0) -1.7 -2.0 -3.9 -6.8 -4.4 All other —21 4 27 8 8.4 2 6 3 9 7.9 5 .3 2.2 .1 .4 .2 .4 1.3 .6 3 .9 .3 r *» Preliminary. Revised. » Less than $50,000 Not available until 1950. 1 456 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Year or month Total 1946 1947 1948 1949 1950 1951? 1951—February March April May June July August September October November December* 9.7 -.6 -11.3 -19.3 -1.0 -1.2 -9.1 -.1 .9 .6 8.0 2.7 -2.3 -4.8 -4.5 11.1 -.1 -2.0 1.2 -7.5 -.2 -1.5 2 2.0 1952—January* United Nether- SwitzerKingdom France lands land -2.9 -1.4 -2.5 -8.5 -4.8 -3.4 -.5 -.1 .4 .1 -.4 -.6 2.5 -.5 .1 -.2 -.7 1.2 .6 1.3 -.4 -.3 -.5 .2 .5 -.8 -.3 .2 .6 -.3 -.8 -1.0 -1.5 .2 2.5 .3 .2 -.2 .3 -.6 3.2 .8 -2.7 .6 -1.9 9.3 -1.5 -10.7 Italy C1) .1 .2 .4 .2 .9 .7 -4.8 -.2 .5 -4.2 1.2 2.5 -.7 -.3 .3 .3 .7 -1.0 .1 0) -1.7 -.7 _0) l!l -.4 .1 .1 -.2 .2 — .1 0) -.5 0) Other Europe Latin Total Europe Canada America Asia All Other 1.1 -.5 -3.2 .1 -.2 -1.0 -.5 .3 .6 -1.6 -9.3 -20.8 1.0 3.0 -4.0 1.0 -.4 -3.1 -2.4 9.2 .2 -4.9 1.0 -3.4 2.3 2.0 -2.0 .1 .9 -3.0 2.8 .4 -.9 -.4 -.2 2.8 -1.0 2 .1 .4 .1 .3 7.5 -.6 1.2 -1.3 1.0 1.8 .4 -.2 3.0 -.7 .1 -.1 -.9 .2 -.4 -.2 .7 -.1 .5 -.1 -.2 .7 -1.4 -.1 .2 .6 -.1 .1 -.3 -.6 .4 0) .6 .3 0) -.5 .5 -.4 -3.2 1.1 4.3 -.2 0) -.6 .7 -.1 -1.0 .4 .2 .2 -.9 1.1 4.4 -7.1 1.1 -.7 .2 -2.5 -.5 .3 2.1 .2 -4.5 -3.1 1P Preliminary. 2 Less than $50,000. Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.9; U. S. brokerage balances abroad, 36.2. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Year or month Estimated ' world production Total outside reported USSR i monthly ,265.6 ,125.7 871.5 777.0 738.5 756.0 766.5 794.5 826.0 1941... 1942... 1943... 1944... 1945... 1946... 1947... 1948... 1949... 1950... 1951... 1951-—January.. . February.. March.... April May June July August.... September. October. . . November. December. 1952—January. 1,110.4 982.1 774.1 701.5 683.0 697.0 705.5 728.1 753.2 775.9 63.4 58.9 63.5 62.9 65.0 62.9 Production reported monthly North and South America Africa South Africa Rhodesia West Belgian United Africa2 Congo3 States 4 Canada Mexico Colombia Chile gold =$35. $1 = 15/21 grains of gold 9/10 fine: i. e., an ounce of fine 23.0 27.8 32.4 19.6 209.2 187.1 28.0 504.3 19.6 32.4 20.9 26.6 29.2 18.0 131.0 169.4 28.0 494.4 18.0 29.2 19.8 23.0 19.7 15.8 48.8 127.8 22.1 448.2 15.8 19.7 19.4 20.7 18.4 12.7 35.8 102.3 17.8 429.8 12.7 18.4 17.7 19.9 18.9 12.1 32.5 94.4 17.5 427.9 12.1 18.9 15.3 417.6 19.1 20.5 11.6 51.2 99.1 14.7 11.6 20.5 13.4 392.0 18.3 19.3 10.8 75.8 107.5 16 11.7 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.1 23.4 12.6 409.7 18.5 23.1 12.9 67.3 144.2 14.2 13.3 408.2 17.9 23.2 12.0 80.1 155.4 14.3 12.0 23.2 15.1 403.1 69.9 152.7 12.7 23.7 5.9 .9 2.0 1.0 1.4 13.1 33.4 5.2 1.1 .7 12.1 1.0 2.1 31 5.8 .9 13.0 1.1 2.0 1.5 33.4 5.5 1.0 12.7 1.0 2.0 .5 33.2 5.5 1.0 12.9 .4 1.1 1.9 34.6 5.9 1.0 12.7 .3 1.1 1.9 33.9 5.5 12.1 .3 1.2 1.9 34.4 6.6 12.1 .5 34.6 1.3 1.9 6.4 12.6 .3 2.0 1.1 33.3 6.6 13.2 .2 34.1 2.0 1.1 5.7 13.0 .2 33.8 2.0 .9 5.1 13.2 2.1 1.0 33.2 34.2 2.0 1.2 5.0 9.3 6.4 6.1 7.1 6.3 8.1 5.9 5.7 6.3 6.7 Other Nica- AustraIndia' ragua 5 lia 7.5 8.6 7.7 7.9 7.0 6.4 7.4 7.8 7.7 8.0 52.4 40.4 26.3 23.0 23.0 28.9 32.8 31.2 31.3 30.1 10.0 9.1 8.8 6.6 5.9 4.6 6.1 6.5 5.7 6.7 7.6 2.5 2.4 2.4 2.4 3.5 2.1 2.4 2.6 2.4 2.6 2.8 .5 .6 .6 .7 .6 .6 .7 .7 .7 .7 .7 .7 .6 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 2 Estimates of United States Bureau of Mines. Beginning 1942,figuresreported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 4 Reported by American Bureau of Metal Statistics. Includes Philippine production received in United States through 1945. Yearly figures through 1950 are estimates of United States Mint. Figures for 1951 and 1952 are estimates of American Bureau of Metal Statistics. 5 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. APRIL 1952 457 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Estimated United States total world (excl. USSR) 1 Treasury Total 2 Argentina Belgium Bolivia Brazil Canada Chile Colombia Cuba Denmark Ecuador 1945—Dec 1946—Dec.. . . 1947—Dec 1948—Dec 1949—Dec.. . . 1950—Dec 33,770 34,120 34,550 34,930 35,410 35,820 20,065 20,529 22,754 24,244 24,427 22,706 20,083 20,706 22,868 24,399 24,563 22,820 1,197 1,072 322 143 216 216 716 735 597 624 698 587 22 22 23 23 23 23 354 354 354 317 317 317 361 543 294 408 496 590 82 65 45 43 40 40 127 145 83 51 52 74 191 226 279 289 299 271 38 38 32 32 32 31 21 21 20 21 21 19 1951—Mar.... Apr. . . May. . . 35,810 21,806 21,805 21,756 21,756 21 759 21 854 22,013 22 233 22,382 22,695 21,927 21,900 21,861 21,872 21 852 21,986 22,164 22 394 22,579 22,873 288 288 288 288 288 288 276 273 268 268 589 609 589 586 595 608 638 621 619 621 23 23 23 23 23 23 23 23 23 317 317 317 317 317 317 317 317 317 317 618 635 643 652 671 681 691 736 805 850 45 45 45 45 45 45 45 45 45 45 63 65 66 271 271 271 281 281 291 311 311 311 311 31 31 31 31 31 31 31 31 31 31 22 22 22 22 22 22 22 22 22 22 22,951 23,190 23,055 23,373 268 631 610 311 311 31 31 22 22 Egypt France 3 Guatemala India 1945—Dec 1946—Dec... . 1947—Dec 1948—D ec 1949—Dec 1950—Dec 52 53 53 53 53 97 1 090 796 548 548 523 523 28 28 27 27 27 27 274 274 274 256 247 247 131 127 142 140 140 140 24 28 58 96 252 252 1951—Mar Apr May.... 117 117 124 143 174 174 174 174 174 174 523 548 548 548 548 548 548 548 548 548 27 27 27 27 27 27 27 27 27 27 247 247 247 247 247 247 247 247 247 247 139 138 138 138 138 138 138 138 138 138 174 174 548 548 27 27 247 June .. July Aug Sept... . 35,930 35,990 Oct Nov.. . P35.950 Dec 1952—Tan Feb End of month June July.... Aug Sept.. . . Oct Nov.. . . Dec 1952—Jan Feb End of month 1945—Dec 1946—Dec... . 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Mar Apr May.... June.... July Aug Sept.. . . Oct Nov Dec 1952—Tan. Feb 458 Iran 45 45 317 317 Italy Java Mexico Peru 178 208 23 23 23 23 27 29 80 91 72 52 51 50 14 27 27 28 24 20 20 28 31 252 252 252 252 252 252 252 252 252 252 228 229 229 229 229 229 229 279 279 279 304 282 261 228 195 193 191 190 191 208 311 311 311 311 311 311 311 312 312 316 30 30 30 31 31 31 31 31 31 32 50 50 50 50 50 50 50 50 50 50 27 27 27 27 27 27 27 27 27 27 46 46 46 46 46 46 46 46 46 46 252 279 279 316 32 50 50 27 South Africa Spain Sweden Switzerland Thailand Turkey 433 310 236 178 192 13 12 15 15 17 23 914 939 762 183 128 197 110 111 111 111 85 61 482 381 105 81 70 90 1.342 1,430 1,356 1,387 ,504 1,470 43 34 34 34 118 118 241 237 170 162 154 150 23 23 23 26 26 26 26 26 26 26 205 210 210 210 210 210 210 209 208 190 61 61 61 60 61 61 50 50 50 51 114 124 129 129 129 129 128 134 136 152 1,448 L 444 1,458 1,451 L 454 1,447 1,446 L 448 1,452 118 118 115 115 113 113 113 113 113 113 150 150 150 150 150 150 150 150 150 151 26 26 190 51 51 179 211 1 .438 113 150 150 P265 Pakistan 270 265 231 166 195 311 El Salvador P264 Norway 294 181 100 42 52 208 *201 180 4 Portugal 202 212 217 217 217 224 234 250 255 NetherNew lands Zealand 454 United Kingdom 5 5 2,476 2,696 5 2,079 5 1,856 s1,688 5 3,300 5 3,758 5 3,867 8 3,269 5 2,335 55 2,036 1,770 Uruguay Venezuela Inter- Bank for national InterMone- national tary Settlements Fund 195 200 175 164 178 236 202 215 215 323 373 373 1,356 1,436 1,451 1,495 39 32 30 36 68 167 295 295 293 279 269 257 252 242 232 373 373 373 373 373 373 373 373 373 373 1,495 1,495 1,495 1,518 1,519 1,529 1,529 1 529 1,530 1,530 119 161 153 151 155 143 144 132 127 115 373 373 1,531 116 126 P221 15 FEDERAL RESERVE BULLETIN 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 1945 1946 1947 1948 1949 1Q5O 1951 United Kingdom Belgium France —452.9 721.3 -.2 2,864.4 406 9 1,510.0 734.3 193.3 446.3 — 1,730.3 - 1 . 0 2 0 . 0 67.9 469.9 31.1 14.2 222 8 69.8 -41.0 —55 0 -10.3 278.5 Total 264.6 15.8 —84 8 -20.0 Netherlands Portugal Sweden Switzerland Other Europe 1 Canada Argentina 130.8 40.7 -23.5 -70,8 -4.5 —47.9 -10.0 80.2 116.0 238.0 63.0 3.0 14.0 — 15.0 —22.9 -34.9 -32.0 -86.8 -29.9 10 0 -5.6 -40.0 -38 O -15.0 -7.4 27.3 86 6 5.8 2 -159.9 —68.3 -60.1 36.8 337.9 311 2 -224.9 153.2 727 5 114.1 -49.9 —5.0 — 10 0 -20 0 -5.0 2 3.4 — 100.0 -10.0 -49.9 Cuba Mexico -85.0 -23.8 -30.0 36.9 45 4 —65 0 -10 0 61.6 -10.0 -16.1 28.2 —118.2 -20.0 -60.2 1949 68 8 173.9 101.5 -151.0 Apr.-June July-Sept Oct.-Dec 162.4 283.9 — 12.5 -31.0 10.4 10.5 3.5 2.5 -33.9 —13.7 — 11 2 -119.1 -15.9 3.4 -49.9 — 10.0 2.3 7.9 —11.3 -15.0 1950 Jan.-Mar Apr -June July-Sept Oct.-Dec . -202.5 -31.7 -732.2 -763.8 -580.0 —360.0 —880.1 -57.0 290 0 715.0 -400.0 -80.0 320.0 629.9 -80.0 -35.0 -20.0 —3 0 -13.0 -16.0 -25.0 -28.5 -56.3 -79^8 - 1 5 . 0 —4.0 -12.4 -11.9 3.4 -47.4 -15.8 8.2 20.0 -100.0 -40.5 —61.9 1951 Jan.