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FEDERAL




ESERVE

BULLETIN
AUGUST 1951

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS
WINFIELD W.
SUSAN S. BURR

RIEFLER

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

Residential Real Estate Under Controls.

901-912

Financing of Large Corporations in 1950.

913-919

1951 Survey of Consumer Finances:
Part III. Distribution of Consumer Income in 1950.

920-937

Voluntary Credit Restraint Releases.

938-941

Annual Report of the Bank deutscher Laender.

942-951

Annual Report of the Bank of Italy.

952-956

Law Department. .

957-960

Current Events and Announcements. .
National Summary of Business Conditions.
Financial, Industrial, Commercial Statistics, U. S. (See p. 965 for list of tables).
International Financial Statistics (See p. 1029 for list of tables) .

951
962-963
965-1027
1029-1047

Board of Governors and Star!; Open Market Committee and Staff; Federal
Advisory Council.

1048

Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Publications.

1050-1051

Map of Federal Reserve Districts.

1052

Subscription Price of Bulletin

$1.50 for 12 months.




1049

FEDERAL
VOLUME 37

RESERVE
August

1951

BULLETIN
NUMBER 8

RESIDENTIAL REAL ESTATE UNDER CONTROLS
In the spring and summer of 1951 infla- new and previously existing properties, extionary pressures in construction and real ceeded the number purchased in any other
estate markets, which had been strong dur- similar period, and mortgage lending on 1ing most of the postwar period, moderated to 4-family houses amounted to the unprecl
somewhat, owing partly to restraints exer- edented total of over l6 /2 billion dollars,
cised by direct and indirect control meas- compared with less than 13^4 billion in
ures. The slackening of pressures in these the preceding twelve months. The net inmarkets during recent months, with most crease from mid-1950 to mid-1951 in mortactivities continuing above or near earlier gage debt outstanding on such properties
record levels, has been an important factor was 7.7 billion dollars.
in reducing inflationary tendencies in the
In the summer of 1951 the rate of new
economy as a whole.
lending was still very large, but there was
The physical volume of new construction, some evidence of reduced availability of mortallowing for usual seasonal movement, rose gage credit. Loan contracts were apparently
beyond previous record levels during the being made at somewhat higher interest rates
nine months ending March 1951, and then and with shorter maturities than formerly,
declined through July, reflecting chiefly a and a larger proportion of the contracts was
marked reduction in residential building being written without Government insurfrom the earlier extraordinarily high level. ance or guarantee. Builders were encounterNonresidential construction expanded fur- ing a reluctance on the part of lenders to
ther during the first half of 1951, offsetting extend credit to finance residential conmuch of the residential decline. Total con- struction on terms previously acceptable.
struction activity so far this year has been This appears to have been an important faclarger than in the corresponding part of any tor in the lower level of starts in recent
other year, and the number of new dwelling months.
units started has also been larger, except
Moderation of inflationary pressures is also
in comparison with 1950. In that year, evident in other parts of the market. Con1,400,000 units were started, or about 40 struction costs, at record levels, have been
per cent more than in 1949 which was the generally stable for some months. Delays
previous record year. Publicly financed units attributable to shortages of labor and mateaccounted for an unusually large number rials have been infrequent. Output of maof the starts this June.
terials has been large, and prices of a few
The number of houses purchased in the items have weakened. Employment in conperiod July 1950-June 1951, counting both struction is at a record level, and wage rates
AUGUST

1951




901

RESIDENTIAL REAL ESTATE UNDER CONTROLS

increases in industrial and some rise in public
utility building which have more than offset
recent declines in commercial building. Public construction, which includes an expanding volume of military, naval, and publicly
owned industrial facilities, has also shown
a large rise.
Residential building. Residential building
during the first half of 1951, while substantially below the record 1950 level, was higher
CONSTRUCTION ACTIVITY AND EMPLOYMENT
than in any other six month period. The
After increasing substantially during 1950, number of dwelling units started, including
the total volume of construction activity both private and public, totaled 583,000,
showed a less-than-seasonal expansion dur- compared with about 700,000 in each half
ing the second quarter of this year, as the of 1950 and 450,000 in the first half of 1949.
building of both residential and commercial In July, as shown in the chart on the next
structures declined, partly in response to page, the total number of dwelling units
restraining Federal actions. The further rise started declined sharply from June, as the
this year in construction for private business number of publicly financed units declined
purposes, shown in the chart, reflects large from the exceptionally high June total. The
number of privately financed starts in July
VALUE OF NEW CONSTRUCTION ACTIVITY
was 83,000, which was somewhat lower than
Seasonally Adjusted'
in other recent months. The physical volMonthly
Millions Of Dollars
Millions Of Dollars
•2800
ume of work put in place in the first six
months of 1951, while only 6 per cent below
IOTAI
2400
2400
the same period of 1950, has been declining
steadily in recent months, and in June and
/
/
2000
2000
July was more than one-fourth lower than
a year earlier.
The decline in housing starts from yearago levels, as is shown in the table, has been
entirely in privately financed units. Starts
1200
1200
l
/ \A
PRIV ATE RESIDENT A
financed under arrangements for Federal
\
insurance or guarantee of mortgages have
/
800 i
800
\—A PUBLIC /
constituted about the same proportion of
/
*^*y
KM
total private starts as a year ago, but a smaller
400
400
proportion than in the second half of 1950
PRIVATE B
USINESS
when arrangements for FHA-insured financing were relatively more frequent, as
1949
1946
1951
1948
1950
1947
can be seen from the table. The decline
Joint estimates of Departments of Commerce and Labor,
adjusted for seasonal variation by Department of Commerce. in multi-family units, following a substanTotal includes miscellaneous types of private nonresidential
construction such as farm, religious, recreational, and insti- tial rise in 1949 and most of 1950, has been
tutional, which are not shown separately. Private business includes commercial, industrial, and public utility construction. relatively much greater than in 1- and 2Latest figures shown are for July.
and hourly earnings have continued to rise,
but at a slower rate than earlier. Prices
paid for existing houses appear to have been
somewhat further below asking prices than
in other recent periods, but few cases of
price reductions on new houses have been
reported. In contrast, farm real estate values
have continued to rise rapidly during the
spring and early summer.

J

r

902




FEDERAL RESERVE BULLETIN

RESIDENTIAL REAL ESTATE UNDER CONTROLS

National Housing Act. In 15 major metropolitan areas, where use of Government underwritten mortgages and building of multifamily units have been very important, the
total number of units started has continued
large, as can be seen from the chart, but
has declined slightly more, proportionately,
than in other areas.
Publicly financed starts in the first half of
1951 rose to 61,000 of which 42,000 were in
June; this compares with 9,000 and 22,000
in the first half of 1950 and 1949, respectively.
In July the number dropped to 3,200. Almost all of the public starts in 1951 have
been undertaken with Federal assistance
under the Housing Act of 1949, continuing
the trend begun in 1950. In preceding postwar years the bulk of public housing units
were started under separate State and municipal programs and were located in a few
States, chiefly New York, Massachusetts, and
Connecticut.
The Housing Act of 1949, which carried
family units and reflects in part expiration forward the public housing program started
of FHA authority to insure mortgages on by the United States Housing Act of 1937,
the larger structures under section 608 of the authorized the Public Housing AdministraNONFARM HOUSING UNITS STARTED

Thousands of Units
160

Monthly

Thousands of Units
160

NONFARM D W E L L I N G U N I T S STARTED

Number of dwelling units started
(in thousands)

Distribution of privately financed dwelling units started,
by type of financing (per cent)
Government underwritten

Privately financed

Period
Total

Annually
1947
1948
1949
1950

Publicly
financed

Total

1- and
2-family
units

Total

Multifamily
units

FHA
insured

VA
guaranteed

Other
mortgages,
or not
mortgaged

Total

849
931
1025
1396

3
18
36
43

846
914
989
1353

774
810
827
1193

72
104
162
160

100
100
100
100

52
43
47
50

27
32
36
35

25
11
11
15

48
57
53
50

Quarterly
1950—1st
2nd
3rd
4th

279
427
407
283

3
6
13
21

276
421
394
263

236
372
352
234

40
49
42
29

100
100
100
100

45
45
53
56

32
32
38
38

13
13
15
18

55
55
47
44

1951—1st
2nd

260
323

11
50

249
273

227
251

22
22

100
100

46
45

29
29

17
16

54
55

NOTE.—Data are from the Department of Labor, Federal Housing Administration, and Veterans Administration. Only new permanent family dwelling units built in nonfarm areas are represented; single-person accommodations, conversions, trailers, and all temporary
structures are excluded. Data for FHA-insured and VA-guaranteed units represent those on which a first compliance inspection has
been made by these agencies. Figures for type of structure for second quarter 1951 partly estimated by Federal Reserve.
AUGUST

1951




903

RESIDENTIAL REAL ESTATE UNDER

tion during the six fiscal years beginning
July 1, 1949, to enter into contracts for Federal assistance to local housing authorities
for 810,000 units. The President was empowered to vary the rate at which such contracts are entered into so as to provide for
between 50,000 and 200,000 units in any year.
In the President's Budget Message last January, provision was made for putting 75,000
units under construction in fiscal year 1952.
Early in August, Congressional committees
were conferring on House and Senate bills
providing for 5,000 and 50,000 units, respectively.
Employment and wages. Employment in
construction, following the usual winter decline, has increased this spring and summer
to a new record level, about one-tenth above
a year earlier. Skilled workers are generally
available throughout the country, but in a
few areas bricklayers and plasterers are still
reported to be scarce. Wage rates have continued to advance and in the first half of the
year increased by 3 per cent, about the same
as in the first half of 1950, and somewhat
less than in the second half. Increases have
been general for all types of construction
workers, skilled and unskilled. Reflecting
some increase in overtime, as well as the increased wage rates, average hourly earnings
in construction have risen steadily and at
midyear were 10 per cent higher than a
year earlier.
SUPPLIES, PRICES, AND COSTS

During the past few months, supplies of
building materials have been generally adequate, as production has continued at high
levels and stocks have been replenished.
Prices stopped rising in the late winter, reflecting in part Federal price control measures, and have declined slightly in some lines
since spring.
904




CONTROLS

Costs to builders, after rising markedly
between the summer of 1950 and the spring
of 1951, have recently been stable at a record level. Further rises in labor costs have
been offset by declines in prices of some
building materials and reduction of costs
attributable to delays.
Supplies of building materials. In the
second half of 1950 output of many building materials rose to record levels under
the stimulus of large demands. Late in the
year new orders declined somewhat, and
stocks began to accumulate in the hands of
producers and distributors, as immediate requirements of the defense program for such
materials were found to be smaller than
anticipated, inventory accumulation in some
lines was regulated, and some builders curtailed their programs. Output of building
materials generally remained high during
the winter and has declined only slightly this
spring. Production of lumber, which reached
a peak late last summer, has risen less than
seasonally this spring and summer, following
the usual winter decline. Even so, output exceeded new orders and shipments in the
second quarter. Stocks of lumber held by
manufacturers, wholesalers, and retailers
have increased this summer as demand from
builders has declined.
Output of lumber products, including
hardwood flooring and plywood, which was
at record levels last summer and autumn,
has also been reduced somewhat this summer. Manufacturers' stocks of hardwood
flooring, after being drawn down during
most of last year, expanded considerably in
the spring, and at midyear were more than
twice as large as a year ago. Plywood stocks,
which remained fairly stable through 1950,
have also risen substantially this spring and
summer.
Stocks of cement have been adequate at
FEDERAL RESERVE BULLETIN

RESIDENTIAL REAL ESTATE UNDER CONTROLS

year-ago levels as production has continued
in record volume for some time. Clay
products, including brick, tile, and clay
sewer pipe, have also been produced in
large volume.
The requirements of the defense program
have made it necessary to limit supplies of
steel, copper, and aluminum products for
civilian building and other nondefense uses.
Reflecting this development to some extent,
manufacturers' stocks of some fabricated
metal products, including plumbing fixtures
and heating apparatus, were reduced sharply
during the first quarter below a year ago.
Since then these stocks have apparently increased. Manufacturers' stocks of warm air
furnaces are more than four-fifths larger
than a year ago, following exceptionally
heavy production since last summer. During the remainder of the year supplies of
such items will be affected by the operation
of the Controlled Materials Plan.
Materials prices. As the supply situation
became generally more favorable, and following the adoption of price controls in January, prices of most building materials, which
had increased markedly in the second half
of 1950, leveled off this spring. Since April
some prices have declined. Average wholesale prices in July, shown in the chart, were
2 per cent below the spring peak reflecting
recent declines in lumber prices. In July,
lumber prices were 7 per cent below the
record level reached last autumn, but 3 per
cent higher than a year ago and about onefifth above the beginning of 1950. Prices
charged to contractors by building materials
dealers for lumber and lumber products, including hardwood flooring, millwork, and
plywood, after showing little change early
in the year, have also declined this summer.
Wholesale prices of most other building materials, which rose sharply in the second
AUGUST

1951




half of 1950, have leveled off at last winter's
record levels, as can be seen from the chart.
WHOLESALE PRICES OF BUILDING MATERIALS
1935-39 •-100
_Pef Cent

Monthly Averages

Per Cent,

150

100

100
1949

1951

1947

•1949

195!

Bureau of Labor Statistics indexes converted to 1935-1939
base by Federal Reserve. Total includes "paint materials"
subgroup not shown separately. ''Other" includes chiefly metal
building materials except structural steel; asphalt, glass, gravel,
and crushed "stone; millwork and prepared roofing. Latest
figures shown are Federal Reserve estimates for July.
FINANCING AND SALES

During the first half of 1951, as is shown
in the table on the next page, mortgage lending on 1- to 4-family residential properties
amounted to about 7.9 billion dollars, 10
per cent more than in the first half of 1950.
Taking account of usual seasonal movements, this was about the same as the exceptionally large amount of lending in the
second half of 1950.
The number of new houses sold rose markedly after June 1950 as starts remained high
and purchases of houses before completion
increased. A record number of about 700,000 new houses were sold in the second
half of last year, compared with about 450,000
in the first half. Sales in the first six months
905

RESIDENTIAL REAL ESTATE UNDER CONTROLS
MORTGAGE DEBT ON 1- TO 4-FAMILY HOUSES

NONFARM MORTGAGE LENDING

[In billions of dollars]

Loans
made

Period

Apparent
retirements

Millions of Dollars

Increase
in loans
outstanding

Monthly

Millions of Dollars

Loans
outstanding
(end of
period)

1600

1400

18.9
19.8

1940
1941

3.5

2.5

1.0

3.9

3.1

.8

1945
1946
1947
1948
1949
1950?

4.9
10.0
11.2
11 4
11 1
16.0

4.4

.5

5.2
5.8

4.8
5.4

1949
First half
Second half.. . .

5.0

3.4

1.6

6.1

3.7

2.4

36.8
39.1

1950
First half P
Second half P. . .

7.2
8.8

3.7
4.5

3.5
4.3

42.6
46.9

1951
First half?

7.9

4.5

3.4

50.3

.

...

6 1

5 3

7.1
8.2

4.0
7.8

1200

19.7
24.5
29.9
35.1
39.1
46.9

600

400

P Preliminary.
NOTE.—Annual data on outstandings and loans made from
Home Loan Bank Board; semiannual data estimated by Federal
Reserve. Apparent retirements derived from these figures.

400

200

200

1947

of this year amounted to about 500,000.
Transfers of existing houses in recent months
have continued very large at the 1950 level
of 725,000-775,000 units in each half.
Lending on new houses, which had risen
sharply in the second half of 1950 to 3.7
billion dollars and had exceeded loans made
on old houses for the first time in the postwar
period, declined in the first half of this year
to 2.8 billion. The amount loaned to finance
the purchase of old houses and for other
purposes, such as refinancing and repairs,
was about the same as in the second half
of 1950.
As in other recent postwar years, insured
and guaranteed mortgage lending has been
substantial. Well over one-third of the large
volume of mortgage lending for all purposes
on 1- to 4-family properties in the first half
of 1951 was insured or guaranteed by FHA
or VA, about the same proportion as in each
half of 1950. The volume of VA loans
closed, shown in the chart, after rising quite
steadily in 1949 and 1950, has dropped
sharply this year. The June level was below
906




1948

1949

1950

1951

For mortgages under $20,000, data on nonfarm mortgages
recorded during month from Home Loan Bank Board; for VA,
home loans closed under the Servicemen's Readjustment Act:
January-September 1946, estimated by National Housing Agency
from records of Veterans Administration; October 1946 to date,
from Veterans Administration; for FHA, data on loans insured under sections 8, 203, 603, and 611 of the National
Housing Act as reported by Federal Housing Administration.
Latest figures shown are for June.

the record of late autumn and winter but
substantially above year-ago levels. FHA
loans, which have been fairly steady since
mid-1948, are somewhat lower than last
year. In recent months applications for
FHA insurance and requests for VA appraisals have been substantially below earlier
levels, which suggests that in the months
ahead the volume of insured and guaranteed
lending may be further reduced.
The amount of mortgage debt outstanding
on 1- to 4-family properties has continued
to expand and by the end of June was estimated to be over 50 billion dollars. This
was an increase of 18 per cent over June
1950, and was about 2l/2 times the debt at
the end of World War II. The amount
covered by Government insurance and guarantees has also expanded considerably and
FEDERAL RESERVE BULLETIN

RESIDENTIAL REAL ESTATE UNDER CONTROLS

at midyear totaled about 21 billion dollars,
or more than two-fifths of the total.
All types of lenders have increased their
investments in mortgages on residential
properties—multi-family units as well as
small properties. Life insurance companies,
as is shown in the table, have increased their
mortgage portfolios more sharply than have
other types of financial institutions. At the
end of June insurance companies held an
estimated 12.5 billion dollars of residential
mortgages, an increase of 3.2 billion over
a year earlier. Savings and loan associations, the financial group with the largest
amount of mortgages on small residential
properties, expanded their holdings by 2
billion dollars during the twelve months.
Commercial banks showed the smallest increase during the year and now account for

Federal National Mortgage Association, a
Federal corporation authorized to own and
deal in certain types of FHA-insured and
VA-guaranteed mortgages. This was an increase of about 525 million dollars in twelve
months, most of which had occurred by the
end of March, as can be seen from the table.
In this period, holdings of VA mortgages
increased by three-fourths while holdings
of FHA mortgages declined by one-third.
After March FNMA's purchases dropped
sharply, reflecting cancellation or completion
of purchase commitments outstanding early
in 1950 when the authority of FNMA to
make new commitments to purchase mortgages was repealed. Since then, purchases
have been made "over the counter," without prior commitment.
FEDERAL

RESIDENTIAL

REAL

ESTATE

MORTGAGE

NATIONAL

MORTGAGE ASSOCIATION

ACTIVITY

[In millions of dollars]

LOANS HELD BY

SELECTED TYPES OF FINANCIAL INSTITUTIONS

[In billions of dollars]

Date

Savings
Total,
selected and loan
instiassociatutions
tions

Mortgage
purchases

Life
insurance
companies

Commercial
banks

Mutual
savings
banks

Quarter
FHA
in-

sured

1947—Dec. 3 1 . .

24.7

8.9

5.0

6.9

3.9

1948—June 30..
Dec. 31..

27.5
30.0

9.7
10.3

5.9
6.8

7.6
8.1

4.3
4.8

1949—June 30..
Dec. 31..

31.6
34.1

10.8
11.6

7.5
8.2

8.2
8.7

5.1
5.6

1950—June 30 .
Dec. 31..

37.6
42.2

12.7
13.7

9.3
11.0

9.5
10.4

6.1
7.1

1951—June 30..

45.9

14.7

12.5

10.9

7.8

NOTE.—Figures for savings and loan associations from Home
Loan Bank Board; life insurance companies, from Institute of Life
Insurance and Home Loan Bank Board; commercial and mutual
savings banks, from the all-bank series prepared by the Federal
Deposit Insurance Corporation from data supplied by Federal and
State bank supervising agencies. June 30, 1951 figures for all
institutions and June 30 figures for all years for savings and loan
associations and life insurance companies are estimated by Federal Reserve.

Mortgage
sales

VA
guaranteed

FHA
insured

1948—3rd
4th. .

49
90

11

1949—ist m
2nd..
3rd. .
4th. .

77
81
57
37

35
80
124
181

2
18

1950—1st . .
2nd..
3rd. .
4th. .

23
13
8
5

247
264
220
264

1951—1st. .
2nd..

6
12

242
99

VA
guaranteed

Mortgage
holdings
(end of
quarter)
FHA
in-

sured

VA
guaranteed

100
188

11

C1)
0)

262
339
390
403

46
125
247
425

90
96
49
26

9
96
50
53

329
240
193
169

657
816
976

1,177

16
4

36
40

155
161

1,370
1,418

(i)

(i)

i Less than $500,000.
NOTE.—Data from Federal National Mortgage Association.

Mortgage sales by FNMA continued generally steady for some months at between 15
a smaller proportion of total residential mortgage debt in the hands of institutions than and 25 million dollars per month, but
at any other time since the end of the war. dropped sharply in June and July. On
July 16 the Association announced that it
FEDERAL NATIONAL MORTGAGE ASSOCIATION would sell its mortgages at par, except those
On June 30 of this year, almost 1.6 bil- on large-scale projects. Most of its sales have
lion dollars of mortgages was held by the been at premiums.
AUGUST 1951




907

RESIDENTIAL REAL ESTATE UNDER

On June 29, 1951, FNMA announced that
it would limit its purchases to mortgages
insured or guaranteed on or after March 1,
1951 and held by the originator not less than
two months. This will prevent any largescale disposal of mortgages by lenders who,
as a result of the recent change in money
market conditions, may wish to sell their
eligible mortgages in order to purchase securities or to fulfill other mortgage commitments.
In the middle of July, however, FNMA
waived the two-month holding period for
mortgages covering military housing financed under section 803 of the National
Housing Act, as well as housing programmed
by the Housing and Home Finance Administrator in designated critical defense areas,
and set aside 350 million dollars of its uncommitted funds for the purchase of such
mortgages.
GOVERNMENT ACTIONS IN THE HOUSING
MARKET

The change in the housing market that
was developing in the early months of 1951
was strongly influenced by actions taken by
the Federal Government to restrain inflationary pressures and to bring the volume of
residential building in line with the resources
available during a period of increased production for defense. The first Federal actions
modified Government credit programs established to encourage home building and
ownership. These actions were soon followed
by broader and more direct measures aimed
more specifically at restricting nonessential
construction and use of materials, and at
limiting price increases. By the spring of
1951 the number of new houses started and
the volume of credit available began to reflect the restraining measures.
Real estate credit. On July 19, 1950, as
908




CONTROLS

part of an anti-inflationary program initiated
by the President, Federal agencies concerned
with residential construction and financing
adopted regulations to restrict their programs. Later, under authority of the Defense Production Act, the credit control
measures were broadened. On October 12,
1950, and January 12,1951, the Federal Housing Administration and the Veterans Administration further modified their regulations to conform to the terms of Regulation
X, issued by the Board of Governors of the
Federal Reserve System with the concurrence of the Housing and Home Finance
Administrator. These regulations restricted
the terms of borrowing in connection with
purchase of new and old houses and apartments financed with Federally underwritten
mortgages, and new houses and apartments
financed with other kinds of mortgages. In
general, they required buyers to make larger
down payments and to pay off their mortgage debt faster than formerly. The principal requirements of the regulations are
summarized in the table.
On February 15 Regulation X was broadened to cover certain nonresidential construction and on March 5 it was amended to
permit relaxation by the Board of Governors and the Housing Administrator of
financing terms in areas designated critical
defense areas by the Inter-agency Critical
Areas Committee of the Defense Production Administration. As of August 3, fortytwo areas had been designated defense areas
and 29,170 units, about three-fourths of
which were to be for rent, had been programmed for these communities. Builders
or others wishing to build "programmed"
units may apply for certificates of approval
and, upon presentation of these certificates
to lenders, may secure financing on the more
liberal terms announced for the area.
FEDERAL RESERVE BULLETIN

RESIDENTIAL REAL ESTATE UNDER CONTROLS

whichever is smaller, the Act, in comparison
with the earlier arrangements, made VA
REGULATIONS OF F H A
AND VA
first mortgage financing more attractive to
1- to 4-unit and
Multi-unit
lenders and more useful to veteran purfarm residences
residences
chasers, particularly in the purchase of larger
Value of residence
Reg. X and
Reg. X and
VA
houses. Two new programs for FHA inFHA
FHA
surance of mortgages were also getting unMaximum loan-to-value ratio (per cent) 2
der way. One changed the terms for insurValue per family unit:
ance of mortgages on new low-priced houses
95.0
83.0
$5,000
90.0
90.6
79.2
8,000
80.6
built in outlying areas for low- and moderate87.0
74.0
10,000
77.0
84.2
70.5
12,000
74.2
income families, and the other established a
76.3
67.0
15,000
71.3
67.8
59.2
18,000.
62.8
system of mortgage insurance for new houses
63.5
55.2
20,000
58.5
3
4 55.0
550.0
25,000
50.0
and apartments built by nonprofit, coopera6
Maximum maturity (years)
tive organizations. The Act also ended the
authority of FHA to accept applications for
20
None
20
All values
specified
insurance of mortgages under section 608. A
large proportion of multi-family building in
1
Regulation X provides the following terms on real estate credit
recent years has been done under this section.
for new construction of nonresidential properties (that is, properties
generally described as commercial, recreational, educational, and
charitable): maximum loan, 50 per cent of value; maximum
Measures limiting credit generally. Bematurity, 25 years.
2
Maximum amount of mortgage per unit on multi-unit projects
cause of actions taken to raise reserve requireinsured under FHA cannot exceed $8,100.
3
On values of $24,250 and over, ratio of loan to value is 50 per
ments of member banks and to reduce monecent.
4
On values of $25,000 and over, ratio of loan to value is 55 per
tization of the public debt through Federal
cent.
5
On values of $23,500 and over, ratio of loan to value is 50 per
cent.
Reserve support of the Government securi6
Loans on 1- to 4-unit and farm residential properties having a
value of $7,000 or less may have a maturity of 25 years. Loans
ties market, mortgage lenders have been less
on multi-unit residential properties insured by FHA may have
any maturity satisfactory to FHA.
willing than formerly to obtain funds for
mortgage investment and business financing
The full effect of the credit regulations by selling Government obligations in the
was not felt immediately. Financing ar- market. The large volume of commitments
rangements, including applications for in- made earlier to acquire mortgages has absured or guaranteed mortgages, made before sorbed such funds as were readily available
the effective date of the regulation, were from other sources.
exempt from the new terms. A substantial
Government action has been supplemented
proportion of the new units started in the by a voluntary credit restraint program, infourth quarter of 1950 and the first half of augurated in March, under which individ1951 were under such arrangements.
ual financing institutions have been restrictChanges made by the Housing Act of ing or postponing the granting of credit not
1950 early last year in Government programs essential to the economy at this time. With
of mortgage guarantee and insurance also reference to residential real estate credit, Bulinfluenced recent developments. By raising letin No. 4 of the Voluntary Credit Rethe maximum amount of guarantee which straint Committee urges lenders to apply
the Veterans Administration may extend the tests of Regulation X to the financing
from $4,000 or 50 per cent of the loan, which- of existing properties which are not otherever is smaller, to $7,500 or 60 per cent, wise regulated.
RESIDENTIAL REAL ESTATE CREDIT T E R M S
UNDER REGULATION X AND ASSOCIATED
1

AUGUST

1951




909

RESIDENTIAL REAL ESTATE UNDER CONTROLS

As a result of these general measures of
restraint, new residential construction in the
second quarter of 1951 was limited by shortage of funds for the financing of construction. This shortage has been largely attributable to the inability of lenders of construction
funds to obtain commitments or other assurances from mortgage investors to make or
purchase the mortgages on completed properties. It seems likely that in the next few
months the large volume of commitments
to take up mortgages and corporate securities, entered into by investors last autumn and
winter, will be reduced and construction
lenders will again be able to obtain "take-out
commitments."
Construction, materials use, and prices. In
addition to these actions on credit a number
of Government orders and regulations affecting construction, use of materials, prices, and
wages have been issued by the National Production Authority, the Office of Price Stabilization, and the Wage Stabilization Board
under authority of the Defense Production
Act. In September 1950 NPA required users
of certain materials to limit stocks to a "practicable minimum working inventory," and
in October issued limitation order M-4 prohibiting construction of buildings to be used
for recreational, amusement, or entertainment purposes, whether publicly or privately
financed. Construction for the Department
of Defense and the Atomic Energy Commission was excepted. Two important additions
to this order were made later. The first, on
January 13, 1951, required that authorization
be obtained for new private commercial construction. The second, on May 3, required
authorization for projects using more than
25 tons of steel, for any multi-unit residential
structure of more than three stories and basement, and for single-family dwellings costing more than $35,000. On July 1 the $35,000
910




limit on single-family dwellings was replaced
by a limit of 2,500 square feet of floor space,
and use in construction of copper and aluminum for decorative or certain other specified purposes was prohibited.
The Controlled Materials Plan, effective
for most industries on July 1, 1951, is designed to allocate the three basic metals,
steel, copper, and aluminum, directly to producers of defense and defense-supporting
goods, and to distribute the remainder to
nondefense production. To the extent necessary and possible, a balance between supply
of and demand for the nondefense supply of
these metals is to be maintained by use of
"M"—or limitation—orders to reduce less
essential production. Under CMP Regulation 6, issued on June 6, builders of structures requiring NPA authorization were
permitted, but not required, to apply for allotments of regulated materials with the application for permission to build.
On July 27 the Defense Production Administration announced fourth quarter allotments of controlled materials to claimant
agencies, including in this quarter claimant
agencies for construction. The Housing and
Home Finance Agency, for example, received allotments of the three metals for use
in residential construction, the Federal Security Agency for use in school and hospital
construction,, and the Facilities Bureau of
the NPA for use in industrial and commercial construction.
On August 3 NPA took steps to bring
construction under CMP in the fourth quarter. Limitation Order M-4 was replaced
by Order M-4A, CMP Regulation 6 was
amended, and Direction 1 to CMP Regulation 6 was issued. These regulations continue
the earlier prohibition on specified uses of
copper and aluminum in construction, and
for the most part replace the earlier limitaFEDERAL RESERVE BULLETIN

RESIDENTIAL REAL ESTATE UNDER CONTROLS

tions on the starting of certain kinds of construction with limitations on the use of controlled materials. The major exception is
that permission must be obtained from
HHFA to start or to continue work after
September 30 on residential structures containing more than four dwelling units, regardless of the amount of controlled materials to be used. All other types of
construction, except electric power generating projects, facilities for petroleum and
gas processing and refining, and communications facilities, which are controlled
separately, may proceed without specific authorization provided they will use no more
than specified amounts of the three metals
in the fourth quarter. If larger amounts
are required, authorization and allotments of
materials must be obtained from the appropriate claimant agency.
The builder of any structure, other than a
recreational or apartment building, which
does not require specific authorization may
order controlled materials for use in the
fourth quarter, certifying, by means of an
allotment symbol, that his requirements are
not greater than the maximum specified
in Direction 1 to CMP Regulation 6 for the
particular kind of structure. All others must
attach to their orders for controlled materials
allotment numbers assigned when NPA authorizes construction schedules and grants
allotments of materials.
Prices of some building materials and of
contractors' services also were brought under control on January 26 in the General
Ceiling Price Regulation (GCPR) which
froze prices of most goods and services at
the highest charges made between December 19, 1950, and January 25, 1951. Subsequently this regulation was supplemented
and in some cases superseded by other orders and regulations (for example, CPR 22
AUGUST 1951




pertaining to manufacturers and CPR 34
pertaining to services). In August changes
in regulations relating to charges for contractors' services and prices of some building materials were under consideration.
Wage rates of the construction industry
were first controlled by the Wage Stabilization Board on January 26, under General
Wage Stabilization Regulation 1, which
stabilized all wages, salaries, and compensation at the January 25, 1951 level. On February 27 General Wage Regulation 6 was
issued. This permitted future increases in
wages up to 10 per cent from a base period
defined as the first regular pay period ending on or after January 15, 1950. On July
26 the Construction Industry Stabilization
Commission took over control of wages in
the construction industry and the 10 per cent
pay increase ceiling no longer automatically
applies to the industry. The Commission set
as a ceiling the prevailing wage rates in each
area and is now preparing a list of such wage
rates. Pending publication of area wage
rates, employers may increase workers'
wages up to the rates set under collective
bargaining agreements in each area. Those
paying higher than prevailing rates on
July 26 may finish the projects at the present rates. Work started in the future is
to be done at standard area rates.
RECENT AND PENDING LEGISLATION

The Defense Production Act Amendments
of 1951, signed by the President on July 31,
amended the Defense Production Act of
1950 and the Housing and Rent Act of 1947
and extended these acts through June 30,
1952. The amendments authorize the Secretary of Defense and the Director of Defense Mobilization to designate areas as
"critical defense housing areas" and bring
them under Federal rent control. They also
911

RESIDENTIAL REAL ESTATE UNDER CONTROLS

require the President to relax real estate family houses (Section 903) and multi-famcredit controls in such areas "to the extent ily rental projects (Section 908). Mortgage
necessary to encourage construction of hous- insurance under Title IX would be available
ing for defense workers or military per- only for mortgages covering units programmed by the Housing Administrator in
sonnel."
Most of the provisions of the 1947 Act critical defense housing areas. FHA would
dealing with rent control were retained, have the power to require such units to be
and four major amendments were adopted. held for rent to defense workers and to
The first provides for control of rents on all limit the rents to be charged. To be insured
housing accommodations in "critical defense under Title IX mortgages must meet the
housing areas." Previously, certain types of following requirements:
existing housing, as well as all new housing,
were exempt. Second, the law now permits
Type of structure
an increase in rents over the June 30, 1947
Maximum terms
1-family 2-family
Multi-family
levels of 20 per cent, including increases
4
4^
already granted, except those granted for Interest rate (per cent) . . . . 30
Maturity (years)
30
0)
Loan-to-value ratio
capital improvements or betterments in serv(per cent)
90
90
90
Amount of loan:2
ice. Third, the right of States, or local govStandard provision
$8,100 $15,000 $7,200 per unit
High-cost area
$9,000 $16,000 $8,100 per unit
erning bodies, to decontrol areas under their
1
As prescribed by the FHA.
jurisdiction is retained, and the right to take
2
For the one- and two-family structures'represents two bedroom
units; $1,080 additional allowed each for third and fourth bedrooms.
the initiative in returning to rent controls is For the multi-unit structures, $900 additional allowed if the numadded. Fourth, States or localities operating ber of rooms per family unit exceeds four.
under non-Federal rent controls are per- The bill provides for a maximum increase
mitted to continue these controls unless the of 1.5 billion dollars in the authorization for
rent component of the Consumers' Price In- FHA programs, and vests authority for aldex of the Bureau of Labor Statistics for such locating this amount among all the FHA
State or locality has increased since June 30, programs in the President.
1947 by more than the average for the United
The bill extends to July 1, 1953 the auStates.
thority of VA to make direct housing loans
The Defense Housing and Community and converts the 150 million dollars preFacilities and Services Bill, passed by the viously made available for this purpose
Senate on April 10 and reported with amend- into a revolving fund. In addition, it proments by the House Committee on Banking vides that the required down payment on
and Currency on August 6, provides for the any loan guaranteed by VA for the purchase
construction of permanent defense housing of a house costing $12,000 or less shall not
and other facilities and services needed in exceed 6 per cent. The bill provides that
critical defense housing areas. The bill residential credit restrictions under the Deamends the National Housing Act by adding fense Production Act of 1950 shall be relaxed
Title IX authorizing FHA, until June 30, to the extent necessary in the judgment of
1953, to insure on more liberal terms than the President to obtain the construction of
are now provided, mortgages on 1- and 2- needed defense housing.

912




FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1950
by
ELEANOR J. STOCKWELL

During the postwar period 1947-49 the group
of 300 large manufacturing, trade, and utility corporations, for which the Board of Governors regularly compiles balance sheet, income statement, and
sources and uses of funds data, invested their funds
and financed their capital expenditures in roughly
the same manner as all corporations in the aggregate.1 In 1950, however, there was a marked dissimilarity in the behavior of the 300 large corporations and the corporate universe which appears
to be more significant than industrial differences
among large corporations.
Total uses of funds by corporations in 1950
reflected not only the recovery from the 1949 recession but also developments following the outbreak
of war in Korea. Plant and equipment outlays
of all nonfinancial corporations were nearly as
large during 1950 as in 1948, a year of record expenditures, while accumulation of inventories and
expansion of customer financing were substantially
larger. As a result of these increased requirements
for funds and of further accumulation of cash and
United States Government securities, total gross
uses of funds by all nonfinancial corporations increased from 25 billion dollars in 1949 to 40 billion
in 1950.
For the group of 300 large corporations, the increase in investment was relatively smaller in 1950
than that for all corporations, despite relatively
greater increases in liquid assets and receivables.
Plant and equipment outlays of these large companies declined 8 per cent from 1949 to 1950 in
contrast with an increase of 7 per cent for all corporations, while inventories of the large companies
increased about 9 per cent as compared to a 16 per
cent increase in total corporate inventory holdings.
The group of 300 large corporations in 10 manufacturing industries, retail trade, and three public
utility groups, which was selected early in the postwar period to provide supplementary financial data
1
For description of the large corporation sample and
analysis of its financial experience in previous years, see
Charles H. Schmidt, "Industrial Differences in Large Corporation Financing in 1948," Federal Reserve BULLETIN,
June 1949, pp. 626-33; and Eleanor J. Stockwell, "Industrial Differences in Large Corporation Financing in 1949,"
Federal Reserve BULLETIN, June 1950, pp. 636-42.

AUGUST 1951




for the corporate universe and for the purpose of
studying industrial difierences-in corporate financial
practices, was not expected to be typical of the corporate universe at all times. Large, long-established
corporations are generally more stable and their
relative demands for funds less likely to vary markedly with sudden changes in the business climate
than are those of smaller companies.
Moreover, the group is less heavily weighted than
the corporate universe with companies in such industries as foods, textiles, apparel, and trade, and
more heavily weighted with companies in the
public utility and durable goods manufacturing
groups. The relatively greater weight in the sample of the latter groups helps to explain the smaller
growth during 1950 in inventory holdings of the
large companies, as contrasted with those of all
corporations. In addition, plant and equipment
programs in such industries are fairly long-range,
the typical investment taking longer than average
to complete; consequently, their plant and equipment outlays during 1950 might be expected to
reflect gradual completion of earlier programs
rather than upward revisions in capital expenditure programs made during the year.
USES OF FUNDS

Aggregate funds used by the 300 large corporations for investment in new plant and equipment,
increased customer financing, expansion of inventories, cash, marketable securities, and other assets,
and for retirement of debt amounted to 13.0 billion
dollars in 1950, as compared to 9.5 billion in 1949.
This increase of 37 per cent is considerably less
than the increase of nearly 60 per cent for all nonfinancial corporations. Changes from 1949 to 1950
in the aggregate amount of funds used by large
companies varied widely among industries, ranging from increases of more than 80 per cent in
the trade, rubber, and chemical groups to increases
of less than 10 per cent or actual declines in 6
of the remaining 11 industries.
Decline in plant and equipment expenditures. The
300 large corporations as a group invested 6.5
billion dollars in plant and equipment, about 3.5
billion in inventories and receivables, and nearly
913

FINANCING OF LARGE CORPORATIONS IN 1950
USES AND SOURCES OF CORPORATE FUNDS, 1948,

1949,

AND

All nonfinancial corporations
1948

1949

1950

(Billions of dollars)
Uses
Plant and equipment outlays
Inventories (change in book value)
Change in customer receivables l
Change in liquid asset holdings
Other current assets
Gross uses '
Sources
Funds from operations 4
Change in trade debt
Change in income tax liability
Other current liabilities
Change in bank loans
Mortgages, bonds and capital stock. . . .
Gross sources'

1950

300 large corporations

1950
(Percentage distribution)

1948

1949

1950

1950
(Percentage distribution)

(Billions of dollars)

17.4
4.2
4.2
1.9
(2)

16.1
-4.3
-0.6
3.0
-0.2

17.2
7.6
10.0
5.0
0.5

42.7
18.9
24.8
12.4
1.2

8.2
1.6
0.7
0.8
0.3

7.1
-1.1
-0.5
1.0
0.1

6.5
1.2
2.2
2.7
0.2

50.0
9.2
16.9
20.8
1.5

27.7

25.3

40.3

100.0

11.6

9.5

13.0

100.0

19.0
1.1
0.5
(2)
1.1
6.7

16.1
-2.2
-2.0
-0.1
-1.9
6.0

20.5
5.9
7.2
1.0
2.5
4.5

49.3
14.2
17.3
2.4
6.0
10.8

6.8
0.4
0.8
0.4
0.3
2.9

6.1
-0.5
-0.5
0.2
-0.3
1.6

7.4
1.2
2.9
0.5
-0.2
1.0

57.0
9.2
22.3
3.8
5
(1.5)
7.7

28.4

27.2

41.6

100.0

11.6

9.5

13.0

100.0

1
Includes cash, U. S. Government securities, and (for large corporations only) other marketable securities.
* Less than 50 million dollars.
8
Gross uses include those uses which appear in the table as negative sources; gross sources, those sources which appear as negative
s.
4
Funds from operations consist of retained earnings and depreciation allowances.
8
Use of funds.
Source.—All nonfinancial corporations, U. S. Department of Commerce; large corporations, Board of Governors.

3.0 billion in cash, marketable securities, and other
current assets during 1950, as is shown in the
table. Capital expenditures by these companies
last year were 8 per cent smaller than in 1949 and
20 per cent smaller than in 1948. The only industries that made larger outlays on plant and
equipment in 1950 than in 1949 were the automobile, rubber, iron and steel, and chemical groups.
Immediately after the war, many of the companies included in the sample undertook extensive
programs of reconversion, modernization, replacement, and expansion of facilities. This work has
gradually been completed during the past three
years. Although a large number of the companies
have indicated that they have recently embarked on
new major expansion programs, much of the proposed expansion is in basic productive facilities involving both plant and equipment and requiring an
extended period to complete. Actual expenditures
in connection with such new programs had not
reached sizable proportions by the end of 1950.
At the same time, expenditures in connection with
earlier programs continued to taper off in 1950.
Despite the generally smaller capital expenditures by the sample group of large companies,
however, such outlays accounted for 38 per cent
of all corporate capital expenditures in 1950. Relative to total uses of funds by the 300 companies,

914




plant and equipment outlays accounted for 50 per
cent in 1950.
Increase in inventories

and customer

financing.

The large corporations which comprise the Board's
sample did not, as a group, participate in the
marked expansion of corporate inventory holdings
during 1950. As is shown in the table, the allcorporate figures show an increase of 7.6 billion
dollars during 1950 compared with 4.2 billion in
1948, while for the 300 companies the comparable
figures are 1.2 billion in 1950 and 1.6 billion in
1948. However, industry by industry, relative
changes in inventory holdings of the large manufacturing and trade corporations between the end
of 1949 and the end of 1950 paralleled those for
all corporations; thus, it may be assumed that
the dissimilarity shown by the large corporations
as a group reflects differences in industrial weighting, particularly the underweighting of trade companies in the sample. Large retail trade corporations, which had reduced their inventories slightly
in 1948 and 1949, increased them by 285 million
dollars, or 20 per cent, in 1950—approximately the
same relative increase as for total retail trade inventories.
The increase from 1949 to 1950 in customer
financing (as represented by notes and accounts
receivable) was much greater for large corporations
FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1950
than for all corporations, and followed a largerthan-average reduction from 1948 to 1949. This
greater volatility can perhaps be explained on the
grounds that large corporations, with their nationwide operations and highly liquid financial positions, have pursued an active policy of financing
their smaller customers and suppliers, and such
financing tends to fluctuate with the volume of
business activity.
Sharp increase in liquid asset holdings. One of
the most pronounced differences between large and
all-corporation uses of funds during 1950 was in
the accumulation of liquid assets. Large corporations in all industries except food, other transportation equipment, and electric power and gas added
substantially to their holdings of cash and marketable securities; for the group as a whole, such additions accounted for one-fifth of their total uses of
funds, as compared to one-eighth in the case of all
corporations. Put another way, the large corporations in the Board's sample accounted for 54 per
cent of the growth in liquid asset holdings of all
nonfinancial corporations, as compared to only 16
per cent of the total increase in corporate inventories and 38 per cent of outlays for plant and
equipment.
To a considerable extent, this increase in liquid
asset holdings of large corporations reflects the
sharp rise in their Federal income tax accruals in
1950, which resulted in the purchase of United
States Treasury Savings Notes and accumulation
of other liquid assets to be used to meet tax payments falling due in 1951. Liquid asset accumulation in the three industries where the 1950 dollar
increase in tax accruals was largest—automobiles,
iron and steel, and chemicals—accounted for 62
per cent of total liquid asset accumulation by the
300 companies, and for 30 to 50 per cent of total
funds used by the three industries. To some
extent, however, the increase in liquid asset holdings by large corporations reflects the existence
of funds in excess of current investment and operating requirements, as evidenced by net retirement
of short- and long-term bank debt in 8 of the 14
industries, of other long-term debt in 6 industries,
and of capital stock in 7 industries.
SOURCES OF FUNDS

Financing of the 1950 requirements of large corporations was unusually consistent from one industry to another. In 10 of the 14 industries the most
AUGUST 1951




important forms of financing were funds from
operations, income tax accruals, and trade debt,
in that order. In 9 of the 14 industries, as can
be seen from the chart, funds retained from operations plus accrued income taxes accounted for at
least 75 per cent of total funds. Asset liquidation,
which provided a substantial volume of funds in
most industries during 1949, was negligible in
1950 among all industries except food and other
transportation equipment, where there was some
net reduction of cash and marketable securities.
Equity and long-term debt financing together provided no more than 8 per cent of total funds in
every industry except electric power and gas and
communications.
SOURCES OF FUNDS OF LARGE CORPORATIONS, 1950
Percentage Distribution
PETROLEUM
IRON and STEEL
'MACHINERY
NONFERROUS METALS
CHEMICALS
RAILROADS
TOBACCO
AUTOMDBUIS
RUBBER
RETAIL TRADE
FOOD
OTHER
TRANSPORTATION EOUI
COMMUNICATIONS
ELECTRIC POWER
and GAS
50

75

100

Funds from operations

O

Trade notes and accounts payable

Accrued income taxes

•

All other internal and external sources

Funds from operations. Profits before taxes increased in each of the 14 industries from 1949 to
1950, the increases exceeding 40 per cent in 10 of
the industries. In every industry except nonferrous
metals, however, income tax accruals and dividend payments increased relatively more than
profits, with the result that total funds retained
from operations increased considerably less than
profits before taxes or actually declined, despite
915

FINANCING OF LARGE CORPORATIONS IN 195 0
partly offsetting increases in depreciation allowances. For the group as a whole, profits before
taxes increased by 4.6 billion dollars, or 50 per cent,
from 1949 to 1950, and retained earnings plus depreciation allowances by 1.3 billion, or 21 per cent.
Income tax accruals as a source of funds. The
much higher level of profits before taxes in 1950,
coupled with the higher Federal income tax rates
effective on 1950 income, resulted in a sharp increase in tax accruals from 1949 to 1950. For all
300 large corporations, the difference between the
tax liabilities accrued on 1950 income and the
amount actually paid during 1950 amounted to
nearly 3 billion dollars. Funds arising from the
increase in income tax accruals were second in
importance only to funds from operations for the
group as a whole, and for 11 of the 14 industries.
The excess of tax accruals over current tax payments during periods of rising taxes is commonly
considered as a form of external financing, since
the funds represent a deferred liability. The funds
must be available to meet tax payments, and their
use for financing plant and equipment expenditures
or other more or less permanent forms of investment is therefore largely precluded.
Other sources of funds. Notes and accounts
payable increased from 1949 to 1950 in each of
the 14 industry groups and in 10 of them, as previously indicated, exceeded any other single source

of financing except funds from operations and
accrued taxes. The increase in business activity in
1950, which was primarily responsible for the rise
in trade debt, however, was not accompanied by a
net increase in bank debt. In fact, repayment of
outstanding bank loans exceeded new borrowing
in 8 of the 14 industries and, in each of the remaining groups except tobacco, net borrowing accounted for 5 per cent or less of total funds. This
experience among the large corporations in the
sample contrasts sharply with the substantial net
increase in bank borrowing by all corporations.
Retirements of other long-term debt and of
capital stock were also common among large
corporations in a number of industries. The 300
large corporations obtained about one billion dollars, or 22 per cent of that for all corporations,
through mortgage loans and security issues; however, electric power and gas and communications
companies accounted for the entire amount, since
net retirements in 7 of the other 12 groups offset
net additions in 5 groups. In the latter 5 industries—petroleum, chemicals, nonferrous metals,
retail trade, and railroads—such financing provided
at most 8 per cent of total funds in 1950. Electric
and communications utilities, on the other hand,
continued to finance, as they have throughout the
postwar period, a substantial proportion of their
1950 requirements through equity and debt issues.

NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data
for the sample of large corporations discussed in this article are shown on the following pages.

916




FEDERAL RESERVE BULLETIN

FINANCING OF LARGE CORPORATIONS IN 1 9 5 0
COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1950 AND 1949
300 LARGE CORPORATIONS IN SELECTED INDUSTRIES

[Dollar amounts in millions]
Manufacturing
Food

Account

Tobacco

Rubber
1950

1950
28
$431
245
7
67
49
30
-4
64
11
-33
-14
9

$38
214
-4
-108
-9
-88
-3
-1
8
21

$80
53
-3
0
4
16
0
22
1
-15
0
2

24

0
-2
-64
0
-1
6
-15
39
0

Uses of funds—total
Plant and equipment expenditures
Inventories
Receivables
Other assets
Other uses 5

$431
177
125
116
13
0

$38
229
-104
-69
-18
0

$80
12
56
11
(2)
0

$18
16
2
—4
3
1

$18
59

Chemicals

1950

28

Sources of funds—total
Net from operations l
Cash
Marketable securities
Trade payables
Bank loans, short-term
Bank loans, long-term
Accrued income taxes
Other current liabilities
Mortgages, bonds, other liabilities.
Capital stock
Other sources 3

Number of companies

Petroleum

1950
24

33

Number of companies

Uses of funds—total
Plant and equipment expenditures
Inventories
Receivables
Other assets
Other uses 5

I

14

14

1950

1949

12

12

19

19

42

$-30
467
-8
-309
-62
—42
-96
-28
-11
22
18
19

$902

714
-28
-806
259
13
-2
617
152
3
-21
2

$142
718
-86
-526
-35
7
-11
152
58
-143
-3
12

$212 $-67
95
78
24
-48
4
-86
53
-28
-4
-45
-1
-13
56
-9
-16
62
2
23
-7
-10
5
9

$615
335
-60
-50
101
17
-16
186
78
17
5
2

357
243
242
61
0

$142
250
-131
21
1
0

$212 $ - 6 7
64
64
32 -107
-18
115
-6
?
0
0

$615
217
285
102
11
0

$223
234
-71
54
5
0

$865

Railroads

1950

1949

$977

547
137
250
42
0

$370
498
-46
-104
22
0

$285
152
-37
142
28
0

-53
3
6

Utilities

Retail
trade

1950

-71
24
0

18

$216
255
4

1949

$-30
283
-265

18

1949

$230
341
-84
-32
4
2

$613
365
79
191
-21
0

Other transportation
equipment

46

1950

$286 $-20
$1,888 $1 ,550
86
67 4 1,512 4 1 , 7 0 1
56
-87
-39
-27
139
356 - 1 8 5
-5
61
3
-2
58
0
7
0

Automobile

$718
558
13
-139
108
3
-6
288
44
-146
—5
0
$718
275
171
242
30

33

1949

$216
123
30
81
-23
5
26
-75
-4
49
4
0

1950

Sources of funds—total
Net from operations x
Cash
Marketable securities
Trade payables
...
Bank loans, short-term
Bank loans, long-term
Accrued income taxes
Other current liabilities
Mortgages, bonds, other liabilities
Capital stock
Other sources 3

1950

$230 $977 $370 $285
403
789
274
605
- 8 2 -108
-42
-71
- 7 6 -305 -126 -143
-16
169
-80
42
6
1
-4
-14
-52
-4
5
(2)
-10
-40
168
405
4
5
10
35
18
-12
35
8
-1
35
19
1
0
4

Machinery,
inch
electrical

1949

Nonferrous
metals

$286 $-20 $1,888 $1 ,550 $613
180
107 1,938 1,744
515
-23
54 - 2 6
-28
-93
48 -387
-38
-25
-289
-99
50
-19
133
75
-2
-2
3
-25
-3
42
-12
-3
-118
-6
108
-30
277 -306 330
45
9
-20
9
31
-1
55
-9
60
6
-3
-17
-13
72
2
0
9
5
0

Manufacturing, cont.

Account

Iron and
steel

Electric
and gas

1950

1949

1950

1949

42

20

20

35

35

$223
293
4
-16
-9
4
2
-57
-8
12
-3
6

Communications
1950

1949

$865
710
-134
-134
100

1

1

$612 $1,298 $1,168 $986 $1,168
402
416 508
462
473
?
-33
23
94
-5
80
186
130
23 - 4 2
17
49
-85
-6
-31
15 - 5 9
-7
36
-37
0
0
()
()
()
7
7
30
131
28
72
191 -125
20
16
18
1
66
-43
248
382 - 2 0
48
376
101
338
400
340
15
274
0
21
4
2
0
2
11
667

18
211
-31
0

$612 $1,298 $1 ,168

808
-91
-36
-70
0

1,183 1,224
-69
64
14
41
-1
4
0
7

$986 $1,168
900 1,080
10
-25
58
36
19
76
0
0

1
Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to
income have been eliminated from net profit.
2
Less than 0.5 million dollars.
3
Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds.
4
Company figures which in some cases include, and in others exclude, dry hole costs.
5
Prior year tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds.
6
Included with other short- and long-term liabilities.
7
Includes State income and property taxes.
NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance
Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative
figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds Section represent sources of funds.
Details may not add to totals because of rounding.

AUGUST

1951




917

COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1950, 1949 AND 1948
300 LARGE CORPORATIONS IN SELECTED INDUSTRIES

[Dollar amounts in millions]
Manufacturing

Food

Account

i 1949

28

28

28

60
0
93

$1 ,750

S6
0
82

1948

4

4

4

1950

i 1949

1948

1950

1949

1948

24

1949

24

24

33

33

33

1948

18

18

1950

1949

1948

18

U949

U950

14

14

14

$1,739 $1,659 $1,382 $1,427 $14,514 $13,338 $11,866 $5,801 $4,930 $4 ,701 $8,453 $7,398 $7 ,174 $3,711 $3,312 $3,332
139
54
941
167
116 1,011
919
619
591
855
510
709
350
279
747
308
779
490
537
104
905
0
167
516
440 1,203
771
129
897
548
415
496
978 1,161
259 1,334
615
455
86
393
424
700
254
841
592
328
189
242
1 ,377
1,719
1,741
961
539 1,682
954
1,416
498
877
452
1,323
594
632
1,461
631

1 133

1 ,474

1 418

1 163
134

in
?8

110
84

$3 ,460

$1 ,769

$1 750

179

187

171

236

12

15

11

28

49

50

24

27

21

7

5

10

16

30

26

?n?
248
171

16
111
48

11
89
26

14
91
20

124
177
118

74
69
73

93
99
93

1,020
701
344

889
423
338

967
728
344

768
714
232

193
384
212

?09
393
207

670
914
432

501
509
389

S8S
549
385

160
313
117

119
166
94

141
241
98

409
25

385
23

$1,739 $1,659

$1,382

101
82

7,484
1,002

? 036
674

$1,427 $14,514 $13,338 $11,866

$ 5 , 801

383
26

8,670
1,037

8,238
994

1,892
631

1 767
569

3,777

3,571

315

268

$4,930 $4 ,701 $8,453 $7,398

3 374
743

1,668

1,609

1,470

223

187

185

$7 ,174 $3,711 $3,312 $3,332

>^

a
0
TJ

34

38

41

0

0

0

0

12

15

482

603

561

6S

71

173

6

7

10

52

47

22

§

460

440

488

S?4

539

290

291

300

1,265

1,206

1,101

41 S

403

38 S

696

717

683

212

204

155

O

129

152

188

4
489
346

144
282
512

117
299
432

117
300
399

75

85

134

135

3,911
5,844

3,854
5,174

2,810
2,817

2,793
2,343

135
? 708
? 109

53

93

3,979
6,624

181
1 379
1 853

102

1 ,027
96S

3
508
417

71

1,047
1,087

3
508
407

113

$11 ,184

$2 ,330

8S
413
?S3

8
215
118

7
198
1?4

6
185
114

146

73

72

67

1,103
1,175

152




366
181
484

$1 ,769

1950

4

4

4

$3 ,460

1948

1949

Nonferrous metals

Iron and steel

426

Income statement:
$10,914 $10,613
Sales
Depreciation, depletion, and
105
96
amortization
.6 .
.
406
501
Profit before income taxes .
Net profit 6
248
282

I

1950

Chemical s

LARGE

Total assets (end of year). . $3,708 $3,463
365
359
Cash
289
222
Marketable securities
410
527
Receivables (net)
.•
987
1,104
Inventories
Plant and equipment (net
1,267
1,342
of depreciation)
154
145
Other assets 2
Total liabilities and equity $3,708 $3,463
Notes payable to banks
118
88
(short-term)
Trade notes and accounts
194
243
payable
286
227
Accrued income taxes 3
170
Other current liabilities ...
193
Notes payable to banks
Mortgages, bonds, and
other liabilities 4
Surplus reserves 6
Capital stock

1948

1

FINANCl

i 1950

Petroleum

Rubber

Tobacco

145

$2 317 $2,286

$2,775 $2,119
59
284
158
48

133
1 470
7, 480

1,356
2,152

1,178
1,609

$2,332 $12,721 $11,405 $12,250 $ 5 , 765 $4,734 $4 ,998 $9,884 $7,903 $8 ,547 $3,392

58
127
88

55
182
116

768
2,083
1,518

711
1,585
1,280

650
2,458
1,837

39

41

654

561

553

??4
1, 419
783
498

203
867
556
363

18?
863
547

311

330
1,546
771
326

284
940
551
240

795
984
S80

85
650
390

227

208

1,124
1,434

1,119
1,417

$2,404 $2,902
71
339
227
168

o
C/3

64
551
362
195

VL

Utilities

Manufacturing , cont.
Account

Machinery, ncl.
electrica

Retail trade

Other transportation equipment

Automobiles

1950
Number of companies

Total assets (end of year). .
Cash
Marketable securities.
Receivables (net)
Inventories
Plant and equipment (net
of depreciation)
. ..
Other assets 2

Total liabilities and equity

Notes payable to banks
(short-term)
Trade notes and accounts
payable
..
Accrued income taxes. . .
Other current liabilities s . . .
Notes payable to banks
(long-term) .
Mortgages, bonds, and
other liabilities 4

Surplus reserves
Capital stock
Surplus

8

1949

1948

1950

1949

1948

1950

1949

1948

46

46

46

12

12

12

19

19

19

7

Communications

Electric and gas

Railroads
1950

1949

1948

1950

1949

1948

1950

1949

1948

42

42

42

20

20

20

35

35

35

1949

1950
1

1948

1

1

$5,786 $5 ,683 $6,673 $5 ,188 $4 ,698 $1,924 $1,798 $1 ,775 $4 ,738 $4,108 $3,987 $18,187 $17,428 $17,456 $11,704 $10,803 $9,990 $8,750 $8,126 $7 ,475
86
90
95
648
618
667
700
235
187
618
298
752
331
712
311
605
696
640
611
582
212
377
247
289
1 ,379
268
246
608
166
306
9S6
115
240
475
653
853
2,186
197
817
201
678
369
1 072
326
544
227
241
383
635
459
281
490
7.90
646
423
272
638
292
404
381
830
90S
386
124
369
109
99
507
300
489
365
1 ,175 1 ,306
1 ,694
579
1, 403 1,474
692
612
585
1 ,823
1,646
1 ,917 1,418

$6 ,451

1 ,608

1 522

1 422

1,344

1 ,239

526

492

459

385

324

$6 ,451

,253
3?^

459

441

422

1 ,196

1, 071

59

63

66

?05

194

946 12,583
3,102
189

12,290
3,133

11,706 8 10,347 8 9,457 8 8,580
229
248
233
3,346

7,279

6,789

594

575

6 ,097
501

$5,786 $5 ,683 $6,673 $5 ,188 $4 ,698 $1,924 $1,798 $1 ,775 $4 ,738 $4, 108 $3,987 $18,187 $17,428 $17,456 $11,704 $10,803 $9,990 $8,750 $8,126 $7 ,475
45

41

(9)

(9)

106

110

94

54

113

77

180
i»406
209

161
i°339
208

166
"310
190

300

251

336

207

?82
180

187

167

151

47

49

86

0

0

0

6,257

5,270

4,888

4,505

3,671

3,691

3 ,443

1,289
5,049
3,572

12

14

14

19

4,346
1,129

4,039
996

3,684
942

3,113
1,069

(9)

14

10

55

27

14

7

2

6

51

62

374

264

325

46 S

1S9

106

134

394

396

427

697

500

683

545

132

79

87

463

?78

335

810

772

782

774
1 309
563

407

349

303

319

258

374

296

304

20

26

122

5

7

18

14

15

28

34

50

53

(9)

(fl)

(9)

463

642

620

192

188

331

103

96

71

188

17?

159

6,413

6,359

1,349
5,063
3,971

1,312
5,049
3,674

132

212

215

128

1 ,722
2 ,233

1,595
1,868

1 ,515
1 ,622

1,131
2,595

101

1 ,117
2 ,193

306

109

23

38

41

42

A*

59

924
1 ,914

428
760

395
745

395
709

1 ,046
2 ,135

1, 043
1, 886

1,047
1,683

536

2
o
o

436

521

404

212

340

452

387

430

19

12

2,815
863

2 ,534

i
g
2

795

Income statement:

$8 ,010 $7,182 $7 ,330 $12,591 $10 ,382 $8 ,690 $2,156 $2,356 $2 ,237 $11 ,924 $11, 035 $11,513 $6,373 $5,741 $6,459 $3,199 $2,921 $2,807 $3,262 $2,893 $2 67,5
Sales
Depreciation, depletion, and
278
321
278
334
298
255
77
285
266
305
90
33
84
148
205
232
44
36
amortization
184
161
131
354
588
633
744
748
641
323
786
922
448
564
901
232
159
173
1 ,550
1 ,309
904
928 2,331
1 ,151
Profit before income taxes 6 .
6
233
347
415
476
463
670
397
107
559 1,135
120
100
930
Net profit
222
482
536
287
375
474
559
678
216
308
272
248
337
199
183
7,03
211
211
160
236
298
59
473
75
61
Dividends
..
251
213
701
308

1
For one or two companies in the food, petroleum, and iron and steel industries, reports for 1949 and 1950 excluded, and for 1948 included, foreign subsidiaries. Balance sheet and income statement data
and 2
sources and uses of funds of these companies for 1949 and 1950 have been adjusted so as to be comparable with earlier years.
Includes relatively small amounts of intangibles and current assets not shown separately.
3
Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, etc.
4
Includes pension reserves and minority interest in capital stock and surplus.
6
Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories.
6
Excludes nonrecurring charges and credits to income, tax refunds, payments of prior year's taxes, gains on sales of assets, and charges and credits to and from surplus reserves.
7
Data for one company estimated.
8
Includes intangibles.
9
Included with other short- and long-term liabilities.
i° Includes State income and property taxes.
NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around December 31 and for which data are available in investment manuals and company reports
to stockholders. Manufacturing and trade groups include only companies with end-of-year 1950 total assets of 10 million dollars and over; railroads, Class I roads with total assets of 270 million and over;
utilities, Class A and B electric and gas companies with total assets of 95 million and over; communications, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System.
Details may not add to totals because of rounding.




0

1951 SURVEY OF CONSUMER FINANCES
PART III. Distribution of Consumer Income in 1950 x

SUMMARY

Higher levels of production and employment
in 1950 raised consumer money income before
taxes by 13 billion dollars to about 183 billion, according to survey data. Half of the 52 million
spending units were estimated to have received
higher incomes in 1950 than in 1949, and one-fifth
lower incomes. Increases in income were most
frequently reported by people who had been in
middle and lower income groups in 1949, although
all levels shared in the general rise.2
These changes raised the median spending unit
income by 11 per cent and the mean income by
about 8 per cent. Since rises in prices and in Federal personal income taxes offset only about 2 percentage points of this income increase, there' appeared to be a substantial gain in average real income from 1949 to 1950. Rapidly rising prices in
the latter part of 1950 and early 1951 caught up
with income, however, so that there was little
change in average real income between early 1950
and early 1951.
The general upward shift of income in the postwar period has changed the occupational pattern
of consumer units with incomes of $5,000 or more.
1
This is the third in a series of articles presenting the
results of the 1951 Survey of Consumer Finances sponsored
by the Board of Governors of the Federal Reserve System
and conducted by the Survey Research Center of the University of Michigan. The first article in the series appeared in
the June BULLETIN and covered the economic outlook and
liquid asset position of consumers. The second article, devoted to durable goods expenditures in 1950 and buying
plans for 1951, appeared in the July BULLETIN. Subsequent
issues of the BULLETIN will contain articles analyzing changes
in consumer saving patterns and in holdings of nonliquid
assets.
The present article was prepared by Irving Schweiger of
the Consumer Credit and Finances Section of the Board's
Division of Research and Statistics. The author has necessarily maintained a close working relationship with the staff
of the Survey Research Center at all stages of his work and
in his analysis of survey tabulations has had the benefit of
many suggestions from the Center's staff, particularly John
B. Lansing, E. Scott Maynes, and James K. Dent.
2
Data are based on the results of about 3,400 interviews
taken in 66 sampling areas throughout the nation. The
sample is representative of the entire population of the
United States residing in private households. The following
groups are omitted: (1) members of the armed forces and
civilians living at military reservations; (2) residents in hos-

920




In 1946, the number of self-employed, managerial,
professional, and semiprofessional persons with incomes of $5,000 or more was twice that of skilled
and semiskilled workers and clerical and sales personnel. In 1950, the two groups were about evenlymatched in this income class.
The tenth of the population with the highest
incomes appear to have received a slightly smaller
proportion of total income in 1950 than in any
other postwar year. This changed distribution,
which reflected the more rapid rate of growth in
money income for other tenths of the population,
was a major factor in their gain in real income
since 1946.
CHANGES IN LEVEL OF INCOME

Expanding economic activity in 1950 brought a
13 billion dollar increase in consumer money income before taxes.3 Approximately 26 million of
the 52 million spending units in the population
received higher incomes in 1950 than in 1949, while
roughly 10 million had declines in income.4
pitals and in religious, educational, and penal institutions;
and (3) people living in quasi-households, e.g. hotels, large
boarding houses, and tourist camps. The interview unit of
the survey is the spending unit, defined as all persons living
in the same dwelling and belonging to the same family
who pool their incomes to meet their major expenses.
The limitations of survey data outlined in the June 1951
BULLETIN and in the discussion of methods presented in the
July 1950 BULLETIN are applicable to the information presented in this article. Survey findings approximate the true
order of magnitude of data but do not represent exact values.
Variations from the true values may be introduced by chance
fluctuations in the particular sample of interviews, by errors
in reporting on the part of those interviewed, by differences
in interpretation by either respondents or interviewers, and
by methods used in processing data. Only the first of these
—sampling error—can be measured statistically. It should
be kept in mind that the other sources of error may be of
equal importance to the accuracy of survey results.
3
Survey data indicate that aggregate consumer income
rose from 170 billion dollars in 1949 to 183 billion in
1950, about the same percentage increase shown by Department of Commerce estimates when adjusted to the
survey universe and definition of income. In both years, the
figures obtained by the survey amounted to more than 90
per cent of the Commerce Department estimate.
4
It should be kept in mind that data on income changes
rely upon the respondents' recollection of income for a period
covering two years and are therefore subject to considerable
memory error.
FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
The median (middlemost) income of consumer
spending units rose 11 per cent from $2,700 in
1949 to $3,000 in 1950, and the mean income (arithmetic average) rose 8 per cent from $3,270 to
$3,520. These increases in average money income
constituted real gains in purchasing power, inasmuch as they were only partly offset by a 1 per
cent rise from 1949 to 1950 in the annual average
of consumer prices, as measured by the Department
of Labor, and by an increase of 1 percentage point
in the proportion of income going for Federal personal income tax. For the year 1950, as a whole,
it is clear that consumers improved their financial
positions. In fact, the real income of consumer
spending units rose more on the average in 1950
than in any previous postwar year. This improvement was reflected in the increased number of persons owning liquid assets, the decline in the number of persons that spent more than their incomes,
and the expanded volume of durable goods purchases in 1950. As discussed in Part I of this
series, however, price rises in the latter part of
1950 and in early 1951 tended to ofTset earlier income increases so that there was little change in
average real income between early 1950 and early
1951.
The rise in average money income was accompanied by an increased frequency of high incomes
and a reduced frequency of low incomes. As

shown in Table 1, 20 per cent of all spending units
had incomes of $5,000 or more in 1950 compared
with 16 per cent in the previous year. In 1946,
the proportion had been only 10 per cent. Incomes
of less than $2,000 declined in frequency from 40
per cent in 1946 to 33 per cent in 1949 and to 30
per cent in 1950. The general upward shift of
consumer money income in the postwar period
is shown in the accompanying chart.
INCOME GROUPING OF SPENDING UNITS, 1945-50
ercentage Distribution

TABLE 1
INCOME GROUPING OF SPENDING U N I T S AND OF TOTAL
MONEY INCOME

1

[Percentage distribution]
1950
Money income
before taxes

1948

1949

Total
Total
Total
Spend- money Spend- money Spend- money
ing
ing
ing
inininunits come units come units come

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999.. .
$5,000-$7,499
$7,500-$9,999
$10,000 and over. . . .
All cases

13
17
19
19
12
14
3
3
100

Median income 2 . . . . $3,000
$3,520
Mean income 3

2
7
13
18
16
23

}2I
100

2
8
16
20
15
17

14
19
21
19
11
11
2
3

2
9
16
19
15
19
| 20

12
18
23
20
12
10
2
3

}»

100

100

100

100

$2,700
$3,270

$2,840
$3,450

1
Income data for each year are based on interviews during
January, February, and early March of the following year.
2
The median amount is that of the middle spending unit when
all 3 units are ranked by size of income.
The mean amount is the average obtained by dividing aggregate
income by the number of spending units.

AUGUST

1951




20
Under $2,000

40

60

3 $2,000-$4,999

80

100

CD $5,000 and Over

Changes in income for various groups. Occupational groups. Each of the major occupational
groups reported more increases in annual income
between 1949 and 1950 than between 1948 and
1949. In previous year-to-year comparisons in the
postwar period, the professional and semiprofessional group and clerical and sales personnel reported increased incomes with considerably greater
frequency than did other groups. This probably
stemmed, in part, from institutional arrangements
which brought relatively frequent but small increases in income for many persons in these
groups. Between 1949 and 1950 skilled and semiskilled workers received increases as frequently as
did these other two major occupational groupings
(see Table 2). This reflects the round of wage

921

1951 SURVEY OF CONSUMER FINANCES
TABLE 2
INCOME CHANGES FOR SPENDING UNITS WITHIN OCCUPATIONAL AND AGE GROUPS1

[Percentage distribution of spending units]
Change in money income before taxes

Group characteristic

All spending units:
1949-50
1948-49
Occupation of head of spending unit:
Professional and semiprofessional:
1949-50
1948-49
Managerial and self-employed:
1949-50
1948-49
Clerical and sales:
1949-50
1948-49
Skilled and semiskilled:
1949-50
1948-49
Unskilled and service:
1949-50
1948-49
Farm operator:
1949-50
1948-49
Age of head of spending unit:
18-24 years:
1949-50
1948-49
25-34 years:
1949-50
1948-49
35-44 years:
1949-50
1948-49
45-54 years:
1949-50
1948-49
55-64 years:
1949-50
1948-49
65 years or over:
1949-50
1948-49

Number of
cases

Income larger
All
cases

Income smaller

Total

By
25 per
cent or
more

Somewhat

No substantial
change

Total

Somewhat

By
25 per
cent or
more

Not
ascertained

3,415
3,512

100
100

49
39

19
16

30
23

30
29

19
25

12
15

7
10

2
7

269
287

100
100

60
56

24
19

36
37

27
27

12
12

8
8

4
4

1
5

485
466

100
100

46
37

21
15

25
22

35
27

15
27

10
19

5
8

4
9

477
486

100
100

57
50

19
25

38
25

24
30

17
16

13
11

4
5

2
4

901
894

100
100

58
44

22
15

36
29

28
25

12
25

10
19

2
6

2
6

289
344

100
100

49
39

19
16

30
23

30
32

19
22

12
14

7
8

2
7

388
410

100
100

40
30

18
15

22
15

23
19

34
46

17
20

17
26

3
5

269
342

100
100

73
62

43
41

30
21

13
14

12
19

9
11

3
8

2
5

711
779

100
100

58
48

21
20

37
28

21
21

19
24

12
14

7
10

781

100

53

19

34

30

16

10

6

2
7
1

777

100

40

13

27

26

28

17

11

6

659
670

100
100

44
33

16
10

28
23

32
31

21
29

14
18

7
11

3
7

540
495

100
100

40
31

12
10

28
21

37
34

20
29

14
17

6
12

3
6

434
419

100
100

31
19

10
7

21
12

43
51

24
22

13
14

11
8

2
8

1
Based on changes in annual income received as reported by spending units early in 1951 (sixth survey) and early in 1950 (fifth
survey).

increases for many wage-earning groups obtained
in the first half of 1950 as well as steadier work,
increased overtime, and competition for skilled
labor that prevailed throughout 1950. Contractual
agreements calling for periodic increases in wages
are becoming increasingly frequent for skilled and
semiskilled workers, but it seems probable that
these were not a major factor in 1950.
The somewhat uneven changes in income during
1950 changed the relative income positions of a
number of occupational groups. Prior to 1950, the
managerial and self-employed group had consistently reported the highest average income in the
postwar period. In 1950, its median and mean in-

922




comes were about matched by the professional and
semiprofessional group (see Table 3).
Skilled and semiskilled workers, who had previously led the clerical and sales group for third place
with respect to median income, continued about
$400 ahead. The mean income was $250 higher
for the clerical and sales group than for the other
group, however, primarily because of the sharp rise
in income of a relatively small number of people,
such as commission salesmen and insurance and
real estate agents.
For employed persons an increase in wage or
salary rates, including promotion, was the most
frequent explanation of a higher rate of current
FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
TABLE 3
INCOME GROUPING OF SPENDING U N I T S WITHIN OCCUPATIONAL GROUPS X

[Percentage distribution]

Money income
before taxes

Professional
and semiprofessional

Managerial
and
self-employed

Clerical
and
sales

Skilled
and
semiskilled

Unskilled
and
service

Farm
operator

2

1950

Under $1,000
$1,000-$ 1,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over. . .
All cases

1949

1950

1949

1950

1949

1950

1949

1950

1949

1950

1949

4
8
14
17
14
24
19

3
9
15
22
15
19
17

5
11
11
15
12
23
23

5
11
12
15
14
24
19

2
14
29
19
12
17
7

3
22
28
17
14
13
3

2
11
19
30
20
17
1

3
11
26
30
17
12
1

11
33
28
18
7
3
(3)

19
27
30
17
4
3
(3)

30
21
18
11
8
8
4

36
22
15
9
4
6
8

100

Median income.... $4,500
$5,630
Mean income
Number of cases...

269

100

100

100

100

100

100

100

100

100

100

100

$4,000
$5,350

$4,500
$5,790

$4,500
$5,630

$3,200
$3,910

$2,800
$3,260

$3,600
$3,660

$3,200
$3,350

$2,100
$2,200

$2,100
$2,410

$1,900
$2,480

$1,500
$2,570

287

485

466

477

486

902

895

289

344

388

410

1
Income data for each year are based on interviews during January, February, and early March of the following year. All the occupational groupings are in terms of the occupation of the head of the spending unit.
2
Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income
that farmers produce for their own consumption.
8
No cases reported or less than one-half of 1 per cent.
NOTE.—The "number of cases" shown in this and in subsequent tables represents the actual number of spending units falling in each
cell. Because the survey oversamples certain groups and corrects for the oversampling by the use of weights, the unweighted number of
spending units in a cell does not represent the same proportion of the total sample as the weighted proportion. For example, spending
units with incomes of $5,000 or more in 1950 were 19.3 per cent of the weighted sample, but there were 832 such spending units which,
on an unweighted basis, amounted to 24.4 per cent of the 3,415 spending units in the sample. For a detailed description of the sampling
methods, see "Methods of the Survey of Consumer Finances," July 1950 BULLETIN, pp. 795-809.

earnings in early 1951 than a year earlier.5 As in
previous years, this factor accounted for more than
half of the income increases of the employed
group. Next most frequently mentioned was
greater steadiness of employment and more overtime. Transfer to a better paying job was mentioned by little more than 1 in every 10 persons
obtaining an increase in income. Throughout the
prosperous postwar years, pay increases from a
given employer have been considerably more frequent than those obtained by transfers to other
firms. This was also true in 1949, a year of slight
recession. The influence of transfers may be
greater than their frequency implies, however,
since employers may attempt to forestall transfers
by meeting the outside competition in whole or
in part.
Farm operators had more favorable income
changes in 1950 than in the previous year. Approximately 40 per cent reported higher incomes,
and 34 per cent lower incomes. The corresponding
percentages in 1949 were 30 and 46, respectively.
The distribution of farm income appeared to be
somewhat more even in 1950 than in 1949.
6
This compares the rate of earnings at time of survey with
that of a year earlier. The data are related to but not identical with annual incomes.

AUGUST

1951




Farmers with money incomes of less than $2,000
were much less numerous in 1950 than in 1949,
while the number with large incomes ($7,500 or
more) also appeared to fall. The effect of these
changes was to raise the median income of farm
operators by $400 to $1,900 in 1950 without raising
the mean income. In fact, survey data show that
the mean may have fallen slightly. Department
of Commerce estimates of farm income when adjusted to the survey definition show a small decline in aggregate farm income between 1949 and
1950. It should be noted that in addition to a
median money income of $1,900 in 1950, farm
operators had a substantial amount of nonmoney
income such as food produced and consumed on
the farm. Their reported incomes, which refer to
money income solely, are therefore not directly
comparable with those of other occupational
groups.
Age groups. Reports of higher annual income in
1950 than in 1949 were most frequent among
young consumer spending units (those headed by
persons 18-24 years of age) and progressively less
frequent at each older age group (see Table 2).
This pattern has been found in each postwar survey
and reflects the cycle of earning power during a
person's adult life. Income increases are quite fre-

923

1951 SURVEY OF CONSUMER FINANCES
quent for the young as they acquire experience and
skill, complete their professional apprenticeships, or
develop business enterprises. As they approach
the peak of their efficiency or earning power, the
frequency of increases diminishes. Decreases
then tend to become more common because of sickness, lowered physical capacity, and finally retirement.
The effect of improving or deteriorating economic conditions upon the earning power of the
various age groups is indicated by survey data. In
1949, a year of some downward economic readjustment, persons less than 45 years of age had substantially more increases than decreases in income,
while persons 45 or more years of age had about the
same number of each. In 1950, a year of rising
business activity, persons in all age groups below
65 had substantially more increases than decreases
in income. Even the group aged 65 or more had
many more increases in income in 1950 than in the
previous year, partly because of the increase in
Social Security benefits. Decreases in income for
this older group were about as frequent between
1949 and 1950 as between 1948 and 1949, partly
owing to personal factors such as sickness, death of
a breadwinner, or retirement. These factors are
little affected by short-run changes in economic conditions.
As in previous years, the 35-44-year age group
apparently had the largest median income in 1950,
although the 45-54-age group, influenced by a small
number of professional persons and businessmen
who reach a very high earning peak at this time
of life, had the largest mean income. Earning
power, as evidenced by the median income, did not
decline much for the 55-64-age group, but dropped
off sharply after 64 years of age (see Table 17 at
the end of this article for the income distribution
of the various age groups).
Income groups. For some purposes it is best to
analyze changes in income at different income levels
on the basis of income before the change, and for
others, income after the change. Respondents were
asked at the time of the survey in early 1951 to
report their 1949 incomes as well as their 1950 incomes. Because of error introduced by the memory
factor, and because nearly 1 unit in every 10 could
not furnish information for 1949, the data are less
reliable and somewhat less representative for that
year than for 1950.
When income in the preceding year was used as

924




the starting point, individuals in the middle groupings ($2,000 to $4,999) in 1949 reported increases
in income in 1950 with the same or slightly greater
frequency than individuals with incomes of less
than $2,000. Individuals with incomes of $5,000
or more trailed somewhat. This was a change
from the pattern of the past two years, when increases were substantially more frequent at the
bottom of the income scale.
A further change in pattern was evident in the
narrowing of the spread between the income
groups having the lowest and highest frequencies
of income increases from 18 percentage points in
1949 to 9 in 1950. The same type of narrowing
held for declines in income (see Table 4). This
pattern of income change indicates that all 1949
income groups shared in the expansion of consumer
income in 1950, and suggests that the greater frequency of increases at the middle and lower income
levels may have contributed to a somewhat more
even distribution of income in 1950. This possibility is consistent with the survey data on the
distribution of income discussed in a later section
of this article.
As in previous years, when income change was
related to income after the change, the pattern was
reversed in 1950. Then the frequency of rises in
income increased progressively at each higher
level of income; the converse was true for declines
in income (see Table 5).
This shift in pattern was largely due to the
movement of consumers into higher income groups
after increases in income and into lower income
groups after declines in income. Survey data indicate that, except for the group with incomes under
$1,000, not more than 2 in every 3 consumer units
were in the same broad income group in both 1949
and 1950. The shifting was so great in the middle
range that only 4 in every 10 consumer units with
incomes of $4,000-$4,999 in 1950 reported having
incomes within this range in 1949.
The movement of consumers in and out of the
lower income groups is indicated by Table 6.
Approximately 2 in every 10 consumers with incomes less than $1,000 in 1950 reported that their
incomes had been $1,000 or more in 1949. In fact,
a few persons in this group reported incomes of
$5,000 or more in 1949. On the other hand, about
2 in every 10 units with incomes of $1,000-$ 1,999
in 1950 reported that their 1949 incomes had been
less than $1,000.
FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
more units in the middle groups and many fewer
at either the high or low end than are found in a
distribution based on incomes received in a single
year.
The income expectations of consumers shed light
on this question. Data from several surveys show

Similar year-to-year changes in incomes have
been reported in previous surveys. They confirm
that an income distribution for the consumer
population based on the average of several years
would be considerably different from that based
on one year alone. It would undoubtedly have many

TABLE 4
INCOME CHANGES RELATED TO INCOME IN YEAR BEFORE CHANGES *
Percentage distribution of spending units within previous yeai"'s

Change in annual
money income before taxes

Under
$1,000

$1,000$1,999

$2,000$2,999

$3,000$3,999

income groups
$5,000$7,499

$4,000$4,999

$7,500
and over

1949

1948

1949

1948

1949

1948

1949

1948

1949

1948

1949

1948

1949

1948

48

49

50

43

52

44

52

40

52

37

43

37

44

31

29
19

39
10

23
27

19

17

14

12

35

10
30

15

24

13
31

37

25

12
31

8
29

17
27

8
23

No substantial change

31

28

30

30

28

30

27

32

29

33

34

Income smaller...

18

18

19

23

31

20

33

12
6

10
8

11
8

14
9

21
10

12
8

17
16

Income larger
By 25 per cent or more
Somewhat

Somewhat
By 25 per cent or more

Not ascertained. .
All cases
Number of cases

19

23

12
7

12
11

38

26

28

27

19

17
10

14
5

28
30

18

19
11

34

14
4

20
14

3

5

1

4

1

3

1

2

(2)

2

2

3

3

2

100

100

100

100

100

100

100

100

100

100

100

100

100

100

418

479

536

604

582

672

615

615

378

397

397

437

236

269

1
The distribution of income changes within the various income groups is based on reports of nine-tenths of the spending units interviewed early in 1951 (sixth survey) concerning 1949 incomes (either in dollar amounts or by income class) and changes in annual incomes
from 1949 to 1950. The 1949 income of less than one-tenth of all spending units could not be determined in the 1951 survey. Data
related to 1948 income were similarly derived from 1950 (fifth survey). Data in this table are not strictly comparable with similar data
regarding 1947 income obtained early in 1949 (fourth survey) and published in the July 1949 BULLETIN, because the earlier data were
obtained from only two-thirds of the spending units in the 1949 survey.
2
No cases reported or less than one-half of 1 per cent.

TABLE 5
INCOME CHANGES RELATED TO INCOMES IN YEAR AFTER CHANGES

1

[Percentage distribution of spending units within income groups]
Change in money income before taxes
Number
of cases

Money income
before taxes

Under $1,000. . .
$l,000-$l,999...
$2,000-$2,999.. .
$3,000-$3,999.. .
$4,000-$4,999...
$5,000-$7,499.. .
$7,500 and over.

By 25
per cent
or more

Total

1949
to
1950

All spending units

Income large
All
cases

1948 1949 1948 1949» 19481949
to
to
to
to to to
1949 1950 1949 1950I 1949 1950

3,415 3,512
418
514
567
601
441
538
294

479
604
672
615
397
437
269

100

100

49

100
100
100
100
100
100
100

100
100
100
100
100
100
100

30
43
48
52
58
60
61

39

Income smaller

Somewhat

No substantial
change

Total

Somewhat

By 25
per cent
or more

Not
ascertained

1948 1949 1948 1949 1948 1949> 19481949 1948 1949 1948
to
1950

to
to
to
1950 1949 1950

30

29
32
29
27
30
26
27
33

1950

1948
to
1949

19

36
33
29
31
26
24
27

1950 1949

32
22
?,1
16
14
14
7

1
Based on changes in amount of annual income received as reported by spending units early in 1951 (sixth survey) and early in 1950
(fifth2 survey).
Income change from 1949 to 1950 related to 1950 income.
3
Income change from 1948 to 1949 related to 1949 income.

AUGUST 1951




925

1951 SURVEY OF CONSUMER FINANCES
that, generally, a larger proportion of higher income groups than of the middle and lower income
groups expected to obtain smaller incomes in the
following year. The opposite was roughly true
for expected increases in income, although the
pattern was confused at very low income levels,
largely owing to the many aged and retired persons at the bottom of the income scale.
The general point is supported by the findings
of the 1950 Survey of Consumer Finances regarding the net worth of consumers. Net worth, or the
excess of assets over liabilities, reflects the accumulation of savings over an extended period of time
and is therefore a guide to average income for
a period longer than one year. While half of the
spending units with incomes under $1,000 were
worth less than $1,000, one-fourth were worth
$5,000 or more, and a small proportion (3 per
cent) were worth $25,000 or more. These net
worth figures indicate that a substantial proportion
of the lowest income group in 1949 must have
had considerably larger than current incomes for an
extended period in the past in order to accumulate
such savings. These considerations indicate that
the level of welfare and of demand for goods and
services of individual consumer units cannot be
accurately determined on the basis of income data
for any one year.
COMPOSITION OF INCOME GROUPS

Examination of the characteristics of the consumers in each income group discloses whether
low-income units contain few or many persons,
live mainly in big cities or small towns, are clerks

or farmers, etc. The findings of the survey in this
area are shown in Table 7 on a spending unit basis,,
and in Table 8 on a family unit basis.6
Differences in the characteristics of consumer
units are most pronounced at the high and low
parts of the income distribution. Spending unitswith incomes of less than $1,000 tended to have
few members, to live in small towns and the
open country, and to be headed by persons 55 or
more years of age. Retired persons, farm operators^,
and housewives and students were the occupational
groups most frequently found at this income leveL
Spending units with high incomes ($7,500 or more)
were relatively large in size, lived in metropolitan
areas, and were most frequently headed by persons
between 35 and 54 years of age who were selfemployed, in managerial positions, or in a profession. The intermediate income groups tended to
progress from one pattern to the other.
The small size of low-income units is indicated
by the finding that 59 per cent of the spending
units with incomes of less than $1,000 in 1950 contained only one person. Another 25 per cent were
married couples with no children under 18 years
of age. This pattern was also true for families—
73 per cent of the units in the lowest income group
contained either one or two persons (see Table 8).
The supposedly "typical" American family of
four persons, including two children, is not found
to be a very representative concept. Most American
families (62 per cent) in early 1951 contained three
6
For a discussion of the difference between the spending
unit and the family unit, see p. 932.

TABLE 6
PERCENTAGE DISTRIBUTION BY 1949

INCOMES OF SPENDING U N I T S WITHIN 1950 INCOME G R O U P S 1

195C) money income before taxes

1949 money income before taxes
All spending units

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
Not ascertained
All cases
N u m b e r of cases

Under
$1,000

$1,000$1,999

$2,000$2,999

$3,000$3,999

$4,000$4,999

$5,000$7,499

and over

15
17
19
19
10
9
5
6

76
14
2
1

18
63
9
1
1

3
19
58
11
1
1

(2)

1
2
7
38
41
5

(2)

(2)

6

8

7

5

6

100

100

100

100

100

100

100

100

3,415

418

514

567

601

441

538

294

1

4
28
56
5
2

3
13
25
50
3
5

$7,500

1
(2)

3
23
66
7

1
Based on reports of spending units interviewed early in 1951 (sixth survey) concerning annual incomes in both 1949 and 1950. As
shown in table, the 1949 income of 6 per cent of all spending units could not be determined at the beginning of 1951.
2
No cases reported or less than one-half of 1 per cent.

