Full text of Federal Reserve Bulletin : August 1951
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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
FEDERAL RESERVE BULLETIN
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
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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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