-Mar Tuly-Sept Oct.-Dec -12.3 -91.7 2.0 -4.5 71.7 -10.0 -15.0 —5 0 -5.0 Year or quarter 1945 1946 1947 1948 1949 1050 1951 Uruguay Venezuela Asia and Oceania Union of South Africa -37.9 -73.1 -9.2 -4.9 -3.7 25.1 10.7 -108.0 -14.4 -50.0 -64.8 22.2 -.9 - 2 7 . 8 »-188.3 25.0 13.7 1.0 79.1 13.4 -4.1 —7.5 —52.1 -17.6 -30.2 -17.2 s -57.4 3 0 -16.5 -50.0 -1.0 3 6 3.7 -2 9 -11.9 -2.3 -6.6 -2.2 -41.0 72.0 55.6 48.1 19.9 -12 0 -2.0 —23 9 -26 9 -10.5 -1.0 -.1 -6.0 -.8 *-i4!9 3.9 9.2 -11.7 -5.0 3.5 -4.0 -22.6 -3.8 —5.3 -25.7 All other 3 7 94.3 22.9 256.0 11 9 498.6 6.9 195.7 -1.6 13.1 * - 4 7 . 8 52.1 4-84.0 .1 1 -2.0 .2 1950 Jan -Mar Apr.-June July-Sept Oct.-Dec . -23.6 -27.0 -3.0 -14.8 -3.0 1951 Jan.-Mar Apr -June Tuly-Sept Oct -Dec 1 2 3 4 —50 9 15.0 28.0 30.1 -.9 'l2*7 20.3 19.2 -28.0 -25.0 -31.0 Includes Bank for International Settlements. Includes sale of 114.3 million dollars of gold to Italy. Includes sales of 185.3 million dollars of gold to China. Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. 5 Includes sales of 45.0 million dollars of gold to Indonesia. NOTE.—This series replaces the series on "Net Gold Imports to United States, by Countries." published previously. APRIL 1952 -44.3 -11.2 —3 5 -1.1 —124.4 64 1 —49.9 —10.0 —20 6 Gold s tock at end of period 1949 Jan -!Mar Apr.-June.... July-Sept Oct -Dec -15.0 — 17 0 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES—Continued [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Other Latin America -15.0 Treasury Earmarked DomesNet Increase gold gold: de- tic gold imin total port or crease producgold or inexport stock tion 2 crease (-) Total » (-) 22,726 21,938 20,619 20,065 20,529 22,754 24,244 24,427 22,706 22,695 21,806 21,805 21,756 21,756 21,759 21,854 22,013 22,233 22,382 22,695 22.951 23,190 23,290 22,739 —23.0 315.7 —458.4 125.4 -757.9 68.9 -803.6 21,981 48.3 20,631 -1,349.8 -845.4 -459.8 35.8 20,083 —547.8 -106.3 -356.7 32.0 465.4 51.2 20,706 623.1 311.5 22,868 3 2,162.1 1,866.3 210.0 75.8 24,399 1,530.4 1,680.4 — 159.2 70.9 24,563 164.6 686.5 —495.7 67.3 22,820 -1,743.3 -371.3 -1.352.4 80.1 22,873 52.7 -549.0 617.6 69.9 -235.4 -123.5 -111.2 21,927 5.8 5.5 21,900 - 2 7 . 3 -110.6 101.9 5.5 21,861 -38.5 -41.0 -12.9 5.9 21,872 10.4 - 3 7 . 6 46.3 5.5 21,852 — 19.2 - 1 6 . 2 -8.8 6.6 21,986 133.1 -3.7 137.0 6.4 22,164 178.0 10.9 176.7 6.6 22,394 229.9 - 1 8 . 4 243.4 5.7 22,579 185.0 -2.1 188.4 6 . 5 5.1 22,873 294.1 289.9 182.4 63.6 5.0 137.5 23.055 4.8 23.373 317.5 150.3 152.2 5 (4) (4) 23,428 55.6 -103.1 Period 1942 1943., 1944. 1945 1946 1947 1948 . 1949 1Q50 1951 1951—Mar... Apr... May.. June.. July... Aug. . . Sept... Oct.... Nov.. . Dec.. . 1952—Jan. . . Feb.. . Mar.. . 1 See footnote 2 on opposite page. 2 Yearly figures through 1950 are estimates of United States Mint. Figures for 1951 and 1952 are estimates of American Bureau of Metal Statistics. 3 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 4 Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 4,821.6 million dollars on Mar. 31, 1952. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 459 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. 1952 In millions of dollars] 1951 1951 1950 I n t e r n a t i o n a l Bank International Fund Gold Currencies (balances with depositories and securities payable on demand): United States Other Unpaid balance of member subscriptions. Other assets Member subscriptions Accumulated net income Net currency purchased * (Cumulative—millions of dollars) Jan. Oct. July Jan 1,531 1,529 1,519 1,495 1,322 1,322 1,316 1,304 4,408 4,409 4,327 4,229 869 1,003 869 883 1 1 1 1 8,152 8,137 8,037 8,037 -5 -6 -7 -6 1951 1952 Feb. Jan. Dec. Feb. 20.0 20.0 20.0 20.0 11.4 11.4 11.4 11.4 103.0 65.5 65.5 65.5 8.8 5.4 5.4 5.4 6.0 6.0 6.0 6.0 10.2 10.2 10.2 10.2 -5.5 -5.5 -5.5 -5.5 125.0 125.0 125.0 125.0 100.0 100.0 100.0 100.0 6.6 8.8 22.5 75.2 75.4 75.4 75.4 9.6 10.0 5.0 5.0 5.0 5.0 300.0 300.0 300.0 300.0 9.0 9.0 9.0 9.0 -.6 — 1.7 - 1 . 7 - 1 . 7 Australian pounds Belgian francs Brazilian cruzeiros Chilean pesos Czechoslovakian koruny. Danish kroner Egyptian pounds French francs Indian rupees Iranian rials Mexican pesos Netherlands guilders Norwegian kroner South African pounds. . . Turkish liras Pounds sterling Yugoslav dinars All other 771.7 Total. 734.4 732.2 Dec. Sept. June Dec. Gold Currencies (balances with depositories and securities payable on demand): United States 11 9 5 8 Other 921 945 944 919 Investment securities (U. S. Govt. obligations) 510 441 457 437 Calls on subscriptions to capital stock 8 . . 4 4 4 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,113 1,085 1,037 868 Other assets 19 10 9 13 Bonds outstanding 325 261 436 336 Liability on obligations sold under guarantee 33 29 33 33 Loans—undisbursed 352 229 350 368 Other liabilities 10 6 5 4 General reserve 50 42 35 46 Special 3reserve 24 20 17 22 Capital 1,688 1,688 1,668 1,668 1 As of Feb. 29, 1952, the Fund had sold 806.1 million U. S. dollars; in addition, the Fund sold to the Netherlands 1.5 million pounds sterling in May 1947 and 300 million Belgian francs in May 1948, sold to Norway 200 million Belgian francs in June and July 1948, and sold to Brazil 10 million pounds sterling in January 1951. Repurchases amounted to 79.9 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." 28 Less than $500,000. Excludes uncalled portions of capital subscriptions, amounting to 6,751 million dollars as of Dec. 31, 1951, of which 2,540 million represents the subscription of the United States. 772.3 CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue department Goldi Assets of banking department Other assets J Notes and coin Discounts and advances Securities Liabilities of banking department Note circulation3 ECA Other Other liabilities and capital 17.9 17.9 17.8 17.8 18.1 18.1 18.1 18.1 18.1 Deposits Bankers' Public 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 30 29 27 26 25 31 29 28 27 .2 .2 .2 .2 .2 .2 .2 .4 .4 950 0 1,100.0 1,250.0 1,400.0 L,450.0 L,450.0 1,325.0 L,350.0 1,375.0 27.7 12.5 13.5 20.7 23.4 100.8 36.1 33.7 19.2 3.5 2.5 5.1 8.4 13.6 15.2 16.7 14.8 29.2 267.9 307.9 317.4 327.0 327.6 331.3 401.1 489.6 384.0 923.4 1,088.7 1,238.6 1,379.9 1,428.2 1,349.7 1,293.1 1,321.9 1,357.7 223.4 234.3 260.7 274.5 278.9 315.1 314.5 299.2 313.5 9.0 10.3 5.2 5.3 10.3 18.6 11.7 11.6 15.4 17.4 97.9 .4 48.8 60.4 52.3 58.5 57.3 95.5 92.1 111.2 85.0 1951—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 28 25 30 27 25 29 26 31 28 26 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 L,350.0 1,350.0 1,350.0 1,400.0 L,400.0 L.400.0 1.400.0 1,400.0 1,400.0 1,450.0 31.3 37.3 19.2 51.8 20.1 42.9 52.4 49.7 38.2 14.1 12.3 6.4 2.8 7.9 7.7 29.7 19.0 20.8 16.8 18.2 395.1 388.4 405.0 360.0 390.8 337.7 345.7 356.0 364.0 389.2 1,320.1 1,313.8 1,331.6 1,349.3 1,380.9 1,358.0 1,348.9 1,351.8 1,363.7 1,437.9 302.4 305.8 296.4 290.1 294.4 273.6 289.9 303.9 294.7 299.8 13.8 14.2 14.4 20.4 14.8 18.5 16.6 14.5 16.4 13.4 14.6 5.4 13.4 4.4 2.3 .9 1.1 7.2 .6 .6 89.3 89.0 84.8 86.6 88.9 98.9 91.2 93.1 89.4 89.8 18.5 17.8 18.0 18.1 18.3 18.5 18.5 17.8 18.0 18.1 1952—Jan. 30 Feb. 27 .4 .4 «1 ,400.0 1 ,400.0 48.1 34.9 7.9 17.7 343.7 344.2 1,353.8 1,367.0 277.8 283.0 15.5 11.8 .5 .4 87.5 83.1 18.3 18.5 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 16. For details on previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 460 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Bank of Canada (Figures in millions of Canadian dollars) Sterling and United States dollars Gold Liabilities Dominion and provincial government securities Deposits Other assets Dominion government 232.8 359.9 496.0 693.6 874.4 ,036.0 ,129.1 ,186.2 ,211.4 ,289.1 ,307.4 ,367.4 217.0 217.7 232.0 259.9 340.2 401.7 521.2 565.5 536.2 547.3 541.7 578.6 46.3 10.9 73.8 51.6 20.5 12.9 153.3 60.5 68.8 98.1 30.7 24.7 17.9 9.5 6.0 19.1 17.8 27.7 29.8 93.8 67.5 81.0 126.9 207.1 13.3 28.5 35.1 24.0 55.4 209.1 198.5 42.7 42.4 43.1 119.2 172.6 171.1 168.8 117.9 104.1 118.6 119.8 87.1 83.1 79.2 135.2 ,319.5 ,323.0 ,337.5 ,351.3 ,370.5 ,370.7 ,388.0 ,406.5 ,407.2 ,464.2 552.9 556.1 530.1 590.7 558.2 580.4 579.4 588.3 633.8 619.0 70.5 56.9 76.2 75.3 91.1 115.0 105.6 210.3 66.0 94.9 206.7 215.1 221.5 220.1 212.6 185.7 140.0 83.3 92.5 66.1 117.2 196.6 168.7 165.0 202.9 205.8 154.8 165.0 189.5 200.0 82.7 88.2 1,375.6 1,374.4 629.2 616.7 92.8 88.5 54.9 52.1 153.4 112.5 Other 64.3 38.4 200.9 .5 .6 172.3 156.8 1.0 2.0 .4 74.1 111.4 181.9 448.4 391.8 807.2 787.6 906.9 ,157.3 ,197.4 ,022.0 ,233.7 ,781.4 ,229.3 49.9 127.3 216.7 209.2 472.8 573.9 688.3 708.2 858.5 779.1 227.8 712.5 5.5 12.4 33.5 31.3 47.3 34.3 29.5 42.1 43.7 45.4 42.5 297.1 1951—Mar. 31. Apr. 30. May 31 . June 30. July 31. Aug. 31 . Sept. 29. Oct. 31. Nov. 30. Dec. 31. 