926




FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
TABLE 7
CHARACTERISTICS OF SPENDING UNITS WITHIN INCOME GROUPS

[Percentage distribution]
Money income before taxes

Group characteristic

All income
groups

Under
$1,000

$1,000$1,999

$2,000$2,999

$3,000$3,999

$4,000$4,999

$5,000$7,499

$7,500

and over

1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949
Number of income receivers in spending unit:
None
One
Two or more
Not ascertained
All cases
Age of head of spending unit:
18-24
..
25-34
35-44
45-54
55-64
65 or over
Not ascertained
All cases
Race of head of spending unit:
White. .
Negro
Other
Not ascertained
All cases
Occupation of head of spending unit:
Professional and semiprofessional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired. .
Other
Not ascertained
All cases
Family status of spending unit:
Single person:
Age 18-44
Age 45 or over
Married:
Age 18—44, no children under 18
Age 18-44, 1-2 children under 18
Age 18-44, 3 or more children under 18
Age 45 or over, no children under 18
Age 45 or over, 1 or more children under 18 . . .
Not ascertained
All cases
Place of residence of spending unit:
Metropolitan area 3
Other urban area 4
Rural area 5
All cases
Number of cases

1
74
25

0)

0)

(l)
78
22

66
34

P)

P)

P)

100

100

100

100

100

6
31
25
16
16

6
31
25
18

4

4

33
22

30
24
H

3
?7
29
23
16

P)

1

1
76
23

3
87
10

3
84
13

77
23

P)

P)

P)

100

100

100

100

100

100

9
22
22
18
15
13
1

10
23
22
18
14
12
1

7
7
13
16
48

11
12
11
13
18
3S

15
16
17
16
17
19

P)

P)

P)

20
21
15
15
14
14
1

100

100

100

100

100

100

90
8
1
1

92
7

85
13
1
1

83
15

80
17
1
2

89
10

100

100

100

100

100

100

100

6
13
13
30
9
9
7
12
1

7
12
13
27
12
10
5
14

2
5
2
4
8
21
24
34

4
3
7
15
24
14
32

0)

P)

3
7
16
16
17
11
8
21
1

5
8
20
30
14
9
5
9

P)

3
8
10
19
19
11
11
18
1

P)

0)

P)

100

100

100

100

100

100

100

100

100

13
14

(2)

13
46

(2)

23
19

(2)

10
6

0)

9
20
9
21
11
3

P)

(2)

Q

0)

2
4
3
23
6
3

6
11
6
23
9
3

83
17

P)

1

P)
78
22

100

100

16
25
21
15
13

14
26
23
15
13
8
1

Q

1

P)

100 100

91
9

P)

9
(2)

P)

81
19

80
20

8
17
10
20
8
2

s

1

l

P)

94
5
1

1

P)

100 100

5
7
17
33
16
7
4
11

5
10
13
48
9
5
3
7

«

10
30
11
18
13
2

(2)

96
3

P)
100

74
26

P)

P)

P)

100 100

71
29
100

P)

100

97
2

97
2

97
2

98
2

98
1

P)

P)

P)

0)
p)

1

93
3
1
3

P)

10
32
32
18
8

35
30
IS
8

P) P)
100 100

100 100 100 100 100 100

P)
100

100

100

(2)

5
6

(2)

P)

S4
46

P)

9
15
17
4?
S
4
1
7

Q

47

100 100 100

6
13
12
49
S
5
3
6
1

8
10
12
44
11
4
2

P)

P)

66
34

3
?7
27
26
11
5
1

n6 n3

100 100

92
7

P)

P)

«

10
21
17
2
5
2
4
1

11
27
16
31
3
5
4

19
49
15
5
6
3
3

P) P)

22
44
8
S
1
14
4

P)

100 100

100

(2)

1
5

(2)

2

8

(2)

4

14
29
13
18
11
4

17
27
11
22
14
2
100

()

100

(2)

10
36
18
1

(2)

100

(2)

100

(2)

100

(2)

100

(2)

100

(2)

100

(2)

100

31
35
34

30
38
32

20
24
56

14
35
51

24
34
42

23
41
36

29
37
34

28
39
33

35
37

34
38
78

38
30
23

42
40
18

39
38
23

44
36
20

38
41
21

39
38
23

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

3,415 3,512 418 484

514

611

567 676 601

622

441 402

538 445 292

272

1
2

No cases reported or less than one-half of 1 per cent.
Data not available.
3 The 12 largest cities in the United States and their surrounding suburban and rural areas.
4
5 Includes cities of 2,500 population or more, but not metropolitan.
Includes towns of less than 2,500 population and open country.

AUGUST 1951




927

1951 SURVEY OF CONSUMER FINANCES
TABLE 8
CHARACTERISTICS OF FAMILY UNITS WITHIN INCOME GROUPS, 1950

[Percentage distribution]
Annual money income before taxes
Group characteristic

Number of persons in family unit:
One
Two
Three
Four
Five or more
Not ascertained
All cases
Occupation of head of family unit:
Professional and semiprofessional. .
^Managerial and self-employed . .
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator . .
Retired
Other 2
Not ascertained
All cases.
Number of cases
1
2

All income
groups

Under
$1,000

$1,000$1,999

$2,000$2,999

$3,000$3,999

$4,000$4,999

$5,000$7,499

$7,500
and over

12
29
21
19
19
C1)

45
28
11
7
8
1

19
38
18
11
14
C1)

13
33
18
17
19
C1)

7
26
24
24
19

2
27
26
23
22
(x)

1
21
22
27
29

0)

4
27
25
19
25
C1)

100

100

100

100

100

100

100

100

6
14
10
30
10
10
8
11
1

1
6
3
8
24
25
33
(l)

3
9
5
19
19
13
13
18
1

4
9
14
31
15
11
7
9

5
11
12
45
10
6
3
8

0)

0)

6
13
12
48
5
5
3
7
1

9
18
16
36
5
6
3
6
1

15
41
13
14
4
6
4
3
(x)

100

100

100

100

100

100

100

100

3,029

334

397

420

495

400

595

388

0)

No cases reported or less than one-half of 1 per cent.
Includes family units headed by housewives, unemployed persons, or students.

or fewer persons. This size of family was predominant at all income levels except the highest
($7,500 or more). Families of four or more were
relatively infrequent (15 per cent) at the lowest
income level, but became substantial minorities at
levels intermediate to the highest. These data
indicate the danger of using the concept of the
''typical5' family of four as representative of families
at all income levels.
With the upward movement of money income in
the postwar period, there has been a substantial
change in the occupational composition of various
income groups. Of the approximately 5 million
spending units with incomes of $5,000 or more in
1946, about 58 per cent or 2.7 million were selfemployed, managerial, and professional or semiprofessional persons. About 28 per cent or 1.3 million were wage earners—skilled or semiskilled
workers or clerical and sales personnel. In 1950,
when about 10 million spending units had this
amount of money income, the self-employed, managerial, and professional or semiprofessional groups
constituted 42 per cent of the total or about 4.2
million units, a numerical increase of about onehalf since 1946. The wage-earner groups had
expanded to 45 per cent of all spending units
having incomes of $5,000 or more, and their num-

928




bers had more than tripled. Thus in only four
years the characteristics of the man with a $5,000
income changed drastically.
DISTRIBUTION OF INCOME

According to survey data, the distribution of
income has undergone significant changes in the
postwar period.
For a time after the lifting of most wartime controls and the onset of inflationary rises in prices and
incomes, there was some increase in the share of
income obtained by the tenth of the population
with the highest incomes. A peak was reached in
1947 when the highest tenth received between 33
and 34 per cent of total consumer money income
before taxes. Since 1947, readjustments in the distribution of income appear to have progressively
reduced the share of the top tenth (see Table 9).
In 1950, the top tenth obtained about 29 per cent
of total consumer income. This was the smallest
proportion received by this group in any postwar
year, according to survey data.
Some groups whose incomes lagged in the early
stages of the inflation improved their relative positions following 1947; other groups which benefited
initially lost ground relatively in the following
years.
FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
TABLE 9
PERCENTAGE OF TOTAL MONEY INCOME BEFORE TAXES RECEIVED BY EACH T E N T H OF THE NATION'S SPENDING U N I T S
W H E N RANKED BY SIZE OF INCOME X

By each tenth
Spending units
ranked by size
of income
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth

Cumulative

Lowest income within group

1950

1949

1948

1947

1946

1950

1949

1948

1947

1946

29
15
13
11
9
8
6
5
3
1

30
15
12
11
9
8
6
5
3
1

31
15
12
10
9
8
6
5
3
1

33
15
12
10
9
7
6
4
3
1

32
15
12
10
9
7
6
5
3
1

29
44
57
68
77
85
91
96
99
100

30
45
58
68
78
85
91
96
99
100

31
46
58
68
76
84
90
95
99
100

33
48
60
70
78
86
91
96
99
100

32
46
58
69
77
85
91
95
99
100

1950

1949

1948

1947

1946

$6,210 $5,800 $6,000 $5,700 $4,850
4,950 4,500 4,500 4,200 3,750
4,080 3,760 3,750 3,500 3,100
3,550 3,200 3,200 3,000 2,700
3,000 2,700 2,840 2,530 2,300
2,510 2,290 2,400 2,100 2,000
1,500
1,990
1,810
2,000
1,700
1,150
1,430
1,280
1,500
1,200
700
830
710
860
750
2
2
2
2
(2)
()
()
()
()

1
Income data for each year are based on interviews during January, February, and early March of the following year. It is possible
that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years.
Because samples of approximately 3,500 spending units have been used in these surveys, it cannot be expected that a completely representative sample of the highest dollar incomes was obtained.
2
Not available from survey data.
NOTE.—Detailed figures may not add to cumulative totals because of rounding.

The evidence that is available indicates that
income has been more evenly distributed throughout the postwar period than in the immediate prewar years. The chief reasons for this are the relatively high levels of employment and low levels of
unemployment that have prevailed since the war,
and the marked increase in farm cash income compared with prewar.
There are some grounds for belief that the proportion of total income received by the top 5 per
cent of consumer units was as small in 1950 as it
had been in any year during the past three decades.

According to an independent estimate covering
the three decades prior to 1947, the share of this
group was smaller in 1944 than in any other year
in the period, and survey data indicate that in
1950 it was approximately the same as in 1944.7
The comparison between 1950 and 1944 should be
considered as tentative until more data become
available from other sources. Differences in definition of money income, consumer unit, universe, and
7
For the independent estimate, see Simon Kuznets, Shares
of Upper Income Groups in Income and Savings, National
Bureau of Economic Research, Occasional Paper 3 5, 1950.

TABLE 10
AVERAGE INCOME OF EACH T E N T H OF NATION'S SPENDING UNITS W H E N RANKED BY SIZE OF INCOME, WITH INCREASE
IN AVERAGE SINCE

Spending units ranked bv
size of income

Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth 2
All spending units
Consumers' price index 4

1946

Average money income before taxes
1950

1949

1948

Percentage increase since 1946

1947

1946

$10,090
5,430
4,470
3,820
3,270
2,780
2,230
1,700
1,130
/
340
\
490

$9,740
5,070
4,090
3,460
2,970
2,520
2,030
1,540
1,010
/
260
\
410

$10,660
5,080
4,110
3,490
3,040
2,590
2,180
1,730
1,140
/
480
\
540

$11,020
4,870
3,850
3,260
2,800
2,340
1,910
1,450
1,020
390

$9,100
4,240
3,420
2,920
2,500
2,130
1,740
1,340
900
410

3,530

3,270

3,450

3,290

2,870

1950

1948

1947

7
20
20
18
19
18
17
15
12
-37

17
20
20
20
22
22
25
29
27
17

21
15
13
12
12
10
10

23

14

20

15

23

22

23

14

11
28
31
31
31
31
28
27
26
-17

1949

8
13
-5

1
Average (mean) income has been computed for each income tenth (decile) as well as for the whole population. The sampling error
is approximately $180 for the whole population. It is not yet available for individual tenths but it is known that it will be much larger
than 2$180 for the highest tenth and much smaller for the middle tenths.
Negative incomes caused by farm or business losses are included in upper line and excluded in lower line.
3
Data not available.
4
Percentage change from 1946 in consumers' price index of U. S. Bureau of Labor Statistics.

AUGUST 1951




929

1951 SURVEY OF CONSUMER FINANCES
in source of data limit the conclusiveness of this
comparison.
In addition to the change in the distribution of
income, there has been a marked growth in the
postwar period in the total volume of consumer
money income before taxes. Apart from price
changes, either the growth in money income or its
more even distribution can be considered to contribute to an increase in the welfare of lower income
consumers. However, as is indicated in Table 10,
the increase in average income since 1946 has been
approximately matched by the increase in consumer
prices (23 per cent) as estimated by the Department of Labor.8 This would make it appear that
any net gain in real income in this period by any
group would be the result of a change in the distribution of income, rather than a change in the total
volume of income. The groups in the population
with money income increases of more than 23 per
cent since 1946 (all but the highest and lowest income tenths) would thus appear to have increased
their real income, chiefly as a result of the more
even distribution of income between 1946 and 1950.
8
The Consumers' Price Index is not strictly applicable to
all groups in the population but it is a reasonably good
measure of the general movement of consumer prices.

SOURCES OF INCOME

The Survey of Consumer Finances, although
not designed to provide detailed information
on the sources of income of the various groups in
the population, obtains some suggestive but byno means conclusive data on the characteristics of
people who receive income from rent, wages and
salaries, etc. Many people tend to forget or disregard small amounts of income or income from
sources other than their chief one. The survey interview is designed to help people recall these items
but not to probe exhaustively into these matters.
In a few cases, also, when people promptly report
their total annual income from all sources, they
are not asked to provide details regarding sources.
These limitations affect the precision of the data,
but probably do not seriously alter their pattern.
As in previous years, the most frequently received type of income was that from wages and
salaries. Nearly 8 in every 10 spending units reported some income from this source in 1950 (see
Table 11). Next in order of frequency was income
from some type of pension, annuity, allowance,
benefit, or contribution. A smaller proportion (25
per cent compared with 28 per cent) reported receipt of this type of income in 1950 than in 1949.

TABLE 11
PERCENTAGE DISTRIBUTION OF SPENDING UNITS BY AMOUNT OF INCOME RECEIVED FROM SPECIFIED SOURCES, 1950

None
Some
Negative
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$9,999
$10,000 and over
Undetermined amount..
Not ascertained
All cases

Pensions,
benefits,
contributions
etc. 2

22
78

Amount of income

Wages
and
salaries l

Rent 3

Other

Unincorporated
nonfarm
business

Professional
practice,
other selfemployment, 4
and farming

96
4

87
13

93
7

84
16

91
9

1
2
1

1
6
3
2

(6)
6

1
1
3
2
4
2

1

Interest,

Farming

6

dividends,
trust funds,
and royalties

Roomers
and
boarders

75
25

2
4
4
13
17
16
10
10
1
1

2
9
9
4
1

(6)

(6)

(6)

(6)

(6)

(6)

(6)

(6)

100

100

100

100

100

100

100

100

}

(1 {
)
1
1
1
2
1

}

* (

1
2

88
12
5
4
1
1
1

1
2

1
2

For wages and salaries all bracket limits are one dollar higher than indicated in stub except for lower limit of lowest bracket.
Includes income from old-age pensions, retirement pay, annuities, unemployment compensation, welfare payments, alimony, regular
contributions, veterans' pensions, school allotments, State bonuses, and allotments to families of servicemen.
3
The question was first asked: "Did you receive income from roomers and boarders?" If yes, "How much?" A gross figure was
accepted if less than four roomers were involved. Respondents were then asked: "Did you receive money from other rent?" If yes,
"How much was it after allowing for expenses?"
4
Includes net income from farming by nonfarm operators as well as farm operators. See footnote 5.
5
Includes only net income from farming by farm operators. Farm operator spending units are, in general, headed by persons who
receive more than half of their money income from the operation of a farm. See footnote 4.
6
No cases reported or less than one-half of 1 per cent.

930




FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
This was probably owing in part to improved ecoOther sources of income included unincorporated
nomic conditions in 1950 and less frequent unem- nonfarm business, farming, rental income from
ployment insurance and welfare payments.
roomers and boarders, other rental income, profesT A B L E 12
INCOME FROM SPECIFIED SOURCES RECEIVED BY SPENDING U N I T S WITHIN INCOME AND OCCUPATIONAL GROUPS, 1950 X
[Percentage distribution of spending units]
Occupation of head of spending unit

1950 money income before taxes

Income from
specified source

Wages and salaries:
None
$l-$100
$101-$500
$501-$l 000 . . . .
$l,001-$2,000
$2,001-$3,000
$3 001-$5 000
$5,001 and over
Undetermined amount...
Not ascertained
All cases

. . .

Pensions and allowances,
etc.:*
None
$l-$99
$100-1499
$500-$999
$l,000-$l,999
$2 000-$2,999
$3,000-$4,999
$5,000 and over
Undetermined amount...
Not ascertained
All cases
Interest, dividends, etc.:4
None
$l-$99
$100-1499
$500-$999
$1,000-11,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
Undetermined amount...
Not ascertained
All cases
Rent other than from roomers and boarders: 5
None
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
Undetermined amount...
Not ascertained
All cases
Number of cases

All
Professpendsional
ing
Self- ManUnder $1,000- $2,000- $3,000- $4,000- $5,000- $7,500
and
units
em- agerand
semi$1,000 $1,999 $2,999 $3,999 $4,999 $7,499
ployed ial
over
professional

23
2
4
4
13
17
26
10
1

67
6
13
14
(2)

26
3
7
12
51

(2)

(2)

100

100

100

75
2
9
9
4
1

55
2
16
27

(2)

(2)

66
1
11
11
11
(2)
(2)
(2)

14
1
3
1
17
64
(2)
(*)

9

3

2

1

1
2
5
13
32
44

1
4
17
30
30
16

3
13
22
49
12

100

100

100

82
1
9
4
1
1
(2)
(2)
1
1

91
(2)
6
2
1
(2)
(2)
(2)

91
1
4
3
1
(2)

100
76
7
8
3
2
1
1
1

14

71
8
12
5
2
1
1

67
4
9
4
4
7
3
1
1

100

100

100

100

84
1
9
4
1
(2)

79
3
11
5
2
(2)

82
1
8
8
1

81
3
5
4
6
1

(2)

(2)

(2)

28
1
15
33
17
2
2
1
(2)
1

100

100

100

100

100

100

100

84
3
10
1
1
1

75
7
11
3
(2)
1
1
2

88
5
5

94
5
1

96
3
(2)

1
1

(2)
(2)

(2)
(2)

88
6
4
1
1
(2)

78
6
7
4
2
1

(2)

(2)

15

1
2
4
82

1
(2)
1
3
25
55

6
58

1
4
8
14
31
26

1

100

100

100

100

100

100

76
2
10
6
4
2
(2)
(2)

79
3
10
6
2
(2)
(2)
(2)

83
2
8
4
2
1
(2)
(2)

84
2
7
4
2
1
(2)
(2)

91
1
4
1
1
(2)

30
1
3
(2)
2

1
100
88
5
4
1
1
1

68
2
7
2
8
6
3
3

1

(2)

100
92
3
4
1
(2)
(2)

100
92
3
2
2
1
(2)

Retired

3
1
3
10
34
25
20
3
1

11

1
1
2
22
65

2

(2)

UnCler- Skilled
skilled Farm
ical
and
operand
and
semiator
sales skilled service

100
92
4
2
1
1
(2)

100
93
4
2
1
(2)
(2)

100
88
6
4
2
(2)
(2)

100
83
7
7
1
1
(2)
1

100
56
6
17
5
4
4
3
5

(2)

1

1

1
(2)

1

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

87
1
6
3
2

90
2
5
3
(2)

89
1
6
2
3

90
2
5
1
1
1

91
(2)
5
3
(2)
(2)

85
(2)
10
3
1
(2)
1

84

73
1
11
5
3
1
3
3

86
1
7
3
2

78

86
1
7
4
1

90
1
5
2
1
1

91
1
5
2
1

93
1
5
1

89
4
6
1
(2)

78

1

6
4
4
1

9
3
6
1
1
1

1

(2)

I2)

1

7
5
5
1
2
1
1

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

3,415

418

514

567

601

441

538

294

269

250

235

477

902

289

388

219

1

Data are subject to considerable reporting error, especially where small amounts are involved.
No cases reported or less than one-half of 1 per cent.
Includes income from old-age pensions, retirement pay, annuities, unemployment compensation, welfare payments, alimony, regular
contributions, veterans' pensions, school allotments, State bonuses, and allotments to families of servicemen.
4
Includes interest, dividends, income from trust funds, and royalties.
6
The first question asked was: "Did you receive income from roomers and boarders?" Respondents were then asked "Did you
receive money from other rent?" If yes, "How much was it after allowing for expenses?"
NOTE.—Details may not add to totals because of rounding.
2

3

AUGUST 1951




931

1951 SURVEY OF CONSUMER FINANCES
sional practice, and interest, dividends, trust funds,
and royalties (see Table 11).
A larger proportion of people (9 in every 10) in
the middle income groups ($3,000-$4,999) reported
receipt of some income from wages and salaries
than at any other income level (see Table 12).
The smallest proportion (3 in every 10) was noted
in the lowest (under $1,000) income group. This
group was more dependent on pensions, allowances,
etc. for current income than upon wages.
Income from pensions, annuities, allowances,
benefits, or contributions was received most frequently at the lowest income level and less frequently at each higher income level, as might be
expected. Retired persons relied upon these sources
to a greater extent than other groups, with 7 in
every 10 reporting such income. The amounts reported by this group were larger than average. The
proportion of skilled, and semiskilled and unskilled
workers that received this type of income fell somewhat in 1950, probably because of more favorable
economic conditions.
Rental income other than from roomers and
boarders, such as from a house, an apartment,
a commercial building, or a farm was reported
by 13 per cent of all spending units. This compares with 10 per cent in 1949. The change may be
partly due to the continued easing of rent controls
for nonfarm properties and to a greater demand
for farm land on a rental basis. The additional
reports of such income were mostly for amounts
of from $100 to $1,999. Most income levels reported this type of income more frequently than
in 1949. The increase in such reports was greatest
in the case of farm operators (from 5 to 11 per
cent), but the amounts involved were quite small,
totaling less than $500 in most cases.
Income in 1950 from dividends, interest, trust
funds, and royalties was reported by 12 per cent
of all spending units, the same as in 1949. As
indicated in previous years, this should be considered a substantial understatement of the frequency
of such receipts. A great many people forget or
disregard these items, especially when the amounts
are small.
This type of income was reported by less than
20 per cent of the spending units at all except the
highest income level ($7,500 or more), at which
level the proportion was 43. The groups that mentioned such income most frequently were managerial personnel, professional and semiprofessional

932




workers, and retired persons. Retired persons, for
whom this was a major source of income in many
cases, reported the largest amounts.
Income from an unincorporated nonfarm business was reported by 7 per cent of all spending units
in 1950 as compared with 9 per cent in 1949. This
area of the survey is subject to greater than average
reporting and other errors and this finding should
be treated cautiously until corroborative data are
available from other sources. The decline was primarily in the frequency of reports of less than
$1,000 or of negative income from this source. This
may indicate that more marginal concerns went
out of business during 1949 or that more persons
with a business interest, "silent" or otherwise,
withdrew their interest in the mild recession of
1949 than went into business during the expansion
of economic activity in 1950. For additional details see Table 18 at the end of this article.
FAMILY INCOME IN 1950

Some of the income data reported in the Survey
of Consumer Finances are tabulated according to
family units as well as spending units. A family
is defined as all persons living in the same dwelling
who are related by blood, marriage, or adoption. A
single person may constitute a "family" if he is
living by himself or with persons unrelated to him.
The term "family unit" as used in the survey is
thus equivalent to the "family" and "individual
not in family" definitions of the Bureau of the
Census, United States Department of Commerce.
There may be more than one spending unit in
a family since a spending unit is defined as including all persons living in the same dwelling and
belonging to the same family who pool their incomes to meet their major expenses. For example,
a grown son who is working and does not pool his
income with his parents' income, even though he
may pay something for board and room, is treated
as a separate spending unit if he retains more than
half of his income. Likewise, married children or
other relatives who do not pool their incomes with
that of the head of the family, even though living
in the same dwelling, constitute separate spending
units. In tabulating on a family basis, the incomes
of all related persons living in the same dwelling
are combined.
It is estimated that at the beginning of 1951
there were approximately 45.9 million family units
and 52.0 million spending units residing in private
FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
households. Since the same total amount of consumer income is distributed among the smaller
number of family units, it is to be expected that
families will have a somewhat higher average income than spending units.
Median income of families was $3,400 in 1950
and the mean was $3,990 (see Table 13). In each
case, the family average was somewhat more than
10 per cent higher than the comparable average for
spending units. Because of there having been more
than one spending unit in some families, about 27
per cent of the families had incomes of $5,000 or
more compared with 20 per cent of the spending
units. Conversely, the proportion of units at the
low end of the income scale was smaller for families than for spending units.
TABLE

13

INCOME GROUPING OF FAMILY U N I T S AND OF TOTAL
MONEY INCOME X

[Percentage distribution]
1950
Money income
before taxes

1948

Total
Total
Total
Family money Family money Family money
2
units 2 income units income units 2 income
11
15
16
18
13
18
5
4

} «

13
15
18
19
12
15
4
4

100

100

100

Under $1,000. . . .
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
S5,000-$7,499
$7,500-$9,999....
$10,000 and over.
All cases

1949

1
6
10
16
14
26

2
6
12
18
14
23

} 25
100

11
15
20
20
12
14
4
4
100

Median income... $3,400
Mean i n c o m e . . . . $3,990

$3,100
$3,750
3,069

i

27
100

$3,120
$4,020

Number of cases.. 3,029

2
6
12
18
14
21

3,068

1
Income data for each year are based on interviews during
January, February, and early March of the following year. Family
units are defined as all persons living in the same dwelling who
are related by blood, marriage, or adoption.
2
Includes single-person family units.

A majority of the families with low incomes
(less than $2,000) contained either one or two
persons, while a majority of those with high incomes ($7,500 or more) contained at least four
persons.
Occupationally, also, there were several interesting differences between heads of families and heads
of spending units (see Table 8 for families and
Table 7 for spending units). The most marked
difference was in the proportion of clerical and
sales personnel among heads of families and spendAUGUST

1951




ing units respectively—11 per cent as compared
with 13 per cent. This was probably due to the
considerable number of relatively young sons and
daughters who qualified as heads of spending units,
but not as heads of family units.
Regrouping spending units into families changed
the occupational pattern at each income level, with
the biggest shifts at the extremes of the income distribution. Skilled and semiskilled workers were
only 5 per cent of the group with incomes of $7,500
or more when classified on a spending unit basis,
and rose to 14 per cent when classified on a family
basis. Conversely, self-employed and managerial
personnel and professional and semiprofessional
workers were 68 per cent of the spending units in
this income group, but only 56 per cent of the
families. The greater frequency of skilled and
semiskilled workers at the top of the income scale
on a family basis than a spending unit basis undoubtedly reflects the presence of many wageearner families with more than one spending unit.
This pattern of family composition afTects expenditures for consumer items, such as food, refrigerators, furniture, and shelter, which are purchased
on a family basis.
DISPOSABLE INCOME

Thus far this article has presented the distribution of money income before taxes. For some
purposes it is more useful to know the distribution
of income after taxes. A beginning step in this
direction was made in the 1948 survey, in which
estimates of Federal personal income tax liability
on 1947 income, apart from tax on capital gains
or losses, were prepared for each spending unit.
Following a somewhat improved procedure, the
data of the three succeeding surveys have been
utilized to prepare like estimates of personal income tax liability for 1948, 1949, and 1950 incomes.
Income after tax, called disposable income in
this article, was estimated for each spending unit
by deducting computed Federal income tax liability from money incomes before taxes.9 The
9
The U. S. Department of Commerce estimates disposable
income for its national income series by deducting from personal income actual Federal personal income tax payments
(not liabilities), including taxes on capital gains and losses.
The deductions also include other tax and nontax payments
to governments, chief of which are Federal estate and gift
taxes and State and local personal tax and nontax payments.

933

1951 SURVEY OF CONSUMER FINANCES
a small decrease, in the proportion of units with
tax obligations in each income grouping below
$3,000. This may in part reflect the larger proportion of older people at these income levels in
1950. Those that were 65 or more years of age
received double tax exemptions and the older group
generally tends to have a larger proportion of
income of nontaxable types, such as Social Security
and welfare payments, and insurance annuities.
For spending units that did pay taxes, the amounts
paid tended to average somewhat larger than in
1949 for people with incomes of $2,000 or more.
Some rough comparisons can also be made between the incidence of Federal income tax obligations in 1950 and in 1947, prior to the lowering of
rates in 1948 and the raising of rates for the latter
part of 1950. It should be noted that the method
of computation of 1947 liabilities tends to overstate slightly the amount of obligation. The difference in tax liabilities for the various income
groups between the two years is quite sharp. At
income levels below $5,000, a larger proportion of
spending units had no tax obligation in 1950 than
in 1947. At all income levels, the amount of the
tax liability was substantially smaller in 1950. For
example, at the $5,000 to $7,499 income level, 62
per cent of the spending units had tax obligations
of $500 or more in 1950 as compared with 81 per
cent in 1947. At the $1,000 to $1,999 before tax
income level, 16 per cent of the spending units had

tax estimates, unlike other survey data, were not
based on special information concerning tax liabilities obtained during the interview. They were
computed on the basis of the income, size, and
composition of each spending unit and the number
of persons not living in the dwelling who were
dependent on the members of the spending unit for
support.
It should be stressed that these income tax estimates are only approximations; that they refer not
to payments but to Federal personal income tax
liabilities, apart from taxes on capital gains and
losses; and that State and local income taxes are
not included.
The distribution of spending units by income
after taxes shows, of course, a general downward
shift from the distribution by income before taxes.
Median income was lowered to $2,850 from $3,000
and mean income to $3,220 from $3,520.
The general rise in income levels during 1950
and in tax rates during the year resulted in increases
both in the proportion of units with tax liabilities
and in the amounts of these liabilities. As can be
seen in Table 14, the proportion without any tax
liabilities fell from 35 per cent in 1949 to 32 per
cent in 1950. The frequency of substantial liabilities ($200 or more) increased from 37 per cent
of all units in 1949 to 44 per cent in 1950. Despite
the over-all increase in the proportion of units with
tax liabilities, there was no increase, and apparently
TABLE

14

ESTIMATED FEDERAL PERSONAL INCOME T A X LIABILITY OF SPENDING U N I T S WITHIN INCOME GROUPS

[Percentage distribution of spending units]
1950 money income before taxes
Estimated tax
liability *
•

All income
groups

$1,000$1,999

Under
$1,000

$2,000$2,999

$3,000$3,999

$4,000$4,999

All cases
Number of cases
1
2

$7,500
and over

1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949

1950
None
$l-$49
$50-$99
$100-$199
$200-$499
$500-$999
$1 000-$l 999
$2 000-$4 999
$*? 000 and over
Not ascertained

$5,000$7,499

1949

32
5
7
12

35
6
8
13

28
12
3
1

25
9
2
1

00

1

100

100

100

100

100

100

100

100

100

100

100

100

3,415 3,512

418

479

514

604

567

672

601

615

441

397

94
4
1

93

7

(2)

(2)

(2)

63
8
13
16

(2)

60
8
15
17

(2)

34
10
5
18
33

(2)

33
12
10
19
26

(2)

12
5
13
22

15
4
12
25

47
1

43
1

(2)

(2)

(2)

60
17

5
2
2
10

68
12

33
61
1

(2)

(2)

(2)

4
3
3
13

(2)

1
3

1
1
1
2

42
53

(2)

(2)

(2)

(2)

(2)

1
24
53
15
7

(2)

27
45
21
5
1

100

82
()

100

100

100

538

437

294

269

No adjustment for capital gains or losses, which are excluded from money income figures.
No cases reported or less than one-half of 1 per cent.

934




FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
taxes of $100 or more in 1950 compared with 28
per cent in 1947.10
In all years, the progressiveness of the Federal
personal income tax reduced the proportion of total
income received by the spending units with the
largest incomes. In 1950, the highest tenth of income receivers before tax obtained about 29 per
cent of total personal income, while the tenth with
the largest incomes after tax obtained approximately
27 per cent (see Table 15). It is important to note
that the redistributive effect of the Federal income
tax was less than the reduction in the share of
income before taxes of the top tenth that took place
between 1947 and 1950. Between these two years,
the before-tax share of the top tenth declined by
5 percentage points, from between 33 and 34 per
cent of total personal money income before taxes
to 29 per cent. In each of these two years, the
Federal income tax reduced the share of the top
tenth by approximately 2 percentage points.
It is extremely difficult for tax experts to determine whether or not the total tax structure of
10

Estimates of spending unit tax liabilities for 1947 may

be found

in the Federal Reserve BULLETIN

for

August

1948, pp. 923-25.
TABLE 15
PERCENTAGE OF TOTAL MONEY INCOME RECEIVED BY EACH
T E N T H OF THE NATION'S SPENDING U N I T S W H E N
RANKED BY SIZE OF INCOME

Spending units
ranked by size
of income l
Highest tenth
Second.
. . . .
Third
Fourth
Fifth
Sixth.
Seventh
Eighth
Ninth
... .
Lowest tenth

Money income before Money income after
Federal income tax
Federal income tax (disposable income)8
1950

1949

1948

1950

1949

1948

29
15
13
11
9
8
6
5
3
1

30
15
12
11
9
8
6
5
3
1

31
15
12
10
9
8
6
5
3
1

27
15
13
11
10
8
7
5
3
1

28
15
13
11
9
8
7
5
3
1

29
15
12
10
9
8
7
5
4
1

1
Units have been ranked by size of money income either before
or after tax, as indicated by the column headings.
* Money income after deduction of estimated Federal personal
income tax liability.
For method of estimating disposable income, see "Distribution of
Consumer Income in 1949," Federal Reserve BULLETIN, August
1950, pp. 961-62. No adjustment for capital gains or losses,
which are excluded from money income figures.

AUGUST 1951




TABLE 16
AVERAGE 1950 FEDERAL PERSONAL INCOME TAX LIABILITY
IN RELATION TO AVERAGE 1950 MONEY INCOME
WITHIN MONEY INCOME CLASSES1

1950 money income
before taxe3

Under $1,000 3
$1,000-11,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
All spending units. .

Average Average Average Income tax
income income dispos- as a percentage of income
before
able
tax
before tax
tax2
income
$ 460
1,490
2,470
3,450
4,390
5,850
12,590
3,520

$

(4)
40
120
200
330
570
2,070

$ 460
1,460
2,350
3,250
4,070
5,280
10,520

5
6
7
10
16

300

3,220

9

(•)

1
F e d e r a l income t a x liability is e s t i m a t e d for each spending u n i t
on t h e basis of income, age, a n d family s t a t u s . E s t i m a t e s a s s u m e
use of s t a n d a r d d e d u c t i o n s .
Disposable i n c o m e plus income t a x liability m a y n o t equal i n
come before t a x because a m o u n t s h a v e been r o u n d e d t o nearest $10
P e r c e n t a g e s h a v e b e e n r o u n d e d t o nearest integer.
2
S a m p l i n g error of a v e r a g e income before t a x is $180 for all
spending u n i t s . I t is n o t y e t available for individual class intervals
b u t it is k n o w n t h a t it will be m u c h larger t h a n $180 for t h e highest
class a n d m u c h smaller for t h e middle classes.
3
Includes s p e n d i n g u n i t s w i t h n e g a t i v e incomes because of f a r m
or business losses.
4
Less t h a n five dollars.
6
Less t h a n one-half of 1 per cent.

Federal, State, and local taxes is progressive. There
is, however, little question about the Federal income tax itself. The progressiveness of this tax can
be seen in Table 16. The average percentage of
income that is estimated to have been due in Federal income taxes increased significantly at each
higher level of income. For the entire group of
spending units with incomes of less than $1,000
in 1950, less than one-half of 1 per cent of income
went for income tax. At the $3,000-$3,999 level,
the proportion had risen to 6 per cent and at the
$7,500 and over level, the figure was 16 per cent.
For all consumer spending units in the population, Federal income tax liability averaged $300 in
1950 and amounted to 9 per cent of money income.
Additional details concerning disposable income
are presented in supplementary Tables 19 and 20
at the end of this article. Estimates of the tax
liabilities and disposable incomes of family units
are presented in supplementary Tables 21 and 22.
For a detailed description of the method of estimating tax liability and disposable income from
survey data, see the August 1950 Federal Reserve
BULLETIN, pages 961-62.

935

1951 SURVEY OF CONSUMER FINANCES
TABLE

17

INCOME DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS,

1950

[Per cent]
Money income before taxes
Number
of cases

Group characteristic

All
income
groups

Under
$1,000

$1,000- $2,000- $3,000- $4,000- $5,000$1,999 $2,999 $3,999 $4,999 $7,499

All spending units

3,415

100

13

17

Number of income receivers in spending unit:
One
Two or more

2,538
851

100
100

15
5

18
15

269
711
781
659
540
434

100
100
100
100
100
100

10
5
4
9
13
46

3,354
266

100
100

419
461

$7,500
and
over

Race of head of spending unit:
White
Negro
Family status of spending unit:
Single person:
Age 18-44
Age 45 or over
Married:
Age 18-44, no children under 18. . . .
Age 18-44, 1-2 children under 1 8 . . .
Age 18-44, 3 or more children under 18
Age 45 or over, no children under 18.
Age 45 or over, 1 or more children
under 18
Place of residence of spending unit:
Metropolitan area 2
Other urban area 8
Rural area 4

12

14

20
15

20
17

11
16

10
26

31
12
13
16
20
25

35
21
18
16
16
13

13
28
21
17
20
7

6
14
18
15
10
3

5
17
18
17
14
2

12
21

15
38

19
20

20
11

13
6

15
3

100
100

12
42

30
25

36
13

14

4
6

3
4

304
705
291
756

100
100
100
100

3
3
5
14

12
10
11
18

15
16
21
17

21
29
22
16

19
18
17
11

25
18
17
14

1
2
5
6
7
10

391

100

14

15

23

13

18

10

1,184
1,134
1,097

Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 or over

19

100
100
100

14
17
22

18
19
19

21
20
16

15
14
9

17
15
9

8
8
21

(
8
10

1
2
s

No cases reported or less than one-half of 1 per cent.
Includes the 12 largest cities in the United States and their surrounding suburban and rural areas.
Includes cities of 2,500 population or more, but not metropolitan.
« Includes towns of less than 2,500 population and open country. These figures are especially influenced by exclusion of rionmone y
income of farmers.
TABLE 18
TABLE

INCOME RECEIVED FROM UNINCORPORATED FARM AND
NONFARM

BUSINESSES

DISPOSABLE INCOME GROUPING OF SPENDING U N I T S AND OF

[Percentage distribution of spending units]

Net income

Farm
operators 1

TOTAL DISPOSABLE MONEY INCOME

Spending units receiving
income from unincorporated nonfarm
businesses 2

1950
Negative
Under $500
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4.000-$4,999
$5,000-$9,999
$10,000 and over.
Not ascertained. .

1949

1950

8
16
17
18
17
7
6
8
2
1

14
19
11
20
13
7
3
8
4
1

3
1
6
13
13
12
11
24
12
5

10
6
8
13
15
14
7
16
7
4

1950

Disposable
income group

1949

.

All c a s e s . . . .

100

100

100

100

Number of cases..

388

410

206

1
Amounts of income refer to farm income only. These figures
are especially influenced by exclusion of nonmoney income of
farmers.
8
1950 distribution differs from 1949 distribution in that selfemployed artisans (persons whose investments in their businesses
are small) are excluded in 1950.




1948

All cases

13
19
21
20
13
10
4

2
9
16
22
17
19
15

15
21
23
18
11
8
4

2
11
19
21
16
16
15

12
21
25
19
11
8
4

2
10
20
21
15
15
17

100

100

100

100

100

100

Median disposable
$2,850
income
Mean disposable in$3,220
come
1

1949

Total
Total
Total
disdisdisSpend- posa- Spend- posa- Spend- posaing
ing
ble
ing
ble
ble
units money units money units money
ininincome
come
come

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over

309

936

19

$2,600

$2,700

$3,000

0)

Data not available.

FEDERAL RESERVE BULLETIN

1951 SURVEY OF CONSUMER FINANCES
TABLE

20

TABLE

DISTRIBUTION OF TOTAL MONEY INCOME BEFORE AND AFTER

ESTIMATED

FEDERAL

FEDERAL INCOME T A X , BY INCOME GROUPS BEFORE TAX

Money income
before taxes

1950

1949

1950

13
17
19
19
12
14
3
3

14
19
21
19
11
11
2
3

2
7
13
18
16
23

2
9
16
19
15
19

2
8
14
19
16
23

2
9
17
20
15
19

}»

}20

100

100

100

1949

1948

1947

32
5
6
10
26
15
5
1
(3)

-35
6
7
12
25
11
3
1
(3)

32
5
8
13
25
12
3
1
1

29
5
7
12
25
15
4
2
1

100

100

100

100

r

Revised.
Includes single-person families.
No adjustment for capital gains or losses, which are excluded
from money income figures.
3
No cases reported or less than one-half of 1 per cent.
NOTE.—The 1948 revision of the schedule of Federal personal
income taxes tended to lower liabilities at all income levels. _For
the most part, the downward shift in tax liabilities reflects'this
revision. However, methods of working out the tax estimates
have been improved. These changes in method tend to lower
slightly the level of 1948, 1949, and 1950 tax liabilities as compared with those for 1947.

} . . }»
100

1950

All cases....

1949

100

All cases

1949

1
2

100

1
Money income after deduction of estimated Federal personal
income tax liability. For method of estimating disposable income,
see "Distribution of Consumer Income in 1949," Federal Reserve
BULLETIN, August, 1950, pp. 961-62. Money income figures
exclude capital gains or losses and tax estimates make no allowance
for such gains or losses.

TABLE
DISPOSABLE INCOME GROUPING

22

OF FAMILY U N I T S

AND OF TOTAL

1950
Disposable income group

Under $1,000
$1 000-$ 1 999
$2 000-$2,999 .
$3,000-$3,999
$4 000-$4 999
$5 000-$7,499
$7,500-$9,999
$10,000 and over

Family
units

. . . .

All cases
Median disposable income
^[ean disposable income
Number of cases
r
1

Total
disposable
money
income

.

.

.

12
16
18
20
13
14
4
3

1
7
12
19
17
23

100

$3,220
$3,640
3,029

DISPOSABLE

MONEY

INCOME

1949

100

.

2

None
$l-$49
$50-$99
$100-$199
$200-$499
$500-$999
$l,000-$l,999.. .
$2,000-$4,999.. .
$5,000 and over.

After Federal
income tax
(disposable
income)1

1950
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over

OF

[Percentage distribution]
Estimated tax liability

Before
Federal
income tax

TAX LIABILITY

FAMILY U N I T S 1

Percentage of total
money income
Percentage
of spending units

21

PERSONAL INCOME

1948

Total
disposable
money
income

Family
units

Total
disposable
money
income

13
16
22
19
12
12
3
3

2
7
16
19
16
21

11
17
22
20
12
12

2
7
16
19
15
20

100

100

" Family
units

$2,950
'$3,450
3,069

)
100

21

100

$3,000

W

3,068

Revised.
Data not available.

AUGUST 1951




937

VOLUNTARY CREDIT RESTRAINT RELEASES

BULLETIN NUMBER 5 OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT
COMMITTEE—INTERNATIONAL FINANCING, JULY 23, 1951
As a result of inquiries from regional committees
about the status of foreign borrowings in United
States markets, the National Voluntary Credit Restraint Committee has discussed the status of such
borrowings under the Voluntary Credit Restraint
Program.
The Committee concluded that all such credit
applications on behalf of foreign borrowers should
be screened to the same extent, and with the same
purpose tests, as comparable American credits.
It may be difficult in some cases for financing
institutions or Regional Committees to determine

whether a proposed foreign credit would indirectly
contribute to defense or other objectives of the
United States Government. It will be particularly
desirable, therefore, when foreign cases are submitted for review, that financing institutions submit full facts to enable a judgment as to purpose.
In exceptional cases wrhen a Regional Committee
finds the facts available to it are inadequate to
judge an application, the National Committee, if
requested, will endeavor to obtain supplementary
information from Government agencies.

BULLETIN NUMBER 6 OF THE NATIONAL VOLUNTARY CREDIT RESTRAINT
COMMITTEE—LOANS SECURED BY STOCKS AND BONDS, JULY 24, 1951
The original Statement of Principles of the Program for Voluntary Credit Restraint provided that
"the foregoing principles (the antispeculative provisions) should be applied in screening as to purpose on all loans on securities whether or not
covered by Regulations U or T." * The first amendment to the Statement of Principles deleted the
phrase "whether or" from the Statement. This
provision has been the subject for a number of
inquiries. For example, the question has been
raised as to whether a loan on securities not covered by Regulations U or T must be screened as to
purpose even though the amount of credit advanced
might be permissible under these regulations. Such
* The Statement of Principles also provides that "Loans to
securities dealers in the normal conduct of their business
or to them or others incidental to the flotation and distribution of securities where the money is being raised for any
of the foregoing [proper] purposes" should be classified as
"proper."

938




an interpretation would appear to treat the loans
secured by unlisted stocks more severely than those
on listed (i.e., "registered") securities. In order
to cure this ambiguity, the following principles arc
recommended for your guidance by the National
Committee:
(1) Loans on securities covered by Regulations
U or T are basically for the purpose of purchasing
or carrying listed securities. It is recommended,
therefore, that all loans on securities for purchasing
or carrying unlisted securities be presumed to be for
a proper purpose if the amount of credit extended
is no greater than that permitted in the case of listed
securities by Regulations U or T.
(2) Loans on securities, whether or not listed, but
not for the purpose of purchasing or carrying securities should be made only for purposes consistent
with the principles of voluntary credit restraint.

FEDERAL RESERVE BULLETIN

VOLUNTARY CREDIT RESTRAINT RELEASES
STATEMENT OF VOLUNTARY CREDIT RESTRAINT COMMITTEE
REGARDING CHANGES IN SUBCOMMITTEES, JULY 27, 1951
The National Voluntary Credit Restraint Committee announces the following appointments and
designations affecting the membership of the subcommittees indicated:
Fourth District Commercial Banking Voluntary
Credit Restraint Committee
Designation of Francis H. Beam, Senior Vice
President, The National City Bank of Cleveland,
Cleveland, Ohio, as Vice Chairman.
Appointment of the following as alternate members:
Harry F. Burmester, Senior Vice President, Union
Bank of Commerce, Cleveland, Ohio
Ralph E. Bauman, Vice President, The National
City Bank of Cleveland, Cleveland, Ohio
Ray Harrison, Vice President, Mellon National
Bank and Trust Company, Pittsburgh, Pennsylvania
H. E. Paige, Executive Vice President, First National Bank of Akron, Akron, Ohio
Thomas M. Conroy, Executive Vice President, The
Central Trust Company, Cincinnati, Ohio
John H. Lucas, Vice President, Peoples First
National Bank and Trust Company, Pittsburgh,
Pennsylvania
Wilbur T. Blair, Vice President, Counsel, and
Secretary, Federal Reserve Bank of Cleveland,
Cleveland, Ohio
Sixth District Commercial Banking Voluntary
Credit Restraint Committee
Appointment of Frank T. Davis, Vice President,
First National Bank of Atlanta, Atlanta, Georgia,
as an alternate member.
Eighth District Commercial Banking Voluntary
Credit Restraint Committee
Appointment of John R. Kirk, Jr., President,
Plaza Bank of St. Louis, St. Louis, Missouri, as a
member.
Little Rock Regional Commercial Banking Voluntary
Credit Restraint Committee
Appointment of the following as alternate members:
John G. Potts, Vice President, Worthen Bank &
Trust Company, Little Rock, Arkansas
AUGUST 1951




A. G. Kahn, Chairman, Board of Directors, Union
National Bank, Little Rock, Arkansas
C. E. Crossland, Executive Vice President, Commercial National Bank, Little Rock, Arkansas
Clifford Wood, Assistant Manager, Little Rock
Branch, Federal Reserve Bank of St. Louis,
Little Rock, Arkansas
Tenth District Commercial Banking Voluntary
Credit Restraint Committee
Designation of Taylor Abernathy, President, The
First National Bank, Kansas City, Missouri, as
Vice Chairman.
Los Angeles Regional Commercial Banking Voluntary
Credit Restraint Committee
Appointment of the following as alternate members:
Nolan Browning, Vice President, Bank of America,
N.T.&S.A., Los Angeles, California
Clifford Tweter, Vice President, California Bank,
Los Angeles, California
W. C. Fostvedt, Vice President, Citizens National
Trust & Savings Bank, Los Angeles, California
Fred B. Dickey, Vice President, Farmers and
Merchants National Bank, Los Angeles, California
T. W. Johnson, Vice President, Security-First National Bank of Los Angeles, Los Angeles, California
Louis Siegel, Vice President, Union Bank & Trust
Company, Los Angeles, California
W. F. Volberg, Vice President, Los Angeles
Branch, Federal Reserve Bank of San Francisco,
Los Angeles, California
Portland Regional Commercial Banking Voluntary
Credit Restraint Committee
Designation of Frederick Greenwood, Vice President, The Bank of California, N.A., Portland,
Oregon, as Vice Chairman.
Appointment of the following as alternate members:
A. L. Mills, Jr., First Vice President, United
States National Bank of Portland, Portland,
Oregon

939

VOLUNTARY CREDIT RESTRAINT RELEASES
M. A. Case, Assistant Manager, The Bank of California, N.A., Portland, Oregon
C. F. Adams, President, Portland Trust & Savings
Bank, Portland, Oregon
J. L. Searcy, Vice President, Commercial National
Bank of Hillsboro, Hillsboro, Oregon
L. D. Hansen, Cashier, First National Bank of
Baker, Baker, Oregon
J. A. Randall, Assistant Manager, Portland Branch,
Federal Reserve Bank of San Francisco, Portland, Oregon
Salt Lake City Regional Commercial Banking
Voluntary Credit Restraint Committee
Designation of John A. Schoonover, President,
The Idaho First National Bank, Boise, Idaho, as
Vice Chairman.
Appointment of the following as alternate
members:
Lane W. Adams, Vice President, Utah First National Bank, Salt Lake City, Utah
Harmon B. Barton, First Vice President, Commercial Security Bank, Ogden, Utah
Chas. L. Smith, Chairman of the Board, First
Security Bank of Utah, N.A., Salt Lake City,
Utah
William E. Irwin, Vice President, The Idaho First
National Bank, Boise, Idaho
Emerson S. Sturdevant, Vice President, Continental
National Bank & Trust Company, Salt Lake
City, Utah
J. }. Kelly, Senior Vice President, Walker Bank &
Trust Company, Salt Lake City, Utah
E. R. Barglebaugh, Assistant Manager, Salt Lake
City Branch, Federal Reserve Bank of San
Francisco, Salt Lake City, Utah
Seattle Regional Commercial Banking Voluntary
Credit Restraint Committee
Appointment of A. R. Munger, President, SeattleFirst National Bank, Seattle, Washington, as a
member and his designation as Chairman, succeeding Thomas F. Gleed, who resigned from the Committee upon accepting a position outside the field
of banking.
Designation of Warren M. Jenkins, President,
The First National Bank of Everett, Everett, Washington, as Vice Chairman.
Appointment of the following as alternate
members:

940




D. H. Wageman, Vice President, Seattle-First National Bank, Seattle, Washington
A. W. Faragher, Vice Chairman, National Bank
of Commerce, Seattle, Washington
Joshua Green, Jr., President, The Peoples National
Bank of Washington, Seattle, Washington
J. A. Norway, Executive Vice President, The First
National Bank of Everett, Everett, Washington
Orville T. Olsen, Vice President, The National
Bank of Washington, Tacoma, Washington
W. E. Tollenaar, Executive Vice President, The
Old National Bank of Spokane, Spokane, Washington
B. A. Russell, Assistant Manager, Seattle Branch,
Federal Reserve Bank of San Francisco, Seattle,
Washington
Southwestern Insurance Voluntary Credit
Restraint Committee
Designation of Carl C. Weichsel, Executive Vice
President, Great National Life Insurance Company, Dallas, Texas, as Vice Chairman.
Appointment of the following as alternate
members:
W. H. Painter, Vice President and Secretary, United
Fidelity Life Insurance, Dallas, Texas
A. F. Ashford, President, Western Reserve Life
Insurance Company, Austin, Texas
W. O. Watson, Assistant Treasurer, American National Insurance Company, Galveston, Texas
Friend W. Gleason, Vice President and Secretary,
Pan-American Life Insurance Company, New
Orleans, Louisiana
W. A. Anderson, Vice President, Atlas Life Insurance Company, Tulsa, Oklahoma
Wm. F. Schmausser, Vice President, The Capital
Life Insurance Company, Denver, Colorado
Mac C. Smyth, Vice President, Federal Reserve
Bank of Dallas, Dallas, Texas
Western Insurance Voluntary Credit
Restraint Committee
Designation of Dwight L. Clarke, Chairman of
Advisory Board, Occidental Life Insurance Company of California, Los Angeles, California, as Vice
Chairman.
Eastern Investment Banking Voluntary Credit
Restraint Committee
Appointment of Arthur R. Robinson, Vice President of W. H. Morton & Company, Inc., New
York, New York, as an alternate member.
FEDERAL RESERVE BULLETIN

VOLUNTARY CREDIT RESTRAINT RELEASES
Southwestern Investment Banking Voluntary
Credit Restraint Committee

Designation of William C. Jackson, Jr., First
Southwest Company, Dallas, Texas, as Vice Chairman.
Appointment of C. B. Page, R. J. Edwards, Inc.,
Oklahoma City, Oklahoma, as an alternate member.
First District Savings and Loan Voluntary
Credit Restraint Committee
Appointment of the following as alternate
members:
Ray B. Owen, Vice President, Old Colony Co-operative Bank, Providence, Rhode Island
L. C. Trott, Treasurer, Merchants Co-operative
Bank, Boston, Massachusetts
A. C. Ten Eyck, Assistant Vice President, First
Federal Savings and Loan Association of New
Haven, New Haven, Connecticut
Frank L. Farr, Vice President, Worcester Federal
Savings and Loan Association, Worcester, Massachusetts
L. A. Zehner, Assistant Vice President, Federal
Reserve Bank of Boston, Boston, Massachusetts
Second District Savings and Loan Voluntary
Credit Restraint Committee
Designation of Ernest A. Minier, President,
Carteret Savings and Loan Association, Newark,
New Jersey, as Chairman of the Committee, replacing George L. Bliss, who resigned from the
Committee.
Appointment of the following as members:
Norman H. Polhemus, President, First Savings
and Loan Association of Poughkeepsie, Poughkeepsie, New York

AUGUST 1951




C. Harry Minners, President, Bankers Federal
Savings & Loan Association, New York, New
York
New England Mutual Savings Bank Voluntary
Credit Restraint Committee
Appointment of the following as alternate
members:
Homer R. Feltham, Vice Treasurer, Springfield
Institution for Savings, Springfield, Massachusetts
George L. Wrenn, 2d, Treasurer, The Provident
Institution for Savings in the Town of Boston,
Boston, Massachusetts
Justin R. Tucker, Assistant Vice President, Society
for Savings, Hartford, Connecticut
Howard L. Huxtable, Treasurer, Amoskeag Savings Bank, Manchester, New Hampshire
L. A. Zehner, Assistant Vice President, Federal
Reserve Bank of Boston, Boston, Massachusetts
New York-New Jersey Mutual Savings Bank
Voluntary Credit Restraint Committee
Designation of Norman P. McGrory, Vice President, The Howard Savings Institution, Newark,
New Jersey, as Vice Chairman.
Appointment of the following as alternate
members:
George J. Bender, Vice President, Brooklyn Savings
Bank, Brooklyn, New York
Walter C. Aberg, Vice President, Greenwich Savings Bank, New York, New York
Lee L. Norton, Vice President, Erie County
Savings Bank, Buffalo, New York

941

ANNUAL REPORT OF THE BANK BEUTSCHER LAENDER
The Second Annual Report of the Ban\ deutscher serves and occasionally gave rise to serious strains
Laender covers the year 1950. The first chapter during 1950. These strains created difficult probpresents a general survey of economic events and lems for the Bank deutscher Laender and its memcentral ban\ policy; the remaining chapters deal in ber Land Central Banks, and forced them in the
greater detail with the problems of money and course of the year to make a definite change in
credit, public finance, foreign trade, exchange con- credit policy.
trols, and the activities of the Ban\.
Impediments to recovery. Adjustments to the reA liberal and slightly abbreviated translation of laxation of import restrictions begun in the autumn
the first chapter is given below. This chapter de- of 1949 tended to check economic recovery in the
scribes the progress of recovery in the German Fed- early months of 1950. For the first time in a long
eral Republic during the first half of 1950, the period large sectors of the economy had to meet
impact of the post-Korean boom, and the crisis in the full force of international competition and conWestern Germany's balance of payments which led sequently had to revise production programs, sales
to the suspension of the liberalization of German prospects, and price policies.
imports from the EPU area and to the inauguration
Prices in particular were too high in many cases
of novel methods of credit restriction by the Ban\. and were under continuing pressure. Since prices
in foreign countries had begun to rise slowly but
SUMMARY
steadily after devaluation in 1949, the pressure on
On the firm foundation of the Deutsche mark German prices tended to remove the previous
currency introduced in June 1948, the economy of maladjustment between the level of prices inside
the German Federal Republic made further prog- and outside the country and to create a favorable
ress toward recovery from the catastrophe of the climate for working toward equilibrium in the
Second World War. Industrial production rose by balance of payments. Nevertheless, merchants and
about one-third; the total social product increased manufacturers had to exercise a good deal of refrom DM 81 billion in 1949 to DM 92 billion in straint. The public became less willing to buy and
1950, with price changes accounting for only a small entrepreneurs tried to keep their stocks as small
part of the rise; and about 700,000 additional work- as possible. New investment also declined.
ers found employment although the further raThese tendencies were further strengthened by
tionalization of production reduced the number of large movements of money into the public acworkers required per unit of output.
counts, some of which led to the sterilization of
The absolute level of industrial production of funds. This was true in particular of the levies
Western Germany, however, still lags behind that collected under the Immediate Assistance Scheme
of other Western European countries. In most for refugees and other persons who had suffered
other countries the population has increased only injury or loss through the war. Owing to delay
slightly but production has risen by a third to a in implementing the Immediate Assistance Law,
half as compared with prewar. In Western Ger- the levies were paid within a few months instead
many population has increased by 8 to 9 million of a year, as originally planned, and it was imposthrough the influx of persons expelled from their sible to expend all the funds within that period.
homes in the East, but production at the end of In addition, taken as a whole, the budgets of the
1950 was only about 90 per cent of 1938. This fact, regional authorities showed a cash surplus during
however, detracts nothing from the success achieved the first quarter of 1950. In large part the unused
during the two and a half years in which, thanks levies and surpluses were left on deposit with the
to the currency reform, the liberation from eco- banking system, or temporarily invested in equalinomic controls, and the wise and generous help zation claims of the central banking system.
afforded by the Marshall Plan, the German people's
Contrary to the view held in some quarters,
will to work reached full fruition.
these developments did not result in true deflation.
New credits constantly exceeded repayments; the
ECONOMIC DEVELOPMENTS AND CENTRAL BANK
volume of money continued to grow, although at
POLICY IN FIRST HALF OF 1950
a retarded rate; and production expanded again in
The impulse to recovery in Western Germany February, after a mainly seasonal recession at the
impinged on the country's extremely limited re- turn of the year. At first the revival was less

942




FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
marked than was warranted by the available factors
of production, and there was a general demand for
a more expansive policy to stimulate economic
activity. A factor of special importance in this
connection was that unemployment increased to
more than 2 million, or 15 per cent of the employed wage and salary earners, in the middle of
February 1950. This was partly the result of the
continuous increase in the labor force, which in
turn was largely due to the steady stream of refugees
from the East, and partly the result of the rationalization of production. In a country as impoverished
and politically exposed as the German Federal
Republic, this unemployment figure could not be
passively accepted. Steps were thus taken to stimulate economic activity.
Central bank credit for "Work Creation Program."
The central banking system did not refuse its help
when in February 1950 the Federal Government
drew up a "Work Creation and Housing Program"
in order to stimulate production and employment.
The program consisted of a number of heterogeneous programs, including a program for financing
exports which was stepped up during the year
from DM 300 million to DM 400 million. This
figure represented a revolving fund; the Bank
deutscher Laender, contrary to its practice in the
case of its other credits, promised to rediscount
that amount without time limit, it being understood that the total would be used gradually.
The total amount of credits promised by the
central banking system in support of the Work
Creation Program, including the housing program
and the program for financing exports, was DM 2
billion. The paramount aim of the assistance
offered by the central banking system, mainly in
the form of promises of rediscount credits and cash
advances, was to remove anxiety about liquidity
which would otherwise have hindered bank lending. It was intended to make it possible for banks
to finance investments in anticipation of the normal
increase in loanable funds.
Special care was taken to retain the anticipatory
character of the assistance; the central banking system knew that it could preserve its elasticitv only if
the loans so granted were repaid in due time. In
this respect later events brought many disappointments. Owing to the decline in savings after the
Korean crisis, only a few of the credits granted
were paid on the repayment dates. Even where
repayment would have been possible, as in cases in
which anticipatory credits were granted for projects
to be financed through releases of ERP counterpart
funds, only a few central bank credits were repaid
as originally planned. This was because the ECA
would not consent to the use of a substantial part
AUGUST 1951




of counterpart funds for such purposes. These
experiences will cause the central banking system
to be more cautious in the future even if the
anticipatory character of a requested credit appears
to be guaranteed.
Although the credits promised by the central
banking system largely provided the necessary financing for the Work Creation projects, these projects were slow in starting so that for a time their
influence on the economy was less than had been
expected. It was originally intended that the creation of work should be combined so far as possible
with the expansion of the economic potential of the
country as a whole. Under this arrangement it
would have been possible to push ahead with projects already approved and planned. This principle
of selection was later abandoned in favor of a larger
investment of funds in so-called distressed areas
where unemployment was greatest but chances of
creating permanent employment were not necessarily the best. This change caused delay in getting projects under way and as a result the effects
of the program on production, employment, and
central bank credit were felt only gradually. By
the end of July 1950 the amounts drawn from the
central banking system in connection with the
Work Creation and Housing Program had reached
a total of only about DM 95 million.
Increase in exports. Of particular note from the
point of view of central bank policy was the continuous increase in exports during the first half
of 1950. In the fourth quarter of 1949 exports
averaged not quite DM 400 million per month. In
the second quarter of 1950 the average was DM 600
million, and by July 1950 it had risen to DM 730
million. This increase was due in part to the
liberalization of intra-European trade. However, it
was due even more to the decline in domestic
demand which gradually reduced German prices
and gave rise to a widening interest in export markets. The increase in exports between the fourth
quarter of 1949 and July 1950 represented an annual
rate of nearly DM 4 billion and constituted additional business for traders and industrialists. With
its secondary consequences, it had an effect on the
economy equal to or greater than that of the Work
Creation Program. It is estimated that at least
two-thirds of the increase in industrial employment
between September 1949 and June 1950 represented a rise in the number of workers employed
in production for export.
The appearance of this additional export demand
lightened the burden on the balance of payments.
While exports continued to rise and to contribute
perhaps more than any other influence to the revival of domestic production and employment,
943

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
as part of the process of tax evasion. In the light
of current market movements, their value had come
to seem increasingly doubtful. There is no direct
evidence on dishoarding, but changes in retail trade
and in the circulation of money indicate clearly
that the increase in sales after the middle of 1950
was to some extent financed through the use of previously idle reserves.
After the Korean crisis the turnover of retail
trade increased at an appreciably faster rate than
before, whereas the quantity of money increased
more slowly than before and during the first few
weeks of 1951 declined considerably more than seasonally. In all probability the velocity of circulation of currency increased, and since there was
little change in payments conditions, this increase
can have resulted only from the circulation of
hitherto inactive money. On the basis of a comTHE POST-KOREAN BOOM
parison between the movement in retail trade and
At the end of June the Korean conflict broke the actual increase or decrease in the quantity
out and, as in most other countries of the West- of notes and coin, the amount of currency thus
ern World, the trend of economic activity in put into circulation may be estimated at not less
the German Federal Republic was completely than DM 750 million. This represents dissaving
changed. A large-scale buying wave was started just as much as does the withdrawal of savings deby the fear that the Korean war might spread to posits for purposes of consumption.
Tax reductions and refunds. Consumption was
Europe and intensified by rising prices on the international raw material markets and by the fear of also greatly encouraged by the tax reductions and
lasting scarcities. The urge to buy was strength- refunds provided by the Income Tax Law passed
ened by the shortage of stocks, which had pur- and approved by the High Commissioners in April
posely been kept low during the preceding months, 1950. The object of this law was to lightenr the
and by the backlog demand of consumers who had burden of an extremely high income tax, w hich
postponed purchases in the expectation that prices offered a standing inducement to tax evasion and
in certain income groups paralyzed the will to
would fall.
Methods offinancingpurchases. The buying waves work. This step was thoroughly justified under the
that recurred at intervals between the outbreak of circumstances prevailing during the first half of
hostilities in Korea and the beginning of 1951 wrere 1950. In view of the restraint shown by consumers
financed to a large extent from sources beyond the at that time, it was expected that a large part of
control of the central banking system. This applies the remitted tax monies would be saved. Moreover,
particularly to purchases by consumers, which in it would have done no harm if the lower tax rate
large part were financed by a decline in current had led to some increase in consumption, and to a
saving that at times reached the point of actual dis- temporary deterioration in the budgetary cash position of the Laender, since the result would hardly
saving.
have been an overstimulation of economic activity.
Decline in current saving. In comparison with
Unfortunately, however, the effects of the tax
the average amount of saving during the first half
of 1950, there was a decline during the next nine reduction were magnified by the factors of expanmonths of more than DM 870 million. In reality sion set in motion by the Korean conflict. The Fedthe amount lost to saving exceeded this figure be- eral Government had held out the firm prospect
cause, since the level of private incomes was 10 to that the law would be in force by the beginning
15 per cent higher during the second half of 1950 of the year but there were repeated delays. Conseand the first quarter of 1951 than in the first half quently, the reductions in tax rates, which
of 1950, a larger amount of current saving could amounted on the average to about 17 per cent,
did not become fully effective until June, just when
have been expected.
Utilization of hoarded currency. Funds to finance the war in Korea broke out. Moreover, they were
the buying waves also appear to have come from retroactive to January 1, 1950, and overpayments
hoards of notes and coin accumulated during the during the early months of the year were set off
first two years after the Currency Reform, chiefly against taxes due currently. As a result, the yield

"commercial" imports were held below the level
prevailing at the end of 1949 by an almost stabilized
domestic demand. As a result, a deficit in the
"commercial" balance of trade, which had amounted
to DM 455 million during the fourth quarter of
1949, was replaced by a favorable balance of about
DM 11 million in the second quarter of 1950.
This improvement in the balance of payments
was one of the reasons which led the central banking system to consent to some expansion of central
bank credit within the framework of the Work
Creation Program. However, the Board of Directors of the Bank repeatedly advised against any
expansion of the program that might jeopardize the
improvement in the balance of payments, which it
considered to be most urgent. It was soon evident
that this caution was fully justified.

944




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ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
of the income tax and the wages tax was about DM
660 million, or 35 per cent, lower between June and
October 1950 than during the corresponding months
of the previous year, although taxable incomes had
increased 10 to 15 per cent. In view of the decline
in saving, the greater part of these tax reductions
undoubtedly was spent on consumption. The public authorities did not reduce expenditures commensurately with the reduction in their receipts,
but to a large extent made the shortage good by
borrowing or by using reserves. Consequently,
total demand increased by an amount roughly corresponding to the tax reduction.
Expansion of credit. The increase in domestic
demand which began after the outbreak of war in
Korea was reinforced by a considerable expansion
of credit. Short-term credits granted to trade and
industry by the monthly reporting banks rose by
about DM 172 million per month during the second
quarter of 1950, by DM 235 million in July, and by
DM 257 million in August. The increase amounted
to DM 594 million in September and reached its
peak of DM 693 million in October.
An increase in medium- and long-term loans
also caused a considerable expansion of the money
supply. The banks felt obliged to grant mediumand long-term credits which they had promised in
the first half of the year on the basis of estimated
additions to savings accounts which did not materialize. Pursuance of this policy amounted
largely to creation of money. It was facilitated at
first by the great improvement in bank liquidity
between April and August 1950, mainly as the
result of central bank advances to the Federal Government and of the improved balance-of-payments
position. Later this form of credit expansion was
greatly facilitated by the credits promised by the
central banking system for the Work Creation
Program.
Just as reduced tax receipts during the summer
and autumn of 1950 were not accompanied by reduced public expenditures, so the increase in consumption at the expense of current saving did not
cause a reduction in credit for investment and working capital but led to a further expansion of total
purchasing power. Measured by the excess of
medium- and long-term loans over the accrual of
genuine savings, the amount of this expansion in
the second half of 1950 may be estimated at DM
750 million. Adding the rise in short-term credits
to trade and industry during the same period,
amounting to nearly DM 2,500 million, the amount
of credit "created" by the commercial banks during the second half of 1950 reached a total of
roughly DM 3,250 million.
Production strains and tensions. At nearly all
AUGUST

1951




stages of the economic process, the first post-Korean
demands were met by drawing on stocks. Supplies
in general were not large, however, and the combination of increasing demand and rising prices of
raw materials encouraged an expansion of stocks
that was soon reflected in expanded production.
Fortunately, available productive capacity and
stocks of coal built up during the previous halfyear made it possible between July and November
to increase industrial production (apart from construction) by more than 25 per cent. This was
slightly more than twice the rate of expansion during the first half of the year. The production of
consumer goods in particular rose very rapidly until
November, with production running at a rate
roughly one-third above the July level. There
would have been no such great elasticity in the
supply of goods if all means to promote "full employment" had been used previously. It was mainly
due to that elasticity that the dishoarding started by
the shock of the Korean conflict did not immediately lead to far-reaching and universal price rises.
Price rises were for some time confined largely to
articles that were strongly affected by the upward
movement of raw material prices on the international markets.
It soon became clear that the increase in production was reaching its physical limits. Although the
published figure for total unemployment was still
1,230,000 at the seasonal low point at the end of
October, for some weeks there had been signs of
an appreciable shortage of skilled workers in certain
trades, particularly in the building industry. Moreover, many firms were approaching optimum use
of available capacity, and some were beginning to
have difficulties in obtaining raw materials or fuel.
Delivery periods became longer, and the industries
approaching maximum use of capacity hesitated to
accept new orders.
The more markets hardened, the more general
were price rises and claims for higher wages—
some of which were far ahead of the price increases. Gradually increasing demand came to
affect prices more than production.
Deterioration in balance of payments. During the
first six months of 1950, when imports were comparatively small and the balance of trade was consequently showing considerable improvement, the
Bank deutscher Laender regarded the upward movement of prices as a temporary result of purely seasonal influences linked with a large reduction in
stocks of imported goods. After the Korean crisis,
however, the change in prices of raw materials in
the international markets and the rapid growth of
domestic demand and production led to a particularly strong tendency to import. This pressure was
945

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
all the stronger because, as from September 1, 1950,
the proportion of imports from the OEEC countries
affected by the trade liberalization program was
raised from 50 to 60 per cent. In October the unit
cost of imported goods was 5 per cent higher than
during the first half of the year, and by December
this increase amounted to at least 10 per cent.
Meanwhile, exports continued the expansion begun at the end of 1949. In fact, owing to the keen
demand on world markets and the gradual establishment of equal treatment granted to German
goods under the trade liberalization program, the
rate of increase in exports became even more rapid.
However, the prices of German export goods,
which were largely fixed by earlier contracts,
showed little rise until the end of the year, with
the result that the terms of trade shifted against
Germany. The balance of trade, after having
moved from a long-time deficit to a surplus of
about DM 77 million in May and June, began to
turn again. The surplus was greatly reduced in
July and August, and in September and October
there were deficits amounting to DM 188 million
and DM 207 million, respectively.
Moreover, during the second half of the year the
balance of payments was even less favorable than
the balance of merchandise trade. During the preceding months, certain countries had made large
advance payments on exports for later delivery,
with the purpose of obtaining the use of the drawing rights against the German Federal Republic
which had been granted to them under the IntraEuropean Payments Plan for the year ending June
30, 1950. Accordingly, the foreign exchange for
part of the exports delivered in the second half
of the year had already been received in advance.
In addition, terms of payment changed to Germany's disadvantage. Owing to the general political uncertainty, and to the strong position of sellers
of most staple goods in international trade, many
foreign suppliers began to deliver only against letters of credit. Thus, German importers were
obliged to pay in advance for a large part of their
imports and to obtain the foreign exchange at an
earlier date than under the former system of payment.
In so far as imports from the sterling area were
concerned, for a time these changes in the terms
of payment pleased German importers because of
the current rumors of a forthcoming revaluation of
the pound. Similarly, speculation on a rise of the
pound led to delays in the collection of sterling
claims.
The deterioration in Western Germany's balance
of payments was concentrated in payments to and
from the European Payments Union, which came

946




into effective existence on July 1. These payments
accounted for nearly three-quarters of the external
trade of the German Federal Republic during the
second half of 1950. Moreover, they represented
the only sector upon which the strong import pressure could produce its full effects since the liberalization of the bulk of intra-European trade had
removed the obstacles of quantitative trade and
exchange restrictions. In consequence, the accounting position of the German Federal Republic with
the EPU showed a large deficit almost from the
beginning. As early as August the first fifth of the
Federal Republic's quota of 320 million dollars
(which did not require gold payments) had been
exceeded. By the end of September deep inroads
had been made in the second fifth, which had to be
covered to the extent of 20 per cent in gold or,
dollars; and at the end of October the cumulative
accounting deficit had exhausted all but 30.5 million dollars of the quota.
Accordingly, after the EPU had been in existence
for only three months, new indebtedness of 185.9
million dollars had been accumulated within the
quota, while in addition 103.6 million of dollar
payments had become due to cover the balance of
the deficit. It had become virtually certain that
the deficit would soon exceed the quota which,
having been based on foreign trade turnover in
1949, was too low. Thereafter the whole amount
of the deficit would have to be met in dollars.
This was a threat which the Bank could not meet.
Its dollar reserves were infinitesimally small in relation to those of other countries, and bore no reasonable relationship to the demands which might
be made upon them.
FIRST MEASURES AGAINST EXCESS DEMAND AND
PAYMENTS CRISIS

During September and October the central banking system began to adopt energetic measures of
defense against the growing internal and external
dangers. The main purpose was to restrain credit
expansion which, along with other factors, was
contributing to a growth in demand that was
dangerous to the currency.
Credit restrictions. As a first step toward credit
restriction, the following measures were taken:
In September, effective October 1, 1950, the
minimum legal reserve ratios of commercial banks
were increased by an average of 50 per cent.
As of October 13, bank acceptances were made
eligible for rediscount at Land Central Banks only
if they came from banks which (apart from certain minor exceptions) did not increase the volume
of their acceptance credits beyond the level of October 12 or, if obliged by earlier commitments to
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
exceed this level, undertook to restore it by December 31.
On October 26, 1950, the discount rate of the
Land Central Banks was raised from 4 to 6 per
cent, and their rate for advances against collateral
from 5 to 7 per cent.
Finally, on November 2, 1950, effective January
31, 1951, the Land Central Banks were asked to
reduce by 10 per cent the credits which they had
granted to commercial banks through discount of
bills, or through advances against collateral, with
the purpose of inducing the commercial banks in
turn to reduce the volume of their credits.
Changes in import policy. On the initiative of the
Bank deutscher Laender, the appropriate departments of the Federal Government as well as the
Bank itself took a number of steps to modify import and exchange policy so as to counteract as
quickly as possible the deterioration in the balance
of payments. Apart from strengthening control
over receipts and payments of foreign exchange,
mainly with the purpose of improving methods of
payment, these measures were chiefly intended to
straighten out the situation affecting import licenses.
The first objective was to overhaul the immense
block of unused licenses for imports from the EPU
area, which had been built up during the preceding
months, in order to determine the amount due
under licenses previously issued. It was ordered
that all import licenses, in so far as they were
not supported by firm import contracts before a
certain date, should become invalid on October 7.
It was also ordered that these licenses could be renewed only as of October 16, and subject to new
conditions. Thus it proved possible to reduce by
500-600 million dollars the so-called "block of old
licenses" which had amounted to 1,114 million
dollars on October 10. Thus a clearer and also
more favorable picture was obtained of the Bank's
potential foreign exchange liabilities.
In addition, the use of new licenses, including
the renewal of old licenses not supported by contracts, was made more difficult. In connection with
all applications for import permits lodged after
October 16, 1950, the equivalent in German currency of 50 per cent of the foreign exchange requested had to be deposited with the competent
Land Central Bank. These deposits could not be
released until either the goods had arrived or the
depositor had given up his license. In this way,
considerable demand was made on the financial
resources of the importer or on his ability to obtain credit.
Finally, as of the beginning of November the
issue of import licenses was removed from the foreign trade banks, which are private institutions, and
AUGUST 1951




entrusted to the Land Central Banks. Apart from
making a closer examination of the financial standing of the applicant, however, the Land Central
Banks could not apply different principles to the
issue of "liberalized" licenses than had been applied by the foreign trade banks. Consequently
this last measure was of relatively little importance.
The EPU special credit. Despite these drastic
steps, the foreign exchange outlook remained critical, at least in the short run. The Federal Government and the Bank deutscher Laender seriously
considered whether, in view of the approaching
exhaustion of the EPU quota and the small size
of the foreign exchange reserves, the liberalization
of imports from the EPU area ought not to be
suspended. This measure was not taken only because in November the EPU, after a thorough investigation of the "German case" with the assistance
of two independent experts, declared itself ready
to grant a special credit to the Federal Government. The purpose was to supplement the meager
German quota and thereby to make it possible for
the German Federal Republic to maintain the
liberalization of imports for such time as was required to apply measures of economic policy recommended at the same time, and thus to bring
about fundamental equilibrium in the balance of
payments with the EPU.
The credit line was formally opened on December 13, with retroactive effect as of November 1,
1950, after the Federal Government had presented
a detailed memorandum to the EPU making it
clear that the government largely agreed with the
recommendations and would promptly take all
suitable steps to improve the balance of payments.
In so far as this involved measures relating to
credits, the proposed course of action was fully in
harmony with the policy which the Bank deutscher
Laender had already been following for some
weeks.
FAILURE OF ATTEMPTS TO MAINTAIN LIBERALIZATION

It did not prove possible to overcome the crisis
in Western Germany's balance of payments according to the concept underlying the special credit.
This was a matter of great regret to all those who
were convinced of the importance of the liberalization of intra-European trade as a means of raising
the level of economic activity in Europe. However,
it was impossible to hold down or reverse the rise
in internal demand as rapidly as would have been
required to restore equilibrium in Western Germany's balance of payments within the term of
the EPU credit. One of the reasons for this situation was the fact that the economic recovery of
Western Germany still lagged some distance behind

947

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
that of other countries. Nevertheless, the credit
will occupy a place of distinction in the history of
the European Payments Union.
Credit policy and the problem of limiting demand.
However drastic the credit measures taken in September and October may appear, if judged by the
standards of traditional central bank policy, they
did not produce the expected effect. Credit expansion was a good deal smaller in November than in
the two previous months, but it remained greater
than, say, in the period from April to August 1950.
The policy of restriction was directed mainly along
two lines: pressure was placed on the liquid cash
positions of the commercial banks, with the purpose of reducing their "credit potential," and the
cost of central bank credit was increased in an effort
to restrict the demand for credit.
However, the liquidity of the banks was not reduced sufficiently to prevent credit expansion.
When credit restriction began, the banks had a comparatively large stock of bills suitable for rediscount at central banks and, in contrast to the usual
practice of "classical" banking policy, they did not
hesitate to use these bills to obtain central bank
credits, even though the practice raised their total
liabilities on endorsements far above their own
holdings of bills of exchange. Also, the very process of granting credit constantly led to the creation
of additional paper eligible for rediscount. The
provision which made the rediscount of bank acceptances conditional on maintaining the volume
of acceptance credits within stated limits was effective in limiting the creation of this type of rediscountable paper, but evidently the banks were
able to replace their acceptance credits to a large
extent by ordinary discount credits. Moreover,
normal business provided most of the banks with
a sufficient quantity of rediscountable bills of exchange: discount credits constituted not less than
one-half of the total increase in short-term credits
by commercial banks during 1950. Even an increase in the minimum reserve ratios to the highest level permitted by law probably would have
made little difference in this respect. On the
other hand, it would have caused great difficulties
for some categories of banks on which no restrictions needed to be imposed, part of which were
unable to meet even the existing reserve requirements.
A review of the experience of this period shows
that minimum reserve provisions, invaluable as
they are for central bank policy, must be elaborated
and extended if they are to be effective in restraining commercial bank credit. In some circumstances it would probably also be advisable to
limit the banks' credit potential by further re-

948




stricting the kinds of paper eligible for rediscount.
This would prevent the banks from automatically
increasing their rediscountable assets when they
expanded their discount credits. Furthermore,
restoration of a functioning capital market would
enable the central banking system to make increased use of open market operations.
The increase in the discount rate was effective
in slowing down the expansion of bank credit, but
its effectiveness during the critical months October
1950-February 1951 was limited by a number of circumstances. Chief among these was the widespread expectation of further large price increases.
For many borrowers, especially for speculators, this
consideration far outweighed the higher cost of
credit. It has even been maintained that raising
the discount rate in itself tended to push prices
upwards. This was not the case, since raising the
discount rate tended to reduce effective demand,
whereas an increase in costs can bring upward
pressure on the price level only if effective demand
also expands. It must be admitted, however, that
the price situation limited the effectiveness of interest rates in reducing demand for credit, and thus
limited the effectiveness of the increase in the discount rate.
The Bank deutscher Laender emphasized from
the outset that credit policy alone could not have
prevented the increase in demand during the winter, even though applied in more drastic form and
with less hindrance from other factors. A considable part of the effective demand at that time
stemmed from sources over which the central banking system could exert little influence. Important
among these were the reduction of tax rates, the
refunding of taxes, and the use of hoarded currency, savings deposits, and other reserves to make
purchases. Demand originating from these sources
might have been dampened by appropriate taxes
such as the special turnover tax now under consideration, or by means of import levies, had it been
possible to collect them quickly and to apply their
yield to reducing the government deficit. In the
absence of fiscal measures of this kind, however, it
would have been going too far to apply credit
measures designed to restore equilibrium. They
would have had to be so drastically restrictive that
they probably could not have been enforced, and
their effects would have been far too crude.
Additional pressure from developments in Korea.
Inability to limit the general expansion in demand,
and more particularly the strong import pressure,
within the period indicated at the time the EPU
special credit was granted, was due in large part
to the course of world politics. Chinese intervention in Korea early in December brought a furFEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
ther increase in prices on the international raw
materials markets as the Western World undertook
to speed rearmament. In Germany, too, demand
increased substantially, reinforced by seasonal influences such as the Christmas trade and the Christmas bonus. Demand for imports was especially
strengthened by reports of an impending system
of international rationing of raw materials. People
feared that, regardless of any change in foreign
exchange position, the flow of goods into Germany
might soon be reduced. To make matters worse,
production declined sharply around the turn of the
year, mainly as the result of the coal shortage.
This led to appreciable difficulties for exports in
January 1951.
Suspension of import liberalization. The accounting deficit with the EPU fell somewhat short of
original estimates in November and December.
However, this was largely the result of a corresponding reduction in the working balances of the
foreign trade banks. By early 1951 it became
clear that the trend of events was against the establishment of equilibrium in the balance of payments.
The increase in "liberalized" import permits during
January and February was disproportionate to the
foreign exchange likely to become available, even
including the remainder of the EPU special credit.
In order to avoid a payments crisis that would
have damaged German credit for a long time, the
Bank advised the Federal Government at the beginning of February 1951 to invoke Article 3 of
the Liberalization Code and to abrogate the German free list for imports of goods from the EPU
area until further notice. This was done on February 22, and on April 7 the Council of the OEEC
recognized the necessity of this measure. Pending
the application of new regulations to German imports from the EPU area, the OEEC agreed to the
issuance of only limited amounts of import permits. A "mediation committee" set up by the
OEEC and consisting of representatives of the
countries trading with Western Germany played a
decisive part in the policy governing the issue of
these permits.
This step enabled the Bank deutscher Laender to
honor without exception not only new import
licenses but also those issued before the suspension
of liberalization, without interfering with the original dates of payments. Moreover, it assured the
repayment of the special credit granted by the
EPU. Partly as the result of holding new licenses
to a minimum, and partly because of the marked
growth in exports and the improvement in the collection of export proceeds, surpluses amounting to
56.3 million dollars were recorded in the settlements
with the EPU for March and April 1951. AccordAUGUST 1951




ingly it was possible to reduce the balance of the
special credit from its maximum of 91.5 million
dollars at the end of February to 50.1 million at the
end of April. Under the credit agreement the balance must be repaid by October.1
CREDIT RESTRICTION BY NEW METHODS

Although the danger of acute payment difficulties with foreign countries has been averted by the
suspension of liberalization, the Bank deutscher
Laender has not seen fit to alter the restrictive
credit policy adopted last autumn. There is still
a fundamental maladjustment between the internal and the external aspects of the country's
economy.
External and internal needs. The balance-of-payments position has been improved at the cost of severe import limitations. Western Germany is not
only obliged but also extremely anxious to return
to liberalization as rapidly as possible. It is convinced of the value of the closest possible economic
cooperation in Europe. With that purpose in view,
economic measures must be adopted that will establish fundamental equilibrium between imports and
exports at the highest possible level; that is to say,
internal economic expansion must be brought into
harmony with the possibilities of external trade.
Continuation of the momentarily inevitable cut
in imports represents a serious danger to domestic
production and employment, which depends on imported raw materials. It is therefore necessary to
redouble efforts to increase exports in order to open
the way for increased imports. The task cannot be
carried out by German economic policy alone. It
will require the cooperation of all countries with
which this country trades. However, the necessaryexpansion of exports will also require some restriction of internal demand during the present critical
months, so as to provide the strongest possible inducements to export.
At the time this Report goes to press, the internal
economic situation does not justify departure from
the policy of credit restriction. It is true that demand, which was still extremely strong in January
1951, has eased to a certain extent. Some of the
reserves of purchasing power have been exhausted;
the movement in prices has in some cases outstripped the growth in incomes; and consumers and
traders, in view of the price declines in the international raw material markets, are perhaps once
again beginning to hold back. However, the
situation remains unstable. As long as there is any
increase in consumer prices there will be a strong
tendency for wages and salaries to rise even more
1
Translator's note: The balance was actually paid off at
the end of May.

