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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
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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
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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
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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

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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

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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.
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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

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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
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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
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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
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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
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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
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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

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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
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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