80.0 128.8 125.2 116.8 116.8 100.0 87.0 96.5 128.8 117.8 ,341.9 ,327.6 ,313.7 ,335.2 ,327.4 ,349.6 ,297.6 ,317.5 ,137.8 ,141.8 673.7 722.5 777.3 846.3 872.5 888.1 896.1 956.4 1,043.1 1,049.3 1952—Tan. 31 . Feb. 29. 85.4 70.3 ,095.4 ,058.1 1,042.6 1,027.7 30. 31. 31. 31 . 31. 30. 31 . 31 . 31. 31 . 31. 30. 225.7 Other liabilities and capital 8 Chartered banks Short-l term 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. Note circulation2 Other Liabilities Bank of France (Figures in millions of francs) Gold Foreign exchange Advances to Government 8 Domestic bills Other assets 6 Open market 6 Other Current Other Government 14,200 63,900 69,500 68,250 64,400 15,850 15,549 151,322 1,914 984 18,571 218,383 17,424 270,144 1,517 16,990 382,774 770 16,601 500,386 578 20,892 572,510 748 24,734 570,006 12,048 33,133 721,865 765 59,024 920,831 733 57,622 987,621 806 112,658 ,278,211 1,168 212,822 ,560,561 70 223,295 235,063 259,474 235,037 250,441 245,129 235,289 252.303 199.545 190,830 97,267 112 5,818 84,616 42 7,802 84,598 38 6,812 84,598 37 8,420 84,598 37 9,518 75,151 42 12,170 68 17,980 129,817 7 37,618 94,817 65,225 12 67,395 65,225 30 97,447 62,274 61,943 137,689 182,785 162,017 136,947 2,345 661 12 169 29 48 303 3,135 64 8,577 28,548 34,081 5,149 3,646 4,517 5,368 7,543 18,592 25,548 76,254 117,826 238,576 335,727 393,054 671900 147,400 150,900 157,900 158,900 30,473 112,317 182,507 250,965 366,973 475,447 445,447 480,447 558,039 558,039 560,990 481,039 1951—Mar. 29. Apr. 26. May 31. June 28. July 26. Aug, 30. Sept. 27. Oct. 31. Nov. 29. Dec. 27. 182,785 191,447 191,447 191,447 191,447 191,447 191,447 191,447 191,447 191,447 193,622 173,566 169,035 161,802 154,610 145,195 131,284 82,087 31,888 28,320 29,194 23,821 17,539 12,164 5,967 1,256 9,231 23,855 32,015 31.956 389,147 427,135 341,766 458,572 454,608 472,894 540,751 670,689 716.710 741.267 154,800 159,700 158,700 157,600 145,800 160,600 160,400 166,200 160,300 160,000 481,039 481,039 481,039 481,039 481,039 481,039 481,039 481,039 481,039 481,039 1952- -Jan. 31. 191.447 Feb. 28. 191,447 20,857 233,879 15,607 245,014 Deposits 7 Special 1939—Dec. 28. 1940—Dec. 26. 1941—Dec. 31. 1942—Dec. 31. 1943—Dec. 30. 1944—Dec. 28. 1945—Dec. 27. 1946—Dec. 26. 1947—Dec. 31. 1948—Dec. 30. 1949—Dec. 29. 1950—Dec. 28. 133,959 141,921 215,539 196,435 232,873 236,169 225,418 168,822 153,650 234,923 Note circulation 31,456 757,085 166,500 481,039 29,280 850,733 174,400 481,039 ,576,231 ,597,678 ,632,018 ,660,842 ,699,190 ,754,151 ,779,360 ,827,781 ,779,556 ,841,608 75 98 83 66 74 96 60 62 19 29 184,064 ,866,693 126,412 ,880,832 57 96 ECA Other 14,751 27,202 25,272 29,935 33,137 37,855 57,755 63,468 82,479 171,783 158,973 15,058 161,720 39,588 46,941 17,636 16,432 19,703 6,980 13,367 16,240 1,869 10,587 Other liabilities and capital 2,925 8 44,986 8 68,474 8 21,318 8 15,596 7,078 4,087 7,213 10,942 16,206 19,377 24,234 149,431 160,530 160,143 190,056 166,020 146,012 154,895 166,453 157,228 166,226 22,516 28,444 24,658 26,701 31,798 26,490 27,177 25,905 27,922 41,332 7,157 156,405 3,699 198,702 36,015 30,601 1 1 8 4 Securities maturing in two years or less. Includes notes held by the chartered banks, which constitute an important part of their reserves. Beginning November 1944, includes a certain amount of sterling and United States dollars. On May 1. 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). • For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. • For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. • Includes advance to Stabilization Fund, amounting to 13.4 billion francs on Feb. 28. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. APRIL 1952 461 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange. Government securities Rediscounts and loans to banks. . Other assets Currency circulation Deposits—Nationalized Other sight obligations Other liabilities and capital Commonwealth Bank of Australia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks. . Securities (incl. Government and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities and capital Austrian National Bank (millions of schillings): Gold Foreign exchange Loans and discounts Claim against Government Other assets Note circulation Deposits—Banks Other Blocked National Bank of Belgium (millions of francs): Gold* Foreign claims and balances (net) Loans and discounts Consolidated Government debt.. Government securities Other assets Note circulation Deposits—Demand ECA Other liabilities and capital Central Bank of Bolivia—Monetary dept. (millions of bolivianos): Gold at home and abroad 2 Foreign exchange (net) Loans and discounts Government securities Other assets Note circulation Deposits Other liabilities and capital Central Bank of Ceylon (thousands of rupees): Foreign exchange Paid-in capital—Int'l. Bank Government securities Other assets Currency in circulation Deposits—Government Banks Other liabilities and capital Central Bank of Chile (millions of pesos): Gold Foreign exchange (net) 3 Net claim on Int'l. Fund Discounts for member b a n k s . . . . Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos): Gold and foreign exchange Net claim on Int'l. Fund 3 Paid-in capital—Int'l. Bank 1952 Feb. 1951 Jan. Dec. 814 1,052 2,077 42,313 148 17,704 25,232 790 2,678 431,357 6,396 365 5 619 93 295, 595,073 81,727 324,471 488,,570 475,820 35. 838 38,886 263. 839 275:,377 51 565 6,367 3,408 39 8,177 346 406 1,501 51 480 ,269 ,455 38 ,969 218 381 ,723 51 582 6,559 3,433 37 8,032 539 581 1,510 30,483 22,949 8,064 34,823 8,409 3,272 93,638 2,354 1,140 10,869 529 450 356 823 998 244 197 356 091 755 31,070 19,452 7,140 34,860 7,967 3,669 93,160 1,967 1,044 7,987 (Nov.)* 1,370 838 999 1,856 113 3,862 672 642 636,621 660 950 668,420 -1,624 1 134 1,134 3,356 2 810 3,083 3,128 3 893 4,150 404, 847 406,862 417,036 35,008 36,115 75, 193,431 171,200 154, 31,312 29,320 31, 1,214 189 107 1,835 670 6,270 3,087 8,545 2,127 317 2,382 254,335 24,371 7,126 ,214 381 107 ,614 670 ,251 ,110 ,452 ,113 361 420 1,205 227 107 1,910 670 5,655 3,310 8,837 1,606 348 2,292 238,618 24,370 7,124 Feb. Central Bank (Figures as of last report date of month) 1952 Feb. Jan. 1951 Dec. Bank of the Republic of Colombia—Cont. 874 241,347 220,739 269,377 Loans and discounts 1,981 Government loans and securities. 148,352 149,819 151,351 2,017 127,810 128,240 127,457 Other assets 34,406 455,831 457,288 522,52 Note circulation 257 281,31 268,614 236,660 Deposits 13,430 66,194 62,931 59,110 Other liabilities and capital 23,415 Central Bank of Costa Rica 523 (thousands of colones): 2,168 Gold 11,511 11,511 11,511 Foreign exchange 76,144 64,228 37,745 Net claim on Int'l. Fund 3 7,031 7,031 7,031 607,104 Loans and discounts 67,872 73,174 96,770 6,047 Securities 7,593 7,953 8,109 Other assets 23,519 23,050 22,540 392,706 Note circulation 116,292 112,598 114,317 68,687 Demand deposits 59,097 56,060 51,058 255,270 Other liabilities and capital 18,281 18,289 18,331 National Bank of Cuba 528,920 (thousands of pesos): 40,320 Gold 310,564 310,564 310,564 250,034 Foreign exchange (net) 55,734 52,040 54,401 Foreign exchange (Stabilization Fund) 05,220 96,861 102,429 51 Silver 41,228 42,173 42,173 174 Net claim on Int'l. Fund 3 12,511 12,511 12,511 3,826 Loans and discounts 15,965 12,329 9,475 4,763 10,542 11,946 10,203 Credits to Government 40 27,270 27,768 28,731 Other assets 6,007 92,935 378,405 93,625 Note circulation 248 78,508 180,464 169,623 Deposits 908 7,592 7,322 7,238 Other liabilities and capital 4 1,690 National Bank of Czechoslovakia National Bank of Denmark (millions of kroner): 30,188 Gold 69 69 69 5,917 Foreign exchange 520 550 599 9,666 Contributions to Int'l. B a n k . . . . 11 11 11 34,910 Loans and discounts 96 129 124 5,342 Securities 140 113 122 4,185 Govt. compensation a c c o u n t . . . . 