949

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
than prices. This tendency may well entail further restrictive effect. Its extent should not be exagprice rises. It is therefore essential to use every gerated, however, since a further margin of lending
means to counteract the present upward trend of is available to many banks. Moreover, the more
prices; otherwise it will start a "wage-price spiral." "expansive" banks will try to conform to the prinCredit policy has to play an important role in this ciples by increasing the amount of their capital and
respect because there is little prospect of an in- reserves or their liquid resources rather than by
crease in supply.
cutting down loans. In any case, it would be imAlthough production has recovered during the possible to force widely different individual banks
past few months from the setback of December to conform rapidly to a uniform pattern.
Credit ceiling and credit contraction. At the end
and January, its further development is impeded by
scarcities of important materials, notably steel. of January 1951, the Board of Directors of the Bank
Shortages of imported raw materials may well ap- deutscher Laender also drew the attention of all
pear in the near future, especially if increased ex- commerical banks to the acute monetary emergency
ports and trade negotiations with foreign countries and called upon them to take immediate steps to
do not soon permit a considerable relaxation of the prevent a further expansion of their short-term
present import restrictions. The supply of goods is credits. At the end of February the Board asked
already being reduced by the restrictions. The that short-term credits to trade and industry be
monthly average of "commercial" foreign trade reduced by approximately DM 1 billion within a
showed an import surplus of about DM 138 mil- few months. Thus the Board, instead of pursuing
lion in the fourth quarter of 1950; by March 1951, the classical indirect method of restraining credit
there was an export surplus of DM 35 million. By by tightening terms, used the direct approach by
this change the internal supply situation worsened asking commercial banks to follow a definite course
to the extent of nearly DM 175 million per month. of action. In this type of restraint, a great deal
It is evident that suspension of trade liberalization depends on the cooperation of the commercial
has contributed to a situation that calls for more re- banks. Neither the Bank deutscher Laender nor
strictive rather than more liberal credit policy. If the Land Central Banks can give the commercial
such a course is not followed, inflationary tendencies banks binding orders in regard to lending. The
will become stronger and may, by their effect on most effective means they have for obtaining comexports, jeopardize the chances of overcoming the pliance, in addition to moral suasion, is the denial
of rediscounting facilities at the Land Central
import bottleneck.
The new methods. In January and February Banks. This was expressly ordered by the Board of
1951 the Board of Directors of the Bank deutscher Directors of the Bank deutscher Laender as a sancLaender took far-reaching action aimed at affect- tion for noncompliance with the request. Even this
ing commercial bank lending directly by quasi- measure, however, is subject to certain limitations
of both applicability and effectiveness.
administrative means.
Credit directives. The Board laid down "guiding
The effects. Recent developments indicate that
principles" with respect to individual bank ratios the restrictive measures applied at the beginning of
of total loans to over-all position, in particular to 1951 have produced some results. For the first time
•capital and reserves and to liquid resources. The in- since the Currency Reform, the expansion in shorttention was to re-establish a firm tradition of bank- term credits to trade and industry has not only
ing policy. The Currency Reform had upset the stopped but has given place to a considerable reentire balance sheet structure of the banks and duction. This change has been facilitated by a
created conditions under which many of the former number of circumstances that put money into the
"golden rules of banking" could not be followed. hands of traders and industrialists independently
The result was a distortion of the position of in- of credits granted by banks. Most important in
dividual banks which should not be made per- this respect were the reduction in the cash deposit
manent.
required in connection with applications for import
The Land Central Banks have been given stand- permits, and the foreign exchange surplus obtained
ards in accord with these "guiding principles" by through limitation of imports. As yet there has
which to evaluate uniformly the position of banks been no appreciable reduction in the volume of
in their areas. To the extent necessary, the Land money, but its expansion has been considerably
Central Banks are to see that individual commercial slowed down. The chief elements in the money
banks observe the "guiding principles." Since the supply—notes and coin and sight deposits of busiloans granted by many banks during the past two ness and private customers—were somewhat smaller
years have greatly exceeded the maximum limits in volume at the end of April 1951 than at the
now fixed, these principles will doubtless have some end of 1950. They have tended to increase during
•950




FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK DEUTSCHER LAENDER
>die past few weeks, however, in accordance with
the usual seasonal movement.

scarcely absorb as large a part of the monetary resources in the future as it did during the first
two years after that event.
PROSPECTS
The intensity of demand inherent in the ecoThe reduction in the volume of credit needs to nomic system of Western Germany is likely to
be maintained only so long as excess liquidity en- be reinforced soon by powerful boom tendencies
dangers the stability of prices and wages and dis- due to the gradual economic incorporation of the
courages the use of stocks of raw materials; and German Federal Republic into the North Atlantic
*only so long as exports must be promoted by re- defense system. In order to avoid a serious danger
stricting domestic demand so as to permit the re- of inflation, great changes in the monetary aspects
sumption of imports at an adequate level before the of the economy will become necessary. In particexhaustion of stocks of imported raw materials. It ular the flow of demand will have to be redirected,
should therefore be possible within the foreseeable especially if the growing requirements of the govfuture to reduce the direct pressure on the volume ernment are not accompanied by a corresponding
of credits, provided, that the public's propensity to expansion of economic activity. This redirection
spend declines again; that, despite present bottle- is primarily a problem of financial policy, which will
necks, production is brought to a level above that be held even more responsible than hitherto for the '
of last autumn; and that the present expansion in
preservation of financial stability. Credit policy
exports is sustained.
will have to be carried out with a special degree
Nevertheless, so far as economic developments
of firmness. Since rearmament began, all coun• can be foreseen, it may be expected that credit
policy will have to remain comparatively restrictive tries, including those with satisfactory balance-ofin order to ward of! dangers to financial stability. payments positions, have reoriented their credit
The period of rapid restoration of productive facili- policy along more restrictive lines. The Bank
ties in Western Germany has evidently come to deutscher Laender and the Land Central Banks
an end. In all probability progress will be a good will do everything in their power, without becomdeal slower in the future and will not justify as ing inflexible, to make sure that the German monemuch credit expansion as there was during the two tary system remains a firm foundation of economic
.and a half years following the Currency Reform. progress. Only on this basis will Germany's ecoMoreover, the rebuilding of financial reserves will nomic achievement reach its maximum.

AUGUST

1951




951

ANNUAL REPORT OF THE BANK OF ITALY
Recent economic and financial developments and 1948 and 1949, has been considerably more rapid
policies in Italy are reviewed in the following ex- than in the field of production. According to OEEC
cerpts from the "Conclusions" of the Annual Report figures, taking 1938 as base year, the 1950 import
of the Ban\ of Italy for 1950. The discussion of volume index for all ERP countries is 103 and the
monetary conditions bears directly on the much export index 132.
debated question whether the Ban\ has been purThe export index does not reflect equal progress
suing a policy of credit stringency. The report in the majority of the countries but rather a rise
also examines the case for currency appreciation, in the exports of two great States, the United Kingwhich was advocated by the Economic Commission dom and France, which, especially in the case of
for Europe in its recent Economic Survey, and con- France, are sent in large part to protected markets.
cludes that appreciation would be inadvisable under The import index shows the effect of the contraction
.present conditions.
of imports as compared to 1938, due to the British
trade balance, and of the still low level of German
A survey of the salient features of the Italian imports (which, however, are rapidly increasing).
economy in 1950 leaves the same general impres- The existence of these particular influences on the
sion as is obtained from a study of Europe as a average index explains why Italy has an export
whole and of the overseas countries linked with index of 112, lower than the general average of
Europe by trade relations and social similarities— increase, but an import index of 136, considerably
an impression of remarkable progress in all of the higher than the average. If trade with the colonies
main sectors of economic development.
is excluded for 1938, however, Italy's quantitative
Industrial production. Italy's industrial production indexes rise to 145 for exports and 139 for imports.
for 1950, on the average, showed an increase of The indexes thus show that our 1950 trade volume
13 per cent over the 1949 figure and of 18 per cent far exceeded that of 1938—proof of the validity of
over the prewar maximum of 1937. The other the methods followed in Italy to make possible the
European countries, taken as a whole, have ob- maximum freedom of international trade and to
tained the same increase as Italy, 13 per cent over promote, through a realistic exchange rate, the
1949; but the figure drops to 10 per cent if we harmonious development of both currents in the
exclude Germany, which, as the last country to movement of goods.
start her recovery, has been able to make greater
Simultaneous improvement of the asset items has
progress. In comparison with prewar figures the
increases are more variable, the largest having been made possible an ever greater contraction of the
registered by countries which suffered less severely general deficit on all balance-of-payment items on
from the material and moral damage of the war, current account during the last three years despite
and which also have directed their productive re- the quantitative rise in imports. From the exsources toward industrial activities to the detriment tremely high level of over Lit 400 billion in 1947,.
of other sectors. In such countries the process of and even including reparation payments under
expansion is now losing impetus, while in Italy liabilities in the succeeding years, the deficit on
the latest available indexes of industrial production goods and services fell to Lit 177 billion in 1948,,
show a more rapid movement than before.
Lit 131 billion in 1949 and about Lit 50 billion in
Foreign trade and balance of payments. In the 1950, notwithstanding the fact that toward the end
trade sector, the progress made by the European of 1950 the higher cost of raw materials was already
countries in comparison with the period just before tending to swell the deficit, and our country, bethe war is about the same as that achieved in in- cause of her scarcity of raw materials, could derive
dustrial production, while progress as compared only slight benefit from the large purchases made
with the low levels immediately following the war by the United States during the second half of
and even with those of the two most recent years, the year, which halved the global European deficit
vis-a-vis the United States in 1950, allowing some
NOTE.—Only a part of the conclusions of the report is
nations, especially the United Kingdom, to rebuild
printed here. Other chapters review international economic
their gold and dollar reserves.
conditions, economic and financial developments in Italy,
National income, wages, and prices. According to*
foreign trade and the balance of payments, and the activities
and organization of the Bank of Italy.
the figures in the report presented to Parliament

952




FEDERAL RESERVE BULLETIN:

ANNUAL REPORT OF THE BANK OF ITALY
by the Minister of the Treasury, national income
rose approximately 9-10 per cent in real terms between 1949 and 1950; this has made possible an
increase of 8-9 per cent in consumption and 14-15
per cent in investment. In spite of the fact that
individual income is small compared with that in
some countries, the investment level remains at
about 20 per cent of gross income; this proportion
compares favorably with corresponding percentages
in richer countries and even shows a continued
tendency to increase. With few exceptions, all of
the large categories of investment developed encouragingly between 1949 and 1950, particularly in
the building industry—which helps so much to
alleviate the serious problem of unemployment—
both in the sector directly or indirectly subsidized
by the State and in that of private initiative.
The large volume of Italian foreign trade, settled
at exchange rates which remained practically constant throughout the year, has communicated to
the Italian market the dominant tendencies of the
world markets. While in the first half of the year
the Italian market benefited from the stability prevailing elsewhere, in the second half it participated
in the general rise in prices and the expansion of
monetary circulation and credit.
In the first six months price variations did not
substantially affect productive equilibria or distribution of income. In fact the increase of some 7-8
per cent in the real-wage level which took place
during that period was the result of limited increases in nominal wages coupled with a slight
decline in the cost of living, and balanced the increase in production. The volume of bank credit
continued to expand, although at a slower rate and
without affecting note circulation. During the six
months loans granted by credit institutions increased
t>v Lit 39 billion; and these institutions, obtaining
Lit 72 billion from the increase in deposits and
other sources of supply and Lit 27 billion from
preconstituted liquid funds, were able to use Lit
38 billion for allocation to the compulsory reserves
and for subscription to Government securities and
to devote Lit 22 billion to the reduction of their
indebtedness to the Banca d'ltalia.
During the second half of the year the price
movement resulting from greater American demand
entailed a large expansion of credit in the United
States and spread to the other markets, setting the
nations the alternative of choosing between trying
to isolate themselves from the world price trend
by revaluing their currency, or accepting it and
adapting their credit policy—although with the
greatest caution—to the increased need for cash on
the part of business.
AUGUST 1951




The seriousness of the risks of currency revaluation, the hope that the higher prices of raw materials might be temporary, and confidence that
Europe would not lack American assistance during
this particular period—all of these factors led every
country but one to choose the less difficult way of
credit expansion. Canada is the one country
which, by allowing a revaluation of her currency,
has tried to check the inflow of foreign flight
capital after using large budget surpluses to counteract its inflationary effect.
Like the others, Italy has taken the less difficult
road, as is evident in the data, which disprove the
claim that there has been a restriction of credit.
Monetary and credit conditions. During the second
half of the year, the credit institutions made new
loans to the amount of Lit 263 billion to the private
sector and only Lit 32 billion to the Treasury.
They met this need for credit through an increase
of Lit 300 billion in deposits, but with a view to
increasing their available liquid resources, they
obtained Lit 52 billion from the Bank of Issue; the
latter allotted a further amount of Lit 64 billion
for loans to specialized agricultural credit institutions and for deposits with nonbanking firms, and
Lit 142 billion for withdrawals from the ERP
counterpart fund. Although the outflow of currency was in part offset by the receipts of the
Italian Exchange Office (Lit 13 billion) and the
Treasury (Lit 64 billion), the statement of the
Banca d'ltalia showed an increase in notes in circulation of Lit 181 billion as against a decrease of
Lit 64 billion during the first half of the year.
The net expansion for the year, Lit 117 billion,
is higher in percentage than that in any of the other
principal countries except France. According to
the statistics of the International Monetary Fund,
which take account of the various forms of legal
monies and deduct cash on hand at the commercial
banks, the increase for the year was 22.2 per cent
in France, 12.2 per cent in Italy, 8.8 per cent in
Germany, and 1.6 per cent in the United Kingdom,
while in the United States there was a decrease of
1.6 per cent.
A rough index of the extent to which such movements are inflationary is furnished by the rise in
wholesale prices. During the first half of the year
the movement was already under way in the United
Kingdom, where prices increased by 6.3 per cent,
and the United States, where they rose 4.2 per cent.
The tendency in Italy, France, and Germany was
still toward stability or slight declines. During the
second half of the year, however, prices in France
and Italy overtook those in the United Kingdom
and the United States, and a noticeable upward
953

ANNUAL REPORT OF THE BANK OF ITALY
movement also occurred in Germany.1 By the end
of last March the increase over June 1950 had
reached 30.2 per cent in France, 23.1 per cent in
Italy, 22.0 per cent in the United Kingdom, and
17.6 per -cent in the United States.
In Italy the price movement has been accompanied by an equally extensive expansion of all
variables: note circulation, bank money and commercial credit. In respect of credit expansion in
particular, the economic trends which set in toward
the middle of the year become especially clear
when one considers the entire period of nine months
from the end of June to the end of March. During this period the increase in loans from the credit
institutions to the private sector was Lit 335 billion.
In addition to the Lit 335 billion in new credits
granted the private sector, the credit institutions
made available to the Treasury and allocated to the
compulsory reserve a total amount of Lit 65 billion; a further Lit 22 billion was added to liquid
funds. To perform the above operations, the institutions obtained Lit 267 billion from the increase
in deposits and on current account, Lit 95 billion
from minor deposit • items (chiefly accounts in
foreign exchange) and Lit 60 billion from the
increase in recourse to the Bank of Issue. During
this nine-month period, therefore, direct recourse
to the Banca d'ltalia alone supplied the banking
system with almost all of the funds needed for the
reserve, while the credit institutions obtained from
the Italian Exchange Office foreign-exchange advances of Lit 12 billion, also financed by the Bank
of Issue. During the corresponding nine months
of 1949-50, operations of the credit institutions with
the Bank of Issue had resulted in a net reduction
of Lit 41 billion in notes in circulation, so that the
difference between the two periods for the Bank
of Issue amounts to over Lit 110 billion.
Credit extended to agriculture, public-utility
services and industrial and commercial enterprises,
taken as a whole, is 77 times larger than before
the war. The industrial firms have also been able
to increase considerably their direct recourse to the
money market, so that during the four-year period
of 1947-50 they obtained from the issue of shares
and bonds a total amount of Lit 470 billion, the
equivalent of 66 times the sum they obtained from
the same sources during the four-year period of
1936-39 (Lit 7.1 billion).
The theory that funds which should go to the
market are being deflected to the Government
ignores certain facts: (1) that the ordinary credit
1
No official wholesale-price index is available for Germany,
but there are an official index of the prices of domestic manufactures (which rose 22.5 per cent between June 1950 and
March 1951) and a raw-materials index (which rose 26.8
per cent).

954




institutions are today making available to the Government a smaller proportion of available funds
than in 1938—a fact amply documented in the
report; (2) a considerable part of the resources
of a large sector of the banks was in 1938 absorbed
by the financing of holdings immobilized in the
portfolio of the Institute for Industrial Reconstruction, while the corresponding item today is far
smaller in real value; (3) in addition to the ordinary
credit institutions, the public-law institutions for medium- and long-term credit have greatly expanded
their operations, especially as a result of Government assistance; (4) the reconstitution of our gold
and dollar reserves, financed by the Bank of Issue,
has strengthened the cordial relations existing between the Italian banking system and foreign systems, especially those of the United States and
England, with the further result of putting at the
disposal of the Italian economy large additional
credits, of which there were very few in 1938.
A policy of aiding the development of credit for
productive purposes meets with an internal limit
in its effects on price trends and indirectly on distribution of income and formation of savings, and
an external limit in its effects on the balance of
payments.
Rise in import prices. The high price of raw
materials implies in substance a transfer of wealth
from industrial countries to those producing raw
materials, through the larger volume of exports
which must be made today to finance a given
volume of imports or in the future to replenish
foreign-exchange reserves which by then will have
been utilized. Unfortunately, Italy cannot hope
that the burden will be eased for her as it will be
for certain other countries which can sell at high
prices on protected markets or accumulate credits
in their metropolitan currencies in favor of affiliated
territories. On the contrary, the large deficit in
the sector of raw and semimanufactured materials
means a heavier burden for Italy than that which
presumably will be felt by most other European
countries; comparing average 1950 prices and current prices, this burden may be reckoned at about
30 per cent of the total value of Italian imports, as
against an average of 25 per cent for the other
European countries.
Furthermore, insofar as high prices are held in
check by the activity of international agencies for
control and allocation, the condition of the economies will reflect the loss of flexibility of their productive structures inherent in the operation of such
mechanisms. And this will happen in a period of
shifting to defense purposes in which productive
efficiency already shows a transitory tendency to
decline.
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK OF ITALY
There may appear at first glance to be a certain
lack of proportion between the primary fact of the
increase in the cost of raw materials in terms of
industrial export products and the consequences
which have been anticipated. Even a considerable
deterioration in the Italian terms of trade—such
as it is estimated may appear between 1950 and
1951 as a result of a 30 per cent increase in average
unit cost of imports and a 10 per cent increase in
average unit proceeds of exports—when applied
to imports worth Lit 900-1,000 billion, entails a
burden, in terms of the additional goods and services which the country would have to furnish abroad
to cover the additional cost of imports, of something like Lit 200 billion.
This is a very considerable burden in terms of
the problem of equilibrium of the balance of payments but amounts to a fairly small fraction of
the national income, so that if it could be distributed over the entire economy without being
magnified by monetary factors it would determine
a limited increase in the cost of living—certainly
not one large enough seriously to jeopardize the
capacity to save. As the actual increase in national
income amounts to some hundreds of billions of
lire a year, the loss incurred in favor of foreign
countries would bring the income curve back to
where it was no more than a year ago, when its
level was high enough to allow of ample savings,
after which, barring the action of other exceptional
influences, the income curve, retarded by a year
or less, would resume its normal rate of development, as would the savings curve.
To the extent that available raw materials are
absorbed by the formation of inventory or by military production, manufacturers of civilian goods
will have difficulty in obtaining their usual quantities of supplies. That is, they will not have enough
working capital, either as their own funds or as
credit, to buy a constant volume of raw materials
at higher prices and meet other operating expenses
as well. They will blame insufficient credit for
the consequent reduction in turnover, but it will
actually be due to a shortage of real resources.
It is true that for the world as a whole the proportion of real resources absorbed by defense production and the formation of stocks of strategic supplies is not yet high; yet all the countries are feeling the influence of the wave of buying and stockpiling already under way. An attempt to escape
the effects of the shortage of real resources by
expanding credit would result in an increase in
inflationary pressures for anyone trying it.
Consequences for monetary policy. The trend of
prices and the position of the balance of payments
afford the monetary authorities two essential eleAUGUST 1951




ments of guidance for ascertaining the limit within
which to meet this need for credit expansion.
In this first phase of renewed inflation, Italian
policy has set itself the limited goal of preventing
the tendencies prevailing abroad from having pronounced effects on the domestic market. Currency
revaluation aimed to neutralize such effects, although under serious consideration in some countries, appears, for Italy, to be too risky a measure.
The expansion of credit to private business from
the central bank and the commercial banks and
expenditures from the ERP counterpart fund have
added to the money supply, even though there has
been a net loss of foreign exchange, by offsetting
its deflationary effect. This was done because it
was considered that a policy of substantial purchasing would benefit the economy and that, when the
initial strain had been overcome, the balance of payments would regain a tendency toward equilibrium
through more normal price ratios or a system of
increased reciprocal aid.
The existence of reserves formed between the
end of 1947 and June 1950 has made it possible
to avoid drastic domestic measures or severe limitations on the policy of liberalization of trade with
which our country has associated itself.
We should, however, have no illusions that it
would be possible to introduce and maintain an
easy credit policy without gravely endangering our
balance of payments within a very short time. The
return to the market, through the credit channel,
of the national currency paid by importers to the
Exchange Office would push domestic demand high
enough to absorb production for export as well, so
that the economy would no longer need to obtain
national currency through the surrender to the
Exchange Office of export proceeds in foreign exchange, and the principal incentive to export would
disappear. In short, the basic monetary mechanism
would cease to operate by means of which, under
a system of inconvertible currency as well as under
the gold standard, imports create exports and vice
versa. The process would create only imports and
would ultimately require a series of foreign-trade
restrictions which would not only upset our productive structure but would cause such serious
frictions and be so hard to apply that they would
lead to economic disorder and therefore to a serious
drop in income.
Monetary policy must contribute to the best of
its ability to prevent such repercussions on the balance of payments. This is especially true in a
country like ours which wishes to conform with
dignity to the general tendency of the other ERP
countries to limit their requests for aid, but which
needs and will continue to need such aid to meet

955

ANNUAL REPORT OF THE BANK OF ITALY
her deficit; for although the deficit has been contracting, it is undoubtedly expanding again under
present circumstances. Pledged to combat serious
structural problems, we, more than others, face the
necessity of lengthening the duration of foreign aid,
by showing through a severe policy that we are
making the most economical use of it.
Finally, consideration must be given to the fact
that while the flow of savings shows a tendency
to shrink, an analysis of actual and estimated figures
now shows that, after three years of continued
improvement, the Government budget deficit is
tending to expand, so that it is becoming harder
for the Treasury to cover this deficit by direct
recourse to the market.
Credit policy thus faces a more difficult task of
directing financial resources toward the essential
needs of the Treasury and the private sector than
it has been called upon to perform in the last few
years.
On the technical level, the task is facilitated by
the fact that the Italian banking system has already
reached the limit of its capacity; in contrast to the
situation of 1946-47 in Italy and that still prevailing
in many foreign countries, mainly the United States
and the United Kingdom, it does not have sizable
margins, in the form of free deposits with the
central bank and the Treasury and of short-term
Government securities, on the basis of which to
provide for an autonomous expansion of credit.
In Italy loans from the credit institutions to the
private sector absorb 68 per cent of their assets,
the compulsory reserves 16 per cent and the Government securities (largely committed for the guarantee of advances, the issue of circular checks, etc.)
only 15 per cent. In the United States 50 per cent
and in the United Kingdom 60 per cent of the
assets of the credit institutions are invested in Government securities.
The problem lies in deciding whether the quantitative and qualitative controls already in effect
could be usefully supplemented by further qualitative restrictions. In this respect the current Italian
policy differs less than it may appear from that of
the other countries, inasmuch as both place more
reliance on quantitative measures than on qualitatives ones.
Selective control of the destination of available
funds under the conditions foreseen for the near
future must reconcile the need for protecting equilibrium of the balance of payments with that for
maintaining domestic economic development. Thus

956




exports must be encouraged as well as activities
which, even though not highly productive of income, make it possible to give work to the unemployed in the poorest sections of the country without requiring any considerable amount of imported
raw materials, especially those in short supply.
Recent experience in all countries has shown,
however, that we should not expect too much either
of a very strict qualitative credit control of the
type which France introduced at one time but soon
abandoned, or of quantitative controls, which in
the long run do not check the action of the inflationary virus once it has entered the circulatory
system of the economy.
The return by all countries to the use of the
instruments of the interest rate and limitation of
the total volume of credit, and the concern shown
over the reappearance of moderate budget deficits
in countries like England and the United States
which had surpluses until 1950, show the importance everywhere attached, in the fight against
inflation, to the use of fiscal methods and firm
credit control, although no one harbors the illusion
that credit can magically accomplish, without difficulties, the necessary process of adaptation.
Conclusion. The encouraging increase in Italian
national income during the last few years and its
still continuing upward tendency give hope that
it will be possible, with a slight slackening in the
rate of progress, to deal successfully with those
shortages and restrictions which become inevitable
when certain bottlenecks appear and a country faces
the shifting of part of its resources to purposes not
directly productive. If no errors are made to block
the natural process of converting higher income
into new sources of production, Italy may not have
to interrupt the upward course followed in recent
years at such a promising rate of progress.
The fundamental necessity of directing all our
efforts toward this goal requires an even closer
watch over the critical points which determine the
functioning of the economy.
Within the broader framework of a general economic policy capable of assuring basic equilibrium
between production and consumption and a fair
distribution of available income, the monetary and
the banking system, working at a point which is
perhaps the most sensitive and delicate in the
entire complex, will have done their task well if
they succeed in preventing those distortions and
disequilibria which could finally jeopardize the
improvement for which we hope.

FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
Administrative interpretation of banking laws, new regulations issued by the
Board of Governors, and other similar material

Legislation
Extension of Defense Production Act

By act of Congress approved July 31, 1951 (Public Law 96—82d Congress) the Defense Production Act of 1950, published in the 1950 Federal
Reserve BULLETIN beginning on p. 1158, which,
among other things, contains authority for the
guarantee of defense production loans, the control
of consumer credit, and the regulation of real
estate credit, and which would have expired
July 31, 1951, was amended in many respects and
extended until July 1, 1952.
With regard to the provisions relating to credit
control, section 601 of the 1950 Act was amended
by adding the following paragraph at the end
thereof:
In the exercise of its authority under this
section, the Board shall not (1) require a down
payment of more than one-third or fix a maximum maturity of less than eighteen months in
connection with instalment credit extended for
the purchase of a new or used automobile, or
(2) require a down payment of more than 15
per centum or fix a maximum maturity of less
than eighteen months in connection with instalment credit extended for the purchase of
any household appliance (including phonographs and radios and television sets), or (3)
require a down payment of more than 15 per
centum or fix a maximum maturity of less than
eighteen months in connection with instalment
credit extended for the purchase of household
furniture and floor coverings (the down payments required by the Board in the exercise of
its authority under paragraphs (1), (2), and
(3) may be made in cash, or by trade-in or exchange of property, or by a combination of cash
and trade-in or exchange of property), or (4)
require a down payment of more than 10 per
centum or fix a maximum maturity of less
than thirty-six months in connection with instalment credit extended for residential repairs,
AUGUST 1951




alterations, or improvements or require any down
payment on roofing or siding repairs, alterations or improvements in advance of completion
thereof.
Section 603 of the Act was amended to read as
follows:
Sec. 603. Any person who willfully violates
any provision of section 601, 602, or 605 or any
regulation or order issued thereunder, upon conviction thereof, shall be fined not more than
$5,000 or imprisoned not more than one year,
or both.
Section 605 of the Act was amended by adding the
following sentences at the end thereof:
Subject to the provision of this section with rerespect to preserving the relative credit preferences accorded to veterans under existing
law, the President may require lenders or borrowers and their successors and assigns to
comply with reasonable conditions and requirements, in addition to those provided by other
laws, in connection with any loan of a type
which has been the subject of action by the
President under this section. Such conditions
and requirements may vary for classifications of
persons or transactions as the President may
prescribe, and failure to comply therewith shall
constitute a violation of this section.
In addition, certain amendments were made to
the Housing and Rent Act of 1947, one of which
amends section 204 of that Act so as to authorize
the President to establish rent controls in critical
defense housing areas, and adds the following subsection providing for the relaxation of real estate
construction credit controls in such areas:
(m) Whenever an area has been certified
under subsection (1) to be a critical defense
housing area, real-estate construction credit controls imposed under title VI of the Defense
Production Act of 1950 shall be relaxed to the
extent necessary to encourage construction of

957

LAW DEPARTMENT
housing for defense workers and military personnel: Provided, That the certification, pursuant to subsection (1), that an area is a critical
defense housing area shall not be effective in
such area for any of the purposes of this section
until such real-estate construction credit controls
have been relaxed as provided in this subsection
to the extent necessary in the determination of
the President. The fact that any area has been
certified as a critical defense housing area under
subsection (1) shall not make such area ineligible for the location of additional defense
plants, facilities, or installations, or as a source
of additional military procurement of any sort.
Consumer Credit
Court Proceedings
A criminal information was filed on July 26,
1951, in the United States District Court in New
York City charging Personal Finance Company of
New York with 1,018 violations of Regulation W.
This is the first criminal case instituted in connection with Regulation W under the Defense Production Act of 1950.
Amendment to Regulation W
The Board of Governors of the Federal Reserve
System, in accordance with the Defense Production
Act Amendments of 1951, issued Amendment
No. 4 to Regulation W, relating to consumer credit,
effective July 31, 1951. The amendment lengthens
the maximum maturity applicable to instalment
credit for automobiles, household appliances, radio
and television sets, and furniture from 15 to 18
months, and for home repair and improvements
from 30 to 36 months. Longer maximum maturities
are also provided for consumer instalment loans for
other purposes.
In accordance with the new legislation, down
payment requirements for household appliances and
for radio and television sets have been reduced from
25 per cent to 15 per cent. The down payments
required by the regulation may be made in cash,
trade-in, or a combination of trade-in and cash.
The 10 per cent down payment required for home
repair and improvements now need not be obtained
prior to completion of the work.
The following table summarizes the revised terms
of the regulation:

958




Type of instalment Credit
Automobiles
Household appliances, radio,
and television sets
Furniture
Residential repairs and improvements
Unclassified instalment loans

Required
Down Maximum
Payment Maturity
3 3 ^ % 18 months
15%
15%

18 months
18 months

10%

36 months
18 months

In addition, the Board exempted from the provisions of Regulation W any instalment credit required for the installation of sewerage and other
related facilities, including plumbing and plumbing fixtures, where the householder is required to
make such installation by local State or Federal
Health and sanitary regulations.
The text of the amendment is as follows:
AMENDMENT NO. 4 TO REGULATION W
Issued by the Board of Governors of the Federal Reserve
System

Regulation W is hereby amended in the following respects, effective July 31, 1951:
(1) By inserting in section 1 following "Defense
Production Act of 1950," the language "as
amended,".
(2) By amending subsection(c) of section 3 to
read as follows:
Time of Down Payment.—The down payment
shall be obtained at or before the time of delivery
of the listed article; except that in the case of an
article listed in Group D, neither this section 3(<r),
section 6(£), nor section 6(/) shall be deemed to
require compliance in advance of completion of
the agreed upon repairs, alterations, or improvements.
(3) By inserting in the first sentence of subsection {b) of section 3 the word "and" before the
figure "(2))" by changing the comma after the
word "month" at the end of clause (2) to a period,
and by deleting the remainder of such sentence.
(4) By inserting in the first sentence of subsection (c) of section 4 the word "and" before the
figure "(2)," by changing the comma after the
word "month" at the end of clause (2) to a period,
and by deleting the remainder of such sentence.
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
(5) By deleting the last sentence of paragraph
(2) of subsection {a) of section 5.
(6) By deleting the last sentence of the first paragraph of subsection (b) of section 5.
(7) By amending item (3) in subsection (c) of
section 6 to read as follows:
"(3) The amount of the purchaser's down payment (i) in cash and (ii) in property accepted
as trade-in, together with a brief description
identifying such property and stating the
monetary value assigned thereto in good
faith;".
(8) By amending the last two sentences of subsection (c) of section 6 to read as follows:
The record need not include a description of
the article if it is purchased by means of a
coupon boo\ or similar medium of instalment
credit upon which there has been made a down
payment at least as great as the down payment
required by this regulation on the article sold
by the Registrant. The record need not include
the information called for by items (2) and (4)
if the Registrant is one who, with respect to the
article, customarily quotes to the public a time
price only which includes the finance or other
charges, if any, provided he sets forth such time
price in such record, and provided he obtains a
down payment which is at least as large as would
be required if the percentage specified for the
article in the Supplement were applicable to the
time price.

to health and sanitation, where the Registrant
accepts in good faith a written statement signed
by the obligor certifying that such credit is for
the above purpose.
(11) By changing "25 per cent" and "75 per
cent" in Part 1, Group B of the Supplement to
read, respectively, "15 per cent" and "85 per cent"
(12) By changing the maximum maturity stated
in Part 2 of the Supplement for articles listed in
Group A, Group B, Croup C and for Unclassified
Instalment Loans, respectively, from "15 months"
to "18 months," and for articles listed in Group D
from "30 months" to "36 months."
(13) By changing the figure "18" to "21" in
Part 3 of the Supplement.
(14) By deleting from the last sentence in the
first paragraph of Part 4 of the Supplement the
language "in the case of an automobile."
(15) by amending the first paragraph of Part 5
of the Supplement to read as follows:
Part 5. Calculation of Down Payments for Articles in Groups B, C, and D.—In the case of any
article listed in Group B, Group C, or Group D,
the required down payment and the maximum
loan value shall be the specified percentage of
the cash price of the article. Such required down
payment may be obtained in the form of cash,
trade-in, or both.
Real Estate Credit

Dining Cars as Nonresidential Structures
(9) By amending subsection (;) of section 6 to
read as follows:
The question has been raised whether Regula(;") Trade-in.—Any property which the seller tion X applies to extensions of credit in connection
of a listed article buys or receives in exchange, with sales of what are commonly known as "dining
or arranges to have bought or so received, from cars" to be used as restaurants.
the purchaser at or about the time of the purchase
It is the view of the Board of Governors of the
of the listed article shall be regarded as a trade-in Federal Reserve System that when a "dining car"
for the purposes of this regulation.
is placed on a foundation constructed on real
property, and the utility connections necessary for
(10) By adding at the end of section 7 a new
its operation as a restaurant are installed, it becomes
subsection (m) reading as follows:
a "nonresidential structure" within the meaning of
(m) Credit for Sewerage Installations. — Any section 2(r) or Regulation X; accordingly, in such
credit for the purpose of financing the installa- cases, an extension of credit in connection with the
tion of sewerage and necessary related facilities sale of the dining car is subject to Regulation X.
(including plumbing and plumbing fixtures),
Unavoidable Delay in Credit Extension
required in order to comply with a statute,
ordinance, or regulation of the United States,
Section 5(^) of Regulation X provides that the
a State or political subdivision thereof, pertaining regulation does not apply to real estate construction
AUGUST 1951




959

LAW DEPARTMENT
credit extended prior to 32 days after certain new
construction is completed. Credit extended after
the 32-day period is exempt, however, in cases
where the extension of credit is necessarily delayed
by title difficulties, pending litigation with respect
to the property, or comparable circumstances.
Casualty Exemption for Tenants
In answer to an inquiry concerning section 5(e)
of Regulation X, with respect to exemptions to
real estate construction credit due to casualties, it
is the opinion of the Board of Governors of the
Federal Reserve System that the applicability of
the exemption extends to tenants as well as owners
of structures destroyed or substantially damaged by
flood, fire, or other similar casualties.
Loans to Affiliates
Purchase of Affiliate's Note
The Board of Governors of the Federal Reserve
System has been requested to consider the question
whether the purchase by a member bank of the
note of an affiliated corporation amounts to a loan
or extension of credit to the affiliate within the
meaning of section 23A of the Federal Reserve Act.
It is stated that the affiliate borrowed from another
bank giving as security therefor a deed of trust on

960




the building occupied by the member bank, and
that, subsequently, the member bank purchased
the note.
Ordinarily the purchase of negotiable paper in the
open market does not amount to a loan or extension
of credit to the original borrower. However, the
facts and circumstances of a particular case would
alter this conclusion. One of the purposes of
section 23A was to limit loans or extensions of
credit to affiliates of member banks, and this purpose could be easily defeated by a purely technical
interpretation of the statute. Thus, an affiliate
could arrange for credit from a third party with a
side agreement, written or oral, that the member
bank would purchase the affiliate's note. Because
of the ease with which the statute could be evaded,
and the difficulty of distinguishing the cases, the
Board believes it advisable to class all purchases by
member banks of notes of their affiliates as loans
or extensions of credit to affiliated organizations.
With respect to a deed of trust as security for
such loans and extensions of credit, the ruling contained in the 1933 Federal Reserve BULLETIN, at
page 566, to the effect that real estate mortgages
ordinarily do not meet the "market value" test
prescribed by section 23A for "stocks, bonds, debentures, or other such obligations," is equally
applicable to a deed of trust.

FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Changes in Board's Staff

Mr. Clarke L. Fauver, formerly an Assistant in
the Division of Selective Credit Regulation, was
appointed as an Assistant Director of that Division
effective July 20, 1951. Mr. Fauver became associated with the Board of Governors in December
1947, as an Economist in the Division of Research
and Statistics and subsequently served as Administrative Assistant to the Chairman.
Mr. E. A. Heath, Assistant Cashier and Assistant
Secretary of the Federal Reserve Bank of Chicago,
who had been serving on a temporary assignment
as Acting Assistant Director of the Division of
Selective Credit Regulation, has returned to the
Reserve Bank.
Appointment of Class C Director
On August 7, 1951, the Board of Governors announced the appointment of Mr. William }. Meinel,
Chairman and President, Heintz Manufacturing
Company, Philadelphia, Pennsylvania, as a Class C
director of the Federal Reserve Bank of Philadelphia for the unexpired portion of the three-year
term ending December 31, 1951. He succeeded
Mr. Philip T. Sharpies, Chairman, The Sharpies
Corporation, Philadelphia, Pennsylvania, who resigned.
Mr. Meinel had been serving as a Class B director
of the Federal Reserve Bank of Philadelphia since
January 1, 1947.

AUGUST 1951




Deposit Data by Counties and Metropolitan Areas

The pamphlet giving the distribution of bank
deposits by counties, last published by the Board of
Governors as of June 30, 1949, has been expanded
to include a tabulation of the deposits in the 168
standard metropolitan areas in continental United
States as defined by the Bureau of the Census. Data
for total deposits and demand and time deposits of
individuals, partnerships, and corporations are given
as of December 30, 1950. The pamphlet, entitled
Distribution of Ban\ Deposits by Counties and
Standard Metropolitan Areas, may be obtained upon
request from the Board's Division of Administrative
Services, Washington 25, D. C.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period May 16, 1951 to July 15, 1951:
New Yor\
Broadalbin—The Broadalbin Bank
Texas
Sunray—Sunray State Bank

961

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 27 and released for publication July 30]

Industrial production in June was at about the
same level as during the first five months of this
year, but a somewhat more than seasonal decline is
indicated in July. Prices of raw materials have
decreased further in the first three weeks of July
owing in part to prospects of near record crops.
Consumer buying of automobiles and department
store goods has been maintained, however, for this
season of the year. The rate of Federal defense
expenditures has continued to rise considerably.

A slight decline in nondurable goods production
reflected largely a further easing in demand for
textile and paper products. By June, output of
these and some other nondurable goods was only
moderately below earlier peak rates but larger than
seasonal declines are indicated in July.
Output at mines was at a record level in June,
reflecting an increase in coal in anticipation of the
vacation period for miners in July, and a slight
further expansion in crude petroleum.

INDUSTRIAL PRODUCTION

CONSTRUCTION

The Board's index of output at factories and
mines in June was 222 per cent of the 1935-39 average, and 12 per cent greater than a year ago. Preliminary indications are that the index may decline
to around 215 in July owing mainly to vacation
shutdowns in nondurable goods industries, which
are not currently allowed for in the index, and a
further restricted volume of auto assemblies.
Total durable goods output was maintained in
June as further increases in industrial and military
equipment offset additional curtailments in output
of furniture and other household goods. Although
increasing only moderately in recent months, machinery output has risen more than 25 per cent in
the past year. Output of aircraft and ordnance has
practically doubled since last June. Reflecting capacity limitations, production of basic metals has
changed little in recent months.

Construction contract awards, which rose to an
unprecedented total in May as a result chiefly of
almost 1 billion dollars of publicly financed Atomic
Energy awards, declined in June to about the April
total. Private awards also fell ofif following a
marked rise in May. Private housing starts in June
remained substantially below last year's high level,
but because of an exceptionally large volume of
publicly financed units started, the total was only
moderately below a year ago.

INDUSTRIAL

EMPLOYMENT

Employment in nonagricultural establishments in
June, after adjustment for seasonal variation, was
maintained at the record May level. The workweek in manufacturing industries continued to
average close to 41 hours; average hourly earnings
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS

PRODUCTION

-LIONS OF PERSONS

SEASONALLY

ADJUSTED

MILLIONS OF PERSONS

48

JNALLY ADJUSTED, 1935 - .

/

r

.TOTAL

46
TOTA
44

P

V

r

1
DURABLE

MA

140
220

-/
±2 —

\

ES

/

wV
/

W

NONDURABLE
MANUFACTURES

y

42

r

40

•

)E

ft

RE 1
NN
MT

6

—
FINANCE AND SERVI

4
CON

2

,<™

—

/

FINING

STRUCTION

0

100

1947
1947 1948

1949

1950

1951

1947 1948

1949

1950 1951

Federal Reserve indexes. Monthly figures, latest shown are
for June.

962




1948

1949

1950

1951

1947

1948

1949

1950

1951

Bureau of Labor Statistics' data adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants
are not included. Midmonth figures, latest shown are for June.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
advanced further by about 2 cents to $1.60 per hour.
Unemployment this June was at the lowest level
for any June since 1945.
AGRICULTURE

Crop production, based on July 1 conditions, was
officially forecast to be close to the 1948 record and
7 per cent above last year. Cotton acreage was
indicated to be three-fifths greater, and somewhat
larger hay and grain crops were forecast. Milk and
egg production in June was at last year's level.
Marketings of meat animals, however, in June and
the first three weeks of July have fallen about
5 per cent below year-ago levels.
DISTRIBUTION

The seasonally adjusted total value of retail
sales has continued to show little change from the
reduced level reached in April. Durable goods sales
were somewhat lower in June owing largely to a
further decline in sales of building materials and
hardware. Department store sales showed somewhat less than the usual seasonal decline from June
to the first three weeks in July. Value of department store stocks declined moderately further in
June, but wras still about 30 per cent above a year
ago.
COMMODITY PRICES

The general level of wholesale commodity prices
has declined since mid-June, to a level about 3 per
cent below the high reached in mid-March. As
during earlier months, the recent decline has reflected chiefly decreases in prices of industrial materials. Spot cotton prices, which had held at ceiling
levels until July 3, dropped rapidly following the
release on July 9 of the Government acreage report,

which indicated a crop even larger than had been
anticipated earlier. Wholesale prices of most
finished goods have been maintained, although
reductions have recently become more numerous
reflecting reduced inventory demands and further
declines in prices of some materials.
Consumer prices eased slightly in June but the
index was 9 per cent above June 1950. Only rents
increased slightly further.
BANK CREDIT AND THE MONEY SUPPLY

Business loans outstanding at banks in leading
cities increased in June but declined somewhat in
the first half of July. Loans for defense-supporting
activities, including principally loans to metal manufacturers and public utilities, expanded further,
while loans to processors of agricultural commodities were reduced further.
Deposits and currency held by businesses and individuals increased somewhat during June but
showed little further change in early July. In June,
the rate of use of demand deposits at banks in leading cities outside New York, on a seasonally adjusted basis, remained at the high May level.
Average interest rates charged by commercial
banks on short-term business loans rose slightly
further from March to June in all areas of the
country.
MONEY MARKETS

Yields on Government securities generally declined slightly in the first three weeks of July. The
Treasury increased the bill offering by 200 million
dollars each week. On July 12 the Secretary of the
Treasury announced the offering of an 11-month
\% per cent certificate of indebtedness to holders
of the Treasury notes maturing August 1.

WHOLESALE COMMODITY PRICES

MEMBER BANKS IN LEADING CITIES

a.

1944

Bureau of Labor Statistics' indexes.
shown are for week ending July 24.
AUGUST

bUV

I

:POSITS

80 L

1951




Weekly figures, latest

|945

1946

1947

1948

1949

«

IA

fyi

1950
* CHANGE

1951
IN

SERIES.

Wednesday figures, latest shown are for July 25.

963

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
Federal Reserve Bank statistics.
Guaranteed Regulation V loans.
Deposits and reserves of member banks.
Money in circulation.

967-968

Bank debits and deposit turnover; Postal Savings System
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
Number of banking offices on Federal Reserve par list and not on par list
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..
Cost of living..
Wholesale prices
Gross national product, national income, and personal income.
Consumer credit statistics
Current statistics for Federal Reserve chart book.
July crop report, by Federal Reserve districts.
Member bank operating ratios, 1950.

977
978
979-981
982-983
984-987
988
989
990
991-992
992-994
995-997
998
999-1008
1009-1012
1012
1013
1014-1015
1016-1018
1019-1023
1024
1025-1027

968-969
970-974
974
975
976-977

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 arc 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 arc 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.

AUGUST

1951




965

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES

BILLIONS OF DOLLARS

w^/K^f/v^yA/^^v
1942

1943

1944

!945

1946

1947

1948

1949

1950

1951

1948

1949

1950

1951

TOTAL RESERVE BANK HOLDINGS
OF U S. GOVERNMENT SECURITIES

10

1942

1943

1944

1945

1946

1947

Wednesday figures latest shown are for July 25.

966




See page 967.

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
All
Bills, other1 Total
certifiBonds cates,
and
notes

TreasTreasury deury
Money Treas- posits Noncurury
with memrency in cir- cash Federal ber deculaoutholdposits
tion
Restandings
serve
Banks

Member bank
reserve balances
Other
Federal
Reserve
acTotal
counts

Required2

Ex-

Wednesday
figures:
1950—June 7.
June 14.
June 21.
June 28.

94
79
74
69

17,672
17,693
17,679
18,217

5,726
5,681
5,650
5,644

11,946
12,012
12,029
12,573

377
498
508
281

18,143
18,270
'
18,261
18,567

24,232
24,232
24,231
24,230

4,605
4,604
4,604
4,608

27,079
26,993
26,926
27,026

,309
,304
,294
,306

472
319
529
866

1,321
1,447
1,395
1,441

733
735
784
778

16,067
16,309
16,169
15,988

15,350
15,433
15,522
15,462

717
876
647
526

July 5.
July 12.
July 19.
July 26.

83
65
199
350

18,586
18,294
17,869
17,964

5,555
5,411
5,286
4,997

13,031
12,883
12,583
12,967

281
399
407
322

18,950 24,231
18,757 24,207
18,475 24,207
18,636 24,157

4,607
4,606
4,606
4,605

27,315
27,169
27,029
26,915

302
,309
,310
,315

645
383
525
504

1,470
1,457
1,462
1,439

802
804
804
809

16,254 15,463
16,448 15,544
16,157 15,527
16,415 15,585

791
904
630
830

Aug.
Aug.
Aug.
Aug.
Aug.

2.
9.
16.
23.
30.

301
263
106
115
107

18,143
18,349
18,334
18,577
18,584

4,860
4,791
4,691
5,440
6,551

13,283
13,558
13,643
13,137
12,033

318
292
449
191
288

18,762 24,136
18,904 24,035
18,889 23,954
18,883 23,803
18,979 23,752

4,609
4,608
4,608
4,609
4,611

27,000
27,015
26,976
26,963
27,042

,304
,309
,309
,308
,308

564
667
717
562
676

1,487
1,431
1,392
1,272
1,304

757
759
759
748
728

16,395
16,366
16,298
16,442
16,285

15,553
15,535
15,613
15,686
15,767

842
831
685
756
518

Sept.
Sept.
Sept.
Sept.

6.
13.
20.
27.

99
71
51
120

18,942 7,284 11,658
19,064 8,233 10,831
18,526 3,731 14,795
19,353 3,773 15,580

396
529
591
601

19,438 23,577
19,665 23,576
19,169 23,525
20,075 23,474

4,613
4,613
4,613
4,614

27,259
27,151
27,081
27,060

,311
,305
,301
,307

511
648
654
1,144

1,220
1,182
1,204
1,190

716
703
768
762

16,611
16,865
16,299
16,699

15,747
15,934
15,946
15,837

864
931
353
862

Oct.
Oct.
Oct.
Oct.

4.
11.
18.
25.

Nov.
Nov.
Nov.
Nov.
Nov.

1.
8.
15.
22.
29.

111
291
71
247
240

Dec.
Dec.
Dec.
Dec.

45 19,375 3,824
68 19,507 3,923
39 19,506 3,979
50 19,229 4,058

15,551
15,584
15,527
15,171

552
470
881
473

19,972 23,482
20,044 23,432
20,426 23,291
19,753 23,290

4,617
4,618
4,617
4,618

27,188
27,339
27,228
27,121

,308
,316
,313
,300

848
508
449
420

1,288
1,332
1,292
1,367

813
810
807
805

16,626
16,789
17,245
16,649

15,848
778
15,829
960
15,995 1,250
15.962
687

19,291
19,311
19,425
19,296
19,569

4,198
4,271
4,281
4,268
4,346

15,093
15,040
15,144
15,028
15,223

458
251
675
619
692

19,860 23,249
19,853 23,198
20,171 23,148
20,162 23,097
20,501 23,037

4,622
4,622
4,621
4,622
4,626

27,219
27,388
27,296
27,450
27,543

,304
,292
,304
,281
,298

452
298
341
541
564

1,335
1,324
1,199
1,242
1,218

748
748
745
745
742

16,674
16,625
17,054
16,622
16,799

15,947
727
15,906
719
16,044 1,010
16,084
538
16,120
679

6.
13.
20.
27.

110 20,239
69 20,529
54 20,227
301 20,337

4,571
4,820
4,533
4,589

15,668 573 20,922 22,976
15,709 746 21,344 22,926
15,694 1,583 21,864 22,796
15,748 1,081 21,720 22,795

4,628
4,628
4,630
4,631

27,698
27,759
27,929
27,916

,294
,294
,291
,295

540
451
685
786

1,220
1,213
1,208
1,215

725
716
760
760

17,049
17,465
17,416
17,174

16,100
949
16,365 1,100
16,550
866
16,415
759

1951—Jan.
Jan.
Jan.
Jan.
Jan.

3.
10.
17.
24.
31.

28 20,571
73 20,461
101 20,798
273 20,545
798 21,484

4,624
4,674
4,747
4,747
4,965

15,947 1,281 21, 879 22,706
15,787 700 21,235 22,546
16,051 1,024 21,923 22,494
15,798 790 21,608 22,443
16,519 769 23,051 22,392

4,634
4,635
4,635
4,635
4,638

27,685
27,415
27,200
27,028
27,048

,299
,308
,303
,303
,297

546
273
105
256
807

1,250
1,173
1,113
1,095
1,206

747
745
743
743
737

17,691
17,502
18,587
18,260
18,984

16,500 1,191
16,391 1,111
17,618
969
17,610
650
18,047
937

Feb.
Feb.
Feb.
Feb.

7.
14.
21.
28.

643 21,641
294 21,808
196 21,854
397 21,881

5,080
5,202
5,320
5,393

16,561 976 23,260 22 ,341
16,606 1,229 23,330 22 ,260
16,534 1,233 23,
,283 22 ,207
16,488 909 23,188 22,086

4,638
4,637
4,637
4,640

27,125
27,159
27,164
27,188

,307
,292
,277
,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

Mar.
Mar.
Mar.
Mar.

7.
14.
21.
28.

207 22,179
22,426
151 22,348
471 22,606

5,592
5,859
5,891
6,032

16,587 840 23,226 21,951
16,567 1,093 23,652 21,900
16,457 1,109 23,607 21,856
16,574 775 23,852 21,855

4,639
4,639
4,638
4,637

27,219
27,167
27,121
27,038

,308
,283
1,295
1,299

495
420
608
1,052

1,065
1,102
1,042
1,197

724
721
734
736

19,004
19,498
19,301
19,023

18,288
716
18,456 1,042
18,724
577
18,535
488

Apr.
Apr.
Apr.
Apr.

4.
11.
18.
25.

126 22,914
92 23,086
114 23,086
149 22,940

6,288
6,498
6,544
6,570

16,626 773 23,813 21,806
16,588 717 23,895 21,806
16,542 1,034 24,
,807
16,370 700 23, 789 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

,213
711
,190
411
184
621
678 1,212

753
753
752
753

19,141
19,533
19,674
19,176

18,495
646
18,546
987
18,558 1,116
18,482
694

May 2.
May 9.
May 16.
May 23.
May 30.

264 22,716
422 22,544
542 22 ,397
226 22,413
540 22,293

6,570
6,618
6,644
6,713
6,719

16,146
15,926
15,753
15,700
15,574

23,724 21,755
23,706 21,755
23.913 21,755
23,411 21,755
23,396 21,755

4,643
4,643
4,643
4,642
4,642

27,255
27,315
27,287
27,251
27,461

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
18,833
19,072
18,606
18,508

18,486
18,270
18,306
18,315
18,202

June 6.
June 13.
June 20.
June 27.

128 22,653
179 22,758
165 22,806
220 22,843

6,869
6,936
6,736
6,809

15,784 765 23,546 21,756
15,822 846 23,783 21,756
16,070 1,178 24,150 21,755
16,034 852 23,916 21,755

4,644
4,647
4,648
4,650

27,520
27,499
27,479
27,601

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
863
18,417 1,070
18,642
840
18,564
538

July 3.
July 11.
Tuly 18.
July 25.

181 22,977
23,092
300 23,081
78 23,057

6,822
5,822
5,822
5,822

16,155 812 23,970 21,756
17,270 938 24,267 21,757
17,259 1,223 24,605 ,758
17,235 928 24,063 21,759

4,654
4,656
4,656
4,658

27,948
27,893
27,781
27,706

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

744
740
974
772
564

18,556
18,459
P18.430
P18.430

826
741
577
700

456
563
766
291
306

633
905

v Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
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.

1
2

AUGUST

1951




967

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding

Oate or period

End of period:
1929—June 2 9 . . .
1933—June 3 0 . . .
1939—Dec. 3 0 . . .
1941—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Dec.
1950—July
Aug.
Sept

Oct.
Nov
Dec
1951—Jan
Feb.
Mar
Apr

May
Tune
July
Averages of
dally figures:
1950— May
June
July
1951—May
June
July

4,037
4,031
17,644
22,737
20.065
20,529
21,266
22,754
23,532
24,244
24,466
24,427

2,019
2,286
2,963
3,247
4,339
4,562
4,552
4,562
4,565
4,589
4,597
4,598

U. S. Government
securities
Discounts
All 1 Total
Bills,
and
certifi- other
advances Total Bonds cates,
and
notes

2,409
d
2,215
2,287
2,272
1,314
1,336
1,327
1,325
L.307
1,312

4,888
6,768
3,793
4,180
4,364
4,620
4,965
5,393
6,187
6,570
6,803
6,822
5,822

13,081
277 18,466 24,136 4,609 27,010
381 18,820 23,627 4,613 27,120
11,588
15,779
695 20,340 23,483 4,618 27,161
15,072
431 19,798 23,249 4,623 27,228
15,329
783 20,638 23,037 4,627 27,595
16.158 1,371 22,216 22,706 4,636 27,741
16,519
769 23,051 22,392 4,638 27,048
909 23,188 22,086 4,640 27,188
16,488
16,723
964 24,150 21,806 4,640 27,119
16,172
535 23,560 21,805 4,643 27,278
15,706
443 23,481 21,755 4,646 27,519
16,160 1,007 24,043 21,756 4,655 27,809
679 24,033 P21.759 P4,663 P27.846
17,256

1,304
,304
1,322
1,295
1,287
,293
,297
L ,293
,293
,284
L.293
,281
V ,303

5,937
5,683
5,297
6,654
6,826
6,113

403
11,549
12,117
440
434
12,832
15,784
811
15,971
946
16,946 1,032

216

164
7
3
249
163
70
85
265
223
103
78

1,998
2,484
2,254
24,262
23,350
21,872
22,559
21,366
23,333
19,343
18,885

2,853
6,206
10,977
7,780
7,218

17.969
18.356
19,572
19,252
19,693
20,778
21,484
21,881
22,910
22,742
22,509
22,982
23,078

17,486
17,800
18,129
22.438
170122,797
194 23.059,

145

71
441

1,557
1,133

1,351
1,467

116
84
140
438

1,400
2,220
2,593
2,361
25,091
24,093
22,170
23,181
21,900
24,097
19,696
19.499

4,459
5,434
7,598
11,160
28,515
28,952
28,297
28,868
27,903
28,224
27,493
27,600

1,037

220
83
72
116
162
67
798
397
275
283
529
53
277

31...
31...
31...
30...
31...
30...
31...
30...
31...

Gold
stock

TreasTreasury Money Treas- ury de- Nonposits
ury
with memrency in circulacash Federal ber deoutholdRetion
posits
standings
serve
ing
Banks

787
947 23,315
753 22,597
727 21,145

19,706
15,160
12,356
11,563
11,667

147
58
102
104
580
581
228
536
268
542
250
536

I

18,005
18,325
18,703
23,686
23,913
24,285

24,236
24,231
24,192
21,757
21,755
21,757

4,602
4,605
4,606
4,643
4,647
4,656

27,022
27,026
27,117
27,324
27,548
27,859

204
264

\

,302
,299
,305
,291
,286
,291

Member bank
reserve balances
Other
Federal
Reserve
ReTotal quired5 Ex-1
access
counts

1,517

374
346
251
291
495
607
629
563
592
590
713
706

2,356
2,292
11,653
12,450
15,915
16,139
16,112
17,899
17,389
20,479
17,867
16,568

611
666
317
584

1,443
1,190
1,374
1,315
1,206
1,460
1,206
1,172
1,322
1,236
1,179
1,262
1,159

759
724
759
749
738
714
737
729
734
698
690
765
700

16,129 15,534 595
15,989 15,770 219
16,709 15,821 888
16,514 15,925 589
16,763 16,118 645
17,681 16,509 1,172
18,984 18,047 937
19,066 18,366 700
19,014 18,367 647
18,901 18,449 452
18,536 18,206 330
19,020 18,604 416
18,863 P18,39O M 7 3

563
512
549
640
280
405

1,299
1,372
1,481
1,243
1,162
1,158

717
759
796
696
731
756

15,941
16,194
16,253
18,892
19,309
19,229

36
35
634
867
977
393
756
870

1,360
1,308

1,928
1,123

1,189

28
166
653

822
881
961
859
941

438
821
566
733

1,114

569
714
668
807
465

1,114

2,333
1,817
6,444
9,365
14,457
15,577
15,374
16,400
16,647
19,277
16,919
15,550

23
475

5,209
3,085
1,458
562
738

1,499

742

1,202
948

1,018

15,237
15,426
15,507
18,302
18,475

704
767
746
590
834

For footnotes see preceding page.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]

Net demand deposits 1

Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days

2V*
2V

I*
1

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.
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934

Regulation T :
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
1

Feb. 1, Mar. 30, Effective
19471949Mar. 29, Jan. 16, Jan. 17,
1951
1949
1951

75
75

50
50

75
75

75

50

75

Regulations 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.

968



Effective date
of change

1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect Aug. 1, 1951<

Central
reserve
city
banks
22M

Reserve
city
banks

26
24
22
20
22
24

20

26

22

24*

21
20

3

Country
banks
12
14

16
15
14
13
12

23

18
19

24

20

24

20

!;«
«7
»6
»6
»5
»5

19

22
23

Time
deposits
(all
member
banks)

13

«6
6

J

14
14

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 banks.
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
July 31

Previous
rate

Aug. 21, 1950
Aug. 21, 1950
Aug. 25, 1950
:
Aug. 25, 1950
Aug. 25, 1950
Aug. 24, 1950
Aug. 25, 1950
:
Aug. 23, 1950
Aug. 22, 1950
Aug. 25, 1950
Aug. 25, 1950
:
Aug. 24, 1950

Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco

In effect
beginning—

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
July 31

IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK

2K
2M
2M
2M
2%
2M
2K

In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

Previous
rate

In effect
beginning—

2K
2K

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
July 31

Jan. 14, 1948
Oct. 30, 1942
Aug. 23, 1948
Aug. 25, 1950
Oct. 28, 1942
Aug. 24, 1950
Aug. 13, 1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14, 1948
Oct. 28, 1942

2%

2K
2K
2%

2K
2K
2K

Previous
rate
2

3K
2

2K
2

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.
2

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS

FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]

Maturity

Rate on
July 31

In effect beginning—

AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT

Previous
rate

Maturities not exceeding five years
[In effect July 31. Per cent per annum]

1- 90 days
91-120 days
121-180 days

iH
17A
2

Aug. 21, 1950
Aug. 21, 1950
Aug. 21, 1950

il

NOTE.—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.
Back figures.—See Banking and Monetary Statistics, Table 117, pp.
443-445.

To industrial or
commercial
businesses

On discounts or
purchases

Federal
Reserve
Bank
On
loans l

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect July 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan

Percentage of
loan guaranteed

70 or less
75
80

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35

40-50

85

90
95
Over 95

10
15
20
25
30
35

.

40-50

AUGUST

1951




On
commitments

Portion
for which
institution is
obligated

()

2K-5
1M2

Remaining
portion

()

2K-5
(3)

1
Including loans made in participation with financing
2
Rate charged borrower less commitment rate.
s

Maximum Rates Financin g 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

5

On
commitments

K-1K
K-lM
K-iM
K-iM
J K-lM
K-1M
K-iM

5 K-iM
5K-1M

K-iM

institutions.

Rate charged borrower.
p ''Rate charged borrower but not to exceed 1 per cent above the discount rate.
5
Charge of K P e r c e n t is made on undisbursed portion of loan.
Back figures.—-See Banking and Monetary Statistics, Table 118,
pp. 446-447.

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
E nd of month

Wednesday figures

Item

1951

1951

July 25

July 18

July 11

July 3

J u n e 27

June 20

June 13

1950

June

July

July

Assets
19 ,845,403 19 845 ,403 19 845 401 19 8 5 8 , 401 19 868 ,402 19 878 ,904 19,883 ,902 19,843,402 19 859 402 22 363,431
Gold certificates
Redemption fund for
660,639
654 874
522,532
649 , 839
639 ,361
637 ,601
666 ,035
6 5 3 , 378
658,846
661 ,216
F. R. notes
Total gold certificate reserves.... 20 ,504,249 20 506 ,619 20 511 ,436 20 5 1 1 , 779 20 518 ,241 20 518 ,265 20,521 ,503 20,504,041 20 514 276 22 885,963
336,926

3?6

,842

304 ? 4 8

290 714

306

78,082

Other cash
Discounts and advances:
For member b a n k s . . .
For nonmember
banks, etc

299

,626

236 ,307

181 , 090

220 ,301

Total U. S. Govt.
securities . . . .
Other Reserve Bank
credit outstanding

313 OS 7

300 222

340,343

165 ,345

178 ,789

276,651

?01

253,960

53 018

202,383

309

17,000

Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds

SS1

78,082

,626

236 ,307

S ,496

S 66S

299

5,819
548,272

S7?

,472

637 SSO

1 8 1 , 090
S

s??

704
SSO

220 ,301
S

4S0

401 3 9 4

219,383

165 ,345

178 ,789

276,651

53 018

379

5 488

5,741

5 697

2,394

410 8 9 4

419 6 ? 0

565,692

S?7 OSO

4 ,145,247

S

3,196,892 3 ,193 792 2 ,790,550
3 ,193,792 3 ,193 ,792 3 193 ,792 3 193 792 3 193 ,792 3 ,193 ,792
439 ?48 6 ,145.600
439 ?48 1? 439 ,248 1? 46 S 348 15,402 348 13,493,248
H 493 248 H 193 248 n 439 ,248
5 ,822,102 5 ,822 ,102 5 ,822 ,102 6 822 102 6 808 ,802 6 ,735 ,837 6,936 ,209 5,822,102 6 ,822 102 4 ,887,500
?S

,057,414

?3

081 ,614 ? 3 OQ? , 692 ? ? 977 6 9 ? ? ? 843 ? 3 6 ? ? 8 0 S 871 22,758 177 23,077,934 ? ? 9 8 ? 1 9 ? 17 ,968,897

921,755 1 ,217 ,852

932 ,674

805 927

846 ,523

1 ,173 ,059

840 ,326

673,167

1 ,001 ,627

275,009

Total Reserve Bank
credit outstanding 24 ,063,070 24 ,604 ,588 24 ,267 ,338 23 ,970 413 23 ,915 ,510 24 ,149 ,654 23,782 ,780 24,033,493 24 ,042 ,534 18 ,465,683
Liabilities
Federal Reserve notes. . 23 ,601,818 23 ,654 ,111 23 ,730 ,214 23 ,744
Deposits:
Member bank — reserve accounts
19 ,087,568 19 ,380 ,390 19 ,364 ,246 19 ,189
U. S. Treasurer—gen178
S04
eral account
611 817
423,532
0 1 0 377
854
867 ,206
879 607
Foreign
159
196 ,939
310,738
316 ,226
Other
Total deposits

939 23 ,434 ,218 23 ,322 ,105 23,335 ,074 23,726,167 23 ,630 ,168 22 ,841,198
473 19 ,102 ,378 19 ,482 ,487 19,487 ,217 18,863,283 19 ,019 ,531 16 ,129,223
S7,S
SO?

055

AM 674
70S
1 9 1 ,633

433 ?3S

128 683
913 43S
182 ,482

QOS ? 7 S

193 ,676

584,321
840,290
318,400

317 009
870
391 ,421

565,960

1 ,168,614

274,827

20 ,701,445 21 ,175 , 639 20 ,724 ,066 20 ,381 605 20 ,658 ,39C|21 ,014 ,673 20,711 ,817 20,606,294 20 ,597 ,982 18 ,138,624

Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...

46.3

45 .7

46 .1

46 5

46 .5

46 .3

46 .6

46 .4

55.8

Over 5 years
to 10 years

10 years

1,031,904
1,031,904
1,031,904
1,031,904
1,031,904

4,097,280
4,110,580
3,110,580
3,110,580
3,110,580

46.3

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(Callable Government securities classified according to nearest call date)
[In thousands of dollars]
Total
Discounts and advances:
June 27
July 3
July 11
July 18
July 25
Industrial loans:
June 27
July 3
July 11
July 18
July 25
U. S. Government securities:
June 27
July 3
July 11
July 18
July 25

970



Within
15 days

16 to 90
days

91 days to

Over 1 year
to 5 years

220,301
181,090
236,307
299,626
78,082

205,530
164,737
220,563
286,339
62,834

14,639
16,150
15,680
13,240
15,196

132
203
64
47
52

450
704
665
496
819

688
272
271
735
822

470
1,047
1,015
579
561

2,823
3,649
3,725
3,536
3,791

1,469
736
654
646
645

22,843,236
22,977,692
23,092,692
23,081,614
23,057,414

73,057
108,213
269,513
1,755,983
1,779,283

1,929,120
2,019,920
1,973,620
4,713,622
4,666,122

11,833,709
11,828,909
11,828,909
7,591,359
7,591,359

3,878,166
3,878,166
4,878,166
4,878,166
4,878,166

Over

FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total

Boston

New
York

Philadelphia

Cleveland

Richmond

San
Francisco

St.
Louis

Minneapolis

Kansas
City

470,663
505,897
483,841
487,338
498,563

290,360
316,557
305,697
298,838
311,901

664,678 423,485 2,327,748
673,961 453,030 2,347,295
681,021 452,932 2,382,535
684,334 434,714 2,351,785
686,073 432,573 2,338,283

112,459
112,161
111,945
111,633
111,585

44,588
44,450
46,445
46,348
46,291

23,987
23,934
23,931
23,899
23,891

34,146
34,044
36,037
35,978
35,942

27,590
28,523
28,483
28,415
28,409

55,724
55,501
55,490
55,330
55,237

859,236 4,211,009
857,884 4,205,830
859,868 4,253,763
861,113 4,278,343
862,060 4,345,641

515,251
550,347
530,286
533,686
544,854

314,347
340,491
329,628
322,737
335,792

698,824
708,005
717,058
720,312
722,015

451,075
481,553
481,415
463,129
460,982

2,383,472
2,402,796
2,438,025
2,407,115
2,393,520

Atlanta

Chicago

Dallas

Assets
Gold certificates:
June 27
July 3
July 11
July 18
July 25
Redemption fund
for F. R. notes:
June 27
July 3
July 11
July 18
July 2 5 . . . . . .
Total gold certificate reserves:
June 27
July 3
July 11.
July 18
July 25
V-/ LJlxd \_CLoll •
Othf-r ra^h•
June 27
July 3
July 11
July 18
July 25
vances:
Secured by
U. S. Govt.
securities:
June 27..
July 3 . .
Julv 1 1 . .
July 18..
July 2 5 . .
Other*
June 27. .
July 3. .
July 1 1 . .
July 18..
July 2 5 . .

Industrial loans:
June 27

July 3
July 11
July 18
July 25
U. S. Govt.
securities:
Bills:
June 2 7 . . . .
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .
Certificates:
June 2 7 . . . .
July
3....

July 11
July 1 8 . . . .
July 2 5 . . . .
Notes:
June 2 7 . . . .
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .
Bonds:
June 2 7 . . . .
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .
Total U. S. Govt.
securities:
June 27
July 3
July 11
July 18
July 25
Total loans and
securities:
June 27
July 3
July 11. . . .
July 18
July 25

AUGUST

19,868,402
19,858,401
19,845,401
19,845,403
19,845,403

625,814
622,682
635,257
638,598
615,844

6,814,944
6,734,076
6,567,776
6,560,625
6,561,064

1,130,580
1,138,660
1,136,905
1,151,955
1,132,395

1,419,824
1,393,166
1,424,682
1,458,929
1,431,843

786,527
765,214
821,752
798,948
789,109

649,839
653,378
666,035
661,216
658,846

59,038
58,673
60,669
60,457
60,326

54,527
58,426
58,398
57,531
57,055

55,884
56,249
56,242
55,860
55,649

75,305
75,856
75,849
75,583
75,435

62,584
61,871
63,863
61,698
60,665

20,518,241
20,511,779
20,511,436
20,506,619
20,504,249
360,351
290,714
304,248
326,842
336,926

684,852
681,355
695,926
699,055
676,170

6,869,471
6,792,502
6,626,174
6,618,156
6,618,119

1,186,464
1,194,909
1,193,147
1,207,815
1,188,044

1,495,129
1,469,022
1,500,531
1,534,512
1,507,278

849,111
827,085
885,615
860,646
849,774

31,145
27,731
32,597
34,780
35,615

47,168
49,097
51,044
59,175
58,983

19,319
16,484
17,149
19,564
20,020

23,281
24,726
21,893
24,441
23,452

16,810
15,299
16,129
16,299
17,654

25,762
22,442
25,731
25,184
26,947

58,406
56,567
57,535
61,473
63,966

17,345
15,139
15,446
16,628
17,270

7,511
7,084
7,218
7,157
8,248

11,359
10,853
11,199
11,410
11,606

13,689
14,087
14,205
14,517
14,628

34,556
31,205
34,102
36,214
38,537

219,495
180,566
235,687
298,909
77,189

12,890
11,920
11,700
7,400
7,925

71,185
81,050
125,375
191,715
13,353

12,620
4,970
19,485
2,415
11,065

24,100

7,430
3,790
6,880
4,045
3,315

6,705
10,105

34,525
21,525
3,500
29,620
6,270

11,150
5,110
2,971
10,138
3,970

15,810
9,375
1,475
7,275
1,075

17,770
12,585
5,335
4,060
6,697

2,045
2,161
2,261
2,261
1,961

3,265
17,400
40,100
36,775
15,651

806
524
620
717
893

126
108
78
75
67

444
255
400
400
570

15
15
15
15
30

146
146
127
127
126

40
40
40
50
50

761
761
748
721
721

18,899
23,050
28,276
26,578
22,802

19,208
23,426
28,738
27,012
17,116

39,445
48,108
59,016
55,470
47,589

152,829
152,829
152,829
152,829
152,829
595,245
595,245
643,095
645,679
645,679
325,813
326,449
278,599
278,599
278,599

313,854
313,854
313,854
313,854
313,854
1,222,405
1,222,405
1,320,675
1,325,982
1,325,982

5,450
5,704
5,665
5,496
5,819

575

15,850
1,950
3,175

815,229 4,098,550
814,194 4,093,669
811,185 4,141,818
812,629 4,166,710
813,699 4,234,056
44,007
43,690
48,683
48,484
48,361

755

1,255
2,732
75
100
100

25
25
25
25
25

3,779
3,917
3,899
3,744
3,823

378
452
444
473
473

122
125
125
10(1
267

193
234
234
233
311

25,255
30,803
37,787
35,517
30,470

37,495
45,729
56,097
52,727
45,236

26,690
32,551
39,932
37,533
32,200

21,659
26,416
32,405
30,458
26,131

59,870
73,019
89,575
84,194
72,232

21,685
6,420
22,771
5,058
19,732

476,370
476,370
476,370
476,370
476,370
1,855,376
1,855,376
2,004,531
2,012,585
2,012,585

174,122
174,122
174,122
174,122
174,122
678,175
678,175
732,695
735,639
735,639

394,896
394,859
426,642
428,356
428,356

150,377
150,377
150,377
150,377
150,377
585,689
585,689
632,773
635,315
635,315

152
150
150
150
149

401,394
522,550
637,550
572,472
548,272

'26,199
8,479
20,234

127,827
186,433
215,409
200,005
199,156

3,193,792
3,193,792
3,193,792
3,193,792
3,193,792

225,121
226,692
226,692
225,389
226,692

715,745
714,183
714,174
715,477
714,174

200,953
200,953
200,953
200,953
200,953

298,332
298,332
298,332
298,332
298,332

212,365
212,365
212,365
212,365
212,365

172,334
172,334
172,334
172,334
172,334

12,439,248
12,439,248
13,439,248
13,493,248
13,493,248

876,805
882,925
953,904
952,228
957,737

2,787,698
2,781,615
3,005,191
3,022,775
3,017,266

782,677
782,677
845,597
848,995
848,995

1,161,950
1,161,950
1,255,361
1,260,405
1,260,405

827,123
827,123
893,616
897,207
897,207

671,209
671,209
725,168
728,082
728,082

6,808,802
6,822,102
5,822,102
5,822,102
5,822,102

479,937
484,226
413,247
410,871
413,247

1,525,881
1,525,521
1,301,897
1,304,273
1,301,897

428,411
429,247
366,327
366,327
366,327

636,010
637,253
543,842
543,842
543,842

452,737
453,622
387,129
387,129
387,129

367,396 1,015,567
368,114 1,017,551
314,155 868,396
314,155 868,396
314,155 868,396

371,210
371,935
317,415
317,415
317,415

216,153
216,564
184,829
184,829
184,829

320,586
321,212
274,128
274,128
274,128

22,843,236
22,977,692
23,092,692
23,081,614
23,057,414

1,581,863
1,620,042
1,602,322
1,588,488
1,617,910

5,157,151
5,207,752
5,236,671
5,242,530
5,232,493

1,437,296 2,133,787
1,443,680 2,143,264
1,450,664 2,153,632
1,451,792 2,155,306
1,446,745 2,147,815

1,518,915
1,525,661
1,533,042
1,534,234
1,528,901

1,232,598 3,407,183
1,238,073 3,422,316
1,244,062 3,438,872
1,245,029 3,441,545
1,240,702 3,429,583

1,245,192
1,230,652
1,247,003
1,232,234
1,246,908

715,800
713,200
731,926
732,495
729,949

1,075,551
1,080,328
1,085,554
1,086,398
1,082,622

1,093,095 2,244,805
1,097,949 2,254,775
1,103,261 2,265,683
1,104,119 2,267,444
1,094,223 2,259,563

23,068,987
23,164,486
23,334,664
23,386,736
23,141,315

1,594,879
1,632,070
1,614,100
1,595,963
1,625,902

5,228,361
5,288,827
5,362,071
5,434,270
5,245,871

1,453,695 2,158,265
1,452,567 2,144,291
1,474,048 2,169,926
1,457,951 2,157,729
1,461,633 2,151,463

1,526,467
1,529,576
1,540,047
1,538,379
1,532,483

1,239,571 3,441,708
1,248,412 3,443,841
1,245,051 3,442,372
1,246,617 3,471,165
1,243,845 3,435,853

1,256,342
1,235,762
1,249,974
1,242,372
1,250,878

731,762
722,725
733,551
739,920
731,173

1,093,765
1,093,168
1,091,289
1,090,858
1,089,889

1,095,195 2,248,977
1,100,165 2,273,082
1,105,577 2,306,658
1,106,445 2,305,067
1,096,264 2,276,061

1951




3,361
396

19,065
17,920
15,374
101,390
101,381
101,390
101,390
101,390

669,101
670,408
572,138
572,138
572,138

971

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total

New
York

Boston

Cleveland

Philadelphia

Richmond

Chicago

Atlanta

Kansas
City

Minneapolis

St.
Louis

San
Francisco

Dallas

Assets (cont.)
Due from foreign
June 27
July 3
July 11
July 18
July 25
Federal Reserve
notes of other
Banks:
June 27
July 3
July 11
July 18
July 25
Uncollected
cash items:
June 27
July 3
July 11
July 18
July 25
Bank premises:
June 27
July 3
July 11
July 18
July 25
Other assets:
June 27 . . . .
July 3
July 11
July 18
July 25
Total assets:
June 27
July 3
July 11..
July 18
July 25

1
1

i 12
12

3
3
3
3
3

4
4
4
4
4

2
2
2
2
2

2
2
2
2
2

5
5
5
5
5

1
1
1
1
1

1
1
1
1
1

1
1
1
1
1

1
1
1
1
1

4
4
4
4
4

4,308
4,219
4,682
5,643
7,917

19,206
16,398
24,534
24,687
24,281

8,173
4,815
9,128
9,102
8,024

7,181
7,120
6,432
6,334
7,161

20,947
21,878
22,858
27,709
29,235

11,531
10,535
13,529
15,801
16,413

14,925
13,304
14,134
16,771
16,933

7,981
6,825
8,076
10,258
8,734

4,680
5,023
6,010
7,388
9,978

8,667
6,932
7,543
8,737
9,078

'4,735
6,494
7,099
7,839
8,545

15,443
14,281
14,989
17,632
19,359

3,410,547
3,319,570
3,298,995
3,821,473
3,249,650

285,745
278,134
297,362
353,925
274,949

625,330
686,801
625,157
746,304
639,271

215,126
202,666
191,317
218,816
184,486

322,110
298,185
277,495
369,873
312,254

291,784
273,313
261,269
289,698
263,332

198,714
211,350
212,074
231,140
194,438

583,590
554,221
588,439
631,799
507,261

141,210
120,196
148,205
162 145
142,587

95,735
92,921
99,799
111,096
98,317

172,673
169,164
166,847
221,241
185,159

156,996
154,424
137,710
167,168
143,865

321,534
278,195
293,321
318,268
303,731

41,468
41,618
41,768
41,938
42,101

1,045
1,045
1,045
1,045
1,045

7,592
7,574
7,574
7,574
7,574

2,887
2,887
2,887
2,887
2,882

4,718
4,717
4,717
4,713
4,713

3,251
3,461
3,462
3,463
3,450

2,262
2,262
2,409
2,410
2,407

5,860
5,834
5,834
5,977
6,146

3,395
3,394
3,394
3,394
3,393

1,099
1,099
1,099
1,099
1,099

2,543
2,527
2,527
2,527
2,527

667
662
664
664
664

6,149
6,156
6,156
6,185
6,201

150,404
158,177
162,376
170,330
178,226

11,175
12,676
11,906
12,322
12,952

32,913
34,625
36,187
37,839
39,257

9,134
9,668
9,993
10,504
11,044

14,597
15,247
15,310
16,163
16,748

10,225
10,445
10,790
11,348
11,890

7,938
8,326
8,585
9,145
9,828

22,293
23,143
24,227
25,286
26,496

7,891
8,291
8,553
8,981
9,406

4,689
4,924
5,078
5,350
5,636

7,396
7,747
7,979
8,210
8,547

7,165
7,375
7,628
8,207
8,503

14,988
15,710
16,140
16,975
17,919

47,623,813
47,604,206
47,792,539
48,411,877
47,618,163

2,613,151
2,637,232
? 657,620
2,702,735
2,634,552

12,830,053
12,875,836
12,732,753
12,928,017
12,633,368

2,894,801
2,883,999
2,897,672
2,926,642
2,876,136

4,025,285
3,963,312
3,996,308
4,113,769
4,023,073

2,718,597
2,681,059
2,740,172
2,747,544
2,707,820

2,345,016
2,361,213
2,367,249
2,391,412
2,355,940

8,337,796
8,302,745
8,386,309
8,490,819
8,402,301

1,949,416
1,939,955
1,963,935
1,977,465
1,977,123

1,159,824
1,174,268
1,182,384
1,194,748
1,190,244

1,995,228
1,998,397
2,004,443
2,063,296
2,028,822

23,434,218
23,744,939
23,730,214
23,654,111
23,601,818

1,455,027
1,478,273
1,470,115
1,458,672
1,451,666

5,270,461
5,340,618
5,313,330
5,294,450
5,288,649

1,662,513 2,121,499
1,680,825 2,143,512
1,677,639 2,154,301
1,675,679 2,152,437
1,671,391 2,148,698

1,576,784
1,599,429
1,595,685
1,586,115
1,582,796

1,263,148 4,539,542
1,284,447 4,588,631
1,277,640 4,596,107
1,273,103 4,595,647
1,269,138 4,591,129

1,068,240
1,084,195
1,083,176
1,082,268
1,076,874

606,435
611,111
609,765
606,974
604,464

911,381
921,715
921,079
918,379
916,562

626,164
639,103
639,210
636,267
636,481

2,333,024
2,373,080
2,392,167
2,374,120
2,363,970

19,102,378
19,189,473
19,364,246
19,380,390
19,087,568

793,271
808,763
843,430
853,689
819,526

6,347,897
6,223,850
6,295,751
6,282,344
6,131,390

883,723
888,403
907,923
872,979
873,101

1,437,867
1,414,462
1,434,799
1,480,009
1,452,908

755,012
762,664
809,903
795,216
794,654

792,527
834,633
810,817
811,887
814,317

3,066,426
3,095,431
3,092,397
3,121,824
3,121,671

676,852
681,213
676,806
671,755
677,992

411,315
437,752
423,756
433,869
432,366

856,439
873,797
868,252
893,200
875,370

864,553
926,011
909,117
887,721
878,330

2,216,496
2,242,494
2,291,295
2,275,897
2,215,943

417,674
178,575
252,504
611,817
423,532
946,705
854,502
910,377
867,206
879,607

30,991

67,866
163,051
45,923
151,415
58,621

26,612

46,878

551

32,150
75,857
49,973

15,298
23,253
35,408

19,642
4,867
23,138
23,315
28,851

32,223
1,809
17,674
42,602
33,234

25,465

496

24,402
53,903
26,766

35,160
2,250
20,476
34,752
28,125

18,378

519

10,068
64,419
37,044

32,636
1,891
19,851
35,529
24,266

38,879

79

15,260
29,796
35,569

15,909
34,025
23,378

42,944
1,990
12,355
42,951
42,297

57,796
52,681
55,992
52,985
53,878

2 300,679
2
265,647
2
284,516
2 274,957
2
277,378

73,644
67,126
71,345
67,513
68,651

86,695
79,022
83,988
79,478
80,817

46,610
42,485
45,155
42,730
43,450

39,152
35,687
37,930
35,893
36,498

128,644
117,259
124,628
117,935
119,922

34,491
31,439
33,415
31,620
32,153

23,305
21,243
22,578
21,365
21,725

34,491
31,439
33,415
31,620
32,153

34,491
31,439
33,415
31,620
32,153

86,707
79,035
84,000
79,490
80,829

191,633
159,055
196,939
316,226
310,738

5,166
3,072
4,574
4,397
5,903

130,464
87,886
129,098
254,761
249,611

1,758
1,656
2,429
1,992
1,890

3,998
5,267
5,203
4,070
3,707

2,415
9,189
5,840
2,662
2,770

3,561
3,320
2,556
2,958
2,340

2,778
4,851
2,908
2,479
2,627

6,385
6,156
6,488
8,398
6,906

1,289
1,566
1,688
1,070
1,638

401

2,159
2,019
760
248

606
495
489
519
519

32,812
33,438
33,647
32,160
32,579

20,658,390
20,381,605
20,724,066
21,175,639
20,701,445

887,224
865,037
919,256
940,867
914,876

6,846,906 985,737 1,575,438
6,740,434 957,264 1,499,270
6,755,288 991,765 1,548,392
6,963,477 1,006,903 1,617,460
6,717,000 980,686 1,564,198

836,673
816,229
880,749
876,137
865,140

870,400
875,890
871,779
885,490
881,280

3,236,727
3,218,037
3,252,083
3,318,095
3,294,193

736,106
719,359
732,007
735,026
752,459

455,551
465,428
471,160
479,619
484,580

923,554
909,204
921,360
968,182
941,005

925,115
958,496
958,930
953,885
934.380

2,378,959
2,356,957
2,421,297
2,430,498
2,371,648

38
38
38
38
38

2
2
2
2
2

127,777
117,824
139,014
157,901
165,658

12
12

112
1

1,729,523 5,025,123
1,764,761 5,021,429
1,754,299 5,109,395
1,767,970 5,107,460
1,733,452 5,055,332

Liabilities

Federal Reserve
notes:
June 27
July 3
July 11
July 18
July 25
Deposits:
Member bank
—reserve
accounts:
June 27. .
July 3 . .
July 11.
July 25.
July 18.
U. S. Treasurer—genera
account:27.
June
July 3.
July 18.
July 11.
July 25.
Foreign:
June 27.
July 3.
July 11.
July 18.
July 25.
Other:
June 27.
July 3.
July 11.
July 18.
July 25.
Total deposits:
June 27
July 3
July 11
July 18
July 25

521

551

1
2

After deducting $26,000 participations of other Federal Reserve Banks on June 27; July 3; July 11; July 18; and July 25.
After deducting $646,015,000 participations of other Federal Reserve Banks on June 27; $588,842,000 on July 3; $625,848,000 on July 1 1 ;
$592,238,000 on July 18; and $602,217,000 on July 25.

972



FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Boston

New
York

2,564,062
2,513,681
2,366,359
2,603,659
2,327,933

209,285
232,209
205,883
240,059
204,237

431,988
516,451
383,572
388,319
342,749

21,060
12,723
13,590
14,434
17,283

1,454
1,316
1,363
1,824
2,008

7,014
3,288
3,954
3,921
5,845

Total

Philadelphia

Dallas

San
Francisco

121,750
129,022
123,127
137,645
131,820

139,884
129,046
117,648
138,968
123,415

223,560
202,150
205,890
212,241
228,427

592
656
457
477
556

677
490
477
512
524

909
471
495
566
626

1,053
1,074
1,246

1,911,213
1,901,371
1,924,930
1,938,057
1,937,454

1,133,856
1,148,144
1,156,046
1,168,237
1,163,554

1,957,362
1,960,431
1,966,043
2,024,718
1,989,911

Cleveland

Richmond

172,457
172,002
153,810
169,118
148,768

238,655
230,937
203,706
253,205
218,822

253,503
213,782
211,620
232,760
206,965

168,033
157,441
173,962
188,676
161,018

427,694
362,425
403,354
441,291
380,279

105,975
97,267
109,123
120,210
107,479

71,278
70,949
74,664
81,167
73,954

1,094

2,045
1,474
1,144
1,383
1,544

985
613
703
729
750

885
558
630
617
692

2,758
1,855
1,971
2,098
2,175

892
550
624
553
642

2,667,945 2,302,466 8,206,721
2,630,053 2,318,336 8,170,948
2.688,757 2,324,011 8,253,515
2,695,741 2,347,886 8,357,131
2,655,651 2,312,128 8,267,776

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Liabilities
(cont.)
Deferred availability items:
Tune 27
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .
Other liabilities
and accrued
dividends:
Tune 27
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .
Total liabilities:
Tune 27
July 3 . . . .
July 1 1 . . . .
July 1 8 . . . .
July 2 5 . . . .

46,677,730
46,652,948
46,834,229
47,447,843
46,648,479

599
719
680
675

2,552,990 12,556,369 2,821,801 3,937,637
2,576,835 12,600,791 2,810,690 3,875,193
2,596,617 12,456,144 2,823,933 3,907,543
2,641,422|l2,650,167 2,852,380 4,024,485
2,572,787 12,354,243 2,801,520 3,933,262

1,755

853

1,692,072 4,937,298
1,727,116 4,933,040
1,716,283 5,020,407
1,729,686 5,017,933
1,694,902 4,965,291

Capital Accts.:
Capital paid in:
June 2 7 . . . .
231,262
July 3 . . . .
231,768
July 1 1 . . . .
231,971
July 1 8 . . . .
232,480
July 2 5 . . . .
232,541
Surplus:
(section 7):
June 27
510,022
July 3 . . . .
510,022
July 1 1 . . . .
510,022
July 1 8 . . . .
510,022
July 2 5 . . . .
510,022
(section 13b):
June 2 7 . . . .
27,543
July 3 . . . .
27,543
July 1 1 . . . .
27,543
July 1 8 . . . .
27,543
July 2 5 . . . .
27,543
Other cap. accts.:
June 2 7 . . . .
177,256
July 3 . . . .
181,925
July 1 1 . . . .
188,774
July 18
193,989
July 2 5 . . . .
199,578
Total liabilities
and cap. accts.:
June 27
47,623,813
July 3 . . . . 47,604,206
Tuly 1 1 . . . . 47,792,539
Tuly 18 . . 48,411,877
July 2 5 . . . . 47,618,163
Contingent liability on acceptances purchased for foreign
correspondents:
Tune 2 7 . . . .
26,899
July 3 . . . .
28,089
July 1 1 . . . .
27,537
July 1 8 . . . .
27,535
July 2 5 . . . .
27,729
Industrial loan
commitments:
Tune 2 7 . . . .
3,543
Julv 3
3,381
Tuly 1 1 . . . .
3,704
3,790
July 18. ..
July 2 5 . . . .
3,710

12,335
12,329
12,335
12,336
12,336

74,775
74,800
74,816
74,856
74,866

16,364
16,373
16,387
16,557
16,562

22,160
22,173
22,212
22,282
22,305

10,128
10,155
10,156
10,178
10,179

9,388
9,487
9,509
9,514
9,516

29,539
29,558
29,589
29,676
29,685

7,694
7,846
7,866
7,959
7,960

5,235
5,261
5,263
5,265
5,268

8,715
8,722
8,730
8,737
8,740

10,470
10,481
10,506
10,510
10,513

24,459
24,583
24,602
24,610
24,611

32,246
32,246
32,246
32,246
32,246

153,290
153,290
153,290
153,290
153,290

39,710
39,710
39,710
39,710
39,710

48,014
48,014
48,014
48,014
48,014

25,167
25,167
25,167
25,167
25,167

22,369
22,369
22,369
22,369
22,369

75,345
75,345
75,345
75,345
75,345

20,295
20,295
20,295
20,295
20,295

13,168
13,168
13,168
13,168
13,168

19,047
19,047
19,047
19,047
19,047

16,852
16,852
16,852
16,852
16,852

44,519
44,519
44,519
44,519
44,519

3,011
3,011
3,011
3,011
3,011

7,319
7,319
7,319
7,319
7,319

4,489
4,489
4,489
4,489
4,489

1,006
1,006
1,006
1,006
1,006

3,349
3,349
3,349
3,349
3,349

762
762
762
762
762

1,429
1,429
1,429
1,429
1,429

521
521
521
521
521

1,073
1,073
1,073
1,073
1,073

1,137
1,137
1,137
1,137
1,137

1,307
1,307
1,307
1,307
1,307

2,140
2,140
2,140
2,140
2,140

12,569
12,811
13,411
13,720
14,172

38,300
39,636
41,184
42,385
43,650

12,437
12,737
13,153
13,506
13,855

16,468
16,926
17,533
17,982
18,486

12,008
12,335
12,743
13,109
13,474

10,031
10,259
10,598
10,881
11,165

24,762
25,465
26,431
27,238
28,066

9,693
9,922
10,323
10,633
10,893

6,492
6,622
6,834
7,005
7,181

8,967
9,060
9,486
9,657
9,987

8,822
9,005
9,351
9,615
9,878

16,707
17,147
17,727
18,258
18,771

2,613,151
2,637,232
2,657,620
2,702,735
2,634,552

12,830,053
12,875,836
12,732,753
12,928,017
12,633,368

2,894,801 4,025,285
2,883,999 3,963,312
2,897,672 3,996,308
2,926,642 4.113,769
2,876,136 4,023,073

2,718,597
2,681,059
2,740,172
2,747,544
2,707,820

2,345,016
2,361,213
2,367,249
2,391,412
2,355,940

8,337,796
8,302,745
8,386,309
8,490,819
8,402,301

1,949,416
1,939,955
1,963,935
1,977,465
1,977,123

1,130
1,180
1,157
1,160
1,165

3,714
3,877
3,800
3,809
3,827

1,039
1,019
1,021
1,026

1,668
1,742
1,707
1,711
1,719

1
1
1

8,248
8,621
8,453
18,407
1
8,511

2,126
2,219
2,176
2,181
2,191

2,503
2,613
2,561
2,567
2,579

1,346
1,405
1,377
1,380
1,387

1,300
1,090
1,027
1,179
1,100

643
566
974
944
944

48
48
48
48
48

503
501
489
453
452

996

1,159,824 1,995,228
1,174,268 1,998,397
1,182,384 2,004,443
1,194,748 2,063,296
1,190,244 2,028,822

673
702
688
690
693

1,729,523 5,025,123
1,764,761 5,021,429
1,754,299 5,109,395
1,767,970 5,107,460
1,733,452 5,055,332

996

996

1,039
1,019
1,021
1,026

1,039
1,019
1,021
1,026

475
470
470
470
470

2,503
2,613
2,561
2,567
2,579
574
706
696
696
696

1
After deducting $18,651,000 participations of other Federal Reserve Banks on June 27; $19,468,000 on July 3; $19,084,000 on July 11; $19,128,000
on July 18; and $19,218,000 on July 25.