3,872 3,878 3,898 85,854 Other assets 533 578 665 1,798 Note circulation 1,703 1,723 1,817 5 Deposits—Government 1,883 1,877 1,853 2,552 Other 1,475 1,547 1,637 Other liabilities and capital 180 182 180 Central Bank of the Dominican 1,370 Republic (thousands of dollars): ••185 Gold 12,066 12,066 12,066 1,927 Foreign exchange (net) 3 18,967 18,365 17,653 732 Net claim on Int'l. Fund 1,250 1,250 1,250 136 Paid-in capital—Int'l. Bank 41 41 41 3,415 Loans and discounts 199 331 331 341 Government securities 6,962 7,068 7,068 r 594 Other assets 713 702 698 Note circulation 29,553 28,910 29,727 Demand deposits 9,027 9,051 7,663 616,140 Other liabilities and capital 1,750 1,731 1,716 1,430 Central Bank of Ecuador (thousands of sucres): 2,005 535,822 335,706 135,618 Gold 6 385,550 44,732 26,503 51,261 Foreign exchange (net) 5 3 23,535 18,758 18,758 18,758 Net claim on Int'l. Fund 181,669 :20,599 203,922 89,135 Credits—Government 28,821 97,676 86,770 80,638 Other 184,754 179,103 72,840 Other assets 463, 424 458,731 89,581 Note circulation 1,321 Demand deposits—Private banks 157,342 50,889 38,630 357 44,730 15,130 98,244 Other 1 !36,845 226,012 121,794 Other liabilities and capital 2,018 National Bank of Egypt (thou680 sands of pounds): 3,591 60,553 60,553 Gold 6 2,350 25,926 34,195 Foreign exchange 6,885 Foreign and Egyptian 1,291 333,987 40,892 Government securities 425 29,400 30,560 Loans and discounts 1,717 4,061 4,934 Other assets 94,948 01,396 Note circulation 19,312 17,974 Deposits—Government 188,087 14,487 26,675 Other 24,369 25,180 25,088 Other liabilities and capital 1,377 Feb. 240,611 130,726 65,620 392,098 200,022 58,671 11,511 20,975 7,029 91,799 11,338 17,352 104,924 44,808 10,272 270,561 66,394 48,859 52,198 12,507 3,814 17,324 26,985 345,103 145,297 8,242 69 414 6 88 121 3,985 338 1,607 1,266 1,938 209 4,045 17,279 1,250 40 322 6,217 1,023 24,230 5,237 710 281,706 212,728 18,757 198,056 97,825 175,940 476,766 158,721 112,184 237,341 23,443 -•52,434 323,301 31,170 '2,241 183,758 112,820 125,665 10,344 r * Latest month available. Revised. On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. This figure represents the amountof the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such'time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 5 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 6 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951 p 112* and January 1950, p. 118. 1 2 3 462 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange (net) . . . Net claim on Int'l Fund * Loans and discounts Government debt and securities Other assets Note circulation Other liabilities and capital State Bank of Ethiopia 2 Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits . Other liabilities and caoital Bank of Oprman States (millions of German marks): Gold Foreign exchange . .... Loans and discounts Loans to Government . . Other assets Note circulation Deposits—Government Banks . ... Other Other liabilities and capital Bank of Greece (billions of drachmae) * Gold and foreicn exchange (net) 1951 1952 Feb. Jan. Dec. Feb. 64,144 57,850 1,566 16,448 5,435 1,445 90,458 49,464 6,966 64,211 48,051 1,566 18,051 5,466 1,675 88,692 43,038 7,291 64,278 29,767 1,566 22,756 5,580 1,423 81,767 36,428 7,176 57,438 75,297 1,565 2,880 5,310 1,092 86,371 51,273 5,937 5,865 22,330 4,545 20,239 1,030 2,479 43,428 1,988 11,072 5,865 22,167 3,361 18,999 1,051 2,639 40,134 2,344 11,603 5,865 23,849 3,297 19,270 116 116 116 2,046 4,451 8,753 9,416 2,469 1,943 9,163 2,307 2,019 1,998 5,501 8,313 1,283 9,243 2,445 2,681 270 273 321 2,081 2,193 633 590 2,521 (Nov.)* 1,072 194 7,261 3,647 2,235 1,934 Other Banking department: Notes of issue department Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and caoital Central Bank of Ireland (thousands of pounds) * Gold Sterling funds . . . .. . . Note circulation 272 11,083 2,094 4,328 9,009 Note circulation Deposits—Government . Reconstruction and Other Other liabilities and capital Bank of G u a t e m a l a (thousands of Quetzales) * Gold Foreign exchange (net) Gold contribution to Int'l. Fund . Rediscounts and advances. . . . Other assets Circulation—Notes Coin Deposits—Government Banks Other liabilities and capital National Bank of Hungary 3 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad . . Foreign securities Indian Govt. securities Rupee coin 950 2,899 44,774 789 5,414 2,257 4,015 27,228 18,671 1,250 5,614 17,525 39,739 3,392 4,511 11,022 11,624 27,228 16,160 1,250 6,393 16,387 39,151 3,386 3,870 11,032 9,979 27,228 12,544 1,250 7,710 17,640 38,678 3,385 2,980 10,452 10,878 400 400 5,932 4,681 5,832 4,681 683 690 11,501 11,411 195 192 1,706 56 80 1,528 3,238 1,980 67 80 1,373 3,377 328 314 2 646 2,646 2,646 55,241 54,629 58,232 57,887 57,275 60,879 1952 C e n t r a l Bank (Figures as of last report date of month) Advances to Treasury Loans and discounts Other assets Note circulation Jan. Feb. Bank of Italy (billions of lire): Gold ... Deposits—Government Other Other liabilities and capital 2,676 Bank of Japan (millions of yen): -72 Cash and bullion 355 Advances to Government 38,520 Loans and discounts 968 Government securities 4,926 Other assets 36,647 Note circulation 433 Deposits—Government 10,292 Other . Other liabilities T h e Java Bank (millions of rupiah): Gold * 1,008 Foreign exchange (net) 5,346 Loans and discounts 9,466 1,327 Other assets 7,745 Note circulation 2,881 Deposits . . 1,852 Other liabilities and capital 1,000 Bank of Mexico (millions of pesos): 3,669 Monetary reserve 5 "Authorized" holdings of securities, etc 567 Bills and discounts 213 Other assets 5,321 Note circulation 2,779 Demand liabilities . ... 1,603 Other liabilities and capital 1,606 N e t h e r l a n d s Bank (millions of 995 guilders): Gold 6 3,489 Silver (including subsidiary coin) . 1,803 Foreign assets (net) 2,590 Loans and discounts Govt. debt and securities Other assets 27,229 Note circulation—Old 14,119 New 1,250 Deposits—Government 4,912 ECA 19,742 Other 37,719 Other liabilities and capital 3,304 Reserve Bank of New Zealand 1,278 (thousands of pounds): 11,892 Gold >"13,058 Foreign exchange reserve Loans and discounts Advances to State or State undertakings Investments 400 Other assets 6,582 Note circulation . . 4,766 558 Other liabilities and capital 12,172 Bank of Norway (millions of kroner): 134 Gold 1,984 Foreign assets (net) . . ... 26 Clearing accounts (net) 34 Loans and discounts 1,134 Securities 3,012 Occupation account (net) 300 Other assets Note circulation Deposits—Government Banks 2,646 Blocked ECA 54,997 Other liabilities and capital 1951 Dec. Feb. 4 38 590 260 185 832 4 38 590 238 186 785 4 37 590 273 187 782 4 27 590 279 187 515 1,193 1,200 1,292 1,074 210 69 365 74 133 74 361 74 100 90 308 83 117 73 270 66 1,204 39,368 345,990 86,038 89,227 467,021 43,235 25,756 25,815 1,238 39,625 361,296 126,045 66,550 506,386 31,572 33,324 23,472 1,112 49,645 366,549 134,862 35,136 399,771 139,171 24,435 23,926 1,060 1,060 1,060 996 605 625 551 596 540 866 330 168 1,841 1,067 3,137 1,475 1,140 3,134 1,484 2,849 3,041 2,554 1,151 861 1,572 806 913 940 806 773 3 133 641 1,143 1,156 1,188 1,202 2,952 3,027 3,149 3,516 448 492 435 504 428 480 202 452 3,163 1,411 3,169 1,453 3,330 1,420 2,744 2,064 462 498 493 565 1,201 1,195 1,195 19 731 120 19 594 300 1,175 18 967 113 2,850 633 3,000 617 3,064 590 45 45 46 19 588 100 3,000 637 54 2,866 240 1,778 2,867 142 1,730 2,991 151 1,692 2,814 152 1,325 439 413 491 407 479 404 764 410 5,638 5,578 5,506 21,352 24,087 29,531 6,019 6,019 6,019 4,871 56,622 8,855 54,817 54,182 4,601 62,217 77,231 7,161 52,774 54,182 3,542 63,837 75,457 6,887 242 416 242 391 52,586 59,199 54,182 35,974 4,628 4,882 69,366 57,704 76,097 105,894 6,988 6,804 46 46 46 243 192 -61 43 46 6,202 6,202 6,202 6,202 2,517 1,829 1,165 2,525 2,667 1,710 1,771 1,216 • 1,039 2,269 1,982 676 15 44 50 926 579 7 48 62 918 568 242 270 5 49 160 898 660 74 510 612 692 r *1 Latest month available. Revised. e Corrected. 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 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113. APRIL 1952 463 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1951 1952 Feb. Jan. Dec. S t a t e Bank of P a k i s t a n (millions of rupees): Issue department: 44 44 Gold at home and abroad... ,154 ,204 Sterling securities 765 765 Pakistan Govt. securities. . . 126 126 Govt. of India securities.... 300 300 India currency 25 18 Rupee coin ,351 ,397 Notes in circulation Banking department: 62 60 Notes of issue department.. 440 358 Balances abroad 99 99 Bills discounted 1 1 Loans to Government 327 390 Other assets 827 807 Deposits 102 101 Other liabilities and capital.. Bank of Paraguay—Monetary dept. (thousands of guaranies): 1 ,188 1,188 Gold* ,924 97,022 104 Foreign exchange (net) ,261 5,261 5 Net claim on Int'l. Fund * ,035 -1,042 - 1 Paid-in capital—Int'l. Bank 219,039 210,364 205 ,926 Loans and discounts 712 63 ,712 Government loans and securities. 63,712 603 10,224 Other assets 234,223 230,073 231,183 Note and coin issue ,966 113,084 107, Demand deposits 48,098 48 51 ,430 Other liabilities and capital Central Reserve Bank of Peru (millions of soles): 601 598 Gold and foreign exchange 8 21 21 Net claim on Int'l. Fund 2 2 2 Contribution to Int'l. Bank 224 230 Loans and discounts to banks. . . 758 777 Loans to Government 278 272 Other assets ,208 ,182 Note circulation 304 366 Deposits 367 355 Other liabilities and capital C e n t r a l Bank of t h e Philippines (thousands of pesos): 14,355 13, 887 13,419 Gold 466,127 476, 226 479 037 Foreign exchange 29,504 29, 29 504 Net claim on Int'l. Fund 2 42 323 55,433 51 Loans 240,586 241,181 241 700 Domestic securities 147 481 149,352 148, Other assets 592 127 573,332 576, Note circulation 247,176 244,648 226 463 Demand deposits 134,848 139,359 134 873 Other liabilities and capital Bank of P o r t u g a l (millions of escudos): 349 Gold 667 Foreign exchange (net) 685 Loans and discounts 253 Advances to Government 790 Other assets 233 Note circulation 848 Demand deposits—Government.. 42 ECA 275 Other 345 Other liabilities and capital S o u t h African Reserve Bank (thousands of pounds): 68,397 67,329 ,363 Gold* 66,204 65,045 65 ,850 Foreign bills 18,177 ,198 Other bills and loans 33,991 ,774 ,952 Other assets 81,595 ,610 ,345 Note circulation 83,215 ,389 ,496 Deposits 21,959 ,186 ,182 Other liabilities and capital Bank of Spain (millions of pesetas): 553 553 553 Gold 378 378 378 Silver ,751 ,801 Government loans and securities. 16,284 ,931 16,791 ,040 Other loans and discounts ,389 23,178 ,245 Other assets Feb. 44 852 802 139 300 43 2,110 69 584 63 1 346 969 93 600 28,899 2,710 -260 132,228 42,237 5,141 139,383 54,351 17,820 565 20 2 228 647 136 1,085 314 199 8,031 546,534 29,504 49,418 164,181 173,774 655,634 175,494 140,314 3,690 10,508 559 1,241 707 8,246 712 299 4,962 2,488 73,561 93,992 7,170 26,564 72,909 113,838 14,541 669 412 15,621 15,431 22,039 Central Bank (Figures as of last report date of month) Feb. Jan. Bank of Spain—Cont. ,458 35,104 36,239 Note circulation 1 1 Deposits—Government 2,434 3]215 ,153 Other ,573 20,478 20,548 Other liabilities and capital Bank of Sweden (millions of kronor) : 334 465 395 Gold 1,718 ,383 1,607 Foreign assets (net) 88 88 88 Net claim on Int'l. Fund * 10 10 10 Paid-in capital—Int'l. Bank Swedish Govt. securities and ad,559 2,661 2,821 vances to National Debt Office6 247 237 248 Other domestic bills and advances 631 875 681 Other assets 4,090 ,895 3,889 Note circulation 528 769 785 Demand deposits—Government.. 532 349 450 Other 650 605 568 Other liabilities and capital Swiss National Bank (millions of francs): ,894 5,946 6,004 Gold 270 252 228 Foreign exchange 233 311 233 Loans and discounts 73 116 76 Other assets ,569 4,592 4,927 Note circulation ,704 1,718 1,529 Other sight liabilities 198 203 196 Other liabilities and capital C e n t r a l Bank of t h e Republic of Turkey (millions of pounds): Gold 419 419 422 Foreign exchange and foreign 124 185 158 clearings ,436 1,371 1,417 Loans and discounts 27 18 27 Securities 102 91 110 Other assets ,121 1,110 1,138 Note circulation 153 153 153 Deposits—Gold 663 627 642 Other 171 215 181 Other liabilities and capital Bank of t h e Republic of Uruguay (Nov.)* (thousands of pesos): 353,107 Gold 9,633 Silver 318 Paid-in capital—Int'l. Bank Advances to State and Govern117,275 ment bodies 332,614 Other loans and discounts 386,255 Other assets 349,727 Note circulation 80,663 Deposits—Government 305,037 Other 463,775 Other liabilities and capital Central Bank of Venezuela (millions of bolivares): L, 141 1,140 1,141 Gold -31 -29 -37 Foreign exchange (net) 112 103 100 Other assets 871 853 858 Note circulation 243 250 266 Deposits 108 111 78 Other liabilities and capital Bank for I n t e r n a t i o n a l Settlem e n t s (thousands of Swiss gold francs): Gold in bars 386, 887 355,369 350,573 Cash on hand and with b a n k s . . . 52 781 64,586 28,743 8,214 10,567 Sight funds at interest 2 104 Rediscountable bills and acceptances (at cost) 112 518 121,866 68,722 Time funds at interest 22 251 23,432 107,785 Sundry bills and investments. . . . 248 616 268,967 317,513 Funds invested in Germany 297 201 297,201 297,201 1,525 1,866 Other assets 1 916 Demand deposits (gold) 218 132 220,764 208,257 Short-term deposits: Central banks—Own account.. 333 028 340,419 393 ,672 Other 75 773 83,057 84,851 Long-term deposits: Special 228, 909 228,909 228,909 Other liabilities and capital 268, 430 268,011 267,282 * 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. as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 8 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. * On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 8 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p 120, 464 Dec. Feb. 30,885 1,240 3,707 18,339 239 468 3,618 171 440 3,363 465 522 586 6,026 271 167 70 4,383 1,954 197 419 206 1,107 19 89 959 153 588 140 435,254 10,911 318 152,249 271,512 355,096 365,030 99,557 347,646 413,106 1,141 -132 90 759 183 156 383,377 65,578 3,287 161,547 28,316 300,326 297,201 1,678 211,637 506,346 30,500 228,909 263,91& Until such time FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective Central bank of— SwitzUnited Ger- Bel- Netherer- SweKing- France many gium lands den land dom In effect Dec. 31, 1941 Jan. 16, 1945 Jan. 20 Feb. 9 Nov. 7, 1946 Dec. 19 Jan. 10, 1947 Aug. 27 Oct. 9 June 28, 1948. . Sept. 6 Oct. 1 May 27, 1949. . July 14 Oct. 6 June 8, 1950. . Sept. 11 Sept. 26 Oct. 27 Dec. 1 Apr. 17, 1951. . July 5 Sept. 13 Oct. 11 Nov. 8 Nov. 9 Jan. 22, 1952.. In effect Feb. 29, 1952 IX Rate Feb. 29 Date effective 1, 6, 13, 30, Central bank of— Rate Feb. 29 Date effective Argentina Austria Belgium Bolivia Mar. Dec. Sept. Sept. 1936 1951 1951 1950 Japan Java Mexico Netherlands.. Oct. 1, 1951 Apr. 1, 1946 June 4, 1942 Jan. 22, 1952 Canada Chile Colombia Costa Rica Oct. 17, 1950 June 13, 1935 July 18, 1933 Feb. 1, 1950 New Zealand. Norway Pakistan Peru July 26, Jan. 9, July 1, Nov. 13, 1941 1946 1948 1947 Jan. Oct. Mar. Dec. 1944 1949 1949 1950 3J| J| & 4 14 Denmark Ecuador El Salvador. . . Finland 5 10 3 Nov. May Mar. Dec. 2, 13, 22, 16, 1950 1948 1950 1951 Portugal.... South Africa. Spain Sweden France. .. Germany. Greece India. Ireland. Italy... 4 *6 12 Nov. 9, Oct. 27, July 12, Nov. 15, Nov. 23, Apr. 6, 1951 1950 1948 1951 1943 1950 Switzerland. Turkey United Kingdom USSR 12, 13, 18, 1, 3% 16 2H 16 IK IK Nov. 26, 1936 Feb. 26, 1951 Nov. 8, 1951 July 1, 1936 i Rate established for the Land Central banks. NOTE.—Changes since Feb. 29: South Africa—Mar. 27, from , cent; United Kingdom—Mar. 12, from 23^ to 4 per cent. to 4 per OPEN-MARKET RATES [Per cent per annum] Month Treasury bills 3 months France United Kingdom Canada Bankers' acceptances 3 months Treasury bills 3 months Day-today money 1.04 1.08 1.08 1.00 Day-today money Treasury bills 3 months Day-today money Sweden Switzerland Loans up to 3 months Private discount rate .63 .63 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 1.68 1.61 1.62 1.65 1.27 1.48 2.02 2.09 2.18 2.45 1.01 1.44 1.28 1.23 .31 .31 1.00 .77 .57 1.13 1.22 .83 .51 .51 .51 .51 .51 .51 .51 .51 .51 .84 .98 .63 .63 .63 .63 .63 .63 .63 .63 .63 .92 1.00 .50 .50 .50 .50 .50 .50 .50 .50 .50 .69 .75 2.42 2.45 2.60 2.61 2.52 2.57 2.64 2.56 2.78 3.27 3.50 .55 .46 .55 .50 .39 .39 .38 .24 .16 .17 .21 .00 23 24 .07 .00 .91 .00 .00 .00 .00 .00 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 .97 1.00 .75 3.50 1.18 1.00 1.50 1942—January.. 1943—January.. 1944—January.. 1945—January . . 1946—January.. 1947—January.. 1948—January.. 1949—January.. 1950—January.. 1951—January.. .55 .51 .41 .37 .36 .40 .41 .41 .51 .63 1.03 1.03 1.03 1.03 .53 .53 .54 .69 .69 1.01 1.01 1.01 1.01 .50 .50 .51 .52 .52 .51 1951—February. , March.... April May June July August. . . September, October... November. December. .73 .76 76 .76 .75 .77 .79 .88 .93 .92 .89 .69 69 .69 .69 .69 .93 1.00 1.00 1.00 1.38 1.50 1952—January.. .89 1.50 .56 Bankers' allowance on deposits Netherlands .63 .63 .63 .63 1.25 1.25 1.25 1.25 1.25 1.25 1.50 .63 .50 .50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, tee Banking and Monetary Statistics, Table 172 pp. 656-661, and for description of statistics see pp. 571-572 in same publication. APRIL 1952 465 COMMERCIAL BANKS (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call and Bills dis- Treasury deposit short counted receipts * notice 1946—December 1947—December 1948—December 1949—December 1950—December 499 502 502 532 540 485 571 592 1951—February March April May 496 489 520 504 501 514 531 537 559 571 594 583 June July August September . October November December . 