AUGUST

1951




973

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Total
F. R.notesoutstanding
(Issued to Bank):
June 27
July 3
July 11
July 18
July 25
Collateral held against
notes outstanding:
Gold certificates:
June 27
July 3
July 11
July 18
July 25.
Eligible paper:
Tune 27..
July 3
July 11
July 18
July 25
IT. S. Govt. sec:
Tune 2 7 . . . .
July 3
Tuly 11
July 18
July 25
Total collateral:
Tune 27
July 3
July 11
Tuly 18
July 25

LOANS

Boston

New
York

24,476,678
24,629,880
24,783,395
24,718,218
24,676,563

,497,009
,513,
,520,018
,507,116
,512,813

5,495,841
,536,790
5,600,649
5,575,296
5,562,003

,763,826
,772,297
,753,931
,752,522
,752,777

2,239,492
2,259,606
2,272,027
2,271,311
2,269,310

1,645,094
1,660,049
1,664,577
1,656,428
1,657,517

11,984,000
12,054,000
12,184,000
12,184,000
12,184,000

350,000
350,000
350,000
350,000
350,000

4,470,000
4,470,000
4,470,000
4,470,000
4,470,000

660,000
675,000
700,000
700,000
700,000

745,000
765,000
775,000
775,000
775,000

450,000
465,000
480,000
480,000
480,000

141,105
134,174
212,891
263,690
56,529

13,016
12,028
11,778
7,475
7,992

62,745
75,550
125,075
191,515
13,353

12,620
4,970
19,485
2,415
11,065

13,065,000
13,175,000
13,225,000
13,225,000
13,225,000

1,200,000
1,200,000
1,200,000
1,200,000
1,200,000

1,100,000
1,200,000
1,200,000
1,200,000
1,200,000

25,190,105
25,363,174
25,621,891
25,672,690
25,465,529

1,563,016 5,632,745
1,562,028 5 ,745,550
1,561,778 5,795,075
1,557,475 5,861,515
1,557,992 5,683,353

Phila- I Clevedelphia
land

Richmond

Atlanta

I Chicago

GUARANTEED

THROUGH

1,364,063 4,626,931 1,116,364 618,800
1,376,637 4,654,989 1,123,566 621,475
1,372,497 4,676,175 1,144,378 623,224
1,361,483 4,684,401 1,131,305 622,348
1,350,253 4,678,288 1,128,476 620,603

510,000 2,460,000
510,000 2,480,000
510,000 2,560,000
510,000 2,560,000
510,000 2,560,000|

1,100,000 1,500,000 1 ,215,000
1,100,000 ,500,000 1,215,000
1,100,000 ,500,000 1 ,215,000
1,100,000 ,500,000 1,215,000
1,100,000 ,500,000 1,215,000

11,150 15,810
5,110 9,375
2,971
1,475
10,138 7,275
3,970 1,075
900,000
900,000
900,000
900,000
900,000

2.
200,000
2.
200,000
2.
200,000
2,
200,000
2.
200,000

I

FEDERAL

RESERVE

[Amounts in thousands of dollars]
Guaranteed
loans
outstanding

D ate

Amount

Total
amount

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

1950
3
23
62

r

119
161
254
328

402
484

1 000
13 585
31 326
109
122
300
421

433
541
955
267
'514 626
654 893

*2 ,340
8 ,017
23 ,778
44 ,250
68 ,833
126 ,080
183 ,610
252 ,100

2 232
6 265
19
36
56
106
151
209

837
537
973
053
858
465

3,335
8,299
13,748
33,840
47,822
185,001
205,629
275,702

' Revised.
NOTE.—The difference between guaranteed loans authorized and
ium of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.

974



925,000 490,000
925,000 490,000
975,000 490,000
975,000 490,000
975,000 490,000

,772,620 ,245,000 1,671,330 1,410,000 4,660,000 1,186,150 655 ,810
,779,970 2,265,000 1,683,190 1,410,000 4,680,000 1,180,110 649,375
75
,819,485 2,275,000 1,701,280 1.410,000 4,760,000 1,227,971 641,475
,802,41512,275,000 1,698,645 1,410,000 4.760,000 1,235,138
275
,811,O65|2,275,OOO 1,697,915 1,410,000 4,760,000 1,228,970 641 075

EXECUTIVE ORDER NO. 10161

Guaranteed loans
authorized
to date

250,000 150,000
250,000 150,000
250,000 150,000
250,000 150,000
250,000 150,000

6,330
3,190
6,280
3,645
2,915

San
Dallas | Francisco

945,076 692,422 2.471,760
950,236 684,711 2,475,748
954,077 686,928 2,514,914
951,891 686,901 2,517,216
950,525 682,746 2,511,252

280,000 159,000
280,000 159,000
280,000 159,000
280,000 159,000
280,000 159,000

1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,411
11,246
40,227
36,902
9,027

18,023
12,705
5,600
4,325
7,132
700,000 535,000
700,000 545,000
700,000 545,000
700,000 545,000
700,000 545,000

1,200,000
1,200,000
1,200,000
1,200,000
1,200,000

998,023 694,000 2 ,701,411
992,705 704,000 2 ,711,246
985,600 704,000 2.
,740,227
984,325 704,000 2 ,736,902
987,132 704,000 2 ,709,027

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars

DEFENSE PRODUCTION ACT OF 1950 AND

Oct 31
Nov. 30!.!
Dec. 31. ..
1951
Jan. 31.. .
Feb. 28...
Mar. 31.. .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .

Minne- Kansas
apolis
City

I

BANKS UNDER REGULATION V, PURSUANT TO

Number

St.
Louis

1944
1945
1946
1947
1948....
1949
1950
June 3 0 . . .
July 3 1 . . .
A u g . 31..

.

Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 0 . . .
1951
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May

31...

Number

ParticiAppations
Commit- of financproved
Loans
but not
out- 2 ments ing insticom- standing
tutions
outpleted i (amount) standing out- 3
(amount) standing
Amount (amount)
(amount)

3,489
3,511
3,542
3,574
3,607
3,649

Date (last
Wednesday
or last day
of period)

525,532
544,961
565,913
586,726
615,653
629,326

4,577

945
335
539

3,677
3,680
3,684
3,690
3,692
3,695
3,698

638,015
639,158
644,464
646,276
647,432
649,748
651,389

3,707
3,706
3,710
3,717
3,721

654,199
655,702
660,525
664,473
667,988
671,432

Applications
approved
to date

June 30. . . 3 , 7 2 4

1,295

2,178

4,165
1,644
8,309
7,434
1,643
2,288

2,705
1,086
2,670
4,869
1,990
2,947

4,416
4,362
6,985
8,030
5,108
5,519
4,819

2,779
2,479
2,333
2,293
2,307
2,413
2,632

1,352
1,729
2,481
2,509
3,035
3,466
3,754

2,731
2,753
3,273
3,224
3,707
4,050
3,745

1,862
1,523
3,980
4,925
3,578
3,221

3,520
3,681
3,988
4,845
5,255
5,762

3,325
2,937
2,824
2,595
3,643
3,740

5,402
5,358
5,262
5,331
5,999
6,199

320

3,894
1,995
554

1,387

995

1
Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
1
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.
3
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.

FEDERAL RESERVE BULLETIN

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks

Central reserve
city banks
New
York

Reserve
city
banks

Chicago

Country
banks

All
member
banks

First half of June 1951
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deposits adjusted
Time deposits 4

98,397
11,113
87,285
86,251
76,150
29,743

131

5 , 180
5 , 033
147

1 ,289
1 ,276
13

154

Reserves with Federal Reserve Banks:
Total
Required
Excess

37

945

Demand balances due from domestic banks...

5,533
19,294
18,349

3

22 ,402

15

Borrowings at Federal Reserve Banks

Reserve
city
banks

Chicago

New
York

Country
banks

Second half of June 1951

5 ,615
1 ,111
4 ,505
5 ,041

37,304
5,193
32,111
32,249

33,075
926
32,150
28,459

1 ,100'

11,760'
1,811

870'

23,168
3,923
19,245
21,251

5,789
1,096
4,692
5,179

37,725
5,124
32,600
32,504

32,837
911
31,926
28,315

15,014

99,519
11,054
88,464
87,249
77,300
29,891

1,903

1,115

11 ,824

15,049

3,555

5,477

42

140

1,838

3,456

7,413
7,155
257

5,413
4,885
528

19,323
18,602
722

5,279
5,214
65

1,311
1,310
1

7,391
7,210
181

5,342
4,867
475

63

3 ! 884
1 8 , 519
2 0 , 502
1,

Central reserve
city banks

75

83

63

34

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
1
Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection)4 are estimated for all member banks, but not by class of bank.
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.

DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]

\\\

mem-

Month . or
week ending Wednesday

ber

banks J

Total reserves h e l d :
1950—June.
1951—May

June.
June 20
June
July
July
July
July

27
4
11
18
25

Central reserve
city banks

16
18
19

,194
,892
,309

. 1 9 ,662
19 ,123
19 ,226
19 ,274
19 ,318
19 ,259

xcess reserves:
1950—June
1951—May
June
June 20
June 27
July 4
July 11
July 18
July 25
Borrowings a t Federal
Reserve B a n k s :
1950—June
1951—May
June

June 20
June 27

July 4
July 11
July 18
July 25

New

York

Chicago

Re-

serve
city
banks

Countrv
banks

4 425
4 964
5 230

1,113
1,277
1,300

6 ,215
7 ,282
7 ,402

4
5
5

5
5
5
5
5
4

1,307
1,311
1,314
L ,287
1,299
1,290

7 ,472
7 ,314
7 ,413
7 ,431
7 ,461
7 ,461

5 ,460
5 ,288
5 ,317
5 ,500
5 ,549
5 ,509

3
-7
7

160
120
219

537
487
501

14

575
428
464
625

4
-1

253
128
167
192
178
164

P668
P626

3
18
3

29
157
73

26
70
69

48
102
75
91
27
67

63
70
45
45
55
16

423
210
183
056
009
999

767
590
834

68
-10
106

1 ,052
561
637
807
P866
P817

210
7
10
-6
16
28

68
438
170

10
193
25

113
211
214
241
156
147

2
37
78
82
74
64

2

-4

A

2

16
23

In places of 15,000
and over population

In places of under
15,000 population

Demand
deposits
except
interbank

Time
deposits

Demand
deposits
except
interbank

Time
deposits

18,639
18,689
18,914

9,373
9,392
9,388

10,873
10,839
10,880

5,666
5,668
5,666

20,549
20,670
20,713

9,307
9,315
9,351

11,365
11,375
11,325

5,638
5,661
5,681

Boston
New York. . .
Philadelphia..
Cleveland

2,410
3,779
1,438
1,587

838
2,279
821
921

320
1,105
980
1,069

206
1,063
896
798

Richmond. . .
Atlanta
Chicago
St. Louis

1,299
1,943
2,903
853

454
497
1,775
380

767
604
1,686
898

440
190
896
268

Minneapolis..
Kansas City..
Dallas
San Francisco

674
787
1,630
1,410

317
135
231
703

700
1,417
1,330
450

407
199

,440
,369
,377
April
May
June
April
May
June

1950

1951

By district,
June 1951

64
254

1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserve as country banks.

P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.

AUGUST

1951




975

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation J

End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949

.

Total

Coin

5,519
4,167
5,536
4,292
5,882
4 518
5,021
6,543
6,550
5,015
5 147
6,856
7,598
5,553
8 732 6 247
11,160
8 120
15,410 11,576
20,449 14,871
25 307 17 580
28,515 20,683
28 952 20 437
28,868 20 020
28,224 19,529
27.600 19,025

442
452
478
517

402
423
460
499

537
550
590
648
751
880

1950—April

27,048
27 090
May
27,156
June. . .
27,010
July
27,120
August
September... 27,161
27,228
October
November.. . 27,595
December. . . 27,741

1951—January
February
March
April
May

June

Coin and small denomination currency t

27,048
27,188
27,119
27,278
27 519
27,809

»$1

$10

$20

Total

$50

$100

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

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

364
337
358
399

618
577
627
707

905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004

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

1,019
1,481
1,996
2,327
2,492
2,548
2,494
2.435

1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056

1,945
1,963
1,966
1,946
1,955
1,964
1,978
2,021
2,049

5,830
5,851
5,891
5,836
5,881
5,884
5,874
6,021
5,998

8,333
8,333
8,363
8,328
8,355
8,357
8,388
8,511
8,529

8,389
8,361
8,344
8,316
8,328
8,329
8.329
8,345
8,438

2,380
2,380
2,386
2,374
2,374
2,369
2,368
2,384
2,422

4,961
4,949
4,940
4,934
4,950
4,964
4,987
4,994
5,043

1,943
1,959
1,953
1,973
1,995
2,011

5,791
5,880
5,881
5,943
6,024
6,113

8,313
8,369
8,348
8,422
8,523
8,663

8,356 2,393 5,002
8,329 2,385 4,986
8,275 2,369 4,955
8,257 2,371 4,941
8,259 2,382 4,938
8,289 2,405 4,947

$2

$5

505
524

33
32
33
35

719
771
815
906

33
34

559
610
695
801

36
39
44
55

1,019
1,156
1,274
1,361
1,404
1,464
1,484

909
987
1,039
1,029
1,048
1,049
1,066

70
81
73
67

18,661
18 730
18,813
18,696
18,795
18,834
18,901
19,252
19,305

1,478
1 490
1,496
1,498
1,506
1,515
1,527
1,547
1,554

1,016
1,033
1,037
1,029
1,037
1,054
1,072
1,089
1,113

60
60

18,694
18,861
18,845
19,023
19 260
19,521

1,530
1,535
1,542
1,551
1 568
1,578

1,056
1,057
1,059
1,073
1,087
1,092

61
61
61

65
64

62

61

60
61
61
61
62
64

62
63
64

Large denomination currency *

387
409
460
538
724

$500 $1,000 $5,000 $10,000
8
5
7
7
6
17

10

7

8
10

16
18

8

12
32

7
5

32
60
46
25

2
4
4
3

22
24
24
26

2
3
2
3

5
5

17
17

3
3

4

11

3

710
770

125
112
122
135

237
216
239
265

139
160

288
327

919

191
227
261
287

425
523
556
586

20
30
24
9

407
555
454
438

749
990
801
783

9
10
7
8

782
707

428
400

Unassorted

5

382

689

382
380

650
639

4
4

11
9

1
1

378

628

4

9

2

375
372
370
367
365
368

620
617
613
595
589
588

4
4
4
4
4
4

9
9
9
9
9
12

2
2
2
2
2
2

366
365
362

583
581
576

4
4
4

9
9
8

3
2
1

360
357
356

573
570
570

4
4
4

8
8
8

1
1
2

1
1

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
8
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 tield in the Treasury
Total outstanding, As security
against
June 30,
Treasury
gold and
1951
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
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—June 30, 1951
May 31, 1951
June 30, 1950

21,756
20,553
24,575
4,655
492
2 ,057
32,341
1,042
389
347
246
82
(4)
(4)
(4)

20,553
' '* 2,341 '
284
2,057

Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents

June 30,
1951

May 31,
1951

1

June 30,
1950

2 1,203
47
32

17,699

25

39

39

41

23,456
4,314

23,173
4,306

22,760
4,355

3

r

(5)
1,281
1,293
1,298

2 ,816
1,072
309

17,699
17,692
20,167

180

179

170

248
21
8
26
2
1

2
2
1

22,895
22,880
25,349

Money in circulation

2,093
1,020
378
318
243
81

2,096
1,013
376
316
245
82

2,178
965
361
321
274
86

4,197
4,123
3,820

27,809

27 519
27,156

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, totals by weeks in table on p. 967, and seasonally adjusted figures in table on p. 977.
2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves aeainst other types, a grand total of all types has no special
6
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.

976



FEDERAL RESERVE BULLETIN

POSTAL SAVINGS SYSTEM

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation

Date

End of period:
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

Amount—
adjusted for
seasonal
variation

[In millions of dollars]
Assets

Change in
seasonally
adjusted
series x

+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
-644

8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741

-624

+ 141

Averages of daily figures:
1950—June
July
August
September
October
November
December

27,026
27,117
27,009
27,154
27,233
27,380
27,806

27,162
27,171
27,145
27,208
27,233
27,298
27,531

+63
+25
+65
+233

1951—January
February
March
April
May
June
July

27,304
27,145
27,171
27,179
27,324
27,548
27,859

27,222
27,145
27,253
27,398
27,516
27,686
27,915

-77
+ 108
+ 145
+ 118
+170
+229

-50

+9

-26

-309

1

For end-of-year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year-end, adjustment factors have been revised somewhat
for dates affected, beginning with December 1942.

Depositors'
balances x

Total

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

1950—February. . . .
March
April
May
June
July
August
September. . .
October
November. . .
December....

3,177
3,168
3,151
3,125
3,097
3,061
3,021
2,991
2,967
2,947
2,924

3,301
3,293
3,276
3,250
3,218
3,181
3,141
3,111
3,088
3,069
3,045

2,901
2,877
2,852
2,831
v2 807
^2,785

3,022
2,998
2,974
2,954

End of month

1951—January
February
March
April
M!ay

June

Cash
in
depository
banks

U. S.
Government
securities

Cash
reserve
funds,
etc.*

10
8
6
6
6

1,716
2,252
2,837
3,182
3,308
3,244
3,118

118
152
179
200
212
198
187

8
8
8
10
9
10
10
10
10
11

3,107
3,107
3,092
3,068
3,038
3,027
2,962
2,923
2,903
2,888
2,868

186
178
176
175
171
145
169
177
175
171
166

11
11
11
17

2,858
2,835
2,793
2,765

153
152
169
172

7
7
7

P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
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 i

140
other
centers 1

Other
reporting
centers

New
York
City

Other
reporting
centers

974,102
jl,050,021
1,125,074
1,249,630
1,231,053
1,403,752

404,543
417,475
405,929
449.002
452,897
513,970

479,760
527,336
599,639
667,934
648,976
742,458

89,799
105,210
119,506
132,695
129,179
147,324

18.2
18.9
21.0
23.6
24.1
26.6

9.7
10.0
11.9
12.9
12.4
13.4

1950—June
July
August
September
October
November
December

119,399
110,573
128,383
123,222
125,784
123,541
139,542

43,781
38,757
50,067
44,910
43,837
43,740
52,590

63,332
59,752
65,423
65,197
68,137
66,392
72,845

12,286
12,064
12,893
13,116
13,811
13,409
14,106

27.0
24.6
29.2
27.9
26.4
28.1
31.2

1951—January
February
March
April
May
June

138,402
114,061
144,012
128,447
'"130,700
135,027

48,207
39,067
53,171
45,477
45,375
48,588

75,017
62,370
75,941
69,421
'71.197
72,110

15,178
12,624
14,900
13,549
14,129
14,329

27.9
26.1
29.0
26.5
'26.2
27.9

1945
1946—old series 33
1946—new series
1947
1948 . . .
1949
1950
.
. . .

r
Revised.
1
National series for which bank debit figures
2
Weekly reporting member bank series.
3

Annual rate of
turnover of demand
deposits, except interbank and Government
Other
leading
cities 2

New
York
City 2

Other
leading
cities 2

351,602
374,365
407,946
400,468
445,221
447,150
508,166

412,800
449,414
522,944
598,445
660,155
639,772
731,511

24.2
25.5
25.2
24.1
27.2
28.2
~ 31.4

16.1
16.9
16.5
18.0
19.2
18.7
20.3

13.4
13.2
13.2
14.2
14.2
14.9
15.3

42,294
40,657
48,320
46,400
43,159
41,167
53,150

61,607
59,703
64,015
65,330
66,547
64,687
73,253

30.7
31.0
33.8
34.2
30.7
31.4
37.2

20.2
20.3
19.9
21.5
20.9
21.7
23.0

15.2
14.3
14.9
14.6
13.8
14.0

47,561
38,916
53,142
44,312
42,272
49,398

73,226
62,239
75,897
68,157
68,378
72,179

32.9
30.7
35.5
32.5
30.0
34.4

22.0
21.5
22.5
22.3
21.3
22.2

|

New
York
City 2

are available beginning with 1919.

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.

AUGUST

1951




977

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Assets

Liabilities
and Capital

Other
securities

Total
assets,
Total
liabilities
and
capital,
net

Capital
Total
and
deposits
misc.
and
accurrency counts,
net

26
131
1,204
1,284
2,867
3,202
3,322
3,328
3,311
3,264
3,208
3,138
3,058
3,000
3,000
2,900
2,900
2,900
2,888

11,819
9,863
9,302
8,999
8,577
9,491
10,051
10,723
11,208
11,422
11,915
12,621

64, 698
48, 465
75, 171
90, 637
191 785
183, 457
182, 115
188, 148
186, 055
189, 290
18S, 554
191, 706

55,776
42,029
68,359
82,811
180,806
171,657
169,234
175,348
172,857
176,121
171,602
177,313

8,922
6,436
6,812
7,826
10,979
11,800
12,882
12,800
13,200
13,168
13,952
14,392

13,640
13,800
14,200
14,500
14,400
14,500
14,741

193, 186
193, 100

178,568
178 200
179,200
179,900
180 100
181,000
184,385

14,618
14,900
15,000
14,900
15 500
15,300
14,624

2,900
2,900
2,800
2,800
2,800
2,700

14,700
14,800
14,900
15,000
14,900
15,100

197 500
197, 500
198 600

182,500
182,600
183,700
183,600
182.900
184,500

15,100
14,800
14,900
15,000
14,800
14,900

Bank credit

Gold

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—j)er
1946—Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Dec.

29
30

1950—June
July
Aug.
Sept.
Oct
Nov.
Dec.

30
26

1951—Jan.
Feb.
Mar
Apr.
May

June

30
31

31
31
30
31
30

31
30
31

30
27
25

29
30
28P
28P
30P
27P

U. S. Government obligations

Treas-

Date

currency

Total

Loans,
net

Total

Commercial
and
savings
banks

4,037
4,031
17,644
22,737
20,065
20,529
21,266
22,754
23,532
24,244
24,466
24,427

2

58,642
42,148
54,564
64,653
167,381
158,366
156,297
160,832
157,958
160,457
156,491
162,681

41 ,082
91 ,957
22 ,157
26 ,605
,387
35 ,765
38 ,373
43 ,023
45 ,299
48 ,341
47 ,148
49 ,604

5 ,741
10 ,328
23 ,105
29 ,049
,417
113 ,110
107 ,873
107 ,086
101 ,451
100 ,694
97 ,428
100 ,456

5,499
8,199
19,417
25,511
101,288
86,558
82,679
81,199
76,774
74,097
74,877
78,433

24,231
24,200
23,800
23,500
23,300
23,000
22,706

4 607 164,348
4 600 164,300
4 600 165,800
4 600 166,800
4 600 167,700
4 600 168,700
4 636 171,667

51 ,999
,100
S4 ,500
,300
56
S7 ,500
59 ,100
60 ,366

98 ,709
97 ,500
97 ,200
96 ,000
95 ,800
95 ,200
96 ,560

77,320
76,400
75,600
73,800
73,600
72,700
72,894

22,400
22,100
21,900
21,800
21,800
21,800

4 600 170,500
4 600 170,700
4 600 172,100
4 600 172,100
4 600 171,300
4 700 173,000

60 ,600
61 ,500
69 ,500
69 ,600
62 ,900
63 ,500

9S ,200
94 ,500
94 ,700
94 ,600
93 ,500
94 ,400

70,800
69,800
69,300
68,900
68,400
68,800

2
3
4
4
4
4
4
4
4
4

019
286
963
247
339
562
552
562
565
589
597
598

Federal
Reserve
Banks

1

2
2
74
23
21
22
21
23
19
18

216
998
484
254
262
350
872
559
366
333
343
885

18 331
18 000
18 600

400
200
600
778
500
21 900
99 600

19
19
19
20

99 900

22 300
22 800

Other

194 200

194, 900
600
196, 400
199, 009

198 600

197, 700
199, 400

Deposits and Currency
U. S. Government balances

r)ate

1929—JUne
1933—June
1939—Dec.
1941—D ec
1945—Dec.
1946—Dec.
1947—June
Dec
1943—June
Dec.
1949—June
Dec.
1950—June
July
Aug.
Sept.
Oct

29
30

30
31

31
31
30
31
30

31
30
31
30
26

30
27
25

Nov. 29
Dec. 30

1951—Jan. 3 1 P
Feb

28P

May

30P
27P

Mar 2 8 P
Apr. 2 5 P

June

Total

55 776
42 029
68,359
82 811
180,806
171,657
169,234
175,348
172 857
176,121
171,602
177,313
178 568
178 200
179,200
179,900
180 100
181,000
184,385
182,500
182 600
183,700
183,600
182,900
184,500

Foreign
bank
deposits,
net

365
50

Treasury
cash

204
264

1 ,217
1 ,498
2 ,141
1 ,885
1 ,657
1 ,682
1 ,727
,103
1 ,927
2 ,150

2,409
2,215
2,287
2,272
1,314
1,336
1,327
1,325
1,307
1,312

,555
,500
,400
,500
,300
,518

1,298
1,300
1,300
1,300
1,300
1,300
1,293

,400
,400
,400
,500
9 ,500
2 ,500

1,300
1,300
1,300
1,300
1,300
1,300

9
7

300
9
9
?

9
7

At comAt
mercial Federal
and
Reserve
savings Banks
banks

Deposits adjusted and currency

Time deposits •
Total

Demand
deposits 2

Total

Commercial
banks

28,611
21,656
27,059
27,729
48.452
53,960
55,655
56,411
57,360
57,520
58,483
58,616

19,557
10,849
15,258
15,884
30.135
33,808
34,835
35,249
35,788
35,804
36,292
36,146

Mutual
savings
banks 4

54,790
40,828
63,253
76,336
150,793
164,004
164,140
170,008
165,695
169,119
165,626
169,781

7? 540
14 411
29 793

8S ,040
86 ,500

3 ,000
7 989

950 169,964
500 170,200
700 171,000
1 ,100 171,600
400 172,800
600 173,900
668 176,917

87 400
88 000
89 ,200
90 ,300
97 777

59,739
59,400
59,100
59,000
59,000
58,700
59,247

36,719
36,400
36,200
36,200
36,200
35,900
36,314

19
19
19
19
19
70

7 800
4 ,200
6 ,400
5 ,800
4 800
6 ,200

800
500
1 ,100
700
600
400

175,200
174,200
172,500
173,300
173,700
174,200

91 600
90 ,600
89 ,000
89 SOO
89 SOO
89 ,500

59,000
59,000
59,100
59,200
59,300
59,800

36,100
36,100
36,200
36,300
36,300
36,600

381
852

846
1 ,895
24 ,608
3 ,103
1 ,367
1 ,452
,180
2 ,451
2 ,304
3 ,249
,801

3 ,600
3 800
3 600

,100

36
35

634
867
977
393
756
870
1 ,928
1 ,123
438
821

75
83
82
87

992
851
314
186
121

89 697
85 520

81 877
85 ,750

Postal
Savings
System

Currency
outside
banks

1,186
1,278
1,313
2,932
3,283
3,392
3,416
3,378
3,329
3,259
3,197

149

3,639
4,761
6,401
9,615
26,490
26,730
26,299
26,476
25,638
26,079
25,266
25,415

900
800
900
900
800
010

3,097
3,100
3,000
3,000
3,000
2,900
2,923

25,185
24,400
24,500
24,500
24,600
24,900
25,398

70 000
90 000
70 ,100
70 ,200
70 ,200
20 400

2,900
2,900
2,800
2,800
2,800
2,800

24,600
24,600
24,400
24,600
24,900
25,000

8 905
Q 621

10
10
15
16
17
17

523
532
385
869
428
746

18 194
18 387

18 932
19 273
19 923

p Preliminary.
1
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.
1
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 accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted
against miscellaneous accounts 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.

978



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

Loans
Total

All b a n k s :
1939_Dec. 30
1941—Dec 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 3 1 *
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30
1951—Jan. 3 1 P
Feb. 2 8 P
Mar. 2 8 P
Apr. 25P .
May 3 0 P
June 2 7 P .
All commercial b a n k s :
1939—Dec 30
1941—Dec. 3 1 .
1945_Dec. 31
1946—Dec 31 2
1947—Dec 31
1948—Dec. 31
1949_Dec. 31
1950—June 30.
Dec. 30
1951—Jan. 31 P
Feb. 2 8 P
Mar. 2 8 P
A or. 2 5pP
May 3^
June 27"

U. S.
Government
obligations

Other
Cash
assets 1
Other
securities

Total l

50,884
61,126
140,227
131,698
134,924
133,693
140,598
142,959
148,021
146,500
146,480
147,120
146,880
146.680
147,950

19 ,417
22,165 28,719
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
51,999 90,961 77 ,320
72 ,894
60,386 87,635
60,970 85,530 70 ,830
61,920 84,560 69 ,800
62,950 84,170 69 ,250
63,040 83,840 68 ,850
63,340 83,340 68 ,410
64,050 83,900 68 ,790

9,302
8,999
8,577
9,491
10,723
11,422
12,621
13,640
14,741
14,700
14,760
14,920
14,990
14,930
15,110

?3 ,292
27 ,344
35 ,415
35 ,041
38 ,388
39 ,474
36 ,522
34 ,099
41 ,086
37 ,660
38 ,590
37 ,440
37 ,510
37 ,020
37 ,620

40,668
50,746
124,019
113,993
116,284
114,298
120,197
121,767
126,675
125,050
125,010
125,740
125,390
125,060
126,230

17,238
21,714
26,083
31,122
38,057
42,488
42,965
44,796
52,249
52,710
53,540
54,420
54,350
54,460
55,040

23,430
29,032
97,936
82,871
78,226
71,811
77,232
76,972
74,426
72,340
71,470
71,320
71,040
70,600
71,190

16 ,316
7\ ,808
90 ,606
74 ,780
69 ,221
6? ,622
67 ,005
65 ,751
62 ,027
59 ,980
59 ,060
58 ,770
58 ,470
58 ,110
58 ,560

7,114
7,225
7,331
8,091
9,006
9,189
10,227
11,221
12,399
12,360
12,410
12,550
12,570
12,490
12,630

22 ,474

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. 3 1 . . .
1949_Dec. 31
1950—June 30
Dec. 30. . . .
1951—Jan. 31 P
Feb. 2 8 P
Mar. 2 8 P . .
Apr. 2 5 P
May 3 0 P
June 27P

33,941
43,521
107,183
96,362
97,846
95,616
101,528
102.745
107,424
105,766
105,655
106,366
106,000
105,650
106,843

13,962
18,021
22,775
26,696
32,628
36,060
36,230
37.658
44,705
45,114
45,873
46,618
46,481
46,554
47,072

19,979
25,500
84,408
69,666
65,218
59,556
65,297
65,087
62,720
60,652
59,782
59,748
59,519
59,096
59,771

14 ,328
19 ,539
78 ,338
63 ,042
57 ,914
52 ,154
56 ,883
55 ,759
5? ,365
50 ,336
49 ,415
49 ,264
49 ,038
48 ,693
49 ,249

5,651
5,961
6,070
6,625
7,304
7,402
8,414
9,328
10,355
10,316
10,367
10,484
10,481
10.403
10,522

19 ,782
23 ,123
29 ,845
29 ,587
32 ,845
34 ,203
31 ,317
29 ,380
35 ,524
32 ,622
33 ,508
3? ,336
3? ,396
31 ,990
32 ,561

49, 340
61, 717
129, 670
118, 170
122, 528
121, 362
1?3 885
122, 707
133 089
127, 535
128, 660
128, 046

All m u t u a l savings
banks:
1939—Dec. 30 . . .
1941—Dec. 31
1945—Dec. 3 1 . . . .
1946—Dec. 31l
1947—Dec. 31 . . . .
1948—Dec. 31
t949—Dec. 31
1950—June 30 .
Dec. 30 . . . .
1951—Jan. 31 P
Feb. 2 8 P
Mar. 28*
Apr. 2 5 P . . . .
May 3 0 P
June 27P

10,216
10,379
16,208
17,704
18,641
19,395
20,400
21 192
21,346
21,450
21,470
21,380
21,490
21,620
21,720

4,927
4.901
4,279
4,526
4,944
5,686
6,578
7 203
8,137
8,260
8,380
8,530
8,690
8,880
9,010

5,289
5,478
11,928
13,179
13,696
13,709
13,822
13 989
13,209
13,190
13,090
12,850
12,800
12,740
12,710

3 ,101
3 ,704
10 ,682
11 ,778
11 ,978
11 ,476
11 ,428
11 569
10 ,868
10 ,850
10 ,740
10 ,480
10 ,380
10 ,300
10 ,230

2,188
1,774
1,246
1,400
1,718
2,233
2,394
2 420
2,342
2,340
2,350
2,370
2,420
2,440
2,480

818
793
609
818

10, 524
10 533
15, 385
16 869

886
878
873
831
797

17,
18
19
19
?0

76 ,551
34 ,806
34 ,223
37 ,502
38 ,596
35 ,650
33 ,268
40 ,289
36 ,950
37 ,870
36 ,560
36 ,660
36 ,220
36 ,780

710
720
880
850
800
840

6 8 , 242

81, 816
165, 612
155, 902
161, 865
161, 248
164 467

163, 770
175, 296
169 280
170, 500
169, 760
169 770
168, 810
170, 680
57, 718
71, 283
150, 227
139, 033
144, 103
142, 843
14S 174

143, 827
155, 265
149, 230
150, 440
149, 650
149, 600
148 570
150, 280

1?7 988

126, 953
128, 712

763
405
293
943
031

20, 050
?o 060
20 110
?o 170
20 240
20 400

Interbank^

Total
Nt imber
capital
of
accounts ba inks

Demand

Time

9 ,874
10 ,982
14 ,065
12 ,656
13 ,033
\7 ,269
\7 ,710
11 ,435
14 ,039
\7 ,220
12 ,160
11 ,630
11 ,740
11 ,350
11 ,620

32,516
44,355
105,935
92,462
95,727
94,671
96,156
95,505
104,744
100,800
102,050
101,660
101,440
100.740
101,850

25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,830
56,513
56,260
56,290
56,470
56,590
56,720
57,210

8 ,194
8 ,414
10 542
11 ,360
11 ,948
1? 479
13 ,088
13 ,576
13 ,837
13 ,870
13 ,890
13 ,940
14 ,000
14 ,050
14 ,150

i s 035
14 ,826
H 553
14 ,585
14 ,714
11 703

9 ,874
10 ,982
14 ,065
12 ,656
13 ,032
\7 ,269
\7 ,709
11 ,435
14 ,039
12 ,220
12 ,160
11 ,630
11 ,740
11 ,350
11 ,620

32,513
44 349
105,921
92,446
95,711
94,654
96,136
95,485
104,723
100,780
102,030
101,640
101,420
100,720
101,830

15,331
15,952
30,241
33,930
35,360
35,921
36,328
36,907
36,503
36,230
36,250
36,380
36,440
36,500
36,830

6 ,885
7 173
8 ,950
9 ,577
10 ,059
10 ,480
10 ,967
11 ,387
11 ,590
11 ,610
11 ,630
11 ,660
11 ,730
11 ,770
11 ,860

14 ,484
14 278

9 ,410
10 ,525
13 ,640
12 ,060
12 ,403
11 ,641

28,231
38,846
91,820
78,920
81,785
80,881
82,628
82,232
90 306
86,751
87,927
87,697
87,487
86,772
87,979

11,699
12,347
24,210
27,190
28,340
28,840
29,160
29,625
29,336
29,162
29,168
29,220
29,261
29,315
29,591

5 ,522
5 ,886
7 ,589
8 ,095
8 ,464
8 ,801
9 ,174
9 ,523
9 ,695
9 ,715
9 ,733
9 ,750
9 ,809
9 ,846
9 ,929

6 ,362
6 ,619
6 ,884
6 ,900
6 ,923
6 ,918
6 ,892
6 ,885
6 ,873
6 ,870
6 ,870
6 ,871
6 ,868
6 ,865
6 ,859

3
6
14
16

10,521
10,527
15,371
16,853
17,745
18,387
19,273
19,923
20,010
20,030
20,040
20,090
20,150
20,220
20,380

,309
,241
,592
,784
,889
1 ,999
? ,122
? ,189
? ,247
2 ,260
? ,260
2 ,280
? ,270
2 ,280
2 ,290

551
548
542
541

\7 ,097
10 ,850
13 ,447
11 ,622
11 ,565
11 ,129
11 ,240
10 ,866
11 ,142

1
1
1

17
17
20
20
22

20
20
20
20
20
20

14 687

14 ,674
14 ,650
14 ,645
14 ,639
14 ,649
14 647
14 ,644
14 ,636

14 011

14 ,044
14 ,181
14 ,171
14 ,156
14 ,144
14 ,121
14 ,116
14 ,110
14 ,120
14 ,117
14 ,114
14 ,107

533
532
531
530
529

529
529
529
530
530
529

P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.

AUGUST 1951




979

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

Cash
assets 1

Total

Total

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec 31
1946—Dec. 31
1947—Dec. 31
1948—Dec 31
1949—Dec 31
1950—June 30
Dec. 30
1951—Jan. 31 P . . .
Feb. 2 8 P
Mar. 2 8 P
Apr. 25P
May 3 0 P
June 21v

U. S.
Government
obligations

Other
securities

Loans

9,339
12,896
26,143
20,834
20,393
18,759
19,583
19,548
20,612
19,842
20,093
20,594
20.451
19,930
20,716

3,296
4,072
7,334
6,368
7,179
8,048
7,550
7,723
9,729
9,758
10,098
10,307
10,025
9,939
10,226

6,043
8,823
18,809
14,465
13,214
10,712
12,033
11,825
10,883
10,084
9,995
10,287
10,426
9,991
10,490

4,772
7,265
17,574
13,308
11,972
9,649
10,746
10,281
8,993
8,234
8,109
8,326
8,517
8,144
8,602

1,272
1,559
1,235
1,158
1,242
1,063
1,287
1,544
1,890
1,850
1,886
1,961
1,909
1,847
1,888

2,105
2,760
5,931
4,765
5,088
4,799
5,424
5,256
5,569
5,448
5,364
5,461
5.386
5,368
5,551

569
954

1,333
1,499
1,801
1,783
1,618
1,557
2,083
2,124
2,136
2,163
2,125
2,206
2,282

1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,700
3,487
3,324
3,228
3,298
3,261
3,162
3,269

1,203
1,430
4,213
2,912
2,890
2,633
3,324
3,138
2,911
2,762
2,666
2,743
2,692
2,617
2,716

333
376
385
355
397
383
482
562
576
562
562
555
569
545
553

Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30
1951—Jan. 31 P
Feb. 28P
Mar. 2 8 P
Apr. 2 5 P
May 3 0 P
June 2 7 P

12,272
15,347
40,108
35,351
36,040
35,332
38,301
38,697
40,685
40,058
39,869
39,735
39.630
39,709
40,053

5,329
7,105
8,514
10,825
13,449
14,285
14,370
14,868
17,906
18,159
18,425
18,543
18,614
18,599
18,672

6,944
8,243
31,594
24,527
22,591
21,047
23,931
23,829
22,779
21,899
21,444
21,192
21,016
21,110
21,381

5,194
6,467
29,552
22,250
20,196
18,594
20,951
20,510
19,084
18,189
17,725
17,479
17,287
17,385
17,621

1,749
1,776
2,042
2,276
2,396
2,453
2,980
3,319
3,695
3,710
3,719
3,713
3,729
3,725
3,760

Country member
banks:
1939—Dec 30
1941—Dec. 31
1945—Dec 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec 30
1951—Jan. 31 P
Feb. 28*>
Mar. 2 8 P
Apr. 2 5 P
May 3 0 P
June 2 7 P

10,224
12,518
35,002
35,412
36,324
36,726
38 219
39,245
40,558
40,418
40,329
40,576
40,533
40,643
40,523

4,768
5,890
5,596
8,004
10,199
11,945
12,692
13,510
14,988
15,073
15,214
15,605
15,717
15,810
15,892

5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,734
25,570
25,345
25,115
24,971
24,816
24,833
24,631

3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,830
21,377
21,151
20,915
20,716
20,542
20,547
20,310

2,297
2,250
2 408
2,836
3,268
3,504
3,665
3,904
4,193
4,194
4,200
4,255
4,274
4,286
4,321

Chicago:
1939—Dec 30
1941—Dec. 31
1945—Dec. 31
1946—Dec 31
1947—Dec 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30
1951—Jan. 31 P
Feb. 2 8 P
Mar. 28?
Apr. 25P
May 3 0 P
June 2 7 P

...

6,703
6,637
6,439
6,238
7,261
7,758
6,985
6,329
7,922
7,315
7,344
7,272
7,292
6,875
7,313

Total

1

14,509
17,932
30,121
24,723
25,216
24,024
23,983
23,213
25,646
23,847
24,399
24,799
24,749
23,711
24,856

Interbank i

De-

4,238
4,207
4,657
4,246
4,464
4,213
4,192
3,894
4,638
4,131
4,154
4,054
4,178
4,011
4,099

9,533
12,917
24,227
19,028
19,307
18,131
18,139
17,668
19,287
18,066
18,603
19,002
18,899
18,104
19,110

888

Total
Number
capital
of
accounts banks

Time

736
807

1,236
1,449
1,445
1,680
1,651
1,650
1,722
1,650
1,642
1,743
1,672
1,596
1,647

1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,341
2,351
2,363
2,371
2,354
2,376
2,357
2,388

36
36
37
37
37
35
25
25
23
23
23
23
23
22
22

250
288
377
404
426
444
470
481
490
489
489
490
492
495
499

14
13
12
14
14
13
13
13
13
13
13
13
13
13
13

1,446
3,330
1,566 . 4,057
1,489
7,046
1,545
5,905
1,739
6,402
1,932
6,293
1,850
6,810
1,640
6,419
2,034
7,109
1,977
6,858
2,054
6,893
1,888
6,667
1,929
6,814
1,913
6,706
1,929
6,936

,035
,312
,153
,217
,064
,191
,014
L ,228
,071
L.080
1,059
1,051
1,038
1,074

1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,305
4,778
4,682
4,724
4,528
4,668
4,573
4,747

6,785
8,518
11,286
11,654
13,066
13,317
12,168
11,639
13,998
12,812
13,275
12,672
12,606
12,618
12,752

17,741
22,313
49,085
44,477
46,467
45,943
47,559
47,187
51,437
49,214
49,536
48,933
48,785
48,732
49,295

3,686
4,460
6 448
5,570
5,649
5,400
5,713
5,069
6 448
5,428
5,369
5,063
5,079
4,923
5,065

9,439
13,047
32,877
28,049
29,395
29,153
30,182
30,306
33,342
32,181
32,562
32,380
32,165
32,158
32,456

4,616
4,806
9,760
10,858
11,423
11,391
11,664
11,812
11,647
11,605
11,605
11,490
11,541
11,651
11,774

1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,268
3,322
3,332
3,336
3,326
3,339
3,379
3,420

346
351
359
355
353
335
341
336
336
336
336
325
325
325
324

4,848
6,402
10,632
10,151
10,778
11,196
10,314
9,773
11,571
10,518
10,835
10,504
10,569
10,584
10,567

13,762
17,415
43,418
43,066
44,443
45,102
45,534
45,888
48,897
47,616
47,832
47,647
47,640
47,804
47,625

7,312
10,335
29,700
27,921
28,810
29,370
29,771
29,953
32,899
31,822
32,038
31,787
31,755
31,937
31,666

5,852
6,258
12,494
14,053
14,560
14,768
14,762
15,064
14,865
14,802
14,832
14,907
14,953
14,973
15,055

1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,433
3 ,532
3,'531
3,537
3,580
3,602
3,615
3,622

5,966
6,219
6,476
6,494
6,519
6,535
6,513
6,511
6,501
6,498
6,498
6,510
6,507
6,505
6,500

598
822

1,223
1,091
1,073

964

1,001

871

1,133
992
962
953
932
894
904

495
476
719
829
913

1,001
1,083
1,099
L ,103
L ,105
1,089
1,080
1,095
1,095
1,115

For other footnotes see preceding and opposite page

980



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]
Deposits

Loans and investments

Other

Investments
Class of bank
and date

Cash
assets J

Total

Total

All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

U. S.
Government
obligations

Other
securities

Loans

Total

Interbank*

49,290
121,809
114,274
112,286
118,278
119,808
124,822

21,259
25,765
37,583
41,968
42,485
44,304
51,723

28,031
96,043
76,691
70,318
75,793
75,504
73,099

21,046
88,912
67,941
61,388
65,820
64,546
60,986

6,984
7,131
8,750
8,929
9,974
10,957
12,113

25,788
34,292
36,926
38,087
35,207
32,865
39,821

69,411
147,775
141,851
140,642
143,138
141,798
153,288

National member
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

27,571
69,312
65,280
63,845
67,943
68,723
72,090

11,725
13,925
21,428
23,752
23,853
24,590
29,184

15,845
55.387
43,852
40,093
44,090
44,132
42,906

12,039
51,250
38,674
34,852
38,161
37,548
35,587

3,806
4,137
5,178
5,241
5,930
6,584
7,320

14,977
20,114
22,024
22,974
20,995
19,914
23,763

39,458
84,939
82,023
81,407
83,113
82,430
89,281

6,786
9.229
8,410
7,842
8,278
7,362
9,133

State member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

15,950
37.871
32,566
31,771
33,585
34,023
35,334

6,295
8,850
11,200
12,308
12,378
13,068
15,521

9,654
29.021
21,365
19,463
21,207
20,955
19,813

7,500
27,089
19,240
17,301
18,722
18,211
16,778

2,155
1,933
2,125
2,161
2,484
2,744
3,035

8,145
9,731
10,822
11,228
10,322
9,466
11,762

22,259
44,730
40,505
39,955
40,772
40,277
43,808

nsured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

5,776
14,639
16,444
16,685
16,766
17,079
17,414

3,241
2,992
4,958
5,911
6,258
6,650
7,023

2,535
11,647
11,486
10,774
10,508
10,429
10,391

1,509
10,584
10,039
9,246
8,947
8,799
8,632

1,025
1,063
1,448
1,528
1,561
1,630
1,759

2,668
4,448
4,083
3,887
3,892
3,487
4,299

Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 3 1 . .
1947—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

1,457
2,211
2,009
2,013
1,919
1,959
1,853

455
318
474
520
481
491
527

1,002
1,893
1,535
1,493
1,438
1,468
1,327

761
1,693
1,280
1,234
1,185
1,204
1,040

241
200
255
259
253
263
286

All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

7,233
16,849
18,454
18,698
18,686
19,038
19,267

3,696
3,310
5,432
6,431
6,739
7,141
7,550

3,536
13,539
13,021
12,267
11,947
11,896
11,718

2,270
12,277
11,318
10,479
10,132
10,003
9,672

Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

1,693
10.846
12,683
13,312
14,209
14,827
15,101

642
3,081
3,560
4,109
4,814
5,288
6,086

1,050
7,765
9,123
9,202
9,394
9,539
9,015

8,687
5.361
5,957
6,083
6,192
6,365
6,245

4,259
1,198
1,384
1,577
1,764
1,915
2,050

4,428
4,163
4,573
4,506
4,428
4,450
4,194

Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Dec. 30

Demand

10,654
43,059
13,883 104,015
12,670 94,300
11,900
93,300
12,368
94,914
11,066
94,298
13,744 103,499

Total Number
capital
of
accounts banks

Time

15,699
29,876
34,882
35,441
35,856
36,433
36,045

6,844
8,671
9,734
10,158
10,645
11,061
11,263

13,426
13,297
13,398
13,413
13,429
13,435
13,432

24,350
59,486
54,335
54,020
55,034
54,964
60,251

8,322
16,224
19,278
19,545
19,801
20,104
19,897

3,640
4,644
5,409
5,657
5,920
6,180
6,313

5,117
5,017
5,005
4,991
4,975
4,971
4,958

3,739
4,411
3,993
3,799
3,819
3,488
4,315

14,495
32,334
27,449
26,862
27,594
27,268
30,055

4,025
7,986
9,062
9,295
9,359
9,522
9,438

2,246
2,945
3,055
3,144
3,254
3,343
3,381

1,502
1,867
1,918
1,927
1,917
1,914
1,915

7,702
18,119
19,340
19,296
19,269
19,108
20,216

129
244
266
259
272
217
297

4,213
12,196
12,515
12,419
12,285
12,066
13,194

3,360
5,680
6,558
6,618
6,712
6,825
6,726

959
1.083
1,271
1,358
1,473
1,539
1,570

6,810
6,416
6,478
6,498
6,540
6,553
6,562

763
514
576
509
442
403
468

1,872
2,452
2,251
2,201
2,036
2,029
1,976

329
181
363
368
341
369
294

1,291
1,905
1,411
1,353
1,223
1,186
1,224

253
365
478
479
472
474
458

329
279
325
322
321
326
327

852
714
783
758
727
709
689

1,266
1,262
1,703
1,788
1,814
1,893
2,046

3,431
4,962
4,659
4,396
4,334
3,890
4,767

9,574
20,571
21,591
21,497
21,305
21,137
22,193

457
425
629
628
613
586
591

5,504
14,101
13,926
13,772
13,508
13,253
14,417

3,613
6,045
7,036
7,097
7,184
7,299
7,184

1,288
1,362
1,596
1,680
1,794
1,865
1,897

662
130
261
256
7,267
7,262
7,251

629
7,160
8,165
7,795
7,832
7,945
7,487

421
606
958
1,407
1,562
1,594
1,528

151
429
675
684
682
659
617

1,789
10,363
12,207
12,772
13,592
14,128
14,320

1,789
10,351
12,192
12,757
13,575
14,109
14,301

164
1,034
1,252
1,334
1,420
1,467
1,513

52
192
194
193
192
192
194

3,075
3,522
3,813
3,680
3,596
3,625
3,380

1,353
641
760
826
832
826
814

642
180
211
194
191
172
180

8,744
5,022
5,556
5,633
5,702
5,815
5,711

8,738
5,020
5,553
5,631
5,699
5,813
5,708

1,077
558
637
665
702
722
734

496
350
339
339
339
338
335

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.

AUGUST

1951




981

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES1
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *

Class of bank
and

call date

All insured
commercial
banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—June 30.
Dec. 30.
Member banks,
total:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—June 30.
Dec. 30.
1951—Apr. 9.
New York City:*
1941—Dec %J X •
X ^^C X
XS V-\,» 31
1945—Dec. 31.
1947—Dec. 31.
194g—Dec \J31•
X s TC \J
X-* \^,\*,+
X
1949—Dec. 30'.
1950—JUne 31.
Dec. 30.
1951—Apr. 9.

Investments

Loans for
Compurchasing
meror carrying
cial,
securities
elud- Agriculing
To
open- tur- brokal
marTo
ers othket
and ers
padealper
ers

Real ConOther
es2
tate umer loans2 Total
loans oans

Total

4 9 , 290 2 1 , 259
25 765
3 7 , 583
4 1 , 968
4 2 , 485
119 808 4 4 , 304
124 822 51 723

9 ,214
9 ,461
18 ,012
18 ,761
16 ,935
16 ,814
21 ,776

2
2
2
2

4 , 773
4,545
4 , 677 t 351 2 , 191
845 2 , 837
9 , 266
10, 666 11 907 2 992
1 1 , 405 6, 002 3 124
12, 270 6, 887 3 , 335
13 389 7, 628 3 955

2 8 , 031
9 6 , 043
7 6 , 691
7 0 , 318
7 5 , 793
7 5 , 504
7 3 , 099

1, 046
88 912
6 7 , 941
6 1 , 388
6 5 , 820
6 4 , 546
60 986

,455
,124
,821
,692
,847
,118

18, 021
22 775
32 628
36 060
36 230
37 658
44 705
46 318

8 ,671
8 ,949
16 ,962
17 ,631
15 ,857
15 ,708
2C ,521
22 ,158

594
598 3
972
855 3,133 3,378 3
811 1,065 7
1,324 834 8
1,737 758 8
807 9
1 770 1,840
927 10
1 808 1,770
892 10
1 846 1,276

,275
,987
,588
,389
,539
,665
,694

Total
loans
and
investments

Total1

121, 809
114, 274
112, 286
118, 278

43,
107
97
95
101
102
107
105
12
26
20
18
19
19
20
20

521
183
846
616
528
745
424
705

896 4
143 7
393 7
759 g
583 7
548 7
612 9
371 10

Chicago:3
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec 31
1950—June 30
Dec. 30'.
1951—Apr. 9.

2 760
5 931
5 088
4 799
5 424
5 256
5 569
5 320

Reserve city
banks:
1941—Dec. 31.
1945—Dec. 3 1 .
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 3 1 .
1950—June 30.
Dec. 30.
1951—Apr. 9.
Country banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—June 30.
Dec. 30.
1951—Apr. 9.

072
334
179
048
550
723
729
008

2 ,807
3 ,044
5 ,361
5 ,642
i

,792

450
314
610
775
963
819
823

g

494
455
130
244
834
547
522
720

3,692
977
550
658
809
001
585
928

2 5 , 500
84 408
6 5 , 218
5 9 , 556
6 5 , 297
65 087
62 719
59 387

19
78
57
52
56
55
52
48

539
338
914
154
883
759
365
861

5 54
76
240
313
377
426
540
548 1

509
654
636
621
686
850
079

g
18
13
10
12
11
10
10

823
809
215
712
033
825
883
363

7
17
11
9
10
10
8
8

265
574
972
649
746
281
993
413

96
65
26
84
91
88
115
91
115
95
121
147
147
134
156

1
4
3
3
3
3
3
3

806
598
287
016
806
699
487
178

412

169

943

267
225
219
242
285
279

123
80
111
224
256
339
442
461

48
211
73
71
109
109
110
102

52
233
87
63
56
64
69
67

22
36
46
51
51
54
65
69

114
194
427 1,503
170
484
360
130
183
309
324
201
207
386
195
363

1 ,527
1 ,459
3 ,147
3 ,503
3 ,742
4 ,029
4 ,423
4 ,453

433
1 ,256
1 ,609
1 ,965
2 ,291
2 ,567
2 ,476

1 ,823
1 ,881
3 ,827
4 ,467
4 ,784
5 ,125
5 ,591
'5 ,738

« 30
492
578
1 ,476
732
1 ,895
817
2 ,320
884
2 ,666
946
2 ,913 1 ,054
2 ,957 1 ,108

2,453 1,172

3 1,102

1 410
1,497
1,421

t ,328
t ,840

,418
,412
,211
,116
,567
,643

24
9
8

15 347
40 ,108
36 040
35 ,332
38 ,301
38 .697
40 ,685
39 ,594

7 105
8 ,514
13 ,449
14 ,285
14 ,370
14 .868
17 ,906
18 ,537

3,456
3,661
7,088
7,282
6,704
6,596
8,646
9.33<s

300
205
225
437
457
367
392
380

12 518
35 ,002
36 ,324
36 ,726
38 ,219
39 .245
40 ,558
40 ,420

5 ,890
5 ,596
10 ,199
11 ,945
12 ,692
13 ,510
14 ,988
15 ,630

1,676
1,484
3,096
3,296
3,150
3,339
3,980
4.339

659
648
818
1 ,356
1 ,480
1 ,379
1 ,407
1 ,458

5 ,776
14 ,639
16 ,444
16 ,685
16 ,766
17 ,079
17 ,414

3 ,241
2 ,992
4 ,958

543
512

478
459

6
?

4

183
471
227
187
173
177
187
183

20
31
1^
l'd
\'d
16
18

64 1 ,282
8
228 1 ,224
323
781
125 2 ,139
105 2 ,426
975
97 2 ,575 1 ,225
105 2 ,727 1 ,382
109 2 ,872 1 ,461

988

3 , 159 12, 797 4,102 3,651 3,333
22 3,873 3,258
19' 071 16 045 51 321
7, 552 5 , 918 5 2 , 334
14 5,129 3,621
10 065 3 , 394 45 100
8 5,509 3,420
6 6,400 3,574
12, 479 5 810 43 833
6 102 1 1 , 591 43 000
8 7,237 3,721
1 932 16 756 38 168
11 7,933 4,179

971

311
477

,002

589
720
900
824
612

16
5
7
10
4
1

3 007 11 729 3,832 3,090 2,871
985 14 271 44 792
16 3,254 2,815
10 4,199 3,105
816 4 815 45 286
999 2 800 38 761
5 4,480 2,922
409 5 085 37 996
4 5,274 3,140
821 9 990 37 404
5 6,040 3,289
468 14 054 33 170
8 6,640 3,714
005 32 155
14
7 6,926 3,601

1 623
3 433 3 325
640
558
1 183
365
1 785
835
458 1 594
250 1 711
1 736

3
10
9
7

7
7

6
6

652 1,679
729
1
337
606
771
638
512
563
405
752
328
959
206
2 1,123
064
2 1,230

830
629
604
500
535
585
767
720

1 430
4 ,213
2 890
2 633
3 324
3 138
2 ,911
2 ,621

256
133
132
183
331
352
232
180

1 ,467
235
275
690
276
131

8 243 6 ,467
826 31 594 29 ,552
1 ,079 22 591 20 ,196
1 ,118 21 047 18 ,594
i ,212 23 931 20 ,951
l ,274 23 829 20 ,510
l ,534 22 ,779 19 ,084
i ..585 21 ,057 17 ,328

295
1 ,034
373
1 ,056
1 ,189
1 ,179
1 ,218
920

6 ,982
2 ,358
3 ,201
4 ,180
1 ,954
499

751
5 ,653
1 ,901
1 ,090
2 ,124
4 ,005
5 ,536
5 ,169

4 ,248 1,173
820
956
t
15 ,878
1,126 916
15 ,560
1,342 1,053
13 ,247
1 1,421 1,032
13 ,457
1,727 1,254
13 ,372
1,988 1,331
11 ,830
j 2,184 1,511
11 ,238
2,281 1,448

110
,628 4 ,377
630
26 ,999
480
22 ,857
760
21 ,278
21 ,862 1 ,148
21 ,830 1 ,107
21 ,377 1 ,390
982
20 ,498

5 ,102
2 ,583
3 ,340
3 ,753
2 ,133
588

481
4 ,544
2 ,108
1 ,128
1 ,768
3 ,835
6 ,107
6 ,404

2 ,926
16 ,713
17 ,681
16 ,046
15 ,189
14 ,750
13 ,287
13 ,107

1 c 12

20
42
23
21
36
33
33
36

Obligations
of
States Other
and
CertifiGuar- polit- secucates
an- ical rities
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
Direct

1
2
2
2
3
3
3

027
064
3 933
I 776
i 505
6 167
> 115

545

4 .656

732
760

662

[ 046
[ 800
[ 945

954
333
801
783
618
557
083
142

1
1
1
1
1
2
2

614

3,164 3,606
823 1,190
1,336 939
1,749 855
1,856 912
1,789 1,036

U S. Government obligations

29 ,407
26 ,125
24 ,781
25 ,527
25 ,734
25 ,570
24 ,789

153
903
749 1 ,864
248 2 274
217 1 958
358 1 ,945
555 1 ,954
700 1 ,847
696 1 ,745

119

182
181
213
210
290
340
335
341

193
204
185
174
192
221
242
217

861 1,222 1 028
9 1,342 1,067
6 2,006 1,262
i
i
•
i
i

2,286
2,505
2,753
2,998
3,075

1,217
1,160
1,151
1,194
1,216

563
619
931

462
443
517
498
434
432
465

Insured nonmember commercial b a n k s :
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1948—Dec. 3 1 .
1949—Dec. 31.
1950—June 30.
Dec. 30.

5 ,911
6 ,258
6 ,650
7 ,023

1,049 563
1,131 975
1,078 1 ,018
1,106 1 ,049
1,255 1 ,015

214
287
334
315
335
370

2 ,535 1 ,509
11 ,647 10 ,584
11 ,486 10 ,039
10 ,774 9 ,246
10 ,508 8 ,94
10 ,429 8 ,799
10 ,391 8 ,632

17
152 1 ,069
180 "l ',087 1 ,774 6 ,538
136 1 ,736 1 ,104 7 ,058
234 2 ,066
594 6 ,349
725 5 ,846
303 2 ,071
308 1 ,281 1 ,601 5 ,606
453
465 2 ,702 5 ,008

271
6
i

;
;
;

1,030
1,127
1,198
1,294

•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.

982



FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
Cash
with
in
"ederal
vault
Reserve
Banks

Class of barlk
and
call date

All Insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—June 30..
Dec. 30..

12
15
17
20
16
15
17

396
810
796
404
428
863
458

1 ,358
1 ,829
2 ,145
1 ,939
1 ,984
1 ,801
2 ,145

Member banks,
total:
31..
1941—Dec. 3 1 . .
1945—Dec.
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—June 30..
Dec. 30..
1951—Apr. 9 . .

12
15
17
20
16
15
17
19

396
811
797
406
429
864
459
305

1 ,087
1 ,438
1 ,672
1 ,486
1 ,521
1 ,358
1 ,643
1 ,713

New York City:«
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—June 30..
Dec. 30..
1951—Apr. 9 . .

5
4
4
5
4
4
4
5

105
015
639
643
462
235
693
379

BalDeances mand
with
dedoposits
mestic
ad- 5
banks4 justed

interbank
deposits

Time deposits

Certified
U. S. States and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.

ForDomestic4 eign

U. S.
IndiGov- States
viduals
and
ernpartner- Inter- ment politships,
and
ical
and cor- bank
Postal subdiporaSav- visions
tions
ings

IndiCapividuals, Bortal
partner- row- acings counts
ships,
and corporations

37,
74,
85,
84,
84,
83,
91

845
722
751
211
576
916
099

9 ,823
12 ,566
11 ,236
10 ,344
10 ,885
9 ,577
11 ,955

673
1 ,248
1 ,379
1 ,488
1 ,315
1 ,281
1 ,442

1,761
23,740
1,325
2,323
3,050
3,590
2,788

3 677
5 098
6 692
7 182
7 419
7 924
7 892

1
2
2
2
2
2
2

077
585
559
113
338
145
898

36,
72,
83,
81,
82,
80,
89,

544
593
723
682
106
639
922

158
70
54
69
169
209
347

59
103
111
117
182
188
189

246
117
270
674
194
478
868
533

33
64
73
72
72
72
78
75

754
184
528
152
658
263
370
123

9 ,714
12 ,333
10 ,978
10 ,098
10 ,623
9 ,368
11 ,669
9 ,739

671
1 ,243
1 ,375
1 ,480
1 ,310
1 ,278
1 ,437
1 ,444

1,709
22,179
1,176
2,122
2,838
3,340
2,523
6,256

3
4
5
5
6
6
6
6

066
240
504
850
017
428
400
190

1
2
2
1
2
2
2
1

009
450
401
962
185
001
724
841

33,
62,
72,
70,
71,
70
78
73

061
950
704
947
589
463
659
118

140
64
50
63
164
204
341
358

50
99
105
111
175
182
183
190

1,051
1,115
1,121
1,201

93
111
151
117
112
92
118
143

141
78
70
67
68
38
78
38

10
15
16
15
15
15
15
15

761
065
653
773
182
053
898
311

3.595
3 ,535
3 ,236
2 ,904
2 ,996
2 ,692
3 ,207
2 ,801

607
1 ,105
1 ,217
1 ,278
1 ,084
1 ,051
1 ,162
1 ,197

319
237
290
241
196
279
258
234

450
1 ,338
1 ,105
750
895
809
1 ,087
609

11 282
712
17 646
16 695
16 408
15 896
17 490
16 071

6
17
12
31
113
151
268
262

10
12
14
38
37
37
38

29
20
14
20
24
19
37
35

778
1 206
1 418
1 646
590
594
647
1 647

1 021
942
1 ,070
1 ,325
1 ,183
1 ,080
1 ,216
1 ,310

43
36
30
28
27
26
30
28

298
200
175
143
159
114
133
139

2
3
3
3
3
3
3
3

215
153
737
604
797
676
954
636

1 ,027
1 ,292
1 ,196
1 ,038
1 ,151
977
1 ,177
1 ,010

8
20
21
26
40
37
48
37

233
237
285
284
286
325
284
273

34
66
63
53
60
53
70
50

2
3
3
3
3
3
4
3

152
160
853
702
932
716
250
669

2
1
4
4
3
3

9
11
10
9
10
11

1
1
1
1

476
719
902
989
069
086
089
082

4 ,060
6 ,326

425
494
562
483
482
428
519
530

2 ,590
2 ,174
2 ,125
1 ,845
1 ,965
1 ,747
2 ,206
1 ,786

11 ,117
22 ,372
25 ,714
25 ,072
25 744
25 ,655
27 ,938
26 ,716

4 ,302
6 ,307
5 ,497
5 ,213
5 ,498
4 ,848
6 ,174
4 ,981

54
110
131
168
176
181
217
199

1 ,144
1 ,763
2 ,282
2 ,401
2 ,478
2 ,579
2 ,575
2 ,397

286
611
705
649
650
590
852
600

11
22
26
25
25
25
28
26

127
281
003
302
912
729
938
732

104
30
22
19
38
40
57
84

20
38
45
46
60
65
60
62

243
160
332
547
617
653
631
706

4
9
11
10
10
11
10
10

542
563
045
798
987
093
956
767

""93

1 967
2 566
2 844
2 928
3 087
3 268
3 ,322
3 342

526
796
929
858
901
813
976

3 ,216
9 ,661
4 ,665 23 ,595
3 ,900 27 ,424
3 ,619 27 ,703
4 ,002 27 ,935
3 ,579 27 ,879
4 .450 30 ,581
3 ,570 29 ,460

790
1 ,199
1 ,049
943
979
850
1 ,111
947

2
8
7
8
9
9
10
10

1 ,370
2 ,004
2 ,647
2 ,925
3 ,058
3 ,246
3 ,282
3 ,286

239
435
528
510
579
549
715
583

8 ,500
21 ,797
25 ,203
25 ,248
25 ,337
25 ,122
27 .980
26 ,646

30
17
17
13
13
12
12
12

31
52
45
49
73
75
82
87

146
219
337
350
400
434
443
449

6 082
12 224
14 ,177
14 ,369
14 ,289
14 ,555
14 ,339
14 ,396

4
11
23
12
11
15
9
96

1 ,982
2 ,525
2 ,934
3 ,123
3 ,305
3 ,433
3 ,532
3 ,640

108
233
258
246
261
209
286

2
c
4
8
6

611
858
1 ,188
1 ,332
1 ,402
1 ,496
1 ,492

68
135
158
151
153
144
174

3 ,483
9 ,643
11 ,019
10 ,736
10 ,517
10 ,176
11 ,262

18
6
4
6

8
4
6
6
6
(
6

74
97
132
153
182
206
210

3 ,276
5 ,579
6 ,420
6 ,459
6 ,524
6 ,613
6 ,510

6
"i
1
8

959
1 ,083
1 ,271
1 ,358
1 ,473
1 ,539
1 ,570

8 , 570
1 1 , 075
9 , 736
8 , 947
9 , 466
8 , 358
10 463

6
7
6
5
6
5
6
5

866

6,940
267
445
640
684
451

1,786

15

492
496
826

1,080
1,232
1,321
1,331

418
399
693
927

15,
29,
33,
34,
34,
34,
34,

146
277
946
244
442
925
525

10
215
61
54
14
36
82

6,
8,
9,
10,
10,
11,
11,

844
671
734
158
645
061
263

11,
23,
27,
27,
27,
28,
28
27

878
712
542
801
934
328
032
891

4
208
54
45
11
30
79
309

5
7,
8
8
9
9
9
9

886
589
464
801
174
523
695
840

1
2
2
2
2
2
2
2

648
120
259
306
312
341
351
366

* 195
30
25

•'76
120

3

Chicago:
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Dec.
1951—Apr.

31. .
31. .
31. .
31. .
31. .
30. .
30..
9

Reserve city banks.
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 .
1950—June 30..
Dec. 30..
1951—Apr. 9 . .
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—June 30..
Dec. 30..
1951—Apr. 9 . .

7 ,095
7 ,701
6 ,413
6 ,206
6 ,806
7 ,339
2 ,210
4 ,527
4 ,993
5 ,736
4 ,371
4 ,343
4 ,745
5 ,278

Insured nonmember commercial banks:
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Dec.

31

31. .
31..
31..
31..
30..
30..

...

1 ,012

271
391
473
453
46;
442
503

2 ,325
3 ,959
3 ,466
3 ,273
3 ,27;
2 ,880
3 ,596

4 ,092
10 ,537
12 ,223
12 ,059
11 ,918
11 ,653
12 ,729

c

127

1,552
72
188
258
211
174
520
491

8,221

405
801

1,142
1,408
976

2,426
225

5,465
432
688
797

1,036
922

1,523

53

1,560
149
201
2U
250
265

3

E
C

6

288
377
426
444
470
482
490
492

2
1
8

ii

»
3

2
"Consumer loans" exclude, and "Other loans" include, single-payment loans of $3,000 and over, which prior to BULLETIN for May 1951
had been included in consumer loans. The amounts of these loans prior to June 30, 1949, the first call date on which they were reported separately,
have 3been estimated (see BULLETIN for November 1950, p. 1465).
Central reserve city banks.
4
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.
6
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.

AUGUST

1951




983

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans i

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 Govt. Other
seseob- curi- ob- curiliga- ties liga- ties
tions
tions

U. S. Government obligations

Real Loans Other
estate
to
loans Total
loans banks

Total

Bills

CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness

Total—
Leading Cities
25,261

13,497

419 1,266

138

505

. . . 69,862 32,521 19,196
69,589 32,584 i 19,152
69,900 32,579 1 19,128

175 1,122

245 1,097
254 1,032

133

593

123
126

5,393
607 5,452
603 5,516

67,531

1950— June

4,651

309

4,861 42,270 36,565 2,355 3,112 6,746 24,352 5,705

May 2 . . . 70,108
May 9. . . 69,392
May 16. . . 69,582
May 2 3 . . . 69,493
May 30. . . 69,369

32,661
32,548
32,668
32,614
32,428

19,186
19,164
19,233
19,115
19,048

246
263
272
174
271

1,113
1,132
1,087
1,092
1,061

125
125
123
123
121

602
609
595
633
596

5,419
5,440
5,456
5,467
5,476

5,918 37,341 30,736 1,857
430 5,934 37,005 30,485 1,764
452 5,924 37,321 30,781 2,375 " ' 792
491 5,935 37,447 30,836 1,971
341 5,930 36,844 30,339 1,641
417 5,941 36,914 30,425 1,742
534 5,932 36,879 30,382 1,696
382 5,928 36,941 30,443 1,769

June 6 . . . 69,037
June 13. . . 69,492
June 2 0 . . . 70,434
June 27. .. 70,635

32,332
32,429
32,677
32,877

18,992
19,085
19,216
19,220

214
191
235
376

1,048
1,020
1,036
1,023

124
125
125
129

630
597
597
587

5,489
5,521
5,524
5,530

364
438
484
523

5,926
5,909
5,916
5,947

70,268
70,099
70,085
70,114

32,766
32,746
32,671
32,509

19,153
19,120
19,035
18,958

419 1,091
398 1,017
406 991
455 986

127
126
125
135

584
579
578
576

5,534
5,539
5,546
5,555

392
528
563
435

5,926
5,899
5,887
5,869

1,010 11,664 10,170

677

582

609

1,688 5,963 1,930
1,682 5,908 1,838
174 1,542 5,579 1,861

1951—April
May

June

July 3 . . .
July 1 1 . . .
July 1 8 . . .
July 2 5 . . .

446

8,155 20,724 6,605
8,124 20,597 6,520
7,690 19,924 6,540
8,150
8,095
8,115
8,113
8,147

20,715
20,603
20,568
20,573
20,527

6,611
6,505
6,489
6,497
6,498

36,705
37,063
37,757
37,758

30,207 1,806
8,024
30,555 2,147
8,038
31,186 2,800 'i',582 7,332
31,176 2,745 1,585 7,368

20,377
20,370
19,472
19,478

6,498
6,508
6,571
6,582

37,502
37,353
37,414
37,605

30,886 2,457 1,573
30,697 2,338 1,553
30,739 2,325 1,539
30,949 2,500 1,499

19,510
19,502
19,495
19,447

6,616
6,656
6,675
6,656

7,346
7,304
7,380
7,503

New York City
1950—June

19,411

7,747

4,655

370 1,016

19

214

327

261

1951—April

20,238
19,865
20,098

10,048
9,944
10,064

6,775
6,727
6,743

143

26

241

458

355

466
486

1,339 10,190 8,260
256 1,333 9,921 8,083
348 1,341 10,034 8,173

May 2 . . . 20,278
May 9 . . . 19,809
May 1 6 . . . 19,812
May 23. . . 19,706
May 30. . . 19,722

10,003
9,919
9,964
9,944
9,892

6,734
6,713
6,768
6,716
6,703

208

457

315

180

June 6 . . . 19,605
June 13. .. 19,892
June 20. .. 20,395
June 27. .. 20,500

9,942
9,970
10,163
10,182

6,660
6,695
6,800
6,818

183
154
200
311

July 3 . . .
July 1 1 . . .
July 1 8 . . .
July 2 5 . . .

20,326
20,074
19,886
19,793

10,256
10,174
10,124
10,041

6,832
6,813
6,778
6,742

1950—June

48,120

17,514

1951—April
May

June

49,624 22,473
49,724 22,640
49,802 22,515

May 2 . . .
May 9 . . .
May 16. ..
May 2 3 . . .
May 3 0 . . .

49,830
49,583
49,770
49,787
49,647

22,658
22,629
22,704
22,670
22,536

June 6 . . .
June 1 3 . . .
June 2 0 . . .
June 2 7 . . .

49,432
49,600
50,039
50,135

July 3 . . .
July 1 1 . . .
July 1 8 . . .
July 2 5 . . .

May

June

185
212

851

837
795

24
24

257
255

493
878

1,730 7,181 1,494

26
23
23

251
252
289

817

23

252

470

1,325 10,275 8,387
200 1,332 9,890 8,063
221 1,336 9,848 8,036
292 1,338 9,762 7,935
254 1,333 9,830 7,996

808
783
806
784

24
24
24
24

284
250
248
239

482
491
487
484

305
372
404
312

1,336
1,341
1,334
1,351

9,663 7,826
9,922 8,067
10,232 8,358
10,318 8,442

379
335
338
376

851
793
766
764

24
26
24
31

237
234
232
231

490
491
494
497

259
307
317
232

1,325
1,316
1,316
1,309

10,070 8,174
9,900 7,935
9,762 7,781
9,752 7,772

8,842

49

250

119

291

4,324

48

3,851 30,606 26,395

1,678 2,530 5,016 17,171 4,211

12,421
12,425
12,385

32
60
42

271
260
237

107
99
102

352
350
348

4,935
4,986
5,030

91
174
104

4,579 27,151 22,476
4,601 27,084 22,402
4,583 27,287 22,608

1,248
1,271
1,497

12,452
12,451
12,465
12,399
12,345

38
53

276
270

100
99

359
358

4,962
4,974
343 4,988
344 4,996
344 5,006

176
141

4,610 27,172 22,449
4,598 26,954 22,276
196 4,605 27,066 22,389
242 4,594 27,117 22,447
128 4,595 27,111 22,447

1,272
1,196
1,280
1,296
1,310

6,445
6,425
6,428
6,443
6,469

14,732
14,655
14,681
14,708
14,668

4,723
4,678
4,677
4,670
4,664

22,390
22,459
22,514
22,695

12,332
12,390
12,416
12,402

31

240

100

346

5,007
347 5,030
349 5,037
348 5,046

4,590 27,042 22,381
66 4,568 27,141 22,488
80 4,582 27,525 22,828
211 4,596 27,440 22,734

1,343
1,373
1,676 i',237
1,594 1,235

6,422
6,489
5,843
5,840

14,616
14,626
14,072
14,065

4,661
4,653
4,697
4,706

49,942 22,510
50,025 22,572
50,199 22,547
50,321 22,468

12,321
12,307
12,257
12,216

40
63
68
79

240
224
225
222

103
100
101
104

347
345
346
345

1,534
1,582
1,712
1,874

5,819
5,788
5,828
5,901

14,114
14,158
14,187
14,186

4,720
4,691
4,694
4,676

210
208
117

837

862
829
838

25

243

466
468
471

1,705
1,670
1,687
1,670
1,678

5,983
5,948
5,887
5,865
5,859

1,888
1,827
1,812
1,827
1,834

463
1,602
774
1,549
1,124 "345 1,489
1,151
350 1,528

5,761
5,744
5,400
5,413

1,837
1,855
1,874
1,876

5,396
5,344
5,308
5,261

1,896
1,965
1,981
1,980

699

445
462
400
459

923
756
613
626

328
319
308
283

1,527
1,516
1,552
1,602

Outside
New York City

1
2

64
57
91

37
35
65

258
254
244
237
230
239

100
100
98
101
101
105

5,044
5,048
5,052
5,058

59

133
221
246
203

4,601
4,583
4,571
4,563

27,432
27,453
27,652
27,850

22,712
22,762
22,958
23,177

618

1,245
1,234
1,231
1,216

6,467 14,761 4,675
6,442 14,689 4,682
6,148 14,345 4,679

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.

984



FEDERAL RESERVE

BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
Bal- Dewith Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic ad- 3
serve
banks justed
Banks

Date or month

Time deposits,
except interbank

Interbank
deposits

Indi
IndividvidU. S.
Demand
Bor- Cap- Bank
uals, States Certiuals, States Govand
fied
and
row- ital
debpart- politacU. S. part- polit- ernand
ings counts its4
nerGov- nerical
Offiical ment
Time
ships, suband
ern- ships, subcers'
and
ment and
dividivi- Postal Docor- sions checks,
cor- sions Sav- mes- Foretc.
eign
poraporaings
tic
tions
tions

Totalleading Cities
.

1951—April
May

June

11,996

806 2,270 47,868 48,146 3,556

1 ,289 2,029 14,748

126 8,908 1,279

193

243 6,372 103,901

14,422
13,864
14,360

1950—June...

829 2,341 49,583 50,385 3,515
832 2,223 49 ,797 0,304 3,801
2,421 50,553 51,338 3,598

1,402 4,475 14,539
1,300 3,250 14,483
1,325 3,342 14,593

727
737
746

127 9,090 1,392
130 8,931 ,344
134 9,221 1,316

353
348
341

358 6,582 112,469
640 6,623 110,650
378 6,664 121,577

May 2 . . . 13,960
May 9 . . . 13,864
May 16... 14,044
May 2 3 . . . 13,741
May 3 0 . . . 13,712

795
839
821
845
861

2,217 50,163 50,257
2,161 49,572 49,552
,350 50,932
2,378 49,
2,229 49,865 50,189
2,129 50,034 50,591

3,950
3,792
3,685
3,719
3,857

1,449
1,270
1,300
1,235
1,245

3,520
3,149
3,380
3,197
3,005

14,477
14,494
14,485
14,473
14,485

732
735
741
734
746

129
130
12
130
131

8,971
9,057
9,392
8,761
8,476

1,343
1,347
1,352
,339
,339

355
353
347
343
342

567
591
797
580
664

6,618
6,629
6,626
6,630
6,612

28,429
24,347
26,106
25,305
20,527

June 6 . . .
June 1 3 . . .
June 2 0 . . .
June 2 7 . . .

14,216
14,463
14,513
14,249

832
883
843
890

2,331 50,286 50,455
2,635 51,133 52,606
2,474 50,875 51,791
2,242 49 ,916 50,500

3,680
3,584
3,537
3,589

1,361
1,207
1,391
1,342

2,723
2,397
3,569
4,679

14,514
14,585
14,613
14,661

749
747
745
743

132
132
135
135

9,207
9,564
9,331
8,781

,333
,342
,289
,300

340
341
341
341

257
358
398
500

6,629
6,664
6,675
6,689

29,335
24,439
30,793
26,738

July 3 . . . 14,205
July 1 1 . . . 14,288
July 1 8 . . . 14.243
14,091

812
911
858
863

2,2
2,338 49
2,433 49
2,320 50

50,250
50,622
51,021
50,971

3,644
3,480
3,336
3,532

1,545
1,282
1,456
1,226

4,339
3,619
3,111
2,962

14,646
14,684
14,692
14,677

740
742
737
738

135
140
140
140

9,345
9,578
9,759
9,364

,293
,290
,265
,266

379
379
378
379

440
612
708
383

6,699
6,701
6,698
6,705

25,269
25,546
25,746
23,637

4,386

128

15,181 15,863

236

616

527 1,542

2,746 1,057

146

96 2,298 42,294

5,327
4,949
5,303

129
12
132

15,590 16,379
15,435 16,216
15,813 16,619

275
293
240

651 1,511 1,564
883 1,476
581
589 1,091 1,506

2,792 1,151
2,704 1,111
2,858 1,087

265
261
255

96 2,322 44,312
317 2,330 42,272
129 2,341 49,398

5,069
4,850
4,99;
5,038
4,797

122
130
123
127
13:

15,817
15,347
15,141
15,475
15,395

16,404
15,949
16,218
16,196
16,313

378
284
271
251
281

656 1,022
557
854
566
892
564
839
561
808

1,491
1,490
1,474
1,459
1,467

2,729
2,700
2,818
2,657
2,618

1,109
1,107
1,120
1,113
1,104

269
267
259
257
256

294
273
471
298
249

2,332 11,750
2,334 9,297
2,336 9,741
2,337 9,284
2,309 7,834

5,195
5,357
5,373
5,288

129
135
125
138

15,656
15,984
16,164
15,449

16,359
16,901
16,968
16,247

206
217
254
283

645
777
495
647
601 1,126
617 1,812

1,473
1,518
1,513
1,522

2,799
2,948
2,946
2,739

1,109
1,109
1,054
1,074

254
255
255
255

83
147
22
264

2,315 13,196
2,353 9,562
2,351 12,255
2,345 10,387

5,104
5,182
5,121
5,028

129
139
125
125

15,184 16,126
15,283 16,021
15,238 16,027
16,210
28

240
246
234
267

759 1,559
564 1,233
719
907
530
803

1,486
1,482
1,476
1,465

2,844 1,078
2,820 1,074
2,885 ,053
2,788 1,052

284
284
284
284

280
379
456
208

2,355 10,329
2,356 10,199
2,355 9,568
2,352 9,001

1950—June

7,610

678 2,236 32,68' 32,283 3,320

673

1951—April
May
June

9,095
8.915
9,057

700 2,
,298 33,993 34,006 3,240
705 2,192 34,362 34,088 3,508
730 2,387 34 ,740 34,719 3,358

751 2,964 12,975
719 2.367 13,007
736 2,251 13,087

May 2 . . .
May 9 . . .
May 16...
May 2 3 . . .
May 3 0 . . .

8,891
9,014
9,051
8,703
8,915

673
709
698
718
729

2,184 34 ,346 33,853
2,133 34,225 33,603
2,343 34,209 34,714
2,196 34,390 33,993
2,101 34
,278

3,572
3,508
3,414
3,468
3,576

793
713
734
671
684

2,498
2,295
2,488
2,358
2,19

Tune 6 . . .
June 1 3 . . .
June 2 0 . . .
June 2 7 . . .

9,021
9,106
9,140
8,961

703
748
718
752

2,302 34 630 34,096
2,598 35,14' 35,705
2,441 34,711 34.823
2,205 34 ,467 34,253

3,474
3,36
3,28.
3,306

716
712
790
725

1,946
1,750
2,443
2,867

July 3 . . .
July 1 1 . . .
Tuly 1 8 . . .
July 2 5 . . .

9,101
9,106
9,122
9,063

2,268 34,156 34,124
77 2,309 34,384 34,601
733 2,399 34 ,654 34,994
738 2,292 35,020 34,761

3,404
3,234
3,102
3,265

July 2 5 . . .
New York City
1950—June
1951—April
May
June
May 2 ...
May 9 . . .
May 16...
May 2 3 . . .
May 3 0 . . .
June 6 . . .
June 1 3 . . .
June 2 0 . . .
June 2 7 . . .
July 3 . . .
Tuly 1 1 . . .
Tuly 1 8 . . .
July 2 5 . . .
Outside
New York City

6,162

222

4,074 61,607

695
708
721

6,298
6,227
6,363

241
233
229

262 4,260 68,157
323 A,293 68,378
249 4,323 72,179

12,986
13,004
13,011
13,014
13,018

703
705
711
707
719

6,242
6,357
6,574
6,104
5,858

234
240
232
226
235

273
318
326
282
415

4,286
4,295
4,290
4,293
4,303

16,679
15,050
16,365
16,021
12,693

13,041
13,06
13,100
13,139

723
721
719
721

6,408
6,616
6,385
6,042

224
233
235
226

174
211
376
236

4,314
4,311
4,324
4,344

16,139
14,877
18,538
16,351

786 2,780 13,160
718 2,386 13,202
737 2,204 13,216
2,159 13,212

717
719
714
715

6,501
6,758
6,874
6,576

215
216
21
214

160
233
252
175

4,344
4,345
4,343
4,353

14,940
15,347
16,178
14,636

1,502 13,206

figures on the revised

AUGUST

1951




985

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans x

Federal Reserve
district and date

Boston
June 27
July 3
July 11
July 18
July 25. .
New York*
Tune
July
July
Tuly
July

27.
3
11
18
25 . . .

Philadelphia
June 27. ..
Tuly 3
July 11
Tuly 18
July 25 . .
Cleveland
Tune 27.
July 3
July 11
July 18
July 25. .
Richmond
Tune 27.
July 3
July 11
Tuly 18
July 25. .
A tlanta
Tune
Tuly
July
July
July

27....
3
11
18
25

Chicago*
Tune 27
July 3
Tuly 11
July 18
July 25
St. Louis
June
July
Tuly
July
July

27
3
11
18
25 . . . .