1952—January Liabilities Assets United Kingdom 1 610 432 480 793 741 1,109 1,408 503 514 517 531 582 579 562 598 1,343 1,313 1,300 1,226 1,172 1,250 1,185 1,276 1 .330 001 972 521 605 965 515 573 Loans to customers Deposits Other assets Total Demand Time 505 567 5,685 5,935 6,200 6,202 6,368 3,823 3,962 4,159 4,161 4,262 1,862 1,972 2,041 2,041 2,106 342 396 420 427 550 3,994 3,987 4,055 4,063 4,099 4,086 4,061 4,068 4,140 4,118 4,290 2,047 2,049 2,075 2,086 2,068 2,088 2,072 2,067 2,063 2,071 2,042 596 625 632 636 633 631 4,173 2,031 659 1,560 1,288 1,397 793 456 ,427 ,483 ,478 ,512 ,528 1,219 1,396 1,534 1,660 291 234 295 269 290 290 1,714 1,766 1,775 1,806 1,895 1,861 1,863 1,888 1,910 1,935 1,950 719 770 760 854 797 756 216 177 108 102 ,544 ,552 ,554 ,556 ,550 ,552 1 ,549 1 ,553 1 ,555 2 .033 1 ,965 741 778 787 867 6,041 6,037 6,130 6,149 6,167 6,174 6,133 6,135 6,204 6,189 6,333 66 1 ,954 1,928 824 6,204 306 994 621 579 735 755 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Security loans 4 ,232 146 171 4 ,268 4 ,345 4 ,286 1,039 1,159 1,169 1,058 1,304 107 178 160 188 206 209 260 217 182 166 907 2,872 3,008 3,046 3,066 3,061 3,043 3,073 3,045 3,034 3,123 3,028 176 94 87 92 82 84 90 107 111 96 227 4 ,093 3 ,986 3 ,924 ,886 3 ,838 3 ,840 ^ ,832 3 ,876 ,876 ,894 3 ,876 1,334 1,266 1,413 1,379 1,288 ,349 1,339 1,242 1,403 1,423 1,464 869 107 2,955 183 3 ,927 1,303 136 105 101 765 824 133 134 1951—February March April M^ay 770 109 753 774 760 781 798 784 788 835 843 June 1952—January Due from banks Bills discountec[ Loans 1946—December. . 1947—December 194g—December 1949—December 1 Q 50— December 18,007 22,590 45,397 40,937 48,131 18,940 19,378 35,633 42,311 52,933 195,223 219,386 354,245 426,690 527,525 65,170 86,875 126,246 129,501 135,289 1951—January February March April 39,769 41,435 42,469 47,539 48,809 47,856 52,131 49,453 52,015 48,006 47,980 60,009 56,952 60,293 62,610 65,445 63,440 62,305 66,660 65,572 64,414 70,337 81,460 72,653 477,003 477,766 499,550 490,676 475,054 522,657 478,256 485.824 540,986 520,457 506,061 627,462 153,502 154,660 150,919 160,293 166,984 159,958 174,625 171,380 167,362 173.530 179,933 163,834 July August September October November December? 21 18 16 14 (8) (*) (*) (*) (8) (*) (8) (*) (») Deposits payable in Canada excluding interbank deposits Total Demand Time Other liabilities and capital 6,252 6,412 7,027 7,227 7,828 2,783 2,671 2,970 2,794 3,270 3,469 3,740 4,057 4,433 4,558 1.525 1,544 1,537 1,477 1,667 7,675 7,624 7,684 7,686 7,591 7,658 7,667 7,637 7,752 7,829 7,896 3,057 3,010 3,086 3,097 3,032 3,078 3,084 3,042 3,177 3,213 3,284 4,618 4,614 4,598 4,589 4,559 4,580 4,583 4,595 4 575 4,616 4,612 1,678 1,660 1,720 1,684 1,664 1,665 1,710 1,639 [ 688 1,715 1.714 7,705 3,066 4,639 1,637 Liabilities Cash reserves June ,874 Note circulation Assets France (4 large banks. End of month figures in millions of francs) Other assets 132 106 144 753 731 749 July August September October November December Security loans abroad and net Securities Other due from loans and foreign banks discounts 1,507 1,999 2,148 2,271 2.776 1946—December 1947—December. . 1948—December 1949—December 1950—December 612 624 638 654 651 Liabilities Entirely in Canada Cash reserves Other liabilities and capital Deposits Total Demand Time ances Other liabilities and capital 17,445 27,409 34,030 29,843 31,614 291, 945 341, 547 552, 221 627, 266 749, 928 290,055 338,090 545,538 619.204 ,310 1,890 3,457 6,683 8,062 18,618 15,694 25,175 30,638 26,355 28,248 7,145 8,916 12,691 15,662 17,316 31,549 33,367 38,351 41,237 46,169 47,815 50,030 40,582 52,138 50,000 61,658 65,747 709, 469 720, 710 741, 484 748, 810 739, 071 777, 219 753, 628 753. 627 805, 610 700. 018 703. 078 900, 904 691 ,231 701 ,935 721 .791 728,559 719,405 756,997 733.546 732 .064 783,881 777,973 768,657 873,760 18,238 18,775 19,693 20,252 19,666 20,222 20,082 20,663 21,729 21,046 24,422 27,145 26,599 27,252 29,739 30,678 33,354 32,544 32,933 30 611 30 952 35,382 35,372 33,774 22,707 19,560 22,676 25,702 28,033 30 828 35,141 37 573 40 353 46 120 48.641 55,027 Other assets Own P Preliminary. 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 H per cent through Oct. 20, 1945, and at % per cent thereafter, s Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 466 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Year or month Basic 1946 1947 . 1948 1949 1950 1951 29 773 29 773 29 773 29.774 26.571 20.000 1951—April May June July . August September October . No vem ber December 1952—Tanuary February March Year or month 1946 1947 1948 1949 1950 1951 June July . August September October November December 1952—Tanuary February March Year or month 1946 1947 1948 1949 1950 1951 1951—April May June.. July August September . October December 1952—Tanuary February March Free Australia (pound) "Bank notes" account 321.34 321 00 321 22 293.80 223.15 223.07 2.2829 2 2817 2 2816 2.2009 1.9908 1.9859 20.000 20 000 20 000 20.000 20 000 20 000 20 000 20 000 20.000 8.289 7.067 7.143 7 096 7.071 7.159 7.103 6 952 6 974 6 937 6.986 223.16 223.16 223.16 223.13 223 01 223 01 223 06 223 15 222.61 1 9R30 t.9833 1.9845 L.9864 L.9890 I 9866 1.9838 I 9838 L.9838 20 000 20 000 20.000 13 333 13 333 13.333 6 979 7 115 7.172 221 92 222 00 223.03 1L Ceylon (rupee) Czechoslovakia (koruna) Denmark (krone) 2 0060 2 0060 2.0060 2 0060 2.0060 8 2.0060 2.0060 2 0060 2 0060 2 0060 2.0060 2 0060 8 2 0060 20.876 20 864 20.857 19.117 14.494 14.491 20.850 20 850 20.850 20 850 20.850 20 850 20 850 20.850 20.840 20 799 20.818 20.916 14.494 14 493 14.484 14 484 14 492 14 492 14 492 14.492 14.492 14 492 14 492 14.492 Brazil (cruzeiro) 2 2 2 1407 .9722 L.9622 1.9491 L.9501 .9568 9788 1.9876 1.9876 9838 L 9838 L.9838 France (franc) Official Official Free 95.198 100 000 100.000 97.491 90.909 93.288 91 999 91.691 92.881 91.474 94.939 5.4406 5.4406 5.4406 5.4406 5.4406 5 4406 5.4406 5 4406 5.4406 32.850 32.850 32.850 32.850 32.850 32 850 32.850 32 850 32.830 94.353 93.998 93.484 94.252 94.700 94 706 95.112 95 820 97.410 5.4406 •5 4406 5.4406 32.691 32 662 32.783 99.490 99 869 100.375 .4354 23.838 23.838 30.155 30.164 30,169 27.706 20.870 20.869 4354 .4354 .4354 .2856 .2856 .2855 .2856 .2856 .2856 .2855 .2856 .2856 23.838 23.838 23.838 23.838 23.838 23 838 23.838 23.838 23.838 20.870 20.870 20.870 20.870 20.870 20.870 20.870 20.870 20.861 .4354 .4354 .4354 .2856 .2854 .2856 23.838 23.838 23.838 20.819 20.839 20.949 (09 8407 siai (dollar) 42.973 32.788 32.849 .3240 .3017 .2858 .2856 Free .4929 .4671 4 Canada (dollar) 6.0602 5.4403 5.4406 5.4406 5.4406 5.4406 India (rupee) Official 4 Free Germany (deutsche mark) Finland (markka) British TV/fa l o i r 13.333 13.333 13.333 13 333 13 333 13.333 13 333 13 333 13 333 13 333 13^333 27.839 20.850 20.849 1951—April May Preferential Belgium (franc) In cents per unit of foreign currency] Mexico (peso) Netherlands (guilder) 280.38 280.38 280.38 20.581 20 577 18.860 12.620 11.570 11.564 11.561 11.561 11.561 11.561 11.568 11 571 11.563 11.569 11.567 37.813 37 760 37.668 34.528 26.252 26.264 26.241 26.243 26.279 26.286 26.280 26 278 26.267 26.270 26.287 280.38 280.38 280.38 11.562 11.561 11.564 26.320 26.329 26.319 Ireland (pound) 4 280.38 4 New Zealand (pound) Norway (krone) PhilipPortupine gal Republic (escudo) (peso) South Africa (pound) Sweden (krona) Switzerland (franc) United Kingdom (pound) 322.63 322 29 350 48 365.07 277 28 277.19 20.176 20 160 20 159 18.481 14 015 14.015 49.723 49 621 49.639 4.0501 4 0273 4 0183 3.8800 3.4704 3.4739 400.50 400 74 400.75 366.62 278.38 278.33 25.859 27 824 27.824 25.480 19.332 19.327 23.363 23 363 23.363 23.314 23.136 23.060 403.28 402 86 403.13 368.72 280.07 279.96 65.830 65 830 65.830 65.830 65.833 65.833 56.280 56 239 56.182 56.180 56.180 56.180 42.553 42.553 42.553 277 29 277.29 277 29 277.25 277.11 277.10 277.17 277.27 276 72 14 015 14.015 14 015 14.015 14 015 14.015 14.015 14.015 14 015 49 643 49.643 49 644 49.643 49 643 49.643 49.643 49.643 49 643 3 4799 3.4826 3 4880 3.4827 3.4727 3.4644 3.4598 3.4605 3 4726 278 38 278.38 278.38 278.38 278.38 278.38 278.38 278.38 277.79 19.327 19.327 19.327 19.327 19.327 19.327 19.327 19.327 19.327 23.133 23.100 23.018 23.038 23.015 22.963 22.916 22.882 22.900 280.07 280.06 280.07 280.02 279.88 279.88 279.94 280.05 279.49 65 833 65.833 65.833 65.833 65.833 65.833 65.833 65.833 65.833 56.180 56.180 56.180 56.180 56.180 56.180 56.180 56.180 56.180 42.553 42.553 42.553 42.553 42.553 42.553 42.553 42.553 42.553 275 39 275 36 276.91 14 015 14 015 14.015 49.655 49 677 49.677 3 4874 3.4863 3.4888 276.95 277.01 278.55 19.327 19.327 19.327 22.880 22.881 22.947 278.15 278.12 279.67 65.833 65.833 65.833 56.180 56.180 56.180 42.553 42.553 42.553 Uruguay (peso) 1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The two rates had been identical for a considerable period. 2 Based on quotations through Sept. 19, 1951. 3 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. For description of statistics, see pp. 572-573 in same =, TUTTTTTTTVT f^T December 1951, p. 1601; October 1950, lary 1944, p. 209. APRIL 1952 467 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1947-49 = 100) Year or month United Kingdom (1930 = 100) Mexico (1939 = 100) Canada (1935-39 = 100) Netherlands Japan (1934-36 average Italy France (1949 = 100) (1938 = 100) =D 1926 65 130 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 57 64 67 68 69 79 96 104 99 103 * 115 116 123 128 131 132 139 163 193 198 211 240 110 121 146 179 199 229 242 260 285 311 386 153 159 163 166 169 175 192 219 230 262 320 9 10 12 14 20 34 52 89 100 108 138 5,159 5,443 5,170 4,905 *>5,581 2 2 2 2 4 16 48 128 209 246 *342 1951—February March April May June July August September October November December 117 117 116 116 115 114 114 113 114 114 114 239 242 242 242 243 244 242 240 240 239 238 359 375 385 394 400 396 388 393 395 403 402 306 314 319 320 321 320 324 325 329 329 330 130 134 140 141 138 135 134 138 146 151 152 5,738 5,724 5,697 5,677 5,595 5,557 5,526 5,438 5,451 5,462 P5.455 316 334 350 349 344 340 348 353 ••359 358 *>355 1952—January February 113 113 237 233 402 400 335 P329 P152 Sweden (1935 = 100) 126 135 100 104 117 143 172 189 196 196 194 186 199 214 216 227 P299 171 195 203 207 205 200 208 217 206 203 227 139 144 145 146 145 142 142 142 143 144 145 275 287 297 302 305 305 304 304 306 317 P318 230 231 231 231 228 224 222 223 227 226 228 P145 ?320 227 P224 124_ 136 153 P153 Switzerland (Aug. 1939 = 100) (1948 = 100) r P Preliminary. Revised. Sources.—See BULLETIN for January 1952, p. 108: August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1947-49=100) Year or month Farm products Other Processed commodfoods ities Farm products (1930=100) Raw and Fully and partly chiefly manumanufactured factured goods goods 1926 n.a. n.a. 72 144 129 133 1941 . 1942 1943 . . . 1944 1945 1946 1947 1948 t949 1950 1951 . n.a. n.a. n.a. n a. n.a. n.a. 100 107 n.a. n.a. n.a. n.a. n.a. n.a. 98 106 64 68 69 70 71 78 95 103 107 127 145 155 165 177 190 230 114 123 131 134 136 140 164 196 119 124 127 129 130 138 162 192 226 , 93 98 113 100 111 96 101 105 116 237 ••265 1951—February........ March April May June July 117 118 118 116 113 112 112 112 117 117 117 117 114 111 116 October . . . . November December 112 112 111 110 110 1952—January February 111 111 111 112 111 116 115 115 115 115 111 111 115 110 108 '110 114 114 110 197 Netherlands (1948=100) United Kingdom Canada (1935-39=100) 199 Foods Industrial products 146 158 160 158 158 158 165 181 156 160 164 170 175 184 207 242 197 249 286 211 242 263 273 265 265 213 238 237 239 239 239 240 244 245 244 221 247 227 226 236 242 273 243 244 247 252 258 356 370 370 P368 »367 »361 »363 »363 *367 Foods Industrial raw products Industrial < finished products 100 101 100 108 100 104 112 122 119 122 120 123 128 171 123 173 170 172 145 277 263 ••261 '259 r 265 r 267 243 237 247 245 236 244 236 237 236 243 241 240 266 129 174 141 '263 233 228 240 236 277 P130 P176 P141 r 251 261 263 263 P271 118 119 165 170 174 176 116 143 139 145 146 147 121 122 124 171 174 177 144 143 142 142 142 r n.a. Not available. P Preliminary. Revised. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 468 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Co«tf»«*<* COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] Year or month 1943 1944 1945 1946 1947 1948 1949 1950 1951 SwitzUnited CanKing- France Nether- erUnited ada dom land Statesi lands (1949 (1949 = (Aug. (1935-39 (1935-39 (June = 100) = 100) 17, 1947 = 100) 100) 1939 = -100) 100) 138 227 241 136 12 15 21 36 57 92 100 111 128 1951-February.. March April May... . June July August September. October... November. December. 226 226 226 227 227 228 227 227 229 231 232 224 234 238 235 240 250 251 251 250 250 249 127 128 131 135 136 140 140 141 143 144 145 121 123 125 129 127 127 127 129 132 137 139 1952-January... February.. 232 228 250 248 150 142 *>145 .. 131 136 139 160 166 131 133 140 168 170 169 194 210 202 205 160 196 203 211 101 108 114 123 161 164 164 160 170 176 174 176 100 111 121 181 112 113 122 124 123 127 124 124 125 123 122 United CanKing- France United ada dom States» (1949 (1935-39 (1935-39 (June = 100) = 100) 17, 1947 = 100) = 100) Year or month 1943 1944 1945 1946 1947 1948 1949 1950 1951 124 118 126 129 140 12 148 151 153 152 119 119 124 201 203 204 16 22 35 160 172 170 172 136 155 161 167 101 108 111 114 57 90 100 111 100 109 158 163 162 159 186 185 125 130 120 167 175 180 182 182 184 188 189 190 190 191 191 118 119 121 124 125 126 127 128 129 129 130 121 124 126 129 129 130 131 133 136 140 143 115 117 122 122 121 122 121 121 121 120 119 163 163 165 166 166 167 168 169 170 171 171 192 191 132 P133 146 P149 178 178 178 179 180 181 182 183 184 184 184 1951-February.. March April June.. July August.... September. October. . . November. December. 184 185 185 185 185 186 186 187 187 189 189 183 P182 1952-January... February.. 189 188 May 199 SwitzerNetherland lands (1949 = (Aug. 1939100) 100) 171 P171 * Preliminary. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. Sources.—See BULLETIN for January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month Number of issues. . . United States (high grade) l United Canada Kingdom (1935-39 (December = 100) 1921=100) 87 17 France (1949 = 100) Netherlands 60 14 United States (1935-39 = 100) Canada (1935-39 = 100) United France Kingdom (December (1926=100) 1938=100) 295 Netherlands 27 416 105 278 109.0 105.6 107.1 106.8 106.7 87.0 99.8 121.5 139.9 123.0 124.4 121.4 146.4 176.5 83.8 99.6 115.7 106.0 112.5 109.4 131 6 168.3 88.6 92.4 96.2 94.6 92.0 87.6 00.0 97.1 ,149 ,262 ,129 .030 ,259 195 233 240 219 217 215 100.1 99.2 100.4 100.6 101.2 102.0 103.8 103.5 103.1 103.7 96.6 93.1 86.9 87.6 84.1 80.3 78.1 81.3 80.3 78.3 170.3 172.3 173.9 171.7 172.8 181.5 187.3 185.0 177.7 182.5 162.9 165.6 164.2 160.7 162.0 169.7 179.8 183.3 174.0 177.3 96.2 96.0 99.7 99 4 97.6 96.5 97.4 99.0 97.3 94.9 L.159 1,169 L ,172 1,188 L.185 L,300 L.413 1,479 L.406 1,465 226 221 215 212 208 207 212 215 207 206 103.7 P101.4 80.0 187.1 183.2 181.7 179.5 95.0 92.8 1,624 1,694 204 1944 1945 1946 1947 1948 1949 1950 1951 118.7 121.6 123.4 122.1 118.3 121.0 122.0 117.7 103.0 105.2 117.2 118.5 105.0 107.6 109.6 95.7 127.5 128.3 132.1 130.8 129.9 126.5 121.2 •117.6 136.8 138.3 131.5 120.0 106.4 100.0 99.8 101.4 1951—March April May June July August September... October..... November.. . December. . . 119.4 117.8 117.4 116.6 116.2 117.1 118.0 116.9 115.3 114.8 95.6 95.3 95.3 95.0 95.5 95.3 95.2 94.6 92.8 89.3 120.2 119.8 118.3 117.5 116.9 116.6 116.5 116.3 115.0 110.9 1952—Tanuarv February.... 115.5 116.5 88.2 87.8 110.4 110.5 265 875 p P Preliminary. 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. 1 APRIL 1952 469 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK R. M. EVANS JAMES K. VARDAMAN, JR. ELLIOTT THURSTON, OLIVER.S. POWELL A. L. MILLS, JR. J. L. ROBERTSON Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary G. R. MURFF, Assistant Secretary KENNETH A. KENYON, Assistant Secretary DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve ROBERT C. MASTERS, Assistant Director Examiner LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR J. LEONARD TOWN SEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director FEDERAL OPEN MARKET COMMITTEE W M . M C C . MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman MALCOLM BRYAN C. E. EARHART R. M. EVANS HUGH LEACH A. L. MILLS, JR. OLIVER S. POWELL }. L. ROBERTSON M. S. SZYMCZAK JAMES K. VARDAMAN, JR. C. S. YOUNG WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist GEORGE W. MITCHELL, Associate Economist EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist CHAS. W. WILLIAMS, Associate Economist JOHN H. WILLIAMS, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 470 DWIGHT L. ALLEN, Director H. FRANKLIN SPRECHER, JR., Assistant Director LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION GUY E. NOYES, Director GARDNER L. BOOTHE, II, Assistant Director HENRY BENNER, Assistant Director ELIOT J. SWAN, Acting Assistant Director FEDERAL ADVISORY COUNCIL WALTER S. BUCKLIN, BOSTON DISTRICT N. BAXTER JACKSON, NEW YORK DISTRICT GEOFFREY S. SMITH, PHILADELPHIA DISTRICT GEORGE GUND, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT Vice President PAUL M. DAVIS, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President