Minneapolis
Tune 27
July 3
Tuly 11
July 18
July 25
Kansas City
June 27
July 3
July 11
July 18
July 25
Dallas
June 27
July 3
July 11
July 18
July 25
San Francisco
Tune 27
July 3
July 11
July 18
July 25
City of Chicago*
June 27
July 3
July 11
July 18
July 25

I otal
oans
and
invest- Total 1
ments

Commercial,
industrial,
and
agricultural

Investments
U. S. Government obligations

For purchasing
or carrying securities
To brokers
and dealers

To others

Real Loans
estate to Other Total
loans banks loans

U. S. Other U. S Other
Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions

3,219
3,161
3,174
3,172
3,202

1,556
1,514
1,539
1,540
1,510

1,001

991
995
987
981

2
3
2
4
5

11
11
11
9
9

10
10
10
10
10

21
21
21
21
21

207
208
207
207
205

40
9
29
39
18

290
288
290
289
288

23,032
22,835
22,557
22,358
22,275

11,227
11,296
11,213
11,167
11,082

7,275
7,284
7,257
7,220
7,185

320
390
349
351
388

793
860
803
777
775

30
30
31
30
36

257
255
252
251
250

802
809
812
817
820

316
259
310
323
236

1,597
1,572
1,562
1,561
1,555

2.879
2,864
2,851
2,833
2,822

1,340
1,335
1,332
1,324
1,324

773
772
772
765
758

1
1
2
2
2

31
31
30
30
29

3
3
3
3
4

7
7
7
7
7

147
144
145
147
147

14
9
9
6
11

386
390
388
388
390

1,539
1,529
1,519
1,509
1,498

4,979 1,995
4,987 2,012
4,953 1,984
4,986 2,016
5,004 2,020

1,166
1,167
1,169
1,167
1,166

9
7
6
6
6

24
25
22
24
23

14
13
13
12
12

66
65
64
64
64

383
383
384
385
387

13
33
9
44
44

2
1
1
1
1

6
6
6
6
6

11
12
12
11
12

41
41
41
41
41

236
235
235
234
233

14
12
12
12
12

12
12
11
10
11

24
24
24
25
24

Total Bills

Certificates
of indebtedness

Other
secuNotes Bonds 2 rities

135
124
110
106
158

75
74
74
74
74

217
217
219
217
236

987
986
985
984
970

249
246
247
251
254

11,805 9,671 1,227
11,539 9,386 975
815
11,344 9,122
11,191 8,953 670
11,193 8,958 693

385
363
354
345
319

1,763
1,767
1,724
1,748
1,802

6,296
6,281
6,229
6,190
6,144

2,134
2,153
2,222
2,238
2,235

1,190
1,177
1,171
1,161
1,150

110
108
97
91
85

20
22
22
22
22

225
216
218
217
217

835
831
834
831
826

349
352
348
348
348

351
350
348
345
349

2,984 2,489
2,975 2,482
2,969 2,473
2,970 2,481
2,984 2,494

212
215
209
210
223

165
162
158
158
158

564
559
559
566
566

1,548
1,546
1,547
1,547
1,547

495
493
496
489
490

16
19
28
19
22

317
318
312
310
309

1,625
1,627
1,655
1,660
1,684

1,458
L,460
L ,487
1,492
1,518

155
153
177
176
207

34
45
46
46
47

359
358
355
356
349

910
904
909
914
915

167
167
168
168
166

96
96
96
93
91

13
8
20
13
13

322
326
322
322
320

1,414
1,423
1,456
1,467
1,473

1,188
1,195
1,230
1,239
1,247

53
67
88
89
90

87
89
92
92
92

427
421
423
431
434

621
618
627
627
631

226
228
226
228
226

1,663
1,647
1,635
L ,632
1,692

1,414
1,401
1,388
1,381
1,438

2,805
2,803
2,838
2,819
2,841

1,180
1,176
1,183
1,159
1,157

565
558
562
551
547

2,509
2,514
2,550
2,547
2,544

1,095
1,091
1,094
1,080
1,071

632
631
627
623
618

10,098
9,930
9,944
9,965
9,975

3,676
3,564
3,611
3,630
3,636

2,377
2,341
2,351
2,357
2,362

38
13
29
39
49

97
98
88
85
86

19
17
17
17
17

61
61
61
60
60

468
468
468
470
471

56
10
37
26
23

617
614
618
634
626

6,422
6,366
6,333
6,335
6,339

5,467
5,401
5,389
5,385
5,395

383
351
356
355
346

380
375
374
369
364

1,320
1,291
1,281
1,298
1,322

3,384
3,384
3,378
3,363
3,363

955
965
944
950
944

2,310
2,287
2,307
2,323
2,322

1,173
1,165
1,176
1,167
1,163

628
622
619
622
617

2
2
1
1
1

8
8
8
7
7

8
8
8
8
9

14
14
14
14
14

247
249
249
249
251

14
11
28
18
16

266
265
263
262
262

1,137
1,122
1,131
1,156
1,159

963
940
957
983
988

68
48
62
87
87

79
83
78
81
81

255
246
246
243
249

561
563
571
572
571

174
182
174
173
171

611
602
607
597
594

334
327
324
330
322

3
3
3
3
3

1
1
1
2
2

6
6
6
6
6

111
110
110
110
110

10
2
6

164
163
161
152
153

600
601
603
621
627

465
466
467
487
493

6
8
12
30
34

21
20
20
18
18

136
137
134
138
140

302
301
301
301
301

135
135
136
134
134

2,703
2,679
2,701
2,754
2,756

1,217
1,205
1,203
1,205
1,194

791
783
778
772
774

7
7
7
7
7

5
5
5
5
5

15
15
14
14
14

169
169
168
168
167

8
4
10
16
5

231
231
230
232
231

1,486
1,474
1,498
1,549
1,562

1,221
1,212
1,236
1,286
1,299

179
173
191
234
247

82
81
82
84
84

402
399
406
403
402

558
559
557
565
566

265
262
262
263
263

2,618
2,620
2,617
2,639
2,651

1,438
1,435
1,432
1,442
1,421

991
990
984
983
974

9
9
8
9
8

10
10
9
11
11

48
48
48
48
48

121
120
122
120
120

4
4
1
13
4

272
271
277
275
272

1,180
1,185
1,185
1 197
1,230

1,016
1,018
1,019
1,029
1,063

106
108
113
116
156

82
85
85
83
73

256
254
251
260
262

572
571
570
570
572

164
167
166
168
167

2
2
8
2
3

20
21
19
22
21

6
6
6
6
6

27
27
27
27
27

2,543
2,543
2,543
2,546
2,553

29
26
37
44
37

1,134
1,138
1,128
1,117
1,114

5,903
6,014
6,025
6,127
6,164

4,634
4,748
4,758
4,862
4,906

111
127
108
161
174

175
174
168
167
167

1,444
1,481
1,488
1,503
1,524

2,904
2,966
2,994
3,031
3,041

1,269
1,266
1,267
1,265
1,258

38
12
28
39
48

89
90
79

16
14
14
14
14

51
51
50
50
50

105
105
105
106
106

34
1
17
13
11

329
327
329
329
325

3,716
3,687
3,641
3,641
3,638

3,114
3,076
3,051
3,048
3,051

200
191
182
184
173

202
198
196
190
188

747
721
712
729
745

1,965
1,966
1,961
1,945
1,945

602
611
590
593

1,211
1,203
1,210
1 ,218
1,221

12,272 6,369 2,687
12,385 6,371 2,687
12,397 6,372 2,682
12,471 6,344 2,658
12,501 6,337 2,654
6,144
6,018
6,002
6,017
6,018

2,428
2,331
2,361
2,376
2,380

1,805
1,770
1,778
1,789
1,789

75
76

587

* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
For other footnotes see preceding table.

986



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Federal Reserve
district and date

Boston
June 27
July 3
July 11
July 18
July 25
New York*
June 2 7 . . .
July 3
July 11
July 18
July 25
Philadelphia
June 27
July 3
July 11
July 18
July 25
Cleveland
June 27
July 3
July 11
July 18
July 25
Richmond
June 27
July 3
July 11
July 18
July 25
Atlanta
June 27
July 3
July 11
July 18
July 25
Chicago*
June 27
July 3
July 11
July 18
July 25
St. Louis
June 27
July 3
July 11
July 18
July 25
Minneapolis
June 27
July 3
July 11
July 18
July 25
Kansas City
June 27
July 3
July 11
July 18
July 25
Dallas
June 27
July 3
July 11
July 18
July 25
San Francisco
June 27
July 3
Julv 11
Tuly 18
July 25
City of Chicago*
June 27
July 3
July 11
July 18
July 25

Reserves
DeBalwith Cash ances mand
with
deFedin
eral vault do- posits
mestic ad- 3
Rebanks justed
serve
Banks

Individuals, States Certified
and
part- polit- and
nerOffiical
ships, sub- cers'
and
divi- checks,
corpora- sions etc,
tions

Time deposits,
except interbank
Indi
viduals,
U. S. partGov- nerern- ships
ment and
corporations

Interbank
deposits

U. S.
Governpolit- ment
ical
and
subdivi- Postal
Sav.
sions ings

546
549
548
568
552

59
56
62
58
58

94
101
96
106
102

2,617
2,595
2,603
2,633
2,651

2,553
2,585
2,575
2,620
2,589

206
200
195
186
208

55
64
61
58
50

5,602
5,453
5,494
5,457
5,358

197
182
200
182
182

125
123
119
131
124

17,214
16,961
17,007
16,989
17,267

17,768
17,665
17,563
17,594
17,746

600
558
504
502
555

669
829
624
774
586

525
532
541
505
508

49
43
48
46
46

113
113
112
117
106

2,242
2,191
2,185
2,152
2,165

2,341
2,320
2,292
2,269
2,264

107
94
101
96
83

24
27
26
23
37

193
196
164
142
133

402
404
404
404
404

28
28
29
29
29

911
886
892
927
914

89
78
91
89
88

161 3,387
147 3,384
148 3,383
146 3,515
146 3,544

3,503
3,473
3,509
3,630
3,592

211
221
212
223
236

56
59
54
61
51

413
364
304
268
255

1 ,327
1,329
1,329
1,332
1,332

54
54
54
52
52

515
503
544
543
536

76
68
78
71
73

165 2,228
180 2,172
175 2,235
184 2,239
173 2,266

2,211
2,201
2,249
2,256
2,249

186
190
191
174
189

56
47
46
51
45

135
141
124
110
104

553
554
554
555
556

470
495
471
469
473

47
41
49
47
48

189
209
217
214
197

1 ,902
1,881
1,926
1,947
1,964

1 ,805
1,799
1,850
1,871
1,835

282
310
302
294
313

26
25
21
29
25

102
97
84
75
73

2,107
2,118
2,111
2,137
2,153

111
105
114
107
106

309
317
318
324
313

6,732
6,594
6,666
6,672
6,831

6,849
6,684
6,809
6,832
6,878

616
614
609
600
618

114
124
107
116
104

429
439
428
424
430

34
32
36
34
34

118
126
145
138
119

1,520
1,491
1,525
1,532
1,542

1,606
1,592
1,646
1 ,644
1,629

117
118
113
112
115

209
224
221
222
225

14
12
14
13
14

80
81
96
86
79

794
803
821
816
835

784
801
819
835
828

544
545
551
557
555

37
32
36
35
36

263
293
303
329
336

2,011
1,972
2,001
2,039
2,068

495
549
537
501
497

40
37
41
39
41

352
350
340
373
365

1,896
1 .91?
1,950
1,933
L,890

137
126
142
137
137

273
259
269
285
260

1,388
1,409
1,406
1,425
1,402

39
40
40
36
36

172
168
145
125
120

Demand
Cap- Bank
ital
acings counts debits4

States

BorDomestic

Foreign

Time

472
473
473
474
474

2
1
2
1
2

3
3
3
3
3

277
275
298
313
302

34
30
33
32
33

1
1
1
1
1

17
8
6
2
5

1,933 2,349
1 ,679 2,313
1,342 2,308
1,009 2,302
903 2,290

30
30
30
30
30

45
45
49
49
49

2,805
2,916
2,897
2,965
2,863

1,077
1,081
1,078
1,055
1,055

256
285
285
285
285

275
287
387
458
216

359
391
389
408
387

14
14
13
13
13

1
1
1
1
1

10
9
49
36
33

336
338
337
336
336

1,065

3
3
3
3
3

442
481
491
505
482

9
9
8
8
8

1
1
1
1
1

36
10
47
3
16

492
490
488
490
490

1,737
l!560
1,447
1,581
1,536

26
26
26
26
26

19
19
20
20
20

352
396
423
419
403

7
7
8
7
7

12
17
17
17
17

4
1
7
1

249
247
248
248
248

965
967
952
962
863

513
514
515
516
516

5
5
5
5
5

7
7
7
7
7

474
536
546
526
496

11
11
13
11
11

2
2
2
1
2

7
15

213
214
214
214
214

834
813
845
861
793

882
801
667
608
609

2,635
2,644
2,646
2,648
2,639

26
26
26
26
26

13
13
13
13
13

1,443
1,545
1,607
1,629
1,559

42
40
40
43
42

1
1
1
1
1

66
46
41
114
46

19
21
20
19
17

133
112
91
78
74

470
470
470
470
471

13
13
13
13
13

4
4
4
4
4

548
589
609
615
590

2
1
2
1
1

8
9
5
6
11

197
201
201
204
204

705
639
691
748
658

141
153
140
125
130

14
18
15
14
15

70
61
59
57
58

233
233
233
232
232

1
1
1
1
1

276
293
311
307
296

3
3
2
3
2

27
16
3
12
3

108
108
109
109
109

414
409
441
461
391

1,995
1,993
2,028
2,090
2,077

243
255
242
239
252

31
29
28
28
26

142
132
112
107
105

392
394
396
397
398

19
19
19
19
19

5
5
5
5
5

739
793
832
879
862

2
2
2
2
2

16
11
4
5
3

236
236
236
236
236

926
789
910
980
926

2,164
2,131
2,145
2,162
2,189

2,140
2,125
2,144
2,197
2,186

205
202
189
177
183

46
46
36
40
40

103
110
92
78
73

372
371
372
372
371

70
69
69
69
69

7
7
7
7
7

570
651
634
647
626

6
7
6
7
7

251
249
249
249
251

853
766
793
914
860

7,105
7,165
7,170
7,196
7,211

6,945
7,012
7,138
7,183
7,098

675
729
682
608
650

232
256
244
243
230

401
478
435
454
455

4,943
4,947
4,984
4,990
4,994

470
469
469
467
467

28
28
28
28
28

496
479
541
546
498

93
88
85
83
85

34
28
63
71
50

922
920
921
915
926

3,176
2,855
3,194
3,284
2,917

145 4,125 4,266
149 4,070 4,173
156 4,080 4,230
149 4,086 4,265
150 4,159 4,287

313
310
305
290
288

49
66
53
52
47

523
432
341
300
310

1,399
1,406
1,406
1,405
1,395

21
21
21
21
22

3
3
3
3
3

1,039
1,109
1,162
1,176
1,117

36
34
34
37
35

37
29
27
69
35

529
532
531
531
527

2,187
2,200
2,052
2,310
1,955

66
70
70
70
70

340
339
340
340
340

1,144
1,018
1,058
1,046
963

2,556 11,260
2 ,566 10,972
2,567 10^991
2,566 10,230
2,563 9,581
990
939
974
861

789 3,659
791 3,491
791 3,285
791 3,705
788 3,288

For footnotes see opposite page and preceding table.

AUGUST 1951



987

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES

Federal Reserve
district or State

Total banks on
which checks are
drawn, and their
branches and offices

On par list
l

Total

Banks
United States total:
Dec. 31, 1946
Dec. 31, 1947
Dec 31 1948
Dec. 31, 1949
Dec. 31, 1950
June 30, 1951 P
By districts a n d
by States
J u n e 30, 1951 P
District
Boston
New York
Philadeinhia
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Branches
and offices1

Banks

Branches
and offices

Banks

Branches
and offices

Banks

14,043
14,078
14,072
14,051
14,015
14,001

3,981
4,148
4,333
4,562
4,824
4,964

11,957
12,037
12,061
12,178
12,162
12,162

3 654
3 823
4,015
4 289
4,534
4,673

6 894
6 917
6.912
6,887
6,868
6,854

2,913
3.051
3,197
3,387
3,589
3,703

5.063
5,120
5,149
5,291
5,294
5,308

472

348

862
834

980
169
323
562
225
627
152
112
18
64

1,110
1,006
1,207
2,486
1,465
1,275
1,759
1,031

472

348

862
834

£80
169
323
421
185
627
92
71
18
55

1,110
807
607

2,486
1,134
678

1,750

324

743
637
688
475
356

1,007
496
476
755
631
266

Not on par list
(nonmember)

Nonmember

Member

274
907
130
279
262
158
271
54
28
9
36

148

119
197
422
332
251

Branches
and offices

741
772
818
902
945

970

1,295

638
202
995
297
228

Arkansas
California

17
3
50
1

928
494

1,384

27
62
20
989
4

129
11
109
193
149

27
62
5
989
4

68
120
93

27
45
2
939
3

36
6
41
73
56

56
20

103
38

56
20

62
17

49
8

41
21

15
75

36
6

4
60

4

5

New York
North Carolina
North Dakota
Ohio
Oklahoma

117

40

66

36

51

56
2
115
164
1

43
886
483
661
608

56
2
115
164
1

24
510
238
160
215

51
2
61
1

19
376
245
501
393

47
78
71
126
180

380
62
62
161
176

47
55
71
126
180

113
47
38
75
140

30
48
37
77
162

267
15
24
86
36

17
7
34
49
18

246
6
68
1

438
267
41
530
110

246
6
14
1

231
206
31
180
84

190
6

207
61
10
350
26

2
20
2
170
17

412
8
74
319
51

2
20
2
170
17

140
6
52
274
35

2
19

813

618

813

541

89
6

54
42

756
49

233

233
1

420
224

401

Tennessee
Texas
Utah
Virginia
Washincton
West Virginia
Wyoming

46
6

141
40

331
597
9
103

60
41
9

122

15

60
284

1

t
154
2

272
2
22
45
16
77

2
2

7

104

23

411
160
65

54

110
88

135
16

1
1
16
15
57

40
6

202
1

237
152

31

30
730
8
32
62

90
179
39
36
22

39
229
6
34
9

14
27
12
8
3

85
12
24
11
116

84
579
31
39
203

63
12
22
2
64

124
277
24
29
105

22

151

51
108
164
39

142

66
71
388
14

9

99
62
657
376

69
959
14
150
169

104
206
51
50
50

69
959
14
66
71

104
206
51
44
25

296
908
55
68
312

98
12
24
11
116

208
856
55
t8
308

117
180
552
53

151

117
179
552
53

152

7
1

5
54
164

45
20

224
22

209
150

. ...

199
600

56

657
384

Nevada

43

618

Mississippi .

19
135

412
8
74
319
51

Maryland

46
7

438
678
201
595
110

Kansas
Kentuckv
Louisiana

327
325
318
273
290
291

96

380
166
62
161
176

Idaho
Illinois
Indiana

2,086
2,041
2,011
1,873
1,853
1,839

7
12
10

19
195

93

43
888
483
661
610

District of Columbia...
Florida
Georgia

Rhode Island
South Carolina
South Dakota

1,384

225
11
231
193
149

State

494

103
38

Alabama

Branches
and offices

74
73
39
44
159
27
356
38
43
9
19
89

1,479

Banks

152

22

8

2
9
52

84
98

6
25

88

13

52
4
1

130

p Preliminary.
* Excludes mutual savings banks, on a few of which some checks are drawn.
2
Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military
reservations and other Government establishments (see BULLETIN for February 1951, p. 228, footnotes 10 and 12).
Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.




FEDERAL RESERVE BULLETIN;

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held b y
End of month

Commercial
paper
Total
out- 1
outstanding standing

Accepting banks

Total

1950— May
June
July
August

Based on

Own
bills

Others2

Bills
bought

Imports
into
United
States

250
240
259
286

93
126
155
174

59
82
87
103

34
44
68
71

138
154
180
200

142
170
211
238

308

397

187

103

84

211

264

312
325

October
November
December

231
279
335
374
383
383

168
166

100
104

68
62

215
217

Exports
from
United
States

243
234

Dollar
exchange

Goods stc>red in or
shipped between
poin ts in
United
States

Foreign
countries
17
2t
22
21

15
21
22
26

58
66
80
87

(«)

79

2

29

23

85
88

2
2

29
29

25
29

1
1

333

394

192

114

78

202

245

87

2

28

32

356
369
381
387
364

453
470
479
456
417

202
201
198
170
143

126
121
122
119
108

76
79
76
52
35

251
270
279
285
274

286
304
314
288
259

100
99
106
111
102

2
2
2
2
1

331

1951—January
February
March
April
M^ay
June

425

162

120

42

263

267

104

(3)

36
36
30
24
22

29
29
26
31
33
31

22

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.
3
respectively.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.

Ledger balances in millions of dollars]

Debit balances

End of month

1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December..
1947—June
December...
1948—June
December...
1949—June
December...

Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881

31.208
1950—July
1,231
August....
September.. U.284
1,351
October
November. . U.360
1,356
December...
1951—January....
February...
March
April
May
June

1,411
1,367
1,304
1,286
1,287
1,275

9
7
9
11
5
7
11
12
7
5
6
7
7
10
5
5

9

10

86
154
190
188
253
260
333
413
399
312
333
315
326
312
419
400

399

375

Credit balances

Cash on
hand
and in
banks

Customers'
credit balances x
Money
borrowed2
Free

Other
(net)

Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts

In capital
accounts
(net)

180
160
167
181
196
209
220
313
370
456
395
393
332
349
280
306

309
378
529
557
619
726
853
795
498
218
223
240
283
257
493
523

240
270
334
354
424
472
549
654
651
694
650
612
576
586
528
633

56
54
66
65
95
96
121
112
120
120
162
176
145
112
129
159

16
15
15
14
15
18
14
29
24
30
24
23
20
28
20
26

4
4
7
5
11
8
13
13
17
10
9
15
11
5
9
15

189
182
212
198
216
227
264
299
314
290
271
273
291
278
260
271

397

»755
»752
» 751
"759
»774
745

» 712
• 780
« 738
3771
»796
890

230

36

12

317

*948
«953
3918
3 879
3
855

364

»690
«642
3715
3 661
3 681
680

225

26

13

319

834

1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): April, 45; May, 41; June 38.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503. for data
in detail at semiannual dates prior to 1942

AUGUST

1951




989

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
9-to 12- 3- t o 5ances,
3re90 1
month month
year
newdays
bills s issues4 issues 5

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

Area and period

$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over

als 2

1948 average
1949 average
1950 average
1950—July
August. . .
September
October. .
November.
December..

1 44

1 11
L 12
L.15

J 55
L.63
L.63

J 040
L.102
1.218

1 14

L.48
L.45
.31
L 44
L 66
73
L.69
L.72

1.06
L 16
L 31
L 31
L.31
L.31

L 63
L.63
L 63
I 63
L 63
L.63

L.172
L.211
L.315
L.329
L.364
L.367

L 23
L 26
I 33
I 40
I 47
L.46

1951—January...
February.
March
April
May
....

1.86
1.96
2.06
2.13
2 17
2.31
2.31

L.39
L.50
L.63
L.63
63

2.00
2.00
2.00
2.00
2.15
2.25
2.25

L.387
L.391
L.422
L.520
L.578
L.499
1.593

L.47
L.60
L.79
L.89
L 85
L.79
L.74

1.527
1.604
1.615
1.562
1.591

1.82
L.80
L.77
L.73
L.70

June
July

Week ending:
June 30
2 3^-2 %
July 7 . . . . 2M~2 %
3^—2 %
July 1 4 . . . . 2 X
Tuly 21. . . . 2 A-2*A
July 2 8 . . . .
i-2%

1.63
1.63

2-2 Yi
2-2Y2
2-2Y2
1 ^A 2-2Y2
I-2Y2
1*A
1 hA
1 ^8

Annual averages:
19 cities:

} 67
43

I 14
L26

2.0
2.2
2.6
2.4
2.2
2.1
2.1
2.5
2.7
2.7

1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

L.50
45
.45
.55

L.65
.62

L.64
.66

L.67
1.86
2.03
2 04
2.00
1.93
2.02
1.99
1.94
1.92
1 .91

1
2

Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.50
per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948Jan 1, 1951. In 1951 changes have been made on the following dates:
Jan. 2, 2.00; May 16, 2.25 per cent.
3
Rate on new issues within period.
4
Series includes certificates of indebtedness, when outstanding in
proper maturity range, and selected note and bond issues.
6
Series includes notes and selected 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.

Quarterly:
19 cities:
1950—Sept
Dec
1951—Mar
June
New York City:
1950—Sept
Dec
1951—Mar
June
7 Northern and Eastern cities:
1950—Sept
Dec
1951—Mar
June
11 Southern and
Western cities:
1950—Sept
Dec
1951—Mar
June

4.3
4.4
4.4
4.3
4.3
4.2
4.2
4.4
4.6
4.5

3.0
3.2
3.4
3.3
3.2
3.1
3.1
3.5
3.7
3.6

1.9
2.2
2.5
2.6
2.3
2.2
2.5
2.8
3.0
3.0

1.8
2.0
2.4
2.2
2.0
1.7
1.8
2.2
2.4
2.4

2.63
2.84
3.02
3.07

4.51
4.60
4.68
4.73

3.63
3.73
3.88
3.93

2.95
3.10
3.27
3.32

2.34
2.57
2.76
2.81

2.32
2.51
2.74
2.78

4.06
4.17
4.20
4.37

3.33
3.44
3.68
3.66

2.72
2.80
3.06
3.06

2.15
2.35
2.59
2.64

2.63
2.87
3.02
3.04

4.56
4.64
4.74
4.68

3.59
3.70
3.86
3.90

2.87
3.18
3.23
3.28

2.39
2.65
2.81
2.83

3.13
3.28
3.42
3.52

4.71
4.78
4.87
4.90

3.83
3.91
4.01
4.10

3.15
3.21
3.41
3.52

2.67
2.90
3.06
3.14

NOTE.—Fcr description of series see BULLETIN for March 1949,
pp. 228-237.

BOND YIELDS *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years

15
years
or
more

Corporate (Moody's) 4
Municipal
(highgrade)*

Corporate
(highgrade)*

By ratings

By groups

Total
Aaa

Baa

Aa

Industrial

Railroad

Public
utility

2 87
2 74
2.67

3 34
3 24
3.10

3.03
2.90
2.82

2.70

3 19
3 08
3 07
3.09
3 08
3.07

2.83
2.80
2.84
2.85
2.86
2.87

3.24
3.28
3.33
3.36

2.85
2.86
2.95
3.07
3.10
3.18
3.19

3.37
3.37
3.37
3.36
3.35

3.26
3.25
3.23
3.17
3.16

Number of issues .

1-5

1-8

120

30

30

30

30

1948 average.
1949 average.
1950 average.

2.00
.71
.84

2 44
2 31
2.32

2 40
2 21
1.98

2.81
2.65
2.60

3.08
2 96
2.86

2 82
2 66
2.62

2 90
2 75
2.69

3 12
3 00
2 89

3 47
3 42
3.24

.83
.82
.89
.94
.95
.97

2.34
2.33
2 36
2.38
2 38
2.39

09
90
88
82
79
.77

2 61
2.58
2 62
2.65
2.66
2.66

2 86
2 88
2.88
2.88

2 65
2 61
2 64
2 67
2 67
2.67

2
2
2
2
2

2.72

2 92
2 87
2 88
2 91
2 92
2.91

3 32
3 23
3 21
3 22
3.22
3.20

1.96

2.39
2.40
2.47
2.56
2.63
2.65

62
61
.87
.05
.09
.22

2 64
2.66
2.78
2.88
2.89
2.95
2.93

2 66
2.66

2.71
2..71
2..81
2.93
2.93
2.99
2.99

2.89
2.88
2 98
3.12
3.14
3.21
3.23

3 17
3.16
3.22
3.34
3.40
3.49
3.53

2 69
2.69
2.79
2.89
2.90
2.96
2.97

2.96

3.26
3.26
3.25
3.22
3.21

3.54
3.55
3.55
3.52
3.52

3.00
3.00
2.98
2.96
2.95

1950—July
August
September . . .
October
November . . .
December. . . .
1951—January..
February.
March...
April
May
June
July
Week ending:
June 30. .
July 7. .
July 14. .
July 2 1 . .
July 28. .

2.63

2.18

2.66
2.65
2.63
2.62
2.62

2.26
2.25
2.23
2.13
2.11

3.03
2.99
2.95
2.92
2.90

2.78

3.17

2.87
2.88
2.94
2.94

3.21
3.21
3.19
3.16
3.15

2.99
2.97
2.95
2.93
2.92

72
67
71
72
72

1
2
4

Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.
* Series discontinued.
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.

990



FEDERAL RESERVE BULLETIN

SECURITY MARKETS
Bond prices

Stock prices

1

Year, month,
or week

Vol-

Common

ume
of

Standard and Poor's series
(index, 1935-39=1 00)

U. S. Mun- CorpoPreGov- icipal rate
ern- 2 (high- (high- ferred4
3
ment grade) grade)3

trading5
(in
thousands
Manufacturing
Trade,
of
finTrans- Util- ance, Min- shares)
porta- ities
and
ing
Dur- Non- tion
durservTotal able
ice
able

Securities and Exchange Commission series
(index, 1939=100)

Public Total
utility

Total

Number of issues

1-8

17

15

Industrial

416

365

20

31

265

170

98

72

21

28

32

14

124
121
146

131
128
156

115
97
117

96
98
107

132
128
154

136
132
166

124
116
150

147
147
180

158
139
160

99
98
107

157
161
184

133
129
144

1,144
1,037
2,012

15

1948 average. . . 100.84 125.3 118.3 168.7
1949 average. . . 102.73 128.9 121.0 176.4
1950 average. . . 102.53 133.4 122.0 181.8

Railroad

102.24
102.28
101.90
101.64
101.69
101.53

131.1
134.8
135.2
136.4
137.0
137.4

121.5
122.1
121.7
121.1
121.1
121.1

178.5
181.9
181.8
180.5
180.8
179.9

138
147
152
158
156
158

147
158
163
171
169
171

110
121
125
129
127
139

103
104
105
106
105
104

147
154
159
165
166
165

158
168
173
180
182
180

143
152
158
166
166
162

172
182
188
194
197
198

150
165
168
171
171
184

106
106
107
108
107
107

170
177
188
198
201
196

134
146
150
155
158
160

2,227
1,673
1,930
2,141
2,032
2,769

101.56
101.44
100.28
98.93
97.90
June.. . 97.62
July
97.93

140 5
140.8
135.5
131.9
131.1
128.6
129 A

121.4
121.3
119.4
117.8
117.4
116.6
116.2

180.9
180.9
174.9
170.4
168.9
167.9
166.7

169
175
170
172
174
172
173

183
190
184
187
189
187
188

153
159
149
149
148
142
139

109
111
111
110
111
110
112

177
184
180
183
182
179
182

194
203
198
204
203
200
204

175
182
178
181
175
169
170

212
223
217
225
228
229
236

202
213
200
202
197
188
188

110
112
113
111
111
110
111

205
213
210
208
206
201
202

176
184
177
183
188
186
195

2,974
2,104
1,549
1,517
1,630
1,305
1,333

127.9
128.1
128.4
130.3
130.7

115.8
115.8
116.1
116.5
116.4

166.3
165.7
166.9
166.9
167.2

170
169
172
173
177

185
184
187
189
193

136
135
138
140
145

110
110
111
112
113

174
180
181
181
186

194
201
204
203
209

162
169
171
168
173

225
231
234
236
244

176
184
185
187
196

109
110
111
111
113

197
201
203
202
204

183
187
189
192
213

1,745
1,296
1,088
1,270
1,573

1950—July
Aug
Sept
Oct
Nov
Dec
1951—Tan
Feb
March.. .
April....
May....

Week ending:
June 30..
July 7..
July 14..
July 2 1 . .
July 2 8 . .

97.46
97.62
97.95
98.00
98.08

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 5
and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
Average daily volume of training in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947^ pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]

For new capital

Year or month

1942
1943
1944
1945
1946
1947
1948 .
1949
1950 .

Total
(new Total
and
(dorefund- mestic
and
ing)
for- Total
eign)

For refunding

Domestic
State
and
municipal

2,114
2,169
4,216
8,006
8,645
39,691
10 220
9,753
310,935

1,075
642
913
1,772
4,645
37,566
9 085
8,160
8.271

1,075
640
896
1,761
4,635
7,255
9,076
8,131
8,160

952
2,228
2,604
2,803
3,370

127
239

1,002
1950—May
1,293
June
589
July
794
August. .
950
September
802
October. .
853
November
840
December.

718
965
513
555
729
658
613
630

716
957
510
523
712
653
599
630

304
334
204
265
272
181
356
138

39
18
8

439
1951—January..
517
436
3834 3 649
February.
594
March... . 1,229 1,019 1,001
920
April...... 1,064
918
1,162
947
May
866

154
181
158
228
407

342

108

471

26

176
235

Domestic

Total
(doCorporate
For- mestic
Fedeign* and
eral
foragenBonds
eign)
cies1 Total and Stocks
notes
90
15

294
233

394

624

374
646
1,264
3,556
4,787
*6,177
5,095
4,395

506

118

282
422

92
224

607

657

2,084 1,472
3,567 1,219
4
908
5 269
4,125
971
3,199 1,197

1,039
1,527
3,303
12
6,234
10 4,000
68 2,125
10
1,135
29
1,593
111 32,665
2
17

Total

1,039
1,442
3,288
6,173
3,895
1,948
1,135
1,492
2,441

State
and
municipal
181

259
404
324

208
44
82
104

Corporate

Federal
agenBonds
cies1 Total and Stocks
notes
440

497
418

912

734
422
768
943

418

407

685
603
2,466 2,178
4,937 4,281
2,953 2,352
1,482 1,199
284
445

257
393

11

82
288
656

86
IS
61

601
283

105
177
101
123

28
52

112

992

1,338

1,280

58
6

98

373
605
297
258
295
472
244
394

254
437
221
213
244
272
201
319

120
169
77
45
51
200
43
75

2
8
3
32
18
5
14

284
328
76
239
220
144
240
210

284
328
76
193
220
144
240
210

14
20
1
8
6
3
14
28

31
35
53
48
193
63
150
79

239
273
22
137
21
78
75
103

233
273
22
131
21
77
67
91

41
48
48
29
60

242
365
795
660
399

192
332
641
433
314

50
33
154
227
85

3
5
17
2
80

77
184
211
144
215

77
184
180
144
215

19
3
10
4
4

45
154
88
61
198

13
27
82
80
13

11
25
52
24
8

145

Foreign2

5

46

1
8
12
2
2
30 " 3 1
55
6

1
2
3

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, and February 1951 include 244 million dollars, 100 million, and 50 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.
AUGUST

1951




991

NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds 2 proceeds 3

Year or month

Total
1938
1939 .
1940
1941
1942
1943
1944
1945 .
1946
1947
1948 .
1949
1950

Total

Working
capital

Plant and
equipment

Bonds and
notes
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240

2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
7,078
6,052
6,292

..

1951—January
February
March
April
May

June

681
325
569

504
170
424

868
474
308
657
1,080
3,279
4,591
5,929
4,606
3,987

661
287
141
252
638
2,115
3,409
4,221
3,724
3,029

207
187
167
405
442
1.164
1,182
1,708

1,206
1,695
1,854
1,583
396
739
2,389
4,555
2 868
1,352
307

882
958

1,224

1,055
311
402
408
550
387
546

625
211
225
306
312
268
376

451
140
189
248
255
193
269

174
71
36
58
57
75
107

317
20
138
33
89
76
74

311
19
132
28
62
63

359
377
994
'810
'739
812

301
314
845
'626
'676
685

224
243
699
'504
'487
431

77
71
146
'122
'189
253

20
30
68
'65
'20
63

Preferred
stock

1,095

383
383
1,009
'824
'748
825

.. .

2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,959
5,959
6,194

1,069
315
407
416
561
393
553

...

1950—June
July
August
September
October
November
December

Retirement of securities

STew money

17
28
68
'13
'14
54

'

177
155
145

401

Repayment
of
other debt

Other
purposes

87
59
128
100
30
72
351
438
476
196
67
41
129

7
26
19
28
35
27
47
133
231
168
234
315
332

5

360

215
69
174
144
138
73
49
134
379
356
488
637
651
65
20
17
32
129
28
71

49
60
23
37
20
15
25

29
26
53
'64
'26
49

8
6
28
'55
'18
15

6
5
27
13
2

72

3
2
52
'6
9

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*
[In millions of dollars]
Manufacturing
Year or
month

Commercial and
miscellaneous 6

5

Real estate
and financial

Communication *

Total
Total
Total
Total
Total
Total
net
net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New RetireNew Retirepro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10
9
9
ceeds
ceeds
ceeds9
ceeds9
ceeds9
ceeds9
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1,165

469
188
167
244
293
228
454
811
2,201
1,974
1,726
851
695

226
353
738
463
89
199
504
1,010
981
353
54
44
143

403
338
533

304
229
273

1950—j u n e
July
August
September
October
November
December

169
68
42
70
180
127
146

109
50
20
43
65
78
113

36
3
5
10
33
21
10

45
72
40
62
39
31
109

20
22
19
15
14
17
64

1951—January
February
March
April
May
June

'65
63
298
'405
'384
361

'47
53
219
'301
'353
314

7
2
28'
55
1
18

'74
27
52
'48
'71
42

'46
20
44
'23
'57
28

1938
1939
1940
1941
1942
1943
1944
1945 .
1946
1947 .
1948
1949
1950

Public utility7

Railroad

54
182
319
361
47
160
602
1,436
704
283
21
617
456
28
67
587

24
85
115
253
32
46
102
115
129
240
546
441
346

30
97
186
108
15
114
500
1,320
571
35
56
11
183

1,208
1,246
1 180
1,340
464
469
1,400
2,291
2,129
3 212
2,281
2 615
2,895

180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
2,003

943
1,157
922
993
292
423
1,343
2,159
1,252
939
145
234
679

891
567
396

870
505
314

2
49
73

11
3
8
8
16
8
2

74
13
42
17
34
24
72

15
13
38
17
34
24
16

40

575
104
233
223
228
174
183

385
81
121
205
164
126
162

161
11
107
11
33
45
5

64
24
6
7
23
9
4

3
21
6
5
15
6
3

60
3

'6
5
2
'4
'12
4

44
26
30
20
14
26

44
8
30
20
14
26

'185
220
172
'278
'217
258

'127
200
115
'230
'211
242

'7
4
37
'6
'3
6

'9
2
423
'24
'4
3

9
2
421
'24
'4
2

4

"56

""is"

7

16
102
155
94
4
21
107
206
323
286
587
593
618

8
9
42
55
4
13
61
85
164
189
485
440
356

127
30
39
28
46
22
32

92
25
22
21
20
17
18

'31
39
20
'35
'50
123

'28
33
16
'30
'37
73

7
88
9
18
4
42
65
64
24
30
35
78

8
14
3
1
1
1
3
36

' Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar for broad comparisons See also footnotes 5 through 8.
5
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. 19 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.
1
2
8

992



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)

Assets of 50 million dollars and over
(82 corporations)

Assets of 10-50 million dollars
(118 corporations)

Year or quarter
Profits
before
taxes

Profits
after
taxes

10,591
13,006
18,291
21,771
28,240
30,348
26,531
21,327
30,815
36,955
36,702
43,950

1,209
1,844
3,156
3,395
3,683
3,531
2,421
2,033
4,099
5,315
5,035
7,891

997
1,273
1,519
1,220
1,260
1,255
1,129
1,202
2,521
3,310
3,099
4,050

722
856
947
760
777
848
861
943
1,167
1,403
1,657
2,237

9,363
9,369
9,420
8,550

1,326
1,196
1,312
1,201

808
726
799
766

9,255
10,649
11,790
12,255

1,400
1,821
2,185
2,485

12,655

2,221

Sales

Annual

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

Profits
before
taxes

Profits
after
taxes

9,008
11,138
15,691
18.544
24,160
25,851
22,278
17,416
25,686
31,238
31,578
37,704

1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,57?
3,423
4,593
4,506
6,994

343
354
331
629

8,056
8,115
8,148
7,259

801
1,046
1,245
958

387
393
583
873

898

467

Dividends

Profits
before
taxes

Profits
after
taxes

1,583
1,869
2,600
3,227
4,080
4,497
4,253
3,912
5,129
5,717
5,124
6,246

139
206
378
519
571
549
445
460
676
721
529
897

114
146
190
164
164
164
165
271
416
450
330
489

67
83
93
88
88
93
98
139
167
192
183
224

303
312
292
567

1,307
1,254
1,273
1,291

139
119
129
142

84
73
82
91

40
42
39
62

715
934
1,092
820

347
347
534
785

1,320
1,471
1,681
1,774

146
190
260
300

87
112
152
138

40
46
49
88

780

420

1,887

292

117

47

Dividends

Sales

883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
3,561

656
772
854
672
688
755
764
804
1,000
1,210
1,474
2,013

1,187
1,077
1,183
1,059

723
653
717
675

7,935
9,179
10,110
10,481

1,254
1,631
1,925
2,185

10,768

1,929

Sales

.

Dividends

Quarterly
2

4
1950—l i
31
4*
1951—1

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter

Operating

revenue
Annual
1939
1940
1941
1942
1943 . .
1944
1945
1946 . .
1947
1948
1949

Profits
after
taxes

Dividends

Operating
revenue

Profits
before
taxes

Profits
before
taxes

Profits
after
taxes

Dividends

384

224

173

417
473

228
236

176
170

551

222

160

616
649

233
222

166
165

265

171

458
494
493
553
619

1,137
1,206
1,334
1,508
1,691
1,815
1,979
2,148
2,283
2,694
2,967
3,342

517
443
563
664
952

253
192
263
309
441

179
131
178
213
276

707
733
748
779

143
158
168
195

63
72
79
95

49
50
53
60

Profits
after
taxes

Dividends

629

535

444

692
774

548
527

447
437

490

408

913
902

502
507

410
398

905

534

407

964
954
983
1,129
1,303

638
643
657
757
824

Operating
revenue

126

93

126

249
674
1,658
2,211
1,972

189
500
902

159
186

202

873
667

217
246

756

450

246

271
777
1,148
700
1,385

287
479
699
438
783

235
236
289
252
312

2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5,055
5,431

2,147
2,226
2,140
2,066

119
183
174
224

58
115
104
161

69
55
50
78

1.317
1,226
1,224
1,288

316
272
260
281

206
180
175
196

123
135
140
156

109

3 52
3157
3 257
3 318

351

146

1,317
1,415

321
293
339

3 230
3212
3
171
3211

153
152
168

821
853
881

231
251
260

3
111
3

63

53
55
142

L,378

399

248
454
574

61

4

1,985
2,238
2,534
2,716

112
3119

67
71
75

1951_1

2,440

229

103

100

1,500

413

229

157

904

275

118

75

1950. .
1949—1

. .
Quarterly

. . . .

2

3
4

1950—1
2

3

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
8,580
9,473

Profits
before
taxes

Telephone 2

Electric power

372

847

787

674

210

1
Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax 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 profits to cover 1950 liability for excess profits taxes.
2
New series.
3
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. New series. Figures are for 21 large companies (which account for over 85 per cent of all telephone operations) and include
principally the telephone subsidiaries of the Bell System. Data are obtained from the Federal Communications Commission, except for dividends,
which are from published company reports.
All series. Profits before taxes rerer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, pee 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).

AUGUST 1951



993

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly

Annual
Industry

1949
1949

1950

1951

1950
1

2

3

31

4

Nondurable goods industries
Total (94 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends

13,364 12,790 14,710 3,243 3,051 3,163 3,333 3,251 3,453 3,939 4,066 4,280
496
397
446
2,208 1,843 2,701
503
504
581
782
833
840
321
256
292
1,474 1,211 1,510
342
307
353
468
382
368
146
166
147
887
249
656
166
175
708
213
333
198

Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

3,447
410
257
135

3,254
377
233
134

3,416
463
253
141

805
85
52
30

792
89
54
31

822
101
63
29

835
102
64
44

757
83
47
31

Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

3,563
655
408
254

3,562
673
403
311

4,456
1,114
560
438

896
170
100
64

860
140
83
66

896
174
105
68

910
189
115
113

952 1,049 1,192 1,263 1,345
205
247
311
351
364
117
141
176
127
134
72
79
112
174
83

Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

3,945
721
548
172

,865
525
406
172

4,234
652
443
205

993
161
119
31

934
119
92
47

942
114
86
31

996
131
109
63

960
121
87
42

811
100
58
33

957
157
88
34

892
124
59
44

966
112
52
31

989 1,113 1,172 1,204
133
188
209
219
131
95
130
123
44
42
77
57

Durable goods Industries
Total (106 corps.):'
Sales
Profits before taxes
Profits after taxes
Dividends

23,591 23,914 29,240 6,120 6,320 6,257 5,217 6,004 7,196 7,851 8,188 8,375
830
799
866
3,107 3,192 5,191
697
896 1,240 1,403 1,652 1,381
487
470
508
424
1,836 1,888 2,540
494
693
777
530
576
197
188
184
380
220
746
370
218
949 1,350
541
269

Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

9,066
1,174
720
270

8,197 10,321 2,430 2,175 2,050 1,542 2,200 2,528 2,672 2,921 3,044
252
353
228
160
299
400
455
993 1,698
544
529
144
204
130
100
853
167
225
255
578
206
201
64
71
61
377
89
73
80
66
285
157
88

Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

4,554
569
334
126

4,372
520
321
136

Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

8,093
1,131
639
282

9,577 11,805 2,151 2,601 2,707 2,118 2,283 2,975 3,355 3,192 3,268
376
462
337
298
398
596
656
1,473 2,306
656
509
218
267
200
177
215
330
358
861 1,089
186
196
216
79
76
80
671
90
232
91
258
451
122

5,082 1,106 1,110 1,055 1,101 1,106 1,200 1,277 1,498 1,499
120
119
133
846
148
145
168
194
339
245
79
77
75
91
93
422
81
108
140
92
32
31
33
41
206
49
37
38
42
83

1
Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax 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 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); 8 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other than automobile (6); and miscellaneous (7).

CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

6.5
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
r
33.S
'28.3
'41.4

Year

1.5
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
11.0
18.6

5.0
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
'20.7
17.3
22.8

3.8
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
'7.3
'7.6
'9.2

Undistributed
profits
1.2
2.4
4.9
5.1
6.2
6.1
3.8
8.1
12.0
13.6
'9.8
13.6

Undistributed
profits

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

1949—2
3
4

'26.7
'28.0
'27.0

10.3
10.9
10.5

16.4
17.1
16.5

'7.5
7.4
'8.0

'8.9
'9.7
'8.5

1950—1
2
3
4

'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

1951—1

'51.8
48.5

'28.5
26.5

'23.3
22.0

'8.8
9.5

14.5
12.5

Quarter

2 1

' Revised.
1
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.

994



FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KINDS OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues 2
End of month

Total
gross 1
debt

1944—June....
Dec
1945—June
Dec
1946—June
Dec
1947—June
Dec
1948—June. . . .
Dec
1949—June. . . .
Dec. ,.
1950—June
1950—Aug
Sept
Oct
Nov
Dec.
1951—Jan
Feb
Mar
Apr
May
June....
July... .

202,626
232,144
259,115
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
257,891
257,236
256,959
257,100
256,731
256,143
255,958
255,018
254,748
255,122
255,251
255,685

Total
gross
direct
debt

Nonmarketable public issues

CertifiTotal » Treasury cates of Treasury Treasury Total «
indebtbonds
bills
notes
edness

201,003 140,401 14,734
230,630 161,648 16,428
258,682 181,319 17,041
278,115 198,778 17,037
269,422 189,606 17,039
259,149 176,613 17,033
258,286 168,702 15,775
256,900 165,758 15,136
252,292 160,346 13,757
252,800 157,482 12,224
252,770 155,147 11,536
257,130 155,123 12,319
257.357 155,310 13,533
257,874 155,162 13,637
257,216 153,774 13,637
256,937 152,779 13,629
257,077 152,758 13,608
256,708 152,450 13,627
256,125 151,620 13,629
255,941 151,625 13,632
254,997 151,623 13,630
254,727 138,075 13,627
255,093 138,041 1 3 , 6 1 4
255,222 137,917 13,614
255,657 139,279 14,413

28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
29,427
29,636
18,418
12,817
11,620
5,373
5,373
5,373

17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375
11,375
7,131
3,596
8.249
20,404
25,755
31,688
36,948
36,948
39,258
43,800
43,802
43,802
43,802
43,802
35,806
36,360

79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863
112,462
111,440
110,426
104,758
102,795
102,795
96,670
96,670
96,670
94,035
94,035
94,035
94,035
80,490
80,469
78,832
78,830

Treasury
U. S. Treasury bonds— Special
issues
savings tax and investbonds savings
ment
notes
series

44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
66.000
67,544
67,897
67,798
68,413
68,398
68,125
68,092
67,824
67,405
80,615
80,639
80,281
79,339

34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
56,260
56,707
57,536
57,470
57,396
57,954
58,027
58,019
58,017
57,769
57,764
57,652
57,607
57,572
57,538

9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
4,860
7,610
8,472
8,912
8,895
8,999
8,907
8,640
8,748
8,730
8,296
8,109
8,158
7,818
7,926

970
959
955
954
954
954
953
953
953
953
953
953
953
953
14,498
14,518
14,526
13,524

Noninterestbearing
debt
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
2,220
2,009
2,111
2,148
2,110
2,247
2,206
2,189
2,425
2,421
2,559
2,444
2,447
2,364
2,370
2,332

14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,2H
31,714
32,776
33,896
32,356
32,705
33,396
33,539
33,732
33,707
33,992
33,933
33.525
33,590
34,049
34,653
34,707

9,509
9,524
1
Includes fully guaranteed securities, not shown separately.
2
Includes amounts held by Government agencies and trust funds, which aggregated 3,272 million dollars on June 30, 1951.
3
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately.
Each 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 JULY 31, 1951
[On basis of daily statements of United States Treasury,
of dollars]

In millions
Month

Issue and coupon rate

Amount

Treasury bills *
1,102
1,100
1,101
1 ,101
1.101
1,101
1,001
,001
.000
,201
,202
,202
,201

Aug. 2, 1951
Aug. 9, 1951
Aug. 16, 1951
Aug. 23, 1951
Aug. 30,1951
Sept. 6, 1951
Sept. 13,1951
Sept. 20,1951
Sept. 27,1951
Oct. 4, 1951
Oct. 11, 1951
Oct. 18, 1951
Oct. 25, 1951

Certificates
Apr. 1, 1952..
Treasury
Aug. 1,
Oct. 1,
Oct. 15,
Nov. 1,
Mar. 15,
Mar. 15,
Dec. 15,
Apr. 1,
Treasury
Sept. 15,
Dec. 15,
Dec. 15,
Mar. 15,
Mar. 15,

notes
1951
1951
1951
1951
1954
1955
1955
1956

9,524

1M
134
\U
1*4
1%
W2
\%
\y>

bonds
1951-55 2 43
1951-532. .2M
1951-55... 2
1952-54... 2 }4
1952-535. .2

Issue and coupon rate
Treasury
June 15,
June 15,
Dec. 15,
June 15,
June 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,

bonds—Cont.
1952-54
2
1952-55...2K
1952-54
2
1953-55*. . . .2
1954-562. .2VA
1955-602. .2%
1956-58... 2 Y2
1956-592. .2%
1956-59...2 %
1958-632. 2%
1959-623. ,2U
1959-623. .2 34
1960-652. .2%
1962-673 .23^
1963-683 2}4
1964-693. .2y2
1964-693. 234
1965-703. 2y2
1966-713. 2K
1967-723. .2y2
1967-72... 2y2
1967-723. 2K

5,351
1,918
5,941
5,253 Postal Savings
4,675
5,365
6,854
1,003

Amount

5,825
1,501
8,662
725
681
2,611
1,449
982
3,823

919
5,284
3,469
1,485
2,118
2,831
3,761
3,838
5,197
3,481
2,003
2.716
4,077

1951




Fiscal year
ending:
June—1944..
1945..
1946..
1947..
1948..
1949..
1950..
1951..

34,606 15,498
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

1950—July...
Aug
Sept...
Oct....
Nov...
Dec....

57,568
57,470
57,396
57,954
58,027
58,019

58,017
57,769
57,764
57,652
57,607
June.. . 57,572
July.. . 57,538

1951—Jan
Feb.. . .
Mar. . .
Apr.. . .
May.. .

11,820
11,553
6,739
4,287
4,026
4,278
3,993
3,272

802
679
407
360
301
473
231
347

2,876
2,658
2,465
2,561
1,907
2,390
1,449
1,523

2,371
4,298
6,717
5,545
5,113
5,067
5,422
6,137

417
350
310
971
436
541

318
270
244
271
246
284

13
11
8
145
37
61

87
70
58
555
153
197

505
537
475
496
448
509

475
386
359
310
296
290
311

343
272
280
254
247
244
258

18
17
12
9
8
8
8

115
97
67
47
41
38
45

653
528
560
472
478
476
482

Maturities and amounts outstanding July 31, 1951
102

50

Panama Canal Loan. 3
Total direct issues. . .

139,279

755
1,118
510 Guaranteed securities
1,024
Federal Housing Admin.
7,986
Various

26

1
Sold on discount basis. See table on Open-Market Money Rates,
p 2
990.
3
Partially tax exempt.
Restricted.
4
Called for redemption on Sept. 15, 1951.
6
Maturity Sept. 15, 1953.

AUGUST

RedempAmount Funds received from sales during tions and
outperiod
maturities
standing
at end of
All
All
month series Series Series Series
E
F
series
G

Year of
maturity
1951
1952
1953
1954
1955.
1956...
1957
1958.
1959
1960
1961.
1962
1963
Unclassified
Total

All
series

Series
E

1 ,019
3,799
6,422
8,158
6,969
5,167
4,946
5,074
4,912
5,455
2 968
2,238
491
-79

1 ,019
3,799
5,227
5,784
4,525
2,319
2,419
2,651
2,763
2,676
1,446

57,538

34.627

Series
F

Series
G

193
483
506
588
469
248
265
448
210
384
75

1,001
1,891
1,938
2,260
2,059
2,176
1,884
2,330
1,313
1,854
415

3,870

19,120

995

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY
[Par value in millions of dollars]
Held by
Total
gross
U. S. Government
debt
agenci es and
(includtrust funds 1
End of month ing guaranteed
securiSpecial
Public
ties)
issues
issues

Held by the public

Federal
Reserve
Banks

Commercial
banks 2

Mutual

Total

Insur-

savings
banks

State
and
local
governments

Other
corporations

1940—June
1941—June
1942—June
1943—June
1944—June
1945—June
1946—June
1947—June
Dec
1948—June
Dec
1949—June
Dec
1950—June
Dec

48,496
55,332
76,991
140,796
202,626
259,115
269,898
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731

4,775
6,120
7,885
10,871
14,287
18,812
22,332
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,707

2,305
2,375
2,737
3,451
4,810
6,128
6,798
5,445
5,404
5,549
5,614
5,512
5,464
5,474
5,490

41,416
46,837
66,369
126,474
183,529
234,175
240,768
225,565
222,622
216,606
215,526
214,510
217,800
219,547
217,533

2,466
2,184
2,645
7,202
14,901
21,792
23,783
21,872
22,559
21,366
23,333
19,343
18,885
18,331
20,778

16,100
19,700
26,000
52,200
68,400
84,200
84,400
70,000
68,700
64,600
62,500
63,000
66,800
65,600
61,800

3,100
3,400
3,900
5,300
7,300
9,600
11,500
12,100
12,000
12,000
11,500
11,600
11,400
11,600
10,900

6,500
7,100
9,200
13,100
17,300
22,700
25,100
24,800
24,100
23,100
21,500
20,800
20,500
20,100
19,000

2,100
2,000
4,900
12,900
20,000
22,900
17,700
13,900
14,100
13,500
14,300
15,100
16,300
18,300
19,900

1951—Mar
Apr

255,018
254,748
255,122

33,525
33,590
34,049

6,271
6,274
6,281

215,223
214,884
214,792

22,910
22,742
22,509

'57,900
58,500
57,900

10,500
10,400
10,300

18,200
17,800
17,600

rl 1,300
*-21,200
21,800

May

GUARANTEED

Individuals
Savings Other
bonds securities

Miscellaneous
inves-

1,500
3,200
5,300
6,500
7,100
7,300
7,800
7,900
8,000
8,000
8,200
7,800

2,600
3,600
9,100
19,200
31,200
40,700
43,500
45,500
46,200
47,100
47,800
48,800
49,300
49,900
49,600

7,500
7,600
8,700
11,700
14,800
18,300
19,500
20,500
19,100
18,100
17,500
17,800
16,900
17,300
17,100

700
700
1,100
3,400
6,400
8,900
8,800
9,800
8,600
9,100
9,300
10,000
9,800
10,200
10,700

7,900
7,900
8,000

49,300
49,200
49,100

••16,500
»-16,500
16,500

10,800
10,600
11,000

400
600
900

r
1
2

Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1950.
3
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Interest-bearing public marketable securities. In millions of dollars]

End of month

Total
outstanding

U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
ance Other
mer- savRecies
cial 1 ings comserve banks
and
panies
banks
trust Banks
funds

End of month

ing

Govt. Fed- Com- Mu- Insurtual
agen- eral
ance Other
mersavRecies
cial 1 ings comserve banks
and
panies
trust Banks
banks
funds

Treasury bonds

Type of
security:
Total 2
1948—Dec
1949—June....
Dec
1950—June....
Dec
1951—Apr
May....
Treasury bills:
1948—Dec
1949—June....
Dec
1950—June....
Dec
1951—Apr
May
Certificates:
1948—Dec
1949—June....
Dec
1950—June....
Dec
1951—Apr
May...
Treasury notes:
1948—Dec
1949—June....
Dec
1950—Tune....
Dec
1951—Apr
May
Treasury bonds:
1948—Dec
1949—June....
Dec
1950—June....
Dec
1951—Apr
May....

u. s.

Total
outstand-

and notes, due

or callable:

157,496 5,477 23,333
155,160 5,374 19,343
155,138 5,327 18,885
155,325 5,350 18,331
152,471 5,365 20,778
138,094 3,243 20,028
138,068 3,249 19,796
12,224
11,536
12,319
13.533
13,627
13,627
13,614
26,525
29,427
29.636
18.418
5,373

7,131
3.596
8,249
20.404
39,258
43,802
43,802

69
63
11
3
35

5,487
4,346
4,829
3.856
1,296
28 1,248
24
655

55,353
56,237
59,856
58,972
54,893
51,576
50,971

10,877
11,029
10,772
10.877
10,144
8,473
8,332

2,794
2,817
3,514
3,703
3,888
3,173
2,981

50
13
15
35
33

24 6,078 9,072
26 6,857 9,561
48 6,275 11,520
7 5,357 5,354
2,334 1,544
(3)

7
47
15

791
359
562

29 3,500
10 12,527

14,924
1? 15,051

111,440 5,340
110,426 5,201
104,758 5,217
102,795 5,273
94,035 5,283
80,490 3,166
80,469 3,171

10,977
7,780
7,218
5,618
4,620
3,856
4,090

150
127
256
207
169

64
7

3,099
1,801
5,569
11,204
15,833
15,686
15,547

84
41
107
154
136

40,371
42,042
39,235
38,691
33,607
32,695
32,424

10,486
10,768
10,480
10,624
9,967
8,158
8,043

164
158

42,637 Within 1 year:
1948—Dec
44,087
1949—June...
41,763
Dec
43.663
1950—June....
44,429
Dec
42,012
43,359
1951—Apr
May....
84 3,740
60 4,237 1-5 years:
70 3,880
1948—Dec
90 5.846
1949—June
474 7,901
Dec...
1950—June....
812 8,216
Dec
904 8,923
1951—Apr
672 10,423
May....
602 12,174
633 10,991
382 7,254 5—10 years1948—Dec
53 1,435
1949—June
Dec
1950—Tune...
Dec
166 2,984
104 1,244
1951—Apr
244 1,752
May....
403 5.114
707 10,045 After 10 years:
1948—Dec
890 12,125
1949—June....
891 12,138
Dec
1950— Tune....
18,891 25,375
Dec
18,315 26,320
17,579 25,029
1951—Apr
17,249 25.340
May....
15,617 24,941
11,052 21,563
10,557 22,184

19,819
19,090
18,535
18,132
16,862
12,762
12,361

10,216
11,226
14,319
10,387
38,905

98
861
49
982
878
36
505
70
9 12,373

5,571
7,021
9,014
7,001
14,645

232
236
238
151
230

39,929
39,929

29 12,166 13,505
33 12,403 13,145

346
327

226
212
186

329
385
468
360
926

3,125
2,553
3,685
2,300
10,722

1,026 12,857
1 ,019 13,002

44,053
39,175
35,067
51.802
33,378

3,258
2,121
1,922
327 5,116
189 1,285

38,347
38,347

177 4,437 25,858
173 4,437 25,816

10,464
15,067
18,537
15.926
17,411

314
532

15,962
15,962

404
391

1,032
1,032

6,227 2,033 1,868 4,398
6,238 2,021 1,858 4,422

53,838
48,554
45,084
45.084
43,599

4,710
4,455
4,441
4,482
4,682

7,215
4,452
3,593
2.349
2,508

3,541
3,933
3,887
4,092
2,932

30,053
30,032

2,569 1,145
2,591 1,269

568
423
412

28,045
26,304
24,907
13.127
24,534

434
584
1,388
1,148

6,314
6,587
6,995
5 675
982 7,329

1,769
1,279
1,121
1,058
568

2,501
2,124
1,641
1,731
1,142

8,254
7,135
5,290
10,443
5,660

443 1,103
328 1,103

6,329
6,390

520
2,002
2,640
2,439
2,125

8,048
7,293
6,588
7,130
7,180

997
1,732
2,230
2.O5S
1,948

15,230
14,179
13,485
13.507
12,308

1,885
3,630
4,716
4.186
4,615

15,094
14,242
13,090
13.524
13,989

2,791 5,501 7,944 10,103
2,772 5,425 7,468 10,507

* 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
•mall amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
* Less than $500,000.

996



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES , AND RELATED ITEMS
[In millions of dollars
On basis of daily statements of United States Treasury

Budget
Net Budget surplus
exrependi- (+) or
ceipts tures
deficit

Fiscal
year or
month

Fiscal year:
1949
1950
1951
1950—July..
Aug ..
Sept..
Oct.. .
Nov. .
Dec. .
1951—Jan.. .
Feb...
Mar..
Apr.. .
May..
June..
July..

38,246
37,045
48,143
1,881
2,860
4,605
2,056
2,851
4,211
4,448
4,257
8,112
2,626
3,146
7,089
2,571

40,057
40,167
44,633
3,013
2,515
3,520
3,170
*3,102
3,742
3,808
3,211
4,058
4,007
4,517
5,969
4,739

Increase (+) or
decrease ^ —)
during period
Trust Clearing
accounts, ac- 1
etc. 1 count

-1,811
-3,122

-495
+99
+679

+3,510
-1,132
+344
+ 1,084
-1,114
* -252

+470
+640
+ 1,047
+4,054

-99

+147
-27
-17
4+169
+45

-1,381
-1,370

+ 1,119
-2,168

-83

+227
-34
-69

+136
+284
+ 11

+366
+483
-214
+31
-140
-80

+49
-63
-52
+247
-161

+ 111
+ 106
-304
+43
-14

+478
+4,587
-2,135
+183
+333
-658
-279

+140
-369
-583
-184
-944
-270

9

Assets
Balance
in
general
fund

General
fund
balance

Gross
debt

Ca sh operating
income ana outgo

General fund of the Treasury (end of period)

-1,462
+2,047
+1,839
-1,017
+685
+319
-1,359
-6

+93

+221
+929
+3,187
-1,614

+366 - 1 , 1 7 3
+129 +1,574
+435 - 1 , 7 3 7

Deposits in
Total

3,470
5,517
7,357
4,500
5,185
5,505
4,145
4,139
4,232
4,454
5,382
8,569
6,955
5,782
7,357
5,620

3,862
5.927
7,871
4,864
5,501
5,932
4,537
4,586
4,724
4,865
5,806
8,991
7,360
6,376
7,871
6,032

Fed- Speeral
cial
Reserve 2 depositaries
banks
438
950
338
566
733

1,116

569
714
690
807
465

1,120

611
666
338
584

Total
liaOther biliassets ties

1,771
3,268
5,680
2,618
3,115
3,065
2,317
2,232
2,344
2,117
3,614
5,900
5,030
4,029
5,680
3,694

1,653
1,709
,853
,680
1,654
L,751
1,651
1,640
1,690
1,941
1,726
1,971
1,719
1,681
., 853
1,754

Cash
income

392
410
514
364
316
428
392
446
492
412
423
422
405
594
514
412

Cash
outgo

41,628 40,576
40.970 43,155
53,439 45,804
2,110 3,143
3,524 3,009
4,865 3,199
2,426 3,335
3,487 3,415
4,488 4,004
4,696 3,438
4,877 3,522
8,489 4,219
2,960 4,144
4,148 5,154
7,367 5,223

Excess
income

(+) or
outgo

+1,051
—2 ,185
+7,635
-1,032

+514
+ 1,666
-909
+72

+485
+ 1,259
+1,356
+4,270
-1,184
-1,006
+2,144

DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Fiscal year
or month

Withheld
by employers

Fiscal year:
1949
1950
1951
1950—July....
Aug.. . .
Sept
Oct
Nov....
Dec
1951—Jan
Feb.. . .
Mar....
Apr.. . .
May. . .
Tune. . .

July. . .

Miscella- Social Other Total
neous Securererity
Other internal taxes ceipts ceipts
revenue

9,842 19,641
10,073 18,189
13,535 24,218
434

594
345

1,423

819
514

2,816
591
320

1,620

988

2,175
6 680 2,709
2,044 1,281
1,273 6,152
578 1,688
482
2,038
1,123 5,065
983
?725

On basis of reports by collectors of internal revenue

Deduct

Withheld
Indiindividual
Social
Net income and vidual
Refunds Security reincome
old-age
employ- ceipts
of
tax not
insurance withheld
ment
taxes
taxes 7
taxes 5

1,690 38,246 11,743
8,348 2,487 2,456 42,774
2,838
7,996
8,303 2.892 1,853 41.311
2,160
2,106 37,045 11,762
7,264
9,423 3,940 2,253 53,369
2,107
3,120 48,143 15,901
9,908
179 2,148
737
204
66
201 1,881
855
228
948
340
181 3,238
62
316 2,860
98
2,323
775
315
117 4,842
52
185 4,605
103
1,102
808
186
202 2,300
62
181 2,056
974
183
310
187 3,184
45
746
288 2,851
103
2,336
764
377
169 4,474
23
239 4,211
267
257
230 4,621
42
853
131 4,448
8 149
829
2,527
797
527
171 4,820
189
374 4,257
3,105
1,028
838
395
152 8,811
459
239 8,112
409
2,093
690
157
177 3,289
513
150 2,626
989
935
747
555
217 4,039
359
534 3,146
194
3,509
719
425
270 7,603
234
280 7,089
256
1,195
722
*>178
225 2,833
88
175 2,571
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS

Corporation income and
profits
taxes
11,554
10,854
14,388
413
212

1,823
403
213

1,907
297
151

4,316
499
244

3,908

Estate
and
gift
taxes

Excise
and
other
miscellaneous
taxes

797
706
730
45
67
50
51
47
44
80
54
129
59
58
47

7,585
7,599
8,704
718
894
697
763
712
679
820
730
682
635
713
660

On basis of daily statements of United States Treasury
Trust accounts, etc.

Budget expenditures
«

Social Security
accounts

Fiscal year
or month
Total

Fiscal year:
1949
1950
1951
1950—July
Aug.
Sept
Oct
Nov
Dec
1951—Jan
Feb
Mar

40,057
40,167
44,633
3,013
2,515
3,520
3,170
<3,102
3,742
3,808
3,211
4,058
4,007
4,517
5,969
4,739

May
June
July
r

Inter- VetAid Transnafers
Interto
to
National est on tional erans' agriAdtrust Other Redefense debt finance minis- culand tration ture
acceipts
aid
counts

12,158
12,378
P19.958
1,024
1,149
1,037
1,338
1,446
1,510
1,651
1,695
2,057
2,160
2,396
P2.495
P2.936

Other

InExInExRevestvest- pendi- ceipts ments penditures
ments tures

832 1,646
5,339 6,016 6,791 2,656
916 6,181 3,722 1,479 2,252 1,992
5.750 4.657 6.044 2.984 1.383 6.970 4,293 1,028 3.114 2,376 -1.430 3,857
872
972 *>7,786 5,631 2,685 2,790 2,165
5,613 ?4,431 5,238 P636
771
189
11
262
146
271
273
448
424
543
65
79
31
277
630
-60
186
254
464 - 1 1 3
598
28
134
96
176
299
424
164
400 - 2 2 0
712
544
357
413
646
646
40
300
157
214
-9
360
84
229
457
-45
192
747
146
321
465
96
624
549
207
219
132 * - 1 5
9
142
101
546
241
7
23
288
91
33
6
252
437
968
53
414
233
278
157
194
-50
73
514
334
462
115
'658
9
606
582
194
258
125
15
156
417
328
14
(8)
101
280
259
150
27
580
454
2
552
346
68
77
253
163

1,557

232

392
487

P785

P339

427
424
383
433

104
91
92
*42

82
1
(8)
63

589
955

P655
P694

283
928
570
293

83
510
346
128

255
266
261
264

184
127
433
117

24
-23
317
-22

173
166

-205

28

x

P Preliminary.
Revised.
Excess of receipts ( + ) or expenditures (—).
2
3
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
4
Beginning November 1950, net investments of wholly owned Government corporations in public debt securities are excluded from budget
expenditures and included in trust account investments.
6
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
6
Beginning January 1951, Treasury reports combine income taxes withheld and employment taxes. Figures shown for withheld income taxes
exclude, and figures shown for7 social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and survivors insurance trust fund.
Beginning January 1951, old-age insurance employment taxes are not reported separately. Figures for prior periods
8
have been combined for purpose of comparison.
Less than $500,000.

AUGUST 1951



997

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
able
Other
mate- Govt. secu-2
rials secu- rities
rities

Corporation or agency
Total

All agencies:
June 30, 1950. .
Sept. 30, 1950. .
Dec. 31, 1950. .
Mar. 31, 1951. .

Cash

24,118
24,102
24,635
25,104

Classification by agency,
Mar. 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

39
1,664
2,656
606
34

771
898
2,283
1,382
1,088
7,591

2,186
1,739
1,774
1 ,764

12,502
12,769
13,228
13,496

404
697
60

Housing and Home Finance Agency:
Home Loan Bank Board:
993
Federal home loan banks
203
Federal Savings and Loan Insurance Corp.,
16
Home Owners' Loan Corp 5
1,733
Public Housing Administration
374
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. . . 1,538
74
Other
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Allother s

474
598
642
715

2,101
2,112
2,075
2,162

3,483
3,478
3,473
3.467

Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ernstruc- Other
Other ment owned
tures,
liabil- inter- interasand
Fully
est
ities
est
equip- sets guarment
anteed Other
by
U.S.

2,924
2,931
2,945
2,951

450
476
499
549

774 1,446 21,679
1,108
970 21,791
1,190 1,193 21,995
1,247 1 ,234 22,337

332
633

116
624

264
67
58

15
1
2
36
33 1,591
9
755 1,56:
127
452
32

2
38
1 ,664
474 2,182
602
3
3
3\

()

()

112

40
215
26
2

()

215
197

752

231
5

251

245

182

1,525
)
10
19

1,536
73
589
1

776
2,267

()

10
198

14
()
16 1,717
175

1 ,249
1

406

201
214
234
268

()

1 ,367

155 ()
158 3,929

62
118
25
23

3,385

913
45

771
820
2,221
1,263
1,063
7,568

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 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: Reserve for losses
Total loans receivable (net)...

Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks

Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
1 ,593

Fed.
Farm- Nation- Public Fed.
al
Hous- home
ers'
ing
loan
Home MortAdm. banks
Adm. gage
Assn.

Recon- Exstruc- porttion
All
ImFiport ' other
nance Bank
Corp.

Dec. 31,
1950,
All
all
agen- agencies
cies

633

334

759

564

1 ,525

133

' 3

6 3,931
60 1,721

106
416

42

2
57

108
473

110
458

760
"l ',275 3,750 6,116
105
564
9
178

824
6,078
531
185

776 2,267 3,971 13,496

13,228

"752
2

6
36

633

4

1

112

332

755

1 ,591

452

404
1
1 ,525

406

56
35
752

3.884
1,528

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 Development and its subscription of 2,750 million to the International Monetary Fund.
3
4
Less than $500,000.
Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster
Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress.
s Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing
program, and Public Housing Administration activities under the United States Housing Act, as amended.
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.
3
Figures for one small agency are as of Feb. 28, 1951.
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 Mar. 31, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152. p. 517

998



FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted a n d

unadju sted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 2
1923-25 = 100

Industrial production
(physical volume)* 1
1935-39 = 100
Manufactures

Year or month
Total

Durable

Nondurable

Minerals

Total

Residential

Employment 3
1939 = 100

All
other

Nonagricultural

Factory

Factory
payrolls «
1939=
100

DepartFreight ment
carload- store
sales
ings*
(val1935-39 ue) **
—100 1935-39
=100

AdAd- Unad- Unad- AdAdAdAdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed

WholeConsale
sumers' com3
prices
modity
1935-39 prices *
—100
1926
=100

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

63
63
56
79
84
94
122

44
30
44
68
81
95
124

79
90
65
88
86
94
120

88.6
89.4
79.7
84.4
92.9
91.7
94.1

103.7
104.1
79.7
88.2
100.9
93.7
97.0

103 9
124.2
80.2
86.0
109.1
101.8
107.3

120
129
110
121
142
139
146

83
99
92
93
104
104
109

123.8
143.3
127.7
119.7
121.9
122.2
125.4

138 6
154.4
97 6
96 7
100.6
98 1
103 5

1926
1927
1928
1929
1930

96
95

114
107

85
93

99
107

129
129

121
117

98

84

93

92

98.9
96.7
96.9
103.1
89.8

110 5
108 5
109.8
117 1
94 8

112
113

91

135
97.5
139
98.0
142 98.1
142 102.5
125
96.2

152
147

117
132

79
83

100
100

99
110

100 0
95 4
96.7
95 3
86 4

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

63
28
25
32
37

37
13
11
12
21

84
40
37
48
50

87 1
77.2
77.5
84,9
88.5

75.8
64 4
71.3
83.2
88.7

71
49
53
68
78

1936.. .
1937
1938.
1939
1940

103
113
89
109
125

108
122
78
109
139

100
106
95
109
115

99
112
97
106
117

55
59
64
72
81

37
41
45
60
72

70
74
80
81
89

1941
1942
1943
1944
1945

162
190
239
235
203

201
279
360
353
274

142
158
176
171
166

125
129
132
140
137

122
166
68
41
68

89
82
40
16
26

1946
1947
1948
1949
1950

170
187
192
176

192
220
225
20?

165
172
177
168

P200

P237

P187

134
149
155
135
M48

153
157
190
211
295

170
174
166

174
178
169

129
119
112

181
203

165
172
177

229
246
263

173
179

174
178

193
199
175

183

179

180
187
190
195
199
196
209
211
216
215

177
183
188
195
200
198
212
216
220
215

135
117

131

108

126.4
124 0
122.6
122.5
119.4

8
5
1
3
6

105
78
82
89
92

96
75
73
82
88

108.7
97.6
92.4
95.7
98.1

73.0
64 8
65 9
74 9
80 0

95.1
101.4
95.4
100.0
105.8

96.4 91 1
105.8 108.9
90.0 84 7
100.0 100.0
107.5 113.6

107
111
89
101
109

100
107
99
106
114

99.1
102.7
100.8
99.4
100.2

80
86
78
77
78

8
3
6
1
6

149
235
92
61
102

119.4
131.1
138.8
137.0
132.3

132.8
156.9
183.3
178.3
157.0

164.9
241.5
331.1
343.7
293.5

130
138
137
140
135

133
150
16S
187
20;

105 2
116.6
123 7
125.7
128.6

87
98
103
104
105

3
8
1
0
8

143
142
162
192
305

161
169
214
226
287

136.7
143.2
145.9
142 0
145.7

147.8
156.2
155.2
141 .6
149 7

271.7
326.9
351.4
325.3
371 8

132
143
138
116
128

264
280
302
286
304

139.5
159.6
171 9
170.2
171 9

121
152
165
155
161

1
1
1
0
5

228
254
269

230
240
259

117
105
92

284
289
277

152 9
153 5
152 2
151.6
151.2

117

282

104
127
126
122
127
126
135
134
136
136

280
274
292
290

168 2 151 4
167.9 152 8
168.4 152 7
168.5 r152 8
169.3 155 9
170.2 157 3
172.0 162 9
173.4 166 4
174 6 169 5
175 6 169 1
176.4 171 7
178.8 175.3

126
87
50

1949

August
September. .
October
November
December . .
1950
January
February
March
April
May
June
July
August
September
October
November
December

218

1951
January
February
March
April
May

r

221
221
222
223

223
P222
*215

June
Julv

177
176

141
132

265
262

256
255

209

179

130

242

245

207
211
222
231
237
235
247
251
261
260

180
181
180
181
184
181
195
194
196
195

118
144
140
145
151
144
159
163
166
160

216

268

197

157

263
275
284
274
291
325
334
321
299
306

260
278
298
303
325
369
362
332
294
284

216
217

268
271
-•277

201
201

164
158
158
164

333
323

312
311

199
198

361
374

276
289

219
221

223
P223

*216

278

276
P276
"267

198
i'197
'189

165
P167
160

332

304
373

297

292
283

141.3
142.0
139.1
273 140.1
268 141.2

139.4
'141.1
136 3
136.3
139.3

141.1
143.7
138.8
137.8
140.4

323.0
335.1
320.9
313.9
329.3

239 140.7
266 139.6
274 141.2
273 142.7
250 143.9
262 145.3
289 146.1
311 148.3
312 149 2
303 149 9
323 150.2
360 150.6

140.5
140.2
141.3
143.2
147.1
148.9
150.9
155.0
156.0
157.7
157.7
158.1

139.8
139.9
141.0
141.6
144.5
147.3
148.3
156.3
158.9
160.3
159.2
159.4

329.2
330.0
333.5
337.2
348.0
362.7
367.5
394.4
403.2
415.8
414.6
426.0

350 151.2 159.7
334 152.1 r 161.3
314 152 8 161 4
r
446 1 5 3 . 1 161 5
430 153.4 161.2
443 P153.4 P160.2

158.9
161.0
161 0
159.8
158.6
P158.6

424.0
430.0
'435.0
'432.9
428.3
"434.2

148
152

114
116

117
115

140

169.9
170.7
169.7
278 1 6 9 . 8
295 1 6 8 . 8

-•297
362
335
320
291
290

325

146
129

362
326

139
136

291
302

133
131

301
^301
. . . "308

181.5 180.1
183 8 183 6
184 5 184 0
184 6 1 8 3 6
185.4 1 8 2 . 9
185.2 181 7

r
• Average per working day.
« Estimated.
P Preliminary.
Revised.
1
For indexes by groups or industries, see pp. 1000-1003. For points in total index, by major groups, see p. 1022.
2
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For
monthly data (dollar value) by groups, see p. 1007.
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. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing
units and (2) beginning January 1950, interim revision of series and weights. Nonagricultural employment covers employees only and excludes
personnel in the armed forces
4
For indexes by Federal Reserve districts and other department store data, see pp. 1009-1012.
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, June 1944, pp. 549-561.

AUGUST

1951




999

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
flndex numbers of the Board of Governors.

1935-39 average =100]
1950

1951

Industry
June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.

May

June

Industrial Production—Total

199

196

209

211

216

215

218

221

221

'222

223

223

P222

Manufactures— Total

208

206

218

220

225

224

229

231

232

234

234

233

P232

237

235

247

251

261

260

268

268

271

278

276

Steel'

231

228

236

245

253

246

253

255

252

'263

264

263

261

Pig iron.
Steel
Open hearth
Klectric

221
271

223
264

224
288

217
281

228
298

231
301

234
301

234

835

207

212

206

217

213

827

815

879

218

217

710

211
272
198
803

216
280

201

223
275
203
792

225
286

202

219
265
198
744

'335

'336

336 P336

Durable Manufactures .
Iron find

...

.

.

. . . .

.

763

209

802

891

897

884

Machinery

262

265

279

283

303

311

321

322

328

Transportation Equipment

277

272

287

284

291

278

292

285

304

314

'309

310

268

262

273

265

271

249

260

246

262

'265

'254

240

207

202

212

216

223

226

227

224

217

'209

'210

206

219

208

212

209

217

221

218

219

222

225

225

202

199

212

219

225

228

230

226

21S

'202

'204

155

151

165

166

166

169

173

171

169

169

170

144
178

151
192

150
196

150
198

155
197

162
195

162
190

156
193

156
'195

P168

212

215

229

227

235

236

237

'243

162
'185
247

158
173

210

140
174
212

235

•"230

220
234
214

225
244
208

212
225
206

245
262
214

235
247
214

247
265
232

243
261
245

251
269
252

270
292
243

242
257
231

161

167

169

240
257
238

P2 55

161

206
215
214

168

175

173

191

186

189

189

184

Automobiles (including parts)
(Aircraft: Railroad 2Equipment; Shipbuilding — Private
and Government)
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 ?
Nondurable Manufactures ..

Products

....

.

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers

Shoes

Manufactured

199

163 vi 54
147

260
235

r\H7

184

Food Products

Wheat flour
Cane sugar meltings2
Manufactured dairy products
Butter
Cheese
Canned and dried milk
2
Ice cream

. .

.

. .

181

195

194

196

195

197

201

201

199

198

198

165

189

191

197

193

194

194

194

188

185

190 vi 88

156
132

Textile fabrics. .
Cotton consumption
Ravon deliveries
Nylon and silk consumption 2
Wool t e x t i l e s . . .
....
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
and

P206

224 P221

173

Textiles and Products

Leather

P316

146
123

172
155

178
162

348

173
158

174
163

176
174

171
175

165
153

366

380

374

173
158

361

381

397

392

390

374

380

161
205

134
135

172
210

171
204

170
158
137
187
172

180
228

164
204

178
159
144
179
168

160
201

156
180

144
181

133
169

152
147
134
165
162

.

.

139
127
117
140
143

171
152

179
163
142
192
180

148
146
122
180
172

140
141
121
169
169

151
142
121
173
163




'146
'131
128 '158
123 140
111 116
140 174
130 '159

1 S7
373

163
141
119
171
163

144
101

105

101

120

124

115

109

108

115

122

118

106

97

102
115

91
106

108
121

111
125

106
119

108
121

106
120

107
120

112
126

'97
'110

88
104

56

83

91

84

105
119

89

84

77

88

80

'78

79

S6

89
86
107

80
76
107

86
101
128

84
104
133

88
94
121

96
81
110

88
87
109

94
98
121

96
92
128

93
83
127

'87
69
112

80
55
103

164

167

168

167

162

161

165

168

166

'167

168

166 P163

106

113

116

103

100

107

116

128

119

110

108

109 P100

153
87

152
85

150
80

148
78

142
73

142
71

161
158

143
72

141
70

169
169

145
75

146
72

147
74

148
72

184
165

178
167

158
150

164
142

167
131

170
131

r
p Preliminary.
Revised.
i Methods used in compiling the iron and steel group index have been revised beginning October 1949
may be obtained from the Division of Research and Statistics.
'Series included in total and group indexes but not available for publication separately.

1000

140
133
119
152
143

169
164
'377

169
135

176
152

177
156

174
164

150
75
182
168

A description of the new methods

FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1950

1951

Industry
Tune July
Manufactured

Food

Aug. Sept. Oct.

Nov. Dec.

Jan.

Feb.

162
188
152
93

148
171
141
88

Mar. Apr. M a y June

Products—Continued

Meat packing
Pork and lard
Beef
Veal
Lamb and mutton .

147
165
141
108

79

78

78

78

77

76

77

80

66

Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products

173

175

176

174

171

168

172

176

176

158
133

147
146

134
158

142
146

147
125

149
125

142
147

161
148

158
138

176
127

'168

184

187

190

187

184

181

184

185

188

'186

188

185 P186

184

206

248

203

182

207

208

248

225

207

187

179

178

163
95
417

171
84
611

155
146
549

150
157
308

185
155
716

166
135
658

157
117
560

155
104
604

340

304

340

439

408

169
150
677

161
118
706

315

183
178
235

168
157
463

269

168
111
934

148

174

174
171
115
233
66

Alcoholic Beverages
Malt liquor
Whiskey
Other distilled s p i r i t s . . . .
Rectified liquors
Tobacco Products

151
169
146
114

155
175
145
121

464

168
196
153
120

158
188
138
107

165
195
148
108

341

171
202
155
104

159
194
139
82
62

163
208
134
79
59

149
181
134
79

145
188
110
95

52

66

175 Pl/2
166 3?147

128

240

170

154

197

172

165

171

153

177

179

170

177

172

106
233
68

96
212
59

126
269
80

120
229
71

124
215
72

WJ
227
65

89
215
56

101
248
70

107
249
69

100
238
62

104
248
66

105
239
64

183

173

191

194

202

201

197

204

207

208

214

212

177

166

181

185

193

191

189

192

197

198

204

200

205
109
120
373
146
173
213

202
119
110
372
140
161
198

211
124
115
381
152
177
228

213
133
114
382
152
180
232

228
127
96
427
162
188
238

220
109
92
414
161
186
240

218
125
92
402
157
184
229

220
117
94
412
158
188
247

228
119
98
430
161
193
245

229
116
94
438
162
193
248

241
116
100
461
172
198
253

233
115
99
445
164

172

156

174

183

192

189

194

171
167

183
155

185
156

187

188

181

182
151

180

207
164

196
163

202
165

206
159

205
172

208
171

'224
'172

'186
'207
'170

115

117

116

116

117

112

117

117

120

119

119

121

127

170

162

169

172

179

174

175

170

177

176

183

'176

P17 I

168

167

165

163

171

165

162

159

162

162

171

166

163

222

229

238

243

251

253

263

272

260

269

265

P273

188
179
152
177

194
187
154
186

200
190
174
194

195
200
177
198

196
210
184
195

195
209
187
195

197
225
188
208

202
238
192
237

198
238
179
230

199
227
190
230

193
204
189
221

207 P215
210 P215
193
201

177
170
428

176
170
368

176
167
470

178
170
443

183
175
467

178
170
436

182
174
457

187
177
522

183
174
487

184
176
475

185
178
433

186
178
'456

477

261

263

269

271

277

280

284

287

288

292

295

298

P303

154
350

161
359

168
363

168
376

164
371

162
378

160
385

451

453

458

465

488

497

504

163
387

168
384

166
374

164
377
530

162 P162
378 P382
538 P55O

Rubber Products

221

222

236

244

250

250

251

244

235

238

247

v>*o

Minerals—Total

131

144

159

163

166

160

157

164

158

164

165

P167

Fuels

155

148

162

167

170

165

163

169

163

163

167

168 P170

128
136
96
168

101
109
68
171

133
142
97
177

133
144
92

141
151
102
184

127
138
84
184

130
143
80

140
151
96
184

111
127
48
189

'120

178

118
125
89
185

'118
123
126 133
'83
86
192 Pi 93

130

124

136

141

130

126

130

177

167

188

199

180

63
77

62
73

60
85

59
73

59
70

Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper a
Printing paper
Tissue and absorbent p a p e r . . .
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining 2
.
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products 2

Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)2
Gold
Silver

184
141
198
59
73

506

173

180

57
77

57
78

510

'2^

524

r

239
158

r

64
191

P206

'195
256

187

131

127

140

151

181

176

199

216 P209

55
80

56
77

54
77

P146

' 56'

For other footnotes see preceding page.
N O T E . — F o r description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, DP. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.

AUGUST

1951




1001

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1951

1950
Industry
June July Aug. Sept. Oct.

Nov. Dec. Jan. Feb.

Mar. Apr.

May

June

Industrial Production—Total

200

198

212

216

220

215

216

216

217

219

221

223

P223

Manufactures — Total

209

207

221

224

229

226

227

226

228

231

232

233

P233

238

Transportation

Eouiptnent

Automobiles (including parts)
(Aircraft; Railroad equipment; Shipbuilding—Private

263

260

266

264

268

'275

278

277

P277

245

253

246

253

255

252

'263

264

263

261

223
264
201
710

219
265
198
744

223
275
203
792

225
286
209
835

211
272
198
803

216
280
207
802

224
288
212
827

217
281
206
815

228
298
217
879

231
301
218
891

234
301
217
897

234
296
213
884

265

279

283

303

311

321

322

328

'335

'336

336

277

Machinery

253

236

262

Pig iron
Steel
Open hearth
Electric

249

228

221
271
202
763

Iron and Steel *

237

231

Durable Manufactures.

272

287

284

291

278

292

285

304

314

'309

310

P316

268

262

273

265

271

249

260

246

262

'265

'254

249

P249

P336

206

202

212

216

223

226

227

224

217

'209

'210

206

P206

218

207

212

209

217

221

219

220

222

225

225

224

P22O

202

199

212

219

225

228

230

226

215

'202

'204

199

P200

166

161

177

179

176

168

158

153

154

160

'169

168

P165

160
178

155
174

170
192

170
196

165
198

153
197

140
195

134
190

134
193

141

161

'195

'185

165
173

163
P168

Stone Clay and Glass Products

212

214

221

223

240

233

227

223

221

232

'243

241 P241

Glass products
Glass containers
Cement
Clay products

218

217

212

215

251

237

233

236

237

251

270

255 P253

232
229
160

234
229
162

223
242
172

229
239

269
249

175

177

250
231
182

246
211
178

251
193
178

253
186
176

269
207
180

292
231
183

275
242
184

Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
A l n m i n i i t n • A/Tcjorn^Qiiim • Tin^J

Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
/ uftibtY and Ptodttcts
Lumber
Furniture

..

266
251

P184

184

182

198

201

201

197

196

196

196

194

195

197

P197

173

165

189

191

197

193

194

194

194

188

185

190

P188

156
132
348

146
123
361

172
155
366

171
152
380

178
162
374

173
158
381

173
158
397

174
163
392

176
174
390

171
175
374

165
153
380

161
205
152
147
134
165
162

134
135
139
127
117
140
143

172
210
178
159
144
179
168

171
204
170
158
137
187
172

180
228
179
163
142
192
180

164
204
148
146
122
180
172

160
201
140
141
121
169
169

156
180
151
142
121
173
163

144
181
140
133
119
152
143

133
169
128
123
111
140
130

'146
'131
'158
'159

144
101
163
141
119
171
163

104

99

119

123

115

111

107

116

125

118

106

97

100
111
80
90
86
107

87
100
56
79
71
107

106
117
88
84
104
128

109
122
89
85
102
133

107
120
86
88
94
121

111
126
91
93
85
110

106
120
82
89
83
109

108
123
76
94
91
121

120
136
93
100
101
128

104
119
79
92
80
127

'97

88
104
54
78
59
103

164

178

189 '190

'173

163 '161

155

149

149

'152

Wheat flour

102

112

114

112

107

108

115

128

120

107

103

104

P96

Manufactured dairy products'
Butter . .
Cheese
Canned and dried milk

226
120
261
228

223
104
219
193

"195

"156

"119

87
189
174

74
164
145

64
142
122

C94
55
123
102

e>0
55
121
101

90
61
126
106

101
63
139
121

120
65
158
149

153
75
184
176

196
93
233
228

221
104
259
232

Nondurable Manufactures
Textiles and Products
Textile fabrics .
Cotton consumption
Rayon deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption. .
Woolen and worsted yarn
Woolen yarn
Worsted yarn
W^oolen and worsted cloth
Leather tannins
Cattle hide leathers
Calf and kip leathers . . .
Goat a n d kid leathers
Sheep and lamb leathers
Shoes
Manufactured

Wood Products'

C

C

140
116
174

'110
'75
89
68
112

r

169
164

377

157
373

158 P164

c
P Preliminary.
' Revised.
Corrected.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may be obtained from the Division of Research and Statistics.
2
Series included in total and group indexes but not available for publication <«ppqrate1v.
•• Annual indexes for 1950 have been corrected as follows: Manufactured Food Products, 164; Manufactured dairy products, 149.
1

1002



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

=
1935-39 average = 100]
1951

1950
Industry
Tune July
Manufactured Food

Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May

Tune

Products—Continued

IMeat packing
Pork and lard
Beef
Veal
L a m b and mutton

.

Other manufactured foods
Processed fruits and vegetables
Confectionery
.
Other food products
Alcoholic Beverages

. ..

Malt liquor
Whiskey ..
Other distilled spirits
Rectified liquors
Tobacco Products

184
228
154
116
76

203
267
155
98
75

193
247
155
86
85

142
168
129
77
67

147
180
127
77
60

150
189
126
78
57

149
181
134
53

144
188
107
95
62

175
137
147

169

162

111
148

105
152

159
100
139

156 157
97 103
118 106

158
108

164
113

180

182

P188

175

180

191

169

179

118
424
148

336

174

374
174

161

167

172

178

107
234
67

100
222
62

104
231
66

105
239
65

115
245
67

208

208

'215

212

'205
243
128
100
461
172
'199
253

201
234
124
99

146
165
138
108
73

141
148
147
114
75

134
135
147
119
76

152
155
165
132
84

158
177
151
122

163
122
99

202
254
171
194

206
276
189

189

185

182
191
120
190

191

193

190

188

178

178

178

202

219

237

217

205

195

189

211

198

185

205

191
111
504
464

156

139

141

134

151

95
258
269

214
84
354
315

146
753
340

157
798
304

178

157

155

493

509

466

149
135
394

341

340

439

408

157
150
440
240

176

160

204

181

170

174

142

177

170

127
231
67

89
198
50

101
248
69

201

197

203

80

190
164

82

117

195
104

Cigars
Cigarettes
Other tobacco products

106
245
69

223
59

126
283
78

120
245
76

124
224

Paper and Paper Products .

185

172

191

194

202

178

166
200
105
110
372
140
160
198

181
209
110
115
381
152
177
228

184

193

191

188

192

198

198

205
110
120
373
146
173
213

211
119
114
382
152
180
232

227
119
96
427
162
188
238

221
115
92
414
161
186
240

218
126
92
402
157
184
229

221
121
94
412
158
188
247

228
124
98
430
161
194
245

231
124
94
438
162
193
248

164
195
256

247

172
174
167
116

156
174
151
115

174
183
155
115

180
185
156
116

187
209
164
117

183
196
163
113

188
196
165
114

181
204
159
117

192
214
172
120

189 194 1 8 6
208 '226 '207
171 172 170
119 121 122

129

169

150

161

172

183

182

179

164

176

179

188

179

166

144

148

165

180

180

170

148

159

169

181

172

222

229

238

243

251

253

263

272

269

269 '255

188
179
152
166

194
187
153
173

200
190
173
187

195
200
177
196

i96
210
184
195

195
209
187
201

197
225
187
214

202
238
186
241

198
238
177
241

199
227
188
235

193
204
197
226

177
170
428

176
170
368

176
167
470

178
170
443

183
175
467

178
170
436

182
174
457

187
177

183
174

185
178

186
178

187
179

522

487

184
176
475

433

'456

477

258

259

265

272

282

284

288

288

291

296

297

298

P301

158
350
451

159
359
453

166
363

164
371
488

160
378
497

160

385
504

160
387
506

166
384

510

165
374
524

165
377
530

166
378
538

P382

458

166
376
465

Rubber Products

221

222

236

244

250

250

251

244

235

'239

'238

247

v250

Minerals—

155

149

163

168

169

159

153

159

153

153

162

168

P170

155

148

162

167

170

165

163

169

163

163

167

168

P170

128
136
96
168

101
109
68
171

133
142
97
177

133
144
92
184

141
151
102
184

127
138
84
184

130
143
80
178

140
151
96
184

118
125
89
185

111 120 118 123
127 133 126 133
86
48
64 '83
189 191 192 Pi 93

Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Petroleum and Coal Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products 2

Total

Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum

96

77

P206

445

P170

161

265

P273

207
210
201

P215
P215

203

P550

155

Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 2
Gold
Silver

158

170

171

161

124

93

94

94

92 '129

166 P172

224
325

227
343

244
368

244
365

227
331

166
195

115
86

118
97

121
93

118
89

184
231

248 P256
365 P 3 9 3

59
74

61
72

65
83

68
74

69
73

66
70

59

55
78

50
81

49
80

48
78

77

49

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.

AUGUST

1951




1003

FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]
1950

1951

Industry group or industry
June

July

Aug.

Sept.

Oct.

Nov.

Dec

Jan.

Feb.

Mar.

Apr.

May

June

13,218

13,230

13,209

13,126

'7,395

'7,432

7,447

1,153
850
'1,219
717
'1 ,253
'733
323
'479

'1,160
854
'1,231
717
'1,240
'751
'321
'483

1,171
859
1,237
715
1,236
757
311
484

7,421
1,170
852
1,244
695
1 ,250
751
302
483

ADJUSTED FOR SEASONAL
VARIATION

Manufacturing—Total
Durable goods
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
Nondurable goods
Textile-mill products
Apparel and other finished textiles
Leather and leather products. . .
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied
industries
Chemicals' and allied products...
Products of petroleum and coal.
Rubber products

12,200 12,358 12,697 12,783 12,921 12,915 12,953 13,083 13,214
6,624 6,713 6,939 6,996
7,135 7,155 7,193 7,249
7,352
1,070 1,091
1,105
1,120
1,055
1,111
1,131
1,143
1,147
793
837
846
777
826
846
839
839
844
1,042
1,071
1,055
1,110
1,139
1,157
1,028
1 ,192
1,209
639
672
676
703
710
710
618
704
709
1,070
1,134 1,157
1,160
1,139
1,118
1,078
1,175
1,233
750
775
758
765
764
773
734
754
755
316
325
320
319
324
323
312
316
318
447
456
469
475
457
469
441
478
475
180

184

189

199

204

208

209

210

214

216

220

222

222

382
19

383
19
5,645

407
20

412
22

417

411
23

416
24

413
25

423
29

'425
30

423
32

418
34

5,758
1,243

5,787

5,834
1,245

'5,798
'1,214

5,705

1,239

'5,823
'1,211

5,762
1,212

1,175

1,022
350
1,171
79
401

1,044
356
1,176
80
404

1,073
363
1,179
79
412

1,067
365
1,171
82
420

1,264
1,063
363
1,166
82
419

5,760
1,250

5,760

1,196

421
27
5,862
1,250

1,046
362
1,171
79
423

1,048
361
1,173
81
424

1,070
364
1,211
80
421

1,083
367
1,212
81
421

'1,074
362
'1,213
81
422

'1,062
358
'1,191
82
427

1,047
345
1,183
80
427

1 ,032
348
1,165
78
429

500
497
180
202

504
499
180
206

509
501
189
210

510
503
186
215

509
513
190
217

510
511
190
218

510
514
192
218

510
521
192
220

510
524
193
221

'515
'531
195
219

512
'537
196
219

512
538
195
223

511
545
196
226

12,066 12,151 12,802 13,016 13,133 13,044 13,056
6,597 6,900
7,013 7,186 7,210 7,254
6,596
1,050 1,054 1,086 1,105 1,117 1,126 1,142

13,018

13,186
7,371
1,153

13,189

13,090 12,991

'7,428

'7,428

7,404

'1,159

r

1,159

12,989
7,391
1,164

556

559

559

561

5,576
1,174

1,268

22
5,786

WITHOUT SEASONAL ADJUSTMENT

Manufacturing—Total
Durable goods
Primary Metal Industries
Blast furnaces, steel works
and rolling mills
Nonferrous smelting and refining, primary
Nonferrous rolling, drawing
and alloying
Fabricated Metal Products
Cutlery, , hand tools and
hardware
Heating
apparatus
and
plumbers' supplies
Fabricated structural metal
products
Machinery except Electrical
Agricultural machinery and
tractors
Metalworking m a c h i n e r y . . .
Special-industry
machinery
Service-industry and household machines
Electrical Machinery
Electrical apparatus (generating, etc.)
Communication equipment.
Transportation Equipment
Motor vehicles and equipment
Aircraft and parts
Ship and boat building and
repairing

538

543

550

552

45

553

554

7,256
1,149

l , 160
561

564

46

80

80

83

85

86

86

87

769

773

814

837

850

850

852

87
847

858

858

133

129

132

138

141

143

144

144

142

140

122

120

132

137

137

135

133

130

134

133

154

158
1,032

165

166

171

172

173

1,060

1,050

1,104

1,133
125
197

1,033
141
163

141
162

140
171

102
181

124
190

1,163
135
204

86

132

8=

173
1,192
147
211

1,215

81
850

130
179
1,243

-1,231
'151
223

'152
227

150

143
717

1,250

152
229

150

150
218

84.

142

125

124

127

132

136

138

148
615

146
620

145
655

146
673

148
710

151
721

148
724

147
711

222
227
1,078

227
228
1,070

237
248
1,118

237
255

252
272
1,157

254
278
1,139

257
278

256
268
1,175

258
270
1,233

'262
273

267
'261
r
l, 240

271
248
1,236

765
187

757
188

781
199

767
264

791
288

'793
'299

'772
308

760
317

Lumber and Wood Products
Sawmills and planing mills..
Millwork, plywood, etc

68
741
437
109

68
750
444
109

757]
450!
107

759

Furniture and Fixtures
Household furniture
Stone, Clay, and Glass Products..
Glass and glass products. . .
Structural clay products

303
222
441
118
76

303
222
440
114
77

319
234

327
240

303
213

293

458
117
80

484
131
83

483

Instruments and Related Products.

180

178

459
122
79
187

r
740
'440
108
-319
228
'483
132
82

Miscellaneous Manufacturing
dustries
Ordnance and Accessories

1,134

144

1,160
767
252

149
716]

148
724,

788
209

795
225

760
239

79

76

79

83

790
468
114

76
785
462
115

76

783
465
114

773
452
114

754
440
112

739
429
110

95
736\
428
107

327
242

326
238

321
234

324\
235

96
722\
'426
107
326j
236

477
129
81
209

474
128
79

473
128
80

473
128
80

'479
130
80

329
242
471
127
80
205

T

367
19

358
19

399
20

418
22

436
22

432
23

222

221

In424
24

413
25

427
27

429
29

r

423
30

1,250

410
32

401
34

r
Revised.
NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related
workers who worked during, or received pay for, the pay period ending nearest the 15th of the month.
Figures for June 1951 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained
from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the
Division of Research and Statistics.

1004



FEDERAL RESERVE BULLETIN

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.

In thousands of persons]

1950
Industry group or industry

June
Nondurable goods

July

Aug.

Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

5,470 5,554 5,902 6,003 5,947 5,834 5,802 5,762 5,815 5,761 5,662 5,587 5,598

Textile-mill Products
Yarn and thread mills
Broad-woven fabric mills
Knitting mills

1,174 1,160 1,224 1,255 1,264 1,262 1,258 1,257 1,269 '1,223 •1,214 1,206 1,175
160
162
164
162
160
146
147
154
161
159
161
160
r
566
602
-•564
572
580
571
595
606
604
606
607
604
230
232
236
222
212
209
227
234
233
236
234
236

Apparel and Other Finished Textiles
Men's and boys' suits, coats and overcoats
Men's and boys' furnishings
Women's and misses' outerwear

976
135
238
248

127
232
266

138
252
307

137
254
305

138
254
297

137
253
275

137
251
296

Leather and Leather Products
Footwear (except rubber)

343
224

351
230

370
237

372
237

367
230

360
226

359
229

Food and Kindred Products
Meat products
Dairy products
Canning and preserving
Bakery products
Beverage industries

981 1,089 1,099 1,100 1,056 1,064 1,070 1,115 '1,106

986

1,046 1,000

138
251
303

141
259
317

141
263
305

'138
-•261
266

135
253
250

364
234

374
239

371
237

354
'225

331
211

341

1,141 1,231 1,331 1,350 1,260 1,196 1,155 1,120 1,099 r1,096 1,086 1,098 1,135
229
232
235
229
236
244
254
251
238
233
236
240
103
114
116
114
100
97
95
95
109
107
102
99
128
151
223
302
171
143
132
127
324
226
137
125
190
191
194
192
193
190
188
188
194
196
190
190
144
157
164
169
149
146
147
145
159
149
146
147

Tobacco Manufactures

76

74

74

427
213

425
213

427

509
151
167

509
152
168

r

537
59
168
70

530
60
170
70

529

192
149

194
150

194
151

197

220

219

220
89

223

75

75

82

89

89

84

83

80

80

Paper and Allied Products
Pulp, paper and paperboard mills

399
205

396
204

410
207

418
210

421
210

427
211

428
212

423
209

423
209

Printing, Publishing and Allied Industries. . . .
Newspapers
Commercial printing

500
150
166

499
150
164

504
150
165

510
151
167

514
150
170

515
150
170

518
152
171

510
149
170

510
150
170

Chemicals and Allied Products
Industrial inorganic chemicals
Industrial organic chemicals
Drugs and medicines

482
54
150
62

479
51
152
63

491
49
155
63

506
50
158
65

523
56
159
66

521
57
160
66

524
57
162
67

526
57
163
67

532
58
163
69

59
167
69

Products of Petroleum and Coal
Petroleum refining

181
138

182
139

193
147

189
145

190
147

191
148

191
147

190
147

191
148

Rubber Products
Tires and inner tubes

199

200

208
90

215
92

219
92

222
93

222
92

222
91

222
91

424
209
r

512
150
170

For footnotes see preceding page.
HOURS AND EARNINGS OF FACTORY EMPLOYEES
(Compiled by Bureau of Labor Statistics!
Average weekly earnings
(dollars per week)
Industry group

1950
June

1951
Apr.

Average hours worked
(per week)

Average hourly earning
(dollars per hour)
1951

1950

1950

May

June

June

Apr.

May

June

June

Apr.

May

Manufacturing—Total....

58.85

64.55

65.44

40.5

41.0

1.453

1.579

1.586

1.604

Durable goods

62.86

^69.72

69.39

70.60

41.3

42.0

41.7

41.9

1.522

1.660

1.664

1.685

66.50
62.87
65.69
58.62
72.53
56.28
52.50
58.12
58.93
52.69
61.90

'75.89
'69.55
'76.74
66.11
'74.50
'59.62
'57.15
'64.93
••67.88
'•57.97
^71.22

75.09
69.22
76.34
66.32
74.50
59.88
56.06
64.76
68.36
57.51
72.37

77.32
70.10
76.77
68.63
75.99
61.32
56.02
64.54
68.74
57.15
70.85

40.8
41.5
41.5
40.4
42.0
41.6
41.8
41.1
40.7
40.5
40.7

42.0
42 0
••43.9
41.5
40.8
'41.9
'41.0
'42.0
42.4
'41.2
42.8

41.6
41.8
43.6
41.5
40.8
41.7
40.3
41.7
42.2
40.7
42.9

42.3
42.1
43.4
42.0
41.1
41.6
40.3
41.4
42.3
40.5
42.5

1.630
1.515
1.583
1.451
1.727
1.353
1.256
1.414
1.448
1.301
1.521

1.807
1 .656
1.748
1.593
1.826
1.423
1.394
1.546
1.601
1.407
1.664

1.805
1.656
1.751
1.598
1.826
1 .436
1.391
1.553
1.620
1.413
1.687

1.828
1.665
1.769
1.634
1.849
1.474
1.390
1.559
1.625
1.411
1.667

53.92

'58.05

58.01

58.63

39.5

'39.6

39.3

39.4

1.365

1.466

1.476

1.488

46.75
41.89
43.60
56.01
41.59
60.03
72.72
62.39
74.37
65.08

52.81
45.04
'46.56
r59.62
42.66
'66.23
'75.78
'67.80
'81.30
'65.72

51.53
43.60
45.55
60.36
42.42
65.90
75.77
68.30
81.60
68.43

50.90
44.29
45.96
62.16
43.84
65.81
76.08
68.43
82.38
69.34

38.7
35.8
37.2
41.8
38.3
43.0
38.7
41.4
41.0
41.4

39.8
36.5
36.4
41.2
36.9
43.6
38.9
41.8
41.1
'39.9

38.8
35.3
35.5
41.6
36.6
43.3
38.7
41.8
40.9
41.3

38.5
35.4
36.1
42.0
37.6
43.1
38.7
41.5
40.8
41.2

1.208
1.170
1.172
1.340
1.086
1.396
1.879
1.507
1.814
1.572

1.327
1.234
'1.279
'1.447
1.156
1.519
1.948
1.622
1.978
1.647

1.328
1.235
1.283
1.451
1.159
1.522
1.958
1.634
1.995
1.657

1.322
1.251
1.273
1.480
1.166
1.527
1.966
1.649
2.019
1.683

Primary metal industries
,
Fabricated metal products
Machinery except electrical
,
Electrical machinery
Transportation equipment
Lumber and wood products
Furniture and fixtures
,
Stone, clay, and glass products
,
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
Nondurable goods
Textile-mill products
,
Apparel and other finished products...
Leather and leather products
Food and kindred products
,
Tobacco manufactures
Paper and allied products
Printing, publishing and allied products
Chemicals and allied products
,
Products of petroleum and coal
,
Rubber products
,

f Revised.
NOTE.—Data are for production and related workers.
Labor Statistics.

AUGUST 1951




Figures for June 1951 are preliminary. Back data are available from the Bureau of

1005

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]
Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

Federal,
State, and
local
government

1,567
1,094
1,132
1,661
1,982
2,165
2,156
2,318

3,619
3,798
3,872
4,023
4,122
4,151
3,977
4,010

7,189
7,260
7,522
8,602
9,196
9,491
9,438
9,524

1,401
1,374
1,394
1,586
1,641
1,716
1,763
1,812

3,919
3,934
4,055
4,621
4,786
4,799
4,782
4,761

6,049
6,026
5,967
5,607
5,454
5,613
5,811
5,910

942
942
937
937
938

2,299
2,366
2,434
2,454
2,506
2,521
2,452

3,995
4,021
4,073
4,119
4,138
4,126
4,125

9,532
9,556
9,651
9,650
9,630
9,620
9,692

1,809
1,804
1,819
1,836
1,839
1,838
1,846

4,778
4,769
4,779
4,768
4,733
4,747
4,741

5,852
5,851
5,883
5,983
6,019
6,077
6,119

15,852
16,009
16,058
16,074
16,067
16,002

939
939
'930
'913
913
913

2,507
2,503
'2,556
'2,575
2,566
2,547

4,107
4,117
'4,147
4,153
4,142
4,135

9,722
9,769
'9,762
'9,764
9,808
9,820

1,840
1,848
1,854
1,856
1 ,866
1,874

4,737
4,728
'4,729
'4,743
4,763
4,782

6,100
6,165
6,230
6,294
6,347
6.394

43,945
44,096
45,080
45,684
45,898
45,873
46,595

14,666
14,777
15,450
15,685
15,827
15,765
15,789

946
922
950
946
939
938
937

2,414
2,532
2,629
2,626
2,631
2,571
2,403

4,023
4,062
4,120
4,139
4,132
4,123
4,125

9,411
9,390
9,474
9,641
9,752
9,896
10,443

1,827
1,831
1,837
1,827
1,821
1,820
1,828

4,826
4,841
4,827
4,816
4,757
4,723
4,694

5,832
5,741
5,793
6,004
6,039
6,037
6,376

45,246
45,390
-•45,850
'•45,960
46,191
46,410

15,784
15,978
16,022
15,928
15,839
15,864

932
930
924
'910
912
917

2,281
2,228
'2,326
'2,472
2 ,592
2,674

4,072
4,082
'4,112
4,132
4,139
4,164

9,592
9,554
'9,713
'9,618
9,670
9,695

1,831
1,839
1,854
1 ,865
1,875
1,893

4,666
4,657
'4,682
P4 ,743
4,787
4,830

6.088
6,122
6,217
6,292
6,377
6,373

Total

Manufacturing

42,042
41,480
40,069
41,412
43,371
44,201
43,006
44,124

17,381
17,111
15,302
14,461
15,247
15,286
14,146
14,884

44,010
44,259
44,914
45,196
45,408
45,501
45,605

14,802
14,977
15,333
15,444
15,606
15,635
15,692

45,804
46,078
'46,266
'•46,372
46,472
46,467

1950—June
July
August
September.
October
November
December
1951—January
February
March
April
May
June

Year or month

1943 . . .
1944
1945
1946. .
1947
1948
1949
.
1950

. . . .

Mining

917
883

826
852
943

981
932
904

SEASONALLY ADJUSTED

1950—j u n e
July
August . . . .
September
October
November..
December.

. ..

1951—January
February
March
April
May
June

943
915

UNADJUSTED

•• Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of
the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. June
1951 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and over]
Civilian labor force

Year or month

Total
civilian noninstitutional
population l

Employed 2
Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

94,640
93,220
94,090
103,070
106,018
107,175
108,156
109,284

55,540
54,630
53,860
57,520
60,168
61,442
62,105
63,099

54,470
53,960
52,820
55,250
58,027
59,378
58,710
59,957

45,390
45,010
44,240
46,930
49,761
51,405
50,684
52,450

9,080
8,950
8,580
8,320
8,266
7,973
8,026
7,507

1,070
670
1,040
2,270
2,142
2,064
3,395
3,142

39,100
38,590
40,230
45,550
45,850
45,733
46,051
46,181

1950—June
July
August.. .
September
October. .
November
December.

109,392
109,491
109,587
109,577
109,407
109,293
109,193

64,866
64,427
64,867
63,567
63,704
63,512
62,538

61,482
61,214
62,367
61,226
61,764
61,271
60,308

52,436
52,774
54,207
53,415
53,273
53,721
54,075

9,046
8,440
8,160
7,811
8,491
7,551
6,234

3,384
3,213
2,500
2,341
1,940
2,240
2,229

44,526
45,064
44,718
46,010
45,704
45,782
46,657

1951—January. .
February..
March
April
May
June

109,170
108,933
108,964
108,879
108,832
108,836

61,514
61,313
62,325
61,789
62,803
63,783

59,010
58,905
60,179
60,044
61,193
61,803

52,993
52,976
53,785
53,400
53,753
53,768

6,018
5,930
6,393
6,645
7,440
8,035

2,503
2,407
2,147
1,744
1,609
1,980

47,658
47,619
46,638
47,092
46,029
45,053

1943
1944
1945
1946
1947
1948
1949
1950

'

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.

1006



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

Factories

Month
1950
730.9
779.5
1,300.2
1,350.5
1,347.6
1,345.5
1,420.2
1,548.9
1,286.5
1,135.8
1,087.1
1,168.4

January..
February
March
April
May

June
July
August
September
October
November
December

.. .

1951
1,043.2
1,140.5
1,267.5
1,375.0
2,573.0

14,501.1

Year

1950

343.5
361.5
574.7
674.8
674.6
628.1
675.1
754.1
549.6
529.9
496.7
478.6

420.9
531.1
574.6
590.8
661.1

37.7
128.4
27.9 116.2
161.5 122.7
119.2
174.3
83.7 1,274.9
69.3
79.8
128.8
90.8
93.6
103.9
146.1

1951

1,142.3

Jan
Feb
Mar
Apr
May

1950

June....

July
Aug
Sept
Oct
Nov
Dec

1951

731 1,043
780 1,141

483
568
748
846
885
950
948
911

1,300
1,350
1,348
1,345
1,420
1,549
1,072 1,287
1,062 1,136
958 1,087
929 1,168

1,268
1,375
2,573
1,409

Year. . 10,359 14,501

1949 1950 1951 1949
160
252
282
319
369
375
410
316
289
332
316
299

201
306
285
332
481
418
354
456
389 1,474
428
583
460
438
364
308
320
381

3,718 4,409

Title 1 loans
Total

1946
1947
1948. . .
1949
1950

1950

323
317
466
527
517
574
537
595
783
730
642
630

321
534
614
594
694

Sept...
Oct....
Nov.. .
Dec. . .

376
369
414
373
379
379
349

78
61
69
55
82
74
54

1951—Jan....
Feb....
Mar...
Apr. . .
May. .
June..

330
261
294
252
271
255

63
44
50
43
52
54

1950—June..
July
Aug

1

1,111
922
828
767
787

6,641 10,092

1950

1951

1950

1951

60.6
58.3
88.6
106.8
96.4
97.7
117.4
137.9
137.2
104.5
94.4
108.9

121.1
101.8
78.8
106.3
60.6

63.5
58.0
96.3
97.0
100.2
128.3
121.2
113.1
119.4
86.3
109.4
87 2

84.6
81.0
128.4
103.5
123.2

73.5
121.4
154.3
125.6
128.3
148.7
168.8
161.2
151.4
142.5
127.2
148.2

126.8
132.2
139.4
133.9
175.3

152.1
152.5
224.9
227.0
264.5
273.4
258.0
253.8
238.2
179.1
155.5
199.5

161.3
178.2
223.6
266.1
278.0

1,179.8

2,578.4

1,651.0

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]

4
C)

7
13
*7

(4)
(4)
(4)
(4)
(4)

1
1
2
2
2
2

347
446
880

3

1,855
2,466

7
21

181
183
217
216
241
236
204

(4)

1951




1950

1951
Federal Reserve district
June

May

110,897
169,486
58,967
138,674
147,793
187,004
265,263
94,084
71,474
56,902
108,388

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)

105,330
287,641
105,236
206,337
743,910
163,735
210,405
471,601
55,751
62,630
160,385

June
95,543
205,642
67,448
147,611
119,058
139,339
264,888
80,299
72,999
59,219
93,417

1,408,932 2,572,961 1,345,463

Mortgages

1
9

225
176
180
162
165
146

2
5
4
3
7
16
56

28
27
32
20
36
31

(4)

INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

85
808

1,836
1,339
1,031
113
111
122
88
43
49
63

(4)

Military
housing
(Title
VIII) 3

12
123
3
5
14
10
17
23
13
10
2S
18
16

Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3
Mortgages insured on new rental housing at or near military
installations under Title VIII, approved Aug. 8, 1949.
* Less than $500,000.
6
Includes about 3 million dollars of Class 3 loans insured before
expiration of this program Feb. 28, 1950, but tabulated after that date
and not shown separately. Includes almost one million dollars of
mortgages insured since August under new Sec. 8 small homes program.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.

AUGUST

1951

1951

530
737
495
808
819
849
919
996
959 1,099
826
917
960

Prop- Small 1- to 4- Rental War and
Vetand
erty home family group erans'
imcon- houses
prove- struc- (Title housing housing
(Title
(Title
ment 1 tion
ID
VI) 2
II)

1,787
3,338
3,821
4 342

755

1950

1,208.5

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]

Year or
month

1951

Other

Public ownership Private ownership

Total
1949

Educational

1950

1951

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

Commercial

1950

6,741.0

Public works
and public
utilities

End of month

Total

Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations

Insur- Fedance
2
eral
com- agen- Other
panies cies i

1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec

365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156

228
430
634
902
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

41
118
212
342
542
789
1,032
1,134
1,072
1,000

5
32
77
153
201
234
245
79
68
13

27
53
90
133
150
179
163
159
140
122

1946—June
Dec

3,102
2,946

1,488
1,429

260
252

247
233

974
917

11
9

122
106

1947—June
Dec

2,860
2,871

1,386
1,379

245
244

229
232

889
899

8
7

102
110

1948—June
Dec

2,988
3,237

1,402
1,429

251
265

973
245
269 1,113

7
9

110
152

1949—June
Dec

3,894
4,751

1,587
1,771

305
378

323 1,431
416 1,828

21
52

227
305

1950—Dec

6,695

2,205

693

603 2,712

60

421

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.

1007

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2

Merchandise exports 1

Excess of exports

Month
1947

1948

1949

1 114
1,146
1,326

1,092
1,085
1,139

1,105
1,043
1,189

April
May
June

1,294
1,414
1,235

1,121
1,103
1,014

1,173
1,095
1,108

July
August
September....

1 155
1,145
1,112

1,019
992

900
885

926

910

October
November
December

1,235
1 141
1 114

1,023

856

823

1,318

842
945

7,529

6,553

6,713

January
February
March

Jan.-June

.

....

1950

1951

1947

1948

1949

1950

1951

1947

1948

1949

1950

1951

741

P972

'764 P 1 , O 7 6
r
860 Pl.284

531
437
445

547
589
675

590
567
633

623
600
665

Pl,024
P909
Pl.099

583
709
882

545
496
464

515
477
557

118
164

P—51

'195

P167
P185

'804 P I . 3 7 0
'830 Pl,353
878 P 1 , 2 9 3

512
474
463

532
554
625

535
541
526

585 Pl.025
659 Pl.018
P930
687

782
940
772

590
549
389

638
554
582

'219
170
191

P345
P335

450
400

564
606

457
491

705
745

456
386

444
394

P70

473

560

530

639

365

380

492

600

557

P923

743

423

299

455
603

554
720

593
605

P&67

687
511

269
598

249
340

2,861

3,520

4,668

3,033

P762
P911
P906
P978
P1,065
P4,876 P7,351

P709
P820

3,390 P3,819

p

P363

P—59
P49
P-17
P124

P199

3,323 Pl.057

Pl.344

Source.—Department of Commerce.
Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937,
p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS

[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.

101
109
130
138
137
140
135
132
143
138
116
128

98
111
123
135
138
143
134
130
147
141
100
117

102
137
168
181
186
185
172
146
182
184
145
180

107
101
112
120
146
139
151
138
150
136
142
135

96
96
91
104
117
124
125
129
107
88
77
68

100
114
139
155
141
143
129
143
153
149
123
140

110
147
183
206
192
180
169
136
181
184
151
172

101
110
136
146
145
147
142
139
148
146
127
140

97
96
100
69
63
67
69
78
75
68
57
53

1950—June
July
August
September.. .
October
November.. .
December. . .

127
126
135
134
136
136
140

'•117

130
135
139
128
159
166
158

61
61
60
72
75
72
72

144
148
155
148
146
157
162

'178

105
126
135
135
126
129

192
195
194
201
206
198
194

186
190
198
184
184
199

138
140
147
142
145
146
151

52
51
56
55
54
53
52

1951—January
February....
March
April
May
June

146
129
139
136
133
131

133
114
112
112
111
120

199
186
202
197
210
217

153
134
150
158
141
123

69
55
62
68
64
58

170
143
147
156
154
152

243
241
241
212
212
207

158
141
157
151
148
144

52
48
53
51
48
47

1939
1940
1941
1942.
1943
1944
1945
1946
1947
1948
1949
1950
SEASONALLY
ADJUSTED

[In millions of dollars]

Year or month

Total
operating
revenues

Net
Total
expenses operating
income

Net
income

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
8,580
P9,473

3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
7,904
8,670
7,893
P8.434

589

93

682
998
1,485
1,360
1,106
852
620
781
1,002
687
Pl.040

189
500

450
287
479
699
438
*783

1950—June . .
July
August
September..
October
November..
December. .

791
772
833
858
885
863
941

691
686
744
749
776
760
849

100
86
88
109
108
103
92

70
54
55
73
74
70
60

1951—January....
February...
March
April
May

863
783
854
873

766
742
783
800

98
41
71
73

66
11
39
41

855

794

62

P29

1939
1940
1941
1942
1943 .
1944
1945
1946
1947
1948
1949
1950

902
873
667

SEASONALLY
ADJUSTED

UNADJUSTED
UNADJUSTED

1950—June
July
August
September...
October
November...
December. . .

131
130
140
145
147
139
130

'117

1951—January
February
March
April
May
June

133
119
130
133
135
137

133
114
112
112
111
120

105
126
135
135
126
129

188
190
186
198
201
198
204

133
162
150
143
159
162
148

51
48
57
95
116
90
70

150
149
163
160
154
154
145

277
298
285
298
262
188
62

142
141
149
154
158
152
142

52
51
56
57
56
54
50

209
197

153
131
138
139
124
125

66
44
49
61
57
49

153
137
147
156
160
158

61
60
70
193
296
321

145
133
149
149
149
148

50
46
54
51
48
47

2-04
193
208
212

' Revised.
NOTE.—For description a n d b a c k 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.

1008



1950_j u n e
July
August
September..
October

November..
December..

1951—January
February...
March
April
May

779

689

90

72

772
890
872
925
862
928

688
768
749
791
752
815

84
122
123
135
110
113

59
96
99
108
86
120

849
716
875
851

771
697
797
781

78
19
78
71

55
-4
51
45

889

814

75

P50

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 figuresxinclude revisions not available monthly.

FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

207
264
286
302
286
304

176
221
234
239
234
240

169
220
239
249
236
244

184
235
261
284
271
288

201
257
281
303
281
303

235
292
304
321
309
325

275
344
360
386
374
401

193
250
275
290
271
291

227
292
314
335
317
331

185
247
273
288
275
289

'297
362
335
320
291
290
325

240
268
268
255
216
229
249

'241
274
277
262
238
234
266

285
331
319
310
279
273
307

299
364
334
333
299
251
328

••327
394
360
332
312
312
336

392
494
415
409
370
391
421

278
330
335
305
282
288
318

326
418
370
360
305
316
353

362
326
291
302
301

303
251
217
233
235
P235

291
263
230
252
243
267

342
321
283
286
281
285

395
333
286
323
309
306

369
341
297
326
331
331

450
419
413
399
387
402

349
322
290
282
'290
276

••280
283
281
331

230
185
198
263
239
287
436

'229
192
202
267
259
302
450

271
239
239
313
299
363
525

281
284
290
337
317
313
538

'302

Co Co
jo Cn O
*»• CnOO

Year or month

333
387
584

345
386
373
426
388
453
708

277
262
284
284
297
P284

230
193
217
221
233
P226

233
218
230
232
238
254

253
241
286
269
286
271

293
266
286
297
306
287

267
266
307
298
325
305

166
213
255
291
270
295

153
182
202
223
210
231

160
195
225
241
223
237

150
191
220
252
233
257

156
205
243
277
256
288

1950—June
July
August
September
October
November
December

276
269
284
309
329
332
329

215
198
213
227
249
262
264

222
218
226
243
258
266
263

244
241
259
275
283
282
286

1951—Tanuary
February
March
April
May
June

338
349
368
377
365

274
280
305
303
290
276

273
281
299
297
290
290

267
258
285
322
362
371
295

206
192
223
245
281
298
238

303
334
»-373
386
370

243
264
296
297
287
265

Dallas

San
Francisco

229
287
311
325
309
329

275
352
374
404
385
417

248
311
337
353
332
354

283
342
321
289
283
291
318

322
414
354
345
303
325
354

410
537
449
420
375
400
433

342
454
374
368
343
345
377

363
327
298
320
330
313

325
324
249
287
278
P273

395
346
321
314
317

475
439
414
402
405
409

421
375
336
346
'348
346

278
271
278
320
296
357
495

293
326
318
363
326
398
540

272
276
287
321
319
338
476

296
339
326
363

353
429
399
454
405
472
711

321
387
352
374
345
387
627

342
352
422
367
375
353

261
251
269
276
293
276

298
275
298
304
323
282

248
239
236
279
284

300
280
308
302
314

375
351
397
382
393
352

333
316
318
320
'330
325

198
248
289
322
301
334

188
258
306
362
339
394

159
205
246
281
260
276

166
225
274
314
296
325

165
212
266
326
299
317

158
209
259
301
276
300

190
251
320
389
362
397

183

323
355

265
252
265
296
313
350
351

338
329
334
345
363
357
349

359
360
405
438
456
448
461

258
252
267
288
313
309
297

299
283
295
325
365
374
381

304
286
302
323
353
345
335

••288

271
286
306
330
335
330

375
374
406
431
456
446
430

324
322
334
389
403
395
389

297
305
320
331
318
314

357
369
396
395
380
361

351
384
412
407
398
P414

472
458
462
483
480
453

320
320
331
343
339
326

337
412
425
437
403
389

343
350
363
383
378
P 3 69

351
343
365
380
372
P362

437
443
465
486
486
473

399
414
445
465
438
405

209
194
226
256
291
306
239

229
217
254
286
326
324
252

261
251
280
324
355
377
294

305
308
337
362
403
397
316

345
339
401
451
497
501
401

248
232
259
297
341
352
279

299
295
322
361
409
400
320

294
292
299
328
371
375
310

••288

353
351
402
444
479
495
395

326
332
333
389
430
438
354

240
273
306
306
294
274

258
299
336
345
325
295

313
343
392
401
383
355

322
374

424
463
485
507
476
435

288
311
344
353
342
313

290
371
413
437
403
389

316
336
378
389
379
P357

319
336
373
392
379

406
434
493
510
486
445

363
389
436
474
454
408

Minne- Kansas
apolis
City

SALESi
1945
1946
1947
1948
1949
1950

...
SEASONALLY ADJUSTED

1950—June
July
August
September
October
.
November
December

.

.

....

1951—January
February
March
April .
May
June

.
..

1951—January
February
March
April
May
June

...

00
ON ON

vi Co Co

JI

...

-O S3 S3
VT 00 00
ON 00 Cn

UNADJUSTED
1950—June
. . .
July
August
September
October
November
December

3NO00

. CO S3
O
*» O Co

STOCKSi
1945
1946
1947
1948
1949
1950
SEASONALLY ADJUSTED

...

UNADJUSTED
1950—June
July
August
September
October
November
December

....

1951—January
February
March
April
May
June

425
405
P373

266
281
312
353
369
294

r
p Preliminary.
Revised.
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 for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1

AUGUST

1951




1009

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage change
from a year ago
(value)

Department

Number of
stores
report-

Sales during
period

Stocks
(end of
month)

Ratio of
stocks lto
sales

Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
Sales duri ng
period

May

Stocks at end
of month

ing

May
1951

months
1951

May
1951

1951
1951

1950

1951

1950

1950
May

Apr,

May

May

Apr.

May

GRAND TOTAL—entire store 3 .. .

351

+2

+ 10

+31

3.7

2.9

MAIN STORE—total

351

+2

+10

+31

4.0

3.1

208

190

203

831

861

635

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

312
290
193
171
184
304
272
248
237

0
0
-3
-10

+17
+2

+38
+ 15
+8
+35
+ 16
+53
+39
+59
+71

4.9
3.9
3.7

3.5

16.9

11.3
2.3
3.6
4.1
3.2
3.4

171
203
176
103
289
155
139
171
145

185
208
165
65
325
175
160
199
165

903
802
597
992
851
967
909

930
854
667
956
988
975
916
996
932

656

3.4
3.4

185
207
160
59
332
177
159
200
171

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

341
205
236
326
309
215
271
78
234
270
127
237

+4
+7
+7
+5

4.2

3.7

176

775

2.9
2.8
3.6
4.2
5.4

262
291
151
191

170
246
271
144
188

750

3.1
3.1
4.0
5.4
7.9

154
254
246
131
150

806
889
599

918
951
607

1,020

1,053

626
721
752
516
795

2 9

2 7

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's and misses' coats and suits
Coats 4
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and d r e s s e s . . . . . . . . .
Girls' wear
Women's and misses' dresses
Inexpensive dresses 4
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs

348
348
307
277
162
319
335
340
340
248
277
253
322
331
242
210
222
348
336
212
206
311
273
311
338
256
268
337
289
264

Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

330
253
315
299
194

+4
+3

Homef urnishings.
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum 4 . ..
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
Records, sheet music, and instruments 4 . . . .

318
248
168
178
275
159
98
296
250
252
240
259
168
230
176
123

—4

Miscellaneous merchandise departments. . .
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4

315
295
240
144
265
193

+2

+1
0

+1
+4

+1
-1

+1
+ 12
0

+3
+6

+1
+5
+5

+ 13
-3
-2

+4
+4
+3
+3

+3
+1

+ 11

+7
+6

+7

+ 13
+6
+6
-2
-8

+ 10
+8
-3

+9
+6
+8
+3
+ 10
+3
+5

+5
+5
+8
+2
0
+2

2
0
-3

+2
-6

+7

+26
+ 15
+42
+ 19

+5
+8

+6
+9
+5
+ 13
-2

+ 12
+1
+1
0

+1
+8
+8

+8

-2
0

+4

+ 12

+9

+ 10
+ 15
+6
+ 12
+6
+3
+9

+5

+ 10
+8
+8
+ 11
+5
+6
+6
+7
+6
+7
+6

+7

+6
+38

+8
+ 11

+7
+3

+ 16
+14
+ 16
+18
+ 15
+28
+32

+5

+4

+ 12

-4

0

+4

+ 10
+ 13
+ 15
+9

-27

+3

+5

-31
-29

+8
+6
+7
+8
+6
+3

+1

0

-1
+ 10

+8
+8
+6
+ 10

+7
+3

+20
+ 12
+ 19
+ 17
+28
+44
+8
+25
+26
+ 12

+4

+ 14
+ 19
+22
+22
+ 18

+5

+ 17
+22
+35
+22
+29
+21
+ 12
+24
+16
+21
+ 18
+22
+ 13
+25
+28
+23
+ 14
+ 12
+ 15
+2

2.6
5.4
5.7
5.1
5.5

7.8
7.1
4.3
3.7
4.5

2.7
3.3
2.2
4.6
1.1
4.3
3.2
2.4
3.0
3.3
3.1
2.2
3.8
2.4
4.7

5 0

7.0
5.6
3.9
3.7
4.0

i 17
152
129
149

1,030

948

694
549
716
735
638
659
649
562

' ' 1 2 5 ' ' 117' "831* " 8 3 7 ' "655"
137
121
125

148
122
147

653
477
674

665
419
702

582
462
586

197
185
243
90
183
133
253
141
176
219
164
164
234
161
210

205
200
234
124
151
133
272
157
230
273
226
204
217
192
224

571
684
586
549
158
590
897
384
722
939
712
503
867
487

623
736
633
587
196
639
948
437
773
982
768
540
930
534

1,136

1,187

484
562
482
468
154
504
738
284
594
736
592
443
703
418
939

"222'
146

210
243

210
149

448
304

502
392

399
244

250
247
233
280

223
247
207
225

232
254
213
264

2.3

215

2.8
2.1
3.8
1.0
3.8
2.7
1.8
2.6
2.7
2.6
2.2
3.2
2.2
4.2
4.8
4.1
1.9
1.6
1.4
1.9
2.0
1.4
2.7
1.4

209
265
120
148
138
281
161
237
282
227
227
231
203
240

+7

4.7
2.0
2.1
2.0
2.1
2.1
1.4
2.8
1.3
1.0
1.7
2.5
1.7

+20

14.4 12.6

288
287
27

231
203
47

262
280
25

+30
+36
+29
+19
+27

5.3
5.4
5.3
4.8
6.2

4.2
4.0
4.3
4.3
5.2

184
203
169
179
185

152
172
134
161
156

177
198
162
170
172

+44
+37
+92
+28
+50
+53
+ 16
+24
+24
+ 18
+93
+50
+26
+95
+ 107
+22

5.4
4.8
3.3
5.2
6.1
6.4
4.3
3.9
4.7
7.5
6.7
4.5
5.5
9.4
9.4
6.8

3.6
3.6
1.7

232
221

230
222

241
217

4.0
4.2

208

224

212

1,270

853

254
190
161
219
321

225
199
161
201
296

245
197
155
299
312

986
890

998
940

809
718

1,211
1,479
1,460

1,240
1,394
1,502

1,040

+50
+66
+96
+39
+31
+ 10

4.1
7.4
8.8
6.2
4.2
1.3

202
152
125
152
242

176

190
141
115
144
235

826

821

1,125
1,101

1,188

567
687
570
693
783

-8

+4
+ 17

' 515' " 5 6 1 ' "456"
365
663
366

450
734
419

364
582
359

731
491
383

767
535
347

626
456
323

1 ?

1.7
2.4
1.6

4 2

973

972

1,089

1,083

1,141

1,173

758
809
700
736
913

1,241 1,264
1,066 1,112

869
787

893
866

883
913

1,318

3 6
3.3
3.6
6.7
2.6
3.1
4.6

775
979

3 4
3.3
6.0

2.9
4.8
4.9
4.7
3.3
1.2

132
97
140
169

948

1,021

992

1,147
1,020

For footnotes see following page.

1010



FEDERAL RESERVE

BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (value)
Number of
stores
reporting

Department

Sales
during
period

May
1951

Ratio of
stocks to
sales i

Stocks
(end of
month)

Five
months
1951

Index numbers
without seasonal adjustment
1941 average monthly sales = 100 a

1951

May
1951

1951

Stocks at end
of month

Sales during
period

May

1951

1950

1950

1950
May

Apr.

May

May

Apr.

May

216

196

210

547

580

433

BASEMENT STORE—total.

196

+3

+8

+25

2.5

2.1

Domestics and blankets 4

170

1

+23

+55

4.0

2.5

Women's and misses' ready-to-wear
Intimate apparel 4
Coats and suits 4
Dresses 4
Blouses, skirts, and sportswear 4
Girls' wear 4 4
Infants' wear

189
164
174
173
157
122
120

+6
+13
+2
+6
+5
+6
+ 10

+ 16
+24
+ 14

1.6
1.9
1.1
1.0
1.8
2.2
2.6

224

200

215

397

426

340

0
+ 17
+ 14
+29

1.8
2.3
1.4
0.9
2.0
2.3
3.0

Men's and boys' wear
Men's wear 4
Men's clothing 4 4
Men's furnishings
Boys' wear 4

156
131
97
115
115

+4
+5
+8
+7
+8
+9
+5
+4
+4
+5
+6

+9
+ 10
+9
+10
+5

+28
+29
+32
+27
+25

2.7
2.6
2.5
2.6
2.9

228

199

218

758

779

581

-10

Homef urnishings...

103

-5

+8

+42

3.3
3.3
3.2
3.2
3.4
3.3

2.2

207

208

217

674

742

477

Shoes

118

+13

+18

3.6

3.3

180

158

165

642

692

548

NONMERCHANDISE—total 4 .. .

173

+9
+4

+8

(5)

(5)

(5)

73

-1

0

(5)

(6)

(5)

Barber and beauty shop 4

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.
* 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. 1009.
4
Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included
6
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 1950, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES *

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]

[In millions of dollars]

Year or month

1942 average...
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 average...
1950 average...
1950—June....
July....
Aug
Sept
Oct
Nov
Dec
1951—Jan
Feb
Mar
Apr
May....
June....

Sales
(total
for
month)

Stocks
(end of
month)

179
204
227
255
318
337
352
333
347
317
292
331
370
361
403
616
337
286
347
313
338

599
509
535
563
715
826
912
862
941

?324

'834
789
918

1,029
1,169
1,203
957
994

1,094
1,218
1,246
1,194
*>1,1O6

Outstanding
orders
(end of
month)

Receipts
(total
for
month)

New
orders
(total
for
month)

263
530
560
729
909
552
465
350
466
369
693
755
702
593
442
412
658
656
467
339
294

182
203
226
256
344
338
366
331
361

192
223
236
269
327
336
345
331

P389

'245

370
'366

248
460
481
501
437
370
374
386
471
341
286

572
522
428
392
286
340
620
384
282
213
241

P236

*>331

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.

AUGUST 1951



Without seasonal adjustment

Derived data x

Reported data

1949

..295 Sept. 2 . . .
9...
. .273
16...
..315
23...
..292
30...
..302
. .297 Oct. 7 . . .
14...
..29C
21...
..296
28...
..298
..315 Nov. 4 . . .
11...
. .318
18...
..342
25...
..330
..449 Dec. 2 . . .
9...
..542
16...
..584
23...
..541
30...
..197

1950

1951

7 . . . ..205 Jan.

6...
13...
20...
27...

1950

1950

Sept. 3 . . .
10...
17...
24...
Oct. 1 . . .
8...
15...
22...
29...
Nov. 5 . . .
12...
19...
26...
Dec. 3 . . .
10...
17...
24...
31...

Jan.

1 4 . . . ..233
2 1 . . . 230
2 8 . . . '.'.222
.226 Feb.
Feb. 4
i i " ! .'!238
18... . 2 3 1
2 5 . . . . 221

..310
..295
..368
..322
..320
..325
..322
..304
..313
..315
..342
..368
. .319
..444
..554
..638
..640
..237

..285
..305
..301
..278

234
3
i o ! . . ..273
1 7 . . . ..272
2 4 . . . ..274

Mar. 4 . . . ..244 Mar.
1 1 . . . ..253
1 8 . . . . .264
2 5 . . . ..279
Apr. 1 . . . ..301
8 . . . ..320 Apr.
1 5 . . . ..254
2 2 . . . ..279
2 9 . . . ..285
May 6 . . . ..301 May
1 3 . . . ..308
2 0 . . . ..275
2 7 . . . ..282
June 3 . . . ..261 June
1 0 . . . ..302
1 7 . . . ..302
2 4 . . . ..250
July 1 . . . ..263
8 . . . ..218 July
1 5 . . . ..265
2 2 . . . ..303
2 9 . . . ..295
Aug. 5 . . . . .296 Aug.
12.. . . .273
19.. . . .281
26. . . . .288

1951
3 . . . ..288
10... ..303
1 7 . . . . .292
2 4 . . . ..304
3 1 . . . ..258
7 . . . . .292
14... ..288
2 1 . . . . .281
2 8 . . . ..293
5 . . . ..326
12... ..318
19... ..285
2 6 . . . ..290
2 . . . ..273
9 . . . ..311
1 6 . . . ..305
2 3 . . . ..265
30. . . .258
7 . . . .218
14. . ..238
2 1 . . . .234
2 8 . . .232
4 . . . ..253
11

18.. .

25

NOTE.—For description of series and for back figures, see BULLETIN
for September 1944, pp. 874-875.

1011

DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
June Mav Six
1951 1951 1951
United States.
Boston
New Haven
Portland
Boston Area...
Downtown
Boston
LowellLawrence
New Bedford..
Springfield
Worcester
Providence
New York 1
Bridgeport
Newark 1
Albany
Binghamton
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester *
Schenectady. .
Syracuse 1
Utica
Philadelphia..
Trenton l 1
Lancaster
Philadelphia!.
Reading *
Wilkes-Barrei.
York i . . . . .
Cleveland
Akron 1 1
Canton
Cincinnati *. . .
Cleveland x
i
Columbus
Springfield 1...
Toledo 1
Youngstown J .

P+2

+4

+2
+10
+7 + 4
-2
+1

p-1
-2

_2

0

-2
0

-1

+4
+4 ++ 9
1 11
+
-4

+8

+11 +7
+ 6 +19
+11 +7
+9 + 11
-4
+3
+ 4 + 12
+ 1 —6

+5

+14

+5

+4
+2
+3 +12
- 1 +20
+ 6 +4
+ 9 +2
3

0
2

+2

+4
+ 13
-2

— 1 +2
+ 1
+4
—7 - 6
+ 1 + 15

+2
+4

+8
-4

+5

0

+3
+4
+6
+2
+6
+2

-1
+3
+4 +4
+ 13 + 10

+9 Cleveland-cont.
Erie i
+5 Pittsburgh i

+4

+ 8 Wheeling i
+9 Richmond
+6
Washington l.. .
+5 Baltimore
Hagerstown. . . .
+2 Asheville, N. C.
+7 Raleigh
+ 8 Winston-Salem.
+11 Anderson, S.C..
+ 8 Charleston
Columbia
+ 12 Greenville, S. C.
+ 14 Lynchburg
+ 14 Norfolk
+ 17 Richmond
+ 9 Roanoke
+ 12 Ch'ls'ton.W.Va.
+ 16 Huntington
+9
+ 12 Atlanta
1
+5 Birmingham . .
+11 Mobile
Montgomery 1
*..
+10
+12 Jacksonville ...
1
+8 Miami
+9 Orlando
St. Petersburg..
+10 Tampa 1
+ 8 Atlanta *
+ 7 Augusta
+ 9 Columbus
+ 4 Macon *
+ 13 Rome
+ 12 Savannah
+ 15 Baton Rouge *..
l
+12 New Orleans ..
1
+ 6 Jackson
+ 14 Meridian
+ 9 Bristol
1
+7 Chattanooga ..
x
+ 14 Knoxville
Nashville *
+20

0
-2

+5
+1
+1
+6
+3

-10

+ 3 + 14
- 1 + 11
+ 1 +6
+4 + 8
+ 3 +7
+ 10 + 8
-2
+2
-4
+3
-15

2
+8
+17 + 3
+ 11 - 7
+41 + 17
+28 +7
+2 +2
0
+ 13
+4 + 4
0
+4
+ 1 +2
-2

+4

p+3
p-1

-1
2

+9

+1

0

-1

+ 9 +4
+ 4 +7
+ 12 + 15
+3 +6
-1
+4
+1 - 6
+24 + 9
-4
+4
+ 6 +2
0

+8
-6
-1
-3
-1

-5

+8

—2

-13
-5
-5
-4
-1

+3

+3

+7
2

+7
+2

-9

Six
June May mos.
1951 1951 1951

June M a y Six
1951 1951 1951

June M a y Six
1951 1951 1951
Chicago
Chicago i
Peoria 1
Fort Wayne »...
Indianapolis 1...
Terre Haute 1...
Des Moines
Detroit *
Flint i
Grand Rapids. .
Lansing
Milwaukee 1 1....
Green Bay
Madison

+7
+8
+1
+20
+12
+ 4 St. Louis
+ 8 Fort Smith
+ 11 Little Rock*...
+7 Evansville1
+ 11 Louisville
+9 Quincy l
St. Louis
+7 St. Louis Area..
+7 Springfield1
+ 9 Memphis
+2
+9
+ 13 Minneapolis.. ...
Minneapolis 1
+ 16 St. Paul*
+ 16 Duluth+7 Superior *
+9
+23
+ 12 Kansas City. ..
+ 14 Denver
0 Pueblo
+13 Hutchinson
— 7 Topeka
0 Wichita
0 Kansas City
+2 Joplin
+ 1 St. Joseph
+ 9 Omaha
+7 Oklahoma City
+2 Tulsa

+5 +11 Dallas

P - 1

-1
-6

+6
+1

+9
+8
P0
+6 + 13
+ 6 +7 + 12
P - 2
+2 + 8
-3
+2 +5
+3 +4 + 14
- 1 0 - 1 0 + 10
P + 5 + 10 +26
P - 2
+ 6 + 17
+2 + 6 + 11
-3
-7
+4

+5

P-3

0

P - 3

+71
+3

+1

+ 13
-3

+5

0

+7

+5

+4

+11
+1

P-3
P-3

-4

0

P - 3

+4

-1
-7

+2

-10

-3

P - 1

+3
+3

-4

-2

+4
+ 1

-1
+ 11

0
+ 1

+6
+6
-2
—7

0
0
0

+ 13

+4
+3

+5
+1

Shreveport
Corpus Christi..
Dallas i
El Paso
Fort Worth
Houston 1
San Antonio

+2 +4
+8 +6
+7 +4

+1
-3
+6 +8
+3 +4
+ 11 + 16
-4

+4
San Francisco. P + 3
P + 1 + 13
Phoenix i
+ 18 +19
Tucson
Bakersfieldi....
+3
P-3
+3
+8 Fresno *
Long Beach 1...
+5 +3
+5 Los Angeles *... +3 +3
+ 12 Oakland and
P+5
+8
+2 Berkeley *
+ 13 Riverside and
San Bernardino
+3
1
+7
+12 Sacramento . . ... P+3 + 15
Diego 1
. P+9
+5 San Francisco .1. +4 +10
+3
+ 6 San Jose l
3
San
+ 5 Santa Rosa *. . . P +16 +7
+
+1
+5 Stockton
Vallejo and
+ 12
+7 Napa i
+20
+ 6 Boise and
+23
-6
+ 1 Nampa
P+2
-7
Portland
+4 Salt Lake City *. P + 4 - 3
- 2 +10
Bellingham ». . .
+9 Everett 1
+ 1 +6
+6 - 1
+ 9 Seattle i l
+5 +4
+10 Spokane1
Tacoma 1
+2 +3
+9
P+4
+ 15 Yakima
0
+23
+4
+10
+ 14
+9
+11
+2

+

+7
+5
+7
+7
+7
+20
+4
+10
+ 12
+ 15
+5
+ 10
+8
+9

+ 10

+5

+ 12
+ 14
+10
+9
+11

+6
+21

+4

+ 11
+ 14
+ 11
+8
+ 16
+ 12
+ 11
+ 11

+8

r

P Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.

1
2

COST OF LIVING 1
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average =100]
All items

Year or month
1929
1933
1940
1941
1942.. .
1943
.
1944
1945 . . .
1946
1947
1948
1949
1950
1950—j u n e
July
August
September
October
November....
December
1951—January
February
March
April
May
June

.. ..

Food

Apparel

Rent

Fuel, electricity,
and refrigeration

House
furnishings

Miscellaneous

122.5
92.4
100.2
105 2
116 6
123.7
125.7
128 6
139 5
159.6
171 9
170 2
171.9
170.2
172 0
173.4
174.6
175 6
176 4
178.8
181.5
183 8
184 5
184.6
185 4
185.2

132.5
84.1
96.6
105 5
123 9
138.0
136.1
139 1
159.6
193.8
210.2
201.9
204.5
203.1
208 2
209.9
210.0
210 6
210 8
216.3
221.9
226 0
226.2
225.7
227.4
226.9

115.3
87.9
101.7
106 3
124.2
129.7
138.8
145 9
160.2
185.8
198.0
190.1
187.7
184.6
184.5
185.7
189.8
193 0
194.3
195.5
198.5
202 0
203.1
203.6
204.0
204.0

141.4
100.7
104.6
106 4
108 8
108.7
109.1
109 5
110.1
113.6
121 2
126 4
131.1
130.9
131.3
131.6
131.8
132 0
132.5
132.9
133.2
134 0
134.7
135.1
135.4
135.7

112.5
100.0
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
139.1
139.4
140.2
141.2
142.0
142.5
142.8
143.3
143.9
144.2
144.0
143.6
143.6

111.7
84.2
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
190.2
184.8
186.1
189.1
194.2
198.7
201.1
203.2
207.4
209.7
210.7
211.8
212.6
212.5

104.6
98.4
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
149.9
154.7
156.5
154.6
155.2
156.8
157.8
158.3
159.2
160.6
162.1
163.2
164.3
164.6
165.0
164.8

T
1

Revised.
Adjusted series 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.

1012



FEDERAL RESERVE BULLETIN

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 =100]

Other commodities
Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936
1937... ..
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

...

1950—June
July
August
September
October
November..
December

Raw
materials

Manufactured
products

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70 5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100 3
115.5
120.5
112.3
120.9

97 5
84 3
65 6
55 1
56 5
68.6
77.1
79 9
84.8
72.0
70.2
71 9
83 5
100.6
112.1
113 2
116.8
134 7
165 6
178.4
163.9
172 A

V4 .5
88 0
77 0
70.3
70 5
78.2
82.2
82 0
87 2
82 2
80.4
81 6
89 1
98.6
100.1
100 8
101.8
116 1
146 0
159 4
151.2
156.8

146 9
148.7
153.9
159.2
163.8
166.9
170.2

114 7
119 0
124.3
127 A
131.3
137.6
140.5

167 7
175 8
179.1
181.8
180.2
184.5
187.1

153 5
158 0
161.2
164.0
163.5
165.1
169.0

187.5
188.1
188 8
189.0
188.8
188.2

226.1 144.5 174.7
228.1 147.3 175.4
228.5 146.4 178 8
228.5 147.9 180.1
227.8 146.4 1 8 0 . 0
225.6 142.9 179.3

142.4
142.7
142.5
142.7
141.7
141.7

192.6 173.1
199.1 175.5
199 4 175 8
197.7 176 1
195.5 176.2
194.7 175.5

All
commodities

Farm
products

Foods

95.3
86 4
73 0
64.8
65 9
74.9
80.0
80 8
86 3
78 6
77.1
78 6
87 3
98.8
103.1
104 0
105 8
121 1
152 1
165 1
155.0
161.5

104.9
88.3
64.8
48.2
51 4
65.3
78.8
80 9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123 3
128.2
148 9
181.2
188.3
165.5
170.4

99.9
90.5
74.6
61.0
60 5
70.5
83.7
82 1
85.5
73.6
70.4
71 3
82.7
99.6
106.6
104 9
106.2
130 7
168.7
179.1
161.4
166.2

91.6
85.2
75.0
70.2
71 2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109 5
135.2
151.0
147.3
153.2

109.1
100 0
86.1
72.9
80 9
86.6
89.6
95 4
104.6
92.8
95.6
100 8
108.3
117.7
117.5
116.7
118.1
137 2
182.4
188.8
180.4
191.9

90.4
80.3
66.3
54.9
64 8
72.9
70.9
71 5
76.3
66.7
69.7
73 8
84.8
96.9
97.4
98.4
100.1
116 3
141.7
149.8
140.4
148.0

83.0
78.5
67.5
70.3
66 3
73.3
73.5
76 2
77.6
76.5
73.1
71 7
76.2
78.5
80.8
83 0
84.0
90 1
108.7
134.2
131.7
133.2

100.5
92 1
84.5
80.2
79 8
86.9
86.4
87 0
95 7
95.7
94.4
95 8
99 4
103.8
103.8
103 8
104.7
115 5
145 0
163.6
170.2
173.6

157 3
162 9
166 4
169.5
169.1
171 7
175.3

165 9
176 0
177.6
180.4
177.8
183.7
187.4

162 1
171 4
174.6
177.2
172.5
175.2
179.0

148 7
151.6
155.5
159.2
161.5
163.7
166.7

182 6
187 2
195.6
203.0
208.6
211.5
218.7

136 8
142.6
149.5
158.3
163.1
166.8
171.4

132 6
133 5
134.2
134.9
135.3
135.7
135.7

234.8
238.2
236 2
»-233.3
r
232 .6
230.6

178.2
181.1
183.2
182.8
181.9
177.6

ChemiBuild- cals and Housefuring
nishmate- allied
ing
prodrials
goods
ucts

Miscellaneous

95.4
89.9
79.2
71.4
77 0
86.2
85.3
86.7
95.2
90.3
90.5
94 8
103.2
110.2
111.4
115.5
117.8
132 6
179.7
199.1
193.4
206.0

94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
127.3
135.7
118.6
122.7

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88 5
94.3
102.4
102.7
104.3
104.5
111 6
131.1
144.5
145.3
153.2

171 9
172 4
174.4
176.7
178.6
180.4
184.9

202 1
207 2
213.9
219.7
218.9
217.8
221.4

114.5
118.1
122.5
128.7
132.2
135.7
139.6

136.4
138.1
138.6
138.1
137.5
137.8

Fuel Metals
Hides
and
and
Textile
and
lighting metal
leather prodmate- prodproducts
rials
ucts
ucts

Total

1951—January
February
March
April.
May
June

180 1
183.6
184 0
183 6
rl82.9
181.7

194.2 182.2 170.3
202.6 187.6 171.8
203 8 186 6 172 4
202.5 1 8 5 . 8 1 7 2 . 3
199.6 1 8 7 . 3 ••171.7
198.6 186.3 170.5

Week ending:1
1951—j i m e 5
Tune 12
Tune 19
Tune 26

181 9
181 7
181.6
r
180 8

197.5
198.0
199.1
197 5

187 3
186.9
187.3
r
186 5

170.8
170.6
170.3
r
169 6

182.9
182.4
182.1
178 3

138 5
138.7
138.7
138.7

189 3
189 0
188.2
188 2

227 2
226.8
226.6
225 3

140.9
140.1
139.2
139.2

Tulv 3
Tulv 10
Tulv 17.
Tulv 24

180.2
179 7
178 7
178.0

197.6
196 3
191.5
189.0

187.2
186 2
186.4
185.0

168.5
168 2
168.0
167.7

177.4
177.1
176.5
175.5

138.6
137 7
137.7
137.7

188.2
188 2
188 2
188.2

224.4
224 2
224.2
224.2

137.7
140.5
139.1
138.2

1950

1950

1951

June
Farm Products:
Grains
Livestock and poultry
Other farm products
Dairv products
Cereal products
....
Fruits and vegetables
Meats, poultry and fish
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
...
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon and nylon
...
Woolen and worsted goods...
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke .
Electricity
Gas

Petroleum products
r

1

1951

Subgroups

Subgroups
Mar.

Apr.

May

June

June

169.3 188.0 189.1 185.6 178.6
197.5 241.2 240.9 234.8 235.8
145 0 184 3 181 7 181 0 180 4
135.9
145 6
140.5
223.7
133 1

170.3
164.5
139.9
254.5
160 0

166.6
164.5
140.0
255.1
158 8

164.9
163 6
146.5
257.2
160 7

163.4
162.3
146.3
255.2
160 8

184 8
202.1
180.6
143.1

222.0
313.0
229.2
188.2

r

223.5
297.8
228.7
180.6

••223.8
293.8
228.2
180.6

223.3
284.3
227.5
180.6

143.9
173 8
97.7
49 3
39 9
148.3
164.5

163.9
239.9
113.5
90 8
43.1
240.2
246.1

163.9
236.2
113.5
85 2
43.1
243.7
249.2

163.9
234 1
113.5
76 3
43 1
243.4
247.0

163.9
229.4
113.1
73 2
43 1
225.1
247.3

140.1
192 1
225 6
67 0
87 3
113.9

156.1
197 1
234.5
65 1
93 8
120.3

152.8
195.6
234.8
64 8
93.3
120.0

151.0 152.5
195 2 195 4
234 8 234 8

Metals and Metal Products:
Agricultural mach. & equip.. .
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals .#
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials....
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
....
Drugs and Pharmaceuticals. .
Fertilizer materials
Mixed fertilizers .
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Cattle feed

92 9
119.7 120.0

Mar.

Apr.

May

June

143.8
146.0
169 4
175.1
148.4
156.4

159.1
161.1
185 6
184.1
183.5
183.7

159.1
161.1
185 9
184.1
184.1
183.7

159.1
161.1
18S 9
184.1
182.8
183.7

159 1
161.1
185 9
184.3
178.2
183 7

164.3
134.9
322.6
137.7
156.4
191.6
175.0

180.8
147.1
361.2
164.4
183.7
204.3
198.2

180.8
147.2
361.0
164.7
183.7
204.3
198.3

180.8
147 2
359.0
163.7
183.7
204.3
198.2

180.8
147 2
352.3
161 6
183.7
204 3
198.1

117.1
122.7
108.6
103.7
111.9

138.2
185.1
118.1
108.9
214.6

145.0
184.5
117.8
108 6
198.7

145.2
185.2
117.1
108 6
186.4

144.0
185 3
115.1
108 6
165 8

154.2 193.4 1 9 5 . 9 1 9 5 . 9 196.0
139.4 163.2 1 6 3 . 1 162.9 161 5
67.0
213.2
155.6
63.4
120.7

82 8
236.5
196.3
145.4
136.8

82.8
261.9
196 2
137.5
136.7

82 8
244 9
196 2
135 1
136.7

82 8
245 0
196 2
135 1
136.7

Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.

AUGUST

1951




1013

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
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance....
Excess of wage accruals over
disbursements
Plus: Government transfer payments...
Net interest paid by government...
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments.
Federal
State and local
Equals: Disposable personal income.
Less:Personal consumption expenditures
Equals: Personal saving

103.8

1933

55.8
7.2

1939

1947

1948

1949

1951

1950

91.3 126.4 211.1 233.3 259.0 257.3 282.6 275.0 287.4 303.7 318.5 325.6
17.6

12.2

19.1

21.2

22.2

22.6

22.9

9.4 11.3 17.3 18.7 20.4 21.7 23.8 23.3 25.3 24.3 25.9
.7
.8
.7
.7
.7
.6
.8
.5
.5
.8
.3
.4 - 6 . 4 - 3 . 4
-3.2
1.7
1.4
1.6
.5
.0
.2
-.1
.0
.3
.7
.9
.1
.8
.5
72.5 103.8 180.3 198.7 223.5 216.7 239.0 230.6 245.8 260.1 269.4

24.8
.8
n.a.
.3
n.a.

8.1

7.0
.6
-.1

7.1
.7
1.2

-.1
87.4

39.6

10.3
.2

-2.0
.3

5.8
2.1

.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7

.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2

.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7

0)

1946

9.3

14.6
2.8

18.3
6.0

24.7
5.7

.0
.0
.0
2.6 10.9 11.1
4.4
4.4
1.3
5.8
6.6
4.5
.6
.7
.5
95.3 177.7 191.0
3.3 18.8 21.5
2.0 17.2 19.6
1.6
1.9
1.3
92.0 158.9 169.5
82.3 146.9 165.6
3.9
9.8 12.0

20.7

31.7 30.5 36.2 34.8 37.4 42.2 42.9
n.a.
7.0
7.4
8.4
6.8
7.0
8.3
5.2
5.7
.0
.0
.0
.0
.0
.0
.0
.0
10.5 11.6 14.3 14.2 11.0 11.1 11.5 11.8
4.6
4.8
4.5
4.7
4.7
4.7
4.8
4.7
7.2
7.6
9.2
8.4
9.4 11.1
9.7
.7
.7
.8
.7
.8
.8
.8
209.5 205.1 224.7 217.1 227.3 238.3 244.1 250.0
18.6 20.5
21.1
19.5
20.2
23.1
26.6
27.1
19.0 16.2 17.8 16.9 17.5 20.3 23.8 24.2
2.1
2.5
2.7
2.7
2.7
2.8
2.9
2.7
188.4 186.4 204.3 197.5 207.1 215.2 217.5 222.8
177.9 180.2 193.6 188.7 202.5 198.4 208.2 201.7
10.5
6.3 10.7
8.9
9.3 21.1
4.6 16.8

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1950
1929

National income
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries.
Proprietors' and rental income 3.
Business and professional
Farm
Rental income of persons
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability. .
Corporate profits after tax
Inventory valuation adjustment..
Net interest

1933

1939

1941

1946

1947

1948

1951

1949

87.4

39.6

72.5 103.8 180.3 198.7 223.5 216.7 239.0 230.6 245.8 260.1 269.4

50.8
50.2
45.2
.3
4.6
.6
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

47.8
45.7
37.5
.4
7.8
2.1
14.7
6
4.5
3.5

10.3
9.8
1.4
8.4
.5
6.5

-2.0
.2
.5
-.4
-2.1
5.0

5.8
6.5
1.5
5.0
-.7
4.2

64.3 117.1 128.0 140.2 139.9 153.3 148.6 157.3 165.2 172
61.7 111.2 122.1 134.4 133.4 145.8 141.3 149.7 157.2 163
51.5 90.6 104.8 115.7 113.0 123.6 120.1 127.2 132.7 137
4.0
4.2
5.1
4.4
8.0
4.1
5.0
6.6
1.9
8.3 12.7 13.2 14.7 16.1 17.2 16.8 17.5 17.9
5.8
6.5
7.5
7.4
7.9
5.9
5.9
7.7
2.6
20.8 42.0 42.4 47.3 41.4 44.0 41.8 45.6 47.2
9.6 20.6 19.8 22.1 20.9 22.3 21.9 23.2 23.0
6.9 14.8 15.6 17.7 13.0 13.7 12.2 14.3 15.8
8.0
7.5
6.6
7.1
7.5
7.8
8.1
8.4
4.3
14.6
17.2
7.8
9.4
-2.6
4.1

18.3
23.5
9.6
13.9
-5.2
2.9

24.7
30.5
11.9
18.5
-5.
3.5

31.7
33.8
13.0
20.7
-2.1
4.3

30.5
28.3
11.0
17.3
2.1
4.9

36.2 34.8
41.4
37.5
18.6 16.9
22.8 20.6
-5.1 -2.7
5.4
5.3

37.4
45.7
20.5
25.2
-8.3
5.5

42.2
50.3
22.5
27.8
-8.2
5.6

42.9
51.8
28.5
23.3
-8.9

5.6

n.a.
177.4
168.8
140.5
n.a.
n.a.
8.7
48.1
23.6
16.3
n.a~
n.a.
n.a.
n.a.
-2.3
5.7

n.a. Not available.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—-Details may not add to totals because of rounding.
Source.—National Income Supplement (July 1951 edition) to the Suvvey of Current Business, Department of Commerce.

1
2

1014



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
1929

1933

1939

1941

1946

1947

1948

1949

1951

1950
2

4

3

1

2

103.8

Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods . .
Services
Gross private domestic
investment
New construction 1
Producers' durable equipment
Change in business inventories....
Net foreign investment
Government purchases of
goods and services
Federal
War
Nonwar
.
.
Less: Government sales 2
State and local

55.8

91.3 126 4 211 1 233.3 259 0 257 3 282.6 275.0 287.4 303.7 318.5 325 6

78.8
9.4
37.7
31.7

46.3
3.5
22.3
20.6

67.5
6.7
35.3
25.5

15.8
7.8
6.4
1.6
.8

1.3
1.1
1.8
-1.6
.2

9.9
4.9
4.6
.4
.9

18.3
6.8
7.7
3.9
1 1

28.7
10.3
12.3
6.1
4 6

8 5

8 0

13.1

1.3

2.0
2.0

5.2

24 7
16.9
13.8
3.2
(3)
7.8

} 1.3
<•>

(3)
5.9

7.2

1.3
3.9
(3)
7.9

82.3 146.9 165.6 177.9 180.2 193.6 188.7 202.5 198.4 208.2 201.7
9.8
16.6 21.4 22.9 23.9 29.2 26.6 34.3 29.4 31.5 25.9
44.0 85 8 95.1 100 9 98.7 102 3 100.4 105.5 104.9 111 5 109 5
28.5 44.5 49.1 54.1 57.6 62.1 61.6 62.7 64.0 65.2 66.2

8 9

42.7
17.7
19.9
5.0
1 9

33.0
17.2
19.0
-3.2
5

48.9
22.1
22.5
4.3
-2 3

47.9
21.4
21.4
5.2
-1 6

47.3 60.2
23.5 23.3
24.5 25.0
y 11.8
-3 2 -2 7

59.6
23.9
26.5
9.3
-2 3

63.5
22.3
26.7
14.4
5

30 9 28 6
20 9 15.8
21.2
2.5 } . 7 . 1
2.7
1.3
10.0 12.8

36 6
21.0
21.7
.6
15.6

43 6
25.5
25.9
.4
18.1

42 5
22.8
23.1
.2
19.7

40.1
20.9
21.1
.2
19.2

40 8
21.2
21.4
.2
19.7

52 9
31.9
32.1
.2
21.1

60 0
38 5
38.7

30.2
13.9
17.1
o

47.8
27.3
27.5
.2
20.4

9

21.4

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month

Personal
income

Total
receipts4

Total
disbursements

Commodity Distrib- Service
utive
produc- indus- indusing intries
tries
dustries

Government

DiviLess emProdends
ployee
Other
prietors'
and
contrilabor
and
perbutions income1 rental 8
sonal
for
income interest
social
income
insurance

Trans-

Non-

tural
payments7 income1

1929..

85.1

50.0

50.2

21.5

15.5

8.2

5.0

.1

.5

19.7

13.3

1.5

76.8

1933..

46.6

28.7

28.8

9.8

8.8

5.1

5.2

.2

.4

7.2

8.2

2.1

43.0

72.6
78.3
95 3
122.7
150 3
165.9
171.9
177 7
191.0
209.5
205.1
224.7

45.1
48.9
60.9
80.7
103 6
114.9
115.3
109.2
119.9
132.1
131.2
142.9

45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.3
122.0
134.3
133.5
145.8

17.4
19.7
27.5
39.1
49.0
50.4
45.9
46.1
54.3
60.2
56.9
63.5

13.3
14.2
16.3
18.0
20.1
22.7
24.7
30.9
35.1
38.8
39.0
41.4

6.9
7.3
7.8
8.6
9 5
10.5
11.5
13.7
15.3
16.6
17.2
18.7

8.2
8.5
10.2
16.1
26 8
33.5
35.6
20.6
17.2
18.7
20.4
22.3

.6
.7
.8
1.2
1 8
2.2

2.3
2 0
2.1
2.2
2.2
2.9

.5
.6
6
.7
9
1 3
1.5
1 9
2.4
2.8
3.0
3.5

14.7
16.3
20 8
28.4
32 8
35.5
37.5
42 0
42.4
47.3
41.4
44.0

9 2
9.4
9 9
9.7
10 0
10 6
11.4
13 2
14.5
16.0
17.1
19.3

3 0
3.1
3 1
3.2
3 0
3 6
6.2
11 4
11.8
11.3
12.4
15.1

66.3
71.5
86 1
109.4
135 2
150.5
155.7
158 8
170.8
187.1
187.6
206.6

216.9
1950—May
June
219.0
July
222 7
August
227.7
September.... 231.5
October
234.1
November. . . . 236.4
December
244.4

138.3
141.1
143 2
147.2
149.7
152.4
154.2
155.9

141.2
144.1
146 1
150.3
152.6
155.6
157.3
158.9

61.3
62.8
63 9
66.2
67.1
69.3
69.9
70.8

40.4
41.3
41 9
42.8
42.8
43.1
43.2
43.6

18.5
18.7
18 8
18.9
19.1
19.3
19.5
19.6

21.0
21.3
21 5
22.4
23.6
23.9
24.7
24.9

2.9
3.0
2 9
3.1
2.9
3.2
3.1
3.0

3.5
3.5
3 6
3.6
3.6
3.6
3.7
3.7

42.4
42.5
45 3
46.1
45.3
46.3
47.2
48.1

18.4
18.4
18 4
18.9
21.6
19.7
19.5
25.0

14.3
13.5
12 2
11.9
11.3
12.1
11.8
11.7

199.9
202.6
204 0
208.6
212.9
214.3
215.5
223.4

1951—January
February
March . . . .
April
May

158.0
160.0
162 2
164.8
165.1

161.6
163.4
165.9
168.2
168.8

71.7
72.4
73.7
75.0
74.6

44.3
44.5
44.9
45.3
45.6

19.9
19.8
20.0
20.1
20.2

25.7
26.7
27.3
27.8
28.4

3.6
3.4
3 7
3.4
3.7

3.7
3.8
3 8
3.8
3.8

50.5
48.2
47 7
48.1
48.0

18.8
19.2
19 7
20.2
20.2

12.6
12.1
12 1
12.1
12.7

221.4
222.9
225 2
227.8
229.0

1939
1940
1941.
1942
1943
1944
1945
1946
1947
1948
1949
1950

. . . .

. . .

243.6
243.3
245 5
249.0
249.8

1
2

Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
'4 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. Such contributions are not available by industries.
6 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 8 consumer bad debts and other business transfers.
as
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
nterest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as preceding page.

AUGUST

1951




1015

CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit

Instalment credit
Total
consumer
credit

End of year
or month

Total
instalment
credit

Sale credit

Loans l

Total

Automobile

Other

1,267
1,729
1,942

1,525
1,721
1,802
1,135

7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,097

4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,459

2,792
3,450
3,744
1,617
891
942
1,648
3,086
4,528
6,240
7,904

200
227
544
1,151
1,961
3,144
4,126

691
715
1,104
1,935
2,567
3,096
3,778

1950—MayJune. . . .
July
August
September
October
November
December

17,077
17,651
18,295
18,842
19,329
19,398
19,405
20,097

11,667
12,105
12,598
13,009
13,344
13,389
13,306
13,459

6,733
6,995
7,343
7,613
7,858
7,879
7,805
7,904

3,600
3,790
3,994
4,107
4,213
4,227
4,175
4,126

3,133
3,205
3,349
3,506
3,645
3,652
3,630
3,778

19,937
19,533
19,379
19,124
19,193
19,224

13,252
13,073
12,976
12,902
12,906
12,925

7,694
7,521
7,368
7,270
7,243
7,223

4,056
3,990
3,946
3,934
3,980
4,041

1 .632
1,967
2,143
1,431
1,119
L,170
.422
2,352
3,348
4,072
4,650
5,555

3,638
3,531
3,422
3,336
3,263
3,182

1951—January..
February
March
April
MayP
June?

. .

482
175

707

2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
6,638

4,934
5,110
5,255
5,396
5,486
5,510
5,501
5,555
5,558
5,552
5,608
5,632
5,663
5,702

1939
1940
1941
1942
1943
1944 .
1945
1946
1947 .
1948
1949
1950

882

Total
noninstalment
credit

Singlepayment
loans 2

Charge
accounts

Service
credit

896
949
1,018
1,332

1.544
1,650
1,764
1,513
1,498
1,758
1.981
3,054
3,612
3,854
3,909
4,239

1,067

5,410
5,546
5,697
5,833
5,985
6,009
6,099
6,638

1,092
1,116
1,133
1,157
1,197
1,250
1,298
1,332

3,290
3,392
3,527
3,636
3,741
3,703
3,739
4,239

1,028
1,038
1,037
1,040
1,047
1,056
1,062
1,067

6,685
6,460
6,403
6,222
6,287
6,299

1.352
1,369
1,381
1,392
1,398
1,395

4,248
4,010
3,938
3,744
3,793
3,812

1,085
1,081
1,084
1,086
1 ,096
1,092

530
536
565
483
414

428
510
749

533
560
610
648
687

729
772
920
963
874
992

P 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

1939
1940
1941
1942
1943
1944
1945
1946
1947 .
1948
1949. .
1950

Commercial
banks l

Small
loan
companies

Industrial
banks 2

Industrial
loan
com- 2
panies

448
498

131
132

99
104

1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4 650
5,555

784
426
316
357
477
956
1,435
1,709
1,951
2,431

1950—May
June
July
August
September..
October
November. .
December...

4,934
5,110
5,255
5,396
5,486
5,510
5,501
5,555

2,134
2,233
2,316
2,401
2,462
2,460
2,435
2,431

1951—January....
February.. .
March
April
May?
June?

5,558
5,552
5,608
5,632
5,663
5,702

2,438
2,441
2,476
2,497
2,506
2,515

1,090
1,094
L, 112
,119
1,131
L, 151

.

523
692

531
417
364
384
439
597
701
817

102
91
86
88
93
109
119
131

96
99

200
268

175

402

142

801

157

450
474
495

203

959
978

267
275

182
187

L,009
[,010
1,026
1,037
1,084

282

290
295
294
292
291

192

197
201
201
200
203

289
286
286
286
288
288

202
202
204
205
207
209

135
174

Insured
ComMiscel- repair
and
laneous modern- mercial
lenders ization banks l
loans *

200
130
104
100
103
153
225
312

1,084

995

Credit
unions

107
72
59
60
70
98
134
160

134
89
67
68
76
117
166
204
250
291

929

Loans made by principal lending institutions
(during period)

680

Small
loan
companies

Industrial
banks 2

827
912

Industrial
Credit
loan
com- 2 unions
panies

261
255

864

1,017
1,198
792
639
749
942
1,793
2,636
3,069
3,282
3,875

975
784
800
869
956
1,231
1,432
1,534
1,737
1,946

145
147

797
816

348
379

514
524
524
521
525

149

150
150
152
153
157

826

381

387
356
298
257
289

166
149
149
165
234

46
40
39
34
37

518
515
517
514
518
522

158
158
160
161
162
164

863
856
853
850
851
853

326
296
368
340
359
356

162
158
207
184
198
204

39
35
43
41
44
44

525

285
206
123
113
164
322
568
739

835
844
853
863
864

194
198

237
297

255
182
151
155
166
231
310
375

203
146
128
139
151
210
282
318

418

334

358

894

168
175

43
46

32
34

83
93

166

45

32

84

33
32
28
27
29

88
76
66
64
72

28
27
33
31
33
35

67
64
79
72
82
85

481

344
236
201
198
199
286
428
577
712

P Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of June amounted to 105 million dollars, and
other 2loans made during June were 11 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
8
Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.

1016



FEDERAL RESERVE

BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month

Total,
excluding automobile

Department
stores
and
mailorder
houses

Furniture
stores

1939
1940
1941
1942
1943
1944 . . .
1945.
1946
1947
1948
1949
1950

1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3,096
3,778

377
439
466
252
172
183
198
337
650
874
1,010
1,245

536
599
619
440
289
293
296
386
587
750
935
1,029

273
302
313
188
78
50
51
118
249
387
500
710

July
August....
September
October. . .
November.
December.

3,133
3,205
3,349
3,506
3,645
3,652
3,630
3,778

1,011
1,032
1,081
1,123
1,159
1,170
1,172
1,245

935
947
*976
998
1,028
1,019
1,003
1,029

537
561
597
658
702
705
702
710

1951
January...
February..
March....
April
Mayp
June?

3,638
3,531
3,422
3,336
3,263
3,182

1,201
1,162
1,133
1,103
1,080
1,051

982
956
924
905
890
874

694
677
655
636
616
597

761
736
710
692
677
660

Jewelry
stores

93
110
120
76
57
56
57
89
144
152
163

7 4
<

All
other
retail
stores

246
271
284
179
111
109
113
174
305
404
488

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month

Total

Automobile

Other

Automobile
retail

Repair Personal
and
instal•modern- ment
ization
cash
loans J 2
loans

Year or month

Total

Other
retail,
purPur- Direct chased
and
chased loans direct

Outstanding at end of
period:
1948
1949
1950
1950—May
June
July
August
September...,
October
November
December
1951—January...
February..
March. . . .
April
May?
J

3,563
4,416
5,645
4,862
5,084
5,291
5,493
5,685
5,726
5,661
5,645
5,610
5,530
5,516
5,490
5,489
5,481

570
854
1,143
992
1,050
1,110
1,143
1,177
1,180
1,159
1,143
1,116
1,096
,079
1,072
1,083
1,090

736
915
1,223
1,035
1,096
1,158
1,217
1,251
1,254
1,234
1,223
1,219
1,222
1,232
1 ,242
1,248
1,246

751
922
1,267
,028
,064
,112
,178
,258
,282
,261
,267
,268
,217
1,190
1,153
1,123
1,09 I

636
781
905
804
834
851
872
891
905
907
905
890
877
874
875
882
883

870
944
1,107
,003
,040
,060
,083
,108
,105
,100
,107
1,117
1,118
1,141
1,148
1,153
1,164

Volume extended during month:
1950—May
June
July
August
September...
October
November...
December. . .
1951- -Januar;
mry
Februa
lary
March
April
Mayp
June?

650
665
695
727
756
758
753
794

1950
May
June

Household
appliance
stores

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

721
768
789
799
782
647
517
562
606
536
63-8
625
683
666

148
165
174
157
152
123
91
94
98
93
109
118
140
142

164
184
191
190
174
132
101
117
137
132
160
153
166
160

163
154
167
187
211
166
124
141
147
117
123
125
132
115

74
82
80
82
75
71
55
48
47
41
51
56
65
64

172
183
177
183
170
155
146
162
177
153
195
173
180
185

Repair
and
modernization
loans12

Personal
instalment
cash
loans

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year or month

Total

Retail instalment paper 2
Automobile

Other

Repair Personal
instaland
modern- ment
cash
ization2
loans
loans i

Outstanding at end
of period:
1948
1949
1950

286.2
343.2
391.0

66.6
93.6
118.5

43.4
63.1
79.7

51.7
55.4
54.9

124.5
131.1
137.9

Outstanding at end
of period:
1948
1949
1950

177.1
194.7
226.9

38.3
43.5
57.9

23.7
31.4
41.1

5.0
6.5
7.3

110.1
113.3
120.6

1950—May
June
July
August. . .
September.
October...
November.
December.

361.8
371.0
380.4
389.8
396.4
395.6
392.9
391.0

105.6
111.9
115.8
119.4
121.9
121.5
120.6
118.5

70.7
71.9
73.4
76.2
79.3
80.3
79.9
79.7

53.5
54.2
54.9
55.5
56.1
56.1
55.7
54.9

132.0
133.0
136.3
138.7
139.1
137.7
136.7
137.9

1950—May
June
July
August. . .
September.
October...
November.
December.

202.8
208.7
214.3
219.9
223.8
224.0
223.3
226.9

49.5
52.3
54.8
55.9
57.2
57.4
57.3
57.9

32.7
34.3
35.9
39.2
41.1
41.7
40.9
41.1

6.7
6.9
7.2
7.3
7.4
7.3
7.3
7.3

113.9
115.2
116.4
117.5
118.1
117.6
117.8
120.6

1951—January...
February..
March....
April
Mayp
June?....

386 .9
382 .5
382 .5
382 .7
384 .4
385 .0

117.2
116.9
116.4
116.5
118.0
119.6

78.4
77 A
76.4
75.3
74.2
72.9

53.6
52.4
52.0
51.8
52.3
52.6

137.7
135.8
137.7
139.1
139.9
139.9

1951—January...
February..
March....
April
May?. . . .
June?

225.6
225.1
226.9
228.1
230.6
232.9

56.8
56.8
57.1
57.8
59.2
59.8

40.8
40.2
40.5
40.0
39.6
40.3

7.2
7.0
7.0
6.9
7.0
7.1

120.8
121.1
122.3
123 A
124.8
125.7

Volume extended
during month:
1950—May
June
July
August. . .
September.
October...
November.
December.

48.9
51.1
50.5
52.7
47.2
43.5
37.2
40.3

13.9
15.7
16.2
15.4
13.7
11.3
8.
9.1

9.6
8.9
8.9
11.0
10.5
9.6
7.6
8.0

4.2
4.3
3.9
4.1
3.9
3.9
3.0
2.6

21.2
22.2
21.5
22.2
19.1
18.7
17.9
20.6

33.1
35.4
34.8
35.5
32.8
29.3
27.4
30.4

7.9
8.9
9.1
8.1
7.5
6.8
6.1
6.3

4.8
5.3
5.7
7.3
6.0
4.9
3.8
3.9

0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.3

19.9
20.7
19.5
19.6
18.9
17.2
17.1
19.9

1951—January...
February..
March....
April
May?
June?....

42.2
38.3
46.8
44.9
49.3
48.8

10.6
10.8
12.4
13.1
15.2
15.6

8.2
7.2
8.5
7.8
8.3
7.8

2.5
2.3
3.0
3.3
3.8
3.9

20.9
18.0
22.9
20.7
22.0
21.5

29.1
27.9
34.3
32.4
34.8
36.5

6.8
6.4
7.4
7.4
8.8
9.0

4.3
3.8
4.9
4.4
4.2
5.4

0.3
0.3
0.4
0.4
0.5
0.5

17.7
17.4
21.6
20.2
21.3
21.6

Volume extended
during month:
1950—May
June
July
August. . .
September.
October...
November.
December.
1951—January...
February..
March....
April
May?....
June?

P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
AUGUST

1951




1017

CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE

Percentage change
from corresponding
month of preceding
year

Year or month

April
1951

June
1951P

May
1951

-4
-1

+ 10
+12
+10
+6

-5
-3

-4
+10

-5

-5
-10

-10

-11

-12

-7

+5

+9

+ 14

-2
-2

-1
-2

-2
-2

-3
-5

+1

+4
0

-1

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

May
1951

i

Accounts receivable, end
of month:
Total
Instalment

+3

-3

+7

Collections during
month:
Total
Instalment

+2

+1
+1

-7
-7

+ 10
+6

+ 12
+4

+ 13
+8

Inventories, end of
month, at retail value.

-5

-3

+2

+31

+34

+37

Preliminary.

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

18
17
17
18
18
18
17
18

10
10
11
11
11
11
10
11

12
10
11
11
10
11
10
10

52
51
49
50
51
51
51
49

19
17
19
18
18
19

April
1951

June
1951^

Charge
accounts

Instalment accounts

Item

10
10
11
11
1
1
11

12
11
12
11
1
1
12

50
46
50
47
49
49

1950

May
June
July
August
September
October
November
December

1951

January
February
March
April
May

l

P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month

Sales during month

Year or month

Percentage of total sales

Collections during
month

Cash
sales

Instalment
sales

Charge
account
sales

Total
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948 .
1949
1950
1950—May
June
July
August
September......
October.
November.
...
December
1951—January
February .
March
April
May

JuneP

Cash

Instalment

Charge
account

Instalment

Charge
account

Instalment

Charge
account

100
114

100
131

100
82

100
102

165

79

84
94
138
174
198
196
210

80

100
110

71

103

100
91

100
103

130

70
69
91
133
181
200
250

112
127
168
198
222
224
237

64
64
59
55
52
51
48

4
4
4
6
7
8
10

32
32
37
39
41
41
42

194
194
184

231
230
229

222
226
216

48

43

191

250

9
9
12

212

145
162
202
214
225
213
220

188
211
242
237
236
216
213

66
67
101
154
192
200
247

112
125
176
200
219
212
223

100
78
46
38
37
50
88
142
165
233

211
203
184

'204
r
198
173

227
'209
259

^216
'207
181

••217
219
230

292

209

241

210

196

256
260

210
216

343

268

395

259

195
167

233
211

228
187

210

234

234
229

217
216

306
269

257

249

248

387
212
179
220

198
217
207

389

192
209
208

238
236

228

199
205

206
229

188

211

107

269
283

221
244

276

233

314

278

251

269
262

269
236

318
289

255

244
235
226

227

220
224
218

294

318

286
278
274

48
56
61

47
46

9
6
5

43
38
34

12

41
42

9

43

12
10

256

46
47
48
50

354
279

45
46

10
10

45
44

9
8

43
44

268

244
244
246

48

48
48
50

8
9

8

42
43
42

43
42

r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1009.

1018



FEDERAL RESERVE

BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
BANK CREDIT, MONEY RATES, AND BUSINESS •

Chart
book
page

June
27

WEEKLY FIGURES2

July
4

July
11

July
18

July
25 1

In billions of dollars

1951

Chart
book
page

June
27

WEEKLY FIGURES 2—Cont.

July
11

July

In

July
18

July

unit indicated

RESERVE BANK CREDIT, ETC.

Reserve Bank credit, t o t a l . . . . 2
U. S. Govt. securities, total. 2
Bills
3
Notes and certificates.... 3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits. . . 2
Member bank reserves, total. .2, 4
New York City
5
Chicago
5
Reserve city banks
5
Country banks
5
Required reserves
4
Excess reserves, total •
4
New York City
5
Chicago
Reserve city banks
5
Country banks «
5
MEMBER BANKS IN LEADING CITIES

All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds
16
Notes and certificates
16
Bills
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. deposits
14
Loans, total
14
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities. . 18
Other securities
18
Other
18
New York City banks:
Loans and investments
U. S. Govt. securities, total.
Bonds, total holdings. . . .
Due or callable—5 years
Notes and certificates
Bills
Demand deposits adjusted..
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
19
For purchasing securities:
To brokers:
OnU. S. Govts
19
On other securities... 19
To others
19
Real estate and other. . . . 19
Banks outside New York City:
Loans and investments
15
U. S. Govt. securities, total.. 15
Bonds
17
Notes and certificates.... 17
Bills
17
Demand deposits adjusted.. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities. 19
Other
19

MONEY RATES, ETC. Cont.
23.92 23.97 24.27 24.61 24.06
22.84 22.98 23.09 23.08 23.06
.40
.52
.64
.57
.55 Stock prices (1935-39 = 100):
15.63 15.63 16.63 16.69 16.69
Total
27
6.81 6.82 5.82 5.82 5.82
Industrial
27
21.76 21.76 21.76 21.76 21.76
Railroad
27
27.60 27.95 27.89 27.78 27.71
Public utility
27
1.70 1.47 1.55 1.91 1.73 Volume of trading (mill, shares) 27
19.10 19.19 19.36 19.38 19.09
5.00 PRODUCTION AND DISTRIBUTION
5.21 5.18 5.06 5.01
1.31 1.31 1.29 1.30 1.29
7.31 7.41 7.43 7.46 7.46 Production:
5.29 5.32 5.50 5.55 5.51
Steel (thous. tons)
66
18.56 P18.58 P18.44 P18.43 P18.43
Automobile (thous. c a r s ) . . . 66
.54
P.66
P.61
P.92
P.95
Crude petroleum
.01
.01 - . 0 1
.02
.03
(thous. bbls.)
67
Bituminous coal (mill, tons). 67
.17
.19
.18
.13
.16
Paperboard (thous. t o n s ) . . . 68
.46
.63
.43
P.63
P.67
Meat (mill, lbs.)
68
Electric power (mill. kw. hrs.) 70
Freight carloadings (thous.
cars):
70.64 70.27 70.10 70.09 70.11
Total
69
Miscellaneous
69
31.18 30.89 30.70 30.74 30.9.
19.48 19.51 19.50 19.50 19.4. Department store sales
(1935-39=100)
70
8.95 8.92 8.86 8.92 9.00
2.75 2.46 2.34 2.33 2.50
6.66
6.58 6.62 6.66 6.68
49.92 49.34 49.67 49.89 50.54
4.81 4.47 3.76 3.25 3.10
32.88 32.77 32.75 32.67 32.51 Wholesale prices:
Indexes(1926=100):
19.22 19.15 19.12 19.04 18.96
Total
75
5.53 5.53 5.54 5.55 5.56
Farm products
75
Foods
75
2.12 2.22 2.12 2.10 2.15
Other commodities
75
.55
.52
.51
.53
.59
Basic commodities
1.61 1.68 1.60 1.57 1.56
(Aug. 1939=100):
5.95 5.93 5.90 5.89 5.87
Total
77
Foodstuffs
77
20.50 20.33 20.07 19.89 19.79
Industrial materials
77
8.44 8.17 7.94 7.78 7.77
Selected materials:
5.41 5.40 5.34 5.31 5.26
Rubber (cents per 1b.)
78
4.06 4.04 3.99 3.96 3.91
Hides (cents per lb.)
78
1.88 1.86 1.84 1.86 1.
Steel scrap (dollars per ton) 78
.63
.92
.76
.61
1.15
Copper (cents per lb.)
78
15.45 15.18 15.28 15.24 15.51
Cotton (cents per lb.)
78
.95
.8
1.85 1.60 1.28
Print cloth (cents per yd.). 78
4.07 4.21 4.18 4.22 4.12
Wool tops (cents per lb.). . 78
1.54 1.51 1.51 1.50 1.49
Wool (cents per lb.)
78
10.18 10.26 10.17 10.12 10.04
Selected foodstuffs:
6.82 6.83 6.81 6.78 6.74
Winter wheat (cents per
bu.)
79
Corn (cents per bu.)
79
.34
.34
.31
.38
.38
Steers (dollars per 100 lbs.) 79
.78
.85
.79
.76
.77
Hogs (dollars per 100 lbs.) 79
.26
.26
.26
.26
.26
Cows (dollars per 100 lbs.) 79
1.84 1.82 1.81 1.81 1.81
Coffee (cents per lb.)
79
Cocoa (cents per lb.)
79
Butter (cents per l b . ) . . . . 79
50.14 49.94 50.03 50.20 50.32
Eggs (cents per doz.)
79
22.73 22.71 22.76 22.96 23.18
14.07 14.11 14.16 14.19 14.19
7.08 7.06 7.02 7.06 7.12
1.59 1.53 1.58 1.71 1.87
34.47 34.16 34.38 34.65 35.02
2.96 2.87 2.48 2.30 2.25
6.35 6.81 7.07 7.18 6.89
13.86 13.88 13.92 13.93 13.93
MONTHLY FIGURES
22.70 22.51 22.57 22.55 22.47
12.40 12.32 12.31 12.26 12.22
5.05 5.04 5.05 5.05 5.06
DEPOSITS AND CURRENCY
.76
.74
.73
.73
.75
4.60 4.60 4.58 4.57 4.56

Per cent per annum

MONEY RATES, ETC.

U. S. Govt. securities:
Bills (new issues)
23
9-12 months
23
3-5 years
23
15 years or more
23, 25
Corporate bonds:
Aaa
25
Baa
25
High-grade municipal bonds.. 25

1.527
1.82
2.02
2.66

1 .604
1.80
1.99
2.65

1 .615
1.77
1.94
2.63

1 .562
1.73
1.92
2.62

1.591
1.70
1.91
2.62

2.99
3.54
2.26

2.97
3.55
2.25

2.95
3.55
2.23

2.93
3.52
2.13

2.92
3.52
2.11

Deposits and currency: •
Total deposits and currency.
Total deposits adjusted and
currency
Demand deposits adjusted. .
Time deposits adjusted
Currency outside b a n k s . . . .
U. S. Govt. deposits
Money in circulation, t o t a l . . .
Bills of $50 and over
$10 and $20 bills
Coins. $1, $2, and $5 bills...

170
185
136
110
1.75

169
184
135
110
1.30

172
187
138
111
1.09

173
189
140
112
1.27

177
193
145
113
1.57

2,055 2,015 2,029 2,037 2,027
124
152
121
94
111
6,099 6,088 6,090 6,086 6,125
1.70
1.91
.30
1.62
1.71
232
244
226
157
201
273
267
244
271
279
6,898 6,077 6,739 6,975 7,005
822
395

588
324

779
381

805
372

259

218

238

234

180.8
197.5
186.5
169.6

180.2
197.6
187.2
168.5

820
378

179.7 178.7 178.0
196.3 191.5 189.0
186.2 186.4 185.0
168.2 168.0 167.7

343.0 337.9 333.9 327.4 327.2
367.6 367.5 364.7 365.0 364.6
330.0 324.8 321.7 313.3 314.4
52.0
66.0
52.0
52.0
52.0
34.8
34.8
34.8
34.8
34.8
43.0
43.0 43.0
43.0
43.0
24.5
24.5
24.5
24.5
24.5
37.5
38.4
45.3
42.1
44.8
15.9
18.2
16.0
17.6
16.7
243.7 250.5 261.9 247.9 246.5
235.0 235.0 235.0 235.0 235.0
230.7
167.2
35.43
23.06
24.43
53.1
37.6
68.2
47.2

229.4
172.0
35.55
23.13
24.25
53.4
35.4
67.6
45.4

234.3
178.9
35.35
22.92
24.50
53.5
34.7
66.6
44.7

232.1
176.7
35.15
23.06
24.20
53.1
35.2
66.6
45.3

229.0
176.2
35.26
23.04
23.88
52.9
34.8

66.3

45.2

1951
Apr.

May

June,1

In billions of dollars

6

Pi 79.80

P179.1O

P180.80

6
6
6
6
6
7
7
7
7

P173.30
P89.50
P59.20
P24.60
P6.50
27.28
8.26
14.36
4.66

P173.7O

P174.20
P89.50

P89.50

P59.30
P24.90
P5.40
27.52
8.26
14.55
4.71

P59.80

P25.00
P6.60

For footnotes see p. 1023.

AUGUST

1951




1019

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page

1951
May

Apr.

June

Annual rate

MONTHLY FIGURES—Gont.

Chart
book
page

1951
Apr.

May

June i

Per cent Per annum

MONTHLY FIGURES—Cont.
MONEY RATES, ETC.

DEPOSITS AND CURRENCY—Cont.

Turnover of demand deposits: 5
New York City
Other leading cities

COMMERCIAL BANKS

Cash assets •
Loans and investments, total •
Loans"
U. S. Govt. securities •
Other securities •
Holdings of U. S. Govt. securities:
Within 1 year:
Total
Bills
Notes and bonds
Over 1 year:
Total
Notes and bonds (1-5 yrs.)
Bonds (5-10 yrs.)
Bonds (over 10 yrs.)

Treasury bills (new issues)
22
:orporate bonds:
Aaa
22
Baa
22
'. R. Bank discount rate
22
Commercial paper
22
In billions of dollars
Stock yields:
Dividends/price ratio:
Common stock
26
Preferred stock
26
P30.40 P29.60 P30.40
P125.40 125.10 126.20
P54.40 P54.50 P55.00
P58.50 P58.10 P58.60
P12.60 P12.50 P12.60
Margin requirements (per cent)
28
Stock prices (1935-39 =100), total. . .
28
Volume of trading (mill, shares)
28
Stock market credit (mill, dollars):
16.70 16.14
Bank loans
28
3.17
2.98
Customers' debit balances
28, 29
13.52 13.16
Money borrowed
29
Customers' free credit balances....
29
34.88 34.83
25.86 25.82
6.24
6.23
2.77
2.79
33.2
22.5

9
9
9
9
9

10
10
10
10
10
10
10

30.9
22.0

33.1
22.0

1.520

1.578

1.499

2.87
3.34
1.75
2.13

2.88
3.40
1.75
2.17

2.94
3.49
1.75
2.31

6.35
4.11

6.55
4.15

6.79
4.17

In unit indicated
75
172

75
174

75
172

1.52

1.63

1.30

607

603

593

1,286

661
879

1,287 ..1,275
681
68C
855
834

In billions of dollars

GOVERNMENT FINANCE
MEMBER BANKS

All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due to banks
Balances due from banks
Reserves

12
12
12
12
12
12
12
12
12

Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due to banks
Reserves

12
12
12
12
12
12
12
12

106.00 105.65
46.48 46.55
49.04 48.69
10.48
10.40
76.13
76.11
29.63 29.67
11.04
10.92
5.41
5.38
19.32
18.89

106.84
47.07
49.25
10.52
76.12
29.9.
11.08
5.51
19.31

25.30
12.15
10.76
2.39
19.31
2.95
4.89
6.24

26.2
12.51
11.32
2.44
19.34
3.02
5.01
6.53

25.84
12.15
11.21
2.48
19.72
3.04
4.98
6.60

Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Balances due from banks
Reserves

13
13
13
13
13
13
13
13
13

39.63
18.61
17.29
3.73
26.87
11.62
5.12
1.77
7.35

39.71
18.60
17.39
3.73
27.13
11.73
5.11
1.73
7.28

40.05
18,6
17.6:
3.76
27.19
11.86
5.16
1.82
7.40

Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due from banks
Reserves

13
13
13
13
13
13
13
13

40.53
15.72
20.54
4.27
29.5
14.97
3.47
5.37

40.64
15.81
20.55
4.29
29.67
14.99
3.50
5.37

40.52
15.89
20.31
4.32
29.60
15.70
3.51
5.38

LENDING INSTITUTIONS OTHER THAN
COMMERCIAL BANKS

Mutual savings banks: •
Total assets
U. S. Govt. securities
Real estate mortgages
Other securities
Other assets
Life insurance companies:
Total assets
Business securities
Real estate mortgages
U. S. Govt. securities
Other assets

20
20
20
20
20
20
20
20
20
20

22.64
10.41
8.58
2.41
1.24
65.16
25.26
17.42
12.25
10.23

22.75
10.33
8.76
2.43
1.23
65.50
25.49
17.75
12.11
10.14

22.83
10.23
8.90
2.48
1.23

ross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings n o t e s . . . .
Special issues
Investment bonds, guaranteed
debt., etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks *
Fed. agencies and trust funds. . .
F. R. Banks
Individuals'
Corporations
Insurance companies «
Mutual savings banks «
State and local govts. •
Miscellaneous •
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Bonds—Total outstanding....
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
By earliest callable or due date:
Within 1 year-Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
1-5 years—Total outstanding.
Commercial bank and F. R.
Bank
F. R. Bank
5-10 years—Total outstanding
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
Commercial Bank and F. R.
Bank
F. R. Bank
Over 10 years—Total outstanding
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank

30
30
30
30
30

254.75 255.12 255.25
80.65 80.63 78.99
57.43 57.42 58.93
65.76 65.77 65.39
33.59 34.05 34.65

30

17.32

17.27

31
31
31
31
31
31
31
31
31

58.50
39.86
22.74
'65.70
'21.20
17.80
10.40
7.90
10.60

57.90
40.96
22.51
65.60
21.80
17.60
10.30
8.00
10.90

32

13.63

13.61

32
32

4.42
1.25

3.64
.65

'.53

32

43.80

43.80

45.31

32
32
32

30.61
14.92
80.65

30.60
15.05
80.63

15.63
78.99

17.29

40.96
22.98

13.61

32

47.57

47.68

32
32

36.56
3.86

36.53
4.09

4.11

33

53.66

53.65

60.86

33
33
33

30.10
13.42
38.35

29.19
13.06
38.35

13.96
31.02

33
33
33

30.30
4.44
15.96

30.25
4.44
15.96

3.88
15.96

33

8.53

8.53

33
33

7.26
1.03

7.27
1.03

1.03

33

30.10

30.08

30.07

33

4.46

4.57

33
33

3.94
1.15

4.04
1.27

1.40

For footnotes see p. 1023,

1020



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page

1951
Apr.

May

June

In millions of dollars
MONTHLY FIGURES—Gont.

Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo

34
34
34
34
34
34
35
35
35
35
35
35

36
36
36

CONSUMER FINANCE

Consumer credit, total e
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other

45
45
45
45
45, 46
46
46
46
46

PERSONAL INCOME

Personal income (annual rates): 6
Total
Wage and salary receipts
Proprietors' income, dividends, and
interest
All other

52
52
52
52

EMPLOYMENT

Labor force (mill, persons): •
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagricultural 8establishments (mill, persons): •
Total
Manufacturing and mining
Trade
Construction
Transportation and utilities
Finance and service
Government
Average hours and earnings of factory
employees:
Hours worked (per week):
All
Durable
Nondurable
Hourly earnings (dollars):
All
Durable
Nondurable
Weekly earnings (dollars):
All
Durable
Nondurable

1951
Apr.

May

June 1

In unit indicated

MONTHLY FIGURES—Cont.
PRODUCTION AND DISTRIBUTION

GOVERNMENT FINANCE—Cont.

Sales and redemptions of U. S. savings
securities:
Savings notes:
Sales
Redemptions
Net sales or redemptions
Savings bonds:
All series:
Sales
Redemptions
Net sales or redemptions
Series A-E:
Sales
Redemptions
Net sales or redemptions
Series F and G:
Sales
Redemptions
Net sales or r e d e m p t i o n s . . . . .

Chart
book
page

53
53
53
53
54
54
54
54
54
54
54
55
55
55
55
55
55
55
55
55

Industrial production: 5
Total (1935-39 = 100)
56, 57
Points in total index:
Durable manufactures
56
141
2,541
286
Nondurable manufactures....
56
2,882
238
331
Minerals
56
-341
-190
+48
Indexes (1935-39=100):
Durable manufactures
57
Nondurable manufactures. . . .
57
310
290
296
Minerals
57
432
425
439 Selected durable manufactures
-149
-115
-136
(1935-39=100):
Nonferrous metals
58
254
247
244
Steel
58
?>346
P329
P348
Cement
58
-85
-94
-99
Lumber
58
Transportation equipment
58
56
49
46
Machinery
58
P77
P86
^111 Selected nondurable manufactures
-21
-65
-37
(1935-39=100):
Apparel wool consumption
59
Cotton consumption
59
In billions of dollars
Paperboard
59
Newsprint consumption
59
Fuel oil
59
Gasoline
59
2. 96
4.15
7.37
Industrial chemicals
59
4 . 14
5.22
5.15
Rayon
59
- 1 . 18 - 1 . 0 1 +2.14
Sales, inventories, and new orders:
Sales (bill, dollars): &
Manufacturing, total
60
Durable
60
1 9 . 12 P19.19 P19.22
Nondurable
60
1. 39
Pl.40 Pl.40
Wholesale, total
61
3 . 74
P3.79 P3.81
Durable
61
1.09
Pl.10 Pi. 09
Nondurable
61
1 2 . 90 P12.91 P12.93
Retail, total
61
5 . 63
P5.66 P5.70
Durable
61
7 . 27
P7.24 Pi .22
Nondurable
61
3 . 93
P3.98 P 4 . 0 4
Inventories (bill, dollars): 6
3 . 34
P3A8
P3.26
Manufacturing, total
60
Durable
60
Nondurable
60
Trade:
Total
61
r
Durable
61
249 . 0
249.8 251.1
Nondurable
61
164 .8 1 6 5 . 1
166.1
Wholesale
61
r
Retail
61
68 .3
68.2
68.4
New orders (bill, dollars):
15 .9
16.6
16.5
Manufacturing, total
60
Durable
60
Nondurable
60
In unit indicated
Construction contracts (3 mo. moving
avg., mill, dollars): 5
Total
62
Residential
62
61.8
62.8
63.8 Other
62
1.7
1.6
2.0 Value of construction activity (mill,
61.8
60.0
61.2
dollars):
53.8
Total e
63
53.4
53.8
Nonresidential: e
Public
63
'46.37 46.47 M6.47
Private
63
Residential: •
1 6 . 9 9 16.98 P16.92
9.76
9.81 P9.82
Public
63
Private
63
2.58
2.57 P2.55
4.15
4.14 *>4.14 Residential construction:
Contracts awarded (mill, dollars) :
6.60
6.63 P6.66
6.29
6.35 P6.39
Total
64
1- and 2-family dwellings
64
Other
64
Dwellings started (thous. u n i t s ) . . .
65
41.0
40.7 P40.8 Nonfarm mortgage lending
(mill, dollars):
42 0
41.7 P41.9
Mortgages under $20,000
65
••39.6
39.3 P39.4
FHA insured home loans
65
1.579
1.586 P I . 6 0 4
GI home loans 8
65
1.660
1.664 P I . 6 8 5 Freight carloadings:
Total (1935-39 =100)
71
1.466
1.476 P I . 4 8 8
Groups (points in total index):
64.74 64.55 P65.44
Miscellaneous
71
Coal
71
'69.72 69.39 P7O.6O
Allother
71
••58.05 58.01 P58.63

223

223

105.5
>-92.9
24.9

104.6
92.8
25.1

P104.6
P92.2
P25.3

278
198
164

276
198
165

P276
P197
P167

225
301
243
162

••309
'336

224
301
231
158
310
336

P221
296
235
P147
P3 16
P336

158
153
253
171
204
193
530
377

163
164
256
166
210
207
538
378

157
247
163
215
215
550
382

22.4
10.5
11.9

23.8
11.1
12.8

9.1
2.5
6.6

9.6
2.5
7.1

12.0

12.1

4.0
8.0

P22.8
P10.8
P12.0
P9.6
P2 4
Pi'.2
Pll.9

4.0
8.1

P3.8

37.8
17.6
20.2

38.9
18.3
20.6

P39.8
P18.9
P20.9

30.8
12.1
18.6
11.8
19.0

31.0
12.4
18.5
12.0
19.0

P30.6
P12.5
P18.1
Pll.9
P18.7

23.9
12.6
11.3

23.3
11.8
11.6

P23.4
P12.1
Pll.3

1,529

1,480

520

508
973

1,534
532
1,002

r

1,009
2,387

P8.0

2,550 P2,700

670
791

777
851

P828
P912

44
882

46
876

P909

504
388
116
96

561
409
151
97

491
333
159
130

1,371

1,435

162
299

165
292

1,422
148
264

P51

136

133

131

82.9
23.9
29.4

80.9
23.5
28.1

79.0
25.5
26.7

For footnotes see p. 1023

AUGUST

1951




1021

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page

1951
Apr.

June i

May

301
353

313
,246
339

301
365
338
,194
'294

324
,106
389

5.1
4.0

4.4
3.5

4.6
3.4

72
72

302
377

73
73
73
73
73

74
74
74
74
74
74

184.6
225.7
203.6
135.1
144.0
164.6

185.4
227.4
204.0
135.4
143.6
165.0

185.2
226.9
204
135
143
164.8

75
75
75
75
76
76
76
77
77
77
76

'•183.6
202.5
185.7
172.2
182.8
'233.3
'147.9
138.1
228.5
189.0
142.7

'182.9
199.6
187.2
171.5
181.9
'232.6
'146.4
137.5
227.8
188.8
141.7

181.7
198.6
186.3
170.5
177.6
230.6
142.9
137.8
225.6
188.2
141.7

Bank rates on loans to business:
All loans:
19 cities
New York City
7 Northern and Eastern cities.. .
11 Southern and Western cities..
Loans of $1,000-$ 10,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities..
Loans of $10,000-$100,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities..
Loans of $100,000-$200,000:
19 cities
New York City
7 Northern and Eastern cities. ..
11 Southern and Western cities..
Loans of $200,000 and over:
19 cities
New York City
7 Northern and Eastern cities.. .
11 Southern and Western cities..
Stock yields:
Earnings/price ratio, common
stocks

24
24
24
24

2.84
2.51
2.87
3.28

3.02
2.74
3.02
3.42

3.07
2.78
3.04
3.52

24
24
24
24

4.60
4.17
4.64
4.78

4.68
4.20
4.74
4.87

4.73
4.37
4.68
4.90

24
24
24
24

3.73
3.44
3.70
3.91

3.88
3.68
3.86
4.01

3.93
3.66
3.90
4.10

24
24
24
24

3.10
2.80
3.18
3.21

3.27
3.06
3.23
3.41

3.32
3.06
3.28
3.52

24
24
24
24

2.57
2.35
2.65
2.90

2.76
2.59
2.81
3.06

2.81
2.64
2.83
3.14

26

4.09

11.50

In billions of dollars

GOVERNMENT FINANCE

AGRICULTURE

80
80

283
309

81
81
81

2,137
1,623
465

283
305

283
301

2,153 P 2 , 2 5 7
1,684 Pl.618
436
P613

INTERNATIONAL TRADE AND FINANCE

Exports and imports (mill, dollars):
Exports
82
Imports
82
Excess of exports or imports
82
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
83
Official
83
Invested in U. S. Treasury bills
and certificates
83
Private
83
Claims on foreigners
83
Foreign exchange rates:
See p. 1045 of this BULLETIN
84,85

Pl.370 Pl.353 Pl.293
PI.025
P345

P6.79
P3.29

P6.76

p.91

Pl.01
P3A9
P.92

LENDING INSTITUTIONS OTHER THAN
COMMERCIAL BANKS

P 3 . 50
P.90

P3.

Current assets eand liabilities
corporations:
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities
Net working capital

28

1.34
1.99

11.08
5.40
1.33
1.01
1.25
2.00

14.49
P7.O5
1.23
Pi.66
1.97
P2.49

37
38
38
38
38
38

9.12
3.68
2.52
2.32

16.82
9.57
4.57
2.49

.72
.13

.88
.69

12.86
6.13
4.84
2.16
.84
1.11

39
39
39
39
39
39
39
39
39

150.5
26.9
19.9
51.9
50.0
74.7
44.5
15.5
75.8

155.3
26.2
20.4
55.7
51.0
77.5
45.7
16.5
77.8

37
38
38
38
38
38

10.01
4.29
1.36

.93

16.93
13.81
1.49
1.63

of

1951
Jan.Mar.

17.20
14.10
1.56
1.54

21
21
21

35.27
12.87
6.01

36.61
13.14
6.06

21
21
21

3.59
2.74
.71

3.64
2.91
.72

21
21

21.65
.76

22.70
.76

In unit indicated

Apr.June

In billions of dollars

20
20
20
20

Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
National defense
37,
Veterans Administration
International aid
Interest on debt
All other
Receipts:
Net receipts
Individual income taxes
Corporate income, etc
Miscellaneous internal revenue. .
All other
Tax refunds (deduct)
BUSINESS FINANCE

Oct.Dec.

QUARTERLY FIGURES

*>930

PI.018
P335

1950

Assets of savings institutions:
Savings and loan associations: *
Total assets
Real estate mortgages
U. S. Govt. securities
Other assets
Loans and loan guarantees and insurance of Federal agencies:
Total*
Loans
Foreign
Domestic:
Agriculture
Home owners
Other
Loan guarantees and insurance: 6
Nonfarm mortgages
Other

Apr.June

MONEY RATES, ETC.

PRICES

Prices paid and received by farmers
(1910-14 = 100):
Paid, etc
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops

1951
Jan.Mar.

QUARTERLY FIGURES—Cont.

PRODUCTION AND DISTRIBUTION—Cont.

Consumers' prices (1935-39=100):
All items
Food
Apparel
Rent
Fuel, electricity, and refrigeration.
Miscellaneous
Wholesale prices (1926=100):
Total
Farm products
Food
Other commodities
Textile products
Hides and leather products
Chemicals and allied products...
Fuel and lighting materials
Building materials
Metals and metal products
Miscellaneous

1950
Oct.Dec.

Per cent Per annum

In unit indicated
MONTHLY FIGURES—Cont.

Department stores:
Indexes (1935-39 =100): «
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks

Chart
book
page

17.98
14.66
1.57
1.76

Corporate security issues:
Total (bill, dollars)«
New money, total (bill, dollars) • . .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars) :•
Public
Private

40
40

1.48

.96

1.73
1.46

40
40
40

.70
.13
.13

1.24

41
41
41
41

717
470
72
174

1,167
C
873

41
41
41
41

239
5
1
178

293
'
2
5
212

40
40

.32
.82

2.36
1 .99

91
.55

.05
.17

76
217

1,422
682
59
671
565
30

For footnotes, see p. 1023.

1022



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page

1950
Oct.Dec.

Jan.Mar.

Apr.June

In unit indicated

QUARTERLY FIGURES—Gont.

Oct.Dec.

1951

42

50.3

51.8

42
42

27.8
16.7

23.3
14.5

Gross national product 5
Govt. purchases of goods and services
648.5
Personal consumption expenditures
Durable goods
622.0
Nondurable goods
Services
612.5
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income, consumption, and
saving: 5
Personal income
Disposable income
Consumption expenditures
Net personal saving

43

7.0

5.5

43

1.6

1.3

43
43

530
368

43
43

576
382
'330
318

••347
103

44

5.8

5.2

44
44

4.3
3.0

3.7
2.6

48

303.7

318.5

325.6

48
48
50
50
50

47.8
198.4
29 A
104.9
64.0

52.9
208.2
31.5
111.5
65.2

60.0
201.7
25.9
109.5
66.2

48

57.5

57.3

64.0

49
49
49
49

25.0
23.3
11.8
-2.7

26.5
23.9
9.3
-2.3

26.7
22.3
14.4
.5

51
51
51
51

238.3
215.2
198.4
16.8

244.1
217.5
208.2
9.3

250.0
222.8
201.7
21.1

6.4
4.9
3.5

Plant and equipment expenditures
(bill, dollars):• 7

1950

1949

All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining

In billions of dollars

CONSUMER FINANCE

Individual savings: e
Gross savings
Liquid savings
Cash
U. S. Govt. securities
Other securities
Insurance
Debt liquidation

Apr.June

Jan.Mar.

GROSS NATIONAL PRODUCT, ETC. e

Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) «. . . .
Large corporations, total (bill, dollars)
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)

1950

Annual rates
in billions of dollars

QUARTERLY FIGURES—Cont.

BUSINESS FINANCE—Cont.

Corporate profits, taxes, and dividends
(annual rates, bill, dollars):e 5
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits

Chart
book
page

47
47
47
47
47
47
47

+ 14.3
+2.6
+3.6
-0.7
+0.0
+2.3
-2.6

+9.
+0.
-1.
+0.
+0.
+2.

7
1
9
2
6
0
-0. 8

Dec.
31

June
30

Dec.
30

SEMIANNUAL FIGURES
In billions of dollars

INSURED COMMERCIAL BANKS

Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local government securities.
Other securities
,

11
11
11
11

16.94
2.96
11.41
6.00

16 .81
2 82
12 27
6 .89

21.78
2.82
13.39
7.63

11
11
11
11

1.75
0.86
6.40
3.57

1 .86
0 .91
7 .24
3 .72

1.79
1.04
7.93
4.18

r
c
« Estimated.
P Preliminary.
Revised.
Corrected.
1 For charts on pp. 22, 28, and 30, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly
charts include figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
8
Deficiency of less than 5 million dollars.
4
Less than 5 million dollars.
6
Adjusted for seasonal variation.
6
Figures, except for cash dividends are estimates of Council of Economic Advisers, based on preliminary data.
7
Expenditures anticipated by business during the third quarter of 1951 are (in billions of dollars): all business, 6.4; manufacturing aid
mining, railroads and utilities, 4.9; manufacturing and mining, 3.5.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly
issues at 60 cents each.

AUGUST

1951




1023

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1951
[In thousands of units]
Corn
Federal Reserve district

Winter wheat

Total wheat

Spring wheat

Total

Estimate
July 1, 1951

Production
1950

Estimate
July 1, 1951

Production
1950

Estimate
July 1, 1951

Production
1950

Estimate
July 1, 1951

Bushels
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Production
1950

Bushels

Bushels

Bushels

Bushels

Bushels

Bushels

Bushels

7,628
35,371
55,661
219,158
197,503
218,592
1,115,665
426,131
340,126
429,739
77,657
7,778
3,131,009

7,971
36,946
60,523
256,091
196,119
223,481
1,260,906
425,676
389,581
369,443
61,568
6,838

13,709
17,129
51,416
22,669
5,103
70,507
48,527
265,319
357,893
23,137
151,346

13,727
17,533
44,817
28,262
5,710
71,683
54,319
344,775
312,750
16,852
159,704

13,594
17,129
51,416
22,669
5,103
69,175
48,517
30,703
354,215
23,032
115,113

13,622
17,533
44,817
28,262
5,710
70,588
54,312
36,443
308,506
16,716
110,240

115

105

1,332
10
234,616
3,678
105
36,233

308,332
4,244
136
49,464

3,295,143

1,026,755

1,070,132

750,666

706,749

276,089

363,383

Oats
Federal Reserve district

Tame Hay

Tobacco

1,095

White potatoes

Total

Estimate
July 1, 1951

Production
1950

Estimate
July 1, 1951

Production
1950

Estimate
July 1, 1951

Production
1950

Estimate
July 1, 1951

Bushels
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Production
1950

Bushels

Tons

Tons

Bushels

Bushels

Pounds

Pounds

6,742
35,369
18,957
53,976
39,167
29,152
630,672
73,682
389,199
122,848
29,537
35,833

7,963
36,853
20,163
61,099
41,919
24,591
552,490
52,246
421,354
109,813
10,386
29,090

3,664
6,471
2,653
6,243
4,940
3 640
20,281
9,925
10,905
10,247
1,750
13,591

3,928
6,429
2,722
6,575
5,143
3,335
22,973
9,388
13,760
11 ,126
1,624
12,568

40,813
974
61,365
125,873
1,235,345
228,980
32,147
300,743
2,359
3,851

37,105
931
58,752
152,307
1,375,170
278,625
28,783
365,229
1,979
4,082

70,733
40,947
21,901
13,413
24,987
14 408
32,505
7,230
50,112
34,973
3,255
125,036

56,556
36,955
18,779
11,464
20,291
14,576
25,876
5,713
40,463
26,364
2,690
96,316

1,465,134

1,367,967

94,310

99,571

2,032,450

2,302,963

439,500

356,043

NOTE.—1950 figures for tobacco are as revised in July 1951.

1024



FEDERAL RESERVE BULLETIN

MEMBER BANK OPERATING RATIOS, 1950
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed in percentages]
Federal Reserve district
All
districts

Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes. .
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits

14.7
13.0
9.7
3.0
2.84
1.05
.71

Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government securities.. . 27.4
Interest and dividends on other securities. .
5.7
Earnings on loans
53.7
Service charges on deposit accounts
6.3
Other current earnings
6.9
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes

Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits

New
York

Phila- Cleve- Richdelphia land mond

Atlanta

Chicago

MinSt.
Louis neapolis

Kansas
City

San
Dallas Francisco

10.2
9.1
6.5
2.7

11.6
10.6

10.9
10.0
7.5
2.5

16.8
14.5
10.6
3.2

15.2
13.4
10.2
2.9

15.5
13.7
10.5
3.0

18.0
16.3
12.1
3.8

18.1
15.2
11.5
3.9

2.4

2.96
,93|
.60!

25.2
5.3
51.0
9.8
8.7

2.91
.94
.63

28.8
6.3
51.8
7.2
5.9

1.04
73|

31.0
7.4
51.8
3.9
5.9

12.6
11.4
8.7
2.5
2.74
1.00
.70

30.2
6.8
51.9
4.9
6.2

14.2
13.1
9.4
3.0
2.92
1.11
.74

24.9
4.7
59.3
4.7
6.4

3.05
1.18
.75

22.0
6.0
57.5
6.9
7.6

2.58
.94
.64

32.2
5.5
48.6
7.0
6.7

2.69
1.08
.74

29.4
6.1
53.4
4.5
6.6

17.2
14.6
10.7
3.5
2.94
1.07
.69

28.9
4.9
47.9
7.0
11.3

30.3
9.9
22.9
63.1

5.56
.12

41.1
7.3
22.4

32.2
10.9
25.7

30.6
13.5
23.9

26.2
14.6
22.9

26.6
13.5
23.5

28.1
12.3
21.8

30.7
7.5
23.3

30.8
11.1
21.9

68.8

68.0

63.7

63.6

62.2

61.5

63.8

32.0

31.2

3.4 ! 2.6
7.7
20.1

|
7.6
'• 2 1 . 8

36.3 i 36.4

37.8

38.5

36.2

2.6
8.3
25.4

2.8
9.7
25.3

4.4
9.0
25.1

3.8
7.6

3.2
7.6

25.6

24.8

30.2
7.3
23.0
60.5
39.5
4.1
8.0
27.4

30.4
11.6
21.7
63.7
36.3
4.9
8.2
23.2

24.8
4.6
56.6
7.7
6.3

2.96
1.18
.76

19.9
5.5
62.4
6.0
6.2

3.12
1.05
.65

23.0
3.8
58.0
7.3
7.9

21.4

24.9

58.1

60.2

41.9
3.5
9.7
28.7

39.8
5.7
8.1
26.0

32.7
12.4
20.8
65.9
34.1
4.0
8.9
21.2

1.71
2.72

1.71
2.35

1.79
2.5

1.79
2.15

1.70
2.59

1.65
2.90

1.66
2.68

+ .051 +.06 +.03 + .01

.01

.01

.01

.01

.04

.01

.03

+ .01

5.48
.06

6.02
.16

5.06
.07

5.51
.14

5.52
.12

6.16
.1

6.85
.34

5.82
.18

5.101
+ .11J

5.171
.04

1.95
2.82

5.23
.07

39.3
7.3
30.4
21.8
1.0

43.3
8.4
30.0
17.1
.9

29.1
18.1
.9

9.7

8.5

5.21
.07

43.4
8.4
28.1
19.3
.7

37.1
5.9
32.6
23.3
1.0

35.9
7.6
30.1
25.5

45.9
7.4
25.6
20.6
.5

41.5
7.2
27.0
23.6
.6

45.6
7.0
26.3
20.4

8.3

7.3

6.3

7.1

24.5
9.1

22.0
8.9

20.8
8.0

21.9
6.8

22.9

20.8

7.0

Time to total deposits 2
31.3
Interest on time deposits
.9
Trust department earnings to total earnings2.
3.6

31.7 S 46.7 49.0
1.0 !
.9
.9
4.8 I 3.4
3.9

42.7
.9
4.6

34.2
1.1
3.9

23.0
1.0
2.8

34.9
.8
3.1

21.7
.9
2.8

36.6
1.0
2.5

693

477

350

1,001

496

477

325 I 748

637

38.8
6.4
27.3
27.0

.4

10.1

6,843

33.5
1.8

1.87
2.76

1.82
2.36

26.6 I 23.6 ! 28.2
11.0 i 9.4
11.3

7.6

33.1
3.6

1.83
2.45

1.79|
2.57i

22.9
8.4

Number of banks 3

2.85
1 20
.82

16.8
14.7
10.3
3.1

100.0 100.0 ilOO.O 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

36.9
Net losses including transfers
3.7
Taxes on net income
8.3
Net profits
24.9
Rates of return on securities and loans
Return on securities:
Interest on U. S. Government securities.. .
1.78
Interest and dividends on other securities. . 2.56
Net losses including transfers (or recoveries
and profits -f ) on total securities
.00
Return on loans:
Earnings on loans
Net losses (or recoveries +) on loans 1. . . .

Boston

6.5

6.9

32.8
6.3
28.3
31.8
.7

39.1
5.1
32.1
22.8
.9

6.9

6.5

7.5

21.2
7.5

18.5
7.0

10.6
1.0
3.0

5.7
1.0
2.5

33.4
1.2
4.5

624

260

22.2

1

"Net Josses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b)
actual recoveries credited to net profits plus recoveries credited to valuation reserves; "net recoveries on loans" is the reverse. Transfers to and
from 2 valuation reserves are excluded.
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average.
3
The ratios for 30 member banks in operation at the end of 1950 were excluded from the compilations because of unavailability of data
covering the complete year's operations, certain accounting adjustments, lack of comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown in the May 1951 issue of the BULLETIN. Such differences result from the fact that each
bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little
influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .005 are shown as .00.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1950. Balance
sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for
Dec. 31, 1949, and June 30 and Oct. 4, 1950, except for a limited number of banks for which all three reports were not available; such reports
as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no
time deposits (320 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent.

AUGUST 1951



1025

MEMBER BANK OPERATING RATIOS, 1950— Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed in percentages]
Ratio of time deposits to
total deposits (per cent)

Size group—total deposits (in thousands of dollars)
All
groups

Item

Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Earnings on loans
Service charges on deposit accounts
Other current earnings

14.7
13.0
9.7
3.0

1,000
and
under

12.0
10.6
8.5
2.8

1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over Under
25-50 50-75
2,000 5,000 10,000 25,000 50,000 100,000 100,000 25

14.1
12.6
10.1
3.0

14.9
13.3
10.2
3.1

15.5
13.5
9.6
3.0

15.4
13.7
9.4
3.1
2.70

2.84

3.23

3.02

2.83

2.75

1.05
.71

1.17
.83

1.14
.82

1.07
.73

1.02
.63

.96
.60

15.6
13.6
9.2
3.1

15.3
13.4
8.8
3.0

13.8
12.5
8.2
3.5

2.61

2.45

2.31

.91
.55

.88
.51

.85
.52

16.6
14.5
10.8
3.6

1.13
.74

25.6

48.2

5.2
54.7

5.7
52.9

6.6
53.1

9.9
50.3

6.0
12.2

4.4
14.7

7.1

6.4
7.2

4.8
5.5

2.3
4.7

29.7
12.0
23.0

26.7
18.7
21.6

23.3
25.1
20.6

67.0

69.0

35.3

33.0

31.0

3.5
8.1
23.7

2.8
7.1
23.1.

1.7
6.2
23.1

28.2

6.1
48.8

6.3
6.9

5.4
5.8

7.1
6.7

7.4

100.0

100.0

5.8
5.7
100.0

5.9
47.8
6.9
11.2

100.0

100.0

100.0

100.0

30.3
9.9
22.9

33.0
7.4
23.8

30.6
9.3
22.5

29.7
10.4
22.3

29.5
11.0
22.7

30.4
10.7
23.6

31.1
9.4
24.8

31.4
7.7
25.0

31.4
6.6
24.7

Total expenses

63.1

64.2

62.4

63.2

64.7

65.3

64.1

62.7

Net current earnings before
income taxes

36.9

35.8

37.6

36.8

35.3

34.7

35.9

37.3

40.4

Net losses including transfers. . ,
Taxes on net income
Net profits

3.7
8.3
24.9

3.9
6.2
25.7

3.6
8.0
26.0

4.4
9.2
23.2

3.5
9.6
22.2

3.9
9.8
21.0

4.1
10.9
20.9

3.0
11.4
22.9

4.4
9.1
26.9

,.

Distribution of assets
Percentage of total assets:
U. S. Government securities. . .
Other securities
Loans
Cash assets
Real estate assets
Other ratios
Total capital accounts to:
Total assets
Total assets less Government
securities and cash assets....
Total deposits
Time to total deposits 2
Interest on time deposits
Trust department earnings
total earnings 2
Number of banks 3

to

.65

5.8
46.3

28.9

6.4
51.5

Return on loans:
Earnings on loans
Net losses on loans l

2.82

.97
.67

28.8

28.3

5.9
54.2
6.1
5.9

Rates of return on securities and
loans
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses, including transfers,
(or recoveries and profits +)
on total securities

1.02
.68

4.8

27.9

5.0
57.3

3.3
6.9
27.4

9.8
9.2
7.2
2.6

28.8

26.2

4.4
61.2

Total earnings

12.3
11.1
8.5
2.5
2.91

2.77

5.7
53.7

Salaries and wages
Interest on time deposits
Other current expenses

14.1
12.6
9.3
2.8

75
and
over

100.0

7.4

32.8

100.0

100.0
32.9
3.3
23.4
59.6

1.78

1.98

1.88

1.80

1.71

1.65

1.59

1.54

1.53

1.69

1.79

1.91

1.98

2.56

3.32

2.91

2.52

2.30

2.18

2.22

2.10

2.35

2.65

2.48

2.49

2.56

+ .02

+ .05

+ .04

+ .06

+ .02 + .02

.00

5.16
.05

4.80
.02

4.46
.02

3.86
.01

.00

5.56
.12

.00

6.37
.27

5.97
.18

39.5

5.62
.11

5.43
.10

35.0
5.4
32.2
26.7
.6

7.6

7.0

22.9
8.4

29.2
11.4

25.4
9.5

22.7
8.3

21.0
7.6

20.7

31.3
.9

24.3
1.1

29.3
1.0

32.2
1.0

35.0
.9

34.7

2.2

2.5

3.8

4.9

5.5

7.4

1,358

2,377

1,241

773

268

138

174

6.0

30.1
23.7

.6

10.1

3.6

1.4

6,843

514

41.2
7.5
28.4
22.1
.7

42.8

8.7
27.0
20.7

44.0
8.1
26.4
20.4
.9
6.6

7.2

43.1
7.8

43.2
6.1
26.6
22.8
.9

41.1
7.3
28.4
22.4
.7

26.5

21.4
1.0

40.7
6.2
28.0
23.9

5.87
.1

39.0
6.4

26.9
27.0

5.38
.09

42.2
7.4
29.1
20.3

5.27
.07

43.3
8.5
30.2
17.1

.6

5.06
.04

44.5
11.5
29.1
14.3
.6

6.2

6.0

6.5

7.2

7.7

8.3

9.6

19.6
6.7

19.0
6.5

20.2
7.1

23.2
7.9

23.2
9.2

26.6
10.7

30.2

24.2

19.5

10.5
.9

22.4
8.4
38.1
1.0

58.2
1.0

79.8
1.0

4.5

3.6

2.1

1.2

2,861 2,448 1,475

59

For footnotes see p. 1025.

1026



FEDERAL RESERVE BULLETIN

MEMBER BANK OPERATING RATIOS, 1950— Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups

Size group—total deposits (in thousands of dollars)
1,000
and
under

Summary ratios
Percentage of total capital accounts:
Net current earnings before in14.7
come taxes
13.0
Profits before income taxes
9.7
Net profits
3.0
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Earnings on loans
Service charges on deposit accounts
,
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses

13.3
11.6
9.3
3.3

1,000- 5,000- Over
5,000 25,000 25,000

16.7
14.8
11.4
3.7

18.5
15.9
11.0
3.4

2.84

3.25

2.83

2.65

1.05
.71

1.26
.87

1.17
.80

1.08
.651

15.0
13.2
8.6
3.3

1,000
and
under

11.0
9.5
7.6
2.2

2.31
.52

1.09
.77

1,000- 5,000- Over 1,000 1,000-5,000- Over
and
5,000 25,000 25,000 under 5,000 25,000 25,000

13.8
12.4
9.6
2.7

3.22

2.68

.97
.61

9.5
9.2
7.5
2.0

.89

20.6

25.7

26.4

27.9

24.2

3.7
63.5

5.3
55.6

5.6
51.8

5.1
60.3

6.4

7.2
6.2

8.1
8.1

5.3
48.2
5.2
13.4

100.0

100.0

100.0

4.6
5.8
100.0

32.9
3.1
22.8

31.9
3.9
23.6

31.6
4.5
25.5

30.4
11.6
24.2

29.1
12.2
22.6

30.0
11.9
23.1

58.8

59.4

61.6

66.2

63.9

100.0
30.3
9.9
22.9

5.8
100.0

.55j

35.7
2.2
24.0
61.9

36.9

38.1

41.2

40.6

38.4

4.7
6.5
26.9

4.2
8.3
28.7

5.1
10.8
24.7

3.8
11.9
22.7

4.1
5.7
24.0

28.6

29.0 ! 30.4

5.3
55.5
5.7
6.0

6.2
49.9

5.8
46.5

7.4
7.9

6.8
11.9

33.8

3.7
8.3
24.9

27.5

100.0

12.6
11.3
8.1
2.6

12.2
11.1
8.6
2.4
2.95

2.79

2.76

.91
.59

.87
.53

29.5

31.3

31.2

5.5
6.4
55.0 I 54.8

7.5
49.6

6.2
46.8

4.4
5.5
6.5
3.6
4.9
6.1
9.3
5.5
100.0 100.0 100.0 100.0
28.4
17.7
22.7

26.3
19.1
21.2

26.8
18.7
22.1

29.0
18.2
22.5

66.6

31.3
11.5
24.2

67.6

69.7

35.0
3.2
7.4
25.5

33.0

31.2 ; 33.4

32.4

30.3

3.8
9.1
22.1

3.4
9.1
20.5

.9 I 2.7
5.8 I 6.6
24.5 i 24.1

3.0
8.0
21.4

3.9
8.2
18.2

1.78

1.89

1.72

1.60

1.52

2.03

1.87

1.69

1.61J

2 . 1 7 1.96!

2.56

3.46

2.75

2.24J

2.29

3.03

2.64

2.25

2.15J

3 . 3 5 2.54J 2 . 2 7

2.15

.00

.01

.02

.02

+ .04

.03

+ .01

+ .02

+ .08 + .03 +.01 + .02

.00

5.56

6.90

6.12

5.82

5.58

5.21

4.72J

5.52

5.33|

.12

.36

.18

.17

.12

.07

.oo|

.10

.09|

.04

Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets

41.1
7.3
28.4
22.4
.7

Other ratios
Total capital accounts to:
Total assets
Total assets less Government
securities and cash assets
Total deposits

7.6

9.8

7.3

6.2

6.3

10.3

8.2

6.9

6.2

29.8
11.1

23.9
8.0

20.3
6.7

19.8
6.8

27.1
11.6

23.6
9.0

20.8
7.6

19.0
6.7

31.3
.9

6.9
1.1

9.3
1.0

13.5

13.8

37.9
1.1

38.3
1.0

38.3
.9

36.6
.9

3.6

.9

2.9

3.3

6.5

2.2

2.2

3.4

5.4

6,843

287

1,596

660

318

138

1,204

886

1 . 8 0 1.63

5.12

Number of banks 3 . . . .

32.4
4.5
31.0
31.5
.5

39.2
6.4
26.8
27.0
.5

40.9
7.4
25.3
25.5
.7

39.7
5.9
27.1
26.0

36.0
6.5
34.5
22.1

41.0
6.7
30.3
21.1

44.0
8.4
27.3
19.4
.9

45.2
8.0
27.0
18.7
1.1

220

4.90

.04 + .02

10.9

22.9
8.4

Time to total deposits 2
Interest on time deposits
Trust department earnings to total
earnings 2

14.3
12.6
8.6
2.9

1.00
.71

3.14

65.0

6.3
6.9

63.1

Return on loans:
Earnings on loans
Net losses (or recoveries +) on
loans 1

15.1
13.4
9.1
3.1

2.77
1.07
.75

5.7
53.7

Net current earnings before
income taxes

Rates of return on securities and
loans
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses including transfers
(or recoveries and profits +)
on total securities

14.8
13.0
9.2
2.9

27.4

Total expenses

Net losses including transfers. . .
Taxes on net income
Net profits

Banks with ratios of time
to total deposits of
50 per cent and over

Banks with ratios of time
to total deposits of
25-50 per cent

42.4
8.1
31.2
17.4
.7

45.3
10.0
27.9
15.9

47.5
8.4
27.2
15.7
1.0

30.3
12.4

23.4
9.5

22.0
8.3

21.8
6.9

59.4
1.0

59.3
1.0

58.5
1.0

56.4
.9

41.9
6.6
32.3
18.5
.7

6.3

2.7

1.3
89

935

468

42

4

No ratios are shown for groups of less than three banks.
For other footnotes see p. 1025.

AUGUST

1951




1027

INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States

1030-1035

Gold production.

1035

Reported gold reserves of central banks and governments

1036

Gold movements; gold stock of the United States.

1037

International Monetary Fund and Bank

1038

Central Banks.

1038-1042

Money rates in foreign countries.

1043

Commercial banks.

1044

9

Foreign exchange rates.

1045

Price movements:
Wholesale prices.

1046

Retail food prices and cost of living

1047

Security prices.

1047

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.

AUGUST 1951




1029

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
Increase in foreign banking
funds in U. S.

From Jan. 2, 1935,
through—

Total
Total

Official i

Other

Increase in
banking
funds of international
institutions
in U. S.

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds a

Domestic
securities:
Inflow of
foreign
funds 2

Inflow in
brokerage
balances

1935—Dec. (Jan 1 1936)
1936—Dec 30
1937—Dec 29
1938—Dec. (Jan 4 1939)
1939—Dec. (Jan. 3, 1940).

1,440.7
2 667 4
3,501 1
3,933.0
5,112.8

631.5
989 5
1,259.3
1,513.9
2,522.4

38.0
140 1
334.7
327.0
634.1

593.5
849 4
924.6
1,186.9
1,888.3

361.4
431 5
449 1
510.1
650.4

125.2
316 2
583 2
641.8
725.7

316.7
917 4
1,162.0
1,219.7
1,133.7

12 9
47.5
47.6
80.6

1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec

(Jan. 1, 1941).
31 3
31
.
31
31

5,807.9
5,354.1
5,980.2
7,267.1
7,728 4

3,239.3
2,979.6
3,465.5
4,644.8
4,865 2

1,281.1
1,177.1
1,557.2
2,610.0
2,624 9

1,958.3
1,802.6
1,908.3
2,034.8
2,240 3

775.1
791.3
888.8
877.6
805 8

803.8
855.5
848.2
925.9
1,019 4

888.7
626.7
673.3
701.1
911 8

100.9
100.9
104.4
117.8
126 3

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
^949—Dec

31
31
31
31
31

8,802.8
8,009.5
8,343.7
8,569.1
8,763.5

6,144.5
5,272.3
4,120.3
5,119.5
5,226.0

3,469.0
2,333.6
1,121.8
2,126.0
2,197.8

2,675.5
2,938.7
2,998.5
2,993.6
3,028.2

453.8
2,242.0
1,844.3
1.637.8

742.7
427.2
186.5
116.8
307.6

972.8
1,237.9
1,276.9
1,182.1
1.209.9

798.7
464.5
375.5
183.3
258.5

144.1
153.7
142.4
123.1
123.7

1950—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

9,782.2
9,896.4
10,128.9
10,488.0
10,733 5
10,710.2
10,521.9

5,782.7
5,829 0
6,000.8
6,556.5
6,773.9
6,435.9
'6,189.9

2,530.3
2,592.5
2,522.3
3,012.6
3,257.7
2,899.2
'2,715.6

3,252.5
3,236.5
3,478.5
3,543.9
3,516.2
3,536.7
'3,474.3

1,636.4
1,626 6
1,612.4
1,626.4
1,647 2
1,713.5
1,702.3

472.1
462 3
445.6
383.4
292 7
282.0
'230.6

1,227.4
1,226 0
1,172.7
999.2
1,062 5
1,066.4
1,064.5

540.4
631.8
774.7
800.6
833.0
1,080.9
1,202.9

123.2
120 7
122.7
121.9
124.3
131.6
131.7

1951—Jan 31
Feb. 28
Mar. 31
Apr. 30?
May 3 1 P

10,467.6
10,407.9
10,353.9
10,374.8
10,232.5

'6,107.8
6,139.3
6,095.8
6,053 .1
6,030.1

'2,675.9
2,704.4
2,646.8
2,580.5
2,566.3

'3,431.9
3,434.9
3,449.0
3,472.5
3,463.8

1,615.5
1,592 3
1,600.1
1,605.6
1,561.4

'269.0
216 1
214.9
233.3
210.3

1,064.2
1,052 9
1,006.7
974.7
909.6

1,280.7
1,274.0
1,305.5
1,382.0
1,399.5

130.5
133.2
130.9
126.1
121.6

6.0

TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
InternaFrom Jan. 2, 1935, tional inthrough—
stitutions

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Totjtf
Europe

Canada

Latin
America

Asia

All
other

31
31
31
31
31

453.8
2,067.3
1,677.1
1,541.7

8,802.8
7,555.7
6,276.4
6,891.9
7,221.8

464.2
384.8
234.3
74.2
113.2

539.7
326.4
213.8
103.0
171.6

722.3
766.1
839.3
846.0
951.2

106.5
287.5
150.1
335.9
301.4

1,311.8
1,246.3
1,100.6
1,122.2
1,135.8

4,037.0 1,395.7
3,574.2
979.7
2,975.1
688.6
3,141.1
947.3
3,355.5
984.7

L.338.4 1,784.1
,474.0 1,258.3
984.3
,383.4
,503.6 1,065.2
852.0
,780.2

247.5
269.6
244.9
234.9
249.4

1950—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

1,617.2
1,608.3
1,600.6
1,614.8
1,641.6
1,709.1
1,723.8

8,165.0 1,055.5 188.6
8,288.1 1,048.0 163.4
8,528.3
892.9 324.9
8,873.2
805.7 338.5
9,091.9
875.3 398.7
'9,001.1
796.5 '391.4
'8,798.1 '757.9 '419.1

215.6
236.9
247.6
249.3
267.2
274.8
187.9

1,000.4
1,006.2
1,014.1
1,013.8
984.8
979.8
'959.3

270.6
268.3
281.5
306.2
316.4
308.8
314.5

1,268.1
1,293.9
1,313.7
1,366.1
1,356.4
1,336.4
1,322.0

3,998.9
4,016.8
4,074.8
4,079.6
4,198.7
'4,087.7
r
3,960.7

1,064.8
1,093.2
1,176.4
1,346.2
1,300.3
1,286.8
1,191.6

,842.4
,914.0
,943.5
2,037.0
2,055.4
2,008.9
2,053.1

1,030.7
1,019.7
1,073.3
1,156.1
1,286.6
1,333.5
1,301.6

228.3
244.5
260.3
254.3
251.0
284.3
291.1

1951—Jan.
Feb.
Mar.
Apr.
May

1,688.3
1,668.3
1,653.2
1,673.5
1,631.5

'"8,779.3
8,739.6
8,700.6
8,701.3
8,601.0

'772.4 '432.0
754.3 414.6
772.8 408.1
793.8 432.8
750.6 435.3

198.4
205.7
196.0
128.6
130.5

'913.7
903.1
912.1
910.5
914.2

301.0
313.9
293.2
286.5
258.8

1,344.5
1,336.1
1,337.9
1,340.9
1,366.2

-"3,962.0
3,927.7
3,920.1
3,893.0
3,855.6

1,182.9
1,151.0
1,079.1
1,034.2
975.4

'2,031.5
2,020.7
2,071.0
2,178.0
,177.9

1,300.3
1,330.9
1,347.8
1,306.8
1,303.3

302.6
309.2
282.6
289.3
288.8

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.

31
28
31
30P

31 P

892.5
563.1
437.0
659.7
682.4

P Preliminary. r Revised.
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by
central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all 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
special deposit accounts held with the U. S. Treasury.
2
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such institutions are included in foreign securities.
3
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S.
Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported
by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes
in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been
adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591,
and BULLETIN for March 1951, p. 344; March 1947, pp. 338-339; and September 1945, pp. 967-971.
1

1030



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
International
institutions

From Jan. 2, 1935,
through—
1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec.
1949—Dec.

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Total
Europe Europe

Canada

Latin
America

All
other

Asia

3i
31
31
3i
31

453.8
2,242.0
1,844.3
1,637.8

6,144.5
5,272.3
4,120.3
5,119.5
5,226.0

646.4
397.6
264.9
485 0
513.0

229.9
165.8
87.6
112.6
91.4

265.0
208.2
126.7
106.1
153.9

286.3
359.0
432.8
525.3
563.3

50 1
247.6
132.8
313 2
283.3

745 8
687.2
576.6
574 8
553.7

2,223.4 1,414 2
924.9 1,369.1
2,065.5 823.9
983.3 1 ,135.7
L
1,621.4 301.6 1,095.0
877.3
2,117.1 667 2 1,165.4
971.2
780.4
2,158.7 761.1 1,315.1

212.9
263.9
224.9
198 6
210.7

1950—June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov 30
Dec. 31

1,636.4
1,626.6
1,612.4
1,626.4
1,647.2
1,713.5
1,702.3

5,782.7
5,829.0
6,000.8
6,556.5
6,773.9
6,435.9
r
6,189.9

850.5 138.9
850.4 113.0
696.8 185.9
642.1 168.3
758.5 209.5
661.9 167.0
599 3 180 6

209.0
231.8
240.5
238.9
258.4
265.3
177.0

581.3
580.3
589.7
586.4
558.8
556.3
r
539 3

260.1
255.5
263.5
283.7
288.9
282.8
294 4

625 8
638.6
653.0
702 9
696.6
648.1
r
633 2

2,665.5 722.0
2,669.6 688.3
2,629.4 819.6
2,622.2 1,224 6
2,770.5 1,119.8
2,581.4 947.0
r
2,423.8 791 1

1,198.0

219.4
224.7
237.5
243.1
253.3
280.9
285.7

1951—Jan. 31
Feb. 28
Mar 31
Apr. 30P
May 3 1 P

1,615 5
1,592.3
1,600.1
1,605.6
1,561.4

r

186.9
192.5
182.0
114.8
117.0

r

288 3 '649 3
304.1 644 7
286.0 647.4
278.8 655.3
269.6 688.6

1,189 1
1,220.5
L.230.4
1,205.2
1,193.7

281.5
290.2
280.0
283.1
286.4

6,107 8
6,139.3
6,095.8
6,053.1
6,030.1

r

576 4
567 8
584.8
612.2
567.7

r

193 6
177.9
152.4
102.9
105.1

499 6
490 6
491.4
486.9
483.2

'2,394 2
2,377.5
2,343.9
2,251.0
2,231.3

779 2
776.5
716.7
720.9
727.7

921.2
912.8
966.2
L,044.1
1,182.2

1,254.7
1,333.5
1,348.1
1,422.5
1,448.1
1,403.2
1,491 4
r

l,463 8
1,474.6
1,524.8
1,592.9
1,591.2

{,223
r

A

TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Netherlands

Switzerland

Italy

Other
Total
Europe Europe

5 2
— 1.7
1.1
1.2

26 2
10.6
5.5
10 8

235.1
226.9
190.9
203.5
211.3

593.4
421.3
485.5
410.3
515.0

39.5
40.7
65.4
53.0
55.3

245.3
248.8
248.7
247.0
243.4
236.5
236.6

578.8
575.7
570.9
534.5
470.6
472.8
r
491.0

232.9
229.4
228 0
228 1
220.2

r

Total

United
King- France
dom

31
31
31
31
31

742.7
427.2
186.5
116.8
307.6

266 6
244.3
262.8
267 5
254.8

1950—June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov 30
Dec. 31

472.1
462.3
445.6
383.4
292.7
282 0
r
230.6

263.9
255.3
253 5
215.7
152.5
164 8
186 3

58.4
58.8
49.0
48.9
48.8
47 8
47.7

14.4
14.1
14.9
15.3
13.8
14.9
15.2

r

r

48.1
47.1
48 4
72 8
72.1

14.8 - 3 . 4
-1.8
15.0 - 3 . 7
-3.7
15 0 — 9 — 7 7
14 5 - 2 7
—8 6
14.7 - 2 . 9 - 2 7 . 2

From Jan. 2, 1935, through—
1945—D ec
1946—Dec.
1947—Dec
1948—Dec.
1949—Dec.

1951—Jan.
Feb.
Mar
Apr
May

. .

31
28
31
30 P
31 *
>

269 0
216.1
214 9
233 3
210.3

204 2
190 3
192 2
185 3
193.2

78.0 - 1 7 . 7
73.4 - 1 3 2 . 3
55.7 - 3 0 . 5
—39.9 - 3 2 . 7
27.2
13.4

4.3

4.0

-1.0
-1.6
— .5
-1.8
-2.2
—3 3

-2.1
.2
5 2
9.5
14.3
12 1
5.9

-.6

494.8
474.4
475 1
489.4
470.1

Canada

Latin
America

Asia

All
other

-5.8
-20.1
-8.3
-9.0

57.8
46.8
22.6
-16.8
-10.2
-5.5
-32.9
r

9.1
99.2
29.9
-58.8
2.0
-346.3
—348.6
10.3
-243.1 - 1 0 . 6

-155.7
-162.4
-151.5
-129.7
-139.3
— 165.8
-210.8

41.2
42.9
41.8
44.6
34.7
38.5
32.7

-50.0
-40.6
-38.2
-49.2
-63.1
-58.0
-49.4

-22 8
-28.3
— 14 4
-24 7
-23.8

-206.2
-229.7
-234 5
-206.0
-208.9

37.3
36.0
41 2
25.4
27.4

-34.1
-36.4
-52.6
-50.7
-54.5

r

1.5

TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
International
institutions

From Jan. 2, 1935,
through—

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Total
Europe Europe

Canada

Latin
America

Asia

All
other

972.8
1,237.9
- 2 4 9 . 3 1.526.2
—249 3 1,431.3
- 2 6 5 . 3 L,475.1

117.7
96.8
94.9
84.9
71.4

51.2
50.2
47.1
42.9
43.2

33.0
26.0
-3.9
-9.1
-9.3

45.2
31.2
16.3
-19.0

249.2
260.2
275.8
287.2
311.7

523.8
491.2
456.7
413.3
444.1

49.1
236.6
441.8
339.7
329.1

317.1
448.4
537.6
578.3
598.5

60.8
61.1
61.6
63.2
63.9

22.0

.1

27.5
26.7
26.5
26.5
27.0

1950—June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov 30
Dec. 31

—267 1
-266.9
—266 9
-266.9
-268.9
—268 8
-268.8

L, 494.4
1,492.9
L,439.6
1,266.1
1,331.3
1,335.2
1,333.3

67 1
66.4
66 2
64.7
64.5
65.3
65.3

44.1
43.8
43.6
43.6
43.0
42.7
42.0

-14.2
-13.6
-13.6
-13.2
-13.3
-13.8
-14.0

16.8
15.1
14.8
18.4
15.9
17.6
17.3

27.4
27.4
27.4
27.4
27.4
27.4
27.4

316.1
316.5
317.0
317.2
316.8
316.9
319.6

457.2
455.7
455.4
458.1
454.4
456.1
457.5

303.2
300.3
245.1
70.9
136.7
137.1
139.1

620.8
623.5
625.3
622.3
624.9
626.5
628.3

64.2
64.2
64.2
65.1
65.3
65.3
65.0

49.0
49.4
49.6
49.7
50.1
50.2
43.4

1951—Jan. 31
Feb. 28
Mar 31
Apr 3 0 P
May 3 1 P

-269.4
-269.4
—318 1
—321 1
-321.2

1,333.6
1,322 .4
L,324 8
.295.8
1,230.9

64.4
64.8
65 1
65.2
63.1

40.3
37.9
35.7
35.2
35.4

-13.1
-12.8
-11.9
-11.7
-11.4

17.4
17.2
20.8
22.9
24.7

27.4
27.4
28.4
28.4
28.4

320.4
322.0
321.5
323.9
328.2

456.7
456.4
459.6
463.9
468.4

135.2
122.4
117.4
80.4
15.9

631.1
632.3
634.8
636.1
640.0

66.5
66.7
68 2
68.3
59.4

44.1
44.5
44.9
47.0
47.1

1945—Dec.
1946—Dec
I947—Dec.
1948—Dec
1949—Dec.

31
31
31
31
31

v Preliminary.

AUGUST

1951




p

.7

28.4
36.9
39.5

Revised.

1031

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCB JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
International
institutions

Total

United
Kingdom

74.5
82.1
169.1

798.7
464.5
300.9
101 .2
89.3

1950—June 30. .
July 3 1 . .
Aug. 3 1 . .
Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31. .

247.8
248.6
255.1
255.3
263.3
264.4
290.3

292 .6
383.2
519.7
545.3
569.7
'816.4
'912.5

1951—Jan. 31. .
Feb. 28. .
Mar. 31. .
Apr. 3 0 P .
May 3 1 P .

342.2
'938.5
345 .4
928.6
371 .3
934.2
389.0
993 .0
391.3 1 ,008. 2

From Jan. 2, 1935,
through—

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.

31
31
31
31
31

Netherlands

Switzerland

-157.9
-194.9
-203.8
-194.7
-173.9

81.7 233.5
74.9 207.0
24.7 108.7
- 5 8 . 1 29.5
4.0
-64.9

355.4
337.9
350.9
311.0
355.2

-142.8
-141.6
-140.5
-133.8
-117.0
-112.8
-109.9

-69.0
-68.7
30.6
61.1
81.1
-117.0
132.9

-4.5
-6.0
-4.9
-2.9
-2.7
-3.1
-2.3

- 8 9 . 9 '133.9
— 85.9 134.3
-86.3
154.6
- 8 5 . 3 205 .1
-88.2
206.5

-1.8

France

-.9

-1.0
-1.0
-1.1

Italy

Other
Total
Europe Europe

Asia

Latin
Canada America

All
other

-15.0
-15.0
-13.4

68.0
57.3
43.1
45.7
47.9

582.9
484.3
308.7
118.4
154.9

-126.6
-143.0
-139.8
-132.3
-181.3

81.3
87.6
84.2
94.4
96.9

251.3
26.8
36.8
13.6
11.5

9.9
8.8
11.0
7.2
7.4

376.7
383.9
383.0
385.4
385.0
382.4
374.2

-15.3
-15.2
-15.1
-14.8
-14.6
-14.4
-14.2

70.8
79.7
85.0
88.8
89.7
124.8
121.7

216.0
232.0
338.0
383.7
421 .5
'493.9
'502.4

-38.0
37.4
69.4
47.3
33.2
186.8
276.9

110.9
109.9
108.3
109.2
108.6
128.7
127.0

-5.2
-5.5
-5.6
-4.3
-3.1
-2.6
-3.8

8.9
9.4
9.5
9.4
9.5
9.7
10.1

374.0
373.1
374.5
381.2
385.8

-13.9
-14.8
-14.2
-13.9
-13.6

131.2
129.8
130.5
122.3
118.7

'533.6
535.6
558.1
608.4
608.0

272.5
261 .2
241.1
239.8
238.0

124.7
124.3
127.3
136.2
139.3

-2.2
-2.0
-1.6
13.9

9.9
9.5
9.3
9.4
9.0

Canada

Latin
America

Asia

All
other

2.2
2.1

-.8

TABLE 7.—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)
From Jan. 2, 1935, t h r o u g h -

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Total
Europe Europe

1945—Dec. 31..
1946—Dec. 31..
1947—Dec. 31..
1948—Dec. 31..
1949—Dec. 31...

144.1
153.7
142.4
123.1
123.7

19.8
19.2
18.2
17.0
17.1

23.4
20.5
19.1
16.7
16.2

26.0
17.5
12.7
9.3
9.6

30.3
39.6
38.2
27.5
28.4

.4
.4
.3
.4
.6

13.6
14.7
14.2
11.0
11.1

113.6
112.0
102.7
81.9
82.9

19.5
21.5
19.6
19.6
20.5

5.9
13.4
12.9
14.0
12.7

3.8
4.8
6.6
7.0
6.8

1.3
2.0

1950— June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..

123.2
120
122.7
121.9
124.3
131.6
131.7

16.9
17.5
16.9
17.0
16.7
17.2
16.9

16.3
16.5
15.8
16.6
16.3
16.9
16.1

10.9
10.6
10.7
11.2
11.0
11.4
12.0

26.6
28.4
27.1
25.4
27.3
26.8
29.0

.5
.5
.5
.5
.5
.9
1.0

10.1
10.3
10.1
10.2
9.9
10.2
10.9

81.2
83.8
81.1
81.0
81.7
83.4
86.0

19.9
20
19.7
20.3
20.7
21.4
17.5

11.7
9.5
13.3
12.8
13.1
16.3
17.2

9.3
5.4
6.7
6.6
7.5
9.0
9.8

.0
.7
.8
.2
.3
.6
.4

130.5
133.2
130.9
126.1
1
121.6

17.2
17.3
16.9
16.3
14.8

16.1
17.5
17.0
16.7
16.3

11.7
11.9
11.7
12.0
11.4

26.1
25.9
26.4
22.2
23.4

.9
1.0
.8
1.9
1.6

10.7
10.2
10.5
11.1
10.5

82.8
83.8
83.4
80.3
77.9

18.7
19.1
18.2
17.8
17.6

18.2
19.3
18.6
18.8
16.3

9.6
9.7
9.6
8.7
8.9

.2
.3
1.0
.4

1951—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 31. .
Apr. 30?.
May 31 P.

.7

.6
.8

SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES.
BY COUNTRIES
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS
In-

Date

ternational
institutions

1945—D ec 31
473.7
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . . 2,262.0
1948—Dec. 3 1 . . .
1,864.3
1949—Dec. 3 1 . . .
1,657.8

Total foreign
countries 2
Official
and

private

United
NethKing- France
erdom
lands

Switzerland 3

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia

All
other

Official

6,883.1
6,006.5
4,854.4
5,853.7
5,960.2

4,179.3
3,043.9
1,832.1
2,836.3
2,908.1

1950—June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .

1,656.4 6,516.9
1,646.5 6,563.2
1,632.4 46,734.9
1,646.4 47,290.7
1,667.1 "7,508.1
1,733.4 447,170.1
1,722.2 ' 6,924.0

3,240.6
3,302.8
3,232.6
3,722.9
3,968.0
3,609.5
'3,425.9

1951—Jan. 3 1 . . .
Feb.28...
Mar. 3 1 . . .
Apr. 3 0 P . .
May 31^..

1,635.4 '46,842.0 '3,386.2
1,612.2 46,873.5 3,414.7
1,620.0 46,830.0 3,357.1
1,625.6 46,787.3 3,290.8
1,581.4 4 6,764.3 3,276.6

707 7
458^9
326.2
546.3
574.4

310 0
245.9
167.7
192.8
171.6

281 6
224^9
143.3
122.8
170.5

304 2
372^6
446.4
538.9
576.9

70 4
267!9
153.1
333.5
303.6

909 1
850.5
739.8
738.1
717.0

2,583 0 1 522 2
2,420^7
'931.8
1,976.7
409.6
2,472.4
775.2
2,513.9
869.1

[,046 4
1,104.8
1,216.6
1,287.0
1,436.7

1,549 7
1,316^4
1,057.9
1,151.8
961.0

181 8
232^8
193.7
167.4
179.5

911.8
911.8
758.1
4703.4
4819.8
4
723.3
4660.7

219.0
193.1
266.0
248.4
289.6
247.2
'260.7

225.6
248.4
257.2
255.5
275.0
281.9
193.6

594.9
593.9
603.4
600.0
572.4
569.9
'553.0

280.4
275.8
283.8
304.0
309.2
303.1
314.7

789.1
801.9
816.2
866.2
859.8
811.3
'796.5

3,020.8
829.9
3,024.9
796.3
42,984.7
927.5
42,977.5 1,332.5
43,125.8 1,227.8
42,936.7 1,054.9
'42,779.1
899.0

1,376.2
1,455.0
1,469.6
L,544.0
1,569.6
1,524.8
1,612.9

1,101.8
1,093.4
1,146.8
1,224.7
1,362.8
1,404.0
1,378.6

188.2
193.5
206.4
211.9
222.1
249.7
254.5

'4637.7
4
629.1
4
646.1
4673.6
4629.1

'273.7
258.0
232.5
183.1
185.2

203.5 '513.2
209.1 504.2
198.6 505.0
131.4 500.6
133.6 496.8

308.6
324.4
306.3
299.1
289.9

'812.6
807.9
810.6
818.6
851.9

' 42 ,749.5
42,732.8
42,699.2
42,606.2
42,586.5

1,585.3
1,596.1
1,646.3
1,714.5
1,712.7

rl,369.7
1,401.1
1,411.0
1,385.8
1,374.3

250.3
259.0
248.8
251.9
255.2

4

887.1
884.5
824.6
828.8
835.6

r

r
P Preliminary.
Revised.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 80.7; U. S. brokerage balances abroad, 36.0.
Country breakdown is for "Official and private."
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
Beginning August, data include 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.
1
2
3
4

1032



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES— Continued
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Bel- Czech- Denoslogium vakia mark

Finland

GerNormany 1 Greece way

185.0
159.5
124.9
128.7
119.9

Other AusEurope tria

Date

25 9
66.5
52.8
44.7
38.0

22.2
30.5
19.1
25.1

5.5

7 0 70 8 216 1
7 . 1 49.3 123.5
89.5 34.7 56.2
178.9 21.1 77.7
149.4 29.6 69 A

35.9
31.9
31.6
36.4
39.1
43.7
45.5

16.0
15.8
16.2
15.7
15.4
17.6
18.3

227.7
245.0
262.9
286.4
282.5
227.7
221.6

38.6
40.6
41.6
41.8
42.6
44.2
32.3

66.8
69.5
71.2
80.1
75.4
44.5
'43.6

12.4

43.2
42.2
48.2
47.8
48.0

18.1
20.3
19.2
22.1
22.2

'232.2
241.0
242 .4
265.7
303.5

30.1
31.4
33.9
35.7
38.0

'46.9
51.3
54.3
57.3
61.7

31
31. .
31. .
31
3i _

909.1
850.5
739.8
738.1
717.0

1950—June 30. .
July 3 1 . .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31. .

789.1
801.9
816.2
866.2
859.8
811.3
'796.5

34.6
35.5
32.0
35.3
36.1
38.7
'41.9

1951—Jan. 3 1 . .
Feb. 28. .
Mar. 31. .
Apr. 3 0 P .
May 31P.

'812.6
807.9
810.6
818.6
851.9

'43.6 '130.3
45.0 115.1
44.9 116.5
42.4 115.4
41.2 112.7

1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec.
1949—Dec.

105.5 12.9
106.1 11.3
107.8 7 . 0
111.6 6 . 1
115.0 6 . 4
128.2 6 . 6
125.5 5 . 6
5.9
4.3
3.1
3.2
2.9

Poland

Portugal

Rumania Spain

Sweden

All
USSR Yugo- other i
slavia

210 1
172!6
58.6
49.0
90 !l

28 0
60^5
73.7
21.3
10^2

47.9
39.0
47.1
37.7
38^1

9 3
8^9
8.7
7.0
6^7

31 7
16^4
12.8
13.6
15.7

3.1
6.9
4.2

31.6
32.6
35.7
39.1
45.0
50.2
45.7

6.2
6.2
6.1
6.1
6.0
6.1
6.1

10.4
13.0
13.4
14.3
20.1
21.3

5.8
5.6
4.5
4.0
3.8

48.1
54.0
52.6
46.8
44.0

6.4
6.4
6.1
6.2
5.1

20.0 1 2 0 . 1
25.3 105.5
17.0 105.5
19.2
91.8
16.3
91.8

5.4
4.7
3.5

9.2

112.7 19.0
116.5 15.2
117.0 11.8
109.8 9 . 8
110.6 4 . 5
108.7 5.5
115.3 4.0
3.4
3.3
2.0
2.3
2.9

5 7
12^4
12.1
19.9
7' .6

66 0
112!5
138.2
119.3
117 A

6.1
5.0
5.3
5.2
7.6

60.9
55.7
53.5
56.9
56.2
50.4
52.4
47.4
48.9
52.6
52.4
48.8

12.3
13.2
11.1
8.3
7.8
6.4
9.2

Latin America

Latin Argen- Boi 'Amerlivia
tina
ica

Date

Brazil Chile

Colombia

Cuba

NethDoerminlands
ican Guate- Mex- West Peru
Re- mala
ico Indies
and
public
Suri-

Republic of
Pan-

El
Salvador

Uruguay

Other
Vene- Latin
zuela America "

nam

1945—Dec. 3 1 .
1946—Dec 31
1947—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .

1 046
1 104
1 ,216
1 ?87
I ,436

4 77
8 11? 6
6 236 2
0 215 8
7 201 1

1950—June 30.
July 3 1 .
Aug. 31
Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 3 1 .

1 376
1 ,455
1 ,469
1 ,544
1 ,569
1 ,524
1 ,612

?

1951—Jan. 3 1 .
Feb. 28.
Mar. 31
Apr. 3 0 P
May 3 1 P

r 1,585 .3
1 ,596.1
1 ,646 -^
1 ,714 5
1 ,712 7

237,6

0 239 0
6 ?49 8
0 268 9
6 273 0
8 281 9
9 301 8
334
312
S4S
347
353

4
1
2
5
2

14 S 195.1
14 0 174 0

?

17.8 104.7
17 1 123.7
13 5 192.8

66
SO 7
46 . 3
ss 6
60 .9

79
S7
46
54
85

1?8
8 153 s
1 234 .7
0 219 4
9 164 .2

124.9
150.3
155.0
187.1
215.7
195.4
226.0

6?
69 . 0
70 3
76 9
82 .5
79 . 0
79 .5

53
70
76
65
61
49
53

S 237 1
7 245 . 8
1 259 s
Q 260 6
6 274 .2
6 277 2
4 259 .1

42.6
45.6
44.8
41.8
41.3
41.8
42.7

25 0 152
23 .5 174
22 3 163
22 7 176
22 . 0 188
22 .6 187
25 .4 207

6
9
0
4
2
8
1

18 8 228.9
20.8 249.8
22 4 259.6
19 3 248.1
19 7 241.7

73 .3
70 . 6
69 9
79 .9
76 .6

54
49
44
66
66

6
7
2
6
2

.0
.7

44.3
45.1
45.8
46.3
48.7

27 .2
30 .6
31 8
30 .8
29 .2

5
7
7
3
4

11
13
18
19
17
17
20

8
3
4
0
0
0
4

251
257
276
319
327

0

.2
.4

116 4
9

139 2
146 7
214 6

142
140
108
115
110

43 9
40 0
41 . 8
52 6
52 . 8

88 7
77 2
70.3
71.8
74.3

29 7
30 1
29 4
99 0
28 6
27 7
30 2

50
49 . 8
50 9

73.9
69.5
63 4
72.2
62.1
58.3
59.2

27
28
26
?4
21
14
16

4
6
4

31
30
30
28
25

6

57.9

54.2
51.9
52 2
51.9
53.9

28
42
46
46
46

2
2

8

62 .3
60 .6
55 0
58 .2

28
16
14
24
25

?

1
9
9

5
0
8

0

55 .7
57 .4
60 .2

49

71
78
I'M
143

0

5
6
1

3
8

66 4
73. 8
75 7

116
104
97
9 101
71. 9
88
69. 7
79
75. 1 85

7 158 8
181 8
186.5
7 184 1
2 207.4
0
0

7
9
2
8
8
4
2

'83. 3

'78 5

79. 0
81 8
82. 1
74. 0

75.9
89 8
80 7
87 2

62.4
66.3
67 4
65.8
65.3
65.6
71.3
72.2
79.6
86 6
93.5
94.3

Asia and All Other

Asia

Date

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec!
1949—Dec.

Formosa
Philippine Thai- Tur- Other All
and Hong
IndoChina Kong India nesia Iran Israel Japan Reland key Asia* other
Mainpublic
land

582.3 27.4 33.4
431.9 44.9 43.5
31. 1,057.9 229.9 39.8 62.4
1,151.8 216.2 51.1 51.8
961.0 110.6 83.9 63.3
31.
3 1 . 1,549.7
3 1 . 1,316.4

1,101.8 95.8 107.4 50.7 41.8
1,093.4 91.3 93.6 42.1 47.7
1,146.8 94.3 90.1 51.3 50.7
1,224.7 101.0 89.2 55.9 73.0
1,362.8 116.8 94.4 50.5 91.7
1,404.0 103.9 93.7 58.2 110.5
1,378.6 81.8 86.1 55.7 114.7
78.8 73.7 49.6 115.6
1951—Jan. 3 1 . 1,369.7
Feb. 2 8 . 1,401.1 77.8 65.8 59.7 124.9
Mar. 3 1 . 1,411.0 79.6 65.5 60.4 138.2
Apr. 3 0 ? 1,385.8 79.2 64.7 59.0 126.7
M a y 3 1 P 1,374.3
78.6 61.1 73.3 124.2

1950—June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30.
31.
31.
30.
31.
30.
31.

16.6
31 3
81.4
214.6

113.7
127.1
69.3
41.5
15.7

629.1
446.6
488.6
488.3
297.3

4.1

52.5 107 2 181 .8
54 7 151 0 232 8
37.6 99 0 193 .7
17 5 204 0 167 4
9.8

15 .4
17 .5
18 .1
17 .8
20 .4
20 .4
20 .3

15.1
15.7
15.2
12.7
11.5
11.9
12.6

338.9
353.2
372.5
397.6
434.0
454.0
458.5

291.3
290.4
299.8
318.0
378.1
379.7
374.4

29 .7
29 .4
30 .5
34 .6
39 .5
44 .4
48 .2

12.8
12.4
12.1
11.6
12.3
13.1
14.3

24 .7
26 .3
24 .3
27 .4
25 .8

15.8
15.6
14.1
17.2
18.1

452.5
443.3
406.4
376.6
348.8

376.6
390.3
395.0
404.5
414.5

46 .4
52 .0
53 .3
57 .7
63 .8

12.5
13.7
16.9
20.6
18.2

Egypt
and
Union
BelAus- gian Anglo- of Other s
tralia Cong Egyp- South
o tian Africa
Sudan
18.9
20.8
25 0
27.7
61.6

179 .5

28 .9
45 s
30 .6
22
32 . 4

102 7 188 .2
100 1 193 .5
112 4 206 .4
113.3 211 .9
113 5 222 .1
114 3 249 .7
111 .9 254 .5

18 .6
19 .5
16 .0
15 .6
18 .1
21 .8
19 .1

35. 6
39. 8
36. 3
37. 6
41. 6
58. 2
58. 1

57.7
53.0
63.4
63.6
64.4
66.3
75.6

250 .3
259 .0
248 .8

19 .8
19 .6
27 .1
18 .3
19 .9

53. 2
54. 2
50. 8
51 4
51 6

85.1
85.0
85.1
105.6
105.1

165 7

123 6
131 .9
157 . 4
152 .2

251.9
148.0 255 .2

6 4

127 .7

47,2 119 .3

46 4
15 8
6 0

91 . 8
101 .6
79 .5

14
19
29
33

7
7
5
8
37 5
44 3
44 0

61 .6
61 .5
61 .2
61 A
60 .5
59 .1
57 .7

36 4
39 .2
21 .2
9 .5
12 .9

55 .9
60 .9
64 .7
67 .1
65 .6

P Preliminary.
' Revised.
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
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.
6
Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
1
2
8
4

AUGUST

1951




1033

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS
Total

Date
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.

392.8
708.3
948.9
1,018.7
827.9

31
31
31
31
31

United
King- France
dom

Italy

36. 3

2
9
7
6
3

9
8
0
9
8

.3
16 . 0
21 .1
15 .8
22 . 6

Other
Total
Europe Europe

Canada

Latin
America

Asia

All
other

74 .6
82 . 8
118 .9
106 .3
98 .5

140.7
312.9
248.6
323.8
219.2

53.3
52.2
27.5
39.8
37.6

158.9
226.8
514.3
516.6
411.1

29.9
99.2
127.0
118.8
139.7

9.9
17.2
31.5
19.7
20.4

1. 1
5. 7
23. 4
119. 0
51. 8

1950—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

657.3 28 1
667.1 36 7
683.8 38 5
76 3
745.9
836.7J 139 5
847.4! r 127 2
'898.7 105 7

20. 7
20. 3
30. 1
30. 2
30. 3
31. 2
31. 4

4. 2
4. 5
3. 7
3. 3
4. 8
3. 7
3 4

9 !
9 7
8 6
9.9
10 3
11 4
8 7

28 .7
26 .4
21 .3
17 .1
12 . 3
14 .5
20 .7

58 .4
54 .9
54 .9
56 .7
60 . 3
67 .2
67 .1

149.2
152.3
157.1
193.5
257.4
255.2
r
237.O

35.1
46.1
70.3
109.7
103.0
98.4
125.8

323.7
330.4
319.5
297.7
307.3
333.8
378.8

87.8
86.2
87.3
84.4
94.3
90.6
96.3

61.4
52.0
49.6
60.6
74.5
69.4
60.8

1951—Jan.
Feb.
Mar.
Apr.
May

»-860.4 r g 7 8
913.3 101 7
99 8
914.5
896.0 106 7
919.1 98 8

31. 0
31. 9
30. 6
6. 3
7 .0

3 9
3. 7
3. 6
4. 2
3. 9

11
11
9
10
11

28.3
30 .3
34 .3
35 .2
53 .8

70 .8
74 .2
75 .6
75 .5
83 . 5

'233.2
253.6
252.9
238.6
257.9

"115.7
121.2
107.3
117.6
116.7

374.2
397.7
402.5
374.0
376.9

'91.8
93.0
87.9
103.7
101.7

45.5
47.8
64.0
62.1
65.9

30P

31 v

4

Switzerland

2
5
2

31
28
31

25
47
29
24
37

Netherlands

7

151. 0

49. 1
51. 4
5. 2

5
8
0
8
0

CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Other AusEurope tria

Date

Belgium

Czech- Denoslovakia mark

.6
7.5
15 0
21 4

1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec
1949—Dec.

31. .
31. .
31..
31
31..

74.6
82.8
118.9
106 3
98.5

1950—June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30. .
31. .
31. .
30. .
31. .
30. .
31. .

58.4
54.9
54.9
56.7
60.3
67.2
67.1

1951—Jan.
Feb.
Mar.
Apr.
May

3 1 . . 70.8
2 8 . . 74.2
31. . 75.6
3 0 P . 75.5
31 P. 83.5

12.2
12.1
14.6
14.6
17.6
21.3
21.5

(2).

22.0
24.9
23.4
21 9
19.7

'.2
(r)
C1)

GerNormany Greece way

Poland

2^2
.6
.4

(2)
6.2
8.0
3.4
8.2

33.9
30.4
30.5
30.5
30.0

.7
12.4
10.6
1.2
.7

31.6
3.3
9.2
8 4
7.4

1.5
2.2
1.8
2.0
3.3
4.4
3.2

3.4
1.6
1.9
2 7
2.0
2.2
2.2

25.1
25.1
25.1
25.2
25.3
25.5
25.4

.1
.1
.1
.1
.3
.1
.2

1.2
1.3
.9
.9
1.4
1.4
1.4

(2)

2.6
2.5
3.9
6.7
7.3

2.7
3.5
4.0
3.3
6.3

25.3
25.6
25.9
25.9
25.9

.2
.1
.1
.1
.1

1.7
1.9
2.1
1 .8
2.3

(2)
(2)
(2)

(2)

19.3

.2
()
C2)
2
()
.1
.1
.2
2

Finland

.1
(2)
(2)
(2)
(2)
(2)
.1
.1
.1
.3
(2)

PorRutugal mania

Spain

Sweden

.1
.1
()
(2)
7.0

1 6
7.2
.9
2.9
7.0

9
4.9
5.4
1.4
2.3

.5
.5
.4
.4
3
.5
.5

(2)
(2)
(2)
(2)
(2)

3.7

3.1
3.8
3 1
3 0
4.6
6.4
6.9

(2)
(2)
(2)
(2)
(2)

()

3.3
2.2
3.3
1.3
1.3
1.6

.5
.6
.5
7
2.1

(2)
(2)
(2)
(2)
(2)

17
1.2
1.3
2.0
5.6

10 0
9.4
9.5
8.6
9.5

(2)
(2)

Republic of
Pan-

El
Salvador

.5
1.0
1.1
.7
.5

.1
.1
(2)
2

( )

("-)

2

2

USSR

(2)
(2)
.1
(2)
(2)

Yugoslavia

(2)
(2)
(2)
6.0
(2)

4 8
9.5
35 9
29.8
15.6

2.4
.2

4.7
4.5
4.4
4.3
3.9
3.8
3.9

(2)

2

( )

ll

All
other»

(2)
' " (2) ' '

2

4.0
4.2
4.3
4.2
4.3

Latin America

Latin
BoAmer- Argen- livia
tina
ica

Date

Brazil Chile

Colombia

Cuba

NethDo.
erminlands
ican Guate- Mex- West
Re- mala
ico Indies
and
public
Suri-

Peru

Uruguay

ama

Other
Vene- Latin
zuela America 3

nam

1945—Dec.
1946—Dec.
1947—Dec.
1948_Dec.
1949—Dec.

31..
31..
31. .
31..
31..

158.9
226.8
514.3
516.6
411.1

21.0
41.8
65.2
72.4
53.6

1.3
2.3
2.0
2.7
2.3

24.7
49.8
165.8
165.4
136.9

1950—June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30. .
31. .
31. .
30. .
31. .
30. .
31. .

323.7
330.4
319.5
297.7
307.3
333.8
378.8

42.8
37.9
40.6
40.5
40.5
43.0
45.9

7.6
7.7
6.3
6.1
8.4
8.4
8.7

1951—Jan.
Feb.
Mar.
Apr.
May

31. . 374.2 25.2
2 8 . . 397.7 25.2
31. . 402.5 17.8
3 0 P . 374.0 10.9
9.9
31 P. 376.9

7.4
5.5
5.5
6.3
6.7

67.0
74.0
59.9
63.9
63.3
68.7
78.0
76.2
77.3
85.4
80.5
85.3

6.6

14.6
27.8
15.2
15.5

16.8 33.3
26.4 25.7
32.6 108.6
32.6 83.1
21.1 27.5

11 0
25.5
52.2
73.8
73 0

.5
.8
1.1
1.5

1 3

1 9
3.7
4.3
4.4
5.8

4.7
3.5
4.6
3.3
3.4
3.8
6.8

53.5
58.4
55.1
46.2
40.9
39.9
42.5

29.7
27.7
26.5
26.4
33.9
30.6
27.6

1.2
1.4
1.5
1.5
1.5
1.7
1.9

1.8
1.9
1.6
1.6
1.7
2.1
2.6

45.8
50.5
45.5
44.9
44.2
47.4
70.6

1.0
1.2
1.2
1.1
1.1
1.3
1.3

10.5

6.0
5.3
6.9
9.6

39.1
38.6
36.4
51.6
55.0

31.6
36.9
46.7
44.2
40.3

1.9
1.9
1.9

2.8
2.7
2.8
2.7
2.8

77.7
75.7
64.8
58.5
61.8

1.1
1.2
1.1
1.4
1.6

10.0

1 .8

2.1

8 7
15.3
26.0
25.6

34.7
26 2
34.5
34.7
43.1

6.1

1.1
1.3
4.7
4.6

5 3

11.0

4.7
4.5
3.9
4.0
4.1
3.5
3.1

3.3
2.6
2.5
2.7
3.9
5.5
6.8

6.9
6.7
7.7
6.0
6.2
8.1
8.0

25.8
25.4
36.2
24.4
31.5
46.8
49.4

18.1
17.4
16.8
14.6
14.3
14.8
14.6

14.3
12.7
13.5
13.8
13.5

2.8
2.6
2.8
2.8
2.7

7.7
5.9
4.6
3.4
3.3

5.3
7.3
7.6
7.8

61.7
85.8
91.5
65.9
56.9

13.5
13.2
13.2
13.0
14.1

9.9
9.5
9.7
8.6
8.4

11.0

r

v Preliminary.
Revised.
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.

1
2
3

1034



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Asia and All Other

Date

Asia

ForPhilmosa
Indoand Hong
ippine Thai- Tur- Other
China Kong India nesia Iran Israel Japan Reland key Asia1
Mainpublic
land

1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.

31.
31.
31.
31.
31..

29.9
99.2
127.C
118.8
139.7

1.0
53.9
40.8
24.2
16.6

.8
5.9
2.6
3.4
3.7

7.5
12.0
29.6
20.4
17.4

1950—June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30. .
31 . .
31..
30. .
31..
30..
31..

87.8
86.2
87.3
84.4
94.3
90.6
96.3

17.6
20.1
22.4
21.6
23.7
18.3
18.2

3.3
4.1
5.1
3.7
4.0
4.3
3.0

20.5
18.7
15.6
14.7
15.2
14.7
16.2

1951—Jan.
Feb.
Mar.
Apr.
May

31..
28
31. .

-91.8
93 0
87.9
103.7
101.7

'10.5
10 5
8.4
12.8
8.4

3.0 16.5
2 8 18 2
2.3 16.7
18.4
4.4 16.1

30P.
31P.

1.4
1.0
.5
1.9
.2

.5
.2
.9
15.9
14.1

12.5
9.6
8.0
6.2
7.0
4.6
4.9
5.6
4 4
9.0
6.5
6.7

.3
.2
.1
.2
.3

6.1
6 2
7.5
7.9
7.9

22.6
24 1
21.4
29.8
28.6

8.6
77
8.4
6.8
8.2

Egypt
Beland Union
2
gian Anglo- of
Congo Egyp- South Othei
tian Africa
Sudan

Australia

2.0
1.4
17.7
1.4
14.3

2.8
4.6
7.5
14.3
50.3

9.9
17.2
31.5
19.7
20.4

.6
1.2
1.5
1.5
1.5
1.8
1.5

.7
.9
.8
.8
.9
.7
.9

10.7
7.7
7.6
7.5
10.0
11.6
13.9

61.4
52.0
49.6
60.6
74.5
69.4
60.8

1.3
1 7
1.4
1.5
.8

15.7
15 9
9.7
11.6
16 6

45.5
47.8
64.0
62.1
65.9

3.3
3.3
8.0
6.8
7.7

.1
.1
.1
.1
.1
.1
.3

11.7
7.5
6.8
7.3
8.1
8.1
8.1

5.0
5.3
4.8
4.8
5.4
7.3
7.2

4.7
5.4
5.0
5.2
5.8

28.3
30.8
44.9
41.5
41.8

4.7
10.1
14.4
7.9
4.5

3.8
3.9
4.0
3.9
4.4
4.4
4.4

40.7
35.2
33.9
44.5
56.5
49.5
40.8

1.6
1 4
2.9
4.0
3.8

.3
.4
.1
.4
.2

.3
.3
.3
.3
.3

5.1
4.7
7.0
8.5
11.7

7.0
6.6
6.8
6.6
6.2

1.7
3.4
9.0
4.7
7.9

13.8
20.2
27.4
37.3
23.2

.2 13.0 7.8
.9
.1 11.5 11.2
1.1
.1 10.4 14.5 1.4
.1 8.0 15.2 5.2
.1 7.6 16.3 8.1
.2
7.1 16.4 10.9
.2 6.6 18.9 12.1

All
other

r
p Preliminary.
Revised.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Israel, and Thailand, reported separately as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
1

Beginning January 1950, excludes Iran6

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Estimated
world
production
Total
reported
outside
U.S.S.R.i monthly

Year or
month

Africa
South
Africa

Rhodesia

North and South America

West Belgian United
Africa2 Congo3 States4

Canada

1950—May.,
June.,
July..
Aug..,
Sept..

Oct.. .
Nov..
Dec,
1951—Jan..
Feb..
Mar..
Apr..
May.

ColomChile
bia

$1 =>155 /a grains of gold •/» fine: i. e., an ounce of fine gold =$35.
9.3
27.8
32.4
19.6 209.2 187.1
28 0
23 0
26.6
29.2
18.0 131.0 169.4
28 0
20 9
6 4
6.1
23.0
19.7
15.8
48.8 127.8
22.1
19 8
7.1
20.7
18.4
12.7
35.8 102.3
17.8
19.4
19.9
18.9
12.1
32.5
94.4
6 3
17.5
17.7
8.1
19.1
11.6
51.2
99.1
20.5
14.7
15.3
5.9
19.3
18.3
10.8
75.8 107 5
16.3
13.4
111
23.4
18.0
70.9
123.5
12.9
11.7
5.7
23 1
18.5
67 3 144 2
14 ?
12.6
12 9
6*
23.2
17.9
83.1 155.7
14.3
13.3
12.0
'6.7

,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
r
779.2

504.3
494.4
448.2
429 8
427.9
417.6
392.0
405.5
409.7
408.2

'65.6
66.2
64.9
67.4
65.6
67.0
'65.5
r
63.4

35.5
34.6
34.6
34.9
34.0
33.9
33.3
32.9

1.5
L.5
L.5
1.5
L.5
L.5
L.5
L.4

2.0
1.9
1.9
1.9
2.0
1.9
1.9
2.0

1.0
1,0
1.0
1.1
1.0
1.0
.9
.9

6.8
6.6
7.1
7.9
7.8
8.2
7.5
7.0

13 1
12 9
12 9
13.2
12.8
13.2
13.3
13.4

33 4
31.1
33.4
33.2
34 6

1.265.6
1,125.7
871.5
777.0
738.5
756.0
766.5
794.5
826.0

1941..
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..

Mexico

Other

1 4

2 0

5 9

1.4

2.1
2.0

9
1.0

2 0

1.1
1.0

5 5

13 1
12.1
13 0
12 7

1.9

1.1

1.5

5.2
5.8
5.5

8
15
.8
1.5
1.1
14
1.1
.9

9
1.0
1.1
1.1
1.1
1.2
1.3
.8

1.4
.7

1 5
1 5

r

Nica- AustraIndia3
ragua*
lia

7.5
8.6

77

7.9
7.0

6
7
7
7

4
4
8
7

8.0

.5
.6
6
.5
.5
8
6
.7

6
7
7
.7
7
6
.6
.6

6
.4

.6
.7
.7
8
.7

52 4
40 4
26 3
23 0
23.0
28.9
32 8
31 2
31 3
r
30.1

10.0
9.1
8 8
6.6
5.9
4.6
6.1
6.5
5.7
6.7

2.4

.5
.6
.6
.6
.6
.6
.7
.5

r

3.4

n. 3
2.5

'2.6
2.8
2.8

'2.4
r

2 4
2.4
2.4

.5
.6
.6
.7
.6

r
Revised.
Gold production in U. S. 5. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures through 1949 are estimates of United States Mint.
Figures for 1950 and 1951 are estimates of American Bureau of Metal Statistics.
5
Gold exports reported by the Banco Nacional de 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.

AUGUST

1951




1035

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec

Estimated
United States
total world
(excl.
U.S.S.R.)* Treasury Total 2

Argentina

Belgium

Bolivia

Brazil

Canada

Chile

Colombia

Cuba

Denmark

Ecuador

33,770
34,120
34,550
34,930
35,410

20,065
20,529
22,754
24,244
24,427

20,083
20,706
22,868
24,399
24,563

1,197
1,072
322
143
216

716
735
597
624
698

22
22
23
23
23

354
354
354
317
317

361
543
294
408
496

82
65
45
43
40

127
145
83
51
52

191
226
279
289
299

38
38
32
32
32

21
21
20
21
21

35,800

24,136
23,627
23,483
23,249
23,037
22,706

24,239
23,745
23,591
23,349
23,153
22,820

216
216
216
216
216
216

651
643
599
592
581
587

23
23
23
23
23
23

317
317
317
317
317
317

531
545
554
568
578
590

40
40
40
40
40
40

69
70
71
72
73
74

299
291
291
291
271
271

31
31
31
31
31
31

19
19
19
19
19
19

22,392
22,086
21,806
21,805
21,756
21,756

22,461
22,162
21,927
21,900
21,861
21,872

216
288
288
288
288
288

591
604
580
609
589
586

317
317
317
317
317
317

606
617
618
635
643
652

45
45
45
45
45

75
76

271
271
271
271
271
281

31
31
31
31
31
31

19
19
22
22
22
22

3

France 4

Guatemala

52
53
53
53
53

1,090
796
548
548
523

28
28
27
27
27

274
274
274
256
247

131
127
142
140
140

24
28
58
96
252

5 201
« 180

1950—July
Aug'. . . .
Sept
Oct
Nov....
Dec...

53
53
53
53
53
397

523
523
523
523
523
523

27
27
27
27
27
27

247
247
247
247
247
247

140
140
140
140
140
140

1951—Tan
Feb
Mar
Apr. . . .
May... .
June....

97
102
117
117
124
143

523
523
523
548
548
548

27
27
27
27
27
27

247
247
247
247
247
247

Portugal

El Salvador

South
Africa

1945—;Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec....

433
310
236
178

13
12
15
15
17

914
939
762
183
128

1950—July
Aug....
Sept
Oct
Nov. . . .
Dec. . . .

177
177
177
177
177
192

20
20
20
20
23
23

1951—Jan
Feb
Mar
Apr....
May
June

197
197
202
212
217

23
23
23
23
23
26

1950—July
Aug

Sept....
Oct
Nov

Dec

35,820

1951—Jan
Feb
Mar....
Apr
Mav

35,800

End of
month

Egypt

June. . .

1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec

End of
month

India

Iran

Italy

Java

Mexico

P63

NetherNew
lands Zealand

Norway

178

294
181
100
42
52

270
265
231
166
195

23
23
23
23
27

80
91
72
52
51

252
252
252
252
252
252

178
178
188
188
188
208

73
113
115
116
133
208

231
231
231
231
231
311

28
28
29
29
29
29

50
50
50
50
50
50

139
139
139
138
138

252
252
252
252
252

228
228
228
229
229
229

281
281
304

311
311
311
311
311
311

30
30
30
30
'30
31

50
50
50
50
50
50

Sweden

Switzerland

110
111
111
111
85

482
381
105
81
70

1,342
1,430
1,356
1,387
1,504

179
180
179
183
187
197

61
61
61
61
61
61

71
71
87
91
90
90

202
208
205
210
210
210

61
61
61
61
61

93
108
114
124
129
129

Spain

Pakistan

u'
. 27
27
27
27
27
27
27
27
27
27
27

Peru
28
24
20
20
28
28
28
28
28
28
31
31
31
46
46
46

Inter- Bank for
national InterMone- national
tary
SettleFund
ments

Turkey

United
Kingdom

43
34
34
34
118

241
237
170
162
154

6 2,476
6 2.696
6 2,079
6 1,856
61,688

195
200
175
164
178

202
215
215
323
373

15'
1,356
1,436
1,451

39
32
30
36
68

1,550
1,537
1,529
1,520
1,508
1,470

118
118
118
118
118
118

138
146
146
150
150
150

62,756

196
208
217
217
217
236

373
373
373
373
373
373

1,464
1,494
1,494
1,494
1,494
1,495

128
125
145
149
159
167

1,474
1,482
1,448
1,444
1,458
1,451

118
118
118
118
115

150
150
150 '«3 ',758'
150
150
150 6 3,867

260
287
295
295
295

373
373
373
373
373
373

1,495
1,495
1,495
1,495

140
125
119
161
153
151

Thailand

6 3,300

Uruguay

Venezuela

r
P Preliminary.
Revised.
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3
Beginning December 1950 includes gold holdings of issue and banking departments of the National Bank of Egypt; prior to that represents
holdings of issue department only.
4
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
5
Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
6
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, !p. 1433. For revised back figures for Argentina
and Canada, see BULLETIN for January 1949, p. 85, and February 1949, p. 196, respectively.
1

1036



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)
Netherlands

Portugal

130.8
40 7
-23 5
-79.8

-47.9
-10.0
116.0
63 0
14.0
-15.0

— 12 5
—31 0

10 4

10.5

2 5

—33 9

Total

1945
1946
1947
1948
1949
1950

United
Kingdom

Belgium

France

—452.9
721 3
2,864.4
1 510 0
193 3
-1,730.3

Year or quarter

—2
406.9
734 3
446 3
-1,020.0

31.1
14 2
222.8
69 8
—41 0
-55.0

278.5

68 8
173 9
101.5
-151.0

162 4
283.9

264.6
15 8
-84.8

Sweden

80.2
238.0
3.0

-22.9

Switzerland
-86.8
-29.9
10.0
-5.6
-40.0
-38.0

Other
Europe

Canada

Argentina

Cuba

Mexico

-7.4
27.3
86.6
2

1

36.8
337.9
311.2

-224.9
153.2
727.5
114 1
-49.9

-85.0
-30.0
-65.0
-10.0
-10.0
28.2

-23.8
36.9
45.4
61.6
-16.1
-118.2

-10.0

2.3
7 9
-11.3
-15.0

5.8

-159.9
-68.3

3.4

-100.0

1949
Jan -Mar
Anr - Tune
July-Sept
Oct.-Dec

,

-13.7
-5.0
— 10 0
— 11 2
-20.0 2-119.1
-5.0

3 5

1950

3.4
-49.9

-15.9

-80.0

-202 5
-31.7 i
— 732 2 i
-763.8

Jan.-Mar...
Apr.-June
July-Sept
Oct.-Dec

-13.0

-35 0
-20.0
—28 5
-56.3

-360.0

-79.8

-15.0

-91.7

— 580 6

-4.5

-10.0
-15.0

-3.0
-16.0
-4.0

-25.0

-15.0

-15.0

-15.8
-11.9
3.4
-12.4

-40.5
-61.9

8.2

-47.4

-100.0

-44.3
-11.2

-10.0

20.0

1951
Jan -Mar
Apr.-June

.

-880.1 i
-57.0

-400.0
-80.0

-12.3
2.0

-124.4
64.1

-49.9

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)

Year or
quarter

Uruguay

Other
Latin
America

Venezuela

Asia
and
Oceania

-37.9 -73.1 -27.8 •-188.3
-4.9
25.0
-9.2
13.7
25.1
-3.7
79.1
1 0
10.7 - 1 0 8 . 0
13.4
-4.1
— 14 4 — 50 0 — 7 5 —52 1
-64.8
-39.2
-17.6

1945
1946
1947
1948
1949
1950

Union
of
South
Africa

Gold stock at
end of period
All
other

3.7
94.3 22.9
256.0
11 9
6.9
498.6
195 7 — 1 6
13.1 - 4 7 . 8

1949
3.0
-16.5 "-50.0
-1.0

3.6
3.7
-2.9
-11.9

-12.0
—2 0
-23 9
—26.9

Jan -Mar
Apr.-June
Tuly-Sept
Oct.-Dec

-10.5
—1 0
— .1
—6.0

-14 9
—23.6

- 1 1 .7
-5.0

-22.6
-3.8

-2.3
-6.6
-2.2
-41,0

72.0
55.6
48.1
19.9

.1
.1
-2.0
.2

1950
Jan.-Mar
Apr -June
luly-Sept.
Oct.-Dec.

o

3.9 - 2 7 . 0
9.2 - 3 . 0
— 14 8
—3.0

1951
— 50.9
15.0

Tan.-Mar
Apr.-June
1
2
3

•

•

"

_

•

9

-28.0
12.7 - 2 5 . 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.
NOTE.—This series replaces the series on "Net Gold Imports to
United States, by Countries," published previously.

AUGUST

1951




Period

" Ear-

Net
marked
Increase gold im- gold: de- Domesin total port or crease tic gold
gold
producexport
or instock
tion 2

Treasury
1942
1943 . . .
1944
1945
1946
1947
1948
1949
1950
1950—July...
Aug...
Sept...
Oct. . .
Nov.. .
Dec...
1951—Jan. . .
Feb...
Mar...
Apr. . .
May. .
Tune. .
July.. .

Total i

22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706

22,739
—23.0 315.7 —458.4 125.4
21,981
— 757.9
68! 9 —803^6 48^3
20,631 — 1.349.8 - 8 4 5 . 4 —459.8 35! 8
20,083
—547.8 — 106.3 —356.7 32 .0
20.706 3 623.1 311^5
465^4
51^2
2,162.1 1,866.3
210.0
22.868
75 ^8
24,399
1,530.4 1,680 A —159^2 70^9
24,563
164.6 686.5 —495'. 7 67^3
22,820 — 1,743.3 —371.3 -1,352.4 83.1

24,136
23.627
23,483
23.249
23.037
22,706
22.392
22,086
21,806
21,805
21,756
21.7.S6
P21,759

24,239
23,745
23,591
23,349
23,153
22,820
22.461
22.162
21 .927
21.900
21.861
21,872
P21,852

crease

-91.1
-494.4
-153.9
-242.5
-195.5
-333.2
-358.8
-298.7
-235.4
-27.3
-38.5
10.4
P-19.3

-1.5
-42.2
-96.5
-93.4
-158.6
-93.0
-60.6
-107.9
-123.5
-110.6
-41.0
-36.5

-90.0
-431.4
-65.9
-146.2
-35.3
-237.9
-248.5
-184.4
- 1 1 1 .2
101.9
-12.9
46.3
5
-8.8

7.1
7.9
7.8
8.2
7.5
7.0
5.9
5.2
5.8
5.5
5.5
5.9
(*)

P Preliminary.
„ 1 See footnote 2 on opposite page.
Yearly figures through 1949 are estimates of United States Mint.
Figures for 1950 and 1951 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.
6
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,043.4 million dollars on July 31, 1951. 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.
2

1037

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1951

1951

1950

International Fund

International Bank
Apr.

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

Jan

Oct.

Apr.

1,495

1,495

1,494

1,460

1,313
4,315
907
1
8,037
-6

1,304
4,229
1,003
1
8,037
-5

1,305 1,299
4,228 4,266
893
1,003
1
1
8,037 7,922
-4
-4

1951

Net currency purchased 2
(Cumulative—millions of dollars)

June

Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Costa Rican colones
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders....
Norwegian kroner
South African pounds. . .
Turkish liras
Pounds sterling
Yugoslav dinars

20.0
11.4
65.5
5.4
-.9
6.0
10.2
-5.5

1950

May

Apr.

June

20.0
11.4
65.5
8.8
-.9
6.0
10.2
-5.5

20.0
11.4
65.5
8.8
-.9
6.0
10.2
-5.5

20.0
11.4
37.5
8.8
-.9
6.0
10.2
3.0
.6
125.0
100.0
22 5
75.4
9.6
10.0
5.0
300.0
9.0

125.0 125.0 125.0
100.0 100.0 100.0
22.5 22.5
75.4 75.4 75.4
9.6
9.6
9.6
5.0
5.0
5.0
300.0 300.0 300.0
9.0
9.0
9.0

Total.

June
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3. .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
,
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve •
Special 3
reserve
Capital

Mar,

Dec.

June

9
919

6
920

5
921

5
924

457
4

466
4

437
4

449
5

1,037
19
325

938
12
311

868
9

738
8
261

33
352
6
42
20

1,668

261

30
29
26
126
279
229
5
3
5
38
35
27
14
18
17
1,668 1,668 1,670

1

Includes 16 million dollars receivable for currency adjustments
resulting from the devaluations in September 1949.
2 As of June 30, 1951, the Fund had sold 759.8 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 69.3 million dollars.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,671 million dollars as of June 30, 1951, of which 2,540 million represents the subscription of the United States.

736.0 762.0 762.0 753.1

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department

Assets of banking
department

Other
assets 2

Gold*

Notes
and
coin

Discounts
and advances

Securities

Liabilities of banking department
Note
circulation a

Deposits
Bankers'

Public

ECA

Other

Other
liabilities and
capital
17.9
17.9
17.9
17.8
17.8
18.1
18.1
18.1
18.1

1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.

31
30
29
27
26
25
31
29
28

.2
.2
.2
.2
.2
.2
.2
.2
.4

780.0
950.0
1,100.0
1,250.0
1,400.0
1,450.0
1,450.0
1,325.0
1,350.0

28.8
27.7
12.5
13.5
20.7
23.4
100.8
36.1
33.7

6.4
3.5
2.5
5.1
8.4
13.6
15.2
16.7
14.8

267.8
267.9
307.9
317.4
327.0
327.6
331.3
401.1
489.6

751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9

219.9
223.4
234.3
260.7
274.5
278.9
315.1
314.5
299.2

11.2
9.0
10.3
5.2
5.3
10.3
18.6
11.7
11.6

17.4
97.9

54.1
48.8
60.4
52.3
58.5
57.3
95.5
92.1
111.2

1950—July
Aug.
Sept.
Oct.
Nov.
Dec.

26
30
27
25
29
27

.4
.4
.4
.4
.4
.4

1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
1,375.0

37.4
53.8
70.2
80.3
66.1
19.2

18.0
23.4
21.0
40.3
37.8
29.2

599.2
575.0
583.0
581.8
585.9
384.0

1,319.7
1,302.0
1,283.3
1,272.6
1,286.0
1,357.7

286.8
278.8
291.8
316.0
305.0
313.5

14.5
12.8
14.8
13.0
18.4
15.4

237.1
246.5
254.8
266.4
266.4
.4

97.9
95.7
94.3
89.3
82.2
85.0

18.3
18.5
18.5
17.8
18.0
18.1

1951—Jan.
Feb.
Mar.
Apr.
May
June

31
28
28
25
30
27

.4
.4
.4
.4
.4
.4

1,350.0
1,350.0
,350.0
1,350.0
1,350.0
L,400.0

69.4
62.0
31.3
37.3
19.2
51.8

19.7
16.1
12.3
6.4
2.8
7.9

329.2
345.7
395.1
388.4
405.0
360.0

1,282.0
1,289.0
1,320.1
1,313.8
1,331.6
1,349.3

297.9
293 .0
302.4
305.8
296.4
290.1

13.0
13.0
13.8
14.2
14.4
20.4

2.4
9.3
14.6
5.4
13.4
4.4

86.7
90.1
89.3
89.0
84.8
86.6

18.3
18.5
18.5
17.8
18.0
18.1

4

4

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.
3
Notes issued less amounts held in banking department.
4
Fiduciary issued decreased by 25 million pounds on Jan. 10 and increased by 50 million on June 12, 1951. For details on previous changes,
see BULLETIN for January 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.

1038



FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Liabilities

Assets

Bank of Canada
(Figures in millions of
Canadian dollars)

Sterling
and United
States
dollars

Gold

Dominion and provincial government
securities

Deposits
Other
assets

Chartered
banks

Dominion
government

Other

175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4

200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7

16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7

3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9

9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2

65.7
113.9
219.7
440.0
415.5
297.1

1,294.2
1,303.8
1,318.4
1,321.8
1,323.5
1,367.4

552.8
568.2
555.8
621.7
578.9
578.6

19.6
16.7
22.0
39.0
45.3
24.7

228.9
233.1
258.2
235.2
221.0
207.1

129.0
143.1
128.2
191.6
206.0
172.6

273.7
249.0
171.1
168.8
117.9
104.1

1,294.4
1,295.4
1,319.5
1,323.0
1,337.5
1,351.3

537.6
550 5
552.9
556.1
530.1
590.7

68.3
69.5
70.5
56.9
76.2
75.3

204.4
204.6
206.7
215.1
221.5
220.1

189.3
168.7
117.2
196.6
168.7
165.0

Shortterm x

Other

28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1

144.6
181.9
448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4

.40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8

5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5

1950—July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 30.

89.1
161.4
212.2
152.2
127.2
111.4

,431.0
,420.4
,406.1
,381.4
,170.0
,229.3

638.7
569.2
444.6
435.7
662.0
712.5

1951—Jan. 31.
Feb. 28 .
Mar. 31.
Apr. 30 .
M a y 31 .
June 30.

117.9
117.3
80.0
128.8
125.2
116.8

,171.0
,165.4
,341.9

731.5
757.0
673.7
722.5
777.3
846.3

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.

31.
30.
31.
31.
31.
31 .
30.
31.
31.
31.
31.
31.

185.9
225.7

,327.6

1,313.7
1,335.2
Assets

Bank of France
(Figures in
millions of francs)

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.

Gold

29.. . 87,265
2 8 . . . 97,267
2 6 . . 84,616
3 1 . . . 84,598
3 1 . . . 84,598
3 0 . . 84,598
28. . . 75,151
2 7 . . . 129,817
2 6 . . 94,817
3 1 . . . 65,225
30. . . 65,225
2 9 . . 62,274

1950—July 27. . .
Aug. 3 1 . . .
Sept. 2 8 . . .
Oct. 26. . .
Nov. 3 0 . . .
Dec. 2 8 . . .
1951—Jan. 2 5 . . .
Feb. 22 . . .
Mar. 2 9 . . .
Apr. 2 6 . . .
May 31. . .
June 2 8 . . .

Foreign
exchange

Domestic bills
Open
market 5

1,892
821
5,818
112
7,802
42
6,812
38
8,420
37
9,518
37
42 12,170
68 17,980
7 37,618
12 67,395
30 97,447
61,943 137,689

Special

Other

Other
liabilities
and
capital 3

Note
circulation2

Liabilities
Advances to
Government 5
Current

Other
assets 8

Note
circulation

Other

7,880
1,797
30,627
5,149
2,345
14,200 30,473
3,646 63,900 112,317
661
4,517 69,500 182,507
12
5,368 68,250 250,965
169
7,543 64,400 366,973
29
48 18,592
15,850 475,447
303 25,548
445,447
76,254 '67,966' 480,447
3,135
64 117,826 147,400 558,039
8,577 238,576 150,900 558,039
28,548 335,727 157,900 560,990

Deposits'
Government

EGA

14,028
110,935 5,061
15,549
151,322
1,914
18,571 218,383
984
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 1,278,211 1,168

Other

Other
liabilities
and
capital

25,595
2,718
14,751
2,925
27,202 7 44,986
25,272 7 68,474
29,935 721,318
33,137 7 15,596
37,855
7,078
57,755
4,087
63,468
7,213
82,479
10,942
171,783 16,206
158.973 19,377

62,274
182,785
182,785
182,785
182,785
182,785

146,146
144,242
173,725
140,735
146,783
162,017

144,523
149,702
119,556
115,122
150,674
136,947

12,709
3,590
14,572
25,035
32,047
34,081

373,930
362,358
377,531
371,010
297,884
393,054

161,600
163,600
163,900
162,600
155,900
158,900

560,990
481,039
481,039
481,039
481,039
481,039

128,695
137,978
132,972
197,555
222,277
212,822

1,413,718
1,455,008
1,467,425
1,466,623
1,502,770
1,560,561

80
75
94
73
83
70

22,806
12,778
11,928
8,739
7,613
15,058

129,954
134,709
144,909
171,836
137,038
161,720

24,309
22,722
21,725
28,610
21,885
24,234

182,785
182,785
182,785
191,447
191,447
191,447

172,719
185,735
193,622
173,566
169,035
161,802

131,554
122,549
133,959
141,921
215,539
196,435

35,907
32,158
29,194
23,821
17,539
12,164

373,922
383,170
389,147
427,135
341,766
458,572

159,800
159,000
154,800
159,700
158,700
157,600

481,039
481,039
481,039
481,039
481,039
481,039

197,815
213,535
223,295
235,063
259,474
9
235,037

1,535,688
1,541,910
1,576,231
1,597,678
1,632,018
1,660,842

74
18
75
98
83
66

16,772
30,205
39,588
46,941
17,636
16,432

154,980
160,976
149,431
160,530
160,143
190,056

28,027
26,864
22,516
28,444
24,658
26,701

8

1
2
3

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 51940, pp. 677-678).
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
6
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.
7
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941,8 64,580; 1942, 16,857; 1943, 10,724.
On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134.027.90
francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France,
see BULLETIN for 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.
9
Includes advance to Stabilization Fund, amounting to 139.1 billion francs on June 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.

AUGUST

1951




1039

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1951

June

May

1950
Apr.

Central Bank of the Argentine
Republic (millions of pesos):
874
874
Gold reported separately
2,467 2,408
Other gold and foreign exchange.
1,974
1,861
Government securities
36,893 36,129
Rediscounts and loans to banks..
273
261
Other assets
14,264 13,814
Currency circulation
24,954 24,706
Deposits—Nationalized
766
628
Other sight obligations
2,497 2,386
Other liabilities and c a p i t a l . . . . .
Commonwealth Bank of Australia (thousands of pounds):
'19,551 707,783 688,612
Gold and foreign exchange
Checks and bills of other banks. . 7,691 11,091 6,923
Securities (incl. Government and
363,087 361,301 389,391
Treasury bills)
>,901 98,992 79,161
Other assets
Note circulation
275,270 270,270 266,770
Deposits of Trading Banks:
559, 320 586,420 558,920
Special
28,318 34,035 45,805
Other
310,322 288,442 292,592
Other liabilities and capital
Austrian National Bank (millions
of schillings):
51
51
51
Gold
255
288
310
Foreign exchange
4,720 4,348 3,957
Loans and discounts
4,444 4,445 4,426
Claim against Government
39
39
38
Other assets
6,598 6,406 6,254
Note circulation
150
165
192
Deposits—Banks
469
612
551
Other
2,162 2,064 1,840
Blocked
National Bank of Belgium
(millions of francs):
29,307 29,433 30,462
Gold*
Foreign claims and balances (net). 10,768 8,318 7,566
9,901 11,151 10,673
Loans and discounts
Consolidated Government debt.. 34,860 34,860 34,860
3,214 3,603 2,553
Government securities
3,795 3,869 3,729
Other assets
86,814 86,781 85,138
Note circulation
2,413 2,005 1,853
Deposits—Demand
46
140
268
ECA
2,349 2,307 2,807
Other liabilities and capital
(Mar.
Central Bank of Bolivia—Mone1951)*
tary dept. (millions of bolivianos):
1,370
Gold at home and abroad 2
589
Foreign exchange. (net)
1,939
Loans and discounts
730
Government securities.
139
Other assets
3,515
Note circulation
326
Deposits
925
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
649,888 679 ,132 650,436
Foreign exchange
1,116 1,116
1,116
Paid-in capital—Int'l. Bank
68
Government securities
705
852
1,245
Other assets
389,281 400,308 394 ,197
Currency in circulation
43,979 62,015 33,498
Deposits—Government
187,199 187,824 194,131
Banks
31,858 30,952 30,431
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
1,475 1,430
Gold
349
310
Foreign exchange (net) 8
1
1
Net claim on Int'l. Fund
1,013 1,042
Discounts for member b a n k s . . . .
680
680
Loans to Government
5,457 5,461
Other loans and discounts
2,432 2,429
Other assets
7,359 7,374
Note circulation
1,693 1,737
Deposits—Bank
410
425
Other
1,945 1,818
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
188, 096 209,960 220,389
Gold and foreign exchange
24,369 24,369 24,369
Net claim on Int'l. Fund •
1,381 1,381
1,381
Paid-in capital—Int'l. Bank

June

Central Bank
(Figures as of last report
date of month)

1951
June

May

1950
Apr

June

Bank of the Republic of Colombia— Cont.
207,292 253,058
656
259 ,060 227,
Loans and discounts
135,981 146,660
1,538
Government loans and securities. 135 ,872 134
1,860
69,785 52,408
79 ,613 83,
Other assets
385,186 437,066
30,313
423 ,992 392,
Note circulation
220,390 172,662
240
197 ,792 232.
Deposits
10,592
53,621 56,251
66 ,608 56
Other liabilities and capital
21,561 Central Bank of Costa Rica
484 (thousands of colones):
1,970
Gold
11 511 11 511 11,511 11,511
866 10,776 43,089
32 456
Foreign exchange
029 7,029
6 188
7,019
Net claim on Int'l. Fund 3
839 88,911 85,930
518,799
82 419
Loans and discounts
621 11,321 21,327
6,826
9 285
Securities
673 17,227 16,595
15 783
Other assets
341,213
105 376 103,777 102,586 102,080
Note circulation
,909 32,858 74,506
66.172
42 316
Demand deposits
,853 11,331
231,313
9 950
8,885
Other liabilities and capital
National Bank of Cuba
441,970 (thousands of pesos):
32,938
Gold
270,562 270,562 "298,719
90,215 '69,283
226,790
Foreign exchange (net)
Foreign exchange (Stabilization
96, 684 76,613 27,288
Fund)
40, 988 43,188 79,998
50
Silver
12, 50 12,507 12,507
158
Net claim on Int'l. Fund *
\ 879 2 ,282
2,346
1,005
Loans and discounts
6,122
l l i 845 17,228
Credits to Government
3
30. 971 30,903 '9,572
Other assets
5,783
374, 674 364,849 375,405
Note circulation
204
180 152 172,039 116,276
Deposits
6 643 6,612
1,111
6,691
Other liabilities and capital
1,615 National Bank of Czechoslovakia 4
National Bank of Denmark
(millions of kroner):
29,058
69
69
69
69
Gold
7,879
389
435
406
349
Foreign exchange
4,396
6
6
8
6
Contributions to Int'l. Bank
34,939
85
94
108
33
Loans and discounts
7,825
116
148
123
143
Securities
6,43
,966 3,969
,638
,942
Govt. compensation a c c o u n t . . . .
86,132
461
490
226
Other assets
526
,593 1,600
2,158
,580
Note circulation
,620
,769 1,72
109
,864
Deposits—Government
,774
,632 1,612
,851
2,135
Other
,620
184
150
186
Other liabilities and capital
1§8
Central Bank of the Dominican
1,370 Republic (thousands of dollars):
293
,056 6,045
,056
Gold
4,045
1,463
,487 17,560 14,210
,499
Foreign exchange (net) 3
738
,250 1,250
,250
1,250
Net claim on Int'l. Fund
111
40
40
40
40
Paid-in capital—Int'l. Bank
2,762
78
156
107
153
Loans and discounts
445
,217 6,21
,217
5,383
Government securities
769
,081 1,105
968
946
Other assets
,290 24,552 20,260
,133
Note circulation
,173 7,090
,24
5,482
Demand deposits
747
732
758
285
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
334
,511 334,416 261,048
Gold 6
82 570
,577 144,957
1,280
Foreign exchange (net) 8 8
18 757 18 ^57 18,75
16,881
Net claim on Int'l. Fund
225 ,728 214,156 209,948 251,262
Credits—Government
148
123 530 98,749 133,277
Other
180 098 174 547 176,452 167,584
Other assets
485 741 480 678 475,181 396,220
Note circulation
1,22
231 145,563 130,097
Demand deposits—Private banks 134 099
72
123 452
305 105,675 111,283
Other
1
247 273
864 256,860 193,733
Other liabilities and capital
1,779 National Bank of Egypt 6 (thou686 sands of pounds):
2,952
321
6,376
Gold7
1,714
926
-•55,368
Foreign exchange8
5,783
Foreign and Egyptian
1,301
315,460 328 748
302,988
Government securities
338
7 ,950
426
5,049
Loans and discounts
1,010
2 ,308
094
-•2,809
Other assets
464
170 ,820
150,455
Note circulation
506
88 ,544
68,836
Deposits—Government
199
188,113
143 ,050
144,222
Other
347
21
24,368
9,077
Other liabilities and capital
1,371

r
1
2
3

Revised.
* Latest month-available.
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 amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
4
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
6
In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.
6
The National Bank of Egypt became the central bank on Apr. 5, 1951.
7
Beginning December 1950, includes gold in Banking Department, formerly shown under "Other Assets"; in 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.
8
Revised to include foreign exchange and, from June to November 1950, gold, in Banking Department, formerly shown under "Other assets.'
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 112; and January 1950, p. 118.

1040




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) l
Net claim on Int'l Fund
Loans and discounts
Government debt and securities. .
Other assets
Note circulation
Deposits
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 capital
Bank of German States
(millions of German marks):
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 foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
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
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue d e p a r t m e n t . . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation

1950
June

682
806
565
782
636
419
089
341
459

May

Apr.

57,249 57,319
91,789 87,949
1,565
1,565
918 2,290
4,906 5,231
1,283
1,228
78,453 81,392
72,761 67,722
6,496
6,468

4,475
,475
3,353
,201
890 -1,929
,644
-347
893
,326 40,285 39,452
970
962
961
,480 6,551
7,142
,670 39,055 38,329
,896
1,648
745
,242 12,114 10,799

June

Central Bank
(Figures as of last report
date of month)

Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
,
Other
Other liabilities and capital
Bank of Japan (millions of yen):
2,230
Cash and bullion
-2,266
Advances to Government
Q
Loans and discounts
Government securities
39,157
Other assets
1,088
Note circulation
1 ,959
Deposits—Government
31,328
1,384
Other
9,446
Other liabilities
|The Java Bank (millions of guilders):
50,383
62,759
1,565
811
5,041
1,724
65,031
51,155
6,097

1,367
4,195
325
387
960
2,392
1,588
790
3,545

Gold 4
1 ,217
Foreign exchange (net)
3,524
Loans and discounts
8,845
Advances to Government
1,175
Other assets
8,028
Note circulation
2,855
Deposits
1,014
Other liabilities and capital
380 Bank of Mexico (millions of pesos):
2,484
Monetary reserve 5

492
195
5,903
3,233
,479
,701
974

523
199
5,856
2,996
1,466
1,900
924

"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and c a p i t a l . . . .
Netherlands Bank (millions of
guilders):

4,104
1,904
2,620

3,970
1,746
2,500

1,070
2,569

27,229
14,300
1,250
4,982
19,525
36,912
3,295
2,179
10,596
14,304

27,229
14,925
1,250
4,974
19,387
36,596
3,296
3,065
10,700
14,110

27,229
7,609
1,250
4,993
17,651
34,058
3,139
1,736
10,135
9,663

1,678
4,370
9,324
1 ,421
7,867
2,430
1,813
1,315
3,368

229
496
250
331
241
110
314
318
189
615

1

Gold

400
400
6,982
6,882
5,166
5,016
572
584
12,863 12,809
257
1,764
36
72
1 ,161
2,947
343

349
151
5,006
2,246

400
6,382
4,71
553
11,685

72
1,922
123
67
1,213
3,056
341

366
1,892
18
9
693
2,719
259

646 2,646 2,646
469 49,351 49,993
115 51,997 52,639

2,646
46,988
49,635

6

Silver (including subsidiary coin)
Foreign assets (net)
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
ECA
Other
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital. . . .
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
ECA
Other liabilities and c a p i t a l . . . .

1951
June

4
30
590
293
206
539
1,089
181
74
253
66

May

4
29
590
273
215
513
1,068
176
67

252
60
1,034
42,645
384,730
127,736
37,997
399,332
155,274
23,389
16,148

871
612
514
1,832
554
2,809
880
694

871
621
426
1,999
529
2,770
978
696

1950

4
29
590
286

205
509
1,073
3
166
69
251
61




4
25
654
190
189
572
979
5
180
161
253
57

1,010
1,475
42,645
70,226
386 ,259 130,150
125,003 136,008
37,771 31,479
410,015 311,185
138,672
28,211
21,958
17,032
22,043
12,910
871
409
244
2,275
360
2,691
823
644

675
50
97
1,854
93
1,713
654
403

1,053

1,093

1,113

765

2,764
379
510

2,935
356
490
2 ,732

3,088
279
479
2,753
1,699
507

2,366
181
364
2,212
848
616

615
49
,693

1.177
17
154
170
3,178
591
50
2 ,709

1,175
17
259
97
3,000
628
51
2,682
20

1,549
644
454

1,470
656
401

1,428
594
401

871
13
1,071
144
2,850
858
62
2,818
415
r2
873
1,086
552

5,157
5,071 4,959
78,539! 73,971 65,459
6,495 6,832 7,270

58,652
5,433

54,033
7,974
4,199
59,804
90.075
6,518

56,537
10,974
4,653
58,413
92,403
7,222

59,607
15,974
4,487
58,675
92,013
7,069

58,094
27,658
'6,053
54,148
99,966
6,034

243
137
-13
59
6,202
130
2,376
1,865
1,044

243
284
-12
58;
46
6,202
142
2,293
2,073
976

243
198
-25
50
46
6,202
110
2,314
2,039
979

742
777

706
915

667
825

244
••207
— 88
38
47
7,112
66
2,263
1,810
1,422
550
851
•730

2,766
1,446
493
,177
17
122
199
,260

46

1 ,639
502

p Revised.
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time 2 as 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 guilder.
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 1951, p. 113.

AUGUST 1951

June

Apr.

4,259

Until such

1041

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1951

June

May

1950
Apr.

State Bank of Pakistan (millions of
rupees):
Issue department:
44
Gold at home and abroad...
852
Sterling securities
753
Pakistan Goyt. securities. . .
138
Govt. of India securities... .
300
India currency
42
Rupee coin
2,047
Notes in circulation
Banking department:
82
Notes of issue department...
655
Balances abroad
52
Bills discounted
2
Loans to Government
313
Other assets
1,015
Deposits
Other liabilities and capital. .
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
1.165
165 1,165
Gold i
105,315
300 69,542
Foreign exchange (net) 2
5.256
377 -2,377
Net claim on Int'l. Fund
-1,001
001 -1,001
Paid-in capital—Int'l. Bank
141,345
873 134,929
Loans and discounts
256 24,25
Government loans and securities. 16,623
259 15,578
32,907
Other assets
823 165,493
179,793
Note and coin issue
168 51,752
60,554
Demand deposits
484 24,849
Other liabilities and c a p i t a l . . . . 61,261
Central Reserve Bank of Peru
(millions of soles):
762
699
Gold and foreign exchange 3 .. ..
20
20
Net claim on Int'l. Fund 2
2
2
Contribution to Int'l. Bank
219
207
Loans and discounts to banks. .
671
666
Loans to Government
126
90
Other assets
,159
1,141
Note circulation
371
470
Deposits
190
154
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
10,237
9,030
Gold
533.97 0 551,540 574,068
Foreign exchange
29,501
29,504 29
Net claim on Int'l. Fund 2
47,338
19,609 18
Loans
163,197
234,536 234
Domestic securities
175,626
180,316 174
Other assets
Note circulation
J634.443 656 523 671,052
173,224
0
Demand deposits
|202 ,97" 203
154,483
Other liabilities and capital
170,759 158
Bank of Portugal (millions of
escudos):
823
3,796
Gold
654 10,656
Foreign exchange (net)
574
562
Loans and discounts
247
,246
Advances to Government
1,
560
554
Other assets
256
8,147
Note circulation
810
735
Demand deposits—Government..
264
299
ECA
263
5,337
Other
264
2,295
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
,371 74,470
Gold*
,283 91,426
Foreign bills
7,040
,423
Other bills and loans
,366 24,462
Other assets
,561 76,283
Note circulation
,062 107,976
Deposits
,821 13,138
Other liabilities and capital
Bank of Spain (millions of pesetas):
664
669
Gold
378
378
Silver
,750 15,813
Government loans and securities.
,127 15,374
Other loans and discounts

as the

June

44
702
510
151
300
59
1,714
51
313
102
370
746
89
600
5,02
2,710
-195
124,059
6,512
22,243
119,313
36,124
5,521
321
20
2
175
714
251
948
170
366
4,809
436,441
7,502
63,918
125,779
146,817
531,477
139,282
114,508
3,143
8,983
501
1,247
476
7,665
233
107
4,000
2,345
62,820
83,310
7,928
36,869
68,924
107,368
14,636
668
446
15,681
10,804

Central Bank
(Figures as of last report
date of month)

1951
June

May

1950
Apr.

Bank of Spain—Cont.
21,898 22,979
Other assets
Note circulation
30,711 30,926
864 1,220
Deposits—Government
3,772 3,837
Other
18,471 19,230
Other liabilities and capital. . .
Bank of Sweden (millions of kronor):
284
285
Gold
273
504
279
350
Foreign assets (net)
Swedish Govt. securities and ad-6
,718 3,778 3,596
vances to National Debt Office
241
249
201
Other domestic bills and advances
514
508
493
Other assets
,530 3.407 3,458
Note circulation
688
456
605
Demand deposits—Government..
422
405
530
Other
580
593
597
Other liabilities and capital
Swiss National Bank (millions of
francs):
,001 6,031 5,968
Gold
209
230
244
Foreign exchange
190
194
196
Loans and discounts
76
78
76
Other assets
,468 4,398 4,424
Note circulation
,810 1,937
1,862
Other sight liabilities
198
198
198
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
419
419
419
Foreign exchange and foreign
170
149
169
clearings
,284 1,173
1,144
Loans and discounts
15
15
17
Securities
95
84
Other assets
82
962
986
Note circulation
971
153
153
Deposits—Gold
153
568
593
Other
543
158
251
Other liabilities and capital
163
Bank of the Republic of Uruguay
(thousands of pesos) :
447,376
Gold
10,713
Silver
318
Paid-in capital—Int'l. Bank....
Advances to State and government bodies
149,417
268,401
Other loans and discounts
329,874
Other assets
368,122
Note circulation
101,301
Deposits—Government
329,163
Other
407,513
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,141
1,141
Gold
-47
-116
Foreign exchange (net)
117
117
Other assets
744
745
Note circulation—Central Bank.
National banks..
170
206
Deposits
296
190
Other liabilities and capital
Bank for International Settlements (thousands of Swiss gold
francs):
462 429 468,492 491,935
Gold in bars
Cash on hand and with banks.. . 56 548 36,432 73,104
4 391 4,405 4,419
Sight funds at interest
Rediscountable bills and accept108 835 114,991 145,143
ances (at cost)
33 459 35,254 32,327
Time funds at interest
Sundry bills and investments... . 270 650 65,084 274,139
297 201 297,201 297,201
Funds invested in Germany
1 803 9,666 6,812
Other assets
247 389 98,123 59,010
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 475 752 619,981 746,325
17 418 18,874 25,771
Other
28,909
228 909 228
Long-term deposits: Special
265 849 265,639 265,064
Other liabilities and capital

June
4,384
27,523
882
3,045
533
157
1,043
2,833
131
366
3,178
533
147
671
6,252
283
97
72
4,283
2,203
218
418
106
,025
32
77
878
153
460
166
287,415
11,703
312
152,233
266,787
274,646
292,345
93,302
297,862
309,588
1,041
72
64
744

1
149
282
329,989
21,429
2,908
183,059
26,770
269,215
297,201
1,514
188,480
434,253
21,608
228,909
258,835

ability to the Fund. Until such time

0
4
5

in JNovemoer 1V4V, part oi tne gold ana toreign excnange noiaings or tne
On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
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,

1042



FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

United
SwitzGer- Bel- NethKing- France many gium er- Swe- erdom
lands den land

In effect Dec. 31,
1939
Jan 25 1940
Apr. 9
May 17
Mar. 17, 1941. .
May 29
June 27
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. .
In effect June 30,
1951

2

4

2

2

3

3

1H

3H

Central
bank of—

Rate

Central
bank of—

Mar. 21, 1940
Mar. 1, 1936
Aug. 3, 1945
Sept. 11, 1950
Sept. 30, 1950

Italy
Japan
Java
Latvia
Lithuania. . .

4
5.11
3
5
6

Apr. 6, 1950
July 5, 1948
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939

Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950

Mexico
Netherlands..
New Zealand.
Norway

4

June 4, 1942
Apr. 17, 1951
July 26, 1941
Jan. 9, 1946

Nov.
May
Mar.
Oct.
Nov.

2,
13,
22,
1,
3,

1950
1948
1950
1935
1950

Peru
Portugal....
South Africa.
Spain
Sweden

June
Oct.
July
Nov.
Nov.

8,
27,
12,
28,
23,

1950
1950
1948
1935
1943

Switzerland..
Turkey
United Kingdom
U. S.S. R . . . .

30

Albania
Argentina
Austria
Belgium
Bolivia

Rate
June
30

Date
effective

June

6

Date
effective

3

IV

2H

IH
21/

2

Canada
Chile
Colombia
Costa Rica

2}A

4
4

3

&2M

Mi

2H&3

Denmark
Ecuador
El Salvador. . .
Estonia
Finland

i 1-5

/2

3

J

l 4V
M-4

2H

France
Germany
Greece
India .
Ireland

3

1-6

3

4
2

2H

i 1-6

k

6

iy2
4
3

Nov.
Jan.
Oct.
Mar.
Dec.

13,
12,
13,
18,
1,

1947
1944
1949
1949
1950

^ i/

3%
1

5
10

3%

4

12
3

3
2
4

2

Nov. 26, 1936
Feb. 26, 1951
Oct. 26, 1939
July 1, 1936

1
The lower rate applies to the Bank deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since June 30: Belgium—July 5, from 3% tc 3 Hi per cent.

3

OPEN-MARKET RATES
[Per cent per annum]
Canada
Month

Treasury
bills
3 months

United Kingdom
Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

France
Bankers'
allowance
on deposits

Day-today
money

Netherlands
Treasury
bills
3 months

Day-today
money

Sweden

Switzerland

Loans
up to
3 months

Private
discount
rate

1942—-May
1943—May.
1944—May
1945—May
1946—May
1947—May
1948—May
1949—.May
1950—May
1950—June
July
August
September.
October
November.
December..

.54
.50
39
.37
.39
.41
.41
.50
.51

1.03
1.03
1 .03
1.03
.53
.53
.56
.63
.69

1.00
1.00
1.00
1.00
.51
.51
.51
.52
.51

1.03
1.07
13
L.03
.63
.63
.63
.63
.63

1.62
1.66
1 .61
1.38
1.34
1 .46
2.12
2.43
2.68

1.27
1.45
1.33
1.28
1.45

.93
1.08
.94
1.03
1.03

1.25
1.25
1.25
1.25
1.25
1.25
1.50
1.63
1.50

.51
.51
.55
.62
.62
.62
.63

.69
.69
.69
.69
.69
.69
.69

.51
.51
.51
.52
.51
.51
.51

.63
.63
.63
.63
.63
.63
.63

2.52
2.59
2.35
2.22
2.28
2.19
2.41

1.44
1.57
1.44
1.33
1.27
1.20
1.40

.81
1.10
.95
.91
.88
.88
1.09

1.50
1.50
1.50
1.50
1.50
1.50
1.50

1951—January...
February. .
March
April
May

.63
.73
.76
.76
.76

.69
.69
.69
.69
.69

.51
.51
.51
.51
.51

.63
.63
.63
.63
.63

2.45
2.42
2.45
2.60
2.61

1.31
1.55
1.46
1.55
1.50

.83
1.00
1.23
1.24
1.07

1.50
1.50
1.50
1.50
1.50

NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

AUGUST

1951




1043

COMMERCIAL BANKS

(11 London clearing
banks. Figures in
millions of pounds
sterling)

Liabilities

Assets

United Kingdom »
Cash
reserves

Money at
call and Bills dis- Treasury
deposit
short
counted
receipts J
notice

Loans to
Securities customers

Deposits

Other
assets

Total

Demand

Time

Other
liabilities
and
capital

1945—December.
1946—December.
1947—December.
1948—December.
1949—December.

536
499
502
502
532

252
432
480
485
571

369
610
793
741
1,109

1,523
1,560
1,288
1,397
793

1,234
1,427
1,483
,478
,512

827
994
,219
,396
,534

374
505
567
621
579

4,850
5,685
5,935
6,200
6,202

3,262
3,823
3,962
4,159
4,161

1,588
1,862
1,972
2,041
2,041

265
342
396
420
427

1950—June
July
August. . .
September,
October...
November.
December
1951—January..
February. .
March... .
April
May

482
501
504
492
509
502
540

544
557
544
543
557
548
592

1,338
1,400
1,336
1,358
1,414
1,445
1,408

297
321
368
435
496
478
456

,498
,496
,499
,501
,505
,514
,528

,665
,591
,610
,610
,608
,625
,660

611
529
554
557
616
660
735

6,000
5,956
5,968
6,028
6,204
6,251
6,368

3,965
3,935
3,941
3,969
4,105
4,109
4,262

2,035
2,021
2,027
2,059
2,099
2,142
2,106

434
440
447
468
501
522
550

530
496
489
520
504

559
531
537
559
571

1,470
1,343
1 ,313
1,300
1,226

383
291
234
295
269

1,529
1,544
1,552
1,554
1,556

,656
,714
,766
,775
,806

697
719
770
760
854

6,260
6,041
6,037
6,130
6,149

4,181
3,994
3,987
4,055
4,063

2,078
2,047
2,049
2,075
2,086

564
596
625
632
636

Liabilities

Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks

Entirely in Canada
Cash
reserves

Security
loans

Other
assets

Note
circulation

694
753
731
749
765

251
136
105
101
133

1,274
1,507
1,999
2,148
2,271

227
132
106
144
146

4,038
4,232
3,874
4,268
4,345

869
,039
,159
,169
,058

1950—June
July
August. . .
September
October...
November
December.
1951—January. .
February.
March
April
May

712
767
802
748
847
797
824

145
94
99
101
115
164
134

2,408
2,385
2,393
2,473
2,565
2,737
2,776

227
222
218
225
189
177
171

4,276
4,240
4,478
4,437
4,349
4,280
4,286

,182
,089
,113
,178
,258
,293
,304

(3)

774
770
753
774
760

118
109
94
87
92

2,795
2,872
3,008
3,046
3,066

175
176
178
160
188

4,248
4,093
3,986
3,924
3,886

,270
,334

(3)

(3)

(3)

1,266

1,413
1,379

Time

5,941
6,252
6,412
7,027
7,227

3,076
2,783
2,671
2,970
2,794

2,865
3,469
3,740
4,057
4,433

,386
,525
,544
,537
,477

7,447
7,288
7,573
597
740
819
7,828

2,909
2,759
3,030
3,015
3,180
3,276
3,270

4,538
4,529
4,543
4,582
4,559
4,543
4,558

,503
,508
,529
,565
,583
,630
,667

7,748
7,675
7,624
7,684
7,686

26
21
18
16
14

Demand

3,171
3,057
3,010
3,086
3,097

4,577
4,618
4,614
4,598
4,589

,631
,678
,660
1,720
1 ,684

Assets

France
Cash
reserves

Due from
banks

Bills discounted

Other
liabilities
and
capital

Total

1945—December.
1946—December.
1947—December.
1948—December.
1949—December.

(4 large banks. End
of month figures in
millions of francs)

Deposits payable in Canada
excluding interbank deposits

Liabilities

Loans

Other
assets

Deposits
Total

Demand

Time

Own
acceptances

Other
liabilities
and
capital

1945—December
1946—December
1947—December
1948—December
1949—December

14,733
18,007
22,590
45,397
40,937

14,128
18,940
19,378
35,633
42,311

155,472
195,223
219,386
354,245
426,690

36,621
65,170
86,875
126,246
129,501

4,783
17,445
27,409
34,030
29,843

215,615
291,945
341,547
552,221
627,266

213,592
290,055
338,090
545,538
619,204

2,023
1,890
3,457
6,683
8,062

2,904
15,694
25,175
30,638
26,355

7,218
7,145
8,916
12,691
15,662

1950—May
June
July
August
September
October
November
December

43,584
41,283
47,231
41,572
42,893
39,519
38,030
48,131

44,346
43,618
43,599
51,670
48,797
50,793
52,709
52,933

433,079
442,411
433,118
440,122
484,136
484,658
460,639
527,525

134,195
133,848
141,239
135,192
131,192
136,334
146,408
135,289

44,993
48,126
46,610
46,982
48,609
49,077
49,479
31,614

640,351
648,191
647,507
650,559
687,444
689,545
676,636
749,928

626,925
633,952
636,010
638,875
674,592
674,169
660,106
731,310

13,427
14,240
11,497
11,684
12,853
15,376
16,530
18,618

32,992
32,030
31,492
29,971
30,682
29,208
27,555
28,248

26,853
29,065
32,798
35,008
37,502
41,628
43,073
17,316

1951—January
February
March
April

39,769
41,435
42,469
47,539

56,952
60,293
62,610
65,445

477,003
477,766
499,550
490,676

153,502
154,660
150,919
160,293

31,549
33,367
38,351
41,237

709,469
720,710
741,484
748,810

691,231
701,935
721,791
728,559

18,238
18,775
19,693
20,252

26,599
27,252
29,739
30,678

22,707
19,560
22,676
25,702

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 y% per cent through Oct. 20, 1945, and at Y% per cent thereafter.
8
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
or description of statistics see pp. 566-571 in same publication.

1044



FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

l

Year or month
Basic

Preferential

29 773
29.773
29 773
29.774
26.571

>13.333

1950—August
...
September.
October
November . . . .
December

29.778
20.000
20.000
20 000
20.000

1951—January
February
March
April. . . .
May
Tune....
July.

"Bank
notes"
account

Brazil
(cruzeiro)

Official

Free

2 1407
1.9722

6 0602
5 4403
5.4406
5 4406
5.4406

95.198
100 000
100.000
97 491
8
90.909

93.288
91.999
91.691
92 881
91.474

27.839
20.850

90.909
90.909

90.844
90.844
94.854
96 044
94.913

20.850
20.850
20.850
20.850
20.850

95.002
95.271
95 420
94.353
93 .998
93.484
94.252

20.850
20.850
20 850
20.850
20.850
20.850
20.850

Free

38.289

321.34
321.00
321.22
293.80
223.15

2.2829
2.2817
2.2816
2.2009
1.9908

13.333
13.333
13.333
13.333

11.100
7.205
7.291
7.147
6.924

223.16
223.16
223.16
223.16
223.10

1 9837
1.9838
1.9876
1 9876
1.9983

<1.9702
1 9737
1.9720

5 4406
5.4406
5.4406
5 4406
5 4406

13.333
13.333
13.333
13.333
13.333
13.333
13.333

7.102
7.138
7 124
7.143
7.096
7.071
7.159

223.09
223.16
223 16
223.16
223.16
223.16
223.13

1.9945
1.9883
1 9843
1.9830
1.9833
I.9845
1.9864

1 9549
1.9774
1 9306
1.9491
1.9501
1 9568
1.9788

5 4406
5.4406
5 4406
5.4406
5.4406
5.4406
5.4406

Colombia
(peso)

Czechoslovakia
(koruna)

. . .

Year or month

Canada
(dollar)
Ceylon
(rupee)

Official

20.000
20.000
20 000
20.000
20.000
20.000
20.000

1946
1947 . . . .
1948
1949 . . .
1950

1946
1947
1948 .
1949
1950

Free

Belgium
(franc)

Australia
(pound)

In cents per unit of foreign currency

57.020
57.001
57 006

Denmark
(krone)

France
(franc)
Official

Free

4

Germany
(deutsche
mark)

India
(rupee)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

Norway
(krone)

20.581
20.577
18 860
12 620
11.570

37.813
37.760
37 668
34 528
26.252

322.63
322.29
350 48
365 07
277.28

20.176
20.160
20.159
18.481
14.015

2.0060
2.0060
2 0060
2.0060
2.0060

20.876
20.864
20 857
19.117
14.494

.8'109
.8^107
4929
3240
.4671
.3017

23.838

30.155
30.164
30 169
27 706
20.870

2.0060
2.0060
2 0060
2.0060
2.0060

14.494
14.494
14 494
14.494
14.494

.2854
.2855
.2856
.2856
.2856

23.838
23.838
23 838
23 838
23.838

20.870
20.870
20 870
20 870
20.870

11.573
11.572
11 571
11.571
11.572

26.236
26.237
26.235
26.232
26.240

277.29
277.29
277 29
277.29
277.22

14.015
14.015
14.015
14.015
14.015

2 0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060

14 494
14 494
14.494
14.494
14.493
14.484
14.484

2856
2856
.2856
.2856
.2856
.2855
.2856

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

11 567
11 562
11.561
11.561
11.561
11.561
11.561

26 239
26 241
26.260
26.241
26.243
26.279
26.286

277 21
277.29
277.29
277.29
277.29
277.29
277.25

14 015
14.015
14.015
14.015
14.015
14.015
14.015

PhilipPortupine
gal
Republic (escudo)
(peso)

South
Africa
(pound)

Spain
(peseta)

Straits
Settlements
(dollar)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

400 50
400 74
400.75
366 62
278.38

9 132
9 132
9.132

42 973
32.788

25 859
27 824
27.824
25 480
19.332

23 363
23 363
23.363
23 314
23.136

403 28
402 86
403.13
368 72
280.07

65 830
65 830
65.830
65 830
65.833

56 280
56 239
56.182
56 180
56.180

42 553
42.553

......

1950—August
September
October . . . . . .
December
1951—Januarv .
February...
March
April....
May....
Tune.. . .
July. . .

Year or month

.2858

8

Uruguay
(peso)

1946
1947 . . .
1948 . . .
1949
1950

49 723
49.621

4 0501
4 0273
4.0183
3 8800
3.4704

1950—August
September
October
November
December

49.625
49.625
49.625
49 625
49.625

3.4498
3.4842
3.4898
3.4791
3.4838

278.38
278.38
278.38
278 38
278.38

32.825
32.825
32 838
32 850
32.850

19.332
19.331
19 332
19 332
19.327

23.012
22.959
22 942
22 946
23.201

280.07
280.07
280.07
280 07
279.99

65.833
65.833
65.833
65 833
65.833

56.180
56.180
56.180
56 180
56.180

42.553
42.553
42.553
42 553
42.553

49.625
49 625
49.627
49.643
49.643
49.644
49.643

3.4764
3.4679
3.4766
3.4799
3.4826
3.4880
3.4827

278.38
278.38
278.38
278.38
278.38
278.38
278.38

32.850
32 850
32.850
32.850
32.850
32.850
32.850

19.327
19 327
19.327
19.327
19.327
19.327
19.327

23.304
23 265
23.177
23.133
23.100
23.018
23.038

279 97
280 07
280.07
280.07
280.06
280.07
280.02

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

42.553
42 553
42.553
42.553
42.553
42.553
42.553

1951—January
February
March. .
April...
May.. . .
June
July...

.

....

1
In addition to the rates shown, three other rates were certified from Jan. 1 through Aug. 28, 1950. The 1950 averages for these rates are
as follows (in cents per peso): Preferential "A"—20.695, Preferential "B"—17.456, and "Special"—13.896.
2
Based on quotations beginning Sept. 1, 1950.
3
Based on quotations beginning July 13, 1950.
4
Based on quotations beginning Oct. 11,1950.
5
Based on quotations through Sept. 30, 1950; official rate abolished after that date.
8
Based on quotations beginning June 22, 1950.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1950, p. 1419; January 1950,
p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.

AUGUST

1951




1045

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

United
States
(1926 =
100)

Canada 1
(1935-39
= 100)

1926

100
79

United
Kingdom
(1930 =
100)

108

87

117
123
128

121
146

104

131

179

106
121

132
139

199
229

152

164

242

165
155
162

August
September
October
....
November
1951—January
February
March
April
May. .
June
. ..

(1934-36
average
= 1)

Netherlands
(July 1938June 1939
= 100)

194
199
211

260
285
311

157
163
166
170
169
172

209
212
216
223
220
222

304
307
312
321
326
332

103
106
107
112
113
117
121
123
130
134
r
141
J>141
P138

225

335

257
260
264
272
280
289
292

232
239
242
242
242

344
359
375
385
394
400

(1935 =
100)

Switzerland
(Aug. 1939
= 100)

300
306
314
319
320
321

131

146

150

172

171

2
2

121
136
153

»126

2
2

5,159
5,443
5,170
4,905

180
184
184
184
183
182

Sweden

150

7
9
10
12
14
20
34
52
89
100
108

175

July

Japan

Italy
(1938.=
100)

137
153
159
163
166
169
175
192
219
230
262

103
110

99
103

1950—Tune

France 2
(1949 =
100)

3 124

130

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

Mexico
(1939 =
100)

157
160

189
196

195
203

207

2

*135
133

164

196

4
16

181
251

194
186

205
200

48

271

199

208

128
209
246

281
296

214
216
227

217
206
203

4,671
4,694
4,913
5 088
5,176
5,279
5,424

229
242
254
260
269
277

317
317

223
224
225
228
230
244

196
199
205
209
213
216

253

218

'5,652
5,738
5,724
* 5 697
>

296

'266

226
230
231
231
231

281
r

••275
287
297

316
333

r

346

P302

P5,680

P228

r
p Preliminary.
Revised.
1
This index replaces the one previously shown. It contains 604 items as compared with 589 in the old index. A detailed description of this
ndex2 is given in "Dominion Bureau of Statistics Reference Paper No. 24, 1951," which may be purchased from the Bureau.
This index replaces the one previously shown. It consists of 319 items as compared with 135 in the old index. A description of the index
may be found in "Bulletin Hebdomadaire de Statistique," Feb. 3 and June 23, 1951. Yearly averages prior to 1949 were derived from the old
index.
3
Approximate figure, derived from old index (1913 =100).
4
Approximate figure, derived from old index (July 1914 =100).
Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941r 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]
Canada1
(1935-39=100)

United States
(1926=100)
Year or month
Farm
products

Foods

Other
commodities

Farm
products

United K i n g d o m
(1930=100)

R a w and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Netherlands
(July 1938-June 1939=100)

Foods

Industrial
products

Foods

IndusIndustrial
trial raw finished
products products

1926

100

100

100

144

129

133

1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950

68
82
106
123
123
128
149

71
83
100
107
105
106
131

83
89
96
97
99
100
110

96
107
127
145
155
165
177

104
115
124
132
135
137
141

110
119
124
127
129
130
138

133
146
158
160
158
158
158

138
156
160
164
170
175
184

121
140
157
157
159
172
200

163
177
175
174
179
193
282

126
148
154
159
163
184
261

181
188

169
179

135
151

190
230

165
198

162
192

165
181

207
242

214
231

328
342

276
283

166
170

161
166

147
153

226
233

199
213

199
211

197
221

249
286

243

370

297

1950—Tune
July
August
September
October
November
December

166
176
178
180
178
184
187

162
171
175
177
173
175
179

149
152
156
159
162
164
167

243
247
236
235
229
230
235

215
219
221
226
220
222
225

207
209
214
222
221
223
226

223
222
217
220
226
229
228

276
282
291
303
311
325
331

285

388

312

1951—January
February
March
April

194
203
204

182
188
187

170
172
172

242
254
264

231
237
239

234
240
244

228
227
226

345
356
370

203

186

172
172
171

239
239

245
244

370

187
186

257
257

236

200
199

242
247

P368

May
June

P367

p Preliminary.
1
This index replaces the one previously shown. A detailed description of this index is given in "Dominion Bureau of Statistics Reference
Paper No. 24, 1951," which may be purchased from the Bureau.
Sources.—-See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

1046



FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]

[Index numbers]

SwitzUnited
CanKing- France2 Nether- erUnited
dom
States i ada
lands land
(1949 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100) 17, 1947 = 100)
= 100) 1939 =
= 100)
= 100)
100)

Year or
month

SwitzUnited
erUnited
CanKing2 NetherStates i ada
dom France
lands land
(1949 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100) 17, 1947 = 100)
= 100)
= 100) 1939 =
= 100)
100)

Year or
month

1942
1943
1944
1945
1946
1947
1948
1949
1950

1942
1943
1944
1945
1946
1947
1948
1949
1950

124
138
136
139
160
194
210
202
205

127
131
131
133
140
160
196
203
211

161
166
168
170
169
101
108
114
123

10
12
15
21
36
57
92
100
111

193
211
228
249
277

153
161
164
164
160
170
176
174
176

1950-June
July
August
September.
October.. .
November
December.

203
208
210
210
211
211
216

209
214
217
219
220
219
219

123
122
121
122
125
125
125

105
105
109
113
116
117
118

284
278
275
276
286
286
286

175 1950-June
175
July
178
August....
179
September.
180
October. . .
180
November
180
December.

1951-January...
February..
March....
April
May
June

222
226
226
226
227
227

220
224
234
238
235
^240

127
127
128
131
135
P136

120
121
123
125
129
P127

117
124
126
••129
140
160
'I 72
170
172

179 1951-January...
178
February..
178
March....
178
April
179
May
June
P180

117
118
119
119
124
136
155
161
167

200
199
201
203
204
101
108
111
114

10
12
16
22
35
57
90
100
111

170
172
173
175
176
176
179

165
168
169
170
171
171
171

114
114
113
114
115
116
116

107

182
184
185
185
185
185

173
175
180
182
182
P184

117
118
119
121
124
P125

119
121
124
126
129
P129

113
117

192
199
206
219
240

141
148
151
153
152
158
163
162
159

241
240
239
243
248
249
249

158
158
159
160
161
161
161
162
163
163
165
166
P\66

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

Number of issues.

United
States
(high
grade)

United
Canada Kingdom France l
(1935-39 (December (1949 =
= 100)
100)
1921=100)

12

87

Canada
(1935-39
= 100)

United
France
Kingdom (December
(1926=100) 1938 = 100)

105

278

109.0
105.6
107.1
106.8
106.7

91.9
99.8
121.5
139.9
123.0
124.4
121.4
146.4

83.5
83.8
99.6
115.7
106.0
112.5
109.4
131.6

84.5
88.6
92.4
96.2
94.6
92.0
87.6
90.0

875
1,149
1,262
1,129
1,030

98.5
99.3
100.1
98.5
99.8
99.4

106.3
105.0
103.7
104.3
104.6
101.5

138.2
147.2
151.7
157.8
156.1
158.4

124.3
135.7
141.5
145.4
144.5
146.3

88.7
89.0
91.3
92.5
92.9
92.1

99.7
99.6
100.1
99.2
100.4

99.4
97.4
96.6
93.1
86.9
87.6

168.6
174.7
170.3
172.3
173.9
171.7

153.8
166.5
162.9
165.6
164.0
P160.7

94.7
96.8
96.2
96.0
99.7
99.4

1,031
1,144
1,159
1,169
1,172
Pi,188

Netherlands 2

27

961
1,020
1,080
1,035
1,029
944

127.8
127.5
128.3
132.1
130.8
129.9
126.5
121.2

133.3
136.8
138.3
131.5
120.0
106.4
100.0
99.8

1950—July
August. . . .
September.
October. . .
November.
December..

109.9
110.5
111.4
108.7
106.5
103.4

120.7
120.8
122.7
124.2
124.1
121.9

1951—January. .
February.
March. . .
April
May
June

102.1
102.1
95.6
95.3
95.3

122.4
121.1
120.2
119.8
118.3
117.5

120.3
120.9
122.1
123.3
103.2
98.7
101.9

United
States
(1935-39
= 100)
416

60

102.6
103.0
105.2
117.2
118.5
105.0
107.6
109.6

1943.
1944.
1945.
1946.
1947.
1948.
1949.
1950.

Netherlands

295

268
265
195
233
240
219
217

224
228
226
221
215
212

P Preliminary.
1
This index replaces the one previously shown. It is based on 60 issues as compared with 50 in the former index. For a detailed description of the construction of this index, see "Bulletin Mensuel de Statistique," Supplements, July-September 1950, pp. 318-330 and OctoberDecember 1950, pp. 402-403. Yearly averages prior to 1949 are derived from old index.
2
In June 1951 the Netherlands Central Bureau of Statistics discontinued its series of index numbers of stock prices, shown heretofore. The
new figures shown are an average of the ratios of current prices to nominal values, expressed as a percentage. A detailed explanation of the new
series is given in the Central Bureau's publication "Mededeling No. 2104."
NOTE.—For sources and description of statistics, see BULLETIN for 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.

AUGUST

1951




1047

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
M. S. SZYMCZAK

JAMES K. VARDAMAN, |R.
EDWARD L. NORTON

R. M. EVANS
OLIVER S. POWELL

ELLIOTT THURSTON, Assistant to the Board

WINFIELD W. RIEFLER, Assistant to the Chairman

WOODLIEF THOMAS, Economic Adviser to the Board
DIVISION O F EXAMINATIONS

OFFICE O F T H E SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary

GEORGE S. SLOAN, Director

G. R. MURFF, Assistant Secretary

FRED A. NELSON, Assistant Director

KENNETH A. KENYON, Assistant Secretary

ARTHUR H . LANG, Chief Federal Reserve

C. C. HOSTRUP, Assistant

Director
Examiner

DIVISION O F BANK OPERATIONS

LEGAL DIVISION

ROBERT F. LEONARD, Director

GEORGE B. VEST, General Counsel

FREDERIC SOLOMON, Assistant General Counsel
HOWARD H . HACKLEY, Assistant General Counsel

J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant

Director

DIVISION O F PERSONNEL

OFFICE O F T H E SOLICITOR

ADMINISTRATION

DWIGHT L. ALLEN, Director

J. LEONARD TOWNSEND, Solicitor

G. HOWLAND CHASE, Assistant Solicitor

H . FRANKLIN SPRECHER, JR., Assistant

Director

DIVISION O F ADMINISTRATIVE SERVICES
DIVISION O F RESEARCH A N D STATISTICS
RALPH A. YOUNG, Director

FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director

DIVISION O F INTERNATIONAL

FINANCE

ARTHUR W . MARGET, Director

LEWIS N . DEMBITZ, 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
CLARKE L. FAUVER, Assistant Director

FEDERAL
OPEN MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
EDWARD L. NORTON
OLIVER S. POWELL
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS

FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,

BOSTON DISTRICT

N . BAXTER JACKSON,

N E W YORK DISTRICT

FREDERIC A. POTTS,

PHILADELPHIA DISTRICT

SIDNEY B. CONGDON,

CLEVELAND DISTRICT

ROBERT V . FLEMING,

RICHMOND DISTRICT

Vice President
PAUL M. DAVIS,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
GEORGE B. VEST, General Counsel

W . L. HEMINGWAY,

S T . LOUIS DISTRICT

WOODLIEF THOMAS, Economist

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

KARL R. BOPP, Associate Economist
WATROUS H . IRONS, Associate Economist
DONALD S. THOMPSON, Associate Economist

CLARENCE W . TOW, Associate

Economist

JOHN H . WILLIAMS, Associate Economist

ROBERT G. ROUSE, Manager of System Open
Market Account
1048



HERBERT V . PROCHNOW,

Secretary

FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman l
Bank of
Deputy Chairman

President
First Vice President

Boston

Harold D. Hodgkinson
Ames Stevens

J. A. Erickson
Alfred C. Neal

Robert T. Stevens
William I. Myers

Allan Sproul
L. R. Rounds

New York

,

Alfred H. Williams
Philadelphia.... Warren F. Whittier
C. Canby Balderston
W. J. Davis
Cleveland

George C. Brainard
John C. Virden

Ray M. Gidney
Wm. H. Fletcher

Richmond

Charles P. McCormick
John B. Woodward, Jr.

Hugh Leach
J. S. Walden, Jr.

Atlanta

Frank H. Neely
Rufus C. Harris

Malcolm Bryan
L. M. Clark

Chicago

F. J. Lunding
John S. Coleman

C. S. Young
E. C. Harris

St. Louis

Russell L. Dearmont
Wm. H. Bryce

Delos C. Johns
0. M. Attebery

Minneapolis. . . . Roger B. Shepard
W. D. Cochran

J. N. Peyton
A. W. Mills

Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0 . Koppang
Dallas

J. R. Parten
R. B. Anderson

R. R. Gilbert
W. D. Gentry

San Francisco..

Brayton Wilbur
Harry R. Wellman

C. E. Earhart
H. N. Mangels

IT'

TJ

Vice rresidents

John J. Fogg
E. 0 . Latham
Robert B. Harvey 3 Carl B. Pitman
0. A. Schlaikjer
E. G. Hult
R. F. Van Amringe
H. V. Roelse
H. A. Bilby
Robert G. Rouse
H. H. Kimball
William F. Treiber
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
A. Phelan
Karl R. Bopp
Wm. G. McCreedy
Robert N. Hilkert P. M. Poor man 2
Richard G. Wilgus
E. C. Hill
A. H. Laning 3
Wilbur T. Blair
Martin Morrison
Roger R. Clouse
Paul C. Stetzelberger
W. D. Fulton
Donald S. Thompson
J. W. Kossin
C. B. Strathy
N. L. Armistead
K. Brantley Watson
R. L. Cherry
Edw. A. Wayne
D. F. Hagner 3
Chas. W. Williams
R. W. Mercer
P. L. T. Beavers
Joel B. Fort, Jr.
T. A. Lanford
V. K. Bowman
E. P. Paris
J. E. Denmark
S. P. Schuessler
Allan M. Black
L. H. Jones 2
George W. Mitchell
H. J. Chalfont
A. L. Olson
Neil B. Dawes
Alfred T. Sihler
W. R. Diercks
W. W. Turner
W. A. Hopkins
Frederick L. Deming Paul E. Schroeder
Dale M. Lewis
C. M. Stewart
Wm. E. Peterson H. H. Weigel
C. A. Schacht
J. C. Wotawa
H. C. Core
H. G. McConnell
C. W. Groth
Otis R. Preston
E. B. Larson
M. H. Strothman, Jr.
Sigurd Ueland
L. H. Earhart
G. H. Pipkin
R. L. Mathes
C. E. Sandy 2
John Phillips, Jr. D. W. Woolley
E. B. Austin
W. H. Holloway
R. B. Coleman
Watrous H. Irons
H. R. DeMoss
L. G. Pondrom 3
W. E. Eagle
C. M. Rowland
Mac C. Smyth
J. M. Leisner
H. F. Slade
S. A. MacEachron Ronald T. Symms 3
E. R. Millard
W. F. Volberg
W. L. Partner
0. P. Wheeler

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis
1

Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

Also Federal Reserve Agent.

AUGUST 1951




Chief Officer
I. B. Smith *
W. D. Fulton
J. W. Kossin
D. F. Hagner
R. L. Cherry
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
H. J. Chalfont
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
2

Cashier.

3

Federal Reserve
Bank of

Branch

Chief Officer

Minneapolis.... Helena

C. W. Groth

Kansas C i t y . . . . Denver
Oklahoma City
Omaha

G. H. Pipkin
R. L. Mathes
L. H. Earhart

Dallas

C. M. Rowland
W. H. Holloway
W. E. Eagle

El Paso
Houston
San Antonio

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

4

W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner

General Manager,

1049

FEDERAL RESERVE 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.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,

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Panama, Paraguay, Peru, El Salvador, Uruguay,
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per copy; elsewhere $2.60 per annum or 25 cents
per copy. Group subscriptions in the United
States for 10 or more copies to one address, 15
cents per copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

Issued monthly. $6.00
per annum including historical supplement
listed below, or 60 cents per copy. In quantities
of 10 or more copies of a particular issue for
single shipment, 50 cents each. (Domestic rates)

RATES, AND BUSINESS.

HISTORICAL

SUPPLEMENT

TO FEDERAL

RESERVE

CHARTS ON BANK CREDIT, MONEY RATES, AND

113 charts. April 1951 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 banking 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.
BUSINESS.

Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).

BANKING AND MONETARY STATISTICS.

MONETARY AND BANKING REFORM IN PARAGUAY.

RULES OF ORGANIZATION AND RULES OF PROCEDURE—

Board of Governors of the Federal Reserve System (With Amendments). September 1946. 31
pages.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.

THE FEDERAL RESERVE ACT,

POSTWAR ECONOMIC STUDIES.

(8 pamphlets)

No.
No.
No.
No.
No.
No.

1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.

The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947; reprinted April
1951. 125 pages. 75 cents per cloth-bound copy;
in quantities of 10 or more copies for single
shipment, 50 cents each. Paper-bound copies
available without charge.
DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND AND INTERPRETATION. October 1947. 50

pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of

December 31, 1947. July 1948. 122 pages. As
of June 30, 1949. December 1949. 122 pages.
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS, as of Decem-

ber 30, 1951. July 1951. 125 pages.
A STATISTICAL STUDY OF REGULATION V LOANS,

September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipports, and introduction reviewing the monetary
ment, 15 cents each.
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
1
A more complete list, including periodical releases and
FEDERAL RESERVE SYSTEM. Individual regulations
reprints, appeared on pp. 734-37 of the June 1951
with amendments.
BULLETIN.

Includes translation of laws, accompanying re-

1050




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE PUBLICATIONS
REPRINTS

T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-

(From Federal Reserve Bulletin unless preceded by an asterisk)
A STUDY OF INSTALMENT CREDIT TERMS, by Milton

LARS IN 1950. March 1951. 10 pages.
STATEMENT BY CHAIRMAN MARTIN ON H I S TAKING
OATH OF OFFICE, APRIL 2, 1951.

Moss. December 1949. 8 pages.
FRENCH EXCHANGE STABILIZATION FUND, by Robert

Solomon. January 1950. 5 pages.

1951 SURVEY OF CONSUMER

PRELIMINARY RESULTS.

INSURANCE OF COMMERCIAL BANK DEPOSITS.

Feb-

PART I. T H E ECONOMIC OUTLOOK AND LIQUID
pages.

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR

INDUSTRIAL

February 1950. 15 pages.

DIFFERENCES

IN LARGE

CORPORATION

FINANCING IN 1949, by Eleanor J. Stockwell.
June 1950. 6 pages. (Also, similar survey by
Charles H . Schmidt. June 1949. 8 pages.)
RETAIL CREDIT SURVEY—1949.

From June 1950

BULLETIN with supplementary information for
nine separate trades. 37 pages.
STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-

TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve
System, before the Senate Committee on Banking and Currency, June 27, 1950. July 1950. 8
pages.
BRANCH BANKING IN THE UNITED STATES, 1939 and

1949.

July 1950. 16 pages.

PART II.

An announcement adopted

jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
REVISED ESTIMATES OF CONSUMER CREDIT.

Novem-

PURCHASES

June 1951.

18

OF HOUSES AND

DURABLE GOODS IN 1949 AND BUYING PLANS FOR

1951.

July 1951.

18 pages.

PART III. DISTRI-

BUTION OF CONSUMER INCOME IN 1950.

August

1951. 18 pages. (Other articles on the 1951
survey will appear in subsequent issues of
the BULLETIN. 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.)
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN

COUNTRIES—PROCEDURES

AND TECH-

NIQUES. November 1950. April 1951. 19 pages.
* PROGRAM

DEFENSE LOAN POLICY.

FINANCES—SELECTED

April 1951. 4 pages.

ASSET POSITION OF CONSUMERS.

ruary 1950. 5 pages.
DEPOSIT INSURANCE.

April 1951.

1 page.

FOR VOLUNTARY

CREDIT

RESTRAINT.

As amended to April 20, 1951. 4 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.

April 1951. 14 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1951. 2 pages.

ber 1950. 2 pages.
Address by

HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING

Ralph A. Young and Homer Jones before the
University of Illinois Consumer Credit Conference, Chicago, Illinois, October 5, 1950. November 1950. 9 pages.

THE INTRODUCTION OF REAL ESTATE CREDIT REGU-

MEASUREMENT OF CONSUMER CREDIT.

AUGUST 1951




LATION. July 1951. 23 pages.
FINANCING

OF LARGE CORPORATIONS IN 1950, by

Eleanor J. Stockwell. August 1951. 7 pages.

1051

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

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FEDERAL RESERVE BANK CITIES

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

FEDERAL RESERVE BRANCH CITIES


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102