V. J. ALEXANDER, ST. LOUIS DISTRICT JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT DAVID T. BEALS, KANSAS CITY DISTRICT D E W I T T T. RAY, DALLAS DISTRICT JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS President Federal Reserve Chairman l Vice Presidents Bank of Deputy Chairman First Vice President New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas C i t y . . . . Dallas San Francisco... VICE Federal Reserve Bank of New York Cleveland Richmond Atlanta Chicago St. Louis 1 E. 0. Latham John J. Fogg Robert B. Harvey 3 Carl B. Pitman 0. A. Schlaikjer E. G. Hult R. F. Van Amringe Robert T. Stevens H. V. Roelse H. A. Bilby Allan Sproul William I. Myers William F. Treiber Robert G. Rouse H. H. Kimball I. B. Smith L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan J. H. Wurts Warren F. Whittier Alfred H. Williams Karl R. Bopp Wm. G. McCreedy C. Canby Balderston W. J. Davis Robert N. Hilkert P. M. Poorman J.V.Vergari 4 E. C. Hill Richard G. Wilgus * George C. Brainard Wilbur T. Blair Ray M. Gidney A. H. Laning 3 John C. Virden Martin Morrison Roger R. Clouse Wm. H. Fletcher Paul C. Stetzelberger W. D. Fulton Donald S. Thompson J. W. Kossin Charles P. McCormick Hugh Leach C. B. Strathy N. L. Armistead John B. Woodward, Jr. K. Brantley Watson R. L. Cherry J. S. Walden, Jr. Edw. A. Wayne D. F. Hagner s Chas. W. Williams R. W. Mercer Frank H. Neely Malcolm Bryan P. L. T. Beavers R. E. Moody, Jr. E. P. Paris Rufus C. Harris V. K. Bowman L. M. Clark Harold T. Patterson J. E. Denmark S. P. Schuessler T. A. Lanford John L. Liles, Jr. C. S. Young Franklin J. Lunding L. H. Jones 2 Allan M. Black E. C. Harris L. G. Meyer John S. Coleman H. J. Chalfont George W. Mitchell Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler W. A. Hopkins W. W. Turner Russell L. Dearmont Delos C. Johns Frederick L. Deming Paul E. Schroeder C. M. Stewart Wm. H. Bryce Dale M. Lewis 0. M. Attebery Wm. E. Peterson H. H. Weigel J. C. Wotawa C. A. Schacht Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell Paul E. Miller Otis R. Preston C. W. Groth A. W. Mills M. H. Strothman, Jr. E. B. Larson Sigurd Ueland 2 M. W. E. Park Robert B. Caldwell P. A. Debus H. G. Leedy G. H. Pipkin Cecil Puckett L. H. Earhart Henry 0. Koppang Clarence W. Tow G. A Gregory D. W. Woolley R. L. Mathes John Phillips, Jr. Watrous H. Irons J. R. Parten E. B. Austin R. R. Gilbert L. G. Pondrom R. B. Anderson R. B. Coleman W. D. Gentry 3 C. M. Rowland J. L. Cook Mac C. Smyth W. E. Eagle W. H. Holloway J. M. Leisner H. F. Slade Brayton Wilbur C. E. Earhart S. A. MacEachron Ronald T. Symms 8 William R. Wallace, Jr. H. N. Mangels W. F. Volberg E. R. Millard 0. P. Wheeler W. L. Partner PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Vice Presidents Branch Branch Vice Presidents Bank of Harold D. Hodgkinson Ames Stevens Boston Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Also Federal Reserve Agent. APRIL 1952 J. A. Erickson Alfred C. Neal I. B. Smith W. D. Fulton J. W. Kossin D. F. Hagner R. L. Cherry P. L. T. Beavers T. A. Lanford R. E. Moody, Jr. E. P. Paris H. J. Chalfont C. M. Stewart C. A. Schacht Paul E. Schroeder * Cashier. 3 Minneapolis.... Helena C. W. Groth Kansas City Denver Oklahoma City Omaha G. H. Pipkin R. L. Mathes L. H. Earhart Dallas El Paso Houston San Antonio C. M. Rowland W. H. Holloway W. E. Eagle San Francisco... Los Angeles Portland Salt Lake City Seattle Also Cashier. W. F. Volberg S. A. MacEachron W. L. Partner J. M. Leisner * Counsel. 471 FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the Federal Reserve System, BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. No charge for available individual sections (unbound). RULES OF ORGANIZATION AND RULES OF PROCEDURE— Board of Governors of the Federal Reserve System (With Amendments). September 1946. SI scription price in the United States and its pospages. sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, T H E FEDERAL RESERVE ACT, as amended to NovemGuatemala, Haiti, Republic of Honduras, Mexico, ber 1, 1946, with an Appendix containing proNicaragua, Panama, Paraguay, Peru, El Salvador, visions of certain other statutes affecting the Uruguay, and Venezuela is $2.00 per annum or Federal Reserve System. 372 pages. 50 cents per 20 cents per copy; elsewhere $2.60 per annum or paper-bound copy; $1.00 per cloth-bound copy. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one ad- T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947; reprinted April dress, 15 cents per copy per month, or $1.50 for 1951. 125 pages. 75 cents per cloth-bound copy; 12 months. in quantities of 10 or more copies for single shipFEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ment, 50 cents each. Paper-bound copies availRATES, AND BUSINESS. Issued monthly. $6.00 able without charge. per annum including historical supplement listed below, or 60 cents per copy. In quantities DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND STANDARD METROPOLITAN AREAS, as of Decemof 10 or more copies of a particular issue for ber 30, 1950. July 1951. 125 pages. single shipment, 50 cents each. (Domestic rates) FEDERAL RESERVE BULLETIN. Issued monthly. Sub- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. 113 charts. April 1952 edition. Annual subscription to monthly chart book includes supplement; single copies, 60 cents each. In quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) BANKING STUDIES. Comprising 17 papers on bank- ing and monetary subjects by members of the Board's staff. August 1941; reprinted March 1949. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75 cents each. 1 A more complete list, including periodical releases and reprints, appeared on pp. 1606-09 of the December 1951 BULLETIN. 472 A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES. (July 1, 1951). December 1951. 33 pages. T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR U S E IN ECONOMIC ANALYSIS. Janu- ary 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS SAVING (From Federal Reserve Bulletin unless preceded by an asterisk) T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL- PRELIMINARY RESULTS. PART I. FINANCES—SELECTED April 1951. 4 pages. September BALANCE SHEET AND CURRENT TRENDS OF T H E CURRENT POSITION OF AGRICULTURE, by Philip T. Alien. September 1951. 11 pages. T H E ECONOMIC OUTLOOK AND LIQUID ASSET POSITION OF CONSUMERS. pages. PART II. DURABLE PURCHASES June 1951. DISTRIBUTION August 1951. 18 pages. OF CONSUMER 18 pages. INCOME PART IV. PART V. PLANS PART III. TION OF CONSUMER SAVING IN 1950. 18 pages. 18 OF HOUSES AND GOODS IN 1949 AND BUYING FOR 1951. July 1951. 1951. THE ECONOMY. 5 pages. AGRICULTURE, 1951. September 1951. 14 pages. LARS IN 1950. March 1951. 10 pages. 1951 SURVEY OF CONSUMER IN THE DEFENSE 1951. NEW INDEX OF OUTPUT DURABLE GOODS. OF MAJOR CONSUMER October 1951. 6 pages. CREDIT AND SALES REPORTED BY REGULATION REGISTRANTS. W October 1951. 12 pages. IN 1950. DISTRIBUSeptember VOLUNTARY ACTION TO H E L P CURB INFLATION. November 1951. 9 pages. DISTRIBUTION OF REVISED INDEXES OF DEPARTMENT STORE SALES AND DEBT AND SELECTED NONLIQUID ASSETS OF CON- STOCKS BY DISTRICTS. December 1951. 53 pages. SUMER SPENDING UNITS. December 1951. 11 pages. (Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; for 1947 from June-August and October 1947 BULLETINS, 48 pages; for 1948 from June-September and November 1948 BULLETINS, 70 pages; for 1949 from June-November 1949 and January 1950 BULLETINS, 124 pages; for 1950 from April and June-December 1950 BULLETINS, 106 pages, which includes T H E METHODS OF THE SURVEY OF CONSUMER FINANCES.) COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. * PROGRAM FOR VOLUNTARY January 1952. 11 pages. T H E SECOND ARMAMENT BUDGET. February 1952. 9 pages. MONEY AND CREDIT IN 1951. February 1952. 9 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. March 1952. 10 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE * T H E TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. CREDIT RESTRAINT. As amended to April 20, 1951. 4 pages. BALANCE. March 1952. 7 pages. CONSUMER PLANS FOR SPENDING AND SAVING. 1952. April 6 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1951. 2 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS BEFORE SUBCOMMITTEE ON GENERAL THE INTRODUCTION OF REAL ESTATE CREDIT REGU- CREDIT CONTROL AND DEBT MANAGEMENT, MARCH LATION. 11, 1952. April 1952. 4 pages. July 1951. 23 pages. APRIL 1952 473 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES r c! === BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES